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International Karachi, Wednesday, June 8, 2011, Rajab-ul-Murajjab 5, Price Rs12 Pages 12

Flood Probe: Top court orders to publicise report

Pak, US about-face on Kashmiri death

See on Page 12

Haqqani says some criminal element in govt

See on Page 12

Pak gets even with India in nuke-sum

See on Page 12

See on Page 12 Economic Indicators

US Congressional delegation meets PM Gilani

$17.34bn 14.00% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1147bn $59.54bn Rs 5617bn $649.9mn 6.75% 4.10% $1,051 176.25mn

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

GDP Growth FY10E Per Capita Income FY10 Population

Pakistan-US free trade deal urged Better economy to help address poverty, issues Ties with US should be based on mutual trust

Portfolio Investment SCRA(U.S $ in million)

248.57 3.55 0.89 2836

Yearly(Jul, 2010 up to 3-Jun-2011) Monthly(May, 2011 up to 3-Jun-2011) Daily (3-Jun-2011) Total Portfolio Invest (28-May-2011)

NCCPL

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to US Congressional delegation led by Representative Doug Lamborn, House Armed Services Committee at PM House. -APP

(U.S $ in million)

FIPI (6-Jun-2011) Local Companies (6-Jun-2011) Banks / DFI (6-Jun-2011) Mutual Funds (6-Jun-2011) NBFC (6-Jun-2011) Local Investors (6-Jun-2011) Other Organization (6-Jun-2011)

0.09 -1.03 0.17 -1.29 -0.46 1.45 1.08

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

Close 12211.65 9380.35 22949.56 18420.11 2678.04 2728.02 5863.16 12141.65

Change 25.01 111.86 304.28 43.63 11.88 22.84 8.15 9.61

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 111.64 14.00 120.23 2.00 42.94 1.70 36.50 10.93 37.55

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

01-Jun-2011 01-Jun-2011 01-Jun-2011 20-May-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011 06-Jun-2011

13.43% 13.68% 13.88% 14.00% 13.33% 13.51% 13.77% 14.12% 14.25% 14.00% 14.04% 14.10% 14.26% 14.48% 14.78%

Commodities *Crude Oil (brent)$/bbl 115.03 *Crude Oil (WTI)$/bbl 99.56 *Cotton $/lb 138.00 *Gold $/ozs 1,553.50 *Silver $/ozs 37.09 Malaysian Palm $ 1,125 GOLD (NCEL) PKR 42,843 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.80 Canadian $ 87.10 Danish Krone 16.20 Euro 125.20 Hong Kong $ 10.70 Japanese Yen 1.055 Saudi Riyal 22.83 Singapore $ 69.30 Swedish Korona 13.45 Swiss Franc 97.10 U.A.E Dirham 23.33 UK Pound 140.60 US $ 85.45

92.80 88.10 16.60 126.50 11.20 1.082 23.03 70.30 13.80 98.10 23.53 142.00 86.30

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying

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TT Clean

TT & OD

92.13 87.67 16.84 125.57 11.03 1.069 22.88 69.82 13.98 102.80 23.36 23.28 85.88

92.35 87.88 16.88 125.86 11.06 1.071 22.93 69.98 14.01 103.04 23.41 23.47 86.07

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Pak oil imports doubled in May SINGAPORE: Pakistan's fuel oil imports for May more than doubled from April's three-year low volumes to around 700,000 tonnes, while tender requirements indicated the country would seek large volumes till October, official data showed. Imports of high-sulphur fuel oil (HSFO), mainly for power generation, were at the highest level since October 2010 at about 600,000 tonnes, while imports of low-sulphur fuel oil (LSFO) were at about 116,000 tonnes, figures from the country's Oil Companies Advisory Committee showed on Tuesday. "The May import volumes are reflective of demand in the country, one of the few places in the world where fuel oil usage for power generation is still growing," a Pakistan-based source said. With the May imports, the

monthly average volume for the year amounts to about 558,000 ton; little changed from last year's average of 550,000 tonnes. The country is also seeking large volumes for the AugustOctober period, having issued a tender to purchase up to 1.66 million tonnes via Pakistan State Oil (PSO). It is seeking 20 HSFO cargoes of 65,000 tonnes each and six LSFO lots of 60,000 tonnes each for August to October delivery, both on a cost-andfreight (C&F) Karachi basis, via a tender that closes on June 28 and remains valid till July 2. The requirement, which averages 550,000 tonnes for each of the three months, follows heavy purchases for JuneOctober delivery totaling 1.62 million tonnes, or about 340,000 tonnes per month. See # 10 Page 11

Ministry of Petroleum

Top Auditor finds Rs57bn misdeeds ISLAMABAD: Petroleum Ministry financial irregularities and corruption have drained down more than Rs 57.16 billion in just one-year, thus placing extra-burden on the people by increasing petroleum prices every month, according to Auditor General of Pakistan report. It is said in the report that due to not receiving the royalty on crude oil by Petroleum Ministry, a loss of Rs 5.89 billion occurred to national exchequer, which is violation of laws. The DG Oil did not get the royalty amount of Rs 5.63 billion from OGDCL and Rs 2.69 million from PPL. In addition to this Pak-Arab Refinery also did not pay levy of Rs 3.318 billion to Ministry

QUETTA: Chief of Army Staff General Ashfaq Pervez Kayani Tuesday again made it clear that Pakistan has never made any compromise on basic national strategic interests in war against terrorism. According to military sources, Chief of Army Staff (COAS), General Ashfaq Parvez Kayani visited Command and Staff College Quetta on Tuesday where he addressed the student officers in a simple but dignified ceremony. During his address he had to face stiff resistance from students who threw volleys of questions upon him but COAS patiently answered all questions and was of the view that Army is fulfilling his responsibilities under the ambit of the Constitution. Regarding Abbottabad Operation, COAS underlined that military and political leadership have presented their just stance to US and others on the thorny issue, Online says. Nothing holds more priority for us other than country's sovereignty and defense, he underlined. He said that no country can alone fight war against terrorism, adding Pakistan has sacrificed the most hence to eliminate the menace tooth and nail. We have gained substantial success in this regard, he noted. Elaborating the concept of comprehensive security, he emphasized the vital requirement of unified national support to the armed forces, without which no force can fulfill the mission of defending a state/nation. He said that people's support was real strength of the Army. See # 9 Page 11

of Petroleum, which was due in June 2010. The report also told that DG Oil also caused loss of Rs 2.96 billion to national exchequer by not taking concessional amount on local oil by Attock Oil Refinery yet. The report also exposed that DG Gas also committed negligence in performing his duties as he did not get gas development surcharge which caused the loss of Rs 2.76 billion. In addition to this DG Gas failed to recover Rs 6.23 billion, which were due against the companies including PPL, MGCL and Tulu-e-Pakistan during November 2009 to June 2010. However after audit objec- TEHRAN: Iranian President tions raised by Auditor General Mahmoud Ahmadinejad on See # 11 Page 11 Tuesday accused Washington, Tehran's arch-foe, of planning to sabotage Pakistan's nuclear facilities, during a media conference in Tehran. "We have precise information that America wants to sabotage the Pakistani nuclear facilities in order to control Pakistan and to weaken the government and people of Pakistan," the hardline president said. The United States would then use the UN Security Council and some other international bodies as levers to prepare the ground for a massive presence in Pakistan and weaken the national sovereignty of Pakistan," he added, without elaborating. Pakistan is the only Islamic nation with nuclear weapons, and has close relations with Iran. In order to fight al Qaeda and Taliban insurgents in Pakistan, Washington has intensified its German Chancellor Angela aerial operations in Iran's southMerkel. Reuters eastern neighbor. -Online

No fears of double dip recession: Obama WASHINGTON: President Barack Obama says he is not worried about a double-dip recession in the United States. However, Obama says he is concerned that the economy is not growing jobs fast enough. He says his administration is studying whether the latest weak job reports are part of a larger pattern or a one-time drop. Economic reports out last week showed the unemployment rate increased to 9.1. percent. The economy also added far fewer jobs than experts had predicted. Obama spoke at a joint news conference with visiting

No bargain on national interests: Kayani

US eyes Pak nukes: Iran

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Tuesday called for an early conclusion of a "Free Trade Agreement" between Pakistan and United States to promote economic activity. Talking to a US Congressional delegation led by Doug Lamborn at the PM House, the Prime Minister Gilani said the economic activity would address the issue of poverty and unemployment particularly in the under developed and militancy affected areas. About the misperceptions in both countries against each other, the Prime Minister said the US presence in Pakistan should be seen as a source of peace and prosperity by the people of Pakistan, a PM House statement said. However, he said the US administration and particularly the US Congress needed to be sensitive about the opinion and

views of the people of Pakistan for paving the way for a longterm strategic partnership based on mutual trust, respect and interest. He pointed out that the people of Pakistan were expecting a thorough investigation of the Raymond Davis case in the US under its law. The provision of civil nuclear technology, reimbursement of large amount of with-held Coalition Support Fund to Pakistan and utilization of Kerry Lugar Bill funds for signature projects having direct bearing on the life of ordinary people, the Prime Minister said would help build a positive image of the US in the country. The Prime Minister also stressed upon the need of positive messaging about each other in both countries and regretted that certain incidents were blown out of proportion in a negative way about Pakistan in the US which obviously

Privatisation to lift PSEs: Mehr ISLAMABAD: The privatisation process is aimed to improve the working, efficiencies and performances of Public Sector Entities (PSEs), said Federal Minister for Privatisation, Ghaus Bux Mehr. While addressing a meeting of the Board of Privatisation Commission, Ghaus Bux Khan Mehr here Tuesday said that the target of privatisation of PSEs will be successfully achieved on fast track basis through a transparent and open process, which will reduce the fiscal burden and enable the government to get rid of the business activity, says a press statement. He further stated that the working, efficiencies and performances of PSEs will be improved by associating the respective private sector and to bring in fresh investment for expansion of the existing entities and generating new jobs. The government is determined to safeguard the interests of the workers during the privatisation process and to empower them by having their representation on the respective

Boards of the entities under Benazir Employees Stock Option Scheme (BESOS), he added. The representatives of the Financial Advisory Consortium comprising of Citibank, Credit Suisse, J P Morgan and BMA Capital, gave s presentation to the PC Board regarding the Transaction structure for the issuance of Oil & Gas Development Company Limited (OGDCL)'s Exchangeable Bonds. This is a landmark deal under which the consortium has been tasked to monetize up to 10 per cent of GoP's shareholding in OGDCL via an Exchangeable Bond Transaction. While reviewing the implementation status of the decisions taken during the previous meeting, the PC Board was informed that M/s Bhandari, Naqvi & Riaz and Freshfields Bruckhaus Deringer LLP have being appointed as Issuers Legal Counsel for OGDCL Exchangeable Bonds. Earlier, the PC Board See # 6 Page 11

FY11: Rs800bn taxes stolen: 'N' ISLAMABAD: Central leader of PML-N Khwaja Mohammad Asif has said that taxes worth Rs 800 billion were plundered during the outgoing financial year with the connivance and inefficiency of FBR officials. Talking part in the debate on the Federal Budget here on Tuesday, the PML-N leader who is considered as a financial expert said that on the one hand well-connected people were evading huge amount of taxes on the other our civil and military leaders were begging for US aid which amounted to $7 billion in five years. He said PIA, Railways and Pakistan Steels were causing huge losses of Rs 540 billion to the national exchequer. Khwaja Mohammad Asif

emphasized the need for a review of the strategy in the war on terror which caused a colossal loss of $68 billion to the economy and the country lost 35,000 innocent lives. He alleged that the executive has made the Parliament and the Judiciary a hostage. He said there is no respect for the parliament today. He stated that the Generals who travel in costly vehicles cannot defend the country. He said despite defence budgets of hundreds of billions, the nation is worried about the defence of the country. He said it was beyond one's imagination that just 6 terrorists kept the PNS Mehran base under their occupation. He said the people See # 7 Page 11

drew a reaction in Pakistan. Underlining Pakistan's strong commitment to cooperate with the US in defeating the common enemy of terrorism and militancy in the process of which Pakistan had made unparallel human and economic sacrifices, the Prime Minister stressed the need for concerted efforts by both the sides to bridge the trust deficit through reinforced cooperation in intelligence sharing, joint action against al Qaeda and its affiliates as well as progress on various segments of strategic dialogue in the multi-faceted fields. The Prime Minister referred to President Karzai's forthcoming visit to Pakistan during which the Inaugural Session of Joint Commission on Reconciliation between the two countries is scheduled along with the launching of Afghanistan-Pakistan Transit See # 5 Page 11

Ice on Pak-India ties seen melting ISLAMABAD: Indian High Commissioner to Pakistan Sharat Sabharwal has said that a breakthrough is bilateral relations between India and Pakistan is expected as both countries have decided to ease visa restrictions. A high-level Indian delegation held successful talk with Pakistani counterparts in the Interior Ministry on June 2-3, he informed adding that next round has been scheduled in the beginning of August in New Delhi which can be beginning of a new era. Speaking at a lunch hosted by FPCCI in honor of Rajinder Kumar Sharma, outgoing Commercial Counselor Sabharwal said we have reached to the conclusion that bilateral trade is the best tool to melt the ice. "It is the most effective Confidence Building Measure," he said. He said that Pakistani trading community have long been pushed improved relations with India but these positive efforts reached new heights during the era of president FPCCI, Senator Haji Ghulam Ali. He said that we will continue to facilitate local business community with an aim to boost trade which will be a win-win situation for the two countries. Earlier, in his welcome address President Federation of Pakistan Chamber of Commerce and Industry Haji Ghulam Ali said that only enhanced trade can result in brotherhood between two neighbors. He lauded the services of RK Sharma saying that he tried his best to bring people of Pakistan and India together during his three-year stay in Pakistan. "His services will be long remembered," he said. Ghulam Ali said that the business community will miss Sharma and hoped that his successor Arvind Saxeena will also follow the suit by forging close ties with local businesspersons. In his address, Sharma said that he will never forget hospitality of See # 8 Page 11


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Wednesday, June 8, 2011

Unsafe water, a risk for life Increase in transport means and industries have put tremendous pressure on the environment: experts

KARACHI: MPA Humaira Alwani speaking during the Sindh Assembly session. -APP

Says freedom of expression an essential ingredient of democracy

PM gives Rs25mn for APNS House in Khi Special Correspondent ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has reiterated government's commitment to strengthen democratic institutions and introduce a parliamentary culture of tolerance, so as to develop healthy traditions. This resolve of exhibiting patience and accommodation is in accordance with the vision of reconciliation policy given by Mohtarma Benazir Bhutto Shaheed. Prime Minister was talking to a six-member APNS delegation which met him Tuesday at the PM House, to receive the cheque of Rs 25 million as 1st installment for the construction of APNS House in Karachi. An amount of Rs 50

million was announced by the Prime Minister last month during APNS Convention in Lahore. The Prime Minister said that listening to the Budget Speech is the right of every citizen of the country since the announcements relate to each and every section of the society. The Pakistan Peoples Party, he added, would show restrain when the Budget is presented in the Punjab Assembly in order to establish healthy parliamentary traditions. The Prime Minister said that freedom of expression is an essential ingredient of democracy, however, demonstration of patience and tolerance to listen to the views of others is also important. His government, he added, has always

respected the freedom of Media and has tried to establish a healthy and professional relationship with the journalists' community. The members of the APNS delegation thanked the Prime Minister for the support extended by the government to the APNS and other representative bodies of the Media. They appreciated the spirit of tolerance exhibited by the members of treasury bench during the Budget Speech and agreed that healthy parliamentary traditions have to be built for the future of democracy in the country. The delegation also appreciated the Budgetary proposals announced by the Finance Minister in his

speech and apprised the Prime Minister that the people at large consider the Budget as balanced and realistic. The Minister for Information & Broadcasting Dr Firdous Ashiq Awan, Minister for Finance Dr Abdul Hafeez Shaikh, Minister of State for Foreign Affairs Hina Rabbani Khar, Secretary Information and senior officials were present on the occasion. The APNS delegation included Mehtab Khan, Acting President, APNS, Remeeza Majid Nizami, Joint Secretary APNS, Ghulam Akbar, Executive Member, Munir Jillani, Executive Member, Danish Iftikhar, Executive Member and Muhammad Waseem, Executive Member.

Need of hour to realize the gravity of biodiversity issues

Pakistan rich in terms of biodiversity, says Changez Special Correspondent ISLAMABAD: Federal Minister for Science & Technology, Mir Changez Khan Jamali said that it was the need of the hour to realize the gravity of biodiversity issues and create public awareness among the masses for the betterment of future generations. "I believe that the research on biodiversity can help us manage and overcome most of our major economic and social problems pertaining to agriculture, livestock, food security, health, energy and innovations" Federal Minister for Science & Technology,

Mir Changez Khan Jamali said this while inaugurating the three day National Symposium on Biodiversity of Pakistan here at Margala Hotel, Islamabad. The Symposium was jointly organized by Pakistan Museum of Natural History (PMNH), Pakistan Science Foundation (PSF), and Ministry of Science & Technology (MOST) to create awareness about biodiversity issues and mark the I n t e r n a t i o n a l Biodiversity Decade (2011-2010) as declared by the United Nations. Federal Minister said that it was the need of the hour to realize the gravity of biodiversity

issues and create public awareness among the masses for the betterment of future generations. Jamali said that in the current wake of global unrest and chaos, it is the people working in biodiversity who can steer their respective nations out of the fear of malnutrition, disease, famine and environmental degradation. The minister also said that Pakistan was rich in terms of biodiversity and there is urgent need for conserving and securing all of the natural assets. Mr. Jamali also paid rich tributes to the role of Pakistan Museum of Natural History (PMNH) toward highlighting the

core issues and actual challenges regarding biodiversity and environment of the country. He also congratulated PMNH for gathering together all the stakeholders of biodiversity from research and academia to propagate and promote the importance of preservation of biodiversity. Federal Minister also ensured that Ministry of Science & Technology will support and encourage all such endeavors for making Pakistan an improved and inhabitable abode. Secretary MOST, Irfan Nadeem and other high officials also accompanied the Federal Minister.

Samsung introduces Smart View application LAHORE: Samsung Electronics Co Ltd., a market leader and award-winning innovator in consumer electronics, has introduced their latest convenience for their customers, the Samsung "Smart View" application. This new application enables users to view images from a Samsung Smart TV or other input device right on their mobile devices. -Agencies

KARACHI: Director General, Lyari Development Authority Aga Maqsood Abbas along with chief engineer Nandlal, Secretary Bashir Barakzai, Chief Town Planner Sarfraz Ahmed Khan, Director Planning Manzar Zahoor and other official visiting the camp office of Halkani Scheme 43 in Mangopir. -Staff Photo

10 injured in attack on People Peace Committee convoy KARACHI: A least ten people sustained injuries when an unknown bike rider hurled hand grenade and conducted firing on convoy of Aziz Baloch leader of People Peace Committee here in Ganchi Bala area of Karachi on Tuesday luckily Aziz Baloch survived the attack. According to police, convoy of Aziz Baloch, leader People Peace Committee was going to attend a ceremony on reaching Mirza Aadam Jan road, Ganchi Bala a motorcyclist hurled hand grenade and open indiscriminate firing at the convoy injuring ten people luckily Aziz Baloch remained safe. The injured have been shifted to District hospital. Soon after the incident the police cordoned off the area and started search operation. -Agencies

Pak-Japan Business Forum meets KARACHI: Abdul Kader Jaffer, Chairman/CEO, Pakistan Japan Business Forum led a three member delegation comprising of Sardar Yasin Malik, Chairman, Hilton Pharma and Shahbaz Malik, President & CEO, and called upon the Consul General of Japan. Sardar Yasin Malik presented a cheque on behalf of Hilton Pharma for Rs 1,064,000 (Pak Rupees One million sixty four thousand) which is equivalent to JPY 1,000,000 (Japanese Yen One Million). Speaking on the occasion, Chairman Hilton Pharma prayed that Japan would soon recover from damage done due to tsunami and earth quake. Mr. Malik assured the Consul General that Pakistan and its people would always support Japan and its friendly people in time of their need. Moreover, he appreciated the support Japan and its people have always given to Pakistan and its people. Japanese Consul General Masaharu Sato thanked the Chairman PJBF and Sardar Yaseen Malik for their generous donation and assured that Japan and its people would soon recover from the tragedy and will come out stronger as they are determined to face future challenges. -PR

KARACHI: The continued degradation in quality of environment in the city, particularly in suburbs areas, and drinking of unsafe and unclean water is increasingly putting lives at risk to gastrointestinal diseases. This was noted by the pediatricians and health experts at a health clinic organized by the Rural Supporting and Development Society - a non-governmental organization - in the Surjani Town. Indigestion, heartburn, nausea, loss of appetite, abdominal pain that is often worse after eating, gastrointestinal bleeding, stomach acids and some enzymes were some of the most common problems from the family of gastrointestinal diseases for which children were treated at the day-long camp. "GI or gastrointestinal disorders are directly linked to drinking and eating. The quality of food the children intake as well as quality of the water they drink determine their health," Dr Habib ur Rehman, the former gener-

al secretary of Pakistan Medical Association and a General Physician said. "It is unfortunate that neither of them is available and affordable to children in the Karachi, particularly to those who live suburb or low-income areas, and that continues to keep them at risk of the GI disorders. This is the reason that we now see so many children with GI problems. This has become more common." Dr. Shams Gopang, a senior consultant, said that the increase in pollution Karachi was another cause for increase in gastrointestinal diseases among children in the city. "The increase in transport means and industries have put tremendous pressure on the environment in the city, and if we monitor the quality of the air the children breathe and inhale, there is no surprise that such problem are spreading fast among them," he said. He said that very little was invested to improve quality of living environment in the city, and no doubt that the citizens were paying the price for it in

term of poor health and more diseases. "The fear is that the future generations will pay even higher price for the negligence in preserving natural environment or making it better," he said. About 400 children were treated for symptoms of gastrointestinal diseases including indigestion, heartburn, nausea, loss of appetite and abdominal pain. Some of other problems were acid bile reflux in the throat, asthma-like symptoms, irritable bowel syndrome, and chronic poor digestion with sharp abdominal and chest pains, hoarseness and chronic cough. Disorders like functional abdominal pain, chronic constipation and/or soiling, and irritable bowel syndrome (IBS) occur in children at a rate similar to adults, it was observed. The General Secretary RSDS Amir Hector Peter on the occasion told that the society was planning more camps for children in the city and also establishing a permanent clinic for free of cost treatment of patients of all ages and gender. -Online

Wateen achieves Cisco gold certification in Pak L A H O R E : Wa t e e n Telecom announced Tuesday it has successfully re-certified for Cisco Gold Certification. To earn Gold Certification, Wateen Telecom had to meet rigorous standards set forth by Cisco in networking competency, service, support and customer satisfaction. Naeem Zamindar, CEO Wateen Telecom, stated, "Pakistan's growing IT industry has evolving needs for tackling day-today operational issues of data processing, logistics, availabilities etc. Wateen's partnership with Cisco enables organizations to benefit from a team of certified professionals who help them develop the right technology solutions for their organizations' ICT needs. Our partnership

model with Cisco focuses on optimising availability and ease of transacting business." The Cisco Resale Channel Program provides a framework for partners to build the sales, technical and Cisco Lifecycle Services skills required to deliver Cisco solutions to end customers. Through the program's specializations and certifications, Cisco recognizes a partner's expertise in deploying solutions based on Cisco advanced technologies and services. Using a thirdparty audit process, the program validates a partner's technology skills, business practices, customer satisfaction, presales and post sales support capabilities, and other critical factors that customers

consider when choosing a trusted partner. As a Cisco Gold Certified Partner Wateen Telecom has met the requirements for attaining the broadest range of expertise across multiple technologies by achieving Cisco advanced specializations in unified communications, routing and switching, security, and wireless LAN. In addition, Wateen Telecom has integrated Cisco Lifecycle Services into its offerings and is required to maintain high levels of customer satisfaction. Cisco Gold Certification provides Wateen Telecom with access to comprehensive sales, technical, and lifecycle services training and support available from Cisco. PR

OFFICE OF THE TALUKA MUNICIPAL ADMINISTRATION KINGRI NO.TMAK/NIT/ 454 /2011,

PIR-JO-GOTH DATED:- 02 / 06 /2011

Tender Notice SEALED TENDERS FOR THE FOLLOWING WORKS ON B-I/B-II FORMS ARE INVITED FROM, THE ALL FIRMS & CONTRACTOR'S MEETING THE ELIGIBILITY CRITERIA OF SINDHI PUBLIC PROCRUMENT REGULATIRY AUTHORITY RULES 2010 FOR THE FOLLOWING DEVELIPMENT WORKS FROM ADP SCHEMES:S. No. NAME OF SCHEMES 01 Providing Brick Payment at Village Phullan Kandhiro U.C Drib Mehar Shah 02 COntuction of Surface Drains at Village Arbab Ali Channa U.C. Drib Mehar Shah 03 Construction of Compound Wall at Eidgah Village Haji Ghulam Hussain Kandhir U.C Piryaloi 04 Construction of 02 Nos Bridges at Kalasi Minor U/C Drib Mehar Shah 05 Construction of CC Block at Village Walio Shaikh U.C Hadal Shah 06 Construction of CC Block at Village Haji Mohammad Usman Baloch U.C Piryaloi

ESTIMATED COST

EARNEST MONEY

TENDER FEE

2,00,000/-

10,000/-

400/-

TIME ALLOWED

5,00,000/-

25,000/-

1000/-

12 Months

3,00,000/-

15,000/-

600/-

12 Months

12 Months

4,00,000/-

20,000/-

800/-

12 Months

3,00,000/-

15,000/-

600/-

12 Months

3,00,000/-

15,000/-

600/-

12 Months

1.The Bank tender forms can be had/seen from the office of the Taluka Municipal Administration Kingri @ Pir-Jo-Goth during the office Hours on any working day up to 27/06/2011 on payment of the Tender Fee specified against each work. 2.Tenders will be received back on 27/06/2011, up to 2.00 P.M and opened on same day in presence of contractors at 3.00 P.M if the undersigned is out of Quarter the Tenders will be opened on the next day. Incase the Tenders are cancelled/rejected or non responded the next date for issue and opening will be as under:i) Issue on 29/06/2011, and opening on 29/06/2011 3.The bidders, who will provide following documents/information, are eligible to participate as per SPPRA Rules 2010. i)Valid registration Certificate of Pakistan Engineering Council for the tender amount and relevant nature of work. ii)Full Name, Permanent address, Telephone and Fax numbers, E-mail & the Organizational structure. iii)Bio-data of Technical Staff employed and to be made available for working on the project. iv)Details of works executed during the last five years including copy of certificate for satisfactory completion of work by client. v)Documentary proof and ownership of available machinery and T&P. vi)List Scope and approximate cost of works in hand. vii)Finance Stability certificate issued by a Schedule Bank. viii)Affidavit in which the bidder undertakes that it is not involved any litigation. ix)Affidavit in which it should be undertakes that the information provided is true and correct. x)Affidavit that the bidder has not been bank listed by any Government, Semi Government Autonomous body. xi)Registration (NTN certificate) from income Tax Department including CNIC. 4.The Bid Money specified would be pledged in the name of Administration, TMA Kingri, up to 5% of Estimated Cost, in the Shape of Call Deposit from any scheduled bank and must be attached with bid documents other wise it will not be entered. 5.If Firm/Partner involved in partnership deed, then complete details/instructions and power of attorney will be submitted on affidavit by the proprietor. 6.Conditional and telegraphic Tenders will not be entertained. 7.The Procuring agency may reject all or proposals at any time prior to the acceptance of a bid per proposal, subject to the relevant. Provision of PPRA Rules. 8. Works will be carried out as per PWD Speciation. 9.The condition at serial no. 03 (i) is not applicable tenders cost less then amounting to (Rs:-2,500) Million.

INF-KRY: 2032/11

ADMINISTRATOR TALUKA MUNICIPAL ADMINISTRATION KINGRI @ PIR-JO-GOTH


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Wednesday, June 8, 2011

Dollar pressured by China comments; euro flourishes Euro hits one-month high vs dollar; ECB in focus NEW YORK: The dollar dropped against the euro and briefly hit a record low against the Swiss franc on Tuesday after a senior Chinese currency regulator repeated warnings about investing too heavily in dollar-denominated assets. In an article posted on the website of the China Finance 40 Forum, a Beijingbased think tank, Guan Tao said his country must be alert to the risk of holding too many dollars when Washington is pursuing loose monetary and fiscal policies. "The United States may find it hard to resist the policy temptation of weakening the dollar abroad and pushing up inflation at home," Guan said. "There was really nothing new in these comments as they echoed what several Chinese officials have been saying over

the past year," said Douglas Borthwick, managing director at Faros Trading in Stamford, Connecticut. "With nothing else happening today it is easy to see how these comments could move the market." "Nobody wants to put all their eggs in one basket." Guan's comments were later removed from the website. Traders said they added to existing pressure on the dollar and underscored recent moves by China and others to add more euros, yen and other currencies to their dollar-heavy portfolios. The comments from China had earli-

er sent the dollar to a record low of 0.8327 Swiss francs, but the safe-haven Swissie eventually reversed course as investors sought riskier assets. The dol-

lar, which is down 10 per cent against the currency this year, last traded at 0.8382, up 0.5 per cent. The euro hit a one-month high of $1.4682, helped partly by better-thanexpected German factory data, before easing to$1.4664, up 0.6 per cent. The

Asian currencies

Won, ringgit down; rate freeze views may weigh SINGAPORE: The South Korean won and the Malaysian ringgit slid on Tuesday as short-term speculators reduced positions, with the slowing global economy putting pressure on emerging Asian currencies and reinforcing views that regional central banks will hold off on further policy tightening. Australia's central bank held interest rates steady as expected and sounded in no hurry to raise them, while lower-thanexpected inflation in the Philippines cast doubt over the chances of a rate hike by Bangko Sentral ng Pilipinas' (BSP) next week. But regional currencies could recover some losses as the euro creeps higher. "Central banks are becoming more tentative in the approach to policy normalization. With slowing growth I think that there will be a hesitant approach which could weigh on Asian FX," said Sacha Tihanyi, senior

currency strategist for Scotia Capital in Hong Kong. "Ultimately though, it will also weigh on the dollar as US monetary policy is also not going to tighten, which will offset the impact on AXJ currencies." Two central banks in Asia -the Bank of Korea and Bank Indonesia -- are set to hold rate policy meetings later this week. The one-year won interest rate swap (IRS) rate and the twoyear IRS slid to lowest since mid-March, while South Korea's treasury bond futures rose. The ringgit suffered as interbank speculators covered dollar-short positions and fixingrelated dollar demand. The Malaysian currency softened to as weak as 3.0155 per dollar, breaking through a 55day moving average of 3.0132 and the top of daily Ichimoku cloud of 3.0142. But it erased some losses and remained firmer than the lines. The won eased 0.2 per cent

against the dollar as offshore investors covered dollar-short positions and importers' dollar bids. The rupiah eased from a seven-year high against the dollar hit on Monday on supplies linked to foreigners' short-term (SBI) related outflows. A Jakarta-based dealer said dollar demand from offshore investors which are out from SBI is increasing with limited assets available for them to replace SBI portfolio. But the impact from the outflows on the rupiah would be limited, the dealer of a Japanese bank said. The peso turned higher as local and foreign interbank speculators bought it. Earlier, the Philippine currency weakened to as soft as 43.310 per dollar, after slowerthan-expected inflation data in May. But it did not weakened past the top of daily Ichimoku cloud of around 43.330. Reuters

LONDON: Sterling fell to a one-month low versus the euro on Tuesday as weak UK data added to the view that interest rates would remain on hold for the foreseeable future, contrasting with hawkish eurozone rate expectations. The pound did however move higher versus a broadly weaker dollar, which was undermined by last week's soft US labour report and after a Chinese FX official warned of risks in holding excessive amounts of US dollar assets. British retail sales fell unexpectedly in May as low wage growth and high inflation forced consumers to rein in spending after a strong Easter, a survey showed on Tuesday. "Weak consumer spending may well be a key factor deterring the Bank of England from raising interest rates for some time to come," said Howard Archer, Chief European Economist at IHS Global Insight. British house prices inched up 0.1 per cent in May, less than

expected, and fell at their steepest annual rate in 1-1/2 years, figures from mortgage lender Halifax showed on Tuesday. The data followed a softer than expected UK Purchasing Manager Surveys of the services and manufacturing sectors last week, illustrating the fragile state of the British economy. UK sentiment was also dented on Monday after the International Monetary Fund

pence for gains of around 0.2 per cent on the day. Markets expect UK interest rates to remain on hold at least until the beginning of 2012, while European Central Bank head Jean-Claude Trichet is expected to flag another eurozone rate hike for July at a press conference on Thursday. Sterling traded with gains of around 0.4 per cent versus a broadly weaker dollar at $1.6428. It rose to a session high of $1.6474 in the European morning. Traders said a cluster of option expires between $1.6400 and $1.6450 could keep sterling contained into the European afternoon, while analysts said any further gains for the pound would start to become stretched above $1.6500. "For the time being, we suspect that rallies in GBP/USD are likely to be capped in the $1.6500-$1.6650 range, even as dollar sentiment turns more negative," said Stephen Gallo, Head of Market Analysis at Schneider Foreign Exchange in a note. -Reuters

dollar fell 0.1 per cent to 80.18 yen. The Federal Reserve is expected to hold interest rates at zero per cent well into 2012, a view that gained credence last week after data showed the US economy added far fewer jobs than expected in May. Fed Chairman Ben Bernanke will be speaking on the US outlook at 1945 GMT on Tuesday, his first appearance after last week's employment report. The European Central Bank raised rates in April and is expected to hint at another hike in July when it holds its next policy meeting on Thursday. The euro has gained more than 4 per cent from its May 23 low. The immediate target for the common currency is $1.4732, a 78.6 per cent retracement of its May 4 to May 23 fall. -Reuters

Swiss franc near dlr peak, US policy may stay loose ZURICH: The Swiss franc hovered within sight of its record against the dollar on Tuesday on expectations the US Federal Reserve may have to keep policy loose. The franc, which investors buy during times of heightened uncertainty, has been lifted by concerns about political unrest in the Middle East and the Greek debt crisis, touching record peaks against both the dollar and the euro within the past week. "In the US economic data in the past week were very weak. It's a sign that the Fed's loose policy could last longer. That means the US dollar will tend to be weaker," Alessandro Bee of Sarasin said. "The driver for the euro is Greece for now. And whenever people have the feeling that a solution is in sight, that drives trading." The Swiss franc was flat against the dollar compared with the New York close,

trading at 0.8342 at 0640 GMT. It dipped 0.3 per cent to 1.2207 against the euro, which is being supported by growing expectations that Greece is likely to get a vital slice of aid in July to avoid default as policymakers hope to arrange a voluntary rollover of Greek debt. Worries about a faltering US economy have boosted market expectations for the Federal Reserve to keep interest rates lower for longer. Data showing US employers hired the fewest number of workers in eight months in May pushed the dollar lower against the franc. "The retreating oil price and especially the strong Swiss franc could have dampened inflation," economists at Credit Suisse said in a note. "This may further reduce expectations that the Swiss National Bank (SNB) could hike anytime soon and could weigh on the franc today." -Reuters

Top Economic Events Time 4:01 4:50 10:00 10:45 11:00 14:00 15:00 17:15 19:30

Source GBP JPY JPY CHF EUR EUR EUR CAD USD

Source

Events

Actual

Forecast

GBP AUD JPY GBP CHF EUR EUR

BRC Retail Sales Monitor y/y Cash Rate Leading Indicators Halifax HPI m/m CPI m/m Retail Sales m/m German Factory Orders m/m

said more quantitative easing could be required in the UK if growth proves to be persistently weak. The euro rose to 89.45 pence, its highest since June 5, after rising above Monday's high of 89.38. Technical analysts said resistance at 89.50, the 78.6 per cent retracement of euro/sterling's fall in May, would need to be taken out for a test of psychological resistance at 90 pence. The euro was last at 89.30

Yuan slips, shrugs off record high mid-point

-2.1% 4.75% 96.4% 0.1% 0.0% 0.9% 2.8%

4.75% 96.8% 0.4% 0.0% 0.4% 2.1%

SHANGHAI: The yuan ended down slightly against the dollar on Tuesday, even though the People's Bank of China set the mid-point at a new peak, with dealer reporting large dollar demand from corporate clients. The yuan fluctuated in a small range of 6.4778 to 6.4900, just shy of its record high of 6.4777 hit last Wednesday, as the market was cautious over uncertainties in the global economy, but dealers said the yuan's strong longterm outlook was still intact. "Today's trade largely depended on dollar demand," said a dealer at a Chinese bank in Shanghai. "And we don't think the yuan's trend will changed." Spot yuan ended at 6.4810 versus the dollar, weaker than Friday's close of 6.4796. It has now appreciated 5.33 per cent since it was

depegged from the dollar in June 2010, and 1.65 per cent since the start of this year. Markets were shut for the Dragon Boat Festival on Monday. Before trade began, the PBOC set the yuan's daily mid-point at a record high of 6.4816 against the dollar, stronger than Friday's 6.4846. The central bank uses the mid-point to guide the currency. Dealers said they expected the yuan was likely to move around 6.47 to 6.48 in the near term, underpinned by the central bank's guidance for gradual yuan appreciation. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3585, little changed from Friday's close of 6.3540. Their implied yuan appreciation in a year's time eased to 1.93 per cent from 2.0 per cent. -Reuters

0.28T 33.3 3.0% 14.0B 0.8% 0.1% 184K

Previous 2.5% 0.75T 28.3 3.1% 15.2B 0.8% 0.7% 179K 2.9M

Previous

5.2% 4.75% 100.1% -1.4% 0.1% -0.9% -2.7%

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 1.4667 0.8374 1.6460 0.9743 1.0715 117.63 0.8912 1.2289 131.99 95.72 1545.83

As per 22.00 PST Ask High 1.4670 1.4682 0.8377 0.8374 1.6464 1.6472 0.9747 0.9807 1.0719 1.0756 117.67 117.76 0.8916 0.8945 1.2293 1.2290 132.07 132.05 95.78 96.30 1546.58 1550.04

Low 1.4566 0.8328 1.6328 0.9735 1.0675 116.74 0.8910 1.2168 130.93 95.72 1542.10

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 07/06/2011 A USD GBP CAD EUR JPY O/N 0.12650 0.56813 0.98583 0.89375 SN 0.10594 1WK 0.16270 0.58775 1.02667 0.95750 0.11594 2WK 0.17145 0.59750 1.04917 1.06000 0.12344 1MO 0.18955 0.62500 1.09083 1.18188 0.14000 2MO 0.22225 0.70000 1.12583 1.24875 0.15969 3MO 0.25175 0.82500 1.19750 1.39000 0.19531 4MO 0.29250 0.89688 1.26750 1.47313 0.24156 5MO 0.34825 1.00250 1.33542 1.57375 0.29719 6MO 0.40000 1.10500 1.39708 1.67450 0.34156 7MO 0.45525 1.18875 1.48125 1.74613 0.39031 8MO 0.50850 1.27563 1.55333 1.82063 0.43719 9MO 0.56100 1.35813 1.63458 1.89813 0.48031 10MO 0.61500 1.44063 1.71917 1.97313 0.51031 11MO 0.66800 1.51313 1.80875 2.03438 0.53594 12MO 0.72500 1.58188 1.89958 2.10875 0.56000

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

July 19, 2011 June 9, 2011 June 14, 2011 June 9, 2011 June 22, 2011 June 16, 2011 July 5, 2011

September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010

4.75 per cent since late 2009, a Reuters poll taken last week had showed five analysts tipping a hike. The Aussie dollar also lost steam against a firmer euro which leapt to a one-month high of A$1.4608, up 0.6 per cent on the day. The European Central Bank will hold its policy meeting on Thursday, with Trichet expected to hint at a July interest rate hike. The Aussie tumbled nearly one per cent on the kiwi, at around NZ$1.3045, having hit a fourmonth low of NZ$1.2905 last week. The setback for the Aussie gave a boost to its kiwi neighbour which gained 0.5 per cent to $0.8187. Still, it is a fair way from last week's 26year high of $0.8264. Support is seen from $0.8110, while resistance is gathered around $0.8195 ahead of the $0.8264 high. Data showed the New Zealand government finances were in slightly better shape than forecast in the 10 months to April, with the operating deficit at NZ$10.9 billion, and net debt level slightly lower than expected. -Reuters

Indian rupee gains as dollar declines MUMBAI: The Indian rupee strengthened on Tuesday, tracking the dollar index's drop to a 1-month low alongside gains in domestic equities. The partially convertible rupee ended at 44.67/68 per dollar, up 0.2 per cent from Monday's close of 44.755/765. During the day, the rupee moved in 44.6550-44.8250 range. "Inflows outpaced importer demand today, but I think the dollar will be supported around 44.6044.65 unless the euro breaks the $1.47 level," said Hari Chandramgathan, a senior foreign exchange dealer with Federal Bank. Traders expect the rupee to move in a wide band of 44.50-44.90 this week, but said a lot depended on how local shares and the euro moved. Foreign funds have bought $212 million worth of local equities so far in June after being net sellers

Forecast

Previous Day

Aussie slips as RBA Sterling declines vs euro; disappoints hawks, NZ$ gains outperforms weak dollar SYDNEY/WELLINGTON: The Australian dollar skidded half a cent on Tuesday after the Reserve Bank of Australia's (RBA) kept rates on hold and showed no sign of being in a hurry to tighten policy, giving the New Zealand dollar a boost. The Aussie slipped as deep as $1.0671, a full cent away from a three-week high struck last week, as the central bank surprised some by toning down its recent hawkish rhetoric. In late trade it had steadied around $1.0692, off an early high of $1.0766. Resistance is now seen around $1.0725, with support at $1.0640, then at $1.0580, its June 3 trough. Interbank futures rallied as the market scaled back the chances of a hike in the next few months as well. The July contract now imply only a 12 per cent chance of a hike, compared to 36 per cent before the statement. Even a shift by November was now only shown as a 50-50 chance. Though the RBA was largely expected to keep rates on hold, having already led the developed world in lifting rates by 175 basis points to

Events BRC Shop Price Index y/y Current Account Economy Watchers Sentiment Unemployment Rate German Trade Balance Revised GDP q/q German Industrial Production m/m Housing Starts Crude Oil Inventories

of $1.16 billion in May. Intraday, the rupee's rise was tempered by importer dollar demand, primarily from local oil refiners, traders said. The one-month onshore forward premium rose to 26.25 points versus 24 points at Monday's close. The three-month was at 75.50 points against 75.25 at the previous close and the one-year was at 272.75 points versus 276.25. One-month offshore non-deliverable forward contracts were quoted at 44.88, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange and the MCX-SX were each at 44.8575 while the United Stock Exchange contracts were at 44.8525. Total volume was $7.47 billion. -Reuters

Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%


4

Wednesday, June 8, 2011

The Financial Daily International Vol 4, Issue 216

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

Overcoming load-shedding in Karachi Lately, the electricity outages in Karachi have broken all the previous records. Now the average load-shedding-spell ranges from 8-to-12 hours. The KESC management attributes this to (1) inadequate supply of fuel and (2) sabotages being done by the staff declared 'redundant'. However, experts attribute the outages to 'inability of the new management' to overcome the key issues and talking about none-issues. However, the worst sufferers are those who still bother to pay their bills in full and in time. Experts say that KESC is very lucky because it has to meet only 30 per cent of the total demand of its franchised area. According to them the peak demand of KESC's franchise area is around 5000MW, whereas the utility claims it to be 2500MW. Out of this nearly 650MW is supplied by Pepco and another 200MW by the two IPPs operating in its franchise area and only 1200MW is KESC's in-house generation. This leaves a shortfall of 450MW which has to be met through load-management. The experts also say that the KESC has attained nearly 2000MW generation capacity since the new private sector management has taken over control of the utility. However, the new management has failed in resolving the real issues faced by the utility, which are (1) T&D losses still hovering around 40 per cent, (2) receivables exceeding Rs35 billion and payables estimated around Rs 32 billion. Since KESC has not been able to meet its payment schedule, any delay or disruption in full supply plunges most parts of the city into complete darkness. The claim that employees are involved in sabotage seems to lack credibility on the grounds that the outages are around the same-time every day in most of the localities. The management has already announced its strategy 'higher the T&D losses of the area longer are the load shedding spells'. Lately, it has also been propagating 'we promise uninterrupted supply for the areas which are willing to pay higher tariff'. The logic seems contrary to what the federal and provincial governments promise. The KESC is being paid billions of rupees subsidy only to lessen the burden of 'small consumers' and not to facilitate those who have the capacity to pay even double the tariff. This is outright violation of the 'targeted subsidy' provided by the government. While the private sector management can be held responsible for a number of shortcomings that include 1) hiring too expensive executives, 2) inability to improve the cash flow by increasing number of units billed and 3) insisting on terminating the services of those declared 'redundant'. Let one point be very clear that the salary and perks of these redundant employees constitute a minuscule amount in the overall expenditures of the KESC. However, the allegation that these employees are involved in the sabotage sounds similar to the official handouts that militants are carrying out attacks in Pakistan. These people have been working for the KESC for years and declaring them the destroyers is disgrace to the entire community of the workers.

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.

TURKMEN GAS TAKES TIME TO OPEN FOR INVESTORS T

urkmenistan is pinning hopes of future prosperity on huge natural gas reserves, but the authoritarian state is unlikely to open its vital onshore fields to needed foreign investment any time soon. Once among the poorest republics of the Soviet Union, the Central Asian nation is touting its reserves of gas -ranked the world's fourthlargest byBP -- as its route to riches on par with those of some energy-rich Arab states. Banknotes and dazzling marble palaces in the capital Ashgabat spell out the nation's official slogan: 'The 21st century is the Golden Age ofTurkmenistan.' But Turkmenistan needs foreign investment to reach this prosperity. Despite promises of opening up, the secretive desert nation, where the word of President Kurbanguly Berdymukhamedov is final, has yet to convince many investors. Yagshigeldy Kakayev, head of the state agency for hydrocarbon resources, told a recent international gas forum the country would offer tax privileges to investors in offshore Caspian deposits, but he kept silent on the prospect of opening up the most promising onshore fields. These fields include the jewel in Turkmenistan's crown, South Iolotan, a deposit which British auditor Gaffney, Cline & Associates (GCA) says is easily the second-largest natural gas deposit in the world. "Attracting foreign direct investment in onshore gas

fields is not theTurkmenistan government's current position," said Edward Chow, a senior fellow at the Washington-based Center for Strategic and International Studies (CSIS). DIVERSIFYING CUSTOMERS Turkmenistan, with a population of just 5.4 million, plans

slumped. Export volumes to Russia were just over 10 bcm last year, according toBairamgeldy Nedirov, Turkmenistan's minister of oil, gas and mineral resources. This compares with levels of between 40 bcm and 50 bcm before 2009. Turkmenistan has made up for some of this shortfall by

Turkmenistan is also close to clinching a price deal on another route to open up India as a market -- the TAPI pipeline via Afghanistan and Pakistan. to more than treble annual gas output to 230 billion cubic metres by 2030, of which it will export 180 bcm. It also aims to to reduce dependence on former master Russia by creating links to new customers. Official data are hard to obtain, but industry sources estimate the country's current annual gas output at 40-44 bcm per year, significantly below its 75 bcm per year prior to 2009. Shipments to Russia, which buys Turkmen gas to resell it to Europe, have shrunk partly because European demand has

increasing shipments to Iran via a second pipeline that started last year. Officials in the reclusive nation do not disclose the combined capacity of the two pipelines, and industry estimates vary from 14 bcm currently up to 20 bcm in the years to come. Since end-2009 another pipeline has been carrying gas east to China, which received more than 4 bcm of gas in 2010. Turkmenistan has said supplies could rise to 17 bcm in 2011 and 20 bcm in 2012. Ashgabat is close to signing a deal with Beijing to expand the pipeline's capacity.

"As Russia-bound exports dwindled, China, in fact, becameTurkmenistan's fallback. China actually rescued Turkmenistan," saidValery Nesterov, oil and gas analyst at Troika Dialog. The country also plans to sell gas directly to Europe. The European Union, keen to reduce its dependence on supplies from Russia, is coordinating talks between Turkmenistan and Azerbaijan on building a pipeline link across the Caspian to join the proposed Nabucco pipeline toEurope. Turkmenistan is also close to clinching a price deal on another route to open up India as a market -- the TAPI pipeline via Afghanistan andPakistan. MEGAPROJECTS NEED MEGABUCKS "These targets seem very ambitious," said Chow. "Apart from geology, success would depend on where the tens of billions of dollars of needed investments will come from," he said. "Remote projects take many, many years to develop." The South Iolotan field sprawls over 3,000 sq km -- an area bigger thanLuxembourg -and sits on a gas column 500 metres thick. It will supply a large portion of the planned increase. GCA, which declined to reveal its new reserve estimate for the deposit before presenting it to Berdymukhamedov, has made clear the field contains more than its 2008 estimate of between 4 trillion and

14 trillion cubic metres (tcm) of gas in place. Douglas Uchikura, president of Chevron Nebitgaz B.V. in Turkmenistan, said South Iolotan's reserves could be in excess of 21 tcm, which would tally with government estimates. Like other Western energy majors, Chevron is urging the authorities to open up the onshore energy riches to foreign investment, saying giant projects need funding and expertise. "We continue to believe such goals are achievable, particularly in the natural gas arena," Uchikura said. "But in order to succeed, we believe Turkmenistan needs to take real steps ... to create sound, sustainable partnerships, which will bring the necessary investment and expertise." Uchikura estimated that at least $50 billion may be needed in field development costs alone to achieve annual output of 30 bcm at South Iolotan, on top of roughly $10 billion required for the first phase of the project's development. "When you add potential pipeline investments to ensure access to markets that would justify production growth on a long-term, sustainable basis, another $100 billion of investment could be needed," he said. That level of investment amounts to nearly three times Turkmenistan's gross domestic product, estimated at around $37 billion in 2010. -Reuters

Recession Gives Asia Doves Sheltered Perch

P

redicting the next interest rate moves out of South Korea or China was hard enough before the global economy wobbled. Now it's looking like a coin toss. Five central banks in the region hold policy-setting meetings this week -Australia, New Zealand, Indonesia, South Korea and Sri Lanka. All except South Korea are expected to remain on hold, and even the economists forecasting a Bank of Korea rate rise acknowledge it has become a close call. Even if they all stick to the script, officials' comments merit careful parsing for any indication about how they interpret the recent run of weak economic data. Is it merely a Japaninduced, short-lived lull or something more worrisome? Policymakers must balance powerful, conflicting forces: the softening global outlook cools exports and therefore growth prospects, but homegrown demand remains strong in most countries, keeping up the inflationary pressure. Credit Suisse economist Richard Prior-Wandesforde said as long as inflation remains uncomfortably high and interest rates below normal, most Asian central banks will keep tightening monetary policy to reduce the flow of cheap credit. China, South Korea, India and Thailand may be even more aggressive than investors expect, the Singapore-based economist said.

"We only expect the region to suffer a few quarters of sub-trend growth, not a return to recession," he said. "In fact, economic activity is unlikely to be soft enough to put an end to Asia's rate-hiking cycle for a few months yet." But for central bankers inclined to put more emphasis on growth than inflation, even a modest slowdown may be reason enough to delay tightening. U.S. employment softened last month and businesses around the world trimmed factory orders, so export-focused economies have reason for concern. South Korea is arguably the toughest call. The Bank of Korea has developed a reputation for unpredictability, and surprised markets yet again at its May meeting by holding rates steady. But it was a split decision with two of the six board members expressing concerns about rising inflation expectations. Many economists expect a quarterpoint hike at Friday's BOK meeting as steep food and energy costs filter into the prices of other goods and services. Core inflation, which excludes food and energy prices, has crept higher. Doubts, however, are growing. Nomura dropped its call for a June rate rise, arguing that the BOK seems more concerned about the risk of growth faltering than inflation building. "The inherently pro-growth Korean government may have influenced the BOK's monetary policy," said Young Sun Kwon, Nomura's senior Koreaeconomist in Seoul.

Jiwon Lim, a J.P. Morgan economist also based in Seoul, stuck with a BOK rate hike call for this week but said it "now becomes a close call" after the recent run of weak economic data. Australia's rate decision is also looking like less of a sure thing than it was a week ago when the government released data showing that flooding had pushed first-quarter economic output down 1.2 percent, slightly worse than expected. Although economists are still banking on no change to monetary policy, some think the Reserve Bank of Australia might want to burnish its inflation-fighting credentials by springing a surprise interest rate hike on Tuesday. Even if it holds fire at this meeting, the RBA will probably lay the groundwork for a hike soon. Inflation accelerated in the first quarter despite the negative reading on growth, and with unemployment at a tight 4.9 percent, the economy does not have much slack. It is a very different story in Indonesia, where economists expect no change in monetary policy. Inflation readings have looked benign, helped by the fact that Jakarta subsidises fuel, keeping consumer prices down. PRICE PRESSURES PEAKING? The global cool-down has taken some of the pressure off commodity prices, particularly oil. That will eventually filter into Asia's economies and reduce concerns about overheat-

ing. Indeed, many economists think inflation will soon peak. But that does not mean central bankers can afford to wait it out. China in particular has a few tricky months to navigate before it can be sure that inflation really has peaked. Drought and power shortages mean China's food and energy costs may keep rising even after global prices begin to fall. Although Beijing raised power prices last week, a move that could make it more cost-effective for energy companies to increase production, demand is still running far ahead of supply. Jian Chang, a Barclays China economist in Hong Kong, said Beijingprobably won't deviate from its planned tightening course and could raise rates before it releases May consumer price data next week. Still, for central bankers already leaning toward keeping policy looser, the combination of inflation peaking and growth slowing may be too much temptation. Frederic Neumann, co-head of Asian economic research at HSBC in Hong Kong, said the bad economic news did not justify a pause in the tightening cycle, pointing out that interest rates in the region remain "structurally far too low". "But, central bankers may see something nastier on the horizon and opt to hold. This week will bring important clues as to what they are thinking," Neumann said. -Reuters

Kuwait in Crisis as Rulers Splits

K

uwait, a major OPEC producer, is heading for a deep political crisis as a rebellious parliament steps up its pressure on the government and divisions appear in the ruling family. The Gulf Arab state has avoided an 'Arab spring' uprising but is locked in a long-running battle between a government dominated by the ruling al-Sabah family, and a parliament which likes to challenge it -- unusual in a region largely controlled by powerful families. Last month, Prime Minister Sheikh Nasser al-Mohammad alSabahunveiled his seventh cabinet -the previous one had quit to avoid questioning by lawmakers alleging misuse of public funds. Within days several MPs returned to the attack, saying they wanted to question Nasser and deputy prime minister Sheikh Ahmed al-Fahd al-Sabah about allegations of mismanagement of public funds, corruption and inefficiency. Both deny the charges. Splits within the ruling family are worsening the hostility between government and parliament as ruling family members use parliament to push their agenda, MPs and analysts say. Share prices on the local bourse have fallen as investors fear the crisis will delay economic projects like a $109 bil-

lion state development plan because cabinet ministers are busy fending off attacks by deputies. The daily al-Qabas, in a rare frontpage editorial "Enough fighting among sons of the (ruling) family", accused unnamed al-Sabah members of using parliament for their power struggles. "For the first time the conflict is in the open, reaching this sharpness and making it into parliament," Qabas said. "Kuwait is going through a critical phase... Leaders of the (ruling) family were always united. Now there are conflicts inside the family," liberal lawmaker Abdulrahman al-Anjari said. "These conflict will have a negative impact." "It won't get any better. The government is weak, there is a vacuum and parliament opposes the prime minister," said Shafiq al-Ghabra, a political analyst. Sheikh Nasser has faced opposition in parliament ever since taking office in 2006, but analysts say tension is rising as MPs and opposition activists take to the streets. Emboldened by protests in Egypt and Tunisia, opposition groups have for several weeks staged rallies every Friday, dubbed a "day of anger", urging the emir, who has the last say in Kuwaiti politics, to sack the prime minister. NO WAY OUT

"We have a 55 billion dinar budget but people don't benefit from it," saidFawaz al-Bahr, a young man who works in the state oil industry and joined recent protests. "This crisis is much worse then previous ones. Nasser must go," he said. At the last rally a large crowd vowed to keep protesting until Sheikh Nasser quit. Ghabra said he saw no way out of the stalemate as the ruling family regarded attacks on the prime minister as a 'red line' and the emir, Sheikh Sabah al-Ahmad al-Sabah, would continue to back Sheikh Nasser, his nephew. The al-Sabah family allows more freedom than other Gulf states -- parliamentary approval is needed for all major bills, the budget and state investments, in contrast to Saudi Arabia, an absolute monarchy where few criticise the ruling family. Analysts say some members of the alSabah family appear to be positioning themselves for the day when elderly leaders will have to hand power to younger relatives, and are encouraging deputies to attack Sheikh Nasser and Sheikh Ahmed. "There seems to be a power conflict. It's about power, not about a vision for Kuwait," said analyst Shamlan al-Eissa. Splits within the ruling family, which

holds key portfolios such as defence, interior and foreign affairs, surfaced in 2006 when the late Sheikh SaadalAbdullah al-Sabah was forced to step down as emir just over a week after assuming power. The family, following the constitution and family tradition, had named Sheikh Saad as ruler despite his poor health. He quit under pressure from family members and MPs. In appointing the current emir, Sheikh Sabah, the family interrupted a long tradition of alternating power between its two main wings -- the Jabers and Salems. "I think the main issue is that they didn't agree on a new mechanism after Saad died," said an activist who helped organise recent protests. "That has encouraged rivalry inside the family since then," he said, declining to be named. On handling the rebellious parliament, Ghabra said the emir was in a difficult position because dissolving it - as Kuwaiti rulers have done six times since it was established in the 1960s -might not work this time. "This parliament is still from the time before the Arab spring. The next parliament will be stronger. There will be more political demands, it will be more difficult," he said. -Reuters


5

Wednesday, June 8, 2011

European shares flat after four-day sell-off

South East Asian stocks: Easier bias due to global growth fears

Oil discovery fuels rally at KSE

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

12,211.65 12,314.99 103.34 0.85 100.02

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

3,254.64 3,282.67 28.03 0.86 3.46

Nawaz Ali

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

2,767.42 2,790.14 22.72 0.82 0.07

Major Gainers

Symbol

Close

Change

ULEVER 5,207.37 BATA 557.26 NESTLE 3,494.64 POL 359.47 WYETH 830.47

85.82 20.72 19.01 17.11 14.47

Major Losers

Symbol

Close

Change

AGTL BTL PECO GRAYS KSBP

226.09 68.31 92.28 46.47 36.75

-5.3 -2.69 -2.2 -2.14 -1.77

Top 5 Volume Leaders

Symbol DGKC LOTPTA BOP POL ENGRO

Close Vol (mn) 24.09 15.13 6.45 359.47 193.18

10.49 8.39 6.09 5.14 3.70

Active Issues Plus Minus Unchanged

153 115 91

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

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

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

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

1,582

Sales (Apr 11)

1,640

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

186 203 -

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

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

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

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

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

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

NEW YORK: Traders work on the floor of the New York Stock Exchange. -Reuters

Nikkei up on short-covering TOKYO: Tokyo shares on Tuesday snapped a three-day losing streak in which the market slid 3 per cent, as hedge funds covered short positions and as foreigners bought back on cheap valuations, a factor that, some say, may support the market in coming weeks. Hedge funds such as commodities trading advisors were detected piling back into the market after offloading substantial amounts of shares on Monday, a move triggered by a tumble in the shares of troubled Tokyo Electric Corporation, traders said. Long-term foreign investors placed large-lot orders for a combined 10 billion yen for 20-25 blue-chip companies and 4 billion yen in mid- and smallcaps, two market sources said, boosting overall confidence in the market and further bolstering its afternoon rebound. Toshiba Corp climbed after industry sources told Reuters that it and Sony Corp are in talks to combine their small and mid-size liquid-crystal display (LCD) panel units into a new entity to boost their competitiveness. "The market lost 340 yen in three days and hedge funds are now covering their short positions," said Takashi Ohba, a senior strategist at Okasan Securities. "Both foreigners placing large-lot orders and margin traders scooping up small-caps are attracted by cheap valuations, and buying by those players may give some support to the Nikkei in the next few

weeks," he said. Market participants said that although the Japanese economy has been hit by natural disasters and political paralysis, valuations remain attractive with about 65 per cent of stocks listed on the Tokyo exchange's main board trading at or below book value. By contrast stocks in the benchmark S&P 500 are at about 2.1 times book value, according to Thomson Reuters Starmine. This makes Tokyo equities the second cheapest market in the G20, with Italy being the only cheaper market, Thomson Reuters Starmine showed. "When the Nikkei trades below 9,400 institutional investors buy global cyclical shares as a long-term investment and retail investors tend to buy defensive shares with high dividend yields, such as drugmakers," said Fujio Ando, a senior managing director at Chibagin Asset Management. Japan's benchmark Nikkei average closed up 0.7 per cent at 9,442.95 and the broader Topix also gained 0.7 per cent to 813.76. Short-covering in utilities and buying on dips of defensive shares helped the market stay above a key support of 9,317 -- a March 29 intraday low -- although fears of a slowdown in the US economy sparked by a string of weak data are likely to prevent immediate big gains. The next solid resistance looms around 9,573.26, at the See # 12 Page 11

Resolution's buyback pushes FTSE higher LONDON: Britain's top share index closed marginally higher on Tuesday as UK insurer Resolution's bumper cash return helped boost insurancerelated firms, while integrated oils weighed on the downside. The market reacted positively to Resolution's commitment to return 500 million pounds to investors. "One would encourage share buybacks in a modest way because if a company is cancelling its shares and you remain a shareholder you would benefit from the earnings accretion," said Paul Mumford, who manages a 25million-pound fund at Cavendish Asset Management. He said he would not be surprised to see more companies go down the same route given the low interest rate environment, cash-rich balance sheets and low valuations, but coun-

selled businesses against gearing themselves up too highly to do so. Resolution, which rose 2.8 per cent, also reassured shareholders by pledging not to use its own cash or tap investors to fund potential overseas acquisition projects. Insurers Legal & General and Admiral gained 1.8 and 1.6 per cent, respectively. The FTSE 100 closed up 1.49 points at 5,872.89, having edged 0.1 per cent higher on Monday. The index fell 1.4 per cent last week, as persistent worries over Europe's debt problems and global growth capped gains. VALUE EXISTS "As long as the FTSE 100 can maintain above the 5800 level, which is a psychological support level and is where the FTSE's 200 day moving aver See # 13 Page 11

Indian shares rise 2nd day BANGALORE: Indian shares shrugged off a sluggish start and climbed for a second day on Tuesday, powered by energy major Reliance Industries and software services bellwether Infosys Technologies. A revival in buying by foreign institutional investors (FIIs) this month spurred demand for stocks that had fallen recently, but worries about the outlook remain with more rate increases in the offing to stem high inflation, traders said. Engineering and construction conglomerate Larsen & Toubro and consumer goods leader Hindustan Unilever, stocks that had gained recently, were dumped. The 30-share BSE index rose 0.41 per cent, or 75.51 points, to 18,495.62, with 18 of its components gaining ground. "With the FII figures positive in recent sessions, there is some genuine buying interest," said Neeraj Dewan, director with Quantum Securities. Foreign funds have bought $307 million of shares in June after pulling out $1.16 billion in May. Reliance Industries, which has the heaviest weight on the index, rose 2.2 per cent to 958.25 rupees as investors bought the beaten-down stock. Worries about decline in gas output from Reliance's blocks off India's east coast have dragged down shares of the most valuable firm 9.5 per cent this year. Traders said investors were churning their portfolios and the outlook was still uncertain. "The market is likely to be rangebound with investors watching inflation, interest rates and monsoon data," Dewan said. A government panel is expected to take a decision on Thursday to raise state-controlled diesel and cooking gas prices, a move that will accelerate inflation. The central bank, which has said fighting price pressures was its priority even if that meant denting growth, is widely expected to raise key rates by at least 25 basis points on June 16. It would be the 10th increase since mid-March 2010. Data released last week had showed January to March growth in India was the slowest in five quarters. Leading car maker Maruti Suzuki reversed early losses and ended up 0.65 per cent. Workers at its plant in the northern state of Haryana have been on strike since Saturday, disrupting production and the stock had fallen as much as 1.7 per cent early on Tuesday. The 50-share NSE index was up 0.4 per cent at 5,556.15 points. Around 464 million shares changed hands on the NSE, with gainers beating losers in the ratio of 1.4 to 1. The US dollar fell broadly on Tuesday after a Chinese official said the greenback could weaken further against other major currencies while European equities rebounded as investors picked up beatendown shares. Reuters

KARACHI: Buying in oil stocks over recent oil and gas discovery paved way for the entry of bulls at the Karachi Stock Exchange on Tuesday, which gained more than 100 points to end above 12,300 levels despite selling by foreign investors. The benchmark KSE-100 index was up by 103 points to close at 12,314 points, KSE-30 index rose by 119 points to close at 11,903 points and KSE all-share index jumped by 67 points to close at 8,565 points, "Reports of a high impact discovery of oil and gas at Domail-01 by POL led the index jump", Jawad Khan, equity dealer at JS Global Capital. The well - yielding 942bpd oil and 11mmcfd gas at testing phase is expected to have an EPS impact of around Rs6/share, he added. Bulls entered the market with the opening bells as market started the session with 5 points up. Positive activities then continued during the rest of the day due to continued buying mainly in oil stocks where Pakistan Oilfields ended 5 per cent up at its upper circuit. Enhanced buy-

ing interest was also witnessed in cement and banking stocks after no change in corporate tax rate for banks and on removal of SED and reduction in FED on cements in budget. The index breached 12,300 levels and touched an intra-day high of 12,363 points (+ve 152). Though, some profit taking was seen at higher levels but index managed to close the day above 12,300 levels. Though, market stayed bullish throughout the session, foreign investors were in a different mood and were mainly on the selling side as according to NCCPL data offshore investors did a net selling worth $1.03 million on Tuesday. Volumes too remained impressive as 100 million shares exchanged hands during the day which is 4.2 million shares more as compared to a turnover of 95.8 million shares a day earlier. D. G. Khan Cement was the top traded stock with 10.49 million shares followed by Lotte Pakistan with 8.39 million shares and Bank of Punjab with 6.09 million shares. Out of total 359 active issues; 153 advanced and 115 declined while 91 issues remained unchanged.

PQFT declares surplus for participants Staff Reporter KARACHI: Pak Qatar Family Takaful (PQFT) has declared a surplus of 48 per cent of Takaful Donation for its BancaTakaful customers for the financial year ending 2010. This was announced by P. Ahmed, Chief Executive Officer of the Company. Surplus, an inherent benefit of Takaful, is calculated on the amount available in the Waqf Fund after paying off all claims and meeting all expenses for the year. The Company will share the surplus amount with Individual Takaful participants on the basis of their contributions to the Waqf Fund. "The

provision of surplus makes Takaful equitable and financially more viable as compared to the conventional insurance system. We are the first Takaful Company in Pakistan to declare a Surplus on their BancaTakaful product." Ahmed said. PQFT has distribution agreements in place for its BancaTakaful products through premier banks that include Standard Chartered Bank, Dubai Islamic Bank, Albaraka Bank, Dawood Islamic Bank, MCB Bank, Faysal Bank and Bank Alfalah. PQFT is the largest provider of BancaTakaful in Pakistan. See # 14 Page 11

Hong Kong shares slip HONG KONG: Hong Kong shares fell a fourth consecutive session on Tuesday and commodity-related stocks underperformed, but Chinese coal firms pared losses late in the session, suggesting investors may find some value in the sector. The string of losses in the broad market has been exacerbated by weak US jobs data last week and raised the risk the Hang Seng index, down 0.4 per cent on the day, may test a low for the year plumbed in March. The Hang Seng Index cut early losses to close down 0.4 per cent at 22,868.7, falling further below its 200-day moving average at 23,091.8, a level that may cap any near-term rebound. China Shenhua Energy Co, the world's largest coal miner by market value, was the second biggest drag on the Hang Seng index, though the stock fought back to finish down 1.5 per cent after shedding as much as 4 per cent on the day in nearly three times its average 30day volume. Shenhua has fallen 7.8 per cent since Friday, the steepest two-day decline since March 2010, but is still some way off being technically oversold, with its 14-day relative strength index (RSI) holding at 36.4. But with Yanzhou Coal Mining Co and China Coal Energy Co both finishing in positive territory on Tuesday, gaining 1.7 and 3 per cent respectively, analysts said the selloff in the coal sector is overdone, recommending investors buy on dips. "New regulation aimed at encouraging imports is unlikely and it is doubtful it would reduce domestic coal prices if implemented," said analysts at Samsung Securities in a note. "Thus, the selloff creates a buying opportunity." AIA Group and Hengan International Group experienced contrasting debuts as Hang Seng Index constituents on Tuesday. Both stocks have enjoyed a bounce since the Hong Kong Exchange announced it was adding these two stocks to its Hang Seng benchmark, but while AIA closed down 1.60 per cent, Hengan was up 0.3 per cent at a five-month high in decent volume. The pressure to take some profits on Hengan's 15 per cent See # 15 Page 11

Dhiyan

FORECAST FOR LACKLUSTER ACTIVITIES Farhan Mansuri, VP Capital Markets Arif Habib Limited Market is expected to see range bound activities moving forward with low volumes. Investors should be cautious and are recommended to invest in undervalued stocks of cement and banking sectors but they should avoid investing oil stocks. Better than expected June ending corporate results and foreign inflows would support the market. Market would be lackluster today.

Samar Iqbal, equity dealer at Topline Securities The positive activities may continue in the market over the next few days and index may gain 100-200 points. Thereafter market is likely to witness some lackluster activities. Investors are advised to invest in valued and dividend yielding stocks like MCB and FFBL. As far as triggers are concerned, the upcoming corporate results season could trigger a rally. Market would be positive today.


6

Wednesday, June 8, 2011

Market

KSE 100 Index

Symbols

Volume

100,016,229

Value

6,587,616,982

Trades

67,169

Advanced Declined Unchanged Total

Current High Low Change

153 115 91 359

All Share Index

12,314.99 12,363.94 12,211.65 h103.34

Current High Low Change

8,565.10 8,598.66 8,497.80 h67.30

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,572.13 1,533.58 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.48 32.54

Open

High

Low

Close Chg

Volume

394.90 143.50 9.89 106.84 383.49 155.00 215.98 359.47 86.90 288.90 227.50

384.30 137.60 9.35 105.00 375.00 152.51 210.66 342.00 85.51 283.31 225.00

392.02 6.40 140.48 1.88 9.53 0.11 105.17 -0.62 376.36 -0.64 153.63 0.86 213.02 1.84 359.47 17.11 86.03 0.42 285.40 0.04 225.87 0.73

401686 3030308 1695865 13011 585922 1749899 3000826 5144290 42368 781466 12140

Last 60 days High Low 394.90 143.50 10.10 113.75 387.35 155.70 217.75 359.47 105.60 291.50 231.00

338.18 115.00 7.93 98.50 277.25 128.21 199.50 307.50 81.23 269.47 201.00

% Change 1.29 5-Day High 1,557.36 5-Day Low 1,537.34

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

2011 Div BR (%) (%)

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

-

Open 835.38 Turnover 49,281 P/E (x) 5.79 Company

High Low 1,881.72 1,839.94 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.10 35.00

Paid up Cap(mn)

PE

Open

High

Low

Agritech Limited 3924 Biafo Ind 200 BOC (Pak) 250 Clariant Pak 341 Dawood Hercules 4813 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 8482 Fauji Fert.Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Leiner Gelatine 75 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92

5.93 7.18 5.02 3.63 11.12 3.34 8.63 8.75 6.54 10.61 8.72 4.77 55.83 4.23 11.65 29.38 2.46 5.57 -

19.79 50.00 95.00 164.99 63.00 2.45 7.62 2.72 10.19 190.01 11.51 13.59 140.31 43.21 12.72 156.87 31.25 20.10 14.60 0.96 2.63 2.26 99.26 17.74 15.49

19.89 52.50 97.79 166.40 64.55 2.60 7.85 3.10 10.96 194.24 11.70 13.85 143.25 43.80 12.93 159.90 32.80 19.50 15.23 1.09 2.70 2.40 99.99 18.40 15.59

19.00 51.90 95.00 164.00 62.30 2.30 7.54 2.73 10.50 189.66 11.45 13.55 140.35 43.15 12.57 156.51 32.80 19.50 14.63 0.65 2.62 2.25 98.00 17.69 14.60

Company

Close Chg 19.87 52.50 95.29 164.47 62.63 2.49 7.56 2.94 10.19 193.18 11.61 13.71 142.19 43.68 12.62 156.87 32.80 20.10 15.13 1.06 2.68 2.35 99.18 17.98 15.58

0.08 2.50 0.29 -0.52 -0.37 0.04 -0.06 0.22 0.00 3.17 0.10 0.12 1.88 0.47 -0.10 0.00 1.55 0.00 0.53 0.10 0.05 0.09 -0.08 0.24 0.09

Last 60 days High Low

Volume 1020 1042 1404 18327 674435 40707 442795 2559919 300 3700948 152566 1801438 2832905 2372782 113245 191898 500 197 8391672 1153 257482 1630 5151 619007 1302

Change 25.72 Market cap 384,149.89 mn Div Yield (%) 5.50

23.64 52.50 99.80 200.00 294.00 3.18 9.60 3.65 11.50 236.55 13.95 13.90 145.21 43.80 14.49 172.00 32.80 26.82 17.36 1.40 3.40 2.99 112.45 19.99 16.50

17.86 44.40 87.71 140.00 56.10 2.00 6.95 2.11 9.50 188.00 10.70 12.05 124.50 37.86 10.65 148.02 20.11 12.44 14.56 0.18 2.26 2.00 96.37 15.80 13.08

% Change 1.40 5-Day High 1,874.88 5-Day Low 1,841.50

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

-

FORESTRY AND PAPER High Low 1,143.05 1,115.22 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.43 7.47

Close 1,132.63 Listed cap 1,186.83 mn Payout (%) 25.28

Change 19.05 Market cap 3,124.23 mn Div Yield (%) 4.40

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper

707

-

16.83

17.40

16.90

17.00 0.17

180662

18.00

13.85

Pak Paper Product Security Paper

50 411

1.77 7.34

41.51 40.51

41.50 41.50

41.50 40.50

41.51 0.00 41.49 0.98

250 10810

44.49 42.80

35.50 37.00

Company

Last 60 days High Low

% Change 1.71 5-Day High 1,159.69 5-Day Low 1,113.58

2010 Div BR (%) (%) -

2011 Div BR (%) (%)

-

-

-

2533.33B 50 -

-

-

Company

Paid up Cap(mn)

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

PE

Open

High

Low

565 1.85 675 555 22.14 4350 1199 9.26 785 25.71

26.71 2.28 11.96 14.18 51.65 9.00

27.99 2.54 12.74 14.38 52.50 9.49

27.10 2.20 12.00 14.03 51.65 9.00

Close Chg 27.31 2.30 12.40 14.20 51.75 9.00

0.60 0.02 0.44 0.02 0.10 0.00

Close 1,043.75 Listed cap 3,596.11 mn Payout (%) 30.91

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

88.04 28.59

90.10 28.90

88.10 27.80

88.26 0.22 27.80 -0.79

48279 1002

91.20 31.45

9705 43755 15415 336466 28240 7103

29.75 2.98 13.29 15.06 54.50 9.98

Open 1,150.54 Turnover 1,831,979 P/E (x) 4.00 Paid up Cap(mn)

Change 9.16 Market cap 15,774.29 mn Div Yield (%) 9.72

26.20 1.62 11.05 0.00 48.52 8.55

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints

1828 866 858 182

Cherat Cement Dadabhoy Cement Dandot Cement

PE

Open

High

Low

6.84 -

2.82 53.93 2.02 16.49

3.25 54.49 2.50 16.30

2.71 53.12 1.90 15.80

Close 913.22 Listed cap 54,792.74 mn Payout (%) 19.04

% Change 0.89 5-Day High 1,049.97 5-Day Low 1,034.59

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

2011 Div BR (%) (%)

- 20.00 25B 15.00 20B 15 -

Change -12.73 Market cap 67,037.08 mn Div Yield (%) 2.64

Close Chg

Volume

Last 60 days High Low

2.71 54.03 2.48 16.25

1003 79165 101386 11272

3.25 56.70 2.90 17.40

2.35 49.22 1.51 13.55

5893 6441 1800

11.90 2.24 2.49

8.81 1.50 1.15

-

351218 2.67 10492512 26.44

1.36 21.31

-

-0.11 0.10 0.46 -0.24

-

% Change -1.37 5-Day High 930.05 5-Day Low 897.56

2010 Div BR (%) (%) - 100R 50 - 122R

2011 Div BR (%) (%) -

-

-

-

-

20R

-

20R

956 46.43 982 15.54 948 -

9.95 2.05 1.40

10.00 2.17 2.20

9.61 2.02 2.14

9.75 -0.20 2.02 -0.03 2.14 0.74

Dewan Cement DG Khan Cement Ltd

3891 4381 32.12

1.91 24.82

2.03 25.35

1.88 23.70

1.89 -0.02 24.09 -0.73

Fauji Cement Fecto Cement

6933 502

8.16 6.03

4.77 7.11

4.82 7.00

4.70 7.00

4.73 -0.04 7.00 -0.11

787732 500

5.04 8.90

3.99 6.10

-

-

-

92R -

Flying Cement Ltd Gharibwal Cement Haydery Const

1760 4003 32

-

1.66 6.18 0.50

1.72 6.95 0.54

1.61 5.50 0.44

1.62 -0.04 5.70 -0.48 0.52 0.02

29984 12202 583

1.95 13.50 0.90

1.26 5.00 0.26

-

-

-

-

13126 75.50 3234 5.97

3.10 74.30

3.19 75.50

3.00 73.07

3.02 -0.08 73.46 -0.84

386214 1406630

3.45 77.43

2.10 62.50

40

-

-

-

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

5267 2271

-

2.73 5.84

2.75 6.10

2.54 5.61

2.56 -0.17 5.96 0.12

833073 61612

3.05 6.40

1.97 4.50

-

-

-

361

-

6.40

6.70

6.40

6.50 0.10

6285

8.50

5.25

-

-

- 100R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 980.67 Turnover 79,262 P/E (x) 2.81 Company

Paid up Cap(mn)

Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Tri-Pack Films

PE

Open

172 2.50 51.08 230 1.64 1067 5.69 56.50 389 2.41 12.15 844 18.82 109.57 300 6.87 176.53

High

High Low 997.43 982.06 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91 Low

Close Chg

51.85 51.00 51.00 1.75 1.60 1.70 56.50 55.80 55.93 12.40 12.00 12.08 113.50 110.00 112.92 177.90 176.00 176.04

-0.08 0.06 -0.57 -0.07 3.35 -0.49

Close 988.05 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 45042 5902 6221 3059 14418 4619

Change 7.39 Market cap 37,001.01 mn Div Yield (%) 5.53

Last 60 days High Low 56.90 2.38 58.50 15.21 124.50 180.80

46.45 1.31 49.00 6.40 103.01 126.51

2010 Div BR (%) (%) 20 25 32.5 100

25B 10B -

% Change 0.75 5-Day High 992.33 5-Day Low 980.67 2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors Pak Engineering

PE

Open

66 3.14 8.58 215 3.91 231.39 104 4.91 49.75 214 1.17 213 11.07 9.00 132 - 38.52 366 8.37 551.48 57 - 94.48

High

High Low 1,655.53 1,635.63 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.07 38.02 Low

Close Chg

8.65 8.51 8.58 0.00 230.01 225.10 226.09 -5.30 47.99 47.90 49.75 0.00 1.29 1.10 1.22 0.05 9.64 9.18 9.30 0.30 37.70 36.61 36.75 -1.77 555.50 550.59 551.18 -0.30 99.20 89.76 92.28 -2.20

Close 1,640.13 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 2868 4163 131 26536 31950 2117 32662 515

2010 Div BR (%) (%) 40 15

-

2011 Div BR (%) (%) -

-

Open

High

Low

Close Chg

Volume

72.89 212.89 150.02 32.49 2.68 197.33 23.25 3.41 10.19 221.00 68.00

72.70 220.95 153.00 34.11 2.97 198.95 23.50 4.41 11.19 222.99 69.61

71.50 214.49 150.00 33.89 2.60 198.94 23.30 3.40 10.16 222.00 67.99

71.55 -1.34 218.71 5.82 152.24 2.22 34.11 1.62 2.83 0.15 198.94 1.61 23.50 0.25 3.62 0.21 10.38 0.19 222.89 1.89 68.00 0.00

2150 12006 6933 15500 700811 520 13000 964458 84003 1425 31171

Change 8.65 Market cap 43,167.48 mn Div Yield (%) 5.11

Last 60 days High Low 74.85 220.95 153.93 37.99 3.46 206.99 26.17 4.50 11.19 233.75 76.90

70.00 189.00 132.07 31.06 1.50 176.10 22.01 2.16 9.00 205.51 60.50

2010 Div BR (%) (%) 90 100 50 25 60 20 150 5

% Change 0.75 5-Day High 1,159.19 5-Day Low 1,148.60 2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 -

15B -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

56.96

Total Assets (Rs in mn)

MA (10-day)

3.47

Total Equity (Rs in mn)

MA (100-day)

3.82

Revenue (Rs in mn)

MA (200-day)

4.31

Interest Expense

147.33

1st Support

3.19

Loss after Taxation

(88.89)

2nd Support

2.79

EPS 10 (Rs)

(1.975)

1st Resistance

4.20

Book value / share (Rs)

2nd Resistance

4.81

PE 11 E (x)

Pivot

3.80

PBV (x)

3,360.48 633.20 2,402.62

14.07 0.26

GHNL closed up 0.21 at 3.62. Volume was 1,861 per cent above average (trending) and Bollinger Bands were 27 per cent wider than normal. The company's loss after taxation stood at Rs46.321 million which translates into a Loss Per Share of Rs1.03 for the nine months of fiscal year (9MFY11). GHNL is currently 16.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into GHNL (mildly bullish). Trend forecasting oscillators are currently bullish on GHNL.

Century Paper & Board Mills Limited

FOOD PRODUCERS Performance of SR Food Producers Index Open 2,101.15 Turnover 436,468 P/E (x) 45.58 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Fecto Sugar 146 Habib Sugar 750 Habib-ADM Ltd 200 Hussein Sugar 121 J D W Sugar 539 Kohinoor Sugar 109 Mehran Sugar 157 Mirpurkhas Sugar 84 Mirza Sugar 141 National Foods 414 Noon Pakistan 48 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Shahmurad Sugar 211 Shahtaj Sugar 120 UniLever Pakistan 665 Wazir Ali 80

PE

Open

High

High Low 2,128.30 2,082.61 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.81 30.30 Low

Close Chg

2.07 5.03 5.50 5.00 5.00 1.09 18.43 19.20 18.55 18.55 2.64 46.95 46.05 46.00 46.05 0.73 10.10 10.50 10.50 10.50 4.45 2.50 2.85 2.35 2.85 - 10.01 10.09 10.09 10.09 3.19 3.10 2.90 2.90 - 38.00 38.00 38.00 38.00 4.92 27.16 27.90 26.55 27.67 5.04 12.55 12.50 12.50 12.50 0.68 11.56 12.56 12.56 11.56 1.53 77.21 78.74 76.80 76.80 0.84 3.73 4.72 3.65 4.51 1.98 65.56 65.50 64.15 65.38 2.98 44.66 46.89 43.25 46.33 0.30 2.75 2.90 2.70 2.76 14.51 84.14 85.15 80.00 84.03 5.52 21.01 20.27 20.12 20.27 6.59 2.94 2.99 2.90 2.90 0.33 4.40 5.20 4.50 4.65 20.00 2.00 2.20 2.19 2.20 1.19 9.59 10.19 10.14 10.17 1.74 60.00 61.10 60.50 61.00 19.26 5121.55 5220.00 5100.00 5207.37 7.63 7.00 7.00 7.00

-0.03 0.12 -0.90 0.40 0.35 0.08 -0.29 0.00 0.51 -0.05 0.00 -0.41 0.78 -0.18 1.67 0.01 -0.11 -0.74 -0.04 0.25 0.20 0.58 1.00 85.82 -0.63

Close 2,122.05 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 20.90 Market cap 296,621.57 mn Div Yield (%) 0.67

Last 60 days High Low

1010 6.90 4.10 2505 19.24 11.50 600 54.20 37.65 2000 10.90 8.00 6000 3.70 2.11 1000 10.48 6.05 41801 3.85 2.16 202 50.00 35.08 149784 27.90 21.52 1000 13.00 10.80 120 12.56 8.00 3171 83.95 71.50 28966 4.72 2.45 13648 68.48 50.30 8577 48.50 39.51 68708 3.65 2.47 42641 88.00 53.00 5003 23.70 19.75 19000 3.40 2.20 11000 6.45 3.80 7500 3.00 1.75 500 10.79 7.91 20500 71.50 59.72 352 5988.18 4535.01 500 8.62 5.50

2010 Div BR (%) (%)

% Change 0.99 5-Day High 2,122.05 5-Day Low 2,046.94 2011 Div BR (%) (%)

25 50 10 25 25B 40 -40.49R 7010B 12.5R - 10R 35 20B 15.00 10B 15 20B 10 12 12 10 492 -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.97

Total Assets (Rs in mn)

14,069.28

MA (10-day)

17.04

Total Equity (Rs in mn)

4,894.56

MA (100-day)

16.11

Revenue (Rs in mn)

9,702.31

MA (200-day)

17.05

Interest Expense

1,141.10

1st Support

16.80

Profit after Taxation

42.32

2nd Support

16.60

EPS 10 (Rs)

0.599

1st Resistance

17.30

Book value / share (Rs)

69.25

2nd Resistance

17.60

PE 11 E (x)

Pivot

17.10

PBV (x)

0.25

CEPB closed up 0.17 at 17.00. Volume was 396 per cent above average (trending) and Bollinger Bands were 31 per cent narrower than normal. The company's loss after taxation stood at Rs118.961 million which translates into a Loss Per Share of Rs2.46 for the nine months of fiscal year (9MFY11). CEPB is currently 0.2 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 very strong flows of volume into CEPB (bullish). Trend forecasting oscillators are currently bullish on CEPB.

Lotte Pakistan PTA Ltd

HOUSEHOLD GOODS Open 722.11 Turnover 120,169 P/E (x) 1.39 Company

Paid up Cap(mn)

Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind

7.40 199.05 42.70 0.71 8.01 36.61 504.00 85.50

High Low 736.53 707.69 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.15 10.64

PE

Open

High

Low

106 1219 375 129.92 693 1.59

4.56 7.37 17.00 11.97

4.35 7.63 17.00 12.40

4.35 7.15 16.50 12.00

Close Chg 4.35 7.49 16.89 12.09

-0.21 0.12 -0.11 0.12

Close 726.91 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 1141 115622 785 2621

Change 4.80 Market cap 4,637.48 mn Div Yield (%) 4.50

Last 60 days High Low

2010 Div BR (%) (%)

5.88 14.50 21.57 14.47

17.5

4.00 7.15 14.71 11.20

10B 10B -

% Change 0.66 5-Day High 734.52 5-Day Low 722.11 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Performance of SR Personal Goods Index Open 973.15 Turnover 8,315,634 P/E (x) 6.06 Company

Paid up Cap(mn)

(Colony) Thal Amtex Limited Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Ishaq Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Maqbool Textile Masood Textile Mian Textile Nishat (Chunian) Nishat Mills Olympia Spinning Pak Synthetic Paramount Spinning Prosperity Ravi Textile Rupali Poly Salfi Textile Sally Textile Sana Ind Sargoda Spinning Service Ind Shadman Cot Shahtaj Textile Suraj Cotton Thal Ltd Treet Corp ZahidJee Textile Zil Limited

56 2594 4493 76 76 64 1150 2442 238 31 600 99 591 978 57 34 110 234 222 716 3105 180 181 97 303 1300 2455 168 600 221 1620 3516 120 560 174 185 250 341 33 88 55 312 120 176 97 180 307 418 341 53

High Low 981.97 965.83 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.52 8.64

PE

Open

High

Low

0.74 6.56 0.66 2.17 1.61 0.27 0.21 0.59 0.68 0.48 0.83 3.26 1.95 3.28 0.54 0.45 5.06 1.94 1.58 3.89 5.08 1.54 2.45 0.67 0.96 3.07 0.28 0.29 3.00 1.35 3.00 15.28 1.48 0.75 6.63 0.65 6.45

1.61 2.59 6.22 17.90 536.54 71.00 2.10 2.03 0.69 3.88 1.21 0.35 34.98 2.31 1.83 4.01 25.00 69.00 11.70 3.87 45.72 4.81 332.10 6.56 1.20 1.49 4.50 9.00 17.05 0.50 25.27 58.03 2.00 19.75 13.79 14.75 1.06 40.22 51.00 7.96 39.94 3.25 174.46 16.98 26.25 39.60 105.57 53.52 7.65 60.24

1.70 2.65 6.70 18.44 563.00 74.49 2.20 2.64 0.69 4.00 1.28 1.00 35.49 2.49 1.93 4.05 24.51 70.09 11.50 4.14 45.35 5.25 346.35 6.70 1.50 1.55 4.48 9.00 17.20 0.33 25.60 58.99 2.49 19.60 13.50 14.60 1.12 40.80 53.55 7.55 39.99 3.84 182.50 16.50 26.50 40.02 106.80 53.99 7.40 61.35

1.70 2.50 6.18 17.65 530.00 67.50 2.05 1.90 0.60 4.00 1.20 0.11 34.00 2.44 1.80 4.03 24.50 70.00 11.50 3.87 44.99 4.60 316.15 6.70 1.05 1.20 4.11 9.00 17.20 0.30 25.01 56.79 1.80 18.75 13.50 14.40 0.97 40.79 52.00 7.03 39.00 3.25 174.50 16.50 26.50 38.50 105.00 52.50 7.40 58.11

Close Chg 1.70 2.52 6.26 17.70 557.26 68.31 2.10 2.08 0.69 3.88 1.24 0.11 34.11 2.44 1.83 4.01 25.00 70.00 11.50 4.14 45.72 5.09 343.71 6.70 1.09 1.31 4.40 9.00 17.05 0.30 25.28 57.27 2.45 19.60 13.50 14.75 1.08 40.79 53.55 7.40 39.66 3.25 176.09 16.50 26.50 38.99 105.46 53.00 7.40 59.53

0.09 -0.07 0.04 -0.20 20.72 -2.69 0.00 0.05 0.00 0.00 0.03 -0.24 -0.87 0.13 0.00 0.00 0.00 1.00 -0.20 0.27 0.00 0.28 11.61 0.14 -0.11 -0.18 -0.10 0.00 0.00 -0.20 0.01 -0.76 0.45 -0.15 -0.29 0.00 0.02 0.57 2.55 -0.56 -0.28 0.00 1.63 -0.48 0.25 -0.61 -0.11 -0.52 -0.25 -0.71

Close 972.53 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 700 460153 3649914 2671 1310 3202 4017 1510 1092 350 29288 100007 12225 1050 411 155 200 1100 1000 20105 101 1501 1150 500 36321 9301 10611 500 460 3000 417637 3403191 27050 2801 4898 102 6598 600 1686 8224 8980 9531 1033 1100 31445 2314 5493 20412 1000 7096

Change -0.62 Market cap 126,341.29 mn Div Yield (%) 2.75

Last 60 days High Low 2.84 3.05 9.45 23.27 563.00 74.49 2.94 2.85 1.40 4.00 1.70 1.00 49.05 5.00 2.26 5.40 28.74 102.24 12.16 5.00 49.92 6.00 346.35 8.24 1.78 1.98 5.25 10.00 18.89 0.75 29.50 66.19 2.64 21.21 14.53 16.90 1.74 43.73 66.05 9.35 41.98 5.01 204.00 16.98 26.50 42.00 112.19 59.20 7.98 68.00

1.03 1.81 4.40 16.00 411.00 58.00 1.65 1.50 0.25 3.00 0.95 0.11 33.50 1.81 1.10 3.02 24.00 66.00 9.20 3.63 43.25 3.85 267.05 5.00 0.75 0.25 3.60 7.85 16.70 0.30 23.15 56.79 0.70 17.01 11.50 13.60 0.40 38.05 49.00 5.50 36.50 3.00 154.00 12.90 20.90 36.98 97.00 46.00 5.00 55.00

2010 Div BR (%) (%)

% Change -0.06 5-Day High 975.00 5-Day Low 969.95

- 30B 20 280 50 5 15B 35 70 10 20B 10 20 10 50 - 50.00 8 5 22.5 15 100R 15 25 45R 10 10B 30 40 25 10 60 5 75 5 45 50 80 20B 50 900B 35 -

-

2010 Div BR (%) (%) 400 25 12.5 650 100

Performance of SR Pharma and Bio Tech Index

% Change -0.27 5-Day High 1,644.63 5-Day Low 1,635.96

Open 966.65 Turnover 12,366 P/E (x) 6.83

2011 Div BR (%) (%)

10B 25B325.00 -

-

Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak

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

High Low 972.30 961.28 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.52 22.31

Close 965.75 Listed cap 3,904.20 mn Payout (%) 44.54

Change -0.90 Market cap 31,416.59 mn Div Yield (%) 6.52

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5.70 7.70 10.60 6.11 3.81 5.74

93.89 92.91 74.11 26.40 9.18 58.95

93.95 93.45 74.20 26.40 9.90 59.60

93.01 91.70 73.85 25.92 9.30 58.80

93.04 -0.85 93.04 0.13 74.20 0.09 26.39 -0.01 9.30 0.12 58.81 -0.14

401 1749 2871 4091 900 2290

94.00 99.49 90.00 33.50 12.80 66.15

81.00 87.10 70.60 24.51 9.00 58.05

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

% Change -0.09 5-Day High 966.65 5-Day Low 962.44 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

48.11

Total Assets (Rs in mn)

MA (10-day)

15.03

Total Equity (Rs in mn)

MA (100-day)

15.62

Revenue (Rs in mn)

MA (200-day)

13.17

Interest Expense

1st Support

14.77

Profit after Taxation

2nd Support

14.40

EPS 09 (Rs)

1st Resistance

15.37

Book value / share (Rs)

2nd Resistance

15.60

PE 10 E (x)

2.31

Pivot

15.00

PBV (x)

18,976.36

3.04

7,536.40 38,552.26 307.33 3,383.27 2.234 4.98

LOTPTA closed up 0.53 at 15.13. Volume was 24 per cent below average and Bollinger Bands were 45 per cent narrower than normal. The company's profit after taxation stood at Rs2.488 billion which translates into an Earning Per Share of Rs1.64 for the 1st quarter of current calendar year (1QCY11). LOTPTA is currently 14.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of LOTPTA (mildly bearish). Trend forecasting oscillators are currently bearish on LOTPTA.

Pakistan Reinsurance Co Ltd

2011 Div BR (%) (%)

PHARMA AND BIO TECH

Change -4.50 Market cap 32,841.93 mn Div Yield (%) 16.30

Last 60 days High Low 10.70 239.00 50.49 2.15 10.84 62.00 558.00 143.90

Close 1,159.19 Listed cap 6,768.53 mn Payout (%) 20.42

PE

Performance of SR Industrial Engineering Index Open 1,644.63 Turnover 100,950 P/E (x) 8.07

High Low 1,171.78 1,151.70 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.01 25.35

Agriautos Ind 144 4.41 Atlas Battery 101 5.81 Atlas Honda 626 9.50 Baluchistan Wheels Ltd. 133 1.59 Dewan Motors 1087 Exide (PAK) 56 4.87 General Tyre 598 4.48 Ghandhara Nissan 450 Honda Atlas Cars 1428 Indus Motors 786 7.70 Pak Suzuki 823 15.32

Performance of SR Construction and Materials Index High Low 941.22 902.53 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.51 7.10

66.03 25.18

% Change -0.19 5-Day High 844.32 5-Day Low 826.20

Performance of SR Automobile and Parts Index

CONSTRUCTION AND MATERIALS Open 925.94 Turnover 14,575,600 P/E (x) 7.21

Ghandhara Nissan Limited

Performance of SR Household Goods Index

Last 60 days High Low

Volume

Change -1.55 Market cap 13,558.97 mn Div Yield (%) 1.91

8.12 8.15

Performance of SR Industrial Metals and Mining Index High Low 1,067.88 1,038.43 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.05 33.10

Close 833.84 Listed cap 3,242.17 mn Payout (%) 11.08

1092 1321

INDUSTRIAL METALS AND MINING Open 1,034.59 Turnover 104,218 P/E (x) 3.18

High Low 853.14 832.56 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.48 25.53

AUTOMOBILE AND PARTS

Company

Close 1,867.23 Listed cap 52,251.88 mn Payout (%) 48.81

Performance of SR Forestry & Paper Index Open 1,113.58 Turnover 191,722 P/E (x) 5.75

21,074.48 21,178.88 20,845.19 h220.08

Paid up Cap(mn)

Pak Int Cont. Terminal PNSC

CHEMICALS Performance of SR Chemicals Index Open 1,841.50 Turnover 22,341,680 P/E (x) 8.87

Current High Low Change

11,903.73 11,964.99 11,781.85 h119.21

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,557.36 19.81 Listed cap Market cap 65,194.15 mn 1,148,949.33 mn Payout (%) Div Yield (%) 55.94 5.23

691 7.08 385.62 853 4.61 138.60 3921 9.42 735 4.30 105.79 800 5.20 377.00 Oil & Gas DevelopmentSPOT 43009 10.39 152.77 Pak Petroleum 11950 7.79 211.18 Pak Oilfields 2365 7.93 342.36 Pak Refinery Limited 350 48.06 85.61 P.S.O XD 1715 4.08 285.36 Shell Pakistan 685 8.03 225.14

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,537.55 Turnover 14,761,916 P/E (x) 10.70

KSE 30 Index

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

57.99

Total Assets (Rs in mn)

12,372.62

MA (10-day)

17.34

Total Equity (Rs in mn)

6,785.66

MA (100-day)

17.07

Revenue (Rs in mn)

2,170.95

MA (200-day)

16.11

Interest Expense

1st Support

17.00

Profit after Taxation

2nd Support

16.47

EPS 09 (Rs)

1st Resistance

17.88

Book value / share (Rs)

2nd Resistance

18.23

PE 10 E (x)

6.10

Pivot

17.35

PBV (x)

0.78

0.00 269.91 0.90 22.62

PAKRI closed up 0.75 at 17.57. Volume was 31 per cent above average and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs214.513 million which translates into an Earning Per Share of Rs0.72 for the 1st quarter of current calendar year (1QCY11). PAKRI is currently 9.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PAKRI (bullish). Trend forecasting oscillators are currently bullish on PAKRI.

BOOK CLOSURES Company

From

To

Crescent Steel (Un-Consolidated) Treet Corporation # (TFC) Saudi Pak Leasing Co Lotte Pakistan PTA # PTCL Khyber Tobacco # OGDC Fauji Fertilizer Bin Qasim Hinopak Motors Pakistan Oilfields # National Bank of Pakistan # Atlas Honda Transmission Engg # Sapphire Tex Mills # Invest Cap Inv Bank Sui Northern Gas Pipelines # Mehran Sugar Mills United Bank # Haydari Construction # Kohinoor Sugar Mills # Cap Assets Leasing Corp #

08-Jun 08-Jun 10-Jun 10-Jun 11-Jun 11-Jun 14-Jun 14-Jun 14-Jun 14-Jun 14-Jun 15-Jun 15-Jun 15-Jun 17-Jun 17-Jun 17-Jun 17-Jun 17-Jun 17-Jun

14-Jun 14-Jun 16-Jun 20-Jun 18-Jun 21-Jun 20-Jun 20-Jun 20-Jun 20-Jun 23-Jun 21-Jun 21-Jun 24-Jun 23-Jun 23-Jun 24-Jun 23-Jun 25-Jun

D/B/R

Spot AGM/Date

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

14-Jun 16-Jun 19-Jun 20-Jun 20-Jun 20-Jun 23-Jun 20-Jun 21-Jun 24-Jun 23-Jun 24-Jun 24-Jun 23-Jun 25-Jun

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco Co. Shifa Int.Hospital P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 2.7 107.5 2.01 151.27 48.61 106 32.13 2.37 40.2 2.72 21.2 3.2

High 2.76 109.9 3 152.6 46.75 111.3 32.99 2.45 40.5 2.85 21.9 3.25

Low Close 2.67 105.38 2.8 149.99 46.25 105.2 32.05 2.29 38.22 2.73 21.25 3.1

2.72 107.22 3 150.01 46.47 110.7 32.05 2.3 39.13 2.74 21.72 3.1

Change 0.02 -0.28 0.99 -1.26 -2.14 4.7 -0.08 -0.07 -1.07 0.02 0.52 -0.1

Vol 299903 4818 35000 573 821 4057 545 119985 2768 327978 497542 1511


7

Wednesday, June 8, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,011.10 Turnover 2,674,818 P/E (x) 5.58 Paid up Cap(mn)

Company Pak Datacom

PE

Open

High

Low

Close Chg

78 33.89

35.40 17.47 1.78 2.21 2.59

35.99 17.60 1.83 2.25 2.74

34.21 17.44 1.71 2.14 2.55

35.25 17.50 1.71 2.15 2.69

Pakistan Telecomm Co ASPOT 37740 14.34

Telecard WorldCall Tele Wateen Telecom Ltd

High Low 1,019.98 1,006.10 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.72 12.84

3000 8606 6175

2.90 -

-0.15 0.03 -0.07 -0.06 0.10

Close 1,009.79 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1344 2146987 102769 423718 19962

Change -1.31 Market cap 70,345.62 mn Div Yield (%) 11.21

% Change -0.13 5-Day High 1,023.22 5-Day Low 1,009.79

Last 60 days High Low

2010 Div BR (%) (%)

50.00 17.95 2.07 2.89 3.20

80 17.5 1 -

28.71 16.05 1.40 1.94 2.41

2011 Div BR (%) (%)

- 15.00 -

-

Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance

280 3.54 443 3.45 391 1.58 457 4.64 1250 14.37 450 7.92 970 5.91 3000 6.10 275 36.32 350 10.94 303 3.75 284 4.21 291 0.90

9.60 27.53 74.00 8.54 38.56 11.40 70.95 16.82 5.95 12.19 8.40 6.75 5.39

Close 1,361.88 Listed cap 95,369.29 mn Payout (%) 104.13

Change 6.91 Market cap 105,613.20 mn Div Yield (%) 7.39

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

198 11572 1560 7932 126 8803 Nishat Chunian Power Ltd XD 3673 Nishat Power Ltd 3541 S G Power 178 Southern Electric 1367

7.59 2.34 5.57 2.71 2.38 -

0.61 37.64 1.30 2.39 2.81 43.07 15.27 16.67 0.96 1.41

0.66 37.85 1.35 2.52 3.04 43.48 15.45 16.94 1.13 1.52

0.58 37.49 1.27 2.40 2.91 43.00 15.00 16.65 1.00 1.41

0.65 0.04 37.80 0.16 1.27 -0.03 2.46 0.07 3.02 0.21 43.38 0.31 15.07 -0.20 16.69 0.02 1.01 0.05 1.49 0.08

5914 441208 36607 317004 1187 24689 2878655 100787 13240 6253

0.80 40.00 1.70 2.87 4.25 44.19 17.25 17.75 1.73 1.98

Company Genertech Hub Power Japan Power KESC Kohinoor Power Kot Addu Power

0.49 36.12 0.97 2.25 2.11 40.26 14.30 15.45 0.40 1.13

% Change 0.51 5-Day High 1,364.53 5-Day Low 1,354.97

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

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 - 10.00 -

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,326.27 1,296.71 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.97 11.41

Close 1,305.26 Listed cap 12,202.80 mn Payout (%) 66.79

Change -2.89 Market cap 29,089.67 mn Div Yield (%) 7.87

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.51 8390 5.03

19.01 22.29

19.38 22.49

18.80 22.14

18.92 -0.09 22.29 0.00

21851 8307

20.89 25.30

17.64 20.52

% Change -0.22 5-Day High 1,328.08 5-Day Low 1,305.26

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,152.39 Turnover 13,582,133 P/E (x) 7.44 Paid up Cap(mn)

Company

PE

Open

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

8603 6.31 62.10 7070 5.39 11.85 13492 5.42 10.21 8786 6.04 28.52 5004 2.06 4.70 5288 6.20 5280 9.78 3.70 7327 7.53 10.00 11021 7.51 119.54 Habib Metropolitan Bank XB 10478 5.45 18.50 JS Bank Ltd 8150 55.00 2.66 KASB Bank Ltd 9509 1.50 MCB Bank Ltd XD 8362 8.34 204.01 Meezan Bank XB 8030 6.01 17.55 Mybank Ltd 5304 2.84 National Bank 16818 4.19 52.84 Network Mic Bank 300 2.65 NIB Bank XR 40437 1.68 Samba Bank 14335 24.75 2.01 Silkbank Ltd 26716 17.25 2.74 Soneri Bank 6023 3.12 6.20 Stand Chart Bank 38716 6.85 8.35 Summit Bank Ltd 7251 3.65 United Bank Ltd 12242 7.49 63.50

High

High Low Close 1,173.59 1,149.74 1,163.19 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low

Close Chg

64.50 62.85 64.01 1.91 11.99 11.80 11.85 0.00 10.44 10.25 10.29 0.08 28.88 28.42 28.50 -0.02 4.81 4.59 4.61 -0.09 6.75 6.15 6.45 0.25 3.70 3.60 3.62 -0.08 10.15 9.91 9.94 -0.06 120.75 119.80 120.23 0.69 18.99 18.69 18.95 0.45 2.83 2.67 2.75 0.09 1.58 1.49 1.51 0.01 207.70 203.25 206.52 2.51 17.80 17.55 17.55 0.00 2.89 2.65 2.84 0.00 53.98 52.70 53.34 0.50 2.99 2.80 2.82 0.17 1.74 1.61 1.65 -0.03 2.00 1.96 1.98 -0.03 2.83 2.72 2.76 0.02 6.29 6.10 6.24 0.04 8.51 8.50 8.50 0.15 3.78 3.60 3.63 -0.02 64.10 63.60 63.76 0.26

Volume

Change 10.80 Market cap 685,644.82 mn Div Yield (%) 5.44

Last 60 days High Low

259348 64.50 98858 14.01 439353 11.20 1208934 30.65 9050 6.25 6085730 7.29 52910 4.18 85449 13.49 118932 126.80 70390 23.80 8951 3.00 207123 1.77 590241 226.50 6024 19.70 6604 2.99 2233301 79.35 107439 3.49 822951 2.18 4501 2.20 625469 3.00 40503 6.99 2001 9.75 173968 3.90 498071 65.50

57.00 10.90 9.07 26.95 3.30 4.51 3.31 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.75 7.90 2.36 56.70

% Change 0.94 5-Day High 1,163.19 5-Day Low 1,141.75

2010 Div BR (%) (%)

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 757.90 Turnover 2,002,308 P/E (x) 9.65 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 777.92 755.93 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.50 5.20

Close 769.60 Listed cap 11,111.34 mn Payout (%) 79.54

Change 11.70 Market cap 47,204.19 mn Div Yield (%) 8.24

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.19

65.50

67.69

65.74

67.05 1.55

393689

82.15

62.00

% Change 1.54 5-Day High 769.60 5-Day Low 757.90

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

-0.10 0.24 -1.28 -0.19 -0.06 0.00 0.40 0.75 0.95 0.94 0.01 0.15 -0.24

10075 12.49 5266 40.20 501 115.90 4000 10.85 18120 39.65 2416 16.05 186352 103.00 1360794 20.80 562 10.00 13139 13.19 3225 13.27 504 8.25 3665 7.49

9.15 26.00 65.00 8.00 29.01 11.00 65.10 12.43 5.05 7.08 8.00 5.76 4.56

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

-

High Low 960.84 911.03 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.77 3.85

Close 939.19 Listed cap 2,290.72 mn Payout (%) 355.53

Change 15.34 Market cap 10,404.60 mn Div Yield (%) 3.63

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 9.97 627 14.78

70.66 52.49

73.25 55.00

70.00 50.52

71.00 0.34 54.99 2.50

50965 42052

73.25 55.00

50.70 44.00

% Change 1.66 5-Day High 939.19 5-Day Low 891.65

2010 Div BR (%) (%) 50 15

2011 Div BR (%) (%)

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 291.17 Turnover 4,158,501 P/E (x) 11.54 Paid up Cap(mn)

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Escorts Bank First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Brokerage

High Low 304.04 287.98 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

PE

Open

High

Low

225 0.90 360 5.39 450 17.36 3750 3.08 150 2.14 250 441 575 2121 9.84 600 22.27 2849 3166 626 0.70 7633 508 500 5.72 1000 45.92 1000 775 5.75 452 978 3.52 100 -

0.54 21.93 16.96 22.80 1.35 1.65 1.56 2.66 1.70 7.70 0.45 2.71 1.55 7.28 2.88 20.88 5.51 3.60 1.70 0.60 2.54 2.00

0.55 21.12 16.98 23.41 1.81 1.41 2.00 2.85 1.87 8.50 0.54 3.00 1.59 7.57 3.02 20.75 5.61 3.89 1.80 0.72 2.88 3.00

0.41 21.12 16.14 22.86 1.32 1.40 1.99 1.74 1.70 7.50 0.43 2.73 1.50 7.20 2.90 19.90 5.46 3.55 1.59 0.61 2.50 3.00

Close Chg 0.43 21.12 16.49 22.98 1.35 1.40 2.00 2.50 1.87 8.24 0.50 2.80 1.57 7.28 2.97 19.90 5.51 3.83 1.61 0.66 2.50 3.00

-0.11 -0.81 -0.47 0.18 0.00 -0.25 0.44 -0.16 0.17 0.54 0.05 0.09 0.02 0.00 0.09 -0.98 0.00 0.23 -0.09 0.06 -0.04 1.00

Close 292.91 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 42324 1000 38600 1250530 101 1050 1500 3007 74592 33607 25249 23985 4900 3014297 167699 2674 16708 41212 410184 249805 5002 1001

Change 1.73 Market cap 14,440.79 mn Div Yield (%) 4.64

Last 60 days High Low

2010 Div BR (%) (%)

0.69 24.97 22.49 26.14 2.04 1.99 3.00 5.80 2.25 9.29 1.20 3.67 1.98 9.32 3.83 25.70 6.43 4.90 2.17 1.30 3.20 5.90

30 11.5 10 50 -

0.34 20.84 12.01 20.53 1.10 1.15 1.56 1.56 1.61 5.15 0.22 2.45 1.26 4.82 2.31 16.42 4.53 3.10 1.45 0.55 2.10 1.11

% Change 0.60 5-Day High 307.49 5-Day Low 291.17 2011 Div BR (%) (%)

20B 20B 10B -

- 140R -

EQUITY INVESTMENT INSTRUMENTS

2011 Div BR (%) (%)

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

Paid up Cap(mn)

EFU Life Assurance New Jub Life Insurance

Company

GAS WATER AND MULTIUTILITIES Open 1,308.14 Turnover 30,158 P/E (x) 8.48

Company

-

Performance of SR Gas Water and Multiutilities Index

9.50 27.77 72.72 8.35 38.50 11.40 71.35 17.57 6.90 13.13 8.41 6.90 5.15

LIFE INSURANCE Open 923.85 Turnover 93,027 P/E (x) 5.48

ELECTRICITY High Low 1,368.62 1,350.91 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.32 9.35

9.50 27.71 72.72 8.34 38.15 11.38 71.00 16.82 6.49 11.21 8.41 6.70 5.15

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,354.97 Turnover 3,825,584 P/E (x) 14.08

9.60 27.90 73.80 8.60 39.65 11.40 71.90 17.70 6.95 13.19 8.60 6.79 5.40

Performance of SR Equity Investment Instruments Index Open 1,525.04 Turnover 954,426 P/E (x) 20.65 Company

Paid up Cap(mn)

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

High Low 1,541.72 1,507.96 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21

PE

Open

High

Low

1375 4.63 210 2.54 525 1.73 75 1.87 780 2.16 65 2.55 200 3.36 113 3.47 581 1.26 760 2.26 397 3.85 1008 4.09 3180 2.18 1186 0.58 283 1.74 1200 2.74 184 15.86 250 4.50 1000 1000 2.18 2835 2.72 2841 2.42 872 1.49 454 5.48

10.46 3.88 6.50 4.70 2.00 1.30 0.52 2.92 2.10 3.41 7.91 8.00 6.50 5.52 2.65 9.95 1.10 5.45 5.29 7.25 13.11 6.00 0.92 9.98

10.79 4.00 6.50 4.80 2.07 1.94 0.54 2.51 2.13 3.50 7.85 8.20 6.59 5.80 2.70 9.60 1.20 5.99 4.31 7.50 13.48 6.14 0.83 10.47

10.70 3.95 6.50 4.70 2.07 1.20 0.30 2.50 2.10 3.40 7.85 7.81 6.35 5.56 2.70 9.55 1.11 5.99 4.31 7.35 13.12 6.05 0.82 9.50

Close 1,512.51 Listed cap 29,771.58 mn Payout (%) 104.74

Change -12.53 Market cap 19,147.90 mn Div Yield (%) 7.88

Close Chg

Volume

Last 60 days High Low

10.79 3.98 6.50 4.80 2.07 1.20 0.47 2.50 2.10 3.41 7.85 7.90 6.35 5.56 2.70 9.55 1.11 5.99 4.31 7.38 13.25 6.12 0.82 9.92

95250 16500 100000 11002 610 7449 44998 8000 25000 110484 778 20400 18139 503 1021 15000 503 600 664 240849 137491 88204 7032 3757

11.20 4.00 6.94 5.00 2.91 1.99 0.84 3.40 2.47 3.95 8.48 8.44 7.45 6.68 3.94 10.19 1.84 6.18 9.75 7.99 13.74 6.59 1.10 10.50

0.33 0.10 0.00 0.10 0.07 -0.10 -0.05 -0.42 0.00 0.00 -0.06 -0.10 -0.15 0.04 0.05 -0.40 0.01 0.54 -0.98 0.13 0.14 0.12 -0.10 -0.06

9.90 2.85 5.61 3.65 1.29 0.90 0.30 2.30 1.79 3.08 7.00 7.00 5.41 4.91 1.50 8.46 1.00 4.50 4.31 6.92 12.00 5.11 0.80 9.50

2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 5 17 11 21 12.5 10 2.8 15.5 10 1.04 10 20 10 3 17

% Change -0.82 5-Day High 1,559.11 5-Day Low 1,512.51 2011 Div BR (%) (%)

- 5.00 10B - 5.00 - 10.00 - 12.50 - 7.50 -

-

UPTO 100 VOLUME Symbols AABS ADMM GUSM PMRS JKSM FPRM ILTM TSML WYETH TSMF MUKT SANSM TRPOL BWCL KOHC NESTLE SEL PNGRS FTSM GATM SMCPL FPJM ALICO JVDC KOHE LMSM PAKMI PMPK UPFL JOPP HINO MUBT SGML ALTN FFLM HUSSR CWSM SAPL YOUW FZTM JDMT UBDL BPL BROT FEM KML MOON OLTM CLOV COLG FRCL GAIL GRYL MFFL NONS OLPL SIEM SLCL TREI TRIBL TRSM

Open

High

97.90 24.67 7.75 40.21 6.50 10.99 230.91 55.11 816.00 1.26 0.50 12.00 0.70 13.12 7.01 3475.63 21.61 3.15 1.00 51.48 4.71 1.05 17.00 61.37 17.00 1.11 0.76 221.06 1400.00 9.00 88.12 1.00 6.15 8.20 1.44 1.50 1.49 150.01 1.32 314.00 14.50 27.48 23.80 0.30 1.50 1.85 9.90 0.70 63.65 710.00 2.61 3.34 3.00 75.00 16.10 5.61 992.83 1.97 1.21 1.12 2.00

93.05 24.43 8.00 38.20 6.97 11.99 238.00 55.99 838.00 1.27 0.40 11.96 0.80 12.12 6.81 3499.00 21.65 3.85 1.28 51.55 5.54 1.24 17.75 61.80 17.00 2.00 1.10 219.00 1420.00 10.00 86.01 1.48 6.14 8.50 1.69 2.50 1.44 154.99 1.20 329.68 13.70 28.00 23.75 0.48 1.70 2.83 9.90 1.65 66.82 701.00 1.80 3.45 3.00 75.00 15.75 5.94 1005.00 2.25 1.44 1.38 2.25

Low

Close

93.05 24.39 8.00 38.20 5.51 10.05 238.00 55.50 800.00 1.25 0.35 11.96 0.80 12.12 6.81 3410.10 20.71 3.85 1.28 51.49 5.50 1.24 17.75 61.80 17.00 2.00 1.05 219.00 1410.00 8.80 86.00 0.90 6.14 8.50 1.69 2.50 0.80 154.99 1.20 298.50 13.65 28.00 22.91 0.48 1.70 1.11 9.90 0.70 66.82 701.00 1.80 3.45 3.00 75.00 15.75 5.94 1005.00 2.25 1.44 1.38 2.25

97.90 24.67 7.75 40.21 6.50 10.99 230.91 55.11 830.47 1.26 0.50 12.00 0.70 13.12 7.01 3494.64 21.61 3.15 1.00 51.48 4.71 1.05 17.00 61.37 17.00 1.11 0.76 221.06 1410.00 9.00 88.12 1.00 6.15 8.20 1.44 1.50 1.49 150.01 1.32 314.00 14.50 27.48 23.80 0.30 1.50 1.85 9.90 0.70 63.65 710.00 2.61 3.34 3.00 75.00 16.10 5.61 992.83 1.97 1.21 1.12 2.00

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.47 0.00 0.00 0.00 0.00 0.00 0.00 19.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 89 84 80 61 60 59 56 50 50 45 39 29 25 21 20 20 20 11 10 10 10 10 10 10 10 9 8 7 6 5 5 5 4 4 4 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols DGKC-JUN

Open

High

Low

Close

Change

Vol

24.95

25.45

23.90

24.31

-0.64 2242000

POL-JUN

343.67

360.85

343.00

360.63

16.96 1444500

ATRL-JUN

138.90

143.45

138.00

141.02

ENGRO-JUN 191.31

195.40

191.00

194.31

PPL-JUN

212.50

216.95

211.67

214.29

1.79

359500

NML-JUN

58.40

59.25

57.22

57.77

-0.63

329000

NBP-JUN

53.11

54.25

53.00

53.75

0.64

LUCK-JUN

74.72

75.60

73.35

73.78

-0.94

119500

FFC-JUN

141.03

143.99

141.20

142.96

1.93

108500

MCB-JUN

205.47

208.50

205.49

207.54

2.07

89500

PTC-JUN

15.92

16.01

15.90

15.90

-0.02

80500

2.12 3.00

531500 502500

260500

FFBL-JUN

42.23

42.90

42.40

42.80

0.57

71500

UBL-JUN

63.75

64.45

64.15

64.44

0.69

2500

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

Total Volume 810,450 20,050 81,421 213,700 83,000 1,186,437 422,159 66,053 84,500 57,055 50,000 112,500 3,152,337 78,250 59,631 694,598 355,281 426,064 18,500 308,600 93,000 124,267 76,620 24,050 12,500 8,611,023

Total Value 13,402,458 988,257 718,065 933,650 8,644,430 9,158,426 7,631,644 9,519,708 2,726,728 6,067,720 1,415,115 3,643,278 34,971,350 4,385,042 9,135,317 27,085,664 6,502,914 18,529,402 2,114,413 3,860,798 24,461,536 19,697,979 16,366,588 305,585 592,661 232,858,729

MTS Rate 16.55 16.21 16.00 15.81 15.99 16.00 15.50 15.96 16.03 17.42 16.48 20.00 16.28 16.31 16.28 16.19

BOARD MEETINGS Company Zahur Textile Mills Ltd

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Engro Corporation

Pakistan Oilfields Ltd

Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

63.77

Support 1

12,229.80

MA (5-day)

12,241.43

Support 2

12,144.55

MA (10-day)

12,211.77

Resistance 1

12,382.05

MA (100-day)

11,985.18

Resistance 2

12,449.15

Target Price

Recommendations

Brokerage House

Target Price 78.6

30.1

Buy

Arif Habib Ltd

Hold

Arif Habib Ltd

Buy

AKD Securities Ltd

322.42

Neutral

AKD Securities Ltd

36.45

Positive

TFD Research

363.65

Neutral

TFD Research

Technical Analysis

Brokerage House

Target Price

Buy

Arif Habib Ltd

254.9

Positive

TFD Research

246.65

Leverage Position

Technical Outlook Technical Analysis 81.18 338.71 323.56 290.40 Free Float Shares (mn) 107.95

Leverage Position

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

36.68 MTS Shares `000 426.064 59.56 MTS Rs `000 18,529.40 62.96 MTS Rate 16.48 58.34 ** NOI Rs (mn) 67.04 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,068.06 Target price for Dec-11 & **Net Open Interest in future market

Recommendations Buy Positive

Technical Analysis

Leverage Position

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

55.61 MTS Shares `000 124.267 213.46 MTS Rs `000 19,697.98 209.24 MTS Rate 16.31 204.03 ** NOI Rs (mn) 115.74 Free Float Shares (mn) 247.73 Free Float Rs (mn) 52,771.71 Target price for Dec-11 & **Net Open Interest in future market

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

93.00 24,461.54 16.28 228.95 38,805.16

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

POL is currently 23.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to

(trending) and Bollinger Bands were 9 per cent wider than normal.

10:00

1st 2nd Pivot Resistance 3.05 3.45 2.90

65.71

63.10

62.15

64.75

65.45

63.80

Attock Cement

53.17

53.25

52.50

54.65

55.25

53.90

Arif Habib Corp

51.43

22.75

22.55

23.30

23.65

23.10

Arif Habib Limited

49.71

16.10

15.70

16.95

17.40

16.55

Adamjee Insurance

48.22

65.95

64.90

67.90

68.80

66.85

Askari Bank

49.70

11.75

11.70

11.95

12.05

11.90

Azgard Nine

48.31

6.05

5.85

6.60

6.90

6.40

Attock Petroleum

68.02

385.90

379.80

396.50 401.00 390.40 143.45 146.45 140.55

Attock Refinery

72.05

137.55

134.65

224

Buy

Bank Al-Falah

47.42

10.20

10.15

10.40

10.50

195.41

Neutral

BankIslami Pak

38.81

3.60

3.55

3.70

3.75

245.4

Positive

Bank.Of.Punjab

62.32

6.15

5.85

6.75

7.05

Dewan Cement

55.73

1.85

1.80

2.00

2.10

1.95

D.G.K.Cement

56.63

23.40

22.75

25.05

26.05

24.40

Dewan Salman

59.25

2.75

2.55

3.10

3.30

Dost Steels Ltd

60.38

2.15

2.00

2.50

2.70

Technical Analysis

Leverage Position

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

46.50 MTS Shares `000 66.053 193.91 MTS Rs `000 9,519.71 205.47 MTS Rate 16.00 193.81 ** NOI Rs (mn) 189.68 Free Float Shares (mn) 176.98 Free Float Rs (mn) 34,188.59 Target price for Dec-11 & **Net Open Interest in future market

10.35 3.65 6.45

2.90 2.35

EFU General Insurance 67.86

37.90

37.25

39.40

40.25

38.75

EFU Life Assurance

77.67

69.60

68.15

72.85

74.65

71.40

Engro Corp

46.28

190.50

187.80

Faysal Bank

49.73

Fauji Cement

64.00

9.85 4.70

9.75 4.65

195.05 196.95 192.35 10.10

10.25

10.00

4.80

4.85

4.75

43.95

44.20

43.55

Fauji Fert Bin

67.42

43.30

42.90

and Bollinger Bands were 65 per cent narrower than normal.

Fauji Fertilizer

56.08

140.60

139.05

143.50 144.85 141.95

ENGRO is currently 0.3 per cent below its 200-day moving average and is

Habib Bank Ltd

52.10

119.75

119.30

120.70 121.20 120.25

displaying an upward trend. Volatility is relatively normal as compared to

Hub Power

56.20

37.55

37.35

reflect very strong flows of volume into POL (bullish). Trend forecasting the average volatility over the last 10 trading sessions. Volume indicators oscillators are currently bullish on POL. Momentum oscillator is currently reflect volume flowing into and out of ENGRO at a relatively equal pace.

ICI Pakistan

50.52

155.60

154.35

159.00 161.15 157.75

Indus Motors

54.88

222.25

221.65

223.25 223.60 222.65

indicating that POL is currently in an overbought condition.

J.O.V.and CO

53.66

2.90

2.85

3.00

3.10

2.95

Japan Power

53.09

1.25

1.20

1.35

1.40

1.30

JS Bank Ltd

58.86

2.65

2.60

2.85

2.90

2.75

Jah Siddiq Co

44.21

7.15

7.00

7.50

7.70

7.35

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

Brokerage House

Trend forecasting oscillators are currently bullish on ENGRO.

Fauji Fertiliser Bin Qasim Ltd

Fauji Fertiliser Co

Brokerage House

Target Price

Recommendations

43.10

43.75

37.70

52.93

K.E.S.C

55.51

2.40

2.35

2.50

2.60

2.45

Lotte Pakistan

47.81

14.75

14.40

15.35

15.60

15.00

Lucky Cement

60.28

72.50

71.60

74.95

76.45

74.00

MCB Bank Ltd

52.29

203.95

201.35

Maple Leaf Cement

64.49

2.40

43.60

38.05

Kot Addu Power

2.50

42.80

37.95

43.30

208.40 210.25 205.80 2.70

2.85

2.60

National Bank

51.11

52.70

52.05

54.00

54.60

53.35

Nishat (Chunian)

46.20

25.00

24.70

25.60

25.90

25.30

Netsol Technologies

50.48

21.35

20.95

22.00

22.25

21.60

NIB Bank

41.02

1.60

1.55

1.70

1.75

1.65

Target Price

Recommendations

Nimir Ind.Chemical

52.48

2.60

2.55

2.70

2.75

2.65

144

Hold

Arif Habib Ltd

Hold

Nishat Mills

36.66

56.35

55.50

58.55

59.90

57.70

45.52

Accumulate

Oil & Gas Dev. XD

62.58

152.40

151.20

44.25

Neutral

PACE (Pakistan) Ltd.

Arif Habib Ltd

42.2

AKD Securities Ltd

120.7

Reduce

AKD Securities Ltd

TFD Research

129.4

Neutral

TFD Research

Technical Outlook

Technical Outlook Technical Analysis

Leverage Position

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

56.21 MTS Shares `000 57.055 140.93 MTS Rs `000 6,067.72 139.13 MTS Rate 15.81 125.67 ** NOI Rs (mn) 29.64 Free Float Shares (mn) 466.49 Free Float Rs (mn) 66,329.84 Target price for Dec-11 & **Net Open Interest in future market

Technical Analysis

Leverage Position

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

67.87 MTS Shares `000 84.50 43.14 MTS Rs `000 2,726.73 41.44 MTS Rate 36.62 ** NOI Rs (mn) 26.58 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,280.67 Target price for Dec-11 & **Net Open Interest in future market

NML closed down -0.76 at 57.27. Volume was 72 per cent above average PPL closed up 1.84 at 213.02. Volume was 304 per cent above average FFC closed up 1.88 at 142.19. Volume was 55 per cent above average and FFBL closed up 0.47 at 43.68. Volume was 30 per cent below average and and Bollinger Bands were 30 per cent narrower than normal.

Time

Allied Bank Limited

Recommendations

POL closed up 17.11 at 359.47. Volume was 230 per cent above average ENGRO closed up 3.17 at 193.18. Volume was 91 per cent above average (trending) and Bollinger Bands were 30 per cent wider than normal.

RSI 1st 2nd (14-day) Support 48.55 2.55 2.35

Target Price

Technical Outlook

Leverage Position

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

Technical Outlook

Technical Outlook Technical Analysis

359

Brokerage House

28.72

Technical Outlook

Pakistan Petroleum Ltd

Recommendations

74.65

Recommendations

TFD Research

Nishat Mills Ltd

AKD Securities Ltd

Target Price

AKD Securities Ltd

Arif Habib Ltd

RSI (14-day) 57.16 MTS Shares `000 422.159 MA (200-day) 11,388.53 Pivot 12,296.85 MA (10-day) 23.75 MTS Rs `000 7,631.64 25.01 MTS Rate 16.21 KSE 100 INDEX closed up 103.34 points at 12,314.99. Volume was MA (100-day) MA (200-day) 26.23 ** NOI Rs (mn) 108.01 29 per cent above average and Bollinger Bands were 24 per cent Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,837.38 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,382.05 and 2nd resistDGKC closed down -0.73 at 24.09. Volume was 413 per cent above ance level at 12,449.15, while Index will continue to find its 1st supaverage (trending) and Bollinger Bands were 4 per cent narrower port level at 12,229.80 and 2nd support level at 12,144.55. KSE 100 INDEX is currently 8.1 per cent above its 200-day moving than normal. average and is displaying an upward trend. Volatility is extremely low DGKC is currently 8.2 per cent below its 200-day moving average and when compared to the average volatility over the last 10 trading ses- is displaying an upward trend. Volatility is relatively normal as compared sions. Volume indicators reflect moderate flows of volume into to the average volatility over the last 10 trading sessions. Volume indiINDEX (mildly bullish). Trend forecasting oscillators are currently cators reflect moderate flows of volume into DGKC (mildly bullish). bullish on INDEX. Trend forecasting oscillators are currently bullish on DGKC.

TFD Research

Brokerage House

Date 10-Jun

TECHNICAL LEVELS

Bollinger Bands were 79 per cent narrower than normal.

Bollinger Bands were 18 per cent narrower than normal.

NML is currently 1.8 per cent below its 200-day moving average and is dis- PPL is currently 4.4 per cent above its 200-day moving average and is dis- FFC is currently 13.1 per cent above its 200-day moving average and is FFBL is currently 19.2 per cent above its 200-day moving average and is playing a downward trend. Volatility is relatively normal as compared to the playing an upward trend. Volatility is relatively normal as compared to the displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average

Pervez Ahmed Sec

43.30 44.40

2.70 1.55

2.65 1.45

154.90 156.20 153.70 2.80 1.75

2.90 1.90

2.75 1.65

P.I.A.C.(A)

41.41

2.25

2.20

2.40

2.50

2.35

Pioneer Cement

65.90

5.70

5.40

6.15

6.40

5.90

Pak Oilfields

80.75

347.85

336.20

365.30 371.10 353.65

Pak Petroleum

55.40

210.45

207.90

215.80 218.55 213.20

Pak Suzuki

50.89

67.45

66.90

P.S.O. XD

54.72

282.85

280.30

P.T.C.L.A

61.20

17.40

17.35

Shell Pakistan

64.48

224.75

223.60

Sui North Gas

49.73

18.70

18.45

19.25

19.60

19.05

Sitara Peroxide

50.75

17.65

17.30

18.35

18.75

18.00

Sui South Gas

50.00

22.15

21.95

22.50

22.65

22.30

70.15

17.65

68.55

17.50

Telecard

48.45

TRG Pakistan

50.40

2.65

2.60

2.75

2.80

2.70

reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect volume flowing into and out of PPL at a relatively equal pace. Trend reflect moderate flows of volume into FFC (mildly bullish). Trend forecast- erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla-

United Bank Ltd

49.43

63.55

63.30

64.05

64.30

63.80

WorldCall Tele

45.13

2.15

2.10

2.25

2.30

2.20

forecasting oscillators are currently bullish on PPL.

ing oscillators are currently bearish on FFC.

tors are currently bullish on FFBL.

1.65

17.60

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

ing oscillators are currently bearish on NML.

1.70

69.05

288.45 291.45 285.85

227.25 228.60 226.10

1.80

1.85

1.75


8

Wednesday, June 8, 2011

SMCs funds transparent distribution punctuated Govt will recruit 18000 more teachers through IBA on merit

HYDERABAD: Acting Vice Chancellor of Sindh University Professor Dr Parveen Shah giving away certificates among the teachers after closing ceremony of training workshop “Incorporating Technology in Education” under the project “National Academy of Higher Education” at old campus Sindh University. -APP

IMS, KPUAC signs collaboration pact PESHAWAR: The Institute of Management Sciences (IMSciences) signed an agreement with the members of Khyber-Pakhtunkhwa Universities/ Degree Awarding Institute Academic Consortium (KPUAC) in order to endorse and facilitate collaboration in the development of education and research. The KPUAC members, including University of Malakand, Kohat University of Science and Technology, Abdul Wali Khan University, Islamia College University and Institute of Management Sciences, Peshawar, emphasized the need to mutually develop and share knowledge and expertise necessitated by the progressing globalization. True to its slogan, "What works better, competition or cooperation? The answer, without equivocation, is cooperation", the members highlighted the need for coalition and communion as opposed to contention in alienation.

The underlying rationale for the establishment of the consortium was to create an accessible and operative platform that may be used to build competence and capacity of the members in developing effective linkages with academia in the rest of the world. In addition, the consortium is expected to bridge the human capacity building gap that exists in the education sector by creating a cadre of trained human resource that works to promote the movement and bring in place credible and workable systems. In view of globalisation in the education sector, KPUAC seeks to enhance alliance among the universities of Khyber-Pakhtunkhwa through sharing resources and to promote an atmosphere of cooperation and collaboration that would also tackle various academic problems including brain drain. The first step towards the fulfillment of the goals set down by the consortium is to

allot 95 scholarships to the deserving and needy students of Khyber-Pakhtunkhwa. The universities shall also form collaboration with other national universities in order to develop and facilitate the human capital in their organizations. In addition to national linkages, the universities/ DAIs of Khyber-Pakhtunkhwa will also extend their links with the UK based universities in order to send their faculty to universities in the UK as part of the exchange programmes funded by the Higher Education Commission of Pakistan. These exchange programs would last for a period of minimum six months and shall result in rigorous training of the faculty in various areas of specialization. As per the work plan, this academic collaboration among the members is expected to bring revolutionary changes in the academic progress of the member universities in Khyber Pakhtunkhwa.-Agencies

Go-ahead to Education Regulatory Authority P E S H AWA R : K h y b e r Pakhtunkhwa Minister for Industries, Syed Ahmad Hussein Shah has said that the provincial cabinet approved the establishment of Education Regulatory Authority (ERA) to regulate all private educational institutions, which would start functioning next month. This he stated while addressing annual prize distribution ceremony of a private educational institution in Abbottabad on Monday. He said that the provincial government is going to establish Women Commerce Colleges in 24 districts of the province. The provincial minister said that education and teacher both provide foundation for the preparation of good

humans in the society, saying that Islam and society have given respect to the teachers. He said that bringing improvement in the education sector, the provincial government for the first time in the history of the country has separated administration and teaching cadres. Under that policy Executive District Officers (Education) in each district has been recruited through public service commission, which resulted in the resolution of lot of problems in the education sector. The Minister said that the current era is of technical education and we have to attract our children towards technical education. Earlier, the students

of the school presented colourful programmes, delivered speeches and other items. On this occasion, the provincial minister announced an amount of Rs.50,000 for the welfare fund, Rs.20,000 for lower staff and an amount of Rs.20,000 for those who played piano and sung songs. He also announced the establishment of a computer lab in the school. The Minister distributed the awards of best teacher, best parents and students of the school. The function was also attended by the wife of the minister Mrs. Shazia Shah while the Principal, Jamila Tahir Khan and Vice Principal, Miss Rizwana also addressed on the occasion. -APP

KP to earmark Rs900mn for technical edu PESHAWAR :The provincial government will allocate an amount of Rs 900 million in the budget to promote technical education and help produce valuable work force equipped with modern and demanding skills and technical trades. This was stated by Khyber Pakhtunkhwa Minister for Industries and Commerce, Syed Ahmad Hussein Shah while addressing a certificate distribution ceremony of Women Readymade Garments and Gaba Handicrafts Training Centre, Abbottabad.. Naeema Nisar MPA, Akhtar Hussein Shah, Managing Director of Small Industries Development Board (SIDB), Peshawar and Supervisor of the center also spoke on the occasion while Sheikh Nisar Ahamd, President Peopleâ ™s Labour Bureau, Abbottabad, Haji Iftikhar, President of Small Industrialists Association, Abbottabad and large number of instructors and students of the centre attended the function. He said that the provincial government has planned to create massive opportunities for self employment of the youth of the province with a remarkable focus on female's employment. In this connection, he said that the provincial Government will also set up commerce colleges for women in each district of the province and establish new industrial estates in Abbottabad, Mansehra, Hattar and Ghazi. All these projects will generate huge economic and employment opportunities in the province. Terming the self-employment schemes as a major and most effective as well as sustainable source to overcome poverty and unemployment and also strengthen economic condition of the province the industries minister remarked that interest free loans, being given under Bacha Khan Akhpel Rozgar Scheme and Banazir Income support Programme were launched by the present government to achieve the same purpose. -Agencies

Model study centres of Open Varsity to be set up LARKANA: Vice Chancellor Allama Iqbal Open University (AIOU) Professor Nazir Ahmed Sangi said that Model Study Centres will be established in various parts of the country. He further said 30 thousand teachers will be imparted training all over country to improve their skills and develop the capacity. This he said while talking to mediamen at Larkana Press Club. Vice Chancellor further said that model study centres will be set up by AIOU in areas including Umerkot, Nawabshah and Larkana very soon. The Open University he said has 36 regional offices throughout the country and currently 1.2 million students are studying in different fields at its various

locations. He said that AIOU is the world's second University, which provides an opportunity for working people to enhance their qualifications without giving up their jobs or homes. In Pakistan "distance education" is particularly suited to the female population as it offers them an opportunity to study at home, he added. Similarly, he said people living in the tribal and far-flung areas and away from conventional educational institutions, have an opportunity to be educated through AIOU. Professor Nazir Sangi said that the University has established a videoconferencing network in seven regions to conduct classes online for Computer Science Courses, adding that the regional

network consists of 36 Regional Campuses/ Centres with 82 part-time regional coordinating offices throughout Pakistan. He said that Shaheed Zulfikar Ali Bhutto was the founder of AIOU. It started 1974 by the name of Peoples' Open University but later it was renamed as Allama Iqbal Open University in 1977. He efforts are underway to acquire land or building, to set up a campus at Larkana while in Bahawalpur the foundation for an AIOU University on a six- acre area has been laid by the Prime Minister, he said. On the occasion Assistant Regional Director (ARD) AIOU Larkana Ghulam Umar Abbasi, ARD Sukkur Abdul Qadir Sahito, Liaquat Ali Chana and others were also present. -APP

KARACHI: Senior Sindh Minister for Education & Literacy, Pir Mazhar-ul-Haq has exhorted upon the district officers that they discharge their professional capabilities for disbursements of School Management Committees Funds in a transparent manner. This he said while presiding over a high-level meeting with all Executive District Officer (Education ) at his office here. The Secretary Education Waseem Ursani, Director Colleges S Nasir, Chief Programme Manager Reform Support Unit Pervez Seehar, Director Private Schools, Incharge SMS's Saba Mushtaq and others attended the meeting. Addressing the meeting, Senior Minister Education asked the all EDO's, prioritize his policies and decisions taken time by time, reviewed the overall progress, said that he had given a task to them, regarding employees of the Education Department, who are working in other organizations NGOs Private and especially (Print & Electronic) media. He showed his displeasure over the matter directed them that within a week time they would submit their comprehensive details about the serious task and issue the Show cause notices to the pertinent employees. Senior Education Minister Pir Mazhar-ul-Haq appealed to media group owners , representative heads of NGOs and other organizations that they immediately disengage the such employees from their individual organization in the interest of children andEducation of Sindh. They may play their positive role to establish good society and not punish the children in this context. Pir Mazhar-ul-Haq disclosed that the present elected government is going to recruit 18000 more teachers through IBA on merit likewise past years to improve the education standard and over come the shortage of teachers in schools throughout the province. He directed the Secretary Education to finalize

all the promotion cases of grade 18 so as to over come the administration shortfall in the school administration within 15 days positively. He was informed that 281 posts of grade 18 are lying vacant due to promotion were not being held during the last years, it create vacuum of experienced and technical persons in the system. He said that due to no promotion in time, the officers deprived of their rights and lower officers since long are waiting for new opportunities and avenues. The Senior Education Minister on a query of not utilization of SMC's Funds by some districts, he instructed the concerned that those districts had not been receiving such funds it should be given by carry forward funds, but it should not be given punishment to the students and those schools, punishment or strict action would be taken against negligent officers, after identifying the facts through enquiry report and they should be taken to task in this regard. He directed the Secretary Education that immediately remove the all OPS officers without further delay to rationalize the system and may post experienced and well to do officers in their places. Incharge SMC's Ms. Saba Mushtaq apprised the meeting about the non-utilization of funds in some districts. She said that Sanghar 250, Umerkot 4, Dadu 7, Karachi 115, Hyderabad 10, Larkana 20, Thatta 200 and Shikarpur 724 are deprived the funds due to non matching of SEMIS code. The Minister said that to rectify the important issue and release the funds to such schools of the district concerned after report of Enquiry and fix the responsibility over the negligent officers. The Secretary Education also stressed upon the officers to discharge their duties with honest, devotion and sense of responsibility & seriously for the benefits of the children and education of Sindh. NNI

Edu city will bring billions of dollars KARACHI: The Education city will bring multi billion dollars investment in the higher education sector. The Master Plan of the Education City will be completed by the end of July 2011. This was stated by the Advisor to Chief Minister on Investment, Mohammad Zubair Motiwala. He said here on Monday that the Government of Sindh has already notified an area of 9,000 acres for establishing Education City. The core elements of the Education City are local educational and health institutions that will provide solutions to the challenges of higher education. Motiwala stated the project would be managed by an independent authority, which will oversee the overall management and development of Education City. Mohammad Younus Dagha, Secretary Investment Sindh, lauded the salient features of the Master Plan such as Community engagement, Infrastructure - utilities, roads, IT,storm/sewage systems, Civic facilities -schools, health care, day care etc and Ecofriendly design, Commuter connection to Karachi etc. Mohammad Zubair Motiwala was informed about the guiding principles of the project which are inclusive interaction and facilitation of institutions and, all stakeholders including Development and Utility agencies and Civil Society. He directed that welfare of locals, their economic opportunities, jobs and access to learning opportunities are part of the plan. The Advisor to Chief Minister was also informed about the discussion that took place in the meeting regarding the Master Plan, infrastructure cost and other related matter with institutions such as Judicial Academy, Aga Khan University, Newports Institute of Communications and Economics, Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology, Sindh Institute of Urology and Transplantation, Sindh Madressa, Quaid-e-Azam Public School, Sir Syed University of Engineering and Technology, Ziauddin University, Habib Foundation, IT and Media City. -Agencies

Students problems to be resolved soon: PSF ASTORE: President of people's student federation (PSF) Gilgit Baltistan Ghulam Ali Shah said that he is trying its best to resolve the problems of students of the region. He told APP that students are facing problems due to power loadshedding, unavailability of their respective course material etc. He said: "I am consulting the issues of students with Chief Minister Mehdi Shah, and hoping that he will resolve the problems soon." He urged student to focus on education instead of taking part in other activities. APP

PILDAT holds public forum on Education today ISLAMABAD: Pakistan Institute of Legistative Development and Transparency (PILDAT), in collaboration with UNESCO, is organising a one day Public Forum on the Enforcement of Right to free Education and Article 25-A of the Constitution of Pakistan here on Wednesday. Former Minister for Education, Sardar Aseff Ahmed Ali, Former Chairperson Senate Standing Committee on education Senator S.M. Zafar and former Chairperson of National Assembly Standing Committee on Education, Ch. Abid Sher Ali, ministers of education from all provinces, chairpersons of standing committees on education from all provinces and all provincial secretaries of education will attend the Public Forum. The Public Forum is being organized in the backdrop of the passage of the 18th Constitutional Amendment, abolition of the concurrent list and insertion of Article 25-A in the Constitution of Pakistan that guarantees the right to free and compulsory education to all children of age 5 to 16 years in Pakistan. This free and compulsory education is to be provided by the State, which by definition includes both Federal and Provincial Governments. After declaring education a provincial subject, will it be the exclusive responsibility of the provinces to ensure that Article 25A is implemented in letter and spirit or the Federal Government will also be responsible to fully or partially support the provision of this Constitutional Right to all children in the country. The Article (25-A) also necessitates further legislation (by the Provincial Assemblies) to facilitate the enforcement of free and compulsory education. -APP

IUB's participation in flood relief activities praiseworthy BAHAWALPUR: A delegation of Dramatic Club of the Islamia University of Bahawalpur (IUB) headed by Director Student Affairs Prof. Dr. Mehmood Ahmed and Incharge Dramatic Club Dr. Abdul Wajid Khan called on the Vice Chancellor Prof Dr Muhammad Mukhtar and presented him a cheque of Rs80000 raised from a drama festival for the flood victims. According to the spokesman of the university Shahzad Ahmad, the Vice Chancellor said it was a matter of immense pleasure that the university students were actively participating in the flood relief efforts. This was the reason that national and international organizations had stepped to extend help to IUB Flood Relief Cell in its relief activities, the VC said. -APP


9

Wednesday, June 8, 2011

Brent crude firms on weak dollar, OPEC in focus

European vegetable oil prices

OPEC meeting watched for possible production increases

ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jun11 915.00-5.00, Jul11 915.005.00, Aug11/Oct11 920.005.00, Nov11/Jan12 930.005.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 990.00-5.00, Nov11/Jan12 985.00-7.00, Feb12/Apr12 985.00-5.00, May12/Jul12 985.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Jul11 1470.00+0.00, Aug11/Sep11 1460.00-10.00, Oct11/Dec11 1405.00-10.00, Jan12/Mar12 1420.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 1582.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jun11 1190.00-2.50, Jul11 1175.007.50, Aug11/Sep11 1170.002.50, Oct11/Dec11 1160.005.00, Jan12/Mar12 1160.00+0.00. PALMOIL: RBD dlrs tonne cif Rotterdam July11 1250.00, Aug11/Sep11 1232.50. PALMOIL: RBD dlrs tonne fob Malaysia July11 1195.007.50, Aug11/Sep11 1177.502.50. PALM OLEIN: RBD dlrs tonne fob Malaysia July11 1205.00-7.50, Aug11/Sept11 1185.00-5.00, Oct11/Dec11 1162.50-7.50, Jan12/Mar12 1162.50-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam May11/Jun11 2150.00+80.00, Jun11/Jul11 2000.00-10.00, Jul11/Aug11 1950.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2550.00+0.00. Reuters

LONDON: Brent crude futures firmed on Tuesday, lifted by a weaker dollar and conflict in the Middle East, although gains were capped by expectations that OPEC might raise its production target this week. Brent crude futures were $1.20 cents higher at $115.68 a barrel by 1418 GMT in volatile trade. US light crude, widely known as WTI, for July delivery was 27 cents lower at $98.74 a barrel. "OPEC raising production may already be priced in and Brent gets a lift from the euro strength and the weak dollar, and that market is more immediately affected by potential supply threats in the Middle East," said Richard Ilczyszyn, senior market strategist at LindWaldock in Chicago. The market remained focused on this week's OPEC meeting, at which major oil producers are at odds over whether to boost production quotas. "Sentiment is still cloudy ahead of OPEC. The only effect counteracting (that)

at the moment is the weaker dollar, which has seen a continuation of the trend from last week in the aftermath of the weaker US data," said Carsten Fritsch, an analyst at Commerzbank. Brent's premium to US crude widened to more than $17. "There is no fundamental reason for the WTI-Brent spread to be so wide and everyone we are

talking to says it must be macro funds liquidating their long position in WTI ahead of a likely CFTC decision to impose position limits," a futures trader at a major bank said. US crude was also being held back by abundant inventories at the key Cushing delivery point in the United States. "It is the same old story. Oversupply in Cushing keeping WTI depressed while Brent is being used as inflation hedge... North Sea fundamen-

tals are better than WTI as there have been some problems with Forties (crude) production," said Tom Bent, director of BNP Paribas Commodity Futures INC in New York. Saudi Arabia and its Gulf Arab allies may struggle to push more than a cosmetic increase in oil supplies, but the Saudi kingdom is planning to lift oil output sharply in June, whatever policy OPEC adopts this week, to rein in high fuel prices, a senior Gulf industry official told Reuters. Top oil exporter Saudi Arabia and other Gulf producers, including Kuwait and the United Arab Emirates, favour a rise in output on concerns high oil prices are limiting economic growth. But delegates gathering in Vienna for the OPEC meeting on Wednesday said a deal to do anything more than just close the gap between OPEC's outof-date official production target and actual supplies could prove difficult. -Reuters

Tokyo rubber ends higher HUBEI - CHINA: A farmer and his wife dig a well in a paddy field near the town of Pao Ma village, which translates to "Running Horse", in central China's Hubei Province. -Reuters

NY cotton slips as Texas drought buoys December NEW YORK: US cotton futures settled sharply lower on Monday on switch trade and liquidation as players moved out of the spot contract but the worst drought in a century in the key growing state of Texas kept losses in new-crop contracts to a minimum, analysts said. The benchmark December cotton futures on ICE Futures US fell 1.77 cents to end at $1.3693 per lb, moving from $1.3472 to $1.3964. On Thursday, the contract

finished at $1.3923 per lb, the highest settlement for the third position cotton contract since May 3. Spot July cotton dropped the 6.00 cents daily limit to end at $1.5563 per lb. 'This is all spread-related trading,' said Sharon Johnson, senior cotton analyst at commodities brokerage Penson Futures in Atlanta. 'The vast majority of the weakness in July is because of the rolling.' The new-crop December cotton contract, on the other hand, is very well supported by the

severe drought in Texas, the biggest cotton growing state in the United States. Open interest in the cotton market was at 161,193 lots as of June 3, its loftiest level since April 20, the exchange data showed, and a seeming indication of renewed investor interest in the cotton market. Total volume traded Monday reached almost 25,000 lots, over 50 per cent above the 30day norm, Thomson Reuters preliminary data showed. Reuters

Copper steady on econ uncertainty, $ supports LONDON: Copper steadied on Tuesday as patchy US economic data fuelled concerns over an economic slowdown and reduced risk appetite but a soft dollar and supply concerns lent some support. Benchmark copper on the London Metal Exchange closed at $9,140 a tonne, only 0.05 per cent up from a close at $9,135 on Monday. The metal hit its highest in a month at $9,278.50 one a week ago, but has failed to gain any momentum. US Federal Reserve officials on Monday said recent economic data had been disappointing, with one suggesting it could delay the Fed's exit from its extremely easy monetary policy. "At the moment high risk aversion due to below expectations macro data published last week is still weighing on sentiment but a weaker dollar, on the other hand, is supporting metals," said Daniel Briesemann, an analyst at Commerzbank. Investors are now focusing on Chinese trade figures due on Thursday, with analysts expecting a small increase in refined imports from April

when they fell 16.6 per cent on the month to 160,236 tonnes. China is the world's top consumer of base metals, accounting for nearly 40 per cent of copper demand last year. "I am quite optimistic about

Shanghai copper falls The most active copper contract on the Shanghai Futures Exchange, August fell 0.2 per cent to 68,260 yuan per tonne, while Shanghai lead rose 0.8 per cent to 17,030 yuan, chasing a rise of 4 per cent on the LME in the previous two sessions. the Chinese data," Briesemann said. "I think we could see the downward trend come to an end or at least slow down." Falling inventories of copper on the Shanghai Futures Exchange and good arbitrage opportunities are encouraging for Chinese imports, Briesemann added. Also supporting prices, a strike at the world's fifthlargest copper mine, Chile's El Teniente, looked set to extend into a fourth day, while heavy

rains disrupted some operations at Teck Resources operations in Chile, analysts said. "Copper looks set to receive some support from the strike at the El Teniente mine and the closure of the Andacollo mine due to rain," RBC Capital said in a note. The nickel market looks like it will soften over the next few months as European stainless consumers hold off metals purchases in part due to slow demand, but also falling prices, a physical nickel trader said. "If this were 10 years ago and it were a pure supply and demand game, then I'd be selling it ...but stronger copper and the euro are maintaining the complex," the trader said. Nickel ended at $22,625 a tonne compared with a close of $22,630 on Monday. Three-month tin finished at $25,825 from $26,005 while zinc, used in galvanising steel, closed at $2,272 unchanged from Monday's close. Battery material lead was at $2,548 from $2,502 and aluminium, untraded in rings, was bid at $2,686 from a $2,660 close on Monday. Reuters

TOKYO: Key Tokyo rubber futures settled slightly higher in thin trade on Tuesday after a rally in Shanghai and solid Tokyo share prices lifted the market from negative territory, though concerns of a slowdown in demand capped gains. The key Tokyo Commodity Exchange rubber contract for November delivery settled up 0.7 yen at 392.8 yen per kg, after falling as low as 2.1 per cent. The most active Shanghai rubber contract for September delivery climbed to 33,410 yuan per tonne, up from Friday's closing price of 33,365 yuan. Volume stood at 928,656 lots. "The market is slack as investors lacked clues on direction, with firm oil prices and a recovery in Japan's car output lending support, while a slowdown in the Chinese economy hurt sentiment," said Hiroyuki Kikukawa, a general manager at trading company Nihon Unicom Inc in Tokyo. Investors are nervously watching for signs of a further weakening in Chinese demand and a gradual increase in supply from Thailand, the biggest rubber producer and exporter, as Thai farmers have resumed tapping. -Reuters

Palm oil falls to near 3-week low ahead of data JAKARTA: Malaysian palm oil slipped to a near three-week low on Tuesday as technical selling and weak comparative markets weighed on prices, while investors positioned themselves ahead of a flurry of data due at the end of the week. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange closed 1 per cent lower, at 3,354 Malaysian ringgit ($1,116) a tonne. Prices earlier fell to 3,343 ringgit -- its lowest level since May 19. Overall traded volume stood at 11,972 lots of 25 tonnes each, versus a total of 9,549 lots on Monday. "The market is still getting used to improved output," said one palm oil dealer. "Production is going to be a couple of digits (higher) in May, so you would expect stock to be close to 1.9 million (tonnes)." "The market is expecting a rather negative MPOB report on Friday," he added. "But I'd expect the export number to be quite encouraging." On a packed data calendar this week, the Malaysian Palm

Oil Board is due to release stocks, export and production numbers on Friday. Malaysian palm oil stocks likely soared to a 16-month high in May as strong production growth overtook a modest increase in exports, a Reuters survey showed on Monday. Also on Friday, Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are scheduled to issue June 1-10 palm oil export numbers. Before Friday, however, the US Department of Agriculture will release its June supplydemand report on Thursday. The most-active January 2012 soyoil contract on Dalian dipped about 1 per cent, as Chinese markets re-opened after a public holiday on Monday. Palm oil traders are also watching for any possible interest rate hikes in China, which could hit imports. ICDX's August CPO futures contract ended at 9,735 rupiah per kg, compared to 9,855 rupiah per kg when it opened. Market volume was 1,494 lots of 10 tonnes each. -Reuters

Gold firms as $ slides to 1-mth low LONDON: Gold firmed on Tuesday as the dollar slid to a one-month low against a basket of currencies after warnings from a Chinese foreign exchange official of the risks of holding too many dollars. Spot gold was bid at $1,545.29 an ounce at 1406 GMT against $1,543.05 late in New York on Monday, having earlier risen as high as $1,550. US gold futures for August delivery fell 60 cents an ounce to $1,546.60. Pradeep Unni, senior analyst at Richcomm Global

Services, said soft US economic data last week had raised questions over the possible extension of quantitative easing. "This, along with Chinese comments of excessive dollar holding hurting them has turned the US dollar a painful asset to hold," he said. "Under these circumstances, bullion would be the natural preference and hence should gain further." The head of the international payment department at China's foreign exchange regulator said on Tuesday Beijing should guard against risks from excessive holdings of dollar denominated assets, adding to its weak outlook. Physical gold demand is also holding up strongly despite near-record prices, analysts said, particularly in

the Asian markets, where appetite for gold has typically been sharpest. UBS analyst Edel Tully said in a note that purchasing in the world's biggest gold market, India, was becoming less seasonal. "Last week... our sales to the region were somewhat above average - not spectacularly so, but in the past we would have expected gold sales to be running well below average at this time of year, particularly with the gold price above $1,500," she

said. "As gold enters what has traditionally been its season of weakest physical demand, this is positive news." Precious metals consultancy GFMS meanwhile said on Tuesday it expected gold, silver, platinum and palladium prices to retain upside potential in 2011, with negative real interest rates remaining the principal driver. Silver was at $37.05 an ounce against $36.73, tracking gains in gold. Platinum was at $1,819.49 an ounce against $1,805.30, while palladium was at $802.47 against $784. Palladium prices earlier hit three-month highs at $807.22 an ounce, with traders reporting buying of the metal for exchange-traded funds. Reuters

ICE sugar, coffee, cocoa bounce on soft dlr LONDON: ICE sugar, coffee and cocoa futures bounced on investor buying driven by a soft dollar on Tuesday, with sugar further buoyed by tight supplies of refined sugar and coffee dealers focused on concerns over frost risk. Upside in cocoa was limited by a steady resumption of export flows from Ivory Coast after a violent political standoff ended in the top producer. ICE raw sugar futures firmed, breaking above key resistance at 24.00 cents a lb, supported by a weaker dollar and tight supplies of refined sugar before Ramadan in August, as well as continuing delays at sugar loading ports in centre-south Brazil after a slow start to the harvest. ICE July raw sugar futures were up 0.41 cent or 1.7 per cent at 24.00 cents a lb at 1408 GMT, having touched a session high of 24.38 cents a lb. Liffe August white sugar was down 80 cents or 0.1 per cent to $695.40 per tonne in low volume of 2,043 lots. Arabica coffee futures on ICE rose, supported by a shortage of high quality beans and concerns over the looming frost season in top producer Brazil. ICE July arabica coffee was up 2.7 cent or 1 per cent at $2.6320 per lb at 1409 GMT. London July robustas were down $16 or 0.7 per cent to $2,368 per tonne in moderate volume of 9,154 lots. Liffe cocoa futures traded above 21-month lows and ICE futures were at 5-month lows, supported by investor buying triggered by the weaker dollar. ICE cocoa futures extended gains, with July up $75 or 2.6 per cent to $2,904 a tonne at 1411 GMT. Liffe September cocoa was up 23 pounds or 1.3 per cent to 1,816 pounds per tonne in thin volume of 2,593 lots. -Reuters

Indian spot sugar up on retail demand MUMBAI: India's spot sugar prices edged higher on Tuesday due to an improvement in demand, while futures eased on higher stocks with the mills, and a likely rise in sugar cane acreage, traders and analysts said. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety edged up 0.4 per cent to 2,510 rupees ($56.15) per 100 kg. The most active sugar for June delivery on the National Commodity and Derivative Exchange (NCDEX) provisionally closed down 0.4 per cent at 2,494 rupees per 100 kg. "Retail demand has improved due to the beginning of the month, but bulk-consumers were not active in the market," said a member of the Bombay Sugar Merchants Association. India's sugar cane acreage is likely to rise in 2011/12 as farmers are still finding the crop remunerative over competing crops, raising hopes the world's biggest sugar consumer will have a surplus for the second straight year beginning October. -Reuters

National Commodity Exchange Ltd Trading Summary Date

7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011 7-Jun-2011

Commodity

CRUDE10 CRUDE10 CRUDE10 CRUDE100 CRUDE100 CRUDE100 SILVER - 100oz SILVER - 100oz SILVER - 100oz SILVER - 500oz SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W

Contract Date

Price Quotation

Open

High

Low

Close

JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JU11 JY11 AU11 JU11 JY11 JU11 JU11 MON TUE WED THU FRI MON TUE WED THU FRI 09JU11

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg

99.10 99.92 99.92 98.96 99.84 99.92 36.85 36.64 36.79 36.69 36.64 37.00 1544.10 1544.40 1545.50 1545.00 1544.90 1544.50 42767.00 42950.00 42800.00 42712.00 42724.00 49818.00 49818.00 44000.00 43829.00 43844.00 43859.00 43875.00 50610.00 50746.00 50,700 50,489 50,641 3,604

100.01 100.55 99.92 100.00 100.50 99.92 37.45 37.27 37.51 37.51 37.27 37.49 1554.00 1554.80 1555.40 1554.00 1554.20 1547.00 43025.00 42950.00 42950.00 42755.00 42767.00 49868.00 49868.00 44000.00 43969.00 43872.00 43888.00 43904.00 50720.00 50746.00 50,700 50,523 50,641 3,604

98.15 98.90 99.45 98.20 98.94 99.45 36.40 36.64 36.40 36.45 36.64 36.44 1542.00 1542.10 1543.00 1543.40 1542.20 1544.50 42671.00 42752.00 42750.00 42712.00 42724.00 49818.00 49818.00 43890.00 43829.00 43844.00 43859.00 43875.00 50524.00 50454.00 50,471 50,489 50,506 3,578

98.33 98.93 99.45 98.33 98.93 99.45 37.26 37.27 37.28 37.26 37.27 37.28 1546.50 1547.00 1547.50 1546.50 1547.00 1547.00 42782.00 42795.00 42812.00 42755.00 42767.00 49868.00 49868.00 43920.00 43969.00 43872.00 43888.00 43904.00 50560.00 50616.00 50,505 50,523 50,542 3,578

Traded Volume in lots 762 113 290 32 249 102 354 49 1,646 3,258 2,121 47 117 49 2 7 1 10 10 6 1 -

Previous Settlement Price 98.86 99.44 99.92 98.86 99.44 99.92 36.63 36.64 36.65 36.63 36.64 36.65 1543.40 1543.90 1544.50 1543.40 1543.90 1544.50 42740.00 42752.00 42769.00 42712.00 42724.00 49818.00 49818.00 43890.00 43829.00 43844.00 43859.00 43875.00 50524.00 50454.00 50,471 50,489 50,506 3,604

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

Current Open Interest Settlement in Lots Price 98.33 174 98.93 50 99.45 98.33 96 98.93 11 99.45 37.26 65 37.27 37.28 23 37.26 63 37.27 3 37.28 16 1546.50 1,359 1547.00 1,545 1547.50 804 1546.50 4 1547.00 12 1547.50 42782.00 11 42795.00 42812.00 1 42755.00 42767.00 49868.00 49868.00 43920.00 1 43969.00 43872.00 43888.00 43904.00 50560.00 21 50616.00 10 50,505 5 50,523 20 50,542 10 3,578 -


England's Kevin Pietersen (R) stands next to teammate with Alastair Cook as he reacts after being hit on the hand during the second cricket test match at Lord's in London

10

Wednesday, June 8, 2011

Court suspends Board hearing on Afridi’s plea Tauqir endorses forming players body

Staff Reporter KARACHI: The Sindh High Court (SHC) on Tuesday forbade the Pakistan Cricket Board to hold a disciplinary meeting scheduled for Wednesday at Lahore against former captain Shahid Khan Afridi. The SHC ruling came on a constitutional petition filed by Shahid Afridi here seeking stay against the PCB for show cause notices and punishments. The SHC Chief Justice Mushir Alam issued the directive after Afridi's lawyers Ali Zafar and Mehmood Mandviwala held a meeting with him in his chamber. Justice Aqeel Abbassi was also present. The PCB officials were asked to appear before the court on June 9. Afridi, who himself was present in the court, pleaded that all the recent decisions taken by the PCB were unconstitutional and unlawful including show cause notices and suspension of his NoCs to play county cricket. The former captain had last month announced his retirement from international cricket.

PCB says no pressure to reinstate Afridi Salman speks LAHORE/ISLAMABAD: Chairman Pakistan Cricket

against Afridi

MANAMA: Sheikh Khalid bin Abdulla al-Khalifa, CEO of the Bahrain Olympic Committee, speaks during a news conference about "Bahrain 11" .-Reuters

F1 will have 20 races in ‘12 not 21, says Todt LONDON: Formula One will have 20 races next year and not the record 21 listed on a calendar published last week, according to International Automobile Federation (FIA) president Jean Todt. The Frenchman, straying into an area normally controlled by the sport's commercial supremo Bernie Ecclestone, could not say which race might be axed although Turkey already has an asterisk against it. "Absolutely not," Todt told Spain's Diario Sport (www.sport.es/es/) in an interview carried out at the MotoGP race in Barcelona at the weekend when asked whether there would be 21 races. "There are 21 dates, but the championship will be with 20 grands prix. "We don't know which one will go, but the world championship will be 20 races," he emphasised. The Turkish Grand Prix at Istanbul on May 6 was listed as subject to confirmation after being called into question when local organisers said it faced the axe because of a disagreement over payments to Ecclestone. The race has been poorly attended in recent years but the circuit is popular with drivers. Next year's calendar also sees the United States making a return to the championship with a new circuit in Austin, Texas, scheduled for June 17. Spain is the only country with two races, in Barcelona and Valencia.-Reuters

Bruins maul Canucks to claw back into Stanley Cup BOSTON: Boston clawed their way back into the NHL Stanley Cup Finals by mauling the Vancouver Canucks 8-1 after they were stung into action by a vicious hit on Nathan Horton. After losing the first two games of the best-of-seven final series in Vancouver, the Bruins returned home with coach Claude Julien declaring his team had not come this far just to roll over and accept defeat. The Bruins responded with their best effort of the postseason, handing the Canucks a beating on the scoreboard and on the ice in an ill-tempered Game Three filled with fights, trash-talking and ferocious hits. The series momentum took a dramatic shift early in the first period after Aaron Rome’s blindside hit to the head of Horton left the Boston winger unconscious and twitching on the ice. Medical staff were quickly on the ice, carefully strapping the motionless Horton onto a backboard then transporting him to a local hospital where he was reported moving all extremities. “You always make mention about the guy that's gone to the hospital, I'm sure being there, he (Horton) would like to see this team win this hockey game,” Julien told reporters. “It's always something to motivate yourself with, when a guy goes down the way he did. "Looking back at the hit, you say: 'was it a dirty hit?' I think what I would call it is it was a blindside hit that we've talked about taking out of the game." Rome was immediately ejected with a game misconduct and interference major but the Bruins could not make the Canucks pay for their indiscretion right away, failing to convert the fiveminute man-advantage.

However, payback came in the second period when the Bruins scored shorthanded, powerplay and a pair of even strength goals to take a 4-0 lead. Andrew Ference opened the scoring 11 seconds into the second period before 43-year-old Mark Recchi made it 2-0 with the man advantage. DAZZLING GOAL Brad Marchand then dazzled the capacity crowd with a superb short-handed effort, charging down the wing then slicing across the ice while fighting off a defender and flipping the puck over a sprawling Roberto Luongo to make it 3-0. David Krejci capped off the second period burst, while Daniel Paille, Chris Kelly, Michael Ryder and Recchi, with his second of the game, connected in a bruising third that featured several skirmishes and officials handing out seven 10-minute misconducts. Tim Thomas turned in another spectacular performance in the Boston net with 40 saves though Jannik Hansen's third period goal ruined his shutout bid. "We started scoring and the floodgates opened and we just kept going and trying to score more," said Thomas. "We needed to win this game to start turning some momentum, to start to get us back in this series. "We're still down 2-1 in this series. I wouldn't consider that right back in the series but I wouldn't consider us out of the series now either." The Bruins host Game Four on Wednesday, though statistics suggest their Cup quest will be an uphill battle. In the first two games there was little to separate the two teams, the Bruins suffering two gut-churning one-goal losses -the first in the final seconds of regulation and the second just 11 seconds into overtime.Reuters

KARACHI: Former Captain of Pakistan Cricket Team Salman Butt said Afridi must have shown responsible behavior while solving his issues with PCB. He must have opted discussion with PCB instead of media. Talking to the media, Former Captain Salman Butt expressed that if Afridi had criticized PCB's policies before he was sidelined from the captaincy then his words may get weightage but his criticism after losing captaincy is complicated. He added that Afridi should have avoided media in such a serious matter. -Online

Lancashire signs Junaid Khan LONDON: Lancashire have completed the signing of promising Pakistan left-arm seamer Junaid Khan. The 21-year-old will link up with his new team-mates initially for the current Friends Life t20 campaign, subject to registration. Should he impress, Khan could also be handed the opportunity to perform in the County Championship. "Junaid is a hot prospect who was recommended to us by Wasim Akram," explained Lancashire cricket director Mike Watkinson. "He is initially with us for our Friends Life t20 campaign but there may be some scope for him to feature in our LV= County Championship squad later in the summer. "Like Farveez Maharoof, Junaid joins us on modest terms with an incentive to play county cricket in the hope of furthering his international ambitions." Khan has featured in seven one-day internationals for Pakistan and was in the squad for the recent Test series against the West Indies. Lancashire head coach Peter Moores added: "Junaid is an extremely talented cricketer who will supplement our seam attack. He bowls with good pace and variation and we look forward to working with him." Online

Board (PCB) Ijaz Butt said that there is no political pressure to reinstate Shahid Khan Afridi as captain of the national team. Decision would be taken according to the policy of PCB. Talking to the media, PCB Chairman Ijaz Butt expressed that PCB has answer to every question in their code book. He added that Afridi must face the disciplinary committee instead of passing misleading comments to media. Moreover, he added that PCB isn't under any political pressure to reinstate Afridi as captain. Committee would decide the fate of Afridi according to the code of conduct. Declining to offer NOC to Afridi, Chairman PCB Ijaz Butt said that the matter is with disciplinary committee and PCB can't play any role in the matter. Afridi's 90% blames are false and it's the violation of code. Afridi was told before during West Indies tour that decision of captaincy would be taken after going through the performances. -Online

KARACHI: The former Chairman of Pakistan Cricket Board (PCB) Tauqir Zia has endorsed the view of former captain Shahid Afridi on constituting a players' association in Pakistan. " Like other countries there was no harm in constituting a players' association in Pakistan as well,' he told a private TV Channel on Tuesday. However, if everyone's viewpoint is duly accommodated there would be no need of such associations, he added. "Basically communication gap between PCB and players leads to such demands," he said. "Such an association headed by respected and educated cricketer may sort out such problems in future," he asserted. "The chairman should listen to the point of view of captain, coach and manager to avoid disharmony amongst players and the officials," he commented. The former PCB chairmen also came down hard on Afridi for choosing an aggressive course after his removal from the captaincy, saying that instead of media burst the flamboyant allrounder should have approached the chairman first. "Since Afridi is a very senior cricketer, therefore he should not have violated the code of conduct in the first place. There was no justification for Afridi's harsh criticism of the PCB ", Gen. Tauqir added. The PCB has sacked Afridi from captaincy after his statements against the team's management and coach, Waqar Younis. The former captain blamed the management to be interfering in his job. At the same time the former PCB chief believes that revoking the NOCs by the PCB was a harsh action, and called for their retraction. -APP

William sisters ready to return for Eastbourne LONDON: Serena Williams, the dominant force in women's tennis for the past decade, will return to action after nearly a year's absence at next week's Wimbledon warm-up event in Eastbourne, she said on Tuesday. The 29-year-old American won the last of her 13 grand slam singles titles at Wimbledon last year before a freak foot injury and complications including life-threatening blood clots cast doubt over her career. Her return to play at the grasscourt event, which begins on Saturday, for the first time since her only appearance on England's south coast in 1998 is a huge boost for the tournament and the women's game which has suffered in comparison to the golden era on the men's side. "I am so excited to be healthy enough to compete again," the four-times Wimbledon champion said in a statement posted on the Lawn Tennis Association (LTA) website (www.lta.org). "These past twelve months have been extremely tough and character building. I have so much to be grateful for. I'm thankful to my family, friends, and fans for all of their support. Serena's back!" World number 25 Serena,

whose last competitive match was her victory at Wimbledon last year over Vera Zvonareva, has been handed a wildcard by tournament organisers and will join sister Venus in a strong draw which includes newlycrowned French Open champion Li Na of China. Venus is also returning just in time for Wimbledon after being out injured since the Australian Open. "People here will be absolutely thrilled that she's back playing world class tennis, and that she's chosen the grass courts of Devonshire Park as the venue for her return," tournament director Gavin Fletcher, who can expect a surge in ticket sales, said. "Serena can be guaranteed a huge welcome when she arrives." 'HARD AND SCARY' Despite a history of injuries, Serena has provided the benchmark in women's tennis since she followed her sister on to the Tour in 1997, winning all of the game's major prizes. Since she trod on broken glass in a Munich restaurant a week after winning Wimbledon last year, sustaining a cut that required 18 stitches and then surgery to repair a lacerated tendon, the women's game has struggled for top billing.

It looked as though Serena could be forced to hang up the rackets for good earlier this year when she was diagnosed in February with blood clots in her lung and required emergency treatment, an experience she described as "hard and scary." With Justine Henin retiring for a second time, Maria Sharapova struggling until a recent resurgence and the likes of Serbians Ana Ivanovic and Jelena Jankovic failing to take up the challenge, the WTA has continually batted back criticism that the women's game was in crisis. Kim Clijsters has proved her class by winning the U.S. Open and Australian Open in the absence of Williams but current world number one Caroline Wozniacki is yet to win a grand slam. The return of Serena and Venus, therefore, could not be more timely, especially with Wimbledon looming and few would bet against one of them winning again. Between them they have won nine singles crowns at the All England Club and any champion to lift the Venus Rosewater Dish in the absence of the American siblings would be left with an asterisk next to their name on the honours board.


Swiss EU must make inflation muted in tough decisions on May, cbank seen on hold Greek rescue: IMF ATHENS: Europe must take tough decisions before the IMF can release its next block of aid for Greece, the Fund warned on Tuesday, while ratings agencies and German banks cast doubt on whether private investors can be expected to help. Plans for a second international bailout of Greece are taking shape, with a proposal for a three-year package worth 80 to 100 billion euros set to be ready in the next two weeks, euro zone official sources said. In Athens, a senior Greek official said the government expected parliament to vote by the end of June on its mediumterm austerity plan, a condition for the new package as Athens struggles to avoid defaulting on its debt. But Bob Traa, the International Monetary Fund's senior representative in Greece, said the European Union needed to do more work before the Fund's board could release more loans. "I believe there is a summit in Europe, in June, where some hard nuts need to be cracked. They need to make some decisions, and then we will go to our board and disburse in early July," he told a banking conference. A team from the IMF, EU and European Central Bank reached an agreement last Friday, under which Athens would impose more austerity and faster privatisation to cut its budget deficit. But EU officials are struggling to find a solution for Greece's financing needs for

the next few years which avoids triggering a default but pushes some of the burden onto the private sector. "What needs to be decided is how to fill the various parts of the financing. This is not something that we can do as a team," said Traa. Greece agreed a 110 billion euro ($160 billion) rescue with the EU and IMF a year ago. But this assumed Athens could resume borrowing commercially in early 2012, which is not now feasible as yields on Greek debt are sky high in the secondary market. "VOLUNTARY" PARTICIPATION Details of the new deal to supercede the May 2010 rescue have yet to be worked out, but it assumes Greece's funding needs will be covered by a mix of new EU and IMF loans, budget deficit cuts including tax increases and state asset sales, and a "voluntary" participation by private creditors. One possibility is that creditors would agree to buy new Greek bonds when bonds they are currently holding mature, meaning Athens would not have to find cash for repayment. Slovakia said on Tuesday it would not approve fresh aid for Greece unless private investors bore part of the burden. But credit rating agency Moody's said it was hard to see how a private sector rollover of Greek debt could be truly voluntary, and that such a move would therefore probably constitute a credit event -- a ruling

that would have far-reaching market repercussions such as triggering payouts on financial instruments used to insure against default. "It's hard to imagine in the current circumstances that people would voluntarily do this," Bart Oosterveld, managing director of Moody's sovereign risk group, told reporters in Paris. "Our default definition contemplates that for something to be voluntary it has to be truly voluntary ... More likely than not this would be a credit event in our view." German banks also demurred. "The involvement of private creditors can come only as a last step as part of a solution that is sustainable for all parties," Germany's BDB banking association said on Tuesday. "That point has not yet been reached." The IMF's Traa warned that a major restructuring of Greek debt would create untold problems in the euro zone but hinted that the Fund was open to other solutions. "Stretching out payment terms, for instance in loans from euro area partners and the IMF, is a reasonable thing to think about because we have amortisation right at the end of the programme. This is a technical issue we can think about," he said. Greece has already won an extension of the time it has to repay EU loans. The IMF has said it was also open to a similar move but first needed an agreement with Brussels.-Reuters

ZURICH: Swiss inflation picked up a notch in May from a year earlier but remained well within the central bank's comfort zone, indicating rate-setters are unlikely to tighten policy at a review next week. Consumer prices rose 0.4 percent from a year ago compared to 0.3 percent in April, and were flat compared with the previous month, the Federal Statistics Office said on Tuesday. The readings were in line with average forecasts by analysts polled by Reuters. The SNB aims to keep inflation positive but below 2 percent. "The Swiss National Bank doesn't need to act in June," said VP Bank chief economist Joerg Zeuner. "The lessening dynamism of the recovery will also mean that there is no danger of inflation (pressure) in the second half of the year." The central bank announces its interest rate decision on June 16. The SNB has said growth would slow to around 2 percent this year, after 2.6 percent in 2010, as the strong Swiss franc, which has surged to record peaks against both the euro and the dollar within the past week, puts a brake on exports. Switzerland's economy expanded at a slower pace than expected in the first quarter of this year, but the softening was due to lower investment and consumption rather than falling exports. Prices for transport, clothing and shoes, and foodstuffs rose in May. But there were declines in the cost of housing and energy prices and in other areas. -Reuters

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waters by influential people to save their lands during the floods. Announcing the verdict on Tuesday, the Chief Justice remarked that to protect the life and property of the people was the government's responsibility. The flood commission had submitted an interim report to the Supreme Court in March.-NNI

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the future unlikely. "More than 5,000 nuclear weapons are deployed and ready to use including nearly 2,000 that are kept in a high state of alert," the report said. It said eight nuclear power states, US, UK, China, France, Russia, Israel, India and Pakistan possess more than 20,500 warheads, with Russia leading the table with 11,000 nuclear warheads including 2427 deployed while the US had 8,5000 including 2,150 deployed. The report for the first time said that North Korea "is believed to have produced enough plutonium to build a small number of nuclear warheads," but there is no public information to verify that it has operational nuclear weapons. Nord also voiced worry over the potential consequences if "Israel or the United States decides that they will have to intervene and do something about the programme in Iran." Iran has repeatedly insisted that its nuclear programme is non-military, but several world powers have demanded closer international inspection of Iran's nuclear sites to verify the claim. SIPRI is an independent institution that receives 50 per cent of its funding from the Swedish state. -Online

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itself from the remaining opposition parties by conducting protest in the National Assembly and this was the reason that opposition parties meeting was deferred which was scheduled last day. He said that Abbottabad operation in which Osama Bin Laden was killed by US unilateral operation on May 2 has inflicted dent on sovereignty of our country and also asked the political parties to refrain from doing politics over the formation of commission to probe the Abbottabad episode because formation of commission is the job of government. He said that expected military operation in the North Waziristan Agency was not in favour of Pakistan, adding if any army offensive was initiated by the government in North Waziristan its repercussion could not be ruled out. Replying a question regarding pullout of US forces from Afghanistan, he said that withdrawal of US and Nato-forces from Afghanistan was not something important issues rather we should concentrate on the situation in Afghanistan after the withdrawal of the foreign forces. -Online

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that costs more than $110 billion a year. Obama is to hold a video conference on Wednesday with Afghanistan President Hamid Karzai, who has been increasingly outraged at civilian casualties in the Nato-led battle against the Taliban in his country. Karzai had warned Nato-led forces on May 31 they were at risk of being seen as an occupying force rather than an ally after a spate of civilian casualties, and said he would take unspecified action if they continue. Republican Senator John McCain told the Financial Times newspaper that he hopes Obama will withdraw no more than 3,000 troops from Afghanistan starting in July. If Obama decides on a faster pullout as a consequence of the bin Laden killing, some experts believe he could withdraw 5,000, a full brigade combat team. -Reuters

11 Australia Cbank stays policy rates

Economy & Continuations

Wednesday, June 8, 2011

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Trade Agreement. He termed Pakistan-US relationship as significant in the context of how they can shape the future of this region and called for joint endeavours to ensure maximum utilization of the potential for economic development in Afghanistan as well as the region at large. The members of US Congressional delegation termed Pakistan as an extremely important country in the world in the war against terrorism and for defeating the violent extremism. They acknowledged the great sacrifices of Pakistan's armed and security forces as well as of the people of Pakistan for the world's peace in the ongoing struggle against terror. They assured the Prime Minister that despite strong sentiments in the US Congress for reducing the budget deficit and cutting down on foreign aid, the economic assistance to Pakistan would continue. They also agreed with the Prime Minister that his democratic government needed the political space and undertook to contribute in that regard in the US Congress. The US Congressmen were highly appreciative of the Prime Minister's remarks that US presence should be a source of peace and prosperity in Pakistan for addressing the negative perception about it in this country. They welcomed Prime Minister's proposal for Free Trade Agreement between Pakistan and US and recognized the need that US should help Pakistan address the root causes of extremism, to win the hearts and minds of people of Pakistan in the larger interest of continuing the strategic partnership. Minister for Finance Dr Abdul Hafeez Shaikh, Minister of State for Foreign Affairs Hina Rabbani Khar, Senator Syeda Sughra Hussain Imam, Secretaries Foreign affairs, Defence and Interior, US Ambassador Cameron Munter and other senior officials were also present in the meeting. -Agencies

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welcomed Shahid Hussain Raja on assumption to the office of Federal Secretary Privatisation Division. The senior representatives of Petroleum & Natural Resources Division, Finance Division, OGDCL, SECP and PC were present in the meeting. -Agencies

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stood up against Musharraf but during the last three years democracy gave nothing to the masses except frustration and load-shedding. The PML-N leader said that Parliament resolutions were thrown in dust-bins and said the joint consensus resolution of the Parliament on Abbottabad incident met the same fate. He said this resolution was used by the Government and the military as a bargaining chip. He said the executive has made the elected house hostage as the Government did not take any notice of corruption cases identified by the standing committees. He said as a result the Supreme Court has to take suo moto notice. He said by not implementing the Parliamentary resolution, the government was violating the constitution. -Agencies

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Pakistanis. "I will be posted in New Delhi but my heart will continue to beat with Pakistanis," he said adding that his doors will always be open for all Pakistanis. Rahul Kulshreshth, Deputy High Commissioner of India said that they would try their level best to improve relations between people of the two countries. Malik Sohail Hussain, Chairman Media, FPCCI, said that the efforts of business community would result in enhanced trade and cordial relations that will help tens of millions of people in both countries living below the poverty line. Among others, Vice Presidents of FPCCI, Ghulam Farooq, Fazal Elahi, Dr Shehla Javed Akram, Hameed Akhtar Chadda, Raza Khan, Shahid-ur Rehman, President RCCI Ali Raza, President ICCI and others were also present on the occasion. -Agencies

SYDNEY: Australia's central bank held interest rates steady at 4.75 percent on Tuesday as widely expected and sounded in no hurry to lift what are already the highest rates in the developed world, sending the local dollar lower. In a brief statement after its monthly policy meeting, the Reserve Bank of Australia (RBA) only said that rates were appropriate given the economic outlook. That was a change from its monetary policy outlook from just a month ago when it said a further tightening would likely be needed to contain inflation amid a record mining boom. "It seems they've taken a step back on tightening," said Brian Redican, a senior economist at Macquarie. "We thought they would be more hawkish than this. But, on the surface, it does suggest there's no urgency to pull the trigger on rates." Investors reacted by knock-

No #9

ing the Australian dollar down half a U.S. cent to $1.0686 while widening the odds of a move to 5 percent in the next few months. Interbank futures for July now imply only a 12 percent chance of a hike, compared to 36 percent before the statement. Even a shift by November was now only shown as a 50-50 chance. The central bank has already led the developed world in lifting rates by 175 basis points since late 2009. A Reuters poll of 23 analysts taken last week had found 18 expected rates to stay at 4.75 pct on Tuesday, with five tipping a hike to 5 pct. Still, most had expected a rise to 5 percent sometime in the third quarter. "It still looks to be August in our view," said Michael Workman. "We expect one rate hike in August and one in November, taking the cash rate to 5.25 percent by year

end." While flood and cyclone damage in Queensland caused the economy to contract last quarter, the RBA expects a strong recovery will lift growth to over 4 pct by yearend. Some parts of the economy are not doing as well as mining, with manufacturing and tourism hurt by a high local dollar and retailers complaining of a more cost-conscious consumer. The central bank did note on Tuesday that employment growth had moderated and would remain slow in the near term. The central bank also highlighted the historically lofty level of the local dollar which was constraining the traded sector. Yet the RBA is focused on the surging terms of trade and the risk this will ultimately stoke inflationary pressures in an economy that has grown without pause for over two decades. -Reuters

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Army is lending a hand to the civil government for establishing law and order in Balochistan, he maintained. Development and prosperity of Balochistan will contribute towards a peaceful and progressive Pakistan. Army would continue to play its part in the security of the Country, COAS concluded. Earlier on arrival, COAS was received by Commandant Command and Staff College Lieutenant General Khalid Rabbani. -Online

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Pakistan is one of few growth areas for the fuel oil market in the world, because most of its electricity is still generated by oil-fired plants, while other countries increasingly are turning away from the product due to environmental reasons. Traders expect the current tender to be concluded at higher prices, given the bullish fuel oil market in which time spreads and cash differentials have reached multiple milestones over the past week. Their presence got a boost from Pakistan's increased requirement for fuel oil of less than 1 percent sulphur, particularly since 2009, when it had to reactivate older power plants to meet increasing demand for electricity. -Reuters

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of Pakistan in August 2010 Rs 3.46 billion were recovered. The report also revealed that the ministry misused the funds of Rs 418 million collected on account of gas surcharge. The report declared the system of royalty on crude oil as well as monitoring system of receiving payments very weak and obsolete. The Auditor General suggests that a system of internal audit may be introduced in the Ministry. He also showed apprehension on the data base of the ministry and asked to ensure the solid steps to control the financial mismanagement on war footing basis. -Online

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bottom of the Ichimoku cloud on the Nikkei's daily chart. UTILITIES BOUNCE BACK Utilities rose after underperforming on Monday after comments from the head of the Tokyo stock exchange sparked speculation that Tokyo Electric Power Co could enter court-led restructuring. But Chief Cabinet Secretary Yukio Edano said later on Monday that a court-led restructuring of the operator of the crisis-hit Fukushima Daiichi nuclear plant, must be avoided. Tokyo Electric, known as Tepco, advanced 4.4 per cent to 216 yen, while Kansai Electric Power added 2.0 per cent to 1,226 yen. The pharmaceutical sector outperformed, with Astellas Pharma adding 1.5 per cent to 3,095 yen and Eisai rising 0.7 per cent to 3,045 yen. Shares of Sony fell 1.5 per cent to 2,031 yen after hackers calling themselves Lulz Security said they had broken into its computer systems again and posted the results on the Internet. Toshiba gained 3 per cent to 409 yen on the news about the LCD partnership with Sony. Volume was a touch lighter, with 1.76 billion shares changing hands on the main board, less than last week's daily average volume of 1.88 billion shares. Advancing shares outnumbered declining shares by 1,086 to 407. -Reuters

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age resides, then investors may be enticed to buy into stocks that has lost value over the last few weeks," a London-based trader said. Miners added the most points to the blue-chip index, building on the previous session's gains. Bargain hunters moved in on Rio Tinto, up 1.2 per cent, which has recently been trading below its 200-day moving average. Elsewhere, bank stocks were mixed, recovering some of their poise after a sell-off in the previous session. Lloyds Banking Group climbed 1.5 per cent after being the biggest blue-chip faller on Monday following downbeat comment from Chief Executive Antonio Horta-Osorio in an interview with the Financial Times. Barclays shed 0.5 per cent as JP Morgan reduced its target price on the UK bank and cut estimates for investment banks after weaker than expected second quarter results in the sector. The same broker, however, helped lift Weir Group 1.5 per cent. JPMorgan Cazenove added the engineer to its "Analyst Conviction List" saying the firm's focus on shale gas opportunity should bring higher margins to justify a higher multiple. Integrated oil stocks were the biggest weight on the London's blue chip index as the likes of BP suffered from the retreating oil price, which fell on concerns of a hike in OPEC output. BP, down 0.6 per cent, was also hindered by uncertainty over its stake in Russia's third-largest oil producer TNK BP. It disclosed having no plans to sell the stake and its focus in Russia remained on developing TNK-BP. Whitbread was the top faller, off 1.8 per cent, after Barclays Capital downgraded its rating for the leisure firm to "equal-weight". Traders were cautious ahead of a speech by US Federal Reserve Chairman Ben Bernanke after the UK close. Investors are looking at the Fed's response to the troubling US jobs data last week. -Reuters

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FWU Global Takaful Solutions is the technical partner in PQFT's BancaTakaful product and is also one of the strategic shareholders in PQFT. FWU is the premier facilitator of BancaTakaful products in Pakistan besides Saudi Arabia, the UAE, Kuwait and Malaysia.

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rise in the past month is high, especially with its forward 12-month price-to-earnings ratio a third higher than long-term average. SHANGHAI DOWN Shanghai shares ended higher on Tuesday, supported by outperforming materials, industrials and heavyweight banks and energy plays in thin volume ahead of the expected release of May figures on Friday. Market players continued to buy into domestic plays seen as certain bets in a volatile market, with materials and industrials, particularly pharmaceuticals and steel producers, firm favourites on the day. Inner Mongolia Baotou Steel Union Co gained a maximum 10 per cent on Tuesday, moving into technically overbought territory as its 14-day RSI value hit a two-month high. It is now up 11.6 per cent on the quarter, outpacing the Shanghai Composite's 6.3 per cent decline. The benchmark Shanghai Composite Index finished up 0.6 per cent at 2,744.3 on the first trading day of the week, with heavyweights PetroChina and Sinopec Corp its two biggest support on the day. "Their valuations were relatively lower to begin with, but they are even more attractive for funds now after their recent decline," said Shanghai Securities analyst, Zheng Weigang. PetroChina's gains on Tuesday was driven by volume 1.6 times its 30-day average, but still barely chipped at the 10 per cent PetroChina lost since hitting its 2011 high at the end of March. A-share turnover on Tuesday stayed low. At 78.9 billion yuan, it was almost 38 percent below its 2011 average, currently at 126.8 billion yuan. "Most are waiting for signs of a clearer trend, with Friday's trade data in focus," said a Shanghaibased trader. "But it looks like CPI figures might end up on the high side, so I'm not sure if volume will pick up in the near term." -Reuters


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Pak, US about-face on Kashmiri death ISLAMABAD: President Asif Ali Zardari chairing a meeting on various developmental projects of Sindh at Aiwan-e-Sadr. APP

Pak nuke program fastest in world: SIPRI

Pak gets even with India in nuke-sum LONDON: Pakistan has almost reached parity with India on nuclear weapons with both the nations having 110 warheads each, an International think-tank SIPRI has said, Pakistan's nuclear programme as almost the fastest in the world. Charging that India and Pakistan were "expanding their capacity to produce fissile material for military purposes, the report said that while India could have 80-110 nuclear warheads today, up from 60-80 last year, Pakistan may have increased its count from 70-90 to 90-110.

Labeling Pakistan's nuclear programme as almost the fastest in the world, SIPRI said that both Islamabad and New Delhi continue to develop new ballistic and cruise missile systems capable of delivering nuclear weapons. "They are also expanding their capacities to produce fissile material for military purposes," the report said and claimed that Islamabad was now turning to producing lighter precision warheads for use in restricted spaces. Releasing the report in the Swedish capital of Stockholm, Daniel Nord

Director of SIPRI said Pakistan may be close to danger of "losing control of part of its nuclear arsenal" to terrorist and said it was a matter of grave concern. Nord said South Asia, where relations between India and Pakistan seem perpetually tense, is "the only place in the world where you have the nuclear arms race." The Swedish institute said that more than 5,000 nuclear weapons were deployed around the world and eight nuclear powers continue investing in new weapon system, making disarmament in See # 2 Page 11

PML-N politicising Senate Opp leader: Fazl ISLAMABAD: The Chief of Jamiat Ulema Islam-Fazl (JUIF) Maulana Fazl-ur Rehman Tuesday said that politicians, army and parliament all are under establishment's pressure, adding Pakistan Muslim League-Nawaz was playing politics over the issue of nomination of Senate Opposition leader. Talking to media persons in the front of parliament, Fazl criticised the role of PML-N in Senate and said JUI-F is the largest political party in the Senate. He said that Maulana Abdul Ghafoor Haideri was nominated by Chairman Senate as Opposition leader. He said PML-N has alienated See # 3 Page 11

LONDON: USA and Pakistani authorities disagree sharply over claims that senior al Qaeda leader Ilyas Kashmiri was killed in a recent missile strike, officials from both countries said on Monday, suggesting sharp strains persist between authorities in Washington and Islamabad. Two days ago, intelligence officials in Pakistan claimed that Kashmiri, a figure in both al Qaeda and a Pakistan-based affiliate, was killed by a US droneborne missile in northwestern Pakistan. Pakistani officials subsequently issued a series of statements about Kashmiri's death. The nation's interior minister told reporters on Monday: "I can confirm 100 per cent that he is dead. I got this information this morning." But US officials familiar with counterterrorism activities in the region said

they still were unable to confirm Kashmiri's death. It was more likely than not, they said Monday evening, that the militant leader was still alive. "It wouldn't be the first time that reports of his death have been wrong," one US official told Reuters. "We're simply unable at this time to confirm reports of Kashmiri's demise. Our working assumption is that he's still walking around." A second U.S. official said government experts believed it was more likely that Kashmiri was alive, though they are not ruling out the possibility he was killed in a drone strike. The U.S. officials spoke on condition of anonymity. The conflicting assessments from Washington and Islamabad indicate relations between the United States and Pakistan, which hit a low point after the US killing of Osama bin Laden last month in

Pakistan, remain deeply troubled despite claims by both countries that they were improving. Kashmiri was wrongly reported to have been killed in a September 2009 drone strike. It is difficult to confirm the identities of people killed in drone strikes because they occur in remote areas not accessible to foreign journalists. However, the SITE Institute, a US-based private group that monitors and translates messages posted on militant websites, on Monday cast doubt on an Internet photo said to be of Kashmiri's dead body and an accompanying fax from HUJI confirming his death. The US group said it actually appeared to be the body of another militant, Abu Dera Ismail Khan, who was killed in the militant attacks on Mumbai, India, in November 2008. Diplomatic relations between the United States

and Pakistan have suffered since last year, when the name of the CIA station chief in Pakistan was leaked to local media and the American official, who was supposed to be operating undercover, had to leave the country. Relations worsened considerably after the arrest, and later release, of a CIA security contractor who had killed two Pakistani nationals in what the United States said was an armed robbery attempt. Then, US Navy SEALS killed bin Laden without giving advance notice to Pakistani authorities. Ilyas Kashmiri, said to be a former Pakistani military officer, was high on a list Washington gave Pakistan of militants it wanted captured or killed, a Pakistani official said on condition of anonymity. The State Department has labeled Kashmiri a "specially designated global terrorist." -Reuters

Flood Probe

Court orders to publicise findings ISLAMABAD: A three-member bench of the Supreme Court of Pakistan, headed by Chief Justice Iftikhar Muhammad Chaudhry Tuesday declared the judgment on the flood commission report and also ordered that the recommendations of the commission be made public and the officials responsible for irregu-

larities should be taken to task. According to private television channels, the bench ordered that the compliance report should be submitted after every fortnight while the provincial chief secretaries would be responsible for the compliance of the court orders. The bench also ordered that the

recommendations of the commission should be implemented in letter and spirit. On December 15, 2010, the Supreme Court had constituted a four-member commission to investigate the issue of breaching of dykes and unauthorised diversion of flood See # 1 Page 11

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