The Financial Daily-Epaper-08-03-2011 by The Financial Daily

International Karachi, Tuesday, March 8, 2011, Rabi-us-Sani 2, Price Rs12 Pages 12

CJP takes exception to DG FIA blames See on Page 12

Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)

GDP Growth FY10E Per Capita Income FY10 Population

$17.50bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.36mn

195.18 -0.77 -4.35 2987

NCCPL (U.S $ in million)

FIPI (07-Mar-2011) Local Companies (07-Mar-2011) Banks / DFI (07-Mar-2011) Mutual Funds (07-Mar-2011) NBFC (07-Mar-2011) Local Investors (07-Mar-2011) Other Organization (07-Mar-2011)

0.52 -0.50 -0.22 -1.25 0.61 0.10 0.74

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

Close 11,974.55 10,505.02 23,313.19 18,222.67 2,548.71 2,996.21 6,020.93 12,203.86

Change 25.48 188.64 95.67 263.78 9.57 53.90 30.54 33.98

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 2.60 110.94 15.48 132.11 2.00 42.67 1.70 36.27 11.59 39.56

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)

23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011

13.49% 13.69% 13.86% 14.00% 13.30% 13.58% 13.75% 14.14% 14.26% 14.17% 14.19% 14.18% 14.54% 14.76% 14.95%

Commodities *Crude Oil (brent)$/bbl 116.33 *Crude Oil (WTI)$/bbl 105.25 *Cotton $/lb 219.70 *Gold $/ozs 1,438.80 *Silver $/ozs 36.58 Malaysian Palm $ 1,221 GOLD (NCEL) PKR 39,022 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 86.20 Canadian $ 87.25 Danish Krone 15.30 Euro 119.00 Hong Kong $ 10.50 Japanese Yen 1.025 Saudi Riyal 22.67 Singapore $ 66.90 Swedish Korona 13.25 Swiss Franc 91.80 U.A.E Dirham 23.17 UK Pound 138.50 US $ 85.30

87.20 88.25 15.50 120.30 11.00 1.051 22.85 67.90 13.35 93.00 23.35 139.60 85.60

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

Buying TT Clean

Selling TT & OD

86.39 87.67 15.99 119.22 10.95 1.038 22.74 67.35 13.43 92.22 23.22 138.61 85.34

86.59 87.87 16.03 119.50 10.98 1.041 22.80 67.50 13.46 92.43 23.28 138.94 85.53

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

23°C 32°C 25°C 25°C 16°C 23°C

Pak ready for NZ on mystery pitch

See on Page 10

Special Correspondent/ Agencies ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at the inaugural session of the International Seerat Conference. -APP

Provinces told to cut expenses further

Shaikh urges for new tax avenues ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh has urged the provinces to take serious efforts to curtail expenditures on their part and in this regard they can follow the federal government framework. He was addressing a meeting of the Monitoring of the Implementation of National Finance Commission (NFC) Award attended by the four provincial finance ministers here on Monday. Dr Hafeez said that the provinces can indicate the areas where there is the capacity for the broadening of tax and new avenues can be indicated in this regard, adding the

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8°C 18°C 11°C 11°C 6°C 10°C

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NFC releases are mandatory and they shall be made precisely in accordance with the approved formula. Earlier, all the provincial finance ministers were given a presentation on the distribution of Divisible Pool Taxes in the NFC Award. The presentation included brief gist of recommendations, total collection of FBR receipts, net divisible pool tax and the provincial share in it, royalty on crude oil, payment of net proceeds of royalty on crude oil, and development surcharge on natural gas to the provinces. Senior Minister of Punjab See # 7 Page 11

President Rehmanov meets President

Pak-Tajikistan trade pact eyed Let tiffs not hit US ties, Zardari tells Grossman President said that Pakistan was ready to discuss frameworks that would facilitate trade and economic relations between Pakistan and Tajikistan. We are keen to create an interface between the private sectors of the two countries, the President said. The President said that Pakistan-Tajikistan relations were rooted in the century's old bonds of history, faith, culture and traditions and it was a matter of great satisfaction that this See # 10 Page 11

ISLAMABAD: President Asif Ali Zardari has said that Pakistan was ready to offer all assistance to Tajikistan to provide easy access to the ports in Pakistan, especially the Gwadar Port. In this context, he said, they are ready to discuss the conclusion of a Trilateral Transit Trade Agreement (TTTA) between Pakistan, Tajikistan and Afghanistan. Addressing a banquet held at Aiwan-e-Sadr here on Monday in the honor of President Emomali Rehmanov, the

During first eight months of FY11

Oil sale stats show 2.3pc slip Ghulam Raza Rajani

Inter-Bank Currency Rates Symbols

See on Page 12

Says using diplomatic means to stop drones Urges for restoration of Pakistan-US trust

SCRA(U.S $ in million)

Total Portfolio Invest (19-Feb-2011)

KESC to obtain 323MW by Apr

PM backs just stand on Davis

Portfolio Investment Yearly(Jul, 2010 up to 04-Mar-2011) Monthly(Mar, 2011 up to 04-Mar-2011) Daily (04-Mar-2011)

See on Page 12

Gilani urges for economic coaction among Muslim nations

Economic Indicators Forex Reserves (26-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)

Pagara sees no polls in 25-yrs

KARACHI: Oil consumption in the country posted a decline of 2.3 per cent, as unveiled by the Oil Company Advisory Committee (OCAC) numbers for 8MFY11. The total volume of the POL products (ex non-energy) was recorded 12.7 million tonnes in 8MFY11 against 13 million tonnes in 8MFY10. Major reason behind decline in sales is lower diesel consumption which fell 4.4 per

cent YoY to 4.53 million tonnes during 8MFY11 against 4.74 million tonnes in 8MFY10. Diesel which contributes 35 per cent in total oil consumption and used as a transportation fuel, its demand fell due to slowdown in trading activities amid floods. Similarly, furnace oil (FO), the heavyweight oil product with 44 per cent share in overall oil consumption, its sales reduced by 1.2 per cent YoY to See # 12 Page 11

Refiners 8M output dips 6pc Ahmed Siddique KARACHI: Country's refineries offtake witnessed a decline of 6 per cent to 5.07 million tonnes in 8MFY11 against 5.4 million tonnes recorded in same period during last year, primarily a reflection of a month-long plant closure of Parco and circular debt creat-

ing operational issues particularly for BYCO and PRL. However, during February 2011 refinery production stood at 673k tonnes, rose by a massive 20 per cent YoY while capacity utilisation stood at 76 per cent, 14 months high, a reflection of rejuvenated refinery margins. See # 13 Page 11

Cement sales fall 10pc in 8MFY11 Staff Reporter KARACHI: A spokesman of All Pakistan Cement Manufacturers Association (APMCA) said that during the month of February 2011 cement sales for domestic market was 1.778 million tonne -- registered a decline of 9.32 per cent -while exports sales was 0.710 million tonne -- grew 25.39 per cent -- when compared with last month. However, during the first eight months of current fiscal the cement sales for domestic market was 13.794 million tonnes, declined 8.49 per cent, while the exports were 5.904 million tonnes, declined by 14.81 per cent during the same period. Total cement sales for the period from July 2010 to February 2011 was 19.699 million tonnes declined by 10.48 per cent compared with corresponding period. The capacity utilisation of the See # 8 Page 11

Shahbaz urges Army consensus on issues LAHORE: On the direction of PML-N chief Mian Nawaz Sharif, Chief Minister Punjab Shahbaz Sharif has contacted Prime Minister Syed Yousuf Raza Gilani via telephone here Monday. Chief Minister Shahbaz Sharif conveyed Prime Minister Gilani for bringing down the political temperature and resolution of challenges confronted by the country, and he suggested that a National Conference should be called to tackle challenges confronted by the country while strategy should be evolved which would help to improve present political situation. He urged political leaders, See # 11 Page 11

Plea filed in SC against Davis ISLAMABAD: Supreme Court of Pakistan has returned the application filed with reference to Raymond Davis with objections while the applicant has again filed it after removing objections. Earlier petitioner Chaudhry Bashir Advocate through his petition filed under article 184 (3) had taken the plea that Raymond Davis was not US diplomat and on the other hand he was involved in the killings See # 14 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday said Pakistan has differed with the United States of America on principles and would not take any step against the national interests, added his sentiments on the issue of Raymond Davis is not different from the nation and the government's stand was unyielding. He was speaking at the inaugural session of International Seerat Conference latter he also spoke to the media. He said that let the court decide about the future of Raymond Davis according to the law, added that government would not take any measure against national interest in this regard. The Premier said, soon a roundtable conference would

be convened to discuss important national issues in which the heads of all political parties would be invited. Prime Minister said that the matter regarding Director General FIA is still in the court so he can not comment about it. However there is not any tension with the judiciary. If all departments would be within their limits, there wouldn't be any problem. He said that the killing of Shahbaz Bhatti was an effort to create differences between Muslims and Christians but the malicious intensions of some miscreants could not be fulfilled. He said that it would be unjust to hold Ministry of Interior or any other organization responsible before investigation report would come to surface. "The Muslim countries not only attain development by

Mirza says his statements were 'misunderstood

MQM-PPP Sindh accord near break MQM to boycott Sindh Assembly session: Haroon KARACHI: Muttahida Qaumi Rabita Committee was held in Movement (MQM) Rabita 'Nine Zero' here on Monday. Committee has decided to The members of MQM in resume boycott of Sindh National and Provincial Assembly, saying the party Assemblies attended the meetcannot go along with Pakistan ing. Raza Haroon, a senior Peoples Party (PPP) in Sindh. member of MQM said after the A joint meeting of MQM See # 9 Page 11

cooperating each other in economic sector but also impart suitable reply to the propaganda of the West against Islam", PM added. He told the conference that the government was doing its best for preventing drone attacks at diplomatic level as these attacks are playing havoc. He said Pakistan was a responsible state and could not wage war over drone attacks. He further said that a strong opposition would only lead to a strong Prime Minister. Gilani said he warned terrorists to mend their ways and reiterated that religious minorities were an integral part of Pakistan. Gilani said that MQM was the allied partner of the government and if 15 per cent pledges made by government with it were fulfilled then the rate was satisfactory. See # 19 Page 11

Indonesia forces PIA plane to land JAKARTA: The Indonesian authorities caused forcible landing of the PIA plane carrying 54 passengers at its airport for allegedly violating the country's airspace, media reported Monday. The plane was forced to land in Makassar city Sulawesi See # 15 Page 11

2 Tuesday, March 8, 2011

38 nations to take part in "Aman 11" naval exercise Staff Reporter

ISLAMABAD: Chairman Pak China Institute Mushahid Hussain Syed, speaks during a reception in honour of Deputy Governor Xinkiang, China.-Online

To revive economy through agri sector

Govt to spend Rs14bn annually ISLAMABAD: Federal Government will spend Rs.14 billion annually to revive the economy through agriculture led growth and development of the sector, said Zarai Taraqiati Bank Limited (ZTBL), President Muhammad Zaka Ashraf. He said that on the directives of the PPP Government ZTBL has been disbursing loan on easy terms focusing specially the development of small farmers as reflected by its Benazir Tractor Scheme, said a statement of the Bank issued here on Monday. Pakistan, he said is an agricultural country and it is vital to develop the agriculture sector for the overall progress of the country. ssThe ZTBL has always taken a lead to take steps for the welfare and development of farming community and now this Federal Government initiative earmarking Rs.14 billion will help to facilitate the small farmers and increase in their income through significant increase in yield per acre.

CPNE meets today TFD Reporte KARACHI: Council of Newspaper Editors (CPNE) Standing committee's meeting would be held in Regent Plaza today (Tuesday). As per details, President CPNE Jameel Tahir Qazi will chair the meeting and present situation of press in country, administrative issues, governmentpress relationship and other issues are on the agenda of the meeting. Standing committee has instructed all members to ensure their presence in the meeting.

TV PROGRAMMES TUESDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:05 13:40 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30

News News Subah Savere Maya ke Sath News Aap Ki Baat (Rpt) News Newsbeat (Rpt) World Cup Hangama Tonight With Jasmeen (Rpt) News News World Cup Hangama News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24

The Peoples Government has always come forward to provide solutions to the farmers' problems and to meet the food security challenges through adoption of latest technology, said Zaka Ashraf. He further said, that under Pak-China friendship various initiatives have been taken for the introduction and development of solar energy, LED lights, modern technology and farm practices, which will not only help the farmers to operate their tube wells and save rising electricity cost but also to adopt innovative technology for rapid agriculture growth and these will be implemented soon. "The Progress of the country is dependant on economic development and this is achievable largely through agriculture development and ZTBL has been focusing to finance entire value added chain. The good governance and financial management coupled with team efforts has raised the Bank's deposit base from Rs.1

Ban on late night functions Staff Reporter

K A R A C H I : Government of Sindh has imposed ban upon holding of marriage and other functions beyond 12 midnight all over the Province of Sindh with immediate effect. In Pursuance of Section 195 (1)(a) Cr. P.C all the SHOs of Police Stations in Sindh Province are hereby authorized to register the complaints under Section 188 PPC in writing for the violation of Section 144 Cr P.C against the owners of premises i.e marriage halls, lawns, hotels and other establishments where such functions are held without proper prior permission from Home Department.

billion to Rs.9 billion which has not only improved financial health of the Bank but also to enable it channelise more funds for finance starved agriculture sector," said Bank's Chief. President ZTBL said, "The Bank is not only financing the agricultural sector but also promoting sports activities and it is worth while to mention that the national women cricket team which won the Asian games has 9 playing members of ZTBL Cricket Team which is an honour for the Bank. He said, it is a moral duty of every Pakistani to play ones vital role for the progress of the country and the nation, so that we could register as an enlightened people in the comity of nations. The Agricultural sector is lacking in research and planning for which every effort is being made at the National and organization TFD Report level to focus on agriculture research to fetch beneAll fits for productivity KARACHI: Memon enhancement and farmers Pakistan Federation (APMF) is uplift.-APP organising Vision of Karachi at Expo Centre, to highlight its affiliation and contribution for the development of the business sector of Pakistan. response from customers The three day conand has catered to over 25 thousand satisfied patrons sumer event will comin a short span of one prise different stalls of FMCG products, finanmonth. Kamran Khalili, CEO cial institution, automoMeat One said that Meat bile and airline indusOne is trying to offer try, travel and tourism, Karachites a meat buying chemical and pharmaexperience similar to inter- ceutical industry, national standards. International and local Citizens of Karachi, for the brands of Financial very first time, are experi- Institutions, Consumer encing a radically different G o o d s , and pleasant way of pur- Te l e c o m m u n i c a t i o n , chasing fresh raw and mar- Airline and Automobile inated meat products in Industry, Media and beef, mutton and chicken, Celebrities, Textile he added. Exclusively designed by a Industry, Government renowned architectural Organization and NGOs firm, our retail outlets in etc. The event is mainly Karachi offer a clean, targeted towards famifriendly environment where lies with activities such customers can choose from as shopping and leisure, a selection of over 30 differ- with a wide variety of ent cuts prepared by Meat products, Food Street, One's professional butchers, Kids Area with games Khalili added. for children of all age Meat One is a subsidiary groups, the exhibition is of the Al Shaheer going to be a mega Corporation, a very sucevent. cessful venture that has been exporting meat to the Middle East and GCC countries since 2008.-s NNI

'Vision Of Prosperity' from 11th

Meat One to open 11 new outlets KARACHI: The Meat One, a chain of specialty meat stores retailing fresh, export quality meat plans to open 11 new stores here in the city by the end of the year. According to a press release issued here on Tuesday, the Meat One currently has four functional meat shops in the city, while four new outlets are under construction, that would double their capacity and presence in the metropolis. The need to establish more outlet was felt as Karachi is a large market with respect to meat consumption and there is a strong demand for quality meat in the city. Meat One has achieved a milestone by catering to over 0.2 million customers through its four outlets in a short span of six months. Three of these shops are situated in DHA while the forth one is in North Nazimabad. The company had recently inaugurated it's forth outlet in North Nazimabad in February. The outlet received an outstanding

KARACHI: The efficacy of Dawlance H-Zone washing machine in cleaning clothes using a revolutionary technology is being explained to potential consumers by brand ambassador ata local Club.-Staff Photo

IBA's Alumni Assn registered

KARACHI: Institute of Business Administration Karachi (IBA) has congratulated IBAians on the registration of the Alumni Association of IBA graduates as their sole representative body. IBA hopes that the Alumni Association will play its role in not only bonding the relationship amongst its members but will also help foster the cause of their alma mater. -PR

KARACHI: Major Naval forces have started assembling in Pakistani waters for the cause of international maritime peace. Naval ships from eleven different countries including USA, UK, China, Indonesia, Malaysia and Saudi Arabia arrived here on Monday to participate in the multinational Naval Exercise AMAN 11. The large scale exercise is being conducted from 812 March in the Arabian Sea under arrangements of

Pakistan Navy. A total of 39 countries along with their naval assets are participating in this exercise. Maritime air platforms from Japan, Australia and USA have arrived here on Sunday. In addition, Special Operation Forces, explosive ordnance, disposal experts and marines teams from Turkey, Saudi Arabia, China and USA are also participating. Upon entering the Karachi harbor, the participating ships were given a warm welcome by PN offi-

cers and sailors with military bands playing national tunes. Ships of Chinese Navy received a very warm welcome upon arrival at Karachi harbour. A large number of Chinese along with their diplomats were present at dockyard to greet their ships holding flags of both the countries chanting the slogans of deep rooted Pak-China friendship. Later on arrival, talking to the media, Commanding Officer of the Chinese Ship said that the long standing

Sino-Pak friendship is beyond any boundaries. He expressed his gratitude for being invited to exercise with Pakistan Navy in the warm waters of Arabian Sea. Exercise Aman-11 is third in line of its biennial series of exercises being conducted off Pakistan's coast. First exercise Aman07 was held in March 2007 followed by Aman-09 in March 2009. A large number of foreign navies have been participating in this exercise with naval assets and observers.

Zardari for ending discrimination against women ISLAMABAD: President Asif Ali Zardari has said that the government is committed to stop discriminatory practices against women and integrate them in national mainstream. In his message on the International Women's Day, the President said women empowerment is all about human rights that lie at the heart of development. "Efforts for women empowerment is the key to improve economic, political and social conditions in the country," he said. President Zardari said the observances of the International Women Day today under the auspices of the United Nations demonstrate that women are determined to shape up their own destiny. He said the present democratic government recognizes the challenges and has taken initiatives for promotion of women's rights. "We aim at providing financial security, harass-

RAWALPINDI: A student of Government Degree College for Women beine painted on the face during an awareness rally in connection with Womenâ&#x20AC;&#x2122;s Day.-Online

ment, free working environment and creating opportunities for women," he said. He mentioned in this regard the vision of Shaheed Mohtarma Benazir Bhutto for women emancipation and the government's promulgation of

Tetra Pak's trade stand awarded at Gulfood fair Staff Reporter KARACHI: Tetra Pak, the world's leading food processing and packaging solutions company, was the winner of the prestigious Best Trade Stand award at the annual Gulfood Exhibition and Awards held in Dubai recently. Gulfood is the world's largest food and hospitality trade event organised annually at the Dubai International Convention and Exhibition Centre. Tetra Pak's award winning stand was purpose-built to exhibit Tetra Pak's theme "Passion for Innovation", which allowed the audience to view the company's complete international portfolio of packaging solutions, while providing the opportunity to learn about recent innovations in the food processing and packaging industry. Visitors to the Tetra Pak stand were led through an interactive showcase of Tetra Pak's featured Portfolio and Innovation labs, providing key insights into research and development activities that have been critical in driving innovation in the company's creative packaging solutions. Tetra Pak's environmentally responsible approach to business was also on display, with particular focus on its recycling initiatives. Azhar Ali Syed,

Managing Director, Tetra Pak Pakistan said, "It is a great source of pride for Tetra Pak to have our stand awarded at Gulfood 2011. This accolade could not have been achieved without the contribution of Tetra Pak's loyal customers in the region, whose confidence in our packaging solutions and services is the reason behind our own success." He further added, "Our participation at Gulfood 2011 is demonstrative of Tetra Pak's commitment to the Greater Middle East (GME) region, in which Pakistan is a key market for us. This region represents one of the fastest growing markets worldwide and is signified by an informed customer base that recognises the need for high quality and innovative packaging solutions to meet the food safety needs of a growing public." This year's exhibition had a record 3,800 exhibitors who competed with each other in all categories of the Gulfood Awards, including Best Trade Stand. The high status event draws more than fifty thousand trade visitors from over 150 countries worldwide. This year was also a highlight for the Pakistani business community, with showcased products of more than 30 local companies who participated zealously in the event, saya a company press release..

Criminal Law (Amendment) Act 2010 and Protection against Harassment of Women at Workplace Act 2010 to protect women and enable them to fully participate in nation building. President Zardari said the govern-

ment has also declared women as beneficiaries of the Benazir Income Support Program (BISP) as well as of free distribution of state lands in the command areas of the new dams proposed to be built in the country. He congratulated women of the world in general and of Pakistan in particular for their struggle for emancipation and an end to discrimination. He also appreciated the Ministry of Women Development for arranging special events to celebrate the day. He stressed the need to pursue the pledges made by Shaheed Mohtarma Benazir Bhutto at the Beijing Conference and in the document on CEDAW for the emancipation and uplift of women. "She [Mohtarma Benazir Bhutto] set the trend in gender equality and protection of women from violence. On this day we reiterate our resolve to make that trend irreversible," he said.-APP

Tuesday, March 8, 2011 Top Economic Events

Euro little changed as rate euphoria fades for now Higher euro rate expectations still a key factor NEW YORK: The euro fell from the day's high and traded little changed against the dollar on Monday as expectations of a euro-zone interest rate hike next month faded. The euro had gained for four straight days, but the gains faded as trading in London wound down and liquidity began to dry up with only New York markets open. Investors also may have taken a second look at Moody's slashing Greece's debt rating by three notches. The ratings agency also kept Greek debt on review for a further possible downgrade. "It's been a long time since a major

(economic) power raised interest rates, so just the thought that the ECB may raise interest rates is a big deal," said Chuck Butler, president of EverBank World Markets in St. Louis. But "it should not overshadow that the euro-zone debt problems could be back if there is no resolution. "If they do not do something by the end of March, the euro could pull back," Butler said. The common currency had been strong since European Central Bank President Jean-Claude Trichet surprised investors on Thursday by saying that Euro-zone interest rates may rise as early as next month.

The euro was last little changed at $1.3992, falling from an earlier fourmonth high of $1.4036 on electronic trading platform EBS. Gains initially accelerated on Monday as stop-loss orders were triggered on the break of $1.4005 and $1.4025, though the rally stalled ahead of an options barrier at $1.4050. More option barriers are said to be placed at $1.41 RATE DIFFERENTIALS Rate differentials were not completely discounted, however. In an interview published on Monday, ECB Executive Board member Jose Manuel Gonzalez-Paramo said an

Asian currencies

Won, peso down as oil spurs USD short covering SINGAPORE: The South Korean won and the Philippines peso slid against the dollar on Monday, weighed down by higher oil prices and traders' caution about further intervention by some central banks to slow any gains in their currencies. Central banks of Indonesia, Philippines, Taiwan, Thailand and Singapore were spotted buying dollars, dealers said. But the purchases may have been aimed at slowing appreciation of their currencies, rather than reversing them, given inflationary pressures across much of the region, analysts said. "The risk is of a dollar correction. US unemployment is below 9 per cent, which means there may be less incentive for Asian central banks to intervene to stem excessive currency gains,"

said Suresh Kumar Ramanathan, a rates and foreign exchange strategist at CIMB Investment Bank in Kuala Lumpur, Traders estimated that Thailand on Friday bought $500 million in dollars and Taiwan central bank bought $400 million. The won slid against the dollar as investors covered dollar-short positions and importers' dollar demand for settlements around mid-1,110 levels per dollar. The local currency found some support ahead of the central bank's rate decision on Thursday and as exporters bought it for settlements. It may hit this year's low of 1,102 before the Bank of Korea's meeting as investors eye whether it raises interest rates to fight inflation.

Sterling slips on ECB rate speculation LONDON: Sterling slipped to a five-week low against the euro on Monday on speculation eurozone interest rates may rise before those in the UK, but gains were limited as the single currency came under broad selling pressure. The pound edged lower against the dollar on selling interest from Middle East sovereign accounts after the British currency hit a session high but was unable to break above a 13month peak hit last week. The euro was supported against sterling, as investors stuck to their view that eurozone rates will soon rise, after European Central Bank President Jean-Claude Trichet reiterated the need to avoid second-round inflation effects. Trichet shocked the market last week by saying the ECB may raise rates next month. Sterling has rallied since the start of the year on speculation the Bank of England will raise rates by mid-year. A weak reading of the UK services sector last week prompted some investors to pare back those expectations, however, taking some steam out of the pound's upward momentum. "The pound may still be trading at very high levels, but it is off recent peaks. This can be accredited to less-than-sparkling

UK economic data, and the BoE taking second place to the ECB in the rate hike story," said Kathleen Brooks, research director at Forex.com. The overnight interest rate swap market is pricing in a 25 basis point UK rate rise from a record low 0.5 per cent in June or July, having shifted from May or June. One additional hike is fully priced in by the end of the year. The euro rose as high as 86.24 pence, its highest since late January. Traders said the latest boost to the euro was driven by corporate demand to buy the single currency versus the pound. Sterling traded 0.2 per cent lower at $1.6247, retreating from a session high of $1.6242. Traders said its inability to extend gains beyond a 13-month high of $1.6344, hit last week, had lured some sterling sellers, including Middle Eastern names, into the market. Sterling barely reacted to the UK Treasury's announcement it had appointed Ben Broadbent to the BoE's policy-setting committee to replace perennial hawk Andrew Sentance when his term expires at the end of May. Broadbent is an economist at Goldman Sachs. A research note published March 6 and edited by Broadbent predicts the BoE will raise rates in May. -Reuters

However, the won is unlikely to break through that level as South Korea's foreign exchange authorities were expected to buy dollars around the level, dealers said. The Philippines peso slid as investors covered dollar-short positions amid higher oil prices and market remained biddish for the greenback, dealers say. The local currency found some support as Philippines' Finance Secretary said inflation in the country is under better control than in other countries and it is still within the official target range although price pressures are growing. Still, investors remained wary of possible dollar-buying intervention by the central bank with some citing dollar bids by the central bank at 43.25 earlier. -Reuters

Swiss franc strengthens ZURICH: The Swiss franc rose against the euro on Monday after rating agency Moody's downgraded Greece's sovereign debt but the single currency was seen supported by last week's hawkish signals from the European Central Bank. "We remain bullish EUR/CHF due to wide interest rate spreads and positive technicals and expect 1.31 in one month," said Credit Suisse economist Marcus Hettinger. The franc was up 0.2 per cent against the euro compared to the New York close, trading at 1.2922 per euro at 0812 GMT, reversing earlier weakness after the Moody's downgrade of Greece. But Commerzbank technical analyst Karen Jones said the euro's strong rebound last week suggested more upside this week, targeting a recent high of 1.3070 en route to the 200-day moving average of 1.3205/1.3237. The franc was flat changed against the dollar at 0.9252 per dollar, off the record high of 0.9202 franc per dollar hit last week.. The franc dropped sharply on Thursday after ECB chief Jean-Claude Trichet said euro-zone rates could rise as early as April, but recouped some of its losses on Friday after SNB Vice-Chairman Thomas Jordan said Swiss rates would have to rise in the medium term to ensure price stability. -Reuters

NZ dollar vulnerable, awaits RBNZ; Aussie steady WELLINGTON/SYDNEY: The New Zealand dollar struggled to make much headway on Monday ahead of an expected interest rate cut by the central bank later this week, while the Australian dollar was subdued, finding the going tough near the top-end of its range. The kiwi traded at $0.7375, having plumbed a five-month low of $0.7339 on Friday. The currency lost about 1.7 per cent last week, hit by a series of negatives including sharply reduced growth forecasts and expectations of a rate cut. Markets are now focussed on the Reserve Bank of New Zealand's interest rate decision on Thursday. The bank is seen likely to cut rates by as much as 50 basis points in an attempt to cushion the economy from the short term effects of the Feb 22 earthquake. "I suspect whatever the RBNZ does on Thursday, once the uncertainty is out of the way, we should see the kiwi rally a little bit," said Roland Randall, senior economist at TD Securities in Singapore. The New Zealand dollar could return to $0.7500-$0.7550 in the short-term, Randall said. But he anticipated a gradual depreci-

ation to $0.66 by the end of the year. Immediate support for the kiwi is seen around $0.7339, while resistance starts at $0.7407 and then $0.7427. The euro last stood at NZ$1.8931, still near an 11-month high of NZ$1.9012 set on Friday. The euro rallied some 3.5 per cent against the kiwi last week, particularly after the ECB flagged the possibility of an interest rate hike as soon as next month, much earlier than anticipated. The Aussie has also benefited from the diverging interest rate view, hitting a new 19-year high at NZ$1.3774, before edging back to NZ$1.3729 on profit taking, traders said. Randall sees the Aussie outperforming the kiwi by 6 per cent over the year. So far this year, the Aussie has risen about 4.5 per cent versus the kiwi. The Australian dollar was steady at around $1.0131 in thin trading, versus $1.0136 late in New York on Friday. Immediate support for the Aussie is around $1.0099, with resistance seen at $1.0189, the March 3 peak. It has been trading in a well-worn range roughly between $0.9950 and $1.0200 since early February. -Reuters

Yuan at record high, cbank eyes inflation to a lower inflation rate in February, but there is no room for complacency. Also, senior officials, including Premier Wen Jiabao, have repeatedly said fighting inflation is a priority for China and the government must ward off threats to social stability stemming from rapid price increases. But dealers said yuan appreciation may still be limited in the next couple of weeks as Chinese leaders gather in Beijing this week for the annual parliamentary session typically held in the first half of March, traders said. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4050, slightly up from 6.4020 at Friday's close. Their implied yuan appreciation in a year's time fell to 2.50 per cent from 2.55 per cent. For the past couple of months, NDF-implied yuan appreciation has persistently lagged market expectations of a 5 to 6 per cent rise in 2011 partly because hedge funds, the main players in forwards, cut back exposure to Asian markets in favour of dollar assets as the US economy recovers, traders said. -Reuters

Indian rupee ends down but off lows MUMBAI: The Indian rupee ended weaker on Monday, dragged down by weak local shares, but it crawled back from the day's trough aided by gains in the euro. The common European unit rose to a four-month high on Monday, pushing above the key $1.40 level on reported buying by Middle East accounts and expectations of higher interest rates as the market shrugged off a ratings cut on Greece. The partially convertible rupee ended at 45.04/05 per dollar, 0.1 per cent weaker than its closing of 44.98/99 on Friday. During the day, the local unit had moved in a 45.0325-45.1750 range. Indian shares dropped 1.4 per cent on Monday, with rate sensitive sectors contributing the most to the losses, hit by political worries on the domestic front and surging crude oil prices. Traders said as of now, political instability was not a big worry for the local currency market, but a prolonged crisis, might impact foreign investor sentiment about India. Foreign funds have pulled

Source JPY JPY GBP GBP JPY EUR EUR CAD USD

Events Bank Lending y/y Current Account BRC Retail Sales Monitor y/y RICS House Price Balance Economy Watchers Sentiment French Trade Balance German Factory Orders m/m Housing Starts IBD/TIPP Economic Optimism

Source

Events

JPY EUR CAD

Leading Indicators Sentix Investor Confidence Building Permits m/m

Forecast

Previous -1.8% 1.56T 2.3% -31% 44.3 -5.1B -3.4% 170K 50.9

1.19T -25% 45.7 -4.9B 2.4% 174K 51.8

Previous Day

April rate increase was possible as the central bank continues its effort to control inflation. The ECB's stance contrasts sharply with that of the US Federal Reserve, which is expected to keep monetary policy loose for some time, reflecting more concern about the outlook for growth than about inflationary pressures. "Despite signs of a recovery in the US, the Fed will continue to fight growth risks while the ECB will fight inflation risks," BNP Paribas analysts wrote in a report. The dollar fell 0.2 per cent against the yen to 82.13 yen. -Reuters

SHANGHAI: The yuan rose to new highs versus the dollar on Monday, after the People's Bank of China set a record high midpoint for the third day, signalling its intention to let the yuan appreciate to help fight inflation. Before trading began, the PBOC fixed the yuan's midpoint at a record high of 6.5651 on the dollar, stronger than Friday's 6.5671. Spot yuan hit a record high of 6.5628 versus the dollar, up from Friday's close of 6.5686 and has risen 4 per cent since it was depegged in June 2010. It ended at an all-time high of 6.5634. The market widely expects the Chinese currency may rise 5-6 per cent this year as the government appears to be using the exchange rate to fight inflation. "Inflation is the most serious problem in our country, so it puts pressure on the central bank to raise the value of the yuan," said a dealer at a Chinese commercial bank in Shanghai. "And it still has potential to rise in the long run." The head of the country's state planning agency said on Sunday that China's efforts to curb price rises are working and could lead

Time 4:50 4:50 5:01 5:01 10:00 12:45 16:00 18:15 20:00

out around $2 billion from Indian equities from the start of the year to March 3. One-month onshore forward premiums were trading at 27.50 points versus 25.50 points on Friday, while the three month premiums were at 76.50 points and the one-year at 275.00 points. One-month offshore nondeliverable forward contracts were quoted at 45.3, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts closed at 45.2300 on the National Stock Exchange and the MCX-SX, while they ended at 45.2375 on the United Stock Exchange, with the total traded volume at $7.3 billion. -Reuters

Actual

Forecast

101.9% 17.1 -5.1%

102.4% 16.8 1.3%

101.0% 16.7 2.6%

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

As per 22.00 PST Ask High 1.4010 1.4037 0.9272 0.9274 1.6250 1.6341 0.9708 0.9729 1.0166 1.0185 115.1600 115.2500 0.8624 0.8622 1.2984 1.2986 133.5500 134.0700 88.6800 88.9800 1435.7500 1444.8000

Bid 1.4008 0.9268 1.6245 0.9705 1.0163 115.1200 0.8620 1.2980 133.5000 88.6300 1435.4400

Low 1.3955 0.9238 1.6239 0.9701 1.0121 114.5800 0.8574 1.2916 133.4800 88.6300 1428.3800

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 07/03/2011 A USD GBP CAD EUR JPY O/N 0.22050 0.55625 0.96833 0.45375 SN 0.10563 1WK 0.24550 0.57688 1.00083 0.83625 0.11375 2WK 0.25100 0.58438 1.04383 0.84000 0.11813 1MO 0.25900 0.61250 1.08217 0.85813 0.13375 2MO 0.28600 0.68313 1.14750 0.97750 0.15563 3MO 0.30950 0.80625 1.21833 1.12438 0.19125 4MO 0.35050 0.88875 1.28500 1.21938 0.24313 5MO 0.40850 0.99563 1.35283 1.31813 0.30125 6MO 0.46250 1.11250 1.42300 1.43438 0.34750 7MO 0.51600 1.19375 1.50700 1.50938 0.39625 8MO 0.56925 1.28125 1.59917 1.58250 0.44563 9MO 0.62075 1.36313 1.68617 1.66125 0.49000 10MO 0.67400 1.44625 1.77333 1.73313 0.51688 11MO 0.72450 1.51625 1.86050 1.80188 0.54250 12MO 0.78650 1.58500 1.95167 1.87563 0.57000

Major Central Banks Overview Central Bank

Next Meeting

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

Last Change

April 12, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009

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

Division of National Bank of Pakistan (NBP) KARACHI, March 07,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.50 138.94 119.50 87.87 92.43 86.59 13.46 1.04 15.36 67.50 16.03 22.80 10.98 13.02 307.61 28.19 63.10 23.48 23.28 0.08 2.81

85.30 138.61 119.22 87.67 92.22 86.39 13.43 1.04 15.32 67.35 15.99 22.74 10.95 12.99 306.89 28.13 62.95 23.43 23.22 0.08 2.80

85.05 138.18 118.84 87.44 91.97 86.16 13.39 1.04 15.28 67.17 15.95 22.68 10.92 12.96 306.08 28.05 62.79 23.37 23.16 0.08 2.79

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 07, 2011

KASB 0-7days 12.90 8-15dys 12.95 16-30dys 13.00 31-60dys 13.20 61-90dys 13.35 91-120dys 13.48 121-180dys 13.61 181-270dys 13.65 271-365dys 13.78 2-- years 14.05 3-- years 14.18 4-- years 14.20 5-- years 14.20 6-- years 14.24 7-- years 14.26 8-- years 14.25 9-- years 14.22 10--years 14.22 15--years 14.50 20--years 14.75 30--years 14.90

BMA 12.95 12.95 13.00 13.20 13.32 13.47 13.63 13.67 13.78 14.12 14.17 14.20 14.19 14.25 14.25 14.25 14.17 14.17 14.55 14.75 14.85

ELXIR 12.92 12.93 12.95 13.13 13.35 13.49 13.61 13.68 13.80 14.05 14.17 14.18 14.19 14.25 14.28 14.23 14.18 14.17 14.60 14.75 14.95

GSL 12.90 12.90 13.00 13.15 13.36 13.50 13.64 13.68 13.80 14.05 14.17 14.18 14.18 14.23 14.20 14.23 14.22 14.18 14.55 14.80 15.00

ICSL 12.90 12.95 13.00 13.15 13.35 13.48 13.60 13.68 13.78 13.95 14.16 14.20 14.19 14.25 14.21 14.20 14.10 14.17 14.55 14.75 15.00

JSCM AvgRate 13.00 12.93 12.90 12.93 12.95 12.98 13.15 13.16 13.36 13.35 13.45 13.48 13.61 13.62 13.65 13.67 13.75 13.78 14.05 14.05 14.15 14.17 14.20 14.19 14.19 14.19 14.25 14.25 14.30 14.25 14.20 14.23 14.18 14.18 14.17 14.18 14.50 14.54 14.75 14.76 15.00 14.95

Currencies Correlation USD/JPY Period 1 1 3 6 1 2

AUD/USD EUR/CHF EUR/GBP EUR/JPY

week month months months year years

-0.16 -0.77 -0.70 -0.61 -0.74 -0.87

0.92 0.69 0.22 -0.21 0.81 0.83

-0.36 -0.74 -0.57 -0.66 0.21 0.43

0.93 0.36 -0.02 -0.21 0.64 0.76

EUR/USD GBP/USD 0.86 -0.70 -0.50 -0.70 -0.49 0.09

0.95 -0.36 -0.26 -0.44 -0.79 -0.22

NZD/USD USD/CAD -0.60 0.20 -0.58 -0.61 -0.79 -0.83

-0.97 0.53 0.50 0.36 0.36 0.76

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)07/03/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 12.65

13.15

12.60

13.15

12.75

13.25

13.35

13.60

13.85

13.70

14.20

13.80

14.30

14.00

14.50

JSBL

12.80

13.30

12.80

13.35

13.00

13.50

13.40

13.65

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

ASPK 12.70

13.20

12.75

13.25

12.80

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

CIPK

0.00

DBPK

0.00

FBPK 12.70

13.20

12.75

13.25

12.75

13.25

13.35

13.60

13.55

13.80

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 12.65

13.15

12.75

13.25

12.80

13.30

13.35

13.60

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

HBPK 12.80

13.30

12.85

13.35

12.85

13.35

13.60

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 12.70

13.20

12.80

13.30

12.85

13.35

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

NIPK

12.65

13.15

12.85

13.35

13.10

13.60

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMBP

0.00

SAMB 12.75

13.25

12.80

13.30

12.90

13.40

13.30

13.55

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 12.70

13.20

12.70

13.20

12.75

13.25

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 12.70

13.20

12.70

13.20

12.70

13.20

13.30

13.55

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

SCPK 12.65

13.15

12.65

13.15

12.65

13.15

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

UBPL 12.75

13.25

12.75

13.25

12.80

13.30

13.40

13.65

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.20

12.76

13.26

12.80

13.30

13.33

13.58

13.50

13.75

13.64

14.14

13.76

14.26

13.86

14.36

12.70

4 Tuesday, March 8, 2011

Bhattiâ&#x20AC;&#x2122;s Murder: An Unbiased View

The Financial Daily International Vol 4, Issue 122

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

Leveraging the market Around the world leverage products provide impetus to the equities market and Pakistan can't be an exception. The journey from Badla to CFS Mark-II has served the purpose with a few benefiting and many losing money because of inadequate risk management. It was part of the learning curve but also a bad reflection on the part of regulators, market players, participants and above all investors who suffered from herd mentality. Many experts say that stock markets are driven by greed and fear. Investors take calculated risk but also suffer due to greed and fear. When the market is bullish investors put whatever they have in the market and pull when the downturn begins. However, the market thrives on volume generated by the leverage products. In Pakistan regulators often have contradictory opinion about the leverage products. Those believing in larger volume insist on availability of leverage products, while the opponents strongly believe that 'playing on borrowed money is likely to create more mishaps'. This is exactly what the history proves in Pakistan. This highlights the need for better risk management through introductions of checks and balances to check the moves of 'stock-sharpers'. It is expected that learning from the past mistakes has made the regulators, stock exchanges as well as the Securities & Exchange Commission of Pakistan to introduce better controls in the 'real time environment'. They have to go one step forward in implementation to avoid complacency and take immediate steps as and when some deviations surface. In this regard brokers and the financial institutions have the most important role to play. Since both of them wear more than one cap implementation of the rules has to be watched very carefully to curb any violation. It is true that the system has appropriate checks but unscrupulous elements could always fiddle, this is exactly what has happened in the past. While we welcome introduction of the leverage products with some caution, it is also necessary to say that many investors have not received claims of the 2008 stock market debacle. It is on record that some of the ruthless players not only breached investors' confidence but could also be alleged of 'outright cheating'. It is true that presence of such 'black sheep' can't be overruled but it is the responsibility of the regulators to weed out the undesirable elements, punish those found guilty and also ensures that such incidences do not take place in future. The common complaint is that to begin with regulators were not aware of the growing balloon till it burst and then the whole process moved at snail's speed providing all the chances to the erring brokers to runaway. Since the Boards of Directors of stock exchanges now have member as well non-member directors, SECP nominees will have to play a more responsible role. Last but not the least new chairman and commissioners have assumed their offices at the SECP and the expectations are that they would not repeat the same mistakes committed by their predecessors. In fact investors expect them to play a proactive role rather than that of firefighters.

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.

Mohammed Akmal Pasha

eath is certain, but also uncertain as it is categorically bound to impede every living soul someday though randomly, hence uncertain. In other words, this randomness of chance that death will embrace someone carries with itself an admixture of elements both of certainty and uncertainty. Admitted, but contextually speaking, assassination of one human stands as ignoble and ghastly as of any other, we get informed though not sensitized in the light of Islamic precepts much drummed up in the castle of Islam, Pakistan. The Islamic precepts postulate that killing of one person is tantamount to killing of whole humanity. So our departed soul Shahbaz Bhatti swayed with himself every individual; each conscience-conscious one. The killers, provided they claimed to be Muslims, did their utmost to subvert the very spirit of Islamic jurisprudence; albeit inadvertently. The height of vehemence, the body rendered blooded by the bloody killers! This reminds of Saaghir Ludhyanvi's Urdu verse, 'ye kis ka lahoo hai kon meraa, ae rehber-emulk-o-qaum bata' (whose blood is this and who has been murdered, reply me O the leader of the state, the nation). Essentially, this assassination must be viewed through clear lens, regardless of race, color and creed, since human blood has its own dignity, sanctity and nevertheless; its own impact also. Belonging to majority or minority is primarily out of question, and the significance of being a human being and a Pakistani ought to remain at the upfront. The killers may be professional, could be an instrument of some foreign force; or they may be religious fundamentalists who largely remain degenerative towards image building of their religion. Killing is their religion and that is matter of fact, like Bernard Shaw wrote in his play Devil's Disciples, 'I am a millionaire and that is my religion'. This is the very locus where killer is intoxicated by the opium of selfformulated irreligious beliefs and

follows them religiously, this is what Karl Marx meant by 'religion is opium'. Again Saahir Ludhyanvi's verse reverberates, 'Gandhi ho keh Ghalib ho, ham dono kay qaatil hain' (we are murderers whether the person is the Hindu leader Gandhi or the Urdu poet Ghalib). But this land of castle of Islam is such where Islam is being politically victimized, people killing others in the name of Islam, the label, the slogan, the epitaph. Declare someone a blasphemer and award him a death penalty. But this is Pakistan where our lives are jeopardized, but what to do? Once again from Saahir, 'zameen sakht hai aas-

and what is the appropriate way that one can express, register or demonstrate his intolerance needs clarification. Whatever the degree and intensity of blasphemy is, the issue must ultimately resort to the court of justice. For, by killing the blasphemer for that matter, the latter only replaces the former probably as an even appalling sinner; becoming a killer himself. Some critiques guess that the murder of Shahbaz Bhatti has something to do with the case of Raymond Davis, others connect it with the intention of creating tussle between Muslims and Christians, the analogy

â&#x20AC;&#x153;

Essentially, this assassination must be viewed through clear lens, regardless of race, color and creed, since human blood has its own dignity, sanctity and nevertheless; its own impact also

maan door hai, baser ho sakay to baser kijye' (the earth is hard and sky is remote, so live with it if you can). The premise as prescribed by assassins being that the very act or spirit of blasphemy triggered Shahbaz Bhatti's demise. Here one may erroneously render these killers hardcore Muslims, but a profound mind must deduce that the killers themselves must be on the diametrically opposite side of the sentiment, the very premise. Except for Ilyas Qadri, the killer of governor of Punjab who admitted that he killed the governor out of his faith-based urge, the faith of intolerance against blasphemy. Candidly speaking, this is not intolerance against blasphemy rather intolerance against the law which through its own slow-paced mode penalizes blasphemer. Now number one, the reality behind Ilyas Qadri's claim has yet to be unearthed especially in the backdrop of some powers overdoing to get Sharif brothers involved in the murder case. What exactly blasphemy is

would be like another effort was exerted at Lahore against Ahmedis a few months ago. The latter stance, however, sounds holding greater deal of commonsense. Still others believe it to be a move so as to distort Pakistan's image in the outer world. Probably, all of these elements matter albeit in varying proportions. Yet, Islam entertains no reason to kill a human, except the court of law imposes a death penalty and executes through its own institutional setup. In fact the interpretation of Quran and the Tradition of prophet Mohammad (S.A.W) has been subject to slight divergences, especially in the case of religious fundamentalists called 'Mullaas'. Behold, this divergence carries lesser amount of divergence compared with Christianity which the Christians themselves realize (Old Testament Vs New Testament). In Islam, the interpretations went so wide and astray that different sects started surfacing though without any major differ-

ences. Here, one extreme took a giant leap and gave birth to Ahmedis who were rendered outliers from the realm of Islam through constitution in early 70's. Regretfully, among the Muslim sects or individuals the terminologies like jehaad, shahadat and blasphemy for example have embraced varying meanings and implications which by and large depend upon the type of the religious institution one has obtained education from. This also depends upon personal mindset where these concepts are embedded. There is no dearth of such Muslims who hardly bother to consult some proper scholar before they venture upon some major deed, for ghastly ones they don't even consult with their own conscience. In brief, blasphemy against any prophet must be condemned and penalized, but only by the court of law and not by the individuals themselves; lest they become sinners and blatantly invite Allah Almighty's rage. However, the coin has another side as well, why one tries to become a foolhardy opting for blasphemy? Is it a reciprocal act? No, this is not! We see a great degree of inter-faith harmony especially in Sindh where Hindus and Sikhs are peacefully living with Muslims and vise versa. The Youtube even contains videos where Hindus have been filmed commemorating Moharram at their houses. By the same token, Christians are also seen living together with Muslims. Rather, Christianity is closest to Islam compared with other religions of the world. The Muslims and Christians hold several religious concepts as common. So much so, both believe in Prophet Jesus Christ (peace be upon him), and Quran contains a complete chapter on the Jesus Christ's mother Hazrat Maryam (peace be upon her). At their religious occasions, Muslims and Christians both exchange gifts and edibles, then why indulge in blasphemy and jeopardize one's life or prestige? Again, why react to blasphemy in an illegitimate manner? A twist of tongue, change of heart or putting off thinking hat! As William Shakespeare said: 'For fools rush where angels fear to tread'.

Remembering Bygone Crashes Fahim Akhtar

nvestment in equity markets is really intricate, crucial and complex requiring lot of deliberations, skills and expertise from an investor and lacking in same may result in heavy and unbearable losses in no time. Many of new investors often attempts to explore market's potential merely considering it as an open place or easy opportunity for quick earning but non acquaintance and lack of education in investment tools results in failure in investment plans. Interestingly, despite horrible stories much common in masses people keep on attempting the investment in stock market. Our domestic stock market is always exposed to all such hazards owing to hovering political uncertainties most of the time coupled with law and order situation emerging as significant issue in this decade. The market repeats its vibrant performance with regular intervals depicting numerous tangible and intangible reasons even some time no solid conclusion emerges in formal inquiries as well when crashes came depriving investors of their valued investments. Our market has also record of a floor or freezing after a crash disabling investors of all category and portfolio to withdraw form investment for months. This also dragged

market to dark ages away from continuous development process. Post floor or freeze was again unique in nature offering investment on cash basis only with no financing or leverage available for investors. Market kept on performing consistently in last two years but sometime with declining volumes. A lot of hue and cry was made in different quarters for introduction of leveraged product considering the only option for the generation of good volumes. After more than two years deliberation and work by regulators, the leverage product is going to be in practice and every one around looks bullish in terms of market performance. At this node of time, it is essential to consider a revamp of what all happened in past with our market. Most of views endorsed here are basing on research, personal analysis, and tales by those who suffered or survived during last crashes. Some of the reason of market crashes in past were: 1) Manipulation by a group, brokerage house or individual investors with hefty portfolio. This includes generation of very high activity of buying along with spread of rumours with brighter news on basic fundamental changes in dull stock, stocks actually with no reality of any positive change. Later, when news was confirmed fake causing panic amongst investors with selling, the

bears ruled in totality. Our stock market is full with the history of stocks outperforming initially and falling nose down causing losses to small investor sin particular. 2) Insider trading has been a feature of our market. Insider trading is basically trading in a stock with privileged information. This kind of trade shifts entire market momentum in different order and hurts market and confidence of investors. 3) Some major investors also enter in market carrying black money or sometime with the objective of multiplying departmental financial situation healthy in quicker way. The investment in amateur pattern with no or hasty time frame also affected market in past. 4) Foreign investment portfolio assumes significant importance. This portfolio is built by off shore accounts holders some time by foreigners and many time some domestic players operating portfolio accounts of abroad while sitting in Pakistan. A real foreign investor invests with a lot of work considering valuation in our markets in comparison with other market taking into account internal political situation of country too. In our few crashes one of the reasons was uncertain of change on political canvas also. 5) Poor market mechanism is also one of the causes which also become reasons of crash. This ranges from

application of all measures likely to affect market adversely ranging from financing to placing of circuit barkers at appropriate levels. Revision of gain limits in case of a particular stock in appropriate manner may bring imbalance sentiments in market environments and later proves harmful results. 6) Composition of index inappropriately with very few heavy weight stocks offers players to cause panic like situation in market. This specially occurs when index looses much by selling in one odd stocks only first in a particular session cause bearish sentiments in investors. 7) Lack of apprehension, awareness and education in case of a small investors. Small investors mostly rely on brokers' advice while forming their investment portfolios. Many time small investors do not follow any investment plan at all. Irrational decisions coupled with lack of know how caused heavy looses to investors particularly when the investment plans and portfolios were changed frequently in abrupt manners Investors of all kinds and small investors in particular must take into account all these for forming future views and perception at this juncture when every one seems bullish about market performance and in this way they can plan their investment in better way.

International Womenâ&#x20AC;&#x2122;s Day Iftikhar Shaheen Mirza

arch 8th is marked as Women's Day around the Globe. Generally, drawing attention to the hardships of displaced women. Gender biases, lack of education, denial of providing equal education, health and employment opportunities to women. Oppression and suppression faced by women in third World. Non-accounting and nonmonetising of services women render inside home and its non-inclusion in GDP and national income. Economic as well as social depriva-

tion of female population, harassment and bullying at work place, underpayment to women work force are a few menaces our woman faces today which skew them from main stream. A general perception, particularly, in women is building that women are not given full rights in Islam. Even educated women, sometimes, are disillusioned. It is worth mentioning here that in Islam women have dual right to property. After getting married viza-viz her right of share in her father's property even after her marriage. The fact has been elaborated in Surah Nisa, verses 11 and 12 of the Holy

Quran. We should not look at the gloomy side of the picture only. The other side bears various stars shining on the sky of wisdom and fame. This starry and delightful view encompasses women that rose to perfection with their dexterity and skill. A few, mostly from subcontinent, are mentioned here to prove that in developing countries women are also accepted and respected. These women have reached the Top Slots of their countries. In the annals of history Rani Durgawati (1524-1564) and Chand Bibi(1550-1599) stood tall as they

bravely defended their forts and in the end embraced death gallantly setting an example of bravery. Bandara Naike, Prime minister/President of Sri Lanka, Corazon Aquino,Phillippine's President (86-92), Benazir Bhutto, Prime minister, Pakistan, Khalida Zia and Sheikh Hasina Wajid, Prime minister of Bangladesh, Tansu Ciller, Turkey's Prime minister, and Janet Jagan of Guyana are a few examples that shed light on the fact that women in various countries have found chances to rule the country dominated by men.

Tuesday, March 8, 2011

South East Asian stocks

Oil worries spark late European share sell-off

Mostly up; energy in demand due to firm oil prices

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

Politicals take toll on KSE shares

12,000.03 11,974.55 25.48 0.21 116.94

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

3,659.85 3,647.17 12.68 0.35 4.51

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

2,845.42 2,839.53 5.89 0.21 0.07

Major Gainers

Symbol

Change

RMPL 2,745.80 ULEVER 4,713.37 SHEL 205.06 MCB 221.63 SAPL 150.00

25.78 13.34 5.41 5.15 5.00

Major Losers

Symbol

Change

WYETH BATA HINO NRL PSO

940.00 535.98 121.60 289.96 286.34

-40.59 -15.06 -6.4 -5.75 -4.3

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA FFBL JSBL NBP SSGC

15.57 43.11 3.10 79.16 25.41

17.76 10.31 6.97 6.33 5.06

Active Issues Plus Minus Unchanged

121 162 85

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)

6,123 626 1,020 1,317 90 3,143

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793

INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)

29,078 28,293 5,596 5,885

HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904

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

186 113 0 23

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%

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

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

1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2

Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947

Home Minister invited selling at higher levels. MQM the Sindh KARACHI: Monday was- boycotted n't a good day for Karachi Assembly session and said Stock Exchange (KSE) for a that it is becoming difficult fresh run-in between the for them to continue to major political parties of remain an ally of PPP. the province forced Therefore selling then investors to sell for profits. ejected all the gains and The KSE 100-Index index went down to 11,913 closed at 11,974 points after points (-ve 86) to mark the losing 25 points while 30- lowest level of the day. Index fell by 26 points, and Then after showing some All Shares Index was down mixed activates index finalby 17 points to close at ly closed the day on a bear11,690 and 8,311 points ish note. Along with tension on the respectively. "Investors preferred to political front, the weakenbook profits after a new ing economic situation, wave of tensions between Pak-US relations over MQM and PPP hit the polit- Raymond Davis issue and ical quarters", said Samar unrest in Arab countries too Iqbal, equity dealer at kept the investors cautious as evident from low volTopline Securities. Market started the first umes. About 116.9 million session of the week on a positive note with 43 plus shares traded during the day up, after which it managed which is 70.5 million less to stay there for a couple of than a turnover of 187.4 hours mainly over the million on Friday. Lotte Pakistan was the launch of leverage products over the weekend. top traded stock of the sesTherefore index at a sion with 17.76 million moment touched an intra- shares followed by Fauij day high of 12,157 points Fertiliser Bin Qasim with 10.31 million shares and JS (+ve 157). However, the ongoing Bank with 6.97 million tension between the two shares. There were a total of major political parties i.e. Pakistan People's Party 368 active issues of (PPP) and Muttahida Qaumi which 162 chose to , 121 Movement (MQM) over the advanced, and 85 scrips statements by Provincial did nothing. ANNOUNCEMENTS Nawaz Ali

TOKYO: A man watches an electronic stock indicator.-Reuters

Indian shares fall as oil, politics hurt MUMBAI: Indian shares dropped 1.4 per cent on Monday, with rate sensitive sectors contributing the most to the losses, hit by political worries on the domestic front and surging crude oil prices. The banking sector index, auto sector index and realty index fell between 1.6 per cent and 2.6 per cent, as firm oil prices kept the focus on inflation concerns and more monetary tightening. The 30-share BSE index declined 1.43 per cent, or 263.78 points, to 18,222.67 points, with 25 of its components declining. Foreign funds have pulled out

around $2 billion from Indian equities from the start of the year to March 3, with the main index declining more than 11 per cent in 2011. "The big macro overhang is crude," Pratik Gupta, managing director and head of equities at Deutsche Equities India told reporters at a press briefing. US crude rose to a 30-month high above $106 on Monday as civil war brewed in Libya, while investors kept a close eye on top exporter Saudi Arabia, home to most of Opec's spare capacity and where clerics at the weekend warned against protests. See # 16 Page 11

Nikkei tumbles as oil dwarfs US jobs data TOKYO: Japan's Nikkei average tumbled on Monday, falling below a key support level and erasing last week's gains, as fears of more turmoil in the Middle East and higher oil prices overshadowed solid US payrolls data. The resignation of Japanese Foreign Minister Seiji Maehara on Sunday over political donations added to troubles facing unpopular Prime Minister Naoto Kan but participants said it had no immediate impact on the market. Despite a 22 per cent rise in US oil prices over the last two weeks, Japanese stocks have so

far proved largely resilient, and the Nikkei added 1.6 per cent last week as investors reassessed risk within their equities portfolios instead of moving out of stocks altogether. "In terms of fundamentals, surging oil prices are of course bad for the economy, but concerns about inflation in emerging markets are actually helping divert money flows into developing economies, supporting Japan stocks," said Tadao Kimura, senior fund manager at Sumitomo Mitsui Asset Management. See # 17 Page 11

Miners, Libya hit FTSE LONDON: Miners dragged Britain's top share index lower on Monday, as escalating violence in the Middle East and surging oil prices crimped investor appetite for risk. The FTSE 100 index closed down 16.61 points, or 0.3 per cent, at 5,973.78, nearly 70 points below the session high as the index traded at 80 per cent of its average 90-day volume. Crude oil prices were higher, with Brent LCOc1 above $116 a barrel, as fighting intensified in Libya, and with its resulting effect on inflation investors worried that the fragile global economic recovery could be derailed. "The FTSE seems to be becoming more and more irrational and unpredictable as once again we see it recover from a negative start before giving up on all the hard work later in the session," Angus Campbell, head of sales at Capital Spreads, said. "It's hard to push on to new ground and maintain gains when the price of oil remains supported by the unrest in the oil producing nations." Base metal prices were down across the board as rising costs brought on by soaring oil prices weakened demand, with threemonth copper on the London Metal Exchange CMCU3 down at $9,755.25 a tonne from Friday's close. See # 18 Page 11

HK shares lower but Shanghai gains 1.8pc HONG KONG: Hong Kong stocks edged lower on Monday, weighed down by higher oil prices, but a buoyant day in Shanghai shielded the market from bigger declines and underscored growing optimism about Chinese shares. A rally in energy counters, in particular coal, lifted the Shanghai Composite 1.8 per cent to 2,996.2, its highest level in nearly four months, after helping the benchmark break out above its February peak around 2,940. Those gains helped markets in Hong Kong outperform the rest of Asia with the Hang Seng index down 0.4 per cent compared with a decline of 0.9 per cent for the MSCI Asia exJapan index . The steady gains in Chinese markets come as the government lays out its economic goals for the next five years at

meetings under way in Beijing where Premier Wen Jiabao maintained that curbing inflation will be this year's top priority. The main gauge of Chinese counters listed in Hong Kong, the China Enterprises index , ended down just 0.2 per cent as energy plays rose with coal counters taking their lead from oil producers. "Coal is a substitute for oil, and as oil prices go up, coal prices follow. Secondly, investment expectations are very strong," said Qian Qimin, an analyst at Shenyin and Wanguo Securities in Shanghai. "Everyone wants to participate in this sector." Oil producer PetroChina Co Ltd , China's largest listed company by market capitalization, closed up 2.6 per cent. China Shenhua Energy Co Ltd , the country's biggest coal

producer by market value, was one of seven energy firms whose stock prices shot up by the daily maximum of 10 per cent on Monday. Shares of China Shenhua were further boosted after a proposed $8.8 billion joint project with South African petrochemical firm Sasol to turn coal into fuels in northern China received initial environmental approval from authorities. Shenhua shares in Hong Kong rose 3.2 per cent, the top gainers on the benchmark followed by peer China Coal which was up 1.9 per cent. US crude surpassed $106 to reach the highest price in 21/2 years as a counter-offensive by Libya's Muammar Gaddafi against rebels deepened concerns about a civil war in the African oil producer.-Reuters

Company GlaxoSmithKline Pak. JS Bank Ltd Dandot Cement

Period Yearly Yearly Half Yearly

Div/Bon/Right 40%(F)(D),15%(B) -

PAT (Rs in mn) 1,057.38 -407.48 -211.48

EPS(Rs) 5.08 -0.66 -2.23

US stocks late-morning

Wall Street pulls back with semis, spiking oil NEW YORK: Stocks fell on Monday, weighed down by a downgrade of the semiconductor sector and worries about the effect of higher oil prices on the economy, which is unlikely to change soon. The doubts overshadowed enthusiasm about Monday's deal news. Technology shares led losses, and an index of semiconductor shares was down 3 per cent. Wells Fargo downgraded the sector, noting it has more than doubled over the past two years. The semiconductor index is up 45 per cent since the start of September, roughly when the market's recent rally began, while the broad S&P 500 rose about 25 per cent in that period. The conflict in Libya and concerns about unrest in the region threatening oil flows from other producers kept oil prices higher. Analysts said the trend of higher oil is likely to pressure stocks at least for the near term. "There is disappointment that we could be dealing with oil over $100 per barrel for some time, and also we have got light volume thus far this session, so I think that is pressuring things as well," said David Lutz, managing director of trading, Stifel Nicolaus Capital Markets in Baltimore. Volume was about 2.6 billion shares, slightly below average for late morning. The Dow Jones industrial average was down 52.98 points, or 0.44 per cent, at 12,116.90. The Standard & Poor's 500 Index was down 8.85 points, or 0.67 per cent, at 1,312.30. The Nasdaq Composite Index was down 37.91 points, or 1.36 per cent, at 2,746.76. In deal news, Western Digital Corp jumped 15 per cent to $34.50 as the world's No. 2 computer hard drive maker agreed to buy Hitachi Ltd's hard disk drive operations for about $4.3 billion in cash and stock. Brent crude was last up 37 cents at $116.34 a barrel, while US oil prices were above $105.-Reuters

Dhiyan

IN THE PRISON OF RANGE Mohammad Imran, AVP Arif Habib Limited Market can witness some more profit-taking in the coming days even so index wouldn't give up more than 200 points. Investors better confirm their profits before going for anything. If can't help investing then take positions in fertiliser stocks while it would be good for them to seize dips in oil and textile sectors. Our top picks include FFBL, ENGRO, NML, POL and APL. Successful dialogue between Government and International Monetary Fund (IMF) and improvement in the politicals would give market a good shoulder. Rangebound activities might do rounds today.

Syed Faran Rizvi, Technical Analyst Invisor Securities Outlook is positive and index has a minor resistance at 12,142 points level. Therefore, if it manages to carry through above the said level then the bulls smelling green would return to graze. With Margin Trading System (MTS) coming to effect and exemption in Capital Gains Tax (CGT) a fresh bullspell is quite likely. Invest in banking and fertiliser stocks if index closes above 12,150 points. Market would have little or no luster today.

Tuesday, March 8, 2011

Market Volume

116,942,428

Value

5,511,193,613

Trades

73,020

Paid up Cap(mn)

Advanced Decline Unchanged Total

Current High Low Change

121 162 85 368

All Share Index

11,974.55 12,158.08 11,912.44 i25.48

Current High Low Change

KSE 30 Index

8,311.52 8,432.86 8,272.82 i17.97

Current High Low Change

KMI 30 Index Current High Low Change

11,690.41 11,853.87 11,615.61 i26.26

19,813.83 20,072.81 19,742.09 i78.18

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,507.21 Turnover 5,547,464 P/E (x) 10.47 Company

KSE 100 Index

Symbols

High Low 1,522.34 1,478.05 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 32.54

Open

High

Low

Attock Petroleum XD 691 6.65 Attock Refinery 853 4.85 BYCO Petroleum 3921 Mari Gas Company 735 7.68 National Refinery 800 6.01 Oil & Gas Development 43009 10.45 Pak Petroleum XD 11950 7.53 Pak Oilfields XD 2365 7.32 Pak Refinery Limited 350 P.S.O XD 1715 4.85 Shell Gas LPG 226 Shell Pakistan 685 10.52

363.82 117.68 9.87 108.70 295.71 154.67 209.49 321.20 100.08 290.64 26.90 199.65

373.50 122.88 10.43 113.95 301.70 155.50 211.49 325.10 102.98 293.20 27.00 207.25

366.60 118.00 9.75 109.00 288.00 151.20 205.30 316.01 99.10 285.00 26.50 197.00

Close Chg 367.81 119.16 10.00 110.65 289.96 154.49 206.03 317.60 100.01 286.34 26.72 205.06

3.99 1.48 0.13 1.95 -5.75 -0.18 -3.46 -3.60 -0.07 -4.30 -0.18 5.41

Close Change 1,496.42 -10.78 Listed cap Market cap 65,194.15 mn 1,123,868.57 mn Payout (%) Div Yield (%) 55.94 5.34 Last 60 days High Low

Volume 267065 1173827 2086839 96350 134987 246638 687918 2302899 92856 379462 7490 157972

401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 37.45 222.00

321.00 98.25 8.20 99.46 254.00 144.97 190.10 277.09 83.00 265.00 26.00 186.83

% Change -0.72 5-Day High 1,507.21 5-Day Low 1,458.33

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

2011 Div BR (%) (%)

20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -

CHEMICALS

Open 693.70 Turnover 24,053 P/E (x) 5.13 Company

High Low 689.79 673.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53

Close 684.09 Listed cap 3,242.17 mn Payout (%) 11.08

Change -9.61 Market cap 11,741.58 mn Div Yield (%) 2.16

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.49 8.79

68.00 33.00

67.51 33.00

66.32 31.38

67.51 -0.49 31.64 -1.36

900 23153

75.76 39.45

Pak Int Cont.Terminal PNSC

63.00 31.00

Company

Paid up Cap(mn)

High Low 1,726.99 1,679.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.37 35.00

Open

High

Low

BOC (Pak) 250 9.17 Clariant Pak 273 7.02 Dawood Hercules 1203 14.17 Descon Chemical 1996 Descon Oxychem Ltd. 1020 9.20 Dewan Salman 3663 Dynea Pak 94 5.82 Engro Corporation Ltd 3277 12.40 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 7.85 Fauji Fert. Bin Qasim 9341 8.13 Ghani Gases Ltd 725 9.68 ICI Pakistan 1388 8.98 Ittehad Chemical 360 6.28 Lotte Pakistan 15142 5.72 Mandviwala 74 Nimir Ind Chemical 1106 26.30 Shaffi Chemical 120 Sitara Chem Ind 214 8.51 Sitara Peroxide 551 5.52 Wah-Noble 90 5.65

88.02 194.23 257.11 2.67 6.71 2.98 10.82 226.57 12.57 11.97 125.25 42.69 11.01 160.89 28.99 15.98 0.82 2.71 2.13 97.14 12.90 36.70

91.00 199.99 257.90 2.79 7.19 3.10 11.00 231.37 12.70 12.20 128.35 43.57 11.39 162.99 28.95 16.22 1.28 2.80 2.25 101.00 13.15 36.80

87.75 194.49 252.11 2.61 6.68 2.80 10.50 224.00 12.27 11.87 125.55 42.75 11.00 156.10 27.55 15.42 0.95 2.55 1.99 97.00 12.75 36.10

Close Chg 89.36 196.21 252.99 2.76 6.99 2.83 10.83 225.61 12.46 11.89 127.55 43.11 11.04 157.09 28.49 15.57 1.26 2.63 2.23 100.94 12.80 36.70

1.34 1.98 -4.12 0.09 0.28 -0.15 0.01 -0.96 -0.11 -0.08 2.30 0.42 0.03 -3.80 -0.50 -0.41 0.44 -0.08 0.10 3.80 -0.10 0.00

Close 1,698.03 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 624 161747 161893 18007 616859 1297972 5903 2753860 180360 791527 2762521 10309350 25399 465404 7085 17762522 40050 294698 7584 3449 46697 310

Change 6.23 Market cap 366,535.92 mn Div Yield (%) 5.07

103.94 213.30 262.99 3.74 9.25 4.24 11.98 231.37 15.87 12.64 157.90 43.99 13.07 163.99 36.00 16.80 2.45 3.17 3.10 131.90 14.54 41.99

82.00 155.26 172.00 2.34 6.00 2.26 10.06 184.71 11.75 9.16 108.00 34.60 10.43 137.20 23.07 12.95 0.57 1.51 1.55 90.78 11.81 34.50

% Change 0.37 5-Day High 1,698.03 5-Day Low 1,616.52

2010 Div BR (%) (%) 60 135 25B 50 300B 15 60 20B 130 25B 65.5 175 5 5 25 5B 50 -

2011 Div BR (%) (%) 5 -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,020.00 Turnover 30,725 P/E (x) 5.17 Company

High Low 1,024.46 1,007.03 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47

Close 1,004.70 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

707 50

8.53

15.45 36.17

15.26 37.70

14.75 35.17

14.80 -0.65 37.00 0.83

29552 1073

Century Paper Pak Paper Product

Change -15.30 Market cap 2,771.29 mn Div Yield (%) 4.89

Last 60 days High Low 19.69 48.90

14.50 35.17

% Change -1.50 5-Day High 1,020.00 5-Day Low 973.95

2010 Div BR (%) (%) 2533.33B

Paid up Cap(mn)

High Low 1,136.53 1,096.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35

Open

High

Low

Agriautos Ind 144 4.65 Atlas Battery 101 5.08 Atlas Honda 626 9.17 Dewan Motors 890 Exide (PAK) 56 4.50 General Tyre 598 4.53 Ghandhara Nissan 450 Honda Atlas Cars 1428 Indus Motors 786 9.81 Pak Suzuki 823 11.23 Sazgar EngineeringSPOT 150 4.25

72.50 187.23 131.48 1.94 180.00 22.75 3.46 10.43 227.36 64.29 22.51

72.30 191.95 133.99 2.09 185.00 23.30 3.60 10.59 231.00 67.00 23.63

71.00 188.50 132.00 1.90 180.05 22.71 3.45 10.00 224.00 61.08 22.90

Close Chg

Close 1,104.37 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -10.70 Market cap 41,041.55 mn Div Yield (%) 5.29

Last 60 days High Low

Open 1,932.44 Turnover 78,713 P/E (x) 47.87 Company

Paid up Cap(mn)

AL-Noor Sugar Ansari Sugar Bawany Sugar Clover Pakistan Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Mirza Sugar National Foods Noon Pakistan Noon Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Shahmurad Sugar

186 244 87 94 990 365 750 200 324 141 414 48 165 38 107 57 223 211

PE 1.14 9.25 8.49 7.24 9.53 5.76 1.22 7.45 0.25 3.03

Company

Paid up Cap(mn)

Crescent SteelSPOT Dost Steels Ltd Huffaz Pipe International Ind

565 2.93 675 555 483.00 1199 18.53

Open 28.16 2.13 13.80 50.51

High 28.01 2.18 14.69 51.45

Low 27.55 2.01 13.55 49.95

Close Chg 27.99 2.05 14.49 50.95

-0.17 -0.08 0.69 0.44

Close 1,024.39 Listed cap 3,596.11 mn Payout (%) 30.91

Change 3.94 Market cap 9,755.34 mn Div Yield (%) 9.81

Last 60 days High Low

Volume 18650 11301 276781 38487

31.00 3.18 16.51 62.20

24.50 1.80 13.00 45.81

2010 Div BR (%) (%) 30 55

Company

Paid up Cap(mn)

Pak Elektron Singer Pak Tariq Glass Ind XR

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Bestway Cement Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement

Open

High

Low

1828 866 6.42 3257 14 956 39.83 982 12.54 3891 3651 10.76 6933 6.07 502 2.12 1760 77 283 4003 32 581 1288 13126 3234 6.14 5261 2271 200 361 798 951.00

2.65 50.60 12.67 9.00 9.49 1.65 1.90 24.97 4.23 7.00 1.59 2.00 1.21 7.92 0.52 59.70 5.91 2.95 66.48 2.23 5.76 6.71 6.51 18.66

2.84 51.31 13.53 9.85 9.89 1.89 1.99 25.44 4.44 7.39 1.68 2.40 1.06 8.40 0.59 58.98 6.14 3.05 69.49 2.35 6.00 6.49 7.44 19.19

2.60 50.50 11.67 9.00 9.56 1.63 1.85 24.40 4.26 7.00 1.41 1.16 1.06 7.30 0.43 58.85 5.80 2.95 67.00 2.27 5.66 5.81 7.32 18.00

Close 874.63 Listed cap 54,792.74 mn Payout (%) 19.04

Change 11.99 Market cap 63,521.55 mn Div Yield (%) 2.77

Close Chg

Volume

Last 60 days High Low

2.61 50.69 11.68 9.00 9.56 1.63 1.88 24.85 4.37 7.00 1.54 2.00 1.06 8.14 0.50 59.70 5.82 2.97 68.32 2.30 5.94 6.41 7.42 19.02

11504 29907 705 115 6136 2902 97679 2014531 284098 1020 12752 3432 1587 7742 7862 400 1284 573242 1109464 202756 6601 1004 1100 11700

3.98 63.90 23.90 15.50 11.85 2.15 3.10 32.30 5.55 8.00 2.25 3.40 3.65 9.19 0.99 64.52 7.40 3.88 78.44 3.30 7.65 7.95 9.60 19.65

-0.04 0.09 -0.99 0.00 0.07 -0.02 -0.02 -0.12 0.14 0.00 -0.05 0.00 -0.15 0.22 -0.02 0.00 -0.09 0.02 1.84 0.07 0.18 -0.30 0.91 0.36

2.15 48.50 11.03 7.52 8.00 1.50 1.50 21.20 3.97 6.30 1.30 0.71 1.01 4.70 0.25 56.05 5.11 2.65 59.55 1.92 5.17 5.75 5.13 16.20

% Change 1.39 5-Day High 874.63 5-Day Low 825.09

2010 Div BR (%) (%) - 100R 50 - 20R 40 - 50R

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 924.04 Turnover 160,665 P/E (x) 2.63 Company Cherat Papersack XR ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack FilmsSPOT

Paid up Cap(mn)

Open

115 2.38 50.57 230 2.25 1067 5.30 51.00 389 1.94 6.15 47 16.58 29.11 844 - 115.88 300 8.39 139.05

High

High Low 931.97 914.71 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 43.91 Low

Close Chg

52.00 50.00 51.90 2.41 2.10 2.39 51.00 51.00 51.00 7.15 7.14 7.15 29.85 28.65 29.85 115.79 113.75 113.75 139.00 137.00 138.27

1.33 0.14 0.00 1.00 0.74 -2.13 -0.78

Close 919.39 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 26991 5508 700 118699 1703 5307 1746

Change -4.65 Market cap 35,326.27 mn Div Yield (%) 5.91

Last 60 days High Low 81.61 3.30 56.45 7.15 33.80 143.00 144.50

47.80 2.04 45.30 2.50 21.50 103.52 111.25

% Change -0.50 5-Day High 924.04 5-Day Low 917.18

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

25B 10B -

2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Company Ados Pak

Paid up Cap(mn) 66

PE 8.33

Open 11.50

High 11.50

High Low 1,615.78 1,589.10 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 38.02 Low 10.81

Close Chg

Close 1,602.53 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

66.45 159.10 107.50 1.50 170.11 21.00 3.05 9.52 218.00 60.00 18.80

90 100 60 20 150 5 10

20B - 50.00 20B 10.00

46.00 5.50 5.26 58.90 3.00 3.10 21.05 11.50 15.10 3.51 54.50 20.98 11.00 36.05 2.95 4.00 1.71 8.15

Close Chg 45.74 5.50 5.49 56.41 3.70 3.11 21.40 11.88 15.10 3.52 54.50 20.98 11.40 36.05 3.28 4.01 1.99 8.85

0.00 0.00 0.24 0.00 0.00 -0.09 -0.09 0.83 0.00 0.00 0.50 0.89 0.40 -1.76 0.08 -0.17 0.09 -0.05

Volume 200 500 1350 172 102 10063 34027 1900 101 1011 682 574 552 1520 5000 13000 4000 4323

Change 5.33 Market cap 281,476.35 mn Div Yield (%) 0.64

Last 60 days High Low 54.00 6.99 6.73 78.40 5.70 5.59 36.50 12.85 23.62 7.18 75.50 27.24 14.00 51.50 4.00 4.75 3.90 12.37

40.85 4.05 2.53 53.59 2.40 2.52 20.25 11.05 14.71 2.65 43.00 20.02 9.00 36.05 2.06 2.50 1.71 8.00

2010 Div BR (%) (%) 50 15 25 40 10 10 12 12 10 10

25B -

% Change 0.28 5-Day High 1,937.77 5-Day Low 1,894.61 2011 Div BR (%) (%) -

Close Chg

Volume

1219 3.33 341 23.35 231 1.91

13.11 21.64 14.86

13.34 22.22 15.20

13.10 20.56 14.25

13.22 0.11 20.78 -0.86 14.50 -0.36

61118 1212 26128

Paid up Cap(mn)

(Colony) Thal Amtex Limited Asim Textile Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Brothers Textile Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dar-es-Salaam Data Textile Dawood Lawrencepur Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Int Knitwear Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Libaas Textile Masood Textile Mehmood Textile Mian Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Samin Textile Sargodha Spinning Saritow Spinning Service Ind Shahtaj Textile Suraj Cotton Thal Limited Treet Corp Zahoor Cotton Zephyr Textile Ltd Zil Limited

Close 1,021.48 Listed cap 3,763.71 mn Payout (%) 6.27

Low

56 2594 152 133 4493 33 76 76 98 1150 2442 238 492 31 600 80 99 514 34 110 234 192 635 146 222 138 716 3105 99 180 32 97 184 48 107 208 303 40 600 150 221 189 145 187 1614 3516 560 174 62 130 250 308 341 264 88 42 267 312 133 120 97 180 307 418 99 594 53

Change -4.79 Market cap 4,901.46 mn Div Yield (%) 2.33

11.00 -0.50

6004

18.20

10.81

215 104 213

5.11 228.11 4.95 47.45 8.11 9.45

239.00 227.00 227.04 -1.07 49.80 48.50 49.33 1.88 9.55 9.25 9.25 -0.20

3823 9606 5593

244.95 49.80 13.50

215.00 42.90 8.25

400 25 -

10B -

Hinopak Motor KSB Pumps

124 132

- 128.00 6.57 57.10

121.61 121.60 121.60 -6.40 58.50 54.56 54.88 -2.22

314 2501

139.75 70.00

118.75 54.27

Millat Tractors

366

8.06 526.47

526.10 520.00 523.69 -2.78

30848

568.40

466.27

650

25B325.00

1.02

Revenue (Rs in mn)

MA (200-day)

1.10

Interest Expense

1st Support

0.80

Loss after Taxation

(433.15)

2nd Support

0.40

EPS 10 (Rs)

(22.931)

1st Resistance

1.55

Book value / share (Rs)

2nd Resistance

1.90

PE 11 E (x)

Pivot

1.15

PBV (x)

743.28 117.40

(45.10) (0.03)

MFTM closed up 0.33 at 1.23. Volume was 5,057 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's loss after taxation stood at Rs117.282 million which translates into a Loss Per Share of Rs6.21 for the 1st quarter of current fiscal year (1QFY11). MFTM is currently 4.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MFTM (bullish). Trend forecasting oscillators are currently bearish on MFTM.

JS Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

66.49

Total Assets (Rs in mn)

32,894.92

MA (10-day)

2.88

Total Equity (Rs in mn)

5,654.56

MA (100-day)

2.62

Revenue (Rs in mn)

2,527.30

MA (200-day)

2.61

Interest Expense

1,806.71

1st Support

3.00

Loss after Taxation

(594.94)

2nd Support

2.85

EPS 09 (Rs)

1st Resistance

3.20

Book value / share (Rs)

2nd Resistance

3.25

PE 10 E (x)

Pivot

3.05

PBV (x)

(0.98) 9.23 0.34

JSBL closed up 0.07 at 3.10. Volume was 1,481 per cent above average (trending) and Bollinger Bands were 94 per cent wider than normal. The company's loss after taxation stood at Rs404.872 million which translates into a Loss Per Share of Rs0.66 for the nine months of current calendar year (9MCY10). JSBL is currently 18.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into JSBL (mildly bullish). Trend forecasting oscillators are currently bullish on JSBL.

KASB Bank Limited

Last 60 days High Low

2010 Div BR (%) (%)

15.88 24.09 24.00

17.5

12.07 17.55 13.50

10B -

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

45.24

Total Assets (Rs in mn)

59,223.06

1.51

Total Equity (Rs in mn)

4,958.87

PERSONAL GOODS

MA (100-day)

2.22

Revenue (Rs in mn)

Performance of SR Personal Goods Index

MA (200-day)

2.58

Interest Expense

1st Support

1.45

Loss after Taxation

2nd Support

1.37

EPS 09 (Rs)

1st Resistance

1.63

Book value / share (Rs)

2nd Resistance

1.73

PE 10 E (x)

Pivot

1.55

PBV (x)

Open

1.39 2.79 0.25 1.76 0.41 2.10 9.53 0.20 15.65 0.45 15.92 4.65 551.04 0.40 2.40 2.11 2.60 1.00 3.05 15.67 2.50 1.46 2.50 0.21 48.06 42.18 0.14 4.22 0.60 26.35 0.88 86.10 22.76 55.99 2.69 36.56 0.37 9.11 0.38 10.69 1.05 0.93 4.70 3.54 49.18 0.98 9.98 2.16 3.97 9.00 1.52 7.01 0.85 6.50 0.33 16.00 0.23 1.01 0.38 1.00 1.79 0.59 1.85 17.81 1.04 57.88 0.36 0.90 0.40 1.75 16.00 4.13 27.32 5.71 65.85 2.69 16.30 0.69 13.98 0.57 28.83 0.74 41.03 1.15 0.64 12.50 3.85 41.87 0.54 10.00 0.22 5.73 0.88 4.03 4.29 6.58 1.15 3.57 0.40 2.33 7.05 207.88 1.39 22.00 0.77 39.00 5.63 115.79 5.97 49.46 0.45 6.63 3.50 4.90 67.05

Company Abbott (Lab) GlaxoSmithKline IBL HealthCare Ltd Sanofi-Aventis Searle Pak Wyeth Pak

Paid up Cap(mn) 979 1707 200 96 306 142

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

MA (10-day)

High

High Low 1,000.32 977.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 8.64 Low

Close Chg

1.50 1.48 1.50 0.11 2.80 2.70 2.74 -0.05 2.00 2.00 2.00 0.24 2.55 2.30 2.53 0.43 9.79 9.14 9.25 -0.28 16.60 15.77 15.99 0.34 16.50 15.90 16.00 0.08 574.99 530.00 535.98-15.06 0.30 0.30 0.30 -0.10 2.55 2.50 2.50 0.10 2.70 2.40 2.40 -0.20 1.14 0.72 1.00 0.00 16.66 15.99 16.61 0.94 3.50 3.40 3.50 1.00 1.67 1.41 1.43 -0.03 2.10 2.10 2.10 -0.40 0.40 0.22 0.40 0.19 42.40 40.81 40.85 -1.33 5.00 4.00 4.00 -0.22 27.66 26.05 26.47 0.12 90.40 85.10 89.33 3.23 57.00 53.39 55.99 0.00 38.38 36.10 38.38 1.82 8.95 8.90 8.90 -0.21 10.75 9.70 10.50 -0.19 0.88 0.30 0.59 -0.46 4.80 4.55 4.65 -0.05 49.00 47.00 48.87 -0.31 10.00 8.98 9.50 -0.48 4.00 3.85 3.94 -0.03 8.90 8.00 9.00 0.00 7.20 7.00 7.00 -0.01 6.99 6.99 6.99 0.49 16.50 15.26 15.49 -0.51 1.30 1.19 1.20 0.19 1.20 1.20 1.20 0.20 1.70 1.60 1.69 -0.10 0.61 0.60 0.60 0.01 17.31 17.10 17.30 -0.51 59.00 59.00 59.00 1.12 0.49 0.40 0.41 0.05 1.50 0.75 1.23 0.33 0.50 0.34 0.37 -0.03 16.70 15.85 15.85 -0.15 28.13 26.37 26.87 -0.45 66.75 64.00 64.30 -1.55 17.26 15.30 16.87 0.57 14.00 13.99 13.99 0.01 30.24 30.24 30.24 1.41 43.08 39.00 41.03 0.00 1.25 0.95 1.01 -0.14 12.50 12.25 12.48 -0.02 42.00 41.25 41.47 -0.40 11.00 10.52 10.97 0.97 6.00 5.50 5.70 -0.03 4.25 4.00 4.00 -0.03 7.40 5.90 6.00 -0.58 3.95 3.95 3.81 0.24 2.00 2.00 2.00 -0.33 210.00 204.71 205.80 -2.08 20.90 20.90 22.00 0.00 39.40 39.00 39.04 0.04 115.00 113.00 113.43 -2.36 51.80 48.50 48.58 -0.88 0.25 0.25 0.25 -0.20 3.98 3.97 3.98 0.48 69.40 66.10 67.00 -0.05

Open 852.21 Turnover 59,490 P/E (x) 6.46

2011 Div BR (%) (%)

AL-Ghazi Tractor Bolan Casting Ghandhara Ind

(851.97)

MA (100-day)

% Change -0.47 5-Day High 1,026.27 5-Day Low 1,005.83

Close 984.23 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -5.90 Market cap 134,602.46 mn Div Yield (%) 2.53

Last 60 days High Low

2200 1.50 217116 4.69 1000 2.50 5199 3.00 3631080 12.84 14825 16.60 11358 16.90 813 705.00 1000 1.49 19305 3.76 38175 2.97 384 1.43 10101 23.99 10952 3.50 59961 2.10 1000 4.00 10000 1.10 4320 48.29 1004 8.90 7867 27.66 25823 90.40 170 66.48 13152 38.38 15281 9.23 3845 10.85 10042 1.10 24430 4.94 72124 55.00 2610 10.90 8298 4.00 200 10.00 1198 8.70 12000 9.50 5045 18.00 6156 1.30 14700 2.50 2144 2.00 8500 0.70 3300 20.74 950 70.30 992 0.75 370422 2.08 1104 0.88 46422 17.10 3442711 28.13 3865306 71.89 123458 17.26 2138 14.00 500 34.40 449 48.48 77400 1.98 61499 12.99 1650 42.70 60936 11.00 6772 6.07 1000 6.35 825 7.40 540 4.45 11000 2.89 1309 254.45 200 22.05 27400 41.95 39305 132.00 41877 63.30 104000 0.87 1000 4.50 1522 87.90

2010 Div BR (%) (%)

0.61 2.35 30 1.50 1.32 7.5 8.05 8.10 - 15B 12.76 20 493.50 280 0.13 2.05 2.00 0.32 15.00 15 1.99 1.20 1.20 0.08 35.00 5 2.90 18.90 35 49.00 70 53.20 24.50 12.5 5.02 10 6.30 10 20B 0.25 3.31 10 37.50 20 4.56 2.70 10 8.00 6 6.00 8 5.20 20 5B 13.15 0.25 0.85 0.75 0.59 17.00 15 100R 53.68 60 0.25 0.60 0.13 14.50 20SD 21.15 15 57.20 25 45R 7.40 8.50 10 10B 25.00 50 34.35 20 0.65 8.50 25SD 35.25 40 3.90 3.63 10 2.99 5B 4.55 - 100R 1.55 5 1.00 186.00 17.50 45 33.00 50 100.51 80 20B 44.10 0.25 2.56 50.00 35 -

% Change -0.60 5-Day High 990.21 5-Day Low 981.80 2011 Div BR (%) (%) -

Performance of SR Pharma and Bio Tech Index

% Change -0.59 5-Day High 1,612.03 5-Day Low 1,551.18

2010 Div BR (%) (%)

1,927.76

Total Equity (Rs in mn)

RSI (14-day)

Open 990.13 Turnover 12,569,696 P/E (x) 6.60 Company

High Low 1,038.65 1,006.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64

PHARMA AND BIO TECH

Change -9.50 Market cap 32,807.02 mn Div Yield (%) 16.00

Last 60 days High Low

47.00 5.50 5.50 59.20 3.07 3.20 21.65 11.89 15.10 3.86 55.00 20.99 11.40 36.11 3.90 4.01 1.99 9.10

Low

High

Performance of SR Industrial Engineering Index Open 1,612.03 Turnover 58,741 P/E (x) 8.22

82.63 205.00 143.80 2.89 217.44 26.74 5.36 12.87 309.73 74.80 24.00

Close 1,937.77 Listed cap 11,335.33 mn Payout (%) 30.57

Open

Performance of SR Construction and Materials Index High Low 894.29 858.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 7.10

45.74 5.50 5.25 56.41 3.70 3.20 21.49 11.05 15.10 3.52 54.00 20.09 11.00 37.81 3.20 4.18 1.90 8.90

High

High Low 1,985.79 1,920.55 Total cos Defaulter cos P/BV (x) ROE (%) 14.51 30.30

CONSTRUCTION AND MATERIALS Open 862.64 Turnover 4,388,542 P/E (x) 6.86

Open

Open 1,026.27 Turnover 88,483 P/E (x) 2.69

2011 Div BR (%) (%)

- 10.00 - 15.00 20B -

21818 24411 1402 58367 6022 5503 43996 9303 20269 233620 9900

Total Assets (Rs in mn)

0.78

Performance of SR Household Goods Index

% Change 0.39 5-Day High 1,024.39 5-Day Low 1,005.44

-1.50 4.08 0.59 -0.03 3.55 0.06 0.08 -0.42 -0.85 -3.08 1.05

2011 Div BR (%) (%)

56.32

MA (10-day)

HOUSEHOLD GOODS

INDUSTRIAL METALS AND MINING High Low 1,033.13 1,006.13 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10

71.00 191.31 132.07 1.91 183.55 22.81 3.54 10.01 226.51 61.21 23.56

2010 Div BR (%) (%)

% Change -0.96 5-Day High 1,130.70 5-Day Low 1,104.37

RSI (14-day)

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index Open 1,020.45 Turnover 345,271 P/E (x) 3.15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

2011 Div BR (%) (%) -

Performance of SR Automobile and Parts Index

Performance of SR Chemicals Index Open 1,691.81 Turnover 36,904,344 P/E (x) 9.63

2011 Div BR (%) (%)

AUTOMOBILE AND PARTS Open 1,115.07 Turnover 434,611 P/E (x) 3.86

Mohammed Farooq Textile Mills Ltd

% Change -1.39 5-Day High 695.46 5-Day Low 684.09

2010 Div BR (%) (%) 40 15

Alert ! Unusual Movements

Open

6.89 82.72 14.75 71.38 4.13 10.69 6.46 145.00 5.47 61.50 50.51 980.59

High

High Low 874.93 846.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 22.31 Low

Close Chg

84.00 82.11 82.87 0.15 74.94 70.55 74.94 3.56 10.80 10.50 10.50 -0.19 150.00 147.99 150.00 5.00 63.50 62.22 62.56 1.06 940.00 931.70 940.00 -40.59

Close 869.86 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 11417 25684 4172 1110 16800 140

Change 17.66 Market cap 28,792.09 mn Div Yield (%) 6.90

Last 60 days High Low 112.50 89.98 11.00 174.00 69.00 1175.00

78.59 68.00 7.16 126.00 58.50 931.70

2010 Div BR (%) (%) 50 40 100 30 10

15B -

% Change 2.07 5-Day High 869.86 5-Day Low 835.96 2011 Div BR (%) (%) -

5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.30

KASBB closed up 0.08 at 1.59. Volume was 31 per cent above average and Bollinger Bands were 41 per cent narrower than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 38.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KASBB at a relatively equal pace. Trend forecasting oscillators are currently bearish on KASBB.

Pakistan Reinsurance Co Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

54.53

Total Assets (Rs in mn)

12,372.62

MA (10-day)

15.47

Total Equity (Rs in mn)

6,785.66

MA (100-day)

16.22

Revenue (Rs in mn)

2,170.95

MA (200-day)

16.32

Interest Expense

1st Support

16.45

Profit after Taxation

2nd Support

16.01

EPS 09 (Rs)

0.900

1st Resistance

17.39

0.00 269.91

Book value / share (Rs)

22.62

2nd Resistance

17.89

PE 10 E (x)

43.68

Pivot

16.95

PBV (x)

0.75

PAKRI closed down -0.25 at 16.89. Volume was 8 per cent below average and Bollinger Bands were 79 per cent wider than normal. . The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 3.5 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAKRI.

BOOK CLOSURES Company

From

Crescent Steel Allied Bank Ltd. Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg. Works Sazgar Engg. Works # Atlas Honda # Punjab Oil Mills # Fauji Fertiliser Bin Qasim Huffaz Seamless Pipe Ind. Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated) Nishat Mills (Unconsolidated) #

09-Mar 10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 14-Mar 15-Mar 15-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar 17-Mar

15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar

D/B/R

Spot AGM/Date

10(I) 01-Mar (F),10(B) 02-Mar20 100(F) 02-Mar 30(I) 03-Mar 15(Ii) 04-Mar 10(I) 04-Mar 10(I),10(B) 35(F) 07-Mar 15(I) 50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar -

16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 02-Apr 21-Mar 24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 3.47 94 1.07 155.46 98.01 31 16.8 2.71 41.2 2.86 23.35 1.68

High 3.5 98.65 1 155.1 102.9 31.45 15.8 2.73 43.25 3.18 23.8 1.99

Low Close 3.15 95 1 153 98.5 31.01 15.8 2.66 40 2.75 22.71 1.74

3.18 95 1 153.03 101.69 31.01 15.8 2.68 41.51 2.83 22.91 1.85

Change -0.29 1 -0.07 -2.43 3.68 0.01 -1 -0.03 0.31 -0.03 -0.44 0.17

Vol 1824280 1002 3000 1424 1644 2988 2667 9163 1405 4686735 542775 12686

Tuesday, March 8, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,066.41 Turnover 2,216,018 P/E (x) 5.71 Paid up Cap(mn)

Company

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

High Low 1,075.42 1,041.53 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84

Open

High

Low

Close Chg

78 5.36 37740 11.87 3000 1.35 8606 6175 -

51.48 18.17 2.12 2.54 3.12

51.40 18.26 2.20 2.65 3.17

48.91 17.75 2.02 2.52 2.88

49.31 17.81 2.05 2.59 3.08

-2.17 -0.36 -0.07 0.05 -0.04

Close 1,047.17 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 13945 956044 387261 858768 63695

Change -19.24 Market cap 72,347.27 mn Div Yield (%) 10.96

% Change -1.80 5-Day High 1,066.41 5-Day Low 1,047.17

Last 60 days High Low

2010 Div BR (%) (%)

82.39 20.65 2.67 3.45 4.65

80 17.5 1 -

48.91 17.25 1.60 2.15 2.80

2011 Div BR (%) (%)

- 15.00 -

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

255 6.21 10.14 369 6.26 41.45 279 8.81 77.98 457 6.06 9.69 1250 - 35.84 400 3.12 13.14 718 8.31 100.00 791 10.56 60.06 3000 43.31 17.14 350 72.64 10.00 303 6.21 11.34 253 4.13 6.71

Paid up Cap(mn)

Company

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

198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150

Open

High

Low

7.25 7.17 2.78 5.70 3.04 2.32 5.18 -

0.75 39.94 1.62 2.74 16.50 3.95 44.63 15.29 16.45 17.60 1.73 0.56

0.79 40.40 1.70 2.78 17.39 4.00 44.99 15.49 16.64 17.28 1.75 0.81

0.69 39.51 1.43 2.54 16.00 3.56 44.21 14.80 15.82 17.00 1.60 0.65

Close 1,338.48 Listed cap 95,369.29 mn Payout (%) 104.13

Change -15.18 Market cap 109,193.61 mn Div Yield (%) 7.26

Close Chg

Volume

Last 60 days High Low

0.69 39.60 1.44 2.62 16.50 3.56 44.37 15.15 15.87 17.00 1.60 0.79

26613 697248 77923 483300 299 4998 102453 1417858 1118903 4251 54004 2111

1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 19.25 2.80 1.49

-0.06 -0.34 -0.18 -0.12 0.00 -0.39 -0.26 -0.14 -0.58 -0.60 -0.13 0.23

0.56 35.90 1.25 2.31 16.00 3.50 39.80 14.05 14.85 16.40 1.41 0.50

% Change -1.12 5-Day High 1,353.66 5-Day Low 1,311.68

2010 Div BR (%) (%) 50 15 50 20 -

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,465.67 Turnover 5,177,603 P/E (x) 9.53 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

5491 12.35 8390 3.83

Open

High

21.00 25.28

21.45 25.90

Company

Low 20.80 25.15

Close Chg 21.00 0.00 25.41 0.13

Close 1,469.74 Listed cap 12,202.80 mn Payout (%) 66.79

Volume 117907 5059696

Change 4.08 Market cap 32,849.39 mn Div Yield (%) 7.01

Last 60 days High Low 29.39 27.90

19.71 19.95

% Change 0.28 5-Day High 1,469.74 5-Day Low 1,419.37

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

9.51 35.47 58.11 8.90 32.25 11.72 86.10 56.00 13.80 6.01 10.10 6.01

10 30 35 -

25R 20B 10B 55B 25B -

Open 716.40 Turnover 19,395 P/E (x) 5.39 Paid up Cap(mn)

Company

EFU Life Assurance New Jub Life Insurance

High Low 737.13 713.11 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 3.85

Close 736.75 Listed cap 2,290.72 mn Payout (%) 355.53

Change 20.35 Market cap 8,689.25 mn Div Yield (%) 4.36

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 33.55 627 19.23

56.31 45.29

59.12 45.00

57.10 43.30

59.05 2.74 44.99 -0.30

16176 3209

82.75 49.31

2010 Div BR (%) (%)

51.31 39.05

FINANCIAL SERVICES Performance of SR Financial Services Index Open 361.58 Turnover 4,567,083 P/E (x) 11.52 Paid up Cap(mn)

Company

Open

High Low 370.06 343.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91

High

Low

Close Chg

Close 349.92 Listed cap 30,336.44 mn Payout (%) 99.56

Change -11.66 Market cap 16,594.51 mn Div Yield (%) 3.91

Last 60 days High Low

Volume

2011 Div BR (%) (%)

AMZ Ventures

225

1.70

0.75

0.89

0.72

0.75 0.00

0.95

0.33

Arif Habib Investments

360

3.96

23.80

24.50

23.15

23.27 -0.53

9827

24.85

16.80

20B

Arif Habib Limited

450 16.76

20.18

20.78

19.31

20.45 0.27

95072

28.00

18.31

20B

4191950 1501

30.20 3.80

18.75 1.55

30 -

4.00

2.15

Arif Habib Corp Escorts Bank

3750 441

4.23 -

21.66 2.39

22.35 2.40

21.29 1.61

21.67 0.01 1.61 -0.78

First Credit & Invest Bank Ltd 650

3.25

3.00

2.30

3.00 -0.25

226684

% Change -3.22 5-Day High 361.58 5-Day Low 341.31

2010 Div BR (%) (%)

1500

First National Equity

575

4.95

5.73

4.04

4.95 0.00

301

9.00

4.01

IGI Investment Bank

2121

9.14

2.10

2.19

2.01

2.01 -0.09

2545

3.90

1.90

Invest and Fin Sec Invest Bank

600 2849

4.89 -

6.00 0.70

6.64 0.83

6.06 0.58

6.06 0.06 0.68 -0.02

2501 14451

8.98 1.09

5.65 0.31

11.5 -

Ist Cap Securities

3166

3.24

3.16

3.19 -0.05

12708

3.95

2.95

10B

Ist Dawood Bank

626

0.80

1.63

1.69

1.24

1.52 -0.11

28184

2.04

1.05

7633

9.92

9.25

9.32 -0.43

3836511

12.80

8.01

3.54

3.60

3.40

3.40 -0.14

70930

4.49

2.58

Performance of SR Banks Index

JS Global Cap

500

6.95

23.10

24.25

23.30

24.18 1.08

3688

31.50

20.80

1000 1000

5.77 4.48

5.80 4.80

5.65 4.25

5.72 -0.05 4.50 0.02

20637 24207

7.40 5.43

5.10 3.75

Orix Leasing Pervez Ahmed Sec

821 775

4.11 3.88

6.21 1.93

6.10 2.00

5.61 1.84

5.92 -0.29 1.86 -0.07

8984 185547

7.19 2.50

5.25 1.21

Saudi Pak Leasing

452

0.61

0.65

0.65 0.04

5006

0.97

0.41

Sec Inv Bank

514 12.00

3.01

3.95

3.00

3.00 -0.01

504

4.99

2.26

Stand Chart Leasing

978

3.51

2.65

2.60

2.60 -0.05

4000

3.00

1.67

Trust Inv Bank

586

0.56

1.99

2.00

1.11

2.00 0.01

13261

2.00

0.61

Open

High

Low

Close Chg

69.99 67.00 67.80 -1.55 14.89 14.30 14.31 -0.31 10.05 9.51 9.59 -0.41 29.00 27.74 28.13 -0.06 4.22 4.14 4.15 -0.25 7.55 7.15 7.21 -0.22 3.95 3.65 3.66 -0.07 14.44 13.21 13.68 -0.16 131.00 127.00 127.15 -1.99 23.89 23.30 23.62 0.21 3.10 2.90 3.10 0.07 1.65 1.47 1.59 0.08 225.65 216.50 221.63 5.15 19.49 18.75 18.78 -0.21 81.39 78.70 79.16 -1.41 2.26 2.16 2.19 -0.04 1.84 1.71 1.82 -0.01 2.40 2.30 2.37 0.06 6.85 6.35 6.49 -0.15 8.90 8.90 8.90 1.00 3.27 2.93 2.95 -0.06 67.25 65.25 66.04 -0.08

Volume

Last 60 days High Low

82760 74.00 220973 19.25 1763916 11.99 383653 39.49 23972 4.70 1213247 10.31 131932 4.50 294922 16.47 101124 131.00 12782 29.28 6973800 3.16 347957 2.80 2386039 250.48 11904 20.30 6327332 81.78 1037715 3.35 75351 2.17 1168792 3.05 27346 8.48 66068 9.04 357012 4.63 943920 70.65

61.05 12.55 8.75 27.22 3.75 6.40 3.00 10.69 114.00 22.50 2.30 1.40 195.55 15.30 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89

% Change 0.32 5-Day High 1,138.18 5-Day Low 1,095.41

2010 Div BR (%) (%)

2011 Div BR (%) (%)

40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -

Open 756.56 Turnover 1,420,638 P/E (x) 12.52

High Low 770.96 743.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20

Close 751.94 Listed cap 11,111.34 mn Payout (%) 79.54

Change -4.63 Market cap 47,283.30 mn Div Yield (%) 6.35

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.37

82.19

83.26

80.00

80.61 -1.58

593961

96.40

71.55

% Change -0.61 5-Day High 756.56 5-Day Low 717.97

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

JS Investment KASB Securities

Close 1,458.75 Listed cap 29,771.58 mn Payout (%) 104.74

Change -15.39 Market cap 18,734.44 mn Div Yield (%) 8.93

% Change -1.04 5-Day High 1,474.14 5-Day Low 1,417.82

Close 3.45 25.56 10.55 37.24 7.00 90.00 3414.65 4713.37 65.56 9.00 139.85 48.00 48.31 1.70 54.00 28.92 4.77 273.91 1.60 0.37 60.30 45.42 40.55 16.49 11.00 47.98 6.09 2745.80 7.80 1197.58 252.08 859.90 20.47 3.99 977.00 5.50 15.02 7.15 1.20 1.03 1.00 10.39 41.49 6.80 23.50 74.69 0.90 24.52 1.24 14.60 575.00 1.33 7.21 1.29 1.10 2.09 2.21 14.01 151.75 4.84 40.00 8.08 13.35

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 4.44 13.34 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 -0.43 0.00 0.00 25.78 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 0.44 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 96 67 62 61 55 52 51 50 50 50 50 50 36 35 33 30 25 25 25 23 23 22 21 21 20 19 18 16 11 11 11 10 10 10 10 10 10 10 9 6 5 5 5 3 3 3 2 2 1 1 1 1 1 1 1 1 1 1 1

Open

Low

80.90

81.50

78.90

79.42

POL-MAR

321.86

325.20

316.45

318.64

ENGRO-MAR 189.02

192.35

186.25

Change

Vol

-1.48 1246000 -3.22

829500

188.08

-0.94

ANL-MAR

9.61

9.75

9.20

9.28

-0.33

677000

FFBL-MAR

39.70

40.60

39.70

40.13

0.43

671000

782500

NML-MAR

65.87

66.90

64.31

64.75

-1.12

635000

MCB-MAR

196.24

203.49

195.15

200.44

4.20

549000

FFC-MAR

125.81

128.50

125.66

127.52

1.71

474500 298500

DGKC-MAR PPL-MAR

24.75

25.04

24.01

24.57

-0.18

210.42

213.90

206.16

206.61

-3.81

250000

58.72

60.45

58.35

58.50

-0.22

209500

Open

High

Low

Close Chg

66.80

69.50

67.30

68.66

1.86

127000

PSO-MAR

292.17

293.50

286.50

287.92

-4.25

106000

264

1.30

2.30

1.30

1.50 0.20

7291

2.34

1.16

NCL-MAR

26.96

27.96

26.55

27.00

0.04

71500

1375

4.01

10.01

9.95

9.85

9.95 -0.06

25491

11.50

7.03

18.5

5.00

AICL-MAR

82.68

83.25

80.35

81.33

-1.35

66000

Atlas Fund of Funds

525

1.73

6.21

6.90

6.00

6.50 0.29

13001

6.97

3.84

2.2

PTC-MAR

18.30

18.15

17.85

17.90

-0.40

59000

B R R Guardian Mod.

780

1.58

1.40

1.64

1.35

1.45 0.05

26580

2.79

1.12

BOP-MAR

7.51

7.41

7.10

7.30

-0.21

37500

Constellation Modaraba

1.64

1.20

1.35

1.20

1.21 0.01

535

1.99

0.90

OGDC-MAR 154.53

155.00

151.60

153.42

-1.11

25000

200

1.27

0.51

0.72

0.41

0.56 0.05

13602

0.87

0.35

1.2

1st Fid Leasing AL-Meezan Mutual F.

Crescent St Modaraba

2011 Div BR (%) (%)

High

NBP-MAR

Volume

2010 Div BR (%) (%)

Low 3.30 25.90 11.39 37.69 6.70 90.00 3400.25 4660.00 68.40 9.00 132.86 46.00 46.55 0.70 54.00 30.00 4.51 260.22 1.45 0.21 60.00 46.50 40.10 16.32 10.43 49.85 5.10 2615.00 7.80 1201.00 239.48 818.00 20.15 3.90 970.11 4.71 14.95 7.22 1.45 1.04 1.00 10.88 39.88 6.55 23.69 74.90 1.08 23.51 1.48 14.60 547.00 1.17 8.20 1.50 1.23 2.26 2.34 14.60 157.00 5.60 42.00 7.10 13.75

Paid up Cap(mn)

Company

Last 60 days High Low

3.30 25.90 11.39 37.69 7.25 90.00 3580.00 4800.00 68.83 9.15 140.00 46.00 46.55 0.70 54.00 30.00 5.10 260.25 1.74 0.30 63.30 46.50 40.10 16.89 11.00 49.95 5.50 2855.00 7.80 1250.00 255.10 899.00 20.95 4.48 1000.00 4.71 14.95 7.26 1.45 1.49 1.00 10.88 42.50 6.55 23.69 77.99 1.08 23.51 1.50 15.16 600.00 1.58 8.20 1.50 1.23 2.26 2.34 14.60 157.00 5.60 42.00 7.10 13.75

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS High Low 1,492.63 1,448.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 2.21

High

3.45 25.56 10.55 37.24 7.00 90.00 3410.21 4700.03 65.56 9.00 139.85 48.00 48.31 1.70 54.00 28.92 4.77 273.91 1.60 0.37 60.30 45.42 40.55 16.49 11.43 47.98 6.09 2720.02 7.80 1197.58 252.08 859.90 20.47 3.99 977.00 5.50 15.02 7.15 1.20 1.03 1.00 10.39 41.49 6.80 23.50 74.69 0.90 24.52 1.24 14.16 575.00 1.33 7.21 1.29 1.10 2.09 2.21 14.01 151.75 4.84 40.00 8.08 13.35

Symbols

Performance of SR Equity Investment Instruments Index Open 1,474.14 Turnover 556,938 P/E (x) 18.22

Open

FANM HINOON JOPP SEPL FUDLM FEROZ NESTLE ULEVER SHJS STPL PECO GRAYS MIRKS OLSM PCAL UBDL KTML IDYM DEL SHTM BTL GATI SNAI BERG HUSS BIFO HUSI RMPL RUBY UPFL LAKST COLG ADMM PNGRS SIEM AGSML ALICO FHAM FTSM ICCT OLTM SHNI RCML RICL AGL JDWS PAKMI AASM FPJM LPGL DREL YOUW BAPL DCM DWAE FDMF MYBL PRWM PSEL SGML TATM TOWL UDPL

2011 Div BR (%) (%)

9.75

Change 3.67 Market cap 698,441.34 mn Div Yield (%) 4.93

Symbols

% Change 2.84 5-Day High 736.75 5-Day Low 686.65

High Low Close 1,166.21 1,120.80 1,138.18 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49

UP TO 100 VOLUME

508 850.00

Performance of SR Non Life Insurance Index

Adamjee Insurance

12.00 42.90 83.00 11.99 46.44 15.50 102.44 61.80 19.40 11.00 12.93 8.20

JOV and CO

NON LIFE INSURANCE

Paid up Cap(mn)

850 17906 4124 15501 82797 2000 7245 224 676264 2860 2200 14690

Jah Siddiq Co

Allied Bank Ltd.SPOT 7821 6.40 69.35 Askari Bank 6427 6.81 14.62 Bank Alfalah 13492 7.10 10.00 Bank AL-HabibXDXB 8786 5.72 28.19 Bank Of Khyber 5004 3.67 4.40 Bank Of Punjab 5288 7.43 BankIslami Pak 5280 915.00 3.73 Faysal Bank 7327 4.41 13.84 Habib Bank Ltd 10019 7.94 129.14 Habib Metropolitan Bank 8732 7.22 23.41 JS Bank Ltd 8150 3.03 KASB Bank Ltd 9509 1.51 MCB Bank Ltd 7602 9.98 216.48 Meezan Bank 6983 7.96 18.99 National Bank 13455 6.91 80.57 NIB Bank 40437 2.23 Samba Bank 14335 1.83 Silkbank Ltd 26716 2.31 Soneri Bank 6023 30.90 6.64 Stand Chart Bank 38716 9.37 7.90 Summit Bank Ltd 7251 3.01 United Bank Ltd 12242 7.76 66.12

Company

0.10 -0.29 -0.47 0.00 1.79 -0.04 -3.24 0.00 -0.25 0.17 0.15 -0.06

BANKS Open 1,134.51 Turnover 23,595,506 P/E (x) 8.22 Paid up Cap(mn)

High Low 1,499.53 1,455.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41

10.24 41.16 77.51 9.69 37.63 13.10 96.76 60.06 16.89 10.17 11.49 6.65

LIFE INSURANCE

ELECTRICITY High Low 1,369.84 1,331.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35

10.24 41.00 77.03 9.48 36.05 13.10 96.33 60.95 16.51 9.60 11.49 6.55

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,353.66 Turnover 3,989,961 P/E (x) 14.34

10.70 42.50 79.00 9.99 37.63 13.10 101.79 61.00 17.45 10.25 11.50 7.39

NBP-MARB LUCK-MAR

NETSOL-MAR 23.47

23.50

23.01

-0.46

8500

Equity Modaraba

524

1.07

1.72

1.90

1.75

1.75 0.03

3200

2.98

1.30

UBL-MAR

66.54

66.90

65.40

65.50

-1.04

3500

Golden Arrow

760

1.49

3.37

3.35

3.21

3.25 -0.12

81900

3.89

2.92

HUBC-MARB 37.60

38.70

37.50

38.10

0.50

1000

H B L Modaraba

397

3.43

7.10

7.00

6.81

7.00 -0.10

13491

9.00

6.60

POL-CMARW1321.05

321.05

318.35

-2.70

0.00

I B L Modaraba

202 14.73

1.62

1.75

1.62 0.00

342

3.49

1.22

ENGRO-CMARW1226.46 226.46

226.46

226.14

-0.32

0.00

6.43

4.55

JS Growth Fund

3180

2.34

6.30

6.25

6.06

6.08 -0.22

201000

JS Value Fund

1186

1.32

5.52

5.50

5.31

5.49 -0.03

7000

6.61

4.15

Meezan Balanced Fund

1200

2.53

8.81

9.05

8.80

8.82 0.01

19600

10.24

6.25

15.5

Symbols

184 12.00

Mod Al-Mali

ZERO VOLUME Open

High

Low

Change

Vol

1.20

1.20 0.00

3003

2.50

1.15

BPBL

1.00

0.95

-0.05

0.00

PICIC Energy Fund XD 1000

3.05

7.52

7.50

7.30

7.39 -0.13

6895

8.83

6.21

- 10.00

FRSM

18.76

18.90

0.14

0.00

PICIC Growth Fund XD 2835

3.79

13.01

13.09

12.54

12.65 -0.36

61799

16.49

10.95

- 12.50

ILTM

155.09

162.84

7.75

PICIC Inv Fund XD

2841

3.11

5.86

5.71

5.72 -0.14

66688

7.95

5.50

Prud Modaraba 1st

872

1.92

1.00

1.10

1.00 0.00

5002

1.20

0.90

0.54

0.81

1.40

1.34

0.81 0.00

293

2.00

0.60

Tri-Star Mutual

7.50

SASML

0.00

8.00

7.97

-0.03

0.00

SHDT

13.81

14.00

0.19

0.00

TSML

41.04

40.90

-0.14

0.00

UNIM

0.05

0.07

0.01

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Nishat Mills Ltd

National Bank of Pakistan

Company

Date

Time

East West Life Assurance East West Insurance Co Ltd Askari General Insurance (TFC) Pak Mobile Communi Ltd Sajjad Textile Mills Ltd Pakistan Tobacco Comp Ltd

08-Mar 08-Mar 15-Mar 11-Mar 12-Mar 16-Mar

3:00 2:00 11:00 10:00 11:30 2:00

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

52.20

Support 1

11,871.95

MA (5-day)

11,808.83

Support 2

11,769.40

MA (10-day)

11,626.90

Resistance 1

12,117.60

MA (100-day)

11,577.58

Resistance 2

12,260.65

Fair Value

*Invest Cap

Rs Recommendations

AKD Securities Ltd TFD Research

45.52 44.25

10,723.69

Pivot

Brokerage House

Fair Value

*Invest Cap

149

Sell

*Invest Cap

Accumulate

AKD Securities Ltd

75.5

Reduce

AKD Securities Ltd

Neutral

TFD Research

AKD Securities Ltd TFD Research

120.7 139.5

Brokerage House

Hold

*Invest Cap

Neutral

AKD Securities Ltd TFD Research

Neutral

Leverage Position

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

44.80 117.21 124.83 115.56

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

61.52 72.95 71.48 68.44

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value 210 229.9 245.4

466.49 59,500.46 47.88 126.68

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

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

63.38 213.88 196.31 187.77

78.6

318.50 25,212.29 146.33 79.96

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

69.50

71.25

68.25

50.00

51.15

51.65

50.85

21.20

20.70

22.25

22.85

21.75

Arif Habib Limited

36.31

19.60

18.70

21.05

21.65

20.20

Adamjee Insurance

44.56

79.30

78.05

82.60

84.55

81.30

Askari Bank

38.89

14.10

13.90

14.70

15.10

14.50

Buy

Azgard Nine

43.09

9.00

8.75

9.65

10.05

9.40

Accumulate

Attock Petroleum

53.66

365.10

362.40

372.00 376.20 369.30

Attock Refinery

53.25

117.15

115.15

122.00 124.90 120.00

Bank Al-Falah

37.14

9.40

9.20

9.95

10.25

9.70

BankIslami Pak

51.75

3.55

3.45

3.85

4.05

3.75

Bank.Of.Punjab

38.99

7.05

6.90

7.45

7.70

Dewan Cement

49.36

1.85

1.75

1.95

2.05

1.90

D.G.K.Cement

43.32

24.35

23.85

25.40

25.95

24.90

Dewan Salman

50.82

2.70

2.60

3.00

3.20

Dost Steels Ltd

Rs Recommendations

Positive

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

175.80 11,303.94 56.81 65.23

1.90

2.15

2.25

2.10

35.50

38.15

38.70

37.10

EFU Life Assurance

48.35

57.70

56.40

59.75

60.45

58.40

NBP closed down -1.41 at 79.16. Volume was 29 per cent above average NML closed down -1.55 at 64.30. Volume was 16 per cent below average

Engro Chemical

63.25

222.60

219.60

and Bollinger Bands were 110 per cent wider than normal.

Faysal Bank

53.69

13.10

12.55

Fauji Cement

45.45

4.30

4.20

4.45

4.55

4.35

Fauji Fert Bin

67.44

42.70

42.30

43.55

43.95

43.15

Fauji Fertilizer

44.97

125.95

124.35

128.75 129.95 127.15

the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indica-

Habib Bank Ltd

60.34

125.75

124.40

129.75 132.40 128.40

reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- tors reflect volume flowing into and out of NML at a relatively equal pace.

Hub Power

58.91

39.30

38.95

ing oscillators are currently bullish on NBP.

ICI Pakistan

60.19

154.45

151.85

161.35 165.60 158.75

Indus Motors

18.78

223.35

220.15

230.35 234.15 227.15

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

and Bollinger Bands were 12 per cent wider than normal.

NBP is currently 15.7 per cent above its 200-day moving average and is NML is currently 20.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is extremely high when compared

Trend forecasting oscillators are currently bearish on NML.

Pakistan Oilfields Ltd

Brokerage House

Fair Value

Rs Recommendations

Brokerage House *Invest Cap

Neutral

TFD Research

218.18

Neutral

AKD Securities Ltd

Neutral

TFD Research

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

56.05 210.23 215.62 204.60

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value 360 322.42 381.35

304.09 67,394.58 101.01 220.07

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

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

54.21 303.19 288.85 256.82

and Bollinger Bands were 23 per cent wider than normal.

40.75

13.80

39.85

J.O.V.and CO

47.70

3.35

3.25

3.55

3.65

3.45

Japan Power

43.95

1.35

1.25

1.60

1.80

1.50

JS Bank Ltd

66.30

2.95

2.85

3.15

3.25

3.05

Jah Siddiq Co

44.21

9.10

8.85

9.75

10.15

9.50

Kot Addu Power

59.34

44.05

43.75

44.85

45.30

44.50

K.E.S.C

46.33

2.50

2.40

2.75

2.90

2.65

Lotte Pakistan

51.46

15.25

14.95

16.05

16.55

15.75

Lucky Cement

52.37

67.05

65.80

69.55

70.75

68.25

MCB Bank Ltd

55.59

216.85

212.10

Maple Leaf Cement

40.62

2.25

2.20

2.35

2.40

2.30

National Bank

61.37

78.10

77.05

80.80

82.45

79.75

Nishat (Chunian)

60.37

26.10

25.35

27.85

28.90

27.10

Netsol Technologies

226.00 230.40 221.25

50.68

22.50

22.05

23.55

24.25

23.15

30.90

2.15

2.10

2.25

2.30

2.20

57.65

2.50

2.40

2.75

2.90

2.65

Neutral

Nishat Mills

52.41

63.30

62.25

66.05

67.75

65.00

Oil & Gas Dev. XD

38.57

151.95

149.45

Positive

PACE (Pakistan) Ltd.

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

107.94 34,282.69 215.33 319.98

* Target price for Jun-11 & **Net Open Interest in future market and Bollinger Bands were 40 per cent wider than normal.

volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indica- to the average volatility over the last 10 trading sessions. Volume indica- to the average volatility over the last 10 trading sessions. Volume indicaflowing into and out of FFC at a relatively equal pace. Trend forecasting tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend tors reflect volume flowing into and out of MCB at a relatively equal pace. tors reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bearish on MCB.

40.15

15.00

Nimir Ind.Chemical

displaying a downward trend. Volatility is high as compared to the average is displaying a downward trend. Volatility is extremely high when compared displaying a downward trend. Volatility is extremely high when compared displaying a downward trend. Volatility is extremely high when compared

forecasting oscillators are currently bearish on ENGRO.

14.35

NIB Bank

FFC is currently 10.4 per cent above its 200-day moving average and is ENGRO is currently 20.2 per cent above its 200-day moving average and MCB is currently 8.3 per cent above its 200-day moving average and is POL is currently 23.7 per cent above its 200-day moving average and is

oscillators are currently bearish on FFC.

230.00 234.35 227.00

Hold

Rs Recommendations

Technical Outlook

average and Bollinger Bands were 36 per cent wider than normal.

2.90

2.00

FFC closed up 2.30 at 127.55. Volume was 35 per cent above average and ENGRO closed down -0.96 at 225.61. Volume was 16 per cent above MCB closed up 5.15 at 221.63. Volume was 112 per cent above average POL closed down -3.60 at 317.60. Volume was 6 per cent above average Bollinger Bands were 241 per cent wider than normal.

7.30

36.55

Neutral

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

65.25

50.35

42.44

38.63

214.57

147.48 33,273.32 120.66 226.89

66.55

31.30

Arif Habib Corp

EFU General Insurance 49.85

AKD Securities Ltd

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

49.40

Attock Cement

Leverage Position

52.52 61.86 60.47 53.41

Hold

Leverage Position

71.45

Technical Analysis

MCB Bank Ltd

Rs Recommendations

1st 2nd Pivot Resistance 2.75 2.90 2.70

Allied Bank Limited

Technical Outlook

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

TFD Research

Positive

Technical Analysis

Technical Outlook

Technical Outlook Technical Analysis

92.3

Technical Outlook

Engro Corporation

Rs Recommendations

Brokerage House

52.4

12,015.00

Fauji Fertiliser Co

Rs Recommendations

*Invest Cap

Technical Outlook Technical Analysis

Fair Value

Hold

RSI (14-day) 67.61 Free Float Shares (mn) 326.94 MA (10-day) 40.79 Free Float Rs (mn) 14,094.32 KSE 100 INDEX closed down -25.48 points at 11,974.55. Volume MA (100-day) 36.51 ** NOI Rs (mn) 34.41 was 8 per cent below average and Bollinger Bands were 52 per cent MA (200-day) 32.11 Mean 43.03 wider than normal. As far as resistance level is concern, the market * Target price for Jun-11 & **Net Open Interest in future market will see major 1st resistance level at 12,117.60 and 2nd resistance FFBL closed up 0.42 at 43.11. Volume was 69 per cent above average and level at 12,260.65, while Index will continue to find its 1st support Bollinger Bands were 17 per cent narrower than normal. level at 11,871.95 and 2nd support level at 11,769.40. KSE 100 INDEX is currently 11.7 per cent above its 200-day FFBL is currently 34.3 per cent above its 200-day moving average and is moving average and is displaying a downward trend. Volatility is displaying a downward trend. Volatility is extremely high when compared extremely high when compared to the average volatility over the to the average volatility over the last 10 trading sessions. Volume indicalast 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecast- tors reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL. ing oscillators are currently bearish on INDEX. MA (200-day)

Brokerage House

RSI 1st 2nd (14-day) Support 44.76 2.50 2.45

Trend forecasting oscillators are currently bearish on POL.

48.22

2.65

2.50

156.25 158.05 153.75 3.10

3.35

2.90

Pervez Ahmed Sec

49.36

1.80

1.75

1.95

2.05

1.90

P.I.A.C.(A)

53.73

2.65

2.60

2.75

2.80

2.70

Pioneer Cement

44.59

5.75

5.55

6.10

6.20

5.85

Pak Oilfields

54.13

314.05

310.50

323.15 328.65 319.55

Pak Petroleum

48.43

203.75

201.40

209.90 213.80 207.60

Pak Suzuki

38.07

59.20

57.20

P.S.O. XD

52.36

283.15

280.00

P.T.C.L.A

40.12

17.60

17.45

65.10

69.00

63.10

Shell Pakistan

50.73

198.95

192.85

Sui North Gas

30.56

20.70

20.45

21.35

21.75

21.10

Sitara Peroxide

45.19

12.65

12.50

13.05

13.30

12.90

Sui South Gas

58.12

25.10

24.75

25.85

26.25

25.50

Telecard

50.61

2.00

1.90

2.15

2.25

TRG Pakistan

52.16

3.05

2.95

3.40

3.65

3.30

United Bank Ltd

58.46

65.10

64.20

67.10

68.20

66.20

WorldCall Tele

51.69

2.55

2.45

2.65

2.70

2.60

291.35 296.40 288.20 18.15

18.45

17.95

209.20 213.35 203.10

2.10

Tuesday, March 8, 2011

PTCL catches up with the cricket craze ISLAMABAD: Pakistan Telecommunication Company LTD (PTCL) in line with the Cricket World Cup fervor, and to facilitate customers making international calls to the World Cup host countries, has introduced a countrywide PTCL Special World Cup Package. It offers discounted tariffs on calls to India, Sri Lanka and Bangladesh, especially designed to encourage the existing and potential landline and Vfone customers. This limited time offer is applicable to all PTCL and Vfone customers from Feb 26 onwards. With this special international call rate the PTCL customers can call India and Bangladesh for Rs5 per minute and Sri Lanka for only Rs11 per minute on both landline and mobile networks. No subscription or activation is required for this special package. The customers can enjoy discounted call tariffs regardless of their package type.-Online

HANOVER: A woman displays an iPhone horn speaker as the display of the device reads the word 'love' at the CeBIT, the world's biggest IT fair.-Reuters

Top cellco jumps on ICC WC offer-wagon ISLAMABAD: As the whole nation goes into cricket frenzy, Mobilink has created several opportunities for cricket enthusiasts ranging from discounted tariffs, memorabilia, free trips to Sri Lanka as well as exciting value added services. To further fuel the passion Pakistanis as a nation share unanimously for the sport, the company has announced several services and promotions around the ongoing matches, said a press release issued here. These include 50 per cent discount on making international calls to all world cup destina-

tions of India, Sri-Lanka and Bangladesh as well as up to 75 per cent discounts on international roaming to facilitate Jazz and indigo customers travelling to watch the matches in Sri Lanka. According to a news release Mobilink, customers can also stay updated with the IVR based Live Ball by Ball commentary, subscribe to Wicket Video Alerts, World Cup SMS Alerts and Ball by Ball updates via SMS; create a fantasy league or simply play the Jazz SMS Quiz to test their cricket knowledge and win prizes.

The highlight of Mobilink's world cup initiative is the inspirational song and video titled "Rise of Jazba" aimed to stimulate a winning Jazba (Passion) in the nation to motivate the Pakistan cricket team. Sung by pop icon and Mobilink Brand Ambassador Ali Zafar, the video features cricketers Shahid Afridi (Pakistan team captain) and Shoaib Akhtar and has some beautiful shots of the Pakistani culture, nostalgic scenes from previous matches, the historic Gaddafi stadium and interesting glimpses of cricket mania.-APP

China Unicom sees flat 2011, 3G spend BEIJING: China Unicom, the country's No 2 mobile operator, expects capital spending on its third-generation data network to be "largely similar" to the amount it spent in 2010, its chairman said. "It depends on what the market wants, and we will hurry to meet the market's needs," Chang told Reuters in an interview on the sidelines of the National People's Congress. China spent about 120 billion yuan ($18 billion) on 3G capital expenditures last year, official Chinese figures show. A UBS report estimates that total capital spending on the data network is likely to fall 24 percent this year.

The company is also closely studying a fourth-generation data network and has not ruled out implementing a trial network this year, Chang said, but added it wants to concentrate on developing its 3G business first. "We will be testing and following developments closely, but I think the development of LTE may take some time," he said. LTE refers to long term evolution, which is a fourthgeneration network standard that is being used by a number of telecoms operators including China Unicom's bigger rival, China Mobile. China Unicom also hopes to conclude talks with Apple to

begin selling the iPad tablet PC through the telecom operator by the end of this year, Chang said. While customers are now able to buy Apple products through its stores and authorised resellers, no mobile operator has yet come to an agreement with the iPhone maker to distribute the iPad tablet PC. China Unicom is the only mobile carrier in the country that is authorised to sell Apple's iPhone because it is the only operator whose 3G network runs on the more commonly used W-CDMA standard. China Mobile uses a homegrown standard known as TDSCDMA.-Reuters

Cells, sitting ducks for the cyber-hunters BERLIN: The potential hazards on the Internet are changing just as quickly as computer technology itself. It's the job of Germany's Federal Agency for Security in Information Technology (BSI) to promote better PC security. Agency boss Michael Hange is now concerned about risks to mobile phones, smartphones, and tablet computers. "Not least because they are increasingly popular and ubiquitous, mobile devices are already an attractive target for criminals of all sorts," explains the expert in computer security. "We're having to take that more into account when we think about security." Smartphones are fundamentally faced with the same threats

as stationary PCs. "You have to count on viruses and malware impinging there as well." That affects not just the confidentiality of telephone conversations and data, but also the entire range of applications. It's more than just vulnerable address books. It could range from the chance to eavesdrop on conversations to the ability to track the position of the user. The biggest threat for PC users in the eyes of the BSI president are botnets, private computers that have been infested with viruses to be remote controlled and misused to attack other computers. That makes it very important to protect your computer carefully on the Internet and choose carefully

where to visit," Hange explains. "Websites are rigged to infect a PC if a certain area of a website gets clicked." In half the cases the PC ends up being used for more than 300 days without the user noticing the infection, Hange says. "But if you get caught up in a botnet, you are part of the crime instrument." Identity theft is another problem on Hange's mind. "Phishing" seeks to trick internet users into revealing their user names and passwords, such as through fake websites that look like genuine ones. That form of Internet criminality affects the entire spectrum of internet usage, not just online banking, the BSI president says.-Reuters

SKâ&#x20AC;&#x2122;s KT launches nationwide mobile Wimax SEOUL: KT, South Korea's No 2 mobile operator, has said that it had rolled out a nationwide highspeed WiMax service to help meet surging data demand from smartphones, tablets and other mobile devices. The move comes as KT, which is also the country' top fixed-line carrier, seeks to further sharpen its competitive edge to counter threats from bigger rival SK Telecom, which will join KT in offering Apple Inc's. KT said it plans to offer a series of smartphones, tablet PCs and laptops compatible with the high-speed WiBro network, which covers 85 percent of the country's population, including Samsung Electronics' Galaxy Tab WiBro, which runs Google Inc's Android 2.2 operating system. WiBro, short for Wireless Broadband, is a South Korean version of Mobile WiMax, a fourth-generation (4G) mobile broadband technology that competes with Long-Term Evolution (LTE).-Reuters

Mobilink Foundation warms up to the flood-hit ISLAMABAD: Mobilink Foundation, the non-profit philanthropic arm of a cellular company, in continuation of its efforts for the flood affected people has distributed winter clothes among women and children in Khyber Pakhtunkhwa region. The initiative will benefit more than 7,000 flood affected individuals across the country. The foundation distributed warm winter clothes in far flung areas of Khyber Pakhtunkhwa region including Nowshera, Charsaddah and Swat as well as Muzaffargarh and Sukkur in Punjab and Sindh where severe cold spells are currently underway, said a press release. It also plans to distribute around 2,000 warm clothes for women and 3,000 garments for children, aged 12 years or younger, in flood affected areas across the country. Another 2,000 sweaters will also be distributed for infants between 1 to 2 years of age. Fehmeeda Begum, a flood victim from Nowshera after receiving the warm clothes said, "The flood took away everything I had. I have been living in a tent with two of my children for the last four months and I had no warm clothing to keep us warm in this cold weather, this is really helpful."-Agencies

Senate body directs PTA to make telco pay

Mobilink may pay blackout damages I S L A M A B A D : Parliamentarians have expressed concern over disruption of Mobilink service in the federal capital and adjacent areas on Sunday. Sub Committee of Senate's Standing Committee on Information Technology (IT) & Telecommunication that met here Monday with its convener Senator Maula Bakhsh Chandio in the chair, took up the issue of Mobilink service failure. The Committee asked Pakistan Telecommunication Authority (PTA) to ask the company to compensate the customers for the agony and torture caused by service disruption which is still not fully restored by Monday noon. It is pertinent to mention that millions of customers have suffered in Jhelum, Peshawar and its adjacent regions with serious disruption on Sunday evening. Link Dot Net DSL internet, the sister company of mobile company service was also paralyzed in the same region. A Mobilink official told a news agency that technical problems caused this blackout. The official added that Mobilink's experts and techni-

cians have had success in reviving service in certain pockets on Monday. More than 10 million people are believed to be affected due to dropping or missing signals. The outages began Sunday evening. The official requested anonymity because of a lack of authority to discuss the issue with the media. Cell phone use has exploded in Pakistan in recent years. Many in this country of 180 million don't bother installing landlines anymore. Talking to a news agency Director Public Relations Mobilink Omar Manzur said "Partial connectivity was restored in the early hours of the morning and our technical teams continue to work round the clock to ensure that all equipment is fully restored at the earliest". A fire incident was reported at one of the company's technical hubs in Islamabad on the evening of Sunday causing suspension of Mobilink services in Islamabad, Rawalpindi and some pockets outside the twin cities. No loss of human life or telecom equipment was reported.Agencies

Special discount on int'l roaming

Warid glows it away big time KARACHI: As the cricket season begins, GLOW exposes a wave of great passion amongst the youth. GLOW has introduced a new SMS bundle, 100 SMS @ 50 paisas/day to any number, any network in Pakistan. This offer has been designed keeping in mind the pocket size and needs of the youth segment. Also, an interesting IVR based service called 'Fantasy Cricket' will be available that can be accessed by calling 1200. This service allows customers to set up their team and receive regular updates/reminders on the performance of their selected players. The top 3 winners will be given exciting cash prizes. To connect youth with cricket, GLOW is also organising 'All Pakistan Kricket Tournament 2011' in which over 200 colleges from both government and private will participate from all over the country.

Constantly exploring the best ways to meet the dynamic needs of active youth who always desire more from their connection, Warid Glow proves to be a brand full of energy that is matchless and smartly positioned to best serve the communication needs of young leaders. Furthermore, to share this season's Cricket World Cup's joy and excitement Warid has also brings discounted International roaming rates for all of its customers roaming in Bangladesh and Sri Lanka. Not only this, Warid is also offering the most competitive international dialing rates for calling Bangladesh, India and Sri Lanka. Now Warid customers can call Bangladesh for as low as Rs6/min on landline and Rs7/min on Mobile, India Rs6/min on landline and Rs5/min on mobile, Sri Lanka Rs10.24/min on landline and Rs12.14/min on mobile.Agencies

Telenor Group in testing hour FORNEBU: Telenor Group has announced that Institutional Shareholder Services ("ISS"), the leading independent proxy voting advisory service to the global financial community, has recommended that shareholders of VimpelCom Ltd vote against the proposed increase in share capital and issuance of shares in connection with the proposed acquisition of Wind Telecom at the upcoming Special General Meeting scheduled to be held on March 17, 2011. In reaching its conclusion, ISS performed a detailed analysis of the market reaction to the Wind Telecom transaction, the proposed transaction terms, equity analysts' views and the implications for corporate governance at VimpelCom. In considering the market reaction, ISS noted that since the initial announcement of the transaction, VimpelCom shares have declined by 10.2 per cent and "have not participated in the growth experienced by the broader MSCI Russia and RTS indices, which have increased by 29.3 per cent and 31.3 per cent, respectively. Since VimpelCom Ltd ADRs began trading in April 2010, those shares are down 27.8 per cent, while the MSCI Russia and RTS Indices are up 15.7 per cent and 18.7 per cent, respectively." While noting that the reactions of independent equity analysts have been mixed, ISS stated that "analysts appear to be skeptical of the synergies that have been proposed, as well as the risks surrounding the Algerian assets." Finally, ISS also raised concerns that consummation of the Wind Telecom transaction could result in termination of the carefully considered shareholders agreement between Telenor and Altimo. Under such circumstances, "the risk to unaffiliated shareholders of losing the bulwark provided by the shareholder agreement - and in particular their ability to elect the independent directors who provide the swing vote on major board decisions - should inspire caution." Richard Olav Aa, Executive Vice President and CFO of Telenor, stated that "ISS' support validates our belief that VimpelCom shareholders will not be well served by the Wind Telecom transaction and that approval of the Wind Telecom transaction will only destroy even more shareholder value. We strongly urge all shareholders to vote against the transaction well in advance of the March 11, 2011 voting deadline to ensure their votes are represented at the Special General Meeting." -Agencies

BARCELONA: Chairman PTA Dr Mohammed Yaseen hosted by Qtel Deputy Chairman HE Sheikh Mohammed Bin Suhaim Hamad Al-Thani, Qtel Group CEO Dr Naseer Marafih, Wi-tribe Group CEO Sohail Qadri and Wi-tribe Pakistan CEO Mustafa Peracha at the Qtel Group Pavilion in Barcelona during GSMA Mobile World Congress 2011.

Tuesday, March 8, 2011

Brent crude rises on Libya, pares gain Citigroup, Commerzbank raise oil price forecasts LONDON: Brent crude rose as high as $118.50 a barrel and US oil hit its highest level since September 2008 on Monday on concern over wider supply disruptions in the Middle East before both markets pared gains. While the Libyan crisis has cut supply from a country that normally provides almost 2 per cent of world output, the prospect of unrest spreading to larger producers such as Saudi Arabia is a far more bullish scenario for oil markets. "The major risk remains the prospect of the political unrest spreading to the Gulf producing region," said Caroline Bain, economist at the Economist Intelligence Unit. "However, even if there is civil unrest in Saudi Arabia, it is not a given that oil production will be affected." Brent crude gained 55 cents to $116.52 at 1528 GMT. US crude was up $1.04 at $105.46, having earlier risen as high as $106.95, the highest since September 2008.

Oil traders in New York and London said prices had fallen back as some participants decided to lock in profits and because of a rumour that Libyan leader Muammar Gaddafi was preparing to leave Libya. In Saudi Arabia, security forces have detained at least 22 minority Shi'ites who protested last week against discrimination, activists said on Sunday, as the kingdom tried to keep the wave of Arab unrest outside its borders. Citigroup and Commerzbank raised their oil price forecasts on Monday and the latter is now looking for a Brent price of $120 in the second quarter, citing the risk that disruption could spread in the Middle East. Brent's highest this year is $119.79 reached on Feb. 24. The European benchmark crude traded as high as $118.50 on Monday. "Not only actual production losses but above all the threat of contagion spreading to

neighbouring regions will keep the geopolitical risk premium at a high level for the time being," Commerzbank said in a report. The rally in prices has prompted the Obama administration to consider releasing emergency oil stockpiles as policymakers seek ways to contain a negative spillover to the world's biggest economy. There has so far been no formal response from the Organization of the Petroleum Exporting Countries, which has brushed off the need to meet before a scheduled gathering in June. OPEC ministers are holding informal consultations, but the group is not planning to hold an emergency meeting, an OPEC delegate said on Monday. Libya, an OPEC member, usually produces 1.6 million barrels per day and its output has been cut by as much as 1 million bpd, according to the International Energy Agency. Reuters

Palm oil rises on biofuel appeal, low stocks KUALA LUMPUR: Malaysian crude palm oil hit two-week highs before paring some gains on Monday, as traders hoped stronger energy prices would strengthen the appeal of biodiesel as unrest in Libya threatens to cut crude oil supplies. Palm oil prices were also supported by the Malaysian Palm Oil Board (MPOB) chairman's view that stocks in the world's No.2 producer would remain low until April. Traders expect palm oil prices, which have dropped more than 2 per cent so far this year, to rebound during the three-day Bursa Malaysia

Palm Oil Conference this week at which analysts are likely to present an upbeat outlook for the industry. Benchmark May contract on the Bursa Malaysia Derivatives Exchange rose to its highest level since Feb. 22 of 3,700 ringgit ($1,221.324) per tonne before easing to close at 3,695 ringgit ($1,219.673). Traded volume stood at 16,177 lots at 25 tonnes each, above the usual 15,000 lots. Other vegetable oil markets were mixed. US soyoil for March delivery barely moved on Monday after the previous session's gains on favourable

crop weather. China's most active soybean oil contract for September delivery edged up 0.2 per cent as traders watch the ongoing National People's Congress meeting for cues on government policy for food. "Most likely the government will come out with a solution to balance supplydemand in the country, and probably we could see another interest rate hike -- which is mostly expected by market players," said Zhang Juan Cong, an analyst with Dadi Futures in China's southern city of Hangzhou. -Reuters

Copper falls on Libya worries, strong oil LONDON: Copper fell more than 4 per cent on Monday as escalating violence in Libya eroded investors' appetite for assets perceived as risky and oil remained strong, increasing concerns about inflation. Three-month copper on the London Metal Exchange closed at $9,499 a tonne from $9,895 at the close on Friday. Nickel was the standout loser, shedding more than 6 per cent to a low of $27,050. It closed at $27,475. "It is probably part of a bigger concern over what is going on in north Africa and the Middle East," Societe Generale analyst David Wilson said. "There is risk concern, and base metals, typically being seen at the risky end of the spectrum, are being sold." US President Barack Obama said on Monday that NATO was considering military options in response to the situation in Libya and that violence by the Libyan government against its people was unacceptable. Concerns over wider disruptions to oil supply in the Middle East drove Brent crude to as high at $118.50 a barrel and US oil hit its highest level since September 2008. "The strong oil price and how it feeds through to inflation is also a concern," Wilson said. High oil prices reinforce

concerns of rising inflation, which could lead to higher interest rates, slowing economic growth and denting demand for raw materials.

Shanghai copper declines Copper prices softened in Shanghai and London on Monday, as the ongoing Libya crisis dampened market sentiment while investors await China demand to pick up after a winter lull. Shanghai's most-active copper futures contract lost 0.7 per cent at 74,200 yuan ($11,293) a tonne, after a three per cent rise last week. Shanghai zinc hit an intra-day low of 18,775 yuan, its lowest since Jan 31. It closed down two per cent at 18,860 yuan. A steadier dollar also weighed on industrial metals. After rising for four straight days, the euro fell from the day's high and traded little changed against the dollar. A stronger dollar makes commodities priced in the US currency more expensive for holders of alternative

currencies. INVENTORIES RISE Copper stocks continued to build, rising 1,850 tonnes to 427,150 tonnes, the highest level since July 2010, data released on Monday showed. Inventories of copper have climbed by about 20 per cent since December, raising some concerns about waning demand. Zinc inventories also continued to increase, up by 6,300 tonnes to 725,525 tonnes, the highest level since November 2004. "The zinc stocks inflows in the last few days is an indication of a market that is well oversupplied with potential further downside," Major said. "Zinc has got the weakest fundamentals in the industrial metals complex." Credit Suisse said in a note that "zinc is our least preferred exposure in the metals space". Zinc, used in galvanizing, closed at $2,370 from $2,461 at Friday's close, while tin, untraded at the close, was bid at $30,700 from $31,850. Battery material lead was $2,580 from $2,630 and aluminium was $2,558 from $2,600. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 04 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1310

1255

January (3rd Wednesday)

1310

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 04 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2375 2385 2370 2380 2350 2360 2350 2360

2587 2588 2618 2619 2695 2700 2747 2752

9970 9970.5 9979 9980 9880 9890 9595 9605

2670 2672 2653 2655 2602 2607 2550 2555

28925 28950 28905 28910 27745 27845 26450 26550

TIN

ZINC NASAAC

31900 2486.5 31905 2487 31925 2512 31975 2512.5 31705 2550 31755 2555 2550 2555

2555 2565 2570 2580 2615 2625 2670 2680

European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 980.00-5.00, Apr11 985.005.00, May11/Jul11 990.005.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1065.00-5.00, Aug11/Oct11 995.00+0.00, Nov11/Jan12 1000.00+0.00, Feb12/Apr12 1005.00-3.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1450.00+10.00, Jul11/Sep11 1455.00+5.00, Oct11/Dec11 1405.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1577.50+5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Mar11 1267.50+25.00, Apr11/Jun11 1262.50+22.50, Jul11/Sep11 1240.00+20.00, Oct11/Dec11 1225.00+20.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11 1322.50, Apr11/Jun11 1315.00. PALMOIL: RBD dlrs tonne fob Malaysia Apr11 1267.50+15.00, Apr11/Jun11 1260.00+17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11 1275.00+15.00, Apr11/Jun11 1267.50+17.50, Jul11/Sep11 1217.50+7.50, Oct11/Dec11 1197.50+7.50. PALM STEARIN: Dlrs tonne fob Malaysia Mar11 1242.50+12.50, Apr11 1242.50+12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2060.00-10.00, Apr11/May11 2040.00+0.00, May11/Jun11 2030.00+0.00. Reuters

Tokyo rubber hits 6-week low SINGAPORE: Tokyo rubber futures fell more than 3 per cent to their weakest in almost six weeks on Monday, as equities dropped on fears that more turmoil in the Middle East and soaring oil prices could weigh on the global economy. The most active Tokyo rubber contract, August 2011 , fell as low as 451.3 yen a kg, its weakest since Jan 26, before settling at 456.2 yen, down 12.2 yen from Friday's settlement. The contract touched an all-time high around 535 yen in February. Shanghai rubber futures shrugged off declines in TOCOM. The most active May contract ended at 38,675 yuan a tonne, up from Friday's close of 38,030 yuan. The physical market lacked activity, with main consumer China waiting for more declines in the price of tyre grade. "We don't see any offers today, but there were deals on Friday at $5.01 and $5.03 a kg," said a dealer in Indonesia's main growing island of Sumatra. "We are hoping that China will come back to buy, but of course we won't know when." -Reuters

AHMEDABAD - INDIA: Indian farmer fill the overhead water tank with water from the Sabarmati river flowing adjacent to his field in Sahij village some 45 km from Ahmedabad. -Agencies

Gold strikes record as Libya violence escalates LONDON: Gold struck a record high in Europe on Monday as violence in the Middle East and North Africa pushed oil prices to 2-1/2 year highs, bolstering the metal's appeal as a safe haven from risk and inflationary pressures. Spot gold hit a record $1,444.40 an ounce, also gaining momentum after a downgrade of Greece's credit rating by Moody's reignited eurozone sovereign debt worries, which helped fuel a bullion rally last year. "That's added a buzz to the market," Robin Bhar, an analyst at Credit Agricole, said of the downgrade. Gold was at $1,437.85 an ounce at 1513 GMT from $1,431.95 late in New York on Friday, while US gold futures for April delivery rose $10.1 an ounce to $1,438.70. Supporting gold's status as a haven from inflationary pressures, crude prices rose as conflict in oil-producing Libya intensified. Violence across North Africa and the Middle East has boosted gold's appeal as a protection from risk in recent weeks. Appetite for gold in Asia remained strong, with Indian gold futures hitting record highs and the Japanese retail

price for gold hitting a 28-year high above 4,000 yen ($48.60) per gram on Monday. Gold should push higher from its near-record levels due to its appeal as a safe haven, forecasters told the world's largest mining conference on Sunday. JPMorgan analyst Michael Jansen told the Prospectors and Developers (PDAC) conference in Toronto that he expects gold prices to average at $1,465 an ounce this year. Among other precious metals, silver was bid at $36.54 an ounce against $35.61. The metal rose to its highest since early 1980 in earlier trade at $36.52 an ounce. The gold/silver ratio meanwhile fell below 40:1 for the first time since February 1998, demonstrating silver's outperformance of gold. "With the situation in the MENA region still extremely volatile and oil continuing (to) rise, both gold and silver are likely to extend on a mix of safe-haven and anti-inflationary hedging," said TheBullionDesk.com analyst James Moore. Meanwhile platinum was at $1,833.99 an ounce against $1,841, while palladium was at $800.50 against $809.50. -Reuters

Indian sugar ends steady MUMBAI: India sugar prices ended steady on Monday as higher supplies outweighed hopes of an improvement in demand from cold-drink markers after temperature started rising in the country, dealers said. "Traders were expecting a rise in demand from colddrink markers. Temperature has started rising in many regions in the country. Wedding season is also on," said a member of Bombay Sugar Merchants Association (BSMA). Demand for the sweetener from ice-cream and cold-drink makers typically goes up during the summer.

In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up by 0.19 per cent to 2,696 rupees ($59.9) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.17 per cent at 2,859 rupees per 100 kg. Nine sugar mills in India's biggest cane producing state of Uttar Pradesh have shut down early due to crop shortage, industry officials said, with any slowdown in output jeopardising plans for 500,000 tonnes of unrestricted exports. -Reuters

Coffee jumps to 34-yr high on fund buying LONDON: Arabica coffee futures surged because of fund buying to hit a 34-year peak on Monday, with tight supplies and slow origin selling also providing support. Cocoa futures advanced as conflict in top grower Ivory Coast escalated, while sugar was also in positive territory. "It's presumably a large fund or managed money that has decided now is the time (to buy coffee)," said Gary Mead, analyst with VM Group in London. ICE May arabicas were up 8.1 cents or 3 per cent to $2.8090 a lb at 1606 GMT after peaking at $2.8185. Mead said the next target was $3 per lb, which he said could be achieved "sooner than the next few months". Robusta coffee futures on Liffe also rose, with May up $20 or 0.8 per cent at $2,410 a tonne after touching $2,429, a three-year peak for the second month. Vietnam, the world's top robusta producer, has seen domestic coffee prices repeatedly break through record levels in recent weeks. ICE cocoa was also higher, underpinned by fears over future supplies as a leadership standoff in Ivory Coast has seen the country's security rapidly deteriorate in recent weeks. ICE May cocoa traded up $7 or 0.2 per cent, at $3,664 a tonne, below the 32-year peak hit last week of $3,775. London May cocoa was up 5 pounds or 0.2 per cent to 2,345 pounds a tonne. Sugar prices were also higher, with whites particularly firm and catching up with gains in ICE raws late on Friday after the Liffe market had shut. "London is having to catch up with New York, which rallied equivalent to $10 after London closed," said James Kirkup, head of sugar brokerage at ABN AMRO (Markets) UK Ltd. ICE May raw sugar was up 0.07 cent or 0.2 per cent to 29.95 cents a lb. Liffe May white sugar was up $12.20 or 1.7 per cent to $747.90 per tonne. Dealers said the sugar market was closely tracking nominations of vessels by Cargill after it received almost 1 million tonnes of raw sugar against expiry of the ICE March contract at the end of February. -Reuters

National Commodity Exchange Ltd Trading Summary Date

7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011 7-Mar-2011

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 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 RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M

Contract Date

Price Quotation

Open

High

Low

MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 10MA11 MA11 MA11 11-Mar 11-Jun

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 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 Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

102.88 104.08 104.59 34.48 34.47 1419.00 1419.00 1420.50 1420.00 1420.00 1422.80 39225.00 39050.00 40200.00 38994.00 39005.00 45482.00 45482.00 40064.00 40108.00 40123.00 40137.00 40152.00 47387.00 47175.00 47030.00 46836.00 46999.00 3312.00 3318.00 5447.00 86.28 85.83

106.83 108.00 108.49 36.59 36.63 1442.80 1443.70 1444.50 1442.00 1442.70 1443.70 39623.00 39635.00 40350.00 39596.00 39607.00 46184.00 46184.00 40732.00 40673.00 40688.00 40703.00 40717.00 47500.00 47375.00 47500.00 47391.00 47508.00 3359.00 3365.00 5486.00 86.30 85.85

102.79 103.91 104.59 34.46 34.47 1416.40 1416.80 1417.70 1417.00 1420.10 39021.00 39033.00 39048.00 38994.00 39005.00 45482.00 45482.00 40064.00 40108.00 40123.00 40137.00 40152.00 46067.00 46117.00 46134.00 46151.00 46168.00 3312.00 3318.00 5447.00 86.28 85.83

106.57 107.91 108.49 36.31 36.63 1442.00 1442.70 1443.40 1442.00 1442.70 1442.70 39623.00 39635.00 39650.00 39596.00 39607.00 46184.00 46184.00 40732.00 40673.00 40688.00 40703.00 40717.00 46846.00 46778.00 46795.00 46812.00 46829.00 3359.00 3365.00 5486.00 86.30 85.85

Traded Volume in lots 1,139 288 117 138 2,151 2,228 1,460 24 9 19 14 4 10 2 6 19 19 -

Previous Settlement Price 105.72 106.96 107.45 35.99 36.01 1435.50 1436.20 1436.90 1435.50 1436.20 1436.90 39480.00 39491.00 39507.00 39452.00 39464.00 46016.00 46016.00 40588.00 40528.00 40543.00 40558.00 40573.00 46677.00 46609.00 46625.00 46643.00 46660.00 3312.00 3318.00 5447.00 86.28 85.83

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 106.57 87 107.91 45 108.49 36.31 56 36.63 11 1442.00 970 1442.70 1,630 1443.40 679 1442.00 4 1442.70 1443.40 1 39623.00 2 39635.00 80 39650.00 1 39596.00 39607.00 46184.00 46184.00 40732.00 40673.00 40688.00 40703.00 40717.00 46846.00 10 46778.00 6 46795.00 1 46812.00 15 46829.00 6 3359.00 3365.00 5486.00 86.30 85.85 -

The Cambridge and Oxford boat crews pose for a photograph outside City Hall in London

Tuesday, March 8, 2011

Pietersen confirms his WC is over CHENNAI: England batsman Kevin Pietersen has been ruled out of the Cricket World Cup with a hernia which needs immediate attention. "Confirming the BREAKING NEWS mate: I fly home tonight. Out of the WC & IPL (Indian Premier League)...Absolutely devastated!!," he posted on Twitter. "...not a lot u can do about injuries mate!! onwards & upwards. "Sad to leave India... Love the people & the hospitality!! Alvida doston," he wrote, the last two words meaning "goodbye friends" in Hindi. Irish-born Eoin Morgan, a dangerous middle-order batsman who had been ruled out of the competition with a broken finger last month, will now fly to the sub-continent as a replacement for Pietersen. "We are working hard to see if Morgan can arrive in the next 48 hours so that he can play in the game against Bangladesh (on Friday)," an England team spokesman said. The ECB had issued a statement Saturday that Pietersen, 30, was suffering from a hernia but that it would be "managed" by medical staff for the duration of the World Cup which finishes in Mumbai on April 2. The England party Monday flew from Chennai, where they clinched a thrilling sixrun victory over South Africa in Group B Sunday, to Bangladesh for their next match against the co-hosts in Chittagong. Pietersen has been opening for England but has struggled so far to make a big impact in their four games, two wins, one defeat and a tie. Sunday, he was out for two.-Reuters

Pak-Malaysia UK Olympics qualifier soccer match tomorrow LAHORE: Pakistan's coach Tariq Lutfi hopes Pakistani youngsters strive to develop into international-calibre players, particularly after two matches against Palestine where they conceded only two goals in 180 minutes. "It's normal for the public to expect a lot from this game but it is not fair to judge these young players because they need time to develop. If you expect a lot, it will put a lot of pressure on them," said Tariq "You can't have results without giving time for preparation and development." Pakistan will take on Malaysia in Olympic Qualifier second leg at Lahore's Punjab Stadium Wednesday, 9 March 2011 (8 PM). Pakistan U21 is still in learning stage and the way they played against Palestine was praised worthy. Lutfi believes his boys have the experience and pedigree to develop into fine players in years to come if they stuck to their potential. While talking about Malaysians, he said that Malaysian coach Ong Kim Swee has six players from the AFF Suzuki Cup-winning side and also trainees who have had short stints with the national senior squad over the past year. -Agencies

It was Canadaâ&#x20AC;&#x2122;s day not Kenyaâ&#x20AC;&#x2122;s NEW DELHI: Canada's batsmen finally managed to complement the good work of their bowlers to secure their first victory in this World Cup -- and only their second ever in the event -against Kenya on Monday. There were early jitters but they were overcome eventually as the North Americans, with seven South Asian-born players in their team, reached their target with five wickets and 27 balls to spare to spare at the Feroz Shah Kotla. Right-handed batsman

Jimmy Hansra (70) and captain Ashish Bagai (64 not out) stitched together a 132run partnership for the fourth wicket that sealed the match and along with it Canada's first Cup win since they beat Bangladesh in 2003. The duo consolidated after Canada were reduced to 48-3 and batted intelligently thereafter to wrest control back in their hands, helped in part by a few dropped catches. "I made sure I made them pay after the dropped catch. It was good to be positive at

the start," a satisfied Hansra said after the match. "I hit the shots that I was comfortable with, pushed the field back and rotated the singles in the middle." Paceman Henry Osinde took four wickets as Canada shot out the Africans for 198 runs after they opted to bat first after winning the toss. The burly fast bowler got the ball to move a bit at the start to take three quick wickets in his opening spell and returned to add one more to his tally off his last over.-Reuters

NEW DELHI: Canada's captain Ashish Bagai, and bowler Rizwan Cheema, appeal successfully for the dismissal of Kenya's Steve Tikolo during the Cricket World Cup Group A match between Canada and Kenya.-Reuters

Eng lay bare SA batting weakness

Squad ready for NZ on mystery pitch: Misbah PALLEKELE: In-form Pakistan batsman Misbah-ulHaq said his team was ready for the double challenge of facing New Zealand as well as a mystery World Cup pitch on Tuesday. The Group A rivals meet at the newly-built Pallekele stadium in the first-ever one-day match at the venue, a factor which vice-captain Misbah believes will give both teams plenty to think about. "Of course, it adds to the challenge because we don't know how the pitch will behave but that's the same for both teams, and as far as we are concerned we are up to the challenge," Misbah said

Monday. The 36-year-old has anchored the Pakistan team in the World Cup with two halfcenturies against Kenya and Sri Lanka and a hard-fought 37 in the last match against Canada. Pakistan sit top of Group A with six points after three matches, followed by co-hosts Sri Lanka (five points in four) and defending champions Australia (five after three), with New Zealand fourth with four in three matches. "We have done well against them in World Cups and in the recent series there but that win will count for nothing as it's a new game at a new place,"

Tamim roots on BD loyalists to chill out CHITTAGONG: Bangladesh opener Tamim Iqbal has called on fans to cool their passions and be patient if the World Cup co-hosts do not meet their sky-high expectations. Their supporters in Dhaka reacted with fury on Friday after the nine-wicket Group B defeat by West Indies with stones thrown at the visiting team's bus. "I request the fans not to do any silly things," Tamim told reporters in Chittagong on Monday. So far, Bangladesh have won one of their three games, losing also by 87 runs to cohosts India in the tournament opener on Feb. 19 but beating Ireland in between their defeats. "We will win some days and lose some days as that is cricket and they need to support us through good times as well as bad times," said the left-hander. Bangladesh faced the wrath of fans after a rampant West Indies attack skittled them out for their lowest ever ODI total of 58 runs. The fans booed the Bangladesh team at the ground and threw their shoes on to the road in front of their bus on their return to the team hotel, a huge insult in the

country. The attack on the West Indies team bus was taken very seriously by Bangladesh security forces and politicians, leading to the tightening of safety measures including the introduction of armoured personnel carriers to accompany team buses. Bangladesh's elite force Rapid Action Battalion (RAB) arrested at least 28 in connection with the stoning of the bus, though local media said all of them were released on bail. Police said they also detained a fan in Chittagong on Sunday for showing his thumbs to Bangladesh players, again a big insult in the country. "He (the fan) realised his mistake and was also repentant. We released him following a request by the players," Deputy Police Commissioner of Chittagong told Reuters. Vice-captain Tamim hoped a good show against England in their next match on Friday in Chittagong would change the perception of fans about the Bangladesh team. "I am sure one good game will change the total scenario and you will see a different Bangladesh team," he said.Reuters

said Misbah, of Pakistan's 3-2 win in New Zealand last month. Pakistan will bring in paceman Shoaib Akhtar after resting him in the last match against Canada, while left-arm spinner Abdur Rehman will also be available after missing the last match due to a leg muscle injury. Led by skipper Shahid Afridi's leg-spin, which has garnered a tournament-leading 14 wickets, Pakistan possess variety in their bowling with off-spinners Saeed Ajmal and Mohammad Hafeez, coupled with a strong new-ball attack of Akhtar, Umar Gul and Wahab Riaz.-Reuters

DRS has improved the correct decisions by over 7pc: ICC MUMBAI: Cricket's controversial Decision Review System (DRS) has improved correct umpiring verdicts by more than seven percent in the World Cup, the game's governing body said on Monday. For the first time at a World Cup, each team has the right to question at least two decisions which go against it during an innings. A third umpire uses the available technology to determine if the on-field officials were correct. But it has not been an easy debut for DRS in the showpiece event. The Indian Cricket Board, infuriated by Ian Bell's apparent let-off for lbw in the tied India v England match, wrote an angry letter to ICC chief executive Haroon Lorgat pointing out the inadequacy it perceives in the system. The statistics will calm the nerves a bit for the ICC, which revealed that correct decisions in the World Cup have risen from an average of 90.18 per cent to 97.82 per cent due to the DRS. "It is a fact that the number of (appealed) decisions in this event is way above the normal average for ODIs," ICC general manager Dave Richardson said in the statement.-Reuters

RECORD BOARD Players Strauss-England Villiers-SAfrica Sangakkara-SL Players Afridi-Pak Tahir-SAfrica Roach-WIndies

Most Runs Runs HS 280 158 266 134 241 92 Most Wickets Mat WKts BBI 3 14 5/16 3 11 4/38 3 10 6/27 Mat 4 3 4

Ave 70.00 133.00 120.50

SR 104.4 107.6 87.95

Ave 5.21 8.90 8.80

Econ 2.60 3.84 3.91

CHENNAI: Whatever pretensions South Africa had of having overcome their tendency to crack under pressure in big tournaments lay shattered after their demoralising six-run defeat by England in Sunday's thriller. The team did not put a foot wrong against West Indies and the Netherlands but suddenly came unstuck chasing a modest 172-run target. Their brittle middle and lower order batting was exposed in the process and the result threw open Group B. In the post-match press conference, South African captain Graeme Smith was invariably posed the question he is now tired of answering -- whether his team choked yet again. "I would not say so, we have handled ourselves well in a number of situations over the last couple of years to be able to say we can cope with pressure," he said. The match, however, suggested otherwise. The team seemed to have inherited the big stage fright that led to their World Cup semifinal heart-breaks in 1992, 1999 and 2007. Seeking a third successive win in the tournament, South Africa's batting frailties were laid bare by England's inspired bowling attack on Sunday.Agencies

India will look to solve bowling woes MUMBAI: An unbeaten Indian team will look to find a few answers to their bowling woes when they meet a hot and cold Netherlands in their World Cup Group B match at the Feroz Shah Kotla in Delhi Wednesday. Co-hosts India are leading the group with wins against Bangladesh and Ireland and a nerve-wrangling tied match against England. While the batting has shown depth and maturity with the team crossing the 300-run mark twice, the bowling has lacked punch. India has vowed to play seven batsmen in their team with the part-time spinners handling the fifth bowler's job and it has meant that there has been a lack of wicket-taking options. But the hard-fought victory

against Ireland Sunday has only made captain Mahendra Singh Dhoni more determined in playing seven specialist batsmen. "The most important thing was everyone got a chance to bat and we were batting under pressure. It was very good exposure for all the batsmen,"captain Dhoni said after their five-wicket victory against Ireland. "These are the games where you feel it's always good to have a batsman at number seven." Although Yuvraj Singh will occasionally silence the critics with his part-time spin, India will need their regular spinners to fire more often. Leg-spinner Piyush Chawla, while showing a lot of variation, has been expensive and

there has been talk of bringing in off-spinner Ravichandran Ashwin for Chawla. "We are showing signs of improvement," Dhoni said about his team's bowling. "I think it's important to peak at the right time since it's a long tournament. What we have seen is slow and gradual improvement in the bowling side." Netherlands, for their part, started the tournament on a high, racking up 292 for six against England in their first match. But their form has declined ever since as they got shot out for 115 against West Indies and 120 against South Africa in their next two matches. They are lying at the bottom of Group B with three straight losses.-Reuters

International & Continuation

Tuesday, March 8, 2011

BOJ sees deflation going down, keeps ultra-easy policy bias TOKYO: Japan is expected to make progress in beating deflation but risks to its economy remain, a senior Bank of Japan official said, stressing that the central bank is sticking to its ultra-easy policy bias. BOJ Deputy Governor Hirohide Yamaguchi said annual growth in Japan's core consumer prices, the BOJ's key price gauge, has returned to close to zero percent after remaining negative for most of the past decade, and is likely to turn positive. "But there are uncertainties that pose risks to the economy," such as the recent spike in commodity prices as well as the outlook for the U.S. and European economies, Yamaguchi told parliament on Monday. "The BOJ will take appropriate action if economic and price conditions worsen," he said, signalling that the central bank stands ready to ease policy further if growth sharply undershoots its forecasts. Inflation fears stemming

from the spike in commodity prices have nudged several Asian central banks to raise interest rates. European Central Bank policymakers have also talked tough on inflation, reinforcing expectations that they will increase interest rates next month. But the BOJ is sticking to its ultra-easy policy bias as it feels soaring commodity costs will only gradually work their way through the broader economy, due to weak domestic demand. Inflation is a far less imminent concern for Japan, which is still mired in grinding deflation, although the rise in commodity prices is seen pushing up consumer inflation in coming months. The BOJ last year cut interest rates effectively to zero and set up a 5 trillion yen ($61 billion) pool of funds to buy assets ranging from government bonds to private debt, aiming to support the fragile economy and pull Japan out of deflation. BOJ officials have said that topping up the asset buying

plan is a clear option if downside risks to growth materialise, although expectations of an imminent easing have diminished on growing signs that Japan's economy will soon emerge from a lull. Japan's economy likely rebounded in the first quarter after a slight contraction in the final quarter of last year as exports recover from a soft patch late last year. That led the government and the BOJ to revise up their economic assessments in February. Adding to the positive signs, an index of coincident economic indicators, which measures the current state of the economy, rose 2.5 points in January from the previous month, the Cabinet Office said on Monday. The index suggests that while the economy is at a standstill, it is showing signs of improvement, the Cabinet Office said, upgrading its assessment on the index for the first time since October 2009.Reuters

China targets inflation as fiscal priority BEIJING: China will ensure that big increases in spending on social priorities from public housing to health care do not aggravate inflationary pressures that it has been trying to suppress, the finance minister said on Monday. What's more, China will use its fiscal policies to boost production of grain, cotton and food as a way of reining in prices, Finance Minister Xie Xuren said at a news conference held during China's annual national parliament

session. China has declared that its top priority this year is to curb inflation. But while the central bank has shifted to a tighter monetary policy, the finance ministry has been tasked with implementing a proactive fiscal policy, a description that refers to stimulative spending. "We will put greater emphasis on maintaining overall price stability," Xie said. He said that the government was aiming for a smaller budget deficit this year, in part as a

way of controlling inflation. In its budget for 2011, the finance ministry said China would target a budget deficit of 900 billion yuan, or about 2.0 percent of GDP, down from 2.5 percent in 2010. At a separate briefing, Commerce Minister Chen Deming said that China would try to expand channels for grain and cotton imports in order to meet rising demand, another prong in the country's fight against inflation.Reuters

UK output eases in Q1 from record high: EEF LONDON: British manufacturing activity slowed at the start of 2011 after record performances in the previous three quarters, but firms are optimistic about the future despite having to raise their prices, a survey said. The Engineering Employers' Federation said a balance of 25 percent of companies reported a rise in output in the first quarter, down from 33 percent in the previous one. The positive first quarter reading was above the EEF's forecast and contributed to the strongest four-quarter period since the survey began in 1995. However, rising energy and raw material costs pushed the balance of companies expecting to hike prices for domestic and export markets in the next quarter to record highs. That may alarm Bank of England policymakers who are trying to bring inflation down from 4 percent, double its target, without damaging the fragile economic recovery. The EEF trade body warned that persistently high commodity prices, Middle East tensions and worries about the strength of the economic recovery may cloud the picture in the year ahead. "Manufacturers have picked up this year where they left off in 2010, with output growing and little sign that the exportled recovery is about to dry up in the near-term," said EEF Chief Economist Lee Hopley. "The outlook for the rest of 2011 still remains uncertain as a number of economic headwinds persist and new geopolitical tensions add another layer of uncertainty to economic forecasts." Despite the unpredictable outlook, companies' expectations for new orders hit a record high, with a balance of 33 percent predicting stronger order books in the next quarter. Reuters

CONTINUATION No #1

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Petraeus again apologised for the killings, saying they were a "great mistake," according to a statement released by the presidential palace. Gates visited a military hospital at the vast Bagram base north of Kabul soon after arriving but had no immediate comment on civilian casualties. "You've had a tough winter and it's going to be a tougher spring and summer, but you've made a lot of headway and I think you've proven with your Afghan partners that this thing is going to work," he told troops at the base. Major General John Campbell, commander of Nato-led forces in eastern Afghanistan, said 90 percent of civilian casualties in his area were caused by insurgents. He said an ISAF base had come under attack in the area where the boys were killed and his forces had responded. International concern over civilian casualties has also grown and the fallout from the recent incidents threatens to hamper peace and reconciliation efforts, with a gradual drawdown of the 150,000 foreign troops to begin in July. U.S. and NATO leaders have agreed to Karzai's ambitious timeline for foreign combat troops to leave by 2014. Karzai will announce on March 21 where and when the district-by-district, province-by-province transition will begin. Violence last year hit its worst levels since the Taliban were ousted in 2001, and bloodshed has spread out of Taliban strongholds in the south and east into the north and west. -Reuters

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ADB played a key role in the forum that drew up the Paris Declaration, as well as the follow-up High Level Forum 3 held in Accra, Ghana in 2008. ADB is also actively involved in the fourth forum in Busan, which will review whether earlier commitments and targets have been reached, and what steps are needed to ensure aid is having desired development results. Up to 2000 participants from over 150 countries are expected in Busan, including ministers, heads of bilateral and multilateral institutions, developing country governments, parliaments, civil society organisations, foundations, the private sector and academia, the press statement added. Contributions to the fund will be on an united grant basis, with money pooled together in one account, and the fund will be held and invested at the discretion of ADB and will terminate once the bulk of money has been disbursed. -APP

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"We are here to safeguard the interests of the farmers at any cost, and would do our best to ensure the provision of all agriculture inputs", expressed the minister. Representatives from the fertilizer sector said that the combined urea production capacity of the fertilizer companies stands at 6.9 million tons against the domestic demand of 6.3 million tons. They said that a total of 0.45 million tons of urea shortfall is expected owing to the gas curtailment to the sector and they Continued from page 12 No #2 have already lost a production of 0.15 million tons in until the day it notifies the Commercial Operation Date (COD). He said the plant with 29 turbines will start its operation phased December last year. The delegates added that imported urea is wise later this month. Talking to media, the Director of KARKEY, costly and hurts the domestic industry too. They said that natNuray Atacik, appreciated the efforts of the government to facili- ural gas is used as raw material in the production of urea and tating their firm in execution of the project in business friendly the industry cannot survive without gas. They pleaded that environment. "It is due to some technical issues which are being other industries use gas for fuel and can be alternated with other sources of energy unlike the fertilizer sector resolved to begin the power supply," she added. -APP "Curtailment of gas is the only reason for low production and Continued from page 12 No #3 increased prices of urea in the country", said one of the deleThe large scale farmers having land of more than 50 acre would gates. The delegation included Naz Khan, Chief Financial be provided 500 bags per farmer adding that when these bags Officer Engro Fertilizers, Syed Aamir Ahsan GM Fauji would be filled by the growers they would be provided more bags Fertilizer, AJ Bilal from Agri-Tech (Pak-America), Sajjad for the grain packing, he added. GM PASSCO said that the bags Leghari from Pak-Arab fertilizer and representatives from would be provided after the land certification of revenue depart- Dawood Group, NFC. -APP ment to ensure transparency adding that only those farmers would Continued from page 1 No #7 be entertained who provide the certificate of land. The wheat harSardar Zulfiqar Ali Khosa highlighted the various measures and vesting season would be started by next month from Sindh Province, he added. It may be recalled that this year wheat crop said that Punjab government has taken initiatives to curtail expenhas been sown over 8.8 million hectare of land in the country to diture which include amalgamation of number of departments into fulfill the domestic consumption which has fallen by 3.5 per cent one single unit, stop further purchasing and surrendering of some as compared to the last year sowing. Wheat crop has been sown 800 posts to the original departments from where they were hired. over 6.68 million hectare of land in Punjab, while in the Sindh Finance minister from Sindh, Syed Murad Ali Shah stressed upon Province about 1.08 million hectare of land are under wheat crop, the need for Monthly Reconciliation Reports on taxes collected by he said. In Khyber-Pakhtunkhwa (KPK) the wheat crop has been the federal government, to the provincial governments so that they sown over 0.73 million hectare and in Baluchistan it was cultivat- also may be updated accordingly. Provincial Minister for KP and ed over 0.32 million hectare. Meanwhile, the officials of Ministry Balochistan also gave detailed accounts of measures their governof Food and Agriculture informed that current wheat crop out- ments are taking to curtail expenditure. -APP look was quit satisfactory in the country adding that it is also Continued from page 1 No #8 expected that output of the crop would also remain satisfactory. cement industry has constantly declined since 2004-05 when it They also expect that bumper wheat crop was expected in Sindh, where the sowing had surpassed the fixed targets this year. -APP reached a peak of 91.32 per cent. In 2009-10 it dropped 76.53 per cent while during the first eight months of this fiscal the capacity Continued from page 12 utilisation has remained at 71.66 per cent. No #4 "The transportation cost has made the cement export unviable for It is pertinent to mention that Pakistan is facing security challenges within the country as well. Operation in Orakzai, plants located in the upper parts of the country," said a spokesman of APCMA. He said the cement market in Afghanistan is limited Mohmand, Bajaur and other areas is going on. Several areas like and all the 14 units operating in the north compete with each other Swat and Dir were cleared after operations two years ago. The situation on bordering areas would also be discussed, to grab the Afghan market. This, he added, has brought down the export rates to very low levels. The exports to India declined by sources informed. -Online

23.99 per cent during this period from 0.421 million ton last fiscal to 0.320 million ton during corresponding period this year. Exports to Afghanistan however increased by 16.81 per cent in the first eight months of this fiscal to 2.818 million tonne.

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meeting that MQM would continue boycott of Assemblies. He said that MQM repeatedly drew the attention of the PPP over situation of the city. Raza Haroon further said that the crime situation here in the city was very alarming. He said that MQM believes in nonviolence, added MQM has conveyed decision to Prime Minister Gilani and President Asif Ali Zardari. Haroon said that his party had repeatedly conveyed to Pakistan Peoples Party (PPP) leadership that terrorists, criminal elements and the culprits behind the tragedy in Sher Shah are supported by certain PPP members in the Sindh assembly. "But ours this message was taken seriously," he said. Now we are condemning in the strongest possible words the statement of the PPP provincial Senior Vice President and Interior Minister Sindh Doctor Zulfiqar Mirza as he termed the group of extortionists and terrorists, Peoples Peace Committee, as sub-organization of PPP. After meetings in London and Karachi and deliberation, the MQM concluded that Mirza is guardian of the terrorists' group Peoples Amn Committee, he said, adding therefore we announce that MQM can no longer collaborate with PPP." Flanked by Haider Abbas Rizvi, Faisal Sabzwari and Wasay Jalil, MQM leader said that the meetings also decided to formally inform Pakistan President and the Prime Minister of the situation in a meeting but meanwhile boycott from the sessions of the provincial assembly and the parliament would continue. Earlier, MQM boycotted the Sindh assembly's session when it started under chairmanship of Speaker Nisar Ahmad Khuhro. While PPP members in the assembly welcomed arrival of the interior minister by thumping the desks and titled him as Sher-e-Karachi. Meanwhile, Talking to media before start of the session Mirza said that boycotting assembly sessions is a style of MQM and PPP has its own peculiar style. Meanwhile, speaking to media representatives outside the Sindh Assembly building, Zulfiqar Mirza said his statement regarding the Peoples Amn Committee was misunderstood and misinterpreted.

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relationship was strengthening with every passing day. The mutual feelings of friendship trust and confidence is reassuring, he said. Highlighting the shared objectives and aspirations of the two countries, the President noted that the two countries were determined to work closely to strengthen whole range of bilateral relations. He said that Pakistan and Tajikistan were determined to work together to promote stability, peace and development in the region. Furthermore, President Asif Ali Zardari while talking to US Special Representative for Afghanistan and Pakistan Ambassador Marc Grossman Monday said Pakistan and the United States need to "remain focused" to pursue long-term strategic ties, without being swayed by "misperceptions and some isolated incidents." Discussing Pakistan-US bilateral relations, the President said that weakening of relations was not an option for the two countries. "We have to find ways and means to find acceptable solutions to all problems," the Spokesperson to the President Farhatullah Babar quoted the President as saying. Stressing the need to pursue multifaceted and durable strategic ties for realization of shared objectives, the President said the nation has paid heavily in the war against terrorism and lost thousands of men and suffered colossal economic toll. He said no one should question Pakistan's commitment or intentions as it was fighting war against terrorism, suitable to its peculiar situation. Briefing the media Spokesperson said the President said the sacrifices rendered by Pakistan in the ongoing battle against extremism were matchless. -Agencies

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army and judiciary to sit together and resolve challenges country facing now a days, adding that all should avoid point scoring. Talking to media after inauguration ceremony of polio campaign here on Monday, Chief Minister Punjab Mian Shahbaz Sharif said that N-League is ready for meeting with the government. He suggested that a National conference should be called to tackle challenges confronted by the country while strategy should be evolved which would help to improve present political situation. He said that Nawaz Sharif has contacted to Prime Minister Yousuf Raza Gilani and made it clear that no point scoring should be done in resolution of problems faced by the country. He said that on his appeal PML-N traders of Faisalabad had ended their protest against load shedding and he had ensured them that a committee would be formed to tackle the problem. -Agencies

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5.67 million tons compared to 5.74 million tonnes. Surprisingly, petrol consumption continued to show a rising trend, up 19 per cent to 1.48 million tonnes on account of persistent CNG shortage. On the other hand, consumption of petroleum products increased 20 per cent to 1.5 million tonnes in February 2011 against 1.2 million in February 2010. Attock Petroleum Limited & Shell Pakistan Limited continued to outperform the industry and posted rise of 22 per cent and 17 per cent respectively in their volumetric sales in 8MFY11. However, PSO volume sales down 11 per cent due to circular debt.

No #13

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As per the detail of different products available, Furnace oil production declined by 5 per cent at 1.57 million tons versus 1.66 million tonnes. Similarly, High Speed Diesel (HSD) supplies remained down by 2 per cent at 2.03 million tonnes against previous year same period of 2.07 million tonnes. As per the research analyst of Topline Securities, Attock Refinery Limited (ATRL) and National Refinery Limited (NRL) capacity utilisation stood at 90 per cent and 86 per cent, respectively and were the only two refineries to show an up-tick in their throughput in 8MFY11. With lower exposure to the circular debt and superior product quality, these refineries are reaping benefits of rejuvenated refinery margins. On the other hand, Parco throughput declined by a 20 per cent on account of aforementioned reason while Pakistan Refinery Limited (PRL) and BYCO Petroleum (BYCO) depicted a decline of 3 per cent and 37 per cent, respectively, due to revamping and circular debt issues, he added.

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of two Pakistanis. Therefore, he be taken by SC in its custody and be tried. But Registrar Office had returned his application with certain objections. It was said in the objections that the case was pending hearing in Lahore High Court and no basic right of the applicant was affected in this matter. Supreme Court was not proper forum in this matter and the applicant should resort to proper forum. The applicant after removing these objections has again submitted the application stating that Raymond Davis matter had affected the fundamental rights of all Pakistani citizens and he was also a Pakistani citizen. SC was the best forum in this respect and Registrar Office had returned his application on February, 22 without any legal basis, he submitted. Therefore, it is appealed that his petition be granted and it be fixed for hearing, he prayed. -Agencies

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province by two Indonesian fighter jets. According to local air force chief the PIA plane was carrying 54 passengers. He further said that authorities would let the plane go after showing important documents. Meanwhile, PIA spokesman has said that Pakistan embassy in Indonesia has been informed about the forcible landing of the plane. -Agencies

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"No one can say with certainty that crude has peaked out over here. That's a risk which remains out there," Gupta added. A key southern ally of the ruling coalition plans to formally quit its ministerial posts over a local election row, a move that will make it more difficult for Prime Minister Manmohan Singh to push through his agenda, including economic reforms. The Congress-led coalition government is not in danger of collapse though because the Dravinda Munnetra Kazhagam (DMK) party has said it will offer the coalition conditional support after its two cabinet level ministers and four junior ministers quit. "DMK's pullout will add to the already weak investor sentiment," said Arun Kejriwal, director of research firm KRIS. "The uncertainty over the political scene will lead to a volatile market," he said.-Reuters

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"Also in terms of timing, a correction in the market was badly needed after it gained so much in recent months, so at this stage I'm not particularly worried about daily swings -- it's natural that investors are a bit more nervous these days." On the other hand, analysts also said the cash market will likely be swayed by futures-led moves in the short-term as program traders such as commodity trading advisors have been behind volatile market moves amid surging oil prices. "We've been seeing CTA moves over the past two weeks and we've seen quite heavy CTA flows today," said a futures trader at a European brokerage, who asked not to be quoted by name. "They traded on economic indicators like US jobs data until last month, but they are completely ignoring economic indicators now and are just looking at oil prices." The benchmark Nikkei fell 1.8 per cent, or 188.64 points, to 10,505.02, dropping below immediate support of 10,537.09, the kijun line on its daily Ichimoku chart. At one point, the Nikkei hit an intraday low of 10,472.51. The broader Topix index shed 1.5 per cent to 941.63.-Reuters

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Miner Antofagasta, which is due to report results on Tuesday, fell 1.2 per cent. Insurer Old Mutual and engineer Weir Group, both reporting during the next session, slipped 0.8 and 0.6 per cent, respectively.-Reuters

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He said that MQM would take the decision regarding rejoining the cabinet at its own so it would be better to ask them about this. He said that the joint resolution of the parliament would be implemented and government would not show any sluggishness. Speaking at the Seerat Conference, he said "The constitution provides the rights to the minorities while law guarantees to protect their rights. The prevailing situation demands that Ulema should attract the people towards the teaching of Islam further more and they should impart modern education besides religious teachings in the Islamic seminaries.

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Gates in Kabul amid tense ties

ISLAMABAD: US Special Representative for Afghanistan and Pakistan Ambassador Marc Grossman calling on President Asif Ali Zardari at Aiwan-e-Sadr.-APP

No polls in 25yrs, Pir Pagara predicts Says Fazl only eating his food, army is a disciplined party Staff Reporter KARACHI: Chief of PML (Functional) Pir Pagara has predicted that next elections would not be held in the country in the next 20 to 25 years and only those citizens would have the right to cast vote, those who have paid taxes on income and property. Talking to media persons at the residence of Imtiaz Sheikh, where he attended a gathering of political leaders, Pir Pagara -- who is famous for predictions - said,

Availability of fertilisers assured ISLAMABAD: Federal Minister for Food and Agriculture, Mir Israrullah Zehri said that the timely availability of one of the key agriculture inputs i.e. fertilisers is of paramount importance for increasing the production of agriculture sector. He also pledged to work closely with Fertilizers Sector and resolve their issues. The minister said this after holding a meeting with the representatives of fertilizer companies here on Monday. "More than seventy per cent of our population depends on the agriculture sector for their livelihood. Timely availability of fertilizers at affordable prices is exceedingly crucial to any crop. Our today's meeting with you is aimed at resolving your genuine problems so that there are no shortages of urea and the farming community does not have to face any inconvenience", said the minister. Zehri said that he would seek the help of the President and the Prime Minister to intervene and resolve the gas supply issue to the fertilizer sector on immediate basis. He said that the local production of fertilizers is comparatively cheaper and readily available to the farmers. See # 6 Page 11

Ministries Shift

PC meets today ISLAMABAD: Chairman of the 18th amendment Implementation Commission Mian Raza Rabbani has summoned all important meeting of Parliamentary Committee on implementation of18th amendment in true letter and spirit on Tuesday (today). It is pertinent to mention that during last two weeks, two such important meetings have been postponed for various reasons. Accordingly, Chairman of the Implementation Commission Mian Raza Rabbani has decided to summon another meeting on Tuesday to chalk out various strategies while have an synopsis on the homework done on transfer of ministries to provinces besides methodical review will be made on the decisions of Council of Common Interest (CCI) in depth. -Online

Pakistan would become developed and peaceful like Dubai after people of Pakistan had offered the funeral prayers of Maulvees. About meetings of political leaders with Maulana Fazlur Rehman, Pir Pagara said the Maulana was only eating his food and would not go beyond that. He said Army is a disciplined party and Zulfiqar Ali Bhutto made it disciplined. He said he had not predicted that Shah Mehmood Qureshi

would be the next Prime Minister, however if he becomes the Prime Minster, he would be happy. About water dams, the chief of PML (F) said the country has no funds to meet its urgent needs and questioned how it could go for the construction of big water reservoirs. Pir Pagara said he is enjoying good health because he never indulges in unnecessary activities. He said it is because of his good health that he was visiting friends.

200 centres set up for 1.3mn T wheat

Passco begins wheat-buying ISLAMABAD: Pakistan Agricultural Storage and Services Corporation (PASSCO) has launched wheat procurement campaign by finalising the arrangements for setting up about 200 centres all across the Punjab province. "As much as 1.3 million tonne of wheat would be procured during the campaign for the year 2010-11," General Manager Passco Col Tanveer Hussain told APP. These centres would be established in 10 zones of the Punjab including Hafizabad, Pakpatan, Veharrie, Bahawalnagar, Khaniwal, Lodhran, Alipur, Khanpur and Khairpur districts.

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KABUL: US Defense Secretary Robert Gates arrived in Afghanistan Monday at a time of increased strain between Kabul and its Western backers and with important security transition milestones looming. Gates, whose visit was not announced in advance, will meet President Hamid Karzai, who complained angrily last week after nine Afghan children were mistakenly killed by helicopters from the NATO-led International Security Assistance Force (ISAF). Karzai will soon unveil a timetable for the start of a handover of security responsibility from foreign forces to Afghans. The process is to begin in July and be complete by 2014. US officials said it would be the focus of Gates's trip. Gates is expected to visit parts of southern and eastern Afghanistan where Nato commanders say they have weakened the Taliban and created "bubbles" of security they hope to link up. But civilian casualties have clouded the relationship and diverted attention from transition plans, with blunt exchanges between Karzai and US leaders after a string of recent accidental killings, mainly in remote eastern provinces. US President Barack Obama has also expressed his "deep regret" but Karzai told a meeting of security advisers on Sunday, which Petraeus attended, that civilian casualties caused by foreign troops were "no longer acceptable. See # 1 Page 11

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Chief Justice takes note of DG FIA blames Says KKC owners bribed their way out ISLAMABAD: Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, has taken notice of DG FIA's statement that owners of Khanani and Kalia Company allegedly used heavy amount of money for their release. Director General of Federal Investigation Authority (FIA) Waseem Ahmed, according to various newspapers, stated that the owners of Khanani and Kalia Foreign Exchange Company allegedly involved in money laundering of billions of rupees used heavy amount of money for their release, despite the fact that enough evidence was present against them. It is further alleged that the owners of the company received VIP treatment during their arrest and they spent most of their time in hospital. A jail doctor kept both of them under treatment in the hospital without recommendations of the concerned medical board. Further Khanani and Kalia got their

release orders from the court before the completion of inquiry into the money laundering case. Taking notice of press clipping, Chief Justice of Pakistan ordered it is fairly serious allegation apparently leveled inter alia against the presiding officer of the banking court, Karachi, which decided the case. Although the allegation is of general nature and does not specify that who and at what level the alleged corruption took place but apparently it relates to investigation, prosecution, the banking court, and others and requires probe into the matter. He instructed Chief Justice of Sindh High Court to probe into the matter by appointing a senior judge of that court to ascertain the veracity or otherwise of the allegation and submit report within seven days for further action in the matter. The inquiry will be conducted without prejudice to the claims of accused and prosecution as to the merits of the case. -Online

323MW for KESC before Apr KARACHI: The Turkey based rental power ship will begin electricity transmission to the KESC grid by end of this month, hoped the Chairman Board of Investment (BoI), Saleem Mandviwalla here Monday. "I am here to meet the Turkish team on the directives of Prime Minister Syed Yousuf Raza Gilani to discuss the cause of any delay in the production of electricity from the rental

power plant," he said while talking to media on board the ship after a briefing given by Turkish delegates. The rental power ship is anchored off the Port Qasim in Korangi Creek near Ibrahim Haidry. Initially it had planted capacity of 232MW which has been enhanced by another 100MW to 332MW with the joining of a barge with the ship. "Rental Power Plant can

give us 132MW supply even today but there is need to fulfill all the contractual obligation," the BoI chairman said and added that at least 8 to 9 such projects were ready but could not be connected to national grid until all the obligations are met by the companies. To a question, he said that government has not made any payment to the Turkish company 'KARKEY' See # 2 Page 11

Initially, the Corporation has arranged gunny bags for packing 800,000 tons of wheat while the sacks for packing remaining wheat would be purchased next month, he added. He informed that the provincial government in line with the federal government has deviced a strategy to provide 200 bags per farmer at an average of 10 bags per acre for small and medium growers. Tanveer Hussain said that the corporation has the mandate to procure the wheat only from Punjab and facilitate the growers to sell their output on the government fixed rates. See # 3 Page 11

Committee on Defense meets today

Govt goes over security affairs ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has summoned meeting of Defense Committee of Cabinet (DCC) that is going to be held today (Tuesday). Chiefs of the armed forces, federal minister for Finance Dr Abdul Hafeez Shaikh, federal minister for petroleum and Governor KhyberPakhtunkhwa Barrister Masood Kausar have been especially invited to attend the meeting. The DCC meeting would discuss issues related to national security. The meeting would also discuss the situation arising after killing of two Pakistanis by US official Raymond Davis and killing of the federal minis-

ter for minorities Shahbaz Bhatti. Sources said that DCC would also discuss situation in the region as some of the regional countries increased defense budget. Pakistan recently urged US to keep balance in relations in South Asia. The balance of power in the region would also be taken into consideration, the sources added. The committee would also discuss security situation in parts of the country especially KP and adjacent tribal areas. The meeting would discuss situation in the country especially the recent row of violence, they said. See # 4 Page 11

ADB initiates pooled-fund ISLAMABAD: The Asian Development Bank (ADB) has set up a new multidonor trust fund to support participation of developing countries at the next global forum on aid effectiveness. The Fourth High Level Forum on Aid Effectiveness Trust Fund, to be administered by ADB, will take contributions from bilateral, multilateral and individual sources, including corporations and foundations, said a press statement received here Monday. The fund will provide assistance for representatives from developing countries who will attend the forum in Busan, Republic of Korea in

November, it added. "The fund will contribute towards ADB efforts to support developing countries to take ownership of the aid effectiveness agenda. It reflects ADB's continuing strong commitment to the Paris Declaration on Aid Effectiveness forged back in 2005," said Kazu Sakai, Director General of ADB's Strategy and Policy Department. The Paris Declaration on Aid Effectiveness is an international agreement among donor countries to align and rationalise aid activities to avoid resource duplication and improve development outcomes. See # 5 Page 11

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