Page 1

International Karachi, Monday, July 4, 2011, Shaban-ul-Muazzam 1, Price Rs12 Pages 12

Farzana Raja defends BISP

Malik for world support against terror

See on Page 12

US turns to other routes to supply Afghan war

See on Page 12

Little growth seen in mineral sector

See on Page 12

See on Page 2 Economic Indicators $17.47bn 14.00% $22.45bn $36.55bn $(14.11)bn $205mn $10.10bn $1.74bn Rs 1598bn $59.54bn Rs 5873bn $725mn 0.88% 4.10% $1,051 176.51mn

Forex Reserves (25-June-11) Inflation CPI% (Jul 10-May 11) Exports (Jul 10-May 11) Imports (Jul 10 - May 11) Trade Balance (Jul 10 - May 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-May 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Apr 11)

GDP Growth FY10E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

237.56 -7.46 0.47 2822

Yearly(Jul, 2010 up to 30-Jun-2011) Monthly(Jun, 2011 up to 30-Jun-2011) Daily (30-Jun-2011) Total Portfolio Invest (26-Jun-2011)

NCCPL (U.S $ in million)

FIPI (1-Jul-2011) Local Companies (1-Jul-2011) Banks / DFI (1-Jul-2011) Mutual Funds (1-Jul-2011) NBFC (1-Jul-2011) Local Investors (1-Jul-2011) Other Organization (1-Jul-2011)

-0.05 -13.06 11.41 -0.50 0.74 0.25 1.20

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

Close 12484.17 9868.07 22398.10 18762.80 2759.36 5989.76 12582.77

Change 11.86 51.98 336.92 83.07 2.71 44.05 168.43

GDR update $.Price PKR/Shares Symbols 111.54 MCB (1 GDR= 2 Shares) 2.60 151.86 OGDC (1 GDR= 10 Shares) 17.70 42.90 UBL (1 GDR= 4 Shares) 2.00 36.46 LUCK (1 GDR= 4 Shares) 1.70 37.82 HUBC (1 GDR= 25 Shares) 11.02

Money Market Update T-Bills (3 Mths) 29-Jun-2011 T-Bills (6 Mths) 29-Jun-2011 T-Bills (12 Mths) 29-Jun-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 02-Jul-2011 Kibor (3 Mths) 02-Jul-2011 Kibor (6 Mths) 02-Jul-2011 Kibor (9 Mths) 02-Jul-2011 02-Jul-2011 Kibor (1 Yr) 02-Jul-2011 P.I.B (3 Yrs) 02-Jul-2011 P.I.B (5 Yrs) 02-Jul-2011 P.I.B (10 Yrs) 02-Jul-2011 P.I.B (15 Yrs) 02-Jul-2011 P.I.B (20 Yrs) 02-Jul-2011 P.I.B (30 Yrs)

13.49% 13.74% 13.91% 14.00% 13.56% 13.54% 13.80% 14.16% 14.26% 13.99% 14.04% 14.09% 14.24% 14.33% 14.45%

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

111.77 94.94 117.81 1,482.60 33.71 1,012 41,933 9,207

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $ 91.90 92.90 Canadian $ 89.00 90.00 Danish Krone 16.45 16.85 Euro 124.00 125.20 Hong Kong $ 10.80 11.30 Japanese Yen 1.054 1.081 Saudi Riyal 22.82 23.02 Singapore $ 69.40 70.40 Swedish Korona 13.50 13.80 Swiss Franc 98.10 99.10 U.A.E Dirham 23.32 23.55 UK Pound 138.00 139.30 US $ 85.95 86.25 Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 92.19 92.40 Canadian $ 88.73 88.94 Danish Krone 16.70 16.74 Euro 124.60 124.89 Hong Kong $ 11.03 11.06 Japanese Yen 1.068 1.070 Saudi Riyal 22.89 22.95 Singapore $ 69.88 70.04 Swedish Korona 13.61 13.64 Swiss Franc 103.35 103.59 U.A.E Dirham 23.37 23.43 UK Pound 138.30 138.62 US $ 85.90 86.08 Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

Max-Temp Min-Temp

35°C 35°C 33°C 34°C 37°C 36°C

20°C 29°C 29°C 30°C 15°C 20°C

Subscribe now Tel: 92-21-35311893-6 Fax: 92-21-35388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

On disengaging Pakistan after 26/11

INDIA ADMITS MISTAKE Vows to note Islamabad's "altered" view on militancy NEW DELHI: For the first time, Indian government has admitted that its policy of not engaging with Pakistan - post 26/11 - may have been wrong. Outgoing foreign secretary Nirupama Rao said on Sunday that New Delhi's new approach was more realistic. In an interview with CNN-IBN, an Indian TV, he said "I think you have to look at policy making in a dynamic way. I don't think you are making a policy in a laboratory. You take into account the surrounding environment, you take into account a success approach or not. Did that approach yield too many dividends?

Well you have to make assessment of that. I think the decision to re-engage with Pakistan and to talk about the issues that divide us, that created a gulf between us, that reduce the trust deficit as the two prime ministers said. I think it is a very realistic approach in dealing problems with Pakistan." I think when they speak of the fact that non-state elements in this relationship need to be tackled, that we must look at safe havens and sanctuaries, that we must look at fake currency, we must look at all the aspects that are concerned with the business of terror, I think that is a concrete

Zardari stays, Fazl leaves today

All highways move towards London Shahbaz denies plan to see Altaf LONDON: With political temperature going up in Pakistan, British capital London's cool weather is becoming the centre of gathering for political leadership of the country. President Asif Ali Zardari is staying in London for the last few days where he arrived after attending a conference on Terrorism in Teheran. He has held talks with British Prime Minister and important ministers in the past two days. On Sunday there was no specific engagement of the President in London and he enjoyed the holiday along with son and chairperson of PPP Bilawal Bhutto Zardari and other members of the family. Punjab Chief Minister Mian Shahbaz Sharif arrived in London on Sunday for an official visit. Political observers in London say that workers of the PPP and PML-N are very active in view of the presence of their leadership there. The Chief JUI(F) Maulana Fazlur Rehman is also reaching

London today (Monday). During his stay, the JUI(F) chief is likely to meet MQM Chief Altaf Hussain and seek support of his party for Maulana Abdul Ghafoor Haideri to retain the seat of leader of the opposition in the Senate. Earlier before leaving for London, Punjab's Chief Minister Shahbaz Sharif rejected media reports that he was to meet Muttahida Qaumi Movement (MQM) chief Altaf Hussain during his visit to Britain. Speaking to newsmen, he said that reports of his meeting See # 3 Page 11

FFCL raises capacity by 200pc

Single-unit biggest cement plant installed ISLAMABAD: To meet the future challenges and demand, Fauji Cement Company Limited (FCCL) has installed country's biggest single unit plant to enhance production capacity by almost 200 per cent. FFCL, the country's number one company by capacity utilisation of 90.67 per cent against an overall average of 71.65, used to produce 3885 metric tonnes (MT) of cement per day but now it is producing 11560 MT. We have invested Rs20 billion to purchase state-of-theart plant from Polysius (ThyssenKrupp) Germany

while all other items including electrical equipment, packing plant, vertical cement mills have been imported from Switzerland and other developed nations, said Brigadier (Retd) Muhammad Sarwar. Talking to exporters and Dr Murtaza Mughal, President the Pakistan Economy Watch (PEW) after inauguration, Muhammad Sarwar, GM, Marketing and Sales, FCCL said that we are the largest capacity-wise exporters; we exported 40 per cent of total production last year to raised 250 million dollars. See # 4 Page 11

development," she said. Asked whether her Pakistani counterpart Salman Bashir accepted the revelations made by Mumbai attacks case accused David Headley in a Chicago trial court, Rao said the strategic link between the Pakistani state and militancy and terror needed to be broken. Rao, who last month had unexpectedly successful talks with her Pakistani counterpart, said Islamabad's view on militancy had "definitely been altered." She noted that Pakistan now spoke of the need to tackle non-state actors and safe havens and sanctuaries

for militants. "I think that is a concrete development," she said, adding India and Pakistan recently resumed their composite dialogue which was stalled by New Delhi following the Mumbai terror attacks in November 2008 when 10 Pakistani militants carried out a mayhem on the country's financial capital, in which over 170 people were killed. India insists that Pakistan should bring the perpetrators of the Mumbai massacre to justice The two nations have fought three wars, one of Kashmir which both coun- aiding militants in Kashmir, which divided into two the tries claim in full. New a charge Pakistan denies. Himalayan region of Delhi accuses Islamabad of Agencies

Seven killed in Karachi violence

MQM will remain ally: PM

KARACHI: At least seven persons including a father and son were killed and six others injured in separate incidents of violence in different localities of the city during the past twenty four hours. In Khaskhaili area unknown motorcyclists gunned down two labourers, Nazeer and his son Sami while they were busy in offloading crates of fruit from container. The police said that the shooting incident could be outcome of personal enmity. The dead body of a 35 year old man was found dumped by a roadside in Haji Camp locality of Napier. The victim was shot dead after brutal torture. Unknown assailants shot dead 25-year-old Wasim outside his home in Baldia Town. Another person identified as Mohammed Rafique 35, was also killed by firing in Baldia Town. Dead body of an unknown person spotted by locals was recovered from Lyari's Khadda Market who had been tortured to death. Ghulam Rasool 23, was gunned down by unknown armed men in Bhittai Abad area. The dead body was shifted to Jinnah Hospital. Mohammed Salman 53, who was shot injured in Lasbela area some three days ago succumbed to his wounds at a local hospital on Sunday. Meanwhile, a dacoit was arrested while his accomplice See # 2 Page 11

Minister favours hike in gas prices KARACHI: Federal Minister for Petroleum, Dr Asim Hussain has suggested an increase in gas prices due to increasing gas shortage in the country. "The decision of increase in gas prices will be made by the federal cabinet. The prime minister has been informed about the situation," said Dr Asim Hussain. In an interview with a private TV channel, the petroleum minister said that efforts were being made to revive the closed gas fields and improve production of existing fields to meet the shortage. "Steps are also being taken to stop misuse and theft of gas which adds to the shortage in gas," he said. - Agencies

Mid-term polls’ time over: Gilani MULTAN: Prime Minister Syed Yousuf Raza Gilani has rejected Opposition's call for mid-term elections and said it was time for local government elections in the country. Talking to newsmen here on Sunday, he said the government has got passed its fourth budget and will request the PML-N leadership to prepare for the next elections as the time for mid-term polls is over. He said the Opposition was

not giving a tough time to the government as the Pakistan People's Party (PPP) had the support of people. The Prime Minister said Shaheed Benazir Bhutto had given the vision of politics of reconciliation, foreseeing that in future only coalition governments would be formed and that no single party would be in a position to take majority of seats in the Parliament. He said from day one, he

believed in the politics of reconciliation, which brought about benefits as the government succeeded in unanimous passing of 18th and 19th Constitutional Amendments and approval of 7th National Finance Commission (NFC) Award. Prime Minister Gilani said he was pleased that the Pakistan Muslim League-Nawaz (PMLN) accepted their viewpoint regarding reconciliation See # 1 Page 11

Offshore investors withdraw $38.2 million last week

Foreigners eject $41mn from KSE in June Ghulam Raza Rajani KARACHI: Foreign investors have pulled out on net basis total of $41.21 million from the country's equity market in the month of June 2011. However, mostly transactions were held in off-market so it would not affect market at large. Foreigners sold $94.45 million worth of shares in the month of June against buying of $53.24 million

which resulted in net selling of $41.21 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. Similarly, outlanders bought shares worth $17.48 million and sold $55.70 million, resulting in net selling of $38.23 million last week. However, cumulative net inflow of portfolio investment during the period of January to July 1, 2011 squeezed to $30.14

million. Despite that selling witnessed from the foreigners during the last week where KSE 100 index managed to rise by 0.2 per cent mainly due to foreign selling which was offset by the domestic investors in off-market transactions. Weekly average volume witnessed decrease of 8.2 per cent to 56.41 million shares against 61.48 million shares traded week before.

Pak-Iran gas project may drag on ISLAMABAD: Contrary to the huge claims of the government, there is no possibility for the completion of PakIran Gas Pipeline project till December 2014, said sources. Well-placed sources told Online that due to slacked pace of work on Pak-Iran gas pipeline project and other issues, there is no chance for the completion of the proposed gas pipeline project till December 2014. Therefore, the proposed date for the completion of the project can be delayed up to 4-5 months but no appropri-

ate arrangements have been made from the government side to complete this project in time. On the other hand, the ongoing gas crisis has been escalating in the country and reached its highest peak. The secretary petroleum has revealed that day by day gas crisis has been heightening in the country, and if the Pak-Iran gas pipeline has been completed in its proposed time, then the situation would 4-time worse in future. He said that due to severe shortage of gas, duration of

load shedding in winter would be 4 to 5 days in a week. Sources further told that the gas which would be acquired through Pak-Iran gas pipeline will be supplied only to industrial units while there is a possibility that the domestic customers will continue to face acute difficulties due to gas crisis. It is pertinent to mention here that the agreement of Pak-Iran Gas Pipeline project was signed in June 2010 and from this project Pakistan would get 750 million cubic feet gas from Iran. - Online


2 Monday, July 4, 2011

Farzana fends for BISP ISLAMABAD: The chairperson Benazir Income Support Programme (BISP), Farzana Raja has berated defeated elements of AJK elections for venting their frustrations by finding fault in BISP. Addressing a news con-

ference here in Islamabad, she said that PML-N has insulted the mandate of Kashmiri masses through its statements and, as such should beseech forgiveness. She was also chagrined about, what she claimed was negative machinations

of PML-N in elections and Mian Nawaz Sharif's criticism of Pakistan's own Army. The chairperson BISP said that incoming elections PML-N would likewise be defeated in other Provinces as well. She also informed that 90 per cent survey of poverty was completed in Pakistan, while it was still going on in Fata. "Thirty three lakh families have been included in the programme, out of which 3,50,000 families come from Balochistan, 800,000 from Khyber Pakhtunkhwa 1.8 million from Sindh, 70,000 from AJK, 40,000 from GilgitBaltistan and 1.2 million from Punjab" , she said. Farzana Raja also affirmed government's strong commitment to fight the menace of terrorism.-Online

USA urged to give mkt access to Pak Country lost $68bn in war on terror: Iftikhar Malik KARACHI: Iftikhar Ali Malik, Veteran Leader and Acting Chairman of Businessmen Panel in a press statement demanded of the US government to fulfill its commitment to develop infrastructure in Pakistan destroyed due to its war against terror. Malik talking to Carmela A. Conroy, Consul General, USA wished prosperity for the people of USA on their 235th Anniversary of the Independence. He attributed the leading role of the largest economy of USA in the development of world economies. Malik has welcomed the USA's announcement

to withdraw of forces from Afghanistan in the year 2014 as it will accelerate the economic development in the neighbor countries of South Asia, which till now stood paralyzed because of the war against terror. Malik said that the government of Pakistan and private sector are also following democratic principles in their country, likewise youth in Pakistan was growing in the democratic environment if they are given the opportunity to work with the US economy, their trust in democracy and consensus will certainly strengthen.

Malik assured the Ambassador, Cameron Munter and Carmela A. Conroy, Consul General, USA of the full cooperation of the business community for US government's quest to reconstruct destroyed areas. He reminded that since Pakistan has lost about $68 billion in the war against extremism the USA should fulfill its promises to develop infrastructure and also provide access to the USA market. It is necessary for consistency in bilateral policies. He further said that USA should also provide market access to Pakistan.-APP

KARACHI: MQM MPAs Shoaib Bukhari, Rehan Zafar and Administrator Liaquatabad Town Khalid Riaz Siddiqui offering Dua after inaugurating Shuhda-e-Haq Park on Sunday here.-Staff Photo

NCHD staffers' sit-in continues ISLAMABAD: The sit-in of the hundreds of employees of National Commission for Human Development (NCHD) continued on 13th day in front of Parliament House against the decision to abolish the department by the government. Talking to Online, the protesters said although verbal assurance was given by the several federal ministers and members

of parliament during their sit-in but no orders was passed to save NCHD. They said that thousands of workers would be directly affected by the decision of NCHD closure. Government should abstain from snatching the last morsel of bread from the mouths of their children. They said that NCHD is working in the fields of

healthcare, literacy, general and technical education all over Pakistan in spite of limited resources. Moreover it worked a lot during 2005 earthquake and 2010 floods. "Our protest will continue till the realisation of our demand that the government issue orders in black and white that it will not shut down NCHD and legal protection would be provided to it. - Online

PPP to Observe Black Day tomorrow ISLAMABAD: Pakistan Peoples Party will observe black day through out the country on Tuesday (5th July), the day, when military dictator General Ziaul Haq overthrew the government of PPP founder late Zulfikar Ali Bhutto in 1977. The Party has finalized holding of special functions in the capital Islamabad, four provinces, Azad Kashmir and GilgitBaltistan in connection with the day. Different organizations of PPP at KARACHI: Acting Sindh Governor Nisar Ahmed Khuhro along with US Ambassador Cameron Munter and Consul General Williammartin cutting cake to mark the 235th Independence Day of United States at US Consulate. -APP the Federal, provincial, district and tehsil level will hold special meetings. PPP Rawalpindi will take out a rally from Liaquat Bagh which will be addressed by the local leaders of the Party. Another function will be held at National Press Club Islamabad. The party leadership and workers observe this day ISLAMABAD: The newly annually to pay homage to constituted Election Zulfikar Ali Bhutto and to ISLAMABAD: Minister for Information such democratic rights was highly con- Commission of Pakistan laud his services to the (ECP) will consider the and Broadcasting Dr Firdous Ashique demnable. country, to democracy and registration of six political Responding to a question the Awan on Sunday said there was no threat to the poor. -INP including to the government from any grand Information Minister said since the parties, Pakistan Peoples Party and its allied par- Muttahida Muslim League, alliance. Talking to PTV, Dr Firdous said the for- ties had a majority in the parliament so on Monday. According to ECP mation and break-up of alliances were a they have a democratic right to rule the sources, the second meetpart of democratic traditions. It was the country. "It is the right of government to discour- ing of the Commission will right of every political party and the government would welcome any grand age the elements who want to destabilise be held under the chairthe country by spreading unrest," she manship of Chief Election alliance if formed, she added. She said the act of any party or alliance added. She further said Nawaz Sharif was Commissioner of Pakistan Justice (R) Hamid Ali to conspire against a democratic govern- just trying to eliminate his party's Mirza and will consider the political isolation.-APP ment or destabilise it under the cover of ISLAMABAD: The registration authorities have issued 3of six political parties day CNG closure schedule including Muttahida Muslim League, Awami under new load manageTehreek, Ittehad Alem ment plan. Islalam, Sindh Dost The schedule for indusIttehad, Muslim Movement trial gas load shedding has Pakistan and Jameetul- ulalso been publicised. Kalam Ullah. The Sui Northern Gas However, the ECP will Pipelines Ltd has not consider the registraannounced that CNG station of All Pakistan Muslim tions will remain shut from League (APML) as there 6am (Monday) till 6am are some objections on it (Thursday) in Lahore, KARACHI: Consul Indonesian community as community to be vigilant Sheikupura, Multan, General of Republic of well as for the Pakistani and aware of their sur- by two political parties. The ECP will also conSahiwal and Gujranwala. Indonesia His Excellency families. The Sports activ- roundings and act as a The stations will remain Rossalis R Adenan today ities to celebrate the responsible citizen while sider the matter of dual nationality and fake degree closed from 6am (Thursday) (Sunday) inaugurated the Independence Day of the in Pakistan. holders in its meeting, the to 6am (Sunday) in celebrations of the 66th Republic of Indonesia are Sports activities such as source added. Faisalabad, Islamabad, and Independence Day of just for the entertainment bowling, tug-of-war, bilThe meeting will be Bahawalpur. Indonesia with a colorful of the Indonesian liard, table tennis, and attended by the members of For the industries, gas ceremony held on the lush Community to celebrate domino would be the highElection Commission of will be shut from 6am green lawn of the their National Day in an light of the day. The first Pakistan, including Justice (Sunday) to 6am Indonesian event of bowling competi- (Retd) Muhammad Roshan Consulate enjoyable manner. (Wednesday) in Lahore, General in Karachi. During his inaugural tion was held in the Royal Essani, Justice (Retd) Riaz Sheikhupura, and The celebrations started speech the honorable Rodale Club, Karachi, Kayani, Justice (Retd) Sahiwal.-NNI with sports activities Consul General empha- while the other games will Shazad Akbar Khan and which will continue till the sized on the importance of be held every Sunday. The Justice (Retd) Fazal-urand ECP 17th of August. Moreover freedom and its impact on Games for the children has Rehman, many activities have also the nations and urged the also been organized sepa- Secretary Ishtiak Ahmad Khan.-APP been scheduled for the Sindh based Indonesian rately.-Online

Grand alliance not a threat to govt: Firdous

ECP mulls registering 6 political parties today

3-day CNG closure schedule released

Indonesian I-Day fete launches in Karachi

JUI-F says 'N' has to change its mindset on grand alliance

ISLAMABAD: Pakistan Muslim League-N will have to change its mind set for the formation if it really wants to form a grand opposition alliance, said a JUI-F statement issued Sunday. The statement said all the opposition parties can jointly put the government on the right track but for that PML-N will have to give up its solo flight and accept other parties as a reality. Referring to the PML-N's recent refusal to accept JUI-F Senator Ghafoor Haideri as Opposition Leader in the Upper House, the statement said, that showed PML-N's dictatorial mind set and exposed its claims to democracy. "Alliance with PML-N is possible only when it gives up its solo flight and walks along with other parties," the statement further said. "Nawaz Sharif's unwise friends are giving him wrong suggestions and pushing him to a blind alley," it said adding this would lead the PML-N to political wilderness. Nawaz Sharif and his party should know that other parties have also their vote bank and people's mandate and imposing his conditions on other parties would prove the greatest hurdle in the formation of the grand opposition alliance, it said.-Online

SC to hear bogus voters' list case today ISLAMABAD: A three-member Supreme Court bench will hear the petition filed by Imran Khan regarding bogus/fake votes in the electoral lists today (Monday). The bench headed by Chief Justice Iftikhar Muhammad Chaudhary and comprising Justice Tassaduq Hussain Jilani and Justice Arif Hussain Khilji will hear the case. Nadra (National Database and Registration Authority) will submit its report regarding actions taken so far in this regard. Imran Khan, the petitioner, has contended that according to ECP almost 44

per cent of the registered voters were bogus, which has rendered the status of present assemblies and the government dubious. Imran said a government formed on the basis of bogus votes neither represented the people nor could it be expected to protect the vital interests of the country. The apex court earlier asked the Election Commission and Nadra to prepare transparent lists and submit them into the Supreme Court. Nadra and ECP will submit report in this regard before the court in the today's hearing. -Online

LAHORE: Women getting out from an auto rickshaw stuck in water after heavy downpour in the provincial capital. -Online

Flood in Nowshera; Chenab, Indus swell NOWSHERA: Heavy monsoon rain caused floods in Nowshera and other parts of the country on Sunday. According to the media reports, rainwater has started flooding shops and houses in some localities of Nowshera. On the other hand, water is constantly rising in the Chenab River at Qadirabad, fuelling flood worries. Another report said water level is also rising in the Indus River after the rain. The Met Office had earlier forecasted more rains and winds in the central and northern areas. The areas that received rain during the last 24 hours included Mianwali, Tank, Lakki Marwat, Kalabagh, Jhang, Khushab, Noorpur Thal and Jalalpur Bhattian. Risalpur received highest rainfall of 41mm followed by 36mm in Kohat, 21mm in Chirat, 16mm in Garhi Dopatta, 15 in Rawalakot and 3mm in Islamabad. Online


3 Monday, July 4, 2011

Greenback weekly outlook

Euro has best week since Jan but no curtain call seen ECB to hike this week, but more increases questioned US jobs data, debt ceiling debate seen swaying dollar

Sterling logs largest weekly losses vs euro in month LONDON: The pound posted its biggest weekly decline in a month against the euro as signs that the UK economic recovery is faltering reduced the scope for interest- rate increases from the Bank of England. Sterling fell versus 12 of its 16 major counterparts this past week, losing most against the Swedish krona and sliding to a 15-month low versus the euro. Reports this past week showed UK confidence fell and manufacturing growth unexpectedly slowed in June while a Credit Conditions Survey by the central bank predicted mortgage demand to drop in the third quarter. Bank of England policy maker Adam Posen said on June 27 that a call by the Bank for International Settlements for higher rates worldwide to curb inflation was "nonsense." "Sterling is being completely marginalized by the worsening economic growth outlook in the UK," said Peter Rosenstreich, chief foreign-exchange analyst at Swissquote Bank SA in Geneva. "If we continue to see an erosion in growth prospects then the possibility of rate hikes is virtually out of the question." The pound slid 1.6 per cent this past past week to 90.35 pence per euro as of 4:32 pm in London, from 88.90 pence on June 24. It reached 90.84 on July 1, the weakest intraday level since March 2010. Sterling gained 0.7 per cent against the dollar to trade at $1.6069, from $1.5959 at the end of last week. Against Japan's currency, the pound added 1.2 per cent to 129.87 yen. The pound has fallen 9 per cent in the past 12 months, making it the secondworst performer among 10 developed-market currencies after the US dollar. The UK currency may decline further this week should the Bank of England keep its key interest rate at a record-low 0.5 per cent.-Agencies

NEW YORK: It was a banner week for the euro as Greece evaded a near-term default and investors embraced risk, but don't expect a repeat performance given investors' belief that the country's debt crisis is far from over and concerns about the global economic recovery. Relief over Greece caused the euro to enjoy its best weekly performance against the US dollar since January. After days of Greece headlines, market participants this week will turn their focus on US economic data and a European Central Bank monetary policy meeting. The Greek parliament passed two crucial austerity bills this past week, opening the way for international lenders to release a 12-billion-euro ($17 billion) loan installment that Athens urgently needs to stave off bankruptcy. "The market turned a corner this past week in terms of risk sentiment, but the market is also extremely nearsighted," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, New Jersey. "What we had this past week was a relief rally and the market can only breathe a sigh of relief for so long," he said. "This week we will see whether the euro's strength is sustained or falters, but I am betting on the latter." Uncertainty remains about a longer-term solution for Greece. Euro-zone finance ministers are scheduled to

hold preliminary talks this weekend on the second financing package for Greece for 2011-2014, which could total up to 120 billion euros ($175 billion). "The longer term picture still stands and a Greece default is still very likely, with all the issues likely to arise again in September," Dolan said. The euro last traded at $1.4512, up 0.1 per cent on the day. It had earlier risen to a three-week high of $1.4553 on trading platform EBS. At current rates it's up 2.3 per cent this past week, on pace for its biggest weekly advance since January. It was also its first weekly gain against the dollar in a month. The reemergence of risk aversion should send the euro to $1.4250 by the end of this week, Dolan said. "Overall, it has been a positive week for global risk sentiment and a negative week for safe haven currencies such as the US dollar, yen and Swiss franc," said Vassili Serebriakov, currency strategist at Wells Fargo in New York. US financial markets will be closed on Monday for the Fourth of July holiday. The market may start to rebuild long euro positions ahead of an expected interestrate hike by the European Central Bank next Thursday, which would further move interest-rate differentials in favor of the euro. Markets are expecting ECB President Jean-Claude Trichet to strike a hawkish

US corn extends fall; soy rebounds

Sugar surges to 5-mth Copper rises peak; Coffee turns cold for 4th day

KANSAS CITY: Corn futures tumbled for a second day in a row on Friday, ending nearly 4 per cent lower a day after a government report showed improved crop and supply prospects in the United States. Soybeans bounced back from a sell-off on Thursday fueled by the US Department of Agriculture's acreage and stocks reports, and wheat prices climbed as well, buoyed by short-covering moves. USDA on Friday announced the sale of 1.14 million tonnes of US corn to unspecified buyers, but traders said it effectively confirmed rumors the past two weeks that China had bought a large quantity of corn from the United States. The benchmark new-crop December corn contract at the Chicago Board of Trade slid below $6 for the first time since March 31 and closed down 233/4 cents, or 3.8 per cent, at $5.96-3/4 a bushel. Thinly traded expiring July corn settled up 113/4 cents at $6.40-3/4. CBOT July wheat ended down 1/4 cent at $5.84-1/2, and closed down 8.2 per cent for the week at its lowest level in nearly a year. CBOT July soybeans ended up 16 cents at $13.22-1/4. Funds were sellers of an estimated net 15,000 corn contracts and bought 4,000 soybean contracts. -Reuters

NEW YORK/LONDON: Raw sugar futures surged to close at a five-month high on Friday, rebounding from an early drop on concern over an uncertain Brazil crop size, while coffee followed the weak commodity complex lower. Cocoa closed up slightly at multi-month highs as late-day buying fueled a rebound from an early decline. Sugar prices clawed back from Thursday's steep losses as nearby contracts kept trading at premiums to future months, indicating tight nearby supplies as delays to Brazil's harvest underpinned the market. Prices hovered below fourmonth highs hit on Thursday after the July ICE spot raw sugar contract jumped over 5 per cent, peaking at 30.88 cents a lb before the contract expired. ICE October raw sugar futures surged 0.91 cent, or 3.5 per cent, to settle at 27.25 cents a lb, the highest finish since Feb. 2. Raw sugar prices have risen more than 30 per cent over the past two months. Speculators boosted their net long position in sugar futures and options to the highest level in more than three months, in the week ending June 28 when the market gyrated in a 12 per cent range, US commodity Futures Trading Commission (CFTC) data showed post-market

tone after the meeting. However, they remain reluctant to price in further tightening. Weaker euro area activity data over the past month puts the ECB in a precarious position at this juncture, analysts said. Against the yen, the dollar rose 0.4 per cent to 80.84 yen. In the US a slew of US economic data could sway currency market sentiment this week, namely ADP private payrolls data on Wednesday and the US Labor Department's nonfarm payrolls report on Friday. This week marked the end of the US Federal Reserve's second round of quantitative easing, or QE2, as the program was known. QE2 entailed buying $600 billion in US Treasury securities and was negative for the dollar as it was tantamount to printing money. The end of the program is positive for the dollar, but US fiscal concerns and the government's debt ceiling debate should continue to weigh on the dollar. "While the end of the Fed's Treasury purchase program does in our view remove a source of selling pressure on the dollar, the uncertainty over the debt ceiling is becoming an increasingly troubling issue for the greenback," Wells Fargo's Serebriakov said. "Until that uncertainty is resolved, the upside for the dollar should remain limited," he said. -Reuters

close on Friday. The rise in prices has dampened demand on the physical market as consumers anticipate a supply response will lead to lower prices. Liffe August white sugar futures jumped $30.60 to close at $769.60 a tonne, the highest close for the spot contract since Feb. 11, supported by tight nearby supplies as delays to Brazil's harvest underpinned the market. Coffee prices gave back recent gains amid weaker commodity markets and profit-taking ahead of the US long weekend, also under pressure from the firm dollar. ICE September arabica futures fell 1.95 cents to close at $2.6365 per lb, while Liffe September robusta futures finished down $26 at $2,472 a tonne. Speculators cut their net short position in arabica coffee and US cocoa, bringing this to the lowest in cocoa in seven weeks, CFTC data showed. Cocoa prices declined early, then rebounded on commercial buying as chocolate makers restocked following Ivory Coast's resumption of trade in May. Liffe September cocoa futures reversed to close up 9 pounds at 1,992 pounds, the loftiest finish for the second-position since March 28. ICE September cocoa settled up $4 at $3,155 a tonne, the highest settlement for the second position since May 4. -Reuters

NY cotton settles down a shade as demand wanes NEW YORK: US cotton futures ended lower on Friday, posting their fourth consecutive weekly loss, as fiber values continued to reel from demand destruction above the $2 per lb level. Benchmark December cotton futures on ICE Futures US dropped 0.78 cent, or 0.7 per cent, to finish at $1.1781 per lb, after moving from $1.1651 and $1.1989. On a weekly basis, the contract dropped 3.4 per cent, its fourth straight week of losses. Cotton prices rallied to a peak of $2.27 per lb in the first quarter

of the year, as tight supplies and robust demand, especially from top consumer China, fueled the charge. But after such a fast and furious charge to price levels unseen since the US Civil War, consumer demand began to wane and prices responded, losing more than 40 per cent in the second quarter alone. The US Department of Agriculture (USDA) reported on Thursday a hefty sales decline of 136,900 running bales (RBs, 500 lbs each) to China. Market volumes picked up a bit from the sluggish pace at the

beginning of the week, but remained on the low side. Only 7,526 lots traded late in New York, down 67 per cent from the 30-day norm, Thomson Reuters preliminary data showed. On the weather front, more extreme heat is in store for the US Southwest and Texas through Tuesday, forecaster Telvent DTN said in a daily comment. Open interest in the ICE Futures cotton market stood at 139,460 lots as of June 30, the highest since June 20 and up 2,199 lots from the previous session, ICE Futures US data showed. -Reuters

on bright US data

NEW YORK: Copper started the new trading month on a firm footing on Friday, ending up for a fourth straight session as economic confidence improved on the back of stronger manufacturing data from the United States. The positive close helped drive copper up more than 4 per cent on the week, its largest gain since the second week of April, when the price rallied over 5 per cent. Confidence in the market grew after the safe passage of two austerity measures in Greece eased some concerns about a debt default, helping technicians mount a convincing charge above the 200-day moving average. London Metal Exchange (LME) three-month copper edged up $5 to close at $9,435 a tonne. In New York, the September COMEX contract settled up 2 cents at $4.3025 a lb. The economically sensitive base metal maintained its weekly bullish momentum after data showed growth in US manufacturing picked up for the first time in four months in June. The surprisingly upbeat US data ran counter to slower manufacturing activity in Europe, India and China, where weaker consumer demand and months of policy-tightening measures sapped production rates. The moderation in China's factory sector lowered expectations for another round of monetary tightening. Auto sales results by top-selling automakers for June so far were 14.6 per cent higher yearon-year, above expectations of an 8 per cent increase. Tin, untraded in rings, was bid at $25,650 from $26,050 at Thursday's close, while zinc finished at $2,360 from $2,365. Lead was at $2,674 from $2,684 and aluminium was at $2,503 from $2,532. Nickel was $23,000 from $23,425. -Reuters

Asia currencies

Mostly higher led by Korean won, ringgit the discount rate on 10-day loans to banks to 1.875 per cent from 1.75 per cent. All 18 economists in a News survey predicted the decision, after increases of the same amount in each of the previous four quarters. The won advanced for a second week after a government report showed inflation accelerated. Consumer prices rose 4.4 per cent, after a 4.1 per cent gain in May, exceeding the central bank's target for a sixth straight month. Exports increased 14.5 per cent in June from a year earlier, resulting in a trade surplus of $3.3 billion. The ringgit completed the first weekly gain in a month after global funds added to holdings of

the nation's assets. Foreign investors raised ownership of ringgit-denominated debt by 93 per cent in May from a year earlier to 181.5 billion ringgit ($60.3 billion), according to data published Bank Negara Malaysia. Elsewhere, Indonesia's rupiah gained 0.7 per cent to 8,538 against the dollar, Singapore's dollar appreciated 0.8 per cent to S$1.2268, the Philippine peso appreciated 0.8 per cent to 43.125 and Taiwan's dollar advanced 0.4 per cent to NT$28.788. Thailand's baht weakened 0.4 per cent to 30.80 before July 3 elections that may trigger political unrest. Agencies

Canada dollar logs gains vs USD for wk

Specs trim US dollar shorts in latest wk: CFTC

TORONTO: Canada's dollar had the biggest weekly gain in 20 months versus its US counterpart as rising optimism that European leaders have staved off a default by Greece fueled investor appetite for higheryielding assets. The loonie, as the Canadian currency is nicknamed for the image of the aquatic bird on the C$1 coin, also strengthened as data showing inflation climbed more than forecast spurred bets the central bank will resume raising interest rates. The weekly gain reversed losses for the month and quarter. Canada's job growth slowed last month, a report next week may show. "Risk appetite, that's the main driver of the Canadian dollar," said Shaun Osborne, chief foreign-exchange strategist at Toronto-Dominion Bank's TD Securities unit in Toronto. "One of the big uncertainties that has been hanging over the market lately has been a Greek default and a systemic problem in the global bank-

NEW YORK: Currency speculators reduced bets against the US dollar in the latest period to their lowest level since the week of Jan 11, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net short position fell to $12.44 billion in the week ended June 28, from net shorts of $17.05 billion a week earlier. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. To be short a currency is to bet it will decline in value, while being long a currency is a bet its value will rise. Sterling net shorts also rose to 18,349 contracts, their largest since July 2010. -Reuters

SINGAPORE: Asian currencies had their biggest weekly advance since April, led by South Korea's won and the Malaysian ringgit, as regional central banks raised interest rates and concern eased that Greece will default. Taiwan raised borrowing costs on June 30 following increases last month in India and Korea, boosting the yield advantage for the region's debt. Overseas investors were net buyers of more than $1.6 billion of stocks in India, Indonesia, Korea, Thailand, Taiwan and the Philippines this week. Lawmakers in Greece backed a bill to authorize an austerity plan required to keep rescue aid flowing. Taiwan's central bank raised

ing system and that seems to have been removed now." The Canadian currency strengthened 3.1 per cent to 95.85 cents per US dollar on Friday in Toronto, from 98.86 cents on June 24. It was the biggest gain since the 3.6 per cent advance for the five days ended Oct. 9, 2009. The loonie touched 95.81 cents on Friday, the strongest level since May 11, after depreciating to 99.13 cents on June 27, the weakest in three months. One Canadian dollar buys $1.0433. The loonie gained 0.5 per cent for June and appreciated 0.8 per cent for the three months ended June 30, its fourth straight quarterly advance. Canada's dollar rose versus 15 of its 16 most-traded peers this past week as crude gained 4.2 per cent to $94.94 a barrel in New York and the Thomson Reuters/Jefferies CRB Index of raw materials increased 2.1 per cent. Raw materials including oil account for about half of Canada's export revenue. -Agencies

Oil falls on weak China data, economic worry IEA reserves releases set to add to supply NEW YORK: Oil fell on Friday on signs of slower growth in China and weaker US consumer sentiment, offsetting a supportive report showing an improving manufacturing sector in the United States. An intraday bounce by the dollar against the euro and the strength of the dollar index, measuring the greenback against a basket of currencies, also helped pressure dollar-denominated oil. "Crude futures fell today on the soft factory data from China and the stronger dollar," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. The US Department of Energy announced the list of offers it had received for 30 million barrels of crude it will release from the Strategic Petroleum Reserve. The sale attracted more interested buyers than barrels offered

and investors continued to try to gauge the effect on the market from the new supply of crude and products that will enter the market as part of the International Energy Agency's coordinated release announced on June 23. Both Brent and US crude posted weekly gains despite Friday's price slips, with volatility aided by slim volumes ahead of Monday's US Independence Day holiday. Volumes for both US and Brent crude were well below 30-day averages. Brent futures for August fell 71 cents to settle at $111.77 a barrel, after falling as low as $109.50 intraday. But frontmonth Brent rebounded to post a weekly gain of 6.33 per cent. US crude fell 48 cents to settle at $94.94 a barrel, having recovered from an earlier $93.45 low. For the week, front-month crude gained 4.15 per cent.

China's factory sector grew at its slowest pace in 28 months in June as new orders expanded less quickly as weaker global demand and tight monetary policy at home pinched production. US consumer sentiment worsened in June, a Thomson Reuters/University of Michigan survey showed. Falling gasoline prices stabilized consumers' view of current conditions, but longer-term expectations remained subdued. Although the Greek parliament voted for an austerity package this week, there is skepticism about the government's ability to deliver on promised cuts. Money managers sharply cut their net-long US crude futures and options positions in the week to last Tuesday, the Commodity Futures Trading Commission said in a report released after oil prices settled on Friday. -Reuters

Gold dulls on fewer safety bids, rickety commodities NEW YORK: Gold fell around 1 per cent on Friday to record its second straight weekly loss, dragged down by fund selling amid commodity weakness and as safe-haven buying faded after Greece's approval of an austerity package. Bullion came under pressure as Wall Street rallied after a surprising jump in US manufacturing data eased concerns about a tepid economic recovery. Slipping crude oil and grain prices also diminished gold's appeal as an inflation hedge. "Gold clearly is not getting a lift from the global economic picture or from the sovereign debt front, and commodities as an asset class is not attracting the same level of fund buying like they were a month or two months ago," said Bill O'Neill, of commodities investment firm LOGIC

Advisors. The metal has shed 5 per cent in the past seven sessions, partly due to technical selling as gold dived below $1,500 an ounce and fell toward its 100-day moving average. Spot gold fell as low as $1,478.01 an ounce, its weakest since May 17, and was down 0.9 per cent at $1,486.51 by 1850 GMT. US gold futures for August delivery settled down $20.20 at $1,482.60, after trading between $1,478.01 and $1,502.19. Gold fell 1 per cent for the week. Silver was down 2.5 per cent at $33.77 an ounce. Holdings of the world's largest silver-backed exchange-traded fund, the iShares Silver Trust, fell 1.4 million ounces or 0.5 per cent on Thursday, the fund's website showed.

The trust saw its biggest quarterly outflow since its launch in the three months to end June, data on its website showed, as investors turned their backs on silver amid fears the metal's rally to record highs had been overdone. The Greek parliament's acceptance this week of a package of austerity measures needed to obtain further funding from the European Union and International Monetary Fund has tempered some risk aversion in the market, curbing demand for gold. Platinum group metals have outperformed gold this week, with platinum rising 2 per cent and palladium up 4 per cent, as a risk-on trade benefited industrial metals more than gold. Spot platinum was down 0.4 per cent at $1,713.49 an ounce, while spot palladium was up 0.3 per cent at $754.60 an ounce. -Reuters


4 Monday, July 4, 2011

The Financial Daily International

Prudent investing in stocks

Vol 4, Issue 242

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

Need to reject gas price increase With the change of guards at Ministry of Petroleum and Natural Resources expectations developed that things would improve, but the reality seems to be contradictory. The first gift of Dr Asim Hussain to the masses is a revised load management plan and up to 100 per cent increase in gas tariff for the fertiliser industry. Both the recommendations need to be rejected because Ogra as well as ministry has failed miserably in protecting the interests of all the stakeholders, worst being the circular debt issue plaguing the entire energy sector. It has been pointed out repeatedly that the shortfall in gas is the outcome of high UFG and pilferage and failure of the government to resolve the ongoing litigation regarding gas fields. The much talked about shortfall of 1000mmcfd could be overcome by containing leakage and pilferage and commencement of production from field under litigation. Curtailing gas supply of fertiliser plants and diverting it to power plants is the worst decision, simply because of two reasons which are: 1) power plants can be run on alternate fuel but any reduction in gas supply to fertiliser plants results in loss of production, and 2) import of fertiliser erodes foreign exchange reserves as well as forces the government the pay huge subsidy on imported fertiliser. Gas supply to the world's largest single train fertiliser plant has to be curtailed/suspended because it gets gas from SNGPL. Let it be very clear that the approval of gas supply to this plant was in violation of one of the covenants of Fertiliser Policy 2001, dedicating Mari gas field for the fertiliser industry. It is still not too late and a revised gas supply agreement must be signed for the supply of gas from Mari field. This can be done very conveniently by discontinuing gas supply to power plants from this field and diverting it to the fertiliser plants. Any curtailment of allocated gas supply of Sindh and closure of CNG stations is usurping the rights of people living in the province, simply because it is still drawing less gas as compared to the share. As such curtailing supply of CNG stations is a bad decision. However, closure of CNG stations in Punjab is justified on two grounds which are: 1) these stations pilfer around 300mmcfd and 2) permissions to set up CNG stations have been issued in violation of the rules. According to latest report 550 licences have been issued despite a ban. The logic that increase in electricity tariff can help in resolving circular debt issue is totally irrational. Circular debt is mounting because of 1) T&D losses hovering around 40 per cent and 2) inability to recover money from the defaulters. In fact each hike in tariff provides an incentive to pilfer electricity. Cash flow of electric and gas utilities can be improved simply by bringing down T&D losses as one per cent loss is equal to one billion rupees.

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.

Fahim Akhtar

I

am able to multiply my invested portfolio more than three times in domestic market with 50 per cent of the cash withdrawn from the amount invested initially while trading over the last seven/eight years, the senior citizen was confident to share with me discretely his trading wisdom. I had to believe in him but everything he told me was sketchy and unclear and I was desirous to learn more about his trading style. A 58 years old gentleman who retired after a lengthy tenure of his successful contribution to his organization in textile sector is engaged in stock market trade while staying at home and playing and looking after his second and third generation, besides fulfilling religious obligations. I decided to probe more to learn to learn from his experience for my own benefit and also for the others. I was curious to how he survived so long with consistent growth and addition in your investments because we had seen at least two major crashes during last eight years in which most of the small investor lost their money and others i.e. funds and companies also suffered heavy losses. My excitement itself framed first question. Well, man the first major factor that leads to my survival and growth is that I live within my means; the man smiled gave a pause and continued that he means to say he does not like to trade on leverage but loves to play with his own money. At no stage during my all last eight years I was afraid of my margins being called off and there was no force selling of my securities by my broker so I was

at driving seat, controlling my decisions. How do you select stock for buying? I asked him. How do you choose a new car for you self? The man asked me instead of replying to my question. We look for all best including outlook, reliability, performance, stability and resale value, I replied. Select your stocks with same features and qualities. Buy the stock of company with the feature of beauty in its products, reliability pertains to confidence in management, financial management and product, performance represents track record of relationship of a company with its shareholders and finally you can find stability without bothering you much by analyzing and anticipating demand growth of product or service it provides. One of the very important considerations in selection of stock for my portfolio is its liquidity, how quicker I can sell. Fundamentals of company are my prime preference, the man concluded simply. It does not fill my quest completely and I further asked him what he looks into that particular stock he is going o buy. Would you like to buy a buffalos with no potential to give you milk regularly or a hen that does not lay eggs? No, I said. So why do you buy a stock which does not give you the handsome return on investment. The other benchmarks are EPS, PE and dividend yield. The man referred to the stock of a fertilizer sector permanently part of his portfolio giving him dividend of more than Rs 13 per year with bonus too, mostly once a year. The man also trades in only 2-3 oil stocks and a few other selected stocks of power and banking

sectors. To whom you rely more in stock research- which brokerage house, I asked him. Who buys outfits for you normally you use? Or you depend on some one else to buy for you? the man inquired. Well, I select my outfit for myself and it is mostly with my own decisions. How a fresh MBA from Pind Dadan Khan Institute of Business Management can select and recommend a stock? You have internet and telephone also and there are excellent websites and technical movement watch software tool which can be comprehended and learnt with no rocket science involved. I do my research my self. However, many times when I see some new stock performance report or buy call from a good house I analyze myself and establish that if it is worth buying or work of child to fill the need of a brokerage house. But one thing is not digested to me how did you multiply your portfolio with more than three times and during this time you withdrew the amount also. I normally do not care where market is going or stock is leading to. I measure my portfolio in terms of very carefully selected and analyzed stocks. I maintain some cash also with no fear of market out performing or crashing any time. There are more than 300 stocks in our market and I cannot monitor all. I have made likings with preference of those stocks I am going to trade purely considering their fundamental I mentioned earlier. Whenever these stocks take a dip I start buying and on strength start reducing some percentage with main focus on dividend offered to me.

The man told me that he manages his trade in more efficient and responsible manner by continuously visiting different websites rich in useful information and details. He remains abreast of everything happening in and outside national canvas. The man has developed understanding relationship between economy, equity, money market and commodities and takes full benefit of their impact on market. He is also regular in both morning and evening in analyzing pre market and post market reports and feels no hesitation in picking up his cell phone and talking to variety of people in category of those important in his work from company management to brokers and investors. We have everything available around us and need is for search and sifting which does not require much effort and time. Conclusion drawn was that many of us waste our time in watching and caring for the index movement and ignoring a trade plan and its execution. We are choosier in selection of our shirt but leave selection of stock to mostly an immature recruit of market. We normally fail to determine duration of investment by taking abrupt decisions also, mostly confused in choosing amongst more than 300 stocks of different sector many of these not at all known to us. We also forget that man goes and market stays meaning by take decision in panic or excitement. A large number of people in market do not make use of useful data available on internet for their benefit and seldom analyze microeconomics such as demand, supply and price issues of the products.

Chavez supporters pray for their "comandante" upporters of Venezuela's President Hugo Chavez prayed and rallied on Sunday for the speedy recovery of a man whose revelation of cancer treatment has rocked the country dominated by him for more than a decade. In bread-shops and bars, streets and homes across the volatile South American OPEC member, there is only one topic of gossip and debate: just how bad is Chavez's health? On a day usually revolving round Chavez's weekly "Alo Presidente" show -- hours-long TV soliloquies to tell stories, sing songs, nationalize companies or bait foes -- loyalists instead held a Roman Catholic mass and march for their man. Chavez is receiving treatment in a Cuban hospital after surgery June 10 to remove a cancerous tumor. No word has been given on when he might return. "He is going to emerge victorious.

S

We all ask God to give him health and strength," said pensioner Irma Santander, 76, wearing the red shirt of Chavez die-hards. The 56-year-old socialist, one of the most globally recognizable faces thanks to his flamboyant antiAmericanism and self-styled domestic "revolution," waited until June 30 to admit he had cancer. Only Chavez, his doctors and closest allies know if the malignant cells have spread or been stemmed, with speculation he may have colon cancer and face months of chemotherapy. The implications are immense: Chavez has no obvious successor, and an opposition browbeaten by him since his first election win in 1998 is sensing a chance in next year's vote. Opposition leaders and supporters are trying to avoid any accusations of exulting in his misfortune. But they are nevertheless angry he

has not named a temporary successor during his nearly month-long stay in Cuba and are quietly excited about the specter of a power change. "I feel a real dilemma inside. I hate what he's done in Venezuela and I've always opposed him," said housewife Jenny Rodriguez, at a posh hilltop sports club right opposite a slum in a typical example of Venezuela's social divide. "But I don't wish death or physical suffering on anyone, that would be wrong before God. I'd prefer him to get better -- then lose the election fairly, as he would anyway." Even if he recovers perfectly, Chavez's health crisis already looks like a game-changer for the nation of 29 million people. It has exposed the lack of replacements, galvanized the opposition and dented his aura of invincibility. Anxious allies insist their 'comandante' remains an active president and there is no need to temporari-

ly name Vice President Elias Jaua, who is the face of government at home. The constitution requires a delegation of powers to the vice president if there is an "absence" of 90 days, or 180 if the assembly uses its prerogative to extend that period. But officials say the clock has not started running because Chavez is still signing decrees and giving instructions to ministers, some on trips to Havana. There was no detail when Chavez might be home. "He will come when his doctors say it is time," Jaua told Reuters at preparations to mark the 200th anniversary of Venezuela's independence from Spain, a celebration on Tuesday that Chavez would dearly love to attend. Chavez's health saga has displaced from the front pages a litany of issues facing his government, from power blackouts and uncontrolled crime to jail riots and housing shortages. -Reuters

Thai Election he Puea Thai Party controlled by former premier Thaksin Shinawatra, ousted by the military in 2006, looks to have won a landslide victory in Thailand's general election, raising the prospect that the divisive billionaire could return home soon from exile. Three exit polls gave Puea Thai between 290 and 313 of the 500 seats in parliament after voting ended on Sunday, roughly double the number of the Democrat Party of outgoing Prime Minister Abhisit Vejjajiva. Below are some implications of the win for the party and Yingluck Shinawatra, Thaksin's younger sister who is set to become the first female prime minister in Thai history. n The exit polls, if accurate, represent a decisive enough win to allow Puea Thai to govern without a coalition partner, making it easier to execute its populist policies. These include some that economists fear will be inflationary, like a proposal for a big increase in the minimum wage. n Such a strong public mandate also makes it harder for the military to intervene or for judicial intervention of the sort that has hampered other proThaksin governments since the coup. n Yingluck, an experienced business executive but political novice, led a successful, disciplined and media-savvy campaign that surprised skeptics, giving some independent analysts confidence she could perform well in international forums. n She has called for a general amnesty for people who have been banned from politics. She says that is not a policy designed to bring Thaksin home from self-exile in Dubai but the scale of the Puea Thai victory could embolden him to return and face down his establishment critics. Thaksin faces jail if he returns after being convicted of abuse of power offences. n Prior to the vote, the army commander called on the public to vote for "good people" -- implicitly anyone but Puea Thai -- and the reaction of the generals to the result could be crucial.

T

n Several sources say Thaksin's camp has been in contact with the military in recent weeks to discuss some form of post-election compromise. Puea Thai would be allowed to govern, with a defence minister acceptable to the military, and the top brass would be allowed to remain in place. n A Puea Thai government could also face opposition from other quarters. n The courts have significant powers to intervene under the constitution brought in under the military in 2007. In some cases a whole party may be dissolved because of irregularities by some officials. That happened with a pro-Thaksin ruling party in 2008, paving the way for Abhisit to come to power at the head of a coalition some say was stitched together by the military. n Thaksin has taken a leading role in Puea Thai's campaign, as its slogan makes clear: "Thaksin Thinks, Puea Thai does". That may be deemed a breach of rules forbidding the involvement of banned politicians or felons. An anti-Thaksin group has already lodged a complaint with the election commission. n A Puea Thai government will have to make good on expensive election promises, such as an unrealistically high intervention price for rice and an increase of about 40 percent in the minimum wage. n The financial markets would have been happier to see a Democrat government, with one Oxford-educated economist, Abhisit, as prime minister, and another, Korn Chatikavanij, continuing as finance minister. n The outgoing Democrat-led government won plaudits from the International Monetary Fund and others for shepherding the economy through the global financial crisis, even if the protracted political crisis has caused reform to be neglected, notably in the telecoms sector. n However, the stock market may react favourably to Puea Thai's victory, since the size of its majority

gives it enormous legitimacy and, if its opponents are suitably cowed, could usher in a period of political stability. n "Winning by a big margin would ease the problem of military intervening and make it easier for them to form the government and implement all the policies," said Kongkiat Opaswongkarn, chief executive of broker Asia Plus Securities. "We expect a jump when the stock market opens next week and this is because it is a big win, with less risk of having the military meddling with politics." n Some fund managers had remained bullish on the Thai market anyway, saying the fundamentals trumped the politics, but foreign money has pulled out since the start of May because of the risk of unrest, depressing stocks and the baht. n Chakkrit Charoenmetachai, an analyst at Globlex Securities, forecast the market would hit 1,070 on Monday versus the pre-election close of 1,041.48. "Foreign investors should be much less worried about the possible intervention of the external power." n Despite the resounding vote of confidence from the electorate, a Puea Thai government could sooner or later run into resistance from the royalist, "old money" elite that was so opposed to Thaksin and his populist policies from 2001 to 2006. n The "yellow shirt" movement that helped undermine Thaksin and subsequent pro-Thaksin prime ministers -- shutting down Bangkok's two airports in late 2008 and stranding hundreds of thousands of tourists -- could take to the streets. n On the other hand, if Puea Thai is prevented from governing despite winning the election, the proThaksin "red shirts" could launch another wave of protests. Analysts fear this would be even bloodier than April and May 2010, when the centre of Bangkok became a military "free fire" zone and 91 people were killed. -Reuters


5

Monday, July 4, 2011

Asian stocks surge for 2nd wk on Greek debt, US optimism

European stocks log gains for week on Greek budget cuts

Weekly Review

Politicals take toll on KSE last wk

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

12,464.26 12,484.17 19.91 0.16 282.07

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

3,113.55 3,050.21 63.34 2.03 11.18

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

2,753.63 2,718.17 35.46 1.29 0.31

Nawaz Ali

Major Gainers

Symbol

Close

Change

NESTLE 5,515.00 WYETH 987.00 SIEM 1,094.26 UPFL 1,480.00 COLG 769.25

714.05 122.14 94.82 70.00 53.62

Major Losers

Symbol

Close

Change

ULEVER 5,254.22 RMPL 2,675.78 PSO 264.81 NRL 355.14 PPL 206.22

-132.56 -18.10 -13.97 -10.91 -9.20

Top 5 Volume Leaders

Symbol

Close Vol (mn)

FATIMA LOTPTA AHCL JSCL TRG

16.58 13.53 25.66 6.87 2.70

29.67 17.74 12.11 11.71 10.76

Active Issues Plus Minus Unchanged

138 212 67

Sector Updates FERTILISER

Wall Street weekly outlook

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

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

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

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

1,582

Sales (Apr 11)

1,640

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

186 203 -

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

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

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

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

MADRID: Isidre Faine (R), president of Caixabank, poses with Spanish Stock Exchange president Antonio Zoido during the start of the saving bank's trading session at the exchange.-Reuters

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

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

Rally likely to spell pullback for US equities NEW YORK: A pullback could be on the table this week for US stocks after their best weekly performance in two years, especially if a raft of data headlined by the June jobs report doesn't bolster the argument of a strengthening economy. Stocks rose for five straight days as the fog of the Greek debt crisis appeared to once again be lifted while betterthan-anticipated economic numbers such as Friday's manufacturing data gave weight to the belief the US economy was starting to recover from a soft patch. "What we are looking at is a market that is going to focus on the economic numbers," said Peter Cardillo, chief market economist at Avalon Partners in New York. "We had real good gains towards the end of the quarter so it wouldn't surprise me to see a little bit of profit taking before we get those numbers out during the course of the week." Data expected for this week includes factory orders for May, the ISM services index and several indicators on the labor market, including Friday's report. "It is a little bit early to declare victory over the midcycle slowdown we've had," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. "On Friday, you have payrolls, unemployment rate -- the big Kahuna -- and there might be some trepidation going into it, especially with the market having already rebounded

sharply here over several days." Even with the economic data on the docket for this week, volume is expected to remain light due to the US market holiday on July 4th, which could exacerbate swings in the market. Aside from the additional spike in volume brought about by the final reconstitution of Russell Investments by its indexes on June 24, average weekly volume has been among the lowest of the year for several weeks. The light volume may prove to be an advantage for the bulls, however, especially after the S&P 500 successfully bounced off the 200-day moving average, a key technical support level, and jumped back over the 50-day moving average, which represented a resistance point. "The mindset is an opportunistic 'risk on' trade and it is giving a lift to the market in spite of the fact that most people are scratching their heads. But that is what happens, particularly when there is very light volume, momentum dictates trend, and that is what we find ourselves in," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey. For the week, the Dow Jones industrial average rose 5.4 per cent, the S&P 500 gained 5.6 per cent and the Nasdaq Composite Index climbed 6.2 per cent -- marking their biggest weekly percentage gains since July 2009. With Greece and the European debt crisis once

again pushed to the back burner in the minds of investors, the focus has shifted to the rapidly approaching deadline for Congress to reach an agreement on the debt limit, presenting another headwind for stocks. The US Treasury on Friday kept up the pressure on Congress to strike a deal to raise the debt ceiling and prevent a default, repeating that it would run out of legal room to borrow on Aug. 2. "The big thing on the horizon is now back to the US deficit issues," said Rick Meckler, president of LibertyView Capital Management in New York. "The Greek (debt) situation was an appetizer for that, and I think you're going to see a lot of back and forth as people wonder how much brinkmanship is actually going to be played with the budget deficit." Another overhang could be evident in the preannouncement of corporate profits before earnings season begins with Alcoa Inc's earnings on July 11. The global slowdown in the second quarter may result in some disappointing outlooks. "We have had a soft patch in the economy here due to higher commodity prices, a little bit of weakness in the manufacturing side, because of Japan, Europe, China and various things. All that can really impact Q2 earnings and we may see some negative preannouncements, and that might really have a broader impact on the overall market," Ghriskey said. -Reuters

KARACHI: Karachi Stock Exchange (KSE) ended last week with marginal gains amid lower investor participation due to political concerns. However, attractive share prices and buying in some oil, fertilizer companies and Nestle help the index to recover. The benchmark KSE-100 index ended 19 points up at 12,484 points. The index touched a high of 12,553 and a low of 12,338 during the week. KSE-30 index lost 176 points to close at 11,594 points and KSE all-share index gained 8 points to close at 8,654 points. Sana Hanif, analyst at JS Global Capital said that the week saw political manoeuvres reaching new heights after MQM decided to quit both the federal and provincial government which was then followed by resignation of the Sindh governor. However, a few triggers helped the KSE-100 index to close flattish. An interesting observation though was a 32 per cent decline in the average traded value as heavy weight likes of MCB, Engro and PPL witnessed massive battering, she added. Sana Hanif said that fertilizer stocks, apart from Fatima, remained laggards for most part of the week. Initial interest seen after Engro's announcement of urea price hike was dispelled by the market following the announcement of government's plan of a 100 per cent increase in gas price for fertilizers which led to profit taking in FFC and FFBL particularly on Thursday, while Engro and Fatima gained as they are expected to benefit from subsidized gas prices under Fertilizer Policy 2001. Investors' participation remained low throughout the week as 282 million shares exchanged hands during the week which was 25 million

shares less as compared to a turnover of 307 million shares a week earlier. The week began with a range bound session on Monday where index ended without any change as investors weren't interested in market activities following decline in global capital markets and tension on the political front after MQM boycotted the Azad Kashmir elections. Investors got panicky the next day and offloaded their holdings after MQM, a major partner in the coalition government announced to sit on the opposition benches. The index lost 102 points at the end of the session on Tuesday. Investors remained concerned over the ongoing political trauma in the country after MQM decided to quit PPP-led coalition government and Governor of the province also submitted his resignation. The heavy decline made the share prices attractive and equities bounced back on Wednesday where the index gained 60 points but the trading activity remained low due to tension on the political front. Some positive activities were seen on Thursday, which was also the last session of the fiscal year 2010-11. Buying mainly in oil and fertilizer stocks helped the index to close the day with 72 points up. Finally, the week ended with some dreary activities on Friday where the index lost 11 points with volumes declining to a nine month low as investors preferred to stay on the sidelines in the absence of positive triggers. Nestle Pakistan remained in limelight and supported the market throughout the week as its price increased by 15 per cent during the week. Out of total 417 active issues; 212 declined and 138 advanced while 67 issues remained unchanged.

Gulf stocks mkt

Mostly higher, led by Dubai DUBAI: Middle East shares rose, sending Dubai's index up the most in more than three months, after Greece passed a five-year austerity package to avoid default, boosting investor appetite for riskier assets. Emaar Properties PJSC (EMAAR), developer of the world's tallest skyscraper in Dubai, jumped 3.6 per cent and Emirates NBD PJSC (EMIRATES), the United Arab Emirates' biggest bank by assets, gained to the highest in almost two weeks. Dubai's DFM General Index (DFMGI) increased 2.4 per cent, the most since March 20, to 1,553.31 at the close in the emirate. Abu Dhabi's ADX General Index climbed 0.2 per cent. "The marginal regional investor, providers of incremental liquidity, have for many months now looked at global markets for cues, so the strong global close last week certainly helped," said Sachin Mohindra, a fund manager at Invest AD in Abu Dhabi. "High net worth regional investors will continue to take cues from global markets in the next few months." "Valuations in key Gulf Cooperation Council stocks look attractive relative to underlying growth and I expect long-term investors to closely track second-quarter results to firm up buying decisions," Invest AD's Mohindra said. A decline of 4.7 per cent this year has left the 31 companies on Dubai's benchmark index valued at about 8.5 times estimated earnings, data compiled by Bloomberg show. That compares with 11.1 times for the MSCI Emerging Markets Index. Emaar rose the most since May 10 to 3.13 dirhams and Emirates NBD increased 2.4 per cent to 4.25 dirhams, the highest level since June 20. Tamweel PJSC (TAMWEEL), the home finance company majority owned by Dubai Islamic Bank PJSC (DIB), rallied 3.4 per cent to 88 fils. The stock was included in the DFM General Index and the banking sub-index. Qatar's QE Index (DSM) advanced 1.4 per cent and Oman's MSM30 Index (MSM30) added 0.3 per cent. Bahrain's gauge slipped 0.2 per cent, Kuwait's SE Price Index retreated 0.6 per cent. Saudi Arabia's Tadawul All Share Index dropped 0.3 per cent, following a 1.2 gain yesterday. In North Africa, Egypt's EGX 30 Index (EGX30) advanced 1.1 per cent. -Agencies

Dhiyan

SUBDUED ACTIVITIES TO CONTINUE Zia Shaafi, Senior Equity Dealer, Pearl Securities We might see some technical correction in the market moving forward. Investors are recommended to book profit and wait for lower levels for new fresh buying. Better than expected corporate results, reduction in interest rates in the upcoming monetary policy, relaxation in capital gains tax (CGT) mechanism, and political stability in the country could trigger the market. Market would show dull performance today.

Khalid Iqbal, Head of Research, Invest & Finance Securities

The dull activities in the market are likely to continue in the market till the commencement of corporate results season from July 20 where good result announcements are expected in oil & gas, fertilizer and banking sectors. Investors are advised to slowly accumulate power and fertilizer stocks. Market would be dull today.


6

Monday, July 4, 2011

Market

KSE 100 Index

Symbols

Volume

282,071,098

Value

12,115,700,507

Trades

198,727

Advanced Decline Unchanged Total

138 212 67 417

Current High Low Change

All Share Index

12,484.17 12,553.08 12,338.01 h19.91

Current High Low Change

OIL AND GAS

Paid up Cap(mn)

Company

Low

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Open 820.15 Turnover 86,548 P/E (x) 5.14

High Low 823.42 739.42 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.31 25.53

Close 760.15 Listed cap 3,242.17 mn Payout (%) 11.08

Change % Change -60.00 -7.32 Market cap 200-Day High 12,267.77 mn Div Yield (%) 200-Day Low 2.16 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Pak Int Cont.Terminal

1092

7.45

87.60

87.90

78.75

81.03 -6.57

19925

91.20

67.31

40

-

-

-

-

-

PNSC

1321

7.04

25.79

26.00

23.10

24.00 -1.79

66623

30.99

23.10

15

-

-

-

31 200

- 23.43 -

-

128.21

55

- 30.00

-

2365137 219.70 3047708 370.75

202.50 318.16

90 255

20B100.00 -100.00

-

46049 93.10 2660662 291.50 59987 233.00

80.02 262.31 207.00

80 120

- 80.00 -

-

Volume

384.75 372.00 376.97 -4.91

128117

394.90

362.20

300

Attock Refinery BYCO Petroleum

853 3921

4.05 123.46 9.36

125.99 121.00 123.51 0.05 9.63 9.00 9.05 -0.31

4392078 143.50 5563002 10.10

119.35 7.93

-

735 800

4.31 101.01 4.91 366.05

108.20 98.76 105.26 4.25 366.49 344.10 355.14 -10.91

360074 113.75 1082324 387.35

98.50 315.03

Oil & Gas Development XD 43009 10.30 152.95

153.95 147.85 152.29 -0.66

2566559 157.51

Pak Petroleum XD Pak Oilfields

7.54 215.42 7.93 365.05

216.60 205.10 206.22 -9.20 366.20 358.00 359.52 -5.53

350 44.83 82.78 1715 3.78 278.78 685 8.00 225.80

82.70 80.02 80.24 -2.54 283.06 262.31 264.81 -13.97 233.00 222.00 225.00 -0.80

20B115.00 -

CHEMICALS

Company

Company

Paid up Cap(mn)

Agritech Limited

3924

BOC (Pak)

250

Clariant Pak

341

Dawood Hercules

4813

Descon Chemical

PE 7.14

Open 17.50 94.00

4.95 158.56 3.67

61.10

19.01 96.45

Low 17.10 94.00

Close Chg 19.00 1.50 94.85 0.85

162.89 155.00 162.02 3.46 66.00

23.18

Open 1,151.57 Turnover 1,554,980 P/E (x) 3.95

High Low 1,158.82 1,121.75 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35

Close 1,133.09 Listed cap 6,768.53 mn Payout (%) 20.42

Change % Change -18.47 -1.60 Market cap 200-Day High 41,632.11 mn Div Yield (%) 200-Day Low 5.17 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

144

4.31

70.00

70.01

68.01

69.99 -0.01

315692

74.85

68.00

90

20B

Last 60 days High Low

6.14 -0.20

1500938

2.74

2.83

2.55

2.62 -0.12

1519054

10.50

11.11

10.10

10.49 -0.01

Engro Polymer

6635

Fatima Fertilizer

22000

Fauji Fertilizer

8482

Fauji Fert.Bin Qasim

9341

Ghani Gases Ltd ICI Pakistan

6.33

42.80 13.12

15142

Mandviwala

74

Nimir Ind Chemical

11.05 14.89

725 10.99 1388

Lotte Pakistan

-

9.38 151.96

8.47 154.97 3.78 -

1106 12.17

Shaffi Chemical

120 28.38

14.52 0.88 2.65

761990

3.09

2.00

9.20

5.60

-

-

-

-

9269149 205.80

159.63

60

20B

-

-

10.22 -0.83

- 27.5R

-

29665034 17.05

12.10

-

-

-

10147474 157.74

137.00

130

25B 45.00

-

40.02

65.5

43.35

41.91

42.30 -0.50

13.40

12.52

13.08 -0.04

97630

14.49

11.40

-

-

-

-

89167

172.00

148.02

175

-

-

-

17743547 17.36

13.47

5

-

-

-

2.51

2.80 0.15 2.27 -0.06

5871352

3.40

8370

2.26

3.25

-

-

-

-

-

2.33

2.30

2.00

-

-

Sitara Chem Ind

214

2.50

98.50

101.90

94.67 100.90 2.40

70491

109.00

94.67

25

5B

-

-

Sitara Peroxide

551

5.21

17.35

17.35

16.05

16.83 -0.52

452706

19.99

16.05

-

-

-

-

90

5.19

36.14

37.55

35.70

36.75 0.61

7242

37.90

34.19

50

-

-

-

Wah-Noble

2.20

-

FORESTRY AND PAPER

Company

High Low 1,114.11 1,067.21 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.39 7.47

Close 1,081.10 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

1.79 7.17

16.16 41.30 41.44

16.25 42.75 41.40

15.00 41.40 40.50

15.54 -0.62 42.01 0.71 40.50 -0.94

75149 18881 158895

Century Paper Pak Paper Product Security Paper

-

9.91

11.00

9.75

18.00 44.49 42.80

13.85 37.51 37.00

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

2011 Div BR (%) (%) -

1.15

Open 2,358.24 Turnover 1,155,789 P/E (x) 63.64

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd Huffaz Pipe XD

PE

565 1.79 675 555 22.11

International Ind

1199

9.07

Open

High

Low

Close Chg

Close 1,019.29 Listed cap 3,596.11 mn Payout (%) 30.91

-

2010 Div BR (%) (%)

2011 Div BR (%) (%)

26.99 2.14 12.78

25.70 2.00 11.81

26.50 0.00 2.00 -0.05 12.38 0.06

554017 97606 24287

29.75 2.98 13.00

25.70 1.62 11.05

30 -

- 20.00 25B 15.00

-

50.53

50.90

49.00

50.69 0.16

785677

53.95

48.52

40

20B

-

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Al-Abbas Cement

1828

-

2.90

2.95

2.63

2.70 -0.20

Attock Cement Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement

866 6.20 956 42.86 982 15.31 948 3891 -

49.30 9.14 2.00 1.45 1.71

50.50 9.50 2.10 1.94 1.79

48.11 8.68 1.55 1.26 1.60

48.95 9.00 1.99 1.32 1.70

DG Khan Cement Ltd Fauji Cement Fecto Cement

4381 30.92 6933 7.09 502 4.70

23.12 4.36 5.13

23.31 4.40 6.10

22.40 4.10 5.41

Flying Cement Ltd Gammon Pak

1760 283

1.29 1.15

1.39 1.45

1.20 1.25

Company

15

Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt.

-

4003 1288 13126 68.75

Change % Change -9.43 -1.08 Market cap 200-Day High 63,881.18 mn Div Yield (%) 200-Day Low 3.22 -

40924

3.25

2.40

116479 15916 103868 20311 666992

56.70 11.90 2.24 2.90 2.67

48.11 8.68 1.55 1.15 1.36

23.19 0.07 4.11 -0.25 5.45 0.32

7430495 859736 17282

26.18 5.04 8.90

1.36 0.07 1.25 0.10

124078 16000

1.95 2.49

-0.35 -0.14 -0.01 -0.13 -0.01

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

2011 Div BR (%) (%) -

-

-

-

50 -

-

21.31 3.99 5.10

-

20R -

-

20R 92R -

1.20 0.70

-

-

-

-

7.67 6.13 2.81

9.15 6.50 2.87

6.90 5.85 2.65

6.94 -0.73 5.85 -0.28 2.75 -0.06

104392 49423 1688789

13.50 7.87 3.35

4.25 5.85 2.10

-

-

-

-

Lucky Cement

3234

5.76

71.27

72.95

69.99

70.96 -0.31

2932607

77.43

66.93

40

-

-

-

Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement

5267 536 2271

3.61 -

2.16 4.75 5.80

2.25 5.18 6.10

2.00 3.78 5.02

2.05 -0.11 4.91 0.16 5.45 -0.35

1071742 11224 491679

3.05 5.18 6.40

1.97 1.52 4.50

-

-

-

-

-

-

Safe Mix Concrete

200

-

5.40

5.50

5.40

5.50 0.10

9000

6.34

4.17

-

-

Shabbir Tiles Thatta Cement

361 798

-

6.85 16.84

6.90 20.90

6.05 16.01

6.85 0.00 19.10 2.26

13811 41608

8.50 20.90

5.25 16.01

-

50R

- 100R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 986.12 Turnover 1,198,496 P/E (x) 1.80 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Siemens Engineering

High Low 1,007.12 952.79 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.79 43.91

Close 987.93 Listed cap 3,043.31 mn Payout (%) 15.55

Change % Change 1.81 0.18 Market cap 200-Day High 36,853.49 mn Div Yield (%) 200-Day Low 8.64 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

172 230

2.35 -

48.79 1.35

49.50 1.53

47.00 1.17

47.81 -0.98 1.25 -0.10

136338 975216

56.60 1.96

1067 5.35 53.60 389 2.13 11.31 844 18.42 115.05

54.10 52.00 52.55 -1.05 12.06 9.78 10.65 -0.66 116.00 109.68 110.50 -4.55

82 21.04 999.44 1138.00 980.00 1094.26 94.82

2010 Div BR (%) (%)

46.45 1.17

20 -

25B -

2011 Div BR (%) (%) -

50R -

13917 11694 21592

58.50 15.21 118.00

51.11 9.78 103.01

25 32.5

10B -

-

-

7910

1138.00

960.00

900

-

-

-

INDUSTRIAL ENGINEERING

Company AL-Ghazi Tractor

Paid up Cap(mn) 215

Dewan Auto Engineering 214

PE

Open

3.87 231.62

High

High Low 1,799.22 1,682.70 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.11 38.02 Low

Close Chg

232.00 222.00 223.92 -7.70

Close 1,757.32 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 18836

202.00

2010 Div BR (%) (%) 400

-

2011 Div BR (%) (%) -

1.25

1.59

1.20

1.59

0.34

12297

2.15

0.71

-

-

-

-

9.88

8.23

8.69

8.00

8.30

0.07

17335

10.40

8.00

-

-

-

-

Hinopak Motor

124

-

96.80

115.80

92.19 111.27 14.47

5479

115.80

84.01

-

-

-

-

KSB Pumps

132

-

32.98

34.40

30.50

12596

49.39

30.50

12.5

-

-

-

Millat Tractors

366

518713

610.70

510.00

650

25B325.00

-

610.70 568.50 596.38 26.32

-

-

-

-

-

-

-

20B 10.00

-

High Low 2,531.55 2,318.45 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 19.28 30.30

Close 2,434.81 Listed cap 11,335.33 mn Payout (%) 30.57

5,131.35

Total Equity (Rs in mn)

2,847.79

MA (100-day)

21.59

Revenue (Rs in mn)

3,671.61

MA (200-day)

21.51

Interest Expense

159.56

1st Support

23.30

Profit after Taxation

334.54

2nd Support

22.65

EPS 10 (Rs)

3.983

1st Resistance

25.30

Book value / share (Rs)

33.90

2nd Resistance

26.65

PE 11 E (x)

7.59

Pivot

24.65

PBV (x)

0.71

ADMM closed up 1.30 at 24.00. Volume was 91 per cent below average (consolidating) and Bollinger Bands were 12 per cent wider than normal. The company's profit after taxation stood at Rs199.477 million which translates into an Earning Per Share of Rs2.37 for the nine months of fiscal year (9MFY11). ADMM is currently 12.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ADMM (bullish). Trend forecasting oscillators are currently bullish on ADMM.

Mukhtar Textile Mills Limited

-

High

Low

9.00

8.50

8.50

8.50

-0.50

100000

Bawany Sugar

87

-

8.50

8.54

7.51

8.51

0.01

Chashma Sugar

287

0.71

10.00

10.19

9.90

10.19

0.19

Colony Sugar Mills

990

2.81

1.69

1.80

1.54

Close Chg

1.80

0.11

Volume

Change % Change 76.57 3.25 Market cap 200-Day High 387,865.95 mn Div Yield (%) 200-Day Low 0.48 -

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.40

Total Assets (Rs in mn)

MA (10-day)

0.45

Total Equity (Rs in mn)

MA (100-day)

0.40

Revenue (Rs in mn)

10.85

6.00

-

-

-

-

MA (200-day)

0.44

Interest Expense

7224

9.25

7.09

-

-

-

-

1st Support

0.31

Loss after Taxation

17136

10.90

8.00

10

-

-

-

2nd Support

0.20

EPS 10 (Rs)

1st Resistance

118021

3.34

1.51

-

-

-

-

74.83 51.02 0.00 0.02 (6.71) (0.463)

0.51

Book value / share (Rs)

3.85

2.16

-

-

2nd Resistance

0.60

PE 11 E (x)

Habib Sugar

750

4.75

26.91

27.25

26.70

26.70

-0.21

171063

28.00

23.00

25

25B

-

-

Pivot

0.40

PBV (x)

Habib-ADM Ltd

200

4.94

12.88

12.95

12.25

12.26

-0.62

9208

13.74

11.30

40

-

-

-

J D WSugar XR

539

1.60

81.00

81.79

77.08

80.51

-0.49

8042

84.30

72.75

7010B 12.5R

-

10R

MUKT closed up 0.07 at 0.48 Volume was 88 per cent below average (consolidating) and Bollinger Bands were 23 per cent narrower than normal. The company's Loss after taxation stood at Rs6.714 million which translates into an Loss Per Share of Rs0.463 for the Year End of fiscal year (FY10). MUKT is currently 7.0 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 moderate flows of volume into MUKT (mildly bullish). Trend forecasting oscillators are currently bullish on MUKT.

Dewan Sugar

365

-

109

0.65

173

1.65

2.52

4.15 56.60

3.50

5.84 57.89

2.21

2.80 54.50

2.51

3.50 54.50

-0.01

-0.65 -2.10

16049

5001

5.84

9878

2.45

68.48

52.11

35

-

-

-

-

-

20B 15.00

10B

Mirza Sugar

141

0.29

2.60

2.75

2.45

2.70

0.10

16506

3.50

2.40

10

-

-

-

National Foods

414

12.61

80.26

80.50

73.00

73.03

-7.23

7518

88.00

58.10

12

-

-

-

453

41.87 4800.95 5675.00

4701.00 5515.00

714.05

8537

5675.00

3299.00

750

7818

21.80

13.50

Nestle Pakistan

2.49

3.00

2.40

2.60

0.11

341000

3.50

2.20

-

-

-

-

0.35

5.20

5.78

4.22

5.00

-0.20

33500

6.45

3.80

-

-

-

-

223

Shahmurad Sugar

211 665

17.40

22.73

2.27

2.60

1.05

9.51

9.89

19.43 5386.78 5600.00

17.00

17.40

0.10

243500

3.00

1.75

-

-

-

-

-

-

5.91

57

UniLever Pakistan

17.30

-

165 107

Sakrand Sugar

1.60

-

Noon Sugar Quice Food S S Oil

-

-

2.13

2.50

0.23

8.75

9.00

-0.51

8110

10.79

7.91

10

-

-

-

5200.00 5254.22 -132.56

6451

5600.00

4860.08

492

-

-

-

-

3.52 0.14

Exide Pakistan Limited

HOUSEHOLD GOODS Open 699.04 Turnover 288,414 P/E (x) 1.42 Company

High Low 720.82 664.14 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.15 10.64

Close 674.19 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

90 1219 693

1.58

9.73 7.01 12.40

10.11 7.44 12.90

8.25 6.50 11.80

8.25 -1.48 6.74 -0.27 11.98 -0.42

12629 169395 105686

Diamond Ind Pak Elektron Tariq Glass Ind

Change % Change -24.85 -3.55 Market cap 200-Day High 4,508.62 mn Div Yield (%) 200-Day Low 4.42 -

Last 60 days High Low

2010 Div BR (%) (%)

10.18 13.75 14.20

17.5

7.11 6.50 11.20

10B -

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

PERSONAL GOODS Open 963.96 Turnover 21,191,536 P/E (x) 4.66 Company

Paid up Cap(mn)

Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bilal Fibres Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Gadoon Textile Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Int Knitwear Khalid Siraj Kohinoor Ind Kohinoor Textile Latif Jute Masood Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Ravi Textile Sally Textile Saritow Spinning Service Ind Shahtaj Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd Zil Limited

2594 840 4493 76 141 64 98 400 1150 2442 600 591 234 635 222 716 3105 300 99 180 181 32 107 303 2455 36 600 189 145 1621 3516 108 560 250 88 133 120 97 307 418 215 400 594 53

PE

Open

2.70 7.59 22.70 5.91 0.65 16.57 0.78 1.19 0.68 57.38 0.49 0.65 1.42 2.15 1.58 1.63 1.09 - 31.28 0.66 68.22 3.12 50.01 0.46 11.52 0.78 3.70 2.98 45.43 0.77 0.31 5.75 1.67 4.47 3.54 369.16 5.00 0.39 1.40 1.10 4.26 4.30 39.65 6.11 1.81 19.00 0.80 0.41 3.48 23.63 4.48 54.59 0.80 2.45 18.28 1.00 0.27 7.45 0.29 1.59 3.34 179.61 1.57 28.25 - 102.76 6.54 53.83 0.65 0.53 1.05 4.52 3.63 6.41 60.00

High

High Low 980.01 957.57 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.40 8.64 Low

Close Chg

2.77 2.50 2.51 -0.19 26.00 21.57 24.00 1.30 6.01 5.48 5.73 -0.18 16.57 15.01 15.46 -1.11 1.15 0.85 1.00 -0.19 71.00 57.51 70.63 13.25 0.98 0.44 0.44 -0.05 1.60 1.10 1.60 0.18 2.15 1.96 2.04 -0.11 1.85 1.50 1.52 -0.11 1.16 1.00 1.07 -0.02 32.50 30.50 32.00 0.72 70.70 65.01 68.00 -0.22 51.90 48.01 49.25 -0.76 11.52 10.98 11.00 -0.52 4.00 3.60 3.89 0.19 45.00 41.75 41.75 -3.68 1.39 0.71 0.99 0.22 5.05 3.50 4.21 -1.54 5.20 3.80 4.35 -0.12 398.00 362.40 371.74 2.58 6.00 4.00 4.26 -0.74 1.67 1.20 1.41 0.01 1.39 1.00 1.05 -0.05 4.59 3.60 3.71 -0.59 6.75 6.11 6.74 0.63 20.00 19.40 19.50 0.50 0.85 0.23 0.81 0.01 0.60 0.29 0.48 0.07 24.10 22.22 22.61 -1.02 54.60 49.85 50.47 -4.12 1.66 0.65 0.66 -0.14 20.62 17.80 19.62 1.34 1.01 0.60 0.98 -0.02 7.80 6.20 7.00 -0.45 1.66 1.13 1.51 -0.08 198.90 176.10 195.67 16.06 28.25 28.00 28.00 -0.25 104.20 100.50 103.03 0.27 54.75 51.50 52.33 -1.50 1.58 0.62 1.21 0.56 1.79 1.00 1.20 0.15 3.99 2.35 3.48 -0.15 61.60 58.00 59.19 -0.81

Close 970.64 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change % Change 6.68 0.69 Market cap 200-Day High 124,309.74 mn Div Yield (%) 200-Day Low 3.58 -

Last 60 days High Low

996202 3.76 2137079 26.00 7726246 8.24 44201 22.66 13600 1.97 8025 74.49 11002 1.20 27923 1.60 10532 2.88 141944 2.64 178833 1.39 6386 44.90 27827 94.90 576611 53.65 12026 12.16 481303 5.00 71454 49.92 18715 2.00 13380 9.25 16018 5.98 49137 398.00 8698 9.88 126800 2.24 59996 1.75 131474 5.25 85001 7.00 6355 20.00 11027 1.20 13582 0.97 2522731 29.35 4774759 66.00 12545 1.98 58643 21.21 149572 1.74 24236 9.35 22110 1.99 244762 198.90 5400 28.88 82216 108.90 75056 59.20 94102 1.58 16006 1.99 16612 4.80 5925 67.20

1.81 20.25 4.40 15.01 0.71 56.07 0.11 0.76 1.65 1.40 0.95 30.50 65.01 46.66 9.52 3.60 41.75 0.63 3.50 3.80 273.94 4.00 1.00 0.75 3.60 5.12 16.70 0.23 0.16 22.22 49.85 0.30 17.01 0.53 5.50 1.13 154.00 22.50 97.00 47.95 0.23 1.00 2.25 55.00

2010 Div BR (%) (%)

2011 Div BR (%) (%)

- 30B 20 20 50 5 5 15B 70 12.5 10 20B 10 20 10 50 - 50.00 6 15 100R 15 25 45R 10 75 45 80 20B 50 900B 35 -

-

Performance of SR Pharma and Bio Tech Index Open 961.86 Turnover 141,508 P/E (x) 4.38 Company

Paid up Cap(mn)

High Low 1,004.94 947.43 Total cos Defaulter cos 9 P/BV (x) ROE (%) 0.98 22.31

Close 979.34 Listed cap 3,904.20 mn Payout (%) 44.54

Change % Change 17.48 1.82 Market cap 200-Day High 32,275.72 mn Div Yield (%) 200-Day Low 10.18 -

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

979 2019

5.73 10.73

93.71 73.24

94.20 79.99

89.75 72.01

93.49 -0.22 75.12 1.88

10640 47559

94.70 89.44

84.05 70.60

50 40

15B

-

-

182 200 306

7.21 3.89 5.37

28.55 9.20 56.50

33.45 10.12 56.25

28.31 9.16 54.00

31.13 2.58 9.50 0.30 55.07 -1.43

53091 9381 15060

33.50 12.00 65.00

24.51 9.00 54.00

25 30

10B -

-

-

-

-

213

9.06 570.06

9.00

PHARMA AND BIO TECH

Ghandhara Ind

32.90 -0.08

11.58

Open

Change % Change 68.27 4.04 Market cap 200-Day High 34,589.64 mn Div Yield (%) 200-Day Low 16.06 -

Last 60 days High Low 239.00

233226

-

Performance of SR Industrial Engineering Index Open 1,689.05 Turnover 591,008 P/E (x) 8.19

-

0.14

Performance of SR Personal Goods Index

Last 60 days High Low

Volume

-

PE

Performance of SR Construction and Materials Index Close 865.78 Listed cap 54,792.74 mn Payout (%) 19.04

-

-

244

CONSTRUCTION AND MATERIALS High Low 891.92 851.79 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.42 7.10

-

-

Total Assets (Rs in mn)

23.29

Performance of SR Household Goods Index

26.50 2.05 12.32

Open 875.21 Turnover 15,829,775 P/E (x) 5.90

20

2.16

Ansari Sugar

Change % Change 2.59 0.25 Market cap 200-Day High 15,398.27 mn Div Yield (%) 200-Day Low 10.06 -

Last 60 days High Low

Volume

60

22.01

4.50

Company

INDUSTRIAL METALS AND MINING High Low 1,023.84 993.66 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.02 33.10

190.00

26.17

Paid up Cap(mn)

Performance of SR Industrial Metals and Mining Index Open 1,016.69 Turnover 1,463,237 P/E (x) 3.07

231.99

54.93

MA (10-day)

Performance of SR Food Producers Index

Mehran SugarXDXB

Change % Change -28.81 -2.60 Market cap 200-Day High 2,982.80 mn Div Yield (%) 200-Day Low 4.81 -

Last 60 days High Low

25B

36516 7099 58128

0.14

3.04 -0.08 10.05

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

FOOD PRODUCERS

Kohinoor Sugar

Performance of SR Forestry & Paper Index Open 1,109.92 Turnover 252,925 P/E (x) 5.25

1428

-

155.30 151.04 152.41 -2.56

3.07

Honda Atlas Cars

-

-

- 60.00

23.20

5

-

-

2.90

10

-

-

23.00

3.40

22.01

-

0.18

23.75

3.12

62.50

-

1.90

23.06

-

25.50

-

20227

-

76.90

16.58 1.69

0.90 0.02

-

-

19081

10.11

0.51

-

-

179678

14.80

1.30

-

-

23.49 -0.16

11.15

13.53 -0.99

25

1.50

62.53 -3.31

17.05

13.47

100

30.26

3.46

22.01

157.74 150.01 152.43 0.47

14.68

204.50

36.50

223.99 217.00 220.04 -3.15

4.42

-

-

235.89

222260 435460

62.50

-

- 12.50

4.50 223.19

598 450

-

35024

1.35

23.54

-

44.21

56

General Tyre Ghandhara Nissan

2011 Div BR (%) (%)

2.83 -0.17

31.90

66.50

-

9623940

2.75

23.65

15

-

30.40

3.14

Exide (PAK)

230.00 217.00 224.50 -2.90

65.84

2.11

10.11

32.07

3.00

150

9.50

13.18

30.55

-

823 14.08

3.65

855778

5.96 227.40 1.49

Sazgar Engineering

11.50

49999

101 133 1087

Pak Suzuki

-

-

Atlas Battery Baluchistan Wheels Ltd. Dewan Motors

2010 Div BR (%) (%)

-

-

-

-

Agriautos Ind

-

25B

50 300B

3.44

168.90 159.75 161.72 -7.59

-

60 135

56.10

9.03

7.23 169.31

-

87.71 142.50

69.40

94 3933

-

99.80 167.00

1996

Engro Corporation Ltd

17.01

2011 Div BR (%) (%)

33548

1020

6.01

2.05 -0.19

62939

2010 Div BR (%) (%)

25230 4256051

3663

6.49

2.05

63.30 2.20

Descon Oxychem Ltd.

6.34

2.37

58.50

Change % Change -24.70 -1.33 Market cap 200-Day High 381,280.70 mn Div Yield (%) 200-Day Low 5.57 -

Last 60 days High Low

Volume

Dewan Salman Dynea Pak

2.24

High

Close 1,836.04 Listed cap 52,251.88 mn Payout (%) 48.81

2011 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,900.03 1,814.24 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.07 35.00

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,860.74 Turnover 61,717,512 P/E (x) 8.77

Artistic Denim Mills Limited

-

Close Chg

6.81 381.88

Pak Refinery Limited P.S.O Shell Pakistan

High

11,594.89 11,803.94 11,550.21 i176.83

Performance of SR Industrial Transportation Index

Close Change % Change 1,536.07 -22.83 -1.46 Listed cap Market cap 200-Day High 65,194.15 mn 1,126,934.26 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.28 -

691

11950 2365

Open

High Low 1,566.51 1,515.47 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.44 32.54

Attock Petroleum

Mari Gas Company XD National Refinery

PE

Current High Low Change

8,654.88 8,702.86 8,556.76 h8.66

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,558.90 Turnover 16,708,695 P/E (x) 10.59

KSE 30 Index

Abbott (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Fundamental Highlights As on Mar 30, 2010

Technical Analysis RSI (14-day)

65.29

Total Assets (Rs in mn)

MA (10-day)

221.84

Total Equity (Rs in mn)

MA (100-day)

195.52

Revenue (Rs in mn)

MA (200-day)

183.40

Interest Expense

2,904.61

1st Support

217.80

Profit after Taxation

197.29

2nd Support

215.61

EPS 10 (Rs)

34.919

1st Resistance

221.59

Book value / share (Rs)

159.38

2nd Resistance

223.19

PE 11 E (x)

4.50

Pivot

219.40

PBV (x)

1.38

900.50 6,189.14 78.95

EXIDE closed down 3.15 at 220.04. Volume was 64 per cent below average (consolidating) and Bollinger Bands were 158 per cent wider than normal. The company's profit after taxation stood at Rs276.390 million which translates into an Earning Per Share of Rs48.92 for the Year End of fiscal year (FY10) EXIDE is currently 22.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into EXIDE (bullish). Trend forecasting oscillators are currently bullish on EXIDE.

Indus Dyeing & Manufacturing Co. Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

68.56

Total Assets (Rs in mn)

MA (10-day)

367.92

Total Equity (Rs in mn)

MA (100-day)

307.37

Revenue (Rs in mn)

6,940.12

MA (200-day)

281.49

Interest Expense

1st Support

356.80

Profit after Taxation

1,858.46

2nd Support

341.80

EPS 10 (Rs)

102.827

1st Resistance

392.40

Book value / share (Rs)

2nd Resistance

413.00

PE 11 E (x)

3.54

Pivot

377.40

PBV (x)

1.56

4,310.39 10,911.60 495.70

238.49

IDYM closed up 2.58 at 371.74. Volume was 199 per cent above average (trending) and Bollinger Bands were 8 per cent wider than normal. The company's profit after taxation stood at Rs1, 421.689 million which translates into an Earning Per Share of Rs78.66 for the nine months of fiscal year (9MFY11). IDYM is currently 33.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of IDYM (bearish). Trend forecasting oscillators are currently bullish on IDYM. BOOK CLOSURES Company

From

Zahur Textile Mills #

05-Jul

To 11-Jul

D/B/R -

Spot AGM/Date -

11-Jul

Hajra Tex Mills #

08-Jul

14-Jul

-

-

14-Jul

Murree Brewery #

09-Jul

15-Jul

-

-

15-Jul

Sapphire Fibres #

14-Jul

20-Jul

-

-

20-Jul

Exide Pakistan #

18-Jul

25-Jul

-

-

25-Jul

Nina Industries

18-Jul

23-Jul

-

-

-

Service Industries #

23-Jul

30-Jul

-

-

Singer Pakistan #

25-Jul

04-Aug

-

-

04-Aug

Fauji Fertilizer

29-Aug

04-09-2011

-

-

INDICATIONS # Extraordinary General Meeting

30-Jul

-


7

Monday, July 4, 2011 Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance IGI Insurance Pak Reinsurance Premier Insurance Reliance Insurance Silver Star Insurance United Insurance

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 926.84 Turnover 4,046,737 P/E (x) 4.56 Paid up Cap(mn)

Company

High Low 971.97 909.11 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.59 12.84

PE

Open

High

Low

Close Chg

Pak Datacom 78 28.86 Pak.Telecomm Co A XD 37740 11.66 Telecard 3000 2.71 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

30.82 14.39 1.58 2.10 2.28

31.64 14.99 1.75 2.39 2.40

29.60 14.15 1.50 2.01 1.95

30.01 14.22 1.60 2.02 2.01

-0.81 -0.17 0.02 -0.08 -0.27

Close 914.87 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 5832 2278965 195795 1566145 977149

Change % Change -11.98 -1.29 Market cap 200-Day High 57,361.06 mn Div Yield (%) 200-Day Low 13.72 -

Last 60 days High Low

2010 Div BR (%) (%)

47.94 17.83 1.94 2.84 3.09

80 17.5 1 -

28.71 14.15 1.40 1.94 1.95

280 3.17 443 3.50 391 1.44 457 4.50 1250 13.09 970 6.19 3000 5.55 303 3.68 284 4.27 291 0.93 496 1.82

2011 Div BR (%) (%)

- 15.00 -

8.80 27.91 67.50 8.07 35.61 68.05 15.85 8.50 7.15 5.00 5.25

Paid up Cap(mn)

Company

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

3426 198 11572 1560 7932 1695 8803 3673 3541 191 1367 150

PE

Open

High

Low

7.60 4.83 5.45 2.50 2.21 5.47 -

8.40 0.57 37.51 1.22 2.23 16.50 42.30 14.50 16.01 20.25 1.35 0.95

9.40 0.68 38.00 1.46 2.34 16.75 42.90 14.60 16.18 20.20 1.49 1.14

8.40 0.27 36.95 1.03 2.13 16.00 41.75 13.47 15.40 18.80 1.21 0.81

Close 1,342.33 Listed cap 95,369.29 mn Payout (%) 104.13

Open 925.01 Turnover 76,165 P/E (x) 5.24

Close Chg

Volume

9.10 0.58 37.84 1.20 2.20 16.00 42.49 13.89 15.49 19.75 1.31 0.99

33946 14665 6175425 309451 1359112 408500 432366 3064275 2315055 81359 256626 17267

9.93 0.80 38.50 1.70 2.74 18.25 44.19 17.25 17.70 23.26 1.80 1.37

0.70 0.01 0.33 -0.02 -0.03 -0.50 0.19 -0.61 -0.52 -0.50 -0.04 0.04

8.00 0.27 36.70 0.97 2.13 15.41 41.05 13.47 15.40 16.00 1.13 0.53

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

7.8R -

25.00 10.00 30.00 10.00 -

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

Close 1,294.61 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

20.39 21.47

20.80 21.80

19.45 20.40

19.82 -0.57 21.03 -0.44

739277 1247413

23.60 24.94

17.64 20.40

2010 Div BR (%) (%) 20 15

Paid up Cap(mn)

-

-

Company

PE

Open

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

8603 6.28 64.94 7070 4.99 11.29 13492 5.07 9.75 8786 6.25 28.89 5004 2.18 5.00 5288 6.58 5280 9.46 3.50 7327 6.97 9.27 11021 7.25 117.22 Habib Metropolitan Bank XB 10478 6.12 19.80 JS Bank Ltd 8150 46.80 2.44 KASB Bank Ltd 9509 1.38 MCB Bank Ltd 8362 8.02 203.80 Meezan Bank XB 8030 5.99 17.50 Mybank Ltd 5304 2.71 National Bank 16818 4.00 50.72 NIB Bank XR 40437 1.61 Samba Bank 14335 21.38 1.85 Silkbank Ltd 26716 16.31 2.66 Soneri Bank 6023 2.57 5.28 Stand Chart Bank 38716 6.38 8.27 Summit Bank Ltd 8701 4.01 United Bank Ltd 12242 7.26 63.29

High

Low

Close Chg

65.00 62.00 63.70 -1.24 11.45 10.79 10.97 -0.32 9.85 9.42 9.63 -0.12 29.75 28.59 29.50 0.61 5.00 4.50 4.89 -0.11 6.62 5.76 6.00 -0.58 3.62 3.25 3.50 0.00 9.55 9.00 9.20 -0.07 119.00 114.10 116.03 -1.19 22.45 19.25 21.30 1.50 2.45 2.30 2.34 -0.10 1.58 1.31 1.40 0.02 204.00 190.99 198.41 -5.39 17.85 17.00 17.50 0.00 3.00 2.67 2.74 0.03 51.00 49.51 50.83 0.11 1.66 1.50 1.53 -0.08 1.85 1.62 1.71 -0.14 2.68 2.50 2.61 -0.05 5.59 5.00 5.13 -0.15 8.59 7.70 7.91 -0.36 4.10 3.61 3.77 -0.24 64.00 61.35 61.75 -1.54

Volume

Change % Change -16.42 -1.44 Market cap 200-Day High 664,317.61 mn Div Yield (%) 200-Day Low 5.67 -

Last 60 days High Low

143456 68.99 4394288 12.84 7779033 11.08 5505740 30.65 56151 6.25 7328776 7.35 171878 4.18 201129 11.15 704063 126.80 4544613 22.45 1570201 3.00 711189 1.77 1678884 210.95 790037 19.49 736479 3.60 5974017 57.19 4886487 2.10 49683 2.20 2022844 3.06 451310 6.94 142437 9.75 993392 4.75 752787 65.01

58.51 10.79 9.42 28.25 4.05 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 1.60 49.51 1.47 1.62 2.02 5.00 7.70 2.67 61.00

2010 Div BR (%) (%)

Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

Close 742.66 Listed cap 11,111.34 mn Payout (%) 79.54

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

65.29

66.80

64.10

64.91 -0.38

250230

71.99

62.00

25

16.51 53.95

Paid up Cap(mn)

-

Close 926.93 Listed cap 2,290.72 mn Payout (%) 355.53

Symbols INDU HAJT RUPL FEROZ CRTM BAPL BATA PRWM SALT KOHP BERG SARD NMBL SAIF HICL ISTM ADOS NJICL SRSM GAIL MIRKS PAKMI SANSM REDT SFWF EWLA MQTM ATEL EMCO BFMOD RMPL AHTM ATLH CSMD FRCL SHTM ASFL MERIT BCL SGML CLIM SURC FCONM BGL DSML CFL SMTM NAGC EFUL AKDCL ADAMS TSML COTT GUSM GUTM HADC CLCPS KASBM SNAI SFL REWM MODAM DINT FCIBL DKTM DFSM TSBL NBF LEUL COLG TATM POAF CLOV FRSM GLPL NPSM KML FECS AZAMT HUSI PASM WYETH HWQS ICL SAPL AABS MFFL PHDL BWCL ASHT SERT GRYL UNIM DMTM SHNI PNGRS FNEL HUSS TICL ALNRS PECO JVDC SHJS GFIL SUTM PGCL AGSML PIL ELSM POML FZTM AASM AZTM KOSM MOON SHDT ISIL MDTL PMRS FZCM BHAT UPFL DATM JOPP GRAYS ILTM BCML JDMT ASIC NSRM SHEZ MUCL UVIC CPAL

Change % Change 1.93 0.21 Market cap 200-Day High 10,290.78 mn Div Yield (%) 200-Day Low 3.77 -

Low

Close Chg

Volume

Last 60 days High Low

17.45

16.42

16.45 -0.06

46775

18.00

15.00

-

-

-

-

58.50

54.65

56.50 2.55

25391

58.75

44.00

15

-

-

-

High Low 291.66 264.52 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91

PE

Open

High

Low

225 0.94 360 5.36 450 20.19 3750 3.44 250 441 2121 8.47 600 20.78 2849 3166 626 0.71 7633 508 500 5.34 1000 44.08 1000 821 3.38 775 5.32 452 514 4.30 363 586 0.25

0.47 21.00 17.47 25.06 1.35 2.00 1.65 7.36 0.44 2.68 1.61 7.07 2.81 19.30 5.33 3.57 5.74 1.60 0.79 1.68 1.97 1.10

0.48 23.15 20.20 27.29 1.50 2.33 1.79 8.24 0.47 2.95 1.64 7.13 2.88 20.18 5.65 3.74 5.95 1.62 0.93 2.20 2.00 1.34

0.26 20.99 17.30 24.55 1.10 1.80 1.15 7.05 0.23 2.22 1.30 6.41 2.45 17.62 5.06 3.20 5.36 1.32 0.65 1.42 1.97 1.00

Paid up Cap(mn)

Company

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Nat Bank Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba

2011 Div BR (%) (%)

-

UP TO 5000 VOLUME

-

High

Open 1,517.79 Turnover 4,241,682 P/E (x) 18.46

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 -

2010 Div BR (%) (%)

-10B 25R 40 20B 25 50B 10 12.5 30 55B 10.00 30 25 - 12.5B - 15B - 24B -

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Close Chg 0.45 21.00 19.18 25.66 1.30 1.93 1.61 7.69 0.32 2.35 1.59 6.87 2.56 18.57 5.29 3.31 5.57 1.49 0.65 1.72 2.00 1.01

-0.02 0.00 1.71 0.60 -0.05 -0.07 -0.04 0.33 -0.12 -0.33 -0.02 -0.20 -0.25 -0.73 -0.04 -0.26 -0.17 -0.11 -0.14 0.04 0.03 -0.09

Close 277.47 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 43345 75296 699597 12107768 16247 1004134 137144 319729 149354 164763 7841 11712932 723158 13526 181476 40294 7184 485909 35409 29180 50000 41950

Change % Change -8.52 -2.98 Market cap 200-Day High 13,796.87 mn Div Yield (%) 200-Day Low 5.13 -

Last 60 days High Low

2010 Div BR (%) (%)

0.64 24.97 20.20 27.29 1.99 2.33 2.04 9.29 1.20 3.30 1.96 8.34 3.40 23.00 6.43 4.79 6.19 1.99 1.30 3.69 2.55 2.29

30 11.5 10 50 -

0.26 20.70 12.01 20.53 1.10 1.56 1.15 7.00 0.22 2.22 1.26 4.82 2.31 16.42 4.53 3.10 5.00 1.32 0.60 1.31 1.50 0.83

2011 Div BR (%) (%)

20B 20B 10B -

-

-

EQUITY INVESTMENT INSTRUMENTS

Change % Change 6.40 0.87 Market cap 200-Day High 46,203.63 mn Div Yield (%) 200-Day Low 7.33 -

6.96

8.11 26.00 63.06 8.00 29.01 65.10 12.43 8.00 5.76 4.21 4.23

Performance of SR Equity Investment Instruments Index

NON LIFE INSURANCE High Low 751.53 725.55 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.56 5.20

6.33

627 15.19

2011 Div BR (%) (%)

Performance of SR Non Life Insurance Index Open 736.26 Turnover 3,219,596 P/E (x) 10.86

500

New Jub Life Insurance

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities Escorts Bank IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Security Leasing Trust Inv Bank

Performance of SR Banks Index High Low Close 1,150.94 1,103.80 1,125.99 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.00 13.94 40.49

American Life

Company

BANKS Open 1,142.41 Turnover 50,599,439 P/E (x) 7.14

Open

High Low 952.28 912.30 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.63 3.85

Open 285.99 Turnover 15,940,356 P/E (x) 11.49

-

2011 Div BR (%) (%)

25B

33267 12.49 11737 29.25 53867 113.90 7100 10.45 19597 39.65 213037 103.00 2365147 20.23 16139 10.90 41002 7.70 16536 7.00 184390 8.49

Performance of SR Financial Services Index

Change % Change -32.07 -2.42 Market cap 200-Day High 28,526.76 mn Div Yield (%) 200-Day Low 8.03 -

5491 14.16 8390 4.75

-0.30 0.19 -1.25 0.03 -0.54 6.75 0.12 -0.25 -0.15 0.30 0.00

FINANCIAL SERVICES

GAS WATER AND MULTIUTILITIES High Low 1,350.17 1,263.00 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41

PE

2011 Div BR (%) (%)

Performance of SR Gas Water and Multiutilities Index Open 1,326.68 Turnover 1,986,690 P/E (x) 8.32

Paid up Cap(mn)

Company

Change % Change 4.90 0.37 Market cap 200-Day High 103,490.44 mn Div Yield (%) 200-Day Low 7.90 -

Last 60 days High Low

8.50 28.10 66.25 8.10 35.07 74.80 15.97 8.25 7.00 5.30 5.25

LIFE INSURANCE

Performance of SR Electricity Index High Low 1,354.92 1,312.49 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.23 9.35

8.11 27.51 64.15 8.10 34.11 67.93 15.40 8.05 6.50 4.21 4.35

Performance of SR Life Insurance Index

-

ELECTRICITY Open 1,337.43 Turnover 14,472,237 P/E (x) 13.18

9.00 28.30 67.50 8.60 36.30 76.12 16.84 8.40 7.50 5.30 5.94

-

High Low 1,568.12 1,493.01 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.41 2.21

PE

Open

High

Low

264 1375 4.76 525 1.73 780 2.28 200 4.07 113 3.19 524 7.11 300 1.89 581 1.37 760 2.15 397 3.92 1008 4.37 3180 2.03 1186 0.54 1200 2.70 250 4.44 59 5.46 1000 2.17 2835 2.73 2841 2.31 872 1.45 340 454 5.52 212 95.00 50 1.05 264 2.48

1.41 11.00 6.50 2.10 0.50 2.80 1.20 4.05 1.91 3.21 7.98 7.81 6.12 5.54 9.80 5.50 10.80 7.28 13.05 6.00 0.89 1.02 10.06 1.25 1.20 7.00

1.75 11.32 6.50 2.23 0.57 3.50 1.64 3.48 2.29 3.40 8.44 8.44 6.20 5.70 9.81 6.00 10.80 7.50 13.74 6.19 0.95 1.20 10.50 2.00 2.00 7.25

1.45 10.85 6.49 2.06 0.36 2.30 1.20 1.55 1.85 3.15 7.60 7.80 5.32 5.06 9.40 5.00 10.00 7.25 12.86 5.60 0.76 0.96 9.60 1.01 1.00 7.00

Close 1,531.67 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change 13.88 0.91 Market cap 200-Day High 19,484.14 mn Div Yield (%) 200-Day Low 8.82 -

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

1.46 11.10 6.50 2.19 0.57 2.30 1.35 2.50 2.29 3.24 8.00 8.44 5.90 5.12 9.40 5.91 10.00 7.36 13.30 5.85 0.80 0.99 10.00 1.90 1.58 7.25

21349 428441 737512 31301 90177 27026 52367 1121062 16102 202103 43030 116425 222176 37191 146948 11467 6500 343152 256093 126169 10963 101014 27394 29196 13127 6840

2.00 11.32 6.90 2.91 0.89 3.50 2.50 4.60 2.47 3.81 8.44 8.44 7.40 6.68 10.19 6.14 11.99 8.25 13.74 6.95 1.10 1.99 10.90 2.05 2.00 7.29

18.5 2.2 0 1.2 5 17 11 21 12.5 10 15.5 10 18 10 20 10 3 1 17 12.5

0.05 0.10 0.00 0.09 0.07 -0.50 0.15 -1.55 0.38 0.03 0.02 0.63 -0.22 -0.42 -0.40 0.41 -0.80 0.08 0.25 -0.15 -0.09 -0.03 -0.06 0.65 0.38 0.25

1.15 10.05 6.11 1.29 0.30 2.30 1.18 1.51 1.82 3.11 7.10 7.26 5.32 5.01 8.46 4.50 8.05 6.92 12.00 5.50 0.75 0.26 9.50 0.20 0.72 5.90

2011 Div BR (%) (%)

- 5.00 - 5.00 - 10.00 - 12.50 - 7.50 - 7.50

-

Open 225.00 0.41 41.29 93.56 15.32 7.00 600.04 14.50 60.98 2.80 15.00 1.50 3.25 8.00 11.00 6.51 8.89 57.74 3.00 3.15 51.21 0.65 12.22 0.55 6.75 1.41 9.10 36.64 1.63 5.00 2693.88 14.50 116.54 10.00 2.10 0.31 4.25 27.43 48.90 6.47 1.51 35.20 1.89 1.76 3.50 12.24 4.70 15.00 70.14 36.27 18.00 53.11 1.92 8.00 18.43 0.71 1.21 3.48 39.00 118.00 11.25 1.00 28.94 5.30 1.93 2.02 3.85 3.86 2.80 715.63 32.50 8.18 69.60 18.90 57.12 27.00 1.85 38.00 2.48 3.81 13.50 864.86 11.58 29.43 147.01 98.56 78.90 29.22 13.12 5.10 0.25 3.00 0.29 4.49 12.50 3.45 2.91 10.43 54.25 39.25 91.00 61.37 62.95 4.40 34.00 19.10 5.00 13.26 24.00 40.00 309.03 27.70 0.25 1.59 8.90 13.01 74.68 17.30 39.61 54.95 245.00 1410.00 0.11 9.00 41.84 228.95 16.00 14.08 14.00 16.00 147.35 10.39 2.00 1.50

High 225.00 0.60 41.50 94.45 16.30 7.66 644.70 14.50 68.25 3.10 15.49 1.50 3.37 7.50 11.30 6.51 8.99 61.98 3.55 3.30 51.00 1.25 12.30 0.55 7.75 1.75 10.10 39.50 2.00 5.00 2725.00 14.50 120.00 11.91 2.99 0.44 5.15 27.32 50.14 6.50 3.01 36.96 1.98 2.10 3.50 12.95 5.80 15.00 72.00 38.10 17.60 55.00 1.75 8.00 19.60 0.78 2.49 3.50 40.00 118.00 11.25 1.29 29.99 5.30 2.20 2.60 3.85 5.82 2.60 769.25 32.00 9.18 73.05 19.49 55.27 27.00 2.10 38.00 2.78 3.81 14.00 987.00 12.50 30.49 150.00 103.49 82.84 30.50 13.12 5.10 0.85 3.00 0.40 4.49 13.28 3.70 2.96 10.50 54.25 39.50 91.00 64.39 65.90 5.00 34.00 19.91 5.99 13.95 24.00 40.00 337.99 27.70 0.31 1.59 8.90 13.01 74.68 17.30 39.72 57.25 245.00 1554.00 0.17 10.00 43.00 240.39 16.50 13.22 14.78 16.00 147.35 10.39 2.24 2.15

Low

Close

219.01 0.18 39.50 91.25 14.35 6.75 600.00 14.05 59.25 2.51 14.06 1.49 2.31 7.00 11.01 5.90 8.30 56.43 2.75 3.11 46.75 0.85 11.70 0.50 5.75 1.11 9.10 37.62 1.61 4.90 2580.00 13.00 112.10 10.25 1.35 0.15 3.25 25.50 47.51 5.60 1.01 35.20 1.50 1.66 3.00 12.24 4.60 14.65 68.00 34.85 17.50 50.61 1.65 7.02 18.26 0.38 0.50 2.55 37.76 117.90 11.25 0.85 27.50 4.62 1.80 2.00 1.86 3.82 1.65 720.00 32.00 7.20 66.25 18.50 54.27 27.00 1.05 38.00 2.10 1.82 13.50 860.00 11.58 28.00 147.01 98.56 78.20 27.76 12.12 4.78 0.25 3.00 0.29 4.34 11.50 3.22 2.00 9.43 51.80 39.25 89.00 58.50 61.50 4.40 32.30 19.10 4.25 13.26 23.50 38.00 322.00 26.32 0.25 1.11 8.00 12.51 70.95 16.50 37.63 54.95 240.00 1430.00 0.11 8.00 39.75 228.95 16.00 13.08 14.00 16.00 143.00 10.35 2.00 1.50

220.00 0.29 40.80 94.00 15.90 6.75 637.80 14.05 64.71 2.74 14.55 1.50 3.37 7.06 11.10 5.95 8.50 59.68 2.86 3.11 49.12 1.00 12.28 0.50 6.67 1.20 10.10 39.50 1.61 4.90 2675.78 13.00 119.11 10.75 2.02 0.30 4.50 25.84 47.54 6.34 3.01 36.95 1.50 2.00 3.50 12.95 4.82 15.00 69.00 36.50 17.50 52.36 1.70 7.75 18.60 0.42 1.77 2.55 39.00 118.00 11.25 1.00 27.55 5.24 2.00 2.00 1.86 4.82 2.41 769.25 32.00 9.17 67.41 18.50 57.12 27.00 1.05 38.00 2.12 2.82 14.00 987.00 11.58 30.26 149.00 100.00 78.25 29.22 12.12 4.78 0.25 3.00 0.40 4.49 12.50 3.45 2.91 10.43 54.25 39.25 90.00 61.37 62.95 4.40 34.00 19.11 5.00 13.26 24.00 40.00 322.00 27.70 0.25 1.59 8.00 13.01 74.68 17.30 39.61 54.95 245.00 1480.00 0.11 9.00 41.84 228.95 16.00 14.08 14.00 16.00 147.34 10.36 2.00 1.50

Change

Vol

-5.00 -0.12 -0.49 0.44 0.58 -0.25 37.76 -0.45 3.73 -0.06 -0.45 0.00 0.12 -0.94 0.10 -0.56 -0.39 1.94 -0.14 -0.04 -2.09 0.35 0.06 -0.05 -0.08 -0.21 1.00 2.86 -0.02 -0.10 -18.10 -1.50 2.57 0.75 -0.08 -0.01 0.25 -1.59 -1.36 -0.13 1.50 1.75 -0.39 0.24 0.00 0.71 0.12 0.00 -1.14 0.23 -0.50 -0.75 -0.22 -0.25 0.17 -0.29 0.56 -0.93 0.00 0.00 0.00 0.00 -1.39 -0.06 0.07 -0.02 -1.99 0.96 -0.39 53.62 -0.50 0.99 -2.19 -0.40 0.00 0.00 -0.80 0.00 -0.36 -0.99 0.50 122.14 0.00 0.83 1.99 1.44 -0.65 0.00 -1.00 -0.32 0.00 0.00 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 12.97 0.00 0.00 0.00 -0.90 0.00 0.00 0.00 0.00 0.00 0.00 70.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.03 0.00 0.00

4923 4825 4720 4626 4429 4416 4368 4325 4283 4190 4110 4000 3957 3894 3571 3511 3428 3347 3222 3126 3066 3020 3010 3000 2735 2502 2500 2498 2435 2416 2379 2272 2268 2242 2204 2201 2178 2153 2013 2012 2000 1798 1796 1734 1699 1625 1540 1500 1497 1395 1389 1360 1304 1156 1132 1129 1113 1104 1099 1097 1060 1027 1011 1009 1003 1002 1001 980 898 892 890 801 770 726 700 700 675 658 651 602 600 599 568 561 552 531 507 504 500 500 500 500 500 468 407 390 368 333 331 307 304 293 259 204 200 195 193 191 175 150 102 100 100 100 100 100 89 71 64 50 44 38 36 30 29 26 25 23 21 20 18 12 10 10

BOARD MEETINGS

Fauji Fertiliser Co

KSE 100 INDEX

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Pakistan Income Fund Pakistan Stock Market Fund Pakistan Capital Market Fund IGI Aggressive Income Fund Pak Oman Advantage Islamic Fund Pak Oman Advantage Stock Fund NI(U)T Fund NIT Government Bond Fund NIT Income Fund ABL Islamic Cash Fund Dawood Money Market Fund

04-Jul 04-Jul 04-Jul 05-Jul 05-Jul 05-Jul 05-Jul 05-Jul 05-Jul 06-Jul 06-Jul

5:00 5:00 5:00 6:00 11:30 11:30 12:00 12:00 12:00 4:00 11:30

TECHNICAL LEVELS Company

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

60.28

Support 1

12,351

MA (5-day)

12,446.09

Support 2

12,207

MA (10-day)

12,406.46

Resistance 1

12,626

Target Price

Recommendations

144

Hold

Arif Habib Ltd

Reduce

AKD Securities Ltd

45.52

TFD Research

44.25

Arif Habib Ltd AKD Securities Ltd

120.7

TFD Research

129.4

Brokerage House

Negative

Technical Outlook

MA (100-day)

11,976.49

Resistance 2

12,791

MA (200-day)

11,625.69

Pivot

12,485

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

60.16 151.10

MTS Shares `000 MTS Rs `000

0.600 67.41

MA (100-day) MA (200-day)

138.64 129.53

MTS Rate ** NOI Rs (mn)

83.65

Leverage Position

Free Float Rs (mn)

42.2

71,106.67

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

46.84 42.55 41.67

MTS Shares `000 MTS Rs `000 MTS Rate

MA (200-day)

37.94

** NOI Rs (mn)

Free Float Shares (mn) 326.94

Brokerage House

Target Price

Recommendations

30.1

Buy

Arif Habib Ltd

Buy

AKD Securities Ltd

42.1

Positive

TFD Research

36.45

Positive

TFD Research

50.3

39.29

MTS Shares `000

9.70 10.14

MTS Rs `000 MTS Rate

Brokerage House

Technical Outlook

Technical Outlook MA (10-day) MA (100-day)

1,001.843 7,265.24 -

MA (200-day) 10.07 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,496.19 Target price for Dec-11 & **Net Open Interest in future market BAFL closed down 0.12 at 9.63. Volume was 25 per cent below average and Bollinger Bands were 22 per cent narrower than normal. BAFL is currently 4.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions Volume indicators reflect volume flowing into and out of BAFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on BAFL.

31.16 13,829.50

RSI (14-day)

29.04

MA (10-day) MA (100-day)

164.99 198.13

MTS Shares `000

MA (200-day) 193.93 Free Float Shares (mn) 176.98

493.953

MTS Rs `000 MTS Rate

60,092.90 19.01

** NOI Rs (mn) Free Float Rs (mn)

171.18 28,620.86

Technical Analysis 50.06 22.93

MTS Shares `000 MTS Rs `000

MA (100-day) MA (200-day)

23.86 26.07

MTS Rate ** NOI Rs (mn)

Free Float Shares (mn) 200.80

Free Float Rs (mn)

434.408 7,366.57 15.99 64.16

Recommendations

50

Buy

Arif Habib Ltd

Accumulate

AKD Securities Ltd

Positive

TFD Research

4,656.66

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)

Brokerage House

Target Price

53.98 37.50 37.71 36.81 810.01

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

Target Price

Recommendations

65

Buy

64.99

Buy

92.3

Positive

Technical Outlook

Technical Outlook

Leverage Position

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

National Bank of Pakistan

Hub Power Co Ltd

28.72

RSI (14-day)

Positive

Leverage Position

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

AKD Securities Ltd

Leverage Position

245.4

Technical Outlook Technical Analysis

ENGRO closed down 7.59 at 161.72. Volume was 52 per cent below average (consolidating) and Bollinger Bands were 73 per cent wider than normal. ENGRO is currently 16.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO. Momentum oscillator is currently indicating that ENGRO is currently in an oversold condition.

Arif Habib Ltd

Technical Analysis

Neutral

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

Accumulate

14.01

Buy

FFBL closed down 0.50 at 42.30. Volume was 85 per cent below average (consolidating) and Bollinger Bands were 20 per cent narrower than normal. FFBL is currently 11.5 per cent above its 200-day moving average and is displaying a downward trend Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.

Hold

TFD Research

224 195.41

TFD Research

407.700 12,926.36 15.00

Free Float Rs (mn)

Recommendations

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

Recommendations

11.75

AKD Securities Ltd

Target Price

FFC closed up 0.47 at 152.43. Volume was 63 per cent below average (consolidating) and Bollinger Bands were 9 per cent narrower than normal. FFC is currently 17.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bullish on FFC.

11.6

AKD Securities Ltd

Arif Habib Ltd

Leverage Position

Target Price

Arif Habib Ltd

Hold Accumulate Neutral

Technical Analysis

Dera Ghazi Khan Cement Co Ltd

Bank Al-Falah Ltd

Brokerage House

Free Float Shares (mn) 466.49

Brokerage House

Recommendations

Technical Outlook

Technical Analysis

KSE 100 INDEX closed up 19.91 point at 12,484.17. Volume was 46 per cent below average and Bollinger Bands were 50 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,626 and 2nd resistance level at 12,791, while Index will continue to find its 1st support level at 12,351 and 2nd support level at 12,207. KSE 100 INDEX is currently 7.4 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.

Target Price

N/A N/A N/A 0.04 30,650.71

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)

43.75 50.57 59.17 64.53 398.12

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

659.872 24,910.92 33.37 20,236.56

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

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

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

DGKC closed up 0.07 at 23.19. Volume was 74 per cent below average (consolidating) and Bollinger Bands were 44 per cent narrower than normal. DGKC is currently 11.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC.

HUBC closed up 0.33 at 37.84. Volume was 61 per cent below average (consolidating) and Bollinger Bands were 57 per cent narrower than normal. HUBC is currently 2.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of HUBC (mildly bearish). Trend forecasting oscillators are currently bearish on HUBC.

NBP closed up 0.11 at 50.83. Volume was 78 per cent below average (consolidating) and Bollinger Bands were 67 per cent narrower than normal. NBP is currently 21.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP.

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

RSI 1st 2nd (14-day) Support 48.22 2.65 2.60 49.98 62.95 62.25 32.60 48.90 48.85 56.98 25.30 24.95 62.28 18.70 18.25 42.46 64.20 63.50 31.78 10.80 10.65 42.15 5.50 5.30 45.26 374.70 372.40 44.20 122.80 122.10 39.41 9.50 9.40 43.59 3.40 3.30 41.93 5.80 5.55 46.01 1.60 1.50 49.93 23.05 22.90 43.96 2.55 2.50 42.45 1.95 1.90 43.19 35.00 34.90 29.09 160.50 159.30 35.30 9.10 9.00 33.54 4.10 4.05 46.89 42.15 41.95 60.15 151.35 150.25 41.96 115.35 114.70 53.96 37.45 37.10 41.79 151.50 150.60 40.25 219.65 219.35 35.63 2.45 2.40 46.48 1.15 1.10 38.81 2.30 2.25 44.21 6.50 6.15 44.00 42.25 42.05 41.89 2.15 2.05 27.94 13.35 13.15 48.59 70.35 69.75 40.05 192.25 186.10 36.31 2.00 1.90 43.68 50.60 50.35 35.46 22.45 22.25 49.28 20.55 19.95 35.25 1.50 1.45 56.89 2.70 2.60 26.53 50.20 49.95 50.91 151.40 150.50 35.16 2.20 2.15 40.52 1.40 1.35 43.08 2.10 2.00 48.15 5.30 5.15 60.69 358.05 356.55 39.48 204.90 203.55 33.34 62.35 62.20 33.33 263.35 261.90 19.25 14.15 14.10 52.83 224.00 223.00 45.34 19.60 19.35 38.95 16.70 16.50 42.01 20.60 20.20 45.18 1.50 1.40 53.80 2.55 2.40 37.79 61.15 60.60 41.28 2.00 1.95

1st

2nd

Resistance 2.75 2.80 64.70 65.75 49.00 49.05 26.25 26.85 19.90 20.65 66.20 67.50 11.15 11.35 5.95 6.15 379.55 382.10 124.35 125.20 9.75 9.90 3.60 3.70 6.25 6.45 1.80 1.90 23.30 23.40 2.70 2.80 2.05 2.10 35.15 35.20 163.80 165.90 9.40 9.55 4.20 4.25 42.55 42.85 153.70 154.95 117.35 118.70 38.10 38.40 152.90 153.40 220.65 221.35 2.70 2.85 1.25 1.30 2.40 2.45 7.15 7.50 42.65 42.80 2.25 2.35 13.85 14.20 71.40 71.80 203.25 208.15 2.15 2.25 51.00 51.20 22.85 23.05 21.60 22.00 1.60 1.65 2.90 3.05 50.85 51.20 153.60 154.85 2.30 2.35 1.55 1.60 2.25 2.35 5.75 6.05 361.25 362.95 207.80 209.35 62.85 63.20 266.90 269.00 14.30 14.40 226.00 227.00 20.10 20.35 17.00 17.10 21.60 22.15 1.75 1.85 2.80 2.90 62.65 63.55 2.10 2.20

Pivot 2.70 64.00 48.95 25.90 19.45 65.50 11.00 5.70 377.25 123.65 9.65 3.50 6.00 1.70 23.15 2.65 2.00 35.05 162.60 9.30 4.15 42.40 152.60 116.70 37.75 152.00 220.35 2.60 1.20 2.35 6.80 42.45 2.20 13.65 70.75 197.15 2.10 50.80 22.65 21.00 1.55 2.80 50.55 152.65 2.25 1.50 2.15 5.60 359.75 206.45 62.70 265.45 14.25 225.00 19.85 16.80 21.20 1.60 2.65 62.10 2.05


Tata AIG launches 2nd InvestAssure Apex Supreme ULIP series 5 Reinsurers at

Monday, July 4, 2011

For the Year 2010

Insurance premiums in UAE up at Dh22bn WASHINGTON DC: Federal Deposit Insurance Corporation Chairman Sheila Bair smiles as she takes her seat to testify before the Senate Banking Committee. -Reuters

Delhi brings more area under insurance BHUBANESWAR: The state government has extended the insurance coverage areas for pilgrims during the Rath Yatra festivity in Puri. The state-run Jagannath temple administration has insured the ring road around the 12th century shrine and all streets connecting to the Grand Road for a fortnight, to help pilgrims get insurance in case of death. The insurance coverage period started from Friday and will end on July 14, public relations officer of Jagannath temple, Laxmidhar Pujapanda said. "The insurance period included the nine-

day Rath Yatra festival and Niladri Bije that is on July 14," Pujapanda said. Kins of those, who die at the insured locations during the fortnight, are eligible for Rs one lakh from the temple. Earlier the Jagannath temple had insurance coverage facility on the three-km Grand Road alone. Moreover, pilgrims were insured inside the Jagannath temple few years ago. "While insurance coverage is available round the year inside the temple premises, the facility is given on Grand Road during Rath Yatra only," Pujapanda said.

The government had introduced insurance benefit inside the shrine and on the Grand Road following a stampede near the sanctum sanctorum in 2006. Four pilgrims were trampled to death during the month of Kartika. The temple insured the bylanes connecting to Grand Road after a woman died in a stampede near Dolabedi Kona (a narrow lane) on Rath Yatra last year. Sources said the temple has so far disbursed insurance to six pilgrims, who died in a stampede in front of chariots on Rath Yatra day in 2008. -Reuters

Australia's Suncorp maintains forecast for insurance margins AUSTRALIA: Australian insurer and bank Suncorp has reiterated its forecast for a 12 per cent underlying insurance margin for the financial year 2012 despite higher reinsurance costs and greater allowances for natural hazard claims. Suncorp along with other Australian insurers has recently faced unprecedent-

ed weather events in Australia and earthquakes in New Zealand. "The (Reinsurance) program we have placed for this financial year is broadly similar to last year's in terms of the protection it provides but, as expected, this protection comes at a higher price following a year of earthquakes, cyclones and floods

in our region," Chief Executive Patrick Snowball said in a statement. The reinsurance program provides up to A$5.8 billion ($6.2 billion) of cover across home, motor and commercial property portfolios for major events such as earthquakes, cyclones, storms, flood and bushfires.-Reuters

Unorganised sector in India to get health cover BANGALORE: Labourers from unorganised sector will soon be covered under the National Health Insurance Scheme (NHIS). Union Minister for Labour and Employment Mallikarjun Kharge disclosed this at the state-level workshop on the scheme organised here. "Until now, only beedi workers and construction labourers are benefiting from the scheme. Soon we will extend it to auto and taxi drivers too," said the minister. He added that already millions of families of labourers were reaping the benefits offered by the health insurance scheme. At the inauguration of the seminar, both Kharge and Minister for Labour B N Bachegowda assured that the schemes for labour welfare conceptualised by the Centre and the state would be implemented in near future and processes for the same would be expedited. 'Plans to be implemented soon' "We have already implemented the NHIS in all the districts of the state. Likewise, we will soon execute our plans and implement the remaining programmes to ensure labour welfare," said Bachegowda. -Reuters

ABU DHABI: The total volume of underwritten insurance premiums in the UAE reached Dh22 billion in 2010, a 10 per cent increase when compared with 2009, while the total invested funds in the sector rose to Dh27.6 billion, according to a report by the Insurance Authority. In the foreword for the annual report on the UAE insurance sector, issued by the Authority, Economy Minister Sultan bin Saeed Al Mansouri said: "This report asserts the significance of this sector and its substantial role in the national economy due to the considerable funds invested there in, which amounted to Dh27.6 billion in 2010 while the underwritten premiums at the insurance market amounted to Dh22 billion." The premiums of property and liability insurance increased from Dh16.8 billion in 2009 to Dh18 billion in 2010, under an increase rate of 7 per cent. The claim ratio increased during 2010 to 57.4 per cent while it was 48.8 per cent during 2009. The total of the underwriting premiums for life assurance and formation of funds operations amounted to Dh4 billion The share of the national companies in these premiums accounted for 34.2 per cent while the foreign companies share accounted for 65.8 per cent.

The total of underwritten premiums in property and liability insurance was as follows: Dh18 billion share of national companies in these premiums accounted for 77.8 per cent while the foreign companies share accounted for 22.2 per cent The percentage of national insurance companies retention of underwriting premiums in insurance against property and liability was 53 per cent while the retention percentage for each branch was as follows: 62.3 per cent in accidents and liability branch, 37 per cent in fire branch, 27 per cent in land, sea and air transport branch, 63 per cent in medical insurance branch, 19 per cent in other risks branch. Earned premiums for property and liability accounted for Dh17.5 billion. The total shareholders' equity of the national insurance companies amounted Dh14.1 billion. The total invested funds amounted to Dh27.6 billion, with 48.2 per cent of this amount in the form of shares and bonds followed by 32.5 per cent as bank deposits. The number of employees in the insurance companies operating within the UAE during 2010 reached 7,271 out of whom there are only 397 UAE nationals at a rate of 5.5 per cent. Reuters

risk if US hurricane season big NEW YORK/LONDON: A major hurricane landfall in Florida could strain leading global reinsurers that have already been buffeted by brutal tornadoes in the United States and earthquakes in Japan and New Zealand. The biggest reinsurers, companies like Munich Re and Swiss Re and Bermudan heavyweights like ACE and XL, could be forced to stop returning money to shareholders, and might even look to raise new capital. Industry surpluses -- the companies' cushion against losses -- could be tested. The global reinsurance industry has already suffered more than twice the losses that were expected for the whole year, insurance brokerage Guy Carpenter recently estimated. Record earthquakes and unprecedented tornadoes are among the natural disasters that blindsided the $464 billion industry. And now, perhaps, it gets bad. Before this year, eight of the 10 costliest natural disasters in history were hurricanes. There is broad consensus that the United States is overdue for another major hurricane to make land. "Typically we see five or six hurricanes but with the conditions forecast we could see as many as eight to 10," said James Elsner, director of the Hurricane Climate Lab at Florida State University. If a hurricane does hit Florida, it will likely be stronger and do more damage than past hurricanes, Elsner said. A big one could cause $20 billion or more of insured losses. July 1 is one of the major renewal points for annual reinsurance contracts, and while there is some evidence of firming, broker Willis Group said this week there was a wide variation in the kinds of prices being quoted. "You're looking at about $70 billion of loss, which is getting very close to meeting if not exceeding where 2005 was," said Gary Prestia, chief underwriting officer for North America at reinsurer Flagstone Re. The industry suffered brutal hurricanes, including Katrina and Rita, in 2005. "It would actually take a much lower industry loss event this year to really push it over and establish it as the worst year ever this year." Prestia added. -Reuters

Auto insurance costs on the decline in US? I

f you look at two sets of data often used to track pricing trends for auto insurance in America over time, you would see that the price of insuring a car in the United States dropped by a total of 6.75 per cent between 2004 and 2008, and it also rose by a total of 3.4 per cent during the same period. But just how could two reputable sources of information - the National Association of Insurance Commissioners (NAIC) and the Bureau of Labor Statistics (BLS) - report that the average cost both went up and down at the same time? "When you look at the BLS and NAIC numbers, you need to take into consideration what each is really measuring," says Cesar Diaz, CEO of auto insurance quote comparison site onlineautoinsurance.com. "At their cores, the NAIC and BLS statistics are tracking two different things, and the difference between them has important implications for consumers." Learning the crucial difference between price and expenditure To generate its data, the BLS - which reported the 3.4

per cent increase - takes sample driver profiles from all over America, gets quotes from real companies for those profiles and then tracks changes in their prices over time. Since they are only samples, the drivers that they theoretically insure cannot adjust deductibles, change financial protection levels, improve their driving records or conduct a car insurance comparison to find a better deal - all of which may help reduce the policyholder's economic burden. Rather, the BLS set the policy and driver details in stone when they chose the profiles, and it only adjusts the premiums in response to vehicle upgrades and changes in insurers' pricing structures. If the insurers suffer huge losses and have to adjust their pricing formulas, premiums simply go up. The holders of those policies cannot react as those in the real world can. The NAIC - which reported the 6.75 per cent decrease - on the other hand, looks at the total premiums that policyholders pay for liability, comp and col-

lision coverage in each state and then divides that by the total number of insured drivers who purchased them. This process in effect gives a view of the actual expenditures that policyholders in each state have. "Statistics show that, on average, when consumers keep the same policy, prices are likely to go up after a while," Diaz says. "But consumers can offset the increases by making smart choices when it comes to coverage options." How to offset gradual price increases There are plenty of websites and consumer guides devoted to showing consumers how to slash premiums, but here are a couple of the more reliable tactics: *Adjust your comprehensive and collision deductibles. For those who are struggling to pay the cost of insuring their own cars against physical damage, you may want to consider raising deductibles or eliminating this optional coverage on older cars. The Insurance Information Institute says raising deductibles can amount to savings of anywhere between 15 and 40 per cent. Doing so may result in greater out-of-pocket

expenses in the event of a claim, though. *Driving less? Ask about low-mileage discounts. According to the latest report from the Federal Highway Administration, the number of miles that Americans drive in the month of April was at its lowest point this year since 2003. Motorists who put in fewer miles behind the wheel statistically are at a lower risk of getting into an accident, and insurers may reward them with significant price breaks. *Shop around. While the drivers in the BLS statistics are essentially chained to their insurers, you are not. Nearly 8,000 domestic insurers were selling coverage in 2009, according to the NAIC, with a significant chunk of them providing financial protection for vehicles. That's a lot of competition, and all of those companies are trying to come up with new incentives for you to get a policy through them. You can easily find cheap auto insurance through quote-comparison sites that will help you efficiently evaluate your options and track down the best deals for your individual driver profile. -Reuters


9

Monday, July 4, 2011

Djokovic rackets Nadal away to hit Wimbledon LONDON: An inspired Novak Djokovic outplayed Rafael Nadal to win the Wimbledon title with an emphatic 6-4 6-1 16 6-3 victory in the final on Sunday. The Serbian second seed saw off the top seed and defending champion to claim his first Wimbledon crown and confirm his status as the new world number one. "This is the best day of my life, this is the tournament I always dreamed of winning," Djokovic said following the presentation ceremony. "When you are playing the best player in the world, Rafa Nadal, I had to play at the top of my game and I think I played my best match on grass." The first set went with serve until Djokovic conjured a break out of the blue in the 10th game to

Swat cruise to soccer final PESHAWAR: Super-fit Swat cruised to final after recording vital 4-2 victory against Bannu in the thrilling final of the Men Football event part of Spirit of Swat Festival being played at Kabal ground on Sunday. Now Swat will face Peshawar in the grand final to be played on Monday. In the second semifinal both Swat and Bannu gave each other tough resistance in the match played on rattling pace. Swat conceding two quick goal in the 7th and 11 minute through Shafqat Ullah and Imtiaz but played with determination and staged a strong comeback by not only leveling the tally 2-all but also won the match by 4-2. Bannu after taking early lead, put in more pressure to consolidate their lead. But on the other hands Swat managed their position by playing with determination and made some perfect moves as a result it was in the 19th minute when right winger Alamzeb netted a fine goal through field attempt. After reducing the margin, Swat tied the tally 2-2 when center striker Tahir netted a fine goal through a well-combine move. At half time both Swat and Bannu was tied at 2-2. In the second session Swat forwards put in pressure on Bannu defense by raiding time and again and succeeded in scoring two more goals in the 53rd and 66th minute. This was inner Fahim who scored two goals to make the tally 4-2 and played a key role in his team victory.-APP

clinch it. Nadal, serving at 4-5, made two uncharacteristic errors to hand the Serbian a set point and the Spaniard struck a forehand wide to give Djokovic first blood. Djokovic was playing almost flawless tennis and struck again in the second game of the second set, showing great anticipation and speed to reach a dropshot and clinch the break. Nadal tried to lift his game but he simply could not live with an inspired opponent who dominated the baseline rallies with immaculate shot selection and clinical execution. Djokovic broke Nadal again to open up a 5-1 lead and he served out to love to move two sets ahead. Nadal, twice Wimbledon champion and winner of 10 grand slam titles, finally got a

foothold in the match when a rare Djokovic error handed him a break in the second game of the third set and he repeated the feat before holding to love to breeze through the third set. The momentum of the match had completely changed and Nadal created an early break point in the fourth set which Djokovic saved. The Serbian immediately LONDON: Novak Djokovic of Serbia holds the winner's trophy after defeating Rafael Nadal of Spain in went on the attack himself and the men's singles final at the Wimbledon tennis championships. -Reuters broke Nadal in the next game but Nadal broke straight back, clinching the game with a lucky net-cord that dribbled over the net. Djokovic refused to buckle, though, continuing to match Nadal from the baseline and he broke the Spaniard's serve again in the eighth game before Pakistan's clinching victory on his first ISLAMABAD: Cuban boxing coach will arrive match point. -Reuters in Pakistan during the ongoing month to resume the charge of Pakistan team for a period of Several footballers were also in for questioning and at Izmir another one year, Secretary ISTANBUL: Turkish police Pakistan Boxing Federation have arrested around 40 people, among those arrested in in the west where the cousin of including Fenerbahge midfielder Emre (PBF) M. Akram Khan said on including the president of top side Ankara Genglerbirligi striker Serkan Belvzoglu was being held. Fenerbahce as part of an ongoing Saturday. Fenerbahce board chairman Francisco Hernandez Ronald, investigation into match-fixing Calik and Ankarag|c| goalkeepswimming pools in the federal whose previous contract was last season, the Anatolia news er Serdar Kulbilge, both Yuksel Gunay slammed the detention of Yildirim, a buildTurkish international players. ended in December, last year agency reported on Sunday. capital for general public. The agency also said that a ing construction businessman Aziz Yildirim was taken into Saima Ifthikar, a school will resume his duties after a custody early Sunday along police search was underway at who has been president of the teacher, said the level of bacte- gap of over six months. "He was hired by the PBF for with the club's vice-president the ria in lake waters is much highheadquarters of club since 1998. er than the accepted safety stan- $1400 per month but now with Sekip Mosturoglu. Fenerbahge, the reigning "It is quite clearly just the dards adding that when you are a 10% increase in the package Other top flight clubs were champions of Turkey, who also manifestation of a police state," in water, it forms a layer around he will be getting around involved in the corruption reached the quarter-finals of he said. "Just which matches your body and if you have a cut $1550," Akrma told APP. swoop including Trabzonspor the Champions League in are they considering investigatHe said Pakistan badly needon your skin or a wound, it in the northeast, but the club's 2008. Arrests linked to the ing?" The match-fixing investied a top quality coach ahead of could be serious. vice-president Nevzat Sakar investigation also took place in gation led to many arrests last World Another school teacher, Hajib September's denied that he had been arrest- the central town of Sivas where year but this was the first time said swimming is good exercise Championship in Azerbaijan. (that's obvious) and is a lifetime "The event will also act as the ed as reported earlier by the president of Sivasspor, such high-level officials have Mecnun Odyakmaz was taken been taken into custody. - APP sport that benefits the body. qualifying event for the 2012 Anatolia. Nasir Rana, a gym instructor London Olympics", he said. Akram was of the view that said swimming burns calories at a rate of about 3 calories a mile boxers coached by the Cuban per pound of body-weight. would make a strong presence "Swimming does exercise in the important 2012 London almost the entire body - heart, Olympics Qualifiers. lungs, and muscles - with very "The World Championship is little joint strain. It is great for very important as participation general fitness, just not a great in that will give confidence to way to drop excess pounds," he our pugilists,." added. - APP Meanwhile, the boxing camp of the national team is in full swing at Sports Complex, Islamabad where as many as 13 MIRPUR: A Kashmir-born hearing impaired boxers, including five juniors and mentally retarded national special tableare getting training under the tennis star Mehwish Iftikhar emerged trisupervision of coach Arshad umphant winning gold medal for Pakistan in the keenly-contested final match in the ongoHussain. The Pakistan Sports Board ing World Special Olympics in Athens. from this year's recently conMehwish, the resident of a remote village cluded National Athletic (PSB), which initially had Panjaira of Kotli, is the student of Mirpur-based directed the PBF to discontinue Championship 2011 held at Lahore. Rabia Ashiq attained the camp till July 18 due to Kashmir Institute of Special Education (KISE) five gold medals in 5000 meter non-availability of funds engaged in providing free educational facilities to the special children. Unveiling the historic race; Liaquat Ali broke the allowed it to continue. record of 10.40 in seconds by "As our team is preparing for victory of the national special table tennis star, covering it in 10.1 seconds; Ali the World Junior Director KISE Dr Amjad Insari told reporters Muhammad covered the dis- Championship, slated from July here Sunday that Mehwish also already holds tance of 800 meter in 1.49 sec- 17 to 31 in Almaty Kazakhstan the distinction of national gold-medalist table onds, competing in 110 meter we requested the PSB to pro- tennis star after she won the gold medal at the Islamabad in recent past. race; Mohsin Ali performed vide us accommodation for the National Olympics. Dr Insari said Mehwish would be accorded a well competing in 110 meter players, while the federation is He said she attained another success after rousing reception on her arrival back to home hurdle race while Zafar Iqbal is bearing the rest of the expensbagging second position in the federal regional (Mirpur) on Wednesday next (July 6) from also record holder in triple es," Akram said.- APP Olympics played at the Sports Complex in Athens. - APP jumps.- APP

Cuban boxing coach to rejoin duties during ongoing month

Citizens demand swimming pools ISLAMABAD: The passionate citizens of Islamabad on Sunday requested the government to erect swimming pools in the federal capital as there is nothing like getting in the water-pool on a hot summer day. The people while talking to APP on Sunday expressed that there should be swimming pools in the capital for general public so that they can go there freely and have a swim rather than going to hotels and restaurant's pools for swimming and paying them. Irshab Yousaf, a teenager who goes at every weekend to Shahdara and Rawal Lake to have a swim in summer told APP that if there were pools here like the open-for-all grounds for the public then we wouldn't have to go so far to enjoy swimming. Rehan Bhatti, a student who plays cricket and football said that he would love to swim if our government would erect

Turkish officials face red card in soccer match-fixing

World Special Olympics

Mehwish strikes gold

Pak athletes leave for Japan today ISLAMABAD: A five-member contingent including one female will depart to Kobe, Japan today (Monday) to participate in the 19th Asian Athletics Championship starting from July 7-10. According to a press release issued here, the contingent comprises Liaquat Ali, Zafar Iqbal, Mohsin Ali, Ali Muhammad and Rabia Ashiq who will chip in the event. These athletes going in the event are all record holders

To organise domestic events

Shehnaz asks PHF to follow PCB ISLAMABAD: The success of recently concluded first super eights T20 cricket tournament in Faisalabad has impressed former Olympian Shehnaz Sheikh, who feels that Pakistan Hockey Federation should follow the Pakistan Cricket Board (PCB) and organize more and more domestic events until international hockey returns to the country. The Iqbal Cricket Stadium in Faisalabad was jam-packed on Friday with thousands more clamouring outside the stadium to get in for the final that saw the Rawalpindi Rams crushing Karachi Dolphins.

"Hockey is not popular in our schools and colleges despite being the national game. We find cricket grounds full in our towns and cities, whereas hockey grounds generally give deserted looks," Sheikh told APP on Sunday. He was of the view that hockey had lost its appeal for youngsters and steps such as holding domestic tournaments would help revitalize interest in the game. "The PHF can learn from the PCB. The international teams are reluctant to visit Pakistan but the board is arranging domestic tournaments, thus creating a sense of

competition among youngsters and keeping public interest alive in the game," he added. Shehnaz proposed to PHF to request International Hockey Federation persuade different countries to send their junior teams to Pakistan. "Unless they (PHF) do this, the standard of hockey will not improve in the country," he said. He was also concerned about the performance of junior team in the recently held Junior Asian Cup in Singapore saying, "Finishing third in the event was alarming." "The PHF has been making tall claims for the past three years about the academies it

set up for juniors. But the result in Junior Asia Cup shows things are not moving in right direction at the grass-roots level." He said at present five to six players in the national team were in twilight of their career and hence could be called 'bonus players'. Ultimately, the juniors will have to replace them. But their (juniors) performance shows they are lacking certain techniques and skills. The PHF must pay serious attention towards the grey areas in junior team. However, he agreed that performance of the national team had improved in the

recent past and now other sides could not take them as an easy opponent. Commenting upon Pakistan's 2-1 defeat against Germany at Amsterdam, Netherlands on Friday in the four-nation tournament, he said Pakistan fought well but they needed to plug in loopholes in their defence besides adopting an aggressive approach. "Pakistan are facing world's best sides in the tournament and a respectable finish in the event will boost team's confidence ahead of the Champions Trophy in New Delhi at the end of the year," he said. - APP


International

10

Monday, July 4, 2011

How first 24 hours shaped Japan’s nuclear crisis FUKUSHIMA: Japan: When Unit 2 began to shake, Hiroyuki Kohno's first hunch was that something was wrong with the turbines. He paused for a moment, then went back to logging the day's radioactivity readings. He expected it to pass. Until the shakes became jolts. As sirens wailed, he ran to an open space, away from the walls, and raced down a long corridor with two colleagues. Parts of the ceiling fell around them. Outside, he found more pandemonium. "People were shouting about a tsunami," he said. "At that point, I really thought I might die." It was an ordinary Friday afternoon, and then the shaking began - harbinger of a nuclear nightmare that rages on, three months later. A moment-by-moment account of the crucial first 24 hours after an earthquake and tsunami devastated Japan's Fukushima Dai-ichi plant. Breathless, Kohno climbed a small hill and turned to look back. Black plumes rose from the reactor units. The emergency generators, burning diesel, had kicked in. He saw the wave. It crashed over the plant's seawall, stopping only when it reached the foot of the slope about 500 yards (460 meters) from where he stood. Kohno watched, stunned. Unit 2, one of six reactors at the Fukushima Dai-ichi power station, is ordinary by nuclear standards: a drab labyrinth of switches and valves, ladders and bulkheads, meters and gauges. That's how Kohno, a veteran radioactivity specialist,

knew it. Now, nothing about what he saw was normal. Kohno kept moving. The events of the next 24 hours brought the promise of nuclear power into question, both in Japan and around the world. Through interviews with dozens of officials, workers and experts, and hundreds of pages of newly released documents, The Associated Press found the early response to the crisis was marked by confusion, inadequate preparation, a lack of forthrightness with the public and a reluctance to make quick decisions. These problems set the tone for the troubled recovery effort since. On March 11, Prime Minister Naoto Kan was taking a beating in an Upper House committee meeting over whether he had taken campaign money from a foreign national, which is illegal in Japan. The questioning stopped suddenly when the entire parliament building, a sprawling structure in the center of Tokyo, started to rock. It was 2:46 p.m. All eyes rose to the huge crystal chandeliers above, clinking and shaking violently. "Everyone, please stay in a safe position," committee chairman Yosuke Tsuruho said, grasping the armrests of his upholstered velvet chair. "Please duck under your desk." Within four minutes, a crisis headquarters was up and running across the street in the prime minister's office. Kan rushed there as soon as the shaking subsided. At 3:37 p.m. he convened a roundtable of

his top advisers. Soon after the tsunami hit, Kan's task force was deluged by reports of massive damage up and down the coast, aerial photos and video showing entire villages gone. Kan, who majored in applied physics in college, was among the first whose attention went to the 40-year-old nuclear plant, according to Kenichi Shimomura, a senior aide who was with him. The prime minister demanded an assessment. The plant's operator was in disarray. Phone calls to the utility, Tokyo Electric Power Co., or Tepco, went unanswered, and what little information trickled out was conflicting. In those critical first hours, the government was flying blind. Tepco President Masataka Shimizu, who was traveling, boarded a military airlift from

Nagoya after he heard the news. But the flight was turned around. The Defense Ministry bumped him to free up its planes for the emergency response. Kan quietly repeated to himself what was by now in the back of everyone's mind: "This is going to be a disaster." On that day, Team A, a crew of 13, including a trainee, was overseeing Units 1 and 2 in one control room. In another, a crew of nine was responsible for Units 3 and 4 . The latter, along with Units 5 and 6, was offline for maintenance. The first news was good. All three working reactors automatically came to an emergency shutdown when the shaking began. Within one minute, all control rods were inserted properly into the cores, stopping the nuclear reactions.

What came next changed everything. The first wave hit the plant at 3:27 p.m. At 13 feet, it was easily blocked by the plant's breakwater, which stands 33 feet above sea level. But the one that struck eight minutes later was off the scale. It flowed up and over the barrier, washed over a 33-foot (10-meter) water tank and tossed passenger cars this way and that. Watermarks suggest the wave may have been as high as 50 feet (15 meters). Team A watched, horrified, as the plant deteriorated by the minute. A detailed operator's log, along with a handwritten timeline on the control room whiteboard, showed how quickly the units failed. "15"37' D/G 1B trip," said a scribbled notation indicating the Unit 1 diesel generator went out. It was 3:37 p.m., just

two minutes after the second wave had struck. Then: "SBO." Station Blackout. The power was out. Four minutes later, at 3:41 p.m., Unit 2 lost power. Minutes after that, key instrument readings stopped. In the dark, workers found a main power switchboard had been submerged and a main power line brought down by a mudslide. The basement of the Unit 1 turbine building was filled with water. Two workers would later be found drowned in the basement of another turbine room. Exactly what was happening inside the reactors remained a mystery. At 3:50 p.m., Team A wrote: "Water levels unknown." If not replenished, the water in the core would boil away and the rods would melt. Two minutes later, Team A added an even more dire note on Unit 2: "ECCS injection not possible." The emergency core cooling system, the last-ditch backup to keep the core from going dry, was down. It was an hour after the tsunami, and Team A desperately requested emergency power vehicles. By the time they arrived and were hooked up, it would be too late. Outside the control room, about 755 workers, including Tepco employees and subcontractors, were on the premises. Yuji Sato was on break in a lounge in a small building about 60 feet (20 meters) from Unit 1, when the quake hit. He had worked all morning on the turbines. The quake broke the air conditioner and knocked the TV in the lounge off its stand. When

the shaking stopped, Sato went outside. Concrete buildings had been heavily damaged, some walls reduced to rubble. He and about 100 colleagues streamed up the hill behind the reactors. They walked. "None of us were all that afraid. Japan is a nation of earthquakes. We are used to them," Sato said. His brother-in-law, pump technician Yuta Tadano, was already up the hill in a secondstory office at the time of the quake. A thin young man with pierced ears and long bangs, he worked for subcontractor Tokyo Energy and Systems Inc. Tadano wanted to go home to check on his wife, Akane, and 4-month-old son, Shoma. His boss said he expected them back at work on Monday. With the utter devastation outside the gate, the normally 20minute drive home took four hours. For most of the next two months, no one would be allowed inside the reactor buildings. Still, dozens of Tepco workers - later dubbed with some poetic license the "Fukushima 50" - stayed on. Keiichi Kakuta was one. He remained in the plant's radiation-proof Emergency Crisis Headquarters, a big, windowless conference room about 300 yards from the Unit 2 reactor. Although it meant leaving his family in Tokyo, Kakuta had jumped at the chance for a public affairs job with Tepco in Fukushima three years ago. He had always admired the company's teamwork and looked forward to a new challenge. Net Morning

Gaza flotilla: We still plan to breach blockade ATHENS, Greece : Organizers of a Gaza-bound flotilla said Sunday they have not abandoned their plans to breach Israel's sea blockade of the territory despite a Greek government ban on their vessels leaving the country's ports. The campaign experienced a major setback when Greece announced its restrictions Friday, and authorities arrested the captain of a boat carrying American activists that tried to leave Greece without permission. However, coordinators of the flotilla were trying to maintain momentum with small protests in Athens in the face of increasing calls for them to scrap their campaign. On Saturday, the Middle East Quartet of Mideast mediators - the U.S., U.N., EU and Russia - urged governments to discourage Gaza-bound flotillas that could escalate tension in the region. Several protesters from the American vessel that was intercepted by Greek authorities began what they described as an "open-ended fast" outside the U.S. Embassy and planned to stay there overnight. They want Washington to pressure Greece to release their American captain, John Klusmire, and allow them to depart for the Gaza Strip. The U.S. Embassy provided standard consular services to the American citizens in the flotilla "before and after" the interception of their vessel, spokesman Stuart Smith said. The Obama administration had warned American activists against participating in the flotilla, saying they might be violating U.S. law

because Gaza is run by the militant Hamas group, a U.S.-designated foreign terrorist organization. Greek activist Dimitris Plionis said there would be "some action" at the beginning of the week, but he did not specify what the pro-Palestinian activists were planning to do, presumably because Greek authorities might try to thwart their efforts. "The ban is there and we have already said that we are still considering to sail," Plionis said. "This story is not finished." Without elaborating, he noted that "ships are free to go to other locations" besides Gaza. The comment raised the possibility that organizers have debated whether their vessels could declare they are bound for another destination, and then turn toward Gaza once they are in international waters. The flotilla has planned to carry medicine, construction equipment and other aid to the coastal strip. Israel says it imposed the blockade in 2007 to stop weapons reaching Hamas, the Islamic militant group that rules Gaza. Nine activists on a Turkish boat were killed last year in an Israeli raid on a similar flotilla, and Israel eased its land blockade after an international uproar over the incident. But Israel has pledged to thwart any attempt to reach Gaza by sea, and that aid deliveries can occur through its own established channels. Activists reject that option, saying Israeli restrictions on the Palestinian territory of 1.5 million amount to a human rights violation. Egypt

recently lifted its own blockade of Gaza at the Rafah crossing, though cross-border traffic is still slow. In an acknowledgment of the challenges facing the flotilla, a spokesman for a Turkish group that dispatched the boat that was raided by Israel in 2010 said it was "not impossible" that the vessels would head to Gaza. Huseyin Oruc of IHH, an Islamic aid group that earlier pulled its boat out of this year's flotilla, spoke to The Associated Press in the Greek capital. IHH has remained involved in flotilla planning. Israel accuses the group of having terrorist links, an allegation its directors strongly deny. IHH, which operates aid projects in many nations, is not on a U.S. list of terror organizations. Planners had originally talked of sending 15 vessels with up to 1,500 people in the flotilla this year, though that number has dwindled to several hundred activists and fewer than 10 boats. In a statement, the Greek Foreign Ministry said it had banned the flotilla from sailing out of concern for "the protection and safety of human life," while noting the need to lift the Gaza blockade and improve humanitarian conditions there. "Greece reiterates its willingness and proposes to undertake the task of transporting the humanitarian aid, with Greek vessels or other appropriate means, through the existing channels" in line with a U.N. request, the ministry said. Members of the flotilla have accused Greece of succumbing to

Israeli pressure to block their plans, which had been held up by administrative delays and legal entanglements prior to the ban on sailing. Greece, keen to boost international investment and ease its financial crisis, has maintained close relations with Arab countries, but in recent years has forged closer military and economic ties with Israel. The shift came amid a deterioration in the Jewish state's ties with Turkey, Greece's traditional regional rival and a fierce critic of the three-week

Gaza offensive launched in late 2008 by the Israeli military. Prime Minister Benjamin Netanyahu of Israel singled out Greece last week when he praised a group of foreign countries for helping to block the flotilla. In a speech, he thanked "my friend, the Greek Prime Minister George Papandreou." On Sunday, Papandreou's office said he had communicated with Palestinian President Mahmoud Abbas, who expressed support for

the Greek government's proposal to transport the activists' aid to Gaza, which would require Israeli cooperation. Abbas' Fatah Party and Hamas have been trying to end a fouryear-rift that left the Palestinians with two rival governments in the West Bank and Gaza. Robert Naiman, an American activist, dismissed the Greek offer as an attempt by Greece to deflect criticism over its ban on the flotilla departure. - Net Monitoring

Anti-tax diehard looms large in spending showdown WASHINGTON: Without a bipartisan agreement this summer to reduce the federal deficit and raise the debt limit, the economy could suffer a horrendous blow, leaders of both parties say. If that happens, some will point fingers at a bearded, slightly disheveled man who's barely known outside political circles in Washington. For two decades, Grover Norquist has been the driving force in pushing the Republican Party toward an ever-more rigid position of opposing any tax increase, of any kind, at any time. He has been so successful that some GOP officials fear they've let Norquist squeeze them into a corner where they'll be unable to declare victory even if they win the great

majority of their budget demands in negotiations with congressional Democrats and President Barack Obama. Democrats, meanwhile, use Norquist to paint the GOP as an unreasonable party that kowtows to billionaires at the expense of middleclass Americans. Obama is insisting that even if a deficit-reduction accord relies overwhelmingly on spending cuts, it also must have some revenue increases. Democrats say they should start with eliminating some not-so-popular tax breaks that Norquist and his allies stoutly defend. Senate Republican leader Mitch McConnell "has decided to walk out on the same limb as Grover

Norquist," Sen. Chuck Schumer, DN.Y., told reporters last week. "It seems leader McConnell is willing to tank the economy for the sake of protecting tax breaks for oil companies and corporate jets." Obama didn't name Norquist in his feisty news conference Wednesday, but he cited the same tax breaks. "I've said to some of the Republican leaders: You go talk to your constituents, the Republican constituents, and ask them, are they willing to compromise their kids' safety so that some corporate-jet owner continues to get a tax break?" Obama said. Republican lawmakers scoff at the notion that killing a $3 billion tax break for small jets would make a

dent in the $14 trillion debt. But they have complicated their ability to parry the Democrats on such matters by signing the famous anti-tax "pledge" of Americans for Tax Reform, which Norquist heads. All but a handful of House and Senate Republicans have signed it. By doing so, they vow to oppose any effort to increase marginal income tax rates and "any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates." In other words, even a "temporary" tax cut cannot be undone. Even a tax break that seems to have lost its purpose, when economic conditions change, cannot be touched unless it is offset elsewhere.

Some Senate Republicans have grown weary of Norquist's strict interpretation of the pledge, and a mini-revolt occurred in mid-June. Thirty-four of the Senate's 47 Republicans voted to end a tax break for ethanol production, which has come under political fire in recent years. Norquist strongly opposed the move, and denounced its leader, conservative Sen. Tom Coburn, R-Okla. Coburn, who says some revenue increases must join deep spending cuts to reduce the deficit, claimed a turning point. "You've got 34 Republicans that say they're willing to end this, regardless of what Grover says," he told reporters. "That's 34 Republicans that say this is more

important than a signed pledge" to Norquist's group. Norquist denies suffering a setback. He said the GOP senators willing to end the ethanol subsidy have also backed a proposed end to the estate tax, a favorite Republican target. The two tax moves, if enacted, would offset each other, Norquist said, fulfilling the pledge's demand to avoid "any net reduction" of tax breaks. "We are pleased as punch. The pledge is defended," he said in an interview. With the 2012 presidential race gearing up, and Congress facing highstakes decisions on spending and deficits, the anti-tax pledge "has never been more important, and it has never played a bigger role," he said. Net Monitoring


Greeks warned on sovereignty, privatisation BRUSSELS/BERLIN: Euro zone finance ministers have approved a 12 billion euro ($17.4 billion) installment of Greece's bailout, but signaled that the nation must expect significant losses of sovereignty and jobs. Ministers in the Eurogroup gave the go-ahead for the fifth tranche of Greece's 110-billioneuro financial rescue agreed last year, and said details of a second aid package for Athens would be finalized by midSeptember. But within hours of Saturday's decision, Eurogroup chairman Jean-Claude Juncker warned Greeks that help from the EU and International Monetary Fund would have unpleasant consequences. "The sovereignty of Greece will be massively limited," he told Germany's Focus magazine in the interview released on Sunday, adding that teams of experts from around the euro zone would be heading to Athens. "One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone," Juncker said. Greeks are acutely sensitive to any infringement of their sovereignty and any suggestion that foreign "commissars" might become involved in running the country is an incendiary political issue and could trigger more street protests. After Saturday's conference call on Saturday, the 17 euro zone ministers agreed the fifth tranche would be paid by July

15, as long as the IMF's board signed off on the disbursement. The IMF is expected to meet on July 8 to approve it. The payment will allow Greece to avoid the immediate threat of debt default, but the country still needs the second rescue package, which is also expected to total around 110 billion. Between now and then, finance ministers will work on the "precise modalities and scale" of private creditors' involvement. Germany hopes this will eventually total around 30 billion euros, with banks voluntarily buying new Greek bonds when old ones they hold mature, meaning Athens would not have to produce cash to repay its creditors immediately. Juncker also said Greece must privatize on a scale similar to the sell off of East German firms in the 1990s. "For the forthcoming wave of privatizations they will need, for example, a solution based on a model of Germany's 'Treuhand agency'," Juncker said, referring to the privatization agency that sold off 14,000 East German firms between 1990 and 1994. BITTER EXPERIENCE Greece's problems with a lack of economic competitiveness are modest compared with those of eastern Germany, which more than 20 years after communism still has high unemployment. Juncker made no explicit reference to job losses. But any repeat of Germany's Treuhand experience may prove bitter for

Serb general to boycott war crimes court

Greeks, who are already suffering soaring unemployment as a recession drags into its third year. Treuhand was supposed to sell state property at a profit but closed with a huge deficit and a legacy of bitterness among the legions of workers whose jobs it destroyed. Four million Germans were employed by Treuhand-owned companies in 1990 but only about 1.5 million jobs were left by 1994. The Greek parliament voted on Thursday to set up a privatization agency under austerity plans agreed with the European Union and IMF which have provoked violent protests on the streets of Athens. Athens must sell off 5 billion euros in state assets this year alone or risk missing targets set under its EU/IMF program, which could cut off its funding needed to keep the government running and avoid a debt default. "The current package of measures, which Athens has agreed to, will bring a solution to the Greek question," said Juncker. However, he added that the Greek tax collection system was "not fully functional." Athens has repeatedly failed to meet budget targets laid down in the first bailout program, raising the risk that the crisis will spread across the euro zone if unresolved. "What is crucial now is to implement parliament's decisions," Greek Finance Minister Evangelos Venizelos said shortly after the Eurogroup decision. - Agencies

AMSTERDAM: Former Bosnian Serb army commander Ratko Mladic will boycott the U.N. war crimes court, where he is scheduled to enter a plea on Monday against charges of genocide during the Bosnian war, his lawyer said on Sunday. Arrested in May after 16 years on the run, Mladic formally was charged by the Yugoslavia tribunal in The Hague last month when the defiant general rejected war crimes charges against him as "obnoxious" and "monstrous." Mladic is accused over a campaign to seize territory for Serbs after Bosnia, following Croatia, broke away from the Yugoslav federation in the 1990s as the Balkan state broke up during five years of war that killed at least 130,000 people. The 69-year-old career soldier is due to enter the plea after refusing to do so last month, but Belgrade-based attorney Milos Saljic said Mladic would boycott the hearing to demand that he be represented by his own defense lawyers. "Mladic is not going to appear in the courtroom tomorrow unless he is forced to. He does not want to do it because he does not have his team of lawyers yet," Saljic told Reuters. If Mladic boycotts the hearing or refuses to enter a plea at Monday's hearing, judge Alphens Orie will likely enter one of "not guilty" for him. Mladic's former political chief Radovan Karadzic boycotted the start of his trial in 2009 and it is considered unlikely that the tribunal would force Mladic to appear on Monday. - Reuters

CONTINUATIONS No #1

Continued from page 1

politics by stating that it was ready to talk to the MQM. "Without reconciliation, politics cannot succeed in the country. We will continue our politics of reconciliation," he added. To a question, the Prime Minister clarified that the government did not allow use of Pakistan's airbases to the United States for drone attacks. The previous government had allowed use of airbases for surveillance purposes only, he added. He said the government had taken up the issue of incursions from Afghans inside Pakistan's territory and Chief of Army Staff General Ashfaq Parvez Kayani and the foreign secretary visited Kabul to discuss the issue. The Pakistan government protested over border violations and took up the matter with the Afghan government at diplomatic level, he said. He said our understanding with the Afghan government has improved and we are making them realise the sensitivity of the situation. To another question, Gilani said the MQM remained an important ally of the PPP and it supported the government on all important national issues, including 18th and 19th Constitutional Amendments and NFC Award. As member of the Implementation Commission on Constitutional Reforms, Dr Farooq Sattar worked with Senator Raza Rabbani and was present at the meeting in which the Commission gave a report to the federal cabinet, he added. The Prime Minister said Multan would get all facilities being accorded to a big city. He said all the political parties were united on the national issues. He said the government had to face the most difficult challenges and the restoration of Constitution was not an easy task. He said the credit goes to PPP government that it restored the Constitution of Zulfiqar Ali Bhutto to its original form. He said in the past, the PPP never talked of Seraiki province but as more people were raising demand for the new province, therefore President Asif Ali Zardari formed a committee of the party to look into the issue. He said the PPP never believe in hollow slogans and would implement this demand of the people. The Prime Minister said billions of rupees were spent on electrification of villages which resulted in more demand, and thus power shortage in the country. The government is working on short, medium and long term projects of three to ten years to meet energy demand, he said and added 2000 megawatts had been added to the national grid and 2000 megawatts more would be added to the system. He said Thar coal project, Diamer Bhasha dam, TAPI and joint gas and electricity projects with Iran were in pipeline to overcome energy shortage. The people understand these are not mere promises as the government will have to go for elections, he added. Prime Minister Yousuf Raza Gilani said issues of global recession, war on terror, power shortages and severe floods have undermined the government's efforts to resolve people's issues. He said electricity tariff was raised due to increase in petroleum prices in the international market. "Commercial consumers should pay more for energy while we are looking for ways to provide relief to the domestic consumers," he said. The Prime Minister said the provincial governments should hold local government elections. He said the opposition should not run away from the local elections, and shun its demand for mid-term polls. The PPP showed that it had the support of people by winning polls in GilgitBaltistan and Azad Kashmir and bye-elections, he added. "I support local governments and their elections as I have emerged from grass-roots politics," he said. To a question on military operation in North Waziristan, the Prime Minister said, "We will not take action on the demand of

11

International & Continuations

Monday, July 4, 2011

anybody. Our strategy will be in the best interest of the country. Action will only be taken if it is in the interest of the country and on this issue military and civilian leadership are on the same page." The Prime Minister said it was unprecedented in the history of the world that after military operations, his government sent home 2.5 million internally displaced persons of Malakand and Swat in 90 days and provided them financial assistance through smart cards in a transparent manner. About 3.5 million Afghan refugees are still in Pakistan and the world has forgotten about them, he added. He said his relations with the PML-N leadership were according to the best parliamentary practices and norms of democracy. The Prime Minister said he chaired a meeting of Chief Secretaries, Federal Flood Commission, Ministry of Water and Power, Met Department, National Disaster Management Authority (NDMA) and others to review the preparations to tackle floods this year. The administration has strengthened the embankments and he has directed the army and civil authorities to remain vigilant and make preparations at provincial, district and union council levels to counter any natural calamity, he added. He assured of development funds for Multan and directed the administration to efficiently complete the development projects in the region and facilitate flights from Multan to other destinations. To a question, the Prime Minister said nothing illegal was done in case of his father-in-law Pir Israr Hussain Shah as court twice decided in his favour in a land case in Rahim Yar Khan. NNI

No #2

Continued from page 1

fled away when police on a routine patrol approached them near Hassan Square area while they were busy in looting passersby at gunpoint. Police claimed to have recovered snatched stuff from possession of the arrested dacoit. In another incident, motorcyclists shot dead a 30-year-old unknown man on Siddique Wahab Road. He received three bullets and died on the spot. At least six people were injured in separate firing incidents in Kausar Colony, North Nazimabad, Maripur and New Sabzi Mandi localities. - Agencies

No #3

Continued from page 1

with Altaf Hussain were just rumors. "I am not meeting the MQM leadership," he said. Shahbaz said there was no truth in the talk of "my meeting with Altaf Hussain. It is all speculations". The Chief Minister said that his visit to United Kingdom would be fruitful for Pakistan. He said that he would meet officials of education, health and other sector in Britain so that steps could be taken to promote these sectors in Pakistan. Besides meeting oversees Pakistanis, he will also meet British investors and invite them to invest in Pakistan. - Agencies

No #4

Continued from page 1

"We are now better placed to play role in national development and earn more foreign exchange for the government," said Sarwar. On this occasion Colonel (Retd) Tariq Mahmood said that we are the only cement manufacturer using 100 per cent western technology for quality. We took the lead by installing first ever Refuse Derived Fuel (RDF) Processing Plant at a cost of Rs320 million to ensure environment friendly conditions, he added. Omer Ahsan Alvi said that Fauji cement is being used in the Centaurus while our product was preferred in Mangla Dam raising, M1 motorway, Serena Hotel, Satpara Dam, Neelum Jhelum Hydro-Power Project, 8.75 km Lowari Tunnel and Pak-Turk, Erra constructions etc. CEO Faujian International, Malik Khalid Nawaz said that now we are in a better position to capture promising market of Sri Lanka. Every penny saved by FCCL is utilised for welfare widows of

Gaddafi allowed to stay in Libya if quits BENGHAZI, Libya: Muammar Gaddafi is welcome to live out his retirement inside Libya as long as he gives up all power, Libya's rebel chief told Reuters on Sunday in the clearest concession the rebels have so far offered. Gaddafi has fiercely resisted all international calls for him to go and vowed to fight to the end, but members of his inner circle have given indications they are ready to negotiate with the rebels, including on the Libyan leader's future. Gaddafi is still holding on to power, five months into a rebellion against his 41-year rule and despite a Nato bombardment and an International Criminal Court arrest warrant for crimes against humanity. "As a peaceful solution, we offered that he can resign and order his soldiers to withdraw from their barracks and positions, and then he can decide either to stay in Libya or abroad," rebel leader Mustafa Abdel Jalil said in an interview. "If he desires to stay in Libya, we will determine the place and it will be under international supervision. And there will be international supervision of all his movements," said Jalil, who heads the rebels' National Transitional Council. Speaking to Reuters in his eastern Libyan stronghold of Benghazi, Abdel Jalil, Gaddafi's former justice minister, said he made the proposal about a month ago through the United Nations but had yet to receive any response from Tripoli. He said one suggestion was that Gaddafi could spend his retirement under guard in a military barracks. The conflict in Libya is close to deadlock, with rebels on three fronts unable to make a decisive advance toward the Libyan capital and growing strains inside Nato about the cost of the operation and the lack of a military breakthrough. Previous attempts to negotiate a peace deal have

foundered, but some analysts say Gaddafi's entourage -- if perhaps not the Libyan leader himself -- may look for a way out as air strikes and sanctions narrow their options. Gaddafi's daughter Aisha said last week her father would be prepared to cut a deal with the rebels though he would not leave the country, and his son, Saif al-Islam, has said Gaddafi would step down if that is what the people of Libya want. GADDAFI THREATS U.S. Secretary of State Hillary Clinton on Saturday stepped up Western calls on Gaddafi to quit, brushing off his threat to attack Europeans in their homes and offices. "Instead of issuing threats, Gaddafi should put the wellbeing and the interests of his own people first and he should step down from power and help facilitate a democratic transition," Clinton told reporters on a trip to Spain. In an address relayed to some 100,000 supporters in Tripoli's Green Square on Friday, Gaddafi urged Nato to halt its bombing campaign or risk seeing Libyan fighters descend on Europe "like a swarm of locusts or bees." "Retreat, you have no chance of beating this brave people," Gaddafi said. "They can attack your homes, your offices and your families, which will become military targets just as you have transformed our offices, headquarters, houses and children into what you regard as legitimate military targets," he said. A rebel spokesman in Misrata, about 200 km (130 miles) east of Tripoli, said two rebel fighters had been killed on the outskirts of the city, where they are struggling to push back government forces and advance on the capital. "The (pro-Gaddafi) brigades heavily bombarded Dafniyah and Bourouia last night. Two revolutionaries were martyred and 12 others wounded," the spokesman, who

identified himself as Oussama, said from Misrata. OIL FACILITIES In Tripoli, a senior source in Gaddafi's government said there was reliable intelligence indicating the rebels were planning to attack oil export terminals in the eastern towns of Brega and Ras Lanuf. "The Libyan government will do whatever (possible) to prevent such attacks," the source, who did not want to be identified, told Reuters. "It urges international oil companies as well as international insurance companies to put pressure on their governments to force the rebels, who are supported by Nato, to stop their destructive operations," said the source. The conflict has already halted oil exports from Libya, helping push up world oil prices to over $110 per barrel. Most oil facilities have escaped major damage in the fighting. A document seen by Reuters showed African Union leaders had agreed on Friday that member states would not execute the international arrest warrant for Gaddafi. The decision left open the possibility that he could go into exile in one of the African Union's 53 nations. The grouping also offered to host talks on a ceasefire and a transition to democratic government, but did not call on Gaddafi to step down and left open whether he had a future role. That is likely to disappoint Western powers, which had been urging African states to send an unequivocal message to the Libyan leader to quit. Abdel-Hafiz Ghoga, vice president of the Benghazibased rebel council, told Reuters he rejected the African Union ceasefire proposal. "It includes nothing concerning our demands. We are only demanding one thing: Gaddafi's resignation ... We can gain freedom and democracy only if Gaddafi steps down. - Reuters

martyrs and orphans which is a noble cause, he added. Dr Murtaza Mughal, President PEW said that government's support is imperative to save cement sector. Absence of relaxations and inland freight subsidy promised since long have left only four out of 39 production units in profit. We produces 11 million MT of surplus cement, 400 thousand MT goes to Afghanistan every month while exports to India remains under 100 thousand MT due to improper arrangement by railways and absence of land route permission. "Pakistan has great export capacity but price war has inflicted heavy losses on all companies," he said. Murtaza Mughal said that reduced law and order, PSDP allocations and shelving mega projects have also hurt the cement industry. He said that Pakistan should expedite efforts for opening of land route for cement exports to India which is bigger market than Afghanistan. Such steps are imperative to revive ailing cement sector, said Dr Mughal. - APP

No #5

Continued from page 12

gasification, which would afterwards lead to 1000 MW power plant", they remarked. The official sources said that to act as one stop organisation for development of Sindh coal resources the Government of Sind (GoS) established Sindh Coal Authority (SCA). Thar Coal and Energy Board (TCEB) has also been established by GoS to accelerate development of Thar coal deposits and the GoS has allotted 5 out of the 9 developed blocks in Thar to different local and multinational companies for mining, power generation and coal gasification. They said that Government of Sindh has signed a joint venture with Engro Power Generation to develop a coal mine and power capacity of 1000 MW based on the coal potential of block-ll of Thar coal field and the bankable feasibility is under progress. The GoS has granted a mining concession to Cougar Energy, UK for underground coal gasification leading to commissioning 400 MW power project in Block-Ill. The preparation of feasibility is in progress. They said that Bin Daen Group, UAE has got exploration license of block-IV. They have a plan to set up a mine site power plant of 1000 MW. The group is currently exploring possible partnerships to carryout feasibility studies. The sources added that Reko Diq Gold/Copper deposits are fifth largest in the world. In this regard to develop Reko Diq Copper deposit in Baluchistan, a project for production of copper and gold from Reko Diq Ore has recently been approved. The project has a very high profitability and will tremendously boost the economy of Baluchistan as well as Pakistan. Highlighting the outlook for mineral sector in 2011-12, they said the sector is expected to grow at the rate of 1 per cent during 2011-12. An allocation of Rs149 million has been made for Ministry of Petroleum & Natural Resources for 2011-12. Important projects to be initiated or will continue in 2011-12 include: Strengthening and Capacity Building of Mineral sector (Rs28 million), National Coal Policy of Pakistan (Rs25 million), Review and Updating of National Mineral Policy (Rs4.5 million), Accelerated Geological Mapping and Geological Exploration of out crop area of Pakistan (Rs198.6 million) and Upgradation/Strengthening of Geosciences Advance Research lab GSP, Islamabad (Rs249.87 million). An area of about 6,500 sq km is planned to be mapped in different parts of the country. About 350 samples will be collected and analyzed under geochemical surveying. Efforts will be concentrated on exploration and evaluation of coalfields in Sindh, and Baluchistan. These studies are aimed at enhancing the coal resource base and supplementing power generation and substituting furnace oil in different industrial units in the country. Porphyry copper, lead-zinc sulphide mineralisation and iron ore occurrences in Chagai and Lasbela-Khuzdar districts in Baluchistan will be further explored. - APP

No #6

Continued from page 12

trade concessions is matter of days which proved otherwise. They need to become more aware of the ground realities, he demanded. - NNI

No #7

Continued from page 12

are continuing and the news reported in some media that Iran has cut its crude exports to India is absolutely wrong," SHANA quoted him as saying. Ghamsari said he was optimistic about talks with India. "The talks with the Indians are still under way, and considering our country's good relations with India, we are hopeful that this problem gets solved as soon as possible." - Reuters


www.asharys.net

For Subscription

Manager Circulation Ahmad Omer

1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6

Italian Kitchens Karachi

Lahore

tel: 92(21)5860794-5

tel: 92(42)5694061-2

12

RIAZ NEWS AGENCY Cell # 0333-5373137

Monday, July 4, 2011

SHAKIL NEWS AGENCY Cell # 0333-4400472

Malik for world support against terror

JEDDAH: Federal Minister for Interior, A Rehman Malik meets Saudi Assistant Interior Minister Prince Muhammad bin Naif.-APP

BD hit by strike on offshore gas deal DHAKA: Large swathes of Bangladeshi capital Dhaka were shut down Sunday during a nationwide strike protesting against a government oil exploration deal with a US company. Most shops, businesses and schools were closed and roads and highways in the city were deserted as the six-hour strike by the National Committee for Protection of Oil, Gas and Ports, a left-leaning umbrella group, took hold. Police used batons on protest-

ers at a university campus in central Dhaka after they damaged a car and held marches, private news agency Sheershanews said, adding 50 people were arrested in the city. University area police chief Rezaul Karim confirmed to AFP the arrest of 12 people. Seven supporters of the strike were each given two months in jail by a magistrate after they torched two buses ahead of the strike on Saturday night, Dhaka police spokesman Masud Ahmed said. - APP

Osama had lynchpin in Abbottabad, says US official WASHINGTON: US National Security Adviser Tom Donilon said al Qaeda leader Osama bin Laden "had some sort of support mechanism" while operating out of Abbottabad, for six years. In an interview with CNN, Donilon said he had not seen evidence that Pakistani "leader-

ship elements" had knowledge of bin Laden's presence in Pakistan. "But the fact is that he operated there for an extended period of time, and that raises a lot of questions," Donilon said. "And those questions are being asked in Pakistan," he added. - Agencies

Little growth seen in mineral sector ISLAMABAD: Mineral sector is expected to grow at rate of 1 per cent during 2011-12, official sources said. The government has extended special incentives for mineral development through public and private investment and facilitating private sector and as a result of such endeavors, some significant achievements in mineral sector has also been achieved during the fiscal year 2010-11, the sources said. According to the sources, in the financial year 2010-11, an allocation of Rs21.3 million was made for mineral sector (non-coal); while total expenditure stood at Rs11.50 million, showing 54 per cent utilisation.

Important projects initiated in 2010-11, they said included strengthening and capacity building of mineral sector (Rs28 million), National Coal Policy of Pakistan (Rs25 million) and review and updating of National Mineral Policy (Rs4.5 million). The provision of affordable and regular electricity, they said is essential to revive industrial growth adding that it has been envisioned to produce electricity from local coal, through coal gasification. "In this regard a 100 MW power plant using Thar Coal deposits is being set up based on underground coal See # 5 Page 11

On refusal to approve trade concessions

WTO strongly picked apart ISLAMABAD: Raza Khan, Chairman Coordination, FPCCI on Sunday said that decision of refusal of World Trade Organisation's (WTO) to approve trade concessions offered by European Union has made it more political and controversial. He said that WTO could not stand up to pressure of India and some other member states which were against provision of any preferential treatment to Pakistan. US also failed to use her influence in favour of Islamabad as promised which is unfortunate, he said. He said that the US and WTO should not be unfair and ignorant of the needs of developing countries. Raza Khan said that this move has not only put the cred-

ibility of sole international trade body on stake but it will also contribute to anti American and anti Indian feelings in Pakistan. He said that Pakistan should no more push its case in international forums and adopts policy of regional trade pacts. Pakistan joined WTO in January 1995 but it hasn't benefited country, rather it has inflicted harms, he said, adding, this institution is frequently criticised for its failure to supervise and liberalise international trade. Raza said that many experts dub it a threat to poor nations and call it a political tool in the hands of industrialised nations. He also criticised top commerce officials for telling nation that approval of See # 6 Page 11

Iran says will not cut India oil TEHRAN: Iran will not cut oil supplies to India despite warning to refiners over their failure to pay for several months; an official was quoted as saying by the oil ministry's news website SHANA on Sunday. "A warning has been sent to those refineries that are debtors but sending such a letter does not mean Iran's oil exports have been cut and we have no intention to cut our exports to the Indian market," Mohsen Ghamsari, head of international affairs at the National Iranian Oil Co (NIOC), was quoted as saying. In a letter to Indian refiners dated June 27, Iran threatened to halt oil supplies in August unless a resolution to the problem was solved, sources at the refiners and NIOC told Reuters on Friday. India owes Iran $2 billion for oil imports in recent months due to the payments dispute related to U.S. moves to isolate Iran, which Washington suspects of seeking nuclear weapons. Tehran denies such a charge. The impasse was triggered in December when the Reserve Bank of India ended a regional clearing mechanism, under US pressure. Another NIOC official, Deputy Oil Minister Ahmad Ghalebani, said that although some news reports had said Iran had already cut its exports to India, it was not true. "Iran's crude exports to India See # 7 Page 11

Opposition party ahead in Thai polls BANGKOK: Thailand's opposition won a landslide election victory on Sunday, led by the sister of former Thai prime minister Thaksin Shinawatra in a triumph for red-shirt protesters who clashed with the army last year. Exit polls showed Yingluck Shinawatra's Puea Thai (For Thais) party winning a clear majority of parliament's 500 seats, paving the way for the 44-year-old business executive to become Thailand's first woman prime minister. There are 47.3 million eligible voters and 90,860 polling stations across the country. Some 3 million voters, however, registered to cast their votes for the advance polling on June 26. - Reuters

Israel detains anti-Arab top rabbi JERUSALEM: Israeli police briefly detained a leading rabbi Sunday as part of a widening probe into a treatise suspected of inciting the murder of Arabs. The investigation has pitted authorities in the Jewish state against far-right West Bank settlers and has led to scuffles outside government institutions in Jerusalem and a sit-down protest that choked off the main highway to Tel Aviv. - Reuters

JEDDAH: Federal interior minister Rehman Malik has said that terrorists were common enemies of humanity and world community should joined hands to eliminate this menace. He said this while briefing Saudi journalists and media persons in a local hotel here. He said that terrorists and extremists were not Muslims and were defaming Islam. The Minister said that Pakistan has rendered tremendous sacrifices in war against terrorism and the world had recognised its sacrifices. He said that Osama bin Laden was dead and those

who claim otherwise should come out with proof. The Minister said that Pakistan always looks towards Saudi Arabia and considers it a uniting force for the entire Ummah. He appreciated the Saudi leadership for initiating the interfaith dialogue and harmony amongst cultures and religions. The Minister said that Pakistani community was playing an important role in the development and prosperity of Saudi Arabia as well as Pakistan. He said that steps have been taken to facilitate Pakistani community residing in the Kingdom of Saudi

Arabia. He thanked the Saudi leadership for facilitating Pakistani community in the Kingdom. He also lauded the Saudi leadership for assisting Pakistan through difficult times. Later on Rehman Malik, called on assistant Saudi interior minister, HRH Prince Muhammad bin Naif, in his office and discussed matters of mutual interest and the ways and means to strengthen the existing fraternal relations between the two countries. Malik apprised him about the latest situation in the region and Pakistan's efforts to fight terrorism and curb

Post-Osama strained Pak-US ties

US turns to other routes to supply Afghan war WASHINGTON: The US military was rapidly expanding its aerial and Central Asian supply routes to the war in Afghanistan, fearing that Pakistan could cut off the main means of providing American and Nato forces with fuel, food and equipment, Washington Post claimed on Sunday. According to US daily, although Pakistan has not explicitly threatened to sever the supply lines, Pentagon officials said they are concerned the routes could be endangered by the deterioration of USPakistan relations, partly fed by ill-will from the cross-border raid that killed Osama bin Laden. Memories were fresh of Pakistan's temporary closure of a major crossing into Afghanistan in September, resulting in a logjam of hundreds of supply trucks and fuel tankers, dozens of which were destroyed in attacks by insurgents, paper said. While reducing the shipment of cargo through Pakistan would address a strategic weakness that US military officials have long considered an Achilles' heel, shifting supply lines elsewhere would substantially increase the cost of the war and make the United States more dependent on authoritarian countries in Central Asia.

A senior US defense official told WP the military wanted to keep using Pakistan, which offers the most direct and the cheapest routes to Afghanistan. But the Pentagon also wants the ability to bypass the country if necessary. With landlocked Afghanistan lacking seaports, and hostile Iran blocking access from the west, Pentagon logisticians have limited alternatives. "It's either Central Asia or Pakistan, those are the two choices. We'd like to have both," the defense official said, speaking on the condition of anonymity to avoid alienating Pakistan. "We'd like to have a balance between them, and not be dependent on either one, but always have the possibility of switching." US military officials said they have emergency backup plans in case the Pakistan routes became unavailable. "We will be on time, all the time," said Vice Adm Mark D Harnitchek, deputy commander of the US Transportation Command, which oversees the movement of supplies and equipment. In such an event, however, the military would have to deliver the bulk of its cargo by air, a method that might not be sustainable; it costs up to 10

times as much as shipping via Pakistan. "We'd have to be a little bit more mindful of what we put in the pipe," Harnitchek said. The Defense Department is already boosting the amount of cargo it sends to Afghanistan by air. To save on costs, the military is shipping as many of those supplies as possible to seaports in the Persian Gulf before loading them on planes bound for the war zone. As recently as 2009, the US military moved 90 per cent of its surface cargo through Pakistan, arriving by ship at the port in Karachi and then snaking through mountain passes, deserts and remote tribal areas before crossing the border into Afghanistan. The Pakistan supply lines are served entirely by contractors instead of US military convoys and are vulnerable to bandits, insurgents and natural disasters. Today, almost 40 per cent of surface cargo arrives in Afghanistan from the north, along a patchwork of Central Asian rail and road routes that the Pentagon calls the Northern Distribution Network. Military planners said they are pushing to raise the northern network's share to as much as 75 per cent by the end of this year. - Online

India to resist nuclear trade rules NEW DELHI: India's outgoing foreign secretary Nirupama Rao on Sunday hinted New Delhi could ban nuclear reactor purchases from countries refusing to sell sensitive nuclear technology to it after suppliers decided to tighten such trade against countries like India. Foreign secretary Nirupama Rao also said the United States, Russia and France stood by their promises to supply such technology despite last month's decision by the Nuclear Supplier Group (NSG) to restrict transfer of uranium enrichment and reprocessing technology which can be used to make atomic bombs. The suppliers' decision was seen as a blow to nuclear-armed India, which won a waiver from such trade restrictions in 2008, a move that ended its threedecade-long nuclear isolation. "I think the latest NSG decision is not the end of the road. It is not set in stone. Let me say that," Rao told a television

channel in an interview, the transcript of which was made available in advance by the foreign ministry. "There is a balance of interest, there is a balance of commitments, there is mutual reciprocity involved. There are leverages that we can exert from our side also," she said. When asked if the leverages meant India would blacklist unwilling countries and ban nuclear reactor purchases from them, she said: "We will defend our interests to the hilt." India plans to raise it nuclear power generation capacity to 7.3 GW by end-March from the current 4.7 GW, and hopes to have over 20 GW of such capacity by 2020. The billions of dollars in contracts up for grabs make India an attractive market for firms like General Electric, Westinghouse Electric -- the United States-based arm of Japan's Toshiba Corp, France's Areva and Russia's Rosatom. "We have an expanding

nuclear industry. This is a great attraction to the rest of the world," Rao said. Under NSG rules, to import nuclear goods, all nations except the five officially recognised atomic weapons states must usually place nuclear sites under safeguards of the International Atomic Energy Agency, the UN nuclear watchdog. But when Washington sealed a nuclear supply accord with India in 2008, it won a unique exemption after contentious negotiations. India gained access to technology and fuel while it was allowed to continue its nuclear weapons programme. The US ambassador to India has said the waiver to New Delhi is safe and media reports have cited the French ambassador with similar comments. India has said it is a responsible nuclear power and that it has an impeccable non-proliferation record that has earned it that exemption. - Reuters

extremism. The Minister said that Pakistan and Saudi Arabia's relations were time tested and beyond material considerations. He said that the leadership and the people of Pakistan have high regards for the custodian of the two holy mosques, his leadership and the people of Saudi Arabia. He lauded the Saudi leadership and expressed his gratitude for assisting Pakistan during hours of trail. The Saudi assistant interior minister appreciated Pakistan's role in the fight against terrorism and extremism. - Agencies

UK to cut troops from Afghanistan LONDON: Britain will announce this week that it is to withdraw up to 800 troops by the end of next year, according to a report in the Sunday Times newspaper. The move comes after last month's announcement that thousands of US troops would start being withdrawn later this year as part of a process of handing security over to Afghan forces. - Reuters

French want Strauss-Kahn return to politics PARIS: Sixty per cent of leftleaning French voters want former IMF chief Dominique Strauss-Kahn, whose highprofile trial on sexual assault charges could now collapse, to return to French politics, a poll released on Sunday showed. Among the general public, 49 per cent want Strauss-Kahn to return to the French political scene while 45 per cent are against it, a Harris Interactive poll of 1,000 French people aged 18 and over. - Reuters

Clinton slams Gaddafi threat to attack Europe MADRID/TRIPOLI: Secretary of State Hillary Clinton stepped up Western calls on Libyan leader Muammar Gaddafi to quit, brushing off his threat to attack Europeans in their homes and offices. "Instead of issuing threats, Gaddafi should put the wellbeing and the interests of his own people first and he should step down from power and help facilitate a democratic transition," Clinton told reporters on a trip to Spain. - Reuters

Huge precious metals found in Indian temple T H I R U VA N A N T H A P U RAM, India: A treasure trove of gold, diamonds and precious stones hidden for centuries was discovered in the underground vaults of a temple in southern India, a temple official said Sunday, as authorities scrambled armed police to guard the shrine. Local media said that the search team's finds included a four-feet-tall gold statue studded with emeralds, 15-feetlong gold necklaces and jewelencrusted crowns. The estimated value of the hoard is 750 billion rupees ($17 billion), but officials said they were yet to assess the findings. - Reuters

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

thefinancialdaily-epaper-4-07-2011  

The Financial daily E Paper

Read more
Read more
Similar to
Popular now
Just for you