The Financial Daily-Epaper-14-03-2011

International Karachi, Monday, March 14, 2011, Rabi-us-Sani 8, Price Rs12 Pages 12

Rehman Malik meets MQM chief in London 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% $1,051 175.42mn

Portfolio Investment SCRA(U.S $ in million)

195.76 -0.19 -4.02 2851

Yearly(Jul, 2010 up to 10-Mar-2011) Monthly(Mar, 2011 up to 10-Mar-2011) Daily (10-Mar-2011)

LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 11.53

36.24 39.31

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 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011

13.39% 13.69% 13.86% 14.00% 13.39% 13.54% 13.75% 14.12% 14.26% 14.05% 14.10% 14.08% 14.50% 14.75% 14.93%

Commodities Crude Oil (brent)$/bbl 113.84 Crude Oil (WTI)$/bbl 101.16 Cotton $/lb 204.94 Gold $/ozs 1,421.80 Silver $/ozs 35.94 Malaysian Palm $ 1,146 GOLD (NCEL) PKR 38,877 KHI Cotton 40Kg PKR 13,611 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 85.60 Canadian $ 86.80 Danish Krone 15.20 Euro 117.80 Hong Kong $ 10.50 Japanese Yen 1.016 Saudi Riyal 22.65 Singapore $ 66.40 Swedish Korona 13.15 Swiss Franc 91.60 U.A.E Dirham 23.18 UK Pound 137.00 US $ 85.25

86.60 87.80 15.40 119.00 11.00 1.042 22.82 67.40 13.25 92.80 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

86.42 87.50 15.87 118.43 10.94 1.029 22.72 67.19 13.42 91.63 23.20 137.01 85.27

86.63 87.70 15.91 118.71 10.97 1.031 22.77 67.35 13.45 91.85 23.25 137.34 85.46

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

28°C 35°C 29°C 29°C 24°C 28°C

MIN

8°C 14°C 13°C 10°C 4°C 10°C

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N-explosion, crises growing in Japan

See on Page 12

Karachi killings death toll hits 19

See on Page 12

No letter yet from Presidency, says Opposition Leader

President comes under Nisar fire Says no consultation before SC detailed verdict ‘Zardari biggest threat to Pak, PPP begging MQM’ Special Correspondent/ Agencies

ISLAMABAD: Opposition Leader in the National NCCPL Assembly Chaudhry Nisar (U.S $ in million) FIPI (11-Mar-2011) -0.34 Sunday said consultation on the of Chairman Local Companies (11-Mar-2011) -0.79 appointment Banks / DFI (11-Mar-2011) 1.86 National Accountability Bureau Mutual Funds (11-Mar-2011) -1.46 (NAB) could not be held until NBFC (11-Mar-2011) 0.17 the issuance of detailed verdict Local Investors (11-Mar-2011) 0.30 by the Supreme Court on the Other Organization (11-Mar-2011) 0.25 removal of Justice (Retd) Deedar Hussain Shah as NAB Global Indices Chief, media reported.

Index Close Change Addressing a press conferKSE 100 12,045.25 80.54 ence in Islamabad, Chaudhry Nikkei 225 10,254.43 179.95 Nisar said: "The consultation Hang Seng 23,249.78 365.11 on the appointment of NAB Sensex 30 18,174.09 153.89 Chief is only possible in the SSE COMP. 2,933.80 23.35 backdrop of Supreme Court's FTSE 100 5,828.67 16.62 detailed ruling on the removal Dow Jones 12,044.40 59.79 of Deedar Hussain Shah."

He said two days had passed GDR update $.Price PKR/Shares and he was still waiting for the Symbols 110.85 letter from President Asif MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 15.50 132.17 Zardari to be delivered to him.

UBL (1 GDR= 4 Shares) 2.00 42.64 "The letter has reached to the Total Portfolio Invest (5-Mar-2011)

State Dept spokesman quits after slam of Pentagon

Zardari Babar Awan phones Sharif strikes back ISLAMABAD: President Asif Ali Zardari on Sunday telephoned Mian Nawaz Sharif in London and enquired about the health of his wife.

The President prayed for early and full recovery of the wife of Mian Nawaz Sharif.

The PML-N Quaid thanked the President for his gesture.

He also thanked the President for sending Pakistan's High Commissioner in United Kingdom Wajid See # 12 Page 11 media, newspapers and everywhere else but not to me," he regretted.

Nisar said that he would respond to the letter after receiving it.

However, he said, after holding a party-level consultation

5-7pc more output expected: Minfa

Wheat-sowers to reap more this yr ISLAMABAD: Wheat production would increase by 5-7 per cent this year due to timely rain and the floods, which ultimately causes fertility in the affected areas, experts said Sunday.

Last year production of wheat as per Minfa data was approximately 23.3 million tonnes in Pakistan and 2553 kg/ha yield was recorded in the same period.

The targets for 2010-2011 were ambitiously set and certain quarters feared that the targets may not be achieved.

In 2010 the targets for production of wheat, as set by Minfa, 25 million tonne and 2764 kg/ha is the target for yield in the same period.

Keeping in view the flood

situation, people in parts of Pakistan especially city areas where majority of people are unaware of agriculture related knowledge fear that the yield may be low this year due to devastated floods some months ago.

"The government claim that wheat would be enough for the next year, but we don't know as whether floods would have negative effects on the production," said Javed Sajid a taxi driver in Islamabad.

Experts on economy and agriculture maintain that the production would be comparatively high this year.

Dr Zafar Mehmood, faculty member and researcher at Pakistan Institute of See # 7 Page 11

Banks invest $8.6mn last week

Foreigners pull $6mn from KSE Ghulam Raza Rajani KARACHI: Redemption in global funds caused flight of foreign portfolio investment in last week as a net withdrawal of over $6 million was registered from offshore investors, as per the National Clearing Company of Pakistan Limited (NCCPL) data.

On the other hand, fall in global stock markets over intensifying Libya crisis kept the investors cautious at the Karachi Stock Exchange (KSE) which ended bench-

mark Index marginally up by 0.4 per cent or 45.22 points at 12,045.

During the week, foreign investors remained on the selling side as they offloaded shares worth $13.32 million and bought share valuing $7.33 million.

The week opened on a positive note as foreign investors invested $0.52 million on Monday.

Similarly, inflow of $1.03 million and $0.05 million were witnessed on Tuesday and See # 8 Page 11

MFs decline by Rs1.7bn in Feb Amir Abidi KARACHI: Mutual Funds industry -- which started 2011 with a promising note by depicting 5.31 per cent growth in January - failed to keep the momentum in February as

Mutual Fund industry size showed a slight MoM decline of 0.72 per cent.

After this decline, the total mutual fund size now stands at Rs234.6 billion till February compare with Rs236.3 billion See # 9 Page 11

ISLAMABAD: Federal Minister for Law, Justice and Parliamentary Affairs Dr Babar Awan Sunday lashed at Leader of Opposition in the National Assembly Chaudhry Nisar Ali Khan for ridiculing the Sindhi culture and making statements which tantamount to damage the unity of federation.

Addressing a press conference, the minister categorically stated that Pakistan Peoples See # 11 Page 11 he has come to the conclusion that the consultation process must wait the detailed verdict of the Supreme Court that is yet to be issued.

It may be mentioned here that President Asif Zardari had on See # 10 Page 11

MQM talks with President called off Staff Reporter KARACHI: The proposed meeting between President Asif Ali Zardari and the MQM has been canceled on Sunday.

According to a member of the MQM Rabita Committee, Wasay Jaleel, the meeting was cancelled due to the busy schedule of President Zardari.

According to sources, a meeting will first take place between the MQM and Interior Minister Rehman Malik, after which the president will meet the MQM as well.

Drone hit kills 4 in SWA SOUTH WAZIRISTAN: At least four terrorists killed in a drone attack on a vehicle in South Waziristan here on Sunday.

In Azam Warsak of South Waziristan, American spy plane fired two missiles at a vehicle which killed all the four terrorists present in the vehicle. At the time of drone attack, six foreign terrorists fled away, sources said.

See # 6 Page 11

MULTAN: Prime Minister Syed Yousuf Raza Gilani talking to the media persons. Online

FBR soon to submit challan in court

PPP CEC meet

Gilani assures of uplift funds

Zardari urges for early APC

ISLAMABAD: Directorate of Intelligence and Investigation of Federal Board of Revenue will shortly submit challan against accused of fraud of millions of rupees, Faisal Elahi, Sheikh Zahid Sehgal alias Billoo and others before Special Judge Customs, Sales and Federal Excise as investigations are in final stages.

The accused were involved in issuing fake invoices against bogus companies for claiming millions in refund and input tax adjustment from the tax departments of the Federal Board of Revenue (FBR).

According to the sources, the matter is still under-investigation and required administrative and criminal proceeding will be initiated once investigation is finalised.

Faisal Elahi S/o Anees Elahi and Sheikh Zahid Sehgal Alias Billoo S/o Muhammad Aslam Sehgal have already been arrested for their alleged

involvement in issuance of fake/flying invoices in the name of 19 dummy companies including M/s M King International.

During investigation, certain information was revealed by the aforesaid accused which led to the arrest of six other persons including Shafqat, a computer expert who took advantage of the vulnerabilities in the e-FBR web portal to decode users ID and password of nil/closed units.

The modus operandi of the accused was that they used to purchase the sales tax files of nil/null filers and closed business concerns and e-filed sales tax returns on their behalf without the knowledge of the original registered persons.

They have confessed that they issued fake invoices in the name of these fake units and well reputed businesses also used such invoices to reduce See # 3 Page 11

FBR soon to submit challan in court

Digging into fake invoices nears end ISLAMABAD: Directorate of Intelligence and Investigation of Federal Board of Revenue will shortly submit challan against accused of fraud of millions of rupees, Faisal Elahi, Sheikh Zahid Sehgal alias Billoo and others before Special Judge Customs, Sales and Federal Excise as investigations are in final stages.

The accused were involved in issuing fake invoices against bogus companies for claiming millions in refund and input tax adjustment from the tax departments of the Federal Board of Revenue (FBR).

According to the sources, the matter is still under-investiga-

tion and required administrative and criminal proceeding will be initiated once investigation is finalised.

Faisal Elahi S/o Anees Elahi and Sheikh Zahid Sehgal Alias Billoo S/o Muhammad Aslam Sehgal have already been arrested for their alleged involvement in issuance of fake/flying invoices in the name of 19 dummy companies including M/s M King International.

During investigation, certain information was revealed by the aforesaid accused which led to the arrest of six other persons including Shafqat, a See # 4 Page 11

KARACHI: A meeting of the Central Executive Committee (CEC) members of Pakistan Peoples Party (PPP) belonging to Sindh was held Sunday evening at Bilawal House here with party's Co-chairman President Asif Ali Zardari in chair.

Those who attended the meeting included Makhdoom Amin Fahim, Syed Qaim Ali Shah, Senator Mian Raza Rabbani, Faryal Talpur, Nisar Khuhro, Syed Naveed Qamar, Nabeel Gabol, Senator Islamuddin Shaikh, Aijaz Jakhrani, Pir Mazhar-ul Haq, Dr Zulfiqar Mirza, Syed Ali Nawaz Shah, Fauzia Wahab, Murad Ali Shah, Manzoor Wassan, Hari Ram Kishorilal and Syed Najmi Alam.

Spokesperson to the President Farhatullah Babar said that the meeting took stock of the current political situation in the See # 13 Page 11

No disclosure of Pak Army development funding: ISPR ISLAMABAD: Director General of Inter-Services Public Relations (ISPR) Major General Athar Abbas has said that the usage of funds in civilian departments should be streamlines instead of criticizing the defense budget.

Talking to a private TV channel, DG ISPR said that the army performs its duties as per the government policy.

He said that to ascertain the size of the army is also government's job.

Army has to prepare itself according to defense capabilities of the enemy. No army in See # 5 Page 11

2

Monday, March 14, 2011

6th TEVTA-PBTE Annual Sports

Tevta promoting tech-edu in Pak LAHORE: Healthy body provides healthy mind and healthy mind produces good students.

TEVTA has taken many initiatives to promote technical education because promotion of technical education is very essential for the stable economy.

Chief Guest Chairperson TEVTA Saeed Ahmad Alvi, while addressing the players on the occasion of prize distribution ceremony of 6th TEVTA-PBTE Annual Sports at TEVTA Secretariat ground, stated that sports are very healthy activity and essential for mental and physical growth.

According to the results, Central Zone after getting 40 points in boys and 20 points in girls' events won the gen-

eral trophy of 6th TEVTAPBTE Annual Sports-2011.

Chairperson TEVTA Saeed Ahmad Alvi distributed prizes amongst players and officials of the sports.

Winner Teams were distributed Trophies, certificates and cash prizes. Rs. 25,000 for first, 15,000 for second and 10,000 for third position teams were given cash prizes.

Chairman Punjab Board of Technical Education Dr. Muhammad Shafiq, Chief Operating Officer TEVTA Abid Javaid, Controller Examinations PBTE Professor Muhammad Malik, Secretary Board Aman Ullah, TEVTA & PBTE Officers, Zonal Managers, District Managers, Principals,

Teachers and players attended the prize distribution ceremony.

According to the details of Boys events, Cricket: Central Zone first, South second & North Zone third, Football: Central Zone first, North Zone second & South Zone third, Volleyball: Central Zone first, South Zone second & North Zone third, Hockey: Central Zone first, South second & North Zone third, Badminton: Central Zone first, North Zone second & South Zone third, Tug of War: Central Zone first, South Zone second & North Zone third, Basket Ball: Central Zone first, South Zone second & North Zone third, Table Tennis: South Zone first, Central Zone sec-

ond & North Zone third, Hand Ball: South Zone first, Central Zone second & North Zone third, Taekwando: South Zone first, Central Zone second & North Zone third, In Athletics: Central Zone first, South Zone second & North Zone declared third.

Girls events, Volleyball: Central Zone first, South Zone second & North Zone third, Badminton: Central Zone first, North Zone second and South Zone third, Table Tennis: Central Zone first, South Zone second & North Zone third, Taekwando: Central Zone first, South Zone second and North Zone third, Athletics: Central Zone first, South Zone second & North Zone got third positions.-Agencies

Chambers' Presidents moot today

MULTAN : Prime Minister Syed Yousuf Raza Gilani inaugurating the Moj Darya Pul Flyover in Multan. ONLINE

Dawood Capital Management holds ceremony

3rd LadiesFund '11 Awards distributed Staff Reporter KARACHI: In a lively ceremony held here at Mohatta Palace, the Dawood Capital Management conferred 3rd LadiesFund Awards 2011 in five categories including Women of The Year Award, peoples' choice award, Lifetime A c h i e v e m e n t , Momentum, Trailblazer and Idol awards.

The Pakistan women cricket team won Women of the Year Award, a people's choice award on the occasion.

The panel of judges comprised Oxford University Press MD Ameena Saiyid, former federal law minister Barrister Shahida Jameel, renowned entrepreneur Nilopher Saeed, Sumaira Raja and Trailblazing make-up artist Shamine Farooqui.

The judges' panel

decided to grant Lifetime Achievement Award 2011 to the Sindh Educational Foundation Managing Director Anita Ghulam Ali for her struggle in life.

The Idol Award was presented to Naseem Hameed for her keenness to open a sports school.

She was also granted with a prize-money of Rs50,000.

The Momentum Award was granted to Rehana Hakim for her steady and continuous struggle in the field of journalism.

The Trailblazer award was granted to Rabia Gareeb for her innovative work at CIO Pakistan.

Speaking on the occasion Dawood Capital Management CEO Tara Uzra Dawood said, "The LADIESFUND Women Award is a platform to recognise and commemorate the most dynamic and inspiring women of

Pakistan."

Anita Ghulam Ali while speaking on the occasion, shed light on the importance of education for women.

FWB President Shafqat Sultana spoke about the role of financial security and opportunities in Pakistan for women.

Various distinguished guests including British Deputy High Commissioner Robert Gibson, Higher Education Commission Chairman Jawed Leghari and former State Bank President Dr Ishrat Husain were also present on the occasion.

HEC Chairman Jawed Leghari while expressing his views said that women should be brought to the mainstream. He appreciated the role of LADIESFUND in encouraging the Pakistani women entrepreneurs.

RAWALPINDI: Two-day All Pakistan Chambers' Presidents Conference will start from today (Monday) in Bhurban.

Almost 40 Presidents of the Chambers of Commerce and Industries will participate from all over Pakistan in the Conference.

The said Conference is jointly organised by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Center for International Private Enterprises (CIPE) to discuss the problems faced by the business community & the industry of the country i.e. deteriorating law & order situation, energy crisis, RGST, industrial policy, foreign investment and prepare budget proposals for the year 2011-12.

Sattar feels winds of change KARACHI: Muttahida Qaumi Movement (MQM) deputy convener Farooq Sattar said Sunday that a wind of change started in Pakistan.

Addressing a public gathering in Sukkur, he said that the MQM wanted to bring economic revolution in the country that is why few people do not like Altaf Hussain.

He said that first time in the country petroleum prices were reverted on the insistence of Altaf Hussain, adding that it was everyone's right to live a respectable life.

He said that it was the MQM who impeded the imposition of General Sales Tax. Instead of importing $millions' cell phones, Pakistan should manufactures cell phones to save foreign currency reserves, Sattar added. -NNI

KARACHI : Chief Justice of Nepal Justice Ram Prasad Shrestha along with Chief Justice of Sindh High Court Justice Mushir Alam offering Fateha after laying floral wreath at Mazar-e-Quaid during his visit on Sunday. -APP

Dr Samar says Japan N-radiation not grave ISLAMABAD: Renowned atomic scientist Dr Samar Mubarak has said that emission of radiations from Fukushima nuclear power plant in Japan is not worrisome.

Talking to a private TV channel on Sunday, he said that the radiations are being emitted due to the destruction of the cooling system in the plant due to devastating quake and tsunami that hit the country Friday.

He said, "As cooling system is

not passing through recovery system therefore it is not dangerous.

Nuclear radiation in liquid form is dangerous but in Japan situation is different as it is not liquid form and not hazardous at this stage."

Nuclear radiations are high inside nuclear cover and whenever the cover turn very hot if a cooling system is damaged, he said, adding that the radiation become out of control if the cover mixed with uranium and that is danger-

ous.

"But as they (Japanese) are trying to keep it cool with the help of water and hope that they would be successful," he said.

To a question he said that radiation from liquid is very dangerous and controlling it is a complex process as you have vacate a area first and after clearing it people can return. If the liquid fall into sea, then it destroys life inside the sea. -Agencies

500 New CNG buses to hit Khi tarmac soon Staff Reporter KARACHI: As many as 500 CNG buses would be plied in Karachi and other parts of the province in the first phase.

This was announced by Sindh Minister for Transport, Akhtar Hussain Jadoon here on Sunday.

He said that this would help provide an affordable and comfortable mode of transport to the people.

The Minister pointed out that the Transport Department was constructing bus terminals in Karachi and other cities in the province.

He further pointed out that basic facilities would be

made available at these terminals.

Akhtar Jadoon informed that route permits of all commercial vehicles in the province are being computerised and peculiar stickers being introduced which will promptly detect those vehicles that have not paid taxes.

He said that the Sindh Government has given a tax target of Rs70 million to the Transport Department.

The Minister directed the District Officers to ensure that the target is met.

He also asked the officers to initiate the checking of vehicles in their respective districts and impose fine on those which do not possess route permits.

KARACHI : The Consul General of the Republic of Germany Dr Christian Brecht and Mrs Brecht, hosted farewell reception to the deputy head of mission Consul Director Freund and Tina Freund, at their residence. Photo shows Consul General of France Abdul Qadar Sattar and Mrs Sattar with other guests. -Online

Struggle for women to go on, says MQM KARACHI: The Muttahida Qaumi Movement (MQM) chief Altaf Hussain said Sunday his party would continue its efforts for ending discriminatory laws against women.

Addressing the female student's wing of the MQM over telephone, Altaf Hussain said the ideology of the MQM was rapidly spreading due to entry of large number of women in the party.

He claimed that the MQM was the only political party the rallies of which are attended by women in large number without any fear.

He urged the female students to excel in education in order to ensure bright future of the country. -INP

KARACHI : Absence to the policemen from a police mobile in Pehlwan Goth, Gulistan-eJauhar area speaks abouth the volume of poor performance of the concerned authorities who claim to have in creased the number of security persnnel in the city. -Online

KP agro-schemes in doldrums ISLAMABAD: Agriculture department of Khyber-Pakhtunkhwa is feeling stress over transfer of agriculture affairs to the province as some new and ongoing schemes may suffer due to lack of resources.

Sources informed that new and ongoing schemes, which were otherwise to be completed with the help of the federal government, amounted to hundreds of millions in rupees in the sector.

The sources said that only new schemes in agriculture sector for the province cost over Rs2 billion though in few cases donors like Asian Development Bank support the provinces in Pakistan.

Agribusiness development and diversification project, commercialization of tea production are among the ongoing projects in the province while projects like rehabilitation and strengthening of summer agriculture research station of Pakistan Agriculture Research Council (PARC) is among the new projects.

Only the one new scheme cost over 11

million in rupees, the sources informed.

KP was already reportedly disturbed over the financial and human losses in face of last year devastating flood and the violence that has been paralyzing normal functions in parts of the province that not only increased the government expenditures but also affected the tax collection.

The KP government has recently cut funds to its several development schemes as rehabilitation of the affected and several other issues are limiting resources for progressive activities, an official who was not authorized to speak to media said.

Situation in other provinces may be different as the province like Punjab has enough resources to continue its developmental activities but the affected and a small and violence hit province like KP is in a difficult situation, the officials maintained.

The sources also informed that the provincial government is not ready to accept the employees of the federal min-

istries, which are going to transfer to the provinces as a part of the devolution plan under 18th amendment.

However, the province attitude is not without reason. According to the data of finance department and some reports, 68 per cent of the provincial non-development budget goes to salaries and pensions of the employees in KP. The staff strength of the provincial government has risen from 288,203 to 375,935 posts over five years between 2005-06 and 2010-11.

When contacted DG Agriculture Extension in KP Muhammad Tasleem confirmed that the province lacks funds to continue the new as well as the ongoing schemes in the sector if responsibility was shifted to the calamities-devastated province.

He told Online that funds for the ongoing schemes in agriculture are expected to be provided by the federal government for the current year but after that, the KP government would have to run the

expenses within the limits of its resources.

On the other side officials in revenue department of the province on condition of anonymity said they cannot say something certain about the future finances in KP, however, keeping in view the ongoing situation and history of tax collection in the province, high expectation of future would be unrealistic.

Nevertheless, it could be verified that transferring of the agriculture subject to the province like Punjab creates no problems of funds to the projects.

In an exclusive chat with Online the Agriculture Secretary of Punjab Arif Nadeem confirmed that at least agriculture department in Punjab is not feeling any stress over transfer of the subject.

He said that transfer of the subjects are beneficial and is in interest of the people in Pakistan. On finances, he said that there is no limitations of the resources as private sector investors are ready to invest in the sector. -Online

KARACHI : People collecting oil from the road after a mini Bus and an ail tanker collded with each other in Area. -Online

20 hurt as tanker hits bus Staff Reporter KARACHI: At least twenty persons injured when an oil tanker collided with a passenger coach near Sher Shah Bridge hereon Sunday. The collision took place near Sher Shah Bridge on Main Naral Bypass Municipality-2. It happened due to the carelessness of oil tanker's driver and the tanker hit with a passenger bus coming from opposite direction. Resultantly, twenty persons sustained injuries seated in the bus. They were then shifted to different hospitals of Karachi. Sixty-thousand liters of oil spilled from the tanker after the accident. Masses filled their canisters with the oil.

Relief teams, Police and Rangers started relief activities after arriving at the spot. In serious conditions, five injurers were shifted to Abbasi Shaheed Hospital.

3 Monday, March 14, 2011

US Dollar weekly outlook

Greenback seen pressured in Japan quake aftermath NEW YORK: The dollar may be pressured this week on more repatriation flows into Japan after Friday's earthquake, and by moves into the euro, which was boosted by euro-zone leaders agreeing on a competitiveness pact and the single currency's widening interest-rate advantage.

Analysts said a dollar retreat below Y81.00, well below Friday's low of Y81.65, is possible early this week, when the Bank of Japan is scheduled to hold a one-day meeting.

Only once has the dollar dropped below Y80, and that level is key because it is viewed as a tipping point where the BOJ might act to curb yen strength.

That all-time low was reached a few months after a devastating earthquake struck Kobe, Japan, in 1995, forcing companies to convert foreign holdings back into yen.

Specs boost USD shorts, euro longs rise: CFTC NEW YORK: Currency speculators boosted bets in favor of the euro to the highest since December 2007 in the latest week, while the value of bets against the dollar rose further, data from the Commodity Futures Trading Commission showed on Friday.

The value of the dollar's net short position rose to $35.36 billion in the week ended March 8 from $34.9 billion a week earlier, according to CFTC and Reuters calculations. It was the largest net short dollar position for which Reuters has data, dating back to June 2008.

Net long euro positions rose to 62,294 contracts in the latest week, the highest since December 2007, from 51,308 contracts in the prior week. -Reuters

But market participants also said the reaction to Kobe could be a misleading barometer for how the yen might move after the latest earthquake.

The BOJ, which has said it is standing by to supply adequate liquidity to money markets, meets on Monday. After that, the most closely watched scheduled event for currency investors will be the US Federal Reserve's policy-setting meeting Tuesday.

Market participants continue to mull whether the Fed will wind up its dollar-diluting asset purchases soon.

But even if the Fed sounds more bullish about ending its $600 billion bond-purchasing program--also known as quantitative easing--after June, it is still likely to keep interest rates low for an extended period, which won't help the dollar much against the buoyant euro, said analysts.

After sinking late last year on sovereign-debt concerns, the euro has staged a resounding comeback of late against the dollar, driven by a focus on expected rate increases by the European Central Bank.

Euro-zone leaders reached agreement late Friday on a German-inspired competitiveness pact that calls for far reaching reforms across the 17 nations that use the single currency, which should only help the euro going forward, said analysts.

"The rates are still very much attractive in the euro-zone, and as awful as the euro-zone looks, it rallies by default," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York.

After trading within a mostly tight range this year, the dollar's performance against the yen became a renewed focus of the market on Friday, as a 8.9-magnitude earthquake in Japan caused nervous companies and investors to send funds back home, pushing the dollar down

by 1.3 per cent on Friday.

Japan's economy, still wracked by deflationary pressures, is fundamentally weaker than it was when the Kobe quake struck in 1995, while the US economy shows encouraging signs of growth, said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.

To be sure, if the Fed acknowledges some of that economic improvement, then that could boost the dollar, said some analysts.

Overall, "the biggest risk heading into the week is the FOMC (Federal Open Market Committee) meeting on Tuesday," said Sutton.

While the US economy is still weighed by a battered housing market, consumers' inflation expectations have started to creep up.

Within a Thomson Reuters/University of Michigan consumer sentiment survey Friday, the early-March oneyear inflation expectations reading rose to 4.6 per cent from an already high reading of 3.4 per cent at the end of February.

"That could change some of the tone from FOMC members" with regard to inflation, Sutton said. A more hawkish tone from Fed policy makers could put upward pressure on US yields and burnish the dollar's appeal to global investors.

Separately, Middle East tensions figure to still keep investors just distracted enough heading into a new week.

Geopolitical tensions in the Middle East and North Africa haven't favored the greenback of late, partly because of the US reliance on the global oil supply.

That said, planned protests in Saudi Arabia on Friday didn't materialize as the kingdom launched a massive security operation in a menacing show of force to deter protesters from a planned "Day of Rage" to press for democratic reform there. -Agencies

Sterling log losses for wk LONDON: The pound reached its lowest level in a month against the dollar as data showed UK producer-price inflation slowed in February and investors trimmed bets that the Bank of England will raise interest rates.

Britain's currency weakened for a second day against the euro. Output prices increased 0.5 per cent from January, when they rose 1.1 per cent, the Office for National Statistics said.

The central bank kept its borrowing costs at a record low of 0.5 per cent as policy makers chose to set aside concern on rising inflation pressures to support the economic recovery.

"The general outlook for UK rate hikes has come off," said Lee McDarby, head of dealing on the corporate and institutional treasury desk at Investec Plc in London. "The pound has had a decent couple of weeks against the dollar, and we're seeing it dip back down now."

The pound weakened 0.3 per cent to $1.6020 in London after reaching $1.5977, the weakest since Jan. 28. It was 1.5 per cent lower in the week, the biggest decline since the five trading days ending Dec. 17.

Sterling depreciated 0.5 per cent to 86.24 pence per euro.

"There's some disappointment regarding rate-hike expectations," said You-Na Park, a currency strategist at Commerzbank AG in Frankfurt. "The pound has come under pressure after the Bank of England kept rates unchanged."

Britain's currency declined even as a report showed the average price of a home in England and Wales rose 0.3 per cent in February to 222,456 pounds from a month earlier.

Values fell 0.5 per cent from a year earlier, the first annual decline since October 2009, research company Acadametrics Ltd. and LSL Property Services Plc said. Agencies

Copper Wheat logs Profit-taking hits worst wk arabica, sugar rebounds finishes flat YORK/LONDON: NEW YORK/LONDON: to $2.62 per lb next week, Reuters NEW in years Copper steadied by the close on Arabica coffee futures closed market analyst Wang Tao said.

CHICAGO: US grain futures fell after an earthquake in Japan raised fears that the world's third largest economy would slow commodity purchases, extending a sell-off in which wheat prices notched their biggest weekly loss in more than two years.

Corn prices dropped 2.7 per cent on the Chicago Board of Trade in their sixth straight losing session, falling to the lowest level in nearly six weeks. The benchmark CBOT corn contract fell 8.8 per cent this week and posted its biggest weekly percentage decline since November.

CBOT May corn ended down 18-1/2 cents at $6.64-1/4 a bushel, hitting its lowest level since Jan. 31 early in the trading day.

May wheat fell 21-3/4 cents to $7.18-3/4 a bushel. Prices hit their lowest level since early December earlier in the session.

Wheat plunged 13.6 per cent this week, its biggest weekly loss in percentage terms since December 2008.

May soybeans, which touched their lowest level since Feb. 23, closed off 21 cents at $13.34-1/2 a bushel. Prices fell 5.6 per cent during the week, the soy market's worst weekly sell-off since October 2010. -Reuters

lower on profit-taking on Friday, posting their biggest two-day percentage loss in nearly seven months, while cocoa futures slid with other commodities after a huge earthquake and tsunami struck Japan.

Raw sugar touched a twoweek low but reversed to close higher late in the session.

Japan's massive earthquake slammed risk assets across the world as concerns mounted about the still unknown damage to the world's third-largest economy from the devastating tsunami spawned. Oil prices fell, shutting refineries and other industrial facilities.

Coffee extended Thursday's steep losses, pushing arabicas even further below Wednesday's 34-year peak at $2.9665 per lb, basis May, as dealers grabbed profits. ICE May arabica coffee tumbled 6.15 cents, or 2.2 per cent, to close at $2.7440 per lb.

Liffe May robusta coffee closed down $87 at $2,421 per tonne.

A lack of roaster buying also allowed the move lower to happen easily, while the tight supplies that caused the sustained rally remained.

New York coffee will fall further

ICE raw sugar futures felt pressure from light investor sales and slow cash action in the market for most of the session, but recovered to settle higher on late short-covering, bouncing off key support areas with a lift from trade buying.

ICE May raw sugar futures rose 0.15 cent to conclude at 28.86 cents per lb, after trading at a two-week low at 27.83 cents.

London May white sugar settled down $7.60 at $720 per tonne.

Sugar had been trading above 30 cents a lb and the prospect that India could actually export 500,000 tonnes of sugar or more knocked the bullish legs out of the market. "I am overall bearish on sugar as I think India will have to export at the end, and in volume," explained Jack Scoville, a senior analyst for brokerage The Price Group.

ICE cocoa futures slipped in an inside day after their biggest three-day fall in two months, taking prices well below last week's 32-year high at $3,775 per tonne. ICE May cocoa closed down $33 at $3,412 a tonne, while London May cocoa finished down 18 pounds 2,226 pounds per tonne. -Reuters

US cotton defies early weakness to finish up NEW YORK: US cotton futures settled higher Friday on investor buying to end a three-day losing streak, as fiber contracts bucked early weakness in the commodities sector from the massive quake in Japan, analysts said.

The key May cotton contract on ICE Futures US rose 3.96 cents to finish at $2.0494 per lb, trading from $1.966 to $2.0798.

On the week, the market was down 3.65 per cent. It was the first weekly loss for cotton futures in 9 weeks.

Traders said activity was dominated by technical considerations. The market's session low

of $1.966 is roughly the 50 per cent correction in the market from the Feb. 25 low of $1.7815 to the Monday top of $2.197.

"Without a doubt, this is a technical rebound," said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana.

He said once the May contract hit $1.966, it headed back the other way on short-covering by technical players.

The quake in Japan may have had a knock-on effect in the market's early downturn, but it was largely shrugged off by players whose attention was focused on something else, deal-

ers said.

"We've ignored all the outside markets," said Stevens. "We're trading the flow of money that comes in and out."

The result is that estimated volume traded Friday stood at about 24,000 lots, about a quarter below the 30-day norm, Thomson Reuters preliminary data showed.

Open interest in the market, an indicator of investment exposure in cotton, stood at 175,025 lots as of March 10, up slightly from the 7-1/2 month low at 173,688 lots as of March 8, data from ICE Futures US showed. -Reuters

Friday, recovering from an earlier three-month low, as investors reassessed the likely fallout from Japan's massive earthquake.

An acceleration in Chinese inflation in February only added to the negative mood across the base complex, extending copper's weekly losses to as much as 10 per cent before the sell-off began to show signs of fatigue.

Despite the late recovery, copper prices still managed to suffer their biggest weekly decline since early June 2010.

London Metal Exchange (LME) three-month copper eased $1 to close at $9,190 per tonne, recovering from an intraday low at $8,992, its lowest since mid-December. In afterhours trade, gains extended to near session highs at $9,260.

COMEX copper for May delivery settled up 1.00 cent at $4.2075 per lb, near the upper end of its $4.0860 to $4.2195 session range.

Japan's two major copper smelters shut down operations due to power outages, raising concerns about supply disruptions.

The impact of the quake stretched to Chile, where three big ports were expected to halt activities on Friday and led the world's top copper producer Codelco to send ships out to sea as a precaution pending a tsunami bound from Japan.

February inflation in China topped expectations at 4.9 per cent, and looked set to climb further, adding to pressure for more monetary tightening. This could limit economic growth and curb demand for industrial metals.

On Thursday, data showed China's imports of copper fell 35 per cent to 235,469 tonnes in February, from 364,240 tonnes the previous month.

Inventories of copper on the London metal exchange rose 400 tonnes to 425,875 tonnes, data showed. Copper stocks have increased by over a fifth since mid-December.-Reuters

Asian currencies

Mostly fall on Japan, economic concerns BANKOK: Asian currencies fell this past week, led by South Korea's won and the Philippine peso, as a major earthquake in Japan spurred demand for dollars and yen, while signs the global recovery is losing steam deterred risk-taking.

Overseas investors sold $2.8 billion more South Korean and Taiwanese stocks than they bought this past week, exchange data show. The yen strengthened the most since Dec. 3 on safe- haven demand.

"The impact from the earthquake could result in slower external trade as Japan is traditionally one of the top three markets for Asian exporters," said Suresh Kumar Ramanathan, a currency strategist at CIMB Investment Bank in Kuala Lumpur. "Also, if growth in China cools off further, it could chip away some of the recent gains in Asian cur-

rencies."

South Korea's won dropped 0.9 per cent from a week earlier to 1,124.18 against the dollar.

The Philippine peso slipped 0.9 per cent to 43.65. Taiwan's dollar and India's rupee each fell almost 0.5 per cent to NT$29.599 and 45.1825, respectively.

Reports on March 10 showed US jobless claims rose, China had its first monthly trade deficit in almost a year and Moody's Investors Service cut Spain's credit rating.

Overseas shipments account for about half of South Korea's economy and two-thirds of Thailand and Taiwan's gross domestic product. China's yuan fell 0.1 per cent this past week to 6.5746.

Malaysia's ringgit dropped to its lowest level since March 2 after the central bank held its overnight policy rate at 2.75 per

cent for a fourth straight meetings, a decision predicted by 16 of 20 economists in a survey.

Four had expected a 25-basis point increase.

Bank Negara doubled the statutory reserve ratio to 2 per cent, requiring banks to set aside zero-interest money with the central bank from April 1, to tighten credit. It had slashed the ratio to 1 per cent in March 2009 from 4 per cent in November 2008 after the global credit-market crisis.

The currency declined 0.6 per cent on the week to 3.0460 per dollar, the biggest drop in a month.

Elsewhere, the Singapore dollar fell 0.5 per cent for the week to S$1.2736 against its US counterpart. Indonesia's rupiah depreciated 0.2 per cent to 8,803 while Thailand's baht gained 0.1 per cent to 30.46. Agencies

C$ ends stronger after post-quake volatility TORONTO: Canada's dollar closed stronger after a volatile session on Friday, rebounding alongside North American equities and some commodity prices, after an early drop triggered by Japan's devastating earthquake.

The currency at one point hit its weakest level in nearly two weeks. It slid after data showed domestic job creation slowed more than expected in February and bottomed after news US consumer sentiment fell to a five-month low.

But by the afternoon the currency had recovered along with US and Canadian stock indexes as investors tried to weigh the quake's economic impact. Oil and copper both cut losses, while safe-haven gold turned higher.

The currency fell as low as

C$0.9803 to the US dollar, or $1.0201, its weakest level since Feb. 28. It was already softer heading into the jobs data as the deadly 8.9 magnitude earthquake that hit Japan darkened an already bleak mood caused by weak economic data and unrest North Africa and the Middle East.

The Canadian dollar ended the session at C$0.9711, or $1.0298, compared with Thursday's close of C$0.9756 to the US dollar, or $1.0250. For the week it was almost unchanged.

"We're really seeing commodity currencies generally very strong," Sutton said. "This morning when we came in there was so much uncertainty with headlines and video of the Japanese earthquake really flooding the market's attention,

and since then, this afternoon, we've just had a refocusing."

The currency also benefited from stronger US retail sales, which had their largest gain in four months in February.

The risk for the Canadian dollar is still to the downside over the next week, Analysts said, with a US Federal Open Market Committee meeting on Tuesday.

The FOMC may highlight stronger US economic data, which would likely give more fuel to the greenback.

Analysts said the Canadian currency risks testing the 50-day moving average of C$0.9875.

On the upside, higher oil prices could see the Canadian dollar back around this week's high.

The currency hit C$0.9667 on March 9, its strongest level since November 2007. -Reuters

Oil falls after quake, muted Saudi protest Saudi Arabia protests muted by police presence NEW YORK: Oil prices fell on Friday after a massive earthquake shook Japan, shutting refineries and other industrial facilities in the world's thirdlargest oil consumer and triggering a broader sell-off in commodities.

Muted protests in Saudi Arabia contributed to the sell-off by investors who had been spooked by plans for "day of rage" demonstrations in the world's top oil exporter. Funds have bailed out of oil markets for the past several days after lifting their positions to a record high as of Tuesday.

US heating oil and gasoline futures held up better than crude, receiving support from expectations that Japan will require more fuel imports after the quake and tsunami affected about a fifth of its capacity.

Brent crude futures for April delivery fell $1.59 to settle at $113.84 a barrel, losing 1.8 per cent on the week, the first loss in

seven weeks and biggest since November.

US crude futures for April delivery fell $1.54 to settle at $101.16 a barrel, off a low of $99.01. It fell 3.12 per cent on the week, its first weekly loss in four. Trading volume was light, however, at about 670,000 lots, nearly a third below the average of the past month.

The US front-month heating oil crack spread, or refining profit margin, rose $1.21 to $26.39 a barrel at 2145 GMT, while the gasoline crack spread rose 67 cents to $24.79.

"From an oil pricing perspective, the situation in Japan is likely to result in a negative impact on crude oil prices and a positive for refined products," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

Japan was hit by a magnitude 8.9 earthquake, the largest since observations began in the late 19th century.

Fighting continued in OPECmember Libya. Rebels repelled a counter-offensive by leader Muammar Gaddafi's forces, but appealed to foreign powers to impose a no-fly zone to stop further attacks. Most analysts have now written off any chance of a quick return of Libyan production.

Even with the focus on Japan, the Middle East and North Africa, brokers and analysts said oil prices felt pressure from news that Chinese inflation topped expectations in February, possibly triggering more monetary tightening that could dampen oil demand in the world's No. 2 oil consumer.

Rising gasoline prices pushed US consumer sentiment to its lowest level in five months in early March, a Thomson Reuters/University of Michigan survey showed.

A separate report showed that US retail sales posted their largest gain in four months in February. -Reuters

Gold safety sought, ME unrest, quake damage rise Investors watch for violence in Saudi Arabia, Libya NEW YORK: Gold remained near the day's highs on Friday after the dollar weakened against the euro and as investors sought the precious metal's safety after Japan's earthquake and with Middle East violence rising heading into the weekend.

A major earthquake in Japan proved a double-edged sword for gold prices. While investors wanted a tangible asset amid the chaos wreaked by the worst earthquake in Japan, the disaster sent oil prices falling, which lessened the need for gold as a hedge against inflation.

Spot gold advanced to $1,419.85 an ounce by 2018 GMT, up from $1,412.59 an ounce at Thursday's closing bid.

US gold settled at $1,421.80, up

$9.30.

Despite gains on Friday, gold booked its deepest weekly loss since mid-January, falling earlier in the week with oil, as some players unwound positions taken out as an inflation hedge when oil prices advanced to highs last seen in 2008.

"With the weakness in the dollar now and a lot of the anxiety going into the weekend, I think people want to hold something tangible in their portfolio," said Senior Market Strategist Adam Klopfenstein at Lind-Waldock in Chicago.

Klopfenstein added that the flare ups in North Africa and the Middle East investors "are looking to precious metals for that anxiety premium, fearing that if

they're not long (gold) now they would have to pay a significantly higher price to buy it on Monday."

Mostly, they said the uncertainty surrounding both the earthquake and Middle East drew investors seeking a tangible investment before leaving for the weekend.

"I think it's end-of-the-week activity for gold. The dollar started weakening and after listening to Obama, (Libya) is still a pretty serious situation. I think what we're seeing here is shortcovering," said Bill O'Neill, managing partner at LOGIC Advisors in Upper Saddle River, New Jersey.

"The lower oil price takes some of the inflation steam out

4 Monday, March 14, 2011

The Financial Daily International Vol 4, Issue 127

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

Equities get a new springboard The three leverage products namely, Margin Trading System (MTS), Margin Financing System (MFS) and Securities Lending and Borrowing (SLB) are being introduced in two phases. While MTS and MFS will be implemented from today (Monday), SLB will be launched from March 21.

The Securities & Exchange Commission of Pakistan has registered National Clearing Company of Pakistan as Authorised Intermediary.

Introduction of a new set of leverage products in the equities market of Pakistan's marks the beginning of a new era. Historically, in this part of the world financing has been done through a decades old system called badla. Over the years various attempts have been made to replace it with products offering improvised risk mitigation system but the outcome has not been very satisfactory. In fact some of the critics say that fiddling with decades old and time-tested badla has led to various crises in which small investors were hit the most.

The general perception is that availability of leverage products helps in expanding volumes as well as speculation. Therefore, in the absence of such products volumes, brokers' income and spending on research would stay on the lower side. The propagators of leverage products have not forgotten the day when a single day volume touched the historic high of one billion shares. As against this lately-- daily traded volume has been hovering below 100 million shares.

As against this antagonists of leverage products say that day traders create the hype and the small investors suffer the most, a group becoming extinct in Pakistan's equities markets. Of lately, local market has been driven by foreign fund managers, institutions, and large net-worth investors. Greater participation by the mutual funds in the capital markets is also being considered a move suggesting retail investors are now investing though the funds.

With this given, there are free-float limits imposed on how much of a particular stock can be financed through MTS, it is understandable that those with higher free-float may attract leveraged buying. However, it is interesting to note, that there are several stocks included in this list which have traditionally been leverage product favourites, even in the time of CFS --till 2008. The upside potential on some of the stable and dividend-yielding stocks is mostly well known, and these stocks have never tended to attract much leveraged buying.

Leveraged buying tends to focus on quick gains, which most often come from growth stocks and/or stocks where free-float is cornered. This was the case in times of badla/CFS and is likely to be the case going forward once again.

Having witnessed crashes in the past, which were accompanied by high leverage as a percentage of free-float, it is understandable that some lending institutions and individuals may exercise calm in order to avoid a dĂŠjĂ vu. We believe that this time around financiers will follow a more cautious approach. However, some of the scrips may lead the leverage race and one may see a higher ratio of participation in some of the index heavyweights.

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.

Land of Rising Sun After Quatastrophe?

T

he earthquake that devastated northeast Japan displaced the country's main island by 2.4 meters and even tilted the axis of the Earth by nearly 10 centimeters. The shock sounds awesome but it was imperceptible. History suggests the same will be true of the economic impact.

The instinctive reaction when viewing the extensive damage and frantic efforts to secure damaged nuclear reactors is to assume economic havoc will follow.

But researchers who have studied similar disasters in rich countries reach a reassuring conclusion: human resilience and resourcefulness, allied to an ability to draw down accumulated wealth, enable economies to rebound quickly from what seem at first to be unbearable inflictions - be it the September 11, 2001, attacks on New York or Friday's 8.9-magnitude earthquake, the worst in Japan's history.

Japan itself provides Exhibit No. 1 in foretelling the arc of recovery. A 6.8-magnitude temblor struck the western city of Kobe on January 17, 1995, killing 6,400 people and causing damage estimated at 10 trillion yen, or 2 percent of Japan's gross domestic product.

The importance of Kobe's container port, then the world's sixth-largest, and the city's location between Osaka and western Japan made it more significant for the economy than the more sparsely populated region where the latest quake and tsunami struck.

Extensive disruption ensued, yet Japan's industrial production, after falling 2.6 percent in January 1995, rose 2.2 percent that February and another 1.0 percent in March. GDP for the whole of the first quarter of 1995 rose at an annualised rate of 3.4 percent.

"Despite the scale of the disaster, it is hard to find much evidence in the macroeconomic data of the effects of the Kobe earthquake," said Richard Jerram, chief Asian economist at Macquarie in Singapore and a veteran Japan-watcher.

Indeed, Takuji Okubo, chief Japan economist at Societe Generale in Tokyo, noted that Japan's economy grew by 1.9 percent in 1995 and 2.6 percent in 1996, above the country's trend growth rate at the time of 1.5 percent. Private consumption, government spending and, especially, public fixed investment all grew above average in 1995 and 1996, Okubo said in a report. By analogy, the medium-term impact on growth from the latest quake was also likely to be positive, he said.

Today's circumstances are, of course, different. Japan's economy has floundered in the intervening 16 years and its public finances have deteriorated. On paper, the country, is perhaps less well prepared at this stage of the economic cycle to pick itself up off its feet.

But Mark Skidmore, an economics professor at Michigan State University, attaches greater importance to a rich society's capacity to constantly adapt to the risks it faces. In the case of Japan, prone to regular earthquakes, this means improving its disaster response systems and adopting the latest techniques to help buildings withstand shocks.

Most of the damage wrought in Japan was by the ensuing tsunami, for which there was no time to prepare, and not by collapsing buildings - even though the quake was 1,000 times more powerful than the Kobe one.

"We don't know yet how devastating this is going to be economically, or even in terms of human casualties, but Kobe was able to rebound very quickly and I think there is the same potential here," Skidmore said in a telephone interview.

Skidmore and Hideki Toya from Nagoya City University in Japan have examined data for 151 countries over the period 1960-2003 and found that countries with higher levels of income, education and financial development suffer fewer losses from a natural disaster. Other researchers have reached similar conclusions.

"As incomes rise in a society, you can devote more resources to safety.

So economies that have relatively high exposure to earthquakes or hurricanes start taking the precautions they need.

Japan is among the best prepared in the world because they have high exposure and high income," Skidmore said.

OPENNESS TO TRADE Countries with an openness to trade are also better able to cope with disas-

ters because they create supply chains as well as commercial and diplomatic relationships that prove to be important. A well-oiled, well-financed government that can spring into action and limit the spillovers of the disaster is also crucial. This bodes well for Japan.

"They have the resources. They have the social and economic and government infrastructure to effectively utilize the resources that may come in from outside as well as internally.

They can focus not just insurance but also government assistance to respond effectively," Skidmore said.

Another U.S. academic who has studied the lessons from Kobe, the late George Horwich of Purdue University, noted that media reports said it could take the city as long as a decade to recover. In the event, within 15 months manufacturing in Kobe was at

INDIAN OCEAN TSUNAMI Another case in point is Aceh, at the northern tip of the Indonesian island of Sumatra, which bore the brunt of the Indian Ocean tsunami of December 26, 2004.

Of the 230,000 people killed by the speeding, towering waves, 167,000 were from Aceh, which suffered total damage of about $4.5 billion. A big relief effort was launched, but more than two years later a report from the Asian Development Bank Institute said key reconstruction targets had not been met and coordination among the many government agencies and international donors was poor.

With Aceh accounting for just 2 percent of Indonesia's economy, the catastrophe was not enough to move the needle of the country's GDP. But, as with Haiti, the shortcomings of the region's recovery stood In stark con-

Today's circumstances are, of course, different.

Japan's economy has floundered in the intervening 16 years and its public finances have deteriorated. On paper, the country, is perhaps less well prepared at this stage of the economic cycle to pick itself up off its feet.

98 percent of its pre-disaster trend; imports had fully recovered within a year and exports were back at 85 percent capacity; and 79 percent of shops had reopened by July 1996.

"Natural disasters in large advanced economies tend not to significantly reduce current aggregate output or induce an associated rise in the general price level. In geographically dispersed economies, disasters are almost always localized events. But in any economy, it is the capital stock, not output, that is directly reduced by the disaster," he wrote in a paper published in 2000.

Horwich concluded that physical capital is the most visible contributor to economic recovery but human capital is the dominant economic resource.

And Japan has that in spades.

"Destroy any amount of physical capital, but leave behind a critical number of knowledgeable human beings whose brains still house the culture and technology of a dynamic economy, and the physical capital will tend to reemerge almost spontaneously," he said.

The 2008 earthquake in the western Chinese province of Sichuan, which killed nearly 90,000 people, is in line with the academic finding that strong institutions and human capital are central to the process of recovery.

As a developing country, China had not made enough buildings earthquake-resistant. Many schools crumbled. Yet the ruling Communist Party mobilized vast resources for rescue, relief and reconstruction. As a result, according to a government think tank, the disaster actually added an estimated 0.3 percentage point to China's GDP growth in 2008. Less than three years on, the office charged with reconstruction has been disbanded, its work complete, an official said on Sunday.

Compare and contrast with Haiti, the most impoverished country in the Western Hemisphere. The 7.0 magnitude quake that struck on January 12, 2010, was much less powerful than that in Japan, but it killed at least 250,000 people, injured 300,000, left 1.5 million homeless and wrecked large parts of the capital, Port-auPrince.

With weak finances and no emergency fund to tap, Haiti's economy slumped at least 5 percent last year, and the release of billions of dollars in international aid has been too slow to settle the homeless and get basic services running again, let alone spur an economic recovery. A cholera epidemic and political instability over contested elections reflect the failures of reconstruction efforts and in turn have made recovery even more difficult.

Haiti's woes confirm the findings of numerous researchers that poverty, high unemployment, limited access for the poor to basic services and a lack of strong national and local institutions amplify the economic blow of natural disasters.

"The impacts of natural disasters on society and the environment are substantially greater in less developed countries," according to a paper by Reinhard Mechler, who heads the research group on disasters and development at the International Institute for Applied Systems Analysis near Vienna.

trast to the experience in Kobe.

After the initial loss of output, disasters in advanced economies do not invariably result in a boost to economic activity.

Gus Faucher, director of macroeconomics at Moody's Economy.com, a consultancy, has cited the aftermath of Hurricane Katrina, which devastated New Orleans in 2005: the city did not experience an economic bounce because so many residents left, government aid was slow to arrive and insurance payments were low.

But, as a rule of thumb, reconstruction jobs and the influx of emergency assistance apply balm to an economy's wounds. Take the 6.7 magnitude Northridge quake near Los Angeles in 1994 that killed 57 people, injured 9,000 and resulted in about $40 billion in property damage.

Daniel Blake, an economics professor at California State University Northridge, found a year later that the $18 billion in aid and insurance payments made by the federal government actually jump-started the area's fragile economy after four years of recession.

And after the 1989 Loma Prieta earthquake, which severely damaged major roads around the San Francisco Bay, an official estimate put the Bay Area's lost economic output at between $181 million and $725 million, a fraction of its 1989 gross regional product of $174 billion.

Indeed, the California Trade and Commerce Agency later found that the Bay Area even managed to do better than many parts of the state in weathering the early 1990s recession.

A more recent example is that of Chile, where 500 people died in an 8.8 magnitude quake in February 2010 that caused an estimated $30 billion hit to the economy due to damaged infrastructure and property and lost productivity.

Both the government and central bank trimmed their growth outlooks after the quake, estimating it could shave around 0.25 to 0.5 percentage point off annual growth. But the economy grew about 5.2 percent in 2010, within the original range of projections. With the state only halfway through its rebuilding programme, GDP growth this quarter is likely to accelerate to around 8 percent.

"The impact of reconstruction on growth is becoming stronger as time goes on," said Finance Minister Felipe Larrain, who financed an $8.4 billion recovery package with a mix of bond issues, higher royalties levied on mining companies and savings from a boom in copper, Chile's principal export.

So what does all this mean for Japan?

Pete Wilson, California's governor at the time of the Northridge quake in 1994, says it was important to cut through red tape. By waiving the requirement for environmental impact hearings and setting incentives for building contractors, Wilson told Reuters he managed to reopen Interstate 10, then the world's busiest road, in just over two months. Some had feared it would take two years.

Chile's experience shows that a government is perfectly justified in resorting to deficit spending to cushion a natural disaster because of the shot in the arm it delivers to the economy, said Alfredo Coutino, Latin America

director for Moody's Analytics.

"If one lesson can be learned from Chile's case, it is that Japan's government has to make a quick move in terms of implementing the reconstruction with a variety of funding sources: issue debt, reallocation of public resources, and international aid," he said.

Japan's problem is that its gross public debt, equal to about twice GDP, is already the heaviest in the world. With an aging population posing an evergrowing burden on Japan's public finances, rating agencies have sounded the alarm and warned of possible downgrades unless politicians bury the hatchet and come up with a plan to reduce the debt over the medium term.

"The earthquake should lead to somewhat expansionary fiscal policy.

However, due to its already large deficit, it is unlikely that the Japanese government would plan a large scale fiscal stimulus," said Okubo, the Societe Generale economist.

YEN WILD CARD The reaction of the yen in coming weeks is another wild card in assessing the impact on Japan's economy.

The Bank of Japan, which meets on Monday, is widely expected to pledge as much money as needed to prevent the repercussions of the quake from destabilizing financial markets and the banking system.

Economists also expect the central bank will signal its readiness to ease monetary policy further -- even though its policy rate is already near zero -- if the damage from the quake threatens Japan's fragile economic recovery.

That prospect would normally weaken the yen, but economists are keenly aware that the Japanese currency gained sharply in the weeks after the Kobe catastrophe. It rose from 96 per dollar in late February and briefly punched through 80 to an all-time high on April 19, 1995, before reversing course after the BOJ cut interest rates.

Trade tensions with the United States were a driving force in 1995 and are absent today. A rush to bring capital back to Japan, especially by insurers anticipating large claims, was also a factor post-Kobe and could be again.

But Jerram, the Macquarie economist, doubted that history would repeat itself.

"Significant yen repatriation that could push the currency higher and, at an extreme, disrupt global markets, looks unlikely," he said.

Another "known unknown" is whether serious damage to the Fukushima Daiichi nuclear plant will cause countries including Britain, China and Italy to reappraise plans to boost investment in nuclear power. If they do, it would be logical to expect higher oil, natural gas and coal prices.

"A serious accident like that will have repercussions in all countries with nuclear," Bertrand Barre, scientific adviser to French nuclear reactor maker Areva, told Reuters.

If there are clear lessons, we will apply them. We need to take time to work out the consequences and act.

Japan's earthquake is just the latest in a series of unwanted shocks for the world economy, which is still far from having shaken off the fallout of the 2008 global financial crisis. Political turmoil in North Africa has reduced oil supplies from Libya and raised the specter of wider disruptions to deliveries from the Middle East.

Food prices have climbed to record highs. The euro zone debt crisis is far from over, with bond yields for Greece, Ireland and Portugal at seemingly unsustainable levels. Policy makers in the main economies who have slashed interest rates close to zero and run up huge budget deficits would appear to have little ammunition left to fire if consumer, business and investor confidence takes a dive because of Japanese quake.

But economists at J.P. Morgan said it was important to bear in mind that most, if not all of these shocks will prove to be temporary and are unfolding against a backdrop of very strong fundamental supports for growth, including booming industrial production, improving labor markets and a 17 percent rise in global share prices since September.

The bank has recently trimmed its forecasts for the United States and the euro zone but its projection for global growth in the first half of 2011 remains at a rate of 3.7 percent, which is 1 percentage point above trend.

"Put differently, the shocks to date would have to magnify considerably to push global growth below this trendline." the J.P. Morgan economists said in their latest Global Data Watch publication.-Reuters

5

Monday, March 14, 2011

European stocks slide for third week as BHP Billiton retreat

Nikkei set to fall below 10,000; yen, JGBs to gain after quake

Weekly Review

A galore of rubs erases KSE gains in gone wk

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

12,000.03 12,045.25 45.22 0.38 442.14

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

3,659.85 3,637.54 22.31 0.61 15.53

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

2,845.42 2,850.15 4.73 0.17 0.31

Major Gainers

Close

Change

RMPL 2,816.88 ULEVER 4,759.84 ILTM 181.91 DAWH 274.34 SAPL 161.02

Symbol

96.86 59.81 26.82 17.23 16.02

Nawaz Ali

Major Losers

Symbol

Close

Change

UPFL 1,151.00 COLG 818.79 WYETH 940.00 SRVI 187.99 HINO 115.98

-46.58 -41.11 -40.59 -19.89 -12.02

Top 5 Volume Leaders

Symbol LOTPTA FFBL NBP ENGRO JSBL

Close Vol (mn) 15.86 43.31 78.90 235.40 2.80

70.42 31.32 20.85 15.19 14.16

Active Issues Plus Minus Unchanged

187 177 81

Sector Updates FERTILISER

NEW YORK: Ismael Benavides, Finance Minister of Peru, walks the trading floor before ringing the closing bell at the New York Stock Exchange.-Reuters

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

Wall Street weekly outlook

Crude, Japan to keep stock investors wary NEW YORK: After seeing oil prices skyrocket from days of turmoil in Libya, investors now must grapple with political protests in the world's top oil exporter, Saudi Arabia, and the impact of the biggest earthquake on record to strike Japan.

The S&P 500 was trading below its 50-day moving average last week, and is within reach of support at 1,275, a low touched in late January.

The confluence of events is making investors increasingly cautious. The market's recent weakness revived talk a correction is near, analysts said, even though stocks recovered on Friday from early losses to finish the day higher with the Dow back above 12,000 and the S&P 500 back above 1,300.

Stocks have rallied sharply since the start of September, with the S&P 500 still up 24 per cent for that period, but have faltered in the last two weeks. At Friday's close, the Standard & Poor's 500 Index was down 1.3 per cent for the week.

"Oil prices were already moving higher before unrest in the Mideast, and if we do have something that is pronounced in Saudi Arabia -and I don't think that's a high probability -- but if we do, the cards are off the table as far as where prices could go," said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas.

"The impact from that is, I think you've got a chance for

another recession."

Protests in Saudi Arabia were more muted than what some had anticipated on Friday. Concerns arose that planned "Day of Rage" protests in the country could lead to further instability in the Middle East and North Africa.

The jump in crude oil prices to 2 1/2-year highs has raised anxiety about their dampening effect on the economy.

Given those concerns, investors will be tuned into any comments on energy from the Federal Reserve when it releases a statement following its policy meeting next Tuesday.

European Central Bank President Jean-Claude Trichet warned last week about inflation risks, and surprised investors by saying the bank may raise interest rates as soon as next month.

The US central bank is unlikely to hint at policy changes this week, and is expected to keep interest rates near zero.

"The Fed is essentially on autopilot. I think the market is correct in assuming they will do everything it takes, including initiating a 'quantitative easing part three,' if they have any evidence this economy doesn't have an escape velocity," said Joseph Battipaglia, market strategist at Stifel Nicolaus, in Yardley, Pennsylvania.

This week also brings readings on inflation in the US Producer Price Index

and the US Consumer Price Index, as well as data on industrial production.

The massive earthquake and deadly tsunami in Japan, a top energy consumer, hit other markets hard on Friday.

It triggered an increase in risk aversion, with nervous Japanese liquidating investments overseas and bringing capital back to yen-denominated assets, according to WhatsTrading.com options strategist Frederic Ruffy.

The dollar fell 1.2 per cent to 81.87 yen, while shares of the CurrencyShares Japanese Yen Trust rose 1.3 per cent to $120.62.

For the week, the Dow Jones industrial average fell 1 per cent, the S&P 500 slid 1.3 per cent and the Nasdaq lost 2.5 per cent.

Besides a break below the 50-day moving average earlier last week, the S&P 500 fell below a long-standing trendline, suggesting the benchmark index has lost momentum and that the recent rally may be losing steam.

"That behavior tells you demand has weakened, which puts odds on further downside in the near term," said Chris Burba, short-term market technician at Standard & Poor's in New York.

If the S&P 500 falls below 1,275, the next support area is 1,227 to 1,177, he said.

"It looks increasingly likely at least pullback is under way," he said. -Reuters

KARACHI: Karachi Stock Exchange (KSE) last week saw some dreary activities amid thin volumes.

The goings-on on political front and cutthroat foreign selling rendered investors unadventurous. They also waited for the outcome of negotiations with IMF for the release of last tranche of $1.7 billion despite commencement of much awaited Margin Trading System (MTS) from Mar14.

The benchmark KSE 100Index jumped by 45 points to close at 12,045 points, while it touched the highest level of 12,218 points and the lowest level of 11,864 points during the week.

The 30-Index gained 86 points and All Share Index 27 points to close at 11,803 and 8,356 points respectively.

Yawar uz Zaman, analyst at Invest Cap said that the major reason for such depressing activities at the bourse during the week, was re-emergence of the political uncertainty on account of renewed tussle between government and the judiciary coupled with one of the coalition partners' stand-off against the rulers itself.

The week began with the conflicts between the major political parties in Sindh i.e.

PPP and MQM over the statements of provincial home minister therefore investors booked profits.

However, eased political tension recalled bulls back to the floor on Wednesday where due to buying in fer-

tiliser, oil and banking stocks index ended 188 points up.

The delegation of Muttahida Qaumi Movement (MQM) met with the President Asif Ali Zardari over the recent statements of Sindh Home Minister Zulfiqar Mirza. During the meeting President Zardari assured MQM of all-out redress.

But the selling by foreign investors following a fall in regional stock markets over Libya crisis didn't allow the bulls to stay for long as market closed on a negative note during the last two days of the week.

Ahsan Mehanti, Director Arif Habib Investments said that bearish activity was due to global tumble led by geopolitical concerns in the Middle East, Libya and Japan earthquake.

Foreigners stayed did a netselling worth $6 million last week.

Further, new tussle between government and Judiciary and tough conditions set by IMF for the release of funds also shattered investor confidence.

Volumes remained sparse throughout the week as 442 million shares traded in the overall market which is 290 million shares less than a turnover of 732 million the previous week.

Average daily turnover stood at 88 million shares declining by 58 million shares from an average volume of 146 million shares a week earlier.

Out of total 445 active issues, 187 advanced, 177 declined, and 81 did neither.

Gulf stocks mkt

Mostly upbeat as Saudi fears ease DUBAI: Zain Saudi surges after Kingdom Holding and Batelco made a joint bid for a stake in the indebted telecoms operator, helping Saudi Arabia's index end higher for a seventh session.

Yet late profit taking erodes most of the benchmark's gains as investors cut positions ahead of the opening on Asian markets on Monday, with the latter's shares seen under pressure following Japan's devastating earthquake.

Zain Saudi climbs 9.2 per cent and Kingdom adds 7.5 per cent.

Saudi Basic Industries Corp (SABIC) and telecoms operator Mobily each fall 1 per cent, but Samba Financial Group adds 1.4 per cent.

The Saudi index rises 0.2 per cent to 6,310 points, taking its gains to 18.5 per cent since March 2's 22-month low.

A security clampdown in the Saudi capital kept a lid on a planned day of rage on Friday, while determined police action in neighbouring Kuwait and Bahrain appeared to deflate demonstrators' zeal.

Dubai's index makes its largest gain in 15 months as investor fears that political unrest would spread to top oil exporter Saudi Arabia ease.

The benchmark climbs 4.3 per cent to 1,513 points, its biggest gain since Dec. 14, 2009, and trimming its 2011 losses to 7.2 per cent.

Emaar Properties and Arabtec climb 10.1 and 7.3 per cent respectively, with this pair accounting for more than a third of all shares traded.

"There's a relief rally as there is a lack of any other activity," says Matthew Wakeman, EFGHermes managing director for cash and equity-linked trading.

"If the market consolidates, it will be very positive, but if it gives it all back (this) will highlight there is a lot of risk in the market."

Stocks had tumbled on fears unrest would gain hold in Saudi Arabia following deadly protests in Bahrain and Oman, but with demonstrations in the kingdom over the weekend proving to be largely a nonevent, regional sentiment is more upbeat.-Reuters

Dhiyan

OPTIMISM AMID ALL-TRENDS Khurram Schehzad, Head of Research Invest Cap Following the launch of Margin Trading System (MTS) market is likely to be in the positive zone down the line. However any major negative development on the political front could go against the market, while no change in the discount rates in the upcoming monetary policy would be a positive trigger. Investors are recommended to take positions in selective stocks of fertiliser, power and E&P sectors. Market would be positive today.

Tariq Hussain Khan, COO United Capital Securities Following tough IMF conditions, foreign offloading, and ongoing political crisis bearishness may persist going forward leading to a low of 11,500 points. More lows could be in store if it fails to sustain there. However, successful start of Margin Trading System (MTS) may support the market. Investors are advised to avoid fresh buying and adopt 'sell on strength' stance. Today could be an alltrends-day. Some negative activities towards the end of the session are not beyond reasonable doubt.

6

Monday, March 14, 2011

Market

KSE 100 Index

Symbols

Volume

442,142,993

Value

22,527,665,537

Trades

310,826

Advanced Declined Unchanged Total

187 177 81 445

Current High Low Change

All Share Index

12,045.25 12,218.89 11,864.10 h45.22

Current High Low Change

OIL AND GAS

Company

Paid up Cap(mn)

High Low 1,539.37 1,476.62 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 32.54

PE

Open

High

Low

Attock Petroleum 691 6.45 Attock Refinery 853 4.84 BYCO Petroleum 3921 Mari Gas Company 735 7.75 National Refinery 800 6.00 Oil & Gas Development 43009 10.45 Pak Petroleum XD 11950 7.71 Pak Oilfields XD 2365 7.35 Pak Refinery Limited 350 P.S.O XD 1715 4.77 Shell Gas LPG 226 Shell Pakistan 685 10.68

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

373.50 124.25 10.43 113.95 301.70 158.80 214.55 326.00 110.50 293.20 27.00 211.00

353.00 117.50 9.31 109.00 286.00 151.20 204.00 315.50 98.60 281.00 26.05 197.00

Close Chg 356.86 118.87 9.41 111.59 289.28 154.44 210.77 318.72 101.39 282.00 26.53 208.28

-6.96 1.19 -0.46 2.89 -6.43 -0.23 1.28 -2.48 1.31 -8.64 -0.37 8.63

Current High Low Change

8,356.50 8,474.27 8,241.52 h27.01

11,803.46 11,991.90 11,557.86 h86.79

Last 60 days High Low

Volume

811451 401.00 6590933 146.90 4524364 12.24 222153 141.65 387455 335.00 2135480 185.00 3196808 229.80 10855438 341.50 777331 122.22 2165182 317.79 9937 36.70 292622 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

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

2011 Div BR (%) (%)

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

-

CHEMICALS

Open 693.70 Turnover 165,778 P/E (x) 5.13 Company

High Low 707.55 673.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53

Close 692.98 Listed cap 3,242.17 mn Payout (%) 11.08

Change % Change -0.72 -0.10 Market cap 200-Day High 11,809.14 mn Div Yield (%) 200-Day Low 2.16 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.63 8.59

68.00 33.00

70.00 33.00

66.32 30.70

69.00 1.00 30.92 -2.08

117256 48522

75.72 39.45

Pak Int Cont.Terminal PNSC

63.00 30.70

PE

Open

High

Low

6.60 9.15 7.14 15.36 10.50 5.87 12.93 8.25 8.17 9.46 8.98 6.39 5.83 27.00 2.71 8.81 6.78 5.72

7.21 88.02 194.23 257.11 2.67 6.71 2.98 10.82 226.57 12.57 11.97 125.25 42.69 11.01 160.89 28.99 15.98 0.82 2.71 0.92 2.13 97.14 12.90 36.70

8.20 93.23 200.70 274.34 2.99 8.30 3.10 11.02 238.50 12.70 12.88 135.50 43.89 11.39 162.99 29.85 16.32 1.40 3.05 1.90 2.49 105.00 15.73 37.99

6.41 87.75 194.49 250.00 2.55 6.68 2.72 10.50 224.00 12.00 11.75 125.55 42.60 10.65 155.01 26.98 15.36 0.82 2.55 0.92 1.66 97.00 12.66 35.52

Company

Close Chg 7.00 89.15 199.55 274.34 2.63 7.98 2.77 10.92 235.40 12.04 12.33 134.06 43.31 10.79 157.14 28.99 15.86 0.88 2.70 1.90 2.37 104.50 15.73 37.15

-0.21 1.13 5.32 17.23 -0.04 1.27 -0.21 0.10 8.83 -0.53 0.36 8.81 0.62 -0.22 -3.75 0.00 -0.12 0.06 -0.01 0.98 0.24 7.36 2.83 0.45

Close 1,766.43 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 7369 11941 328062 1901228 332247 8747064 3550566 10232 15188116 1098535 13583228 12821536 31317376 135180 1066961 15132 70417613 121788 9301230 10000 225758 19477 4250331 18302

Change % Change 74.62 4.41 Market cap 200-Day High 379,664.01 mn Div Yield (%) 200-Day Low 5.01 -

10.15 103.94 213.30 274.34 3.58 9.25 3.48 11.98 238.50 15.87 12.88 157.90 43.99 13.07 163.99 36.00 16.80 2.45 3.17 1.90 2.89 131.90 15.73 41.99

6.11 82.00 157.00 174.00 2.34 6.00 2.26 10.06 189.10 11.75 9.16 108.00 34.60 10.43 138.00 23.07 13.03 0.57 1.62 0.90 1.55 90.78 11.81 34.75

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 1,020.00 Turnover 116,420 P/E (x) 4.92 Company

High Low 1,036.46 989.52 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 7.47

Close 1,027.45 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707

-

15.45

15.30

14.75

15.22 -0.23

82502

Century Paper Pak Paper Product Security Paper

2010 Div BR (%) (%)

14.50

-

-

Open 1,115.07 Turnover 760,286 P/E (x) 3.88 Paid up Cap(mn)

High Low 1,136.53 1,095.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35

PE

Open

High

Low

Agriautos Ind 144 4.63 Atlas Battery 101 5.07 Atlas Honda 626 9.35 Dewan Motors 890 Exide (PAK) 56 4.53 General Tyre 598 4.60 Ghandhara Nissan 450 Ghani Automobile Ind 200 5.89 Honda Atlas Cars 1428 Indus MotorsSPOT 786 9.83 Pak Suzuki 823 11.37 Sazgar Engineering XD 150 4.17

72.50 187.23 131.48 1.94 180.00 22.75 3.46 3.72 10.43 227.36 64.29 22.51

72.50 193.00 136.99 2.09 190.00 23.49 3.69 4.34 10.88 231.00 67.00 24.25

70.00 188.00 131.60 1.75 175.27 22.51 3.41 3.72 10.00 224.00 60.00 22.90

-

8.70

36.17

38.85

35.17

37.77 1.60

6613

48.90

35.17

2533.33B

-

-

6.78

37.24

38.50

36.26

37.95 0.71

27305

47.70

34.00

50

-

-

-

INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index Open 1,020.45 Turnover 1,010,288 P/E (x) 3.13

High Low 1,048.89 997.46 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10

Close 1,019.09 Listed cap 3,596.11 mn Payout (%) 30.91

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

565

2.77

28.16

28.01

25.67

26.50 -1.66

42386

31.00

24.75

30

Dost Steels Ltd

675

-

2.13

2.18

2.01

2.15 0.02

40917

3.09

1.80

-

Company

Last 60 days High Low

2010 Div BR (%) (%)

Huffaz PipeSPOT

555 469.00

13.80

14.90

13.55

14.07 0.27

330307

16.51

13.00

-

International Ind

1199 18.51

50.51

53.00

49.17

50.90 0.39

576174

62.20

45.81

55

-

-

-

-

- 15.00 20B

-

-

CONSTRUCTION AND MATERIALS

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy 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 Safe Mix Concrete Thatta Cement

High Low 894.29 849.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.10

PE

Open

High

Low

1828 866 6.58 858 182 956 38.50 982 13.85 3891 3651 10.90 350 6933 5.85 502 2.09 1760 4003 32 1288 13126 3234 6.15 5261 2271 200 798 948.00

2.65 50.60 2.63 16.49 9.49 1.65 1.90 24.97 2.10 4.23 7.00 1.59 7.92 0.52 5.91 2.95 66.48 2.23 5.76 6.71 18.66

2.90 52.90 2.80 16.90 10.24 1.90 1.99 25.50 2.30 4.44 7.39 1.73 8.40 0.60 6.14 3.05 69.49 2.44 6.00 7.25 19.19

2.31 49.11 2.10 15.99 9.02 1.60 1.71 24.40 1.75 4.14 6.76 1.41 6.15 0.41 5.52 2.80 66.75 2.15 5.55 5.50 18.00

Close 870.98 Listed cap 54,792.74 mn Payout (%) 19.04

Change % Change 8.34 0.97 Market cap 200-Day High 62,686.35 mn Div Yield (%) 200-Day Low 3.07 -

Close Chg

Volume

Last 60 days High Low

2.51 51.98 2.25 16.65 9.24 1.80 1.85 25.17 2.01 4.21 6.90 1.57 6.99 0.50 6.00 2.92 68.43 2.18 5.94 5.55 18.96

32996 257912 5439 10193 26172 16913 493986 5328727 46311 876723 12149 62102 12262 93394 17811 1363338 3739818 627956 65118 10210 21311

3.98 63.90 4.24 24.16 11.50 2.12 2.56 32.30 4.00 5.35 8.00 2.13 9.19 0.99 7.25 3.88 78.44 3.22 7.45 7.95 19.19

-0.14 1.38 -0.38 0.16 -0.25 0.15 -0.05 0.20 -0.09 -0.02 -0.10 -0.02 -0.93 -0.02 0.09 -0.03 1.95 -0.05 0.18 -1.16 0.30

2.15 48.50 1.95 14.72 8.00 1.50 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 5.50 16.20

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

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 924.04 Turnover 1,129,990 P/E (x) 1.78 Company

Paid up Cap(mn)

Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd

PE

Open

115 2.43 50.57 230 2.25 1067 5.38 51.00 389 1.74 6.15 47 16.12 29.11 844 - 115.88

High

High Low 945.79 909.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 43.91 Low

Close Chg

55.00 50.00 53.02 2.68 2.03 2.33 51.80 50.36 51.75 8.15 6.06 6.42 29.85 28.36 29.01 115.79 113.00 114.00

2.45 0.08 0.75 0.27 -0.10 -1.88

Close 921.27 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 116955 268203 11653 604654 23737 12405

Change % Change -2.77 -0.30 Market cap 200-Day High 34,758.46 mn Div Yield (%) 200-Day Low 8.74 -

Last 60 days High Low 81.49 3.30 56.45 8.15 33.80 143.00

Bawany Sugar Chashma Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Mehran Sugar XD Mirza Sugar National Foods Noon Sugar Pangrio Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala

87 287 365 750 200 157 141 414 165 109 38 107 57 223 211 695 1177

47.80 2.03 48.10 2.50 21.50 105.02

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

25B 10B -

2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

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

66 215 104 214 213 132 366

PE

Open

7.92 11.50 5.19 228.11 5.11 47.45 1.10 8.25 9.45 6.67 57.10 8.30 526.47

High

High Low 1,668.72 1,589.10 Total cos Defaulter cos P/BV (x) ROE (%) 3.16 38.02 Low

Close Chg

11.50 9.65 10.46 239.00 227.00 230.87 52.25 48.00 50.91 1.37 0.85 0.85 9.68 8.95 9.41 58.50 54.05 55.70 546.75 520.00 539.10

-1.04 2.76 3.46 -0.25 -0.04 -1.40 12.63

Close 1,644.55 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 10412 18139 10279 17612 49004 11313 243990

3.32 8.58 6.82 1.72 9.61 1.26 6.59 0.25 3.05 0.37 23.46

9.65 215.00 42.90 0.74 8.25 54.05 466.27

Open 5.25 9.05 3.20 21.49 11.05 51.82 3.52 54.00 11.00 3.99 37.81 3.20 4.18 1.90 8.90 4.84 41.04

High 5.50 9.85 3.70 22.24 12.25 54.00 3.90 55.00 12.00 4.55 39.50 3.90 4.50 1.99 9.20 6.00 42.00

-

Close Chg

Close 1,110.89 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change % Change -4.18 -0.37 Market cap 200-Day High 41,387.04 mn Div Yield (%) 200-Day Low 5.26 -

70.58 191.00 134.57 1.78 184.90 23.20 3.60 4.24 10.39 227.01 61.98 23.10

-1.92 3.77 3.09 -0.16 4.90 0.45 0.14 0.52 -0.04 -0.35 -2.31 0.59

23531 30371 11178 96784 9476 24689 73209 6330 60645 66169 316266 34257

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

66.45 160.00 117.10 1.50 170.11 21.00 3.05 3.71 9.52 218.00 60.00 19.49

2010 Div BR (%) (%) 90 100 60 20 150 5 10

2011 Div BR (%) (%)

20B - 50.00 20B 10.00

-

High Low 2,005.95 1,898.50 Total cos Defaulter cos P/BV (x) ROE (%) 14.11 30.30 Low 5.26 8.50 3.05 21.05 10.85 51.00 3.50 52.01 10.11 3.90 34.25 2.90 4.00 1.60 8.15 4.01 39.00

Close Chg 5.50 8.50 3.20 21.62 11.19 52.67 3.73 54.95 11.73 4.00 39.50 2.90 4.14 1.99 8.90 5.25 42.00

0.25 -0.55 0.00 0.13 0.14 0.85 0.21 0.95 0.73 0.01 1.69 -0.30 -0.04 0.09 0.00 0.41 0.96

Close 1,953.63 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change % Change 21.18 1.10 Market cap 200-Day High 282,726.01 mn Div Yield (%) 200-Day Low 0.66 -

Last 60 days High Low

5850 6098 26950 102485 54228 6848 20930 10907 18114 18747 6101 18500 66500 11000 9355 7278 10089

6.50 13.50 4.20 36.50 12.85 60.65 6.70 75.50 13.92 6.75 51.35 4.00 4.75 3.26 12.30 7.00 44.06

3.51 8.00 2.52 20.25 10.85 50.12 2.65 47.00 9.00 3.00 34.25 2.10 2.50 1.60 8.00 4.01 34.00

2010 Div BR (%) (%) 10 25 40 35 10 12 10 10 10 -

25B 20B -

2011 Div BR (%) (%) 7.50 -

-

HOUSEHOLD GOODS Open 1,026.27 Turnover 710,171 P/E (x) 2.23

High Low 1,038.65 974.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 10.64

Close 1,007.09 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind 231

3.35 1.75

1.00 13.11 14.86

1.00 13.65 15.20

0.75 12.81 12.51

0.80 -0.20 13.30 0.19 13.25 -1.61

18500 529280 158010

Company

Last 60 days High Low

2010 Div BR (%) (%)

2.35 15.88 24.00

17.5

0.50 12.07 12.51

10B -

2011 Div BR (%) (%)

10B 25B325.00

-

Total Assets (Rs in mn)

MA (10-day)

3.00

Total Equity (Rs in mn)

5,654.56

MA (100-day)

2.64

Revenue (Rs in mn)

2,527.30

MA (200-day)

2.60

Interest Expense

32,894.92

1,806.71

1st Support

2.73

Loss after Taxation

(594.94)

2nd Support

2.65

EPS 09 (Rs)

1st Resistance

2.88

Book value / share (Rs)

2nd Resistance

2.95

PE 10 E (x)

Pivot

2.80

PBV (x)

(0.98) 9.23 0.30

JSBL closed down -0.23 at 2.80. Volume was 91 per cent below average (consolidating) and Bollinger Bands were 67 per cent wider than normal. The company's loss after taxation stood at Rs404.872 million which translates into a Loss Per Share of Rs0.66 for the nine months of current calendar year (9MCY10).

JSBL is currently 7.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into JSBL (mildly bullish). Trend forecasting oscillators are currently bullish on JSBL.

Nimir Industrial Chemicals Ltd

- 200R

PERSONAL GOODS Open 990.13 Turnover 47,027,157 P/E (x) 6.86 Company

Paid up Cap(mn)

(Colony) Thal AL-Qadir Textile Amtex Limited Artistic Denim Asim Textile Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning H M Ismail Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Libaas Textile Masood Textile Mian Textile Mohd Farooq Mubarak Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Quetta Textile Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Sargodha Spinning Saritow Spinning Service Ind Service Textile Suraj Cotton Taj Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zahoor Cotton Zil Limited

56 76 2594 840 152 133 4493 33 76 1150 2442 238 492 31 600 99 514 57 34 110 234 635 146 222 120 138 716 3105 99 180 97 184 48 107 208 303 1300 1455 40 600 221 189 54 145 187 1614 3516 560 174 130 250 213 308 341 264 88 312 133 120 44 180 334 307 418 215 400 99 53

PE

Open

1.39 8.87 2.79 7.01 20.47 0.25 1.76 0.44 2.10 9.53 0.19 15.65 0.45 15.92 2.40 2.18 2.60 1.00 2.92 15.67 2.50 1.46 0.21 52.35 42.18 0.22 1.91 0.16 4.22 0.58 26.35 0.83 86.10 3.02 36.56 0.34 9.11 0.39 10.69 0.95 1.05 0.98 4.70 3.41 49.18 1.00 9.98 2.28 3.97 1.41 7.01 0.85 6.50 0.33 16.00 0.27 1.01 0.38 1.00 1.79 0.45 1.20 7.84 4.77 0.59 1.90 17.81 0.36 0.90 4.77 1.05 0.40 1.79 16.00 4.26 27.32 5.69 65.85 3.08 16.30 0.71 13.98 0.88 41.03 1.15 3.53 0.80 0.68 12.50 4.04 41.87 0.45 10.00 0.26 5.73 1.05 3.57 0.40 2.33 6.44 207.88 0.38 0.40 0.79 39.00 0.14 5.37 115.79 5.79 49.46 0.59 0.66 1.33 0.45 4.72 67.05

High

High Low 1,001.35 971.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64 Low

Close Chg

1.75 0.50 1.20 -0.19 10.80 8.87 10.80 1.93 3.25 2.66 2.86 0.07 20.95 19.11 19.50 -0.97 2.00 2.00 2.00 0.24 2.90 2.30 2.70 0.60 9.79 8.90 9.06 -0.47 16.60 15.00 15.30 -0.35 17.00 15.26 15.87 -0.05 3.40 2.50 2.75 0.35 2.80 2.40 2.48 -0.12 1.18 0.72 1.00 0.00 17.88 15.35 15.91 0.24 3.99 3.00 3.99 1.49 1.85 1.41 1.59 0.13 0.40 0.22 0.40 0.19 45.69 40.50 44.50 2.32 2.20 1.91 2.00 0.09 5.23 4.00 4.62 0.40 27.66 25.75 25.75 -0.60 91.00 84.01 84.54 -1.56 44.62 36.10 43.00 6.44 9.15 8.25 8.30 -0.81 11.00 9.70 10.69 0.00 1.49 0.42 1.00 0.05 1.10 0.30 0.59 -0.46 5.20 4.51 4.88 0.18 50.74 46.43 47.06 -2.12 10.50 8.50 9.69 -0.29 4.95 3.85 4.15 0.18 7.20 6.50 6.50 -0.51 6.99 6.15 6.99 0.49 16.50 14.65 15.06 -0.94 1.69 1.00 1.39 0.38 1.60 1.20 1.20 0.20 1.78 1.46 1.56 -0.23 1.30 1.10 1.10 -0.10 5.10 4.12 4.55 -0.22 0.61 0.60 0.60 0.01 17.81 17.10 17.81 0.00 0.50 0.31 0.50 0.14 1.67 0.75 1.00 0.10 1.20 1.05 1.05 0.00 0.50 0.25 0.45 0.05 17.50 15.85 16.20 0.20 28.15 26.25 27.72 0.40 66.75 63.11 64.18 -1.67 19.50 15.30 19.29 2.99 15.49 13.25 14.50 0.52 49.06 39.00 49.06 8.03 1.28 0.91 1.12 -0.03 0.80 0.60 0.60 -0.20 13.09 12.00 13.09 0.59 44.19 40.02 43.50 1.63 11.50 9.00 9.03 -0.97 7.94 5.50 6.87 1.14 4.35 3.36 3.50 -0.07 2.01 1.85 2.00 -0.33 215.44 186.25 187.99-19.89 0.60 0.40 0.40 0.00 40.80 38.00 40.00 1.00 0.15 0.14 0.15 0.01 115.00 106.10 108.26 -7.53 51.80 46.15 47.16 -2.30 1.10 0.45 0.55 -0.04 1.59 1.17 1.40 0.07 0.30 0.25 0.30 -0.15 69.40 64.10 64.52 -2.53

Close 987.25 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change % Change -2.88 -0.29 Market cap 200-Day High 133,089.44 mn Div Yield (%) 200-Day Low 2.43 -

Last 60 days High Low

5072 1.75 7302 10.80 2655567 4.68 26262 24.59 41000 2.50 27448 3.00 12216042 12.84 54211 16.60 99661 17.00 766653 3.76 63614 2.97 75031 1.43 27857 23.99 52118 3.99 958261 2.10 10000 1.10 291976 48.29 8498 3.20 41711 8.90 17874 27.66 38041 91.00 25894 44.62 72658 9.23 12293 11.00 60336 1.49 10146 1.10 1279756 5.20 145653 55.00 13327 10.90 166747 4.95 12745 8.70 40899 8.80 13546 18.00 68209 1.69 25500 2.50 55966 1.98 15609 1.74 20929 5.95 8500 0.70 9299 20.74 9392 0.75 375592 1.79 50001 1.30 10583 0.88 49424 17.50 12337285 28.15 12404104 71.89 329764 19.50 9718 15.49 11388 49.06 144102 1.80 11500 0.99 165297 13.09 63887 44.19 82726 11.50 301978 7.94 39565 4.45 131101 2.89 37671 253.00 6500 0.70 94507 41.95 8500 0.49 142869 132.00 191933 63.30 6624 1.29 50216 1.99 351500 0.87 5946 87.90

Open 852.21 Turnover 491,432 P/E (x) 6.85 Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

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

PE

Open

7.10 82.72 15.78 71.38 7.06 25.56 4.19 10.69 6.93 145.00 5.29 61.50

High

High Low 923.22 846.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.53 22.31 Low

Close Chg

88.00 81.00 85.37 2.65 82.60 70.55 80.17 8.79 26.48 25.25 25.50 -0.06 11.00 10.00 10.65 -0.04 167.90 147.99 161.02 16.02 65.00 60.50 60.52 -0.98

2010 Div BR (%) (%)

0.50 5.61 10 2.35 30 19.11 20 1.50 1.32 7.5 8.05 9.25 - 15B 12.76 20 2.05 2.00 0.32 15.00 15 1.99 1.20 0.08 35.00 5 1.50 2.90 18.90 35 53.14 70 26.00 12.5 5.02 10 6.30 10 20B 0.42 0.25 3.31 10 37.50 20 4.56 3.01 10 6.25 8 5.20 20 5B 13.15 0.25 0.85 0.75 0.30 5 4.01 0.59 17.00 15 100R 0.25 0.60 0.25 0.13 14.50 20SD 21.62 15 57.20 25 45R 8.30 8.50 10 10B 34.35 20 0.65 0.40 8.50 25SD 35.25 40 3.90 3.63 10 1.55 5 1.00 186.00 0.40 33.00 50 0.08 100.51 80 20B 44.10 0.33 1.08 0.25 50.00 35 -

Close 898.78 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 36097 159182 15438 34213 18681 224881

2011 Div BR (%) (%) -

-

Change % Change 46.58 5.47 Market cap 200-Day High 29,994.02 mn Div Yield (%) 200-Day Low 6.50 -

Last 60 days High Low 112.50 89.98 30.48 11.00 174.00 69.00

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

56.32

Total Assets (Rs in mn)

MA (10-day)

2.69

Total Equity (Rs in mn)

MA (100-day)

1.88

Revenue (Rs in mn)

MA (200-day)

1.73

Interest Expense

1st Support

2.65

Profit after Taxation

2nd Support

2.58

EPS 10 (Rs)

1st Resistance

2.77

Book value / share (Rs)

2nd Resistance

2.82

PE 11 E (x)

Pivot

2.70

PBV (x)

1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 27.00 5.02

NICL closed down -0.01 at 2.70. Volume was 86 per cent below average (consolidating) and Bollinger Bands were 4 per cent narrower than normal. The company's profit after taxation stood at Rs11.775 million which translates into an Earning Per Share of Rs0.05 for the half year of current fiscal year (1HFY11).

NICL is currently 52.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NICL (mildly bullish).

Trend forecasting oscillators are currently bullish on NICL.

2011 Div BR (%) (%)

PHARMA AND BIO TECH

400 25 650

49.90

Descon Oxychem Limited

Performance of SR Pharma and Bio Tech Index

2010 Div BR (%) (%)

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

Change % Change -19.18 -1.87 Market cap 200-Day High 4,847.09 mn Div Yield (%) 200-Day Low 2.81 -

Performance of SR Personal Goods Index

Change % Change 32.52 2.02 Market cap 200-Day High 33,487.67 mn Div Yield (%) 200-Day Low 15.82 -

Last 60 days High Low 18.20 244.95 52.25 2.25 13.50 68.85 568.40

-

Performance of SR Household Goods Index

Performance of SR Industrial Engineering Index Open 1,612.03 Turnover 361,974 P/E (x) 8.31

PE

2011 Div BR (%) (%)

- 10.00

Performance of SR Construction and Materials Index Open 862.64 Turnover 13,122,232 P/E (x) 6.21

Company

Paid up Cap(mn)

Change % Change -1.36 -0.13 Market cap 200-Day High 9,669.01 mn Div Yield (%) 200-Day Low 9.87 -

Crescent Steel XD

2011 Div BR (%) (%)

FOOD PRODUCERS Open 1,932.44 Turnover 424,570 P/E (x) 46.57

-

50

-

Performance of SR Food Producers Index

2011 Div BR (%) (%)

411

40 15

Performance of SR Automobile and Parts Index

Change % Change 7.45 0.73 Market cap 200-Day High 2,834.04 mn Div Yield (%) 200-Day Low 5.14 -

Last 60 days High Low 19.69

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

Company

Open High Low 1,691.81 1,783.11 1,677.89 Turnover Total cos Defaulter cos 160,574,230 P/E (x) P/BV (x) ROE (%) 9.74 3.41 35.00

Bawany Air 75 BOC (Pak) 250 Clariant PakSPOT 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 Lotte PakistanSPOT 15142 Mandviwala 74 Nimir Ind Chemical 1106 Sardar Chemical 60 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90

JS Bank Limited

Performance of SR Industrial Transportation Index

Close Change % Change 1,501.96 -5.25 -0.35 Listed cap Market cap 200-Day High 65,194.15 mn 1,128,104.56 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.28 -

Performance of SR Chemicals Index

Paid up Cap(mn)

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,507.21 Turnover 27,444,790 P/E (x) 10.60

KSE 30 Index

78.59 68.00 24.50 7.16 129.00 58.50

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

15B -

2011 Div BR (%) (%) -

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

62.78

Total Assets (Rs in mn)

MA (10-day)

7.10

Total Equity (Rs in mn)

MA (100-day)

7.24

Revenue (Rs in mn)

3,117.65 555.18 709.67

MA (200-day)

5.98

Interest Expense

1st Support

7.40

Loss after Taxation

288.07

2nd Support

6.75

EPS 10 (Rs)

1st Resistance

8.50

Book value / share (Rs)

2nd Resistance

8.95

PE 11 E (x)

Pivot

7.85

PBV (x)

(289.41) (2.837) 5.44 10.50 1.47

DOL closed up 1.27 at 7.98. Volume was 395 per cent above average (trending) and Bollinger Bands were 8 per cent wider than normal. The company's profit after taxation stood at Rs38.471 million which translates into an Earning Per Share of Rs0.38 for the half year of current fiscal year (1HFY11).

DOL is currently 33.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of DOL (mildly bearish).

Trend forecasting oscillators are currently bullish on DOL.

TRG Pakistan Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

51.16

Total Assets (Rs in mn)

MA (10-day)

3.10

Total Equity (Rs in mn)

MA (100-day)

3.61

Revenue (Rs in mn)

MA (200-day)

3.86

Interest Expense

1st Support

3.10

Loss after Taxation

2nd Support

3.02

EPS 10 (Rs)

1st Resistance

3.28

Book value / share (Rs)

2nd Resistance

3.38

PE 11 E (x)

Pivot

3.20

PBV (x)

1,072.73 1,015.70 0.72 0.07 (1,616.83) (4.195) 2.64 1.20

TRG closed down -0.32 at 3.15. Volume was 55 per cent below average (consolidating) and Bollinger Bands were 71 per cent wider than normal. The company's loss after taxation stood at Rs41.79 million which translates into a Loss Per Share of Rs0.12 for the half year of current fiscal year (1HFY11).

TRG is currently 18.4 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 volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bullish on TRG.

BOOK CLOSURES Company

From

To

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) # Clariant Pakistan Hub Power (Unconsolidated) Janana Textile Mills # Bannu Woollen Mills # Lotte Pakistan Mari Gas Abbott Laboratories Pak Mybank Ltd American Life Insurance # Meezan Bank Rafhan Maize Prod D.G Khan Cement (Consolidated) Crescent Jute Products # Bank Alfalah Olympia Textile Mills # Pak Datacom Ittehad Chemicals #

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 18-Mar 18-Mar 19-Mar 19-Mar 19-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 22-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 25-Mar 25-Mar 25-Mar 24-Mar 25-Mar 28-Mar 23-Mar 25-Mar 28-Mar 29-Mar 28-Mar 27-Mar 28-Mar 30-Mar 29-Mar 28-Mar

D/B/R

INDICATIONS # Extraordinary General Meeting

Spot AGM/Date

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 25(I) 10-Mar 5 10-Mar 23.43(I) 30(F) 11-Mar 15(B) 11-Mar 550(F) 11-Mar 20(R) 11-Mar 15(I) 5(I) 14-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 26-Mar 26-Mar 24-Mar 29-Mar 25-Mar 25-Mar 28-Mar 29-Mar 24-Mar 28-Mar 30-Mar 28-Mar

7

Monday, March 14, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,066.41 Turnover 8,045,851 P/E (x) 5.70 Paid up Cap(mn)

Company

High Low 1,075.42 1,036.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84

PE

Open

High

Low

Close Chg

Pak Datacom 78 5.14 Pakistan Telecomm Co A 37740 11.87 Telecard 3000 1.34 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

51.48 18.17 2.12 2.54 3.12

51.90 18.26 2.20 2.68 3.18

46.67 17.68 2.02 2.35 2.88

47.29 17.81 2.03 2.39 3.00

-4.19 -0.36 -0.09 -0.15 -0.12

Close 1,040.89 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 42887 4879160 979842 2143962 518513

Change % Change -25.52 -2.39 Market cap 200-Day High 72,103.92 mn Div Yield (%) 200-Day Low 10.98 -

Last 60 days High Low

2010 Div BR (%) (%)

82.39 20.65 2.50 3.45 4.65

80 17.5 1 -

46.67 17.25 1.60 2.15 2.80

2011 Div BR (%) (%)

- 15.00 -

-

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

255 6.67 10.14 369 6.13 41.45 279 9.09 77.98 457 6.21 9.69 1250 - 35.84 400 3.11 13.14 718 8.42 100.00 791 10.81 60.06 3000 45.41 17.14 350 85.64 10.00 303 6.22 11.34 252 4.23 6.80 253 4.35 6.71 400 2.52 6.01

Paid up Cap(mn)

Company

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

198 11572 1560 7932 1695 126 8803 3673 3541 191 1367

PE

Open

High

Low

7.23 7.60 2.71 5.27 2.94 2.28 5.41 -

0.75 39.94 1.62 2.74 16.50 3.95 44.63 15.29 16.45 17.60 1.73

0.80 40.40 1.70 2.83 17.99 4.00 44.99 15.49 16.64 17.90 1.95

0.66 39.12 1.40 2.54 16.00 3.30 40.90 14.50 15.46 16.50 1.59

Close 1,334.16 Listed cap 95,369.29 mn Payout (%) 104.13

Change % Change -19.50 -1.44 Market cap 200-Day High 105,952.96 mn Div Yield (%) 200-Day Low 7.34 -

Close Chg

Volume

Last 60 days High Low

0.67 39.48 1.48 2.72 17.48 3.47 41.05 14.63 15.60 17.74 1.83

78422 1607433 350849 2556715 20968 7158 1388487 3589378 3838230 50751 1277208

1.17 41.20 2.00 3.55 22.85 5.39 45.85 18.01 18.70 19.25 2.50

-0.08 -0.46 -0.14 -0.02 0.98 -0.48 -3.58 -0.66 -0.85 0.14 0.10

0.56 35.90 1.25 2.31 16.00 3.30 39.80 14.05 14.85 16.40 1.41

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

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

Open 716.40 Turnover 143,739 P/E (x) 5.39 Paid up Cap(mn)

Company

EFU Life Assurance New Jub Life Insurance

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,517.94 1,421.57 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 11.41

Close 1,451.64 Listed cap 12,202.80 mn Payout (%) 66.79

Last 60 days High Low

PE

Open

High

Low

Close Chg

Volume

5491 12.42 8390 3.72

21.00 25.28

21.87 26.15

20.70 24.18

21.11 0.11 24.72 -0.56

460682 29.39 12642829 27.90

19.71 20.00

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,134.51 Turnover 70,506,107 P/E (x) 8.13 Paid up Cap(mn)

Company

PE

Open

Allied Bank Ltd.XDXB 8603 5.55 69.35 Askari Bank 6427 6.73 14.62 Bank Alfalah 13492 6.87 10.00 Bank AL-HabibXDXB 8786 5.69 28.19 Bank Of Khyber 5004 3.72 4.40 Bank Of Punjab 5288 7.43 BankIslami Pak 5280 38.22 3.73 Faysal Bank 7327 4.29 13.84 Habib Bank LtdSPOT 10019 7.99 129.14 Habib Metropolitan Bank 8732 7.26 23.41 JS Bank Ltd 8150 3.03 KASB Bank Ltd 9509 1.51 MCB Bank Ltd 7602 10.14 216.48 Meezan Bank 6983 7.90 18.99 Mybank Ltd 5304 2.21 National Bank 13455 6.89 80.57 NIB Bank 40437 2.23 Samba Bank 14335 1.83 Silkbank Ltd 26716 2.31 Soneri Bank 6023 30.05 6.64 Stand Chart Bank 38716 9.62 7.90 Summit Bank Ltd 7251 3.01 United Bank LtdSPOT 12242 7.61 66.12

High

High Low Close 1,166.21 1,120.80 1,137.84 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low

Close Chg

69.99 57.99 58.85 -10.50 14.89 13.67 14.14 -0.48 10.05 9.19 9.28 -0.72 29.00 27.74 28.00 -0.19 4.50 4.14 4.20 -0.20 7.55 7.04 7.21 -0.22 3.95 3.26 3.44 -0.29 14.44 12.81 13.31 -0.53 131.00 125.00 127.84 -1.30 24.23 23.30 23.74 0.33 3.15 2.72 2.80 -0.23 1.69 1.47 1.53 0.02 230.80 216.50 225.20 8.72 19.49 18.51 18.64 -0.35 2.39 2.06 2.10 -0.11 81.39 77.90 78.90 -1.67 2.26 2.05 2.05 -0.18 1.95 1.70 1.72 -0.11 2.40 2.14 2.19 -0.12 6.85 5.62 6.31 -0.33 9.90 8.89 9.14 1.24 3.27 2.90 3.00 -0.01 67.25 64.10 64.79 -1.33

Last 60 days High Low

Volume 415630 1221383 4720789 913055 166129 4926096 506008 526287 325290 228909 14160587 786703 6691061 154848 133062 20845649 5316956 667993 3457335 323980 817700 490694 3200647

Change % Change 3.34 0.29 Market cap 200-Day High 695,892.61 mn Div Yield (%) 200-Day Low 4.98 -

74.00 19.25 11.99 39.49 4.65 10.23 4.50 16.47 131.00 29.28 3.16 2.79 250.48 20.30 3.40 81.78 3.35 2.12 3.05 8.48 9.90 4.63 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 (%) (%)

2011 Div BR (%) (%)

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

-

-

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 756.56 Turnover 6,747,357 P/E (x) 12.81 Paid up Cap(mn)

Company Adamjee Insurance

High Low 782.86 738.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20

Close 758.81 Listed cap 11,111.34 mn Payout (%) 79.54

Change % Change 2.25 0.30 Market cap 200-Day High 47,770.53 mn Div Yield (%) 200-Day Low 6.21 -

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.21

82.19

83.40

79.00

80.07 -2.12

1469258

96.40

71.55

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

-

-

-

9.51 35.47 60.00 8.90 32.25 11.72 88.11 56.00 13.80 6.30 10.10 6.20 6.01 5.50

10 30 35 -

25R 20B 10B 55B 25B -

-

UPTO 5000 VOLUME

-

Symbols FNBM ZTL SMTM SCLL GUTM TREI CWSM PKGI SANSM FRCL LPGL CFL MOON SING CSMD BATA TATM AATM JDWS ATEL SHEZ FUDLM FEROZ AGL NOPK STCL SANE FCONM STJT BWCL TSPL LATM ALTN KOHS SZTM TSMF IDYM CSUML GAMON MEHT GRAYS DCM TRSM LEUL HWQS FPJM NBF HINO MIRKS MSCL GFIL HUSS SIBL BROT KML DSML ZAHT BTL FANM SASML JVDC OLTM MFFL PGCL SNAI PRET PAKMI CLOV WAZIR ADAMS ANSS POML SFWF ILTM SHNI NPSM ELCM BUXL FNEL FIBLM BILF LIBM GLPL SHCM NESTLE HUSI FECM JOPP ICCT LAKST SCL ALNRS INKL CSIL BFMOD FECS WYETH OLSM ULEVER PECO UPFL AASM DINT AGSML FRSM BHAT COLG CPMFI DIIL OTSU FPRM GATI BWHL STML SHTM SIEM PRWM ISIL GVGL SHJS BIFO RMPL DADX SALT TICL FZTM ALICO POAF BAFS RCML GLAT LMSM SUTM FTSM

High Low 762.06 711.44 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 3.85

Close 740.60 Listed cap 2,290.72 mn Payout (%) 355.53

Change % Change 24.20 3.38 Market cap 200-Day High 8,742.84 mn Div Yield (%) 200-Day Low 4.29 -

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

56.31 45.29

60.99 47.90

57.10 42.98

58.95 2.64 45.98 0.69

46211 97497

79.80 49.31

2010 Div BR (%) (%)

51.31 39.05

15

2011 Div BR (%) (%)

-

-

-a

Performance of SR Financial Services Index Open 361.58 Turnover 18,942,433 P/E (x) 11.50 Paid up Cap(mn)

Company

Change % Change -14.03 -0.96 Market cap 200-Day High 32,330.90 mn Div Yield (%) 200-Day Low 7.19 -

69899 12.00 58692 42.90 9595 83.00 71177 11.99 170756 45.40 69474 15.50 18015 102.44 35714 64.00 4608048 19.40 72534 13.00 14050 12.93 14306 7.47 42198 8.20 18872 7.90

FINANCIAL SERVICES

GAS WATER AND MULTIUTILITIES Open 1,465.67 Turnover 13,103,511 P/E (x) 9.30

0.86 -1.19 1.99 0.24 1.17 -0.07 -2.03 1.44 0.57 1.99 0.16 0.10 0.29 1.69

850 33.49 627 19.65

-

Performance of SR Gas Water and Multiutilities Index

11.00 40.26 79.97 9.93 37.01 13.07 97.97 61.50 17.71 11.99 11.50 6.90 7.00 7.70

LIFE INSURANCE

Performance of SR Electricity Index High Low 1,369.84 1,321.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 9.35

10.24 40.00 76.00 9.46 36.05 12.90 94.05 59.99 16.51 9.60 11.00 6.55 6.33 6.01

Performance of SR Life Insurance Index

ELECTRICITY Open 1,353.66 Turnover 14,770,042 P/E (x) 14.19

11.24 42.50 80.00 10.40 38.90 13.55 101.90 64.00 18.35 13.00 11.50 7.47 7.39 7.90

High Low 370.06 338.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91

PE

Open

High

Low

AMZ Ventures 225 1.27 Arif Habib Investments 360 4.04 Arif Habib Limited 450 17.97 Arif Habib Corp 3750 4.58 Dawood Equities 250 613.33 Escorts Bank 441 First Credit & Invest Bank Ltd 650 Grays Leasing 215 IGI Investment Bank 2121 9.50 Invest and Fin Sec 600 4.87 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.84 Jah Siddiq Co 7633 JOV and CO 508 812.50 JS Global Cap 500 7.33 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 4.27 Pervez Ahmed Sec 775 4.40 Saudi Pak Leasing 452 Trust Brokerage 100 Trust Inv Bank 586 0.49

0.75 23.80 20.18 21.66 1.60 2.39 3.25 3.00 2.10 6.00 0.70 3.24 1.63 9.75 3.54 23.10 5.77 4.48 6.21 1.93 0.61 4.90 1.99

0.89 24.86 22.80 24.24 1.89 2.49 3.45 3.95 2.24 6.64 0.83 3.26 2.00 9.92 3.64 27.00 5.85 4.87 6.40 2.49 0.95 5.88 2.00

0.50 22.90 19.31 21.10 1.36 1.61 2.30 1.34 2.01 6.00 0.41 2.90 1.24 8.95 3.15 23.01 5.40 4.25 5.50 1.80 0.65 3.45 1.11

Close Chg 0.61 23.75 21.92 23.43 1.84 2.00 3.25 3.01 2.09 6.04 0.55 3.10 1.60 9.16 3.25 25.51 5.54 4.65 6.15 2.11 0.94 5.00 1.76

-0.14 -0.05 1.74 1.77 0.24 -0.39 0.00 0.01 -0.01 0.04 -0.15 -0.14 -0.03 -0.59 -0.29 2.41 -0.23 0.17 -0.06 0.18 0.33 0.10 -0.23

Close 348.03 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 1190229 98169 319912 13411916 19971 6746 64460 16904 33942 5017 112915 341932 45947 11621190 579883 24285 220902 95865 30155 4106616 37188 11034 16214

Change % Change -13.54 -3.75 Market cap 200-Day High 16,645.96 mn Div Yield (%) 200-Day Low 3.88 -

Last 60 days High Low

2010 Div BR (%) (%)

0.95 24.86 28.00 30.20 2.75 3.80 4.00 3.95 3.90 8.98 1.09 3.95 2.00 12.80 4.49 31.50 7.40 5.43 7.09 2.50 0.97 5.88 2.00

30 11.5 10 -

0.33 16.80 18.31 18.75 1.06 1.55 2.15 0.43 1.90 5.65 0.31 2.90 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 0.41 1.42 0.61

2011 Div BR (%) (%)

20B 20B 10B -

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,474.14 Turnover 4,947,543 P/E (x) 18.97 Paid up Cap(mn)

Company

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Stand Chart Modaraba UNICAP Modaraba

High Low 1,492.89 1,413.53 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21

PE

Open

High

Low

264 1375 4.08 525 1.72 780 1.84 200 1.25 524 1.07 581 0.73 760 1.48 397 3.72 1008 6.25 3180 2.32 1186 1.26 283 1.88 1200 2.59 184 11.60 1000 3.08 2835 3.74 2841 2.88 872 1.92 454 5.06 136 25.00

1.30 10.01 6.21 1.40 0.51 1.72 2.09 3.37 7.10 7.15 6.30 5.52 3.03 8.81 1.20 7.52 13.01 5.86 1.00 9.90 0.05

2.30 10.45 6.90 1.70 0.72 1.98 2.30 3.40 7.60 7.50 6.40 5.78 3.03 9.25 1.50 7.65 13.09 5.86 1.10 10.05 0.25

1.30 9.65 5.51 1.35 0.40 1.62 1.85 3.20 6.81 7.00 5.86 5.20 2.21 8.53 1.15 7.10 12.11 5.10 0.91 9.53 0.07

Close 1,453.58 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change -20.56 -1.39 Market cap 200-Day High 18,693.63 mn Div Yield (%) 200-Day Low 8.58 -

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

1.50 10.12 6.48 1.69 0.55 1.75 2.12 3.22 7.58 7.25 6.04 5.23 3.00 9.00 1.16 7.46 12.50 5.30 1.00 9.91 0.25

7822 244991 38774 444450 34474 64104 24314 244936 44063 39518 1287731 451332 87502 149041 18305 142727 1086031 407345 15242 19526 77000

2.34 11.50 6.97 2.79 0.87 2.98 2.57 3.89 9.00 7.50 6.43 6.61 3.50 10.24 2.50 8.83 16.49 7.95 1.20 10.63 0.95

18.5 2.2 0 1.2 17 11 21 5 10 2.8 15.5 10 20 10 3 17 -

0.20 0.11 0.27 0.29 0.04 0.03 0.03 -0.15 0.48 0.10 -0.26 -0.29 -0.03 0.19 -0.04 -0.06 -0.51 -0.56 0.00 0.01 0.20

1.16 7.70 3.84 1.12 0.35 1.30 1.61 2.92 6.71 6.50 4.61 4.20 1.26 7.05 1.15 6.21 11.90 5.10 0.90 9.00 0.05

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 -

-

Open 5.85 3.50 6.58 2.65 19.35 1.30 1.50 7.98 11.93 2.00 14.16 14.06 15.99 21.64 6.25 551.04 40.00 0.61 74.69 35.75 155.46 7.00 90.00 23.50 20.09 6.51 4.03 1.20 22.00 12.67 0.56 6.50 9.98 3.40 6.99 0.81 273.91 3.70 1.21 57.88 48.00 1.29 1.99 2.10 15.10 1.24 4.20 128.00 48.31 12.85 6.60 11.43 3.01 0.40 2.01 2.50 4.00 60.30 3.45 8.00 59.70 1.00 68.79 18.00 40.55 28.83 0.90 56.41 6.12 14.94 5.50 44.10 6.02 155.09 10.39 25.00 4.00 9.00 4.95 1.62 0.95 67.00 55.99 13.90 3410.21 6.09 2.75 10.55 1.03 252.08 90.00 45.74 9.00 4.24 4.32 36.91 980.59 1.70 4700.03 139.85 1197.58 24.52 33.41 5.50 18.76 259.00 859.90 2.50 10.00 30.75 9.38 45.42 35.59 23.00 0.37 977.00 14.01 82.13 23.50 65.56 47.98 2720.02 19.96 68.50 59.20 409.93 15.02 9.75 58.00 41.49 8.50 1.50 36.23 1.20

High 6.25 3.98 7.40 2.90 20.35 1.74 1.50 7.98 12.45 2.40 16.46 15.10 16.50 22.22 6.75 574.99 43.00 0.75 77.99 38.20 160.68 7.25 91.95 24.55 23.00 7.75 4.75 1.47 22.00 13.53 0.85 6.50 9.98 3.40 6.99 1.40 280.69 3.75 1.97 60.50 47.95 1.50 2.26 2.10 15.10 1.99 4.40 124.90 49.24 13.51 6.60 11.94 3.95 0.40 2.79 2.10 4.00 63.30 3.30 8.00 59.70 1.01 70.00 18.99 41.50 31.60 1.08 59.23 6.30 14.94 5.50 45.00 7.00 181.91 10.99 26.25 5.00 9.95 5.75 1.75 1.50 67.00 57.00 13.90 3580.00 6.79 3.15 11.40 1.49 267.89 94.23 47.00 9.00 4.29 4.32 36.91 987.00 1.70 4947.00 144.99 1250.00 25.74 33.50 6.08 19.85 259.00 899.00 3.49 10.80 32.18 9.38 46.50 36.99 23.00 0.50 1025.69 14.60 86.00 24.67 68.83 49.95 2890.00 19.96 70.99 60.00 430.42 16.02 9.75 58.00 42.50 9.50 1.50 36.23 1.74

Low

Close

4.85 3.21 5.90 2.45 18.50 1.30 1.08 7.10 11.50 1.16 14.47 13.10 15.00 18.78 6.02 521.00 40.05 0.61 71.50 35.00 140.03 6.30 88.11 22.33 20.98 6.73 4.00 1.16 20.90 10.67 0.60 5.50 9.00 3.40 6.60 1.01 251.00 2.65 1.06 56.51 44.30 1.21 1.66 1.31 14.00 1.03 4.20 115.55 46.30 11.85 5.60 9.04 3.00 0.30 1.92 2.10 4.00 60.00 3.15 6.97 56.72 1.00 65.40 17.40 39.50 30.24 0.85 56.00 6.11 14.25 5.50 44.10 6.02 162.84 9.50 23.75 4.00 8.00 4.04 1.50 0.95 63.65 53.39 12.96 3330.01 5.09 2.75 10.55 1.03 239.48 90.00 45.74 8.00 4.24 4.10 35.11 897.01 0.70 4600.11 132.86 1151.00 23.51 31.80 4.71 18.90 246.10 816.91 2.50 9.04 29.50 8.60 45.00 35.59 23.00 0.21 950.00 14.01 78.03 22.38 65.56 45.59 2615.00 19.00 65.08 56.25 389.44 14.02 8.80 56.00 39.50 8.50 1.30 34.45 1.20

5.77 3.90 6.30 2.65 20.35 1.52 1.17 7.10 11.99 2.02 16.46 15.10 15.99 19.76 6.75 542.26 41.91 0.75 74.00 36.53 145.51 6.36 90.75 22.36 22.00 7.54 4.75 1.16 21.84 10.67 0.79 6.11 9.00 3.40 6.99 1.01 267.67 3.57 1.06 59.00 45.96 1.30 1.99 2.10 14.00 1.33 4.39 115.98 48.31 13.51 5.75 9.04 3.30 0.30 1.92 2.10 4.00 60.00 3.30 8.00 59.70 1.01 68.79 17.42 41.00 30.24 0.85 56.41 6.14 14.25 5.50 45.00 7.00 181.91 10.39 26.00 4.50 9.00 4.95 1.62 0.95 67.00 54.99 13.90 3418.44 6.09 2.75 10.55 1.03 255.14 90.00 45.74 9.00 4.24 4.32 36.91 940.00 1.70 4759.84 139.85 1151.00 24.52 33.41 5.50 18.92 259.00 818.79 2.50 10.00 30.75 9.38 45.42 35.59 23.00 0.37 975.00 14.01 82.13 23.50 65.56 47.98 2816.88 19.60 68.50 59.20 409.93 15.02 9.75 58.00 41.49 8.50 1.50 36.23 1.20

Change

Vol

-0.08 0.40 -0.28 0.00 1.00 0.22 -0.33 -0.88 0.06 0.02 2.30 1.04 0.00 -1.88 0.50 -8.78 1.91 0.14 -0.69 0.78 -9.95 -0.64 0.75 -1.14 1.91 1.03 0.72 -0.04 -0.16 -2.00 0.23 -0.39 -0.98 0.00 0.00 0.20 -6.24 -0.13 -0.15 1.12 -2.04 0.01 0.00 0.00 -1.10 0.09 0.19 -12.02 0.00 0.66 -0.85 -2.39 0.29 -0.10 -0.09 -0.40 0.00 -0.30 -0.15 0.01 0.00 0.01 0.00 -0.58 0.45 1.41 -0.05 0.00 0.02 -0.69 0.00 0.90 0.98 26.82 0.00 1.00 0.50 0.00 0.00 0.00 0.00 0.00 -1.00 0.00 8.23 0.00 0.00 0.00 0.00 3.06 0.00 0.00 0.00 0.00 0.00 0.00 -40.59 0.00 59.81 0.00 -46.58 0.00 0.00 0.00 0.16 0.00 -41.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.00 0.00 0.00 0.00 0.00 0.00 96.86 -0.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5000 4953 4901 4792 4570 4507 4427 4100 4075 4036 4015 4000 3951 3906 3875 3559 3021 3000 2964 2774 2746 2730 2667 2596 2464 2432 2380 2370 2353 2305 2248 2214 2195 2000 1962 1854 1775 1643 1608 1424 1352 1227 1227 1215 1201 1096 1090 1089 1061 1052 1050 1039 1006 1001 1001 1000 986 926 900 851 779 729 677 647 628 612 525 513 510 500 500 500 500 478 469 410 400 390 380 359 301 289 273 255 252 242 226 212 212 207 204 200 200 200 180 178 172 150 147 136 133 131 125 121 120 120 111 111 101 101 101 100 100 100 93 84 79 76 75 63 59 59 50 48 37 37 27 25 21 21 20 20 20 11

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Engro Corporation

National Bank of Pakistan

Company

Date

Time

Karim Silk Mills Limited Mohammad Farooq Textile Mills Ltd Askari General Insurance Atlas Honda Limited Pak Tobacco Comp Ltd Century Insur Comp Ltd Security Investment The Universal Insurance Co Limited

14-Mar 14-Mar 15-Mar 16-Mar 16-Mar 18-Mar 18-Mar 19-Mar

11:30 4:00 11:00 11:00 2:00 10:30 4:30 11:30

TECHNICAL LEVELS Company

RSI 1st 2nd (14-day) Support 41.14 2.25 2.00 30.91 58.20 57.50 Attock Cement 46.28 51.70 51.40 Arif Habib Corp 54.10 22.90 22.30 Arif Habib Limited 48.18 21.15 20.35 Adamjee Insurance 44.06 78.90 77.75 Askari Bank 38.58 13.80 13.45 Azgard Nine 42.02 8.90 8.70 Attock Petroleum 46.74 352.30 347.70 Attock Refinery 52.17 117.90 116.95 Bank Al-Falah 33.32 9.20 9.10 BankIslami Pak 43.71 3.30 3.15 Bank.Of.Punjab 40.89 7.05 6.85 Dewan Cement 48.69 1.75 1.70 D.G.K.Cement 46.40 24.75 24.30 Dewan Salman 48.31 2.70 2.60 Dost Steels Ltd 45.30 2.05 1.95 EFU General Insurance 47.65 36.50 35.95 EFU Life Assurance 48.44 58.20 57.40 Engro Corporation 68.42 232.70 230.00 Faysal Bank 49.77 12.95 12.60 Fauji Cement 38.71 4.15 4.10 Fauji Fert Bin 64.77 42.90 42.45 Fauji Fertilizer 52.45 131.75 129.40 Habib Bank Ltd 60.28 125.85 123.85 Hub Power 56.45 39.15 38.85 ICI Pakistan 58.17 155.45 153.75 Indus Motors 22.81 224.40 221.75 J.O.V.and CO 43.90 3.15 3.00 Japan Power 47.91 1.40 1.35 JS Bank Ltd 50.01 2.75 2.65 Jah Siddiq Co 44.21 9.05 8.90 Kot Addu Power 37.68 40.80 40.50 K.E.S.C 51.13 2.70 2.65 Lotte Pakistan 54.05 15.65 15.45 Lucky Cement 52.74 67.40 66.35 MCB Bank Ltd 57.85 223.55 221.85 Maple Leaf Cement 36.28 2.15 2.10 National Bank 59.65 78.15 77.40 Nishat (Chunian) 63.91 27.05 26.35 Netsol Technologies 50.30 22.70 22.55 NIB Bank 26.46 2.05 2.00 Nimir Ind.Chemical 56.55 2.65 2.55 Nishat Mills 51.72 63.35 62.55 Oil & Gas Dev. XD 40.11 153.20 151.95 PACE (Pakistan) Ltd. 46.82 2.75 2.70 Pervez Ahmed Sec 57.01 2.05 2.00 P.I.A.C.(A) 54.90 2.60 2.50 Pioneer Cement 47.18 5.90 5.85 Pak Oilfields 54.05 316.90 315.15 Pak Petroleum 53.86 209.60 208.40 Pak Suzuki 42.91 61.00 60.05 P.S.O. XD 47.86 280.15 278.35 P.T.C.L.A 41.08 17.70 17.60 Shell Pakistan 54.39 207.45 206.65 Sui North Gas 33.50 20.75 20.40 Sitara Peroxide 71.89 14.85 13.95 Sui South Gas 50.91 24.30 23.90 Telecard 48.74 2.00 1.95 TRG Pakistan 51.04 3.10 3.00 United Bank Ltd 52.86 64.35 63.95 WorldCall Tele 40.83 2.30 2.25 Al-Abbas Cement

Allied Bank Limited

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

Fair Value

Sell

*Arif Habib Ltd

Hold

*Arif Habib Ltd

AKD Securities Ltd

75.5

Reduce

AKD Securities Ltd

229.9

Neutral

TFD Research

92.3

Positive

TFD Research

245.4

Neutral

11,925.55

MA (10-day)

11,857.26

Resistance 1

12,115.45

MA (100-day)

11,647.32

Resistance 2

12,185.65

Technical Analysis

MA (200-day)

10,766.87

Pivot

12,055.60

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

Technical Outlook 64.86 42.28 37.08 32.42 43.24 43.25

Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,159.71 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 54.38

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

Leverage Position

59.77 76.97 72.07 68.70 79.06 79.65

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

224

Sell

Technical Outlook

Technical Outlook 318.50 25,129.48 N/A N/A N/A 91.85

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

Leverage Position

68.57 223.93 198.56 188.56 231.86 231.25

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

147.48 34,717.16 N/A N/A N/A 146.16

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

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

FFBL closed up 0.62 at 43.31. Volume was 20 per cent below average and Bollinger Bands were 17 per cent wider than normal.

FFBL is currently 33.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace.

Trend forecasting oscillators are currently bullish on FFBL.

NBP closed down -1.67 at 78.90. Volume was 26 per cent below average (neutral) and Bollinger Bands were 119 per cent wider than normal.

NBP is currently 14.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bullish on NBP.

ENGRO closed up 8.83 at 235.40. Volume was 22 per cent below average and Bollinger Bands were 115 per cent wider than normal.

ENGRO is currently 24.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO.

Nishat Mills Ltd

Brokerage House

Fair Value

Rs Recommendations

*Arif Habib Ltd

131.3

Buy

AKD Securities Ltd

AKD Securities Ltd

120.7

Reduce

TFD Research

TFD Research

129.4

Neutral

Fair Value 71.45 78.6

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

51.80 63.81 61.06 53.71 64.23 64.93

MCB Bank Ltd

Pakistan Oilfields Ltd

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Accumulate

*Arif Habib Ltd

Hold

*Arif Habib Ltd

Positive

AKD Securities Ltd

322.42

Neutral

AKD Securities Ltd

214.57

Neutral

TFD Research

363.65

Positive

TFD Research

218.18

Neutral

Technical Outlook

Technical Outlook 466.49 62,537.30 N/A N/A N/A 77.12

85

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

Fauji Fertiliser Co

Leverage Position

Rs Recommendations

Neutral

Support 2

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

Fair Value

Accumulate

37

12,042.75

52.33 124.96 125.79 116.01 130.65 130.53

Brokerage House

44.25

MA (5-day)

Technical Analysis

Rs Recommendations

45.52

*Arif Habib Ltd

11,985.40

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

Fair Value

TFD Research

Support 1

Brokerage House

Brokerage House

AKD Securities Ltd

53.57

KSE 100 INDEX closed up 45.22 points at 12,045.25. Volume was 49 per cent below average (consolidating) and Bollinger Bands were 23 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,115.45 and 2nd resistance level at 12,185.65, while Index will continue to find its 1st support level at 11,985.40 and 2nd support level at 11,925.55.

KSE 100 INDEX is currently 11.9 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

175.80 11,282.84 N/A N/A N/A 64.18

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

54.12 314.96 291.75 258.63 319.26 320.75

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

217

Hold

Technical Outlook

Technical Outlook

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

339

107.94 34,403.58 N/A N/A N/A 251.03

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

58.28 218.38 216.81 205.09 224.85 223.65

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

304.09 68,480.17 N/A N/A N/A 104.44

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

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

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

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

FFC closed up 8.81 at 134.06. Volume was 5 per cent below average and Bollinger Bands were 167 per cent wider than normal.

FFC is currently 15.6 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 moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bearish on FFC.

NML closed down -1.67 at 64.18. Volume was 76 per cent below average (consolidating) and Bollinger Bands were 4 per cent narrower than normal.

NML is currently 19.5 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 volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bullish on NML.

POL closed down -2.48 at 318.72. Volume was 33 per cent below average and Bollinger Bands were 20 per cent wider than normal.

POL is currently 23.2 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 volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.

MCB closed up 8.72 at 225.20. Volume was 67 per cent below average (consolidating) and Bollinger Bands were 31 per cent wider than normal.

MCB is currently 9.8 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 MCB (mildly bullish). Trend forecasting oscillators are currently bullish on MCB.

1st 2nd Resistance 2.85 3.15 60.90 52.30 52.65 24.10 24.80 22.75 23.55 81.30 82.55 14.35 14.60 9.30 9.50 362.15 367.40 119.90 120.95 9.35 9.45 3.60 3.70 7.40 7.55 1.90 1.95 25.55 25.90 2.85 2.95 2.20 2.25 37.60 38.15 59.55 60.10 237.55 239.70 13.55 13.75 4.30 4.35 43.65 43.95 135.65 137.30 129.00 130.20 39.90 40.30 158.45 159.70 230.30 233.55 3.40 3.60 1.55 1.65 2.90 2.95 9.35 9.50 41.45 41.80 2.80 2.85 16.15 16.50 69.15 69.85 226.95 228.65 2.25 2.30 79.40 79.90 28.25 28.75 23.05 23.25 2.15 2.20 2.75 2.80 64.75 65.30 156.05 157.65 2.85 2.90 2.15 2.20 2.90 3.10 6.00 6.05 321.70 324.65 212.45 214.20 63.45 64.90 284.65 287.35 17.95 18.10 209.65 211.05 21.40 21.75 16.15 16.60 25.00 25.25 2.10 2.15 3.25 3.35 65.35 65.90 2.50 2.65 59.85

Pivot 2.55 59.20 52.00 23.55 21.95 80.15 14.00 9.10 357.55 118.95 9.30 3.40 7.20 1.85 25.10 2.80 2.10 37.05 58.75 234.85 13.15 4.20 43.20 133.35 127.00 39.55 156.70 227.65 3.30 1.50 2.80 9.20 41.15 2.75 15.95 68.10 225.25 2.20 78.65 27.55 22.90 2.10 2.70 63.95 154.80 2.80 2.10 2.80 5.95 319.90 211.30 62.45 282.85 17.85 208.85 21.05 15.30 24.60 2.05 3.20 64.95 2.45

AXA sale of Taikang Life stake gets green light 8

Monday, March 14, 2011

Japanese insurers in double calamity WASHINGTON: Sheila Bair, chairman of the Federal Deposit Insurance Corp, speaks during a Reuters Finance Summit in Washington.-Reuters

Allianz’s foot in Malaysia takaful door Monitoring Desk KARACHI: The over-insured but tiny Malaysian Takaful market maybe about to witness yet another new entrant.

It seems that Allianz Malaysia maybe about to enter the market through acquiring a stake in Takaful Ikhlas. Back in December of last year MNRB Holdings, the sole owner of Takaful Ikhlas, said it had started discussions with Allianz on selling shares in the insurer.

Allianz indicated that approval to proceed was received from Bank Negara on December 17 last year around the same time that MNRB received approval from the Bank to commence negotiations on the sale in line with the central bank's liberalization moves in 2009 to raise the cap on foreign holdings companies from 49 per cent to

70 per cent. Takaful Ikhlas has 10 branches in Malaysia offering family and general Takaful for individuals and groups.

How big a stake Allianz Malaysia will take remains to be seen as chief executive Jens Reisch told The Islamic Globe, 'The future shareholding of Allianz in Takaful Ikhlas will depend on the negotiation to be undertaken between Allianz and MNRB and the approval from the regulator. We shall announce our shareholding in Takaful Ikhlas upon approval granted by the regulator'.

Reisch would also not be drawn on the price that it has in mind for the stake, 'The purchase price of the shares from MNRB will depend on the negotiation to be undertaken

by Allianz and MNRB and the approval from the regulator.

Does Allianz Malaysia think

that there is room in the market for another player? According to Reisch, 'We still feel that there is big potential for Takaful in Malaysia where there is still a relatively low penetration. If our acquisition of Takaful Ikhlas is successful, we will develop innovative products and various distribution channels as well as strong service capabilities to reach out to potential customers best possible. For us, Takaful will be a core business area, which we are keen to grow and expand fast'.

The Malaysian Takaful market is worth around $10 billion and is attractive to new entrants more for the growth potential that it represents that the value of the market at present. The market is said to be growing at between 15 per cent and 20 per cent per year.

Rs100,000 each for the heirs of deceased breadearners

Health cover for enrolled BISP beneficiaries soon ISLAMABAD: Around one million registered beneficiaries of Benazir Income Support Programmme (BISP) who have lost their breadearners are being given compensation of Rs100,000 under Life Insurance scheme.

Talking to APP, an official of the programme said that the data of one million beneficiaries has been sent to State Life Insurance Corporation while more deserving families being enrolled under nationwide poverty survey will also be entitled for the scheme.

The survey being simultaneously conducted in Punjab, Sindh and Khyber Pakhtunkhwa will be completed by June this year reaching over five million deserving families.

However, the survey has already been completed in Balochistan for social and economic empowerment of deserving women and in compliance with Aghaz-e-Haqooq-

e-Balochsitan.

The official said the process to entitle beneficiaries, to various initiatives of BISP including monthly cash grant, vocational training, returnable loan of Rs300,000 under Waseela-eHaq as well as life insurance, is started soon after completion of poverty survey in any area, the official said.

Moreover, Health Insurance facilities would be offered soon to registered beneficiaries, the official informed.

The programme is benefitting over three million families and expediting its efforts to enroll more deserving families for their social and economic empowerment.

To make the cash transfer delivery mechanism more transparent, BISP has launched effective delivery system through Mobile Phone Banking and around 150,000 beneficiaries in Musakhel, Layyah, Batgram and Larkana are being provided free

mobiles in the first phase.

By using Mobile Phone Banking facility, the beneficiaries will be able to receive their cash grant in most convenient and transparent way.

The transparency and facilitation of the beneficiaries is priority of the programme and the system is established on modern technology, the official said.

BISP is a programme working for the wellbeing of the downtrodden segments of the society and international aid agencies are quite appreciative of this programme as it is proving to be a comprehensive welfare mechanism for the poor.

The official said people must support the survey teams for successful completion of the poverty survey so that people in need can be reached out and given their right at their doorstep, thus, it would also help in achieving BISP's objective of making the country a welfare state. -APP

Congress eyes flood cover fix as tsunami nears US west NEW YORK: As a tsunami bore down on the western United States, a congressional panel explored ways to fix the broken National Flood Insurance Program, which covers more than 5.6 million US property owners.

Since Hurricane Katrina in 2005, the NFIP has been nearly $18 billion in debt. Critics complain that it subsidizes people who live and build in dangerous and environmentally sensitive flood zones from the coasts to the Midwest.

Repeated attempts to overhaul the program have failed, but Republican Rep. Judy Biggert is trying again as chairman of the US House of Representatives insurance subcommittee. She held a hearing on the issue.

"There's no question the program is in dire need of reform," Biggert said at the session, noting that the NFIP "continues to be financially unstable" and that one of her key goals will be to "eliminate taxpayer risk."

The tsunami provides a reminder of the dangers of flooding, the most common and costly type of natural disaster in America, said Rep. Emanuel Cleaver, a Democrat.

"It's time that we do an overhaul of the NFIP. Something has to be done. We're $18 billion underwater," he said.

A long debate lies ahead.

Congress is unlikely to take final action before late September, when the program's current authorization is set to expire.

Biggert has offered draft legislation that would let premiums rise closer to market rates to reflect the actual risks involved, reduce taxpayer subsidies, and improve the flood zone maps which form the basis of the program.

Industry lobbyists packed the hearing room. Major insurers with a stake in the outcome of the debate over the NFIP include Allstate Corp, Zurich Financial Services AG's Farmers Insurance, Travelers Cos Inc and Hartford Financial Services Group Inc. Federal Emergency Management Agency Administrator Craig Fugate had been slated to testify, but he canceled because of the tsunami. -Reuters

TOKYO: The unexpected nature of this week's earthquake in Japan, plus the damage from the subsequent tsunami and fires, makes estimating insured losses from the disaster especially difficult, senior executives at two top catastrophe risk modeling firms said .

But most experts agree the growing threat of disaster from damaged nuclear reactors is unlikely to have much effect on the mainstream insurance business because of the way insurance for the nuclear power industry is structured.

Insurance policies often exclude certain factors from coverage, and that will probably occur in this case -- exclusions on earthquake damage in the property insurance for reactors and exclusions on nuclear damage for homeowners' insurance policies.

What remains is likely to be an international liability pool, where reactor operators insure each other against claims in situations like this one. How deep that liability extends is unknown, however -- Japan is not a party to major international conventions limiting the nuclear liability of operators.

Generally speaking, the insurance industry does not model the potential for nuclear accidents when it looks at the effects of disasters in areas with nuclear power.

"The scrambling of the reactor is a huge event that's really difficult to model," Eqecat senior vice president Tom Larsen said in an interview. He said any impact was more likely to be felt by life insurers than property insurers.

Even without the nuclear threat, though, there is plenty of scope for damage claims of historic proportions.

About $24 billion of insured property is located in the 3 km (1.8 mile) band along the coast of the four prefectures, or states, most affected by the quake, Jayanta Guin of disaster-modeling firm Air Worldwide told Reuters. There is about $300 billion of insured property in the four prefectures most affected by the quake's shaking.

That does not equate in any way to a similar loss value, Guin said, adding that it would be days or even weeks until an accurate estimate could be made of what was lost, how it was lost, and what it would take to repair the damage.

One problem is that the damage was difficult to model because the intensity and location of the quake were unexpected, Guin said.

Eqecat, another risk modeler, said the quake was at least eight times stronger than any it had modeled in that particular part of Japan for the next 30 years.

The firm said that economic losses from the quake would likely exceed $100 billion. It did not release an estimate for insured losses.

Air Worldwide, Eqecat and another firm, RMS, are the three main risk-modeling firms that help insurers predict where and how they will suffer losses and how severe they will be.

"We are in unprecedented territory when it comes to understanding the estimate of this earthquake," said Guin, Air Worldwide's senior vice president of research and modeling.

"Even the best scientific consensus, including scientists from Japan, had not contemplated such a large scenario in that part of the Japan trench."

Equity analysts covering the insurance industry said the quake may have caused up to $15 billion in insured losses, which could make it the costliest quake in insurance industry history.

Friday's 8.9-magnitude quake generated a tsunami wave 33 feet high, and estimates put the death toll at 1,700 or more.

Another major question for the insurance industry in the days ahead will be whether the disaster will force insurers and reinsurers to raise prices after three years of declines.

Standard & Poor's equity analysts estimated that insurers faced at least $30 billion in claims this quarter from a combination of earthquakes in Japan and New Zealand, floods in Australia and losses related to unrest in the Middle East.

S&P said that would probably be enough to turn the market. Major insurers and reinsurers with exposure to the Japanese market, such as American International Group, ACE Ltd, Munich Re and Swiss Re , are expected to take weeks to assess their own losses. Even then, the numbers can steadily rise for months afterward, as they did with the September 2010 earthquake in New Zealand. -Reuters

Local listed insurers see a positive week TFD Report KARACHI: Insurance stocks saw some positive activities last week at the Karachi Stock Exchange (KSE) with around 6.9 million shares traded together in life and non-life sectors.

Pak Reinsurance was the most traded stock with 4.6 million shares followed by Adamjee Insurance with 1.46

million shares. EFU Life Assurance increased by Rs2.64 to close at Rs58.95 and PICIC Insurance was up by Rs1.99 to close at Rs11.99 to be the major gainers of the week.

On the other hand Adamjee Insurance fell by Rs2.12 to close at Rs80.07 and IGI Insurance by Rs2.03 to close at Rs97.97 being the major losers of the week.

US insurers stocks fall after Japan catastrophe WASHINGTON: Shares of top US insurers including Aflac Inc, fell last week after a massive earthquake, the fifth biggest recorded, rocked the northeast coast of Japan.

The 8.9 magnitude earthquake, the biggest earthquake to hit Japan on record, triggered a deadly 10-meter tsunami that swept away everything in its path, killing at least 59 people.

While shares of Aflac, the top insurance company in Japan in terms of individual insurance policies in force declined as much as 3 per cent, AIG and XL Group Plc were also down marginally in pre-market trading.

The impact of the earthquake was "too soon to know at this point," Stephen Wasdick, a spokesman for ACE told Reuters.

Insurers are already having to deal with the powerful earthquake that struck New Zealand last month, with total insured losses projected at between $8 billion and $12 billion from that disaster.

Earlier on Friday, shares of European reinsurers Munich Re, Swiss Re and Hannover Re and Scor also dropped sharply.

-Reuters

Nippon Life to invest $724mn in Reliance Life MUMBAI: Nippon Life Insurance Co plans to buy a 26 per cent stake in India's Reliance Life for about 60 billion yen ($724 million), a source with knowledge of the matter said, in the latest move by a Japanese insurer to expand overseas.

Nippon Life, Japan's largest life insurer, is in talks with Reliance Capital , the parent of the Indian insurer, to acquire the 26 per cent stake, the maximum allowed for a foreign company in an Indian insurance joint venture, said the source, who was not authorised to talk to the media about the matter.

Both Nippon Life and Reliance Capital, a financial services firm controlled by billionaire Anil Ambani, declined to comment on the news, which was first reported by Japan's Asahi newspaper.

Reliance Capital has said in the past that it was looking to bring in a strategic investor for its life insurance unit ahead of a possible initial public offering.

Shares in Reliance Capital, which has a market value of about $3 billion, were trading down nearly 4 per cent at 0732 GMT in the main Mumbai market that was 1.3 per cent lower.

The stock had earlier risen as much as 1.6 per cent. "We value Reliance Life Insurance at about $2.5 billion and therefore the amount that Nippon will reportedly pay for the 26 per cent stake is not a significant premium," said Santosh Singh, a sector analyst with brokerage Execution Noble in Mumbai.

"It's good for the company as it will get access to Nippon's expertise and can have a better product mix," he said.

Life insurance penetration in India is about 4 per cent of the gross domestic product, in terms of total premiums underwritten in a year, compared with 2.4 per cent in China and about 13.5 per cent in Britain.

Industry executives say the outlook remains bright in an under-insured, booming economy that is expected to grow at 8.6 per cent in the current fiscal year ending in March.-Reuters

Australia's Michael Clarke is congratulated by teammates after running out Kenyan batsman Tanmay Mishra

9

Monday, March 14, 2011

Barcelona expect to visit Japan ‘soon’ MADRID: Barcelona coach Pep Guardiola has called the massive quake and tsunami in Japan that left at least 1,000 dead "a tragedy" and said he hopes the Spanish champions will be able to visit the country again "soon".

Barcelona has visited Japan on several pre-season tours, most recently in 2007 when they faced Yokohama Marino in a friendly match, and the club has two fan clubs in the country as well as a football academy at Fukuoka.

"I hope the country can pick itself up and rebuild itself. It has been a tragedy. The pictures speak for themselves, it's devastating," Guardiola was quoted by the club's website as saying.

"I want to send my love to the people of Japan and I'm sure we'll soon be able to organise an Asian tour and be able to be with them," he added.

Barcelona's football academy at Fukuoka in southwestern Japan which has some 300 students was not affected by the quake, the club said in a statement.

Xevi Marce, the director of the academy, said "the coaches and children at that school are in perfect condition."

The Japanese government has said at least 1,000 people were believed to have lost their lives, but the police chief in badly hit Miyagi prefecture said the death toll there alone is certain to exceed 10,000.

The quake and tsunami have damaged or closed down key ports. Some airports shut in the immediate aftermath have since reopened, but transport infrastructure has been crippled along parts of the northeastern coast.-Agencies

Collingwood sees 2010 T20 similarity in WC campaign CHENNAI: The uncanny resemblance to England's group stage campaign in last year's Twenty20 World Cup has convinced the die-hard optimist in Paul Collingwood that the team can repeat the script and win the 50-over title as well.

Chasing their maiden ODI World Cup, England have jeopardised their quarter-final prospects by going down to lower ranked teams such as Ireland and Bangladesh and need to beat West Indies in their last Group B match on Thursday to stay afloat.

Collingwood is deriving inspiration from the Twenty20 triumph he led England to in West Indies last year.

"We have to remember the Twenty20 World Cup experience," Collingwood told reporters on Sunday.

"There also we were under pressure but were able to fight back ... it's a matter of getting our games together and delivering when it matters most."

In West Indies, England lost to the hosts and their group match against Ireland was abandoned before they made it to the next level.

Collingwood insisted England, once they clear the group stage, can still win the title despite their inconsistency.

"We have to beat the West Indies ... it's not all over for us and still if we can win four games on the trot, we can win the World Cup. "We knew that going through the group stages is tough but if we can go through the group stage, anything can happen."-Reuters

Kenya fight to lose gracefully vs Aus BANGALORE: Holders Australia claimed their place in the last eight of the World Cup on Sunday but they were made to work surprisingly hard by Kenya who restored pride with a defiant performance despite losing by 60 runs.

Michael Clarke (93) and the returning Mike Hussey (54) bailed their team out of trouble to help set up a daunting 324-6 but Kenya defied the much-vaunted Australian fast bowling unit to score a respectable 264-6 in Group A. Earlier, opener Brad Haddin had made 65 but Australia found themselves under unexpected pressure at one stage at 143-4.

After four straight losses, Kenya had clearly decided not to go down without a fight and

Tanmay Mishra (72) along with Collins Obuya (98 not out) resisted with a stubborn stand of 115 for the fourth wicket.

The pace trio of Brett Lee, Shaun Tait and Mitchell Johnson regularly generated speeds in excess of 140 kmph but the Kenyan batsmen gave as good as they got and notched up their highest score in the tournament so far.

Three of the six Kenyan wickets to fall were by runouts as the Australian fast bowlers and spinners almost ran out of ideas to dismiss a batting side which was skittled out in their previous four matches.It had seemed as if the match was headed for a fast finish as Kenyaslumped to 46-3 in the 10th over. But as

Pakistan to host first series in 2yrs KARACHI: The Pakistan Cricket Board (PCB) will host a team from the Indian Punjab in June for a limited-overs series as the country takes steps towards reviving international cricket on home soil following a two-year absence.

On Sunday, PCB chairman Ijaz Butt confirmed an agreement had been reached with the Indian Punjab cricket association for a bilateral series in June and September in the Punjab provinces of the neighboring countries.

"The governments of both countries have given the green light for the series to take place and the Indian Punjab team is also visiting Pakistan with the

approval of the Indian cricket board," Butt told the Dawn daily newspaper.

No international or representative cricket has been played in Pakistan since March 2009 after militants attacked the visiting Sri Lankan cricket team in Lahore.

Six Pakistani policemen and a van driver were killed in the attack and five Sri Lankan players riding in the team bus were wounded.

Following the attack, the International Cricket Council (ICC) opted to remove Pakistan's co-hosting rights for 2011 World Cup matches.Online

the pitch lost its pace, Mishra took on the role of the aggressor and clobbered eight boundaries and one huge six.

Obuya, however, was more restrained at the start of his innings but accelerated towards the end and singled out Shane Watson for some especially harsh treatment.

Thomas Odoyo joined the African party with a 38-ball 35 at the end but the Kenyans always were well behind the asking run-rate and their valiant attempt fell short.

Earlier, Clarke (93 off 80 balls) paced his innings to perfection to avoid a middleorder collapse after Australia lost three quick wickets in the space of 15 balls at the end of the 27th over.

See # 14 Page 11

NZ win, but lose a bowler to injury MUMBAI: New Zealand put another second-tier cricket nation in their place at the World Cup on Sunday to secure their quarter-final spot but a further injury in their ranks may prove a more important legacy.

Strike bowler Kyle Mills tweaked his left thigh after delivering just 2.4 overs before limping off during the 97-run win over Canada at the Wankhede Stadium. His condition will be assessed over the next 48 hours.-Agencies

Umar maybe, may not be in Zimbabwe clash Pallekele: Pakistan will continue to sweat over the finger injury to Umar Akmal after the batsman, again, missed practice. His chances of playing in Pakistan's game against Zimbabwe on Monday are uncertain.

Umar travelled with the team to Pallekele stadium near Kandy for an optional training session on Saturday but didn't bat, his right index finger still strapped. He did some running and nothing else. The nature of the injury isn't clear and scans and X-rays have revealed no fracture.

Akmal bros to play: Afridi KANDY: Poor form and injury concerns notwithstanding, the Akmal brothers -- Kamran and Umar will play Monday's World Cup match against Zimbabwe, Pakistan captain Shahid Afridi said.

Akmal has been a disappointment behind the stumps, dropping Ross Taylor twice early in his innings to allow the batsman hit a swashbuckling 131 and inflict on Pakistan a crushing 110-run defeat in Group A on Tuesday.-Reuters

"There is some swelling still there so he didn't bat today," Intikhab Alam, the team manager said. "We will see as far as the game on Monday is concerned but it will take a couple of days still."

Umar picked up the injury during fielding practice on Thursday and sat out Friday's session as well though the management was eager to play down the injury then. It came soon after the loss to New Zealand, a game in which his elder brother Kamran played a central role, dropping three chances, prompting calls for

PALLEKELE : Pakistan's captain Shahid Afridi speaks with teammates during a practice session before Tuesday's ICC Cricket World Cup match against New Zealand.-Reuters

PFF chief condoles with JFA LAHORE: Pakistan Football Federation (PFF)'s President Makhdoom Syed Faisal Saleh Hayat has extended his condolences to Japan's Emperor Akihito the, people of Japan and the Japan Football Association (JFA)'s President Junji Ogura, Vice President Kuniya Daini and General Kohzo Tashima following the massive earthquake and tsunami.

The largest quake ever to hit Japan struck on Friday spawned a 10-metre high tidal wave that has wreaked havoc in the country's east, sweeping away boats, cars and houses as well as triggering fires.

Powerful earthquake has struck the north-east coast of Japan, triggering a massive tsunami.

Officials say 350 people are dead and about 500 missing, but it is feared the final death toll will be much higher.

"On behalf of AFC, FIFA and its Member Associations, I convey my deepest condolences to the families and friends of the victims of the earthquake and tsunami in Japan," said Faisal who is also AFC Executive Committee member and Chairman Disciplinary Committee.-Online

his axing.

The Pakistan captain Shahid Afridi subsequently spoke of the possibility of Umar replacing Kamran as wicketkeeper.

The injury means that will not happen now and Kamran is almost certain to retain his place, but the timing has led to talk of a repeat of what happened in the aftermath of the Sydney Test last year. Jang, a leading Urdu daily, reported that the pair had been spoken to by the management and told in no uncertain terms that a repeat of Sydney would not be INDIAN WELLS, California: tolerated.-Agencies Top ranked Rafael Nadal and Caroline Wozniacki eased through their Indian Wells openers on Saturday, but through if England, who Australian Open runner-up have five points, lose their Andy Murray bit the dust in the Californian desert. last match to the West Nadal defeated South African Indies in Chennai on Rik de Voest 6-0, 6-2 while Thursday.

Wozniacki rolled over We have to beat the Dutch American wildcard Sloane and then if England lose to Stephens 6-3, 6-2 at the Indian the West Indies, we have a Wells WTA and ATP Masters chance. Otherwise it will be 1000 event. Nadal, who helped very difficult," Siddons said Spain win its Davis Cup first on the eve of the match. round tie against Belgium last "If England win, we can't week, now has two career wins get in unless we win against over de Voest but it's been eight South Africa, which is a years between matches.

The Spaniard won their only very difficult task. I am not going to guarantee that we previous meeting in 2003 at a will win against South Challenger event in France when he was just 16.-Reuters Africa.-Reuters

Dhoni hits out at his batsmen NAGPUR: After India's implosion in Nagpur, MS Dhoni came into the captains' press conference and hit the first question out of the room, into the black sky of Jamtha and all over the headlines.

India had just lost their first World Cup match to South Africa by five wickets and Dhoni criticised his batsmen who had made it happen. The team would have been helped greatly had they curbed not their enthusiasm but certainly their instincts today.

India lost nine wickets for 29 to be bowled out for 296, when they were on course for something far bigger. The batsmen "don't need to play for the spectators - they love sixes and fours in India but at the end of the day....," Dhoni said. He spoke calmly, his agitation emerging mostly from his words.

The team, Dhoni said,

always talked about a par score on every ground on which it played an ODI and responding to changing onfield situations. India were never able to do that in Nagpur, losing four for 30 in the batting Powerplay. "When you have 270 -280 on board, you go out there and what you want to do is play big shots and crowds always want those big shots. But different people have different roles and responsibilities. You need to bat 50 overs at least.

Especially if you've lost twothree wickets in the first 35 overs, you should be able to bat 50 overs."

He then added one of the more obvious truths in the game that had escaped the batsmen. "If you play 50 overs," Dhoni said several times in his 10-minute conference, "you get more runs." -Online

Nadal, Wozniacki advance at Indian Wells

WI must beat Eng: BD C H I T T A G O N G : Bangladesh coach Jamie Siddons said Sunday it was vital for the West Indies to beat England if his team is to have a realistic chance of reaching the World Cup knockout phase.

Bangladesh, who moved to four points after their stunning win over England on Friday, must defeat both the Netherlands on Monday and South Africa in Dhaka on Saturday to cement a place in the quarter-finals.

But a win over the Dutch can also see the Tigers

RECORD BOARD Most Runs Runs HS 327 175 324 120 318 134 Most Wickets Players Mat Wkts BBI Afridi-Pakistan 4 15 5/16 Sulieman-WIndies 4 12 4/18 Zaheer Khan(India)5 12 3/20

Players Sehwag(India) Tendulkar(India) de Villiers(SA)

Mat 5 5 4

Ave SR 65.40 125.28 64.80 100.30 106.00 111.18 Ave 8.53 12.50 16.41

Econ 3.36 4.43 4.31

10

International

Monday, March 14, 2011

A ‘Chernobyl’ in Japan? * Impact on industry depends on severity of any Japan leak * Industry says quake should not lead to safety hazard * N-power has enjoyed rebirth after 1970s, 80s disasters

T

he growing risk of a significant radiation leak at two Japanese nuclear power plants following Friday's earthquake and tsunami threatens to hurt an industry that has enjoyed a rebirth since the Three Mile Island accident in 1979 and the Chernobyl disaster in 1986.

On Friday, nuclear power advocates and environmentalists staked out familiar ground over the incident. But a wider public debate may be ignited if a major radiation leak occurs in Japan, said Paul Patterson, an energy analyst with consultants Glenrock Associates in New York. That debate has been largely muted since the 1980s when rock concerts were held to galvanise opposition to nuclear power after the Three Mile Island incident in Pennsylvania and the popular movie "The China Syndrome," that raised awareness of the dangers of a nuclear reactor meltdown.

"The severity of what happens is what is important," Patterson said of the impact of the Japanese incident.

If there is a substantial radioactive release, there could even be questions about whether it could travel on the Pacific jet stream to the US West Coast.

"It is serious and it could lead to a meltdown," said Mark Hibbs, a nuclear expert at the Carnegie Endowment for International Peace. "And what we're seeing, barring any information from the Japanese that they have it under control, is that we're headed in that direction."

But Naoto Sekimura of the University of Tokyo, said that a major radioactive disaster was not likely.

An 8.9-magnitude earth-

quake centered in northern Japan triggered a series of events at two Tokyo Electric Power Co plants that created conditions for a radioactive leak because there wasn't electric power to circulate cooling water over superheated uranium fuel rods.

The two TEPCO plants, the Daiichi plant and the Daini plant are around 40 miles (60 kilometers) from the epicenter of the earthquake that led to a tsunami and probably killed more than 1,000.

Nuclear industry advocates were saying that the ability of

the nuclear reactors in Japan to largely withstand the power of the earthquake shows how safe nuclear power is.

But that was before a series of scary announcements from TEPCO that it had lost the ability to control pressure at several reactors and that it was having trouble with a valve that would allow reactor pressure to be eased.

Thousands of residents were evacuated from the immediate area of the Fukushima plants, about 150 miles 240 km (240 kilometers) north of Tokyo.

Industry experts said the pre-

cautions taken at Fukushima showed that enhanced security at nuclear power plants should prevent any disaster. But green groups said the threatened leak showed that the risks were still too high.

"I wouldn't expect there to be a radiation emergency ultimately, they may have something to fix but it's a precaution more than anything else," said Sue Ion, former chief technology officer at British Nuclear Fuels, after Japan declared an atomic power emergency.

Altogether, some 11

Japanese reactors shut down after the earthquake.

Successive layers of security should prevent any leak of radiation, said Jeremy Gordon, an analyst at the World Nuclear Association based in London.

NUCLEAR POWER GAINS RECENTLY "The reactor designs that are up for consideration today are generation three where the safety systems operate at an even higher level," said WNA analyst Jonathan Cobb.

But environmental groups said the threat of a radiation

leak underscored the general risks from atomic energy.

"We've opposed nuclear power for decades, and this is another proof that it can't be safe," said Sven Teske, director of renewable energy at Greenpeace International.

A leading US scientist group said the incident highlighted the grave risk of inadequate back-up power to cooling systems at US facilities.

New interest from governments and investors in nuclear power follows the development of more

advanced plants, and a new focus on security of energy supply and moves to reduce carbon emissions. Nuclear plants generate low-carbon power in contrast to fossil fuels and can produce constantly unlike wind and some other clean energy sources.

The Vienna-based International Atomic Energy Agency (IAEA) estimated last month that about 10 countries have decided to introduce nuclear power and started preparatory infrastructure work, up from four in 2008. -Reuters

US Mortgage Settlement Proposal Likely Doomed

A

settlement proposal by state attorneys general with the five biggest US mortgage servicers stands out less for what it contains than for what it omits -- terms for resolving the most difficult issues dividing regulators and the big banks.

The proposal, which calls for a dramatic increase in loan modifications, is intended as the basis for settling allegations of widespread wrongdoing by the big loan servicers in handling millions of foreclosures.

But the sharply conflicting interests of the banks, regulators, homeowners and investors in mortgage securities signal that chances are remote for any "global" settlement with the banks.

Failure to reach a comprehensive settlement would be bad for the housing market, homeowners, investors in mortgage-backed securities, and even the banks themselves.

"There are so many different parties involved that I question the doability of a global settlement," said Bert Ely, an independent banking consultant.

Paul Miller, a bank analyst with FBR Capital Markets, said the banks ultimately might reach a settlement with requirements for loan modifications greatly watered down.

"The banks have a mess on their hands and they know that," Miller said. But he said that because banks fear the costs of the loan modifications the proposal would require, "I just don't see how banks can sign this document."

The AGs' 27-page proposal leaked out last week. Much of it deals with imposing what appear to be strict new standards of conduct for banks and requires far more loan modifications on terms that make it likely that homeowners can keep their homes.

The settlement would be with

Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup and GMAC/Ally Financial Inc. Missing from the document, however, are proposals for make-or-break issues such as: * The dollar amount of penalties the servicers would pay, and where money from the penalties would go. The document lists no amount, but a figure of at least $20 billion has been widely discussed. * The extent of loan modifications required, particularly principal reductions cutting the basic amounts owed. * Whether the banks and their personnel may get immunity from potential state and federal criminal prosecution for filing forged or fraudulent documents in foreclosure cases. * A seemingly obscure but vital question -- what would happen with mortgages held in the name of the Mortgage Electronic Registration

Service, a company established by the big loan servicers. MERS claims to hold the title to about half of all home mortgages, and vast numbers of foreclosure actions have been filed in MERS' name. But in recent months courts around the country have ruled that MERS lacks legal standing to foreclose. (A few courts, however, have ruled that it does.) * A factor that has led to a sharp reduction in recent months in the number of foreclosures -- court rulings around the country holding that banks cannot foreclose when they are missing crucial, authentic documents proving ownership of the mortgages.

Foreclosure tracker RealtyTrac reported Thursday that foreclosures in February 2011 were down 27 per cent from the same month last year. The report attributed nearly all of the decline to the court rulings, which

have led banks to hold back on filing foreclosure cases.

BREEDING MORAL HAZARD? In a press conference earlier this week, Iowa Attorney General Tom Miller, who led an investigation on behalf of the 50 states' attorneys general, predicted that a broad settlement could be reached within about two months.

Staff members of several AGs, who asked not to be identified, said that crucial issues were left out because differences among state and federal regulators remain so strong that they haven't been able to agree on proposals.

The Office of the Comptroller of the Currency and the Fed didn't participate.

Miller said the agreement was worked out jointly with federal agencies including the Federal Deposit Insurance Corp, the newly created Consumer Financial Protection Bureau and Justice Department. Bank opposition to the proposal emerged

quickly. On Tuesday, Brian Moynihan, chief executive of Bank of America, the largest US servicer, said at a meeting with analysts and investors that he opposes widespread principal reductions for homeowners in default. Moynihan, executives at other banks and OCC officials contend that such modifications could be unfair to homeowners who have kept current with their payments. They also say it might induce some who can afford current payments to default in expectation that they would be able to negotiate a better deal.

MISSING DOCUMENTS STILL A PROBLEM It is also unclear how any settlement between regulators and the banks could undo recent court decisions banning banks from foreclosing when they lack vital documents proving ownership of the mortgages.

In the chaos of the housing boom, many loan originators never bothered to pass on

those documents to investor trusts that bought securitised mortgages. Before the rulings the banks had tried to get around the problem by filing fake mortgage assignments, often drawn up just before or after a foreclosure proceeding began. Joe Klein, an attorney with Legal Aid of Collier County, Florida, who represents large numbers of low-income homeowners, contends that almost without exception the mortgage assignments banks filed in his cases weren't authentic.

The court ruling could leave the status of hundreds of thousands of homes and mortgages in limbo indefinitely. Legal experts say they doubt that a settlement between regulators and the banks could overcome the obstacles posed by the court decisions. Only an act of Congress could do that, they say. But there has been no sign of interest by lawmakers in taking on the issue. Reuters

LIBYAN OIL INDUSTRY SEEN ON ITS KNEES FOR MONTHS

N

o matter who eventually wins the lethal battles raging in Libya, the oil market will likely be starved of hundreds of millions of barrels for a long time, reshaping oil flows from west to east.

Top quality Nigerian and Caspian crude grades have shot to multi-year highs and huge premiums to Middle Eastern grades, wrecking buying opportunities for emerging Asian economies.

More of this oil will likely head to Europe's refiners who do not need to pay up the longhaul voyage on top of the Libyan war premium, unless they decide it is simply too expensive to run refineries.

The political unrest in Libya

has so far cost the OPEC producer 1 million barrels of crude oil output per day -- over half its daily output -- and exports are paralysed due to a lack of staff, sanctions and banks' refusal to fund deals.

Industry estimates for how much and for how long Libyan oil will be missed from the market vary. But the consensus is much of the oil will disappear for the rest of 2011 as the unrest shows signs of developing into a protracted battle which has already damaged some terminal and pipeline infrastructure.

This would mean a loss of nearly 300 million barrels of oil.

"It looks like the country is heading into a full-blown civil

war," said Samuel Ciszuk, senior Middle East and North Africa energy analyst with IHSEnergy.

"There will be no quick solution. So the market will have to get used to Libyan oil off stream for the most of this year or even the rest of the year."

The chief executive of Italian oil firm ENI Paolo Scaroni told the FT it might take between 6 months to a year for Libyan operations to return to normal.

Bank of America-Merrill Lynch estimates the average 1.4 million barrels per day of Libyan oil will be off the market for more than a year.

Analysts are weighing the prospect of a sustained period of zero production if more upstream infrastructure is dam-

aged.

"Will the shut-in volumes go higher? The answer is 'yes'," Societe Generale's oil analyst Mike Wittner said.

"It is a question of time whether oil facilities are getting targeted. And if it happens it will take months to repair damaged facilities. If the violence spread into oilfields, repair work to upstream facility even takes longer than downstream."

Libyan leader Muammar Gaddafi launched a sea and tank assault on the oil port of Ras Lanuf this week, intensifying a counter-offensive against the out-gunned insurgents.

LIMITED ARBITRAGE Long-term disruptions of Libya's crude oil exports are

likely to push up spot premiums on low sulphur crude oil from West Africa and the Caspian region further.

This could potentially squeeze spot flows of high quality crude to Asia for the long term.

Spot premiums on benchmark Nigerian Qua Iboe jumped to a 2-1/2 year high of $4 a barrel to benchmark North Sea Brent this week.

The jump in differentials comes on top of the rise in the benchmark Brent prices to a near 7-year high above Middle East/Asia sour benchmark Dubaicrude. "You are likely to see Brent remain firm relative to Dubai, limiting the possibility of spot arbitrage of light crude eastwards," said Harry

Tchilinguirian, BNP Paribas' head of commodity markets strategy.

Top exporter Saudi Arabia has promised it will provide more oil to make up for lost Libyan barrels and additional supplies could come to the market if OPEC decides to raise production. But analysts say these barrels will go east not west. Saudi Arabia's largest oil customer base is in Asia and it only sells oil to term customers.

"Of the additional barrels coming from OPEC, I would see most of those volumes going to Asia, which will free up some West African that normally go to Asia, because Europeans are looking for lighter grades," said Alex

Poegl, analyst at JBC Energy, referring to the fact that some European refiners in the Mediterranean cannot process sour grades.

Asian refineries tend to have more flexibility to convert poorer quality crudes into high-value fuels like gasoline.

Still, traders added that booming demand in Asia means that flows of West African grades will not halt completely.

"I think some baseload barrels will still go to Asia but fewer marginal barrels will go," said a crude oil trader for the West African market.

Overall, Asia typically buys between 1.5 million to 2 million barrels per day of West African crude oil. -Reuters

Gaddafi guns cannonballing along into East RAS LANUF, Libya: Muammar Gaddafi's troops forced outgunned Libyan rebels to retreat eastwards on Sunday and laid siege to pockets of resistance, unimpeded by diplomatic efforts to impose a no-fly zone.

The United States said a call by the Arab League for a U.N. no-fly zone over Libya was an "important step," but while Washington said it was preparing for "all contingencies," it has remained cautious over endorsing direct military intervention.

Arab League Secretary General Amr Moussa said the League had "officially asked the U.N. Security Council to impose a no-fly zone against any military action against the Libyan people."

That would appear to satisfy one of the factors that NATO has said is needed for it to take on the task of policing Libyan air space, that of strong Arab support. But the other, a U.N. mandate, is still not in sight.

The United States does not want to appear to be leading the drive to oust Gaddafi and made no proposal for an emergency meeting of the U.N.Security Council.

Diplomats in New York said a Security Council meeting at the weekend was unlikely.

Even if the Security Council does come together to discuss a Libyan no-fly zone, it is far from clear whether it would pass a resolution as veto holders Russia and China have both publicly opposed the idea.

The lengthy diplomatic negotiations run the danger of being overtaken by events on the ground as Gaddafi's troops pressed home their advantage in armour and air power and pushed the rag-tag insurgent forces back on the oil town of Brega, some 220 km (137

miles) south of the rebel stronghold of Benghazi.

Libyan state television said "Brega has been cleansed of armed gangs," but the report could not be immediately confirmed.

Some residents had fled Brega in fear, and rebels again appealed for foreign help to stop Gaddafi's warplanes.

Losing Brega and its refinery would limit rebel access to fuel after the insurgents were pushed out of Ras Lanuf on Sunday, another major oil terminal some 100 km to the west.

"The Libyan people need help. We're in danger. The east is in danger," said Abdel Hadi Omar, a civilian rebel volunteer. "The Libyan people can't cope with Gaddafi's weapons.

We have people but we don't have means."

Rebels do not want the support of foreign ground troops.

"We believe that, with (a nofly zone), we will be able to prevail," said Hafiz Ghoga, a spokesman for the rebel National Libyan Council.

MUTINY? Fresh from crushing the revolt in Zawiyah, west of the capital Tripoli, government tanks and troops turned to Misrata, Libya's third biggest city and the only pocket of rebel resistance outside the east.

But a mutiny among government troops slowed the advance of a crack Libyan brigade commanded by Gaddafi's son Khamis advancing on Misrata, with 32 soldiers joining the rebels holding the city, a rebel there said. He said one defector was a general.

Rebel spokesman Gamal said the brigade, stalled about 1015 km south of the city as fighting broke out in the ranks, with dozens of troops balking

11 Israelis aim to raise many settler towns after Palestine attack

International & Continuation

Monday, March 14, 2011

Yemen police open fire on protesters, kill dead

at the idea of killing civilians in the impending attack.

The events could not be confirmed independently.

Journalists have been prevented from reaching the city by the authorities.

Mussa Ibrahim, a government spokesman in Tripoli, could neither confirm nor deny a military operation was under way in Misrata.

"There is a hard core of al Qaeda fighters there," he said.

"It looks like a Zawiyah scenario. Some people will give up, some will disappear ...

Tribal leaders are talking to them. Those who stay behind, we will deal with them accordingly."

It took a week of repeated assaults by government troops, backed by tanks and air power, to crush the uprising in Zawiyah, a much smaller town 50 km (30 miles) west of Tripoli. The death toll in Zawiyah is unknown but much of the town was destroyed, with buildings around the main square showing gaping holes blown by tank rounds and rockets. Gaddafi's forces bulldozed a cemetery where rebel fighters had been buried.

After fighting ceased in Zawiyah on Friday, one soldier there was asked about the fate of rebels. He made a throatcutting gesture and laughed.

As in Zawiyah, the rebels in Misrata were heavily outgunned.

"We are bracing for a massacre," said Mohammad Ahmed, a rebel fighter. "We know it will happen and Misrata will be like Zawiyah, but we believe in God. We do not have the capabilities to fight Gaddafi and his forces.

They have tanks and heavy weapons and we have our belief and trust in God."Reuters

SANAA: One person died and scores were hurt on Sunday when Yemeni police fired live rounds and tear gas at protesters in Sanaa demanding an end to President Ali Abdullah Saleh's 32-year rule, medical sources said.

Witnesses said most of the injured were suffering severe effects from tear gas but some were hit by bullets. Two were thought to be in serious condition in the clashes by Sanaa University where protesters have been camped out for days.

The United States sees Saleh as an important ally in its fight against a highly active al Qaeda cell based in impoverished Yemen, but has grown increasingly alarmed by the escalating violence and has called for dialogue.

Al Jazeera television showed medics treating Yemenis, covered in blood and coughing from tear gas exposure in a makeshift hospital where protesters have set up an encampment by the university, the epicentre of protests in the capital.

Several thousand people gathered there early on Sunday, setting up barricades in an effort to separate themselves from riot police who used water cannon.

They carried banners branding Saleh "Chemical Ali" in reference to the police's use of an apparent tear gas that doctors have said affects the nervous system. The Interior Ministry has denied the accusation.

Seven protesters were wounded during protests in alMaafir in Taiz province and a protester died from shots fired by police during protests in the southern port of Aden on Saturday.

Abdelbari Dugheish, an Aden member of parliament from Saleh's ruling party, said he now supported the opposition.

"The security forces are responsible for the loss of lives.

-Reuters

JERUSALEM: Israel said on Sunday it would build several hundred homes for settlers in the occupied West Bank, a day after a Palestinian attack killed an Israeli couple and three of their children in a settlement.

Prime Minister Benjamin Netanyahu convened a special session of a ministerial committee on settlement to approve the step after pledging publicly the stabbings on Saturday would not deter Israel from building more homes for Jews in the West Bank.

Troops searched outside the settlement of Itamar, near the Palestinian city of Nablus, for the attacker or attackers who snuck into the home of Ehud and Ruti Fogel at night and knifed them and three of their children, aged 11, 4 and 3 months, as the family slept.

A 12-year-old daughter found their bodies after returning home from an evening youth group meeting.

With anger high in Israel and among settlers, Netanyahu's office said in a statement that "ministers decided to authorise construction" of several hundred housing units in the Etzion bloc of settlements and in Maale Adumim, Ariel and Kiryat Sefer.

The move was likely to draw international dismay and harden Palestinian resolve not to return to peace talks frozen over Netanyahu's refusal to extend a 10-month moratorium that expired in November on housing starts in West Bank settlements.

"This decision is wrong and unacceptable and will only create problems," said

Nabil Abu Rdainah, a spokesman for Palestinian President Mahmoud Abbas.

Expanded construction in West Bank settlements could bolster Netanyahu within his governing coalition, which is dominated by pro-settler parties, including his own rightwing Likud.

CONDEMNATION No group claimed responsibility for the attack but the Hamas Islamists who rule the Gaza Strip said they offered their "full support" to any actions taken against settlers.

A senior figure in Hamas's exiled leadership, Izzat alRishq, said on Saturday: "We had nothing to do with it."

A funeral for the family was to be held later on Sunday.-Reuters

Bahrain protesters block highway, confront police n

Protesters look to shut off Financial Harbour

n

Police fire tear gas to disperse crowds

n

Ministry urges protesters to retreat for their own safety

MANAMA: Waves of protesters blocked a main thoroughfare to Bahrain Financial Harbour on Sunday, a major business district in the Gulf Arab banking centre, facing off with police who fired clouds of tear gas and water cannon.

In one of the most violent confrontations since the military killed seven protesters on Feb. 17, youths erected barricades across the highway after overwhelming riot police near the Pearl roundabout, the focal point of weeks of demonstrations.

"The Ministry of Interior is currently undergoing operations to reopen theKing Faisal Highway and advised all protestors to return to the Pearl roundabout for their own safety," the ministry said in a statement.

One protester showed a round red mark on his chest, which he said was atear gas canister fired directly onto him. Others showed Reuters rubber bullets they said were fired by police.

A Western banker who declined to give his name said the protesters had stopped him from entering the Financial Harbour: "They didn't let me

through and they were very aggressive. This is not peaceful any more. It's time for police to stop this."

Bahrain, which is connected to Saudia Arabia by a 25-km causeway, has been gripped by its worst unrest since the 1990s after protesters took to the streets last month, inspired by uprisings that toppled the leaders inEgypt and Tunisia.

The kingdom, home to the U.S. Navy's Fifth Fleet, has seen weeks of rallies by its disgruntled Shi'ite majority, which says it is discriminated against by the Sunni royal family.Reuters

CONTINUATION No #1

Continued from page 12

Prime Minister Gilani visit to Kirgizstan is important in increasing the level of trade between the two countries and open new avenues of cooperation in diverse fields.

Pakistan and Kirgizstan enjoy historic relations rooted in culture, traditions and ideology. Cooperation in education sector is an important aspect of the two countries' relations.

At present, around 1,500 Pakistanis are studying in Kyrgyzstan's educational institutes mainly medical colleges, whereas Kyrgyz students are also getting education in Pakistan in areas including engineering, business administration, information technology and English language. -Agencies

No #2

Continued from page 12

forces.

He said that under well planned conspiracies, misleading propaganda is being proliferated about the high expenses of Pakistan Army.

"Apart form all plots against army, I would like to say that forces always perform their duties within the framework given by the sitting government", he added.

He said that the budget of defense forces consisted of two parts.

The portion regarding maintenance funds can be discussed at every forum but the segment of the budget relating to development can not be publicised as the enemy could get idea that in which areas the development is going to take place, so this portion is always kept in secrecy.

He said that army presented its report about the presence of thousands of ghost schools as well as fake teachers in Punjab and later regarding this it was said that the system has been corrected. -Agencies

removed all the black laws which were made during Musharraf regime and give rights to people of the country.

He said the PPP had never given legitimacy to turncoats as it was an insult to political workers and people.

Continued from page 1 No #6 Babar said the restoration of judges; National Finance A political agent also acknowledged the attack on the terrorist's Commission Award and the 18th Amendment were achievements vehicle. of the PPP-led government.

BBC said that no terrorists killed in the drone attack because the He said the PPP believed in dialogue and it did not opt for politics of confrontation even though its leader was judicially mur- vehicle remained safe in the first missile attack which helped them to flee from the scene. -Online dered. -APP

No #3

Continued from page 1

their sales tax liabilities.

Since investigations are underway, however preliminary investigation revealed that inadmissible input adjusted by 19 units, which were involved in this scam, runs in billions of rupees.

The Federal Board of Revenue in pursuance of information provided by the Directorate General of Intelligence and Investigation, FBR, Islamabad, permitted lodging of FIR against M/s M King International, Karachi which were subsequently lodged on January 19, 2011. -Agencies

No #4

Continued from page 1

computer expert who took advantage of the vulnerabilities in the e-FBR web portal to decode users ID and password of nil/closed units.

The modus operandi of the accused was that they used to purchase the sales tax files of nil/null filers and closed business concerns and e-filed sales tax returns on their behalf without the knowledge of the original registered persons.

They have confessed that they issued fake invoices in the name of these fake units and well reputed businesses also used such invoices to reduce their sales tax liabilities.

Since investigations are underway, however preliminary investigation revealed that inadmissible input adjusted by 19 units, which were involved in this scam, runs in billions of rupees.

The Federal Board of Revenue in pursuance of information provided by the Directorate General of Intelligence and Investigation, FBR, Islamabad, permitted lodging of FIR against M/s M King International, Karachi which were subsequently lodged on January 19, 2011. -Agencies

No #5

Continued from page 1

the world can disclose its development budget to the public, he said.

"If civilian government consider that they could diminish the perils through negotiation with India, then the reduction in army could be taken place", he added.

General Athar said that several agencies from some foe countries have been working to create the gap with between the army and public. Anti-Pakistan elements are trying to prove that army is a burden on the national development by criticizing the armed

No #7

Continued from page 1

Development Economics (PIDE), told Online that wheat production would increased approximately by 5-7 per cent in the current year.

He said, "Floods always cause fertility in the affected areas and timely rain would multiply productions and yields in arid areas."

More production in the flood hit areas of Punjab, Balochistan, Khyber-Pakhtunkhwa, and Sindh are expected, he added. Agencies

No #8

Continued from page 1

Wednesday respectively. However, the big blow was witnessed on Thursday with net outflow worth $7.25 million, followed by one more outflow of $0.34 million on Friday.

Furthermore, local companies remained on the selling side with shares worth $8.64 million.

On the other hand, biggest weekly buying was witnessed from Banks which invested $32.14 million of shares in the local bourse against the selling of $23.57 million, thus turning the net buying worth of $8.58 million.

Moreover, Individuals, other organization and NBFC also joined banks trend as they net invested $2.80 million, $2.23 million and $1.01 million respectively.

No #9

Continued from page 1

in January 11 -- drop of Rs1.70 billion in absolute term.

The decline in asset size was recorded in equity based funds as KSE 100-Index decline 8.66 per cent MoM. Open-end Funds which contribute almost 89 per cent of total mutual fund industry size stands at Rs208.30 billion till Feb end compared with Rs208.50 billion in January, showing minor drop of 0.10 per cent MoM, while closed-end fund size stands at Rs26.30 billion.

Money Market Funds category has once again emerged as a major performer, as this category was able to raise Rs4.70 billion in Feb'11 to reach at Rs73.7 billion compared with Rs69.0 billion in Jan'11.

On the flip side, equity fund category size dropped 7.12 per cent MoM to Rs46.45 billion till Feb'11.The other categories, Balanced, Asset Allocation, and Islamic Equity showed MoM decline of 5.09, 11.10 and 6.33 per cent respectively.

No #10

Continued from page 1

Friday written letters to the Prime Minister Yousuf Raza Gilani and Opposition Leader in NA Chaudhry Nisar as part of the consultative process for the appointment of NAB Chief. he letters were written just one day after the SC sent Deedar Hussain Shah packing.

Chaudhry Nisar wondered as to why the Pakistan Peoples Party-led government was in panic after the SC ruling on NAB Chief.

"What was the need for the Government to begin, in emergency, the process of consultation for the appointment of NAB Chief before the issuance of detailed ruling of the SC," he questioned.

He said the panic of PPP made it evidently clear that the government was taking its last breaths.

"The Government is taking its last breaths and Asif Zardari has been begging MQM for the past 7 days to provide oxygen to the government," he said.

Nisar came hard on PPP Co-chairman and President Asif Ali Zardari, saying it seems that Asif Zardari has resolved to use all sorts of bullying tactics to force the courts to issue rulings that are in accordance with his desires.

"The man who is calling the shots is responsible for the killings of nine people in Sindh (during the strike called by PPP in the province)," Chaudhry Nisar alleged.

He said President Asif Zardari during the past three years put at stake the law, the whole country and his party (PPP) at stake for only one point agenda - sticking to power.

No #11

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Party believed in strong federation and it would not allow anyone to trample the rights of the small provinces.

He said that federation has seven parts including four provinces, Federally Administered Tribal Areas (FATA), Gilgit-Baltistan (GB) and Islamabad Capital Territory (ICT) which are being targeted by the leader of opposition.

Calling Chaudhry Nisar as the former Parliamentary Secretary of a military dictator, Awan stated that President's slogan of 'Pakistan Khappay' (Long Live Pakistan) voiced for the unity of federation was also ridiculed.

"PPP is a political party of federation and it would not leave its political role in Punjab," Awan said while referring to PPP role in Punjab.

The minister remarked that he made a call to speaker Punjab Assembly on yesterday's unpleasant event in the provincial assembly and assured full support to him on running the legislative business of the assembly in a smooth manner.

He questioned the opposition leader that why a petition against the exile of Sharif brothers was not filed and why a petition against the manhandling of Mian Nawaz Sharif was not filed when he flew back to Islamabad from London.

Dr Babar Awan said that he would not reply to the remarks about his person because he does not believe in doing so. -APP

No #12

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Shamsul Hasan to receive him and his family at the London airport. -Agencies

No #13

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country in general and in the province in particular.

He said that the Co-chairman asked the members of the PPP Committee on the proposed All Parties Conference (APC) of the parties having representation in the Parliament, to step up the process of consultation with political parties for holding the conference at an early date.

The Co-chairman said that the present political situation demanded that a meaningful and broadbased consultation with all political parties was held at the earliest.

The meeting decided that the process of reconciliation would continue and doors would remain open for all parties in the Parliament for a broader and deeper political reconciliation.

Farhatullah Babar said that the meeting reposed full confidence in the leadership of the party Cochairman and authorised him to talk to all the political parties represented in the Parliament for arriving at a consensus on major issues being faced by the country. -APP

No #14

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Clarke and Hussey (54 in 43 balls), who celebrated his return to the World Cup squad with a typically industrious innings, came together with Australiain a spot of bother and with a 300 plus score looking a long way off.

They immediately put the Kenyan fielders under pressure with singles and twos and the odd boundary to wrest the initiative back with a 114-run partnership for the fifth wicket at better than a run a ball.

Shane Watson (21) and captain Ricky Ponting (36) also got some runs under their belt. -Reuters

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PM says facing worst crisis since WWII

Japan crisis grows; casualties shoot up KARACHI: President Asif Ali Zardari presiding over a meeting of PPP’s Central Executive Committee members from Sindh held here at Bilawal House. -APP

18 injured, local party office set on fire

Khi target-killing toll nears twenty Staff Reporter/ Agencies KARACHI: In spite of the presence of President and Prime Minister in Karachi, the ongoing incidents of targeted killings in the metropolitan city have so far left 19 people dead including political workers and a child while 18 others sustained injuries, media reports said Sunday.

Miscreants set ablaze an office of a local organisation and three vehicles.

Unidentified attackers fired and killed a party worker, identified as Khurram, at his shop in the busy area of Kharadar.

This triggered a bout of heavy firing that spread a wave of tension in the entire area where enraged people set on fire a bus, truck and a rickshaw beside an office of a local organisation.

Two men named Musavir Bangash and Sikandar Chandio were gunned down by unknown armed men at Jauhar Chowrangi in Gulistan-e-Jauhar area. Musavir was a resident of Pehalwan Goth whose brother had been arrested a few weeks ago.

In another incident of firing in the

same area, a political worker Asad Khan was killed and three others were wounded.

In Garden area two bullet-riddled bodies of Adnan and Sami were found dumped while a worker of a religious party identified as Khadim Hussain was shot dead in Orangi Town.

Dead bodies of two youths with bullet wounds were recovered from Memon Goth, Malir and Super Highway.

Armed attackers gunned down a 19year old boy identified as Shams in SITE area.

A firing incident also occurred in Azizabad area where men with guns riding a motor cycle fired and killed Noman, 23.

Three men were injured in similar incidents of firing in Baladia Town, Ghani Chowrangi and Kharadar.

Tension spread in all these areas where patrolling by police and Rangers personnel was undertaken to maintain order.

Latest reports have confirmed that a child who received injuries as a result of firing in Gulistan-e-Jauhar area later succumbed to his wounds and died.

Pakistan is our lifeline, says US ex-envoy

US urged to sit well with Pak NEW YORK: A former American Ambassador to Pakistan has underscored the importance of the South Asian country for the United States amid strains in Islamabad-Washington relations over the Raymond David affair that have led to calls for cutoff of US aid.

"Like it or not, Pakistan is our lifeline," Ambassador Wendy Chamberlin was quoted as saying in the course of a New York Times' dispatch Sunday on the activities of the detained CIA operator and the adverse impact his action in shooting dead two Pakistani men has had on the US-Pakistan relationship.

Chamberlin said that America's relationship with Pakistan remains essential for security in the region.

There are many reasons for continuing the relationship with such a "large and strategically important country", she said.

At the very least, she said, the appetite of the Afghan war makes end-

ing the relationship impossible, because there are no better routes over which to transport all the military supplies that currently are shipped through Pakistan.

The Times' dispatch acknowledged that Davis' shooting had "complicated" American attempts to portray him as a "paper-shuffling diplomat who stamped visas as a day job; generated an extraordinary swirl of recriminations and for many Pakistanis confirmed suspicions that America has deployed a secret army of spies and contractors inside the country.

"It has also called unwelcome attention to a bigger, more dangerous game in which Davis appears to have played just a supporting role," the dispatch said.

Quoting American officials, the newspaper said "The CIA team Davis worked with had among its assignments the task of secretly gathering intelligence about Lashkar-e-Taiba." APP

'Q' sees no future of PML-N in Punjab LAHORE: PML-Q's head, Chaudhry Shujat Hussain and former CM Punjab, Chaudhry Pervez Elahi said that Punjab had a bright future, while the Punjab government's future was quite bleak.

Talking to media during their visit at the home of late Khalid Gharki to condole his recent death, he accused the Punjab government of bankrupting the province, while paying absolutely no attention towards the welfare of masses.

They also said that since the previous regime of PML-Q had completed its five-year tenure, it wanted that every elected government should also complete their legal tenure.

They declared that Punjab govern-

ment had failed miserably to deliver, and there had been no credible development in past 3 years of its rule.

They strongly derided the politics of turncoats, which had been condemned by all political parties, expressing that the political mandate of all political parties should be cared about: as anyone trying to disturb another's mandate, would be responsible for the consequences.

They said that President Asif Ali Zardari had patched up with PML-Q in better interests of the country, while answering a question, Chaudhry Pervez Ali declared Rana Sanaullah as quite an unpleasant entity, who was equally eschewed by TV viewers. Agencies

2 districts for Isb before next fiscal ISLAMABAD: Federal Minister for Law and Justice and Parliamentary Affairs Dr Babar Awan has said that Federal Capital would be divided into two districts before the coming fiscal budget of 2011-12.

He was addressing at Jhangi Syedan after the inaugural ceremony of road construction here on Sunday.

Federal Government would provide all the basic facilities to the local community of the capital, adding Islamabad High Court is a great example.

Babar said that government is committed to change the life of common people and first time in the history, Balochistan received Rs96 billion.

He said Pakistan Peoples Party always stands with the deprived communities of the country and resolved their problems on priority.

He said National Finance Commission (NFC) and Aghaze-Huqooq-e-Balochistan is initial steps for the Balochistan and other steps are being taken for uplift of the province.

The Minister said it was mandatory under the Constitution that the system was run by elected representatives of the people.

He said PPP government See # 2 Page 11

SENDAI, Japan: Japan faced a growing humanitarian crisis on Sunday after its devastating earthquake and tsunami left millions of people without water, electricity, homes or heat.

As officials predicted the death toll could top 10,000, the country mobilised a rescue effort to deliver food, water and fuel, and pull stranded survivors from buildings and damaged homes. More than 350,000 people had been evacuated.

"I would like to believe that there still are survivors," said Masaru Kudo, one of 100,000 soldiers dispatched to help in the rescue effort, as he surveyed devastation in Rikuzentakata, a nearly flattened village in far-northern prefecture.

Two days after entire neighborhoods were submerged by waves that swallowed an estimated 5,000 homes, Rikuzentakata is one of many towns and cities facing both a fast-rising death toll and dwindling

supplies of food, fuel and water.

"Water, food, gasoline and, kerosene - these are all lacking," said Rikuzentakata's mayor, Futoshi Toba. Nationwide, about 1.8 million households were without power, and 1.4 million without electricity, Japan's Ministry of Health, Labour and Welfare said.

Tens of thousands of people had taken shelter in schools and stadiums to escape near-freezing temperatures. Television stations showed repeated footage of people sleeping under blankets at makeshift evacuation centres.

About 140,000 people, for instance, had been evacuated from areas around a crippled nuclear power plant in Koriyama in Fukushima Prefecture. They were scanned for radiation exposure as they entered shelters Meanwhile, Japan fought to avert a meltdown at two earthquake-crippled nuclear reactors.

The world's third-largest economy is struggling to respond to a disaster of epic proportions, with more than 1 million without water or power and whole towns wiped off the map.

As he spoke, officials worked desperately to stop fuel rods in the damaged reactors from overheating, which could in turn melt the container that houses the core, or even explode, releasing radioactive material into the wind.

The government said a building housing a second reactor at the same complex was at risk of exploding after a blast blew the roof off the first the day before. The complex is 240 km (150 miles) north of Tokyo.

The No 1 reactor is 40 years old and was originally scheduled to go out of commission in February but had its operating license extended another 10 years. But Kan said the crisis was not another Chernobyl, referring to the 1986 nuclear disaster. -Agencies

Cooperation in infrastructure and energy

Gilani to lure Kyrgyzstan trade ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani will pay a two-day official visit to Kyrgyzstan from March 15 to boost bilateral relations besides seeking joint cooperation in trade, infrastructure and energy with the Central Asian Republic.

Gilani is the first Prime Minister to visit the Kyrgyz Republic in last 15 years. Earlier Benazir Bhutto visited the Central Asian state in 1995 after its independence in 1991.

Prime Minister Gilani during his

stay will hold talks with his Kyrgyz counterpart Almazbek Atambaev, President Roza Otunbayeva and Speaker of the Kyrgyz parliament.

He will also address the business community and investors in Kirgizstan. Minister of State for Foreign Affairs Hina Rabbani Khar will also accompany the Prime Minister, a foreign office official said.

During the Prime Minister's visit, the two countries will sign a Memorandum of Understanding

(MoU) on the establishing Joint Business Council, an Agreement on cooperation in military training and a joint declaration.

A 12-member group of Federation of Pakistan Chambers of Commerce and Industries (FPCCI) led by its president Senator Ghulam Ali is also part of the Prime Minister's delegation that will meet with local businessmen to seek the potential of joint investment and bilateral trade.

See # 1 Page 11

Libya unrest

Pakistanis evacuation goes on ISLAMABAD: Foreign Office has announced that a special chartered flight, sixth in its series, with Pakistani nationals onboard arrived in Islamabad from Tripoli.

According to foreign office sources another chartered flight carrying 150 Pakistanis from Libyan city of Sebha has also arrived; with another 53 Pakistanis will be arriving today (Monday) in Islamabad, onboard a commercial flight from Cairo.

This makes the total number of Pakistani nationals who have returned from Libya stands, at 4783.

Foreign office has assured that Special Task Force at the Ministry of Foreign Affairs was monitoring the situation in Libya, round-the-clock, while missions and field offices in the region continue to facilitate all those who wish to return to Pakistan. Agencies

Forces kill four militants SWAT: At least four miscreants killed in a clash with security forces in Swat, and large amounts of weaponry and explosives recovered from their possession here on Sunday.

As per details, fresh units of security forces were patrolling, when miscreants trying to enter Swat from Dir opened fire on the forces.

In retaliation, security forces killed all the four rebels. Security Forces recovered large amounts of weaponry and explosives whereas there are being identified. -Online

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