International

De Villiers ton powers South Africa to easy win See on Page 10

Davis row creates rift between ISI, CIA See on Page 12

Zardari's Kuwait visit starts today See on Page 12

*Crude Oil (brent)$/bbl 114.66

*Crude Oil (WTI)$/bbl 100.04

*Cotton $/lb 177.23

*Gold $/ozs 1,414.30

*Silver $/ozs 33.16

Malaysian Palm $ 1,095

GOLD (NCEL) PKR 38,959

KHI Cotton 40Kg PKR 12,646

Yearly(Jul, 2010 up to 22-Feb-2011)

Monthly(Feb, 2010 up to-22-Feb-2011)

Daily (22-Feb -2011)

Total Portfolio Invest (12-Feb-2011)

199.36

-1.39

-0.41

2972

1.29

-0.99

1.24

-0.22

0.23

-1.44

-0.11

SCRA(U.S $ in million)

Portfolio Investment

FIPI (24-Feb-2011)

Local Companies (24-Feb-2011)

Banks / DFI (24-Feb-2011)

Mutual Funds (24-Feb-2011)

NBFC (24-Feb-2011)

Local Investors (24-Feb-2011)

Other Organization (24-Feb-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (19-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

$17.59bn

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

175.27mn

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

15.80

2.00

1.70

10.87

PKR/Shares

110.85

134.73

42.63

36.24

37.06

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

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

24-Feb-2011

13.49%

13.69%

13.86%

14.00%

13.36%

13.59%

13.75%

14.13%

14.24%

14.18%

14.21%

14.20%

14.56%

14.77%

14.97%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.15 86.15

Canadian $ 86.10 87.10

Danish Krone 15.40 15.90

Euro 116.80 118.20

Hong Kong $ 10.80 11.25

Japanese Yen 1.025 1.051

Saudi Riyal 22.65 22.85

Singapore $ 66.20 67.20

Swedish Korona 13.10 13.70

Swiss Franc 89.70 90.40

U.A.E Dirham 23.18 23.40

UK Pound 137.80 139.20

US $ 85.25 85.55

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.31 85.51

Canadian $ 85.98 86.19

Danish Krone 15.39 15.42

Euro 114.72 114.99

Hong Kong $ 10.90 10.92

Japanese Yen 1.038 1.040

Saudi Riyal 22.64 22.69

Singapore $ 66.33 66.48

Swedish Korona 13.10 13.13

Swiss Franc 87.63 87.84

U.A.E Dirham 23.11 23.17

UK Pound 136.33 136.65

US $ 85.27 85.47

Inter-Bank Currency Rates

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PORT OF HERAKLION: Chinese evacuees from Libya arrive at the portof Heraklion, on Crete island. Reuters

Qaim pledges to

fulfill BB missionSee on Page 2

FBR empoweredto found WelfareFoundation

ISLAMABAD: The NationalAssembly on Thursday unani-mously passed "The BankingCompanies (Amendment) Bill,2010" to provide matchingtools to bank regulators forcooperative measures with aview to maintain financial sta-bility.

The bill moved by Ministerof State for Foreign AffairsHina Rabbani Khar on behalfof Minister for Finance DrAbdul Hafeez Shaikh, wasunanimously passed by theHouse without any amendment.

Zahid Hamid of PakistanMuslim League-Nawaz with-drew his amendments, sayingthat the bill was unanimouslypassed by the Senate.

It was said in the statement ofobjects and reasons of the bill

that due to financial crisesworldwide, the ever changingdimensions of banking busi-ness continue to create newerchallenges and risks for bankdepositors, regulators andfinancial system as a whole.Therefore, it is necessary toprovide matching tools to bankregulators for cooperativemeasures with the view tomaintain financial stability.

The proposed amendments inthe Banking CompaniesOrdinance, 1962 are in the con-text of strengthening necessarytool of bank regulation and

supervision to safeguardagainst various risks.

The amendments wouldenable the State Bank ofPakistan to change manage-ment in banks, impose losseson shareholders by writingdown their capital, interveneand take control of banks,appoint administrators to man-age banks and restructurebanks when symptoms of crisesare determined, it said.

The National Assembly alsounanimously approved `TheFederal Board of Revenue

See # 11 Page 11

SBP gets morepowers to rein

Banking Co (Amend), FBR (Amend) Bill 2010 approved

Cbank can change management, intervene banks

KARACHI: Governmenthopeful to raise around $2 bil-lion by selling its shares in thebanks and energy companiesand from Oil & GasDevelopment Co., convertiblebonds, according to NaveedQamar.

The government will sellsome of its shares in NationalBank of Pakistan, Habib BankLtd, Pakistan Petroleum Ltdand electricity producer KotAddu Power Co to localinvestors, Qamar told a foreignbusiness news agency.

OGDC will market equity-linked bonds internationally,with the proceeds used to cutthe budget deficit, he said.

"The market is now ready tobe tested," said Qamar.

The bond sale, Pakistan'sfirst to international investorsin more than three years, hasbeen under consideration since2008 and delayed many timesas political unrest and terroristattacks deterred potential buy-ers.

The government is thelargest shareholder in OGDC,and will pledge its stock toguarantee the notes as part ofan effort to raise between $500million and $1 billion, he said.

Pakistan may raise a further$1 billion from the share sales,some of which will be com-pleted in the current fiscal yearthat ends in June, according tothe minister. EmiratesTelecommunications Corp, the

See # 20 Page 11

$2bn from SOEsshares sale eyed

Staff ReporterKARACHI: Country's foreignexchange reserves rose to arecord $17.59 billion in theweek ending February 19, upfrom $17.44 billion the previ-ous week, the central bank saidon Thursday.

Reserves held by the StateBank of Pakistan rose to$14.08 billion from $13.91 bil-lion in the week ending Feb.19, while those held by com-mercial banks fell to $3.51 bil-lion from $3.53 billion, saidthe SBP.

A rise in remittances and

exports were the main reasonsfor the increase in foreignexchange reserves, analystssaid.

Remittances by overseasPakistanis were recorded at$6.12 billion during the firstseven months of the fiscal year2010/11, up 17.70 percentfrom the same period last year,according to data from theState Bank of Pakistan.

Pakistan's foreign exchangereserves were boosted lastmonth by more than $633 mil-lion after the United States

See # 14 Page 11

FX reserves at newpeak of $17.59bn

Staff Reporter

KARACHI: State Bank ofPakistan has decided to extendwaiver up to June 30, 2011 foravailing financing under theExport Finance Scheme (EFS)to those exporters whoseexport proceeds were overdue.

The extension in waiver hasbeen granted through aCircular (SMEFD CircularLetter No 6) issued to thePresidents/ CEOs/ CountryManagers of all banks onThursday.

Furthermore, State Bank ofPakistan announced the offices

of SBP-BSC (Bank) wouldrelease Export Finance Markup Rate Facility to the extent of8 per cent of total claimsagainst the cases which havebeen found in order and where92 per cent reimbursement hasalready been made to the banksunder the scheme.

Banks should immediatelypass on this additional reim-bursement to the concernedexporters, says SMEFDCircular Letter No 07 of 24thFebruary, 2011 issued to thePresidents / CEOs of all banks.

It may be pointed out that the See # 18 Page 11

Exporters' waiverextended till June

Special Correspondent

ISLAMABAD: State ForeignMinister Hina Rabbani KharThursday said Karachi MassTransit System (KMTS) wouldcost $1.5 billion and centralgovernment is likely to executeit through its own funding.

While responding to a callattention notice here in the NAsession, she told keepingRailway's deficit in mind, fed-eral government is consideringto better deal with this projectthrough its direct involvementand funding.

Pertaining to delay in thisproject, she told assembly thatnumerous hurdles were createdin the way of its initiation,however, soon after the prepa-

ration of second feasibilityreport in June 2011, develop-ment would instigate on thisproject.

She further told JapaneseCompany Jaica has preparedthe first feasibility report.

At this juncture, FederalRailways Minister GhulamAhmed Bilour said KMTS isan important project, which isthe single solution of countlessproblems of Karachiites. Hetold bureaucracy is solelyresponsible for this delay.

Further talking about thelocomotives, he said we arestill waiting for 75 locomo-tives, which we demandedback in 2005, and it is againbureaucracy who lingered thison.

Khi mass transitproject greenlit

KMTS to cost $1.5 billion

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Thursday vowed toresolve energy crisis on priori-ty basis and said it is alsoincluded in agenda of govern-ment talks with PML-N.

Answering to the point oforder here in NA session, PMGilani said electricity and gasload-shedding are genuineissues that government's finan-cial team is seriously undertak-ing them in its talks with oppo-sition party PML-N and soonboth will reach to some solu-tion.

PM said government hasinvited provincial governmentsto take this matter into Councilof Common Interest (CCI),although different courts haveissued stay orders against sup-plying of gas away from thevicinity from where it is beingproduced unless the demands

of that area are met.He said if the issue remained

unsolved in CCI, governmentwould take it to the joint ses-sion of the parliament.

He further said energy crisiswould automatically solve, asthe weather changes.

"The small provinces havethe right on gas reserves andthe courts have issued stayorder on provision of gas toother areas," he said.

Prime Minister said PunjabChief Minister Shahbaz Sharifand the provincial leadershiphad also conveyed their view-point on gas management.

"We offered them to placethe matter before the CCI(Council of Common Interests)and if it is not resolved there,then the issue will be taken upin the joint sitting ofParliament."

See # 16 Page 11

Gilani says endto crisis at hand

PM urges for dialogue with all parties

FO rejectsrisk to IWT

ISLAMABAD: Foreign Officespokesperson Tehmina Janjuahas rejected impression that theSindh Taas agreement (IndusWater Treaty) singed betweenIndia and Pakistan in 1960 onthe distribution of water was atrisk.

Talking to Voice of America,she said implementation of theSindh Taas agreement in letterand spirit was the only best solu-tion of water dispute betweenIndia and Pakistan.

Terming the agreement as auseful and proactive document,the spokesperson said Pakistanconsidered any decision to thiseffect at this stage as pre-mature.

The spokesperson said that theprevious devastating floods andtorrential rain had wreakedhavoc in South Asia in generaland Pakistan in particular.

She said her country was indire need of water for meetingits irrigation and energydemands.

Tension over water disputebetween India and Pakistan hasbeen rife since the constructionof dams in the Indian held partof Kashmir, a move considered

See # 12 Page 11

Graspour hand,

Singh to PakNEW DELHI: With the dia-logue process set to beresumed, India Thursday askedPakistan to grasp its hand offriendship and made it clearthat all issues can be resolved ifit stopped use of its territory foranti-India activities.

Prime Minister ManmohanSingh, replying to the Motionof Thanks on the President'sAddress, said there were "hope-ful signs" and an atmosphere inwhich negotiations between thetwo countries can go forward,reported PTI.

"I sincerely hope and believethat the new ruling classes ofPakistan would grasp the handsof our friendship and recognisethat whatever are our differ-ences, terror as an instrumentof State policy, is somethingthat no civilized society oughtto use," he said.

See # 13 Page 11

B'stan has25pc stake

in Rekodiq,

Senate toldISLAMABAD: Balochistangovernment has no right toclaim entire production of goldand copper of Rekodiq projectsince under the initial agree-ment its ownership is only 25per cent.

The remaining 75 per cent ofproduction belongs to the sec-ond party. There was a lack ofmonitoring from provincialgovernment that led to extraordinary delays as well as con-founded confusions in the proj-ect.

This came out of the proceed-ings of Senate StandingCommittee on Petroleum andNatural Resources. DG(Minerals) Irshad Ali Khokharof Balochistan Governmentbriefed the Committee aboutthe Rekodiq project.

The DG informed the com-mittee with Senator Sabir AliBaloch in chair that total esti-mated resources of Rekodiq are5.87 billion tonnes, which isfifth largest in the world.

Out of total reserves are See # 19 Page 11

Judges Tenure Extension

Rejectioncaught top

court bysurprise

ISLAMABAD: SupremeCourt of Pakistan has soughtreply from federation and par-liamentary committee forrejecting extension in servicetenure of 4 judges of LahoreHigh Court (LHC).

A 4-member bench of SC ledby Justice Mehmood AkhtarShahid Siddiqui heard the caseThursday.

On non-appearance of some-one from parliamentary com-mittee, the court maintainedthat if no one would appear thencourt could take ex parte action.

The court inquired fromAttorney General (AG) if thereasons for rejecting names ofjudges by parliamentary com-mittee have been received inJudicial Commission (JC) orotherwise.

The AG told the reasons werecommunicated to PrimeMinister who had sent them tosecretary JC, registrar of SC.

He requested the court that hewas member of commissionand this way he was party tothis case, therefore, he couldnot appear in the court onbehalf of federation or parlia-mentary committee.

The court inquired who hadappeared in the court from theside of law secretary and secre-tary parliamentary committeeand where was reply.

See # 17 Page 11

Industrial Dev Bank Act OKedISLAMABAD: Senate Standing Committee on Finance,Revenue, Planning and Economic Affairs on Thursday unani-mously approved Industrial Development Bank of Pakistan(IDBP) (Reorganization and Conversion) Act 2010.

The Committee met here in the Parliament House under thechairmanship of Senator Ahmad Ali and was attended by mem-bers of the committee, Senators, Professor Ghafoor Ahmad, IlyasAhmad Bilour, Islamuddin Shaikh, Haroon Khan, KulsoomParveen and Ishaq Dar. See # 10 Page 11

SBP asks banks to clear claims

Ahmed Siddique

KARACHI: Oil & gas explo-ration and production sectorhas shown a healthy growth of28.5 per cent in their earningsduring the first half of fiscalyear 2011.

Earnings of the listed compa-

nies' i.e. (OGDC, PPL & POL)during the period wereincreased to Rs53.42 billioncompared with Rs41.56 billionrecorded during the correspon-ding period of last year.

TFD analyst highlighted sev-eral factors for surge in

See # 15 Page 11

E&P sector earns29pc more in 1H

PPL leads with 71pc growth

Karachi, Friday, February 25, 2011, Rabi-ul-Awwal 21, Price Rs12 Pages 12

2 Friday, February 25, 2011

LARKANA: Sindh ChiefMinister Syed Qaim AliShah has said that ShaheedMohtarma Benazir Bhuttohas given 5-point mani-festo which include thepromotion of education,provision of employment,to ensure the equality, ener-gy and environment.

This he said whileaddressing an inauguralceremony of the 11thChandka Medical College(CMC) and 4th ShaheedMohtarma Benazir BhuttoMedical University(SMBBMU) Larkana sym-posium at Shah Abdul LatifAuditorium.

He said that we are fol-lowers of the ShaheedZulifqar Ali Bhutto andShaheed Benazir Bhutto; itis our duty to follow thefoot-steps of ShaheedMohtarma Benazir Bhutto.

He said that the politicalparties have their ownagenda, one has 10 pointagenda and other gave 15point agenda but the PPPwill follow the party's man-ifesto which consist of 5point agenda in which thesolution of the problems of

poor masses was men-tioned in a proper mannerand we should implementthe program of ShaheedBenazir Bhutto in letterand sprit.

Syed Qaim Ali Shah alsosaid that the President ofPakistan Asif Ali Zardari isworking on the vision ofShaheed MohtarmaBenazir Bhutto and he hasadopted the policy of rec-onciliation. The job oppor-tunities were being provid-ed to the educated youth onmerit, he said.

He urged upon the youngdoctors to realize theirresponsibility, come for-ward, serve the ailinghumanity without wastingany time proved them-selves as 'Maseha' for thepatients.

He said that the doctorsshould devote themselves,commitment with thepatients and timely treat-ment under the modern sci-entific methods is the needof the hour and will givethe positive results in thesociety.

Syed Qaim Ali Shahstressed the need in

research work in the med-ical field and hoped thatyoung doctors play theirrole in this regard.

He said said that the par-ticipants would have anexcellent opportunity toshare their knowledge andexperiences.

He said that the peoplehave given mandate to PPPfor 5 years the oppositionparties may respect themandate of people.

He said that the PML (N)leaders should wait andadhere to the charter ofdemocracy which wassigned by the ShaheedMohtarma Benazir Bhuttoand Mian MuhammadNawaz Shareef and there isa need for tolerance.

He announced a grant ofan amount of Rs.50 million(5 Crore) for SMBBMULarkana. He also said thatthe Larkana was over-looked in past but the pres-ent government was givingpriority to provide devel-opment projects (in roadsector) under Larkanadevelopment package.

The Chief Minister alsosaid that 220 acres land

was provided at Airportroad for establishing theuniversity.

He assured the audiencethat the problems of theUniversity will be solvedon priority basis and thebill was already passed bySindh assembly for estab-lishment of the University.

On the occasion, SindhMinister for Law andParliamentary affairsMuhammad Ayaz Soomroalso spoke high and reiter-ated to complete the mis-sion of Shaheed BenazirBhutto and the basic

facilities as well as jobopportunities will be pro-vided to the educated youthand the problems of thepeople will be solved atgross root level.

The Sindh Minister forlocal Government AghaSiraj Khan Durani alsospoke on the occasion andhoped that this universitywill be fruit full for provid-ing health facilities inupper Sindh area.

He assured of his fullcooperation for resolvingthe problems of the univer-sity.-APP

Qaim pledges to fulfill BB mission

CMC sysmposium

TFD Report

LAHORE: A music albumtitled "Bahaar Aaie", com-prising of some of theworks of Faiz Ahmad Faiz ,rendered by Tina Sani andShabana Azmi, has beenlaunched here.

It was a glittering event,with some of the mostprominent, literary, intel-lectual and celebrity fig-ures in attendance.

Notable amongst atten-dees were the FaizFoundation TrustChairperson SalimaHashmi, HRCP Director I.

A. Rahman, SaminaPeezada, Sania Saeed,Noorul Hasan, Indian filmactresses Ila Arun , LubnaSalim and several otherforeign Artistes.

Tina Sani is a renownedsemi-classical and UrduGhazal singer who has pos-sibly developed the mostunique style of renderingFaiz Ahmed Faiz. At theevent she sang some Faizessentials, including "BaharAayee" and "Bol Key LabA'zaad" (composed byArshad Mehmood).

The performance was high-ly praised by the audience.

'Bahaar Aaie'springs up forFaiz followers

ISLAMABAD: Ministerfor Defence ChaudhryAhmad Mukhtar revealedon Thursday that thePakistan InternationalAirlines Corporation(PIAC) suffered a loss ofRs.67.31 billion till thethird quarter of last year,after the deduction oftaxes.

Replying to a questionraised by Syed Zafar AliShah of Pakistan People'sParty in the Lower Houseduring the question-hour

session, he informed thatthe corporation suffered aloss of Rs.11.69 billion inthe first three quarters oflast year, as against thetotal loss of Rs.5.82, it suf-fered in the year 2009.

He said that the PIACsuffered Rs.12.76,Rs.13.40 and Rs.36.14 inthe years 2006, 2007 and2008, respectively. Theminister said steps werebeing taken to make thePIAC profitable.

He said the PIA had

finalized and submitted itsbusiness plan, which wasa strategic roadmap forthe next five years. Themanagement, in the busi-ness plan commits itself tostrengthening culture ofethics and compliance,aggressive revenuegrowth through efficientmarketing plans andimplementation of strin-gent cost control measuresresulting in substantialsavings over the periodplan, he said.

To another questionasked by PML-N's ShireenArshad Khan, the ministersaid the national airlinewas only operating to 27countries out of more than250 around the globe.

"The reason for notoperating to other coun-tries is that it is not eco-nomically viable. The air-line operates to any desti-nation where it finds thedeployment of its limitedfleet is beneficial to thecarrier," he said.-APP

‘PIA suffers Rs67.31bn loss’

ISLAMABAD: Ministerof State for Foreign AffairsMs. Hina Rabbani Khar onThursday said Pakistanconsiders relations withChina of utmost impor-tance and appreciates itssupport for economicdevelopment.

She was talking toMinister of theInternational Department,Central Committee of theCommunist Party of China(CPC) here at the ForeignOffice.

Issues pertaining to bilat-eral relations, regional andglobal issues of mutualinterest were discussed.

The Minister highlightedthe importance of Chineseinvestments in Pakistan'smega strategic projects,noted support to country's

economic development andurged further consolidationof their economic partner-ship.

Khar said both countriesenjoy complete trust andconvergence of views onall bilateral, regional andinternational issues.

She appreciated the fre-quent exchanges of visitsbetween the two countriesat various levels. Pakistansupports "One China"Policy.

The Vice Minister statedthat Pakistan and Chinawere close and all weatherfriends and remarked thatthe two countries mayenhance this unique rela-tionship through frequentpeople to people interac-tions and public diploma-cy. -APP

2011 declaredPak-China

Friendship year

Staff Correspondent

LAHORE: Tuwairqi SteelMills Limited Engineering(TSMLE) Solar, has signeda Memorandum ofUnderstanding (MoU) withSolarWorld. TSMLE-Solar is a division ofTSML working in the fieldof Solar Energy System,whereas SolarWorld is anEuropean photovoltaics(PV) module manufactur-ing company which pro-vides design and develop-ment in the solar energysector. The MoU wassigned here by MuhammadJamshed, HeadEngineering andInstrumentation, TSMLand Kai Klingenhagen,Area Sales Manager,SolarWorld.

Through the MoU, thecompanies will jointlyexplore solar energy proj-ects in Pakistan andAfghanistan. The compa-nies also have agreed todevelop a feasibility studyfor setting up of PV mod-

ule manufacturing facilityin Pakistan. A joint teamhas been established to pre-pare necessary studies forthe effective implementa-tion of this MoU by assess-ing technical, commercialand procedural aspects.

On this occasion,Muhammad Jamshed,Head Engineering andInstrumentation, TSMLsaid: "With higher pricesand growing scarcity offossil fuel, solar power isfinally emerging as a viableand efficient source ofenergy. There is an urgencyof closing gap betweenenergy needs and energysupply and renewable ener-gy is the best guarantee forsustainable development."He informed thatSolarWorld will trainTSMLE-Solar personnel indesigning of system, instal-lation and its marketing,and will support the proj-ects initiated by TSMLE-Solar in this region alongwith providing transfer ofsolar technology.

Al-Tuwairqiinks accord with

SolarWorld

TFD ReportKARACHI: ZONG's'Cricket Ki Jeet' - a promo-tional campaign for cricketenthusiasts - has received anoverwhelming response onits launch, even in the initialstage of the ICC CricketWorld Cup 2011. It is for thefirst time that any cellularoperator has come up withan activity purely based ofcricketing knowledge andprediction.

Hundreds of people havealready won prizes since thelaunch of Cricket Ki Jeet,with winners taking awayevery day a range of prizesthat include Handsets, DVDplayers, MP3 Players, Xbox,Ipads and even LCD TVs!There is also a bumper prize

of a VIGO car. In addition,there are daily cash prizes ofRs 100,000 during the groupstage which progresses to Rs1,000,000 for the final of the2011 World Cup! In totalCricket ke Jeet offers prizesworth Rs.2 crore during thiscampaign.

Speaking about the cam-paign, Salman Wassay, Headof Marketing, ZONG said,"Cricket in Pakistan has apassionate following. AtZONG we bring offeringswhich can enhance our lifeexperiences. As sports ingeneral and cricket especiallyis very close to everyone'sheart, ZONG focused onoffering a special activitytimed with one of the largestsporting events for Pakistan."

ZONG launches'Cricket ke Jeet'

Miranielected KSECBA Chief

KARACHI: The bi-annualelection of KSE CBAUnion was held recently toelect CBA for the next termcommencing from 23-02-2011.

All the candidates ofMirani Group weredeclared as successful.Aijaz Ali Mirani secured62 votes. Mirani the newpresident of the union hasassured the workers ofthe Exchange that he willfight for the workersright. The new CBAunion will take the oathtoday (Friday).-PR

AKHSS

Merit Citation

2010 heldKARACHI: A MeritCitation Ceremony for thegraduating class of 2010 wasorganised by the Aga KhanHigher Secondary School,Karachi (AKHSS,K), whichis a unit of the Aga KhanEducation Service, Pakistan(AKES,P). Dr. Ishrat Husain,Dean and Director of theInstitute of BusinessAdministration (IBA), wasthe chief guest at the event.A large gathering of officialsfrom the Board ofIntermediate Education,Karachi (BIE,K), the AgaKhan University-Examination Board (AKU-EB) and AKES,P along withthe graduating students andtheir parents attended theceremony.

The guests were wel-comed by Shahina Ali Raza,Principal of AKHSS,K whoshared a detailed report onthe school initiatives andachievements. Dr. SadrudinPardhan, Head ofOperations AKES,P, high-lighted the importance laiddown by Aga Khan Schoolson instilling ethical valuesin students.-PR

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Admiral Noman Bashir, Chief of Naval Staff who called on

him at PM House.-APP

ISLAMABAD: Fedeal Minister for Science and Technology Mir Changez Khan jmali

presenting shield to the Former Minister Pir Aftab Hussain Jilani on the occasion of farewell

reception to him.-Staff Photo

KARACHI: Etihad Airways donated two Pearl Business Class return tickets to London to the

"V Need U" local charity group working for community rehabilitation in the flood-affected

areas of interior Sindh. Seen in the photo is cricket legend Wasim Akram handing over the

ticket to the raffle winner at Rahat Fateh Ali Khan's fundraising concert held recently at the

Acton House, residence of the British Deputy High Commissioner in Karachi.-Staff Photo

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:30 Hal Kya Hai (Rpt)

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Aap Ki Baat

19:00 News

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:30 24

FRIDAY

Time Programmes9:00 News (13 - Min)

9.15 Pehla Sauda (Live)

10.00 News (05 - Min)

10.05 Siyasat Mana Hai (rpt)

11.00 Headlines

11.05 Ghar Ka Kharch (Live)

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MUMBAI: The Indian rupeefell to a one-week low onThursday, dragged down bysurging oil prices that pushedup dollar demand from oilimporters as well as batteredstocks, but a weak dollar over-seas prevented a steeper fall.

The partially convertiblerupee ended at 45.48/50 perdollar, its weakest since Feb.15, after trading in a range of45.25-45.50 intra-day. It hadclosed at 45.12/13 onWednesday.

"The main factors werestocks and oil. The market wasnegative by more than 500points," said Kamlakar Rao,chief foreign exchange dealerwith state-run AllahabadBank.

"If the basket of currencieshad not been strong against thedollar, the rupee could have

gone to 45.80 levels," he said.Foreign funds were net sell-

ers of $1.59 billion worth ofshares in this year until Feb.23 Traders see the rupee trad-ing in a range of 45.35-45.55on Friday.

The one-month onshore for-ward premiums were quoted at26.00 points, againstWednesday's 23.00, and theone-month offshore non-deliv-erable forward contracts werequoted at 45.80, weaker thanthe onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, the MCX-SX andthe United Stock Exchangeclosed at 45.7425, 45.7500and 45.7500, respectively,with the total traded volume atabout $6.38 billion. -Reuters

Indian rupee falls onweak shares, high oil

3Friday, February 25, 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 24/02/2011

A USD GBP CAD EUR JPY

O/N 0.22550 0.55625 0.96750 0.63625 SN 0.10313

1WK 0.25050 0.57563 1.00333 0.69500 0.11375

2WK 0.25600 0.58313 1.03583 0.75250 0.11563

1MO 0.26150 0.61250 1.08083 0.82063 0.12750

2MO 0.28450 0.68375 1.14917 0.91750 0.15438

3MO 0.31050 0.80175 1.20833 1.04500 0.19000

4MO 0.35300 0.88475 1.27583 1.12938 0.24313

5MO 0.41050 0.99263 1.34333 1.21813 0.30000

6MO 0.46400 1.11113 1.41000 1.32313 0.34625

7MO 0.51750 1.19025 1.49833 1.38063 0.39500

8MO 0.57125 1.27650 1.57883 1.44063 0.44438

9MO 0.62625 1.35900 1.65833 1.50688 0.49000

10MO 0.67850 1.44125 1.75083 1.56250 0.51563

11MO 0.73000 1.50938 1.84167 1.62125 0.54250

12MO 0.79125 1.57813 1.93000 1.69000 0.56875

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

U.S.A. 85.50 85.30 85.12U.K. 138.89 138.57 138.25EURO 117.75 117.47 117.19CANADA 86.65 86.45 86.22SWITZERLAND 91.98 91.76 91.52AUSTRALIA 86.11 85.91 85.68SWEDEN 13.39 13.36 13.32JAPAN 1.04 1.04 1.04NORWAY 15.20 15.17 15.13SINGAPORE 66.99 66.83 66.66DENMARK 15.79 15.76 15.72SAUDI ARABIA 22.80 22.74 22.68HONG KONG 10.97 10.94 10.92CHINA 13.00 12.97 12.94KUWAIT 306.84 306.12 305.31MALAYSIA 28.01 27.95 27.88NEW ZEALAND 63.91 63.76 63.59QATAR 23.48 23.42 23.36U.A.E. 23.28 23.22 23.16KR WON 0.08 0.08 0.08THAILAND 2.79 2.78 2.78

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3791 1.3794 1.3808 1.3703

USD-CHF 0.9258 0.9262 0.9333 0.9242

GBP-USD 1.6187 1.6190 1.6254 1.6146

USD-CAD 0.9818 0.9823 0.9898 0.9817

AUD-USD 1.0110 1.0114 1.0116 1.0004

EUR-JPY 112.7700 112.8100 113.5100 112.1900

EUR-GBP 0.8519 0.8522 0.8530 0.8471

EUR-CHF 1.2777 1.2782 1.2831 1.2708

GBP-JPY 132.3300 132.4000 133.8600 132.1600

CHF-JPY 88.1700 88.2200 88.6900 88.1300

Gold 1412.7300 1413.5800 1417.9500 1408.2000

As per 22.00 PST

Time Source Events Forecast Previous

4:30 JPY Tokyo Core CPI y/y -0.3% -0.2%

5:01 GBP GfK Consumer Confidence -27 -29

All Day EUR German Prelim CPI m/m 0.5% -0.4%

12:45 EUR French Consumer Spending m/m -0.7% 0.6%

14:30 GBP Revised GDP q/q -0.5% -0.5%

14:30 GBP Prelim Business Investment q/q -0.4% 3.1%

15:30 CHF KOF Economic Barometer 2.08 2.10

18:30 USD Prelim GDP q/q 3.3% 3.2%

18:30 USD Prelim GDP Price Index q/q 0.3% 0.3%

19:55 USD Revised UoM Consumer Sentiment 75.2 75.1

19:55 USD Revised UoM Inflation Expectations 3.4%

Source Events Actual Forecast Previous

EUR German Final GDP q/q 0.4% 0.4% 0.4%

CHF Employment Level 4.09M 4.10M 4.08M

GBP CBI Realized Sales 6 30 37

USD Core Durable Goods Orders m/m -3.6% 0.4% 3.0%

USD Unemployment Claims 391K 403K 413K

USD Durable Goods Orders m/m 2.7% 2.5% -0.4%

USD New Home Sales 284K 330K 325K

USD OFHEO HPI m/m -0.3% -0.2% -0.3%

USD Crude Oil Inventories 1.1M 0.9M

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 1-Mar-2011 8-Sep-2010 1%

Bank of England 10-Mar-2011 5-Mar-2009 0.50%

Bank of Japan 15-Mar-2011 19-Dec-2008 0.10%

European Central Bank 3-Mar-2011 7-May-2009 1%

Federal Reserve 15-Mar-2011 16-Dec-2008 0.25%

Swiss National Bank 17-Mar-2011 12-Mar-2009 0.25%

The Reserve Bank of Australia 1-Mar-2011 2-Nov-2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, February 24,2011 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.95 13.10 13.00 13.00 13.05 13.00 13.02

8-15dys 12.95 13.00 12.90 12.90 13.00 12.95 12.95

16-30dys 13.00 13.00 12.95 13.00 13.00 12.95 12.98

31-60dys 13.20 13.05 13.07 13.10 13.15 13.10 13.11

61-90dys 13.36 13.32 13.35 13.36 13.35 13.35 13.35

91-120dys 13.45 13.45 13.48 13.50 13.50 13.45 13.47

121-180dys 13.60 13.60 13.57 13.62 13.60 13.61 13.60

181-270dys 13.68 13.62 13.68 13.68 13.70 13.65 13.67

271-365dys 13.78 13.76 13.79 13.80 13.80 13.75 13.78

2-- years 14.10 14.10 14.05 14.05 14.05 14.05 14.07

3-- years 14.15 14.19 14.19 14.17 14.20 14.18 14.18

4-- years 14.18 14.22 14.20 14.19 14.22 14.20 14.20

5-- years 14.20 14.22 14.21 14.22 14.20 14.20 14.21

6-- years 14.26 14.26 14.25 14.23 14.30 14.25 14.26

7-- years 14.26 14.30 14.29 14.25 14.35 14.30 14.29

8-- years 14.25 14.25 14.22 14.23 14.23 14.22 14.23

9-- years 14.22 14.15 14.15 14.22 14.20 14.18 14.19

10--years 14.22 14.23 14.19 14.18 14.20 14.20 14.20

15--years 14.50 14.60 14.60 14.55 14.60 14.50 14.56

20--years 14.75 14.70 14.75 14.90 14.75 14.75 14.77

30--years 14.90 14.85 14.95 15.10 15.00 15.00 14.97

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for February 24, 2011

NEW YORK: The dollar fell broadlyon Thursday, with further losses seen aslikely, pressured by a surge in oil pricesas investors feared civil unrest in Libyacould spill over to other top producersincluding Saudi Arabia.

The safe-haven Swiss franc, on theother hand, hit a record high against thegreenback, benefiting from the ongoinggeopolitical turmoil in the Middle East.The franc has gained in eight of the lastnine sessions versus the dollar.

In the last two weeks, the Swiss cur-rency has gained 5.1 per cent so far, itsbest showing since late June last year.

"The focus is on the Middle East andoil prices. Everybody and his mother hasupgraded their forecasts on oil prices,with one even forecasting oil to hit $200per barrel," said Ron Simpson, directorcurrency research at Action Economics

in Tampa, Florida. "That has weighed onthe dollar." In early New York trading,the ICE Futures' dollar index fell to itslowest in three weeks at 77.011. It waslast at 77.081.

"The nature ofthe crisis is dol-lar negative. Itraises oil costsand the US is abig importer ofoil, it hits house-hold wealth andproductivity and growth more than any-where else," said Peter Frank, currencystrategist at Societe Generale. He addedthat such concerns would overshadow thesafe-haven status of the world's largestreserve currency so long as instability inthe Middle East and North Africa remainsan oil supply issue and does not morph

into a bigger, global problem. The dollarfell to a record low of 0.9240 Swiss francon electronic trading platform EBS, itsslide having intensified after triggering

stop-loss selling below its previous recordlow of 0.9301 set at the end of last year.

The dollar last traded down 0.7 percent at 0.9260 franc. The euro also fellagainst the Swiss franc, sliding toaround 1.2706 francs, its lowest sinceJan 13, before pulling back to 1.2739,down 0.7 per cent on the day.

Turmoil in the Middle East also sup-ported the yen. Investors tend to buyback the yen in times of uncertainty asthey unwind risky assets financed by theJapanese currency's low rates.

The dollar was down 0.9 per cent at81.75 yen. Traders cited dollar selling byJapanese exporters and model funds, aswell as some liquidation of long dollarpositions established since the beginningof the year. The euro was up 0.3 per centagainst the dollar at $1.3789, stayingsupported on recent hawkish commentson inflation by European Central Bankofficials. That increased expectations theECB may begin seriously considering anexit strategy from ultra-low rates.Traders cited stops through $1.3700 andmore through $1.3680, with sell ordersat $1.3810/25 before stops through$1.3835. -Reuters

Dollar slides on oil;Swiss franc at record high

SHANGHAI: The yuanclosed slightly lower againstthe dollar on Thursday as themarket was disappointed thePeople's Bank of China failedto let its daily fixing hit arecord high.

The central bank fixed ahigher yuan mid-point onThursday but traders hadexpected the fixing to hitanother record high as thegovernment appeared to beusing the currency to helpfight imported inflation pro-pelled by high global com-modity prices.

The benchmark ReutersJefferies CRB index, whichcovers 19 mostly US-tradedcommodities, has leaptaround nearly 40 per centsince June last year, whileChina is the world's fastestgrowing market for staplegoods.

The PBOC has made nosecret about the potential foryuan appreciation as it hasguided the Chinese currencyto a slew of record highs thisyear even after the US admin-istration relieved pressure bydeclining to name China acurrency manipulator in a

Treasury report this month."A 30-pip rise in the fixing

was a bit disappointing," saida trader. "But the yuan hasn'tfallen in any serious sense asmost traders still expect it toclimb to fresh highs soonagain."

Spot yuan closed at 6.5787to the dollar compared withWednesday's close of 6.5743and having now risen 3.77per cent since its depeggingfrom the dollar in June 2010.

Before trading began, thePBOC fixed the yuan's mid-point at 6.5795 versus thedollar, stronger thanWednesday's 6.5828. Thedaily fixing, from which theyuan can trade up or down amaximum 0.5 per cent in agiven day, is used by the cen-tral bank to express the gov-ernment's intentions for thecurrency.

Benchmark one-year dol-lar/yuan non-deliverable for-wards were bid at 6.4310 lateon Thursday, up from 6.4200at Wednesday's close. Theirimplied yuan appreciation ina year's time fell to 2.31 percent from 2.49 per cent. -Reuters

Yuan slips vs dollar,awaits next cbank move

LONDON: Sterling fell broad-ly on Thursday, hitting a three-week low against the euro as aspike in oil prices droveinvestors into safer currenciesand sparked concerns about theimpact on an already fragileUK economy.

Although sterling remainedsupported by expectations thatthe Bank of England will raiseinterest rates in the comingmonths, analysts said much ofthat was already priced in tothe pound, leaving limitedroom for further gains.

Meanwhile, the euro gainedsharply after European CentralBank policymaker Axel Weberboosted the prospect of risingborrowing costs in the euro-zone, saying the only way forinterest rates to go was up.

The pound had hit a three-week high against the dollar onWednesday after hawkish BoEminutes showed one more pol-icymaker voted for a rate rise,but analysts said the pound'slimited reaction suggested thishad been expected.

UK rate expectations havebeen boosted both by hawkishBoE commentary and a recent

spike in UK inflation, but asurvey showing a sharp slow-down in UK retail sales growthalso highlighted the vulnerabil-ity of the economy.

The euro strengthenedaround 1 per cent to 85.72pence, its highest level in threeweeks against the pound, sur-passing its 100-day movingaverage at 85.37 pence.

Against the dollar, sterlingwas down 0.6 per cent at$1.6116, retreating fromWednesday's high of $1.6275.It hit a low for the session of$1.6085. Versus a basket ofcurrencies, sterling fell to amore than three week low of80.9.

The market was also waitingfor the second estimate offourth quarter UK grossdomestic product, due onFriday. The first estimateshowed Britain's economyunexpectedly shrank. Impliedrates based on swaps and inter-est rate futures point to a 75 percent chance of a rate rise inMay. Investors were also fullypricing in a quarter percentagepoint rate hike in Septemberand then in December. -Reuters

Pound declines; UKgrowth worries weigh

SINGAPORE: The SouthKorean won hit a near two-monthclosing low against the US dollarand the Taiwan dollar touched itslowest in over six weeks onThursday, after a spike in oilprices triggered broad selling ofemerging Asian currencies byforeign funds.

Asian currencies broadly suf-fered as investors unwound shortyen positions, with the won hit-ting a two-month low against theyen and the Taiwan dollar drop-ping to the lowest against theJapanese currency since Dec. 7.

Earlier, Taiwan's central bankwas spotted selling US dollar tocheck slides in the Taiwan dollar,dealers said.

"A rate hike is the best solution

to stem inflation, but that may bea burden on Asian central banksas higher rates may have sideeffects such as more bankrupt-cies," said Young Sun Kwon, aNomura International economistin Hong Kong.

"So, they may temporarilymanage speed of depreciations intheir currencies," said Kwon. Buthe added that the strategy of arti-ficially keeping Asian countriesstrong may not work in the longterm. Dollar/won rose above the1,102-1,130 range held so far thisyear as offshore funds includinghedge funds and macro realmoney funds kept dumping it andabsorbing exporters' offers.

Dollar/won ends domestictrade at 1,131.2, up 0.6 per cent

from its previous domestic closeof 1,124.0 and highest domesticend since Dec. 30 last year.

Earlier exporter offers for end-month settlements had kept thepair from breaking through1,130, but now with the pairbreaking the range, it is seenheading to a resistance of 1,155.

Dollar/peso rose on risk aver-sion flows and local banks'demand amid worries about theimpact on the Philippine econo-my from higher oil prices.

"Oil is really starting to becomeeven more of a problem," said aManila-based dealer.

Investors are watching if thepair will break through 43.85,which has been a pivot for quitesome time. -Reuters

Asian currencies

Korean won at 2-mth lowas crude shock hits hard

SYDNEY: The Australian dollaradvanced on Thursday as figures show-ing a very strong outlook for businessinvestment augured well for economicgrowth in coming years, keepingupward pressure on interest rates.

In contrast, the New Zealand dollarwas still weighed down by the devastat-ing earthquake this week that has seeninvestors give up on any thought of ratehikes this year.

The Australian dollar gained threequarter of a cent to $1.0084, beforesteading at around $1.0065. Near-termsupport seen around $1.0013, withresistance at $1.0095.

The boost followed strong estimatesfor business investment in Australia forthe next couple of years, outstrippingeven the most optimistic forecasts in abullish sign for future growth.

Planned spending for 2011/12 jumpedto a massive A$132.7 billion and sup-ports the Reserve Bank of Australia's(RBA)upbeat outlook on the local econ-omy. The RBA has been counting on aboom in mining investment to driveeconomic growth for some years to

come. Markets are pricing a total tightening

of 31 basis points for the next 12months, but still sees no chance of ratehike at the RBA March meeting nextweek.

The Aussie was also buoyed by localexporters, model funds as well as retailinvestors buying via electronic tradingplatforms, according to traders.

The NZ dollar firmed at $0.7484, hav-ing hit a two-month low of $0.7460 onWednesday. Still, the kiwi remainsunder pressure as analysts suspect theeconomy is probably in a technicalrecession.

Commonwealth Bank's Capurso saidhe expected the kiwi to hit 72 cents inthe next few weeks and anticipated a 50bps rate cut by the Reserve Bank ofNew Zealand at the next review onMarch 10 to help out the economy.

Market pricing indicates an 88 percent chance of a rate cut in March andno tightening over the next 12 months.The divergence with the Australian out-look kept the Aussie up near a two-month peak at NZ$1.3462. -Reuters

Aussie dlr up on rousinginvestment outlook, NZ$ lags

Taiwan cbank spotted selling US dollars

MidEast tension fuels safe-haven demand, oil surges

Swiss francat new

record vs dlrZURICH: The Swiss francsoared to its highest ever againstthe dollar on Thursday, lifted byongoing concerns about politicalunrest in Libya and fears that tur-moil could spread to other oil-producing states in the region.

Geopolitical and economic ten-sions have been lifting the Swissfranc, which traders often buy attimes of uncertainty. It gainedstrongly against the dollar lastyear and rose some 15 per centagainst the euro, hitting a peak of1.24 per euro in late December,helped by concerns about euro-zone debts.

"The franc as a safe-haven isbenefitting from geopoliticalrisks," said Commerzbank analystYou-Na Park. "That's been themain driver of the last few days."

The franc touched a new all-time peak of 0.9271 per dollar,according to Reuters data, andwas trading up 0.3 per cent com-pared to the New York close at0.9300 per dollar at 0726 GMT.

Commerzbank said its targetswere 0.9120 and possibly the psy-chologically important 0.9000.

Against the euro, the franc wasup 0.4 per cent to 1.2769. -Reuters

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.

Pakistan hasto disarm

the IMFPakistan should get ready to face the

International Monetary Fund and put up aconvincing argument for the release ofremaining tranches of the Stand-ByArrangement (SBA) signed in November2008. One of the basic factors staling rela-tionship was that Pakistan was doing enoughto contain budget deficit. Pakistan did agreeto introduce a few new taxes and/or reformedgeneral sales tax but failed in getting theseapproved from the legislative. This led towithholding of remaining two tranches.Before, a new date is fixed for the review it isnecessary the present economic managersformulate their stand.

While some of the experts still say thatPakistan should scum to the IMF pressure,introduce new taxes and withdraw some ofthe subsidies being paid to get the remainingtranches released. They are also trying to cre-ate an impression that if Pakistan does not getthe remaining tranches it will default. Theseexperts also suggest withdrawal of all typesof subsides but hardly raise any voice againstcutting down of PSDP allocations and eventhe lavish spending.

The other group has a rather staunch pointof view when it insists on taking the IMF forthe support and also not negotiating theremaining tranches. It believes that nowPakistan enjoys strong footing and acceptingthe balance amount would only add to theload of debt. This group also believes thatdebt servicing has already become unsustain-able. Having said this, it still does not want tooffend the Fund. To some extent they areright because IMF's letter of comfort makesdealing with other multilateral financial insti-tutions easier.

There is also a view that the present govern-ment has chosen the easier option of acquir-ing money from the IMF rather than takingpains to improve the economy. Least has beendone to contain hemorrhage of Rs300 billionfrom the state owned enterprises. This couldhave been done simply by improving thelevel of governance.

Tax collection regime often says that peopledon't pay their taxes in full but it is also onrecord the corruption within the FederalBoard of Revenue (FBR) and failure of thegovernment to reform the tax collectionregime eats nearly half a trillion rupees.

Added to this has been the attitude of leg-islative when it comes to taxing elite of theelite, the feudal lords. All moves to tax agri-culture income are being frustrated in thename of protecting the right of small farmers.

Last but not the least the friendly oppositionis responsible for all the malice. It is all criti-cal of the ruling junta and its corruption but isnever willing to bring an in-house change forestablishing supremacy of law.

4Friday, February 25, 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 Sabir

Head office

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

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 191

Abid Latif Sindhu

Pakistan is a unique country; ithas a highest level ofresilience on one hand and the

most fragile economy on the other,what a contrast. It is also a countrywhich has the highest ratio of phil-anthropist contributions by individu-als towards the downtrodden. Whythen every pocket has a hole?Despite all other plus or minuses, thebiggest endowment is the geography,especially the diversity of it.

Balochistan is the 40% of the landmass and therefore is the mostimportant factor in the new arith-metic of regional geo-economics.The emerging new Middle East isjust at the doorsteps of Balochistan.It is also the El Dorado as far as thewealth of natural minerals and valu-able deposits are concerned.

A recent image was quite promis-ing in which Gen Ashfaq Kayaniinaugurated a marble mine inBalochistan. Is the military facereally required in every economicactivity of this province? Army isnaturally a factor in this part ofPakistan, because almost 60% ofBalochistan is the "B Area", which isalmost ungovernable by normalmechanics of the governmental dis-pensation.

Here with police and civil armed

forces army itself figures out well.Before looking in to the problems ofincreasing ethnicity in Balochistanthe wholesome view is to be taken.Recent trends in ethnic reverbera-tions have historic and social cur-rents. The Nawab of Kalat by hisown sweat will, signed the docu-ments of accession with Pakistan,the fillip was of course the immensepopularity of idea of Pakistan inneighboring NWFP. Everything wentwell till late sixties when few tribalelders with extreme rightist tenden-cies stoked the fires of insurgency.The result was the obvious dyingdown of these flames, albeit with lotof price in terms of sowing the seedsof discontent and alienation.

This time there is no plausible rea-son for any unrest but still the sameis being created with artificial rea-sons and dubious rhymes. Who isgoing to miss the beat - the fluteplayer, the drumbeater or the piedpiper? Keeping the present situationof the province in view a strangephenomenon is at work. The leftisttendencies are being provoked bythe most rightist of the people, thefeudal and tribal elders. They are notgoing to deliver to the poor peopleof Balochistan as they themselvesare anti change. Rhetoric against thegovernment is a mere political plankwithout any people friendly outlook.

Change in terms of improvementin social indicators is the real key tocounter any centrifugal tendencies.Do we require Harvard qualifiedanthropologists or ethnographers toidentify these problems? It is notonly the ethnic counter which has tobe reversed; rather it is the completetime clock which has to be reset.

Development initiatives are thebest measures which can bringchange. People of Balochistan are tobe engaged with trust buildingefforts. As per all the modern writerstrust is the mortar which binds thenation together. Francis Fukoyama'sworld known thesis vindicates thesame.

The Government of Pakistanshould undertake the developmentprojects on war footing as it is goingto be the snowball to the winter ofdiscontent. The army having bootson ground and fairly heavy footprintin the area can be tasked to under-take civil affairs' operation under theauspices of federal government. Themineral exploration is one areawhich even after becoming contro-versial, is still going to be the majoremployment giving sector. Newroads will have the same effect asthat of historic trans European trainor the eighteenth century Englishchannel steamships. These will notonly open up new vistas, but also

will open up the Claus tropic socie-ty.

One indicator of divided society isthe lack of intermingling at trans-cultural level. In Pakistan the factoris minimum between Punjabis andPathans due to inter marriages and ofcourse the sharing of the Abaseen(Indus). Unfortunately this did nothappen between Balochis or Brohisand other ethnic groups. Who is tobe blamed - state, politician or thepeople? There is no time left for thisblame game.

Balochistan requires immediateattention and response from all theplayers. Youth of the province iswaiting for gestures of paternal mag-nanimity from the state. People ingeneral are not in habit of queuingup for fulfillment of their basicneeds being the tribal and feudalsociety. The dispensation of gover-nance has to be improved if state isto be recovered in the hillocks ofmystical Makran.

Responsibility also lies with theruling political party of the province.Prudence demands active participa-tion in political process. The ostrichlike approach by anyone who mat-ters is going to be the harbinger of asandstorm which might change thelandscape when the whistle blowingwind stops. So wake up or go for along slumber, the ostrich way.

The Eldorado of Pakistan

Jawad Raza Khan

Last sixty years of USforeign policy bears asuccessful story, as; US

had been able to muster atleast two puppet governmentseach in Arab and Non Arabworlds. The first loss in NonArab world was Iran, when itwas swept by Khomeini revo-lution and US puppet Shah ofIran was exiled in 1979. Lastfive years have witnessedanother ally of US, Turkeydistancing herself from themasters. Erdogan was veryhard on the "double stan-dards" of the USA during hisvisit to Pakistan and said that"the recent Israeli attack on aTurkish ship Freedom Flotillahave unmasked the so-calledcivilized face of Washingtonwho openly and shamelesslysupported the state terrorismof Israel. Washington is notready to condemn the stateterrorism of Israel againstTurkey which means that theUSA is supporting an interna-tional terrorist who killed ourcitizens in internationalwaters". This looks to be an

end of US influence in thepower corridors of Turkey aswell.

As far as the Arab world isconcerned the situation wasnot more fragile ever thannow, when one of the oldestArab world ally of US,Egyptian dictator Mubarak isabout to be doomed (with UShelp). The circumstantial evi-dence of US involvement inEgyptian chaos has alsoturned the strongest Arab allyof US, Saudi Arabia againstthe US interest in Middle Eastand the Muslim World.According to reliableresources, King Abdullahtook Obama to task for ditch-ing America's most faithfulally in the Arab world andvowed that Saudis wouldbend all its resources forundoing Washington's planswith regards to Egypt.According to British intelli-gence sources in London, theSaudi King pledged to makeup the losses to Egypt ifWashington cuts off militaryand economic aid to forceMubarak to resign. He wouldpersonally instruct the Saudi

treasury to transfer to theembattled Egyptian ruler theexact amounts he needs forhimself and his army to standup to American pressure.Through all the ups anddowns of Saudi-US relationssince the 1950s no Saudi rulerhas ever threatened directactions like these against anAmerican policy.

If we critically analyze theposition of US as now inMuslim world, following canbe easily deduced as conclu-sions.

Arab relations with US arestrained to a limit never wit-nessed before.

Rise of Akhwan ulMuslemeen after Mubarakcan help al- Qaida to findbreathing space in Egypt.

Non Arab, economicallystrong Muslim countries likeIran and Turkey will not beinterested to rescue Americaninterest especially Iran withher disputed nuclear programand UN sanctions initiated byUS.

Afghanistan bleeding hardwith US and NATO bloodwith Taliban still undefeated

and US in the midst of a dis-orderly withdrawal if thingsdo not move as planned byObama administration.

Democratic Government ofPakistan bearing extremepressure to side US interest infront of highly charged antiUS sentiments prevailing inthe masses of Pakistan.

Immoral invasion of Iraqand hastily planned with-drawal, which may leave awonderful breeding groundsfor al- Qaida.

The inaugural talk ofObama after taking over asPresident of US, with regardsto his priority in having goodrelations with Muslim worldmakes above conclusionsmore interesting. This alsospeaks of a weak President infront of a strong CIA even ina so called civilized and dem-ocratic USA.

This indeed can putPakistan in the driving seat asfar as US-Pak relations areconcerned. DemocraticPakistan can put pressure onUS to flourish its relations onthe basis of equality and tran-quility, as per the aspirations

of people of Pakistan, safe-guarding its own interest.Following can be suggestedin this regard.n Revisit of AfPak policy.n Immediate termination of

Drone attacks in Pakistan.n Increase of check points

on Pak Afghan border on theNato side to stop move of ter-rorists from Afghanistan toPakistan.n Strength of Pushtun

cadre to be increased in thefuture government set up ofAfghanistan.n Raymond Davis to be

tried in Pakistan for murder-ing three Pakistanis.

This can indeed bring somesort of breather to people ofPakistan in general andPakistan Army in particular.This will also help US toensure graceful exit fromAfghanistan which seemsimpossible in present chaoticenvironment of the region.It's time for our leaders tomake Pakistanis proud to bePakistanis and stand firm infront of all odds as nation willbe behind them in the saidconsequence.

Pakistan & US-Arab Dilemma

"Pakistanis in Libya are invery terrible conditions.Time and again they havecontacted to highlight theissue because their lives arein stake. One Pakistani AsifKhattak called me now right-ly to tell that he and so manyother Pakistanis visited air-port time and again but invain. According to him theycontacted the Libya- basedPakistani embassy to helpthem in safe exit or make a

call to the government ofPakistan to arrange flightsfor them but the officials ofembassy turned a deaf ear totheir say without extendingany help or any chink of hopeon their part. In the height ofdismay he shared that wePakistanis are every wheretreated as if we have nocountry, no state, no nationand no government at all."

This is to request to kindlyhighlight the issue with fer-

vent zeal and with nationalspirit. I request the miseriesof the Pakistanis in Libyamust be disseminated effec-tively at every door and corri-dor so that our so called deadand deaf government maywake up from slumbers andtake emergency measures toresolve the problems of thePakistanis trapped in the tidesof war and turmoil in Libya.

Abdul Hadi Khattak,

Karachi

Pakistanis in Libya,A serious issue Protests in Bahrain are gaining momentum. The despotic

rule in Arabian country is eyeing its end and different toolsare being applied to control unrest in these countries.Thanks to the new hi-fi tele-communication technology andfamous social networks that have provided so many ways tointeract, group, and regroup masses which has culminatedinto bringing change in Egypt. The smallest of gulf states,Bahrain is finding it difficult to overpower the people ask-ing for their rights and change in government. Autocraticstyle of government has given birth to a plethora of prob-lems for public. Sufferings of common people aggravatemore and more, as autocracy is focused on favouring onlythe rulers. At the end, end comes to such rulers.

"Girta hy apny aap pe deewar ki tarah,ander sy jub chatakhta hy pathar ka aadmi."

IFTIKHAR SHAHEEN MIRZA, ISLAMABAD

BahrainProtests

Consequent to violence in northAfrican countries and particularly inLibya and Egypt anticipated disrupt-ing exports from Africa's biggest sup-pliers in commodities; crude futuresgained almost $103 in New Yorktoday, the highest in more than twoyears. In the supply of crude fromAfrica, Suez Canal assumes signifi-cant importance. The Suez Canalopened in 1869, and remains one ofthe planet's busiest shipping lanes.Through it the vast percentage ofEurope's energy needs are transport-ed from the Middle East oil fields.This vital corridor of commerce hasbeen closed by war twice. The most

recent closing occurred during theSix-Day War between Israel and itsArab neighbours.

Now analyst expects that oil pricesmay surge to $220 a barrel if politicalunrest in North Africa halts exportsfrom Libya and Algeria. The analysissparks immediate concerns for allunderdeveloped and developingcountries especially where no or nosignificant production of crude is tak-ing place.

Pakistan falling into category ofcountries with huge import figuresfor crude is also likely to see hittinghard effects if Suez is closed or situ-ation of same kind persist for long.

Oil and gas industry of Pakistan dailyproduce crude about 3,800 net barrelsand natural gas of 73 net millioncubic feet. Pakistan imports about 80percent of its oil and spends morethan $10 billion on imports of crudeoil and petroleum products annuallyand also increasing consistently. Hikein crude prices will not only increaseimport bill for Pakistan but alsotranslate in price hike in day to daycommodities as much of our industri-al production relies on bye productsof crude. Electricity tariff will alsosee upside with furnace as basic inputmoving up. With our limited explo-ration and refining capacities and

capabilities no immediate inlandreduction of effects is possible.Government is also facing tremen-dous pressure from rival politicalparties with regard to failure in con-trolling commodity prices and anytranslation effect of crude to normalconsumer is not expected to be wellreceived. Contrarily, increasing orsustainable subsidy maintenance islike to cause heavy burden on nation-al exchequer Our government shouldtake the matter in more serious man-ner to look for some plausible solu-tion in the burning effects of crude toour shabby economy.

Fahim Akhtar, Islamabad

INT’L CRUDE &OUR ECONOMY

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)JSCL 8.86 6.18 ANL 9.15 5.39 BOP 6.79 4.87 LOTPTA 15.07 4.57 AHCL 19.89 4.26

Symbol Close ChangeRMPL 2,565.42 115.42

ULEVER 4,794.85 91.47

MTL 495.02 13.83

AGTL 223.85 8.21

PSO 273.63 3.64

Symbol Close ChangeNESTLE 3,434.49 -65.51BATA 533.30 -27.67IDYM 280.25 -6.46MARI 110.20 -5.79SAPL 145.12 -4.90

Plus 95Minus 184Unchanged 97

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, February 25, 2011 5

Dhiyan

Down the line, if index manages to sustain 11,500 points levelsthen we might see some bullish activities ahead. However if for-eign selling dies hard and index breaches 11,500 levels then it canfall down to 11,100 points. Investors are advised to take positionsin those stocks whose spot dates are near like in banking, fertilis-er, and chemical sectors. Launch of Margin Trading System(MTS) and upcoming spots of bluechip stocks would trigger themarket. Market would be positive today.

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth

Muhammad Shakeel, Director Equity Sales Nael CapitalFollowing the current domestic and international political

situation and fears of foreign selling, market would remain inpressure and can come down to 11,200 points in the days tocome. Investors are advised to go after oil stocks at dips ashigher international oil prices would benefit the sector. Mytop picks include PPL, POL, and PSO. Other than oil sector,ICI and FFC are also buyable. Market would be dull today.

A WHIFF OF GREEN

Opening 11,523.42

Closing 11,539.26

Change 15.84

% Change 0.14

Turnover (mn) 80.20

Opening 3,407.44

Closing 3,397.14

Change 10.30

% Change 0.30

Turnover (mn) 3.40

Opening 2,787.52

Closing 2,806.51

Change 18.99

% Change 0.68

Turnover (mn) 0.05

Nawaz Ali

KARACHI: After some con-tinuous bearish activities,Karachi Stock Exchange (KSE)managed to recover somewhaton Thursday.

Market ended up in green asinvestors took positions in oilstocks at attractive levels fol-lowing higher internationalcrude oil prices which onThursday touched a dayhigh of$119 a barrel.

The benchmark KSE 100-Index closed 15 points up at11,539 points, KSE 30-Indexgrew by 21 points to close at11,063 points and KSE All

Share Index rose by 6 points toclose at 8,015 points.

"Thursday's recovery was ledby bluechips on strong valua-tions", said Ahsan Mehanti,Director Arid HabibInvestments.

Market was witnessing somecontinuous bearish activitiessince last few days and lostabout 5 per cent owing to a fallin global stock markets andlocal political problems whichmade the prices attractive.Therefore due to renewed buy-ing activities the day beganwith 8 green points.Subsequently positive activitiescontinued during the major part

of the day where at onemoment index touched an intra-day high of 11,634 points (+ve110) due to buying mainly inoil stocks following higherinternational oil prices despiteno dividend announcement bythe oil giant OGDC.

Jawad Khan, equity dealer atJS Global Capital said thatE&P led the advance amid ris-ing international oil pricesowing to deteriorating geo-political scenario in the MiddleEast.

However some profit-takingwas witnessed during the lasthour of the session which sent

See # 5 Page 11

String of KSElosses breaks

HONG KONG/SHANGHAI:Hong Kong stocks dropped tonear a five-month closing lowon Thursday, with sharp falls inairlines such as Air China andrefiners, both hit by escalatingoil prices.

The Shanghai Compositegained 0.6 per cent, buoyed bycoal miners on expectationsthat surging oil prices may liftdemand for alternative energysources.

Oil prices hit a fresh two-and-a-half-year peak on Thursdayon concerns the bloody unrestin Opec-member Libya couldspread to other major producersin the region, especially SaudiArabia.

The Hang Seng Indexdropped 1.3 per cent in decentvolume after a volatile sessionthat saw prices gain earlier onstrong property counters. TheChina Enterprises Index of top

locally listed mainland compa-nies was down 1.6 per cent.

"Investors are weighing therisk that higher oil prices mayhamper the global economicrecovery. There are not manybright lights seen in this sce-nario," said Tony Tong, analystat China Everbright Group inHong Kong.

Transport issues fell, with AirChina slumping 4.9 per cent.Cathay Pacific Airways Ltd,Asia's No.4 carrier by marketvalue, slipped 1.4 per cent.Shipping company CoscoPacific Ltd was among thebiggest losers, dropping 3.5 percent.

"Higher oil prices are goingto affect everybody," saidFulbright Securities generalmanager Francis Lun in HongKong.

Refiner Sinopec dropped 4.3per cent. Oil major Petrochina ,

which has refinery assets,dropped 1.5 per cent.

The resource sector, goldfirms and upstream oil firms,may be more attractive toinvestors in an environment ofrising oil prices, analysts said.

The broader market dropweighed on property countersthat had gained earlier on reliefover the lack of severe propertymarket cooling measures inHong Kong's budget address onWednesday.

Sun Hung Kai Properties Ltd,Asia's largest developer bymarket value, was one of thebest performing stocks, up 0.3per cent. Hong Kong's propertysub-index was down 0.6 percent after trading up over 1 percent earlier.

China's benchmark indexclosed up at 2,878.6 points inthin volume, after a 0.3 per centrise on Wednesday. -Reuters

HK near 5-mth low;Shanghai stocks up

Ghulam Raza Rajani

KARACHI: Oil and GasDevelopment CompanyLimited (OGDCL) Thursdayposted a surge of 11 per cent inits 1HFY11 profits.

According to financial resultsent by the company to KSEprofit after taxation for the firsthalf ended December 31, 2010stood at Rs31.6 billion againstRs28.49 billion during sameperiod last year resulting inearning per share (EPS) ofRs7.35 in 1HFY11 versusRs6.62 per share same periodlast year.

Surprisingly, company didnot announce cash dividend in

the quarter for the first timesince its listing in 2003 due toliquidity crunch due toan overdue of Rs76.24 billionyet to be paid by refineries andgas distribution companies.

Net sales of the companyhiked by 11.6 per cent toRs81.09 billion compared toRs72.63 billion in the sameperiod last year. This increasewas mainly due to higherrealised prices of crude oil, gas,LPG, and sulphur coupled withfavorable financial impact ofRs2.78 billion on account ofgas price revision in respect ofBobi field with effect from 01January 2007. However,

See # 6 Page 11

OGDC 1H net up11pc; no dividend

MUMBAI: Indian shares tum-bled 3 per cent on Thursday intheir biggest one-day fall inalmost 16 months as the Libyanturmoil sent oil prices to theirhighest in nearly 2 and a halfyears and threatened globaleconomic growth.

Financials bore the brunt ofthe investor selloff on worriesspiralling energy costs wouldaccelerate stubbornly highinflation and force aggressivemonetary tightening by the cen-tral bank, which has raisedinterest rates seven times over11 months.

Prime Minister ManmohanSingh vowed on Thursday tocontrol inflation, a problem thathas sparked street protests thisweek and added pressure on thegovernment already under fire

over corruption scandals. Automobiles and property

developers, two sectors thatcould be hit by higher borrow-ing costs, also slid.

"It is a double whammy," saidRakesh Rawal, head of privatewealth management at AnandRathi Financial Services. "Thethings were not going right forIndia with the corruption andinflation issues, and the scenein the Middle East is adding tothe woes."

The 30-share BSE indexdropped 545.92 points to17,632.41, its lowest close intwo weeks. All of its compo-nents closed in the red. Theone-day per centage fall wasthe biggest since November3, 2009.

See # 7 Page 11

Sensex falls 3pc;worst in 16 mths

TOKYO: Japan's Nikkei aver-age slipped to a three-week lowon Thursday, losing ground fora third straight day as violencein Libya prompted a spike in oilprices, setting the stage for afurther correction in the nearterm.

The market mood was alsosoured by the yen's rise to atwo-week high against the dol-lar, hurting exporters, and bycapital-raising announcementsby Tobu Railway and ToyoboCo that sent their shares tum-bling on dilution fears.

Tokyo stocks had climbedsome 14 per cent sinceNovember to be one of the bestperforming global markets thisyear, and players said despitecurrent weakness the marketcould still be on a rising trendlonger-term.

"Investors knew all long thata correction was on its wayafter the rally, and the turmoilin Libya gave the market agood opportunity to enter one,"said Makoto Kikuchi, CEO atMyojo Asset Management

Japan.Selling accelerated in the

afternoon as the benchmark fellbelow support around 10,500,having broken another closelywatched technical support at its25-day moving average of10,547 at open.

"Barring any further moves inexchange rates and sharp hikesin oil prices, the market willlikely move between 9,800 and10,500 until it starts risingagain in mid-March," Kikuchisaid.

Kikuchi said these levels,representing a roughly 5 to 10per cent retracement from thebenchmark's year-to-datehigh of 10,857.53, would betypical for a healthy correc-tion and any decisive movesbelow them on further oilprice hikes would mean thelong-term upward trend hadchanged.

The Nikkei ended the daydown 1.2 per cent at 10,452.71.The broader Topix lost 1.3 percent to 934.22.

See # 4 Page 11

Nikkei gets hitby MEast angst

Middle Eastunrest hitsUK’s FTSE

LONDON: Unrest in theMiddle East and North Africahit Britain's top shares again onThursday, though rising crudeprices and upbeat commentfrom oil major BP on its Indianactivities lifted energy stocks.

The FTSE 100 closed down3.55 points, or 0.1 per cent, at5,919.98, pinned just below aseven-month technical supportlevel of 5,920.

US crude oil futures ralliedfor a third session on Thursdayas prices soared to their highestsince late August 2008 as esca-lating violence in Libyasparked supply worries. TullowOil added 3 per cent.

BP's Indian head, SashiMukundan, estimated therewere 15 trillion cubic feet of

See # 8 Page 11

US stocks mid-day

Wall St slipsin selloff’s3rd day asoil jumps

NEW YORK: US stocks fellfor a third day on Thursday asUS crude oil prices hoverednear $100 a barrel on violencein Libya.

Oil's sharp rise this week hasfueled worries about the effectof energy costs on consumersand business. US crude oilfutures were at their highestsince late August 2008, as theescalating problems in Libyasparked supply worries. Brentcrude futures hit an intradayhigh at $119.79 and then pulledback to $114.45 at midday.

Oil does have "an economicslowing impact as the pricegoes, and so the question is,'How long will this last?' and'How significant will it be?' ...It's hard to decide at themoment," said Stephen Lieber,chief investment officer of thePurchase, New York-basedAlpine Mutual Funds.

Investors may need to take a"wait-and-see" attitude untilthere's a clearer idea of howevents in Libya and elsewherewill turn out, he said.

"My bias is that we are stilllikely to be in a recoveringeconomy, and if this createsdumping of securities andpotential undervaluation, beready to take advantage of it."

The S&P 500 was holdingabove support, suggesting abigger pullback may not be instore for the market just yet.

The week's declines havedriven calls that a correction isnear. The S&P 500 is up about24 percent since the start of

See # 9 Page 11

PTCL profitdown by 25pc

Ahmed Siddique

KARACHI: PakistanTelecommunication CompanyLtd (PTCL) declared its finan-cial results on Thursday for thefirst half ended December 31 ofthe current financial year(1HFY11) posting net profit ofRs4.02 billion (EPS: 0.79) ascompared to Rs5.35 billion(EPS: 1.05) recorded in thesame period last year.

Company's sales revenuedecreased by 5.9 per cent toRs27.7 billion from Rs29.42billion during same period lastyear. Decline is due to a dip infixed line telephony mainly dueto aggressive price competitionand mobile substitution.However decrease in revenuefrom falling fixed line sub-scribers is partially offset byincrease in revenue frombroadband and internationalcalls.

Cost of services was up by7.5 per cent to Rs20.07 billionmainly due to unprecedentedrise in salary expenses. Grossprofit decreased by 29.1 percent to Rs7.62 billion.

Other operating incomeremained the major contributorto the profitability-surge as itwas up by 42.8 per cent toRs3.18 billion compared to Rs2.23 billion same period previ-ous year. Financing cost alsodecreased by 41.6 per cent toRs127 million.

Surging oil price stokes selling

South East Asian stocks

European shares extend decline on Libya crisis

ANNOUNCEMENTS

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

New Jubilee Insurance Yearly 25%(B),20%(D) 450.15 5.69

New Jub. Life Ins. Yearly 15%(D) 146.75 2.34

Mari Gas Half Yearly 23.43%(i)(D) 529.28 7.20

Pak Datacom Ltd. Half Yearly 15%(i)(D) 36.11 4.60

Shahzad Tex. Half Yearly - 110.18 6.13

Murree Brewery Co. Half Yearly - 177.37 10.24

Leather Up Half Yearly - 1.18 0.20

Mubarak Textile Half Yearly - 0.61 0.11

Blessed Tex. Half Yearly - 249.42 38.78

Network Mic Bank Yearly - -18.46 -0.62

Fatima Fert.Co. Half Yearly - -163.64 -0.08

Trust Modaraba Half Yearly - 12.48 0.42

P.T.C.L.A Half Yearly - 4,022.81 0.79

Unicap Modaraba Half Yearly - 0.07 0.01

Amtex Limited Half Yearly - -277.11 -1.07

Equity Modaraba Half Yearly - 6.18 0.82

Noon Pakistan Half Yearly - 23.10 1.82

Fateh Textile Half Yearly - 0.50 0.40

ZIL Limited Half Yearly - 36.41 6.84

Atlas Battery Ltd. Half Yearly - 189.57 18.83

Searle Pakistan Half Yearly - 175.17 5.72

Bilal Fibres Half Yearly - 9.29 0.66

Oil & Gas Deve. Half Yearly - 31,598.45 7.35

General Tyre Half Yearly - 150.74 2.52

Faisal Spinning Half Yearly - 251.57 25.16

Jah.Sidd. Co. Half Yearly - -0.43 0.00

Mehmood Tex. Half Yearly - 425.45 28.36

Crescent Textile Half Yearly - 133.84 2.72

Shahtaj Textile Half Yearly - 76.45 7.91

Fecto Cement Half Yearly - 82.66 1.65

Shabbir Tiles Half Yearly - -27.54 -0.38

Arpak Int. Half Yearly - -0.44 -0.11

Bhanero Tex. Half Yearly - 351.49 117.16

Ideal Energy Ltd. Half Yearly - -4.78 -0.60

Mian Textile Half Yearly - -24.00 -1.09

Haydery Const Half Yearly - -0.19 -0.03

Kohinoor Textile Half Yearly - 57.22 0.29

Globe Tex.(O.E) Half Yearly - 5.74 1.23

Globe Textile Half Yearly - -12.11 -0.74

National Foods Ltd. Half Yearly - 118.58 2.86

Wazir Ali (Consolidated) Half Yearly - -60.25 -7.54

Wazir Ali Half Yearly - -60.25 -7.54

Stand.Chart.Leasing Half Yearly - 36.11 0.37

Friday, February 25, 20116

Volume 80,203,619

Value 2,944,490,123

Trades 53,963

Advanced 95

Decline 184

Unchanged 97

Total 376

Current 8,015.92

High 8,085.52

Low 7,984.33

Change h6.11

Current 11,539.26

High 11,635.32

Low 11,487.31

Change h15.84

Current 11,063.00

High 11,177.27

Low 11,007.89

Change h21.17

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,705.82

High 18,850.65

Low 18,600.67

Change h63.83

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Ghandhara Industries Limited

GHNI closed down -0.41 at 8.99. Volume was 278 per cent above aver-

age (trending) and Bollinger Bands were 15 per cent wider than normal.

The company's profit after taxation stood at Rs5.766 million which

translates into an Earning Per Share of Rs0.27 for the 1st quarter of

current fiscal year (1QFY11).

GHNI is currently 38.3 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 very strong flows of volume out of GHNI (bearish). Trend fore-

casting oscillators are currently bearish on GHNI. Momentum oscillator

is currently indicating that GHNI is currently in an oversold condition.

RSI (14-day) 20.25 Total Assets (Rs in mn) 2,832.00

MA (10-day) 10.21 Total Equity (Rs in mn) 222.64

MA (100-day) 11.86 Revenue (Rs in mn) 2,086.52

MA (200-day) 14.56 Interest Expense 57.78

1st Support 8.40 Profit after Taxation 135.56

2nd Support 7.80 EPS 10 (Rs) 6.363

1st Resistance 10.00 Book value / share (Rs) 10.45

2nd Resistance 11.00 PE 11 E (x) 8.32

Pivot 9.40 PBV (x) 0.86

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

JPGL closed down -0.05 at 1.35. Volume was 23 per cent above average

and Bollinger Bands were 17 per cent wider than normal. The company's

loss after taxation stood at Rs403.263 million which translates into a Loss

Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11).

JPGL is currently 22.8 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

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

equal pace. Trend forecasting oscillators are currently bearish on JPGL.

RSI (14-day) 30.22 Total Assets (Rs in mn) 7,598.16

MA (10-day) 1.50 Total Equity (Rs in mn) (1,042.83)

MA (100-day) 1.63 Revenue (Rs in mn) 2,731.94

MA (200-day) 1.75 Interest Expense 691.43

1st Support 1.30 Loss after Taxation (452.35)

2nd Support 1.25 EPS 10 (Rs) (2.899)

1st Resistance 1.45 Book value / share (Rs) (6.68)

2nd Resistance 1.55 PE 11 E (x) -

Pivot 1.40 PBV (x) (0.20)

Japan Power Generation Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

PAKRI closed down -0.54 at 14.59. Volume was 28 per cent below average

and Bollinger Bands were 61 per cent wider than normal. The company's prof-

it after taxation stood at Rs88.468 million which translates into an Earning Per

Share of Rs0.29 for the nine months of current calendar year (9MCY10).

PAKRI is currently 11.7 per cent below its 200-day moving average and is dis-

playing a downward trend. Volatility is relatively normal as compared to the

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

volume flowing into and out of PAKRI at a relatively equal pace. Trend fore-

casting oscillators are currently bearish on PAKRI. Momentum oscillator is

currently indicating that PAKRI is currently in an oversold condition.

RSI (14-day) 26.96 Total Assets (Rs in mn) 12,372.62

MA (10-day) 16.34 Total Equity (Rs in mn) 6,785.66

MA (100-day) 16.06 Revenue (Rs in mn) 2,170.95

MA (200-day) 16.52 Interest Expense 0.00

1st Support 14.16 Profit after Taxation 269.91

2nd Support 13.66 EPS 09 (Rs) 0.90

1st Resistance 15.30 Book value / share (Rs) 22.62

2nd Resistance 15.94 PE 10 E (x) 37.73

Pivot 14.80 PBV (x) 0.65

Pakistan Reinsurance Co Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

TELE closed down -0.05 at 1.77. Volume was 53 per cent below average (con-solidating) and Bollinger Bands were 9 per cent wider than normal. The com-pany's profit after taxation stood at Rs251.746 million which translates into anEarning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11).TELE is currently 28.5 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is extremely high when comparedto the average volatility over the last 10 trading sessions. Volume indica-tors reflect moderate flows of volume out of TELE (mildly bearish). Trendforecasting oscillators are currently bearish on TELE. Momentum oscilla-tor is currently indicating that TELE is currently in an oversold condition.

RSI (14-day) 24.52 Total Assets (Rs in mn) 9,610.12

MA (10-day) 2.00 Total Equity (Rs in mn) 3,400.99

MA (100-day) 2.24 Revenue (Rs in mn) 2,414.18

MA (200-day) 2.48 Interest Expense 530.45

1st Support 1.65 Profit after Taxation 698.46

2nd Support 1.59 EPS 10 (Rs) 2.328

1st Resistance 1.86 Book value / share (Rs) 11.34

2nd Resistance 2.01 PE 11 E (x) 0.53

Pivot 1.80 PBV (x) 0.16

Telecard Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,441.49 1,467.53 1,432.59 1,454.84 13.35 0.93

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

3,610,028 - - 65,194.15 mn 1,117,392.28 mn 1,507.52

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

10.41 3.39 32.54 55.94 5.37 1,441.49

Attock Petroleum XD 691 6.25 348.55 354.70 345.00 346.15 -2.40 37888 401.00 316.81 300 20B115.00 -

Attock Refinery 853 4.22 103.75 106.45 102.70 103.69 -0.06 510293 146.90 102.70 - - - -

BYCO Petroleum 3921 - 8.76 9.49 8.58 8.83 0.07 525482 12.24 8.58 - - - -

Mari Gas Company 735 7.65 115.99 117.00 110.20 110.20 -5.79 136284 141.65 110.20 31 - 23.43 -

National Refinery 800 5.42 261.60 265.89 254.02 261.55 -0.05 57678 335.00 251.99 200 - - -

Oil & Gas Development 43009 10.70 156.65 158.97 155.25 158.08 1.43 579513 185.00 155.25 55 - 15.00 -

Pak PetroleumSPOT 11950 7.32 196.82 201.90 197.00 200.10 3.28 693323 229.80 193.00 90 20B 50.00 -

Pak Oilfields XD 2365 6.72 290.16 294.80 290.50 291.67 1.51 1140557 341.50 266.50 255 -100.00 -

Pak Refinery Limited 350 - 87.75 92.13 87.00 88.87 1.12 182569 122.22 81.70 - - - -

P.S.OSPOT 1715 4.63 269.99 274.44 268.00 273.63 3.64 247237 317.79 265.05 80 - 50.00 -

Shell Gas LPG 226 - 27.99 28.70 27.15 27.99 0.00 102 39.89 27.15 - - - -

Shell Pakistan 685 10.09 197.50 201.90 195.15 196.66 -0.84 24584 222.00 194.00 40 - - -

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

985.85 1,003.47 971.93 978.37 -7.48 -0.76

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

10,250,333 - - 47,070.70 mn 130,608.13 mn 1,004.16

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

6.87 0.59 8.64 16.68 2.43 978.37

(Colony) Thal 56 - 1.35 1.20 1.10 1.15 -0.20 983 1.50 0.61 - - - -Amtex Limited 2594 - 3.28 3.40 2.75 2.87 -0.41 560004 4.85 2.75 30 - - -Artistic Denim 840 5.69 19.59 20.59 19.20 20.47 0.88 5440 24.59 19.20 20 - - -Azgard Nine 4493 - 9.63 9.85 9.00 9.15 -0.48 5387962 12.84 9.00 - - - -Babri Cotton 33 0.46 11.41 11.50 11.06 11.18 -0.23 801 14.00 8.10 - 15B - -Bannu Woolen XD 76 0.49 14.25 14.00 14.00 14.00 -0.25 5500 15.10 12.60 20 - - -Bata (Pak) 76 4.63 560.97 561.00 532.93 533.30-27.67 320 705.00 532.93 280 - - -Bilal Fibres 141 0.72 1.37 0.95 0.95 0.95 -0.42 500 2.45 0.95 - - - -Blessed Tex Mills 64 0.82 60.90 63.44 61.05 63.43 2.53 2406 63.70 46.00 50 - - -Chenab Limited 1150 - 2.54 2.64 2.40 2.50 -0.04 4503 3.76 2.34 - - - -Colony Mills Ltd 2442 3.33 2.11 2.43 2.07 2.13 0.02 7759 2.97 2.06 - - - -Crescent Jute 238 - 0.90 1.08 0.70 0.90 0.00 115 1.38 0.32 - - - -Crescent Textile 492 3.05 16.10 16.60 15.10 16.57 0.47 5911 23.99 15.10 15 - - -D M Textile 31 - 2.90 3.40 3.40 3.40 0.50 505 3.40 1.45 - - - -D S Ind Ltd 600 - 1.54 1.64 1.47 1.51 -0.03 39138 2.10 1.42 - - - -Dawood Lawrencepur 514 51.58 44.94 47.00 43.00 43.84 -1.10 64034 48.29 35.00 5 - - -Dewan Mushtaq Textile 34 0.14 4.00 4.60 4.00 4.04 0.04 23876 8.90 2.90 - - - -Din Textile 204 0.83 30.92 32.46 31.39 32.46 1.54 53300 32.46 25.10 20 10B - -Ellcot Spinning 110 0.56 23.56 24.73 24.50 24.73 1.17 11205 24.73 18.75 35 - - -Faisal Spinning 100 0.73 35.01 36.76 36.75 36.75 1.74 600 36.76 31.25 50 - - -Gadoon Textile XD 234 0.73 75.47 75.00 73.80 74.00 -1.47 3590 77.40 47.00 70 - - -Gul Ahmed Textile 635 5.06 33.56 35.23 33.00 35.23 1.67 21901 35.23 24.00 12.5 - - -Gulistan Spinning 146 1.14 5.66 6.00 5.52 5.96 0.30 4017 8.40 5.02 10 - - -Gulshan Spinning 222 0.95 8.10 8.40 7.80 7.80 -0.30 3328 8.70 6.30 10 20B - -Hajra Textile 138 - 0.79 1.00 0.70 0.70 -0.09 2685 1.10 0.31 - - - -Hira Textile Mills Ltd. 716 0.69 3.60 3.75 3.60 3.69 0.09 58900 4.47 3.31 10 - - -Ibrahim Fibres 3105 3.45 48.15 47.94 45.85 47.66 -0.49 21003 55.00 37.01 20 - - -J K Spinning 184 1.02 7.20 7.00 6.70 6.70 -0.50 5006 9.50 4.05 20 5B - -Khalid Siraj 107 0.22 0.89 1.29 0.90 1.14 0.25 16626 1.29 0.25 - - - -Kohinoor Ind 303 - 1.40 1.54 1.32 1.41 0.01 46849 2.00 0.75 - - - -Kohinoor Mills 509 - 2.01 1.80 1.80 2.01 0.00 339 3.80 1.51 - - - -Kohinoor Textile 1455 8.10 4.75 5.38 4.26 4.70 -0.05 2518 5.95 4.26 - - - -Liberty Mills 226 3.52 67.00 67.00 67.00 67.00 0.00 570 72.95 56.50 30 - - -Maqbool Textile 168 2.18 7.85 7.60 7.50 7.85 0.00 256 9.89 6.76 22.5 - - -Mehmood Textile 150 1.02 59.97 62.96 57.00 57.88 -2.09 951 70.30 53.68 60 - - -Mukhtar Textile 145 - 0.43 0.57 0.27 0.73 0.30 10012 0.90 0.13 - - - -Nishat (Chunian) 1614 2.00 24.36 24.97 23.85 24.04 -0.32 1747114 28.04 21.15 15 - - -Nishat Mills 3516 5.24 59.64 60.48 58.40 59.04 -0.60 1681654 71.89 57.51 25 45R - -Pak Synthetic 560 4.39 13.00 13.29 12.90 13.00 0.00 16503 14.45 6.51 - - - -Paramount Spinning 174 0.86 12.05 12.75 11.76 11.76 -0.29 63520 12.75 8.25 10 10B - -

Premium Textile 62 0.46 30.30 31.00 28.79 28.80 -1.50 11620 34.40 25.00 50 - - -

Prosperity 185 1.14 14.40 15.00 14.50 14.50 0.10 510 15.50 13.05 30 - - -

Ravi Textile 250 - 1.05 1.15 1.02 1.02 -0.03 26792 1.98 0.65 - - - -

Redco Textile 213 - 0.60 0.40 0.40 0.40 -0.20 1000 1.45 0.40 - - - -

Rupali Poly 341 3.67 40.12 40.95 39.50 39.53 -0.59 6104 42.70 35.00 40 - - -

Saif Textile 264 0.46 5.71 6.00 5.70 5.74 0.03 32198 6.35 3.90 - - - -

Salfi Textile 33 0.40 70.01 73.51 70.00 70.00 -0.01 12199 76.43 48.00 25 - - -

Sally Textile 88 0.21 3.65 4.25 4.00 4.25 0.60 12985 4.68 3.63 10 - - -

Sana Ind 55 3.12 41.10 42.90 42.90 41.10 0.00 150 49.66 37.00 60 - - -

Saritow Spinning 133 0.33 2.00 2.00 1.50 2.00 0.00 2501 2.89 1.00 - - - -

Service Ind 120 6.71 197.50 203.49 196.04 196.13 -1.37 2023 276.50 196.00 - - - -

Shadman Cot XD 176 3.07 15.85 16.85 15.10 16.85 1.00 1502 16.95 7.00 - - - -

Shahtaj Textile 97 1.33 21.00 22.05 20.05 21.01 0.01 28320 22.05 16.35 45 - - -

Sunrays Textile 69 0.74 34.51 36.23 34.50 36.23 1.72 58109 39.84 33.01 30 - - -

Tata Textile 173 0.53 42.00 44.10 41.25 41.25 -0.75 10213 44.10 31.00 25 - - -

Thal Limited 307 5.43 113.93 114.50 109.00 109.50 -4.43 16871 132.00 99.70 80 20B - -

Treet Corp 418 7.78 49.53 50.04 48.50 48.83 -0.70 19060 63.30 48.50 - - - -

Zahoor Cotton 99 - 0.50 0.85 0.55 0.75 0.25 13000 0.87 0.50 - - - -

Zephyr Textile Ltd 594 4.61 2.60 3.50 3.50 3.50 0.90 1000 4.65 2.60 - - - -

Zil Limited 53 5.27 75.86 79.65 72.07 72.07 -3.79 111402 87.90 49.99 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

1,026.95 1,050.62 1,014.73 1,028.45 1.50 0.15

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

112,964 - - 3,763.71 mn 5,005.78 mn 1,050.36

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

2.60 0.28 10.64 6.27 2.41 1,013.03

Pak Elektron 1219 3.29 13.11 13.48 12.85 13.05 -0.06 63165 15.88 12.54 - 10B - -

Tariq Glass Ind 231 2.11 16.75 17.75 16.80 17.60 0.85 49711 24.00 16.00 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

1,902.97 1,942.46 1,884.59 1,912.38 9.41 0.49

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

411,109 - - 11,335.33 mn 282,437.55 mn 1,943.83

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

48.07 14.57 30.30 30.57 0.64 1,902.97

Adam Sugar XD 58 4.32 14.50 14.20 14.20 14.50 0.00 200 20.50 14.06 25 - - -

AL-Noor Sugar 186 1.14 45.00 45.74 45.74 45.74 0.74 500 54.00 40.85 50 - - -

Crescent Sugar 214 0.66 6.50 6.59 6.50 6.59 0.09 6500 7.15 5.00 - - - -

Dewan Sugar 365 - 3.22 3.35 3.15 3.15 -0.07 15500 5.59 2.50 - - - -

Faran Sugar XD 217 1.46 18.00 18.00 17.50 18.00 0.00 100010 21.73 17.25 25 - - -

Fecto Sugar 146 - 35.16 36.91 35.03 35.16 0.00 199 55.00 28.00 - - - -

Habib Sugar 750 8.37 21.29 21.70 21.00 21.09 -0.20 98343 36.50 21.00 25 25B - -

J D W Sugar 539 1.24 72.03 72.00 70.21 70.23 -1.80 561 92.50 68.00 7010B 12.5R - -

Mirpurkhas Sugar 84 3.16 50.49 52.50 47.97 50.49 0.00 221 68.22 44.13 15 20B - -

Mirza Sugar XD 141 - 3.58 4.49 2.65 3.17 -0.41 115292 7.18 2.65 10 - - -

National Foods 414 9.97 57.00 57.80 57.00 57.00 0.00 1480 75.50 42.30 12 - - -

Nestle Pakistan 453 37.87 3500.00 3535.00 3401.00 3434.49 -65.51 205 3695.00 2050.00 750 - - -

Noon Pakistan 48 6.73 25.65 25.50 24.37 24.48 -1.17 2180 27.24 21.88 12 - - -

Noon Sugar 165 1.18 11.00 11.30 10.60 11.00 0.00 310 14.45 9.00 - - - -

Pangrio Sugar XD 109 - 3.88 3.89 3.80 3.87 -0.01 690 6.99 3.10 10 - - -

Premier Sugar XD 38 - 41.55 40.99 39.48 39.48 -2.07 1522 53.81 38.50 10 - - -

Quice Food 107 6.82 3.01 3.00 3.00 3.00 -0.01 6500 4.00 2.06 - - - -

S S Oil 57 0.22 2.80 2.60 2.60 2.60 -0.20 6000 3.60 2.50 - - - -

Shahtaj Sugar 120 4.39 65.56 68.00 63.00 65.56 0.00 102 100.26 50.93 - - - -

Shakarganj Mills 695 0.38 5.24 5.45 4.43 5.30 0.06 51303 7.88 4.10 - - - -

Tandlianwala 1177 14.64 41.00 41.00 41.00 41.00 0.00 1000 44.06 34.00 - - - -

UniLever Pakistan 665 19.49 4703.38 4844.99 4701.00 4794.85 91.47 244 5158.68 3916.04 492 - - -

Wazir Ali 80 - 6.00 5.91 5.90 5.90 -0.10 2000 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

1,151.34 1,168.32 1,136.24 1,145.41 -5.94 -0.52

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

261,616 - - 6,768.53 mn 42,610.75 mn 1,233.06

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

4.16 1.06 25.35 20.42 4.91 1,145.41

Agriautos Ind 144 4.53 67.67 69.90 67.30 69.07 1.40 1929 82.63 66.45 90 - - -

Atlas Battery 101 4.93 185.75 191.90 183.51 185.55 -0.20 15950 205.00 158.99 100 20B - -

Atlas Engineering Ltd 247 22.59 38.51 39.75 36.59 36.59 -1.92 30018 43.26 15.00 - - - -

Atlas Honda 626 9.24 136.50 137.50 132.00 133.12 -3.38 3625 143.80 103.95 - - - -

Dewan Motors 890 - 1.71 1.85 1.61 1.69 -0.02 46957 2.89 1.40 - - - -

Exide (PAK) 56 4.53 185.05 192.00 185.00 185.03 -0.02 5231 217.44 172.12 60 - - -

General Tyre 598 4.56 21.90 22.99 21.08 22.99 1.09 15523 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 3.76 4.00 3.35 3.40 -0.36 92685 5.36 3.35 - - - -

Ghani Automobile Ind 200 5.89 3.85 4.40 3.82 4.24 0.39 703 5.49 3.75 - - - -

Honda Atlas Cars 1428 - 10.00 10.40 9.90 9.90 -0.10 6467 12.87 9.90 - - - -

Indus Motors 786 10.67 249.67 250.00 246.50 246.50 -3.17 1423 309.73 241.00 150 - 50.00 -

Pak Suzuki 823 9.88 61.69 63.48 62.00 62.03 0.34 40571 75.00 60.10 - - - -

Sazgar Engineering 150 3.89 21.45 21.70 21.50 21.54 0.09 533 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

1,488.38 1,533.98 1,476.99 1,526.91 38.53 2.59

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

177,292 - - 1,336.62 mn 31,714.55 mn 1,526.91

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

7.79 2.96 38.02 131.49 16.87 1,474.83

AL-Ghazi Tractor 215 5.03 215.64 224.50 216.75 223.85 8.21 7851 244.95 212.00 400 - - -

Bolan Casting 104 4.39 44.14 44.00 43.61 43.68 -0.46 613 48.63 42.90 25 10B - -

Ghandhara Ind 213 8.32 9.40 10.40 8.80 8.99 -0.41 111513 13.50 8.80 - - - -

Millat Tractors XD 366 7.62 481.19 497.95 478.00 495.02 13.83 57040 568.40 466.27 650 25B325.00 -

Pak Engineering 57 378.83 136.38 130.00 129.57 136.38 0.00 143 301.84 129.57 100 - - -

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

904.12 913.83 890.36 895.22 -8.90 -0.98

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

206,762 - - 3,043.31 mn 34,343.62 mn 962.26

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

2.55 1.12 43.91 15.55 6.09 895.22

Cherat PapersackSPOT 115 2.48 54.55 55.48 53.55 54.05 -0.50 10415 83.23 53.55 20 25B - 50R

ECOPACK Ltd 230 - 2.43 2.65 2.35 2.40 -0.03 72392 3.30 2.05 - - - -

Ghani Glass 1067 4.69 51.08 51.07 51.00 51.00 -0.08 25990 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.90 4.05 4.00 4.00 0.10 29000 4.19 2.50 - - - -

Merit Pack 47 16.11 29.12 29.70 29.00 29.00 -0.12 5216 33.80 17.25 - - - -

Packages Ltd 844 - 112.89 115.99 110.00 110.01 -2.88 12563 143.00 103.52 32.5 - - -

Tri-Pack Films 300 7.96 131.42 135.00 130.05 131.28 -0.14 51185 144.50 111.25 100 - - -

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

835.95 850.25 811.39 816.99 -18.96 -2.27

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

4,570,857 - - 54,792.74 mn 59,879.12 mn 877.51

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

5.56 0.39 7.10 19.04 3.43 816.99

Al-Abbas Cement 1828 - 2.65 2.84 2.58 2.59 -0.06 2377 3.98 2.58 - 100R - -

Attock Cement 866 6.47 51.08 51.50 49.56 51.10 0.02 10140 64.40 48.51 50 - - -

Berger Paints 182 - 16.05 16.34 15.82 15.82 -0.23 7079 24.16 15.82 - 122R - -

Buxly Paints 14 - 9.85 9.79 8.86 9.09 -0.76 1085 15.50 7.91 - - - -

Cherat Cement 956 37.50 9.03 9.50 9.00 9.00 -0.03 15214 12.24 9.00 - - - -

Dadabhoy Cement 982 11.54 1.70 1.89 1.50 1.50 -0.20 6424 2.49 1.50 - - - -

Dandot Cement 948 - 2.00 1.50 1.50 1.50 -0.50 500 3.49 1.25 - - - -

Dewan Cement 3891 - 1.68 1.79 1.63 1.64 -0.04 63845 3.10 1.63 - - - -

DG Khan Cement Ltd 3651 9.65 23.31 23.71 22.17 22.29 -1.02 1716789 32.30 22.17 - 20R - 20R

Fauji Cement 6933 5.78 4.30 4.36 4.16 4.16 -0.14 376713 5.55 4.16 - - - 92R

Fecto Cement 502 2.28 7.00 8.00 7.10 7.54 0.54 71292 8.00 6.95 - - - -

Flying Cement Ltd 1760 - 1.58 1.64 1.45 1.45 -0.13 65104 2.25 1.42 - - - -

Frontier Ceramics 77 - 2.00 1.99 1.42 1.46 -0.54 14202 3.40 1.29 - - - -

Gammon Pak 283 - 1.24 1.17 1.17 1.17 -0.07 2000 3.65 1.01 - - - -

Gharibwal Cement 4003 - 6.88 7.00 7.00 7.00 0.12 1500 9.19 4.70 - - - -

Haydery Const 32 - 0.50 0.65 0.50 0.55 0.05 502 0.99 0.25 - - - -

Kohat Cement 1288 - 5.74 5.69 5.30 5.46 -0.28 21961 7.44 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 2.79 2.89 2.70 2.82 0.03 490220 3.88 2.70 - - - -

Lucky Cement 3234 5.67 64.60 65.28 62.82 63.15 -1.45 1566262 78.44 62.82 40 - - -

Maple Leaf Cement 5261 - 2.32 2.35 2.23 2.30 -0.02 105485 3.30 2.20 - - - -

Pioneer Cement 2228 - 5.80 6.09 5.65 5.67 -0.13 30603 7.65 5.65 - - - -

Thatta Cement 798 406.75 16.52 17.40 16.20 16.27 -0.25 1553 20.20 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

990.56 1,011.98 973.92 991.31 0.75 0.08

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

129,007 - - 3,596.11 mn 9,364.33 mn 1,023.56

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

3.04 1.01 33.10 30.91 10.17 990.56

Crescent Steel 565 2.96 27.55 28.50 27.50 28.33 0.78 11050 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.10 2.20 2.00 2.00 -0.10 82222 3.29 2.00 - - - -

Huffaz Pipe 555 8.59 13.75 13.80 13.50 13.75 0.00 1700 16.51 13.00 - - - -

International Ind XD 1199 17.53 48.40 49.00 47.51 48.22 -0.18 30033 62.20 46.50 55 20B - -

Siddiqsons Tin 785 38.68 8.99 9.33 8.51 8.51 -0.48 4002 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

1,016.51 1,016.85 1,006.27 1,008.76 -7.75 -0.76

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

4,601 - - 1,186.83 mn 2,783.05 mn 1,037.64

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

5.18 0.39 7.47 25.28 4.88 1,005.73

Century Paper 707 - 15.63 16.00 15.40 15.45 -0.18 19000 19.69 14.95 - - - -

Pak Paper Product 50 8.98 38.97 40.84 39.00 38.97 0.00 302 48.90 38.88 2533.33B - -

Security Paper 411 6.46 36.69 36.50 36.00 36.17 -0.52 4299 47.70 36.00 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

1,555.44 1,586.30 1,547.60 1,559.25 3.80 0.24

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

14,359,753 - - 52,251.88 mn 339,927.10 mn 1,620.26

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

8.91 3.12 35.00 48.81 5.48 1,555.44

BOC (Pak) 250 12.43 91.51 92.00 90.01 90.52 -0.99 12265 103.94 83.00 15 - - -

Clariant Pak 273 7.05 198.60 199.20 196.50 196.84 -1.76 32173 213.30 153.00 135 25B - -

Dawood Hercules 1203 14.07 249.18 259.48 247.25 251.33 2.15 677620 259.48 165.73 50 300B - -

Descon Chemical 1996 - 2.55 2.95 2.60 2.60 0.05 43386 3.74 2.40 - - - -

Descon Oxychem Ltd. 1020 8.36 6.58 6.71 6.30 6.35 -0.23 400419 9.25 6.05 - - - -

Dewan Salman 3663 - 2.47 2.60 2.44 2.48 0.01 825915 4.24 1.92 - - - -

Dynea Pak 94 5.91 11.15 11.10 10.90 11.00 -0.15 861 11.98 10.06 15 - - -

Engro Corporation Ltd 3277 11.53 211.17 214.29 208.80 209.87 -1.30 1328320 222.80 181.25 60 20B - -

Engro Polymer 6635 - 12.40 12.60 12.05 12.10 -0.30 241041 15.87 12.05 - - - -

Fatima Fertilizer 22000 - 11.21 11.55 11.12 11.17 -0.04 966746 12.64 9.16 - - - -

Fauji FertilizerXDXB 8482 6.90 111.21 113.30 111.10 112.09 0.88 1510073 157.90 110.01 130 25B - -

Fauji Fert.Bin Qasim 9341 7.46 39.35 40.15 39.30 39.52 0.17 2920138 43.99 34.10 52.5 - - -

Ghani Gases Ltd 725 8.76 11.61 12.15 11.50 11.56 -0.05 43506 13.07 11.00 - - - -

ICI Pakistan 1388 8.34 144.85 147.78 145.00 145.87 1.02 128744 158.49 135.99 175 - - -

Ittehad Chemical 360 5.55 24.00 25.19 25.19 25.19 1.19 500 36.00 23.07 5 - 5 -

Lotte Pakistan 15142 5.54 15.02 15.31 14.99 15.07 0.05 4566226 16.80 11.80 5 - - -

Nimir Ind Chemical 1106 - 2.38 2.59 2.30 2.35 -0.03 1560320 3.17 1.48 - - - -

Pak Gum 42 - 16.68 17.68 17.01 16.68 0.00 231 28.20 16.68 - - - -

Shaffi Chemical 120 - 1.81 2.24 1.60 2.19 0.38 7202 3.10 1.60 - - - -

Sitara Chem Ind 214 8.99 104.44 108.50 104.60 106.63 2.19 14091 139.40 101.00 25 5B - -

Sitara Peroxide 551 5.52 13.20 13.35 12.70 12.80 -0.40 89966 14.54 12.70 - - - -

Wah-Noble 90 7.28 37.85 37.20 37.20 37.85 0.00 105 41.99 32.27 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

854.86 858.51 837.87 844.98 -9.88 -1.16

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

539,826 - - 3,904.20 mn 27,810.47 mn 896.72

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

6.01 1.34 22.31 44.54 7.41 844.98

Abbott (Lab) 979 6.88 87.07 84.80 82.72 82.72 -4.35 34176 112.50 82.72 50 - - -

Ferozsons (Lab) 250 6.13 91.80 91.80 90.50 90.70 -1.10 370 98.00 83.12 - 20B 12.50 -

GlaxoSmithKline 1707 12.37 68.51 69.85 68.50 68.76 0.25 204419 89.98 68.00 - - - -

IBL HealthCare Ltd 200 3.94 9.90 10.00 9.40 10.00 0.10 25452 10.25 7.16 - - - -

Sanofi-Aventis 96 6.25 150.02 154.38 145.11 145.12 -4.90 1493 174.00 126.00 100 - - -

Searle Pak 306 5.46 61.99 63.00 60.00 62.43 0.44 273894 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

702.67 708.85 670.46 674.82 -27.85 -3.96

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

25,377 - - 3,242.17 mn 11,634.25 mn 719.11

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

5.09 1.30 25.53 11.08 2.18 674.82

Pak Int Cont.Terminal 1092 6.36 69.62 70.00 66.14 66.14 -3.48 19990 76.65 66.14 40 - - -

PNSC 1321 8.90 32.05 32.80 31.00 32.04 -0.01 5387 39.45 31.00 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

Attock Petroleum 24-Feb 04-Mar 115(I) 15-Feb -(TFC) Searle Pakistan 24-Feb 09-Mar - - -Cherat Papersack 01-Mar 11-Mar 50(R) 21-Feb -Kohinoor Energy 02-Mar 08-Mar 10(I) 22-Feb -Pakistan State Oil 03-Mar 10-Mar 50(I) 23-Feb -Pakistan Petroleum 03-Mar 09-Mar 50(I) 23-Feb -Pakistan Petroleum (Pref) 03-Mar 09-Mar 30(I) - -Central Insurance # 03-Mar 10-Mar - - 10-MarColgate - Palmolive # 04-Mar 10-Mar - - 10-MarPicic Growth Fund 05-Mar 12-Mar 12.50(I) 25-Feb -Picic Invt Fund 05-Mar 12-Mar 7.5(I) 25-Feb -Picic Energy Fund 05-Mar 12-Mar 10(I) 25-Feb -Shabbir Tiles & Ceramics # 06-Mar 12-Mar - - 12-MarTariq Glass 07-Mar 13-Mar 200(R) 25-Feb -Bank Al-Habib 07-Mar 17-Mar 20(F),20(B) 25-Feb 17-MarHusein Industries # 07-Mar 12-Mar - - 12-MarCrescent Steel 09-Mar 15-Mar 10(I) 01-Mar -Allied Bank Ltd 10-Mar 16-Mar 20(F),10(B) 02-Mar 16-MarTri-Pack Films 10-Mar 18-Mar 100(F) 02-Mar 18-MarKot Addu Power 11-Mar 18-Mar 30(I) 03-Mar -Biafo Industries 12-Mar 18-Mar 15(Ii) 04-Mar -Fauji Fertiliser Bin Qasim 15-Mar 21-Mar 35(F) 07-Mar 21-MarAl-Noor Sugar Mills # 16-Mar 26-Mar - - 25-Mar

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Climax Eng. 4 4.99 4 4.99 0.99 1500

Pakistan Cables 54 54.5 53.5 53.97 -0.03 1075

TRG Pakistan Ltd. 2.8 2.94 2.58 2.66 -0.14 2137313

Murree Brewery Co. 94.2 98.5 94.9 97 2.8 154582

Shezan International 162.8 170 156.1 160.17 -2.63 7042

Media Times LtdXR 19.12 20 18.12 19.12 0 313

P.I.A.C.(A) 2.55 2.74 2.4 2.47 -0.08 444955

AKD Capital Limited 37.41 38.12 37.2 38.08 0.67 1018

Pace (Pak) Ltd. 2.73 2.87 2.67 2.7 -0.03 872987

Netsol Technologies 21.51 22.48 21.4 21.42 -0.09 1225354

Symbols Open High Low Close Change Vol

Friday, February 25, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 15.84 points at 11,539.26. Volume was 35 per

cent below average and Bollinger Bands were 44 per cent wider than nor-

mal. As far as resistance level is concern, the market will see major 1st

resistance level at 11,620.60and 2nd resistance level at 11,701.95, while

Index will continue to find its 1st support level at 11,472.60 and 2nd sup-

port level at 11,405.95.

KSE 100 INDEX is currently 8.2 per cent above its 200-day moving average

and is displaying a downward trend. Volatility is extremely high when com-

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

cators reflect moderate flows of volume out of INDEX (mildly bearish). Trend

forecasting oscillators are currently bearish on INDEX. Momentum oscillator

is currently indicating that INDEX is currently in an oversold condition.

RSI (14-day) 27.04 Support 1 11,472.60

MA (5-day) 11,743.58 Support 2 11,405.95

MA (10-day) 11,893.48 Resistance 1 11,620.60

MA (100-day) 11,465.70 Resistance 2 11,701.95

MA (200-day) 10,672.83 Pivot 11,553.95

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.51 at 69.48. Volume was 17 per cent below average and

Bollinger Bands were 70 per cent wider than normal.

NBP is currently 1.7 per cent above its 200-day moving average and is dis-

playing 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 NBP at a relatively equal pace. Trend

forecasting oscillators are currently bearish on NBP. Momentum oscillator

is currently indicating that NBP is currently in an oversold condition.

*Invest Cap 52.4 Sell

AKD Securities Ltd 75.5 Neutral

TFD Research 92.3 Positive

RSI (14-day) 27.75 Free Float Shares (mn) 318.50

MA (10-day) 72.95 Free Float Rs (mn) 22,129.23

MA (100-day) 70.71 ** NOI Rs (mn) 156.74

MA (200-day) 68.30 Mean 69.38

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.42 at 18.19. Volume was 64 per cent above average

and Bollinger Bands were 5 per cent wider than normal.

PTC is currently 4.6 per cent below 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 mod-

erate flows of volume out of PTC (mildly bearish). Trend forecasting oscil-

lators are currently bearish on PTC.

*Invest Cap 25 Buy

AKD Securities Ltd 23.91 Buy

TFD Research 25.8 Positive

RSI (14-day) 39.11 Free Float Shares (mn) 585.02

MA (10-day) 18.48 Free Float Rs (mn) 10,641.58

MA (100-day) 19.16 ** NOI Rs (mn) 9.05

MA (200-day) 19.08 Mean 18.43

* 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 up 0.17 at 39.52. Volume was 50 per cent below average (con-

solidating) and Bollinger Bands were 46 per cent narrower than normal.

FFBL is currently 24.7 per cent above its 200-day moving average and is

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

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

RSI (14-day) 41.49 Free Float Shares (mn) 326.94

MA (10-day) 40.67 Free Float Rs (mn) 12,920.61

MA (100-day) 35.54 ** NOI Rs (mn) 65.83

MA (200-day) 31.69 Mean 39.58

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -1.02 at 22.29. Volume was 65 per cent below average

(consolidating) and Bollinger Bands were 145 per cent wider than normal.

DGKC is currently 16.5 per cent below its 200-day moving average and is

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

volatility over the last 10 trading sessions. Volume indicators reflect mod-

erate flows of volume out of DGKC (mildly bearish). Trend forecasting

oscillators are currently bearish on DGKC. Momentum oscillator is current-

ly indicating that DGKC is currently in an oversold condition.

*Invest Cap 36 Buy

AKD Securities Ltd 38.14 Buy

TFD Research 36.55 Positive

RSI (14-day) 15.08 Free Float Shares (mn) 200.80

MA (10-day) 25.29 Free Float Rs (mn) 4,475.93

MA (100-day) 28.33 ** NOI Rs (mn) 53.51

MA (200-day) 26.69 Mean 22.87

* 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 -0.60 at 59.04. Volume was 64 per cent below average

(consolidating) and Bollinger Bands were 19 per cent wider than normal.

NML is currently 11.2 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is relatively normal as compared to

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

reflect moderate flows of volume out of NML (mildly bearish). Trend fore-

casting oscillators are currently bearish on NML.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate

TFD Research 78.6 Positive

RSI (14-day) 31.22 Free Float Shares (mn) 175.80

MA (10-day) 62.23 Free Float Rs (mn) 10,379.23

MA (100-day) 59.37 ** NOI Rs (mn) 78.86

MA (200-day) 53.10 Mean 59.39

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

LUCK closed down -1.45 at 63.15. Volume was 0.01 per cent below aver-

age and Bollinger Bands were 89 per cent wider than normal.

LUCK is currently 9.6 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is relatively normal as compared to

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

reflect very strong flows of volume out of LUCK (bearish). Trend forecast-

ing oscillators are currently bearish on LUCK. Momentum oscillator is cur-

rently indicating that LUCK is currently in an oversold condition.

*Invest Cap 85 Hold

AKD Securities Ltd 87.61 Buy

TFD Research 89.9 Positive

RSI (14-day) 24.85 Free Float Shares (mn) 129.35

MA (10-day) 66.99 Free Float Rs (mn) 8,168.45

MA (100-day) 73.17 ** NOI Rs (mn) 68.21

MA (200-day) 69.87 Mean 63.96

* 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 up 0.88 at 112.09. Volume was 19 per cent below average and

Bollinger Bands were 253 per cent wider than normal.

FFC is currently 2.9 per cent below its 200-day moving average and is dis-

playing a downward trend. Volatility is extremely high when compared to

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

reflect moderate flows of volume out of FFC (mildly bearish). Trend fore-

casting oscillators are currently bearish on FFC. Momentum oscillator is

currently indicating that FFC is currently in an oversold condition.

*Invest Cap 149 Hold

AKD Securities Ltd 145 Neutral

TFD Research 139.5 Positive

RSI (14-day) 21.52 Free Float Shares (mn) 466.49

MA (10-day) 140.10 Free Float Rs (mn) 52,288.57

MA (100-day) 123.89 ** NOI Rs (mn) 70.55

MA (200-day) 115.39 Mean 111.93

* 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

1,388.48 1,426.67 1,387.32 1,400.60 12.11 0.87

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

789,240 - - 29,771.58 mn 18,814.69 mn 1,418.22

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

20.18 0.45 2.21 104.74 8.06 1,383.05

Allied Rental 600 3.80 16.22 17.10 17.10 17.10 0.88 1000 17.10 14.50 22.5 - - -

AL-Meezan Mutual F. 1375 3.91 9.55 9.70 9.51 9.69 0.14 30847 11.50 6.70 18.5 - 5.00 -

B R R Guardian Mod. 780 1.39 1.39 1.45 1.26 1.28 -0.11 84106 2.79 1.26 0 - - -

Constellation Modaraba 65 2.73 1.21 1.99 1.20 1.20 -0.01 507 1.99 1.00 - - - -

Crescent St Modaraba 200 1.16 0.55 0.75 0.42 0.51 -0.04 35313 0.87 0.16 1.2 - - -

Equity Modaraba 524 1.04 1.72 1.99 1.62 1.70 -0.02 5069 2.98 1.30 - - - -

First Dawood Mutual F. 581 0.70 2.05 2.05 1.92 2.04 -0.01 5837 2.57 1.61 - - - -

Golden Arrow 760 1.46 3.14 3.20 3.06 3.18 0.04 24800 3.89 2.85 17 - - -

H B L Modaraba 397 3.56 7.44 7.28 7.27 7.27 -0.17 2000 9.00 6.40 11 - - -

Habib Modaraba 1008 6.12 7.10 7.20 7.10 7.10 0.00 21944 7.30 6.50 21 - - -

JS Growth Fund 3180 2.06 5.30 5.35 5.20 5.35 0.05 54050 6.17 4.25 5 - - -

JS Value Fund 1186 1.16 4.91 5.10 4.80 4.81 -0.10 12010 6.61 4.15 10 - - -

KASB Modaraba 283 1.84 2.88 2.95 2.95 2.95 0.07 500 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.39 8.50 8.68 8.30 8.32 -0.18 219051 10.24 5.92 15.5 - - -

NAMCO Balanced Fund 1000 2.11 4.63 4.55 4.55 4.55 -0.08 500 4.73 2.92 15 - - -

Pak Modaraba 125 4.50 0.90 1.10 1.00 0.90 0.00 102 2.00 0.46 3 - - -

Paramount Modaraba 59 7.46 9.00 9.90 8.99 9.55 0.55 3593 9.90 8.21 18 - - -

PICIC Energy Fund 1000 3.18 7.53 7.71 7.60 7.70 0.17 13350 8.83 5.65 10 - 10.00 -

PICIC Growth Fund 2835 4.11 13.18 13.86 13.38 13.73 0.55 198884 16.49 9.72 20 - 12.50 -

PICIC Inv Fund 2841 3.32 6.04 6.25 6.08 6.11 0.07 37449 7.95 4.74 10 - 7.50 -

Prud Modaraba 1st 872 1.92 1.04 1.10 1.00 1.00 -0.04 2513 1.20 0.81 3 - - -

Punjab Modaraba 340 - 1.26 1.50 1.40 1.26 0.00 256 2.38 0.50 1 - - -

Stand Chart Modaraba 454 4.87 9.60 9.90 9.50 9.55 -0.05 1763 10.63 8.51 17 - - -

Trust Modaraba 298 2.38 1.60 2.00 1.70 2.00 0.40 33305 2.40 1.16 5 - - -

U D L Modaraba 264 1.76 6.18 6.38 6.13 6.18 0.00 420 6.55 5.51 12.5 - - -

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

355.48 365.14 329.69 333.87 -21.61 -6.08

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

6,815,160 - - 30,336.44 mn 15,788.36 mn 382.44

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

11.48 0.23 0.91 99.56 3.99 333.87

AMZ Ventures 225 1.25 0.54 0.57 0.50 0.55 0.01 52028 0.95 0.33 - - - -

Arif Habib Investments 360 3.57 21.05 21.01 20.76 21.00 -0.05 49155 24.85 16.80 - 20B - -

Arif Habib Limited 450 10.37 21.38 21.50 20.32 20.32 -1.06 125084 28.00 20.32 - 20B - -

Arif Habib Corp 3750 3.66 20.84 21.10 19.80 19.89 -0.95 4262597 30.20 19.80 30 - - -

Dawood Cap Mangt. XB 150 1.25 1.54 1.64 1.30 1.30 -0.24 4883 2.10 1.15 - - - -

Escorts Bank 441 - 2.39 2.01 2.00 2.01 -0.38 1010 3.80 1.55 - - - -

First Credit & Invest Bank Ltd 650 - 3.00 2.99 2.70 2.99 -0.01 10800 4.00 2.15 - - - -

IGI Investment Bank 2121 9.32 2.10 2.46 2.05 2.05 -0.05 525 3.90 2.05 - - - -

Invest and Fin Sec 600 5.02 6.70 6.22 6.21 6.22 -0.48 1500 8.98 6.01 11.5 - - -

Invest Bank 2849 - 0.52 0.57 0.50 0.50 -0.02 9710 1.09 0.46 - - - -

Ist Cap Securities 3166 - 3.08 3.26 3.04 3.04 -0.04 74487 3.95 2.95 - 10B - -

Ist Dawood Bank 626 0.53 1.50 1.70 1.45 1.47 -0.03 12504 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 9.69 9.90 8.69 8.86 -0.83 6175900 13.39 8.69 10 - - -

JOV and CO 508 - 3.30 3.40 2.58 3.13 -0.17 106053 4.49 2.58 - - - -

JS Global Cap 500 6.44 23.58 23.50 22.41 22.41 -1.17 31815 31.50 22.41 - - - -

JS Investment 1000 - 5.72 5.90 5.50 5.55 -0.17 109508 7.40 5.50 - - - -

KASB Securities 1000 - 4.34 4.68 4.00 4.12 -0.22 7105 5.43 3.80 - - - -

Orix Leasing 821 3.90 5.30 5.25 5.25 5.30 0.00 423 7.28 5.25 - - - -

Pervez Ahmed Sec 775 - 1.67 1.79 1.65 1.70 0.03 51674 2.50 1.60 - - - -

Sec Inv Bank 514 12.12 3.03 3.58 3.00 3.03 0.00 289 4.99 2.00 - - - -

Sigma Leasing 300 10.33 9.95 9.50 9.50 9.50 -0.45 500 11.00 9.50 - - - -

Trust Brokerage 100 - 3.89 2.90 2.90 2.90 -0.99 1000 4.40 1.42 - - - -

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

712.40 726.89 684.74 698.33 -14.07 -1.98

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

40,800 - - 2,290.72 mn 8,285.48 mn 721.87

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

5.28 3.07 3.85 355.53 4.46 698.33

American Life 500 5.18 16.50 15.50 15.50 15.50 -1.00 1000 19.85 15.50 - - - -

EFU Life Assurance 850 30.69 55.38 57.50 53.52 54.01 -1.37 5231 86.95 51.98 - - - -

New Jub Life Insurance 627 19.23 44.99 45.00 42.75 45.00 0.01 34568 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

1,059.16 1,080.96 1,048.22 1,057.11 -2.05 -0.19

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

15,897,512 - - 257,548.02 mn 642,887.42 mn 1,120.51

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

7.62 1.06 13.94 40.49 5.31 1,057.11

Allied Bank Limited 7821 6.09 64.75 65.99 64.51 64.55 -0.20 109787 74.00 60.10 40 10B - -Askari Bank 6427 6.20 13.09 13.38 13.01 13.03 -0.06 752364 19.25 13.01 - 10B - -Bank Alfalah 13492 12.10 9.78 10.00 9.40 9.44 -0.34 431363 11.99 9.40 - - - -Bank AL-Habib 7322 7.29 35.52 35.95 35.50 35.88 0.36 180541 39.49 33.40 20 20B - -Bank Of Khyber 5004 5.39 4.01 4.10 4.04 4.04 0.03 14905 4.70 3.75 - - - -Bank Of Punjab 5288 - 7.08 7.28 6.62 6.79 -0.29 4873598 10.38 6.40 - - - -BankIslami Pak 5280 860.00 3.45 3.60 3.36 3.44 -0.01 40553 4.50 3.00 - - - -Faysal Bank 7327 3.64 11.39 11.74 11.00 11.29 -0.10 243368 16.47 11.00 - 20B - -Habib Bank Ltd 10019 7.42 117.77 119.80 118.12 118.79 1.02 54132 128.97 103.25 65 10B - -Habib Metropolitan Bank 8732 7.23 23.83 24.85 23.05 23.64 -0.19 24116 29.28 23.05 - - - -JS Bank Ltd 8150 - 2.65 2.70 2.55 2.61 -0.04 453099 2.92 2.30 - 66R - -KASB Bank Ltd 9509 - 1.49 1.63 1.46 1.47 -0.02 194927 2.80 1.40 - - - -MCB Bank Ltd 7602 9.29 206.14 208.90 205.03 206.19 0.05 459962 250.48 203.50 85 10B - -Meezan Bank 6983 7.61 17.76 18.00 17.55 17.97 0.21 24974 20.30 15.10 - 15B - -Mybank Ltd 5304 - 2.18 2.90 2.10 2.14 -0.04 9942 3.40 2.07 - - - -National Bank 13455 6.07 68.97 70.15 68.90 69.48 0.51 3620758 80.61 65.51 - - - -NIB Bank 40437 - 2.57 2.65 2.40 2.50 -0.07 1683233 3.35 2.40 - - - -Samba Bank 14335 - 1.78 1.80 1.65 1.67 -0.11 351798 2.17 1.65 -63.46R - -Silkbank Ltd 26716 - 2.27 2.31 2.16 2.19 -0.08 1414180 3.05 2.16 - - - -Soneri Bank 6023 27.76 6.01 6.40 5.72 5.83 -0.18 74632 8.48 5.72 - - - -Stand Chart Bank 38716 10.23 6.98 7.75 6.30 6.65 -0.33 37097 9.04 6.30 - - - -Summit Bank Ltd 7251 - 3.32 3.54 3.02 3.04 -0.28 51420 4.63 3.02 - - - -United Bank Ltd 12242 6.93 59.11 60.50 58.85 58.95 -0.16 848183 70.65 58.26 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

716.62 730.43 702.81 712.74 -3.89 -0.54

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

770,912 - - 11,111.34 mn 45,443.08 mn 759.22

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

11.87 0.62 5.20 79.54 6.70 712.74

Adamjee Insurance 1237 21.95 76.51 77.70 75.10 75.72 -0.79 130543 96.40 74.97 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

1,446.61 1,475.92 1,400.75 1,451.59 4.98 0.34

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

982,054 - - 12,202.80 mn 32,212.37 mn 1,606.88

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

9.11 1.04 11.41 66.79 7.33 1,446.61

Sui North Gas 5491 12.64 22.42 22.20 21.40 21.49 -0.93 420524 29.39 21.40 20 - - -Sui South Gas 8390 3.66 23.22 24.38 22.80 24.33 1.11 561530 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

1,286.75 1,299.85 1,269.78 1,273.72 -13.03 -1.01

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

4,051,880 - - 95,369.29 mn 104,660.34 mn 1,310.27

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

13.95 1.30 9.35 104.13 7.47 1,273.72

Genertech 198 - 0.65 0.71 0.60 0.69 0.04 15051 1.18 0.56 - - - -Hub Power 11572 6.81 37.68 37.88 37.11 37.20 -0.48 450376 41.20 36.00 50 - 25.00 -Japan Power 1560 - 1.40 1.50 1.35 1.35 -0.05 519018 2.10 1.25 - - - -KESC 7932 - 2.65 2.75 2.61 2.61 -0.04 747150 3.55 2.25 - 7.8R - -Kohinoor EnergySPOT 1695 7.74 17.35 18.29 17.81 17.81 0.46 5597 22.85 17.15 15 - 10.00 -Kohinoor Power 126 2.41 4.00 4.59 3.95 3.95 -0.05 4290 5.39 3.85 - - - -Kot Addu Power 8803 5.45 42.58 42.85 42.25 42.44 -0.14 550840 45.85 39.43 50 - 30.00 -Nishat Chunian Power Ltd 3673 3.26 14.89 15.25 14.70 14.85 -0.04 731295 18.01 13.32 - - - -Nishat Power Ltd 3541 2.27 15.85 16.15 15.41 15.50 -0.35 823295 18.70 14.55 - - - -S G Power 178 - 0.80 0.80 0.80 0.80 0.00 4000 2.10 0.43 - - - -Sitara Energy Ltd 191 5.18 17.02 17.44 16.40 17.00 -0.02 35511 19.35 16.40 20 - - -Southern Electric 1367 - 1.64 1.77 1.55 1.57 -0.07 118547 2.80 1.55 - - - -Tri-star Power XD 150 - 0.75 0.80 0.60 0.65 -0.10 46910 1.49 0.60 - - - -

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

1,084.20 1,106.45 1,048.14 1,060.37 -23.84 -2.20

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

5,166,478 - - 50,077.79 mn 73,575.28 mn 1,113.30

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

5.78 0.74 12.84 62.56 10.83 1,060.37

Pak Datacom 78 4.32 71.91 73.99 68.32 69.98 -1.93 3827 82.90 68.32 80 - - -

Pakistan Telecomm Co A 37740 12.13 18.61 18.90 18.00 18.19 -0.42 3353230 20.65 17.70 17.5 - - -

Telecard 3000 0.53 1.82 1.95 1.74 1.77 -0.05 248742 2.67 1.74 1 - - -

WorldCall Tele 8606 - 2.33 2.49 2.26 2.31 -0.02 1560679 3.45 2.26 - - - -

Wateen Telecom Ltd 6175 - 3.03 3.23 2.98 3.01 -0.02 288840 4.65 2.98 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 255 6.12 10.10 10.95 9.51 10.10 0.00 301 12.75 9.51 - 25R - -

Atlas Insurance 369 5.88 37.70 37.20 37.00 37.00 -0.70 3240 40.00 34.80 - - - -

Central Insurance XB 279 8.53 71.81 75.40 71.90 75.05 3.24 3807 83.00 58.11 10 10B - -

Century Insurance 457 6.24 9.55 10.24 9.99 9.99 0.44 511 11.99 9.21 - - - -

EFU General Insurance 1250 - 36.57 36.64 35.80 36.20 -0.37 26882 47.50 35.80 - - - -

Habib Insurance 400 3.01 12.66 12.95 12.66 12.66 0.00 1121 15.50 12.25 - - - -

IGI Insurance 718 8.30 97.00 98.95 95.25 96.57 -0.43 4185 102.44 86.10 30 55B - -

New Jub Insurance 791 10.54 58.17 60.70 57.01 60.00 1.83 36860 61.80 56.00 35 25B - -

Pak Reinsurance 3000 37.41 15.13 15.44 14.30 14.59 -0.54 553708 19.40 14.30 - - - -

PICIC Ins Ltd 350 63.93 8.70 9.00 8.90 8.95 0.25 8086 10.75 6.01 - - - -

Premier Insurance 303 5.70 10.24 10.95 10.53 10.55 0.31 1065 12.93 10.00 - - - -

Reliance Insurance XB 252 4.08 7.15 6.65 6.65 6.65 -0.50 500 7.15 6.40 - - - -

UP TO 100 VOLUME

HAL 11.98 11.77 11.77 11.98 0.00 100

KSBP 59.75 61.90 61.90 59.75 0.00 100

REWM 9.89 10.00 10.00 9.89 0.00 100

SHNI 10.43 11.00 10.80 10.43 0.00 100

SURC 37.65 38.00 38.00 37.65 0.00 100

TRPOL 0.87 0.77 0.60 0.87 0.00 100

SANSM 11.88 11.11 11.11 11.88 0.00 90

IDYM 286.71 280.25 272.38 280.25 -6.46 88

AASM 24.52 25.72 25.00 24.52 0.00 68

FTSM 1.26 1.85 1.19 1.26 0.00 44

SHFA 31.21 31.50 31.50 31.21 0.00 44

LAKST 247.46 250.00 235.09 247.46 0.00 40

RMPL 2450.00 2572.50 2539.99 2565.42 115.42 25

HINOON 26.36 26.00 26.00 26.36 0.00 22

HUSI 5.51 5.50 5.50 5.51 0.00 20

MSOT 17.79 18.70 17.30 17.79 0.00 20

PAKL 2.85 3.45 2.25 2.85 0.00 20

TSMF 0.99 1.22 1.17 0.99 0.00 20

SMTM 5.52 6.50 4.55 5.52 0.00 18

HINO 128.00 125.00 121.76 128.00 0.00 17

MWMP 1.12 1.24 1.02 1.12 0.00 16

ADOS 15.14 15.75 14.30 15.14 0.00 15

IDSM 8.96 7.96 7.96 8.96 0.00 13

AZAMT 2.02 2.45 2.45 2.02 0.00 11

MRNS 55.75 53.01 53.01 55.75 0.00 11

JOPP 11.70 11.69 10.70 11.70 0.00 10

NAGC 14.54 15.50 15.50 14.54 0.00 10

NATM 19.00 18.00 18.00 19.00 0.00 10

NSRM 16.00 17.00 17.00 16.00 0.00 10

OLSM 1.70 2.00 2.00 1.70 0.00 10

QUAT 13.25 14.25 14.25 13.25 0.00 10

QUET 46.18 48.48 48.48 46.18 0.00 10

SHTM 0.27 0.32 0.32 0.27 0.00 10

COLG 859.90 870.00 817.02 859.90 0.00 9

PPVC 2.00 3.00 3.00 2.00 0.00 9

PAKT 97.38 102.24 102.24 97.38 0.00 7

LEUL 2.21 2.49 1.41 2.21 0.00 6

MFFL 72.41 72.90 70.00 72.41 0.00 6

CSUML 3.00 3.42 2.42 3.00 0.00 5

EMCO 2.36 2.75 2.75 2.36 0.00 5

GFIL 6.80 6.00 6.00 6.80 0.00 5

MODAM 1.32 1.73 1.73 1.32 0.00 5

SCLL 2.27 2.65 2.65 2.27 0.00 5

UDPL 14.25 14.24 13.75 14.24 -0.01 5

UPFL 1323.66 1345.00 1345.00 1323.66 0.00 5

GATI 45.42 47.65 47.00 45.42 0.00 4

AGSML 5.50 5.50 5.50 5.50 0.00 3

BAPL 7.09 7.70 7.70 7.09 0.00 3

GRAYS 47.82 48.85 48.85 47.82 0.00 3

BAFS 58.00 60.00 60.00 58.00 0.00 2

FFLM 1.31 2.30 1.69 1.31 0.00 2

FTHM 113.00 116.00 116.00 113.00 0.00 2

MTIL 0.59 0.50 0.30 0.59 0.00 2

PICTPS 6.10 5.51 5.51 6.10 0.00 2

STCL 6.60 7.20 7.20 6.60 0.00 2

UBDL 28.92 30.36 30.36 28.92 0.00 2

BHAT 259.00 246.10 246.10 259.00 0.00 1

BROT 0.35 0.64 0.64 0.35 0.00 1

BWHL 35.59 33.83 33.83 35.59 0.00 1

CSIL 4.24 5.19 5.19 4.24 0.00 1

DEL 1.60 1.90 1.90 1.60 0.00 1

EWLA 1.95 2.15 2.15 1.95 0.00 1

FNEL 4.95 5.80 5.80 4.95 0.00 1

FZTM 409.93 425.00 425.00 409.93 0.00 1

GUTM 19.35 20.35 20.35 19.35 0.00 1

PTEC 1.58 2.00 2.00 1.58 0.00 1

SHNIR 0.10 0.44 0.44 0.10 0.00 1

SIEM 963.08 950.00 950.00 963.08 0.00 1

SSIC 6.40 6.95 6.95 6.40 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

ANL-MAR 9.82 9.99 9.01 9.20 -0.62 911000

ANL-FEB 9.62 9.83 8.70 9.07 -0.55 841000

NML-MAR 60.04 60.80 58.50 59.29 -0.75 419500

NML-FEB 59.70 60.45 58.25 59.07 -0.63 407000

NBP-FEB 69.01 70.20 69.25 69.46 0.45 392000

NBP-MAR 69.66 70.75 69.61 70.08 0.42 391000

POL-MAR 291.37 295.00 292.00 293.03 1.66 320000

DGKC-FEB 23.44 23.75 22.27 22.28 -1.16 311500

ENGRO-FEB 211.23 214.19 209.01 210.10 -1.13 263500

POL-FEBB 290.77 294.75 291.00 292.10 1.33 246000

FFBL-MAR 36.53 37.30 36.60 36.79 0.26 200000

FFBL-FEB 39.49 40.10 39.50 39.60 0.11 180500

BOP-MAR 7.20 7.35 6.70 6.86 -0.34 173500

ENGRO-MAR 176.07 178.75 174.52 175.41 -0.66 169500

DGKC-MAR 23.18 23.55 22.15 22.22 -0.96 122000

PPL-MAR 193.40 197.00 193.10 196.23 2.83 119500

MCB-FEB 206.46 208.55 205.00 205.98 -0.48 117500

FFC-MAR 112.18 113.80 111.99 112.70 0.52 110000

PTC-MAR 18.50 18.84 18.12 18.30 -0.20 89000

OGDC-FEB 156.20 158.00 155.10 156.72 0.52 73000

PSO-FEB 269.75 273.40 270.00 272.92 3.17 71000

MCB-MAR 187.02 188.50 185.11 186.50 -0.52 63500

PPL-FEB 196.59 200.75 197.50 199.90 3.31 63000

OGDC-MAR 154.91 156.00 153.50 155.23 0.32 56000

PSO-MAR 267.46 271.00 267.30 270.34 2.88 53500

AICL-FEB 76.39 77.20 75.01 75.87 -0.52 47500

FFC-FEBB 111.28 113.00 111.00 111.89 0.61 46500

PTC-FEB 18.50 18.73 18.20 18.38 -0.12 38000

LUCK-FEB 64.90 65.50 63.00 63.64 -1.26 32500

UBL-FEB 59.00 60.25 59.01 59.01 0.01 30500

LUCK-MAR 65.00 65.50 63.20 63.71 -1.29 28000

AICL-MAR 76.07 77.51 75.10 75.54 -0.53 25000

HUBC-MAR 38.25 38.25 38.25 38.25 0.00 20000

BOP-FEB 7.23 7.15 6.75 6.75 -0.48 19500

NCL-MAR 24.46 24.50 23.35 23.58 -0.88 18000

NCL-FEB 24.60 24.70 23.40 23.40 -1.20 15500

NETSOL-MAR 21.68 22.10 20.75 21.70 0.02 9000

NETSOL-FEB 21.30 22.35 21.50 22.22 0.92 7000

UBL-MAR 59.69 60.70 60.01 60.01 0.32 4000

HUBC-FEB 37.13 37.50 37.50 37.50 0.37 3000

Symbols Open High Low Close Change Vol

Al-Abbas Cement 31.03 2.50 2.40 2.75 2.95 2.65

Allied Bank Limited 29.80 64.05 63.55 65.55 66.50 65.00

Attock Cement 28.39 49.95 48.80 51.90 52.65 50.70

Arif Habib Corp 20.93 19.40 18.95 20.70 21.55 20.25

Arif Habib Limited 21.24 19.90 19.55 21.10 21.90 20.70

Adamjee Insurance 24.43 74.65 73.55 77.25 78.75 76.15

Askari Bank 18.38 12.90 12.75 13.25 13.50 13.15

Azgard Nine 32.75 8.80 8.50 9.65 10.20 9.35

Attock Petroleum 34.26 342.55 338.90 352.25 358.30 348.60

Attock Refinery 25.34 102.10 100.55 105.85 108.05 104.30

Bank Al-Falah 23.04 9.20 9.00 9.80 10.20 9.60

BankIslami Pak 35.84 3.35 3.25 3.60 3.70 3.45

Bank.Of.Punjab 24.88 6.50 6.25 7.20 7.55 6.90

Dewan Cement 29.81 1.60 1.55 1.75 1.85 1.70

D.G.K.Cement 15.70 21.75 21.20 23.25 24.25 22.70

Dewan Salman 32.93 2.40 2.35 2.60 2.65 2.50

Dost Steels Ltd 27.35 1.95 1.85 2.15 2.25 2.05

EFU General Insurance 29.54 35.80 35.35 36.60 37.05 36.20

EFU Life Assurance 18.72 52.50 51.05 56.50 59.00 55.00

Engro Chemical 46.45 207.70 205.50 213.20 216.50 211.00

Faysal Bank 16.87 10.95 10.60 11.70 12.10 11.35

Fauji Cement 21.95 4.10 4.05 4.30 4.45 4.25

Fauji Fert Bin 42.18 39.15 38.80 40.00 40.50 39.65

Fauji Fertilizer 21.88 111.00 109.95 113.20 114.35 112.15

Habib Bank Ltd 39.66 118.00 117.20 119.70 120.60 118.90

Hub Power 43.42 36.90 36.65 37.70 38.15 37.40

ICI Pakistan 47.95 144.65 143.45 147.45 149.00 146.20

Indus Motors 18.97 245.35 244.15 248.85 251.15 247.65

J.O.V.and CO 29.64 2.70 2.20 3.50 3.85 3.05

Japan Power 30.46 1.30 1.25 1.45 1.55 1.40

JS Bank Ltd 51.13 2.55 2.45 2.70 2.75 2.60

Jah Siddiq Co 44.21 8.40 7.95 9.60 10.35 9.15

Kot Addu Power 47.54 42.15 41.90 42.75 43.10 42.50

K.E.S.C 40.07 2.55 2.50 2.70 2.80 2.65

Lotte Pakistan 44.37 14.95 14.80 15.25 15.45 15.10

Lucky Cement 25.14 62.20 61.30 64.70 66.20 63.75

MCB Bank Ltd 32.53 204.50 202.85 208.40 210.60 206.70

Maple Leaf Cement 21.42 2.25 2.15 2.35 2.40 2.30

National Bank 28.26 68.85 68.25 70.10 70.75 69.50

Nishat (Chunian) 44.60 23.60 23.15 24.75 25.40 24.30

Netsol Technologies 38.15 21.05 20.70 22.15 22.85 21.75

NIB Bank 33.01 2.40 2.25 2.65 2.75 2.50

Nimir Ind.Chemical 51.86 2.25 2.10 2.50 2.70 2.40

Nishat Mills 31.74 58.15 57.25 60.20 61.40 59.30

Oil & Gas Dev. XD 28.23 155.90 153.70 159.60 161.15 157.45

PACE (Pakistan) Ltd. 40.61 2.65 2.55 2.85 2.95 2.75

Pervez Ahmed Sec 35.93 1.65 1.55 1.75 1.85 1.70

P.I.A.C.(A) 45.79 2.35 2.20 2.70 2.90 2.55

Pioneer Cement 27.14 5.50 5.35 5.95 6.25 5.80

Pak Oilfields 29.05 289.85 288.00 294.15 296.60 292.30

Pak Petroleum 35.89 197.45 194.75 202.35 204.55 199.65

Pak Suzuki 35.82 61.50 61.00 63.00 64.00 62.50

P.S.O. XD 37.71 269.60 265.60 276.05 278.45 272.00

P.T.C.L.A 39.05 17.80 17.45 18.70 19.25 18.35

Shell Pakistan 31.37 193.90 191.15 200.65 204.65 197.90

Sui North Gas 22.38 21.20 20.90 22.00 22.50 21.70

Sitara Peroxide 39.18 12.55 12.30 13.20 13.60 12.95

Sui South Gas 52.00 23.30 22.25 24.90 25.40 23.85

Telecard 23.97 1.70 1.60 1.90 2.05 1.80

TRG Pakistan 25.06 2.50 2.35 2.90 3.10 2.75

United Bank Ltd 25.12 58.35 57.80 60.00 61.10 59.45

WorldCall Tele 32.44 2.20 2.10 2.45 2.60 2.35

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Mahmood Textile Mills Ltd 24-Feb 11:00

Searle Pakistan Ltd 24-Feb 12:00

Fatima Fertiliser Company Ltd 24-Feb 11:30

Pakarab Fertilizers Ltd 24-Feb 4:00

Towellers Ltd 24-Feb 11:30

Mari Gas Company Ltd 24-Feb 10:00

Shabbir Tiles & Ceramics Ltd 24-Feb 11:30

Oil & Gas Development Company Ltd 24-Feb 10:00

AKD Income Fund 24-Feb 4:30

AKD Opportunity Fund 24-Feb 4:30

AKD Index Tracker Fund 24-Feb 4:30

The General Tyre & Rubber Comp Pak Ltd 24-Feb 11:00

Murree Brewery Co Ltd 24-Feb 10:30

New Jubilee Insurance Co Ltd 24-Feb 11:00

Jahangir Siddiqui & Co Ltd 24-Feb 12:00

Ideal Energy Ltd 24-Feb 11:00

Gul Ahmed Textile Mills Ltd 24-Feb 3:30

Zil Ltd 24-Feb 10:30

Fateh Textile Mills Ltd 24-Feb 1:30

Blessed Textile Ltd 24-Feb 11:00

BOARD MEETINGS

Company Date Time

Staff Reporter

KARACHI: The scope of pay-ment systems infrastructurecontinued to show a growingtrend during the second quarter(October-December) of the cur-rent 2010-2011 fiscal year(FY11) as a total of 172 auto-mated teller machines (ATMs)were added to the e-bankinginfrastructure bringing the totalto a record 4,734.

According to State Bank'sSecond Quarterly Report onPayments Systems releasedFriday, 309 more bank branch-es have been upgraded to RealTime Online Branches(RTOBs). Now 7,036 branchesare offering real-time onlinebanking out of total 9,483 inPakistan, the report added.Similarly, the number of plasticcards (i.e. ATM, Debit andCredit Cards) also increased by19.21 per cent compared to theprevious quarter. At the quarterend, there were 13.19 millionplastic cards in circulation.

According to report, the vol-ume and value of overall e-banking transactions in thecountry during the quarterunder review reached 56.42million and Rs5.5 trillionrespectively showing anincrease of 7.30 per cent in vol-ume and 17.47 per cent in valuecompared to the previous quar-ter. ATMs, being the largestchannel for e-banking transac-tions, showed 5.6 per centincrease in number of transac-tions and 9.5 per cent increasein value which resulted in aver-

age value of Rs 8,804 per ATMtransaction. It said a significantincrease was also recorded intransactions related to real-timeonline branches (RTOB) as thenumber of such transactionsgrew by 10.59 per cent andvalue of transactions increasedby 17.97 per cent.

The report said this trend wasalso witnessed in the largevalue payments settled throughPakistan Real-time InterbankSettlement Mechanism(PRISM), which increased by12.73 per cent in volume and13.49 per cent in value of trans-actions compared to the previ-ous quarter. The major portionof PRISM transactions, interms of value was settlementsagainst securities whichaccounted for 46 per cent of thetotal transactions followed byInterbank Funds Transfers (38per cent) and settlement ofretail cheques multilateralclearing (16 per cent).

According to the SBP report,the volume and value of paperbased retail payments duringthe quarter under review were88.46 million and Rs39.07 tril-lion respectively whichincreased by 6.63 per cent involume of transactions and9.75 per cent in value of trans-actions compared to the previ-ous quarter. The contribution ofpaper based payments in totalretail payment transactions was61.06 per cent in terms of vol-ume and 87.73 per cent in termsof value while the rest of thetransactions originated from e-banking, it added.

ATMs upat 4,734during2QFY11

Plastic cards rise 19.21pc to 13.19mn: SBP

Volume of overall e-transactions at 56.42mn

KARACHI: The State Bank ofPakistan (SBP) has decided toraise the Statutory LiquidityRequirement (SLR) for IslamicBanks/ Islamic BankingBranches to 14 per cent effec-tive from April 01, 2011.

The SBP has taken this deci-sion while exercising the pow-ers conferred upon it under sec-tion 36 of the State Bank ofPakistan Act, 1956, and section29 of the Banking companiesOrdinance, 1962. In a circular,issued here, the central bankinformed the Presidents andChief Executive Officers of allIslamic Banks / IslamicBanking Branches that 14 percent SLR will be excludingCash Reserve Requirement(CRR) of total demand liabili-ties plus time deposits withtenors of less than 1 year.

However, the time liabilities,including time deposits with a1-year tenor and above, will notrequire any SLR, the circular

said.According to Circulars No.

26 of October 17, 2008 and No.13 of June 09, 2008 on the cap-tioned subject, SLR can bemaintained in the form of cashin hand, balance with NBP incurrent account, balance withSBP in current account and Un-encumbered ApprovedSecurities as notified by SBPfrom time to time. For SLRpurpose, all holdings of GOPIjara Sukuk (GIS) will be fullycounted.

Moreover, holdings of 'SBPapproved' SLR eligible 'PublicSector' Sukuks will be countedup to 7 per cent of total timeand demand liabilities.However, single issuer holdinglimit of 5 per cent of total timeand demand liabilities standsabolished. This will also beeffective from April 01, 2011.All other instructions on thesubject will remain unchanged,the circular added.

SBP tasks IBIswith higher SLR

TFD Report

KARACHI: The FirstMicroFinanceBank Pakistan'sclient, Purdum Wali fromMastuj, Chitral won the "BestNational Micro-EntrepreneurAward (Male)" at the Citi-PPAF Micro-entrepreneurshipAwards 2010 ceremony held inIslamabad, said a press release.

Hina Rabbani Khar, Ministerof State for Foreign Affairs wasthe Chief Guest for the occa-sion where Purdum Wali wasawarded a cash prize ofRs200,000. Another FMFBclient, Sirajuddin from Chitralalso won the runner-up BestEntrepreneur Award in theRegional category from theKhyber-Pakhtunkhwa region.

The objective of the Citi-PPAF Micro-entrepreneurshipAwards Programme is to illus-trate and promote the effectiverole that microfinance plays inpoverty alleviation. It recognis-es the extraordinary contribu-tions that individual microen-trepreneurs have made to theeconomic sustainability of theirfamilies as well as their com-munities. The national award

winner Purdum Wali, facedwith economic problems,began his journey a few yearsago by approaching The FirstMicroFinanceBank Ltd(FMFB) for a loan to purchasea crop-insect spray machineand some basic pesticides. Hewas soon able to diversify hissmall business by offering veg-etable and crops seeds and live-stock medicine to his clientsthrough his small shop. Toincrease his sales, he beganproviding door-to-door serviceto other farmers in the villageand would travel up to 15,000feet above sea level in themountainous areas of Chitral tofacilitate his clients by provid-ing them livestock medicine,feeds and seeds etc at theirdoorstep. He was further ableto diversify his business byavailing a livestock loan fromFMFB to start the business ofrearing and selling livestock.Currently, Purdum owns twoshops in the main Mastujbazaar and farms more than200 cattle. Purdum also owns atractor, thresher and trolley andearns a sound income throughhis diversified businesses.

Hard cash,honour for

FMFB client

Staff Reporter

KARACHI: United BankLimited achieved a profit aftertax of Rs11.2 billion for 2010,which is 21 per cent higher thanlast year.

This translates into earningsper share of Rs 9.12 (2009: Rs7.51).

Its Board of Directors alsoapproved a cash dividend of 40per cent i.e. Rs4 per sharebringing the total cash dividendfor the year 2010 to 50 per cent.

Despite the challenging eco-nomic environment, UBL

achieved a profit before tax ofRs17.7 billion.

This is 26 per cent higherthan last year which is a resultof continued improvement inoperating efficiency and mar-gins.

Provisions for the yeardeclined substantially due tothe Bank's prudent approachgiven the difficult credit envi-ronment whilst the NPLs ratioalso reduced year on year.

Net interest income beforeprovisions increased to Rs 34.1billion, 4 per cent higher thanlast year.

UBL makes 21pcmore in CY10 YoY

SCB offgloballoans’

tradingLONDON: Emerging marketsfocused lender, StandardChartered Bank, has shutteredits global loans trading unit,sources familiar with the mattertold Reuters, ending a uniqueexperiment in Asia, as it movesto focus on lending to clients.

The roughly 10-person trad-ing team with desks in NewYork, London and Singapore,was established in 2002 and ledby global head of secondarytrading Rafael Valbuena.

"We are rationalising the sec-ondary loan trading business,"said a StanChart spokeswomanin an email.

She added the bank maymove members from the trad-ing team to the bank's core loansyndication business.

"We remain committed to oursuccessful primary loan syndi-cation business," she said.

StanChart's loans tradingteam was unique in Asia Pacificfor trading high-grade corpo-rate loans in a region wheremost banks hold loans to matu-rity, and rarely trade thembecause of a cultural focus onclient relationships.

It was not clear whyStanChart decided to shut theunit, but the operation was notintegrated to the bank's tradi-tional lending business and wasconsidered non-core.

Investment banks like Bankof America Merrill Lynch,Credit Suisse, Deutsche Bankand Goldman Sachs have loantrading desks in Asia Pacific,but they primarily tradestressed and distressed debt.

Loan market sources outsideStanChart said the closure wasa blow to development of loanstrading in Asia, which is a lowvolume and illiquid marketcompared with its global coun-terparts.

Loans trading in Europe andNorth America generate highvolumes and strong liquiditythrough jumbo loans, which areoften taken up and traded byinstitutional investors.

An inaugural survey of trad-ing in Asia for the first half of2010 by Thomson Reuters LPCshowed $5.67 billion of deals,but for the first quarter of thesame year, European tradetotaled 18.6 billion euros($25.09 billion) and U.S. tradewas $85 billion.

Sources declined to be namedbecause they were not autho-rised to talk to the media.-Reuters

State Bankurged formonetaryloosening

ISLAMABAD: Senator HaroonAkhtar had said State Bank ofPakistan (SBP) should lower itsinterest rate so that billion ofrupees stashed in offshoreaccounts could be brought back.

He said this during a SenateStanding Committee on financemeeting here Thursday.

Senator Ahmad Ali presidedover the meeting.

Senator Haroon Akhtar saidPakistanis had deposited billionof rupees in the offshoreaccounts due to higher rate ofinterest. Therefore state bankshould lower its rate so that thishuge amount could be broughtback to country.

Finance Minister said that theissue of state bank autonomy wasvery vital. Governor state bankwas abroad therefore, he had beencalled back for further consultationon this count. The committeewhile expressing displeasure overnon-convening of the meeting ofMonetary and Fiscal PoliciesCoordination Board sinceFebruary, 2007 said evolving mon-etary policies without the consulta-tion of board during this periodwas a sheer breach of law. -Online

NBP's fastremittingfacility onin Madina

KARACHI: National Bank ofPakistan (NBP) has formallylaunched instant, reliable, con-venient and absolutely freeremittance product in Madinaregion of Kingdom of SaudiArabia.

According to NBP sourceshere, the product with the brandname of "NBP FOREE CASH"was launched on 12th Rabi-ul-Awwal. This instant remittanceproduct is available from allcenters of Tahweel Al Rajhi tofacilitate the large Pakistanicommunity for sending instantremittances to their families athome. -APP

ZTBLto lend for

bed plantersFAISALABAD: ZaraiTaraqiati Bank Limited(ZTBL) has announced to pro-vide easy loans to the farmersto purchase bed planters for thecultivation of cotton, maize andSoybean.

According to a spokesman ofZTBL, the farmers can sow twoacres crop in one hour throughbed planter while its use canalso increase 15-20 per centproduction. The intendingfarmers should contact nearestbranch of ZTBL to get loans forthe purchase of the planters, headded.-APP

Citi givesUS retail,card unit

a shakeupNEW YORK: Citigroup Incwill restructure its NorthAmerican retail bank and creditcard units, according to internalmemos obtained by Reuters.

The US bank has beenreshaping itself since taking$45 billion of bailout fundsduring the financial crisis.Citigroup hired Cece Stewartand Jud Linville in Septemberto refocus its consumer andcommercial banking and creditcard operations. In twin memossent on Wednesday, the twoveteran industry executivessaid they had reshuffled staffand created new units to gainmore business from wealthy,affluent customers. "We mustalign ourselves to the segments,strengthen our product andservice offerings for all ourcustomers ... and maintainoversight and control of ourunderlying risks," Stewart,Citigroup's president of USconsumer and commercialbanking, said in her memo. Shecreated a team to develop bank-ing products for Citigroup'sconsumer and small businessoperations, and hired SteveTroutner from Bank of AmericaCorp's mortgage products busi-ness to run it. Brad Dinsmore,who ran Citigroup's NorthAmerican retail bank, will"consider other opportunitieswithin" the bank, Stewart said.

Defaultersface nonbailablewarrants

KHAIRPUR: The bankingcourt no-1 Sukkur issued nonbailable warrants againsteleven alleged defaulters name-ly including Sayed MuzamilShah, Sayed Ali Akber Shah,Ejaz Ali Shah, GhulamMustaffa, Muhammad RamzanKalhoro, Fakeer Muhammad,Bashir Shaikh, Ayaz AhmedSoomro, Zaheer AhmedShaikh, Barkatullah Shaikh,Noor Khan Kandhro andManzoor Ahmed.

The accused obtained loan ofmillions of rupees from variousbanks and now they are notdepositing the received moneynor appearing before the courtso court issued non bailablewarrants against them anddirected the Khairpur police toarrest and produce them beforethe court in handcuffs.-APP

US banksasked toresumeloaning

WASHINGTON: In the blackfor 2010, its first profitableyear since 2007, the US bank-ing industry now needs to startlending again.

At least that's what SheilaBair, the chairman of theFederal Deposit InsuranceCorp, advocated as her agencydelivered the industry's fourth-quarter report card.

"If you want to have long-term sustainable earnings youcan only reduce loan-loss pro-visions for so long, we need tosee more lending," she said.

On the face of it, the industrylooks in good shape. The FDICreported that banks had com-bined earnings of $21.7 billion,marking their fourth profitablequarter in a row.

But statistics showed thatlending contracted for the 10thstraight quarter to $7.38 tril-lion, down 0.2 per cent or $13.6billion.

Bair's take: The industry'srecovery will not take holduntil banks start making moneyoff new loans, rather than justrelease money set aside tocover shaky prior loans.

Indeed, a big help in thefourth quarter was that banksreserved $31.3 billion less forbad loans compared with theyear-ago period.-Reuters

8

Friday, February 25, 2011

TFD Supplement

KARACHI: Facade of a Standard Chartered Bank branch. -Reuters

KUALA LUMPUR: Palm oilended off three-month lows onThursday with other vegetableoil markets limiting losses onsurging crude oil although con-cerns lingered over Libyanunrest spreading and slowingeconomic growth.

Palm oil hit its lowest sinceNov. 29 with much of the sell-ing pressure coming fromrefiners and funds cutting posi-tions.

Traders said palm oil's highpremium to soyoil narrowed toabout $10 from $70, whichmay attract demand from pricesensitive India and China -- theworld's top two buyers of thevegetable oil.

"Palm oil trading is toovolatile for these two days, it'sdifficult to predict its direc-tion," said a trader in KualaLumpur, adding that palm oilexports data due on Fridaycould set market direction.

The benchmark May crudepalm oil contract on the BursaMalaysia DerivativesExchange dived 5.1 per cent to3,336 ringgit ($1,095) beforesettling much higher at 3,457

ringgit per tonne.Traded volumes surged to

48,704 lots of 25 tonnes each,more than triple of the usual15,000 lots seen at the close.

The sell-off later spread toother vegetable oil markets butUS soyoil later traded morethan 1 per cent lower andChina's most active Sept 2011soybean oil contract endeddown with $100 crude oil lim-ited losses. -Reuters

Palm off 3-month low;other markets supports

9Friday, February 25, 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 February 23 2011

LME Official Prices, US$ per tonne for February 23 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2340 2489 9490.5 2544 28285 31520 2449 2485

Cash seller 2360 2489.5 9491 2545 28290 31525 2449.5 2486

3-months buyer 2320 2520 9510 2547 28275 31500 2478 2500

3-months seller 2340 2521 9512 2548 28300 31525 2480 2510

15-months buyer 2285 2585 9455 2513 27180 31190 2522 2540

15-months seller 2295 2590 9465 2518 27280 31240 2527 2550

27-months buyer 2285 2628 9155 2468 25780 2518 2595

27-months seller 2295 2633 9165 2473 25880 2523 2605

LONDON METAL EXCHANGE (METALS)

LONDON: Oil surged morethan 7.5 per cent to its highestsince August 2008 on Thursdayon concern that uprisings inLibya could spread to othermajor oil producers in theMiddle East, including SaudiArabia.

Brent crude oil for Aprilspiked up $8.54 a barrel to apeak of $119.79 before easing toaround $114.40by 1450 GMT.US crude futuresfor April rose ashigh as $103.41,the highestSeptember 2009.They were up$1.70 at $99.80at 1450 GMT.

Unrest in the world's 12th-biggest exporter has cut at least400,000 barrels per day (bpd)from Libya's 1.6 million bpdoutput, according to Reuters cal-culations.

ENI Chief Executive PaoloScaroni said Libyan output hadfallen much more dramatically,estimating it was putting 1.2 mil-lion barrels per day less into themarket.

The Financial Times quoted anunnamed senior oil official on its

website as saying Saudi Arabiawas in "active talks" withEuropean oil refiners who mightbe hit by the disruption inLibyan exports.

That would be the clearest signyet that OPEC's most influentialmember is readying action torespond to the cut in Libyan out-put.

The kingdom had asked refin-

ers "what quantity and whatquality of oil they want", the FTquoted the senior Saudi oil offi-cial saying on condition ofanonymity.

Goldman Sachs said thespread of unrest to another pro-ducing country could bring oilshortages and require demandrationing.

"The market cannot accommo-date another disruption, in ourview," analyst Jeffrey Curriesaid in a research note.

Major banks joined the chorus

of calls on Thursday for OPECto act quickly on fears the strongoil prices could derail the fragileeconomic recovery.

Barclays Capital and Citi saidit saw no downward pressure onprices until more oil comes tothe market.

The cuts in Libyan oil outputrepresent the first disruption tosupply as a direct result of

protests that haveswept through theo i l - p r o d u c i n gregions of northAfrica and theMiddle East.

Without SaudiArabia's 4 mil-lion bpd of spare

capacity, there is little margin inthe global oil supply system.

Weekly US oil inventory datafrom industry group API showedon Wednesday that petroleumstocks had risen by 163,000 bar-rels last week, after analystspolled by Reuters had forecast abigger rise of 1.2 million barrels.

Distillate inventories fell aless-than-expected 534,000 bar-rels and gasoline supplies fell1.6 million barrels, API datashowed, bucking analyst expec-tations for a rise. -Reuters

Brent off $120; eyes onLibyan, Saudi supply

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Feb11945.00+20.00, Mar11945.00+20.00, Apr11960.00+30.00, May11/Jul11965.00+30.00, Aug11/Oct11970.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111005.00+10.00, Aug11/Oct11960.00+3.00, Nov11/Jan12970.00+5.00, Feb12/Apr12975.00+5.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1400.00+0.00,Jul11/Sep11 1410.00+10.00,Oct11/Dec11 1365.00+5.00.

LINOIL: Any origin dlrstonne extank RotterdamMar11/Apr11 1550.00+12.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Feb111197.50-10.00, Mar111200.00-7.50, Apr11/Jun111190.00-7.50, Jul11/Sep111150.00-7.50, Oct11/Dec111140.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Apr11/Jun111230.00.

PALMOIL: RBD dlrs tonnefob Malaysia Apr11/Jun111175.00.

PALM OLEIN: RBD dlrstonne fob MalaysiaApr11/Jun11 1182.50-22.50,Jul11/Sep11 1142.50-7.50,Oct11/Dec11 1130.00+0.00.

PALM STEARIN: Dlrs tonnefob Malaysia Mar11 1190.00-30.00, Apr11 1180.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamFeb11/Mar11 2145.00-70.00,Mar11/Apr11 2120.00-75.00,Apr11/May11 2100.00-85.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Feb11/Mar112280.00-20.00, Mar11/Apr112250.00-10.00, Apr11/May112230.00+0.00. -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

24-Feb-2011 CRUDE100 MA11 US$ Per Barrel 96.00 103.34 95.72 101.61 1,548 99.12 101.61 130

24-Feb-2011 CRUDE100 AP11 US$ Per Barrel 97.10 104.72 97.10 103.05 295 100.82 103.05 15

24-Feb-2011 CRUDE100 MY11 US$ Per Barrel 98.16 103.68 98.16 103.68 - 101.59 103.68 -

24-Feb-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 33.36 33.71 33.00 33.25 98 33.67 33.25 1

24-Feb-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 33.21 33.52 33.21 33.52 - 33.66 33.52 1

24-Feb-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1405.00 1416.50 1401.90 1413.30 828 1414.50 1413.30 66

24-Feb-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1404.40 1418.00 1401.90 1417.90 3,451 1415.20 1417.90 1,349

24-Feb-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1405.10 1418.60 1402.50 1418.60 2,910 1415.90 1418.60 1,370

24-Feb-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1403.90 1413.30 1403.90 1413.30 - 1414.50 1413.30 -

24-Feb-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1404.10 1417.90 1404.10 1417.90 30 1415.20 1417.90 6

24-Feb-2011 GOLD 100oz JU11 US$ Per Troy Ounce 1418.00 1419.50 1405.90 1417.90 5 1416.70 1419.40 3

24-Feb-2011 GOLD MA11 Per 10 grms 38775.00 38990.00 38659.00 38990.00 28 38959.00 38990.00 5

24-Feb-2011 GOLD AP11 Per 10 grms 38950.00 39002.00 38671.00 39002.00 3 38971.00 39002.00 80

24-Feb-2011 GOLD MY11 Per 10 grms 38687.00 39018.00 38687.00 39018.00 - 38987.00 39018.00 -

24-Feb-2011 KILOGOLD MA11 Per 10 grms 38632.00 38963.00 38632.00 38963.00 - 38931.00 38963.00 -

24-Feb-2011 KILOGOLD AP11 Per 10 grms 38852.00 38974.00 38643.00 38974.00 1 38943.00 38974.00 -

24-Feb-2011 TOLAGOLD50 MA11 Per Tola 45059.00 45445.00 45059.00 45445.00 - 45409.00 45445.00 -

24-Feb-2011 TOLAGOLD100 MA11 Per Tola 45059.00 45445.00 45059.00 45445.00 - 45409.00 45445.00 -

24-Feb-2011 MINIGOLD MON Per 10 grms 39725.00 40044.00 39725.00 40044.00 - 40013.00 40044.00 -

24-Feb-2011 MINIGOLD TUE Per 10 grms 39768.00 40088.00 39768.00 40088.00 - 40057.00 40088.00 -

24-Feb-2011 MINIGOLD WED Per 10 grms 39782.00 40103.00 39782.00 40103.00 - 40072.00 40103.00 -

24-Feb-2011 MINIGOLD THU Per 10 grms 39696.00 40118.00 39696.00 40118.00 - 40086.00 40118.00 -

24-Feb-2011 MINIGOLD FRI Per 10 grms 39710.00 40030.00 39710.00 40030.00 - 39999.00 40030.00 -

24-Feb-2011 TOLAGOLD MON Per Tola 46407.00 46522.00 45670.00 46044.00 33 46007.00 46044.00 5

24-Feb-2011 TOLAGOLD TUE Per Tola 46592.00 46592.00 45720.00 46095.00 1 46057.00 46095.00 1

24-Feb-2011 TOLAGOLD WED Per Tola 46568.00 46568.00 45736.00 46112.00 3 46074.00 46112.00 3

24-Feb-2011 TOLAGOLD THU Per Tola 46618.00 46618.00 45637.00 46128.00 1 46091.00 46128.00 1

24-Feb-2011 TOLAGOLD FRI Per Tola 46500.00 46605.00 45653.00 46027.00 9 45990.00 46027.00 8

24-Feb-2011 IRRI6W 24FE11 Per 100 kg 3250.00 3270.00 3250.00 3270.00 3 3261.00 3270.00 -

24-Feb-2011 RICEIRRI - 6 MA11 Per 100 kg 3284.00 3293.00 3284.00 3293.00 - 3284.00 3293.00 -

24-Feb-2011 RBD PALMOLEIN MA11 Per Maund 5314.00 5314.00 5186.00 5186.00 - 5314.00 5186.00 -

24-Feb-2011 KIBOR3M 11-Mar Per Rs. 100 86.23 86.27 86.23 86.27 - 86.23 86.27 -

24-Feb-2011 KIBOR3M 11-Jun Per Rs. 100 85.70 85.70 85.70 85.70 - 85.70 85.70 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

hits 3-wk low

but finds supportBANGKOK: Tokyo rubberfutures fell 1.7 per cent onThursday as investors contin-ued to take profits from recentrecord highs, but tight supplyand strong oil prices shouldprovide support, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for August deliveryfell 8.5 yen to settle at 478.8yen ($5.80) per kg. It fell aslow as 469.3 yen, the lowestsince Feb. 2.

"There was another round ofprofit-taking as players as wellas investment funds thoughtthat the market was over-bought," one dealer said.

But dealers said rubber pricescould recover on Friday afterprices found strong support at475 yen per kg, and tight supplyin producing countries shouldprovide fundamental support.

Oil prices hit a fresh 2-1/2-year peak on Thursday on con-cern the bloody unrest that hascut more than a quarter ofOPEC member Libya's crudeoutput could spread to othermajor producers, including topexporter Saudi Arabia. -Reuters

DI LINH , Vietnam: A farmer walks in a coffee field, as flowers bloom in

Vietnam's central highland Di Linh district. -Reuters

LONDON: Copper rose onThursday as the dollar fell andafter better-than-expected USjobless data, but concerns thathigh oil prices driven by vio-lence in Libya could slow eco-nomic growth kept prices underpressure.

Three-month copper on theLondon Metal Exchange closedat $9,505 a tonne, up from$9,425 at Wednesday's close.

New applications for USunemployment benefits fell lastweek, but orders for a range ofmanufactured goods recordedtheir biggest fall in two years inJanuary.

"The jobless data is certainlyimproving. The story out of theUS is likely to be one of themain positives for base metalsthis year," said Natixis analystNic Brown.

But he added: "Rising oilprices are fuelling inflation andin order to tame inflation emerg-ing countries will have to tightentheir monetary policy and sacri-fice some GDP growth, whichwill hurt base metals demand."

Copper remains well off arecord high $10,190 it hit onFeb. 15.

Ample supplies of copper kepta lid on prices, analysts said.

"The physical copper supply isvery good; scrap is around inabundance and the discounts arequite high," said HerwigSchmidt, head of sales at TrilandMetals.

"Inventories have also beenrising in the last two months andthe market has finally taken

notice."While the short-term outlook

has weakened, long-term funda-mentals for copper remainedgood, with a supply shortageexpected in 2011, Westgate said.

China's imports of refined

copper are likely to have fallenin February because the lunarNew Year holidays cut arrivals,after a 7.4 per cent rise inJanuary supported by fabricatorrestocking.

Copper inventories in LMEwarehouses continue to rise, hit-ting 412,675 tonnes, the highestlevel since last July, latest datashowed. The abundance ofmaterial available in the shortterm pushed the copper marketin a $3.5 per tonne contango --the discount for cash againstthree-month material.

Aluminium closed at $2,542 atonne from $2,530 at the closeon Wednesday. Analysts believethe outlook for the metal used intransport and packagingremained positive.

Tin was $31,600 from$31,500, while zinc, used in gal-vanizing, closed at $2,473 atonne from $2,495.

Battery material lead was$2,500 from $2,539 and nickelwas $27,505 from $28,700 atonne.-Reuter

Copper strengthens,Mideast worries weigh

Cocoa eases

after 32-year

high, sugar upLONDON: ICE cocoa futureseased after hitting a fresh 32-year high on Thursday as ten-sions mounted over suppliesfrom top producer Ivory Coast.

Sugar futures rose in a techni-cal bounce after a sell-off onWednesday, while arabica cof-fee futures fell back after hit-ting the highest level in morethan 30 years on Tuesday.

ICE May cocoa set a fresh32-year high for the secondmonth of $3,645 a tonne beforeslipping back to $3,595 by1530 GMT, down $36 or oneper cent on the day.

Liffe May cocoa was down 5pounds or 0.2 per cent at 2,352pounds per tonne, having earli-er hit a 7-month high of 2,368pounds per tonne.

ICE raw sugar bounced aftera sell-off on Wednesday, asdealers eyed expiry of theMarch contract on Monday.

ICE March raw sugar was up0.16 cent or 0.5 per cent to30.10 cents a lb. Liffe Maywhite sugar was off $3.90 or0.6 per cent at $698.70 pertonne.

"After the market fell yester-day, we are at more realisticlevels. There has been a lack ofphysical offtake," said aLondon-based sugar futuresdealer.

Sugar futures were also sup-ported by news that theEuropean Union has ditchedplans for a reduced-duty ten-dering process for sugarimports, in favour of a fixed300,000-tonne import quotawith duties set at zero.

Coffee prices fell, with arabi-cas slipping well below thepeak of $2.784 a lb hit onTuesday, the highest level inover 30 years.

ICE May arabica coffee trad-ed down 6.15 cents or 2.3 percent at $2.6330 per lb at 1454GMT. Liffe May robusta coffeewas down $33 or 1.4 per cent at$2,335 per tonne. -Reuters

LONDON: Gold was flat onThursday after sources saidSaudi Arabia was able to boostcrude output, easing from itshighest in nearly two monthson concerns about inflationafter oil rose on unrest in oil-producer Libya.

Spot gold was up 0.1 per centat $1,412.7 an ounce by 1436GMT, off a session high of$1,417.92 and having ralliedsince late January since lateJanuary when protests intensi-

fied in Egypt against formerpresident Hosni Mubarak.

US April gold futures wereflat at $1,412.60.

"The major factor currently forcommodities in general includ-ing gold is the situation in Libyaand fears it might spread over toother oil producing countries inthe Middle East and NorthAfrica," Peter Fertig, a consult-ant at Quantitative CommodityResearch, said.

"It is the safe haven aspectwhich plays a role and also therise of crude oil, which couldtranslate sooner or later in ris-ing CPI figures."

Rising inflation eventuallyleads to rising interest rates,which ultimately can provenegative for gold, which bearsno yield, but when inflationthreatens growth, bullion can

often offer investors the hedgethey need.

"There is no reason why wecan't break through the recenthigh around $1,416 and headtowards $1,420 if the unrestcontinues in Libya," saidDarren Heathcote, head oftrading at Investec Australia.

"Of course if it spreads evenfurther in field or becomesmore violent, gold will benefitfurther as a safe haven."

Investor interest in gold has

not translated into inflows intomajor exchange-traded prod-ucts, such as the SPDR goldtrust, or ETF Securities' goldfunds, since the protests inEgypt in late January.

Yet investors have increasedtheir holdings of COMEX goldfutures this month and until theprice broke above $1,400 anounce this week, dealers hadreported fairly healthy con-sumer buying. Silver, which isaround its highest in 31 years,eased on Thursday, in line witha decline in industrial metals.

Spot silver was last down 1.3per cent at $33.08 havingtouched 31-year peaks above$34 on Tuesday.

Platinum fell 0.5 per cent to$1,772 an ounce, while palladi-um was down 1.4 per cent at$765.75. -Reuters

Gold flat, off topin nearly 2-months

Shanghai copper gains

Shanghai's most active

May copper contract rose

0.4 per cent to 71,970

yuan. Shanghai alumini-

um were little changed.

Indian sugarstrengthens

MUMBAI: Indian spot sugarprices rose on Thursday onhopes the government mayrelease lower non-levy quota forMarch to prop up falling prices,though weak demand weighedon sentiment, dealers said.

"Traders were talking aboutlower quota for March as priceshave fallen significantly in thepast two months," said AshokJain, president, Bombay SugarMerchants Association(BSMA).

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyrose 0.75 per cent to 2,700rupees ($59.3) per 100 kg, afterlosing 6 per cent since January.

Sugar contract for Marchdelivery on India's NationalCommodity and DerivativesExchange (NCDEX) ended up0.6 per cent at 2,846 rupees per100 kg.

A decision by India onwhether to allow 500,000tonnes of unrestricted sugarexports could take anotherthree weeks as the governmenthas decided to broaden consul-tations to key ministries, gov-ernment sources said on Feb.22. -Reuters

NEW YORK: US cottonfutures finished Wednesdaywith hefty losses, but nowherenear the 7-cent downside limitreached in the prior two ses-sions as speculative spreadselling seemed to have loststeam, brokers said.

Risk aversion that pressuredcotton a day earlier also easedand speculators refocused onconcerns over tight supplies,which had helped run fiber torecords above $2 a lb.

'Supply and demand seems tobe trumping the fear factor,'said Keith Brown of brokerageKeith Brown and Co inMoultrie, Georgia.

March cotton finished down1.38 cents, or 0.73 per cent, at$1.8656 per lb, but fell as lowas $1.8090. March's openinterest has ebbed to 1,100contracts, with May futurescarrying open interest of18,096 lots.

New benchmark May cottonon ICE Futures US settled withlosses of 3.7 cents, or 1.97 percent, at $1.8423. The sessionlow was $1.8093 a lb.

Some prices tumbled by their7-cent downside limit in earlybusiness, but eventually buyerscame back in at the lows, cut-ting losses to levels thatsparked some two-way flow.

Brown said of the smallerdeclines: 'Everyone's exhaust-ed.' He noted that contractsdated from December, whenthe new crop is harvested,onward ended in positive terri-tory.

An unraveling of nearbyspreads left those contractslower, but for the new cropunderlying the December con-tract, Brown said: 'There hasn'tbeen a seed put in the ground,so it's kind of hard to kill it (thecontract).' Last week, nearbycontracts hit records well above$2 a lb in a short-cover squeezeheading into the March deliv-ery period. -Reuters

US cotton ends down, butabove limit as specs tire

Saudi Arabia in "active talks" to meet Libya shortfall: FT

‘LCD TV episodewas an accident’ NAGPUR: Ricky Ponting was still amused on Thursday at thefurore he caused after his flying groin protector damaged a televisionin the Australian team's dressing room during a World Cup match.

Ponting was given a dressing down by the sport's governing body(ICC) on Wednesday for damaging the set but insisted it was purely accidental and not malicious.

"The television wasn't hit by me with my bat at all, it was hit by my box that I had thrown down,"Ponting told reporters on Thursday, ahead of his team's Group A match against New Zealand. Afterbeing run out for 28 by Zimbabwe on Monday, Ponting was seen angrily talking to himself as hewalked back to the pavilion. Once inside, he struggled to put a lid on his emotions. Conflictingreports suggested the damage had been caused by his groin protector, his glove and even his bat.

"I'm not sure where the lot of those stories have come from," he added with a smile. "But I haveaccepted what the ICC have come up with as far as a reprimand is concerned from the incident.

"There was some small damage to the TV set and I went and reported it to the team managerstraight away. They actually replaced the television set there and then.-Reuters

10Friday, February 25, 2011

Japan's Noriaki competes during men's hill trainingjump at Nordic World Championships in Oslo

Left isright for

Tendulkar BANGALORE: The name ofthe game is power and it does-n't matter if the power arisesfrom the left or right. OnWednesday, SachinTendulkar, very much back inaction after a day's break,decided that he, likeMahendra Dhoni, Virat Kohliand Yuvraj Singh before him,would attempt to smash a fewsixes off a set of hapless spin-ners, mostly local lads whowere occasionally joined by RAshwin and Piyush Chawla.Only unlike the trio,Tendulkar decided that hewould hit off his wrong hand,the left.

Batting on a pitch that wasto the extreme left of theChinnaswamy Stadium's cen-tre square, Tendulkar bor-rowed Yuvraj's bat and in thespace of say 20-odd balls,managed three sixes in the arcbetween long on and mid-wicket. Dhoni, a padded-upSreesanth (who also had adecent bowl earlier) andYuvraj watched in awe at thelittle demonstration. This wasno switch hit, though that maywell follow after this session,but actual left-handed batting(no pads were on though),during which the carefullytaped right knee, hiddeninside longish shorts, was vis-ible.

Before Tendulkar took thestage, there was an awesomedisplay of power hitting bythe quartet of Dhoni, Yuvraj,Virat Kohli and Yusuf Pathan.Ball after ball was smashedinto the stands, a few of thehits damaging the recently-fixed permanent chairs. Thecombination of the modernbat and the power of the ladswas a real potent one. ShouldEngland, who clash with thehosts on Sunday, decide tofield too many pretentiousspinners, spectators would bewell advised to don hardhats.-Reuters

NEW DELHI: A B deVilliers' unbeaten 107 pow-ered South Africa to a seven-wicket victory over WestIndies in a World Cup GroupB match on Thursday.

South Africa's Pakistan-born leg-spinner Imran Tahir(4-41) dazzled on debut, shar-ing seven wickets with pacecolleague Dale Steyn (3-24)to skittle out West Indies for222 in 47.3 overs.

The West Indies total wasbuilt around Darren Bravo'sassured 73 and a quick-fire

40 off 37 balls by his half-brother Dwayne before thetwice champions lost theirlast five wickets for just 13runs.

South Africa lost openerHashim Amla in the fourthover and batting mainstayJacques Kallis in the fifth butde Villiers added 119 runswith skipper Graeme Smith(45) and got good supportfrom JP Duminy (42 not out)down the order to overwhelmthe target in 42.5 overs.

Another stellar piece of

fielding, this time from cap-tain Darren Sammy, con-tributed to the second wickettoo. Sulieman Benn, continu-ing the trend already beingset by other teams in thiscompetition, shared the newball and in his third overlured Kallis into a drive whenthe batsman wasn't quite tothe pitch. The edge was foundbut the ball dipped as it flewtowards Sammy at slip and hedid well to wrap his fingersunderneath it before ittouched the turf.-Reuters

SA engineer giantdefeat for WIndies

DUBAI: Australian Openchampion Novak Djokovicsurvived an early onslaughtfrom Germany's Florian Mayerto reach the semi-finals of theDubai championships with a 7-5 6-1 victory on Thursday.

The second-seeded Serbianwill next play third seed TomasBerdych after the Czechdefeated another German,Philipp Petzschner 7-5 6-4.

Djokovic, bidding to win thetitle for the third successive

year, was rocked by Mayer'searly challenge, dropping hisserve in the opening game andthen fighting off two breakpoints at 0-2 before holding onhis fourth game point.

After changing his racquetduring that game Djokovic thensettled down and won his nextthree service games without los-ing a point. Down 4-5, he brokeMayer to love, held off a breakpoint in the next game with anace and then broke Mayer to

love again to take the set.The second set was far more

straightforward. Mayer averteda break point in the secondgame but made a forehanderror to fall behind 3-1 andDjokovic then dominated therest of the match.

"It was a very slow start,"Djokovic told reporters. "Quitedifferent condition from lastnight's match. The ball wasgoing faster today, and he tookit to me from the start.-Reuters

Djokovic pulls roundfirst blast to hit semi

HAMBANTOTA: Pakistancaptain Shahid Afridi believesthat his team still have short-comings to overcome ahead oftheir crunch World Cup clashagainst Sri Lanka.

Pakistan overcame early hic-cups to post a challenging317-7 against Kenya beforeAfridi took centre stage with5-16 to bundle out their out-classed opponents for 112 torecord a 205-victory inWednesday's opener.

"It's a good start but weshouldn't be 100 percent sat-isfied, there is a lot of workahead of us still," said thecaptain.

Pakistan lost openersMohammad Hafeez (nine) andAhmed Shahzad (one) insideseven overs with just 16 on theboard against Kenya.

"Whether in batting or bowl-ing you need a positive start.But since the ball was stickingto the pitch a little, it wasn'teasy. I hope my openers don'trepeat those mistakes," saidAfridi.

Younis Khan (50) andKamran Akmal (55) put on asolid 98 for the third wicket,before Misbah-ul-Haq (65)and Umar Akmal (71) provid-ed a flourish during theirquickfire 118-run stand, rack-ing up 71 in the batting power-play.

Afridi praised his four half-century makers.

"That's what required ofthe senior players and com-bined with three seniors,Umar played a beautifulknock and proved his poten-tial after a long time," saidAfridi of 21-year-old bats-man, playing his first WorldCup match. Afridi justifiedhis decision to bat first.

"It wasn't in my mindwhether to give the bowlers orbatters first opportunity, justthat we needed to win the firstmatch because of upsets in thepast," said Afridi, who hadvowed to avoid upsets likePakistan suffered againstIreland in the 2007 WorldCup.-Online

Afridi sayssquad hasto do more

DOHA: World number oneCaroline Wozniacki movedinto the quarter-finals of theQatar Open with a 6-3 6-2 winover Russian Nadia Petrovabut third seed FrancescaSchiavone was upset byChina's Peng Shuai onWednesday.

Second seed Vera Zvonarevaalso secured a spot in the lasteight with a 6-1 6-2 win overSlovakia's DominikaCibulkova, while fifth seedand former world number one

Jelena Jankovic of Serbiathrashed India's Sania Mirza 6-0 6-1.

"There's a lot of good playershere, so it's not easy to win,"said Dane Wozniacki, who willmeet Italian Flavia Pennetta inthe last eight on Thursday. "It'snot going to be easy tomorrow,but I'm looking forward to it."

French Open championSchiavone had a less memo-rable day with Chinese qualifi-er Peng in top form on her wayto a 7-5 6-3 victory.-Reuters

Wozniacki thruto Qatar quarters

Kiwis 2supportstaffers

fly home MUMBAI: Two members ofthe New Zealand cricket team`ssupport staff have flown homefrom the World Cup to join theirfamilies after their homes werehit by the earthquake which dev-astated Christchurch on Tuesday.

Manager Dave Currie toldreporters on Wednesday thatphysiotherapist Dayle Shackeland trainer Bryan Stronachwere expected to return toIndia."Dayle had to get back ashis property was probably dam-aged and his family was upsetso he went back to providesome support," Currie said.

"Similarly, Bryan`s wife isfour months pregnant and hishouse has half come down, sohe has gone back to take careof his wife."The New Zealandflag will fly at half mast whenthe Kiwis meet defendingchampions Australia in theirGroup B match in Nagpur onFriday.-Online

B’desh mullAshraful

optionDHAKA: The right-hander,

Bangladesh's most successful

one-day batsman, was a sur-

prise omission for their opening

match last Friday which India

won by 87 runs at the Sher-e-

Bangla stadium in Dhaka.

Coach Jamie Siddons said the

free-stroking Ashraful stood a

good chance of playing against

Ireland even as the Bangladeshi

media reported the batsman had

already been told he will take

the field.

"There's a chance, but it's one

of a few options we have," the

Australian said. "We will con-

sider all our options, one of

which is also sticking to the

same team and give everyone

another chance."

Ashraful has played 164 one-

day internationals since his debut

in 2001, scoring 3,360 runs with

three centuries and 20 fifties.

But his less than impressive

average of 23.33 suggests

Ashraful has not done justice to

his immense talent, often frus-

trating supporters by getting

out to rash strokes when he had

the bowling attack at his mercy.

"I am an Ashraful fan and of

course I'd like to see him play,"

said Siddons. "He has all the

shots and could be effective

during the powerplay overs."

"He generally bats two down

but we are thinking of using

him in the number seven posi-

tion if he plays."-Online

Jordaan failsto secure

FIFA placeJOHANNESBURG: Top SouthAfrican official Danny Jordaanfailed Wednesday to emulatefootball legends FranzBeckenbauer and Michel Platiniand rise from World Cup organis-er to FIFA executive committeemember.

Jordaan, chief executive of thelocal organising committee thatdelivered a near-flawless WorldCup in South Africa last year, fin-ished fourth with a meagre 10votes in a five-man race for twoplaces on the FIFA 'cabinet'.-Reuters

Nat’l U-13,U-15 SquashC’ship starts PESHAWAR: The qualifyinground of the National Under-13 and Under-15 Age GroupSquash Championship gotunder way here at PAF HashimKhan Squash Complex onThursday.

Former World Championand Vice President of thePakistan Squash Federation(PSF) Qamar Zaman was thechief guest on the occasion.Officials, coaches and largenumber of junior players of theUnder-13 and Under-15 cate-gories witness the occassion.

On the opening day qualify-ing rounds of Under-13 andUnder-15 held with 64 players,32 each appeared in both cate-gories among them 16 eachmoved to the next round.

When Qamar Zaman wasasked to comment, he said,that four players each willmove to the main round of 12players in both Under-13 andUnder-15 categories.

The formal opening ceremo-ny will be held on Friday at11.00 a.m with Director SportsPAF Control Board GroupCaptain Farooq Ahmad will bethe chief guest.

Earlier, eight matches of theUnder-15 categories heldamong them Abbas Khan,Saifullah, current femalechampion of the Under-15 cat-egory, Sadia Gul, FaisalHassan, Ijaz Ahmad, ZeeshanSadiq, Imran Sher, Majid Khantook berth into the last roundwhile in Under-13 categoryZain Rehman, Shehzad Khan,Kamran Noor, Mehran Javed,Asfandiyar, Noor Wali, AqibTafeeq, Haroon Khan andAhamd Ali moved to the nextround.-APP

DELHI: Imraan Tahir of South Africa celebrates the wicket of Ramnaresh Sarwan of WestIndies with his team mates during the ICC Cricket World Cup match between

South Africa and West Indies from Feroz Shah Kotla Stadium.-Reuters

SCOREBOARD

11Friday, February 25, 2011

International & Continuation

CONTINUATION

WASHINGTON: New USclaims for jobless aid fell lastweek, hinting at an improve-ment in the labor market, butdeclines in new home sales andorders for a range of factorygoods in January showed theeconomy still faced head-winds.

Initial claims for state unem-ployment insurance benefitsfell 22,000 to a seasonallyadjusted 391,000, the LaborDepartment said on Thursday.Economists had expectedclaims to drop to 400,000 lastweek.

"Jobless was unambiguouslygood news for the economy. Itis consistent with our beliefthat we are going to see a verystrong gain in non-farm pay-rolls," said David Resler, chiefeconomist at NomuraSecurities International in NewYork.

A separate report from thethe Commerce Departmentshowed new single-familyhome sales tumbled 12.6 percent in January to a seasonallyadjusted 284,000 unit annualrate. Economists had forecastnew home sales sliding to a310,000-unit pace.

Sales surged in December asbuyers in California rushed totake advantage of a tax creditfor new homes before itexpired at the end of the year.Sales in the West plunged 36.5

per cent after spiking 62.5 percent the prior month.

A second report from thedepartment showed orders forlong-lasting manufacturedgoods, excluding transporta-tion, dropped 3.6 per cent lastmonth, the biggest fall sinceJanuary 2009, after rising 3.0per cent in December.

Economists had expectedorders excluding transportationto rise 0.4 per cent in January.

The data had little impact onUS financial markets, wheretraders continued to monitorthe worsening political unrestin Libya, which has sent crudeprices soaring. US Treasurydebt prices rose on safe-havenbuying, while stocks were flat.

MANUFACTURINGLEADING RECOVERYManufacturing has been the

main driver of the economy'srecovery and January's durablegoods orders report hinted at aslowdown. Economists cau-tioned, however, against read-ing too much into the data as ittends to be very volatile.

Some of the sting from thereport was blunted by bigupward revisions toDecember's data.

Overall durable goods ordersrose 2.7 per cent, the biggestincrease since September, afterfalling 0.4 per cent the priormonth.

The rise in overall orders

reflected a 4,900 per cent surgein aircraft bookings, whichlikely reflected the bulk ofDecember orders from aircraftmaker Boeing, which analystssaid had not been fully cap-tured in the durable goodsreport for that month.

Outside transportation, therewere big declines in orders formachinery, computers andcommunications equipment.

The Commerce Departmentreport showed non-defensecapital goods orders excludingaircraft, a closely watchedproxy for business spending,dropped 6.9 per cent lastmonth, the biggest decline intwo years, after a revised 4.3per cent increase in December.Markets had expected a 2.5 percent decline.

"It's a weak start to the quar-ter, but the bottom line is capexis going to remain a prettydecent contributor to growtheven with this weakness herein January," said Tom Porcelli,US economist at RBC CapitalMarkets in New York.

Core capital goods ship-ments, which go into the calcu-lation of gross domestic prod-uct, fell 2.0 per cent after rising2.5 per cent in December.Unfilled orders for manufac-tured durable goods reboundedin January, while inventoriesrose for the 13th straightmonth.-Reuters

US jobless claimsfall, durableorders mixed

Eurozonesentiment

up, inflationexpectations

growBRUSSELS: Euro zone eco-nomic sentiment jumped inFebruary to its highest levelsince the economic crisis, but asurge in inflation expectationsaccompanied prospects of arebound of growth in the firstquarter.

The EuropeanCommission's monthly surveyshowed on Thursday that eco-nomic sentiment in the 17countries using the euro roseto 107.8 this month, a 41-month high, from a revised106.8 in January. Economistspolled by Reuters expected a106.8 February reading.

Sentiment gained in all sectorsof the economy, most markedlyamong builders, consumers andin the services sector.

"Today's data confirm that anacceleration of GDP growth inthe first quarter of the year islikely after the relatively poorperformance recorded in Q42010," said Clemente de Lucia,economist at BNP Paribas.

"The index was consistentwith GDP growth around 0.7per cent quarter-on-quarterafter 0.3 per cent quarter-on-quarter in the previous quarter,"de Lucia said.

Sentiment improved sharply inPoland and Britain, followed bySpain, Germany and theNetherlands.

"We have learned that there isstill a great diversion within theeuro area." said Christoph Weil,European economist withCommerzbank. "Spain is risingslightly, but the difference com-pared to Germany is still verysignificant."

The Commission survey alsoshowed a sharp increase in con-sumer price inflation expecta-tions for the next 12 months,with the index hitting 25.7 pointsfrom 20.9 in January, signifi-cantly above the long-term aver-age since 1990 of 20.6 points.

Inflation expectations amongmanufacturers rose to 22.7points from an upward-revised17.3 in January, well above thelong-term average of 5.6 points.

Consumer price inflation inJanuary was 2.4 per cent year-on-year, above the ECB's targetof below but close to 2 percent.-Reuters

BERLIN: Strong Germanexports offset a drop in construc-tion caused by cold winterweather in the fourth quarter oflast year, helping Europe's bul-wark economy to continuegrowing and putting it on a firmfooting for 2011.

Detailed figures from theFederal Statistics Office onThursday confirmed grossdomestic product (GDP) grewby 0.4 per cent in the fourth

quarter, its seventh quarterlyexpansion in a row, but slowerthan the first three quarters of theyear.

Germany has staged a faster-than-expected recovery from itsdeepest post-war recession in2009. Year-on-year, the economygrew 4.0 per cent in the fourthquarter. The data reinforces atwin-speed recovery in Europewith major north Europeaneconomies outpacing a strug-

gling, debt-burdened euro zoneperiphery, where most austeritymeasures to fight the region'sdebt crisis are set to hit this year.

However, hopes aroundEurope that Germany's econom-ic rebound would broaden andbe driven more by consumptiongrowth, boosting Germandemand for European goods,were dashed in the fourth quarteras growth in private consump-tion slowed.-Reuters

Solid Q4 growth putsGermany on firm footing

Defence Minister Chaudhry Ahmad Mukhtar told the Housethat team under the head of DG ASF is investigation the incidentof fall of boy from plane and the report would be presented beforethe House very soon. Answering a question raised by AbdulRasheed Godeel, Minister of Environment Samina Khalid saidthat campaign to remove polythene bags is underway in threeprovinces while plantation campaign has been started in the coun-try. Hamidullah Jan Afridi told that FBR has been asked withregard to polythene bags to ensure their assurance and in thisregard the association says that there are fears that against poly-thene bags could cause closure of 8000 factories, if bag industryis made zero-rated then the production of bags would finish itselfbut FBR did not yet implement on its assurance. -Online

Continued from page 12No #1

Riaz said all political parties were against this measure of the PML-N. He said that only leadership of the party has right to selectParliament leader and Chaudhry Shujaat select the Parliament leader.

He further said that no confidence move would be launched againstChief Minister Punjab. He said that the government of Punjab thinksthat our 19-point agenda is a joke and on the other hand gives deadlineof 45 days for their 10-point agenda. He said that future strategy wouldbe evolved after consultation with President Asif Ali Zardari. He saidthat answer has not yet been given on 19-pointy agenda despite ChiefMinister's promises. He said that we are being urged to reduce numberof minister in federation while number of ministers in Punjab is notbeing reduced. He said that decision about staying in the governmentwould be made soon. -Agencies

Continued from page 12No #2

"It is regrettable that CIA leadership on many occasions hasfailed to show respect to the relationship of the two agencies andhas acted with arrogance towards ISI which has resulted in weak-ening the relationship on which it is entirely dependant," the ISIsaid, according to a copy seen by Reuters.

"Involvement of CIA with Raymond Davis is beyond any shad-ow of doubt. Post incident conduct of CIA has virtually put thepartnership into question. Irrespective of the commonality ofobjectives in this war on terror, it is hard to predict if the relation-ship will ever reach the level at which it was prior to the Davisepisode." Relations between the two agencies has been on adownward slide since December when the CIA station chief inIslamabad was forced to leave the country after his name was pub-lished in a court filing over drone attacks. -Reuters

Continued from page 12No #3

Federal Minister for Finance Dr Abdul Hafeez Shaikh, Secretary Finance Dr Waqar Masood,Deputy Governor State Bank and other officials participated in the meeting. The committeedirected the Ministry of Finance to submit a report about the progress in this regard in six monthswhereas the committee postponed State Bank Amendment bill 2010 till the next meeting onrequest of Ministry of Finance. The Committee was told that the purpose of State Bank amend-ment bill 2010 was to make the bank more autonomous. For this purpose a Monetary PolicyCommittee would replace Monetary and Fiscal Policies Coordination Board which would beresponsible for making decisions regarding monetary policies, to implement those decisions andstatus of the loans issued to the government. The committee was further told that since February2007, not a single meeting of coordination Board was held. On which the members of the com-mittee expressed their concern and asked that how the monetary policies were being made with-out the consultation of the board.

Dr Hafeez Shaikh said that it is a sensitive issue and it should be discussed on high level in orderto ensure a permanent and effective solution. He said that he himself had asked the Governor ofSBP to participate in the committee's next meeting. Senator Prof. Ghafoor Ahmad said that a com-prehensive system should be developed for the autonomy of the Central Bank in which bank's per-formance must be checked properly. Senator Ishaq Dar suggested that for unanimous legislationof this important issue a joint meeting of standing committees of both houses should be called.

Dr Abdul Hafeez Shaikh, lauding the performance of the committee said that the committee wasmaking good efforts for legislation. The Committee was informed that the reorganization of IDBPwas decided in 2001. In 2005 it was submitted in the National Assembly but it was not approved.

The Committee was further informed that for the privatization of IDBP, the process of reor-ganisation is needed. After the legislation Ministry of Finance would issue an order and with-in six month the process of privatization would be completed. Till the privatization of the Bankit would continue working under SBP. -APP

Continued from page 1No #10

(Amendment) Bill 2010 as passed by the Senate with an aim to empower the Federal Board ofRevenue (FBR) to establish a Welfare Foundation and fund relating thereto for its retired and serv-ing regular employees. According to the statement of objects and reasons, the bill will improve over-all efficiency of the working of the FBR and its field formations by specifying performance stan-dards of the employees and giving incentives on the observance of such standards. The overall effi-ciency of the FBR will enhance with the establishment of a policy board in the composition of whichrepresentation to the public representatives and private sector is given. -Agencies

Continued from page 1No #11

by the Pakistani authorities as violation of Sindh Taas Agreement signed by the two countries inSeptember 1960, she said. -APP

Continued from page 1No #12

Asserting that dialogue was the only way to resolve differences, Singh noted that ForeignSecretaries of the two countries had agreed to resume the dialogue process after a bilateral meet-ing in Thimphu last month. "We are willing to discuss all outstanding issues with Pakistan pro-vided Pakistan gives up its practice of allowing the use of its territory for terrorist activitiesagainst India," he said. Singh said full development of the Indian sub-continent could not beachieved unless India and Pakistan normalise the relations between them.

"I have been working for that objective since 2005," he said. Some progress had been made whichwas followed by a lapse, he said in an obvious reference to the 26/11 Mumbai terror attacks afterwhich India had suspended the composite dialogue process with Pakistan. "Some progress was made,but then there was a lapse and the terrorist elements, would of course, not allow the process of nor-malisation to come into effect," Singh said. Prime Minister said he was convinced and believed thatthere was growing conviction in Pakistan's thinking population as well that terrorism was not aninstrument which can be used by any civilized government as an instrument of State policy. -Online

Continued from page 1No #13

provided military and logistical support to fight Islamist militancy. In May, 2010, Pakistan received$1.13 billion -- the fifth tranche of an $11 billion International Monetary Fund bailout programme.

Continued from page 1No #14

earnings: (1) significant rise in oil & gas production from Tal and Nashpa block, (2) hike in aver-age price of crude oil during 1HFY11 by 9.4 per cent YoY to $79.21 a barrel (Arab Light) 3), (3)raise in wellhead gas prices, (4) depreciation of rupee by average 2.8 per cent on YoY in 1HFY11,and (5) surge in other income by 17.1 per cent to Rs3.92 billion primarily due to higher incomereceived from investments in banks due to higher interest rates. PPL was the top performer with 70.5per cent surge in earning YOY followed by POL with 56.73 per cent and OGDC with 11 per centsurge. Sales revenue of three listed companies has improved to Rs130.08 billion from Rs105.51 bil-lion - showed a growth of 23.3 per cent over the same period last year. Volumetric sales showed agrowth of 2 per cent to 765 thousand barrels of oil equivalent per day (kbpeod) during 1HFY11against 750 kbpeod in 1HFY11. Sector's operating profit rose 26.9 per cent to Rs83.39 billion ver-sus Rs65.73 billion in 1HFY10. Other income hiked 17.1 per cent to Rs3.92 billion versus Rs3.35billon in 1HFY10, similarly net margin surged from 39.4 per cent to 41.1 per cent.

Continued from page 1No #15

Prime Minister while vowing to continue holding dialogue with all political parties said his gov-ernment has already implemented majority of the decisions under the Charter of Democracy (COD).

Talking to a group of parliamentarians here at the PM House, Gilani said that the government hadfollowed the COD "in true letter and spirit" during the past three years. Gilani said he had nevermade any issue a matter of prestige and had always given due deference to suggestions for publicwelfare from his own party members, coalition partners, opposition, media or common man.

He stressed the need to strengthen the democratic system through the politics of dialogue and accom-modation of others' point of view for resolving public problems. Prime Minister expressed these viewsin his meeting with members of National Assembly Abdul Qadir Patel, Muhammad Raza Hayat Haraj,Khanzada Khan, and Mahreen Anwar Raja. The parliamentarians acknowledged exemplary patienceand sagacity of the Prime Minister in solving the intricate national issues successfully. -Agencies

Continued from page 1No #16

The court was informed parliamentary committee had not even received the notice and no one hadappeared on behalf of ministry of law. The court expressed grave concern over it. "Every one hascome to know through media all over the country that case is pending hearing with SC and despitethis if some one says that notice has not been received is ridiculous. No complicated issue has beenraised in the petition", Justice Jawad S Khwaja remarked. During the hearing AG said court shouldseek causes given by parliamentary committee from JC. "It is ridiculous that no reply has beenreceived that as to why the judges' names have been rejected. Why no representative of federationis present. Dilatory tactics are being used deliberately" Justice Jawad S Khwaja observed.

The hearing has been adjourned till February, 28. -Online

Continued from page 1No #17

Ministry of Textile Industry has released budgetary allocation for FY 2010-11 to release up-to 8 per cent un-paid Export Finance Mark-up Rate Facility for the period from 1st September,2009 to 28th February, 2010.

Continued from page 1No #18

2.20 billion tonnes could be explored. The exploration friendly reserves are roughly priced at least$104 billion in international market. This entire exploration would require total capital expendituresof only $6.00 billion. The quantity of gold in Rekodiq is 21.18 million ounces while copper in thereservoir amounts to 11.65 million tonnes. -Agencies

Continued from page 1No #19

United Arab Emirates' largest telephone company, will pay Pakistan $800 million "very soon"under a deal to acquire a stake in Pakistan Telecommunication Co, Qamar said. -Agencies

Continued from page 1No #20

The sell-off was underpinned by heavy volume, with 2.6 billionshares changing hands on Tokyo stock exchange's main board,above last week's daily average volume of 2.26 billion shares.

The spread of unrest from Egypt to Libya and the jump in oilprices to around $100 per barrel has helped pull the Nikkei offnine-month highs hit on Monday. Worries about further contagionto bigger oil exporters such as Saudi Arabia were expected to keepthe Nikkei under pressure.-Reuters

Continued from page 5No #4

the index into negative zone for few minutes where it tested thelowest level of the day at 11,487 points (-ve 36). That's where

Continued from page 5No #5

decline in production volume of crude oil, LPG and white petro-leum products had a negative financial impact of Rs1.42 billionon Company's sales revenue. Net realised prices of crude oil, gasand LPG averaged at $66.08 per barrel, Rs215.95 per mmcfd andRs58,298 per metric tonne respectively compared to $59.72per barrel, Rs177.1 per mmcfd and Rs49,288 per metric tonnerespectively during the corresponding period of last year.

Profit before taxation for the quarter increased by 12.7 per centto Rs51.17 billion mainly due to a favorable financial impact ofRs2.78 billion on account of gas price revision in respect of Bobifield. Other income included interest on investments and bankdeposits and exchange gains which decreased by 23.8 per cent toRs 919 million as compared to Rs 1.21 billion in the same periodlast year. Seven new wells including two exploratory / appraisalwells namely Sehar-1 & Nashpa-2 and five development wellsnamely Thora-8, Qadirpur-41 & Uch-23, 24, and 29 were spuddedduring the Half Year ended December, 31 2010. Moreover, anoth-er development well Uch-31 was also spudded on 27 January2011. On the other hand, company made only two discoveries ofgas/condensate in Gopang-1 (Nim E.L) and Sheikhan-1 (KohatE.L). Net crude production of 36,970 barrels per day, net gas pro-duction of 981 mmcf, net LPG production of 194 tons per day andnet Sulphur production of 68 tonnes per day was witnessed duringthe period under review. Company's trade debts as of December31, 2010 include an overdue amount of Rs76.24 billion which wasnot paid by refineries and gas distribution companies due to inter-corporate circular debt .

Continued from page 5No #6

Trade was volatile as monthly derivatives contracts expired onthe National Stock Exchange. Fears the revolt in Libya couldspread to other oil producing countries in the Middle East sentBrent oil surging more than 7.5 per cent to its highest since August2008. At $119.79 a barrel, Brent has risen around 15 per cent infour days. India imports about 80 per cent of the oil it consumesand the global price spiral could add to New Delhi's woes of tack-ling high food inflation. Duvvuri Subbarao, governor of theReserve Bank of India, told a university convocation on Thursday

Continued from page 5No #7

Pakistan Telecommunication saw heavy battering owing to itsunder-market-consensus corporate result. However, dayend sup-port allowed the index to close with limited green numbers.

Among oil stocks, OGDC was up by Rs1.43, PakistanPetroleum Rs3.28, Pakistan Oil fields Rs1.51, and Pakistan StateOil closed Rs3.64 up. Though there were fears that foreigninvestors would remain on the selling side but they did a net-buy-ing of $1.28 million on Thursday as per NCCPL data. On the localside, banks did a net-buying of $1.24 million while individualinvestors and companies net-sold equities worth $1.43 and $0.99million respectively. Investor participation remained on the lowerside as 80.2 million shares traded during the day which is 20.2million shares less as compared to a turnover of 100.4 millionshares on Wednesday. Jahangir Siddiqui Capital stood as the vol-ume leader with 6.18 million shares followed by Azgard Ninewith 5.39 million and Bank of Punjab with 4.87 million shares.

Though market ended on a positive note but active issuesshowed a different picture as out of total 376 active issues 184declined, 95, advanced, and 97 remained unchanged.

the central bank faced a challenge of maintaining price stability without hurting growth or disturb-ing financial stability. Data released on Thursday showed food inflation in Asia's third-largest econ-omy accelerated slightly in mid February on rising prices of milk and fruits.-Reuters

gas resources in the 23 blocks it has bought into in its $7.2 billion deal with Reliance Industries,and there could be more. BP gained 0.9 per cent on the news, which also helped spark a 2.4 per centrally in oil explorer Cairn Energy. Cairn Energy, which has blocks in India, is currently trying to sella majority stake in its Indian arm Cairn India to Vedanta Resources.

However, weakness from risk-sensitive banks helped keep the index in the red for a fifth session.It is down 2.7 per cent so far this week, on track for its biggest weekly drop in nearly eight months

as the price of oil has hit multi-year highs, threatening to derail the global economic recovery."Oil is the lubricant of economic expansion, and its rising price acts as a tax on global growth,

which is making investors risk averse and encouraging them to book profits," said Henk Potts,strategist at Barclays Wealth.The FTSE volatility index, which measures investor appetite for risk,is up 35 per cent this week.-Reuters

Continued from page 5No #8

September, roughly when the recent rally began. The CBOE Volatility Index Wall Street's fear gauge, was down 0.5 percent at 22.02,

reversing course for the first time in two days. The index has an inverse correlation to theS&P 500, indicating stocks could rise.

Helping to limit the Nasdaq's loss was Priceline.com Inc which jumped 7.2 percent to$456.55 after a number of brokerages raised their price targets on the stock. The online trav-el agency reported a larger-than-expected profit late Wednesday. The Dow Jones industrialaverage was down 70.43 points, or 0.58 percent, at 12,035.35. The Standard & Poor's 500Index was down 6.37 points, or 0.49 percent, at 1,301.03. The Nasdaq Composite Index wasdown 1.57 points, or 0.06 percent, at 2,721.42.

General Motors Co's earnings topped estimates, but the stock slid 4.1 percent to $33.16.The S&P 500 was trading just above support at 1,296, the index's January highs, while ana-

lysts were also eyeing the S&P 500's 50-day moving average -- now at 1,287 as further sup-port. -Reuters

Continued from page 5No #9

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LONDON: WikiLeaksfounder Julian Assange can beextradited to Sweden to facerape and sexual assaultclaims, a British judge ruledThursday after throwing outarguments that he would facean unfair trial.

Lawyers for Assange imme-diately said they would appeal,setting up a legal battlethrough Britain's appeal courtsthat could postpone the 39-year-old Australian's ultimatefate for months.

"I must order that Assangebe extradited to Sweden,"Judge Howard Riddle said in a

decision at BelmarshMagistrates Court in southeastLondon, following a three-dayextradition hearing earlier thismonth.

Assange, wearing a dark suitand tie, sat stony-faced in thedock at the top security courtas the decision was read out.

Celebrity backers includingsocialite Jemima Khan andrights campaigner BiancaJagger also attended the hear-ing along with around 100journalists from around theworld.

"We will be appealing,"Assange's lawyer Geoffrey

Robertson told the court afterthe verdict.

Former computer hackerAssange says the claimsagainst him, made by twowomen he met during a semi-nar organised by the whistleblowing website in August lastyear, are politically motivatedbecause of the work ofWikiLeaks.

Assange rocked the world'sdiplomatic institutions andinfuriated Washington lastyear when WikiLeaks beganreleasing more than 250,000secret diplomatic cables sentby US embassy staff.

It has also published sensi-tive data on the wars in Iraqand Afghanistan.

Judge Riddle threw out argu-ments by Assange's legal teamthat the Swedish prosecutorhad no power to issue aEuropean arrest warrant andthat the allegations did notamount to extraditionoffences.

"In this country that wouldamount to rape," Riddle saidabout the allegation by onewoman that Assange hadunprotected sex with her whileshe was asleep.

He said that Assange's

Swedish lawyer Bjorn Hurtigmade a "deliberate attempt tomislead the court" when hesaid that he had been unable tocontact Assange to arrange aninterview with Swedish prose-cutors.

Riddle also dismissed argu-ments that Assange could notface a fair trial as some evi-dence would be held behindclosed doors, and that it waspossible he would be re-extra-dited to the United Stateswhere he could face the deathpenalty.

Riddle said that the arrestwarrant was valid and said he

had to uphold the "mutualrespect and confidence thiscourt has in our Europeancounterparts."

The judge also said it was"highly unlikely" that com-ments by Swedish PrimeMinister Fredrik Reinfeldt thatAssange lacked respect forwomen's rights would have aneffect on the case.

Karin Rosander, a spokes-woman for the Swedish prose-cutor, said only that theywould "see if they appeal ornot" before issuing a "veryshort statement" later.

The judge relaxed his condi-

tions for Thursday's hearing toallow him to spend the previ-ous night at the Frontlinemedia club in London.

Assange claimed his greatestfear was eventual extraditionto the United States, where hislawyers argued he could besent to the Guantanamo Baydetention facility or face thedeath penalty.

He recently said his site was"significantly influential" inthe fall of Tunisian leader ZineEl Abidine Ben Ali, an eventhe said "no doubt" sparkeduprisings across the MiddleEast.-Agencies

UK court orders Assange extradition to Sweden

Zardari'sKuwait visitstarts today

ISLAMABAD: PresidentAsif Ali Zardari would leavetoday (Friday) for Kuwait onan official visit for two days.

During the official visitPresident Asif Ali Zardariwould attend ceremoniesregarding Kuwait'sIndependence Day and alsowatch parade show of KuwaitArmy.

President Zardari is sched-uled to hold meetings withsenior Kuwaiti officials on thesideline.

It is relevant to mentionhere that Ambassador ofKuwait has invited PresidentZardari to visit Kuwait onoccasion of golden jubileeceremonies. -Online

US insistson Davisrelease

WASHINGTON: Amid atense US-Pak standoff overthe arrest of an Americanofficial for double murder inLahore, the White House hasdemanded his immediaterelease, insisting that he hasdiplomatic immunity underthe Vienna Convention.

It said the Obama adminis-tration remained focused onthe release of RaymondDavis, who was arrested inLahore on January 27 afterhe shot and killed twoPakistanis.

"We believe that the princi-ple that every country in theworld that participates in theVienna Convention on diplo-matic relations has a respon-sibility to honor the provi-sions of that treaty. And that'sour starting point in dealingwith this issue," White HousePress Secretary, Jay Carney,said at his daily news confer-ence last evening.

"We continue to be focusedon a resolution that results inPakistan honoring the diplo-matic immunity status of theindividual and his returnhome," he said. -Online

Haqqanimeets

GrossmanWASHINGTON: PakistaniAmbassador to US HussainHaqqani held meeting withnewly appointed specialenvoy for Pakistan andAfghanistan Mark Grossmanin Washington.

As per media reports, Pak-America strategic dialogue,Raymond Davis issue, rela-tions between two countriesand other matters of mutualinterest came under discus-sion in the meeting. MarkGrossman would soon visit toPakistan.

Grossman took the chargeof the special envoy ofPakistan and Afghanistanafter the death of RichardHolbrook and this was thefirst official meeting betweenHaqqani and MarkGrossmann, which continuedfor about 1 and half hour. -Online

PML-Npact with

Unificationblock illegal,

says PPPLAHORE: Senior ProvincialMinister Raja Riaz said allot-ment of separate seats to'Unification Block' in PunjabAssembly is violation of 18thamendment and charter ofdemocracy whereas it is uncon-stitutional.

Earlier Wednesday, thePakistan Muslim League-Nawaz(PML-N) reportedly decided toremove PPP ministers from thePunjab government.

The PML-N also decided toassign two ministries to membersof the Unification Bloc.

Talking to media here in Lahoreon Thursday Senior ProvincialMinister Raja Riaz said the PML-N's decision to ally with theUnification bloc was illegal andunconstitutional and we haveprotested to Speaker ProvincialAssembly against allotment ofseparate seats to Unification blockin Punjab Assembly.

He demanded to withdraw theseats allotted to Forward blockotherwise they would knock thecourt doors. He said that Forwardblock has no room in constitution.

He further said that PunjabParliament party wanted to sit onopposition seats while PML-Nviolated the 18th amendment andcharter of democracy to includeforward block in the government.

See # 2 Page 11

ISLAMABAD: Cooperationbetween the American andPakistani spy agencies has beenscaled back because of an inci-dent involving a CIA contractorshooting two Pakistanis,Pakistani intelligence officialssaid on Thursday.

A senior Pakistani intelli-gence official in Islamabad saidthe case of Raymond Davis hadstrained but not broken rela-tions between the CIA and thePakistani Directorate of Inter-Services Intelligences (ISI)because the ISI didn't knowabout Davis before he shot andkilled two Pakistanis on Jan. 27in Lahore.

"It's not business as usual; it'snot open war," the official toldReuters. "Cooperation andoperations together will contin-ue at a lesser scale."

Another intelligence official

denied rumors that the twoagencies were not workingtogether.

"We are not ready to split," hesaid. "There has been a patchup because we have bothrealised that in the larger inter-est of the region and the war onterrorism, CIA and ISI mustwork together."

Davis' killing of twoPakistani men in the easterncity of Lahore in what he sayswas self-defence has inflamedanti-US sentiment in Pakistan,effectively giving the govern-ment little choice but to prose-cute him in court. His trial formurder begins on Friday.

Davis has been revealed to bea CIA contractor detailed toprovide security at the US con-sulate in Lahore. The UnitedStates says the assignmentgives Davis diplomatic immu-

nity and he should be releasedimmediately.

The US embassy inIslamabad declined to com-ment.

The possible presence ofmore CIA contractors likeDavis worries the ISI becausethey don't know how manythere are, their identities ortheir duties. Officials say therecould be "hundreds".

"We are concerned," the firstofficial told Reuters. "We don'tknow how many and we haveasked them (CIA) to give thisinformation to us. But theyhaven't done that yet."

Signs of strain were evidentin a letter the ISI sent to theWall Street Journal in responseto an article the newspaperpublished on the tensionbetween the agencies.

See # 3 Page 11

Raymond Davis Case:

Cracks appear inISI-CIA relations

ISLAMABAD: Prime MinisterSyed Yusuf Raza Gilani hasappreciated the professionalismof the Armed Forces ofPakistan. The Government, headded, has allocated adequateresources to equip them withthe state of the art technologies.

Prime Minister expressedthese views while talking toAdmiral Noman Bashir, Chiefof Naval Staff who called onhim at Prime Minister Houseon Thursday.

Referring to the discussion onthe floor of the ParliamentHouse regarding the issue ofpiracy in the Gulf of Eden andRed Sea, Prime Minister askedthe Naval Chief to take up theissue with the host countries.

He also issued instruction tothe Foreign Office for the repa-triation of the abducted ship-

men.Prime Minister observed that

extending command toPakistan of Anti-piracy multi-national task force is the mani-festation of the trust of interna-tional community on efforts ofPakistan Navy to maintainpeace in the region.

He assured the Naval Chiefthat Government will introducebill in the Parliament to legis-late on anti-piracy issue for giv-ing the Pakistan Navy propermandate to discharge theirresponsibilities in this regard.

The Naval Chief apprised thePrime Minister of "AmnExercise" to be hosted byPakistan Navy this March.

This exercise, he said, is heldafter every two years. In thisexercise, ships, marines, air-crafts and international

observers from 29 countrieswill participate, he added.

Accepting the invitation bythe Naval Chief to watch thisexercise, the Prime Ministersaid the participation of coun-tries in such a large number isan acknowledgement of theprofessionalism of PakistanNavy.

The Naval Chief apprised thePrime Minister that Pakistan iscommanding anti-piracy multi-national task force in the inter-national waters. He alsoinformed the Prime Ministerthat Secretary GeneralInternational MaritimeOrganization (IMO) has beeninvited to visit Pakistan to dis-cuss piracy issues and themeasures to build the capacityof Pakistan Navy in this regard.-Online

Pakistan to play wargames with 29 states

LAHORE: PML-N QuaidMian Nawaz Sharif hasalleged the incompetence andcorruption of the incumbentgovernment has pushed thecountry into whirlpool.

"The incompetence and cor-ruption of the present govern-ment has driven the countryinto ebb and tide.

PML-N has a team ofexperts which can extricatethe country from this mess",Mian Nawaz Sharif said thiswhile talking to party workers

from Bahawalpur division.Those who ambushed PML-

N should be punished; he saidadding taking the traitors ofdemocracy to task was in thenational interest.

Those quit the party undercoercion would be welcomeback, he underlined.

President Zardari got us dis-qualified through DogarCourt and then imposed gov-ernor rule in Punjab, hecharged.

"We demonstrated restraint

for 3-year after being hurt atthe hands of PresidentZardari. Long march stagedby the nation led to restora-tion of judiciary. This inde-pendent judiciary is salvagingthe nation from the bondageof corruption", he underlined.

Inflation, unemployment,load shedding, corruption andterrorism are continuity ofMusharraf policies, he held.

"I rejected the external dic-tation and conducted nucleartests and made the defence of

the country impregnable", hemaintained.

"We paved the way forpeaceful resolution ofKashmir issue", he told.

"We had reached the stageof exporting energy to Indiain 1999 but at present loadshedding up to 16 hours everyday is being observed", hetold. If our 1990 policies hadbeen allowed to continue thenPakistan would have becomeAsian Tiger today, heobserved. -Online

PML-N leader addresses party workers

Says govt’s incompetence pushed country into crisis

Sharif promises toweed out corruption

ISLAMABAD: FederalMinister for interprovincialcoordination Mian RazaRabbani Thursday toldNational Assembly thatBalochistan situation is sensi-tive and unfortunately itremains out of control, addingagencies are not involved inkidnapping of missing persons.

Replying to queries duringQuestion Hour, Rabbani told theHouse no substantial progresshas been made in locating themissing persons and the govt istrying to find them.

He said that addresses of resi-dences of several missing per-sons are wrong. Rabbani said thatseveral missing persons havebeen recovered and identified.

He further told the House thatthere is a common perceptionthat agencies are involved inkidnapping of missing personswhich is not true, as there areseveral other factors.

He said the Centre is strivinghard that law enforcing agenciesin Balochistan and security agen-cies work within their ambit.

Parliamentary SecretaryCommunication Saeed Iqbaltold the House that during thecurrent year Rs43 billion wereearmarked for communicationbut after a cut of 50 per cent wehave been given Rs21 billionwhich has been spent.

He told that NHA had madeplans of installing electronic tolland traffic management systemphase-wise on National HighwayN-5, added so far this system hasbeen installed on 7 toll plazas.

The basic purpose of the sys-tem is to monitor the process ofcollecting police fines.

Answering to a questionraised by Sufyan Yousuf hesaid NHA has paced up con-struction of highway in Karachiand Hyderabad.

See # 1 Page 11

Rabbaniterms B'stan

situation grim

ISLAMABAD: FederalMinister for Information andBroadcasting Firdaus AshiqAwan said that conspiracies tocreate political wrangling inPunjab would not be succeededat any cost.

Talking to media outsideParliament House ThursdayFederal Minister for Informationand Broadcasting Firdaus AshiqAwan said that the democraticgovernment does not want polit-ical fight in Punjab because thecountry is already confrontedwith different sorts of problems.

She said that our reconciliationefforts should not be regarded asweakness.

She said that Benazir Bhuttoeliminated politics of turncoatsand rendered sacrifices fornational stability and democracyand now some elements are try-ing to waste her sacrifices

through turn coats but their con-spiracies would not be succeed-ed.

She said that if anybodyopposes charter of democracythen we would be compelled toevolve future strategy while thedecision of the party would beimplemented.

She said that elements pos-sessing democratic thinking donot want to see any politicalfight on Punjab as our countrycannot afford this but if that hap-pened than every PPP workerwould stand up to give befittingresponse.

She said that PPP wanted topromote policy of reconciliationfor democracy but the policy ofreconciliation should not beregarded as sign of weakness.

She further said that no deci-sion would be made against thedignity of the country. -Online

Political row tohit progress:

Firdaus

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani shakes hand with

Chief Minister Punjab Shahbaz Sharif who called on him here on Thursday. -Online

"Amn Exercise" to be held during March