International

Pak, China war-games begins See on Page 12

Tajikistan offered investing avenues See on Page 12

B'stan abducted judges saved See on Page 12

*Crude Oil (brent)$/bbl 116.33

*Crude Oil (WTI)$/bbl 105.25

*Cotton $/lb 219.70

*Gold $/ozs 1,438.80

*Silver $/ozs 36.58

Malaysian Palm $ 1,221

GOLD (NCEL) PKR 39,022

KHI Cotton 40Kg PKR 13,396

Yearly(Jul, 2010 up to 04-Mar-2011)

Monthly(Mar, 2011 up to 04-Mar-2011)

Daily (04-Mar-2011)

Total Portfolio Invest (19-Feb-2011)

195.18

-0.77

-4.35

2987

0.52

-0.50

-0.22

-1.25

0.61

0.10

0.74

SCRA(U.S $ in million)

Portfolio Investment

FIPI (07-Mar-2011)

Local Companies (07-Mar-2011)

Banks / DFI (07-Mar-2011)

Mutual Funds (07-Mar-2011)

NBFC (07-Mar-2011)

Local Investors (07-Mar-2011)

Other Organization (07-Mar-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (26-Feb-11)

Inflation CPI% (Jul 10-Jan 11)

Exports (Jul 10-Jan 11)

Imports (Jul 10-Jan 11)

Trade Balance (Jul 10-Jan 11)

Current A/C (Jul 10- Jan 11)

Remittances (Jul 10 - Jan 11)

Foreign Invest (Jul 10-Jan 11)

Revenue (Jul 10 Jan 11)

Foreign Debt (Dec 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Dec 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.50bn

14.55%

$13.23bn

$22.55bn

$(9.32)bn

$(81)mn

$6.12bn

$1.18bn

Rs 765bn

$58.39bn

Rs 5497.4bn

$338.2mn

-1.57%

4.10%

$1,051

175.36mn

Economic Indicators

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

2.60

15.48

2.00

1.70

11.59

PKR/Shares

110.94

132.11

42.67

36.27

39.56

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)

23-Feb-2011

23-Feb-2011

23-Feb-2011

29-Nov-2010

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

07-Mar-2011

13.49%

13.69%

13.86%

14.00%

13.30%

13.58%

13.75%

14.14%

14.26%

14.17%

14.19%

14.18%

14.54%

14.76%

14.95%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.20 87.20

Canadian $ 87.25 88.25

Danish Krone 15.30 15.50

Euro 119.00 120.30

Hong Kong $ 10.50 11.00

Japanese Yen 1.025 1.051

Saudi Riyal 22.67 22.85

Singapore $ 66.90 67.90

Swedish Korona 13.25 13.35

Swiss Franc 91.80 93.00

U.A.E Dirham 23.17 23.35

UK Pound 138.50 139.60

US $ 85.30 85.60

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.39 86.59

Canadian $ 87.67 87.87

Danish Krone 15.99 16.03

Euro 119.22 119.50

Hong Kong $ 10.95 10.98

Japanese Yen 1.038 1.041

Saudi Riyal 22.74 22.80

Singapore $ 67.35 67.50

Swedish Korona 13.43 13.46

Swiss Franc 92.22 92.43

U.A.E Dirham 23.22 23.28

UK Pound 138.61 138.94

US $ 85.34 85.53

Inter-Bank Currency Rates

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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at the100th International Women’s Day in Islamabad. -APP

See on Page 12

NEW YORK: HighlightingPakistan's growing electricityneeds, Pakistan's Ambassadorto the United States HussainHaqqani told American andPakistani businessmen that hisgovernment was planning fur-ther structural reforms in theeconomy to attract investmentsboth foreign and domestic.

"The power sector offers apreferred area for investment,"Haqqani said at a gatheringbilled as this year's biggestinvestment road shop --"Pakistan Day Conference2011".

"Pakistan is looking forinvestments in power produc-tion," he said, while pointingthat the country was short byabout 5000 MW in peak season.

Citing facts and figures,Ambassador Haqqani saidPakistan's economy remainedresilient in the face of multiplechallenges posed by rising foodprices, oil prices, and the cata-strophic floods in 2011, globalfinancial crisis and the cost offighting war against terror.

"All foreign investment inPakistan is fully protected bylaw and in addition to this;Pakistan has signed bilateralagreements for protection ofinvestment with 47 countriesand Avoidance of DoubleTaxation with 52 countries,including the US,"Ambassador Haqqani told thewell-attended conference.

He said new incentives and See # 12 Page 11

Pak seeks powersector investors

Haqqani addresses Pakistan Day Conference 2011

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani reiterated the commit-ment of the government to goon with the policy of reconcili-ation.

The dialogue, he added, is acontinuous process and helpfulin finding out the workablesolution of all the issuesincluding the political issues.

Prime Minister expressedthese views while talking toChief Minister Sindh SyedQaim Ali Shah, who called onhim at Prime Minister House.

Syed Khurshid Shah,Minister for Religious Affairswas also present in the meet-

ing. Prime Minister observedthat the Government is takingall allies and other politicalparties on board to strengthenthe democracy in the country.

The tradition of accommo-dating each other is necessaryto restore peace in the troubledareas of the country, said thePrime Minister.

Both the leaders discussedthe political situation of thecountry.

Chief Minister Sindhapprised the Prime Minister ofthe rehabilitation of floodaffected in different parts ofSindh.

See # 13 Page 11

PM sticks withreconciliation

Terrorist agenda to be foiled, says Gilani

KARACHI: Country's annualconsumer price inflation waslikely at 14.10 per cent inFebruary, as food pricesremained low and the govern-ment was absorbing most ofthe impact of higher world oilprices, a Reuters poll shows.

A higher base effect from lastyear also likely helped a mar-ginally slower rise in the con-sumer price index (CPI) inFebruary, after it rose 14.19 percent in January from a yearearlier.

"It seems that the govern-ment's and the central bank'spatience with the inflation rateis finally beginning to pay off,as the high-base from last yearstarts to take effect this quar-ter," said Khalid IqbalSiddiqui, Director at Invest andFinance Securities.

Analysts said the weeklysensitive price indicator, orSPI, had also started easing,

thanks mainly to food pricesretreating in 2011.

About two-third of theimpact of a higher internation-al petroleum price had yet to bepassed on to consumers, whichhad helped control inflation,they said.

"If the full impact of fuelprices had been passed on thismonth, the February CPIwould have been estimated at14.80 per cent year-on-year,"said Siddiqui, who forecastFebruary CPI at 13.60 per cent.

Analysts said steady inflationmeant the central bank waslikely to keep its policy rateunchanged again when itannounces the next monetarypolicy by the end of the month.

In January, the State Bank ofPakistan left its policy rateunchanged at 14 per cent, not-ing the delicate balancebetween growth and risinginflation. -Reuters

Analysts computeFeb CPI at 14.10pc

Davismaybe

indictedfor murder

LAHORE: A Pakistani court islikely to indict a CIA contractornext week for murdering twomen, lawyers said on Tuesday,despite US insistence he hasdiplomatic immunity, acted inself-defense and should bereleased.

"The lawyers of the victimspleaded that David be charged,but we contested it could nothappen until we get completedocuments on the case," Davis'lawyer, Zahid Hussain Bokhari,told Reuters.

"He is probably going to becharged with murder at the nexthearing, which is on March 16."

Before the next murder hear-ing, Davis has a hearing at the

See # 9 Page 11

Special Correspondent /

Agencies

ISLAMABAD: EconomicCoordination Committee of theCabinet has approved financialrestructuring of HeavyElectrical Complex, extension/issuance of GOP guarantee forPIAC loans, while Committeeon Privatization approved theCapital Market listings of theExchangeable Bond.

Economic CoordinationCommittee of the Cabinet washeld here Tuesday with theFederal Minister for Finance,Dr Abdul Hafeez Shaikh in thechair.

The Committee approvedfinancial restructuring ofHeavy Electrical Complex,extension/ issuance of GOPguarantee for PIAC loans.

Moreover, the other agendaitems which were discussed atlength and deferred for furtherdeliberations in the next meet-ing include procurement of

wheat by public sector institu-tions, increase in the rate ofcotton cess, ex-post factoapproval of additional chargesfor distribution of importedurea from Gwadar Port andstate trading in grain.

Privatization Commission inits summary to the ECC hadsought the loan availed by theHEC to be converted into gov-ernment equity before its pri-vatisation.

Earlier the Finance Divisionhas supported the proposal forconversion of loans payable bythe company in GOP equity.

The summary for theissuance of government guar-antee for issuance of PIACloans was moved by DefenseDivision in which it was pro-posed that continuing guaran-tees in respect of all the loansmay be issued by the Ministryof Finance and roll over ofthem may be approved on year-ly basis or for the term of theloan.

It may be mentioned here thatFinance Division has alreadyendorsed renewal/ extension ofGOP guarantees for the PIACloans for two years from differ-ent banks.

At the start of the meeting theECC was given a detailed pres-entation on the key economicindicators which highlightedthe review of price situation,inflation and its drivers, reviewof stock position, latest eco-nomic indicators, commoditiesstock situation of what, sugarand fertilizers, large scale man-ufacturing, current accountdeficit, foreign exchangereserves, workers' remittanceand direct foreign investment.

The ECC has also asked theFederal Minister for Food andAgriculture to have review onthe proposal for curtailing thestrategic reserve of wheatshould be one million tonnefrom three million tonnes inlight of the wheat procurement

See # 7 Page 11

ECC prescribesfiscal retooling

Committee discusses Heavy Mechanical Complex

Minfa urged to review cut in strategic wheat reserves

Listing of Exchangeable Bonds to Capital mkts OKed

Agenciesanswerableto B'stan: CJ

ISLAMABAD: During a hear-ing of the missing persons' caseTuesday, Supreme Court ofPakistan directed theBalochistan government tocontact intelligence agenciesregarding the issue.

The apex court said thatInter-Services Intelligence(ISI) and other intelligenceagencies were answerable tothe Balochistan government aswell as to the courts.

During the hearing, Chief See # 10 Page 11

Kiwis beat Pakby 110 runs

KANDY: Extraordinary hittingwith a cracked bat by NewZealand birthday boy RossTaylor helped his team pile onan amazing 85 runs in 3.4 oversand help set up a 110-run WorldCup win over Pakistan onTuesday.

See # 11 Page 11

LAHORE: A massive bombblast by militants at a gas sta-tion in Faisalabad, a city inPakistan's central Punjabprovince, Tuesday killed atleast 32 people and wounded125 others, media reported.

The explosion also damagednearby buildings.

An office of the PakistanInternational Airlines (PIA)and a local gas station wereseverely damaged in the blast.

Police said the attack tookplace close to the office of ISIbut the building was undam-aged.

Senior government official

Naseem Sadiq said explosiveswere planted in a vehicleparked at the gas station, whichalso lies near police offices aswell as the PIA building.

Regional police chief AftabCheema confirmed the attackin Faisalabad, the country's tex-tile-making capital.

"It was a car bomb blast. Theexplosive was planted in a car.We are investigating whether asuicide bomber was involvedor not," Cheema said.

Television pictures showedthe station had been reduced toa pile of bricks and gnarledmetal as rescue officials

worked to remove rubble fromthe scene to search for sur-vivors and ambulance vehiclesferried the injured away.

City commissioner TahirHusain told a private televisionchannel that rescue officialswere heaving bricks and metalaway to save those trapped.

"There are some peopletrapped under the building rub-ble. We have deployed ourcranes and machinery to rescuethem very soon," he added.

Husain told a private televi-sion channel that no suicideattacker was involved.

See # 8 Page 11

Faisalabad blast kills 32

ISI chiefgets 2yrs

extensionISLAMABAD: The Chief ofInter-Services Intelligence (ISI),Lieutenant General AhmedShuja Pasha has been given two-year extension in his service,media reports.

Pasha will now retire in 2013.He had also been granted one-year extension in his term in2010. Reports said a summery isalso moved in this regard, whileformal issuance of notification isexpected within few days. -Agencies

KARACHI: The InternationalMonetary Fund (IMF)expressed its fears over thegovernment's claims that theFederal Board of Revenue(FBR) would manage collect-ing the targeted Rs1604 billionduring the current fiscal year.

An official source privy tothe ongoing talks betweenIMF and Pakistan delegationsaid that Fund has expressedits reservations after the rev-

enue collection data for thelast eight months was present-ed to it.

The IMF was of the viewthat the target was not achiev-able without the imposition offlood tax.

According to the mediasources, government mayenter another Fund loan pro-gramme after completing thecurrent loan programme inJune 2011. -Agencies

Revenue seenshort of target

Gaddafi forces hitmutineers in East

Karachi, Wednesday, March 9, 2011, Rabi-us-Sani 3, Price Rs12 Pages 12

Over 100 injured; Taliban claims attack

IMF-Pak talks extended for 3 more days

2 Wednesday, March 9, 2011

ISLAMABAD: Minister forInformation Firdous AashiqAwan has said that PakistanPeople's Party has alwaysfought for the rights ofwomen development andpresent government is alsoplaying its role in this regard.

Talking to state run TV,Firdous Aashiq saidwomen face problems inevery society but unfortu-nately, only negative pre-

cept of women issues arebeing highlighted inPakistan. She forced thatour society should changeits thinking about women.

Information Ministermentioned every one has toplay its role for empower-ing women. She saidwomen right could not beseparated from men basicrights.

She said that she dedi-

cates the women day tothose women who hadbeen baton charged, lashedand were victims ofoppression.

She said government istaking every possible stepfor women development inthe country. Pakistaniwomen faced lot of prob-lems for democracy andthey can excel in any field,she added.-Online

PPP always struggled forwomen’s rights: Firdous

ISLAMABAD: DeputyChairman PlanningCommission of Pakistan,Dr. Nadeem-ul-Haq haslinked sustained economicgrowth to economic reformswith special focus on chang-ing mindset, efficiencyimprovement and incentivesfor performance.

"We are lagging behind inreforms," he remarkedwhile talking to journalistshere adding that economicreforms were the way for-ward to enhance efficiencyand productivity.

However, for all this thereis a dire need of bringingabout changes in the overallmindset by adopting newideas as 'adoption of newideas takes time," he added.

Haq said it took long tomake people accept the ideaof privatization and tradeliberalization.

He underscored theimportance of privatizationand outsourcing, which hesaid has produced goodresults and helped produc-tivity.

He highlighted the impor-tance of enhancing relianceon the private sector asgrowth strategy to ensuresustainable economicgrowth in the country say-ing that job of the govern-ment should be policy-mak-ing and regulations.

"Government should beresponsible for policy mak-ing and regulations whilethe private sector should befacilitated and providedconducive atmosphere tooperate businesses."

He was of the view thatprivatization has a great rolefor enhancing economicgrowth and highlighted theimportance of closing alldepartments and entitiesthat do not positively sharein over all economicgrowth.

He said there was a needof developing a systemwhere efficient people arehired adding that theyshould be supported byincentives to produce goodgrowth results.

However, he deplored that

things were not the same asshould have been in thecountry.

He also pointed out theexisting weaknesses of theregulatory system sayingthere were places whereregulatory is weak.

For instance, he added, wehave been treating just tex-tile, cement, sugar and auto-mobile sectors as industryand have left out severalother sectors to be includedin the industry.

"We have not given theconstruction sector status ofindustry which has been abig source of job creation.Similarly he added retailing,warehouses, entertainmentand hoteling should havebeen declared industrieswhich we failed so far".

He specially urged forbringing improvement andefficiency in large state ownentities like PIA, PakistanRailways and power sectororganisations by employingefficient and honest execu-tives and managers besidesplugging leakages in these

organisations."We can achieve higher

level of higher and sustain-able economic growth byimproving the performanceof these organizations forhigher productivity", heremarked.

He said that governmenthas initiated new growthstrategy which aims at har-nessing the community'sentrepreneurial energy.

Dr.Haq said that essentialdifference between the newgrowth strategy and those ofthe earlier exercises wasthat the new one emphasizeson the micro economicfoundations of the macro-economic framework.

He added that the newstrategy recognizes thatwith private investmentforming a large and increas-ing part of the total invest-ment, measures to increasethe latter must aim atimproving the profitabilityof private climate, to reducethe cost of doing businessand to remove impedimentsto entrepreneurship.-APP

High growth ratelinked to economicreforms: Nadeem

ISLAMABAD: PrimeMinster Syed Yusuf RazaGilani while paying tributeto women has said that thegovernment has taken sig-nificant initiatives for thesocial, political and eco-nomic empowerment ofwomen.

In his speech on the occa-sion of International Womenday here on Tuesday, hepaid great tribute the bravewomen, who played a majorrole in the creation ofPakistan.

He said "without theircommitment, sacrifices, andstruggle, it would not havebeen possible to realize thereality of Pakistan. I wouldalso like to take the opportu-nity to congratulate womenaround the world who areworking tirelessly to endviolence, prejudice, andbiases against them."

He said that the day com-memorated ordinary womenwho demanded their rightsand made history a hundredyears ago.

He said that It was rootedin the centuries-old struggleof women to participate insociety on an equal footingwith men.

"Discrimination againstwomen weakens society asa whole. Women's rightsissues are not limited toPakistan alone. Other coun-tries in the region are alsofaced with similar problemsand barriers of archaic tradi-tions and practices", he said.

Gilani said that no socie-ty can move forward with-out undoing the discrimina-tory attitudes and lawsregarding women.

"Our constitution statesclearly that there shall be nodiscrimination on the basisof sex. The Holy Prophet

(peace be upon him) said inhis Last Sermon and Iquote: "O People! it is truethat you have certain rightswith regard to your womenbut they also have rightsover you. Remember thatyou have taken them as yourwives only under Allah'strust and with His permis-sion. If they abide by yourright then to them belongsthe right to be fed andclothed in kindness. Treatyour women well and bekind to them for they areyour partners and commit-ted helpers."

He said that ShaheedMohtarama Benazir Bhuttoalways placed women'sempowerment agenda as hertop priority.

She encouraged womento come forward and con-tribute to the nationalprogress, he said.

He said that the govern-ment was determined toimplement, in letter and spirit,the vision of Shaheed leaderof a greater and strongerPakistan, despite the greatchallenges of extremism.

He said that the presentdemocratic governmentwas fully cognizant ofthe existing issues andproblems being faced bywomen, ranging fromdomestic to national life.

"The theme of this year'sInternational Women's Dayof "Access to education,training, science and tech-nology" is in accordancewith the march of time.Gender inequality remains abig challenge to socio-eco-nomic development inPakistan. Female participa-tion rate in labour is only21%, compared to males,which is at 69%. About 65%of the female labour force is

engaged as family workerswho work without pay incash or in kind. Althoughabout 74% women areengaged in the agriculturesector, unemployment rateof female labour force istwice that of the men. Wealso know that female liter-acy rate is low, that is 45%as compared to 69% for themales. It is, thus, evidentthat females have lesseraccess to education and toemployment opportunitiesin Pakistan, Women are anintegral and indispensablesegment of a society. If wehave to progress, we have toensure that equal opportuni-ties are made available tothe women of Pakistan", hesaid.

He said that the govern-ment was determined tomainstream women's issuesin the policies of the gov-ernment.

"The Prime Minister'sSecretariat, under myinstructions, spearheadedthe efforts to implement thelaw in the Federal and theprovincial governments.This law will provideopportunities to youngwomen to join private andpublic sector without anyfear. Establishment ofworking women hostels,provision of transport facil-ities to female employeesand establishment of daycare centers are part of theGovernment's initiative toresolve the problems ofworking women", he said.

He said that the govern-ment committed to provid-ing a conducive environ-ment to the working womenso that they were able tojoin the work force withconfidence and withoutfear.- NNI

PM for women'ssocial, economicempowerment

Staff Correspondent

ISLAMABAD: ThePresidents of Pakistan andTajikistan on Tuesdayjointly performed theground breaking of the newTajik embassy complexhere at the diplomaticenclave.

The US 4 million dollarproject would be complet-ed in two years time over acovered area of around8,000 square yards. BothPakistan and Tajikistanhave provided free of costland for their respectiveembassy buildings.

President EmomaliRehmon and President AsifAli Zardari in brief remarkssaid the construction of thenew embassy was a reflec-tion of their close friend-ship and would furtherstrengthen the deep rootedties between the two coun-tries.

President Zardari assur-ing all assistance toTajikistan in the comple-tion of the project said boththe countries were keen to

strengthen infrastructureand energy connectivityand further promote tradeand economic cooperation.

He hoped PresidentRehmon's visit will add anew chapter to the bilateralrelations between the twocountries.

The President saidPakistan and Tajikistanenjoy deep rooted bonds ofbrotherhood and friend-ship.

"We have common histo-ry, culture and traditions,common heroes and litera-ture," the president said.

He said both the coun-tries would cooperateclosely to promote stabili-ty, peace and prosperity inthe region.

President EmomaliRehmon said his countryaccords high priority to itsties with Pakistan. He alsonoted with appreciation therole Pakistan played duringthe days of domestic con-flict in Tajikistan, and tobring peace and stability.

He mentioned its role inthe holding of an inter-

Tajik dialogue in Pakistanin this regard.

The Tajik President saidthe recent exchange of highlevel visits and interactionwould help Pakistan andTajikistan enhance theirrelations in all areas, with aparticular focus on tradeand economic activity.

He said his country wish-es diversified cooperationwith Pakistan in all fieldsand desires that the twocountries learn from theexperiences of the other.

On arrival at the venuePresident Asif Ali Zardariwas received by thePresident of Tajikistan. Ayoung Tajik girl presentedhim a bouquet.

A group of Tajik childrenattired in their nationaldresses sang the nationalanthems of the two coun-tries. Each child also spokea few words about the mer-its of deep friendship andthe love between their peo-ple in Urdu and Tajik lan-guages. President Zardariwaved and appreciatedtheir gestures.

Zardari, Rehmon callfor closer Pak-Tajik ties

ISLAMABAD: InteriorMinister Rehman Malikhas said that the govern-ment welcomes ChiefMinister Shahbaz Sharif'srecommendation of callingan All Parties Conference.

Talking to senior jour-nalists here on Tuesday,the Federal InteriorMinister said that recom-mendation of calling allparties conference is goodas joint decisions on con-fronted problems would bein interest of all.

He further said thatShahbaz Bhatti case isvery complex but the caseis being reviewed at three

aspects that is religious,political and personal.Meanwhile, the vehicleused in Shahbaz Bhattiassassination is still miss-ing. He further said thatthe vehicle had been seenin Satellite town but couldnot be found yet. He saidthat the case is subjudicein court.

Answering to questionabout Shah MehmoodQureshi, he said that hisstatements have no con-cern with reality and for-eign office, foreign min-istry and government ofPakistan is clear in thismatter.-Online

Govt welcomes callfor APC: Malik

CBA chiefnominated

to PSMboard

KARACHI: Pakistan SteelBoard of Directors must takeproper and timely decisions.Issuance of National SteelPolicy, ban on unjustifiedanti Steel mill SROs and apermanent Chief ExecutiveOfficer, Chief FinancialOfficer is a dire need of PakSteel to pull it out from cur-rent worst condition.Shamshad Qureshi,Chairman Pakistan SteelPeoples Workers Union -CBA expressed his views inthe reception on being nom-inated to Pakistan SteelBoard of directors, held atCMD, Pakistan Steel by theoffice- bearers belonging toCMD, Railway, COBP,RMH Departments ofPakistan Steel PWU-CBA .

He said a major reason ofcrisis is that the country'slargest industrial unit is run-ning on Adhoc basis and ismanaged by ActingExecutives on major posts.He demanded to take actionagainst those Consumersand FBR officials who arecontinuously providing lossto the national asset andappoint a fulltime CEO andCFO in Pakistan Steel. TheSteel Mills leaders haild theShamshad Qureshi on theBoard of Directors ofPakistan Steel and said thatduring this hard time thisnomination in the decisionmaking forum is a chal-lenge, but all the workers aresure and given their vote oftrust to the true and devotedleadership of ShamshadQureshi and hope that hewill soon take out PakistanSteel from crisis with hiskey role in BOD.-PR

Burneymeets

EgyptianAmbassadorISLAMABAD: The UnitedNations Expert Advisor onhuman rights and ChairmanAnsar Burney TrustInternational, Ansar Burneymet with Ambassador ofEgypt Magdy Amer, here inIslamabad and discussedwith him the issue ofhijacked Ship MV Suez bySomali pirates, with fourPakistanis on board. Heinformed the Ambassadorthat the owner of thehijacked ship is an Egyptiannational and is now no morecooperating with the fami-lies of the crew members onthe hijacked ship.-INP

PaCCS tocontinue

KARACHI: Agility, theowner of PakistanAutomated CustomsComputerized System(PaCCS) has extendedthe sytem till March 31on the request ofChairman FBR. Thestaff resumed theiroffices to service PaCCSusers.

Last week, the staffemployed by Agility, theKuwait-based companywho were responsiblefor technical assistanceto over 30,000 success-ful users, vacated theiroffices at the CustomsHouse in the Karachi onWednesday and decidedto shut down the systemsome time beforeThursday becasue ofuntolerable behavior ofFederal Board ofRevenue on agreedimplementation ofPaCCS across the coun-try.

But, Chairman FBRSalman Siddique offi-cially asked the Agilitynot to halt the availibil-ity of automated con-tainer clearing servicesto stakeholders through-out the country with anassurance that the griev-ences of the companywill be negotiated some-time during this month.

Since 2007, Agility iscontinuing this one-win-dow system to benefitstakeholders, includingcustoms agents,importers andexporters.-PR

EtihadAirways

offers freestay at

Abu DhabiTFD Report

KARACHI EtihadAirways, the national air-line of the United ArabEmirates, has launched anonline promotion offeringcustomers in Pakistan thechance to win an excitingstopover or vacation inAbu Dhabi.

The offer includes athree night stay for twopeople, inclusive of break-fast, at the 5-star hotel,Park Rotana Abu Dhabi,says a press release.

The campaign isdesigned to encouragecustomers to join the air-line's award-winning loy-alty program, EtihadGuest.

To win the prize, cus-tomers need to purchase aticket on Etihad Airways'website www.etihadair-ways.com/pk to any of theairline's 66 destinationsworldwide and enrol in theairline's loyalty program,Etihad Guest. The compe-tition is open until April 5and the winner's name willbe announced on April 10.

KARACHI: Patron-in-Chief S M Muneer presenting a shield to Governor Sindh Dr Ishatul Ebad at the annual dinner of Korangi Association of Trade and Industry. Also seen in the picture are:

Syed Joahr Ali Qandhari, Saleemuz Zaman, Shahid Javed Qureshi, Agha Siraj Durrani, Abdul Rauf Siddiqui, Senator Abdul Haseeb Khan, Razzak Hashim Piracha, Najamul Aarfin, Amjadullah

Khan, Mian Zahid Hussain and Ihteshamuddin. Staff Photo

ISLAMABAD: Chief Minister Sindh Syed Qaim Ali Shah called on Prime Minister Syed Yousuf Raza Gilani at PM House.-APP

TV PROGRAMMES

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MUMBAI: The Indian rupeeweakened on Tuesday, brush-ing off local equities gains,weighed by bleak outlook onglobal crude prices, a weakeuro and the dollar's riseagainst major currencies.

"People are not convinced bygains in equities. Also, there isno certainty over the directionof oil prices, so people are notwilling to take big risks on therupee as of now," saidSudarshana Bhat, head of forexdesk at Corporation Bank.

The partially convertiblerupee weakened to close at45.0750/0850 per dollar fromMonday's 45.04/05 close.Intraday, the rupee moved in athin band of 44.9875-45.1250.

Dollar inflows from overseasborrowings of corporates, typi-cally seen towards the end ofthe financial year, helped averta big fall in the rupee, traderssaid.

But, comfort from any cycli-cal improvement in India's cur-rent account gap and the gov-ernment's projection of a nar-rowing fiscal deficit in the nextfiscal year that begins in April,is likely to be short-lived, ana-lysts said.

Also, inflation, whichremains above 8 per cent,along with political instability

as the ruling Congress partyand an ally squabble over seatsin state election, is likely to hitthe rupee sentiment, they said.

One-month onshore forwardpremiums were trading at26.25 points against 27.00points on Monday, while thethree- month premiums were at76.75 points. The one-year washigher at 275.25 points, com-pared with 274.50 points atprevious close.

One-month offshore non-deliverable forward contractswere quoted at 45.37, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange ended at 45.2550, onthe MCX-SX at 45.2625 andon the United Stock Exchangeat 45.2600, with the total trad-ed volume at $6.93 billion. -Reuters

Indian rupee downon high oil, weak euro

3Wednesday, March 9, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 08/03/2011

A USD GBP CAD EUR JPY

O/N 0.21950 0.55625 0.97000 0.82500 SN 0.10563

1WK 0.24550 0.57688 1.00083 0.85375 0.11375

2WK 0.25050 0.58438 1.04050 0.85375 0.11813

1MO 0.25800 0.61188 1.08550 0.86438 0.13250

2MO 0.28600 0.68375 1.14917 0.98000 0.15563

3MO 0.30950 0.80750 1.21833 1.12938 0.19250

4MO 0.35050 0.89000 1.28500 1.22313 0.24313

5MO 0.40850 0.99563 1.35367 1.32188 0.30125

6MO 0.46150 1.11375 1.42383 1.44000 0.34750

7MO 0.51500 1.19500 1.51033 1.51688 0.39625

8MO 0.56825 1.28125 1.60083 1.58938 0.44563

9MO 0.61975 1.36438 1.68783 1.66875 0.49000

10MO 0.67200 1.44750 1.77667 1.74063 0.51688

11MO 0.72350 1.51625 1.86217 1.81063 0.54250

12MO 0.78450 1.58500 1.95333 1.88438 0.57000

Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ

U.S.A. 85.40 85.20 84.95U.K. 138.38 138.05 137.62EURO 119.43 119.15 118.77CANADA 87.75 87.54 87.31SWITZERLAND 92.14 91.92 91.68AUSTRALIA 86.44 86.24 86.01SWEDEN 13.46 13.43 13.39JAPAN 1.04 1.04 1.03NORWAY 15.37 15.34 15.30SINGAPORE 67.45 67.29 67.12DENMARK 16.01 15.98 15.93SAUDI ARABIA 22.77 22.72 22.66HONG KONG 10.97 10.94 10.91CHINA 13.01 12.98 12.94KUWAIT 307.64 306.92 306.11MALAYSIA 28.16 28.10 28.02NEW ZEALAND 62.99 62.84 62.68QATAR 23.45 23.40 23.34U.A.E. 23.25 23.20 23.14KR WON 0.08 0.08 0.08THAILAND 2.81 2.80 2.80

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3879 1.3883 1.3988 1.3867

USD-CHF 0.9346 0.9350 0.9362 0.9264

GBP-USD 1.6151 1.6156 1.6207 1.6127

USD-CAD 0.9729 0.9733 0.9746 0.9713

AUD-USD 1.0070 1.0074 1.0134 1.0056

EUR-JPY 114.8500 114.9000 115.2100 114.5800

EUR-GBP 0.8590 0.8593 0.8635 0.8591

EUR-CHF 1.2969 1.2971 1.3038 1.2935

GBP-JPY 133.6400 133.6900 133.7300 133.1600

CHF-JPY 88.5000 88.5500 88.8600 88.2000

Gold 1425.7300 1426.5300 1436.5400 1423.6100

As per 22.00 PST

Time Source Events Forecast Previous

4:50 JPY Core Machinery Orders m/m 2.7% 1.7%

5:01 GBP BRC Shop Price Index y/y 2.5%

13:15 CHF CPI m/m 0.3% -0.4%

14:30 GBP Trade Balance -8.5B -9.2B

16:00 EUR German Industrial Production m/m 1.8% -1.5%

18:30 CAD NHPI m/m 0.2% 0.1%

20:00 USD Wholesale Inventories m/m 0.9% 1.0%

20:30 USD Crude Oil Inventories 0.8M -0.4M

Source Events Actual Forecast Previous

USD Consumer Credit m/m 5.0B 3.7B 4.1B

JPY Bank Lending y/y -1.8% -1.8%

JPY Current Account 1.09T 1.19T 1.52T

GBP BRC Retail Sales Monitor y/y -0.4% 2.3%

GBP RICS House Price Balance -26% -25% -31%

JPY Economy Watchers Sentiment 48.4 45.7 44.3

CHF Unemployment Rate 3.4% 3.4% 3.5%

EUR French Trade Balance -5.9B -4.9B -5.1B

EUR German Factory Orders m/m 2.9% 2.6% -3.6%

CAD Housing Starts 182K 174K 171K

USD IBD/TIPP Economic Optimism 43.0 51.8 50.9

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada April 12, 2011 September 8, 2010 1%

Bank of England March 10, 2011 March 5, 2009 0.50%

Bank of Japan March 15, 2011 December 19, 2008 0.10%

Federal Reserve March 15, 2011 December 16, 2008 0.25%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia April 5, 2011 November 2, 2010 4.75%

European Central Bank January 1, 2001 May 7, 2009 1%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, March 08,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK

ABLN 12.60 13.10 12.65 13.15 12.75 13.25 13.35 13.60 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 12.75 13.25 12.85 13.35 12.95 13.45 13.40 13.65 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

ASPK 12.70 13.20 12.75 13.25 12.80 13.30 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

CIPK 12.70 13.20 12.70 13.20 12.80 13.30 13.40 13.65 13.60 13.85 13.70 14.20 13.90 14.40 14.10 14.60

DBPK 12.65 13.15 12.70 13.20 12.75 13.25 13.25 13.50 13.35 13.60 13.40 13.90 13.55 14.05 13.65 14.15

FBPK 12.70 13.20 12.75 13.25 12.75 13.25 13.35 13.60 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 12.70 13.20 12.75 13.25 12.80 13.30 13.35 13.60 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 12.60 13.10 12.75 13.25 12.85 13.35 13.35 13.60 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 12.70 13.20 12.75 13.25 12.85 13.35 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

NIPK 12.60 13.10 12.70 13.20 13.10 13.60 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.70 14.20

HMBP 12.75 13.25 12.85 13.35 12.95 13.45 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

SAMB 12.70 13.20 12.75 13.25 12.90 13.40 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

MCBK 12.65 13.15 12.70 13.20 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 12.65 13.15 12.70 13.20 12.75 13.25 13.30 13.55 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 12.60 13.10 12.65 13.15 12.65 13.15 13.25 13.50 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

UBPL 12.75 13.25 12.75 13.25 12.80 13.30 13.40 13.65 13.50 13.75 13.65 14.15 13.80 14.30 13.90 14.40 1

AVE 12.68 13.18 12.73 13.23 12.81 13.31 13.33 13.58 13.51 13.76 13.64 14.14 13.76 14.26 13.86 14.36 1

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)08/03/2011

Period AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF

1 week -0.55 0.96 0.90 0.99 0.41 -0.87 -0.64 -0.301 month 0.00 -0.05 0.46 0.65 0.63 -0.67 -0.48 -0.393 months 0.18 0.77 0.26 0.89 0.88 -0.16 -0.52 -0.356 months 0.18 0.67 0.61 0.84 0.74 0.14 -0.08 -0.211 year -0.08 0.77 0.76 0.35 -0.16 -0.22 -0.22 0.282 years -0.55 0.94 0.68 0.71 0.36 -0.49 0.55 0.38

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.90 12.90 12.90 12.90 12.90 12.90 12.90

8-15dys 12.95 12.95 12.92 12.90 12.95 12.95 12.94

16-30dys 13.00 13.00 12.95 13.00 13.00 13.00 12.99

31-60dys 13.20 13.20 13.13 13.15 13.15 13.15 13.16

61-90dys 13.35 13.33 13.36 13.36 13.35 13.36 13.35

91-120dys 13.48 13.47 13.49 13.50 13.48 13.48 13.48

121-180dys 13.62 13.62 13.62 13.64 13.60 13.62 13.62

181-270dys 13.67 13.67 13.68 13.68 13.68 13.65 13.67

271-365dys 13.78 13.78 13.80 13.80 13.78 13.75 13.78

2-- years 14.05 14.00 14.05 14.05 13.95 14.05 14.03

3-- years 14.18 14.11 14.17 14.17 14.10 14.15 14.15

4-- years 14.19 14.15 14.18 14.18 14.18 14.20 14.18

5-- years 14.19 14.15 14.19 14.18 14.15 14.19 14.18

6-- years 14.25 14.20 14.25 14.23 14.20 14.25 14.23

7-- years 14.25 14.20 14.28 14.20 14.20 14.20 14.22

8-- years 14.23 14.05 14.23 14.23 14.20 14.10 14.17

9-- years 14.18 14.02 14.18 14.22 14.00 14.18 14.13

10--years 14.14 14.08 14.19 14.18 14.10 14.14 14.14

15--years 14.50 14.50 14.60 14.55 14.50 14.50 14.53

20--years 14.75 14.75 14.75 14.80 14.75 14.75 14.76

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for March 08, 2011

NEW YORK: The euro slipped againstthe dollar for a second day on Tuesdayas investors considered what highereuro-zone interest rates will mean forperipheral euro nations already strug-gling with fiscal problems.

The euro had climbed above $1.40 inthe days after hawkish comments fromEuropean Central Bank President Jean-Claude Trichet after a policy meetinglast Thursday.

But the currency fell on Monday afterMoody's slashed Greece's debt ratingby three notches and kept it on reviewfor a further possible downgrade.

That followed Fitch downgradingSpain's ratings on Friday.

Those announcements brought thesovereign debt problems of some euro-zone nations back to the fore andpushed investors to consider that while

higher borrowing costs may benefitflows into the currency, they will not begood for the nations that have to bor-row.

Concern thateuro-zone lead-ers will fail toreach agree-ment on a debtrescue fund atan initial sum-mit on Fridayalso weighedon the single currency.

The euro fell 0.4 per cent to $1.3908,extending a retreat from a four-monthhigh of $1.4036 hit on Monday. Traderssaid stop-loss orders were triggered onthe break of $1.3940 and $1.3925 andpossibly $1.3885.

"We're seeing continued euro/dollar

selling from the real money community.It feels like the market wants to target1.3880-1.3850," a London-based tradersaid.

Following a break of the $1.3862February peak, the next technical levelis $1.3830, the low hit on Thursdaybefore Trichet's hawkish comments.Then the euro could be heading towards$1.35 though investors say the euro isstill supported by expectations the ECBmay raise interest rates next month.

An early slide in oil prices encour-aged investors to pare back long posi-tions in the Swiss franc -- which hasgained broadly from safe haven buyingthroughout the political uprising inLibya.

Analysts said this triggered selling inthe Swiss franc, with traders also citingfranc selling by Middle Eastern names.

The dollar jumped as much as 1 percent against the Swiss franc beforepulling back to 0.9339 francs on EBS.

The euro traded at 1.2988 francs, hav-ing hit a two-week high of 1.3041francs on EBS.

"There's been stabilisation of oilprices ... so there's a backing off in riskaversion related to Middle East ten-sion," said Adam Meyers, senior cur-rency strategist at Credit Agricole. -Reuters

Euro slips on worriesabout debt-laden countries

SHANGHAI: The yuanclosed lower from recordhighs against the dollar onTuesday, after the People'sBank of China set the mid-point slightly weaker.

Chinese leaders are attend-ing the annual parliament ses-sion in Beijing, and traderssay the central bank may wishto keep the Chinese currencyrelatively stable during thecrucial political session.

Spot yuan fell back slightlyto close at 6.5684 versus thedollar, down from Monday'srecord intraday high of6.5628. The currency hasrisen 3.92 per cent since it wasdepegged in June 2010.

"During the parliamentaryperiod, the government doesnot want to let the yuan risetoo much," said a dealer at aChinese commercial bank inShenzhen.

"But as it has only fallenback several pips, it shows theyuan still has potential to riseafter the meeting."

This year's meeting is par-

ticularly important as Chinamaps out plans for its eco-nomic development andreforms over the next fiveyears from 2011 to 2015, withthe government expected toelaborate on a shift fromgrowth that is reliant onexports to one that is solidlybased on domestic consump-tion.

Before trading began, thePBOC fixed the yuan's mid-point at 6.5687 on the dollar,weaker than Monday's recordhigh fixing of 6.5651.

The market widely expectsthe Chinese currency may rise5-6 per cent this year as thegovernment appears to beusing the exchange rate tofight inflation.

Benchmark one-year dol-lar/yuan non-deliverable for-wards (NDF) were bid at6.4130, slightly up from6.4040 at Monday's close.Their implied yuan apprecia-tion in a year's time fell to2.42 per cent from 2.57 percent. -Reuters

China's yuan retreatsfrom record high

LONDON: Sterling fell against arebounding US dollar on Tuesdayas investors unwound long posi-tions, although it edged upagainst the euro as sovereign debtworries put the single currencyunder pressure.

Expectations that the EuropeanCentral Bank will raise interestrates ahead of the Bank ofEngland are likely to offer theeuro support against the pound,however, with some expecting

the pair to hold above 85.72pence, the low struck on Monday.

The euro fell 0.3 per cent on theday to 85.95 pence, retreatingfrom a five-week high of 86.35pence hit earlier in the session.

Investors were booking profitsin the euro after it hit a four-month high against the dollar onMonday on the back of shock sig-nals from the ECB last week thatit could move as soon as nextmonth. The single currency hasbeen hurt since by wideningGreek spreads over GermanBunds and the focus turning backto concerns that policymakers arestruggling to agree measures to

resolve the debt crisis.Simon Smollett, senior options

strategist at Credit Agricole-CIB,said that over the next threemonths the euro could head lowerand fall to as low as 84 pence andeven 82 pence.

But in the near term the pair islikely to driven by interest rateexpectations and flows.

Against the dollar, sterling wasdown 0.3 per cent at $1.6152with sovereign accounts steadily

bidding the pound in the$1.6140/50 area.

The BOE's monetary policycommittee starts its meeting onWednesday. Economists expectrates to be kept at a record low of0.5 per cent, although the debatewithin the nine-member MPCcould be lively as divisions growon when the BoE should raise. InFebruary, three members voted toraise rates, pointing to inflation inBritain that remains well abovethe BoE's target of 2 per cent.Governor Mervyn King main-tains inflationary pressures aretemporary and tighter rates couldchoke off a recovery. -Reuters

Stg edges up vs euro,but on shaky ground

SINGAPORE: The Thai bahtand the South Korean won roseagainst the dollar on Tuesdaybefore central banks' rate meet-ings there later this week whilecaution over dollar-buying inter-vention by Asian authorities keptregional currencies in a tightrange.

The Bank of Thailand and theMonetary Authority of Singaporewere spotted buying dollars tocheck gains in their currencies,dealers said.

The Thai baht rose 0.3 per centon continuous demand fromexporters for settlements and for-eign banks. The central bank wasspotted buying dollars around30.35, dealers said.

Meanwhile, Bank of ThailandGovernor Prasarn Trairatvorakulsaid inflation comes from both

demand pull and cost push whilerising oil prices are not hurtingeconomic growth yet.

The comments came a daybefore the central bank is expect-ed to raise its benchmark rateagain by 25 basis points to 2.50per cent.

Exporters and offshore hedgefunds supported the won beforethe central bank's rate meeting onThursday when the Bank ofKorea is expected to raise interestrates.

The Taiwan dollar gained withthe help of firm local stocks andlower oil prices, while theMalaysian ringgit barely changedon caution over the central bank'sintervention.

Standard Chartered recom-mended selling US dollar/Taiwandollar via 3-month non-deliver-

able forward (NDF) on stabilis-ing equity inflows and expecta-tions that the island's central bankwill raise policy rate by 12.5 bpsto 1.755 on March 25.

Standard Chartered sees thecentral bank tolerating a gradualappreciation of the currency inthe face of inflationary pressureand high commodity prices.Malaysia's central bank is alsoexpected to raise interest ratesagain.

The Philippines peso dipped ondollar demand linked to NDF fix-ing and as investors held dollar-short positions to cover. The cen-tral bank was not spotted in themarket on Tuesday, but the pesofaces resistance at around 43.25,which the central bank was seendefending in the previous ses-sion, dealers said. -Reuters

Asian currencies

Baht, won up beforecentral banks meet

WELLINGTON/SYDNEY: The New Zealanddollar found a steadier footing on Tuesday fol-lowing a recent selloff, but markets remainedcautious ahead of a possible rate cut by theReserve Bank of New Zealand this week.

The kiwi was hemmed in a wafer-thin rangebetween $0.7368-$0.7392. It last stood at $0.7389,up slightly from $0.7361 late in New York.

On Friday, the kiwi plumbed a five-month lownear $0.7340, a level which should provide near-term support for the currency. Resistance is seenlining above $0.7400.

Markets are fully priced for at least a 25 basispoint rate cut and some chance of a bigger 50bps cut, betting the RBNZ will act to bolsterconfidence after the devastating Feb. 22 earth-quake. But some analysts warned a rate cut isnot a done deal and any outcome that would spurmarkets to unwind the risk of an easing couldsee the kiwi jump against the dollar.

The euro was last at NZ$1.8915, off a nearone-year peak of NZ$1.9024 set on Monday.Against the Aussie, it traded at A$1.3810 com-pared with a five-week high around A$1.3849reached on Friday.

Meanwhile the Aussie drifted between$1.0106 and $1.0133, edging towards the lowerend of a well-worn $1.0070-$1.0200 range hav-ing failed on the upside recently.

Traders said there are signs that Asian centralbanks have interest in double-no-touch optionsbetween $0.9800/$1.0300, giving them anincentive to keep the currency trading withinthose boundaries. Against kiwi, Aussie boughtNZ$1.3695, finding the going tough after reach-ing a 19-year high near $1.38 on Monday.

Markets shrugged off second tier data showingAustralia business confidence improving mod-estly in February and confidence picking upsharply. -Reuters

NZD bides its time aheadof RBNZ; Aussie lacklustre

Swiss francdrops vs

euro, USDZURICH: The Swiss francdropped against both the euroand the dollar on Tuesday, withrisk aversion among investorstaking a back seat on reportsLibyan leader MuammarGaddafi was looking for a wayto step down.

European shares were set toedge up on Tuesday, reboundingfrom losses in the previous dayas Brent crude prices slippedbelow $115 on the reports aboutLibya's leader. "Political issuesseem to dominate FX marketsand euro trading in particular,"UBS economist RetoHuenerwadel said in a note.

In the latter half of February,the Swiss franc rose against theeuro and the dollar as investorslooked for a safe haven due touprisings in North Africa andthe Middle East. The franctouched a fresh record againstthe greenback on March 2 buthas eased somewhat since then.

"Looks a bit overdone, so sellthis rally," a trader in Zurichsaid. "It all depends on ifGaddafi goes crazy, oil andgold prices."

The franc was down 0.6 percent against the euro comparedto the New York close, tradingat 1.3019 per euro at 0729GMT. The franc fell 0.6 percent against the dollar to0.9309 per dollar. -Reuters

BOK, BOT expected to raise rates this week

Analysts see room for short-term euro correction

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 inher-

ent 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.

Let agriincome

taste tax! Over the decades income from agriculture has

remained tax exempted. Various attempts to taxagriculture income have been frustratedbecause of Pakistan's national and provincialassemblies and senate being dominated by thefeudal lords. The plea taken so far has been thatdeclaring agriculture income taxable wouldhurt the small farmers. Not only that the stanceadopted is totally incorrect but keeping agricul-ture income tax exempt has deprived the coun-try of billions of rupees in revenue. It is encour-aging to note that now taxing agricultureincome is once again being deliberated. It hasbecome the collective responsibility of thesociety to ensure that no segment of the socie-ty enjoys undue benefit and privileges.

To begin with, the government must followthe cardinal principal that all sorts of incomeirrespective of its source should be taxable. Thesecond rule is that tax liability should be direct-ly proportional to income. Therefore, the pleathat imposition on tax on income from agricul-ture would affect the small farmers is totallyincorrect. Experts have been saying that basisof calculation for agriculture income tax shouldbe produce index unit (PIU). While one may besay that that the probability of nondisclosureremains high, there has be some basis of calcu-lation that could be improvised with the pas-sage of time.

The second please that it is a provincial sub-ject is also a lame excuse. It is on record thatvarious taxes in the urban areas are being col-lected against the wishes of people and alsobeing diverted to the rural areas. One suchexample is motor vehicle tax where billions ofrupees are collected from Karachi but the citygets only a small percentage of that.

Lately in these pages we have highlighted thatevery year billions of rupees are collected asroad cess from sugarcane growers as well asthe millers but there is no record where theamount is being spent. Some experts go to theextent of saying that no record is available at allabout the amount being collected.

The worst outcome of keeping agricultureincome tax exempt is that all sorts of incomeare being clubbed and blanket immunity isdemanded. In a country where salary class ispaying tax from its nose, feudal lords earningbillions of rupees pay no tax at all. The biggestevidence of this are the tax declarations sub-mitted by MPAs, MNAs and Senators.

The plea adopted that farmers are alreadypaying a variety of taxes is also a weak argu-ment. People living in urban areas pay tax onalmost every item they purchase. The taxesbeing paid include sales tax, excise duty,withholding tax etc. The common man travel-ling in public transport is paying petroleumdevelopment levy. In other words urban pop-ulation is mainly contributing to the nationalexchequer. Now the time has come to recovertax from feudal lords who earn billions ofrupees every year.

4Wednesday, March 9, 2011

Publisher & Editor-in-Chief: Amir A. Ashary

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388428

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

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Telephone: 92-42-6675595 Fax: 92-42-6664349

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 123

Bilal Zubair

On February 8 the United Statesrolled out its new NationalMilitary Strategy. The document

based on the 2010 National SecurityStrategy (NSS) is the first revision ofthe National Military Strategy since2004. The strategy describes the aimsand objectives and US national interestsas: security, prosperity, values andinternational order. The Strategy alsodescribed the ways and actions US gov-ernment intended to employ for materi-alizing the above objectives, whichincluded: nonproliferation strategies,significance of scientific research andstrengthening of global alliances. Inshort the strategy is a blend of US secu-rity priorities, key strategic objectivesand ways and means to retain andenhance US supremacy as the dominantmilitary force in global politics.

Following the Soviet disintegration,the U.S. emerged as the sole worldpower. The dynamics of uni-polaritywere articulated in the President Bushsenior speech of September 11, 1990predominantly illustrating the futureparadigm of US military approach inthe uni-polar world. Accordingly, theUS military strategy in the post 9/11period, with few modifications, is acontinuation of achieving militaryobjectives envisaged by the NewConservatives in post-Soviet era.

As illustrated by the (NSS), politicalleadership is stressed upon to putweight behind US military agenda asand when required. Admiral MikeMullen, Chairman of the Joint Chiefs ofStaff had previously put across that USpolitical leadership heavily relies on itsGenerals while formulating its foreignpolicy. This approach has beenunequivocally expressed in this updatedmilitary strategy which states: "In sup-port of our civilian-led foreign policy,this strategy acknowledges the need formilitary leadership that is redefined foran increasingly complex strategic envi-ronment. Our leadership will emphasizemutual responsibility and respect.Accomplishing this strategy willrequire a full spectrum of direct andindirect leadership approaches - facili-tator, enabler, convener, and guarantor -sometimes simultaneously." It alsoclaims a 'disciplined application offorce' for the military leadership. It fur-ther states that "in this multi-nodalworld, the military's contribution toAmerican leadership must be aboutmore than power - it must be about ourapproach to exercising power". Thepolitical leadership has capitulated toU.S. military adventurism in two majormilitary campaigns in Afghanistan andIraq. Further it requires 'Joint Force tosupport National approaches to counter

anti-access and area-denial strategies', amultidimensional approach to preventthe cyberspace, maritime routes andspace access to mainland USA.

Presently, the global strategic envi-ronment continues to be led by US as aworld's preeminent power despitegrowing influence of number of stateand non-state actors. Still US militarystrategists have apprehensions againstChina's growing political clout andambitious militant outfits threateningUS interests. The United States facesstiff challenge in the Asia-Pacificregion from the rise of China and NorthKorea's nuclear program. China isambitious to catch up with the latestmilitary trends and visibly threateningUS military supremacy in the Pacific.

US apprehensions have emerged inthe wake of experimentation of advancemilitary hardware by Chinese military.By testing the first stealth fighter J-20flight into the skies during the visit ofUS Defence Secretary Robert Gates inBeijing, China has sent strong messageto United States that its military ambi-tions are inexorable. US military strate-gists are wary of latest experiment ofmissile interceptors in January this yearand had previously shown grave con-cerns on missile experiment destroyinga space-based weather satellite in early2007. Defence analysts in United Stateshave consistently been exploringChina's military ambitions and rateChina among most threatening to itsmilitary supremacy. The NationalMilitary Strategy 2011 elaborates that,"Though it faces a number of domesticchallenges, continuation of China'sdecades-long economic growth isexpected to facilitate its continued mili-tary modernization and expansion of itsinterests within and beyond the region."This brings China amongst countriesrated first threatening US dominance inits long protected sphere of influence inMiddle East and elsewhere.

The strategy claims China for exhibit-ing influence in what has beendescribed as 'Global Commons' includ-ing maritime sea routes, space andcyberspace where core US interestslies. US by no means could compro-mise jeopardising these commercialroutes and uninterrupted supply ofcrude oil is maintained by the presenceof Joint Forces at all commerciallyimportant straits. As China's militarymodernization steadily advances, thereare questions in Washington aboutBeijing's ability to project power abroadand deter US intervention in thePacific-and whether that poses a threatto American interests. In this scenario,the continuation of US presence in theregion is a likely prospect. But the situ-ation is changing in the Western Pacificas China is gradually challenging

America's ability to operate withimpunity along China's periphery.Maintaining a sustainable and diversi-fied presence and operational access inthe region is a clearly stated objectivefor US, which it has been achievingthrough military security cooperation,exchanges and exercise in the name ofaddressing domestic and common for-eign threats to respective countries.

On the other front the growing mili-tancy has been the biggest US concernsvis-à-vis non-state actors. American bigpower status is at stake in Afghanistanwhere more than 1475 servicemen havelost their lives since the toppling ofTaliban regime in 2001. Consequent toanti-Americanism al-Qaeda has foundits facilitators across globe. Iraq,Somalia, Yemen, Philippines. However,key focus would be given toAfghanistan in the counter-insurgencycampaign.

According to the National MilitaryStrategy (NMS) and 2010 QuadrennialDefense Review (QDR) counter violentextremism is vital to US national inter-ests and tops the national security agen-da. As reiterated by President Obama inthe Af-Pak Strategic Review ofDecember 2010 and his State of UnionAddress in January 2011, the NSSstates "The Nation's strategic objectivein this campaign is to disrupt, disman-tle, and defeat al- Qaeda and its affili-ates in Afghanistan and Pakistan andprevent their return to either country.Success requires the Joint Force toclosely work with NATO, our coalitionpartners, Afghanistan, and Pakistan. Wewill continue to erode Taliban influ-ence, work with the Afghan govern-ment to facilitate reintegration and rec-onciliation of former insurgents, contin-ue to strengthen the capacity of Afghansecurity forces, and enable Pakistan toultimately defeat al- Qaeda and itsextremist allies".

America views its campaign inAfghanistan and security cooperationwith Pakistan as a defense against directthreats to its homeland. However, irre-spective of active counter insurgencycooperation, alliance between Pakistanand US is complicated one and oftencarry difference on various issues.Pakistan considers US military cooper-ation imperative. However, Pakistanhas serious reservations about the wayUS has shown insensitivities toPakistan geopolitical and strategicrequirements in South Asia and US aidpackage thus, would not lessenPakistani skepticism by any means.

Given the stated objectives of NSS itcan be inferred that the focus of U.S.security strategy will remain onstrengthening alliances and safeguard-ing of US interests through militarycampaigns in future. This military bias

is endorsed by the huge difference inU.S. military and development assis-tance spending is also exhibited by itsmilitary and economic assistance toindividual countries, although to a less-er extent. US assistance to Pakistan, forinstance, in military and economic aidfor 2002-2011 stands at $11.74 billionand $6.08 billion respectively. Despiterealization on US part, of the need foran adaptive blend of defense, diploma-cy and development, the overwhelmingfocus is on military spending. There is aclear lack of balance in US governmentspending levels of the three Ds it claimsto follow. The share of defense, diplo-macy and development for FY 2010stood at $759, $38 and $21 billionrespectively.

Congressional Budget Office has esti-mated that the federal budget deficitwill soar to a peacetime record $1.5 tril-lion in 2011. Despite the climbingdomestic debt President had requested$548.9 billion for the Department ofDefense Base Budget. This was $15 bil-lion more than the $533.7bnDepartment of Defense Base Budgetrequest for FY 2010. The total defenserelated spending request for FY2011stands at $733bn which does notinclude supplemental funding to sup-port the wars in Afghanistan and Iraq.Although the defense budget request forFY2012 is $671 still in comparison tothe development assistance given byUS it is a colossal sum. The US defensebudget constitutes about 20 percent oftotal GDP as against less than 1 percentfor development assistance. It showsthat America is uncompromising to sur-render the military spending despite ofthe fiscal depression while national debtposes a significant national securityrisk.

The new US National SecurityStrategy carries an ambitious militaryagenda. To what extent the America'sredefined military leadership will suc-ceed in combating national securitychallenges and in leading the interna-tional security scenario is a big ques-tion ahead. The US needs to workwith ally nations and partners for con-flict resolution and use diplomacy asmajor component of foreign policy. Itis imperative to realize the impor-tance of cooperation with allies thatrequires keeping cognizance with thesensitivities and interest with partnernations. In any case, the 'transitionfrom a force that has been engaged insustained combat operations to a JointForce that is shaped for the future,'does not signify a reduction in mili-tary component of the NationalSecurity Strategy. It is rather empow-ering the military leadership byadding a whole portfolio of newapproaches.

US Retrofitting its Warplan

If oil prices stay where they are -- or goeven higher, depending on events in theMiddle East -- current short-term

emerging market portfolio realignmentscould lead to a wholesale reassessment ofinvestor risk.

Some clear winners and losers in emerg-ing markets have already been thrown upby the spike in oil prices caused by unrest inthe region, which has distracted investorsfrom relative yields and valuations.

Oil-rich Russia, Kazakhstan andVenezuela are all attracting investor interestand strongly increased fund flows, whileoil-poor Turkey and Chile are suffering.

Anyone that's got more oil is lookingbetter at the moment, so oil exporterswould benefit, and oil importers wouldnot, said Allan Conway, head of emergingequities at fund manager Schroders. That'sone of the reasons Turkey is going down.

Conflict in Libya and unrest in Bahrainand Saudi Arabia have driven oil above$100 a barrel to its highest since the col-lapse of US investment bank Lehman inSept 2008.

It takes a while for many investors tomove...we are due for a further reassess-ment, said one emerging fixed incomefund manager, who declined to be named.

BNP Paribas Investment Partners says itis overweight commodity exporters such

as Russia in currencies and sovereignbonds, and underweight importers likeTurkey.

Turkey imports 95 per cent its totalenergy needs and if oil prices continue atcurrent levels, Turkey could face an addi-tional $10 billion bill for oil imports thisyear, finance minister Mehmet Simseksaid last week.

In contrast, oil and gas accounted for 48per cent of budget revenues last year inRussia, the world's top oil producer.

Turkey has until recently been afavourite of emerging market investors,due to its deft handling domestically of theglobal financial crisis.

But with the standard yardstick that a$10 rise in the oil price cuts 0.5 per centfrom global growth, Turkey's growth tra-jectory is under pressure from risingimport costs.

GROWTH CHALLENGED

Oil has risen $20 so far this year and asustained price of $110 a barrel in 2011would cut Turkish growth to 4 per centfrom expectations of 5.5 per cent, accord-ing to Renaissance Capital.

Russia would grow at 5.5 per centinstead of 4.9 per cent and Nigeria at 9.6per cent instead of 7.6 per cent,Renaissance added.

Turkish stocks have fallen 8 per cent so

far this year, while Russian stocks are up12 per cent.

Russian equity funds have absorbedfresh money for 14 weeks in a row, accord-ing to fund tracker EPFR, their longestinflow since the first quarter of 2008, at atime when global emerging market equityfunds have suffered their longest outflowstreak since Q3 2008.

The currencies of Russia andKazakhstan have also been reaping thebenefits, with both countries becomingincreasingly flexible over trading bandsin recent weeks, allowing their curren-cies to soar.

Given the events in the Middle East, thepossible appreciation in oil and the macrostory, long rouble has been a consensustrade, said Luis Costa, director, emergingmarkets FX strategy at Citi.

In Latin America, the Venezuelan gov-ernment is probably the biggestwinner...the region's biggest losers are con-sumers in Chile and Peru, said analysts atCapital Economics in a client note, calcu-lating Venezuela's energy trade surplus at20 per cent of GDP, compared with anenergy deficit in Chile of 6 per cent.

Meanwhile, energy importer Israel isalso under pressure from concern about atougher peace-negotiating environmentgoing forward, with the country's debt

insurance costs spiking to their highest innearly two years following the fall ofEgyptian President Hosni Mubarak.

Israel is going to suffer the most fromthis change in the region, TurkerHamzaoglu, MENA economist at BoA-ML, told a conference call.

There is geopolitical risk...for the Arab-Israeli peace treaties.

SAUDI ARABIA NEXT?

The problem is that it is hard to see whathappens from here, investors say.

If there are peaceful resolutions to manyof the region's conflicts, oil could fall,reversing current favoured positions.

Credit Suisse, for example, last weekwent overweight in Turkish stocks in anemerging Europe, Middle East and Africaportfolio, saying valuations had becomeattractive.

But with Facebook calls for protests inthe world's top oil exporter Saudi Arabiaon March 11, oil could also rise extremelyquickly, punching a hole in the globalgrowth outlook.

If you started to see pictures on yourscreens of unrest in Saudi, then for oil,name your price - $150, $200? saidConway.

Then the idea about which country youinvest in -- forget about it, you don't wantto be in the markets at all.-Reuters

Emerging Markets & Oil Boil

Fahim Akhtar

He was back to Pakistan roughlyafter more than fifty years of selfimposed exile which com-

menced for earning bread and butter inhis youth. On landing to Karachi he sawthat much was changed here a networkof carpeted roads with under/over pass-es, climbing bridges and elegant highbuilding en route from airport to one ofthe posh locality where he was going tostay. The soil was familiar but peoplewere looking different but no matter itwere owing to a lapse of half century.After some time when he got settleddecided to leave for few places knowingwell that many of his known livingbeings were no more in this world but hewanted to see the homeland. He some-how the other got access to one of hisknown residing in the heart of city andcalled him with the intent of visiting. The

elderly on the other end was delightedbut advised him to come only in daytime and not carry along any valuablesas his area gets much unsafe duringnight. He smiled in his heart ignoring theadvise up to some extent primarily dueto his older age, experience, grey hairsand much decent outlook and set for ascheduled meet but after sun set. In thestreet leading to his host house he waswelcomed by a couple of youth on oldmotor cycle. One amongst the youngwith thin structure probably less awarewith norms and manners asked him tohandover his cell phone, watch and valetand run pointing a Peshawar made pis-tol. The old man tried to speak but a ruth-less response took out his courage and hewas deprived of his belongings in thesequence. He managed to reach his oldmate house and he was hardly comfort-able in consuming tea when heard aburst of fire of automatic weapons and

than the environment was resembling abattle field of English movies. Burst wasfired persistently from different direc-tions. Do not worry nothing is happeningprobably and even something is happen-ing it is not inside our house the host wassatisfied. But what is this old guestasked. They are demonstrating theirpower, factually this area in particularhas the representation of two parties andboth show their power. You are probablyliving in unsafe areas the guest remarkeduncomfortably. No, brother things havemuch changed here as there is no safearea as land grabbing, target killing,forceful occupation, kidnapping for ran-som are routine everywhere in Karachi.The city is clearly demarcated by differ-ent political and religious parties andethnic groups.

He recalled his past when sluggishtram service was plying in city with traf-fic much lesser than today and building

less higher but people had acceptanceand respect for others. He recalled hisfriend rickshaw driver commonly knowas Khan sahib who use to entertainevery one in usage of his for her and herfor him in Urdu. Chaudhry sahib andRaja sahib were also much friendly peo-ple while serving as sanitary worker andother owner of saloon. Molvi sahib inthe circle of group was always all out forthe services of needy people without anysectarian discrimination. Perfect harmo-ny was there but there was somethingwrong some where for truing the thingin opposite direction.

What police or administration or gov-ernment is doing was a big question andanswer with no one amongst us. Whatwas wrong or what had gone wrong. Whypeople lost acceptance in other, where thetolerance had gone and why this hostilitywas taking place. No one know, if youknow please apprise every one.

Missing Old Karachi

FERTILISER000 tonnesUrea Offtake (Jan to Dec 10) 6,123Urea Offtake (Dec 10) 626Urea Price (Rs/50 kg) 1,020DAP Offtake (Jan to Dec 09) 1,317DAP Offtake (Dec 10) 90DAP Price (Rs/50 kg) 3,143

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Jan 11) 47,153

Sales (July 10 to Jan 11) 45,113

Production (Jan 11) 6,698

Sales (Jan 11) 6,793

INDUS MOTOR COProduction (July 10 to Jan 11) 29,078

Sales (July 10 to Jan 11) 28,293

Production (Jan 11) 5,596

Sales (Jan 11) 5,885

HONDA ATLAS CARProduction (July 10 to Jan 11) 9,279

Sales (July 10 to Jan 11) 8,779

Production (Jan 11) 1,511

Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 186

Sales (July 10 to Jan 11) 113

Production (Jan 11) 0

Sales (Jan 11) 23

BANKING SECTORScheduled bank (Rs in mn)Deposit (Feburay 4,11) 5,046,861

Advances (Feburay 4,11) 3,140,675

Investments (Feburay 4,11) 2,100,015

Spread (Feburay 4,11) 7.61%

OIL MARKETING CO(000 tons)MS (Jul 10 to Dec 10) 1,122

MS (Dec 10) 188

Kerosene (Jul 10 to Dec 10) 81

Kerosene (Dec 10) 15

JP (Jul 10 to Dec 10) 727

JP (Dec 10) 138

HSD (Jul 10 to Dec 10) 3,426

HSD (Dec 10) 634

LDO (Jul 10 to Dec 10)) 32

LDO (Dec 10) 6

Fuel Oil (Jul 10 to Dec 10) 4,331

Fuel Oil (Dec 10) 690

Others (Jul 10 to Dec 10) 6

Others (Dec 10) 2

PRICES (Ex-Refinery) RsMS (1 Feb 11) 51.74

MS (1 Jan 11) 49.41

MS % Chg 4.72%

Kerosene (1 Feb 11) 58.28

Kerosene (1 Jan 11) 55.01

Kerosene % Chg 5.94%

JP-1 (1 Feb 11) 58.51

JP-1 (1 Jan 11) 55.24

JP-1 % Chg 5.92%

HSD (1 Feb 11) 61.80

HSD (1 Jan 11) 58.55

HSD % Chg 5.55%

LDO (1 Feb 11) 55.32

LDO (1 Jan 11) 53.46

LDO % Chg 3.48%

Fuel Oil (1 Feb 11) 47,931

Fuel Oil (1 Jan 11) 45,947

Sector Updates

Symbol Close Vol (mn)NICL 2.90 7.86 JSBL 3.10 6.92 LOTPTA 15.59 3.38 NBP 78.83 3.30 NML 63.56 2.21

Symbol Close ChangeBATA 542.78 6.80

TRIPF 143.57 5.30

GLAXO 78.68 3.74

SITC 104.40 3.46

ILTM 165.00 2.16

Symbol Close ChangeULEVER 4,679.13 -34.24NESTLE 3,402.73 -11.92SRVI 200.74 -5.06APL 365.15 -2.66PSO 283.80 -2.54

Plus 110Minus 154Unchanged 103

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Wednesday, March 9, 2011 5

Dhiyan

Market would go on consolidating around current levelstill weekend. However with the start of Margin Tradingsystem (MTS) from March 14, some heavy bullish activi-ties are likely, which can catapult the index to 13,000 level.Further, in case of stability on the political front the marketwould break its shackles. Investors should go for bluechipstocks only. Dullness is due today.

Zia Shaafi, Senior Equity Dealer Pearl Securities

Salman Naqvi, Head of Sales Aba Ali Habib SecuritiesInvestors are paractising caution with eyes on the current

political situation and Pakistan-IMF talks. Therefore market islikely to lie dull with low volumes going down the line.However, good news from the political and IMF quarters wouldbe like waving green grass to bulls. 'Wait & see' coupled with'buy on dips' is the word to the wise. Today, trade would be likesailing in a narrow strait.

DAWN OF THE DULLNESS

Opening 11,974.55

Closing 11,940.01

Change 34.54

% Change 0.29

Turnover (mn) 54.22

Opening 3,647.17

Closing 3,630.24

Change 16.93

% Change 0.46

Turnover (mn) 1.75

Opening 2,839.53

Closing 2,830.76

Change 8.77

% Change 0.31

Turnover (mn) 0.02

Nawaz Ali

KARACHI: Share prices con-tinued to slide at the KarachiStock Exchange (KSE) onTuesday as investors adopted acautious stance ahead of themeeting between MQM andPresident Asif Ali Zardari.

The benchmark KSE 100-Index fell by 34 points to closeat 11,940 points, 30-Index lost49 points to close at 11,641points while All Share Indexwas down by 23 points to close

at 8,287 points."Reports that MQM will hold

a meeting with PresidentZardari to sort out differenceskept investors in two minds",said Jawad Khan Equity Dealerat JS Global Capital.

There were reports that a del-egation of Muttahida QaumiMovement (MQM) would bemeeting with President Asif AliZardari over the recent state-ments of Sindh Home MinisterZulfiqar Mirza. Reports alsosuggested that MQM may pull

out of the provincial govern-ment.

Investor preferred to stay onthe sidelines as evident from asubstantial decline in volumesfor about 54.2 million sharestraded during the day -- 62.7million less as compared to aturnover of 116.9 million onMonday.

Apart from uncertain politi-cal situation, investors alsoawait the outcome of the meet-ing between Ministry ofFinance and International

Monetary Fund (IMF) for therelease of the last tranche of$1.7 billion.

Trading activities began with21 positive points --it was alsothe highest level of the day.Later, after showing someresistance for about first 10minutes, selling pressure raisedhead which kept the market inbearish zone throughout theday amid low volumes.

Therefore index at a momenttouched an intraday low of11,864 points (-ve 110).

However, some buying towardsthe end of the day reduced thered numbers and index man-aged to call it a day with mea-ger losses.

Nimir Ind Chemical was thetop traded stock with 7.85 mil-lion shares followed by JSBank with 6.91 million andLotte Pakistan with 3.37 mil-lion shares.

A total of 367 issues showedactivity on Tuesday of which154 ticked up and 110 downwhile 103 went nowhere.

KSE Shot in Allies’ Crossfire

HONG KONG: Hong Kongshares rose on Tuesdayhelped by a late rally inshares of heavyweightHSBC while mainland bankslooked poised for furthergains after China reversedreserve requirements for cer-tain banks.

China reversed punitivereserve requirementsimposed on several banksafter getting them to rein intheir lending, two sourcestold Reuters, an indication ofsuccess in a crucial part ofthe government's campaignto control inflation.

Banking shares, still trad-ing at reasonably attractivevaluations depsite steadygains so far this year, haveseen investor interest pick upahead of earnings reportslater this month which areexpected to show recordprofits.

"Banking and insurancestocks may see some short-

term profit taking but over-all, these companies willhave very good first quarterand annual earnings and theoutlook overall is healthy,"said Zhang Qi, analyst atHaitong Securities inShanghai.

Higher reserve require-ments and other curbs onlending after a lending bingeafter the financial crisis hadkept investors away andpushed down valuations.

But reports that new lend-ing would follow below mar-ket expectations for a secondconsecutive month suggest-ed that the government isgaining traction in its effortsto dampen credit growth.

Shares of ICBC gained 0.8per cent on the day whilerival China ConstructionBank rose 1.6 per cent.

Both banks trade at dis-counts of over 20 per cent totheir historic forward 12-month earnings multiples,

according to ThomsonReuters Starmine and areseeing earnings expectationsrevised upwards.

A 2.3 per cent gain forindex heavyweight HSBCHoldings helped the HangSeng to a 1.7 per centadvance on the day.

Retail investors were driv-ing gains in the counter afterHSBC shares arrested a two-weeks slide from their high-est level in over a year.

"Institutions have beenlargely quiet across theregion," said a head trader ata Japanese bank in HongKong. "You're seeing somewarrant-related activity inHSBC and that's a goodproxy for higher retail par-ticipation."

Shanghai's benchmarkindex ended up 0.1 per cent,underpinned by a strongproperty sector, while finan-cials saw mild profit-taking.-Reuters

Shanghai flat; HK mktrises on HSBC, energy

Saudi stocks boost mkts;buying by state seen

DUBAI: Most Gulf bourses advanced on Tuesday, tracking gainson the Saudi market, as confirmation that state-linked funds hadbeen buying local shares boosted fragile investor sentiment.

Saudi Arabia's index climbed 2.1 per cent, taking its gains tomore than 14 per cent this week, rallying from a 22-month low hiton March 2. "The Saudi market was oversold and a bounce wasexpected," said Saad Al-Chalabi, a technical analyst for institu-tional equities at Al Ramz Securities in Abu Dhabi.

"However, we are definitely seeing some government interven-tion, which is a key reason for the rise." Heavyweight Saudi BasicIndustries Corp climbed 3.6 per cent and Al-Rajhi Bank gained4.5 per cent. However, concerns over regional unrest remainedespecially among foreign investors.

Inspired by protests in other Arab countries, there have beenShi'ite marches in the past few days in the east of Saudi Arabia aswell as Facebook calls for two more protests this month, the firston Friday. Qatar's index made its biggest advance in 15 months,ending at a one-week high. See # 14 Page 11

MUMBAI: Indian shares

firmed 1.2 per cent on

Tuesday, taking comfort from

a drop in oil prices, while a

key ally of the coalition gov-

ernment put off a move to quit

the cabinet, helping Asia's

third-largest economy win

back some investor confi-

dence.

The Congress party and

Dravida Munnetra Kazhagam

(DMK) appeared closer to a

deal to retain the ruling coali-

tion's parliamentary majority

after threats to quit the gov-

ernment sparked worries of

political instability.

The 30-share BSE index

ended up 1.19 per cent, or

216.98 points, at 18,439.65

points, with 25 of its com-

ponents advancing.

Outsourcers and financials

led the gains.

A fall in oil prices and

hopes of a patch up between

DMK and Congress helped

drive the market higher, said

Manish Sonthalia, vice-presi-

dent and fund manager at

Motilal Oswal Asset

Management Co.

Foreign funds have pulled

out around $1.9 billion since

the start of this year up to

March 4, leading to a decline

of 10 per cent in the main

index so far in 2011.

"I am optimistic on the mar-

ket's prospects," said

Sonthalia, adding most of the

bad news was priced in.

Brent crude briefly dropped

more than $2 to below $113

as Kuwait's oil minister said

OPEC was in talks to boost

production for the first time in

more than two years.

Hero Honda fell as much as

3.8 per cent after Hero

Investments said it had

agreed to buy Honda

Motors's 26 per cent stake in

the company at 739.97 rupees

a share, a discount of more

than 50 per cent to its

Monday's close.

The stock erased some loss-

es and closed 0.8 per cent

lower at 1,518.15 rupees.

Tech Mahindra and

Mahindra Satyam rallied 9.3

per cent and 3.8 per cent

respectively, after the

Mahindra group said it is

partnering with US telecom

equipment maker Cisco

Systems to provide a range of

services, including cloud

computing.

Other outsourcers also

gained as investors placed

their bets on a global econom-

ic recovery and optimism

over order flow.-Reuters

Indian shares firm;banks, IT cos gain

TOKYO: Japan's Nikkeibenchmark edged higher onTuesday as investors coveredshort positions after sharp loss-es the day before, but futuregains are likely to be hard-wondue to concerns about theMiddle East and oil prices.

Two major deals wereapplauded by investors withHitachi gaining on the sale ofits hard disk drive operations toWestern Digital for about $4.3billion, while Terumo Corpclimbed on its purchase of USmedical device firmCaridianBCT for $2.6 billion.

Despite a rise of around 20per cent in US oil prices overthe last two weeks, Japanesestocks have so far proved large-ly resilient, and the Nikkeiadded 1.6 per cent last week asinvestors reassessed risk withintheir equities portfolios insteadof moving out of stocks alto-gether.

"If oil stays in a $100-$120per barrel range for around halfa year the global economycould see a severe slowdown,pushing investors away from

stocks, so everything dependson the Middle East now", saidKoichi Ogawa, chief portfoliomanager at Daiwa SBInvestments.

"Shares of exporters such asautomakers are being pressuredby higher oil prices. At thesame time it's also hard to buystocks tied to domestic demanddue to political turmoil, withlack of trust in the governmentundermining the mood of con-sumers."

A member of parliament fromJapan's ruling party called onTuesday for Japanese PrimeMinister Naoto Kan to stepdown as soon as possible,Kyodo news agency said, aspressure grows on the unpopu-lar premier to resign or call asnap election.

The benchmark Nikkei endedthe day up 0.2 per cent, or20.17 points, at 10,525.19. Thebroader Topix index shed 0.3per cent to 939.16.

Hitachi Ltd gained 1.8 percent to 514 yen in heavy trade,while Terumo Corp jumped 3.2per cent to 4,640 yen.-Reuters

Nikkei edges upon short-covering

US stocks mid-day

Wall Streetjumps asoil drops

NEW YORK: US stocksjumped on Tuesday after a pull-back in oil prices and an upbeatprofit forecast from Bank ofAmerica, but technical signalsstill suggested a market correc-tion was near.

The S&P 500 closed onMonday below a trend line ithad held for more than sixmonths that connected lows inlate August and late November,suggesting momentum waswaning.

In the financial sector, Bankof America Corp, shot up 4.3per cent to $14.64 after it fore-cast pretax profit of about $40billion annually longer term,more than some investors hadexpected. Financials led gain-ers on the S&P 500, with theS&P financial index up 2.2 percent.

The Dow Jones industrialaverage jumped 137.67 points,or 1.14 per cent, at 12,227.70.The Standard & Poor's 500Index was up 13.46 points, or1.03 per cent, at 1,323.59. TheNasdaq Composite Index puton 27.37 points, or 1.00 percent, at 2,773.00.

Oil prices pulled back, withBrent crude down nearly 2 percent at $112.82 a barrel afterKuwait's oil minister saidOPEC was in discussions toincrease production for the firsttime in two years.

Turmoil in Libya has drivenup oil prices sharply in recentweeks. On Tuesday, Libyanwarplanes struck at rebelforces, stepping up governmentefforts to roll back early gainsin the revolt against MuammarGaddafi.

Stocks have been closely tiedto oil prices recently, asinvestors worried that con-sumer spending may be cur-tailed by higher oil and gasprices, choking off an econom-ic recovery.

"The story is going to be oilfor a while here," said HankSmith, chief investment officerat Haverford Trust Co inPhiladelphia.

Despite Tuesday's gains, "themarket is due for, at a minimum,a pullback, if not a correction,having gone up" so much, hesaid. The S&P has advancedabout 25 per cent since a rallystarted in September.

See # 15 Page 11

Sevenfirms face

SECP actionSpecial Correspondent

ISLAMABAD: TheSecurities Markets Division ofthe Securities and ExchangeCommission of Pakistan hastaken action against sevennon-compliant market partici-pants in February.

"Warning letters were issuedto three brokerage houses ofthe Karachi Stock Exchange(KSE) for indulging in tradingactivities, which were in con-flict with fair market prac-tices", says a statement issuedby the Commission hereTuesday.

In another instance, a showcause notice was issued to alisted company for failing toimplement the SECP orders.Moreover, warning letterswere issued to three directorsof different listed companiesfor late filing of returns ofbeneficial ownership.

In an effort to strengthen theregulatory framework of capi-tal markets, the SECP accord-ed its approval to a number ofamendments to the regulationsof three stock exchanges,clearing company, and deposi-tory company.

This includes provisionspertaining to the introductionof new products, i.e., MarginFinancing, Margin Trading,and Securities Lending andBorrowing.

In addition, approval wasgranted to Engro FertilisersLimited to increase the num-ber of options/shares to beissued/granted in pursuance tothe Employees Stock OptionsScheme under Section 86 ofthe 1984 CompaniesOrdinance read with the 2001Public Companies (EmployeeStock Options Scheme) Rules.

Thai banks firm ahead of probable rate rise

South East Asian stocks

Telecoms buoy Europeanshares; upside seen limited

ANNOUNCEMENTS

Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)

AMZ Ventures 'A' Yearly - 2.097 0.07

Bankislami Pakistan Yearly - 46.55 0.09

East West Insurance Yearly - 8.443 0.34

AMZ Ventures 'A' Half Yearly - 7.088 0.24

Wednesday, March 9, 20116

Volume 54,216,915

Value 1,911,138,202

Trades 40,204

Advanced 110

Declined 154

Unchanged 103

Total 367

Current 8287.92

High 8329.19

Low 8241.52

Change i23.6

Current 11940.01

High 12000.92

Low 11864.1

Change i34.54

Current 11641.19

High 11697.72

Low 11557.86

Change i49.22

Market KSE 100 Index All Share Index KSE 30 Index

Current 19725.4

High 19828.18

Low 19627.67

Change i88.43

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Standard Chartered Bank (Pak) Ltd

SCBPL closed up 0.44 at 9.34. Volume was 1,091 per cent above aver-

age (trending) and Bollinger Bands were 136 per cent wider than nor-

mal. The company's profit after taxation stood at Rs1.907 billion which

translates into an Earning Per Share of Rs0.49 for the nine months of

current calendar year (9MCY10).

SCBPL is currently 26.4 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 moderate flows of volume into SCBPL (mildly bullish). Trend fore-

casting oscillators are currently bullish on SCBPL. Momentum oscillator is

currently indicating that SCBPL is currently in an overbought condition.

RSI (14-day) 74.21 Total Assets (Rs in mn) 312,874.21

MA (10-day) 7.37 Total Equity (Rs in mn) 44,665.57

MA (100-day) 7.57 Revenue (Rs in mn) 26,653.24

MA (200-day) 7.39 Interest Expense 10,369.33

1st Support 8.90 Profit after Taxation 669.37

2nd Support 8.39 EPS 09 (Rs) 0.17

1st Resistance 9.91 Book value / share (Rs) 11.70

2nd Resistance 10.41 PE 10 E (x) 14.30

Pivot 9.40 PBV (x) 0.80

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

NICL closed up 0.27 at 2.90. Volume was 362 per cent above average

(trending) and Bollinger Bands were 5 per cent narrower than normal.

The company's profit after taxation stood at Rs11.775 million which

translates into an Earning Per Share of Rs0.05 for the half year of cur-

rent fiscal year (1HFY11).

NICL is currently 65.3 per cent above its 200-day moving average and

is displaying an upward trend. Volatility is extremely low when com-

pared to the average volatility over the last 10 trading sessions. Volume

indicators reflect volume flowing into and out of NICL at a relatively

equal pace. Trend forecasting oscillators are currently bullish on NICL.

RSI (14-day) 64.19 Total Assets (Rs in mn) 1,694.64

MA (10-day) 2.55 Total Equity (Rs in mn) 118.91

MA (100-day) 1.83 Revenue (Rs in mn) 1,742.80

MA (200-day) 1.72 Interest Expense 51.71

1st Support 2.65 Profit after Taxation 4.57

2nd Support 2.41 EPS 10 (Rs) 0.021

1st Resistance 3.09 Book value / share (Rs) 0.54

2nd Resistance 3.29 PE 11 E (x) 29.00

Pivot 2.85 PBV (x) 5.39

Nimir Industrial Chemicals Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SBL closed up 0.11 at 1.93. Volume was 11 per cent above average

and Bollinger Bands were 7 per cent wider than normal. The company's

loss after taxation stood at Rs119.594 billion which translates into a

Loss Per Share of Rs0.10 for the year ended CY10.

SBL is currently 5.8 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the aver-

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

volume flowing into and out of SBL at a relatively equal pace. Trend

forecasting oscillators are currently bearish on SBL.

RSI (14-day) 57.41 Total Assets (Rs in mn) 23,734.13

MA (10-day) 1.76 Total Equity (Rs in mn) 7,075.66

MA (100-day) 1.91 Revenue (Rs in mn) 1,878.63

MA (200-day) 2.05 Interest Expense 1,208.86

1st Support 1.85 Loss after Taxation (593.05)

2nd Support 1.72 EPS 09 (Rs) (0.676)

1st Resistance 2.03 Book value / share (Rs) 8.07

2nd Resistance 2.08 PE 10 E (x) -

Pivot 1.90 PBV (x) 0.24

Samba Bank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

JPGL closed down -0.04 at 1.40. Volume was 52 per cent below aver-age (consolidating) and Bollinger Bands were 22 per cent wider thannormal. The company's loss after taxation stood at Rs772.173 millionwhich translates into a Loss Per Share of Rs4.95 for the half year ofcurrent fiscal year (1HFY11).JPGL is currently 18.2 per cent below its 200-day moving average andis displaying a downward trend. Volatility is extremely high when com-pared to the average volatility over the last 10 trading sessions. Volumeindicators reflect volume flowing into and out of JPGL at a relativelyequal pace. Trend forecasting oscillators are currently bearish on JPGL.

RSI (14-day) 41.83 Total Assets (Rs in mn) 7,598.16

MA (10-day) 1.44 Total Equity (Rs in mn) (1,042.83)

MA (100-day) 1.64 Revenue (Rs in mn) 2,731.94

MA (200-day) 1.71 Interest Expense 691.43

1st Support 1.37 Loss after Taxation (452.35)

2nd Support 1.32 EPS 10 (Rs) (2.899)

1st Resistance 1.50 Book value / share (Rs) (6.68)

2nd Resistance 1.58 PE 11 E (x) -

Pivot 1.45 PBV (x) (0.21)

Japan Power Generation Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,496.42 1,502.83 1,476.62 1,492.36 -4.06 -0.27

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

2,200,532 - - 65,194.15 mn 1,120,844.86 mn 1,507.21

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

10.48 3.41 32.54 55.94 5.34 1,480.78

Attock Petroleum XD 691 6.60 367.81 368.50 363.20 365.15 -2.66 23844 401.00 321.00 300 20B115.00 -

Attock Refinery 853 4.92 119.16 121.60 117.50 120.89 1.73 943713 146.90 98.25 - - - -

BYCO Petroleum 3921 - 10.00 10.00 9.76 9.84 -0.16 416008 12.24 8.20 - - - -

Mari Gas Company 735 7.66 110.65 111.00 109.50 110.29 -0.36 16585 141.65 99.46 31 - 23.43 -

National Refinery 800 5.99 289.96 293.80 286.00 288.72 -1.24 65261 335.00 254.00 200 - - -

Oil & Gas Development 43009 10.42 154.49 154.90 151.80 154.04 -0.45 137622 185.00 144.97 55 - 15.00 -

Pak Petroleum XD 11950 7.52 206.03 206.50 204.00 205.69 -0.34 196511 229.80 190.10 90 20B 50.00 -

Pak Oilfields XD 2365 7.31 317.60 319.50 315.50 317.00 -0.60 565453 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 100.01 103.50 98.60 101.43 1.42 75324 122.22 83.00 - - - -

P.S.O XD 1715 4.80 286.34 288.00 282.51 283.80 -2.54 140320 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 26.72 26.99 26.20 26.72 0.00 495 37.45 26.00 - - - -

Shell Pakistan 685 10.57 205.06 207.75 203.10 206.09 1.03 35404 222.00 186.83 120 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

984.23 990.11 971.40 987.14 2.91 0.30

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

6,513,639 - - 47,070.70 mn 134,531.49 mn 990.21

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

6.67 0.58 8.64 16.68 2.50 984.23

(Colony) Thal 56 - 1.50 1.75 1.20 1.20 -0.30 2501 1.75 0.61 - - - -Amtex Limited 2594 - 2.74 2.78 2.66 2.69 -0.05 126384 4.68 2.35 30 - - -Artistic Denim 840 7.36 20.47 20.90 20.00 20.47 0.00 205 24.59 19.20 20 - - -Asim Textile 152 0.25 2.00 2.00 2.00 2.00 0.00 40000 2.50 1.50 - - - -Azam Textile 133 0.42 2.53 2.58 2.57 2.58 0.05 2400 3.00 1.32 7.5 - - -Azgard Nine 4493 - 9.25 9.32 8.90 9.04 -0.21 1781463 12.84 8.05 - - - -Babri Cotton 33 0.20 15.99 15.90 15.26 15.34 -0.65 25310 16.60 8.10 - 15B - -Bannu Woolen XD 76 0.45 16.00 17.00 15.75 16.07 0.07 64285 17.00 12.76 20 - - -Bata (Pak) 76 4.71 535.98 554.90 525.00 542.78 6.80 467 705.00 493.50 280 - - -Bilal Fibres 141 0.72 0.95 1.50 1.10 0.95 0.00 101 2.45 0.95 - - - -Chenab Limited 1150 - 2.50 2.65 2.50 2.62 0.12 18068 3.76 2.05 - - - -Colony Mills Ltd 2442 2.11 2.40 2.50 2.40 2.40 0.00 13501 2.97 2.00 - - - -Crescent Fibres Ltd 124 0.79 14.06 13.11 13.10 13.11 -0.95 2000 16.04 11.26 10 - - -Crescent Jute 238 - 1.00 1.14 0.81 1.00 0.00 34526 1.43 0.32 - - - -Crescent Textile 492 3.17 16.61 17.61 16.40 17.22 0.61 5407 23.99 15.00 15 - - -D M Textile 31 - 3.50 3.60 3.60 3.60 0.10 500 3.60 1.99 - - - -D S Ind Ltd 600 - 1.43 1.65 1.42 1.52 0.09 19821 2.10 1.20 - - - -Dawood Lawrencepur 514 50.46 40.85 42.89 40.50 42.89 2.04 10346 48.29 35.00 5 - - -Dewan Mushtaq Textile 34 0.15 4.00 4.75 4.00 4.25 0.25 9984 8.90 2.90 - - - -Ellcot Spinning 110 0.60 26.47 27.60 26.60 26.75 0.28 4100 27.66 18.90 35 - - -Gadoon Textile XD 234 0.87 89.33 91.00 88.00 88.86 -0.47 1550 91.00 50.50 70 - - -Ghazi Fabrics 326 0.76 6.60 6.10 5.60 5.75 -0.85 1050 7.50 3.01 10 - - -Gul Ahmed Textile 635 2.79 38.38 40.29 38.00 39.77 1.39 6813 40.29 24.50 12.5 - - -Gulistan Spinning 146 0.35 8.90 9.15 8.41 8.51 -0.39 39840 9.23 5.02 10 - - -Gulshan Spinning 222 0.39 10.50 10.78 10.20 10.69 0.19 8325 10.85 6.30 10 20B - -H M Ismail 120 - 0.95 1.00 0.42 1.00 0.05 31600 1.10 0.42 - - - -Hira Textile Mills Ltd. 716 0.93 4.65 4.99 4.51 4.62 -0.03 230916 4.99 3.31 10 - - -Ibrahim Fibres 3105 3.56 48.87 49.50 46.43 49.22 0.35 10016 55.00 37.50 20 - - -Ideal Spinning 99 0.98 9.50 10.50 8.50 9.51 0.01 6645 10.90 4.56 - - - -Idrees Textile 180 2.16 3.94 4.10 3.92 3.93 -0.01 2360 4.10 2.92 10 - - -Ishaq Textile 97 1.54 7.00 7.10 7.10 7.10 0.10 1013 8.70 6.25 8 - - -J K Spinning 184 0.85 6.99 6.99 6.15 6.99 0.00 20010 8.80 5.20 20 5B - -Janana D Mal 48 0.34 15.49 15.75 14.65 15.74 0.25 7201 18.00 13.15 - - - -Khalid Siraj 107 0.23 1.20 1.20 1.20 1.20 0.00 130 1.30 0.25 - - - -Kohat Textile 208 0.38 1.20 1.58 1.20 1.20 0.00 2800 2.50 0.85 - - - -Kohinoor Ind 303 - 1.69 1.73 1.52 1.53 -0.16 1963 2.00 0.75 - - - -Kohinoor Spinning 1300 0.47 1.20 1.30 1.15 1.16 -0.04 10488 1.74 0.30 5 - - -Latif Jute 36 38.27 6.50 6.45 5.60 5.74 -0.76 910 10.99 5.60 - - - -Masood Textile 600 1.90 17.30 17.81 17.25 17.81 0.51 5999 20.74 17.00 15 100R - -Moonlite (PAK) 22 - 15.99 16.50 15.00 15.85 -0.14 1015 17.50 4.50 - - - -Mukhtar Textile 145 - 0.37 0.50 0.31 0.37 0.00 173 0.88 0.13 - - - -Nishat (Chunian) 1614 4.10 26.87 27.19 26.25 26.65 -0.22 1131102 28.13 21.15 15 - - -Nishat Mills 3516 5.64 64.30 64.39 63.30 63.56 -0.74 2208137 71.89 57.20 25 45R - -Olympia Textile 108 - 1.00 1.01 1.00 1.01 0.01 619 2.45 1.00 - - - -Pak Synthetic 560 2.79 16.87 17.85 16.50 17.45 0.58 54843 17.85 8.30 - - - -Paramount Spinning 174 0.73 13.99 14.75 13.25 14.74 0.75 6977 14.75 8.50 10 10B - -Quetta Textile 130 0.78 41.03 43.08 40.10 43.08 2.05 1600 48.48 34.35 20 - - -Ravi Textile 250 - 1.01 1.10 1.00 1.10 0.09 33107 1.98 0.65 - - - -Reliance Weaving 308 0.63 12.48 12.44 12.15 12.15 -0.33 37382 12.99 8.50 25SD - - -Saif Textile 264 0.55 10.97 11.50 10.40 11.17 0.20 3190 11.50 3.90 - - - -Sally Textile 88 0.25 5.70 6.70 5.63 6.70 1.00 147161 6.70 3.63 10 - - -Salman Noman 42 0.99 4.00 4.50 4.49 4.50 0.50 600 6.35 2.99 - 5B - -Samin Textile 267 4.57 6.00 6.50 6.01 6.40 0.40 2968 7.40 4.55 - 100R - -Sana Ind 55 3.10 40.55 41.50 39.50 41.00 0.45 603 49.66 39.05 60 - - -Service Ind 120 6.87 205.80 205.00 199.25 200.74 -5.06 2594 254.45 186.00 - - - -Service Textile 44 0.51 0.40 0.60 0.50 0.53 0.13 5000 0.70 0.40 - - - -Tata Textile 173 0.51 40.00 40.05 40.05 40.05 0.05 1000 44.10 31.52 25 - - -Thal Limited 307 5.58 113.43 114.00 111.00 112.50 -0.93 20481 132.00 100.51 80 20B - -Treet Corp 418 5.87 48.58 48.50 47.62 47.80 -0.78 2413 63.30 44.10 - - - -Yousuf Weaving 400 0.66 1.33 1.48 1.17 1.40 0.07 50204 1.99 1.08 - - - -ZahidJee Textile 341 0.72 4.00 4.00 4.00 4.00 0.00 986 4.88 2.27 - - - -Zahoor Cotton 99 - 0.25 0.30 0.30 0.30 0.05 247500 0.87 0.25 - - - -Zephyr Textile Ltd 594 6.48 3.98 3.90 3.21 3.89 -0.09 1003 4.50 2.56 - - - -Zil Limited 53 4.84 67.00 67.85 64.55 66.25 -0.75 1505 87.90 50.00 35 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,021.48 1,005.58 989.16 998.88 -22.60 -2.21

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

138,625 - - 3,763.71 mn 4,825.89 mn 1,026.27

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

2.05 0.22 10.64 6.27 3.05 998.88

Gauhar Engineering Ltd 22 - 1.00 0.90 0.85 0.85 -0.15 14000 2.35 0.49 - - - -

Pak Elektron 1219 3.27 13.22 13.10 12.81 13.00 -0.22 67026 15.88 12.07 - 10B - -

Singer Pak 341 22.20 20.78 19.78 19.75 19.76 -1.02 1915 24.09 17.55 - - - -

Tariq Glass Ind XR 231 1.84 14.50 14.18 13.75 13.91 -0.59 55684 24.00 13.50 17.5 - - 200R

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,937.77 1,961.56 1,929.91 1,934.19 -3.58 -0.18

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

72,313 - - 11,335.33 mn 280,288.09 mn 1,937.77

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

43.66 13.23 30.30 30.57 0.70 1,894.61

Clover Pakistan 94 - 56.41 59.23 59.09 56.41 0.00 290 78.40 53.59 15 - - -

Colony Sugar Mills 990 8.93 3.70 3.75 2.78 3.57 -0.13 1503 5.70 2.40 - - - -

Crescent Sugar 214 0.65 6.25 6.40 6.40 6.40 0.15 2500 7.15 5.05 - - - -

Dewan Sugar 365 - 3.11 3.12 3.05 3.11 0.00 296 5.59 2.52 - - - -

Habib Sugar 750 8.46 21.40 21.50 21.06 21.31 -0.09 20557 36.50 20.25 25 25B - -

Hussein Sugar 121 2.89 11.00 11.94 10.00 10.04 -0.96 510 12.66 9.40 - - - -

J D W Sugar 539 1.32 74.69 74.50 71.50 74.50 -0.19 664 92.50 68.00 7010B 12.5R - -

Mehran Sugar XD 157 1.68 51.82 52.00 51.00 51.46 -0.36 547 60.65 50.12 35 20B 7.50 -

Mirpurkhas Sugar 84 3.02 48.31 48.00 46.30 48.31 0.00 481 68.22 44.13 15 20B - -

Mirza Sugar 141 - 3.52 3.51 3.50 3.50 -0.02 5262 6.70 2.65 10 - - -

National Foods 414 9.40 54.50 54.34 53.50 53.77 -0.73 862 75.50 43.01 12 - - -

Noon Pakistan 48 6.04 20.98 22.02 21.97 21.99 1.01 1289 27.24 20.02 12 - - -

Noon Sugar 165 1.18 11.40 11.00 11.00 11.00 -0.40 500 14.00 9.00 - - - -

Pangrio Sugar 109 - 3.99 4.00 4.00 4.00 0.01 1187 6.80 3.00 10 - - -

Punjab Oil XD 49 1.88 44.10 45.00 45.00 45.00 0.90 500 47.05 41.80 15 28R 10 10B

Quice Food 107 6.59 3.28 2.90 2.90 2.90 -0.38 500 4.00 2.10 - - - -

S S Oil 57 0.25 4.01 4.13 4.00 4.12 0.11 32500 4.75 2.50 - - - -

Sanghar Sugar 119 2.26 11.93 12.45 11.50 12.32 0.39 530 15.01 11.00 15 - - -

Shakarganj Mills 695 0.34 4.84 4.94 4.60 4.84 0.00 361 7.05 4.10 - - - -

Tandlianwala 1177 22.30 40.90 40.00 39.00 39.92 -0.98 1200 44.06 34.00 - - - -

Wazir Ali 80 - 6.12 6.30 6.11 6.14 0.02 510 8.95 5.90 - - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,104.37 1,113.73 1,095.50 1,105.51 1.14 0.10

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

68,352 - - 6,768.53 mn 41,129.77 mn 1,120.56

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

3.94 1.00 25.35 20.42 5.18 1,104.37

Atlas Battery 101 5.05 191.31 192.00 189.50 190.06 -1.25 3002 205.00 159.10 100 20B - -

Atlas Engineering Ltd 247 21.60 35.75 35.00 35.00 35.00 -0.75 840 43.26 16.00 - - - -

Atlas Honda 626 9.27 132.07 134.00 131.60 133.46 1.39 2900 143.80 107.50 - - - -

Dewan Motors 890 - 1.91 1.98 1.83 1.90 -0.01 20304 2.89 1.50 - - - -

General Tyre 598 4.56 22.81 23.32 23.00 23.00 0.19 5001 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 3.54 3.57 3.41 3.45 -0.09 6202 5.36 3.05 - - - -

Honda Atlas Cars 1428 - 10.01 10.88 10.00 10.02 0.01 7015 12.87 9.52 - - - -

Indus Motors 786 9.83 226.51 227.00 224.06 227.00 0.49 19080 309.73 218.00 150 - 50.00 -

Pak Suzuki 823 11.20 61.21 62.00 60.50 61.04 -0.17 3520 74.80 60.00 5 - - -

Sazgar EngineeringSPOT 150 4.25 23.56 23.56 23.40 23.56 0.00 360 24.00 18.80 10 20B 10.00 -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,602.53 1,604.24 1,589.86 1,599.17 -3.36 -0.21

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

48,157 - - 1,336.62 mn 32,824.23 mn 1,612.03

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.21 3.12 38.02 131.49 16.01 1,570.25

AL-Ghazi Tractor 215 5.14 227.04 231.98 227.00 228.46 1.42 948 244.95 215.00 400 - - -

Dewan Auto Engineering 214 - 1.10 1.35 1.08 1.29 0.19 16109 2.40 0.74 - - - -

Ghandhara Ind 213 8.29 9.25 9.50 8.95 9.45 0.20 23101 13.50 8.25 - - - -

KSB Pumps 132 6.69 54.88 56.00 54.05 55.87 0.99 1211 70.00 54.05 - - - -

Millat Tractors 366 8.04 523.69 524.00 520.07 521.91 -1.78 6675 568.40 466.27 650 25B325.00 -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

919.39 933.63 913.07 921.09 1.69 0.18

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

556,738 - - 3,043.31 mn 35,357.28 mn 924.04

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

1.81 0.80 43.91 15.55 8.59 917.18

Cherat Papersack XR 115 2.34 51.90 51.50 50.01 51.00 -0.90 8729 81.49 47.80 20 25B - 50R

ECOPACK Ltd 230 - 2.39 2.68 2.05 2.07 -0.32 43860 3.30 2.04 - - - -

Ghani Glass 1067 5.27 51.00 51.45 50.36 50.70 -0.30 2591 56.45 45.30 25 10B - -

MACPAC Films 389 2.16 7.15 8.15 7.49 7.96 0.81 418738 8.15 2.50 - - - -

Merit Pack 47 16.18 29.85 29.80 28.36 29.13 -0.72 18625 33.80 21.50 - - - -

Packages Ltd 844 - 113.75 115.79 113.00 113.17 -0.58 478 143.00 103.52 32.5 - - -

Tri-Pack FilmsSPOT 300 8.71 138.27 144.80 137.70 143.57 5.30 63717 144.80 111.25 100 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

874.63 881.74 849.30 863.52 -11.11 -1.27

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

1,296,422 - - 54,792.74 mn 62,594.32 mn 874.63

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

6.75 0.48 7.10 19.04 2.82 825.09

Al-Abbas Cement 1828 - 2.61 2.70 2.53 2.59 -0.02 4211 3.98 2.15 - 100R - -

Attock Cement 866 6.41 50.69 51.30 49.11 50.64 -0.05 21861 63.90 48.50 50 - - -

Berger Paints 182 - 16.49 16.88 15.99 15.71 -0.78 899 24.16 14.72 - 122R - -

Bestway Cement 3257 - 11.68 12.65 10.68 11.67 -0.01 600 23.90 10.68 - - - -

Buxly Paints 14 - 9.00 9.60 8.00 9.00 0.00 104 15.50 7.52 - - - -

Cherat Cement 956 39.83 9.56 10.24 9.26 9.56 0.00 141 11.60 8.00 - - - -

Dadabhoy Cement 982 12.69 1.63 1.90 1.65 1.65 0.02 2501 2.15 1.50 - - - -

Dewan Cement 3891 - 1.88 1.93 1.77 1.77 -0.11 36066 3.10 1.50 - - - -

DG Khan Cement Ltd 3651 10.68 24.85 24.92 24.41 24.67 -0.18 370929 32.30 21.20 - 20R - 20R

EMCO Ind 350 - 2.10 2.30 1.90 1.90 -0.20 14603 4.00 1.70 - - - -

Fauji Cement 6933 5.96 4.37 4.40 4.28 4.29 -0.08 111304 5.55 3.97 - - - 92R

Flying Cement Ltd 1760 - 1.54 1.73 1.41 1.46 -0.08 8189 2.25 1.30 - - - -

Gharibwal Cement 4003 - 8.14 7.79 7.21 7.52 -0.62 1119 9.19 4.70 - - - -

Haydery Const 32 - 0.50 0.57 0.50 0.50 0.00 3097 0.99 0.25 - - - -

Javedan Cement 581 - 59.70 58.99 56.75 59.70 0.00 268 64.52 56.05 - - - -

Kohat Cement 1288 - 5.82 5.75 5.52 5.70 -0.12 1010 7.40 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 2.97 2.98 2.90 2.92 -0.05 58402 3.88 2.65 - - - -

Lucky Cement 3234 6.06 68.32 68.85 66.75 67.40 -0.92 514643 78.44 59.55 40 - - -

Maple Leaf Cement 5261 - 2.30 2.32 2.15 2.23 -0.07 141223 3.30 1.92 - - - -

Pioneer Cement 2271 - 5.94 6.00 5.61 5.75 -0.19 1006 7.65 5.17 - - - -

Safe Mix Concrete 200 - 6.41 7.25 6.00 6.41 0.00 202 7.95 5.75 - - - -

Shabbir Tiles 361 - 7.42 6.75 6.73 7.42 0.00 141 9.40 5.13 - - - -

Thatta Cement 798 943.50 19.02 18.89 18.10 18.87 -0.15 4100 19.19 16.20 - 50R - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,024.39 1,039.81 1,005.21 1,029.31 4.92 0.48

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

76,032 - - 3,596.11 mn 9,777.32 mn 1,029.31

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

3.36 1.11 33.10 30.91 9.20 1,008.05

Crescent Steel XD 565 2.79 26.99 27.20 25.67 26.64 -0.35 11727 31.00 24.50 30 - 10.00 -

Dost Steels Ltd 675 - 2.05 2.10 2.01 2.07 0.02 8900 3.18 1.80 - - - -

Huffaz PipeSPOT 555 485.00 14.49 14.90 14.46 14.55 0.06 13863 16.51 13.00 - - 15.00 -

International Ind 1199 18.81 50.95 52.10 50.70 51.73 0.78 39342 62.20 45.81 55 20B - -

Siddiqsons Tin 785 40.91 9.00 9.05 9.00 9.00 0.00 2150 10.70 8.51 7.5 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,004.70 1,021.78 989.52 1,018.48 13.78 1.37

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

8,471 - - 1,186.83 mn 2,809.55 mn 1,020.00

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.09 0.38 7.47 25.28 4.96 974.98

Century Paper 707 - 14.80 15.19 14.84 15.17 0.37 4001 19.69 14.50 - - - -

Pak Paper Product 50 8.82 37.00 38.85 36.10 38.27 1.27 530 48.90 35.17 2533.33B - -

Security Paper 411 6.68 37.24 37.50 36.26 37.38 0.14 3940 47.70 34.00 50 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,698.03 1,704.34 1,677.89 1,690.10 -7.93 -0.47

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

16,717,245 - - 52,251.88 mn 364,879.16 mn 1,698.03

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

9.50 3.32 35.00 48.81 5.14 1,616.52

Bawany Air 75 6.77 7.21 8.00 6.41 7.18 -0.03 933 10.15 6.11 5 10R - -

BOC (Pak) 250 9.23 89.36 90.00 88.50 89.89 0.53 7358 103.94 82.00 60 - - -

Clariant Pak 273 7.02 196.21 196.48 195.00 196.07 -0.14 35675 213.30 155.26 135 25B - -

Dawood Hercules 1203 14.10 252.99 253.99 250.00 251.75 -1.24 87001 262.99 172.00 50 300B - -

Descon Chemical 1996 - 2.76 2.95 2.77 2.85 0.09 145620 3.74 2.34 - - - -

Descon Oxychem Ltd. 1020 9.62 6.99 7.44 6.90 7.31 0.32 1353352 9.25 6.00 - - - -

Dewan Salman 3663 - 2.83 2.89 2.77 2.80 -0.03 538859 4.24 2.26 - - - -

Dynea Pak 94 5.82 10.83 10.94 10.50 10.83 0.00 429 11.98 10.06 15 - - -

Engro Corporation Ltd 3277 12.43 225.61 227.10 224.00 226.25 0.64 1080839 231.37 184.71 60 20B - -

Engro Polymer 6635 - 12.46 12.43 12.15 12.16 -0.30 68422 15.87 11.75 - - - -

Fatima Fertilizer 22000 - 11.89 12.03 11.75 11.91 0.02 377697 12.64 9.16 - - - -

Fauji FertilizerXDXB 8482 7.76 127.55 127.50 125.70 126.17 -1.38 699656 157.90 108.00 130 25B - -

Fauji Fert.Bin QasimSPOT 9341 8.07 43.11 43.15 42.60 42.77 -0.34 1336369 43.99 34.60 65.5 - - -

Ghani Gases Ltd 725 9.65 11.04 11.35 10.65 11.00 -0.04 31636 13.07 10.43 - - - -

ICI Pakistan 1388 8.94 157.09 158.00 155.70 156.37 -0.72 89618 163.99 138.00 175 - - -

Ittehad Chemical 360 6.26 28.49 28.90 27.07 28.40 -0.09 2800 36.00 23.07 5 - 5 -

Leiner Gelatine 75 - 14.60 15.60 15.47 15.47 0.87 301 19.25 9.15 - - - -

Lotte Pakistan 15142 5.73 15.57 15.75 15.36 15.59 0.02 3376827 16.80 13.03 5 - - -

Mandviwala 74 - 1.26 1.40 1.10 1.13 -0.13 76347 2.45 0.57 - - - -

Nimir Ind Chemical 1106 29.00 2.63 3.05 2.61 2.90 0.27 7856037 3.17 1.62 - - - -

Shaffi Chemical 120 - 2.23 2.23 1.66 2.23 0.00 304 3.10 1.55 - - - -

Sitara Chem Ind 214 8.80 100.94 104.90 100.00 104.40 3.46 6265 131.90 90.78 25 5B - -

Sitara Peroxide 551 5.49 12.80 12.90 12.66 12.73 -0.07 60487 14.54 11.81 - - - -

Wah-Noble 90 5.54 36.70 36.64 35.52 36.00 -0.70 7702 41.99 34.75 50 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

869.86 901.20 883.29 890.37 20.50 2.36

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

170,690 - - 3,904.20 mn 29,522.99 mn 890.37

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

6.38 1.42 22.31 44.54 6.98 835.96

Abbott (Lab) 979 6.94 82.87 85.00 82.80 83.41 0.54 6505 112.50 78.59 50 - - -

Ferozsons (Lab) 250 6.14 90.00 91.00 89.00 90.93 0.93 608 98.00 83.50 - 20B 12.50 -

GlaxoSmithKline 1707 15.49 74.94 78.68 78.60 78.68 3.74 33704 89.98 68.00 40 15B - -

Highnoon (Lab) 165 7.06 25.56 26.48 25.25 25.50 -0.06 3086 30.48 24.50 - - - -

IBL HealthCare Ltd 200 4.13 10.50 10.70 10.26 10.50 0.00 3294 11.00 7.16 - - - -

Searle Pak 306 5.52 62.56 65.00 62.00 63.13 0.57 123487 69.00 58.50 30 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

684.09 692.10 680.08 683.34 -0.75 -0.11

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

5,044 - - 3,242.17 mn 11,719.36 mn 695.46

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.13 1.31 25.53 11.08 2.16 683.34

Pak Int Cont.Terminal 1092 6.49 67.51 68.35 67.50 67.50 -0.01 411 75.72 63.00 40 - - -

PNSC 1321 8.74 31.64 31.95 30.70 31.48 -0.16 4633 39.45 30.70 15 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

BOOK CLOSURES

Crescent Steel 09-Mar 15-Mar 10(I) 01-Mar -Allied Bank Ltd. 10-Mar 16-Mar (F),10(B) 02-Mar20 16-MarTri-Pack Films 10-Mar 18-Mar 100(F) 02-Mar 18-MarKot Addu Power 11-Mar 18-Mar 30(I) 03-Mar -Shahtaj Sugar Mills # 11-Mar - - - 22-Mar Biafo Industries 12-Mar 18-Mar 15(Ii) 04-Mar -Sazgar Engg. Works 13-Mar 19-Mar 10(I) 04-Mar -Sazgar Engg. Works # 13-Mar 19-Mar - - 19-Mar Atlas Honda # 14-Mar 21-Mar - - 21-Mar Punjab Oil Mills # 14-Mar 21-Mar 10(I),10(B) - 02-AprFauji Fertiliser Bin Qasim 15-Mar 21-Mar 35(F) 07-Mar 21-MarHuffaz Seamless Pipe Ind. 15-Mar 22-Mar 15(I) - -Indus Dye & Manufac Co # 16-Mar 22-Mar - - 24-Mar Fauji Cement # 16-Mar 22-Mar - - 22-Mar Al-Noor Sugar Mills # 16-Mar 26-Mar - - 25-Mar Indus Motor 16-Mar 25-Mar 50(I) 08-Mar -Habib Bank 16-Mar 29-Mar - - 29-MarUnited Bank (Unconsolidated) 16-Mar 29-Mar 40(F) 08-Mar 29-MarAl-Ghazi Tractors 16-Mar 24-Mar 250(F) 08-Mar 24-MarEngro Corp (Consolidated) 17-Mar 31-Mar 20(F),20(B) 09-Mar 31-MarNishat Mills (Unconsolidated) # 17-Mar 31-Mar - - 31-Mar Clarient Pakistan 18-Mar 25-Mar 135,25(B) 10-Mar 25-MarHub Power (Unconsolidated) 18-Mar 25-Mar 25(I) 10-Mar -

INDICATIONS

# Extraordinary General Meeting

Company From To D/B/R Spot AGM/Date

OTHER SECTORS

Johnson & Philips 10.55 11.4 11.39 10.55 0 101TRG Pakistan Ltd. 3.18 3.19 3.08 3.1 -0.08 640020Murree Brewery Co. 95 97 93.65 95.01 0.01 1041Shezan International 153.03 160.68 152 153.03 0 109Grays of Cambridge 48 47.95 47.95 48 0 150Media Times LtdXR 15.8 16.8 14.8 16.1 0.3 19021P.I.A.C.(A) 2.68 2.68 2.63 2.63 -0.05 44000AKD Capital Limited 41.51 40.05 40 40 -1.51 1500Pace (Pak) Ltd. 2.83 2.99 2.8 2.82 -0.01 309026Netsol Technologies 22.91 22.93 22.5 22.63 -0.28 173645Pak Telephone 1.85 1.99 1.65 1.9 0.05 1701

Symbols Open High Low Close Change Vol

Wednesday, March 9, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -34.54 points at 11,940.01. Volume

was 71 per cent below average (consolidating) and Bollinger Bands

were 40 per cent wider than normal. As far as resistance level is con-

cern, the market will see major 1st resistance level at 12,005.90 and

2nd resistance level at 12,071.85, while Index will continue to find its

1st support level at 11,869.10 and 2nd support level at 11,798.20.

KSE 100 INDEX is currently 11.3 per cent above 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

INDEX at a relatively equal pace. Trend forecasting oscillators are

currently bearish on INDEX.

RSI (14-day) 51.00 Support 1 11,869.10

MA (5-day) 11,875.15 Support 2 11,798.20

MA (10-day) 11,655.96 Resistance 1 12,005.90

MA (100-day) 11,594.38 Resistance 2 12,071.85

MA (200-day) 10,733.14 Pivot 11,935.00

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -0.33 at 78.83. Volume was 32 per cent below average

and Bollinger Bands were 110 per cent wider than normal.

NBP is currently 15.1 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely high when compared to

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

reflect volume flowing into and out of NBP at a relatively equal pace. Trend

forecasting oscillators are currently bullish on NBP.

*Invest Cap 52.4 Sell

AKD Securities Ltd 75.5 Reduce

TFD Research 92.3 Positive

RSI (14-day) 60.50 Free Float Shares (mn) 318.50

MA (10-day) 73.79 Free Float Rs (mn) 25,107.19

MA (100-day) 71.63 ** NOI Rs (mn) 128.27

MA (200-day) 68.50 Mean 78.90

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.74 at 63.56. Volume was 52 per cent below average

(consolidating) and Bollinger Bands were 4 per cent wider than normal.

NML is currently 18.9 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the average

volatility over the last 10 trading sessions. Volume indicators reflect volume

flowing into and out of NML at a relatively equal pace. Trend forecasting

oscillators are currently bearish on NML.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate

TFD Research 78.6 Positive

RSI (14-day) 50.10 Free Float Shares (mn) 175.80

MA (10-day) 62.20 Free Float Rs (mn) 11,173.84

MA (100-day) 60.61 ** NOI Rs (mn) 56.54

MA (200-day) 53.47 Mean 63.89

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.34 at 42.77. Volume was 78 per cent below average

(consolidating) and Bollinger Bands were 11 per cent narrower than normal.

FFBL is currently 32.9 per cent above 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 indica-

tors reflect volume flowing into and out of FFBL at a relatively equal pace.

Trend forecasting oscillators are currently bearish on FFBL.

*Invest Cap 39 Hold

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 64.25 Free Float Shares (mn) 326.94

MA (10-day) 41.07 Free Float Rs (mn) 13,983.16

MA (100-day) 36.65 ** NOI Rs (mn) 33.77

MA (200-day) 32.18 Mean 42.91

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed up 0.64 at 226.25. Volume was 54 per cent below average

(consolidating) and Bollinger Bands were 45 per cent wider than normal.

ENGRO is currently 20.5 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 indica-

tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend

forecasting oscillators are currently bullish on ENGRO.

*Invest Cap 210 Hold

AKD Securities Ltd 229.9 Neutral

TFD Research 245.4 Neutral

RSI (14-day) 63.92 Free Float Shares (mn) 147.48

MA (10-day) 215.46 Free Float Rs (mn) 33,367.70

MA (100-day) 196.80 ** NOI Rs (mn) 127.41

MA (200-day) 187.91 Mean 225.74

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

Technical Analysis Leverage Position

MCB Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

MCB closed up 0.94 at 222.57. Volume was 32 per cent below average

and Bollinger Bands were 14 per cent wider than normal.

MCB is currently 8.7 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the average

volatility over the last 10 trading sessions. Volume indicators reflect volume

flowing into and out of MCB at a relatively equal pace. Trend forecasting

oscillators are currently bearish on MCB.

AKD Securities Ltd 214.57 Neutral

TFD Research 218.18 Neutral

RSI (14-day) 56.99 Free Float Shares (mn) 304.09

MA (10-day) 211.61 Free Float Rs (mn) 67,680.42

MA (100-day) 215.89 ** NOI Rs (mn) 101.34

MA (200-day) 204.69 Mean 221.68

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed down -1.38 at 126.17. Volume was 66 per cent below average

(consolidating) and Bollinger Bands were 223 per cent wider than normal.

FFC is currently 9.1 per cent above its 200-day moving average and is dis-

playing a downward trend. Volatility is high as compared to the average

volatility over the last 10 trading sessions. Volume indicators reflect volume

flowing into and out of FFC at a relatively equal pace. Trend forecasting

oscillators are currently bearish on FFC.

*Invest Cap 149 Hold

AKD Securities Ltd 120.7 Neutral

TFD Research 129.4 Neutral

RSI (14-day) 43.49 Free Float Shares (mn) 466.49

MA (10-day) 118.32 Free Float Rs (mn) 58,856.71

MA (100-day) 125.02 ** NOI Rs (mn) 49.47

MA (200-day) 115.61 Mean 126.73

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed down -0.18 at 9.41. Volume was 77 per cent below average

(consolidating) and Bollinger Bands were 90 per cent wider than normal.

BAFL is currently 2.0 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 indica-

tors reflect moderate flows of volume out of BAFL (mildly bearish). Trend

forecasting oscillators are currently bearish on BAFL.

*Invest Cap 11.55 Hold

AKD Securities Ltd 11.5 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 34.76 Free Float Shares (mn) 674.58

MA (10-day) 9.61 Free Float Rs (mn) 6,347.78

MA (100-day) 10.33 ** NOI Rs (mn) N/A

MA (200-day) 9.60 Mean 9.52

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,458.75 1,459.17 1,413.53 1,438.31 -20.44 -1.40

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

677,258 - - 29,771.58 mn 18,488.38 mn 1,474.14

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

20.30 0.45 2.21 104.74 8.02 1,417.82

AL-Meezan Mutual F. 1375 3.96 9.95 9.99 9.65 9.82 -0.13 2150 11.50 7.50 18.5 - 5.00 -

AL-Noor Modaraba 210 1.92 3.45 3.30 3.30 3.30 -0.15 700 3.50 2.76 5 - - -

Atlas Fund of Funds 525 1.60 6.50 6.00 6.00 6.00 -0.50 5000 6.97 3.84 2.2 - - -

B R R Guardian Mod. 780 1.63 1.45 1.70 1.49 1.50 0.05 175458 2.79 1.12 0 - - -

Constellation Modaraba 65 1.57 1.21 1.35 1.16 1.16 -0.05 505 1.99 0.90 - - - -

Crescent St Modaraba 200 1.27 0.56 0.68 0.40 0.56 0.00 413 0.87 0.35 1.2 - - -

Equity Modaraba 524 1.10 1.75 1.84 1.79 1.80 0.05 16010 2.98 1.30 - - - -

First Dawood Mutual F. 581 0.68 2.09 2.30 1.85 1.99 -0.10 21006 2.57 1.61 - - - -

Golden Arrow 760 1.51 3.25 3.29 3.22 3.29 0.04 30585 3.89 2.92 17 - - -

H B L Modaraba 397 3.44 7.00 7.20 7.00 7.02 0.02 5499 9.00 6.60 11 - - -

Habib Modaraba 1008 6.16 7.15 7.15 7.01 7.15 0.00 11307 7.30 6.50 21 - - -

JS Growth Fund 3180 2.31 6.08 6.00 5.86 6.00 -0.08 62500 6.43 4.61 5 - - -

JS Value Fund 1186 1.28 5.49 5.78 5.30 5.33 -0.16 6142 6.61 4.15 10 - - -

Meezan Balanced Fund 1200 2.53 8.82 8.97 8.53 8.82 0.00 300 10.24 6.35 15.5 - - -

Mod Al-Mali 184 11.50 1.20 1.50 1.15 1.15 -0.05 2477 2.50 1.15 - - - -

NAMCO Balanced Fund 1000 2.03 4.20 4.40 4.26 4.39 0.19 1090 4.73 2.92 15 - - -

PICIC Energy Fund XD 1000 2.98 7.39 7.65 7.10 7.21 -0.18 66551 8.83 6.21 10 - 10.00 -

PICIC Growth Fund XD 2835 3.66 12.65 12.65 12.11 12.23 -0.42 155720 16.49 11.00 20 - 12.50 -

PICIC Inv Fund XD 2841 2.95 5.72 5.55 5.42 5.43 -0.29 104859 7.95 5.42 10 - 7.50 -

Prud Modaraba 1st 872 1.92 1.00 1.10 1.10 1.00 0.00 5002 1.20 0.90 3 - - -

Safeway Mutual Fund 545 1.34 6.02 7.00 7.00 7.00 0.98 500 9.00 5.01 18.2 - - -

Stand Chart Modaraba 454 4.90 9.90 9.61 9.60 9.60 -0.30 2100 10.63 8.62 17 - - -

Trust Modaraba 298 2.37 1.99 2.26 1.66 1.99 0.00 1221 2.49 1.16 5 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

349.92 357.26 338.35 341.93 -7.99 -2.28

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

1,943,544 - - 30,336.44 mn 16,265.82 mn 361.58

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

11.49 0.23 0.91 99.56 4.00 341.31

AMZ Ventures 225 1.38 0.75 0.80 0.63 0.66 -0.09 155941 0.95 0.33 - - - -

Arif Habib Investments 360 3.91 23.27 23.88 22.90 23.00 -0.27 2412 24.85 16.80 - 20B - -

Arif Habib Limited 450 16.59 20.45 20.48 19.72 20.24 -0.21 24349 28.00 18.31 - 20B - -

Arif Habib Corp 3750 4.14 21.67 21.67 21.10 21.21 -0.46 1283750 30.20 18.75 30 - - -

Dawood Equities 250 506.67 1.60 1.89 1.52 1.52 -0.08 1999 2.75 1.06 - - - -

First Credit & Invest Bank Ltd 650 - 3.00 3.45 3.45 3.45 0.45 10000 4.00 2.15 - - - -

Grays Leasing 215 - 3.00 2.05 2.00 2.01 -0.99 1735 3.50 0.43 - - - -

IGI Investment Bank 2121 9.23 2.01 2.19 2.02 2.03 0.02 2292 3.90 1.90 - - - -

Invest and Fin Sec 600 4.89 6.06 6.44 6.10 6.06 0.00 192 8.98 5.65 11.5 - - -

Invest Bank 2849 - 0.68 0.69 0.50 0.51 -0.17 62067 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.19 3.24 3.05 3.08 -0.11 122833 3.95 2.95 - 10B - -

Ist Dawood Bank 626 0.87 1.52 1.69 1.64 1.65 0.13 5001 1.99 1.05 - - - -

Jah Siddiq Co 7633 - 9.32 9.41 8.95 9.04 -0.28 1313372 12.80 8.01 10 - - -

JOV and CO 508 837.50 3.40 3.59 3.30 3.35 -0.05 79061 4.49 2.58 - - - -

JS Global Cap 500 6.95 24.18 24.93 24.40 24.18 0.00 157 31.50 20.80 - - - -

JS Investment 1000 - 5.72 5.80 5.55 5.55 -0.17 78257 7.40 5.10 - - - -

KASB Securities 1000 - 4.50 4.69 4.26 4.68 0.18 5201 5.43 3.75 - - - -

Orix Leasing 821 4.17 5.92 6.00 5.85 6.00 0.08 3648 7.19 5.25 - - - -

Pervez Ahmed Sec 775 3.75 1.86 1.94 1.80 1.80 -0.06 84865 2.50 1.21 - - - -

Stand Chart Leasing 978 3.51 2.60 2.90 2.45 2.60 0.00 134 3.00 1.67 - - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

736.75 757.15 711.44 729.58 -7.17 -0.97

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

13,816 - - 2,290.72 mn 8,615.68 mn 736.75

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.37 3.13 3.85 355.53 4.37 686.65

EFU Life Assurance 850 32.95 59.05 60.99 57.11 58.00 -1.05 9686 81.50 51.31 - - - -

New Jub Life Insurance 627 19.33 44.99 45.40 43.50 45.24 0.25 4127 49.31 39.05 15 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,138.18 1,146.35 1,120.86 1,135.41 -2.77 -0.24

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

15,403,035 - - 257,548.02 mn 696,980.30 mn 1,138.18

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.19 1.14 13.94 40.49 4.94 1,101.63

Allied Bank Ltd.SPOT 7821 6.32 67.80 67.80 66.80 67.04 -0.76 59711 74.00 61.05 40 10B - -

Askari Bank 6427 6.71 14.31 14.28 13.94 14.10 -0.21 203678 19.25 12.55 - 10B - -

Bank Alfalah 13492 6.97 9.59 9.70 9.38 9.41 -0.18 652326 11.99 8.75 - - - -

Bank AL-HabibXDXB 8786 5.72 28.13 28.25 27.90 28.13 0.00 58103 39.49 27.22 20 20B - -

Bank Of Khyber 5004 3.76 4.15 4.45 4.15 4.25 0.10 26688 4.68 3.75 - - - -

Bank Of Punjab 5288 - 7.21 7.25 7.04 7.09 -0.12 867415 10.31 6.40 - - - -

BankIslami Pak 5280 39.44 3.66 3.75 3.35 3.55 -0.11 177054 4.50 3.00 - - - -

Faysal Bank 7327 4.38 13.68 13.90 13.40 13.57 -0.11 59967 16.47 10.69 - 20B - -

Habib Bank Ltd 10019 7.91 127.15 128.25 125.80 126.59 -0.56 67467 131.00 114.00 65 10B - -

Habib Metropolitan Bank 8732 7.26 23.62 23.87 23.50 23.75 0.13 35808 29.28 22.50 - 20B - -

JS Bank Ltd 8150 - 3.10 3.15 2.87 3.10 0.00 6919402 3.16 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.59 1.65 1.53 1.60 0.01 134248 2.80 1.40 - - - -

MCB Bank Ltd 7602 10.03 221.63 223.40 219.11 222.57 0.94 753501 250.48 195.55 85 10B - -

Meezan Bank 6983 7.85 18.78 19.00 18.51 18.52 -0.26 8634 20.30 15.30 - 15B - -

Mybank Ltd 5304 - 2.21 2.21 2.11 2.14 -0.07 117700 3.40 2.00 - - - -

National Bank 13455 6.88 79.16 79.30 78.30 78.83 -0.33 3295843 81.78 66.01 75 25B - -

NIB Bank 40437 - 2.19 2.25 2.16 2.17 -0.02 578414 3.35 1.90 -154.79R - -

Samba Bank 14335 - 1.82 1.95 1.77 1.93 0.11 220777 2.17 1.50 -63.46R - -

Silkbank Ltd 26716 - 2.37 2.40 2.23 2.30 -0.07 255407 3.05 2.06 - - - -

Soneri Bank 6023 30.95 6.49 6.59 6.20 6.50 0.01 38915 8.48 5.00 - - - -

Stand Chart Bank 38716 9.83 8.90 9.90 8.89 9.34 0.44 438925 9.90 6.28 6 - - -

Summit Bank Ltd 7251 - 2.95 3.10 2.90 2.95 0.00 38159 4.63 2.85 - - - -

United Bank Ltd 12242 7.61 66.04 65.55 64.10 64.75 -1.29 433042 70.65 56.89 50 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

751.94 759.05 738.65 745.42 -6.52 -0.87

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

633,532 - - 11,111.34 mn 47,012.23 mn 756.56

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

11.96 0.62 5.20 79.54 6.65 724.37

Adamjee Insurance 1237 23.18 80.61 80.80 79.25 79.98 -0.63 148023 96.40 71.55 10 - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,469.74 1,497.89 1,444.46 1,468.02 -1.72 -0.12

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

1,356,503 - - 12,202.80 mn 32,735.28 mn 1,469.74

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

9.46 1.08 11.41 66.79 7.06 1,419.40

Sui North Gas 5491 12.48 21.00 21.35 20.71 21.22 0.22 119564 29.39 19.71 20 - - -Sui South Gas 8390 3.78 25.41 25.95 24.90 25.13 -0.28 1236939 27.90 19.95 15 25B - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,338.48 1,340.72 1,321.01 1,333.15 -5.33 -0.40

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

2,000,220 - - 95,369.29 mn 108,803.94 mn 1,353.66

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

14.74 1.38 9.35 104.13 7.06 1,316.04

Altern Energy 3426 2.90 9.98 9.00 9.00 9.00 -0.98 1192 11.45 9.00 - - - -Genertech 198 - 0.69 0.80 0.70 0.73 0.04 8189 1.18 0.56 - - - -Hub Power 11572 7.21 39.60 39.50 39.12 39.38 -0.22 58281 41.20 35.90 50 - 25.00 -Japan Power 1560 - 1.44 1.53 1.40 1.40 -0.04 207013 2.10 1.25 - - - -KESC 7932 - 2.62 2.76 2.61 2.68 0.06 586518 3.55 2.31 - 7.8R - -Kohinoor Energy XD 1695 7.60 16.50 17.50 17.00 17.49 0.99 2364 22.85 16.00 15 - 10.00 -Kohinoor Power 126 2.85 3.56 3.99 3.65 3.65 0.09 1001 5.39 3.50 - - - -Kot Addu PowerSPOT 8803 5.70 44.37 44.55 43.92 44.42 0.05 131390 45.85 39.80 50 - 30.00 -Nishat Chunian Power Ltd 3673 2.97 15.15 15.23 14.68 14.78 -0.37 436155 18.01 14.05 - - - -Nishat Power Ltd 3541 2.32 15.87 15.90 15.65 15.86 -0.01 495408 18.70 14.85 - - - -Sitara Energy Ltd 191 5.09 17.00 16.70 16.50 16.68 -0.32 1900 19.25 16.40 20 - - -Southern Electric 1367 - 1.60 1.64 1.59 1.62 0.02 70801 2.80 1.41 - - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,047.17 1,051.96 1,037.58 1,044.47 -2.69 -0.26

Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

801,655 - - 50,077.79 mn 72,173.85 mn 1,066.41

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.69 0.73 12.84 62.56 11.00 1,044.47

Pak Datacom 78 5.44 49.31 51.00 49.75 50.01 0.70 1360 82.39 48.91 80 - 15.00 -Pakistan Telecomm Co A 37740 11.85 17.81 17.84 17.68 17.78 -0.03 300049 20.65 17.25 17.5 - - -Telecard 3000 1.33 2.05 2.07 2.02 2.02 -0.03 104583 2.67 1.60 1 - - -WorldCall Tele 8606 - 2.59 2.68 2.50 2.56 -0.03 395663 3.45 2.15 - - - -Wateen Telecom Ltd 6175 - 3.08 3.10 3.00 3.03 -0.05 40777 4.65 2.80 - - - -

Paid up Last 60 days 2010 2011

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

(%) (%) (%) (%)

Atlas Insurance 369 6.24 41.16 41.80 40.53 41.00 -0.16 6817 42.90 35.47 - 20B - -

Century Insurance 457 6.03 9.69 10.40 9.46 9.64 -0.05 10001 11.99 8.90 - - - -

Crescent Star Insurance 121 - 4.24 4.29 4.29 4.24 0.00 200 6.30 3.11 - - - -

EFU General Insurance 1250 - 37.63 38.90 36.45 36.49 -1.14 21694 45.40 32.25 - - - -

Habib Insurance 400 3.12 13.10 13.50 13.10 13.10 0.00 13467 15.50 11.72 - - - -

IGI Insurance 718 8.22 96.76 96.95 94.05 95.69 -1.07 564 102.44 86.51 30 55B - -

New Jub Insurance 791 10.63 60.06 60.50 60.50 60.50 0.44 2500 61.80 56.00 35 25B - -

Pak Reinsurance 3000 42.95 16.89 16.95 16.51 16.75 -0.14 395069 19.40 13.80 - - - -

PICIC Ins Ltd 350 75.71 10.17 10.60 9.60 10.60 0.43 16315 11.00 6.15 - - - -

Premier Insurance 303 5.95 11.49 11.50 11.00 11.00 -0.49 2527 12.93 10.10 - - - -

Reliance Insurance XB 252 4.58 6.80 7.47 6.89 7.46 0.66 3800 7.47 6.20 - - - -

United Insurance XB 400 2.30 6.01 7.01 6.90 7.00 0.99 12450 7.80 5.41 - - - -

UP TO 100 VOLUME

PKGI 7.98 7.12 7.12 7.98 0 100

DINT 33.41 33.5 33.5 33.41 0 100

STML 23 23 23 23 0 100

ADOS 11 11 11 11 0 100

BWHL 35.59 36.99 36.99 35.59 0 100

GVGL 23.5 24.67 22.38 23.5 0 74

GUTM 19.35 20.35 18.6 19.35 0 70

NESTLE 3414.65 3549.5 3400 3402.73 -11.92 68

FECS 36.91 35.29 35.11 36.91 0 62

FECM 2.75 2.99 2.99 2.75 0 56

PCAL 54 54.5 54.1 54 0 55

FPJM 1.24 1.5 1.03 1.24 0 53

SASML 7.9667 6.97 6.97 7.97 0.0033 50

MSCL 12.85 11.85 11.85 12.85 0 50

IDYM 273.91 272 260.22 272 -1.91 44

AGL 23.5 23.34 22.41 23.5 0 26

POAF 9.75 8.8 8.8 9.75 0 25

TICL 59.2 60 60 59.2 0 25

TSBL 4.9 5.49 5.49 4.9 0 22

EXIDE 183.55 187.45 183.01 183.55 0 21

LMSM 1.5 1.3 1.3 1.5 0 20

FRSM 18.9033 19.1 19.1 18.9 -0.0033 20

SRSM 3.81 4.35 3.5 3.81 0 13

TSMF 0.81 1.28 1.24 0.81 0 12

PMRS 36.05 37.2 34.35 36.05 0 12

ISIL 82.13 86 78.19 82.13 0 11

FFLM 1.5 1.7 1.7 1.5 0 10

NMBL 1.41 1.9 1.9 1.41 0 10

BHAT 259 246.1 246.1 259 0 10

PECO 139.85 132.97 132.97 139.85 0 10

MFFL 68.79 66.07 66.07 68.79 0 10

TSPL 0.79 0.79 0.6 0.79 0 8

ULEVER 4713.37 4788.09 4625.1 4679.13 -34.24 8

MEHT 59 56.51 56.51 59 0 7

ILTM 162.84 170.98 165 165 2.16 6

WYETH 940 979 925 940 0 6

PAKMI 0.9 1.05 1.05 0.9 0 5

FZTM 409.93 389.44 389.44 409.93 0 5

SHCM 13.9 12.96 12.96 13.9 0 5

SHJS 65.56 68.83 68.8 65.56 0 5

GAIL 3.72 4.34 4.02 3.72 0 5

FNEL 4.95 5.75 4.05 4.95 0 4

RCML 41.49 40.1 40.1 41.49 0 4

MFTM 1.23 1.45 1 1.23 0 4

ALICO 15.02 15.97 14.12 15.02 0 3

SSIC 6.65 7.02 6.95 6.65 0 3

HAJT 0.59 1.1 0.84 0.59 0 3

SALT 68.5 70.99 65.08 68.5 0 3

KTML 4.77 4.8 4.41 4.77 0 3

FECTC 7 6.76 6.76 7 0 3

COLG 859.9 818.09 818 859.9 0 3

SHNI 10.39 10.99 10.99 10.39 0 2

MTIL 0.41 0.5 0.35 0.41 0 2

HINO 121.6 124.23 120.01 121.6 0 2

AGIL 71 70.5 70.5 71 0 2

PGCL 18 18.99 18.99 18 0 2

FRCL 2 1.2 1.2 2 0 2

FIBLM 1.62 1.5 1.5 1.62 0 1

FTSM 1.2 1.74 1.74 1.2 0 1

ESBL 1.61 2.3 2.3 1.61 0 1

DCM 1.29 1.43 1.43 1.29 0 1

ALQT 8.87 8.9 8.9 8.87 0 1

SURC 39.04 40.8 40.8 39.04 0 1

LAKST 252.08 246 246 252.08 0 1

BCL 49.33 51.2 51.2 49.33 0 1

UPFL 1197.58 1245 1245 1197.58 0 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-MAR 79.42 79.3 78.5 78.99 -0.43 704000

NML-MAR 64.75 64.65 63.5 63.76 -0.99 375500

ANL-MAR 9.28 9.25 8.9 9.04 -0.24 349000

MCB-MAR 200.44 202 197.8 201.4 0.96 334000

POL-MAR 318.64 319.6 316.5 318.18 -0.46 326500

ENGRO-MAR 188.08 189 186 188.44 0.36 325000

NBP-MARB 58.5 59 57.8 58.18 -0.32 217500

FFC-MAR 127.52 127.1 126.11 126.63 -0.89 187000

FFBL-MAR 40.13 40 39.55 39.76 -0.37 167000

DGKC-MAR 24.57 24.31 23.9 24.21 -0.36 79000

PPL-MAR 206.61 207 205.01 206.59 -0.02 72000

NCL-MAR 27 27 26.52 26.8 -0.2 69500

PSO-MAR 287.92 286.55 284.6 285.61 -2.31 44000

AICL-MAR 81.33 81.99 80.01 80.53 -0.8 35500

LUCK-MAR 68.66 68.5 67.45 67.52 -1.14 35000

HUBC-MAR 39.98 39.98 39.98 39.98 0 20000

OGDC-MAR 153.42 153.95 152 153.63 0.21 16000

BOP-MAR 7.3 7.17 7.1 7.15 -0.15 9000

NETSOL-MAR 23.01 22.76 22.65 22.76 -0.25 3000

PTC-MAR 17.9 17.8 17.75 17.78 -0.12 3000

UBL-MAR 65.5 65 65 65 -0.5 1000

AICL-CMAR 81.34 0 0 80.66 -0.68 0

AKBL-CMAR 14.44 0 0 14.22 -0.22 0

ANL-CMAR 9.33 0 0 9.12 -0.21 0

ATRL-CMAR 120.23 0 0 121.92 1.69 0

BAFL-CMAR 9.68 0 0 9.49 -0.19 0

BAHL-CMAR 28.38 0 0 28.37 -0.01 0

ENGRO-CMAR227.64 0 0 228.18 0.54 0

FFBL-CMAR 43.5 0 0 43.13 -0.37 0

Symbols Open High Low Close Change Vol

ZERO VOLUME

KHTC 34 35 35 35 1 0

BPBL 0.95 0.89 0.89 0.89 -0.06 0

Symbols Open High Low Close Change Vol

Al-Abbas Cement 44.09 2.50 2.45 2.70 2.80 2.60

Allied Bank Limited 46.96 66.60 66.20 67.60 68.20 67.20

Attock Cement 31.01 49.40 48.15 51.60 52.55 50.35

Arif Habib Corp 40.04 21.00 20.75 21.55 21.90 21.35

Arif Habib Limited 35.29 19.80 19.40 20.60 20.90 20.15

Adamjee Insurance 43.30 79.20 78.45 80.75 81.55 80.00

Askari Bank 37.20 13.95 13.75 14.30 14.45 14.10

Azgard Nine 41.24 8.85 8.65 9.30 9.50 9.10

Attock Petroleum 52.03 362.75 360.30 368.05 370.90 365.60

Attock Refinery 55.25 118.40 115.90 122.50 124.10 120.00

Bank Al-Falah 34.93 9.30 9.20 9.60 9.80 9.50

BankIslami Pak 47.57 3.35 3.15 3.75 3.95 3.55

Bank.Of.Punjab 37.38 7.00 6.90 7.20 7.35 7.15

Dewan Cement 42.95 1.70 1.65 1.85 2.00 1.80

D.G.K.Cement 42.27 24.40 24.15 24.95 25.20 24.65

Dewan Salman 49.74 2.75 2.70 2.85 2.95 2.80

Dost Steels Ltd 39.86 2.00 1.95 2.10 2.15 2.05

EFU General Insurance 45.34 35.65 34.85 38.10 39.75 37.30

EFU Life Assurance 45.62 56.40 54.80 60.30 62.60 58.70

Engro Chemical 63.77 224.45 222.70 227.55 228.90 225.80

Faysal Bank 52.52 13.35 13.10 13.85 14.10 13.60

Fauji Cement 41.79 4.25 4.20 4.35 4.45 4.30

Fauji Fert Bin 64.15 42.55 42.30 43.10 43.40 42.85

Fauji Fertilizer 43.66 125.40 124.65 127.20 128.25 126.45

Habib Bank Ltd 58.85 125.50 124.45 127.95 129.35 126.90

Hub Power 57.01 39.15 38.95 39.55 39.70 39.35

ICI Pakistan 58.89 155.40 154.40 157.70 159.00 156.70

Indus Motors 19.58 225.05 223.10 228.00 228.95 226.00

J.O.V.and CO 46.47 3.25 3.10 3.50 3.70 3.40

Japan Power 41.82 1.35 1.30 1.50 1.55 1.45

JS Bank Ltd 66.30 2.95 2.75 3.20 3.30 3.05

Jah Siddiq Co 44.21 8.85 8.65 9.30 9.60 9.15

Kot Addu Power 59.65 44.05 43.65 44.70 44.95 44.30

K.E.S.C 49.34 2.60 2.55 2.75 2.85 2.70

Lotte Pakistan 51.68 15.40 15.20 15.80 15.95 15.55

Lucky Cement 49.62 66.50 65.55 68.60 69.75 67.65

MCB Bank Ltd 56.52 220.00 217.40 224.25 226.00 221.70

Maple Leaf Cement 37.00 2.15 2.05 2.30 2.40 2.25

National Bank 60.36 78.30 77.80 79.30 79.80 78.80

Nishat (Chunian) 58.79 26.20 25.75 27.15 27.65 26.70

Netsol Technologies 48.93 22.45 22.25 22.90 23.10 22.70

NIB Bank 30.26 2.15 2.10 2.25 2.30 2.20

Nimir Ind.Chemical 64.26 2.65 2.40 3.10 3.30 2.85

Nishat Mills 50.04 63.10 62.65 64.20 64.85 63.75

Oil & Gas Dev. XD 37.99 152.25 150.50 155.35 156.70 153.60

PACE (Pakistan) Ltd. 47.82 2.75 2.70 2.95 3.05 2.85

Pervez Ahmed Sec 47.14 1.75 1.70 1.90 2.00 1.85

P.I.A.C.(A) 51.59 2.60 2.55 2.70 2.75 2.65

Pioneer Cement 40.09 5.60 5.40 5.95 6.20 5.80

Pak Oilfields 53.67 315.15 313.35 319.15 321.35 317.35

Pak Petroleum 47.99 204.30 202.90 206.80 207.90 205.40

Pak Suzuki 37.63 60.35 59.70 61.85 62.70 61.20

P.S.O. XD 49.92 281.55 279.30 287.05 290.25 284.75

P.T.C.L.A 39.74 17.70 17.60 17.85 17.95 17.75

Shell Pakistan 52.21 203.55 201.00 208.20 210.30 205.65

Sui North Gas 32.84 20.85 20.45 21.45 21.75 21.10

Sitara Peroxide 44.30 12.60 12.50 12.85 13.00 12.75

Sui South Gas 55.44 24.70 24.30 25.75 26.40 25.35

Telecard 48.53 2.00 1.95 2.10 2.15 2.05

TRG Pakistan 50.09 3.05 3.00 3.15 3.25 3.10

United Bank Ltd 53.40 64.05 63.35 65.50 66.25 64.80

WorldCall Tele 49.94 2.50 2.40 2.65 2.75 2.60

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Askari General Insurance 15-Mar 11:00

(TFC) Pak Mobile Communi Ltd 11-Mar 10:00

Sajjad Textile Mills Ltd 12-Mar 11:30

Pakistan Tobacco Comp Ltd 16-Mar 2:00

BOARD MEETINGS

Company Date Time

Wednesday, March 9, 2010 8

Staff Reporter

KARACHI: The 11thConvocation of DefenceAuthority Degree College forWomen Phase-VIII was held atits premises on Tuesday.

The Vice Chancellor ofKarachi University, Prof DrPirzada Qasim Raza Siddiqui,presided over the ceremony.

As many as 333 graduates ofthe session 2008 and 2009were awarded BA, BSc andBCom degrees whereas 16master's degrees were also con-ferred on the students.

Sixteen students were award-ed degrees in MA (Economic),166 students BCom degrees,48 students BSc degrees and103 students were given BAdegrees in the humanities andliberal arts.

The Vice Chancellor in hisaddress said that the backward-ness and regression of thenation was because it lagged inquality education.

He was of the view that edu-cation should be given its duepriority as without knowledgeand awareness the society can-not develop.

Prof Pirzada was of the viewthat intellectual deficit couldnot be overcome or boughtthrough money as it is only anintellectually vibrant and con-ducive learning and researchenvironment which could pro-mote education and progress insociety.

He said that the real purposeof education was to produceversatile, dynamic and enlight-ened graduates who could con-tribute for the well being ofnation and play a pivotal role innation-building.

The Vice Chancellor said thatit was imperative that womenparticipated equally with menin all walks of life if the coun-try was to progress.

He commended DHA DegreeCollege for Women for main-taining its glorious traditions ofacademic excellence and forproducing confident and capa-ble women graduates whocould face the onslaught ofchallenges in life successfully.

Earlier, Principal ProfNasreen Nasir in her annualreport highlighted the academ-ic and co-curricular achieve-ments of the College. -APP

Intellectcan’t bebought:Pirzada

DA Degree College for Women Convocation KU risesup in the

int’l ranksKARACHI: The ranking ofthe University of Karachi hasimproved internationally from600 to 569.

This was stated by thespokesman of the University ofKarachi.

He said that the University ofKarachi has been ranked at569th position in the categoryof `Top Universities of theWorld'.

"It is a moment of immensepleasure that the University ofKarachi has been ranked at569th position in the categoryof Top Universities of theWorld by the Times HigherEducation', remarked the Vice-Chancellor, Prof Dr PirzadaQasim Raza Siddiqui.

He felicitated the hardwork-ing teachers and the students,who are the emerging scientistsof the world and who haveplayed a vital role in makingthis goal possible.

The Vice Chancellor has senta letter of appreciation to allthose scholars of KarachiUniversity whose hard workand dedicated efforts resulted inaccomplishing this goal.

He added that he was confi-dent that with the same spiritwe will continue promoting theresearch culture for the better-ment of our country.

It is pertinent to mentionthat the faculty-wise rankingwas done in the disciplines ofLife Sciences, Arts andHumanities and SocialSciences, the Universityspokesman added.-APP

ISLAMABAD: TheInternational IslamicUniversity, Islamabad (IIUI)arranged an UrduDeclamation Competitionregarding the celebration ofInternational Women's Day incollaboration with the FirstWomen Bank Limited.

Dr Rubina Bhatti, DirectorInstitute of Global Learning,California State University,USA was the guest speakeron the occasion.

Farida, Vice President, FirstWomen Bank, Qaisra Alvi,Director Women Campus,

IIUI, female faculty mem-bers, administrative officers,staff members and a largenumber of female studentsparticipated in the event.

Dr Rubina Bhatti delivereda lecture on "Gender issues inglobal political economy witha special emphasis onPakistan".

Dr Rubina also chaired thespecial contest on the topic of"Women's EconomicEmpowerment and its Role inthe NationalGrowth/Development".

She said that economic

empowerment of women ispre-requisite for develop-ment of any nation andPakistan is no exception atall. She expressed her satis-faction over women becom-ing more and more active innational development ofPakistan.

Prof Qaisra Alvi highlight-ed the significance of IslamicTeachings in order toimprove the status of women.She added that Islam hasgiven all rights to women farbefore other religions andideologies.-Agencies

IIUI dedicates mootto Int’l Women’s Day

KARACHI: Institute ofBusiness and Technology(BIZTEK) Tuesday organiseda seminar: Why ShouldWomen Matter in Pakistan orElsewhere?

A handout issued here saidthe purpose of this seminarwas to highlight the impor-tance of women in the mod-ern society epoch. Speakingon the occasion, RomanaHussain shared the signifi-cance of women developmentthat has taken place in the last60 years and their economic/social contribution toPakistan. Jehan Ara,President PASHA, stressedupon the courage, strengthand diversity those womenwork force have developed tomove ahead in this cutthroatcompetition. Veena Masud,Executive Member, PakistanOlympic Association sharedthe accolades and achieve-ment of women medalistshave got for Pakistan andkeeping its flag high in theglobal arena. Zeenat Hisam,PILER spoke about the laborlaws and its impact on theworking women. Women areworking under arduous condi-

tions and still making a markin the corporate in local andmultinational. Few of thelocal conglomerates and fash-ion houses are successfullyrun by women entrepreneursin Pakistan. These womenentrepreneurs are recognizedand acknowledged globally.There's a strong correlationwith women entrepreneursand economic development ofthe country. Prof SikandarMehdi Director Planning andInternational Linkages atBiztek explained the cultureof humiliation in Pakistan andcalled for the launch of astrong movement against theculture of humiliation inPakistan. He said that such amovement would benefit thewhole society.

It was heartening to see thatBiztek has come up sostrongly in highlighting vari-ous issues confronted by thesociety and providing aforum for deliberation withexperts in the field. Biztekcontribution to the develop-ment and deliberation on eco-nomic issues would be appre-ciated in the academic cir-cles.-PR

Biztek honours‘women power’

KARACHI: The training,development and retention ofthe finance function is crucial tothe success of an organisation,especially in the current eco-nomic climate, asserts a newreport from the Association ofChartered CertifiedAccountants (ACCA) andKPMG, UK.

The report titled MaximisingPeople Power: Effective talentmanagement in finance hassome points to ponder.

According to a release issuedhere the report emphasises thatsecuring the right talent is oneof the biggest challenges facedby Chief Finance Officers(CFOs), adding that the financefunction must now take theopportunity to make a differ-ence to their organisations' suc-cess - whether in the public orprivate sector, whether in a list-ed multinational or small and

medium sized enterprise. Ian Lithgow, partner, KPMG,

UK says, "The next decadepresents a critical opportunityfor finance professionals to helpcreate and sustain long termvalue for organisations. But thechallenge lies with employersto realise and leverage talentwithin their finance function."

Arif Mirza, Head of ACCAPakistan went on to say, "Lastyear we found that only 20 percent of organisations had a tal-ent strategy for their financeteam. We found that most talentmanagement strategies weren'tstrategic at all - they were infor-mal, sometimes run in isolationof other departments and notpart of a wider integrated plan.This cannot continue."

The report says that theresponsibility lies with CFOs toestablish and maintain great tal-ent practices. Any plans they

may have for restructuring thefinance function must include atalent management plan thataddresses the skills, capabilitiesand experience levels that areneeded.

The report also says that thereis an increased demand for therelatively new role of theFinance Business Partner (FBP)- the highly commercialaccountant who applies theircore technical knowledge tobusiness issues and provides themuch needed finance lens onorganisational decision making.

Arif Mirza added, "Talentmanagement is broader than theindividual; it is about managingaspirations and bringing adiverse range of talents togetheracross the organisation for thebenefit of the business; it isabout boosting the financefunction's credibility both inter-nally and externally.-PR

ACCA-KPMG paperhas word for the wise

IIUI SeeratConferenceset for today

ISLAMABAD: TheInternational IslamicUniversity Islamabad (IIUI) isholding a two-day SeeratConference on Wednesday atits new campus, Sector H-10,Islamabad.

Rector of the University,Professor Fateh MuhammadMalik will preside over theconference while President ofthe University, Dr MumtazAhmed will be the chief gueston the occasion.

According to the schedule,first day of the conference hasbeen fixed specially forfemale participants and thesecond day for male.-APP

GlasgowUniversitydelegation

visits SALUKHAIRPUR: There is strongneed that all sections of societyshould play their dynamic rolefor the improvement andenhancement of quality educa-tion, said Prof Dr NiloferShaikh Vice Chancellor ShahAbdul Latif University (SALU)Khairpur.

She was talking to a delega-tion of academicians Dr Peterand Dr Azra of GlasgowUniversity, UK.

Dr Nilofer Shaikh briefed theeminent scholars about theworking environment of ShahAbdul Latif UniversityKhairpur.

On the occasion, Dr Peteroffered to sign a Memorandumof Understanding betweenShah Abdul Latif UniversityKhairpur and his University,aimed at promoting the aca-demic linkage, which shallinvolve the participation ofscholars in seminars, work-shops, conferences, lecturesprogramme, trainings and shar-ing of expertise and ideas.

Dr Peter remarked that greatpotential is available in Sindh.The cultural heritage andresources available are valuableand rich; it is living evident ofthe site of Moen Jo Daro,Harrapa and other archeologi-cal sites.-APP

KARACHI: Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiquiawarding degrees to students at the 11th Convocation of DA Degree

College for Women here on Tuesday.-Staff Photo

HYDERABAD: Sindh Minister for Education Pir Mazhar-ul-Haq visiting different stalls during

4th Annual Degree Show 2010 at Centre of Excellence in Art & Design, Mehran

University of Engineering & Technology, Jamshoro.-APP

KARACHI: Indonesian students are performing traditional dance in an event

organised by Rotary Club Karachi East.-Staff Photo

Dir students

want tuition

fees waiverPESHAWAR: Dir StudentsSociety, Peshawar chapter hasdemanded the waiver of tuitionfees in their district calling forprovision of hostel facility forevening shift goers.

Speaking at a news confer-ence, here on Tuesday, the stu-dents' society president,Nasrullah said that the DistrictsLower and Upper Dir hasbeenadversely affected due to natu-ral disasters and terrorism. Hemaintained that the students aresuffering from the prevailingsituation big time. He was criti-cal of the government for ignor-ing this area and termed it tan-tamount to pushing it towardsbackwardness.

He said that area has beenbadly affected due to militancyand natural calamities, but stillthe government has not waivedthe tuition fees of the students,he lamented. He alleged thatthe non-governmental organi-sations are giving priority tonon-locals in their projects andschemes. The hiring was theviolation of community devel-opment rules and demanded forimmediate halt to the discrimi-natory attitude of non-govern-mental organisations.-APP

Congrats onIBA AlumniAssociationregistration

Staff Reporter

KARACHI: Institute ofBusiness AdministrationKarachi (IBA) has congratulat-ed IBAians on the registrationof the Alumni Association ofIBA graduates as their sole rep-resentative body. IBA hopesthat the Alumni Associationwill play its role in not onlybonding the relationshipamongst its members but willalso help foster the cause oftheir alma mater.

Urdu varsity schools teachersISLAMABAD: The Training Cell of Federal Urdu University of Arts, Science and Technology,Islamabad has arranged a 12-day training programme for teachers of higher education.

The programme entitled Incorporating Technology in Education was organised in collaborationwith Learning Innovation Division, Higher Education Commission. Some 25 teachers were trainedunder the programme. At the end of the training course the University organised a certificate distri-bution ceremony. Noor Amna Malik, Director General (Learning Innovation) was the chief guest onthe occasion, who distributed certificates among the teachers.-APP

NEW YORK: US cottonfutures closed higher onMonday on speculative buyingbut profit-taking knocked fibercontracts from record highsafter the market rose the dailylimit during the session, ana-lysts said.

The key May cotton contracton ICE Futures US rose 1.44cents to finish at $2.1414 perlb, dealing from $2.1313 to the7-cents limit up at $2.197.

Volume traded Tuesdaythough stood about 28,400lots, over 10 per cent below the30-day norm, ThomsonReuters preliminary datashowed. But open interest inthe cotton market did not seemto be matching the surge in

prices to new record highs. Open interest in cotton stood

at 175,284 lots as of March 4, amodest rise from the seven-month low at 174,074 lots as ofFeb. 28, data from ICE FuturesUS showed.

Cotton futures have been ris-ing due to very tight suppliesof deliverable fiber in the old-crop contracts of May and Julyalthough there is huge discountin new crop December due toexpectations of a sharp

increase in plantings for theupcoming 2011/12 season,dealers said.

Jobe Moss, an analyst forbrokers and merchants MCMInc in Lubbock, Texas, said therelatively modest increase inopen interest since last weekmay leave the market vulnera-ble to setbacks.

But analysts said cottonremains fundamentally strongas steady demand underpinnedthe market. -Reuters

US cotton up, but wellbelow new record top

9Wednesday, March 9, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1255

January (3rd Wednesday) 1310 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for March 07 2011

LME Official Prices, US$ per tonne for March 07 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2390 2565.5 9840 2619.5 28525 31740 2410 2535

Cash seller 2395 2566 9840.5 2620 28530 31745 2411 2536

3-months buyer 2385 2601 9853.5 2608 28550 31725 2440 2555

3-months seller 2390 2602 9854 2610 28555 31750 2440.5 2565

15-months buyer 2375 2680 9790 2552 27470 31515 2480 2600

15-months seller 2385 2685 9800 2557 27570 31565 2485 2610

27-months buyer 2375 2735 9485 2505 26205 2483 2655

27-months seller 2385 2740 9495 2510 26305 2488 2665

LONDON METAL EXCHANGE (METALS)

LONDON: Oil prices fellsharply on Tuesday with Brentcrude dropping more than $2 abarrel after Kuwait's oil ministersaid OPEC was consideringboosting production for the firsttime in more than two years.

The Organization of thePetroleum Exporting Countrieshas yet to change its productionpolicy officially, even though ithas been boostingsupply informallyfor months andSaudi Arabia hasoffered to helpmake up for theloss of around twothirds of Libya'soutput.

An official increase in OPECoutput would signal the group'sdetermination to put a cap onprices after uprisings and unrestacross North Africa and theMiddle East sent oil to its highestin more than two and a half years.

Fighting in Libya has idledaround 1 million barrels per day(bpd) and consumers have beenlooking for a response fromOPEC.

Brent crude dropped to a low of$112.23 per barrel, down $2.81,by 1455 GMT. US light crude

futures were $1.45 lower at$103.99.

On Feb. 24, Brent hit $119.79,its highest since 2008, when itreached an all-time high of$147.50.

"We are in consultations abouta potential output increase,"Kuwait's Sheikh Ahmad al-Abdullah al-Sabah told reporters,but added the group had taken no

decision yet to produce more thanits existing output targets.

Iran, which holds OPEC'srotating presidency, said therewas no need for a boost in pro-duction as consumer worries oversupply were mostly "psychologi-cal."

"There is no shortage in themarket. There is no need for fur-ther OPEC supply," Iran's OPECgovernor Mohammad Ali Khatibitold Reuters in a telephone inter-view on Tuesday, pointing to adifference of opinion among

members.Saudi oil minister Ali Al-Naimi

said on Tuesday world oil mar-kets were sufficiently suppliedand the kingdom held 3.5 millionbpd of spare production capacityto meet any shortages.

Brent's premium over UScrude, known as West TexasIntermediate or WTI, shrankbelow $9 on Tuesday, down from

more than $17at its peak lastweek.

Analysts sayBrent and otherseaborne lightsweet crudeshave respondedbetter to rising

output from other OPEC membersto compensate for lost Libyan pro-duction. US crude has also firmedas crude and product imports havebeen drawn away from the UnitedStates due to stronger markets inEurope and Asia. The industrygroup American PetroleumInstitute (API) will issue its week-ly inventory report at 2130 GMTon Tuesday, followed by govern-ment statistics from the USEnergy InformationAdministration on Wednesday, at1530 GMT. -Reuters

Brent below $113 as OPECdiscusses oil output

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Mar11980.00+0.00, Apr11985.00+0.00, May11/Jul11990.00+0.00, Jul11/Sep11995.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111050.00-15.00, Aug11/Oct11985.00-10.00, Nov11/Jan12990.00-10.00, Feb12/Apr12995.00-10.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1425.00-25.00,Jul11/Sep11 1435.00-20.00,Oct11/Dec11 1390.00-15.00.

LINOIL: Any origin dlrstonne extank RotterdamMar11/Apr11 1565.00-12.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Mar111250.00-17.50, Apr11/Jun111242.50-20.00, Jul11/Sep111210.00-30.00, Oct11/Dec111200.00-25.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Mar11 1315.00,Apr11 1305.00, Apr11/Jun111290.00.

PALMOIL: RBD dlrs tonnefob Malaysia Mar11 1260.00,Apr11 1250.00-17.50,Apr11/Jun11 1235.00-25.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Mar111270.00, Apr11 1260.00-15.00,Apr11/Jun11 1245.00-22.50,Jul11/Sep11 1185.00-32.50,Oct11/Dec11 1170.00-27.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamMar11/Apr11 2010.00-50.00,Apr11/May11 1980.00-60.00,May11/Jun11 1970.00-60.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

8-Mar-2011 CRUDE100 MA11 US$ Per Barrel 106.56 106.96 103.39 105.17 901 105.13 105.17 68

8-Mar-2011 CRUDE100 AP11 US$ Per Barrel 107.20 107.91 104.65 106.52 217 106.52 106.52 72

8-Mar-2011 CRUDE100 MY11 US$ Per Barrel 108.49 108.49 107.15 107.15 - 107.16 107.15 -

8-Mar-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 36.56 36.70 35.57 36.53 362 35.70 36.53 52

8-Mar-2011 SILVER - SL500 MY11 US$ Per Troy Ounce 36.60 36.64 35.58 36.54 84 35.71 36.54 10

8-Mar-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1441.60 1445.00 1426.00 1437.00 2,384 1431.90 1437.00 1,013

8-Mar-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1442.30 1445.50 1426.70 1437.70 2,823 1432.60 1437.70 1,456

8-Mar-2011 GOLD 01oz JU11 US$ Per Troy Ounce 1443.20 1446.10 1427.70 1438.50 2,099 1433.40 1438.50 693

8-Mar-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1444.00 1444.60 1427.00 1437.00 44 1431.90 1437.00 9

8-Mar-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1444.00 1442.00 - 1437.70 - 1432.60 1437.70 -

8-Mar-2011 GOLD 100oz JU11 US$ Per Troy Ounce 1443.30 1445.00 1443.30 1437.70 4 1433.40 1438.50 1

8-Mar-2011 GOLD MA11 Per 10 grms 39467.00 39629.00 39242.00 39379.00 19 39351.00 39379.00 2

8-Mar-2011 GOLD AP11 Per 10 grms 39699.00 39729.00 39250.00 39391.00 17 39363.00 39391.00 90

8-Mar-2011 GOLD MY11 Per 10 grms 40500.00 40500.00 39525.00 39406.00 2 39378.00 39406.00 -

8-Mar-2011 KILOGOLD MA11 Per 10 grms 39338.00 39596.00 39338.00 39352.00 1 39324.00 39352.00 1

8-Mar-2011 KILOGOLD AP11 Per 10 grms 39607.00 39607.00 39363.00 39363.00 - 39335.00 39363.00 -

8-Mar-2011 TOLAGOLD50 MA11 Per Tola 46184.00 46184.00 45899.00 45899.00 - 45866.00 45899.00 -

8-Mar-2011 TOLAGOLD100 MA11 Per Tola 46184.00 46184.00 45899.00 45899.00 - 45866.00 45899.00 -

8-Mar-2011 MINIGOLD MON Per 10 grms 40732.00 40732.00 40469.00 40469.00 - 40442.00 40469.00 -

8-Mar-2011 MINIGOLD TUE Per 10 grms 40673.00 40673.00 40513.00 40513.00 - 40486.00 40513.00 -

8-Mar-2011 MINIGOLD WED Per 10 grms 40688.00 40688.00 40425.00 40425.00 - 40398.00 40425.00 -

8-Mar-2011 MINIGOLD THU Per 10 grms 40703.00 40703.00 40440.00 40440.00 - 40413.00 40440.00 -

8-Mar-2011 MINIGOLD FRI Per 10 grms 40717.00 40717.00 40454.00 40454.00 - 40427.00 40454.00 -

8-Mar-2011 TOLAGOLD MON Per Tola 47289.00 47289.00 46541.00 46541.00 3 46508.00 46541.00 10

8-Mar-2011 TOLAGOLD TUE Per Tola 46778.00 46778.00 46591.00 46591.00 - 46558.00 46591.00 -

8-Mar-2011 TOLAGOLD WED Per Tola 47525.00 47525.00 46490.00 46490.00 11 46457.00 46490.00 12

8-Mar-2011 TOLAGOLD THU Per Tola 47516.00 47516.00 46507.00 46507.00 20 46474.00 46507.00 30

8-Mar-2011 TOLAGOLD FRI Per Tola 47513.00 47600.00 46524.00 46524.00 6 46491.00 46524.00 5

8-Mar-2011 IRRI6W 10MA11 Per 100 kg 3359.00 3359.00 3352.00 3352.00 - 3359.00 3352.00 -

8-Mar-2011 RICEIRRI - 6 MA11 Per 100 kg 3365.00 3365.00 3358.00 3358.00 - 3365.00 3358.00 -

8-Mar-2011 RBD PALMOLEIN MA11 Per Maund 5486.00 5486.00 5439.00 5439.00 - 5486.00 5439.00 -

8-Mar-2011 KIBOR3M 11-Mar Per Rs. 100 86.30 86.30 86.30 86.30 - 86.30 86.30 -

8-Mar-2011 KIBOR3M 11-Jun Per Rs. 100 85.85 85.85 85.85 85.85 - 85.85 85.85 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

slips as oil dipsBANGKOK: Tokyo rubberfutures tumbled 8.7 per cent tothe lowest in more than twomonths on Tuesday, trackingfalls in oil prices, with heavystop-loss selling adding to thepressure, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for August deliveryfell 39.7 yen to settle at 416.5yen ($5.06) per kg, the lowestsince Dec. 30. It was thebiggest daily decline sinceSeptember 2009.

The most active contract inthe Shanghai rubber futuresmarket for May delivery fell2,470 yen to settle at 36,205yuan per tonne. -Reuters

NEW YORK: Traders gesture at each other while working in the crude oil and natural gas

options pit on the floor of the New York Mercantile Exchange. -Reuters

KUALA LUMPUR:Malaysian crude palm oildropped as much as 3.4 percent on Tuesday as a rally incrude oil lost some steam,while prospects of a strongSouth American soy crop alsoweighed on sentiment.

Traders seized the opportuni-ty to book profits ahead of akey price outlook session onWednesday at the BursaMalaysia Palm Oil Conferencewhere top analysts will presenttheir views. "The market tendsto fall before the price outlook

but the decline was amplifiedby the movements in soy andcrude oil," said a trader with alocal commodities brokerage.

The benchmark May contracton the Bursa MalaysiaDerivatives Exchange fell asmuch as 124 ringgit to 3,571Malaysian ringgit ($1,178)before settling at 3,584 ringgit.

Traded volume stood at17,621 lots at 25 tonnes versusthe usual 15,000 lots.

"The market has been over-bought for some time and it'sripe for a correction, but the

overall scenario is still bull-ish," said another trader.

Other vegetable oil marketsalso fell in Asian trade.

US soyoil for March deliverydropped 1 per cent as outlookfor a better crop in SouthAmerica weighed and onexpectations US Departmentof Agriculture will raise itsforecast of ending stocks forthe first time in 11 months.

China's most active soybeanoil contract for Septemberdelivery also followed suit,dropping 1.7 per cent. -Reuters

Palm oil sheds 3.4pcon better soy prospects

LONDON: Copper rose onTuesday as industrial userspushed back into the marketattracted by the lowest levels intwo weeks, but high oil pricesdue to the Libya crisis kept upconcerns over economicgrowth and demand.

Three-month copper on theLondon Metal Exchangeclosed at $9,530 a tonne fromMonday $9,499. It earlier hit asession trough of $9,346.25 atonne, its lowest since Feb. 24.

"We're now beginning toattract consumer interest,"Alex Heath of RBC Capitalsaid of copper. "The market'sstill in an uptrend," he added.

The metal used in power andconstruction fell 4 per cent onMonday, its sharpest daily dropsince mid-November.

Copper rallied nearly 30 percent from mid-November to arecord high at $10,190 on Feb.15, but the strength of the rallydampened buying interest forthe industrial metal.

"What's dominating thingsby far is the events in theMiddle East, oil prices, con-cerns about global economicgrowth," Gayle Berry, an ana-lyst at Barclays Capital, said.

But Berry added the losses incopper prices could lureChinese buyers back to themarket after a recent dearth ofbuying by the world's top basemetals consumer.

Copper stocks fell 650 tonnes

to 426,500 tonnes, coming offMonday's level of 427,150tonnes, which was the highestsince July 2010.

Inventories of copper haveclimbed by about 20 per centsince December, raising some

concerns about waningdemand.

Zinc inventories also contin-ued to increase, up by 9,025tonnes to 734,550 tonnes, thehighest level since September2004. Zinc was at $2,596 atonne from $2,370 at Monday'sclose, having earlier dropped to$2,328, its lowest since the endof January. Tin also fell to itslowest since the end of Januaryat $29,600. It later closed at$30,600 a tonne from a last bidof $30,700 on Monday.

Nickel was at $26,900 from$27,475 a tonne, having earlierfallen to $26,215 a tonne, itslowest since end of January.

Battery material lead was at$2,590 a tonne from $2,580and aluminium closed at$2,596 from $2,558 a tonne. -Reuters

Copper up from2-week lows onindustry buying

Cocoa rises,coffee at

34-yr highLONDON: ICE cocoa nudgedclose to a 32-year high onTuesday as traders reactednervously to news IvoryCoast's incumbent leaderwould control trade flows,while coffee hit a 34-year peakon a shortage of arabica beans.

ICE May cocoa was up $25or 0.7 per cent at $3,687 pertonne at 1456 GMT, not farbelow last week's 32-year highof $3,775.

London May cocoa was up 9pounds or 0.4 per cent to 2,355pounds per tonne in reasonablevolume of 7,791 lots.

Cocoa prices have soared dueto uncertainty over prospectsfor supplies since a bitterlyfought election in Ivory Coaston Nov. 28 led to a prolongedstandoff between two rival gov-ernments. Arabica coffee hit afresh 34-year peak of $2.8565 alb on Tuesday, as tight suppliesof quality beans supported themarket and producers refrainedfrom selling in the hope thatprices would keep rising andsoon test key resistance at$3.00.

ICE May arabica coffee trad-ed up 1.55 cents or 0.6 per centat $2.8270 per lb at 1457 GMT.Liffe May robusta coffee tradedup $38 or 1.6 per cent at $2,441per tonne at 1500 GMT, justbelow a three-year peak for thesecond month of $2,444.

ICE sugar futures consolidat-ed below the 30-year peak, sup-ported by tight supplies anduncertainty over India's exportplans as the trade awaited adecision on Open GeneralLicence (OGL) exports fromthe world's number 2 producer.

The focus also turned to theimminent start of harvesting inthe centre-south of number 1producer Brazil.

ICE May raw sugar futuresrose 0.85 cent or 2.8 per cent at30.84 cents a lb at 1502 GMT,below the 30-year high of36.08 cents a lb touched onFeb. 2. London May whitesugar was up $16.20 or 2.2 percent at $765.00 per tonne. -Reuters

LONDON: Gold eased below$1,430 an ounce on Tuesday,falling further away from theprevious day's record high aftercrude oil prices slid, therebyalleviating some of the concernabout a potential oil shock to theglobal economy.

Gold has risen 8.5 per cent inthe last six weeks, as clashes inLibya and turbulence across theArab world have encouragedinvestors to seek a safe-haven inwhich to put their capital.

Yet the 18-per cent rise in theoil price in this time has raisedinvestor expectations for infla-tion at a time when central banksaround the world prepare towithdraw the ultra-loose mone-tary policies in place since thefinancial crisis, which wouldultimately be detrimental togold.

Spot gold was bid at $1,427.50an ounce at 1511 GMT, against$1,430.74 late in New York onMonday. US gold futures forApril delivery eased $6.60 to$1,428.20.

Gold fixed at $1,426.25 anounce versus $1,435.00.

"Gold is now weighing itsoptions between the continuedflight to safety on the one handand on the other hand, the likelyrate increase in Europe as well,"

said Barclays Capital analystSuki Cooper.

"At the moment, it is balancedbetween the two, but I think ifwe see a heightening of geopolit-ical tensions, we could see goldextend its gains," she said,adding her average forecast forthe gold price in the first quarterwas $1,390 and $1,490 for thesecond quarter of the year.

Adding to the pressure on goldwas a rise in the dollar againstthe euro, which fell as investors

debated what the outlook forhigher euro-zone interest ratesmight mean for the region's moreindebted nations.

Holdings of the world's largestgold-backed exchange-tradedfund, New York's SPDR GoldTrust, rose for the first time sinceFeb. 1 on Monday, by 6.7 tonnes.

Meanwhile holdings of thelargest silver ETF, the iSharesSilver Trust, rose to two-monthhighs of 10,898.14 tonnes,climbing 103.25 tonnes, theirlargest one-day rise since Feb.23.

Silver was fell 0.3 per cent to$35.75 an ounce, while platinumwas down 0.8 per cent at$1,802.70 an ounce against$1,816.49, while palladium wasdown 0.4 per cent at $782.72. -Reuters

Gold eases below$1,430 as oil slides

Indian sugar

nudges downMUMBAI: India sugar pricesnudged lower on Tuesday dueto higher supplies of non-levysugar, though hopes of animprovement in demand fromcold-drink markers limited thedownside, dealers said.

"Supply pressure is notallowing prices to recover.Quota for March is higher thandemand," said a member ofBombay Sugar MerchantsAssociation (BSMA).

India has made available1.684 million tonnes of non-levy sugar for March, including350,000 tonnes of unsoldstocks from February, the gov-ernment said in a statement onFeb. 25.

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyedged down by 0.15 per cent to2,692 rupees ($59.8) per 100kg. Sugar contract for Aprildelivery on India's NationalCommodity and DerivativesExchange (NCDEX) endeddown 0.28 per cent at 2,851rupees per 100 kg. -Reuters

Shanghai metals tumbleShanghai's most active copper

futures contract fell more than

five per cent at 70,260 yuan a

tonne. It closed down 4.2 per

cent at 71,070 yuan. Shanghai

zinc fell more than five percent

to a three-month low of 17,820

yuan, before closing at 18,080

yuan a tonne.

BD tea dips on

poor qualityDHAKA: The average price ofBangladeshi teas dipped 28.05per cent to 106.47 taka ($1.49)per kg on poor quality at theweekly auction on Tuesday,brokers said.

More than 28 per cent of the1.45 million kg on offerremained unsold and was takenback to the storage.

Different grades were soldbetween 55 taka and 207 taka perkg at the auction. But in anexclusive sale some 100 kg ofwell made Pekoe Fanningsrealised the highest price of 291taka per kg, followed by another250 kg of Churamoni Dust sell-ing at 245 taka per kg. -Reuters

Brent premium over WTI falls below $9 from $17 last week

KANDY: New Zealand beatPakistan by 110 runs in aWorld Cup Group A match onTuesday.

Extraordinary hitting with acracked bat by New Zealandbirthday boy Ross Taylorhelped his team pile on anamazing 85 runs in 3.4 oversto set up a 110-run WorldCup win over Pakistan onTuesday.

Taylor was given two 27thbirthday gifts, missed on zeroand dropped on eight offShoaib Akhtar, beforeunleashing some of the mostincredible slugging everinflicted on an attack in aone-day international cricketmatch never mind the WorldCup.

He thumped eight fours andseven sixes in his unbeatenknock of 131 scored off 124balls in the Group A match,as New Zealand reached 302-7 from their 50 overs.

After his unbeaten spree,Taylor revealed his bat wassplit.

"I cracked it in the nets acouple of days ago but itseemed to go okay today ...hopefully the new one will bejust as good," he said. "I'veonly had it for a couple ofweeks.

"One of our strengths is thepower we have down at thebottom and it showed theway Nathan McCullum andJake (Oram) batted."

In response, Pakistan strug-

gled from the off and at onestage were 66-6 and then125-8.

But Abdul Razzaq, in at No8, gave more than a modicumof respectability to Pakistanwith a defiant 62 in a ninthwicket partnership of 66 withUmur Gul (34 not out).Pakistan were eventually allout for 192.

It was the pre-match GroupA leaders' first defeat in theirfourth match. The Kiwis nowtake their place at the top.

Pakistan captain ShahidAfridi summed up ruefully:"We didn't bowl well, we did-n't field well and we missedopportunities.

"The fielding is the areawhere you can easily win alot of games but we didn'ttake our chances. I have con-fidence in my team and wedefinitely won't repeat thisperformance."

The only cloud on the NewZealanders' horizon was aknee injury suffered by theirskipper Daniel Vettori whichleft him unable to field formuch of the Pakistan innings.

Taylor, who took Vettori'splace as skipper on the field,said the team would knowmore about the injury in thenext couple of days.

But there was nothing thatcould take too much of thegloss off Taylor's memorablebirthday as he smashed hisdebut World Cup ton and acareer best.-Reuters

10Wednesday, March 9, 2011

Brazilian soccer legend Pele poses with studentsduring a visit to the Hong Kong Football Club

BANGLORE: The ICC hascome up with a revised set ofguidelines for the way the2.5m rule in the UDRS will beinterpreted that says umpiresmust also consider the distancebetween the ball pitching andpoint of impact.

On Sunday, they announceda tweak in the guidelines,allowing on-field umpires toreverse not-out decisions if thereplays showed part of the ballto be hitting middle stump,even if the batsman was hitmore than 2.5m away. Theyhave now issued a full releaseabout the guidelines umpireswill use in the World Cup.

When a not-out lbw decisionis reviewed, and the replayshows the ball has madeimpact more than 2.5m away

from the wickets, the umpiresalso have to consider anotherfactor: the distance the ball hastravelled between pitching andhitting the pad. If that distanceis less than 40cm, and the ballstill has to travel more than2.5m to reach the stumps, then,it has been decided, any not-out decision given by the on-field umpire will remain notout.

It has also been decided thatif the batsman is more than3.5m down the wicket, thenagain not-out decisions will notbe overturned. The only sce-nario in which an lbw decisionwill be reversed in favour ofthe bowler if the batsman ismore than 2.5m away from thewicket is if the distance is lessthan 3.5m and the distance

between pitching and point ofimpact is more than 40cm. Inthat case, some part of the ballmust be hitting middle stump,and the whole ball must be hit-ting the stumps below the bails.

That was the case whenYuvraj Singh reviewed a deci-sion against Alex Cusack inSunday's tie between India andIreland, which is why umpireRod Tucker reversed his deci-sion. The 2.5m rule was notbeing used in the same way atthe start of the tournament,which is why Billy Bowdenrefused to change his not-outcall when Ian Bell had been hitmore than 2.5m down the pitchagainst India, even thoughHawk Eye was showing theball to be hitting middle andleg.-Reuters

ICC issues revisedguidelines on 2.5m rule

NEW DELHI: Dutch cap-tain Peter Borren has con-ceived an intriguing recipe toupstage India on Wednesdaywhich requires borrowingIreland's discipline, backingit with home-grown talentand then leaving it to thegame's vagaries.

On paper, the World CupGroup B contest looks a mis-match featuring tournamentfavourites India and a Dutchsquad, which is essentiallymade up of a handful of pro-fessionals and a host of ama-

teurs trying to make animpact in one-day cricket'sbiggest stage.

Borren said his men werecapable of pulling off anupset as they had come closeto beating England earlier inthe tournament.

"We will take inspirationfrom the Irish side which hassecured a win (againstEngland) in this tourna-ment... Ireland are a very dis-ciplined side. Hope we canlearn something from them,"he said.

"We need to bowl a disci-plined line and do someextraordinary catching andfielding. Cricket is a funnygame and our talented teamis capable of creating anupset.

"We are looking to get winshere and we need to be at ourvery best tomorrow. (Fellownon-test playing nations)Ireland and Canada havemanaged a win in the eventand now we are looking tohave one under our belt."-Reuters

Dutch to take a ‘longshot’ to shoot India

Doeschate eyesSehwag callup

DELHI: Forget the big picture for a momentand focus instead on this riveting questionthat fans will be looking forward to beinganswered on Wednesday: can VirenderSehwag last long enough against theNetherlands in his home city to crank up adouble century?

In the first match of the World Cup, inDhaka, he nearly became the second batsmanafter Sachin Tendulkar to reach the milestone,before succumbing on 175. Still, he had last-ed for 47.3 overs and if not for cramps, couldhave batted through the innings. But willSehwag use his (home) advantage against afeatherweight like Holland and go for thedouble? One Dutchman wants it to make itdifficult for him, even if Holland lack an inci-sive bowling attack.-Online

Real MadridKaka-less

for 2 weeksMADRID: Real Madrid and

Brazil playmaker Kaka, the

2007 World Player of the

Year, will be out for about 15

days after injuring the left

knee that was operated on fol-

lowing the 2010 World Cup.

Kaka, who made his first

appearance of the season for

the Spanish club in January,

had a series of tests which

revealed the extent of the knee

problem, the team said on

their website (www.real-

madrid.com) on Tuesday.

The 28-year-old former AC

Milan player will miss

Saturday's La Liga match at

home to Hercules as well as

next week's Champions

League last-16 second leg

against Olympique Lyon, also

at Real's Bernabeu stadium.-

Reuters

RECORDBOARD

Sangakkara backsMr Angry, Dilshan

Monitoring Desk

PALLEKELE: Sri Lanka skipper KumarSangakkara told Tillakaratne Dilshan to stay angrydespite the opener losing out to Australian fastbowler Shaun Tait in an ugly World Cup war ofwords.

Dilshan and Tait were locked in a furiousexchange when the Sri Lankan star edged throughthe slips for a boundary at the start of Saturday'sabandoned match in Colombo.

He then pulled away from the crease just as Taitwent into his delivery stride, before the speedsterhad his man next ball, courtesy of a slip catch.

"Dilshan has been our best performer over thelast few years. He has won us so many games sowe just want him to go out and we want him to befocused and keep his aggression," said Sangakkara.

NAGPUR: Police onTuesday clashed with hun-dreds of fans seeking ticketsfor India's World Cup show-down against South Africa,the incident again highlight-ing the country's inability tohandle the huge demand forseats.

Twelve days after similarscenes were witnessed inBangalore, stick-wieldingpolice battered fans in frontof the ticket counter at theVidarbha Cricket AssociationStadium.

Indian captain MahendraSingh Dhoni, however,defended the action taken bythe police.

"I don't think the policeenjoy beating people for thesake of it. It could have been

a stampede-like situation thatforced them to lathicharge(charge with sticks)," he saidin Delhi.

"They (police) should notbe projected in a bad light allthe time."

Asked if the root of theproblem was because only alimited number of tickets wasavailable to the public, Dhoniresponded light-heartedly: "Ihave got five tickets. If any-one is interested in buying,they can contact me."

His five tickets forSaturday's Group B matchwould hardly meet thedemands of the Nagpur fanswho were seen clamberingover each other in a desperateattempt to get to the front ofthe box-office window.

Spectators had been queu-ing up behind wooden barri-cades since Monday eveningafter learning that a limitednumber of tickets would bemade available.

A Reuters witness said sec-tions of the crowd becamerestless on Tuesday morningand started climbing over thebarriers, breaking themdown, which forced thepolice to take action.

"I have been here since lastnight. Many villagers whohad also come here for ticketsslept outside the stadium asthey waited for the ticketcounter to open. When thecounter opened, there was ahuge rush to buy the tickets,"Ram Dixit told ReutersTelevision in Hindi.-Reuters

Fans-police clashat Nagpur stadium

Broad’s WCdreamshang inbalance

CHITTAGONG: Englandfast bowler Stuart Broad iswaiting to hear whether he willplay any further part in theWorld Cup after suffering aside strain.

As England's injury woesmounted, a forlorn Broadappeared resigned to missingFriday's Group B matchagainst Bangladesh but hopesthe problem "will get betterwithin a week or so" and willnot rule him out of the tourna-ment completely.

"I think I have got a littleside niggle, I'm not sure howserious it is at the moment. Ihad a couple of scans and amwaiting for the results," Broadtold a news conference onTuesday.

"I am pretty doubtful forFriday's game at the momentbut beyond that I am not sure.

"I have never had a sidestrain in this manner before soI don't really know the symp-toms.

"It's a bit sore ... but thatmight be just after a vigorouscouple of games in a few days.It's quite a common injury forbowlers.

"If it is an actual side strainor tear, it is something youhave to be very careful of andmake sure you take your timeto get fit and not rush back.-Reuters

n Pakistan lose by 110 runs against NZ n Birthday boy Taylor sets up easy Kiwi winElder Akmal’s hopeless performance spoils Pakistan party

Big Disappointment

Most Runs

Players Mat Runs HS Ave SR

Andrew Strauss-England 4 280 158 70.00 104.47

Villiers-South Africa 3 266 134 133.00 107.69

Sangakkara-Sri Lanka 4 241 92 120.50 87.95

Most Wickets

Players Mat Wkts BBI Ave Econ

Shahid Afridi-Pakistan 4 15 5/16 8.53 3.36

Imran Tahir-South Africa 3 11 4/38 8.90 3.84

Kemar Roach-WIndies 3 10 6/27 8.80 3.91

PALLEKELE: Pakistan cricket captain Shahid Afridi speaks withAustralian umpire Darryl Harper during the Group A match inthe Cricket World Cup tournament between Pakistan and New

Zealand at The Pallekele International Cricket Stadium.-Reuters

Olympic soccer

qualifier a

major step

ahead: PakKARACHI: Pakistan will

take another step towards

reestablishing the country as a

host of international sporting

events when the nation's

Olympic soccer team host

Malaysia in a qualifier for the

London Games on Wednesday.

The AFC Preliminary Round

second leg contest takes place

at the Punjab stadium in

Lahore, where in March 2009

the Sri Lankan cricket team

was attacked by militants.

The attack left six Pakistani

policemen and a van driver

dead and wounded five of the

visiting players, leading to a

virtual shutdown of Pakistan

as an international sporting

venue.

However, after hosting an

international boxing tourna-

ment early last year in the

southern port city of Karachi

amidst heavy security, the

Pakistan sports fraternity has

gradually witnessed a tangible

change in attitudes.-Reuters

11Wednesday, March 9, 2011

International & Continuation

CONTINUATION

FRANKFURT: Markets haveunderstood the EuropeanCentral Bank's policy signals,ECB policymaker Axel Webersaid on Tuesday, adding he didnot want to correct expectationsfor rates to be at 1.75 per centby year's end.

The ECB shocked financialmarkets last week when thebank's president, Jean-ClaudeTrichet, said it may raise interestrates next month, wrongfootingeconomists and traders who hadnot expected it to raise ratesuntil much later in the year.

Markets now expect a raterise in April.

"I think President Trichet saidthe right thing: it's possible butnot on auto-pilot," Weber toldreporters when asked if a ratehike should be expected inApril or May.

"I think markets have under-stood this kind of language,which is a bit stylised, in thepast very well. And I thinkthey've got it this time."

Trichet said last Thursday theECB would exercise "strongvigilance" over rising inflation,deploying a phrase that in thepast signalled a rate rise wasonly a month away.

Weber said price risks were"clearly to the upside" andthere was a "genuine risk that

inflation will stay higher than isadvisable and tolerable forsome time. So I think the factthat the ECB signalled strongvigilance is the right answer".

Asked if he was comfortablewith market expectations thatECB rates will rise from theircurrent record low of 1 per centto 1.75 per cent by year's end,Weber replied: "I wouldn't doanything to try to correct mar-ket expectations at this point."

"I don't want to correctthem," he added.

Earlier on Tuesday, fellowECB policymaker EwaldNowotny said an ECB interestrate hike should be seen as partof a return towards a more nor-mal policy stance.

Weber shocked markets him-self last month when he backedout of the race to become thenext ECB president byannouncing he was steppingdown as Bundesbank chief atthe end of April.

He missed last week's ECB'spolicy decision due to a meet-ing with Cologne University, towhich he intends to return aftera one-year stint at theUniversity of Chicago, butbacked Trichet's statement thatthe ECB would exercise"strong vigilance" over risinginflation.

"My colleagues took the rightdecision," he said.

The ECB should prepare anexit from its extraordinary liq-uidity measures in the comingmonths, first by moving tocompetitive tenders in thethree-month operations, hesaid.

It should also review whetherits one-month tender is neces-sary in the future.

"The first step with interestrates has been announced, whatis still missing and still mustcome is the normalisation ofthe refinancing operations, thatis to say the full allotment mustof course in time -- with therecovery of financial markets --be reviewed," Weber said.

The ECB was drawing in on aplan to tackle the problem thatmany banks in debt-strainedeuro zone countries remainheavily dependent on the ECBfor their funding.

"We have made goodprogress," he said. "I am prettysure that by the end of this nextquarter we'll be able to deliversome results."

Turning to Greece, whosecredit rating Moody's slashedby three notches on Mondaydue to an increased default risk,Weber said "all the right meas-ures are in place."-Reuters

Weber says marketshave understood

ECB correctlyWASHINGTON: Emergingmarket economies that pow-ered the global recovery maybe growing too fast for theirown good as inflation pres-sures build, a topInternational Monetary Fundofficial said on Monday.

China, Brazil and otherfast-growing nations havestruggled to contain inflationand control heavy inflows ofinvestment money. Althoughthe IMF has been warning formonths of the risks of pricepressure, the comments bythe Fund's first deputy man-aging director, John Lipsky,suggested the IMF is growingincreasingly concerned.

"For the emergingeconomies, growing at 6.5 to7 per cent, their margins ofexcess capacity have beenlargely used up, and as aresult we're starting to seeincipient signs of overheat-ing," Lipsky told ReutersInsider in an interview.

After the global economicslump of 2008 and 2009, therecovery took divergentpaths, with emerging marketspowering ahead whileadvanced economies merelytrudged along.

With growth and interestrates remaining unusuallylow across the developedworld, investors have flockedto emerging markets, bring-ing much-needed capital butalso a risk of inflation.

Rising oil prices have com-pounded the inflation prob-lem, but Lipsky said the IMFhas not cut its growth forecastbecause it thinks the oil pricespike will prove temporary.

He said until unrest spreadto oil-producing Libya, much

of the rise in oil prices in late2010 and early 2011 reflectedan improved economic out-look. However, the latestworries about supply disrup-tions created a "fear factor"that drove oil above $100 abarrel, which if sustainedwould pose a bigger threat togrowth.

Rising food prices are alsoworrisome, particularly forpoorer countries where foodconsumes a larger per centageof household budgets, hesaid. The cost of food wasone of many reasons behindthe recent upheaval in Egyptand Tunisia.

"We have to be concernedeven in places where there isno political upheaval,"Lipsky said. "The socialstrains and real difficultiesfor poor residents in manyeconomies is something thathas to be attended to."

WHAT TO DO? For emerging markets,

cooling growth withoutinflicting too much damageon the global economy willrequire some delicate maneu-vering.

China has made curbinginflation its top policy priori-ty this year. Its finance minis-ter said earlier on MondayChina will ensure that spend-ing on social priorities doesnot fan inflationary fires.

Separately, Zhu Min, spe-cial adviser to the IMF's man-aging director, said China'sloan growth was too strongand addressing that was keyto safely slowing down theeconomy.

"It's a fundamental chal-lenge," he said during a pres-entation to an economists'

group meeting in Arlington,Virginia. "So that's a concern,overheating. In China, slow-ing down economic growth isimportant."

Brazil and some otheremerging markets haveincreased taxes on foreigninvestors or raised banks'reserve requirements to try toslow inflows of investmentmoney and ward off inflation-ary pressures.

Lipsky, however, offeredonly a lukewarm endorse-ment of such moves, knownas capital controls. He saidthe measures may be neces-sary and useful at times, butthose cases were "few and farbetween" and other methodssuch as adjusting exchangerates and monetary or fiscalpolicies ought to take prece-dence.

The IMF is in the midst ofits own internal debate overwhen and how capital con-trols ought to be used. IMFstaff released a paper inJanuary that said the Fundhad been "hamstrung" in itsefforts to come up with rulesto guide countries on imple-menting controls because itsown membership disagreedon what those rules shouldbe.

"Rather than leaving eachindividual country to decidehow it's going to react, it'sbetter to start talking aboutsome potential guidelines orrules of the road, rules of thegame, about how best to pro-ceed so that one country,seemingly acting in its ownself interest isn't creatingproblems for the broaderglobal economy or its neigh-bors," Lipsky said.-Reuters

IMF: Signs ofoverheating in

emerging markets

Geithnerurges

balance fromEurope oncrisis steps

BERLIN: US Treasury SecretaryTimothy Geithner voiced confi-dence on Tuesday that Europewould take the steps necessary toresolve its sovereign debt crisisbut stressed the need for balancebetween fiscal reforms and finan-cial support.

Geithner was on an unusualone-day visit to Germany whichwas announced only late lastweek, fuelling speculationWashington is concerned aboutEurope's ability to agree a robustnew package of anti-crisis meas-ures at two summits on March 11and March 24-25.

Germany is resisting pressurefrom some of its euro zone part-ners, the European Commissionand the European Central Bank togive the bloc's rescue fund newpowers and alleviate the burdenon countries like Greece andIreland.

Geithner said he was convincedEuropean authorities "understandwhat it's going to take" and saidthey needed to make sure theystruck "the right balance" betweensupport for reform programmesand the financial support neededto make them work.

Speaking at a news conferencein the German capital after ameeting with his German counter-part Wolfgang Schaeuble,Geithner described the reformsbeing implemented by Greece,Ireland and others as "incrediblydifficult".

He said there was a broadrecognition in Europe that in orderfor the reforms to work, theyneeded to be supported by "care-fully designed conditional finan-cial assistance".

Both Geithner and US PresidentBarack Obama lobbied Europeanleaders vigorously last year aheadof a summit at which they agreedto set up a rescue mechanism fortroubled euro states.-Reuters

Police launched a collective operation and recovered Districtand Session Judge Sibbi Jan Muhammad Johar and Civil JudgeMuhammad Ali Kakar. Both judges were then moved to theCommissioner Office Dera Murad Jamali under strict security andwould be shifted to Quetta soon.

During the operation, the captors, however, managed to flee, hesaid. Interior Minister Rehman Malik congratulated IGBalochistan and praised the efficiency of Police force on the saferecovery of both judges. -Online

Continued from page 12No #1

at sea, reported Xinhua. Upon completion of this exercise,Wenzhou and Maanshan will sail directly to the Gulf of Aden asthe 8th Chinese naval escort taskforce to undertake the escort mis-sion there. Organised by Pakistan, the "Aman" multinational mar-itime military exercise is held once every two years since 2007.

This year's exercise will be held till March 12 at the open seanear Karachi. Chinese Military Attaché Senior Colonel WangJiliang said the "Aman 2011" exercise on the Indian Ocean ismainly directed against piracy, terrorism and other non-traditionalsecurity threats. It aims to strengthen coordination and cooperationin search and rescue and helicopter operations in the sea. -Online

Continued from page 12No #2

used against any other country. He said Pakistan stands forpeaceful, stable, friendly and united Afghanistan, as Pakistan isdirectly impacted by any development relating to Afghanistan.

The President said that Pakistan has rendered great sacrificesboth human and material than any other country in the ongoingfight against militancy and terrorism. He said that this was a long-drawn battle where force alone cannot accomplish complete vic-tory as it was also a battle of hearts and minds.

The President said that the government besides following itspolicy of dialogue, development and deterrence was also under-taking measures to wean away the youth falling into the traps ofmilitants. Sir Peter Ricketts appreciated the huge sacrifices ren-dered by the law enforcing agencies and the people of Pakistan infighting violent extremism and assured full support of the Britishgovernment in curbing militancy and revival of war and flood-ravaged economy. Ricketts was accompanied by General SirDavid Richards, Chief of Defense Staff Sir John Sawers, Chief ofSIS (Secret Intelligence Service) and Adam Thomson, UK's HighCommissioner to Pakistan. From Pakistan side meeting wasattended by Senator Rehman A Malik, Interior Minister, GeneralAshfaq Parvez Kayani, Chief of Army Staff, M Salman Faruqui,Secretary General, Lt Gen Ahmad Shuja Pasha, DG ISI andSalman Bashir, Foreign Secretary. -APP

Continued from page 12No #3

place in Central Asia but due to lack of exchange of businessdelegations and interaction between the private sectors, the tradewas much below the true potential.

He highlighted construction, pharmaceutical and textile inwhich companies could collaborate for joint venture investment.

He welcomed the initiative of the Tajik President for bringing abig entourage of businessmen with diversified interests and hopedthat new trade opportunities and business links will emerge on thevisit. The ICCI President was of the opinion that both countriesshould go for joint ventures and also study each other market tolook at the possibilities of joining hands in different sectors.

Nekroy H Zabirov, Leader of Tajik business delegation said thatTajik businessmen were interested to invest in Pakistan in the fieldsof cement, steel, gems and electricity as both sectors have a lot ofpotential for earnings. He said that Tajikistan has cheapest electric-ity rates and for new investor of cotton industry, government wasnot charging taxes for 12 years. He said that both the countries wereenjoying close brotherly and historic relations, with the sharing cul-ture, faith and traditions, adding that their visit would further boostthe relations between the two brotherly nations. At this occasion,businessmen of both the countries concluded business deals in the

Continued from page 12No #4

He said five PIA relief flights will operate from Karachi toJeddah and then onwards to Tripoli and back to Karachi and addedPIA will also operate two additional flights to bring back thePakistanis who have reached Djerba and Istanbul. -APP

Continued from page 12No #5

process of computerisation as soon as possible," the Ministersaid during a presentation given to him by the MD Arif Khan hereon Tuesday. The MD USC assured the Minister that PC-1 of thesaid proposal would be prepared immediately which would becompleted by the 18th of this month.

The PC-1 would be approved by the Development WorkingParty (DWP) and Board of Directors (BoD) of the USC.

DWP would include representatives of the planning andDevelopment Division, Finance Division and the Ministry ofIndustries and Production each not below the rank of jointSecretary which would be headed by the MD USC.

It is pertinent to mention here that the USC has opened 120super/ mini-markets and 300 profitable urban area stores duringlast one year. Federal Secretary Abdul Ghaffar Soomro and otherhigh officials of the Ministry and USC were present during thepresentation. -INP

Continued from page 12No #6

fields of cement and steel on the spot. -APP

of 6.57 million tonnes. In this regard he suggested to haveanother session on this matter, and consult the provinces also forwhich the Federal Minister for Food and Agriculture would con-vene a meeting of the Deputy Chairman Planning Commission,Secretary Food & Agriculture, Provincial Ministers forAgriculture and representatives of the Finance Division.

The meeting would deliberate upon the suggestion of theFederal Finance Minister that under the devolution plan agricul-ture as a subject shall be devolved to the provinces, thus determin-ing the size of the strategic reserves of wheat should also be decid-ed at the provincial level, or if the same is left to the FederalGovernment, the Ministry will determine the criteria for settingthe strategic reserve of wheat. Later the Federal Minister forFinance chaired the Cabinet Committee on Privatization whichapproved the Capital Market listings of the Exchangeable Bond.

Continued from page 1No #7

"It was not a suicide attack. It was a planted bomb blast. Thebomb exploded near the gas cylinders that triggered a bigger blast,"he said. Husain said that the attack could have targeted governmentbuildings close to the gas station site, some of which he said weredamaged in the blast. On the other hand, Taliban claim responsibil-ity. Taliban spokesman Ahsanullah Ahsan said the target of the blastwas an office of the Inter-Services Intelligence (ISI).

Ahsan said the blast was revenge for the killing of a militantby security forces in Faisalabad last year. Hussain declaring theincident as a terrorist attack said that 20 people have been killedand 100 wounded. There are fears that the death toll could rise.Ruling out suicide attack the RPO told that the explosion wascaused by four planted devises. Soon after the incident the teamsof Rescue 1122 rushed at the site, cordoned off the area andstarted rescue work. The rescue workers said that smoke hasengulfed the entire crime scene due to which they are facing dif-ficulty in rescue work. President Asif Ali Zardari, PrimeMinister Syed Yousuf Raza Gilani, Interior Minister RehmanMalik, federal ministers, Chief Minister Shahbaz Sharif andother political leaders vehemently condemned the incident ofbomb blast and directed to probe into the matter. -Agencies

Continued from page 1No #8

Lahore High Court on March 14 which could determine if he hasdiplomatic immunity and should be released. Asad Manzoor Butt,lawyer for the family of one of the victims, said Davis declined tosign police documents but that later Bokhari signed them on hisbehalf. US officials said progress was being made to persuade

Continued from page 1No #9

Justice of Pakistan Iftikhar Mohammad Chaudhry remarked that despite law and order situation in theprovince, authorities had failed to apprehend a significant number of suspects involved in target killingsand kidnapping for ransom. During the hearing Advocate General Balochistan told the court that 244people had been killed in the province in 2010 and that the provincial government had compensated theaffected families. Chief Justice Iftikhar directed Chief Secretary Balochistan to submit within fourweeks a report regarding the local government elections and the missing lawyers. -Agencies

Continued from page 1No #10

Taylor was given two 27th birthday gifts, dropped on zero and eight off Shoaib Akhtar, beforeunleashing some of the most incredible slugging ever inflicted on an attack in a one-day internation-al cricket match never mind the World Cup. He thumped eight fours and seven sixes in his unbeat-en knock of 131 scored off 124 balls in the Group A match, as New Zealand reached 302-7 fromtheir 50 overs. In response, Pakistan struggled from the off and at one stage were 66-6 and then 125-8. But Abdul Razzaq, in at No 8, gave more than a modicum of respectability to Pakistan with a defi-ant 62 in a ninth wicket partnership of 66 with Umur Gul (34 not out). Pakistan were eventually allout for 192. The only cloud on the New Zealanders' horizon was a knee injury to their skipper DanielVettori which left him unable to field for much of the Pakistan innings.

But there was nothing that could take too much of the gloss off Taylor's memorable birthday.In one brutal over, the 35-year-old Pakistan paceman Shoaib was struck for three sixes and two

fours in one over as Taylor raced passed three figures in 117 balls. That over cost Shoaib 28 runs.More was to come. Having figured in half-century stands with Martin Guptill (57) and Scott Styris

(28), he paired up with Jacob Oram (25 off nine balls) to power 85 off 22 balls.

Continued from page 1No #11

further liberalization measures include: (1): The capital markets are being developed along mod-ern lines with the assistance of Asian Development Bank. (2): The establishment of the Securitiesand Exchange Commission has improved the regulatory environment for stock exchanges, corporatebond market and the leasing sector. (3): Pakistan is home to over 600 foreign companies, whichmeans Pakistan facilitates liberal investment policy. (4): There has been stabilization in policieswhich is extremely vital for investors. (5) Pakistan has a liberal foreign exchange regime with fewrestrictions on holding foreign exchange and bringing it in or out of the country. (6): There are nolimits on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains,returns on intellectual property, or payments for imported inputs. (7): The facility for contracting for-eign private loans is available to all those foreign investors who make investment in the approvedsectors. (8): Foreign controlled manufacturing concerns are allowed to borrow on the domestic mar-ket according to their requirement. (9): There is a greater degree of transparency in procurementpractices. International tenders are properly advertised. (10): There is no restriction on payment ofroyalty / technical fee etc. in the manufacturing sector. (11): Zero import duties on capital goods.The import tariff on agriculture machinery (not manufactured locally) for registered corporate agri-cultural projects will be zero-rated. (12): The investors who invest in the newly opened sectors canimport plant, machinery & equipment (not manufactured locally) at discounted rate of customs dutywhich is 5 per cent and also avail first year allowance @ of 50 per cent of the cost of plant, machin-ery & equipment. (13): Zero import duties on raw materials used in the production ofexports;(13)Foreign investors are allowed participation in industrial projects, on the basis of 100 percent foreign equity, without any permission from the Government. (14): The manufacturing sectoris open to foreign investment. (15): Oil and gas is another sector in which investor can have offshoreand onshore exploration. They can invest in refinement, pipelines and storage facility. (16): Fullrepatriation of capital gains, dividends and profits. (17): There is no requirement to obtain a NoObjection Certificate (NOC) from the Provincial Governments for the establishment of projects,and, (18): Regulatory reforms have led to the establishment of a legal framework for licensing andregulating private housing lenders. -APP

Continued from page 1No #12

Meanwhile, addressing a simple but dignified ceremony on the occasion of International Women'sDay Prime Minister Gilani made it clear that handful of terrorists cannot destabilise country urgingtheir agendas will be foiled tooth and nail. Undoubtedly killing of federal minister for minoritiesShahbaz Bhatti was heinous act and we condemn it in strongest words, PM said.

Government is focused on enhancing the agenda of former PM Benazir Bhutto agenda and mani-festo, PM stressed. He said that government is taking a number of steps for the welfare and interestsof women as women play an important role in our society. Government will take forward policy ofempowering women, Gilani said. Prime Minister Syed Yousuf Raza Gilani said that the present gov-ernment was the custodian of Shaheed Mohtarma Benazir Bhutto's legacy who always endeavoredto empower the women. "The 2011 International Women's Day Centenary affords a unique and glob-al opportunity to reassess our national strategies to inspire our women to channelize their energiesin their struggle for equal rights." -Agencies

Continued from page 1No #13

Pakistan to free Davis but that Washington could take punitive diplomatic and financial action if thecase was not resolved soon. Pakistani government officials say it is for the country's courts to decidethe fate of the CIA contractor. The hearing is taking place behind closed doors in Kot Lakhpat jail inLahore for security reasons. The proceedings are closed to journalists. -Reuters

"I believe there is some semi-government intervention," said Samer al-Jaouni, general manager ofMiddle East Financial Brokerage Co in Dubai. "It could be funds related to government or some-thing else. The selling pressure from foreigners has also stopped. Investors are trying to separatepolitical issues and focus on fundamentals."

Doha's benchmark climbed 4.3 per cent to its highest close since Feb. 27 after its biggest daily gainsince December 2009. Industries Qatar surged 6 per cent and Barwa Real Estate added 4.2 per cent.

Stocks in the United Arab Emirates advanced, tracking Saudi gains, with Dubai's index .DFMGIrising 2.7 per cent. Emaar Properties climbed 4.9 per cent, courier firm Aramex surged 7.5 per centand builder Arabtec added 5.9 per cent. However, volumes were still low, as traders entered the mar-ket looking for short-term investments. "The perception of geopolitical risk is low for the UAE, butthe problem has been the lack of local liquidity and demand for equities," said Walid Shihabi, ShuaaSecurities chief executive.-Reuters

Continued from page 5No #14

Smith said his firm was overweight on the energy sector, which has helped to offset some of themarket decline following the Libyan unrest.-Reuters

Continued from page 5No #15

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KARACHI: Chief Justice Sindh HighCourt Musheer Alam on Tuesday appoint-ed Justice Sajjad Ali Shah as the investiga-tion officer for the Khanani and Kaliamoney laundering case and directed him tosubmit a report within three days.

Earlier on Saturday, Director GeneralFederal Investigation Agency (FIA)Waseem Ahmed said that the exonerationof suspects in the Khanani and Kalia case

was questionable. Ahmed had alleged that"a large sum of money" was used for theexoneration. The Supreme Court subse-quently took a suo moto notice of DGFIA's remarks and directed Chief JusticeSindh High Court to thoroughly investi-gate the matter. CJ SHC Musheer Alamthen appointed Justice Sajjad Ali Shah toinvestigate the allegations and present areport by March 11. -INP

Justice Sajjad appointed as investigatorForex Scam

B'stanabducted

judges savedQUETTA: Two judges whowere abducted from Jafarabadand kept hostage for nearly 10days have been rescued.

In a joint police operationlate Monday night, Naseerabadand Jafarabad police rescueddistrict and sessions judgeSibbi Jan Mohammed Goharand civil judge Mohammed AliKakar from the Jhal Magsiarea.

The two judges were abduct-ed from Jafarabad.

Talking to the media, DPOJafarabad Javed Ghersheensaid that security officialsreceived a tip-off regarding thetwo judges being kept hostagein a village Rabi two in JhalMagsi.

Naseerabad and Jhal Magsi See # 1 Page 11

ISLAMABAD: President Asif AliZardari on Monday said Britain andPakistan need to work closely toenhance partnership in diverseareas so as to eliminate militancyand terrorism from Pakistan.

Talking to Sir Peter Ricketts, UKNational Security Advisor here atthe Aiwan-e-Sadr, the Presidentsaid Pakistan desired internationalcommunity, especially the allies, toallow market access to Pakistan togenerate jobs in the country andwin the battle of hearts and mindsby provision of opportunities.

The President said Pakistandesires to work closely with theUnited Kingdom to expand cooper-ation mainly in trade, investmentand education.

Discussing regional issues, thePresident said Pakistan stands forpeace in the region and the world

and wants to pursue ShaheedMohtarma Benazir Bhutto's visionof a peaceful South Asia througheconomic integration.

He said the recent Pak-IndiaSecretary level talks agreed onresumption of dialogue on allissues.

Briefing the media about themeeting, Spokesperson to thePresident Farhatullah Babar saidthat the discussion focused aroundAfghanistan, South Asia, waragainst terrorism and regional secu-rity issues.

He said that the visit of UKNational Security Advisor andmeeting with the President was animportant component of enhancedpartnership with UK that wasagreed to between the two countriesduring President Zardari visit inAugust last year.

The spokesperson said that thevisit and interactions with Pakistanileaders was aimed at continuationof dialogue at high level, improvingunderstanding on various issues andbridging divergence of perceptions.

Discussing Afghanistan situation,the President said that peace andstability in Afghanistan was neces-sary for regional peace and empha-sized on a peace process in thatcountry that was Afghan led ratherthan foreign led.

The President said that an appre-ciation of the dynamics of humanrelations was no less important thanmachines and weapons.

The President said that any initia-tive on Afghanistan should ensureAfghan ownership of the process aswell as territorial integrity of thecountry and that its soil was not

See # 3 Page 11

'Pak, UK need to work closely to end militancy'

UK Nat'l Security Advisor calls on Zardari

Pakistan re-chants‘mkt access’ mantra

RAS LANUF, Libya: Libyan warplanesstruck at rebel forces behind the war'seastern frontlines on Tuesday, steppingup the government offensive to roll backtheir early gains in the insurrectionagainst Muammar Gaddafi.

Reuters' correspondents reported atleast four air strikes near rebel positionsin and around the oil town of Ras Lanufon the Mediterranean coast.

In the west, government artillery andtanks pounded Zawiyah, the closestrebel-held city to the capital Tripoli,destroying many houses and trappingresidents.

Earlier, the rebels said they had reject-ed an offer from the Libyan leader tonegotiate his surrender of power. But thegovernment denied any such talks hadtaken place and appeared to be making arobust military effort to crush the upris-ing.

On the international front, Britain andFrance led a drive at the United Nationsfor a no-fly zone over Libya, a move thatwould prevent Gaddafi from unleashingair raids on rebel fighters and towns orfrom flying in reinforcements.

But the US government resisted pres-sure from some US lawmakers for directintervention, saying it first wanted to fig-ure out what military options couldachieve in the oil-producing desert state.

Tuesday's airstrikes hit at rebels behindthe no-man's land between the coastal

towns of Ras Lanuf and Bin Jawad,about 550 km east of Tripoli and the siteof oil terminals.

One strike smashed a house in a resi-dential area of Ras Lanuf, gouging a bighole in the ground floor. Many homes,including the one hit, appeared to beevacuated and there were no immediatereports of casualties.

Other attacks targeted rebel positionson the outskirts of the Ras Lanuf oil ter-minal.

The rebel army -- a rag-tag outfitlargely made up of young volunteers andmilitary defectors -- had made swiftgains in the first week of the uprisingwhich saw them take control of the eastand challenge the government nearTripoli.

But their momentum appears to havestalled as Gaddafi's troops pushed backusing war planes, tanks and heavyweapons.

The resident said government forceswere "trying to destroy the city," accord-ing to a friend who managed to make abrief phone call to Zawiyah.

"Many buildings are completelydestroyed, including hospitals, electrici-ty lines and generators," he said.

"People cannot run away, it's cordonedoff. They cannot flee. All those who canfight are fighting, including teenagers.Children and women are being hidden,he said." -Reuters

Gaddafi forces hitmutineers in East

KARACHI: A group photograph of Vice Admiral Abbas Raza with representatives of difference countries

during the inauguration ceremony of Pakistan Navy Exercise Aman-2011 at PN Dockyard. APP

KARACHI: Sindh High CourtTuesday directed the FederalInvestigation Agency (FIA) to actlawfully on a treason petition filedagainst former military rulerPervez Musharraf.

According to media reports, thecourt issued the directive inresponse to a petition filed in theSHC by chief of the Rah-e-RastTrust Agha Ataullah Shah.

Ataullah's petition stated that hehad requested the FIA to register acase of treason against Musharraffor violating the constitution andimposing a state of emergency on

November 3, 2007.The petition requested the court

to direct the FIA to register thecase.

The petition was heard by a twojudges' divisional bench of theSHC comprising Justice GulzarAhmed and Justice Imam BakhshBaloch.

During the hearing, DeputyAttorney General Omar HayatSindhu assured the court that actionwould be taken on the petition.

The petition was discarded afterthe court directed the FIA to act onit. -Online

Court tells FIA tokeep law in mind

Treason petition against Musharraf

ISLAMABAD: Implementation ofAfghan Transit Trade Agreement(ATTA) would help enhance thebilateral trade between Tajikistanand Pakistan.

"Tajik government should askAfghanistan for implementation ofATTA which would help bothcountries in emerging trade activi-ties, as it provides trade accessfrom land route to transports toreach CIS states for business",Muhammad Tauseef Zaman actingpresident Islamabad Chamber ofCommerce and Industries (ICCI)said in a meeting with a Tajik busi-ness delegation here on Tuesday.

The 33-member Tajik business

delegation visited ICCI for B2B(business to business) meetingswith entrepreneurs having commoninterest in various fields.

The delegation was representingthe sectors of cotton fiber, cement,hydraulic fittings, banking,telecommunication, pharmaceu-tics, energy, jewelry, leather prod-ucts, tourism, agriculture, hospital-ity and aluminum, which was onvisit to Pakistan along with TajikPresident Emomali Rehmanov forimproving bilateral trade betweenthe two countries.

Tauseef Zaman said that Pakistanconsiders Tajikistan an important

See # 4 Page 11

Afghan trade seenwell for Tajikistan

Tajik traders visit ICCI

ISLAMABAD: Federal Ministerfor Industries and Production MirHazar Khan Bijarani has said thatcomputerisation of warehouses andstores of Utility Stores Corporation(USC) be made without furtherdelay.

It is necessary to control pilfer-ages, misappropriations, bungling,corruption, various financial irreg-ularities and shortage in warehous-

es and stores of USC as well.After computerisation, the whole

data i.e. sales and purchases systemof the corporation would be moretransparent, he said.

The Minister expressed his dis-pleasure over slow process of com-puterisation of warehouses andstores of the corporation.

"Complete the documentation See # 6 Page 11

Computerisationof USC called for

Transparency in sales & purchase urged

Pak, Chinawar-games

beginsKARACHI: Pakistan andChina "Aman 2011" multina-tional naval exercises kickedoff Tuesday at the open seanear Karachi.

The Chinese naval fleet,comprising the Wenzhou mis-sile frigate and Maanshan mis-sile frigate, arrived in thesouthern Pakistani port ofKarachi on Monday to partici-pate in the multinational navalexercise.

Chinese Navy fleet com-mander Colonel Han Xiaohusaid China has participated inthe naval exercises to promoteexchanges and cooperationwith other navies and jointlysafeguard security and stability

See # 2 Page 11

MQM-Zardarimeetingput off

ISLAMABAD: A meetingbetween President Asif Ali Zardariand a delegation of MuttahidaQaumi Movement was postponedas the Presidency sources say themeeting was not on the schedule.

A delegation of MQM comprisesFarooq Sattar, Raza Haroon, BabarGhauri and Adil Siddiqui stayingin Islamabad.

Meanwhile, Chief MinisterSindh Syed Qaim Ali Shah has metwith Prime Minister Yousuf RazaGilani to discuss Karachi situation.

Sindh Home Minister ZulfiqarMirza talked with PresidentZardari on telephone last nightover the situation in Karachi. -Agencies

Pakistanisevacuationto completethis wk: PIA

ISLAMABAD: Special flights ofPakistan International Airlines(PIA), carrying 650 Pakistanisstranded in Libya, have arrivedhere from Tripoli on Tuesday.

The national carrier which initi-ated special flights operation tobring back stranded Pakistanisfrom troubled Libya from Mondayhas so far evacuated around 1500Pakistanis.

The operation is expected tocomplete during this week, said aPIA spokesman.

Giving information, thespokesman said besides flightsfrom Tripoli, PIA flight alsobrought 179 Pakistanis whoreached Islamabad from Turkey,while a special plane of PIA alsoarrived from Cairo with 199Pakistanis aboard on Tuesday.

He said a special flight operationhas been started to bring backaround 3000 Pakistanis stranded inLibya and nearby locationsthrough eight relief flights.

He said as per plan PIA wouldsend five flights to Tripoli and oneeach to Djerba, Tunisia andIstanbul.

The spokesman said the airlinemay increase the number of flightsto Tripoli, depending on the situa-tion on ground.

See # 5 Page 11