TheFinancialDaily-Epaper-03-05-2011

International Karachi, Tuesday, May 3, 2011, Jumadi-ul-Awwal 29, Price Rs12 Pages 12

Pak, US have common foe, says Musharraf

Reconciliation, only option: PM

See Page 12

Govt buys near 1mn T of wheat

See Page 12

Pak helped US to achieve the target: Hillary

See Page 12

See on Page 12 Economic Indicators Forex Reserves (23-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Jul 10- Feb 11)

GDP Growth FY10E Per Capita Income FY10 Population

$17.18bn 14.20% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $58.39bn Rs 5497.4bn $491mn 0.98% 4.10% $1,051 175.92mn

Portfolio Investment SCRA(U.S $ in million)

225.58 49.49 -0.33 2771

Yearly(Jul, 2010 up to 29-Apr-2011) Monthly(Apr, 2011 up to 29-Apr-2011) Daily (29-Apr-2011) Total Portfolio Invest (23-Apr-2011)

NCCPL (U.S $ in million)

FIPI (2-May-2011) Local Companies (2-May-2011) Banks / DFI (2-May-2011) Mutual Funds (2-May-2011) NBFC (2-May-2011) Local Investors (2-May-2011) Other Organization (2-May-2011)

5.53 -1.59 24.45 -2.79 0.16 -26.08 0.32

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

Close 12035.89 10004.20 23720.81 18998.02 2692.02 2911.51 6069.90 12869.53

Change 21.65 154.46 84.82 137.94 1.15 24.47 1.74 58.99

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

$.Price PKR/Shares 2.60 109.95 15.26 129.06 2.00 42.29 1.70 35.94 11.18 37.81

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)

20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011 02-May-2011

13.25% 13.62% 13.87% 14.00% 13.17% 13.38% 13.67% 14.07% 14.19% 14.00% 14.04% 14.12% 14.44% 14.68% 14.90%

Commodities *Crude Oil (brent)$/bbl 126.12 *Crude Oil (WTI)$/bbl 114.55 *Cotton $/lb 156.60 *Gold $/ozs 1559.80 *Silver $/ozs 46.28 Malaysian Palm $ 1,105 GOLD (NCEL) PKR 42,405 KHI Cotton 40Kg PKR 10,181 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.80 Canadian $ 88.50 Danish Krone 16.10 Euro 124.20 Hong Kong $ 10.80 Japanese Yen 1.051 Saudi Riyal 22.40 Singapore $ 68.50 Swedish Korona 13.40 Swiss Franc 94.20 U.A.E Dirham 22.90 UK Pound 140.00 US $ 84.45

92.80 89.50 16.50 125.60 11.10 1.025 22.60 69.50 13.70 95.30 23.10 141.30 84.75

Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 92.46 Canadian $ 89.08 Danish Krone 16.76 Euro 124.97 Hong Kong $ 10.88 Japanese Yen 1.038 Saudi Riyal 22.53 Singapore $ 69.05 Swedish Korona 13.96 Swiss Franc 97.32 U.A.E Dirham 23.01 UK Pound 140.90 US $ 84.58 Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

92.67 89.29 16.80 125.26 10.90 1.0407 22.59 69.22 14.00 97.55 23.06 141.23 84.76

Max-Temp Min-Temp

36°C 35°C 41°C 39°C 33°C 37°C

17°C 25°C 26°C 23°C 12°C 19°C

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World's most wanted man killed in US raid in Abbottabad; Buried at sea, says US

Qaeda Head Osama Dead Pak terms death as 'great victory'; SArabia hopes it will help terror fight; Obama says not in war with Islam but terrorism, hails Pak help; Taliban threaten US, Pak over Osama WA S H I N G TO N / I S L A M ABAD: The mastermind of the worst terrorist attacks on American soil is dead, US President Barack Obama announced, almost 10 years after the attacks that killed about 3,000 people.

Osama bin Laden -- the founder and leader of al Qaeda -- was killed by US forces Sunday in a mansion in Abbottabad, north of the Islamabad, along with other family members, a senior US official told CNN. In an address to the nation Sunday night, Obama called bin Laden's death "the most significant achievement to date in our nation's effort to defeat al Qaeda."

"Today, at my direction, the United States launched a targeted operation against that compound in Abbottabad, Pakistan," Obama said.

"A small team of Americans carried out the operation with extraordinary courage and capability. No Americans were harmed. They took care to avoid civilian casualties. After a firefight, they killed Osama bin Laden and took custody of

Pak confirms ops done by US Forces

Pak kept in dark on Osama op WASHINGTON: Pakistan was kept in dark till the operation to kill Osama bin Laden was successfully accomplished inside the country close to the capital Islamabad, US officials said.

After the four helicopters carrying US special forces swooped down and killed the world's most wanted man as See # 6 Page 11

ISLAMABAD: Pakistan finally confirming that Osama Bin Laden has been killed said operation was conducted by the US forces in accordance with declared US policy that Osama bin Laden will be eliminated in a direct action by the US forces, wherever found in the world.

Foreign office spokesperson said: "In an intelligence driven operation, Osama Bin Laden was killed in the surroundings See # 5 Page 11 his body."

A congressional source familiar with the operation confirmed that bin Laden was shot in the head.

Intelligence sources said that bin Laden had been hiding out in the $1million mansion which had 'extraordinary' security measures including 12ft-18ft walls surrounding it.

The raid lasted just 40 minutes and was the result of a

Pact with 'Q': President refuses Rabbani resignation

14 'Q' MNAs take oath, inducted into Cabinet ISLAMABAD: President Asif Ali Zardari Monday administered oath to 14 Pakistan Muslim League (Q) members of Parliament, inducting them in federal cabinet as ministers and state ministers.

Seven members including Pervaiz Elahi, Amir Muqam, Anwar Ali Cheema, Chaudhry Wajahat Hussain, Faisal Saleh Hayat, Ghaus Bakhsh Mehar and Riaz Hussain Pirzada took oath as the federal ministers.

While Khwaja Shiraz Mehmood, Sardar Bahadur Seer, Akram Masih Gil, Sardar Shahjehan Yousuf, Raza Hayat Hiraj, Sheikh Waqas Akram and Rana Asif Tauseef will be state ministers.

Prime Minister Syed Yousuf Raza Gilani, Governor Punjab Sardar Latif Khosa, Governor Khyber-Pakhtunkhwa Barrister Kausar Masood, Chief Minister Sindh Qaim Ali Shah, Chief Minister GilgitBaltistan Syed Mehdi Shah,

Lube base oil price up Rs3/ltr KARACHI: National Refinery has once again increased the prices of lube base oil by Rs3 per litre which would result in sharp increase in all the lubricating oils by at least Rs4 per litre.

All Pakistan Lubricants Manufacturers Association (APLMA) Chairman Mian Zahid Husain, while condemning this arbitrary act of refinery, warned that this increased could result in increasing the price of every brand of lubricating oil by Rs10 per litre.

Mian Zahid informed that National Refinery has so far increased the price by Rs33 per litre in the last five months and this is fourth announcement of See # 13 Page 11

PML (Q) chief Chaudhry Shujaat Hussain, Waseem Sajjad, federal ministers, members of parliament and high ranking officers attended the ceremony.

On the other hand, irked by the new found love between PPP and PML-Q, Federal Minister for Interprovincial Coordination Mian Raza Rabbani presented his resigna-

tion from his ministry as well as from four parliamentary committees in protest.

However President Asif Ali Zardari refused to accept the resignation and directed him to continue his work.

Official sources told Online that Mian Raza Rabbani met President Asif Ali Zardari for lunch at the Aiwan-e-Sadr.

See # 7 Page 11

2011: World rice output seen up ROME: World rice production is expected to rise to 480 million tonnes in 2011, or 3 per cent higher than a year earlier, due to improved weather conditions, the United Nations Food and Agriculture Organisation said on Monday.

In a report, FAO gave what it called a very preliminary estimate on global rice paddy output, on a milled basis, saying the effects of the La Nina weather phenomenon looked set to dissipate in the next few months.

It said governments were also maintaining support to the sector to contain food inflation and secure long-term supplies.

"The bulk of the increase is

again expected to stem from good performances in Asia, with output also anticipated to increase in Europe, Oceania and Latin America and the Caribbean," FAO said.

"By contrast little change is foreseen in Africa, while prospects are negative in North America." FAO said output in Asia was forecast to record 3 percent growth to 434 million tonnes, boosted by sizeable increases in mainland China and India and a recovery in Pakistan. Production in Latin America and the Caribbean was expected to rebound by 9.2 percent to 29.2 million tonnes, underpinned by a strong See # 12 Page 11

Soldiers and residents stand over covered debris, as it was moved out by military vehicles from the compound within which al Qaeda leader Osama bin Laden was killed, in Abbottabad series of practice runs to ensure The body of al-Qaeda master- senior US official had conit went off flawlessly. mind Osama Bin Laden has firmed to them that Bin Laden's In addition to bin Laden one been buried at sea after he was body had been buried in the of his sons, two couriers and a killed by US covert forces in sea, without giving further woman died as she was used as Pakistan, US media reported. details. a human shield when the solCable television networks "This is something that we diers stormed the house.

CNN, MSNBC and Fox said a See # 4 Page 11

Trilateral strategic meeting today ISLAMABAD: The eagerly awaited US-AfghanistanPakistan strategic consultations will be held at the Foreign Office on Tuesday (today).

Diplomatic sources say that following the killing of al Qaeda mastermind Osama bin Laden, USAfghanistan-Pakistan Trilateral Consultations will focus on Afghanistan situation, cooperation on war against terrorism, reconciliation process in Afghanistan while last but not the least to enhance Intelligence Sharing network and other thorny issues in depth.

Sources say that Secretary Foreign Affairs Salman Bashir will lead Pakistani delegation while Special Representative for Afghanistan and Pakistan Ambassador Marc Grossman will lead US See # 8 Page 11

AfPak envoy arrives in Pakistan ISLAMABAD: After killing of Osama Bin Laden in Pakistan, US Special envoy to Pakistan and Afghanistan Marc Grossman arrived here Monday for a three day visit.

According to sources, during his three day visit he would meet with President Asif Zardari, Prime Minister Yousuf Raza Gilani, Interior Minister Rehman Malik, and State Minister for Foreign Affairs Hina Rabbani Khar.

He would also be leading the US delegation in the Pak-US Afghanistan strategic dialogue to be held in Islamabad today (Tuesday). -Online

Network's Pakistan Fast Growth 100 launched

Traders' role termed pivotal in economy ISLAMABAD: Dr Hafeez Shaikh, Minister for Finance, Revenue, and Economic Affairs has said that entrepreneurs could play a key role in economic prosperity of the country.

He stated this while talking to a delegation of entrepreneurs on the occasion of the launch of All World Network's Pakistan Fast Growth 100 here on Monday.

The Finance Minister spoke with the entrepreneurs about their important role in generating new ideas, new jobs and new industries.

The Finance Minister further added, "Pakistan 100 will be an

opportunity to highlight Pakistan's success in the area of entrepreneurship and help strengthen the ties between the Middle East and Pakistan economies as Pakistani entrepreneurs will meet with their Middle Eastern counterparts through the All World platform."

The All World Entrepreneurs presented the Finance Minister with a shield and thanked him for being the Patron of the Pakistan 100 and his support for the small-medium enterprises.

The Pakistan 100 is an initiative of All World Network to See # 9 Page 11

Over 20 vehicles burnt, 5 dead

MQM member killed, Khi tense KARACHI: Karachi is once again in the grip of pervasive violence as several people have been gunned down and various vehicles set ablaze in separate incidents in the metropolis.

According to the media reports, massive gridlocks witnessed in various areas of the city including I I Chundrigar Road, MA Jinnah Road, after violent incidents erupted in the wake of killing of Muttahida Qaumi Movement (MQM)

worker.

At least four people were killed in firing incidents. A truck has been torched near Liaquat Flyover, raising the number of total vehicles burnt to 19.

These vehicles were set ablaze in Korangi, Liaquatabad, Landhi and Urdu University.

Firing incidents were reported from Punjab Chowrangi, See # 10 Page 11

Textilers angry on ST re-imposition KARACHI: The value-added textile sector has sharply reacted and protested over the betrayal of the government from its commitment and reverting back to impose sales tax on textile auxiliaries.

The government vide its SRO No 283(I)/2011 dated 1st April, 2011 has very recently

given exemption in sales tax to textile auxiliaries making it zero-rated of the items, which are used generally in textile sector such as caustic soda, soda ash, sodium silicate, (others), tallow, urea active, zinc chloride.

The decision of the See # 11 Page 11

2 Tuesday, May 3, 2011

‘PM visit to cement Pak-France trade ties’

ISLAMABAD: A delegation of MQM led by Dr Farooq Sattar called on Prime Minister Syed Yousuf Raza Gilani at PM House.-Online

QAU gets 22 scholarships ISLAMABAD: Twenty two scholarships have been allocated to the Quaid-eAzam University (QAU), Islamabad, under a recent agreement signed between USAID and Higher Education Commission for the MBA session 2011.

According to press release issued here on Monday, the scholarship programme for session 2011 is focused toward students belonging from rural areas especially the female students.

HEC, in partnership with the US Government, initiated a Merit and Needs Based Scholarship programme, which aims to provide assistance to talented but needy students who are unable to continue their higher education because of financial disadvantages. These scholarships are available since 2004 in the field of Business Administration and Agriculture at 11 participating universities/institutions including QAU.-Online

Muneeb against printing holy verses ISLAMABAD: The verses of Holy Quran and picture of 'Holy Kaaba' in the newspapers usually found in garbage, packing of fruits and vegetables hurt the sentiments of Muslims.

Talking to APP, Chairman Roet-e-Hilal Committee Mufti Muneeb-ur-Rehman said that it is responsibility of the newspapers organizations not to publish any piece releated to religion that could not be handled properly after publishing like pictures of `Holy Kaaba' and Quranic verses.

Newspapers organizations should restrict such type of advertisement or publishing as it is our prime responsibility to take care of such things and avoid this practice.-APP

Etihad Airways coach service KARACHI: Etihad Airways, the national airline of the United Arab Emirates, has teamed up with Gerry's International, one of Pakistan's leading aviation groups, and Monday launched a dedicated coach service in Pakistan for Etihad guests travelling between Allama Iqbal International Airport in Lahore and the cities of Sialkot and Faisalabad.

Amer Khan, Etihad Airways' Country Manager in Pakistan, said: "We are delighted at the great response received from our customers in Faisalabad and Sialkot, who were waiting for such a luxurious mode of travel to the Lahore Airport, since ages.

"Etihad Airways has now become the first international airline to cater to the travel needs of the passengers from these cities. This service will consistently ensure that our guests enjoy a simple and convenient travel experience from their home city, all the way through to their final destination."-PR

Sharmila says daily wagers robbed of jobs

KESC accused of putting country's economy at stake KARACHI: Massive power load shedding being conducted by Karachi Electric Supply Company (KESC) has rendered thousand of laborers jobless.

"Prolonged electricity load shedding in Karachi for last few years has badly damaged its economy," Ms. Sharmila Faruqui, the Information Secretary Pakistan Peoples' Party (PPP) Women Wing Sindh said this while talking to a delegation of party activists on Monday adding that national economy of the country depended on economy of metropolis and that was whey the load shedding was not only affecting city economy but of the entire country.

She said that economy of the city was crumbling because of undeclared and prolonged power load

shedding adding that the load shedding had created a lot of problems for Karachiites and had become a nightmare for the locals.

"The 10 to 18 hours daily load shedding has caused closure of hundreds of industrial units in eight industrial zones of Karachi which has rendered thousands of industrial workers unemployed," she observed.

She said that it was truth that load shedding had been robbing jobs from hundreds of thousands of daily wagers of the metropolis.

She added that cruel acts of KESC had been pushing the economy to horrible destruction.

She said that under a pre-planned conspiracy, the KESC had put the economic survival of the

country on stake.

"We do not take power load shedding due to a financial problem of KESC but a negligence being committed by the KESC administration to menace Karachiites", she said.

Doctors of government and private hospitals in Karachi told me that hundreds of cases of various illness caused by hot weather were being reported due to power outages, as the people could not save them from scorching hot weather, she said.

She added that doctors had further told that every year, thousand of children suffered from diseases caused by sizzling hot weather were admitted to hospitals adding that hours-long power load management was major cause of ailment of those children.- NNI

SITE assn's concern on unannounced load shedding KARACHI: Asad Nisar Barkhurdaria, Acting Chairman, S.I.T.E. Association of Industry has expressed serious concerns over unannounced load shedding of fourteen hours on Saturday night in industrial areas of the city.

He said that SITE Association is very particular about load shedding in SITE area so that proper programming of industrial output and in particular the export goods can be optimized. To this end, the Association is in constant touch with KESC Management and urging them not to resort load shedding without taking the SITE Association into confidence.

However, the power utility did not take the Association into confidence and unilaterally resorted to load shedding on last Saturday night from 12.00 pm to Sunday

till 2 pm i.e. for fourteen hours.

Asad Nisar said that earlier on Saturday during day time the KESC Management informed the SITE Association that there would be no load shedding and industries may continue to run their industries without interruption.

KESC claimed that they had made payment of Rs.210 million to PSO for supplying furnace oil in order to mitigate the sufferings of the people of Karachi due to prolonged load shedding.

During day time on Sunday the industries were closed on account of Labour Day but after ending of the day i.e. about 12.00 p.m., the industries started production to back up their losses occurred due to strike and load shedding resorted

by KESC during the last week on one pretext or other.-NNI

PEMRA chief denies meeting President ISLAMABAD: Chairman Pakistan Electronic Media Regulatory Authority Mushtaq Malik has made it clear that he has not met or contacted President Asif Ali Zardari in last four months, adding that, his appointment as Chairman PEMRA was made in accordance with

the constitution.

In an exclusive chat with Online, the Chairman PEMRA expressed disappointment over negative propaganda being run by a section of media.

Answering to a question, he said, neither Federal Information Ministry nor Presidency has interfered

in his work and he would not receive any Pressure from any side.

He said his appointment as Chairman PEMRA was made for four years and he would continue his tenure. He said he has extended his leave till May 15 due to domestic work.-Online

KARACHI: President First Women Bank Shafqat Sultana and KFC’s CEO Tariq Ragoonwala singning an MoU.-APP

ISLAMABAD: The visit of Prime Minister Syed Yusuf Raza Gilani to France is of great importance which would help further strengthen trade linkages between the two countries in the fields of energy, defence, telecommunications and other key sectors.

Giving details about Prime Minister's four-day official visit to France from May 3, Pakistan's Ambassador to France Shafqat Saeed on Monday said he would hold discussions with French leadership on range of issues including security, trade and investment.

In an exclusive talk with a news

APCA protests against inflation QUETTA: All Pakistan Clerks Association (APCA) has held protest demonstration before Quetta press club against inflation and unemployment in the country here on Monday.

As per details, APCA held protest demonstration before Quetta press club against inflation and unemployment, the enraged protestors were holding placards inscribed with slogans against the government.

Provincial President Dad Muhammad vehemently criticizing the present government said that the government's claims 'roti, kapra aur makan' are baseless while no relief is being provided to the people.

He said that deteriorating law and order situation in Balochistan is creating sense of deprivation among people of Balochistan. He said that the present government has completely failed because inflation and unemployment is in full swing.

He demanded of the government to increase salary of the government servant while the government should bring down the rates of petroleum products.-Online

PACRA upgrades assest manager rating of AAML TFD Report KARACHI: The Pakistan Credit Rating Agency (PACRA) has upgraded the asset manager rating of Atlas Asset Management Limited (AAML) to "AM2-" (AM Two Minus) [Previous: AM3+]. The rating denotes the company's strong capacity to manage the risks inherent in asset management and meets high investment management industry standards and benchmarks.

The rating reflects AAML's qualified management team, well-structured investment processes, and diverse product base. The company has managed to sustain the performance of funds by efficient employment of asset management platform, leading to better investment performance.

The company has lately strengthened its risk management framework by establishing an independent risk function and setting up a Risk Evaluation Committee, as a support to the Investment Committee.

Meanwhile, AAML is taking steps to refurbish its research department while sustaining the quality of its fund management function.

Nevertheless, effective execution of business plan along with strong and stable funds' performance would be critical.

channel, he said Pakistan and France are expected to sign agreements on political and strategic relations, economic and commercial partnership and defence and security matters.

Ambassador Shafqat said during his visit, Prime Minister will meet President Nicholas Sarkozy and Prime Minister Francois Fillon, besides interacting with heads of major energy companies and business community.

Gilani's meeting with President Sarkozy will focus on bilateral, regional and international issues and the two countries' relations in the

changing international scenarios.

The Ambassador said the two countries are also expected to ink a Memorandum of Understanding between Federation of French Business Corporations and Pakistan Joint Business Council to establish the Pakistan-France Joint Business Council. France and Pakistan enjoy good trade relations. The volume of bilateral trade stood at US$1106.19 million during last year while the exports came up to US$682.77 million. The imports were valued at US$ 423.42 million during the same period. -APP

Senators demand operation in Khi to maintain peace Staff Correspondent ISLAMABAD: The members of Upper House of the Parliament on Monday demanded action and operation in Karachi against criminal elements for maintaining peace in the city.

They were of the view that all the political parties were supportive of the action against criminal elements and it was responsibility of the provincial government to ensure action against these elements without their party affiliation.

MQM Senator Tahir Hussain Mashhadi said that law and order situation was deteriorating in the city day by day and a number of MQM workers had been killed in a short

period of time.

He said the provincial government was not taking any action to curb the incident of violence and target killing despite the fact that all the political parties wanted action.

ANP leader Zahid Khan also endorsed Mashhadi's view and said that if the provincial government could not control the incidents of target killing and violence then it should give it in written that it had failed in maintaining law and order situation.

He said all the political parties were supportive of action and it should be taken to stop killing of innocent people. Babar Ghauri said that the criminal elements must be exposed and action should be taken without sparing

anybody due to his party affiliation.

Shahid ullah Baig and Raziq Ali Khan said innocent people were indiscriminately being killed in the city and action is must to stop it.

Raziq Ali suggested constitution of a Senate committee to suggest measures in this regard.

Meanwhile, Abbas Khan on a point of order said that Cabinet Division through a notification banned new gas connection. He said the notification should be elaborated properly. Khalid Soomro claimed that fake and bogus entries were being made during the population census, adding that it should be monitored for correct data of population.-APP

KARACHI: Paramilitary soldiers standing alert to avoid any untoward incident after the killing of Al Qaeda Leader Usama Bin Laden.-Online

PIAF criticizes govt for increasing POL rates LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has criticized the government for making huge increase in the petroleum products prices and termed it a very bad news for the country's economy which was already facing a number of challenges.

According to press release issued here on Monday, the PIAF Chairman Sohail Lashari, Senior Vice Chairman Nadar Kamal Osman and Vice Chairman Junaid Iqbal Sheikh while strongly reacting on this anti-industry and anti-

masses decision, said that in the past, the government did not bother to pass on the benefit of decrease of oil prices in international market and earned billion rupees and contrary to the fact it raised the prices immediately as soon as international prices went up which was a sheer injustice.

They said that PIAF had for the last many months been calling on the concerned government departments to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports

under the head of petroleum products.

They said that the timeline for the increase in the prices of petroleum products was also raising questions. They said that at a time when the whole industry was suffering due to energy crisis and high cost of doing business, the raise in POL prices is bound to give a further blow to the industry.

They said that hike in diesel prices would break the backbone of the agriculture sector as diesel is being used in the all agrimachinery and tube wells.-Online

Foreign envoys present credentials to President ISLAMABAD: Ambassadors designate of Myanmar, Poland, North Korea, Azerbaijan, Holy See, Afghanistan and Japan presented their credential to President Asif Ali Zardari today at an impressive ceremony held at the Aiwan-e-Sadr.

The ambassadors later on called on the

President separatly and discussed bilateral relations and matters of mutual interest.

The President felicitated the newly appointed ambassadors to Pakistan and expressed the hope that they will work for further strengthening the existing ties of their respective countries with Pakistan.-NNI

3

Tuesday, May 3, 2011

US dollar falls to 3-year low on rate outlook

Top Economic Events

Euro recoups early losses, helped by manufacturing PMI NEW YORK: The US dollar fell to a threeyear low against major currencies on Monday, and expectations the Federal Reserve will keep monetary policy loose even as interest rates are rising elsewhere raised the prospect of further weakening.

The euro climbed to a 17-month high above $1.49 after surprisingly strong manufacturing data bolstered chances that interest rates in the euro-zone will rise further. Traders said a break of $1.50 is just a matter of time.

Data showed US manufacturing expanded at a brisker pace than expected in April, although growth slowed from the prior month, while prices of raw materials hit near three-year highs. Another report showed construction spending rose at its fastest pace in 11 months in March.

"The reaction should reaffirm how difficult it is for the US dollar to get a sustained lift from strong growth and price numbers until such data starts to significantly pull forward US rate

expectations," said Alan Ruskin, global head of G10 currency strategy at Deutsche Bank in New York.

The US dollar index, which measures the greenback versus a basket of currencies, hit a three-year low of 72.722, edging closer to the record low of 70.698 set in March 2008.

The euro rose 0.5 per cent to $1.4876, after earlier rising as high as $1.4902 on Reuters data. Traders cited demand from a UK bank and European sovereign names but added that flows were scarce due to market holidays in parts of Asia and in Britain.

"We've come a long way without a correction but there's really no sign of anything that would pull the euro lower right now," said Shaun Osborne, senior strategist at TD Securities.

At this point, he said, every European Central Bank meeting carries at least the risk of a rate hike, though he predicted authorities would stand pat this month after hiking in

April.

The ECB holds its monthly policy meeting on Thursday.

The dollar rose briefly and oil prices fell overnight after US forces said they had killed al-Qaeda leader Osama bin Laden, but traders said the news was not enough to reverse the dollar-selling trend that has pushed the currency in recent weeks toward a record low against its major rivals.

World leaders called for vigilance toward any possible retaliation. Analysts said such action could be positive for the dollar if it provoked a flight-to-safety bid but added this was unlikely for the moment.

"An event like a retaliatory action would be dollar positive if it affects risk sentiment. But risk as a driver of the FX market has been much less than it has been," said Kasper Kirkegaard, currency strategist at Danske in Copenhagen.

Strategists at BNP Paribas said, "While it

may be a heroic assumption to presume a lowering of geopolitical risk, were that to prove the case it may bring some area of the US defense budget previously seen as sacrosanct into the spotlights as legitimate targets for spending reduction.

"Anything that enhances prospects for medium-term fiscal consolidation plays to the 'tighter fiscal policy, monetary policy easier for longer' theme that is a dollar negative," they wrote in a note to clients.

Against the yen, the dollar was flat at 81.22 yen while the Australian dollar hit a new postfloat high above $1.10 before easing to $1.0967.

A sharp fall in silver prompted some profittaking in the Aussie and other high-flying commodity currencies, including the Canadian dollar, which pulled back from a 3-1/2-year high versus it US counterpart. -Reuters

Aussie dlr off 29-year peak Korean won leaps on record April exports ahead of RBA decision

Time 3:45 All Day 9:30 3rd-6th 13:30 14:00 15:00 19:00 All Day

Source NZD JPY AUD GBP GBP EUR GBP USD USD

Events Labor Cost Index q/q Bank Holiday Cash Rate Halifax HPI m/m Manufacturing PMI PPI m/m CBI Realized Sales Factory Orders m/m Total Vehicle Sales

Source

Events

CNY AUD AUD JPY CHF EUR EUR GBP CHF CHF EUR CAD CAD USD USD USD

Bank Holiday MI Inflation Gauge m/m HPI q/q Average Cash Earnings y/y Bank Holiday French Bank Holiday Italian Bank Holiday Bank Holiday Retail Sales y/y SVME PMI Final Manufacturing PMI RMPI m/m IPPI m/m ISM Manufacturing PMI Construction Spending m/m ISM Manufacturing Prices

Forecast 0.60% 4.75% 0.20% 57 0.70% 14 1.90% 13.0M

Previous 0.60% 4.75% 0.10% 57.1 0.80% 15 -0.10% 13.1M

Previous Day Actual

Forecast

Previous

0.30% -1.70% -0.40%

-0.30% -0.10%

0.60% 0.80% 0.30%

-0.20% 58.4 58 5.70% 0.90% 60.4 1.40% 85.5

2.30% 58.8 57.7 1.90% 0.90% 59.9 0.40% 83.3

1.80% 59.3 57.7 2.10% 0.90% 61.2 -2.40% 85

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

May 31, 2011 May 5, 2011 May 20, 2011 May 5, 2011 June 22, 2011 June 16, 2011 May 3, 2011

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

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

SEOUL: The South Korean get band for a fourth month in Division of National Bank of Pakistan (NBP) won spiked against the dollar a row, although April's reading KARACHI, April 25,2011 Treasury Management Division of National Bank of on Monday, with record was lower than expected Pakistan (NBP) Monday issued the following Exchange rates: Selling Buying Buying exports in April and persistent- thanks to a drop in food prices. Countries The market consensus ly high inflation cementing TT & OD TT Clean OD/T.CHQ expectations for the local cur- remains for the Bank of Korea U.S.A. 84.70 84.50 84.28 rency's advance, despite to lift the policy interest rate by 141.23 140.90 140.51 smoothing operations by the 25 basis points to 3.25 per cent U.K. authorities to curb its rapid next week.

EURO 125.26 124.97 124.60 "The still high inflation print, gains.

CANADA 89.29 89.08 88.85 News of al Qaeda leader along with strong April exports 97.55 97.32 97.07 Osama bin Laden's death growth ... reinforces our long- SWITZERLAND sparked short covering on the held view that the authorities AUSTRALIA 92.67 92.46 92.21 dollar. But exporters' dollar will continue to focus on inflaSWEDEN 14.00 13.96 13.93 offers picked up around 1,067, tion rather than growth," said 1.0407 1.0383 1.0355 after top South Korean car- Goldman Sachs economist JAPAN makers Hyundai Motor and Goohoon Kwon in a note.

NORWAY 16.10 16.06 16.02 Kwon expected policymakKia Motors reported doubleSINGAPORE 69.22 69.05 68.87 ers to undertake a policy mix digit sales growth.

16.80 16.76 16.71 The won came just off a ses- including exchange rates, rate DENMARK sion high to close local trade at hikes, supply-side and admin- SAUDI ARABIA 22.59 22.53 22.48 istrative measures to fight 1,065.0 against the dollar.

HONG KONG 10.90 10.88 10.85 It climbed to as much as inflation.

308.79 308.06 307.25 Traders suspected dollar- KUWAIT 1,064.9, its strongest standing since late August 2008, with buying intervention at 1,066, MALAYSIA 28.59 28.52 28.45 the Seoul stock market hover- where the dollar/won opened NEWZEALAND 68.32 68.16 67.98 trade, but it did little to change ing near lifetime highs.

QATAR 23.27 23.22 23.16 The trade surplus in Asia's the market's direction.

Meanwhile, bond prices U.A.E. fourth largest economy more 23.06 23.01 22.95 than doubled to $5.82 billion in closed little changed in KR WON 0.0794 0.0792 0.0790 April from March, with exports response to rallying stock marTHAILAND 2.835 2.828 2.821 climbing a faster-than-expect- kets.

An auction for 1.5 trillion ed 26.6 per cent to a record Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 2, 2011 MUMBAI: The Indian rupee weakened on interest rates by at least 25 basis points in its annu- $49.77 billion from a year ear- won in 3-year treasury bonds KASB BMA ELXIR GSL ICSL JSCM AvgRate attracted strong bids, but setlier.

Monday as losses in local shares and strong al policy statement on Tuesday.

Inflation in the world's No.7 tled 9 basis points higher at 0-7days 12.50 The index of the dollar against six major currendemand for the dollar from oil importers out12.25 12.00 12.40 12.40 12.20 12.29 weighed a rebound in the euro against the green- cies was up 0.04 per cent at 72.966 points at the exporter stayed above the top 3.78 per cent from the previous 8-15dys 12.70 12.50 12.40 12.60 12.60 12.50 12.55 sale.

-Reuters end of the Bank of Korea's tarback. The partially convertible rupee closed at end of local forex trade. It had closed at 72.898 44.33/34 per dollar, 0.3 per cent weaker than its points on Friday.

16-30dys 12.90 12.70 12.70 12.70 12.90 12.75 12.78 The one-month onshore forward premium was previous close of 44.21/22, after moving in a 31-60dys 13.05 12.95 13.00 13.10 13.05 13.00 13.03 at 27.50 basis points (bps) versus 26.50 bps at prerange of 44.2800-44.3750 intraday.

Traders said there were no big moves in the mar- vious close. The three-month was at 81.50 bps 61-90dys 13.10 13.02 13.10 13.15 13.13 13.05 13.09 ket ahead of the central bank's annual policy state- from 82 bps and the one-year was at 318 bps com- ZURICH: The Swiss franc Illiquid trading conditions due 91-120dys 13.30 13.13 13.20 13.25 13.25 13.20 13.22 pared with 317.75 bps. ment on Tuesday. came off all-time highs against to holidays in many markets in The one-month offshore non-deliverable for- the dollar on Monday as the Asia and Britain on Monday are 121-180dys 13.44 "It has been a fairly silent day for the rupee.

13.42 13.43 13.48 13.45 13.42 13.44 People are waiting for the policy. Oil importers' ward contracts were quoted at 44.59, weaker than greenback clawed back ground exaggerating price moves, 181-270dys 13.58 13.52 13.55 13.66 13.53 13.55 13.57 dollar demand was high throughout the day, espe- the onshore spot rate. on news a US-led operation had traders said.

In the currency futures market , the most traded killed al Qaeda leader Osama bin cially because the oil prices have come down," 13.75 13.76 13.80 13.79 13.78 13.78 The franc could face some 271-365dys 13.78 said Naveen Raghuvanshi, an associate vice pres- near-month dollar-rupee contracts on the National Laden, spurring short covering pressure from the euro, with 2-- years 13.95 14.00 13.95 13.95 13.96 13.95 13.96 Stock Exchange, the MCX-SX and the United of the dollar. ident at Development Credit Bank. investors still uncertain when the India's central bank on Monday warned that per- Stock Exchange were at 44.5650, 44.5675 and 3-years 13.98 14.01 13.97 14.01 14.00 14.00 14.00 Investor risk appetite surged Swiss National Bank might raise sistently high inflation poses a risk to sustaining 44.5625 respectively, with total volume at $6.97 on the news, pushing US stock rates. Interest rate futures show a 4-- years 14.00 14.04 13.99 14.01 14.00 14.01 14.01 growth, reinforcing expectations that it will lift billion. -Reuters index futures higher and setting high chance of a 25 basis point 14.06 14.02 14.03 14.04 14.05 14.04 up European bourses for a posi- move in September, and fully 5-- years 14.03 tive open, but weakening the pricing a hike by December.

6-- years 14.04 14.09 14.08 14.05 14.07 14.05 14.06 appeal of safe haven assets like Hawkish comments from 14.09 14.09 14.05 14.15 14.08 14.09 the Swiss franc and crude oil, European Central Bank mem- 7-- years 14.05 which fell. bers will be positive for the euro, 8-- years 14.07 14.09 14.04 14.06 14.10 14.09 14.08 Some analysts said the dollar and absent a signal from SNB 14.10 14.03 14.08 14.09 14.08 14.08 had been due for a corrective that they will follow any ECB 9-- years 14.09 rebound against other currencies rate rise with a hike in June, the 10--years 14.10 14.15 14.10 14.10 14.11 14.13 14.12 after being heavily sold against franc could slip further against Greenback's decline starting to unnerve some investors 15--years 14.40 14.40 14.42 14.50 14.45 14.45 14.44 commodity currencies, oil and the euro.

The franc was 0.3 per cent 20--years 14.60 14.65 14.68 14.80 14.70 14.65 14.68 Bernanke argues that the US economy remains precious metals in recent weeks.

NEW YORK: Neither Washington nor Wall "The dollar's probably been lower against the euro, trading at Street is losing much sleep yet over the dollar as too fragile for tighter policy and suggested the 30--years 14.85 14.85 14.87 15.00 14.90 14.90 14.90 it slips close to all-time lows. But perhaps they Fed's pro-growth measures will help the dollar bought back as dollar-selling had 1.2856 francs per euro. -Reuters gone a bit too far. But there's no should be. down the road.

The dollar has shed some 8 per cent against "If we do what's needed to pursue our dual change in the fact that the Fed's major currencies this year, and if the decline mandate for price stability (and) maximum exit (from its easy policy) will USD/JPY quickens, it could provoke protectionism from employment, that will also generate fundamentals still be some way off," said AUD/USD EUR/CHF EUR/GBP EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD America's trade partners, worsen inflation at that will help the dollar in the medium term," he Katsunori Kitakura, chief dealer Period at Chuo Mitsui Trust Bank. home and spark a general loss of confidence in said at a press briefing this week.

-0.82 0.31 -0.44 -0.38 -0.72 -0.8 -0.76 0.82 The franc was 0.4 per cent 1 week US assets. That would all make it much more difAdnan Akant, who helps manage about $20 bil-0.82 0.87 -0.43 0.59 -0.71 -0.69 -0.82 0.63 ficult to finance the country's huge deficits, and lion in currency assets for Fischer Francis Trees lower against the dollar com- 1 month 0.24 0.78 0.05 0.52 0.05 0.02 0.33 -0.28 could threaten to send the US economy into & Watts, a New York unit of BNP Paribas, put it pared to Friday's New York 3 months -0.14 0.15 -0.24 0.13 -0.27 -0.25 -0.03 0.12 another recession. In fact the burgeoning national this way: "You don't get a strong dollar by raising close, trading at 0.8681 francs 6 months 1 year -0.81 0.74 -0.42 0.05 -0.78 -0.85 -0.75 0.6 debt is where all the negatives for the dollar con- rates. You get it by having low inflation and a per dollar at 0659 GMT. 2 years -0.86 0.85 0.25 0.76 0.11 -0.04 -0.82 0.76 verge, with America's prized AAA credit rating stronger economy that requires you to raise under threat and large corporations like rates." But that's cold comfort for emerging marKarachi Inter Bank Offered Rates (KIBOR) Caterpillar urging Washington to get its act ket countries who claim Fed policy encourages Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)02/05/2011 together. investors to pour money into their economies in 1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS "There's no sign of panic yet. But the situation pursuit of higher returns, pushing up inflation.

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK can change on a dime," said Brown Brothers "The cheap dollar is exporting inflation to the rest 12 12.5 12.2 12.7 12.5 13 13.15 13.4 13.4 13.65 13.6 14.1 13.7 14.2 13.9 14.4 Harriman strategist Lena Komileva. If the US of the world and that creates problems," ABLN economy weakens and US lawmakers fail to find Komileva said. "What worries me is the prospect JSBL 12.4 12.9 12.6 13.1 12.7 13.2 13.15 13.4 13.55 13.8 13.6 14.1 13.7 14.2 13.8 14.3 a way to slash a yawning budget deficit, "that of more protectionism, which could create a lot of ASPK 12.1 12.6 12.25 12.75 12.65 13.15 13.1 13.35 13.4 13.65 13.5 14 13.7 14.2 13.8 14.3 could create a run on the dollar." volatility in markets."

12 12.5 12.2 12.7 12.75 13.25 13 13.25 13.3 13.55 13.5 14 13.7 14.2 13.8 14.3 US policymakers, including Treasury Secretary Europe would be just as unhappy to see the euro CIPK 12.6 12.3 12.8 12.4 12.9 13 13.25 13.35 13.6 13.4 13.9 13.6 14.1 13.7 14.2 Timothy Geithner and Federal Reserve Chairman set a new high above $1.60, which would compli- DBPK 12.1 Ben Bernanke, insist they want a strong dollar, cate indebted euro-zone countries' ability to grow FBPK 12.4 12.9 12.45 12.95 12.6 13.1 13.15 13.4 13.45 13.7 13.6 14.1 13.8 14.3 13.9 14.4 but investors say their actions suggest otherwise. their way back to health. It would also increase the FLAH 12.25 12.75 12.4 12.9 12.7 13.2 13.1 13.35 13.4 13.65 13.55 14.05 13.65 14.15 13.75 14.25 Standard & Poor's put another chink in the dol- chances of a Greek debt restructuring, which 12.9 12.5 13 12.7 13.2 13.15 13.4 13.45 13.7 13.6 14.1 13.7 14.2 13.8 14.3 lar's armor this month when it warned it could cut would hurt European bank balance sheets. There's HBPK 12.4 12.6 12.3 12.8 12.7 13.2 13.15 13.4 13.45 13.7 13.6 14.1 13.7 14.2 13.8 14.3 the United States' credit rating if lawmakers don't no doubt a weaker dollar will boost US exports -- HKBP 12.1 find a way to slash a massive federal budget which is good news for corporate balance sheets NIPK 12 12.5 12.3 12.8 12.65 13.15 13.1 13.35 13.2 13.45 13.3 13.8 13.4 13.9 13.5 14 deficit within two years. and stocks. The White House has set a goal of dou- HMBP 12.25 12.75 12.4 12.9 12.7 13.2 13.15 13.4 13.45 13.7 13.6 14.1 13.75 14.25 13.85 14.35 Corporate America is voicing its concerns as bling exports by 2015 as a key way to create jobs.

12.7 13.2 13.2 13.45 13.45 13.7 13.6 14.1 13.75 14.25 13.85 14.35 well. The chief executive of Caterpillar Inc on It also forces developing countries that rely SAMB 12.35 12.85 12.45 12.95 12.8 12.4 12.9 12.7 13.2 13.2 13.45 13.5 13.75 13.6 14.1 13.7 14.2 13.8 14.3 Friday called for a resolution to the long-running too much on exports to become more comsump- MCBK 12.3 budget battle, saying that finding a way to tion-oriented, helping reduce inflation, said NBPK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 strengthen the economy would help control the Eswar Prasad, senior fellow at the Brookings SCPK 12.1 12.6 12.25 12.75 12.6 13.1 13.1 13.35 13.5 13.75 13.6 14.1 13.7 14.2 13.8 14.3 nation's rising deficit and improve long-term Institution in Washington.

UBPL 12.4 12.9 12.4 12.9 12.65 13.15 13.1 13.35 13.35 13.6 13.5 14 13.65 14.15 13.9 14.4 competitiveness.

See # 14 Page 11 SYDNEY/WELLINGTON: The Australian dollar broke past $1.1000 on Monday for the first time since early 1982, before taking a modest breather on news of Osama bin Laden's death. The New Zealand dollar hovered just under last week's three-year highs.

The US dollar nudged higher in thin trading after Al Qaeda's leader was killed on Sunday.

Still, the move was relatively modest and the Aussie eased only a little to $1.0940. It had stretched as high as $1.1011 in morning trade before profit-taking pulled it back to around $1.0950.

Though the US currency could gain when New York starts trading, traders see the Aussie in a $1.0850-$1.1000 range until the Reserve Bank of Australia (RBA) announces the outcome of its May policy

meeting on Tuesday.

"The Aussie has to break $1.0850-60 for a deeper pullback to 1.0770," said a trader.

The Aussie has gained 6 per cent in the past month, helped in part by renewed speculation of future hikes in interest rates following last week's surprisingly high inflation readings for the first quarter.

The RBA is expected to keep rates at 4.75 per cent for a sixth month at this meeting, but might tinker with its statement that inflation would remain consistent with its target band of 2 to 3 per cent for the year ahead.

RBA watcher and influential columnist Terry McCrann over the weekend wrote the central bank might hike as early as June and would warn as much in its brief post-meeting statement. The RBA also releases its

much longer quarterly Statement on Monetary Policy on Friday.

The Aussie's initial support is seen at $1.0875 and chart resistance at $1.1082. Some analysts say the runaway currency will top $1.1500 in the next two months.

The kiwi followed the Aussie's coat-tails to hit $0.8104, just shy of last week's three-year high of $0.8110 before retreating to around $0.8065.

Support for the kiwi starts from just below $0.8000, with strong resistance barriers starting from the high of $0.8110 up towards the 2008 post-float high of $0.8215.

The Australian dollar nudged up to a one-month highs at $1.3565, having gained 3 per cent in the past two weeks. Reuters

Indian rupee weakens on $ demand from oil importers

Swiss franc weakens

Is the dollar decline more dangerous than it seems?

Currencies Correlation

AVE

12.22

12.72

12.36

12.86

12.67

13.17

13.13

13.38

13.42

13.67

13.57

14.07

13.69

14.19

13.81

14.31

4 Tuesday, May 3, 2011

The Financial Daily International

Arab Revolts Turned Bin Laden Into Footnote

Vol 4, Issue 176

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

Stalwarts disappoint nation completely Reading the highlights of the Economic Advisory Council (EAC) meeting only forces Pakistanis to draw the conclusion that the members came to attend the meeting as a ritual as the much required input was missing. One also wonders at the apathy of members and failure to understand the gravity of situation.

To begin with they still look forward to convince the provinces to impose tax on agriculture income.

The federal government plans to announce the budget in last week of this month but has little to take about projected tax revenue from agriculture income. This year growers of cotton, sugarcane and wheat have made huge earnings and taxing them can yield substantial revenue for the government.

Since the consensus has not been developed about imposing tax on agriculture income as yet finalizing any target over the next 15 days seems almost impossible. Let all recall the statement of Dr Hafeez Shaikh in which he had expressed his agony that the elected representatives, mostly comprising of feudal lords are not ready to tax themselves.

Revenue Advisory Council (RAC) headed by none other than Dr Hafiz A Pasha has not finalized its budgetary proposals. The taxation group may have identified the taxation areas being considered but suggesting improvement in the tax collection regime broadening the tax net sounds too novice.

Pakistanis have been hearing such statements for ages but neither the tax collection regime improved nor the tax base widened. However, every year efforts are being made to exhort as much tax as possible from the existing tax payers and masses in general and exemptions remains for elites.

Examining the tax paid by the elected representative clearly shows that they only pay peanuts.

The recommendations about capital markets include focusing investment promotion, encouraging corporatization, making trading at stock exchanges transparent and removing disparities in the tax structure. All these are generic proposals but the investing community demands specific decisions. They want capital gains tax to be withdrawn mainly because 1) it has failed to generate the required revenue, 2) plunged daily trading volume and above all 3) fears among the investors that tax collection regime is there to extort money.

Economic managers are fully aware of the adverse impacts of the rising electricity and gas tariffs and but are not willing to accept their complete failure in resolving the circular debt issue. Over the years they have been saying that inability to recover the full cost is the reason for this debt but have done nothing to contain electricity theft. Let one point be also very clear that domestic 'kundas' may run in hundred and thousands but constitute less than five percent of the total theft. The real culprits are industrial and commercial establishments or may be some influential people living in the posh areas. Unless the big fish are caught any increase in tariff can't improve the cash flow of distribution companies and make them self-sustaining. It must also be remembers that without ensuring uninterrupted supply of energy products at affordable cost, Pakistan's GDP growth rate can't be improved.

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.

O

sama bin Laden, slain

by U.S. forces in Pakistan on Sunday, seems curiously irrelevant in an Arab world fired by popular revolt against oppressive leaders.

"Bin Laden is just a bad memory," said Nadim Houry, of Human Rights Watch, in Beirut. "The region has moved way beyond that, with massive broad-based upheavals that are gamechangers."

The al-Qaeda leader's bloody attacks, especially those of Sept.11, 2001, once resonated among some Arabs who saw them as grim vengeance for perceived indignities heaped upon them by the United States, Israel and their own Americanbacked leaders.

Bin Laden had dreamed that his global Islamist jihad would inspire Muslims to overthrow pro-Western governments, notably in Saudi Arabia, the homeland which revoked his citizenship.

He espoused jihad largely in anger at what he viewed as the occupation of Muslim lands by foreign "infidel" forces -- the Russians in Afghanistan, the Americans in Saudi Arabia in the 1990

Gulf crisis, or the Israelis in Palestine.

But al Qaeda's indiscriminate violence never galvanised Arab masses, while his networks came under severe pressure from Arab governments helping Western counter-terrorism efforts.

"Bin Laden's brand of defiance in the early days probably excited some imaginations, but the senseless acts of violence destroyed any appeal he had," Houry said.

Nowhere was this change of heart more marked than in Iraq, where anger at Muslim casualties inflicted by al Qaeda suicide bombings -and the Shi'ite sectarian backlash they provoked -- eventually drove Sunni tribesmen to ally with the Americans.

Popular sympathy for al Qaeda also evaporated in Saudi Arabia after a series of indiscriminate attacks in 2003-06.

If the ideological appeal of bin Laden and his Egyptian deputy Ayman al-Zawahri, who advocated the restoration of an Islamic caliphate, was already fading, the prodemocracy uprisings across the Arab world have further diminished it.

"At some stage Arab public

opinion looked on bin Laden as a hope to end this kind of discrimination, the West's way of dealing with Muslim and Arab nations, but now these nations are saying, we will do the change ourselves, we don't need anyone to speak on our behalf," said Mahjoob Zweiri, of Qatar University.

He said bin Laden's killing would affect only a few who still believe in his path of maximising pain on the West.

ARABS CHOOSE OWN PATH "The majority of Muslim and Arab nations have their own choice. They are moving towards modern civil societies," Zweiri argued. "People believe in gradual change, civil change, they don't want violence, even against the leaders who crushed them."

Peaceful Arab protests have already toppled autocrats in Egypt and Tunisia and are threatening the leaders of Yemen and Syria, while a popular revolt against Libya's Muammar Gaddafi has turned into a civil war with Western military intervention.

These dramas appear to have shocked al Qaeda almost into silence. Even its most active branch, the Yemen-

based al Qaeda in the Arabian Peninsula, has mounted no big attacks during months of popular unrest against President Ali Abdullah Saleh.

Martin Indyk, a former U.S. assistant secretary of state for near eastern affairs, described bin Laden's death as "a body blow" to al Qaeda at a time when its ideology was already being undercut by the popular revolutions in the Arab world.

"Their narrative is that violence and terrorism is the way to redeem Arab dignity and rights. What the people in the streets across the Arab world are doing is redeeming their rights and their dignity through peaceful, non-violent protests -- the exact opposite of what al Qaeda and Osama bin Laden have been preaching," said Indyk, now at the Brookings Institution.

"He hasn't managed to overthrow any government, and they are overthrowing one after the other. I would say that the combination of the two puts al Qaeda in real crisis."

Bin Laden may have become a marginal figure in the Arab world, but the discontent he tapped into still exists.

"The underlying reasons

why people turn to these kinds of violent, criminal, terroristic movements are still there," said Beirut-based commentator Rami Khouri, alluding to the "anger and humiliation of people who feel that Western countries, their own Arab leaders or Israel treat them with disdain".

Nevertheless, he predicted a continued slide in al Qaeda's fortunes, particularly as U.S. troop withdrawals from Iraq and later from Afghanistan remove potent sources of resentment.

"The Arab spring is certainly a sign that the overwhelming majority of Arabs, as we have known all along, repudiated bin Laden," Khouri said.

"He and Zawahri tried desperately to get traction among the Arab masses, but it just never worked.

"People who followed him would be those who would form little secret cells and go off to Afghanistan, but the vast majority of people rejected his message.

"What Arabs want is what they are fighting for now, which is more human rights, dignity and democratic government." -Reuters

US Government's Bin Laden Coup Won't End Afghan, Pakistan Woes Missy Ryan

O

sama bin Laden's death was cheered by scores of Americans, but his demise is unlikely to mend the U.S. administration's severely frayed ties with Islamabad or ease fierce fighting in Afghanistan.

U.S. President Barack Obama announced late on Sunday that the al Qaeda leader was shot to death in Abbottabad, near Pakistan's capital, ending the United States' decade-long quest to snare the man behind the Sept. 11 attacks.

Analysts and officials warned the United States was unlikely to see a swift end to its troubles in a region where American policy has, for the last decade, been driven by its fears of another such attack.

"It's important for U.S. and European allies to remember that there's still a lot of work to do," a senior Western official in Kabul said on condition of anonymity.

"This doesn't change the fact that there's an insurgency that is an existential threat to the government of Afghanistan, and that Pakistan is a basket-case that is a threat to regional security," the official said.

The Obama administration is grappling with record violence in Afghanistan even as it prepares to begin pulling out some of the 100,000 US soldiers this July.

Ties with Islamabad, an important if unreliable U.S. ally against militants, have strained close to a breaking point over US drone attacks on insurgents along Pakistan's border with Afghanistan and over Pakistan's six-week imprisonment of a CIA contractor earlier this year.

Admiral Mike Mullen, chairman of the US military's Joint Chiefs of Staff, last month accused Pakistan's intelligence agency of maintaining ties with militants targeting US troops in Afghanistan.

Obama, speaking in a hastily announced late-night new conference, said cooperation from Pakistan had helped lead US forces to bin Laden. But American and Pakistani sources familiar with details of the operation said US forces snared bin Laden virtually behind Pakistan's back.

That could be a sign of mounting frustration in Washington with Pakistan, one of the top non-NATO recipients of US military aid, over what US officials say is

Islamabad's unwillingness to do enough against militants who launch attacks against American soldiers in Afghanistan.

Imtiaz Gul, a security analyst in Islamabad, said bin Laden's capture in a town several hours drive from his country's was a "serious blow to the credibility of Pakistan."

While Obama called it a "good and historic day" for both countries, he also chided Pakistan, urging it to "continue to join us in the fight."

SOLDIERING ON IN AFGHANISTAN The euphoria in Washington was hard to find in Afghanistan, where about 130,000 foreign troops are bracing for a bloody spring offensive for a resilient Taliban.

The Obama administration has credited a surge of US troops into Afghanistan with helping push the Taliban out of key areas, but the Pentagon is also warning that violence is likely to keep getting worse. Some analysts said bin Laden's death could encourage the Taliban, which hosted bin Laden before Sept. 11, to split from al Qaeda and support the kind of political settlement many see as

the only option to ending almost a decade of war in Afghanistan.

"At the least, bin Laden's death will cause soul-searching among the Taliban leadership as they weigh the utility of remaining allied to an organization that has lost its founding leader," said Lisa Curtis, a regional expert with the Heritage Foundation in Washington.

While it is not expected to change the outlook for US efforts to end to a long, unpopular war, bin Laden's death could increase pressure on Obama as he looks toward his 2012 reelection bid and seeks to rein in spending.

"There is no doubt this will increase questions about whether the United States could accelerate its drawdown," the Western official said.

More important than bin Laden's fate in shaping the West's disentanglement from Afghanistan may be the speed in which it can develop a capable local fighting force.

Critics doubt whether Afghan forces, growing but still plagued by attrition and illiteracy, will be ready to take over from foreign forces by the end of 2014 as planned.-Reuters

Rural Protests In Peru To Challenge Next President Patricia Velez

P

eru's next president, to be elected on June 5, will inherit hundreds of festering social conflicts that threaten to paralyze mining and energy investments in one of the world's fastest-growing economies.

Some $40 billion in mostly foreign investment has been lined up for Peruvian projects over the next decade, equal to about one third of Peru's gross domestic product.

But much of that could be rerouted if the government fails to defuse strident opposition in rural areas to the extractive projects that local residents say will cause pollution, use up scarce water supplies and fail to lift them from poverty.

There are 200 conflicts over natural resources in Peru, according to the country's human rights office.

Most of the disputes are in the poorest areas of Peru, where the fruits of a decade-long economic boom driven by surging commodities prices have not been seen.

Left-wing nationalist Ollanta

Humala and right-winger Keiko Fujimori are virtually tied in the race for the presidency; whoever wins will have to try to resolve the conflicts to keep the Andean nation's booming economy on track.

The stand-offs often turn deadly.

The government put the breaks on a $1 billion project from Southern Copper, one of the world's top copper producers, after protesting farmers blocked roads and three people died last month in a clash with police.

Two years ago, 30 people died in protests against laws passed to promote investment in the Amazon and implement Peru's free-trade pact with the United States. President Alan Garcia was forced to repeal some of the laws and fire his entire cabinet in the worst crisis his presidency.

While Garcia's government considers granting concessions to foreign companies key to sustaining economic growth, indigenous groups in the Amazon and Andean mountains say the mines, dams and oil fields are destroying their ancestral lands.

"Indigenous people will continue offering their lives in the legitimate

defense of their lands," Alberto Pizango, the head of Peru's top indigenous rights organization who led the protests two years told Reuters.

INDIGENOUS RIGHTS Pizango has long demanded that the government implement a law that would bring Peru into compliance with a U.N. treaty it signed to guarantee broad protections for indigenous groups.

The treaty, known as the Indigenous and Tribal Peoples Convention of 1989, says indigenous groups should be consulted and that they must give their consent before projects are carried out on their lands.

Ivan LaNegra, a director at the national human rights office, said passing the bill would help mitigate nagging social unrest.

But Garcia refused to sign the socalled "Law of Consultation" after Congress passed it in May of last year, saying it would give tribes the power to block big investments needed to create jobs and energy for all Peruvians.

Both Humala and Fujimori say they support the bill and would respect the treaty if they win the June 5 presidential election run-off.

"The Consultation Law will be important so that more investment arrives and rural towns understand the benefits," Fujimori said in a recent interview with Reuters.

Humala, who won most districts in the Amazon in the first-round vote on April 10, criticizes Garcia for allowing in "foreign investment without conditions." His campaign platform says Garcia "sold or rented the hills and land of the country, put them in the hands of buyers or foreign investors, and excluded peasant communities and native groups."

A revised version of the indigenous rights law has been pending in Congress since Garcia vetoed it.

Pizango, who is not endorsing either candidate in the run-off, will continue pushing to get the law enacted.

"We will ask the next government to stop granting concessions to all mining and forestry projects until they pass the law," he said. -Reuters

5

Tuesday, May 3, 2011

Seoul shares gain 1.7pc on techs, airlines

Petchems lift Saudi stocks; no reaction to Bin Laden

Weekly Review

Active support by foreigners contains KSE decline

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

12,057.54 12,035.89 21.65 0.18 76.13

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

3,267.99 3,233.83 34.16 1.05 3.55

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

2,687.52 2,707.53 20.01 0.74 0.03

Nawaz Ali

Major Gainers

Symbol

Close

Change

ULEVER 5,129.98 ILTM 244.50 SRVI 178.54 BATA 460.50 AGTL 222.48

84.58 8.07 6.20 5.79 5.52

Major Losers

Symbol

Close

Change

COLG WYETH ATLH SCL HINO

699.81 902.26 144.43 80.66 94.67

-25.19 -9.74 -4.38 -4.24 -3.26

Top 5 Volume Leaders

Symbol LOTPTA FFC ANL NCL BOK

Close Vol (mn) 16.14 140.02 5.09 27.02 5.92

11.88 5.42 4.92 4.50 3.86

Active Issues Plus Minus Unchanged

63 219 82

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954

INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698

HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) Production (Feb 11)

10,444 1,555

Sales (Feb 11)

1,665

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

186 133 0 20

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%

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

1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15

PRICES (Ex-Refinery)

Rs

MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)

59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252

NEW YORK: A pair of traders meet at a phone post on the floor of the New York Stock Exchange. -Reuters

Meezan Bank posts 61pc growth in PAT Staff Reporter KARACHI: Meezan Bank has posted 61 per cent growth in its profit tax profit for the quarter ended March 31, 2011. The Bank has earned net profit Rs586 million (EPS: Rs0.73) for 1QCY11as compared to profit of Rs364 million (EPS: Rs0.45) for the corresponding quarter last year.

The income from core banking increased by 37 per cent to Rs2.6 billion from Rs1.9 billion recorded in March 2010, mainly because of concerted efforts to increase earning assets and an aggressive branch expansion strategy adopted over the last 5 years.

Investments of the Bank increased by 27 per cent from Rs55 billion in December 2010 to Rs70 billion in March 2011 mainly due to investments in

GoP Ijara Sukuk issued by the Government of Pakistan in the period under review.

The 15 per cent bonus approved by the shareholders in the Annual General Meeting held in March 2011 has enhanced the paid-up capital of the Bank to Rs8 billion, enabling the Bank to meet minimum paid up capital requirement set by the State Bank of Pakistan a year in advance.

Meezan Bank is the first and largest Islamic bank in Pakistan having a network of 222 branches in 63 cities across Pakistan offering complete range of Islamic banking products and services. The Bank's retail banking network is supported by 24/7 banking services that includes 180 ATMs, Internet banking, VISA debit card and a 24-hour call center.

Indian shares drop for sixth straight session NEW DELHI: Indian shares dropped for the sixth straight session on Monday, with banking stocks leading the losses, as investors braced for another round of interest rate hike at the central bank's annual policy statement on Tuesday. Top lender State Bank of India fell 4 per cent as Morgan Stanley downgraded it along with some other state-run banks, citing pressure on the lenders' net interest margins.

"The mood is very cautious," said Rajesh Agarwal, head of research at Eastern Financiers, referring to the Reserve Bank of India's (RBI's) meeting.

"What happens in the market in next 4-6 weeks will be determined tomorrow." The RBI on Monday warned that persistently high inflation poses a risk to sustaining growth, reinforcing expectations that it will lift interest rates by at least 25 basis points on Tuesday.

"If it is only 25 basis points, (it is) already discounted by the market. If it is something more

than that, that would be negative for the markets," Agarwal said.

The 30-share main BSE index closed 0.72 per cent, or 137.94 points lower at 18,998.02, with 22 of its components closing in the red. The 50-share NSE index fell 0.84 per cent to 5,701.30 points.

The main index has fallen in three out of the past four months this year and is down 7.4 per cent on the year. It fell 1.6 per cent in April.

Foreign funds, which had been net sellers in January and February, have bought a total of around $3.2 billion in the past two months.

India's manufacturing sector maintained its strong rate of expansion in April, helped by higher output and employment, a survey showed on Monday, reinforcing expectations for more interest rate increases.

Shares in other state-run lenders Canara Bank and Punjab National Bank dropped 5.2 per cent and 2.8 per cent, respectively. The banking sector index closed 2.1 per cent lower.

Nikkei ends above 10,000pts after quake TOKYO: Japan's Nikkei stock average on Monday closed above the 10,000 mark for the first time since the March 11 earthquake on optimism that Wall Street shares would rally after US officials said al Qaeda leader Osama bin Laden had been killed.

Sentiment was also bolstered by better-than-expected earnings from construction machinery maker Caterpillar, with rival Komatsu Ltd making strong gains while Sony Corp advanced after it said some PlayStation network services would resume following the theft of personal details on 78 million user accounts.

But investors were nervous about building large positions ahead of with Japan's "Golden Week" holiday from Tuesday to Thursday and ahead of more corporate earning results and US economic data, including closely watched jobs data on Friday.

"The market jumped above 10,000 on the bin Laden's news. Overseas shares could rise further on this news, but we didn't want to take large positions ahead of more holidays here," said Nagayasu Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities.

"We cleared 10,000 but we need to see more Japanese corporate results before deciding whether to push the Nikkei higher as many companies were unable to provide their estimates," he said.

The benchmark Nikkei closed the day up 1.6 per cent, or 154.46 points, at 10,004.20, after reaching a post-quake intraday high of 10,017.47.

The broader Topix also rose 1.6 per cent, or 13.70 points, to 865.55.

By comparison, S&P stocks futures rose 0.7 per cent after President Barack Obama announced on Monday that bin Laden was killed on Sunday in a firefight with US forces in Pakistan and that his body was recovered.

Volume slipped below the 2 billion shares mark, with 1.83 billion shares trading on the Tokyo Stock Exchange's first section, down from a twoweek high of 2.18 billion shares on Thursday. Japanese markets were closed on Friday.-Reuters

KARACHI: After early gains, Karachi Stock Exchange ended with marginal losses on Monday due to profit taking by the local investors after bin Laden's killing but buying by foreigners supported the market.

The benchmark KSE-100 index lost 21 points to close at 12,035 points; KSE-30 index was down by 32 points to close at 11,683 points and KSE allshare index lost 21 points to close at 8,376 points.

"The local bourse witnessed some profit-taking amid likely uncertainties after Osama bin Laden's death led to profit taking in the stocks" said Ahmed Rauf, equity dealer at JS Global Capital.

Following the stability on the political front after alliance of PPP and PML (Q) the first session of the week began on a positive note with 52 points up.

Thereafter, within just half an hour index touched an intra-day high of 12,128 points (+ve 71).

However, index then failed to remain in the positive zone for long as profit taking by the local investors eroded the gains and after showing some resistance till around the mid-day index moved on both sides but finally closed on the negative note.

The index breached 12,000 levels and at about 1:08 PST touched intra day low of 11,967 points (-ve 90). However, con-

tinued interest of offshore investors mainly in the oil giant OGDC, which closed Rs3.02 up at Rs148.68 helped the index to reduce red numbers and close the session with marginal losses.

Samar Iqbal, equity dealer at Topline Securities said that profit taking was seen across the board except OGDC which supported the index with 53 points on the back of foreign fund managers' support.

According to NCCPL data foreign investors did a net buying of $5.53 million on Monday.

Among the corporate results, Fauji Fertilizer Company was a major company that announced its results. However, its stock witnessed selling pressure as the results were termed below expectations. The Company posted profit after tax of Rs4.10 billion in 1QCY11 with an earning per share of Rs4.84.

Investor participation remained on the lower side as 76.1 million shares were traded during the day which was 33.4 million shares less as compared to a turnover of 109.5 million shares on Friday.

Lotte Pakistan emerged the volume leader with 11.87 million shares followed by Fauji Fertilizer Company with 5.42 million shares and Azgard Nine with 4.92 million shares.

Out of total 364 active issues; 219 declined and 63 advanced while 82 issues remained unchanged.

FFC profit surges 50.6pc Ahmed Siddique KARACHI: Fauji Fertilizer Company (FFC) posted 50.6 per cent growth in net profits toRs4.11 billion (EPS: Rs4.84) for the first quarter ending March 2011 as compared to Rs2.72 billion (EPS: Rs3.22) for the same period last year. The Company also announced its first interim dividend of Rs4.5 per share. FFC's sales grew by 16.9 per cent to over Rs11 billion in 1QCY11 as against Rs9.5 billion for 1QCY10. This growth was mainly due to hike in urea prices. In comparison, the cost of sales decreased by 4.8 per cent to Rs5.19 billion in 1QCY11 on account of lower production. However, gross profit surged by 46.1 per cent to Rs5.91 billion as against Rs4.04 billion in 1QCY10, a surge in its gross margin to 53.4 per cent in 1QCY11.

US stocks late-morning

Market volatility rises NEW YORK: US stocks erased gains and were little changed on Monday as the killing of al Qaeda leader Osama bin Laden was seen as only temporarily easing geopolitical tensions.

The CBOE Volatility Index, Wall Street's so-called fear gauge, rose more than 5 percent and US crude prices sharply pared losses. The market opened higher after news of bin Laden's death by US forces.

"Initial market reaction to the news was positive... Gains were trimmed, however, as market participants began to focus upon the prospects for a potential surge in terror attacks against Western targets in retaliation for the killing," said Mike Ryan, chief investment strategist at UBS in New York.

Stocks also were boosted by merger and acquisition announcements. Israel-based Teva Pharmaceuticals Industries Ltd will buy Cephalon Inc for $6.8 billion, and Arch Coal Inc will acquire International Coal Group Inc for $3.4 billion.

In addition, Community Health Systems Inc raised its bid for Tenet Healthcare Corp by $1.75 per share to $7.25.

The Dow Jones industrial average was up 0.42 point at 12,810.96. The Standard & Poor's 500 Index was down 1.53 points, or 0.11 per cent, at 1,362.08. The Nasdaq Composite Index was down 9.19 points, or 0.32 per cent, at 2,864.35.

Byron Callan of Capital Alpha Partners said Bin Laden's death could accelerate U.S. moves to withdraw from Afghanistan, but significant concerns about the reaction of Pakistan and al Qaeda operatives around the world remained.

"We still don't know what could come next," Callan said.

"We've checked the 'Bin Laden' box, but we still have some open issues regarding Pakistan and what else al Qaeda could do."

The VIX jumped 5.4 per cent to 15.54. The index, which often moves inversely to the S&P 500, measures the cost of hedges or protection investors are willing to pay against a fall in the S&P 500. -Reuters

Dhiyan

INVESTORS' SENTIMENTS TO DRIVE MARKET Zia Shaafi, Senior Equity Dealer, Pearl Securities Market outlook is still positive due to better corporate results season and stability on the political front. The index can cross 13,000 levels before budget announcement. Investors are advised to invest only in fundamentally strong blue chip stocks. Market would be positive today. However, investors' participation may be low due to tense security situation in the city.

Faran Rizvi, Technical Analyst, Invisor Securities Technically market is trading in a bullish zone and is likely to touch 12,500 levels soon. Therefore, we recommend investors to stay in the market and invest in oil, banking and fertiliser stocks. Deteriorating law and order situation in the city and a new dimension to war on terror may keep the market under some pressure. Market would be mix today.

6

Tuesday, May 3, 2011

Market

KSE 100 Index

Symbols

Volume

76,128,064

Value

3,670,725,617

Trades

48,311

Advanced Declined Unchanged Total

Current High Low Change

63 219 82 364

All Share Index

12,035.89 12,130.99 11,967.23 i21.65

Current High Low Change

8,376.77 8,447.32 8,333.04 i21.04

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Close Chg

Volume 147456

391.50

321.00

300

853

4.12 127.11

127.90 125.26 125.67 -1.44

415110

129.40

98.25

-

-

-

-

412907

10.43

8.20

-

-

-

-

- 23.43

-

-

8.78

Low

% Change 0.60 5-Day High 1,493.54 5-Day Low 1,448.18

387.98 377.10 382.25 -3.13

8.64

High

8.45

8.59 -0.05

Mari Gas Company

735

4.24 105.90

104.60 103.00 103.71 -2.19

18056

131.50

99.46

31

National Refinery

800

4.79 347.90

20B115.00

-

355.00 344.00 346.47 -1.43

253457

356.50

254.00

200

-

-

Oil & Gas Development 43009 10.06 145.66

149.95 145.25 148.68

3082619 173.40

128.21

55

- 30.00

-

Pak Petroleum

3.02

11950

7.72 212.43

215.00 210.00 211.04 -1.39

523317

217.25

190.10

2365

7.23 328.40

332.00 326.00 327.66 -0.74

1405342 333.00

Pak Oilfields Pak Refinery Limited

350 46.74

P.S.O Shell Pakistan

84.33

85.90

83.50

83.67 -0.66

1715

3.93 274.87

278.00 274.20 275.23

685

7.47 210.76

212.98 210.10 210.15 -0.61

0.36

Current High Low Change

11,683.76 11,784.14 11,619.31 i32.59

20,344.01 20,522.39 20,245.11 i71.38

90

20B 50.00

-

277.09

255

-100.00

-

27592

110.50

83.00

-

-

-

-

209184

294.49

265.00

80

- 80.00

-

5186

218.99

186.83

120

-

-

-

Open 687.18 Turnover 31,804 P/E (x) 5.00 Company

Paid up Cap(mn)

Pak Int Container Terminal1092 PNSC 1321

High Low 699.66 686.87 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.28 25.53

Close 689.38 Listed cap 3,242.17 mn Payout (%) 11.08

Change 2.19 Market cap 11,576.78 mn Div Yield (%) 2.21

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.45 8.19

69.28 29.00

70.50 29.65

70.00 27.55

70.12 0.84 27.92 -1.08

5185 26619

76.25 36.00

63.00 27.55

High Low 1,865.71 1,824.69 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.15 35.00

Paid up Cap(mn)

PE

Open

High

Low

Agritech Limited 3924 Bawany Air 75 BOC (Pak) XD 250 Clariant Pak 341 Dawood Hercules 4813 Descon Chemical 1996 Descon Oxychem Limited1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 8482 Fauji Fertilizer Bin Qasim9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan XD 1388 Lotte Pakistan 15142 Nimir Ind Chemical 1106 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90

22.00 4.02 7.08 4.97 3.57 11.62 3.73 8.90 8.62 6.25 3.84 11.08 8.64 4.51 11.65 2.51 5.65 5.08

22.00 8.59 95.11 163.07 62.98 2.48 8.02 2.50 10.89 197.46 12.02 12.75 141.91 42.38 57.96 13.04 156.89 16.72 2.71 100.06 18.83 15.08 36.50

21.95 9.20 94.10 165.00 62.99 2.69 8.17 2.63 11.50 200.50 12.15 12.90 142.30 42.75 57.00 12.97 160.00 16.90 2.82 101.45 19.00 15.50 36.70

20.90 8.00 93.25 161.50 61.30 2.35 7.89 2.45 11.15 197.70 11.70 12.46 139.50 41.66 56.03 12.50 154.50 16.07 2.65 98.00 18.10 15.00 35.55

Close Chg 22.00 8.00 94.03 162.95 61.62 2.41 7.90 2.46 11.38 199.14 11.73 12.65 140.02 41.78 56.03 12.63 155.47 16.14 2.68 101.32 18.25 15.15 35.98

0.00 -0.59 -1.08 -0.12 -1.36 -0.07 -0.12 -0.04 0.49 1.68 -0.29 -0.10 -1.89 -0.60 -1.93 -0.41 -1.42 -0.58 -0.03 1.26 -0.58 0.07 -0.52

Close 1,833.78 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 230 1400 3515 30840 107702 34627 347799 485371 1232 2097383 489686 1346729 5421777 2649393 501 246061 796799 11877191 379365 1378 243092 5000 3001

Change -16.60 Market cap 381,751.51 mn Div Yield (%) 5.43

24.90 9.45 98.35 206.79 294.00 3.58 9.60 3.39 11.50 238.50 13.95 13.60 154.49 43.89 58.80 14.49 172.00 17.36 3.40 117.00 19.99 15.54 38.85

20.00 6.11 82.00 140.00 61.25 2.34 6.00 2.26 9.50 189.00 11.56 10.75 108.00 37.86 43.15 10.43 142.00 14.05 1.95 90.78 11.81 12.07 34.31

% Change -0.90 5-Day High 1,850.38 5-Day Low 1,827.16

2010 Div BR (%) (%)

2011 Div BR (%) (%)

5 10R 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 - 12.50 20 175 5 25 5B 50 -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,048.65 Turnover 34,384 P/E (x) 4.93 Company

High Low 1,062.99 1,013.94 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.37 7.47

Close 1,028.30 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

6.73

15.50 38.50

16.29 38.10

14.50 37.90

15.00 -0.50 38.00 -0.50

31229 3155

Century Paper Security Paper

Change -20.35 Market cap 2,837.45 mn Div Yield (%) 5.12

Last 60 days High Low 17.50 39.90

13.85 34.00

% Change -1.94 5-Day High 1,063.27 5-Day Low 1,028.30

2010 Div BR (%) (%) 50

-

Open 1,147.85 Turnover 167,095 P/E (x) 3.66 Paid up Cap(mn)

Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki XD Transmission

High Low 1,150.50 1,133.68 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.93 25.35

PE

Open

High

Low

101 5.60 626 9.01 1087 56 4.75 598 4.52 450 200 6.38 1428 786 7.58 823 15.65 117 -

214.11 148.81 1.70 195.55 24.01 3.60 3.56 9.85 220.00 69.93 1.50

214.50 148.50 1.89 203.10 23.90 3.88 3.80 9.90 220.00 70.10 1.25

210.50 144.00 1.70 194.00 23.60 3.50 3.20 9.30 219.00 68.50 1.25

Close Chg

Close 1,138.92 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -8.92 Market cap 42,209.32 mn Div Yield (%) 5.58

210.96 144.43 1.70 194.01 23.72 3.50 3.38 9.48 219.50 69.50 1.25

-3.15 -4.38 0.00 -1.54 -0.29 -0.10 -0.18 -0.37 -0.50 -0.43 -0.25

7497 10841 30777 1317 800 29296 49506 9251 18304 4406 5000

Last 60 days High Low 216.30 153.93 2.45 206.99 26.17 4.99 5.00 11.70 293.00 76.90 2.00

180.00 120.30 1.50 170.11 21.08 2.82 3.20 9.30 205.51 60.00 1.11

Company AL-Noor Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas J D W Sugar Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar National Foods Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil Quice Food S S Oil Shakarganj Mills UniLever Pakistan

Paid up Cap(mn) 186 87 287 990 365 750 200 324 539 109 157 84 414 48 165 109 38 54 107 57 695 665

PE

Open

High

High Low 2,130.59 2,052.19 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.58 30.30 Low

Close Chg

1.04 41.63 40.05 40.00 41.63 8.34 7.56 7.56 7.56 3.71 9.50 9.50 9.10 9.50 6.25 2.50 2.90 2.41 2.50 3.10 3.10 3.03 3.03 9.41 23.72 24.00 23.50 23.72 5.15 12.78 12.49 12.25 12.78 - 11.10 12.10 12.10 12.10 1.32 74.80 76.01 76.00 74.80 3.00 2.80 2.80 2.80 1.88 57.69 58.00 56.25 57.69 2.73 43.65 44.50 41.47 43.65 11.14 64.94 65.00 64.50 64.50 5.79 22.37 21.31 21.26 21.26 2.04 20.05 19.90 19.05 19.05 3.51 3.90 3.25 3.51 - 38.76 39.90 39.90 39.90 1.67 40.00 40.00 40.00 40.00 7.05 2.90 3.10 3.10 3.10 0.30 5.29 5.10 4.95 4.95 0.44 6.33 6.69 6.10 6.15 18.97 5045.40 5285.00 5050.00 5129.98

0.00 -0.78 0.00 0.00 -0.07 0.00 0.00 1.00 0.00 -0.20 0.00 0.00 -0.44 -1.11 -1.00 0.00 1.14 0.00 0.20 -0.34 -0.18 84.58

Close 2,087.08 Listed cap 11,335.33 mn Payout (%) 30.57

Company

Paid up Cap(mn)

Crescent Steel

565

Dost Steels Ltd International Ind Siddiqsons Tin

PE

Open

High

High Low 1,069.69 1,037.30 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.06 33.10 Low

Close Chg

Close 1,040.32 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume

% Change -1.59 5-Day High 1,060.57 5-Day Low 1,040.32

2010 Div BR (%) (%)

1.91

28.98

29.27

28.17

28.24 -0.74

13811

29.99

25.67

30

- 20.00

-

2.05 52.00 9.00

2.10 52.45 9.25

1.96 51.26 8.80

1.96 -0.09 51.28 -0.72 9.00 0.00

9502 4782 15294

2.95 54.50 9.44

1.80 45.81 8.51

40 7.5

20B 15.00 -

-

Open 822.12 Turnover 438,092 P/E (x) 1.21

CONSTRUCTION AND MATERIALS Open 902.80 Turnover 2,141,896 P/E (x) 6.64

High Low 908.59 879.11 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.47 7.10

Paid up Cap(mn)

PE

Open

High

Low

Al-Abbas Cement 1828 Attock Cement 866 Balochistan Glass Ltd 858 Berger Paints 182 Buxly Paints 14 Cherat Cement 956 Dadabhoy Cement 982 Dandot Cement 948 Dewan Cement 3891 DG Khan Cement Ltd 3651 EMCO Ind 350 Fauji Cement 6933 Flying Cement Ltd 1760 Gharibwal Cement 4003 Haydery Const 32 Kohat Cement 1288 Lafarge Pakistan Cement13126 Lucky Cement 3234 Maple Leaf Cement 5261 Pioneer Cement 2271 Safe Mix Concrete 200 Shabbir Tiles 361

6.69 48.52 13.54 31.41 6.98 74.25 5.88 -

2.99 53.27 2.51 15.16 7.51 9.97 1.95 2.49 1.70 24.02 1.80 4.09 1.48 10.48 0.40 6.71 3.05 73.40 2.22 5.50 5.50 6.08

2.90 54.50 2.85 14.90 7.98 10.25 2.05 1.58 1.80 24.08 1.75 4.16 1.51 9.48 0.54 7.30 3.10 73.59 2.29 5.41 5.74 7.08

2.55 51.60 2.42 14.27 7.40 9.50 1.55 1.56 1.62 23.45 1.75 3.99 1.42 9.48 0.45 6.60 2.91 72.06 2.12 5.14 5.00 5.75

Company

Close 888.12 Listed cap 54,792.74 mn Payout (%) 19.04

Change -14.68 Market cap 65,367.49 mn Div Yield (%) 2.87

Close Chg

Volume

Last 60 days High Low

2.55 52.84 2.45 14.52 7.40 10.19 1.76 1.56 1.69 23.56 1.80 4.05 1.43 9.48 0.49 6.60 2.97 72.44 2.14 5.25 5.50 6.08

35361 7106 7094 5238 700 23441 10003 1525 141602 505745 369 381957 27399 4200 1525 15502 290058 470976 185057 26500 24801 484

3.50 56.70 3.00 20.80 12.19 11.90 2.08 2.60 2.24 29.59 3.75 4.82 1.95 13.50 0.90 7.87 3.45 73.69 2.89 6.96 7.50 8.89

-0.44 -0.43 -0.06 -0.64 -0.11 0.22 -0.19 -0.93 -0.01 -0.46 0.00 -0.04 -0.05 -1.00 0.09 -0.11 -0.08 -0.96 -0.08 -0.25 0.00 0.00

2.15 48.50 1.99 14.27 7.07 8.00 1.50 1.25 1.50 21.20 1.70 3.97 1.30 4.70 0.32 5.11 2.65 59.55 1.92 5.14 4.41 5.13

% Change -1.63 5-Day High 904.33 5-Day Low 888.12

2010 Div BR (%) (%)

2011 Div BR (%) (%)

- 100R 50 - 122R - 20R 40 -

- 20R - 92R - 100R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 984.31 Turnover 234,667 P/E (x) 2.78 Company

Paid up Cap(mn)

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

PE

Open

115 2.33 49.30 230 1.89 1067 5.48 54.07 389 3.86 13.93 47 12.57 28.89 844 18.00 110.00 300 6.46 166.82

High

High Low 983.25 967.97 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.22 43.91 Low

Close Chg

49.25 47.01 47.37 1.68 1.56 1.60 54.00 52.75 53.86 14.60 13.61 14.20 29.00 27.63 28.04 109.00 108.00 108.00 167.00 162.50 165.61

-1.93 -0.29 -0.21 0.27 -0.85 -2.00 -1.21

Close 975.44 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 27594 3007 10011 180393 1556 300 11764

Change -8.87 Market cap 36,102.13 mn Div Yield (%) 5.58

Last 60 days High Low 75.20 2.77 55.25 14.70 33.80 130.75 172.00

Diamond Ind Pak Elektron Tariq Glass Ind

47.01 1.40 49.00 3.15 27.00 105.02 120.70

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

25B 10B -

% Change -0.90 5-Day High 994.10 5-Day Low 975.44 2011 Div BR (%) (%) -

50R -

Volume

Last 60 days High Low

200 49.50 39.50 1113 9.25 5.05 7483 10.40 8.00 201 4.00 2.11 3502 3.99 2.52 16087 24.50 20.25 330 12.84 10.80 500 19.70 11.00 150 77.99 68.50 1558 4.69 2.45 398 60.49 50.12 228 53.00 40.12 2388 66.00 52.01 1260 27.00 19.75 6211 21.80 10.11 335 5.08 3.00 999 46.13 34.23 300 45.00 40.00 500 4.00 2.55 6500 6.45 2.60 5602 7.49 4.01 228 5988.18 4005.01

High Low 810.74 772.16 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.13 10.64

Close 773.79 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

90 1219 231

6.48 1.69

8.02 9.03 12.95

7.50 8.75 13.40

7.50 8.03 12.61

7.50 -0.52 8.03 -1.00 12.82 -0.13

500 402531 35061

Open 979.25 Turnover 12,403,591 P/E (x) 6.15 Paid up Cap(mn)

(Colony) Thal 56 Amtex Limited 2594 Artistic Denim 840 Ashfaq Textile 70 Asim Textile 152 Azam Textile 133 Azgard Nine 4493 Babri Cotton 37 Bannu Woolen XD 76 Bata (Pak) XD 76 Brothers Textile 98 Chakwal Spinning 400 Chenab Limited 1150 Colony Mills Ltd 2442 Crescent Fibres Ltd 124 Crescent Jute 238 D S Ind Ltd 600 Dar-es-Salaam 80 Dawood Lawrencepur XB 591 Dewan Mushtaq Textile 34 Ellcot Spinning 110 Gadoon Textile XD 234 Ghazi Fabrics 326 Gul Ahmed Textile 635 Gulistan Spinning 146 Gulistan Textile 190 Gulshan Spinning 222 H M Ismail 120 Hajra Textile 138 Hira Textile Mills Ltd 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile 180 Indus Dyeing 181 Island Textile 5 Jubilee Spinning 325 Khalid Siraj 107 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Spinning 1300 Kohinoor Textile 2455 Masood Textile 600 Mehmood Textile 150 Nishat (Chunian) 1620 Nishat Mills 3516 Olympia Textile 108 Pak Leather 34 Pak Synthetic 560 Paramount Spinning 174 Prosperity 185 Ravi Textile 250 Reliance Cotton 103 Reliance Weaving 308 Rupali Poly 341 Saif Textile 264 Salfi Textile 33 Sally Textile 88 Salman Noman 42 Samin Textile 267 Sana Ind 55 Sargoda Spinning 312 Saritow Spinning 133 Service Ind XD 120 Shahtaj Textile 97 Shield Corp 39 Thal Ltd 307 Treet Corp 418 Yousuf Weaving 400 Zephyr Textile Ltd 594 Zil Limited 53

Company

Paid up Cap(mn)

Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor Millat Tractors

PE

Open

66 6.55 7.65 215 3.84 216.96 104 4.83 47.12 214 1.06 213 11.01 9.29 124 - 97.93 366 7.82 516.19

High

Low

Close Chg

8.65 8.25 8.65 224.00 214.00 222.48 48.90 48.50 48.88 1.25 0.71 1.00 9.72 8.81 9.25 102.82 93.04 94.67 518.00 514.30 515.03

1.00 5.52 1.76 -0.06 -0.04 -3.26 -1.16

27970 16033 1001 6002 1106 1831 10874

15B -

7.40 199.05 42.70 0.71 8.25 93.04 466.27

2010 Div BR (%) (%)

Open

High

Low

6.68 2.52 0.48 0.38 0.21 0.51 5.42 0.60 1.68 0.74 0.20 0.67 0.83 0.90 3.16 0.32 0.57 0.38 0.87 3.48 0.64 2.47 2.58 0.22 0.31 0.61 8.07 1.70 0.91 4.16 5.47 2.91 0.69 1.02 0.52 0.67 3.08 0.51 0.33 0.30 0.70 2.59 3.04 1.69 0.34 6.54 1.43 11.81 5.23 6.37 0.59 5.19 6.22

1.77 2.20 22.00 5.60 2.25 2.50 5.39 17.21 19.04 454.71 0.43 1.30 2.50 2.00 12.77 0.72 1.11 3.46 38.64 4.01 28.25 84.99 6.40 50.12 8.71 20.00 11.05 1.50 0.51 4.66 48.30 8.56 5.01 295.91 236.43 3.01 1.25 1.36 2.00 1.37 4.91 18.38 58.97 28.33 62.96 1.00 2.30 19.20 13.94 16.00 0.92 26.89 13.46 41.95 10.75 61.35 8.42 2.50 5.61 41.75 3.85 1.85 172.34 25.53 84.90 103.25 51.74 1.10 4.30 59.14

1.52 2.20 21.95 5.35 2.00 2.50 5.40 16.74 18.15 476.49 0.45 1.39 2.50 1.99 13.77 0.72 1.24 2.75 38.30 4.01 27.05 85.70 6.90 50.25 8.00 19.01 11.00 1.50 0.43 4.79 49.00 8.99 4.80 305.00 248.25 3.01 1.25 1.40 2.00 1.50 5.00 17.97 60.91 28.40 63.19 0.50 1.50 19.90 14.00 16.10 0.97 25.70 13.47 41.50 11.40 64.25 8.50 3.49 6.59 41.40 4.40 1.70 179.99 25.50 80.66 104.00 51.31 1.25 4.60 58.30

1.51 2.10 21.00 5.35 2.00 2.35 4.60 16.21 18.04 450.00 0.25 1.16 2.30 1.70 11.77 0.71 1.01 2.75 37.65 3.86 27.00 80.75 6.85 47.62 7.71 19.01 10.50 1.44 0.43 4.35 46.00 7.66 4.40 289.98 237.00 3.01 1.07 1.30 1.70 1.35 4.41 17.97 60.90 26.92 61.11 0.50 1.50 18.20 13.25 15.50 0.80 25.55 12.46 40.25 10.20 63.75 7.52 2.31 5.30 40.00 3.00 1.70 175.01 25.00 80.66 100.00 50.60 1.25 3.90 56.51

54.80

Total Assets (Rs in mn)

MA (10-day)

3.20

Total Equity (Rs in mn)

MA (100-day)

3.62

Revenue (Rs in mn)

MA (200-day)

3.38

Interest Expense

280.05

1st Support

3.70

Loss after Taxation

(63.15)

2nd Support

3.45

EPS 10 (Rs)

(1.063)

1st Resistance

4.40

400 25 650

10B 25B325.00

-

3,319.93 291.65 2,663.77

Book value / share (Rs)

4.91

2nd Resistance

4.85

PE 11 E (x)

6.67

Pivot

4.15

PBV (x)

0.82

ZTL closed down -0.30 at 4.00. Volume was 1,459 per cent above average (trending) and Bollinger Bands were 31 per cent wider than normal.

The company's profit after taxation stood at Rs17.788 million which translates into an Earning Per Share of Rs0.30 for the half year of current fiscal year (1HFY11).

ZTL is currently 15.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ZTL (mildly bullish). Trend forecasting oscillators are currently bullish on ZTL.

IGI Investment Bank Limited

2010 Div BR (%) (%)

% Change 0.70 5-Day High 2,087.08 5-Day Low 2,065.55 2011 Div BR (%) (%)

50 10 25 25B 40 10 7010B 12.5R 35 20B 7.50 15 20B 12 12 10 10 15 28R 10 492 -

10B -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

35.14

Total Assets (Rs in mn)

8,260.69

MA (10-day)

1.78

Total Equity (Rs in mn)

1,669.86

MA (100-day)

2.29

Revenue (Rs in mn)

MA (200-day)

2.19

Interest Expense

1st Support

1.55

Loss after Taxation

2nd Support

1.45

EPS 10 (Rs)

1st Resistance

1.85

Book value / share (Rs)

2nd Resistance

2.05

PE 11 E (x)

8.84

Pivot

1.75

PBV (x)

0.21

844.20 667.45 (199.37) (0.94) 7.87

IGIBL closed down -0.05 at 1.65. Volume was 933 per cent above average (trending) and Bollinger Bands were 5 per cent narrower than normal. The company's profit after taxation stood at Rs30.525 million which translates into an Earning Per Share of Rs0.14 for the nine months of fiscal year (9MFY11).

IGIBL is currently 24.6 per cent below 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 very strong flows of volume out of IGIBL (bearish). Trend forecasting oscillators are currently bearish on IGIBL.

Pakistan Int Airline Corp Ltd

Change -48.33 Market cap 4,253.79 mn Div Yield (%) 5.18

Last 60 days High Low

2010 Div BR (%) (%)

13.90 14.59 23.20

17.5

7.11 8.03 12.00

10B -

% Change -5.88 5-Day High 897.54 5-Day Low 773.79 2011 Div BR (%) (%) - 200R

Close Chg 1.51 2.10 21.10 5.35 2.00 2.35 5.09 16.21 18.05 460.50 0.43 1.16 2.38 1.91 12.77 0.71 1.09 2.75 37.70 3.86 28.25 84.41 6.85 50.00 7.71 20.00 10.50 1.50 0.43 4.38 48.73 8.56 4.50 299.07 244.50 3.01 1.13 1.39 1.97 1.50 4.68 18.38 58.97 27.02 61.66 1.00 2.30 18.20 13.94 15.73 0.82 25.65 13.00 40.85 10.24 64.12 7.83 3.19 5.31 40.09 4.07 1.70 178.54 25.50 80.66 100.78 50.97 1.25 4.00 57.39

-0.26 -0.10 -0.90 -0.25 -0.25 -0.15 -0.30 -1.00 -0.99 5.79 0.00 -0.14 -0.12 -0.09 0.00 -0.01 -0.02 -0.71 -0.94 -0.15 0.00 -0.58 0.45 -0.12 -1.00 0.00 -0.55 0.00 -0.08 -0.28 0.43 0.00 -0.51 3.16 8.07 0.00 -0.12 0.03 -0.03 0.13 -0.23 0.00 0.00 -1.31 -1.30 0.00 0.00 -1.00 0.00 -0.27 -0.10 -1.24 -0.46 -1.10 -0.51 2.77 -0.59 0.69 -0.30 -1.66 0.22 -0.15 6.20 -0.03 -4.24 -2.47 -0.77 0.15 -0.30 -1.75

Close 972.55 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 2500 225068 3621 500 10000 4298 4917165 16100 3081 392 120 7501 34294 61873 200 5397 56113 500 11207 3745 280 709 1500 1505 23302 148 31700 45050 500 136140 2352 204 30000 450 243 1291 22310 43910 1458 5000 26145 101 157 4500053 1568185 303 125 71586 145 4220 53356 1020 2209 2731 16062 440 50066 20854 607 4007 18700 5520 21708 2373 2340 26675 11313 5000 271600 3800

Change -6.70 Market cap 127,254.94 mn Div Yield (%) 2.71

Last 60 days High Low 2.70 4.24 23.28 5.98 2.25 2.98 11.81 18.41 23.27 686.07 0.99 2.20 3.40 2.95 16.09 1.43 1.87 4.00 49.05 6.40 28.74 102.24 7.50 53.65 9.23 21.58 11.68 2.10 1.50 5.20 54.40 10.90 6.00 327.80 248.25 3.65 1.79 1.90 3.75 1.72 5.58 19.70 64.50 29.50 67.50 1.98 3.45 21.21 15.49 16.90 1.74 43.00 14.00 44.40 11.50 76.43 9.35 5.75 7.40 45.15 5.01 2.35 227.00 26.29 94.45 122.70 59.90 1.88 4.80 87.90

2010 Div BR (%) (%)

% Change -0.68 5-Day High 979.25 5-Day Low 965.48 2011 Div BR (%) (%)

0.50 2.09 - 30B 18.55 20 4.41 1.50 2.00 7.5 4.60 10.01 - 15B 13.00 20 450.00 280 0.13 0.77 5 2.05 1.70 10.26 10 0.25 1.01 1.20 35.00 5 15B 3.02 20.00 35 70.01 70 3.90 10 28.01 12.5 5.02 10 17.44 10 7.00 10 20B 0.42 0.01 3.50 10 43.02 20 6.81 3.05 10 251.00 50 - 50.00 99.33 50 2.25 0.50 1.11 0.67 0.25 5 3.60 16.81 15 100R 53.68 60 22.30 15 57.20 25 45R 0.40 1.50 12.30 10.20 10 10B 13.50 30 0.40 25.55 20 9.25 25SD 37.01 40 5.00 53.00 25 3.63 10 1.90 5B 4.32 - 100R 38.00 60 2.50 5 1.22 154.00 75 18.50 45 80.66 10 100.00 80 20B 44.10 50 900B 1.08 2.56 56.51 35 -

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

40.98

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.50

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.55

Revenue (Rs in mn)

94,563.77

MA (200-day)

2.44

Interest Expense

1st Support

2.35

Loss after Taxation

2nd Support

2.26

EPS 09 (Rs)

1st Resistance

2.59

Book value / share (Rs)

9,243.77

2nd Resistance

2.74

PE 10 E (x)

Pivot

2.50

PBV (x)

(5,822.43) (2.72) (8.92) (0.27)

PIAA closed down -0.05 at 2.42. Volume was 58 per cent below average (consolidating) and Bollinger Bands were 35 per cent narrower than normal.

The company's loss after taxation stood at Rs20.785 billion which translates into a Loss Per Share of Rs8.39 for the year ended CY10.

PIAA is currently 0.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIAA (mildly bullish). Trend forecasting oscillators are currently bearish on PIAA.

NetSol Technologies Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

48.51

Total Assets (Rs in mn)

3,980.15

MA (10-day)

22.87

Total Equity (Rs in mn)

3,337.21

MA (100-day)

22.37

Revenue (Rs in mn)

1,845.02

MA (200-day)

21.50

Interest Expense

1st Support

22.41

Profit after Taxation

951.86

2nd Support

21.91

EPS 10 (Rs)

12.217

1st Resistance

23.50

Book value / share (Rs)

24.80

42.83

2nd Resistance

24.09

PE 11 E (x)

2.28

Pivot

23.00

PBV (x)

0.53

NETSOL closed up 0.33 at 22.86. Volume was 115 per cent above average and Bollinger Bands were 47 per cent narrower than normal. The company's profit after taxation stood at Rs417.574 million which translates into an Earning Per Share of Rs5.01 for the half year of current fiscal year (1HFY11).

NETSOL is currently 6.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NETSOL at a relatively equal pace.

Trend forecasting oscillators are currently bearish on NETSOL.

BOOK CLOSURES Company

From

To

Habib Insurance # Atlas Engineering Ltd # Pakistan Paper Products # Crescent & Sugar Mills # Jubilee Spng & Weaving Mills # Crescent Textile Mills # Metropolitan Steel Corp # Flying Cement # United Distributors # Capital Assets Leasing Biafo Industries (TFC) Orix Leasing Pak Arif Habib Investment # Rafhan Maize Products Packages Ltd # IGI Insurance (TFC) Engro Fertilizer

04-May 04-May 05-May 06-May 07-May 07-May 07-May 09-May 10-May 10-May 11-May 12-May 14-May 14-May 16-May 16-May 17-May

10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May 16-May 16-May 17-May 25-May 21-May 21-May 20-May 24-May 30-May

D/B/R 5 22(III) 350(I) 10(I) -

Spot AGM/Date -

10-May 10-May 14-May 14-May 16-May 16-May 13-May 17-May 16-May 21-May 20-May -

INDICATIONS # Extraordinary General Meeting

% Change -0.05 5-Day High 1,553.65 5-Day Low 1,547.41 2011 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

Performance of SR Pharma and Bio Tech Index

Change -0.83 Market cap 31,565.61 mn Div Yield (%) 17.01

Last 60 days High Low 16.45 240.00 52.25 2.00 11.90 135.00 556.97

2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 -

PHARMA AND BIO TECH

Close 1,552.82 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

High Low 984.77 965.60 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.53 8.64

PE

INDUSTRIAL ENGINEERING High Low 1,565.23 1,547.94 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.94 38.02

100 50 60 20 150 5 -

% Change -0.78 5-Day High 1,153.59 5-Day Low 1,138.92

Performance of SR Personal Goods Index

Performance of SR Industrial Engineering Index Open 1,553.65 Turnover 64,843 P/E (x) 7.73

-

PERSONAL GOODS

Company

Performance of SR Construction and Materials Index

-

HOUSEHOLD GOODS

2011 Div BR (%) (%)

675 1199 18.65 785 25.71

2011 Div BR (%) (%)

Performance of SR Household Goods Index

Company

Change -16.86 Market cap 9,688.34 mn Div Yield (%) 9.69

2010 Div BR (%) (%)

Change 14.46 Market cap 294,087.94 mn Div Yield (%) 0.64

Performance of SR Industrial Metals and Mining Index Open 1,057.18 Turnover 43,391 P/E (x) 3.19

-

FOOD PRODUCERS Open 2,072.62 Turnover 55,934 P/E (x) -

-

INDUSTRIAL METALS AND MINING

40 15

Performance of SR Food Producers Index

2011 Div BR (%) (%) -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

Performance of SR Chemicals Index

Company

Zephyr Textiles Limited

% Change 0.32 5-Day High 699.22 5-Day Low 687.18

AUTOMOBILE AND PARTS

CHEMICALS Open 1,850.38 Turnover 25,188,844 P/E (x) 8.99

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,493.54 8.87 Listed cap Market cap 65,194.15 mn 1,110,086.57 mn Payout (%) Div Yield (%) 55.94 5.45

6.91 385.38 -

Open

High Low 1,512.75 1,474.69 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.34 32.54

691 3921

PE

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,484.67 Turnover 6,087,371 P/E (x) 10.27

KSE 30 Index

Open 980.77 Turnover 29,053 P/E (x) 6.77 Company

Paid up Cap(mn)

Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Sanofi-Aventis 96 Searle Pak 306

PE

Open

5.65 92.50 8.00 96.65 10.47 73.97 6.04 25.79 4.70 11.46 - 150.50 5.81 62.31

High

High Low 980.66 958.40 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.51 22.31 Low

Close Chg

93.00 91.00 92.14 -0.36 94.68 92.64 96.65 0.00 74.25 73.10 73.29 -0.68 26.20 24.51 26.10 0.31 11.50 10.46 11.46 0.00 149.50 148.01 148.25 -2.25 62.00 59.50 59.54 -2.77

Close 969.54 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 6284 232 4028 3335 201 616 14316

Change -11.24 Market cap 31,391.29 mn Div Yield (%) 6.58

Last 60 days High Low 98.35 99.49 90.00 33.50 12.80 174.00 66.15

78.59 85.00 68.00 24.50 8.10 134.00 58.05

2010 Div BR (%) (%) 50 40 25 100 30

% Change -1.15 5-Day High 985.83 5-Day Low 969.54 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

OTHER SECTORS Symbols

Open

Pakistan Cables 50.94 TRG Pakistan Ltd. 2.63 Murree Brewery Co.101.5 Shakarganj Food 2.5 Shezan International170.04 Grays of Cambridge 41.8 Pak Tobacco XD 96.69 Shifa Int.Hospitals 31.68 P.I.A.C.(A) 2.47 AKD Capital Limited38.04 Pace (Pak) Ltd. 3.05 Netsol Technologies22.53 Pak Telephone 2.59

High 51.99 2.69 102 2 171.99 40.45 96 32.9 2.65 39.94 3.2 23.59 2.5

Low Close 50 2.54 98 2 171.99 39.71 95 30.5 2.41 37.5 2.88 22.5 2.25

51 2.56 99.97 2 170.04 39.71 95 32.9 2.42 39.94 2.91 22.86 2.5

Change

Vol

0.06 520 -0.07 308465 -1.53 14023 -0.5 3000 0 600 -2.09 1115 -1.69 851 1.22 3090 -0.05 165202 1.9 5198 -0.14 313888 0.33 1396571 -0.09 19299

7

Tuesday, May 3, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 978.22 Turnover 1,192,972 P/E (x) 5.37 Paid up Cap(mn)

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

High Low 989.60 970.07 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

PE

Open

High

Low

Close Chg

78 38.36 37740 13.84 3000 2.71 8606 6175 -

41.98 16.83 1.61 2.27 2.85

39.89 17.00 1.68 2.34 2.90

39.89 16.75 1.60 2.15 2.80

39.89 16.88 1.60 2.23 2.85

-2.09 0.05 -0.01 -0.04 0.00

Close 978.99 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 4350 419060 129671 639891 2529

Change 0.78 Market cap 68,176.77 mn Div Yield (%) 11.66

% Change 0.08 5-Day High 996.58 5-Day Low 978.22

Last 60 days High Low

2010 Div BR (%) (%)

79.90 19.20 2.35 2.89 3.70

80 17.5 1 -

39.89 16.05 1.53 2.15 2.65

2011 Div BR (%) (%)

- 15.00 -

-

Ask Gen Insurance XB Atlas Insurance

280 443

3.75 3.38

Central InsuranceXDXB

391

10.05 27.24

Paid up Cap(mn)

PE

Open

High

Low

Altern Energy 3426 Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367

7.63 5.04 2.34 5.52 3.22 2.37 5.83 -

9.50 0.55 37.87 1.11 2.51 16.90 3.04 43.32 16.33 16.87 22.14 1.36

8.93 0.55 38.10 1.21 2.57 16.90 3.18 43.39 16.65 17.05 22.50 1.50

8.93 0.51 37.70 1.01 2.48 16.50 3.00 43.00 16.00 16.51 21.04 1.29

Company

Close 1,366.06 Listed cap 95,369.29 mn Payout (%) 104.13

Change -3.58 Market cap 106,091.61 mn Div Yield (%) 7.31

Close Chg

Volume

Last 60 days High Low

8.93 0.55 37.99 1.02 2.50 16.67 3.00 43.02 16.06 16.58 21.04 1.34

500 60811 490235 88724 179239 4756 77503 104388 428819 635152 91503 70354

11.40 0.87 40.75 1.75 2.99 19.10 4.95 44.99 17.00 18.00 22.50 2.24

-0.57 0.00 0.12 -0.09 -0.01 -0.23 -0.04 -0.30 -0.27 -0.29 -1.10 -0.02

8.05 0.50 35.90 1.01 2.31 15.41 2.45 40.26 14.05 14.85 15.35 1.29

% Change -0.26 5-Day High 1,369.64 5-Day Low 1,356.58

2010 Div BR (%) (%) 50 25 50 20 -

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

101 7681

12.49 42.90

9.45 26.60

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,287.94 1,229.90 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.92 11.41

Change 17.85 Market cap 28,132.33 mn Div Yield (%) 8.32

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.58 8390 4.76

18.60 20.94

19.25 21.40

18.30 20.52

19.01 0.41 21.09 0.15

270769 108386

27.35 27.90

18.06 20.52

% Change 1.42 5-Day High 1,292.81 5-Day Low 1,252.68

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,156.96 Turnover 14,375,298 P/E (x) 7.42 Paid up Cap(mn)

Company

PE

Open

Allied Bank LimitedXDXB8603 6.15 62.87 Askari Bank XB 7070 5.34 11.83 Bank Alfalah 13492 5.42 10.09 Bank AL-Habib 8786 6.16 29.49 Bank Of Khyber 5004 2.64 5.17 Bank Of Punjab 5288 5.01 BankIslami Pak 5280 10.24 3.92 Faysal Bank 7327 7.46 9.94 Habib Bank Ltd 11021 7.55 122.06 Habib Metropolitan Bank XB104785.13 18.80 JS Bank Ltd 8150 52.00 2.55 KASB Bank Ltd 9509 1.40 MCB Bank Ltd 8362 8.30 207.05 Meezan Bank XB 8030 7.84 18.80 Mybank Ltd 5304 2.30 National Bank 16818 4.08 52.91 NIB Bank 40437 1.98 Samba Bank 14335 25.00 2.07 Silkbank Ltd 26716 16.50 2.71 Soneri Bank 6023 3.08 6.40 Stand Chart Bank 38716 8.94 9.00 Summit Bank Ltd 7251 3.01 United Bank Ltd 12242 7.44 63.76

High Low Close 1,164.37 1,137.79 1,144.81 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49

High

Low

Close Chg

63.00 62.00 62.39 -0.48 11.93 11.60 11.75 -0.08 10.34 10.00 10.30 0.21 29.30 29.01 29.08 -0.41 6.15 4.95 5.92 0.75 5.35 4.97 5.07 0.06 3.99 3.76 3.79 -0.13 9.95 9.75 9.85 -0.09 122.20 120.50 120.88 -1.18 18.75 17.80 17.85 -0.95 2.60 2.51 2.60 0.05 1.44 1.30 1.35 -0.05 208.01 205.11 205.49 -1.56 19.00 18.50 18.50 -0.30 2.45 2.20 2.21 -0.09 52.99 51.71 51.96 -0.95 1.99 1.85 1.88 -0.10 2.09 2.00 2.00 -0.07 2.90 2.57 2.64 -0.07 6.43 6.15 6.15 -0.25 9.00 8.11 8.49 -0.51 3.18 2.94 2.94 -0.07 64.00 63.25 63.30 -0.46

Volume

Change -12.15 Market cap 680,970.76 mn Div Yield (%) 5.46

Last 60 days High Low

60925 73.50 132878 17.59 986003 11.55 133109 37.38 3855047 6.15 2429486 8.68 18702 4.18 34904 14.70 51695 131.00 144537 26.50 142550 3.16 265600 1.80 261812 231.25 19761 19.70 119101 3.22 1382222 81.78 605987 2.94 120213 2.20 3324185 2.99 49127 7.50 50927 9.90 105297 3.79 186526 67.50

57.00 11.60 8.75 26.95 3.30 4.96 3.06 9.73 104.16 17.80 2.35 1.20 192.20 16.26 1.70 51.71 1.69 1.50 2.02 5.00 6.28 2.36 56.70

% Change -1.05 5-Day High 1,156.96 5-Day Low 1,144.81

2010 Div BR (%) (%)

75.37

70.15

71.50 -0.29

14981

115.90

61.30

25

50B

-

-

Symbols

8.14 31.02

8.15 -0.34 31.06 -1.18

6800 8764

10.85 42.99

8.11 31.02

10 12.5

-

-

-

Habib InsuranceXDXB IGI Insurance

11.50 71.79

11.89 73.20

11.49 71.51

11.55 0.05 72.25 0.46

8300 19535

16.05 103.00

11.20 65.10

25 12.5B 30 55B 10.00

-

PKGI 5.98 GLAT 9.05 SHDT 14.50 SHTM 0.26 ADAMS 13.90 SAZEW 24.50 BIFO 49.50 ZAHT 7.20 COLG 725.00 FECTC 6.94 SGLL 24.93 LPGL 22.24 NESTLE 3,504.87 SIEM 1,059.29 WYETH 912.00 PECO 104.00 PRET 32.25 FECM 2.99 MWMP 1.20 MUKT 0.36 JKSM 8.56 UNIC 6.10 ISIL 82.13 RMPL 2,724.80 MDTL 15.18 KSBP 41.48 PMI 0.85 FCONM 1.25 MODAM 1.25 PAKMI 0.88 SCLL 2.55 FNEL 4.30 SIBL 2.22 OLSM 1.70 SHSML 9.50 SGPL 0.70 HSPI 12.00 FRCL 2.60 SFWF 7.00 FTSM 1.05 NMBL 1.99 EWLA 1.80 FZTM 303.57 TSML 52.00

450 970

5.50 5.98

New Jub InsuranceXDXB 989 10.17 Pak Reinsurance XD PICIC Ins Ltd Premier Insurance XD Reliance Insurance XB

57.37

58.00

54.57

57.85 0.48

797

74.90

52.00

20

25B

-

-

3000 350 303 284

7.86 7.49 4.10 3.72

14.44 8.99 8.42 6.10

14.50 9.98 8.75 6.30

13.58 9.00 8.20 6.10

13.75 8.99 8.20 6.10

860349 307 2900 1750

20.80 13.00 13.27 8.25

13.58 8.10 8.01 5.76

30 25 - 12.5B

-

-

Silver Star Insurance XB 291

3.48

5.15

5.40

4.56

7.51

4.56

-

-

-0.69 0.00 -0.22 0.00

5.11 -0.04

6001

20R -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 729.96 Turnover 994,184 P/E (x) 10.37 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 737.40 705.28 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.54 5.20

Close 716.95 Listed cap 11,111.34 mn Payout (%) 79.54

Change -13.00 Market cap 45,086.22 mn Div Yield (%) 7.67

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.25

68.98

68.70

66.21

67.57 -1.41

55808

92.50

66.21

% Change -1.78 5-Day High 733.74 5-Day Low 716.95

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

-

15B

LIFE INSURANCE Performance of SR Life Insurance Index Open 789.08 Turnover 4,753 P/E (x) 5.49 Paid up Cap(mn)

High Low 805.45 776.19 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.96 3.85

Close 780.33 Listed cap 2,290.72 mn Payout (%) 355.53

Change -8.75 Market cap 8,766.34 mn Div Yield (%) 4.62

% Change -1.11 5-Day High 793.11 5-Day Low 767.92

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

EFU Life Assurance XD

850

7.59

54.10

55.34

53.50

54.05 -0.05

1512

65.49

51.00

50

-

-

-

New Jub Life Insurance

627 13.80

53.00

54.00

51.25

51.33 -1.67

3240

54.00

39.05

15

-

-

-

Company

2010 Div BR (%) (%)

2011 Div BR (%) (%)

FINANCIAL SERVICES Performance of SR Financial Services Index Open 264.91 Turnover 3,688,438 P/E (x) 11.20 Paid up Cap(mn)

High Low 272.99 251.57 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.17 0.91

PE

Open

High

Low

AMZ Ventures 225 1.04 Arif Habib Investments 360 5.61 Arif Habib Limited 450 14.91 Arif Habib Corp 3750 3.01 Cap Assets Leasing 107 1.86 Dawood Cap Management XB1502.54 Dawood Equities 250 First Credit & Invest Bank Ltd650 IGI Investment Bank 2121 8.68 Invest and Fin Sec 600 19.62 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.71 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 5.32 JS Investment 1000 43.00 KASB Securities 1000 Orix Leasing 821 3.45 Pervez Ahmed Sec 775 3.29 Trust Inv Bank 586 0.44

0.49 22.56 14.99 23.10 2.30 1.26 1.31 4.50 1.70 7.50 0.45 2.80 1.68 6.05 2.69 19.10 5.24 3.35 5.51 1.61 1.57

0.59 23.49 15.00 23.45 2.20 1.64 1.36 5.00 1.95 7.30 0.49 3.09 1.83 6.16 2.87 19.99 5.47 3.50 5.70 1.65 1.40

0.42 22.00 14.00 22.25 2.05 1.30 1.30 4.95 1.65 7.25 0.32 2.75 1.40 5.66 2.60 18.11 5.10 3.35 5.37 1.51 1.37

2011 Div BR (%) (%)

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

UPTO 100 VOLUME

-

8.41 32.90

Company

Close 1,270.53 Listed cap 12,202.80 mn Payout (%) 66.79

-

71.79

Close Chg

Close 260.95 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change -3.96 Market cap 12,845.41 mn Div Yield (%) 5.33

0.50 22.00 14.16 22.49 2.08 1.60 1.36 5.00 1.65 7.26 0.40 2.80 1.58 5.93 2.63 18.51 5.16 3.50 5.70 1.58 1.57

0.01 -0.56 -0.83 -0.61 -0.22 0.34 0.05 0.50 -0.05 -0.24 -0.05 0.00 -0.10 -0.12 -0.06 -0.59 -0.08 0.15 0.19 -0.03 0.00

3143 7534 51817 1079268 4000 402444 11002 51000 300930 1100 4928 12814 25261 2585855 125992 17274 47068 5043 4742 77235 250

% Change -1.49 5-Day High 288.39 5-Day Low 260.95

Last 60 days High Low

2010 Div BR (%) (%)

0.93 24.97 25.90 26.30 2.95 2.10 2.57 6.00 2.75 8.28 0.88 3.74 2.00 11.95 4.00 28.01 6.92 4.97 6.50 2.49 2.00

30 11.5 10 50 -

Performance of SR Gas Water and Multiutilities Index Open 1,252.68 Turnover 379,155 P/E (x) 8.02

-10B 25R 40 20B

8.49 32.24

-

GAS WATER AND MULTIUTILITIES

10.05 0.00 27.20 -0.04

1.56

ELECTRICITY High Low 1,377.86 1,357.63 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.33 9.35

9.45 27.20

Century Insurance XD 457 4.53 EFU General Insurance XD1250 11.59

Performance of SR Electricity Index Open 1,369.64 Turnover 2,231,986 P/E (x) 14.24

9.55 27.95

0.34 20.00 14.00 18.75 1.50 1.10 1.06 2.30 1.65 5.15 0.30 2.73 1.24 5.66 2.58 18.11 5.00 3.31 5.00 1.21 0.61

2011 Div BR (%) (%)

20B 20B 10B -

-

Paid up Cap(mn)

PE

Open

High

Low

1st Fid Leasing 264 Allied Rental 600 AL-Meezan Mutual Fund 1375 AL-Noor Modaraba 210 Atlas Fund of Funds 525 B R R Guardian Modaraba780 Crescent St Modaraba 200 Equity Modaraba 524 First Dawood Mutual Fund581 Golden Arrow 760 H B L Modaraba 397 Habib Modaraba 1008 JS Growth Fund 3180 JS Value Fund 1186 KASB Modaraba 283 Meezan Balanced Fund 1200 Pak Oman Advantage 1000 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Punjab Modaraba 340 Stand Chart Modaraba 454 U D L Modaraba 264

4.26 4.40 2.36 1.69 1.98 3.36 7.95 1.26 2.30 3.82 4.04 2.42 0.65 1.86 2.61 2.14 2.71 2.32 5.46 2.31

1.35 17.90 10.50 3.65 6.55 1.91 0.56 1.57 2.04 3.56 7.31 7.85 7.05 6.35 2.50 9.30 7.75 7.58 13.37 5.85 1.15 9.88 6.60

1.60 18.00 10.58 3.90 6.60 2.00 0.55 1.95 2.15 3.47 7.89 7.80 7.23 6.42 2.89 9.10 6.75 7.65 13.74 5.90 1.25 9.61 6.75

1.31 18.00 10.25 3.70 6.35 1.85 0.47 1.51 2.02 3.47 7.80 7.26 7.05 6.00 2.01 9.10 6.75 7.25 13.20 5.61 1.10 9.61 6.75

Company

Close 1,514.04 Listed cap 29,771.58 mn Payout (%) 104.74

Change -18.30 Market cap 19,424.67 mn Div Yield (%) 7.25

% Change -1.19 5-Day High 1,540.24 5-Day Low 1,514.04

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

1.35 18.00 10.26 3.70 6.35 1.90 0.47 1.51 2.10 3.47 7.80 7.80 7.05 6.15 2.89 9.10 6.75 7.25 13.21 5.88 1.10 9.88 6.75

196 1000 33300 5580 10528 18882 20188 25500 22527 6801 1000 33030 105155 51123 3700 1500 500 8530 11052 18131 11081 451 500

2.35 19.03 11.50 3.90 6.97 2.20 0.75 2.38 2.57 3.95 8.48 8.44 7.45 6.68 3.94 10.24 9.75 8.83 16.49 7.95 1.99 10.63 7.25

22.5 18.5 5 2.2 0 1.2 17 11 21 12.5 10 2.8 15.5 1.04 10 20 10 1 17 12.5

0.00 0.10 -0.24 0.05 -0.20 -0.01 -0.09 -0.06 0.06 -0.09 0.49 -0.05 0.00 -0.20 0.39 -0.20 -1.00 -0.33 -0.16 0.03 -0.05 0.00 0.15

1.16 15.01 8.95 2.85 4.52 1.12 0.39 1.51 1.79 2.92 6.81 6.97 4.76 4.20 1.50 8.12 6.75 6.81 12.00 5.10 0.50 9.50 5.67

Close 5.98 9.05 14.50 0.26 13.90 24.50 49.50 7.20 699.81 6.94 24.93 22.24 3,503.63 1,060.00 902.26 104.00 32.25 2.99 1.20 0.36 8.56 6.10 82.13 2,724.80 15.18 41.48 0.85 1.25 1.25 0.88 2.55 4.30 2.22 1.70 9.50 0.70 12.00 2.60 7.00 1.05 1.99 1.80 303.57 52.00

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -25.19 0.00 0.00 0.00 -1.24 0.71 -9.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 100 100 64 60 57 52 52 51 43 42 41 21 20 13 13 12 11 10 8 7 6 5 4 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1

High 53.34 333.00 202.00 63.35 143.80 24.20 42.76 215.00 128.00 208.51 17.00 73.50 64.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Low 52.20 328.01 199.51 61.60 140.25 23.65 42.05 210.50 126.40 206.61 16.90 72.65 63.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Close 52.41 329.77 200.91 62.20 140.78 23.80 42.15 212.13 126.66 207.06 16.95 72.73 64.10 63.16 122.36 68.40 11.89 5.15 29.44 201.58 42.29 141.74 38.46 157.38 43.55 73.33 208.01 23.14 62.42 331.68

Change Vol -1.01 649,500 0.04 599,000 1.73 524,500 -1.06 358,500 -2.09 285,500 -0.48 257,000 -0.58 168,500 -1.11 98,500 -1.21 87,000 -0.85 61,500 -0.05 36,500 -0.76 35,500 -0.15 22,500 -0.51 -1.25 -1.46 -0.09 -0.31 -0.43 1.61 -0.63 -1.98 0.11 -1.51 -0.32 -1.00 -1.68 0.32 -1.34 -0.90 -

ZERO VOLUME Symbols ANNT ANLNV MOON BAFS JVDC PGCL GVGL

2011 Div BR (%) (%)

- 5.00 - 5.00 - 10.00 - 12.50 - 7.50 - 7.50

Low 6.98 9.50 13.50 0.44 13.25 24.00 51.97 7.30 699.00 6.45 24.00 21.15 3,410.01 1,060.00 895.00 104.00 30.65 3.00 0.92 0.22 7.81 5.41 80.00 2,700.09 14.18 42.48 0.95 1.89 1.34 1.09 2.95 3.35 1.95 0.70 9.02 0.61 12.05 2.01 6.03 1.40 2.80 2.00 318.74 54.00

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS High Low 1,539.93 1,491.32 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.50 2.21

High 6.98 9.50 13.50 0.44 13.25 24.00 51.97 7.40 725.00 7.00 25.05 22.50 3,560.00 1,065.00 905.11 107.70 30.70 3.00 1.18 0.47 9.00 6.00 80.00 2,860.00 15.65 42.49 0.98 1.89 1.34 1.09 2.95 4.01 2.40 2.46 9.70 0.94 12.50 3.52 6.03 1.40 2.80 2.00 318.74 54.00

Symbols Open NBP-MAY 53.42 POL-MAY 329.73 ENGRO-MAY199.18 NML-MAY 63.26 FFC-MAY 142.87 DGKC-MAY 24.28 FFBL-MAY 42.73 PPL-MAY 213.24 ATRL-MAY127.87 MCB-MAY 207.91 PTC-MAY 17.00 LUCK-MAY 73.49 UBL-MAY 64.25 ABL-CMAY 63.67 HBL-CMAY123.61 AICL-CMAY69.86 AKBL-CMAY11.98 ANL-CMAY 5.46 BAHL-CMAY29.87 ENGRO-CMAY199.97 FFBL-CMAY42.92 FFC-CMAY 143.72 HUBC-CMAY38.35 ICI-CMAY 158.89 KAPCO-CMAY43.87 LUCK-CMAY74.33 MCB-CMAY209.69 NETSOL-CMAY22.82 NML-CMAY 63.76 POL-CMAY332.58

-

Performance of SR Equity Investment Instruments Index Open 1,532.34 Turnover 390,280 P/E (x) 22.46

Open

-

Open 12.47 9.00 14.99 55.10 61.80 16.99 22.00

High 12.43 8.00 14.65 53.00 61.37 16.99 21.97

Low 12.43 8.00 14.65 53.00 61.37 16.99 21.97

Close 12.43 8.00 14.65 53.00 61.37 16.99 21.97

Change -0.04 -1.00 -0.34 -2.10 -0.43 0.00 -0.03

Vol 0.00 0.00 0.00 0.00 0.00 0.00 0.00

MTS LEVERAGE POSITION Symbol

Total Volume

Total Value

MTS Rate

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

2,472,405 375 46,724 30,000 4,000 97,000 264,000 941,193 80,500 51,500 3,340,125 15,000 62,700 607,388 447,500 71,000 58,750 31,000 85,000 41,500 37,000 152,004 2,000 8,938,664

43,296,271 19,370 413,631 125,032 379,473 742,834 4,789,921 137,431,732 2,523,737 1,449,018 39,813,431 814,791 9,497,141 24,162,781 9,305,543 3,364,025 5,742,475 338,464 20,829,249 6,663,979 7,652,166 1,921,276 96,323 321,372,664

21 17 17 16 16 16 21 17 16 16.40

BOARD MEETINGS

Fauji Fertiliser Co

KSE 100 INDEX

Oil & Gas Development Co Ltd

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Dandot Cement Comp Ltd International Ind Ltd Honda Atlas Cars

04-May 10-May 16-May

3:30 5:00 11:00

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

60.71

Support 1

MA (5-day)

11,988.20

Support 2

11,880.95

MA (10-day)

11,907.93

Resistance 1

12,122.15

MA (100-day)

11,967.46

11,958.40

Resistance 2

Target Price

Recommendations

144

Hold

Arif Habib Ltd

Reduce

AKD Securities Ltd

Arif Habib Ltd AKD Securities Ltd

120.7

TFD Research

129.4

Neutral

Brokerage House AKD Securities Ltd

Brokerage House

Recommendations

224

Buy

AKD Securities Ltd

Neutral

TFD Research

195.41

TFD Research

245.4

Target Price 78.6

145.25

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

Free Float Shares (mn) 630.61

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

displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into OGDC (bullish). Trend forecasting

Brokerage House Arif Habib Ltd

Positive

AKD Securities Ltd TFD Research

Technical Outlook Technical Analysis

66.30

65.00

68.75

70.00

67.50

Askari Bank

30.29

11.60

11.45

11.90

12.10

11.75

Azgard Nine

15.78

4.65

4.25

5.45

5.85

5.05

127.30 128.90 126.30

Accumulate

Bank Al-Falah

48.50

10.10

9.85

Neutral

BankIslami Pak

46.42

Bank.Of.Punjab

19.61

Dewan Cement

52.58

1.60

1.50

1.80

1.90

1.70

D.G.K.Cement

38.46

23.30

23.05

23.95

24.35

23.70

Dewan Salman

39.64

2.40

2.35

2.55

2.70

Dost Steels Ltd

45.46

1.90

1.85

2.05

2.15

2.00

EFU General Insurance 31.63

30.40

29.80

32.30

33.55

31.65

EFU Life Assurance

34.58

53.25

52.45

55.10

56.15

54.30

Engro Corp

48.29

197.70

196.30

Faysal Bank

25.89

Leverage Position

326.94

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

80.50 2,523.74 100.02

Free Float Rs (mn)

13,659.49

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

3.70 4.90

9.75

3.60 4.75

9.65

10.40 3.95 5.30

10.55 4.10 5.50

10.20 3.85 5.15

2.50

200.50 201.90 199.10 9.95

10.05

9.85

Fauji Cement

38.46

4.00

3.90

4.15

4.25

4.05

Fauji Fert Bin

54.38

41.35

40.95

42.45

43.15

42.05

FFBL is currently 19.7 per cent above its 200-day moving average and is

Fauji Fertilizer

55.27

138.90

137.80

141.70 143.40 140.60

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

Habib Bank Ltd

49.32

120.20

119.50

121.90 122.90 121.20

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

Hub Power

55.70

37.75

37.55

ICI Pakistan

42.18

153.30

151.15

158.80 162.15 156.65

Indus Motors

43.38

219.00

218.50

220.00 220.50 219.50

J.O.V.and CO

32.54

2.55

2.45

2.80

2.95

2.70

Japan Power

22.99

0.95

0.90

1.15

1.30

1.10

JS Bank Ltd

46.32

2.50

2.45

2.60

2.65

2.55

Jah Siddiq Co

44.21

5.70

5.40

6.20

6.40

5.90

ing oscillators are currently bullish on FFBL.

Brokerage House

Recommendations Hold

Arif Habib Ltd

Neutral

AKD Securities Ltd

Target Price

Recommendations

65

Buy

60.4

TFD Research

Accumulate

92.3

Positive

Technical Outlook

Technical Outlook

Leverage Position

35.42

123.65

National Bank of Pakistan

Positive

14.40

Adamjee Insurance

(consolidating) and Bollinger Bands were 50 per cent narrower than normal.

359 363.65

22.75

15.40

124.65

54.37 41.72 40.02 34.90

Target Price 322.42

53.00

23.95

14.80

54.50

oscillators are currently bullish on OGDC. Momentum oscillator is current- reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastly indicating that OGDC is currently in an overbought condition.

55.90

23.20

13.40

Attock Refinery

OGDC closed up 3.02 at 148.68. Volume was 252 per cent above average FFBL closed down -0.60 at 41.78. Volume was 59 per cent below average OGDC is currently 3.0 per cent below its 200-day moving average and is

54.35

21.55

13.80

Hold

44.25

(trending) and Bollinger Bands were 21 per cent wider than normal.

50.10

22.00

16.13

42.2

Technical Outlook

Free Float Shares (mn)

51.45

35.83

Arif Habib Limited

387.80 393.30 382.45

TFD Research

93,758.50

62.45

39.57

Arif Habib Corp

371.55

Technical Analysis

Free Float Rs (mn)

63.45

Attock Cement

376.90

45.52

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

62.90

63.31

AKD Securities Ltd

58.75 5,742.48 N/A

61.45

Attock Petroleum

Accumulate

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

61.90

Recommendations

Arif Habib Ltd

Neutral

1st 2nd Pivot Resistance 2.80 3.00 2.65

55.62

Target Price

Hold

Leverage Position

70.71 138.91 156.94 153.33

Accumulate

Positive

Technical Outlook

Brokerage House

Pakistan Oilfields Ltd

Recommendations

71.45

145

Technical Analysis

Nishat Mills Ltd

Target Price

Recommendations

Technical Outlook

Leverage Position

12,208.45

Engro Corporation

Target Price 143.2

TFD Research

Technical Outlook Technical Analysis

RSI (14-day) 55.25 MTS Shares `000 MA (200-day) 11,147.79 Pivot 12,044.70 MA (10-day) 140.33 MTS Rs `000 135.01 MTS Rate KSE 100 INDEX closed down -21.65 points at 12,035.89. Volume MA (100-day) MA (200-day) 121.58 ** NOI Rs (mn) 110.66 was 35 per cent below average and Bollinger Bands were 39 per Free Float Shares (mn) 466.49 Free Float Rs (mn) 65,317.56 cent narrower than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 12,122.15 and 2nd FFC closed down -1.89 at 140.02. Volume was 115 per cent above resistance level at 12,208.45, while Index will continue to find its 1st average and Bollinger Bands were 79 per cent narrower than normal. support level at 11,958.40 and 2nd support level at 11,880.95.

KSE 100 INDEX is currently 8.0 per cent above its 200-day moving FFC is currently 15.2 per cent above its 200-day moving average average and is displaying an upward trend. Volatility is relatively nor- and is displaying a downward trend. Volatility is extremely low when mal as compared to the average volatility over the last 10 trading compared to the average volatility over the last 10 trading sessions. sessions. Volume indicators reflect volume flowing into and out of Volume indicators reflect volume flowing into and out of FFC at a relINDEX at a relatively equal pace. Trend forecasting oscillators are atively equal pace. Trend forecasting oscillators are currently bearcurrently bullish on INDEX. ish on FFC.

Arif Habib Ltd

Brokerage House

RSI 1st 2nd (14-day) Support 43.24 2.45 2.30

Allied Bank Limited

60.70 41.93

2.45

2.40

2.55

2.60

2.50

Lotte Pakistan

52.71

15.85

15.55

16.65

17.20

16.35

Lucky Cement

62.12

71.80

71.15

73.35

74.25

72.70

MCB Bank Ltd

49.62

204.40

203.30

Maple Leaf Cement

32.52

2.05

2.00

2.25

2.35

2.20

National Bank

22.09

51.45

50.95

52.75

53.50

52.20

Nishat (Chunian)

42.60

26.50

25.95

28.00

28.95

27.45

Netsol Technologies

48.52

22.35

21.90

23.45

24.05

23.00

NIB Bank

40.44

Nimir Ind.Chemical

39.61

Nishat Mills

37.68

60.80

59.90

Oil & Gas Dev. XD

70.69

145.95

143.25

PACE (Pakistan) Limited 38.12

2.80

2.70

37.18

2.60

1.50

1.75 2.55

1.45

43.30

43.55

37.95

K.E.S.C

1.85

42.75

38.35

Kot Addu Power

Pervez Ahmed Sec

42.90

38.15

43.15

207.30 209.10 206.20

1.95

2.05

1.90

2.80

2.90

2.70

62.85

64.05

62.00

150.65 152.65 147.95 3.10 1.65

3.30 1.70

3.00 1.60

P.I.A.C.(A)

41.02

2.35

2.25

2.55

2.75

2.50

Pioneer Cement

28.39

5.15

5.00

5.40

5.55

5.25

Pak Oilfields

57.05

325.10

322.55

331.10 334.55 328.55

Pak Petroleum

54.13

209.00

207.00

214.00 217.00 212.00

Pak Suzuki

50.96

68.65

67.75

P.S.O. XD

50.90

273.60

272.00

P.T.C.L.A

49.18

16.75

16.65

ENGRO closed up 1.68 at 199.14. Volume was 20 per cent below average NML closed down -1.30 at 61.66. Volume was 39 per cent below average POL closed down -0.74 at 327.66. Volume was 27 per cent below average NBP closed down -0.95 at 51.96. Volume was 61 per cent below average

Shell Pakistan

50.51

209.20

208.20

(consolidating) and Bollinger Bands were 55 per cent narrower than normal. and Bollinger Bands were 70 per cent narrower than normal. and Bollinger Bands were 39 per cent narrower than normal.

NBP is currently 23.4 per cent below its 200-day moving average and is disENGRO is currently 3.4 per cent above its 200-day moving average and is NML is currently 8.1 per cent above its 200-day moving average and is dis- POL is currently 18.2 per cent above its 200-day moving average and is playing a downward trend. Volatility is extremely low when compared to the displaying a downward trend. Volatility is relatively normal as compared to playing a downward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is low as compared to the average average volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modvolume flowing into and out of NBP at a relatively equal pace. Trend forecastreflect volume flowing into and out of ENGRO at a relatively equal pace. reflect volume flowing into and out of NML at a relatively equal pace. Trend erate flows of volume into POL (mildly bullish). Trend forecasting oscilla- ing oscillators are currently bearish on NBP. Momentum oscillator is currently

Sui North Gas

43.35

18.45

17.90

19.40

19.80

18.85

Sitara Peroxide

54.00

17.90

17.55

18.80

19.35

18.45

Sui South Gas

27.89

20.60

20.10

21.50

21.90

21.00

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

48.28 195.68 205.97 192.63

Free Float Shares (mn) 176.98

Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn)

941.193 137,431.73 16.31 257.65

Free Float Rs (mn)

35,243.38

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

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

37.67 64.06 64.25 57.03

Free Float Shares (mn) 175.80

Technical Analysis

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

71.00 3,364.03 16.50 57.94

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

Free Float Rs (mn)

10,839.82

Free Float Shares (mn)

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

57.07 325.65 315.94 277.18 107.94

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

85.00 20,829.25 16.00 273.14 35,368.59

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

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)

22.06 53.36 69.57 67.86

Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn)

398.12 Free Float Rs (mn)

forecasting oscillators are currently bearish on NML.

tors are currently bearish on POL.

20,686.44

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

and Bollinger Bands were 43 per cent narrower than normal.

Trend forecasting oscillators are currently bearish on ENGRO.

607.388 24,162.78 16.07 139.57

indicating that NBP is currently in an oversold condition.

1.60

1.55

70.25

70.95

69.35

277.40 279.60 275.80 17.00

17.15

16.90

212.05 213.95 211.10

Telecard

28.05

TRG Pakistan

33.88

2.50

2.45

2.65

2.75

2.60

United Bank Ltd

49.01

63.05

62.75

63.80

1.70

64.25

1.75

63.50

WorldCall Tele

35.49

2.15

2.05

2.35

2.45

2.25

1.65

8

Tuesday, May 3, 2011

Idea says adds 1 mln 3G users since March launch

PALO ALTO, CA: Customers look over the new white iPhone 4 at the Apple store.

Qatar Telecom Q1 profit 762mn riyals DOHA: Qatar Telecom (Qtel) said on Thursday its first-quarter net profit fell 36.5 per cent on the same period a year ago, but still beat analysts' average forecast on an expanding customer base.

The former monopoly reported first-quarter net profit of 762.2 million riyals, down from 1.2 billion riyals in the year-earlier period when profit was helped by one-off items relating to royalties in Qatar, a company statement said.

Year-on-year net profit grew 15.7 percent when normalized for the royalties adjustment, the statement said.

Analysts polled by Reuters

had expected the firm to post a quarterly profit of 689 million riyals. The company's customer base grew 13.9 percent to 75.6 million, up from 66.4 million in the first quarter of 2010, the statement said.

Qtel, which owns controlling stakes in Kuwait's Wataniya and Oman's Nawras NWRS.OM, is one of two operators to have entered the final round of bidding for Syria's third mobile licence.

The company's focus has been on acquisitions in the Middle East and North Africa region, the Indian subcontinent and Southeast Asia.

"Thanks to our ability to

MUMBAI: Idea Cellular, India's sixth-biggest mobile phone operator, said on Thursday it had added a million users for its thirdgeneration (3G) services within a month of its launch.

Idea, which launched 3G services in March, currently offers such services in 400 towns across nine telecom zones. It aims to expand the service to 750 towns by mid-2011, and 4,000 towns by the end of the current fiscal year in March next year, it said.

"Data usage by Idea's 3G users is already at 20 percent of the total mobile data usage recorded by the company, and this is expected to grow exponentially," Chief Marketing Officer Sashi Shankar said in a statement.

India is the world's fastestgrowing mobile market by customer additions, but carriers in the fiercely competitive market operate under wafer-thin margins as they offer among the cheapest voice call prices. Telecom firms bought costly 3G radio airwaves in a state auction last year and have launched premium services that allow faster Internet browsing on mobile phones, in the hope of boosting revenues from data services.-Reuters

move quickly when attractive opportunities arise, we are well positioned to capture the high growth offered by emerging economies," Chief Executive Nasser Marafih said in the statement. "We are enhancing our capabilities in a number of key service areas for the future, including digital services and social media."

In 2008 Qtel bought a 40.8 percent stake in Indosat Indonesia's second-biggest mobile telephone company, later raising its holding to 65 percent in a bid to tap growth potential in the world's most DUBAI: UAE telecom operapopulous Muslim country.- tor du expects revenue to grow 20 percent in 2011 as the comReuters pany forecasts a nationwide rollout of its services before the end of the year, du's chief executive said on Monday.

Osman Sultan said the company is already in advanced testing of its services outside of its traditional geographical footprint.

"It's a complex operation but we see this before the end of the S smartphones and launched the year, rolled out in a more or less Galaxy Tab tablet in three differ- nationwide rollout," Sultan said during a conference call with ent sizes.

This week, it rolled out a new reporters to discuss first-quarter version of its flagship Galaxy S results.

The telecoms carrier, which smartphone in Korea and expects the model to sell more than 10 now has a 41 percent share of million units as the product the UAE mobile market, reported a first-quarter net profit of makes a global debut from May through 140 carriers in 120 coun- 205.8 million dirhams ($56 million) after providing for royaltries.

SK Telecom, South Korea's ties, up from 97.1 million top mobile carrier, said on Friday dirhams in the year-earlier periit had received 160,000 preorders od and in line with an average for the new Galaxy smartphone forecast for 203.7 million since it started taking orders on dirhams by analysts polled by Monday and expects 60,000 cus- Reuters.

First-quarter revenue jumped tomers will get the phone on Friday and Saturday when it 29 percent to 2.04 billion dirhams, compared with 1.58 launches service. billion dirhams a year earlier.

Apple is seeking to keep Du said it added 272,000 net Samsung at bay with lawsuits claiming Samsung's Galaxy line active mobile subscribers during of phones and tablets "slavishly" the quarter and invested 477 million dirhams in infrastruccopy the iPhone and iPad. Samsung has countersued and ture.

"It was a very strong quarter in on Wednesday, it broadened a patent dispute against Apple by terms of subscribers, given that filing a lawsuit in federal court in the market is near saturation," California arguing that Apple's said Irfan Ellam, vice president iPhone, iPod and iPad had and telecoms analyst at Al Mal infringed 10 mobile technology Capital. "That's the function of patents. Samsung made similar more properties being completclaims in Korea, Japan and ed in new Dubai where du operGermany last week.-Reuters ates." -Reuters

UAE telco du sees 20pc revenue growth in 2011

Samsung Q1 hits 2-yr low on TVS SEOUL: Samsung Electronics faces a challenging outlook after reporting its third consecutive fall in quarterly profit as it struggles to make ground on Apple Inc and deal with a tepid recovery in its TV and flat screens business.

The world's No.2 handset maker, however, said its mainstay memory chip business was rebounding after Japan's devastating earthquake and tsunami in March hobbled production from rivals including Toshiba Corp.

"Although the memory chip business is reviving, other operations such as telecommunications and displays are facing tough times ahead," said Han Sewoong, a fund manager at AssetPlus Investment Management, which owns Samsung shares.

"Its race with Apple seems pretty difficult and income in its display division is in a slump."

Samsung's Galaxy model smartphones and tablet computers were seen among the biggest potential rivals to Apple's iPhone and iPad but it has been unable to match the U.S. company's roaring sales growth. Sony plans to soon join the fray with the launch

of its first tablets in a market set to quadruple in four years.

Samsung is also the world's largest top maker of memory chips, flat screens and televisions. Shares in the company, whose $136 billion (81 billion pounds) market value is bigger than Sony, Nokia, Toshiba Corp and Panasonic Corp combined, ended 0.8 percent lower in a broader market down 0.7 percent.

After hitting life-time highs in late January, Samsung shares have lost 12 percent, as analysts lower expectations for its telecoms division, which includes smartphones and tablets.

Samsung reported a 2.95 trillion won ($2.75 billion) operating profit for January-March compared to the consensus forecast for a 3.1 trillion won profit

by Thomson Reuters I/B/E/S. That was in line with Samsung's estimate for an operating profit of between 2.7 trillion won and 3.1 trillion won.

SMARTPHONES Samsung, which had negligible share of the smartphone market until early last year, has muscled in with its Galaxy models. It has since sold 14 million Galaxy

Apple says not tracking iPhones to fix 'bugs' WASHINGTON: Apple on Wednesday denied claims it was tracking iPhone users but said it would fix software "bugs" that resulted in location data being unencrypted and stored for up to a year.

"Apple is not tracking the location of your iPhone," the California-based company said in its first response to privacy questions raised by a pair of British researchers. "Apple has never done so and has no plans to ever do so."

Apple said the iPhone was not logging a user's location but maintaining a database of nearby Wi-Fi hotspots and cell towers to "help your iPhone rapidly and accurately calculate its location when requested."

According to the British researchers, iPhones and iPads running iOS 4, the latest operating system, were storing latitude and longitude coordinates in a hidden file along with a time stamp and the data was easily retrievable. "By passively logging your location without your permission, Apple have made it possible for anyone from a jealous spouse to a private investigator to get a detailed picture of your movements," they said.

Apple said the location data the researchers were seeing on the iPhone is "not the past or present location of the iPhone, but rather the locations of Wi-Fi hotspots and cell towers surrounding the iPhone's location, which can be more than one hundred miles away from the iPhone."

"Calculating a phone's location using just GPS satellite data can take up to several min-

utes," Apple said. "iPhone can reduce this time to just a few seconds by using Wi-Fi hotspot and cell tower data."

"This data is sent to Apple in an anonymous and encrypted form," Apple said in a 10-point statement presented in question-and-answer format.

"Apple cannot identify the source of this data."

Apple said the location data cache will be encrypted on the iPhone in a free iOS software update in the next few weeks and can be deleted when the Location Services feature is turned off on the device.

Apple also said it planned to reduce the amount of time the Wi-Fi and cell tower data is stored on the iPhone from as much as a year to seven days.

"The reason the iPhone stores so much data is a bug we uncovered and plan to fix shortly," Apple said. "We don't think the iPhone needs to store more than seven days of this data."

Apple said it was using location data to help target advertising but was not sharing it with third parties unless it has explicit approval from a user.

US lawmakers this week invited Apple and Google to attend a hearing on privacy next month following the claims that the iPhone and Android devices were regularly tracking a user's location and storing the data.

The House Energy and Commerce Committee also sent letters to Apple, Google, Microsoft, Nokia, Research in Motion and Hewlett-Packard asking whether their devices are tracking, storing, and sharing users' locations.-Reuters

Mobilink, Shell announce winners KARACHI: Mobilink, Pakistan's market leader in cellular services and part of Orascom Telecom Holding and Shell Pakistan Ltd, the premier Oil and Lubricants Company, today jointly announced the winners of their first lucky draw for their joint promotional campaign which offers its respective customers a chance to participate and win a multitude of prizes.

Mr. Shahid from Sargodha who won the first tractor under the Shell Rimula-Jazz campaign commented, "I am grateful to Shell Rimula and Mobilink Jazz for providing me this opportunity to participate and win such a valuable prize. Thank you.'' Mr. Zaki-ur-Rahman from Abbotabad won the second tractor expressed his happiness, "I am extremely delighted and thankful to Shell Pakistan that through this campaign I have become owner of a brand new tractor. I will always use Shell Rimula and recommend it to my

friends." The third lucky winner, Mr. Asif Faraz from Rahim Yar Khan commented, "I cannot believe that I have actually won such a tractor. I have no words to express my gratitude to Shell.

They have turned my life around and I am so thankful!

The winners of brand new motorcycles in the lucky draw included; Khalid Hussain from Noshero Feroz, Mohd. Javaid from Kalaskay Rawalpindi,, Mohd. Asif Javed from Rahim Yar Khan, Imran Ahmed from Khairpur Mirus, Syed Jaffer Abbas from Okara road, Shahid Farhan from Sialkot, Mohd.

Yaseen from Korangi Hyderabad, Akbar Hassan from Bucheri Nawabshah, Moj Ali from Sadiqabad and Mohammad Ameen from Karachi. The winners were announced at a colorful ceremony at Tarnol Truck Adda, Rawalpindi and were attended by officials from both companies. -Reuters

Ufone launches Kissan Package KARACHI: Taking forward the reputation of being the first to launch a number of packages and services, Ufone one of the leading telecom companies in Pakistan recently announced the first of its kind incentive based package "Kissan Package".

In the recent past Ufone has shown a keen focus on the various segments in the society and this launch surely targets one of the largest segments in the country.

According to a press release issued here, agriculture is the most important sector of the Pakistani economy and society and has a number of needs and requirements which have been catered to with this perfectly designed package. The package shall give agriculturalists the most affordable calls rates to all networks during their busy work hours to ensure they get the best value for their money.

Alongside the package is coupled with amazing prizes through lucky draw for the customers who subscribe to the package and every Kissan package subscriber has a lot more to look forward. A lucky draw scheme has been designed specifically to support the business and daily life of the farmers. The lucky draw comprises of 2 tractors, 80 motorcycles, 130 washing machines and many more exciting prizes. A lucky draw will be held every month for the next three months and each month will find more than a hundred winners..

Akbar Khan Chief Marketing Officer Ufone said, "For the last three years, Ufone has the distinction to provide the maximum number of firsts, in terms of packages and valued added services provided in the telecom industry. We at Ufone, take pride in being leaders in innovation; the launch of the Kissan Package further strengthens our relationship and commitment to our valued customer. We believe our focus on various segments in the society will help create a sense of appreciation and ownership towards the package created specifically to meet the farmers' needs". NNI

NOKIA SIEMENS closes delayed MOTOROLA deal HELSINKI: Mobile telecom gear venture Nokia Siemens Networks closed its $975 million acquisition of Motorola Solutions' mobile gear unit on Friday, four months behind the original schedule NSN hopes the deal gives it better access to the booming North American market and strengthens it against its key Chinese rivals and make it the second-largest mobile telecom gear maker ahead of China's Huawei. Last week Nokia Siemens -- a 50:50 venture of Nokia and Siemens -- said Chinese regulators approved the acquisition after a lengthy review, clearing the last major hurdle for the deal to go through.-Reuters

Mobile night packages creating panic in society ISLAMABAD: The country youth are increasingly seen caught in amorous advances thanks mainly to cheap night packages offered by various Telecom operators in a bid to expand customer network.

The amazing part of this story is that almost all cable operators offer arguably cheapest call charges with almost entirely free Text messages offer with charges as low as 25 paisas by paying only nominal charges one can enjoy free talk on any number of one's own choice Though there is a widely held

consensus which cuts across all sections of society that communication itself is not a bad thing.

It helps people grow confidently and resolves issue besides providing opportunity to be in contact with loved ones, but its extensive use among youth is a cause of concern for elders.

The recent example of advance technology was the live coverage of wedding of Prince Willaim as more than 2 billion people saw it live, though they were not close to those people who spent their night outside the

Royal palace in tents or camps just to see the whole ceremony live.

"The issue is not about call charges it is the negative use of the facility which bothers parents" said Najib Ahmad a government servant in communications department.

If mobile packages are free, the youth especially the students can use it for their study purpose. "By talking free the whole night they can make each other understand the difficult sums of science or physics or formula which they were not able to

understand while sitting in the class", said Spokesman Pakistan Telecommunication Authority (PTA).

He was of the view that the cheap communication is for the facilitation of the people and they can use it for positive purposes.

Contrary to this, the social circles showed their concern over the increased immoral activities and held internet, facebook, cable and the cheap communication facilities mainly responsible in this regard. Naseem Ahmed who is a retired profes-

sor said," I cant understand the usage of mobile night packages. What are they meant for and what these mobile companies want to communicate thorough these night packages".

Zehra, who is a house wife also looked worried over the night packages offered by the mobile companies.She said these offers of mobile companies like talk free from 12am to 5am are beyond understanding.

"It looks these are the free offers for the youth to communicate anything with any number of their own choice. It not

only will keep them away from the teachings of Islam but also from their studies." She added.

It looks it is a conspiracy against our youth, she claimed.

Besides this, there is also flood of different mobile handsets in the market. Some are cheap and some expensive and starting from Rs 1500, they lead to Rs 75,000.Dominating are the china mobiles with innovative features and designs.

Hiba, a student of third year in COMSATS, said " Usually I spend my pocket money on buying mobile sets, as soon as a

new handset is introduced".

According to a recent survey, sale of mobile handsets reaches around 1 million per month in Pakistan. This figure clearly mentions how much our nation is crazy behind mobile phobia.

No doubt, the telecom sector is making progress in our country and the mobile subscribers reaches around 100 million in our country. But the main thing is that their must be some checks and especially the night packages offered by mobile companies must be rescind.APP

9

Tuesday, May 3, 2011

Gold turns higher, silver off lows after bin Laden NEW YORK: Gold turned higher and silver cut losses in choppy trade on Monday as the dollar fell and oil rebounded, with precious metals recovering from sharp losses after the killing of Osama bin Laden sapped safe-haven buying.

Bullion resumed its rise toward a record high set earlier in the session as the market focused on Europe's lingering debt crisis, civil war in Libya and violence in the Middle East.

In Asian trading hours, news of the al Qaeda leader's killing

by US forces sent gold down almost 2 per cent.

"We see selling from hedge funds and recent buyers placing sell-stops on the bin Laden news, thinking that risk premiums may be shifting," said George Gero, vice president at RBC Capital Markets.

Spot gold was up 0.3 per cent at $1,569.09 an ounce by 1538 GMT, after hitting a record for a fourth straight session at $1,575.79. US June gold futures were up 0.9 per cent at $1,569.50.

Gold remains supported by concerns over the financial

health of some euro-zone economies, worries over the US budget deficit, and ultraaccommodative US monetary policy, analysts said.

Markets across large parts of Asia and much of Europe were closed for May Day and Labor Day holidays, reducing the number of market participants and making for volatile trade.

Silver was down 2 per cent at $46.86 an ounce, having fallen as much as $5 to a twoweek low of $42.58.

Silver's sell-off began last week when US futures margin requirements were raised twice, and as the metal's failure to extend record highs above $50 an ounce triggered technical selling. Trade data also showed speculators had scaled back their bullish bets recently.

Silver tumbled as much as 11 per cent, its steepest fall since late 2008, hit by increased margins for futures trading and a technical overhang after a 170 per cent rally over the last 12 months to a record high last week.

Speculators scaled back their bullish bets in COMEX silver futures and options to the low-

est since early February, even as prices neared the psychological $50 an ounce level, US regulator CFTC said on Friday.

Some traders put down silver's initial sharp fall to an unwinding of a short gold-silver ratio position, compounded by automated stop-loss orders.

The gold-silver ratio, used to measure the number of silver ounces needed to buy an ounce of gold, rebounded to about 35 from below 32, its lowest level since the early 1980s.

"There is nothing from a fundamental perspective to cause a fall this large. Silver has been the most rapidly appreciating of the metals in the past months and if there was one that looked a bit frothy it was silver," said Ben Westmore, commodities economist at National Australia Bank. "This is mostly technical. We expect silver to be in relatively close step with gold and while both have risen strongly, silver may have moved a bit too far ahead."

Platinum edged up 0.4 per cent at $1,871.49 an ounce, while palladium dropped 0.6 per cent to $784.97. -Reuters

European vegetable oil prices

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 880.00+18.00, Jun11 880.00, Jul11 885.00, Aug11/Oct11 890.00+18.00, Nov11/Jan12 895.00+18.00, Feb12/Apr12 900.00+18.00.

RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 970.00-5.00, Aug11/Oct11 940.00+0.00, Nov11/Jan12 950.00+5.00, Feb12/Apr12 960.00+10.00.

SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1405.00+10.00, Jul11/Sep11 1415.00+15.00, Oct11/Dec11 1385.00+15.00, Jan12/Mar12 1405.00+5.00.

LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1550.00+2.50.

CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1170.00+47.50, Jun11 1170.00+47.50, Jul11/Sep11 1167.50+22.50, Oct11/Dec11 1165.00+20.00, Jan12/Mar12 1165.00.

COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2080.00, May11/Jun11 2060.00, Jun11/Jul11 2025.00+30.00, Jul11/Aug11 2000.00.

PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Apr11/May11 1930.00+50.00, May11/Jun11 1910.00+50.00, Jun11/Jul11 1900.00+50.00.

Dollar reverses, slips after bounce on bin Laden death CASTOROIL: Any origin dlrs extank Rotterdam NEW YORK: Oil rose on change with Bin Laden's dollar retreats on the news of tonne bin Laden's death as the dollar Jul11/Aug11 2695.00+0.00. Monday in choppy trading, death."

Further support came after received a boost from the US Reuters reversing an initial price slide following news that US forces Iran state television reported military success.

Bin Laden was killed in a killed al Qaeda leader Osama that Israeli military aircraft were massing at a US base in US helicopter raid on a manbin Laden.

Brokers and analysts said Iraq. The Pentagon on sion near the Pakistani capital bin Laden's death, which lift- Monday dismissed the report Islamabad, officials said, ended the US dollar, did not alter as "ridiculous " and Israel said ing a nearly 10-year worldthe factors that pushed the it had no knowledge of such a wide hunt.

Fears that bin Laden's greenback to three-year lows plan.

Brent crude for June was up killing might trigger a violent against a basket of currencies last week or the turmoil in 10 cents to $125.99 a barrel at response by al Qaeda or other MUMBAI: India's oilseeds Africa and the Middle East 1444 GMT, after sliding to supporters were reinforced and soyoil futures ended down $121.67. Brent's 2011 peak of when the Pakistani Taliban on Monday following weak that has supported oil prices.

"Despite the initial market $127.02 was reached on April threatened attacks against global cues and as demand was government leaders, including weak in domestic spot markets, impact on oil prices, there's 11.

US crude for June rose 37 President Asif Ali Zardari, the analysts said. really no significant impact "Weakness in the US market here on oil production or tran- cents to $114.30, reaching Pakistan army and the United pulled down soyoil prices here. sit," said Ian Bremmer, the $114.65, the highest intraday States.

The closest al Qaeda has Domestic demand was low, but president and founder of price since hitting $130 on Sept. 22, 2008. Crude been to hitting the oil industry it may rise in coming weeks.

Eurasia Group.

"Al Qaeda's prominence in bounced after falling as low as was in February 2006, when Traders may raise purchases for Saudi forces repelled a suicide monsoon season," said an anaYemen and Saudi Arabia $110.82.

Both Brent and US crude oil attack on the Abqaiq oil-pro- lyst with Kotak Commodities never meaningfully threatened Services.

Saudi oil production; so no prices initially suffered multi- cessing center. -Reuters At 6:25 pm, US soybean was 0.43 per cent lower at $13.863/4 per bushel.

The most-active soybean for May delivery on the India's National Commodity and Derivatives Exchange (NCDEX) closed down 0.66 MUMBAI: India's sugar prices were steady on on Monday. per cent at 2,399.5 rupees per Monday as higher production estimate for The country, which consumes about 22-23 2010/11 outweighed lower supplies for May million tonnes of sugar annually, is likely to 100 kg.

In the Indore spot market, and an improvement in demand, dealers said. produce 25 million tonnes in 2010/11, up 33 soyoil nudged down by 0.60 India has made available 1.75 million tonnes per cent from the previous year. of non-levy sugar for May, lower than 1.9 milIn Kolhapur, a key market in top producing rupee to 613.65 rupees per 10 lion tonnes it had released for May 2010, the Maharashtra state, the most traded S-variety kg, while soybean dropped 10 government said in a statement on Friday. eased 0.23 per cent to 2,660 rupees ($60) per rupees to 2,359 rupees per 100 kg.

Non-levy, or free-sale sugar, is sold by 100 kg.

May soyoil on the NCDEX millers in the open market, but the quantity The most-active sugar for May delivery on each mill can sell is fixed by the federal gov- the National Commodity and Derivatives dropped 0.6 per cent to 622.75 ernment on a monthly basis.

Exchange (NCDEX) ended up 0.22 per cent at rupees per 10 kg, while rapeseed for May delivery edged "Bulk consumers were buying cautiously. 2,729 rupees per 100 kg.

Still mills are operational in Maharashtra and India has approved around 30,000 tonnes of down 0.36 per cent to 2,747 Tamil Nadu. Certainly this year we will have unrestricted sugar exports, kicking off overseas rupees per 100 kg.

At Sri Ganganagar spot marsurplus production," said a Mumbai-based sales of a total 500,000 tonnes given an official dealer. green light on April 19, government sources ket in Rajasthan, the biggest producer of rapeseed in the India's sugar mills have produced 22.6 mil- said on Thursday. lion tonnes of the sweetener since the season Demand for the sweetener from ice-cream country, prices rose 30 rupees began on Oct. 1, up 24 per cent from 18.2 mil- and cool-drink makers typically goes up during to 2,650 rupees per 100 kg. Reuters lion tonnes a year earlier, industry sources said the summer. -Reuters

Oil recovers after initial plunge on bin Laden death

India oilseeds, soyoil fall tracking global cues

Indian sugar ends steady; higher output f'cast weighs

Coffee rallies to 34-yr top, but softs trade thin NEW YORK: Arabica coffee futures jumped to a fresh 34-year peak on Monday due to tight supplies of high quality beans while raw sugar slid to its lowest level in almost eight months due to bumper stockpiles reaching the market.

Cocoa retreated from a six-week peak notched Friday, with the ICE Futures US exchange delaying the start of trading until 1130 GMT instead of around 2:30 am..

Business across the softs complex slowed by the fact that soft commodity markets in London remained shut for a holiday. Trading there resumes on Tuesday.

The July arabica coffee contract on ICE Futures US soared to $3.072 per lb, its highest level in 34 years, and was trading at 5.45 cents up at $3.053

at 1546 GMT. "We're tight on arabica beans and that is not going to change anytime soon," said Sterling Smith, an analyst for brokers Country Hedging Inc. in Minnesota.

Coffee dealers said producer accounts have little left to sell, further boosting values as a result. The weak US dollar also helped to provide some buying incentive, Smith and other coffee dealers said.

Raw sugar futures crumbled to its lowest level in nearly eight months, pressured by the full-bore harvesting of the cane crop in the premier centersouth cane region of top grower/exporter Brazil.

"Sugar is struggling with the Brazil harvest hitting the market," said Smith.

Mike McDougall, an analyst with

brokers Newedge USA, said news of hefty deliveries against the expired May raw sugar contract contributed to the pressure felt by the sweetener.

A total of 17,603 lots or 894,273 tonnes of raw sugar was delivered, coming hard on the heels of the 18,748 lots or 965,000 tonnes of sugar delivered when the March contract expired.

The July raw sugar contract dropped to a session low of 21.45 cents per lb and was dealing 0.47 cent lower at 21.78 cents.

US cocoa futures corrected lower after scaling a six-week high last Friday as profit-taking depressed values.

The July cocoa contract came off $50 to trade at $3,290 per tonne, having rebounded from a session low of $3,243. -Reuters

LAHORE: Pakistani farmers harvest wheat in a field outside Lahore. -Agencies

EU wheat mixed MADRID: European benchmark milling wheat futures were mixed in late dealing on Monday, underpinned by weather concerns on both sides of the Atlantic but under pressure from choppy early trade in Chicago.

Benchmark November milling wheat on Euronext in Paris was down 0.25 euros or 0.12 per cent at 215.50 euros ($319.1) a tonne by 1532 GMT. The less liquid old-crop May contract, which expires next week, added 2.50 euros or 1.02 per cent to 247.00 euros.

Paris futures were firm for most of the session as traders felt scattered showers in the past week were not enough to help parched crops and soil in France.

Early gains were trimmed by profit-taking in Chicago and by a broad sell-off in commodities following the death of al Queda leader Osama bin

Laden.

Movements on Euronext were also curbed by British markets closing for a public holiday and by players awaiting direction from a weekly US crop progress report later in the day and a winter wheat crop tour later this week.

In major grain buyer Spain, physical wheat prices declined in line with falls in Paris and Chicago at the end of last week, although market activity was subdued by a public holiday in the capital Madrid.

Traders said farmers were selling off remaining stocks of old crop ready for the harvest, which also weighed on prices.

Prompt feed wheat was quoted down 4 euros from Thursday at 244 euros/tonne on top grain port Tarragona.

Although harvesting is due to get under way later this month and gather pace in June, quotes for domestic new crop were unavailable.

Germany's market rose --

especially old crop, in parallel with Paris benchmark prices - with concern about lack of rain in Germany also supporting.

Standard old crop breadquality wheat for May and later delivery in Hamburg was offered for sale up four euros at 257 euros a tonne with buyers offering around 254 euros.

"Worry continues about dry weather, especially in north Germany where no significant rain fell over the weekend and the weather forecast for the coming week is still very dry," one trader said. " "We are starting to face a serious danger of crop damage from dryness in north Germany."

Central and south Germany had some beneficial rain last week following an exceptionally dry April.

Showers in eastern and South Germany are forecast on late Monday and on Tuesday. -Reuters

Tokyo rubber inches down in holiday thinned trade TOKYO: Key TOCOM rubber futures recouped some losses to end down 0.6 per cent on Monday in holiday-thinned trade after the yen weakened, but declines in oil and other commodity prices after news of Osama bin Laden's death prompted investors to take profits.

The key Tokyo Commodity Exchange rubber contract for October delivery settled down 2.1 per cent at 386.8 yen per kg.

The contract fell heavily following Japan's devastating March 11 earthquake and tsunami slashed auto output, raising concerns on demand for rubber.

"The market started lower, tracking losses in Shanghai on Friday, but a further fall is unlikely as the TOCOM prices are a lot cheaper compared to those in Singapore and physical prices," said a trader.

"We think the TOCOM market has almost hit the bottom."

Oil and gold fell on Monday, dipping by as much as 2 per cent after news of al Qaeda leader Osama bin Laden's death reduced some of the risk premium that has been underpinning commodities prices.

Markets across large parts of Asia and much of Europe were closed for the May Day and Labour Day holidays, reducing the number of market participants and making for volatile trade.

Japanese financial markets were closed on Friday for a national holiday. They will be

closed from Tuesday through Thursday this week, and will reopen on May 6.

China's stock, money, foreign exchange and commodities futures markets are closed on Monday for a public holiday. Trading will resume on Tuesday, May 3.

Last Friday, the most active Shanghai rubber contract for September delivery fell 2.7 per cent to close at 31,860 yuan per tonne.

Volume stood at 882,804 lots.

The US dollar rebounded from a three-year low against a basket of currencies on Monday as the news of bin Laden's death prompted short-covering in a heavily sold greenback, though traders think any impact will be temporary.

Oil prices fell by 1 per cent after the news.

Japanese new vehicle sales in April halved, sinking to the lowest monthly tally on record, as domestic automakers felt the full brunt of the earthquake that caused unprecedented disruption to car production. The outlook for supply remains cloudy.

Global natural rubber production for 2011 may come in at 10.025 million tonnes, lower than an earlier forecast of 10.060 million tonnes due to output revisions in member countries, the ANRPC said on Thursday.

Indonesia will export a third more rubber this year to China as demand from Chinese tyre makers rises, the Indonesian Rubber Association said on Thursday. -Reuters

Maria Sharapova of Russia celebrates her victory against Ekaterina Makarova of Russia during their Madrid Open tennis

Tait recall can keep Rajasthan top Watson JAIPUR: Shane Watson is counting on the return of Shaun Tait to keep Rajasthan at the top of the IPL points table after they surged to the summit with a trio of home wins on the dusty Jaipur surface.

Rajasthan were inconsistent early on but have gathered cohesion and momentum in equal measure, winning the home fixtures they needed to ahead of a closing swing that will take them to Chennai, Indore and Mumbai, in addition to two more Jaipur matches, before the final stages of the tournament. Tait plucked three King's XI Punjab wickets on his last start, a loss at Mohali, but was kept away from the bowling crease in Jaipur as Rajasthan captain Shane Warne plotted a spin-driven path.

Watson said he had missed Tait's contribution, not least as a way of raising the octane level of an attack in which Watson is the next fastest bowler, and wanted him back in the XI for the home stretch of matches.

"The team we've got at the moment, the balance we've got, especially in Jaipur the way the wicket is, the way it turns, I think is the perfect balance," Watson told ESPNcricinfo.

"There's no doubt having Tait, trying to find a spot for him especially on the faster, bouncier wickets in general is going to be I think very important, but because you've only got four overseas players it does make it very difficult to fit Tait in there.

"I'd love him to play because it takes a little bit of pressure off me, him bowling 155 kmh.

When Shaun's played he's bowled very well; it's just trying to find the perfect balance for the side that's going to suit the conditions we're playing in."

There are no secrets about who determines this balance, for Warne has reasserted himself as the Peter Pan of world cricket after showing signs of deterioration in 2010. Watson reasoned that Warne, 41, was motivated to leave the game with a charismatic final bow rather than a paunchy whimper, whenever the finish line might be.

"I think he's very motivated," Watson said. "After last year the way things panned out for Rajasthan, I think he's very motivated to make sure that whenever he leaves the game that he leaves in a really good place. Warney's bowling unbelievably well and has since the start of the tournament. There's only really one person who's ever been consistently able to do it as a legspinner and he's bowling absolutely beautifully."

Rajasthan's up and down start - two wins followed by three losses and a wash-out in Bangalore - has made way for a consistent mid-period, which Watson put down to the development of a team atmosphere following the changes brought by last year's auction. "It's more so been about trying to find the perfect balance for our team I think and trying to find the right roles for the right people," he said. "I think really that's what it's come down to in a way.

"Over the last couple of games, guys have settled into their roles a lot more and know exactly what's expected of them and we've been able to do that pretty well over the last few games. So I think it's more just finding ourselves as a group and understanding exactly the ways we can contribute to a really good team performance."

Watson entered the tournament with the confidence derived from a pair of blistering innings in Bangladesh, but it has been his bowling that has been most important for Rajasthan on slow pitches - a skillful variety in sharp contrast to the ramrod straight, militarypaced deliveries of his early international forays. -Reuters

10

Tuesday, May 3, 2011

Selectors forced me to quit cricket: Chanderpaul BARBADOS: Shivnarine Chanderpaul has claimed the West Indies selectors asked him to quit at the conclusion of the World Cup and that he was dropped from the West Indies team when he refused to comply.

Chanderpaul's allegation forms part of a letter he's written to WICB chief Ernest Hilaire the second such communication over the past few days - in which he's sought explanations for various issues that are at the centre of the current controversy in West Indian cricket.

The controversy was kicked off by comments made by Hilaire on April 25. Two days later, Chanderpaul reacted to that with a letter addressed to Hilaire seeking a few clarifications.

Hilaire responded on April 29, stating that his comments on cricketers did not name individual players and were based on reports and public comments made by previous coaches.

Hilaire also stated that Chanderpaul "has been and remains a valued member of the West Indies first team squad". It was in response to that April 29 letter, that Chanderpaul has once again

questioned why he was then dropped for the series against Pakistan. "As far as you are concerned I was dropped from the team not for lack of performance, age, fitness and/or discipline but it is the new direction WICB is going in.

What direction is that, when three of the four best batsmen are dropped from the team?"

In that letter, also dated April 29, Chanderpaul also expressed his displeasure with Hilaire's statement that he was acting on the "ill advice" of the West Indies Players Association (WIPA). Hilaire said, "The WICB has informed Chanderpaul that he has been and remains a valued member of the West Indies first team squad and looks forward to his continued involvement with West Indies cricket," Hilaire wrote.

"The WICB expresses disappointment that WIPA appears to be intent using every opportunity to cause disaffection in West Indies cricket and is not averse to offering ill advice to players to achieve this end."

Chanderpaul's retort was acerbic: "I may not be Dr Chanderpaul, but I have been a

top-ranked international batsman and we have to be able to think critically under the most intense and stressful situations.

"It is therefore distressing that you blame WIPA by implication, if not overtly, for my letter saying that WIPA was offering me "ill advice". You may not be aware but I have faced the best bowlers in the world in my career and I know how to counter-attack.

Furthermore, I am my own man and would ask that you respect that!"

In this latest letter, Chanderpaul also raised several other issues that include claims of faulty injury management by the WICB. "The treatment towards me after the last Australian tour where, after diving for a ball, I got injured and my treatment from the WICB physio was ineffective. I had to look after myself on my return home, including paying for all my medical expenses. The WI team physio advised that what I required was rest when in fact the doctors decided that I needed to have a cast because of the seriousness of the injury.

Sprite Cricket Next ‘11 holds “Gali Cricket” KARACHI: Cricket enthusiasts in large numbers turned up at the Bagh-e-Ibn-e-Qasim in Clifton, Karachi, to witness the the final zonal match between Karachi's best gulli cricketers, organized under the Sprite Cricket Next 2011 banner. The Chief Guest on the occasion, Secretary Sports Sindh, Shoaib Saddique, accompanied by the Director Sports Sindh, presented cheques to the winners and runners up.

First launched in 2010 and again being held this year, Sprite Cricket Next is an innovative campaign that aims to unearth hidden talent and pick the best "Gulli" (street) cricketers Pakistan has to offer. The 2011 Sprite Cricket Next format has teams of 4 players contending with each other to be crowned the first ever National Gulli Cricket Champions of Pakistan.

Sprite Yasir XI won the Karachi leg of the event and now they compete with winners of other 12 cities for the title of National Gulli Championship Spread across 13 cities, the campaign offers cricketing technology that previously was only available to professionals of the sport. Street cricketers from across Pakistan are now getting the opportunity to prove their mettle and demonstrate their ability, while being scored through the technology provided. This is an opportunity for street cricketers to gauge their

batting ability through wagon-wheels and action replays, which generate real time statistics such as runs made per over and areas where their shots have travelled. Bowlers will also have the incentive of knowing the quality of their performance, as information on their bowling speed and accuracy of delivery through pitch maps and speed guns is made readily available.

Expressing his views at the event, Fahad Qadir, Public Affairs & Communications Manager of Coca-Cola said, "Gulli cricket is at the heart of cricket in Pakistan. It is the nursery that has produced countless national team players and even several world-ranking players.

Sprite Cricket Next is a tribute to gulli cricket and gulli cricketers, and Sprite is proud to have brought this technology to the street level, so that maximum number of cricket enthusiasts can benefit."

Sprite Cricket Next is yet another Coke initiative to engage and promote healthy activities amongst the youth. Such activities not only promote our sporting culture but also develop a sense of community in Pakistani youth, who have the potential to be the superstars of tomorrow. Initiatives such as Sprite Cricket Next are based on Coca-Cola's Live Positively philosophy. -PR

KARACHI: Cricket enthusiasts in large numbers turned up at the Bagh-e-Ibn-e-Qasim in Clifton, Karachi, to witness the the final zonal match between Karachi's best gulli cricketers, organized under the Sprite Cricket Next 2011 banner. Photograph show Shoaib Siddiqui (2nd from L), Secretary Sports, Sindh giving cheque to the players of winning team.-Reuters

BRIDGETOWN: Pakistani batsman Mohammad Hafeez plays a shot during the fourth ODI between West Indies and Pakistan at the Kensington Oval in Bridgetown.-Reuters

Dadu, Khi Zebras in last 8 of Sindh T-20 cricket KARACHI: Dadu and Karachi Zebras entered the last eight round of the All Sindh Inter District T20 Cricket Tournament with contrasting victories on Sunday.

At PCB Ground Dadu, Dadu defeated Nawabshah by eight runs after an exciting encounter.

Muhammad Khalid hammered an aggressive 71 with three sixes and half a dozen boundaries as batting first, Dadu scored 144-7 in 20 overs.

Nawabshah in reply could muster 136-9 in 20 overs.

Muhammad Nabi produced a fine all-round show by taking two wickets for 25 runs and hitting three sixes and four boundaries in his 40 but that failed to save his team from defeat.

At PCB Ground Larkana, Karachi Zebras whipped Larkana by six wickets.

Akbar Rehman took three wickets and opener Ali Asad slammed 61 with six boundaries in their team's victory.

Habibullah smashed nine boundaries in his 60 in Larakana's total of 125-9.

Karachi Zebras reached the target for the loss of four wickets with three balls to spare.

Summarized scores: Dadu bt Nawabshah by eight runs. Dadu 144-7 in 20 overs (Muhammad Khalid 71, Shamsuddin 29, Faisal Haider 2-13, Muhammad Nabi 2-25) Nawabshah 136-9 in 20 overs (Muhammad Nabi 40, Muhammad Usman 27, Zahid Mahmood 3-20).

Karachi Zebras bt Larkana by six wickets.

Larkan 125-9 in 20 overs (Habibullah 60, Sohail Ahmed 33, Akbar Rehman 3-20, Haris Ayaz 2-19) Karachi Zebras 126-4 in 19.3 overs (Ali Asad 61, Akbar Rehman 27). -APP

We must rotate strike better: Sammy BARBADOS: Darren Sammy, the West Indies captain, has urged his batsmen to post "bigger, match-winning totals" and singled out the rotation of strike as an area his team needs to improve upon in the fourth ODI against Pakistan in Barbados.

The visitors have already taken the series 3-0 but Sammy is hoping to "pull one back" at the Kensington Oval.

"Rotating the strike is one area we have to get better at," Sammy said. "If we rotate the strike, that upsets the rhythm of the Pakistan bowlers and that would lead to us posting bigger, match-winning totals.

"The 'dot ball' percentage has been high and we need to combat the opposition bowlers. One of our major problems has been that we have not been putting enough runs on the board. As a batting unit we hit a lot of boundaries, but we have to get better at ticking over the strike, especially against the Pakistan spinners."

The West Indian batsmen failed to post competitive totals in all three games so far, struggling to score against offspinners Mohammad Hafeez and Saeed Ajmal in particular. In the first two matches in St Lucia, they were restricted to 221 for 6 and dismissed for 220. They

had reached a sound position of 92 for 1 in the 21st over in the third at Bridgetown before they collapsed for 171 all out.

The bowlers also managed to take only five Pakistan wickets in the first two matches, but came close to winning the third, in which they took seven.

Pakistan were 49 for 4 at one stage before Misbah-ul-Haq steered them to a series-clinching victory.

"I can't fault the bowlers," Sammy said. "They have been superb for us and brought us close to a victory in the last match. I believe if we put the runs on the board, the bowlers will do the job for us. We are looking to create winning opportunities and when we do that we have to grab it with both hands."

West Indies brought back Ramnaresh Sarwan to the squad after he had been left out for the first three games.

Sarwan's previous appearance was the quarter-final defeat against Pakistan in the World Cup. "We know he is a good player," Sammy said. "With him back it is a plus for the team and we wish him all the best. He will be a key player in those middle overs as we look to keep the strike ticking." -Online

Pakistan snooker squad back from Asian Snooker KARACHI: A three-member Pakistan squad returned here on Monday after taking part in the 27th Asian Snooker Championship held in the Indian city of Indore.

Newcomer Shahid Aftab reached the quarterfinal before

going down to Thailand cueist.

Pakistan other two cuemen top seed Muhammad Sajjad and Imran Shehzad but put a disappointing show and failed to qualify for the knock-out stage. -APP

World on alert after US Kills Bin Laden WASHINGTON/ABBOTTABAD: Osama bin Laden was killed in a U.S. assault on his Pakistani compound on Monday, then quickly buried at sea, in a dramatic end to the long manhunt for the al Qaeda leader who had become the most powerful symbol of global terrorism.

World leaders hailed bin Laden's death but the euphoria was tempered by fears of retaliation and warnings of the need for renewed vigilance against attacks.

The death of bin Laden, who achieved near-mythic status for his ability to elude capture under three U.S. presidents, closes a bitter chapter in the fight against al Qaeda, but it does not eliminate the threat of further attacks.

The September 11, 2001,

attacks, in which al Qaeda militants used hijacked planes to strike at economic and military symbols of American might, spawned two wars, inAfghanistan and Iraq, inflicted damage on U.S. ties with the Muslim world that have yet to be repaired, and redefined security for air travellers.

A small U.S. strike team, dropped by helicopter to bin Laden's compound near the Pakistani capital Islamabad under the cover of night, shot dead the al Qaeda leader in a firefight, U.S. officials said.

"This was a kill operation," one security official told Reuters, but added: "If he had waved a white flag of surrender he would have been taken alive."

The revelation that bin Laden was living in a three-

story residence in the military garrison town of Abbottabad, and not as many had speculated, in the country's lawless western border regions, is a huge embarrassment to Pakistan, whose relations with Washington have frayed under the Obama administration.

President Barack Obama, whose popularity suffered from continuing U.S. economic woes, will likely see a shortterm bounce in his approval ratings. At the same time, he is likely to face mounting pressure from Americans to speed up the planned withdrawal this July of U.S. forces from Afghanistan. However, Bin Laden's death is unlikely to have any impact on the nearly decade-long war in Afghanistan, where U.S. forces are facing record vio-

lence by a resurgentTaliban.

Many analysts see bin Laden's death as largely symbolic since he was no longer believed to have been issuing operational orders to the many autonomous al Qaeda affiliates around the world. Financial markets were more optimistic.

The dollar and stocks rose, while oil and gold fell, on the view bin Laden's death reduced global security risks.

Within hours of the deadly raid, Bin Laden's body was buried at a sea to prevent his gravesite from becoming a rallying point for his followers, U.S. officials said. Muslim religious rites were conducted on the deck of a U.S. aircraft carrier in North Arabian Sea, a defence official said.

"You wouldn't want to leave him so that his body could

become a shrine," one U.S.official said. Mindful of possible suspicion in the Muslim world that U.S. forces may have gotten the wrong man, a U.S. official said DNA testing showed a "virtually 100 percent" match with the al Qaeda leader. His body was also identified by one of his wives, an intelligenceofficial said. Fearful of revenge attacks, the United States swiftly issued security warnings to Americans worldwide.

CIA Director Leon Panetta said al Qaeda would "almost certainly" try to avenge bin Laden's death. "Though Bin Laden is dead, al Qaeda is not.

The terrorists almost certainly will attempt to avenge him, and we must -- and will -remain vigilant and resolute," Panetta said. -Reuters

CONTINUATIONS Continued from page 12

out anyone.

He was told to hold meeting with the Registrar over the issue.

"America coming to our territory and taking action is a violation The Chief Justice also lauded presence of senior lawyers to assist the Court including Aitzaz of our sovereignty. Handling and execution of the operation by US forces is not correct. The Pakistani government should have Ahsan.

He said that Aitzaz was appearing before him after two years which was promptly responded by been kept in the loop," Musharraf told.

"Foreign troops crossing the border into Pakistan will not be Aitzaz who corrected the period as four years.

Further hearing was adjourned till Tuesday. liked by the people of Pakistan. US forces should not have crossed over into Pakistan," he added.

Continued from page 1 No #4 Responding to a query, Musharraf said: "If there is lack of trust, take very seriously. And so therefore this is being handled in an appropriate manner." it is very bad. We are fighting the same enemy."

Burying bin Laden's body at sea would ensure that his final resting place does not become a shrine He said the operation was a failure of intelligence, "a failure of and a place of pilgrimage for his followers, ABC television reported earlier. both Pakistani and US intelligence." -Agencies Security experts fear that Osama bin Laden's death will only strengthen the resolve of extremists Continued from page 12 No #2 to bring terror to the Western world. are peaceful".

Al Qaeda will immediately assert that it is still relevant, but ultimately the death of its leader and Westerwelle's Italian counterpart Franco Frattini called it "a vic- the US taking custody of his body is a significant moral blow. tory of good over evil, of justice over cruelty."

"This is important news for us, and for the world. It cannot ease our pain, or bring back our loved The news was greeted with celebrations in Israel, a country ones," Gordon Felt, president of Families of Flight 93, said in a statement. regarded as a bitter enemy by many Muslims who are also out"It does bring a measure of comfort that the mastermind of the September 11th tragedy and the raged by Western backing for it. face of global terror can no longer spread his evil."

"This is a resounding triumph for justice, freedom and the valBin Laden eluded capture for years, once reportedly slipping out of a training camp in Afghanistan ues shared by all democratic nations fighting shoulder to shoulder just hours before a barrage of U.S. cruise missiles destroyed it. in determination against terrorism," Prime Minister Benjamin He had been implicated in a series of deadly, high-profile attacks that had grown in their intensiNetanyahu said. ty and success during the 1990s.

"This is a significant milestone, but terrorism, and the ideoloThey included a deadly firefight with US soldiers in Somalia in October 1993, the bombings of gies that perpetuate it, pose complex and long term challenges. To two US embassies in East Africa that killed 224 in August 1998, and an attack on the USS Cole that deal with it will require continued vigilance," the Ministry of killed 17 sailors in October 2000.

Foreign Affairs said.

In his speech, Obama reiterated that the United States is not at war with Islam.

Obama noted in his announcement that the death of bin Laden "I've made clear, just as President Bush did shortly after 9/11 that our war is not against Islam. Bin by no means meant the threat from al Qaeda was over.

Laden was not a Muslim leader; he was a mass murderer of Muslims."

In Afghanistan, which US-led forced invaded in 2001 to root out The Council on American-Islamic Relations (CAIR), a Muslim civil rights and advocacy organibin Laden and the militant Taliban who sheltered him, President sation, released a statement Monday morning welcoming the death of bin Laden.

Hamid Karzai called on the Taliban to refrain from fighting.

"As we have stated repeatedly since the 9/11 terror attacks, bin Laden never represented Muslims "The Taliban must learn a lesson from this. The Taliban should or Islam. In fact, in addition to the killing of thousands of Americans, he and al Qaeda caused the refrain from fighting," Karzai told a news conference. deaths of countless Muslims worldwide," the statement said. "We also reiterate President Obama's Most analysts agreed that although the killing of such an inspi- clear statement tonight that the United States is not at war with Islam." rational figurehead would deal a blow to his followers' morale, bin US diplomatic facilities around the world were placed on high alert following the announcement Laden had not had any significant practical role in the organisa- of bin Laden's death, a senior US official said, and the US State Department issued a "worldwide tion for years. caution" for Americans.

Al Qaeda works in a decentralized way so the direct impact of Meanwhile The State Department warned of the heightened possibility for anti-American violence bin Laden's death would be limited. after the news of bin Laden's death.

While their leaders were proclaiming that the world had become The department issued a worldwide travel alert shortly after Obama's announcement. safer, many countries were preparing their citizens for the worst.

Meanwhile, Saudi Arabia, the country of Osama bin Laden's birth, hopes his killing will help the The US State Department warned Americans worldwide of international fight against terrorism and stamp out the "misguided thought" behind it, the Saudi state "enhanced potential for anti-American violence." news agency said Monday.

"Given the uncertainty and volatility of the current situation, US "An official source expressed the hope of the kingdom of Saudi Arabia that the elimination of the citizens in areas where events could cause anti-American violence leader of the terrorist al Qaeda organisation would be a step toward supporting international efforts are strongly urged to limit their travel outside of their homes and aimed at fighting terrorism," the news agency said. hotels and avoid mass gatherings and demonstrations," the State It added that Riyadh hoped that bin Laden's demise would also help break up al Qaeda cells and Department said in a statement. eliminate the "misguided thought" it said was drives militancy.

Australia issued a similar warning. In countries with significant Yemen, bin Laden's ancestral Arabian Peninsula homeland, echoed Saudi sentiments, calling his Muslim populations, international schools, embassies and other killing a "monumental milestone in the ongoing global war against terrorism" in a statement issued potential targets were putting extra security measures in place in by its embassy in Washington. case of reprisals. -Reuters The foreign ministers of Bahrain, Kuwait and the United Arab Emirates, at a meeting of Gulf foreign ministers in the UAE capital Abu Dhabi, all declined to comment on bin Laden's death.

Continued from page 12 No #3 Furthermore, Prime Minister Yousuf Raza Gilani told in an interview that the US killing of Osama He contended that without availability of any record, no notice bin Laden, not far from the Pakistani capital, was a "great victory". - Agencies was issued to ZAB, no hearing took place and the case stood transferred. Only four state prosecutors were there, he added.

Continued from page 1 No #5 Justice Ghulam Rabbani observed that there should be some of Abbottabad in the early hours of this morning. mover of application.

This operation was conducted by the US forces in accordance with declared US policy that Osama Dr Babar replied that on September 13, 1977 an application was bin Laden will be eliminated in a direct action by the US forces, wherever found in the world." presumably moved by one of the mover while another single "Pakistan has played a significant role in efforts to eliminate terrorism. We have had extremely bench of the LHC comprising justice S Samdani granted bail to effective intelligence sharing arrangements with several intelligence agencies including that of the Bhutto on the same date.

US. -Online To bench's query, he replied that he had tried to find out the Continued from page 1 record of that application but it was not available from the No #6 Supreme Court record. he was holed up in a two-storey house, just 100 yards from the Pakistani Military Academy, US The counsel at length touched various historical aspects related President Barack Obama called his Pakistani counterpart Asif Ali Zardari to inform him of the misto the case terming it as 'worst of the worst kind of case in coun- sion accomplished. try's history for which a drama of trial was created'.

"We are very concerned that bin Laden was inside Pakistan, but this is something that we're going To bench's question, he replied that a Court did not examine to continue to work with the Pakistani government on," a senior administration official said. these aspects which were unprecedented.

The Obama administration shared Intelligence on the bin Laden operation with no other country, The reason at that time was that there had been no constitution including Pakistan, sources said. and no independent judiciary, he added.

"That was for one reason and one reason alone: We believed it was essential to the security of the He said the issue of bias was the dominant in the case and this operation and our personnel that only a very small group of people inside our own government knew particular aspect had been dealt by the apex Court in its verdict of of the operation," an official said. -Online Asif Ali Zardari PLD 2001 case.

Continued from page 1 No #7 He questioned how a person could be convicted on basis of tesThe meeting lasted for more than an hour, in which Raza Rabbani openly expressed his reservatimony of an approver.

Referring to another point, he said why haste was shown for tions over the newly formed alliance with PML-Q. According to sources, Rabbani told the President holding of trial which amounted to "justice rushed is justice that majority of the party members are against this alliance and this would gravely damage the party.

He told that as the result of power sharing formula inked with PML-Q the same people would be crushed".

He questioned whether the decision of the Lahore High Court as included in the PPP government who were part of the previous doctorial regime of President well as the Supreme Court of Pakistan in the murder trial against Musharraf. Rabbani told the president that hurdles are being created in the working of the Shaheed Zulfikar Ali Bhutto met the requirements of fundamental Parliamentary commission for devolution of ministries to provinces He requested the President to rights as guaranteed under Article 4 sub articles (1) and (2)(a), accept his resignation from the ministry and the four parliamentary committees. However President Article 8, Article 9, Article 10A/due process, Article 14, Article has refused to accept his resignation. -Agencies 25.

Continued from page 1 No #8 The bench issued notices to Attorney General, counsel for referdelegation. The three countries would resolve to strengthen their strategic partnership ring authority and amicus curiae on a civil miscellaneous application moved by AK Dogar on behalf of Allah Bukhsh Gondal, based on a shared commitment toward promoting enduring peace, security, stability and praying the Court to first decide the maintainability of the economic cooperation in Afghanistan and Pakistan. The three sides expect to continue to work closely and to build on the achievements of these consultations to realise the longPresidential reference.

The Chief Justice however, refused to accept a request of Tariq term goals of the US-Afghanistan-Pakistan Strategic Partnership. Sources told Online that Asad Advocate who wanted to become a party and told him to Special Representative for Afghanistan and Pakistan Ambassador Marc Grossman who will lead US delegation has arrived in Pakistan. -Online take his seat.

The bench in its order conveyed its request to Qazi Mohammad Continued from page 1 No #9 Ashraf, senior counsel, to assist the Court as amicus curiae in create a ranking of the most dynamic up and coming private companies. place of Khalid Anwar, who expressed his inability to appear in The Pakistan 100 will be published nationally and globally, giving visibility to emerging compathe case. nies, and highlighting the entrepreneurial success stories in Pakistan.

The Secretary Ministry of Law was directed to make boarding The Pakistan 100 follows the announcement in January of the highly successful Pakistan 25, and lodging facilities of those counsels appearing as amicus curiwhich broke All World records for the highest growth of 8 countries in the Middle East, Africa and ae in the case besides, making them payments without pointing South Asia. -Agencies

No #1

11

International & Continuations

Tuesday, May 3, 2011

Libyan Mountain Town Facing Starvation DEHIBA, Tunisia: People in the Libyan rebel town of Yafran, besieged by forces loyal to Muammar Gaddafi, are running out of food, drinking water and medical supplies, residents said on Monday.

Yafran, about 100 km (60 miles) southwest of the Libyan capital, is part of the Western Mountains region where the local population -- most of them belonging to the Berber ethnic group -- rose up two months ago against Gaddafi's rule.

Towns the length of the mountain range have since come under attack by proGaddafi forces, but accounts from residents who fled suggest that Yafran, one of the biggest population centres in the region, has suffered some of the worst hardship.

Fatma Douri, 35, arrived with her family two days ago at a refugee camp in the Tunisian border town of Dehiba after fleeing Yafran.

"If I had stayed there my two little daughters would have been among the dead," she said. "Just imagine, they were

No #10

without milk or food for weeks."

"The siege of the town absolutely has to be lifted, otherwise thousands of children are going to be among the dead in the next few weeks."

Western Mountain rebels seized control of the DehibaWazin border crossing at the weekend from government forces, allowing some supplies to reach rebel towns.

But the supply lines -- along roads periodically blocked by pro-Gaddafi forces -- often do not stretch as far as Yafran, the furthest east of the region's towns.

He said supplies had eased a little since the rebels took control of the border crossing into Tunisia. "But there are lots of shortages of medicine ... We are suffering a lot."

Another man, Massoud Chaben, said he came from Yafran to buy fuel and food in Dehiba and the nearby Tunisian town of Tataouine.

"The situation is miserable," he said. "There isn't even any drinking water."-Reuters

Continued from page 1

where at least six vehicles were set on fire.

Two vehicles were torched in Sindh Hotel area. Also, two other vehicles were set ablaze in Gulshan Maimar and North Karachi areas. It should be mentioned here that a worker of Muttahida Qaumi Movement (MQM) was shot to death, which has spawned tremendous tension in the city's areas. There are reports of intense firing in Gulistan-e-Jauhar where commercial centers and businesses have been closed down. Following the incident, Landhi and Shah Faisal Colony are witnessing closure of business centers. The commercial activities have been brought to standstill in Abul-Hasan Ispahani Road area after gunshots rang in the area.

Firing incidents have been reported in various areas including PECHS where shops have been shut down. A driver of a mini-bus was wounded, when gunshots were fired at his vehicle in Sohrab Goth area. -Online

No #11

Continued from page 1

government declaring zero-rated to textile sector was widely welcomed by the textile industry, but within a month government has withdrawn its previous circular and issued a fresh SRO No 323(I)/2011 dated 27th April, 2011 through which all auxiliaries which are used in textile sector have been made liable to pay sales tax.

The fresh announcement of the government will add miseries of the textile sector which is already in immense problems like high cost of doing business, high mark-up rates, blockade of billion of rupees of textile sector in Sales Tax, Customs, and State Bank of Pakistan. The Chairman, Towel Manufacturers Association of Pakistan (TMA) Syed Usman Ali has demanded of the government to immediately withdraw this SRO and stop practice of issuing one SRO and replacing it with another. He said that the frequent changes in SROs would add further miseries to the textile sector. "We also urge the government to let textile sector concentrate its attention in increasing country's exports and fetching badly needed foreign exchange of the country which would turn our textile sector competitive in international markets", Usman added. -Online

No #12

Continued from page 1

recovery in the southern part of the continent.

Prospects were also positive for Australia, which may reap its largest crop since 2006, the European Union and the Russian Federation. However, FAO said that in the United States producers were expected to divert land away from rice into more profitable crops, possibly resulting in a 15 per cent drop in the coming season's output. -Reuters

No #13

Continued from page 1

price increase in lube base oil during the period.

"The lubricating oil manufacturers are constantly being ignored by the Attock Refinery, the stakeholders of National Refinery and it is raising prices without any consultation with the stakeholders on vague pretexts", alleged Zahid while asking government to intervene into the matter and get the refinery's decision reversed.

He said that no government functionary is taking notice of the arbitrary increases in the lube oil prices to the woes of lubricants manufacturers and the motor vehicles' owners who have been forced to buy expensive motor oils.

He further pointed out that the lube oil prices have reached to the highest level in last two years and the automobile and engineering industries are suffering badly besides hurting general consumer and transport sector. -Online

No #14

Continued from page 3

But a weak dollar makes imports, including oil, more expensive for US consumers, and it could also lead to higher borrowing costs for consumers and businesses. All of this could hurt demand and economic growth.

So far, the dollar decline has been orderly, with the 10-year Treasury yield at a manageable 3.30 per cent -- hardly what one would expect in a currency crisis.

But many investors fear those low yields were largely engineered by the Fed, which has been buying about $75 billion worth of Treasuries a month since November.

The quickest way to reverse the dollar decline, Woo said, would be for Congress and the White House to reach a deal on slashing the deficit. That would increase demand for dollars and push the euro back to $1.30 in coming months.

But if politics get in the way and the fiscal situation is left to fester, things could get ugly fast, particularly if higher bond yields force the Fed to restart its bond-buying program later this year, said Douglas Borthwick, managing director of currency execution firm Faros Trading.

"That's when you'll see a tipping point," he said. "Then S&P and the Chinese central bank and others will step up their rhetoric and the dollar will be on a very rough road." -Reuters

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12

Pak helped US to achieve the target: Hillary

ISLAMABAD: US delegation led by Ambassador Marce Grossman, US Special Representative for Afghanistan and Pakistan called on Gilani. -APP

Osama death makes world safer: Leaders I S L A M A B A D : Governments and leaders praised the killing of Osama bin Laden as a dramatic success in the war against al Qaeda that would make the world a safer place, but in some parts of the globe worried residents were bracing for revenge.

"The death of bin Laden marks the most significant achievement to date in our nation's effort to defeat al Qaeda," President Barack Obama said in a televised address at the White House.

Outside, a raucous crowd gathered to celebrate, singing patriotic songs and chanting US slogans.

The killing of bin Laden was also hailed by George W Bush, who was US president on September 11, 2001 when airliners hijacked by al Qaeda slammed into the Pentagon and the twin towers of New York's World Trade Centre -- an attack that traumatised the nation and defined the history of the past decade.

"This momentous achievement marks a victory for America, for people who seek peace around the world, and for all those who lost loved ones on September 11, 2001," Bush

Former president says he's surprised on op

Pak, US have same foe, says Musharraf LONDON: Former Pakistan president Pervez Musharraf said Monday that he was surprised al Qaeda leader Osama bin Laden was in Abbottabad, just a short distance from the capital Islamabad.

"It does surprise me. I don't know the details," Musharraf told CNN-IBN, after US President Barack Obama announced in Washington that the world's most wanted terrorist had been killed in a US-led operation.

Musharraf, who was the Pakistan president during the 9/11 strike, said the operation by US forces was a "violation of our sovereignty."

See # 1 Page 11 said.

"The fight against terror goes on, but tonight America has sent an unmistakable message: No matter how long it takes, justice will be done," he said in a statement.

Scores of people also gathered at the 'Ground Zero' site of the twin towers, some waving US flags.

New York Mayor Michael Bloomberg said in a statement he hoped the news would "bring some closure and comfort to all those who lost loved ones".

British Prime Minister David Cameron said bin Laden's death would "bring

great relief to people across the world".

"Osama bin Laden was responsible for the worst terrorist atrocities the world has seen," Cameron said in a statement. "It is a great success that he has been found and will no longer be able to pursue his campaign of global terror."

European Parliament President Jerzy Buzek said: "We have woken up in a more secure world."

German Foreign Minister Guido Westerwelle said bin Laden's death was "good news for all men in the world who think freely and See # 2 Page 11

Reconciliation is only option: PM ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that the politics of reconciliation is need of the hour to bring the country out of the current problems.

He was talking to the MQM delegation lead by Dr Farooq Sattar here on Monday.

Prime Minister Gilani said he has taken Quaid of MQM Altaf Hussain into confidence about coalition with the PML (Q).

He further said that he has also expressed his condolences on the assassination of the former MPA Liaquat Qureshi during the telephonic conver-

sation.

He apprised the delegation about his invitation extended to their leader regarding rejoining the Cabinet of the MQM representatives.

The Prime Minister stressed upon the political parties to join hands with the Government to address the real issues of the public like energy shortage, unemployment, poverty and illiteracy.

PM Gilani also informed the delegation regarding the press statement being issued by the Government over elimination of Osama bin Laden.

He assured the MQM

delegation that government would address their problems and concerns.

In this connection, he directed the Interior Minister Rehman Malik to visit Karachi for addressing MQM concerns.

The MQM delegation appreciated the Prime Minister's invitation for rejoining of the Cabinet and thanked him for his helpful cooperation in ironing out the irritants.

They said that their Quaid holds special regards for the Prime Minister and directed them to meet him for resolution of their problems. NNI

Pak shown as terror sanctuary, says India NEW DELHI: The killing of al Qaeda mastermind Osama bin Laden near Islamabad is further evidence that terrorists find "sanctuary" in Pakistan, Indian Home Minister P Chidambaram said on Monday.

"We take note with grave concern that part of the statement in which President Obama said that the firefight in which Osama bin Laden was killed took place in Abbottabad 'deep inside Pakistan'," Chidambaram said in a statement.

"This fact underlines our concern that terrorists belonging to different organisations find sanctuary in Pakistan," he said.

Reiterating India's belief that perpetrators of the 2008 Mumbai attacks -blamed on Pakistan based militants -- continue to be sheltered in Pakistan, the minister urged Islamabad to arrest suspects identified by Indian intelligence.

Indian Foreign Minister SM Krishna said the death of Osama was an "historic development and victorious milestone," and, in another

clear reference to Pakistan, stressed the need to root out militant safe havens in South Asia.

"Over the years, thousands of innocent lives of men, women and children have been tragically lost at the hands of terrorist groups. "The world must not let down its united effort to overcome terrorism and eliminate the safe havens and sanctuaries that have been provided to terrorists in our own neighborhood. The struggle must continue unabated," Krishna said. -Online

RIAZ NEWS AGENCY Cell # 0333-5373137

Tuesday, May 3, 2011

WA S H I N G T O N : Secretary of State, Hillary Clinton Monday said that death of Osama Bin Laden would not end the war against terror.

Giving a speech in State Department here in Washington, Hillary Clinton vowed to continue action against the terrorists, “we will continue action against the Al-Qaeda, Taliban and their affiliates to isolate them” she said.

Appreciating Pakistan role in the global war against the terrorism she said, “with a close cooperation by Pakistanis we succeed to achieve our targets.

Hilary Clinton further said that close cooperation between Washington and Islamabad has pressurized the terrorists.

She vowed the cooperation would continue between these two countries and United States would help the Pakistani people and the government.

She said that Pakistan had been targeted by Al-Qaeda for a long time and these terrorists have killed thousands innocent Pakistani men, women and children.

Secretary of State said that Al-Qaeda not only targeted United States but killed thousands in the whole world most of them were Muslims.

She said terrorist could not defeat United States and her county would win this battle against those who wanted to impose their dangerous theories on the world.

She said that death of AlQaeda chief would relief the families of the 9/11 victims and provide them closure.

Hillary Clinton warned Taliban to drop their weapons and take part in the political process or else they would be treated the same. -Online

Govt buys near 1mn T of wheat ISLAMABAD: During the current wheat procurement campaign for the year 2011-12 food departments of the provinces and Pakistan Agriculture Storage and Services Corporation (PASSCO) have procured about 976,247 tonnes of the commodity against the total procurement targets of 6.57 million tonnes.

Deputy Agriculture D e v e l o p m e n t Commissioner of the Ministry of Food and Agriculture (Minfa), Imtiaz Ahmad Gopang told APP here Monday that Food Department Punjab has procured about 1,75,107 tons of wheat till May 1 as against its set targets of 4 million tons.

"The Punjab province has increased its wheat procurement targets from 3.5 million tons to 4 million tons for the year 2011-12", he added.

Meanwhile, he said that Sindh has procured about 7,98,496 tons so far to fulfill the domestic requirements.

The ADC said that PASSCO has been given

the task to procure 1.3 million tons of the commodity adding that it would procure 1.26 million tons from Punjab and 0.04 million tons from Sindh.

The PASSCO has started the wheat procurement in Punjab where it has procured about 2,644 tons of wheat from its 176 procurement centers across the province, he added.

Imtiaz Ahmad further informed that PASSCO has established 11 procurement centers in Sindh, 14 centers in Baluchistan for procuring the commodity.

He informed that the provincial government in line with the federal government has devised a strategy to provide 200 bags per farmer at an average of 10 bags per acre for small and medium growers.

The large scale farmers having land of more than 50 acre would be provided 500 bags per farmer adding that when these bags would be filled by the growers they would be provided more bags for the grain packing, he

added.

It may be recalled that this year wheat crop has been sown over 8.8 million hectare of land in the country to fulfill the domestic consumption which was 3.5 per cent less as compared to the last year sowing.

Wheat crop has been sown over 6.68 million hectare of land in Punjab, while in the Sindh Province about 1.08 million hectare of land are under wheat crop,he said.

In Khyber Pakhtunkhawa (KPK) the wheat crop was sown over 0.73 million hectare and in Baluchistan it was cultivated over 0.32 million hectare.

Meanwhile, the officials of Ministry of Food and Agriculture informed that current wheat crop out-look was quit satisfactory in the country adding that it is also expected that output of the crop would also surpass the targets.

They also expect that bumper wheat crop was expected in Sindh, where the sowing had surpassed the fixed targets this year.

-APP

SHAKIL NEWS AGENCY Cell # 0333-4400472

Security beefed up across Pakistan ISLAMABAD: High alert has been sounded on Monday across the Capital and security was beefed up in the diplomatic area, especially around the US embassy, following the killing of world's most wanted terrorist Osama bin Laden.

Security has also been strengthened around the US consulates in Peshawar, Lahore and Karachi, officials said.

Even the American school would be closed tomorrow as part of the security arrangement.

Interior minister Rehman Malik chaired a meeting of top police, security and intelligence officials to review the security arrangements.

Official said security will be beefed up at all important buildings and authorities in four provinces have been directed to provide vigilance.

Special security measures were put in place soon after US President Barrack Obama announced killing of bin Laden.

The al Qaeda chief was killed early Monday by US special forces in a helicopter-borne operation in Abbottabad near the Pakistani capital, climaxing a over 10-year long massive manhunt. Online

ZAB Case

Court shocked over flaws ISLAMABAD: Supreme Court of Pakistan Monday expressed its astonishment over the incomplete interim challan which was made a base for registration of FIR against late Zulfikar Ali Bhutto and how an untraced plea was moved for transfer of case to the Lahore High Court.

An eleven-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry initiated proceedings on a Presidential Reference sent to it under Article 186 of the Constitution by the President seeking its opinion over re-opening of Bhutto's trial case under its advisory jurisdiction.

The Chief Justice bringing attention of Dr Babar Awan, counsel for referring authority, said that he should have made foundation of the question of law on the FIR. He questioned how FIR was registered if record was not available and if it was not available, then who investigation started.

"Untraced case meant lack of evidences," he observed.

Dr Babar Awan stated that on September 13, 1977, the case was transferred by Justice Maulvi Mushtaq of the Lahore High Court to be heard on September 24, 1977 by a bench headed by him and comprising justice Zakiuddin Pal, Justice MSH Qureshi, Justice Sheikh Aftab Hussain and Justice Malik Gulbaz Khan.

See # 3 Page 11

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