thefinancialdaily-epaper-25-07-2011

International Karachi, Monday, July 25, 2011, Shaban-ul-Muazzam 22, Price Rs12 Pages 12

Khan knocks out Judah to win IBF crown See on Page 9 Economic Indicators $18.23bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.71mn

Forex Reserves (16-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)

GDP Growth FY12E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

-14.65 -14.65 -6.78 2805

Yearly(Jul, 2011 up to 22-Jul-2011) Monthly(Jun, 2011 up to 22-Jul-2011) Daily (22-Jul-2011) Total Portfolio Invest (9-Jul-2011)

NCCPL (U.S $ in million)

FIPI (22-Jul-2011) Local Companies (22-Jul-2011) Banks / DFI (22-Jul-2011) Mutual Funds (22-Jul-2011) NBFC (22-Jul-2011) Local Investors (22-Jul-2011) Other Organization (22-Jul-2011)

-3.82 0.68 2.81 -0.70 -0.39 1.35 0.07

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

Close 12,476.77 10,132.11 22,444.80 18,722.30 2,770.79 5,935.02 12,681.16

Change 2.00 121.72 457.51 286.11 4.90 35.13 43.25

GDR update $.Price PKR/Shares Symbols 111.84 MCB (1 GDR= 2 Shares) 2.60 147.55 OGDC (1 GDR= 10 Shares) 17.15 43.02 UBL (1 GDR= 4 Shares) 2.00 36.56 LUCK (1 GDR= 4 Shares) 1.70 38.92 HUBC (1 GDR= 25 Shares) 11.31

Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 23-Jul-2011 Kibor (3 Mths) 23-Jul-2011 Kibor (6 Mths) 23-Jul-2011 Kibor (9 Mths) 23-Jul-2011 23-Jul-2011 Kibor (1 Yr) 23-Jul-2011 P.I.B (3 Yrs) 23-Jul-2011 P.I.B (5 Yrs) 23-Jul-2011 P.I.B (10 Yrs) 23-Jul-2011 P.I.B (15 Yrs) 23-Jul-2011 P.I.B (20 Yrs) 23-Jul-2011 P.I.B (30 Yrs)

13.48% 13.74% 13.90% 14.00% 13.77% 13.60% 13.81% 14.13% 14.24% 13.97% 14.01% 14.03% 14.25% 14.35% 14.46%

Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR

118.67 99.87 98.64 1,601.50 40.12 1,048 44,066 5,894

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $ 92.70 93.80 Canadian $ 90.10 91.20 Danish Krone 16.00 16.30 Euro 122.80 124.30 Hong Kong $ 10.70 10.95 Japanese Yen 1.090 1.100 Saudi Riyal 22.83 23.03 Singapore $ 70.60 72.00 Swedish Korona 13.10 13.40 Swiss Franc 98.80 99.80 U.A.E Dirham 23.33 23.55 UK Pound 139.50 141.00 US $ 85.90 86.20 Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 93.17 93.38 Canadian $ 90.58 90.79 Danish Krone 16.54 16.58 Euro 123.32 123.61 Hong Kong $ 11.03 11.05 Japanese Yen 1.095 1.097 Saudi Riyal 22.91 22.96 Singapore $ 71.08 71.25 Swedish Korona 13.57 13.60 Swiss Franc 104.93 105.17 U.A.E Dirham 23.39 23.44 UK Pound 140.01 140.33 US $ 86.03 86.22 Weather Forecast Cities

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Max-Temp Min-Temp

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PPP wins six AJK reserved seats

See on Page 12

India for wider range of talks with Pakistan

See on Page 12

Christian zealot confesses to Norway bloodbath See on Page 12

US striving to ward off debt default WASHINGTON: White House officials and Republican leaders scrambled on Sunday to reassure global markets the United States would avert a debt default but the two sides gave no sign they were moving closer to a deal.

"The leaders of Congress have said unequivocally - not just Democrats - that we will meet our obligations. We are not going to default," Treasury Secretary Timothy Geithner told the ABC television news program "This Week."

With Asian markets set to open in a few hours, US officials struggled to find a way to lift the $14.3 trillion limit on US borrowing ahead of an August 2 deadline.

White House chief of staff Bill Daley warned the talks were moving into "difficult days" and said it was crucial to

the confidence of markets and business people to get a deal soon.

But the path forward was murky, with Republicans talking of a short-term debt limit increase and the White House rejecting that approach.

Republican US House of Representatives speaker John Boehner promised to unveil a bipartisan deal to raise the debt ceiling. Republican leaders want to show progress by 4 pm Eastern daylight time (EDT) on Sunday, before trading gets underway in Asia, and have legislation to unveil on Monday.

"The preferable path would be a bipartisan plan that involves all the leaders, but it is too early to decide whether that's possible," Boehner told "Fox News Sunday."

"If that's not possible, I and

Profits repatriated 2.2pc less in FY11 Ahmed Siddique KARACHI: The repatriation of profit and dividend by foreign companies and investors fell by 2.2 per cent during the outgoing fiscal year (July-June) 2010-11, according to the State Bank of Pakistan.

The repatriation of profit and dividend decreased to $758.3 million during the period under review from $775.6 million last year.

During the period under study, profit repatriation on account of foreign direct

investment (FDI) stood at $574.3 million which represents 75.7 per cent of total repartition while on foreign portfolio investment (FPI) it stood at $184 million (24.3 per cent of total repartition).

Financial business sector remained the major contributor to outflows in terms of dollar, as their companies sent $167.6 million as against $106.9 million sent abroad by the sector in FY10, depicting rise of 56.8 per cent.

See # 6 Page 11

First shipment of urea arrives KARACHI: A vessel MV Pu Tou Hai carrying 45,550 metric tonnes (MT) of imported urea for Trading Corporation of Pakistan (TCP) was berthed at Gwadar Port Sunday morning and started unloading.

According to TCP, two more ships MV Apostolos-II carrying 25,000 MT and MV Hai Yu carrying 26,200 MT urea are scheduled to arrive Gwadar Port and Port Qasim on July 26 and 28, 2011, respectively.

The shipment arrived by MV Pu Tou Hai and the urea carrying by MV Hai Yu is in response to TCP tender awarded to M/s Transammonia AG, Switzer and M/s

Multicommerce LLC, USA. The third vessel MV Apostolos-II is carrying the balance quantity of imported urea committed by M/s SABIC to be supplied during July 2011 under the Saudi Fund for Development credit facility.

In nutshell, a quantity of 125,000 MT would arrive against the total import of urea lined-up by TCP to meet the urgent requirement of farmers for Kharif-2011 Crop, under the directions of the government.

The transportation of imported urea from the ports and its subsequent marketing will be See # 8 Page 11

Foreigners divest $22.32mn from shares Aamir Abidi KARACHI: After witnessing marginal net inflow of foreign portfolio investment in the country's equity market during the month of July on weekly basis, offshore investors ejected $22.32 million from local bourses during the last week, as per the National Clearing Company of Pakistan Limited (NCCPL) data.

On the other hand, bulls dominated at the Karachi Stock

Exchange (KSE) last week which ended more than 1 per cent up with improved volumes as investors took positions on hopes of better corporate result announcements and stability in the political situation despite heavy foreign selling.

Fertilizer, banking and oil stocks remained in limelight during the week as investors hoped that major companies of these sectors are likely to announce good corporate See # 9 Page 11

my Republican colleagues in the House are prepared to move on our own," Boehner said.

The United States will run out of funds to service its debt on August 2 if Congress does not approve additional borrowing.

Republicans have insisted the White House agree to deep spending cuts for long-term deficit reduction before they approve any increase in America's debt burden.

Negotiations toward that agreement have whipsawed for weeks, finally hitting a brick wall over taxes, one of the most ideologically divisive issues in US politics.

Geithner and Daley said it was critical Congress approve a new debt ceiling that gets the country into 2013, past the November 2012 presidential election.

See # 5 Page 11

No letup in city mayhem as 13 more die KARACHI: At least thirteen more people were shot dead on Sunday in fresh wave of target killing and violence in Karachi.

In the fresh gun attack, one person has been shot dead and another injured near Murghi Khana bus stop in Quaidabad, Landhi area.

Earlier, three persons were killed near Erum Shopping Center in Buffer Zone area while the renowned lawyer Advocate Mukhtar Abbas, father of five, was shot dead on the spot by gunmen outside Civil Hospital, shoving the most parts of Karachi in tension.

After brutal murder of Mukhtar Abbas, localities like Ancholi, Gulberg, Water Pump, Abul Hassan Isphani Road witnessed unprecedented tension and panic where all kinds of businesses and trades were closed in mourning.

See # 7 Page 11

Clarification

Sugar not demanded by provinces, says TCP KARACHI: A spokesman of Trading Corporation of Pakistan (TCP) said Sunday that the corporation did not receive any request from provinces including Punjab for the supply of sugar.

The spokesman said that the corporation can only release the sugar on request by the provinces or directed by the federal government.

Commenting on the news of non-supply of 15,000 metric tonnes of sugar in the media, he said it was unfounded and baseless.

A TCP official said that the corporation has a stock of 300,000MT of sugar which is sufficient for Ramazan and Eid. He said that last year, TCP has released sugar quota for all provinces, but none of them lifted the sanctioned quantity despite repeated requests.

See # 10 Page 11

THIMPHU, Bhutan: Interior Minister Rehman A Malik shaking hands with Indian counterpart P Chidambaram prior to a meeting after Saarc Interior Ministers Conference. -Online

Dwindling KSE volumes

Not CGT but its complexity hits turnover TFD Report KARACHI: The main reason of low volumes in Karachi stock market is not the imposition of capital gains tax (CGT) but the complications attached with its calculations, which kept the investors especially small investors afraid of unreasonable slash from their hardlyobtained capital gains in a bearish market.

Experts say, though Federal Board of Revenue had issued the draft amendments in view of complexities pertaining to computation of CGT but it has partially addressed the concerns of market participants.

The draft amendments of CGT which were routed for consideration of all stakehold-

ers actually do not fully attend the growing worries of investors with respect to calculation of newly imposed tax on share trading.

According to earlier rules, the broker was supposed to close the account of the client only after getting tax clearance certificate from tax authorities.

As per earlier rules' interpretation by the experts, in case that client disappears without paying tax then the broker was liable.

But according to new draft amendments this will not be the responsibility of the broker as he has no information of how many different brokerage firms that client is dealing with Now FBR can take information from the clearing compa-

ny, as per the amended draft rules. According to February 2011's SRO, loss adjustment was not admissible in case where loss was realized on sale of share which was followed within one month by purchase of same share by same investor. However, now this definition of wash sales has been amended.

According to amendments, wash sales occurred when capital loss on sale of specific share is followed within one month by purchase of same share between same parties.

"Thus if counter parties are different then it will not be termed as wash sales and loss will be allowed for computation of CGT MTS charges to be deducted," an expert said.

See # 4 Page 11

FBR yet to finalise collection strategy TFD Report ISLAMABAD: To meet the current year collection target of Rs1.952 trillion, the Federal Board of Revenue has yet to finalise the collection strategy as the new fiscal has already passed its one month.

Though the newly envisaged collection strategy has reportedly been announced to be finalised in Commissioners Conference on 26the July but experts said that thereafter it would take one more month to nail down the strategy.

According to reports the conference would review total arrears stock of income tax, sales tax and federal excise duty. It will also make recommendations for reduction in arrears stock of all taxes.

Furthermore, the future sta-

tus and collection mechanism of federal excise duty on Franchises would be discussed in the conference.

Some conservative analysts are of the view that our tax collection mechanism needs complete overhaul of the system and merely adopting a new strategy would not be sufficient to meet the collection targets.

According to the agenda, the Chief Commissioners Conference will discuss in detail the amendments and new tax provisions introduced in tax laws through Finance Act 2011 and their implementation mechanisms would be sorted out for revenue realization.

The broadening of tax base and netting new taxpayers especially with regards to

direct taxes is expected to be as priority for fiscal year 2011-12.

The Conference would review the tax collectors performance during the last fiscal year and a strategy for tax collection would be finalised for 2011-12. To bridge the gap between tax withheld and deposited in the national treasury proper application of provisions of tax laws would be assured and the conference would approve measures for strict monitoring of tax withholding agents.

The Conference would also examine in detail the numbers of filers and non-filers of sales tax returns based on PRAL data disseminated by the FBR. Moreover, a strategy to deal with non-filers, short filers and nil filers would also be finalised for 2011-12.

Banking spreads up 26bps in June Ghulam Raza Rajani KARACHI: The State Bank of Pakistan (SBP) released lending and deposit rates of the banking system for the month of June 2011 which show that banking spreads up by 26 basis points (bps) to 7.86 per cent compared to 7.60 per cent in June 2010.

The main reason of increase

in spread remained higher lending rates which increased by 39bps on yearly basis to 13.78 per cent from 13.39 per cent in same period last year.

On the other hand, deposits' cost surged by 13bps year on year basis (YoY) to 5.92 per cent in June 2011 against 5.79 per cent in June 2010, thus reflecting ample liquidity in the market.

Similarly, spreads month on month basis (MoM) up by 21 bps where they were 7.65 per cent in May 2011.

Cost of deposits decreased by 8bps at 5.92 per cent while they were 6 per cent in previous month.

However, lending cost remained upward by 13bps MoM at 13.78 per cent against 13.65 per cent in May 2011.

2 Monday, July 25, 2011

Call to clear Rs22bn claims

MULTAN: US Ambassador Cameron Munter picks a mango at a farm located outside Multan after inaugurating a new US funded mango processing line. -INP

Munter visits Mango processing facility

US vows help for Pak masses uplift MULTAN: US ambassador to Pakistan Cameron Munter on Sunday reiterated US commitment to extend support to Pakistan to increase its mango export capacity.

He was addressing a ceremony of opening of a post-harvest handling plant at Lutfabad farm, some 25 kilometers away from Multan, during his first visit to south Punjab.

The plant was installed with 50 per cent assistance from USAID, and Lutfabad farm is one of farms in Sindh and south Punjab which have or would have the facility for enhanced mango export to high-end international markets.

US Counsel General in Lahore Carmela Conroy, US ambas-

sador's wife Dr Marilyn Wyatt, Mango Growers Association President Muzaffar Khan Khakwani and the owner of the mango farm, Major (Retd) Tariq were also present.

The US ambassador said that Secretary of State Hillary Clinton had pledged support to Pakistan to enhance its mango export capacity and the promise was being fulfilled.

He said that greater access of growers to modern technology and infrastructure facilities to support enhanced export of mango would strengthen the economy and bring prosperity to mango farmers.

He congratulated the mango growers on installation and successful operation of the

plant at the mango farm and observed that 128 ton mango export showed the initiative was yielding good results.

He said the US had a strong commitment to support Pakistan to improve financial conditions of the people.

Cameron Munter said that industrial growth and exports boosted the economy which would strengthen Pakistan.

Earlier, the US ambassador visited mango orchards where he himself performed harvesting by modern techniques. Cameron Munter then witnessed the plant in operation for postharvest handling of Pakistani mango.

The plant is a chain of process: a small conveyer belt carries mangoes

to the cold water sprinkler that washes the fruit and then passes it on to a hot water treatment facility and then to two phases of drying.

Workers wearing gloves were found busy in separating the damaged fruit from healthy fruit.

The fruit was then shifted to blast chiller where its temperature was brought down to 12 degree centigrade and then to the air-conditioned storage facility after three hours treatment at the blast chiller.

Major (R) Tariq, the farm owner, thanked the US ambassador for visiting the farm and the overall support including modern technological assistance to mango growers in Pakistan. APP

SIALKOT: Pakistan Hosier Manufacturers and Exporters Association North Zone Vice-President, Faisal Mehboob has urged the government to take immediate steps for the clearance of duty drawback claims of garments and sportswear industry amounting to Rs22 billion.

In a statement, he said the business community engaged with garments and sportswear industry was facing serious financial constrains due to the blockage of duty drawback claims.

He said that due to unscheduled electricity and gas loadshedding, scores of textile and hosiery knitwear industrial units were closed or shifted to South Africa and Bangladesh.

Almost all industries are suffering and overall productivity in the export-oriented city and hub of cottage industry of the country, he added.-APP

Thar Project

PCSIR produces power from coal

Hamdard varsity to celebrate Pak-China ‘Friendship Year 2011‘

ISLAMABAD: Pakistan around Rs 18.75.

Council for Scientific He further said that PC-1 and Industrial Research "Design, Manufacturing (PCSIR) on Sunday and commissioning of I S L A M A B A D : demonstrated the pro- pilot plant for conversion Hamdard University will duction of electricity of coal gas into diesel celebrate Pak-China 'Year from coal at Thar which and liquid fuel" has been of Friendship' (2011) on may help overcome cur- submitted, added as soon July 26 on occasion of rent energy shortage in this project is completed, Degree Awarding Pakistan will have Ceremony 2011 at Quaidthe country.

Giving details, Chairman enough energy to meet e-Azam Hall, International PCSIR Dr Shaukat the needs of the country. Islamic University Faisal Pervez said Thar coal According to sources in Masjid Islamabad. can play a pivotal role in Pakistan Electric Power Liu Jian, Ambassador meeting the energy Company (PEPCO) cur- of People's Republic of requirements, both in rent installed power China in Pakistan will be long-term and short- capacity is 19,566MW, the guest of honor for Awarding while demand is Degree basis. a press Currently, energy crisis 24,474MW with a gap of Ceremony" is causing Rs 230 billion 6,577 MW in the coun- release issued here on Sunday said. loss every year to nation- try.

Degrees, medals and The sources further said al economy, he added.

He said Thar coals total that if the current situa- merit certificates will be reserve is equivalent to tion continues, then in awarded in the disciplines 50 billion tonnes of oil 2015, demand of power of Engineering, Pharmacy Management which is more than com- could reach to 36,217 and bined oil reserves of Iran MW while gap up to Sciences. Degrees will be 18,320 MW and in 2020, awarded to 195 students, and Saudi Arabia.

These coal reserves are demand could be 54,359 merit certificates to 6 stu42 times greater than MW while gap could be dents and gold medals to 6 students. 2011 has already total gas reserves discov- 36,462 MW. ered in Pakistan, he If steps are not taken to been declared Pakistanovercome the crisis, then China 'Year of Friendship. added.

The Pak-China The Chairman PCSIR in 2025, demand could further said cost of one jump to 80,566MW and Friendship year 2011 also tonne lignite (Coal) cost gap up to 62,669, while in marks the 60th anniverRs 2800 which can pro- 2030 the demand could be sary of the establishment of diplomatic relations SIALKOT: President, duce 160 liters diesel, 113,695MW while gap between the two counSialkot Chamber of adding in this way cost could reach to 95,798 tries.-APP Commerce and Industry of 1 litre diesel will be MW. -APP (SCCI) Ghulam Mustafa Chaudhry has stressed for setting up more small industrial estates in the city.

In an interview with APP here Sunday, he said, "We have suggested to the Punjab government to take initiatives for the development of industrial estates along Sialkot-Daska, Sialkot-Sambrial and Sialkot-Pasrur roads.

"The establishment of new estates will help reduce pressure on the existing small industrial estate in Sialkot and also provide employment opportunities to industrial workers on their doorsteps," he added.

He said that most SMEs were doing business in residential areas of the city due to lack of proper places and new estates would not only ISLAMABAD: CEO and President PTCL Walid Irshaid receives TeleTimes accommodate SMEs but also International Leadership Award for Best Broadband Services from Dr Abdul the vending industry. -APP

SCCI urges for more trade zones

Hafeez Shaikh. -Online

Railways to introduce new pension system

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani giving best Actress Award at 16th PTV Awards ceremony. -INP

Pakistani Mango Showcase today TV PROGRAMMES MONDAY Time Programmes 7:00 8:00 9:05 11:00 11:05 12:00 13:05 14:00 14:05 15:00 16:00 17:30 18:00 18:30 19:05 19:30 20:03 21:00 22:03 23:00 23:05

News News Subah Savere Maya ke Sath Headlines Newsbeat (Rpt) News Faisla Aap Ka (Rpt) News Meri Kahani Meri Zabani (Rpt) News News Samaa Metro News Aap Ki Baat Masail Kahani Crime Scene Tajziya News Tonight With Jasmeen News Tafteesh

ISLAMABAD: A Pakistani mango extravaganza will be held here at local hotel on July 25 (today) at 17.30 hrs.

The event is being organized by the Trade development Authority of Pakistan (TDAP) of the Ministry of Commerce under title "The king is here, the Mangoes of Pakistan" to highlight the delight, quality and good taste of the country's mangoes at international markets and boost its exports for the benefit of the country.

Makhdoom Amin Faheem, Minister for Commerce will present welcome address and

explain the aims and objectives of the event, official sources told APP. The Chief Executive TDAP, Tariq Puri will also introduce Mangoes extravaganza to the participants while the exhibitors would display the varsities of the mangoes especially from Sindh and Punjab with special reference to its quality and taste.

The Ministry of Commerce/TDAP has finalized all the arrangements for holding of this event of national interest.

The exhibition is likely to participate by the diplomats, mangoes exporters, growers and general public.-APP

ISLAMABAD: Pakistan Railways has decided to introduce new system for its pensioners, a spokesman of Pakistan Railways, Saeed Akhtar on Sunday said.

Talking to a private news channel, he said that the monthly pension of the retired employees of Pakistan Railways will be transferred directly to their personal bank accounts.

The current number of Pakistan Railways serving employees is 85,000 while the number of pensioners is 150,000 who have to wait in long queues every month at the recommended branches of National Bank of Pakistan (NBP), he added.

He said according to the new system, the pensioners have been directed to open account in any bank branch near their homes and submit their account numbers in the relevant railway office.

To a question, he said that Pakistan Railways is planning to run a business train on the basis of public-private partnership, which will facilitate the business community and bring revenues for the railways as fares may be higher than normal.

He said preference would be given to the business train compared to passenger and express trains and it would be ensured that they reach their destinations on time.

He said a contract would be awarded for running two trains one will run from Lahore to Karachi and the other from Karachi to Lahore simultaneously.-APP

SMEs fair portion in bodies sought KARACHI: The Union of Small and Medium Enterprises (UNISAME) has advised the Ministry of Commerce (Moc) to ensure that the trade associations of different trades are not lopsided and the committees are well represented and have the proportionate representation of the large, medium and the small as per their strength of memberships.

President Unisame Zulfikar Thaver said it is unfortunate that in most of the associations where the strength of the SME members is almost 95 per cent, their committees have only 2 or 3 SMEs on their committee which is unfair and unjust by virtue of their strength.

Likewise most of the chamber of commerce and industries are politicized and the SMEs are not well represented in the managing committees as a result the interest of the SME sector is compromised.

It is high time that proper representation is given to the majority sector and now that the awareness has been created, it is better for the trade associations and the different chamber of commerce and industries in their own interest not only to include but ensure that their interest is safe guarded and they are well looked after he explained.

The union has received several complaints from its members that their

interest and demands are not seriously taken up in the agenda of the trade associations and likewise their grievances are not conveyed to the different ministries and the impression given to the ministers at functions and events is that all is well and shields are exchanged with words of praise and applause whereas the SMEs are facing difficulties and are finding it increasingly difficult to carry out their activities due to poor law and order, heavy load-shedding, high cost of inputs, poor infrastructure and logistics making the cost of production high and as a result the product uncompetitive.-PR

AIOU's admissions in Commerce starts from Aug 1 ISLAMABAD: Allama Iqbal Open University (AIOU) will offer Associate Degree in Commerce with specialization in Accounting and Finance, Banking and Finance from August 1.

This was announced by Director Admissions, AIOU Syed Zia-ulHasnain Naqvi here.

Admission forms would be available from the sale points at the main campus of University and from all its regional campuses across the country.

Naqvi said that Associate Degree Programme has been designed in consultation with HEC.-NNI

PMSA organises free medical camp Abul Abbas KARACHI: Pakistan Maritime Security Agency (PMSA) on Sunday organised a free medical camp for the fishing community along the coast. In this regard a camp was held at Baba Island, Manora.

Doctors from PMSA and renowned specialists from the civil sector, including 04 specialist lady doctors, addressed the needs of the patients. A total of 800 patients were examined. Free medicines were provided to all the patients. Director General PMSA Rear Admiral Zafar Mahmood Abbasi SI(M) visited the medical camp.

He also held a meeting with the members of local Fishermen Community of both the Islands and discussed various fishing/marine related issues.

The Fishermen Community was assured of PMSA's commitment to safeguard their interests and pursue the issues raised by them with the concerned Government departments. He also reiterated PMSA's stance to support community welfare projects as done in the past, such as arranging Free Medical and Eye Camps, adoption of schools at Bhit Island and other associated measures.

KARACHI: Rear Admiral Zafar Mehmood Abbasi SI(M) Director General PMSA talking to the doctors during his to the the free medical camp organised by Pakistan Maritime Security Agency here at Baba Island on Sunday. -Staff Photo

3 Monday, July 25, 2011

Asia currencies

Greenback weekly outlook

Dollar may fall as US debt cap deadline nears Drawn-out political battle increases risks to dollar

US default seen unlikely but downgrade risk remains Ratings cut may see dollar weaken most vs yen, franc NEW YORK: The US dollar may fall this week on concern the United States may lose its top-notch credit rating with politicians nowhere close to reaching an agreement on lifting the US debt ceiling as an Aug. 2 deadline looms.

Fears of a full-blown eurozone debt crisis have subsided for now after the announcement of a second bailout for Greece and the focus is shifting to Washington where efforts to avoid a US default enter crunch time.

The drawn-out battle has dented risk appetite in recent weeks and led ratings agencies to warn of a potential downgrade. Such a move, some fear, could send interest rates soaring and erode the dollar's reserve currency status.

Dollar investors have so far been complacent as the US currency rose against the euro and a basket on Friday. Most investors expect some sort of

deal by Aug. 2 to avoid a default, although some fear that failure to reach a major deficit cut plan could lead to a credit ratings cut. That worry is set to grow as time is running out.

"If the markets don't hear anything going into the weekend, I think the first instinct will be to sell first and ask questions later," said Boris Schlossberg, director of currency research at GFT in New York.

"There's much less cooperation amongst the US legislators than there is amongst the Europeans. That kind of dichotomy could begin to hurt the dollar ..."

While efforts to craft a $3 trillion deficit-reduction deal gained traction on Thursday, the White House and Republicans have not broken their impasse over higher taxes, which are opposed by the Republicans, who control the lower house.

Specs cut bets against US dollar: CFTC NEW YORK: Currency speculators reducedbets against the US dollar in the latest week, according todata from the Commodity Futures Trading Commission released onFriday.

The value of the dollar's net short position fell slightlyto $14 billion in the week ended July 19, from $14.2 billion aweek earlier.

Most of the move was accounted for by a decrease in bets infavor of the euro, the data showed.

The Reuters calculation for the aggregate US dollarposition is derived from net positions of InternationalMonetary Market speculators in the yen, euro, British pound,Swiss franc, Canadian and Australian dollars.

To be short a currency is to bet it will decline in value,while being long is a bet its value will rise. -Reuters

The White House initially set a July 22 target for a deal that would leave enough time to get it through the legislative process. But it has backed off that timeframe.

"It's brinkmanship and no one's going to blink until they really have to," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "The market would really like to see a big deal, something along the lines of $3 to $4 trillion that really addresses the structural problems of the US economy."

Standard & Poor's said on Thursday there is a 50-50 chance the US AAA credit rating could be cut within three months.

"The potential for the US to lose its triple-A rating is definitely there," said Andrew Busch, global currency and public policy strategist at BMO Capital Markets in Chicago. "That is going to be problematic for the markets, which would cause the market probably to sell the US dollar."

Analysts expect the dollar to weaken especially against the safe-haven Japanese yen and Swiss franc.

The debt ceiling impasse has also whipsawed 30-year Treasury bonds lately, as the long-dated debt is most vulnerable if the country fails to reduce its deficit.

A downgrade to AA will likely hurt Treasuries, though most fund managers are not thought to be restricted by the govern-

ment debt's ratings and thus are unlikely to be forced to sell the debt.

Thomas Higgins, global macro strategist at Standish Mellon Asset management, said that ironically, in the event of a US default, which is highly unlikely, investors may want to be overweight Treasuries in the short term because of the negative implications for economic growth. Standish oversees $80 billion in assets.

The euro last traded down 0.4 per cent at $1.4361. The dollar also rose 0.3 per cent to 0.8178 Swiss franc, off a record low of 0.8034 set on Monday. It also rebounded from an earlier fourmonth trough of 78.22 yen to last trade at 78.43 yen.

"The dollar has remained largely unmoved thus far because no one wants to be caught with a short position in the event that Congress starts singing 'kumbaya'," said Karl Schamotta, senior market strategist at Western Union Business Solutions. "The markets have already largely discounted a positive outcome."

Some analysts are skeptical how much the dollar could benefit even if politicians make notable progress on a deal.

Alan Ruskin, global head of G10 currency strategy at Deutsche Bank in New York, said while a rally in the first 24 hours is possible, the dollar could come under renewed pressure as an increase in global risk appetite encourages investors to use the dollar as a funding currency. -Reuters

Corn, wheat Sugar hits new peaks, LME copper ends down, steady on cocoa reels lower US gains supply NEW YORK/LONDON: Raw Speculators nudged up their sugar futures on ICE surged to a net long position in sugar, climb- NEW YORK/LONDON: five-month peak and white sugar ing by 701 contracts to 115,845 London copper ended easier pressure pierced a contract high on contracts, in the week ended Friday,surrendering early gains AMSTERDAM/SINGAPORE: Chicago corn priceswere little changed on Friday after two straight days of losses,which were triggered by forecasts of mild weather in the USMidwest crop belt.

Wheat was largely unchanged after sliding almost 3 per centon Thursday, the biggest one-day loss in three weeks asplentiful supplies from the Black Sea region weighed on themarket.

Chicago Board of Trade December corn rose 0.04 per centto $6.73-½ a bushel by 1035 GMT, after a 1 per cent rise early inthe day.

September wheat was up 0.22 per cent at $6.78-Ÿ abushel after falling nearly 3 per cent on Thursday, the biggestoneday loss since June 30. The November soy contracteased 0.18 per cent to $13.86-½ a bushel.

Wheat has been pressured by dimming prospects for USexports due to increased competition from Black Sea producers.-Reuters

Friday, on concern about tight nearby supplies, while cocoa posted its biggest decline in nearly three months.

Arabica coffee futures closed higher after tapping a six-month low while robusta also strengthened.

Sugar prices rose as poor weather and aging cane in top producer Brazil prompted downward revisions to estimates of crop size.

This latest forecast came from Lausanne-based consultancy Kingsman SA, which sees sugar production in the key center-south region of Brazil in 2011/12 totaling 31.87 million tonnes. The forecast is below Brazil's sugar industry group Unica's estimate of 32.4 million tonnes made last week.

Dealers said the tightness should ease, however, by the end of the year with most expecting a large global surplus in 2011/12.

October raw sugar on ICE surged 1.49 cents, or 5 per cent, to close at 31.34 cents per lb, the highest settlement for the spot contract since Feb. 28.

July 19, reaching the highest level since mid-March, US Commodity Futures Trading Commission (CFTC) data showed.

October white sugar on Liffe surged $31.40, or 4 per cent, to settle at $812.70 per tonne, having set a contract high of $814.70.

Cocoa prices tumbled with hedge selling, investor long liquidation and a lack of commercial interest, triggering chartbased selling after the ICE September contract fell through the 200-day moving average at $3,087 per tonne.

A bearish report from a closely followed independent analyst, who substantially increased his 2010/11 global cocoa surplus, also weighed on the market, dealers said.

September cocoa on ICE dropped $107, or 3.4 per cent, to close at $3,065 a tonne while Liffe September cocoa fell 69 pounds, or 3.5 per cent, to settle at 1,901 pounds a tonne.

Speculators cut their net long position in US cocoa by 1,260 contracts to 1,452 contracts, the CFTC said.-Reuters

NY cotton finishes firmer as market looks for leads NEW YORK: Cotton futures ended slightly higher Friday on investor buying in light trade as players appeared to be marking time ahead of Monday's USDA crop progress report, analysts said.

Benchmark December on ICE Futures US inched up 0.01 cent to close at 98.64 cents per lb, trading from 96.65 cents to $1.0018 which was virtually unchanged from Thursday's 96.75 cents to $1.015 trading band.

For the week, cotton lost 0.82 per cent. The contract finished at 96.46 cents last Monday which

marked the lowest close for the second-position contract since early October 2010, according to Thomson Reuters data.

On Monday, the market will look toward the USDA's weekly crop progress report to gauge the condition of the US cotton crop. It will be released at 2000 GMT. Business was light. Volume hit around 9,300 lots at 1738 GMT, more than 60 per cent below the 30-day norm, Thomson Reuters preliminary data showed.

"Cotton can't seem to decide what it wants to follow," said Sharon Johnson, senior cotton

analyst at commodities brokerage Penson Futures in Atlanta, Georgia.

"Unless cotton closes above 99.46 cents, basis December, we may have to wait until 9th week down (August 1-5) for a more meaningful pre-harvest low," Johnson concluded in a report.

Analysts digested news that cotton demand and the pace of Indian cotton exports would dictate price movements in the upcoming 2011/12 marketing year (August/July), the chief executive of the world's biggest cotton merchant said Friday.-Reuters

alongside a backpedaling euro, while tradersassessed mixed supply/demand fundamentals amid a surprisinglystrong summerrally.

Despite posting a third consecutive negative close, copper stillmanaged to eke out a mild gain for the week -- its fourth straight - asinvestors betting on a second-half demand revival in China and a lowerglobal supply base continued to add exposure even as macro-economic fearsfrom debt issues in Europe and the United States persisted.

But signs of contraction in China's vast manufacturing sectorseemed totake some heat out of the market at week's end, raising some questionsabout the metal-consuming giant's demand prospects in the near term andover-shadowing more production problems, this time at the world's largestcopper mine in Chile.

London Metal Exchange (LME) benchmark copper closed down $10 at$9,675 a tonne. In after-hours business, prices bounced back into positiveterritory with firmer New York prices, trading above $9,680.

In New York, the key September COMEX contract settled up 2.65cents at $4.41 per lb, near the upper end of its $4.3750 to $4.4260 sessionrange. Prices in both markets are up about 14 percent from their May lows andstand just 5 percent away from their mid-Februarypeaks, at $10,190 and$4.63. But analysts are beginning to question the durability of the movegiven the unclear demand trends seen so far this year. A little more than 22,500 lots were traded in New York, more than50 percent below the 30-day norm, according to preliminary data fromThomson Reuters.

Copper turned negative during the session as the euro slipped againstthe dollar as investors looked past the announcement of a second rescuepackage for Greece and measures to stop the debt crisis from spreading tofocus on how it will be carried out. -Reuters

Mostly climbs on new Greek rescue package SINGAPORE: Asian currencies advanced to a 14- year high after European leaders pledged more aid for Greece, easing concern the debt crisis will worsen and bolstering demand for emerging-market assets.

China's yuan rose to a 17-year high, the Philippine peso reached a three-year peak and South Korea's won touched the strongest level since August 2008.

"It's quite clear that the risk environment has improved significantly as the European summit agreement has helped to calm fears over the debt problems in Europe," said Moh Siong Sim, a currency strategist at Bank of Singapore Ltd. The peso strengthened 1.3 per cent this past week to 42.403 versus the dollar in Manila.

Malaysia's ringgit appreciated 1 per cent to 2.9755, Thailand's

baht climbed 0.8 per cent to 29.83, Singapore's dollar added 0.8 per cent to S$1.2091 and the won rose 0.6 per cent to 1,051.98.

The ringgit reached a twomonth high on speculation the central bank will raise borrowing costs after Governor Zeti Akhtar Aziz said curbing inflation is a priority. Consumer prices in Malaysia rose to a twoyear high of 3.5 per cent in June, according to official data released July 20.

"The ringgit could hold on to its strength as there are growing expectations that the Malaysian central bank will raise its policy rate," said Calbert Loh, head of treasury at Bangkok Bank Bhd. in Kuala Lumpur.

The peso gained the most this past week since September 2010 after the International Monetary Fund said on July 20 that the

near-term outlook for the Philippines was favorable.

"The fundamentals, growth prospects and the fiscal side remain positive in the Philippines," said Lito Biacora, vice president for treasury at Bank of the Philippine Islands in Manila.

The baht had a third weekly advance as overseas investors added to their holdings of the nation's stocks. Global funds bought $370 million more Thai equities than they sold this past week through July 21, taking this month's net purchases to $762 million.

Indonesia's rupiah appreciated 0.3 per cent this past week to 8,523 per dollar after Fitch Ratings said on July 19 that the country may achieve an investment-grade credit rating before the end of next year. Fitch rates Indonesia BB+, one step below investment grade.-Agencies

C$ retreats from 3-1/2 yr high on soft CPI data TORONTO: Canada's dollar finished loweragainst the greenback on Friday after Canadian inflation datafor June came in surprisingly tamely, trimming expectationsthat interest rates will rise later this year.

Canadian inflation slowed to 3.1 per cent in June from aneightyear high of 3.7 per cent in May, although it was still anotch above the central bank's 1-3 per cent target range.

Core inflation, which excludes volatile items such asgasoline, unexpectedly fell to 1.3 per cent in June from 1.8per cent in May. "We thought things were getting a little bit more heated upfor an interest rate hike sooner here in Canada and now aftertoday's release, we're definitely looking the other way andsaying a little bit later than sooner," said C.J. Gavsie,managing director of foreign exchange sales at BMO

CapitalMarkets.

Both measures of the consumer price index dropped to thelowest year-on-year rate since February and were lower thanforecast by any of the 19 analysts in a Reuters poll.

Following the release of stronger-than-expected May retailsales data on Friday morning, the Canadian currency briefly pared losses made after the release of the inflationfigures. But it returned to weaker levels as the CPI datadominated the market.

"The retail sales number was a good number but it's notgoing to drive the Bank of Canada to raise rates in and ofitself," said Shane Enright, executive director, foreignexchange sales, at CIBC World Markets.

The currency finished the session at C$0.9491 to the USdollar, or $1.0536, down from Thursday's close of C$0.9454,

or$1.0578.

"We've fallen right back to anchor right around the C$0.95region. The story is clearly yesterday and earlier in theweek," Gavsie said.

"The retail sales number definitely looks a bit morepromising, but CPI plays more of an impact here. I'd say we'renow looking at an October-December time frame before we see thehike coming in."

The Canadian dollar climbed to a 3-1/2 year high onThursday, spurred by market perceptions of a more hawkish tonein Bank of Canada statements earlier in the week, aswell asoptimism that progress was being made by eurozone leaders tokeep the sovereign debt crisis contained.

Looking ahead, uncertainty over the fate of the US debtceiling and the possibility of a US debt default remained onthe radar.-Reuters

Brent crude rises above $118 on spread buying Uncertainty over US budget crisis caps WTI gains NEW YORK: Brent crude oil jumped 1 per cent to top $118 in light trade on Friday, buoyed

by Europe's latest agreement to bail out Greece and by spread buying which widened the gap between London and US crude.

US products, including heating oil and gasoline, rose alongside Brent, helping push US crude to six-week highs, though gains were tempered by uncertainty over talks to avert an unprecedented US default.

The spread buying was a reversal from the selling seen late the previous session, when Brent fell after an aggressive sell off in gasoline and spreads fed by US demand concerns, market players said.

"A lot of what we are seeing today is spread related. From the WTI perspective you will see that Brent and US products are strong and that is pulling

US crude up," said Tim Evans, analyst, Citi Futures Perspective, New York.

The Brent futures contract for September rose $1.16 to settle at $118.67 a barrel. US crude rose for a fourth straight session, settling up 74 cents at $99.87 a barrel, its highest close in six weeks.

As during Thursday's session, oil briefly rose above $100 but failed to retain those gains.

For the week, US crude futures rose $2.63, a fourth straight week of gains, while Brent rose $1.14, rebounding from the previous week's losses.

Trading volumes were thin.

At 4.38 pm EDT, US crude traded contracts were 37 per cent below the 30-day average, while Brent volume was down 57 per cent from the 30-day average.

With markets watching the debt ceiling debates, President Barack Obama said any deficitcutting deal must be crafted to avoid denting economic growth, warning another recession would be "the worst thing" for US fiscal health.

"The US debt ceiling crisis hasn't been solved and there has been mixed economic data, so that might not be enough to keep crude above $100," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

Analysts and traders said the preliminary solution to the euro-zone debt crisis presented in Brussels on Thursday was still providing some support for Brent.

The oil market shrugged off weakness on Wall Street and a stronger dollar which can pressure crude prices.-Reuters

Gold gains 1pc as debt worries persist NEW YORK: Gold rose about 1 per cent on Friday, having neared its all-time peak as reservations over a bailout plan for Greece and concerns about a lack of agreement on the US debt ceiling spurred safe-haven buying.

"Gold is drawing strength from the European bailout plan and investor nervousness about whether this is going to result in a real resolution. The gold market is voting no," said Sterling Smith, a Country Hedging analyst in St. Paul, Minnesota.

Adding to the uncertainty and to investor interest in less-risky assets was a bomb attack and shooting in Norway that altogether killed at least 17 people.

"Norway was a bit supportive to gold and it will keep the sellers out, especially heading into the weekend," Smith said.

Spot gold reached $1,607.01 an ounce, its highest since setting a record of $1,609.51 on Tuesday, and steadied around $1,602.76 an ounce by 1946 GMT from $1,587.90 late on Thursday.

In New York, benchmark August gold futures, which trade on the COMEX exchange, gained $14.50 to settle at $1,601.50 an ounce, a 0.91 per cent rise. Prices increased slightly in after-hours trade.

COMEX gold activity was healthy with volume about 20 per cent greater than the 30-day average, according to preliminary Thomson Reuters data.

Gold prices have risen more than 12 per cent so far this year.

Analysts, on average, increased their forecasts for the gold price both this year and next, given debt concerns on both sides of the Atlantic, though

platinum and palladium may struggle to make major gains.

The rise in gold along with a firmer dollar against the euro indicated that market players were moving into safe-haven assets.

"We had an agreement, and now players want to look at the details," said Georgette Boele, head of forex and commodities research at ABN Amro.

"If they are getting confident that the agreement is good, you will probably get a new wave of confidence in the markets in general and that will put gold under pressure," she added.

US negotiators have struggled to agree on terms for raising the government's $14.3 trillion debt ceiling. If talks fail by the Aug. 2 deadline, the world's biggest economy would be unable to pay its bills.-Reuters

4 Monday, July 25, 2011

The Financial Daily International

Norwegian Assaults

Vol 4, Issue 261

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

Yousaf Alamgirian

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

Beware of embedded enemies When Nato-led forces attacked Iraq, the term 'embedded-journalists' gained mass popularity, though it was in the use long since World War II. Though, it was said those journalists had complete freedom to report whatever they see, but for the communication with their respective television channels and newspapers they were completely dependent on the allied forced. At times the journalists even didn't have the slightest idea of their location and were forced to pass on whatever information they were provided by the assaulting forces.

A closer examination of the latest happenings in Karachi forced the experts to draw the conclusion that the criminals have been very skillfully embedded in almost all the groups trying to take the city hostage and even the law enforcing agencies. The biggest prove of this perception is that armed encounters continued among different groups for five days, in which nearly 100 innocent people lost their lives but law enforcing agencies remained completely aloof. When they made a move peace was established in less than an hour. However, no perpetrator was arrested and it looked all of them took refuge in their safe havens.

A few days later the city echoed with gun fires, more than a dozen people are being killed on daily basis and public transport worth millions of rupees being reduced to ashes. Then came the ambushes in which people were killed in their homes while at sleep, and houses were burnt. In the latest move killing is given a new dimension of sectarian assassination. This type of killing has become a routine in many cities and towns, the most common in Qauetta, Kurrum and Parachanar. After every incident the law enforcing agencies very conveniently say 'a third hand is involved and it would be dealt with iron hands'.

As stated earlier these embedded criminals are part of the 'death squads' of the groups having vested interest. One of the most common jargon of such groups is 'we are the freedom fighters,' battling to free various areas from the occupying forces the mostly commonly referred forces are the United States and India and some extremist groups even term Pakistan Army as usurpers of their rights. Most of these militants are foreigners who still believe they are in the 'State of Jihad' where killing of the enemy is a pious act. However, they never realize that killing of innocent citizens by planting bombs and opening up fire indiscriminately just can't be pious.

The politicians very conveniently say it is a fight among groups having vested interest. However, there is overwhelming perception among the masses that whatever is happening in Karachi is aimed at initiating anarchy leading to civil war.

All the perpetrators get funds from those who want to destroy Pakistan. The cynics even don't rule out involvement of foreign intelligence agencies having strong networks in Pakistan and also cooperating with each other because they are working on a common objective, remove Pakistan's name from the world map.

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.

errorist attacks in Norway must be an eye opener for those European and the Western countries which blame Islam for extremism.

Extremism has no religion. Extremists are enemies of the humanity. Two deadly attacks in Norway that killed nearly 100 people is a sad knick-knack that domestic extremism remains a serious threat across the world. The world must feel the critical consequences of the terrorism which has entangled South Asia.

The super powers instead playing gimmicks in the garb of war on terrorism must join hands to help this part of the world to save them from the terrorism menace.

Super Powers must realise that if they continue this war to achieve their vested interests soon they are going to become the victims of the same. Islam, Christianity or any other religion never teaches its followers to go for extremism. It is the mindset of the individuals, international conspirators to defame and destabilise any of the nation or a state.

No one in the world can appreciate what the 32 years Norwegian has done.

It is not only a criminal act but depicts an approach to impose someone's ideas.

It may have provided pleasure to mentally sick people who could be hailing form any of the society. During the last ten years of war on terror European and Western leadership and their media is on the same pace to malign Islam and the Muslims by using terms like 'Islamic extremists'. India also plays the

T

'frontline state' role to defame Pakistan and hold it responsible for each and every incident of terrorism. Only the responsibility of recent bomb explosions of Mumbai has not been imposed on Pakistan as Indian government got the strong linkage of Hindu extremists in the incident.

Soon after the news of twin terror attacks in Norway it was speculated that the Western and European lobby may try to link it with any of the extremists' network of South Asia. But Norwegian law enforcing agencies seems so honest and professional that they sorted out the issue immediately that the attacker was a local citizen who didn't have anything to do with the world extremist networks.

The news agencies have reported that "Preliminary investigations indicate the suspect, a 32-year-old Norwegian man, has nothing to do with international terrorist groups, while local media said the horrific carnage, which deprived many families of their young children, appears to be the crazy act of a local extremist who wanted revenge on society". Extremists are obviously the real enemies of the humanity which even don't spare their country mates or the people from the same society. They are only bothered about their own beliefs and consider others as nonbelievers.

Few months back an American citizen and a priest Terry Jones set on fire 'Quran' and that too in religious place like a Church. That delivered a very wrong message. His act not only created unrest among the Muslims but also among the sensible segments of differ-

ent religions including Christianity.

Radicalisation is not something pertaining to act upon beliefs and preaching of certain religion but is a mindset and move to adopt means of insulting the faith and emotions of same as well as of the other religions and instigate them to the extent in a way which could be formed as 'extremism'. This is what the West is doing with Muslims. The Muslims have never thought of burning a Bible and Torah. For Muslims these are sacred books and must be respected in true spirit.

Religious extremism strengthens its roots during Russian invasion in Afghanistan. America joins hands with this part of the Muslim countries to oust Russian forces from Afghanistan and then left these forces being trained during the course of war in aloofness. Then it was Pakistan alone to take care of the breed being flourished. The trained lot scattered all over the country to settle themselves according to their own choice and style. Things were not controlled and the state level as there would have been proper employment opportunities for them to get them acquainted with the routine life.

They joined different factions and of course the political parties as well.

Extremism is not a phenomenon which is linked to physical actions but it spreads intolerance, prejudice and ethnocentrism. People who are religious or the political leaders are so possessive towards their school of thoughts that they don't let any option differing to their perception to pour into their minds.

Radicalisation is based on radical philosophy supporting certain factions to be intolerant to any of the ideology or thought process which differs with them. A 32-year-old Norwegian man is quite a relevant example of the mindset narrated above. He must be of 22 years of age when American and allied forces attacked Iraq and Afghanistan.

Western and European media has shown 'embedded coverage' of terrorist attacks and had tried to establish Muslims as terrorists. Their youths are permanent viewer of the news stories, documentaries and video packages which are mainly shown to malign Muslims and Islam.

They were obviously not shown for the information purpose. Their youth could have got influenced from the same to practice it in their respective societies.

This incident has exposed that there could be very deep roots of extremism in Norwegian society. Few years back a Norwegian newspaper published blasphemous sketches of Prophet Muhammad (PBUH) which caused severe mental torture for the Muslims world over. It seems the network (that may not be connected with the international extremists networks) of the people having intentions to sermonise their side of the memo.

This is really alarming for the societies which believe in peace, love and harmony. They must set their houses in order and review their policies to help the societies entangled in extremism to make the world and their own territory worth living for the humans.

US rushes for debt deal as clock ticks W

hite House officials and Republican leaders scrambled on Sunday to reassure global markets the United States would avert a debt default but the two sides gave no sign they were moving closer to a deal.

"The leaders of Congress have said unequivocally ... not just Democrats -- that we will meet our obligations. We are not going to default," U.S. Treasury Secretary Timothy Geithner told the ABC television news program "This Week."

With Asian markets set to open in a few hours, U.S. officials struggled to find a way to lift the $14.3 trillion (8.76 trillion pounds) limit on U.S. borrowing ahead of an August 2 deadline.

White House chief of staff Bill Daley warned the talks were moving into "difficult days" and said it was crucial to the confidence of markets and businesspeople to get a deal soon.

But the path forward was murky, with Republicans talking of a short-term debt limit increase and the White House rejecting that approach.

Republican U.S. House of Representatives Speaker John Boehner promised to unveil a bipartisan deal to raise the debt ceiling. Republican leaders want to show progress by 4 p.m. EDT (9 a.m. British time) on Sunday, before trading gets under way in Asia, and have legislation to unveil on Monday.

"The preferable path would be a bipartisan plan that involves all the leaders, but it is too early to decide whether that's possible," Boehner told "Fox News Sunday."

"If that's not possible, I and my Republican col-

leagues in the House are prepared to move on our own," Boehner said.

The United States will run out of funds to service its debt on August 2 if Congress does not approve additional borrowing. Republicans have insisted the White House agree to deep spending cuts for long-term deficit reduction before they approve any increase in America's debt burden.

Negotiations towards that agreement have whipsawed for weeks, finally hitting a brick wall over taxes, one of the most ideologically divisive issues in U.S. politics. Geithner and Daley said it was critical Congress approve a new debt ceiling that gets the country into 2013, past the November 2012 presidential election.

"It must be extended in a way that gives certainty to the economy through '13 and not some short-term gimmick where we're right back in this fix in six or eight months and the world looks at us once again and says ... these people can't get their act together," Daley told NBC's "Meet the Press."

Administration officials also said President Barack Obama would not accept a two-tiered proposal offered

by Boehner that would lift the debt ceiling through the end of 2011 and then require another vote.

"What we cannot do -- because it would be irresponsible -- is to leave the threat of default hanging over the American economy for a longer period of time," Geithner said.

On Fox, Boehner said raising the debt ceiling and implementing major reforms would have to be done in two stages. "There is going to be a two-stage process.

It is not physically possible to do all of this in one step."

Administration officials said a far-reaching "grand bargain" that would combine a debt-limit increase with a 10-year plan to reduce the deficit by $4 trillion was still a possibility, despite Boehner's decision on Friday to walk away from talks with the White House on such a plan.

TEA PARTY RESISTANCE Boehner said his last offer to the White House on the larger deal was still on the table. That offer included some $800 billion in new tax revenue and massive spending cuts.

The frantic drive towards a deal began after closeddoor talks between Obama and Boehner collapsed on Friday.

To pass any deal that includes additional tax revenue, Boehner must overcome stout resistance from Tea Party movement conservatives in his own party, who adamantly oppose any steps to raise taxes, most adamantly taxes on the rich.

Rating agencies say they will cut America's TripleA credit rating if the United States fails to meet debt payments, likely triggering global market turmoil.

Even if the United States does not default, its rating will be under pressure if Congress and the president fail to tackle long-term deficit reduction.

Financial markets are growing more edgy and U.S. banks and businesses are making contingency plans for the possibility of a debt default that would drive up interest rates, sink the dollar and ripple through economies around the world. -Reuters

Wall Street braces for the worst merican businesses, from Wall Street banks to major industrial corporations, are preparing contingency plans for a pair of onceunthinkable events: the United States defaulting on its debt and the loss of the nation's top AAA credit rating.

While most bankers, investors and executives still cannot imagine that politicians in Washington could be reckless enough to let the government run out of money to pay its bills on August 2, they can't guarantee that the game of chicken that has been played in recent weeks won't go awfully wrong.

Lawmakers and President Barack Obama need to agree to raise the current $14.3 trillion legal borrowing limit by that date to avert a default but the decision is being held hostage to arguments between Republicans and Democrats about how to cut the U.S. budget deficit.

And on Friday evening, the prospects of an agreement suddenly dimmed when top U.S. Republican, House of Representatives Speaker John Boehner, broke off talks with Obama, saying they had become futile because the U.S. President was demanding an increase in taxes.

It all means that just as companies once formulated expensive backup Y2K plans just in case computer systems couldn't recognize the date Jan 1, 2000, investors are devising ways to cope with financial markets pandemonium if the worst happens and the government of the world's biggest economy runs out of cash.

Ringing in their ears are dire warnings from the guardians of the nation's financial well-being - Federal Reserve Chairman Ben Bernanke said only last week that a default would be "calamitous."

In some cases, bankers are delaying their summer holidays, while companies are making sure they have plenty

A

of access to cash, and investors are being told to hedge their portfolios, with gold one favored asset for that.

"We've to some degree taken on a defensive posture. We are now at 10 percent cash with so much uncertainty.

In April, we were at 2 percent," said Keith Wirtz, chief investment officer at Fifth Third Asset Management, with $18 billion in assets.

At Morgan Stanley in New York it is all hands on deck at a time when many traders might otherwise be expected to be off to the beaches and the lavish mansions of The Hamptons, a very short helicopter ride from the city.

"I can tell you that we don't have any empty seats on the floor," said Jim Caron, global head of interest rate strategy at Morgan Stanley in New York.

"That will absolutely be the case the week of August 2nd," he added. "Even with summer, no one is out of here at 4:30."

Many are dogged by flashbacks to the financial chaos in September 2008 after the Lehman Brothers collapse, and the failure of lawmakers to pass legislation to authorize a $700 billion government bailout of the banks, which sent markets into a tailspin.

General Electric Co , which was hit badly by those events, has boosted its cash holdings and cut its long-term debt in the past three years to put it in a better position to withstand such events.

The largest U.S. conglomerate now holds $91 billion in cash on its books and has $40 billion in short-term debt, compared with the $16 billion in cash and $90 billion in short-term debt it had three years ago.

"The main thing that we've done and it's not specifically for the discussion going on in the U.S. about raising the debt ceiling or the European issue, is we just have dramatically increased our liquidity," said Chief Financial

Officer Keith Sherin, in an interview.

"It's part of our stress test that we do with our team and our regulatory and board members to be able to operate the company in the event of a significant external disruption."

Industrial equipment giant Caterpillar Inc is more worried about the impact on the confidence of its customers of Washington's debt and deficit arguments as it is about its own resilience, according to its Chief Financial Officer Ed Rapp.

He said the company has very diversified funding sources and strong cash flow. "I think we're in a good position in the event you get some disruption for a period of time."

For investors it is all about hedging risk to a greater extent than normal, which means assets that will retain their value if the dollar, U.S. stocks and U.S. government bonds head south. John Taylor, chief executive officer of the $8-billion currency hedge fund FX Concepts, said he believes gold, which is close to a record having surged over $1600 an ounce on Friday, will trade higher for another two to three months.

DOWNGRADE The second previously implausible event -- a one-notch downgrade in the United States government's credit rating -- is quite possible even if the ceiling is raised in the next 11 days.

At least some of the biggest fund managers can't say they weren't warned.

This week, the head of Standard & Poor's sovereign ratings group, John Chambers, has gone on a so-called roadshow, meeting with major money managers and pension funds including California State Teachers' Retirement System in California, to discuss the agency's ratings outlook on the United States. CalSTRS holds $7.87 billion in U.S. Treasuries as of June 20.

"I left the meeting thinking, 'Yes, we will be downgraded,'" a fixed-income

portfolio manager at a major investment firm in one of the meetings told Reuters on Thursday. "I think S&P is just trying to front-run and get us prepared."

The Obama administration has grown increasingly frustrated with S&P, accusing it of changing the goalposts in its downgrade warnings. In telephone calls to top S&P officials, the Obama administration has asked why the ratings agency keeps shortening its timeframe for long-term deficit reduction, according to sources familiar with the discussions.

S&P says the criticism is "erroneous.

INSURANCE Treasury traders are trying to set themselves up to guard against heavy losses in the event of a spike in yields that could -- in some views -- follow a U.S. downgrade. They're also positioning themselves to make a little money if the U.S. does default and other investors call in insurance protection against their U.S. bonds.

In the repo market, a place where investment banks and companies can get overnight cash loans in exchange for Treasury bills used as collateral, traders were awaiting word from securities exchanges, including CME Group, the largest U.S. futures exchange operator, and ICE U.S. Trust, on possible cuts to the value of Treasury securities used as repo collateral. None of the exchanges that handle repo trades have detailed their plans yet, but Jim Binder, a spokesman for OCC, the sole clearinghouse for U.S. stock options. said his organization was waiting to see how the market reacted to a downgrade.

"Until we start to see that actual volatility, it's still an academic exercise, not a jump into action," he said.

Bernanke and New York Fed President William Dudley met Friday with Treasury Secretary Timothy Geithner to discuss the implications if the debt ceiling is not raised. -Reuters

5

Monday, July 25, 2011

Asian stocks gain after Europe agrees extra Greece aid

European stocks climbs as EU agrees on 2nd bailout for Greece

Weekly Review

Despite volatile week Index gains 130 points

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

12,346.52 12,476.77 130.25 1.05 425.28

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

3,140.76 3,200.64 59.88 1.91 14.14

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

2,731.17 2,799.40 68.23 2.50 0.37

Nawaz Ali

Major Gainers

Symbol RMPL UPFL BATA SRVI IDYM

Close

Change

2,853.25 1,764.58 675.42 206.90 348.83

258.00 50.65 24.53 18.89 17.78

Major Losers

Symbol

Close

Change

NESTLE 4,180.25 ULEVER 5,848.98 NRL 367.30 BHAT 232.88 SHEZ 139.01

-215.55 -89.50 -14.45 -12.12 -10.29

Top 5 Volume Leaders

Symbol FFC FATIMA ANL AHCL FFBL

Close Vol (mn) 163.90 16.95 6.30 28.51 47.52

25.62 25.39 20.00 19.72 19.54

Active Issues Plus Minus Unchanged

161 168 104

Sector Updates FERTILISER

Wall Street weekly outlook

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

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

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

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

1,582

Sales (Apr 11)

1,640

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

186 203 -

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

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

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

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

ATHENS: A man walks past electronic board displaying stock prices at the Athens stock exchange.

Euro zone leaders met in Brussels in an emergent summit that could lead to a new bailout plan for debt stricken Greece.-Reuters

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

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

Feeling the heat on US debt, earnings NEW YORK: New York City may be frying in near record temperatures but Wall Street has been feeling the heat for months. Wrangling over the US debt ceiling and questions marks over corporate earnings mean markets are unlikely to get a break any time soon.

Wall Street is set to close its worst three months in a year as July draws to a close next week after a roller coaster ride for markets. Whacked out fund managers hitting the beach in August may find themselves fiddling with their BlackBerrys more than the little umbrella in their cocktails.

"I need a vacation, man.

After all the stuff that's happened in the last three months I'm pretty much shot, I'm getting weird, even my six-yearold looks at me," said one New Jersey-based fund manager, who was packing his bags for a destination in the Caribbean as temperatures topped 100 degrees Fahrenheit in New York City.

With euro-zone leaders having reached a deal for yet another bailout for debt-laden Greece, investors will be free to chew over the rancor in Washington with even more attention.

Negotiations between President Barack Obama and the top Republican in the House of Representatives, John Boehner, still looked far from a deal to avert a looming US default, lawmakers said on Friday, raising the likelihood of more volatility next week if no solution is reached over the weekend.

"It's likely an agreement in any form will cause a relief rally for equities," said Glenn Starkman, global head of sales trading at Dahlman Rose in New York.

"Coming on the heels of

overall pretty good earnings numbers and some sort of resolution in Greece and that could make for a rally in the market," he said.

But on the other side of the coin, the prolonged and partisan dispute over solving the country's debt crisis means there is still a big downside risk.

"Who knows where that is going to go," said Nick Kalivas, an analyst at MF Global in Chicago. "We're vulnerable to a buyers' strike if we don't get any news."

In addition, the corporate earnings season suggests other risks could dog the market.

Despite generally good results so far, there have been some worrisome signs. The S&P 500 rallied 6 per cent in the run-up to reporting season, but earnings misses from big industrial names like Rockwell Collins and Caterpillar Inc weighed on the Dow and S&P 500 on Friday.

Earlier in the week several big consumer names such as Whirlpool and Pepsi warned about sluggishness in developed markets, sending their shares sharply lower.

"The market still has a high degree of skepticism in it," said Kalivas, summing up the earnings season so far.

Kalivas said he will be closely following earnings from sector and economic bellwethers next week. Those include the package delivery company UPS, chipmaker Texas Instruments, and online retailer Amazon.

Around 30 per cent of the S&P 500's $12.3 trillion market cap have reported earnings so far. They have outpaced consensus estimates by 3.8 per cent, and only 7 per cent have missed estimates, according to data from Morgan Stanley.

But share prices of those that have fallen short of estimates have taken a severe beating.

Given the fragile sentiment a few more prominent misses could derail the market.

"The market is punishing these misses more than it is rewarding beats, an asymmetry we have been calling for and we forecast will continue," wrote Morgan Stanley's US equity strategist Adam Parker in a note to clients.

"Our view remains that first half of the year numbers are achievable but the second half of the year looks challenged," he said.

Next week is also a big week for economic data. Fears of a slowdown in the economy have been a large driver of market volatility over the last few months, and the coming releases will be parsed very closely.

They include early regional manufacturing data from Chicago and New York, a reading of consumer sentiment, and a first reading of US growth for the second quarter, expected to show the economy grew just 1.9 per cent in the period.

Bob Doll, chief equity strategist at BlackRock, one of the world's largest fund managers with around $1.6 trillion of equities under management, said this week that the US economy is at a critical juncture.

Doll points out that since 1960 everytime year-on-year growth has fallen under 2 per cent the US economy has gone into recession.

"Our bottom line view is that investors should maintain a reasonably constructive bias toward risk assets, but should also be prepared to scale back exposure if evidence of economic growth acceleration does not materialize," said Doll. -Reuters

KARACHI: Bulls succeeded in maintaining their control over the Karachi Stock Exchange (KSE) last week which ended more than one per cent up with improved volumes. Investors took new positions on hopes of better corporate results despite heavy foreign selling and precarious law and order situation.

The benchmark KSE-100 index was up 130 points - 1.05 per cent to close at 12,476 points. The benchmark index touched a high of 12,543 and a low of 12,289 points.

KSE-30 index gained 124 points - 1.06 per cent to close at 11,917 points and KSE allshare index grew by 80 points - 0.94 per cent to close at 8,644 points.

Rabia Tariq, analyst at J S Global Capital said that 100index gained 130 points on the back of reduction in political tension after the Sindh Governor resumed office and the US Congress Panel rejected the proposal to suspend all types of aid to Pakistan.

Some activity was witnessed in banking and fertilizer scrips in anticipation of strong corporate results in the upcoming weeks. This improved performance at the local bourse was despite considerable foreign outflow of US$22.3 million, she added.

Fertilizer, banking and oil stocks remained in limelight during the week as investors hope that major companies belonging to these sectors are likely to announce good earnings. Increase in DAP price by FFBL and expectations of further increase in urea prices too triggered buying in fertilizer stocks.

The week started with some

range bound activities on Monday when market ended with a minor loss of 28 points as investors wait the result announcements by major companies which would start pouring in the coming days.

However, bulls entered the market next day in a pre-result rally and improved political situation after Sindh Governor Ishrat-ul-Ebad resumed his office which increased chances that MQM would come back into the coalition government. The index gained 125 points on Tuesday.

On Wednesday foreign selling and profit taking continued ahead of the results season and index lost 10 points in a rather volatile session.

Though, foreign selling continued during rest of the week, the bulls managed to return on Thursday as investors took new positions in fertilizer and banking stocks ahead of corporate results and the index gained 41 points on Thursday.

On Friday the index remained in the positive zone during most of the day.

However, tense security situation in the city and last day phobia forced the investors to book profits and the day closed with a marginal gain of 4 points.

More than 12 people were killed and several injured in Malir and Landhi areas due to armed encounters among the rival groups on the day.

Volumes remained impressive throughout the week as 425 million shares were traded in the overall market which was 224 million shares more as compared to a turnover of 201 million shares a week earlier.

Out of total 433 active issues; 168 declined and 161 advanced while 104 issues remained unchanged.

Gulf stocks mkt

Banks weigh on Saudi, as Qatar rises DUBAI: Saudi Arabia's largecap banks edged lower on Sunday, weighing on the index as earnings from major companies fail to sustain rally.

The benchmark eased 0.1 per cent to 6,516 points, halting three-days of gains.

Banque Saudi Fransi was off 0.7 per cent while Samba Financial Group was down 0.2 per cent.

"Overall, earnings of all banks apart from SAMBA were better than what the analysts expected," says Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. "Loan growth in Saudi Arabia is picking up and it looks like provisions have also peaked."

Al-Rajhi Bank was up 0.3 per cent.

Elsewhere, Qatar's large-caps pushed the index higher with Industries Qatar rising 0.5 per cent. Qatar Islamic Bank advanced 0.1 per cent.

UAE's Etisalat renewed a management agreement with its Saudi Arabian affiliate Etihad Etisalat (Mobily) for five more years, the telecoms firm said in a statement on Sunday. Its shares traded flat.

Abu Dhabi's index eased 0.09 per cent to 2,691 points, down 0.5 per cent so far in July.

Investors booked profit in Dubai-listed logistics firm Aramex , falling 2.7 per cent. It posted a 3 per cent rise in quarterly net profit on Wednesday.

Dubai's benchmark slipped 0.1 per cent to 1,522 points.

Elsewhere, Kuwait's index rose 0.07 per cent to 6,082 points and Oman climbed 0.07 per cent to 5,947 points.

Gulf investors were seen tracking global moves Sunday as second-quarter earnings do little in the way of serving as a catalyst.

Muted buying interest has led regional bourses to tread sideways in recent sessions, while new regulations and economic worries pressured Kuwait.

"The market has not reacted to the results mainly due to the global economic worries and ongoing summer season," says Shakeel Sarwar, head of asset management at Securities & Investment Co in Bahrain.-Reuters

Dhiyan

INVESTORS PINING HOPES ON RESULTS Farhan Mansuri, VP Capital Markets, Arif Habib Limited I expect some range bound activities in the market moving forward. Index would move between 12,200 and 12,700 while volumes would remain thin. Buying would be seen only in stocks that are expected to announce good results. Therefore, investors are advised to invest in stocks belonging to banking, fertilizer and oil sectors.

Relaxation in Margin Trading System (MTS) rules and reduction in interest rate could trigger buying. Market would be positive today.

Nouman Zaheer, Investment Advisor

Corporate results season is likely to drive the market in the coming days and we might see some positive activities which can take the index to 13,000 levels. Announcement of reduction in interest rate in the monetary policy could further boost the activities.

Investors are recommended to invest in fertilizer, oil and cement sectors. Market is likely to close on a positive note today.

6

Monday, July 25, 2011

Market

KSE 100 Index

Symbols

Volume

425,277,319

Value

20,004,130,668

Trades

244,595

Advanced Decline Unchanged Total

161 168 104 433

Current High Low Change

All Share Index

12,476.77 12,543.18 12,289.33 h130.25

Current High Low Change

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Volume 337457

394.90

369.56

300

853

4.33 128.79

135.14 124.75 131.92

3.13

9876730 143.50

120.40

-

-

-

-

0.04

2211140

7.93

-

-

-

-

Mari Gas Company

735

4.25 106.46

National Refinery

800

5.07 381.75

9.43

Low

Last 60 days High Low

Close Chg

386.00 378.00 379.53 -0.10

9.24

High

9.11

9.28

98.50

31

390.00 356.00 367.30 -14.45

3490340 390.00

323.50

200

-

-

5.10

3607427 157.51

141.10

55

- 30.00

-

Pak Petroleum

217.49 207.51 215.09

5.68

4798632 219.70

202.50

90

20B100.00

-

Pak Oilfields

2365

Pak Refinery Limited

8.44 380.37

350 43.73

P.S.O Shell Pakistan

79.98

391.69 376.25 382.72 81.50

77.01

2.35

78.27 -1.71

113.75

6615449 391.69 31328

321.10

255

89.25

77.01

-

1715

3.72 263.02

265.70 258.21 260.57 -2.45

1522014 291.50

258.21

80

685

7.96 222.43

225.50 220.00 224.04

26173

207.50

120

1.61

233.00

- 23.43

-

156.48 150.20 155.83

7.86 209.41

29160

10.10

20B115.00

Oil & Gas Development 43009 10.54 150.73 11950

106.00 103.00 104.02 -2.44

-

-100.00

-

-

-

-

- 80.00

-

-

-

-

Performance of SR Chemicals Index High Low 1,967.88 1,884.93 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.15 35.00

Close 1,904.66 Listed cap 52,251.88 mn Payout (%) 48.81

Change % Change 6.19 0.33 Market cap 200-Day High 391,023.13 mn Div Yield (%) 200-Day Low 5.42 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Agritech Limited Bawany Air

3924 75

3.71

17.59 8.29

18.99 8.44

16.60 7.29

18.03 0.44 7.38 -0.91

98493 11751

22.68 9.20

16.60 6.11

BOC (Pak) Clariant Pak Dawood Hercules

250 341 4813

7.90 100.00 4.84 159.96 3.45 60.15

18674 37701 810148

105.00 167.00 66.00

90.50 154.41 56.10

Company

Descon Chemical Descon Oxychem Ltd.

1996 1020

Dewan Salman 3663 Engro Corporation Ltd 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer Fauji Fert.Bin Qasim Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Pak PVC SPOT Sitara Peroxide

9.50

2.03 6.38

105.00 98.06 104.97 4.97 160.60 158.05 158.47 -1.49 62.49 59.31 59.56 -0.59 2.40 6.79

1.85 6.21

1.98 -0.05 6.46 0.08

325536 1184137

2.79 8.40

1.83 5.60

2010 Div BR (%) (%) 5

-

-

60 135 25B 50 300B

-

-

-

-

-

60 20B - 27.5R -

-

-

25B 45.00 - 12.50 -

-

2.59 6.77 151.42 9.90 - 16.41

2.65 2.38 2.41 -0.18 154.45 148.75 151.59 0.17 10.90 9.64 10.15 0.25 17.60 16.55 16.95 0.54

2059877 3.65 6735531 200.50 2485910 12.67 25393430 17.60

2.11 148.75 9.64 12.10

8482 10.09 163.83 9341 7.11 47.01 725 10.76 12.41 1388 8.72 154.01 15142 3.56 12.61

172.97 162.00 163.90 0.07 48.05 46.50 47.52 0.51 13.00 12.40 12.81 0.40 159.01 153.25 157.03 3.02 13.13 12.43 12.76 0.15

25619486 19540727 185989 817220 11740227

172.97 48.05 13.90 160.00 16.90

137.51 41.10 11.40 148.02 12.43

130 65.5 175 5

37219 4170692 5995 507666

1.90 3.30 9.75 19.12

0.15 2.26 2.00 16.05

-

74 1106 13.52 150 551 5.21

0.95 3.17 7.82 16.41

1.22 3.22 9.75 17.17

0.15 2.85 6.82 16.30

0.93 3.11 8.75 16.83

-0.02 -0.06 0.93 0.42

2011 Div BR (%) (%)

10R

-

-

-

-

Company

Paid up Cap(mn)

PE

Open

High

High Low 1,093.44 1,053.74 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47 Low

Close Chg

Company

Paid up Cap(mn)

Pak Int Cont.TerminalSPOT 1092

Close 1,076.49 Listed cap 1,186.83 mn Payout (%) 25.28

Change % Change 6.92 0.65 Market cap 200-Day High 2,970.90 mn Div Yield (%) 200-Day Low 4.64 -

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Century Paper

707

-

15.00

15.50

14.66

15.05 0.05

89221

18.00

14.31

-

-

-

-

Security Paper

411

7.21

40.49

41.50

40.00

40.75 0.26

51538

42.80

37.00

50

-

-

-

PE

Open

High

Low

7.52

83.19

84.49

79.25

Open 1,100.96 Turnover 821,429 P/E (x) 3.54 Company

Paid up Cap(mn)

PE

Atlas Battery

101

Atlas Engineering Ltd

247 19.88

Atlas Honda

719

1087

Exide (PAK)XDXB

71

Company

Paid up Cap(mn)

PE

Open

Crescent Steel

565

1.88

Dost Steels Ltd

675

-

2.69

2.68

Huffaz Pipe XD

555 22.32

12.87

12.90

International Ind

1199

9.16

26.91

High

50.70

27.90

51.70

Low 26.50

Close Chg

Close 1,043.28 Listed cap 3,596.11 mn Payout (%) 30.91

27.77 0.86

937942

2.21

2.32 -0.37

152710

12.01

12.50 -0.37

15137

50.21

51.20 0.50

29.27

163865

Change % Change 11.21 1.09 Market cap 200-Day High 15,593.32 mn Div Yield (%) 200-Day Low 11.38 2010 Div BR (%) (%)

25.70

30

3.10

1.62

-

12.95

11.05

-

52.75

-

48.52

Company

Paid up Cap(mn)

Al-Abbas Cement

PE

Open

High

Low

Close Chg

Close 882.50 Listed cap 54,792.74 mn Payout (%) 19.04

40

2011 Div BR (%) (%)

- 20.00

-

-

-

-

25B 15.00

-

20B

15

Change % Change 23.31 2.71 Market cap 200-Day High 65,309.28 mn Div Yield (%) 200-Day Low 2.76 2010 Div BR (%) (%)

-

2.45

2.80

2.35

2.41 -0.04

55799

3.25

2.35

6.21

48.76

49.89

48.00

49.05 0.29

54538

56.01

48.00

Berger Paints

182

-

13.70

14.70

12.76

14.20 0.50

34065

16.50

12.76

- 122R

-

-

Cherat Cement

956 43.57

8.95

9.44

8.75

9.15 0.20

37205

10.60

8.50

-

-

-

-

1.97

2.23

1.50

50

-

-

-

-

-

2.10 0.13

46262

2.24

1.50

-

-

-

Dewan Cement

3891

-

1.63

1.82

1.61

1.69 0.06

102877

2.67

1.36

-

-

-

-

DG Khan Cement Ltd

4381 31.61

22.73

24.02

22.66

23.71 0.98

11691403 25.85

21.31

-

20R

-

20R

Fauji Cement

6933

7.14

4.07

4.23

4.00

4.14 0.07

1446011

5.04

3.99

-

-

-

92R

Fecto Cement

982 16.15

- 100R

2011 Div BR (%) (%)

866

Dadabhoy Cement

-

502

4.41

4.70

6.15

4.55

5.12 0.42

217541

7.44

4.55

-

-

-

-

1760

-

1.26

1.35

1.20

1.28 0.02

106953

1.95

1.20

-

-

-

-

77

-

2.95

3.00

2.02

3.00 0.05

5972

3.87

1.35

-

-

-

-

Gharibwal Cement

4003

-

6.04

6.50

5.01

5.59 -0.45

156947

9.48

4.25

-

-

-

-

Kohat Cement

1288

-

6.00

6.40

5.95

6.39 0.39

625711

7.60

5.85

-

-

-

-

Lafarge Pakistan Cement13126 66.25

2.68

2.83

2.60

2.65 -0.03

1794422

3.35

2.10

-

-

-

-

15534068 77.43

66.93

40

-

-

-

1.97

-

-

-

-

Flying Cement Ltd Frontier Ceramics

Lucky Cement

3234

6.06

71.87

75.50

72.00

74.57 2.70

Maple Leaf Cement

5267

-

2.08

2.20

2.04

2.07 -0.01

Pioneer Cement Shabbir Tiles

558233

3.05

2271

-

5.32

5.79

5.23

5.35 0.03

17245

6.34

4.50

-

-

-

721

-

6.66

7.25

6.50

7.00 0.34

14877

7.49

5.25

-

-

- 100R

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 977.63 Turnover 489,182 P/E (x) 2.80 Company ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd

High Low 994.66 957.04 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91

Close 971.93 Listed cap 3,043.31 mn Payout (%) 15.55

Change % Change -5.71 -0.58 Market cap 200-Day High 36,210.78 mn Div Yield (%) 200-Day Low 5.55 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

230

-

1.39

1.49

1.25

1.39 0.00

117562

1.80

1.10

-

-

1067

5.46

53.70

54.50

53.50

53.70 0.00

17561

58.50

51.50

25

10B

-

-

389

2.24

11.00

12.81

10.90

11.22 0.22

106953

15.21

9.78

-

-

-

-

47 12.26

25.25

27.77

24.02

27.34 2.09

6574

29.50

24.02

-

-

-

-

118.00

101.75

32.5

-

-

-

844 17.19 105.00

106.90 101.75 103.11 -1.89

204704

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%) -

-

INDUSTRIAL ENGINEERING

Company Ados Pak

Paid up Cap(mn)

PE

Open

66

3.66

8.50

High Low 1,815.65 1,765.05 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.26 38.02

Close 1,790.32 Listed cap 1,336.62 mn Payout (%) 131.49

High

Low

Volume

Last 60 days High Low

109306

91.20

67.31

2010 Div BR (%) (%) 40

2011 Div BR (%) (%)

- 50SD

-

4.04

9354

43.54

35.00

-

3.03

22109

160.00

112.10

50

26.70

38.05

29.37

26.70

29.00 -0.45

37044

3.07

2.75

2.91 -0.07

473015

450

-

3.05

3.15

3.00

200

6.60

3.44

-

10.10

206.00

2011 Div BR (%) (%)

20B

-

-

-

-

15B 65.00

15B

-

25

-

-

3.46

1.50

-

-

-

-

235.00

163.10

60

- 60.00

25B

0.03

6134

24.85

22.01

20

-

-

-

3.00 -0.05

9003

4.41

2.16

-

-

-

-

22.50

35.70

100

17334

172.00 163.10 166.30 -8.27

Ghandhara Nissan

3.50

3.10

3.50

0.06

19069

-

-

-

-

10.50

10.00

10.10

0.00

53991

11.58

9.00

-

-

1.26

10220

232.53

201.00

150

0.80

99177

72.50

61.35

5

23.52 -1.21

16277

24.90

22.01

10

786

Pak Suzuki

823 14.42

63.22

64.99

63.00

64.02

Sazgar Engineering

150

24.73

24.50

23.50

3.80

2.90

-

211.00 204.50 206.00

Indus Motors

1.16

241.00

2010 Div BR (%) (%)

43.54

43.54

22.15

7.12 204.74

Last 60 days High Low

124.99 115.00 124.07

22.80

1428

Volume

Change % Change 8.04 0.73 Market cap 200-Day High 41,073.88 mn Div Yield (%) 200-Day Low 5.77 -

45038

22.47

Honda Atlas Cars

Close 1,109.01 Listed cap 6,768.53 mn Payout (%) 20.42

9.81

4.29

Ghani Automobile Ind

Close Chg

241.00 228.00 236.94

598

-

-

- 50.00

-

-

-

-

20B 10.00

-

Performance of SR Food Producers Index Open 2,387.38 Turnover 851,947 P/E (x) 56.37 Company

Paid up Cap(mn)

PE

Open

High

High Low 2,427.82 2,303.98 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.08 30.30 Low

Close Chg

Volume

Change % Change -46.65 -1.95 Market cap 200-Day High 339,066.21 mn Div Yield (%) 200-Day Low 0.54 -

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

14.08

Interest Expense

1st Support

12.66

Profit after Taxation

2nd Support

12.56

EPS 09 (Rs)

1st Resistance

12.95

Book value / share (Rs)

2nd Resistance

13.14

PE 10 E (x)

1.95

Pivot

12.85

PBV (x)

2.56

7,536.40 307.33 3,383.27 2.234 4.98

LOTPTA closed up 0.15 at 12.76. Volume was 89 per cent below average (consolidating) and Bollinger Bands were 26 per cent wider than normal. The company's profit after taxation stood at Rs2.488 billion which translates into an Earning Per Share of Rs1.64 for the 1st quarter of current calendar year (1QCY11).

LOTPTA is currently 9.5 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 volume flowing into and out of LOTPTA at a relatively equal pace. Trend forecasting oscillators are currently bearish on LOTPTA.

NIB Bank Limited

Fundamental Highlights As on Dec 31, 2009

RSI (14-day)

30.45

Total Assets (Rs in mn)

208,118.96

MA (10-day)

1.48

Total Equity (Rs in mn)

41,643.27

MA (100-day)

1.79

Revenue (Rs in mn)

18,272.36

MA (200-day)

2.31

Interest Expense

12,872.36

1st Support

1.43

Profit after Taxation

2nd Support

1.39

EPS 09 (Rs)

0.171

1st Resistance

1.49

Book value / share (Rs)

10.30

691.05

0.06

80125

3.24

1.51

-

-

-

-

2nd Resistance

1.51

PE 10 E (x)

Dewan Sugar

365

-

2.51

2.89

2.25

2.28

-0.23

24174

3.85

2.16

-

-

-

-

Pivot

1.45

PBV (x)

Habib Sugar

750

4.86

26.02

27.89

25.90

27.31

1.29

289541

28.00

23.00

25

25B

-

-

-

-

NIB closed down -0.05 at 1.43. Volume was 48 per cent below average and Bollinger Bands were 56 per cent narrower than normal.

The company's loss after taxation stood at Rs795.184 million which translates into a Loss Per Share of Rs0.20 for the 1st quarter of current calendar year (1QCY11).

NIB is currently 38.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of NIB (mildly bearish).

Trend forecasting oscillators are currently bearish on NIB.

13.74

12.01

J D WSugar

539

1.72

80.05

90.49

79.20

86.49

6.44

58637

90.49

72.75

7010B 12.5R

Mehran Sugar

173

200

1.69

5.24

55.69

12.85

57.90

13.25

54.00

12.76

55.52

13.00

-0.17

0.15

7248

5782

68.48

52.11

35

40

Mirza Sugar

141

Noon Sugar

-

-

10R

20B 15.00

10B

0.55

2.79

2.90

2.30

2.43

-0.36

183595

3.50

2.30

10

-

-

165

1.56

16.00

17.00

16.00

17.00

1.00

23580

19.90

14.16

-

-

-

Premier Sugar

38

-

37.63

40.77

35.87

38.84

1.21

5491

42.97

35.87

10

-

-

-

Punjab Oil

54

3.07

40.00

41.75

40.00

40.00

0.00

508397

43.74

38.00

15

28R

10

10B

Quice Food

107

5.00

2.20

2.50

2.20

2.20

0.00

69500

3.50

2.20

-

-

-

-

57

0.31

4.45

4.64

4.27

4.30

-0.15

28000

5.78

3.80

-

-

-

-

Sakrand Sugar

223

22.36

2.50

2.50

2.46

2.46

-0.04

17000

3.40

1.75

-

-

-

-

Tandlianwala

1177

15.54

52.00

55.50

50.50

55.00

3.00

26201

60.30

47.09

-

-

-

-

S S Oil

-

0.14

Nishat Power Limited

HOUSEHOLD GOODS Open 653.65 Turnover 288,115 P/E (x) 1.23 Company

Paid up Cap(mn)

Gauhar Engineering Ltd

PE

Open

High

High Low 680.93 625.50 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.13 10.64 Low

Close Chg

Close 649.30 Listed cap 3,763.71 mn Payout (%) 6.27

Volume

Change % Change -4.35 -0.66 Market cap 200-Day High 4,364.81 mn Div Yield (%) 200-Day Low 5.09 -

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

2011 Div BR (%) (%)

3,615.26 1,018.36

1.05

1.05 -0.15

5500

2.79

0.31

-

-

-

-

MA (100-day)

16.43

Revenue (Rs in mn)

1219

-

6.60

6.99

6.06

6.49 -0.11

135167

8.75

6.06

-

10B

-

-

MA (200-day)

16.08

Interest Expense

Singer Pak

375 116.69

14.72

16.00

14.50

15.17 0.45

7836

20.35

13.10

-

10B

-

-

1st Support

15.95

Profit after Taxation

47.18

Tariq Glass Ind

693

11.34

11.50

10.25

10.88 -0.46

138857

13.64

10.25

17.5

-

2nd Support

15.76

EPS 10 (Rs)

0.133

1st Resistance

16.39

Book value / share (Rs)

10.21

2nd Resistance

16.64

PE 11 E (x)

2.35

Pivot

16.20

PBV (x)

1.58

Pak Elektron

1.44

- 200R

PERSONAL GOODS Open 963.72 Turnover 30,361,738 P/E (x) 5.93 Company

Paid up Cap(mn)

(Colony) Thal Ali Asghar Textile AL-Qadir Textile Amtex Limited Artistic Denim Azgard Nine Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Textile D S Ind Ltd Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Gadoon Textile XD Ghazi Fabrics Gulshan Spinning Hamid Textile Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Leather Up Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Ravi Textile Saif Textile Sally Textile Sargoda Spinning Service Fabrics Service Ind Shahtaj Textile Taj Textile Thal Ltd Treet Corp Tri-Star Poly Zil Limited

56 222 76 2594 840 4493 64 1150 2442 492 600 57 34 204 234 326 222 133 716 3105 180 107 303 509 2455 60 145 187 1621 3516 250 264 88 312 158 120 97 334 307 418 215 53

PE

Open

1.70 0.75 1.16 10.75 2.67 7.85 26.30 5.86 0.87 90.00 2.00 1.56 1.53 4.23 14.85 1.06 0.25 2.00 0.18 3.60 0.72 38.22 0.65 69.90 0.43 3.70 0.44 10.80 1.00 0.75 3.75 2.71 39.88 1.76 4.85 0.41 1.50 1.20 1.25 3.61 3.12 8.33 2.40 0.40 0.61 15.50 3.17 21.95 4.57 51.37 0.96 0.28 8.00 0.24 6.50 1.46 2.84 0.40 3.53 188.01 1.60 28.00 0.30 - 101.32 6.61 53.94 0.60 6.39 58.16

High

High Low 978.93 958.62 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.51 8.64 Low

Close Chg

1.68 1.01 1.01 -0.69 0.95 0.75 0.95 0.20 11.50 9.50 11.50 0.75 2.76 2.57 2.68 0.01 26.60 24.81 24.81 -1.49 6.54 5.73 6.30 0.44 92.00 80.10 91.06 1.06 2.15 1.55 1.70 -0.30 1.78 1.42 1.50 -0.03 15.75 13.85 15.75 0.90 1.10 0.95 1.02 -0.04 2.00 1.70 1.70 -0.30 5.00 2.80 3.50 -0.10 39.70 36.20 36.20 -2.02 67.99 64.00 66.58 -3.32 5.03 4.02 4.20 0.50 10.99 10.01 10.66 -0.14 1.05 1.00 1.00 0.00 4.18 3.61 3.75 0.00 38.60 37.05 37.95 -1.93 5.10 4.50 4.60 -0.25 1.69 1.45 1.50 0.00 1.24 1.01 1.18 -0.02 2.45 1.25 1.60 0.35 3.70 2.83 3.14 0.02 3.15 2.40 3.00 0.60 0.75 0.21 0.58 0.18 15.75 15.00 15.10 -0.40 22.15 20.00 20.61 -1.34 52.69 48.80 51.46 0.09 0.99 0.80 0.95 -0.01 8.25 7.60 8.10 0.10 6.90 5.62 6.14 -0.36 3.90 2.90 3.52 0.68 0.45 0.35 0.45 0.05 206.90 186.10 206.90 18.89 29.89 28.00 28.55 0.55 0.30 0.20 0.30 0.00 101.50 97.80 99.12 -2.20 54.64 52.70 52.88 -1.06 1.19 0.49 0.55 -0.05 60.75 56.05 58.97 0.81

Close 968.05 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change % Change 4.34 0.45 Market cap 200-Day High 122,396.52 mn Div Yield (%) 200-Day Low 2.81 -

Last 60 days High Low

13530 2.84 5020 1.55 8204 11.70 365129 3.76 24122 27.10 20003006 7.09 62734 93.75 116067 2.57 34133 2.64 5700 16.87 370750 1.39 10503 2.48 8268 5.00 8699 39.70 8208 85.70 23320 8.00 5428 12.16 10500 1.05 29171 4.79 24530 49.00 47332 5.74 6499 2.24 276348 1.64 20009 2.83 61248 5.25 10240 3.50 83147 1.39 6800 17.25 3341239 28.40 4723188 63.19 152398 1.30 30109 11.40 29710 8.94 13596 4.50 13000 0.89 39932 206.90 13310 29.89 20500 1.01 147422 108.00 88264 59.20 7090 1.58 21001 67.00

2010 Div BR (%) (%)

1.00 0.61 9.50 10 1.81 - 30B 20.60 20 4.40 56.07 50 1.55 1.32 12.50 15 0.90 1.10 2.80 26.35 20 10B 64.00 70 4.00 10 9.52 10 20B 1.00 3.60 10 37.05 20 3.80 10 1.00 0.75 0.71 2.83 1.65 0.16 14.10 20SD 20.00 15 48.80 25 45R 0.53 7.00 5.62 10 2.51 5 0.23 170.00 75 23.55 45 0.11 97.00 80 20B 47.95 50 900B 0.49 55.00 35 -

2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index Open 1,004.46 Turnover 92,104 P/E (x) 6.29

High Low 1,004.39 981.83 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.40 22.31

Close 993.60 Listed cap 3,904.20 mn Payout (%) 44.54

Change % Change -10.86 -1.08 Market cap 200-Day High 32,601.02 mn Div Yield (%) 200-Day Low 7.08 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

10.24

8.90

10.00

1.50

72091

10.24

7.70

-

-

-

-

0.77

23394

244.00

214.00

400

-

-

-

Abbott (Lab) XD

979

5.89

96.09

97.00

94.50

96.10

0.01

27961

97.00

87.26

50

Company

2010 Div BR (%) (%)

2011 Div BR (%) (%)

9.30

8.00

8.89

7.75

7.81 -0.19

10320

9.78

7.60

-

-

-

-

Ferozsons (Lab)

250

7.81

98.53

97.95

93.00

94.30 -4.23

13084

98.73

88.21

-

KSB Pumps

132

-

32.22

32.90

30.30

31.85 -0.37

7843

43.40

30.30

12.5

-

-

-

GlaxoSmithKline

2019

10.71

75.98

76.18

73.01

75.00 -0.98

11643

79.99

71.00

40

Millat Tractors

366

198342

625.80

512.50

650

25B325.00

-

IBL HealthCare Ltd

200

4.10

10.48

10.50

9.70

10.00 -0.48

16536

11.50

9.00

-

-

-

-

5098

107.70

55.00

100

-

Searle Pak

306

5.85

60.23

62.80

58.10

60.00 -0.23

19267

62.80

54.00

30

-

-

-

-

22,436.60

Total Equity (Rs in mn)

1.20

244.00 230.50 233.71

-

Total Assets (Rs in mn)

15.79

1.20

PHARMA AND BIO TECH

2010 Div BR (%) (%)

55.07

MA (10-day)

-

Change % Change -12.93 -0.72 Market cap 200-Day High 35,432.37 mn Div Yield (%) 200-Day Low 15.33 -

Last 60 days High Low

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

22

Volume

56.20 -7.85

MA (200-day)

2.06

Close Chg

55.00

18,976.36 38,552.26

1.77

Low

64.00

Revenue (Rs in mn)

2.27

High

620.00 605.00 613.40 -3.48

15.02

2.00

213

64.05

MA (100-day)

3.22

Ghandhara Ind

-

Total Equity (Rs in mn)

990

4.04 232.94

9.32 616.88

Total Assets (Rs in mn)

12.88

Colony Sugar Mills

215

57

35.15

MA (10-day)

Technical Analysis

Close 2,340.74 Listed cap 11,335.33 mn Payout (%) 30.57

AL-Ghazi Tractor

Pak Engineering

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

FOOD PRODUCERS

Performance of SR Industrial Engineering Index Open 1,803.25 Turnover 325,736 P/E (x) 8.58

2.98

-

3657

Attock Cement

-1.42

Change % Change -10.89 -1.40 Market cap 200-Day High 12,407.97 mn Div Yield (%) 200-Day Low 2.14 -

Performance of SR Personal Goods Index

Last 60 days High Low

Volume

29.45

3.40 174.57

Performance of SR Construction and Materials Index High Low 895.73 855.08 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.49 7.10

81.77

High Low 1,121.53 1,090.26 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.90 25.35

General Tyre

CONSTRUCTION AND MATERIALS Open 859.19 Turnover 32,510,351 P/E (x) 6.90

Close Chg

Close 767.95 Listed cap 3,242.17 mn Payout (%) 11.08

Performance of SR Household Goods Index

Last 60 days High Low

Volume

39.50

7.74 121.04

Baluchistan Wheels Limited133 1.35 Dewan Motors

Open

6.29 227.13

Performance of SR Industrial Metals and Mining Index High Low 1,051.96 1,012.43 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.90 33.10

High Low 790.73 745.93 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.32 25.53

Performance of SR Automobile and Parts Index

INDUSTRIAL METALS AND MINING Open 1,032.08 Turnover 1,278,542 P/E (x) 2.72

Lotte Pakistan PTA Ltd

AUTOMOBILE AND PARTS

Habib-ADM Ltd

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,069.57 Turnover 142,815 P/E (x) 5.45

Open 778.84 Turnover 112,846 P/E (x) 5.18

-

CHEMICALS Open 1,898.47 Turnover 76,076,974 P/E (x) 9.01

11,917.40 11,978.27 11,780.94 h124.49

Performance of SR Industrial Transportation Index

Close Change % Change 1,584.09 29.43 1.89 Listed cap Market cap 200-Day High 65,194.15 mn 1,159,239.53 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.16 -

6.86 379.63

-

Open

High Low 1,597.41 1,541.41 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.53 32.54

691

3921

PE

Current High Low Change

8,644.60 8,690.61 8,524.98 h80.85

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,554.66 Turnover 30,334,710 P/E (x) 10.84

KSE 30 Index

-

-

-

20B 12.50

-

15B

-

-

185.49

NPL closed up 0.29 at 16.15. Volume was 33 per cent below average and Bollinger Bands were 41 per cent narrower than normal.

The company's profit after taxation stood at Rs1.828 billion which translates into an Earning Per Share of Rs5.163 for the nine months of fiscal year (9MFY11).

NPL is currently 0.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions.

Volume indicators reflect volume flowing into and out of NPL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NPL.

Nimir Industrial Chemicals Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

59.60

Total Assets (Rs in mn)

MA (10-day)

3.06

Total Equity (Rs in mn)

MA (100-day)

2.78

Revenue (Rs in mn)

MA (200-day)

2.29

Interest Expense

1st Support

3.03

Profit after Taxation

2nd Support

2.98

EPS 10 (Rs)

1st Resistance

3.15

Book value / share (Rs)

2nd Resistance

3.22

PE 11 E (x)

Pivot

3.10

PBV (x)

1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 13.72 5.78

NICL closed down -0.06 at 3.11. Volume was 22 per cent above average and Bollinger Bands were 2 per cent wider than normal.

The company's profit after taxation stood at Rs37.293 million which translates into an Earning Per Share of Rs0.17 for the nine months of fiscal year (9MFY11).

NICL is currently 33.7 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 NICL (mildly bullish).

Trend forecasting oscillators are currently bullish on NICL.

BOOK CLOSURES Company

From

To

(TFC) Bank Al Habib

25-Jul

06-Aug

-

-

Singer Pak #

25-Jul

04-Aug

D/B/R

-

-

Spot AGM/Date

(TFC) Engro Corporation

25-Jul

31-Jul

-

-

-

Pak Int Cont Term

27-Jul

03-Aug

50(S.D)

19-Jul

03-Aug

04-Aug

Ruby Textile Mills

29-Jul

04-Aug

33.20(R)

21-Jul

-

Al-Meezan Mutual Fund

29-Jul

04-Aug

-

-

-

(TFC) United Bank

31-Jul

13-Aug

-

-

Silkbank Ltd #

03-Aug

10-Aug

-

-

KASB Bank

03-Aug

06-Aug

105.16(R) -

-

Trust Investment Bank #

05-Aug

12-Aug

-

-

12-Aug

General Tyre & Rubber #

07-Aug

18-Aug

-

-

Nishat Power #

08-Aug

22-Aug

-

-

22-Aug

Fauji Fertilizer

29-Aug

04-Sep

-

-

-

Hussein Ind

28-Oct

03-Nov

-

-

-

INDICATIONS # Extraordinary General Meeting

10-Aug

18-Aug

7

Monday, July 25, 2011 Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 842.89 Turnover 19,513,590 P/E (x) 4.10 Paid up Cap(mn)

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

High Low 850.41 818.24 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.53 12.84

PE

Open

High

Low

Close Chg

37740 10.51 3000 2.41 8606 6175 -

13.08 1.45 1.90 2.05

13.18 1.53 1.98 2.20

12.71 1.31 1.75 1.90

12.82 1.42 1.81 1.92

-0.26 -0.03 -0.09 -0.13

Close 824.94 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 17539897 418779 1553428 524799

Change % Change -17.95 -2.13 Market cap 200-Day High 51,787.09 mn Div Yield (%) 200-Day Low 15.27 -

Last 60 days High Low

2010 Div BR (%) (%)

17.70 1.94 2.50 2.97

17.5 1 -

12.65 1.31 1.75 1.90

2011 Div BR (%) (%)

-

-

280 3.35 443 3.64 391 1.31 457 4.39 1250 12.91 450 7.64 970 5.85 989 9.86 3000 5.37 303 3.68 284 5.12

8.17 28.95 64.07 8.19 35.79 11.08 72.20 58.00 15.91 8.05 7.41

Paid up Cap(mn)

Company

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

198 11572 1560 7932 1695 126 8803 3673 3541 178 1367 150

Close 1,375.68 Listed cap 95,369.29 mn Payout (%) 104.13

Open 930.44 Turnover 21,102 P/E (x) 5.27

Change % Change 11.98 0.88 Market cap 200-Day High 112,561.39 mn Div Yield (%) 200-Day Low 7.76 -

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.84 5.36 2.33 5.52 2.60 2.30 -

0.50 38.88 1.15 2.15 16.05 2.74 42.52 14.00 15.86 0.90 1.21 0.95

0.73 39.43 1.35 2.25 18.14 3.74 43.00 14.69 16.45 1.24 1.49 0.95

0.40 38.30 1.06 2.03 16.70 2.50 42.50 13.70 15.39 0.90 1.22 0.79

0.51 0.01 39.06 0.18 1.12 -0.03 2.13 -0.02 17.75 1.70 3.00 0.26 43.00 0.48 14.46 0.46 16.15 0.29 0.90 0.00 1.25 0.04 0.90 -0.05

49752 7621614 177715 1438681 45030 6742 306856 1300504 4732082 9010 202170 60136

0.80 39.45 1.70 2.57 18.14 3.95 44.19 17.25 17.70 2.39 1.69 1.27

0.16 36.70 0.97 2.03 15.60 2.11 41.75 13.47 15.39 0.40 1.13 0.36

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

7.8R -

Company

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

Open

High

Low

Close Chg

Volume

5491 14.26 8390 4.57

20.00 20.45

20.17 20.50

19.60 19.95

19.96 -0.04 20.24 -0.21

470553 1957388

23.60 23.75

17.64 19.95

2010 Div BR (%) (%) 20 15

Company

-

Paid up Cap(mn)

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

8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242

PE

Open

6.26 62.88 5.35 11.06 5.64 10.34 6.15 28.96 1.88 4.44 6.68 10.27 3.76 4.80 9.50 7.62 117.33 5.58 19.04 42.60 2.20 1.45 7.98 199.65 6.23 17.80 4.31 53.02 1.48 21.13 1.72 15.25 2.51 2.52 5.04 6.42 7.76 3.69 7.20 61.19

High

Low

Close Chg

64.99 62.50 63.50 0.62 12.07 11.00 11.76 0.70 10.96 10.20 10.71 0.37 29.24 28.75 29.04 0.08 5.00 4.20 4.20 -0.24 6.95 6.60 6.73 0.05 4.09 3.76 3.80 0.04 10.73 9.40 10.37 0.87 122.68 117.06 121.98 4.65 19.47 18.75 19.41 0.37 2.34 2.10 2.13 -0.07 1.50 1.40 1.47 0.02 200.75 195.52 197.40 -2.25 18.30 17.25 18.20 0.40 55.80 52.49 54.82 1.80 1.53 1.41 1.43 -0.05 1.85 1.63 1.69 -0.03 2.64 2.41 2.44 -0.07 5.25 4.91 5.04 0.00 8.10 7.55 7.96 0.20 3.79 3.25 3.40 -0.29 61.90 60.22 61.28 0.09

-

Change % Change 7.48 0.66 Market cap 200-Day High 674,676.15 mn Div Yield (%) 200-Day Low 5.54 -

Last 60 days High Low

Volume 439778 1980760 12455208 651116 76746 5474754 672185 1269595 1158140 118491 295418 182638 2745072 748975 15816363 6321027 957389 2077806 402553 22512 1064317 1571151

68.99 12.35 11.02 29.98 6.25 7.35 4.09 10.73 123.90 22.45 3.00 1.77 210.95 19.49 55.80 1.99 2.18 3.06 6.69 9.20 4.75 65.01

60.00 10.79 9.42 28.25 4.20 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.41 1.62 2.34 4.91 7.53 2.67 60.22

2010 Div BR (%) (%)

Paid up Cap(mn)

Company

Adamjee Insurance XD

PE

1237

6.70

Open 63.85

High 64.44

Low 62.25

Close Chg 62.49 -1.36

Close 719.20 Listed cap 11,111.34 mn Payout (%) 79.54

279176

69.90

High

Low

Close Chg

Volume

Last 60 days High Low

70.93

69.99

68.00

68.00 -2.93

13744

73.25

Paid up Cap(mn)

PE

225

0.90

450 19.94

62.00

2010 Div BR (%) (%) 25

Open

2011 Div BR (%) (%)

-

-

50.70

2010 Div BR (%) (%) 50

2011 Div BR (%) (%)

-

-

-

High Low 300.53 279.82 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

High

Low

Close Chg

Close 288.26 Listed cap 30,336.44 mn Payout (%) 99.56

Change % Change -0.39 -0.14 Market cap 200-Day High 14,119.40 mn Div Yield (%) 200-Day Low 4.86 -

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

0.39

0.49

0.31

0.43 0.04

69513

0.64

0.26

-

-

18.19

19.33

18.22

18.94 0.75

198435

20.20

12.01

-

20B

-

-

Arif Habib Corp

3750

3.82

26.29

29.24

26.36

28.51 2.22

19724547

29.24

20.53

30

-

-

-

Dawood Equities

250

-

1.20

1.65

1.20

1.20 0.00

46396

1.80

1.01

-

-

-

-

First Credit & Invest Bank Ltd

650

-

5.01

5.50

4.50

5.01 0.00

15502

6.10

4.26

-

-

-

-

2121

7.00

1.50

1.58

1.05

1.33 -0.17

63724

1.99

1.05

-

-

-

-

600 19.46

-

-

7.35

7.87

7.06

7.20 -0.15

62692

9.29

7.05

11.5

-

-

-

-

0.35

0.53

0.30

0.35 0.00

73290

1.20

0.22

-

-

-

-

3166

-

2.60

2.84

2.29

2.46 -0.14

134949

3.27

2.22

-

10B

-

-

626

0.65

1.57

1.64

1.30

1.45 -0.12

15931

1.96

1.30

-

-

-

-

Jah Siddiq Co

7633

-

7.45

7.72

7.21

7.50 0.05

13474013

8.34

4.82

10

-

-

-

JOV and CO

508

-

2.57

2.79

2.55

2.60 0.03

261699

JS Global Cap

500

5.49

19.85

20.00

19.10

19.10 -0.75

JS Investment

1000 42.92

5.16

5.93

4.10

5.15 -0.01

KASB Securities

1000

-

3.21

3.80

3.20

3.53 0.32

Orix Leasing

821

3.52

5.57

6.14

5.50

Pervez Ahmed Sec

775

5.04

1.49

1.57

Saudi Pak Leasing

452

-

0.65

Trust Inv Bank

586

0.31

1.01

Invest Bank

2849

Ist Cap Securities Ist Dawood Bank

2011 Div BR (%) (%)

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

Change % Change -16.02 -2.18 Market cap 200-Day High 44,842.31 mn Div Yield (%) 200-Day Low 8.96 -

Last 60 days High Low

Volume

Symbols MQTM INKL IDSM DLL FNBM DWAE YOUW GRAYS AKDCL MSOT MIRKS AGIL EWLA PNSC FECM SITC GATM SMCPL ALNRS DYNO NJLIC CHAS PAKMI SANE NATF AHI BNWM THCCL REWM HINOON BCML BROT FNEL KASBM BCL OLTM SSML DADX PNGRS PPP SHCM BUXL AKGL HWQS SERT SHSML CWSM JOPP ADAMS NESTLE SIBL SHEZ AABS PAKD SNAI NPSM SGML RUPL LPGL PTEC SHTM SAPL EMCO FPJM SURC SANSM PAKT SEL BAFS CSMD WAHN NOPK FRSM KCL ACCM SHDT NMBL BGL BATA DCM FECS ISTM SSIC BILF BFMOD KOSM CPMFI FUDLM SCLL MSCL CJPL PKGI IDYM MFFL ALICO DFSM FASM SJTM SARD HUSI DMTX FCONM UVIC UNIC GUSM KOHTM SCL PSYL MFTM BHAT KOHS HAJT FFLM WAZIR FZTM TICL HADC DIIL JVDC SHNI CPAL SHJS SFWF TSBL HUSS HINO BIFO PRWM RMPL TSMF ICCT PIL RCML FIMM

3.40

2.31

-

-

-

-

22.94

16.42

50

-

-

-

1344408

6.43

4.10

-

-

-

-

10459

4.79

3.04

-

-

-

-

5.80 0.23

177401

6.45

5.25

-

-

-

-

1.40

1.41 -0.08

240170

1.99

1.32

-

-

-

-

1.40

0.51

0.56 -0.09

12345

1.40

0.51

-

-

-

-

1.50

1.05

1.25 0.24

37997

2.29

0.83

-

-

-

-

6086

Performance of SR Equity Investment Instruments Index

NON LIFE INSURANCE High Low 733.09 714.83 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.46 5.20

UPTO 5000 VOLUME

-

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Non Life Insurance Index Open 735.22 Turnover 1,633,925 P/E (x) 8.88

Open

Invest and Fin Sec

Performance of SR Banks Index High Low Close 1,153.50 1,118.46 1,137.03 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49

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

Change % Change -23.40 -2.52 Market cap 200-Day High 10,056.03 mn Div Yield (%) 200-Day Low 3.94 -

PE

IGI Investment Bank

BANKS Open 1,129.55 Turnover 55,438,677 P/E (x) 7.30

Close 907.04 Listed cap 2,290.72 mn Payout (%) 355.53

9.55

AMZ Ventures

2011 Div BR (%) (%)

25B

High Low 934.65 903.68 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.48 3.85

Open 288.65 Turnover 16,238,069 P/E (x) 11.48

-

Change % Change -7.87 -0.61 Market cap 200-Day High 27,940.85 mn Div Yield (%) 200-Day Low 8.18 -

Last 60 days High Low

8.11 26.00 58.61 7.50 29.01 10.10 67.00 51.16 12.43 7.90 6.00

850

Arif Habib Limited

Close 1,274.34 Listed cap 12,202.80 mn Payout (%) 66.79

10.95 29.60 75.37 8.98 39.65 11.90 76.12 62.37 18.30 8.99 8.40

FINANCIAL SERVICES

GAS WATER AND MULTIUTILITIES High Low 1,286.65 1,253.70 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41

20914 7334 6958 66851 25125 132507 38384 5632 965692 34098 48386

Performance of SR Financial Services Index

Performance of SR Gas Water and Multiutilities Index Open 1,282.20 Turnover 2,427,941 P/E (x) 8.17

0.82 0.29 -4.07 -0.29 -1.18 -0.08 -1.52 -1.90 -0.45 0.20 0.99

Paid up Cap(mn)

EFU Life Assurance

2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -

8.99 29.24 60.00 7.90 34.61 11.00 70.68 56.10 15.46 8.25 8.40

Performance of SR Life Insurance Index

ELECTRICITY High Low 1,386.66 1,345.83 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35

8.17 28.90 58.61 7.50 33.26 10.10 70.05 55.45 15.40 7.90 7.50

LIFE INSURANCE

-a

Performance of SR Electricity Index Open 1,363.71 Turnover 15,951,313 P/E (x) 13.41

9.45 29.44 64.07 8.44 36.04 11.38 72.90 56.15 16.05 8.40 8.40

-

Open 1,556.95 Turnover 7,098,245 P/E (x) 21.14

High Low 1,597.38 1,542.14 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.47 2.21

Close 1,559.59 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change 2.64 0.17 Market cap 200-Day High 19,761.48 mn Div Yield (%) 200-Day Low 7.70 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

AL-Meezan Mutual F.SPOT 1375

4.85

11.07

11.60

11.15

11.30 0.23

826458

11.60

10.15

18.5

-

5.00

-

Atlas Fund of Funds

525

1.84

6.50

6.95

6.20

6.90 0.40

2549195

6.95

6.11

2.2

-

-

-

B R R Guardian Mod.

780

2.64

2.30

2.85

2.01

2.53 0.23

1413455

2.91

1.41

0

-

-

-

Crescent St Modaraba

200

3.93

0.56

0.56

0.41

0.55 -0.01

26241

0.89

0.30

1.2

-

-

-

Equity Modaraba

524

6.58

1.34

1.74

1.12

1.25 -0.09

32426

2.50

1.10

-

-

-

-

First Dawood Mutual F.

581

1.07

1.96

2.30

1.70

1.78 -0.18

35089

2.47

1.70

-

-

-

-

Golden Arrow

760

2.25

3.30

3.60

3.26

3.40 0.10

267269

3.72

3.11

17

-

-

-

H B L Modaraba

397

3.92

7.89

8.20

7.89

8.00 0.11

18037

8.44

7.10

11

-

-

-

Habib Modaraba

1008

4.22

8.13

8.44

8.10

8.15 0.02

15580

8.44

7.26

21

-

-

-

I B L Modaraba

202

2.94

1.06

2.05

1.06

2.00 0.94

6000

2.45

1.06

3

-

-

-

JS Growth Fund

Company

3180

2.06

6.00

6.40

5.91

6.00 0.00

148414

7.40

5.32

12.5

-

-

-

JS Value Fund

1186

0.55

5.49

5.50

5.05

5.25 -0.24

133007

6.42

4.91

10

-

5.00

-

Meezan Balanced Fund

1200

2.87

9.60

10.24

9.57

9.99 0.39

209505

10.24

8.46

15.5

-

-

-

184 15.00

1.05

1.11

0.90

1.05 0.00

13528

1.40

0.85

-

-

-

-

Mod Al-Mali PICIC Energy Fund

1000

2.14

7.40

7.50

7.10

7.24 -0.16

261606

8.25

6.92

10

- 10.00

-

PICIC Growth Fund

2835

2.75

13.51

13.51

13.25

13.39 -0.12

987516

13.84

12.00

20

- 12.50

-

PICIC Inv Fund

2841

2.41

6.01

6.23

6.00

6.09 0.08

47043

6.95

5.50

10

-

7.50

-

Prud Modaraba 1st

872

1.71

0.94

0.95

0.85

0.94 0.00

63121

1.05

0.75

3

-

-

-

Stand Chart Modaraba

454

5.81

10.50

11.00

10.12

10.52 0.02

5119

11.00

9.50

17

-

-

-

UNICAP Modaraba

136

-

1.50

1.44

0.50

0.50 -1.00

22000

1.50

0.13

-

-

-

-

Open 10.10 4.88 4.88 31.00 5.00 1.30 1.16 40.01 37.00 19.59 49.50 69.63 1.40 24.34 3.25 101.56 49.00 5.45 39.99 9.91 54.00 9.90 1.18 2.10 73.11 19.92 15.37 16.53 11.20 29.01 16.18 0.30 2.01 2.89 50.23 0.62 1.76 15.70 3.67 43.48 20.90 7.73 5.25 8.75 0.89 10.04 2.42 9.00 18.00 4395.80 1.96 149.30 93.59 29.37 40.08 27.00 5.90 40.04 21.72 3.01 0.30 149.00 1.61 1.11 35.92 11.85 93.80 19.48 43.73 11.21 37.00 21.28 18.50 7.10 0.30 12.00 3.00 1.91 650.89 1.30 38.00 6.00 5.20 1.00 5.00 1.55 3.00 6.84 2.36 9.09 0.79 5.89 331.05 78.25 16.09 1.70 43.80 0.90 1.50 3.05 3.80 1.50 1.50 5.25 7.99 1.00 80.46 19.98 0.80 245.00 3.50 0.50 1.50 5.95 325.50 54.25 0.42 8.25 61.37 13.44 1.51 63.00 7.67 1.01 10.67 111.27 51.00 14.30 2595.25 1.00 0.75 12.82 27.36 62.65

High 12.00 5.88 4.50 32.55 5.95 1.59 1.30 39.00 37.55 20.59 50.69 69.90 1.90 24.75 3.79 101.44 50.95 5.50 40.00 10.45 56.10 10.50 1.50 2.90 75.45 20.90 16.10 16.99 12.20 30.25 15.60 0.35 2.50 3.50 50.00 1.60 1.76 17.70 3.69 45.59 23.94 7.73 5.74 9.50 0.89 10.04 2.20 10.00 18.44 4449.00 1.96 149.30 92.79 30.00 41.48 28.00 6.50 39.90 20.64 3.15 0.40 147.00 2.09 1.15 35.81 12.25 97.00 19.60 41.55 11.21 37.50 21.44 18.97 7.10 0.25 13.00 3.20 2.25 696.45 1.70 48.10 6.00 5.60 1.30 5.30 1.75 3.00 7.33 2.75 9.15 0.93 6.00 356.20 82.16 16.09 2.10 45.99 1.05 1.50 3.26 4.10 1.89 1.76 5.30 7.99 1.00 84.48 20.48 0.80 245.00 4.50 0.64 1.69 6.79 325.50 55.00 0.56 9.02 61.37 14.35 1.51 66.15 7.67 2.01 10.80 109.95 52.00 14.75 2866.00 1.47 1.25 12.75 28.22 63.00

Low

Close

10.10 3.88 3.90 30.41 5.00 1.10 1.10 34.68 34.11 18.50 46.25 68.01 1.40 23.31 2.85 96.37 48.25 5.00 37.05 9.90 52.60 10.00 0.25 2.50 71.60 18.90 15.15 15.46 11.20 29.01 15.00 0.20 1.25 2.50 48.01 0.62 1.55 15.70 3.25 43.00 21.94 7.35 4.25 8.25 0.60 9.50 1.31 9.00 17.17 4125.00 1.41 139.01 84.65 29.35 39.99 27.00 5.00 38.71 19.91 2.45 0.20 143.00 1.61 0.68 35.10 11.90 93.80 19.00 39.50 10.50 36.10 20.22 18.50 6.10 0.20 12.98 3.00 1.51 650.00 1.30 38.00 6.00 4.80 0.75 5.00 0.77 2.55 6.66 2.40 8.09 0.43 5.11 339.00 79.00 15.51 1.60 43.80 0.90 1.25 3.05 3.80 1.50 1.50 4.81 7.00 1.00 79.80 18.98 0.41 225.00 2.61 0.25 1.41 5.25 294.50 54.25 0.36 8.25 58.35 13.44 0.69 63.00 7.65 1.01 10.40 105.71 48.48 13.81 2500.00 0.25 0.75 11.82 27.36 61.10

10.10 5.86 4.44 30.51 5.85 1.15 1.18 35.14 35.68 18.65 50.11 68.88 1.70 24.45 3.05 98.75 48.25 5.50 38.99 10.20 54.00 10.30 0.85 2.90 73.00 19.55 15.82 15.46 11.40 29.15 15.60 0.22 2.01 3.50 49.93 0.62 1.60 17.70 3.53 44.50 22.80 7.50 4.31 8.28 0.70 9.99 1.47 9.00 18.27 4180.25 1.73 139.01 90.93 30.00 40.00 28.00 5.31 39.16 19.91 3.15 0.20 145.01 1.61 1.00 35.10 11.90 93.80 19.00 41.55 10.50 36.13 20.23 18.50 6.10 0.20 13.00 3.20 1.91 675.42 1.30 38.00 6.00 4.90 0.75 5.30 1.40 2.94 6.66 2.40 9.09 0.73 5.11 348.83 79.00 16.09 1.82 45.99 1.05 1.25 3.26 4.10 1.50 1.50 5.10 7.99 1.00 81.42 19.98 0.80 232.88 3.50 0.50 1.50 5.95 319.82 54.25 0.42 8.25 61.37 13.44 1.51 63.00 7.67 1.70 10.67 111.27 51.00 14.30 2853.25 1.00 0.75 12.73 27.36 62.65

Change

Vol

0.00 0.98 -0.44 -0.49 0.85 -0.15 0.02 -4.87 -1.32 -0.94 0.61 -0.75 0.30 0.11 -0.20 -2.81 -0.75 0.05 -1.00 0.29 0.00 0.40 -0.33 0.80 -0.11 -0.37 0.45 -1.07 0.20 0.14 -0.58 -0.08 0.00 0.61 -0.30 0.00 -0.16 2.00 -0.14 1.02 1.90 -0.23 -0.94 -0.47 -0.19 -0.05 -0.95 0.00 0.27 -215.55 -0.23 -10.29 -2.66 0.63 -0.08 1.00 -0.59 -0.88 -1.81 0.14 -0.10 -3.99 0.00 -0.11 -0.82 0.05 0.00 -0.48 -2.18 -0.71 -0.87 -1.05 0.00 -1.00 -0.10 1.00 0.20 0.00 24.53 0.00 0.00 0.00 -0.30 -0.25 0.30 -0.15 -0.06 -0.18 0.04 0.00 -0.06 -0.78 17.78 0.75 0.00 0.12 2.19 0.15 -0.25 0.21 0.30 0.00 0.00 -0.15 0.00 0.00 0.96 0.00 0.00 -12.12 0.00 0.00 0.00 0.00 -5.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.69 0.00 0.00 0.00 0.00 258.00 0.00 0.00 -0.09 0.00 0.00

5000 4811 4800 4411 4410 4299 4204 4057 3976 3950 3739 3664 3604 3540 3402 3386 3319 3300 3225 3220 3200 3161 2779 2700 2639 2627 2541 2536 2506 2483 2412 2388 2206 2200 2191 2104 2100 2097 2059 2056 2027 2010 2006 2002 2000 1950 1934 1675 1610 1608 1601 1552 1520 1486 1467 1400 1333 1260 1200 1186 1120 1114 1111 1098 1090 1045 1037 1021 1020 1018 1010 1010 1002 1000 1000 1000 1000 987 974 970 937 934 923 911 910 803 795 773 746 738 720 700 670 583 554 508 502 501 500 500 500 492 465 458 422 400 341 329 321 320 306 300 272 250 236 234 232 232 224 215 210 208 206 201 182 152 140 131 120 119 115 106 100 100

BOARD MEETINGS

Fauji Fertiliser Co

KSE 100 INDEX

Pakistan Telecommunication Co Ltd

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Ansari Sugar Mills Ltd MCB Bank Ltd Askari Bank Ltd Hinopak Motors Ltd Fauji Fertilizer Bin Qasim Ltd Chashma Sugar Mills Ltd Premier Sugar Mills Kohinoor Sugar Mills Ltd First Habib Modaraba Mirpurkhas Sugar Mills Ltd Faran Sugar Mills Ltd

25-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul

6:00 9:00 11:00 12:00 10:30 11:00 11:30 11:30 11:30 3:30 3:30

TECHNICAL LEVELS Company

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

57.35

Support 1

12,449.30

MA (5-day)

12,429.30

Support 2

12,421.85

MA (10-day)

12,350.65

Resistance 1

12,523.70

Target Price

Arif Habib Ltd

165.3

TFD Research

164.95

Recommendations

Brokerage House

Buy

Arif Habib Ltd

Neutral

AKD Securities Ltd

45.52

TFD Research

47.75

Technical Outlook

MA (100-day)

12,071.40

Resistance 2

12,570.65

MA (200-day)

11,805.72

Pivot

12,496.25

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

62.98 161.42

MTS Shares `000 MTS Rs `000

MA (100-day) MA (200-day)

142.66 133.55

MTS Rate ** NOI Rs (mn)

15.00 466.49

Free Float Shares (mn)

466.49

Free Float Rs (mn) 76,457.28

Brokerage House

AKD Securities Ltd

Target Price

42.2

Leverage Position 99.30 12,239.26

Free Float Shares (mn)

326.94

Brokerage House

Target Price

Recommendations

Brokerage House

AKD Securities Ltd

TFD Research

84.65

Positive

294.31 -

Free Float Shares (mn)

Technical Analysis 65.98 72.37

MTS Shares `000 MTS Rs `000

MA (100-day) MA (200-day)

70.30 71.54

MTS Rate ** NOI Rs (mn)

17.84 129.35

Free Float Shares (mn)

129.35

9,645.63

Recommendations

12.2

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

11.75

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

585.06 7,500.47

Target Price

558.00 30,786.12

Technical Analysis RSI (14-day) 64.64 MA (10-day) 10.39 MA (100-day) 10.16 MA (200-day) 10.23 Free Float Shares (mn) 674.58

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

Recommendations

29

Buy

28.72

Buy

30.6

Positive

Technical Outlook

Technical Outlook

Leverage Position

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

Free Float Rs (mn)

Brokerage House

Target Price

TFD Research

Technical Outlook

Technical Outlook

MA (200-day) 63.73 ** NOI Rs (mn) 398.12 Free Float Rs (mn) 21,825.07 Free Float Shares (mn) 398.12 Target price for Dec-11 & **Net Open Interest in future market

30.156

MTS Rs `000 MTS Rate

17.65 585.06

Dera Ghazi Khan Cement Co Ltd

Bank Al-Falah Ltd

Arif Habib Ltd

NBP closed up 1.80 at 54.82. Volume was 122 per cent above average and Bollinger Bands were 46 per cent narrower than normal.

NBP is currently 14.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.

MTS Shares `000

13.29 16.19

MA (200-day)

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

Buy

972.118

18.50

MA (10-day) MA (100-day)

PTC closed down -0.26 at 12.82. Volume was 36 per cent below average and Bollinger Bands were 27 per cent wider than normal.

PTC is currently 27.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bearish on PTC. Momentum oscillator is currently indicating that PTC is currently in an oversold condition.

Buy

38,447.70 18.00

RSI (14-day)

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

97.7

MTS Rs `000 MTS Rate

320.375 11,094.88 16.18

Leverage Position

FFBL closed up 0.51 at 47.52. Volume was 153 per cent above average (trending) and Bollinger Bands were 118 per cent wider than normal.

FFBL is currently 20.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.

87.61

MTS Shares `000

Positive

Technical Analysis

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

AKD Securities Ltd

53.45 56.29

20.15

Technical Outlook

326.94

Arif Habib Ltd

62.05

TFD Research

Leverage Position

** NOI Rs (mn)

Buy

MA (10-day) MA (100-day)

Buy

MTS Shares `000 MTS Rs `000 MTS Rate

Buy

RSI (14-day)

Buy

23.91

39.28

65

Leverage Position

24.7

AKD Securities Ltd

76.76 46.22 42.35

64.99

Technical Analysis

Arif Habib Ltd

MA (200-day)

Lucky Cement Ltd

Recommendations

Sell

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

Free Float Rs (mn) 15,536.12

Recommendations

Neutral Neutral

Technical Analysis

Target Price

FFC closed 0.07 at 163.90. Volume was 121 per cent above average and Bollinger Bands were 81 per cent wider than normal.

FFC is currently 22.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFC.

National Bank of Pakistan

Arif Habib Ltd

Brokerage House

Recommendations

Technical Outlook

Technical Analysis

KSE 100 INDEX closed up 130.25 points at 12,476.77. Volume was 12 per cent above average and Bollinger Bands were 24 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,523.70 and 2nd resistance level at 12,570.65, while Index will continue to find its 1st support level at 12,449.30 and 2nd support level at 12,421.85.

KSE 100 INDEX is currently 5.7 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bearish on INDEX.

Target Price

894.75 6,736.80 N/A 7,224.73

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

57.64 23.11 23.67 25.98 4,761.08

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

698.695 12,125.22 16.84 200.80 200.80

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

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

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

LUCK closed up 2.70 at 74.57. Volume was 224 per cent above average (trending) and Bollinger Bands were 32 per cent narrower than normal.

LUCK is currently 4.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LUCK (bullish). Trend forecasting oscillators are currently bullish on LUCK.

BAFL closed up 0.37 at 10.71. Volume was 27 per cent below average and Bollinger Bands were 24 per cent wider than normal.

BAFL is currently 4.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL.

DGKC closed up 0.98 at 23.71. Volume was 1 per cent below average and Bollinger Bands were 45 per cent narrower than normal.

DGKC is currently 8.7 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 DGKC (mildly bullish). Trend forecasting oscillators are currently bearish on DGKC.

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 41.42 2.35 2.30 48.90 62.75 62.05 44.21 48.55 48.10 73.29 28.00 27.55 59.85 18.55 18.15 28.36 62.10 61.70 57.83 11.65 11.50 60.47 6.20 6.05 48.22 378.00 376.50 58.14 130.65 129.35 64.62 10.60 10.50 51.78 3.70 3.65 55.74 6.65 6.60 48.67 1.65 1.60 57.56 23.55 23.35 33.33 2.35 2.25 48.16 2.25 2.20 43.93 34.10 33.65 45.68 67.45 66.85 27.39 150.80 150.05 70.22 10.15 9.95 46.00 4.10 4.05 76.71 46.95 46.40 62.97 162.95 161.95 66.96 120.40 118.85 60.83 38.95 38.85 57.95 156.40 155.75 30.95 205.35 204.65 44.34 2.55 2.45 43.86 1.05 0.95 33.47 2.05 2.00 44.21 7.40 7.35 56.36 42.75 42.45 44.42 2.05 2.00 35.16 12.65 12.55 65.93 73.20 71.85 41.01 196.25 195.15 43.25 2.00 1.95 61.98 54.40 53.95 26.13 20.45 20.30 41.89 20.50 20.35 30.29 1.40 1.35 59.56 3.05 3.00 43.81 51.15 50.80 60.40 154.75 153.65 37.73 2.00 1.90 40.77 1.35 1.30 45.09 2.15 2.10 47.86 5.25 5.10 66.33 380.50 378.25 60.36 214.00 212.90 46.01 63.70 63.35 37.09 258.00 255.45 18.56 12.75 12.65 51.22 223.50 223.00 47.97 19.70 19.45 48.81 16.55 16.30 37.36 20.05 19.90 34.89 1.40 1.35 33.43 2.30 2.15 44.44 60.70 60.15 32.74 1.75 1.70

1st

2nd

Resistance 2.50 2.60 64.45 65.40 49.70 50.35 29.10 29.70 19.35 19.75 63.05 63.60 11.95 12.20 6.45 6.65 381.50 383.50 134.10 136.30 10.90 11.05 3.95 4.15 6.85 6.95 1.75 1.80 23.95 24.20 2.50 2.65 2.40 2.45 35.05 35.45 69.25 70.55 152.80 154.05 10.65 10.95 4.20 4.25 48.05 48.60 165.10 166.30 123.10 124.25 39.20 39.35 157.80 158.55 207.35 208.65 2.70 2.75 1.30 1.45 2.25 2.40 7.65 7.80 43.15 43.25 2.20 2.30 12.95 13.15 75.70 76.85 199.25 201.15 2.15 2.25 55.55 56.25 20.90 21.15 20.95 21.20 1.50 1.55 3.15 3.25 52.00 52.50 156.70 157.60 2.20 2.30 1.50 1.65 2.25 2.30 5.60 5.85 385.75 388.75 216.85 218.60 64.65 65.30 263.60 266.65 12.95 13.05 225.00 226.00 20.20 20.40 17.05 17.25 20.35 20.45 1.50 1.55 2.65 2.85 61.80 62.35 1.90 1.95

Pivot 2.45 63.75 49.25 28.65 18.95 62.65 11.85 6.35 380.00 132.80 10.80 3.90 6.75 1.70 23.80 2.45 2.35 34.55 68.70 152.05 10.45 4.15 47.50 164.15 121.55 39.10 157.15 206.65 2.60 1.20 2.20 7.55 42.85 2.15 12.85 74.35 198.15 2.10 55.10 20.75 20.80 1.45 3.10 51.65 155.60 2.10 1.45 2.20 5.45 383.50 215.75 64.35 261.05 12.85 224.50 19.95 16.80 20.20 1.45 2.50 61.25 1.85

Nigeria’s GT Bank to sell insurance stake 8

Monday, July 25, 2011

UBL provides insurance services to cardholders Staff Reporter

KARACHI: Najeeb Agrawalla, Group Head Marketing, UBL and Mian M.A. Shahid, Chairman UIC signing agreement.

Other officials are also present. -Staff Photo

Time to look beyond Genworth's US mortgage insurance unit BANGALORE: Genworth Financial's shares were hammered to their lowest in two years, after the insurer said it would beef up loss reserves at its money losing U.S. mortgage insurance unit.

Mortgage insurers will continue to hobble along for some more time as high unemployment rates make it harder for homeowners to catch up on payments.

But Genworth, which was once part of industrial conglomerate General Electric Co , is not just a U.S. mortgage insurer. The company's retirement products business is doing well and so are its mortgage insurance businesses in Australia and Canada.

Genworth shares have already taken a beating, trading at just 6.4 times 2012 earnings, a 20 percent discount to insurance peers Prudential Financial Inc , Lincoln National Corp and Principal Financial Group .

For a graphic on Genworth stock: r.reuters.com/dyr72s According to Thomson Reuters

Starmine, four analysts have a "buy" rating on Genworth's stock, nine have rated it "hold," while three advise a "sell."

In contrast, just one analyst recommends selling the shares of MGIC, a pure-play mortgage insurer, while nine have a "buy" on the stock, saying there were positive catalysts on the horizon for mortgage insurers.

So has Genworth taken too much of a beating?

"WE SHOULD NOT BE SCARED" Not all mortgage insurance markets are alike, and Genworth's mortgage insurance units in Canada and Australia have been doing well.

"In MI, Genworth's units in Australia and Canada are having decent profit margins - they've been fairly robust," said Sandler O'Neill analyst Edward Shields, who has a "buy" rating on the stock.

Shields said that historically Genworth's unit, among the largest mortgage insurers in the United States, has done well, though its turnaround

now is tied to the housing market.

Also backing the optimistic view are traders, who, on Thursday, scooped up bullish options on Genworth, betting on a share rise in the near-term.

Even Standard & Poor's lowered its ratings only on the mortgage insurance unit and left its other ratings untouched, signalling that it sees strength in the company as a whole.

UBS analyst Andrew Kligerman, who rates Genworth at "buy," expects the company to break even or even post a profit within a year or two, despite its ties to a weak housing market.

"We shouldn't be scared," Kligerman said. "In the near term we may hear a lot of negative noise. But the company is working out its issues and we are maintaining our rating on the stock."

NEEDS A STRATEGY OVERHAUL But not everyone is willing to wait for a turnaround in Genworth's mortgage insurance unit.

"Genworth still faces a host of challenges and we do not see these materially abating over the next 12-18

months," Citigroup analyst Colin Devine said.

Devine, who sees a need for a strategy overhaul at Genworth, added that selling was the way to go for the company. Genworth's latest capital injection using a portion of its holdings in its foreign subsidiary, Genworth MI Canada , brings its risk down to the maximum allowed by its regulators.

The company had earlier received waivers that allowed it to write new insurance in 46 states, despite having more risk than its capital levels allowed. "Clearly, Genworth has fallen far from achieving its goal, stated often throughout 2010, of operating US MI on a capital self-sufficient basis," Keefe Bruyette and Woods analyst Jeffrey Schuman said in a note.

And future losses on mortgage insurance might mean Genworth will need to bolster the unit's cash cushion some more, some analysts fear.

"There are more attractive risk-return options out there right now," Citigroup's Devine said. -Reuters

Europe banks, insurers take Greek hit in stride LONDON: Major European banks have limited their losses on Greek bonds to just over 5 billion euros after negotiating a 21 percent haircut on their debt holdings as part of a rescue plan.

France's BNP Paribas (BNPP.PA) is set to take the biggest hit of around 950 million euros, as the largest holder of Greek government debt outside the country.

There was relief among investors that the loss was not more severe and reduced the threat the euro zone crisis will spread to Spain and Italy after Thursday's late night rescue deal, which will see the private sector contribute 37 billion euros.

"The danger of an uncontrolled (Greek) default is gone.

That does not mean that everything is well, but only that a catastrophe has been avoided," said Allianz Global Investors fund manager Oliver Flade.

"A 40-50 percent haircut would have made economic sense. But between banks, which wanted zero, and politicians, who wanted significantly more, a consensus of 21 percent was found. For banks this is better then what they could expect."

The hit to European insurers could be of a similar size as banks, as the industry held 24 billion euros of Greek sovereign debt late last year, but their exposure is less clear than banks, who were forced to reveal detailed information on holdings as part of last week's industry health check.

That signalled non-Greek banks face a 5.4 billion euros ($7.7 billion) loss.

The threat of further losses contagion remains. Greek bonds were trading at prices implying a 45 percent haircut, improving from over 50 percent last week.

"We have long thought that the most likely outcome for Greek bondholders would be that they would take a small haircut first followed by a larger one at a later date. To give Greece a fighting chance they probably need a write down close to 65 percent," said Gary Jenkins, head of fixed income research at Evolution.

By 1240 GMT the STOXX Europe 600 banking index .SX7P was up 0.1 percent, pulling back from an early 2.6 percent rally. The index jumped 4 percent on Thursday as a Greek deal neared. The

STOXX Europe 600 insurance index .SXIP was flat.

MENU Four options are being offered to creditors, including bond exchange and rollover offers as well as a bond buyback scheme.

The change in the terms on Greek bonds prompted Fitch to say it will declare a selective default, and other ratings agencies are likely to also downgrade.

Shares in Greece's banksjumped 9 percent. Other gainers included firms that have been hit hard by the threat the Greek crisis could spread.

Belgian-French Dexia, Germany's Commerzbank, France's Credit Agricole and Britain's Barclays all gained over 1 percent.

The Institute of International Finance, which led talks for private investors, reckons 90 percent of creditors will sign up. Deutsche Bank, HSBC, BNP Paribas, Allianz and AXA are among the firms to already support it.

Holders of Greek debt who were not on the IIF's list of firms in support included Royal Bank of Scotland Unicredit Credit Agricole and Ageas.

The offer is voluntary, raising the possibility that some investors, such as hedge funds, will not participate and wait to be repaid at par.

There is about 150 billion euros of outstanding Greek sovereign debt held by the private sector, so a 90 percent take-up would account for 135 billion euros, including about 54 billion euros in the period up to mid-2014.

The net contribution of the private sector is the gross contribution of 54 billion euros minus the cost for Greece to service the new 30-year debt instruments. Europe's banks held 98 billion euros of Greek debt at the end of last year, with two-thirds of that in domestic hands.

BNP Paribas, which holds 4.5 billion of Greek bonds in its banking book, is followed

by Dexia and Cyprus's Marfin CPBC.CY, who each hold about 3.4 billion, indicating a hit to each of over 700 million euros. Commerzbank held 3 billion euros in its banking book and Societe Generale held 2.4 billion, so they face haircuts of 630 million and 500 million euros respectively. -Reuters

KSE Last Wk

1.66 million shares traded in insurnace sector TFD Report

KARACHI: Some mix activities were witnessed in the insurance stocks at the Karachi Stock Exchange (KSE) last week with low investor participation as just around 1.66 million shares traded together in life and non-life insurance sectors.

Pak Reinsurance was the most traded scrip with 0.96 million shares followed by Adamjee Insurance with 0.27 million shares.

Reliance Insurance grew by Rs0.99 to close at Rs8.4 and Askari General Insurance was up

by Rs0.82 to close at Rs8.99 to be the major gainers while Central Insurance fell by Rs4.07 to close at Rs60 and EFU Life Assurance was down

by Rs2.93 to close at Rs68 to be the major losers of the week.

KARACHI: Considering the prevailing law and order situation in the country, the United Bank Limited (UBL) has initiated a plan to provide insurance cover to over one million debit cardholders.

According to the details, UBL has signed a bancassurance agreement with an insurance company according to which any cardholder who is deprived of money within three-mile radius after using any ATM will be compensated.

The agreement was signed

by Najeeb Agrawalla, Group Head, Marketing, UBL and Mian M. A. Shahid, Chairman United Insurance Company (UIC).

Speaking at the occasion, Mian Shahid said that the law and order situation is not very conducive which has created a need for such customer friendly plans.

He said that ?ATM Card Secure Plan? is a bold initiative that offers security and

sold insurance cover to cardholders.

Such insurance schemes are getting popular globally and such moves aimed at providing financial security should be preferred by the businesses and masses, he added.

Head of Corporate and Control Assurance UBL, Atif Rasheed, Head of General Banking Products Retail Banking UBL Shahpur Ahmed, Head of Corporate Communications and Public Relations Division UBL Anita Mirza, VP Business Head, Insurance Products and Networking Planning, General Banking Product Division UBL Yasum Mirza, Divisional Head, Legal Division UBL Asif Fatah Sheikh were also present on the occasion.

UIC officials present on the occasion included BDM UIC Aziz Memon, AGM UNI Altamash Malik, Business Development Manager UIC Ali Asad Sethi were also present on the occasion.

Insurer Beazley sinks to loss on big disaster claims LONDON: Lloyd's of London insurer Beazley said it sank to a loss in the first half of the year after taking a $183 million hit from natural disasters including the Japanese earthquake.

Beazley, the first listed Lloyd's insurer to report halfyear results, made a pretax loss for the period of $24.2 million, compared with a profit of $115.5 million a year earlier, the company said on Friday.

Beazley said profits from non-catastrophe-related business had allowed it to "largely absorb" the impact of an exceptional run of natural disasters in the first half.

The Tohoku earthquake in Japan, Australian floods, tornadoes in the United States, and an earth tremor in New Zealand inflicted claims in excess of $50 billion on the insurance industry during the first six months.

Analysts expect other insurers to report losses because of surging claims over the next two weeks, following in the footsteps of Beazley and U.S. rival Travelers , which on Thursday confirmed it sank into the red in the second quarter .

Beazley, which last year made an unsuccessful attempt to buy rival Hardy , remains on the lookout for acquisition opportunities, chief executive Andrew Horton told Reuters.

"We always are on the lookout for opportunities to acquire individuals, books of business, and acquisitions if we can find them," he said.

"The market being challenging means there are more of those things available."

Beazley has no holdings of sovereign bonds issued by critically-indebted euro zone countries, and will not be directly affected by European efforts to bail out Greece, Horton said.

Beazley shares were up 0.5 percent by 0750 GMT, lagging a 1 percent rise in the FTSE 250 share index. The stock is up 10 percent in the year to date, outpacing an 8 percent rise in the FTSE non-life insurance index Beazley said it expected to make an underwriting profit for the year as a whole provided there are no further major catastrophe losses.

The company is paying an interim dividend of 2.5 pence per share, up from 2.4 pence a year earlier. -Reuters

9

Monday, July 25, 2011

Khan knocks out Judah to win IBF crown LAS VEGAS: Britain's Amir Khan knocked out Zab Judah in the fifth round to add the IBF junior welterweight title to his WBA super lightweight crown in Las Vegas on Saturday night.

The end came with a bodyshot that crumpled Judah (41-7, 28 KOs) to his knees.

The experienced American complained afterwards that the punch was low but replays showed it was on the belt line and legal.

"I knew he was getting hurt because he kept moving away and ducking," said Khan (261, 18 KOs). "I kept hitting him in the face but the punch that dropped him was clean and on the belt."

Khan, 24, was dominant from the first bell, punishing Judah with stiff left jabs and solid straight right hands.

Judah showed effective head movement for the first few rounds, meaning few of Khan's punches landed cleanly, but the 33-year-old threw very few punches in return, even as Khan pursued him relentlessly.

Khan landed with just 61 of the 284 punches he threw during the fight but Judah threw only 115 punches in return, landing a mere 20, as Khan pursued him relentlessly. Even with Judah's evasive techniques, Khan scored with several solid flurries, backing Judah to the ropes and landing right hands that had the largely British crowd roaring with approval.

By the fifth, Judah was no longer able to escape the full force of Khan's blows. Khan had by now found his range and was landing with increas-

Pakistan home- series against Lanka in jeopardy

PCB’s provincial academies plan for U-19 players

ISLAMABAD: Pakistan's 'home' series against Sri Lanka scheduled for the UAE is in jeopardy after there are reports saying that Sri Lanka Cricket (SLC) have not yet agreed to play at the chosen venues despite the arrangements have already begun.

The Pakistan Cricket Board (PCB) and SLC now stand at crossroads despite the Pakistan board in possession of a receipt of confirmation and a signed business plan with the Emirates Cricket Board (ECB) to host their series in the UAE. "We haven't been informed of the venues for the series yet," SLC interim committee chairman Upali Dharmadasa was quoted as saying by cricket.yahoo.com.

"In fact, the other day, I read on the BBC website that the series was confirmed to be played in Abu Dhabi. I learnt about it only then. We are going to discuss this matter at our meeting and then only we can communicate with the PCB and finalise the venues," he said.

ECB Chief Operating Officer Dilawar Mani was surprised over the strange nature of the statement by the SLC head and urged both boards to clear things. "This is entirely between the PCB and the SLC and I have nothing to comment on but the statement by Dharmadasa surprised me," said Mani. -APP

ISLAMABAD: The four-week Provincial Academies programme of Pakistan Cricket Board (PCB) for U-19 players will start from Monday under the Game Development Department at five different venues.

The PCB has announced five provincial academies for players to be held in Abbottabad, Islamabad, Multan, Hyderabad and Karachi.

The players for the programme have been selected by National Selection Committee in consultation with Director Game Development and Regional Association Heads.

Those who will attend the programme at different venues are: Abbottabad Cricket Ground, Abbottabad: Shah, Khalid Kail, Riazul Amin, Kamran, Fawad Anjum, Ehtisham Sultan, Safiullah, Usman Shinwari, Babar Bakhtiar (Abbottabad)Mohammad Imran, Salman Shinwari, Ubaidullah Ibrahim, Musa Khan, Aimal Khan, Mehran Ibrahim, Jalal Bukhari, M a t t i u l l a h (Peshawar)Abubakar Butt, Adnan Sikhu, Luqman Butt, Mukhtar Ahmad, Adeel Malik, Fayyaz Butt, Mohammad Azhar (Sialkot).

Diamond Cricket Ground, Islamabad: Junaid Ashraf, Sohail Ahmad, Adeel Irshad, Shahid Ilyas, Naqqash Basharat (Islamabad) Adnan Mehmood, Mohammand Nawaz, Tayyab Riaz, Umair

ing ease.

"If it had gone a few more rounds, I would have knocked him out with a clean shot," said Khan. "It was just a matter of time. I think I overwhelmed him with my speed and power. I could have gone in with a plan to knock him out sooner, but I wanted to take my time."

Khan had won all four completed rounds on every judge's scorecard at the time of the stoppage but Judah insisted that the coup de grace had been a foul blow.

"It was a low blow," he said. "I was trying to get myself together. When the referee started counting, I thought he was giving me a standing eight count. I thought I would have the chance to get up. I didn't WBA champion Amir Khan (R) of Britain and trainer Freddie Roach celebrate Khan's victory over IBF champion Zab Judah understand." -Reuters of the U.S. to win the 140-pound championship at the Mandalay Bay Events Center. -Reuters

Azam, Umer Waheed, Kaleem Sana, Mohammad Atlas, Tayyab Abbas, Shujah Haider, Talha Qureshi (Rawalpindi).

Multan Cricket Stadium, Multan: Babar Azam, Hussain Talat, Junaid Ali, Sami Aslam, Umar Siddiq, Abdul Matin, Asfand Mehran, Salman Ali, Usman Qadir, Zafar Gohar, Mohammad Waheed, Shoaib Akram, Waad ur Rehman, Rohail Ali, Ali Mustafa (Lahore), Moazzam Hayat, Mohammad Zubair, Waqas Ahmad, Waqas Wasif, Zeeshanullah, Munir Ahmed, Mohammad Farman, Hamad Faisal (Faisalabad).

Niaz Cricket Stadium, Hyderabad: Mir Darya Khan, Usman Ali, Sarang Bhutto, Haaris Khaanzada, Tariq Ahmed, Mohammad Raheel, Babar Khan, Mohammad Javed, Riaz Ahmad, Mohammad Yousaf, Nazeer, Usama, Zafar, Moizul Haq, Iqrar Ali, Mohsin Khan (Hyderabad) Ahad Raza, Zain Abbas, Mohammad Rameez, Maqbool Ahmad, Shahzad Ali, Ali Raza, Mustansar Hussain, Kumail Abbas (Multan).

National Cricket Stadium, Karachi: Ahmer Bin Nasir, Ahsan Ali, Faizan Khan, Faraz Ali, Junaid Ali, Faisal Tahir, Fawad Khan, Wasim Akhtar, Arif Khan, Abdullah Shah, Daniyal Mansoor, Israr ul Haq, Saad Ali, Wasim Ahmad, Maroof Aziz, Mir Hamza, Qamar Iqbal, Imran Dad Khan (Karachi) Abdul Rehman.-APP

Lorgat hits back at Waugh's betting claims LONDON: International Cricket Council chief executive Haroon Lorgat has hit back at Steve Waugh's claim that 56 cricketers reported illegal approaches by bookmakers to the sport's governing body last year.

Former Australia captain Waugh recently claimed that the number of illegal contacts reported had risen dramatically over the last two years.

The 46-year-old said only five reports had been made by players in 2009, while 56 were logged in

2010.But Lorgat believes the increase does not reflect greater corruption.

Instead he insists Waugh's figures cannot be proved and even if they are correct, it would only show that players are now more aware of their responsibility to report those illegal approaches.

Lorgat told Radio Five Live's Sportsweek programme: "I'm not sure where Steve Waugh gets that figure from because we do not publish any such information.

"In fact there's one individual in

the anti-corruption and security unit that maintains such records and he does not even know the figure himself, simply because he had not compiled it. So I'm not sure where Steve Waugh gets that figure from. "What I can say is that we have substantially more players coming forward and reporting approaches made to them and I think that's a result of the education process, the awareness that we've created amongst all of the international players and that's a good thing. -APP

ACC reschedules next years’ Asia Cup ISLAMABAD: The 2012 Asia Cup has been rescheduled to avoid conflicting with the ODI tri-series in Australia that also includes Sri Lanka and India, the Asian Cricket Council (ACC) has announced.

After due consultation with all the participating Boards and hosts Bangladesh, the dates of the eleventh Asia Cup have changed, a statement issued by the ACC said. The tournament originally was supposed to be played from March 1-11 in Dhaka, Bangladesh but with the tri-series ending on March 8, the tournament will now be played from March 12-22.

The venue for the event however will remain unchanged.

The 2012 Asia Cup will be the 11th edition of the tournament that has had something of a rocky existence, being played at irregular intervals and tacked on as an afterthought to the already jam-packed schedules of the big four teams of Asian cricket - India, Pakistan, Sri Lanka and Bangladesh.

India is the defending champions, having beaten Sri Lanka in the final of the 2010 edition in Dambulla, Sri Lanka. -APP

Beacon House clinch Super Boys Inter School title ISLAMABAD, July 24 (APP): Beacon House School Lahore's Hassan Kamran stood first in 100metre butterfly and 100-metre breaststroke event of the Super Boys category of All Pakistan McDonald's Inter School Swimming Championship here at Pakistan Sports Board's pool.

In the butterfly event he covered the distance in 1:11.6 and was followed by Noman Azeem of Punjab College of Commerce Lahore who took 1:13.77 to reach the destination. Khizar Kamran of Hrad Start Islamabad remained third by covering the distance in 1:19.9 In the 100-metre breaststroke contest, he took 1:23.91 and was followed by Punjab College of Commerce's Hussnain Ali who took 1:29.29 to reach the destination. WAPDA's Naveed remained third.

Asif, Imran, Sattar, Sohail storm in NBP snooker semis KARACHI: A pair of cueists from Punjab Imran Shehzad and Muhammad Asif and Sind's Abdul Sattar and Sohail Shehzad advanced in the semifinals of third NBP National Ranking Snooker Championship after hard fought victories at Amir Bakhsh Billiards Hall of Karachi Club on Sunday.

Former National champions Imran Shehzad and Abdul Sattar were taken to limits before chalking exciting 5-4 victories.

Lahore-based Imran recovered from 1-2 down to overcome veteran Naveen Perwani in a tense quarterfinal.

After losing the first and third frame, Imran came strongly with a break 6-76 in the fourth frame.

However Naveen pulled the next two frames to gain 4-2 lead.

Imran showed his class in a crunch situation and potting multicolored ball smartly.

Imran made the break of 53 and 35 in 7th frame and won the match with a two superb breaks of 56 and 53 in the decider. Fighting Abdul Sattar came from 2-4 defict to topple Muhammad Imran of Punjab in a thrilling finish. Sattar demonstrated remarkable game under pressure and won the last three

frames in a row to claw his way back from brink of defeat to notch-up a thrilling victory.

Another former National Champion Muhammad Asif from Faisalabad fought back from 1-2 down to overpower talented Omair Alam of Sindh.

Asif's win included two fine breaks of 75 and 70 in 6th and 7th frame.

Lanky Sindh cueist Sohail Shehzad dropped three frames before defeating his provincemate Sultan Muhammad 5-3.

In the first semifinainl on Monday morning,Abdul Sattar will take on Sohail Shehzad at 9.30 a.m.and in the second semifinal on Tuesday Imran Shehzad will be up against Muhammad Asif.

Following are quarterfinal results: Muhammad Asif (Pjb) bt Omair Alam (Sindh) 5-3 (4565, 31-76, 27-67, 53-40, 70-9, 97-3, 78-14, 58-28, Imran Shehzad (Pjb) bt Naveen Perwani (Sindh) 5-4 (22-74, 76-44, 53-69, 112-22, 44-56, 25-64, 109-19, 79-27, 120-0), Abdul Sattar (Sindh) bt Muhammad Imran (Pjb) 5-4 (73-55, 2-74, 60-17, 21-73, 19-59, 37-57, 57-32, 59-42, 58-52), Sohail Shehzad (Sindh) bt Sultan Muhammad (Sindh) 5-3 (50-33, 71-47, 3769, 54-10, 85-72, 7-52, 8-62, 68-29). -APP

Naik stars in massive Leicestershire win LONDON: Leicestershire completed a massive 223-run win over Sri Lanka A on the fourth day at Grace Road, Jigar Naik's offspinners bringing him four wickets as several bowlers contributed to the county's win.

Lahiru Thirimanne's gritty 70 was the only bright point for the Sri Lankans, with most of their middle order making starts but failing to build a significant innings.

Sri Lanka A had lost opener Malinda Warnapura to the first ball of their second innings on the third afternoon, but entered the fourth day in the reasonably stable position of 71 for 1.

Things went downhill very quickly on day four, however, Bhanuka Rajapaksa falling to Wayne White's first ball of the da y. What followed was a regular chipping away at their lineup, rather than a dramatic collapse, but once Thirimanne fell to Nadeem Malik to reduce Sri Lanka A to 159 for 5 just after lunch, Leicestershire were very much favourites for the win.

Naik bowled Roshen Silva for a 58-ball 17, and Alex Wyatt then removed Kosala Kulasekara and Seekkuge Prasanna with consecutive deliveries to reduce the Sri Lankas to 210 for 8 at tea.

Naik continued his good work after the interval, trapping Shaminda Eranga lbw and then having Tharanga Lakshitha caught by White to end the match. Sri Lanka A will now face Durham at Chester-leStreet in another four-day game, starting on July 27. -Online

Clarke opts out of Big Bash League SYDNEY: Michael Clarke, the Australia captain, will take no part in the Twenty20 Big Bash League this summer, preferring to concentrate on his international commitments.

Extensive negotiations between Clarke, his management and the Sydney Sixers were unable to reach a workable compromise between the batsman's desire for rest and preparation in between Test series and Cricket Australia's desire to have as many con-

tracted players as possible taking part in the BBL. Clarke had also conducted talks with numerous other teams.

"With the greatest respect to everybody involved in the T20 Big Bash League, I will not be committing for this year," Clarke said in a statement.

"My goal is to play Twenty20 cricket domestically, for sure.

But at the moment, I want to prioritise my time and commitment to my role with the Australian team.

"We have a big six months ahead, and my commitment and focus is with those teams.

I am also only available for one BBL game this year, and that was a consideration as well."

Clarke's decision means both he and Mitchell Johnson will sit out the competition, while every other CA-contracted player, including the likes of Shane Watson, Brad Haddin, Ricky Ponting and Mike Hussey, take part. -Online

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International

Monday, July 25, 2011

Two Sudans’ first face-off on currency KHARTOUM: Sudan began circulating a new currency Sunday; days after the newly independent south issued its own new money, in a move likely to heighten differences over handling the economic fallout from the split.

South Sudan, which became Africa's newest nation on July 9, began circulating its new pound Monday, pegging it one-to-one with Sudan's existing pound.

Sudan's central bank Sunday said it had started circulating 6 billion pounds to gradually replace 11 billion old pounds. It has previously said the exchange would last up to three months.

Analysts say it is crucial for both countries to coordinate to avoid turmoil but so far no deal has been reached with the south over what to do with the estimated 1-1.5 billion old pounds circulating there.

The central bank said the north remained open for

more talks or would otherwise speed up replacing the existing currency as precautionary measure so the old notes traded in the south would be worthless in the north.

"We will undertake all precautionary measures to protect the Sudanese economy, and I hope that we will reach an satisfactory agreement for both sides regarding the pound circulating in the south," Deputy Governor Badr al-Din Mahmoud said in a statement.

Assistant central bank governor al-Nur Abdelsalam elHelu earlier said the north would not allow the import of old pounds circulating in the south.

The old Sudanese pound has been falling on the black market in Khartoum for weeks as economists say foreign currency inflows needed for imports will decline alongside falling oil revenues.

On the black market in Khartoum a dollar buys 3.4 or more Sudanese pounds, well above the official rate of almost 2.7.

The old pound has also fallen in the south on worries the old notes will be worthless.

The north lost about 75 percent of Sudan's 500,000 barrel-a-day oil output with southern independence under a 2005 peace deal that ended decades of civil war.

Khartoum will get transit fees as the south needs northern refineries and the only port to sell the oil but these NUSA DUA: US Secretary of State Hillary Clinton (R) greeted by Indonesian foreign minister Marty Natalegawa for their joint commission meeting in Nusa Dua, Bali. - Reuters are likely to be lower than the current 50-50 split. Analysts say the north might use the fate of the old Sudanese pounds circulating in the south as a bargaining tool in talks how to divide oil revenues, other assets and debt.

Apart from economic issues, Sudan and the south ADEN/SANAA: A suicide Unrest in the south has erupt- around the area," the ministry have yet to end tensions and Israel's bomber drove a booby-trapped ed as mass protests seeking to said in a mobile phone mesviolence along parts of their JERUSALEM: Foreign Minister Avigdor car into an army checkpoint end President Ali Abdullah sage sent to journalists in border. - News Lieberman said on Sunday he outside Yemen's southern port Saleh's 33-year rule drag into a Yemen.

The blast comes days after a would not quit the coalition city of Aden on Sunday, killing sixth month, setting off spogovernment if it decides to at least nine soldiers and radic clashes across the frac- car rigged with explosives apologize to Turkey for killing wounding 21 others, officials tious and impoverished coun- blew up and killed a British try. Saleh is convalescing in ship surveyor in Aden, which 9 Turks aboard a pro- and medical sources said.

The attack, which the gov- Riyadh after a bomb blast in his officials said was a targeted Palestinian activist ship last ernment blamed on al Qaeda's presidential compound in June. attack against the long-time year.

The Defense Ministry said resident.

Lieberman, Prime Minister Yemen-based wing, comes Witnesses to the checkpoint Benjamin Netanyahu's most weeks after the army deployed the attacker, who also died in powerful and hawkish political security forces to surround the the explosion, hit a convoy at attack on Sunday said they partner, has publicly scorned coastal city, which lies east of a the checkpoint that had been saw a car speed into a street meeting Ankara's demand that shipping strait where some 3 headed to reinforce a military cordoned off by armoured Israel atone for storming the million barrels of oil pass daily. offensive on Abyan's provin- vehicles. It blew up, setting at Mavi Marmara as it led an aid The military has been trying cial capital of Zinjibar, which least two of the vehicles flotilla toward the blockaded to stop militants from slipping the army has been trying to ablaze as a cloud of smoke Gaza Strip. into Aden, after they seized recapture from militants for spread over the area. "The car But after Israeli officials said several areas in the neighbour- over a week. crashed into a military WENZHOU: China sacked place on a bridge near the city question recently after the Netanyahu might relent after ing province of Abyan in "The suicide attack by al armoured vehicle, which three senior railway officials of Wenzhou in Zhejiang flagship Beijing-Shanghai long balking at an apology, recent months and presented a Qaeda hit a convoy headed to exploded and caught fire. The on Sunday after a deadly col- province, some 860 miles high-speed rail line suffered a Lieberman denied having any rising challenge to military Abyan ... the attacker died and soldiers started shooting heavcontrol. his limbs were scattered ily," a witness said. - Reuters lision between two high- (1,380 km) south of Beijing, series of power outages since plan to quit in protest.

"Whether or not there is speed trains in the east of the state news agency Xinhua it opened to great fanfare a agreement in the government country killed at least 34 and said on Sunday. China News month ago. about this matter, this governChinese Vice Premier seriously injured 12, in the Service, a semi-official news ment is strong," he told country's deadliest train dis- agency, said one of them was Zhang Dejiang arrived on the reporters. "No one is looking for scene to help with the relief excuses and reasons to leave the a woman in her 20s. aster since 2008.

Dozens of rescue workers work and investigation, state government."

The crash happened late on Saturday after one train lost and firefighters used excava- television reported.

Israel's debate over apologisChina's rail network has ing to Turkey has been spurred power due to a lightning tors to move the wreckage of strike, and the bullet train the two trains as they also been hit by a series of by its expectation that an immiTRIPOLI: Explosions rocked central Tripoli for headquarters for his regime, with command and behind crashed into it, state believed more bodies were in scandals. Three railway offi- nent U.N. report on the high the second night in a row and Britain said weeks control facilities and an army barracks," Pope media said, raising new ques- one of the carriages that was cials have been investigated seas interception will largely of Nato bombardment had inflicted extensive said on Sunday. "Successive Nato strikes in past tions about the safety of the dangling beside the bridge. It for corruption this year, vindicate its Gaza blockade damage on Muammar Gaddafi's heavily-fortified weeks have inflicted extensive damage on the was unclear how many people according to local media strategy. fast-growing rail network. compound. military facilities within."

Turkey, which like Israel had Authorities moved quickly were on the trains at the time reports.

Libya's leader is clinging to power despite a fourAs the war drags on longer than many had iniIn February, Liu Zhijun was a delegate on the U.N. inquiry month-old Nato air campaign and a lengthening tially envisaged, the West is increasingly hoping to try and assuage public of the accident.

In a small piece of good sacked as railways minister panel led by former New conflict with rebels seeking an end to his 41-year for a negotiated end. anger by sacking the head of prime minister the Shanghai railway bureau, news, state television said for "serious disciplinary vio- Zealand rule and who have seized large swathes of the North Libya's government also appears willing to his deputy and the bureau's rescuers had pulled a 4-year- lations." He had led the rail Geoffrey Palmer, has yet to sign African country. The explosions hit Tripoli at about talk. Government spokesman Moussa Ibrahim Communist Party chief, the old boy and another male tod- sector's investment drive over the report and Netanyahu 1 a.m. on Sunday, a day after Nato launched strikes said on Friday that Libyan representatives were envoys have been in bilateral Railways Ministry said in a dler alive from the wreckage. the past decade. on what it said was a military command site in ready to hold more talks with the United States Chinese internet users took talks with Ankara in the hope of Tripoli.

"The task for us now is to statement on its website and the rebels, but that Gaddafi would not quit. clear the debris and also to to the popular Twitter-like bridging the rifts. (www.china-mor.gov.cn).

Major General Nick Pope, the Chief of the Ibrahim said senior Libyan officials had a "proThe United Nations said the The three will "also be sub- check for survivors in those microblogging site Weibo to report was due out this month Defence Staff's communications officer, said ductive dialogue" with US counterparts last week ject to investigation," the areas that we have not gone vent their anger about the after several delays. Israel gave Royal Air Force aircraft struck the high perime- in a rare meeting that followed the Obama brief statement added, with- to," said 35-year-old rescue accident, with some calling a July 27 publication date. ter walls of Gaddafi's Bab al-Aziziyah complex. administration's recognition of the rebel governworker Wang Jun. "Also, we for Railways Minister Sheng out elaborating.

"Gaddafi has for decades hidden from the ment. "We believe other meetings in the future ...

Defense Minister Ehud Barak, The Shanghai bureau is are trying to get the railway Guangzu to resign, posting a center-leftist in the Israeli cab- Libyan people behind these walls. The vast Bab will help solve Libyan problems," Ibrahim told his picture online with a large inet and vocal proponent of al-Aziziyah compound is not just his personal reporters in Tripoli. "We are willing to talk to the responsible for the province line to be operational again."

Rail remains the most popu- red cross through it. in which the accident hapaccommodating the Turks, on residence, but more importantly is also the main Americans more." - Reuters "The Railways Ministry Sunday told reporters he hoped lar method of long-distance pened.

The disaster killed at least transport in China and trains should realise that passengers the release would again be 34 people, while almost 200 are usually extremely crowd- are not just little white mice," deferred "to provide more time people remain in hospital, 12 ed, with long-distance trains wrote Yang Chunxiao. to examine matters in-depth."

"Do you think officials are of whom are in critical condi- carrying as many as 1,000 INDEMNITY The Netanyahu government really trying to help? It's all passengers. tion, state television said.

The reliability of China's for show," added A Cige. - has so far offered only expresTwo foreigners also died in sions of "regret" at the Mavi the accident, which took railways has been called into Reuters Marmara bloodshed and proThe United Nations has But she said WFP still faced a posed setting up a "humanitari- NAIROBI: Australia urged the an fund" for those bereaved or international community Sunday declared a famine in two regions gap of $360 million between to rally behind the U.N. relief of southern Somalia and warned now and the end of the year as it injured.

At the time, his advisers said a effort in the famine-struck Horn it could spread further afield as mulls food airdrops into rebelformal apology and damages of Africa or risk hundreds of people contend with the triple held parts of Somalia. payments would be tantamount thousands of people starving to shock of drought, rising food Sheeran was speaking a day to Israel admitting culpability death. prices amid critical shortages after visiting Kenya's Dadaab for its marines' lethal gunfire Governments worldwide and and conflict. Failure by the inter- refugee camp, the world's during fierce brawls aboard the the United Nations have faced national community to provide biggest, where she met Somali Mavi Marmara. Both sides have criticism for their slow response support amid a raging insur- mothers forced to abandon childescribed the fighting as self- to the severe drought, the worst gency across much of southern dren too weak to flee across the defense. in the region for decades, affect- Somalia would mean the deaths porous border. Medics at But Israeli officials say legal ing some 11 million people of hundreds of thousands of peo- Dadaab, she said, were seeing a reviews have since found that across Somalia, Ethiopia, Kenya ple, mostly children, Rudd said. rise in numbers of level 4 malnuplacating the Turks so that they and Djibouti.

"We either stand back, sit on trition among children -- a level endorse the Palmer report, even The U.N. World Food Program our hands and do nothing and at which only 40 percent are at the cost of an apology, would (WFP) has said it cannot reach wait for the perfect world to expected to survive. shore up naval personnel more than 2 million Somalis fac- arrive. Or we get in there and we Malnutrition among children against pro-Palestinian lawsuits ing starvation in areas controlled work now. This will be a com- under five can cause stunting. in international courts.

"In the Horn (of Africa) we

by Islamist militants, who plex, dangerous and risky task," "Alongside preserving the imposed a food aid ban in 2010 said Rudd, Australia's former could lose a generation. Those State of Israel's honor and assertprime minister. that survive could be affected ing its righteousness, we have a and have regularly threatened WFP was among several deeply," she said. relief groups. supreme interest in protecting Aid groups fear many in "There is no uniformity in the groups ordered out of rebel-held officers, commanders and comwhich neighbors batants from possible prosecu- security situation on the ground. areas last year who were now Eritrea, Somalia and Ethiopia, could also tion aboard," Barak said. Israel We need to cut the U.N. some preparing to return.

The agency's executive direcrisk starvation. The Red Sea slack," Australia's Foreign says the blockade prevents arms reaching Gaza's ruling Hamas Minister Kevin Rudd told a tor, Josette Sheeran, said it had state is one of the world's most Islamists, who are hostile to the media conference in the Kenyan received pledges worth $220 secretive nations, ruled by a SANA: Anti-government protesters shout slogans during a rally to demand the ouster of million in the past few weeks. reclusive leader. capital, Nairobi.

Jewish state.- Reuters Yemen's President Ali Abdullah Saleh in Sanaa: Reuters

Israeli FM won’t quit on apology to Turkey

Suicide bomber kills 9 soldiers in Yemen

China sacks 3 officials on train crash

Blasts rock Tripoli as Nato targets Gaddafi compound

Australia urges world for Somalia famine relief

Internaional & Continuations

Monday, April 25, 2011

11

Greece debt woes termed temporary ATHENS/LONDON: Fitch ratings agency declared Greece would be in temporary default as the result of a second bailout, which Athens said had bought it breathing space.

But the agency pledged to give Greece a higher, "low speculative grade" after its bonds had been exchanged and said Athens now had some hope of tackling its debt mountain, which most economists still expect to force a deeper restructuring in the future.

An emergency summit of leaders of the 17-nation currency area agreed a second rescue package on Thursday with an extra 109 billion euros ($157 billion) of government money, plus a contribution by private sector bondholders estimated to total as much as 50 billion euros by mid2014.

Under the bailout of Greece, which supplements a 110 billion euro rescue plan by the European Union and the International Monetary Fund in May last year, banks and insurers will voluntarily swap their Greek bonds for longer maturities at lower rates.

"Fitch considers the nature of private sector involvement... to constitute a restricted default event," said David Riley, Head of Sovereign Ratings at Fitch.

"However, the reduction in interest rates and extension of maturities potentially offers Greece a window of opportunity to regain solvency, despite the formidable challenges that it faces," he said.

The summit agreed the region's rescue fund, the European Financial Stability Facility, will be allowed to buy bonds in the secondary market if the European Central Bank deems that necessary to fight the crisis.

It can also for the first time give states precautionary credit lines before they are shut out of credit markets, and lend governments money to recapitalize banks, both moves which

No #1

Germany blocked earlier this year.

German central bank chief Jens Weidmann was openly critical of the package, saying it shifted risks onto taxpayers in countries with stronger finances and weakened incentives for governments to keep their finances under control.

"This weakens the foundation for a currency union based on fiscal self-responsibility," said Weidmann, a European Central Bank policymaker, although he conceded the deal could help ease financial market tensions.

As part of the package, the euro zone leaders also made detailed provisions for limiting the damage of a temporary default -- the first in western Europe for more than 40 years.

"There is a great breath of relief for the Greek economy and this will gradually pass on to the real economy," Greek Finance Minister Evangelos Venizelos told reporters. "But by no means does this mean we can relax our efforts." Riley told Reuters Greece may languish in default for only a few days and would likely get re-rated at single B or CCC. Among other steps, the leaders agreed to ease terms on bailout loans to Greece, Ireland and Portugal; maturities will be extended to 15 years from 7.5 and interest cut to around 3.5 percent from 4.5-5.8 percent now. Doubts remain about whether the plan went far enough to assure not only Greece's debt sustainability but that of Ireland, Portugal and other heavily indebted nations.

The package yielded "more than expected but not enough to make us sleep comfortably," Barclays economists said. They were disappointed that European leaders did not agree to expand a euro zone rescue fund.

The wider EFSF role is designed to prevent bigger euro zone states such as Spain and Italy from being shut out of markets because of fears of a weaker country defaulting.

Continued from page 12

Official sources informed APP that security forces spotted a suicide bomber at Chagmalai in South Waziristan Agency at 9:40am and signalled to stop.

When the terrorist did not stop, the security guards shot him down as a result one solider embraced martyrdom due to splinters.

Soon after the incident the security forces cordoned off the area and started search operation. - APP

No #2

Continued from page 12

Kim Kye-Gwan, would visit Washington at the "end of next week", after envoys from North and South Korea held rare and unexpected talks in Indonesia on Friday. - APP

No #3

Continued from page 12

A sole message on his Twitter account, dated July 17, was based on a quote from British philosopher John Stuart Mill, reading: "One person with a belief is equal to a force of 100,000 who have only interests." Police spokesman Roger Andersen described the suspect as a "Christian fundamentalist", adding that his political opinions leaned "to the right".

The head of the populist right-wing Progress Party (FrP) confirmed Behring Breivik had been a party member between 1999 and 2006 and for several years a leader in its youth movement.

He stopped paying his subscription before ending his membership, according to the party.

"Those who knew the suspect when he was a member of the party say that he seemed like a modest person that seldom engaged himself in the political discussions," Siv Jensen said in a statement on the FrP website.

Anti-fascist monitors meanwhile said Behring Breivik was also a member of a Swedish neo-Nazi Internet forum named Nordisk, which hosts discussions on topics ranging from white power music to political strategies for crushing democracy. - Online

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Continued from page 1

Now the capital gains tax would be adjusted for borrowing costs, he said adding that if someone realized gain of Rs100 a shares and he incurred Rs30 to finance those shares then tax would be imposed on Rs70.

"All SECP approved leverage products like MTS, etc will be considered for this," he concluded.

No #5

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"It must be extended in a way that gives certainty to the economy through '13 and not some short-term gimmick where we're right back in this fix in six or eight months and the world looks at us once again and says these people can't get their act together," Daley told NBC's "Meet the Press."

Administration officials also said President Barrack Obama would not accept a two-tiered proposal offered by Boehner that would lift the debt ceiling through the end of 2011 and then require another vote. "What we cannot do -- because it would be irresponsible -- is to leave the threat of default hanging over the American economy for a longer period of time," Geithner said.

On Fox, Boehner said raising the debt ceiling and implementing major reforms would have to be done in two stages. "There is going to be a two-stage process. It is not physically possible to do all of this in one step." Administration officials said a far-reaching "grand bargain" that would combine a debt-limit increase with a 10-year plan to reduce the deficit by $4 trillion was still a possibility, despite Boehner's decision on Friday to walk away from talks with the White House on such a plan. - Reuters

Funds are sufficient so far but the burden could rise substantially. A precautionary credit line for a large country like Italy might total more than 500 billion euros over several years, overwhelming the EFSF's current 440 billion euros.

German Chancellor Angela Merkel said all euro zone debtors had to act decisively to repair their finances.

"Italy's austerity program was absolutely good. But it will be a process and demands further steps in the future," she told a news conference.

DEBT MOUNTAIN French President Nicolas Sarkozy said the measures would reduce Greece's debt by 24 percentage points of gross domestic product from about 150 percent today.

That still leaves a colossal debt for an economy deep in recession with no recourse to a competitive devaluation. What is more, the figures are based on what analysts say are optimistic projections for growth and returns from a sweeping privatization program.

"Our estimates suggest that Greek debt/GDP ratios will fall around 25 percentage points over 5 years as a result of these measures but will still be a whopping 120 percent in 2016 even assuming that the full 50 billion euros of privatization measures are implemented," analysts at JP Morgan said.

"We therefore believe that (bond) spreads will widen again as short covering dissipates and reality sinks in."

Greek, Irish and Portuguese bonds jumped before relinquishing their gains and traders said expectations of a larger restructuring down the road were undimmed.

The European leaders' promise of a "Marshall Plan" of European public investment to help revive the Greek economy may help, though details were thin. Ratings agencies Standard & Poor's and Moody's are likely

No #6

to follow Fitch's lead since banks and insurers are set to write down the value of Greek bonds by 21 percent, with more losses maybe to follow.

"We have long thought that the most likely outcome for Greek bondholders would be that they would take a small haircut first followed by a larger one at a later date. To give Greece a fighting chance they probably need a write down close to 65 percent," said Gary Jenkins, head of fixed income research at Evolution.

Shares in Europe's banks rose as it became apparent that the major players had limited their losses on Greek bonds to just over 5 billion euros.

The summit accord was based on a common position crafted by Merkel and Sarkozy in late night talks in Berlin on Wednesday with ECB President Jean-Claude Trichet.

The ECB relented and signaled it was willing to let Greece default temporarily as long as it was strictly a one-off. But Fitch said it would expect similar private creditor involvement in any future help for Ireland and Portugal if they had not stabilized their finances by 2013.

Many economists believe the only way out of the euro zone's debt crisis in the long run may be closer integration of national fiscal policies -- for example, a joint euro zone guarantee for countries' bonds, or issuance of a joint euro zone bond to finance all countries. Germany has opposed this.

Sarkozy, at least, is looking to more sweeping reforms.

He said France and Germany would make proposals by the end of August on how to improve the governance of the bloc, to "clarify our vision of the future of the euro zone."

Merkel said she would not allow a union of automatic transfers from richer to poorer states.

"This shall not happen according to my conviction," she told a news conference. - Reuters

Continued from page 1

Likewise, power sector witnessed repatriation of $105.4 million against $104.9 million in FY10. Furthermore, oil and gas exploration companies have transferred $74.7 million profit/dividend in FY11 by surging 42.7 per cent as against $52.3 million transferred in the same preceding period.

Similarly, repatriation of profit by the food sector rose to $65.4 million compared to $56.9 million during the same period last year.

However, Telecommunications sector witnessed repatriation of $63.4 million against $73.2 million in the identical period last year.

No #7

Continued from page 1

WENZHOU, China: Workers and rescuers look on as excavators dig through the wreckage after a high speed train crashed into a stalled train in Wenzhou, Zhejiang province. - Reuters

US wastes $34bn in Afghan, Iraq contracting WASHINGTON: The United States has wasted some $34 billion on service contracts with the private sector in the wars in Iraq and Afghanistan, according to a study being finalized for Congress.

The findings by a bipartisan congressional commission were confirmed to Reuters by a person familiar with the draft of the study, which is due to be completed in coming weeks.

The analysis by the Commission on Wartime Contracting, details of which were first reported by the Wall Street Journal, offers the most complete look so far at the misuse of U.S. contracting funds in Afghanistan and Iraq, where more than $200 billion has been doled out in the contracts and grants over nearly a decade.

It also gives the most complete picture of the magnitude of the U.S. contracting workforce in the two countries.

The source, who declined to be named, said more than 200,000 contractors have been on the U.S. payroll at times in Iraq and Afghanistan -- outstripping the number of U.S. troops currently on the ground in those countries.

The United States has fewer than 100,000 troops in Afghanistan and some 46,000 forces in Iraq.

The tally of private sector contractors in Iraq and Afghanistan can be surprisingly difficult to obtain since many U.S. contractors are outsourced to subcontractors who depend on temporary labor, the source said.

The report blames a lack of oversight by federal agencies for misuse of funds and warns of further waste when the programs are transferred to Iraqi or Afghan control as the United States withdraws its troops.

The U.S. military is on course to withdraw all of its troops from Iraq by the end of the year and started drawing down its force in Afghanistan this month. - Reuters

Deceased advocate's funeral prayer was held in Ancholi on Sunday while Karachi Bar Association (KBA) has announced to observe strike today (Monday) in protest against killing of Advocate Mukhtar Abbas.

According to Muhammad Aqil, President of Karachi Bar Association (KBA), deceased Advocate Abbas was advocate of many accused in some important cases and KBA also submitted a request for his protection as he was receiving threats from the terrorists.

Meanwhile, Badar Afzal, who was injured two days ago in Malir firing, succumbed to his injuries at the Jinnah Hospital.

Karachi has been tense for many days now ever since the MQM decided to quit the coalition.

The toll from the gun attacks in different parts of metropolis climbed to 13 till late Saturday night.

Earlier on Friday, several Karachiites were killed in Kalakot, Saeedabad, New Karachi, Lee Market, Malir, Urdu Nagar, Maai Kalachi Road and in Lines Area while the miscreants set on fire a bus in Al-Noor locality.

Later, police and ranger's heavily-armed contingents intensified NIAGARA FALLS, New York: patrolling in tensed areas. - NNI Two women, both grandmothers, became New York State's Continued from page 1 No #8 handled by M/s National Fertilizer Marketing Limited (NFML). - APP first legally wed same-sex couple early on Sunday, with traditional honeymoon capital Continued from page 1 No #9 earnings and payouts. Further, increase in urea and DAP prices Niagara Falls as the backdrop too triggered buying in fertilizer stocks. KSE 100 Index up by 1.1 for the historic event.

Kitty Lambert, 54, and per cent or 130.25 points at 12,476.77.

Weekly average volume witnessed increased by 112 per cent to Cheryle Rudd, 53, from 85.05 million shares against 40.17 million shares traded week Buffalo, New York, were married just after midnight before last one.

Saturday at Niagara Falls' State During the week, foreign investors remained on the selling side as Park's Luna Island, near the they sold shares worth $37.24 million and bought share valuing U.S.-Canada border. $14.92 million.

The women, with five grown Moreover, companies, NBFCs and mutual funds also sold their children between them from position worth of $19.89 million, $2.02 million and $1.59 million previous marriages, were respectively on net basis. joined by several hundred On the other hand, biggest weekly buying were witnessed from friends, family, supporters and local individuals who bought $154.98 million of shares in the local even a group of tourists for the bourse against the selling of $117.44 million, thus turning the net first marriage of two members buying worth of $37.54 million. of the same sex since New York Moreover, banks also net invested $7.60 million on weekly basis. became the sixth, and largest, U.S. state to legalize gay marContinued from page 1 No #10 riage.

He said that Economic Coordination Committee (ECC) of the Lambert, an art gallery manCabinet issued orders to the corporation for import of commodi- ager, wore a blue satin dress ties whenever demand is felt during shortage. she sewed herself, while Rudd, Sugar can be supplied to provinces if requests are received, he who works in a food processing added. - APP plant, opted for a white tuxedo

Credit Suisse unlikely to get help on US tax probe ZURICH: Switzerland's parliament would not vote for a second tax treaty to help settle U.S. charges that Credit Suisse bankers helped wealthy Americans evade taxes, Swiss politicians were quoted as saying on Sunday.

In 2009, the Swiss government cut a deal with Washington to hand over the details of 4,450 UBS bank accounts to the U.S. authorities to end a damaging lawsuit against the bank, lifting the veil on Switzerland's cherished tradition of banking secrecy that had helped it build up a multi-trillion-dollar offshore banking industry.

But politicians of various affiliations said there was little appetite for a second deal to help Credit Suisse, which is being probed by U.S. authorities as part of a broader investigation into banks suspected of helping Americans evade taxes.

"The enthusiasm to guarantee a bank state help again is very low," Christian Democrat (CVP) Pirmin Bischof was quoted as saying in the SonntagsZeitung.

This view was echoed by Free Democrat (FDP) Ruedi Noser in the NZZ am Sonntag newspaper.

"Parliament will not accept a second state treaty," he said.

Offshore tax havens have come under attack in recent years as cash-strapped governments seek to boost revenues in the wake of the financial crisis, forcing countries like Switzerland to pledge to cooperate more to help hunt tax cheats.

Last week U.S. authorities

indicted three Credit Suisse private bankers for allegedly helping wealthy Americans evade taxes, bringing the total number of Credit Suisse bankers indicted to seven.

Despite their insistence Credit Suisse must solve its problems alone, the growing scrutiny from the U.S. has angered some politicians, potentially straining talks between the two countries on a multibillion dollar deal over Swiss banks helping Americans to shield their money from the U.S. taxman.

"If the U.S. is going to act in such a way Switzerland must break off negotiations for a political solution," Noser was cited as saying in the NZZ am Sonntag.

The talks had already become bogged down due to Swiss insistence any deal leave Swiss bankers free from prosecution in the United States, sources said last month.

The investigation against Credit Suisse has also prompted Swiss private banks Sarasin and Julius Baer to ban staff from traveling to the United States.

"For the last two weeks it has been necessary to get approval for all private and business trips to the U.S.," Sarasin spokesman Benedikt Gratzl told der Sonntag.

"It's about protection. So the bank and its employees will be protected from investigations and arrests," Gratzl said.

Julius Baer declined to comment to the paper and did not immediately respond to a request for comment from Reuters. - Reuters

Two grandmas in first legal gay marriage with tails. The grandmothers have been a couple for over a decade.

The civil ceremony, which followed a service conducted before midnight by Jewish, Baptist and Episcopal clergy members, was officiated by Niagara Falls Mayor Paul Dyster.

By the time Dyster reached "by the laws of the state of New York," his words were drowned out by thunderous applause.

Lambert choked up during the religious service, answering unequivocally "yes, yes, yes!" when asked if she was making the choice of her own free will.

The women danced on stage after being married to Lady Gaga's "The Edge of Glory."

In honor of the first ceremony, the world-renowned water cascade was lit with rainbowcolored lights in a colossal, shimmering homage to the multicolored gay pride flag.

Tourists who happened upon the ceremony and the attendant crush of media were delighted.

"This is pretty cool," said Australian Andrew Holder, adding "You come to see the falls, you see history."

"Serendipity is amazing," echoed Adam Jowicz of Birmingham, England.

Earlier, the women said their marriage represented a major step for gay rights in the United States, with Lambert calling it "an amazing moment."

"We're achieving that real American Dream to be treated like everybody else and be protected under all those laws."

Former state senator Sam Hoyt, who recently resigned to work for Gov. Andrew Cuomo, called his vote on the issue "the most important, significant vote I ever took."

MORE TO FOLLOW A judge had agreed to waive the customary 24-hour waiting period on the women's marriage license before the weekend ceremony so that the couple could make it official the moment they said "I do" as the state law took effect. - Reuters

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PPP wins six AJK reserved seats MUZAFFARABAD: The Pakistan People's Party has secured six reserved seats in the elections of Azad Jammu and Kashmir's Legislative Assembly, a private news channel reported.

However, the Pakistan Muslim League-Nawaz and the Muslim Conference (MC) won apiece out of

OSLO, Norway: Survivors of a shooting rampage on the Utoeya Island break out in tears following a memorial service on Sunday. - Reuters

India for wider range of talks with Pakistan NEW DELHI: India would seek to expand the scope of talks with Pakistan when the Foreign Ministers of two countries meet here on Wednesday, Indian media reported on Sunday.

Indian media quoted the government sources that New Delhi would draw on an earlier IndiaPakistan Joint Commission that had discussed cooperation in areas such as agriculture and health.

"This [more subjects] could fall in the purview of a future dialogue. But we can't say with certainty if this will emerge [after the talks]," sources in the government said.

India and Pakistan are also likely to announce measures to improve people-to-people contacts and ease communication problems for people living on both sides of the border, said the sources.

India will remain "steadfast" in seeing an expeditious end to the trial in Pakistan of the master-

minds of the 26/11 Mumbai attacks.

"We will be laying emphasis on confidence-building measures in the scope of these discussions," they said.

The meeting between External Affairs Minister SM Krishna and his Pakistani counterpart Hina Rabbani Khar will be preceded by wrap-up talks between the foreign secretaries on Tuesday. They will review the talks held so far and suggest the agenda for the Ministers.

"Both sides will review the progress in the dialogue process and try to chart a way forward. We will discuss issues with an open mind and forward-looking approach.

Absence of the threat of terror will create the right atmosphere for a sustainable dialogue in future," the sources said of the meeting between the foreign secretaries.

The meetings were taking place

after both prime ministers asked their foreign ministers and foreign secretaries to work out the modalities for restoring trust and confidence and pave the way for a substantial dialogue on all issues of concern.

The problems plaguing the cross-Line of Control trade would be sought to be eased by more trading days, smoother entry permits, adequate facilities and better phone services and banking.

Has the trust deficit narrowed?

The sources said communication had improved.

"Project Pakistan, which was on life support, is beginning to breathe on its own" and both sides managed to sustain a sequence of meetings.

Asked whether this month's Mumbai blasts would also come up discussion, the sources said: "As and when any evidence points to cross-border involvement, we will take it up. We should not jump the gun." - Online

Soldier dies averting suicide attack in SW PESHAWAR: The troops averted an attempt of suicide attack by a terrorist on Sunday at Chagmalai area of South Waziristan Agency.

However one soldier was martyred due to splinters.

See # 1 Page 11

US invites North Korea for talks NUSA DUA, Indonesia: The United States said Sunday it has invited North Korea's vice foreign minister to New York for "exploratory talks" on the possible resumption of the sixparty negotiations on denuclearisation.

US Secretary of State Hillary Clinton said the North's former nuclear negotiator, See # 2 Page 11

eight reserved seats.

The seats were reserved for technocrats, religious scholars and overseas Kashmiris.

Shaheen Kouser, Saddaf Sheikh, Shazia Akber of PPP won women reserved seats while PML-N's Dr Fauzia and MC's Dr Mahrunnisa won their seats.

At least 39 members of the newlyelected AJK legislative assembly voted at the assembly building in Muzaffarabad to elect the eight members.

Fifteen candidates from the Pakistan People's Party (PPP), Pakistan Muslim League- Nawaz (PML-N) and Muslim Conference contested for the seats. - APP

Christian zealot confesses to Norway bloodbath OSLO: The suspect in Norway's twin attacks that killed at least 92 people admitted responsibility and said the carnage was long planned as the nation mourned victims of its worst violence since World War II. Anders Behring Breivik, 32, was arrested for allegedly shooting at least 85 people dead at a youth Labour Party summer camp on an island and killing seven more in a car bomb explosion which ripped through government buildings in Oslo.

"He admitted responsibility," Behring Breivik's lawyer Geir Lippestad told Norway's NRK television channel. While

there was no official confirmation of the man's identity, he was widely named as Anders Behring Breivik by local media.

"He explained that it was cruel but that he had to go through with these acts," Lippestad said, adding that the attacks were "apparently planned over a long period of time".

A rambling 1,500-page tract apparently written

by Behring Breivik said he has been preparing the "martyrdom operation" since at least autumn 2009.

The Internet document, part diary, part bombmaking manual and part political rant in which he

details his Islam-phobia explained how he set up front mining and farming businesses to prepare the attacks for which he was arrested on Friday.

"The reasoning for this decision is to create a credible cover in case I am arrested in regards to the purchase and smuggling of explosives or components to explosives fertiliser," he said.

As harrowing testimony emerged from the summer camp where scores of youngsters were mown down, Norway was struggling to understand how a country famed as a beacon of peace could experience such bloodshed on its soil.

See # 3 Page 11

210 Pakistanis languishing in US jails ISLAMABAD: Two hundred and ten Pakistanis including 6 females are languishing in US jails on various charges ranging from immigration, espionage, larceny, fraud, possession of weapons to robbery incidents, according to the list provided to the Parliament by the Foreign Office According to the list , two females Parveen Bhatti and Hina Hafeez are serving sentence since June 2008 in fraud case, Hira Ashraf and Sher

Bano Mosa from November 2009 for overstaying on visa, Huma Javed since Sept 2008 for overstaying and Dr Aafia Siddiqui since August 2008 for espionage.

According to the list, Abu Rehman Abdul Rabi Rahim and Mohammad Ahmed Ghulam who were arrested along with Saifullah Paracha in Sept 2004 have been shown as Pakistani citizens. Similarly Balochi Ammar Lavar Khan Majeed is in US custody for past seven years but is not yet been

indicted.

Majority of the arrested Pakistanis have been arrested on violation of immigration charges. 2008 was cited as the year in which most Pakistanis were jailed in US. A Pakistani named Sohail Qazi is rotting in US jail since 1972 for violating immigration law.

Similarly Mukhtar Faisal is also serving jail sentence since 1979 and no charges have been shown against him. - Online

Murder of scientist: Iran blames US, Israel TEHRAN: A senior Iranian official on Sunday blamed the United States and Israel for the killing of an Iranian scientist, who the deputy interior minister said was not linked to Iran's nuclear program as reported by media.

Darioush Rezaie, 35, a university lecturer, was shot dead by gunmen in eastern Tehran Saturday. Some media reports said Rezaie was a nuclear scientist but Deputy Interior Minister Safarali Baratlou said this was not true.

Parliament speaker Ali Larijani in a speech broadcast live on state TV blamed the United States and Israel for the killing.

"The terrorist action by American and the Zionist regime (Israel) yesterday (Saturday) is another example of the level of their animosity (against Iran)," he said.

Iranian media said security officials were investigating the killing.

Several nuclear scientists have

been assassinated in Iran in the last few years.

One scientist was killed and another wounded in Tehran in November, which Iranian officials blamed Israel and the United States for. Washington dismissed that at the time.

It has not been officially confirmed whether Rezaie was involved in Iran's nuclear program, as reported by some media.

Lawmaker Zohreh Elahian said Rezaie had no links to Iran's nuclear program, which the United States and its allies say is a cover to build bombs.

"Rezaie was an elite Iranian physicist; he was murdered by our country's enemies. But he didn't have any connection to Iran's nuclear activities," said Elahian, the semi-official Fars news agency reported.

Tehran governor Morteza Tamaddon warned that Iran "preserves the right to retaliate," the semi-official Mehr news agency reported. Tamaddon did not

elaborate.

Iran, a major oil producer, says its nuclear program is solely for civilian purposes and so far has refused to halt its sensitive uranium enrichment activities, as demanded by the United Nations Security Council.

The refusal has led to the imposition of sanctions by the United Nations, the European Union and the United States.

Iranian MPs Sunday passed a bill obliging the government to impose sanctions on US officials like former Defense Secretary Donald Rumsfeld, his deputy Paul Wolfowitz, and military commanders at US detention centers Abu Ghraib in Iraq and Guantanamo Bay, Cuba.

The bill, analysts say, is a retaliatory measure against blacklisting senior Iranian officials by Washington, who it says were responsible for human rights abuses in the Islamic state.

Iran rejects accusations about its human rights record. Reuters

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