thefinancialdaily-epaper-28-05-2011 by The Financial Daily

International Karachi, Saturday, May 28, 2011, Jumadi-ul-Saani 24, Price Rs12 Pages 8

Clinton's visit would not remove masses mistrust: Nisar

Govt spends 8pc of GDP on masses

See page 8

Pak-India Siachen talks on 30th

See page 8

Pak,US Army top heads talk issues

See page 8

Economic Indicators

US Secy of State meets Zardari

$17.07bn 14.08% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1012bn $59.54bn Rs 5463bn $649.9mn 6.75% 4.10% $1,051 176.16mn

Forex Reserves (21-May-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Mar 11) Foreign Debt (Mar 11) Domestic Debt (Mar 10) Repatriated Profit (Jul- Apr 11) LSM Growth (Mar)

GDP Growth FY10E Per Capita Income FY10 Population

Pak in the clear on OBL: Clinton l

Portfolio Investment SCRA(U.S $ in million)

245.28 Yearly(Jul, 2010 up to 26-May-2011) Monthly(May, 2011 up to 26-May-2011) 19.70 0.01 Daily (26-May-2011) 2776 Total Portfolio Invest (14-May-2011)

NCCPL

ISLAMABAD: A view of the meeting of US Secretary of State Hillary Clinton with President Asif Ali Zardari at Aiwan e Sadr. -APP

(U.S $ in million)

FIPI (27-May-2011) Local Companies (27-May-2011) Banks / DFI (27-May-2011) Mutual Funds (27-May-2011) NBFC (27-May-2011) Local Investors (27-May-2011) Other Organization (27-May-2011)

2.91 -1.39 1.49 -0.03 0.47 -3.75 0.29

Global Indices Index KSE 100 Nikkei 225

Change

12,225.52

27.40

9,521.94

40.11

Hang Seng

23,118.07

217.28

Sensex 30

18,266.10

221.46

ADX

2,598.23

SSE COMP.

2,709.95

26.58

FTSE 100

5,938.87

57.88

2.05

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

$.Price PKR/Shares 2.60 111.06 14.00 119.60 2.00 42.71 1.70 36.31 10.96 37.45

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

18-May-2011 18-May-2011 18-May-2011 20-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011 27-May-2011

13.21% 13.60% 13.84% 14.00% 13.64% 13.46% 13.72% 14.08% 14.20% 13.99% 14.02% 14.09% 14.31% 14.51% 14.79%

Commodities *Crude Oil (brent)$/bbl 114.54 *Crude Oil (WTI)$/bbl 100.28 *Cotton $/lb 152.77 *Gold $/ozs 1,538.30 *Silver $/ozs 37.94 Malaysian Palm $ 1,129 GOLD (NCEL) PKR 42,085 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.00 Canadian $ 87.50 Danish Krone 16.20 Euro 121.50 Hong Kong $ 10.80 Japanese Yen 1.040 Saudi Riyal 22.85 Singapore $ 68.90 Swedish Korona 13.30 Swiss Franc 95.90 U.A.E Dirham 23.35 UK Pound 140.30 US $ 85.85

92.00 89.00 16.50 122.80 11.15 1.066 23.10 69.90 13.60 96.90 23.60 141.80 86.25

Inter-Bank Currency Rates Symbols

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

Buying

Selling

TT Clean

TT & OD

91.37 87.39 16.34 121.82 10.97 1.053 22.77 69.05 13.70 99.98 23.25 140.44 85.43

91.59 87.60 16.37 122.10 11.00 1.056 22.83 69.22 13.73 100.21 23.31 140.77 85.62

Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

Max-Temp Min-Temp

35°C 34°C 39°C 38°C 33°C 36°C

22°C 28°C 25°C 25°C 19°C 23°C

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Steamrolling vowed against anti-Pak plans ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani underlined that the defence and law enforcement agencies have been directed to use all necessary means to eliminate terrorists and militants. Prime Minister Gilani expressed these views at the outset of the cabinet meeting in which he paid rich tribute on behalf of the cabinet to those who sacrificed their lives during the terrorist attack at the Mehran Naval Base. As a nation, he said, "we are proud of the courage and valor with which the Jawans of Navy, Rangers and Police tried to defend the strategic naval installations and properties". Prime Minister Gilani

described that during his visit to the hospital, he was touched to see the spirit of our Jawans who remarked that it would have been better had they also embraced Shahadat. They even went to the extent of saying that if terrorists were bent upon suicide attacks they are ready for countering these with Shahadat, he mentioned. Prime Minister declared that with this kind of determination no force can ever demoralize us in defending our homeland. Nefarious designs of the terrorists, their collaborators will be foiled, he reiterated. He observed that the challenges confronting our country require greater unity among the people and leaders across the political See # 9 Page 7

SBP frees saving A/Cs of charges Shiraz Ahmed

and new accounts. Similarly, no charges would be recovered by banks at the time of closing an account', says BPRD Circular No.07 of May 27, 2011. Banks shall not demand more than Rs100 as an initial amount for opening of regular savings accounts. However, no initial deposit would be required for opening of accounts by (i) Mustahkeen of Zakat, (ii) Students, (iii) Employees of Government or Semi Government institutions for salary and pension purposes (including widows/children of deceased employees eligible See # 10 Page 7

Fertilizer sales fall 3.5pc in 4M Aamir Abidi KARCHI: Fertilizer offtake showed a fall of 3.5 per cent in first four months of calendar year 2011 to 2.29 million tons compared with 2.37 million tons in 4MCY10. Drop in offtake was primarily driven by gas curtailment and 45 days closure of fertilizer plant on Sui network in the first month of current calendar year. According to the latest fertilizer data, urea sales dropped 8.1 per cent to 1.71 million tons in 4MCY11 against 1.86 million tons during the identical period of last year. Similarly, Di-ammonium phosphate (DAP) offtake remained weak during 4MCY11 period with the industry register See # 13 Page 7

SBP concern over banks misreporting

KARACHI: The Consumer Protection Department of State Bank of Pakistan (SBP) has expressed its deep concern over non-provision of requisite credit information by financial institutions. According to its circular No 1, 2011, issued here Friday by the Central Bank to all presidents, CEOs of all bank and DFIs, it said that some of the financial institutions are either not providing the requisite information or are providing incorrect data in some of the fields of data collection formats. Notably, this information is used both by banks and financial institutions to assess the credit Gaddafi has lost all legitimacy: G8 draft worthiness of prospective borrowers, as well as by the Central Bank in its policy formulation. The provision of incorrect data or its non-submission carries implications for informed decision-making. DEAUVILLE: French lateral banks, in which I do not It advised all banks and mem President Nicolas Sarkozy said include the IMF. We thought it See # 14 Page 7 the international community was more honest not to include was making available a $40 bil- IMF in this count," he said. lion package of aid for Arab "On top of this, there is about Spring nations. 10 billion worth of bilateral Sarkozy, speaking at a news engagements which we did not briefing at the Group of Eight mention in the declaration. And summit in the French town of finally, another 10 billion dolDeauville, said Group of Eight lars of contributions from Gulf KARACHI: MQM chief Altaf nations had approved $20 bil- countries including Saudi Hussain on Friday said that the lion from multilateral lenders. Arabia, Qatar and Kuwait in a time has arrived for the nation to Another $10 billion would special fund set up for this pur- decide on vital issues. come from Gulf Arab countries pose," he said. He expressed these view while and the remainder from bilaterFurthermore, the leaders of addressing via telephone to the al deals, he said. the G8 powers were to tell MQM workers in Karachi and "It is 20 billion for the multiSee # 11 Page 7 Hyderabad simultaniously. Altaf Hussain said that people are with the Paksitan Army because not every General is corrupt. He expressed his grievances NEW DELHI: France said on Friday it has put on hold the sale over the incident of PNS of heavy military equipment to Pakistan and awaits an explana- Mehran. He said the sacrifices of the MQM workers would never tion on its spy agency's role in the 2008 Mumbai terror strike and in providing a safe haven for al Qaeda chief Osama bin Laden, go waste. Meanwhile Amir Khan asking for the pardon from who was killed in a US strike May 2. It has also expressed the hope that Pakistan's dialogue with US the workers vowed to work for on terrorism would throw light on questions that have cropped up the MQM as a worker again.Agencies in the wake of Osama's killing on its See # 12 Page 7

KARACHI: The State Bank of Pakistan has decided to prohibit all the banks from levying any service charges for opening and maintenance of regular savings accounts with effect from July 01, 2011. 'The services rendered by banks for the opening and maintenance of regular savings accounts shall be free of charge. There shall be no condition of maintaining a minimum balance for these accounts. These instructions are applicable equally on all existing

G8 gives $40bn in Arab Spring help

Altaf urges nation to decide on issues

France defers arms supply to Pakistan

l Recriminations would not solve woes: US

Agrees on coaction against high-value targets

ISLAMABAD: Pakistan and USA have agreed that in pursuing counterterrorism the two countries will work together in any future actions against highvalued targets in Pakistan. The agreement to this effect was made during a one-on-one and delegation-level talk between US Secretary of State Hillary Clinton and President Asif Ali Zardari in the Presidency. US Secretary of State Hillary Clinton on Friday held a oneon-one and delegation level talks with President Asif Ali Zardari in the Presidency. President Asif Ali Zardari made it clear that the will of the people and prevailing public sentiment on issues of national sovereignty, security and Pakistan's national interests is in line with the unanimous Resolution recently adopted in the joint-sitting of the

Parliament. Hillary was accompanied with US Ambassador Cameron Munter, Michael Mullen Chairman Joint Chiefs of Staff and senior officials of the State Department and the US embassy in Islamabad. The Pakistan side included Prime Minister Gilani, Interior Minister Rahman Malik, COAS General Parvez Ashfaq Kayani, Minister of State Hina Rabbani Khar, Foreign Secretary Salman Bashir and senior officials. Briefing newsmen Spokesperson to the President Farhatullah Babar said that a candid, constructive and positive exchange of views took place on a host of issues in the meetings that lasted for over two hours and covered the full spectrum of Pakistan-US relations and issues of regional stability and security including

countering terrorism and peace in Afghanistan. The President made clear the will of the people and prevailing public sentiment on issues of national sovereignty, security and Pakistan's national interests in line with the unanimous Resolution recently adopted in the joint sitting of the Parliament, he said. Both sides reaffirmed the imperatives of the Pakistan-US relations and the need for forging durable partnership on the basis of mutual respect, mutual interest and mutual benefit. Secretary Clinton stated that a secure, stable, democratic and prosperous Pakistan was in the US national interest and a critical factor in regional stability and peace. The two sides agreed that in pursuing counter terrorism the two countries will work together See # 8 Page 7

CHEHLUM

Chehlum of Syed Mohammad Saeed Hassan Abidi (Late) S/O Syed Shukat Hussain Abidi will be held on Sunday, May 29, 2011 at 4:00 PM at Imam Bargah Yasrab Phase IV DHA Karachi as per following Program Quaran Khawni at 4:00 PM Majlis-e-Aza at 5:00 PM Soz-o-Salam by Syed Rahat Ali Zaidi And Sons Noha Khawani by Anjuman-e-Sajadia Addressed by:

Allama Riaz Johri (S/o Hujjat-ul-Islam Allama Talib Johri) Fateha at 6:45 PM Mourners: Syed Safdar Hussain, Syed Mohammad Zafar Hussain, Syed Zaheer Hussain, Syed Hur Ali Abidi (0301-8221944) and family members.

Saturday, May 28, 2011

Polythene bags bill ready: Shaikh Afzal

Plantation drive in Sindh from May 30 Staff Reporter KARACHI: Sindh Environment and Alternate Energy Department will launch a mass campaign under "Mission Green Sindh" to plant 1.5 million trees all over the province from May 30 to June 5. This was stated by Minister Environment and Alternate Energy Shaikh Mohammad Afzal in an interview here Friday. He said that this campaign will also include sanitation drive to clean the cities, towns and villages to improve the environment. "We wanted to start mission green Sindh in August or September last year, but it was delayed due to unprecedented floods.

Now we will begin it from May 30 along with the our campaign to create mass awareness about the importance of trees in our lives", he added. He pointed out that the increase of carbon dioxide is the major reason for global warming and trees can control this heating and can also clean the environment of CO2. Shaikh Afzal said that from this year, environment protection will be introduce as a subject in syllabus at primary, secondary, intermediary and universities level. Provincial Minister for Education Pir Mazharul Haq has agreed to our request, he added. He said one question

will be compulsory to be answered in the examination paper of environment from seven or eight questions. Talking of alternate energy uses, he said the work on a project to run all pumping stations in Mirpurkhas on solar energy will begin this year at a cost of Rs100 million. Similarly, pumping stations in other small towns and villages in Sindh will also be run on solar energy under another project, he added. We are also working on a project to generate 50 megawatts from solar thermal plant in northern part of Sindh including Sukkur and Ghotki areas where sunlight is available round the year, he opined.

‘Pakistan has huge potential for exports’ KARACHI: We can safeguard the interest of exporters as they often have to face the unforeseen circumstances from their buyers, this was stated by Qaseem Jaffri, Country Manager, DS-Concept Factoring, a German multinational company in Pakistan operating for last six years. Talking on the contemporary problems of Towel manufacturers of Pakistan, he said that if they had secured their export transactions via DS-Concept Factoring they would not have faced this problem of foreign remittances against

ST on bread to hit common man LAHORE: Levy of sales tax on bread would not only jack up the prices of bread but 40% bread manufacturing units would also be closed down leaving thousands of industrial workers jobless. In a press statement issued here Friday, Chairman Bread Manufacturers Association and Lahore Township Industries Association Haroon Shafiq Chaudhry said that bread would be out of reach of common man after the imposition of Sales Tax. He said that levy of sales tax on bread will lead to collapse of bread manufacturing industry. -Online

their export proceeds. Keeping in view the recent problems of exporters, he said that we would like to conduct a seminar with collaboration of Towel Manufacturers Association about our services so that in future they could save themselves from the unforeseen problems as well as they enjoy the full security and liquidity against their export proceeds and also standout as a good performer in the eyes of local regulatory bodies like commercial banks and State Bank of Pakistan. About other solutions

ISLAMABAD: The Ministry of Health in Islamabad has agreed to issue notification regarding new job structure and regularisation of jobs after its talks with Young Doctors' Association, Federal chapter. -Online

Staff Reporter KARACHI: The governing bodies of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants, headquartered in London, agreed on creation of a new professional designation, the Chartered Global Management Accountant, will be a worldwide standard of professional excellence in management accounting. With approval now given by the AICPA and CIMA councils, the two accounting bodies will create the new CGMA designation to give management accountancy a higher profile in the United States and promote the professional development of management accountants across the globe. Backing the new CGMA designation will be an AICPA-CIMA joint venture with international resources and experience in management accounting, business and cultural knowledge. CIMA President George Glass said: "We are delighted that management accountancy is to be given a strong new global impetus by this joint venture. This advances our strategic aims and will ensure management accountants, committed to strict ethical standards, will receive world-class support in a fast globalising world."

and services of DSConcept, Jaffri said that in order to safeguard the interest of exporters as well as the country, we have been providing the complete services to the exporters like, intelligence sharing about the buyer, realistic credit limit allocation, immediate post shipment financing and invoice insurance. He said that Pakistan has huge potential to export quality goods in more profitable markets worldwide but its need of the hour to patronise and promote the export culture in the country.-PR KARACHI: The Oxford Dictionary Week is being marked across the country from May 30 to June 4. This was stated by an official of the Oxford University Press(OUP) Pakistan on Friday. A variety of Oxford dictionaries as well as thesauruses would be put on display on all the Oxford tomary gathering of the shops nationwide. tribal elders called "Dastar A handsome discount bandi" that is held on or would also be offered on soon after the soyem, the the sale of dictionaries and third day of prayers for the thesauruses.-APP departed soul and receiving of the condolences. He said that according to this tradition, after the death of the chief of Zardari tribe Hakim Ali Zardari, his son President Asif Ali Zardari has become the chief of his K A R A C H I : tribe. However, President Administrator Karachi, Zardari has decided not to Fazalur Rehman, has become the tribal chief and under section 144 Cr. PC pass on the largely ceremo- banned the cutting of trees nial title to his son and PPP in the metropolis. Chairman Bilawal Bhutto This was announced in a Zardari, he said.-INP statement of the City District Government Karachi (CDGK) on Friday. It said that the Director General Parks and Horticulture of CDGK has been authorised to get registered FIR against those found involved in the cutting of the trees. The CDGK statement said that the step has been taken in view of environmental protection and to protect the trees. The Section 144 in this very regard would come into force immediately, it was further stated.-APP

Oxford Dictionary week

Bilawal to be new chief of Zardari tribe ISLAMABAD: President and Co-Chairman PPP Asif Ali Zardari has decided to forego the title of chief of the Zardari tribe and pass on the mantle of tribal leadership to his son Bilawal Bhutto Zardari. This has been stated by Presidential Spokesperson Farhatullah Babar in response to questions from a section of the media. Explaining he said that according to the tribal tradition, consequent upon the death of the tribal chief his eldest son takes over as head of the tribe. The transition to new tribal leadership is formalized in a cus-

Ban on cutting trees

KARACHI: Hazardous smoke emitting from factory wastes which is set on fire alongside road near Shafique More. -Online

New job structure for doctors soon

AICPA, CIMA initiative

Power generation jumps to over 14,000 MW ISLAMABAD: Power generation in the country on Friday jumped to 14,419 MW which is highest generation in May as compared to previous years. Hydel, WAPDA thermal, IPPs power generation witnessed significantly increase resulting in

lowering gap between demand and supply. The electricity shortfall in the country dropped to 1,733 MW from 2,435 as the total power generation was recorded as 14,419 MW against the demand of 16,152 MW during the last 24 hours.-APP

Marketing, branding conf tomorrow KARACHI: A marketing and branding conference will be organised at a hotel on May 28. An announcement on Friday said that the moot is being held under the auspices of Memon Professional Forum and Nutshell Forum in collaboration with Marketing Association of Pakistan and Pakistan Software Houses Association. The theme of the conference is "Driving Growth in the Digital Age-Challenges and Opportunities.".APP

NAWABSHAH: A delegation from the private office of Shaikh Dheyab Bin Tanhnoon Al Nahyan, Crown Prince of Al Ain UAE, called on President Asif Ali Zardari at Zardari House to condole the sad demise of his father Hakim Ali Zardari at Shaheed Benazirabad. -APP

Russian made arms used in Mehran attack

One suspect arrested from Faisalabad Staff Reporter KARACHI: The initial forensic report of the arms and ammunition used by the terrorists in PNS Mehran base attack says that Russian made immunition was used by the terrorists. According to Security sources, the arms used in the attack were sent for forensic analysis and the first report was available on Friday and presented to the joint investigation committee. The rifles recovered from the site of

the incident were manufactured in 2004 while the bullets used were made in 2008. Two rockets fired by the terrorists went missing but five others hit their targets. The report said that the terrorists fired at the Pakistani military personnel from a distance of 80 to 100 meters. The sources said that a walkie talkie set was also recovered which was American made. It is being investigated whether it was snatched or stolen from the NATO

forces in Afghanistan. Meanwhile Security forces on Friday conducted a raid in Faisalabad and arrested a suspect who is believed to be involved in the attack on the PNS Mehran base in Karachi. The suspect, Qari Qaiser is originally reported to belong to Dera Ghazi Khan and had been traced through a cell-phone call that had been made to him by the terrorists. Reports stated that Qaiser had been running a madrassah in DG Khan.

Health projects for prisoners planned KARACHI: The International Committee of Red Cross (ICRC) will jointly work with the provincial Health Department to chalk out projects for health of prisoners in jails. In this regard, the ICRC delegates Dr Thomas Rawlinson and Ms Dalila Romdhane held a meeting with Provincial Health Minister Dr Sagheer Ahmed here on Friday. The ICRC representatives assured the Health Minister that the Red Cross will provide all possible assistance to the

Provincial Health Department related to health issues of the prisoners. They informed the Minister that they have already conducted a detailed survey of jails to review all cases pertaining to health problems of prisoners and most of them pertain to psychology. The Health Minister stressed the need for better collaboration between the Health and Home Department to provide better health facilities to the prisoners. "There is also a great need

to create awareness among the prisoners about their health and various harmful diseases," he pointed out. Dr Sagheer said that cases of Hepatitis, TB, HIV/ AIDS and psychiatry were very prominent among the prisoners. A joint meeting of representatives of Health Department and that of ICRC will soon be held to plan a programme for health needs of the prisoners, he added. Provincial Health Secretary, Syed Hashim Raza Zaidi was also present on the occasion.-APP

Govt failed to protect masses’ life, property: Imran Staff Reporter KARACHI: The President of Pakistan Tehreek-e-Insaf (PTI),Imran Khan has said that the foreign aid is destroying us and we should not rely on it. Talking to media at Karachi airport on Friday, he said that Pakistan should not make the United States its enemy but it must tell the US in black and white that Pakistan could not fight the war any more. He said that the present government has totally failed in protecting the lives and property of its people and the masses should not pin any kind of hope with the government.

Imaran Khan said that the rulers time and again claim that the backbone of the terrorists has been broken but terrorism is increasing in the country with each passing day and innocent people of the country are being killed. Similarly, the PTI chief said that common citizens are killed in the US drone attacks in the tribal areas but no one raises voice against the attacks. Strongly denouncing the increased inflation and unemployment, Imran Khan said that the government has no control over the menaces and the people have become fed up with the wrong policies of the government.

Governor Sindh inaugurates Port Grand Project today KARACHI: Governor Sindh Dr Ishrat ul Ebad and Federal Minister for Ports and Shipping Babar Khan Ghouri will jointly inaugurate the much awaited Port Grand food and entertainment complex today ( Saturday). Port Grand Project is a food, shopping and entertainment complex which has been built with over Rs1 billion investment by Grand Leisure Corporation. Port Grand project is a 13-acre world-class facility that has been designed and built in collaboration with top international

architects/designers who employed the latest technology and building techniques to deliver a state of the art facility. About 40 outlets are being made operational at this stage while more outlets would be opened soon. The entry fee for the Port Grand would be Rs300 per person out of which Rs200 would be redeemable at different food outlets and shops inside the project. The native jetty bridge has been entirely rebuilt to ensure a world-class tourist destination and a source of pride for

Karachiites that would ultimately attract millions of people from all over the country and beyond. Visitors would come to Port Grand not only for food and entertainment but for over a hundred different concepts at port grand that includes free wifi, port bazaar, bookstore, florist, Art lane, gift and antiques etc. Parking for over eight hundred cars with complimentary valet service, and pristine public restrooms and Plenty of Pedestrian friendly walkways are additional attractions at the project. - NNI

Enterprise Campus Solutions Staff Reporter KARACHI: The Techlogix kicks off Implementation of OraclePeopleSoft Enterprise Campus Solutions (ECS) across ASEAN. An announcement to this effect was made in a statement issued here on Friday. It said that "aiming to bring a change into the education sector, Techlogix, a globally leading Consulting and IT Services Company and an Oracle Platinum Partner, moderated a deployment of Techlogix Enterprise Campus Solutions across 9 universities of Pakistan previously." The statement said that expanding its outreach in the ASEAN region, Techlogix has carried out similar sign-offs with leading universities in Malaysia, Singapore, Vietnam and Thailand as well. Involving 15,000 students and over 1,000 faculty and staff members, the project is expected to complete in 12 months. CEO at Techlogix Salman Akhtar, observed that "DLSU has engaged Techlogix to enable it to achieve a flexible system that can quickly adapt to the changing requirements of higher education, and we look forward to delivering on it as we have done previously with various other academic institutions."

PEW wants Wealth Tax again Staff Correspondent ISLAMABAD: The Pakistan Economy Watch (PEW) on Friday said that reintroduction of across the board Wealth Tax on affluent class of society can help government generate enormous funds. This will help shrink black economy, contain artificial hikes in property market, safeguard small investors, and help government it meet budgetary targets, said Dr. Murtaza Mughal, President, PEW. Expenditure side is growing while income is sliding due to war on terror, performance of FBP and lack of financial discipline, he said while talking to tax and banking consultant Mohsin Rafique. In this scenario, he said, wealthy should contribute their share of taxes to the national exchequer for the greater cause of national development. Dr. Murtaza Mughal said that over six thousand people are involved in realty business in Clifton and DHA in Karachi alone, meaning thereby that real property business can fetch around one trillion rupees if taxed properly. He said that Wealth Tax Act was abolished on the demand of a former finance minister, which was a great disservice to the nation that helped few amass wealth while pushing millions below the line of poverty.

Saturday, May 28, 2011

South East Asian stocks

Edge up, but mostly down on the week

European shares rise, led by banks KSE-100 Index Opening Closing Change % Change Turnover (mn)

12,198.12 12,225.52 27.40 0.22 79.64

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

3,300.33 3,313.00 12.67 0.38 2.97

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

2,746.61 2,750.55 3.94 0.14 0.02

Major Gainers

Symbol

Change

ULEVER 5,200.00 NRL 365.18 FZTM 314.00 EXIDE 202.79 PICT 81.99

99.02 15.08 14.00 6.66 3.81

Major Losers

Symbol

Change

SHEL 224.82 NESTLE 3,545.44 JDWS 78.90 AGTL 235.00 PSO 285.27

-4.31 -4.26 -3.85 -2.97 -1.68

Top 5 Volume Leaders

Symbol

Close Vol (mn)

NML DGKC JSCL ANL BYCO

61.56 23.71 7.94 6.71 9.58

6.53 6.46 6.31 4.92 4.46

Active Issues Plus Minus Unchanged

130 124 90

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

1,904

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

186 113 0 23

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

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

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

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

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

Last day ends with marginal gains at KSE

US stocks mid-day

Wall Street gains on energy, materials

HSD will remain intact in the upcoming budget", said Jawad Khan, equity dealer at JS Global Capital. This news has been in the market for the past few days and follows earlier reports that the government was considering removing/reducing the duty protection to refineries, he added. Trading activities started on a positive note with 10 points gain and thereafter the market remained in the grip of bulls during the major part of both sessions. The activities were led by refinery and textile stocks. There are expectations in the

market that the government may replace the CGT with 0.02 per cent Withholding Tax on both sides of transactions in the upcoming federal budget which would be announced on June 3. According to experts if it becomes reality it would bode well for the market and we might see some increased activities in the market moving forward. Textile stock too remained in limelight over news that Vietnam will not be protesting against Pakistani export to European Union. Though index remained in the positive zone during the

major part of the day but some profit taking was witnessed as it was the last trading day of the week. This kept sending the index into the red couple of times. Further, uncertainty on the outcome of the visit of the US Secretary of State Ms Clinton also kept the investors a little cautious. Finally, due to continued buying and renewed foreign interest market closed the day on a positive note above 12,200 levels. Index touched an intra day high of 12,241 (+ve 43) and low of 12,175 (-ve 23) during the day. According to NCCPL data, offshore investors did a net

Nikkei edges lower

HBL acquires 14pct shares of NJI

Broad-based rally witnessed at FTSE

Nawaz Ali KARACHI: The last day of the week at Karachi Stock Exchange ended on a positive note on the expectations that deemed duty of refineries, for igh speed diesel (HSD) will not be altered and replacement of Capital Gains Tax (CGT). The benchmark KSE-100 index increased by 27 points to close at 12,225 points, KSE-30 index rose by 24 points to close at 11,846 points and KSE all-share index gained 17 points to close at 8,502 points. "Refining stocks led the rally over the rumors that deemed duty of 7.5 per cent on

TOKYO: The Nikkei stock average fell on Friday for its third straight week of losses, pulled lower by a drop in Sony Corp shares after the electronic giant's earnings outlook undershot analyst forecasts. While positive news this week, such as the launch of new investment trusts, helped to lift the Nikkei from a twomonth closing low hit earlier this week, the market lacked strong drivers to push it out of its post-quake range. "I expect the market to be stuck in its current foggy condition for more than a month. Global shares could remain unstable for now, while there are no strong domestic factors to spur buying," said an official at a Japanese brokerage. The benchmark Nikkei fell 0.4 per cent to 9,521.94 on Friday, meaning it shed 0.9 per cent over the week. On the weekly Ichimoku chart, the bottom of the cloud comes in at above 9,600, posing immediate resistance. The broader Topix shed 0.3 per cent to 824.90, falling 0.3 per cent on the week. Sony, which is struggling with the aftermath of a massive earthquake and a series of network security breaches, dropped 3.2 percent to 2,167

yen. The consumer electronics maker on Thursday predicted an 80 billion yen ($975 million) net profit for the current financial year, turning around from a massive loss in the year just ended but missing analysts' consensus of 105 billion yen. "Its forecasting a profit gain is positive, but the figure was worse than what the market had expected," said Naoki Fujiwara, a fund manager at Shinkin Asset Management. But Fujiwara said bargain hunting is likely to support the market between 9,500 and 9,600 on the Nikkei as Tokyo shares are relatively undervalued. Shares on the Tokyo Stock Exchange's main board are trading at book value, while stocks in the S&P 500 are trading at 2.2 times their book value and Hong Kong shares are at 1.8 times, according to Thomson Reuters Starmine. "When you look at global comparisons, 9,500 in the Nikkei is not that expensive," said Tetsuro Ii, the president of Commons Asset Management. Still, uncertainty over exactly how quickly companies can recover from damage from the March 11 quake and tsunami is likely to keep buying in check. Reuters

Staff Reporter KARACHI: According to the communiquĂŠ dispatched to Karachi Stock Exchange, Habib Bank Limited (HBL) has so far acquired 4.362 million shares (14.05 per cent) of New Jubilee Insurance Company Limited (NJI). At the Annual General Meeting of HBL held on March 31, 2011 an approval was accorded to increase Bank's share to 24.5 per cent of total issued and paid up capital of the insurance company. Similarly, the AGM also approved to enhance HBL's shareholding in Bank PHB, Nigeria to 30 per cent of the total issued and paid up capital of the African bank. This month, Habib Allied International Bank plc, a subsidiary of HBL had also completed the acquisition of shares of Habibsons Bank Ltd UK, which is regulated by the Financial Service Authority of United Kingdom.

Oil stocks drive Hong Kong market

China posts worst week in 11 months HONG KONG: Hong Kong shares jumped on Friday, recovering the bulk of the week's losses and shrugging off a weak Shanghai market that posted its worst weekly loss in eleven months as tight liquidity in the financial system continued to weigh on sentiment. A rally in Petrochina shares and short-covering in large-caps lifted the Hang Seng index above its 200-day moving average. While trading volumes improved, it appeared that the market may have seen its lows for now. The Hang Seng index closed nearly one per cent higher at 23,118 points, paring its weekly loss to 0.3 per cent. The China Enterprises Index of top locally listed mainland firms rose 1.6 per cent. Petrochina jumped 3.8 per cent and was the top contributor to the Hang Seng as investors rushed in to buy on news that its parent China National Petroleum Corp (CNPC) had raised its stake in the company and planned to buy more stock. "We are due for a rebound anyway after the tumble in the last few weeks," said Mark To, an analyst with Wing Fung Financial Group. "But CNOOC is probably a simpler story for me, given its

upstream focus." Shares of offshore producer CNOOC rose 2 per cent as crude oil prices rose. . Banks also outperformed as attractive valuations continued to draw in investors. Industrial & Commercial Bank of China, which is trading at a 28 per cent discount to its historical forward 12-month earnings multiple according to Thomson Reuters Starmine data, rose 1.8 per cent. Gains were also driven by a bout of short-covering after short sales in Hong Kong rose to as much as 10.4 percent of total turnover earlier this week, data from the exchange showed. A trader at a European bank said short-covering along with futures buying by commodity trading advisers (CTAs) lifted the Hang Seng beyond the 23,000 level. Near-month futures on the index HSIc1, which expire on Monday, flipped to a slight premium over spot prices in the afternoon. Bucking the broader positive trend, shares of consumer goods exporter Li & Fung shed nearly 7 per cent, before recovering to end 2.6 per cent lower, on concern over its earnings growth outlook. The shares have lost over 17 per cent after a 2-for-1 stock split that took effect last week,

with traders attributing the sharp drop to additional liquidity in the stock that allowed investors to exit positions. But with shares sitting around HK$15.70, the 50 per cent retracement level of their entire move up from an October 2008 low to their January 2011 record high, traders said the stock could find support. "If you were lucky, or smart, enough to be short the name, probably not a bad idea to pick a little bit up here, cover some of the short, in anticipation of the technical bounce which could occur in the not too distant future," said a Hong Kongbased trader at a Japanese bank. Shanghai's benchmark index finished down nearly one per cent to 2,709.9 taking loss for the week to 5.2 per cent. Support is next seen at 2,650, its 61.8 per cent retracement from the benchmark's November 2010 high. It is now trading down 3.5 per cent for the year as A-share turnover on Friday remained almost unchanged from Thursday's levels, reaching about 91.5 billion yuan. Petrochina's Shanghai-listed shares rose 0.8 per cent, limiting losses for the benchmark, but those gains were unable to offset weakness in small caps. Reuters

LONDON: Miners and banks led a broad-based FTSE rally into the long holiday weekend, although short-term index moves are seen rangebound with a technical skew to the downside. Leading the charge higher on Friday were heavyweight diversified miners, contributing 16 points to a one per cent higher FTSE 100 close, buoyed by rising commodity prices and a recent chart bounce off the sector's twoyear upwards trendline. "The positive reaction of the miners and oils to longer term uptrend suggests the market is broadening out again and we're not going to see a wholesale sell-off in cyclical just yet," said Arbuthnot technical analyst Dominic Hawker. The FTSE 350 Mining index ended up 2 per cent, off uptrend support around 24,260, boosted by gains in metals including copper and led by a 2.9 per cent rise for Rio Tinto that added 6.6 points to the main board. While sector rotation into defensives had increased in recent weeks, long-only funds

buying worth $2.9 million on Friday. However, volumes were on the lower side as 79.6 million shares traded during the day which was 21.9 million shares less as compared to a turnover of 101.5 million shares on Thursday. Nishat Mills emerged the volume leader with 6.52 million shares followed by D. G. Khan Cement with 6.45 million shares and Jahangir Siddiqui & Co., with 6.31 million shares. Out of total 344 active issues; 130 advanced and 124 declined while 90 issues remained unchanged.

were still buying into a positive mining sector outlook, Peter Sullivan, HSBC's European head of equity strategy, said. "There might be a problem in the short term -- there's debate about how tight monetary policy is and whether growth slips back again -- but they're toughing it out and looking at the longer-term story; they're surprisingly pro-cyclical." Chartist sentiment seemed to be less bullish on the broader index. RBS analyst Dmytro Bondar said the FTSE 100 was posting "lower highs and lower lows, indicating a downtrend. The bias remains for this theme to persist till the middle of June" while Nicolas Suiffet at Trading Central cited shortterm resistance at 5,970 points on the intraday chart. Main resistance, Arbuthnot's Hawker said, would be at around 6,100, the 2011 high. After recovering from the March sell-off to form a reversal base at 5,825, the index looked set to fluctuate in "fairly trendless" fashion between that and the year high. Reuters

ANNOUNCEMENTS Company Mirpurkhas Sugar Shahmurad Sugar Sanghar Sugar Baba Farid Chashma Sugar Mills Premier Suger Mills Shahtaj Sugar

Period Half Yearly Half Yearly Half Yearly Half Yearly Half Yearly Half Yearly Half Yearly

Div/Bon/Right -

PAT (Rs in mn) 65.54 90.20 42.19 -119.85 207.28 -75.72 210.46

EPS(Rs) 7.77 4.27 3.53 -12.68 7.22 -20.19 17.52

NEW YORK: Wall Street rose on Friday, led by energy and materials stocks as commodity prices firmed in light trading before the long Memorial Day holiday weekend. A sharp decline in the dollar helped lift oil, gold and other commodity prices. The S&P Energy index rose 0.8 per cent. Occidental Petroleum added 1.8 percent to $106.87. Freeport-McMoRan Copper & Gold Inc rose 2.3 per cent to $51.55. Commodities, which rose as the dollar weakened, were heading for a third straight week of gains. The dollar fell to a record low against the Swiss franc as investors remain concerned about fiscal pressures in the United States and euro zone. The euro also fell to a record low against the Swiss Franc. "I think we will be just moving sideways at the 1,330 level on the S&P as I don't see any factors that would make the market move in the near term, especially going in to the summer months," said Jeff Kleintop, chief market strategist at LPL Financial in Boston. The Dow Jones industrial average was up 70.61 points, or 0.57 per cent, at 12,473.37. The Standard & Poor's 500 Index was up 7.19 points, or 0.54 per cent, at 1,332.88. The Nasdaq Composite Index was up 16.34 points, or 0.59 per cent, at 2,799.26. Banks gained in Europe and the United States. Bank of America, which had the heaviest turnover on the New York Stock Exchange, rose 2 per cent to $11.70 and was the biggest percentage gainer on the Dow. On the macroeconomic front, US consumer sentiment improved in May as job gains offset high gasoline prices, while inflation expectations diminished, according to the final reading by the Thomson Reuters/University of Michigan survey. Pending home sales slumped 11.6 per cent in April, hitting a seven-month low. Analysts were anticipating a drop of one per cent. Medco Health Solutions Inc will lose a major pharmacy benefit contract. Medco shares fell 12.5 per cent to $56.42 and were the biggest percentage decliners on the S&P 500 while CVS rose 2 per cent to $38.91. Reuters

Indian shares up for 2nd day NEW DELHI: Indian shares climbed for a second straight day on Friday, buoyed by gains in international markets, with investors hunting for bargains in beaten down stocks, even as worries over high inflation and rising interest rates persist. Banking stocks led by ICICI Bank were top contributors to the gains in the main index, which still ended the week down 0.3 per cent -- posting its fourth loss in five weeks. "I don't see any major upside in the markets next week," said R.K. Gupta, New Delhi-based managing director at Taurus Mutual Fund, adding investors were bracing for a decision to raise subsidised fuel prices and the onset of monsoon rains. A ministerial panel is expected to meet on June 9 to discuss raising prices of subsidised fuels. India gave autonomy to oil firms to fix petrol prices in June but has kept control on prices of diesel, cooking gas and kerosene. "The likely diesel and gas price increase will have a direct impact on inflation and could lead to more RBI (Reserve Bank of India) action that in turn would put corporate profits under pressure," Gupta said, adding he expected "selling

pressure" in the markets at higher levels. The main 30-share BSE index rose 1.23 per cent to 18,266.10 points, with 23 of its components in the positive zone. The 50-share NSE Index rose 1.18 per cent to 5,476.10 points. In the broader market, there were more than two gainers for every loser on a total volume of about 542 million shares on the NSE. The BSE index is down 10.9 per cent so far this year with worries about inflation and high interest rates in Asia's thirdlargest economy, and the euro zone debt crisis reducing appetite for risky assets. The Indian central bank has been one of the most aggressive central banks in tightening policy to tame stubbornly high inflation, raising rates nine times since March 2010. "The macro economic concerns of slowing economic growth rate and rising inflation are not going to go away any time soon and that will continue to weigh on the sentiment," said Jagannadham Thunuguntla, head of research at SMC Global Securities. Shares in ICICI Bank rose 4.1 per cent to 1,068.15 rupees, their highest close in two weeks, after

falling about 8 per cent this month as of Thursday's close. Top lender State Bank of India gained 2.1 per cent to 2,234.65 rupees but is still down more than a fifth in May. The banking sector index rose 2.43 per cent on Friday, paring its losses for the month to 6.6 per cent. Energy major Reliance Industries , India's most-valuable firm and the heaviest stock in the main index, advanced 1.2 per cent on value buying to its highest close in two weeks. The stock is down 3.9 per cent this month and 10.7 per cent on the year on concerns over its gas output. Tata Motors shares fell 6.3 per cent to their lowest close in three months after the company warned on Thursday competitive pressures and high input costs were challenges. CLSA on Friday downgraded the Indian automaker to "outperform" from "buy" and cut its price target to 1,320 rupees from 1,500 rupees, citing lower India volumes and margins. Automobile sales growth is seen taking a hit this year after record sales last year, mainly due to rising borrowing costs. Automakers' margins are also under pressure on higher raw material prices. Reuters

Saturday, May 29, 2011

Export Bubble

The Financial Daily International Vol 4, Issue 206

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

Pakistan must respond to Indian propaganda While serious discussions are going on between the United States and Pakistan to mend the strangulated relationship, India is applying full pressure to prove that Pakistan provides safe sanctuaries to the terrorists. This is fully evident from the statements of the Indian authorities after the first US-India Homeland dialogue that began in New Delhi on Friday. In the meeting Indian Home Minister, P Chidambaram and Janet Napolitano of US Homeland Security discussed Mumbai attacks. Napolitano also paid a visit to the police memorial for those who lost their lives during the 26/11 attacks. The other items on the agenda include discussions on issues relating to countering illicit financing and transnational crime, coastal security, mega city policing, accessing and sharing of data related to terrorism, cyber security and homeland security of both the countries. Napolitano's visit is the follow up of the Indian visit of the US President Barack Obama in November last year. Chidambaram had toured the US in January, 2009. Indian Home Minister P Chidambaram is once again playing the same old manta that his country is surrounded by the most hostile neighborhood, particularly due to existence of terrorism infrastructure in Pakistan, which has flourished as an instrument of state policy. Calling for stronger Indo-US ties to combat terrorism and other threats, Chidambaram stressed the need for a "stable, peaceful and prosperous neighborhood" for the security of the people of India. Indian Minister once again accused Pakistan of different terrorist groups operating from the safe havens in the country. He also alleged that the society in Pakistan has become increasingly radicalized. Its economy has weakened and the state structure has become fragile. Given the complexity of the region Indian minister demanded the US for a comprehensive neighborhood strategy that should be based on political engagement, especially with Pakistan, support for political stability, assistance for economic development and improved connectivity and market access for the Indian goods in the neighboring countries. Political analysts in Pakistan are perplexed with the US stance particularly in the aftermath of killing of Osama bin Laden in a mansion located in close proximity of the federal capital. Though, it has been repeatedly said by the US authorities that Pakistan was not aware of the assault but it keeps on demanding Pakistan to do more and also threat of further unilateral action, providing India to attain the maximum mileage. Analysts in Pakistan are also of the view that the US wants to keep Pakistan engaged in a fruitless less and unending war in Afghanistan and providing moral and economic support to India to establish itself as the regional super power. The only regret is that Pakistani politicians are maligning the government and defense forces for being subservient to the US administration.

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.

Dr. Mirza Ikhtiar Baig

ome economists believe that an over all increase in the country's export due to 30per cent increase in the textile export in the current financial year may turn out to be merely an 'export bubble'. They base their arguments on the fact that this export growth has neither resulted in any improvement in our GDP nor has created any new investment and job opportunities in the country. Therefore, it is feared that this export bubble may fizzle out. According to a research during the first seven months of the current fiscal year GDP has registered a growth of only 0.6 per cent whereas during the first eight months of the same period our export increased by 47 per cent , out of which textile export contributed 23.6 per cent . In actual term yarn production only increased 1.5 per cent whereas its export increased by 20.7 per cent ($956 Million). Knitwear export increased by 32.7 per cent, bed linen by 22.28 per

cent , readymade garments by 37.75 per cent , cotton 22.4 per cent and Towels 17.25 per cent . In all these cases the increases in production do not match with increase in export of these items. A comprehensive study reveals that due to the recent flood we lost two million cotton bales and the situation further aggravated due to short supply of cotton in the international market which resulted in a threefold increase in the cotton prices in our country taking it to its peak -- Rs.13000/= per maund. As a result the finish textile products made from this expensive cotton fetched high prices in the international market which obviously swelled our export bill. But now the foreign buyers are not ready to pay such a high price which has created a pause in the market resulting gradual fall in the prices. From July to March our total exports reached $17.8 billion whereas during the last fiscal year it was $14billion. It is expected that by the end of this current fiscal year our textile export would touch $11billion and over all export $22billion. These statistics show that during the first nine months of the current fiscal year import of textile machinery also increased by 80 per cent. During the last two years profits of textile companies and demand of Pakistan textile in the international market increased substantially. Recently I inaugurated threedays '8th Textile Asia 2011' at Expo Centre on 16th April which was attended by 259 foreign delegates. 122 exhibitors from 40 countries exhibited 357 international renowned brands of textile machinery. CEO TDAP and a

number of foreign diplomats who were present with me termed it a highly successful exhibition. I visited all the stalls to find out their views about our textile industry and all of them expressed their confidence about the growth potentials of our textile sector. Almost all the textile companies of Pakistan showed their interest in buying the latest textile machinery. E-commerce Gateway, the organizers of this exhibition deserves commendation for putting up such a grand show. It is pertinent to add here that Pakistan is the 2nd biggest producer of cotton yarn, 3rd biggest of fabric and 4th biggest of cotton. Pakistani yarn contributes 30 per cent and fabric 8 per cent to the total international market. Pakistan is among top 10 textile exporters of the world. Textile export world over is about $400 billion out of which China tops the list with present export of $55billion, followed by Hong Kong $38billion, Korea $35billion, Taiwan $16 billion and Indonesia, India, Bangladesh and Pakistan $11billion. On my advise to organize an exclusive exhibition of Pakistani textile products namely Fabric, Garments, Home Textile, Hosiery, Towels, and Technical Textile on regular basis. The organizer of Textile Asia has announced Clothing, Fabric & Textile Asia 2012, an international exhibition of Pakistani textile products to be held from 7th to 9th April, 2012 at Expo Centre Karachi. More than 300 Pakistani companies are expected to showcase their textile products to international buyers representing renowned textile brands. I have request-

ed Ms. Gail Strickler, Head of US Trade Representatives (USTR), a good friend of mine, to persuade all big American brands and stores like Jordache, Kohl, South Pole, Levi's, VF, Wall Mart, K Mart, Jesse Penney, Target and etc. to attend this exhibition. Ms. Gail has already introduced more than 90 American top brand buyers to Pakistani exporters during the TexWorld Exhibition last year in New York. Let us admit the fact that our product and market base for export is too small and we depend on few countries. Now is the time to look for new markets for export of our products. Central Asian Countries and Africa have great potential but not yet explored by our exporters. It is encouraging to note that on the invitation of the President of Tajikistan, TDAP in collaboration with FPCCI are taking 100 businessmen delegation to Dushanbe from 30th May to 3rd June 2011. There is a lot of trade potential in the field of textile, leather, food stuff, sport goods, oil & gas and various other sectors between the two countries and its now time to focus Central Asian countries to enhance our trade. We have already seen 30 per cent to 35 per cent fall in cotton and yarn prices in the international markets resulting crash in the prices of our textile products and eventually to our exports. We have to actually improve our production capacity to have exportable surplus to sustain our export growth otherwise it will barely an export bubble. (The writer is Federal Advisor on Textile, Government of Pakistan)

India eyes diplomacy and private sector to woo Africa B

ereft of China's riches, India is banking on diplomacy, development and its entrepreneurial private sector to woo African nations to open markets and natural resources to Asia's third-largest economy New Delhi has promised billions of dollars in development support, financing for infrastructure projects and the building of educational and training institutes as it positions itself as the alternative to Beijing. India enjoys historical ties with some African countries, but became a mere observer when China came calling for resources and energy, with financial riches New Delhi could not match. China boasts foreign exchange reserves of more than $3 trillion, 10 times India's $307 million, and has aggressively used state-owned development banks to invest heavily in oil, gas and other resources across the continent. But after being caught cold by China, and losing a series of bids for oil rights and infrastructure projects to its Asian rival, India is banking on a new approach to Africa that blends trade and investment with development economics. "India's approach is reciprocal, expecting access to resources in exchange for developing technology and training Africa's human resources. That's how India is different to other foreign powers," said Suresh Kumar, head of the Department of African Studies, University of Delhi. "In providing education, technology, development and security, India is a complete partner." Like China, India has posted high economic growth rates since 1990 and the economy in a country of 1.2 billion people is now expanding at more than 8 percent a year. Resources from Africa are seen as crucial to help sustain growth. Total trade between India and African countries stood at $46 billion last year, still less than half of China's $108 billion in 2008, but a huge increase on $3 billion in 20001. India says it will reach $70 billion by 2015. Beijing also leads the way in diplomatic terms, with 42 embassies across sub-Saharan Africa, double India's

diplomatic presence of only 21 embassies, a report from the London-based Chatham House think-tank said. MAKING UP FOR LOST TIME Indian is keen to trumpet its cultural links with African countries, citing a shared history of imperialism and trade routes established hundreds of years ago. The Indian diasporas in Africa tops 2 million people, but it is mainly concentrated in South Africa, the Indian Ocean and some countries along the Eastern seaboard such as Kenya. "The private sector is pushing the Indian government to engage on Africa more consistently and to expand its network," said Alex Vines, head of Chatham House's Africa Programme. Prime Minister Manmohan Singh, on a six-day trip to Ethiopia and Tanzania this week, pledged $5 billion over three years in development support, $700 million for new institutions and training programmes and $300 million for an Ethiopia-Djibouti railway line. "India can be blamed for waking up late to the African opportunity, but can make up for lost time by projecting itself as a more humane investor than its northern neighbour," wrote India's Hindustan Times newspaper in an editorial. While India, and other emerging economies, see Africa as an important supplier and customer to drive growth, it is a sign of New Delhi's growing global economic and political clout, that it is seeking to play a leading role in Africa's development. "Africa is determined to partner in India's economic resurgence as India is committed to be a close partner in Africa's renaissance," said the declaration after the second Africa-India summit in Ethiopia this week. India's state-run oil firms are beginning to invest in countries including Nigeria and Kenya, coal and diamond firms have invested across the continent, and new embassies in Niger and Malawi have been opened to assist firms with securing uranium for India's fast-growing nuclear power industry. PRIVATE SECTOR PUSH India is also keen to leverage its global expertise in the

information technology, agriculture and human resource sectors in helping African countries, many of which face similar developmental hurdles that India itself is grappling with. While China has snapped up resources through governmental agreements, India's government wants the private sector to spearhead the push to secure investments across the continent. "India's engagement with Africa is completely different with that of China. With China its state-to-state, even if the investors are private companies," said Zemedeneh Negatu, Ernst & Young's Managing Partner for Ethiopia. Indian telecoms firm Bharti Airtel spent $9 billion acquiring Zain's African assets last year, with a view to implementing strategies in Africa that were developed in the world's fastest-growing mobile market. Largely thanks to the Bharti deal, India was the most acquisitive nation in Africa in 2010. With African consumer spending set to nearly double to $1.4 trillion by 2020, according to McKinsey and Co., Indian consumer goods makers are also pushing hard across the continent. Godrej Consumer has bought personal care products makers in Nigeria and South Africa, while Dabur India, Marico and Emami have also bought assets. "India's engagement with Africa in the economic sense will be driven by the private sector," said H.H. Viswanathan of the New Delhi-based Observer Research Foundation. "The majority of the top 10 Indian companies in Africa are private firms, not state-run like the Chinese firms." Development assistance aside, as the Indian private sector expands in Africa, the continent is also destined to benefit from job creation as companies seek lower production costs. "Labour costs have become more and more expensive in China and India. Chinese and Indian companies are starting look at destinations where they can do their things cost-competitively," said Ernst & Young's Zemedeneh. "That's where Africa benefits."-Reuters

Iraq more exposed to legal claims as fund winds down Sebastian Tong

raq's vulnerability to creditor and war-reparation claims will rise after June when the trust fund established after the US-led invasion to finance its reconstruction and food purchases is dismantled. The winding down of the Development Fund of Iraq (DFI), set up after the 2003 ouster of Saddam Hussein, could see commercial and sovereign claimants intensify efforts to seize Iraqi assets, often in compensation for events in the first Gulf War. "Uncertainty over the magnitude of any potential claims may present a risk that bond holders may want to take note of," said Jean-Michel Saliba, Bank of America-Merrill Lynch economist. Estimated at $7.5 billion in cash and other liquid assets at the end of 2010, the fund holds the bulk of proceeds from Iraqi carbon and oil export sales. To allow it to focus spending on national reconstruction, food and debt restructuring, the United Nations granted the fund immunity from legal claims. But this protection ends in July when the DFI is replaced, most likely by two separate accounts held at the New York Federal Reserve -- including one to

hold 5 percent of Iraqi oil revenues due to Kuwait for war reparation. "The question is whether there is any pending litigation and whether creditors will initiate action. It's a tail risk," said a holder of Iraqi bonds. With crude trading well above the $85 per barrel that Iraq's 2012 budget assumes, appetite for Iraq's global bonds of restructured Saddam-era commercial claims is strong. The bonds, worth $2.7 billion in sum, are trading at a yield of around 6.85 percent, close to their lowest since their 2006 issue. But Iraqi debt still pays a bigger premium over US Treasuries compared to the JPMorgan EMBI Global Index, trading at 342 basis points compared to the benchmark's 314 bps. mid-April. This could be partly due to concern over the end of the DFI but I definitely don't see a selloff," said Ashok Parameswaran, senior analyst at Invesco. Given its moderate public debt -- which the International Monetary Fund sees hitting 40 percent of output this year - and its wealth of natural resources, Iraqi debt should be trading through the index, said Invesco's Parameswaran. But bond prices remain checked by uncertainty ahead of the US troop with-

drawal at the end of this year and the chronic acts of violence that test the coalition government, he said. WAR REPARATIONS Still, Iraqi finances have improved post-Saddam. In 2003, the country's external debt was $130-$140 billion but that went down to about $88 billion last year. The Paris Club of 19 rich creditor nations agreed in 2004 to write off 80 per cent of roughly $40 billion debt to Iraq. Progress on debt forgiveness talks with non-Paris Club creditors remains uneven though the United Arab Emirate cancelled Iraq's debt in 2008. Estimates of Iraq's non-Paris Club debt vary but Kuwait, Turkey and Saudi Arabia are among the notable hold outs. Saudi Arabia is owed about $30 billion while Kuwait is owed some $22 billion in addition to war reparations likely to be fully repaid by 2016, BAMerrill Lynch estimates. Most analysts expect the remaining sovereign creditors to reach some agreement on debt forgiveness for Iraq. "There are few signs that these countries will pursue their claims. It's more politics rather than finance," said Gabriel Sterne, senior economist at Exotix. But war-related compensation remains an ongoing concern.

Last month, Iraq's parliament agreed to a $400 million deal to compensate Americans held by Saddam as human shields during the 1990-1991 Gulf War. The expiry of UN restrictions on financial claims on Iraqi oil assets could fuel other legal claims. Baghdad remains in a long-running legal battle against Kuwait Airways which is seeking $1.2 billion from state-owned Iraqi Airways in compensation for aircraft and parts seized when Iraq invaded Kuwait in 1990. Though Kuwait Airways has obtained rulings in its favour, the UN protection on the bulk of Iraq's national revenues has hobbled its ability to enforce them. This month, Kuwait Airways successfully seized millions of dollars from bank accounts in Jordan and the UK belonging to Iraqi Airways and other Iraqi state entities. "Up to now it's not possible to seize Iraqi oil proceeds due to the UN resolution but after June, it makes it possible to do so," Christopher Gooding, the lawyer acting for Kuwait Airways, told Reuters. "It has been a long process but Iraq is beginning to re-enter the trading and commercial world and it will feel increasing pressure," he added.-Reuters

Saturday, May 28, 2011

Market

KSE 100 Index

Symbols

Volume

79,641,110

Value

4,024,577,096

Trades

57,794

Advanced Declined Unchanged Total

Current High Low Change

130 124 90 344

All Share Index

12,225.52 12,241.35 12,174.52 h27.40

Current High Low Change

8,502.94 8,515.05 8,470.43 h17.82

OIL AND GAS

Company

Paid up Cap(mn)

High Low 1,533.81 1,512.49 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.43 32.54

Open

High

Low

Attock Petroleum 691 6.89 382.04 Attock Refinery 853 4.39 131.80 BYCO Petroleum 3921 9.47 Mari Gas Company 735 4.51 108.24 National Refinery 800 5.04 350.10 Oil & Gas Development 43009 10.17 150.55 Pak Petroleum 11950 7.80 212.18 Pak Oilfields 2365 7.40 333.97 Pak Refinery Limited 350 48.72 87.87 P.S.O XD 1715 4.08 286.95 Shell Gas LPG 226 - 22.97 Shell Pakistan 685 7.99 229.13

384.00 138.38 9.95 113.00 367.60 151.30 214.50 336.90 89.25 287.70 23.50 231.00

380.20 131.80 9.29 106.80 352.16 149.80 211.25 333.20 86.11 285.00 23.44 224.10

Close Chg 381.46 133.77 9.58 110.18 365.18 150.34 213.46 335.64 87.21 285.27 23.50 224.82

-0.58 1.97 0.11 1.94 15.08 -0.21 1.28 1.67 -0.66 -1.68 0.53 -4.31

Current High Low Change

KMI 30 Index Current High Low Change

11,846.24 11,861.90 11,793.00 h24.39

20,765.09 20,781.68 20,665.06 h74.54

Last 60 days High Low

Volume 171551 3862663 4460799 111330 1148221 285740 585709 1680644 250713 301511 1400 17674

387.98 138.38 10.43 113.95 367.60 158.80 216.50 337.50 110.50 294.49 28.29 231.00

338.18 111.40 7.93 98.50 277.25 128.21 199.50 307.50 81.23 269.47 22.11 192.67

% Change 0.28 5-Day High 1,523.45 5-Day Low 1,497.07

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

2011 Div BR (%) (%)

20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -

CHEMICALS

Company

Paid up Cap(mn)

Open

Bawany Air

3.52

7.23

BOC (Pak)

250

7.20

96.47

Clariant Pak

341

4.97 162.48

Dawood Hercules

4813

Descon Chemical

1996

Descon Oxychem Ltd.

3.75

64.71

High

Open 758.94 Turnover 127,657 P/E (x) 5.42 Company

High Low 791.57 757.17 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.38 25.53

Close 787.79 Listed cap 3,242.17 mn Payout (%) 11.08

Change 28.86 Market cap 13,002.68 mn Div Yield (%) 2.04

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

7.54 8.44

78.18 29.15

82.08 29.50

78.30 28.50

81.99 3.81 28.77 -0.38

126103 1554

82.08 33.00

Pak Int Cont. Terminal PNSC

66.03 25.18

Close Chg

Close 1,861.43 Listed cap 52,251.88 mn Payout (%) 48.81

Change 5.87 Market cap 382,358.09 mn Div Yield (%) 5.51

Last 60 days High Low

Volume

% Change 0.32 5-Day High 1,861.43 5-Day Low 1,835.82

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Open 1,146.11 Turnover 150,070 P/E (x) 3.85

High Low 1,155.14 1,128.15 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.98 25.35

Close 1,143.62 Listed cap 6,768.53 mn Payout (%) 20.42

Last 60 days High Low

Open

High

Low

Close Chg

Volume

72.73

73.00

71.50

71.78 -0.95

2240

74.85

70.00

101

5.62 212.00

213.25 211.25 211.67 -0.33

10835

216.30

185.00

100

626

9.27 148.02

148.75 147.00 148.52

1836

153.93

130.01

2.45

1.50

3.40

3.21

3.21 -0.04

28011

4.50

2.16

Honda Atlas Cars

1428

16633

3.23

8.00 -0.20

608290

9.60

2.33

2.38 0.01

341872

3.10

2.11

1442861 238.50

188.55

20B

12.84

12.50

12.80 0.01

252911

13.60

11.75

1849459 145.21

141.32 140.00 140.93 0.37

2.00

6.51

Fauji Fertilizer XD

8482

8.67 140.56

120.20

130

25B 45.00

Fauji Fert. Bin Qasim

9341

6.44

42.63

43.24

42.52

43.04 0.41

3146761

43.89

37.86

65.5

- 12.50

725 10.45

12.66

12.89

12.42

12.44 -0.22

158526

14.49

10.65

48951

172.00

148.02

175

158.99 157.10 158.10 0.07

360

4.36

31.02

32.57

30.00

30.00 -1.02

2505

32.57

20.11

15142

4.24

15.20

15.42

15.15

15.17 -0.03

2890533

17.36

14.64

0.99

1.35

0.23

0.93 -0.06

731

1.40

0.18

1106 11.30

2.55

2.64

2.54

2.60 0.05

327067

3.40

2.26

Shaffi Chemical

120 29.00

2.01

2.32

2.01

2.32 0.31

608

2.99

1.66

Sitara Chem Ind

214

2.49 100.35

101.40

112.45

96.37

Sitara Peroxide

551

99.00 100.37 0.02

2425

18.40

18.02

18.10 -0.23

214316

19.99

12.66

15.99

14.30

15.41 0.13

1010

16.50

13.00

35.90

35.50

35.60 -0.14

2339

37.99

34.19

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,135.51 Turnover 9,161 P/E (x) 5.54

High Low 1,150.06 1,127.69 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

Close 1,146.48 Listed cap 1,186.83 mn Payout (%) 25.28

Change 10.97 Market cap 3,162.71 mn Div Yield (%) 4.57

Last 60 days High Low

% Change 0.97 5-Day High 1,146.48 5-Day Low 1,088.72

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Century Paper

707

16.90

17.00

16.80

16.89 -0.01

3590

17.50

13.85

Security Paper

411

7.51

2010 Div BR (%) (%)

2011 Div BR (%) (%)

41.70

42.50

41.35

42.45 0.75

5571

42.80

36.00

INDUSTRIAL METALS AND MINING

67.19

Open 1,022.04 Turnover 121,839 P/E (x) 3.32 High

High Low 1,046.27 1,014.79 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.10 33.10 Low

Close Chg

Close 1,026.64 Listed cap 3,596.11 mn Payout (%) 30.91

Volume

Company

Paid up Cap(mn)

2010 Div BR (%) (%)

27.77 2.02 12.05

27.90 2.15 12.01

27.26 1.95 12.00

27.27 -0.50 2.07 0.05 12.01 -0.04

12151 40906 1708

29.75 2.42 14.90

25.67 1.62 11.05

30 -

- 20.00 25B 15.00

International Ind Metro Steel Siddiqsons Tin

1199 9.19 310 785 26.20

50.52 10.05 8.97

51.61 10.75 9.80

50.61 9.05 8.93

51.35 0.83 9.09 -0.96 9.17 0.20

63621 1287 2166

54.50 14.89 9.98

48.51 8.97 8.55

40 7.5

20B 15.00 -

Paid up Cap(mn)

Open

High

Low

Close Chg

1828

2.75

2.85

2.80

2.80 0.05

866 6.96 182 956 47.62 982 15.31

53.50 16.00 9.91 2.05

55.95 16.45 10.00 2.05

53.01 16.01 9.50 1.77

54.97 16.30 10.00 1.99

Dewan Cement DG Khan Cement Ltd

3891 3651 31.61

1.61 23.45

1.69 24.50

1.55 23.22

Fauji Cement Fecto Cement

6933 502

7.76 5.46

4.39 6.90

4.56 6.90

4.35 6.30

Flying Cement Ltd Kohat Cement

1760 1288

1.40 6.51

1.49 6.78

13126 76.50 3234 5.82 5261 -

3.02 71.06 2.22

Company

Attock Cement Berger Paints Cherat Cement Dadabhoy Cement

Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

15001

3.23

2.31

- 100R

26019 6634 26839 27396

56.70 17.40 11.90 2.24

49.11 13.55 8.81 1.50

50 - 122R -

1.62 0.01 23.71 0.26

10664 6457785

2.05 26.44

1.36 21.31

20R

4.50 0.11 6.33 -0.57

1207343 1165

4.69 8.90

3.99 6.10

92R -

1.35 6.65

1.41 0.01 6.70 0.19

73912 24788

1.84 7.87

1.26 5.25

3.10 72.45 2.27

3.00 70.90 2.19

3.06 0.04 71.59 0.53 2.20 -0.02

341499 832469 45583

3.45 73.69 2.89

2.10 62.50 1.97

40 -

1.47 0.30 0.09 -0.06

417

8.75

9.75

9.75 1.00

500

12.58

7.25

- 210R

5.33 5.63 6.10

5.47 5.60 6.09

5.22 5.60 6.00

5.23 -0.10 5.63 0.00 6.09 -0.01

17104 490 2342

6.40 7.25 8.50

4.50 4.41 5.25

- 100R

Thatta Cement XR

798

16.20

17.20

17.00

17.18 0.98

12100

19.19

16.50

50R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 981.94 Turnover 138,077 P/E (x) 2.79

High Low 1,020.40 975.43 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91

Close 978.93 Listed cap 3,043.31 mn Payout (%) 15.55

Change -3.01 Market cap 36,396.01 mn Div Yield (%) 5.56

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

115 230

2.49 -

51.21 1.45

51.21 1.65

50.15 1.45

50.73 -0.48 1.47 0.02

5498 11401

1067

5.83

57.11

58.00

56.30

57.26 0.15

% Change -0.31 5-Day High 981.94 5-Day Low 966.22

2010 Div BR (%) (%)

2011 Div BR (%) (%)

56.90 2.68

46.45 1.31

20 -

25B -

50R -

7976

58.00

49.00

10B

MACPAC Films Merit Pack Packages Ltd

389 2.50 12.69 47 12.15 28.00 844 18.49 112.40

13.25 12.25 12.54 -0.15 27.75 27.20 27.10 -0.90 118.00 110.60 110.93 -1.47

28729 3561 3780

15.21 32.00 124.50

6.06 26.20 103.01

32.5

Tri-Pack Films

300

176.75 169.00 171.06 1.57

77109

176.75

126.51

100

6.67 169.49

Open 1,618.31 Turnover 13,324 P/E (x) 8.14

Ados Pak

Open

3.07

8.38

High Low 1,626.25 1,608.61 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.09 38.02

High

Low

8.70

8.20

Close Chg 8.38

0.00

Close Chg

Close 2,113.82 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 23.20 Market cap 297,368.43 mn Div Yield (%) 0.63

Last 60 days High Low

% Change 1.11 5-Day High 2,116.04 5-Day Low 2,090.62

2010 Div BR (%) (%)

2011 Div BR (%) (%)

5.05 17.00 48.00

5.00 16.85 47.00

5.03 17.00 46.95

-0.87 1.00 0.00

1000 8523 230

6.90 17.00 54.20

4.10 11.50 37.65

25 50

Ansari Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Dewan Sugar Fecto Sugar Habib Sugar Hussein Sugar XR J D W Sugar

244 87 287 990 365 146 750 121 539

0.69 7.05 4.27 0.65 1.40

7.66 7.75 9.02 2.79 2.55 38.00 23.95 10.94 82.75

8.66 8.50 10.02 2.99 2.55 38.00 24.00 11.94 82.10

8.10 8.20 9.99 2.70 2.55 38.00 23.76 11.94 78.62

8.10 8.50 10.00 2.82 2.55 38.00 23.98 10.94 78.90

0.44 0.75 0.98 0.03 0.00 0.00 0.03 0.00 -3.85

5500 2141 5200 5001 10000 4998 54385 328 11900

8.95 9.25 10.20 3.75 3.70 50.00 24.50 11.94 83.95

5.45 5.25 8.00 2.11 2.16 35.07 21.00 8.00 71.22

10 25 25B 7010B 12.5R

Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods

109 157 84 141 414

0.63 1.88 2.74 0.36 12.15

3.00 62.00 42.54 3.35 67.00

3.50 62.49 43.99 3.40 70.35

3.20 61.25 42.00 3.30 67.44

3.35 62.07 42.54 3.40 70.35

0.35 0.07 0.00 0.05 3.35

2500 17896 252 2200 37004

4.69 62.49 49.80 4.18 70.35

2.45 50.30 39.51 2.50 52.01

35 15 10 12

Noon Pakistan Noon Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills

48 165 107 223 119 211 120 695

5.72 1.78 6.45 20.00 1.70 1.15 2.04 0.43

22.03 16.61 2.70 2.05 12.22 9.45 68.15 6.20

22.00 16.50 2.84 2.20 12.25 9.85 71.50 6.40

20.93 16.50 2.75 2.20 11.99 9.50 66.00 6.05

21.01 16.61 2.84 2.20 12.00 9.80 71.35 6.06

-1.02 0.00 0.14 0.15 -0.22 0.35 3.20 -0.14

1601 300 10000 2500 5624 3722 8300 8239

23.70 21.80 3.90 3.00 13.01 9.90 71.50 7.49

19.75 10.11 2.20 1.60 11.26 7.91 59.72 4.01

12 15 10 -

-40.49R -

20B 15.00 20B -

10B -

Company

Paid up Cap(mn)

High Low 793.63 755.88 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.15 10.64

Open

High

Low

Gauhar Engineering Ltd 22 Pak Elektron 1219 Singer Pak XB 375 140.00 Tariq Glass Ind 231 1.59

0.61 8.19 19.19 12.03

0.80 8.44 20.13 12.20

0.70 8.00 18.19 11.95

Close Chg 0.80 8.02 18.20 12.02

0.19 -0.17 -0.99 -0.01

Close 757.51 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 1000 111571 2098 16504

Open 971.85 Turnover 12,514,758 P/E (x) 5.49 Company

Paid up Cap(mn)

Ali Asghar Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Crescent Jute Crescent Textile Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Fazal Textile Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd Ibrahim Fibres Khalid Siraj Kohinoor Ind Kohinoor Textile Masood Textile Mohd Farooq Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Premium Textile Prosperity Ravi Textile Rupali Poly Salman Noman Samin Textile Sana Ind Saritow Spinning Service Ind XD Shahtaj Textile Thal Ltd Treet Corp Zil Limited

222 2594 840 4493 76 76 238 492 591 978 110 62 635 146 222 716 3105 107 303 2455 600 189 1620 3516 34 560 62 185 250 341 42 267 55 133 120 97 307 418 53

High Low 977.99 966.10 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.47 8.64

Change -15.66 Market cap 4,163.71 mn Div Yield (%) 4.31

Last 60 days High Low

2010 Div BR (%) (%)

2.79 14.50 22.22 15.20

17.5

0.25 7.26 14.71 11.20

Open

High

Low

7.31 0.75 6.03 3.58 2.12 0.62 3.02 3.16 0.39 0.46 0.80 3.22 0.38 5.06 1.59 4.04 5.46 2.47 0.72 0.96 3.02 0.77 2.44 3.01 0.34 3.03 1.44 6.83 6.77

1.00 2.11 22.00 6.58 18.03 510.67 0.65 13.32 35.91 2.35 26.00 300.00 50.01 7.24 10.96 3.96 45.02 1.35 1.13 4.30 17.45 0.90 25.84 60.06 2.00 19.53 28.35 15.20 0.97 39.51 3.39 5.00 40.01 1.78 177.46 24.50 104.90 55.38 62.46

1.00 2.21 23.10 6.80 18.60 536.20 0.89 13.99 35.80 3.30 27.30 314.00 50.01 7.25 11.00 4.10 45.30 1.60 1.24 4.50 17.16 0.85 26.40 61.99 2.25 20.25 29.76 15.45 1.02 40.25 3.75 4.77 40.00 1.97 182.00 25.72 106.00 55.88 65.00

0.85 2.06 22.50 6.41 17.80 510.00 0.26 13.99 35.00 2.30 26.00 314.00 50.01 7.05 10.99 3.98 44.99 1.10 0.75 4.07 17.15 0.85 25.60 60.10 1.52 18.55 29.65 14.80 0.72 40.01 3.35 4.73 39.70 1.58 177.00 25.50 104.05 53.35 61.05

Close Chg 0.91 2.20 23.10 6.71 18.00 512.15 0.60 13.32 35.42 3.22 26.01 314.00 50.01 7.25 11.00 3.99 45.09 1.40 1.16 4.40 17.15 0.85 26.25 61.56 1.52 19.78 29.76 14.80 1.00 40.07 3.75 5.00 39.70 1.76 177.39 25.72 104.79 54.67 62.46

-0.09 0.09 1.10 0.13 -0.03 1.48 -0.05 0.00 -0.49 0.87 0.01 14.00 0.00 0.01 0.04 0.03 0.07 0.05 0.03 0.10 -0.30 -0.05 0.41 1.50 -0.48 0.25 1.41 -0.40 0.03 0.56 0.36 0.00 -0.31 -0.02 -0.07 1.22 -0.11 -0.71 0.00

Close 972.33 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 1040 156503 2361 4918533 2504 8391 3515 125 2083 7250 4279 1000 400 10040 5576 54986 1100 9903 20563 2450 1000 1365 548609 6525602 1000 1642 1020 810 62104 2830 15000 259 2120 1200 10602 783 71533 54255 113

10B 10B -

Change 0.48 Market cap 126,913.70 mn Div Yield (%) 3.04

Last 60 days High Low 1.45 3.25 23.13 9.79 23.27 593.99 1.40 17.88 49.05 5.00 28.74 430.42 53.65 9.15 11.68 5.20 50.74 1.79 1.80 5.58 18.89 1.69 29.50 66.75 2.85 21.21 33.07 16.90 1.74 44.40 4.75 7.40 41.98 2.33 215.44 26.29 117.40 59.20 69.40

Change -3.89 Market cap 32,811.68 mn Div Yield (%) 16.16

Last 60 days High Low

% Change -0.24 5-Day High 1,620.29 5-Day Low 1,613.04

% Change -2.03 5-Day High 773.17 5-Day Low 740.39 2011 Div BR (%) (%) - 200R

0.61 1.81 18.55 4.40 15.26 411.00 0.25 12.50 34.50 1.81 24.25 274.60 35.50 6.30 9.20 3.76 43.25 0.92 0.75 3.60 16.70 0.51 23.15 56.80 1.01 15.30 24.85 13.60 0.40 38.05 1.90 4.10 36.50 1.22 154.00 20.90 97.00 46.00 55.00

2010 Div BR (%) (%) - 30B 20 20 280 15 5 15B 35 100 12.5 10 10 20B 10 20 15 100R 15 25 45R 50 30 40 5B - 100R 60 75 45 80 20B 50 900B 35 -

% Change 0.05 5-Day High 972.33 5-Day Low 960.40

2010 Div BR (%) (%)

2011 Div BR (%) (%)

645

12.40

7.40

AL-Ghazi Tractor Bolan Casting

215 104

4.06 237.97 4.73 47.83

238.00 235.00 235.00 -2.97 48.10 46.21 47.87 0.04

1670 604

239.00 52.25

199.05 42.70

400 25

10B

Ghandhara Ind Millat Tractors

213 10.13 8.50 366 8.21 541.55

8.75 8.30 8.51 0.01 545.00 539.17 540.43 -1.12

1324 9029

10.84 547.70

8.01 504.00

650

25B325.00

Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

Paid up Cap(mn) 979 250 1963 182 200 96 306

Open

5.70 93.83 7.74 92.46 10.57 74.00 6.13 26.60 3.95 9.90 - 145.06 6.02 60.00

High

High Low 975.12 961.48 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.52 22.31 Low

Close Chg

93.01 92.01 92.95 -0.88 93.50 93.00 93.50 1.04 74.27 73.81 74.00 0.00 26.85 25.90 26.50 -0.10 10.70 9.60 9.63 -0.27 146.00 145.50 145.50 0.44 61.84 59.06 61.66 1.66

Close 969.74 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 3290 501 8192 4269 3024 298 6586

Change 2.27 Market cap 31,411.84 mn Div Yield (%) 6.55

Last 60 days High Low 94.00 99.49 90.00 33.50 12.80 168.00 66.15

Total Assets (Rs in mn)

MA (10-day)

1.42

Total Equity (Rs in mn)

MA (100-day)

1.58

Revenue (Rs in mn)

MA (200-day)

2.03

Interest Expense

1st Support

1.45

Loss after Taxation

2nd Support

1.41

EPS 09 (Rs)

1st Resistance

1.49

Book value / share (Rs)

2nd Resistance

1.49

PE 10 E (x)

Pivot

1.45

PBV (x)

81.00 86.90 68.65 24.51 9.35 143.10 58.05

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

59,223.06 4,958.87 5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.28

KASBB closed down -0.01 at 1.44. Volume was 36 per cent below average and Bollinger Bands were 43 per cent narrower than normal. The company's loss after taxation stood at Rs549.366 million which translates into a Loss Per Share of Rs0.58 for the 1st quarter of current calendar year (1QCY11). KASBB is currently 29.1 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 KASBB (mildly bullish). Trend forecasting oscillators are currently bullish on KASBB.

Meezan Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

54.82

Total Assets (Rs in mn)

MA (10-day)

17.51

Total Equity (Rs in mn)

MA (100-day)

18.16

Revenue (Rs in mn)

MA (200-day)

16.71

Interest Expense

124,181.73

4,969.92

1st Support

17.70

Profit after Taxation

1,025.35

2nd Support

17.35

EPS 09 (Rs)

1st Resistance

18.20

Book value / share (Rs)

2nd Resistance

18.35

PE 10 E (x)

6.16

Pivot

17.85

PBV (x)

1.30

9,184.46 10,102.06

1.71 13.81

MEBL closed up 0.49 at 18.00. Volume was 28 per cent below average and Bollinger Bands were 22 per cent narrower than normal. The company's profit after taxation stood at Rs585.599 million which translates into an Earning Per Share of Rs0.73 for the 1st quarter of current calendar year (1QCY11). MEBL is currently 7.7 per cent above 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 into MEBL (mildly bullish). Trend forecasting oscillators are currently bearish on MEBL.

Nimir Industrial Chemicals Limited

Fundamental Highlights As on Jun 30, 2010

RSI (14-day)

53.04

Total Assets (Rs in mn)

MA (10-day)

2.44

Total Equity (Rs in mn)

MA (100-day)

2.50

Revenue (Rs in mn)

MA (200-day)

2.01

Interest Expense

1st Support

2.56

Profit after Taxation

2nd Support

2.50

EPS 10 (Rs)

1st Resistance

2.66

Book value / share (Rs)

2nd Resistance

2.70

PE 11 E (x)

Pivot

2.60

PBV (x)

1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 11.47 4.84

NICL closed up 0.05 at 2.60. Volume was 81 per cent below average (consolidating) and Bollinger Bands were 55 per cent narrower 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 27.0 per cent above 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 NICL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NICL.

Lafarge Pakistan Cement Limited

2011 Div BR (%) (%) -

PHARMA AND BIO TECH Open 967.47 Turnover 26,173 P/E (x) 6.80

54.90

Technical Analysis

Performance of SR Household Goods Index Open 773.17 Turnover 131,173 P/E (x) 1.45

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

Performance of SR Pharma and Bio Tech Index

Close 1,614.42 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

High Low 2,128.72 2,081.07 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.74 30.30

- 50.00

5.90 16.00 46.95

INDUSTRIAL ENGINEERING

Paid up Cap(mn)

0.83 1.00 2.69

Performance of SR Industrial Engineering Index

Company

150

60.00

PERSONAL GOODS

2271 200 361

Ghani Glass

205.51

76.90

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186

% Change 0.98 5-Day High 891.37 5-Day Low 852.15

Pioneer Cement Safe Mix Concrete Shabbir Tiles

Company

9.00

235.00

1437

Performance of SR Personal Goods Index

Change 8.66 Market cap 64,300.30 mn Div Yield (%) 3.26

Mustehkam Cement

Cherat Papersack ECOPACK Ltd

10.88

5615

Low

CONSTRUCTION AND MATERIALS

Al-Abbas Cement

67500

High

Performance of SR Construction and Materials Index Close 891.37 Listed cap 54,792.74 mn Payout (%) 19.04

67.14 -0.05

Open

2011 Div BR (%) (%)

565 1.85 675 555 21.45

High Low 906.34 876.88 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.41 7.10

66.75

% Change 0.45 5-Day High 1,026.64 5-Day Low 1,011.66

Crescent Steel Dost Steels Ltd Huffaz Pipe XD

Open 882.71 Turnover 9,129,168 P/E (x) 5.83

68.84

HOUSEHOLD GOODS

Change 4.60 Market cap 9,523.27 mn Div Yield (%) 9.31

Last 60 days High Low

223.00 217.60 222.00 -1.31

Open 2,090.62 Turnover 209,728 P/E (x) 48.66

Performance of SR Industrial Metals and Mining Index

Open

0.53

Performance of SR Food Producers Index

2.30 -0.08

7.75

12.79

10.08

2.24

2.49

Company

9.50

FOOD PRODUCERS

22000

Paid up Cap(mn)

10.10

Company

3.25

35.74

50 300B

- 27.5R

15.28

450

56.10

10.70

18.33

Ghandhara Nissan

294.00

13.95

823 15.12

1360720

5.03

786

12.16 -0.10

5.60

Pak Suzuki

12.01

22.01

Indus Motors

12.67

26.17

12.26

Wah-Noble

16004

United Distributors

24.00 -0.21

6635

Nimir Ind Chemical

175.27

24.00

Engro Polymer

Mandviwala

206.99

24.75

8.30

24.21

2.38

15B

4.57

196.00 193.40 195.06 0.96

25B

239501

20B

15B 65.00

598

9.55

329

2011 Div BR (%) (%)

General Tyre

6.66

2010 Div BR (%) (%)

Exide (PAK)

7.67 223.31

204.32 198.10 202.79

16262

10R

2.37

Ittehad Chemical

0.50

1.62 -0.08

8.20

Lotte Pakistan

1.61

135

2.38

8.78 158.03

4.97 196.13

1.69

87.71

1388

1.70

140.00

3663

ICI Pakistan

99.80

3933

Ghani Gases Ltd

1087

201.40

1020 11.76

Fatima Fertilizer

Dewan Motors

4617

Dewan Salman

Atlas Honda

1200

Engro Corporation Ltd

8.72 194.10

Atlas Battery

500

64.58 -0.13

% Change -0.22 5-Day High 1,147.28 5-Day Low 1,138.10

7.00 -0.23

63.99

4.42

95.60 -0.87

65.00

144

7.00

2011 Div BR (%) (%)

Paid up Cap(mn)

Agriautos Ind

95.00

6.41

40 15

Change -2.49 Market cap 42,567.55 mn Div Yield (%) 5.31

7.50

9.45

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

95.75

164.40 162.32 162.91 0.43

% Change 3.80 5-Day High 787.79 5-Day Low 701.41

Performance of SR Automobile and Parts Index

Company

High Low 1,871.70 1,846.85 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.10 35.00 Low

KASB Bank Limited

Performance of SR Industrial Transportation Index

Close Change 1,523.45 4.25 Listed cap Market cap 65,194.15 mn 1,127,820.06 mn Payout (%) Div Yield (%) 55.94 5.30

Performance of SR Chemicals Index Open 1,855.57 Turnover 12,644,845 P/E (x) 8.85

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,519.20 Turnover 8,417,156 P/E (x) 10.55

KSE 30 Index

% Change 0.23 5-Day High 969.74 5-Day Low 954.15 2011 Div BR (%) (%)

20B 12.50 15B 10B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

57.78

Total Assets (Rs in mn)

MA (10-day)

2.88

Total Equity (Rs in mn)

MA (100-day)

3.10

Revenue (Rs in mn)

MA (200-day)

3.06

Interest Expense

1st Support

3.00

Loss after Taxation

2nd Support

2.95

EPS 09 (Rs)

1st Resistance

3.10

Book value / share (Rs)

2nd Resistance

3.15

PE 10 E (x)

Pivot

3.05

PBV (x)

19,704.24 9,763.73 8,129.96 1,230.81 (1,278.96) (0.974) 7.44 0.41

LPCL closed up 0.04 at 3.06. Volume was 71 per cent below average (consolidating) and Bollinger Bands were 32 per cent narrower than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 0.01 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 LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL.

BOOK CLOSURES Company

From

Shakarganj Mills # Pakistan Telephone Cables Haydari Construction # Fazal Cloth Mills # Nimir Ind Chemicals Thatta Cement Sapphire Fibres Sapphire Textile Mills Habib ADM # Cherat Papersacek # Husein Sugar Mills # MCB Bank Shaheen Insurance # Ittehad Chemicals # (TFC) Engro Fertiliser Crescent Steel (Un-Consolidated) Lotte Pakistan Pta # PTCL OGDC Fauji Fertiliser Bin Qasim Hinopak Motors Atlas Honda Invest Cap Inv Bank

28-May 28-May 28-May 29-May 30-May 31-May 02-Jun 03-Jun 04-Jun 04-Jun 06-Jun 06-Jun 08-Jun 08-Jun 10-Jun 10-Jun 11-Jun 14-Jun 14-Jun 14-Jun 15-Jun 17-Jun 17-Jun

03-Jun 03-Jun 03-Jun 04-Jun 06-Jun 06-Jun 09-Jun 10-Jun 10-Jun 17-Jun 14-Jun 15-Jun 14-Jun 14-Jun 16-Jun 20-Jun 21-Jun 20-Jun 20-Jun 23-Jun 24-Jun 23-Jun

D/B/R 25(R) 30(I) 10(II) 17.5(I) 15(II) 12.5(I) 65,15(B) -

Spot AGM/Date 20-May 25-May 31-May 03-Jun 06-Jun 06-Jun 07-Jun -

04-Jun 06-Jun 06-Jun 10-Jun 10-Jun 15-Jun 15-Jun 14-Jun 16-Jun 20-Jun 23-Jun 24-Jun 23-Jun

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. Media Times LtdXR P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 50.1 2.79 107.39 2.5 40.72 98.7 15.8 2.34 2.88 21.95 3.33

High 49.5 2.85 112.7 2.5 42.75 103.63 16.7 2.45 2.95 22.14 3.45

Low Close 49.2 2.71 107.1 2.44 42.75 97.95 15.3 2.3 2.83 21.67 2.85

49.2 2.81 108.02 2.5 42.75 101 16.64 2.36 2.84 21.73 3.4

Change -0.9 0.02 0.63 0 2.03 2.3 0.84 0.02 -0.04 -0.22 0.07

Vol 2500 351675 2519 2500 1014 11804 507 4969 79526 241672 1015

Saturday, May 28, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 993.68 Turnover 2,261,916 P/E (x) 5.47 Paid up Cap(mn)

Company

High Low 1,015.08 985.69 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.70 12.84

Open

High

Low

Close Chg

Pak Datacom 78 27.89 Pakistan Telecomm Co A 37740 14.30 Telecard 3000 2.97 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

29.90 17.14 1.81 2.24 2.64

29.88 17.49 1.93 2.28 2.74

29.00 17.09 1.70 2.12 2.60

29.01 17.44 1.75 2.16 2.68

-0.89 0.30 -0.06 -0.08 0.04

Close 1,005.88 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1829 2044000 50207 165880 72930

Change 12.20 Market cap 70,084.69 mn Div Yield (%) 11.44

% Change 1.23 5-Day High 1,005.88 5-Day Low 977.51

Last 60 days High Low

2010 Div BR (%) (%)

51.90 18.39 2.35 2.89 3.20

80 17.5 1 -

28.71 16.05 1.40 1.94 2.41

2011 Div BR (%) (%)

- 15.00 -

Atlas Insurance Central Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance XD PICIC Ins Ltd Premier Insurance XD Shaheen Insurance Silver Star Insurance United Insurance

443 3.52 391 1.53 1250 13.63 450 8.02 970 5.92 989 10.18 3000 6.11 350 10.00 303 3.77 250 7.89 291 0.90 496 1.81

28.19 69.01 35.77 11.50 71.00 57.83 17.82 11.23 8.31 12.60 5.20 5.53

Paid up Cap(mn)

Open

High

Low

198 11572 1560 7932 1695 126 8803 Nishat Chunian Power LtdSPOT 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367

7.54 5.21 2.14 5.61 3.06 2.45 6.02 -

0.58 38.00 1.25 2.32 17.25 2.93 44.03 17.13 17.42 21.84 1.41

0.65 38.00 1.29 2.37 17.25 3.20 44.00 17.25 17.66 21.97 1.49

0.53 37.50 1.17 2.31 17.00 2.76 43.60 16.92 17.05 21.00 1.33

Company Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power

Close 1,358.69 Listed cap 95,369.29 mn Payout (%) 104.13

Change -14.46 Market cap 106,257.89 mn Div Yield (%) 7.43

Close Chg

Volume

Last 60 days High Low

0.55 37.53 1.22 2.31 17.25 2.76 43.73 17.00 17.14 21.75 1.36

8021 1594717 29204 22200 151 1002 7637 2151481 1289223 891 6866

0.80 40.75 1.70 2.89 18.25 4.95 44.99 17.25 17.75 23.26 1.98

-0.03 -0.47 -0.03 -0.01 0.00 -0.17 -0.30 -0.13 -0.28 -0.09 -0.05

0.49 36.12 0.97 2.25 15.41 2.11 40.26 14.30 15.45 15.35 1.13

% Change -1.05 5-Day High 1,374.52 5-Day Low 1,358.69

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

7.8R -

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

GAS WATER AND MULTIUTILITIES Open 1,308.21 Turnover 46,207 P/E (x) 8.41 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,327.58 1,286.05 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.96 11.41

Change -2.89 Market cap 29,066.48 mn Div Yield (%) 7.95

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.57 8390 5.01

19.10 22.20

19.45 22.46

18.80 21.80

19.00 -0.10 22.21 0.01

9034 37173

21.87 26.15

17.64 20.52

% Change -0.22 5-Day High 1,317.56 5-Day Low 1,305.32

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

BANKS Performance of SR Banks Index Open 1,168.71 Turnover 10,323,765 P/E (x) 7.50 Paid up Cap(mn)

Company

Open

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 6.12 62.08 7070 5.43 12.07 13492 5.56 10.67 8786 6.01 28.40 5004 2.54 5.65 5288 6.60 5280 10.49 3.80 7327 7.46 9.98 11021 7.54 120.68 Habib Metropolitan Bank XB 10478 5.24 18.09 JS Bank Ltd 8150 51.80 2.70 KASB Bank Ltd 9509 1.45 MCB Bank LtdSPOT 8362 8.51 210.04 Meezan Bank XB 8030 6.16 17.51 Mybank Ltd 5304 2.30 National Bank 16818 4.25 53.97 Network Mic Bank 300 2.56 NIB Bank XR 40437 1.76 Samba Bank 14335 24.88 2.00 Silkbank Ltd 26716 17.94 2.89 Soneri Bank 6023 3.17 6.25 Stand Chart Bank 38716 6.98 8.50 Summit Bank Ltd 7251 3.00 United Bank Ltd 12242 7.58 64.98

High

High Low Close 1,175.97 1,159.50 1,168.71 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low

Close Chg

62.65 62.00 62.09 0.01 12.18 11.83 11.94 -0.13 10.70 10.52 10.56 -0.11 28.45 28.25 28.36 -0.04 5.70 5.43 5.69 0.04 6.73 6.30 6.56 -0.04 3.89 3.80 3.88 0.08 10.00 9.74 9.85 -0.13 121.35 120.05 120.70 0.02 18.30 18.05 18.25 0.16 2.79 2.55 2.59 -0.11 1.45 1.41 1.44 -0.01 210.95 208.75 210.57 0.53 18.00 17.50 18.00 0.49 2.59 2.30 2.30 0.00 54.35 53.66 54.05 0.08 2.87 2.80 2.81 0.25 1.79 1.71 1.72 -0.04 2.00 1.91 1.99 -0.01 2.95 2.85 2.87 -0.02 6.47 6.30 6.33 0.08 8.80 8.30 8.65 0.15 3.09 3.00 3.00 0.00 64.84 64.45 64.51 -0.47

Volume

Change 0.00 Market cap 691,226.02 mn Div Yield (%) 5.40

Last 60 days High Low

15569 70.00 191479 14.90 669895 11.20 692717 30.65 8294 6.25 3949475 7.60 105567 4.18 65085 14.44 77246 131.00 48063 24.23 137481 3.15 211916 1.69 266573 230.80 113091 19.70 15792 2.65 1926814 81.78 50810 3.49 651519 2.30 22505 2.20 972513 3.00 25474 6.99 8001 9.90 207257 3.58 97886 67.25

57.00 10.90 9.01 26.95 3.30 4.51 3.26 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.31 7.20 2.36 56.70

% Change 0.00 5-Day High 1,168.71 5-Day Low 1,147.06

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

20R -

NON LIFE INSURANCE Open 762.23 Turnover 976,632 P/E (x) 11.22 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

PE 7.33

Open 67.82

High 69.25

High Low 777.62 757.77 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.58 5.20 Low 67.75

Close Chg 68.27 0.45

Close 766.66 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 544341

Change 4.44 Market cap 46,996.31 mn Div Yield (%) 7.09

Last 60 days High Low 83.40

62.00

% Change 0.58 5-Day High 766.66 5-Day Low 741.76

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

42.50 115.90 38.90 16.05 103.00 74.90 20.80 13.00 13.27 14.49 7.51 8.49

26.00 65.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 8.85 4.56 4.75

40 20B 25 50B 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 15B - 24B -

25R -

High Low 876.98 849.88 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.58 3.85

Close 850.70 Listed cap 2,290.72 mn Payout (%) 355.53

Change -10.77 Market cap 9,465.20 mn Div Yield (%) 3.82

% Change -1.25 5-Day High 861.47 5-Day Low 822.71

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.22

16.18

17.14

17.11

16.18 0.00

200

17.98

EFU Life Assurance

850

8.79

63.28

64.90

62.00

62.56 -0.72

5860

64.90

50.70

New Jub Life Insurance

627 13.99

52.98

52.50

52.00

52.04 -0.94

489

54.00

42.98

2010 Div BR (%) (%)

14.02

2011 Div BR (%) (%) -

FINANCIAL SERVICES Performance of SR Financial Services Index Open 314.09 Turnover 6,718,931 P/E (x) 11.60 Paid up Cap(mn)

High Low 321.61 303.54 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.20 0.91

Open

High

Low

225 0.90 360 5.82 450 18.47 3750 3.15 150 2.38 250 First Credit & Invest Bank Ltd 650 First National Equity 575 Grays Leasing 215 IGI Investment Bank 2121 9.68 Invest and Fin Sec 600 21.73 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.65 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 6.40 JS Investment 1000 48.08 KASB Securities 1000 Orix Leasing 821 3.45 Pervez Ahmed Sec 775 6.32 Trust Brokerage 100 Trust Inv Bank 586 0.31

0.46 22.31 17.01 23.38 1.50 1.42 5.00 2.70 3.00 1.83 8.00 0.35 2.90 1.50 8.15 2.97 22.46 6.01 3.70 5.60 1.84 2.75 1.25

0.48 22.85 17.65 24.11 1.65 1.49 5.25 2.80 3.00 1.90 8.18 0.38 3.24 1.58 8.25 3.00 22.74 6.19 3.84 5.70 1.86 2.75 1.47

0.41 22.20 17.00 23.07 1.50 1.49 4.60 2.05 3.00 1.84 8.00 0.31 2.81 1.42 7.80 2.87 21.50 5.72 3.70 5.60 1.74 2.75 1.10

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities

Close Chg 0.43 22.81 17.55 23.53 1.50 1.42 5.04 2.50 3.00 1.84 8.04 0.32 2.89 1.45 7.94 2.92 22.28 5.77 3.71 5.69 1.77 2.75 1.26

-0.03 0.50 0.54 0.15 0.00 0.00 0.04 -0.20 0.00 0.01 0.04 -0.03 -0.01 -0.05 -0.21 -0.05 -0.18 -0.24 0.01 0.09 -0.07 0.00 0.01

Close 308.84 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 5108 1002 119970 4064359 117 300 315308 505 2621 1010 9904 66459 7328 988 6314141 65700 10502 61209 2860 17712 24408 1000 6003

Change -5.26 Market cap 14,817.56 mn Div Yield (%) 4.44

% Change -1.67 5-Day High 314.09 5-Day Low 287.23

Last 60 days High Low

2010 Div BR (%) (%)

0.93 24.97 22.80 26.14 2.04 1.99 6.00 5.80 4.00 2.29 9.29 1.20 3.67 2.00 10.05 3.83 27.00 6.43 4.97 6.40 2.49 5.90 2.00

30 11.5 10 50 -

0.34 21.00 12.01 20.53 1.10 1.15 2.30 1.56 1.34 1.61 5.15 0.22 2.45 1.24 4.82 2.31 16.42 4.53 3.10 5.00 1.45 1.11 0.83

20B 20B 10B -

2011 Div BR (%) (%) - 140R -

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,537.59 Turnover 460,754 P/E (x) 19.01 Paid up Cap(mn)

Company

AL-Meezan Mutual F.

High Low 1,555.67 1,530.48 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.42 2.21

Close 1,539.27 Listed cap 29,771.58 mn Payout (%) 104.74

Change 1.69 Market cap 19,402.34 mn Div Yield (%) 8.56

% Change 0.11 5-Day High 1,539.27 5-Day Low 1,489.26

Open

High

Low

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

1375

4.60

10.72

10.70

10.71 -0.01

75461

11.20

9.65

18.5

5.00

AL-Noor Modaraba

210

2.54

3.95

3.99

3.95

3.99 0.04

15000

3.99

2.85

B R R Guardian Mod.

780

2.29

2.20

2.25

2.20

2.20 0.00

8426

2.91

1.29

Crescent St Modaraba

200

3.86

0.59

0.65

0.36

0.54 -0.05

103563

0.84

0.36

1.2

Equity Modaraba

524

7.89

1.48

1.89

1.45

1.50 0.02

1730

2.50

1.22

First Capital Mutual F.

300

1.89

2.25

2.50

2.50 0.25

25000

3.49

1.51

First Dawood Mutual F.

581

1.29

2.10

2.20

2.10

2.15 0.05

19997

2.39

1.79

Golden Arrow

Performance of SR Non Life Insurance Index

1035 7037 29977 849 8576 7002 367513 4535 1000 1108 2010 1536

500

American Life

Company

Close 1,305.32 Listed cap 12,202.80 mn Payout (%) 66.79

0.12 1.11 0.76 0.05 0.49 0.12 -0.21 0.77 0.13 -0.92 -0.06 -0.31

Paid up Cap(mn)

Company

Performance of SR Gas Water and Multiutilities Index

28.31 70.12 36.53 11.55 71.49 57.95 17.61 12.00 8.44 11.68 5.14 5.22

LIFE INSURANCE Open 861.47 Turnover 6,572 P/E (x) 5.39

ELECTRICITY High Low 1,377.53 1,357.34 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.31 9.35

27.72 67.10 35.99 11.50 71.00 57.01 17.51 10.35 8.40 11.65 5.14 5.22

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,373.15 Turnover 5,111,561 P/E (x) 14.02

28.35 70.50 37.20 11.60 71.49 59.99 17.85 12.23 8.48 13.44 5.40 5.50

760

2.19

3.32

5.41

12.5

6.68

4.91

5.00

1.50

2.8

1200

2.68

9.39

9.31

9.25

9.31 -0.08

19999

10.00

8.46

15.5

5.48

10.02

10.50

10.49

10.02 0.00

305

10.50

8.05

PICIC Energy Fund

1000

2.21

PICIC Growth Fund

2835

PICIC Inv Fund

Meezan Balanced Fund Paramount Modaraba

3.94

7.45

40501 1351

2785

5.79 -0.01 2.55 0.00

8.44

17 21

6.60 -0.05

5.60 2.55

4030

3.08 7.00

6.60

5.85 2.55

7.80 -0.10

3.95

6.70

5.80 2.55

7.68

6770

6.65

0.61 1.65

7.80

3.30 -0.02

2.27

1186 283

7.90

3.27

1008 3180

KASB Modaraba

4.04

3.35

Habib Modaraba JS Growth Fund XD JS Value Fund XD

7.37

7.68

7.40

7.50 0.13

9688

7.80

6.92

- 10.00

2.70

13.15

13.30

13.10

13.14 -0.01

46851

13.74

12.00

- 12.50

2841

2.45

6.03

6.22

6.06

6.20 0.17

36357

6.59

5.10

7.50

Prud Modaraba 1st

872

1.53

0.90

0.82

0.84 -0.06

41319

1.10

0.80

Stand Chart Modaraba

454

5.49

9.94

9.82

9.94 0.00

1600

10.50

9.50

UPTO 100 VOLUME Symbols ALTN CENI ISTM POML HAL FRSM ULEVER CLOV TSPL SHFA AGL ALQT SCLL HINO UBDL SPLC SAPT EWLA SIEM NESTLE BCML JOPP WYETH HADC BAFS PKGI BGL JDMT MEHT CWSM BHAT BTL CHBL FCONM FFLM FRCL IDYM MODAM MUKT PAKMI PECO CML HAJT JKSM RMPL DSIL PNGRS YOUW DWAE NAGC OLSM UVIC

Open

High

8.50 8.85 6.25 41.66 12.50 18.50 5100.98 67.00 1.00 32.05 18.88 11.41 2.52 87.68 27.48 0.60 123.89 1.50 980.00 3549.70 17.25 7.71 816.00 0.40 46.03 5.95 2.01 15.20 64.94 1.49 248.00 63.20 1.96 1.50 1.25 3.00 307.05 1.25 0.50 0.76 91.99 1.85 0.63 6.05 2666.08 1.23 3.52 1.30 1.15 15.25 1.70 1.70

9.00 8.70 7.11 43.74 12.78 18.50 5200.00 64.00 1.07 33.60 19.00 10.41 2.88 85.20 27.48 0.99 119.00 1.70 1024.99 3597.00 17.61 8.71 850.00 0.67 43.73 5.98 2.20 15.60 64.89 1.10 248.00 65.23 2.30 1.90 1.99 2.10 318.90 1.40 0.68 1.24 90.00 1.97 0.90 6.89 2790.00 1.23 4.52 1.70 1.28 14.65 2.59 1.71

Low

9.00 8.70 7.11 43.74 12.74 18.50 5099.00 64.00 0.97 33.50 18.00 10.41 2.52 85.00 27.48 0.61 119.00 1.70 992.00 3510.10 17.61 7.50 850.00 0.49 43.73 5.98 1.61 14.21 64.89 0.76 248.00 65.23 2.30 1.90 1.99 2.10 318.90 1.40 0.63 1.24 90.00 1.97 0.20 5.90 2625.00 1.23 3.30 1.10 1.28 14.65 2.48 1.70

8.50 8.85 6.25 41.66 12.50 18.50 5200.00 67.00 1.00 32.05 18.88 11.41 2.52 87.68 27.48 0.60 123.89 1.50 980.00 3545.44 17.25 7.71 816.00 0.40 46.03 5.95 2.01 15.20 64.94 1.49 248.00 63.20 1.96 1.50 1.25 3.00 307.05 1.25 0.50 0.76 91.99 1.85 0.63 6.05 2666.08 1.23 3.52 1.30 1.15 15.25 1.70 1.70

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 99.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 96 90 90 68 68 65 53 50 45 44 41 38 25 23 23 21 20 13 13 11 10 10 9 7 7 6 5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 3 3 3 2 2 2 2

FUTURE CONTRACTS Symbols

Open

High

DGKC-JUN 23.20 DGKC-MAY 23.47 NML-JUN 60.55 NBP-JUN 54.44 NBP-MAY 53.99 ATRL-JUN 133.08 FFBL-MAY 42.70 ENGRO-JUN 195.87 POL-JUN 336.01 NML-MAY 60.07 ENGRO-MAY 194.31 FFBL-JUN 41.97 POL-MAY 334.17 ATRL-MAY 131.60 PPL-JUN 212.84 PPL-MAY 212.49 MCB-MAY 210.11 MCB-JUN 209.01 FFC-JUN 141.66 LUCK-MAY 71.15 PTC-JUN 15.84 FFC-MAYB 140.57 LUCK-JUN 71.68 PTC-MAY 17.15 UBL-MAY 65.20 HUBC-MAY 37.75

23.95 24.27 62.20 54.70 54.29 138.00 43.21 197.50 338.10 62.00 195.90 42.30 336.99 138.00 214.50 215.00 211.10 209.70 142.20 72.99 15.91 141.10 72.50 17.60 65.00 37.70

Low

22.95 23.22 60.60 54.16 53.70 132.90 42.55 194.90 334.50 60.07 193.40 41.75 333.20 132.50 211.11 211.25 208.60 207.50 141.00 70.75 15.90 140.00 71.32 17.07 64.50 37.42

23.62 23.71 61.97 54.57 54.05 134.50 43.07 196.84 337.21 61.67 195.19 42.17 335.75 133.68 213.37 213.35 210.65 209.18 141.62 71.81 15.90 140.86 71.73 17.31 64.91 37.42

Change

Vol

0.42 3113000 0.24 1455000 1.42 555000 0.13 501000 0.06 458000 1.42 444000 0.37 423500 0.97 285500 1.20 278000 1.60 270000 0.88 242500 0.20 185500 1.58 158500 2.08 149000 0.53 146500 0.86 135000 0.54 126500 0.17 77000 -0.04 51000 0.66 51000 0.06 47500 0.29 44500 0.05 31500 0.16 26000 -0.29 8000 -0.33 3500

MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL

Total Volume 681,720 20,925 43,781 239,500 73,500 1,911,865 413,290 45,912 186,500 1,600 11,750 3,750 3,462,290 10,000 59,200 650,348 405,000 10,900 272,242 19,100 311,200 61,500 46,580 51,645 26,500 30,430 17,000 9,068,028

Total Value 11,037,825 1,051,170 380,787 1,051,908 7,228,728 15,080,332 7,023,336 6,648,783 6,014,913 169,537 332,718 120,974 38,954,446 534,978 9,130,767 24,991,333 7,273,032 179,554 12,338,310 2,151,458 3,879,378 15,398,311 7,277,437 11,051,964 334,936 507,813 826,608 190,971,336

MTS Rate 19.51 16.50 16.50 19.00 16.31 19.00 16.10 16.00 15.34 15.86 15.77 16.57 17.00 20.00 16.02 16.00 20.00 15.59 15.90 18.00 20.00 16.19

BOARD MEETINGS

Nishat Mills Ltd

KSE 100 INDEX

Dera Ghazi Khan Cement Co Ltd

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Colony Sugar Mills Ltd Bawany Sugar Mills Ltd Ansari Sugar Mills Ltd Crescent Sugar Mills Ltd Shakarganj Mills Ltd Noon Sugar Mills Ltd Abdullah Shah Ghazi Sugar Mari Gas Company Ltd

28-May 28-May 28-May 30-May 30-May 30-May 31-May 01-Jun

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

TECHNICAL LEVELS Company

RSI 1st 2nd (14-day) Support 56.93 2.75 2.70 53.76 61.85 61.60 Attock Cement 65.02 53.35 51.70 Arif Habib Corp 58.73 23.05 22.55 Arif Habib Limited 62.99 17.15 16.75 Adamjee Insurance 52.71 67.60 66.90 Askari Bank 53.09 11.80 11.65 Azgard Nine 57.41 6.50 6.25 Attock Petroleum 60.79 379.80 378.10 Attock Refinery 73.28 130.90 128.05 Bank Al-Falah 52.74 10.50 10.40 BankIslami Pak 53.13 3.85 3.75 Bank.Of.Punjab 70.40 6.35 6.10 Dewan Cement 58.08 1.55 1.50 D.G.K.Cement 57.72 23.10 22.55 Dewan Salman 48.68 2.30 2.25 Dost Steels Ltd 60.63 1.95 1.85 EFU General Insurance 67.80 35.95 35.35 EFU Life Assurance 66.20 61.40 60.25 Engro Corp 47.72 193.65 192.20 Faysal Bank 47.91 9.70 9.60 Fauji Cement 67.73 4.40 4.25 Fauji Fert Bin 65.72 42.60 42.20 Fauji Fertilizer 52.42 140.20 139.45 Habib Bank Ltd 51.15 120.05 119.40 Hub Power 51.90 37.35 37.20 ICI Pakistan 54.63 157.15 156.15 Indus Motors 52.58 218.75 215.45 J.O.V.and CO 54.47 2.85 2.80 Japan Power 51.87 1.15 1.10 JS Bank Ltd 55.74 2.50 2.40 Jah Siddiq Co 44.21 7.75 7.55 Kot Addu Power 59.43 43.55 43.40 K.E.S.C 40.63 2.30 2.25 Lotte Pakistan 44.16 15.10 15.00 Lucky Cement 57.90 70.85 70.10 MCB Bank Ltd 62.22 209.25 207.90 Maple Leaf Cement 53.95 2.15 2.10 National Bank 54.22 53.70 53.35 Nishat (Chunian) 53.66 25.75 25.30 Netsol Technologies 49.04 21.55 21.40 NIB Bank 46.42 1.70 1.65 Nimir Ind.Chemical 52.14 2.55 2.50 Al-Abbas Cement

Allied Bank Limited

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

65.52

Support 1

12,186.25

MA (5-day)

12,150.60

Support 2

12,146.95

MA (10-day)

12,032.21

Resistance 1

12,253.10

MA (100-day)

11,995.53

Resistance 2

12,280.65

MA (200-day)

11,304.03

Pivot

12,213.80

AKD Securities Ltd TFD Research

Target Price

Recommendations

74.65 78.6

Brokerage House

Recommendations

Brokerage House

Target Price

Recommendations

42.2

Hold

Arif Habib Ltd

30.1

Buy

Arif Habib Ltd

Positive

AKD Securities Ltd

28.72

Buy

AKD Securities Ltd

45.52

Accumulate

TFD Research

36.45

Positive

TFD Research

44.25

Neutral

Technical Outlook Technical Analysis

Target Price

Buy

Leverage Position

Technical Outlook Technical Analysis

Technical Outlook

Leverage Position

58.16 MTS Shares `000 272.242 58.69 MTS Rs `000 12,338.31 63.62 MTS Rate 16.02 57.85 ** NOI Rs (mn) 69.69 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,822.24 Target price for Dec-11 & **Net Open Interest in future market

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

NML closed up 1.50 at 61.56. Volume was 225 per cent above average (trending) and Bollinger Bands were 29 per cent narrower than normal. NML is currently 6.4 per cent above 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 moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bearish on NML.

DGKC closed up 0.26 at 23.71. Volume was 263 per cent above average FFBL closed up 0.41 at 43.04. Volume was 25 per cent below average and

Pakistan Telecommunication Co Ltd

National Bank of Pakistan

Arif Habib Ltd AKD Securities Ltd TFD Research

Target Price

Recommendations

Brokerage House

24.7

Buy

Arif Habib Ltd

23.91

Buy

AKD Securities Ltd

Positive

TFD Research

25.8

Technical Analysis

Leverage Position

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

65.55 MTS Shares `000 26.50 16.97 MTS Rs `000 334.94 17.75 MTS Rate 18.00 18.38 ** NOI Rs (mn) 12.00 Free Float Shares (mn) 585.02 Free Float Rs (mn) 10,202.81 Target price for Dec-11 & **Net Open Interest in future market

(trending) and Bollinger Bands were 35 per cent narrower than normal.

reflect volume flowing into and out of DGKC at a relatively equal pace. reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC.

Buy

Arif Habib Ltd

Buy

AKD Securities Ltd

120.7

Positive

TFD Research

129.4

Leverage Position

Trend forecasting oscillators are currently bullish on FFBL.

Pakistan Oilfields Ltd

Fauji Fertiliser Co

55.16 MTS Shares `000 650.348 52.11 MTS Rs `000 24,991.33 65.59 MTS Rate 16.57 66.09 ** NOI Rs (mn) 89.29 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,518.51 Target price for Dec-11 & **Net Open Interest in future market

Bollinger Bands were 57 per cent narrower than normal.

DGKC is currently 9.7 per cent below its 200-day moving average and is FFBL is currently 19.2 per cent above its 200-day moving average and is

64.99

Technical Analysis

66.35 MTS Shares `000 186.50 42.08 MTS Rs `000 6,014.91 41.12 MTS Rate 15.34 36.09 ** NOI Rs (mn) 62.24 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,071.43 Target price for Dec-11 & **Net Open Interest in future market

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

Recommendations

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

displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely low when compared to

Target Price

92.3

413.29 7,023.34 16.10 165.31 4,761.08

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

Brokerage House

Technical Outlook

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

Leverage Position

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

Brokerage House

58.82 22.21 25.46 26.27 Free Float Shares (mn) 200.80

Technical Analysis

KSE 100 INDEX closed up 27.40 points at 12,225.52. Volume was 3 per cent above average and Bollinger Bands were 33 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,253.10 and 2nd resistance level at 12,280.65, while Index will continue to find its 1st support level at 12,186.25 and 2nd support level at 12,146.95. KSE 100 INDEX is currently 8.2 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.

Brokerage House

Target Price

Recommendations

359

Hold

Target Price

Recommendations

144

Hold

Arif Habib Ltd

Reduce

AKD Securities Ltd

322.42

Neutral

TFD Research

363.65

Neutral

Technical Outlook

Technical Outlook Technical Analysis

Leverage Position

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

52.65 MTS Shares `000 1.60 141.40 MTS Rs `000 169.54 138.76 MTS Rate 124.50 ** NOI Rs (mn) 35.22 Free Float Shares (mn) 466.49 Free Float Rs (mn) 65,742.06 Target price for Dec-11 & **Net Open Interest in future market

Technical Analysis

Leverage Position

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

67.96 MTS Shares `000 61.50 329.39 MTS Rs `000 15,398.31 322.54 MTS Rate 15.59 286.25 ** NOI Rs (mn) 244.90 Free Float Shares (mn) 107.94 Free Float Rs (mn) 36,229.98 Target price for Dec-11 & **Net Open Interest in future market

PTC closed up 0.30 at 17.44. Volume was 27 per cent above average and NBP closed up 0.08 at 54.05. Volume was 28 per cent below average and FFC closed up 0.37 at 140.93. Volume was 11 per cent below average and POL closed up 1.67 at 335.64. Volume was 10 per cent above average Bollinger Bands were 51 per cent narrower than normal.

Bollinger Bands were 69 per cent narrower than normal.

Bollinger Bands were 77 per cent narrower than normal.

and Bollinger Bands were 52 per cent narrower than normal.

Nishat Mills

57.08

60.45

59.35

Oil & Gas Dev. XD

60.64

149.65

149.00

PACE (Pakistan) Ltd.

47.00

2.80

2.75

Pervez Ahmed Sec

54.87

1.70

1.65

1st 2nd Resistance 2.85 2.90 62.90 56.25 57.60 24.05 24.60 17.80 18.05 69.10 69.90 12.15 12.35 6.85 7.05 383.60 385.70 137.50 141.25 10.65 10.75 3.90 3.95 6.75 6.95 1.65 1.70 24.40 25.10 2.45 2.55 2.15 2.25 37.15 37.80 64.30 66.05 196.25 197.40 10.00 10.10 4.60 4.70 43.35 43.65 141.50 142.05 121.35 122.00 37.85 38.20 159.00 159.95 224.15 226.25 3.00 3.05 1.30 1.35 2.75 2.90 8.20 8.45 43.95 44.20 2.40 2.45 15.35 15.50 72.40 73.20 211.45 212.30 2.25 2.30 54.40 54.70 26.55 26.90 22.05 22.30 1.80 1.85 2.65 2.70 62.50

62.35

63.10

Pivot 2.80 62.25 54.65 23.55 17.40 68.40 12.00 6.65 381.90 134.65 10.60 3.85 6.55 1.60 23.80 2.40 2.05 36.55 63.15 194.80 9.85 4.45 42.95 140.75 120.70 37.70 158.05 220.85 2.95 1.25 2.65 8.00 43.80 2.35 15.25 71.65 210.10 2.20 54.00 26.10 21.85 1.75 2.60 61.20

151.15 152.00 150.50 2.90 1.85

3.00 1.90

2.85 1.80

P.I.A.C.(A)

47.20

2.30

2.20

2.45

2.50

2.35

Pioneer Cement

51.40

5.15

5.05

5.40

5.55

5.30

Pak Oilfields

67.37

333.60

331.55

337.30 338.95 335.25

Pak Petroleum

61.46

211.65

209.80

214.90 216.30 213.05

Pak Suzuki

42.07

66.30

65.50

P.S.O. XD

61.43

284.30

283.30

P.T.C.L.A

64.68

17.20

16.95

Shell Pakistan

70.15

222.30

219.75

68.40

69.65

67.60

287.00 288.70 286.00 17.60

17.75

17.35

229.20 233.55 226.65

Sui North Gas

53.17

18.70

18.45

19.35

19.75

19.10

PTC is currently 5.1 per cent below its 200-day moving average and is dis- NBP is currently 18.2 per cent below its 200-day moving average and is FFC is currently 13.2 per cent above its 200-day moving average and is POL is currently 17.3 per cent above its 200-day moving average and is

Sitara Peroxide

52.58

17.95

17.80

18.30

18.55

18.15

playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to

Sui South Gas

49.00

21.85

21.50

22.50

22.80

22.15

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

forecasting oscillators are currently bullish on NBP.

forecasting oscillators are currently bearish on FFC.

ing oscillators are currently bullish on POL.

Telecard

57.09

TRG Pakistan

60.03

2.75

2.65

2.85

2.95

2.80

United Bank Ltd

55.80

64.35

1.65

64.20

1.55

64.75

1.90

65.00

2.00

64.60

WorldCall Tele

46.35

2.10

2.05

2.25

2.35

2.20

1.80

Forex & Continuations

Saturday, May 28, 2011

Oil pares gains after US home sales data G8 says high commodity prices can hamper growth LONDON: Oil pared gains on Friday as weaker-than-expected US pending home sales data for April triggered fresh concerns about the pace of recovery by the world's largest energy consumer and after a softer dollar initially lent support to prices. Brent crude futures were down 5 cents up at $115.00 a barrel by 1416 GMT, after earlier touching $115.68. US crude was up 8 cents at $100.32, having touched intra day highs of $101.24 earlier. A Reuters poll of economists had forecast only a 1 per cent fall in pending sales of US homes. Prices were supported earlier in the session by a weaker dollar while the euro rose to session highs as a European Central Bank council member said Greece can remain solvent if it

China's yuan little moved SHANGHAI: The yuan ended little changed against the dollar on Friday, even though the People's Bank of China set the mid-point at a record high, as dealers reported large dollar demand from corporate clients. The Chinese central bank set the yuan's daily mid-point at a record high, clearly breaking away from the psychological level of 6.5 per dollar. Before trade began, the PBOC set the yuan's daily mid-point at 6.4898 against the dollar, up from Thursday's 6.4921. Spot yuan closed at 6.4917 versus the dollar, compared with Thursday's 6.4915. The Chinese currency has now appreciated 5.15 per cent since it was depegged from the dollar in June 2010, and 1.49 per cent since the start of this year. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3710, little changed from 6.3720 at Thursday's close. Their implied yuan appreciation in a year's time was 1.85 per cent. -Reuters

sticks to its debt programme, adding that the ECB will be flexible on its interest rate path. Analysts said prices could remain volatile in thin volume ahead of the US Memorial Day holiday, with direction coming mainly from the dollar. The Group of Eight leaders sounded a note of caution on prices on Friday, noting that while the global economic recovery was becoming more 'self-sustained', higher commodity prices would hamper further growth. Recovery worries, together with demand concerns stemming from the euro-zone debt crisis and disappointing data from top energy consumer United States kept a lid on oil price gains. Markets were spooked by the possibility of a Greek default

after the head of euro-zone finance ministers, Jean-Claude Juncker, said on Thursday the IMF could deny Greece its next tranche of aid. Weak US economic data overnight also sparked fresh concerns about oil demand. The G8 meeting also focused on the risk of further supply disruptions as conflicts in Yemen and Libya returned to the fore, with Russia joining the growing chorus of countries asking Muammar Gaddafi to go. The offer to mediate to help Gaddafi to leave Libya -- a change in tone from the Kremlin's previous criticism of Western intervention -- will provide a boost to NATO powers who say they are determined to finish the job they started and end Gaddafi's 41year rule. -Reuters

Sterling advances to 2-wk high vs dollar LONDON: Sterling hovered below a two-week high against a weak dollar on Friday as investors liquidated long positions in the greenback, with the pound set to benefit from an increasingly uncertain outlook for the US economy. The dollar was down 0.5 per cent against a basket of currencies as data on Friday confirmed a weakening economic trend. "It's generally a weak dollar story today and if weak dollar dynamics carry on through this year, GBP/USD can be drawn higher despite the fact that UK fundamentals remain poor," said Jane Foley, senior currency strategist at Rabobank. Sterling was up 0.3 per cent at $1.6450, having risen to $1.6465 earlier in the session, its highest since May 11. Traders said a large dollar sell order from a hedge fund in the overnight session had helped to push the pound higher.

Technical analysts highlighted next resistance at $1.6483, the 61.8 per cent retracement of sterling's fall from April 28 to May 24. Beyond that, stops above $1.65 would be eyed for more gains. Sterling slipped back from a two-month high against the euro of 86.11 pence, hit on Thursday when concerns over Greece's debt crisis knocked the single currency lower. The euro recovered to trade up around 0.4 per cent on the day at 86.54. Sentiment towards the common currency is still fragile, however, with the euro hitting a record low against the Swiss franc. Traders said the pound could benefit from the euro's troubles with many expecting Asian central banks to pick up sterling instead of the common currency in coming weeks. Sterling's capacity to sustain any gains would depend on UK economic data. -Reuters

Copper rises on weak dlr LONDON: Copper hit threeweek highs on Friday, as a weaker dollar boosted prices, but pared gains as poor US data underlined a patchy global economic outlook that suggested its advance may falter. Three-month copper on the London Metal Exchange traded at $9,199 a tonne, from Thursday's close of $9,020. The metal earlier hit $9,238, its highest since May 4, as the euro climbed to a session high against the dollar. However copper prices were on track for a third monthly loss. Base metals were getting help from a falling US currency which makes dollar based commodities cheaper for holders of other currencies. The United States and Britain will be on holiday on Monday. Inventories of copper in LME warehouses rose 1,250 tonnes to 469,475 tonnes, data showed. Copper stocks are more than 30 per cent higher than in early December. In top consumer China, copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 8.7 per cent or around 7,800 tonnes from last Friday, the exchange said. LME aluminium stocks fell 3,275 tonnes to 4,702,825 tonnes, off a record high of 4.71 million tonnes, while cancelled warrants -- the metal tagged for removal from warehouses -- surged by more than 70,000 tonnes. Aluminium ended at twoweek highs of $2,625 from $2,562.5. Tin closed at $27,500 from $26,900 a tonne while zinc finished at $2,275 from $2,260, hitting a high since early May at $2,289. Battery material lead ended at $2,505 from $2,491 a tonne and nickel closed bid at $23,100/23,125 from $22,825 a tonne. BHP Billiton said on Friday that a shortage of hydrogen has halted output temporarily at its Kwinana nickel refinery in Western Australia. -Reuters

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Surveyor General S Subha Rao. The Pakistan delegation will be led by Defence Secretary Lt General (Retd) Syed Athar Ali. The other members include Maj Gen Ashfaq Nadeem Ahmed, Maj Gen Munawar Ahmed Solehri and Maj Gen (Retd) Mir Haider Ali Khan. The Defence Secretary level talks between the two countries to resolve the Siachen issue dates back to 1985. The decision to hold talks followed discussions between then Prime Minister Rajiv Gandhi and then Pakistan President Gen Zia-ul-Haq at Oman and New Delhi. The talks became a part of the composite dialogue with Pakistan, on all issues including Kashmir, from the eighth round of talks in August 2004 in New Delhi. Eleven rounds of talks have been held so far. It was decided by the two countries to resume the bilateral dialogue on all outstanding issues following the meetings of the Prime Ministers in Thimpu in April 2010 followed by the meetings of the two Foreign Secretaries on February 06, 2011. -Online

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in the same period of FY 2009-10. According to official data available, the revenue growth during the reported period kept moving between highs and lows where in Julysep 2010, it was -3 per cent whereas in Oct-Dec 2010, it was 4 per cent Official sources in Pakistan Telecom Authority (PTA), said cellular mobile sector is a driving force in terms of revenue in the telecom sector where it counts 67 per cent of the total telecom revenue, whereas fixed line services share is 26 per cent of total revenue generation of telecom sector. The share of mobile operators in total revenue of mobile services is according to subscriber share of each operator. The contribution of telecom sector to national exchequer through taxes, duties and regulatory charges kept growing. The sector has been contributing over Rs100 billion each year since last few years. -APP

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The two intelligence centers in Peshawar were set up in 2009, one with the Pakistani army's 11th Corps and the other with the paramilitary Frontier Corps, which are both headquartered in the city, capital of the troubled Khyber-Pakhtunkhwa province. The closures have effectively stopped the US training of the Frontier Corps, a force that American officials had hoped could help halt infiltration of Taliban and other militants into Afghanistan, a senior US military officer said. -Agencies

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Spain and UK," he said. The French Minister underscored that the French companies have a long association with the Indian defence industry and the loyal relationship is based on three points, one, that the equipment will always be available, two, there would no restrictions on its use, and third, as technology evolves, the equipment is upgrades. As for the delays in the construction of six French Scorpene submarines in Mazagon Docks, the Minister said the programme is on course and the initial late run occurred since the dockyard required to be modernised to build the submarines. In addition to the MMRCA, the French are eagerly awaiting a decision by the Indian Government to clear the upgrade programme for the Mirage 2000 fighter aircraft. The Minister said the decision is in the final phase. On his part, the French Ambassador Jerome Bonnafont said that negotiations over price were complete and a decision is awaited. -Agencies

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on DHA later. According to the sources, the committee has demanded of the Government to augment security of country's nuclear arsenal, as terrorists, who can launch attack on GHQ and PNS Mehran Base, could also strike on nukes. Secretary Defense informed the committee that the country's nukes are in safe hands and ruled out chances of going out in hands of terrorists. We would not hire services of foreign countries for safety of our nukes, he said. The committee while expressing serious concern over attack on PNS Mehran base has hinted that the involvement of internal elements can not be ruled in the attack. Some one in the base had helped the terrorists.S ecretary Defense told the committee that the security personnel, who were on duty at the base at time of attack, are being investigated. Nearby houses and Madressah were also searched because we had clue that the terrorists were living in nearby areas where they had chalked out Planning to strike PNS Mehran base. Later, Secretary Defense Lt Gen (Retd) Syed Athar Ali told media men that the Government is reviewing security situation thoroughly. The committee members, he said, had expressed reservation over US unilateral strike in Abbottabad. The committee has adopted a stance that the country's sovereignty and security should not be compromised to have relations with US. All the political parties in the committee have expressed satisfaction over security of country's nuclear arsenal, he added. Online

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grade by Standard & Poor's last month, although most market focus was on Europe's debt problems. Responding to the Fitch news, the Japanese government offered assurances that it would continue efforts to bring public finances back under control. -Reuters

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Parliament, demanding end of drone strikes. Such attacks are counterproductive and inflame anti-US feeling, he said. The military leadership has made it clear on visiting US military commander that restoration of relations between ISI and CIA without respect of Pakistan's sovereignty and was impossible. Admiral Mike Mullen, speaking on the occasion, said that his visit was aimed to make better relations between both countries. -Online

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in any future actions against high value targets in Pakistan. The two sides acknowledged that militancy threatened both countries and it was in both countries interest to fight it. They also agreed on putting relations back on track and to cooperate and work together in not only countering terrorism but also in promoting cooperative ties as well as for reconciliation and peace in Afghanistan. The two sides agreed that it was in interest of both countries that relations based on respect for sovereignty and mutual trust and mutual interest should move on and carried forward in a mutually beneficial manner. Farhatullah Babar said that the there also was an agreement to recommence the preparatory work for the strategic partnership dialogue process. The issue of drone attacks also came under discussion with President Zardari emphatically underlying the need for revisiting the issue, he said. Meanwhile, secretary of state, Hillary Clinton said the relations between Pakistan and United States have reached to a decisive point. In a statement, released on Friday after her meeting with the political and military leadership of Pakistan, Clinton said her country accepts that Pakistan was unaware about the presence of Osama bin Laden in Abbottabad. According to Reuters, Clinton said she had asked Pakistani President Asif Ali Zardari, Prime Minister Gilani as well as Army Chief Kayani to do more to fight militants. "This was an especially important visit because we have reached a turning point," Clinton told reporters, after meeting the Pakistani officials with US Joint Chiefs of Staff Admiral Mike Mullen. "We look to Pakistan, to the government of Pakistan to take decisive steps in the days ahead. "America cannot and should not solve Pakistan's problems. But in solving its problems, Pakistan should understand that anti-Americanism and conspiracy theories will not make problems disappear." Clinton said Pakistani officials had told her "someone, somewhere" had been providing support for bin Laden in Pakistan, but reiterated there was no evidence of any sort of complicity by senior government officials. -Agencies

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divide. In an especially convened meeting of the DCC, the Prime Minister apprised that it has been decided to make coordinated efforts to prevent and preempt acts of terrorism. He stated that the defence and law enforcement agencies have been directed to use all necessary means to eliminate terrorists and militants. Prime Minister also apprised the Cabinet that the security situation arising from terrorist attacks and the issues relating to regional security and stability came under review in the DCC, which expressed its full confidence in the ability of the Armed Forces, law enforcement and intelligence agencies to meet the threats to national security. Let there be no doubt about our resolve to eliminate terrorism and militancy in the country, he reiterated. Prime Minister informed the Cabinet about his visit to China which was very important as it coincided with the 60th Anniversary of diplomatic ties between Pakistan and China. He observed that the visit reinvigorated an already cordial, multifaceted cooperation between the two countries, particularly in the areas of Strategic Cooperation, Defense, Trade, Economics, Investment, Science and Technology, Culture, Education and People-to-People Contacts. He informed the Cabinet that in-depth and detailed talks with President Hu Jintao, Premier Wen Jiabao and other leaders were held on issues of vital interest. The Chinese leadership reiterated its undiluted, unequivocal and principled support to Pakistan's stance and strategy in the fight against terrorism, he added. The Prime Minister apprised the Cabinet about his affirmation to the Chinese leadership that Pakistan would never allow its territory to be used to attack any country and would continue to support international counter - terrorism cooperation. -Agencies

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for family pension/benevolent fund grant, etc.) and other similar types of accounts, the Circular said. It added that the banks shall ensure that all terms and conditions for the operation of an account, especially in case of its dormancy, closing and/or subsequent reactivation are brought into the knowledge of the customer at the time of account opening. The terms and conditions shall be clearly documented in the Account Opening Form/Application and must be signed by the account holders, to signify that they have been read and understood. A copy of the Account Opening Form must be provided to the account holders duly verified by the authorized official(s) of the branch with proper record of acknowledgement. Any ambiguity in the terms and conditions mentioned in the Account Opening Form shall be construed to be in favor of the account holders. Key features of the Account Opening Form shall be translated into Urdu and a printed copy of such translation shall be shared with the account holders at the time of opening of the account, the Circular said and added that the banks shall not refuse opening of accounts for prospective clients who meet the requirements laid out in the Prudential Regulations, other instructions issued by SBP from time to time and banks' own policies. Moreover, the banks shall pay profit invariably on "Profit and Loss Sharing (PLS) Accounts" without any condition of minimum balance in accordance with instructions issued by SBP from time to time. The above instructions supersede the instructions issued vide BPD Circular No.23 dated July 4, 2003 and BPD Circular letter No.02 dated January 7, 2005, says BPRD Circular No. 07 issued to all banks.

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Libyan strongman Moamer Gaddafi Friday that he has lost all legitimacy and must step down, according to a draft version of their summit statement. The leaders were still meeting, but diplomats said the language of the Libya section of their statement was final and even Russia -- which criticised NATO air strikes in Libya -- now agreed that Gaddafi's time had come. "We demand the immediate cessation of the use of force against civilians by the Libyan regime forces as well as the cessation of all incitement to hostility and violence against the civilian population," the statement said. "We stress the need to hold to account those responsible for attacks on civilians. These criminal actions will not go unpunished," welcoming the decision of the International Criminal Court to probe Libyan regime leaders. "Gaddafi and the Libyan government have failed to fulfill their responsibility to protect the Libyan population and have lost all legitimacy. He has no future in a free, democratic Libya. He must go," it warned. Separately, Russian Deputy Foreign Minister Sergei Ryabkov said: "Yes, we are ready to admit... he needs to go. We believe that Colonel Gaddafi has forfeited legitimacy due to his actions... indeed we need to help him go." -Reuters

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soil, reported IANS. French Defence Minister Gerard Longuet told reporters here that Osama's killing in Pakistan's garrison town of Abbottabad, close to capital Islamabad, had raised a lot of questions that needed answers. On the sale of military equipment to Pakistan by France, Longuet said till the time Pakistan's clarifications were not satisfactory, it would not sell heavy defence hardware. "This point was raised during the bilateral meeting with Pakistan Prime Minister Yousuf Raza Gilani in Paris recently. I can tell you that France is only selling Pakistan equipment that can be used for electronic interception to fight terror," the French defence minister, who wound up his two-day visit to India, said. "In fact, heavy military equipment is not being sold. We have discouraged any request from Pakistan for heavy equipment," he added. Asked about the recent revelations on ISI's involvement with the 26/11 Mumbai terror strike, Longuet said: "Terror cannot be a weapon of anybody or any government." "After the death of Osama bin Laden, Pakistan should be given an opportunity to explain its position vis-a-vis terrorism," he added. Noting that US Secretary of State Hillary Clinton was in Islamabad Friday, Longuet said France was keenly watching the discussions between the US and Pakistan on terrorism and was awaiting the outcomes of the talks. Lamenting that the US was not openly sharing all the information on terror that it receives from Pakistan with its coalition partners, including France, he said at least now, the information would be shared. "We are waiting for those clarifications. It is not a matter of a few days, a few months or a few years," he said when asked how long this review of defence supplies to Pakistan would go on. Hailing India as "a strategic partner" of France in this part of the globe, Longuet said the South Asian giant was "a factor of stability and peace" in the world and that was the reason France supports New Delhi's candidature as a permanent member of the United Nations Security Council whenever reforms take place. Longuet said his visit to India was part of the strategic bilateral agreement between the two countries and a follow-up to the visit of French President Nicolas Sarkozy to India in late 2010. -Online

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ing decline in growth by 5.1 per cent on YoY basis. DAP sales remained at 210k tons compared with 226.46k tons in 4MCY10 mainly due to higher DAP prices. On the other hand, fertilizer offtake rose 15.4 per cent YoY in the month of April 2011 to 639k tons versus 554k tons in April 2010 mainly due to pre budget buying in anticipation of increase in feed gas prices resulted into surge in fertilizer prices. Similarly, urea sales increased 7.7 per cent to 487k tons in April 2011 compared to 452k tons in same period last year. While DAP sales significantly rose 147 per cent to 55k tons versus 22k tons in April 2010. Average retail prices of urea were recorded at Rs 1,234 per bag, showing surge of 8.5 per cent MoM against price of Rs 1,138 per bag recorded in March 2011. Similarly, average retail price of DAP during April 2011 stood at Rs 4,050 per bag compared to Rs 3,553 per bag during March 2011, an increase of 14 per cent in MoM

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ber financial institutions of the Credit Information Bureau (CIB) to ensure that they furnish complete and correct information for all fields in the data collection forms within the stipulated time. The member financial institutions will have to furnish cogent justification for non-submission of information in any of the fields. Failure to comply with this directive shall render the banks and other financial institutions liable for penal action under the relevant legal and regulatory provision, it pointed out. The SBP had in December, 2004 issued specimen for banks to submit details which could be used by CIB. It may also be mentioned here that the borrowers could not get loan from any financial institution or bank unless he/ she gets the name cleared from CIB in case of any default. -APP

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DEAUVILLE: France's President Nicolas Sarkozy gestures next to Senegal's President Abdoulaye Wade as world leaders pose for a group photo at the G8 summit in Deauville. Reuters

Pak pulls shutter down on US intelligence cells WASHINGTON: In a clear sign of Pakistan's deepening mistrust of the United States, Islamabad has told the Obama administration to reduce the number of US troops in the country and has moved to close three military intelligence liaison centers, setting back American efforts to eliminate insurgent sanctuaries in largely lawless areas bordering Afghanistan, US officials said. The liaison centers, also known as intelligence fusion cells, in Quetta and Peshawar are the main conduits for the United States to share satellite imagery, target data and other intelligence with Pakistani ground forces conducting operations against militants, including Taliban fighters who slip into Afghanistan to attack US and allied forces, Los Angeles times reported on Friday. US special operations units have relied on the three facilities, two in

Peshawar and one in Quetta, to help coordinate operations on both sides of the border, senior US officials said. The US units are now being withdrawn from all three sites, the officials said, and the centers are being shut down. It wasn't immediately clear whether the steps are permanent. The closures, which have not been publicly announced, remove US advisors from the front lines of the war against militant groups in Pakistan. US Army General David Petraeus spearheaded the effort to increase the US presence in the border areas two years ago out of frustration with Pakistan's failure to control the militants. The Pakistani decision has not affected the CIA's ability to launch missiles from drone aircraft in north-

west Pakistan. Those flights, which the CIA has never publicly acknowledged, receive assistance from Pakistan through intelligence channels separate from the fusion centers, current and former officials said. The move to close the three facilities, plus a recent written demand by Pakistan to reduce the number of US military personnel in the country from approximately 200, signals mounting anger in Pakistan over a series of incidents. Javed Hussain, a retired Pakistani brigadier, blamed the decision to close the three intelligence centers on the mistrust that has plagued U.S.-Pakistani relations in recent months. Washington's decision to carry out the raid against Bin Laden without informing Pakistan's security establishment brought that mistrust to a new low, he said. See # 3 Page 7

India conveys its concern to French Minister

Pak-France weapon deal disquiets India NEW DELHI: India has conveyed to France its concern over sales of weapons to Pakistan in the name of fight against terror with Paris stating that there are enquires only for possible sale of communication interception equipment. New Delhi's disquiet on this issue was communicated by Defence Minister AK Antony in his meeting with his French counterpart Gerard Longuet. Stating this here on Friday, the visiting French Minister told the media that Paris has sought clarification from Islamabad pending which possible sale of equipment is on hold. "India's concern about weapon sales by France to Pakistan was raised about the military equipment under consideration is for electronic com-

munication interception. We have discouraged any requirement for naval equipment," Longuet said. The French Minister arrived here on Thursday on a two-day visit. Recounting the growing nature of military engagement between India and France, he said, soon the armies of both countries would have joint exercises named 'Shakti'. This takes forward similar joint exercises between the other two services, 'Garuda' for the air forces and 'Varuna' between the two navies. On his part, Longuet sought to impress that in the MMRCA deal, the French have a unique distinction. "We have one single speaking partner instead of four partners -European firms from Italy, Germany, See # 4 Page 7

NA body on defence meets

Changes on anvil in nat'l security policy ISLAMABAD: The National Assembly Standing Committee on Defense Friday informed that Government has decided to change country's security policy keeping in view the current situation. Work to change security policy has also been started and new security policy would be akin to unanimous resolution adopted by joint sitting of parliament as well as decision taken by Defense Cabinet Committee. The committee has sought detail report with regard to US unilateral

ISLAMABAD: In contrast to economic situation, telecom sector is witnessing positive growth and total teledensity of the country grew by more than 2.67 per cent in last one year. The total teledensity growth kept oscillating between highs and lows till the end of the year and total teledensity including mobile, fixed and WLL services stood at 65.2 per cent. The total teledensity growth in first half of the year (Jan to June 10) was 0.9 per cent whereas in the second half of the year (JulyDec 10), the growth was 1.7 per cent. It showed more stability and resilience as compared to first half of the year. The telecom revenues reported in 1st half of the FY011 were over Rs180 billion which were 167 billion See # 2 Page 7

Pak-India Siachen talks on 30th NEW DELHI: The twelfth round of Defence Secretary level talks between India and Pakistan on Siachen will be held in New Delhi on the 30th and 31st of May 2011. The Defence Secretary Shri Pradeep Kumar will lead the Indian delegation. The other members of the team include Special Secretary RK Mathur, DGMO Lt General AM Verma and the See # 1 Page 7

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Govt spends 8pc of GDP on masses

Pro-people plans PPP-govt priority ISLAMABAD: Government's vision is to bring the poor and vulnerable segments of population into the mainstream of development and spending around 8 per cent of its GDP on pro-poor expenditure, official sources said. "This is unprecedented", the sources said. The government's policy priority, they said is to help the poor and the marginalised through a number of schemes including Benazir Income Support Programme. Highlighting the programme, they said that the Programme was initiated to partially offset the impact of inflation on the purchasing power of the poorer sections of the society. "More than 7 million families will benefit", they remarked. The Programme, they said is aimed at covering almost 15 per cent of the entire population, which constitutes 40 per cent of the population living below the poverty line. A monthly payment of Rs 1000 per family would increase the income of a family earning Rs 5000 by 20 per cent. BISP, they said will cover all four provinces including Fata, AJK, Fana & ICT while Several other initiatives have been launched under the BISP including Waseela-e-Haq programme. Under the program, they said extending credit to beneficiaries for income generating activities. As of March 31, 2011 a sum of Rs 167 million has been disbursed to poor people for starting new productive enterprises for income enhancement. Under the Waseela-e-Sehat, the Health insurance is being provided to BISP beneficiaries and special Initiative providing relief funds to flood, earthquake and militancy hit victims: relief funds to internally displaced persons in northern areas, families of bomb blast victims and earthquake affected families in Balochistan. "Livelihood cash grant for flood affect-

ed is offering flood relief package to BISP beneficiaries affected by flood", they remarked. They added that direct provisions include employment based guarantees (such as Employees Old Age Benefit Institution (EOBI) through which 310000 people benefited, Workers Welfare Fund (WWF) through which 70,000 people benefited). They added that under the direct cash transfers through Pakistan Bait-ul-Maal (More than Rs 2 billion paid to more than 2.1 million people). Direct cash transfer through Pakistan Zakat more than Rs 2.8 billion paid to more than 1.2 million people, they remarked. The government is also providing support to people through microfinance so that people are encouraged to take up loans to start or flourish businesses. "Around 2 million people are benefiting from micro finance," they remarked. The official sources added that People works programme has been initiated to improve lives of common man in mullahs, towns, villages etc while subsidy for life-line consumers; both power and gas tariffs for lifeline consumers are heavily subsidized by the government. "In the case of power the subsidy is over 75 per cent of the cost. In addition lifeline consumers are exempt from GST same is the case for gas", they remarked. The official sources said that under the Watan Cards programme 1.6 million affected people were given Rs 32 billion. More poor were identified and though Banking System 1.6 new bank accounts were established under the programme. Watan Card programme is the biggest social positive intervention with electronic clearing system and no chances of corruption, they remarked. They said that World Bank has also impressed with government's performance in this regard. -APP

Japan credit rating outlook cut to negative TOKYO: Ratings agency Fitch on Friday cut its outlook on Japan's sovereign debt, warning that the vast cost of a March earthquake and tsunami and the still-unknown bill for the clean-up after the nuclear disaster would further strain the country's already shaky public finances. The Fitch move means all three major ratings agencies now have their fingers poised on the trigger to downgrade Japan's credit status unless they see moves by the government to strengthen the country's finances. Fitch cut its outlook to negative from stable and affirmed its AA minus local currency rating, its fourth highest and the same level as S&P's but one notch below Moody's Aa2. "A stronger fiscal consolidation strategy is necessary to buffer the sustainability of the public finances against the adverse structural trend of population aging," Andrew Colquhoun, head of Fitch's Asia-Pacific Sovereigns team, said in a statement. The yen fell moderately against the dollar and the euro immediately after the move, which follows a similar down See # 6 Page 7

strike in Abbottabad as well as attack on PNS Mehran base in Karachi. The committee met under the chairmanship of Acting Chairman Abdul Ghani Talpur here in Parliament House. The committee members refused to take briefing from Secretary Defense Lt Gen (Retd) Syed Athar Ali Khan when he tried to give briefing on matter related to Defense Housing Authority. The committee adopted a stance that the country is facing serious threats and committee members can take briefing KARACHI: The Karachi See # 5 Page 7 Electric Supply Cooperation (KESC) submitted an applica'Abbottabad like operation to deepen strained ties' tion to National Electric Power Regulatory Authority (NEPRA) for reduction in elecDuring the meeting, Chief of the tricity tariff by Rs0.69 per unit. RAWALPINDI: Chairman of the US According to media repots, Joint Chiefs of Staff Admiral Mike Army Staff General Ashfaq Pervez Mullen in wee hours of Friday met Kyanai expressed his strong reserva- the reduction will be applicable Chief of the Army Staff General Ashfaq tion over the US unilateral operation in on the electricity bills for the Abbottabad and made it clear such type month of April and it will give Pervez Kyanai here at Army House. The meeting lasted more than two of action would deepen strain relations the relief of Rs79 million to the consumers. hours in which issue related to Pak-US between both countries. The KESC sold some 1.32 The Army Chief also raised the issue relations, Pakistan's view on US drone strikes, investigation into the of US drone strikes in the country's billion units of electricity in Abbottabad incident, relations between tribal areas and asked US military com- April. However, the reduction is CIA and ISI and regional security situ- mander to respect Pakistan sovereignty ation were discussed in the meeting, as well as joint resolution adopted by linked with the NEPRA's approval. -NNI See # 7 Page 7 defense sources informed Online.

KESC to cut tariff Rs0.69

Pak,US Army top heads talk issues

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