profit.com.pk

350 marble factories shuttingdown in protest Page 02

Thursday, 15 March, 2012

SBP chides

banks for issuing

demonetised

banknotesKArAchI

STAFF REPORT

The State Bank of Pakistan (SBP)has once again advised all commer-cial banks and microfinance banks(MFBs) to desist from issuing thedemonetised banknotes of Rs5 andRs500 (old design and bigger size)to their customers and generalpublic.They have also been asked by SBPto educate their customers andgeneral public for surrenderingthese demonetized banknotes totheir branches and field offices ofSBP Banking Services Corpora-tion.This directive has been issued bySBP through issuing a circular onWednesday after it came to its no-tice that some commercial bankswere issuing these banknotes de-spite their demonetisation and theregulator’s clear instructions to sur-render the demonetised banknotesto the nearest/linked field offices ofSBP Banking Services Corporation(SBP BSC).The central bank also reminded thegeneral public that the above-men-tioned banknotes have been demon-etised and cannot be used as a legaltender. “General public is requested to ex-change the banknotes of Rs500 andRs5 from banks and SBP BSC fieldoffices by the stipulated dates iethe last working day of September,2012 and the last working day ofDecember, 2012 respectively,” itsaid.

KArAchI

STAFF REPORT

THe Overseas Investors andChamber of Commerce andIndustry (OICCI) has onceagain stressed the need to doc-ument and tax all sectors of

the economy to broaden the tax base anderadicate tax evasion. In order to ensuredocumentation of all segments of the econ-omy OICCI has recommended that all legalentities including individuals, associationof persons, corporate and NGOs/NPOsshould file annual tax returns, as well aswealth statements, irrespective of theirsource of income, if the total income for theyear is in excess of the Government ap-proved threshold which currently isRs350,000. In case the earned income fallsunder the exempt category then exemptionmay be claimed separately.

Furthermore all such individuals andlegal entities should get themselves regis-tered and obtain their NTN (National TaxNumber) and tax authorities should ensurethat all NTN holders file tax returns.

Some of the measures suggested byOICCI to increase the documentation andreduce tax evasion/avoidance include:

-Subject to legal provisions, FBRshould obtain details of all customers of fi-nancial institutions whose investments ex-ceed a certain threshold during the year.

-Art exhibition halls, hospitals, hotelsholding large receptions for catwalks & saleof branded/designer dresses, airlines, travelagencies, etc should be asked to providenames and addresses of their customers be-yond a minimum threshold to the FBR.

-FBR to regularly interact with leadingtax and administrative experts to deter-mine additional measures required for en-larging the number of tax payers and

taxable entities.“OICCI’s Budget Proposals are bal-

anced and aim at broadening the tax base,providing incentive to the honest tax payersand above all enhancing the documenta-tion of the economy. The proposals alsorecommend certain structural and proce-dural changes to improve the overall taxa-tion framework in the country” said by MrHumayun Bashir, President OICCI.

Humayun Bashir added that to buildconfidence the result of FBR’s efforts on the700,000 affluent people who were identi-fied in 2011 as potential tax evaders/as-sessees should also be shared with public.He also suggested that people declaring in-come above Rs10 million annually or pay-ing taxes in excess of Rs2 million annuallybe given special privileges and recognitioncards and special counters at immigrationetc. Highlights of the OICCI Taxation Pro-posals for 2012-13 are identified in the fol-lowing four sections:

I. Rationalising and Broadening taxBase Concrete measures on the part of thegovernment are needed to enhance rev-enue collected via tax receipts. OICCI rec-ommends doing so by increasing thenumber of taxpayers as opposed to taxingthe already taxed.

II. Improving Tax Collection and In-vestment environment

A country’s tax system and its hasslefree implementation are key determinantsof its investment environment. In Pakistan,the organised sector is subject to high levelsof compliance whereas the unorganisedsector appears to have an implied amnesty.

To overcome these gaps, several mech-anisms, structural and procedural recom-mendations have been outlined in thissegment. These proposals will not only as-sist in reducing the burden on the alreadytaxed segment, it will aid in improving the

tax culture in the short run and increase thetax base in the long run.Income Tax

i. Uniform tax rate of 30% should beintroduced for all businesses irrespective oftheir legal status in order to encourage cor-poratization and expansion of companies.

ii. Abolishment of discriminatory prac-tices like Final Tax Regime (FTR), as wellas Minimum Tax Regime, which shouldnot be applicable for companies whoshould be taxed only under the Normal TaxRegime(MTR). As a transitory phase theFTR or MTR should be made more reason-able and applicable in a standard manneracross industries, to help increase collec-tions while providing greater equitabilityamong tax payers.

iii. Clarity and re-phrasing needed insection 65 D & e, for encouraging reinvest-ment of capital and retained earnings innew manufacturing facility.SaleS Tax

i. Improving the timelines of returnsprocessing both for collection and refunds.

ii. The disparity in Rule 12(5) should beremoved, to bring in line with the provisionof newly inserted Sub-section 3 of section21 of Sales Tax Act 1990, to ensure that thebuyers are not restricted from their legiti-mate claim, if requirements of section 73are duly fulfilled.

iii. The requirement for withholdingSales Tax at one percent of the value of tax-able supplies with respect to goods pur-chased from registered persons, other thanregistered in LTU, should be withdrawn.cuSTom DuTy

i. The value determined under the Cus-toms Act, 1969 should be used as the basisfor valuing imported goods by the Commis-sioner of Income tax.

ii. The proof that goods exported fromPakistan have reached Afghanistan should

be verified on the basis of documentationby Pakistan Custom Authorities instead ofAfghan Authorities.FeDeral excISe DuTy

i. FeD on Royalty payments for tech-nology transfers and product know-howshould be withdrawn. Further, the adjust-ment of the duty paid on franchise feeshould be allowed as in VAT mode.

ii. Adjustment of input FeD should beon the basis of purchase invoices or theGoods Declaration forms in case of im-ported goods as allowed under section 7 ofthe Sales Tax Act, 1990.ProceDural/ STrucTuralSuggeSTIonS

i. Allow net settlement of various directand indirect taxes subject to company audit.

ii. Develop linkages between the data-bases of Customs, excise, Income and SalesTax so that the tax payer can adjust/ offsethis tax liabilities against refund of theselevies and vice versa.

iii. To effectively reinstate the conceptof taxing global income, the restriction ofset off of foreign losses against only subse-quent foreign income needs to be removed.

iv. A separate ‘Research and AnalysisUnit’ should be setup, within the FBR.

v. Large Tax Unit initiative was intro-duced in 2002 for facilitating large tax pay-ers. However, over the years , underpressure to generate more revenue fromthe same source, it appears, that the objec-tive of LTU facilitation has been lost Thereis an urgent need to re-store the LTU facil-itation concept in real terms.

III. Facilitation of Foreign Direct In-vestment In order to contribute to thegrowth of the economy and provide jobs forthe youth of the country the governmentmust attract foreign direct investment(FDI), particularly in the manufacturingsector which is most able to create jobs.

OICCI recommends broadening tax base

Business community of

twin cities shows concern

over FBR harassmentISLAMABAD

STAFF REPORT

Representations of various business sectors includingIslamabad Stationers Association (ISA) and PakistanComputer Association (PCA) have shown resentmentover the tactics used by the Federal Bureau of Revenue’s(FBR) on undue harassment of business community ofthe twin cities.At an emergency meeting of the two business associa-tions, speakers expressed grave concern over the is-suance of notices to the business community, both fromthe Directorate of Intelligence and Investigation, FBRLahore as well as Karachi on the pretext of alleged taxfraud.They said the harassment should stop immediately andproper procedure of law should be followed. They addedthat any case related to Rawalpindi and Islamabad areasshould be referred to concerned RTO offices. The representatives of business community said that allrelated procedures of Federal Bureau of Revenue’s re-garding issuance of invoices and charged inputs arebeing followed by the business community and the samehave been accepted by the concerned departments. How-ever, they said in case of any discrepancy or omission,proper procedures need to be adopted to intimate aboutsuch cases.They said that any harassment by Federal Bureau ofRevenue’s to business community would be unaccept-able. Therefore, the high officials of Federal Bureau ofRevenue’s should look in to matter and protect businesscommunity from such negative tactics being employedagainst them.

PRO 15-03-2012_Layout 1 3/15/2012 12:17 AM Page 1

news02Thursday, 15 March, 2012

UK serious about increasing

commercial ties with PakistanLAhOrE

STAFF REPORT

Francis Campbell, the Deputy British High Commissioner and Director for UK Trade and Invest-ment (UKTA) said UK is serious to increase bilateral ties with Pakistan and clearly issued stance toinvestors to invest in Pakistan. “UKL stance is very clear to its inventors about trade and invest-ment in Pakistan and suggested them to invest in Pakistan’, he said responding to a question aboutthe US threat to Iran and positive development on Iran-Pakistan gas Pipelines project. He said eu-ropean Union (eU) had imposed sanctions on Iran and it was clear to every one but there was noissue to invest in Pakistan. He said Pakistan has 185 million people vibrant and resilient market.“UK is keen to invest in Pakistan so thus I am here to talk with Business Forum Punjab (BFP) rep-resentatives”, he added. Francis said that UK supported Pakistan’s demand of market access in eUBrussels, and will also support in future too. He said in 2011 both Pakistani and UK prime minis-ters wooed to increase the bilateral trade to increase 2.5 billion pound sterling till 2015 and lastyear it was increased by 16 per cent. He hoped that if the present pace will continue then it wouldachieve the target. He said that one of the biggest retail store has been opening its store nextmonth in Karachi and UK investors keen to come to Lahore as well. He said negative perceptionabout Pakistan was hurting investment. He said with the change in perception more foreign in-vestment will pour in to Pakistan. He said that joint working of UK and Pakistan will attract in-vestment in Pakistan. He congratulated the GFP team for establishing a forum of businesses. “Iwill assure that as UK government representative I will do my best to create business to businesslinkages, when businesses talks role of government reduce’, he said.

KArAchI

GHULAM ABBAS

Over 350 marble factories in the city aregoing to be closed from Saturday inprotest against the increasing number ofextortions in the industrial area.

Hundreds of industrial units of mar-ble in a meeting on Wednesday have de-cided to shut factories as the last resortto avoid life threats given by the extor-tionists in case of not paying the de-manded amount.

Talking to Profit, Sanaullah KhanChairman, All Pakistan Marble Mining,Processing and export Industry said thatthe decision has been taken unani-mously by the owners of over 350 mar-ble factories located at Qasba Colonyarea of the city as they had no optionleft. As the government has failed to giveprotection to the marble exporters whoare already facing losses in view of thehours’ long power breakdowns and crim-inal activities, the businessmen wouldprefer to save lives while keeping theirfactories closed.

Factory owners in the city’s volatileneighborhood have started receiving ex-

tortion slips and threats of dire conse-quences in case of non-payment. “extor-tionists are now freely distributing theslips demanding Rs50,000 toRs1,000,000 from a factory owner” headded.

According to him the industrial unitsin the area which remained closed formonths due to violence last year, willnow again remain closed until the issuewas addressed by concerned authorities,including rangers and police. Theclaimed imposition section-144 in thecity has proved useless as far as the se-curity situation is concerned in the area.

To a question he said “We are wait-ing to clear the already planned ship-ments of exportable marble at ports”.The concerned thousands of employeeshave already been told that the unitswould remain closed from Saturday.

The closure of factories would notonly make huge losses to the exportersbut also cause huge decline in export ofthe valued goods thus reducing the overall exports of the country.

As the law enforcement agencieshave failed to stop the criminal activitiesin the markets, the security control of

the city, he suggested, should be given tothe army while taking serious and unbi-ased action against the criminals. He ap-pealed to Army Chief to tack the city inmilitary control.

He demanded of the government toensure arrest of the culprits and awardthem an exemplary punishment. Hesaid: “If the government does not arrestcriminal and stop the extortion, kidnap-ping for ransom and other criminal tac-tics in the city, the businessmen have theright to close their business for indefi-nite period.

It is worth mentioning here thatafter an improvement for months in thecriminal activities in the country thestreet crime and extortion cases haveagain increased by manifolds in the cityespecially in markets, commercial andindustrial areas.

Besides the unfavorable situation inthe city has badly affected the export ofmarble which has declined by 65 per-cent during the last six months. Thecountry has exported marble worth $ 13million against the target of $ 50 mil-lion during July to December 2011. Thecurrent export figure has also shown

the decline of 65 percent as comparedto $ 20 million the country fetched dur-

ing the corresponding period of finan-cial year 2010-2011

350 marble factories shutting down in protest

LAhOrE

STAFF REPORT

THe Lahore Chamber ofCommerce and IndustryWednesday pledged to expe-dite its efforts for the earlyestablishment of Cottage

City on the pattern of Industrial estatesin the country. The pledge was made bythe LCCI President Irfan Qaiser Sheikhwhile speaking at the oath-taking cere-mony of newly elected office-bearers ofSewing Machine Association. Chairmanof the Association Ghulam Sarwar Haj-vari also spoke on the occasion.

The LCCI president said a little at-tention towards cottage industry couldhelp the government get rid of manyeconomic problems including unem-ployment and poverty that have nowstarted taking their toll.

The LCCI president said the cottageindustry is widely acknowledged solu-tion to fast increasing poverty and ur-banization but unfortunately the

governments in the past had failed togive a clear cut plan for strengtheningthis important area of business.

The LCCI president said that cottageindustries have also gained immense im-portance world over. There is great de-mand for hand-woven carpets,embroidered work, brassware, rugs andtraditional bangles. These are also con-sidered important export items and arein good demand in international market.

He said that a program for develop-ing and promoting cottage industriesboth in rural and urban areas is morefeasible as compared to large scale in-dustries that need huge resources.When people are employed gainfully invillages, the migration of people fromrural to urban areas will reduce. Theacute problems of housing, sanitation,education, transport and health will bereduced in urban areas, the LCCI Presi-dent added.

The LCCI president said the LahoreChamber of Commerce and Industrywould continue to facilitate the cottage

industry people in the larger interests ofthe country. Speaking on the occasion,Chairman Sewing Machine AssociationGhulam Sarwar Malik urged the govern-ment to allocate a piece of land measur-ing 100 acres for Cottage City in theprovince so that the people attachedwith the cottage industry could be ableto work for the economic well-being ofthe country. He said the industry hav-ing a workforce of 25 people and havinga turnover of Rs15 million per annumshould be declared as cottage industry.He also urged the government to evolvea joint methodology in collaborationwith the Lahore Chamber of Commerceand Industry for increasing the exportsof cottage industry products.

He said there was no second opinionabout it that the Cottage industry hasbeen a building block of economic devel-opment. It is, he added, the first form ofmanufacturing and pave the way for theindustrial revolution. On the one handcottage industry provides income to thestate while on the other hand, it creates

employment opportunities but unfortu-nately the step-motherly treatment ofthe successive governments towards thecottage industry has played havoc withit.

He said cottage industry is the majorvictim of the electricity shortage and therecent recession because they don’t havethe resources to generate their ownpower or stock their production in re-cessionary periods.

They tend to eat whatever capitalthey have during the recession thereforethey deserve more facilitation from thegovernment as compared to the regularsector.

earlier, the LCCI president IrfanQaiser Sheikh took oath from the newlyelected Chairman of Sewing MachineAssociation Ghulam Sarwar Malik, Pres-ident Haji Ch. Javaid Iqbal, Vice Presi-dent Sh. Saeed Qaiser, GeneralSecretary Mohammad Imran Mirza,Joint Secretary Amjad Ilyas, Press Sec-retary Shahzad Aslam and TreasurerImran Alvi.

LCCI sees productive potential in cottage industry

UBL to transferbonus shares toemployees underRs250m Trust

KArAchI

STAFF REPORT

United Bank Limited (UBL) has de-cided to settle a Rs250 million employ-ees Trust to reward, motivate andretain high performing executives andofficers of the bank, profit learntWednesday.According to industry sources, thebank on Tuesday, March 13, signed aTrust Deed in respect of the UBL em-ployee Motivation and RetentionTrust, 2011 for setting up the employ-ees Benefit Scheme 2011.The Trust is envisaged to acquire thebank’s share from the open marketand keep them in the Trust to be dis-tributed to the selected officials.With the UBL having no involvementin its functioning, the Trust would bemanaged by the Board of Trustees thatwould work independently to run thebody. Under the scheme, which se-cured nod of the bank’s Board of Di-rectors in its February 21st meeting,the selected officers would be bene-fited through being entitled to bonusshares of the UBL.

Punjab govt to

facilitate industrialists

LAhOrE

STAFF REPORT

Under directive of CM PunjabMuhammad Shahbaz Sharif, the Pun-jab Board of Investment and Tradewould provide one window facility toindustrialists, enabling them to investin various fields and help improve theeconomic activities in the province. This was stated by Dr Miftah Ismail,Vice Chairman Punjab Board of In-vestment and Trade, while presidingover a meeting at Faisalabad Chamberof Commerce and Industry (FCCI)today. Director General PBIT HabibGilani, President FCCI Muzammil Sul-tan, Chairman FeDMIC Kh. AsimKhurshid, Deputy Director Jilal Ahsan,eDO Agri. Ishtiaq Hassan, DO Live-stock Dr. Abdul Rehman, AC SadarShafiullah Khan and Vice PresidentFCCI Rehan Wasim Bhrara and mem-bers of the chamber also attended.

Rs2 billion allocated to

supply management of

livestock and poultry

LAhOrE

STAFF REPORT

Provincial Minister for Agriculture and Livestock, MalikAhmad Ali has said the development of agriculture, live-stock and poultry sector is the top priority of the gov-ernment and a sum of two billion rupees have beenallocated for improvement of supply chain managementof these products, under which products of global gapand international feature standard are being produced.He expressed these views while addressing a 2-day in-ternational livestock and poultry congress at Aiwan-e-Iqbal here today. Secretary Livestock Hamid YaqoobSheikh and a large number of scientists from all the fourprovinces and Gilgit Baltistan were present on the occa-sion. The minister said due to revolutionary measures ofchief minister Punjab, a bumper crop of rice, cotton,wheat, sugarcane and maize has been achieved. He saidPunjab is playing an important role in the economy ofthe country due to which the country is not facing short-age of milk and meat. He said that 55 per cent of GDP isbeing achieved from livestock and poultry.

g Thousands of employees fear losing jobs g Country to miss exports target

PRO 15-03-2012_Layout 1 3/15/2012 12:17 AM Page 2

Shell Tameer Awards 2012:

Showcasing entrepreneurial

potential of Pakistani youth

KaracHI: March 14, 2012: To encourage a cultureof entrepreneurship among Pakistani youth, ShellTameer is organising its 5th award ceremony onMarch 16, 2012 at Shell House in Karachi. Awards aregiven to the best business start-up; the most progressmade in growing and developing a business in its ini-tial years; and how focused a business is on social en-terprise, i.e. benefitting communities. The BritishHigh Commissioner Mr. Adam Thompson will attendthe Award Ceremony as Chief Guest.Of the 1,000 applications received by Shell Tameer,85 per cent were from urban centres, while 15 per centwere from rural regions. Sixty percent of applicantswere male and 40 per cent were female. Sixty sevenpercent of businesses were product-based whereas 33per cent were service-oriented. Based on carefully de-signed criteria, 150 short-listed applications were sentto a panel of experts who chose 10 finalists. These fiveyoung men and five young women, representing all ofPakistan’s provinces, are being recognised for theirentrepreneurial successes by Shell Tameer.

LG’s new marketing concept

employs user-generated content

to attract global participation

laHore: LG electronics (LG) concluded the KOM-PReSSOR FOL-LOW MeTM Video Contest with theannouncement of its winners. The online global con-test celebrated LG’s new KOMPReSSOR FOLLOWMeTM, the world’s first vacu-um cleaner that auto-matically follows the user while vacuuming. The con-test served as an innovative and ground-breakingmethod of bringing LG closer to its customers, whilesimultaneously raising interest in and awareness oftheir new vacuum cleaner. “The KOMPReSSOR FOLLOW MeTM Video Contesthelped us better understand our customers, includingtheir response to the new vacuum cleaner,” saidMoon-bum Shin, executive Vice President and CeOof LG electronics Home Appliance Company. “We in-tend to use our enhanced understanding of our cus-tomers to further improve our prod-ucts and toultimately upgrade our customers’ lifestyle. We wouldlike to thank all par-ticipants for the interest and en-

thusiasm they have shown in the contest, and for tak-ing the time and effort to communicate their brilliantideas to us.”

US Counsel General

visits Sialkot Chamber

SIalKoT: Ms. Nina M.Fite, Counsel General of theUS Consulate General Lahore accompanied by Mr.Brian McCleary, Commercial Counsellor and Mr. BobHawkins, economic Officer visited the Sialkot Cham-ber today to discuss matters of mutual interests withthe members. Mr. Naeem Anwar Qureshi, President,of the Sialkot Chamber in his Welcome Speech saidthat Pakistan and USA enjoy most cordial relations.USA is the most important trade and investment part-ner of Pakistan. He said that business community ofPakistan attaches great importance to relations withUnited States. He mention that in 2011 bilateral tradebetween the two countries was US$ 4 billion assertingthat there is dire need of concerted efforts from bothsides to improve trade. He said that Pakistan has beenmost trust worthy ally of USA in the war against terrorto play its part for ensuring peace in the world. How-ever, the devoted contribution of Pakistan has notbeen responded by USA in terms of increase economiccooperation.

Easypaisa, Adamjee Life to launch

Pakistan’s first free life insurance

KaracHI: For the first time in Pakistan, easypaisais set to launch a free life insurance plan to its sub-scribers. The innovative service will be launched in

collaboration with Adamjee Life Assurance Co Ltd.,which is considered one of the most prompt and effi-cient settlers of claims, with state-of-the-art policy is-suance and claim settlement systems.To formalise the partnership, a contract signing cere-mony was held at a local hotel here today. It was at-tended by senior officials of Tameer Bank andAdamjee Life Assurance.Roar Bjaerum, VP Financial Services Telenor Pak-istan, in a message on the occasion said: “Researchhas shown that if people are able to save or hold an in-surance then they are better equipped to handle cer-tain events in their lives which require immediatefunds. Our insurance product is one way of achievingeasypaisa’s vision of financial inclusion for everyone.The insurance cover will help provide some financialsecurity to the family of the insured in case of any un-foreseen event, thus reducing the risk of them fallingon hard times.”

PSO condemns protests

of third party workers

KaracHI: PSO in its role as a public sector or-ganisation has always complied with all relevantlaws and directives issued by the Government ofPakistan including those of the Sub-Committeeof the Cabinet for the Regularization of Con-tract/Daily Wage employees to ensure publicsector compliance in this matter.In compliance to the decisions of this CabinetSub Committee, PSO has already regularized itscontract employees who have completed satisfac-tory service of one-year in PSO, while in light ofSacked employees Reinstatement Act/ Ordi-nance PSO has already reinstated all such em-ployees and has paid them three yearscompensatio. During a process reengineeringand streamlining exercise carried out in 2001,service providers had been hired for the provi-sion of day-to-day services for the company. Alltemporary workers had left to join the ranks ofthese independent job contractors in return foraccess to enhanced benefits such as annual incre-ments/ leaves/ group life insurance/ gratuity andother services. Under the terms of the agree-ments signed with these companies, all employ-ees provided by the outsourcing agencies aredesignated as being employees of the contractorand not PSO itself. The contractor may deputethem in any of the companies he has a contract/

agreement with.

OPF distributes Rs240 Million

among families of deceased OPs,

ISlamaBaD: Minister for State for OverseasPakistanis Dr. Nadeem ehsan on Monday saidthat Overseas Pakistanis Foundation (OPF) hasdistributed Rs.240 Million among families ofOverseas Pakistanis who have died or retartedduring their work.He said that Rs.40 Millionwould be distributed among families of OP’sduring this fascicle year.Addressing cheque distribution ceremony heldhere at OPF Head Office to distribute 63cheques worth of one lac of each among familiesof Overseas Pakistanis, Dr. Nadeem ehsan saidthat Ministry of Overseas Pakistanis and OPFhas been playing vital role in welfare and helpof Overseas Pakistanis and their families.Lauding role played by Overseas Pakistanis instrengthening economy of the country the StateMinister said that OP’s played role of back bonein country’s economy. They are the ambassadorsof Pakistan. He said that thousands of OverseasPakistanis have been benefited from financialaid scheme introduce by OPF which would con-tinued in future.

Chief Justice PHC lauds MSSMST services

PeSHaWar: The development of healthysports activities from own resources will keep theyouth not only to become a good player but alsogood citizens and Malik Saad Memorial SportsTrust (MSSMST) services in this connection arereally commendable. This was stated by Hon-ourable Chief Justice Peshawar High Court Mr.Justice Dost Muhammad Khan, while talking to adelegation of MSSMST. The delegation was ledby Mr.Aamjad Aziz Malik and MSSMST Board ofTrustees(BOT) Members Syed Ali Nawaz Gilani,Mr. Mazhar-ul-Haq, Mr. Tajamul Hayat Malik,Mr. Tasleem Hussain Advocate Dr. Zakir Shahwere also present on the occasion. The Chief Jus-tice paid rich tribute to Shaheed Malik Saad andlauded his and other Shaheed Police officers andJawans services to the nation. He mentioned thatthe services rendered by them will be written ingolden words the history of Pakistan.

news

Thursday, 15 March, 2012

03

CORPORATE CORNER

LAHORE: Mr. Faiz Ahmad Mirza Senior Manager-Agri CAD,Faysal Bank, Lahore on occasion of his farewell given byhis colleagues of Faysal Bank Ltd at Gymkhana Lahore onhis retirement. PRESS RELEASE

Major Gainers

Company Open High Low Close Change Turnover

Nestle Pak SPOT 4032.68 4159.00 4025.02 4102.79 70.11 495Island Textile 214.00 224.70 224.00 224.19 10.19 141UniLever Pak LtdSPOT 5742.50 5790.00 5725.00 5750.00 7.50 237Atlas Honda Ltd. 139.79 146.77 140.00 145.11 5.32 7,487Shell Pakistan 195.55 202.00 195.00 200.40 4.85 51,959

Major Losers

Bata (Pak) Ltd. 648.33 650.00 637.00 637.29 -11.04 401National Foods 110.59 113.00 105.07 105.12 -5.47 12,695Fazal Cloth Mills 82.56 79.00 79.00 79.00 -3.56 5,000National Refinery 256.06 260.25 253.00 253.36 -2.70 59,617IGI Insurance Ltd. 59.25 60.00 56.50 56.97 -2.28 29,410

Volume Leaders

JS Bank Ltd 6.80 7.55 6.85 7.13 0.33 21,289,147NIB Bank Limited 2.91 3.05 2.60 2.73 -0.18 19,659,820Bank Al-Falah 16.03 16.72 15.94 16.46 0.43 18,576,420Bankislami Pakistan 7.05 7.90 6.98 7.62 0.57 17,782,614TRG Pakistan Ltd. 4.36 4.56 3.85 3.99 -0.37 17,111,725

Interbank RatesUS Dollar 90.7563UK Pound 142.5690Japanese Yen 1.0883Euro 118.5731

Buy Sell

US Dollar 90.80 91.30Euro 117.66 118.67Great Britain Pound 141.46 142.65Japanese Yen 1.0738 1.0825Canadian Dollar 90.86 92.11Hong Kong Dollar 11.52 11.68UAE Dirham 24.60 24.78Saudi Riyal 24.08 24.27Australian Dollar 93.99 96.23

KArAchI

STAFF REPORTER

TRADING volumes at Karachi Stockexchange on Wednesday remainedhigher due to what analysts saidwas renewed foreign interest de-spite uncertainty in global stocks

and commodities. The benchmark KSe 100-share index gained 77.02 points to close at13,360.67 points as compared to 13,283.65points of the previous session. Trading tookplace in 405 companies where gainers held astrong lead over the losers by 218 to 100 while87 shares holding onto the last level.

Higher local fertiliser prices, easing circulardebt concerns in power sector after increase intariff and US offer for help to overcome energycrises in the country played a catalyst role inbullish sentiments at KSe, viewed Ahsan

Mehanti, a director at Arif Habib Investments.The bourse witnessed a rising turnover and

traded 347.208 million shares after opening at313.592 million shares. The trading valuesurged to Rs 5.830 billion from the previousRs5.263 billion. Market capitalisation modestlygrew to Rs3.467 trillion from Rs3.454 trillion aday earlier.

According to Mehanti, the investors’ hopesfor reformed CGT regime implementation fromApril 1, higher global commodities and stocksplayed a catalyst role in bullish sentiments postmajor earning announcements at KSe.

Accumulation continued in stocks lead bysecond and third tier scrips on strong valua-tions, said the analyst.

KSe All share-index added 56.90 points or0.61 per cent to conclude the day at 9,347.98points, KSe 30-share index increased by 17.09points or 0.14 per cent to stop the day at

11,927.10 points while the KMI 30-index gained74.64 points or 0.33 per cent to finish the dayat 23,009.41.

“The index needs a good turnover to marchfurther on the recovery road while any closebelow 13,230 will attract selling pressure,” saidAbdul Azeem of InvestCap.

The active list was again topped by JahangirSiddiqui and Company with volume of 21.289million shares as it closed at Rs7.13 after open-ing at Rs6.80, followed by NIB Bank Ltd, BankAl-Falah, TRG Pakistan, P.T.C.L.A and AzgardNine with volumes of 19.659 million, 18.659million, 17.111 million, 15.258 million and11.289 million shares respectively.

Plus sign dominated the list under the leadof Nestle Pak SPOT and Island Textile, up byRs70.11 and Rs10.19, while the top losers wereled by the east West Ins.XB and Bata (Pak) Ltd,down by Rs12.37 and Rs11.04 respectively.

KSE gains 77points,trades higher volumes

Pakistan eyeing Aussie, Kiwi export marketsISLAMABAD

STAFF REPORT

To diversify its export market, Pak-istan is keenly focusing on promot-ing bilateral trade with the twodeveloped countries of NewZealand and Australia and a Pak-istani delegation will be holdingseparate joint trade committeemeetings with the two countries onMarch 15 and 20 respectively.

An official delegation, led bySecretary Commerce Zafar Mah-mood has left for New Zealand to

attend the inaugural session ofPak-New Zealand Joint TradeCommittee (JTC) in Wellington.The JTC was established under abilateral trade agreement signed in1990. However, it could not hold itsfirst meeting up till now. In the firstmeeting both sides will hold discus-sions to work out arrangements toenhance bilateral trade and identifyareas for cooperation, especially inagriculture and dairy sectors.

Both sides will also deliberateon ways to establish institutionallinkages between the two countries

to achieve these objectives. NewZealand has a strong economy andwith a per capita income of $27, 217per annum, that can be a potentialmarket for Pakistani exports.

The commerce secreatary willalso lead a delegation for Pak-Aus-tralia Joint Trade Committee(JTC) meeting in Australia onMarch 20. The third meeting isgoing to take stock of the progressmade on the decisions taken in theprevious meetings. Both sides willalso discuss the need for greatermarket access in the Australian

market for Pakistani products. Themarketing strategy for export ofPakistani mangoes to Australia willalso be discussed. In the previoustwo meetings, both sides had delib-erated on various issues of mutualinterest including agriculture co-operation, avoidance of double tax-ation agreement, investmentcooperation, capacity building, anddeveloping institutional linkagesbetween both countries. One of themajor achievements of JTC meet-ing was the import risk analysis ofPakistani mangoes by Australia.

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