Issuu on Google+

International Karachi, Friday, August 5, 2011, Ramazan-ul-Mubarak 4, Pages 12 Vol No 5 Issue 4 Price Rs 12

ECB acts to calm euro zone markets See on Page 8 Economic Indicators $18.31bn 13.77% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5957bn $758mn -2.28% 4.20% $1,051 176.83mn

Forex Reserves (30-July-11) Inflation CPI% (Jul 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (Jun 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)

GDP Growth FY12E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

-46.49 -46.49 -3.90 2768

Yearly(Jul, 2011 up to 29-Jul-2011) Monthly(Jun, 2011 up to 29-Jul-2011) Daily (29-Jul-2011) Total Portfolio Invest (16-Jul-2011)

NCCPL (U.S $ in million)

FIPI (04-Aug-2011) Local Companies (04-Aug-2011) Banks / DFI (04-Aug-2011) Mutual Funds (04-Aug-2011) NBFC (04-Aug-2011) Local Investors (04-Aug-2011) Other Organization (04-Aug-2011)

1.96 0.21 -2.30 -1.63 -0.10 1.36 0.49

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

Close 11,846.16 9,659.18 21,884.74 17,693.18 2,670.79 2,684.04 5,485.30 11,896.44

Change 95.56 22.04 107.98 247.37 20.34 5.55 99.21 29.82

GDR update $.Price PKR/Shares Symbols 112.17 MCB (1 GDR= 2 Shares) 2.60 143.58 OGDC (1 GDR= 10 Shares) 16.64 43.14 UBL (1 GDR= 4 Shares) 2.00 36.67 LUCK (1 GDR= 4 Shares) 1.70 39.04 HUBC (1 GDR= 25 Shares) 11.31

Money Market Update T-Bills (3 Mths) 27-Jul-2011 T-Bills (6 Mths) 27-Jul-2011 T-Bills (12 Mths) 27-Jul-2011 Discount Rate 30-Jul-2011 Kibor (1 Mth) 04-Aug-2011 Kibor (3 Mths) 04-Aug-2011 Kibor (6 Mths) 04-Aug-2011 Kibor (9 Mths) 04-Aug-2011 04-Aug-2011 Kibor (1 Yr) 04-Aug-2011 P.I.B (3 Yrs) 04-Aug-2011 P.I.B (5 Yrs) 04-Aug-2011 P.I.B (10 Yrs) 04-Aug-2011 P.I.B (15 Yrs) 04-Aug-2011 P.I.B (20 Yrs) 04-Aug-2011 P.I.B (30 Yrs)

13.53% 13.78% 13.92% 13.50% 13.45% 13.27% 13.36% 13.67% 13.72% 13.45% 13.51% 13.57% 13.83% 13.95% 14.05%

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

111.85 90.99 103.35 1,671.50 41.66 1,048 46,068 6,430

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $ 91.30 92.30 Canadian $ 88.60 89.60 Danish Krone 16.15 16.50 Euro 122.40 124.30 Hong Kong $ 10.75 10.90 Japanese Yen 1.105 1.133 Saudi Riyal 22.85 23.05 Singapore $ 70.60 71.60 Swedish Korona 13.30 13.50 Swiss Franc 99.90 100.90 U.A.E Dirham 23.35 23.55 UK Pound 140.30 141.50 US $ 85.95 86.35 Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 92.13 92.35 Canadian $ 89.38 89.58 Danish Krone 16.54 16.57 Euro 123.00 123.29 Hong Kong $ 11.05 11.07 Japanese Yen 1.119 1.121 Saudi Riyal 22.97 23.03 Singapore $ 71.34 71.50 Swedish Korona 13.56 13.59 Swiss Franc 110.95 111.20 U.A.E Dirham 23.45 23.51 UK Pound 140.95 141.27 US $ 86.28 86.47 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

B’stan worthwhile for US, says Munter

See on Page 12

NA continues to discuss Karachi, Quetta

See on Page 12

Altaf for peace in city at any cost

See on Page 12

Panel to mull new provinces: PM

Govt accords priority to IT sector: Gilani BAHAWALPUR: Prime Minister Syed Yousuf Raza Gilani said on Thursday that the government was paying special attention to information technology (IT) sector. He was addressing inaugural ceremony of Rural Telecom Project under which telecommunication services were being provided to unserved areas of Bahawalpur division including Cholistan. Some 888 villages comprising an area of 12000 kilometers have been connected to this project through 39 communication towers with a cost of Rs310 million. Prime Minister Gilani said that the project will help in education, agriculture and health sectors, besides providing a source of communication to the people of this area.

He said that an IT University will be established at Bahawalpur while IT campuses will be set up at Bahawalnagar and Rahim Yar Khan. He said that skilled youth would be recruited from all over the country in information technology sector on the basis of merit. He said that motorway would also be constructed from Karachi to Bahawalpur which would go to Faisalabad. The Prime Minister said that Chachran Bridge will be constructed to connect Punjab, Sindh and Balochistan provinces. Prime Minsiter congratulated the students who completed training course conducted by Pakistan Software Export Board (PSEB). Earlier, secretary information

technology Saeed Ahmad Khan briefed Prime Minister about the project. Prime Minister Gilani inaugurated the project by making call to a remote area of Cholistan. He also gave away certificates to the students who completed training course conducted by PSEB. Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan and Federal Minister for Professional and Technical Training Mian Riaz Hussain Pirzada were also present at the occasion. Earlier, talking to media men, the Prime Minister said that the government is making all out efforts for the development of Southern Punjab. See # 10 Page 11

FBR decides to guesstimate targets ISLAMABAD: The Chief Commissioner's Conference of the Federal Board of Revenue (FBR) has decided to focus on enforcement, audit and bringing new taxpayer in the tax net during the current financial year to enhance revenue collection in the country. The Conference was held here Thursday under the chairmanship of Secretary Revenue Division also decided that Chief Commissioners will prepare their revenue estimates based on rate of inflation, rate of economic growth and their efforts in enforcement, demand creation and audits. These estimates will be reviewed in the FBR headquarters and revenue estimates for the current financial year will be finalized thereafter. Besides, the conference decided that reporting mechanisms to be strengthened at headquarters level and maximum efforts would be directed towards collection of arrears. The collection of withholding tax by withholding agents would be monitored and reported on a monthly basis while broadening of tax base by bringing 700,000 new tax payers in the tax net would be accelerated and reviewed

US rules out strategic talks with Pakistan WASHINGTON: US State Department has said they have contact with Pakistan but there is no possibility of strategic talks. The issue of US envoys' movement in Pakistan would be settled properly and reciprocity is an option to deal with such matters. See # 12 Page 11

Ramazan Timing Ramazan 4, 1432 AH Friday, August 5 ---------------------------Iftar today

7:16pm

Sehar tomorrow

4:39am

For Fiqah-e-Jafaria Iftar today Sehar tomorrow

7:29pm 4:32am

every month. The conference also decided that technology will be upgraded to eliminate illegal inputs and illegal refunds in the Sales Tax system while it was clarified that under the reformed structure of FBR, no separate post of Member Sales Tax was under consideration. Long due promotions in Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) would be pursued with the Establishment Division and early convening of the Central Selection Board would be requested. The delegation of powers of posting and transfers in FBR would be reviewed in a special meeting of Board-inCouncil. Recommendations would be made to the government to reform the cadre structure of IRS and PCS, so that promotion pyramid is balanced and positions are available at the highest grade (BS-22) to incentivize the two services. The decisions of the last Chief Commissioners meeting were reviewed by Member (IR). A committee was constituted to initiate work force rationalization and resolve jurisdiction issues of LTUs/RTOs. See # 11 Page 11

FX reserves touch $18.31bn KARACHI: Pakistan's foreign exchange reserves rose to a record $18.31 billion in the week ending July 30, up from the previous life high of $18.30 billion hit a week ago, a senior central bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) jumped to $14.78 billion from $14.74 billion a week ago, while those held by commercial banks fell to $3.53 billion from $3.56 billion, said SBP chief spokesman Syed Wasimuddin. Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank. Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily. According to official data, remittances rose to a record $11.2 billion in 2010-11 fiscal year, an increase of 25.77 per cent compared with the same period last year. In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.- Reuters

BAHAWALPUR: Prime Minister Syed Yousuf Raza Gilani inaugurating Pakistan Software Export Board (PSEB) web portal at Circuit House.-APP

Farm credit target 97pc achieved TFD Report KARACHI: Banks achieved over 97 per cent agricultural credit disbursement target during the last fiscal year 2010-11 (FY11) despite devastating floods in the country that damaged vast agriculture infrastructure and caused huge losses to standing crops.

According to data issued by State Bank of Pakistan on Thursday, agricultural credit disbursement by commercial and specialised banks rose 6.01 per cent to Rs263.022 billion during the last fiscal year (2010-11), that ended on June 30, 2011, against the annual target of Rs270 billion. In absolute terms, disburse-

ment of credit to the agriculture sector increased by over Rs14.90 billion in 2010-11, when compared with total disbursement of Rs248.120 billion in the preceding fiscal year (2009?10). Overall credit disbursement by five major commercial banks including Allied Bank Limited, Habib Bank Limited, See # 9 Page 11


2

Friday, August 5, 2011

MoU to be signed tomorrow

2k China buses to hit Pak roads soon

KARACHI: Rescue workers busy in relief work after 5-store building collapsed in Musa Lane. -Online

PTA inks pact for telecom research ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Authority (PTA) has signed two Memorandums of Understanding (MoUs) with Center for Advance Studies and Engineering (CASE) and Institute of Space Technology (IST) to promote telecom related research that would be beneficial for the institutions, the telecom industry as well as for the country. These MoUs would also boost mutual cooperation in the relevant fields and would enhance the industry academia linkages. Chairman PTA Dr Mohammed Yaseen, Member Technical PTA, Dr Khawar Siddique Khokhar, President CASE

Dr. Abdul Khaliq and Vice Chancellor IST, Brig Imran Rehman attended the ceremony held at PTA Headquarters here on Thursday. On this occasion, Chairman PTA Dr Mohammed Yaseen said that currently Pakistan has state of the art telecom networks while they were working on enhanced international communication links. "We are planning to improve terrestrial links with Afghanistan, Central Asia and China which would help economy and flow of information in the country. PTA would provide data on telecom sector and expertise to CASE and IST, reciprocally the Universities would

encourage their students to undertake research in different areas of telecom sector", he said. He said that under the MoUs, PTA would help CASE and IST in identification of research areas. Similarly, CASE and IST would cooperate with PTA on different issues of trade, business and economy related to telecom sector, he said. President CASE Dr. Abdul Khaliq and Vice Chancellor IST, Brig Imran Rehman, also spoke on the occasion and emphasized on the need of telecom research in the universities. They appreciated the fast growth in telecom sector and steps taken by PTA in this regard. -Agencies

5 dead as building collapses KARACHI: At least five people including a child were killed and several others injured when their fivestorey building collapsed in Moosa Lane here on Thursday morning, police said. According to the details, the building, in heavily populated and narrow Street 6 of Moosa Lane, caved in leaving several people trapped under the rubble of the building. Local people kick-started a relief and rescue operation on a self-help basis. Chhipa and Edhi ambulances arrived on the spot shortly after however they faced trouble owing to the congested pathway towards the mishap site. The deceased include a minor girl and a youth. The collapse affected another abutting building in the vicinity of Kausar Masjid as cracks appeared in different places. The bodies and the injured were shifted to nearby Civil Hospital, where emergency has been declared. It should be mentioned here that the caved-in building consisted of several flats housing many families. -NNI

ISLAMABAD: Foton Motors, a Chinese bus manufacturing company would sign MoU with the Sindh Government on Saturday for provision and operations of 2000 CNG buses in the province. This was informed during President's meeting with a Chinese delegation of Foton Motors Group - a commercial vehicle manufacturer of China- headed by its Deputy President Ye Zhaoyou that called on him at Aiwan-e-Sadr on Thursday. The delegation of Foton Motors Group included Zhang Jun, Global Marketing Director of Foton AUV Bus, Liu Liran, GM of Holly Foton Co, Ltd, Xu Qingli, Marketing Manager South Asia, Zhao Bin, Service Manager of Foton AUV

Bus, Joseph Verghese, MD and CEO of Foton Pak and Perry T Blackerby, President Foton America. Pakistan side included Secretary General to the President M Salman Faruqui, Advisor to PM for Industries Muhammad Basharat Raja, Chairman BOI Saleem H. Mandviwala and Spokesperson to the President Farhatullah Babar besides other senior officials. The meeting was informed that Foton Motor Group of China established its Pakistan chapter in 2008 in Karachi and was undertaking its business operations since then in the country. The company had designed modern buses for Pakistan with design feature to meet specific

cultural and demographic needs of the country and with a special focus to power the buses with environment friendly fuel such as CNG, LPG and hybrid diesel and H2. The President welcomed the visiting delegation and appreciated their interest in further exploring business opportunities in Pakistan in the field of bus industry. He said that it was a matter of great pleasure that the potential of traditional Pak-China equation was now being translated into economic terms and the Chinese companies and businessmen were taking keen interest in exploring business opportunities in Pakistan for the mutual benefit of the two countries. -APP

Entrepreneurship termed vital for growth ISLAMABAD: President Khushhalibank, Ghalib Nishtar on Monday said that economic growth is possible only through encouragement of entrepreneurship in the country. He stated this while inaugurating the first Center for Entrepreneurship and Leadership (CEL) by SME Business Support Fund (BSF) at SZABIST Islamabad. He said that initiatives such as CEL will definitely pay dividends in terms of increased exports, enhanced GDP, job creation and improved overall competitiveness. Speaking on the occasion, CEO SME Business Support Fund, Syed Saquib Mohyuddin, said

that this center has been developed to compliment the policy objectives of the government to support entrepreneurship in the country. He said that the center will act as a business incubation and support facility for the new entrepreneurs to develop fresh and innovative products and cater more effectively to the evolving needs of the domestic and international markets. Mohyuddin further said that as per the Global Entrepreneurship Monitor 2010, only 8% of population in Pakistan are currently involved in entrepreneurship activity which is very low and needs to enhanced through effective linkages between the academia and policy making

organizations like BSF. The increased emphasis on entrepreneurship is the only way forward in terms of employment generation and revival of business activities in the country, he added. He also highlighted the upcoming BSF programs for entrepreneurship development included Franchising Pakistan and creation of an Entrepreneurship Support Fund for providing easy access to finance for new business start ups. Syed Asad Hussain, Director SZABIST welcomed this initiative by BSF and assured that this center will allow the university students to get practical support in their quest for new and successful business start ups. -APP

Samsung GALAXY S II sales reach 5mn LAHORE: Samsung Electronics Co Ltd announced that the Samsung GALAXY S II (Model: GT-I9100) has passed the 5 million global sales milestone. The GALAXY S II is Samsung's flagship smartphone device; a beautifully thin, (8.49mm) and lightweight dual-core smartphone, that combines an unmatched Super AMOLED Plus viewing experience with incredible performance, all on Android - the world's fastest-growing mobile operating system. The 5 million mark has been reached in just 85 days. Samsung Pakistan's Managing Director, Hee Chang Yee said; "In just a few months the Galaxy S II has led the way in driving Samsung's unmatched performance in the smartphone industry. -NNI

'Plumage' comes to town KARACHI: The Ambassador of Germany Dr Michael Koch, was the Chief guest at inauguration of the new office of Pakistan German Business Forum at Zamzama Clifton. Picture shows PGBF President Mr Saifuddin Zoomkawala, Consul General of Germany Dr. Christian Brecht, and members of PGBF with chief guest.-Staff Photo

2nd phase of nosecount begins after Ramazan ISLAMABAD: The Population Census Organization (PCO) of Statistics Division would start the second phase of 6th National Population and House Census after the month of Ramazan (in September) all across the country. Director General of Population Census O r g a n i z a t i o n , Muhammad Akram Janjua told APP that PCO has already completed the Housing Census 2011 operation. The organization is conducting training workshops for the field staff to launch the second phase of the census and as many as 175,000 field-staff would be trained after the holy

month of Ramazan, he added. He further informed that PCO was organizing sensitization workshop across the country to create awareness about the importance of population census and its importance in future planning for socioeconomic progress of the country. The first workshop of the series was held in Peshawar where the District Administrations i n c l u d i n g Commissioners, Deputy Commissioners and other officials were provided basic education and training, he added. Akram Janjua said that the sensitization workshops would also be held in Rawalpindi, Lahore,

Faisalabad, Multan, Karachi and Quetta, and added in the first meeting members of provincial assemblies were briefed about the field operation. In second phase, he said that topics to be covered in census include demographic and social characteristics, literacy status, geographical or migration characteristics, economic characteristics and fertility or mortality (females 15-49 Years). The housing characteristics include information about living quarters; number of rooms, gender of the owner, tenure status, period since constructed and construction material used in outer walls and roofs. -APP

KARACHI: Plumage is another new and upcoming brand for trendy and comfortable casual wear. It recently held its launch in Karachi at Grandeur, Main Zamzama Boulevard and exhibited its first collection for three days. PlumageTM offered a collection of 'soft feel' but 'rich looking' long and short kurtis specifically carved to augment one's sensuality keeping in mind the dazzling, smart and conscious women who never settle for less and want their brand to speak the same. The exhibition generated a stunning response as the whole collection was an arrangement of colors in a silhouette that accentuates the personality and brings you out. From short top with bag wing sleeves to long straighter shirts, it was a vivid assortment of hues taken from nature and compiled for a chirpy you. People who missed their exhibition can check out their collection at Labels, Karachi from and for people out of Karachi, can place their orders through Facebook: www.facebook.com/contact.plumage -PR

ISLAMABAD: Russain Ambassador Danila Ganich called on Senator Syed Nayyer Hussain Bokhari, Leader of the House in the Senate at Parliament House. -APP

SSGC recovers Rs252mn dues KARACHI: On special directives of Dr Asim Hussain, Federal Minister for Petroleum and Natural Resources, Sui Southern Gas Company (SSGC) has successfully launched an aggressive campaign to recover outstanding dues from the defaulters and miscreants involved in gas thefts. As part of a forceful recovery campaign being implemented in its franchise areas of Sindh and Balochistan, SSGC teams carried out disconnections in May and June 2011 for nonpayment of gas bills and gas thefts and in process recovered Rs 252 million

from the domestic customers and Rs 755 million from industrial and commercial customers during these two months. All such defaulting customers were duly notified prior to disconnections. The current recovery campaign is one of the many strategies being formulated by the Ministry of Petroleum to reinvigorate public utilities along efficient lines and bring back financial discipline in their operations. SSGC will continue with its recovery drive with added gusto in the coming months too. -NNI

FWBL launches skill development programmes KARACHI: "Today's women who are facing all kinds of discrimination in the society, despite all odds are coming ahead after tackling all challenges and, to achieve more progress, they still need to increase their efforts." This was stated by the Deputy Speaker Sindh Assembly Shehla Raza at the launching ceremony of the First Women Bank (FWBL) economic empowerment through capacity building and skill development training programme in Karachi.-PR


3

Friday, August 5, 2011

Yen down on Japan intervention but not likely to last ECB keeps rates steady, Trichet says bond buying ongoing NEW YORK: The yen slid on Thursday afterJapan intervened to curb its strength to support the country's export-led economy, a move that should have a fleeting impact as global economic concerns keep demand for the safe-haven currency high. Japan's intervention came one day after the Swiss National Bank unexpectedly cut interest rates to cap a soaring Swiss franc. While the yen tumbled during the Asian and European session, losses were later pared as risk-aversion reigned. Constant yen selling versus the dollar by Japanese authorities during the European session briefly pushed the dollar above the psychologically key 80 yen level, traders said. Tokyo had been steady yen sellers in the Asian market. "Japan and Switzerland can do all they want to slow appreciation, but they will not be able to stop it," said Peter Schiff, CEO of Euro Pacific Capital,

based in Westport,Connecticut. "Japan and Switzerland should not intervene becauseeconomic growth and a strong currency go hand-inhand and history shows that," he said. "When America was a mighty industrial power, it also had the strongest currency in the world." Euro Pacific Capital has $3 billion in client assets under advisement. A voracious appetite for safety ensued as investors fret about sluggish global growth and peripheral debt woes, causing European and US stocks to plunge and US Treasuries to soar. "It is a stupid thing when policymakers try to weaken their currency," Schiff said. Japan's move had pushed the US cur-

rency roughly 4 per cent higher to a three-week high of 80.25 yen, according to electronic trading platform EBS.

Gains were later sharply pared and it last traded at 78.98 yen, up 2.5 per cent. On Monday, the dollar hit a fourmonth low of 76.29 yen,close to its record trough of 76.25 yen hit in March after the earthquake. Japan sold one trillion yen, or $12.5 billion. Finance Minister Yoshihiko Noda confirmed Tokyo had intervened, saying Japan had acted alone but was communicating with other countries on the move.

"Japan is being very aggressive in their intervention and the process has been more aggressive than usual," said BradBechtel, managing director and head of sales at Faros Tradingin Stamford, Connecticut. "Japan was not only looking at the pace of appreciation of the dollar/yen, but also the cross rates with China and Koreaas they are their biggest competitors." The BOJ conducts intervention on behalf of the Ministry of Finance, which is in charge of currency policy. Japan's intervention was its first since March 18 when the BOJ and other major central banks jointly intervened after the yen surged to a record high versus the greenback. Trichet said that the bank's bond-buying program is continuing. Trichet's comments followed the ECB's announcement it was keeping interest rates steady -Reuters

Indian rupee

Asian currencies

Sing dlr, won dip on econ slides past 2-wk worries, intervention caution low on dlr gains

SINGAPORE: The Singapore dollar and the South Korean won fell on Thursday as investors reduced positions in emerging Asian currencies on increasing concerns over a global economic slowdown and after Japan intervened to weaken the yen. Japan sold an estimated 1.6 trillion yen in the market and its central bank eased monetary policy, following Switzerland in efforts to tame currencies buoyed by safe-haven demand from investors fretting about the health of the global economy. "Japan's action does show the concern shared by central banks in the region about the strength of local currencies. At the margin, Japan's intervention will encourage other central banks to keep doing what they have been doing," said Frances Cheung, a strategist at Credit Agricole CIB in Hong Kong. "In this risk off environment, and especially with this partly coming from worries of a US slowdown, Asia could be impacted negatively. So I getting more cautious towards Asian currencies in the near term." Asian foreign exchange authorities have been spotted buying dollars in recent weeks

to stem upward pressure on their currencies and maintain export competitiveness amid slackening global growth, although they are fighting inflation at the same time. Commonwealth Bank of Australia's Asian currency strategist Andy Ji sees more dollar-buying intervention in Asia, saying Singapore, Taiwan and South Korea are more likely to keep curbing their currency strength in Asia. The Singapore dollar hit a two-week low against the greenback on US dollar-short covering. The city-state's currency is seen finding relief from demand from long-term investors, but is expected to remain under pressure in the short-term pressure if global growth worries spur more profit taking. "The market is taking profit. But lots of people are still trying to see where to short dollar/Asia as it's not a fault from Asia but from the US and EU," said a dealer, adding he prefer short US dollar/Singapore dollar. "Still, we can wait. There is no need to hurry to sell now." The won turned lower on stock outflows and local shares hit their lowest close in more than four months.

Foreign investors have been net sellers of Seoul stocks during the three sessions in a row. They dumped a combined more than $1 billion on Wednesday and Thursday. In the previous session, their stock sales were largest since May. "Stocks look ugly and dollar/won seem to have room to rise, probably to 1,065," said a foreign bank dealer in Seoul. But some expect the South Korean currency to rebound, saying investors appeared to hold dollar-long positions. The 14-day dollar/won Relative Strength Index (RSI) rose to 51.5, the highest since late June and well above the 30 threshold, indicating the pair is not in oversold territory. Long-term investors still favour the country's assets. "In countries such as Australia or South Korea, we believe investors can access relatively high yield potential without taking what we consider to be too much duration or credit risk and can position in currencies of countries that are not printing too much money," Michael Hasenstab, portfolio manager at Franklin Templeton Fixed Income Group, who manages $150 billion in global fixed income assets. -Reuters

NEW DELHI: A man counts US dollars at a currency exchange outlet in New Delhi, India. -Reuters

Yuan ends lower vs dlr, but more rises seen BEIJING/SHANGHAI: The yuan closed slightly lower against the dollar on Thursday even after the People's Bank of China set an alltime high mid-point fixing, but traders expect yuan appreciation to still be on the cards despite some short-term correction. The central bank probably intends to guide the yuan gently higher, dealers said, and such a trend may continue in the coming months, partly as a way to help check stubbornly high inflation, seen hovering near a three-year high in July. "The basic tone will not change, that the yuan will keep rising and the central bank may widen the trading band in the second half to make the currency more flexible," said a trader in a state bank in Beijing. Spot yuan closed at 6.4390, weaker than Wednesday's close of 6.4341. It has now appreciated 6.01 per cent since it was depegged from the dollar in June 2010 and 2.34 per cent so far this

year. Before trade began the PBOC fixed the yuan's mid-point at a record high of 6.4386 against the dollar, stronger than Wednesday's 6.4441. Some dealers said recent uncertainties hanging over major global currencies, such as the dollar, euro and yen, had shifted investors' attention from the yuan, providing a good environment for the Chinese currency to rise in a steady way. "Right now, it should be a good chance of guiding the yuan up further, as global investors are focusing on debt woes either in the US or the euro-zone, which could ease some hot money inflow pressure," said a trader in a joint stock bank in Shanghai. Offshore, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3650 in late trade, firmer than 6.3670 at the previous day's close. Their implied yuan appreciation in a year's time fell to 1.16 per cent from 1.21 per cent. -Reuters

MUMBAI: The Indian rupee dived to its lowest level in more than two weeks on Thursday, pummelled by dollar's gains and continued demand for the greenback from local oil firms to settle Iran's dues. Sustained weakness in the local equity markets and weak Asian currencies added to the rupee's woes, traders said. The partially convertible rupee ended at 44.5450/5550 per dollar, 0.5 per cent weaker than its 44.31/32 close on Wednesday, but off the day's low of 44.60 -- a level not seen since July 18. "It was primarily the dollar's rise that pushed the rupee lower today with the oil payment-related dollar buying adding to the pressure," said Ashutosh Khajuria, president of treasury at Federal Bank. "But with valuations in equities starting to look attractive, expectation of foreign fund inflows may help limit the rupee's weakness." India's benchmark share index fell to its lowest close since June 22, and has lost 3.4 per cent over three days on jitters surrounding global economic growth slowdown. Since June, foreign funds have invested around $2.4 bil-

lion in local shares and have bought $440 million worth of debt securities from the beginning of July. Domestic oil refiners have been buying dollars in the past few days to clear dues of about $5 billion to Iran that has kept up the selling pressure on the rupee, traders said. State run refiner Indian Oil Corp on Thursday said it will make a related payment to Tehran soon. The one-year onshore forward premium fell sharply to 204 points from 217.75 on Wednesday as exporters sold forward dollars tracking the weakness in spot rupee rate, traders said. The one-month onshore forward premium was at 21 points from 22.50 while the threemonth fell to 62.75 points from 67.75. One-month offshore nondeliverable forward contracts were quoted at 44.73, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.7100, 44.7050 and 44.7025, respectively. The total volume stood at $13.22 billion. -Reuters

Aussie, NZD dlr leap on yen as Japan intervenes SYDNEY/WELLINGTON: The Australian and New Zealand dollars jumped on the yen on Thursday after Japanese authorities intervened to restrain their racy currency, while the Bank of Japan eased monetary policy. However, with both the Bank of Japan and the Swiss central bank acting to lift the US dollar, the Aussie took a 1 per cent hit on the US currency to $1.0660. Support seen at $1.0650, the 19 July trough, ahead of major barriers at $1.0560. Against the yen, the Aussie catapulted 2 per cent higher to 84.72 yen. The cross, which broke through the 200-day MA of 84.15, is likely to find major resistance at 85.05, the 38.2 per cent of the 90.04-82.03 AprilAugust decline, ahead of the Ichimoku could base of 85.58. Similarly, the kiwi leapt 1.5 per cent to 67.44 yen with a first barrier seen at Tuesday's high of 68.10, ahead of 69.35, the trend high of May 2010. The BOJ buying revived a US dollar that had been weighed by speculation the US Federal Reserve might consider another round of quantitative easing (QE). "Japan was incredibly influential and mitigated talk of QEIII," said David Scutt, a trader at Arab Bank Australia. Across the Tasman sea, investors dumped the kiwi, 1.6 per cent lower, with comments by the nation's Finance Minister adding to the downward pressure.

The currency skidded a cent and a half to $0.8510, or 1.6 per cent lower with resistance seen at $0.8490. "It was all about the BoJ, which was significant and a little surprising in terms of the timing, hence the reaction, and it was worth a cent (fall) in the kiwi," said Westpac senior currency strategist Imre Speizer. The fall in the kiwi was given some momentum by Finance Minister Bill English who reiterated in parliament that a strong kiwi dollar was hurting exporters and activity. He said there was no monetary policy solution to the currency's level and cast doubt that central bank intervention would likely work. "We would prefer a lower exchange rate, the world's not delivering that to us, so we have to get on and build a competitive economy," English said. See Markets have been speculating that the RBNZ may be the next central bank to intervene, following Switzerland's surprising easing overnight to restrain its soaring currency. The New Zealand dollar has gained 9 per cent this year. Westpac's Speizer said he believed the kiwi has peaked and faced possible further correction into a range of $0.8000 to $0.8400. He said short term support is around $0.8500 with $0.8650 a topside hurdle. The Aussie bounced back against its kiwi cousin to NZ$1.2532, having it a one-year low at NZ$1.2366 earlier in the week. -Reuters

Top Economic Events Time 1:00am 1:00am 2:45am 5th-9th 3:15am 4:00am 4:30am 4:30am 5:00am 6:00am 7:00am 7:00am 8:30am 8:30am 8:30am 8:30am 10:00am 3:00pm

Source JPY JPY EUR GBP CHF EUR GBP GBP EUR EUR CAD CAD CAD USD USD USD CAD USD

Events BOJ Monthly Report Leading Indicators French Trade Balance Halifax HPI m/m CPI m/m Italian Industrial Production m/m PPI Input m/m PPI Output m/m Italian Prelim GDP q/q German Industrial Production m/m Employment Change Unemployment Rate Building Permits m/m Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m Ivey PMI Consumer Credit m/m

Source

Events

JPY JPY JPY EUR GBP GBP EUR EUR USD USD AUD AUD

Monetary Policy Statement Overnight Call Rate BOJ Press Conference German Factory Orders m/m Asset Purchase Facility Official Bank Rate Minimum Bid Rate ECB Press Conference Unemployment Claims Natural Gas Storage AIG Construction Index RBA Monetary Policy Statement

Forecast

Previous

103.6% -6.3B 0.1% -0.5% 0.4% 0.6% 0.2% 0.2% 0.1% 17.7K 7.4% -4.8% 89K 9.2% 0.2% 61.5 5.0B

99.6% -7.4B 1.2% -0.2% -0.6% 0.4% 0.1% 0.1% 1.2% 28.4K 7.4% 20.9% 18K 9.2% 0.0% 68.2 5.1B

Forecast

Previous

Previous Day Actual

<0.10%

<0.10% <0.10%

1.8% 200B 0.50% 1.50%

-0.4% 200B 0.50% 1.50%

1.5% 200B 0.50% 1.50%

400K 44B

404K 39B

401K 43B 35.8

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

Bid 1.4179 0.7721 1.6335 0.9703 1.0670 112.13 0.8677 1.0943 129.21 102.49 1678.30

As per 22.00 PST Ask High 1.4181 1.4373 0.7725 0.7799 1.6340 1.6441 0.9705 0.9745 1.0610 1.0777 112.17 114.15 0.8680 0.8752 1.0939 1.1140 129.30 130.81 102.54 103.03 1679.45 1679.60

Low 1.4156 0.7684 1.6289 0.9604 1.0561 110.32 0.8674 1.0936 126.58 100.01 1657.70

Major Central Banks Overview Central Bank

Next Meeting

Last Change

9/7/2011 9/8/2011 9/7/2011 9/8/2011 8/9/2011 9/15/2011 9/6/2011

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

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

Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0% 4.75%

Division of National Bank of Pakistan (NBP) KARACHI, August 1,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A U.K EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONGKONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E KR. WON THAILAND

86.35 141.27 123.29 89.58 111.2 92.35 13.59 1.0925 16.06 71.5 16.57 23.03 11.07 316.53 29.04 73.69 23.71 23.51 0.0815 2.899

86.15 140.95 123 89.38 110.95 92.13 13.56 1.09 16.03 71.34 16.54 22.97 11.05 315.8 28.97 73.52 23.66 23.45 0.0813 2.892

85.93 140.56 122.64 89.14 110.65 91.89 13.53 1.0871 15.98 71.15 16.49 22.91 11.02 314.97 28.9 73.32 23.6 23.39 0.0811 2.885

Stg slips vs dollar; BoE holds rates LONDON: Sterling slipped back against a broadly firmer dollar on Thursday, as the greenback gained on the Bank of Japan currency intervention, though the pound did briefly manage to touch a two-month high against the euro. The Bank of England left interest rates on hold as widely expected and stuck with a pause in its asset purchase programme, with the pound showing little immediate reaction. Traders' focus was largely on the yen which fell broadly as the Bank of Japan bought billions of dollars in an attempt to weaken its currency. Sterling was down around

hike and are not expecting an increase in 2012, whereas late last month they expected a rate rise in November 2012. "We suspect that the MPC will have had to revise its growth projections downwards after soft outturns, but with the growth/inflation trade-off worsening the inflation projections might not be lowered very much," analysts at National Australia Bank said in a note. "We continue to believe that the MPC can afford to wait until September 2012 before raising the Bank rate, especially in light of continued turbulence in the euro-zone."

0.6 per cent on the day at $1.6331, as the dollar rose one per cent versus a basket of currencies after the BoJ's intervention. "Sterling is largely being driven by international forces today," said Audrey ChildeFreeman, currency strategist at JP Morgan Private Bank. "The BoE inflation report will guide us as to how close we are to another round of quantitative easing," she added. The BoE's quarterly inflation report is scheduled for next Wednesday. Markets will be focused on the latest forecasts for inflation and growth to see if another round of quantitative easing may be needed to revive a flagging economy. Investors have steadily priced out the chances of a rate

Analysts said sterling rallies were being hampered by the fragility of the UK economic recovery, particularly after data earlier this week showed manufacturing activity contracting. The euro briefly traded at 86.84, its lowest since May 31, weighed down by concerns over euro-zone debt and as traders reported stop-losses being targeted in the 86.90/95 area. More stops were cited at 86.80/70 with bids ahead. The euro later recovered back to 87.12. "The weaker euro scenario still prevails while below the 88.00 resistance level, and as such the potential for further weakness remains," said Michael Hewson, analyst at CMC Markets. -Reuters


4

Friday, August 5, 2011

The Financial Daily International 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

Power sector should be top priority Lately, availability of electricity and its high tariff have become the key factors impairing GDP growth of the country. Since the country needs huge investment in power generation, transmission and distribution sectors the multilateral financial institutions have to be convinced and then right policies to be introduced to encourage the private sector to make investment. Mounting inter-corporate debt, accumulating receivables and rising pilferage of electricity have become the major stumbling blocks in adding new power generation capacities, revamping of transmission and distribution networks. There seems wide difference in Pakistan's requirements and the priorities of the multilateral lenders when it comes to investing in power generation, transmission and distribution (T&D) networks. While focus of lenders seems to be on adding new generation capacities, hardly any attention is paid in revamping and upgrading of transmission and distribution (T&D) network, the most depleted component of the electricity supplying system. Some of the key issues needing immediate resolution are: (1) Is the government willing to make necessary policy changes to encourage investment in the power sector? (2) Whether the public or private sector or both will be allowed to establish power generation plants? 3) Which fuel will be used for power generation? (4) Will the distribution companies, solely responsible for huge T&D losses will continue to work in the public sector? While the Government of Pakistan has decided in principal to wind-up Pakistan Electric Power Company (Pepco), it still seems fully asserting itself. Reportedly it has prepared a five-year Public Sector Power Generation Enhancement Plan (2010-2015) whereby 10,000MW generation capacities would be added to the national grid. There is consensus that the increased power outages, resulting from reduced reliability of generation companies need urgent repair and revamping. However, there has to be a comprehensive plan for refurbishing four major power generation companies namely JPGC, CPGC, NPGC and LPGC operating in public sector. Multilateral financial institutions have linked their lending to Pakistan's power sector with improving cash flow of generation, transmission and distribution companies. The overall investment to added 10,000MW and supporting T&D networks require around US$50 billion. While public sector would require US$30 billion establishing hydel projects, utilizing Thar coal revamping T&D infrastructure, private sector would require US$20 billion to add new generation capacities. Multilateral financial institutions are fully cognisant that at present Pakistan's power sector is losing Rs300 billion every year due to various problems, mostly falling under inefficiencies, corruption and blatant power theft. There is also consensus that substantial reduction in cost of power generation is necessary, which could only be achieved by switching over from oil based power generation to gas-based generation in the first phase and to enhancing hydel and coal based power generation in medium to long-term. It is necessary to remember that adding new generation capacities is meaningless without containing T&D losses. Pilferage canâ&#x20AC;&#x2122;t be eradicated without making tariff affordable and ensuring uninterrupted supplies. Let one point be clearly understood by all that no group should be allowed to use electricity free of cost.

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.

Exploring Xinjiang turmoil roots T

he biggest threat to China's grip on its ethnically divided far western frontier comes from homegrown anger exploding in violence, not from Pakistan-based terrorists officials have blamed for the latest bloodshed. China said ringleaders of the separatist "East Turkestan Islamic Movement" (ETIM) who trained in Pakistan orchestrated the assault on Sunday that killed six in Kashgar city, Xinjiang region, where many Muslim Uighurs resent the presence of Han Chinese people. The Uighur (pronounced "Wee-gur") are a Turkic-speaking people who form a minority in Xinjiang, and are culturally closer to ethnic groups across central Asia and Turkey than the Han Chinese who make the vast majority of China's population. Still, many observers doubt the attack was a blow from abroad by ETIM, which they said was struggling, in disarray, and even outright defunct. Instead, the causes of -- and possibly the cure for -- ethnic conflict lie mainly within China, they said. "All conversations I have had with people from China and Pakistan suggests a high degree of skepticism about the real viability of ETIM," said Andrew Small, a researcher at the German Marshall Fund think tank in Brussels who studies China's ties with Pakistan and often visits both countries. "I don't believe that China really sees (ETIM) as a credible threat. Of course, they would always want to blame these things on foreign elements to deflect from domestic problems," he said. The recent attacks show China faces a largely homegrown brew of ethnic divi-

sions and Uighur frustration in Xinjiang that can cause primitive spasms of violence against Han Chinese people and government targets. "It's not based on an organisation, but on a group of people with a shared desire to trigger an incident against the government and against Han people," said Yang Shu, a professor at Lanzhou University in northwest China who researches Islamist and separatist violence, referring to recent patterns of unrest in Xinjiang. Since Uighur rioting in 2009, China has accelerated investments in Xinjiang hoping to create jobs and defuse ethnic volatility. But experts said economic growth alone will not defuse Uighur resentment, which rests on a belief that their homeland is being exploited and overwhelmed by Han Chinese. Uighur separatists often call their homeland East Turkestan. "They (Uighurs) feel like what is theirs, economically and culturally, is being taken away from them," said Tom Cliff, a graduate student at the Australian National University in Canberra who spent over three years in Xinjiang, now the subject of his research. "They feel like they're trapped, because there's no way of speaking to the government." PAKISTAN CONNECTION The claimed Pakistani link to the killings in Kashgar may nonetheless give Beijing more leverage in pressing Islamabad to chase down exiled Uighur militants, mostly based in unruly tribal areas near Afghanistan. Xinjiang sits next to south and central Asia, and China sees it as a vital bulwark

in this volatile part of the world, making it all the more jumpy about unrest there. The Chinese government says the militants pose a real threat. In May, the deputy minister of public security, Meng Hongwei, said there were signs that Uighur "East Turkestan terrorists" were returning from central Asia to China, the Xinhua news agency reported. But few experts see them as capable of striking in Xinjiang. Rahimullah Yusufzai, a Pakistani expert, said Chinese officials told him there were only between 30 and 80 Uighur militants in Pakistan's tribal areas. There is even uncertainty about whether the ETIM still operates as an effective organisation. After a key leader of the group was killed in 2003, its activities went into decline. "The ETIM seems to have faded out with a whimper, rather than a bang," Andrew McGregor, a Toronto-based security analyst wrote in a Jamestown Foundation report last year Some experts believe the organisation reformed under another name, the Turkestan Islamic Party, which claimed to be behind attacks in China before the 2008 Olympic Games in Beijing. "The ETIM has a very narrow support and sympathiser base, and most of its operatives have been killed or captured by the Chinese," said Rohan Gunaratna, an expert on terrorism at Nanyang Technological University in Singapore. Uighurs generally do not support militant Islamic creeds, but more of them have embraced stricter observation of the religion over past years. HOMEGROWN WOES Even if ETIM or another exiled Uighur

group provided ideological inspiration for recent attacks, the incidents themselves were relatively basic, relying on knives and homemade explosives, and appeared to be isolated. "I call it a trend of localisation and disorganisation," said Lanzhou University's Yang. "The people involved tend to be local residents, without any substantive links to people abroad." In the worst bloodshed in Xinjiang in recent years, a protest in July 2009 by Uighurs in the regional capital Urumqi gave way to street attacks that killed nearly 200 people, many of them Han Chinese residents hacked by Uighur men with knives and cleavers. "Xinjiang faces some incidents that are terror attacks, but some are more like ethnic hate crimes," said Jiang Zhaoyong, a Beijing-based commentator and former reporter who has studied Xinjiang for many years and often travelled there. Since that unrest, China has sought to boost development in Xinjiang and vowed greater job opportunities, especially for Uighurs. But discontent, and the violence it can inspire, will not easily disappear. Experts pointed to the persistence of a Uighur "underclass", and deep-rooted cultural and religious differences. Some say that whether it is economic opportunity, greater political rights or real self-rule, the drive for a solution must come from China. "Economic development can reduce some conflicts and improve people's livelihoods, but it cannot directly resolve these basic problems of ethnic stability and conflict," said Yang. -Reuters

Energy policy chaos threatens Japan economy P

olitical disarray over Japan's energy policy will make it tough for Tokyo to avert a total nuclear shutdown next summer and presents a long-term threat to the world's third-largest economy. The March 11 earthquake and tsunami triggered a meltdown at the Fukushima power plant that shattered the public's confidence in the safety of the country's nuclear fleet. Scandals over the government's cosy relationship with the power industry have exacerbated the concern. Japan sacked three officials over the scandals on Thursday, but it was unclear if this was enough to help repair public confidence in Tokyo's ability to govern the industry. The disasters look to have dealt a definitive blow to the future of nuclear energy in Japan. Prime Minister Naoto Kan has called for gradually weaning Japan off its dependence on nuclear power, a U-turn on the 2010 energy policy that sought to boost nuclear capacity to supply 50 percent of Japan's energy needs by 2030. In that plan, nuclear was seen as a cheaper and cleaner alternative to fossil fuels. But the unpopular Kan, fighting to stay in his post, has given no detail on how he plans to build enough capacity to substitute nuclear supply, nor how to make alternative supplies economical. "The issue is the uncertainty over policy," said Naohiko Baba, chief Japan economist at Goldman Sachs. "Because of an unclear direction about nuclear power plants, companies can't make their investment plans while utilities can't make a decisive shift to other power sources from nuclear power. The uncertainty over the energy future heightens the possibility of companies leaving Japan." Instead of rebuilding generation capacity, utilities may freeze even the investments necessary to maintain capacity, until they see clarity from Tokyo on the fate of their reactors and government energy priorities. Uncertainty over the cost and availability of future energy supply may push Japanese companies overseas and stall foreign companies from investing. "The confusion is expected to last for at least another half year, while the current anti-nuclear public sentiment doesn't provide an environment for an objective debate over the issue," said Xiao Minjie, chief economist at FuNNeX Asset Management in Tokyo. "The uncertainty over the outlook of the energy policy, together with the rising yen, are pushing Japanese companies to shift operations overseas."

COSTS Japan is already getting an indication of the potential cost to the country of a long-term shift away from nuclear power. The number of Japanese nuclear plants supplying power to the grid is slowly falling as plants are shut down for regular maintenance. Local government officials, wary of public opprobrium, have refused permission for the plants to restart. The government estimated on Friday that if all of Japan's 54 reactors went offline by May 2012 the nation would face a 10 percent power shortage next summer and electricity costs would spike up 20 percent. The drag on economic growth from higher energy costs caused by greater use of costly imported fuels while nuclear electricity output dwindles would be substantial, economists say. Nomura Securities estimated in a recent report that Japan's industrial production would be reduced by an annual 1 percent in fiscal 2012/13 if all nuclear power plants stop operating. The impact, however, would vary across industries. While electricity accounts for just about 3 percent of total costs of Japanese industry, this can range from 1.5 percent for the automotive industry to nearly 60 percent for recycling, processing and base metals industries. The aluminium industry, which is a big user of electricity, has coped with power restraints by diversifying operation bases across Japan but if this persisted, it would become more difficult to fend off the damage, Masateru Yoshihara, chairman of the Japan Aluminium Association, said. Analysts believe Japan will be able to cope with that with a mix of government-prescribed and voluntary power savings the way those saving so far spared the economy and the public the pain of rolling blackouts this summer. But there is a limit to how much more power can be saved, and those savings also have a cost, analysts say. "The uncertainty is adding to the existing problems and hurting sentiment," said Ken Koyama, a director at The Institute of Energy Economics for Japan (IEEJ). "Japan may be able to weather the power shortage by energy conservation, but that could lead to an undesirable consequence of shrinking economic activity and industries leaving Japan." Koyama said there was limited scope for industries,

which account for about 40 percent of electricity demand, to conserve more energy, and such efforts would have to be relied from households and offices, which each accounted about 30 percent. Utilities have already spent hundreds of millions of dollars on fuel imports than previously planned. Kyushu Electric Power Co used an additional million barrels of oil in April-June and an extra 230,000 tonnes of gas (LNG) in the same period against a planned 550,000 tonnes. Japan, the world's third-biggest nuclear power user, has only 16 of its 54 reactors on line, supplying less than a third of the total commercial nuclear generating capacity of 48,960 megawatts. The share of nuclear power in Japan's power supply tumbled to about 18 percent in June from about 30 percent before the disasters struck. Those 16 functioning plants are all scheduled to go into maintenance by May next year, which would leave Japan without nuclear supply unless the government can convince local governments and their population that restarts would be safe. The government last month ordered stress tests on all of the reactors to check their ability to withstand extreme shocks to allay safety fears. The measure was intended to help build public confidence in the plants, but instead sent the message to the population that the government was unsure just how well the plants could withstand natural disasters on the scale of those in March. The announcement also removed any incentive local politicians may have had to move ahead with quick restarts, deferring the decision instead until the results of the tests. In its energy policy review last week the government said it would work to bring those reactors that passed the tests back on the grid, but so far neither the government nor the Nuclear Safety Agency have said how long the tests could take, nor how long after that plants could restart. Some analysts advocate redesigning Japan's energy policy to focus on new nuclear power, rather than no nuclear power. Ed Batts, corporate partner at global law firm DLA Piper, said the Fukushima disaster highlighted both the need for shored up safety planning at existing plants and for an aggressive push for modern nuclear technology to meet growing energy demand. "While common-sense demand management (conservation), such as building design, is a crucial part of an energy strategy, it will not alone be sufficient to supply our collective needs," Batts said. -Reuters

French court orders investigation against IMF chief A

French court ordered an investigation on Thursday into possible misconduct by IMF head Christine Lagarde when, as finance minister, she approved a settlement to a businessman friend of President Nicolas Sarkozy. The investigation will get underway at once into Lagarde's alleged complicity in the misuse of public funds in her approval of a 285-million-euro ($407-million) arbitration payout to Bernard Tapie in 2008, the court's prosecutor said. Lagarde has denied any misconduct and the Washington-based International Monetary Fund, where she started as managing director last month, said its board was confident she would be able to effectively carry out her duties despite the investigation. Analysts said the investigation, which could run for months or even years, should not immediately hurt the credibility Lagarde has built up around the world in her years as finance minister. Yet it will be an awkward blight on the

Frenchwoman's IMF debut as she tries to turn the page from her predecessor Dominique Strauss-Kahn's exit from the post in a sex assault scandal. An IMF board official told Reuters anonymously that the news was "not unexpected but still disturbing." "Today's news is politically unhelpful but on the other hand I would be surprised if this triggered a dynamic making this a major issue and affecting Lagarde's stewardship at this stage," said Thomas Klau of the European Council on Foreign Affairs. "There is obviously no direct link between her responsibilities at the IMF and the issue under review, which goes back to her early days as finance minister. That said, any appearance of impropriety of any kind has become potentially more virulent as a result of the Strauss-Kahn affair," he said. There has never been any question that Lagarde, who won wide international respect as finance minister and is a former high-flying lawyer, benefited personally from the affair.

Lagarde's lawyer said the investigation would be "in no way incompatible" with her functions at the global lender, whose board of member countries is on its August recess. France's public prosecutor had recommended the Court of Justice of the Republic -- a special tribunal that can judge ministers -- order an investigation, following a request from opposition Socialist Party politicians. The court had been due to rule in June, as Lagarde was bidding for the IMF job, but asked for more time to weigh its decision. "We have come out in favor of an investigation concerning Madame Lagarde," court official Gerard Palisse said, after the court met for several hours to examine the results of a preliminary judicial review. Yves Repiquet, a lawyer for Lagarde, told France's BFM TV that Lagarde had received the news calmly and even with relief, after months of speculation over whether a complaint brought by the Socialists would end up in an investiga-

tion. "This procedure is in no way incompatible with the current functions of the managing director of the IMF," Repiquet said in a statement. He said Lagarde had acted perfectly legally in letting the Tapie case be settled by arbitration. Lagarde, 55, is tasked with drawing a line under the Strauss-Kahn scandal, but she now faces the discomfort of being called for lengthy questioning by investigating judges. "An investigation could take a very long time, one could expect it to take several years as there would be a lot of witnesses to interview, among them Madame Lagarde, who could also be investigated as a suspect," Virginie Duval, general secretary of France's USM magistrates union, told Reuters television. Lagarde is accused of overruling objections from advisers to settle the case with Tapie, who said Credit Lyonnais bank had defrauded him in the 1993 sale of his stake in sports clothing group Adidas. Reuters


5

Friday, August 5, 2011

South East Asian stocks

Mixed with weaker bias, but Vietnam firm KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,941.72 11,846.16 95.56 0.80 48.58

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

2,966.68 2,913.52 53.16 1.79 1.63

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

2,665.55 2,633.92 31.63 1.19 0.05

Major Gainers

Symbol

Close

Change

FEROZ SHJS SHEL FASM MCB

95.00 68.06 214.62 57.70 184.35

3.83 3.11 2.92 2.70 2.56

Major Losers

Symbol

Close

Change

NESTLE 4,113.02 ULEVER 5,941.67 BHAT 242.26 AGTL 205.80 APL 350.27

-80.1 -22.4 -12.74 -8.45 -4.82

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA NBP JSCL HUBC NML

11.69 49.19 6.38 39.00 43.24

4.93 3.55 2.98 2.33 2.14

Active Issues Plus Minus Unchanged

73 137 84

Sector Updates FERTILISER 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)

Late buying contains major erosion at KSE Nawaz Ali KARACHI: Share prices continued to slide at the Karachi Stock Exchange (KSE) on Thursday as bears extended their stay due to further decline at global capital markets and concerns regarding security situation of the city. The benchmark KSE-100 index lost 95 points to close at 11,846 points, KSE 30-index fell by 60 points to close at 11,228 points and KSE allshare index dropped 64 points to close at 8,215 points. "Bearish activity continued on investors' concerns regarding violence in Karachi and uncertainty in global capital markets", said Ahsan Mehanti, Director Arif Habib Investments. It should be noted that bearish spell continued at most of the international capital markets on Thursday also concerns over the US economy and Europe's debt problems. Institutional interest in

US stocks late-morning

000 tonnes

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

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

European stocks sink on global growth, Eurozone fears

Wall Street falls 2pct NEW YORK: US stocks dropped on Thursday, taking the S&P 500 down 10 per cent from its May high, on escalating worries about the economy. All three indexes fell 2 per cent, with declining stocks beating advancers on the New York Stock Exchange by nearly 13 to 2. "The (economic) numbers are not coming in favorably. They haven't been, and this is a reaction to all of that. We're in a major correction..." said Joseph Cangemi, managing director at BNY ConvergEx Group in New York. The day's drop follows a string of declines for the market as investors worried about the outcome of talks to cut budget deficits in Washington, increasing evidence of US economic weakness and a spreading debt crisis in Europe. The S&P 500 fell for 7 straight days before rebounding Wednesday. Its losses since its May 2 high have now reached more than 10 per cent, putting it in correction territory. The CBOE Volatility index jumped to its highest since March. First-time claims for unemployment benefits edged down to 400,000 last week, the Labor Department said. The figure comes a day before the government's monthly payrolls report, one of the most closely watched numbers measuring the US economy. Energy and materials shares led losses on the S&P 500, with the S&P energy index and materials index each down more than 3 per cent. The Dow Jones industrial average was down 242.19 points, or 2.04 per cent, at 11,654.25. The Standard & Poor's 500 Index was down 29.63 points, or 2.35 per cent, at 1,230.71. The Nasdaq Composite Index was down 71.04 points, or 2.64 per cent, at 2,622.03. Overseas, the European Central Bank signaled it was buying government bonds in response to a deepening European debt crisis.-Reuters

selected blue chip scrips from oil, cement and banking sector was vibrant. Concerns regarding Pak-US confrontation on production of nuclear arms and uncertainty over release of tranche by the IMF also dampened investors' sentiment, he added. Though, the market has been witnessing some bearish activities for the last two days, trading started on a positive note. The index witnessed some mixed performance during the first half an hour and index moved on both sides. At a moment it touched an intraday high of 12,004 points (+ve 62). However, the continued decline in global stock markets over US debt issue allowed the bears to enter the floor. Index gradually kept on slipping and at about 12:52 PST touched an intra-day low of 11,752 points (-ve 189). Finally some institutional support at lower levels allowed the index to close the day with

reduced losses. Investors stayed cautious due to uncertainty over Pakistan-IMF relationship. It should be noted that meeting between the IMF officials and Ministry of Finance is expected to be held in September. Foreign investors remained mainly on the buying side as according to NCCPL data, offshore investors did net buying worth US$1.96 million on Thursday. Volumes were marginally up as 48.5 million shares traded during the day which was 2.4 million shares more as compared to a turnover of 46.1 million shares a day earlier. Lotte Pakistan was the top traded scrip with 4.93 million shares followed by National Bank of Pakistan with 3.54 million shares and Jahangir Siddiqui & Co. with 2.97 million shares. Out of total 294 active issues; 137 declined and 73 advanced while 84 issues minuend unchanged.

Indian shares fall third day NEW DELHI: Indian shares fell 1.4 per cent on Thursday, extending a slide into a third consecutive day on worries an uncertain global economy could hit foreign portfolio inflows. A pick-up in food inflation and below-normal monsoon rains also unnerved investors, who were stunned last week by a steep 50 basis points rate increase by the central bank to fight price pressures. Cigarette and consumer goods maker ITC and energy major Reliance Industries led the losses, driving the main 30share BSE index to its lowest close in six weeks. "There are local issues such as inflation and growth. But I think the major concern is what happens in Europe and America, because that will affect inflows," said R.K. Gupta, managing director at Taurus Asset Management in New Delhi. Foreign institutional investors (FIIs) had reversed

outflows for much of this year and started to pick up from late June, but there are worries of a slowdown. The benchmark index closed down 1.38 per cent, or 247.37 points, at 17,693.18, its lowest close since June 22, and taking losses over three days to 3.4 per cent. All but two components declined. The 50-share NSE index fell 1.35 per cent to 5,331.80. In the broader market there were almost two losers for every gainer in heavy volume of about 640 million shares changing hands. "As far as the domestic bad news is concerned, that seems to be already factored into the prices," said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries in New Delhi. "If the global economic conditions worsen further and FIIs start selling, the current levels may not be held." The MSCI world equity index was down 1.05 per cent See # 15 Page 11

Nikkei average came off five-wk low TOKYO: The Nikkei average came off five-week lows on Thursday after Japan intervened in currency markets to stem the yen's climb and the central bank eased monetary policy, but gave up earlier gains as worries about the global economy dominated. Two of Japan's oldest conglomerates, industrial electronics maker Hitachi Ltd and heavy machinery maker Mitsubishi Heavy Industries Ltd, gained in heavy trade and supported market sentiment after sources said they may merge. Intervention pushed the yen down to about 79 yen to the dollar from a level of around 77 yen, but market players said that with the US and euro zone economic and fiscal woes unresolved, the impact of Tokyo's solo intervention may be limited.

"The impact of the intervention may be short-lived as the view that the yen is still a safe haven currency hasn't changed amid concerns over the global economy," said Makoto Nagahori, head of equities at Instinet. "If unemployment data confirms a stagnant recovery in the US economy this Friday the dollar will likely fall, and the yen may rise again anyway," he said. The benchmark Nikkei rose 0.2 per cent to 9,659.18, while the broader Topix shed 0.1 per cent to 826.36. "The stock market is not very appreciative of today's easing and intervention," said Ryoji Musha, president of Musha Research. "First, it was not coordinated intervention, and also the yen's See # 16 Page 11

FTSE tumbles to 11-month closing lows LONDON: Britain's top share index tumbled and closed lower for the fifth consecutive trading day on Thursday, depressed by global growth concerns and sovereign debt worries ahead of key US jobs data. Inmarsat shares plunged 19.3 per cent, hitting their lowest level in more than 2-1/2 years after the satellite operator abandoned growth forecasts for its core business. But commodity and banking stocks were the main drag on London's blue chip index, as investors fled from risk on worries the stalling global economic recovery would feed through to what has so far been mainly robust corporate performance. "This economic recovery will be slower and more difficult because both nations and (some) consumers are overladen with debt," Louise Cooper, market analyst at BGC Partners, said. The FTSE 100 index plummeted 191.37 points, or 3.4 per cent to 5,393.14, closing below 5,400 for the first time since Sept 2, 2010. Investors bailed out of equities ahead of US non-farm payroll data on Friday which will be scrutinised for signs of how quickly the US economy can regain its momentum. "Having seen such a strong flight away from risk this week, (one fears) what the market reaction could be if we get another set of bad non-farm payroll numbers," said Joshua Raymond, Market Strategist at City Index. EARNINGS WORRIES Disappointing earnings from global miner Rio Tinto and part state-owned Lloyds Banking Group also weighed on the mining and banking sectors, respectively. "The (banking) sector remains in the long shadow of the banking crisis and continuing global economic difficulties, not to mention regulatory uncertainty. There was never going to be a quick way out of the woods," Paul Mumford, senior fund manager at Cavendish, which has 700 million pounds under management. See # 14 Page 11

Cement scrips pushes China stocks up

Hong Kong shares drop for third day HONG KONG: Hong Kong shares fell for THE thirdstraight session on Thursday, with cyclicals and small cap stock losing the most, ahead of US payrolls data on Friday, while cement shares led the China benchmark higher. The territory's heavy weights such as Hutchison Whampoa, which saw good buying interest ahead of first-half earnings announcements aftermarkets closed on Thursday, could not beat the broad market pessimism on account of global worries and ended lower. "Good earnings will serve as a good base, but it probably won't be the catalyst for any reversal over fundamental macroeconomic concerns overhanging likes this right now," said Larry Jiang, chief investment strategist at Guotai Junan Securities. Hutchison has gained 10 per

cent over the last three weeks, but could come under pressure on Friday after its earnings lagged forecasts. The Hang Seng index quickly gave up early gains and ended down 0.5 per cent at 21,884.7 points, with Chinese oil giants, CNOOC , PetroChina Co and China Petroleum & Chemical Corp among the hardest hit even as oil prices fell to the lowest in a month on Wednesday. All three stocks sank into technically oversold territory, with CNOOC the top drag on the Hang Seng Index, reaching a six-month low with its 2.4 per cent decline on Wednesday. Cement producer China National Building Material Co(CNBM) was one of the exceptions, gaining more than 3 per cent after forecasting first-half net profit would more than triple from a year ago. See # 13 Page 11

Payment of dividend

Disclosure of beneficiary made mandatory TFD Report ISLAMABAD: The apex regulator, Securities & Exchange Authority of Pakistan (SECP) has directed all the listed companies to issue dividend warrants in the name of the registered members only through "A/C payee only warrant", which is now pending publication in the official gazette. It has further been advised that where a shareholder specifically instructs the Company to issue dividend warrants in the name of a third person it should also be issued through a similarly "A/C payee only warrant", bearing the name of the nominated person. Since the current practices allows no trail of the ultimate beneficiary, following the new

rule will discourage the prevalent trend of benaami transactions in equities markets. This will also ensure that a complete financial trail with regard to the ownership of shares, recipients of dividends, and share of profits distributed by listed companies is available. Section 250 of the 1984 Companies Ordinance provides that a company shall only pay dividend to its registered shareholders or to his order or to his bankers or to a financial institution nominated by him for the purpose and not otherwise. Over the years it has been observed that a number of companies had been issuing dividend warrants crossed as "& Co." making it negotiable, instead of "A/C payee only".

Dhiyan

US SYNDROME A DAMPENER Salman Naqvi, Head of Sales Aba Ali Habib Securities Domestic market has been witnessing negative activities mainly due to selling pressure in the international markets and fragile local political and security situation. If the condition prevails then we can see some more correction, otherwise market is expected to recover on better than expected corporate result announcements. Further, release of IMF tranche and relaxation in Capital Gains Tax (CGT) rules would also trigger the market. Investors are recommended to by fertilizer, oil and selective cement stocks as prices are attractive. Market would be range bound today.

Saqib Hussain, Head of Sales M.M. Securities Market is expected to recover on back of good corporate results. However, if the US credit ratings are downgraded by international rating agencies and foreign selling initiates then we can see some bearish activities in the market. Investors are advised to adopt a 'wait and see' stance and stay on the sidelines. Market is likely to rebound today and would close on a bullish note.


6

Friday, August 5, 2011

Market

KSE 100 Index

Symbols

Volume

48,579,565

Value

2,257,125,086

Trades

36,830

Advanced Declined Unchanged Total

Current High Low Change

73 137 84 294

All Share Index

11,846.16 12,005.27 11,751.61 i95.56

Current High Low Change

8,215.17 8,323.87 8,154.96 i64.13

OIL AND GAS

Paid up Cap(mn)

Company

PE

Open

High

High Low 1,509.73 1,465.90 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.29 32.54 Low

Close Chg

Last 60 days High Low

Volume

6.33 355.09

355.50 345.12 350.27 -4.82

81464

394.90

345.12

300

Attock Refinery BYCO Petroleum

853 3921

3.88 119.54 8.35

121.21 115.00 118.35 -1.19 8.51 8.25 8.34 -0.01

878712 363933

143.50 10.10

115.00 8.00

-

Mari Gas Company 735 National Refinery 800 Oil & Gas Development 43009

4.11 100.00 4.94 360.53 9.90 148.85

101.00 99.00 100.50 0.50 362.90 351.50 357.90 -2.63 149.50 144.00 146.32 -2.53

10910 183497 403577

113.75 390.00 157.51

98.76 323.50 144.00

Pak Petroleum Pak Oilfields

7.62 207.78 7.82 353.21

209.89 207.00 208.36 356.25 348.25 354.79

340634 884846

219.70 391.69

Pak Refinery Limited

350 39.48

72.03

72.74

70.05

70.67 -1.36

4092

2011 Div BR (%) (%)

20B115.00

-

31 200 55

- 23.43 - 30.00

-

202.50 324.03

90 255

20B100.00 -100.00

-

89.25

70.05

-

1715 226

3.27 231.91 - 23.08

233.99 224.50 229.10 -2.81 22.99 22.03 22.31 -0.77

763920 1391

291.50 25.60

224.50 22.03

80 -

Shell Pakistan

685

7.63 211.70

216.00 208.00 214.62

1885

233.00

208.00

120

-

-

-

P.S.O Burshane LPG

2.92

% Change -0.73 5-Day High 1,551.67 5-Day Low 1,488.01

2010 Div BR (%) (%)

691

0.58 1.58

-

-

-

- 80.00 -

-

-

-

-

Company

Paid up Cap(mn)

High Low 1,833.16 1,788.85 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.00 35.00

PE

Open

High

Low

Close Chg

3924

-

17.40

17.95

16.50

17.93 0.53

Bawany Air

75

4.42

8.79

9.00

7.79

8.79 0.00

BOC (Pak)

250

7.61 101.00

101.50 101.00 101.00 0.00

Clariant Pak

341

5.89 149.00

148.00 144.06 145.00 -4.00

Agritech Limited

Dawood Hercules

4813

Descon Chemical

2.73

49.49

49.30

47.02

47.02 -2.47 1.86 0.01

Change -14.90 Market cap 364,585.48 mn Div Yield (%) 5.69

% Change -0.82 5-Day High 1,858.54 5-Day Low 1,802.91

50 300B

1.80

6635

-

9.02

9.10

8.51

8.56 -0.46

250739

12.67

8.51

22000

-

15.85

16.10

15.59

15.77 -0.08

1165883

17.60

12.10

Fauji Fertilizer

8482

8.25 159.57

Fauji Fert. Bin Qasim

9341

6.07

46.10

46.50

45.81

46.07 -0.03

2009540

384

3.52

49.00

51.45

51.39

51.43 2.43

1039

Sitara Chem Ind

214

2.43

98.80

Sitara Peroxide

551

4.77

15.52

1172988 172.97

-

-

-

- 27.5R

-

-

-

-

-

-

138.50

130

25B 92.50

-

48.05

41.26

65.5

- 35.00

-

57.79

47.00

20

-

-

4305

13.90

11.40

-

78509

160.00

147.11

175

-

-

-

15.61

11.60

5

-

-

-

4930703 269416

-

-

-

3.30

2.26

-

-

-

-

595

20.33

16.99

-

-

-

-

98.80

93.87

97.99 -0.81

2333

104.00

93.87

25

5B

-

-

15.60

15.30

15.40 -0.12

18620

18.60

15.30

-

-

-

-

Company

Paid up Cap(mn)

23.27

23.84

23.48

-

2.80

2.75

2.73

Honda Atlas Cars

1428

High Low 1,129.34 1,099.99 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.42 7.47

Close 1,104.65 Listed cap 1,186.83 mn Payout (%) 25.28

PE

Open

High

Low

Close Chg

Volume

707 76.95 50 1.77 411 5.36

16.03 43.01 41.44

16.60 42.98 41.79

16.05 41.00 41.00

16.16 0.13 41.55 -1.46 41.06 -0.38

58024 615 3438

Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar

186

Bawany Sugar

Last 60 days High Low 18.00 45.59 43.55

14.66 40.00 38.89

2010 Div BR (%) (%)

-

Paid up Cap(mn)

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

High Low 1,002.91 980.92 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.86 33.10

PE

Open

High

Low

565 3.39 675 555 20.09 4350 1199 8.72

25.90 2.03 11.08 13.01 49.21

26.05 2.28 11.25 13.49 50.00

25.53 2.00 11.25 13.02 48.75

Close Chg 25.91 2.03 11.25 13.35 48.77

0.01 0.00 0.17 0.34 -0.44

Close 985.67 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume 5511 117119 500 37308 22699

29.25 3.10 12.95 15.06 52.75

25.53 1.62 11.05 0.00 48.50

% Change -0.44 5-Day High 1,020.72 5-Day Low 985.67

2010 Div BR (%) (%) 30 40

Company Al-Abbas Cement Attock Cement

Balochistan Glass Ltd

PE

Open

High

High Low 848.67 813.69 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.39 7.10 Low

Close Chg

Close 833.75 Listed cap 54,792.74 mn Payout (%) 19.04

Last 60 days High Low

Volume

3657

-

2.10

2.30

2.20

2.22 0.12

1259

3.25

2.02

866

5.66

45.10

45.03

44.05

44.69 -0.41

6048

56.01

44.05

858

-

1.50

1.50

1.50

1.50 0.00

2.90

1.36

Berger Paints

182

-

13.80

13.95

13.00

13.95 0.15

6400

16.50

12.76

Cherat Cement

956 38.57

8.55

8.60

8.10

8.10 -0.45

5409

10.60

8.10

Dewan Cement

3891

DG Khan Cement Ltd

20000

26051

% Change 0.95 5-Day High 856.79 5-Day Low 825.89

2010 Div BR (%) (%) - 100R 50

-

-

-

2011 Div BR (%) (%) -

-

-

-

-

-

- 122R

-

-

-

-

-

-

-

1.46

1.47

1.36

1.45 -0.01

2.67

1.36

-

-

-

-

4381 29.16

21.86

22.10

21.45

21.87 0.01

1066525

25.85

21.31

-

20R

-

20R

3.71

3.90

3.47

3.58 -0.13

558877

5.04

3.47

-

-

-

92R

4.60

4.60

4.60

4.60 0.00

500

7.44

4.00

-

-

-

-

13311

6.17

Fecto Cement

502

3.97

1760

-

1.23

1.29

1.10

1.18 -0.05

36105

1.95

1.10

-

-

-

-

13126 57.50

2.30

2.45

2.27

2.30 0.00

208592

3.35

2.27

-

-

-

-

Flying Cement Ltd Lucky Cement

3234

4.84

70.69

73.25

70.62

72.93 2.24

1296235

77.43

69.40

40

- 40.00

-

Maple Leaf Cement

5267

-

1.99

2.00

1.82

1.92 -0.07

190408

3.05

1.82

-

-

-

-

Pioneer Cement

2271

-

4.68

4.72

4.45

4.63 -0.05

9579

6.34

4.45

-

-

-

-

Shabbir Tiles

721

-

6.99

7.00

6.65

7.00 0.01

2000

7.49

5.37

-

-

- 100R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 960.13 Turnover 239,668 P/E (x) 2.74 Company Cherat Packagin ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack

High Low 967.83 959.78 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91

Close 959.31 Listed cap 3,043.31 mn Payout (%) 15.55

Change -0.82 Market cap 35,694.22 mn Div Yield (%) 5.68

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

172

2.22

45.71

47.49

45.22

45.26 -0.45

4257

54.48

45.01

% Change -0.09 5-Day High 977.68 5-Day Low 959.31

2010 Div BR (%) (%) 20

25B

2011 Div BR (%) (%) -

50R

19932

64.50

1.25

1.05

9.32 65.73

4.61

3.90

3.61

3.61

1.79

41.00

39.01

39.01

41.00

15B

-

-

-

- 60.00

25B

235.00

163.10

60

102

24.85

22.00

20

-

-

-

1000

4.41

2.16

-

-

-

-

-

106

11.58

9.00

-

-

-

0.11

142

232.53

199.37

150

- 50.00

-

1.23

4419

72.50

61.35

5

-

-

-

36006

1.54

1.01

-

-

-

-

High Low 2,371.35 2,312.17 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.17 30.30

4.69

20B

0.00

1.05 -0.06

Low

-

15B 65.00

Close Chg -1.00 0.00

Close 2,346.51 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -14.34 Market cap 335,220.59 mn Div Yield (%) 0.54

Last 60 days High Low

% Change -0.61 5-Day High 2,373.17 5-Day Low 2,332.09

2010 Div BR (%) (%)

2100

6.90

3.61

-

200

54.20

37.05

50

2011 Div BR (%) (%)

-

-

-

-

-

Revenue (Rs in mn)

1,676.73

MA (200-day)

2.01

Interest Expense

138.59

1st Support

1.31

Loss after Taxation

(18.39)

2nd Support

1.21

EPS 10 (Rs)

1st Resistance

1.50

Book value / share (Rs)

2nd Resistance

1.59

PE 11 E (x)

Pivot

1.40

PBV (x)

180.46 1,742.07

(0.80) 7.85 0.18

ECOP closed up 0.04 at 1.45. Volume was 112 per cent above average and Bollinger Bands were 44 per cent narrower than normal. The company's loss after taxation stood at Rs102.609 million which translates into a Loss Per Share of Rs4.48 for the nine months of fiscal year (9MFY11). ECOP is currently 27.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ECOP (mildly bullish). Trend forecasting oscillators are currently bullish on ECOP.

Sui Southern Gas Company Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

33.08

Total Assets (Rs in mn)

MA (10-day)

20.05

Total Equity (Rs in mn)

MA (100-day)

22.06

Revenue (Rs in mn)

MA (200-day)

22.70

Interest Expense

5,015.89

1st Support

19.39

Profit after Taxation

4,399.15

2nd Support

18.96

EPS 10 (Rs)

6.554

Book value / share (Rs)

20.97

1st Resistance

20.48

110,759.62 14,072.35 107,736.78

9.09

9.05

9.09

0.46

2302

9.80

7.50

-

-

-

-

2nd Resistance

21.14

PE 11 E (x)

5.57

2.04

1.95

1.95

0.14

10022

2.99

1.51

-

-

-

-

Pivot

20.05

PBV (x)

0.94

Dewan Sugar

365

-

2.10

2.10

2.06

2.07

-0.03

3957

3.85

2.05

-

-

-

-

Faran Sugar

217

1.91

18.52

19.52

19.00

19.39

0.87

1158

19.52

17.50

25

-

-

-

Habib Sugar

750

5.24

26.47

26.62

26.10

26.20

-0.27

37203

28.00

23.30

25

25B

-

-

Haseeb Waqas

324

-

-

J D W Sugar

539

2.64

79.24

81.39

78.02

80.59

1.35

1566

90.49

74.00

7010B 12.5R

-

10R

84

1.48

-

51.00

52.00

50.50

50.86

-0.14

2851

54.50

41.00

15

-

-

65.00

-0.50

61.70

12

414

11.23

107

15.27

10.14

65.50

65.50

62.58 6.00

10.99

0.85

503

12.50

1008

8.25

88.00 6.99

-

-

-

0.71

-

2.32

2.43

2.36

2.41

0.09

19500

3.40

1.75

-

-

-

-

2.71

64.95

68.19

65.00

68.06

3.11

9599

71.50

60.00

-

-

-

-

Tandlianwala

1177

18.53

52.25

52.25

52.25

52.25

0.00

60.30

47.09

-

-

-

-

6135.00 4915.70

492

-

-

-

1000

-

-

6.72

223

146

1.81

20B

120

21.97 5964.07 6000.00 5888.88 5941.67 -22.40

4009

10

Sakrand Sugar

665

6.99

11.00

Shahtaj Sugar UniLever Pakistan

6.01

11.00

-

SSGC closed down -0.23 at 19.77. Volume was 672 per cent above average (trending) and Bollinger Bands were 46 per cent narrower than normal. The company's profit after taxation stood at Rs2.230 billion which translates into an Earning Per Share of Rs2.66 for the nine months of fiscal year (9MFY11). SSGC is currently 12.9 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 SSGC at a relatively equal pace. Trend forecasting oscillators are currently bearish on SSGC.

Japan Power Generation Limited

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 607.86 Turnover 10,941 P/E (x) 1.13 Paid up Cap(mn)

Hala Enterprise Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind

High Low 625.72 598.20 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.12 10.64

PE

Open

High

Low

68 106 1219 375 113.69 693 1.28

7.40 3.49 5.83 14.78 9.70

8.00 2.65 6.05 15.78 10.00

8.00 2.65 5.65 15.00 9.60

Close Chg 8.00 2.65 5.76 14.78 9.70

0.60 -0.84 -0.07 0.00 0.00

Close 602.14 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 650 509 7202 227 3003

Change -5.72 Market cap 4,170.12 mn Div Yield (%) 5.55

% Change -0.94 5-Day High 632.60 5-Day Low 602.14

Last 60 days High Low

2010 Div BR (%) (%)

9.50 4.70 8.60 20.13 13.33

17.5

7.00 1.82 5.65 13.10 9.50

10B 10B -

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 955.49 Turnover 4,102,978 P/E (x) 4.81 Paid up Cap(mn)

AL-Qadir Textile

76

High Low 964.03 946.59 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.42 8.64

Close 956.48 Listed cap 47,070.70 mn Payout (%) 16.68

Change 0.99 Market cap 116,173.96 mn Div Yield (%) 3.47

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1.06

11.50

10.50

10.50

10.50 -1.00

500

11.60

9.50

% Change 0.10 5-Day High 959.05 5-Day Low 955.49

2010 Div BR (%) (%) 10

-

2011 Div BR (%) (%) -

-

Amtex Limited

2594

-

2.36

2.39

2.10

2.29 -0.07

395521

3.76

1.85

-

30B

-

-

Azgard Nine

4493

-

5.75

5.75

5.48

5.57 -0.18

661633

7.09

5.48

-

-

-

-

Bata (Pak)

76

7.65 650.00

682.25 650.00 650.07 0.07

645

716.00

425.00

280

-

-

-

Bhanero Tex Mills

30

0.77 255.00

242.26 242.25 242.26-12.74

200

257.25

225.00

200

-

-

-

0.98 102.00

103.50

33500

105.00

56.07

50

Blessed Tex Mills

64

98.00 102.33 0.33

-

-

1150

-

1.60

1.64

1.30

1.41 -0.19

540

2.44

1.30

-

-

-

-

2442

1.56

1.55

1.89

1.47

1.50 -0.05

7667

2.64

1.32

-

-

-

-

D S Ind Ltd

600

-

1.00

1.18

0.85

0.95 -0.05

43484

1.39

569

0.80

-

15B

-

28.00

26.60

27.24 -0.36

38.25

26.60

0.79

55.00

57.70

52.26

57.70 2.70

1500

57.70

40.26

50

-

-

-

0.32

8.08

8.25

7.61

7.61 -0.47

1998

12.16

7.61

10

20B

-

-

716

0.70

3.50

3.55

3.50

3.50 0.00

4.45

3.50

10

3105

2.53

35.51

35.51

35.51

35.51 0.00

103

47.00

35.50

20

-

-

-

300

-

0.81

0.75

0.75

0.75 -0.06

500

1.45

0.60

-

-

-

-

Idrees Textile

180

1.76

4.60

4.60

4.60

4.60 0.00

2476

5.74

3.80

10

-

-

-

Khalid Siraj

107

0.40

1.54

1.49

1.41

1.45 -0.09

36008

2.44

1.00

-

-

-

-

Kohinoor Ind

303

-

1.06

1.05

1.00

1.00 -0.06

9000

1.64

0.75

-

-

-

-

2455

3.69

3.21

3.20

3.18

3.21 0.00

155

5.00

2.80

-

-

-

-

Kohinoor Textile Land Mark Spinning

-

-

1.10

1.50

1.50

1.50 0.40

1000

2.00

1.10

-

-

-

-

60

9.69

3.00

3.10

2.85

3.10 0.10

510

3.15

1.65

-

-

2.50

-

187

0.61

15.00

15.00

15.00

15.00 0.00

5525

16.25

14.10 20SD

-

-

-

Nishat (Chunian)

1621

2.72

18.59

18.94

17.59

17.68 -0.91

606217

26.45

17.59

15

-

-

-

Nishat Mills

3516

3.84

45.09

46.00

42.84

43.24 -1.85

2136274

61.99

42.84

25

45R

-

-

Pak Synthetic

560

2.45

19.73

20.45

18.73

19.61 -0.12

22411

20.90

17.30

-

-

-

-

Prosperity

185

0.97

14.00

14.95

14.75

14.87 0.87

3571

15.45

13.00

30

-

-

-

Nagina Cotton

Ravi Textile

-

0.90

0.95

0.80

0.91 0.01

1.30

0.36

-

Reliance Cotton

103

0.51

26.00

26.80

26.80

26.00 0.00

200

28.72

24.70

20

-

-

-

Saif Textile

264

0.23

6.55

6.58

6.55

6.55 0.00

6389

9.25

6.50

-

-

-

-

Sally Textile Sana Ind

250

88 55

0.25

6.38

2.80

37.05

7.38

6.00

6.44 0.06

38.00

36.98

36.98 -0.07

25053

5115

8.94

2300

41.48

5.62 36.50

-

10

-

60

-

-

-

-

-

Sapphire Fibre

197

0.99 118.00

118.00 118.00 118.00 0.00

1000

123.90

110.68

15

-

-

-

Service Ind

120

3.22 188.41

190.00 187.00 188.41 0.00

126

214.95

170.00

75

-

-

-

PE 11 E (x)

1.15

PBV (x)

(6.68) (0.17)

Nishat (Chunian) Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

17.53

Total Assets (Rs in mn)

MA (10-day)

19.62

Total Equity (Rs in mn)

MA (100-day)

24.85

Revenue (Rs in mn)

14,251.88

MA (200-day)

24.29

Interest Expense

1st Support

17.16

Profit after Taxation

2nd Support

16.70

EPS 10 (Rs)

5.875

1st Resistance

18.51

Book value / share (Rs)

27.96

2nd Resistance

19.40

PE 11 E (x)

1.65

Pivot

18.05

PBV (x)

0.63

4,432.51 13,343.54 1,101.05 931.47

NCL closed down -0.91 at 17.68. Volume was 5 per cent above average and Bollinger Bands were 59 per cent wider than normal. The company's profit after taxation stood at Rs1.283 billion which translates into an Earning Per Share of Rs8.06 for the nine months of fiscal year (9MFY11). NCL is currently 27.2 per cent below 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 very strong flows of volume out of NCL (bearish). Trend forecasting oscillators are currently bearish on NCL. Momentum oscillator is currently indicating that NCL is currently in an oversold condition.

BOOK CLOSURES

1.80

1.10

-

-

176

17.54

-

Company

53.00

53.25 -0.75

535

58.50

51.00

25

10B

-

-

Tata Textile

173

0.39

28.50

28.50

28.50

28.50 0.00

200

37.75

28.50

25

-

-

-

Trust Investment Bank #

05-Aug

12-Aug

-

-

10.23 -0.67

36815

14.35

9.78

-

-

-

-

Thal Ltd

307

-

98.75

99.90

97.92

98.22 -0.53

7200

108.00

97.00

80

20B

-

-

General Tyre & Rubber #

07-Aug

18-Aug

-

-

47 12.11

27.57

28.94

26.50

27.00 -0.57

6021

30.39

24.02

-

-

-

-

Treet Corp

418

6.45

50.29

51.90

49.29

51.63 1.34

52488

59.20

49.29

50 900B

-

-

Nishat Power #

08-Aug

22-Aug

-

-

22-Aug

Yousuf Weaving

400

0.53

1.20

1.20

1.19

1.19 -0.01

4100

2.16

1.00

-

-

(TFC) Allied Bank

13-Aug

26-Aug

-

-

-

Nishat Chunian Power #

16-Aug

22-Aug

-

-

First Habib Modaraba

25-Aug

31-Aug

22

-

-

Fauji Fertiliser

29-Aug

04-Sep

-

-

-

MCB Bank

02-Sep

09-Sep

30(III)

-

-

28-Oct

03-Nov

-

-

-

118.00

101.75

32.5

-

-

-

Tri-Pack Films

300

187.10 182.10 184.04 -0.82

33734

188.90

161.30

100

-

-

-

7.18 184.86

INDUSTRIAL ENGINEERING

Paid up Cap(mn)

PE

AL-Khair Gadoon

100

AL-Ghazi Tractor

215

3.56 214.25

Ghandhara Ind

213

8.33

7.80

-

31.75

KSB Pumps

132

Millat Tractors

366

-

Open 5.15

8.77 579.79

High 5.19

High Low 1,695.34 1,666.66 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.77 38.02 Low 5.19

Close Chg

Performance of SR Pharma and Bio Tech Index

5.19

0.04

215.01 204.00 205.80 -8.45 7.40

6.80

31.74

30.17

7.00 -0.80 31.75

0.00

581.00 572.00 577.01 -2.78

Close 1,681.63 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 500 8856 32372 212 11477

-

PHARMA AND BIO TECH

Performance of SR Industrial Engineering Index Open 1,692.13 Turnover 53,442 P/E (x) 7.28

-

-

Book value / share (Rs)

1.25

Pivot

JPGL closed up 0.03 at 1.14. Volume was 48 per cent above average and Bollinger Bands were 33 per cent narrower than normal. The company's loss after taxation stood at Rs1.175 billion which translates into a Loss Per Share of Rs7.53 for the nine months of fiscal year (9MFY11). JPGL is currently 20.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JPGL at a relatively equal pace. Trend forecasting oscillators are currently bearish on JPGL.

10.20

1633

-

1.23

2nd Resistance

(2.899)

1.49

106.10 105.90 106.10 1.10

5

1st Resistance

691.43 (452.35)

11.49

844 17.68 105.00

12.90

EPS 10 (Rs)

53.25

-

23.94

Loss after Taxation

1.05

1.41

-

1000

1.13

2nd Support

54.00

160929

18.94 -1.00

1st Support

2,731.94

10.90

1.45 0.04

18.94

Interest Expense

5.42

1.30

18.94

(1,042.83)

Revenue (Rs in mn)

1.43

2.04

-

19.94

Total Equity (Rs in mn)

1.23

MA (200-day)

389

230

Shadman Cot

1.16

MA (100-day)

-

121

Leather Up

7,598.16

MA (10-day)

-

ICC Textile

Ibrahim Fibres

-

-

Total Assets (Rs in mn)

-

27.60

100 222

26000

5

-

-

Faisal Spinning Gulshan Spinning Hira Textile Mills Ltd.

591

46.78

-

Chenab Limited Colony Mills Ltd Dawood Lawrencepur

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

1067

Packages Ltd

Company

-

1.59

8.63

-

Fauji Cement

Lafarge Pakistan Cmt.

50

1.50

MA (100-day)

1.81

Company

Change 7.86 Market cap 67,767.75 mn Div Yield (%) 3.44

9.15

67.50

High

CONSTRUCTION AND MATERIALS

Paid up Cap(mn)

100

112.10

Total Equity (Rs in mn)

-

2011 Div BR (%) (%)

- 35.00 25B 15.00 20B 15

9.15

207.00 204.38 204.49

1.11

Open

-

Performance of SR Construction and Materials Index Open 825.89 Turnover 3,434,039 P/E (x) 5.54

208.00

3.46

Total Assets (Rs in mn)

1.42

2.01

Company

Change -4.31 Market cap 14,854.81 mn Div Yield (%) 11.95

9.32 64.50

PE

INDUSTRIAL METALS AND MINING

Company

0.00

2.73 -0.07

241.50 160.00

2011 Div BR (%) (%)

-

54.36

MA (10-day)

87

2011 Div BR (%) (%)

2533.33B 50 - 50.00

Performance of SR Industrial Metals and Mining Index Open 989.98 Turnover 145,829 P/E (x) 2.59

23.27

% Change -0.39 5-Day High 1,114.75 5-Day Low 1,104.02

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

990

National Foods

% Change -0.44 5-Day High 1,128.35 5-Day Low 1,104.65

-

Colony Sugar Mills

Quice Food

Change -4.84 Market cap 3,047.36 mn Div Yield (%) 4.48

-

7.06 204.38

Open 2,360.85 Turnover 97,474 P/E (x) 56.68

Mirpurkhas Sugar

Performance of SR Forestry & Paper Index

Century Paper Pak Paper Product Security Paper

4.43

-

FORESTRY AND PAPER Open 1,109.49 Turnover 62,077 P/E (x) 5.64

598 450

-

-

20.32 0.99

190.00 180.41 187.42 -2.35

General Tyre Ghandhara Nissan

1073 1089 78002

47.02

-

19.33

0.08

66.00

20B

20.33

2.60

Performance of SR Food Producers Index

60

19.33

2.57 189.77

2.60

-

133.50

5.58

71

2.75

-

1245040 198.00

42

Exide (PAK)XDXB

2.52

25B

3933

Pak Gum

237.00 234.65 235.13 -1.12 123.75 120.00 120.77 -3.21

-

135

Engro Corporation Ltd

2.89 -0.05

6.24 236.25 7.22 123.98

144.06

-

2.80

101 719 1087

167.00

-

3.04

Dewan Motors

90

8487

2.79

2011 Div BR (%) (%)

- 50SD -

2010 Div BR (%) (%)

67.50

FOOD PRODUCERS

-

2.94

Atlas Battery Atlas Honda

Last 60 days High Low 73.00

-

-

1106 12.57

3988

-

-

Nimir Ind Chemical

Volume

67.49 -2.54

-

-

11.53 0.01

Close Chg

67.50

60

-

11.69 -0.07

Low

68.01

90.50

-

11.50

High

70.03

109.99

5.60

11.60

Open

4.16

2000

2.04

11.79

PE

144

117

8.40

12.19

Paid up Cap(mn)

823 14.80

121250

40 15

Change -4.36 Market cap 40,834.18 mn Div Yield (%) 5.52

786

3.65

153.98 147.11 148.27 -2.74

Close 1,104.02 Listed cap 6,768.53 mn Payout (%) 20.42

Transmission

179033

11.52

High Low 1,119.89 1,098.19 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.94 25.35

Pak Suzuki

224063

11.76

Open 1,108.38 Turnover 145,938 P/E (x) 3.70

Indus Motors

5.80 -0.10

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

-

2.08 -0.02

9.69

EcoPack Limited

% Change -0.23 5-Day High 789.20 5-Day Low 750.24

AUTOMOBILE AND PARTS

-

5.77

8.24 151.01

70.00 21.10

-

2.04

3.27

91.20 29.50

-

5.95

725

Last 60 days High Low

7431 773

-

2.19

1388

Volume

78.05 -0.47 22.68 0.49

10R

5.90

15142

Close Chg

78.04 21.10

-

2.10

Ghani Gases Ltd

Low

79.90 23.00

5

-

ICI Pakistan

High

78.52 22.19

6.11

-

Lotte Pakistan

Open

7.18 6.65

16.50

8.53

Gatron Ind

PE

1092 1321

9.00

1996

160.50 158.00 158.64 -0.93

Paid up Cap(mn)

Pak Int Cont. Terminal PNSC

20.94

1020

139.20 133.50 136.10 -1.92

20,761.16 20,950.70 20,614.04 i78.86

Change -1.80 Market cap 11,768.17 mn Div Yield (%) 2.28

Volume

17001

2011 Div BR (%) (%)

Close 770.51 Listed cap 3,242.17 mn Payout (%) 11.08

12500 261

2010 Div BR (%) (%)

High Low 787.51 763.45 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.24 25.53

Last 60 days High Low

3663

Engro Polymer

1.80

Close 1,802.91 Listed cap 52,251.88 mn Payout (%) 48.81

Descon Oxychem Ltd.

6.08 138.02

1.95

Company

Agriautos Ind

Dewan Salman

Fatima Fertilizer

1.85

Open 772.31 Turnover 8,204 P/E (x) 4.87

Company

CHEMICALS Performance of SR Chemicals Index Open 1,817.80 Turnover 10,531,521 P/E (x) 8.57

Current High Low Change

11,228.47 11,346.53 11,122.46 i60.97

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,488.01 -10.92 Listed cap Market cap 65,194.15 mn 1,092,776.21 mn Payout (%) Div Yield (%) 55.94 5.53

Attock Petroleum

11950 2365

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,498.93 Turnover 3,553,537 P/E (x) 10.12

KSE 30 Index

Change -10.49 Market cap 32,844.35 mn Div Yield (%) 18.06

Last 60 days High Low

Open 973.94 Turnover 87,400 P/E (x) 6.08

% Change -0.62 5-Day High 1,739.59 5-Day Low 1,681.63

2010 Div BR (%) (%)

2011 Div BR (%) (%)

High Low 988.88 971.83 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.36 22.31

Close 976.61 Listed cap 3,904.20 mn Payout (%) 44.54

Change 2.67 Market cap 31,976.56 mn Div Yield (%) 7.32

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Abbott (Lab)

979

5.81

94.87

95.50

94.00

94.87

0.00

110

97.80

88.75

50

Company

% Change 0.27 5-Day High 983.64 5-Day Low 973.94

2010 Div BR (%) (%) -

2011 Div BR (%) (%)

Husein Industries

Spot AGM/Date 12-Aug 18-Aug

22-Aug

OTHER SECTORS Symbols

Low Close

Change

Vol

47

45

45

0

1904

2.3

2.15

2.17

-0.07

309590

Murree Brewery Co.

107

108.7

106

108.64

1.64

1545

5.3

6.09

4.7

5.65

0.35

4000

2.01

2.12

1.92

1.95

-0.06

43404

31.69

31.99

30.11

31.69

20B 12.50

-

-

-

Ferozsons (Lab)

250

7.86

91.17

95.48

95.00

95.00

3.83

401

98.73

88.21

-

244.00

204.00

400

-

-

-

GlaxoSmithKline

2019

10.35

72.44

73.90

71.95

72.44

0.00

314

79.99

71.53

40

15B

-

-

Shakarganj Food

9.78

6.80

-

-

-

-

Highnoon (Lab)

182

6.46

29.00

29.25

27.81

27.89

-1.11

9550

33.45

25.50

25

10B

-

-

P.I.A.C.(A)

40.44

30.17

12.5

-

-

-

IBL HealthCare Ltd

200

3.69

9.50

9.50

9.00

76501

10.70

9.00

-

-

-

-

625.80

518.90

650

25B325.00

-

Searle Pak

306

5.85

59.75

60.34

60.00

524

62.80

54.00

30

-

-

-

AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies

45

High

2.24

-

-

Pakistan Cables

Open

TRG Pakistan Ltd.

-

-

0.25

D/B/R

INDICATIONS

4.25

9.00 -0.50

To

# Extraordinary General Meeting

6.25

60.00

From

0

121

1.91

1.98

1.73

1.77

-0.14

857663

19.37

20.1

18.37

18.41

-0.96

733663


7

Friday, August 5, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 763.75 Turnover 1,907,001 P/E (x) 3.69 Company

High Low 775.54 741.44 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.47 12.84

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

37740 3000 8606 6175

9.48 2.20 -

11.91 1.22 1.65 1.80

12.05 1.34 1.70 1.88

11.52 1.30 1.60 1.61

11.57 -0.34 1.30 0.08 1.61 -0.04 1.63 -0.17

Pak. Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

Close 744.60 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1472093 146980 287928 74597

Change -19.15 Market cap 46,670.49 mn Div Yield (%) 16.97

% Change -2.51 5-Day High 812.30 5-Day Low 744.60

Last 60 days High Low

2010 Div BR (%) (%)

17.70 1.94 2.50 2.97

17.5 1 -

11.52 1.20 1.60 1.61

2011 Div BR (%) (%)

-

-

Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance

280 2.99 443 3.60 391 1.18 457 4.03 1250 11.75 450 7.36 970 6.04 989 9.83 3000 5.04 303 3.28 284 5.49

8.11 29.22 52.72 7.49 30.84 11.00 72.00 56.00 14.88 7.50 8.95

Paid up Cap(mn)

Company Genertech

PE

Open

High

Low

Close Chg 0.45

Close 1,362.15 Listed cap 95,369.29 mn Payout (%) 104.13

Volume

198

-

0.45

0.46

0.45

Hub Power

11572

7.83

39.04

39.21

38.85

Japan Power

1560

-

1.11

1.17

1.07

1.14

0.00

KESC

7932

-

2.10

2.15

2.08

2.09 -0.01

Kohinoor Energy

1695

Kot Addu Power

39.00 -0.04 0.03

26564

Change -0.22 Market cap 111,087.05 mn Div Yield (%) 7.79

Last 60 days High Low

% Change -0.02 5-Day High 1,385.48 5-Day Low 1,362.15

2010 Div BR (%) (%)

Open 913.28 Turnover 3,453 P/E (x) 5.24

0.75

0.16

-

-

-

40.00

36.70

50

- 25.00

-

168652

1.49

1.03

-

-

-

-

-

7767

2.57

2.03

-

7.8R

-

-

5.32

17.25

17.60

17.57

17.60

0.35

1035

18.20

15.60

25

- 10.00

-

8803

5.49

42.54

43.75

42.40

42.74

0.20

1178818

44.19

41.75

50

- 30.00

-

Nishat Chunian Power Ltd 3673

2.43

13.66

13.84

13.31

13.50 -0.16

142767

17.25

13.31

-

- 10.00

Nishat Power Ltd

3541

2.14

15.04

15.44

14.95

15.00 -0.04

235415

17.70

14.95

-

-

-

-

Southern Electric

1367

-

1.25

1.29

1.20

1.22 -0.03

16203

1.69

1.20

-

-

-

-

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 13.59 8390 4.46

Open

High

19.21 20.00

19.48 20.71

High Low 1,273.68 1,217.71 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.90 11.41 Low 18.80 19.62

Close Chg

Volume

19.02 -0.19 19.77 -0.23

18056 1479259

Last 60 days High Low 23.60 23.75

18.15 19.62

% Change -1.07 5-Day High 1,258.65 5-Day Low 1,229.47

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Open 1,067.30 Turnover 9,027,345 P/E (x) 6.91 Paid up Cap(mn)

Company

PE

Open

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

8603 5.29 63.74 7070 4.86 10.74 13492 5.24 9.93 8786 6.11 28.82 5004 1.83 4.30 5288 6.04 5280 9.73 3.65 7327 4.40 9.63 11021 7.42 119.12 Habib Metropolitan Bank XB 10478 5.16 17.69 JS Bank Ltd 8150 41.00 2.10 KASB Bank Ltd XR 9509 1.37 MCB Bank Ltd 8362 7.29 181.79 Meezan Bank XB 8030 5.57 18.89 National Bank 16818 3.87 50.89 NIB Bank 40437 1.35 Silkbank Ltd 26716 13.38 2.17 Soneri Bank 8026 2.33 4.70 Stand Chart Bank 38716 6.08 7.54 Summit Bank Ltd 8701 3.02 United Bank Ltd 12242 5.18 58.11

High

Low

Close Chg

Volume

64.49 62.50 62.67 -1.07 10.80 10.60 10.69 -0.05 10.00 9.80 9.95 0.02 28.98 28.50 28.84 0.02 4.45 4.10 4.10 -0.20 6.17 5.95 6.02 -0.02 3.61 3.50 3.60 -0.05 9.70 9.41 9.50 -0.13 119.35 118.50 118.82 -0.30 18.00 17.66 17.94 0.25 2.35 1.77 2.05 -0.05 1.39 1.26 1.26 -0.11 185.20 181.15 184.35 2.56 19.40 19.00 19.15 0.26 51.01 48.86 49.19 -1.70 1.40 1.31 1.31 -0.04 2.28 2.12 2.14 -0.03 4.75 4.61 4.66 -0.04 7.89 7.65 7.54 0.00 3.20 2.91 2.99 -0.03 59.60 57.75 57.98 -0.13

Change 0.66 Market cap 639,238.55 mn Div Yield (%) 5.86

Last 60 days High Low

34912 68.99 54797 12.35 273014 10.96 205715 29.75 12729 5.96 1559935 7.35 31999 4.09 14799 10.73 13841 122.99 7028 22.45 8327 3.00 34852 1.77 666372 210.95 43819 19.84 3547804 55.80 1760514 1.89 567794 3.06 30067 6.69 298 9.20 76324 4.75 158729 65.01

60.50 10.60 9.42 28.25 3.75 5.00 3.25 9.00 114.10 17.00 1.50 1.25 180.50 16.60 48.86 1.31 2.12 4.61 7.50 2.67 57.75

% Change 0.06 5-Day High 1,098.55 5-Day Low 1,067.30

2010 Div BR (%) (%)

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 668.78 Turnover 226,816 P/E (x) 9.52 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 683.96 652.19 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.50 5.20

Close 664.40 Listed cap 11,111.34 mn Payout (%) 79.54

High

Low

Close Chg

Volume

Last 60 days High Low

67.13

67.50 -1.01

3452

73.25

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5.63

53.61

54.90

51.89

52.46 -1.15

22750

69.90

51.89

% Change -0.66 5-Day High 692.40 5-Day Low 664.40

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

-

56.82

% Change -0.93 5-Day High 913.28 5-Day Low 884.18

2010 Div BR (%) (%) 50

2011 Div BR (%) (%)

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 267.59 Turnover 3,540,820 P/E (x) 11.46 Company

High Low 273.20 253.10 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.16 0.91

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

225

0.83

0.37

0.45

0.32

0.40 0.03

450 17.18 3750

3.38

First Credit & Invest Bank Ltd 650

Close 259.48 Listed cap 30,336.44 mn Payout (%) 99.56

Change -8.11 Market cap 12,946.34 mn Div Yield (%) 5.61

Last 60 days High Low

Volume 504

0.64

% Change -3.03 5-Day High 275.42 5-Day Low 259.48

2010 Div BR (%) (%)

0.25

-

-

2011 Div BR (%) (%) -

-

16.32

16.65

16.00

16.32 0.00

10302

20.20

14.00

-

20B

-

-

25.68

26.15

24.76

25.27 -0.41

1751731

29.24

20.53

30

-

-

-

5.00

5.00

Invest Bank

2849

-

0.39

0.39

0.28

0.32 -0.07

2515

0.74

0.22

-

-

-

-

Ist Cap Securities

3166

-

2.21

2.60

2.11

2.21 0.00

61148

3.24

1.76

-

10B

-

-

626

0.63

Ist Dawood Bank

-

5.01

-

-

6.70

6.20

6.38 -0.33

2979670

8.34

6.20

10

-

-

-

2.58

2.20

2.28 -0.09

105873

3.38

2.20

-

-

-

-

POL-AUG

355.25

ATRL-AUG

19.25

775

5.04

19.00

18.41

18.41 -0.84

1000

22.94

17.62

50

-

-

-

-

49.70

-1.63

137.21

-1.94

487000

349.50

Low

356.35

Close

Change

1.10

400500

Vol 523000

120.79

122.10

116.00

119.33

-1.46

387500

6.43

4.01

-

-

-

-

DGKC-AUG

22.08

22.24

21.51

22.07

-0.01

382500

5.25

-

-

-

-

NML-AUG

45.55

45.75

43.28

43.65

-1.90

296500

-

FFBL-AUG

46.48

46.65

46.14

46.31

-0.17

254500

FFC-AUG

160.66

161.24

159.00

159.82

-0.84

MCB-AUG

183.49

186.40

182.00

185.30

1.81

LUCK-AUG

71.23

73.40

71.00

73.03

1.80

132000

HUBC-AUG

39.25

39.25

39.00

39.20

-0.05

100000

1.50

1.39

1.41 0.02

34118

1.99

1.32

-

-

-

2.85

3.00 0.25

248302

3.00

1.50

-

-

-

-

1.19

1.20 0.00

3968

2.29

0.83

-

-

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,498.52 Turnover 328,568 P/E (x) 16.06 Open

High

2.49

High Low 1,504.06 1,464.05 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.35 2.21 Low

2.36

Close Chg

2.34

2.36 -0.13

Close 1,475.08 Listed cap 29,771.58 mn Payout (%) 104.74

Change -23.44 Market cap 18,806.45 mn Div Yield (%) 10.13

Last 60 days High Low

Volume 1200

2.90

% Change -1.56 5-Day High 1,530.61 5-Day Low 1,475.08

2010 Div BR (%) (%)

1.41

0

2011 Div BR (%) (%)

-

-

-

65

2.70

1.27

1.86

1.41

1.27 0.00

143

1.99

1.20

-

-

-

-

113

4.26

2.96

3.10

3.07

3.07 0.11

5536

3.89

2.10

5

-

-

-

1.06

-

Golden Arrow

760

2.15

3.20

3.26

3.25

3.25 0.05

73400

3.72

3.11

17

-

-

-

H B L Modaraba

397

3.44

7.20

7.22

7.01

7.01 -0.19

8400

8.44

7.01

11

-

-

-

Habib Modaraba

1008

7.32

21

JS Growth Fund

3180

1.89

5.90

5.50

5.50

5.50 -0.40

5000

7.30

5.32

12.5

-

-

-

JS Value Fund

1186

0.53

5.15

5.10

4.65

5.09 -0.06

1832

6.10

4.65

10

-

5.00

-

250

3.98

5.50

5.30

5.30

5.30 -0.20

4500

6.00

4.60

10

-

-

-

-

Pak Modaraba

High

6.45

3.00

1.24

5.86

49.20 134.50

358.00

79540

1.39

6.53

51.50 139.89

3249

1.25

524

Open 51.33

ENGRO-AUG 139.15

4.50 -0.06

2.75

Equity Modaraba

Symbols NBP-AUG

5.51 0.01

1.20

2.46

100 100 100 100 90 80 79 51 51 50 50 40 27 24 20 20 17 11 11 11 10 10 10 10 7 6 5 5 4 3 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1

4.45

-

Constellation Modaraba

Vol

0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 -80.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.31

0.30

B R R Guardian Modaraba780

Change

4.90

363

Elite Cap Modaraba

9.90 3.81 79.00 2.47 54.25 5.23 23.54 2.80 0.79 19.45 0.48 4113.02 4.90 49.93 2.21 13.00 0.51 3.25 223.25 3.50 725.71 39.78 143.99 18.05 12.10 1.45 2800.00 124.45 1.18 5.70 5.00 2.00 1.40 1.35 2.00 305.00 0.65 0.78 3.15 14.19 0.53 2.11 1.12 1.40 1.15 2.56 61.19 3.48 985.01 4.33 1692.17

5.79

586

PE

Close

4.56

Security Leasing

Paid up Cap(mn)

Low 9.70 4.81 82.95 2.47 53.25 4.40 23.00 2.80 1.19 18.70 0.36 4025.02 4.90 49.65 2.74 12.00 0.63 2.30 212.09 2.70 725.00 40.00 145.00 18.25 11.16 1.35 2660.01 120.00 0.35 5.60 4.65 2.15 1.89 1.50 1.04 310.00 1.00 1.09 3.15 15.19 0.62 2.30 1.45 1.75 1.10 2.15 61.49 3.85 1000.00 5.00 1607.80

5.50

Trust Inv Bank

Company

High 9.70 4.81 82.95 2.47 54.24 4.40 23.54 3.20 1.19 18.70 0.37 4210.00 5.89 49.65 2.74 12.00 0.64 3.99 212.09 3.30 725.00 40.00 145.00 18.25 11.20 1.50 2680.00 120.00 1.35 6.00 5.90 2.30 1.89 1.70 2.00 310.00 1.00 1.78 3.20 15.19 0.62 2.30 1.45 1.75 1.10 2.15 61.49 3.85 1000.00 5.00 1607.80

FUTURE CONTRACTS

1.30

6.71

5.29

-

-

2.37

3.34

1.96

-

-

500

10501

-

-

821

1.40 -0.15

4.26

9.90 3.81 79.00 2.47 54.25 5.23 23.56 2.80 0.79 19.45 0.48 4193.12 4.90 49.93 2.21 13.00 0.51 3.25 223.25 3.50 725.71 39.78 143.99 18.05 12.10 1.45 2800.00 124.45 1.18 5.70 5.00 2.00 1.40 1.35 2.00 305.00 0.65 0.78 3.15 14.19 0.53 2.11 1.12 1.40 1.15 2.56 61.19 3.48 985.01 4.33 1692.17

508

1000 37.50

1.40

6.10

Open

7633

JS Global Cap

1.48

900

Symbols DYNO GFIL MFFL MZSM MRNS SMTM SAZEW KOHP SPLC AHI MUKT NESTLE GWLC BCL SCLL SHDT HADC DMTM ILTM KOHS COLG GRAYS PMPK SEL JDMT IGIBL RMPL SHEZ CJPL KOHC SGML DFSM DNCC FFLM FNEL FZTM MODAM OLTM PTEC SHNI CSM DBCI DWAE EWLA FIBLM FRCL GADT KASBSL SIEM SMCPL UPFL

Jah Siddiq Co

JS Investment

1.55

5.00 -0.01

UPTO 100 VOLUME

JOV and CO

Nat Bank Modaraba

Change -4.38 Market cap 42,740.33 mn Div Yield (%) 8.35

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

Change -8.53 Market cap 10,039.90 mn Div Yield (%) 6.61

68.51

2011 Div BR (%) (%)

40 10B 25.00 - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R - 311R 6 - 20R 50 - 15.00 -

Close 904.75 Listed cap 2,290.72 mn Payout (%) 355.53

68.51

Pervez Ahmed Sec

High Low Close 1,083.41 1,055.48 1,067.96 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.96 13.94 40.49

High Low 914.86 903.20 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.07 3.85

Open

Orix Leasing

Performance of SR Banks Index

8.00 26.00 52.50 7.25 30.00 10.00 67.00 52.02 14.35 7.01 6.50

PE

Arif Habib Corp

Change -13.30 Market cap 27,030.38 mn Div Yield (%) 8.44

10.95 29.68 75.00 8.85 39.65 11.89 76.12 62.37 18.30 8.99 9.50

9.48

Arif Habib Limited

Close 1,229.47 Listed cap 12,202.80 mn Payout (%) 66.79

1003 2210 808 7300 14484 18350 17604 1350 114704 20451 5800

850

AMZ Ventures

GAS WATER AND MULTIUTILITIES

-0.11 -0.24 1.34 -0.24 0.65 -0.40 1.00 -0.07 -0.36 -0.15 0.05

Paid up Cap(mn)

EFU Life Assurance

-

Performance of SR Gas Water and Multiutilities Index Open 1,242.77 Turnover 1,497,315 P/E (x) 7.91

Company

2011 Div BR (%) (%)

2329493

8.00 28.98 54.06 7.25 31.49 10.60 73.00 55.93 14.52 7.35 9.00

Performance of SR Life Insurance Index

ELECTRICITY High Low 1,376.96 1,355.53 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35

8.00 28.90 53.50 7.25 30.10 10.00 71.99 54.02 14.35 7.01 9.00

LIFE INSURANCE

-

Performance of SR Electricity Index Open 1,362.37 Turnover 4,106,775 P/E (x) 13.36

8.48 29.68 54.50 7.98 32.00 10.65 73.00 57.95 15.13 7.89 9.50

1.64

7.95

1.30

8.15

1.00

1.24 0.00

8.00

1.19

8.08 0.13

1.00

202

1.90

38535

8.50

1.50

-

-

-

22

-

-

125

-

1.00 0.00

1002

0.25

3

-

-

PICIC Energy Fund

1000

1.97

6.90

7.30

6.50

6.67 -0.23

18462

8.25

6.50

10

- 10.00

-

PICIC Growth Fund

2835

2.53

12.73

12.80

12.30

12.34 -0.39

120000

13.84

12.30

20

- 12.50

-

PICIC Inv Fund

2841

2.23

5.71

5.79

5.51

5.63 -0.08

7800

6.95

5.45

10

-

7.50

-

Prud Modaraba 1st

872

1.64

0.98

0.90

0.75

0.90 -0.08

30500

1.05

0.75

3

-

-

-

Stand Chart Modaraba

454

5.55

10.02

10.90

10.01

10.05 0.03

12050

11.00

9.50

17

-

-

-

PTC-AUG PPL-AUG

225000 170500

12.11

11.95

11.65

11.67

209.12

210.65

208.50

209.88

UBL-AUG

58.80

58.00

58.00

58.00

-0.80

500

ABL-CAUG

64.47

0.00

0.00

63.30

-1.17

-0.44

47500

0.76

40500 0.00

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

Total Volume 770,832 6,110 278,832 200,850 45,600 921,000 473,443 95,002 155,250 56,400 117,000 14,375 2,186,201 375,750 17,220 547,906 213,113 13,500 208,999 6,400 237,160 9,750 8,437 23,459 29,430 107,500 7,119,519

Total Value 14,930,044 250,239 2,290,196 873,587 4,192,080 6,894,525 7,830,313 10,049,029 5,297,231 6,780,228 3,437,861 465,410 19,579,547 20,309,578 2,403,688 21,178,615 3,019,274 196,468 7,186,592 704,902 2,684,537 2,601,230 1,325,376 4,112,889 264,438 4,718,855 153,576,733

MTS Rate 18.75 17.00 18.00 18.00 16.03 18.74 18.05 18.00 21.18 16.75 20.00 17.00 16.25 21.10 16.17 18.00 17.00 21.44 18.00 17.51

BOARD MEETINGS

National Bank of Pakistan

KSE 100 INDEX

Nishat Mills Ltd

Hub Power Co Ltd

Company

Date

Engro Poly & Chemicals Ltd

05-Aug

9:30

08-Aug

10:00

Pakistan Petroleum Ltd

08-Aug

10:30

Pakistan State Oil Comp Ltd

09-Aug

10:00

Unilever Pakistan Ltd

09-Aug

10:30

International Industries Ltd

11-Aug

10:00

Unilever Pakistan Foods Ltd

11-Aug

BOC Pakistan Ltd

12-Aug

-

Pakgen Power Ltd

12-Aug

10:00

Bata Pakistan Ltd

18-Aug

11:00

Tri-Pack Films Ltd

22-Aug

11:30

Indus Motor Comp Ltd

Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

30.49

Support 1

11,730.10

MA (5-day)

12,091.59

Support 2

11,614.00

MA (10-day)

12,205.69

Resistance 1

11,983.75

MA (100-day)

12,088.37

Resistance 2

12,121.35

Target Price

Recommendations

65

Buy

Arif Habib Ltd

64.99

Buy

AKD Securities Ltd

Arif Habib Ltd AKD Securities Ltd

TFD Research

Technical Outlook Technical Analysis

Leverage Position

RSI (14-day) 30.50 MTS Shares `000 547.906 MA (200-day) 11,889.57 Pivot 11,867.70 MA (10-day) 53.32 MTS Rs `000 21,178.62 53.96 MTS Rate 16.75 KSE 100 INDEX closed down -95.56 points at 11,846.16. Volume MA (100-day) MA (200-day) 63.22 ** NOI Rs (mn) 73.29 was 14 per cent below average and Bollinger Bands were 32 per Free Float Shares (mn) 398.12 Free Float Rs (mn) 19,583.64 cent wider than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 11,983.75 and 2nd NBP closed down -1.70 at 49.19. Volume was 125 per cent above averresistance level at 12,121.35, while Index will continue to find its 1st age and Bollinger Bands were 40 per cent narrower than normal. support level at 11,730.10 and 2nd support level at 11,614.00. KSE 100 INDEX is currently 0.4 per cent below its 200-day moving NBP is currently 22.2 per cent below its 200-day moving average average and is displaying a downward trend. Volatility is extremely and is displaying a downward trend. Volatility is extremely high when high when compared to the average volatility over the last 10 trading compared to the average volatility over the last 10 trading sessions. sessions. Volume indicators reflect volume flowing into and out of Volume indicators reflect volume flowing into and out of NBP at a relINDEX at a relatively equal pace. Trend forecasting oscillators are atively equal pace. Trend forecasting oscillators are currently bearcurrently bearish on INDEX. ish on NBP.

Fauji Fertiliser Bin Qasim Ltd

Brokerage House

Target Price

Recommendations

Brokerage House

Target Price

Recommendations

Recommendations

50

Buy

42.1

Brokerage House AKD Securities Ltd

49.05

52.31 39.34 37.80 37.49 Free Float Shares (mn) 810.01

68.95

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

117.00 3,437.86 7.01 31,590.31

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

Leverage Position

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

20.32 MTS Shares `000 208.999 48.01 MTS Rs `000 7,186.59 57.63 MTS Rate 17.00 59.53 ** NOI Rs (mn) 36.01 Free Float Shares (mn) 175.80 Free Float Rs (mn) 7,601.59 Target price for Dec-11 & **Net Open Interest in future market

HUBC closed down -0.04 at 39.00. Volume was 122 per cent above aver- NML closed down -1.85 at 43.24. Volume was 63 per cent above average age and Bollinger Bands were 12 per cent narrower than normal.

and Bollinger Bands were 63 per cent wider than normal.

HUBC is currently 4.0 per cent above its 200-day moving average and is NML is currently 27.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect modthe average volatility over the last 10 trading sessions. Volume indicators erate flows of volume out of NML (mildly bearish). Trend forecasting oscilreflect moderate flows of volume out of HUBC (mildly bearish). Trend fore- lators are currently bearish on NML. Momentum oscillator is currently indicasting oscillators are currently bullish on HUBC.

cating that NML is currently in an oversold condition.

Engro Corporation

Lucky Cement Ltd

Brokerage House

Target Price

Recommendations

Brokerage House

Target Price

Recommendations

224

Buy

195.41

Buy

Hold

Arif Habib Ltd

21.1

Buy

97.7

Buy

Arif Habib Ltd

45.52

Neutral

AKD Securities Ltd

23.91

Buy

AKD Securities Ltd

87.61

Buy

AKD Securities Ltd

47.75

Neutral

TFD Research

20.15

Positive

TFD Research

84.65

Positive

TFD Research

245.95

Technical Outlook

Technical Outlook Technical Analysis

Leverage Position

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

54.76 MTS Shares `000 155.25 46.80 MTS Rs `000 5,297.23 42.79 MTS Rate 16.03 40.08 ** NOI Rs (mn) 25.51 Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,062.06 Target price for Dec-11 & **Net Open Interest in future market

Arif Habib Ltd

Technical Analysis

Leverage Position

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

15.98 MTS Shares `000 29.43 12.42 MTS Rs `000 264.44 15.70 MTS Rate 21.44 17.34 ** NOI Rs (mn) 1.74 Free Float Shares (mn) 585.06 Free Float Rs (mn) 6,769.15 Target price for Dec-11 & **Net Open Interest in future market

Technical Analysis

Leverage Position

52.67 MTS Shares `000 375.75 73.01 MTS Rs `000 20,309.58 70.77 MTS Rate 18.00 71.56 ** NOI Rs (mn) 107.58 Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,433.50 Target price for Dec-11 & **Net Open Interest in future market

Positive

Technical Outlook

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

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

Leverage Position

15.68 143.47 182.03 190.93

MTS Shares `000 95.002 MTS Rs `000 10,049.03 MTS Rate 18.00 ** NOI Rs (mn) 160.74 Free Float Rs (mn) 24,086.69 Target price for Dec-11 & **Net Open Interest in future market

Free Float Shares (mn) 176.98

FFBL closed down -0.03 at 46.07. Volume was 17 per cent below average PTC closed down -0.34 at 11.57. Volume was 4 per cent above average LUCK closed up 2.24 at 72.93. Volume was 41 per cent above average ENGRO closed down -1.92 at 136.10. Volume was 31 per cent below averand Bollinger Bands were 41 per cent wider than normal. and Bollinger Bands were 34 per cent narrower than normal. PTC is currently 33.3 per cent below its 200-day moving average and is dis- LUCK is currently 1.9 per cent above its 200-day moving average and is playing a downward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is extremely high when compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend reflect volume flowing into and out of FFBL at a relatively equal pace. forecasting oscillators are currently bearish on PTC. Momentum oscillator reflect moderate flows of volume into LUCK (mildly bullish). Trend forecast-

and Bollinger Bands were 24 per cent wider than normal.

FFBL is currently 14.9 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

Trend forecasting oscillators are currently bullish on FFBL.

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

ing oscillators are currently bullish on LUCK.

2:30

23-Aug

11:30

24-Aug

10:00

Kot Addu Power Comp Ltd

05-Sep

Shabbir Tiles & Ceramics Ltd

06-Sep

3:00

Dynea Pakistan Ltd

08-Sep

10:00

1:00

TECHNICAL LEVELS Technical Analysis

TFD Research

49

Buy

Technical Outlook

Leverage Position

AKD Securities Ltd

Arif Habib Ltd

Recommendations

Positive

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

Target Price

Accumulate

Technical Analysis

Pakistan Telecommunication Co Ltd

Brokerage House

Target Price

9:00

07-Aug

International Steels Ltd

Packages Ltd

Technical Outlook

Time

Bank Alfalah Ltd

age and Bollinger Bands were 27 per cent wider than normal. ENGRO is currently 28.7 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 moderate flows of volume out of ENGRO (mildly bearish). Trend forecasting oscillators are currently bearish on ENGRO. Momentum oscillator is currently indicating that ENGRO is currently in an oversold condition.

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

RSI 1st 2nd (14-day) Support 37.47 2.20 2.15 42.52 61.95 61.25 28.13 44.15 43.60 40.12 24.65 24.00 34.27 16.00 15.65 10.84 51.25 50.05 34.91 10.60 10.50 34.35 5.45 5.35 18.01 345.10 339.90 33.95 115.15 112.00 41.37 9.85 9.70 43.25 3.50 3.45 35.66 5.95 5.85 34.86 1.40 1.30 34.06 21.50 21.15 25.65 2.00 1.95 37.17 1.90 1.80 33.30 30.40 29.30 47.38 66.90 66.35 15.71 133.35 130.55 44.47 9.40 9.25 20.47 3.40 3.20 54.76 45.75 45.45 50.42 157.60 156.55 48.31 118.45 118.05 52.31 38.85 38.65 30.28 145.60 142.90 32.98 203.60 202.65 29.39 2.10 1.95 46.76 1.10 1.05 34.15 1.75 1.50 44.21 6.15 5.95 49.62 42.15 41.60 42.81 2.05 2.00 25.35 11.45 11.25 52.67 71.30 69.65 32.89 181.95 179.50 34.59 1.80 1.75 30.50 48.35 47.55 17.55 17.20 16.70 22.06 17.80 17.25 25.83 1.30 1.25 44.74 2.80 2.65 20.34 42.05 40.85 36.30 143.70 141.10 26.99 1.70 1.60 43.63 1.40 1.35 32.82 1.90 1.80 32.29 4.50 4.35 38.32 349.95 345.10 44.29 206.95 205.55 61.29 64.30 62.90 16.70 224.40 219.70 16.00 11.35 11.20 35.03 209.75 204.85 31.65 18.70 18.40 29.37 15.25 15.15 33.10 19.35 18.95 36.14 1.25 1.20 22.59 2.10 2.05 26.38 57.30 56.60 23.86 1.60 1.55

1st

2nd

Resistance 2.30 2.35 63.95 65.20 45.15 45.55 26.00 26.80 16.65 16.95 54.25 56.10 10.80 10.90 5.70 5.85 355.50 360.70 121.40 124.40 10.05 10.10 3.60 3.65 6.15 6.25 1.50 1.55 22.15 22.45 2.15 2.25 2.20 2.40 32.30 33.10 68.30 69.10 139.05 141.95 9.65 9.85 3.85 4.10 46.45 46.80 160.10 161.55 119.30 119.75 39.20 39.40 152.45 156.65 206.20 207.90 2.50 2.75 1.20 1.25 2.35 2.65 6.65 6.95 43.50 44.30 2.15 2.20 12.05 12.40 73.90 74.90 186.00 187.60 2.00 2.10 50.50 51.85 18.55 19.40 19.55 20.70 1.40 1.45 3.00 3.15 45.20 47.20 149.20 152.10 1.95 2.10 1.50 1.55 2.10 2.20 4.75 4.85 357.95 361.10 209.85 211.30 67.30 68.90 233.90 238.70 11.90 12.25 217.75 220.85 19.40 19.80 15.55 15.75 20.45 21.10 1.35 1.40 2.25 2.35 59.15 60.30 1.70 1.75

Pivot 2.25 63.20 44.60 25.40 16.30 53.10 10.70 5.60 350.30 118.20 9.90 3.55 6.05 1.45 21.80 2.10 2.10 31.20 67.70 136.25 9.55 3.65 46.15 159.05 118.90 39.00 149.80 205.30 2.35 1.15 2.05 6.45 42.95 2.10 11.85 72.25 183.55 1.90 49.70 18.05 18.95 1.35 2.90 44.05 146.60 1.85 1.45 2.00 4.60 353.10 208.40 65.90 229.20 11.70 212.85 19.10 15.45 20.05 1.30 2.20 58.45 1.65


8

Friday, August 5, 2011

SBP cuts key rate by 50bps to 13.5pc

KARACHI: The State Bank of Pakistan (SBP) has decided to reduce its policy (discount) rate by 50 basis points to 13.5 percent with effect from August 01. This was announced by Acting Governor, State Bank of Pakistan, Yaseen Anwar while unveiling the Monetary Policy statement at a press conference held at

the central bank here. The key parameter in this assessment is the outlook of inflation that indicates that average inflation in FY12 is expected to remain in line with the announced target, he said, adding that no adjustment in the interest rate would have entailed further tightening of monetary policy in real terms

which is not warranted given the decline in private investment. The SBP Acting Governor said that despite fiscal slippages, the government has restricted its borrowing level from SBP to Rs 1155 billion. He said the government has also expressed its commitment to continue with a

Govt borrows Rs28bn from banks in July KARACHI: After limiting borrowing from the central bank to zero, the government has increased reliance on commercial banks by borrowing Rs28.64 billion during first 23 days of the current fiscal year. In the same period last year, the banks received a deposit of Rs6.69 billion, according to data released by State Bank of Pakistan (SBP) on Monday. The government after an agreement with the central bank had retired borrowings to both the end-June 2010 level as well as the limit of endSeptember 2010 level. The government has expressed its commitment to continue with the stance of zero-borrowing from the SBP in yearly flow terms during FY12," according to the Monetary Policy Statement

(MPS) released last Saturday. The government aggressively borrowed from the commercial banks during the last fiscal year, taking the total to Rs616.74 billion in FY11 from Rs309 billion in the previous fiscal year. In the MPS, the central bank said that the borrowing from scheduled banks will need to be monitored closely to assess potential risks for macroeconomic stability. The commercial banks thirst for investment in government papers also raised concerns about fall in credit to private sector. The SBP said that an increase in private sector credit during first half of FY11 was primarily due to working capital requirement, which is expected to decline in the second half, once the final figures

are released. The net government sector borrowing during first 23 days of current fiscal year, however, eased to Rs27.7 billion as against Rs42.50 billion. During the period, the government restricted its borrowing from the central bank and, on the contrary, deposited a huge sum of Rs44 billion. The government borrowing from the central bank has been widely criticised by all segments of the society for fuelling inflation. The total government borrowing from the SBP during FY11 was at Rs98 billion as against Rs30.13 billion in the previous fiscal year. The stock of government borrowing from the central bank stood at Rs1.239 trillion by end-June 2011. - INP

Summit Bank brings in VISA Debit Cards Staff Reporter KARACHI: Summit Bank announced the launch of Summit VISA Debit Card and Summit VISA Debit Gold Card during a press conference. Both the Cards are free for all Summit Bank account holders and offer incredible discounts. They come with the cashless ease and convenience, like never before. Summit Bank's VISA Debit

Cards offer unparalleled discounts at over 100 shopping and leisure outlets. Whereas, Summit VISA Debit Gold Card offers an additional facility of 5 per cent cash back to all Summit VISA Debit Gold cardholders at a spending of between PKR 3000 to PKR 10,000 every month. Speaking on the occasion, Anwar Lutfullah, Group Head Operations, Summit Bank said,

"The launch of our VISA Debit Cards and the many accompanying benefits are a reflection of how committed we are to our customers." Talking about the launch of Summit Bank's VISA Debit Cards, Syed Haider Rizvi, Head of Consumer Banking said, "We are very excited to bring our VISA Debit Cards to the palms of our valuable clients and customers."

stance of zero borrowings from SBP in yearly flow terms in FY12, which bodes well for anchoring inflation expectations. He, however, observed that the developments related to expected financial inflows and pattern of government borrowings from scheduled banks will need to be monitored closely to assess potential risks for macroeconomic stability. SBP Acting Governor said that a relative decline in average CPI inflation compared to earlier projections and a gradual buildup of foreign exchange reserves provide macroeconomic stability as the economy begins a new fiscal year. He further noted that expectations of inflation are fairly entrenched in the economy. "Meaningful reduction in inflation would require consistent and credible implementation of monetary and fiscal policies," he added. He observed that acknowledging the persistence of inflation, the government has announced an inflation target of 12 per-

SME Bank deposit grows 24pc ISLAMABAD: The deposit base of Small and Medium Enterprises (SME) Bank has witnessed expansion of 24 per cent, thus increasing its capacity for lending during April to June of this year. Advances have also increased with many more proposals in the pipeline for disbursement. Most importantly, non-performing loans of the Bank have been brought down considerably, resulting into reversal in provisions which has increased quarterly income of Bank by 138 per cent, said a bank press release. As a result, earning per share has also improved by 30 per cent on quarterly basis. According to information on Wednesday, SME Leasing a subsidiary of the Bank is also on the right track and has exhibited improvement in performance. These results have been achieved through ongoing restructuring undertaken by the new management. An allocation of Rs.2.0 billion has also been made in the current budget by the government for enhancement of Bank's capital. This coupled with the progressive steps taken by the incumbent management has rendered the Bank in a position to serve its clients through its branches all over Pakistan with financial assistance on competitive rates. Meanwhile, Board of Directors of the Bank has commended the efforts of the Management as all the key indicators were showing positive trends after several years. The Chairman and Members of the Board also expressed satisfaction over the achievements and hoped more efforts would be made for further reducing the operating losses and achieving an early turnaround. -APP

cent for FY12. The government has also provided a desired path of inflation of 9.5 percent and 8 percent for next two years under the Medium Term Budgetary Framework. "SBP's forecast of average inflation ranges between 11 and 12 percent during FY12," he further pointed out. He said the provisional estimates from the financing side indicate that the fiscal deficit in FY11 may have reached close to Rs 1127 billion or 6.2 percent of GDP. Excluding the payment of Rs 120 billion to partially settle the circular debt in the energy sector, the fiscal deficit in FY11 comes down to 5.6 percent of GDP, he added. The Acting Governor underscored the need to accelerate the implementation of fiscal reforms currently being considered by the government. He observed that a path of fiscal deficit in the next three fiscal years has been provided in the Medium Term Budgetary Framework

(MTBF), which shows a budget deficit target of 4 percent for FY12. "Moreover, the government is planning to reduce the revenue deficit to zero in FY12 with a projected surplus in the following two years." He said that unlike fiscal accounts, the position of the external current account improved considerably in FY11 and contrary to earlier projections, a surplus of $542 million has been realised. "A significant and unexpected growth of 29.4 percent in exports and a robust growth in workers' remittances, which now stand at $11.2 billion, are the primary factors responsible for this improvement," he said. "Given an increase in debt obligations and continued suspension of IMF's StandBy Arrangement (SBA) financing even a small external current account deficit could pose challenges in terms of maintaining an upward trajectory of SBP's foreign exchange reserves," he added. -APP

ECB acts to calm euro zone mkts FRANKFURT/ MADRID: The European Central Bank acted on Thursday to calm euro

zone markets and throw a lifeline to Italy and Spain by announcing new steps to keep banks supplied with unlimited, longer-term funds and signaling it was buying government bonds. ECB President Jean-Claude Trichet said the central bank's programme of buying government bonds, inactive since March, was ongoing. Traders said they saw the ECB enter the market as Trichet spoke. Trichet said the central bank would conduct a special sixmonth liquidity operation and keep providing unlimited short-term funds to banks at least until next January. Many banks in Greece, Portugal and Ireland remain totally shut out of market funding and some Spanish and Italian lenders are also dependent on ECB funds. The European Commission meanwhile urged euro zone leaders to consider increasing the size of their financial rescue fund to prevent the bloc's sovereign debt crisis from continuing to spread like wildfire. "I urge a rapid re-assessment of all elements related to the EFSF, and concomitantly the ESM, in order to ensure that they are equipped with the means for dealing with contagious risk," Commission President Jose Manuel Barroso said in letter to EU leaders. EU paymaster Germany rebuffed the call in a swift response. A finance ministry spokesman said it was unclear how re-opening the debate about financial backstops so soon after last month's emergency summit could help calm markets. The European Financial

Stability Facility, which has bailed out Ireland and Portugal and will run a planned second

package for Greece, has a maximum capacity of 440 billion euros (381.1 billion pounds). It will be replaced in 2013 by a 500 billion euro permanent European Stability Mechanism. The 17 euro zone leaders left the size unchanged when they agreed on July 21 to widen the funds' role to buying bonds in the secondary market and providing precautionary credit lines to states under pressure on credit markets. Market analysts and economists say the EFSF would need to be at least doubled and perhaps trebled to pre-empt attacks on larger economies such as Italy and Spain. Italian and Spanish bond yields fell from 14-year highs as markets anticipated possible ECB action. Spain sold 3.3 billion euros in short-term bonds but had to pay a sharply higher borrowing cost. Across the globe, Japanese authorities acted to weaken a strong yen, joining Switzerland in efforts to tame currencies buoyed by safehaven demand from investors fretting about the health of the global economy and the euro zone's debt woes. Italian Economy Minister Giulio Tremonti voiced apparent frustration at a perceived slow ECB response to the selloff of Italian stocks and bonds in the last 10 days. "I note that the Bank of Japan today launched quantitative easing and the Swiss central bank cut rates to zero. We are waiting for decisions if possible, but desirable (from the ECB), he said.-Reuters

JCR-VIS upgrades PICIC AMC rating to AM3+ TFD Report KARACHI: JCR-VIS Credit Rating Company has upgraded the Management Quality Rating of PICIC Asset Management Company Limited (PICIC AMC) to 'AM3+' (AM Three Plus) from 'AM3' (AM Three). Outlook on the rating is 'Stable'. PICIC AMC is managing the largest cumulative asset size in the closed end category. The AMC has successfully launched two open end funds in the income and cash fund category in FY11. While annualized return of the cash fund is comparable to peers and the full year return of the income fund is above the median; as recent launches, sustainability of their performance will be tested over time. In the closed-end category, NAV based returns of PICIC Energy Fund (PEF) have generally remained superior to other funds in the category, while the performance of PICIC Growth Fund (PGF) and PICIC Investment Fund (PIF) have been affected by returns on the significant frozen portion in these funds. Rating however, incorporates recovery in cumulative asset size of closed end funds, primarily benefiting from better asset selection and a significant upturn in KSE-100 index during 2H-CY10. The AMC made changes to the organizational structure by separating operations and HR departments, earlier working under the finance division, to effectively manage the expanded product offering.

Seoul seeks $472mnto save banks SEOUL: South Korea's financial watchdog said Wednesday it had asked for an injection of $472 million in state funds next year to restructure the ailing savings bank sector. Savings banks have been under severe strain because of their exposure to the weak real-estate industry, with eight suspended because of their poor finances. The Financial Services Commission said it asked the finance ministry to allocate 500 billion won ($472 million) from next year's budget to restructure the distressed sector. The request requires governmental and parliamentary consent. In March parliament, as part of efforts to prop up the sector, approved the creation of a special fund that would be handed up to 15 trillion won until 2026 to help suspended banks cover deposit withdrawals and asset deficits. The commission said some eight trillion won of the fund is currently usable. It plans to put back the 2026 deadline if additional funding is required. Eight savings banks have been suspended so far this year because of inadequate liquidity after soured realestate project financing swelled the sector's bad debt. The suspensions did not threaten the overall financial sector but fuelled anger among small depositors, especially after claims that wealthy clients were tipped off in advance about the shutdowns so they could withdraw funds. To ease market worries, the commission has assessed the finances of other savings banks to see whether they are healthy enough for government support. -APP


9

Friday, August 5, 2011

Oil hits 4-week low on debt, demand concerns Macroeconomic overwhelm oil market fundamentals LONDON: Brent oil dived $2 to its lowest in a month on Thursday as sovereign debt and economic pain threatened to dent fuel demand, while Japan's intervention to stem the rise in the yen boosted the US currency. Brent was $2.02 a barrel lower at $111.21 by 1359 GMT, off a session low of $111.03, the weakest intraday price since early July. US crude was $1.30 weaker at $90.63. "It's all about macroeconomics for the next five days basically," said Olivier Jakob of Petromatrix. He cited US employment data on Thursday and Friday, as well as a meeting of the US Federal Reserve on Tuesday and European Central Bank deliberations on Thursday. On Thursday, the ECB said it was buying government bonds in response to Europe's deep crisis, prompting gold to hit another record and pushing oil

down further. The pursuit of non-risky assets has also strengthened the Japanese yen and Swiss franc. In an effort to tame its currency, Japan sold one trillion yen ($12.6 billion) and its central bank eased monetary policy on Thursday, a day after Switzerland announced a sur-

prise cut in interest rates. In response, the dollar firmed against a basket of currencies adding to the bearish mood on the oil market. Analysts said any strength in the dollar could be short-lived, which theoretically would be a fresh spur to dollar-denominated commodities made cheaper for non-dollar investors. But the weakness of the US economy and its implications

for commodity demand could remain a bigger factor for oil markets than any further decline in the dollar. Barclays Capital cut its prediction for global oil demand growth this year to 1.1 million barrels per day (bpd) this year, compared with its previous forecast of 1.56 million bpd. Technical analysts, who forecast future price direction from chart movements, also said the market was very weak after the frontmonth contract dropped well below its 100-day moving average, a major support level. Already, oil had fallen more than $3 on Wednesday after US inventory data showed a rise in stocks and a year-onyear decline in gasoline demand. That added to evidence that expensive fuel and a weak economy have reduced consumption in the world's biggest oil user. -Reuters

Indian sugar eases on higher supply MUMBAI: India's sugar declined on Thursday on higher supplies of non-levy sugar for August and a decline in demand due to rains, dealers and analysts said. India has made available 1.703 million tonnes of nonlevy sugar quota for August, higher than 1.56 million tonnes it had released for the previous month. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. At 3:45 pm, the most active August sugar on National Commodity and Derivatives Exchange was trading down 0.75 per cent at 2,646 rupees per 100 kg. At Kolhapur, a key spot market in top producing Maharashtra state, the most traded S-variety was trading nearly flat at 2,612 rupees ($58.942) per 100 kg. "Due to poor demand from cold drink and ice-cream makers, prices are likely to remain subdued for next few days," said Mukesh Kuwadia, secretary, Bombay Sugar Merchants Association. Demand for the sweetener usually rises after rains due to festivals such as Ramadan and Ganesh. India should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, estimates the industry. -Reuters

Tokyo rubber declines

VIDRIZI: A farmer harvests wheat near Vidrizi. The grain harvest in Latvia for the 2011 season is average, according to the local farmers association. -Reuters

US cotton ends off on profit taking, support holds NEW YORK: Cotton futures finished Wednesday with steep losses, though managed to remain above the 20-day moving average, as some investors sold the fiber to take profits following an advance that analysts said was likely won too quickly. "I didn't think supply and demand issues were behind the rally earlier this week. This is where we draw a line in the sand and see whether (support levels) hold," said Sharon Johnson, senior cotton analyst at Penson Futures in Georgia. "If not, the run up was more of an anomaly," she added. Key December cotton futures on ICE Futures US was down sharply at the end, falling $2.69, or 2.52 per cent, to $1.0416 per lb. Setting an inside day on technical chart, a lower high and a

higher low, which meant it failed to return to the near three-week peak set a day earlier. Volume in the benchmark contract was a moderate 7,460 lots, almost half the 13,679 lots traded as December cotton rallied. Across the board, preliminary volume at 10,144 lots stood well below the 16,834 lots traded on Tuesday and 30.6 per cent below the 30-day average, according to ICE Futures US data. Open interest in the cotton market increased to 144,447 lots as of Aug. 2, exchange data showed. Some investors may have been hasty in their purchases of cotton, along with other agricultural commodities, following Tuesday's passage of a measure to raise the US debt ceiling and address the huge

deficit, and decided to take profits off the three-week highs reached in the rally. At the same time, Johnson said, the softer prices may leave room for more buying going forward. With mixed factors tugging prices in both directions, Thursday's action may be critical to cotton's near-term fate. At the same time, drought conditions in Texas and other cotton growing regions in the United States, that the US Department of Agriculture estimates will destroy about 30 per cent of the crop, could keep December futures prices supported. Next week, the USDA will release its monthly production report with updates on how much of the US crop has been destroyed by hot and dry weather. -Reuters

Palm slips on economic woes, comparative oils JAKARTA: Malaysian palm oil futures closed 1.1 per cent lower on Thursday, tracking comparable vegetable oils lower on persistent global economic jitters and crude prices that flirted with one-month lows. The benchmark October contract on the Bursa Malaysia Derivatives Exchange ended at 3,101 ringgit ($1,043) per tonne, but off an earlier low of 3,100 ringgit. Traded volumes for the contract were 10,163 lots of 25 tonnes each, compared to 9,607 lots on Wednesday. "We have seen a lot of bearish pressure across the board, linked to the big macroeconomic picture in the United States, plus the fact that crude is slightly cheaper," said Abah Ofon, a Singapore-based analyst at Standard Chartered Bank. The latest figures continued to paint a sombre picture for the US economy, with the pace of

growth in the services sector falling in July to its lowest since February 2010, while new US factory orders also fell in June. The reports followed poor figures on US consumer spending and factory activity. That, along with the festering European debt crisis, is likely to keep buyers cautious. Ofon added that further price pressure in August may come from a build-up of stocks in Indonesia ahead of an expected change in the export tax rate this month. Indonesia, the world's biggest palm oil producer and exporter, could lower the maximum export tax rate in August. Ofon forecasts second half benchmark prices to average 3,400 ringgit. In comparable markets, US soybeans for November delivery eased, while the most active May 2012 soyoil on China's Dalian Commodity Exchange also dipped.

"Sluggish US soyoil due to a weak global economy and favourable crop weather in US soybean planting regions pressured China's soyoil market," said Zhan Zhi Hong, an oil analyst with Shenzhen-based China Merchant Futures. "Choppy trade will continue in China's soyoil if US markets fail to set a clear and strong direction," she added. This week, benchmark palm oil prices have been supported by rising export data, leading to a near two-week high of 3,144 ringgit on Thursday. Exports of Malaysian palm oil products for July jumped 13.5 per cent to 1,628,688 tonnes, cargo surveyor Societe Generale de Surveillance said on Monday. On the economic calendar, investors are eagerly awaiting July's US non-farm payroll number, due Friday, and updated USDA crop forecasts due to be released on Aug. 11. -Reuters

TOKYO: Key Tokyo futures fell 1 per cent early in Asia on Thursday with oil dropping and the yen remaining strong against the dollar, as concerns over the fragile US economy and the widening euro debt crisis kept investors away from the market. The key Tokyo Commodity Exchange rubber contract for January delivery was down 4.0 yen at 387.1 yen per kg as of 0035 GMT. The most active Shanghai rubber contract for January delivery closed at 35,685 yuan ($5,542.698) per tonne on Wednesday, down slightly from Tuesday's close of 35,725 yuan per tonne. The contract rose as high as 36,045 yuan earlier on Wednesday, or up 1 per cent. Volume stood at 452,264 lots. Oil prices fell sharply on Wednesday to the lowest level in a month, stung by an increase in US petroleum inventories that raised concerns about oil demand The dollar hit a session low of 76.78 yen and last traded at 77.02, flat on the day. It marked a more-than-four-month low of 76.29 yen on Monday, just shy of its trough of 76.25 set in March, which triggered coordinated intervention by major central banks. Natural rubber prices in India are likely to ease this week on higher supplies and as tyre makers trim buying after importing higher amount of rubber, analysts and dealers said. -Reuters

Copper hits 1-month low on demand worry, higher $ LONDON: Copper fell to its lowest level in a month on Thursday as slower economic growth fuelled worries over the outlook for metals consumption and as the dollar rose, but a strike at the world's largest mine raised supply fears and limited losses. Benchmark copper on the London Metal Exchange fell to $9,345.25 a tonne, its lowest since July 1. It closed at $9,355 a tonne, down from $9,530 at the close on Wednesday. "Concerns about debt and growth are clearly troubling metals, which depend on increasing demand. It will take some time for those concerns to go away," said Robin Bhar, an analyst at Credit Agricole. "It looks like a healthy correction given it is the slow summer period, and we should see some buying interest soon, although it may not be until we see copper down at $9,000." A string of weak economic data from the United States and China showed the health of the global economy is at risk and this may dent demand for industrial metals. Investors also feared a deepening debt crisis in Europe could hit appetite for commodities perceived as riskier, such as industrial metals. European Central Bank President Jean-Claude Trichet said the bank would offer a round of six-month liquidity to banks in response to a worsen-

ing debt crisis in the euro-zone. The bank held interest rates at 1.5 per cent. A stronger US currency also weighed on metals by making dollar-priced commodities costlier for holders of other currencies. The dollar rose against the yen as traders cited more yen selling by Japanese authorities. Tin hit its lowest level since the end of June at $25,450 a tonne and ended at $25,505

Shanghai copper falls The most-active October copper contract on the Shanghai Futures Exchange fell 0.6 per cent to 71,610 yuan per tonne, catching up with overnight losses in London, after drifting up 0.1 per cent in the last session. from a $26,300 at Wednesday's close. Chile's Escondida will vote on Thursday on a bonus offer aimed at ending a 14-day strike, which has raised the spectre of more unrest at other mines. "Copper ore grades are falling and mine strikes are supporting copper... all this tightens up the market," Smith said. The world's top copper miner, Codelco, sees some risk that strike action could spread in Chile. The union representing workers at Freeport McMoran Copper & Gold's giant Indonesian mine, Grasberg, could also strike again if its

demands of a 20-fold pay rise are not met. Also supporting some base metals is improving buying interest from top consumer China. "Demand in China is pretty good on the whole," Smith said. "It's good mainly for aluminium, as when the differential between copper and aluminium (prices) is high, people switch to aluminium for tubes, wire, cable," he added. Aluminium was untraded at the close, but bid at $2,476 a tonne from $2,524 on Wednesday. Highlighting bullish demand for the metal, used in packaging and transport, aluminium premiums remained at or close to alltime record levels in all major regional markets, analysts said. "The aluminium industry continues to carry historically high stock levels, but access to those stocks continues to be limited by carry trades, which are still viable in current market conditions, and by de facto limits on load out rates from LME warehouses," Macquarie said in a note. "In the meantime, the balance between new metal supply entering the market and demand remains quite tight." Zinc, used to galvanize steel, ended at $2,330 from $2,377, while battery material lead fell to $2,490 from $2,522. Nickel closed at $23,650 from $23,805. -Reuters

Gold sets new high as ECB renews bond buys Trichet says bond buying programme ongoing LONDON: Spot gold prices set yet another new record high on Thursday after the European Central Bank President JeanClaude Trichet said the bank would continue to buy bonds in response to a deepening eurozone debt crisis. Gold hit a record $1,678.31 an ounce and also made fresh records in euro, sterling and yen, up from 1,660.70 an ounce late on Wednesday in New York. "Trichet has admitted the fact that the recovery is not going as expected ,that the economic outlook is more down beat than before and that they have to extend the deposit facilities, meaning we're going to have weaker currency yields," analyst Andrey Kryuchenkov of VTB Capital said. "When currencies are not performing as well as you want them to, gold is the place to put your money." The European Central Bank will offer a round of six-month liquidity to banks in response to a worsening euro-zone debt crisis, its head Jean-Claude Trichet said on Thursday. Yen intervention overnight and the prospect of further Swiss money market measures to stem franc appreciation were also positives for gold.

As central banks move to weaken the two safe-haven currencies, they boost gold's relative appeal as an asset that retains value in times of monetary depreciation, analysts said. "Without doubt, it gives further weight to holding real hard assets over paper assets." US jobs data on Friday could illuminate further its road to recovery, Matthew Turner of

Mitsubishi Corp said. "With the budget deal in the US now done, the focus has shifted to the economy. Last week the economic data were really bad, which has raised expectations of more quantitative easing," Turner said. Investors continue to add to long holdings of gold and silver, given concerns Europe and the United States may tip back into recession. Holdings of the largest gold-backed exchangetraded-fund (ETF), New York's SPDR Gold Trust and that of the largest silver-backed ETF, New York's iShares Silver Trust rose 0.4 per cent on Wednesday from Tuesday. Platinum and palladium fell

on prospects of a prolonged soft period of global growth and a conciliatory tone to salary negotiations in South Africa. But gold's rally helped the metals to stem losses. Platinum has seen steady liquidation following news that Impala Platinum had improved its wage offer to avert a strike, which was speeded by technical selling, analysts said. "South Africa was probably the trigger, but this clearly shows how the small markets struggle when corrections set in. (The fall) has taken out some technical levels so the sell button has been dusted down," analyst Ole Hansen of Saxo Bank said. Platinum traded at $1,749.49 an ounce, down 1.5 per cent from $1,776.50. Palladium traded at $780.22 from $790.95. South Africa's National Union of Mineworkers said on Thursday that Impala Platinum had improved its wage offer in a bid to avert a strike that could impact production at the world's second-largest producer of the precious metal. Silver rallied to $41.98 an ounce from $41.68 late in New York on Wednesday. It earlier hit its highest since early May at $42.17. -Reuters

National Commodity Exchange Ltd Trading Summary Date

4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011 4-Aug-2011

Commodity

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

Contract Date

Price Quotation

Open

High

Low

Close

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

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola

93.00 94.24 94.24 93.16 93.99 94.24 41.06 41.50 41.27 41.09 41.19 41.26 41.27 41.18 1666.80 1667.80 1668.00 1670.90 1671.00 1672.50 1668.30 46100.00 46074.00 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 43100.00 47543.00 47439.00 47,456 54,400 54,443 54,500

93.70 94.00 94.24 93.75 94.01 94.24 42.01 41.64 41.65 42.05 41.95 41.64 41.65 41.93 1672.00 1672.40 1673.00 1670.90 1672.00 1672.50 46050.00 46309.00 46319.00 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 47526.00 47543.00 47439.00 47,456 54,704 54,764 54,784

91.30 91.75 92.61 91.29 92.00 92.61 40.70 41.26 41.27 40.90 40.92 41.26 41.27 41.11 1658.10 1658.00 1659.00 1663.40 1659.50 1664.40 1662.00 46100.00 46074.00 46091.00 46040.00 46050.00 53700.00 53700.00 47212.00 43100.00 47281.00 47299.00 47,194 54,399 54,443 54,479

91.78 92.17 92.61 91.78 92.17 92.61 41.63 41.64 41.65 41.65 41.63 41.64 41.65 41.65 1663.40 1664.40 1665.00 1663.40 1664.40 1664.40 46050.00 46067.00 46077.00 46091.00 46040.00 46050.00 53700.00 53700.00 47212.00 47264.00 47281.00 47299.00 47,194 54,399 54,459 54,479

Traded Volume in lots 800 407 168 27 291 1 72 67 35 1,622 2,871 1,011 86 28 1 3 2 9 6 1

Previous Settlement Price 93.44 93.82 94.24 93.44 93.82 94.24 41.25 41.26 41.27 41.27 41.25 41.26 41.27 41.27 1670.90 1671.80 1672.50 1670.90 1671.80 1672.50 1673.20 46309.00 46319.00 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 47526.00 47543.00 47439.00 47,456 54,704 54,764 54,784

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

Current Open Interest Settlement in Lots Price 91.78 744 92.17 490 92.61 91.78 153 92.17 51 92.61 41.63 144 41.64 2 41.65 41.65 13 41.63 41.64 24 41.65 1 41.65 7 1663.40 2,316 1664.40 4,654 1665.00 619 1663.40 1664.40 10 1665.00 1665.70 5 46067.00 3 46077.00 6 46091.00 46040.00 46050.00 53700.00 53700.00 47212.00 47264.00 2 47281.00 47299.00 47,194 54,399 9 54,459 25 54,479 10


10

Friday, August 5, 2011

Team management announced for Pak teams Zimbabwe tour is entrusted with this responsibility". Intikhab Alam thanking PCB said "I am thankful to PCB management for trusting me with responsibilities of Team Manager in the past. At the moment my focus is the player development programs. We have started Academies program in the country which many upcoming players are attending. U16 talent-hunt program is underway in more than 45 districts throughout Pakistan and we are working on some more programs for the winter. While I have enjoyed working as Team Manager, I feel that I require to dedicate more time for the Academies program which we have started after a gap of some years. I wish my successor Naveed all the best in his new assign-

ment. he said. The newly appointed Team Manager Naveed Akram Cheema said he would do his best to come upto the expectations. " I will be seeking advice from my predecessor Intikhab Alam, who is also a dear friend. Our collective aim is to ensure that the team do well on the tour and that there is harmony and unity amongst the squad members. I will try to live up to the expectations of the Board",he asserted. Following are the other officials of the team,Waqar Younis,Coach,Col (R) Wasim Ahmed,Security & Assistant Manager Dr. Sohail Saleem, Doctor cum Physio, Saboor Ahmed, Trainer, Umer Farooq, Analyst, Muhammad Akhtar Masseur. -APP

Rs240mn spent on people's welfare schemes: Minister

Pak football team to play one match against India in England

LAHORE: Pakistan Cricket Board announced Naveed Akram Cheema as the manager of the Pakistan cricket team for the tour of Zimbabwe. Chmeea replaced veteran Intikhab Alam who has been asked to resume his duties as Director Game Development, National Cricket Academy. Chairman PCB, Mohammad Ijaz Butt said on Thursday " Intikhab Alam has done a commendable job as National Team Manager. His experience as a cricketer and as a cricket administrator is always a great help. Being Director Game Development he is needed in Pakistan to execute game development plans. As we announce the team management on tour-totour basis so for Zimbabwe tour, Naveed Akram Cheema

PESHAWAR: Sports Minister Khyber-Pakthunkhwa, Syed Aqil Shah said on Thursday that Rs.240 million has been spent on people's welfare schemes during last three years in his constituency with special focus on provision of electricity, water and sanitation, pavement's construction and gas facilities. Addressing a public-meeting on occasion of joining of dozens of people of Nawan village in ANP, he said government attaches great priority for provision of basic amenities of life to people at their doorsteps and record amount has been spent in his constituency to

improve the socio-economic condition of downtrodden. The opinion of workers and elders are being given top priority in all matters and government is string hard to address problems of masses, he remarked. The Minister said several developmental schemes would be completed soon, adding that he was making efforts that no village or house could be deprived of water, electricity and gas facility. He said that Bacha Khan and Wali Khan were torch bearers of peace and their mission would be completed. -APP

Australia will take time to get back to the top: Clarke SYDNEY: Australia's journey back up the test world rankings is not going to happen overnight but the upcoming series in Sri Lanka will be an indication of their current status, captain Michael Clarke said on Thursday. Australia are fifth in the rankings after the humiliating Ashes defeat at the turn of the year and take on the fourthplaced Sri Lankans in three tests starting at the end of the month after a one-day series. Clarke, speaking before boarding the plane for his first tour in charge of the side, said he would like to promise Australian cricket fans no more pain but conceded that any improvement would be hardearned. "I really hope we can turn things around straight away (but) I think it is going to take time for us to work our way back up the rankings," Clarke told reporters at Sydney airport. "I'm confident with the talent we have, not just in our squad but around domestic cricket, if we keep the same attitude as we've had over the last few months with our training and our dedication, I can see us having some success." The 30-year-old faces a difficult introduction to test captaincy with tours of Sri Lanka and South Africa followed by a

home series against New Zealand and then India, who are battling it out for number one status with England. "We're certainly not blinded by the fact we have two of the best teams in the world in their own conditions coming up in Sri Lanka and South Africa, so it's going to be a tough start for us," he said. "But it's a good test for us to see where we're at, and if we can have some success against both these teams, playing away from home, I think that will give us some real confidence coming to the summer to play against India." Four uncapped players boarded the plane for Colombo on Thursday and Clarke admitted he had never met offspinner Nathan Lyon, although he had received "great reports" about the 23-year-old's bowling on an Australia A tour of Zimbabwe. "He's got an opportunity to grab it with both hands and, by all reports, I'm pretty confident he'll do that, so he's certainly got a lot of talent," Clarke said. "Now it's about giving him a go and seeing how he handles playing cricket for Australia." Clarke said he was confident of the security measures in place for the tour and was certain the team would be treated "like gold" in Sri Lanka. Batsman Shaun Marsh and quick bowlers James Pattinson

LAHORE: Pakistan Football team will play one international match against India, instead of a three match series in England in September owing to Indian team's pressing engagements at home. This was stated by Secretary, Pakistan Football Federation, Lt Col retd Ahmed Yar Lodhi at a news conference also attended by Director Marketing,PFF,Naveed Haider Khan at FIFA football house here on Thursday. Lodhi said Pak team will now be playing its lone match against India on September 3 at Pride Park ground Derby which has a 35000 seating capacity. " Initially it was planned by our England based sponsors that a three match series will be played between the two countries but finally it was decided to cut short the programme because of Indian teams tight activity schedule at home",he said. PFF official it was better to play one match at a neutral venue instead of not playing because at one stage it was feared to cancel the tour as Indian team was only available for one match. " Pak-India match in England will open a new era in football in Pakistan and we will further explore this avenue to have similar matches at neutral venues in future as well ",he said. PFF Secretary said Pak team training camp for the build up of tour will commence here on September 19 at Lahore and 26 players will attend it.22 players and five players will accompany the team to England. He disclosed that Pakistan team will also play two friendly matches on September 5 and 7 against local football clubs in England. " This tour will be very beneficial for our young players in many ways as they will be playing at ideal conditions against mix crowd of English and IndoPak fans ",he said adding " And some of the players may get the attention of England's II and III division clubs ". Answering a question,he said,Tariq Lutfi has been retrained as the coach of the team whose final line up will be named in due course of time. The team will depart for England on August 29. He said the entire trip of the

Chelsea sign Romeu from Barcelona

Chelsea have signed midfielder Oriol Romeu on a four-year contract from Barcelona for ÂŁ4.35m.

Indiaâ&#x20AC;&#x2122;s second worst loss in Test cricket was against Pakistan ISLAMABAD: India's 319-run loss in the second Test against England comes at their sixth worst defeats in terms of runs in Test cricket while their second biggest defeat was against Pakistan with 341 runs at Karachi in 2005-06. India's first biggest loss in terms of runs came against Australia when they went down by 342 runs at Nagpur during the 2004-05 series. Their second biggest loss was against Pakistan with 341-run in Karachi in 2005-06 while in third place is the 337-run loss to Australia in Melbourne during the eventful 2007-08 series. India's loss at Nottingham is also their biggest

in terms of runs against England. According to details on playing11.com, India's biggest defeats in terms of runs include: 342 runs vs Australia at Nagpur in 2004-05; 341 runs vs Pakistan at Karachi in 2005-06; 337 runs vs Australia at Melbourne in 2007-08; 329 runs vs South Africa at Kolkata in 199697; 328 runs vs South Africa at Durban in 1996-97; 300 runs vs Australia at Perth in 1991-92; 295 runs vs West Indies at Madras in 1958-59; 285 runs vs Australia at Adelaide in 1999-00; 282 runs vs South Africa at Cape Town in 1996-97 and 267 runs vs West Indies at Bangalore in 1974-75. -APP

Raza, Sarfraz excel in Omer CC victory in Night Trophy KARACHI: Left spinner Hasan Raza and wicketkeeper batsman Sarfraz Ahmed steered Omer Cricket Club to 17 runs victory over Ali Sports in Nasaki Dr.M.A.Shah Night Trophy T20 Ramzan Cricket Tournament on Thursday. Talented slow left arm spinner Hasan Raza captured three wickets for 19 runs in four overs as Ali Sports chasing 170 for victory were restricted to 152-7 in 20 overs. Daniyal Ahsan emerged as the top-scorer with a defiant unbeaten 58 off 38 balls with five strikes to the boundary but that failed to save his team from defeat. Omar CC batting first, scored 169 for 8 wickets in 20 overs. Sarfaraz Ahmed smashed 47 with five boundaries and one six after facing 36 balls. Sheharyar Ghani made 45 and Asad Shafiq scored 36. At RLCA Ground Korangi, Fazal-urRehman Sports defeated AOCC by three runs in a super over. AOCC opting to bat first,

scored 138-6 in 20 overs. Fazal-ur-Rehman Sports in reply also scored 138-8 in 20 overs. Pakistan discard Danish Kaneria made a fine 31 in 27 balls with five boundaries and one six and captured three wickets for 22 runs but eventually his effort went to waste. Owais Zia hit half a dozen boundaries and two sixes in his 33 ball knock of 50 for AOCC. Summarized scores: Omar CC 169-8 in 20 overs (Sarfaraz Ahmed 47, Sheharyar Ghani 45, Asad Shafiq 36, Nasir Owais 2/24, Shamir Khattak 2/27) Ali Sports 152-7 in 20 overs (Daniyal Ahsan 58 not out, Riaz Mirani 30, Owais Rehmani 24, Raza Hasan 3-19). Fazal-ur-Rehman Sports bt AOCC in by three runs in Super over. AOCC 138-6 in 20 overs (Owais Zia 50, Danish Kaneria 31, Fahad Anjum 2-36) Fazalur-Rehman Sports 138-8 in 20 overs (Asif Ali 36, Rameez Aziz 35, Khurram Ali 20, Danish Kaneria 3-22, Kamil Mahmood 2-17). -APP

Jnr hockey outfit leaves for Egypt ISLAMABAD: National junior hockey team departed for Egypt from Lahore Airport on Thursday to play a five-match series against senior team of that country, scheduled to take place from August 6-12. Before leaving for Egypt team coach Rana Mujahid said that the tour would prove beneficial for future of the team. He said that boys were full of potential and talent. He said that the players were selected purely on merit keeping in view their performance during the camp and trials. -APP

Award of cash incentive to Squash players ISLAMABAD: President Pakistan Squash Federation Air Chief Marshal Rao Qamar Suleman has awarded cash prizes to the top professional players on their outstanding performance in the recently held overseas squash tournaments. Farhan Zaman won the final of Milad Open (US$ 6,000/- prize money) held in Iran. Subsequently, Aamir Atlas played the final of CIMB Malaysian Open (US$ 50,000/-) whereas Manzoor Zaman also played the final of Kuwait Squash Federation Open (US$ 6,000/- prize money). All the tournaments were held in the month of July, 2011. President PSF, highly appreciated the performance of Pakistani players in the above tournaments. He expected that these players would continue putting in more efforts for bringing laurels for Pakistan in the future, as well. -APP

City School students attend Bridge Summer Camp in China ISLAMABAD: A City School Network delegation of students visited Chinese Bridge Summer Camp as part 60th year celebration of SinoPak diplomatic relations. The two-week intensive Mandarin language and Chinese culture training programme, organized by Hanban, (the Office of Chinese Language Council International). The City School students stayed and studied in the prestigious Shandong University, Jinan and actively participated in various cultural activities and

through it explored the richness of the `Red Dragon' culture. According to information, they enthusiastically involved themselves in various sports and visited points of interest of China's long history and sites of natural beauty including The Great Wall, the Forbidden City, Qingdao and Qufu. The students also visited the Pakistan Embassy College, Beijing (PECB) where they met Pakistan's Ambassador to China, Masood Khan. During the, Ambassador

appreciated the knowledge and wisdom of The City School students. During their two-week stay, The City School students visited Urumqi, Jinan, Qufu, Qingdao and Beijing and returned to Pakistan after a successful completion of the vigorous language course. The students played an important part in promoting cultural exchange between the youth of China and Pakistan and were successful in building an excellent image as they were announced the best disciplined group by the organiz-

ers as well as their teachers due to their sheer commitment to represent their country, school, and family in the most professional and positive manner. Meanwhile, another group of students from Capital Campus Islamabad visited Thailand. The aim of the visit was to give maximum exposure of global trends to its students. The group visited Pattaya and Bangkok where they interacted with the local residents and got hands on knowledge of the foreign culture. -APP


Internaional & Continuations

Friday, August 5, 2011

BD EPZs see boom in exports DHAKA: Bangladesh's all the eight export processing zones (EPZs) in the immediate past 2010-11 fiscal year eyed booming growth in export earnings, investment and employment as the facilities offered by its govenrment paved the way to woo more investors. Export earnings of the enterprises in the South Asian country's EPZs during 2010-11 fiscal year (July 2010-June 2011) surged over 31 percent year on year to 3.697 billion U.S. dollars, showed the statistics of the Bangladesh Export Processing Zones Authority ( BEPZA) Thursday. The BEPZA, which has been placed directly under the country's Prime Minister's Office, was set up by an act of parliament in 1980 to woo particularly foreign capital and technical know-how and thereby boost exports through the establishment of export- oriented industries in special zones with special facilities. BEPZA Excutive Chairman Major General ATM Shahidul

Islam told Xinhua Thursday, "We've not only seen booming growth in export earnings but also in investment and employment during the last fiscal year." He said a large number of fiscal and non-fiscal incentives and facilities offered by the government along with some favourable global factors helped Bangladesh to attract huge investment in the EPZs over the last years. Islam said changing economic situation in the Asian region are now prompting many foreign investors to reassess their investment strategies and plan for relocating their investments in Bangladesh 's EPZs. "In the coming years, we're expecting more investments in the EPZs in the backdrop of rising labor and production costs in many Asian and European countries," he added. Investors from about 40 countries including Bangladesh, Canada, China, Germany, India, Japan, Malaysia, Pakistan, the United States and the United Kingdom

have so far invested in the EPZs of Bangladesh enjoying a large number of fiscal and nonfiscal privileges. The BEPZA, among other facilities, offers 10 years tax holiday, duty free import of construction materials, machinery, raw materials and many more with one-window, same-day services under simplified procedures to the investors. The BEPZA data showed a total of 2,117.67 million U.S. dollars was invested in the country's eight EPZs from 1983-84 (July 1983- June 1984) fiscal year to 2010-11 fiscal year. Of total, it showed the EPZs attracted 313.23 million U.S. dollars investment in the last 2010-11 fiscal year, up 41 percent year on year. BEPZA executive chairman said EPZs in Bangladesh have already become a preferred destination to many foreign investors who are looking suitable sites for labor-intensive low-cost product manufacturing. -Reuters

Sonia Gandhi to undergo surgery abroad NEW DELHI: Indian ruler party Congress President Sonia Gandhi has gone abroad, possibly to the US, to undergo surgery for a medical condition, which the party did not disclose. Making a bare announcement, Congress general secretary Janardhan Dwivedi, told reporters in Parliament House that the 64year-old leader was recently diagnosed with a medical condition and has been advised surgery. "On the advice of her doctors, she has traveled abroad and she is likely to be away for two-three weeks," he said. Replying to questions, he said, "We have just got information that the surgery is successful and her condition is satisfactory". But later he clarified that the surgery has not yet been carried out and that it could take place in a day or two. The doctors attending on her have to decide, he said. He announced that Gandhi has decided that in her absence a group comprising Rahul Gandhi and senior leaders AK Antony, Ahmed Patel and Janardhan Dwivedi will look after party affairs. -Reuters

wish to develop 1200 megawatts of coal based power project Continued from page 12 No #1 there", he said adding that they also want to get involved in minThe MQM leader hoped that the Rangers would reach all the affected areas in time and take action to protect the life and prop- ing. Durrani said therefore, mining is another area where there is hug erty of people for bringing a permanent peace in Karachi. - NNI potential for Chinese companies. Continued from page 12 No #2 Shakeel Durrani said that they discussed Thermal and laying be a transparent census so that real situation becomes clear. transmission line projects as well. Iqbal Muhammad Ali Khan said looting, arson and killing spree "So all in all there is vast scope for Chinese companies to work is continuing in Karachi but no concrete action is being taken to in Pakistan and for Chinese investors to make investment in our stem the rot. He said perpetrators of crime in Karachi should be energy projects", he noted. taken to task and de-weaponization campaign should be launched On question for Chinese financing for these mega projects, all over the country. Shakeel Durrani said EXIM Bank and China Development Bank Maulana Fazlur Rehman said Karachi is jugular vein of the country and therefore practical steps should be taken to restore have been providing loans to Pakistan for financing various projpeace in the city. He said there was an unfortunate impression ects, adding that they have availed a large amount of loans in the that we are doing politics over blood of the poor. He was of the past. These days, he said that they are also discussing financing view that the growing demand for handover of Karachi to army is and the terms of financing including the rate of interest and repayreflective of failure of the civil administration. He said use of ment of loans. China, the chairman Wapda said, has been providforce was no solution to any problem and we should strictly ing financing for energy sector projects and would continue to do adhere to constitution. so in future as well. The interest rates differ from project to projKhurram Dastgir Khan said continuation of violence in Karachi ect, he replied to a question, and said they are holding negotiations sends an impression as if elected people were not capable enough with concern agencies. to handle the situation. He was of the view that apart from the In these days, he said that out of 11 hydro power projects they land grabbers and mafia a tough war is going on for political con- have, Chinese contractors are supplying equipments for ten, so trol of Karachi. they have extensive cooperation with China. Chaudhry Ahsan Iqbal reiterated demand of PML-N that the In our meetings, he said that they also exchanged views where House should be briefed by security institutions before conclusion of debate on the law and order situation. He announced token the Chinese can come either as contractors or as investors. He pointed out that Chinese could also invest in power houses. walkout of his party against load-shedding during Ramzan but the Those who attended the inaugural JEWG meetings from Deputy Speaker adjourned the House to meet again today (Friday) Pakistan side were: Ambassador Masood Khan, Chairman Wapda, morning at 10:30. - NNI Shakeel Durrani; MD Pepco, Rasool Khan Mahsud; CEO Continued from page 12 No #3 Alternate Energy Development Board, Arif Allauddin; MD Thar call for an end to the use of violence. Coal and Energy Board, Aijaz Ali Khan; MD Private Power The people of the country expect the parliament to remain Infrastructure Board, N A Zubairi and CEO Sindh-Engro Coal proactive and not leave all issues to be solved to chance. Nor Mining Company, Khalid Mansoor. - NNI should the Parliament transfer its entire burden to other instituContinued from page 1 No #9 tions or else not expect that their sovereignty will not be tarnished. MCB Bank Limited, National Bank of Pakistan and United Institutions earn respect not through legislating on their powers Bank Limited stood at Rs140.312 billion in 2010-11 compared but by the effective use of these. - Online with Rs119.609 billion in 2009?10, depicting an increase of Continued from page 12 No #4 Rs20.70 billion or 17.31 per cent. in facilitating the students of history of Pakistan These five banks as a whole surpassed their target by Rs7.9 Movement. billion or 5.9 per cent as their annual target of agriculture credThe President also said that the government would continue it disbursement for FY11 was Rs132.45 billion. to extend patronage to intelligentsia and writers community of Thirteen domestic private banks also loaned a combined the country and would extend all possible support towards Rs50.187 billion during last fiscal year (2010-11) compared accomplishment of all such tasks that serve the national pur- with Rs43.777 billion disbursed in the preceding fiscal year poses. He appreciated the works done by the eminent scholars (2009?10), depicting an increase of 14.64 per cent. These 13 and termed them as a great service to the nation and invaluable domestic private banks as a group surpassed their annual target favour to the students of Pakistan Movement. - Agencies of Rs48.90 billion by Rs1.3 billion or 2.6 per cent. Disbursement by Punjab Provincial Co?operative Bank Continued from page 12 No #5 Limited (PPCBL) stood at Rs7.161 billion in 2010-11, comsix months of stagnation, and data from the United States and pared with Rs5.722 billion in 2009?10, depicting an increase of the euro zone suggests a global slowdown is becoming entrenched. Even inflation, currently more than twice the Bank's 25.16 per cent. PPCBL surpassed its annual target of Rs6.85 billion by Rs0.3 billion or 4.6 per cent. target appears to be peaking. However, Zarai Taraqiati Bank Limited disbursed a total of "If the Bank of England does act anytime soon, it is most likely to be to relax monetary policy," said Howard Archer, UK econo- Rs65.361 billion in 2010-11, down by 17.28 per cent when compared with Rs79.012 billion in 2009?10. It could achieve mist at Global Insight. The unchanged verdict had been widely expected, though there 80 per cent of its target of Rs81.80 billion. Province wise data shows that the agriculture credit disbursewas an outside chance the Bank could have surprised with more stimuli, particularly after a shock easing by the Swiss central bank ments to Punjab increased by Rs10.9 billion or 5.1 per cent, Sindh by Rs3.8 billion or 14.1 per cent, Khyber Pakhtunkhwa Wednesday. World stocks have tumbled to a five-month low as investors by Rs0.5 billion or 7.8 per cent and AJK by Rs0.1 billion or have fretted that fiscal cutbacks and a prolonged slowdown will 13.2 per cent during the last fiscal year when compared with the preceding fiscal year. aggravate Europe's debt crisis. However, the disbursements to Balochistan and Gilgit The focus now shifts to the European Central Bank's media conference later this session to see whether it can shore up confidence Baltistan declined by Rs0.3 billion and Rs0.1 billion respectiveand prevent the crisis spreading from the periphery to bigger ly during July-June 2010-11 compared with fiscal year 2009countries such as Spain and Italy. The ECB also left rates steady 10. The disbursement to non-farm sector ie livestock, poultry, after two increases so far this year. - Reuters fisheries, etc increased by Rs7.9 billion or 10.3 per cent and to Continued from page 12 No #6 farm sector by Rs7.0 billion or 4.1 per cent during July-June He alleged that the Ogra chairman Tauqeer Sadiq was involved 2010-11 compared with fiscal year 2009-10. in malpractice, favouritism and corruption. Outstanding agriculture credit portfolio of banks increased to He maintained that during his appointment as chairman, no cri- Rs193.3 billion at end June 2011 from Rs183.4 billion at end teria was followed, besides, his LLM degree was also fake. - APP June last fiscal year.

No #7

Continued from page 12

where many Uighurs, a mostly Muslim Turkic-speaking people from the region, resent the influx of Han Chinese. "No matter who it is, if they have broken the law, if they have jeopardized the people's lives and property, if they have engaged in splitting the country or impaired ethnic unity, they will be firmly handled according to law," Meng said. Eighteen people including 14 "rioters" were killed in an attack on a police station in Xinjiang on July 18, according to the government, and in July 2009, Urumqi was rocked by violence between Han Chinese and Uighurs that killed nearly 200 people. - Reuters

No #10

11

Continued from page 1

To a question, he said that President Asif Ali Zardari has constituted a committee for the formation of new provinces. The Prime minister expressed the hope that situation in Karachi will return to normalcy soon. Replying to another question, he said: "Energy Conferences were being called to overcome loadshedding and we have taken several steps to address the issue." He said that for the first time, the country is exporting wheat due to better production. Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan and Federal Minister for Professional and Technical Training Mian Riaz Hussain Pirzada Continued from page 12 No #8 were also present on the occasion. civil, electrical and mechanical works, he added. While addressing inauguration ceremony of Universal Service "All these 12 are hydro projects", he said adding that apart from Funds (USF) project held at Bahawalpur circuit house on that they talked on alternate energy and on coal fired projects, as Thursday he said government was taking measures for promotion Pakistan has the largest coal reserves in Thar. of information technology. Internet facility will be provided in "The government of Sindh and a private sector group ENGRO, rural areas as well, he added. - Agencies

FIROZPUR, India: Residents stand near the wreckage of an Indian Air Force SEPECAT Jaguar aircraft after it crashed in Firozpur village in Mau district of Uttar Pradesh. -Reuters

No #11

Continued from page 1

All Chief Commissioners were directed to prepare themselves soundly for attending the audit paras and attending to PAC observations with respect and competence. Post refund audit for improvement of ERS would be initiated in FBR. Training in post-refund audit shall also be strengthened. Data warehouse shall be developed in FBR for improving enforcement and audit on a scientific basis. - APP

No #12

Continued from page 1

US State Department spokesman Mark Toner said US envoy Mark Grossman's tri-partite dialogues and discussion with Pakistan and Afghan leadership proved positive. Pakistan and the US h ave agreed to work jointly on important issues, he said. He repeated that there was no gap of communica tion between the two countries but as far strategic dialogues are concerned, there is no possibility. The United States has earlier warned the Pakistani government that its diplomats in the US could be hit with travel restrictions similar to those recently imposed on American diplomats in Pakistan unless Pakistan lifts its restrictions. The State Department said the US and Pakistan were working to end the spat, the latest irritant in already strained ties, and it was confident the dispute would be resolved quickly. But US officials said Pakistan had been told the Obama administration would consider reciprocal steps to retaliate for the restrictions set down last month by Pakistan s foreign ministry if they are not rescinded. State Department spokesman Mark Toner declined to comment on the warning but said "reciprocity is always a consideration" when dealing with such matters. "We are working cooperatively with the government of Pakistan to resolve the issue," Toner told reporters. "We have met with Pakistani officials on this matter both in Washington and in Islamabad, and we believe it can be resolved. The issue is the right of our diplomats to freely travel." - Online

No #13

Continued from page 5

Bearish bets in CNBM had picked up significantly over the past week, hitting 32 per cent of total turnover on Wednesday. SHANGHAI EDGE UP The Shanghai Composite Index snapped a two-day losing streak, edging up 0.21 per cent to 2,684.04 even as A-share turnover declined for a second-straight day, almost 30 per cent below its 20-day average. Cement names were among the biggest supports to the Shanghai benchmark, extending gains after the Ministry of Industry and Information Technology (MIIT) said on Tuesday that industry profit surged 170 per cent in cement. Anhui Conch Cement was among the top supports to the benchmark, gaining 2.6 per cent. Huaxin Cement gained 6.3 per cent. Gains over the last two sessions have lifted Anhui Conch out of oversold status on the charts. Gains were cut by lingering fears that a fresh high in inflation data for July, expected to be released next week, could precede another rate hike in China have hobbled any hopes of an earnings-driven rebound in the market. Financials and property names were the standout underperformers, with the mainland's largest lender, Industrial and Commercial Bank of China and China's second largest real estate firm, Poly Real Estate the top drags on the benchmark.-Reuters

No #14

Continued from page 5

Britain's central bank left interest rates at a record low on Thursday and kept up its sleeve the option of more stimulus under its quantitative easing programme should an already struggling economy weaken further. Spanish bond yields soared to their highest level since the inception of the euro as a still-deepening debt crisis threatened to swallow the larger economies of Italy and Spain. The sell-off in European equities - including London - this week has wiped out around 288 billion euros from company market capitalisation, about two-thirds of the 440 billion euros capacity of the rescue fund set up by the European Union. Gold rose to fresh all time highs as investors plumped for the precious metal's safe haven qualities. That lifted precious metals miner Randgold up 6.6 per cent as investors bought the firm as an equity proxy for gold. Elsewhere on the upside, Unilever rose 2.7 per cent as the consumer goods giant beat forecasts with second-quarter sales growth of 7.1 per cent. Other defensively-perceived stocks benefited from a knock to investors' risk appetite, with Imperial Tobacco up 1.3 per cent.-Reuters

No #15

Continued from page 5

by 1027 GMT, while emerging equities fell 1.14 per cent. The Reserve Bank of India has raised rates 11 times since mid-March last year, making it one of the world's most aggressive central banks to fight high inflation. Separately, the country's weather office said monsoon rains that are crucial for the economy were 22 per cent below normal in the week to Aug. 3, a second straight week of weakness. ITC Ltd, the second best performer among the main index components this year, fell 3.3 per cent to 199.95 rupees, its lowest close in about a month, as investors locked in profits. Reliance Industries reversed early gains and fell 1.5 per cent to 812.35 rupees, its lowest close in more than two years. Slowing gas output has been a worry for the country's most-valuable firm and the stock has underperformed the broader market this year. Shares in automakers, which have been battling slowing sales after a record 2010, were in reverse gear. Mahindra & Mahindra fell 4.2 per cent, Tata Motors shed 1.5 per cent and Maruti Suzuki lost one per cent.-Reuters

No #16

Continued from page 5

rise is due mainly to an investor shift to safe haven currencies amid concerns about the US economy, not something that Japan can tackle on its own." A merger of Hitachi and Mitsubishi Heavy would create one of the world's largest infrastructure firms with more than $150 billion in combined sales. Hitachi, the most actively traded firm by turnover on the main board, gained 1.7 per cent to 471 yen and Mitsubishi Heavy rose 3.4 per cent to 361 yen. "It's going to be a history-changing event if true," said Fujio Ando, senior managing director at Chibagin Asset Management. "It would really be praiseworthy if they can really move this forward because a merger would mean they would be creating a new company with companies from different ex-zaibatsu business groups. This used to be seen as extremely difficult." The merger would be one of the largest ever in Japan. Hitachi, with a market value of $27 billion, would likely be the acquirer of Mitsubishi Heavy, valued at nearly $16 billion as of Wednesday's closing price. EXPORTERS GAIN ON INTERVENTION Exporters gained in heavy trade, with auto giant Toyota Motor rising 0.6 per cent to 3,140 yen, and Tokyo Electron, the world's No.2 supplier of chipmaking equipment, adding 1.7 per cent to 3,955 yen. After the market close, the Nikkei publisher said that it will add Aozora Bank, Sony Financial and Amada to the Nikkei 225 benchmark. Volume was high, with about 2 billion shares changing hands on the Tokyo stock exchange's main board, the highest level since June 10. Declining shares slightly outnumbered advancing shares by 733 to 729.-Reuters


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

12

RIAZ NEWS AGENCY Cell # 0333-5373137

Friday, August 5, 2011

SHAKIL NEWS AGENCY Cell # 0333-4400472

Omer, Zawahiri not in Balochistan: Raisani

Bâ&#x20AC;&#x2122;stan worthwhile for US, says Munter ISLAMABAD: President Asif Ali Zardari during meeting with Chinese delegation of Foton Motors Company that called on him at Aiwan-e-Sadr.-INP

Karachi jugular vein of Pakistan: Fazl

NA continues to discuss Karachi, Quetta ISLAMABAD: The National Assembly Thursday continued discussions on the law and order situation in the country with special reference to Karachi and Quetta. Taking part in the debate, Hanif Abbasi expressed concerns over deteriorating security environment in the country and target killings in Karachi and Quetta. He emphasised that linguistic, parochial and sectarian prejudices must not be exploited for the sake of harmonious relationship among different communities. Sajid Ahmad said killers have a free hand in Karachi and law enforcing agencies are not discharging their duty of protecting life and property of the citizens. He said the MQM is against division of Sindh but mandate of all political parties should be accepted which is a must for maintenance of peace in Karachi. Abdul Maalik Wazir said it is foremost duty of the government to ensure

SC seeks reply on suspended Ogra chief ISLAMABAD: The Supreme Court on Thursday sought written comments within fifteen days from federation over appointment issue of suspended chairman Oil and Gas Regulatory Authority (OGRA). A three-judge bench comprising Justice Mian Shakirullah Jan, Justice Anwar Zaheer Jamali and Justice Khilji Arif Hussain, issued directive on a plea moved by Muhammad Yasin, executive director Ogra. The bench was apprised through written reply by the Cabinet Division that the issue of allegations of misconduct against Tauqeer Sadiq had been sent to the Federal Public Service Commission that would conduct further inquiry. It said that if they knew about contentious issue of his LLM degree, they would not have appointed him. The report also stated that the Federal Public Service Commission had already sent a report on Sadiq's misconduct related to granting new connections over Compressed Natural Gas (CNG) stations, as well as transfers, which were violation of policies. The counsel for respondent said that his client was suspended therefore, petition was not maintainable. However, the bench rejected his plea and adjourned hearing till last week of September. The petitioner in his plea had prayed to the Court to declare the appointment of Ogra chairman as illegal. See # 6 Page 11

peace for people. He said Karachi is important for the country because of its economic importance while Fata and Balochistan have strategic significance and establishment of peace there should be the top priority of the government. He called for stoppage of drone attacks. Imtiaz Safdar Warriach said the government is determined to establish peace in Karachi and pointed out that both the President and the Prime Minister have been visiting the city frequently for consultation with different stakeholders and meetings with law enforcing agencies. He regretted that despite sincere efforts being made by the government the opposition is resorting to criticism for the sake of criticism. Bushra Gohar called for across the board de-weaponization of Karachi and action against all criminals irrespective of their political affiliations. She pointed out that demographic changes have taken place in Karachi and there should See # 2 Page 11

Asma for panel to stem Khi unrest ISLAMABAD: The President of the Supreme Court Bar Association, Asma Jahangir, has expressed horror at the declining law and order situation in Karachi. In a statement, Asma Jahangir, President Supreme Court Bar Association of Pakistan said that by all accounts the situation is complex but a large part of violence stems from political polarisation and escalating ethnic and religious intolerance. All this is being whipped up to capture some form of power in the country. Asma Jahangir cautioned that if the country descends in to chaos, no one will be safe. She also condemned the practice of "bhattas", which is being used by all political parties in Karachi to arm and recruit cadres of their parties. The Parliament, apart from expressing its concern, must form an all party committee on the issue who should visit the city, hold public meetings and See # 3 Page 11

QUETTA: US ambassador to Pakistan Cameron Munter on Thursday reiterated that his country would continue supporting Pakistan to strengthen democracy in the country. Munter who called on speaker of Balochistan Assembly Aslam Bootani here said that Balochistan is very important for United States and his country would help in various development projects including water and power sector in the province. He said Pakistan is true friend and important ally of Washington and US would help Islamabad whenever it required added that US would play its role to strengthen democracy in the country.

Meanwhile Cameron Munter announced to donate $0.1m for the SOS village in Quetta. It aims at provision of better future to the orphans and helpless children. Addressing the ceremony organised for children, he said that he was really impressed by the services being provided at the said centre established for children. He intermingled with the children residing their and played cricket with them which was highly appreciated by the participants. US Ambassador Cameron Munter also met with Chief Minister Balochistan Nawab Aslam Raisani on Thursday.

According to media reports, Raisani informed the US ambassador that Mullah Omar and Ayman Al Zawahiri were not present in Balochistan. He added that Pakistan is a reality and its existence is beneficial for all and the time is right to improve relations with neighbours for the prosperity of the region and people. The Chief Minister of Balochistan informed Munter that there were no differences between the Baloch and Pashtun people and that he believed in the politics of reconciliation. The US ambassador expressed grief with Raisani over the death of his nephew. - Online

Altaf for peace in city at any cost Clarifies ration appeal KARACHI: Founder and leader of Muttahida Qaumi Movement (MQM) Altaf Hussain once again appealed to the people of Karachi to keep faith in Allah and maintain peace at every cost. In a video message from London, Altaf Husain asked the MQM workers and citizens of Karachi to engage every religious and political party for bringing a durable peace in Karachi. He said that that the reason he had appealed to the public to store ration for at least one month was that when

the terrorists were attacking from the Kati Pahari food and other necessary things had become scarce. Even the small children had to go without milk in a number of houses. When the houses and shops were being attacked in Surjani Town and when over 150 motor cycles were torched outside a factory, there was no one to protect the helpless people. It was because of this that he appealed to the people to store rations and other necessary things if the situation like Qasba Aligarh erupted in other parts of the city as

well. Altaf Hussain thanked Director General Rangers and other Rangers officials for reaching in the affected areas and bringing peace. He said that the Rangers have taken action in the affected areas. Altaf Hussain appealed to all the religious and political parties to get united for bringing peace in Karachi. He said that if there was peace in Karachi, Pakistan would be peaceful. Peace in Karachi means prosperity for Sindh and Pakistan. See # 1 Page 11

President orders to spur research cell ISLAMABAD: President Asif Ali Zardari has said that it was important that the toil and hard work of our scholars and eminent historians is not only preserved but also duly appreciated and merited so that when history is progressively recorded for our coming generations, it is done objectively and there is no chance of historical oblivions, deviations or misinterpretations. He said this during a meeting with eminent scholars of history of Pakistan Movement here at Aiwan-e-Sadr on Thursday.

The meeting was attended by Professor Fateh Malik, Dr Muhammad Sadiq and Majid Shamsul Hasan. M Salman Faruqui, Secretary General to the President, Nargis Sethi, cabinet secretary and spokesperson to the President Farhatullah Babar was also present during the meeting. The President, during the meeting, directed the cabinet secretary to streamline research cell in the Cabinet Division and asked the scholars to assist Cabinet Division See # 4 Page 11

BoE holds rate at record low LONDON: The Bank of England left interest rates at a record low Thursday and kept up its sleeve the option of more stimuli under its quantitative easing program should an already struggling economy weaken further. The Bank issued no statement with its decision, but minutes from the meeting may show an anxious discussion about what tools could be used if the recovery fails to gain traction. UK interest rates have stood at 0.5 per cent for more than two years -- already the longest period of inertia since World War Two -- and money markets are not pricing in any realistic chance of a hike until the second half of 2012. The economy barely grew in the second quarter following See # 5 Page 11

China vows crackdown on terror BEIJING: China will show no leniency to those who perpetrate terrorist activities, the country's top police official said on Thursday, the most senior official comment since deadly attacks shook China's western Xinjiang region over the weekend. "Those criminals who dare to test the law and commit violent terrorist acts will be shown no leniency, no appeasement and no soft heart," Public Security Minister Meng Jianzhu said. Meng's comments came nearly a

week after ethnically Uighur assailants stormed a restaurant in the Xinjiang city of Kashgar, killed the owner and a waiter, and then hacked four people to death on a nearby street. State media said at least 14 were killed and 42 injured in two separate incidents on Saturday and Sunday in the city, which China has blamed on Islamic militants. The attacks were the latest in bursts of violence that have jolted Xinjiang, See # 7 Page 11

JEWG peruses 12 hydropower projects BEIJING: Chairman Water and Power Development Authority (WAPDA) Shakeel Durring has said that twelve new hydro power projects have been discussed in the Pakistan-China JEWG meetings for the mutual benefits of both sides. The Chairman Wapda was the

member of the Pakistani delegation to the first Pakistan, China Joint Energy Working Group (JEWG) meetings. The Minister for Water and Power Syed Naveed Qamar led Pakistan on a two-day visit that concluded on August 2.

Out of these twelve, Shakeel Durrani in an interview said that Wapda has six, while three from private sectors. There are also three additional projects in which Chinese can invest or could also work as contractors for See # 8 Page 11

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


thefinancialdaily-epaper-5-08-2011