profit.com.pk Saturday, 19 May, 2012

KARACHIISMAIL DILAWAR

tHE central bank Friday pumped over Rs169 billion into the liquidity-scarcebanking system where enough cash isavailable, however, to be invested in the

heavily-weighted government securities by therisk-averse commercial banks. the economicobservers from official and unofficial quarters arecautiously looking at the growth prospect in thecrises-hit country as much of the banks’ liquiditycurrently is catering the ever-burgeoningbudgetary needs of the cash-strappedgovernment. With an unprecedented frequency,the State Bank of Pakistan (SBP) is injecting hugesums into the currency market to help the banksavoid a possible liquidity crunch. Some critiquesview that by pumping billions in the system thecentral bank is indirectly lending to the funds-starved government which has broken allprevious records of its budgetary borrowings fromthe banking system during this financial year.Friday saw the State Bank injecting Rs 169.550billion at an annual rate of return of 11.59 percent.the amount was injected by the SBP throughconducting reverse repo open market operationsin the t-bills and PiBs of 7-day maturity.Quotation range for the current injection was11.62 to 11.55 percent. Whereas the centralbank agrees that the reverse repo oMosare carried out in times of liquidityshortage in the banking system theinvestment behavior of thecommercial banks tells adifferent story. the StateBank data show that duringJuly-april 13, FY12 thebanks lent over Rs 951billion to the governmentthrough purchasing t-

bills, Pakistan investment Bonds and ijara Sukuk.Compared with last corresponding period’s Rs424 billion, this shows a mammoth growth of 124percent. of the total, over Rs 629 were lent by thescheduled banks and Rs 322 billion by the StateBank. this massive banks lending to the publicsector leaves little liquidity available in the systemfor the growth-oriented private sector which,during the review period, could manage to secureonly Rs 219 billion of the total banks loans. FY11was worse with the banks’ advances to the privatesector totaling at Rs 187 billion. the State Banktakes comfort from the impression that thecurrent recessionary climate had crippled demandfor bank loan from the private businesses. thetraders and industrialists, however, do not agreewith the regulator’s claim. “i don’t agree that thedemand for private sector loan is reduced,” Mianabrar ahmed, President Karachi Chamber ofCommerce and industry confided to Pakistantoday in a recent pre-budget seminar at theKarachi Press Club. His remarks came in responseto former SBP Governor Drishrat Hussain who told aquestioner the demandwas low.tothe

SBP’s auctions for selling government papers, thebanks always come up with surplus bids, whichdepict that the banks have enough liquidity tooffer if the borrower is a sovereign guarantor,namely the government. the economicobservers warn that the present liquiditymanagement by the SBP would take its toll onthe troubled economy in the face of aftereffects.“over and above, inflation might pop back up asa leading concern during FY13 as an aftereffectof current liquidity and money supply trends,”viewed Farhan Bashir Khan, an analyst atinvestCap. also, the international MonetaryFund believes that the central bank’s injection ofhuge sums in the money market could haveinflationary affect on the economy similar tothat of the printing of new banknotes by theState Bank. a local banker, however, brushedaside the iMF’s concern as baseless saying itcould have been the case only had the State

Bank been printing newcurrency notes.

SBP CONTINUES TO PUMP UP VOLUMES

One step closer to the edge…gOtherwise cash-strapped banks have over Rs951b to invest in heavily-weighted governmentpapers gScheduled banks lent over Rs629b to government in July-AprilFY12 gBorrowings fromSBP amount to Rs 322 billion gSBP injects over Rs169bn into liquidity-scarce banking system

Brace yourself for an ‘expansionarybudget’ Page 02

g Green economy vital for sustainablegrowth: experts

ISLAMABADONLINE

GREEN economy is vital for inclusive andsustainable growth. this was said by eminentinternational experts and senior Pakistani

officials and business representatives unanimouslyFriday at the opening day of two-day ‘Nationalconsultation on green economy, jointly organised bySustainable Development Policy institute (SDPi), oneUN Joint Programme on Environment, Ministry ofClimate Change, Heinrich Boll Stiftung (HBS) andlead Pakistan here. they main objective of theconsultation is to review the preparations for theUnited Nations Conference on SustainableDevelopment to be hosted by Brazil in Rio on 20-22June and likely to be attended by more than 130 headsof state and government and thousands of delegatesrepresenting the UN, private business, non-governmental organizations and media. During thefirst day of consultation, the delegates deliberated onset of considerations for the Pakistani delegation forthe forthcoming Rio+20 Summit as well as ideas forconsideration by all stakeholders after the Summit inorder to accelerate the achievement of sustainabledevelopment and poverty eradication in Pakistan.Chairing the opening session, Dr. Nadeem-ul-Haque,Deputy Chairman Planning Commission said that timehas come to revisit policies and rethink discourseaccording to green economy concept. He said thatcurrent policy framework and ways of managingresources in the country has become obsolete. timoPakkala, United Nations Resident Coordinator reiteratedthat UN is committed to support Pakistan to promoteeconomic growth and spearhead its pace towardssustainable development while appreciating recentdevelopments at policy level including establishment ofMinistry of Climate Change and preparation of climatechange policy. Dr. abid Qaiyum Suleri, ExecutiveDirector, SDPi welcomed participants and hoped thatthis consultation will be useful in articulating Pakistan’sstance in purview of green economy and povertyeradication at the Rio +20 conference.

SHADES OF PROSPERITY

ISLAMABADONLINE/APP

NatioNal assembly legislativebody on Friday showed its an-noyance over irregularities inoil and Gas Development

Company limited (oGDCl) and directedthe MD oGDCl to give complete report inthis regard during next meeting of thecommittee.

Meeting of National assembly Sub-committee on petroleum and Natural re-sources held under the chair of convenerRana afzaal Hussain to discuss and in-quire loss of Rs 10.108 million due tonegligence of M/s Enar Petrotech serv-ices in execution of the Kunnar lPGproject. Committee said that the plantinstalled had not been operationalizedthen why money was spent over it whilethat amount has not been returned sofar. officials from oil and Gas Develop-ment Company limited informed thecommittee that Miswal Kaswal plant wasinstalled after the reports of gas explo-ration from the area but later it observedthat gas reserves from the area are notsufficient therefore after necessary re-

pairing this plant was shifted to Kunnar(Hyderabad). officials told this plantwas installed but not fully utilized there-fore after some time this plant becamedysfunctional so ten million spent formaintenance of the plant. this plant isnow generating Rs 1.4 million, officialsinformed. Committee directed officialsof oil and Gas Regulatory authority(oGRa) to give complete details pertain-ing to this matter.

to another item regarding procure-ment of defective man portable drill(short hole) 30 meters worth of Rs 49,683 million Managing director oGDClBashart Mirza told the committee thatin this project eight persons are in-volved and two among them approachedthe court and got stay order while threeresigned and another two had resignedfrom their posts. MD said that one per-son is from low scale therefore authoritydecided to pardon him. Sub-committeeshowed its anger over the situation andinquired from MD that why you ac-cepted resignations of those who are in-volved in corruption. Committee saidthat except holding inquiries authorityfacilitated them and let them go.

Committee said that authority did nottake any action against responsible per-son which shows that MD is also involvedin this corruption. Due to its nature thiscase should be handed over to NaB, Com-mittee directed the MD oGDCl to givecomplete details of those eight personswho are involved in this scam during nextmeeting and also to give explanation thatwhy necessary action has not been takenin this regard. Massod Siddiqui new OGDCL chief:Federal Government has decided to appointMasood Siddiqui as new head of oil and GasDevelopment Company limited (oGDC).Notification would be issued in this regardsoon. according to reliable sources, ministryof petroleum had submitted a summary tothe prime minister suggesting names ofthree officers for appointment as full-timemanaging director of the oGDC.

the nominees included Masood Sid-diqui, a former chief executive of PremierKufpec Pakistan, Shahbaz Khan, a direc-tor at Hungarian Mol Pakistan and RiazKhan, an executive at the oGDC. Sourcessaid that due to Siddiqui’s vast experiencein the oil and gas exploration sector ashead of a multinational company Prime

Minister Yousaf Raza Gilani in consulta-tion with Petroleum Minister Dr asimHussain has decided to appoint him asMD oGDCl. He said Mr Siddiqui was thepetroleum ministry’s top choice becauseof his experience in the oil and gas explo-ration sector as head of a multinationalcompany. He has also been associatedwith ENi-Pakistan as a senior executive.

the post of managing director of thecountry’s largest oil and gas producer hadbeen lying vacant for more than sixmonths now following the resignation ofNaeem Malik who opted to join the min-istry of petroleum as the additional secre-tary instead of continuing as the oGDCchief executive. Since then, Mr BasharatMirza – an executive director at theoGDC – has been officiating as the actingmanaging director.

Naeem Malik took over as the manag-ing director of oGDC following a contro-versial appointment of adnan Khwaja asthe managing director. the appointmentwas cancelled by the Supreme Court be-cause of his dubious educational qualifi-cation and involvement in a corruptioncase and subsequently becoming a bene-ficiary of the controversial National Rec-

onciliation ordinance.Additional 160 MMcfd per day gassupply from Uch field by Feb 2014:an additional 160 MMcfd per day of gassupply from Uch gas field is likely to beavailable for 25 years to a new power pro-ducer by February 2014.

according to oGDCl sources, after athorough study the oil and Gas Develop-ment Company limited (oGDCl)adopted a development plan to enhancethe gas production at the Uch gas fieldfrom 220 to 380 MMscfd per day, en-abling it to commit 160 MMscfd per dayof gas for 25 years to a new power pro-ducer. an Engineering Consultant hasbeen engaged to prepare the design andtender documents. this project involvesdrilling of 15 additional developmentwells, installation of a gas gathering facil-ity and installation of dehydration and hy-drogen sulphide, (H2S), removal plantand gas delivery station.

So far 14 development wells havebeen drilled. Gas Sales agreement (GSa)with the UPl has been signed. it may bementioned here that the Uch gas field islocated about 67 km southeast of DeraBugti in Balochistan province. the fieldwas discovered in 1955 by Pakistan Petro-leum limited; however, it was not devel-oped because of its low BtU content.

the oGDCl reactivated the Uch gasfield in the 1980s.

to date the company has drilled 15wells and is currently supplying 220 to225 MMscfd per day to Uch Power lim-ited via a 47 km pipeline at the first megalow heating value gas fired 586 MWpower plant.

OGDCL has a lot on its plateg NA body wound up over irregularities in OGDCL, as the latter finds a new chief and a new gas source

DIG IN!

Our economy needsthe rub of the green

PDF Profit_Layout 1 5/19/2012 2:25 AM Page 1

news02Saturday, 19 May, 2012

ROSE-TINTED GLASSES

KARACHIISMAIL DILAWAR

tHE market observers foresee a rosy picture for thecountry’s bourses as the federal government ispreparing to unveil its fiscal plan for the financialyear 2012-13 most probably on the first of June.

Expected to be an “expansionary budget”, the new fiscal doc-ument is expected to be a balancing act between populousmeasures for political compulsion ahead of general electionsand austerity measures to appease the international donoragencies to facilitate the country’s likely re-entry into theiMF program. the parliamentary endorsement of the Cap-ital Gains tax (CGt) ordinance is said to carry a positivebearing on the equity market where the investors’ senti-ments are seen having got an enormous boost ever since thepresidential ordinance has exempted the funders from de-claring their source of income. “this budget will have ‘Posi-tive’ implications for the stock market as the newly approvedCGt ordinance is likely to be a part of Finance Bill,” said theanalysts at topline Research. the analysts believe that thenew budget would largely have “neutral” affect on the bigheavy-weights at the stocks market.

“We believe expansionary budget is on the card that isexpected to bode well for cement and consumer sectors,slightly negative for autos while would be neutral for majorsectors like E&P, power and banks,” the topline analystsviewed. a sector-wise budgetary impact shows that the ce-ment sector would be the sole exception to see a positive af-fect while impact on the auto assemblers would range fromneutral to negative. Neutral would be the impact for othermajor sectors like the banks, exploration and production, oilmarketing and refineries, power, insurance, textile, telecom-munication and chemicals. the fertilizer sector, the analystssaid, was lacking the excitement altogether for the comingbudget as poor off-takes of local fertilizer brands duringCY12tD coupled with excess availability of imported ureaavailable at low cost, compared to locally produced, has re-stricted the margins of local producers. “Whereas the gov-ernment was also maintaining strict stance for procuringimported urea by rejecting the option to procure 0.3 milliontons of urea from local producers in place of imports,” saidHasan Raza, an analyst at investCap. However, he said, as

the Kharif season sets up during mid of this month (May),the recent temporary decrease in urea prices by Rs 145 perbag from Faujis and Engro to stand at par with imported sub-sidized fertilizer was expected to liquidate piled up local in-ventories in the market, and would result in improvedperformance in 2QCY12 compared to poor performance dur-ing 1QCY12. about measures expected to be taken by the gov-ernment, the analysts said major market concern regardingsource of income, cumbersome CGt calculation and its ratehave already been covered in the Finance (amendment) or-dinance and was expected to become part of Finance BillFY13. “if above ordinance becomes a part of finance bill thenno source of income would be asked if investment in stockmarket is made for at least 45 days prior to the issuance ofordinance (april 24, 2012) or 120 days after its issuance tillJune 2014,” the topline researchers said. in addition, theysaid, the CGt rules would be announced by the FBR provid-ing further clarity to the ordinance, though it does not fallunder the ambit of budget. tax differential between listedand unlisted firm is proposed and we expect gradual reduc-tion of 1-2% in corporate tax rate in Budget FY13. For otherproposal like penalizing firms for low payout, reducingturnover tax, increase in t-bill income for banks, currencyadjustment CGt calculation we attach low probability ofthese going through. the endorsement of CGt ordinance inthe budget, which had already provided impetus to the mar-ket with average daily volume improving to Rs 6 billion(US$67mn) since acceptance of SECP proposals by financeminister against Rs3.5 billion (US$40mn) in 2011, was ex-pected to have a positive bearing on the market. improve-ment in volumes would result in better tax collection for thegovernment in FY13, while improved liquidity would helpbetter price discovery which that would allow the companiesand government to raise funds through public offering andright shares. in addition, reduction in corporate tax rate by1-2pc would likely increase our sector earnings by 1.5-3pc.For individual sector, the analysts said, the expansionary na-ture of the budget would likely to bode well for cement, dueto higher disbursement of PSPD, and consumer sector. onthe other hand, proposed reduction in the duty structure onimported CBUs and CKDs would have a net negative impacton the auto, they added. “For others we expect the sector tobe neutral,” the analysts said.

KARACHISTAFF REPORT

MiNiStRY of Commerce and tradeDevelopment authority of Pakistan(tDaP) assured their full support

for facilitating the development and export ofleather sector, especially to stop thesmuggling and mis-declaration in export ofwet blue leather. this was stated by ZafarMahmood, Federal Secretary Commerce,while chairing a meeting of leading exportershere at tDaP to address the immediateconcerns affecting the exports. Chief Executive tDaP tariq Puri briefed themeeting about the role of the Ministry ofCommerce as well as tDaP to protect theinterests of leather sector. the secretarycommerce suggested that tDaP in

collaboration with Pakistan tannersassociation (Pta) should devise a strategy tocheck the export of raw/wet blue leather andthe Ministry and authority would consider tohaving the mandatory membership of Ptafor the export of leather skins to ensure thatonly genuine exporters can be benefited. the secretary also assured that his ministrywould support the Pta for complete ban ofexport of live animals so that raw materialshould be made available for the localindustry and also for the much-needed valueaddition required in the leather sector. ontax and rebate related issues, Zafar suggestedthat Pta should plead case before thefinance division. those attended the meetingwere Chairman Pta S.M Naseem, ChairmanDin Group S.M Muneer, Naseem Shafi andGulzar Firoz.

ISLAMABADAPP

PaKiStaN’S ambassador to Germany,abdul Basit has said that Small andMedium sized Enterprises (SMEs) have

played an important role in the socio-economic development of Germany and hewould focus on these SMEs for promotion ofinvestment in Pakistan.He said that Germany is the largest tradingpartner of Pakistan in Europe and his firstpriority would be to promote trade andinvestment between the two countries. ambassador was speaking to the participantsof a reception hosted in honour of Pakistanicommunity by the Embassy, said a pressrelease received here Friday from Germany. the newly posted envoy said that by activesupport of any country’s own people livingabroad is very much crucial to achieve thetargets and protect the interests of the

nation.Basit said that the Pakistani communityliving abroad has been playing a vital role insocio-economic development of the countryand their continued support is one of thefactors that the country made progress indifferent fields of life despite a host ofproblems.ambassador said that the Pakistanicommunity should also come forward andjoin hands with the Embassy in its efforts toincrease the level of German investments inPakistan. He urged the community to beunited and enhance their interaction with theGerman. He said the people to peoplecontacts of the two countries would bring thetwo nations more closer, strengthen relationsand enhance level of cooperation betweenthem. Referring to the problems anddifficulties being faced by the community, theenvoy assured that all the issues would beresolved in consultation with them.

Commerce Ministry akin to

Leatherface for smugglers

ISLAMABADONLINE

tHE National assembly Standing Committee onPorts and Shipping, Friday, urged the governmentto provide funds for developing Gwadar Port

linkages with rest of the country on priority basis. the Nabody also endorsed all the demands of Chief MinisterBalochistan Nawab aslam Raisani who sought committee’ssupport for getting releases of funds from Finance Divisionon project specific basis. Standing committee constituted asub-committee to ensure timely release of funds forGwadar specific projects as well as to monitor resumptionof construction work on highways linking Gwadar to rest ofthe country. Panel of legislators also showed displeasure ofabsence of Chairman National Highway authority (NHa)from meeting and Chairman Committee, supported by allmembers, threatened to resign from his office in case NHaChairman would not attend the next committee meeting.Na body also summoned Finance Minister, Minister forRailways, Chairman Railways and Deputy ChairmanPlanning Commission along with Chairman NHa to nextmeeting scheduled to be held on May 28 to devise strategyfor smooth and uninterrupted provision of funds formaking Gwadar Port functional. Members also supportedthe idea for holding a meeting with Prime Minister SyedYusuf Raza Gilani to urge him to cancel concession signedwith Port of Singapore authority (PSa) and appointingChief Minister Balochistan as Chairman Gwadar Portauthority (PGa). Nawab aslam Raisani and Nabeel Gabolwere special invitees to the meeting. the National

assembly Standing Committee met here with RanaMahmood ul Hassan in the chair to discus plan of action incooperation with concerned ministries for development ofGwadar Port on priority basis as well as availability of fundsfor Gwadar Port for the next fiscal year. Chief MinisterBalochistan while contradicting brief presented by NHa onclosed construction work on highways linking Gwadar toother areas, said that it was against the ground realities asthere was no security issue for the contractors andlabourers in Balochistan. “Start construction work, i willprovide required security” he remarked adding that NHahad tried to portray horrifying state of law and order inthe province which was sheer contrast of the prevailingconditions. “Real issue with NHa is availability of fundsfor said project and NHa is trying to hide its failure ofgetting funds released from Finance Division behind lawand order” he added. NHa in its briefing stated thatconstruction work of highways in Balochistan was closeddown due to worst state of law and order and securitysituation as contractors were not ready to continue withwork, however, NHa Member Construction aurangzebsaid that notice had been served to Rakhshani Buildersthat contract would be cancelled in case it would notresume construction work on said project. Committee alsoinvited all MNas from Balochistan to its next meeting formaking proceedings of the House as meaningful andeffective and result oriented recommendations. Membersalso voiced against agreement signed with PSa for therunning Gwadar Port and urged the government to cancelas early as possible as this agreement was the lone hurdlein making Port functional.

Das ist wunderbar!

LAHORESTAFF REPORT

US Consul General lahore Nina Fite hassaid that United States is committed topromote the economic development of

Pakistan. one of important element of thiscommitment is US support to local farmers withprogrammes to build their business capacity andgenerate higher incomes. these views wereexpressed by her at the concluding session of athree-day training programme ‘GlobalGaP trainthe trainer Programme’ organized byagribusiness Support Fund under USaiD’sagribusiness Project. thirty people across thelivestock sector participated in the training held incollaboration with M/s FoodPlus GmbHGermany. the program trained the participants inGlobalGaP certification, a standard for dairy andmeat exportation required by many European andinternational markets. By implementing thesestandards, Pakistani meat and dairy producerswill be able to export to wider markets, growingtheir businesses and boosting Pakistan’s economy.Nina Fite maintained higher incomes wouldimprove farmers’ lives and the lives of theirfamilies. “Programs, like this USaiD-fundedtraining, will have a direct and positive impact on

the lives of Pakistanis through the promotion oflivestock entrepreneurship,” Consul General Fitecontinued. She regretted that Pakistan’s currentlevel of livestock exports is very low and trainingsof this kind are first step to improve exports. Shehoped that it would go a long way in improvingthe livestock management in this country also.agribusiness Support Fund (aSF) Chief Executiveofficer Khalid Khan speaking on this occasionthrew light on the objectives of the workshop andvarious projects being carried out by theorganization for the benefit of farmers’community of Pakistan in sectors like livestock,agriculture and horticulture. Dr. Roland (trainer)and Dr. Dilshad (representatives of theparticipants) also spoke on this occasion andshared their experiences of the programme andbenefits they would be deriving out of thisexercise. Global Good agricultural Practices(GlobalGaP) is an international private body thatsets voluntary international standards for thecertification of agricultural production processes.Certification under GlobalGaP is becomingincreasingly important and a requirement of mostretailers in European and international markets.the training enables the participants toimplement GlobalGaP standards in Pakistan forthe first time.

Standing committee wants to run a tight ship Nina Fite talks up US commitment‘GLOBALGAP TRAIN THE TRAINER PROGRAMME’LINKING LOOPHOLES

g Says US committed to promoting economic development ofPakistan g Vows to support farmers

g Funds for developing Gwadar Port linkages demanded

TDAP CHAINSAW MASSACRE

INVESTMENT IDEAS

Brace yourself for an‘expansionary budget’

g Envoy to focus on German SMEs to promote investment in Pakistan

g Government asks PTA to devise strategy on leather exports

g Budget all rosy for listed sectors at stocks market… except cement

PDF Profit_Layout 1 5/19/2012 2:25 AM Page 2

news

Saturday, 19 May, 2012

03

UK companies interested in taking onpower projects

LAHORE: Mr Shehryar Khan, additional deputy headof mission, British high commission Karachi has saidthat United Kingdom (UK) companies of British com-munity are interested to invest in power sector of Pak-istan and ready to take on the power projects during hismeeting with MD NtDCl Mr Rasul Khan Mahsud, hereat WaPDa House lahore, today. talking about theprospects of investment in power sector, Mr Rasul KhanMahsud said that NtDCl is the sole Govt company en-gaged in the transmission and despatch of all powerwithin Pakistan and is also responsible for enhancementof transmission system through new projects and wouldalways prefer foreign investment in power sector of Pak-istan. During the meeting, Mr Sheryar said that variousbusiness community of UK has shown keen interest infor investment in different fields of power sector andwould like to take on the power projects within Pakistan.He further said that the infrastructure of power projectsbeing processed in Pakistan can be pursued as a jointventure to help and strengthen mutual relationship withthe aim to establish long term and stable partnership be-tween both the Govts of UK and Pakistan. PRESS RELEASE

Emirates announces promotional faresto Jeddah, MedinaKARACHI: Emirates, one of the fastest growing airlinesin the world announced special promotional fares to Jed-dah and Medinah, Saudi arabia for travelers booking outof Pakistan. Both cities are a popular hub for Pakistanitravelers and with the upcoming Hajj season the airline isgiving passengers a chance to book flights early at a dis-counted price. the economy class fares to Jeddah (JED)and Medinah (MED) start at PKR 49,480 all inclusive. thepromotion will be running till June 30, 2012. the airlinerecently announced additional to Jeddah starting June 1st , 2012. the new service from Jeddah will increase Emi-rates current service from 14 to 18 flights per week. Com-menting on these fares, Badr abbas, Vice President,Emirates airline said: “this is very exciting news for ourPakistani travelers as a large number of Pakistanis travel

annually to the Holy cities of Mecca and Medinah for pil-grimage. We continue to provide our passengers with bestoptions for their money in order to make their journeymore pleasant and convenient.” Emirates offers flights toand from Jeddah via Dubai using a state-of-the-art fleetincluding the Emirates a380. PRESS RELEASE

Ufone develops play area, hosts carnivalat SOS Children’s Village

ISLAMABAD: advocating its commitment of spreadingsmiles and bringing joy to the children across Pakistan,Ufone recently held a fun carnival for the children of SoSvillage to inaugurate the recently developed play area.SoS Pakistan recently built a new establishment boastinga spectacular facility but was in dire need for swings forthe children to enjoy. Ufone took up the task of puttingup the swings and hosting a fun filled carnival whichcomes in the wake of a successful plantation activity at theSoS villages of lahore and islamabad. the members ofthe Ufone Volunteer Group took a dynamic part in all theactivities. For the entertainment of the kids jumping cas-tles along with carnival rides were set up which were thor-oughly enjoyed by all and sundry. PRESS RELEASE

Schwabe certifies Dr Hamid General Homoeoas the largest importer of single remedies KARACHI: Dr. Willmar Schwabe Germany, theworld’s largest and most reputable manufacturer of Ho-moeopathic medicines as accorded the certification of“largest importer of Schwabe Single Remedies World-wide” to Dr. Hamid General Homoeo, Karachi, in recog-nition of their outstanding merit on sellinghomoeopathic single remedies of Dr. Willmar SchwabeGermany. Dr. Hamid General Homoeo (Pvt) ltd., oneof the most respected and recognized names in the busi-ness of homoeopathic medicines in Pakistan with a na-tionwide network, is the sole distributor of Schwabe’sHomoeopathic Single Remedies and the famousCineraria Maritima Schwabe Eye Drops in the country.Dr. Hamid General Homoeo represents Dr. WillmarSchwabe Germany as well as its subsidiary DeutscheHomoeopathie-Union (DHU) in Pakistan and their re-lationship spans over many years. PRESS RELEASE

American government funds establishmentof health sector reform unit in SindhKARACHI: Edward Birgells, Regional Director ofUSaiD, along with Dr. Sagheer ahmed, Sindh Gov-ernment’s Minister for Health, today inaugurated theHealth Sector Reforms and Support Unit, which isbeing established with a 270 million rupee grant fromthe United States agency for international Develop-ment. With support from USaiD, the Department ofHealth of the Government of Sindh is able to establishthe Reforms and Support Unit to improve governanceand make the health system more efficient and effec-tive. United States government funds are being usedto identify strategic policy issues, undertake policyanalysis, and research and facilitate donor coordina-tion across the health sector. PRESS RELEASE

HEC awards self access centers for Balochistanand Sindh University and College teachers

KARACHI: KaRaCHi: Higher Education Commission(HEC) awards Self access Centers(SaC) to Sardar Ba-hadur Khan Women University (SBKWU) Quetta andMehran University of Engineering &technology(MUEt) Jamshoro. in this regard HEC hassigned Memorandum of Understanding (MoU) for theestablishment of Self access Center (SaC) under theEnglish language teaching Reforms Project (EltR)Phase-ii with SBKWU, Quetta & MUEt, and Jamshoro.at SBKWU Madam Ghazala Gola, Provincial Minister ofWomen Development and Minorities graced the cere-mony as Chief Guest. Ms. Noor amna Malik representedHEC and as the Guest of Honor. Prof. Dr. Sultana BalochVice Chancellor, SBKWU, and Ms. Noor amna Malik(DG, li, HEC) signed the MoU on behalf of respectiveparties. MoU with MUEt was signed at HEC RegionalCenter, Karachi. Ms. Noor amna Malik along with EltRteam was connected via Video Conferencing with RCKarachi for this eminent occasion.the Vice ChancellorMUEt and Director Regional Center Nazeer Hussainsigned MoU on behalf of respective parties. PRESS RELEASE

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

UniLever PakXD 7052.00 7194.00 7050.00 7157.00 105.00 609Nestle Pakistan Ltd. 4004.57 4084.99 4000.50 4025.82 21.25 17Shezan Inter. 184.20 193.41 182.00 193.28 9.08 27,912National Foods 171.22 179.78 162.66 178.40 7.18 17,664Pak Services 148.92 156.00 148.92 155.99 7.07 505

Major Losers

Unilever FoodXD 3245.45 3384.00 3100.00 3115.00 -130.45 69Rafhan MaizeXD 3000.00 2900.00 2851.00 2900.00 -100.00 535Sanofi-AventisXD 195.09 199.00 185.36 185.83 -9.26 781Pak.Int.Cont SD 157.81 154.99 149.93 150.00 -7.81 993,165Pak Gum & Chemical 123.75 120.25 117.78 117.78 -5.97 4,555

Volume Leaders

P.T.C.L.A 16.12 16.39 15.45 15.59 -0.53 19,305,347D.G.K.Cement 41.20 42.80 40.63 42.50 1.30 17,241,897Bankislami Pakistan 8.97 9.97 9.00 9.95 0.98 13,017,947Jah.Sidd. Co. 15.91 16.37 15.35 15.94 0.03 11,744,617Engro Foods Ltd. 60.58 63.60 59.75 63.60 3.02 7,529,681

Interbank RatesUS Dollar 90.8626UK Pound 146.0162Japanese Yen 1.1369Euro 116.6858

Dollar EastBuy Sell

US Dollar 91.50 92.10Euro 116.26 117.16Great Britain Pound 145.96 147.05Japanese Yen 1.1333 1.1417Canadian Dollar 90.53 91.72Hong Kong Dollar 11.64 11.80UAE Dirham 24.86 25.02Saudi Riyal 24.38 24.50Australian Dollar 90.51 92.65

KARACHISTAFF REPORT

tHE Karachi stocks marketFriday plunged by 205points or 1.46 percent on theback of what the analysts

said concerns for falling global com-modities and stocks.

last trading session of the weeksaw the benchmark KSE 100-shareindex closing at 13,857.78 pointsagainst 14,063.08 points of thursday.the index hit the respective intradayhigh and low of 14,099.08 and13,843.56 points.

the turnover in the traded sharesat the ready-counter was recorded at175.707 million against the 143.055million shares of the previous day.

“the stocks fell across the boardamid thin trade on concerns for fallingglobal commodities and stocks,”viewed ashen Mehanti, a director atarif Habib Securities.

the senior market analyst saidinstitutional profit-taking, limitedforeign interest, cautious tradeahead of federal budget announce-

ment due next month and concernsfor rising current account deficitplayed a catalyst role in bearish sen-timents at KSE on friday.

this, he said, was despite hopesfor improvement in Pak-US relationson the resumption of Nato supplies.

the trading value stood at Rs5.160 billion from the previous Rs5.014 billion. the market capital alsoslid to Rs 3.539 trillion from 3.593trillion of the preceding day.

in total 340 scrips were traded,of which 76 ended up in the greenzone, 202 in red zone and 62 re-mained unchanged.

the lotte Pak-Pta appeared asa volume leader with 22.379 millionof its shares traded. the companymarked a 0.71-paisa per share losswith its share price opening andclosing at Rs 9.23 and Rs 8.52, re-spectively.

the trading volume on the futuremarket also remained lower and wasrecorded at 14.502 million sharesagainst 16.017 million of the last trad-ing session. the day marked all the 94scrips traded ending up in minus.

Bear intimacy fromacross the globe

BEARING ANOTHER HUGBulking up trade volumesg Foundation of $186m bulk cargo terminal laid

KARACHI,STAFF REPORT

tHE foundation stone for the construction of state-of-the-art Pakistan’s first mechanized Coal, Clinker and Cementterminal at Port Qasim on a 30-year Build operate and

transfer (Bot) basis was laid here at PiBt Site located at NorthWestern industrial Zone of Port Qasim authority here by PQaChairman Vice adm. (R) M.Shafi Hi (M). While speaking as thechief guest on the occasion of unveiling the plaque, thechairman PQa operated the chain excavator to commence thefirst excavation activity for the construction of the terminal.Chairman PQa assured the Project of PQa’s full support andtimely facilitation. in the inaugural speech given by CEo PiBt,Sharique a Siddqui spotlighted the project salient features i.e.,PiBt would be constructed as a state-of-the-art dirty bulk cargohandling facility at an estimated cost of approximately $186million at Port Qasim on a 30 years Built operate and transferbasis. PiBt is in the process of developing a mangrovesreforestation plan in collaboration with the international Unionfor Conservation of Nature (iUCN) on 500 hectares nearby PortQasim area, to improve the marine ecology and alreadydepleting environmental conditions of the mangroves. themuch-awaited project involves reclamation of 62 acres of landand construction of a 460 meter jetty and trestle bridge of 2.5km. the Coal, Clinker and Cement terminal at Port Qasim willhelp alleviate the environmental concerns of the residents ofKarachi when Coal handling will be shifted to Port Qasim whichwill reduce the pollution presently caused by Coal handling atKarachi port. Chairman Marine Group Capt. Haleem a. Siddiquisaid the PiBt Project is in line with the vision of Marine Groupof Companies to be the pioneering group of Pakistanientrepreneurs and professionals to set up modern cargohandling infrastructure in the ports in Pakistan to meet thegrowing demands of cargo handling in the country. theconstruction works for the Project has been awarded to aturkish-Pakistani consortium of Siyahkalem-Maqbool (JV).Capt. Haleem Siddiqui thanked the chairman PQa and PQaofficials for their support to the Project and congratulated themon securing private sector investment in this project.

Rising from the dead?g Pak rupee rose 20.2pc from July-March

ISLAMABADONLINE

tHE Pakistani rupee has beensupported by remittances, which rose20.2 percent to $10.88 billion in the

first 10 months of the current fiscal year2011-12. the rupee rose 20.2 per cent in the first 10month (July-March) 2011-12 compared with$9.05 billion in the same period last year. inapril, remittances totalled $1.14 billion.overnight rates in the money market closed at11.90 percent, the same level as on thursday.Pakistan Rupee rate was in a continuesdeclining trend against US Dollar and othermajor currencies of the world since Januarythis year. in a long term perspective foreignexchange reverse are in uptrend, if comparethe same from last 6 months figure, one canbatter analyze where the Pakistan foreignreserves were standing. Foreign exchangereserves at $16.992 billion on week endedoctober 08, 2010, figures are tracked fromlast six month can draw a clear line and anuptrend can be seen clearly from the July,2010 to october, 2010 and now after sixmonths it is at $17.37 billion, as pereconomist expectations it seems that risingforeign inflows may take the rising effect offoreign exchange reserves.

KSE assures NAB of helpagainst fraud brokers

KARACHISTAFF REPORT

tHE Karachi Stock Exchange (KSE) onFriday resolved to cooperate with theNational accountability Bureau in ap-

prehending the perpetrators of fraudulent ac-tivities at the bourse. in a statement issuedhere, the front regulator said it would extendall possible assistance the NaB to nab thosemembers who were either expelled or had de-faulted for their unlawful acts that left the in-vestors and their clients suffering financiallosses. “the KSE under its Rules and Regula-tion has already made financial reimburse-ment to the effectees/investors who hadsuffered losses at the hands of these default-ers/expelled members,” the KSE said.

RUPEE REINCARNATION

g KSE sheds 205 points on investors’ concerns forfalling global commodities, stocks

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