The Financial Daily-Epaper-11-03-2011 by The Financial Daily

International Karachi, Friday, March 11, 2011, Rabi-us-Sani 5, Price Rs12 Pages 12

Dalai Lama plans to step down

TAPI tech-talks take place soon

See on Page 12

Shaikh briefs Gilani about IMF talks

See on Page 12

LHC warns Monis, gives interim bail

See on Page 12

See on Page 11 Economic Indicators Forex Reserves (5-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11) 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

$17.37bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 2.20% 4.10% $1,051 175.40mn

Portfolio Investment SCRA(U.S $ in million)

199.78 3.84 0.64 2745

Yearly(Jul, 2010 up to 09-Mar-2011) Monthly(Mar, 2011 up to 09-Mar-2011) Daily (09-Mar-2011)

Court terms appointment as ultra vires to Constitution

SC discharges Nab chairman Govt to reappoint Deedar after political consultation PPP announces 'Protest Day' today against SC verdict Special Correspondent/ Agencies

ISLAMABAD: Supreme Court of Pakistan Thursday declared appointment of Chairman (U.S $ in million) FIPI (10-Mar-2011) -7.25 National Accountability Bureau Local Companies (10-Mar-2011) -5.65 (NAB) Justice (Retd) Deedar Banks / DFI (10-Mar-2011) 7.39 Hussain Shah as invalid, ultra Mutual Funds (10-Mar-2011) 1.15 vires to the Constitution and NBFC (10-Mar-2011) 0.04 ordered him to cease his office Local Investors (10-Mar-2011) 4.23 forthwith. On the other hand, Federal Other Organization (10-Mar-2011) 0.09 government has taken a decision Global Indices in principle to reappoint Justice Index Close Change Deedar as chairman NAB after KSE 100 12,125.79 2.36 political consultation. Nikkei 225 10,434.38 155.12 According to the details, Hang Seng 23,614.89 195.22 Justice Javed Iqbal heading a Sensex 30 18,327.98 141.97 three-Judge bench seized with ADX 2,617.13 11.33 the issue in his short verbal SSE COMP. 2,957.14 45.01 order said "the appointment of FTSE 100 5,868.89 68.41 Chairman NAB is illegal, ultra *Dow Jones 12,213.09 1.29 vires to the Constitution and he GDR update is ordered to cease the office $.Price PKR/Shares Symbols forthwith." 110.86 MCB (1 GDR= 2 Shares) 2.60 He announced that reasons OGDC (1 GDR= 10 Shares) 16.32 139.17 for their ruling would be UBL (1 GDR= 4 Shares) 2.00 Total Portfolio Invest (26-Feb-2011)

NCCPL

42.64 36.24 39.74

LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 11.65

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)

09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011 10-Mar-2011

13.39% 13.69% 13.86% 14.00% 13.37% 13.56% 13.75% 14.14% 14.26% 14.05% 14.09% 14.08% 14.50% 14.75% 14.93%

Commodities *Crude Oil (brent)$/bbl 114.47 *Crude Oil (WTI)$/bbl 102.01 *Cotton $/lb 204.50 *Gold $/ozs 1,413.30 *Silver $/ozs 35.11 Malaysian Palm $ 1,134 GOLD (NCEL) PKR 39,149 KHI Cotton 40Kg PKR 13,932 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.85 Canadian $ 87.25 Danish Krone 15.20 Euro 117.20 Hong Kong $ 10.50 Japanese Yen 1.014 Saudi Riyal 22.62 Singapore $ 66.40 Swedish Korona 13.35 Swiss Franc 91.80 U.A.E Dirham 23.15 UK Pound 137.00 US $ 85.20

85.85 88.25 15.40 118.60 11.00 1.040 22.78 67.40 13.45 93.00 23.40 138.50 85.55

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

85.57 87.73 15.84 118.13 10.92 1.027 22.69 66.97 13.43 91.52 23.17 137.78 85.27

85.77 87.93 15.88 118.40 10.95 1.030 22.75 67.12 13.46 91.74 23.22 138.10 85.47

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MIN

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Proposals invited to ameliorate TDAP Ord ISLAMABAD: The National Assembly Standing Committee on Commerce here Thursday directed the Ministry of Commerce to propose amendments in Trade Development Authority Pakistan Ordinance 2007 latest by March, 31, 2011. The meeting of the Standing Committee on Commerce was held in the Committee Room of Parliamentary House in chair with MNA Engineer Khurram Dastgir Khan. The Committee also asked the Ministry of Commerce to include the input of parliamentarians and the Trade Development Authority of Pakistan Board should be reconstituted and its size should also be reduced. According to the agenda of meeting, the Committee was briefed on trade concessions offered by the European Union after 2010 floods and subsequent negotiations in World Trade Organization. It was also briefed on Export Development Fund allocation in Financial Year 2009-2010 and 2010-2011 to date and a See # 8 Page 11

recorded later. The other members of the bench were Justice Raja Fayaz Ahmed and Justice Asif Saeed Khosa that resumed hearing pleas of Leader of the Opposition in National Assembly Chaudhry Nisar Ali Khan and Shahid Orakzai. The bench announced its short order after conclusion of arguments by the counsels for both parties. Earlier Abdul Hafeez Pirzada, the counsel for Federation, resumed his arguments and said that appointment of Chairman NAB did not infringe upon the fundamental rights of any individual and the issue could not be treated under fundamental rights. He said the issue of right to life could not be extended to an appointment of this nature as prayed by the petitioners. Opposing grounds of petitioners, he said these pleas were not maintainable as these were pre-

mature based upon "certain misconceptions, perceptions and hypothetical grounds." He maintained that the Court could not go into the academic questions as already held in Malik Asad's case. The office of Chairman was not the one to which legitimate expectations of other aspirants were concerned with as observed by this Court in contract employees' case, he said, adding, the concerned retired people were employed against this important post. Justice Asif Saeed Khan Khosa observed that rights of thousands of those who had been involved in NAB cases were attached with the issue. Justice Khosa questioned when the first notification on his appointment was withdrawn then how could they adjust his service tenure period of four months. See # 20 Page 11

Jan commodity price data restated

FBS manipulates to show CPI fell Staff Reporter KARACHI: Country's Consumer Price Index (CPI), a key indicator of inflation, rose 12.91 per cent in February 2011 over the previous year, official statistics indicated on Thursday. Surprisingly MoM inflation declined 0.74bps which resulted in YoY CPI to increase only by 12.91 per cent compared to analyst consensus of 14.10 per cent. This will always be good sign for economy if inflation growth decelerated from the previous month, but if it is done through managing or restated the previous month's data then it will not only lose

Feb CPI at 12.91pc YoY ISLAMABAD: Country's Consumer Price Index (CPI) rose 12.91 per cent in February from a year ago, the Federal Bureau of Statistics said on Thursday. The CPI was down 0.74 per cent from January. The wholesale price index (WPI) rose 24.43 percent in February from a year earlier, See # 6 Page 11 investor's confidence but also See # 7 Page 11

8M deficit reaches $10.26bn

Import-export gap grows 8pc Exports up 25pc, imports 17pc Raheel Ameer

during the period from July to February stood at $15.33 billion as against the $12.30 billion of the same period of last fiscal year. On the other hand, imports in the country were also increased by 17.32 per cent which was recorded at $25.59 billion during the period under review against $21.820 billion of same period of last corresponding year. Country's trade deficit narrowed to $895 million in See # 9 Page 11

KARACHI: Country's trade deficit for the first eight months of the 2010/11 fiscal year (July-June) was $10.26 billion, compared with $9.51 billion deficit in the same period a year earlier, showing an increase of 7.8 per cent in balance of trade, FBS data showed Thursday. Country's exports during first ISLAMABAD: Chief Justice eight months of current finanIftikhar Mohammad Chaudhry cial year surged 24.64 per cent. Thursday said that banks are still The exports from the country writing off loans despite the fact that matter related to waived Car sales rise 11pc during 8MFY11 loan is in the court. During a hearing of the loan written-off case, the Chief Justice said that money belonging to the public must be recovered. He added that accountability courts and banking courts However 9 per cent MoM would be established within a ISLAMABAD: Car sales for the month of February reduction in sales was seen priperiod of three months. Chief Justice lamented that as improved by 13 per cent YoY marily due to lower working to why cases had not been regis- to 13345 units compared with days in Feb compared to previ11797 units sold in same peri- ous month. tered against the defaulters. In 8MFY11 car sales The court was hearing a case od last year. Thus with these relating to Rs256 billion loans numbers 8MFY11 sales posted improved by 11 per cent to an improvement of 11 per cent 95674 units compared with written off by banks between YoY. See # 10 Page 11 See # 11 Page 11

Loans still being waived: CJ

1548 new autos hit roads in Feb

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a high-level meeting of Ministry of Information Technology at PM House. -Online

PPP strike call

Qamar reviews Capital Mkt Transactions

Three killed, two buses gutted

Roadmap OKed for selling SOEs

Staff Reporter

KARACHI: After the strike call given by Pakistan Peoples Party over the sacking of Nab chairman Deedar Hussain Shah by Supreme Court of Pakistan, unknown miscreants took to streets here on Thursday night. According to the media, unknown gunmen put two passenger buses on fire near Bilawal Chowrangi Clifton after that all the shops in the area closed down. Police also reported the killing of three people in the incidents. Furthermore, incidents of aerial firings have been heard in various parts of the town including Maripur Road, Saddar, Burns Road, Tower, Lyari, Usmanabad, Dhoraji and Kharadar. Meanwhile, Karachi University has announced to postponed all the papers being held today (Friday).

$0.13mn exits forex kitty last wk Qutubuddin KARACHI: Country's foreign exchange reserves fell to $17.37 billion in the week ending on March 5 from $17.50 billion the previous week, State Bank of Pakistan said Thursday. Reserves held by SPB fell to $13.97 billion from $14.03 billion in the week ending March 5, and those held by commercial banks also eased to $3.40 billion from $3.47 billion. Foreign exchange reserves touched a record high of $17.59 billion in the week ending on February 19 because of a rise in remittances and exports. Remittances by overseas Pakistanis were worth $6.12 billion during the first seven months of the 2010/11 fiscal year, up 17.70 percent from the same period last year, according to central bank data. Foreign exchange reserves were boosted in January by more than $633 million when the United States provided military and logistical support for a campaign against an Islamist insurgency.

Erra gets permanent body status ISLAMABAD: President Asif Ali Zardari has signed the Earthquake Rehabilitation and Reconstruction Authority (ERRA) bill giving it the status of a permanent body. Speaking at the farewell ceremony held in his honor here Thursday Deputy Chairman See # 12 Page 11

Devolution of 5 more ministries approved ISLAMABAD: Privatisation Commission (PC) Board met Thursday under the chairmanship of Syed Naveed Qamar Federal Minister for Privatisation, Water & Power and accorded approval to the roadmap for the capital market transaction up to June 30, 2011. It also allowed initiating the process for the hiring of Financial Advisor (FA) for the Exchangeable Bonds for Oil & Gas Development Company Limited (OGDCL). A Committee comprising of Finance Division, Ministry of Petroleum & Natural Resources and the Privatisation Commission will jointly administer the Exchangeable Bonds for OGDCL. While elucidating the salient

features of the government's endeavor to bring back the economy on track, Qamar said that on privatisation front, there was a major shift from strategic sale to the Public Private Partnership (PPP) to bring in professional, efficient management from the private sector for enhancing the production, making value addition to our national assets by making them profitable and creating more jobs through expansions in the Public Sector Entities (PSEs). The roadmap for the Capital Market Transactions include Exchangeable Bonds of OGDCL and Initial Public Offering (IPO) of State Life Insurance Company (SLIC), Pak Arab Refinery Company (PARCO), Government See # 13 Page 11

Pakistanis remit $6.9bn in 8mnths Tanzeel ur Rehman KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $6963.28 million was received in the first eight months (JulyFebruary) of the current fiscal year 2010-11, showing an increase of $1176.17 million or 20.32 per cent when compared with $5,787.11 million received over the same period of the last fiscal year. The inflow of remittances in the July-February, 2011 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,627.09 million, $1,563.00 million, $1,298.26 million, $820.02 million, $770.91 million and $220.24 million respectively as

compared to $1,318.33 million, $1,148.86 million, $1,173.21 million, $826.94 million, $596.26 million and $171.42 million respectively in the July-February, 2010 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year amounted to $663.73 million as against $551.10 million in the same period last year. The monthly average remittances for the July-February 2011 period comes out to $870.41 million as compared to $723.39 million during the same corresponding period of the last fiscal year, registering an increase of 20.32 percent. In February 2011, an amount of $845.28 million was sent See # 14 Page 11

Tajik president meets CM Sindh

Tajikistan power investors eye Pak Shiraz Ahmed KARACHI: President of Tajikistan Emomali Rahmon has assured that his government will extend its full cooperation for establishment of power plants so that Pakistan could overcome the power shortage. This he said while talking to Chief Minister Sindh Syed Qaim Ali Shah at a local hotel here on Thursday. Emomali Rahmon said that there are cordial relations between Government and peo-

ple of Tajikistan and Pakistan and his government would assist Pakistani government to over come energy crisis. He said he had a meeting with business and trade community of Karachi, who discussed the issues and pointed out some problems together with suggestions for enhancing trade relations between the two countries. He extended invitation to visit Tajikistan and have meeting with traders and businessmen there. See # 19 Page 11

2 Friday, March 11, 2011

26 Indian fishermen, 6 launches seized TFD Report KARACHI: Maritime security Agency has arrested 26 Indian fishermen on charge of violating the Pakistani sea territory, here on Thursday. According to Maritime security Agency, the 26 Indian fishermen had violated the Pakistani sea territory near Karachi seaside. The Agency has arrested the fishermen and seized their 6 launches.

Dubai fraud culprit freed by police KARACHI: Afroze Alam Lari, an industrialist from Karachi has been released from prison after the threat of protest by the Karachi industrialists. Lari was wanted by the Interpol on the charges of fraud in Dubai. The police sources said that the Anti-Violent Crime Cell (AVCC) in Karachi had arrested Afroze Alam Lari near Northern Bypass.He is owner of local Textile Mills. Superintendent Police Farooq Awan of AVCC had made confirmation of the arrest of Lari during the night between Wednesday and Thursday. The police sources said that the accused Lari was involved in fraud in Dubai of 2.5 million Dirham and earlier, he was arrested in Dubai in 2009, from where he succeeded to flee through a launch along with his comrade and reached in Karachi. The UAE officials requested his arrest, and the Interpol had issued red warrant of his arrest. Therefore, the police arrested Afroze Alam Lari, But latter the police released him due to the threat of protest and shut down of textile mills by the industrialists. It is pertinent to mention that no one could know the actual reasons of his release, while DIG investigation Iftikhar Tarar denied to give his version on the news.-Online

‘Pak can become leader in Halal food market’ I S L A M A B A D : Ambassador of Thailand to Pakistan Marut Jitpatima on Thursday said Pakistan can become world leader in USD 1.3 trillion Global Halal Food Market. He said that the countries importing meat from Pakistan are very satisfied with the price and quality. However, there is always room for improvement which will help propel Pakistan's economy, he stressed. Pakistan and Thailand can jointly explore this promising market with around two billion customers and become world's kitchen with proper initiatives and strategies, he said. The Ambassador Marut Jitpatima said this while talking to a delegation led by Chairman Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Capital Office, Hameed Akhtar Chadda. The delegation included Chairman FPCCI Standing Committee Media and PR Malik Sohail, SVC FPCCI Kanwar Qutbuddin, leading rice exporter Asim Sohail and others. Thailand in world leader in poultry products and we can help develop Pakistan's expanding poultry sector to become more competitive, he said. We are interested in investment and joint ventures in Pakistan's energy sector, he added.-Online

PM for using soft power to project country's image ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has said women can play important role in projecting the country's true image abroad through their contributions. The notion of soft power, he added, is vital to promote societal ethos, civilisational identity, diverse culture and geographical uniqueness in a world prone to stereotypical denominations and misconceptions. Women, he mentioned in the same context, have the proven track record, dynamism and strength of character to make a mark in a highly competitive world. The Prime Minister expressed these views while talking to Ms Namira Salim, an eminent art designer and the first Pakistani astronaut scheduled to go into space next year, who called on him at Prime Minister House

Thursday afternoon. The Prime Minister said that globalization has thrown up new challenges and opportunities for the nations. He further said that with the unhindered participation of women in the public and private sectors, the country would be able to realize its true economic potential. The Prime Minister said his government is committed to the women empowerment and emancipation and is trying its level best to enlarge the sphere of public and private sectors for effective women participation through broad-based economic, legislative and administrative reforms. "The celebration of the International Women Day on March 8 this year at the highest level reflects the government's commitment to espouse and uphold the cause of women empowerment at all levels," he

added. The Prime Minister appreciated the contributions of Ms Namira Salim in projecting the soft image of Pakistan. She thanked the Prime Minister for his encouragement and patronage. She shared with the Prime Minister the salient features of her film she intends to make on the impact of global warming on Pakistan and effects of floods on the Pakistani women. It may be mentioned that Ms Salim is the first Pakistani woman to have hoisted the national flag on the North and South Pole, and a first Asian and a Pakistani to have skydived from above Mount Everest at 29,500 feet height. She has already undergone training to travel to space next year in the Virgin Atlantic Spacecraft.-APP

KARACHI: Thakur Das Punshi, Director General PID Karachi, presenting a photo album to the President of Tajikistan Emomali Rahmon before his departure to Dushanbe at airport.-APP

DHL wins 10.6mn euro deal with KPMG TFD Report KARACHI: DHL Supply Chain, the supply chain arm of DHL, the world's leading logistics company, has developed an innovative solution to track and consolidate almost 25 million parts and their associated trace documents scattered over 100 locations and worth an estimated 300 million euro to give KPMG (as administrators of Aero) the option of managing insolvent UK firm Aero Inventory out of administration. The solution also means a threeyear contract worth 10.6 million euro for DHL and the expansion of its Aerospace Hub in Singapore by 55% to 70,000 sq ft. Andrew Mitchell, Vice President, Business Development, Asia Pacific, DHL Supply Chain, said: "We are

absolutely delighted to be partnering with KPMG and Aero Inventory in this exciting and unique venture. As the administrator, KPMG has engaged us to establish a robust supply chain for the future incarnation of Aero Inventory. We look forward to bringing our worldwide logistics and warehousing solutions experience to this project and are confident we can help to make the Aero Inventory business a growing one once again." DHL Supply Chain's solution to uncover, recover and consolidate inventory from places as diverse as El Salvador and China, plus the development of a proper ongoing sales channel, will enable KPMG to maximize the sales value of the inventory as well as give them the option of rebuilding Aero Inventory into a viable business, says a press release.

Mirza refuses to apologise on his statement Staff Reporter KARACHI: Sindh Home Minister Dr. Zulfiqar Mirza has clarified that he will not apologise over his statement regarding PPP Aman Committee as he was exercising his political right. Talking to media after Sindh Assembly session on Thursday, Dr. Zulfiqar Mirza pointed out that no one should criticize if anyone joins the PPP as it is a political party and noted that the PPP had reservations over some persons who joined the MQM but they did not

object over it. Why criticism is being made over declaring the PPP Aman Committee as part of the party, the home minister questioned. The residents of Lyari and Malir are 100 per cent supporting the PPP Aman Committee and it is becoming popular day by day, the minister claimed. He noted that the committee was playing active role for the restoration of peace. The committee like Khidmat-eKhaliq, Al-Khidmat and Edhi is a welfare organisation and it is wrong to say that criminals are running it, he noted.

Zardari confers HI on Saudi commander ISLAMABAD: President Asif Ali Zardari Thursday conferred Hilal-i-Imtiaz (military) on Commander Royal Saudi Land Forces Lt Gen Abdul Rahman Bin Abdullah Bin Hamad AlMershed, for his meritorious services in bringing the two countries closer. The award has been conferred in recognition of his "consistent and valuable contribution in promoting relations and understanding" between the two countries and the Armies. Earlier in a meeting they discussed matters relating to bilateral relations including defence cooperation. The Saudi General was accompanied by Saudi Ambassador Abdul Aziz Bin Ibrahim Al-Ghadir, Maj Gen Abdullah Muhammad Al-Aamir, Maj. Gen Saad Ali Qami, Brig Abdullah Saeed AlGhamdi.-APP

TV PROGRAMMES FRIDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 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) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Crime Scene Newsbeat News Awam Ki Awaz News 24

SSGC's help line numbers KARACHI: On the directive of Prime Minister of Pakistan, Sui Southern Gas Company (SSGC) has dedicated phone numbers 02199231603 and 1199, for its customers to lodge any gas related complaint. These numbers will operate round the clock. The customers could also lodge their complaints through e-mail on s'md@ssgc.com.pk'.-PR

ICCI for solving traders’ problems I S L A M A B A D : Muhammad Tauseef Zaman, Acting President of Islamabad Chamber of Commerce and Industry (ICCI) has assured traders community to resolve their problems on priority basis. He stated this while addressing the large number of traders of I-8 Market at ICCI. He said that ICCI has always served the cause of small traders and highlighted their issues at all relevant forums, which shows that ICCI is a true representative of all traders. Zaman said that traders should get maximum membership of ICCI and strengthen its hands so that it could serve their interests more effectively. ICCI Acting President said that non-existence of a balanced rent law in the federal capital was the main cause of rising rent disputes between tenants and landlords and this situation was also affecting business activities. He said that local administration should constitute a Reconciliation Committee comprising members of tenants and landlords so that it could play a positive role in solving rent disputes. He said that EOBI owned plots which were allotted to many employees have not constructed so far since long time, such allotment of plots should be revoked.-NNI

Samsung World Cup Product Promotion

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Ms Namira Saleem, astronaut who called on him at the PM House.-APP

To save power

KESC wants early closure of parks, grounds Staff Reporter KARACHI: The Karachi Electric Supply Company while appreciating the encouraging results of the early closure of marriage halls to save electricity has also demanded a similar practice for all parks and grounds. The KESC has claimed that during 2010, the closure of marriage halls by 12 midnight approximately saved 50MW daily. This could also be adopted by important public concerns particularly hospitals, clinics and emergency centres which work round the clock. During this period, KESC teams frequently surveyed wedding halls and found that an over-

whelming majority had been of closing by midnight. The KESC hoped that that a more effective implementation of the decision by the City Government, Police Department and other agencies could double the quantum of electricity saved. The KESC also believes that more electricity could be saved to facilitate emergency needs of the citizens throughout the city by closing all public parks and grounds under the control of the City Government as well as those run by the Cantonment Boards. Power thus saved could be diverted to emergency needs of the general public, says a KESC press release.

KARACHI: Former City Nazim Syed Mustafa Kamal (chief guest) and Headmistress Zeejah Shahab snapped at the recently held annual function of City School Junior Branch A. -Staff photo

Executive Education Programme at KSBL

Leveraging organisational & cultural change Staff Reporter

CEOs, Directors, Group and Operational Heads from prominent multinational and national companies across various industry sectors including textile, fertilizer, health management and agriculture. The discussion on the differences between leadership and management led to comparisons in leadership across nations and whether this can be taught. The focus of learning over the two days was on the 'what', 'why', and 'how' of change in organisations and the leader's role in this. Several participants discussed with KSBL about conducting customized executive education programmes for their organizations. KSBL Dean Robert Wheeler highlighted the importance of the opportunity for senior executives from corporate Pakistan to learn from Cambridge faculty teaching Cambridge courses in Karachi.

Abdullah Yusuf elected chairman PICG KARACHI: The 27th board meeting of Pakistan Institute of Corporate Governance (PICG) was held recently here at PICG's office at The Forum, Clifton. Mohammad Abdullah Yusuf was elected as the new Chairman of the Board in the meeting. According to a press release issued here Thursday, Abdullah Yusuf has had a notable and extensive career in the government and has served as Secretary General (Revenue Division) and Chairman, Federal Board of Revenue. He is currently also a member of the Council of the Institute of Chartered Accountants of Pakistan (ICAP) and represents ICAP on PICG's Board. Among other matters discussed, the Board reviewed and approved PICG's interim financial statements for the half-year ended 31st December, 2010 and the ongoing technical cooperation agreement with International Finance Corporation (IFC) that provides relevant and current resource on director education and corporate governance practices. The Board also considered and approved the partnering by PICG with selfregulatory bodies for pursuing director education training courses. This initiative paves the way for future alliances with select institutions and universities in Pakistan capable of conducting high quality training related to certification of board directors in corporate governance.- NNI

Flood relief work enters next phase

KARACHI: Dr. Jonathan Trevor who is University Lecturer in Human Resources and Organisations at the Judge Business School, University ISLAMABAD: NDMA of Cambridge and Chairman Nadeem Ahmad Khan has said that rehabiliCo?Director of the Centre tation and relief work in for International flood-hit areas has entered HumanResource the second phase that Management, was in would be completed till Karachi recently and conDecember. ducted a two?day Executive In an exclusive chat with Education Programme for Online on Thursday, the Karachi School for Business chairman said that in the & Leadership (KSBL), on first phase of the operation Leveraging Organisational for relieving the flood and Cultural Change for top affectees the main focus was corporate executives. on basic issues like shelters, Dr. Trevor's principal food, health and others. research areas are "But now we are going Organisational Development beyond basic and immediand Strategic Human ate as in the second phase Resource Management. He the focus is agriculture and advises Fortune 500 compaits production, communicanies on Strategy and tion, infrastructures, conPerformance Management struction of educational Staff Reporter and has been published in and health institutions, perKARACHI: National and peer reviewed field journals. manent housing and others."-Online multinational companies will The course was attended by brainstorm on business excellence strategies at a marketing conference on 'How companies play to win', organized by the Institute of Business Management (IoBM) in collaboration with the Marketing Association of Pakistan (MAP), at the IoBM auditorium, CBM building tomorrow (Saturday), says an announcement from the IoBM Public Affairs Section. Speakers scheduled to present their views at the Conference as Mahmood Amin, CEO, Kraft Foods; Miftah Ismail, CEO, Ismail Industries Linclude Shamyl Mooraj, CEO, PESHAWAR: Bilal Mustafa, Managing Director & CEO, Bank of Khyber planting a tree at Volvo Penta Ltd., Ejaz Institute of Management Sciences (IM-Sciences) Main Campus, Hayatabad, Peshawar during Wasay, Senior Fellow, his visit IM-Sciences. Dr. Naseer Ali Khan Director IM-Sciences along with senior faculty memMarketing, IoBM. bers is also present on the occasion. Staff Photo

KARACHI: Samsung Electronics Co. Ltd., a global leader in digital media and digital convergence technologies, is conducting cricket world cup promotional activities through which it is aiming to promote its various products in the selected venues around the country. .At selected venues an assortment of Samsung products are on display and visitors can take this opportunity to order Samsung products from the kiosk on special discounts being offered only at these venues-PR.

'How companies play to win'

Friday, March 11, 2011 Top Economic Events

Euro falls on Spain downgrade; American data doesnâ&#x20AC;&#x2122;t help

Time 7:00 7:00 14:30 17:00 17:00 18:30 18:30 19:55 20:00

US data aids dollar by adding to risk aversion NEW YORK: The euro fell on Thursday after a cut to Spain's credit rating kept euro-zone debt problems in focus with the currency vulnerable to more downward pressure in the coming weeks. Moody's downgraded Spain to Aa2 from Aa1 with a negative outlook, although sovereign demand and technical support buffered the currency against more intraday losses. The euro fell to a session low against the dollar after disappointing US jobless claims and international trade data added to risk aversion by reminding investors of problems in the global economy. "The Spanish downgrade has shifted the focus back from interest rate expectations to the euro fiscal house not being in order, putting pressure on the euro," said John Doyle, strategist at Tempus

Consulting in Washington. In early New York trade, the euro traded at $1.3817, down 0.7 per cent, with the session low at $1.3795 on electronic trading platform EBS. According to traders, Middle East sovereign accounts were said to be buying near the low, while bids from official Asian names were seen about $1.3800 and lower. Technical analysts saw trendline support for the euro around $1.3775, drawn from lows in January and February, but a fall below that open the door to more losses.

Analysts said the possibility the European Central Bank may raise interest rates next month was containing a further

slide in the euro for now. But they argued the euro could suffer if investors start to price in the prospect that ongoing monetary tightening by the ECB is unlikely, given that the euro-zone economy is still struggling to recover. "The net impact of rising sovereign fears for the euro is a near-term negative,"

Asian currencies

China deficit, dovish BoK hit won; more pressure seen China deficit spur Asian-wide dlr short covering SINGAPORE: The South Korean won hit a one-week low against the dollar, leading overall falls in Asian currencies on Thursday as China's surprise trade deficit and less hawkish comments by the central bank prompted investors to cover dollar short positions. The Bank of Korea raised interest rates as expected but hinted it would not accelerte policy tightening despite stronger-thanexpected inflation. That could cause investors to sell the won for currencies in Asia where central banks are more keen to rein in prices, such as Singapore, analysts said. Malaysia's central bank is seen keeping rates steady on Friday, a Reuters poll showed, but the

country remains relatively shielded by price controls and food and fuel subsidies. Still, the Singapore dollar and the Malaysian ringgit also suffered from dollar short coverings after data showed China swung to a surprise trade deficit in February of $7.3 billion, its largest in seven years. The data provided more reason for Asian central banks to intervene to check currency appreciation, said Frances Cheung at Credit Agricole CIB in Hong Kong. The won turned lower against the dollar as investors at home and abroad covered dollar short positions after the Bank of Korea raised interest rates by 25 basis points (bps) as expected. The won weakened to as soft as

Sterling falls vs USD after BoE holds rates LONDON: Sterling fell to a 10day low against the dollar on Thursday after the Bank of England kept interest rates on hold as expected, as investors sold the currency after positioning for an outside chance of a hike. The BoE, which left rates at their record low of 0.5 per cent,

is widely expected to increase borrowing costs in the coming months, probably in May, to combat inflation that is running well above target. "Some people went into the decision a little long, just as a hedge," a London-based trader said. "There was talk that if the BoE was going to raise rates before May they would be doing it this month rather than next." The BoE made no statement alongside its decision, and the voting pattern will be announced in the minutes in two weeks' time. These are likely to reveal a lively debate, given three out of nine policymakers voted for a hike in February. Sterling was down 0.7 per cent

against the dollar at $1.6076, its lowest since Feb. 28 and around 1 cent below where it was trading prior to the BoE announcement. One trader also said the break below $1.6130 would prompt model funds to cut long positions. Against the euro, sterling cut earlier gains to trade flat at 85.83

pence. The single currency came under broad selling pressure after a cut to Spain's credit rating by Moody's highlighted the debt problems facing several eurozone countries. "While the single currency is able to stay below 86.10, further downside remains possible towards trend line support at 85.35 from the February lows at 83.55," said Michael Hewson, analyst at CMC Markets. Earlier, above-forecast UK manufacturing data and reported corporate demand for the currency had helped sterling pare losses against the dollar, which traded broadly firmer as euro-zone debt worries dominated. Reuters

1,122.4 per dollar, the weakest since March 3. The Singapore dollar hit an over one-week low against the dollar as investors rushed to cover dollar short positions spooked by China's trade deficit. The Singapore dollar weakened to as soft as 1.2717 versus the US Dollar, the weakest since March 2. \The Thai baht erased much of its gains on dollar short coverings. The baht strengthened to as firm as 30.18 per dollar, the strongest since Jan. 7. The Bank of Thailand has been intervening frequently in markets, with traders estimating it bought $350 million on Wednesday as the baht has risen almost 2 per cent versus the greenback since February. -Reuters

Swiss franc rises vs euro ZURICH: The Swiss franc extended gains against the euro on Thursday as a downgrade of Spanish debt added to reemerging concerns about eurozone debts and pushed investors into safe-haven currencies such as the Swissie. "We are concerned there could be a further downgrade of Greek debt, with a large tranche expiring later in the month, which we don't think has been priced in," said Lugano-based portfolio manager Stefano Pisano. Trichet's comments also raised expectations for an interest rate rise in Switzerland, with interest rate futures now pricing in fully a hike in September with a certain chance of a move even in June. "The adjustments to Swiss franc rate expectations and possibly more importantly yet another bout of uncertainty related to the European peripherals weighed on euro/Swiss franc for most of the day on Wednesday," UBS analyst Reto Huenerwadel said. The franc rose 0.3 per cent against the euro compared to the New York close, trading at 1.2897 francs per euro at 0854 GMT. The franc was 0.3 per cent softer against the greenback at 0.932 francs per dollar, some way off last week's all-time high of 0.9197 francs to the dollar. Reuters

NZ$ clipped by rate cut, Aussie hit by double blow WELLINGTON/SYDNEY: The New Zealand dollar was fighting to hold above a five-month low on Thursday after the Reserve Bank of New Zealand (RBNZ) cut interest rates by an aggressive 50 basis points, though it signalled further easing was unlikely. The Australian dollar was slapped lower by a double hit from less-than-stellar domestic jobs figures and surprising weakness in trade data out of China, the country's biggest export market. As a result, the Aussie backtracked to NZ$1.3641, from an early peak of NZ$1.3732. It also skidded on the US dollar to $1.0045, from an early $1.0100, violating chart support at $1.0050 and risking a test of parity. The Aussie was first hit by data showing an unexpected 10,100 drop in employment, the first fall in 18 months. Downward revisions to past data meant there were no job gains for three months. The unemployment rate did stay down at 5.0 per cent and full-time employment

jumped 47,600, but the pause in jobs growth was enough to lead some to abandon calls for a nearterm rate hike. "We have changed our call on the RBA -- with unemployment holding above 5 per cent we have pushed back the forecast resumption of rate rises from May to August," said Felicity Emmett, an economist at RBS. That is more in line with markets which have been implying little chance of a hike from the Reserve Bank of Australia (RBA) until the third quarter at the earliest The Aussie was also undermined by a sharp slowdown in growth for both Chinese exports and imports, though analysts cautioned the Lunar New Year holidays made it hard to say this was the start of a trend. The New Zealand dollar was pinned at $0.7352, down from an early $0.7386 and just above an early five-month trough of $0.7332. That low came in a knee-jerk reaction to the RBNZ cutting its cash rate to 2.5 per cent. -Reuters

Yuan edges down on weaker data maximum 0.5 per cent in a given day from the mid-point, which is used by the PBOC to express the government's intentions for the currency. "The yuan can take a breather for a while after the data," said a dealer at an Asian bank in Shanghai. "But the data just shows a short-term situation. We should wait for more details to confirm the central bank's stance." On Thursday, a central bank official, reiterating a longstanding description of exchange rate policy, said in a statement that China would keep the yuan basically stable while also strengthening its flexibility over the coming five years. But many traders believe the yuan still has potential to rise and look forward to a 5 to 6 per cent yuan appreciation in 2011 as the government appears to be using the exchange rate to fight high inflation. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4360, up from 6.4110 at Wednesday's close. Their implied yuan appreciation in a year's time fell to 2.1 per cent from 2.5 per cent. -Reuters

India rupee down on high oil, weak shares MUMBAI: The Indian rupee ended lower on Thursday weighed by weak local shares, high oil prices and strong dollar overseas, but some dollar inflows from overseas borrowing by corporates aided. The partially convertible rupee closed at 45.18/19 per dollar, weaker than its 45.00/01 close on Wednesday. "We expect the rupee to appreciate slightly tomorrow. There are some dollar inflows in the market," said N.S.S. Mani, chief dealer at State Bank of Travancore. Traders expect the rupee to trade in a range of 45.0045.35 on Friday. Indian shares fell 0.8 per cent as intensifying turmoil in Libya led to a surge in oil prices, and traders expected the market to be wedged in a tight range in the near term as developments unfold in the Middle East. The one-month onshore for-

Events CPI y/y Industrial Production y/y PPI Input m/m Employment Change Unemployment Rate Core Retail Sales m/m Retail Sales m/m Prelim UoM Consumer Sentiment Business Inventories m/m

Forecast 4.8% 13.3% 1.4% 26.2K 7.7% 0.7% 0.8% 77.0 0.6%

Previous 4.9% 13.5% 1.7% 69.2K 7.8% 0.3% 0.3% 77.5 0.8%

Previous Day

said Camilla Sutton, senior currency strategist at Scotia Capital in Toronto. "However, our core view is unchanged: euro should trend higher, interrupted by periods of sovereign fear induced weakness, but that it should close this year at higher levels than it is currently trading and next year at still higher levels." Against the yen, the dollar edged up 0.3 per cent to 83 yen after climbing to its highest since Feb. 22 on EBS. The Australian dollar fell after data showed China swung to a surprise trade deficit in February of $7.3 billion, its largest in seven years. The Aussie dollar was down around 0.8 per cent at $1.0025. Sterling traded 0.7 per cent lower at $1.6084 after the Bank of England held interest rates at a record low of 0.5 per cent, as widely expected. -Reuters

SHANGHAI: The yuan closed down slightly against the dollar on Thursday even though the PBOC set a stronger mid-point, after China's exports came in weaker than expected, which may take some pressure off the yuan to appreciate. Exports in February grew 2.4 per cent from a year earlier, sharply below economists' forecast for a rise of 26.2 per cent, while imports also undershot expectations. China's trade swung to an unexpected deficit of $7.3 billion in February. Some analysts said the trade deficit could stretch into the second quarter, offering relief to the international trade imbalance and reducing pressure on the yuan to appreciate. Spot yuan finished at 6.5747 versus the dollar, down slightly from Wednesday's close of 6.5721. The currency has risen 3.8 per cent since it was depegged in June 2010. Before trading began, the PBOC fixed the yuan's midpoint at 6.5713 on the dollar, stronger than Wednesday's 6.5748. The dollar/yuan exchange rate can trade up or down a

Source CNY CNY GBP CAD CAD USD USD USD USD

ward premium was at 28.25 points against 26 points on Wednesday, and the one-year premium was at 279.00 points from the previous 278.25 points. The one-month offshore nondeliverable forward contracts were quoted at 45.47, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.3275, 45.3300 and 45.3275, with the total traded volume at about $6.17 billion. Reuters

Source

Events

Actual

Forecast

NZD JPY AUD AUD CNY GBP GBP GBP CAD USD USD

Official Cash Rate Final GDP q/q Employment Change Unemployment Rate Trade Balance Manufacturing Production m/m Asset Purchase Facility Official Bank Rate Trade Balance Trade Balance Unemployment Claims

2.50% -0.3% -10.1K 5.0% -7.3B 1.0% 200B 0.50% 0.1B -46.3B 397K

2.75% -0.3% 20.8K 5.0% 4.9B 0.8% 200B 0.50% 2.5B -41.4B 375K

3.00% -0.3% 7.7K 5.0% 6.5B -0.1% 200B 0.50% 1.7B -40.3B 371K

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 1.3834 1.3924 0.9317 0.9361 1.6090 1.6211 0.9750 0.9752 1.0015 1.0112 114.8000 115.2400 0.8600 0.8600 1.2887 1.2941 133.5400 134.3400 89.0900 89.1200 1414.0000 1431.5900

Bid 1.3831 0.9314 1.6086 0.9747 1.0010 114.7600 0.8596 1.2883 133.4800 89.0300 1413.3300

Low 1.3797 0.9283 1.6066 0.9685 1.0007 114.3600 0.8536 1.2871 133.3100 88.7100 1411.1600

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 10/03/2011 A USD GBP CAD EUR JPY O/N 0.21600 0.55625 0.97167 0.75125 SN 0.10563 1WK 0.24390 0.57813 1.00500 0.81500 0.11375 2WK 0.24800 0.58438 1.04250 0.82750 0.11813 1MO 0.25550 0.61313 1.08583 0.85738 0.13250 2MO 0.28400 0.68438 1.14917 0.98250 0.15563 3MO 0.30950 0.80813 1.21833 1.12813 0.19250 4MO 0.35000 0.89063 1.28500 1.22000 0.24313 5MO 0.40850 0.99563 1.35333 1.32188 0.30125 6MO 0.46150 1.11375 1.42333 1.44375 0.34750 7MO 0.51500 1.19563 1.51083 1.52000 0.39625 8MO 0.56825 1.28188 1.60333 1.59625 0.44563 9MO 0.61975 1.36625 1.69333 1.67688 0.49000 10MO 0.67200 1.44813 1.77833 1.74688 0.51688 11MO 0.72400 1.51688 1.86667 1.81750 0.54250 12MO 0.78550 1.58688 1.95500 1.89188 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 April 7, 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 10,2011 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

85.30 138.10 118.40 87.93 91.74 85.77 13.46 1.03 15.29 67.12 15.88 22.75 10.95 12.98 306.53 28.09 62.80 23.43 23.22 0.08 2.82

85.10 137.78 118.13 87.73 91.52 85.57 13.43 1.03 15.25 66.97 15.84 22.69 10.92 12.95 305.81 28.02 62.65 23.37 23.17 0.08 2.81

84.85 137.35 117.75 87.50 91.28 85.35 13.39 1.02 15.21 66.79 15.80 22.63 10.90 12.91 305.01 27.95 62.49 23.31 23.11 0.08 2.80

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 10, 2011

KASB

BMA

ELXIR

GSL

ICSL

12.90 12.90 12.95 13.18 13.28 13.48 13.55 13.70 13.75 14.04 14.08 14.13 14.15 14.22 14.22 14.20 14.15 14.12 14.50 14.75

13.10 12.95 12.98 13.07 13.20 13.32 13.52 13.62 13.72 14.00 14.03 14.15 14.05 14.10 14.08 14.05 14.02 14.07 14.50 14.75

12.98 12.98 12.98 13.08 13.24 13.48 13.60 13.67 13.78 14.00 14.05 14.08 14.08 14.20 14.20 14.15 14.10 14.08 14.60 14.75

13.00 12.95 13.00 13.10 13.20 13.30 13.58 13.65 13.75 13.90 14.03 14.05 14.06 14.12 14.15 14.12 14.08 14.08 14.50 14.80

12.95 12.95 13.00 13.15 13.35 13.48 13.60 13.68 13.78 13.95 14.03 14.18 14.10 14.20 14.11 14.20 14.00 14.07 14.50 14.75

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years

JSCM AvgRate 13.00 12.95 12.95 13.10 13.32 13.45 13.55 13.65 13.75 14.05 14.07 14.10 14.12 14.18 14.19 14.07 14.02 14.08 14.40 14.70

12.99 12.95 12.98 13.11 13.27 13.42 13.57 13.66 13.76 13.99 14.05 14.12 14.09 14.17 14.16 14.13 14.06 14.08 14.50 14.75

Currencies Correlation EUR/GBP Period 1 1 3 6 1 2

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

week month months months year years

-0.36 0.47 0.39 0.18 0.24 -0.33

0.94 -0.31 -0.05 0.57 0.51 0.68

0.97 0.55 0.31 0.58 0.76 0.68

0.92 0.89 0.52 0.80 0.63 0.60

-0.58 0.36 0.07 0.23 0.00 -0.02

USD/CAD USD/CHF

-0.89 -0.68 0.02 0.17 0.09 -0.32

-0.83 -0.69 -0.09 0.17 -0.31 0.43

0.18 -0.70 -0.69 -0.25 -0.07 0.20

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)10/03/2011 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 12.75

13.25

12.75

13.25

12.80

13.30

13.35

13.60

13.85

13.70

14.20

13.80

14.30

14.00

14.50

JSBL

13.00

13.50

12.95

13.45

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 12.90

13.40

12.95

13.45

12.90

13.40

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

CIPK

12.90

13.40

12.80

13.30

12.80

13.30

13.55

13.50

13.75

13.70

14.20

13.90

14.40

14.10

14.60

DBPK 12.70

13.20

12.75

13.25

12.80

13.30

13.20

13.45

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

FBPK 12.90

13.40

12.90

13.40

12.90

13.40

13.35

13.60

13.55

13.80

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 12.90

13.40

12.85

13.35

12.85

13.35

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

HBPK 12.85

13.35

12.85

13.35

12.90

13.40

13.35

13.60

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 12.80

13.30

12.85

13.35

12.90

13.40

13.25

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

NIPK

12.75

13.25

12.95

13.45

13.15

13.65

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMBP 12.85

13.35

12.90

13.40

12.95

13.45

13.30

13.55

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

SAMB 12.90

13.40

12.95

13.45

12.95

13.45

13.25

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 12.95

13.45

12.95

13.45

12.80

13.30

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 12.85

13.35

12.85

13.35

12.85

13.35

13.30

13.55

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

SCPK 12.80

13.30

12.75

13.25

12.75

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

UBPL 12.80

13.30

12.85

13.35

12.85

13.35

13.30

13.55

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.36

12.88

13.38

12.87

13.37

13.31

13.56

13.50

13.75

13.64

14.14

13.76

14.26

13.86

14.36

12.86

4 Friday, March 11, 2011

The Burning Stakes

The Financial Daily International Vol 4, Issue 125

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

14 Hindus and 10 from other religions. For Asya, the media picked up her ack in the 15th century, in case. Still, the Media, the civil society medieval Europe, hundreds of and the liberal polity combined don't Haseeb Khan, FCA S. Muneer Hussain Rizvi women charged with heresy were have what it takes to peruse her case. Asim Abbas Ashary, CPA Khurram Shehzad, CFA put to death by burning them alive. She got the headlines for a day or two Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) Trials were held, judgments passed and and some coverage on the television cheering crowds would gather to see the channels but justice is a far way off. Dr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) will of the church executed. Today, renAnd for those who dare to question it: Muhammad Arif Ismat Sabir ditions like the Joan punishment awaits. Head office The Earth stands witness of Arc are stark Salman Taseer's 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi examples of just murder speaks volBefore, when the stakes would burn Telephone: 92-21-35311893-6 Fax: 92-21-35388428 what the human umes. A politician URL: www.thefinancialdaily.com race is capable of, was assassinated, a And enthralled they beheld Email Address: editor@thefinancialdaily.com all in the name of man killed brutally Lahore office religion and much in the heart of the While theirs was the true enormity 24- Peshawar Block, Fortress Stadium, Lahore more. city in broad dayTelephone: 92-42-6675595 Fax: 92-42-6664349 Their souls that should have been ignited light, but that is not Many lands away, Email Address: editor@thefinancialdaily.com many centuries all that makes it a Today, I too stand convicted later…history contragedy. Tragic are tinues. There is no the crowds that Today I too, warranted to ashes fire and there are no gathered to cheer cheering crowds, but laws exist, trials and another."? the murderer. Tragic are the flower are held, judgments passed, and execuA 37 year old woman from one of the petals showered on him, the garlands tions implemented. many villages across the country asks sent, the Facebook statuses, the countWomen are a long way from getting that question as she awaits her destiny. less people who turned a murderer into equal employment rights, although this This speech by the Quaid has become a hero. One man's irrationality may be country produced the world's first a cliché for the secular vs. non secular perceivable, but tragic is the rationality female Muslim Prime Minister. Along debate, repeated time and again to of thousands of people the benches in the parks, lovers sit holding hands, behind closed doors wives get beaten. Under the lighted billboards advertising designer clothes, barely clad beggars sleep on the street. Federal Board of Revenue (FBR) has collect- Children scavenge dustbins outside that advertise all you can ed Rs873.8 billion during the first eight months restaurants eat buffets. In the cities, roads are of the current financial year as compared to clogged with big cars, the fashion Rs791.4 billion during the corresponding peri- changes every few months, and politics entertainment. In the villages, od of last year, showing an improvement of provide oblivious to the latest car models, the over 10 per cent. A break-up of revenue collec- fashion trends or the political opera, tion for the period shows that all the tax cate- farmers work in fields all day but sleep hungry at night, children are the cheap- prove this point and that. Historians, Some protested against the crime, but gories have registered growth, with Sales Tax est source of labor, the jirga decides the analysts, journalists, many have joined their cries were drowned in the many collection up nearly 15 per cent at Rs377.8 bil- law, and existence continues. The the bandwagon to explore the meaning voices that defended the act. The lesson Republic of Pakistan: where behind the words. But to Asya, a had been given and it was understood lion, Federal Excise Duty up by about 4 per Islamic paradoxes define reality. Christian by faith, convicted under arti- well. Those who speak in the name of a cent to Rs77.5 billion and Customs Duty up by On the 11th of August in his presi- cle 295c it does not really matter. She distorted version of religion shout, about 14 per cent to Rs108.4 billion. Sales tax dential address to the Constituent does not know and she does not care. while those who speak in the name of Quaid-e-Azam Mohammad She is oblivious to what is perhaps her humanity do so in hushed voices lest collected at the import stage was Rs188.5 bil- Assembly, Ali Jinnah said: "You are free; you are biggest line of defense. All she knows they be heard. The liberal polity took a lion while Rs189.5 billion was collected from free to go to your temples, you are free is that she had a fight with the women step back, the fascists took one fordomestic consumption. FBR also paid refunds to go to your mosques or to any other in her village and harsh words were ward. More tragedy was bound to folplace of worship in this State of exchanged, that her two children need low. And it did. and rebate amounting to Rs65.6 billion which Pakistan. You may belong to any reli- her…that she is a Pakistani and has a A remedial was needed and Shahbaz was up by 30 per cent as compared to Rs50.5 gion, caste or creed that has nothing to right to be protected by the law. Bhatti was going to be it. The do with the business of the State. As Unfortunately for her, knowing that is Minorities Minister became the next billion paid during the same period last year. you know, history shows that in not enough. one to bite the dust. This time there The point of concern was that tax collection England, conditions, some time ago, According to the National were no petals showered. There was were much worse than those prevailing Commission on Justice and Peace condemnation from most sides. But the during February 2011 was not satisfactory. As India today. The Roman Catholics (NCJP) of the Catholic Church, message was loud and clear. The hushagainst a target of Rs130 billion, the FBR could in and the Protestants persecuted each between 1986 and August 2009, at least ing voices have been silenced and all collect only Rs103.8 billion, indicating a sub- other. Even now there are some States 974 people have been charged for com- doubts have been removed. stantial shortfall of Rs 26.2 billion. Direct tax in existence where there are discrimi- mitting blasphemy. They include 479 Islamabad has now joined the ranks nation made and bars imposed against a Muslims, 340 Ahmadis, 119 Christians, of the despairing cities of this country.

Honorary Advisory Board

Laila Sohail

“

Budget gap too big for FBR alone

collections during February at Rs32.5 billion was below the target of Rs47 billion, while tax collections under other heads also unsatisfactory. The slow growth in tax collections should be a cause of concern for the FBR high ups. The budget envisaged aggregate tax collections of Rs1,667 billion but the target was reduced to Rs1,604 billion after the floods. Tax collection figures for eight months indicate that despite lowering the target achieving it seems highly unlikely. The FBR was able to collect about Rs 109 billion on a monthly average basis till February, 2011 and only a miraculous performance could enable it to collect Rs 731 billion (Rs 183 billion every month) in the remaining four months of the year. Lower tax collections at a time when expenditures on security and debt servicing are on the rise is widening the fiscal deficit much higher the initial projections. The reluctance of the bilateral donors to provide budgetary assistance and withholding of two tranches by the IMF is forcing the government to mainly rely on domestic borrowing, further fueling the inflation. The attempt to contain inflation by tightening monetary policy is crowding out the private sector. Cutting down allocation for PSDP is adding to sense of deprivation among the poor. While the attitude of economic managers is disappointing because neither the government seem serious in cutting down non-developmental expenditures nor the opposition parties are ready to lend a helping hand. As a last resort, the government is likely to impose some new taxes to satisfy the IMF for the release on remaining tranches of the suspended SBA. On only wonders if the new taxes are also rejected by the opposition as well as some of the coalition partners what will happen?

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.

particular class. Thank God, we are not starting in those days. " Had the Quaid spoken too soon when he thanked God that the creation of Pakistan had transgressed 'those times'? Does the State of Pakistan promise "no discrimination, no distinction between one community and another, no discrimination between one caste or creed

Had the Quaid spoken too soon when he thanked God that the creation of Pakistan had transgressed 'those times'? Does the State of Pakistan promise "no discrimination, no distinction between one community and another

Arab Revolt Makes US Irrelevant F Z Khan

fter the relative ease with which rulers were made to flee Tunis and Cairo, the Arab revolution has entered its harder phase. Libya is teetering on the edge as the fall of Col Qaddafi looks imminent in the wake of the so-far bloodiest clashes between the protestors and security forces. Libyan forces, unlike the Egyptian military, are divided and this division runs along the civilian administration as well, indicated by the resignation of the justice minister. T h e kingdom o f Morocco is also feeling the heat as the A r a b world's revolut i o n spreads to more c o u n tries. Over the last few days in Rabat and in other major cities like Casablanca, Tangier and Marrakech, protests are taking place facing the law enforcement agencies. It is neither ideological nor sectarian issues that tend to influence the direction of the Arab revolution; it is the peoples' yearning for change - a society free from the suffocating autocratic systems. The ongoing upheaval has also rendered a definitive judgment on the American policy over the years. Relying on their own resources and employing means of their own

“

devising, the people of the Middle East have effectively consigned the entire "war on terror" to the category of strategic irrelevance. As Andrew J. Bacevich rightly observes, the people of the Middle East are transforming the region themselves. "Events of the last several weeks have made it abundantly clear not only that important parts of the Islamic world are ripe for change but that the impetus for change comes from within." Transformation is not something that outsiders can induce or impose or control. The process is organic, spontaneous and self-sustaining. Observers also believe that the c o n s e quences of changes in the Arab world will inevitably have an i m p a c t u p o n Pakistan and the South Asia region. It is noteworthy, however, that the Arab uprising does not belong to a specific segment of the population. Christians alongside Muslims from all backgrounds and walks of life were participating in the protests in Egypt, which the Pakistani society is thus far alien to. As Ayaz Amir says, "In the Arab world the masses are the motors of change, in Pakistan the masses cannot undertake the task of reinventing the Islamic Republic because this is a task whose urgency they have yet to recognize."

Observers also believe that the consequences of changes in the Arab world will inevitably have an impact upon Pakistan and the South Asia region. It is noteworthy, however, that the Arab uprising does not belong to a specific segment of the population

Karachi with its blood bathed politics, Rawalpindi with its political assassinations, Peshawar with its suicide bombings, and now Islamabad weeping for sanity So who to pass on the responsibility to? The Tehrik-e-Taliban Pakistan may have been quick enough to own up to this one, but the burden of responsibility falls much closer to home. Responsible are the political parties who encourage such crimes in the name of religion, who hold countless rallies to protect man made laws, but not a single one to protest violation of laws made by God. Responsible are those who are silent, or oblivious to these elements, who don't have the courage to call a spade a spade. Responsible are the television channels that give air time to eloquent speakers selling hate crime. Responsible are the thousands of viewers who watch them. The assassins carry guns. Their proponents are given mikes and put in front of cameras. It's not politics, it's not activism, it's not some twisted form of pseudo intellectualism: it's a crime against humanity. At least those who fire the guns expose themselves, but those who fuel intolerance are glossed over. The politicians use their speeches for mudslinging each other, the top anchors and hosts are those who can referee the best shouting matches, and Veena Malik's clothes in some third rated Indian programme become a point of contention. The one most important question that no one asks is: Who cares? Intolerance is etched onto every surface of the mirror that reflects our society. It is woven into the fabric of society with such precision that we accept is as a part of life and persist existing without questioning its nature and subsequently its results. It dwells on irrationality, and its counterpart: Fear. No lesson reinforces itself as strongly as the witch that burns at the stake. Those around her may cheer, but what they are really thinking is "Thank God it wasn't me". So now it's either about Taseer, or Qadri, or Bhatti. Nobody remembers Asya. It seems that she and many like her in the future, died with them. Or maybe we only remember people after they die. Not Asya because she is not a Minister or a politician. She will be forgotten; she already is…alive or dead? What lives on is the legacy, not of Mr. Jinnah but that of Qadri. Bullets kill men, but fear kills the conscience. We mourn the death, not of men, but of an ideology.

Nuclear ‘Justice’ Shumaila Raja

he Soviet Union-Ukraine's April 26, 1986 Chernobyl nuclear power plant disaster was the worst ever - 300-400 times more powerful than that of the bomb dropped on Hiroshima by the US which resulted in a severe release of radioactivity following a massive power excursion that destroyed the reactor. Most deaths from the accident - 56 direct deaths and 800,000 from the radiation exposure - were caused by cancer and radiation poisoning. The radioactivity released at Chernobyl tended to be more long lived than that released by a bomb detonation. So even without using atomic bomb this technology can eliminate thousands of people through radiation exposure. A critical observation of the history of nuclear accidents indicates that the U S , Russia, I n d i a , France, and some o t h e r European countries do not possess a good t r a c k record; rather the U n i t e d States and Russia top the list in countries w h e r e nuclear accidents h a d occurred. America's biased attitude towards Pakistan can also be proved by scanning through the Indian record of nuclear accidents, including the theft of fissile material. This must also be seen in the context of US-India civil nuclear deal. India has reported at least 25 cases of missing radioactive materials. Nearly 20,000 radioactive sources are used throughout India of which about 900 are particularly worrisome. These missed or stolen radioactive materials can be used by terrorists for making

“

"Radiological Dispersion Devices", which can create havoc such as Chernobyl. On 26 January 2003 CNN reported that Indian company, NEC Engineers Private Ltd. shipped 10 consignments to Iraq, containing highly sensitive equipment entailing titanium vessels and centrifugal pumps. The Indian investigators acknowledged that the company falsified customs documents to get its shipments out of India. In February 2004 India's ambassador to Libya Dinkar Srivastava revealed that New Delhi was investigating that retired Indian scientists could possibly be engaged in "high technology programs" for financial gains during employment in the Libyan government. In 2005 Indian scientists, Dr. Surendar and Y S R Prasad had been blacklisted by Washington due to their involvement in nuclear theft. World cannot forget the Dec 3, 1984 B h o p a l nuclear disaster in which toxic gas seeped from Union Carbide insecticide p l a n t , killing more than 2,000 and injuring a b o u t 150,000. T h e world that leaves no s t o n e unturned in raising hue and cry over Pakistan's nuclear and missile programs, about the security of nuclear assets and the possibility of going into the hands of terrorists must realize that not even a single such incident has ever been reported because of the highly professional work carried out by the Pakistan Nuclear Regulatory Authority. The government of Pakistan also carefully and successfully handled the case of nuclear proliferation by what they allege AQK network.

In 2005 Indian scientists, Dr Surendar and Y S R Prasad had been blacklisted by Washington due to their involvement in nuclear theft. World cannot forget the Dec 3, 1984 Bhopal nuclear disaster in which toxic gas seeped from Union Carbide insecticide plant, killing more than 2,000 and injuring about 150,000.

Friday, March 11, 2011

South East Asian stocks

European shares hit lowest closing level in 2011

Renewed oil jitters send some markets lower

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

12,128.15 12,125.79 2.36 0.02 103.07

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

3,687.72 3,682.61 5.11 0.14 3.87

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

2,881.03 2,877.85 3.18 0.11 0.04

Major Gainers

Symbol

Change

ULEVER 4,793.16 NESTLE 3,424.64 ILTM 173.25 MTL 541.63 IDYM 267.67

66.99 24.54 8.25 6.82 6.20

Major Losers

Symbol BATA SRVI SHEZ HINO APL

Change

531.33 194.94 145.51 115.98 361.99

-20.85 -10.25 -7.52 -5.62 -4.96

Top 5 Volume Leaders

Symbol LOTPTA FFBL PIAA POL ENGRO

Close Vol (mn) 16.07 43.28 2.83 322.29 234.84

29.76 6.93 5.25 4.63 3.78

Active Issues Plus Minus Unchanged

132 149 88

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

TOKYO: A man looks at the closing rate of the Tokyo Stock Exchange at the quotation board of a security company.-Reuters

India stocks fall, hurt by oil surge MUMBAI: Indian shares fell 0.8 per cent on Thursday as intensifying turmoil in Libya led to a surge in oil prices, and traders expected the market to be wedged in a tight range in the near term as developments unfold in the Middle East. Financials contributed the most to the losses. Negative news from overseas including surprisingly weak trade data from China and Moody's downgrade of Spain also hit investor sentiment, pushing them away from riskier bets. Brent crude surpassed $116 after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting longer-term damage on the country's exporting capacity. The 30-share BSE index declined 0.77 per cent, or

141.97 points, to 18,327.98 points, with 21 of its components closing in the red. It is down 10.6 per cent this year, as foreign funds sold a net of around $1.8 billion from Indian stocks since the start of the year to March 8. "All possible bad news seem to be coming in today. But, most of them are already in the price," said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services. "Every time the market lifts up its head, there is some bad newsflow that comes in to batter it," he said, adding he expects the 50-share Nifty to trade in a range of 5,300-5,500 points until the end of March. The NSE index, or Nifty, closed 0.7 per cent lower at 5,494.40 points. See # 16 Page 11

Nikkei at 5-wk low as futures get sold TOKYO: Japan's Nikkei average fell to a five-week low on Thursday, breaking below a key support level after an overnight rise in oil prices and uncertainty about the Middle East sparked futures selling. The charts are pointing to further losses for the market, but some analysts stressed that bargain hunters would buy on dips if any positive news emerges from the Middle East, leaving the near-term outlook blurry. Chip-linked shares underperformed the overall market after Wall Street's semiconductor index fell 3 per cent, hit by a weaker outlook from Texas Instruments . With the settlement of Nikkei 225 futures and options coming up on Friday, market players pointed to commodity trading advisers in futures, who have

sparked big swings in the benchmark recently, as responsible for exaggerated losses -the biggest on the day among Asian bourses. "The situation in the middle east is unlikely to become clearer in the foreseeable future, so with an increasing number of investors turning away from riskier assets, the Nikkei will likely slide further next week," said Hiroyuki Fukunaga, chief executive of trading information provider Investrust. The benchmark Nikkei ended the day down 1.5 per cent, or 155.12 points, at 10,434.38. It fell to a fiveweek low, breaking below its 13-week moving average, a key support level, after data showed China ran a surprise See # 17 Page 11

US stocks late-morning

Wall St slips; S&P below key level

cent, the biggest drag on the Hang Seng, with losses accelerating in late trade after Moody's downgraded Spain's sovereign debt rating and warned of further cuts. Financials were the hardest hit in Shanghai but the analysts called it a short-term decline, adding that valuations are still in favour of the sector. "The central bank is draining now to make sure inflation doesn't get out of control in the next few months," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. "This hurts financials now, but in the long run they will continue to rise, as bank stocks are still very cheap." The sector sub-index fell 2.5 per cent led by ICBC down 1.6 per cent and Bank of

Nawaz Ali KARACHI: Fall in regional stock markets over intensifying Libya crisis kept the investors cautious at the Karachi Stock Exchange (KSE) which ended with marginal losses as selling by foreign investors wiped off the early gains. The benchmark KSE 100-Index lost 2 points to close at 12,125 points, All Share Index was also down by 2 points to close at 8,410 points while KSE 30-Index fell by 19 points to close at 11,870 points. "Selloff in regional markets affected local sentiment", said Samar Iqbal, equity dealer at Topline Securities. As the regional capital markets fell, foreign investors preferred to pull their money out from Pakistani markets where according to NCCPL data, they did a netselling worth $7.24 million on Thursday. The day started with 43 points into the positive zone after which market showed some rangebound activities throughout the day moving on both sides of the index between 12,210 points (+ve 82) and 12,089 points (-ve 39). Apart from selloff in regional stock markets, the uncertainty on the political front and the declaration

by the Supreme Court regarding Chairman National Accountability Bureau (NAB), and tough conditions set by IMF for the release of funds too shattered investor confidence. Murtaza Jafar, equity dealer at JS GLoal Capital said that investors opted to play safe amid mounting tension between the GoP and Supreme Court as the latter ruled appointment of the NAB chairman a unconstitutional in a ruling today. It should be noted that the apex court declared the appointment of Justice Deedar Hussain Shah as Chairman NAB illegal and against the constitution, directing his removal from the office. Investor participation was marginally higher as 103 million shares traded during the day which is 2.6 million shares more as compared to a turnover of 100.4 million shares a day earlier. Lotte Pakistan was the volume leader with 29.76 million shares followed by Fauji Fertiliser Bin Qasim with 6.93 million and Pakistan International Airlines with 5.25 million. Total issues that were active totaled 369 of which the losers stand at 149, gainers at 132, and the status-quoers happened to be 88.

LONDON: A downgrade for Spain's credit rating, violence in Libya and weak data from China and the U.S heaped pressure on Britain's top share index on Thursday, with traders speculating that there could be more woe to come. "It's an unholy triumvirate of bad news," Chris Purdy, trader at Spreadex, said. Purdy pointed to the threemonth low of 5,795 as the next significant support level as the FTSE 100 closed down 92.01 points, or 1.6 per cent, at 5,845.29, a fresh year low. He said the index had plunged through the support barriers he was expecting and it was anyone's guess how much further the sell-off might go. London's blue-chip index also fell below 5,881, the 38.2 per cent Fibonacci retracement from the Nov. 30 low to the late February high. But it bounced off 5,833.23, with the next key retracement level -- 50 per cent -- at 5,812. Banks were weaker as risk appetite remained off the menu for investors after Moody's cut Spain's sovereign credit rating a notch to Aa2 and warned of further cuts. Barclays, which has a big exposure to Iberian debt, fell 1.3 per cent. The Bank of England's Monetary Policy Committee kept interest rates at a record low of 0.5 per cent, but traders noted sentiment on the committee is shifting. "(The) announcement was perhaps taken for granted, but after minutes showed another policymaker shifting camps last month, with three now favouring a rate hike (and one for 50bps), this could be the last of the low rates," Spreadex's Purdy said. Brent crude traded above $114 a barrel, near 2-and-a-half year highs, as military activity intensified in Libya. Miners fell with base metal prices, as high oil prices threaten to derail the global economic recovery. Weak Chinese import data also weighed on the sector, casting doubt on demand from the world's biggest metals consumer. See # 15 Page 11

NEW YORK: Stocks dropped more than 1 per cent on Thursday and the S&P 500 fell through a key technical level amid global economic worries, suggesting more losses may be on the way. Nearly seven stocks fell for every one that rose on both the New York Stock Exchange and the Nasdaq, in an indicator of the depth of the negative sentiment driving the sell-off. A ratings agency's downgrade of Spain reignited eurozone debt concerns, and disappointing economic data from China and the United States heightened global growth worries. The benchmark S&P 500 index fell below its 50-day moving average, an indication of medium-term momentum for the market, for the first time since November. "The market just needed a catalyst. It was so extended. And to me I see the China trade deficit as a catalyst, I see the Spain downgrade as a catalyst," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. Analysts have been calling for a correction in the market after its big run up since early September. The S&P 500 is up roughly 25 per cent since then. Mendelsohn said he's eyeing 1,294.26 on the S&P 500 as critical support. "Once we take that out, I see 1,250 in my sights pretty easily, so I think this is the beginning of something severe," he said. Energy shares represented the biggest drag on the S&P 500, as oil prices pulled back from recent highs. The Dow Jones Muzzammil Khan, AVP BMA Capital industrial average was down 167.18 points, or 1.37 per cent, Outlook still holds a promise which is heartening and if index somehow at 12,045.91. The Standard & swings itself beyond a resistance level in the neighbourhood that is to say Poor's 500 Index was 12,250 points then a new bullparty would come to pass. Investors are thereSee # 18 Page 11 fore advised to invest only in power and fertiliser stocks. Commencement of

Dhiyan

GO DIPS-ING

China, HK stocks slip, dragged by the banks HONG KONG: Shares in Shanghai and Hong Kong eased on Thursday, weighed by profit-taking in financials, as investors worried that draining of cash by China's central bank may lead to tighter liquidity in the nearterm. The People's Bank of China stepped up open market operations to mop up cash from the money market, its first weekly drain in four months, putting a dent in one of the key tailwinds behind the run-up in Chinese shares this year. The weak mainland market put pressure on Hong Kong's Hang Seng which closed down 0.8 per cent and was also led lower by banks, in particular heavyweight HSBC. HSBC shares fell 1.4 per

KSE lies flat after foreign fleeing

Recovery headwinds blow FTSE off its course

China which fell 2.1 per cent. Trade data released earlier in the day showed China swinging to a surprise trade deficit, the largest in seven years, did little encourage investors to buy into early weakness. Tepid turnover on the Hong Kong stock exchange, down 7 per cent from Wednesday, suggested that some investors preferred to wait for inflation data that is scheduled for Friday for a sign that the rate of growth of consumer prices is slowing. China was confident it could hold inflation to an average of 4 per cent this year, the government's statistics chief said on Thursday, but a central bank adviser warned that soaring commodity costs were adding to upside risk. -Reuters

Margin Trading System (MTS) from March 14 and stability on the political front would let the market go ballistic. Trade would be positive today but some profit-taking at higher levels is not beyond likelihood. Hence, investors should adopt 'buy on dips' strategy.

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Instability on the political front and foreign selling fears may pour some red ink on the market in the coming days and index can come down to 11,900 points. However, over the start of leverage products next week we might see some support from local investors. It is advised that investors take positions in fertiliser, cement, and oil stocks and those whose spot dates are drawing nigh. There might be some weekend profit-taking today.

Friday, March 11, 2011

Market Volume

103,069,423

Value

6,114,269,860

Trades

65,454

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

132 149 88 369

All Share Index

12125.79 12218.89 12089.07 i2.36

Current High Low Change

KSE 30 Index

8410.12 8474.27 8388.8 i2.29

Current High Low Change

KMI 30 Index Current High Low Change

11870.58 11991.9 11827.61 i19.54

20161.83 20312.09 20068.58 h36.57

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,518.58 Turnover 9,290,371 P/E (x) 10.73 Company

KSE 100 Index

Symbols

High Low 1,539.37 1,509.62 Total cos Defaulter cos P/BV (x) ROE (%) 3.49 32.54

Open

High

Low

Attock Petroleum 691 6.54 Attock Refinery 853 4.89 BYCO Petroleum 3921 Mari Gas Company 735 7.70 National Refinery 800 6.07 Oil & Gas Development 43009 10.57 Pak Petroleum XD 11950 7.79 Pak Oilfields XD 2365 7.43 Pak Refinery Limited 350 P.S.O XD 1715 4.83 Shell Gas LPG 226 Shell Pakistan 685 10.77

366.95 120.09 9.89 111.50 296.12 156.89 210.50 320.67 106.50 287.18 26.85 210.07

367.00 122.25 10.00 112.80 299.00 158.80 214.55 326.00 110.50 289.00 26.92 211.00

361.15 119.75 9.68 110.00 291.55 155.80 210.26 319.52 104.50 284.51 26.05 208.11

Close Chg 361.99 120.09 9.71 110.93 292.93 156.21 213.05 322.29 105.62 285.21 26.53 209.95

-4.96 0.00 -0.18 -0.57 -3.19 -0.68 2.55 1.62 -0.88 -1.97 -0.32 -0.12

Close Change 1,518.98 0.40 Listed cap Market cap 65,194.15 mn 1,140,918.87 mn Payout (%) Div Yield (%) 55.94 5.21 Last 60 days High Low

Volume 229744 1490534 615657 29116 59929 512367 1376438 4628615 297178 660051 1067 5332

401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 37.30 222.00

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 0.03 5-Day High 1,518.98 5-Day Low 1,492.36

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 681.54 Turnover 15,198 P/E (x) 5.14 Company

High Low 691.57 680.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53

Close 681.08 Listed cap 3,242.17 mn Payout (%) 11.08

Change -0.46 Market cap 11,646.50 mn Div Yield (%) 2.16

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.49 8.59

67.51 31.03

68.00 32.49

67.50 30.80

67.51 0.00 30.92 -0.11

4283 10915

75.72 39.45

Pak Int Cont.Terminal PNSC

63.00 30.70

Company

High Low 1,783.11 1,728.69 Total cos Defaulter cos P/BV (x) ROE (%) 3.43 35.00

Paid up Cap(mn)

Open

High

Low

Bawany Air 75 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. LtdSPOT 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 Fauji Fert.Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Leiner Gelatine 75 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90

6.88 9.22 7.10 14.63 10.38 5.87 12.90 8.19 8.17 9.68 9.07 6.26 5.91 27.70 8.83 6.35 5.69

7.18 89.45 199.23 257.45 2.85 7.90 2.84 10.83 237.19 12.35 12.35 132.35 43.72 11.08 159.40 28.43 16.46 15.83 1.13 2.87 2.11 104.61 13.73 13.25 36.30

8.00 93.23 200.45 262.90 2.99 8.10 3.00 11.02 238.50 12.54 12.60 135.50 43.85 11.18 160.00 28.94 15.46 16.32 1.26 2.88 2.45 104.90 14.73 13.40 37.00

7.00 89.50 198.00 256.31 2.55 7.62 2.78 10.75 232.32 12.20 12.08 130.10 43.00 11.00 157.95 28.20 15.46 15.90 0.85 2.75 2.19 103.01 14.10 13.00 36.49

Company

Close Chg 7.29 89.79 198.39 261.28 2.74 7.89 2.89 10.92 234.84 12.25 12.16 133.13 43.28 11.04 158.65 28.43 16.46 16.07 0.88 2.77 2.33 104.78 14.73 13.33 37.00

0.11 0.34 -0.84 3.83 -0.11 -0.01 0.05 0.09 -2.35 -0.10 -0.19 0.78 -0.44 -0.04 -0.75 0.00 0.00 0.24 -0.25 -0.10 0.22 0.17 1.00 0.08 0.70

Close 1,756.04 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 1588 1180 24813 409378 77504 832069 594962 3800 3775075 445373 1966296 3561115 6932299 25897 115328 210 300 29761441 5304 270841 194145 1790 1561058 2001 1100

Change 0.32 Market cap 377,886.02 mn Div Yield (%) 4.98

10.15 103.94 213.30 262.99 3.74 9.25 3.84 11.98 238.50 15.87 12.88 157.90 43.99 13.07 163.99 36.00 19.25 16.80 2.45 3.17 2.95 131.90 14.73 14.99 41.99

6.11 82.00 156.15 172.00 2.34 6.00 2.26 10.06 185.15 11.75 9.16 108.00 34.60 10.43 138.00 23.07 9.15 13.03 0.57 1.62 1.55 90.78 11.81 8.76 34.75

% Change 0.02 5-Day High 1,756.04 5-Day Low 1,690.10

2010 Div BR (%) (%) 5 10R 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 1,024.07 Turnover 30,112 P/E (x) 5.19 Company

Paid up Cap(mn)

Century Paper Pak Paper Product Security Paper

707 50 411

PE 8.70 6.76

Open 15.30 38.27 37.53

High 15.30 37.84 37.88

High Low 1,028.58 1,007.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47 Low 15.20 37.00 36.77

Close Chg 15.25 -0.05 37.77 -0.50 37.88 0.35

Close 1,027.17 Listed cap 1,186.83 mn Payout (%) 25.28

Last 60 days High Low

Volume 12350 5010 12752

Change 3.10 Market cap 2,833.28 mn Div Yield (%) 4.87

19.69 48.90 47.70

14.50 35.17 34.00

% Change 0.30 5-Day High 1,027.17 5-Day Low 1,004.70

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

Paid up Cap(mn)

High Low 1,128.55 1,096.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35

Open

High

Low

Agriautos Ind 144 4.63 Atlas Battery 101 5.05 Atlas Honda 626 9.35 Dewan Motors 890 Exide (PAK) 56 4.52 General Tyre 598 4.57 Ghandhara Nissan 450 Ghani Automobile Ind 200 5.89 Honda Atlas Cars 1428 Indus MotorsSPOT 786 9.94 Pak Suzuki 823 11.58 Sazgar EngineeringSPOT 150 4.29 Transmission 117 -

71.00 190.42 134.00 1.88 180.14 23.14 3.63 4.19 10.23 227.54 61.02 23.64 1.30

72.50 193.00 135.00 1.99 187.00 23.19 3.69 4.24 10.40 230.00 63.80 23.99 1.55

70.00 188.00 133.00 1.75 175.27 22.75 3.50 4.00 10.00 226.00 60.00 23.50 1.30

Open 1,943.24 Turnover 90,284 P/E (x) 46.82 Company Bawany Sugar Chashma Sugar Crescent Sugar Dewan Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Hussein Sugar J D W Sugar Mirpurkhas Sugar Mirza Sugar Mitchell's Fruit National Foods Noon Sugar Pangrio Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills Sind Abadgar Tandlianwala

Paid up Cap(mn) 87 287 214 365 146 750 200 324 121 539 84 141 50 414 165 109 38 107 57 223 119 211 695 104 1177

PE 3.32 0.68 8.66 6.62 2.60 1.31 3.02 8.07 9.22 1.19 6.59 0.26 2.24 3.05 0.37 23.46

Close Chg

Close 1,118.16 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 9.61 Market cap 41,639.52 mn Div Yield (%) 5.26

Last 60 days High Low

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd Huffaz PipeSPOT International Ind Siddiqsons Tin

565 2.80 675 555 487.67 1199 18.92 785 40.91

Open 26.95 2.06 14.65 52.32 8.96

High 27.00 2.18 14.74 52.95 9.00

Low 26.25 2.02 14.30 51.60 8.75

Close Chg 26.73 2.10 14.63 52.03 9.00

-0.22 0.04 -0.02 -0.29 0.04

Close 1,034.94 Listed cap 3,596.11 mn Payout (%) 30.91

Change -5.36 Market cap 9,845.17 mn Div Yield (%) 9.02

Last 60 days High Low

Volume 6540 12054 7925 20106 14806

31.00 3.09 16.51 62.20 10.70

24.75 1.80 13.00 45.81 8.51

2010 Div BR (%) (%) 30 55 7.5

Company

Paid up Cap(mn)

Company

Paid up Cap(mn)

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

Open

High

Low

1828 866 6.64 858 182 14 956 39.63 3891 3651 10.84 350 6933 5.83 502 2.09 1760 4003 32 1288 13126 3234 6.14 5261 2271 361 -

2.60 51.50 2.70 16.19 9.00 9.50 1.80 25.16 2.01 4.22 7.00 1.52 7.52 0.56 5.99 2.94 67.96 2.30 5.65 7.42

2.70 52.90 2.70 16.80 9.79 10.05 1.85 25.40 2.29 4.33 7.23 1.59 7.25 0.60 6.10 3.00 68.99 2.44 5.97 7.75

2.51 51.68 2.60 16.15 8.26 9.50 1.71 24.96 2.29 4.14 6.90 1.46 7.06 0.41 5.76 2.82 68.05 2.23 5.55 7.45

Change 0.73 Market cap 62,938.92 mn Div Yield (%) 3.20

Close Chg

Volume

Last 60 days High Low

2.59 52.43 2.70 16.50 9.00 9.51 1.80 25.04 2.01 4.20 6.90 1.58 7.06 0.48 5.95 2.86 68.37 2.28 5.80 7.54

7129 124975 444 2323 162 1134 95413 607126 102 132982 1126 18940 1301 71857 5496 96462 291309 67080 45490 791

3.98 63.90 4.24 24.16 15.50 11.59 2.73 32.30 4.00 5.55 8.00 2.24 9.19 0.99 7.40 3.88 78.44 3.30 7.65 9.40

-0.01 0.93 0.00 0.31 0.00 0.01 0.00 -0.12 0.00 -0.02 -0.10 0.06 -0.46 -0.08 -0.04 -0.08 0.41 -0.02 0.15 0.12

2.15 48.50 1.95 14.72 7.52 8.00 1.50 21.20 1.70 3.97 6.30 1.30 4.70 0.25 5.11 2.65 59.55 1.92 5.17 5.13

2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 922.84 Turnover 124,872 P/E (x) 2.63 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films XD

Paid up Cap(mn)

Open

115 2.49 53.35 230 2.13 1067 5.36 51.33 389 1.81 7.50 47 16.12 29.23 844 - 113.83 300 7.94 130.47

High

High Low 937.15 926.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 43.91 Low

Close Chg

55.00 52.80 54.23 2.29 2.05 2.14 51.80 51.05 51.61 7.39 6.51 6.65 29.50 29.01 29.01 115.50 114.49 115.00 131.00 128.01 130.94

0.88 0.01 0.28 -0.85 -0.22 1.17 0.47

Close 927.17 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 11577 54202 5201 42228 2691 3686 5277

Change 4.33 Market cap 35,012.70 mn Div Yield (%) 5.91

Last 60 days High Low 81.49 3.30 56.45 8.15 33.80 143.00 144.80

47.80 2.03 47.80 2.50 21.50 105.02 111.25

% Change 0.47 5-Day High 927.17 5-Day Low 919.39

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

25B 10B -

2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

Open

High

High Low 1,658.91 1,617.23 Total cos Defaulter cos P/BV (x) ROE (%) 3.02 38.02 Low

Close Chg

Close 1,650.47 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

24.52 1.00 12.92 19.76 13.83

25.74 0.80 13.00 20.00 13.89

25.74 0.75 12.87 20.00 13.22

90 100 60 20 150 5 10 -

20B - 50.00 20B 10.00 -

Close Chg 5.50 8.50 6.75 3.17 36.91 21.83 10.86 14.00 9.04 74.00 48.31 3.63 68.79 52.73 11.11 4.53 37.65 2.90 4.23 1.80 12.19 8.90 5.25 8.00 42.00

0.24 -0.45 0.00 0.02 0.00 0.17 -0.50 -0.60 -1.00 1.34 0.00 0.13 0.00 0.39 0.99 0.18 1.18 -0.10 0.13 -0.19 -0.13 -0.30 0.41 0.03 0.21

Volume 2500 1096 275 11980 116 8496 16002 580 500 1508 469 901 357 1390 8327 2000 1000 500 15000 5000 3000 1000 1902 699 5430

Change 14.93 Market cap 283,623.39 mn Div Yield (%) 0.65

Last 60 days High Low 6.73 13.50 7.15 4.60 55.00 36.50 12.85 23.62 12.66 92.50 67.98 6.70 89.90 75.50 13.95 6.75 51.50 4.00 4.75 3.26 15.01 12.30 7.00 11.20 44.06

3.51 8.00 5.05 2.52 28.00 20.25 10.85 14.00 9.04 68.00 44.13 2.65 66.02 46.10 9.00 3.00 34.25 2.10 2.50 1.60 11.00 8.00 4.01 5.60 34.00

% Change 0.77 5-Day High 1,958.17 5-Day Low 1,932.44

2010 Div BR (%) (%)

2011 Div BR (%) (%)

10 25 25B 40 10 7010B 12.5R 15 20B 10 40 12 10 10 15 10 10 -

Close Chg 24.52 0.80 13.00 19.76 13.41

0.00 -0.20 0.08 0.00 -0.42

Close 995.02 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 128 2000 37655 200 21216

Change 0.15 Market cap 4,814.22 mn Div Yield (%) 2.36

% Change 0.02 5-Day High 1,026.27 5-Day Low 994.87

Last 60 days High Low

2010 Div BR (%) (%)

40.00 2.35 15.88 24.09 24.00

-20B 20R - 10B 17.5 -

23.28 0.50 12.07 17.55 13.22

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 990.04 Turnover 9,054,638 P/E (x) 6.93 Paid up Cap(mn)

Ali Asghar Textile AL-Qadir Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Elahi Cotton Ellcot Spinning Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Ishaq Textile Island Textile Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Latif Jute Mehmood Textile Mian Textile Mohd Farooq N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Quetta Textile Ravi Textile Redco Textile Rupali Poly Saif Textile Sally Textile Samin Textile Sargodha Spinning Saritow Spinning Service Ind Shadman Cot XD Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited

222 76 2594 840 133 4493 76 76 141 64 400 1150 2442 124 238 492 31 600 514 34 13 110 234 192 635 146 120 716 3105 99 180 181 97 5 107 208 303 509 1300 1455 36 150 221 189 147 187 1614 3516 560 174 130 250 213 341 264 88 267 312 133 120 176 180 307 418 215 594 53

% Change 0.99 5-Day High 1,650.47 5-Day Low 1,599.17

2010 Div BR (%) (%)

7.92 10.65 5.17 232.19 1.10

10.70 10.30 10.46 -0.19 234.85 230.00 230.01 -2.18 1.23 0.85 0.85 -0.25

801 6262 1001

18.20 244.95 2.25

10.30 215.00 0.74

400 -

Ghandhara Ind Hinopak Motor KSB Pumps

213 124 132

8.25 9.25 - 121.60 6.59 55.04

9.47 9.25 9.41 0.16 122.50 115.55 115.98 -5.62 55.97 55.25 55.04 0.00

6910 610 440

13.50 139.75 68.85

8.25 115.55 54.05

Millat Tractors

366

8.34 534.81

543.50 529.00 541.63

71577

568.40

466.27

650

25B325.00

Total Assets (Rs in mn)

2.46

Total Equity (Rs in mn)

MA (100-day)

3.06

Revenue (Rs in mn)

8,857.80

MA (200-day)

3.32

Interest Expense

1,308.78

1st Support

2.60

Loss after Taxation

2nd Support

2.38

EPS 10 (Rs)

1st Resistance

3.22

Book value / share (Rs)

2nd Resistance

3.62

PE 11 E (x)

Pivot

3.00

PBV (x)

19,386.32 556.88

(2,027.97) (17.635) 4.84 0.59

CHBL closed up 0.07 at 2.86. Volume was 889 per cent above average (trending) and Bollinger Bands were 89 per cent wider than normal. The company's loss after taxation stood at Rs1.687 billion which translates into a Loss Per Share of Rs14.68 for the half year of current fiscal year (1HFY11). CHBL is currently 13.7 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 moderate flows of volume into CHBL (mildly bullish). Trend forecasting oscillators are currently bearish on CHBL.

Shaffi Chemical Industries Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.82

Total Assets (Rs in mn)

338.66

MA (10-day)

2.16

Total Equity (Rs in mn)

217.08

MA (100-day)

2.38

Revenue (Rs in mn)

136.89

MA (200-day)

2.50

Interest Expense

1st Support

2.15

Profit after Taxation

15.97

2nd Support

2.04

EPS 10 (Rs)

1.331

1st Resistance

2.41

Book value / share (Rs)

18.09

2nd Resistance

2.56

PE 11 E (x)

Pivot

2.30

PBV (x)

0.03

0.13

SHCI closed up 0.22 at 2.33. Volume was 2,260 per cent above average (trending) and Bollinger Bands were 9 per cent wider than normal. The company's profit after taxation stood at Rs0.053 million which translates into an Earning Per Share of Rs0.00 for the half year of current fiscal year (1HFY11). SHCI is currently 7.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SHCI (mildly bullish). Trend forecasting oscillators are currently bullish on SHCI.

Pakistan Int Airline Corp Ltd

High Low 1,000.47 983.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64

Close 986.41 Listed cap 47,070.70 mn Payout (%) 16.68

Open

High

Low

Close Chg

Volume

7.19 0.47 0.45 4.61 0.72 0.77 0.57 2.11 0.85 2.83 51.52 0.17 0.60 0.86 22.35 2.98 0.34 0.99 3.58 0.95 2.40 2.31 1.41 0.18 0.20 0.38 0.45 7.84 40.73 1.04 4.11 1.90 4.25 5.72 3.04 0.71 0.84 3.53 3.93 0.49 0.27 4.29 1.07 0.39 6.67 2.37 0.79 5.43 5.84 5.50 4.79

0.62 9.87 2.86 20.47 2.75 9.29 16.20 552.18 0.95 60.30 1.08 2.79 2.44 13.11 1.00 16.22 3.50 1.65 43.65 4.66 4.50 27.02 89.00 55.99 40.58 8.53 1.00 4.98 49.61 9.51 4.48 261.47 7.00 165.00 1.01 1.60 1.70 2.01 1.16 4.55 5.74 59.00 0.50 1.00 25.00 16.49 27.32 64.58 18.10 14.74 44.55 1.10 0.80 40.89 11.00 7.24 6.40 3.40 2.00 205.19 13.90 40.00 112.06 47.92 1.00 3.89 65.00

0.75 10.80 2.94 20.00 2.90 9.48 16.68 570.00 1.30 62.98 1.10 3.40 2.52 14.11 1.18 16.09 3.75 1.73 43.90 4.99 5.00 27.49 90.45 54.99 42.60 8.99 1.49 5.18 50.74 10.50 4.70 274.54 6.50 173.25 1.24 1.21 1.65 2.79 1.10 4.80 6.50 59.11 0.50 1.40 23.75 17.19 28.15 65.45 19.10 14.50 46.77 1.28 0.80 42.93 10.90 7.94 6.74 4.00 2.01 215.44 13.00 40.00 111.25 48.00 0.75 3.30 66.50

0.75 10.80 2.82 19.71 2.60 9.16 16.00 528.00 1.30 60.00 1.10 2.78 2.40 14.11 0.91 15.35 3.00 1.56 43.01 4.50 4.50 26.50 86.90 54.99 41.50 8.30 0.95 4.81 47.13 8.51 4.36 251.00 6.50 173.25 1.02 1.20 1.50 1.92 1.10 4.79 5.55 58.15 0.31 1.00 23.75 16.25 27.27 64.42 18.00 14.50 44.58 1.02 0.60 40.02 10.00 7.20 6.01 3.40 1.92 194.94 13.00 40.00 108.10 47.30 0.45 3.30 64.10

0.75 0.13 10.80 0.93 2.89 0.03 20.00 -0.47 2.90 0.15 9.22 -0.07 16.00 -0.20 531.33-20.85 0.95 0.00 60.00 -0.30 1.10 0.02 2.86 0.07 2.41 -0.03 14.11 1.00 1.00 0.00 15.40 -0.82 3.73 0.23 1.59 -0.06 43.79 0.14 4.99 0.33 4.50 0.00 26.51 -0.51 87.13 -1.87 54.99 -1.00 42.50 1.92 8.30 -0.23 0.96 -0.04 4.91 -0.07 49.53 -0.08 9.25 -0.26 4.36 -0.12 267.67 6.20 6.50 -0.50 173.25 8.25 1.02 0.01 1.20 -0.40 1.57 -0.13 1.92 -0.09 1.10 -0.06 4.55 0.00 6.11 0.37 59.00 0.00 0.50 0.00 1.00 0.00 25.00 0.00 17.19 0.70 27.60 0.28 64.52 -0.06 19.02 0.92 14.50 -0.24 46.73 2.18 1.13 0.03 0.60 -0.20 42.33 1.44 10.00 -1.00 7.20 -0.04 6.01 -0.39 3.55 0.15 1.94 -0.06 194.94-10.25 13.90 0.00 40.00 0.00 109.44 -2.62 47.51 -0.41 0.55 -0.45 3.30 -0.59 65.50 0.50

500 801 138870 24693 3611 1351451 10000 896 200 501 601 668431 8835 1000 7205 1638 11000 33480 9329 10003 400 3303 3309 103 3906 12855 26736 35511 42503 2006 13060 1450 5000 468 1508 6000 25572 1001 5000 300 850 305 378 160 150 920 3704350 2605473 66755 500 1074 20374 11500 26965 4023 24452 603 4016 26250 29949 250 5000 33284 8285 1378 1950 1799

Change -3.64 Market cap 135,205.99 mn Div Yield (%) 2.41

Last 60 days High Low 1.50 10.80 4.68 24.59 3.00 12.84 17.00 705.00 2.45 63.70 2.20 3.76 2.97 16.04 1.43 23.99 3.75 2.10 48.29 8.90 5.00 27.66 91.00 63.40 42.60 9.23 1.49 5.20 55.00 10.90 4.70 350.15 8.70 192.00 1.30 2.50 1.98 3.80 1.74 5.95 10.99 70.30 0.75 1.79 26.25 17.19 28.15 71.89 19.10 15.49 48.48 1.84 0.99 42.93 11.50 7.94 7.40 4.45 2.89 253.00 17.68 41.95 132.00 63.30 1.29 4.50 87.90

2010 Div BR (%) (%)

0.61 5.61 10 2.35 30 19.20 20 1.32 7.5 8.05 12.76 20 493.50 280 0.95 46.00 50 0.77 5 2.05 2.00 12.25 10 0.32 15.00 15 1.99 1.20 35.00 5 2.90 2.00 18.90 35 53.14 70 53.20 24.81 12.5 5.02 10 0.42 3.31 10 37.50 20 4.56 2.92 10 188.01 50 6.25 8 99.33 50 0.25 0.85 0.75 1.51 0.30 5 4.01 5.50 53.68 60 0.25 0.60 22.00 20 14.50 20SD 21.62 15 57.20 25 45R 8.30 8.50 10 10B 34.35 20 0.65 0.40 35.25 40 3.90 3.63 10 4.55 - 100R 1.55 5 1.00 186.00 7.00 33.00 50 100.51 80 20B 44.10 0.33 2.56 50.00 35 -

% Change -0.37 5-Day High 990.13 5-Day Low 984.23 2011 Div BR (%) (%) -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

58.87

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.61

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.41

Revenue (Rs in mn)

MA (200-day)

2.44

Interest Expense

1st Support

2.52

Loss after Taxation

2nd Support

2.17

EPS 09 (Rs)

(2.72)

1st Resistance

3.30

Book value / share (Rs)

(8.92)

2nd Resistance

3.73

PE 10 E (x)

Pivot

2.95

PBV (x)

Open 903.22 Turnover 44,594 P/E (x) 6.89 Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

Paid up Cap(mn) 979 1707 165 200 96 306

Open

7.19 84.55 15.84 80.97 7.19 25.65 4.09 10.48 6.89 157.50 5.36 62.54

High

High Low 917.68 893.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.54 22.31 Low

Close Chg

88.00 84.55 86.42 1.87 82.40 80.00 80.47 -0.50 25.95 25.70 25.94 0.29 10.80 10.00 10.40 -0.08 161.00 160.00 160.00 2.50 62.99 61.00 61.27 -1.27

Close 903.41 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 7655 17218 1200 9273 302 8860

112.50 89.98 30.48 11.00 174.00 69.00

78.59 68.00 24.50 7.16 126.00 58.50

9,243.77 (5,822.43)

(0.32)

Southern Electric Power Co Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

49.65

Total Assets (Rs in mn)

11,457.73

MA (10-day)

1.63

Total Equity (Rs in mn)

2,081.08

MA (100-day)

2.12

Revenue (Rs in mn)

5,541.96

MA (200-day)

2.51

Interest Expense

1st Support

1.65

Profit after Taxation

52.68

2nd Support

1.53

EPS 10 (Rs)

0.385

1st Resistance

1.92

Book value / share (Rs)

15.23

2nd Resistance

2.07

PE 11 E (x)

Pivot

1.80

PBV (x)

987.88

0.12

SEPCO closed up 0.16 at 1.81. Volume was 137 per cent above average and Bollinger Bands were 76 per cent wider than normal. The company's loss after taxation stood at Rs140.588 million which translates into a Loss Per Share of Rs1.03 for the half year of current fiscal year (1HFY11). SEPCO is currently 28.0 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 volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.

BOOK CLOSURES Company

From

Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg Works Sazgar Engg Works # Atlas Honda # Punjab Oil Mills # Fauji Fertilizer 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) # Clarient Pakistan

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 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 25-Mar

D/B/R

Spot AGM/Date

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 135.25(B) 10-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 25-Mar

INDICATIONS

Change 0.19 Market cap 30,142.68 mn Div Yield (%) 6.46

Last 60 days High Low

94,563.77

PIAA closed up 0.22 at 2.83. Volume was 1,340 per cent above average (trending) and Bollinger Bands were 75 per cent wider than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10). PIAA is currently 16.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIAA (mildly bullish). Trend forecasting oscillators are currently bullish on PIAA.

Performance of SR Pharma and Bio Tech Index

2011 Div BR (%) (%)

Ados Pak 66 AL-Ghazi TractorSPOT 215 Dewan Auto Engineering 214

6.82

66.45 159.61 112.00 1.50 170.11 21.00 3.05 3.71 9.52 218.00 60.00 18.80 1.30

2011 Div BR (%) (%)

PHARMA AND BIO TECH

Change 16.23 Market cap 33,534.65 mn Div Yield (%) 16.58

Last 60 days High Low

82.63 205.00 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 74.80 24.25 2.30

Close 1,958.17 Listed cap 11,335.33 mn Payout (%) 30.57

High Low 1,007.80 994.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64

AL-Abid Silk 134 2.84 Gauhar Engineering Ltd 22 Pak Elektron 1219 3.27 Singer Pak 341 22.20 Tariq Glass Ind 231 1.77

Performance of SR Industrial Engineering Index Open 1,634.24 Turnover 87,601 P/E (x) 7.93

5.26 8.50 6.02 3.11 35.11 21.55 10.85 14.00 9.04 74.00 48.20 3.61 67.00 52.25 11.00 4.10 37.60 2.90 4.20 1.80 11.70 8.90 5.00 7.99 39.75

Low

% Change 0.08 5-Day High 874.63 5-Day Low 862.64

5.50 9.20 6.75 3.70 35.11 22.24 11.60 14.10 9.04 75.99 48.80 3.89 68.50 54.44 11.12 4.55 37.65 2.90 4.50 1.80 12.19 8.90 5.59 8.00 42.00

Low

High

Company

Close 870.82 Listed cap 54,792.74 mn Payout (%) 19.04

5.26 8.95 6.75 3.15 36.91 21.66 11.36 14.60 10.04 72.66 48.31 3.50 68.79 52.34 10.12 4.35 36.47 3.00 4.10 1.99 12.32 9.20 4.84 7.97 41.79

High

Open

CONSTRUCTION AND MATERIALS High Low 886.36 865.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.10

1510 1467 2165 11700 1557 7186 8485 1995 26978 7987 43157 7566 4388

High Low 1,971.21 1,921.73 Total cos Defaulter cos P/BV (x) ROE (%) 14.19 30.30

Performance of SR Construction and Materials Index Open 870.09 Turnover 1,571,679 P/E (x) 5.96

Open

Open 994.87 Turnover 61,203 P/E (x) 2.65

2011 Div BR (%) (%)

- 10.00 - 15.00 20B -

-0.42 -0.29 0.57 -0.06 4.44 -0.12 -0.03 0.05 -0.13 2.13 2.09 0.10 0.22

2010 Div BR (%) (%)

59.36

MA (10-day)

HOUSEHOLD GOODS

% Change -0.52 5-Day High 1,040.31 5-Day Low 1,020.45

70.58 190.13 134.57 1.82 184.58 23.02 3.60 4.24 10.10 229.67 63.11 23.74 1.52

% Change 0.87 5-Day High 1,118.16 5-Day Low 1,104.37

RSI (14-day)

Performance of SR Household Goods Index

INDUSTRIAL METALS AND MINING High Low 1,048.89 1,020.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 33.10

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index Open 1,040.31 Turnover 61,431 P/E (x) 3.43

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 1,755.72 Turnover 48,521,130 P/E (x) 9.80

2011 Div BR (%) (%)

AUTOMOBILE AND PARTS Open 1,108.55 Turnover 126,142 P/E (x) 3.88

Chenab Limited

% Change -0.07 5-Day High 693.70 5-Day Low 681.08

2010 Div BR (%) (%) 40 15

Alert ! Unusual Movements

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

15B -

% Change 0.02 5-Day High 903.41 5-Day Low 852.21 2011 Div BR (%) (%) -

# Extraordinary General Meeting

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

Open 53.88 3.22 97.32 1 153.03 45.96 102.86 31.01 17.05 2.61 41.14 2.84 23.29 1.85

High 54.15 3.3 99.99 1.2 158 47.74 106.8 31.5 18.05 3.38 42.8 2.9 23.45 2.09

Low Close 53 3.18 97.01 1.2 145.5 44.3 100 31.4 18.05 2.6 41.5 2.8 23.01 1.85

54.08 3.21 97.98 1.2 145.51 45.96 102 31.41 18.05 2.83 41.56 2.84 23.08 1.85

Change 0.2 -0.01 0.66 0.2 -7.52 0 -0.86 0.4 1 0.22 0.42 0 -0.21 0

Vol 3375 353039 26320 3000 1097 102 3854 2978 2000 5248466 1576 86913 91432 1002

Friday, March 11, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,054.92 Turnover 2,163,398 P/E (x) 5.70 Paid up Cap(mn)

Company

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

78 5.32 37740 12.00 3000 1.38 8606 6175 -

Open

High Low 1,063.69 1,039.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84

High

50.00 17.99 2.10 2.49 3.10

Low

49.99 18.10 2.12 2.59 3.18

48.38 17.75 2.05 2.43 2.91

Close Chg 48.96 18.00 2.10 2.45 2.99

-1.04 0.01 0.00 -0.04 -0.11

Close 1,054.08 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 12900 1642031 174394 334073 261974

Change -0.84 Market cap 72,900.53 mn Div Yield (%) 10.97

Last 60 days High Low 82.39 20.65 2.67 3.45 4.65

48.38 17.25 1.60 2.15 2.80

% Change -0.08 5-Day High 1,066.41 5-Day Low 1,044.47

2010 Div BR (%) (%) 80 17.5 1 -

2011 Div BR (%) (%)

- 15.00 -

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

255 6.81 369 6.16 279 8.96 457 6.23 1250 400 3.10 718 8.51 3000 46.36 350 85.71 303 6.18 253 3.96 400 2.52

10.24 41.00 77.51 9.73 37.14 13.55 99.91 17.37 11.60 11.00 6.65 7.06

Paid up Cap(mn)

Company

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

3426 198 11572 1560 7932 1695 126 8803 3673 3541 191 1367

Open

High

Low

2.90 7.26 7.39 2.71 5.33 3.01 2.30 5.41 -

9.00 0.70 39.90 1.41 2.67 17.68 3.65 41.54 15.04 15.68 17.00 1.65

9.95 0.77 40.39 1.59 2.82 17.99 3.99 41.98 15.10 15.90 17.90 1.95

9.00 0.66 39.50 1.40 2.67 16.68 3.30 41.13 14.78 15.53 16.60 1.68

Close 1,341.66 Listed cap 95,369.29 mn Payout (%) 104.13

Change -4.26 Market cap 106,751.26 mn Div Yield (%) 7.14

Close Chg

Volume

Last 60 days High Low

9.00 0.67 39.62 1.43 2.77 17.00 3.47 41.55 14.99 15.72 17.74 1.81

1003 24612 322273 25012 495812 10243 1158 187612 342503 688712 26900 958176

11.45 1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 19.25 2.75

0.00 -0.03 -0.28 0.02 0.10 -0.68 -0.18 0.01 -0.05 0.04 0.74 0.16

9.00 0.56 35.90 1.25 2.31 16.00 3.30 39.80 14.05 14.85 16.40 1.41

% Change -0.32 5-Day High 1,353.66 5-Day Low 1,333.15

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

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

Open 748.94 Turnover 19,944 P/E (x) 5.41 Paid up Cap(mn)

Company

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,515.19 1,461.84 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41

Close 1,469.37 Listed cap 12,202.80 mn Payout (%) 66.79

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 12.56 8390 3.77

21.51 25.43

21.87 25.97

21.35 24.80

21.36 -0.15 25.03 -0.40

30541 868640

29.39 27.90

19.71 19.95

% Change -1.17 5-Day High 1,486.72 5-Day Low 1,465.67

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

Open 1,148.86 Turnover 11,145,632 P/E (x) 8.21 Paid up Cap(mn)

Company

Open

Allied Bank Ltd.XDXB 8603 5.71 59.82 Askari Bank 6427 6.67 14.12 Bank Alfalah 13492 6.90 9.33 Bank AL-HabibXDXB 8786 5.70 28.06 Bank Of Khyber 5004 3.68 4.27 Bank Of Punjab 5288 7.15 BankIslami Pak 5280 38.89 3.48 Faysal Bank 7327 4.25 13.48 Habib Bank LtdSPOT 10019 7.91 127.76 Habib Metropolitan Bank 8732 7.34 24.15 JS Bank Ltd 8150 2.99 KASB Bank Ltd 9509 1.60 MCB Bank Ltd 7602 10.24 227.42 Meezan Bank 6983 8.05 19.00 Mybank Ltd 5304 2.12 National Bank 13455 6.89 79.55 NIB Bank 40437 2.13 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.24 Soneri Bank 6023 30.48 6.50 Stand Chart Bank 38716 9.51 9.02 Summit Bank Ltd 7251 2.93 United Bank LtdSPOT 12242 7.64 65.63

High

Low

Close Chg

61.40 59.81 60.55 0.73 14.28 13.94 14.00 -0.12 9.48 9.25 9.31 -0.02 28.64 27.80 28.05 -0.01 4.25 4.15 4.16 -0.11 7.40 7.13 7.34 0.19 3.70 3.45 3.50 0.02 13.46 13.06 13.16 -0.32 128.50 126.31 126.70 -1.06 24.20 23.60 24.00 -0.15 3.05 2.80 2.80 -0.19 1.64 1.51 1.52 -0.08 230.80 226.10 227.41 -0.01 19.00 18.63 19.00 0.00 2.20 2.12 2.15 0.03 79.90 78.70 78.87 -0.68 2.19 2.07 2.10 -0.03 1.83 1.70 1.80 0.00 2.29 2.20 2.23 -0.01 6.60 6.36 6.40 -0.10 9.20 9.00 9.03 0.01 3.07 2.95 3.00 0.07 66.00 64.80 65.04 -0.59

Volume

Change -4.44 Market cap 698,672.59 mn Div Yield (%) 4.93

Last 60 days High Low

36397 74.00 402541 19.25 657114 11.99 217002 39.49 17706 4.68 1367508 10.23 109581 4.50 38525 16.47 34122 131.00 49407 29.28 14600 3.16 45657 2.79 1585923 250.48 78153 20.30 1908 3.40 3603279 81.78 1158064 3.35 74817 2.15 407491 3.05 234167 8.48 122291 9.90 31969 4.63 889379 70.65

57.99 12.55 8.75 27.22 3.75 6.40 3.01 10.69 114.01 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89

2010 Div BR (%) (%)

Open 764.45 Turnover 2,372,543 P/E (x) 12.76 Paid up Cap(mn)

Company Adamjee Insurance

High Low 782.86 760.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20

Close 770.45 Listed cap 11,111.34 mn Payout (%) 79.54

Change 6.00 Market cap 48,336.44 mn Div Yield (%) 6.23

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.77

81.69

83.40

81.75

82.01 0.32

359396

96.40

71.55

2011 Div BR (%) (%)

2010 Div BR (%) (%)

79.80

51.31

49.31

39.05

FINANCIAL SERVICES

Paid up Cap(mn)

225

Arif Habib Limited

1.38

360

4.16

450 18.29

Open 0.74 24.14

High Low 364.82 348.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 0.91

High

Low

0.80 24.86

Close Chg

0.50

0.66 -0.08

24.35

24.49 0.35

Close 352.66 Listed cap 30,336.44 mn Payout (%) 99.56

566199

Change -1.41 Market cap 16,849.74 mn Div Yield (%) 3.77

0.95

10848

% Change -0.40 5-Day High 361.58 5-Day Low 341.93

2010 Div BR (%) (%)

0.33

24.86

16.80

20B

22.31

21.70

22.31 1.06

71393

28.00

18.31

20B

22.27 1.29

23.38 1.34

22.68 1.30

23.38 1.11 1.30 0.01

1053941 804

30.20 2.10

18.75 1.10

30 -

Dawood Equities

250 613.33

1.78

1.89

1.36

1.84 0.06

14002

2.75

1.06

Escorts Bank

441

2.00 3.45

2.00 3.25

1.61 3.25

2.00 0.00 3.25 -0.20

240 50190

3.80 4.00

1.55 2.15

4.87

6.50

6.57

6.00

6.04 -0.46

1026

8.98

5.65

11.5

Invest and Fin Sec

600

Invest Bank

2849

0.51

0.68

0.49

0.55 0.04

5386

1.09

0.31

Ist Cap Securities Ist Dawood Bank

3166 626

0.84

3.09 1.63

3.12 1.68

3.08 1.60

3.10 0.01 1.60 -0.03

46088 6055

3.95 1.99

2.95 1.05

10B -

7633

9.41

9.70

9.24

9.32 -0.09

2387208

508 855.00

3.43

3.60

3.25

3.42 -0.01

86754

12.80

8.01

4.49

2.58

500

7.46

24.94

26.08

25.50

25.97 1.03

6170

31.50

20.80

1000 1000

5.70 4.79

5.84 4.87

5.61 4.65

5.67 -0.03 4.75 -0.04

49105 18654

7.40 5.43

5.10 3.75

Orix Leasing Pervez Ahmed Sec

821 775

Saudi Pak Leasing

4.31 4.50

6.15 2.13

6.20 2.23

6.00 2.07

6.20 0.05 2.16 0.03

2500 470620

7.09 2.50

5.25 1.21

452

0.94

0.75

0.70

0.70 -0.24

18050

0.97

0.41

978

3.58

2.65

2.45

2.65 0.00

152

3.00

1.67

100

4.00

5.00

3.45

5.00 1.00

10003

5.88

1.42

0.49

1.99

1.30

1.76 -0.23

2088

2.00

0.61

Company

Paid up Cap(mn)

AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Stand Chart Modaraba Tri-Star Mutual

Open

High

Low

1375 4.15 780 1.84 200 1.25 113 3.35 524 1.07 760 1.56 397 3.64 1008 6.38 3180 2.40 1186 1.32 1200 2.63 184 12.50 250 6.87 125 1.57 59 6.09 1000 3.00 2835 3.74 2841 2.99 454 5.10

10.30 1.60 0.56 2.75 1.73 3.35 7.40 7.25 6.10 5.44 8.90 1.15 5.11 0.90 9.38 7.48 12.56 5.54 9.74

10.45 1.70 0.65 3.15 1.87 3.40 7.42 7.49 6.25 5.60 9.25 1.38 6.05 1.00 9.01 7.49 12.60 5.60 10.00

10.25 1.55 0.55 3.15 1.75 3.25 7.40 7.11 6.01 5.48 9.00 1.25 5.50 0.85 8.60 7.15 12.50 5.41 9.94

1.19

1.29

1.01

0.67

Close 1,463.47 Listed cap 29,771.58 mn Payout (%) 104.74

Change 11.09 Market cap 18,877.66 mn Div Yield (%) 8.82

% Change 0.76 5-Day High 1,474.14 5-Day Low 1,438.31

Volume

Last 60 days High Low

2010 Div BR (%) (%)

10.30 1.69 0.55 2.75 1.75 3.40 7.42 7.40 6.24 5.50 9.16 1.25 5.77 0.85 9.38 7.25 12.50 5.50 10.00

15280 11476 20028 135 6513 69050 11000 5420 122501 60501 3500 2500 2000 505 101 22486 119202 95085 5000

11.50 2.79 0.87 3.49 2.98 3.89 9.00 7.50 6.43 6.61 10.24 2.50 7.58 2.00 9.90 8.83 16.49 7.95 10.63

7.60 1.12 0.35 2.12 1.30 2.92 6.71 6.50 4.61 4.15 7.05 1.15 4.85 0.46 8.21 6.21 11.90 5.35 9.00

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

1.95

0.60

1.01 -0.18

986

0.00

100

GSPM

10.69

10.00

10.69

0.00

100

ICCT

1.03

1.38

1.03

0.00

100

NOPK

21.99

22.00

21.99

0.00

100

OLTM

1.01

1.00

1.01

0.00

100

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 -

High

Change

Vol

0.00

100

FEROZ

89.92

89.25

89.92

LAKST

255.14

258.50

243.02

255.14

0.00

BCML

15.30

15.40

15.00

15.30

0.00

NJICL

63.09

64.00

63.00

63.09

0.00

FDMF

2.12

2.20

2.00

2.12

0.00

SHTM

0.37

0.43

0.37

0.00

53 50

82.13

78.09

78.03

82.13

0.00

ULEVER

4726.17

4800.00

4657.10

4793.16

66.99

NESTLE

3400.10

3469.99

3400.01

3424.64

24.54

BIFO

47.98

48.00

45.59

47.98

0.00

PGCL

18.00

17.56

18.00

0.00

23 20

1.06

1.88

1.70

1.06

0.00

SUTM

36.23

34.45

36.23

0.00

MUKT

0.36

0.43

0.34

0.36

0.00

AGSML

5.50

5.00

5.50

0.00

859.90

885.00

859.90

0.00

FTM

4.00

5.00

4.00

0.00

GLAT

8.50

9.50

8.50

0.00

LEUL

2.10

1.60

2.10

SIEM

975.00

999.00

975.00

0.00

18.21

19.09

18.21

0.00

2811.00

2812.00

2703.01

2811.00

0.00

DBCI

1.60

1.65

1.60

0.00

FCONM

1.16

1.47

1.16

0.00

IGIBL

2.09

2.20

2.09

0.00

AGL

23.50

1.50

24.55

23.00

23.50

0.00

HUSI

6.09

6.59

5.91

6.09

0.00

SHJS

65.56

68.80

68.78

65.56

0.00

ALICO

15.02

15.90

14.02

15.02

0.00

GRYL

3.01

3.95

3.94

3.01

0.00

TSPL

0.79

0.84

0.79

0.00

1.73

1.50

940.00

910.00

940.00

0.00

ARUJ

4.60

5.00

4.60

0.00

ATEL

36.53

38.20

36.53

0.00

1 1

CSUML

3.57

3.05

3.57

0.00

10.00

10.75

10.00

0.00

DNCC

1.75

1.98

1.75

0.00

FIBLM

1.62

1.50

1.62

0.00

DIIL

FNEL

4.95

0.00

FPJM

1.11

1.49

1.11

0.00

FZTM

409.93

4.95

389.44

409.93

0.00

5.19

PMI

1.00

1.10

1.00

0.00

SCL

90.00

94.23

90.00

0.00

SIBL

0.00

6.50

6.45

6.50

0.00

STJT

22.00

3.00

20.90

22.00

0.00

TATM

41.91

43.00

41.91

0.00

Symbols

Open

SMCPL

3.24

3.00

FUTURE CONTRACTS Low

198.50

193.60

195.47

-2.26

884500

58.79

59.00

High

58.00

58.12

-0.67

716000

POL-MAR

321.66

326.50

320.10

323.53

FFC-MAR

132.83

135.69

130.99

133.45

0.62

581000

FFBL-MAR

40.83

40.90

40.10

40.28

-0.55

580500

NBP-MAR

79.75

79.95

78.70

78.84

-0.91

479500

NML-MAR

64.97

65.50

64.75

64.84

-0.13

386000

ANL-MAR

9.36

9.50

9.25

9.30

-0.06

334000

NCL-MAR

27.39

28.30

27.50

27.78

0.39

302000

MCB-MAR

205.92

208.00

204.50

205.45

-0.47

250500

PPL-MAR

211.08

213.80

210.95

212.82

1.74

155500

24.61

24.75

24.30

24.49

-0.12

114000

PSO-MAR

288.74

289.50

286.20

286.34

-2.40

58000

BOP-MAR

7.18

7.40

7.10

7.36

0.18

36000

AICL-MAR

82.27

83.00

82.00

82.24

-0.03

34500

LUCK-MAR

68.13

0.18

26000

OGDC-MAR 156.40

ENGRO-MAR 197.73 NBP-MARB

Close Chg 0.00 0.09 -0.01 0.00 0.02 0.05 0.02 0.15 0.14 0.06 0.26 0.10 0.66 -0.05 0.00 -0.23 -0.06 -0.04 0.26

0.00

2.50

EQUITY INVESTMENT INSTRUMENTS High Low 1,479.17 1,444.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 2.21

259.00

3.44

WYETH

Performance of SR Equity Investment Instruments Index Open 1,452.38 Turnover 573,438 P/E (x) 18.44

246.10

3.44

FFLM

21.25

First Credit & Invest Bank Ltd 650

246.10

2.50

RMPL

2011 Div BR (%) (%)

4.57 1.25

Arif Habib Corp 3750 Dawood Cap Mangt. XB 150

Low

259.00

CPMFI

THCCL

Last 60 days High Low

Volume

BHAT

COLG

Performance of SR Financial Services Index Open 354.08 Turnover 3,773,354 P/E (x) 11.52

Open

GAMON

2011 Div BR (%) (%)

13512

586

2010 Div BR (%) (%)

Last 60 days High Low

Volume 6430

Trust Inv Bank

% Change 0.79 5-Day High 770.45 5-Day Low 745.42

Close Chg

46.99 -0.50

Stand Chart Leasing

Performance of SR Non Life Insurance Index

Low

% Change -0.43 5-Day High 748.94 5-Day Low 716.40

59.00 -0.11

Trust Brokerage

NON LIFE INSURANCE

High

Change -3.22 Market cap 8,810.43 mn Div Yield (%) 4.26

45.50

2011 Div BR (%) (%) -

Open

Symbols

ISIL

Close 745.73 Listed cap 2,290.72 mn Payout (%) 355.53

58.26

JS Investment KASB Securities

High Low 760.70 729.63 Total cos Defaulter cos P/BV (x) ROE (%) 3.21 3.85

47.90

% Change -0.39 5-Day High 1,148.86 5-Day Low 1,134.51

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

UPTO 100 VOLUME

59.99

JS Global Cap

High Low Close 1,162.81 1,137.17 1,144.42 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49

59.11

JOV and CO

Performance of SR Banks Index

25R 20B 10B 55B -

47.49

Jah Siddiq Co

BANKS

10 30 -

627 20.08

AMZ Ventures

Change -17.35 Market cap 32,728.26 mn Div Yield (%) 6.99

9.51 35.47 58.11 8.90 32.25 11.72 86.51 13.80 6.15 10.10 6.01 5.41

850 33.52

Arif Habib Investments

Open 1,486.72 Turnover 899,181 P/E (x) 9.56

54499 12.00 18096 42.90 1081 83.00 1685 11.99 30705 45.40 30053 15.50 1106 102.44 1830937 19.40 14001 12.50 2410 12.93 23501 8.20 5009 7.90

New Jub Life Insurance

Company

Performance of SR Gas Water and Multiutilities Index

1.00 -0.50 1.36 0.23 0.19 -0.55 -0.91 0.71 0.40 0.44 -0.28 0.64

EFU Life Assurance

GAS WATER AND MULTIUTILITIES

11.24 40.50 78.87 9.96 37.33 13.00 99.00 18.08 12.00 11.44 6.37 7.70

LIFE INSURANCE

Performance of SR Electricity Index High Low 1,368.85 1,331.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 9.35

10.60 40.30 76.00 9.75 37.00 12.90 98.01 17.16 12.00 11.20 6.33 6.80

Performance of SR Life Insurance Index

ELECTRICITY Open 1,345.92 Turnover 3,084,018 P/E (x) 14.59

11.24 41.00 79.00 9.97 38.00 13.05 101.90 18.35 12.50 11.47 6.70 7.90

DGKC-MAR

Change

1.87

Vol

713000

68.90

68.00

68.31

157.99

156.00

156.48

0.08

HUBC-MAR

39.98

39.80

39.50

39.58

-0.40

20000

PTC-MAR

18.05

18.10

18.03

18.10

0.05

16500

NETSOL-MAR 23.40

23.30

-0.10

3000

UBL-MAR

66.15

65.50

64.00

64.95

-1.20

2500

UBL-MARB

61.33

60.05

-1.28

500

ABL-CMARW159.91

0.00

60.55

0.64

0.00

23000

ABL-CMAY

62.09

0.00

62.76

0.67

0.00

AICL-CAPR

83.70

0.00

83.92

0.22

0.00

AICL-CMAR

82.35

0.00

82.56

0.21

0.00

AICL-CMARW181.81

0.00

82.01

0.20

0.00

AICL-CMAY

0.00

85.01

0.22

0.00

84.79

ZERO VOLUME Symbols

Open

High

Low

MSCL

13.84

13.51

Change

Vol

-0.33

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Engro Corporation

Pakistan Oilfields Ltd

Company

Date

Time

(TFC) Pak Mobile Com Ltd Sajjad Textile Mills Ltd Mohammad Farooq Textile Mills Ltd Askari General Insurance Atlas Honda Ltd Pakistan Tobacco Company Ltd

11-Mar 12-Mar 14-Mar 15-Mar 16-Mar 16-Mar

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

56.72

Support 1

12,070.25

MA (5-day)

12,033.71

Support 2

12,014.75

MA (10-day)

11,775.09

Resistance 1

12,200.10

MA (100-day)

11,630.77

Resistance 2

12,274.40

*Arif Habib Ltd

10,755.09

Pivot

AKD Securities Ltd TFD Research

44.25

Brokerage House

Fair Value

AKD Securities Ltd

75.5

TFD Research

92.3

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

59.70 75.78 71.92 68.63

Accumulate

AKD Securities Ltd

64.70 41.88 36.94 32.33

Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,149.90 ** NOI Rs (mn) 51.73 Mean 43.46

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

57.33 311.28 291.07 258.15

Neutral

AKD Securities Ltd

224

33.64

59.80

59.00

61.35

62.20

60.60

Attock Cement

49.81

51.80

51.10

53.00

53.55

52.35

Arif Habib Corp

53.82

22.90

22.45

23.60

23.85

23.15

Arif Habib Limited

50.57

21.90

21.50

22.50

22.70

22.10

Adamjee Insurance

48.43

81.40

80.75

83.05

84.05

82.40

Askari Bank

36.44

13.85

13.75

14.20

14.40

14.05

Azgard Nine

43.62

9.10

8.95

9.40

9.60

9.30

Neutral

Attock Petroleum

49.87

359.75

357.55

365.60 369.25 363.40

Neutral

Attock Refinery

54.10

119.15

118.20

121.65 123.20 120.70

Bank Al-Falah

33.71

9.20

9.10

9.45

9.60

9.35

BankIslami Pak

45.95

3.40

3.30

3.65

3.80

3.55

Bank.Of.Punjab

42.97

7.20

7.00

7.45

7.55

Dewan Cement

45.04

1.75

1.65

1.85

1.95

1.80

D.G.K.Cement

45.32

24.85

24.70

25.30

25.55

25.15

Dewan Salman

53.10

2.80

2.65

3.00

3.10

Dost Steels Ltd

Rs Recommendations Sell

229.9

TFD Research

245.4

Technical Outlook

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

Fair Value

107.94 34,788.94 245.71 322.12

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

68.20 220.56 198.01 188.33

1st 2nd Pivot Resistance 2.70 2.80 2.60

Allied Bank Limited

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

147.48 34,634.57 148.96 235.71

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

FFBL closed down -0.44 at 43.28. Volume was 11 per cent above average POL closed up 1.62 at 322.29. Volume was 112 per cent above average ENGRO closed down -2.35 at 234.84. Volume was 55 per cent above and Bollinger Bands were 10 per cent wider than normal. and Bollinger Bands were 22 per cent wider than normal. average and Bollinger Bands were 101 per cent wider than normal.

7.30

2.90

42.08

2.00

1.95

2.20

2.25

2.10

EFU General Insurance 49.06

36.90

36.45

37.90

38.45

37.45

EFU Life Assurance

48.60

58.15

57.35

59.90

60.80

59.10

Engro Corporation

68.04

231.95

229.05

Faysal Bank

48.06

13.00

12.85

FFBL is currently 33.8 per cent above its 200-day moving average and is POL is currently 24.8 per cent above its 200-day moving average and is ENGRO is currently 24.8 per cent above its 200-day moving average and

Fauji Cement

38.01

4.10

4.05

4.30

4.40

4.20

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

Fauji Fert Bin

64.61

42.90

42.55

43.75

44.25

43.40

Fauji Fertilizer

51.44

130.30

127.50

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

13.65

13.25

135.70 138.30 132.90

Habib Bank Ltd

58.03

Hub Power

57.73

39.30

38.95

ICI Pakistan

61.11

157.75

156.80

159.80 160.90 158.85

Indus Motors

24.25

227.10

224.55

231.10 232.55 228.55

Brokerage House

AKD Securities Ltd

Reduce

AKD Securities Ltd

120.7

Neutral

TFD Research

129.4

Brokerage House

Technical Analysis 51.32 122.54 125.53 115.86

Fair Value 71.45 78.6

Rs Recommendations

*Arif Habib Ltd

Positive

AKD Securities Ltd

466.49 62,103.46 68.77 132.77

* 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)

53.08 63.24 60.91 53.62

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

175.80 11,342.61 62.16 64.74

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

40.75

39.85

J.O.V.and CO

48.47

3.25

3.05

3.60

3.75

3.40

Japan Power

44.12

1.35

1.30

1.55

1.65

1.45

JS Bank Ltd

50.01

2.70

2.65

2.95

3.15

2.90

Jah Siddiq Co

44.21

9.15

8.95

9.60

9.90

9.40

Kot Addu Power

39.97

41.10

40.70

41.95

42.40

41.55

K.E.S.C

53.80

2.70

2.60

2.85

2.90

2.75

Lotte Pakistan

56.91

15.90

15.70

16.30

16.50

16.10

Lucky Cement

52.55

67.95

67.55

68.90

69.40

68.45

MCB Bank Ltd

61.04

225.40

223.40

Maple Leaf Cement

41.40

2.20

2.10

2.40

2.55

2.30

National Bank

59.58

78.40

77.95

79.60

80.35

79.15

Nishat (Chunian)

63.34

27.20

26.80

28.05

28.55

27.65

Netsol Technologies

23.20

230.10 232.80 228.10

Rs Recommendations

51.62

22.90

22.75

23.35

23.60

NIB Bank

28.03

2.05

2.00

2.15

2.25

Buy

Nimir Ind.Chemical

59.19

2.70

2.65

2.85

2.95

2.80

23.91

Buy

Nishat Mills

52.98

64.15

63.75

65.20

65.85

64.80

Oil & Gas Dev. XD

42.74

155.10

153.95

25.8

Positive

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

40.20

24.7

PACE (Pakistan) Ltd.

Technical Outlook

Leverage Position

128.05 129.35 127.15

Fair Value

TFD Research

Technical Outlook

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

Brokerage House

Accumulate

Neutral

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

Pakistan Telecommunication Co Ltd

Nishat Mills Ltd

Buy

TFD Research

forecasting oscillators are currently bullish on ENGRO.

125.00

13.40

Trend forecasting oscillators are currently bullish on FFBL.

oscillators are currently bearish on POL.

125.85

238.10 241.40 235.20

reflect volume flowing into and out of FFBL at a relatively equal pace. flowing into and out of POL at a relatively equal pace. Trend forecasting tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend

Rs Recommendations

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

*Arif Habib Ltd

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

131.3

318.50 25,119.93 116.22 79.26

Brokerage House

Hold

Positive

Technical Analysis

Fair Value

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

322.42 363.65

*Arif Habib Ltd

Leverage Position

Rs Recommendations

Technical Outlook

Hold

Positive

Fair Value 339

TFD Research

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

Technical Outlook Technical Analysis

*Arif Habib Ltd

Fauji Fertiliser Co

Rs Recommendations

Sell

Neutral

Technical Analysis

National Bank of Pakistan

*Arif Habib Ltd

45.52

Brokerage House

Technical Outlook

12,144.60

wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,200.10 and 2nd resistance level at 12,274.40, while Index will continue to find its 1st support level at 12,070.25 and 2nd support level at 12,014.75. KSE 100 INDEX is currently 12.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.

Rs Recommendations

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -2.36 points at 12,125.79. Volume was MA (100-day) 14 per cent below average and Bollinger Bands were 27 per cent MA (200-day) MA (200-day)

Fair Value

RSI 1st 2nd (14-day) Support 44.16 2.50 2.40

44.05 17.87 19.04 18.91

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

585.02 10,530.42 6.51 17.96

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

NBP closed down -0.68 at 78.87. Volume was 25 per cent below average FFC closed up 0.78 at 133.13. Volume was 68 per cent above average and NML closed down -0.06 at 64.52. Volume was 42 per cent below average PTC closed up 0.01 at 18.00. Volume was 21 per cent below average and

48.74

2.80

2.75

2.10

158.10 159.95 156.95 2.90

2.95

2.85

Pervez Ahmed Sec

59.07

2.05

2.00

2.25

2.30

2.15

P.I.A.C.(A)

58.93

2.50

2.15

3.30

3.70

2.95

Pioneer Cement

42.91

5.55

5.35

6.00

6.20

5.75

Pak Oilfields

57.22

319.20

316.10

325.70 329.10 322.60

Pak Petroleum

57.19

210.70

208.35

215.00 216.90 212.60

Pak Suzuki

46.48

60.80

58.50

P.S.O. XD

51.05

283.50

281.75

P.T.C.L.A

43.94

17.80

17.60

Shell Pakistan

64.60

66.10

62.30

287.95 290.75 286.25 18.15

18.30

17.95

57.32

208.40

206.80

Sui North Gas

34.96

21.20

21.00

21.70

22.05

21.55

NBP is currently 14.9 per cent above its 200-day moving average and is FFC is currently 14.9 per cent above its 200-day moving average and is NML is currently 20.3 per cent above its 200-day moving average and is PTC is currently 4.8 per cent below its 200-day moving average and is dis-

Sitara Peroxide

65.82

14.30

13.90

14.95

15.15

14.50

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

Sui South Gas

53.79

24.55

24.10

25.75

26.45

25.25

Telecard

53.96

2.05

2.00

2.15

2.20

TRG Pakistan

52.82

3.15

3.10

3.30

3.35

3.25

United Bank Ltd

53.86

64.55

64.10

65.75

66.50

65.30

WorldCall Tele

43.88

2.40

2.35

2.55

2.65

2.50

and Bollinger Bands were 117 per cent wider than normal.

Bollinger Bands were 186 per cent wider than normal.

and Bollinger Bands were 3 per cent narrower than normal.

Bollinger Bands were 26 per cent wider than normal.

the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume reflect volume flowing into and out of NBP at a relatively equal pace. Trend erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla- flowing into and out of NML at a relatively equal pace. Trend forecasting flowing into and out of PTC at a relatively equal pace. Trend forecasting forecasting oscillators are currently bullish on NBP.

tors are currently bearish on FFC.

oscillators are currently bullish on NML.

oscillators are currently bearish on PTC.

211.25 212.60 209.70

2.10

Friday, March 11, 2011

Nigeria eyes role as African Islamic banking hub

Qatar bank ban bad for Islamic finance Bank to cut above 100 Spain branches

Barclays’ $110mn ‘lords of earnings’ LONDON: A woman uses a cash point machine at a HSBC bank -Reuters

"Contributions & Achievements of Official Statistics''

SBP roundtable to up official stats awareness Staff Reporter KARACHI: The State Bank of Pakistan (SBP) is organising a one-day seminar on "Contributions and Achievements of Official Statistics'' on 12th March, 2011 in Karachi in order to raise awareness about the statistical system and significance of the official statistics in Pakistan. Asif Bajwa, Secretary, Statistics Division, Government of Pakistan and Riaz Riazuddin, Chief Economic Advisor, State Bank of Pakistan will speak at the inaugural session of the seminar which will get under way at 9:30 AM on Saturday at SBP Learning Resource Centre, Karachi.

Speakers from all major statistical organisations in Pakistan will highlight the significance, methodology and dissemination practices of statistics produced by their organisations at the seminar. The seminar will provide a forum for coordination and interaction among producers & users of statistics. Munir Ahmad Aslam, Deputy Director General, Federal Bureau of Statistics, Habib Ullah Khan, Census Commissioner, Population Census Organisation, Noor Muhammad Dharejo, Agriculture Census Organisation, Shamim Wazir Deputy Chief, Economic Affairs Division, Government of Pakistan , Shahmim Rafique,

Director General, Bureau of Statistics, Punjab Dr Azizullah Khattak, Director, Shamsul Arifeen, Senior joint Director, Rizwan Ahmed, Joint Director of Statistics & DWH Department, SBP will give presentations on different important topics. It may be mentioned here that the Official Statistics plays a vital role not only in understanding the current economic position of a country but is also imperative for the formulation of current and future policies. A wide range of statistical data is being produced by various statistical agencies which are used by the government, international organisations and the general public for research and policy formulation.

ZTBL chief upbeat on growth

Rs14bn/annum set to spur agri GDP growth ISLAMABAD: The federal government will spend Rs14 billion annually in agriculture sector to revive economy, said Zarai Taraqiati Bank Ltd (ZTBL) President Muhammad Zaka Ashraf. He said that the ZTBL as per government directives has been disbursing loans on easy terms focusing specially the development of small farmers as reflected by Benazir Tractor Scheme. Zaka said that Pakistan was an agricultural country and it was vital to develop the agriculture sector for the overall progress of the country. He further said that under Pak-China friendship various initiatives have been taken for the intro-

duction 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 dependent 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 Rs1 billion to Rs9 billion, which has

not only improved its financial health but also enabled it channelise more funds for the finance starved agriculture sector," said the ZTBL 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.-APP

Abu Dhabi Islamic Bank rakes in profit ABU DHABI: Abu Dhabi Islamic Bank swung to a profit in the fourth quarter of 2010, beating analysts forecasts as customer deposits and fee income rose. The lender, the second biggest Islamic bank in the UAE, swung to a profit of 250.6 million dirhams ($68.23 million) in the three months to Dec 31, compared to a loss of 623 million dirhams a year earlier. For the year, the company posted a group net profit of 1.02 billion with total assets climbing to 75.3 billion dirhams. The company had reported a net profit of 78 million dirhams

in 2009. Annual revenues increased 22 per cent to 3.07 billion dirhams, with customer deposits rising 17.2 per cent from a year earlier. Group fee and commission income increased 43 per cent in the fourth quarter. "We will continue to take prudent measures, including further impairments in the Burooj Real Estate portfolio," ADIB chief executive Tirad Mahmoud said in a statement, adding that the company expected 2011 to be another year of muted global economic activity. Impairments stood at 749.2 million dirhams at the end of

the year while the Burooj real estate subsidiary resulted in a loss of 196.1 million dirhams for 2010. For the fourth quarter, the company booked credit provisions and impairments of 224.4 million dirhams. The bank's cost to income ratio was 39.5 per cent for 2010 and it expects that ratio to stabilise in 2011 given further investment in growth and revenue increases. In late October, ADIB priced a $750 million Islamic bond, or sukuk, that was over-subscribed 4.8 times with strong demand from Middle East, Europe and Asia.- Reuters

Bahrain Islamic Bank shelves capital hike MANAMA: Bahrain Islamic Bank postponed a planned $143 million rights issue citing market conditions, after Bahrain was hit by clashes between its Shi'ite population and the Sunni-led government. Bahrain Islamic is a small retail bank that said last July it planned to raise about 54 million dinars ($143.2 million) in additional capital. It posted a 2010 net loss of 39 million dinars as it wrote down some property investments and booked impairment provisions. "Due to market conditions that are beyond the bank's control...the bank's board of directors has resolved in its meeting on Sunday 6 March 2011 to postpone the rights issue," it said in the statement. It said the issue that was scheduled to take place between March 9-23 would be completed before the end of June. Last month, Kuwait's Investment Dar, owner of half of luxury carmaker Aston Martin, proposed to creditors a sale of its 40-per cent stake in Bahrain Islamic as part of its restructuring plan. Bahrain has been gripped by the worst unrest since the 1990s after mostly Shi'ites youth took to the streets last month and seven were killed in clashes with police forces and the military. The island kingdom is ruled by a Sunni royal family and its majority Shi'ite population complains of discrimination in jobs and services, a charge the government denies. Bahrain Islamic made no direct reference to the unrest in its statement, but bankers and analysts say the political trouble will make it more difficult for Bahraini banks and companies to raise capital. Ratings agencies have downgraded Bahrain, citing the unrest, and its tourism sector has been badly hit.Reuters

LONDON: New Barclays boss Bob Diamond and his two replacements as head of the investment banking arm were paid 28 million pounds ($45 million) last year, with the trio also receiving shares worth 40 million pounds for past performance. After Britain's banks pledged to show more restraint on pay under a peace deal struck with the government last month, politicians and unions slammed the payouts at a time when public sector jobs and wages are facing cuts. Diamond was paid a bonus of 6.5 million pounds for last year when he was head of Barclays Capital, the investment bank arm, before he became group chief executive officer (CEO) at the start of this year. BarCap's new co-CEOs received bigger bonuses. Jerry del Missier was paid 10.9 million pounds for last year and Rich Ricci received 10.6 million, Barclays said under pay disclosure rules required of UK banks. The trio also received millions of shares under awards for their performances over the last five years.

Diamond received 2.1 million shares under the plans, worth 6.6 million pounds at current prices; del Missier received 5.1 million shares, worth 15.9 million pounds; and Ricci received 5.5 million shares, worth 17.3 million pounds. The awards were net of shares sold to pay taxes and other costs. Stephen Williams, a politician who speaks for the coalition's junior Liberal Democrat party on finance, said the pay award was "obscene." "The bankers collectively should be showing restraint at a tough time for everybody else. It is effectively saying we are in a different universe from the rest of you and we can carry on rewarding ourselves in this way why the rest of you all go and suffer," he told Reuters. The pay deals came at a time of growing divergence between Britain and its bankers over restructuring the industry. Barclays also said 231 of its top staff -- dubbed "Code staff" who are involved in risk-taking decisions -- were paid 504 million pounds for 2010, or an average of 2.2 million each.Reuters

Qatar's QIIB sees sukuk sale in 2011 DUBAI: Qatar International Islamic Bank (QIIB) may issue an Islamic bond in 2011 after receiving shareholder approval for sukuk issuance last week, the bank's deputy chief executive said recently. "The issue is probably going to happen in Qatar this year," Mohsen Moustafa said on the sidelines of a conference in Dubai, adding that any issuance would depend on market conditions. QIIB received approval from its shareholders earlier in March to issue Islamic bonds to boost capital, if required. The Qatari lender is one of four Islamic banks in Qatar expected to benefit from the Qatar central bank's move to abolish Islamic banking branches at conventional banks by the end of the year. Moustafa said the bank is considering buying the Islamic

assets from QIIB's conventional counterparts but no decision has been made yet. "It is one of the issues that has been raised, we will consider it," he said. "There hasn't been enough time to discuss all the options." Moustafa added that the bank would look towards any guidance provided by the central bank to determine how to proceed with the asset purchase. The central bank has provided no clear guidance yet on what conventional banks will need to do with their Islamic operations, although analysts expect the banks to either sell the assets to Islamic lenders or set up standalone Islamic subsidiaries. Moustafa said the directive would be both a challenge and opportunity for Islamic banks.Reuters

BEIRUT: A man uses an ATM at the Lebanese Canadian Bank (LCB) headquarters. -Reuters

SBP reissues old Rs500 banknote warning KARACHI: The State Bank of Pakistan (SBP) has once again advised the general public to exchange the olddesign and bigger-size banknote of Rs500 up to September 30, 2011. According to a press release issued here Thursday, the notes can be changed from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to Sept 30 of the year. It may be recalled that the Federal Government has already notified that the olddesign banknote of Rs500 (introduced in April 1986) will cease to be the legal tender and not exchangeable with effect from October 01 of the year. NNI

NBAD's Islamic repo product soon ABU DHABI: National Bank of Abu Dhabi (NBAD) will launch a sharia-compliant repo product in March to encourage secondary market trading and is in talks with two unnamed counterparties for the same, an official said. The Abu Dhabi lender expects the Islamic repo market in the Middle East and North Africa (MENA) region to be worth about $2 billion, said Sameh Al Qubaisi, general manager for NBAD's institutional and corporate coverage group. "We have finished the documentation for the repo. The legal side is also done. It will be the first Islamic repo," Qubaisi told reporters on the sidelines of a conference. The shortage of shariacompliant liquidity instruments is regarded as a major handicap of Islamic banks, as the religion's ban on interest rules out most interbank money market tools. Repurchase agreements, also termed repos, allow banks to grant extra funds to lend or buy assets, thereby boosting liquidity. Activity in the Islamic bonds market has been muted after several high-profile defaults in the last two years. Dubai's state-owned property firm Nakheel repaid a $4.1 billion sukuk in 2009 after a $10 billion bailout from oil-rich neighbour Abu Dhabi. "After the Nakheel issue, the doubts in the sukuk market have been the talk of the town," Qubaisi said. Separately, the bank is also in talks to create an Islamic Real Estate Investment Trust (REIT), he said without providing more details. The top UAE lender wants to set up an Islamic banking business in Malaysia after its conventional bank unit starts operations there in the thirdquarter, its chief executive said earlier in the day. "We have a conventional licence. If the authorities allow us, we would like to have ... an Islamic licence," Michael Tomalin told reporters. He did not give more details. The lender, largest by market value in the United Arab Emirates, also plans to expand operations in the Middle East and is awaiting banking licences in Lebanon and Syria.-Reuters

Friday, March 11, 2011

ICE coffee, cocoa, sugar slide in selloff

QINGDAO: Farmers prepare the sale of cabbage in Qingdao, Shandong Province of China. -Reuters

European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 940.00-33.00, Apr11 940.0038.00, May11/Jul11 948.0035.00, Aug11/Oct11 954.0034.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1005.00-30.00, Aug11/Oct11 950.00-25.00, Nov11/Jan12 955.00-25.00, Feb12/Apr12 965.00-20.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1395.00-20.00, Jul11/Sep11 1395.00-25.00, Oct11/Dec11 1370.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1565.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Mar11 1197.00-40.50, Apr11/Jun11 1195.00-37.50, Jul11/Sep11 1160.00-40.00, Oct11/Dec11 1155.00-40.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11 1260.0035.00, May11/Jun11 1230.0040.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 1730.00-170.00, Apr11/May11 1710.00-180.00, May11/Jun11 1650.00-230.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. Reuters

Gold falls 1pc to $1,410 as oil retreats LONDON: Gold fell more than 1 per cent on Thursday as a drop in oil prices sparked profit-taking, but worries over euro-zone debt after a Moody's downgrade of Spain and ongoing unrest in Libya kept the metal firmly underpinned. Falling crude prices and gains in the dollar are prompting some investors to cash in gains after last week's rally to a record $1,444.40. Oil fell by more than $1 as the dollar index rallied amid fresh worries about the

euro-zone's recovery. "A dollar rebound plus weaker crude prices triggered some small-scale profit taking," said Andrey Kryuchenkov, an analyst at VTB Capital. "Libya is priced in, (and the) correlation with oil is still strong." While the outbreak of violence in the Middle East and North Africa is expected to underpin gold, fresh gains will depend on unrest spreading. "Gold should continue in a wide range below record highs unless violence in the MENA region escalates," said Kryuchenkov. Spot gold slipped as low as $1,410.56 an ounce and was bid at $1,412.30 an ounce at 1509 GMT against $1,428.79

late on Wednesday. It fixed at $1,413.25 at 1500 GMT. US gold futures for April delivery fell $17.70 to $1,411.90. Also supporting gold was a re-emergence of concerns over euro-zone sovereign risk after rating agency Moody's cut its ratings on Spain and Greece, and ahead of a summit of eurozone leaders on Friday. Asian buyers were reluctant to make significant fresh purchases as prices held near record highs, with buying in

Singapore well below preLunar New Year levels. "It doesn't make sense for physical buyers to buy now," said a Hong Kong-based dealer, "They will probably buy on dips when prices go back towards $1,400 or below. Only investors with a very long-term view would buy at this point." Among other precious metals, silver fell to $34.94 an ounce from $36.05, tracking gold. The iShares Silver Trust, the world's largest silver exchange-traded fund, said its holdings hit a record high at 10,974.06 tonnes on March 9. Platinum was at $1,765.99 an ounce against $1,796.49, while palladium was at $761.97 against $776.97. -Reuters

Copper falls on demand concerns, US jobs data LONDON: Copper fell on Thursday after weak Chinese import data cast doubt on demand from the world's top consumer of the metal and data showed jobless claims in the United States rose more than expected. Copper for three-months delivery on the London Metal Exchange closed at $9,191 a tonne, down from a close of $9,275 a tonne on Wednesday. New US claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, but remained at levels suggesting a labour market recovery is intact. "Copper is off after the jobs data, but I suspect that what is having a far bigger effect today is the Chinese trade data," said Barclays Capital analyst Gayle Berry. China swung to a surprise trade deficit in February of $7.3 billion, its largest in seven years, as the Lunar New Year holiday dealt an unexpectedly sharp blow to exports. The extent of the slowdown in both exports and imports caught markets by surprise. Data also showed that China's imports of unwrought and semifinished copper products sank 35.4 per cent in the holidayshortened month of February. "The Chinese data affected the

market but the lack of demand was already reflected in higher LME (copper) stocks and Asian inventories," VTB Capital analyst Andrey Kryuchenkov said. Although copper inventories

Shanghai copper falls Shanghai copper fell more than 3 percent on Thursday after weak Chinese import data cast doubt on demand from the world's biggest consumer of the metal, adding to worries about high oil prices hurting the global economy. Shanghai's most active copper futures contract closed down 3.3 per cent at 69,230 yuan. It fell to an intraday low of 69,070 yuan a tonne, it weakest in two and a half months. on the London Metal Exchange fell 250 tonnes to 425,475 tonnes, they are still about 20 per cent up from December 2010. The higher dollar pushed oil lower, but the focus remained firmly on Libya where escalating violence has sparked concerns that the country's oil infrastruc-

ture could suffer lasting damage. "Sentiment is still negative," said an LME ring trader. "There was a bit of buying from Asia this morning but it wasn't enough. If copper goes below $9,200 it may finish badly" The long-term outlook for copper remained positive due to a production deficit forecast for 2011 but demand for the metal in the spot market is sluggish. Copper's forward curve was in a $18.5 contango -- discount for cash over three-month material -compared with a $70 backwardation -- premium for cash over three-month material -- in December. "The contango tells you that there is no spot demand," Kryuchenkov said. Zinc, used in galvanising closed at $2,286 a tonne from $2,275 at Wednesday's close. Battery material lead closed at $2,430 from $2,480, aluminium was $2,585 from $2,581 and tin, untraded at the close, was bid at $29,300 from $29,500. Stainless steel ingredient nickel was $26,050 from $26,200. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 09 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 09 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

2380 2381 2365 2375 2355 2365 2355 2365

2579 2579.5 2613 2614 2692 2697 2752 2757

9609 9610 9628 9629 9590 9600 9315 9325

2585 2590 2570 2575 2513 2518 2465 2470

27050 27055 27095 27100 26190 26290 25225 25325

TIN

ZINC NASAAC

30805 2342 30810 2343 30900 2369.5 30925 2370 30770 2428 30820 2433 2430 2435

2545 2546 2565 2575 2615 2625 2670 2680

LONDON: Arabica coffee, cocoa and sugar futures slid sharply on Thursday on investment fund and stop-loss sales as the dollar strengthened, dealers said. US cocoa on ICE tumbled to their lowest level in a month, extending their descent from last week's 32-year peak, under pressure from the stronger dollar which makes dollar-denominated commodities costlier in terms of other currencies. Raw sugar fell, standing at below 30-year highs, and dealers said news that a committee of EU experts approved a 300,000 tonne import quota for raw and refined sugar with duties set at zero, had already been priced into the market. ICE May arabica coffee extended losses, trading down 9.9 cents or 3.4 per cent at $2.8495 per lb at 1544 GMT, below the 34-year high of $2.9665 a lb touched on Wednesday. Liffe May robusta coffee traded down $49 or 1.9 per cent at $2,508 per tonne in moderate volume of 7,654 lots. Cocoa futures prices lost more ground, as profit-taking triggered a correction this week, dragging prices further from the 32-year high touched earlier in the month. ICE May cocoa traded down $187, or 5.3 per cent, at $3,340 a tonne at 1545 GMT, below the 32-year peak of $3,775 a tonne hit on March 4. London May cocoa was down 80 pounds or 3.5 per cent to 2,179 pounds per tonne in reasonable turnover of 14,929 lots. ICE raw sugar fell, and stood below a three-decade peak with tight supplies and low stocks limiting losses. ICE May raw sugar futures traded down 1.25 cent or 4.1 per cent at 29.17 cents a lb at 1546 GMT, below the 30-year high of 36.08 cents a lb touched on Feb. 2. London May white sugar was down $16.30 or 2.2 per cent at $734.80 per tonne in thin volume of 2,055 lots. -Reuters

Indian sugar down for 3rd day MUMBAI: India sugar prices fell for a third day on Thursday on concerns millers will be saddled with unsold non-levy quota for March, though hopes of a demand spike from cool drink makers limited losses, dealers said. "There is no demand for sugar from the local market and summer in north India is also delayed. Prices are falling daily by 5-10 rupees per 100 kg," said Ashok Jain, president of Bombay Sugar Merchants Association. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety was down by 10 rupees to 2,677 rupees ($59.4) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) was down 0.98 per cent to 2,729 rupees per 100 kg at 4:45 p.m. "Sugar futures are expected to go down further and can even touch 2,600 rupees per 100 kg level," said Faiyaz Hudani, analyst with Kotak Commodities Services. -Reuters

Oil futures drop on strong dollar; all eyes set on Libya Analysts see downside underpinned by Libya fighting LONDON: Crude oil futures slumped on Thursday as the dollar index strengthened on fresh euro-zone credit woes, while the focus remained on Libya, where the escalating violence triggered fears the country's oil infrastructure could suffer long-lasting damage. US crude futures extended losses by 1531 GMT, down $3.20 to $101.18. Brent futures for April were $2.11 lower at $113.83 a barrel by the same time. "Concerns about the euro-zone debt crisis have come back to the surface after the downgrade of Spain," Commerzbank analyst Carsten Fritsch said. "But I wouldn't expect it to continue, it could be a short-term blip, as the general direction is upwards because of the continued supply risk in Libya and tomorrow's day of rage in Saudi Arabia." A fall in the euro on the back of Moody's downgrade of Spain's sovereign debt pushed

the dollar index higher. Analysts said China's overnight surprise trade deficit data also weighed on oil prices on worries it could signal slowing growth, but the downside was likely to be underpinned by escalating violence in Libya. Tanks fired on rebel positions around the oil port of Ras

Lanuf and warplanes hit another oil hub further east on Thursday as Muammar Gaddafi carried counterattacks deeper into the insurgent heartland. An official from the East Libya oil company AGOCO told Reuters the company was making arrangements to market oil directly to foreign buyers, instead of through its stateowned parent. The oil port of Brega ran out

Palm oil hits 2-week low on slow demand KUALA LUMPUR: Malaysian crude palm oil futures tumbled to a two-week low on Thursday as traders unwound positions on signs of slowing demand and expectations global stocks of vegetable oils would rise. The palm oil market has shifted its focus from a largely upbeat price outlook conference that ended the day before to a slew of vegetable oil and grains industry data in Malaysia and the United States. "Malaysian exports data looks dismal for the first 10 days of March and production should be starting to rise again. The falls in Chicago soyoil are not helping," said a trader with a foreign commodities brokerage. "Bearish technicals are also weighing in." The benchmark May palm oil contract on the Bursa Malaysia Derivatives Exchange dropped as much as 4 per cent to 3,441 ringgit ($1,134) per tonne, its

lowest since Feb. 25. The contract settled at 3,459 ringgit, down 3.5 per cent, on brisk volume of 24,861 lots of 25 tonnes each, with most market participants back from the three-day Bursa Malaysia palm oil conference. Exports of Malaysian palm oil products for March 1-10 fell 19 per cent to 353,542 tonnes from the same period a month ago, Intertek Testing Services said, extending declines that started from December. Another cargo surveyor, Societe Generale de Surveillance, said exports in the same period fell 16.6 per cent to 355,485 tonnes. Other vegetable oil markets also fell. US soyoil for May delivery dropped 1.3 per cent on expectations the USDA will also raise its forecast of ending stocks. China's most active soybean oil contract for September delivery followed suit, ending 1.7 per cent lower. -Reuters

of crude oil stocks, forcing crude tankers to cancel shipments or travel to Saudi Arabia, a source told Reuters. Libya turned away an oil tanker hired by Chinese oil trading firm Unipec to lift 2.0 million barrels of Es Sider crude, a trading source said Thursday. On Wednesday, US light crude fell after stockpiles at the pricing point for benchmark West Texas Intermediate at Cushing, Oklahoma, surged 1.7 million barrels to a record of almost 40.3 million barrels, according to the US Energy Information Administration. That caused the discount of WTI to European marker Brent to widen, trading at $12.61 a barrel by 1533 GMT. Total US crude inventories rose 2.5 million barrels last week, the EIA said, dwarfing the forecast for an increase of just 400,000 barrels in a Reuters poll. -Reuters

Tokyo rubber edges higher BANGKOK: Tokyo rubber futures edged 1 per cent higher on Thursday, with a rise in oil prices due to the unrest in Libya helping the market recover some poise after a slump earlier in the week, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 4.4 yen, or 1 per cent, to settle at 416.8 yen ($5.04) per kg. "Technical sentiment improved after prices found a support level and I expect prices to creep higher over coming days as limited supply should still provide support," a Bangkok-based trader said. The most active Shanghai rubber contract for May delivery fell 180 yuan to settle at 36,190 yuan ($5,518) per tonne. Some dealers said they expected TOCOM prices to rise gradually from here because of the supply situation, but players, as well as investment funds, were cautious after the recent volatility. They said prices were likely to move in a range of 410-420 yen per kg. -Reuters

US cotton ends easier as players eye USDA report NEW YORK: US cotton futures closed lower Wednesday on investor sales as most players finished adjusting positions before release of Thursday's government crop report, analysts said. The key May cotton contract on ICE Futures US fell 2.73 cents to finish at $2.0441 per lb, trading from $2.0248 to $2.134. Open interest in cotton, an indicator of investment exposure in cotton, fell to near a 7-1/2 month low at 173,688 lots as of March 8, data from ICE Futures US showed.

The US Agriculture Department will hand out its monthly supply/demand report on Thursday. The main piece of information the trade will monitor would be any changes in world 2010/11 cotton consumption since most major cotton producing countries are done with their harvests. Weak consumption numbers would indicate the market is rationing demand after a rally that boosted values to all-time highs, said Keith Brown, president of commodity firm Keith

Brown and Co. in Moultrie, Georgia. Many in the trade expect the USDA to increase the estimate for world cotton consumption in 2010/11. "The market has certainly dialed in a lot of bullish info," Brown said. Analysts said they will also look at the weekly USDA export sales data to give further guidance on cotton demand. More importantly though, the cotton industry will be turning its attention to the USDA's potential plantings report due out on March 31. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

10-Mar-2011 CRUDE100 10-Mar-2011 CRUDE100 10-Mar-2011 CRUDE100 10-Mar-2011 SILVER - SL500 10-Mar-2011 SILVER - SL500 10-Mar-2011 GOLD 01oz 10-Mar-2011 GOLD 01oz 10-Mar-2011 GOLD 01oz 10-Mar-2011 GOLD 100oz 10-Mar-2011 GOLD 100oz 10-Mar-2011 GOLD 100oz 10-Mar-2011 GOLD 10-Mar-2011 GOLD 10-Mar-2011 GOLD 10-Mar-2011 KILOGOLD 10-Mar-2011 KILOGOLD 10-Mar-2011 TOLAGOLD50 10-Mar-2011 TOLAGOLD100 10-Mar-2011 MINIGOLD 10-Mar-2011 MINIGOLD 10-Mar-2011 MINIGOLD 10-Mar-2011 MINIGOLD 10-Mar-2011 MINIGOLD 10-Mar-2011 TOLAGOLD 10-Mar-2011 TOLAGOLD 10-Mar-2011 TOLAGOLD 10-Mar-2011 TOLAGOLD 10-Mar-2011 TOLAGOLD 10-Mar-2011 IRRI6W 10-Mar-2011 RICEIRRI 10-Mar-2011 RBD PALMOLEIN 10-Mar-2011 KIBOR3M 10-Mar-2011 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

104.99 105.94 106.40 36.22 36.24 1434.40 1435.00 1435.90 1435.00 1435.00 1428.00 39325.00 39100.00 39288.00 39234.00 39246.00 45762.00 45762.00 40335.00 40379.00 40394.00 40306.00 40320.00 47010.00 47300.00 47275.00 46983.00 46857.00 3351.00 3357.00 5412.00 86.32 85.86

105.90 106.49 106.40 36.42 36.31 1436.20 1437.00 1438.00 1435.00 1434.70 1436.30 39358.00 39273.00 39288.00 39234.00 39246.00 45762.00 45762.00 40335.00 40379.00 40394.00 40306.00 40320.00 47010.00 47300.00 47275.00 46983.00 46857.00 3351.00 3357.00 5412.00 86.36 85.86

103.20 104.40 104.98 35.20 35.21 1419.60 1420.20 1421.10 1424.00 1428.00 39098.00 39050.00 39047.00 38993.00 39004.00 45481.00 45481.00 40079.00 40123.00 40138.00 40152.00 40064.00 46085.00 46136.00 46152.00 46169.00 46068.00 3325.00 3331.00 5285.00 86.32 85.86

103.22 104.35 104.98 35.17 35.17 1419.80 1420.50 1421.40 1419.80 1420.50 1420.50 39021.00 39032.00 39047.00 38993.00 39004.00 45481.00 45481.00 40079.00 40123.00 40138.00 40152.00 40064.00 46085.00 46136.00 46152.00 46169.00 46068.00 3325.00 3331.00 5285.00 86.36 85.86

Traded Volume in lots 663 176 331 25 2,205 2,174 1,762 29 3 18 2 6 1 13 7 1 -

Previous Settlement Price 104.80 106.17 106.95 35.94 35.95 1429.60 1430.30 1431.10 1429.60 1430.30 1431.10 39149.00 39160.00 39175.00 39122.00 39133.00 45631.00 45631.00 40207.00 40251.00 40265.00 40280.00 40192.00 46236.00 46287.00 46303.00 46320.00 46219.00 3351.00 3357.00 5412.00 86.32 85.86

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 103.22 74 104.35 37 104.98 35.17 37 35.17 7 1419.80 967 1420.50 1,427 1421.40 671 1419.80 10 1420.50 1421.40 1 39021.00 7 39032.00 90 39047.00 38993.00 39004.00 45481.00 45481.00 40079.00 40123.00 40138.00 40152.00 40064.00 46085.00 5 46136.00 46152.00 46169.00 7 46068.00 5 3325.00 3331.00 5285.00 86.36 85.86 -

Norwayâ&#x20AC;&#x2122;s Svindal leans into course during training run for men's Alpine Skiing World Cup in Kvitfjell

Friday, March 11, 2011

Tahir advised 10-day rest after fracture DHAKA: Imran Tahir, South Africa's Pakistan-born legspinner, has been advised ten days' rest to deal with a fractured left thumb but the selection committee will decide when that period should be. He is definitely not out of the tournament, the team manager Mohammed Moosajee said on Thursday. South Africa play India on Saturday, and in the ten days between that match and the first quarter-final they play Ireland and Bangladesh. Tahir sustained the injury which was not to his bowling hand - while catching England's Jonathan Trott off his own bowling on Sunday. He is South Africa's leading wicket-taker in tournament, with 11 so far.-Online

Pakistan soccer team finalised LAHORE: Pakistan Football Federation (PFF)'s President Makhdoom Syed Faisal Saleh Hayat has approved 37 players in the build up for Pakistan National Football team for appearance in fourth AFC Challenge Cup Qualifier. The winner of the finals will qualify for the 16th Asian Cup at Australia2015. Pakistan will take on Turkmenistan (21 March), India (23 March) and Chinese Taipei (25 March) in Group-B encounters at Kuala Lumpur. Asian Football Confederation allowed Pakistan the bye in the PreQualifying Stage in the event that got under way on 9 February with first legs of four play-offs. Based on the rankings of the 2010 AFC Challenge Cup, the eight lowest ranked were drawn into four two-legged ties with the four winners advancing to the qualification proper. All matches are on a home and away basis scheduled. Unlike in previous editions, there will be no automatic qualifiers and holders Korea DPR, runnersup Turkmenistan and thirdplaced Tajikistan will have to navigate the qualification phase in order to return to the final phase. AFC approved new format for the 2012 edition which was ratified by the AFC Executive Committee in Kuala Lumpur.APP

NIT Rover cricket tourney in final stage Staff Reporter KARACHI: The NIT Rover Cricket Tournament has reached to its final stage. The semi-finals & final of this restricted overs' tournament will be held on Sunday, March 13, 2011 at the Aga Khan School Ground (Adjacent to Aga Khan Gymkhana). The semi-finals will start from 1:30pm. The final will be played at 3:30pm. Mr. Wasim Bari, former Pakistani test cricketer will be the chief guest on this occasion. The NIT sponsored cricket tournament was started on February 27, 2011 in which more then 12 teams participated. Teams qualified for semifinals are Darkhana Royals, Nazimabad Chargers, Sultanabad Bulls & Gulzar-eRahim Rockers.-

Lanka zap Zimbabwe SL in cricket WC quarter-finals KANDY: Tillakaratne Dilshan produced a superb all-round display with bat and ball to send Sri Lanka through to the quarter-finals of the World Cup on Thursday with a crushing 139-run win over Zimbabwe. Dilshan and Upul Tharanga conjured an exquisite display of shotmaking to score a World Cup record 282 runs for the first wicket before Sri Lanka piled on PALLEKELE: Sri Lankan cricketer Angelo Mathews celebrates with his teammates after he dismissed Zimbabwe crick327-6 from their 50 overs. eter Tatenda Taibu during the Group A match in the Cricket World Cup tournament between Sri Lanka Dilshan, who scored a briland Zimbabwe at the Pallekele International Cricket Stadium.-Reuters liant 144, also took a career best four wickets for four runs with his off-breaks to secure the win after Zimbabwe's openers Brendon Taylor and Regis Chakabva put together a stand of 116. They were eventually all out for 188. The win, secured in 39 NEW DELHI: Cricket World beefing-up of security meas- the shadow of that attack. KANDY: After a defeat against overs, left the co-hosts top of Cup organisers said on ures in and around the MA The World Cup so far has New Zealand team in the World Group A with seven points Thursday that no changes had Chidambaram Stadium in seen no repetition of that sort Cup, Pakistan Cricket team from five games. They are been made to security arrange- Chennai which is staging but has not been without inci- started practice in Kandy, Umar ments after the Indian govern- India's big match with the dents either. Akmal was seen practicing ment's warning of a possible West Indies on March 20. In India, ticket-seeking fans behind the stumps whereas militant attack on the show"We have made comprehen- have been baton-charged by Kamran was seen upset here on piece event. sive security arrangements the police while the West Thursday. Just before the Feb 19-April right from the warm-up Indies' team bus was stoned in After the practice session, 2 tournament reached the matches and there has not Mirpur, apparently by a hand- National Cricket Team's halfway mark, the government been any change to that. It ful of fans disappointed by Manager Intikhab Alam issued an alert on Wednesday remains the same," the TNCA Bangladesh's defeat by Darren expressed that it wasn't fair to over a possible attack on the official said. yell over losing a match after CHITTAGONG: Bangladesh Sammy and his men. tournament being played in 13 A 2009 gunmen attack on players will try to block out Suraj Dandeniya, Sri winning three in a row. venues across India,Sri Lanka the visiting Sri Lankan crickHe said losing and winning is their passionate fans when they Lanka's tournament director of and Bangladesh, attracting eters in Lahore shattered the face England in the World Cup a part of the game and the spechundreds of thousands of fans. myth that the athletes in the security, said the teams could tators must show patience. on Friday after the crowd concentrate solely on cricket "We don't comment on secu- sub-continent enjoyed immuPakistan Cricket team restart- turned on them in their previrity issues. It's completely nity of sorts against militancy. in the island nation without ed practice session in Kandy, ous match. bothering about their security. under the jurisdiction of the Eight people died in the The Dhaka crowd's mood Umar Akmal was seen practic"We have taken into account ing behind the stumps whereas turned from festive to fury last government. They have taken attack and six members of the (what happened in Kamran was upset. steps to take care of every- Sri Lanka team were injured. week as the co-hosts crashed to thing,"tournament director Since then, Pakistan, one of Bangladesh) but we feel our Performance of the players a team record low 58 against Ratnakar Shetty told Reuters the original four co-hosts of security levels are good wasn't upto the mark against the West Indies and lost their on Thursday. the World Cup, has not hosted enough to prevent something New Zealand. They have start- Group B encounter by nine A Tamil Nadu Cricket an international cricket match like that from happening here ed the practice sessions against wickets. Association (TNCA) official and every sports event in the in Sri Lanka," Dandeniya told to overcome their discrepanLater the visitors' team bus said there has been no recent region has been staged under Reuters by telephone.-Reuters cies. Agencies was stoned after fans mistook it for the home side's vehicle and captain Shakib Al Hasan was targeted for particular abuse. Even the country's premier stepped in to appeal for the cricket-mad nation's supporters to calm down and armoured MOHALI: Aware that any by the Irishmen and would do slip-up could pose a serious well not to take the game threat to their quarter-final lightly as tough matches chances, a resurgent West against India, Australia and Indies will take on giant- England await them in the killers Ireland in an interesting tournament after tomorrow`s group B match of the cricket day encounter. "We have played against World Cup here on Friday. CHITTAGONG: England's With two victories in three them quite a lot and know World Cup showdown with matches, the West Indies are what they are capable of. But Bangladesh Friday could be standing on the brink of quar- we can`t take any side for disrupted by a huge tropical ter-finals and a win against granted in this tournament rain storm, forecasters say. Ireland at the PCA Stadium especially after the way "Storms accompanied by played against tomorrow will more or less Ireland hail and rain could well hit secure their place in the last- England," senior West Indies any part of the country in the batsman Ramnaresh Sarwan eight stage. next 24 hours," a weather With four points in their said ahead of tomorrow`s bulletin issued by the kitty, the West Indies are in the match. Chittagong office of the "Every game is a must win third place in Group B behind Bangladesh Meteorological India and England but ahead game for us in this tournaDepartment said Thursday. of South Africa on net run ment. We will just go out there Both teams need victory to rate. The top four sides from play and enjoy." boost their hopes of reaching The West Indies have a each group qualify for the R ECORD BOARD the quarter-finals. strong batting line-up and will quarter-finals. The tropical storms of Most Runs After the thrashing at the be looking to explosive Chris Bangladesh can be violent Players Mat Runs HS Ave SR hands of South Africa in their Gayle for a solid start. with heavy deluges known to Dilshan-Sri Lanka 5 283 144 56.60 101.43 Young Darren Bravo tournament-opener, the cause houses to collapse, Strauss-England 4 280 158 70.00 104.47 Caribbean side made a strong showed great potential at the sometimes with loss of life. Villiers-SAfrica 3 266 134 133.00 107.69 comeback and demolished the number three position while The storms, locally known Most Wickets Netherlands and co-hosts the middle-order has loads of as Kalboishaki, occur when Bangladesh in their next two experience in Ramnaresh Players Mat Wkts BBI Ave Econ temperatures rise beyond 30 Sarwan and Shivanarine outings. Afridi-Pakistan 4 15 5/16 8.53 3.36 Celsius -- as they have done But the West Indians are Chanderpaul.-Reuters Tahir-South Africa 3 11 4/38 8.90 3.84 aware of the challenges posed -- and this natural phenomeZaheer-India 4 11 3/20 14.00 4.31

WC setuppers give terror threat no ear

Pakistan restart practice session

the first team to reach the last eight. The match was rounded off by Muttiah Muralitharan, the highest wicket-taker in the sport, taking his third wicket of the match by bowling last man Chris Mpofu for one. He said afterwards it would be his last international match in his home city of Kandy. The day, however, belonged completely to Dilshan -- who ignored a controversy over an inaccurate media report the day before claiming that he had failed a dope test -- to dominate from start to finish. Zimbabwe captain Elton Chigumbura's gamble to field first on a placid track backfired spectacularly as the two home openers batted without giving the Africans a sniff of a chance during the first 44 overs, helping Sri Lanka amass a formidable total.-Reuters

Shakib dreads more crowd ire

Resurgent WI to face Irish threat

personnel carriers were introduced to give added security for all teams. It was a far cry from an earlier match when a 27-run win over Ireland prompted nationwide celebrations. Asked how his team would handle the pressure of a makeor-break game against England in front of such a volatile crowd in Chittagong, Shakib said the only ploy would be to concentrate on the job in hand. "Some day if you play well, they will cheer for you and some day if you don't play well they will abuse you. So we are not thinking about our crowd," he said. "We have to do our stuff. We know what we can do and we hope to do those things.Reuters

Rainstorm may hit Eng-BD WC clash na continues until the arrival of the monsoon wind from the Bay of Bengal in early June. Generally, Kalboishaki hit without any warning. "It brews up and hits suddenly. We cannot detect it and say when and where it is going to hit,"Abdur Rahman, a meteorologist, told Reuters. "But during this season we regularly issue general warnings, although we cannot pinpoint the time and the area to be hit," Rahman said. "We should always keep in mind that storms may spoil the show at any moment during the March-May storm season." He continued: "It is pretty hot in Chittagong now, so we can only warn people that Kalboishaki may hit," he said.-Reuters

China trade swings to largest deficit in 7 years BEIJING: China swung to a surprise trade deficit in February of $7.3 billion, its largest in seven years, as the Lunar New Year holiday dealt an unexpectedly sharp blow to exports. It was China's first trade deficit since March last year and its biggest since February 2004. Economists, who had forecast a small surplus of $4.95 billion, said the sudden drop was likely to prove temporary. "We did expect exports to slow last month, but I think nobody had expected such a weak outcome," said Nie Wen, an analyst at Hwabao Trust in Shanghai. "There is little chance that China will have a trade deficit again, and the monthly trade surplus may pick up in the second half of this year," he added. Still, the extent of the slowdown in both exports and imports caught markets by surprise. Asian stocks tumbled on worries that monetary tightening in China and other emerging markets was taking a real chunk out of economic growth. The deficit will at least be welcome news on two fronts for the Chinese government, helping it dampen inflationary pressure and deflect calls for faster yuan appreciation. Cash inflows from the country's vast trade surplus over the past few years have been a root cause of China's recent run-up in prices. Inflation reached a 28-month high of 5.1 percent in the year to November. Data due on Friday is expected to show it pulled back to 4.7 percent in February. With tightening policies beginning to have an impact, China is confident that it can achieve its 2011 goal of holding inflation to an average of 4

percent this year, Ma Jiantang, the government's statistics chief, said on Thursday. His comments followed a report in an official newspaper that bank lending in February was much less than expected, indicating that Beijing has scored some success in reining in credit issuance, a crucial part of its campaign to control inflation. Until that number is confirmed, though, attention will be squarely on China's precipitous drop in exports. China exports grew 2.4 percent in February from a year earlier, the customs agency said on Thursday, well short of forecasts for a rise of 26.2 percent. Imports increased 19.4 percent, missing market expectations of a 32.3 percent increase. The data hit markets when investors are already worried that high oil prices will undermine global growth. Japan's Nikkei stock average fell 1.5 percent and stocks elsewhere in Asia slid 1.4 percent. "It's come on a day when commodity prices are off, and investors are worried about global growth and it's just accentuated the market pullback," said Shane Oliver, head of investment strategy at AMP Capital Investors. "The Lunar New Year does heavily distort Chinese trade data and I'll be inclined not to read too much into it. But the market is obviously feeling nervous and has probably read a bit more into it." The government has in the past pointed to a narrower trade surplus as evidence that it is making headway in tilting China away from excessive reliance on exports, a shift that is seen as a crucial part of put-

ting the global economy on firmer footing. But many economists cautioned against reading too much into one month's trade data, especially in the first quarter. Chinese exports typically slump at the start of the year, with the country's factories shut or running at half speed for weeks because of China's New Year holiday, which this year fell in the first week of February. "We believe the trade deficit is likely to be a temporary phenomenon distorted by the Lunar New Year. During the several weeks following the Lunar New Year, the holiday distortions affect exports much more than imports because exporters have a much greater tendency to take extended holidays," Yu Song and Helen Qian, economists with Goldman Sachs, said in a note. Yet the holiday effect had been expected to weigh on exports when analysts made their initial forecasts, so some said that the downside disappointment in the data was, in fact, a worry. "Both imports and exports are lower than expected, and seasonal factors alone can't explain the sharp monthly drop," said Xu Biao, economist with China Merchants Bank in Shenzhen. "It is definitely not a good sign. The size of imports is already read as a measure of domestic demand. But now imports have dropped significantly, and it points to a serious weakening in domestic economic activity," he said. Because of distortions caused by the Chinese New Year, some analysts prefer to look at data for January and February together.-Reuters

BoE holds fire on rates, hike seen by mid-year LONDON: The Bank of England kept interest rates at a record low on Thursday, reluctant to jeopardise a fragile economic recovery and hopeful the recent surge in inflation will prove temporary. All but one of the 63 economists polled by Reuters last week had predicted rates would stay at 0.5 percent. However, with inflation double the central bank's 2 percent target and still rising, most expect a rate rise later this year. Money markets show a 70 percent chance the BoE will raise rates by a quarter percentage point in May and are fully pricing such a move by the middle of the year. The European Central Bank, dealing with an inflation rate nearly half the level of Britain's, has already signalled that an interest rate rise in imminent. Three of Britain's nine-strong Monetary Policy Committee voted to raise interest rates in February, so it would only take two to switch camps to get a majority in favour of higher rates. The bank gives no statement on its reasons when it keeps rates on hold and minutes from the meeting -- including how the committee voted -- will not be published until later this month. "With the committee expected to begin tightening over the coming months, and a hike requiring the support of just two more members, UK markets look set to remain jittery," said Philip Shaw, an economist at Investec. The main argument keeping the BoE on hold is the weakness of Britain's recovery and the fear that the government's austerity drive will throw up stiff headwinds over the coming year. Unlike its main trading partners, Britain's economy lurched into reverse at the end of 2010, contracting by 0.6 percent in the fourth quarter.-Reuters

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which 1405 Pakistanis from Libya, 854 from Turkey, 547 from Cairo, 272 Tunis and 46 Pakistanis from Algeria respectively. He further said that out of 18000 Pakistanis only 3129 Pakistanis have arrived back to Pakistan from the trouble-torn country. He said that Pakistan Embassy is in close contact with the consulates in Libya, Turkey and Egypt. While responding to volleys of questions, FO Spokesperson said that the ongoing fluctuating situation in Middle East is not an enriching sign, adding Pakistan undoubtedly shares significance relations with all Islamic countries. Regarding Raymond Davis case, she again made it clear that it is a sheer matter of court and let the court decide the fate of the US citizen. She said that Foreign Office is methodically consulting with Interior Ministry, Law Ministry and Ministry of Human Rights on the said matter. In yet another question, Foreign Office spokesperson Tehmina Janjua added that drone attacks are weakening the sovereignty of the country stressing Pakistani leadership from time to time have raised the issue with US leadership but in vain. -Online

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given to media to create some different impression in media, SC observed. Senator S M Zafar counsel for Monis Elahi assured the court that his client would not give any statement to media with any reference. The court while granting bail to Monis Elahi has summoned investigation officer within a week. -Online

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maintainability of petition as he fears that subordinate officers will return the application. -Agencies

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co-defendant transferred funds from Pakistan and Dubai to bank accounts in the United States. Akhtar, who owns a company called Computer Communication USA, was specifically accused of illegally exporting radiation detection devices, resins for coolant water purification, calibration and switching equipment, and surface refinishing abrasives. All of those items require an export license because they can be used in activities related to nuclear reactors and the processing and production of nuclear material, the Justice Department said. The indictment alleged that Akhtar attempted to conceal the ultimate end-use of the items and their true value by putting misleading or incomplete information on documents such as invoices and purchase orders. If convicted, he faces up to five years in prison for conspiracy to commit export violations and defraud the United States, up to 20 years in prison for unlawful export of goods, and up to 20 years in prison for conspiracy to commit money-laundering. Akhtar had an initial appearance in federal court on Wednesday in Baltimore and was ordered detained pending another hearing on Thursday. -Reuters

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The Gaddafi counter-offensive has stalled a rebel advance from their eastern power base of Benghazi. They were forced to withdraw from the front-line town of Bin Jawad, just west of Ras Lanuf, after coming under heavy shelling earlier this week. -Reuters

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International & Continuation

Friday, March 11, 2011

the component that decreased drastically and the data also does not include the recent rise in fuel prices." -Reuters

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hurt the image of country. According to data from Federal bureau of Statistics (FBS), food & beverages index that contribute around 40.34 per cent of the index dropped 2.14 per cent MoM compare with analyst consensus of -0.15 per cent. According to the report, the price of sugar & tomatoes MoM dropped 9.71 & 48.57 per cent compare to actual decline of 7.75 per cent and 38.65 per cent. According to FBS report, the prices of sugar and tomatoes during the month of January 2011 were Rs72.41 and Rs70.22 compared with Rs 66.80 and Rs43.08 during February 2011, showed a drop of 7.75 per cent and 38.65 per cent. It looked that FBS has restated January 2011 commodity price data upward to show a major drop in inflation MoM. Furthermore, FBS has also not incorporated the recent oil price hike in February inflation that resulted in transport & communication index to increase by 0.50bps MoM. The Arab Light Oil is already trading at above $100 barrel, since, because of the pressure of coalition partners, government is not able to fully pass on these prices to end consumer. It will be more convenient if FBS had incorporated oil price hike in Feb'11 inflation.

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Preliminary discussion on Trade Development Authority of Pakistan Ordinance 2007, to be held in-camera. -APP

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February, from $986 million a year earlier. The trade deficit was $1.11 billion in January. Exports totaled $2.15 billion in February, against $1.51 billion a year ago, according to the bureau, whereas imports totaled $3.05 billion, up from $2.50 billion in February last year.

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86016 units in same period last year. Pak Suzuki continued to show better sales in this period, improved by 14 per cent to 52067 units compared with 45616 units in same period last year. This double digit improvement is attributable by strengthening consumer confidence amid improvement in urban economy. This was followed by Indus Motor where sales during this period increased by 10 per cent to 32991 units compared with 30020 units in same period last year. Despite issues in booking for CNG models, sales for PSMC improved by 2 per cent MoM to 6954 units compared to 6,793 units in January 2011. However, the only reduction in sales was seen 'Cultus' which reduced by 55 per cent MoM to 412 units where as sales for all other model improved. This reduced in sales for Cultus was shifted towards Coure of Indus Motors whose sales during the period improved by 27 per cent MoM to 690 units. -Agencies

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1971 and 2009. During the previous hearing, the State Bank of Pakistan (SBP) had submitted to the apex court a report saying that 56,336 cases of recoverable loans totaling Rs215 billion till December 2009 were pending in various courts. At the February 14 hearing, the SBP's counsel had said that Rs74 billion had been written off by various banks during 2008 and 2009. According to the report, the amount included Rs36 billion given to 446049 borrowers under the Rs50,0000 loan categories and to 8,698 people under the Rs1 million categories. -Agencies

and 1.87 percent over January, according to the bureau. Khalid Iqbal Siddiqui, Director at Invest & Finance Securities Ltd said, "I would assume that there has been a decrease in food prices, especially of vegetables, plus the high base affect. Continued from page 1 No #12 "The central bank is likely to keep the policy rate unchanged Erra Lt General Haroon Aslam said that it was in recognition of when it meets at the end of this month." Asif Qureshi, Director at ERRA work which got the status of permanent organization after Invisor Securities Ltd while talking to the Reuters said, "Food has approval from lower and upper houses. a 40 per cent weightage in the CPI, therefore that must have been He said that now ERRA would not only work in AJK and earth-

Euro zone debt crisis intensifies on summit eve MADRID: Germany refused to be rushed into boosting the euro zone's rescue fund after Moody's cut Spain's credit rating on Thursday and markets piled pressure on Portugal on the eve of a summit of the currency bloc. The euro fell to a one-week low of $1.3804, the risk premium on Spanish bonds widened and the cost of insuring Spanish, Greek and Portuguese debt against default rose as a fresh wave of euro zone jitters hit financial markets. Leaders of the 17-nation currency area are expected to back a watered-down version of a German-French plan to boost economic competitiveness at Friday's Brussels summit but are unlikely to overcome sharp differences over the size and scope of the rescue fund.

A German official lowered any expectation of a breakthrough, saying no decisions would be taken on strengthening the European Financial Stability Facility on Friday. "The German government does not believe it is the right time to discuss this," he told a pre-summit briefing. The question of raising the fund's lending capacity would be decided in a package at the end of March, he said, and Berlin opposed giving the EFSF or its successor any direct or indirect role in buying troubled states' bonds on the secondary market. EU diplomats said France and several other countries want at least an outline agreement on Friday on the remit of a planned permanent financial rescue mechanism for the euro zone. -Reuters

Dalai Lama plans to step down as Tibetan political leader DHARAMSALA: The Dalai Lama announced on Thursday that he was stepping down as political leader of the Tibetan government in exile. "As early as the 1960s, I have repeatedly stressed that Tibetans need a leader, elected freely by the Tibetan people, to whom I can devolve power," the Dalai Lama said in a prepared speech. "Now, we have clearly reached the time to put this into effect." The Dalai Lama has long seen himself as "semi-retired" from political leadership with an elected prime minister already in place in the northern Indian town of Dharamsala. He remains Tibet's spiritual leader.-Reuters

quake hit areas but it would be responsible to render services in other parts of the country in case of any calamity. He said that due to financial constraints the pace of Erra projects is slow which would be expedited as soon as they got the money. The Deputy Chairman said that despite financial constraints, the ERRA's overall handling of the projects was satisfactory, adding it had become a credible organization with capability of conducting international level projects. Talking about the ongoing projects of Erra Lt General Haroon said that 20 percent schools have been completed in Earthquake affected areas whereas 80 percent work on majority of the remaining projects has also been completed and would be completed on provision of funds. He informed that King Abdullah University with the allocation of $66 million and Rawalakot campus of Azad Jammu and Kashmir University, earmarking $15 million, is under progress which would be completed with in a month. The Deputy Chairman Erra thanked the Chairman Erra Hamid Yar Hiraj, staff members and colleagues of other stakeholders of Erra including NESPAK etc. for their cooperation during his tenure in the authority. -Agencies

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Holdings Petroleum Limited (GHPL), National Insurance Company Limited (NICL), Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (IESCO-after approval by the Council of Common Interest (CCI), Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL) and Global Depository Receipts (GDR) of Kot Addu Power Company (KAPCO), Habib Bank Limited (HBL) and National Bank of Pakistan (NBP). Prior to undertaking these transactions, road shows will be organized at Hong Kong, Singapore, Dubai, London and New York in next 2-3 months. PC Board constituted a Committee for formulating its recommendations under Public Private Partnership (PPP) mode prior to initiating the process for Jamshoro Power Company Limited (JPCL). PC Board reviewed the privatisation of Heavy Electrical Company (HEC) and modalities for finalizing the transaction. The possibilities of the Public Private Partnership (PPP) for the other Public Sector Entities (PSEs) on the active list were also considered. Meanwhile, Implementation Commission on the 18th Amendment has approved devolution of five more ministries in the second phase of devolving ministries to the provinces. The meeting in detail reviewed and finalised the devolution of ministries in the second phase i.e. the Ministry of Education, Tourism, Social Welfare and Special Education, Livestock and Dairy Development and Culture. -Agencies

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home by overseas Pakistanis, up 43.50 percent or $256.25 million, when compared with $589.03 million received in the same month last year. It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI)' with a view to facilitating the flow of remittances through formal channels.

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Rio Tinto shed 3.8 per cent after raising its bid for Africa-focused coal miner Riversdale Mining to $3.9 billion. A rise in US claims for unemployment benefits added to woes.-Reuters

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Losers beat gainers in the ratio of 1.2:1 in the broader market. Around 294 million shares changed hands on the BSE, higher than the 30-day daily average volume of 281 million shares. Lenders dragged on concerns that already worrying inflation could rise further if oil prices stayed firm. The banking sector index dropped 1.2 per cent. India's central bank reviews its monetary policy next week, and is widely expected to hike key rates, after raising them seven times since last March to battle stubborn inflation. Leading lenders State Bank of India, ICICI Bank and HDFC Bank fell between 0.2 per cent and 1.9 per cent.-Reuters

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trade deficit of $7.3 billion in February, triggering some jitters about the outlook for global growth and pushing Chinese stocks lower. The broader Topix index fell 1.4 per cent to 930.84. Investrust's Fukunaga also said that any decisive break below immediate support at the Nikkei's yearto-date low of 10,237.92 may trigger further selling. Defensive stocks with high dividend yields, including utilities such as Tokyo Electric Power which added 0.5 per cent to 2,153 yen, outperformed ahead of the March ex-dividend date. Tokyo Electron dropped 2.3 per cent to 5,160 yen and Sumco declined 2.9 per cent to 1,450 yen, in the wake of Texas Instruments' weaker outlook. -Reuters

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down 17.98 points, or 1.36 per cent, at 1,302.04. The Nasdaq Composite Index was down 42.31 points, or 1.54 per cent, at 2,709.41. Brent oil futures prices declined, even as Libyan leader Muammar Gaddafi carried counterattacks deeper into the insurgent heartland. The turmoil has driven oil prices up sharply in recent weeks.-Reuters

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He maintained that Sindh province is center of art, culture, crafts, rich heritage and traditional costumes, and also rich in natural resources. Chief Minister Sindh added that Karachi possess two biggest sea-ports i.e. Karachi Port Trust, Bin Qasim Port and both ports are being utilized for trade and commercial activity for not only Pakistan but also for Afghanistan and countries of central Asia. He said that Tajikistan is known for cultivating and producing high quality yield of Cotton and it is also important for its Textile industry, where as Pakistan is also a cotton growing country and cotton can be exported to Tajikistan so as to enhance the capacity. While greeting the President of Tajikistan Rahmon on behalf of Government and People of Sindh, Chief Minister Sindh stressed to develop cultural activities between Tajikistan and province of Sindh He suggested that business forums of both countries can play a vital role for strengthening the relation and enhance the trade and business among both countries. President of Tajikistan Rahmon informed that in view of talks, and demand from business and trades, the Consultant General of Government of Tajikistan will soon be established at Karachi. Tajik President informed that a joint largest power project under hydel power plant of 3600MW for four countries viz. Tajikistan, Afghanistan, Pakistan and etc is under active consideration and is expected to be initiated by 1st May of this year.

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The counsel replied that if the Court held that first notification was illegal and the second held its ground then they would leave the issue of service tenure for it to decide. He said "It is up to the Court to hold whether tenure of Chairman NAB will be of four years or three years and eight months." He contended that the second notification of February 9th was issued keeping in view of legal requirements and after incorporating the Prime Minister's advice under Section 6 of the Nab Ordinance. He said the appointment of prosecutor general NAB which was annulled by the apex court last year in Haris Steel Mills case had no bearing with the instant case. He said the Court had to first find the legality of the first notification and then proceed. Justice Khosa observed that if they left the issue open, in future people would come to challenge it again. He contended that they were passing through difficult times and the Court could not act in void. Furthermore, Pakistan Peoples Party Sindh General Secretary Taj Haider has said that his party would observe 'Protest Day' on Friday against Supreme Court. Haider also appealed people to shut their businesses, shops and transport on said day. It is pertinent to mention here that Supreme Court Thursday declared the appointment of Deedar Hussain Shah as Chairman NAB null and void.

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No tax evasion to be allowed, says PAC

US charges Pakistani of illegal N-export

ISLAMABAD: The special panel of Public Accounts Committee (PAC) expressing severe reservations over the performance of Federal Bureau of Revenue (FBR) said that no single penny would be let off in the head of tax evasion. A meeting of the special committee of PAC was held on Thursday with its Chairman Zahid Hamid in the chair, which reviewed audit objections of the FBR and Ministry of Information and Broadcasting. Murtaza Solangi, the MD Pakistan Broadcasting Corporation (PBC) informed the committee that radio industry is earning Rs one billion annually. However, medium wave transmission is bearing deficit and the corporation had bored Rs 600 million till date, he added. MD Associated Press of Pakistan (APP) told the committee that some Rs 8.5 million are unpaid by the clients thus they were too facing deficit. On the other hand, Secretary Information and Broadcasting said that APP is playing vital role to express the viewpoint of the government. Officials of PTV informed the committee that the expending of the institution is Rs5.4 billion while income is Rs5.5 billion. The corporation is working to improve its performance, they added. The special panel while reviewing the audit objections of FBR stated that the performance of the bureau is not up to the mark, adding not a single penny would be waive off in the head of tax evasion. It seemed that no work is being done in FBR as objections had not revealed in the committee if the bureau was working properly. -APP

WASHINGTON: A Pakistani national has been arrested and charged with a scheme to illegally export nuclear-related materials to his home country from the United States, the US Justice Department said on Wednesday. Nadeem Akhtar, 45, who lives in Silver Spring, Maryland, a Washington suburb, was indicted for conspiring with others to illegally export restricted goods and technology to a Pakistani nuclear power plant and a Pakistani research commission. With an unidentified codefendant, the alleged scheme began late in 2005 and lasted until March of last year, officials said. Most of the illegal exports took place between 2005 and 2008. "This arrest is the product of a vigorous, cooperative joint-agency investigation focused on denying and disrupting the illegal export of controlled nuclear technology destined for Pakistan," said Eric Hirschhorn, the undersecretary of commerce for industry and security. The indictment alleged that Akhtar worked on behalf of the co-defendant who had business relationships with Pakistan government entities and who obtained the items from the United States and other nations. The indictment alleges that Akhtar and his See 4 Page 11

Exports target seen met by May ISLAMABAD: National Assembly standing committee on trade has directed ministry to mobilise all resources to seek approval from WTO regarding exemption of duty granted by European Union on 75 export items. Committee met here Thursday under its chairman Khurram Dastgir. Commerce Secretary Zafar Mehmood told the committee that the matter related to exemption of duty with regard to 75 Pakistani products was lingering since the last 6 months due to opposition from India, Sri Lanka, Bangladesh and Vietnam. WTO had sought time from European Union (EU) to seek approval in regard to exemption. It is hoped that approval would be accorded, he added. Zafar Mehmood told Pakistani exports remained 2120000 dollars during February which were higher by 42 per cent than the exports of corresponding period of last year. Export target would be achieved by May, 2011, he hoped. He made it clear that Export Development Board's budget was being obtained by making deductions from exports of exporters. About Trade Development Authority of Pakistan (TDAP), chairman Tariq Puri told chairman was wielding no legal powers under ordinance-2007 and legislation in this respect was needed. -Online

KARACHI: President of Tajikistan Emomali Rahmon is being seen off by Chief Minister Sindh Syed Qaim Ali Shah before his departure. -APP

Shaikh briefs Gilani about IMF talks

Plan to pull off tax target urged Indicators green; inflation decreasing: finmin Special Correspondent/ Agencies ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday has said that various measures including improved economic management would lead to the stability of economy. He urged the economic-managers to prepare a comprehensive plan to meet the revenue target, added that revenue collectors be given deadlines to meet the target and their performance be monitored on regular basis. Prime Minister asked the Ministry for Finance to ensure timely achievement of revenue targets, adopt measure to check the inflation and facilitate enhance exports to strengthen the economy. The record increase in exports and foreign remittances, he said, indicates the soundness of the Government economic policies. He appreciated the efforts of his finance team for record exports and foreign remittances.

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Friday, March 11, 2011

During meeting at the Prime Minister's House, the Federal Minister for Finance, Dr Abdul Hafeez Shaikh briefed the Prime Minister about the important issues and measures required to improve the economy. He informed the Prime Minister that exports will cross the mark of 22 billion US dollars during this financial year. He apprised him that foreign remittances will also reach to record 11 billion US dollars. The Finance Minister informed the Prime Minister that major indicators of economy are positive. He said that it is for the first time that the inflation has also decreased. He also apprised the Prime Minister about details of his discussion with the International Monitory Fund (IMF). Prime Minister said several steps including improved economic management would lead to the stability of economy thus preparing conducive-environment for socioeconomic development of the people.

Over 3k Pakistanis safely home: Tehmina

FO responds on national matters ISLAMABAD: Foreign Office on Thursday underlined that 3129 Pakistanis who were stranded in Libya and other Arab countries have been safely moved to Pakistan, adding down-to-earth measures are being taken for their immediate evacuation. Foreign Office spokesperson Tehmina Janjua in a weekly press briefing has said that the government of Pakistan is taking pragmatic steps to evacuate its nationals stranded in Libya. In response to a question, Tehmina Janjua said that a special task force has been set up in the Foreign Ministry to monitor the situation in Libya round-the-

clock and to provide assistance to Pakistani expatriates. She said that majority of the Pakistanis in Libya were those who had been settled there since long and it depended on their own will as to whether they wanted evacuation. Tehmina said that there are around 18000 Pakistanis working in Libya and if the situation deteriorates, the government would respond immediately to bring them back. On the occasion, Head of the Special Task Force Naeem Khan told that so far 3129 Pakistanis have been evacuated, out of See # 1 Page 11

NICL Scam

LHC warns Monis, grants interim bail LAHORE: Lahore High Court (LHC) Thursday has granted interim bail to PML-Q leader Chaudhry Monis Elahi till March 17 against surety bonds of Rs10 million. As per media reports, LHC has granted bail plea to Chaudhry Monis Elahi allegedly involved in NICL case. Chaudhry Monis had taken plea in his application that he had appeared before FIA in NICL scam for several times and despite his appearance FIA had obtained his arrest warrant from trial court by

misleading it through false statements. He prayed the court to revoke his arrest warrants and grant him bail. During the course of hearing the court severely reprimanded Chaudhry Monis Elahi remarking it seemed as if investigations had been conducted in favor of Monis Elahi. If this drama was being enacted only to provide clean chit to Monis Elahi, court further remarked. If any interim relief is given by the courts it does not mean that statement be See # 2 Page 11

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SC moved against Shahbaz proposal ISLAMABAD: Petition has been filed in Supreme Court (SC) against proposal extended by Mian Shahbaz Sharif in connection with consultation with army and judiciary. The court has been informed through the petition that command and control of armed forces is in the hands of federal government and it lends ears to the proposals and political demands from Mian Shahbaz Sharif party. But it is incumbent on every member of armed forces to keep him away from the politics. No judge or general was authorized to write any political recipe or strategy as per constitution, petitioner said. Mian Shahbaz Sharif had acknowledged publicly that the orders for consultation with army and judiciary were given by PML-N Quaid Mian Nawaz Sharif who is not holding any constitutional office, petitioner contended. The question arises if any chief minister is authorised to give proposal to prime minister of the country to invite any judge or general in any political conference, he said. The petition has been filed by Shahid Orakzai. He has requested the court that registrar himself should review the application in place of court officer and seek directions from the court about the See # 3 Page 11

Libya unrest deepens

Full-scale attack on rebels begins RAS LANUF, Libya: Libyan tanks fired on rebel positions around the oil port of Ras Lanuf and warplanes hit another oil hub further east on Thursday as Muammar Gaddafi carried counterattacks deeper into the insurgent heartland. In the west, Gaddafi's army sought to starve out insurgents clinging to parts of Zawiyah after seesaw battles this week but the rebels took an important step toward international legitimacy when France recognized their national council. Nato and the European Union were considering imposing a 'no-fly' zone over the large North African desert state to stop Gaddafi using jets and helicopters against the rebels, who have seized cities east and west of the capital Tripoli. More than 500 km to the east, Gaddafi's forces bombarded Ras Lanuf anew with projectiles crashing close to a building of the Libyan Emirates Oil Refinery Company. There was a series of air strikes, and insurgents fired rockets out to sea to

counter Libyan gunboats targeting their positions in the oil-producing east. Later, at least two tanks were seen advancing toward rebel positions outside Ras Lanuf and opening fire. The rebels also reported an air-strike on Brega, another oil port 90 km east of Ras Lanuf, indicating that Gaddafi loyalists had not only halted a westwards insurgent push in its tracks but were making inroads into the rebels' eastern centers. Brega had not been targeted for several days. During fighting in the east on Wednesday, an engineer told Al Jazeera television he had seen air strikes on eastern oil facilities, apparently the first time such a complex was hit. Opec member Libya was turning away tankers from ports as storage depots dried up because of supply disruptions caused by the fighting, which has paralyzed exports by Africa's third largest producer and a major supplier to Europe. See # 5 Page 11

TAPI tech-talks take place soon ISLAMABAD: To discuss the technical aspects of TAPI pipeline project, the meeting of technical working group of Turkmenistan, Afghanistan, Pakistan and India is expected to take place during the last week of March in Islamabad. The sources revealed that technical working group after the series of meetings would submit its recommendation by the mid of current year, to Inter Ministerial Steering Committee (IMSC), comprised petroleum ministers of the participating countries. After getting the reports from the working group, IMSC would negotiate Gas Sales and Purchase Agreement (GSPA) regarding TAPI pipeline, which would be finalised after reaching the consensus

between all four countries. The first gas flow in Turkmenistan, Afghanistan, Pakistan and India (TAPI) pipeline is expected in 2015. The project would cost $7.6 billon according to a study which was conducted in collaboration with Asian Development Bank in 2008. The gas volume in TAPI pipeline would be 3.2 billion cubic feet par day (bcfd), out of which 55 mmcfd would be supplied to Afghanistan whereas Pakistan and India would share 1325 MMCFD each from the pipeline. The source of TAPI was previously Daulatabad but it was relocated to South Yolotan /Osman and adjacent gas fields. Online

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