the financial daily-epaper-28-02-2011

International

UNSC slaps sanctions on Libya See on 2

PPP not interested in confrontation: Kaira See on Page 12

Pak among top 10 in human development See on Page 12

Crude Oil (brent)$/bbl 112.14

Crude Oil (WTI)$/bbl 97.88

Cotton $/lb 184.23

Gold $/ozs 1,409.30

Silver $/ozs 32.92

Malaysian Palm $ 1,155

GOLD (NCEL) PKR 38,597

KHI Cotton 40Kg PKR 12,646

Yearly(Jul, 2010 up to 25-Feb-2011)

Monthly(Feb, 2010 up to-25-Feb-2011)

Daily (25-Feb -2011)

Total Portfolio Invest (12-Feb-2011)

196.41

-4.34

-0.30

2972

-3.05

-2.89

3.15

5.92

1.01

-4.87

0.74

SCRA(U.S $ in million)

Portfolio Investment

FIPI (25-Feb-2011)

Local Companies (25-Feb-2011)

Banks / DFI (25-Feb-2011)

Mutual Funds (25-Feb-2011)

NBFC (25-Feb-2011)

Local Investors (25-Feb-2011)

Other Organization (25-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

175.29mn

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

13.60

2.00

1.70

10.80

PKR/Shares

110.89

116.01

42.65

36.25

36.85

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

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

26-Feb-2011

13.49%

13.69%

13.86%

14.00%

13.36%

13.60%

13.76%

14.14%

14.26%

14.18%

14.21%

14.20%

14.56%

14.77%

14.97%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.30 87.30

Canadian $ 86.70 87.70

Danish Krone 15.40 15.90

Euro 116.80 118.30

Hong Kong $ 10.70 11.15

Japanese Yen 1.029 1.055

Saudi Riyal 22.55 22.75

Singapore $ 66.50 67.50

Swedish Korona 13.10 13.70

Swiss Franc 89.70 90.40

U.A.E Dirham 23.18 23.40

UK Pound 137.20 138.50

US $ 85.35 85.65

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.43 86.64

Canadian $ 86.88 87.08

Danish Krone 15.81 15.85

Euro 117.88 118.16

Hong Kong $ 10.95 10.97

Japanese Yen 1.042 1.044

Saudi Riyal 22.74 22.80

Singapore $ 66.85 67.00

Swedish Korona 13.36 13.39

Swiss Franc 92.21 92.43

U.A.E Dirham 23.22 23.28

UK Pound 137.74 138.07

US $ 85.30 85.49

Inter-Bank Currency Rates

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Karachi, Monday, February 28, 2011, Rabi-ul-Awwal 24, Price Rs12 Pages 12

UN Council imposes

sanctions on LibyaSee on Page 12

ISLAMABAD: Kuwait hasagreed to provide $2bn worthof oil on deferred payment toPakistan.

The agreement between thetwo countries is expected to besigned in the next ten days.

This was decided during themeeting between President AsifAli Zardari and Kuwait's AmirSheikh Sabah Al-Ahmad Al-Jaber Al-Sabah lat Saturdaynight.

President Asif Ali Zardarijoined Kuwait's Amir SheikhSabah Al-Ahmad Al-Jaber Al-Sabah and world leaders in cel-ebrating Kuwait's goldenjubilee celebrations, markingits 50th Independence Day.

Around 40 heads of state and

government, envoys and spe-cial representatives gathered atthe 'Loyalty Parade' - the hall-mark of the festivities, held atKuwait city's north. A 21-gunsalute boomed as the Amir ofKuwait, along with PresidentZardari and other leadersentered the arena.

President Zardari visited theGulf state on a special invita-tion from Kuwait's Amir,Sheikh Sabah Al-Ahmad Al-Sabah, to attend celebrationsmarking his country's 50thIndependence Day, 20th libera-tion day and fifth anniversaryof his accession.

Pakistan's Ambassador inKuwait Iftikhar Aziz informedthat the president also urged

upon the Kuwaiti leadership toincrease the number ofPakistani skilled laborers in thecountry

Talking to PTV, Aziz said thePresident discussed bilateralties and the enhancement oftrade between both the coun-tries with the Amir of Kuwait,the crown prince as well asother dignitaries after.

He said that the president'svisit should prove to be produc-tive by attaining more invest-ment opportunities.

Aziz informed that morethan 153,000 Pakistanis arecurrently working in Kuwait,who sends $450 millionremittances annually toPakistan. -Agencies

Get $2bn oil, pay later,Kuwait tells Pakistan

Special Correspondent/Agencies

ISLAMABAD: After theincrease in the international oilprices it looked imperative forthe local petroleum prices to goup in Pakistan, otherwise gov-ernment would have to payRs11-13 billion subsidy duringthe month of March.

Sources in the FinanceMinistry said that it is necessaryto transfer some of the burdento the masses otherwise totalgovernment subsidy sinceDecember would reach to Rs25billion.

Prime Minister Syed YousufRaza Gilani has summoned animportant meeting, today(Monday), regarding final deci-sion of maintaining subsidy

over petroleum prices.Official sources said that

Petroleum Ministry has submit-ted its summary to PM Gilaniin reference to global petrole-um prices, in which it hasdeclared increase in petroleumtariff as mandatory; recom-mending an increase of Rs10-Rs13 per liter.

Official in the PetroleumMinistry said that a summary inthis regard has been to financeministry keeping the interna-tional statistics in view and nowthe ball is in the finance min-istry's court.

Sources have informedOnline that during the dialogueheld for reviewing petroleumprices between petroleum min-istry and special committeeformed for reviewing petroleum

tariff, severe reservations hadbeen expressed by PML-N,MQM and PML-Q, and hadresulted in severe deadlock infurther deliberations.

Due to the deadlock PM wasforced to maintain the existingpetroleum tariff for months ofJanuary and February, causing aloss of Rs12 billion plus in sub-sidies, which according tosources could incur a furtherloss of Rs8 billion.

Any increase in petroleumtariff could increase the price ofpetrol by Rs10.97 to Rs72.96per liter, High Octane byRs13.46 to Rs86.67 per liter,kerosene oil by Rs9.96 toRs70.95 per liter, high-speeddiesel by Rs11.99 per liter, andlight speed diesel by Rs12. 22 toRs66.61per liter.

Fed in fix overfuel price raiseGovt to give Rs11-13bn subsidy if it sustains prices

Petro ministry says Rs10-13 raise/ltr a must

Staff Reporter

KARACHI: President Asif AliZardari said Sunday thatPakistan Peoples Party wouldplay opposition's role in Punjabbut reconciliation policy wouldcontinue.

This he said while chairing anemergent session of PPP Sindhchapter's Core Committee atparty headquarters BilawalHouse.

"Our doors are not closed for

any party. The reconciliationpolicy will be continued at allcost pursuing the vision ofBenazir Bhutto," the PPP co-chairman affirmed.

Important decisions pertain-ing to PPP's ouster from PunjabAssembly and downsizing ofthe Sindh cabinet are likelytoday late in the evening.

The president has arrived inKarachi to chair the meetingsoon after visit to Kuwait.

See # 6 Page 11

Doors always openfor talks: President

ISLAMABAD: Chief MinisterPunjab Mian Shahbaz Sharif saidon Sunday that Pakistan PeoplesParty (PPP) foiled Charter ofDemocracy (CoD) and it tried toblame PML-N for its failure.

Addressing on the occasionof the 49th death anniversary ofHameed Nizami here in Al-Hamra Hall he said thatPakistan Muslim League-Nawaz (PML-N) was alongwith PPP for three years andsincerely tried for implementa-tion of CoD but unfortunatelythe later foiled the treaty.

Now they (PPP) are trying toblame PML-N for failure of theCoD, he added.

He asked that whether devel-opment in the last 45 days onnational agenda given by NawazSharif was in line with CoD.

The purpose of the charterwas to put the country on the

track of democracy where peo-ple could be served.

He said that his party firmlybelieved in restoration of con-stitution and rule of law.

He blamed president Zardarifor warning Sharif brothers ifthey don't allow Justice AbdulMajeed Dogar to continue asChief Justice of the SupremeCourt (SC) for three years.

He said that increasing infla-tion, looting pilgrims, enhanc-ing bank balances, corruptionin the institutions like NLCwere certainly in contradictionwith CoD.

Chief Minister said that thosewho were filling their personalpockets instead of aiming atdemocracy had buried CoD andby putting last nail in the coffinof the charter they are nowblaming PML-N for its failure.

See # 7 Page 11

Blame gamegathers pace

PPP broke CoD, alleges Shahbaz

'N' started 'Changa Manga' politics: Awan

ISLAMABAD: The establish-ments calling the shots both inUS and Pakistan have finallyagreed on their mutual need torescue bilateral relations frombeing hostage to the issue ofRaymond Davis.

"The Americans have finallyrealised it was beyond anyone'scapacity in Pakistan to verifyblanket immunity of Davisenabling his immediaterelease," well-placed sourcestold Online Sunday on condi-tion of anonymity.

"The ball is still in theAmerican court," added the

sources privy to developmentsbetween Islamabad andWashington after the bilateralrelations have hit a historic lowafter row over the status ofDavis, who killed twoPakistanis in Lahore on January27 and now standing trial in acourt of law.

Resistance from Pakistaniside to accept the Americanclaim of diplomatic immunityfor Davis, reportedly a CIAcontractor, had deteriorated therelations between close allies inongoing war against terrorism.

According to the sources,

Chief of Army Staff GeneralAshfaq Pervez Kayani's sug-gestion to value bilateral rela-tions having history of over 60years ahead of the Davis casehad prevailed. Kayani hadgiven this proposal of "rescuingthe relations" to the Americanmilitary leadership whom hemet at prescheduled meetinglast week in Oman.

CIA chief's, reported phonecall to ISI head on the very fol-lowing day was in follow-up ofagreement between the top gen-erals in Oman to arrest whatthey had termed as downhill

descent.Telephonic conversation

between General Ahmed ShujaPasha, the Director General ofISI and CIA Director LeonPanetta just following the dayAdmiral Mike Mullen, head ofthe U.S. Joint Chiefs of Staffhad spoken with Pakistan Armychief has partially eased the ten-sions of diplomatic corps of thetwo countries that were on theirtoes since the incident occurred.

Although Tehmina Janjua, theForeign Office spokespersonwas not available Sunday forcomments, senior Pakistani

diplomats told Online on condi-tion of anonymity, they wereanticipating resumption ofstalled bilateral interactions."After the top bosses both at themilitary and intelligence havetalked to each other, people atForeign Office as well as StateDepartment could now hope forearliest resumption of bilateralinteractions," the officialsadded.

It is pertinent to recall herethat the Obama Administrationhad cancelled all official invita-tions to Hussain Haqqani,Pakistan's Ambassador in

Washington, after making hisdemarche twice at White Houseinstead of the State Department.

"Still you cannot call it as abreakthrough, since theAmericans are finding it hard toaccept anything less than diplo-matic immunity for Davis," thesenior officials in the ForeignMinistry said. "What they haveunderstood so far was that hisrelease was not immediatelypossible," they opined adding,"You can say that they(Americans) have softenedtheir so-called imperial arro-gance." -Online

Davis case: Pak, US agree to rescue relations

Ahmed Siddique

KARACHI: Repatriation ofprofit by the foreign companieshas decreased by 6.1 per cent infirst seven month of the fiscalyear 2011, according to theState Bank of Pakistan data onsector-wise repatriation of prof-it.

From July to January 2010-11, the repatriation of profit byforeign companies in Pakistandipped $338.2 million against$360 million witnessed in thecorresponding period last year.

During the period underreview, profit repatriation onaccount of foreign direct invest-ment (FDI) stood at $262.8 mil-lion which represents 77.7 percent of total repartition while onforeign portfolio investment(FPI) it stood at $75.4 million(22.3 per cent of total reparti-

tion).Telecommunications sector

remained the major contributorto this outflow in terms of dol-lar, as their companies sent$52.7 million against $51.6 mil-lion send abroad by the sector in7MFY10.

Likewise, power sector wit-nessed repatriation of $52.2 mil-lion against $41.6 million in theidentical period last year.

Furthermore, oil and gasexploration companies havetransferred $51.9 million prof-it/dividend in 7MFY11 by surg-ing 102 per cent increases asagainst $25.7 million trans-ferred in the same precedingperiod.

Similarly, repatriation of prof-it by the financial business riseto $43.1 million compared to$17.8 million during the sameperiod last year.

Profit repatriationdown 6.1pc in 7M

Probe ondetainedAmericancontinues

PESHAWAR: An Americandetained for visa violations innorthwest Pakistan is a contrac-tor who had worked on a US-funded construction project inthe region, a security officialsaid.

Pakistan's intelligenceagency says it is scrutinizingthe details of Americans in thecountry after the arrest lastmonth of a CIA employee forshooting dead two Pakistanis inthe eastern city of Lahore, but itwas unclear whether the arrestof Aaron Mark DeHaven inPeshawar on Friday was direct-ly related.

The killings in Lahore havesharply raised tensions betweenPakistan's spy agency and theCIA and have also unleashed anew round of anti-Americanrhetoric in the country.

On Saturday, more than 300members from the Jamaat-ud-Dawa charity, which has mili-tant links, rallied in Lahore,urging the government to hangthe detained CIA contractor,Raymond Allen Davis.

See # 5 Page 11

Two judgesgo missingin B'stan

QUETTA: Two serving judgeshave disappeared mysteriouslyfrom Naseerabad, Balochistan.

According to local TV,District and Session Judge ofSibbi Jan Muhammad Goharand Civil Judge Muhammad Alileft Sibi for Ousta Muhammad,breaking their journey for a cupof tea with Judicial Magistrateof Dera Allah Yar; after which

See # 8 Page 11

ZAWIYA, Libya: A Libyan army tank manned by soldiers opposed to leader MuammarGaddafi is surrounded by protesters against Gaddafi in the city of Zawiya.-Reuters

NA sessionstarts today

ISLAMABAD: The ongoingsession of the NationalAssembly will resume fromMonday at 5.00pm in theParliament House.

Speaker of the NationalAssembly Dr Fehmida Mirza willpreside over the session. -APP

Pak foreigndebt up at$58 billion

KARACHI: By courtesy ofthe present Government of thecountry, on one hand therupee dropped by Rs22.50against dollar while on theother the already frail econo-my of Pakistan has been fur-ther burdened by an addition-al international debt of 12 bil-lion dollars.

See # 9 Page 11

PM Gilani chairs important meeting today

PPP to play role of Opposition in Punjab

Agreement to be signed within next ten days

2 Monday, February 28, 2011

KARACHI: The four-hour load-shedding hasresulted in Rs500 millionlosses in Tannery Zonefor the last three days interms of production hoursand damage to the stock.

The Chairman PakistanTanners Association(S.Z) Aziz Ahmed whileexpressing his grave con-cern over ongoing load-shedding in industrialareas particularly inTannery Zone for the lastthree days said that due toabrupt decision of KESCto start four hours powershedding has resulted inlosses of over Rs500 mil-lion and the exporters arefearing their inability ful-fill export commitments.

"KESC has started

load-shedding onFebruary 22, withoutinforming the industry onthe pretext that SSGC hascurtailed gas supply toKESC due to which theelectricity generation hasdropped significantly",Aziz said adding that incase low gas supplyKESC should generatepower through furnaceoil instead of pittingentire city into darkness.

He said that a largecluster of tanning indus-try is engaged in the pro-cessing work ofexportable products ofleather and leather made-ups which plays pivotalrole in the growth ofcountry's economythrough earning precious

foreign exchange for thecountry but utilities agen-cies are playing negativerole in country's econo-my.

He said that nationaleconomy is already inbad shape and in such asituation created byKESC would break thebackbone of country'seconomy.

He appealed to theGovernor Sindh to inter-vene again and stop theunnecessary load-shed-ding in the industrialareas and ask the KESCmanagement to ensureuninterrupted power sup-ply to the industrial sec-tor particularly theleather sector industry. -APP

Tanners suffer Rs500 loss in 4-day

Electricity-cutshobble tanners

KARACHI: Due to thelaw and order situation inthe country, the sightsee-ing/ tourist places for theinternational tourists, arealmost idle, this is the hightime that Governmentshould take some drasticactions to save the touristplaces and the heritage ofPakistan both for thedomestic and internationaltourists, as well.

This was stated by theChairman, Travel AgentsAssociation of Pakistan(TAAP), M Yahya Polaniat his residence at the timeof farewell dinner in honorof Darayus HappyMinwalla, the outgoingCountry Manager ofCathay Pacific.

To streamline the affairsof the national carrier, it isimperative that govern-ment should induct the pri-vate sector, so that thedeficit of PIA will definite-ly be gone down, which ispresently on the skyrocket-

ing.One the one the fiscal

deficit and on the otherhand the surplus in theemployment, creating analarming situation for thenational carrier, Polaniadded

Furthermore, YahyaPolani suggested that PIAshould include in its Boardof Directors, the personswho are well aware aboutthe problems of aviation.

Yahya Polani commend-ed the tremendous servicesof Happy Minwalla in pro-moting the affairs ofCathay Pacific during histenure.

On the occasion,Darayus Happy Minwallathanked to Yahya Polaniand also TAAP members,who gave their fullest sup-port to him during histenure.

This is not the one-man-show, but all the employ-ees of Cathay Pacific fromtop to bottom are the

stakeholders of CathayPacific in its success, sothat the trickle down effectis possible in order to suc-cess of any enterprise,Minwalla supplemented.

Minwalla also stated thatat any stage, if PIArequires him, he would behappy to do so and put hisshare for the national carri-er.

The event was largelyattended by various emi-nent such as, SaleemSiyani (DMD PIA),Mustafa Khan (CountryManager IATA-Pakistan),Arif Ali Abbasi (EX-MDPIA), Feroz Jamal, FerozYunus, Hanif Rinch,Nadeem Sharif (FormerChairman TAAP), HanifDossani, Sardar RafiqKhan Bukhari, HajiMasood Parekh, AbdulKalam, Mirza Atif Baig,Ken Marshal, SaleemAhmed (SecretaryGeneral TAAP) and manyothers. -PR

Hosts dinner for Cathy Pacific Country Manager

TAAP urges govtto promote tourism

KARACHI: TheConsulate General of theRepublic of Indonesia inKarachi participated in theprogram to celebrate the"World UnderstandingMonth and 106th RotaryAnniversary" recently atCarlton Hotel here.

This event was held to pro-mote peace and harmony oflife in the world, by organis-ing cultural performancesfrom several countries.

Some consulate generalshere, cultural centers,schools and social institu-tions were invited todemonstrate their multicultural program such asmusical instrument, songs,dances, dresses, and docu-mentary films abouttourism of each country.

This event was attendedby around 200 (two hun-dred) audiences, includingConsul Generals inKarachi, elites of the City,businessmen, and adminis-trators & members of the

Rotary Club in Karachi.Indonesian Consul

General was also attendedat the occasion. TheConsulate General of theRepublic of Indonesia pre-sented Blantek dance andBadindin dance which wereperformed by Indonesianchildren. Blantek dancewas selected as the openingdance of the event.

At the end of the program,all participants sang a songcalled "We are the world".The District Governor ofRotary International distrib-uted plaques as an apprecia-tion to the participants.

The program of WorldUnderstanding Month &106th Rotary Anniversaryhas successfully organized,and the District Governor ofRotary International, SShahab Balkhi expressedhis appreciations and thanksto the participants, especial-ly to Indonesian childrenwho performed wonderfuldances. -APP

WorldUnderstandingMonth marked

Staff Reporter

KARACHI: Due to fightagainst terror, economicissues, socio-geographicscenario of the region andinternal challenges, thecountry cannot affordrevival of `ChangaMaanga' like horse-trad-ing and political con-frontation.

This was stated here onSunday by theInformation Secretary ofPakistan Peoples Party(PPP) Women WingSindh, Sharmila Faruqui.

She was of the view thatthe Pakistan MuslimLeague-Nawaz took awrong decision of oustingthe PPP ministers from thePunjab cabinet at the timewhen the PPP already hasimplemented 21 points ofCharter of Democracy(CoD) and was now goingto implement 10-point

agenda given by thePakistan Muslim League-Nawaz (PML-N).

In a statement, Sharmilasaid that after generalelections, the PPP hadstrength to form a govern-ment in Punjab adding butit provided a chance to thePML-N honoring the man-date following the CoDand Shaheed BenazirBhutto's policy of recon-ciliation.

She raised questionwhether passage of 18thand 19th Amendmentsinto the Constitution, abo-lition of concurrent list,ensuring maximumprovincial autonomy, 7thconsensus NationalFinance CommissionAward, Aghaz-e-Huqooq-e-Balochistan Packageand restoration of 1973Constitution in its realshape were not implemen-tation of the CoD as the

PML-N decided to partways with the PPP.

'It was not only respon-sibility of the PPP toimplement CoD but alsoresponsibility of the PML-N as per the agreementsigned by both ShaheedBenazir Bhutto and MianNawaz Sharif in London',she said adding that thedecision of ousting thePPP ministers from thePunjab government wasan open violation of theCoD.

Sharmila observed thatthe PML-N had taken thestep to implement agendaof the elements who want-ed instability in the coun-try and damage to democ-racy adding that the PML-N was going to benefitanti-democratic forces byencouraging horse-trad-ing.

She said that the PPPwould not move to desta-

bilize the PML-N ledPunjab government as itbelieved in policy of rec-onciliation and politicalharmony adding that thePPP would play role ofopposition in the PunjabAssembly as it had alreadyplayed such role for longtime.

Sharmila said the PML-N leadership would haveto avoid horse-trading andcreating political anarchylike situation if it was sin-cere with the democracyadding that it should avoidplaying an unconstitution-al role against democraticvalues.

She said President AsifAli Zardari and PrimeMinister Syed YousufRaza Gilani wanted con-tinuation of policy of rec-onciliation following themission and desire ofShaheed MohtarmaBenazir Bhutto.

Pakistan can’tafford political

face-off: Sharmila

KARACHI: The rice exporters from Pakistanhave been invited to participate in a big way inthe first ever international rice exhibition "RiceInternational Conference and Exhibition (RICE)Dubai2011" to be held from May 9 to 11, 2011atMadinat-ul Jumeirah UAE.

Chairman FAM Holding, Dr Faisal Ali Mousa,a conglomerate in United Arab Emirates, whileaddressing a press conference along with hisrepresentative in Pakistan Asad Sajjad, saidevent would provide opportunity to Pakistanirice exporters to explore new markets and buy-ers to increase exports of this commodity.

Besides rice, FAM Holding of UAE is keen topurchase building materials including cement,marbles and granite, tiles and sanitary-ware inlarge quantity from Pakistan.

He informed that he had fruitful meetings withthe stakeholders in his first visit and he likely tosign some Joint Venture with some Pakistaniconglomerate in his next visit.

About the event, he said that the RICE -Dubai 2011 is the first and unique internationalevent in the region to gather all stakeholders ofinternational rice market under one roof. It istherefore a global stage, where different associ-ated industry players can demonstrate theircapabilities, services, products, and scientificoutputs, and make these available for business-es.

They can also establish new deals and busi-ness relations," said Dr Faisal Ali Mousa, who isalso the Chairman of Ideal Idea EventsManagement.

"This is one of the biggest opportunities tobring your brand to the international market orintroduce new products into the internationalmarket", he said adding this will boost up sales,profitability and increase client base acrossMiddle East, Africa and European region.

The exhibition is a showcase for manufactur-ers, distributors, and suppliers around the world,

representing all key sectors within rice trade toexpand their client base and venture into emerg-ing markets. He said that RICE would serve as anideal platform for attracting 10,000 trade visitorsand bulk buyers. This event will be organized byIdeal Idea Events Management, one of the lead-ing event organisers in the region, he added.

He pointed out that more than 60 countriesparticipation helps to identify new marketopportunities, gain market intelligence and findnew channels to market products.

"We are getting trade enquiries from buyingnations such as Qatar, Saudi Arabia,Philippines, Nigeria, Iran, Iraq, Senegal,Malaysia, Yemen, Syria, Kuwait, Oman, Jordan,Russia, Cambodia, Sudan, Libya, Bahrain andother countries", he said adding "theseenquiries will be canalized to our exhibitors fortheir business prosperity."

Dubai's proximity to major rice producers,excellent shipping infrastructure, storage facili-

ties, trade promoting environment and financingoptions provides competitive advantages to ricetraders intending to expand in the Middle Eastand North Africa (MENA) region.

He said that a recent study conducted by theMinistry of Foreign Trade, United ArabEmirates has revealed that UAE has been thetop global re-exporter of rice over the past fiveyears (2005- 2009).

The study revealed that the UAL's share ofglobal rice re-exports stood at 93 per cent,underlining the country's strategic importancein the global rice trade - due to it being situatedin a pivotal point between international produc-tion, export, and consumption areas in SouthEast Asia and the rest of the world - and furtherunderscoring the competitiveness of the UAL'slogistical services and the ease of customs pro-cedures as factors that have helped the UAEattain this significant position in the rice trade.-Agencies

Pak may get $200mn rice export orders

TV PROGRAMMES

MONDAY

Time Programmes7:00 News8:00 News9:05 Best of Subah

Savere Maya Kay Sath

11:10 Tafteesh (Rpt)12:00 News13:10 Newsbeat (Rpt)14:10 Awam Ki Awaz

(Rpt)15:00 News16:10 Faisla Aap Ka (Rpt)17:30 Samaa Metro18:00 News18:30 Aap Ki Baat19:00 News19:05 Mutasareen19:30 Taxi News20:05 Tafteesh21:00 News22:03 Faisla Aap Ka23:00 News23:03 Awam Ki Awaz

(Rpt)

SIALKOT: Federal Minister for Information and Braodcasting Dr Firdous Ashiq Awan talks to themediamen during a reception in her honour by Sialkot Airport. President AJK Sardar Zulqarnain Haider,

Chief Minister Gilgit-Baltistan Syed Mehdi Shah and Chairman Sialkot International Airport limited(SIAL) Syed Mukhtar Bukhari are also seen in the picture.-Online

KARACHI: People take keen interest in the arrangement of flowerson the last day of flowers exhibition in Clifton.-Online

PCA urges

on economy

planningISLAMABAD: ThePakistan ComputerAssociation (PCA) hasurged the government totake business communityinto confidence while tak-ing vital decision regardingthe economy of the country.

The Association, whileexpressing deep concernover the deteriorating eco-nomic conditions also soughurgent remedial measures tocorrect economy.

Munawar Iqbal, theCentral President of PCAsaid that the governmentought to come forwardwith a comprehensiveaction plan. In this connec-tion, steps need to be iden-tified so that key issuesregarding businesses, tradeas well as overall economycould be dealt in an effec-tive manner, he said.

Munawar Iqbal said thatlow economic growth, highfood inflation and cost andshortage of energy and ris-ing unemployment, werethe issues that demandurgent measures.-APP

Intelintroduces

ThunderboltKARACHI: IntelCorporation announced theavailability of Thunderbolttechnology, a new high-speed PC connection tech-nology that brings togetherhigh-speed data transferand high-definition (HD)display on to a single cable.

Running at 10Gbps,Thunderbolt technologycan transfer a full-lengthHD movie in less than 30seconds.

This Intel-developed tech-nology is coming to marketthrough a technical collabo-ration with Apple, and isavailable first on Apple'snew line of MacBook Prolaptop computers.

The vision forThunderbolt technology(formerly codenamed"Light Peak") is to movemedia faster, simplify con-nections between devices,and foster new and excitingways to build and use PCs.

Combining high-speeddata and HD video connec-tions together onto a singlecable is instrumental toachieving that vision.

Thunderbolt technologyis designed to meet thedemands of serious HDmedia creators.

At 10Gbps, larger mediafiles are transferred fasterso there's less time spentwaiting to watch and editvideos. Data can be backedup and restored quicker, sothere's less waiting forarchived content. -PR

3rd Saarcsimulation

exercise KARACHI: TheDepartment of InternationalRelations, University ofKarachi, is organizing thethird SAARC SimulationExercise in collaborationwith the Hanns SeidalFoundation, Islamabad, fromFebruary 28 to March 3.

An official of theUniversity said on Sundaythat in this exercise, 56 stu-dents from variousUniversities of Pakistanwill participate.

The main objective of theexercise is to see as to howthe students analyze vari-ous issues, both real andvirtual, faced by the Saarcmember countries and todevise strategies for mak-ing Saarc, a vibrant region-al organization.

It was further announcedthat the inaugural sessionwill be held on February28. The Vice-Chancellor ofKarachi University, Prof.Dr. Pirzada Qasim RazaSiddiqui, will be the chiefguest. -APP

Bonanzalaunchessummer

seriesStaff Reporter

KARACHI: Bonanza, thebrand that has always keptus warm in winter, is all setto launch its designer serieslawn this summer.

Continuing with its tradi-tion of providing the finestquality material, the lawncollection comprises the bestfabric with chiffon Dupattasand exceptional pastal colorswith embroidery.

The brand exhibited itsfirst ever lawn collectionfrom Feb 25th till 27th atKohinoor Hall, PearlContinental Hotel, Karachi.

Red Carpet held onFebruary 25th at theMahnoor Hall where themedia had a chance tointeract with the 2 mostgorgeous women of thePakistani film industry,Reema and Meera, whohave also endorsed thebrand in the past.-

Ousting PPP from Punjab a wrong decision

First-ever rice exhibition; UAE conglomerate FAM Holdings seeks JV in Pakistan

3Monday, February 28, 2011

NEW YORK: Brent oil rose involatile trade on Friday to holdabove $112 a barrel but belowThursday's 2-1/2-year highs afterSaudi Arabia raised output tocalm fears of supply disruptionssparked by Libya's uprising.

Saudi Arabia has boosted out-put by more than 700,000 barrelsper day, to a level exceeding 9million bpd, a senior industrysource familiar with Saudi pro-duction told Reuters.

Worries about the worseningsituation in Libya, where oil out-ages have risen to as much asthree quarters of its 1.6 millionbpd output, spurred short-cover-ing before the weekend.

Those moves were furtherstoked by news that the UnitedStates was imposing sanctions andcutting diplomatic ties with Libyaas Muammar Gaddafi's securityforces cracked down against awidening revolt against his rule.

"I don't think many traders arecomfortable being short over the

weekend," said Tom Bentz, a bro-ker at BNP Paribas CommodityFutures in New York.

Estimates of Libya's supplyloss could not be confirmed,however, with conditions unset-tled as rebels fought to wrest con-trol of oilfields and terminals inthe east of the country fromGaddafi loyalists.

On Thursday, the disruptionspushed Brent to almost $120 andUS crude to more than $103.Brent shot ahead as more ofLibya's oil exports go toEuropean refiners than to those inthe United States.

In London, Brent futures forApril closed up 78 cents at$112.14 a barrel, the highestweekly settlement since Aug. 21,2008. They peaked at $113.91,below Thursday's high of$119.79, the loftiest intradaysince August 2008.

US April crude futures settledup 60 cents at $97.88, the highestweekly close since September

2008, and reached $99.20 earlier.That was well below Thursday'sintraday peak of $103.41, alsothe highest since September2008.

Brent's premium against UScrude rose to $14.26, from$14.08 at the close on Thursday,when the Brent spread againstUS benchmark West TexasIntermediate rocketed to a record$16.91.

"Fears that the unrest in Libyacould turn into a civil war andwipe out its oil production havebeen offset by assurances fromSaudi Arabia that it is raising out-put," said Gene McGillian, ana-lyst at Tradition Energy inStamford, Connecticut.

US crude drew support from arise in consumer confidence to athree-year high in February, sug-gesting the economy remained ona solid footing despite high gaso-line prices, according to aThomsonReuters/University ofMichigan survey.-Reuters

Brent crude above $112,Saudi output limits gain

NEW YORK: The Swiss francmay extend its rally this week astensions in Libya and fears ofcontagion prompt investors toseek safety, while the US dollar'sfate could hinge on the monthlyUS jobs report.

The Swiss currency on Fridayposted its biggest two-weekadvance against the dollar in eightmonths as investors feared theuprising in Libya could spread toother oil-producing countries. Aspike in energy prices could hurtUS consumer spending and crimpglobal economic growth.

"So far the situation remainsfluid. It doesn't look like it's goingaway anytime soon. So as long asit persists, the Swiss franc shouldbenefit," said Mary Nicola, cur-rency strategist at BNP Paribas inNew York.

US jobs data for February, duenext Friday, will also be a majorfocus for investors. Economistspolled by Reuters are expectingan increase of 178,000 jobs, upsharply from a meager 36,000gain in January.

A better-than-expected jobsreport could boost optimismabout the labor market, which hasbeen a weak spot in the economicrecovery, and benefit the dollar.

The dollar fell 4.7 per centagainst the Swiss franc over thelast two weeks, the largest declinesince late June. It earlier hit arecord low of 0.9229 on tradingplatform EBS, before recoveringto last trade at 0.9284, up 0.3 percent.

The euro last traded at 1.2767

Swiss francs, down 0.1 per cent onthe day and off 1.3 per cent this week.

Fed Chairman Ben Bernanketestifies to Congress on Tuesdayand Wednesday, and analyststhink he is unlikely to suggestmuch appetite within the centralbank for scaling back a $600 bil-lion government bond-buyingprogram launched in November.

"Fed Chairman Bernanke willlikely repeat the logic underlyingthe Fed's comfort in his semi-annual testimony to Congress thisweek. It is a stance that will con-tinue to undermine the USD rela-tive to its more hawkish peerselsewhere," said Daragh Maher,deputy head of global FX strategyat Credit Agricole CIB in London.

The European Central Bank isexpected to leave interest rates ata record low of 1 per cent thisweek. Investors will closely mon-itor comments by ECB head Jean-Claude Trichet for clues about theoutlook for monetary policy.

Recent inflation-fighting rheto-ric from Bank officials haveboosted expectations euro-zoneinterest rates will rise more quick-ly than those in the United States.

"With inflation rising, thatcould be a main concern, so wecould see them pick up theirhawkish rhetoric," BNP Paribas'Nicola said.

The latest positioning datashowed currency speculatorsboosted bets in favor of the euroin the latest week to the highestsince October. They alsoincreased long positions in theSwiss franc.

The euro last traded down 0.4per cent at $1.3743, reversing ear-lier gains that had taken it to$1.3839, to the highest levelagainst the dollar in more thanthree weeks.

The next upside target liesaround $1.3862, this year's high.A break above could see the eurorise toward the $1.3950 area, the200-week moving average, fol-lowed by strong resistance at the$1.40 level.

The dollar rebounded onFriday, helped by a retreat in oilprices after Saudi Arabia steppedup crude supply. The inverse rela-tionship between the greenbackand oil has strengthened lastweek. Against a basket of curren-cies, the dollar rose 0.3 per cent to77.281, after earlier hitting a lowof 76.945.

Higher oil prices and expecta-tions the Fed will lag other majorcentral banks in tightening hit thedollar last week, sparking specu-lation the greenback has lost itssafe-haven role despite tensionsin the Middle East and Africa.

But Adam Cole, global head ofFX strategy at RBC CapitalMarkets in London, said riskappetite is playing "second fid-dle" to interest rate expectations.

To suggest that the US currencyhas lost its safe-haven role, headded, "overlooks the upsiderisks to the dollar if unrest in theMiddle East continues to spreadbeyond a small number of hotspots and hence spills over into adeeper and more broadly basedsell-off in risky assets." -Reuters

MEast fears to lift Swissfranc; US jobs, ECB eyed

Forex market weekly outlook

Divergent euro zone-US rate view supports euro

Swiss franc hits record high vs dollar, more gains seen

BANKOK: Asian currenciescompleted a weekly decline,led by the Taiwan dollar andSouth Korea's won, as an upris-ing in Libya pushed up oilprices and sapped demand foremerging-market assets.

Global funds sold $1.5 billionmore Taiwanese, South Koreanand Indonesian stocks than theybought last week throughFriday, exchange data show.

"Geopolitical risks increasedrisk-aversion sentiment in theregion," said Frances Cheung, asenior strategist at CreditAgricole CIB in Hong Kong."Asian markets continued toexperience foreign outflows."

Taiwan's dollar slumped 1.2per cent last week toNT$29.754 versus the green-back, according to TaipeiForex Inc. South Korea's wondropped 1.3 per cent to1,126.45, the Philippine pesoweakened 0.8 per cent to43.708 and the Malaysian

ringgit fell 0.5 per cent to3.0505.

Taiwan's dollar sunk to thelowest since Jan. 7 after over-seas investors sold a net $1 bil-lion of the island's equities inthe first four days of the week.The benchmark Taiex index ofstocks retreated 2.8 per centfrom a week ago.

The peso had its biggestweekly decline since the periodending Jan. 7 on concern therising oil price will push up itsimport costs.

The Philippines is "watchingclosely" the tension in theMiddle East and its impact oncrude prices, EconomicPlanning Secretary CayetanoPaderanga said. The countryimports almost all of the oil ituses.

The won touched 1,135.45 onFeb. 23, its weakest level thisyear. South Korea importsalmost all of its oil and higherprices may hurt the nation's

current-account surplus, whichnarrowed to an 11-month lowin January.

The ringgit posted a weeklydecline after official data lastweek showed inflation acceler-ated to 2.4 per cent in Januaryfrom a year earlier, the fastestpace since May 2009.

"The risk aversion because ofthe Middle East was rapid,"said Akira Banno, a treasuryadviser at Bank of Tokyo-Mitsubishi UFJ Bhd. in KualaLumpur. "Investors are con-cerned that cash may be takenout of Asia."

Elsewhere, the Indian rupeedropped 0.3 per cent last weekto 45.3525 against the dollar,the Thai baht declined 0.2 percent to 30.64 and theSingapore dollar was littlechanged at S$1.2751. China'syuan was little changed at6.5750, while Indonesia'srupiah strengthened 0.2 percent to 8,838. -Agencies

Mostly log losses forwk on Libya turmoil

Asian currencies

TORONTO: The Canadian dol-lar closed near three-year highsagainst its US counterpart onFriday as risk appetite returnedon the back of stronger equitiesand recent strength in oil prices.

The Canadian dollar closed atC$0.9787 to the US dollar, or$1.0218, up from Thursday's NorthAmerican finish of C$0.9832 to theUS dollar, or $1.0171.

Earlier it rose as high asC$0.9780, or $1.0225, its loftiestlevel since March 2008, when itclosed at C$0.9740.

Canada is a major oil exporterand although crude prices weredown from Thursday's 2-1/2 yearhighs, they were still strong onFriday and allowed the currencyto break the C$0.98 barrier.

"It was risk appetite for sure.

Equity markets were up acrossthe board -- that was the maindriver," said Kam Bath, a fixedincome strategist at RBC CapitalMarkets. "(Oil) for sure has beenunderpinning it, and letting CADhold on to its gains."

The currency also found somestrength after Canada reported itsnine-month budget deficit shrankfrom a year earlier.

Canada reports GDP figures onMonday and the Bank of Canadawill be announcing its next ratedecision on Tuesday.

"Canada has benefited a littlebit from ... its relative safe-havenstatus, considering all the thingsgoing on in the world -- the unrestin the Middle East and NorthernAfrica," said Steve Butler, direc-tor of foreign exchange trading at

Scotia Capital.Some analysts said the

Canadian dollar could continueto test highs last seen before thefinancial crisis, with few techni-cal barriers in the way of furthergains. But Jacqui Douglas, cur-rency strategist at TD Securities,said the currency's rise may beoverdone.

"The move lower in USD/CADreally has not had too muchmomentum behind it. It seems likeit's been a pretty slow grind lower(for the US dollar)," she said.

"Looking at all the risks outthere with the GDP, Bank ofCanada, and what's happeningglobally, I think the risk is a big-ger move to the upside (for theUS dollar) than a move to thedownside." -Reuters

C$ rises to near 3yrhigh, backed by oil

NEW YORK: US cottonfutures surged to their upsidelimit late on Friday, after spend-ing most of the session in nega-tive territory, but brokers saidthe gains were made on verylight volume initiated by specu-lative buyers.

March futures, currently in thedelivery period which eliminatesthe price limit, advanced by agreater amount than later-datedcontracts.

March cotton ended 10.06cents, or 5.55 per cent, higher at$1.9134 per lb, after shooting toa 10-day peak at $1.9250 a lbreached in a very short span oftime. March volume was a mere

190 lots.Similarly, benchmark May

contracts, which traded sharplylower for most of the session,suddenly advanced by theupside limit of 7 cents, a 3.95per cent increase, to $1.8423.

Volume in May contracts cameto 9,375 lots. Contracts throughMarch 2012 also rallied to theirupside limit, with the rest finish-ing with substantial gains.

Brokers said the initial surgecame quickly and on little vol-ume. Trades were said to be exe-cuted by one large fund thatoften speculates in the optionsmarket, as many players stoodsidelined following the extreme

gyrations of recent weeks."We jumped 7 cents on

approximately 200 futures con-tracts bought. The point is, wehave such thin conditions that ifsomeone has to buy, it will takeit up substantially," said RonLawson, Managing Director, oflogicadvisors.com.

The first round of buying sentprices up sharply, triggeringstop-loss buy orders. That movepulled other buyers into the mar-ket who wanted to avoid gettingleft behind in any rally, drivingprices up to their 7 cent limit.

The December contract closed atits 7-cent upside limit of $1.2274 alb, up 6.05 per cent. -Reuters

US cotton soars to limitbefore close, specs buy

NEW YORK: Gold rose towards$1,410 an ounce on Friday, postingits fourth consecutive weekly gainas the crisis in Libya and soaring oilprices stoked inflation worries.

Bullion gained 1.5 per cent thisweek, with investors seeking a safehaven as a popular uprising againstLibyan ruler Muammar Gaddaficlosed in around him. French esti-mates say some 2,000 people mayhave died.

"The reality is, inflation is goingto happen. It's just a question ofwhen, with the rise of commoditiesprices and the budget deficit that wehave right now," said Fred Demler,head of commodities at futures bro-ker MF Global. Spot gold rose 0.5per cent to $1,409 an ounce by1937 GMT. Bullion hit a record$1,430.95 an ounce on Dec. 7.

US gold futures for April deliverysettled down $6.50 an ounce at

$1,409.30.Analysts said gold's gains had

been driven by a technical breakouton weekly charts, even as bullionstill faced heavy resistance aroundits December highs near $1,410 anounce. "A potential for bottomingin equities and a possible climax inMiddle East tensions ... can thusforce a correction back downtoward the 50-day moving averagenear $1,374," MF Global said in anote.

The unfolding situation acrossthe Middle East and North Africawill remain in focus next week.

"In order for already high goldand silver prices to be sustained, themarket may require a steady diet ofincreased strife in the Middle East,coupled with higher oil prices,"HSBC analyst James Steel said in anote. "As long as Saudi Arabiaremains stable the risk factor in the

Middle East is to some degree con-tained," Steel said.

Investment demand in developedmarkets for products such as gold-backed exchange-traded fundsremained soft. Holdings of thelargest, New York's SPDR GoldTrust, fell to a nine-month low at1,211.568 tonnes on Thursday.

Holdings of the largest silverETF, the iShares Silver Trust,meanwhile, rose to a six-week highat 10,666.35 tonnes on Thursday.

Silver gained 1.3 per cent to$33.12 an ounce. The metal posteda fifth consecutive weekly gain.

Platinum rose 1.3 per cent to$1,799.99 an ounce, while palladi-um increased 1.9 per cent to$785.47. Palladium, one of the topperformers in the commoditiescomplex last year, notched itsbiggest weekly drop since July2010. -Reuters

Gold posts 4th straightweekly gain on oil, unrest

NEW YORK/LONDON: Cocoafutures on ICE rose to close at a32-year high Friday as rebelsseized a town in top grower IvoryCoast, while raw sugar reboundedahead of the March contract'sexpiry Monday. Coffee pricesrose after a two-day setback.

The United Nations SecretaryGeneral said Ivory Coast wascloser to the brink of a new civilwar after rebels controlling thenorth seized a town in govern-ment territory and were headingsouth. May cocoa on ICE rose$14 to finish at $3,639 pertonne, the highest settlementsince January 1979, after touch-ing a session high at $3,650.This widened the premium ofMay to $66 compared with July,from $65 on Thursday.

The contract has risen about$600, or 28 per cent, since earlyJanuary as the crisis in IvoryCoast has deepened. Volume,however, was thin at about 8,500lots, down about 60 per centfrom the 30-day average.

The sterling-based Liffe con-tract was also higher with Mayclosing up 18 pounds at 2,368pounds a tonne, after hitting thehighest for the second positionsince July 2010 at 2,377 pounds.

Raw sugar futures were higherwith the market's focus onMonday's expiry of the March

contract. The nearby premiumclosed at 2.78 cents a lb, widen-ing from 2.39 cents at the closeon Thursday, with the decisionby Russia earlier this week to cutimport tariffs seen increasing theappetite to take delivery.

May raw sugar futures jumped0.91 cent or 3 per cent to finishat 28.74 cents per lb while Maywhite sugar on Liffe rose $21.40to finish at $726.40 per tonne.

Arabica coffee futures on ICEwere higher as the market beganto creep back up towardsTuesday's peaks which were thehighest levels seen in 34 years at$2.7840 per lb, basis May.

The market suffered its weak-est two-day performance in amonth on Wednesday andThursday with the setback seenlargely as a technical correctionafter its prolonged advance andas investors got out of their longpositions. May arabica coffeerose 3.15 cents to finish at$2.6780 per lb, in an inside day.

A shortage of high quality arabi-ca coffee from Colombia, suffer-ing from several consecutivesmaller crops, has fueled the cof-fee rally and a drawdown ofstocks. May robusta coffee gained$10 to finish at $2,339 a tonne asdealers noted a pick-up in exportsfrom top robusta producerVietnam. -Reuters

Cocoa at 32yr peak;Coffee edges up

Copper rallies oneasier oil

pricesNEW YORK/LONDON:Copper posted its biggest dailyadvance in three months onFriday, as buyers for the indus-trial metal emerged after ener-gy prices retreated from thisweek's sharp rally, calmingworries about inflation and theglobal economy.

Copper remained off recordhighs at $10,190 per tonne inLondon and $4.6575 per lb, asinvestors remained concernedthe turmoil in Libya couldspread to other major oil-pro-ducing countries, causing ener-gy prices to spike and hurtingdemand for industrial metals.

London Metal Exchange (LME)copper for three-month deliveryshot up $245 or 2.6 per cent to closeat $9,750 a tonne, its biggest one-day gain since early December.The active May COMEX coppercontract surged 11.15 cents to finishat $4.4550 per lb.

"Focus now is on the MiddleEast," analyst Arne Rasmussenof Danske Bank said.

"Definitely the last couple ofdays we've seen this fear thatrising oil prices would dampenglobal growth, but prices are abit more stable today, so opti-mism is returning," he said.

"People are suddenly realis-ing copper below $10,000might be a bargain." The easingfears over energy prices offsetdata showing the US economygrew slower than initially esti-mated in the fourth quarter.

LME copper stocks extended abearish trend in place sinceDecember of last year, rising by4,150 tonnes to 416,825 tonnes,data released on Friday showed.Copper inventories now stand attheir highest level since July 2010.Stocks are up more than 19 percent since the Dec. 9, trough at348,625 tonnes. However, week-ly Shanghai copper stocks fell by2,961 tonnes, data showed. Tinclosed at $32,050 from $31,600,tracking back towards record of$32,799 from Feb 15. -Reuters

Corn, soy hitdaily limits;

wheat upCHICAGO: US grains jumped 3to 4 per cent on Friday, snappingback after a week-long slide tiedto investor liquidation as violencein Libya pushed crude oil pricessharply higher and fed worriesabout the global economy.

Corn, soybeans and soyoilheld strong through the close oftrading after briefly rising theirdaily trading limits on a flood ofconsumer bargain buying, bigexports of US corn and wheatand a bullish soyoil outlookfrom the US government.

In early trading, corn jumped4 per cent to a session high thatwas its biggest percentage gainin four months as there was arespite from a wave of fundlong-liquidation.

For the week, wheat saggedmore than 5-1/2 per cent whilecorn and soy were nearly flat.

CBOT March wheat settled up29-1/4 cents per bushel at $7.76-1/2. March corn settled up 26-1/4 at $7.12 and March soy-beans settled up 47-1/4 at$13.65-1/2.

In Europe, May milling wheatrose 4.22 per cent to 253.00euros a tonne as the marketsought to find its bearings inmoderate volumes. -Reuters

Specs trim bets against USD: CFTCNEW YORK: Currency speculators boosted bets in favor of the euro to the highest since Octoberin the latest week, while they slightly trimmed bets against the dollar, data from the CommodityFutures Trading Commission showed on Friday.

The value of the dollar's net short position slipped to $22.36 billion in the week ended Feb. 22 from$23.2 billion a week earlier, according to CFTC and Reuters calculations.

Net long positions in the euro rose to 45,598 contracts, the highest since mid-October, from 32,464in the prior week. Bets against the yen increased to 27,746 contracts, the largest since May, from18,548 last week. Speculators sharply reduced long positions in sterling, while they boosted bets infavor of gains in the Swiss franc.-Reuters

Sterlingdeclines forwk on rate

outlookLONDON: The pound fellagainst the dollar and reached itsweakest level this month versusthe euro after the UK economyshrank more than estimated,prompting investors to reducebets on higher interest rates.

Sterling extended its declineagainst the US currency lastweek to 1 per cent. Grossdomestic product fell 0.6 percent from the previous threemonths, compared with an initialestimate of a 0.5 per cent drop,the Office for National Statisticssaid.

Two-year gilts gained asinvestors reduced wagers onhigher rates after the report.

"The market didn't really seethis coming so it presents anopportunity for some traders totake profit on sterling and that'swhy it's taking a bit of a tumble,"said Chris Huddleston, a traderat Investec Bank Plc in London."It still doesn't fundamentallyalter the view that rates will needto rise in the next six months orso. This is a blip, not a change inthe trend outlook for rates."

Sterling dropped 0.3 per centto $1.6086 as of 2:19 p.m. inLondon, declining for a secondday. The pound was littlechanged at 85.48 pence per euro,after losing as much as 0.5 percent to 85.93 pence, the weakestintraday level since Jan. 31.

Britain's currency has gained3.1 per cent against the dollarthis year and 0.5 per cent thismonth amid mounting specula-tion the Bank of England willneed to raise its benchmark ratefrom 0.5 per cent to curb infla-tion. Consumer-price growthaccelerated to 4 per cent lastmonth, a report on Feb. 15showed. That was the 14th con-secutive month that it remainedabove the 2 per cent target.

The pound stayed loweragainst the dollar even as areport showed the US economygrew at a 2.8 per cent annual ratein the fourth quarter, slower thanpreviously calculated and lessthan forecast.-Agencies

Key Libyan oil terminal falls into rebel hands

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.

Crude incostlymood

Crude oil prices are once again inching upand have become a serious cause of con-cerns for the energy deficient countries.Though, Oil prices retreated from 2-1/2-year peaks of almost $120 a barrel hit inLondon on Thursday to hover below $112on Friday on Saudi efforts to plug supplygaps, the turmoil in the Middle East andNorthern Africa has added to worries abouthigher fuel prices and inflation risks aroundthe world.

Ironically, the successive governmentshave been complaining about the adverseimpact of sky rocketing crude but have donelittle to overcome the menace. The trackrecord of the present government seems theworst and the response of leading opposi-tion party PML-N has been disappointing.The party seems to be behaving ratherstrangely. One fails to understand its logicbehind insisting on no increase in POLprices, to pass on the global hike to the endconsumers.

It seems some of the politicians complete-ly fail to understand the global phenomenonor a behaving like typical American politi-cians. According to an American politicianoil price hikes to do not pose a risk to theUS economy but they could prove nettle-some if they jump a lot higher or create aninflationary psychology. He thinks oil pricerises Americans have seen so far don't posea risk to the recovery. Oil price changescould have the potential, if these were veryhuge, for slowing the recovery, butAmericans have a lot of experience and a lotof data on past instances, and the risk seemsmanageable. Ironically, this shows com-plete seclusion from the rest of the worldand selfishness.

Over the last three years the present gov-ernment has increased prices of energyproducts i.e. gas, electricity and POL in thename of recovery of full cost but inter cor-porate debt has gone monstrous. Also thereseems no solution to this because opposi-tion as well as coalition partners are notwilling to allow further hike in gas, electric-ity and POL prices. On top of this econom-ic managers have been endorsing rather anoutrageous plan to contain inter corporatedebt, running power plants on lower capac-ities and switching generation over to gasfrom furnace oil. There is hardly any effortbeing made to curtail transmission and dis-tribution losses.

It seems that PPP-led government knowswell that it one way or the other will com-plete its term because 'friendly opposition'is too feeble to table 'non-confidence move'.


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The Financial Daily InternationalVol 4, Issue 194

Could the administrationof President BarackObama hasten the

downfall of Iran's governmentby taking an opposition groupoff the US list of terroristorganisations? To hear a grow-ing roster of influential formergovernment officials tell it, theanswer is yes.

The opposition group inquestion is the Mujadeen-e-Khalq (MEK) and the growinglist of Washington insiderscoming out in its supportinclude two former CentralIntelligence Agency chiefs(James Woolsey and MichaelHayden), two chairmen of theJoint Chiefs of Staff (Peter Paceand Hugh Shelton), formerAttorney General MichaelMukasey, former HomelandSecurity chief Tom Ridge andformer FBI head Louis Freeh.

The MEK was placed on theterrorist list in 1997, a move theClinton administration hopedwould help open a dialogue withIran, and since then has beenwaging a protracted legal battleto have the designationremoved. Britain and theEuropean Union took the group

off their terrorist lists in 2008and 2009 respectively after courtrulings that found no evidence ofterrorist actions after the MEKrenounced violence in 2001.

In Washington, initial supportfor "de-listing" came largelyfrom the ranks of conservativesand neo-conservatives but ithas been spreading across theaisle and the addition of a new-comer of impeccable standingwith the Obama administrationcould herald a policy changenot only on the MEK but alsoon dealing with Tehran.

The newcomer is LeeHamilton, an informal senioradvisor to President Obama,who served as a Democraticcongressman for 34 years andwas co-chairman of the com-mission that investigated theevents leading to the September11, 2001 attacks on Washingtonand New York.

"This is a big deal," FlyntLeverett and Hillary MannLeverett, two prominentexperts on Iran, wrote on theirblog. "We believe thatHamilton's involvementincreases the chances that theObama administration will

eventually start supporting theMEK as the cutting edge for anew US regime change strategytowards Iran." The Leverettsthink such a strategy would becounter-productive.

But speakers at the February19 conference in Washingtonwhere Hamilton made hisdebut as an MEK supporterthought otherwise. Addressingsome 400 Iranian-Americans ina Washington hotel, retiredGeneral Peter Pace said: "Somefolks said to me … if theUnited States government tookthe MEK off the terrorist list itwould be a signal to the Iranianregime that we changed from adesire to see changes in regimebehavior to a desire to seechanges in regime. Soundsgood to me."

The Obama administration'spolicy is not regime change butthe use of sanctions and multi-national negotiations to per-suade the government inTehran to drop its nuclearambitions. So far, that has beenunsuccessful. Two rounds oftalks between Iran, the US,China, Russia, France, Britainand Germany in January ended

without progress and did noteven yield agreement on a datefor more talks.

NO POLICY CHANGEBUT SHARPER

RHETORICThat did not change

Washington's "no regimechange" stand. What haschanged is the tone of publicAmerican statements on Iransince a wave of mass protestsswept away the authoritarianrulers of Tunisia and Egypt andforced the governments ofJordan, Bahrain, Yemen, Algeriaand Saudi Arabia to announcereforms. In contrast, Iranresponded to mass demonstra-tions with violent crackdowns.

Secretary of State HillaryClinton declared that the US"very clearly and directly sup-port the aspirations of the peo-ple who are in the streets" ofIranian cities agitating for ademocratic opening as they didin 2009, when Washingtonstayed silent.

Like the US, Iran labels theMEK a terrorist organisationand has dealt particularlyharshly with Iranians suspectedof membership or sympathies.

In the view of many of itsAmerican supporters, the USterrorist label has weakenedinternal support for the MEK.How much support there is forthe organisation is a matter ofdispute among Iran watchers,many of whom consider itinsignificant.

At last week's Washingtonconference, however, speakerafter speaker described it as amajor force, feared and hatedby the Iranian government.General Shelton called it "thebest organised resistancegroup." Dell Daley, the StateDepartment's counter-terrorismchief until he retired in 2009,said the MEK was "the bestinstrument of power to getinside the Iran mullahs andunseat them."

The decision to give legitima-cy, or not, to the group is up toHillary Clinton. Last July, afederal appeals court inWashington instructed theDepartment of State to reviewthe terrorist designation, in lan-guage that suggested that itshould be revoked. Court pro-cedures gave her until June todecide.-Reuters

Obama, Iran &

Policy Change Push

As Pejman Soltani stacked booksof Persian literature in hisTehran shop, he was far from

hopeful that they would be flying offthe shelves any time soon.

Tough financial times have pushedIranians to tighten their belts andincreasingly consider books a luxury.Combined with stricter governmentcontrols on publishing, booksellers likeSoltani are concerned for the future.

"Customers often ask if there is a dis-count on book prices. I ask you, do youget a discount on a sandwich?" Soltanisaid in an interview with Reuters in thechic two-storey Vistar bookshop indowntown Tehran.

The head of Sales, another bookstorewhich, like Vistar, is also a publishinghouse, made the news recently when hesaid he was considering closing downhis famous shop.

Mohammad Ali Jafarieh told thesemi-official ILNA news agency inJanuary, that more than 40 Tehranbookshops had already closed.

Iranians are feeling the pinch fromradical cuts in state subsidies, a planPresident Mahmoud Ahmadinejad hascalled "the biggest economic plan in thepast 50 years".

The cuts in long-standing subsidieson essentials like fuel and food do notdirectly affect books, but cuts to some$100 billion of annual subsidies whichhave kept prices artificially low fordecades, is having a knock-on effect ondemand for books, store owners andcustomers say.

Crucially, while the subsidy cuts arepushing up prices of gasoline, food andutility bills, the price of books cannotrise with inflation at least until the nextprint run.

"When the time comes for the sub-

stantial price rises I think people willomit books from the shopping basket,"Soltani said.

EXPECTATIONSEnthusiastically browsing Vistar's lit-

erature shelves, 23-year-old philosophystudent Babak Rahimi said he was "pas-sionate about books".

"But considering my pocket money,which has to cover other expenses ... Ihave to be cautious about the budgetthat I dedicate to books."

Besides the subsidy cuts, Iran is alsocoping with international sanctions,aimed at squeezing its economy to forcethe government to curb a nuclear pro-gramme which the United States and itsallies say may be aimed at makingatomic weapons.

Iran, the world's fifth-largest oilexporter, denies the charge and says itneeds nuclear energy to allow it toexport more of its abundant fossil fuels.

The sanctions have pushed awaymany foreign companies from investingin much-needed upgrades in the energysector and made it more difficult forIran to access international banking.

Iran's government denies the sanc-tions have greatly impacted the econo-my and Culture Minister MohammadHosseini also dismissed complaintsfrom the book industry about economichardship and heavy-handed strictureshurting business.

"Cultural works are not like otherbusinesses from which you can expectto have a high income," said the minis-ter," Hosseini was quoted as saying bythe ISNA news agency on Jan. 15.

Books have a special place in Iran,whose city bookshops range from fami-ly-owned holes in the wall to gleamingmodern chains that would not look outof place in New York or London.

TIGHTER RESTRICTIONSThrough the centuries, Iranians have

gathered in tea houses to listen torecitals of the Shahnameh -- an epicpoem written around 1,000 A.D. byFerdowsi. He dedicated most of his lifeto the masterpiece and is credited withplaying a significant role in the survivalof the Persian, or Farsi, language.

An Iranian proverb says the works ofHafez -- the 14th century poet whoinspired Germany's Goethe -- can befound in the homes of all Iranians.

As well the economic straits, the bookindustry says it also faces tighterrestrictions from the Islamic Republic'sgovernment, which has dictated whatIranians are permitted to read sinceIran's 1979 Islamic revolution.

Writers and publishers must submittheir books to the Ministry of Cultureand Islamic Guidance which makessure books, films and television showscomply with society's moral codes.

Some publishers and writers say thesupervision has become stricter afterAhmadinejad took office in 2005, butthe ministry rejects the criticism andsays its own figures show the produc-tion of books has increased rather thandeclined.

According to its statistics, the numberof books published each year hasincreased to 12,006 in the Iranian yearending March 20, 2010 from from9,196 in 2004, the final year formerPresident Mohammad Khatami's gov-ernment.

The minister in charge rubbished theidea that the government's vetting pro-cedure was an economic risk.

"It is possible that a book gets stuck inthe ministry because it has some prob-lems and needs corrections, but this rea-soning that one book affects the whole

bookshop (causing it to close) is base-less," ISNA quoted Hosseini as saying.

SWEETHEARTSThe works of foreign authors --

including Paulo Coelho and GabrielGarcia Marquez -- have also fallenafoul of the authorities in Iran.

Coelho's publisher and translator,Arash Hejazi, angered authorities bytaking part in anti-government protestsafter Ahmadinejad's re-election in June2009. Some religious figures have alsoaccused Coelho's books, which exam-ine spirituality, of taking a superficialview of religion.

"Paulo Coelho is an archetype of acultural bandit who uses spiritual jar-gon to oppress spirituality, thereforewe should not allow his works to bepublished," cleric HamidrezaMazaheri Sayyf, the head of theSpiritual Health Institute, an Iranianthinktank which examines religiousissues, told the semi-official Fars newsagency on Feb. 4.

Hosseini said no such ban has beenapplied.

Marquez's "Memories of MyMelancholy Whores", was banned bythe government despite a translationwhich changed the word "whores" into"sweethearts".

Despite the challenges of running abook business, Soltani said he wouldstick at it for now, even though he istempted to sell up and live off the inter-est from the proceeds which he sayswould be much higher than the profitshe is making now.

"The sale (of books) here is the out-come of years of work and persever-ance," said Soltani. "It is also the resultof our passion for culture, although thispassion sometimes borders on stupidi-ty."-Reuters

In Hard Books

Armed might alone will not saveMuammar Gaddafi, but evenwith an army shrunk by deser-

tions the Libyan leader has the firepow-er to foment chaos or possibly civil war.

Analysts monitoring Libya's crisis saythe most likely outcome is that rebelseventually take the capital and eitherkill or capture him and a hardcore groupof loyalists.

Many who know Gaddafi say he willfight to the finish, even though his 41-year-old rule looks increasingly uncer-tain after the loss of several cities anddefections by soldiers, local and nation-al officials and diplomats.

In an ominous sign for Gaddafi, poorneighbourhoods of Tripoli openlydefied him at a funeral on Saturday, andsecurity forces abandoned the working-class Tajoura district after five days ofdemonstrations, residents said.

Libya's former justice minister,Mustafa Mohamed Abud Ajleil, has ledthe formation of an interim governmentbased in the eastern city of Benghazi,Libya's Quryna newspaper reported.

Defeat may not be swift, and in theshort term it is not the only possibility.Here are other scenarios.

GADDAFI FIGHTS BACK, ASTANDOFF WITH THE

REBELS ENSUESWith several thousand troops backed

by heavy armour deployed around thecapital, and pro-Gaddafi gunmen vio-lently suppressing dissent inside it,Gaddafi may have enough firepower for

now to stop any opposition gains in thecity, said Jon Marks, chairman ofBritain's Cross Border Information con-sultancy.

Marks said dissidents in the capitalwere waiting "for reinforcements". Buthelp might not arrive if Gaddafi's sonKhamees, who leads the army's report-edly powerful 32nd Brigade, crushesadvances on the approach roads to thecity, he said.

In addition hundreds and possiblythousands of armed internal securityagents in Tripoli would be on alert forany attempt by the opposition to quietlyinfiltrate armed men into the capitalfrom outlying areas, security expertssay.

Military experts estimate Gaddafi cancount on 10,000 to 12,000 troops, notcounting loyalists in the security servic-es and mercenaries. He also controlsTripoli airport and the port.

A standoff might give Gaddafi time todeploy economic or paramilitary meansto shore up links with any tribes thathave not yet declared themselves for therebels.

GADDAFI FLEES TRIPOLI,STARTS DESERT INSURGENCYLondon-based Algerian lawyer Saad

Djebbar, who knows a large number ofGaddafi's top officials, says that forGaddafi staying in power had becomeimpossible. "It's about staying alive."

"He will create conditions for guerril-la warfare, that's why he invitedLibyans to take weapons," he said.

Gaddafi may flee to the southerndesert area of Sebha where his tribe isfrom and try to destabilise country fromthere. He might also try to flee to hishometown of Sirte, but this may be toorisky -- it is near the east, which is inrebel hands.

"Someone like him must have alreadymade some hideouts in the desert," saidDjebbar.

Geoff Porter, an independent US ana-lyst, said he could envisage the crisisending up as a "manhunt", adding: "Hecould well go to ground with loyalhenchmen. So he may fall from power,but his whereabouts may not be knownfor weeks".

GADDAFI FLEES TRIPOLI,TRIBES AGREE TRUCETO PREVENT CHAOS

Djebbar said Gaddafi's "time is over.But how much damage he will causebefore leaving is the question."

He said the amount of disruption thatwould follow a defeat of Gaddafidepended on the loyalty of his tribes-men and relatives. At some stage,Gaddafi's Gaddadfa tribe would decideto negotiate with other tribes and agreeto cease hostilities.

Libya expert Mansour El-Kikhia saysrifts in the Gaddadfa had alreadyopened up between loyalists and dissi-dents. The Gaddadfa want to do every-thing to avoid being persecuted byvengeful authorities in a future post-Gaddafi Libya.

Ajleil said Libya was not in a phase of

score-settling and the Gaddadfa wereforgiven, Quryna said.

GADDAFI FOMENTS AFULLY-FLEDGED CIVIL WARThis is seen at present as unlikely. But

Marks said he could envision a standoffbetween "a weird sort of city state ruledby this rump of Gaddafi forces, and therest of the country ruled by an opposi-tion that lacks the clout to take the cap-ital quickly. If that endures, you mayend up with a civil war.

Djebbar said that the longer Gaddaficontinued crushing protests, the moredifficult it would be for his tribe tonegotiate a peaceful settlement.

GADDAFI IS TOPPLED,FLEES ABROAD

Djebbar said he could envisionGaddafi's closest relatives pushing himto negotiate with allied tribal leadersand senior officers to obtain safe pas-sage to leave the country."We havenoticed how many of his henchmenwho have defected sought refuge withtheir tribes or fiefdom, which highlightsthe importance of tribes in determiningGaddafi's future."So he, or his relatives,can tell allied tribes 'I'll cease the hostil-ity on condition I leave for some coun-try without facing trial".

Few countries are expected to be will-ing to take Gaddafi. And once abroad hemight be vulnerable to any futureattempt to extradite him for prosecutionon war crimes charges at theInternational Criminal Court at TheHague.-Reuters

Tripoli Live!

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




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




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)LOTPTA 14.08 67.40 BOP 6.70 27.92 FFBL 39.37 24.47 AHCL 18.97 23.57 ANL 8.17 19.29

Symbol Close ChangeRMPL 2,622.72 82.97

DAWH 242.52 27.24

UPFL 1,323.66 14.78

ISIL 85.90 6.81

GATM 35.23 6.22

Symbol Close ChangeNESTLE 3,407.50 -188.5BATA 507.31 -146.09ULEVER 4,555.42 -123.66SIEM 963.08 -56.41WYETH 1,011.85 -53.15

Plus 66Minus 305Unchanged 67

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, February 28, 2011 5

Dhiyan

Market may remain under pressure following international politicalsituation due to which foreigners are offloading while local politicalsituation is also a sentiment dampener. However, technically market isstrong and in an oversold region. Investors are advised to utilise 30-40per cent of their cash and invest in bluechip stocks of oil, fertiliser andbanking sectors. Successful launch of MTS, positive outcome of themeeting with International Monetary Fund (IMF) and improvement inthe political situation would support the market. If foreigners kept sell-ing, negative activities would continue even today.

Salman Naqvi, Head of Sales Aba Ali Habib Securities

Tariq Hussain Khan, COO United Capital SecuritiesMarket would try to sustain its support level of 11,200 points which seems

unlikely as rising global oil prices would hurt economy while foreign sell-ing may continue due to unrest in Libya and on the other side results seasonsis almost over. Therefore if index fails to sustain 11,200 level then it can falldown to 10,500 points. However early launch of Margin Trading System(MTS) and improvement in the local and international political situationmay help. Day traders should keep away from the market while investors areadvised to adopt 'buy on dips' stance and invest in oil, fertiliser, banking, andcement stocks. Market would remain bearish today.

THEY SMELL A BEAR

Opening 12,041.15 Closing 11,223.52 Change 817.63% Change 6.79Turnover (mn) 489.89



Weekly Review

NEW YORK: On WallStreet they wonder: Wasthat it? Is the pullbackover? Following the S&P500's worst week in 15,investors are trying todetermine whether the pre-dictions of a correctionhave been fulfilled or ifthere's still downside aheadas oil prices remain at ele-vated levels.

Along with the directionof oil, potential marketmovers for traders will bethe February payrollsreport, which will bereleased on Friday, andFederal Reserve ChairmanBen Bernanke's speech onTuesday.

The benchmark S&Pindex fell 1.7 per cent in theweek, a relatively mild pull-back for an index that hasgained more than 25 percent since the start ofSeptember.

"We were looking for apullback of at least 5 percent and we didn't get it, soI don't think we can expecta lot of new entrants atthese levels," said LeoGrohowski, who overseesabout $166 billion in assetsas chief investment officerat BNY Mellon WealthManagement in New York.

"With the gains we've had,and since tensions remainhigh in the Middle East, Idon't expect to see aggres-sive buying on the dip thistime around," Grohowskisaid.

A lack of new entrantscould mean lighter volume,which could leave the mar-ket more susceptible toincreased volatility. Lately,volume has been strongeron down days in the market.

An unexpected surge incrude prices, sparked byLibya's popular uprising,pressured equities for muchof the holiday-shortenedweek on concern that higherenergy costs could stifleeconomic activity.

US crude futures spikedas much as 20 per cent dur-ing the week to a high of$103.41 per barrel, thoughthey later fell below $100.The CBOE Volatility IndexVIX rose 17 per cent lastweek and at one point wasup 30 per cent.

Though many say themarket remains over-stretched, its resilience inthe face of geopoliticaluncertainty and some disap-pointing data has someencouraged.

Judy Moses, portfoliomanager at Evercore WealthManagement in SanFrancisco, said that theweek's drop had quietedsome of the calls for consol-idation.

"Had we not seen thispullback, our enthusiasmwould be a little taperedbecause valuations wouldbe fuller," she said.

"But it does seem that ingeneral the investmentenvironment is a bit riskiernow."

The S&P faces few tech-nical hurdles before itreaches 1,360, and lastweek it seemed to find sup-port at 1,300.

Grohowski said it was"very important, psycholog-ically, that we closed abovethat level on Wednesdayand Thursday."

Others were more bearishon a market that, even withthe week's drop, has seen

gains of 4.8 per cent sincethe start of the year.

"We're at the end of thepush in equities, and I see alot of downside from here,"said Steven Hochberg, chiefmarket analyst at ElliottWave International inGainesville, Georgia.

"Those who are adept athandling risk should look toshort the market in oneform or another."

Hochberg added thatfinancial stocks "look par-ticularly weak here, andthat could be an interestingarea on the downside."

With earnings seasonlargely over -- CostcoWholesale, H.J. Heinz Coand Novell Inc are amongthe few S&P componentsreporting this week -- equi-ties will track other factors.

Recent monthly payrollreports have been a mixedbag, with fewer jobs beingadded than anticipated, butthe unemployment ratedeclined. The upcomingunemployment report willbe watched for confirma-tion that a job market recov-ery remains on track.

Meanwhile, commentsfrom Bernanke will beparsed for clues about whenthe Federal Reserve's quan-titative easing program willend and whether a thirdround is likely.

On Monday, new restric-tions on short selling withgo into effect. Under thenew rules, the circuitbreaker will kick in with a10 per cent price declinefrom the previous day'sclose and will last for theduration of the trading day,as well as the followingday. -Reuters

Possible pullback,high oil raise risks

Wall Street weekly outlook

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) had to pay anarm and a leg last week forwhat's taking place on theinternational and local politicalfronts.

The main market suffered itshugest weekly loss since Oct2009 by drawing tonnes ofdepression from a wholesaleplunge in global stock marketson Tripoli crisis which hastripled so far.

The top bleeder has been for-eigners' exiting frenzy fueledby the fears of “worse”, on theother hand local political situa-tion and higher internationaloil prices too pressuredinvestors to let go of the hold-ings.

The benchmark KSE 100-Index shed 817 points -6.79 percent-- to close at 11,223 points,KSE 30-Index dropped 859points -7.4 per cent-- to close at10,756 points and KSE All-Share Index fell by 554 points -6.64 per cent-- to close at 7,802points.

Ahsan Mehanti, Director ArifHabib Investments said thatpanic selling seen in the earn-ings announcement sessionswas driven by the fear of for-eign selling on global fall incapital markets on Mideasternand Libyan concerns.

The results of Oil & GasDevelopment Company,United Bank, Hub PowerCompany, and PakistanTelecommunication were themajor announcements in theweek. According to an analystthe results of OGDC and PTCstayed below market expecta-tions.

Rising political uncertaintyas government alliance withPML-N broke in Punjab affect-ed the sentiment, he added.

During the first three days ofthe week investors opted to

retreat from their positionsspurred by a decline in globalstock markets over Libyanunrest. Further, the RaymondDavis issue and PML-N'sdeadline given to the govern-ment for economic reformsending on Feb 23 also added toongoing depression. Therefore,due to offshorers' selling andthe following of the suit by thelocals on fears that foreignoffloading may prolong, gaverise to a vicious cycle of sellingwhich killed 517 points fromMonday to Wednesday.

However, investors took ben-efit of the prevailing bearish-ness and resultantly marketmanaged to bounce back onThursday but index ended witha minor gain of 15 points aslate profit-taking eroded theintraday gain of more than 100points.

Bulls, thereafter, failed tostay on the last trading day ofthe week owing to uncertaintyat the local political front -PML-N-PPP disjoinder inPunjab-on top of foreign sell-ing stampeded bear into themarket. As a result index at onemoment lost 437 points totouch 11,100 points, the lowestintraday fall. However somesupport by local funds at lowerlevels let the index close theday with a somewhat reducedloss of 315 points. Further, therising international oil pricesover Libya issue too affectedthe market as investors wereworried over its impact on thelocal economy.

Rabia Tariq, analyst at JSGlobal Capital said that Oilprices (Arab Light) crossed theUS$100 mark on the back ofpolitical turmoil in Egypt,Bahrain and Libya. This islikely to be a worrisome factorfor the government, which isexpected to raise the petroleumprices in the coming week.

See # 10 Page 11

KSE hashugestweeklycasualty

Gulf stocks mkts

Mostly fall;SArabia

plunges to 9-mth low

DUBAI: Saudi Arabia's indextumbles to a nine-month low asunrest in the Gulf Arab regionspreads.

The benchmark drops 5 percent to 5,951 points, its lowestfinish since June 6.

Bellwether Saudi BasicIndustries Corp (SABIC) falls3.4 per cent and Riyad Bankslides 5.9 per cent. More than25 stocks decline by more than8 per cent.

Investors were little movedby last week's $37 billion socialspending package, an apparentattempt to insulate the world'stop oil exporter from an Arabprotest wave.

"You would have thoughtmarkets would take theannouncement of the stimulusplan positively," says AkberNaqvi, fund manager at AlMasah Capital. "But this showsthe general unease prevailing inthe region. Regardless of whatpeople think as to whether theevents may be good in the long-term, markets do not likeuncertainty and such eventsaffect confidence."

Police in neighbouring Omanfired rubber bullets on stone-throwing protesters demandingpolitical reform in an industrialtown on Sunday, killing twopeople. Telecoms operator ZainSaudi slides 10 per cent,extending declines since parentZain rejected all three offers forits quarter-stake in the affiliate.Bidder Kingdom Holding loses7.4 per cent.

Dubai's index slides to a 28-week low as declines on SaudiArabia's bourse weigh on otherGulf Arab markets, withregional political risk worriesdictating investor behaviour.

Emaar Properties falls 2.4 percent, builder Arabtec drops 1.4per cent and logistics supplierAramex slides 2.5 per cent.

Dubai's index falls 0.9 percent to 1,467 points, its lowestfinish since Aug. 15.

"It will be very important tosee how Libya is resolved,when the Egypt bourse willreopen and any developmentsin Bahrain - everyone will befollowing these three issues asprimary indicators," says WalidShihabi, Shuaa Securities chiefexecutive.-Reuters

London Stock Exchangetrade hit by 'tech problem'

Global IPOs have best start to year on record

NEW YORK: Traders work on the floor of the New York Stock Exchangebefore the closing bell. -Reuters

Monday, February 28, 20116

Volume 489,894,202

Value 18,864,684,286

Trades 294,302

Advanced 66

Declined 305

Unchanged 67

Total 438

Current 7,802.17

High 8,400.22

Low 7,722.39

Change i554.68

Current 11,223.52

High 12,106.96

Low 11,100.67

Change i817.63

Current 10,756.83

High 11,625.29

Low 10,611.22

Change i859.83

Market KSE 100 Index All Share Index KSE 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Azgard Nine Limited

ANL closed down -2.51 at 8.17. Volume was 6 per cent above average

and Bollinger Bands were 63 per cent wider than normal. The compa-

ny's loss after taxation stood at Rs488.179 million which translates into

a Loss Per Share of Rs1.12 for the nine months of current calendar

year (9MCY10).

ANL is currently 25.8 per cent below its 200-day moving average and is

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

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

moderate flows of volume out of ANL (mildly bearish). Trend forecasting

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

ly indicating that ANL is currently in an oversold condition.

RSI (14-day) 25.79 Total Assets (Rs in mn) 38,525.22

MA (10-day) 10.01 Total Equity (Rs in mn) 18,469.71

MA (100-day) 10.58 Revenue (Rs in mn) 11,737.86

MA (200-day) 11.01 Interest Expense 2,424.42

1st Support 7.79 Profit after Taxation 60.53

2nd Support 7.44 EPS 09 (Rs) 0.003

1st Resistance 8.85 Book value / share (Rs) 37.85

2nd Resistance 9.56 PE 10 E (x) -

Pivot 8.50 PBV (x) 0.22


As on Dec 31, 2009

SILK closed down -0.28 at 2.11. Volume was 117 per cent above aver-

age and Bollinger Bands were 52 per cent wider than normal. The com-

pany's loss after taxation stood at Rs700.335 million which translates

into a Loss Per Share of Rs0.32 for the nine months of current calen-

dar year (9MCY10).

SILK is currently 23.8 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 SILK (bearish). Trend fore-

casting oscillators are currently bearish on SILK. Momentum oscillator is

currently indicating that SILK is currently in an oversold condition.


MA (10-day) 2.33 Total Equity (Rs in mn) 196.91



1st Support 2.04 Loss after Taxation (2,902.91)

2nd Support 1.95 EPS 09 (Rs) (3.224)


2nd Resistance 2.35 PE 10 E (x) -

Pivot 2.15 PBV (x) 9.65

Silkbank Limited


As on Jun 30, 2010

NCL closed down -2.80 at 23.46. Volume was 35 per cent below aver-

age and Bollinger Bands were 14 per cent wider than normal. The com-

pany's profit after taxation stood at Rs477.454 million which translates

into an Earning Per Share of Rs3.01 for the 1st quarter of current fiscal

year (1QFY11).

NCL is currently 19.0 per cent above its 200-day moving average and

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

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

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

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


MA (10-day) 25.62 Total Equity (Rs in mn) 4,432.51



1st Support 22.90 Profit after Taxation 931.47

2nd Support 22.29 EPS 10 (Rs) 5.875


2nd Resistance 24.61 PE 11 E (x) 1.95

Pivot 23.45 PBV (x) 0.84

Nishat (Chunian) Limited


As on Jun 30, 2010

DOL closed down -1.46 at 6.22. Volume was 27 per cent below aver-

age and Bollinger Bands were 1 per cent narrower than normal. The

company's profit after taxation stood at Rs38.471 million which trans-

lates into an Earning Per Share of Rs0.38 for the half year of current fis-

cal year (1HFY11).

DOL is currently 4.6 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

indicators reflect moderate flows of volume out of DOL (mildly bearish).

Trend forecasting oscillators are currently bearish on DOL.


MA (10-day) 7.05 Total Equity (Rs in mn) 555.18

MA (100-day) 6.94 Revenue (Rs in mn) 709.67

MA (200-day) 5.94 Interest Expense 288.07

1st Support 6.01 Loss after Taxation (289.41)

2nd Support 5.81 EPS 10 (Rs) (2.837)


2nd Resistance 6.59 PE 11 E (x) 8.18

Pivot 6.20 PBV (x) 1.14

Descon Oxychem Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,507.52 1,518.46 1,388.92 1,409.92 -97.60 -6.47

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

23,984,656 - - 65,194.15 mn 1,080,816.93 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

10.12 3.29 32.54 55.94 5.53 -

Attock Petroleum XD 691 5.95 364.62 374.60 328.85 329.15 -35.47 1237807 401.00 316.81 300 20B115.00 -

Attock Refinery 853 4.01 114.95 116.00 98.51 98.54 -16.41 2531381 146.90 98.51 - - - -

BYCO Petroleum 3921 - 9.44 9.60 8.20 8.31 -1.13 2676088 12.24 8.20 - - - -

Mari Gas Company 735 7.27 121.39 121.98 104.69 104.69 -16.70 230115 141.65 104.69 31 - 23.43 -

National Refinery 800 5.39 270.08 272.90 254.00 259.96 -10.12 299042 335.00 251.99 200 - - -

Oil & Gas Development 43009 10.32 165.99 166.90 151.00 152.60 -13.39 2940659 185.00 151.00 55 - 15.00 -

Pak PetroleumSPOT 11950 7.08 201.56 202.80 190.10 193.64 -7.92 5180246 229.80 190.10 90 20B 50.00 -

Pak Oilfields XD 2365 6.50 316.43 309.99 277.09 281.89 -34.54 9755715 341.50 266.50 255 -100.00 -

Pak Refinery Limited 350 - 98.69 101.90 84.43 84.46 -14.23 483000 122.22 84.43 - - - -

P.S.OSPOT 1715 4.61 273.55 275.40 265.00 272.27 -1.28 1200454 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 29.00 30.38 26.60 26.64 -2.36 12985 39.89 26.60 - - - -

Shell Pakistan 685 9.93 206.90 208.00 186.83 193.67 -13.23 113252 222.00 186.83 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


1,004.16 1,018.43 952.84 962.69 -41.47 -4.13


49,709,233 - - 47,070.70 mn 127,942.66 mn -


6.87 0.59 8.64 16.68 2.43 -

(Colony) Thal 56 - 1.00 1.40 1.10 1.15 0.15 12008 1.50 0.61 - - - -Al-Qaim Textile 75 - 1.50 2.49 0.50 2.49 0.99 57000 2.49 0.50 - - - -Amtex Limited 2594 - 3.73 3.84 2.35 2.51 -1.22 5807173 4.85 2.35 30 - - -Artistic Denim 840 7.19 20.62 20.85 19.20 20.00 -0.62 12869 24.59 19.20 20 - - -Azgard Nine 4493 - 10.68 10.78 8.15 8.17 -2.51 19291621 12.84 8.15 - - - -Babri Cotton 33 0.45 11.13 11.90 10.90 10.99 -0.14 14846 14.00 8.10 - 15B - -Bannu Woolen XD 76 0.46 14.10 14.50 13.00 13.00 -1.10 72553 15.10 12.60 20 - - -Bata (Pak) 76 4.40 653.40 686.07 506.64 507.31-146.09 6381 705.00 506.64 280 - - -Chakwal Spinning 400 0.66 0.80 2.20 0.80 1.50 0.70 7975 2.20 0.80 5 - - -Chenab Limited 1150 - 2.60 2.85 2.26 2.32 -0.28 110429 3.76 2.26 - - - -Colony Mills Ltd 2442 3.30 2.36 2.87 2.07 2.11 -0.25 22652 2.97 2.06 - - - -Crescent Textile 492 2.86 16.93 17.00 15.10 15.57 -1.36 18263 23.99 15.10 15 - - -D S Ind Ltd 600 - 1.62 1.74 1.20 1.32 -0.30 382417 2.10 1.20 - - - -Dawood Lawrencepur 514 49.00 43.98 48.29 41.65 41.65 -2.33 247322 48.29 35.00 5 - - -Dewan Mushtaq Textile 34 0.14 4.08 4.75 3.75 4.04 -0.04 115491 8.90 2.90 - - - -Din Textile 204 0.83 29.60 32.46 29.60 32.46 2.86 272301 32.46 25.10 20 10B - -Ellcot Spinning 110 0.54 21.00 25.95 21.00 24.01 3.01 24977 25.95 18.90 35 - - -Gadoon Textile XD 234 0.70 73.20 76.79 70.30 71.01 -2.19 53386 77.40 47.75 70 - - -Gul Ahmed Textile 635 2.47 29.01 35.23 30.40 35.23 6.22 216498 35.23 24.00 12.5 - - -Gulshan Spinning 222 0.87 8.26 8.70 7.00 7.14 -1.12 51192 8.70 6.30 10 20B - -Hajra Textile 138 - 0.59 1.10 0.55 0.70 0.11 12826 1.10 0.32 - - - -Hira Textile Mills Ltd. 716 0.77 3.67 4.00 3.50 3.84 0.17 390267 4.47 3.31 10 - - -Ibrahim Fibres 3105 3.28 49.27 49.95 45.28 45.28 -3.99 50088 55.00 37.01 20 - - -Idrees Textile 180 3.91 3.68 3.70 3.11 3.60 -0.08 32022 3.90 2.70 10 - - -J K Spinning 184 0.82 7.24 7.24 6.55 6.70 -0.54 5312 9.50 4.05 20 5B - -Khalid Siraj 107 0.18 0.67 1.29 0.51 0.95 0.28 39081 1.29 0.25 - - - -Kohinoor Ind 303 - 1.42 1.58 1.11 1.33 -0.09 72426 2.00 0.75 - - - -Kohinoor Spinning 1300 0.36 1.15 1.15 1.00 1.00 -0.15 20004 1.74 0.30 5 - - -Kohinoor Textile 1455 8.19 5.07 5.38 4.11 4.75 -0.32 83442 5.95 4.11 - - - -Mukhtar Textile 145 - 0.30 0.75 0.13 0.42 0.12 38928 0.88 0.13 - - - -Nagina Cotton 187 1.61 15.25 16.25 14.50 14.54 -0.71 79175 17.10 14.50 20SD - - -Nishat (Chunian) 1614 1.95 26.26 27.00 22.84 23.46 -2.80 10391537 28.04 21.15 15 - - -Nishat Mills 3516 5.19 62.84 63.90 57.20 58.50 -4.34 9764140 71.89 57.20 25 45R - -Pak Synthetic 560 4.22 13.20 13.50 12.50 12.50 -0.70 172496 14.45 6.75 - - - -Paramount Spinning 174 0.80 12.05 12.75 11.00 11.00 -1.05 88520 12.75 8.50 10 10B - -Premium Textile 62 0.55 30.30 31.00 27.36 28.80 -1.50 11824 34.40 25.00 50 - - -Ravi Textile 250 - 1.13 1.29 0.91 1.01 -0.12 612852 1.98 0.65 - - - -Reliance Cotton 103 0.69 40.00 41.00 39.30 39.64 -0.36 55757 43.30 33.99 20 - - -Rupali Poly 341 3.53 40.43 41.94 37.56 37.99 -2.44 42229 42.70 35.00 40 - - -Saif Textile 264 0.43 6.00 6.35 5.38 5.40 -0.60 78817 6.35 3.90 - - - -Salfi Textile 33 0.40 72.99 76.43 70.00 70.00 -2.99 14677 76.43 48.00 25 - - -Sally Textile 88 0.21 4.67 4.67 3.64 4.25 -0.42 16005 4.68 3.63 10 - - -Samin Textile 267 4.11 6.00 6.50 4.55 5.75 -0.25 45868 7.00 4.55 - 100R - -Sana Ind 55 2.95 41.10 43.00 39.05 39.05 -2.05 13585 49.66 37.00 60 - - -Saritow Spinning 133 0.33 1.51 2.33 1.37 2.00 0.49 6004 2.89 1.00 - - - -Service Ind 120 6.44 210.79 220.00 187.05 187.99-22.80 16060 276.50 187.05 - - - -Shadman Cot XD 176 2.90 16.02 17.68 15.00 15.90 -0.12 5962 17.68 7.00 - - - -Shahpur Textile 140 0.51 0.26 0.95 0.17 0.37 0.11 70305 0.95 0.17 - - - -Shahtaj Textile 97 1.26 20.10 22.05 19.96 20.01 -0.09 118055 22.05 17.35 45 - - -Shahzad Textile 180 0.57 7.00 7.00 6.11 7.00 0.00 7039 7.05 5.00 5 - - -Sunrays Textile 69 1.07 34.50 36.23 34.50 36.23 1.73 58109 39.84 33.01 30 - - -Suraj Cotton 180 0.80 37.65 38.74 35.77 35.78 -1.87 9944 41.95 33.00 50 - - -Tata Textile 173 0.50 40.77 44.10 39.25 39.25 -1.52 13727 44.10 31.52 25 - - -Thal Limited 307 5.24 116.02 118.99 104.03 105.68-10.34 77036 132.00 101.01 80 20B - -Treet Corp 418 5.70 53.72 54.50 46.39 46.39 -7.33 132517 63.30 46.39 - - - -Zahoor Cotton 99 - 0.50 0.85 0.50 0.75 0.25 13000 0.87 0.50 - - - -Zil Limited 53 5.01 83.80 87.90 68.47 68.47-15.33 186786 87.90 50.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,050.36 1,059.72 970.32 985.26 -65.10 -6.20


615,438 - - 3,763.71 mn 4,879.25 mn -


2.49 0.26 10.64 6.27 2.52 -

Gauhar Engineering Ltd 22 - 0.60 1.70 0.50 1.40 0.80 58000 1.70 0.45 - - - -

Pak Elektron 1219 3.07 13.40 13.48 12.07 12.20 -1.20 409253 15.88 12.07 - 10B - -

Tariq Glass Ind 231 2.03 18.21 18.52 16.60 17.00 -1.21 147754 24.00 16.00 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,916.63 1,999.47 1,884.11 1,907.54 -9.09 -0.47


2,453,660 - - 11,335.33 mn 278,335.25 mn -


47.07 14.26 30.30 30.57 0.65 -

AL-Noor Sugar 186 1.14 47.24 49.50 43.47 45.74 -1.50 129010 54.00 40.85 50 - - -

Crescent Sugar 214 0.66 6.15 6.59 6.15 6.59 0.44 9800 7.15 5.00 - - - -

Dewan Sugar 365 - 3.45 3.60 2.80 3.04 -0.41 72264 5.59 2.50 - - - -

Faran Sugar XD 217 1.54 18.00 19.00 17.50 19.00 1.00 587578 21.73 17.25 25 - - -

Habib Sugar 750 8.19 22.03 22.10 20.25 20.64 -1.39 348144 36.50 20.25 25 25B - -

Habib-ADM Ltd 200 7.05 12.30 12.20 11.56 11.56 -0.74 5858 12.95 11.50 40 - - -

J D WSugar 539 1.23 70.54 73.00 69.50 69.50 -1.04 21905 92.50 68.00 7010B 12.5R - -

Kohinoor Sugar 109 - 4.26 4.26 3.05 3.40 -0.86 45102 6.14 2.45 - - - -

Mirza Sugar XD 141 - 4.23 4.99 2.65 3.17 -1.06 179134 7.18 2.65 10 - - -

National Foods 414 9.96 58.08 59.13 55.00 56.95 -1.13 16203 75.50 42.30 12 - - -

Noon Pakistan 48 6.39 26.99 25.65 23.26 23.26 -3.73 6953 27.24 21.88 12 - - -

Noon Sugar 165 1.13 10.75 11.30 10.50 10.50 -0.25 9525 14.45 9.00 - - - -

Pangrio Sugar XD 109 - 4.47 3.99 3.00 3.25 -1.22 7608 6.99 3.00 10 - - -

Quice Food 107 6.82 3.16 3.40 3.00 3.00 -0.16 20500 4.00 2.06 - - - -

S S Oil 57 0.22 2.75 3.60 2.60 3.60 0.85 36500 3.60 2.50 - - - -

Shahmurad Sugar 211 2.77 9.00 9.00 8.00 8.10 -0.90 133743 13.50 8.00 10 - - -

Shakarganj Mills 695 0.35 4.76 6.00 4.31 4.92 0.16 757023 7.88 4.10 - - - -

Tandlianwala 1177 13.96 42.00 43.00 39.10 39.10 -2.90 18373 44.06 34.00 - - - -

Wazir Ali 80 - 7.50 8.00 5.90 6.16 -1.34 20567 8.95 5.90 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,233.06 1,240.08 1,096.18 1,121.70 -111.35 -9.03


1,144,122 - - 6,768.53 mn 41,530.24 mn -


3.93 1.00 25.35 20.42 5.20 -

Agriautos Ind 144 4.52 69.94 71.00 66.45 69.00 -0.94 5908 82.63 66.45 90 - - -

Atlas Battery 101 4.78 192.90 192.88 180.00 180.05 -12.85 30439 205.00 159.00 100 20B - -

Atlas Engineering Ltd 247 22.22 40.53 40.90 34.77 36.00 -4.53 52121 43.26 15.00 - - - -

Atlas Honda 626 8.78 138.56 141.50 126.47 126.47 -12.09 8278 143.80 104.52 - - - -

Dewan Motors 890 - 1.90 1.96 1.50 1.58 -0.32 441869 2.89 1.40 - - - -

Exide (PAK) 56 4.53 193.94 194.99 176.30 185.05 -8.89 32927 217.44 172.12 60 - - -

General Tyre 598 4.37 21.70 23.80 21.08 22.00 0.30 45917 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 4.49 4.90 3.25 3.55 -0.94 276343 5.36 3.25 - - - -

Ghani Automobile Ind 200 5.89 4.20 4.50 3.75 4.24 0.04 54303 5.49 3.75 - - - -

Honda Atlas Cars 1428 - 10.75 11.40 9.60 9.74 -1.01 60312 12.87 9.60 - - - -

Indus Motors 786 10.40 276.40 276.01 234.20 240.29 -36.11 13747 309.73 234.20 150 - 50.00 -

Pak Suzuki 823 9.86 64.09 65.20 60.00 61.90 -2.19 82575 74.80 60.00 - - - -

Sazgar Engineering 150 3.78 23.64 23.52 20.50 20.95 -2.69 39279 24.00 18.80 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,521.25 1,537.61 1,445.54 1,515.44 -5.81 -0.38


449,290 - - 1,336.62 mn 31,554.96 mn -


7.59 2.89 38.02 131.49 17.32 -

AL-Ghazi Tractor 215 5.05 220.38 225.00 215.00 224.34 3.96 26450 244.95 213.50 400 - - -

Bolan Casting 104 4.32 46.15 47.25 43.00 43.00 -3.15 44926 48.63 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.10 1.44 0.80 0.91 -0.19 6983 2.40 0.21 - - - -

Ghandhara Ind 213 7.65 10.51 10.85 8.46 8.72 -1.79 192008 13.50 8.46 - - - -

Millat Tractors XD 366 7.57 492.43 498.80 466.27 491.49 -0.94 172567 568.40 466.27 650 25B325.00 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


962.26 971.31 863.83 888.57 -73.69 -7.66


933,177 - - 3,043.31 mn 33,927.35 mn -


2.48 1.09 43.91 15.55 6.27 -

Cherat PapersackSPOT 115 2.36 60.43 61.39 51.35 51.37 -9.06 167429 83.23 51.35 20 25B - 50R

ECOPACK Ltd 230 - 2.56 2.69 2.13 2.50 -0.06 184184 3.30 2.05 - - - -

Ghani Glass 1067 4.66 52.74 52.97 50.00 50.74 -2.00 41937 56.45 45.30 25 10B - -

MACPAC Films 389 - 4.00 4.19 3.75 3.97 -0.03 114936 4.19 2.50 - - - -

Merit Pack 47 16.80 30.34 31.48 28.20 30.24 -0.10 63188 33.80 17.25 - - - -

Packages Ltd 844 - 126.68 125.51 106.50 108.00-18.68 145491 143.00 103.52 32.5 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


877.51 884.37 775.94 788.89 -88.62 -10.10


26,281,726 - - 54,792.74 mn 58,229.42 mn -


5.32 0.38 7.10 19.04 3.58 -

Al-Abbas Cement 1828 - 2.80 3.50 2.25 2.60 -0.20 71221 3.98 2.25 - 100R - -

Attock Cement 866 6.39 51.27 51.99 48.51 50.45 -0.82 44127 64.40 48.51 50 - - -

Balochistan Glass Ltd 858 - 2.30 3.00 2.30 2.55 0.25 63346 4.24 1.46 - - - -

Berger Paints 182 - 18.03 18.60 14.82 15.25 -2.78 78756 24.16 14.82 - 122R - -

Cherat Cement 956 35.42 10.00 10.00 8.00 8.50 -1.50 74332 12.24 8.00 - - - -

Dadabhoy Cement 982 11.62 1.73 1.99 1.50 1.51 -0.22 50881 2.49 1.50 - - - -

Dewan Cement 3891 - 1.89 1.98 1.50 1.65 -0.24 711350 3.10 1.50 - - - -

DG Khan Cement Ltd 3651 9.39 24.42 24.60 21.20 21.68 -2.74 10060539 32.30 21.20 - 20R - 20R

EMCO Ind 350 2.45 2.36 3.27 2.05 2.06 -0.30 10058 4.00 2.05 - - - -

Fauji Cement 6933 5.56 4.51 4.82 3.97 4.00 -0.51 3191566 5.55 3.97 - - - 92R

Fecto Cement 502 1.99 7.00 8.00 6.55 6.58 -0.42 164557 8.00 6.55 - - - -

Flying Cement Ltd 1760 - 1.68 1.75 1.31 1.31 -0.37 352067 2.25 1.31 - - - -

Frontier Ceramics 77 - 2.01 2.65 0.71 2.00 -0.01 26231 3.40 0.71 - - - -

Gammon Pak 283 - 1.14 1.50 1.14 1.17 0.03 8059 3.65 1.01 - - - -

Gharibwal Cement 4003 - 7.12 7.45 6.00 7.26 0.14 37586 9.19 4.70 - - - -

Haydery Const 32 - 0.64 0.66 0.50 0.55 -0.09 10774 0.99 0.25 - - - -

Kohat Cement 1288 - 6.01 6.20 5.11 5.32 -0.69 133254 7.44 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 3.06 3.05 2.65 2.74 -0.32 3930567 3.88 2.65 - - - -

Lucky Cement 3234 5.42 67.62 67.70 60.01 60.32 -7.30 6270620 78.44 60.01 40 - - -

Maple Leaf Cement 5261 - 2.54 2.65 2.13 2.20 -0.34 905894 3.30 2.13 - - - -

Pioneer Cement 2228 - 6.30 6.39 5.30 5.31 -0.99 76576 7.65 5.30 - - - -

Safe Mix Concrete 200 - 6.54 7.19 5.81 6.50 -0.04 58139 7.95 5.52 - - - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,011.24 1,054.96 947.01 962.54 -48.69 -4.82


559,001 - - 3,596.11 mn 9,053.05 mn -


2.96 0.98 33.10 30.91 10.44 -

Crescent Steel 565 2.91 28.39 29.69 26.92 27.82 -0.57 107240 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.37 2.43 1.80 1.81 -0.56 233746 3.29 1.80 - - - -

Huffaz Pipe 555 8.35 14.10 14.30 13.00 13.36 -0.74 25483 16.51 13.00 - - - -

International Ind XD 1199 16.67 49.17 51.52 45.81 45.85 -3.32 133064 62.20 45.81 55 20B - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,037.64 1,041.07 969.41 970.91 -66.73 -6.43


164,360 - - 1,186.83 mn 2,679.07 mn -


4.98 0.37 7.47 25.28 5.08 -

Century Paper 707 - 15.85 16.00 14.50 14.66 -1.19 138557 19.69 14.50 - - - -

Security Paper 411 6.25 37.46 37.30 35.00 35.00 -2.46 40949 47.70 35.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,617.33 1,637.19 1,496.56 1,517.51 -99.82 -6.17


140,838,633 - - 52,251.88 mn 330,886.94 mn -


8.64 3.03 35.00 48.81 5.65 -

BOC (Pak) 250 8.83 91.55 95.99 86.00 86.00 -5.55 90284 103.94 83.12 60 - - -

Clariant Pak 273 6.90 201.94 206.79 191.00 192.68 -9.26 151179 213.30 155.00 135 25B - -

Dawood Hercules 1203 13.58 215.28 259.48 226.04 242.52 27.24 2165572 259.48 165.73 50 300B - -

Descon Chemical 1996 - 3.19 3.30 2.34 2.39 -0.80 333207 3.74 2.34 - - - -

Descon Oxychem Ltd. 1020 8.18 7.68 8.09 6.00 6.22 -1.46 8826975 9.25 6.00 - - - -

Dewan Salman 3663 - 2.75 2.86 2.26 2.32 -0.43 4024423 4.24 1.92 - - - -

Engro Corporation Ltd 3277 11.08 219.33 221.00 199.38 201.69-17.64 8550716 222.80 183.25 60 20B - -

Engro Polymer 6635 - 13.07 13.20 11.75 11.94 -1.13 1857283 15.87 11.75 - - - -

Fatima Fertilizer 22000 - 11.80 11.90 10.75 10.88 -0.92 5431484 12.64 9.16 - - - -

Fauji FertilizerXDXB 8482 6.76 153.29 154.49 108.00 109.82-43.47 13442930 157.90 108.00 130 25B - -

Fauji Fert.Bin Qasim 9341 7.43 41.07 41.50 38.85 39.37 -1.70 24466882 43.99 34.40 52.5 - - -

Ghani Gases Ltd 725 9.65 12.64 12.95 10.80 11.00 -1.64 473598 13.07 10.80 - - - -

ICI Pakistan 1388 8.22 148.15 150.30 142.00 143.88 -4.27 1244703 158.49 136.50 175 - - -

Lotte Pakistan 15142 5.18 15.99 16.25 14.07 14.08 -1.91 67398921 16.80 12.10 5 - - -

Mandviwala 74 - 1.14 1.25 1.02 1.03 -0.11 54824 2.45 1.01 - - - -

Nimir Ind Chemical 1106 - 2.60 2.65 2.10 2.25 -0.35 7009453 3.17 1.48 - - - -

Shaffi Chemical 120 - 2.24 2.40 1.55 2.05 -0.19 32269 3.10 1.55 - - - -

Sitara Chem Ind 214 8.79 103.97 108.50 101.40 104.30 0.33 56003 139.40 101.00 25 5B - -

Sitara Peroxide 551 5.15 13.48 14.39 11.81 11.94 -1.54 974769 14.54 11.81 - - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


895.15 906.61 821.03 827.02 -68.13 -7.61


1,006,304 - - 3,904.20 mn 27,230.42 mn -


5.85 1.30 22.31 44.54 7.61 -

Abbott (Lab) 979 6.54 95.40 97.00 78.59 78.63 -16.77 71031 112.50 78.59 50 - - -

Ferozsons (Lab) 250 5.95 90.39 94.90 88.00 88.01 -2.38 6269 98.00 83.50 - 20B 12.50 -

GlaxoSmithKline 1707 12.41 73.00 73.00 68.00 69.02 -3.98 257346 89.98 68.00 - - - -

Highnoon (Lab) 165 6.94 26.86 27.49 25.05 25.05 -1.81 23503 30.48 25.05 - - - -

IBL HealthCare Ltd 200 3.93 8.90 10.25 8.94 9.98 1.08 209728 10.25 7.16 - - - -

Searle Pak 306 5.26 61.01 63.00 59.81 60.22 -0.79 433587 69.00 58.50 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


719.11 721.94 645.83 670.66 -48.44 -6.74


238,055 - - 3,242.17 mn 11,577.49 mn -


4.97 1.27 25.53 11.08 2.23 -

Pak Int Cont.Terminal 1092 6.31 71.20 71.01 63.00 65.62 -5.58 225640 76.65 63.00 40 - - -

PNSC 1321 8.90 32.96 34.00 31.00 32.04 -0.92 12415 39.45 31.00 15 - - -



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

BOOK CLOSURES

Cherat Papersack 01-Mar 11-Mar 50(R) 21-Feb -

(TFC) United Bank 01-Mar 14-Mar - - -

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-Mar

Colgate - Palmolive # 04-Mar 10-Mar - - 10-Mar

Picic 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-Mar

Tariq Glass 07-Mar 13-Mar 200(R) 25-Feb -

Bank Al-Habib 07-Mar 17-Mar 20(F),20(B) 25-Feb 17-Mar

Husein Industries # 07-Mar 12-Mar - - 12-Mar

Crescent Steel And 09-Mar 15-Mar 10(I) 01-Mar -

Allied Bank Ltd 10-Mar 16-Mar 20(F),10(B) 02-Mar 16-Mar

Tri-Pack Films 10-Mar 18-Mar 100(F) 02-Mar 18-Mar

Kot Addu Power 11-Mar 18-Mar 30(I) 03-Mar -

Biafo Industries 12-Mar 18-Mar 15(Ii) 04-Mar -

Sazgar Engg Works 13-Mar 19-Mar 10(I) 04-Mar -

Atlas Honda # 14-Mar 21-Mar - - 21-Mar

Fauji Fertilizer Bin Qasim 15-Mar 21-Mar 35(F) 07-Mar 21-Mar

Fauji Cement # 16-Mar 22-Mar - - 22-Mar

Al-Noor Sugar Mills # 16-Mar 26-Mar - - 25-Mar

Indus Motor 16-Mar 25-Mar 50(I) 08-Mar -

Habib Bank 16-Mar 29-Mar - - 29-Mar

United Bank (Unconsolidated) 16-Mar 29-Mar 40(F) 08-Mar 29-Mar

Al-Ghazi Tractors 16-Mar 24-Mar 250(F) 08-Mar 24-Mar

Engro Corp (Consolidated) 17-Mar 31-Mar 20(F),20(B) 09-Mar 31-Mar

Nishat Mills (Unconsolidated) # 17-Mar 31-Mar - - 31-Mar

INDICATIONS

# Extraordinary General Meeting

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

Monday, February 28, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -817.63 points at 11,223.52. Volume was 25

per cent above average and Bollinger Bands were 67 per cent wider than

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

resistance level at 11,497.40 and 2nd resistance level at 11,771.30, while

Index will continue to find its 1st support level at 11,025.15 and 2nd sup-

port level at 10,826.80.

KSE 100 INDEX is currently 5.2 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) 21.14 Support 1 11,025.15

MA (5-day) 11,580.05 Support 2 10,826.80

MA (10-day) 11,797.09 Resistance 1 11,497.40

MA (100-day) 11,477.72 Resistance 2 11,771.30

MA (200-day) 10,677.51 Pivot 11,299.05


Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -1.70 at 39.37. Volume was 18 per cent above average

and Bollinger Bands were 39 per cent narrower than normal.

FFBL is currently 24.1 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 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) 40.30 Free Float Shares (mn) 326.94

MA (10-day) 40.49 Free Float Rs (mn) 12,871.57

MA (100-day) 35.67 CFS Shares (mn) N/A

MA (200-day) 31.74 CFS Rs (mn) N/A

Mean 39.85 CFS Rate N/A

Median 40.18 ** NOI Rs (mn) 63.05

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


National Bank of Pakistan


Technical Outlook

NBP closed down -6.96 at 67.01. Volume was 23 per cent above average

and Bollinger Bands were 94 per cent wider than normal.

NBP is currently 1.8 per cent below its 200-day moving average and is dis-

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


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

casting 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







Median 70.21 ** NOI Rs (mn) 157.36



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed down -1.23 at 17.50. Volume was 53 per cent above average

and Bollinger Bands were 30 per cent wider than normal.

PTC is currently 8.1 per cent below its 200-day moving average and is dis-



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

casting oscillators are currently bearish on PTC.

*Invest Cap 25 Buy

AKD Securities Ltd 23.91 Buy







Median 18.24 ** NOI Rs (mn) 8.88



Fauji Fertiliser Co


Technical Outlook

FFC closed down -43.47 at 109.82. Volume was 25 per cent above aver-

age and Bollinger Bands were 285 per cent wider than normal.

FFC is currently 4.8 per cent below its 200-day moving average and is dis-



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

forecasting 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







Median 131.25 ** NOI Rs (mn) 90.17



Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed down -2.74 at 21.68. Volume was 61 per cent below average

(consolidating) and Bollinger Bands were 161 per cent wider than normal.

DGKC is currently 18.7 per cent below its 200-day moving average and is



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

casting oscillators are currently bearish on DGKC. Momentum oscillator is

currently indicating that DGKC is currently in an oversold condition.

*Invest Cap 36 Buy

AKD Securities Ltd 38.14 Buy







Median 22.90 ** NOI Rs (mn) 54.46



Nishat Mills Ltd


Technical Outlook

NML closed down -4.34 at 58.50. Volume was 69 per cent below average

(consolidating) and Bollinger Bands were 30 per cent wider than normal.

NML is currently 10.1 per cent above its 200-day moving average and is



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

casting oscillators are currently bearish on NML. Momentum oscillator is

currently indicating that NML is currently in an oversold condition.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate







Median 60.55 ** NOI Rs (mn) 68.78



Pakistan Oilfields Ltd


Technical Outlook

POL closed down -34.54 at 281.89. Volume was 112 per cent above aver-

age and Bollinger Bands were 64 per cent wider than normal.

POL is currently 10.8 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely high when compared

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

tors reflect very strong flows of volume out of POL (bearish). Trend fore-

casting oscillators are currently bearish on POL. Momentum oscillator is

currently indicating that POL is currently in an oversold condition.

*Invest Cap 360 Hold

AKD Securities Ltd 322.42 Neutral







Median 293.54 ** NOI Rs (mn) 797.46


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,411.85 1,447.52 1,332.05 1,363.90 -47.95 -3.40


7,016,416 - - 29,771.58 mn 18,269.00 mn -


18.66 0.41 2.21 104.74 8.72 -

Allied Rental 600 3.80 15.30 17.10 15.30 17.10 1.80 5936 17.10 14.50 22.5 - - -

AL-Meezan Mutual F. 1375 3.80 10.10 10.20 9.42 9.42 -0.68 302441 11.50 6.80 18.5 - 5.00 -

Atlas Fund of Funds 525 1.36 5.90 6.29 5.11 5.11 -0.79 301000 6.40 3.65 2.2 - - -

B R R Guardian Mod. 780 1.49 1.39 1.50 1.12 1.37 -0.02 164525 2.79 1.12 0 - - -

Crescent St Modaraba 200 1.16 0.54 0.75 0.42 0.51 -0.03 109144 0.87 0.16 1.2 - - -

Equity Modaraba 524 1.16 1.92 2.24 1.62 1.90 -0.02 40470 2.98 1.30 - - - -

First Dawood Mutual F. 581 0.70 2.17 2.49 1.92 2.04 -0.13 192262 2.57 1.61 - - - -

Golden Arrow 760 1.36 3.42 3.38 2.96 2.96 -0.46 539596 3.89 2.90 17 - - -

H B L Modaraba 397 3.54 7.75 7.75 6.84 7.22 -0.53 45693 9.00 6.40 11 - - -

Habib Modaraba 1008 6.03 7.15 7.20 7.00 7.00 -0.15 426529 7.30 6.50 21 - - -

JS Growth Fund 3180 1.94 5.45 5.55 4.76 5.05 -0.40 948510 6.17 4.25 5 - - -

JS Value Fund 1186 1.08 5.45 5.52 4.46 4.49 -0.96 313360 6.61 4.15 10 - - -

Meezan Balanced Fund 1200 2.37 8.57 8.69 8.12 8.25 -0.32 1011807 10.24 5.92 15.5 - - -

Mod Al-Mali 184 12.90 1.32 1.74 1.29 1.29 -0.03 6044 2.50 1.00 - - - -

NAMCO Balanced Fund 1000 2.11 4.00 4.63 4.00 4.55 0.55 5754 4.73 2.92 15 - - -

PICIC Energy Fund 1000 3.19 7.75 7.90 7.36 7.71 -0.04 760506 8.83 6.00 10 - 10.00 -

PICIC Growth Fund 2835 3.87 13.43 13.86 12.80 12.93 -0.50 1053971 16.49 10.52 20 - 12.50 -

PICIC Inv Fund 2841 3.26 6.44 6.60 5.70 6.00 -0.44 317294 7.95 5.16 10 - 7.50 -

Prud Modaraba 1st 872 1.75 1.00 1.10 0.91 0.91 -0.09 299101 1.20 0.81 3 - - -

Stand Chart Modaraba 454 4.85 10.10 9.90 9.50 9.50 -0.60 84778 10.63 8.51 17 - - -

Tri-Star Mutual 50 2.75 1.29 1.75 0.84 0.99 -0.30 5983 2.00 0.60 - - - -

Trust Modaraba 298 2.38 1.50 2.49 1.50 2.00 0.50 41323 2.49 1.16 5 - - -

U D L Modaraba 264 1.74 6.22 6.40 6.12 6.12 -0.10 6316 6.55 5.51 12.5 - - -

UNICAP Modaraba 136 48.00 0.25 0.48 0.20 0.48 0.23 12000 0.95 0.08 - - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


382.44 392.15 306.94 317.42 -65.02 -17.00


21,673,169 - - 30,336.44 mn 15,137.96 mn -


11.42 0.21 0.91 99.56 4.39 -

AMZ Ventures 225 1.11 0.58 0.61 0.46 0.49 -0.09 439334 0.95 0.33 - - - -

Arif Habib Investments 360 3.57 22.48 22.02 20.10 21.00 -1.48 323219 24.85 16.80 - 20B - -

Arif Habib Limited 450 15.83 23.76 24.25 19.31 19.31 -4.45 340221 28.00 19.31 - 20B - -

Arif Habib Corp 3750 3.49 23.33 23.50 18.89 18.97 -4.36 23567222 30.20 18.89 30 - - -

Dawood Cap Mangt. XB 150 1.21 1.54 2.10 1.25 1.26 -0.28 9889 2.10 1.15 - - - -

Dawood Equities 250 450.00 1.75 2.57 1.06 1.35 -0.40 5676 2.75 1.06 - - - -

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

IGI Investment Bank 2121 9.18 2.12 2.49 2.00 2.02 -0.10 18368 3.90 2.00 - - - -

Invest and Fin Sec 600 5.02 7.11 7.69 5.65 6.22 -0.89 9756 8.98 5.65 11.5 - - -

Invest Bank 2849 - 0.59 0.64 0.31 0.47 -0.12 40498 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.25 3.36 2.95 3.01 -0.24 338427 3.95 2.95 - 10B - -

Ist Dawood Bank 626 0.51 1.75 1.79 1.29 1.44 -0.31 128609 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 10.56 10.76 8.01 8.26 -2.30 17274303 13.39 8.01 10 - - -

JOV and CO 508 672.50 3.60 3.78 2.58 2.69 -0.91 819099 4.49 2.58 - - - -

JS Global Cap 500 6.12 25.69 26.97 21.29 21.29 -4.40 72317 31.50 21.29 - - - -

JS Investment 1000 - 6.13 6.34 5.10 5.19 -0.94 514030 7.40 5.10 - - - -

KASB Securities 1000 - 4.57 4.70 3.75 4.01 -0.56 63513 5.43 3.75 - - - -

Orix Leasing 821 4.34 6.14 6.44 5.25 5.90 -0.24 86797 7.19 5.25 - - - -

Pervez Ahmed Sec 775 - 1.91 1.96 1.21 1.34 -0.57 1160335 2.50 1.21 - - - -

Stand Chart Leasing 978 3.05 2.30 2.70 2.11 2.26 -0.04 18908 3.00 1.67 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


721.87 729.63 663.99 673.47 -48.40 -6.70


256,978 - - 2,290.72 mn 8,005.70 mn -


5.20 2.98 3.85 355.53 4.59 -

EFU Life Assurance 850 29.28 58.13 58.20 51.31 51.53 -6.60 104026 86.95 51.31 - - - -

New Jub Life Insurance 627 18.76 42.51 45.00 41.50 43.90 1.39 150743 49.31 39.05 15 - - -



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

BANKS

Performance of SR Banks Index


1,120.51 1,129.02 1,007.16 1,025.52 -95.00 -8.48


98,632,024 - - 257,548.02 mn 625,218.77 mn -


7.35 1.03 13.94 40.49 5.51 -

Allied Bank Limited 7821 5.85 68.15 69.25 61.33 62.05 -6.10 483785 74.00 60.70 40 10B - -

Askari Bank 6427 6.14 16.03 16.38 12.55 12.89 -3.14 9124786 19.25 12.55 - 10B - -

Bank Alfalah 13492 11.55 10.53 10.55 8.90 9.01 -1.52 3749898 11.99 8.90 - - - -

Bank AL-Habib 7322 7.13 36.50 36.73 34.25 35.08 -1.42 1215977 39.49 33.50 20 20B - -

Bank Of Khyber 5004 5.37 4.11 4.23 3.96 4.03 -0.08 802666 4.70 3.75 - - - -

Bank Of Punjab 5288 - 7.79 7.85 6.40 6.70 -1.09 27922384 10.38 6.40 - - - -

BankIslami Pak 5280 807.50 3.52 3.79 3.18 3.23 -0.29 694068 4.50 3.00 - - - -

Faysal Bank 7327 3.53 13.60 14.00 10.69 10.94 -2.66 1469326 16.47 10.69 - 20B - -

Habib Bank Ltd 10019 7.29 123.16 123.85 114.55 116.74 -6.42 755938 128.97 106.00 65 10B - -

Habib Metropolitan Bank 8732 6.93 25.29 25.70 22.50 22.65 -2.64 99514 29.28 22.50 - - - -

JS Bank Ltd 8150 - 2.75 2.84 2.46 2.66 -0.09 3424644 2.92 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.62 1.70 1.40 1.44 -0.18 858276 2.80 1.40 - - - -

MCB Bank Ltd 7602 9.01 215.38 216.00 195.89 200.08 -15.30 3787689 250.48 195.89 85 10B - -

Meezan Bank 6983 7.33 17.88 18.24 17.25 17.30 -0.58 378385 20.30 15.10 - 15B - -

Mybank Ltd 5304 - 2.60 2.90 2.00 2.02 -0.58 255738 3.40 2.00 - - - -

National Bank 13455 5.85 73.97 74.40 66.01 67.01 -6.96 15603617 80.61 66.01 - - - -

NIB Bank 40437 - 2.58 2.94 2.32 2.37 -0.21 7617429 3.35 2.32 - - - -

Samba Bank 14335 - 1.78 1.88 1.50 1.68 -0.10 683801 2.17 1.50 -63.46R - -

Silkbank Ltd 26716 - 2.39 2.48 2.06 2.11 -0.28 12386698 3.05 2.06 - - - -

Soneri Bank 6023 25.67 6.57 6.55 5.31 5.39 -1.18 317553 8.48 5.31 - - - -

Stand Chart Bank 38716 10.31 7.20 7.75 6.28 6.70 -0.50 119799 9.04 6.28 - - - -

Summit Bank Ltd 7251 - 3.44 3.58 2.88 2.95 -0.49 761544 4.63 2.88 - - - -

United Bank Ltd 12242 6.76 62.90 63.18 56.89 57.51 -5.39 6880051 70.65 56.89 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


759.22 762.66 681.05 689.92 -69.31 -9.13


4,142,128 - - 11,111.34 mn 44,172.19 mn -


11.56 0.60 5.20 79.54 6.88 -

Adamjee Insurance 1237 21.27 83.69 83.66 71.94 73.39-10.30 1444591 96.40 71.94 10 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,606.88 1,617.90 1,391.27 1,448.40 -158.47 -9.86


3,885,037 - - 12,202.80 mn 32,423.52 mn -


9.09 1.04 11.41 66.79 7.35 -

Sui North Gas 5491 12.08 25.18 25.25 20.42 20.53 -4.65 1161503 29.39 20.42 20 - - -

Sui South Gas 8390 3.80 25.51 25.79 22.46 25.21 -0.30 2723534 27.90 19.95 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,309.00 1,332.79 1,225.11 1,254.79 -54.20 -4.14


32,857,671 - - 95,369.29 mn 102,815.00 mn -


13.24 1.24 9.35 104.13 7.86 -

Genertech 198 - 0.71 0.80 0.56 0.65 -0.06 55864 1.18 0.56 - - - -Hub Power 11572 6.77 37.89 38.50 35.90 36.96 -0.93 6612885 41.20 35.90 50 - 25.00 -Japan Power 1560 - 1.57 1.70 1.25 1.30 -0.27 1201760 2.10 1.25 - - - -KESC 7932 - 2.73 2.90 2.35 2.38 -0.35 6210391 3.55 2.25 - 7.8R - -Kohinoor EnergySPOT 1695 7.61 18.02 18.88 17.15 17.51 -0.51 99396 22.85 17.15 15 - 10.00 -Kohinoor Power 126 2.38 4.50 4.59 3.90 3.90 -0.60 30576 5.39 3.85 - - - -Kot Addu Power 8803 5.35 43.98 44.35 41.01 41.70 -2.28 3425450 45.85 39.50 50 - 30.00 -Nishat Chunian Power Ltd 3673 3.15 15.93 16.01 14.05 14.35 -1.58 5958589 18.01 14.05 - - - -Nishat Power Ltd 3541 2.21 16.68 16.70 14.85 15.12 -1.56 6630023 18.70 14.85 - - - -Sitara Energy Ltd 191 5.12 17.79 18.74 16.40 16.80 -0.99 455211 19.35 16.40 20 - - -Southern Electric 1367 - 1.94 1.99 1.44 1.48 -0.46 2093277 2.80 1.44 - - - -Tri-star Power XD 150 - 0.85 0.93 0.55 0.61 -0.24 80247 1.49 0.55 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,101.74 1,127.67 1,005.76 1,021.12 -80.62 -7.32


21,274,167 - - 50,077.79 mn 70,775.25 mn -


5.55 0.71 12.84 62.56 11.27 -

Pak Datacom 78 7.23 72.00 75.45 66.49 66.49 -5.51 9450 82.90 66.49 80 - 15.00 -Pakistan Telecomm Co A 37740 11.67 18.73 19.18 17.30 17.50 -1.23 14250880 20.65 17.30 17.5 - - -Telecard 3000 0.51 2.02 2.10 1.60 1.73 -0.29 1451971 2.67 1.60 1 - - -WorldCall Tele 8606 - 2.62 2.64 2.15 2.25 -0.37 5561866 3.45 2.15 - - - -Wateen Telecom Ltd 6175 - 3.39 3.47 2.80 2.84 -0.55 1166643 4.65 2.80 - - - -



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

Ask Gen Insurance 255 6.47 11.01 10.95 9.51 10.68 -0.33 7551 12.00 9.51 - 25R - -

Atlas Insurance 369 5.83 37.13 38.40 35.47 36.67 -0.46 16984 40.00 35.47 - - - -

Central Insurance XB 279 8.10 70.61 77.72 68.10 71.31 0.70 18717 83.00 58.11 10 10B - -

Century Insurance 457 5.71 10.46 10.59 9.01 9.14 -1.32 24595 11.99 9.01 - - - -

Crescent Star Insurance 121 - 4.30 5.19 3.36 4.24 -0.06 6122 6.30 3.11 - - - -

EFU General Insurance 1250 - 38.05 38.50 34.39 34.40 -3.65 117398 47.50 34.39 - - - -

Habib Insurance 400 2.86 13.39 13.40 11.72 12.00 -1.39 19303 15.50 11.72 - - - -

IGI Insurance 718 8.01 99.88 101.00 93.00 93.23 -6.65 87755 102.44 86.10 30 55B - -

New Jub Insurance 791 10.20 58.91 60.70 56.00 58.03 -0.88 48965 61.80 56.00 35 25B - -

Pak Reinsurance 3000 36.00 16.69 16.61 13.80 14.04 -2.65 2269489 19.40 13.80 - - - -

PICIC Ins Ltd 350 67.86 9.50 9.50 8.10 9.50 0.00 35629 10.75 6.01 - - - -

Premier Insurance 303 5.65 10.85 11.10 10.21 10.45 -0.40 22109 12.93 10.01 - - - -

Shaheen Insurance 200 - 10.41 11.43 9.45 10.55 0.14 6139 14.20 9.41 - - - 25R

Silver Star Insurance 253 3.98 6.50 7.41 6.01 6.40 -0.10 5807 8.20 6.01 - - - -

UPTO 5000 VOLUME

MDTL 19.63 21.00 18.12 19.64 0.01 4977PRWM 14.00 15.00 13.80 13.80 -0.20 4883SHJS 64.01 68.00 60.81 65.56 1.55 4776RICL 7.00 7.15 6.20 6.20 -0.80 4645FCONM 1.26 1.99 1.15 1.20 -0.06 4557SAPL 153.00 156.80 137.87 138.17 -14.83 4312ICL 24.83 26.35 23.59 26.35 1.52 4137FPRM 9.00 9.90 8.21 9.55 0.55 4042GUSM 5.66 6.00 5.52 5.96 0.30 4017SGPL 0.80 1.80 0.80 0.80 0.00 4001ISIL 79.09 85.90 77.72 85.90 6.81 3962PPP 41.34 42.50 38.88 38.97 -2.37 3854MFTM 0.71 1.15 0.60 0.61 -0.10 3818UVIC 2.27 2.95 2.20 2.24 -0.03 3803FFLM 1.50 2.31 1.22 1.22 -0.28 3749LPGL 11.13 12.12 10.13 10.16 -0.97 3619PMRS 41.55 43.62 37.51 38.01 -3.54 3555DSML 2.40 3.35 2.01 3.00 0.60 3517MOON 17.25 16.99 15.49 15.49 -1.76 3506KSBP 59.89 61.90 56.77 57.12 -2.77 3399BTL 60.90 63.69 60.00 60.30 -0.60 3133IDSM 9.95 10.90 7.96 8.00 -1.95 3083THCCL 18.10 17.90 16.20 16.27 -1.83 3073ZTL 2.60 3.99 2.60 3.50 0.90 3042AZAMT 2.00 2.48 2.00 2.00 0.00 3018KASBM 2.45 2.95 2.55 2.95 0.50 3000DATM 0.28 0.54 0.30 0.54 0.26 2959SIBL 3.10 3.58 2.27 3.03 -0.07 2943REWM 10.21 10.70 9.25 9.88 -0.33 2927PGCL 18.64 18.00 16.68 16.68 -1.96 2904MEHT 56.50 62.96 53.68 57.88 1.38 2759ADOS 15.71 16.20 14.30 15.14 -0.57 2720GRYL 2.31 3.25 2.25 3.25 0.94 2533WAHN 37.74 38.85 37.20 37.85 0.11 2455FECS 37.73 37.81 33.51 35.16 -2.57 2433TRPOL 0.51 0.87 0.50 0.87 0.36 2351BUXL 9.85 10.00 8.09 8.41 -1.44 2206AABS 93.05 101.90 97.60 97.60 4.55 2200IDYM 288.72 299.00 266.24 273.91 -14.81 2063PAKT 105.00 105.45 92.52 95.06 -9.94 2011SCL 91.45 91.45 86.90 90.00 -1.45 1952ULEVER 4679.08 5158.68 4555.11 4555.42 -123.66 1938CSUML 3.30 3.46 2.42 2.93 -0.37 1813AGSML 5.51 6.00 4.60 5.50 -0.01 1769BAPL 7.57 8.45 6.90 7.09 -0.48 1746STCL 7.60 7.60 5.70 5.75 -1.85 1725COLG 896.13 900.00 784.06 859.90 -36.23 1677SANSM 12.15 12.15 11.00 11.88 -0.27 1590FZCM 59.90 62.89 59.00 59.75 -0.15 1543UNIC 6.11 7.10 5.50 6.01 -0.10 1526CLIM 4.00 4.99 4.00 4.99 0.99 1500HAFT 19.05 19.05 18.10 18.10 -0.95 1500FNBM 6.00 6.00 5.99 5.99 -0.01 1402BAWS 5.50 5.50 5.49 5.50 0.00 1285MLCFPS 4.31 4.26 3.62 4.26 -0.05 1225ESBL 2.39 3.35 2.00 2.01 -0.38 1223MSOT 18.79 18.79 17.30 17.79 -1.00 1222FTSM 0.85 1.85 0.71 1.26 0.41 1221GATI 47.79 50.17 43.15 45.42 -2.37 1219ALICO 16.60 17.47 14.71 15.50 -1.10 1205TSBL 3.89 3.89 2.89 2.90 -0.99 1200PAKMI 0.94 1.10 0.90 0.90 -0.04 1128LEUL 1.23 2.50 1.21 2.21 0.98 1126YOUW 1.45 1.55 1.09 1.41 -0.04 1102DYNO 11.15 11.15 10.70 11.00 -0.15 1021GFIL 6.00 7.50 5.50 6.80 0.80 1016EWLA 1.70 2.20 1.70 1.95 0.25 1004ALQT 8.87 8.87 7.87 7.87 -1.00 1000REDT 0.60 0.60 0.40 0.40 -0.20 1000PKGI 8.00 8.00 8.00 8.00 0.00 1000SIGL 9.95 9.95 9.25 9.25 -0.70 1000CPMFI 3.00 3.00 2.45 2.45 -0.55 1000BILF 1.37 1.69 0.95 0.95 -0.42 901MFFL 72.41 74.00 68.79 68.79 -3.62 831LIBM 67.00 67.10 67.00 67.00 0.00 800FPJM 1.26 1.50 1.26 1.26 0.00 717SRSM 3.59 4.39 3.05 3.23 -0.36 716ADAMS 14.50 14.50 14.06 14.50 0.00 705BIFO 45.95 48.00 45.95 48.00 2.05 700NESTLE 3596.00 3695.00 3335.05 3407.50 -188.50 684DADX 19.96 20.94 18.96 19.96 0.00 612FASM 35.01 36.76 35.01 36.75 1.74 611LAKST 246.68 259.00 234.35 242.14 -4.54 549DNCC 2.00 2.00 1.50 1.50 -0.50 524FNEL 4.85 5.80 4.55 4.95 0.10 512DMTX 2.90 3.40 2.90 3.40 0.50 505CFL 15.06 15.06 14.10 15.06 0.00 503GUTM 18.35 20.35 17.44 19.35 1.00 503FANM 3.00 3.40 3.00 3.30 0.30 501ANSS 5.10 5.10 5.00 5.00 -0.10 500TAJT 0.25 0.14 0.14 0.14 -0.11 500OTSU 33.99 32.35 32.35 32.35 -1.64 500FIMM 60.20 62.40 62.40 62.40 2.20 500SPLC 0.69 0.69 0.55 0.69 0.00 402GRAYS 47.82 49.00 46.20 47.82 0.00 363CHAS 9.00 9.00 8.75 9.00 0.00 350KML 2.01 2.70 1.80 2.01 0.00 340JDMT 14.03 14.87 13.15 14.03 0.00 313BROT 0.35 0.68 0.40 0.35 0.00 304MQTM 7.85 8.80 7.50 7.85 0.00 300FECM 3.03 3.20 3.00 3.03 0.00 249DIIL 10.00 11.00 9.00 10.00 0.00 246MIRKS 50.49 52.50 47.97 50.49 0.00 231RMPL 2539.75 2693.60 2400.00 2622.72 82.97 204CJPL 0.90 1.43 0.55 0.90 0.00 180PECO 136.38 136.38 129.57 136.38 0.00 176FZTM 419.00 439.95 400.00 409.93 -9.07 167UPFL 1308.88 1350.00 1250.01 1323.66 14.78 166AASM 24.52 25.74 24.52 24.52 0.00 148MRNS 55.75 55.75 52.97 55.75 0.00 146DKTM 2.10 2.10 1.50 2.10 0.00 141PAKL 2.85 3.45 2.25 2.85 0.00 120TICL 59.20 59.20 56.24 59.20 0.00 104TREI 1.30 1.95 1.30 1.30 0.00 103SIEM 1019.49 1050.00 915.00 963.08 -56.41 100PSEL 159.88 167.80 151.89 159.88 0.00 73HINO 128.00 128.00 121.60 128.00 0.00 61SFAT 5.50 6.26 4.50 5.50 0.00 60MSCL 12.85 13.79 11.85 12.85 0.00 58ARPAK 11.97 11.97 10.97 11.97 0.00 50HUSI 5.51 6.49 5.00 5.51 0.00 36ICCT 1.49 1.64 1.15 1.49 0.00 30WYETH 1065.00 1070.00 1011.75 1011.85 -53.15 28JOPP 11.70 11.70 10.70 11.54 -0.16 26BHAT 259.00 262.00 246.05 259.00 0.00 26AGL 23.83 24.90 22.65 23.83 0.00 24HMIM 0.95 1.05 0.87 0.95 0.00 11LMSM 1.50 1.50 1.50 1.50 0.00 11QUET 46.18 48.48 43.90 46.18 0.00 11HUSS 11.43 12.35 11.43 11.43 0.00 10SGMLPS 3.75 4.75 3.75 3.75 0.00 10DWTM 0.00 9.98 8.99 0.00 0.00 10GLPL 55.99 57.99 55.99 55.99 0.00 10INKL 9.00 9.00 9.00 9.00 0.00 10

Symbols Open High Low Close Change Vol

Al-Abbas Cement 31.83 2.05 1.55 3.30 4.05 2.80

Allied Bank Limited 24.17 60.90 59.80 63.60 65.15 62.45

Attock Cement 25.92 48.70 46.95 52.05 53.65 50.30

Arif Habib Corp 18.67 18.65 18.35 19.50 20.00 19.20

Arif Habib Limited 18.63 19.25 19.20 19.45 19.60 19.40

Adamjee Insurance 21.91 71.90 70.40 74.95 76.50 73.45

Askari Bank 17.88 12.55 12.25 13.15 13.45 12.85

Azgard Nine 26.46 7.80 7.45 8.85 9.55 8.50

Attock Petroleum 27.35 323.30 317.45 340.55 351.95 334.70

Attock Refinery 21.99 96.45 94.35 102.70 106.85 100.60

Bank Al-Falah 19.60 8.80 8.55 9.35 9.65 9.10

BankIslami Pak 28.88 3.15 3.00 3.40 3.55 3.30

Bank.Of.Punjab 24.12 6.50 6.25 6.90 7.10 6.65

Dewan Cement 30.73 1.50 1.40 1.80 1.90 1.65

D.G.K.Cement 14.46 21.15 20.65 22.25 22.80 21.70

Dewan Salman 28.80 2.20 2.05 2.50 2.70 2.40

Dost Steels Ltd 22.84 1.75 1.65 1.95 2.05 1.85

EFU General Insurance 24.29 33.95 33.55 35.25 36.10 34.80

EFU Life Assurance 15.99 50.70 49.90 52.90 54.30 52.10

Engro Chemical 37.12 197.10 192.55 208.55 215.40 203.95

Faysal Bank 15.46 10.65 10.35 11.30 11.65 11.00

Fauji Cement 18.47 3.90 3.75 4.20 4.40 4.10

Fauji Fert Bin 41.02 38.90 38.40 39.80 40.20 39.30

Fauji Fertilizer 20.94 107.85 105.85 111.95 114.05 109.95

Habib Bank Ltd 35.11 114.80 112.85 119.75 122.75 117.80

Hub Power 41.85 36.20 35.40 37.50 38.00 36.70

ICI Pakistan 44.62 142.15 140.45 145.45 147.05 143.75

Indus Motors 16.78 235.40 230.50 244.00 247.70 239.10

J.O.V.and CO 22.22 2.45 2.20 3.10 3.50 2.85

Japan Power 28.06 1.20 1.15 1.45 1.55 1.35

JS Bank Ltd 53.47 2.55 2.40 2.75 2.90 2.65

Jah Siddiq Co 44.21 7.90 7.50 8.75 9.30 8.40

Kot Addu Power 42.62 41.05 40.40 42.35 42.95 41.65

K.E.S.C 30.97 2.25 2.15 2.55 2.75 2.45

Lotte Pakistan 34.47 13.70 13.35 14.80 15.50 14.45

Lucky Cement 20.77 59.15 58.00 62.30 64.30 61.15

MCB Bank Ltd 28.05 195.10 190.10 205.90 211.70 200.90

Maple Leaf Cement 17.91 2.15 2.10 2.25 2.30 2.20

National Bank 23.20 65.40 63.75 69.25 71.55 67.65

Nishat (Chunian) 41.33 22.85 22.25 24.00 24.60 23.45

Netsol Technologies 34.10 20.10 19.65 21.35 22.15 20.90

NIB Bank 27.54 2.25 2.10 2.60 2.80 2.45

Nimir Ind.Chemical 48.69 2.05 1.90 2.45 2.65 2.25

Nishat Mills 30.48 57.20 55.85 59.85 61.20 58.55

Oil & Gas Dev. XD 22.60 149.15 145.75 157.85 163.15 154.45

PACE (Pakistan) Ltd. 38.35 2.55 2.45 2.70 2.80 2.65

Pervez Ahmed Sec 23.91 1.15 0.90 1.65 1.95 1.45

P.I.A.C.(A) 42.22 2.30 2.20 2.45 2.55 2.40

Pioneer Cement 22.32 5.10 4.85 5.75 6.20 5.55

Pak Oilfields 24.47 275.25 268.60 290.40 298.90 283.75

Pak Petroleum 29.24 188.85 184.00 199.70 205.80 194.90

Pak Suzuki 35.42 60.35 58.75 63.15 64.35 61.55

P.S.O. XD 36.55 266.40 260.50 276.80 281.30 270.90

P.T.C.L.A 31.47 17.15 16.75 18.05 18.55 17.65

Shell Pakistan 28.44 187.00 180.35 200.15 206.65 193.50

Sui North Gas 19.83 20.05 19.55 21.40 22.25 20.90

Sitara Peroxide 30.16 11.60 11.25 12.50 13.05 12.15

Sui South Gas 57.12 24.05 22.85 25.85 26.45 24.65

Telecard 22.39 1.65 1.50 1.80 1.90 1.70

TRG Pakistan 20.36 2.25 2.05 2.65 2.90 2.50

United Bank Ltd 22.12 56.50 55.50 58.90 60.25 57.90

WorldCall Tele 30.31 2.15 2.05 2.35 2.45 2.25

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Amz Ventures Ltd 28-Feb 4:00

Metropolitan Steel Corp Ltd 28-Feb 3:00

Regent Textile Ind Ltd 28-Feb 4:30

Gulshan Spinning Mills Ltd 28-Feb 12:30

Paramount Spinning Mills Ltd 28-Feb 10:30

Azgard Nine Ltd 28-Feb 5:00

First Paramount Modaraba 28-Feb 9:30

Fatima Enterprises Ltd 28-Feb 11:00

Fawad Textile Mills Ltd 28-Feb 4:30

ICC Textile Ltd 28-Feb 4:00

Tri - Star Mutual Fund Ltd 28-Feb 4:30

BOARD MEETINGS

Company Date Time

Monday, February 28, 2011 8

JP Morgan estimatesNZ quake cost at $12bn

WinterchillsRSA

profit LONDON: Insurer RSAreported an 18 per cent dropin its 2010 profit, blaming aspike in claims as a result ofcold winter weather, and saidit aimed to double sales inemerging markets over thenext four years.

RSA, best known in Britainfor its More Than car andhome insurance business, hada 2010 operating result of636 million pounds ($1.03billion), down from 777 mil-lion pounds the previousyear, it said on Thursday.

That was slightly higherthan the 621 million poundspenciled in by analysts,according to the company'sown calculation of consensusexpectations.

The company warned lastmonth that weather-relatedclaims for 2010 were some255 million pounds abovenormal because of unusuallyharsh winter weather.

RSA is paying a dividendfor the year of 8.82 pence pershare, an increase of 7pc.-Reuters

Tremontinvestors in$100mn pactover MadoffNEW YORK: Investors wholost money in Bernard Madoff'sPonzi scheme have reached a$100 million settlement with agroup of funds affiliated withTremont Group Holdings Incthat funneled their money to thenow imprisoned con man.

The settlement filed Fridayevening in Manhattan federalcourt followed mediation toresolve claims against Tremont,which is part of MassachusettsMutual Life Insurance Co.

Tremont and its now defunctRye Investment Managementunit lost more than $3 billion ofclient money it funneled toMadoff and his firm Bernard L.Madoff Investment SecuritiesLLC.

The investors alleged thatTremont failed to conduct ade-quate due diligence, and "turneda blind eye to the red flags" ithad about Madoff's activities.The class-action settlementrequires court approval, and isamong the largest reached inprivate litigation by investorswho lost money with Madoff.

These investors may recoveradditional sums through litiga-tion undertaken by IrvingPicard, the court-appointedtrustee seeking money fromvictims of Madoff's fraud.

Friday's accord "is a tremen-dous result," Andrew Entwistle,a partner at Entwistle &Cappucci LLP representing theinvestors, said in an interview."We are hopeful of a final reso-lution with the Madoff trusteein the near future." KevinMcCue, a spokesman forPicard, did not immediatelyreturn a request for a comment.A Tremont spokesman,Montieth Illingworth, said thefirm was pleased to resolve theinvestors' claims, "which wehave vigorously denied, and onterms that will enable investorsto recover some of the losses"from Madoff's fraud. Entwistlesaid the settlement could growby $50 million as otherTremont funds wind down andseparate litigation is resolved.

"There aren't too many ofthese lawsuits against Madofffeeder funds whose parents arestill solvent," Reed Kathrein, apartner at Hagens BermanSobol Shapiro LLP also repre-senting the investors, said inan interview. -Reuters

HONG KONG: AIA's Chief Executive Mark Tucker attends a news conference.-Reuters

HONG KONG: Asianinsurance giant AIA saidFriday its net profit last yearsoared more than 50 per centto $2.7 billion, severalmonths after the firm raised$20.5 billion in a monsterHong Kong share sale.

New business growthalong with currency andinvestment gains propelledthe Pan-Asian insurer'sresults for the fiscal yearended November 30 to 54per cent above its $1.8 bil-lion net profit in 2009, thecompany said.

Excellent growth in prof-itability, driven by a strongexisting in-force book ofbusiness and a materialuplift in new businessgrowth," AIA's ChiefExecutive Mark Tucker saidin a statement announcingthe firm's first public resultssince its listing in October.

AIA said it booked a 22per cent hike in new busi-ness to $667 million, upfrom $545 million in 2009,with boosts seen across keymarkets including mainlandChina, Malaysia andThailand.

Its shares were 4.5 per centhigher at HK$22.05 ($2.83)in morning trade.

The Asian unit of troubledUS insurer AmericanInternational Group raised$20.5 billion in October,

marking the world's third-biggest initial public offer-ing at the time.

AIA's sale came afterAgricultural Bank of Chinaraised $22.1 billion in HongKong last July, beating theprevious world record set byIndustrial and CommercialBank of China, which raised$21.9 billion in 2006.

Some of the cash fromAIA's huge IPO was ear-marked for helping its thenparent AIG pay off a $182billion US governmentbailout it received at theheight of the global finan-cial crisis.

Once the world's largestinsurer, AIG received themassive government cashinjection after it teetered onthe brink of collapse in 2008and threatened to take downa number of large bankswith it.

On Thursday, AIG report-ed a $7.8 billion net profitfor 2010, largely aided byasset sales including theAIA offering, after reportingan almost $11 billion netloss in 2009.

AIG, which still ownsabout one-third of AIA, wasforced to look at floating itsAsian unit in Hong Kongafter the collapse last Juneof a proposed $35.5 billionsale to British insurerPrudential. -Agencies

Insurer AIAnets above50pc moreduring 2010

LONDON: Allianz posted abelow-forecast dividend hikeafter beating 2010 profit fore-casts in the face of surgingearthquake and flood claims.

Shares in Europe's largestinsurer fell by 3.2 per cent onThursday's results, underper-forming the European insur-ance stock index.

One industry analyst, whodeclined to be named, said a 1billion euro share issue byDutch rival Aegon had raisedwider concerns about the needfor insurers to increase solven-cy ratios to satisfy regulators.

Allianz will target operatingprofit of around 8 billion euros($11 billion) this year, give ortake 500 million euros due topersisting uncertainties, chiefexecutive Michael Diekmann

told a news conference."Uncertainty factors will

continue to be significant:volatility in the financial mar-kets, indebtedness of govern-ment budgets, concerns aboutinflation," Diekmann said.

In 2010, it delivered operat-ing profit of 8.2 billion euros,the third best result in the com-pany's history, despite a neartripling in payouts for damageclaims on storms, earthquakesand other natural catastrophesto 1.3 billion euros.

There was further pain inJanuary and February, withflooding around Brisbane,cyclone Yasi in Australia andthis week's earthquake in NewZealand set to cost the insureraround 300 million euros,Diekmann said.-Reuters

Allianz dividendhike disappoints

TFD Report

KARACHI: Like the overallmarket, Insurance stocks tooremained mainly in the grip ofbears last week.As per data around 4.4 mil-

lion shares traded together inlife and non-life insurancestocks.Pak Reinsurance stood as the

volume leader with 2.2 mil-lion shares followed by

Adamjee Insurance with 1.44million shares. Adamjee Insurance fell byRs10.3 to close at Rs73.39and IGI Insurance by Rs6.65to close at Rs93.23 to becomethe major losers of the week.New Jubilee Life Insurancewas up by Rs1.39 to close atRs43.90 and CentralInsurance by Rs0.7 to closeat Rs71.31 being the majorgainers of the week.

Local listed insurerslie low during week

LONDON: AmericanInternational Group Incturned a huge fourth-quarterprofit, but shares fell sharplyon Friday amid questionsabout weakness at its hugeproperty insurance businessand its aircraft leasing unit.

Shares in AIG fell 4.5 percent to $38.63 in morningtrading, making them the onlydecliner in the Standard &Poor's insurance index. SinceJanuary 20, when it wasadjusted for a warrant distrib-uted to shareholders, thestock is down more than 14per cent.

Still, the US Treasurystands to make a profit ofnearly $17 billion at currentlevels when it sells off its 92per cent stake in the company.

That stake is the culmina-tion of a series of transactionsover the course of AIG's $182billion bailout.

AIG held its first earningsconference call in more thantwo years on Friday, part ofits strategy to engageinvestors more ahead of a $15billion-plus share sale inMarch or May.

Some of the most pointedquestions were about Chartis,the property insurance busi-ness that added more than $4

billion to reserves in the lastquarter to pay for olderclaims; and ILFC, the aircraftleasing business that hastaken more than $1 billion incharges in the last six months.

AIG Chief Executive BobBenmosche, asked whatChartis was now if it used tobe the 800-pound gorilla ofthe global property insurancebusiness, joked: "We're about780 pounds and on our wayback."

Excluding an acquisitionin Japan, Chartis's businesswas down in the fourth quar-ter, a consequence of a toughmarket that Benmosche saidwas forcing AIG to make

hard choices about the kindsof business it wanted towrite.

The company also facedquestions about the future ofILFC, the world's largest air-craft leasing business. ILFChas taken huge writedownstwo quarters running for thedeclining value of olderplanes.

Benmosche said he did notexpect any more of thoselarge charges and ILFCshould be profitable thisyear. He also said, as he hasfrequently in past, that AIGwill work to grow ILFC butwould also gladly sell it forthe right price. -Reuters

AIG drops as Chartis,

ILFC questions loom

LONDON: Insurer Britreported a 30 per cent drop in2010 profit because of earth-quake claims and said share-holders would get a premiumfrom its sale to buyout firmsApollo and CVC after it hit akey asset growth target.

Brit shareholders will nowget 25 pence on top of theagreed takeover price of 10.45stg per share after the companyachieved targets for year-endnet asset growth set by its pri-vate equity buyers, the compa-ny said on Friday.

Brit Insurance ChiefExecutive Dane Douetil saidthe insurer would look foracquisitions, backed by its newprivate equity owners, asEurope's tough new SolvencyII capital regime drives contin-ued M&A activity amongLloyd's of London insurers.

"I certainly think there'sgood reason to believe thatthere will be a continued moveto consolidation. There aremany insurance companies inthe UK that are just too small,"he told Reuters in a telephoneinterview.

"I also think that we have thepotential, given the large bal-ance sheet that (CVC andApollo bid vehicle) Achilleshas behind it, to be able to usethat if the right opportunitycomes along that is in an areathat is strategically importantto us." The 880 million poundtakeover of Brit, agreed inOctober and set to complete bythe end of March, was thebiggest deal last year in a sec-tor seen as ripe for consolida-tion as persistently weak insur-ance prices weigh on companyvaluations.

Omega received anapproach from privately heldCanopius in January, Chaucerearlier this month reportedinterest from suitors includ-ing buyout tycoon GuyHands, and Beazley last yearfailed to buy Hardy afterhaving two informal offersrejected.

Brit, sponsor of the Englandcricket team, had a 2010 pre-tax profit of 119.2 millionpounds ($192.1 million),down from 171.3 millionpounds the previous year.

The decline reflected 57.8million pounds in claims as aresult of earthquakes last yearin Chile and New Zealand,the company said. Brit said itwas too early to estimate itsexposure to the second quakethat hit New Zealand onTuesday. -Reuters

Insurer Brit hits assettarget as quakes cut net

Aegon to raise1 bn euros torepay state aidLONDON: Dutch life insurerAegon is to raise about 1 billioneuros from a share issue to helprepay 2.25 billion of state aidby the middle of the year.

The repayment would freeAegon from EuropeanCommission restrictionsimposed on companies thatreceived government cash dur-ing the credit crisis.

"After repayment the limita-tions that were imposed on uswill disappear," Aegon's ChiefExecutive, Alex Wynaendts,told reporters on a conferencecall, adding "we can put the cri-sis behind us."

The removal of state shackleswill allow Aegon and otherDutch financial services groupsto go on the prowl once againfor acquisitions and give themmore room to compete.

Aegon's announcement is afresh sign that the Dutch finan-cial services sector is on theroad to recovery.

Earlier this month, giant ban-cassurer ING said it wouldrepay a significant part of itsstate debt in 2011 from divest-ments and list its insuranceunits in 2012.

The Dutch government paidnearly 40 billion euros ($54 bil-lion) to rescue the domesticfinancial sector in 2008 when itprovided capital injections forAegon, ING, and SNS Reaaland was forced to nationaliseABN AMRO.

Aegon received 3 billioneuros of state aid in 2008.

Wynaendts declined to com-ment on the amount that wouldbe raised from the share offer-ing, but based on Wednesday'sclosing price and number ofshares, the offering would beworth about 945 million euros.

Some analysts said the shareissue was bigger than expected.

Aegon shares were down 3.8per cent at 5.24 euros by 0910,trading at a one-month low. TheSTOXX 600 Europe Insuranceindexwas down 1.1 per cent.

Aegon said its share issue of173.6 million shares -- about 10per cent of its common sharecapital -- would begin onThursday via an acceleratedbook build.

Aegon, also one of the top 10life insurers in the UnitedStates, where it ownsTransamerica, said in a state-ment it was in talks with oneparty to sell the reinsuranceunit of Transamerica, a planwhich it had announced lastyear. -Reuters

Tendulkarscores record

5th WC centuryBANGALORE: Sachin Tendulkar on Sunday reached anothermilestone as he became the highest century-maker in World Cuphistory by scoring his fifth hundred in the prestigious event.

The 37-year-old Tendulkar reached the landmark during thegroup B clash against England when he glanced burly paceman TimBresnan for a boundary towards the fine leg region in the first ballof the 35th over. It was his 47th ODI century and his 98th overall.

Former India captain Sourav Ganguly, current Australiacaptain Ricky Ponting and his former teammate Mark Waughhave all scored four World Cup hundreds. With Ganguly andWaugh retired, it is only Ponting who has a chance to matchor surpass Tendulkar.

Tendulkar scored 120 runs from 115 balls and the knock wasadorned with five sixes and 10 fours.

Tendulkar, playing his sixth World Cup, also holds the recordsfor most runs and most half-centuries in the flagship event ofthe ICC. He has accumulated 1944 runs in 38 matches and hasscored 13 fifties so far, followed by Ponting with 1577 runs in41 matches. Ganguly is the only other Indian who has managedto score more than one thousand runs in World Cup matches.

He scored 1006 runs in 21 matches and stands 11th in the listof highest run scorers in World Cup. During the course of hisinnings, Tendukar shared a magnificent 134-run partnershipwith for the second wicket with Gautam Gambhir, who scored51 runs.-Agencies


1st Mario, 2nd Reinfried, 3rd Jean-Baptistecelebrates at Alpine Skiing World Cup in Bansko

Novak beatsFederer towin Dubai

Open

Monitoring Desk

DUBAI: Novak Djokovic,who took away RogerFederer's Australian Open titlelast month, beat him in straightsets again to prevent the for-mer world number one fromregaining the Dubai Open titleon Saturday.

The second-seeded Serbianwon with something to spareby 6-3, 6-3, out playing thetop-seeded Swiss maestro inthe first set and recoveringfrom 1-3 down in the secondas Federer had constant prob-lems with his timing andrhythm off the ground.

It gained Djokovic his thirdsuccessive title at the$1,600,000 event, and suggest-ed that he has every chance ofleapfrogging Federer nextmonth into the world numbertwo ranking.

"I played really well here,"said Djokovic.

"It's a great challenge play-ing Roger Federer and I had tobe at the top of my game if Iwas going to win."

Federer had describedDjokovic as "a huge obstacle"before the final, and so itproved. Djokovic had his tac-tics well worked out -- direct-ing a higher proportion of hisattacks to the backhand, andmixing athletic containmentwith fiercely angled counter-attacks which threatened tospread Federer.

It was hard to believe thatDjokovic had described hisperformance against TomasBerdych the previous day as a"catastrophe".

He started with a far betterrhythm, even though the con-ditions were very different --much cooler and slower -- thanduring his last two matches inthe afternoon sun.

Federer, by contrast, struckhis first forehand into the netand it proved a signal.

He remained prone to oddmistimings under pressure andended the match with 20unforced errors on the fore-hand drive which has some-times been described as thebest shot of its kind there hasbeen.

One of these, dumped intothe net, put Federer break pointdown in the third game, andanother error, a backhandwhich sent the ball in a jerkyparabola over the baseline,conceded the first break ofserve.-Reuters

COLOMBO: Pakistan werehardly taken as a strong WorldCup contenders after therecent spot-fixing scandal butSri Lanka captain KumarSangakkara described them asa tough side after they lost tothe 1992 champions by 11runs in a group A match onSaturday.Sri Lanka are one ofthe leading contenders to winthe World Cup but they failedto break by World Cup jinxafter Pakistan batted first andposted 277 runs.

"They are a tough side.They proved that they havepride in themselves and Ithought they played fantasticcricket today," Sangakkara,said.

"We tried to change that (thejinx) today. I am not too surewhy that has happened overthe years, but there were somecritical moments in this gameand we couldn`t turn thosecritical moments in ourfavour," Sangakkara added.

Sangakkara became ShahidAfridi`s 300th victim in ODIcricket with the Pakistani cap-tain becoming the third playerfrom his country to reach themilestone after former cap-tains Wasim Akram andWaqar Younis.

"Shoaib (Akthar) gettingMahela and Shahid (Afridi)getting Dilshan were criticalmoments of the game. ThenChamara (Silva) was a bit

slow off the blocks, but hegained momentum towardsthe end and his finish wasexcellent," Sangakkara added.

Afridi, who picked up fivewickets against Canada inPakistan`s opening game, wasnamed Man-of-the-Match forhis four for 34.

"I am thrilled with the per-formance today. I told 280would be a good total. Weknew the ball will swing andit will be tough to bat underlights. Initially our target was300, but we were happy to get277. Everyone in the sidewants to improve and we tryto win every game we play,"the Pakistani captain said.-Online

SL salutes Pakistan

NEW DELHI: West Indies coachOttis Gibson Saturday refused toterm their Monday's World Cupopponents, the Netherlands, as min-nows and said they have alreadyproved a point after their inspiringperformance against England.

The Netherlands, an associatemember making their fourth appear-ance in the World Cup, surprisedeveryone by pushing England to thewall during their opening

match.Look, this is the World Cupand every game is going to be tough.A lot has been said this week andalso last week about the minnows,ICC deciding to have 10 teams for2014 (World Cup). I don't like to callthem minnows, they are a sort oflesser teams if you like it. They arehere to prove a point, and they didprove a point against England," saidGibson, a former bowling coachwith the England.

"They beat England in WorldTwenty20, I was working withEngland at that time and I rememberthe feeling in our dressing room andjubilation in their camp. Those guys,when they come into an event likethis, bring in lot of energy and withan expectation of upsetting a bigteam. Our fortunes of late do notsuggest that we are a big team. Butwe still believe that we are a bigteam and we are here to prove

that."West Indies played on the freshpitch at the Ferozeshah KotlaStadium here Thursday againstSouth Africa and lost by seven wick-ets. They feel the familiarity with theconditions will work to their advan-tage.

"The wicket didn't exactly playaccording how we thought. (Kemar)Roach plays here for the IPL team,(Dwayne) Bravo and (Kieron)Pollard have played a lot here in the

IPL, and they said in the secondinnings it was going to go a lot slow-er and lower, which it did not," saidGibson, who has played two Testsand 15 ODIs.st

"It remained a pretty good wicketthroughout the game. We are playingon the same wicket and that willpose some challenges as well. Weknow how the wicket will play andour thinking in terms of team has toreflect that."-Reuters

Dutch ain’t sitting ducks, says WI coach

BANGALORE: A masterlycentury by Sachin Tendulkarand an inspired bowling spellby Zaheer Khan led India to anail-biting tie against Englandin their World Cup Group Bmatch on Sunday.

After India slammed 338runs, England were coastingbefore Zaheer produced asuperb bowling spell to takethree quick wickets to reviveIndia's fortunes.

The match went down to thelast ball with England needingtwo to win but they managedto get one to tie the match -- aresult that was loudly cheeredby all those lucky enough towitness it at the MChinnaswamy Stadium.

Earlier India's total revolved

largely around SachinTendulkar's (120) 47th one-day international century anda record fifth in World Cups.

Harbhajan had Matt Priorcaught by substitute SureshRaina for the eighth Englandwicket in the over after Zaheerclean bowled PaulCollingwood with a slowerdelivery.

Strauss' century came off 99balls and it was his sixth ODIcentury but first in the WorldCup.

In reply, England's run-chase was set well on its wayhelped by a cracking centuryby skipper Andrew Strauss(158), the first century by anEnglishcaptain in a WorldCup.-Reuters

None losesor wins inEng-Indianailbiter

ICCmakes

public WCticket ballotCOLOMBO: The ICC on

Sunday announced the

process for the public sale

of tickets for the ICC

Cricket World Cup 2011

semi-finals in Colombo and

Mohali on 29 and 30

March, respectively and the

final to be held at the

Wankhede Stadium in

Mumbai on 2 April.

When the tickets were ini-

tially programmed to go on

sale on 21 February the

demand was so great that

the website was overloaded.

Haroon Lorgat, the ICC

Chief Executive, announced

on Sunday in Bengaluru

that there will be a public

ballot system similar to that

which is used in the majori-

ty of global sporting events.

The ballot will open on

Monday 28 February.

"It was most unfortunate

and no blame should be

directed at Kyazoonga, the

ICC's official ticketing

partner, as no one could

have anticipated that tens of

millions people would be

trying to access the site an

hour before it went live. In

truth Kyazoonga have been

an innocent third party in

all the issues we have had

with ticketing." Lorgat said.

"In conjunction with the

hosts, we have now agreed

that a ballot system is the

best means of releasing any

available tickets for the

semis and final" he added.-

Online

Afridi,team

fined forslow overs

NEW DELHI: Pakistan cap-tain Shahid Afridi has beenfined 20 per cent of his matchfee and his team mates willlose 10 per cent for their slowover rate in Saturday's 11-runwin against Sri Lanka, the ICCsaid on Sunday.

Match referee Chris Broadimposed the fine after Pakistanwere one over short of theirtarget at the end of the matchin Colombo when timeallowances were taken intoconsideration, theInternational Cricket Councilsaid in a statement.

According to the ICC Codeof Conduct governing minorover-rate offences, players arefined 10 per cent of theirmatch fees for every over theirside fail to bowl in the allottedtime while the captain is fineddouble that amount.

"The penalty was acceptedby Pakistan without contest sothere was no need for a hear-ing," the ICC statement read.

Having beaten Kenya andSri Lanka, Pakistan take onCanada in their next Group Afixture on Thursday.-Reuters

BANGALORE: Indian players celebrate at the fall of England's Kevin Pietersen's wicket ata cricket World Cup match between India and England.-Reuters

BANGALORE: england's tim bresnan, center, is congratulated by teammates after heclaimed five wickets as india plays england at a cricket world cup match.-Reuters

BANGALORE: Sachin Tendulkar of India celebrates reaching hisfifth century of the event during World Cup match between

India and England at M Chinnaswamy Stadium.-Reuters

RecordboardMost Runs

Players Mat Runs HS Ave SRVirender Sehwag-India 1 175 175 175.00 125.00Ryan ten Doeschate-Neth 1 119 119 119.00 108.18AB de Villiers-SAfrica 1 107 107* 101.90Most Wickets

Players Mat WKts BBI Ave EconShahid Afridi-Pakistan 1 5 5/16 3.20 2.00Hamish-New Zealand 1 4 4/16 4.00 3.20Johnson-Australia 1 4 4/19 4.75 2.03

Cricket World Cup Group B Match


International

Financial markets -- andoil in particular -- willdoubtless be in thrall in

the coming week to Libyaand whatever the wave ofMiddle East and NorthAfrica popular uprisingsthrows up next.

But the radical change inthe Arab world is not theonly question mark hangingover investors. Does anyoneremember the euro zone debtcrisis?

In the current, rather fragilemarket environment -- andwith euro zone leaders stillunable to find a permanentaid mechanism -- it mightnot take much to retriggerthe kind of frenzied peripher-al bond sell-off seen lastyear.

Indeed, although nowherenear their peaks of last year,euro zone peripheral yieldspreads over German debt

have widened in February.Italyhas swelled by about 50basis points and Spain 40basis points. Significantly,Portuguese five- and 10-yearyields remain above 7 per-cent, levels which previouslyforced bailouts in Greeceand Ireland.

This suggests that a series

of debt auctions in the weekahead will be closelywatched for what they sayabout confidence in Europe'sfinances.

Belgium, which has comeunder some pressure, auc-tions 2014, 2018 and 2021bonds on Monday. Spain,one of the potential hotspots,will auction five-year bondson Thursday, and investorswill be particularly watchinga Portuguese buy-back onWednesday for signs of a firesale.

The core is not excludedeither. The Netherlands goesto market on Tuesday,Germany on Wednesday andFrance on Thursday. Whatmay make these auctionsmore noteworthy than usualis that they come in the run-up to a March 11 special eurozone summit that is supposedto come to some agreement

over what a permanent debtmanagement mechanismmight look like.

A meeting on Friday inHelsinki of centre-right eurozone leaders -- expected toinclude Germany's AngelaMerkel -- may give somekind of flavour.

The results of Ireland's

general election and likelycoalition formation talks willalso be scrutinised for whatthey say about the bailed-outcountry's commitment to fis-cal austerity.

The widening spreads,meanwhile, suggestinvestors are getting a littleimpatient with euro zoneleaders over how long theyare taking to come up withsolid solutions to the prob-lem. Investors are lookingfor something concrete.

"The market response willbe driven around whether itis pain relief or cure," saidDavid Shairp, global strate-gist for JPMorgan AssetManagement".

ALL BETSAt the same time, all previ-

ous assumptions about theperformance of financialassets have taken a big hitfrom the sharp rises in theprice of oilbrought on by theLibyan revolt and uncertain-ty about how far it mightspread.

The events in the MiddleEast and North Africa aremoving at such a fast paceand with often surprisingturns that investors are prettymuch forced not to takestrong positions.

That is one of the reasonsthat world stocks took a hitin the past week followinga remarkable run-up inJanuary and earlyFebruary.

Charts show some equitymarkets still have a way tofall before they move out ofthe trend line they havedeveloped since it was clearlast summer that the U.S.Federal Reserve was goingto pump liquidity into the

market with quantative eas-ing.

The price of oil, mean-while, has been reaching lev-els that analysts say can starthurting the global economyby crimping growth. There

are also fears that it will sim-ply add to inflation and push

earlier tightening by centralbanks.

"In 2008, oil pricesapproached $150 per barrel.Shortly afterwards, the glob-

al economy collapsed,"HSBC Chief EconomistStephen King wrote toclients.

"There were, of course,other problems at the time -- an imploding U.S. hous-ing market, the beginningsof a securitisation crisis,the collapse ofLehmanBrothers -- but events threeyears ago neverthelessoffer plenty of evidencethat substantial changes inoil prices are big news forthe global economy."

Around $120 a barrelappears to be the level atwhich economists start toget twitchy. Some technicalanalysis is suggesting that

$160 is possible.This will be at least at the

back of investors' mindswhen they scan the otherevents of the coming week.

They include interest ratemeetings at the EuropeanCentral Bank andinAustralia, Canada,Mexico and Brazil, and FedChairman Ben Bernanke'ssemi-annual congressionaltestimony.

On the data front, mean-while, there are globalmanufacturing and servicesreports due, euro zoneinflation data, and themonthly U.S. employmentnumbers. -Reuters

FORGOTTEN THE EURO

ZONE DEBT CRISIS?

Protests by Iraqis areunlikely to rival theuprisings that rocked

the Arab world and oustedtwo regimes, but they willpressure the new governmentto step up reforms for fear ofbeing asked to resign.

Thousands took to thestreet on Friday in a nation-wide "Day of Rage" inspiredby anti-government demon-strations that have spreadacross the region like wildfirein recent weeks.

Popular revolutionsmobilised by youths usingsocial media unseatedTunisiaand Egypt's presidents, andthreatened long-ruling lead-ers inLibya, Yemen andBahrain.

But unlike their regional

counterparts, demonstratorsin Iraq have rallied againstpoor basic services such asshortages of food rations,clean water,electricity, andjobs, rather than trying totopple their elected federalgovernment.

The protests will pressurethe new government of PrimeMinister Nuri al-Maliki tostep up reforms to curb grow-ing dissent but they will notforce the cabinet, installedonly two months ago, to stepdown, at least not for now,analysts said.

"The government needs tounderstand that these protestsraise a very strongalarm...The fear of judgment,scandals and dismissal willmake them (politicians) work

hard and respond to the peo-ple's demands," IraqianalystHashim al-Habobisaid. "Will what happened inTunisia and Egypt happen inIraq? It cannot, because thereis no one who brings Iraqistogether," he said. "But pro-testers always start with cer-tain demands and wait for aresponse... There is a fine linebetween demanding reformsand demanding to oust (agovernment)."

Despite its vast oil reserves,the OPEC member is still try-ing to shake off years of war,sanctions and sabotage andrebuild its battered economyand crumbling infrastructure.

But Iraqis are fed up by theslow development of theirgovernments. There is little

clean running water and noproper sewage system. Thenational grid supplies only afew hours of power a day,eight years after the U.S.-ledinvasion that ousted SaddamHussein, promising Iraqis afree and prosperous future.

Analysts said demonstra-tors are still not united intheir demands, which wouldtake years to address, butthey may ask for the removalof the government eventuallyif there are no concrete stepsto calm their simmeringanger.

"At this stage protests arefocused on the government'sinability to provide betterpublic services," said GalaRiani of IHS Global Insight.

"It is possible that if

protests become severe thatthe government will struggleto keep itself together."

A wave of demonstrationsin the past weeks forcedMaliki to soothe anger bycutting his pay, reducingelectricity bills, buying moresugar for the national foodration programme and divert-ing money from fighter jetstofood.

DEMANDING BETTER

OF EVERYTHING

Protesters in the oil hub ofBasra demanded the gover-nor and members of theprovincial council step down.

They raised their shoes intheir hands, a sign of con-tempt, and carried small oillanterns, to demonstrate thelack of electricity, a major

complaint among Iraqis."The people demand the

reform of the regime", "No tocorruption", and "Have com-passion for the oppressedprisoners", were some of theslogans on banners or chant-ed by demonstrators.

In the Iraqi capital,Baghdad, thousands ofdemonstrators poured intothe city's Tahrir (Liberation)Square, either holding theIraqi flag or wrapping them-selves in it. They rantedabout the poor sewage andeducation systems, and a lackof jobs.

"I came here because I wanta better standard of living,"said 54-year-oldZuhairAbdul-Khaleq, a Baghdadtaxi driver. "There is no elec-

tricity, no water. I don't havea pension. I don't have foodrations or a share in theoil."

Some protesters demandeda change in the governmentand that the newly electedparliament fulfils its electoralpromises. Maliki's Shi'ite-ledgovernment was seated inlate December after monthsof tense negotiations betweenShi'ite, Sunni and Kurdishfactions after an inconclusivevote last March.

"For now, the governmentmay continue to take meas-ures such as raisingelectricitysubsidies and tackling cor-ruption, to pacify the angrypopulation," said Riani."However, many of the griev-ances ... will take years toaddress." -Reuters

Iraq Protests For Reforms But Won't Oust Govt* Government working to calm discontent * No call to topple govt, but demands may change

President BarackObama is treadingcarefully through the

crisis in Libya and trying toavoid inflaming a situationthat has repercussions forthe US economy and ulti-mately, perhaps, even hisown re-election bid.

Unlike the tumultuousevents in Egypt, whereObama frequently called fora transition in power awayfrom Hosni Mubarak,Obama has largely adopted amore wait-and-see positionin the case of Libya, drawingsome criticism that he isbeing too reticent.

Obama has been consult-ing with allies about sanc-tions and avoiding the kindof hot rhetoric that mightantagonize unpredictable

Libyan leaderMuammarGaddafi, who has bedeviledAmerican presidents for thepast 20 years.

Part of Obama's caution isdriven by the need to ensureAmericans are safely out ofLibya and cannot be takenhostage, a problem that mayhave been on the verge ofbeing solved on Friday whena ferry carrying hundreds ofAmericans sailed for Malta.

But Obama also does notwant to make any moves thatcould further rattle oil mar-kets and contribute to whathas been a steady rise ingasoline prices in the UnitedStates.

Some U.S. commentatorswarn pump prices could eas-ily reach $4 or $5 a gallon inthe months ahead and put a

pinch on a U.S. economystill going through a fragilerecovery, although adminis-tration officials play downthis possibility.

"If it became an issue hereand you saw gas prices real-ly increase, then that makesit a domestic issue of greatimportance," said MerleBlack, apolitical scienceprofessor at EmoryUniversity in Atlanta.

Obama for the past twoyears has battled Republicancharges that he has notfocused sufficiently onbringing down the country'sstubbornly high 9 percentjobless rate, and the presi-dent is counting on animproving U.S. economy todrive his re-election bid in2012.

That may be why herefused to budge from hiseconomic "Winning theFuture" message on a tripthis week to Cleveland thattook place when the crisis inLibya was reaching full boil.He gave a speech and talkedat a roundtable and neveraddressed the situation inLibya.

CAUTION OK WITH

PUBLIC?

Presidential historianThomas Alan Schwartz ofVanderbilt University said atthis point Obama appears tohave the support ofAmericans. "In a way thecaution that the president isshowing is a reflection ofwhat the public is okaywith," he said.

Some Republicans would

like to see a more aggressiveapproach by theWhite Houseagainst the killings ofLibyan protesters, includingcreation of a no-fly zone.And they worry about thepotential rise of Islamists inthe region in a way thatwould threaten staunch U.S.ally Israel.

Potential Republican presi-dential candidate MikeHuckabee said this week hewas in Israel during theEgypt crisis, when theUnited States made clearlongtime ally Mubarak hadto leave power.

The impression he gotfrom Israeli officials was,"You don't have a friend inthe United States anymore ...that at the first sign of diffi-culty, they'll leave you twist-

ing in the wind," Huckabeesaid. Some Democrats alsohave been surprised by themuted tone of the WhiteHouse response. But Obama,who ran for president in2008 on opposition to theIraq war and trying to endthat conflict and one inAfghanistan, has plenty ofreasons to be wary of bog-ging the country down in anew military effort.

The Libyan crisis is justone part of the diplomaticpuzzle that North Africaandthe Middle East represent forthe Obama administration, asituation that presidentialscholar Stephen Hess of theBrookings Institution says is"full of too many parts mov-ing at the same time."

Protests have toppled lead-

ers in Tunisia and Egypt androcked them inYemen,Bahrain and Jordan.

While the United Stateswould welcome Gaddafi'souster, officials would preferto see leaders of close oil-producing allies such asSaudi Arabia andBahrainmake democratic reformsthat would allow them toremain in power.

"The Middle East is goingto be a very different placethan it is now, but there's noguarantee that it's going tobe a more congenial placefor theUnited States and itsinterests," said KenWainstein, who was WhiteHousehomeland securitydirector for Obama's predec-cesor, George W. Bush. -Reuters

Economy Drives Obama Caution On Libya


International & Continuation

CONTINUATION

RIYADH: Saudi Arabia's KingAbdullah has ordered that stateemployees on temporary labourcontracts be given permanentjobs, in another apparent bid toinsulate the kingdom from awave of protests in the Arabworld.

The top oil exporter has so farescaped major protests againstpoverty, corruption and oppres-sion that have spread throughthe region, toppling entrenchedleaders in Egypt and Tunisia andreaching neighbours Bahrainand Oman.

Abdullah returned home onWednesday from three monthsof medical treatment abroad forback treatment and unveiledbenefits for Saudis wortharound $36 billion (22 billionpounds) to address social pres-sures such as unemploymentand housing.

On Sunday, the king, who isaround 87, also ordered allSaudi nationals in temporarypublic sector jobs be given per-manent employment, state newsagency SPA said.

SPA gave no details butBanque Saudi Fransi ChiefEconomist John Sfakianakissaid some 90,000 would benefit.

No political reforms, such asmunicipal council polls, have

accompanied the state handoutsdespite repeated calls by opposi-tion groups. Saudi Arabia has noelected parliament or parties andallows little public dissent.

In an open letter published onSunday, around 100 Saudi intel-lectuals, activists and universityprofessors called on the king tolaunch political reforms andallow citizens to have a greatersay in ruling the country.

They called for a "rule of lawto which all -- government offi-cials and citizens would be sub-jected," according to a state-ment.

Thousands of people havebacked a Facebook call for aSaudi "day of rage" on March11 to demand an elected ruler,greater freedom for women andthe release of political prisoners.

Saudi analysts said the kingmight soon reshuffle his cabinetto inject fresh blood and revivestalled reforms to address dis-sent at home.

Saudi stability is of globalconcern. A key U.S. ally, the topOPEC producer holds morethan a fifth of world oil reserves.

Part of the king's handoutswill go to new funds to helpSaudis to get housing loans, apressing issue for the Gulf Arabstate's rising local population of

18 million."We are looking into two new

initiatives... to facilitate obtain-ing credit, "Finance MinisterIbrahim Assaf told Al Arabiyachannel.

"The citizen can go to thebanks and tap a special fund.This makes it possible for thebanks to give more credit anddecrease the costs for the citi-zens," Assaf said.

Saudi Arabia has been consid-ering a mortgage bill for manyyears but Saudi analysts see nofix for the housing issue unlessthe king addresses the extent ofland which is owned by royals.

Saudi Arabia has pledged tospend $400 billion until 2013 toupgrade its infrastructure andhas launched a plan to build fiveeconomic and industrial cities tocreate new jobs.

But Sfakianakis said the king'sorder to enlarge the pool of per-mannent Saudi state employeeswould not help governmentplans to encourage more Saudisto work for the private sector.

"Enlarging the public sector isnot going to help shift awayfrom the public sector mind set.It does try to include more peo-ple under the umbrella of thestate but the labour structure isnot changing," he said.-Reuters

Saudi king ordersmore state jobs andfaces reforms calls

ZAWIYAH: Armed rebelsopposed to Libyan leaderMuammar Gaddafi were incontrol of Zawiyah, close tothe capital Tripoli, on Sundayand their red, green and blackflag flew above the town.

"The people want the fall ofthe regime," a crowd of severalhundred people in Zawiyahchanted, using the same sloganthat has echoed across the Arabworld in protests against long-standing authoritarian rulers.

"This is our revolution," they alsochanted, punching the air in celebra-tion and defiance. Some stood ontop of a captured tank, while otherscrowded around an anti-aircraftgun. Women stood on top of build-ings cheering on the men below.

"Libya is the land of the freeand honourable," a bannerread. Another depictedGaddafi's head with the bodyof a dog.

Bullet holes pock-markedcharred buildings in Zawiyah,where the fighting had beenmost intense, while burned-outvehicles lay abandoned in thestreets.

The scene in Zawiyah, only50 km (30 miles) west ofTripoli, was another indicationthat Gaddafi's grip on powerappeared to be weakening bythe day.

Reuters correspondentsfound residents even in someneighbourhoods of Tripolibehind barricades proclaimingopen defiance after govern-ment security forces meltedaway.

The U.N. Security Council

unanimously imposed traveland asset sanctions on Gaddafiand close aides on Saturday,ratcheting up pressure on himto quit before more blood isshed.

It also adopted an armsembargo and called for thedeadly crackdown against anti-Gaddafi protesters to bereferred to the InternationalCriminal Court for investiga-tion and possible prosecutionof anyone responsible forkilling civilians.

The death toll from nearlytwo weeks of violence in Libyais estimated by diplomats atabout 2,000.

Libyan unrest has helpeddrive oil above $112 a barrel.Even though Libya only pro-duces some 2 percent of theworld's oil and Saudi Arabiahas boosted production tomake up for disruptions,traders fear further turmoilintensifying across the Arabworld.

Gaddafi's son Saif al-Islamsaid there was a "big, big gapbetween reality and the mediareports" and told ABC News"the whole south is calm. Thewest is calm. The middle iscalm. Even part of the east."

As if to reinforce that point,Libyan authorities took a groupof foreign journalists toZawiyah on Sunday apparentlyto show that Gaddafi's forcesstill held the town. But oncethere, it was evident that it wasthe rebels who were in control.

Residents told of fierce fight-ing for control against pro-

Gaddafi paramilitaries armedwith heavy weapons.

"We are finished withGaddafi. He will fall soon. Hehas to go now. We are losingpatience," one man, calledSabri, said in the centre ofZawiyah.

"Gaddafi is crazy. His peopleshot at us using rocket-pro-pelled grenades," said oneman, who gave his name asMustafa. Another man, calledChawki, said: "We need jus-tice. People are being killed.Gaddafi's people shot mynephew."

A doctor at a makeshift clin-ic in the town mosque said 24people had been killed in fight-ing with government loyalistsover the past three days, and asmall park next to the mainsquare had been turned into aburial ground.

"We need more medicine,more food and more doctors,"said Youssef Mustafa, a doctor.There are a lot of good doctorsin Libya but they cannot getinto Zawiyah."

Local people said they hadcaptured 11 pro-Gaddafi fight-ers, unhurt, and showedreporters two of them whowere being held in a cell in thetown's main mosque. Some50,000 people, many of themigrant workers, have fledwest to Tunisia since Feb. 21.

Locals in Tajoura, a poorneighbourhood of Tripoli, haderected barricades of rocks andpalm trees across rubbish-strewn streets, and graffiti cov-ered many walls. -Reuters

Armed Gaddafiopponents hold

town west of Tripoli

KABUL: Afghanistan's parlia-ment elected a former Uzbekwarlord as speaker on Sunday,ending a month of squabblingover the position that has furtherundermined the credibility of anassembly tainted by electoralfraud.

The endorsement of AbdulRahoof Ibrahimi clears the wayfor the assembly -- a disparatecollection of 249 individuallawmakers rather than coherentpolitical parties -- to begin leg-islating five months after a par-liamentary vote.

But parliament is strugglingwith the fallout from an electionin September that was marredby fraud and prompted a courtchallenge backed by PresidentHamid Karzai that threatensdozens of sitting MPs.

The political battle is under-mining the West's efforts to fos-ter good governance as it startshanding over control of securityto Afghan forces and withdraw-ing many of the 150,000NATO-led troops by 2014.

Ibrahimi, a little-knownpolitician who is reported tohave supported Karzai's re-elec-tion in 2009, is a member ofAfghanistan's Uzbek minority

and fought with the insurgentgroup Hizb-ul-IslamiGulbuddin (HiG) against theSoviet occupation ofAfghanistan in the 1980s.

HiG is now part of a Taliban-led insurgency against NATO-led troops and Afghan securityforces.

Ibrahimi represents the north-ern province of Kunduz, whichhas become more violent overthe past two years.

Karzai's office issued a state-ment commending the choice ofIbrahimi as "worthy and right".

His election resolves the mostimmediate impasse, but parlia-ment continues to face "internalproblems and external manipu-lation", said Fabrizio Foschiniof the Afghanistan AnalystsNetwork research group.

Since convening on Jan. 26,parliament has squabbled overtwo main candidates -- YounusQanuni, a Tajik affiliated withthe loose opposition blocaround failed presidential chal-lenger Abdullah Abdullah, andformer mujahideen warlordAbdul Rabb Rasoul Sayyaf,who, like Karzai, is a memberof Afghanistan's largest ethnicgroup, the Pashtuns.-Reuters

Afghans electex-warlordas speaker

Clintonheads to

Geneva topush for

Libya actionWASHINGTON: Secretary ofState Hillary Clinton, armedwith new U.N. Security sanc-tions on Libya's embattledleader Muammar Gaddafi,headed for Geneva on Sundayto consult with allies on thenext steps to end the country'scrisis.

U.S. President Barack Obamaand Clinton both toughenedtheir rhetoric on Saturday, say-ing the longtime Libyan strong-man must depart now and stophis bloody battle to crush aspreading rebellion against hisrule.

Clinton will meet with keyEuropean foreign ministers aswell as Arab and Africanenvoys in Geneva, where onMonday she will become thefirst U.S. secretary of state toaddress the U.N. Human RightsCouncil.

U.S. officials say Clinton'strip is aimed at coordinating theinternational response toLibya's crisis, with Washingtoninsisting that the world "speakwith one voice" on stemmingthe violence and bringingGaddafi to justice.

The U.N. Security Council onSaturday unanimously imposedwhat Washington said were"biting sanctions" in the formof travel bans and asset freezeson Gaddafi and his family.

The resolution adopted by the15-nation council also calledfor the immediate referral of thedeadly crackdown to theInternational Criminal Court inThe Hague for investigationand possible prosecution ofanyone responsible for killingcivilians.

The Obama administrationhas been criticized by rightsgroups and others for movingtoo slowly on Libya, the latestcountry hit by spreading tur-moil and anti-governmentprotests across the Middle East.But White House officials saidfears for the safety ofAmericans in the country hadtempered Washington'sresponse to the turmoil.

Washington announced aseries of sanctions against Libyaon Friday after a chartered ferryand a plane carrying Americansand other evacuees left Libya.

Clinton, in a statement onSaturday, said the United Stateswas working to mobilize astrong and unified response fromthe international community, andechoed Obama's demand forGaddafi to step down.

"We are also working withpartners to determine how toprovide humanitarian assis-tance to those in need," Clintonsaid, saying the United States"will continue to look at the fullrange of options to hold theLibyan government account-able."-Reuters

WASHINGTON: US Secretary of State Hillary Clinton speaks about her meetingwithBrazil's Foreign Minister Antonio Patriota at the State Department.-Reuters

She said that majority of the Pakistanis in Libya were thosewho had been settled there since long and it depended on theirown will as to whether they wanted evacuation from there.

Pakistan embassy in Libya is in touch with all thePakistanis or their community leaders through telephone,email and SMS, she added. She said that they have been toldto restrict their movement while according to the informationavailable so far all Pakistanis in Libya are safe and theForeign Ministry is also making a contingency plan for theevacuation of these people when it is so required. Tehminasaid that there are around 18,000 Pakistanis working in Libyaand if the situation deteriorates, the government wouldrespond immediately to bring them back. -APP

Continued from page 12No #1

There had been doubts that China, a permanent council mem-ber with veto power, would join the vote if the referral to the tri-bunal was included. But Chinese Ambassador Li Baodong saidhis country was concerned about the large number of Chinese cit-izens who work in Libya. Earlier on Saturday, US PresidentBarack Obama said in a telephone conversation with GermanChancellor Angela Merkel that Qaddafi needs to do what's rightfor his country by "leaving now." The White House on Fridayannounced sweeping new sanctions and temporarily abandonedits embassy in Tripoli as a final flight carrying American citizensleft the embattled capital. The US put an immediate freeze on allassets of the Libyan government held in American banks andother US institutions. The sanctions also freeze assets held byQaddafi and four of his children. -APP


Meanwhile, other regular benches will also conduct judicial pro-ceedings after the conclusion of larger and special benches. -APP


The Report introduces the Multidimensional Poverty Index(MPI), which identifies multiple deprivations in the same house-holds in education, health and standard of living. The average per-centage of deprivation experienced by people in multidimensionalpoverty is 54 per cent. The MPI, which is the share of the popula-tion that is multi-dimensionally poor, adjusted by the intensity ofthe deprivations, is 0.275.Pakistan's "HDI neighbors", India andBangladesh, have MPIs of 0.296 and 0.291, respectively. -APP


The security official said DeHaven was a contractor who hadworked on at least one construction contract for the US govern-ment in the region, declining to give more details. He saidDeHaven is a 34-year-old from Virginia who is married to aPakistani woman. The official asked that his name not be pub-lished because of the sensitivity of the case. The company's web-site says it performs logistics, "life support" and constructionservices around the world and lists contact numbers in Pakistan,Dubai and Afghanistan. It says its management teams have USArmy or Defense Department backgrounds. The United Statesmakes extensive use of contractors to implement its billion-dollaraid and military projects in Afghanistan and Pakistan.

The US Embassy said it had seen media reports about the arrestand was trying to arrange consular access to DeHaven.' -Agencies


Zardari is likely to nod Governor of Punjab Latif Khosa toaccept a summary sent by Chief Minister Punjab Shahbaz Shariffor dissolution of Punjab cabinet.Federal Interior MinisterRehman Malik, CM Sindh Syed Qaim Ali Shah, Federal Ministerfor Inter-Provincial Coordination Senator Raza Rabbani and otherbriefed the meeting on different issues.


On the issues the country is facing, Shahbaz said that PML-N isready to go to any extent for saving dignity of Pakistan.

He confirmed that summary of the PPP ministers for oustingfrom Punjab cabinet was sent to the governor.-Agencies


they vanished mysteriously, while their vehicle was found some-where near Dera Murad Jamali. So far it is not evident as towhether they were kidnapped or there was some other motivebehind their unusual disappearance. The Levies authorities havefound cap of judges' driver from an isolated place, while thepolice has launched a search drive for the missing judges. -Online


According to economic experts, the weak economy of the coun-try is facing increasing burden of foreign debt which has soared to58 billion dollars from 46 billion. Now the average debt perPakistani stands at Rs29000 which was only Rs6,000 before thepresent government's take over three years ago.


Moreover, all eyes will be on the political front as PML-N has announced to part ways withPPP in Punjab. Foreign investors mainly sold as according to NCCPL they did a net-selling of$5.5 million last week while local companies offloaded stocks worth $8.9 million. A total of near490 million shares traded during the week which is 193 million shares more as compared to aturnover of 297 million during the previous week which comprised four trading days. Averagedaily turnover stood at 97.9 million shares increasing by 23.7 million shares from an averagevolume of 74.2 million shares a week earlier. Out of total 438 active issues 305 declined and 66advanced while 67 remained unchanged.


The minister said the PML-N was responsible for a crash of stock exchanges for the first time in last threeyears, adding that the economy of the country was improving and the PPP government would be answerableto the people after the completion of five years. Pointing to the number of Punjab Civil Secretariat employ-ees, he said that it was 932 and only 115 officers served and questioned was it called good governance?

He said that expenditure of the provincial government was Rs 0.6577 million per day while Rs 0.1863 millionper day were being spent on VIPs, adding that Rs 119 billion had been spent in last three years which was itselfa record. “What was wrong with the 19-point agenda of the PPP,” he added. He said the PML-N boasted that ithad a team of technocrats which could solve issues within 45 minutes, but what it had done in last two days?

He said that he had come to see canals of honey and milk which the PML-N-led government had dugfor the people. To a question, he said that only politicians could play their role in democracy and hopedthat politicians would strengthen it. The minister said that everything could not be fixed in hours and urgedpolitical parties to wait for five years. He said the nation got pleasure in successes, so let them enjoy vic-tory if it was in cricket or politics.To another question, he said the PPP realised that the solution of issueswas only in parliament and the PPP would play its role of ombudsman in it.

Talking about political change, he said that someone was designing against the constitutional role of thePPP in the senate. The minister said that there was no possibility of martial law in the country but politicalparties had to prove their capability. He said the role of the military was decided in the constitution anddemocratic forces played a role in governance in line with the constitution. To a question, he stated thePPP-led government would continue implementing the 10-point agenda of the PML-N as it was sincere tothe nation.He said that both sides of the committee on implementation of the 10-point agenda had agreedthat 75 percent of the agenda was implemented. He said that doors of dialogue were always opened to allparties. Answering to a question about Raymond Davis, alleged killer of two Pakistanis, he said thatsupremacy of the constitution and law would be ensured in the issue. To a question, he said that there wasno comparison of Pakistan with Libya, Tunisia and Egypt as Pakistan was a democracy but other countrieshad never tasted it. Later, he announced a grant of Rs 2 million for the press club. Former Senior MinisterRaja Riaz Ahmed, PPP Women Wing President Faiza Malik and Lahore Press Club President SarmadBashir were also present.-Online


Low level of revenue collection, losses in state owned enterprises and worst law and order situa-tion are sited by experts as the main reasons behind the increasing foreign debt. -Agencies

Tunisia PMresigns after

protestsTUNIS: Tunisia PrimeMinister MohamedGhannouchi announced his res-ignation on Sunday following awave of street protests.

Critics have accusedGhannouchi of being to close tothe North African state's formergovernment, toppled in anuprising last month, and of fail-ing to enact reforms.

"My resignation will providea better atmosphere for the newera," he said, adding he wantedto prevent more victims in thecountry's political unrest.

Three people have been killedand several people wounded inclashes between security forcesand demonstrators since Fridayover Ghannouchi's role in theinterim government.

"My resignation is in theservice of the country," he saidon state TV.

North Africa's most devel-oped state has been in fluxsince a wave of protests toppledformer President Zine al-Abidine Ben Ali on January 14,encouraging a similar revolt inEgypt and triggering protestsacross the Arab world.

But many Tunisians havebecome frustrated over theslow pace of change since therevolution.

Ghannouchi restated the gov-ernment's pledge to hold elec-tions to replace Ben Ali by July15.-Reuters

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51pc workon OPF

Society doneISLAMABAD: About 51 percent development work on theOverseas PakistanisFoundation Housing Societyhas been completed so far andthe contractor has requested forone-year extension in the con-tract period.

The contract was awarded tothe Frontier WorksOrganization (FWO) at the costof Rs2.404 billion (package-1),which started the work onAugust 8, 2008.

The project was to be com-pleted on March 7 this year.However, up till now only 51per cent development work hasbeen completed.

The FWO has requested forextension in contract period upto April next year.

The site of OPF Housingscheme Zone V, Islamabad issituated at a distance of 25 Kmfrom Zero Point and approvalof the scheme was accorded inFebruary 1994 by the OPFBoard of Governors in its 47thmeeting. The size of thescheme is 5000 canals (625Acres). -APP

SC forms 7benches fornext week

ISLAMABAD: Chief Justice ofPakistan Iftikhar MuhammadChaudhry has constituted sevenbenches, including special andlarger benches, at the principalseat to hear a number of impor-tant cases in the next week start-ing from February 28 (Monday).

A seven-member benchincluding the Chief Justice,Justice Javed Iqbal, Justice RajaRiaz Ahmed, JusticeMuhammad Sair Ali, Justice AsifSaeed Khan Khosa and JusticeGhulam Rabbani will resumehearing of Hajj arrangementscorruption case on Tuesday.

Another seven-member specialbench comprising the ChiefJustice, Justice Javed Iqbal,Justice Mian Shakirullah Jan,Justice Tassadduq HussainJillani, Justice Mian Saqib Nisar,Justice Sarmad Jalal Osmani andJustice Amir Hani Muslim willtake up on March 3 (Thursday) aset of appeals of dysfunctionaland retired judges of superiorjudiciary who are facing con-tempt charges.

A four-member bench ofJustice Mahmood Akhtar ShahidSiddiqui, Justice Jawwad SKhwaja, Justice Khilji ArifHussain and Justice Tariq Parvezhad in its February 2 short orderheld that these de-seated judgeshad violated the seven-memberbench's restraining order by tak-ing oath under the annulledProvisional Constitutional Orderof November 3, 2007.

See # 3 Page 11

ISLAMABAD: CentralInformation Secretary PakistanPeoples Party (PPP) Qamar ZamanKaira Sunday said PPP would notindulge in politics of confrontationand leg-pulling.

Talking to a news channel, he saidPakistan Muslim League-Nawaz(PML-N) had promoted politics of'Lotaism' (turncoats) by seeking thesupport of Unification Bloc in thePunjab which is against the demo-cratic values and norms.

To a question he said, the countrywas being pushed towards the poli-

tics of 90s but PPP would utilise itsall energies to avoid such tenden-cies. PPP does not want to beinvolved in politics of allegationsand counter-allegations, he added.

Regretting the situation, he said,after great efforts the politics of'lotacracy' was eliminated from thecountry but, Mian Shahbaz Sharifhas once again started politics of'lotaism'.

Kaira said it is the time for nation-al unity and solidarity to meet thechallenges being faced by the coun-try on different fronts.

To a question he said, politics ofconfrontation was done away withby PPP and a new political culturewas introduced in the country bypromoting reconciliation policy.

He said that the government wascommitted to serving the massesdespite all odds. The elementsengaged in conspiracies would notsucceed in their nefarious designs,he added.

He said, concerted efforts wereneeded to be taken by all politicalforces to further strengthen the dem-ocratic system of country. -APP

PPP not interested inconfrontation: Kaira

ISLAMABAD: Pakistan has beenranked 10th among the countries interm of human development improve-ment by the United NationsDevelopment Program's 20th HumanDevelopment Report 2010.

Those among the 135 countries thatimproved most in HumanDevelopment Index (HDI) terms overthe past 30 years were led by Oman,which invested energy earnings overthe decades in education and publichealth.

The other nine "Top Movers" areChina, Nepal, Indonesia, Saudi Arabia,Laos, Tunisia, South Korea, Algeriaand Morocco. Remarkably, China wasthe only country that made the "Top10" list due solely to income perform-ance; the main drivers of HDI achieve-ment were in health and education.

The UNDP report said that inPakistan, between 1980 and 2010, theHDI value increased by 58 per cent(average annual increase of about 1.5

per cent)."With such an increase Pakistan is

ranked 10 in terms of HDI improve-ment, which measures progress incomparison to the average progress ofcountries with a similar initial HDIlevel", it added.

Pakistan's life expectancy at birthincreased by more than nine years,mean years of schooling increased byabout nine years and expected years ofschooling increased by almost 4 years.

Pakistan's Gross National Income(GNI) per capita increased by 92 percent during the same period. The rela-tive to other countries in the region, in1980, Pakistan, India and Bangladeshhad close HDI values for countries inSouth Asia.

However, during the period between1980 and 2010 the three countriesexperienced different degrees ofprogress toward increasing their HDIsstates the Report.

See # 4 Page 11

Pak among top 10on UN progress list

LAHORE: Federal Law, Justice andParliamentary Affairs Minister Dr BabarAwan Sunday said the turncoats alwayssupport dictators with the help of capi-talists in the guise of technocrats.

Addressing a “Meet the Press” at theLahore Press Awan said Pakistan couldbe strong only by strengthening democra-cy instead of strengthening personalities.

He said that capitalists always createdhurdles in the way of reforms but thePPP would continue its journey on theroad to reforms for the betterment of thepeople and the country.

The minister remarked the PPP pre-ferred the continuity of democracyeven after criticism and it tolerated it byfollowing the vision of MohtarmaBenazir Bhutto Shaheed.

Congratulating the former provincialministers of the PPP on getting “free-dom”, he said the six PPP ministershad returned their vehicles within sixhours of the decision.

He said that no one should follow thepolitics of personal prestige or pride asthere was no papacy or power indemocracy.

Paying tributes to the media forefforts for democracy, he said it wouldexpose everything and no hidden handcould work in politics now.

He said the PPP could have formedgovernment in Punjab with the supportof independent members of the assem-bly but it had respected the mandate ofthe people and supported the PML-N.

Awan said the PPP-led governmenthonoured the 18th amendment whenthe PML-N presented the 10-pointagenda but the PML-N initiated thepolitics of Changa Manga by ruiningthe 18th amendment.

He said that lota politics could notbe followed without money, addingall political parties should follow thepolitics of principles.

See # 11 Page 11

Turncoats supportdictators, says Awan

UNITED NATIONS: The SecurityCouncil, acting under chapter VII ofthe UN Charter, has voted unani-mously to impose sanctions againstLibyan leader Muammar Qaddafiand his immediate family for theregime's violent response to anti-government protests, and to refer thematter to a war crimes tribunal.

The resolution containing a set ofsanctions, adopted by a vote of 15-0on Saturday evening, freezes theassets of Qaddafi, his four sons, adaughter and 10 members of hisinner circle. It also imposes a travelban on all 16.

Council members also agreed torefer the regime's crackdown to apermanent war crimes tribunal foran investigation of possible crimesagainst humanity.

In addition, the Council demandedan immediate end to attacks on Libyancivilians by Qaddafi's supporters.

UN Secretary-General Ban Ki-moon congratulated council mem-bers for the unified vote, saying it"sends a strong message that grossviolations of basic human rights will

not be tolerated." "I hope the mes-sage is heard, and heeded, by the

regime in Libya," Ban said.The sanctions were also wel-

comed by Libya's deputy U.N.ambassador, Ibrahim Dabbashi,whose entire mission is among

Libyan diplomats around the worldwho have renounced Qaddafi.

Dabbashi said the council votewill engender "moral support for ourpeople who are resisting" and couldhelp defeat "this fascist regime stillin existence in Tripoli."

He called on the Libyan armedforces to abandon Qaddafi andthrow their support to the protesters.The Libyan uprising that began onFeb 15 has swept over nearly theentire eastern half of the countrysnatching entire cities in that regionout of the government's grasp.

Qaddafi and his backers contin-ue to hold the capital Tripoli andhave threatened to put downprotests aggressively. IndianAmbassador Hardeep Singh Purinoted his country is not a memberof the International Criminal Court(ICC), and would have "preferreda calibrated and gradualapproach," but decided to acceptthe referral because other councilmembers believed it would helpend the violence in Libya.

See # 2 Page 11

UNSC-sanctionsslapped on Libya

ISLAMABAD: Federal governmenthas decided to cut down the expensesof pilgrims and hence started its effortsto write off the royalty that PIA pays toSaudi government.

As per sources in the Ministry ofReligious Affairs, PIA charges extraRs. 1800 from each pilgrim that itgives to Saudi Airline in the head ofroyalty. Due to these surcharges, pil-grims have to bear extra economic bur-den.

It is learnt from sources since SyedKhursheed Shah has taken charge ofthe ministry, he has started efforts to

get the royalty surcharges waived offof concerned Saudi authorities so toprovide relief to pilgrims.

Source told Religious Affairs'Ministry has sent a summary toForeign Office to raise this issue ondiplomatic level as early as possible sothat pilgrims may take benefit from theupcoming Hajj Policy likely to beannounced in March.

Sources also told former Federal andState Ministers of Religious AffairsHamid Saeed Kazmi and ShaguftaJamani issued 586 new Hajj Formsdespite ban. -Online

Low-cost Hajjvowed this year

LAHORE: PML-N Chief Muhammad Nawaz Sharif in a group photograph with British HighCommissioner to

Pakistan Adam Thomson. Punjab Chief Minister Mian Shahbaz Sharif and Hamza Shahbaz are also present.-APP

Obama says its time for Gaddafi to go

Evacuation

plan ready for

Pakistanis: FOISLAMABAD: Foreign Officespokesperson Tehmina Janjua hassaid that the government ofPakistan is taking steps to evacu-ate its nationals stranded in Libya.

Talking to BBC, TehminaJanjua said that a special taskforce has been set up in theForeign Ministry to monitor thesituation in Libya round theclock and to provide assistanceto Pakistani expatriates.

See # 1 Page 11

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