thefinancialdaily-epaper-9-06-2011

International Karachi, Thursday, June 9, 2011, Rajab-ul-Murajjab 6, Price Rs12 Pages 12

PML-N chief Sharif cancels Quetta visit

Terror not sole obstacle: BOI

See on Page 12

Coaction on terror proved fruitful: US

See on Page 12

Suspected US drone kills 22 militants

See on Page 12

See on Page 12 Economic Indicators $17.34bn 14.00% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1147bn $59.54bn Rs 5617bn $649.9mn 6.75% 4.10% $1,051 176.27mn

Forex Reserves (28-May-11) Inflation CPI% (Jul 10-May 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Apr 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Apr 11) Foreign Debt (Mar 11) Domestic Debt (Apr 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Mar 11)

GDP Growth FY10E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

253.69 8.67 4.50 2836

Yearly(Jul, 2010 up to 7-Jun-2011) Monthly(May, 2011 up to 7-Jun-2011) Daily (7-Jun-2011) Total Portfolio Invest (28-May-2011)

NCCPL (U.S $ in million)

FIPI (8-Jun-2011) Local Companies (8-Jun-2011) Banks / DFI (8-Jun-2011) Mutual Funds (8-Jun-2011) NBFC (8-Jun-2011) Local Investors (8-Jun-2011) Other Organization (8-Jun-2011)

-2.55 -1.67 5.28 1.88 -0.88 -1.61 -0.45

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

Close 12367.29 9449.46 22661.63 18394.29 2696.36 2750.29 5825.84 12092.08

Change 52.30 6.51 207.04 101.33 6.31 5.99 38.81 21.27

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 2.60 111.57 17.60 151.05 2.00 42.91 1.70 36.48 11.02 37.83

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)

01-Jun-2011 01-Jun-2011 01-Jun-2011 20-May-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011 08-Jun-2011

13.43% 13.68% 13.88% 14.00% 13.52% 13.52% 13.77% 14.13% 14.25% 14.00% 14.04% 14.09% 14.27% 14.50% 14.80%

Commodities *Crude Oil (brent)$/bbl 118.18 *Crude Oil (WTI)$/bbl 100.85 *Cotton $/lb 128.40 *Gold $/ozs 1,538.40 *Silver $/ozs 36.55 Malaysian Palm $ 1,102 GOLD (NCEL) PKR 42,741 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.00 Canadian $ 87.20 Danish Krone 16.30 Euro 125.50 Hong Kong $ 10.80 Japanese Yen 1.058 Saudi Riyal 22.83 Singapore $ 69.30 Swedish Korona 13.55 Swiss Franc 97.50 U.A.E Dirham 23.33 UK Pound 140.30 US $ 85.80

92.00 88.20 16.70 126.80 11.30 1.085 23.03 70.30 13.90 98.50 23.53 142.00 86.10

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

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TT Clean

TT & OD

91.30 87.60 16.84 125.59 11.01 1.072 22.85 69.67 13.92 102.37 23.33 140.69 85.82

91.51 87.81 16.88 125.88 11.04 1.074 22.91 69.84 13.96 102.60 23.39 141.02 86.01

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Pak nukes’ safety beyond doubt: Troika ISLAMABAD: Military and political leadership on Wednesday again made it clear that our nukes are in undoubtedly safe hands and are working under a methodical Command and Control System.

This was said in a troika meeting held between President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani and Chief of the Army Staff General Ashfaq Parvez Kayani at the Presidency on Thursday.

President and Prime Minister held extensive consultations with the Chief of the Army Staff on the situation arising from the Abbottabad clandestine operation, and decided that Commission for Abbottabad carnage to be made effective soon. They also discussed the security and political scenario in depth.

According to Presidency sources, meeting lasted for

more than two hours in which the troika discussed methodically host of thorny matters in depth.

Sources told Online that Army Chief expressed his full cooperation of Intelligence Departments in the ongoing investigations hence informing President and PM in this regard.

The situation was comprehensively reviewed in the perspective of Pakistan's national security and foreign policy.

Regarding statement made by the Iranian President, troika said that Pakistan is a nuclearweapon state and its nukes are undoubtedly safe.

Iranian President Mahmoud Ahmadinejad on Tuesday accused Washington, Tehran's arch-foe, of planning to sabotage Pakistan's nuclear facilities, during a media conference in Tehran.

All the three leaders were in one voice to say that our nukes

Budget to spur stability: Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday said government has charted out a fivepronged strategy to address poverty alleviation through cash support and skill development, good governance, energy sector reforms, political pluralism and national ownership of Pakistan's security strategy to solve the problems confronting the nation and provide relief to the common man.

Prime Minister expressed these views while talking to Parliamentarians who called on him separately at his chamber

in the Parliament House.

The pro-people budget 201112, he said, is a step towards macroeconomic stability and provision of relief to the common man, added government was receiving positive feedback from different sections of society on the budget 2011-12.

Prime Minister Gilani said that the government gave 50 per cent increase in salaries last year and 15 per cent this year along with 25 per cent enhancement of conveyance allowance for grade 1-15 besides increasing the pension by 15 to 20 per cent.

See # 7 Page 11

Agri-tax recovery formula rejected ISLAMABAD: Provinces have rejected in categorical terms formula devised by federation with regard to recovery of tax on agriculture income.

Finance ministry sources told Online Wednesday talks between federation and provinces on the question of tax recovery ratio on agriculture income have remained fruitless fully.

Balochistan and Sindh took the stance in unequivocal term that slapping tax on agriculture income was mandate of

provinces and federation could not interfere in it in any way.

If it was done so then it would be sheer breach of 18th amendment.

Finance minister of a province who was privy to the meeting told on the condition of anonymity that federation wanted provinces should collect tax on agriculture income like other taxes and every province should levy tax on the agriculture income equal to Rs 350000.

See # 8 Page 11

Minister, wife, son involved in NICL scam: SC told ISLAMABAD: Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry has expressed resentment over ill performance of FIA in National Insurance Company Limited (NICL) case saying the entire investigation team will be sent to jail if accused persons are not arrested till the next hearing.

As per media reports, a 6-

member SC bench presided over by the CJP took up the case for hearing Wednesday.

Director FIA Muazzam Jaah told the court that Federal Minister Amin Fahim, his wife and son was also involved in this scandal. Amin Fahim was holding one account in Karachi and his wife Rizwana and Jalil Amin Fahim were holding See # 9 Page 11

are in safe hands and are working under a methodical Command and Control System and they will keep protecting them. Pakistan does not need any third country for the protection of its nuclear assets, military and political leadership believed.

They emphasised during the consultations that the sole criteria for formulating our stance is safeguarding of Pakistan's supreme national interest, by all means, by all state institutions, in accordance with the aspirations of the people of Pakistan, who above all value their dignity and honor.

Sources added that during the course of the meeting, tense Pak-US relations also came under discussion besides Army Chief took in confidence President and PM on his meetings with US Central Command (Centcom) Chief, See # 6 Page 11

'Aid to Pak depends on cooperation' TFD Monitoring WASHINGTON: An accelerated counter-terrorism campaign in the border region between Afghanistan and Pakistan is "vital" for the United States to defeat al Qaeda there and prevent its return, according to CIA Director Leon Panetta, who is nominated to succeed Defense Secretary Robert Gates.

Any decisions on future US security assistance "will be informed" by Pakistan's response to the "concrete steps" the US has set for counter-terrorism cooperation, Panetta said in a 79-page set of answers to questions from the Senate Armed Services Committee in advance of his confirmation hearing scheduled for June 9, a US wire service reported.

See # 11 Page 11

Sindh budget with no new tax tomorrow KARACHI: Annual budget of Sindh province of Rs387 billion for the coming fiscal year is being presented tomorrow which is unlikely to envisage any new tax.

According to sources, agriculture tax will not be imposed.

Instead the government will take steps to ensure collection of already enforced taxes in this sector. At least Rs151 billion will be allocated for development programmes in Karachi, for 1,716 ongoing and 250 new uplift schemes. A proposal is under consideration to allocate Rs10 billion for the development of Hyderabad, Larkana and Khairpur.

At least 69 per cent increase in allocations is likely in health and education sectors while every provincial parliamentarian will be given Rs40 million for development schemes.

At least Rs2 billion have been earmarked for Sindh Assembly See # 12 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called on President Asif Ali Zardari at Aiwan-e-Sadr.-APP

Ecnec Oks Rs57bn roads-rehab plans ISLAMABAD: Chairman National Highway Authority (NHA) Mohammad Junaid said Wednesday that Economic Committee of the National Economic Council (ECNEC) has approved PC-1 of nine major projects of NHA across the country, worth Rs56.926 billion.

Addressing the Executive Board meeting of NHA here, he said that ECNEC has approved an amount of Rs 23,566 million for post-flood reconstruction and replacement projects.

It is to be recalled that NHA has already spent Rs 800 million on temporary rehabilitation of the road network damaged due to the floods.

The ECNEC has approved in Punjab Qasim Bela-Shershah Road Multan Bypass (12.3 km) costing Rs 2681 million, Bridge across River Ravi Linking Basti DulluanSandhilianwali costing Rs 2089 million and Rehabilitation, Upgradation & Dualization of Multan-Shujaabad-Jalalpur Pirwala-Uch Sharif-TM Panah (142 km)costing Rs 8493.876 million.

He told the Board that the projects approved by ECNEC in Khyber-Pakhtunkhwa

include Shatial-Thor Nullah Bypass (34 km) (Rs 3844.431 million), 2-Lane Bridge across River Indus at Khushalgarh(Rs 1538 million), and Malakand Tunnel (Phase-I) 4.25 km with 12.9 km access road (Rs 9043.325 million).

In Sindh and Baluchistan, he told, one project each has been approved by ECNEC which include rehabilitation of Larkana-Rasheed WagganNaseerabad Road (33km) in Sindh, costing Rs 1, 214.582 million and reconstruction of Basima-Khuzdar road (110 km), costing Rs 4454.631 million.

The Executive Board also discussed changes in the Regulatory Framework & SOP for preservation and commercial use of Right-of-Way (RoW), which deals with installation of amenities such as filling/CNG stations, hotels/ motels, shops, etc, laying of utility lines / services viz natural gas, telephone, electricity, water, optical fiber, oil, etc, display of promotional material and removal of encroachments.

The members observed that if some person, given No Objection Certificates for See # 10 Page 11

Import of machinery

FBR finds Rs458mn duty evasion ISLAMABAD: The Federal Board of Revenue (FBR) is investigating an estimated revenue loss of Rs458 million evaded by certain importers of beverage industry.

FBR field offices received information that certain importers of beverage industry had imported filling, labeling, and other related machinery and have wrongfully availed benefit of exemption from payment of duties/taxes under Serial No

1(1) of SRO 575(1)/2006.

Relevant data of the past clearances was retrieved and scrutinised which led to detection of 26 such cases wherein levied duties/taxes had not been paid, said a FBR statement issued here.

In all such cases, notices for contraventions have been issued and adjudication proceedings have been initiated to recover the short-levied amount, it added. - APP

SECP issues orders, warnings ISLAMABAD: In order to foster a transparent and efficient securities market and to safeguard the investors' interest, the Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) took enforcement actions and penalised the market participants for grave violations of fair market practices in May. An order was issued against the CEO of an insurance company and penalty was imposed on him for insider trading in the shares of a listed company.

Moreover, orders were issued against two members of the Karachi Stock Exchange, Intermarket Securities Ltd and Pearl Capital Management Ltd for non-compliance of securi-

ties laws.

The SECP also issued 21 warning letters to the directors and beneficial owners of 13 listed companies for late filing of returns under section 222 of the 1984 Companies Ordinance. In addition, 19 show-cause notices were served on the directors and beneficial owners of seven listed companies for non-compliance with 224 (2) of the Companies Ordinance. The copies of all the orders and warning letters are available on the SECP website.

During the month, the SECP granted approval to various futures contracts to be traded at the Pakistan Mercantile Exchange Limited (PMEX).

The launch of these futures See # 13 Page 11

Marvi may join PTI ISLAMABAD: PML-Q legislator Marvi Memon has stepped up her contacts to join Pakistan Tehreek-e-Insaf (PTI) after being disappointed over PML-Q joining government and her differences with Chaudhry brothers.

Well-placed sources told Online that Chaudhry brothers tried their best to woo Marvi Memon back in the party but efforts could not prove productive.

On the other hand Marvi has decided in principle to bid adieu PML-Q for ever. She has made formal contact with Imran Khan to join PTI. Imran Khan has also given green-signal to her on this count.

Sources said that Marvi Memon wanted that she be given a top position in PTI. Imran Khan has started consultation process with his party leaders in this connection.

When contacted by Online, Marvi Memon said she would offer no comments about joining PTI. -Online

OMCs asked to supply petrol urgently ISLAMABAD: Secretary Federal Ministry of Petroleum and Natural Resources Muhammad Ejaz Chaudhry has directed Oil Marketing Companies to supply all available stock of petrol to the market on emergent basis.

He was chairing a high level meeting with the representatives of all the Oil Marketing Companies (OMCs) here on Wednesday.

It may be pointed out here that Ministry of Petroleum has taken several steps to mitigate the crisis of petrol shortage.

It was decided that CNG curtailment in Faisalabad and Bahawalpur regions on Friday and Saturday will be done away with for one day.

National Refinery Limited (NRL) will increase its output from 80 per cent to 100 per cent with immediate effect and NRL will release the entire available stock urgently.

Parco will increase the supply of petrol to maximum possible capacity and ensure swift movement to retailers.

The Ministry of Petroleum asked all the oil tankers stationed at Faisalabad to be mobilised immediately.

A team comprising of representatives from OMCs and Petroleum Ministry would visit Lahore and Faisalabad to monitor the prevailing situation and report back to Petroleum Ministry without delay.

Any petrol pump not supplying petrol to consumers despite having available stock would be liable for punitive action.

See # 14 Page 11

2

Thursday, June 9, 2011

National Assembly Debates

Lawmakers discuss budget threadbare

ISLAMABAD: Acting DG Rangers Punjab, Brig Wali Muhammad called on Federal Minister for Interior, Senator A. Rehman Malik at Ministry of Interior. -Online

China invites traders to attend trade expo ISLAMABAD: A business delegation from China led by Akbar Gupur, commissioner of Kashgar Prefectural Administration, Xinjiang Uygur Autonomus Region, China visited Islamabad Chamber of Commerce & Industry (ICCI) and invited businessmen to participate in the 7th China (Kashgar) Central & South Asian Kashgar Fair, scheduled to be held from June 28 to July 02, 2011 at the International Exhibition Centre, Kashgar.

He said that China and Pakistan has unique friendly and time-tested relations which were further strengthening with the passage of time while establishing a long term strategic relationship with Pakistan was on top priorities of China.

He invited Pakistani businessmen to increasingly participate in Kashgar and other trade fairs held in China from time to time for exploring new opportunities of enhancing bilateral trade and investment.

Akbar Gupur said that Kashgar has unique geographical location and considered to be the hub of trade. He said that it has long history of Arab culture and developing social society.

In his welcome address, Mehfooz Elahi, President, Islamabad Chamber of Commerce and Industry said that China was Pakistan's strategic partner and our relations were based on mutual trust and unanimity of views on important regional and international issues.

These close relations were strongly

supplemented and supported by the people and businessmen of both the countries and the friendly cooperation between Pakistan and China was a model of good neighborly relations based on the principles of peaceful co-existence, he added.

On the occasion, Raza Khan, Former President ICCI and Chairman Coordination FPCCI said that Pakistan and China have enjoyed infinite friendship and Pakistan was always keen to widen and deepen its relations with China in all areas particularly in economic sphere. People and the business community of Pakistan have great respect and regard for the Chinese nation, which has always stood with Pakistan at all difficult times, he added.-NNI

Cut in water matter of concern: VC SITE Staff Reporter KARACHI: Asad Nisar Barkhurdaria, Senior Vice Chairman, SITE Association of Industry has expressed his concerns on extremely short supply of water

by KW&SB authorities to SITE industrial area in district west.

He said in a statement that due to water shortage, more then 50 per cent of 'export industries' are closed and more are on the verge of closing.

Despite of the repeated request to MD KWSB no improvement is seen in water supply, he said.

He said that SITE area is receiving water from FTM & HTM water connections with a low pressure

since long time and we are sorry to say that the position of the water supply is still not improved despite assurance of the KW&SB authorities.

As per schedule, KW&SB is bound to supply water continuously without break for twelve hours daily but what is happening is that due to mismanagement at KW&SB Hub Source the supply hours have reduced to 3-4 hours and that is also with interruption with one hour as result of which the pressure of water goes down to zero and takes one to two hours to build up the pressure again, he said.

He said that allocated quote of water fixed by the government is 8 MGD but the SITE area is receiving

ISLAMABAD: National Assembly resumed general discussion on the next year's federal budget here on Wednesday.

Taking part in the debate on the new federal budget, Ayaz Amir said that the defence budget should be discussed and brought under scrutiny in the parliament.

He said that the defence budget is discussed in every parliamentary democracy and it is not labeled as anti-patriotism. He said that all the political parties should shun the past politics of confrontation and join hands to steer the country out of the current crises.

Humayun Saifullah Khan said the government should focus on hydel electricity generation as it is a cheap source of energy.

He said adequate funds should be allocated for the construction of Diamer-Bhasha, Kurram-Tangi and Neelum-Jhelum hydel projects.

He appreciated allocations for the Benazir Income Support Programme (BISP) in the budget saying it will help improve the lot of the disadvantaged segments of the society.

Participating in the Debate Shah Mehmood Qureshi said we need to take difficult decisions to bring about economic revival. Expressing con-

cerns over high inflationary trends, he said that it has added to the woes of the poor people besides threatening the macroeconomic situation in the country.

He opposed the imposition of GST on agriculture products and said rather we should give incentives to the agriculture sector for its growth on sustainable basis.

He said taxes should be imposed on all the sectors including the agriculture income.

Abdul Qadir Khanzada welcomed fifteen to twenty per cent increase in the salaries and pensions of government employees. He proposed the government to also increase the minimum wage for workers from seven thousand to ten thousand rupees.

Khurram Jehangir Wattoo said the budget envisages a number of relief measures including reduction in General Sales Tax and sixty-five billion rupees for the Benazir Income Support Programme. He said no new tax has been imposed in this budget.

Chairman Kashmir Committee Maulana Fazlur Rehman said that good neighboring relations between Pakistan and India are imperative for durable peace and stability in South Asia. He said the Kashmir Committee has tried its level-best to

raise the Kashmir dispute at international level. He said we should also develop good relations with Afghanistan for maintenance of peace and security.

He said we should revisit the policies and find a political solution of the ongoing fight against terrorism.

He said that the parliamentary resolutions should be implemented for the national security.

Dilating upon the next year's financial budget, the JUI Chief Maulana Fazlur Rehman expressed disappointment over the budgetary proposals and said the economic targets set for the next fiscal year are ambitious which the government will not be able to achieve.

He said that under a well planned conspiracy a campaign has been started to malign the religious Madaris and Ulemas.

He said there is a need to launch a peaceful struggle for the enforcement of Islamic system to steer the country out of current challenges.

Rana Tanveer Hussain said the government should fulfill its promises and work for the welfare of the masses. He said all the political parties would have to move forward collectively for the strengthening of democracy and parliament. -NNI

Tariq: Rotatory head for CSABF ISLAMABAD: The China Council for Promotion of International Trade has appointed Tariq Sayeed as Rotatory Chairman for the 7th China South Asia Business Forum (CSABF) which will be held in June, 2012 in Kunming city of Younan Province of China.

His appointment came in an advisory group meeting of CSBAF held on 6th June, 2011 under the chair of Wang Jinzhen, Vice Chairman China Council for Promotion of International Trade (CCPIT).

Tariq Sayeed replaced Macky Hashim, Immediate-past President SAARC CCI (Sri Lanka) on the

Forum whose services were really relinquished with the conclusion of 6th CSABF recently held in Kunming-China.

Earlier Pakistan delegation participated in 6th China South Business Forum comprising notable figures like S M Muneer, Former President, FPCCI, Dawood Usman Jakhura, Vice President FPCCI, Muhammad Amin Khatri former EC Member, Waseem Vohra EC Member FPCCI, Siddique Sheikh, Chairman CSR Committee, Mehtabuddin ChawlaEC Member-FPCCI, Humayun Laeq, Vice Chairman of

Federation Fairs & Exhibition Committee Parliamentarians Shireen Arshad Khan, MNA & SCWEC Member, Hina Mansab Khan, Member SCWEC, Shahbano Jamshed, Rizwana Shahid-SCWEC Member, Fareena Rizvi, Mehreen Elahi, Rizwan A Khan, Faisal Mehmood, Hafiz Bilal, Irfan Iqbal, Naeem Ghaffar, Ali Jamil, Jamshed Malik, Asif Khudai, Abdul Rehman, Mehar Elahi, Salman Elahi, Razaullah Khan, Muhammad Iqbal, Hasan Akhtar, Avery Wu, Coordination Officer, FPCCI Chengdu Office, China. -NNI

Samsung brings Smart TV

hardly 0.545 MGD water and that is also with low pressure as result of which industries are getting meager supply of water and are on the edge of closing.

Barkhurdaria urged the Managing Director, KW&SB to look into the matter and direct the concerned staff for maintaining the schedule timing without unjustified breakdown so that SITE can be able to get the water smoothly.

He also urged the Governor Sindh, Dr Ishrat-ul Ebad Khan and Chief Minister Sindh Syed Qaim Ali Shah to ask the authorities concerned to take notice of the situation and ensure adequate supply of water to SITE area so that the industries could run smoothly.

Attiqa leaves Pak to avoid arrest RAWALPINDI: A police team was sent to Karachi for arresting TV actress and Vice President of All Pakistan Muslim League Attiqa Odho after registering a case at Airport police station on the direction of Supreme Court.

According to details, Airport Security force personnel recovered foreign branded two bottles of liquor from the luggage of Attiqa Odho on June 05 who was traveling by air from Islamabad to Karachi.

She was detained for sometime and later allowed to proceed on

board Karachi bound flight after phone calls by influential people.

Supreme Court Chief Justice Iftikhar Muhammad Chaudhry has taken suo moto notice of the incident and sought explanation from the Federal Board Revenue (FBR) chairman over release of Attiqa Odho without taking any legal action against her.

The FBR chairman told the court that case could not be registered against Attiqa because value of the liquor recovered form her possession was less then rupees three lacs.

During hearing of the case on Wednesday, the court directed the concerned authority for registering case against Attiqa Odho.

On complaint of Assistant Collector Custom, Sehar Rafique, Airport Police Station registered the case of liquor recovery against Attiqa Odho.

Meanwhile according to sources, Attiqa Odho has left for some foreign country to avoid her arrest. The sources said that she had also got bail before arrest. -Agencies

KARACHI: Sea storm forecast forces fishermen to anchor launches at the port city’s Fish Harbour on Wednesday. -Online

Megagate cells hit outlets

KARACHI: Megagate, a next generation mobile phone manufacturer announced the launch of their mobile phone product line at PC Hotel, Karachi.

Megagate brings the real power of communication through wide range of mobile phones packed with top of the line innovative features and international quality standards.

All products in Megagate line up have been designed to fulfill the requirement of all set of consumers, from multimedia users to internet addicts and from text savvy youngsters to business minded professionals.

To bring the same possibilities and international standards to Pakistani market, Megagate has aligned top-of-the-line Research & Development and manufacturing faciliKARACHI: DG Thar Coal and Energy Department Abdul Majeed Pathan and CEO of Turkish Company ties, and collaborated with M/S Colakogh Investments Hayder N. Colakogh signing MOU for coal exploration and power generaglobally recognized comtion at Chief Minister House. Chief Minister Sindh Syed Qaim Ali Shah, Sindh Local Government panies like MediaTek Inc. Minister Agha Siraj Durrani and Turkish delegation is also seen. -APP Taiwan. -PR

NICL Scam

FIA given 2-wks to catch accused ISLAMABAD: Supreme Court of Pakistan Wednesday ordered that all the accused in the National Insurance Corporation Limited (NICL) case should be arrested within two weeks and investigations be completed immediately after the arrests.

Chief Justice of Pakistan Iftikhar Muhammad Chaudhry expressed doubt over the pace of investigation by the Federal Investigation Agency (FIA).

The FIA Director Moazzam Jah told the court that former Sindh Workers Welfare Board Director General Zafar Saleem transferred Rs 900 million into an anonymous account in an NICL deal. But Zafar Saleem passed away in an air crash, the FIA director added.

Chief Justice said that the FIA director was laying blame on a dead man, adding that the FIA should

have arrested the people involved in anonymous accounts transaction earlier.

He remarked that all the accused in the case were seemed vindicated because of the FIA director, adding that how the officials addicted to air conditions would investigate a case.

The chief justice said the court was fed up to the extent that the entire FIA team should be sent to jail.

The FIA director submitted that Rs 3 million were recovered from Syed Iqbal's accounts, but the accused is absconding.

The CJP said that due to the delinquency of the investigative agencies, the criminals walked away scot-free.

The FIA director told the court that in another NICL deal, Rs 40 million were transferred into the accounts of Makhdoom Amin Faheem, Makhdoom Jamil Zaman and Rizwana Amin. NNI

KARACHI: Samsung Electronics Co Ltd, a market leader and award-winning innovator in consumer electronics, has introduced their latest convenience for their customers, the Samsung "Smart View" application.

This new application enables users to view images from a Samsung Smart TV or other input device right on their mobile devices.

Available for the Samsung Galaxy S2 Android smart phone, the free Smart View application displays Smart TV images right onto mobile devices via wireless Ethernet-whether consumers are enjoying cable broadcast programs or content from a Blu-ray player, camcorder, set-top box or other input device.

"Samsung Smart TV is leading the "smart revolution" not only with the features of Smart TV itselfsuch as rich content, 2D and 3D picture quality, smart functions and design-but also with input devices using our Qwerty smart remote control, the Samsung Remote app, and now with Smart View," said Hee Chang Yee, MD Samsung Electronics Pakistan.

"The distinctive functionality of Samsung Smart TVs will continue to deliver the most convenient TV watching experience to consumers-enabling them to truly enjoy a smarter life," he added.

The Samsung Smart View is now available in the Android Market for Samsung Smart TV D7000, D8000, and D9500 series, as well as the Galaxy S2 smart phone, and will be available for the Galaxy player (YP-GB70) in July, along with the Galaxy S and Galaxy Tab later this year. -PR

3

Thursday, June 9, 2011

Dollar, yen gain on worries about global growth

Indian rupee sits tight; Swiss franc surges vs dlr importers negate exporter dlr sales

Aussie & kiwi dollars slip as investors turn cautious Commodity currencies down on global growth worries yielding assets.

The same dynamics drove dollar gains against the euro and high-yielding currencies such as the Australian dollar, traders said. Low US interest rates make the dollar, like the yen, a popular funding currency.

Data last week showing US hiring slowed sharply in May increased anxiety about the global outlook, and investors grew more risk averse after Federal Reserve Chairman Ben Bernanke said late Tuesday recovery remained fragile.

The dollar was last down 0.2

NEW YORK: The dollar rose against most currencies on Wednesday but fell to a onemonth low against the yen as fear that a slowing US economy may put the brakes on global growth drove a bid for currencies perceived as safe havens.

Commodity-linked currencies and the euro slumped, while the yen rose as high as 79.69 per dollar, its strongest level since May 5. Investors unwound trades financed by borrowing the Japanese currency at low interest rates as fears grew that slower global growth would hurt higher-

per cent at 79.86 yen. Traders said losses accelerated after a series of automatic sell orders were triggered on the greenback's drop below 80 yen.

More "stop-loss" barriers were said to be below 79.50.

The euro fell 1 per cent to 116.42 yen and was off 0.8 per cent at $1.4575, hurt by an unexpected 0.6 per cent decline in German industrial output.

The commodity-sensitive Australian dollar shed 0.8 per cent to $1.0624, while the greenback rose 0.5 per cent against the Canadian dollar to C$0.9794. -Reuters

Stg pares losses as ratings concern downplayed agencies on the current growth profile and will fade from market view," said Gavin Friend, currency analyst at National Australia Bank.

The euro rose to a one-month high of 89.76 pence before backtracking to 89.23 in afternoon dealing, close to flat for the day.

"Sterling saw a knee-jerk fall on the Moody's comments," said Richard Wiltshire, chief FX broker at ETX Capital.

"The euro spiked but then came off as it dawned that there was nothing concrete behind these comments and no timeframe mentioned." The euro was expected to remain supported ahead of a European Central Bank meeting on Thursday.

The ECB is forecast to leave

LONDON: Sterling pared losses against the euro and the dollar on Wednesday as traders downplayed comments on the UK by credit ratings agency Moody's which had sparked early selling of the pound.

Moody's said its outlook for Britain remained stable, but reiterated its view that weaker growth and slippage in the government's fiscal plans could lead to a reassessment. Earlier, a media report had quoted a Moody's analyst saying the UK was at risk of losing its prized Aaa rating, which triggered the initial sharp falls in the pound.

"This is a story that has captured the market's attention for obvious reasons, but one that is unlikely to be followed by other ratings

rates on hold at 1.25 per cent but to signal a rate rise in July.

Against the dollar, sterling was down 0.4 per cent at $1.6384, off a session low of $1.6348. The dollar gained traction against riskier currencies and equities fell as fears of a global growth slowdown spooked financial markets.

Technical analysts highlighted support at sterling's 55-day moving average at $1.6328. It remained hemmed in a range above last week's low of $1.6285 and below the May 31 high of $1.6547. The BoE on Thursday is expected to leave rates on hold. This is seen having little or no impact on markets given that details of the policy debate will not be known until the minutes are released in two weeks' time. -Reuters

Asian currencies

Won turns higher on demand for bond inflows SINGAPORE: The South Korean won may weaken on expectations the central bank will leave rates unchanged this week, analysts said on Wednesday, while the rupiah may remain firm as Bank Indonesia continues to signal it would use currency to fight inflation.

Twelve of 20 analysts expect the Bank of Korea to maintain borrowing costs at the rate review on Friday, given heightened worries about a slowing global economic recovery, according to a Reuters poll. Indonesia's central bank is also seen holding interest rates, but investors expect it to keep using a strong rupiah to cope with rising prices. It has turned less hawkish recently.

The rupiah, the best performer among emerging Asian currencies, led gains in its peers on the country's proactive moves, allowance of the currency's appreciation, to stem rising prices.

The regional units had enjoyed strong inflows on stronger economic growth than developed markets and policymakers' inflation fighting in the first four months of the year, before worries about a slowing global economy and the euro-zone's debt crisis triggered profit-booking.

Still, the won is likely to find strong support and to be locked in the recent ranges as the central bank is expected to signal further tightening to curb inflationary pressure, dealers and analysts said. The won ended local trade higher against the dollar as exporters chased it for settlements and demand linked to foreign investors' recent bond purchases. Offshore investors also continued to buy Seoul shares, providing more support to the South Korean currency. The Malaysian ringgit and the Singapore dollar shed 0.3 per cent as investors covered dollar-short positions shunning risks. The ringgit weakened past a 55-day moving average of 3.0128 per dollar and has room to weaken, probably to 3.0200, the 38.2 per cent Fibonacci retracement of its strengthening trend since late May. The Singapore dollar may also weaken more, probably to 1.2328, the 23.6 per cent retracement of its strengthening trend since late last month. -Reuters

MUMBAI: The Indian rupee was little changed in choppy trade on Wednesday, as weak local shares, a pull back in the euro and importer dollar buying offset support extended by exporter dollar sales.

The partially convertible rupee ended at 44.70/71 per dollar against Tuesday's close of 44.67/68. The rupee weakened to as low as 44.75 intraday prior to dollar sales from corporates, including Reliance Industries , which propped up the local unit to the day's high of 44.5750--a level not seen since May 5. But, trading volume in the dollarrupee market was low before Friday's release of April's industrial output data, at around 0530 GMT, dealers said.

"The industrial production data will be crucial direction set-

SYDNEY/WELLINGTON: The Australian and New Zealand dollars slipped against major currencies on Wednesday, as weaker equities and commodities prompted investors to book profits a day ahead of key jobs data in Australia and an interest rate decision in New Zealand.

The Antipodean currencies were undermined by weak stock markets across Asia and widespread yen buying by Japanese mutual funds and large banks at the Tokyo fix, traders said.

The Australian dollar hit a four-day low at $1.0640, from $1.0716 in New York, well off a three-week high of $1.0773 last week. It last traded at $1.0670.

The NZ dollar fell to a session low of $0.8146, from $0.8205 offshore, after surging more than one per cent to a one-week high of $0.8232 in London trade.

Resistance remains at the 26year peak of $0.8264, with support around $0.8117.

The Antipodeans were also on the backfoot against the yen, with the Aussie slipping to a session trough of 84.93 yen, heading to test a one-month low of 84.27.

The kiwi, also drifted lower to a low just above 65 yen from a high of 65.89 yen.

The Australian and New Zealand dollars similarly lost ground to the euro, with the single currency peaking at a fresh one-month high around A$1.3766, before steadying around A$1.3741. Against the kiwi, the euro climbed to a three-week summit at NZ$1.7978. -Reuters

ter for the rupee," said Kamlakar Rao, head of forex trading at the state-run Allahabad Bank.

The one-month onshore forward premium was at 24.75 points versus 25.50 points at Tuesday's close. The threemonth was 74 points against its previous close of 75 and the one-year was at 247.75 points versus 272.75.

One-month offshore nondeliverable forward contracts were quoted at 44.94, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange, the MCX-SX and on the United Stock Exchange were at 44.8675, 44.8700, and 44.8750 respectively, with the total volume at $8.78 billion. -Reuters

ZURICH: The Swiss franc trod water against the dollar on Wednesday after Federal Reserve Chairman Ben Bernanke gave a glum assessment of the US economy bolstering expectations interest rates will stay low for longer.

Worries about lacklustre growth in the US economy have weighed on the greenback this year and it sank to a fresh record trough against the franc in the previous session after a Chinese forex official warned of the risks of excessive dollar holdings.

The Swiss franc was flat against the dollar compared to the New York close, trading at 0.8365 by 0707 GMT. The franc was also little moved against the euro, trading at 1.2285, after weakening almost 1 per cent against the single-currency in the previous session. -Reuters

Yuan hits all-time high on record mid-point SHANGHAI: The yuan hit a record high versus the dollar on Wednesday as the People's Bank of China fixed another all-time high mid-point and a top government official reiterated that imported inflation remained strong.

The PBOC has let its yuan mid-point fixing hit a slew of record highs this year as the government fights persistently high inflation, partly driven by firm global commodity prices.

Now Xu Xianping, vice head of the National Development and Reform Commission, China's top economic planner, told a regular briefing on

Wednesday that the country still faced elevated inflationary pressures, partly due to higher prices of imported goods.

Local media reported on Wednesday that China's consumer price index (CPI) could hit a multi-year high of 5.5 per cent in May, underlining the necessity for the government to continue its monetary tightening stance in place since last October.

Spot yuan closed at 6.4757 versus the dollar after touching an all-time high of 6.4755, up from Tuesday's close of 6.4810 and toppling the previous record high of 6.4777 touched one week ago.

The Chinese currency has now appreciated 5.4 1 per cent since it was depegged from the dollar in June 2010, and 1.7 6 per cent since the start of this year.

Before trade began, the PBOC set the yuan's daily midpoint at a record high of 6.4795 against the dollar, stronger than Tuesday's 6.4816. It uses the mid-point to guide the currency. Offshore, one-year nondeliverable forwards (NDFs) were bid at 6.3610 in late trade, up from Tuesday's close of 6.3530. Their implied yuan appreciation in a year's time eased to 1.86 per cent from 1.99 per cent. -Reuters

OFFICE OF THE TALUKA MUNCIPAL ADMINISTRATION JAM NAWAZ ALIa Phone No: 0235-578267 Fax No: 0235-578299 No. TMA/JNA/665/2011

Date: 4/6/2011 TENDER NOTICE With reference to permission accorded by Sindh Local Government Department vide order No. SO-VII/LG/Misc-26/2011 (TMA Jam Nawaz Ali) dated 12/2/2011 and approved by the Sindh Peoples Development Committee Sanghar. The sealed tenders are hereby invited from all the interested contractors/firms/ parties which fulfill the conditions as per SPPRA Ordinance 2010, for the year 2010-11 in connection to execution of following development schemes.

S/NO

Name Of Schemes

Amount

Call Deposit

Tender Fees Completion period 63

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62

Repair of metalled road from Sindhi Girls Primary School to Marri Muhlla Const: of C.C. Block Dargha Miskeen Shah Const; of C.C. Block Village Anwar Rind Const; of C.C. Block Daragah Syed Ismail Shah Const; of C.C. Block Syed Muhalla Const; of C.C Block village Mushtaque Rind Const; of C.C Block village Muhammad Salleh Const; of C.C Block village Man Khaskheli Const; of C.C Block village Mumtaz Rind Const; of C.C Work Press Club to Quarter Const; of C.C Work and drains Girls Middle School street Const; of metalled road village Khan Muhammad Marri Const; of metalled road village Aarif Malokhani Providing & Installing purification plant i/c Const: of room Berani Providing & Installing purification plant i/c Const: of room Nauabad Const; of metalled road village Badal Malokhani Const; of C.C. work vill: Jaro Malokhani Const; of C.C Block village Qasim Mahar Const; of C.C. work vill: Umar Khohee Const; of waiting shed village Ibrahim Khan Marri Const; of C.C Block village Daith Malokhani Masjid to school Const; of C.C Block village Muhammad Ibrahim Mahar Const; of C.C Block vill: Mir Hassan Mahar Const; of C.C. work Mahar Para Nauabad Const; of C.C. work vill: Ibrahim Kotar Const; of C.C. work vill: Mir Hassan Malokhani Const; of C.C. work vill: Ali Gohar Mahar Earth work village Soomar Khan Malokhani Earth work village Muhammad Siddiq Mahar Const; of C.C work Lahootee Rustam Const; of Brick pavement various vaillage UC Jam Nawaz Ali Const; of C.C work diff: streets of Berani Const; of metalled road vill: Jaffar Katohar Const; of metalled road village Haji Abdul Hakeem Liskani Const; of water tank village Fatah Mohd Halepoto Const; of C.C. work vill: Kumbhar Para Const; of metalled road vill: Long Sher Const: of Bric Pavement Vill: Jan Muhammad Junejo Const: of Bric Pavement Vill: Suleman Solangi Const: of Bric Pavement Vill: Ismail Solangi Const; of water tank Kumbhar Para Const; of addition Block and Colour wash TMA Office Repair maintenance of street light Jam Nawaz Ali Repair of Janaza Gaah Berani Const: of Brick Pavement Badal Marri Subedar Mari Const: of Brick pavement Haji Babal Katohar Deh-82 Jamrao Const: of water tank village Din Muhammed Junejo Const: of metalled road village Juman Shah Const: of Brick pavement village Haji Hakim Marri Cosnt: of Brick pavement Khadam Jat Const: of Brick pavement vill: Mumtaz Jat Const: of Brick Pavement vill: Hoat Khan Marri Const: of C.C Block Masque to KG Nursary School Const: of Brick pavement vill: Mohammad Umer Mahar Deh-70 Jm Repari of water tank village A. Rehman Kumbhar Deh-69 Const: of metalled road village Abdur Rehman Kumbhar Const: of Brick pavement vill: Khalefo Warayam Faqeer Deh-45 JM Cosnt: of Brick pavement village Ghulam Qadir Marri deh-42 Jamrao Const: of (01 No) Water tank village Kamal Marri Const: of Musafar Khana vill: Syed Juman Shah Const: of metalled road vill: Dewan Leela Raam Const: of metalled road vill: Ahmed Shah Deh-69 Jamrao

1,500,000 200,000 200,000 350,000 400,000 800,000 400,000 500,000 450,000 450,000 300,000 1,400,000 1,600,000 1,700,000 1,700,000 1,600,000 250,000 250,000 250,000 150,000 600,000 200,000 200,000 250,000 200,000 150,000 150,000 150,000 200,000 150,000 400,000 600,000 1,400,000 1,800,000 400,000 600,000 1,600,000 200,000 200,000 100,000 400,000 900,000 offer rate 400,000 350,000 200,000 400,000 1,400,000 250,000 400,000 400,000 400,000 400,000 400,000 250,000 1,400,000 700,000 400,000 400,000 150,000 2,200,000 2,200,000

30,000 4,000 4,000 7,000 8,000 16,000 8,000 10,000 9,000 9,000 6,000 28,000 32,000 34,000 34,000 32,000 5,000 5,000 5,000 3,000 12,000 4,000 4,000 5,000 4,000 3,000 3,000 3,000 4,000 3,000 8,000 12,000 28,000 36,000 8,000 12,000 32,000 4,000 4,000 2,000 8,000 18,000 20,000 8,000 7,000 4,000 8,000 28,000 5,000 8,000 8,000 8,000 8,000 8,000 5,000 28,000 14,000 8,000 8,000 3,000 44,000 44,000

1,000 500 500 500 500 500 500 500 500 500 500 1,000 1,000 1,000 1,000 1,000 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 1,000 1,000 500 500 1000 500 500 500 500 500 1,000 500 500 500 500 1000 500 500 500 500 500 500 500 1000 500 500 500 500 1500 1500

6 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 6 Months 6 Months 6 Months 6 Months 6 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 6 Months 4 Months 4 Months 6 Months 4 Months 4 Months 4 Months 4 Months 6 Months 6 Months 4 Months 4 Months 4 Months 4 Months 6 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 6 Months 5 Months 4 Months 4 Months 4 Months 6 Months 6 Months

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128

Const: of Brick Pavement vill: Ali Hassan Magsi Const: of Brick pavement village Badal Mari UC Jam Nawaz Ali Const: of Brick pavement vill: Ali Gohar Liskani UC Hoat Wassan Const: of Birck pavement vill: Amin Brohi Const: of Brick pavement vill: Wazir Khan Kaloi Const: of Brick pavement vill: Muhammed Sharif Khaskheli Const: of Brick pavement vill: Khalid Meuani Const: of Brick pavement vill: Khuda Bux Khaskheli Tilla Shah Const: of Brick pavement Vill: Fiqeer Ghulam Hussain Khaskheli Const: of Brick pavement Vill: Hakim Khaskheli Const: of Brick pavement vill: Ghulam Muhammad Mangrio Const: of Brick pavement vill: Muhammad Ibrahim Khaskheli Const: of Brick pavement vill: Taj Muhammad Shar Cosnt; of Brick pavement vill: Alam Buledi Const; of Brick pavement vill: Ali Dino Magsi Cosnt: of Brick pavement vill: Abdul Malik Marri Fouji Mohd House Cosnt: of Brick pavement vill: Warayam Narejo Const: of Brick pavement vill: Nazir Khan Kaimkhani Const: of Brick pavement vill: Goth Saful Khan Chandio Deh-57 Const; of Brick pavement vill: Muhammad Khaskheli Const: of Brick pavement vill: Ahmed Ali Rind Cont: of Brick pavement vill: Gambu Khan Dahri Cosnt: of Brick pavement vill: Khuda Bux Malokhani Const: of Brick pavement vill: Dargahi Hingoro UC Hoad Wassan Const: of Brick pavement vill: Haji Mohd Moosa Hoat Wassan Const; of Brick pavement vill: Muhammad Ibrahim Babar Deh-43 Const: of waiting shed vill: Syed Noor Hussain Shah Deh-43 Const: of waiting shed vill: Balu Khan Malokhani Cosnt; of Brick pavement vill: Goth Muhammad Raees Liskani Cosnt: of Brick pavement vill: Raees Haji Ali Sher Liskani Const: of Brick pavement vill: Raees Abdul Hakeem Liskani Const: of Brick pavement Vill: Raees Haji Rasheed Khan Marri Cosnt;: of Brick pavement vill: Utamo Bheel Const: of Brick pavement vill: Partab Deh-50 Const: of Brick pavement vill: Abdul Majeed Sher Const: of Brick pavement vill: Mir Muhammed Rind Const: of Brick pavement VILL: Muhammad Amin Rind Const: of Brick pavement VILL: Dumbu Babar Const: of Brick pavement VILL: Juman Shah Const: of Brick pavement VILL: Muhammad Alam Baloch Const: of Brick pavement VILL: Khelo Gaho Const: of Brick pavement VILL: Suleman Rajput Eart work vill: Sadam Bheel Const: Brick pavement VILL: Arab Mahar Const: of Brick pavement VILL: Ghulam Rasool Marri Const: of Brick pavement VILL: Syed Mehboob Shah Const: of Brick pavement VILL: Bhagat Peso Raam Const: of water tank vill: Ghulam Muhammad Marri Const: of water tank vill: Punhoon Khan Malokhani Const: of water tank vill: Mohd Yaqoob Magsi Const: of C.C work vill: Allah Wasayo Katohar Const: of Brick pavement vill: Muhammad Yousif Arain Const: of CC work Magsi Para Const: of CC work S.P Muhammad Ali Street Const: of CC work Makka Misjid Street Const: of CC work Shedi Mohalla Street Const: of Brick pavement vill: Murad Marri Const: of Brick pavement vill: Umar Marri Const: of CC work Mir Muhammad Khaskheli street Const: of CC work Rabani Shah Bahram Paro Const: of Brick pavement vill: Devomal Ragho Kolhi Const: of C.C Road, Noor Mohd Magsi Vill: Repair of metalled road village Atta Mohammad Rind Const: of C.C Road Village Ibrahim Babar Const: of C.C Road Village Khameso Vessan Const: of Foot path TMA Jam Nawaz Ali Office

350,000 350,000 250,000 150,000 200,000 200,000 350,000 200,000 200,000 200,000 300,000 200,000 200,000 250,000 200,000 200,000 350,000 350,000 200,000 200,000 300,000 200,000 200,000 200,000 200,000 300,000 150,000 150,000 300,000 200,000 200,000 200,000 200,000 200,000 200,000 300,000 200,000 200,000 200,000 200,000 300,000 100,000 200,000 300,000 300,000 200,000 150,000 400,000 400,000 400,000 400,000 300,000 250,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 250,000 300,000 1,500,000 250,000 250,000 500,000

7,000 7,000 5,000 3,000 4,000 4,000 7,000 4,000 4,000 4,000 6,000 4,000 4,000 5,000 4,000 4,000 7,000 7,000 4,000 4,000 6,000 4,000 4,000 4,000 4,000 6,000 3,000 3,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 6,000 4,000 4,000 4,000 4,000 6,000 2,000 4,000 6,000 6,000 4,000 3,000 8,000 8,000 8,000 8,000 6,000 5,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 6,000 30,000 5,000 5,000 10,000

500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 100 500 500 500

4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 4 Months 6 Months 4 Months 4 Months 4 Months

Terms & Conditions For Tenders 1. Application for purchasing of tender documents should accompany with 2% earnest money on estimated cost mentioned above against each work in the shape of call deposit from any of the scheduled bank in the favour of the Administration Taluka Municipal Administration Jam Nawaz.

2. The tenders will be issued by the Taluka Officer (I&S) TMA Jam Nawaz Ali on fees (non refundable) as shown against each of work up to 27.06.2011 at 12:00 Noon.

3. Contractor/Firm/Applicant should submit the partenrship deed in case of partnership.

4. The tenders will be received and opened in the office of the Administration TMA Jam Nawaz Ali on 27.06.2011, at 02:00 PM in the presence of the Bidder/Contract or of their authorized representative, who may wish participated. In case of the undersigned is out of head quarter or un-responded the tenders the next date for recieving/opening will be as under.

5. 2nd attempt 28.06.2011 up to 12:00 Noon (for receiving) and (for opening) on same day at 02:00 PM. 6. The call deposit or un-successful bidders will be released after signature of Contract documents a expiray/validity by successful bidders.

7. The interested persons/firms/contractors are required to also the following documents with the ten. a) Authority letter in case of nominated person by the firm. b) Partnership deed in case of Firm is running on partnership bases. c) NTN and Bank Certificate. d) Copy of Registration Certificate of Pakistan Engineering Council in case of more than 2.5 million. e) Affidavit on stamp paper that the Firm is not involved in any Court cases. f) Affidavit on stamp paper that the Firm was not black listed by the Government Department.

8. The conditional and telegraphically tender will not be accepted.

Administration Taluka Municipal Administration Jam Nawaz Ali Op Terms & Conditions For Tenders 1. Application for purchasing of tender documents should accompany with 2% earnest money on estimated cost mentioned above against each work in the shape of call deposit fro any of the scheduled bank in the favour of the Administration Taluka Municipal Administration Jam Nawaz Ali. 2. The tenders will be issued by the Taluka Officer (I&S) TMA Jam Nawaz Ali on payment of tender fees (nonrefundable) as shown against each of work up to 27.06.2011 at 12:00 Noon.

3. Contractor/Firm/Applicant should submit the Partnership deed in case of partnership.

4. The tenders will be received and opened in the office of the Administrator TMA Jam Nawaz Ali on 27.06.2011, at 02:00 PM in the presence of the Bidder/Contract or of their authorized representative, who may wish participated. In case of the undersigned is out of head quarter or un-responded the tenders, the next date for receiving/opening will be as under:5. 2nd attempt 28.06.2011 up to 12:00 Noon (for receiving) and (for opening) on same day at 02:00 PM 6. The call deposit or un-successful bidders will be released after signature of Contract documents are expiray/validity by successful bidders.

7. The interested person/firms/contractors are required to also the following documents with the tenders. a) Authority letter in case of nominated person by the Firm. b) Partnership deed in case of Firm is running on Partnership bases. c) NTN and Bank Certificate. d) Copy of Registration Certificate of Pakistan Engineering Council in case of more than 2.5 million. e) Affidavit on stamp paper that the Firm is not involved in any Court cases. f) Affidavit on stamp paper that the Firm was not black listed by the Government Department.

8. The conditional and telegraphically tender will not be accepted.

INF-KRY 2044/11

Administration Taluka Municipal Administration Jam Nawaz Ali

4

Thursday, June 9, 2011

The Financial Daily International

F EDERAL B UDGET FY12:

Vol 4, Issue 217

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

NO BREAKTHROUGH Muhammad Arif

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

Emerging shortage of POL Nearly six moths back, on these pages, we had warned the government that if immediate corrective steps were not taken the global crude oil prices could cause serious problems for the country. The reference was made to two factors: (1) crude oil prices in 2011 will hover around $100 a barrel and (2) any fall in the commodity prices, particularly that of cotton could turn Pakistan's current account negative.

Ironically both the forecast seem to have proven correct but the real issue is that over the last few days there is an acute shortage of POL through out the country.

Since 2008 crude oil prices had hit two extremes, a high of $147 and a low of $34 per barrel. Prices had skyrocketed due to over indulgence of hedge funds in all the commodities, including crude. With the burst of bubble and emergence of financial crisis the world experienced double dip inflation. As a result many countries including Pakistan had to approach the global lenders for bailout packages. Therefore, crude oil prices hovering around $100 should be grave concern, particularly because the government is no longer in a capacity to pay any subsidy on these products. In fact one should expect hike in prices as the government faces a budget deficit of nearly one trillion rupees.

Some of the Pakistani experts also say that as long as prices of wheat, cotton and rice also move in tandem, the bite will not be deep.

However, Pakistan's problems had started with crude oil prices hovering on the higher side and prices of cotton plunging. Pakistan's woes multiply as it not only suffers from hike in prices but because of gross inefficiencies, mismanagement and corruption in the energy sector. The added spoiler has been the circular debt engulfing the entire energy chain.

It is regrettable that policy-planners are fully cognizant of the fact that Pakistan is excessively dependent on fossil oil and gas production is falling short of demand but hardly any efforts have been made to change the energy mix, in fact they are trying to contain consumption of oil and gas by running power plants at lower capacities, curtailing supply of gas to fertilizer plants, other manufacturing units and CNG stations.

Regrettably no efforts have been made to curtail pilferage of electricity and gas and promote use of alternate sources of energy.

Though, experts often say that energy shortage is the stumbling block in boosting Pakistan's economic growth little is being done to improve the supply and change the energy mix.

The government policies have been overruled by groups having vested interest. All and sundry are shouting about closure of CNG stations but no one is asking the government the reasons for the delay in marketing bio-fuel (E-10).

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.

B

udget for the financial year 2011-12 (FY12) has been announced with Rs2.5 trillion outlays, but the document does not contain any measure that can be considered as a step towards averting current economic crisis.

Pakistan is passing through worst part of its growth trajectory i.e. less than 3 per cent per annum as compared to world growth being projected above 4 per cent with India and China at 8 per cent and 9 per cent respectively. With this the inflationary pressure is also on the higher side i.e in double digits moving close to 15 per cent per annum. Contrary to this, world inflation is around 3 per cent with India and China at 6/7 per cent. In economic terms this is stagflation with which Pakistan is suffering. The scenario as such makes it difficult for the central bank to take appropriate steps. So much cannot be done through change of discount rate. The same case is happening in Japan and US but with a difference. These countries are suffering from liquidity trap (i.e. their central banks' policy rates are close to zero making it difficult for these banks to take monetary measures to boost economic growth). However, in these countries governments are active enough by taking steps for the revival of their economies.

With this situation, Budget processing for FY12 was the moment for the GoP to come up with some innovative steps that are missing in the budget proposals. Comments have started coming in on the document. Debate on the proposals is also underway in the Senate and National Assembly but it looks that no body has done any homework to suggest for better alternatives.

Pakistan has remained a Security State with establishment on its driving seat. This is no incident that most of the time economy has remained in control of technocrats who by approach are textbook persons. We blame IMF for such policies but that is also an organization of technocrats. The people hired for the job to run the show in fact belongs to the class of text book regimes and that has been repeated each year with the exception to few years in Pakistan with civil administration.

The litmus test to see that whether any country is being run by the government of its people is that whether it's foreign, economic or internal policies are under control of its parliament or being run by some clique of establishment. In Pakistan unfortunately we are still in the clutches of establishment and that has once again been vindicated through its Budget proposals for FY12.

First of all budget proposals for are on the paper and no body is in a mood to believe that they would remain so at the end. Most likely the expenditure would rise, further taxation would come either in the form of withdrawal of subsidies or in some other form and finally PSDP would be axed down to supplement these changes.

These are all text book prescriptions.

Secondly, going further, GDP size, GDP growth rate and inflations numbers have been indicated (Chart 1) by the government that is going to be achieved in the next few years. How they are going to be achieved has not been vindicated?

Most probably honourable Finance Minister has left it on God to bestow these numbers on people of Pakistan. Further government should know that at least 5 per cent real GDP growth is required to bring down poverty level in Pakistan as per different empirical studies. The government is far behind in mending growth prospects in Pakistan as per targets set by it.

Chart 1 Per cent to GDP

FY2011

FY2012

FY2013

FY2014

Real GDP growth Fiscal deficit Public Debt GDP (Rs in trillion)

2.4 15.5 57.2 18

4.2 12.0 53.2 21

4.5 9.5 48.7 24

4.7 8.0 45.9 27

In budget proposals it has been indicated that budget has been prepared in accordance with accounting and classification system and instructions have been issued to Accounts Officer to bring their demands in line with three years requirements. This is just an accounting treatment but the major issue that is hurting at the moment is that all government receipts are pooled up in a single account, either coming through revenue or debt. This defies balance sheet approach and should be corrected to keep the revenue and debt side on different planks. The debt should be used by allocating it to the government or be kept in sinking fund or be kept in some investments. The use of debt should always be dealt separately which is not the position right now Total outlay Budget is composed of Rs2.5 trillion in which provinces would get Rs1.2 trillion.

FBR would collect Rs1.9 trillion. Non tax revenue would be Rs658 billion. Budget deficit would be around Rs975 billion.On the expenditure side Rs730 has been allocated for PSDP. In this, target set for FBR seems overambitious. In the current year FBR has remained short of its target amount of Rs1.7 trillion set at the start of FY11. Finance Minister has revealed that thousands of people would be brought under tax net this year. Who are they, no body knows. But apart from this claim, it looks very difficult to cross even Tax to GDP ratio in the time to come that is less than 10 per cent of GDP right now. This obviously put pressure on the government to plug its budgetary deficit through borrowings that would increase debt serving cost i.e. already standing close to Rs1,000 billion.

Defense expenditure: This outlay is proposed at Rs495 billion.

Considering internal situation and at borders apparently it looks legitimate. Some circles have claimed that it would reach up to Rs900 billion but apart from that, some other parts like Rs73 billion for defense pensioners shown on civil side and some allocation made out of PSDP in case of

Gawadar and some other projects and expenses on Defense Administration would obviously make it inflate. Most alarming fact in this regard is that half of this expenditure is to be incurred on employees' related expenses. Pakistan maintains 5th or 6th largest defense force in the world. No body can do any things on this count right now but going forward two things need to be done to address this head. One is to bring these expenses for scrutiny in the Parliament and its committees and secondly to make borders of Pakistan safe by playing its role in making the whole region in which Pakistan is located a region of peace to reduce defense expenditure in the time to come.

Tax Revenue This system is under debate. In current budget proposals amount of direct tax would be Rs743 billion whereas for indirect tax the amount is Rs1.3 trillion. Sales tax has been reduced, Flood tax has been eliminated, some articles have been made free from regulatory duties, but this is not enough. In this respect we have to move further by making whole economy documented. Most of the circles have rejected Reformed GST for their own point scoring. But going further Pakistan can not survive without making its economy documented and through RGST one can include Services, Wholesale and Retail sector in addition to importers and manufacturers. Initially the programme should be used to document every one without using it for tax recovery if there is any disagreement over quantum of its tax amount.

Secondly, Agriculture tax should be brought as though it is a provincial subject but this is a fact

to create inflationary pressure further.

Budgetary deficit This has remained an issue for all the governments. To cover this, Government has to borrow that go on increasing. This year GOP has to pay around Rs800 billion on debt servicing. For FY12 it has been estimated around Rs1000 billion.

Deficit this year would cross 5 per cent of GDP. Next year it has been targeted below 5 per cent.

The good approach adopted in the budget has been to cover this deficit mostly through long term instruments. SBP borrowing would just increase by Rs3 billion; MTB auction amount would increase by Rs250 billion. But in PIB and Ijara Sukuk issued for 3-30 years the increase would come around Rs150 billion. However moving forward this needs to be rationalized further by lowering the amount of short term borrowing.

External Receipts They have been targeted around Rs287 billion through loans and Rs126 billion through grants.

Grants would increase by Rs90 billion in FY12.

Whether they would be realized, no body knows as they include Rs 34 billion through Kerry Lugar Bill and Rs75 billion through privatization. Still it has not been put on cards that which Public sector entity is going to be privatized. Further on financing side, Rs44 billion would be borrowed from Islamic Development Bank and Rs44 billion would be realised through floatation of Euro bonds. Both these heads stand skeptical.

However, astonishingly no amount has been shown to be realized from IMF. These all numbers are not dependable. Overall Current Account is

They have been targeted around Rs287 billion through loans and Rs126 billion through grants.

Grants would increase by Rs90 billion in FY12. that all provinces do not have capacity and infrastructure to recover the tax amount. Some circles object on that agriculture is 21 per cent of GDP but provides less than one % of tax to GDP. This also holds true for services sector which is more than 50 per cent of GDP. In regard to agriculture Tax it is proposed that initially FBR should recover it and hand it over to Provincial Governments after deducting its service charges.

Another argument offered in regard to taxation is that it contains huge leakages particularly on the FBR side. Some calculate this amount to Rs500 billion to Rs800 billion. Whether it is true or not is another debate but the question arises that how they can be plugged. The answer is very simple. Through proper governance and with less discretionary powers to the Taxation Officers. The question also arises and that needs to be debated in the Parliament that why FBR has miserably failed in creating awareness on RGST among general masses. To start with the process current administration with hefty packages needs to be sent home. One of the striking receipt in budget is

Finance Minister has revealed that thousands of people would be brought under tax net this year.

Who are they, no body knows.

But apart from this claim, it looks very difficult to cross even Tax to GDP ratio in the time to come that is less than 10 per cent of GDP right now. increase in petroleum levy that has been targeted as Rs120 billion as compared to Rs90 billion this year i.e. an increase of 34 per cent. This is going

comfortable but would start coming under pressure from the next year on increase of oil prices and on start of repayment of IMF loan. How this is going to be tackled, budget proposals are silent on that.

Health and Education On these important subjects amount has not been altered much with doing slight changes. This treatment goes with the assumption that after 18th amendment they have become provincial subjects. Now it has to be seen that how Provincial Governments deal with these subjects at their own in the coming budgets. However, for HEC the amount has been kept at Rs14 billion i.e. less than Rs one billion as compared to last year. HEC programme also needs to be supplemented by the provinces through some funding. Here I would quote an incident that was experienced by one of my relative in getting his Son in-law degrees verified in Islamabad at HEC office. Just for entry in the office they were charged Rs 500 per person as bribe. This is ridiculous and on this basis one can imagine that how HEC staff is manipulating the verification process of degrees that had already created a crisis in the recent past. However this all is part of our society and HEC is not above to this.

Expenses on VVIPs These have been kept almost unchanged with slight increases. On PM and President Houses accumulated Rs 1 billion would be incurred.

Though, in real terms these reductions do not mean much, keeping in view overall outlays but symbolically matter much. For setting examples the President/PM/Cabinet/Assemblies/Establishment chiefs and their Secretariats should bring reforms by curtaining their expenses. That would have better impact on public perception Moral of the Story The Budget should not be a document full of numbers but it should also contain steps or innovations that are required for achieving these numbers. Referring to power generating issues it is not enough unless supported plans and how one has to arrange for their financing as required.

For instance like Korea they can be planned on private public partnership basis by involving IFC or ADB. Further on curtailing subsidies what steps need to be formulated? For instance if Pepco/Wapda/Railway/Pakistan Steel/PIA/etc need to restructured, how that would come or in case, if solution seems to be their privatization than how it would come true. In budget allocation still these entities have been given subsidies (Wapda Rs122 billion, KESC Rs25 billion, PTCL Rs4 billion, Others Rs13 billion, Ramzan Package Rs2 billion apart from Rs24 billion as losses in Railways and equity injections in PIA and Steel Mills. Further in Circular Debt on energy sector and bank financing to PIA, Pakistan Steel Mills and other entities amounting to around Rs150 billion, above all the government stands as guarantor.

A full fledge programme is required to address these areas. This is also to be seen that what would happen to their overstaffed members who would be unemployed? These are the answers that have to be provided by the Ministry for Finance or Planning Commission sitting in Islamabad.

The writer is a member of visiting Faculty at KASBIT

5

Thursday, June 9, 2011

South East Asian stocks

European shares hit 3-month closing low

Thailand hits 11-week low as foreigners get out KSE-100 Index Opening Closing Change % Change Turnover (mn)

12,314.99 12,367.29 52.30 0.42 151.29 3,282.67 3,298.78 16.11 0.49 6.25

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

2,790.14 2,805.67 15.53 0.56 0.10

Major Gainers

Symbol IDYM ATLH CLOV RMPL ZIL

Close

Change

349.68 157.96 66.81 2,700.00 62.50

5.97 5.72 3.16 3.00 2.97

Major Losers

Symbol

Close

Change

NESTLE 3,464.50 PMPK 213.29 ULEVER 5,200.07 APL 387.71 BATA 553.03

-30.14 -7.77 -7.3 -4.31 -4.23

Top 5 Volume Leaders

Symbol

Close Vol (mn)

FATIMA BOP LOTPTA AMTEX AHCL

14.31 7.25 15.29 3.52 23.83

40.12 11.55 11.24 10.44 6.11

Active Issues Plus Minus Unchanged

143 117 99

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

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

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

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

1,582

Sales (Apr 11)

1,640

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

186 203 -

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

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

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

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

all-share index rose by 35 points to close at 8,600 points.

"KSE-100 index was up on the support of heavy weight OGDC which contributed 40 points", said Samar Iqbal equity dealer at Topline Securities.

Market opened the day with 24 points into the positive zone, bullish activities then managed to sustain during the rest of the day on continued buying in index heavy weight OGDC while investors also took positions in fertiliser stocks.

The index crossed 12,400 levels to touch an intraday high of 12,404 points (+ve 89).

However, some profit taking at higher levels reduced the gains and it failed to close the session above 12,400 levels.

Ahmed Rauf, equity dealer at JS Global Capital said that investor confidence revived owing to positive triggers in Oil and Fertilizer stocks which led volumes to improve to 151 million shares.

Fatima Fertilizer up 4.4 per

cent led the race with 40 million shares, as expectations of plant achieving the CoD in July are likely to materialize. Fauji Fertilizer Company (FFC) also ended the day 1.7 per cent higher after rumors of another round of urea price hike, he added.

A total of about 151.2 million shares exchanged hands during the day which was 51.2 million shares more as compared to a turnover of 100 million shares a day earlier.

Foreign investors however

Nikkei nudges up on valuations

Weak miners plunge FTSE

Indian shares drop after gains

Nawaz Ali

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

OGDC drives KSE

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

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

KARACHI: Buying of shares of oil giant OGDC allowed the bulls to extend their stay at the Karachi Stock Exchange on Wednesday which ended higher with improved volumes despite continued offloading by foreign investors.

The benchmark KSE-100 index increased by 52 points to close at 12,367 points, KSE-30 index gained by 51 points to close at 11,955 points and KSE

TOKYO: The Nikkei average edged higher on Wednesday holding above key support near the bottom of its post-quake range as foreigners bought shares on cheap valuations, shrugging off bearish comments on the US economy by Federal Reserve Chairman Ben Bernanke.

Tokyo stocks recouped earlier losses triggered by players such as commodities trading advisors after the dollar bounced back above the crucial 80 yen level, after dipping below it earlier in the session.

The Nikkei, which has shed almost three percent in a week, held above support at 9,400 as long-term foreign investors placed large-lot orders worth a combined 12 billion yen ($149 million) for blue-chip firms and 4 billion yen in mid- and smallcaps, traders said. JPMorgan raised its ratings on major Japanese banks, some of which are big lenders to Tokyo Electric Power Co, the operator of the nuclear plant at the centre of Japan's radiation crisis, to "overweight" from "neutral", spurring short-covering in their battered shares.

"The Nikkei staged a modest rebound after the dollar stopped falling against the yen, allowing investors to focus on the valuations of Japanese stocks which have now become extremely cheap," said Kazuhiro Takahashi, general manager at Daiwa Securities.

The benchmark Nikkei average closed up 0.1 per cent at 9,449.46 on Wednesday, while the broader Topix also gained 0.1 per cent to 814.45.

The fact that the Nikkei managed to stay above the psychologically important 9,400 level and key technical support of 9,317 -- a March 29 intraday low -- may limit any potential losses in coming weeks, traders said.

But fears of a slowdown in the

US economy fanned by Bernanke's comments and a string of weak data are likely to prevent the Nikkei coming close to its next resistance level, looming around 9,559.62, at the bottom of the Ichimoku cloud on the Nikkei's daily chart.

Bernanke acknowledged a slowdown in the US economy but offered no suggestion that the central bank is considering any further monetary stimulus to support growth, souring sentiment across equity markets and towards the dollar as investors expect US interest rates to stay low for a longer period.

ATTRACTIVE VALUATIONS Although the Japanese economy has been hit by the March 11 disasters and political paralysis in their wake, valuations remain attractive with about 65 per cent of stocks listed on the Tokyo exchange's main board trading at or below book value, players said.

By contrast, stocks in the benchmark S&P 500 are at about 2.1 times book value, according to Thomson Reuters Starmine.

This makes Tokyo equities the second-cheapest market among G20 nations, with only Italy cheaper, Thomson Reuters Starmine data showed.

JPMorgan also improved its stance on Japan's banking sector to "slightly bullish" from "neutral", saying there is upside to bank valuations.

The sector has underperformed the Nikkei by some 10 per cent since the quake, and is down almost 20 per cent compared to pre-quake levels.

"A near-term concern is the possible waiver of loans to Tokyo Electric Power, although as things stand now, the risk of damage to capital is low," JP Morgan analyst Katsuhito Sasajima wrote in a note to clients.-Reuters

LONDON: Mining stocks, dented by heightened investor concerns about the strength of the global economic recovery, pushed Britain's top shares below a key technical level on Wednesday, a bearish signal for the index.

The FTSE 100 closed down 55.76 points, or one per cent, at 5,808.89, having breached its 200-day moving average of 5,815.

US Federal Reserve chairman Ben Bernanke on Tuesday sent a strong signal that no new stimulus measures were on the cards, despite a recent run of gloomy data from the world's biggest economy. Sentiments were further dampened by a threat to Britain's top-notch sovereign credit rating by ratings agency Moody's.

"I think a few people were hoping, considering Bernanke rarely disappoints the market, that he would be fairly reactive (to last week's poor US jobs data) but we didn't get that last night," Joshua Raymond, market strategist at City Index, said.

"There's also the Moody's warning although in my opinion, it's nothing new... (It) has said before the triple-A rating is liable to change. Maybe the moves on the market only really emphasise the sensitivity amongst traders at the moment."

US blue chips were flat by London's close.

Risk sensitive miners knocked the most points off the FTSE 100 index, falling in tandem with metals prices.

Chilean copper miner Antofagasta led the market lower, off 5 per cent after it said the ramp-up of its Esperanza copper mine would be completed in the second half of the year, having taken longer than initially planned.-Reuters

Hong Kong shares slide

China property stocks lead index up HONG KONG: Hong Kong shares fell for a fifth consecutive session on Wednesday, hurt by financial stocks and property developers that investors thought were vulnerable to slowing economic growth.

Investors have, in the past few months, gone from worrying about the impact of tightening credit on Chinese banks and the real estate industry to speculating how demand if it continues to slow will affect the financial and property sectors.

"In China, we've seen a weakness in demand for property yet the supply coming on this year is going to be up 30 per cent. So there's a huge risk of a large inventory build which causes a reduction in construction starts as we move into the second half of this year," Adrian Mowat, JP Morgan's Chief Emerging Markets Strategist, told Reuters Television in an interview.

Hong Kong's main stock index traded down 0.9 per cent to finish at 22,661.63, pushing it back toward the low last month of 22,519.66.

Chinese commodities giant Aluminium Corp of China (Chalco) bucked the bearish trend, boosted by a local news report saying its parent company was embarking on a new rare earths smelting joint venture with five other companies in Jiangsu, analysts said.

The stock gained 4.2 per cent in Hong Kong in more than 3 times its 30-day average volume, and was up 9.97 per cent in Shanghai in more than 5 times its 30-day average volume. Chalco said in a statement it did not have any deals to announce.

SHANGHAI GAINS In China, Chalco's rise helped to lift other aluminium producers, with Yunnan Aluminium Co and Shandong Nanshan

Aluminium Co up 2.5 and 2.4 per cent in good volumes.

Aluminium plays, along with bargain hunters picking up battered property counters in the afternoon session, helped the benchmark Shanghai Composite index close higher for a third-consecutive session.

The benchmark Shanghai Composite Index rose 0.2 per cent to 2,750.3 points.

Vanke, the country's largest developer by sales, jumped 3.7 per cent after it said its May property sales jumped 76.4 per cent from a year earlier to 9 billion yuan ($1.4 billion), rebounding from a slump the previous month.

But Vanke is still down 8.2 per cent since hitting its 2011 high in mid April.

"These are probably shortterm plays because pretty severe long-term risks still lurk for the property sector," said Cao Xuefeng, Huaxi Securities' head of research in Chengdu. -Reuters

MUMBAI: Indian shares snapped a two-day rise and slipped 0.6 per cent on Wednesday, tracking weak world markets after comments from the US Federal Reserve Chairman Ben Bernanke added to worries about the slowing global economy, with outlook turning cautious.

Financials led the decline, hurt by sustained increases in interest rates by the central bank. Subir Gokarn, a deputy governor at the Reserve Bank of India, told television channel CNBC-TV18 at a conference on Wednesday it was inevitable that high rates would at some point affect growth, but that the central bank would look to limit that impact.

Rising interest rates have also begun to hit consumer spending in India and dent new investments by companies.

Economic growth in the January-March quarter was the slowest in five quarters.

The 30-share BSE index shed 0.55 per cent or 101.33 points to 18,394.29, with 19 components losing ground.

The 50-share NSE index or Nifty shed 0.5 per cent to 5,526.85 points.

A Reuters Technical Analysis showed that the Nifty index, which is already down nearly 10 per cent year to date, could get rougher as technicals point to a target of 5,434 points in the near-term.

"The international scene is

remained on the selling side where according to NCCPL data, offshore investors did a net selling worth $2.55 million on Wednesday.

Fatima Fertilizer was the volume leader with 40.12 million shares followed by Bank of Punjab with 11.55 million shares and Lotte Pakistan with 11.24 million shares.

Out of total 359 active issues; 143 advanced and 117 declined while 99 issues remained unchanged.

worrying. Bernanke's comments raised concerns over a slowdown," said Ambareesh Baliga, chief operating officer at Way2wealth Securities.

"If there is not enough liquidity pumped in, we could see a correction in the developed markets."

Foreign funds have bought $212 million worth of equities in June after being net sellers of $1.16 billion in May. Losers beat gainers in the ratio of 1.2:1 on the NSE, in a volume of 511 million shares, lower than its 90-day daily average volume of 617 million shares.

Top mobile operator Bharti Airtel erased early losses and closed flat after a top executive told Reuters the company is on target to generate $5 billion in revenue from the African continent.

Energy major Reliance Industries, which has the highest weight on Sensex, fell 0.9 per cent, a day after it had risen 2.2 per cent.

Leading lenders State Bank of India, ICICI Bank and HDFC Bank dropped between 0.7 per cent and 1.1 per cent.

Mortgage lenders Housing Development Finance Corp slid 1.6 per cent.

World stocks, as measured by the MSCI world equity index, fell 0.5 per cent by 1010 GMT. The Thomson Reuters global stock index slipped 0.4 per cent. Emerging market stocks fell the most with a 0.7 per cent decline.-Reuters

US stocks mid-day

Wall Street retreats for sixth day NEW YORK: US stocks slipped for the sixth straight day on Wednesday after Federal Reserve Chairman Ben Bernanke's assessment of the economy kept investors worried about the recovery.

The three major US stock indexes reversed gains late in Tuesday's session after the Fed chairman acknowledged the recovery has slowed, but offered no hint the US central bank is considering any more stimulus to accelerate growth.

The market was expecting a hint from the Fed about the implementation of a third round of asset-buying, according to Paul Zemsky, head of asset allocation at ING in New York. The Fed's $600 billion second round of stimulus, expected to end this month, has been a catalyst for the stock market's advance.

The Dow Jones industrial average shed 8.29 points, or 0.07 per cent, to 12,062.52.

The Standard & Poor's 500 Index edged down 1.81 points, or 0.14 per cent, to 1,283.13.

The Nasdaq Composite Index dropped 13.25 points, or 0.49 per cent, to 2,688.31. The S&P 500 is down more than 6 per cent from its 2011 intraday high hit May 2. A drop to 1,250 would extend the decline to 8.9 per cent, close to the 10 per cent fall typically described as a market correction.

Limiting losses, the energy sector rose sharply after talks at the oil cartel OPEC in Vienna broke down without an agreement on a production hike. The S&P 500 energy index rose 0.8 per cent, with Exxon Mobil up 1.5 per cent at $81.16.

US crude futures jumped over 2 per cent to a session high above $101 per barrel after the OPEC talks broke down, but pared some gains following data from the Energy Information Administration showing US crude oil inventories fell more than expected last week. In late morning trading, US crude for July delivery was up 1.6 per cent at $100.69 a barrel.-Reuters

Dhiyan

CGT REMAINS STUMBLING BLOCK Muzzammil Khan, AVP BMA Capital Overall outlook of the market remains bullish however; we might see a technical correction. If the index manages to cross and sustain the resistance level of 12,420 points then a bullish rally can be seen.

Investors are advised to adopt 'buy on dips' stance and invest in oil and gas exploration and banking stocks. As far as market is concerned, any positive development on Capital Gains Tax (CGT) and release of IMF tranche would trigger the market. Market may take correction at higher levels today.

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Market has potential to see more positive activities but investors are worried over uncertainties regarding CGT on individual investors and on fears of documentations of filing returns with Federal Board of Revenue (FBR).

Index may see a minor correction but would bounce back from the support level of 12,140 points and then it can reach 12,700 points by next week.

Positive outcome of the meeting between stock brokers and government will also support the market. Investors are advice to invest in AHCL, FFC, HBL, LOTPTA, and MCB but don't trade without stop loss or over exposure.

Market outlook is positive today.

6

Thursday, June 9, 2011

Market

KSE 100 Index

Symbols

Volume

151,289,599

Value

5,306,145,213

Trades

63,682

Advanced Declined Unchanged Total

Current High Low Change

143 117 99 359

All Share Index

12,367.29 12,405.15 12,314.99 h52.30

Current High Low Change

8,600.10 8,627.41 8,565.10 h35.00

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,579.30 1,550.07 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.51 32.54

Open

High

Low

691 7.01 392.02 853 4.57 140.48 3921 9.53 735 4.32 105.17 800 5.15 376.36 Oil & Gas DevelopmentSPOT 43009 10.55 153.63 Pak Petroleum 11950 7.76 213.02 Pak Oilfields 2365 7.84 359.47 Pak Refinery Limited 350 47.76 86.03 P.S.O XD 1715 4.07 285.40 Shell Pakistan 685 8.09 225.87

394.49 142.00 9.95 106.00 379.75 156.80 214.50 364.90 86.75 287.24 228.00

385.40 139.10 9.51 104.75 371.81 153.80 211.65 355.00 85.25 284.00 224.60

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery

Close Chg 387.71 139.33 9.63 105.56 372.76 155.92 212.10 355.70 85.49 284.69 227.56

-4.31 -1.15 0.10 0.39 -3.60 2.29 -0.92 -3.77 -0.54 -0.71 1.69

Current High Low Change

KMI 30 Index Current High Low Change

11,955.21 11,976.35 11,903.73 h51.48

21,125.76 21,192.22 21,074.48 h51.28

Last 60 days High Low

Volume 97582 722100 3067269 8047 220778 970220 716677 2801718 9401 471373 17820

394.90 143.50 10.10 113.75 387.35 156.80 217.75 364.90 105.60 291.50 231.00

338.18 116.82 7.93 98.50 278.00 128.21 199.50 309.60 81.23 269.47 202.16

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

% Change 0.25 5-Day High 1,561.31 5-Day Low 1,537.34 2011 Div BR (%) (%)

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

-

CHEMICALS

Open 833.84 Turnover 6,652 P/E (x) 5.70 Company

High Low 839.67 816.82 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.46 25.53

Close 823.61 Listed cap 3,242.17 mn Payout (%) 11.08

Change -10.23 Market cap 13,419.25 mn Div Yield (%) 1.94

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092

8.00

88.26

88.98

86.12

86.98 -1.28

6614

91.20

Pak Int Cont. Terminal

PE

Open

High

Low

Agritech Limited 3924 BOC (Pak) 250 Clariant Pak 341 Dawood Hercules 4813 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corporation Ltd 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 8482 Fauji Fert.Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Lotte Pakistan 15142 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90

7.15 5.05 3.68 11.03 8.59 8.90 6.58 10.92 8.78 4.53 4.27 11.74 28.50 2.43 5.61 5.07

19.87 95.29 164.47 62.63 2.49 7.56 2.94 193.18 11.61 13.71 142.19 43.68 12.62 156.87 32.80 15.13 2.68 2.35 99.18 17.98 35.91

20.80 98.00 166.50 63.80 2.65 7.73 3.04 194.65 12.07 14.43 145.79 44.10 13.24 158.75 31.16 15.35 2.79 2.30 98.50 18.55 36.00

19.00 94.05 164.50 62.70 2.37 7.48 2.85 191.75 11.42 13.80 142.01 43.50 12.60 156.60 31.16 14.98 2.57 2.02 98.00 18.00 36.00

Close Chg 19.01 94.91 165.38 63.50 2.37 7.50 2.89 192.17 11.85 14.31 144.59 43.95 12.99 158.04 31.16 15.29 2.70 2.28 98.00 18.13 35.91

-0.86 -0.38 0.91 0.87 -0.12 -0.06 -0.05 -1.01 0.24 0.60 2.40 0.27 0.37 1.17 -1.64 0.16 0.02 -0.07 -1.18 0.15 0.00

Close 1,882.60 Listed cap 52,251.88 mn Payout (%) 48.81

Change 15.37 Market cap 388,131.83 mn Div Yield (%) 5.45

Last 60 days High Low

Volume 670 2233 5878 142209 17506 289875 1339033 3239428 754665 40118412 4692497 4120508 317417 114898 1010 11239005 971231 2549 1224 1158879 175

23.64 99.80 198.00 289.75 3.09 9.38 3.65 208.40 13.95 14.43 145.79 44.10 14.49 172.00 32.80 17.36 3.40 2.99 112.45 19.99 37.97

17.86 87.71 140.00 56.10 2.00 6.95 2.11 188.00 10.70 12.10 124.50 37.86 10.65 148.02 20.11 14.56 2.26 2.00 96.37 15.80 34.19

2010 Div BR (%) (%)

% Change 0.82 5-Day High 1,882.60 5-Day Low 1,841.50 2011 Div BR (%) (%)

60 135 25B 50 300B 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 5 5 25 5B 50 -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,132.63 Turnover 58,729 P/E (x) 5.76 Company

High Low 1,131.61 1,117.57 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.43 7.47

Close 1,119.92 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

1.80 7.20

17.00 41.51 41.49

17.19 42.35 41.00

16.90 42.00 40.60

16.92 -0.08 42.20 0.69 40.70 -0.79

37170 2484 19075

Century Paper Pak Paper Product Security Paper

Change -12.71 Market cap 3,089.52 mn Div Yield (%) 4.39

Last 60 days High Low 18.00 44.49 42.80

13.85 35.50 37.00

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

% Change -1.12 5-Day High 1,139.35 5-Day Low 1,113.58 2011 Div BR (%) (%) -

-

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind

PE

565 1.87 675 555 22.32 4350 1199 9.17

Open 27.31 2.30 12.40 14.20 51.75

High 27.75 2.43 12.75 14.29 52.43

Low 27.01 2.21 12.49 14.06 51.21

Close Chg 27.62 2.35 12.50 14.25 51.24

0.31 0.05 0.10 0.05 -0.51

Close 1,042.28 Listed cap 3,596.11 mn Payout (%) 30.91

Total Assets (Rs in mn)

2,747.78

Total Equity (Rs in mn)

219.69

AUTOMOBILE AND PARTS

MA (100-day)

16.19

Revenue (Rs in mn)

Performance of SR Automobile and Parts Index

MA (200-day)

13.54

Interest Expense

1st Support

17.95

Loss after Taxation

2nd Support

17.70

EPS 10 (Rs)

1st Resistance

18.50

Book value / share (Rs)

High Low 1,173.33 1,152.55 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.02 25.35

PE

Open

High

Low

144 4.37 101 5.87 626 9.85 1087 56 4.80 598 4.48 450 1428 786 7.70 823 15.09 150 1.13

71.55 218.71 152.24 2.83 198.94 23.50 3.62 10.38 222.89 68.00 23.10

72.50 221.40 158.48 3.00 198.90 24.67 3.88 10.60 223.98 68.00 23.00

71.00 218.50 153.00 2.80 193.00 22.91 3.65 10.20 223.00 66.20 23.00

Close Chg

66.03

Close 1,160.50 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

5425 52010 18049 107350 64580

29.75 2.98 13.29 15.06 54.50

Change 1.31 Market cap 43,440.19 mn Div Yield (%) 5.08

Last 60 days High Low

Change -1.47 Market cap 15,761.32 mn Div Yield (%) 9.31

26.20 1.62 11.05 0.00 48.52

Company

Paid up Cap(mn)

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

1828 866 858 182 956 982 108 3891 4381 350 6933 502 1760 4003 32 1288 13126 3234 5267 2271 361 798

PE

Open

High

Low

6.88 47.62 15.38 20.84 32.03 8.16 5.78 76.00 5.97 -

2.71 54.03 2.48 16.25 9.75 2.02 16.67 1.89 24.09 2.00 4.73 7.00 1.62 5.70 0.52 7.01 3.02 73.46 2.56 5.96 6.50 18.14

2.90 54.50 2.40 16.20 10.40 2.00 16.67 2.00 24.49 2.24 4.76 7.00 1.67 6.24 0.59 6.95 3.14 74.39 2.74 6.00 6.86 17.99

2.80 53.32 2.11 15.70 9.55 1.97 15.71 1.90 23.70 2.24 4.68 6.60 1.55 5.40 0.40 6.50 3.02 73.20 2.51 5.95 6.00 17.99

Close 914.00 Listed cap 54,792.74 mn Payout (%) 19.04

2010 Div BR (%) (%) 30 40

% Change -0.14 5-Day High 1,047.71 5-Day Low 1,034.59 2011 Div BR (%) (%)

- 20.00 25B 15.00 20B 15

Change 0.79 Market cap 66,998.76 mn Div Yield (%) 3.07

Close Chg

Volume

Last 60 days High Low

2.82 54.37 2.29 15.70 10.00 2.00 16.67 1.95 24.02 2.00 4.73 6.71 1.60 5.50 0.54 6.61 3.04 73.53 2.61 6.00 6.65 17.99

11851 12426 1202 4012 14398 5002 1899 130888 5904404 110 150869 4830 23443 67201 5307 15901 283411 471493 363404 32001 32018 500

3.25 56.70 2.90 17.40 11.90 2.24 18.77 2.67 26.44 2.60 5.04 8.90 1.95 13.50 0.90 7.87 3.45 77.43 3.05 6.40 8.50 19.19

0.11 0.34 -0.19 -0.55 0.25 -0.02 0.00 0.06 -0.07 0.00 0.00 -0.29 -0.02 -0.20 0.02 -0.40 0.02 0.07 0.05 0.04 0.15 -0.15

Company

Paid up Cap(mn)

Adam Sugar AL-Abbas Sugar AL-Noor Sugar Ansari Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Habib Sugar Hussein Sugar J D W Sugar Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Noon Sugar Premier Sugar Quice Food S S Oil Shahmurad Sugar Shakarganj Mills Tandlianwala UniLever Pakistan

58 174 186 244 287 94 990 214 750 121 539 109 157 84 141 414 165 38 107 57 211 695 1177 665

PE

2.35 49.22 1.51 13.55 8.81 1.50 15.41 1.36 21.31 1.60 3.99 6.10 1.26 5.00 0.26 5.70 2.10 62.50 1.97 4.50 5.25 16.50

% Change 0.09 5-Day High 930.05 5-Day Low 897.56

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

- 20R - 92R - 100R -

Performance of SR General Industrials Index

Company

Paid up Cap(mn)

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

PE

Open

High

High Low 999.91 978.79 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91 Low

Close Chg

172 2.47 51.00 51.28 49.80 50.20 -0.80 230 1.70 1.78 1.60 1.70 0.00 1067 5.59 55.93 56.50 54.95 54.99 -0.94 389 2.57 12.08 13.08 12.25 12.86 0.78 47 12.22 27.00 27.25 27.25 27.25 0.25 844 18.66 112.92 114.00 111.95 111.97 -0.95 82 19.04 992.83 1000.00 990.03 990.55 -2.28 300 6.89 176.04 179.99 174.01 176.59 0.55

Close 982.43 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 95425 9539 26166 85375 1090 11151 662 7936

Change -5.63 Market cap 36,759.28 mn Div Yield (%) 5.54

Last 60 days High Low 56.90 2.35 58.50 15.21 32.00 124.50 1120.00 180.80

Company

Paid up Cap(mn)

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

PE

Open

66 3.12 8.58 215 3.96 226.09 104 4.91 49.75 214 1.22 213 10.55 9.30 124 - 88.12 132 - 36.75 366 8.35 551.18

High

Low

Close Chg

8.69 8.50 8.51 230.00 225.50 228.92 48.25 47.27 49.75 1.28 1.10 1.14 9.78 8.81 8.86 89.98 87.10 88.12 38.45 35.11 37.80 552.00 548.00 549.49

-0.07 2.83 0.00 -0.08 -0.44 0.00 1.05 -1.69

46.45 1.31 49.00 7.00 26.20 103.01 930.00 126.51

3200 913 397 106362 11751 102 6334 14508

2010 Div BR (%) (%) 20 25 32.5 900 100

25B 10B -

90 100 50 60 20 150 5 10

2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 20B 10.00

15B -

Low

Close Chg -0.54 -1.91 -1.05 -0.69 -0.50 3.16 0.00 0.14 -0.14 0.00 0.21 -0.90 0.12 0.00 0.11 -0.02 0.66 0.00 0.21 0.01 0.00 -0.15 0.00 -7.30

Close 2,115.12 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -6.93 Market cap 295,099.97 mn Div Yield (%) 0.60

Last 60 days High Low

1200 19.24 11.50 2500 98.00 93.00 1091 54.20 37.65 3000 10.85 5.45 1600 10.90 8.00 600 68.60 53.68 101 3.70 2.11 12100 10.48 6.25 74394 27.90 21.52 200 12.56 8.00 5500 83.95 71.50 1105 5.48 2.45 9009 68.48 50.30 415 47.80 39.51 114294 3.65 2.47 17674 88.00 53.00 698 21.80 11.50 249 42.97 34.23 204000 3.50 2.20 15500 6.45 3.80 396 10.79 7.91 3500 7.49 4.35 313 60.30 40.01 347 5988.18 4535.01

2010 Div BR (%) (%)

% Change -0.33 5-Day High 2,122.05 5-Day Low 2,065.81 2011 Div BR (%) (%)

25 50 50 10 15 25 25B -40.49R 7010B 12.5R - 10R 35 20B 15.00 10B 15 20B 10 12 10 10 492 -

Company

Paid up Cap(mn)

Pak Elektron Tariq Glass Ind

1219 693

PE 1.59

% Change -0.57 5-Day High 990.83 5-Day Low 980.67 2011 Div BR (%) (%) -

50R -

Open 7.49 12.09

High 7.59 12.60

High Low 735.37 713.14 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.11 10.64 Low 7.20 12.00

Close Chg 7.27 -0.22 12.03 -0.06

Close 716.53 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 148559 6486

Change -10.38 Market cap 4,606.51 mn Div Yield (%) 6.22

Last 60 days High Low 14.50 14.47

7.15 11.20

2010 Div BR (%) (%) 17.5

10B -

% Change -1.43 5-Day High 731.64 5-Day Low 716.53 2011 Div BR (%) (%) - 200R

727.02 243.27 (179.15) (3.251) 3.99

2nd Resistance

18.80

PE 11 E (x)

5.62

Pivot

18.25

PBV (x)

4.55

SPL closed up 0.15 at 18.13. Volume was 100 per cent above average and Bollinger Bands were 68 per cent narrower than normal. The company's profit after taxation stood at Rs134.241 million which translates into an Earning Per Share of Rs2.42 for the nine months of fiscal year (9MFY11).

SPL is currently 31.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SPL (mildly bullish).

Trend forecasting oscillators are currently bullish on SPL.

Nimir Industrial Chemicals Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

53.84

Total Assets (Rs in mn)

MA (10-day)

2.70

Total Equity (Rs in mn)

MA (100-day)

2.57

Revenue (Rs in mn)

MA (200-day)

2.06

Interest Expense

1st Support

2.61

Profit after Taxation

2nd Support

2.48

EPS 10 (Rs)

1st Resistance

2.83

Book value / share (Rs)

2nd Resistance

2.92

PE 11 E (x)

Pivot

2.70

PBV (x)

1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 11.91 5.02

NICL closed up 0.02 at 2.70. Volume was 43 per cent below average and Bollinger Bands were 23 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 28.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NICL (mildly bullish). Trend forecasting oscillators are currently bullish on NICL.

Mybank Limited

Open 972.53 Turnover 17,449,204 P/E (x) 6.22 Company

Paid up Cap(mn)

(Colony) Thal Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin.

Dewan Khalid Textile Ellcot Spinning Faisal Spinning Ghazi Fabrics Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Salman Noman Service Ind Shadman Cot Shahtaj Textile Shams Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving ZahidJee Textile Zil Limited

56 222 2594 840 133 4493 37 76 76 1150 2442 238 492 600 591 978 57 110 100 326 146 222 716 3105 99 180 181 48 303 509 2455 600 145 187 1620 3516 560 174 185 250 103 308 341 264 33 88 42 120 176 97 86 307 418 215 400 341 53

High Low 980.96 969.92 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.54 8.64

PE

Open

High

Low

7.67 0.45 0.28 0.72 6.51 2.09 3.85 1.41 0.25 0.60 0.58 0.51 0.42 0.48 0.77 3.26 0.45 1.78 3.33 0.43 4.94 1.66 0.63 3.89 5.06 2.47 0.67 0.94 0.53 0.59 3.07 0.27 0.29 0.29 0.57 2.97 15.65 1.47 0.81 6.55 0.66 0.56 6.77

1.70 0.86 2.52 24.67 2.50 6.26 16.50 17.70 557.26 2.10 2.08 0.69 13.32 1.24 34.11 2.44 1.83 25.00 42.26 6.00 7.75 11.50 4.14 45.72 6.00 5.09 343.71 14.50 1.09 1.85 4.40 17.05 0.50 15.00 25.28 57.27 19.60 13.50 14.75 1.08 27.36 11.50 40.79 8.20 53.55 7.40 3.50 176.09 16.50 26.50 19.93 105.46 53.00 0.70 1.32 7.40 59.53

1.99 0.86 3.52 24.25 2.50 6.53 16.70 18.04 560.00 2.21 2.05 0.70 14.32 1.34 34.49 2.35 1.72 25.40 44.25 5.99 7.90 11.50 4.00 45.89 6.10 5.25 360.89 15.00 1.45 2.00 4.40 17.90 0.40 15.50 25.75 58.15 20.49 13.70 14.85 1.09 28.00 11.70 40.89 8.00 56.22 7.90 2.80 175.01 16.90 27.49 18.94 106.00 53.98 0.80 1.49 7.49 62.50

1.75 0.86 2.80 24.25 2.50 6.35 16.70 17.25 540.00 2.01 1.93 0.54 14.25 1.12 33.78 2.15 1.71 25.00 44.25 5.00 7.71 11.50 3.85 45.75 6.10 4.22 326.59 13.65 1.10 1.27 4.22 17.90 0.36 15.40 25.21 56.57 18.60 13.00 14.50 1.00 26.50 11.35 40.01 7.65 56.10 7.10 2.75 174.00 16.90 26.35 18.94 104.01 52.10 0.60 1.16 6.40 59.90

Close Chg 1.90 0.86 3.52 24.25 2.50 6.43 16.70 17.34 553.03 2.11 2.01 0.69 14.32 1.21 34.32 2.15 1.71 25.21 42.26 5.00 7.87 11.50 3.85 45.72 6.00 4.65 349.68 15.00 1.20 1.85 4.30 17.90 0.40 15.45 25.28 56.97 19.79 13.50 14.50 1.00 27.36 11.35 40.79 7.65 56.22 7.52 2.77 174.22 16.90 26.35 18.94 104.21 52.41 0.69 1.49 6.40 62.50

0.20 0.00 1.00 -0.42 0.00 0.17 0.20 -0.36 -4.23 0.01 -0.07 0.00 1.00 -0.03 0.21 -0.29 -0.12 0.21 0.00 -1.00 0.12 0.00 -0.29 0.00 0.00 -0.44 5.97 0.50 0.11 0.00 -0.10 0.85 -0.10 0.45 0.00 -0.30 0.19 0.00 -0.25 -0.08 0.00 -0.15 0.00 -0.55 2.67 0.12 -0.73 -1.87 0.40 -0.15 -0.99 -1.25 -0.59 -0.01 0.17 -1.00 2.97

7.40 199.05 42.70 0.71 8.01 84.01 35.11 504.00

2010 Div BR (%) (%) 400 25 12.5 650

Open 965.75 Turnover 17,935 P/E (x) 6.59

% Change -0.19 5-Day High 1,644.63 5-Day Low 1,635.96 2011 Div BR (%) (%)

10B 25B325.00

-

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

Paid up Cap(mn) 979 250 1963 182 200 100 96 306

PE

Open

5.71 93.04 7.77 93.04 10.63 74.20 6.13 26.39 3.77 9.30 11.09 32.42 - 150.01 5.75 58.81

Close 972.24 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -0.29 Market cap 126,512.77 mn Div Yield (%) 2.68

Last 60 days High Low

2790 2.84 280 1.45 10438585 3.52 1000 24.67 2000 2.99 2091269 9.45 2522 18.41 32372 23.27 2526 563.00 8709 2.94 6108 2.85 114 1.40 1480 16.40 24068 1.70 1201 48.90 7002 5.00 1001 2.26 1428 28.74 300 44.36 15728 8.00 4290 9.00 1300 12.16 80597 5.00 199 49.92 465 10.50 1004 6.00 1720 360.89 2431 17.80 16551 1.78 312 2.90 2502 5.25 500 18.89 1004 0.77 626 17.95 204214 29.50 4348427 66.19 12970 21.21 8901 14.53 10000 16.90 18654 1.74 400 42.00 2000 14.00 1572 43.73 1000 11.40 4072 65.90 10590 9.35 1000 4.00 402 204.00 500 16.98 3000 27.49 500 23.00 12402 112.19 33747 59.20 729 1.49 501 1.88 3002 7.98 16217 68.00

High

High Low 972.14 961.86 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31 Low

Close Chg

93.70 93.05 93.15 0.11 93.99 92.73 93.90 0.86 74.50 74.00 74.44 0.24 26.69 26.40 26.49 0.10 9.70 9.10 9.20 -0.10 32.50 32.50 32.50 0.08 154.90 147.15 150.01 0.00 59.00 58.00 58.98 0.17

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

70.87

Total Assets (Rs in mn)

MA (10-day)

2.70

Total Equity (Rs in mn)

MA (100-day)

2.38

Revenue (Rs in mn)

MA (200-day)

2.33

Interest Expense

1st Support

2.85

Loss after Taxation

2nd Support

2.70

EPS 09 (Rs)

1st Resistance

PERSONAL GOODS Performance of SR Personal Goods Index

2010 Div BR (%) (%)

% Change -0.03 5-Day High 975.00 5-Day Low 969.95 2011 Div BR (%) (%)

1.03 0.75 1.81 - 30B 18.55 20 2.03 7.5 4.40 14.00 - 15B 16.00 20 411.00 280 1.65 1.50 0.25 12.50 15 0.95 33.50 5 15B 1.81 1.10 24.00 35 35.00 50 4.00 10 6.30 10 9.20 10 20B 3.63 10 43.25 20 6.00 3.85 10 273.94 50 - 50.00 12.90 0.75 0.67 3.77 16.70 15 100R 0.16 14.10 20SD 23.15 15 56.57 25 45R 17.01 11.50 10 10B 13.60 30 0.53 24.37 20 10.70 25SD 38.05 40 7.22 49.00 25 5.50 10 1.90 5B 154.00 75 12.90 5 20.90 45 18.94 20 97.00 80 20B 46.00 50 900B 0.23 1.08 5.00 55.00 35 -

-

Performance of SR Pharma and Bio Tech Index

Change -3.12 Market cap 32,903.89 mn Div Yield (%) 16.72

Last 60 days High Low 10.70 239.00 50.49 2.15 10.84 115.58 62.00 558.00

70.00 190.00 132.07 1.50 176.10 22.01 2.16 9.00 205.51 61.01 22.07

% Change 0.11 5-Day High 1,160.50 5-Day Low 1,148.60

PHARMA AND BIO TECH

Close 1,637.01 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

74.85 221.40 158.48 3.46 206.99 26.17 4.50 11.19 233.75 76.90 25.50

-

HOUSEHOLD GOODS

INDUSTRIAL ENGINEERING High Low 1,644.59 1,628.70 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.99 38.02

High

Open 726.91 Turnover 155,045 P/E (x) 1.01

Performance of SR Industrial Engineering Index Open 1,640.13 Turnover 143,567 P/E (x) 7.87

Open

High Low 2,191.37 2,095.27 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 15.36 30.30

1.06 18.55 18.99 18.01 18.01 5.43 97.90 95.99 93.05 95.99 2.58 46.05 45.10 45.00 45.00 9.94 10.85 9.25 9.25 0.69 10.50 10.20 10.00 10.00 48.06 63.65 66.83 66.75 66.81 4.45 2.85 2.87 2.86 2.85 - 10.09 10.25 10.05 10.23 4.90 27.67 27.75 27.40 27.53 0.68 11.56 12.00 12.00 11.56 1.53 76.80 77.92 77.00 77.01 0.67 4.51 5.48 3.60 3.61 1.99 65.38 65.50 65.00 65.50 2.98 46.33 47.80 46.81 46.33 0.31 2.76 2.97 2.75 2.87 14.51 84.03 85.50 83.99 84.01 1.54 16.10 16.85 16.03 16.76 - 40.21 38.40 38.40 40.21 7.07 2.90 3.50 3.10 3.11 0.33 4.65 5.00 4.55 4.66 1.19 10.17 9.86 9.85 10.17 1.21 6.15 6.10 5.85 6.00 30.79 55.11 55.90 55.00 55.11 19.23 5207.37 5450.00 5145.00 5200.07

-

GENERAL INDUSTRIALS Open 988.05 Turnover 237,344 P/E (x) 2.81

13190 13766 16180 364232 1449 408 133249 23221 4202 59211 3000

2010 Div BR (%) (%)

-

FOOD PRODUCERS Open 2,122.05 Turnover 469,991 P/E (x) 50.69

CONSTRUCTION AND MATERIALS High Low 928.13 904.35 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.44 7.10

-0.55 2.31 5.72 0.04 -2.91 0.00 0.14 -0.07 0.09 -1.00 -0.10

-

Performance of SR Food Producers Index

Performance of SR Construction and Materials Index Open 913.22 Turnover 7,536,572 P/E (x) 6.20

71.00 221.02 157.96 2.87 196.03 23.50 3.76 10.31 222.98 67.00 23.00

40

Performance of SR Household Goods Index

Last 60 days High Low

Volume

Fundamental Highlights As on Jun 30, 2010

Technical Analysis 52.88

INDUSTRIAL METALS AND MINING High Low 1,058.41 1,031.39 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.10 33.10

2011 Div BR (%) (%)

18.04

Performance of SR Industrial Metals and Mining Index Open 1,043.75 Turnover 140,116 P/E (x) 3.32

2010 Div BR (%) (%)

MA (10-day)

Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas HondaSPOT Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering

% Change -1.23 5-Day High 844.32 5-Day Low 823.61

RSI (14-day)

Open 1,159.19 Turnover 632,115 P/E (x) 4.02 Company

High Low 1,900.27 1,858.98 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.14 35.00

Paid up Cap(mn)

Company

Sitara Peroxide Limited

Performance of SR Industrial Transportation Index

Close Change 1,561.31 3.94 Listed cap Market cap 65,194.15 mn 1,156,166.36 mn Payout (%) Div Yield (%) 55.94 5.18

Performance of SR Chemicals Index Open 1,867.23 Turnover 28,393,391 P/E (x) 8.96

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,557.36 Turnover 6,035,716 P/E (x) 10.79

KSE 30 Index

Close 968.54 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 1018 1473 10876 1461 1011 1000 106 990

Change 2.79 Market cap 31,501.79 mn Div Yield (%) 6.76

Last 60 days High Low 94.00 99.49 90.00 33.50 12.80 33.89 166.00 66.15

81.00 88.01 70.60 24.51 9.00 29.54 143.10 58.00

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

% Change 0.29 5-Day High 968.54 5-Day Low 962.44 2011 Div BR (%) (%)

20B 12.50 15B 10B 15 -

-

3.10

35,490.71 5,104.86 3,368.22 2,881.90 (1,639.83) (3.092)

Book value / share (Rs)

2nd Resistance

3.20

PE 10 E (x)

Pivot

2.95

PBV (x)

9.63 0.31

MYBL closed up 0.15 at 2.99. Volume was 264 per cent above average (trending) and Bollinger Bands were 126 per cent wider than normal. .

The company's loss after taxation stood at Rs94.157 million which translates into a Loss Per Share of Rs0.18 for the 1st quarter of current calendar year (1QCY11).

MYBL is currently 28.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MYBL (bullish). Trend forecasting oscillators are currently bullish on MYBL. Momentum oscillator is currently indicating that MYBL is currently in an overbought condition.

Soneri Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

40.20

Total Assets (Rs in mn)

95,310.27

MA (10-day)

6.26

Total Equity (Rs in mn)

7,803.20

MA (100-day)

6.37

Revenue (Rs in mn)

9,337.28

MA (200-day)

6.60

Interest Expense

6,602.78

1st Support

5.70

Profit after Taxation

2nd Support

5.46

EPS 09 (Rs)

1st Resistance

6.34

Book value / share (Rs)

2nd Resistance

6.74

PE 10 E (x)

2.99

Pivot

6.10

PBV (x)

0.38

145.35 0.29 15.55

SNBL closed down -0.27 at 5.97. Volume was 35 per cent above average and Bollinger Bands were 41 per cent narrower than normal. The company's profit after taxation stood at Rs303.387 million which translates into an Earning Per Share of Rs0.50 for the 1st quarter of current calendar year (1QCY11).

SNBL is currently 9.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SNBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SNBL.

BOOK CLOSURES Company

From

To

Lotte Pakistan PTA # PTCL Khyber Tobacco # OGDC Fauji Fertilizer Bin Qasim Hinopak Motors Pakistan Oilfields # National Bank of Pakistan # Atlas Honda Transmission Engg # Sapphire Tex Mills # Invest Cap Inv Bank Sui Northern Gas Pipelines # Mehran Sugar Mills United Bank # Haydari Construction # Kohinoor Sugar Mills # Cap Assets Leasing Corp # United Brands # New Jubilee Insurance # Premier Insurance # Fateh Industries # Media Times #

10-Jun 11-Jun 11-Jun 14-Jun 14-Jun 14-Jun 14-Jun 14-Jun 15-Jun 15-Jun 15-Jun 17-Jun 17-Jun 17-Jun 17-Jun 17-Jun 17-Jun 18-Jun 18-Jun 20-Jun 21-Jun 21-Jun

16-Jun 20-Jun 18-Jun 21-Jun 20-Jun 20-Jun 20-Jun 20-Jun 23-Jun 21-Jun 21-Jun 24-Jun 23-Jun 23-Jun 24-Jun 23-Jun 25-Jun 24-Jun 24-Jun 27-Jun 27-Jun 28-Jun

D/B/R

Spot AGM/Date

17.5(I) 03-Jun 15(II) 06-Jun 12.5(I) 06-Jun 65,15(B) 07-Jun 7.5(II),10(B)(I) -

16-Jun 19-Jun 20-Jun 20-Jun 20-Jun 23-Jun 20-Jun 21-Jun 24-Jun 23-Jun 24-Jun 24-Jun 23-Jun 25-Jun 24-Jun 24-Jun 27-Jun 27-Jun 28-Jun

INDICATIONS # Extraordinary General Meeting

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

Open 2.72 107.22 3 46.47 110.7 32.05 16.59 2.3 2.74 21.72 3.1

High 2.8 109.99 2.65 46.25 116 33.65 17.3 2.43 2.84 22.6 3.29

Low Close 2.69 109.17 2.65 44.15 108 31.9 17.29 2.28 2.7 21.41 3.12

2.76 107.22 2.65 45.9 108.23 32.05 17.3 2.38 2.79 21.96 3.13

Change 0.04 0 -0.35 -0.57 -2.47 0 0.71 0.08 0.05 0.24 0.03

Vol 157582 189 2000 700 4051 420 1002 147080 649764 650741 1650

7

Thursday, June 9, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,009.79 Turnover 2,058,300 P/E (x) 5.52 Paid up Cap(mn)

Company

Pak Datacom Pak.Telecomm Co ASPOT Telecard WorldCall Tele Wateen Telecom Ltd

PE

78 33.89 37740 14.19 3000 2.88 8606 6175 -

Open

High Low 1,018.66 996.06 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.71 12.84

High

35.25 17.50 1.71 2.15 2.69

Low

35.00 17.59 1.80 2.25 2.79

34.00 17.25 1.69 2.15 2.55

Close Chg 35.25 17.31 1.70 2.16 2.57

0.00 -0.19 -0.01 0.01 -0.12

Close 999.98 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 460 1532286 131774 393780 37549

Change -9.81 Market cap 69,560.07 mn Div Yield (%) 11.33

Last 60 days High Low 50.00 17.95 2.07 2.89 3.20

28.71 16.05 1.40 1.94 2.41

% Change -0.97 5-Day High 1,016.69 5-Day Low 999.98

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

2011 Div BR (%) (%)

- 15.00 -

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

280 3.27 443 3.46 457 4.63 1250 14.37 450 7.74 970 5.99 989 10.24 3000 6.19 350 11.78 303 3.85 284 3.96 496 1.75

-

9.50 27.77 8.35 38.50 11.40 71.35 58.25 17.57 13.13 8.41 6.90 5.03

Paid up Cap(mn)

Company

PE

Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd XD 3673 Nishat Power Ltd 3541 S G Power 178 Southern Electric 1367 Tri-star Power XD 150

7.60 2.34 5.52 2.73 2.39 -

Open

High

37.80 1.27 2.46 3.02 43.38 15.07 16.69 1.01 1.49 0.92

38.34 1.39 2.57 3.50 43.50 15.30 17.17 0.90 1.59 0.95

Low 37.75 1.26 2.45 3.08 43.00 15.00 16.61 0.85 1.41 0.92

Close Chg 37.87 0.07 1.38 0.11 2.50 0.04 3.02 0.00 43.02 -0.36 15.19 0.12 16.74 0.05 0.90 -0.11 1.49 0.00 0.95 0.03

Close 1,363.67 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 1445811 51370 414058 249 123056 1352332 694170 11500 81515 3500

Change 1.79 Market cap 105,545.40 mn Div Yield (%) 7.51

Last 60 days High Low 40.00 1.70 2.87 4.25 44.19 17.25 17.75 1.73 1.98 1.37

36.12 0.97 2.25 2.11 40.26 14.70 15.52 0.40 1.13 0.31

% Change 0.13 5-Day High 1,363.67 5-Day Low 1,354.97

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

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 - 10.00 -

Company

American Life East West Life EFU Life Assurance New Jub Life Insurance

2782 12.49 5600 40.00 650 10.85 11655 39.65 674 16.05 249519 103.00 200 74.90 2680110 20.80 21540 14.13 9742 13.27 4826 8.25 370 8.49

8.61 26.00 8.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 5.76 4.23

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 14.19 8390 5.07

Open

High

18.92 22.29

19.92 22.59

High Low 1,346.72 1,285.84 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.96 11.41 Low 18.50 22.10

Close Chg 19.86 0.94 22.48 0.19

Volume 416826 54279

Change 36.09 Market cap 29,765.23 mn Div Yield (%) 7.93

Last 60 days High Low 20.89 25.30

17.64 20.52

% Change 2.76 5-Day High 1,341.35 5-Day Low 1,305.26

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,163.19 Turnover 18,599,252 P/E (x) 7.48 Paid up Cap(mn)

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

8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd XD 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National Bank 16818 NIB Bank XR 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242

PE

Open

6.34 64.01 5.46 11.85 5.50 10.29 6.04 28.50 2.16 4.61 6.45 10.00 3.62 7.56 9.94 7.60 120.23 5.34 18.95 54.00 2.75 1.51 8.41 206.52 6.03 17.55 2.84 4.18 53.34 1.65 25.00 1.98 17.31 2.76 2.99 6.24 6.89 8.50 3.63 7.51 63.76

High

High Low Close 1,182.95 1,158.69 1,169.80 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low

Close Chg

67.21 64.00 64.24 0.23 12.06 11.82 12.02 0.17 10.57 10.32 10.45 0.16 28.95 28.40 28.52 0.02 4.90 4.61 4.84 0.23 7.35 6.55 7.25 0.80 3.75 3.55 3.70 0.08 10.19 9.92 9.98 0.04 122.00 119.80 121.74 1.51 19.00 18.50 18.58 -0.37 2.80 2.65 2.70 -0.05 1.60 1.50 1.55 0.04 209.40 206.15 208.10 1.58 17.99 17.60 17.61 0.06 3.05 2.80 2.99 0.15 53.70 53.12 53.18 -0.16 1.75 1.64 1.66 0.01 2.03 2.00 2.00 0.02 2.89 2.76 2.77 0.01 6.50 5.86 5.97 -0.27 8.70 8.41 8.54 0.04 3.97 3.52 3.92 0.29 64.00 63.75 63.93 0.17

Volume

Change 6.61 Market cap 689,886.20 mn Div Yield (%) 5.41

Last 60 days High Low

35078 67.21 386160 14.00 890066 11.20 966091 30.65 15088 6.25 11547394 7.35 70879 4.18 30834 13.49 173956 126.80 125589 23.40 51253 3.00 358202 1.77 673556 223.99 1503 19.70 323456 3.05 544780 79.30 1510473 2.17 30507 2.20 626380 3.00 136313 6.99 3613 9.75 934826 3.97 98081 65.50

57.00 10.90 9.10 27.00 3.30 4.51 3.31 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 1.47 1.62 2.02 5.75 7.90 2.36 56.70

% Change 0.57 5-Day High 1,169.80 5-Day Low 1,141.75

2010 Div BR (%) (%)

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

NON LIFE INSURANCE

Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 784.96 764.49 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.56 5.20

Close 775.76 Listed cap 11,111.34 mn Payout (%) 79.54

Change 6.16 Market cap 47,470.95 mn Div Yield (%) 7.37

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.27

67.05

68.75

67.25

67.78 0.73

353164

82.15

62.00

% Change 0.80 5-Day High 775.76 5-Day Low 757.90

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

314.00

327.00

298.30

314.00

0.00

61

PRET

29.76

29.00

29.00

29.76

0.00

59

SSIC

5.15

5.63

5.35

5.15

0.00

JKSM

6.50

6.30

5.51

6.50

0.00

51

39.13

39.99

39.99

39.13

0.00

50

AKDCL

52

50

LIFE INSURANCE

1.61

2.20

0.00

40

PNSC

27.80

27.82

27.82

27.80

0.00

38

Performance of SR Life Insurance Index

TRSM

2.00

1.50

1.50

2.00

0.00

30

FNBM

5.99

5.98

5.98

5.99

0.00

PNGRS

3.15

3.79

3.26

3.15

0.00

SMCPL

4.71

5.42

4.17

4.71

0.00

20

50.10

50.00

50.00

50.10

0.00

17

NESTLE

3494.64

3600.00

3420.00

3464.50

-30.14

16

RMPL

2697.00

2748.00

2695.00

2700.00

3.00

12

DMTM

4.01

4.40

4.40

4.01

0.00

10

ICCT

0.99

1.35

1.35

0.99

0.00

10

JOPP

9.00

9.75

9.75

9.00

0.00

10

KASBM

2.70

2.72

2.72

2.70

0.00

10

ICIBL

0.50

0.50

0.35

0.50

0.00

8

Open 17.00 1.42 71.00 54.99

High Low 948.66 929.18 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.89 3.85

High 16.51 1.75 71.40 56.25

Low 16.50 1.50 70.00 54.95

Close Chg 16.50 1.55 70.43 56.25

-0.50 0.13 -0.57 1.26

Close 939.53 Listed cap 2,290.72 mn Payout (%) 355.53

Change 0.33 Market cap 10,416.67 mn Div Yield (%) 3.52

Last 60 days High Low

Volume 39100 501 7052 4700

18.00 2.49 73.25 56.25

14.02 1.41 50.70 44.00

% Change 0.04 5-Day High 939.53 5-Day Low 891.65

2010 Div BR (%) (%) 50 15

2011 Div BR (%) (%)

10R -

-

-

Open

High Low 303.72 291.35 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.20 0.91

High

Low

Close Chg

1.39

1.39

0.95

0.00

5

35.70

35.70

34.11

0.00

5

DINT

28.50

29.90

29.90

28.50

0.00

1.20

1.98

1.98

1.20

0.00

51.48

51.69

51.69

51.48

0.00

5

MODAM

1.11

1.20

1.20

1.11

0.00

5

PAKMI

0.76

1.10

1.10

0.76

0.00

5

% Change 2.11 5-Day High 306.46 5-Day Low 291.17

SHTM

0.49

0.44

0.44

0.49

0.00

5

MWMP

1.06

1.35

0.81

1.06

0.00

4

DWSM

2.90

3.15

2.65

2.90

0.00

3

0.00

3

4.82

5.70

4.75

4.82

0.00

3

BIFO

52.50

55.12

50.00

52.50

0.00

2

2011 Div BR (%) (%)

FRCL

2.61

2.89

1.72

2.61

0.00

2

GAIL

3.34

3.43

3.11

3.34

0.00

MSCL

9.09

10.00

8.10

9.09

0.00

2

MUBT

1.00

0.80

0.80

1.00

0.00

2

FCONM GATM

Close 299.09 Listed cap 30,336.44 mn Payout (%) 99.56

Change 6.19 Market cap 14,682.97 mn Div Yield (%) 4.61

Last 60 days High Low

Volume

2010 Div BR (%) (%)

0.43 0.00 21.12 0.00

44374 272

0.69 24.97

0.34 20.84

-

20B

-

-

450 18.06 3750 3.19 250 -

16.49 22.98 1.40

17.35 24.12 1.62

16.31 22.95 1.41

17.16 0.67 23.83 0.85 1.44 0.04

69678 6105612 5518

22.49 26.14 1.99

12.01 20.53 1.15

30 -

20B -

-

-

5.20 1.88

5.20 1.71

5.25 0.00 1.82 -0.05

119 21523

6.10 2.25

3.10 1.61

-

-

-

-

8.00 2.85 1.59

8.00 2.74 1.43

8.00 -0.24 2.84 0.04 1.50 -0.07

1500 3107 1205

9.29 3.67 1.98

5.15 2.45 1.26

11.5 -

10B -

-

-

Jah Siddiq Co JOV and CO

7633 508

-

7.28 2.97

7.60 3.09

7.31 2.93

7.53 0.25 2.99 0.02

3962039 79381

9.32 3.83

4.82 2.31

10 -

-

-

JS Global Cap JS Investment KASB Securities Orix Leasing

500 5.88 1000 46.08 1000 821 3.40

19.90 5.51 3.83 5.61

20.48 5.63 3.88 5.90

20.10 5.36 3.70 5.52

1.61 0.66 2.50

1.71 0.74 3.00

1.62 0.65 2.47

Open

High

Low

6.90

7.45

7.45

6.90

0.00

2

21.61

21.50

20.70

21.61

0.00

2

UPFL

1410.00

1469.99

1410.10

1410.00

0.00

2

BAFS

46.03

43.73

43.73

46.03

0.00

1

BROT

0.30

0.11

0.11

0.30

0.00

1

CLCPS

1.42

1.25

1.25

1.42

0.00

1

710.00

739.80

739.80

710.00

0.00

1

1.85

1.85

1.35

0.00

1

10.94

10.19

0.00

1

2.25

2.25

2.10

0.00

1

FRSM

19.40

18.61

18.61

19.40

0.00

1

-

INKL

6.00

7.00

7.00

6.00

0.00

1

KOHE

17.00

17.84

17.84

17.00

0.00

1

SHJS

61.00

64.05

64.05

61.00

0.00

1

TSMF

1.26

1.26

1.26

1.26

0.00

-

-

-

1.66 0.05 0.66 0.00 2.47 -0.03

54558 1716 4600

2.17 1.30 3.20

1.45 0.55 2.10

-

-

-

-

Volume

2

PKGI SEL

10.94

50 -

Close Chg

2.50

2.10

Performance of SR Equity Investment Instruments Index

PE

2.83

1.35

16.42 4.53 3.10 5.00

Last 60 days High Low

2.83

10.19

25.44 6.43 4.90 6.25

Change 2.05 Market cap 19,180.22 mn Div Yield (%) 7.97

2.50

FDMF

1046 41136 23912 162

Close 1,514.56 Listed cap 29,771.58 mn Payout (%) 104.74

SMTM

5

DYNO

0.56 0.02 -0.10 0.00

High Low 1,550.28 1,495.77 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21

FNEL

5

DCM

EQUITY INVESTMENT INSTRUMENTS Open 1,512.51 Turnover 983,414 P/E (x) 20.41

23

0.95

0.42 20.86

5.93 3.48

BILF

25

34.11

0.47 21.98

20.46 5.53 3.73 5.61

PCAL

BWHL

5.25 1.87

% Change 0.14 5-Day High 1,559.11 5-Day Low 1,512.51

2010 Div BR (%) (%)

2011 Div BR (%) (%)

264 1375 525 75 780 200 113

4.59 1.66 1.91 2.17 3.79 4.17

1.44 10.79 6.50 4.80 2.07 0.47 2.50

1.90 10.80 6.50 4.90 2.30 0.53 3.00

1.64 10.70 6.25 4.89 2.08 0.43 3.00

1.65 10.70 6.25 4.90 2.08 0.53 3.00

0.21 -0.09 -0.25 0.10 0.01 0.06 0.50

2005 69100 107000 10500 3005 14205 5405

2.35 11.20 6.94 5.00 2.91 0.84 3.40

1.15 9.90 5.61 3.65 1.29 0.30 2.30

18.5 2.2 0 1.2 5

10B -

5.00 -

-

524 300 760 397

7.63 1.93 2.27 3.65

1.50 2.50 3.41 7.85

1.70 2.55 3.44 7.45

1.41 1.60 3.37 7.36

1.45 2.55 3.43 7.45

-0.05 0.05 0.02 -0.40

21011 2100 140431 3306

2.50 3.47 3.95 8.48

1.22 1.51 3.08 7.00

17 11

-

-

-

Habib Modaraba JS Growth Fund XD JS Value Fund XD Meezan Balanced Fund Pak Oman Advantage

1008 3180 1186 1200 1000

4.15 2.25 0.60 2.77 -

7.90 6.35 5.56 9.55 4.31

8.05 6.65 5.80 9.65 5.31

7.80 6.31 5.50 9.60 4.26

8.00 6.54 5.70 9.65 4.31

0.10 0.19 0.14 0.10 0.00

12658 14990 393573 12000 162

8.44 7.45 6.68 10.19 9.75

7.00 5.41 4.91 8.46 4.26

21 12.5 10 15.5 1.04

-

5.00 -

-

PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba

1000 2.17 2835 2.73 2841 2.32 872 1.49 340 454 5.54 212 50.00

7.38 13.25 6.12 0.82 1.05 9.92 1.00

7.75 13.39 6.05 0.91 1.09 10.90 1.00

7.35 13.25 5.85 0.84 0.85 9.91 1.00

7.35 13.31 5.88 0.82 1.00 10.02 1.00

-0.03 0.06 -0.24 0.00 -0.05 0.10 0.00

1501 25875 111005 189 13316 16995 3000

7.99 13.74 6.59 1.10 1.99 10.90 2.05

6.92 12.00 5.11 0.80 0.50 9.50 0.20

10 20 10 3 1 17 -

- 10.00 - 12.50 - 7.50 -

-

Equity Modaraba First Capital Mutual Fund Golden Arrow H B L Modaraba

100 100

FZTM

1.66

8.24 2.80 1.57

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba

100

0.00 0.00

2.20

9.58

Company

Vol

0.00

1.59

UVIC

0.43 21.12

Paid up Cap(mn)

Change

6.70 7.00

46

0.90 5.39

775 452 978

Close

1.60 8.00

0.00

600 21.62 3166 626 0.67

Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing

6.99

1.60 8.00

0.00

PE

First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121

Low

6.99

1.59 7.00

9.00

Invest and Fin Sec Ist Cap Securities Ist Dawood Bank

2011 Div BR (%) (%)

Performance of SR Non Life Insurance Index Open 769.60 Turnover 3,340,926 P/E (x) 10.79

Arif Habib Limited Arif Habib Corp Dawood Equities

High

6.70

WAZIR

38.00

Open 292.91 Turnover 4,315,739 P/E (x) 11.60

225 360

Open

KSTM

8.90

Performance of SR Financial Services Index

AMZ Ventures Arif Habib Investments

Symbols ISTM

38.00

500 6.35 500 9.69 850 9.89 627 15.12

Paid up Cap(mn)

UPTO 100 VOLUME

8.90

FINANCIAL SERVICES

Company

Close 1,341.35 Listed cap 12,202.80 mn Payout (%) 66.79

-

38.00

Performance of SR Gas Water and Multiutilities Index Open 1,305.26 Turnover 471,105 P/E (x) 8.42

-10B 25R 40 20B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 24B -

9.00

PE

-

GAS WATER AND MULTIUTILITIES

-0.74 0.01 -0.02 0.00 -0.25 1.06 0.00 0.27 1.00 0.21 -0.40 0.00

38.00

Open 939.19 Turnover 51,353 P/E (x) 5.38 Paid up Cap(mn)

8.76 27.78 8.33 38.50 11.15 72.41 58.25 17.84 14.13 8.62 6.50 5.03

STPL

Performance of SR Electricity Index High Low 1,382.94 1,359.14 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.30 9.35

8.61 27.71 8.27 38.00 11.13 70.70 57.50 17.40 12.50 8.50 6.50 5.06

FECS

ELECTRICITY Open 1,361.88 Turnover 4,177,564 P/E (x) 13.87

9.60 27.90 8.55 38.95 11.25 73.00 57.50 18.30 14.13 8.90 6.60 5.45

COLG

1

FUTURE CONTRACTS Symbols DGKC-JUN POL-JUN

Open

High

Low

Close

Change

Vol

24.31

24.55

23.81

24.18

360.63

363.98

356.00

356.71

-3.92

984500

57.30

-0.47

682000

145.37

2.41

323500

0.18

306000

NML-JUN

57.77

58.35

56.75

FFC-JUN

142.96

146.10

143.00

FFBL-JUN

42.80

43.19

42.50

42.98

ATRL-JUN

-0.13 1342000

141.02

142.19

140.00

140.09

-0.93

ENGRO-JUN 194.31

195.10

192.01

193.47

-0.84

191500

MCB-JUN

207.54

210.25

207.00

209.50

1.96

150500

PPL-JUN

214.29

215.24

213.00

213.27

-1.02

257500

138000

NBP-JUN

53.75

53.90

53.36

53.50

-0.25

70000

PTC-JUN

15.90

15.95

15.75

15.83

-0.07

54000

LUCK-JUN

73.78

74.45

73.25

73.75

-0.03

45000

HUBC-JUN

38.14

38.14

38.14

38.14

0.00

5000

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

Total Volume 823,950 21,875 86,714 207,700 59,500 1,184,937 840,659 87,853 84,500 117,555 50,000 112,500 3,220,837 69,250 46,631 704,098 354,781 423,264 18,500 338,050 68,000 123,545 47,321 24,050 12,500 9,128,570

Total Value 13,650,995 1,082,061 768,209 905,830 6,192,697 9,151,775 15,171,556 12,662,378 2,727,862 12,666,032 1,415,355 3,644,875 35,782,228 3,826,494 7,140,651 27,475,452 6,496,500 18,233,954 2,115,322 4,263,988 18,170,160 19,583,986 10,080,027 305,715 592,915 234,107,014

MTS Rate 19.49 16.50 16.50 16.50 16.25 16.28 15.57 15.99 15.98 16.25 18.48 16.49 19.02 15.42 15.99 16.50 15.98

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Nishat Mills Ltd

Fauji Fertiliser Co

Company

Date

Time

Zahur Textile Mills Ltd Asia Insurance Comp Ltd

10-Jun 15-Jun

10:00 11:00

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

65.86

Support 1

12,319.80

MA (5-day)

12,262.08

Support 2

12,272.30

MA (10-day)

12,231.68

Resistance 1

12,409.95

MA (100-day)

11,982.03

Resistance 2

12,452.65

Arif Habib Ltd

Target Price

Recommendations

30.1

Buy

Arif Habib Ltd

AKD Securities Ltd

28.72

Buy

AKD Securities Ltd

TFD Research

36.45

Positive

TFD Research

Technical Outlook Technical Analysis

Leverage Position

RSI (14-day) 56.37 MTS Shares `000 840.659 MA (200-day) 11,401.84 Pivot 12,362.50 MA (10-day) 23.86 MTS Rs `000 15,171.56 24.93 MTS Rate 16.25 KSE 100 INDEX closed up 52.30 points at 12,367.29. Volume was MA (100-day) MA (200-day) 26.23 ** NOI Rs (mn) 100.69 99 per cent above average and Bollinger Bands were 17 per cent Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,823.33 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,409.95 and 2nd resistDGKC closed down -0.07 at 24.02. Volume was 183 per cent above ance level at 12,452.65, while Index will continue to find its 1st supaverage (trending) and Bollinger Bands were 1 per cent narrower port level at 12,319.80 and 2nd support level at 12,272.30.

KSE 100 INDEX is currently 8.5 per cent above its 200-day moving than normal. average and is displaying an upward trend. Volatility is extremely low DGKC is currently 8.4 per cent below its 200-day moving average and when compared to the average volatility over the last 10 trading ses- is displaying an upward trend. Volatility is relatively normal as compared sions. Volume indicators reflect moderate flows of volume into to the average volatility over the last 10 trading sessions. Volume indiINDEX (mildly bullish). Trend forecasting oscillators are currently cators reflect volume flowing into and out of DGKC at a relatively equal bullish on INDEX. pace. Trend forecasting oscillators are currently bullish on DGKC.

Brokerage House

Target Price

Recommendations

Brokerage House

Hold

Arif Habib Ltd

AKD Securities Ltd

45.52

Accumulate

AKD Securities Ltd

TFD Research

44.25

Neutral

TFD Research

42.2

Recommendations

AKD Securities Ltd

120.7

Reduce

TFD Research

129.4

Negative

Leverage Position

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

63.12 141.29 139.13 125.86 Free Float Shares (mn) 466.49

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

Recommendations

224

Buy

Target Price

Recommendations

74.65

Buy

78.6

Positive

Technical Outlook 117.555 12,666.03 15.57 36.95 67,449.41

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)

35.52 MTS Shares `000 423.264 59.30 MTS Rs `000 18,233.95 62.83 MTS Rate 16.49 58.41 ** NOI Rs (mn) 71.02 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,015.32 Target price for Dec-11 & **Net Open Interest in future market

1st 2nd Pivot Resistance 2.90 2.95 2.85

66.80

63.10

61.95

66.30

68.35

65.15

Attock Cement

55.17

53.60

52.90

54.80

55.25

54.05

Arif Habib Corp

58.07

23.15

22.45

24.30

24.80

23.65

Arif Habib Limited

54.18

16.55

15.90

17.55

18.00

16.95

Adamjee Insurance

51.36

67.10

66.45

68.60

69.45

67.95

Askari Bank

54.95

11.90

11.75

12.10

12.20

11.95

Azgard Nine

51.42

6.35

6.25

6.55

6.60

Attock Petroleum

60.76

383.90

380.10

393.00 398.30 389.20

Attock Refinery

68.72

138.30

137.25

141.20 143.05 140.15

Bank Al-Falah

52.08

10.35

10.20

BankIslami Pak

44.77

Bank.Of.Punjab

71.93

Dewan Cement

57.59

1.90

1.85

2.00

2.05

1.95

D.G.K.Cement

55.86

23.65

23.30

24.45

24.85

24.05

Dewan Salman

57.56

2.80

2.75

3.00

3.10

Dost Steels Ltd

62.06

3.60 6.75

2.25

3.45 6.25

2.10

10.60 3.80 7.55

2.45

10.70 3.85 7.85

2.55

6.45

10.45 3.65 7.05

2.95 2.35

EFU General Insurance 67.86

38.00

37.55

38.95

39.45

38.50

EFU Life Assurance

74.97

69.80

69.20

71.20

72.00

70.60

Engro Corp

44.39

191.05

189.95

Faysal Bank

50.86

FFC closed up 2.40 at 144.59. Volume was 152 per cent above average NML closed down -0.30 at 56.97. Volume was 119 per cent above average

Fauji Cement

64.00

Fauji Fert Bin

69.74

43.60

43.25

Fauji Fertilizer

63.00

142.45

140.35

146.25 147.90 144.15

Habib Bank Ltd

56.79

120.35

119.00

122.55 123.40 121.20

Hub Power

and Bollinger Bands were 26 per cent narrower than normal.

FFC is currently 14.9 per cent above its 200-day moving average and is NML is currently 2.5 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is normal as compared to the aver- playing a downward trend. Volatility is relatively normal as compared to the

9.85 4.65

9.75

193.95 195.75 192.85

(trending) and Bollinger Bands were 76 per cent narrower than normal.

4.60

10.15

10.30

10.05

4.75

4.80

4.70

44.20

44.45

43.85

57.58

37.65

37.40

ICI Pakistan

53.47

156.85

155.65

159.00 159.95 157.80

moderate flows of volume into FFC (mildly bullish). Trend forecasting oscil- reflect volume flowing into and out of NML at a relatively equal pace. Trend

Indus Motors

55.15

222.65

222.35

223.65 224.30 223.30

lators are currently bullish on FFC.

J.O.V.and CO

54.48

2.90

2.85

3.05

3.15

3.00

Japan Power

60.92

1.30

1.20

1.40

1.45

1.35

JS Bank Ltd

55.78

2.65

2.55

2.80

2.85

2.70

Jah Siddiq Co

44.21

7.35

7.20

7.65

7.75

7.50

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

forecasting oscillators are currently bearish on NML.

Pakistan Oilfields Ltd

Target Price

Brokerage House

Hold

144

Technical Analysis

Brokerage House

Pakistan Telecommunication Co Ltd

Brokerage House

Target Price

Recommendations

359

Hold

Arif Habib Ltd

Neutral

AKD Securities Ltd

Neutral

TFD Research

Arif Habib Ltd

195.41

Neutral

AKD Securities Ltd

322.42

245.4

Positive

TFD Research

363.65

Technical Outlook

Technical Outlook

Target Price

Technical Outlook

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

Arif Habib Ltd

Brokerage House

RSI 1st 2nd (14-day) Support 52.68 2.80 2.75

Allied Bank Limited

Target Price

Recommendations

24.7

Buy

23.91

Buy

25.8

Positive

Technical Outlook

Technical Outlook

47.73 58.90

2.45

2.40

2.55

2.65

2.50

Lotte Pakistan

51.00

15.05

14.85

15.45

15.60

15.20

Lucky Cement

60.56

73.05

72.50

74.20

74.90

73.70

MCB Bank Ltd

55.29

206.35

204.65

Maple Leaf Cement

66.21

2.50

2.40

2.75

2.85

2.60

National Bank

49.93

52.95

52.75

53.55

53.90

53.35

Nishat (Chunian)

46.20

25.05

24.85

25.60

25.95

25.40

Netsol Technologies

53.34

21.40

20.80

22.55

23.20

22.00

NIB Bank

42.15

Nimir Ind.Chemical

53.42

Nishat Mills

35.53

56.30

55.65

Oil & Gas Dev. XD

66.58

154.20

152.50

PACE (Pakistan) Ltd.

46.43

2.70

2.65

47.25

2.60

1.60

1.60 2.45

1.55

43.35

43.65

38.00

K.E.S.C

1.65

42.65

38.60

Kot Addu Power

Pervez Ahmed Sec

42.85

38.25

43.15

209.60 211.15 207.90

1.75

1.80

1.70

2.80

2.90

2.70

57.90

58.80

57.25

157.20 158.50 155.50 2.85 1.70

2.90 1.75

2.80 1.65

P.I.A.C.(A)

48.05

2.30

2.20

2.45

2.50

2.35

Pioneer Cement

66.62

5.95

5.90

6.05

6.10

6.00

Pak Oilfields

74.19

352.15

348.65

362.05 368.45 358.55

Pak Petroleum

53.23

211.00

209.90

213.85 215.60 212.75

Pak Suzuki

45.71

66.15

65.25

P.S.O. XD

53.37

283.40

282.05

P.T.C.L.A

53.47

17.15

17.05

FFBL closed up 0.27 at 43.95. Volume was 23 per cent above average and ENGRO closed down -1.01 at 192.17. Volume was 70 per cent above POL closed down -3.77 at 355.70. Volume was 80 per cent above average PTC closed down -0.19 at 17.31. Volume was 1 per cent below average

Shell Pakistan

66.82

225.45

223.30

Bollinger Bands were 10 per cent narrower than normal.

and Bollinger Bands were 5 per cent narrower than normal.

Sui North Gas

64.21

18.95

18.00

20.35

20.85

19.45

PTC is currently 5.5 per cent below its 200-day moving average and is dis-

Sitara Peroxide

52.77

17.90

17.70

18.45

18.80

18.25

Sui South Gas

52.99

22.20

21.90

22.70

22.90

22.40

Technical Analysis

Leverage Position

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

70.23 MTS Shares `000 84.50 43.27 MTS Rs `000 2,727.86 41.47 MTS Rate 36.70 ** NOI Rs (mn) 34.60 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,368.95 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)

44.55 MTS Shares `000 87.853 193.66 MTS Rs `000 12,662.38 205.20 MTS Rate 16.28 193.88 ** NOI Rs (mn) 192.65 Free Float Shares (mn) 176.98 Free Float Rs (mn) 34,009.84 Target price for Dec-11 & **Net Open Interest in future market average and Bollinger Bands were 68 per cent narrower than normal.

Technical Analysis

Leverage Position

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

74.47 MTS Shares `000 68.00 340.98 MTS Rs `000 18,170.16 323.74 MTS Rate 15.42 291.09 ** NOI Rs (mn) 247.61 Free Float Shares (mn) 107.95 Free Float Rs (mn) 38,398.18 Target price for Dec-11 & **Net Open Interest in future market and Bollinger Bands were 52 per cent wider than normal.

FFBL is currently 19.7 per cent above its 200-day moving average and is ENGRO is currently 0.9 per cent below its 200-day moving average and is POL is currently 22.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to 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 moderate flows of volume into FFBL (mildly bullish). Trend forecastreflect very strong flows of volume into POL (bullish). Trend forecasting ing oscillators are currently bullish on FFBL. Momentum oscillator is cur- reflect volume flowing into and out of ENGRO at a relatively equal pace. oscillators are currently bullish on POL. Momentum oscillator is currently

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

rently indicating that FFBL is currently in an overbought condition.

Trend forecasting oscillators are currently bullish on ENGRO.

indicating that POL is currently in an overbought condition.

Technical Analysis

Leverage Position

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

53.65 MTS Shares `000 24.05 17.47 MTS Rs `000 305.72 17.59 MTS Rate 18.32 ** NOI Rs (mn) 6.47 Free Float Shares (mn) 585.06 Free Float Rs (mn) 10,127.39 Target price for Dec-11 & **Net Open Interest in future market

playing 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 PTC (mildly bullish). Trend forecasting oscillators are currently bullish on PTC.

67.95

68.85

67.05

286.60 288.55 285.30 17.50

17.70

17.40

228.85 230.10 226.70

Telecard

47.78

1.70

1.65

1.80

1.85

TRG Pakistan

52.98

2.70

2.65

2.80

2.85

2.75

United Bank Ltd

51.00

63.80

63.65

64.05

64.15

63.90

WorldCall Tele

45.88

2.15

2.10

2.25

2.30

2.20

1.75

8

Thursday, June 9, 2011

GACA approves maintenance of aircrafts

PIA pulls in Rs107bn CAA refuses PIA Boeing planes for Hajj flights from Quetta

JAKARTA: Crew members of Indonesia's Garuda airline attend the airline's initial public listing in Jakarta. -Reuters

Cathay says sees stronger cargo traffic 2nd-Half SINGAPORE: Cathay Pacific Airways, the world's biggest international air cargo carrier, expects stronger cargo traffic in second half of the year, with growth of 5 to 6 per cent year-onyear, its Chief Executive John Slosar said.

Slosar said cargo business was strong throughout the year in 2010 and this year would likely to be normal, which meant second half would be stronger than the first half. "Normally cargo is busy in the second half because of the Christmas rush and all that," Slosar told reporters on the sidelines of the International Air Transport Association meeting in Singapore. Cathay's cargo throughput fell 8.4 per cent in April on weaker demand from major manufacturing areas of China and down 0.3 per cent in the first four months. Cathay is not in talks with anyone for a possible joint venture or merger as it was busy with its own expansion, Slosar said. It has 87 aircraft on order but would be looking to bigger planes, including Airbus' superjumbo A380 in the next year or two, he added. Slosar also said the airline is having a look at Airbus' A320neo, the re-engined version of Airbus' single-aisle family. "We try to keep our fleet very young and efficient," he said. The fuel cost difference between a young fleet or an old fleet was 22 per cent, he added.

Rising oil price has always been a concern for airlines because it is the single biggest and most volatile cost for carriers, Slosar said, adding Cathay hedges about 30 per cent of its fuel to help smoothen the impact. -Reuters

PTDC starts bus-service for Naran ISLAMABAD: The Pakistan Tourism Development Corporation (PTDC) launched its annual bus service to picturesque Naran in Kaghan Valley recently.

The bus service, inaugurated

by Managing Director Mir Shahjahan Khetran, is the corporation's annual feature that takes the tourists to Naran from Rawalpind.

Speaking on the occasion, Khetran said PTDC is not only offering special discounted tour packages to local families, students and tourist groups but also to foreign tourists.

He highlighted the importance of tourism in development of the areas, creating job opportunities for the natives, and contributing huge revenue to the national exchequer.

He cited various world countries where economies were totally relying on tourism, and argued Pakistan's fabulous potential could also generate huge income if put on right track.

He brushed aside all wrong apprehensions as projected in western media, depicting Pakistan a hostile country to travel. "Normalcy has returned to everywhere, and tourists could go anywhere they want," he added.

The PTDC started the bus service between Rawalpindi and Naran in 1997. Thousands of tourists have visited the Kaghan valley through the

service.

Saeed Abbas Ansari, General Manager (Finance), Iftikhar Hussain Satti General Manager (Flashman's Hotel), Haibat Ali General Manager Motels, Ali Akbar Malik General Manager (P&A) and Sheikh Fayyaz Ahmed, PSO to Managing Director were also present on the occasion.

Tourists traveling on the bus appreciated the services and efforts of PTDC to promote tourism in the country.

They requested PTDC to start more services like this for other tourist places in Pakistan especially for Swat Valley.

In order to develop tourism infrastructure in the country, PTDC has established 39 motels in far flung areas of Pakistan, where private sector was shy to invest.

The PTDC is operating 18 Tourist Information Centres all over Pakistan for the last 30 years and they are providing information, travel guide, brochures, maps, pamphlets etc. to the tourists, which help them to plan their holidays.

These centres also book tours, transport and hotels.

Since 1993, PTDC is offering special discounted tour packages, which are availed by thousands of tourists every year, especially tours to Kaghan valley, Swat Valley, Chitral Valley, Hunza Valley and Neelum valley are popular among Pakistani tourists. -APP

IATA says no U-turn from CO2 trading SINGAPORE: The world's biggest airline group hit back at the European Union, saying it had not retreated from its support for emissions trading but said the bloc's scheme for aviation was unfair and costly.

From Jan 1 next year, airlines landing in the European Union's 27 member states will have to join the bloc's $120 billion emissions trading scheme, which obliges carriers to pay for each tonne of carbon dioxide pollution above a fixed cap.

The cost is calculated from the point of departure, meaning longhaul carriers will be hit hardest, regardless whether the airline is from an EU country or not.

While the majority of non-EU airlines have complied and said they will join the emissions trading system (ETS), they have

done so in protest, with China and US carriers taking the hardest line.

"IATA's position is very clear.

We see emissions trading as a useful tool and we've not backed away from that at all," said Paul Steele, director, aviation environment, for the International Air Transport Association.

IATA, which represents nearly 240 airlines, is holding its annual meeting in Singapore, which ends.

The EU climate chief Connie Hedegaard said the bloc had the right to impose legislation to cut emissions from aviation and showing weakness would encourage further challenges to EU policies.

In a letter to Airbus and European airlines, she also gave

a subtle reminder that the EU only chose to include aviation in its carbon trading scheme after IATA had given its support to carbon markets as the best tool for the job.

She noted that in a 2004 submission to the United Nations, IATA had argued in favour of the principle of emissions trading. Steele said IATA's position was unchanged and that a global trading solution was preferred.

"The issue about the EU ETS is not about the ETS as a mechanism, it's about the fact that the EU has probably over extended itself in the way it's trying to impose it," he told reporters.

Analysts say airlines' entry into the scheme could cost them 1 billion euros ($1.46 billion). Reuters

Australia Singapore, Airlines enter into alliance SINGAPORE: Singapore Airlines has formed an alliance with Virgin Australia under a deal which will allow the two airlines to sell tickets and seats on each other's international and domestic flights, Virgin said.

Virgin, Australia's secondlargest carrier, said that the airlines planned to code-share on flights and offer reciprocal frequent flyer program benefits and lounge access.

Virgin had been looking for a partner in Asia after forming alliances and partnerships with Delta Airlines Etihad and Air New Zealand.

The alliance is aimed at connecting Singapore Airlines' international network with Virgin's routes within Australia and in the Pacific.

"With regulatory approval, the partnership will enable us to offer even more choice for domestic and international air travel," Singapore Airlines chief executive Goh Choon Phong said in a statement.

The alliance is subject to approval from the Australian Competition and Consumer Commission (ACCC).

Asia is one of the fastest growing markets for air travel globally and a key battleground for airlines in the region.

Australia's biggest airline Qantas Airways is looking at a range of options to strengthen its international operations, including the possibility of basing a new premium airline in Singapore, according to sources. Reuters

ISLAMABAD: Pakistan International Airline (PIA) has earned the revenue of around Rs107 billion compared with the last year’s Rs94.6 billion.

According to Economic Survey 2010-11 announced by the Finance Minister Hafeez Sheikh.

He said passenger business with Rs 95.7 billion of revenue (2009: Rs84.5 billion) contributed around 89 per cent of total revenue.

Available Seat Kilometers (ASKs) increased to 21,219 million from 19,859 million in 2009 demonstrating increased capacity with existing fleet while Passenger Yield has also increased by 0.3 per cent.

In order to achieve further operational and financial efficiency, management is in process of taking steps involving organisational, financial and route-restructuring, penetration in new markets and enhancing moral of employees.

Air travel increased by seven percent in the year 2010.

Frequencies to various destinations such as Jeddah and New York have increased whereas new destinations of Barcelona and Chicago have been introduced during the year 2010.

The cargo business generated Rs 6.4 billion (2009: Rs 4.98 billion) revenue, constituting six per cent of the Corporation's total revenue.

The cargo capacity has also increased by 8.8 per cent.

However, despite positive year-on-year growth in revenue by 13 per cent, the overall financial position did not improve materially as compared to last year due to a host of reasons - most important amongst them being the rising oil prices in global markets.

Meanwhile, General Authority of Civil Aviation, (GACA) Kingdom of Saudi Arabia has awarded approval to PIA Engineering and Maintenance wing to undertake Base Maintenance and Line Maintenance of Saudi Registered Boeing 747 and Boeing 777 aircraft.

A statement here said that PIA is now officially authorised

by GACA - Saudi Arabia to undertake Base Maintenance and Line Maintenance of Saudi registered aircraft after successful audit by GACA of PIA's

Karachi, Islamabad and Lahore Engineering Stations.

It said that the Managing Director of PIA, Nadeem Khan Yousufzai, congratulated the Engineering Quality Assurance team, the entire Engineering Division including Deputy Managing Director PIA, Salim Sayani, and Director Engineering, Maqsood Ahmed, for achieving the GACA approval within a short span of time.

The third party Engineering Maintenance business will further increase PIA's earnings, it was further stated.

Along with Pakistan CAA Approval, PIA Engineering and Maintenance also has EASA (European Aviation Safety Agency) Part 145 approval for complete base, line and shops.

Qatar CAA, Oman CAA and Thailand CAA approvals are already being maintained by PIA. On the other side Civil Aviation Authority (CAA) has refused to provide permission to PIA to operate Boing 777 planes for Hajj operation from Quetta to Jeddah and asked it to get private airbuses on lease for Hajj operations from Quetta.

Sources on Wednesday said that Balochistan government had asked Pakistan International Airline (PIA) authorities to provide Boeing 777 planes for carrying Hujjaj from Quetta to the Jeddah.

However CAA officials expressing concerns over the ongoing law and order situation across Balochistan province and in the backdrop of recent terror attack on PNS Mehran Airbase has refused to give permission to run Hajj operation through PIA owned Boeing 777 aircraft and have asked it to carry out the task through private airbuses.

On the other hand provincial leadership and citizens have strongly criticised the CAA refusal to allow 777 Boeing planes for Hajj operation.

They said that law and order situation in Karachi, Peshawar and some other cities was more critical than Quetta. When Karachi and Peshawar were legible to continue Hajj operations though PIA 777 then why Quetta was deprived of the facility, they questioned. Agencies

PATA, STR join hands to generate business for PATA members BANGKOK: The Pacific Asia Travel Association (PATA) has entered a partnership with STR Global, as part of PATA's new strategic direction to "Build the Business" for members.

PATA members will benefit by receiving access to accommodation sector indicators that will enable better decision making.

STR Global is the recognised leader in providing accurate, actionable information and analysis to the lodging industry. PATA members will now have access to key business indicators including room supply, the development pipeline, occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR) right across Asia Pacific.

PATA Interim CEO Mr Bill Calderwood and STR Global Managing Director Ms Elizabeth Randall signed the agreement in April at the PATA 60th Anniversary and Conference in Beijing. The partnership officially starts this month.

Calderwood said that the partnership would be extremely significant in the development of PATA's TIGA (tourism intelligence graphic architecture) platform that provides ondemand business information to PATA members. Randall said: "With the increasing importance of Asia Pacific for the hospitality industry, we are partnering with PATA to share our expertise on hotel performance and hotel supply with PATA members.

Our data puts a clear spotlight on the hotel industry and provides the basis for informed decision-making." NNI

Tourism can enhance GB economy: Sadia HUNZA: There is a huge scope of tourism in GilgitBaltistan, and if given proper attention, can contribute a great deal in strengthening the economy of the region.

This was stated by the Advisor to Chief Minister for Tourism Sadia Danish while talking to APP on Wednesday.

She said steps were needed to boost tourism sector in GilgitBaltistan as a lot of employment opportunities could also be created through proper utilisation of resources.

She said there were many areas in the region which were worthy seeing and there was a need to popularize these areas in order to promote tourism. -APP

ALBERTA: Gregg Saretsky President and Chief Executive Officer of Westjet addresses shareholders at the company's annual general meeting in Calgary, Alberta. -Reuters

9

Thursday, June 9, 2011

European vegetable oil prices

HUBEI - CHINA: A farmer washes his face in a paddy field after digging a well near the town of Pao Ma village, which translates to "Running Horse", in central China's Hubei Province. -Reuters

Indian sugar down on weak demand MUMBAI: India's sugar futures hit contract lows on Wednesday due to poor demand from bulk consumers and hopes the country will have surplus output in 2011/12 as well, dealers and analysts said.

In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety fell 0.5 per cent to 2,497 rupees ($55.86) per 100 kg. The most active sugar for June delivery on the National Commodity and Derivative Exchange (NCDEX) closed down 0.2 per cent at 2,493 rupees per 100 kg, after hitting a contract low of 2,486 rupees earlier in the day.

"Bulk consumers like cold drink makers were not active in the market. Retail demand was there, but wasn't enough to support prices," said a member of the Bombay Sugar Merchants Association.

India's sugar cane acreage is likely to rise in 2011/12 as farmers are still finding the crop remunerative over competing crops, raising hopes the world's biggest sugar consumer will have a surplus for the second straight year beginning October.

India's western Maharashtra state, the biggest producer of the commodity in the country, has revised downward its sugar output forecast for 2010/11 season to 9 million tonnes from previous 9.1 million tonnes as early rains impacted crushing. -Reuters

Arabicas down, Brazil supply weighs, sugar up LONDON: ICE coffee futures eased on Wednesday, as dealers eyed top producer Brazil's harvest, while sugar firmed, underpinned by tight supplies of refined sugar.

Cocoa futures edged higher in modest volumes, with upside limited by large supplies coming from Ivory Coast.

Arabica coffee futures on ICE were lower as Brazil's coffee harvest got under way.

Arabica prices remained underpinned by a shortage of high quality beans and the looming frost season in Brazil.

ICE July arabica coffee was down 1.25 cents or 0.5 per cent at $2.6175 per lb at 1329 GMT. Liffe September robustas were up $10 or 0.4 per cent at $2,489 a tonne in modest volume of 3,767 lots. Liffe front-month white sugar futures rose to near two-month peaks due to shortages of white sugar during a period of seasonal high demand before Ramadan in August.

Liffe August white sugar futures were up $10.70 or 1.5 per cent to $704.90 per tonne at 1332 GMT, while ICE July raw sugar was up 0.18 cent or 0.7 per cent to 24.53 cents a lb.

Cocoa prices were higher, with London bouncing off a 21month low and ICE off a fivemonth low hit on Tuesday.

ICE cocoa prices have fallen by over 20 per cent since hitting a 32-year high of $3,775 a tonne in March as world 2010/11 surplus estimates were revised higher and top producer Ivory Coast resumed exports following months of stalled trade.

ICE September cocoa futures were up $27, or 0.9 per cent at $2,928 a tonne, while Liffe cocoa was up 21 pounds or 1.2 per cent at 1,823 pounds a tonne.

Ivory Coast will boost output to 1.3 million tonnes during the 2010-11 season, while No. 2 grower Ghana will produce a record 960,000 tonnes, the International Cocoa Organization said on Tuesday. -Reuters

Concerns over US economy push copper lower LONDON: Copper fell on Wednesday, after Federal Reserve Chairman Ben Bernanke's glum assessment of the US economy depressed market sentiment.

Benchmark copper on the London Metal Exchange (LME) closed at $9,045 a tonne from $9,140 a tonne at the close on Tuesday.

The metal used in power and construction hit the lowest in almost a week at $8,952 a tonne.

"There has been a slight sagging of sentiment," Nic Brown, head of commodity research at Natixis, said.

"Whether you trace it to Mr Bernanke's comments yesterday or look back a little bit further to the recent weakening of US data, there does appear to be a flatlining after the bounce we'd seen in base metal prices."

Looking at fundamentals, the copper outlook seemed to be slowly improving, VTB Capital analyst Andrey Kryuchenkov said.

"It seems like in China things are getting a bit better.

Inventories are going down, which is ok, but I want to see LME copper in backwardation first," he said.

Copper was in a $13.50 contango -- a discount for cash over three-month material -- compared with a $70 backwardation -- premium for cash over threemonth material -- in December.

A backwardation generally suggests near-term demand exceeds supply.

Aluminium was in a $22 contango from a $22.5 backwarda-

tion on May 13, which attracted hefty volumes of the metal into LME warehouses last month.

Inventories of aluminium hit a record high of 4,711,875 on May 17 but have since started to soften. Latest data showed a 7,800 tonne decline, which dragged aluminium stocks down to 4,660,050 tonnes, their lowest in four weeks.

Shanghai copper falls Copper fell by 1 percent on Wednesday in London, New York and Shanghai, with international markets reversing early gains as the dollar recovered from a one-month low after a bleak assessment of the US economy by Federal Reserve officials.

Three-month copper on the London Metal Exchange fell $76.50 to $9,063.50 a tonne by 0704 GMT. The most active contract on the Shanghai Futures Exchange August, fell 1.1 per cent to 67,500 yuan per tonne.

The metal used in packaging and transport closed at $2,668 a tonne from $2,686 at the close on Tuesday.

Tin closed at $25,695 from $25,825 a tonne, having hit its lowest since December at $25,470. At the start of the year, tin was well supported by falling supply from Indonesia.

Zinc, used in galvanizing, ended at $2,293 from $2,272 and battery material lead rose to its highest since April at $2,585.50 from $2,548. It closed at $2,577.

Nickel closed at $22,705 from $22,625. -Reuters

Gold slips as Bernanke dampens QE3 expectations LONDON: Gold fell on Wednesday after Federal Reserve Chairman Ben Bernanke offered no hints of further US monetary easing in a speech a day earlier, taking some pressure off the dollar, while oil prices rose.

Spot gold was bid at $1,536.99 an ounce at 1357 GMT, against $1,542.85 late in New York on Tuesday. US gold futures for August delivery fell $6.30 an ounce to $1,537.70.

The metal rose above $1,550 earlier in the week as the US cur-

rency wilted, pressured by expectations that interest rates will stay low and that another round of quantitative easing -- which roughly equates to printing money -- may be on the cards.

It failed to retain traction after Bernanke's speech, however, slipping to a session low just above $1,530 an ounce, although analysts say it is likely to remain supported.

VTB Capital analyst Andrey Kryuchenkov said while Bernanke's comments did not indicate a third round of quantitative easing, there are "still no rate hikes and inflation (is) tamed in the medium term, so gold could remain supported for now."

Despite Wednesday's recovery in the dollar, in the longer

term, gold is set to be supported by dollar weakness, with the Fed showing no signs of reversing its easy interest rate policy.

"Gold still has more tailwinds than headwinds," said VM Group analyst Carl Firman. "It is very doubtful now that the United States will be raising interest rates over the next 12 months, which means the negative interest rate environment in the US is going to stay.

"That will leave investors looking for higher returns else-

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jun11 908.00-4.00, Jul11 908.004.00, Aug11/Oct11 918.002.00, Nov11/Jan12 928.002.00.

RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 980.00+0.00, Nov11/Jan12 980.00+0.00, Feb12/Apr12 980.00+0.00, May12/Jul12 980.00+0.00.

SUNOIL: EU dlrs tonne extank six ports option Jul11 1450.00-10.00, Aug11/Sep11 1450.00-10.00, Oct11/Dec11 1390.00-5.00, Jan12/Mar12 1410.00-5.00.

LINOIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 1575.00-7.50.

CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jun11 1177.50, Jul11/Sep11 1162.50, Oct11/Dec11 1147.50-10.00, Jan12/Mar12 1147.50-10.00.

PALMOIL: RBD dlrs tonne cif Rotterdam July11 1235.00, Aug11/Sep11 1215.00.

PALMOIL: RBD dlrs tonne fob Malaysia July11 1180.0015.00, Aug11/Sep11 1160.0017.50.

PALM OLEIN: RBD dlrs tonne fob Malaysia July11 1190.00-15.00, Aug11/Sept11 1167.50-17.50, Oct11/Dec11 1145.00-17.50, Jan12/Mar12 1147.50-15.00.

COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam May11/Jun11 2080.00-60.00, Jun11/Jul11 1950.00-35.00, Jul11/Aug11 1900.00-35.00, Aug11/Sep11 1865.00-25.00.

CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2500.00-50.00. Reuters

Tokyo rubber eases, hurt by yen's climb TOKYO: Key Tokyo rubber futures eased in range-bound trade on Wednesday, pulled lower by the yen's ascent against the dollar and a decline in Shanghai prices, while demand concerns weighed on the market.

The benchmark Tokyo Commodity Exchange rubber contract for November delivery settled down 2.8 yen or 0.7 per cent at 390.0 yen per kg.

The most active Shanghai rubber contract for September delivery closed at 33,040 yuan per tonne, down from Tuesday's closing price of 33,410 yuan. Volume stood at 1,183,430 lots. "There are no encouraging factors, and Tokyo prices tend to be pulled up and down by outside factors like the moves in Shanghai and oil," said Megumi Saito, a trader at commodity brokerage Kanetsu.

"The market won't rise this week unless the yen rate stabilises." Investors are closely watching for signs of a further slowdown in the economy of China, the world's biggest car market, as supply is gradually increasing from Thailand, the biggest rubber producer and exporter, with Thai farmers having resumed tapping. -Reuters

Oil rises as OPEC deal fails, eyes on Saudi Saudis says one of worst meetings ever, oil needed now LONDON: Oil prices jumped by $2 on Wednesday after OPEC failed to reach a deal to increase output, raising fears of supply shortages later this year and a price rally that could damage global economic recovery.

However, further gains in the oil prices were limited by market expectations that OPEC leader Saudi Arabia would unilaterally boost output ahead of an expected spike in g l o b a l demand later this year.

"We were unable to reach an agreement -- this is one of the worst meetings we have ever had," Saudi oil minister Ali alNaimi said after failing to convince other members to lift production.

He added suggestions that the producing group needed to wait another three months before deciding on an output increase was not a good idea because markets needed oil

now, effectively signaling that the Saudis could start pumping more crude soon.

By 1452 GMT US light crude was up $1.40 dollars at $100.50, having previously risen by $2, while Brent was up $1.00 at $117.78.

"It came as a surprise. It is bullish for prices. If you look at demand it will be very

robust in the next months and there is a big need for extra OPEC oil," said Amrita Sen from Barclays Capital.

But she added that some market players would not read too much into OPEC's failure to reach a deal since the group has been already producing above the agreed quotas and more oil could soon come from Saudi Arabia.

"It will be important to see if

the Saudis are willing to supply more, it will matter a lot.

Otherwise the market will be very tight," she said.

A White House adviser said on Wednesday the United States is concerned about the effect of oil prices on the economy and retains all the tools at its disposal to deal with them.

Weekly data from the US E n e r g y Information Administration showed US crude oil inventories slumped last week, far more than forecast, while refined product stocks posted unexpected big builds.

Oil prices failed to move significantly on US data.

"The increase in gasoline inventories diminishes the bullish tone somewhat. We are continuing to see rapid replenishment of gasoline storage levels." said John Kilduff, Partner at Again Capital LLC in New York. Reuters

Palm oil at 3-wk low on high stocks, mkts KUALA LUMPUR/JAKARTA: Malaysian palm oil dropped to a three-week low on Wednesday as investors adjusted positions on weak technicals, lacklustre external markets and expectations of high stocks.

Stocks in Malaysia are seen rising to a 16-month high in May as production jumps, although traders are waiting to see if cargo surveyors show strong demand from buyers eager to restock on current price correction.

"External markets are not giving much direction and palm oil is getting weighed down by the high stocks," said a dealer with a local commodities brokerage.

"Exports are expected to be good, but whether they can

keep up with the tremendous growth in production is another thing."

The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange, fell as much as 1.2 per cent to 3,313 Malaysian ringgit ($1,102) a tonne, a level unseen since May 18, before closing at 3,316 ringgit.

Overall traded volume stood at 11,605 lots of 25 tonnes each, versus 11,972 lots on Tuesday. A bearish target has been established at 3,234 ringgit per tonne for Malaysian palm oil as a double-top pattern was confirmed, said Reuters analyst Wang Tao. On a packed data calendar this week, the Malaysian Palm Oil Board is due to release

stocks, export and production numbers on Friday.

Also on Friday, Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are scheduled to issue June 1-10 palm oil export numbers. Edible oil markets will also take cues from the US Department of Agriculture, which releases its June supply-demand report on Thursday and is likely to point to tight grain supply.

US soyoil for July delivery edged lower in Asian trade.

China's most-active January 2012 soybean oil slipped although traders are expecting some gains later on after the country lifted a seven-month cap on edible oil prices. Reuters

NY cotton limits down as demand concerns hit NEW YORK: US cotton futures settled the daily limit down Tuesday as followthrough liquidation and switch trade deflated the market for the second consecutive session, analysts said.

Some in the trade wondered if fears the US Agriculture Department's monthly supply/demand report on Thursday may show a reduction in US cotton exports which could have pressured fiber contracts as well, they said.

The benchmark December cotton futures on ICE Futures

US fell the 7.00 cent limit to end at $1.2993 per lb, with the day's top at $1.3728. It is the biggest one-day move for cotton since March 8.

Last Thursday, the December contract finished at $1.3923 per lb, the highest settlement for the third position cotton contract since May 3. In the span of less than a week's trade, the market has lost 6.7 per cent in value.

Spot July cotton also dropped the 7.00 cents daily limit to end at $1.4863 per lb.

The trade is also keeping a close watch on the drought in

Texas and an upcoming decision by farmers there whether they would persist in growing cotton or begin collecting insurance payments on their withered crops from June 20.

Open interest in the cotton market was at 159,809 lots as of June 6, still within striking distance of the 161,193 lots in open interest on June 3, its highest level since April 20, the exchange data showed.

Total volume traded Tuesday reached almost 25,100 lots, over 50 per cent above the 30-day norm, Thomson Reuters preliminary data showed. -Reuters

National Commodity Exchange Ltd Trading Summary Date

8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011 8-Jun-2011

Commodity

CRUDE10 CRUDE10 CRUDE10 CRUDE100 CRUDE100 CRUDE100 SILVER - 100oz SILVER - 100oz SILVER - 100oz SILVER - 500oz SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W

Contract Date

Price Quotation

Open

High

Low

Close

JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JY11 AU11 SE11 JU11 JY11 AU11 JU11 JY11 JU11 JU11 MON TUE WED THU FRI MON TUE WED THU FRI 09JU11

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg

98.30 99.45 99.45 98.27 98.81 99.45 37.26 37.27 37.28 37.27 37.27 37.34 1546.00 1546.80 1547.00 1543.40 1547.00 1547.50 42771.00 42795.00 42693.00 42755.00 42767.00 49868.00 49868.00 43920.00 43969.00 43872.00 43888.00 43904.00 50400.00 50409.00 50,505 50,468 50,500 3,578

99.72 100.28 99.75 99.70 100.00 99.75 37.39 37.27 37.29 37.39 37.27 37.34 1548.00 1548.80 1549.40 1547.30 1547.60 1547.50 42809.00 42795.00 42812.00 42755.00 42767.00 49868.00 49868.00 43920.00 43969.00 43872.00 43888.00 43904.00 50560.00 50616.00 50,505 50,523 50,542 3,601

97.80 98.42 99.45 97.78 98.50 99.45 36.10 36.30 36.16 36.10 36.30 36.18 1532.60 1533.20 1534.00 1533.00 1533.00 1535.50 42513.00 42464.00 42500.00 42424.00 42436.00 49482.00 49482.00 43569.00 43618.00 43634.00 43537.00 43553.00 50151.00 50207.00 50,225 49,750 50,133 3,578

98.63 99.21 99.75 98.63 99.21 99.75 36.29 36.30 36.31 36.29 36.30 36.31 1535.10 1535.50 1536.10 1535.10 1535.50 1535.50 42451.00 42464.00 42480.00 42424.00 42436.00 49482.00 49482.00 43569.00 43618.00 43634.00 43537.00 43553.00 50151.00 50207.00 50,225 50,114 50,133 3,601

Traded Volume in lots 936 201 234 32 288 109 340 191 2,390 3,382 1,805 33 61 43 6 2 5 26 13 -

Previous Settlement Price 98.33 98.93 99.45 98.33 98.93 99.45 37.26 37.27 37.28 37.26 37.27 37.28 1546.50 1547.00 1547.50 1546.50 1547.00 1547.50 42782.00 42795.00 42812.00 42755.00 42767.00 49868.00 49868.00 43920.00 43969.00 43872.00 43888.00 43904.00 50560.00 50616.00 50,505 50,523 50,542 3,578

where, and gold is one beneficiary of that."

However, it is still down nearly 10 per cent against the euro so far this year, and is likely to post further losses.

The ECB is widely expected to flag a rate rise for next month at its meeting in Frankfurt on Thursday, analysts said.

Silver was at $36.48 an ounce against $37.11, down 1.7 per cent. Swiss bank UBS said retail interest in silver has increased strongly in Asia in tandem with the metal's rally to a record high near $50 an ounce earlier this year.

Platinum was at $1,817.74 an ounce against $1,828.55, while palladium was at $798.72 Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day against $804.38. -Reuters

Current Open Interest Settlement in Lots Price 98.63 170 99.21 77 99.75 98.63 81 99.21 11 99.75 36.29 64 36.30 36.31 53 36.29 36 36.30 3 36.31 20 1535.10 1,998 1535.50 2,562 1536.10 1,470 1535.10 2 1535.50 12 1536.10 42451.00 14 42464.00 42480.00 3 42424.00 42436.00 49482.00 49482.00 43569.00 1 43618.00 43634.00 43537.00 43553.00 50151.00 21 50207.00 15 50,225 50,114 11 50,133 4 3,601 -

TOKYO: Steffi Jones (L), President of the Women's World Cup 2011 German Organizing Committee, and Norio Sasaki, Head Coach of Japan Women's National Soccer Team, attend a welcome event as part of the FIFA Women's World Cup Germany 2011 Welcome Tour at JFA House

10

Thursday, June 9, 2011

Amir under investigation for breach of ban LONDON: The ICC is investigating claims that Pakistan seamer Mohammad Amir has defied his ICC ban by playing for Addington in the Surrey Cricket League Division One, according to a report in the Daily Mail.

Amir played club cricket in Surrey last Saturday. He reportedly started for Addington 1743 in a Surrey Cricket League Division One fixture against St Lukes at the LSE ground in New

Bopanna, Qureshi in Halle quarters

Malden - which is just 14 miles from Lord's. He scored 60 with the bat and then took four wickets to help his new team-mates to an 81-run victory. One of the St Lukes players said: "No one could quite believe that it was him."

The sanction - imposed on Amir and two other Pakistani cricketers following the spotfixing investigation - bars him from participating in the game at any recognised level,

and he could be in breach of the ICC ruling if he played for Addington.

"We are investigating and awaiting the details," ICC spokesman Colin Gibson told the paper. "If true, it is clearly a breach of the sanction imposed in February. The ban is absolutely worldwide covering all levels and any activities connected with cricket. What might happen next is a hypothetical question at this stage."

Amir, 19, was handed a five-year ban from the game after being found guilty of bowling no-balls on demand during the Lord's Test last against England last summer.

Amir's team-mates Salman Butt and Mohammad Asif were also handed bans, and all three players are awaiting trial at Southwark Crown Court over allegations of cheating and conspiracy to obtain and accept corrupt payments. -Online

Kent wants "smashing" Pak pacer Wahab to play all forms of cricket for club

LONDON: English county club Kent has agreed a deal to HALLE: India' Rohan Bopanna sign Pakistan fast bowler and Pakistan's Aisam-ul-Haq Wahab Riaz, subject to visa Qureshi advanced to the quarter- clearance. finals of the Gerry Weber Open The 25-year-old left-arm after defeating Croatia's Ivan pacer had taken 5-46 in his Dodig and Ukraine's Alexandr country's World Cup semi-final Dolgopolov 7-5, 6-4 in straight sets in the first round of the encounter against India in March. event at Halle, Germany.

In the quarterfinals, Bopanna The Pakistan Cricket Board and Qureshi will take on (PCB) has given clearance to Germany's Dustin Brown and Wahab to play for Kent this summer.

France's Gael Monfils.

India's Sania Mirza lost "He's got genuine pace, he's a her opening round match smashing guy and we think he against Austria's Tamira will be a fantastic addition to Paszek 6-3, 4-6, 6-2 at our bowling," BBC Radio Queen's yesterday -Online quoted Kent coach Paul

Farbrace, as saying.

"We're in discussion with the Pakistan cricket board over how much cricket he can play.

They've got a tour of Zimbabwe planned for 20 August, we'll hope to keep him with us until then although there is talk of him playing in the Sri Lankan Twenty20 but that's not confirmed," he added. Wahab had said that he would complete his stint with Kent this month before going to Sri Lanka for the Twenty20 league, and would then return to England to play more matches for Kent.

"Obviously I will be avail-

able on priority basis for Pakistan in its next international assignment in August in Zimbabwe," The left-arm pacer had said.

The Kent coach said that the club's plan is for Wahab to play all forms of cricket while he's with Kent and Charl Langeveldt to play just Twenty20.

"Hopefully he'll be alright to play on Friday and he'll stay in the side to play Championship Cricket, CB40 and Twenty20. We're in negotiations with him to keep him after the Twenty20 finishes," Farbrace added. -Online

Liverpool agree fee for Sunderland's Henderson

LONDON: The Chairman of the London Organising Committee of the Olympic and Paralympic Games (LOCOG), Sebastian Coe, poses with a prototype of the London 2012 Olympic Torch at St Pancras station. -Reuters

Afridi case: PCB to accept SHC verdict LAHORE: Counsel for the Pakistan Cricket Board Tafazul Rizvi said we will honor the decision of court, no matter what the court decides we would accept it.

Controversial case of Shahid Afridi and Pakistan Cricket Board would (PCB) would be heard in Sindh High Court here on(today) Thursday.

Legal advisor of PCB Tafazul Rizvi would appear in the court from PCB's side. Tafazul Rizvi while talking to media said that preparation for the case has been started; we will honor the decision of court, no matter what the court decides we would accept it. He further said that courts usually take notice of such cases from the disciplinary point of view. According to the law every Pakistani citizen has the right to go to the court. PCB would comply with the decision of the court. -Online

Bayern to hold peace talks with disgruntled fans BERLIN: Bayern Munich are to hold peace talks with supporters next month in an attempt to build a more "harmonious" atmosphere after the Bavarians were shaken by unprecedented protests at some home games last season.

The club said discussions would take place at the Allianz Arena on July 2 involving 10 supporters' representatives, members of the board, players and club employees.

"Our aim is to have a harmonious, successful, tolerant and respectful Bayern Munich," CEO Karl-Heinz Rummenigge told the club's website (www.fcbayern.telecom.de).

The club were stunned and angered when fans protested against president Uli Hoeness and plans to sign goalkeeper

Manuel Neuer from Schalke 04, one of Bayern's bitterest rivals.

Despite "No Neuer" signs being displayed at matches, the goalkeeper joined Bayern last week and the club hope he will become as influential as Oliver Kahn.

"The aim of the round table is to talk about the relationship between the club and its fans in an open exchange to reach an agreement over a future togetherness," said Bayern.

Bayern said it had 2,900 registered fan clubs with more than 200,000 members.

The team finished a disappointing third in the Bundesliga last season and must playoff over two legs for a place in next season's Champions League.

LONDON: Premier League club Liverpool have agreed a fee with Sunderland for theirEngland midfielder Jordan Henderson in a deal which British media reported would cost the Merseysiders up to 20 million pounds ($32.79 million).

"A fee has been agreed with Liverpool for Jordan Henderson and he travels to Anfield today with the club's blessing," a Sunderland club spokesman was quoted on their official website (www.safc.com).

The 20-year-old midfielder, capped once by England in their 2-1 friendly defeat by France last November, looks set to be the first major signing by Liverpool manager Kenny Dalglish since the Scot agreed a three-year contract last month.

Henderson has enjoyed a break-through season with Sunderland with a number of strong displays in the centre of midfield leading to his England debut and he is considered one of the country's best prospects.

If he signs, he will compete with Steven Gerrard, Lucas Leiva, Raul Meireles, Jay Spearing, Christian Poulsen and Jonjo Shelvey for a place in the centre of Liverpool's midfield.

Should the deal be completed, it will be Liverpool's second expensive acquisition from the northeast of England this year following the purchase of striker Andy Carroll from Newcastle United in January.

Henderson will join up with the England under-21 squad later on Wednesday ahead of the European Championships in Demark.

LONDON: Marin Cilic of Croatia returns the ball to Arnaud Clement of France during their tennis match at the Queen's Club Championships. -Reuters

Bahrain GP is "not on", says Ecclestone MANAMA: This year's rescheduled Bahrain Formula One Grand Prix cannot go ahead because of the situation in the country and opposition from teams, commercial supremo Bernie Ecclestone said on Wednesday.

"Hopefully there'll be peace and quiet and we can return in the future, but of course it's not on," the 80-year-old told the BBC. "The schedule cannot be rescheduled without the agreement of the participants... they're the facts."There was no immediate comment from the governing International Automobile Federation (FIA), while many team staff were travelling to Canada for Sunday's race in Montreal.

The teams have already made clear that they do not want to go to Bahrain on October 30 or extend the season into December for logistical reasons.

The race in the Gulf kingdom was originally scheduled as a March season-opener but had to be postponed due to bloody civil

unrest and a crackdown on antigovernment protesters.

The FIA said on Friday that Bahrain would be reinstated for October 30, a date originally assigned to India's inaugural race which would be shifted to a December date as the last race of the season.

INTOLERABLE BURDEN The teams have said they do not want to be racing in December, since that would put an intolerable burden on their staff, and are in a strong position to prevent that from happening.

"Until the written agreement of the teams is forthcoming, you can't actually change the date. It can't be done," former FIA president Max Mosley had said on Tuesday, pointing out a detail in the statutes that his successor Jean Todt appeared to have overlooked. The teams' body FOTA, which represents all those on the starting grid except tail-enders Hispania, said on Tuesday they had written to all parties concerned.

"The teams have discussed the 2011 calendar within FOTA and have expressed their considered views privately in a letter to the FIA, FOM (Ecclestone) and BIC (Bahrain Circuit)," said a FOTA spokesperson.

"It would be inappropriate therefore to comment further at this stage." A team source who declined to be identified told Reuters that the teams wanted India restored to its October 30 date and were against rescheduling Bahrain.

Others described the letter as "polite but firm" and made clear the teams did not want to go to Bahrain. The decision to move India to a December date was also opposed because teams have already booked flights while sponsors have arranged high-profile events around the October race in New Delhi.

Several fans told Reuters via Twitter that they would be out of pocket if the change went ahead because they had booked nonrefundable flights to India for the original date.

COPENHAGEN: Denmark's Caroline Wozniacki returns the ball towards USA's Irina Falconi, during their Open 2011 tennis tournament in Farum. -Reuters

China warns US default idea is "playing with fire" Indian officials say they doubt U.S. would allow default SINGAPORE: U.S. Republican lawmakers are "playing with fire" by contemplating even a brief debt default as a means to force deeper government spending cuts, an adviser to China's central bank said on Wednesday.

The idea of a technical default -- essentially delaying interest payments for a few days -- has gained backing from a growing number of mainstream Republicans who see it as a price worth paying if it forces the White House to slash spending, Reuters reported on Tuesday.

But any form of default could destabilize the global economy and sour already tense relations with big U.S. creditors such as China, government officials and investors warn.

Li Daokui, an adviser to the People's Bank of China, said a default could undermine the U.S. dollar, and Beijing needed to dissuade Washington from pursuing this course of action.

"I think there is a risk that the U.S. debt default may happen," Li told reporters on the sidelines of a forum in Beijing. "The result will be very serious and I really hope that they would stop playing with fire."

China is the largest foreign creditor to the United States, holding more than $1 trillion in Treasury debt as of March, U.S. data shows, so its concerns carry considerable weight in Washington.

"I really worry about the risks of a U.S. debt default, which I think may lead to a decline in the dollar's value," Li said.

The U.S. Congress has balked at increasing a statutory limit on government spending as lawmakers argue over how to curb a deficit which is projected to reach $1.4 trillion this fiscal year. The U.S. Treasury Department has said it will run out of borrowing room by Aug. If the United States cannot make interest payments on its debt, the Obama administration has warned of "catastrophic" consequences that could push the still-fragile economy back into recession.

"It has dire implications for the economy at a time when the macro data is softening," said Ben Westmore, a commodities economist at National Australia Bank. "It's just a horrible idea," he said. Financial markets are following the U.S. debate but see little risk of a default.

U.S. Treasury prices were firm in Europe on Wednesday, supported by a flight to their perceived safety on the back of the Greek debt crisis and worries about a slowdown in U.S. economic growth.

Marc Ostwald, a strategist with Monument Securities in London, said markets were working on the assumption that the U.S. debt story "will go away". But nervousness would grow if a resolution was not reached in the next five to six weeks.

'WOULDN'T HAPPEN' The Republicans' theory is that bondholders would accept a brief delay in interest payments if it meant Washington finally addressed its long-term fiscal

problems, putting the country in a stronger position to meet its debt obligations later on.

But interviews with government officials and investors show they consider a default such a grim -- and remote -- possibility that it was nearly impossible to imagine.

"How can the U.S. be allowed to default?" said an official at India's central bank. "We don't think this is a possibility because this could then create huge panic globally."

Indian officials say they have little choice but to buy U.S. Treasury debt because it is still among the world's safest and most liquid investments. It held $39.8 billion in U.S. Treasuries as of March, U.S. data shows.

The officials declined to be identified because they are not authorised to speak to the media.

Oman is concerned about the impact of a default on the currency reserves of the sultanate and its Gulf neighbours.

"Our economies are substantially tied up with the U.S. financial developments," said a senior central bank official, who spoke on condition of anonymity.

"It just wouldn't happen," said Barry Evans, who oversees $83 billion in fixed income assets at Manulife Asset Management.

"They would pay their Treasury bills first instead of other bills.

It's as simple as that."

Monument's Ostwald called the default scenario "frightening" and said bondholders' patience would wear thin if lawmakers persisted in pitching this strategy in the coming weeks. -Reuters

Continued from page 12

headlines around the world and putting off investors who opt for safer emerging markets.

Revelations that Osama bin Laden apparently spent years in Pakistan further tarnished the Pakistan's image and made Mandviwalla's mission even more daunting.

That was painfully clear when Prime Minister Yousuf Raza Gilani paid his first official visit to France a day after the al Qaeda top leader was killed in a town Abbottabad close to Islamabad on May 2.

Gilani sought to persuade French business leaders considering investment in Pakistan and informed that Pakistan's security risks were exaggerated. But all were of the view that it was a tricky sell.

"When he went to France all they wanted to discuss was Osama," said Mandviwalla.

Pakistan, heavily dependent on foreign aid and an International Monetary Fund rescue package, is desperate for foreign investment to improve its battered economy.

The United States is the biggest investor in Pakistan, followed by Britain, the United Arab Emirates and Japan.

There are signs things could improve. For instance, Russian companies will provide $540 million for Pakistan to expand its steel mills, he said. But much more needs to be done to bring in cash. - Agencies

No #2

Continued from page 12

which the journalist suggested, was provided to Pakistan during Secretary of State Hillary Clinton's recent visit to Islamabad.

"Clearly, our counterterrorism cooperation with Pakistan has yielded results. We've talked about the fact that more terrorists have been killed on Pakistani soil over the years than anywhere else in the world and that were apprehended in Pakistani soil over the years. And that is indicative of our strong counterterrorism cooperation," Toner said, stressing the importance of anti-terror cooperation. - Online

No #3

Continued from page 12

Ties worsened further after the killing of Osama bin Laden by US Army in a secret raid in Abbottabad last month which stirred suspicion that elements in Pakistan had sheltered the al Qaeda leader.

Pakistani government has angrily denied those accusations and says it has been at the frontline of the war against al Qaeda. - Agencies

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up a committee to resolve the issue.

Opposition leader in the Senate Maulana Abdul Ghafoor Haidri said that the decision of Chairman Senate to appoint him as Opposition leader was based on rules and regulations.

"If anyone has reservation then he or she should adopt the democratic way", he said. Commenting on statement made by Iranian President, he said, now it has become clear that US is keen to take over our nuclear arsenal. - Agencies

No #5

Continued from page 12

countries and further strengthen the economic bonds.

The envoy further said that French business groups were keen to participate in Pakistan's energy, water and agriculture sectors while the Pakistan-France Business Council was progressing satisfactorily and he invited the Minister for participation in a seminar being organised on railways shortly.

Shahid Hussain Raja, Secretary Privatisation and other senior officials were also present in the meeting. - Online

No #6

Continued from page 1

General James Mattis. Last but not the least, the issue of frequent drone attacks by the US on Pakistani territory was also discussed in detail. - Online

No #7

FRANKFURT/BERLIN: The euro zone edged closer on Wednesday to a compromise on a second Greek bailout package under which private creditors would be asked to swap their sovereign debt holdings for bonds with longer maturities.

Several euro zone bankers, including the head of French heavyweight Credit Agricole, said they would support a maturity extension, a move that would not reduce Greece's massive debt burden but could buy it more time to meet its fiscal targets and avoid a harsher restructuring.

The European Central Bank, which has argued loudly against any form of debt restructuring, may also be warming to the idea of private sector involvement if a cut in the principal of Greece's debt -a "haircut" -- can be avoided.

Greece sealed a 110 billion euro aid-for-austerity deal a year ago but has failed to restore confidence in its finances and a new package is in the works which could total 80-100 billion euros to cover Athens' funding needs through 2014.

Whether and how to involve the banks, hedge funds and other private holders of Greek debt in the new package has been hotly debated for weeks, with some officials worrying such a step could unleash contagion that envelops new countries like Spain, with disastrous consequences for the currency bloc.

On Wednesday, France said it rejected any restructuring of Greece's debt and would not change its stance. -Reuters

Continued from page 1

He said that the government did not impose any new tax in the budget, instead reduced general sales tax by 1%, and abolished flood surcharge and special excise duty.

Prime Minister Gilani said that the government raised the tax exemption limit from Rs 300,000 to Rs 350,000 to benefit lowincome groups. He said that Rs 730 billion have been earmarked for Public Sector Development Program and Rs 500 billion extra have been provided for under the NFC. In order to support the poorest-of-the-poor, the government allocated Rs. 65 billion for cash transfer to through Benazir Income Support Program. He said that regulatory duty has been abolished on 392 commodities.

The Prime Minister said that the government was working on a holistic agenda to make up for the energy deficits that slowed down national growth and created unemployment. He said that it allocated Rs 32.5 billion for budget 2011-12 to fast-track various power projects.

The parliamentarians appreciated the efforts of economic team of the Prime Minister. -Agencies

No #8

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This tax should be recovered through FBR rather than Patwaris.

But the provinces did not agree over it and took the plea that every province has its own laws in place to recover agriculture tax and these are in force.

However strategy could be evolved to increase tax recovery and the provinces would sort out this method. Federation should not interfere in it.

Punjab held the opinion that tax recovery on agriculture income be made at uniform rate. But Sindh and Balochistan also opposed this stance saying it was next to impossible as per acre yield of every province was different from other provinces.

Sindh adopted the stance tax on agriculture income was imposed in 2000 in line with tax revenue act and under this act those having income up to Rs 85000 were exempted from tax. The tax has been imposed at the rate of 5 percent on the persons having agriculture income up to Rs 100000, 10 percent on the income up to Rs 200000 and 15 percent above the income of Rs 200000.

The other provinces have also said that they have their own laws in place with regard to collection of tax and they can not follow the dictation of federation.

Sindh representative put forth the view point that federation wanted to take control of agriculture tax through FBR for one year like recovery of GST on services and it was not acceptable to the provinces.

Sources told that all the four provincial finance secretaries would hold talks with federal finance secretary in next week as MQM had mounted pressure on federal government to levy income tax on agriculture income.

Government had held out assurance to MQM to do so. But provinces are not ready to accept formula evolved by the federation. -Online

No #9

OPEC talks break down, no deal on output

Euro zone eyes private sector role in Greek debt deal

CONTINUATIONS No #1

11

Economy & Continuations

Thursday, June 9, 2011

Continued from page 1

4 accounts in a bank at Karachi.

A sum of Rs41 million was transferred by one Akbar Butt accused in the case. This deal was struck with an accused and former DG Sindh Welfare Fund Zafar Saleem who was relative of Akbar Butt. Akbar Butt adjusted the amount which was transferred to a bank account against the repayment of loan acquired

by Makhdoom Amin Fahim.

Moazzam told that an amount of Rs300 million was transferred in the bank account of wife of Zafar Saleem. From his account Rs80 million each were transferred to the accounts of Iqbal and Asim Warsi. Zafar Salim who was accused in this case was killed in Air Blue crash incident.

CJP while severely reprimanding DG FIA said if the situation was like this then as to why the culprits had not been arrested so far. "We know it FIA is not arresting influential. FIA should know no corruption would be made on corruption. In this connection

VIENNA: OPEC talks broke down in acrimony on Wednesday without an agreement to raise output after Saudi Arabia failed to convince the cartel to lift production.

"Unfortunately we are unable to reach a consensus to reduce or raise production," Organization of the Petroleum Exporting Countries Secretary General Abdullah El-Badri told reporters. "This is one of the the worst meetings we have ever had," said Saudi Oil Minister Ali al-Naimi. Naimi said 6 countries in the 12member group were opposed to an increase in output. He said Gulf Arab countries had proposed an increase to 30.3 million barrels a day, compared to current supply of

about 29 million bpd, including Iraq which is not bound by an OPEC quota.

NEXT MEET NOT UNTIL DEC 14 El-Badri said the effective decision was no change in policy but that he hoped OPEC would meet again in three months time. Naimi said the next meeting would be on December 14.

The failure to reach an agreement will be a blow for industrialised consumer countries hoping OPEC would take action to stem fuel inflation. Brent crude rose $1.64 a barrel to $118.42.

No date has been set for another meeting.

Gulf Arab delegates said Iran, Venezuela and Algeria were among those to refuse to consider an output increase.

Non-Gulf delegates said Saudi Arabia had proposed an increase on top of April supplies that was too high for them to contemplate.

Naimi said Saudi was committed to supplying market needs. Earlier in the week a Gulf official said Saudi was already raising output by at least 500,000 bpd in June to 9.5-9.7 million bpd.

Saudi output was last as high in the middle of 2008 after oil prices set a record $147 a barrel, shortly before recession sent prices crashing. Forecasts suggest more oil is required to stop oil prices rising again.

OPEC's Vienna secretariat sees demand in the second half of the year 1.7 million bpd higher than current cartel output.

Recovery in Germany, France seen slowing down BERLIN: Falls in German industrial output and exports showed the rapid recovery in Europe's biggest economy was slowing amid weaker global growth, raising concern for a region where indebted economies are already struggling.

The euro zone's number two economy France also showed signs of a deceleration with a fall in exports, suggesting the continent's growth engines will provide less of a boost for their neighbours in the future.

German exports posted their biggest drop in more than two years in April after a surge in the previous month and industry output fell 0.6 per-

cent, confounding expectations for an unchanged reading, data showed on Wednesday.

And while Germany's trade balance narrowed more than expected as imports fell for the first time month-on-month this year, France's trade balance widened to a record deficit in April, deteriorating more sharply than expected.

Powerful performances by the German and French economies propelled growth in the euro zone well above forecasts in the first quarter, while peripheral economies suffer. Portugal fell back into recession and Italy grew by just 0.1 percent. -Retuers

one minister has gone to jail and the second has been sacked", he remarked.

CJP further observed "FIA wanted to escape as all the burden was being shifted onto a dead person. Investigations made by FIA are unsatisfactory. Court is fed up with this procedure. The whole investigation team will be arrested if the accused persons are not arrested till the next hearing and it will have to go to jail.

CJP remarked, "law is equal for all and no one is above law. If some one is above law then the court be informed".

During the course of hearing DG FIA told the court Amin Fahim had shown his ignorance of the matter when he was contacted. On the other hand Ali Hassan manager to Amin Fahim had admitted amount had been transferred to 4 accounts of Amin Fahim and his family members. Son of Amin Fahim had also confirmed the reports about transferring of money saying that he did not know when and where this amount was transferred.

"It is matter of wonder that such a huge amount is transferred to some one account and it is not known to him", CJP observed.

Expressing his displeasure over director FIA CJP said due to his kindness every one was being acquitted.

Justice Tariq Parvez said "those from whom illegal money was being recovered were being made witnesses rather than accused. -Agencies

No #10

Continued from page 1

business along the National Highway Network, wants to change the nature of business or desires to shift the location of business, he should pay fee separately in each case.

The Board also observed that setting up permanent structures should be avoided and top most priority should be attached to the safety of the road users.

It was also recommended that Motorway Police should be involved in the process of giving NOCs along the National Highways and Motorways so that their concerns and reservations relating to safety of the commuters could be eliminated. -APP

No #11

Continued from page 1

Last month, al Qaeda leader Osama bin Laden was killed by US Special Forces in Abbottabad.

The US "train-advise-equip" programmes with Pakistani military and paramilitary forces have been important in eliminating terrorist sanctuaries and disrupting the al Qaeda network, Panetta said.

"It is vital, however, that Pakistan lives up to its end of bargain, cooperating more fully in counter-terrorism matters and ceasing to provide sanctuary to Afghan Taliban and other insurgent groups," he said.

Pakistan continues to lack the necessary military and civilian capacities to "hold" and "build" in areas along the border region that have been cleared of al Qaeda forces, Panetta said. "If confirmed, I will work the Congress to ensure that the support we provide is yielding the results we seek," he stated.

Since 2009, Pakistan has undertaken counterinsurgency operations against extremist organizations in the northwest, including in Swat, South Waziristan, Mohmand and Bajaur "with varying levels of success," said Panetta.

"Pakistan's level of commitment is reflected in enormous casualties it has suffered as a result of terrorism in the last few years, including more than 11,000 military personnel killed or wounded in action and more than 30,000 civilian causalities in recent years," he said.

Panetta said that while, bin Laden's death is a "significant blow" to al-Qaeda, the core group and its offshoots "remain vary dangerous threat" in the region and to the US homeland. "There is a risk that decentralized affiliates may pose an increased threat to the United States."

Panetta said President Barrack Obama's Afghanistan strategy is "sound" and the US has made "the progress necessary to give the President meaningful options for his decision," on how many US forces to withdraw beginning in July.

No #12

Continued from page 1

and new Sindh Secretariat. Funds have also been allocated to construct two new bridges on River Indus.

A proposal is under consideration to allocate Rs100 million for discretionary funds of the Sindh chief minister while salaries of provincial government employees by 15 per cent.

Rs10 billion will be set aside for relief and rehabilitation in case of natural calamities and Rs6 billion are likely to be allocated for Zulfiqarabad Development Authority. - Agencies

No #13

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contracts is expected to contribute positively towards broadening the investor base and the overall economic growth of the country, while also assisting in bringing the PMEX on a par with other commodities exchanges internationally. In order to strengthen the regulatory framework of capital markets, various amendments were made to the exchanges' regulations.

In order to promote activities in the debt market, approval was granted to issue, circulate and publish prospectus for issue of term finance certificates of Rs2,000 million (with a green shoe option of an additional Rs1,000 million) to the public by Engro Corporation Limited. Moreover, clearance for publication of prospectus was granted to offer 37.208 million ordinary shares of the Pakgen Power Limited by its major shareholders.

A total of 21 complaints pertaining to investors and companies were resolved by the division during the month of May. - Online

No #14

Continued from page 1

OMCs would be provided the same amount of oil as per their requirements in all the future gallop tenders. PSO may consider providing oil to other companies to the extent possible without affecting its own performance.

Attock Refinery Limited (ARL) will repair the damaged platform sooner than planned in Mid July.

Secretary Petroleum assessed that the situation will likely to improve in one or two days. - NNI

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Falling inflows in Pakistan

Terror not sole obstacle: BOI

NEW YORK: Permanent Representative of Pakistan to UN AMbassador Abdullah Hussain Haroon speaking at a ceremony organised by the Permanent Mission of Jamica on behalf of (CARICOM) at UN headquarter, APP

Suspected US drone kills 22 militants MIRANSHAH, Pakistan: Missile attacks by suspected US drone aircraft killed at least 22 militants in Waziristan region on Wednesday, intelligence officials said, as the US military steps up pressure on remnants of al Qaeda and the Taliban sheltered there.

The strikes in the region along PakAfghan border have escalated since Pakistan government said a top militant linked to al Qaeda, Ilyas Kashmiri, was killed in one such attack on Friday, though US officials have expressed doubts over the reports of his death.

At least 17 militants were killed in two missile strikes by CIA-operated remotely-controlled aircraft in the region on last Monday.

In the latest strikes, two missiles hit a fortress-like militant compound in Shawal area in the North Waziristan tribal region on the Afghan border.

Shortly afterwards, two more missiles were fired at a vehicle suspected to be carrying militants in a village in South Waziristan about three kilometers away

from the site of the first strike.

"Eighteen militants, including foreigners, were killed in the compound attack," a local intelligence official told a foreign news agency on condition of anonymity.

He said four militants were killed in the strike that were travelling on a vehicle.

Another intelligence official in the region said the militants had cordoned off the area and no one was allowed to visit the sites of the attacks.

The latest series of strikes comes after government said that Islamabad and Washington had agreed to resume joint intelligence operations, stalled since January, in a first step towards rebuilding their trust.

Intelligence cooperation between the two countries suffered a major setback following the arrest of CIA contractor Raymond Davis for shooting to death two Pakistanis. Davis was finally released after the paying of monetary compensation to the heirs of slain people under Islamic laws.

See # 3 Page 11

Appointment of Opp leader

Senate chief to review his step ISLAMABAD: Chairman Senate Farooq H Naik has decided to review the decision with regard to appointment of Maulana Abdul Ghafoor Haidri as Opposition leader in the Senate, besides deciding to consult legal and constitutional experts on the concerned issue.

The Chairman Senate has also requested the political parties to avoid playing politics on this issue. On Wednesday, when the senate session met under the chairmanship of Chairman Senate Farooq H Naik, Senator Abdul Rahim Mandokhel took up the issue with respect to appointment of Maulana Abdul Ghafoor Haidri as Opposition leader in the Senate.

The Chairman after consultation with Senators decided to hold debate on the issue and asked Opposition leader Maulana Abdul Ghafoor Haidri and Senator Ishaq Dar to nominate legal and constitutional experts for the debate.

JUI-F Senator Haji Gulam Ali said that those who oppose appointment of

Opposition leader in the Senate were actually wasting time of the House.

Dubbing the opponent Senators as remnants of dictatorship, he said, they were trying to harm democracy. PML-N Senator Ishaq Dar said that we did not want to indulge in blame game but the appointment of Opposition leader in the Senate was constitutional and legal.

Dissident Senator of Pakistan Muslim League (Q) Javed Ali Shah blamed that the unwise decision of Chairman Senate to appoint Maulana Abdul Ghafoor Haidri as Opposition leader in the Senate has also made Chairman Senate as controversial.

"The decision to appoint Maulana Abdul Ghafoor Haidri as Opposition leader in the Senate was also against the Parliamentary norms", he said.

Chairman Senate, he said, is being misguided by his immature colleagues.

Meanwhile, MQM Senator Babar Ghouri advised Chairman Senate to set See # 4 Page 11

Minister invites French investors ISLAMABAD: Ghous Bux Khan Mahar, Federal Minister for Privatisation has invited French business groups to participate in the upcoming monetizing of up to 10 per cent of Government of Pakistan's shareholding in OGDCL via exchangeable bonds.

The Minister extended this invitation to the French Ambassador to Pakistan Daniel Jouanneau in a meeting here on Wednesday.

The Minister said that the OGDCL transaction was backed by sovereign guarantee by the Government of Pakistan while there are also huge potential for French companies to participate in the privatisation process of power generation, distribution companies and other entities.

He underlined the need for exchange of business groups' delegations of both the countries for a better understanding of the investment opportunities in key

sectors and to bring in new French business groups for participating in oil & gas, transport, financial and other sectors. The real potential for doing business in Pakistan could only be projected through interaction with the French groups, he added.

The French envoy to Pakistan Daniel Jouanneau informed the Minister that the French companies including TOTAL, Hyperstar and Sanofi (medicine manufacturers) already working in Pakistan have developed plans to reinvest in Pakistan, which was an encouraging signal.

He added that the recent visit of Prime Minister Yousuf Raza Gilani to France was well received and has ushered a new era of bilateral relations to promote Pakistan in French business community, which would generate business activity amongst the private sectors of both the See # 5 Page 11

Nawaz cancels visit to Quetta LAHORE: Quaid Pakistan Muslim League - N, Mian Mohammad Nawaz Sharif has cancelled his visit to Quetta in a protest against continuous delay in flight from Lahore to Quetta.

Quaid of PML-N was to address party workers convention, besides meeting party local leaders in Quetta, on Wednesday but due to continuous delay in flight he had cancelled his visit in a protest.

On the other hand, provincial chief organizer of PML-N Asif Kirmani has blamed federal government over delay in flight from Lahore to Quetta by saying it was a tactic of federal government to stop party chief from visiting Quetta. Quaid PML-N had addressed the party convention via telephone, he said, adding, new date with regard to visit of Nawaz Sharif to Quetta would be announced later. - Online

ISLAMABAD: Paralysing redtapism and the impression that the government lacks the political will to carry out unpopular IMF reforms which could help the economy, also make foreign investors hesitate, said Saleem Mandviwalla, Chairman Board of Investment.

Mandviwalla reckoned the country was bringing in nowhere near enough foreign investment. "We could have done roughly $6 billion in the last two years. We did about half of it," he said.

Foreign direct investment fell 28.6 per cent in the first ten months of the year 2010-11 to $1.2 billion from $1.7 billion in the same period last year.

It may be pointed out that owing to frequent load shedding and suicide bombings apart from rampant corruption and inept government, the job of Saleem Mandviwalla to bring investment in Pakistan has become one of the toughest tasks.

Being Chairman of the Board of Investment (BOI) he has to persuade foreign companies to pump money into a country which is confronting multiple problems at administrative as well as political level.

"So far no government has dared

to introduce reforms. That creates a hindrance to investment," said Mandviwalla. In the meantime, he says, the key to winning the confidence of investors is innovation and a greater sense of urgency.

"We need to speed-up our process.

We need to overcome our bureaucracy and bring in investors across the board with incentives," he said.

"For example if somebody comes here who I want to establish a refinery, you have to fulfill his requirements within a week or two instead of six months."

Even hosting conferences to promote Pakistan has become problematic. For one, many countries have issued travel advisories, he said.

"Big companies do not take risks because there are chances that their employees could be kidnapped or killed so they choose to have meetings somewhere else," said Mandviwalla.

"They (foreign companies) say 'you can hold meetings in Dubai or Bangkok or London or Singapore or elsewhere' but not in Pakistan. If a person cannot come to Pakistan what investment can he bring to Pakistan? It's a very big issue", he added.

Last month, the IMF postponed talks with Pakistan over security concerns and then moved them to Dubai.

"We are providing protection. I would say we are over protecting them. We are going out of our way.

Half of the police are engaged in protection of projects. It's taxing the government in a big way," said Mandviwalla.

"If we continue to deal with investment with (our) conventional methods we may go back to a position where we were a decade ago," said Mandviwalla.

"Terrorism affects investment immediately, not in years. If one bomb goes off in your country, investment of millions of dollars flies away."

Pakistan is struggling to shake off its image as a global epicenter of militancy and a failed state. US President Barrack Obama once called its tribal areas on the Afghan border "the most dangerous place in the world."

Despite several army offensives, suicide bombings by al Qaedalinked Taliban insurgents are seemingly carried out at will, making See # 1 Page 11

Coaction on terror proved fruitful: US WASHINGTON: United States' anti-terror cooperation with Pakistan is in American long-term security interest and the cooperative efforts between the two countries have yielded results, the US State Department said.

"What we're trying to do in

Pakistan is to build democratic institutions, to improve Pakistan's security, to help it face an existential threat from terrorism. And that's where our assistance is focused," State Department spokesman Mark Toner said at the daily briefing.

"A strong, stable, peaceful, and

prosperous Pakistan is in the interest of the region," he said in response to a question by an Indian journalist who questioned US assistance for Islamabad.

The spokesman said he was not aware of any list of wanted terrorists, See # 2 Page 11

Karzai due tomorrow ISLAMABAD: Afghan President Hamid Karzai will be on a 2-day visit of Pakistan from tomorrow.

Diplomatic sources told final shape had been given to schedule of Afghan President's visit to Pakistan.

Agenda of Pak-Afghan talks has also been nailed down.

Sources told Online that during Afghan President's visit to Pakistan, inaugural session of Pak-Afghan joint commission would also take place. This commission will hold talks at two levels. At first level, Prime Minister Syed Yousuf Raza Gilani, Minister of State for Foreign Affairs Hina Rabbani Khar, Army Chief Gen Ashfaq Parvez Kayani and ISI chief Lt General Ahmad Shuja Pasha will represent Pakistan.

Afghan President Hamid Karzai, Afghan Foreign Minister, Afghan Army Chief and Afghan intelligence chief will participate in talks on behalf of their country.

Chiefs of military and intelligence agencies and foreign ministries will take part at the second level talks.

Sources further told implementation on Pak-Afghan transit trade agreement will start during Afghan president visit to Pakistan under which Afghan goods may be exported to India via Wagah border for the first time.

Sources disclosed that a commission is likely to be constituted for the sake of welfare of prisoners of both the countries lying in jails of each other's country and their subsequent return to respective country. Online

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