thefinancialdaily-epaper-20-07-2011

International

PPP withdraws from two AJK seats of Khi See on 2

PSDP being used to boost investment See on Page 12

More Pak-Iran energy cooperation stressed See on Page 12

*Crude Oil (brent)$/bbl 117.52

*Crude Oil (WTI)$/bbl 97.84

*Cotton $/lb 100.84

*Gold $/ozs 1,602.50

*Silver $/ozs 40.26

Malaysian Palm $ 1,031

GOLD (NCEL) PKR 44,493

KHI Cotton 40Kg PKR 6,430

Yearly(Jul, 2011 up to 18-Jul-2011)

Monthly(Jun, 2011 up to 18-Jul-2011)

Daily (18-Jul-2011)

Total Portfolio Invest (9-Jul-2011)

-5.11

-5.11

-2.98

2805

-4.73

-32.00

0.49

-1.11

0.01

35.88

1.45

SCRA(U.S $ in million)

Portfolio Investment

FIPI (19-Jul-2011)

Local Companies (19-Jul-2011)

Banks / DFI (19-Jul-2011)

Mutual Funds (19-Jul-2011)

NBFC (19-Jul-2011)

Local Investors (19-Jul-2011)

Other Organization (19-Jul-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (10-July-11)

Inflation CPI% (Jul 10-Jun 11)

Exports (Jul 10-Jun 11)

Imports (Jul 10-Jun 11)

Trade Balance (Jul 10-Jun 11)

Current A/C (Jul 10-Jun 11)

Remittances (Jul 10-Jun 11)

Foreign Invest (Jul 10-Jun 11)

Revenue (Jul 10-Jun 11)

Foreign Debt (Mar 11)

Domestic Debt (May 11)

Repatriated Profit (Jul - May 11)

LSM Growth (May 11)

GDP Growth FY10EPer Capita Income FY10Population

$18.11bn

13.92%

$24.83bn

$40.41bn

$(15.59)bn

$542mn

$11.20bn

$1.92bn

Rs 1598bn

$59.54bn

Rs 5873bn

$725mn

-2.28%

4.10%

$1,051

176.67mn

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

18.35

2.00

1.70

11.26

PKR/Shares

111.88

157.92

43.03

36.58

38.76

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 (1 Yr)

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)

13-Jul-2011

13-Jul-2011

13-Jul-2011

20-May-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

19-Jul-2011

13.48%

13.74%

13.90%

14.00%

13.73%

13.57%

13.79%

14.15%

14.24%

13.98%

14.01%

14.05%

14.25%

14.35%

14.46%

Money Market Update

Index Close Change

KSE 100 12,443.54 125.30

Nikkei 225 9,889.72 84.75

Hang Seng 21,902.40 97.65

Sensex 30 18,653.87 146.83

ADX 2,697.65 9.58

SSE COMP. 2,796.98 19.71

FTSE 100 5,789.99 37.18

*Dow Jones 12,485.48 100.32

Global Indices

Symbols Buy (Rs) Sell (Rs)

Australian $ 91.20 92.20

Canadian $ 89.50 90.60

Danish Krone 16.10 16.40

Euro 121.20 122.80

Hong Kong $ 10.80 11.05

Japanese Yen 1.071 1.098

Saudi Riyal 22.85 23.05

Singapore $ 70.20 71.20

Swedish Korona 13.20 13.50

Swiss Franc 98.90 99.90

U.A.E Dirham 23.35 23.55

UK Pound 138.00 139.50

US $ 86.05 86.35

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 91.38 91.59

Canadian $ 89.75 89.96

Danish Krone 16.28 16.32

Euro 121.25 121.53

Hong Kong $ 11.03 11.06

Japanese Yen 1.084 1.087

Saudi Riyal 22.93 22.98

Singapore $ 70.71 70.87

Swedish Korona 13.16 13.19

Swiss Franc 105.18 105.42

U.A.E Dirham 23.42 23.47

UK Pound 138.10 138.42

US $ 86.06 86.25

Inter-Bank Currency Rates

Subscribe now Tel: 92-21-35311893-6

Fax: 92-21-35388428

Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

Cities Max-Temp Min-Temp

Islamabad 35°C 20°C

Karachi 35°C 29°C

Lahore 33°C 29°C

Faisalabad 34°C 30°C

Quetta 37°C 15°C

Rawalpindi 36°C 20°C

Weather Forecast

Karachi, Wednesday, July 20, 2011, Shaban-ul-Muazzam 17, Price Rs12 Pages 12

Yaseen second time acting governor of SBP

KABUL: President Asif AliZardari Tuesday met with theAfghan President HamidKarzai at the PresidentialPalace and condoled with himover the assassination of hisbrother Ahmed Wali Karzai.

According to media reports,

President and his delegationwhich include interior ministerRehman Malik, defence ministerCh Ahmed Mukhtar andspokesperson to the PresidentFarhatullah Babar were receivedby the Afghan President HamidKarzai and members of his

Cabinet at the presidential palace.The president offered Fateha

for the departed soul of AhmedWali Karzai. The presidentexpressed his heartfelt condo-lence and termed the incident asmost unfortunate.

See # 10 Page 11

Urgent transit for perishables pledged

Zardari condoles with Karzai on brother’s murder

President to visit Saudi Arabia today

LONDON: Prime MinisterSyed Yousuf Raza Gilani onTuesday urged increased tradeand market access for Pakistaniproducts into the Europeanmarkets to stabilise country'seconomy and address issues ofpoverty and unemployment.

The Prime Minister was talk-ing to British Foreign SecretaryWilliam Hague who called onhim here to discuss matters per-taining to Pakistan-UK bilateralrelations.

Gilani who arrived here onMonday to hold meetings withBritish leadership apart fromhis private engagements, saidPakistan-UK multidimensionalcooperation in various areasespecially in the socio-econom-ic realms was vital to createnew opportunities, develop-ment and promote peace andsecurity in the region.

He said Pakistan and the UKhave longstanding relations,

based on shared interests andmutual respect.

Prime Minister Gilani empha-sised upon the need for deepen-ing consultation on global andregional issues of peace and sta-bility, enhancing investmentand trade, collaboration in theeducation sector, and culturaland parliamentary links.

Strategic dialogue, tradeaccess for Pakistani goods toEuropean Union markets, col-laboration between the twocountries in the fields of tradeand investment and educationcame under discussion.

Gilani said the governmentand the people of Pakistanappreciate Britain's acknowl-edgment of Pakistan's counter-terrorism efforts and its contri-butions through funding andcapacity building.

He also highlighted thatPakistan has suffered tremen-dously in the global fight

against terrorism and finds itseconomy greatly ravaged by itswar against militancy.

He reiterated his govern-ment's resolve that the warwould continue against mili-tants till their complete elimi-nation.

The Prime Minister said thegovernment looked forward toUnited Kingdom and internation-al community for support andassistance in facing numerouschallenges in this ongoing fight.

The British foreign secretarysaid the UK recognises that nocountry had suffered more fromthe scourge of terrorism thanPakistan. He said his govern-ment would continue to extendall possible support in promot-ing educational facilities inPakistan besides employmentgeneration and poverty eradica-tion in various areas ofPakistan.

See # 9 Page 11

Gilani asks UKfor more EU

market access

PM calls on Britain deputy PM, foreign secretary

NEW DELHI: US Secretary of State HillaryClinton urged India on Tuesday to amend a lawthat has put off US companies from taking partin the $150 billion nuclear energy market andfurther open up Asia's third largest economy toforeign investment.

Clinton opened high-level US-Indian talkswith a polite but firm push for New Delhi to getmoving on key economic issues as both sidesseek to firm up a relationship that thus far haspromised more than it has delivered.

India's government has long pledged to openup the $1.6 billion economy but must also wres-tle with local opposition fearing the loss of jobsto foreign companies. See # 11 Page 11

US urges Indiafor nuclear

energy trade

Clinton meets Krishna

ISLAMABAD: Pakistan has invited expres-sions of interest (EoI) from national and foreignbanks for the construction of a proposed $1.2billion pipeline to pump Iranian natural gas tothe energy-starved country, government offi-cials said on Tuesday.

The Inter State Gas System (ISGS), a compa-ny set up by the government to act as projectmanager, has set a deadline of August 20 for thesubmission of expression of interest (EoI) fromthe banks for financial advisory services,according to a document published on Tuesday.

The document did not identify the project butISGS officials confirmed the EOI had beensought for the multi-billion Pakistan-Iran gaspipeline project. See # 12 Page 11

EoI issued forfinancial advisor

Pak-Iran gas pipeline project

ISLAMABAD: Ogra chairman haspresented in writing the proposal forhike in price of gas for domestic andindustrial consumers by 13.65 per centin the meeting of National Assembly(NA) Standing Committee onPetroleum and Natural Resources.

Committee met here Tuesday underSardar Talib Hussain Nakai in the officeof Oil and Gas Development Company.

Members of committee expressedtheir severe reservation over OGRAchairman proposal saying increase inprices would shift additional burden tothe people and affect the investment in

gas sector. Minister for petroleum Dr Asim told

the committee that the distribution sys-tem of gas between the provinces wasunjust which needed to be reviewed.

Irregularities had been detected in gassector and Prime Minister had takennotice of it, he pointed out. Investigationswere underway, he told. Ministry had nomethodology to check CNG cylinder fit-ted in the vehicles, he informed.

He claimed that Iran -Pakistan gaspipeline would be completed inDecember, 2012 instead of 2014.

See # 13 Page 11

Ogra for 14pc hikein gas prices

Hina swornin as foreign

minister ISLAMABAD: Hina RabbaniKhar was sworn in as FederalMinister for Foreign Affairs onTuesday.

Acting President ChairmanSenate Farooq H Naik, admin-istered oath to Hina RabbaniKhar as Federal Minister at aceremony held at the Aiwan-e-Sadr.

The oath-taking ceremonywas attended among others byministers, parliamentarians,federal secretaries, diplomatsand high officials.

Earlier, she appreciated assis-tance provided by France andsaid that Pakistan wanted totransform its relationship into ameaningful partnership withFrance and the EuropeanUnion.

Hina Rabbani Khar receivedthe French Ambassador DanielJouanneau at the ForeignOffice on Tuesday.

They discussed a range ofbilateral issues and noted thatthe recent visit of PrimeMinister to France had helpedpromote greater understandingon issues of mutual interest andto strengthen bilateral relationsbetween the two countries.

The Minister appreciatedassistance provided by Franceand said that Pakistan wantedto transform its relationshipinto a meaningful partnershipwith France and the EuropeanUnion.

See # 14 Page 11

LONDON: Prime Minister Syed Yousuf Raza Gilani and British Deputy Prime Minister Nick Clegg

addressing a joint press conference at Lancaster House.-APP

See on Page 12

Wednesday, July 20, 20112

Samsung

introduces

'Virus Doctor'KARACHI: SamsungElectronics has unveiledthe revolutionary PlasmaIonizer "Virus Doctor" air-conditioners whichimprove indoor air qualityand enhance consumerwell-being.

It features Samsung's lat-est SPi (Super Plasma ion)technology, which killsmore than 99 percent ofharmful micro-organismsincluding SARS andH1N1, to guarantee con-tamination-free indoor air.

Samsung ElectronicsPakistan MD, Hee Chang Yeesaid, "Samsung has a strongcommitment towards creatinga higher Quality-of-Life andHealth for customers andtheir families. This commit-ment has led to the creation ofthe Micro Plasma Ionizer(MPi) technology.

The effectiveness of MPitechnology against airbornepathogens has been testedand duly acknowledged bythe Chungnam NationalUniversity, Seoul, SouthKorea and Samsung'sresearch engineers.

It is the first air condi-tioner to use Bacteria-erad-ication (Virus Doctor) tech-nology to ensure healthybreathing and act as thefirst line of defence againstdeadly viruses like SARSand Swine Flu within yourhome. The "Virus Doctor"lets consumers enjoyhealthy and clean airindoors. -PR

Seminaron artery

bypass heldKARACHI: Coronaryartery bypass grafting hasbeen one of the most fre-quently performed cardiac-operation during last 50years. Several studies haveconfirmed its superiorityover medical treatmenthead of the department ofcardiac Surgery, NationalInstitute of CardiovascularDiseases Karachi Prof Arif-ur Rehman Khan said.

He was speaking at aseminar on Role ofCoronary Artery BypassGrafting in Modern DayManagement of IschemicHeart Disease. Organisedby the Dr Essa'sLaboratory & DiagnosticCentre. -PR

USC toannounceRamazanPackage

this weekISLAMABAD: TheUtility StoresCorporation (USC) is allset to announce theRamzan Relief Packagethis week, aiming atproviding various basicedible items on subsi-dized rates while reduc-ing rates on other itemsduring the holy month.

The EconomicC o o r d i n a t i o nCommittee of the cabi-net would formallyapprove the packageprepared by the USCmanagement during itsmeeting scheduled onWednesday, sources inthe Ministry ofIndustries andProduction sources toldAPP here Tuesday.

"The Ramzan Packageis likely to beannounced on Thursdayafter the formalapproval by theEconomic CoordinationCommittee onWednesday," sources inthe Ministry of Industryand Production said.

The ECC during itsmeeting in the last weekof June 2011 hadapproved Rs 2 billionRamadan ReliefPackage, envisagingsubsidy on essentialfood items to the peopleduring the holy month.

The aim of the pack-age is to ensure uninter-rupted availability ofessential food items topeople during the holymonth.

Food items includingflour, ghee, oil, dalchanna would be provid-ed at subsidized rateswhile white channa,basen and dates wouldbe available at reducedprices at the outlets ofUtility StoresCorporation through outthe country.

The relief packagewould be implementedon the advent of theholy month and wouldbe effective till Eid-ul-Fitr.

The USC managementhas prepared a compre-hensive summary of theproducts that would beavailable on subsidizedor reduced rates;sources said adding thatthe summary would bepresented before ECCfor formal approval.

After the approval, theUSC management wouldannounce the details ofthe package, likely onThursday, the sourcesadded.

It is pertinent to men-tion here that last year;,the government hadannounced about Rs onebillion Ramazan ReliefPackage that includedRs two billion subsidyon various edible com-modities, Rs one billionsubsidy on sugar and Rsone billion relief by pro-viding about 1000 com-modities on discountedrates. -NNI

ICCAurges moretrade with

KoreaISLAMABAD: Pakistan isone of several countries tohave diplomatic and eco-nomic relations with Koreabut bilateral trade betweenPakistan and Korea is stillbelow the potential andboth countries should workclosely to explore theuntapped areas.

Ambassador of DemocraticPeople's Republic of Korea,HE Ro Kyong Chol madethese remarks while talking toPresident, IslamabadChamber of Commerce andIndustry, Mehfooz Elahi dur-ing his visit to ICCI. Heexchanged views on commoninterests and agreed tostrengthen economic relationsbetween the two countries.

He informed that Koreahas abundance of naturalresources like coallimonite, steel, graphiteand lead.

He said that Korea was pro-ducing 50 percent electricityfrom the coal while rest ofelectricity demand was metby hydropower plants.

The Ambassador saidthat Korean governmentwas giving priority

In his welcome address,Mehfooz Elahi, PresidentICCI said that by increas-ing people to people con-tract, bilateral tradebetween Pakistan andKorea could be enhanced.He suggested that coopera-tion could be enhanced inpetroleum, energy,tourism, surgical, sportsgoods, textile, agro, phar-maceutical, and marblesectors. -Agencies KARACHI: The Coca-

Cola Export Corporation,Pakistan has collaboratedwith the Jahandad Societyof CommunityDevelopment (JSCD) toinitiate a project whichwill provide water, sanita-tion and hygiene facilitiesto government schools inthe Muzaffargarh district.

The project waslaunched with the signingof a memorandum ofunderstanding by DrYasmin Rashid, PresidentJSCD and Rizwan UKhan, General Manager,Coca Cola Pakistan.

This project titled'Water, Sanitation andHygiene Facilities inSchools in DistrictMuzzaffargarh', beingimplemented in collabo-ration with The Coca-Cola Export Corporation,Pakistan Branch and

JSCD will contributetowards "child protectionand development" by pro-vision of adequate waterand sanitation facilities intarget two primaryschools of districtMuzaffargarh namely,Government GirlsPrimary School, BastiSurhani and GovernmentPrimary School, Wigh.

Speaking on occasionRizwan U Khan said,"The ravaging floods of2010 wreaked devastationon an epic scale.

The catastrophe took asevere toll on the peopleof Pakistan and despiteconsiderable rehabilita-tive efforts a lot of workis still to be done.

Coca-Cola realizes theneed to support childrenstudying at schools inflood stricken areas andwill provide complete

support to JSCD to helplighten their suffering."

JSCD is working close-ly with the Governmentand UNICEF to establishTemporary LearningCenters (TLCs) inMuzaffargarh. Providingquality education alsoimplies the provision of ahealthy learning environ-ment in which childrencan perform to the best oftheir ability.

In such a dismal envi-ronment, children oftenresort to open defecationaround or even at theschool compound, puttingtheir mental and physicalhealth at risk and adverse-ly affecting their partici-pation. This results inlower enrollment rates,increased absenteeism,poor classroom perform-ance and early schooldropout rates. -PR

Coca-Cola, JSCD inkpact for civic facilities

LAHORE: The Chairman PakistanIndustrial and Traders Associations Front(PIAF) Engineer Sohail Lashari Tuesdaysaid that Pakistani businessmen mustavail investment opportunities availablein UAE as it would strengthen trade link-ages among Pakistani and globalinvestors.

The PIAF Chairman was speaking at afunction arranged for a two-member dele-gation of Ras Al Khaimah InvestmentAuthority (RAKIA).

Amjad Khan of Ras Al KhaimahInvestment Authority, Asma Faisal, for-

mer LCCI Senior Vice President YaqoobTahir Izhar, Executive CommitteeMembers Dr Shahid Raza and GhulamSarwar Malik also spoke on the occasion.

Engineer Sohail Lashari said thatPakistan and Gulf States share cordialbusiness relations and urged Pakistaniinvestors to help cement these ties further.

He said Ras Al Khaimah offers manyopportunities for doing business whichcan and has benefited both brotherlynations, saying that Ras Al Khaimah has atransparent, tax and corruption free envi-ronment for business.-Agencies

Pak traders urged to raise stake in UAE

KARACHI: Crashing ofan un-manned aerial vehi-cle (UAV) of PakistanNavy has caused no majordamage to the installationsof an oil refinery inKorangi area hereTuesday, company offi-cials said.

An official of the refin-ery said it was small air-craft that fell at an empty

place inside the refinery."It looked like a toy and

our staff controlled the fireimmediately after itcrashed. We have all theequipment and arrange-ments to handle any typeof fire inside the plant", headded.

A Fire Brigade officialsaid that fire tenders wererushed to the site, but the

company staff extinguishedthe fire at their own.

Meanwhile, aspokesman of PakistanNavy said that UAV wason a routine training flightwhen it was hit by a bigbird and fell inside a plant.This is about 8 feet wideaircraft which is used bythe navy for photographyand surveillance. -APP

Navy drone crashesnear Pak oil refinery

TV PROGRAMMES

WEDNESDAY

Time Programmes7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:05 Tajziya (Rpt)

12:00 News

13:05 Mutasareen (Rpt)

14:00 News

14:05 Tonight With Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Aap Ki Baat

19:05 Masail Kahani

19:30 Crime Scene

20:03 Tajziya

21:00 News

22:03 Tonight With Jasmeen

23:00 News

23:05 Awam Ki Awaz (Rpt)

ISLAMABAD: Acting President Farooq Naek administring oath to Hina Rabbani Khar

as foreign minister of Pakistan here on Tuesday. -APP

KARACHI: Iftikhar Ali Malik, Vice President, SAARC-CCI addressing a Seminar on “Pakistan India Trade”

at Karchi, Presedent FPCCI Haji Ghulam Ali, Dr Rajiv Kumar, Zafar Mehmood, Dr. Ishrat Hussin, Tariq

Saeed and S M Munir are on the Stage.-Staff Photo

KARACHI: ‘Make A Wish Foundation Pakistan’ granted the wishes of 6 Children

suffering from life threatening illnesses. Seen in the picture, Ishtiaq Baig, Founding

Presiden, Iqbal Qasim of National Bank, Dr Mirza Ikhtiar Baig, Saleem Yousuf

along with MAW volunteers and with children.-Staff Photo

ISLAMABAD: Ministerfor Information andBroadcasting Dr FirdousAshiq Awan has said thatthe present democraticGovernment is consistent-ly following the policy ofreconciliation as the coun-try can ill-afford the poli-tics of confrontation.

She was responding toquestions by newsmenafter inaugurating the newweb portal of RadioPakistan at NationalBroadcasting House hereon Tuesday.

Replying to a questionregarding decision of theMQM to allow GovernorIshrat-ul Ebad to rejoin hisresponsibilities, theMinister said this is suc-cess of the policy ofPresident Asif Ali Zardarito take along all political

forces. She said reconcili-ation with the MQM is atribute to the policy ofaccommodation beingpursued by the President.

The Minister said allieskeep on changing in poli-tics and this is part of thedemocratic process. Shesaid it is for the MQMwhether it wants to sit onthe opposition benches orrejoin the Government.The party can play role forstrengthening of thedemocracy and peace andstability in Karachi inwhatever capacity itchooses.

She said theGovernment wantsstrengthening of the insti-tutions and supremacy ofthe parliament.

She said theGovernment also wants

better relations with thejudiciary and our leader-ship has the capability toremove misunderstanding,if any.

Replying to a questionabout rising trend ofprices ahead of Ramzan,the Information Ministersaid the FederalGovernment in collabora-tion with the provinces isfirming up strategy tocheck profiteers andhoarders. Price ControlCommittees are beingformed and the next cabi-net meeting would alsoreview the situation.

She also pointed out thatthe Government hasalready announced a twobillion rupee package toprovide relief to the peo-ple during the holy monththrough the network of

utility stores.To another question, Dr.

Firdous Ashiq Awan saidPakistan wants good rela-tions with all its neighborsincluding Iran,Afghanistan and India.

She expressed the confi-dence that the forthcom-ing talks between ForeignMinisters of Pakistan andIndia would help removem i s u n d e r s t a n d i n gbetween the two countriesand improve overallregional situation.

Asked about regulariza-tion of the contract anddaily wage employees ofRadio Pakistan, theMinister said theGovernment wants to dothis after improving finan-cial health of the organiza-tion so that the employeesget full benefits. NNI

No room for politics ofconfrontation: Firdous

KARACHI: EtihadAirways, the national air-line of the UAE, is offer-ing 20 per cent discountson fares to the UAE fromKarachi for travel untilAugust 20, 2011.

The fares, which coin-cide with the ongoing hol-iday season, will maketravel to the UAE possiblefor as little as PKR 23,495inclusive of taxes and sur-charges.

All passengers travel-ling with Etihad Airwaysto Dubai via Abu Dhabican also take advantage ofEtihad Airways compli-mentary transportationservices from Abu DhabiInternational Airport toDubai and back.

Country Manager

Etihad Airways PakistanAmer Khan said: “Dubaiis a very popular destina-tion with the peoplePakistan, and we want ourguests to be able to enjoyit easily from Karachi. Atthese prices, passengerswill be able to enjoy thebest of Arabian hospitalityand have money left overto spend in the shops.”

To further enhance cus-tomer-value, Etihad hascollaborated with UBLand come up with a newincentive for the banks’customers. The UAE Visafee for all UBLCardholders (Credit,Debit & Prepaid) travel-ing on Etihad on thesefares will be completelywaived off. -PR

Etihad slashesfairs by 20pcfor Khi-UAE

PESHAWAR: The Bankof Khyber (BoK) handledover Rs7 billion as homeremittances till June 30,2011 during last sixmonths, showing the con-fidence of the overseasPakistanis in the bank.

This was stated by BilalMustafa ManagingDirector BoK, while inau-gurating BoK Half-YearlyManager Conference-2011

this morning, said a pressrelease issued here.

The half-yearly man-agers' conference was heldto review the operationalactivities and achieve-ments of the bank duringfirst six months of 2011and to finalize the targetsand operational strategyfor the remaining sixmonths of the year.

Bilal Mustafa mentionedthat in order to achievedesired goals, the BoKwould further increase itsbranch network in 2011 by

adding 12 new branches. The growth in other

operational areas would befurther improved toachieve the annual busi-ness targets. In this con-nection; a branch expan-sion plan is already under-way, during which 5 newIslamic & 7 new conven-tional branches willemerge by year end.

This initiative of the

management will furtherstrengthen the bank andwith the increased networkof branches, the BoKwould play its pivotal rolein socio economic devel-opment of the country.

He specially mentionedabout Bacha Khan KhpalRozgar Scheme and forth-coming "Huner MandScheme" and their positiveimpact on socio-economiccondition of KhyberPukhtunkhwa which willlead the Province to pros-perity. -Agencies

BoK handles over Rs7bnremittances

Minister info launches PBC web portal

3Wednesday, July 20, 2011

Currencies Rate

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A. 86.20 86.00 85.78

U.K. 138.42 138.10 137.73

EURO 121.53 121.25 120.88

CANADA 89.96 89.75 89.52

SWITZERLAND 105.42 105.18 104.90

AUSTRALIA 91.59 91.38 91.14

SWEDEN 13.19 13.16 13.12

JAPAN 1.09 1.09 1.08

NORWAY 15.45 15.41 15.37

SINGAPORE 70.87 70.71 70.52

DENMARK 16.32 16.28 16.24

SAUDI ARABIA 22.98 22.93 22.87

HONG KONG 11.06 11.03 11.00

KUWAIT 313.17 312.44 311.62

MALAYSIA 28.62 28.55 28.48

NEWZEALAND 72.97 72.80 72.61

QATAR 23.67 23.62 23.56

U.A.E. 23.47 23.42 23.35

KR WON 0.08 0.08 0.08

THAILAND 2.88 2.87 2.86

Name Bid Ask High Low

EUR-USD 1.4177 1.4178 1.4216 1.4072

USD-CHF 0.8214 0.8217 0.8232 0.8154

GBP-USD 1.6116 1.6120 1.6156 1.6041

USD-CAD 0.9491 0.9494 0.9599 0.9484

AUD-USD 1.0686 1.0690 1.0699 1.0605

EUR-JPY 112.00 112.03 112.29 111.19

EUR-GBP 0.8791 0.8795 0.8808 0.8761

EUR-CHF 1.1645 1.1648 1.1657 1.1519

GBP-JPY 127.33 127.42 127.63 126.85

CHF-JPY 96.17 96.23 96.92 96.05

Gold 1599.55 1600.13 1609.89 1597.79

As per 22.00 PST

Time Source Events Forecast Previous

5:30 AUD MI Leading Index m/m 0.2%

7:00 CNY CB Leading Index m/m 0.2%

11:00 EUR German PPI m/m 0.1% 0.0%

13:30 GBP MPC Meeting Minutes 2-0-7 2-0-7

17:30 CAD Wholesale Sales m/m 0.2% -0.1%

19:00 EUR Consumer Confidence -10 -10

19:00 USD Existing Home Sales 4.92M 4.81M

19:30 CAD BOC Monetary Policy Report

19:30 USD Crude Oil Inventories -1.5M -3.1M

20:15 CAD BOC Press Conference

Source Events Actual Forecast Previous

AUD Monetary Policy Meeting Minutes

EUR German ZEW Economic Sentiment -15.1 -11.8 -9.0

EUR ZEW Economic Sentiment -7.0 -7.4 -5.9

CAD Leading Index m/m 0.2% 1.0% 0.8%

USD Building Permits 0.62M 0.61M 0.61M

USD Housing Starts 0.63M 0.58M 0.55M

CAD BOC Rate Statement

CAD Overnight Rate 1.00% 1.00% 1.00%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 9/7/2011 9/8/2010 1%

Bank of England 8/4/2011 3/5/2009 0.50%

Bank of Japan 8/5/2011 12/19/2008 0.10%

European Central Bank 8/4/2011 7/7/2011 1.50%

Federal Reserve 8/9/2011 12/16/2008 0.25%

Swiss National Bank 9/15/2011 3/12/2009 0.25%

The Reserve Bank of Australia 8/2/2011 11/2/2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, July 19,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: The euro strengthenedon Tuesday as debt yields of someperipheral euro-zone countries retreatedahead of an EU summit later this weekon expectations a solution to Greece'sdebt problem may be reached.

Traders said official Asian andRussian names bought the euro asyields on Italian and Spanish govern-ment bonds eased slightly following asurge higher in the past week on con-cern the debt crisis is deepening.

The dollar briefly recovered againstthe yen after a government reportshowed US housing starts rose morethan expected in June to touch a six-month high and permits for future con-struction unexpectedly increased..

It then fell back as some investorssaid that one monthly number, howeverpositive and above the consensus, doesnot make for an improving trend in thenation's housing market. That market

remains mired down with foreclosuresand a huge inventory of unsold homes.

"There is some lightening of shortpositions ahead of (the summit) on therisk there couldbe some sort ofa g r e e m e n treached," saidOmer Esiner,chief marketanalyst atCommonwealthF o r e i g nExchange in Washington. "But anagreement on Thursday could includesome form of Greek default, which tome is not necessarily a positive out-come for the euro."

The euro rose as high as $1.42172 onelectronic trading platform EBS beforeretreating to $1.4196, still up 0.6 percent on the day.

It found near-term support after

breaking above technical resistancearound $1.4111 and $1.4175, the 31.8per cent and 23.6 per cent retracementsof the euro's rally last week.

The euro also traded higher againstother currencies, rising to a sessionhigh of 1.16556 versus the safe-havenSwiss franc.

Euro-zone leaders are trying to com-plete an agreement on a second roundof aid for Greece worth 110 billioneuros ($154 billion).

But it remained unclear how a con-sensus could be reached for private

owners of Greek government bonds --banks, insurers and other investors -- tocontribute by taking cuts in the facevalue of their holdings.

The European Central Bank has resis-ted the possibility of a default, but com-ments on Tuesday from Austria's cen-tral bank governor, Ewald Nowotny,that a solution could involve a 'selectivedefault' was the first sign of a crack inthe central bank's hard line.

Nowotny later said that he was incomplete agreement with ECBPresident Jean-Claude Trichet onGreece.

Strength in the euro pushed the dollar,considered a safer bet during times ofuncertainty, lower against several majorcurrencies. Against the yen it slipped0.1 per cent to 79, while sterling rose0.5 per cent against the dollar to$1.6126 and the Australian dollargained 0.7 per cent to $1.0683. -Reuters

Euro gains ahead of EU summit tobe held later this week

SHANGHAI: The yuan endedup against the dollar on Tuesday,even after the People's Bank ofChina set a marginally lowermid-point, as the dollar indexdropped in early European trade.

Dealers said that in theabsence of market-moving newsand clear direction, investorswere adopting a wait-and-seeattitude and the dollar's perform-ance would likely guide theChinese currency's movementsin the near term.

But the Chinese currency wasstill expected to appreciatebecause China is adjusting itseconomic structure to make itseconomy less reliant on exports,they said.

"We still expect the yuan hasroom to strengthen further," saida dealer at a Chinese bank inShenzhen. "And the centralbank's intention is for a gradualrise in the yuan."

Spot yuan finished at 6.4634on Tuesday, up from Monday'sclose of 6.4687. It has nowappreciated 5.56 per cent since it

was depegged from the dollar inJune 2010 and 1.95 per cent sofar this year.

Late on Monday, the Bank forInternational Settlementsreleased a report on the yuan'snominal effective exchange rate(NEER), or its value against atrade-weighted basket. Its NEERappreciated 0.2 per cent in Juneto 112.07, marginally up fromthe previous month's 111.89.

The yuan's NEER fell 3.2 percent in the first half of the yeardue to a 6 per cent decline in thedollar index, but a 2 per cent risein the Chinese currency againstthe dollar itself partly offset theoverall weakness.

The dollar accounts for around70 per cent of the trade-weightedbasket. Offshore, benchmarkone-year dollar/yuan non-deliv-erable forwards (NDFs) were bidat 6.4000 late on Tuesday, downslightly from 6.4090 at the previ-ous day's close. Their impliedyuan appreciation in a year'stime rose to 1.07 per cent from0.93 per cent. -Reuters

Yuan soars, Neeredges up in June

SINGAPORE: The Thai bahtand the Philippine peso onTuesday led gains in their peerson continuous bond inflows toAsia, while investors remainedreluctant to add more positions inthe regional units on defaultthreats in the euro-zone and theUnited States.

US politicians are still far fromreaching a federal borrowing dealby the Aug. 2 deadline andEurope also appeared no closer toagreeing yet on a second bailoutof Greece ahead of Thursday'sEuropean summit.

Worries about debt-deals areexpected to prevent investorsfrom increasing exposure toriskier assets, including emergingAsian currencies, dealers andanalysts said.

"AXJ's rebound is looking morelike a 'dead cat bounce'... Thisrecovery looks rather shallow, andvery reflective of the marketattempting to find some reprieve

in Asian units given the uncertain-ty this week for the US and theeuro-zone," said Suresh KumarRamanathan, regional rates andforeign exchange strategist forCIMB Investment Bank in KualaLumpur. "We still see the environ-ment pitted with risk, and accord-ingly see today's rebound in Asianunits as purely an opportunity tocover for dollars with some cheapentry levels."

Concern about debt crises else-where have weakened a bullishtrend in emerging Asian curren-cies, which was backed by theregion's stronger fundamentalsand inflation-fighting efforts.Still, emerging Asian currenciesare still attractive in the longerterm, given problems of the twomajor developed markets, ana-lysts said.

"If they keep having emer-gency euro-zone meetings butwith nothing out of it... Somemarket players may be buying

CHF and JPY (against the euroand dollar) for risk aversionhedging and getting AXJs forupside," said SaktiandiSupaat,head of FX Research at Maybankin Singapore.

The positive outlook for Asianbonds and continuous inflows tothe markets also brighten theirlong-term prospects, Year-to-dateinflows into Emerging MarketBond Funds have topped $15 bil-lion while outflows from EuropeBond Funds moved closer to the$17 billion mark, fund trackerEPFR Global showed.

Some dealers and analystsexpect emerging Asian currenciesto get a bigger boost if the USpolitical leaders reach a debt deal,saying worries about an Americandefault have been factored in bymarkets. The baht is expected torise more, probably to May's highof 29.84 per dollar, as realisationslowly dawns on the catch-upplay in Thailand. -Reuters

Baht, peso lead Asian FXrises; debt woes still weigh

SYDNEY/WELLINGTON: The Australiandollar held its ground on Tuesday, taking only abrief knock after the Reserve Bank of Australia(RBA) dropped an explicit warning of higherinterest rates, while the New Zealand dollaradvanced further.

The Aussie edged to $1.0620, from $1.0592 inNew York. It had initially dropped a third of acent to around $1.0610 after minutes of theRBA's July policy meeting showed it shiftingtoward a neutral stance on rates.

But the local dollar quickly found bids withmuch talk of more interest from Asian centralbanks diversifying their reserves. At the sametime, the different RBA tone failed to movefutures markets, which had already priced in atleast one cut in rates by year-end.

As a result, interbank futures and bank billsremained lower after the news. The central bankhas kept rates on hold in July at 4.75 per centsince the last tightening in November 2010.

"The market has gotten well-ahead of the RBAin terms of pricing a more dovish scenario...

There wasn't much new information," said ToddElmer, head of G10 FX strategy Asia at Citi inSingapore.

Immediate support for the Aussie is seen at$1.0594 and resistance at $1.0680, with tradersciting talk of stops above $1.0675. In the short-term, the Australian dollar will remain vulnera-ble to Europe and US's debt woes. "We are waryof a correction. There is the potential for a con-traction to as far as the $1.03 region," Citi'sElmer said.

On the medium-term, though, he's more positive,forecasting the local dollar to potentially exceed its29-year peak of $1.1012 set in May. The Aussiehas gained nearly 4 per cent this year.

Against the kiwi, the Australian dollarremained mired near one-year lows atNZ$1.2562 on the market's outlook for diverg-ing rates in the two countries. Financial marketsimply a total easing of 50 basis points over thenext 12 months in Australia, compared with 81bps in hikes, up from 69 bps on Monday, in NewZealand. -Reuters

Aussie, NZ $ gain traction, evenas RBA shifts down a gear

HBL Profit RatesHabib Bank Limited has declared the following Profit Rates on various categories of PLS Depositsfor the period January - June 2011 based on the periodical results of the Bank.

Profit Rate

% Per Annum

1 PLS SAVING CHEQUING ACCOUNT

On minimum balance during the month 5.00

2 HBL - VALUE ACCOUNT (VA)

For minimum balance during the month up to Rs. 1 Million 7.00For minimum balance during the month above Rs. 1 Million 5.00

3 HBL - SUPER VALUE ACCOUNT (VA)

For minimum balance during the month up to Rs. 1 Million 5.00For minimum balance during the month above Rs. 1 Million 8.00

4 HBL BUSINESS VALUE ACCOUNT (BVA)

On daily actual deposit less than Rs. 1 Million 0.00On daily actual deposit of Rs. 1 Million but less than Rs. 2.5M 4.25On daily actual deposit of Rs. 2.5 Million and above 5.25

5 DAILY MUNAFA ACCOUNT (DMA)

On Daily Closing Balance of less than Rs. 50 (M) 5.00On Daily Closing Balance of Rs. 50(M) but less than Rs.100 (M) 6.00On Daily Closing Balance of Rs. 100(M) but less than Rs.250 (M) 6.50On Daily Closing Balance of Rs. 250(M) but less than Rs.500 (M) 7.00On Daily Closing Balance of Rs. 500(M) but less than Rs.1 Billion 7.50On Daily Closing Balance of Rs.1 Billion and above 8.50

6 DAILY PROGRESSIVE ACCOUNT (DPA)

On Daily Closing Balance of less than Rs. 500K 6.00On Daily Closing Balance of Rs.500K but less than Rs.1 (M) 6.50On Daily Closing Balance of Rs. 1(M) but less than Rs. 5(M) 7.00On Daily Closing Balance of Rs. 5(M) but less than Rs. 25(M) 7.50On Daily Closing Balance of Rs. 25(M) but less than Rs. 50(M) 8.00On Daily Closing Balance of Rs. 50(M) but less than Rs. 100(M) 8.50On Daily Closing Balance of Rs. 100(M) but less than Rs. 250(M) 9.00On Daily Closing Balance of Rs. 250(M) but less than Rs. 500(M) 9.25On Daily Closing Balance of Rs. 500(M) but less than Rs. 1(B) 9.50On Daily Closing Balance of Rs.1 (B) and above 10.00

7 HBL ADVANTAGE ACCOUNT*

More than 25,000 upto 500 (M)Three Months on maturity 8.00Six Months on maturity 8.50For One Year 11.00 to 12.00 For Three Years 11.25 to 14.00For Five Years 12.00 to 15.00For Ten Years 12.50 to 18.00

8 INVESTMENT PLUS DEPOSIT CERTIFICATE (IPDC) 9.00 to 14.74

9 Notice Deposit (ND) 5.00

10 HBL - Money Club

(W-e-f 30th April, 2011) on minimum balanceFor Balance from Rs.1/= and above unconditionally 5.00For Balance from Rs.1/= and above conditionally 7.50Profit will be calculated on monthly basis and paid monthly.

* Ranges represent different profit payment cycles being offered on these products.Note: - The Discontinued products are not included above.

LONDON: Sterling roseagainst the dollar on Tuesday,helped by a recovery in equitiesand with traders citing sover-eign demand for the currency,but UK exposure to the euro-zone debt crisis was seen ham-pering the pound's progress.

Traders said sentiment washelped by a rebound in UKbanking stocks after sharp fallsthe previous day

The poundwas up 0.5 percent against thedollar at$1.6140 inafternoon trade,above Monday'slow of $1.6005,with technical support seenfrom its 200-day moving aver-age around $1.6054.

"The market is trying to sellcable here but we keep seeingsovereign-type names on thebid," said a London-based trad-er.

"Unless we get below$1.6100, I think there is adecent chance of a bounce."

Further gains could see ster-ling target last week's high of$1.6195 but UK exposure to theeuro-zone crisis weighed oninvestor confidence.

Sterling is seen vulnerable torenewed euro-zone debt wor-ries, particularly against the dol-lar and currencies such as theyen and Swiss franc, due to con-cerns about the health of the UK

banking sector and Britain'sclose trade links with Europe.

"Sterling's outlook is still veryclosely linked to sentimenttowards Europe. Ultimately theUK is so closely entwined withEurope that a crisis would cer-tainly hit the UK," said LeeHardman, currency analyst atBTM-UFJ.

Market players remained

wary as European leaders strug-gle to reach agreement on asolution to the crisis ahead of akey meeting on Thursday whichwill attempt to finalise a secondround of aid for debt-strickenGreece.

The euro was steady againstthe pound at 87.90 pence, off aseven-week low of 87.05 pencehit the previous day, when the

single currencycame underbroad sellingpressure.

Support washighlighted at the200-day movingaverage at 86.65pence, while

near-term resistance was seen asthe 100-day average around88.01 pence.

Market participants said theadvantage offered by euro inter-est rate differentials againststerling has been fading as thespotlight remains fixed on thedebt crisis, which now risksspreading to Italy, the bloc'sthird largest economy. -Reuters

Sterling up on sovereigndemand, bounce in stocks

Indian rupee up

on euro's rise,

local sharesMUMBAI: The Indian rupeestrengthened on Tuesday, track-ing gains in domestic equitiesand the euro's recovery, withthe market now focusing on aeuro-zone leaders meeting onThursday where they will try toagree on a second rescue pack-age for Greece.

The partially convertiblerupee ended at 44.49/50 perdollar, 0.2 per cent strongerfrom Monday's close of44.585/595. Intraday, the unitmoved in a band of 44.4800 to44.5950.

Caution ahead of the euro-zone summit prevented asharper rise in the local curren-cy.

"The euro drove the rupeetoday," said Kamlakar Rao,head of forex trading at state-run Allahabad Bank.

"But market's confidence ineuro is not complete, sincerupee should have been near44.40 if it was accuratelyreflecting current euro levels."

The euro-zone summit isexpected to show how theregion's leaders intend to tacklethe deepening debt crisis and isexpected to lend direction tothe euro and in turn the rupee,traders said.

Indian shares rose 0.8 percent on Tuesday, climbing forthe first time in three sessions.

Gains in most Asian curren-cies against the US unit alsoaided the local currency, traderssaid. The one-month onshoreforward premium was at 24.50points from 25 points onMonday, while the three-monthwas 70 points from 69.75points and the one-year was at227.25 points versus 229.50.

One-month offshore non-deliverable forward contractswere quoted at 44.72, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange, theMCX-SX and the United StockExchange were at 44.5650,44.5675 and 44.5700, respec-tively. The total volume was at$8.81 billion. -Reuters

Won up on bond inflows; Goldman revises up forecasts

US housing starts briefly, help dollar recover vs yen

Aclash at a police station thatleft at least four people deadin western China's restiveXinjiang region was "a ter-

rorist attack," a government officialsaid on Tuesday, but an exile Uighurgroup accused police of firing onpeaceful protesters.

Police in the desert city of Hotan"gunned down" several rioters whoattacked a police station, Xinhua saidon Tuesday, the worst violenceXinjiang has experienced in about ayear.

But a Germany-based exile group,World Uyghur Congress, disputed theofficial account. It said 20 Uighurswere killed 14 were beaten to deathand 6 shot dead and 70 arrested whenpolice opened fire on a peacefulprotest, leading to fighting between thetwo sides.

The two accounts could not be inde-pendently resolved on Tuesday.

Beijing, wary of instability and thethreat to the Communist Party's grip onpower, often blames what it calls vio-lent separatist groups in Xinjiang forattacks on police or other governmenttargets, saying they work with al Qaedaor Central Asian militants to bringabout an independent state called EastTurkestan.

"It is certain that it was a terrorist

attack," Hou Hanmin, chief of theregional information office, toldReuters by telephone. "But as for whichorganization is behind this, we are stillinvestigating. The number of peoplekilled and casualties will be announcedsoon."

Many Uighurs a Muslim, Turkic-speaking people native to the regionchafe under rule from Beijing andrestrictions on their language, cultureand religion. They make up less thanhalf of Xinjiang's population afterdecades of immigration by the majorityHan from other parts of China.

The Global Times, a popular tabloidowned by the Chinese CommunistParty's mouthpiece, the People's Daily,quoted Hou as saying that the rioters"carried explosive devices andgrenades."

"They first broke into the offices ofthe local administration of industry andcommerce and the taxation bureau thatare close to the police station," thereport cited Hou as saying. "Theyinjured two persons there.

"When they realized the targets werewrong, they started to attack the policestation from the ground floor to the sec-ond floor where they showed a flagwith separatist messages," Hou wasquoted as saying.

The attackers set the police station on

fire before killing hostages during astand-off with armed police, she wasquoted as saying.

State television said the latest inci-dent took place when a mob attacked apolice station, taking hostages and set-ting it on fire.

Two hostages, a paramilitary police-man and a guard died in the violence,as well as several of the attackers, itreported. Six hostages were freed.

The Global Times said the nationalcounter-terrorism office had dispatcheda team to Xinjiang.

Calls to the governments of Xinjiangand Hotan and the ministry of publicsecurity went unanswered.

SYSTEMATIC REPRESSION

Dilxat Raxit of the World UyghurCongress said he believed the death tolland the number of injured were likelyto escalate. "All forms of protests byUighurs are met with violent crack-downs. The clash escalated only afterthe crackdown and the Chinese govern-ment later refered to it as act of 'terror-ism'," he said. "The Chinese govern-ment consistently uses the term 'terror-ism' to quieten down the demands ofthe Uighurs."

Hotan, also known as Khotan, is aUighur-majority town of some 300,000people that stretches along the ancientSilk Route and lies on the edge of

Xinjiang's forbidding desert.In March 2008, hundreds marched

through the weekly bazaar in a protestthe city government blamed on ethnicseparatists.

Chinese censors blocked searches onSina Weibo, China's Twitter-likemicroblogging services, on the attack.Search results for the Chinese render-ings of "Xinjiang unrest" and "Hotan"showed a page that said, "according torelevant laws, regulations and policies,search results are not displayed".

A vast swath of territory, accountingfor one-sixth of China's land mass,Xinjiang holds oil, gas and coaldeposits and borders Afghanistan,Pakistan, India and Central Asia.

In July 2009, Xinjiang's capital Urumqiwas rocked by violence between majori-ty Han Chinese and minority Uighursthat killed nearly 200 people.

Since then, China has executed ninepeople it blamed for instigating theriots, detained and prosecuted hundredsand ramped up spending on security,according to state media and overseasrights groups.

China has earmarked billions of dol-lars for the relatively poorer southernpart of Xinjiang, where Hotan is locat-ed, to try to soothe income disparitiesthat have contributed to ethnic vio-lence. -Reuters

Disclaimer:All reports and recommendations have been prepared for your information

only. Summary and Analysis are not recommendation to buy or sell. This

information should only be used by investors who are aware of the risk inher-

ent in securities trading. The facts, information, data, indicators and charts

presented have been obtained from sources believed to be reliable, but their

accuracy and completeness cannot be guaranteed. The Financial Daily

International and its employees are not responsible for any loss arising from

use of these reports and recommendations.

No let up forKarachiwalas

There seems no doubt that some of the elements

are adamant at keeping Karachiwalas persistent-

ly under one or the other agony. A quick review

shows that the authorities not contented with

depriving the city with up to 12 hours of electric-

ity load-shedding. Target killing and sectarian

and linguistic clashes have taken lives of hun-

dreds of people in recent months and properties

worth billions of rupees have been reduced to

ashes.

Yesterday witnessed the worst traffic jam in the

City. It was not confined to one or a few areas but

the entire city was under the chaos. While

demonstrations by some of the political parties

and employees of KESC choked heart of the city

and other roads were blocked by the protesters

suffering from non-availability of electricity and

water.

However, traffic jams can only be attributed to

gross mismanagement of police, particularly traf-

fic police. It seems that traffic police is least

interested in ensuring smooth flow of vehicles

but collecting booty. The main partners are the

fake 'parking contractors' and car-washers who

have encroached almost all the roads of the city.

Traffic jams around Karachi Press Club are the

routine and often stretches up to twelve hours.

All and sundry who wishes to demonstrate and

express their anguish come in hundreds and park

their vehicles wherever they like. They complete-

ly forget that their unruly behavior cause miseries

to hundreds of people. When ambulances are

stuck in traffic only those accompanying the

patients can feel the suffering. Many of the pas-

sengers missed the flights.

It is necessary to mention that permanent

closure of part of Dr Ziauddin Ahmed and Mai

Kolachi Roads have become a serious problem

for the commuters. It is true that some of the

sections are closed because of security reasons

but some alternate arrangements have to be

made to ensure smooth flow of traffic through

the bottlenecks.

Owners pay billions of rupees as vehicle tax

and it is the responsibility of the civic authori-

ties to keep the roads clear for the smooth flow

of traffic. However, it seems that these author-

ities allow all sorts of encroachments.

It is also to point out that citizens have also lost

the sense of responsibility. They park vehicles

without the realization that their carelessness

could lead to death of persons when ambulances

are stuck. They also blow horns indiscriminately

at the schools and hospitals.

It may not be a bad idea to develop a few

'Hide Parks' in Karachi. It may be made manda-

tory to hold meetings of political parties at

these parks. Gathering of mobs on the roads

itself is a security risk for the political activists

as well as the citizens.


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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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

URL: www.thefinancialdaily.comEmail Address: [email protected]

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 257 China blames terrorists

for attack in Xinjiang

Libyan rebels have taken over the eastern oilhub of Brega, France said on Tuesday, in theirmost significant advance in months against

forces loyal to Muammar Gaddafi.Fighting for control of Brega, which would pro-

vide access to much of Libya's eastern oil network,came as US and Libyan officials met for secret face-to-face talks.

Tripoli said it was seeking talks with no precondi-tions, but Washington said it had delivered the clearmessage that Gaddafi must go.

"The Libyan resistance forces are in the process ofcontrolling the totality of the city (Brega) but I amnot in a position to confirm exactly what is happen-ing on the ground," French foreign ministryspokesman Bernard Valero said.

"It represents progress on the ground by the actionof Libyan rebel forces. It would seem to confirm theretreat and isolation of Gaddafi and his forces," hetold a media conference in Paris.

The Libyan government has denied that Brega hasfallen to the rebels. Saturday's meeting with theLibyans was held "to deliver a clear and firm messagethat the only way to move forward is for Gaddafi tostep down," a US State Department official said.

"This was not a negotiation. It was the delivery ofa message." He said no more meetings wereplanned. Libya said it welcomed discussions butonly without preconditions.

"Any dialogue with the French, Americans,British is welcome," government spokesmanMoussa Ibrahim told journalists in Tripoli. "We willdiscuss everything, but do not condition your peacetalks. Let Libyans decide their future."

He said the meeting was in Tunisia on Saturday.The US official said it followed repeated contacts

from the Libyan leader's emissaries.France's Valero said: "As panic takes over in the

ranks around Gaddafi, we are seeing more and moreemissaries of all types who are touring world capi-tals. When one of those comes within our range ourmessage is always the same: Gaddafi must go."

French Defense Minister Gerard Longuet saidLibyans were now certain that "Gaddafi is no longeran option for the future." "The countdown hasbegun ... but I am cautious because Gaddafi is notrational and he could opt for a bunker strategy, tak-ing the whole civilian population of Tripolihostage."

UN Secretary-General Ban Ki-moon declinedcomment on the Libyan-US meeting, but said theworld body was playing a central role in moves topresent terms for Gaddafi to quit.

"There are many actors and the United Nations isplaying a coordinating role. My special envoy isplaying a central coordinating role," Ban toldReuters in Geneva on Tuesday.

He was referring to his envoy Abdul Elah al-Khatib who took part in the international contactgroup meeting in Istanbul which agreed a road mapwhereby Gaddafi should relinquish power and plansfor Libya's transition to democracy. Khatib, a for-mer Jordanian foreign minister, was authorized topresent terms for Gaddafi to leave power.

MOSCOW MEETINGLibya's foreign minister is to meet his Russian

opposite number in Moscow on Wednesday, Itar-Tass news agency said. The meeting, requested bythe Libyans, would be first known visit by a Libyangovernment official to Moscow since the war began.

Russia has called for Gaddafi to go, but has criti-cized Western states for recognizing the rebel lead-

ership as Libya's legitimate government, sayingthey were taking sides. Moscow emphasizes it is incontact with both rebels and government.

After a long period of stalemate in the desertalong the eastern front, the rebels said they hadrouted most of Gaddafi's troops in Brega to thewest, which has an oil refinery and terminal, andencircled the town. More than 40 people on bothsides were reported killed in the fighting since latelast week for a city which for months marked theeastern limit of Gaddafi's control.

The government denied the claim."Our brave soldiers are in Brega in their thou-

sands and control it completely," spokesmanIbrahim said. He said the government had lost 30soldiers over five days of fighting, but rebels hadlost many times more. A rebel spokesman said 12rebels were killed and some 300 wounded onSaturday and Sunday. Most rebel forces were nowpast Brega and heading west.

Brega has changed hands several times in theback-and-forth fighting along Libya's Mediterraneancoast since the rebellion began in February.

Gaddafi is refusing to step down despite the rebel-lion, Nato air strikes and defections of members ofhis inner circle.

On Saturday as his envoys met US officials hecalled rebels traitors and said he had no plans toleave the country. A Reuters team in the western cityof Misrata, a rebel stronghold, reported heavy bom-bardments from both rebel and government forces onTuesday. Libyan state television issued a call for menaged between 18 and 30 to join a brigade command-ed by Gaddafi's son Khamis, one of the government'smost important military units. Inducements includedprovision of a house. -Reuters

Brega under rebels' controls

Atax on euro zone banks andcheaper, longer-dated officialloans are the least risky way to

provide extra funding for debt-strickenGreece, a confidential paper draftedahead of a European summit showed onTuesday.

With financial markets on edge twodays before leaders of the 17-nationcurrency area hold a crucial meeting,other options that could trigger a selec-tive or outright Greek default with far-reaching consequences remain on thetable, the paper obtained by Reutersshowed.

The European currency is facing thebiggest crisis of its 12-year existence,with contagion threatening majoreconomies such as Italy and Spain afterthree small members Greece, Irelandand Portugal needed financial rescues.

Euro zone leaders will try to agree ona second rescue package for Greece anda strategy to halt contagion when theymeet in Brussels on Thursday, after sen-ior officials thrash out detailed propos-als in talks on Wednesday.

French European Affairs MinisterJean Leonetti confirmed late onMonday that euro zone officials wereeyeing a bank tax to raise extra moneyto help Greece, which needs a further115 billion euros in funding by mid-2014 on top of a 110-billion-euroEU/IMF bailout agreed last year.

"It's one of the solutions we are look-ing at. It would have the advantage ofnot making us intervene directly withthe banks and therefore potentially nottriggering a default," he told reporters inBrussels.

The tax idea "deserved to be studied,"he said.

A source familiar with the talks said asmall levy on banks could raise 10 bil-lion euros a year, yielding the 30 billioneuros over three years targeted byGermany, which has led the drive forprivate sector involvement in a newGreek program.

A tax would appear to have the draw-back of lumping together banks thathave an exposure to Greece and thosethat do not, but the source said it couldbe structured so that the main burdenfell on those with Greek holdings. Hedid not say how.

OPTIONSA banking source and a national gov-

ernment official said the inclusion of atax proposal was aimed at pressuringbanks and insurers into agreeing on anacceptable form of voluntary privatesector involvement in supportingGreece. Talks on this led by theInternational Institute of Finance, abanking lobby, were continuing inRome on Tuesday.

"'If you don't come up with anythingwe can live with, we will impose a tax',is the threat that is hanging over thetalks. This makes the negotiations evenmore difficult," one banking sourcesaid.

The options paper dated July 16 butwhich officials said still reflects thewide open state of debate, showed that atax on the financial sector was the onlyproposal deemed unlikely to cause aselective default. It identified threemain options.

It suggested the levy could be com-bined with a commitment by Greekbanks to roll over their big holdings ofgovernment debt, and by an extensionof the maturity and a further reduction

of the interest rate on euro zone loans toAthens.

The document gave no figure but offi-cials have said they are consideringextending the loans to 30 years and cut-ting the interest rate to 3.5 percent fromthe original 5.5 percent, which wasreduced to 4.5 percent in March.

The European Central Bank hasinsisted that any solution must avoidcausing a credit event, which wouldtrigger a payout of default insurance, ora full or selective default.

ECB President Jean-Claude Trichetwarned again this week that the centralbank would not accept Greek govern-ment bonds as collateral to obtain liq-uidity in such circumstances, forcingeuro zone governments to rescue Greekbanks. Another ECB policymaker,Ewald Nowotny of Austria, appeared tooffer a glimmer of flexibility, saying asolution could depend on the durationof a selective default, but it was unclearwhether he spoke for others on the cen-tral bank's governing council.

"There are some proposals that dealwith a very short-lived selective defaultsituation that would not really havemajor negative consequences,"Nowotny told CNBC in an interviewbroadcast on Tuesday.

The euro zone paper said otheroptions such as an EU-funded Greekgovernment buy-back of its own debton the secondary market, a German-proposed bond swap for longer maturi-ties and a French plan for a voluntaryrollover of maturing Greek debt wouldall generate additional costs for officiallenders.

In those scenarios, euro zone govern-ments would have to provide billions of

euros to recapitalize Greek banks andprovide them with collateral to obtainECB funding, it showed.

A buy-back of Greek debt would domost to reduce Athens' debt mountain -- now close to 160 percent of annualeconomic output -- and make it moresustainable.

But it would also be the most costlyoption for the public purse, requiringbillions of euros in additional euro zoneloans on top of support for Greek banksand ECB collateral, the paper showed.

Another EU source said the outcomeon Thursday was likely to be a mix ofseveral options, with a bank tax, someform of debt swap and substantial extraloans to Greece from the euro zone'sEFSF rescue fund.

MARKETS STEADIERFinancial markets steadied on

Tuesday but remained nervous. Worldstocks clawed back some recent losses,safe-haven German bonds fell on profit-taking and the euro regained someground against the dollar.

Spain and Greece both sold short-term treasury bills, with the Greekthree-month yield falling slightly butthe Spanish 12- and 18-month yieldsrising sharply.

"Today's moves are not a sign of asustained trend. It's just a bit of tempo-rary respite after the sharp widening wesaw in Italy and Spain yesterday," saidNick Stamenkovic, a strategist at RIACapital Markets.

"Underlying sentiment remains prettynegative... ahead of the key EU meetingon Thursday," he said, predicting fur-ther downward pressure on Italy andSpain unless euro zone leaders achievedsubstantive progress. -Reuters

Eurozone paper points to bank tax to fund

Wednesday, July 20, 2011 5

European shares end higher as banks rebound

Banks, foreign buying pushBangkok to 5-wk high

South East Asian stocks

Symbol Close Vol (mn)PTC 13.04 11.41 FATIMA 17.09 9.60 NBP 54.36 5.63 FFC 165.94 5.50 AHCL 27.15 3.96

Symbol Close ChangeNESTLE 4,370.66 135.76

RMPL 2,638.90 125.24

UPFL 1,793.31 79.38

ULEVER 5,927.80 12.38

BATA 661.55 11.54

Symbol Close ChangeBHAT 232.88 -12.12NRL 364.88 -7.98AGTL 235.50 -6.56FFC 165.94 -6.02PMPK 167.19 -2.86

Plus 147Minus 101Unchanged 99

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,318.24

Closing 12,443.54

Change 125.30

% Change 1.02

Turnover (mn) 88.11

Opening 3,117.86

Closing 3,174.33

Change 56.47

% Change 1.81

Turnover (mn) 3.71

Opening 2,725.98

Closing 2,772.02

Change 46.04

% Change 1.69

Turnover (mn) 0.16

HONG KONG: Hong Kongshares ended up on Tuesdayhelped by a late recovery in oilstocks, although a seasonaltrading lull and global debtworries may keep prices range-bound in the near term.

Low valuations, particularlyfor Chinese companies listed inHong Kong, could offerinvestors a longer-term buyingopportunity ahead of half-year-ly corporate results seasonstarting later this month, traderssay.

China's Shanghai Compositeindex fell 0.7 per cent, slippingbelow the 2,800 level, as finan-cials weighed following newsof China Merchants Bank'sfundraising plans.

The Hang Seng index rose0.5 per cent with turnover ris-ing from Monday's tepid levelsbut still 10 per cent below the20-day average. Chart supportfor the benchmark is at its Junelow around 21,508.

"There's a lot of foot-drag-ging on these issues in the USand Europe that's making peo-ple wonder what to do next,"said Christian Kielland, head of

Asia trading at BTIG in HongKong.

Defensive stocks such as util-ities gained in Hong Kong asinvestors sought safety, withCLP Holdings up 1.5 per centat a three-year high and peerHK & China Gas up 2 per cent,trading near its record high.

Long-term investors, in par-ticular pension funds, havebeen shifting funds to defensivesectors over the past quarter asmarkets remained volatile,pushing valuations of utilitiesabove historical levels even asthe broader market trades atmulti-year lows.

HK & China Gas trades at24.3 times forward 12-monthearnings, a 27 per cent premi-um to its historical median,according to Thomson ReutersStarmine. CLP Holdings tradesat a 26.4 per cent premium.

VALUATIONS By contrast, the China

Enterprises Index of top HongKong-listed mainland firmstrades at about 8 times forwardearnings, the lowest level seensince the aftermath of theLehman Brothers collapse in

2008. "The Chinese market is cheap

because the banks are cheap,"said Do, adding that his firm hadmoved to a "market-weight"position on China comparedwith "underweight" earlier.

Potential stake sales by largeinvestors, capital raising fearsand uncertainties around theextent of bad loans are likely tokeep valuations in the bankingsector low, at least until half-yearly results next month offerevidence that banks can earntheir way out of trouble.

"Everyone is asking whenwill banks turnaround," saidBTIG's Kielland.

"I think we're reaching atrough when it comes to Chinabank valuations. It may stilltake 6 to 8 weeks for a sus-tained bounce in the shares andearnings are going to be impor-tant," he said.

Chinese banks are expectedto report half-yearly results inAugust and investors will be onthe lookout for signs of capitalrequirements, if any, and moreclarity on the exposure to localgovernment debt. -Reuters

Hong Kong shares edge upFinancials weigh on China

Nawaz Ali

KARACHI: Bulls returned tothe Karachi Stock Exchange(KSE) on Tuesday enabling themarket to go up more than oneper cent and closing above12,400 levels in a pre-resultseason rally and improvedpolitical situation despite sell-ing by offshore investors.

The benchmark KSE-100index gained 125 points - 1.02per cent to close at 12,443points, KSE-30 index rose by54 points to close at 11,885points and KSE all-share indexgrew by 80 points to close at8,621 points.

"KSE ended upwards on theback of renewed buying in oilstocks ahead of full year corpo-rate results announcements",said Jawad Khan, equity dealerat JS Global Capital.

POL led the E&P advances

and closed up 1.6 per cent overexpectations of hefty cash andbonus shares. OGDC alsoremained in the limelight gain-ing 2 per cent, followed by PPLup one per cent. Refineries wit-nessed mixed fortunes withNRL slipping 2.1 per cent overfears of damage to its installa-tions after a naval dronecrashed at the refinery, headded.

After a positive beginning ofthe day market saw some mixactivities during the first hourof the session moving on bothsides where at a moment indextouched its lowest level of theday o 12,296 points (-ve 21).

But then renewed buying par-ticularly in the oil stocksallowed the bulls to come backand then the index remained inthe positive territory till theclosing bells. Gains graduallyconsolidated and at about 3:00

PST touched an intra-day highof 12,468 points (+ve 150).

Apart from buying on hopesof better corporate results,improvement on the local polit-ical front after the return ofSindh Governor Dr.Ishrat-ul-Ebad too boosted the investorsentiments.

Samar Iqbal, equity dealer atTopline Securities said that thelocal bourse performed wellafter Sindh Governor rejoinedhis office as investors believethat Karachi's situation willimprove after his return.

Though, market closed withdecent gains but foreigninvestors stayed mainly on theselling side where according toNCCPL data, offshoreinvestors did a net selling worth$4.72 million on Tuesday.

Volumes were high as 88.1million shares traded during the

See # 17 Page 11

KSE gains 125 points onactive buying

TFD ReportKARACHI: KASB FundsLimited (KFL) announces thesuccessful completion of acqui-sition of Crosby AssetManagement (Pakistan)Limited (CAMPL) and itssimultaneous merger with andinto KASB Funds Limited.

As per the approval of theSecurities and ExchangeCommission of Pakistan,CAMPL stands merged into KFLand the rights to manage CrosbyDragon Fund, Crosby PhoenixFund and AMZ Plus IncomeFund have been transferred toKFL effective July 20, 2011.

CEO of KASB Funds Ltdexpressed, "This achievementis a culmination of six monthsof grueling work by our people,our advisors and our regulators.I thank them and I also thankour sponsors for their convic-tion that this will serve thegreater good of our clients andtherefore the Company". Hefurther added "The currentenvironment, both local andglobal, encourages consolida-

tion of the financial sector byway of mergers and acquisi-tions in order to create entitieshaving larger equity base, larg-er asset profile, multiple rev-enue streams, intensified opera-tional competence and strongmanagement tiers".

The acquisition and simultane-ous merger would result inadministrative cost savings andeconomies of scales leading toenhanced profitability, as it willenable the entity to carry outasset management and invest-ment advisory services more effi-ciently, leading to greater com-fort to all stakeholders.Moreover, it would also enableKFL to offer to its customers,diversified products and servicesto address the varying needs ofdifferent types of customers,both institutional as well as retail.

KASB Funds' customers,including those who join fromCrosby Asset Management, willnot witness any change in currentholding and/or rights and willobserve significant improve-ments in service from the merger.

KASB Fundsacquires Crosby

Asset Management

TOKYO: The Nikkei stockaverage fell on Tuesday, mov-ing further away from four-month highs, as banks weresold by European and domesticplayers on growing frustrationwith governments' inability tosolve debt crises in the UnitedStates and Europe.

A stronger yen, which lastweek hit a four-month high of78.45 yen against the dollar onglobal debt woes, pressuredblue-chip exporters, withCanon Inc falling 2.8 per centto 3,680 yen and Sony loses 2.5per cent to 2,088 yen.

Asian investors were alsoseen as supporting the market.

"Investors, worried about theglobal economy, are again turn-ing to companies with highexposure to the domestic mar-ket," said Takashi Aoki, a sen-ior fund manager at MizuhoAsset Management.

Telephone company NTT

rose 1.7 per cent to 3,910 yen.Seven & I Holdings, Japan'sbiggest retailer, made itsbiggest gain in more than twoweeks, adding 1.4 per cent to2,264 yen.

"There has been a tacit under-standing that thanks to the pre-vious intervention the yen isn'tgoing to rise significantly, butas dollar/yen is close to 78 yenit emerges as a fresh negativefactor weighing on sentiment,"said Aoki.

The benchmark Nikkeiclosed down 0.9 per cent at9,889.72, having breached cru-cial support at its 200-day mov-ing average of 9,903.

The benchmark has beentrapped between that level andits resistance at 10,000 for overa week as investors pondertheir next step, torn betweenmounting debt woes and rela-tively strong US corporate

See # 16 Page 11

Nikkei down ondebt jitters

MUMBAI: Indian shares rose0.8 per cent on Tuesday, climb-ing for the first time in threesessions, as export-focusedsoftware services companiesrebounded on the back ofupbeat earnings from peerIBM.

A modest recovery in worldequities also underpinned themarket, traders said, though theoutlook remained clouded bydebt woes in Europe and theUnited States.

Foreign funds have boughtbeaten-down Indian sharesworth about $2.6 billion overthe past three weeks, but theinflow is slowing.

"It is just global cues that arehelping today. The gains couldbe short-lived due to fears ofmounting debt issues in Europeand the US," said AmbareeshBaliga, chief operating officerat Way2Wealth Securities.

HDFC Bank rose as much as0.8 per cent to an all-time highof 519 rupees after the third-largest lender reported a fore-cast-beating 34 per cent rise in

its June quarter net profit. Profit-taking later erased the

gains and the stock closeddown 0.8 per cent.

The 30-share BSE indexclosed up 0.79 per cent or146.83 points at 18,653.87,with 24 components advancing.

The benchmark, however, isdown 9 per cent year-to-dateafter a spate of rate increases tofight stubbornly high inflationdented growth in Asia's third-largest economy.

The central bank is expectedto raise rates again nextTuesday, which would be the11th increase since mid-March2010.

Leading software firms TataConsultancy Services, Infosys,and Wipro climbed between 0.4per cent and 1.4 per cent, onoptimism over the sector'sprospects after peer IBM'srobust results.

IBM's signings of new busi-ness at its services divisionsurged 16 per cent in the

See # 15 Page 11

Indian sharessnap 2-day fall

US afternoon trade

Wall Streetsprings back

on profitsNEW YORK: US stocksjumped about 1 per cent onTuesday on strong earningsfrom IBM and Coca-Cola, off-setting investor disappointmentin results from big financialfirms.

The turnaround from Monday'slosses over debt concerns alsoreceived a boost from unexpect-edly strong housing data.

Dow componentInternational BusinessMachines Corp added 3.2 percent to $180.80 a day after itsaid new business at its servic-es division was up more thanexpected, raising hopes for thetechnology sector.

The S&P information tech-nology sector gained 1.8 percent, the top gainer among S&Psectors. Shares of Apple hit a52-week high ahead of itsreport due after the closing bell.

"The market is focused onceagain on corporate earnings,taking over for the debt talks,"said Rob McIver, co-portfoliomanager of the Jensen Portfolioin Portland, Oregon.

See # 19 Page 11

Banks, commodities

lift FTSELONDON: A rally by recentlybeaten-down banks and com-modity issues hauled Britain'stop share index higher onTuesday, although manytraders doubted whether thegains could hold.

"Dead cats are proving prettyelastic ... It is most likely thatany hedge funds shortingstocks over the (banks) stresstests are back in and buying tocover their shorts. But like ahug that does not last very long,this rally lacks conviction,"said Louise Cooper, marketsanalyst at BGC Partners.

At the close, the FTSE 100index was 37.18 points or 0.7per cent higher at 5,789.99,recovering almost half of thesharp falls recorded in the pre-vious session. See # 18 Page 11

Faysal Bankearnings

down 54pc Aamir Abidi

KARACHI: Faysal BankLimited (FABL) hasannounced its financial resultfor 1HCY11 ended June 30,2011. Profit for the periodplunged by more than 54 percent to Rs794 million (EPS:Rs1.08) as compared to Rs1.73billion (EPS: Rs2.37) for thesame period last year.

Interest income of the Bankgrew by 58 per cent to Rs13.75billion for 1HCY11 againstRs8.70 billion for the sameperiod last year. On the otherside, interest expenses were upby 54 per cent to Rs9.31 billioncompared to Rs6.04 billion in1HCY10. Net interest incomegrew by 66.5 per cent to Rs4.44 billion as against Rs2.66billion for 1HCY10.

The Bank recorded Rs128 mil-lion as non-performing advancesfor 1HCY11 versus Rs603 mil-lion for 1HCY10, depicting adecline of 78.7 per cent. Themain factor responsible fordecline in earning remainedhigher operating expenditure, up120 per cent to Rs5.57 billion forthe period ended 1HCY11 ver-sus Rs2.54 billion for 1HCY10.This was mainly due to acquisi-tion of Pakistan operations ofRBS which raised administra-tion cost.

ANNOUNCEMENT

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

Faysal Bank Half Yearly - 793.75 1.08

Dhiyan

Market is expected to continue positive activates till

the corporate results announcement season ends. The

index may cross 13,000 levels soon. Investors are sug-

gested to invest for one month at least with stop loss.

They can invest in stocks like AICL, ATRL, NBP,

NETSOL and EPCL. Market would be positive today.

Mohammad Ahsan Rasheed, Director Research AMJ Growth

Salman Naqvi, Head of Sales, Aba Ali Habib Securities

The positive activities in the market are likely to continuemoving forward and index can touch 12,700 levels during theresult season. Investors are advised to adopt 'buy on dips'strategy. Stable political situation, release of tranche by theIMF, improvement is relationships with US and reduction ininterest rate in the next monetary policy could trigger buying.Market would open positive today.

HOPES BUILDING UP

FERTILISER000 tonnesUrea Offtake (Jan to Apr 11) 1,714

Urea Offtake (Apr 11) 487

Urea Price (Rs/50 kg) 1,234

DAP Offtake (Jan to Apr 11) 215

DAP Offtake (Apr 11) 55

DAP Price (Rs/50 kg) 4,050

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Apr 11) 71,096

Sales (July 10 to Apr 11) 69,203

Production (Apr 11) 7,220

Sales (Apr 11) 7,510

INDUS MOTOR COProduction (July 10 to Apr 11) 42,670




HONDA ATLAS CARProduction (July 10 to Apr 11) 14,062




DEWAN FAROOQ MOTORSProduction (July 10 to Apr 11) 186

Sales (July 10 to Apr 11) 203

Production (Apr 11) -

Sales (Apr 11) -

BANKING SECTORScheduled bank (Rs in mn)Deposit (May 27,11) 5,220,669

Advances (May 27,11) 3,087,531

Investments (May 27,11) 2,341,433

Spread (April 11) 7.52%

OIL MARKETING CO(000 tons)MS (Jul 10 to Apr 11) 1,867

MS (Apr 11) 196

Kerosene (Jul 10 to Apr 11) 134

Kerosene (Apr 11) 14

JP (Jul 10 to Apr 11) 1,148

JP (Apr 11) 117

HSD (Jul 10 to Apr 11) 5,719

HSD (Apr 11) 567

LDO (Jul 10 to Apr 11)) 44

LDO (Apr 11) 2

Fuel Oil (Jul 10 to Apr 11) 7,252

Fuel Oil (Apr 11) 739

Others (Jul 10 to Apr 11) 143

Others (Apr 11) 15

PRICES (Ex-Refinery) RsMS (1 May 11) 62.83

MS (1 Apr 11) 59.35

MS % Chg 5.86%

Kerosene (1 May 11) 73.63

Kerosene (1 Apr 11) 68.95

Kerosene % Chg 6.79%

JP-1 (1 May 11) 73.86

JP-1 (1 Apr 11) 70.88

JP-1 % Chg 4.20%

HSD (1 May 11) 78.79

HSD (1 Apr 11) 75.02

HSD % Chg 5.03%

LDO (1 May 11) 71.55

LDO (1 Apr 11) 65.27

LDO % Chg 9.62%

Fuel Oil (1 May 11) 57,253

Fuel Oil (1 Apr 11) 56,777

Sector Updates


Volume 88,106,375

Value 5,289,624,751

Trades 53,894

Advanced 147

Declined 101

Unchanged 99

Total 347

Current 8,621.88

High 8,642.23

Low 8,524.98

Change h80.95

Current 12,443.54

High 12,471.28

Low 12,293.03

Change h125.30

Current 11,885.78

High 11,929.15

Low 11,781.06

Change h54.53

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,726.70

High 21,806.89

Low 21,587.45

Change h45.18

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Sui Southern Gas Company Limited

SSGC closed down -0.37 at 20.01. Volume was 233 per cent above

average (trending) and Bollinger Bands were 25 per cent narrower than

normal. The company's profit after taxation stood at Rs2.23 billion

which translates into an Earning Per Share of Rs2.66 for the nine

months of fiscal year (9MFY11).

SSGC is currently 14.0 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on SSGC.

RSI (14-day) 31.96 Total Assets (Rs in mn) 110,759.62

MA (10-day) 20.59 Total Equity (Rs in mn) 14,072.35

MA (100-day) 22.66 Revenue (Rs in mn) 107,736.78

MA (200-day) 23.27 Interest Expense 5,015.89

1st Support 19.80 Profit after Taxation 4,399.15

2nd Support 19.60 EPS 10 (Rs) 6.554

1st Resistance 20.35 Book value / share (Rs) 20.97

2nd Resistance 20.70 PE 11 E (x) 5.64

Pivot 20.15 PBV (x) 0.95


As on Jun 30, 2010

FCCL closed down -0.09 at 4.01. Volume was 11 per cent below aver-

age and Bollinger Bands were 28 per cent narrower than normal. The

company's profit after taxation stood at Rs303.381 million which trans-

lates into an Earning Per Share of Rs0.438 for the nine months of fis-

cal year (9MFY11).

FCCL is currently 12.3 per cent below its 200-day moving average and

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

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

indicators reflect moderate flows of volume out of FCCL (mildly bear-

ish). Trend forecasting oscillators are currently bearish on FCCL.




MA (200-day) 4.57 Interest Expense 41.21

1st Support 3.97 Profit after Taxation 250.18

2nd Support 3.92 EPS 10 (Rs) 0.361



Pivot 4.05 PBV (x) 0.29

Fauji Cement Company Limited


As on Dec 31, 2009

BIPL closed up 0.10 at 4.00. Volume was 155 per cent above average

(trending) and Bollinger Bands were 69 per cent wider than normal. The

company's profit after taxation stood at Rs49.12 million which translates

into an Earning Per Share of Rs0.093 for the 1st quarter of current cal-

endar year (1QCY11).

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

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

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

indicators reflect very strong flows of volume into BIPL (bullish). Trend

forecasting oscillators are currently bullish on BIPL.




MA (200-day) 3.61 Interest Expense 1,222.17

1st Support 3.85 Loss after Taxation (478.94)

2nd Support 3.66 EPS 09 (Rs) (0.907)



Pivot 3.95 PBV (x) 0.45

BankIslami Pakistan Limited


As on Jun 30, 2010

NETSOL closed up 0.17 at 20.91. Volume was 49 per cent below aver-age (consolidating) and Bollinger Bands were 40 per cent narrowerthan normal. The company's profit after taxation stood at Rs692.414million which translates into an Earning Per Share of Rs8.69 for thenine months of fiscal year (9MFY11).NETSOL is currently 1.7 per cent below its 200-day moving averageand is displaying a downward trend. Volatility is low as compared to theaverage volatility over the last 10 trading sessions. Volume indicatorsreflect volume flowing into and out of NETSOL at a relatively equalpace. Trend forecasting oscillators are currently bearish on NETSOL.




MA (200-day) 21.27 Interest Expense 24.80

1st Support 20.67 Profit after Taxation 951.86

2nd Support 20.42 EPS 10 (Rs) 12.217



Pivot 20.85 PBV (x) 0.49

NetSol Technologies Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,552.35 1,583.05 1,543.49 1,575.70 23.35 1.50

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

8,058,430 12 - 65,194.15 mn 1,148,030.84 mn 1,575.70

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

10.59 3.45 32.54 55.94 5.28 1,540.92

Attock Petroleum 691 6.90 380.39 384.00 378.50 381.93 1.54 63285 394.90 369.56 300 20B115.00 -

Attock Refinery 853 4.33 125.76 132.04 124.80 132.04 6.28 2406068 143.50 120.40 - - - -

BYCO Petroleum 3921 - 9.15 9.40 9.15 9.33 0.18 685680 10.10 7.93 - - - -

Mari Gas Company 735 4.28 105.44 105.23 104.11 104.63 -0.81 3521 113.75 98.50 31 - 23.43 -

National Refinery 800 5.04 372.86 375.50 356.00 364.88 -7.98 1160953 390.00 323.50 200 - - -

Oil & Gas Development 43009 10.42 150.99 154.75 150.20 154.00 3.01 1164826 157.51 138.10 55 - 30.00 -

Pak Petroleum 11950 7.68 207.94 210.48 207.51 210.10 2.16 552767 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 8.61 384.07 391.69 383.60 390.34 6.27 2242811 391.69 321.10 255 -100.00 -

Pak Refinery Limited 350 44.66 78.93 81.00 77.01 79.95 1.02 2775 89.25 77.01 - - - -

P.S.O 1715 3.78 259.80 265.68 258.21 264.80 5.00 455212 291.50 258.21 80 - 80.00 -

Shell Pakistan 685 7.96 224.42 223.99 222.50 223.91 -0.51 6212 233.00 207.50 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


960.75 970.94 961.26 961.34 0.58 0.06


4,844,862 211 73 47,070.70 mn 121,674.11 mn 965.45


5.41 0.47 8.64 16.68 3.08 960.75

(Colony) Thal 56 - 1.08 1.45 1.40 1.45 0.37 1500 2.84 1.00 - - - -

Amtex Limited 2594 - 2.59 2.70 2.57 2.62 0.03 102570 3.76 1.81 - 30B - -

Artistic Denim 840 7.97 25.62 25.60 25.20 25.20 -0.42 11500 27.10 20.60 20 - - -

Azgard Nine 4493 - 5.77 5.90 5.79 5.84 0.07 739079 7.09 4.40 - - - -

Bhanero Tex Mills 30 0.74 245.00 233.00 232.75 232.88-12.12 300 257.25 226.20 200 - - -

Blessed Tex Mills 64 0.83 88.64 92.00 84.25 86.60 -2.04 1108 93.75 56.07 50 - - -

Chenab Limited 1150 - 1.76 2.15 1.76 1.80 0.04 16743 2.57 1.55 - - - -

Colony Mills Ltd 2442 1.59 1.53 1.70 1.53 1.53 0.00 552 2.64 1.32 - - - -

D S Ind Ltd 600 - 1.01 1.10 1.00 1.03 0.02 65871 1.39 0.90 - - - -

Dawood Lawrencepur 591 - 31.00 31.01 31.00 31.00 0.00 631 38.95 30.50 5 15B - -

Dewan Khalid Textile 57 0.25 2.00 1.75 1.70 1.70 -0.30 10500 2.48 1.10 - - - -

Dewan Mushtaq Textile 34 0.18 4.00 5.00 3.50 3.58 -0.42 2878 5.23 2.80 - - - -

Din Textile 204 0.76 38.22 38.10 36.31 38.10 -0.12 8130 38.98 26.35 20 10B - -

Gadoon Textile XD 234 0.63 66.82 67.00 64.00 64.55 -2.27 2215 89.95 64.00 70 - - -

Ghazi Fabrics 326 0.41 4.44 4.25 4.02 4.03 -0.41 1100 8.00 4.00 10 - - -

Gulshan Spinning 222 0.45 10.80 10.80 10.80 10.80 0.00 470 12.16 9.52 10 20B - -

Hamid Textile 133 - 1.00 1.05 1.05 1.05 0.05 10000 1.05 1.00 - - - -

Ibrahim Fibres 3105 2.72 38.16 38.39 38.20 38.16 0.00 230 49.92 38.15 20 - - -

Ideal Spinning 99 0.34 4.21 4.50 3.90 4.50 0.29 2000 8.99 3.50 - - - -

Idrees Textile 180 1.86 4.52 5.00 4.60 4.85 0.33 2002 5.74 3.80 10 - - -

Ishaq Textile 97 0.48 6.00 6.00 6.00 6.00 0.00 124 8.24 5.50 8 - - -

Khalid Siraj 107 0.41 1.50 1.69 1.50 1.50 0.00 1010 2.24 1.00 - - - -

Kohinoor Spinning 1300 0.48 1.55 1.75 1.40 1.40 -0.15 797 2.00 0.65 5 - - -

Kohinoor Textile 2455 3.62 3.06 3.19 2.83 3.15 0.09 2502 5.25 2.83 - - - -

Masood Textile 600 1.73 19.59 18.66 18.65 18.65 -0.94 1850 20.59 16.70 15 100R - -

Mukhtar Textile 145 - 0.55 0.60 0.42 0.43 -0.12 77238 1.39 0.16 - - - -

Nishat (Chunian) 1621 3.24 20.86 21.49 20.00 21.07 0.21 1574682 29.35 20.00 15 - - -

Nishat Mills 3516 4.55 48.89 51.33 48.80 51.33 2.44 2123050 66.00 48.80 25 45R - -

Prosperity 185 0.93 14.30 14.75 14.39 14.30 0.00 126 16.90 13.81 30 - - -

Ravi Textile 250 - 0.90 0.99 0.87 0.96 0.06 1783 1.30 0.53 - - - -

Rupali Poly 341 2.94 39.03 39.25 38.71 39.03 0.00 110 43.00 38.05 40 - - -

Saif Textile 264 0.27 7.70 7.76 7.65 7.65 -0.05 12698 11.40 7.00 - - - -

Sally Textile 88 0.24 6.29 6.30 5.80 6.25 -0.04 8901 9.35 5.62 10 - - -

Sana Ind 55 3.03 40.00 41.48 39.99 40.00 0.00 347 41.85 36.50 60 - - -

Sargoda Spinning 312 1.20 2.90 3.00 2.90 2.90 0.00 200 4.95 2.51 5 - - -

Saritow Spinning 133 0.31 1.76 1.60 1.60 1.60 -0.16 2000 1.99 1.13 - - - -

Service Fabrics 158 - 0.40 0.35 0.35 0.35 -0.05 500 0.89 0.23 - - - -

Service Ind 120 3.20 187.75 190.00 187.00 187.66 -0.09 1734 198.90 160.00 75 - - -

Shahpur Textile 140 0.42 0.30 0.40 0.20 0.30 0.00 167 0.90 0.15 - - - -

Shahtaj Textile 97 1.60 28.65 28.60 28.00 28.60 -0.05 7804 29.00 23.55 45 - - -

Shield Corp 39 11.92 80.46 84.48 79.80 81.42 0.96 340 84.90 76.47 10 - - -

Suraj Cotton 180 0.68 35.92 35.30 35.10 35.10 -0.82 1000 42.00 35.10 50 - - -

Thal Ltd 307 - 100.19 101.50 100.00 100.01 -0.18 3705 108.00 97.00 80 20B - -

Treet Corp 418 6.69 53.43 54.20 53.49 53.55 0.12 42240 59.20 47.95 50 900B - -

Zil Limited 53 6.39 58.97 59.45 57.30 58.97 0.00 130 67.00 55.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


659.14 680.93 625.50 652.87 -6.27 -0.95


60,396 15 7 3,763.71 mn 4,400.67 mn 659.14


1.15 0.12 10.64 6.27 5.44 649.34

Gauhar Engineering Ltd 22 - 1.20 1.05 1.05 1.05 -0.15 5500 2.79 0.31 - - - -

Pak Elektron 1219 - 6.53 6.99 6.06 6.42 -0.11 26173 10.80 6.06 - 10B - -

Singer Pak 375 120.92 15.72 16.00 14.87 15.72 0.00 222 20.44 13.10 - 10B - -

Tariq Glass Ind 693 1.48 11.40 11.26 10.71 11.25 -0.15 28501 13.64 10.71 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


2,353.97 2,394.90 2,303.98 2,381.24 27.28 1.16


78,249 61 16 11,335.33 mn 346,010.03 mn 2,389.10


57.24 17.35 30.30 30.57 0.53 2,353.97

Chashma Sugar 287 0.71 9.90 10.25 10.25 10.25 0.35 800 10.90 8.00 10 - - -

Colony Sugar Mills 990 3.19 2.17 2.10 1.84 2.04 -0.13 1301 3.24 1.51 - - - -

Crescent Sugar 214 - 11.21 11.20 10.50 11.15 -0.06 508 11.91 7.00 - - - -

Habib Sugar 750 4.63 26.00 26.25 26.00 26.02 0.02 48966 28.00 23.00 25 25B - -

Habib-ADM Ltd 200 5.24 12.85 13.00 12.85 13.00 0.15 5350 13.74 12.01 40 - - -

Haseeb Waqas 324 - 8.75 9.50 8.50 8.50 -0.25 999 12.65 8.50 10 - - -

J D W Sugar 539 1.60 81.00 81.87 80.60 80.67 -0.33 623 84.30 72.75 7010B 12.5R - 10R

Mehran Sugar 173 1.70 57.70 57.90 56.00 56.00 -1.70 570 68.48 52.11 35 20B 15.00 10B

Mirpurkhas Sugar 84 3.19 49.50 50.00 47.50 49.50 0.00 461 53.00 39.51 15 20B - -

Mirza Sugar 141 0.31 2.72 2.90 2.69 2.89 0.17 6299 3.50 2.35 10 - - -

Mithchells Fruit 50 7.31 78.25 79.00 79.00 79.00 0.75 582 82.84 68.51 40 - - -

Noon Pakistan 48 5.51 21.28 21.44 20.22 20.23 -1.05 1010 22.79 19.60 12 - - -

Pangrio Sugar 109 - 3.53 3.25 3.25 3.53 0.00 200 4.52 3.15 10 - - -

Premier Sugar 38 - 37.75 39.63 35.87 37.05 -0.70 3125 42.97 35.87 10 - - -

Quice Food 107 5.23 2.30 2.50 2.30 2.30 0.00 5500 3.50 2.20 - - - -

S S Oil 57 0.33 4.35 4.60 4.60 4.60 0.25 500 6.45 3.80 - - - -

Tandlianwala 1177 14.28 52.00 50.61 50.50 50.56 -1.44 1000 60.30 47.09 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,101.11 1,120.37 1,104.16 1,114.66 13.56 1.23


138,122 19 4 6,768.53 mn 41,116.28 mn 1,114.66


3.53 0.90 25.35 20.42 5.78 1,100.96

Atlas Battery 101 6.25 230.95 236.00 233.00 235.37 4.42 11581 236.00 206.00 100 20B - -

Atlas Honda 719 7.61 120.63 122.00 120.25 121.97 1.34 570 160.00 112.10 50 15B 65.00 15B

Baluchistan Wheels Ltd. 133 1.37 27.98 29.37 29.00 29.37 1.39 853 35.70 27.98 25 - - -

Dewan Motors 1087 - 2.91 3.00 2.80 2.89 -0.02 36659 3.46 1.50 - - - -

Exide (PAK)XDXB 71 3.42 166.84 169.48 163.10 167.12 0.28 1956 235.00 163.10 60 - 60.00 25B

General Tyre 598 4.29 22.50 22.20 22.20 22.50 0.00 134 26.17 22.01 20 - - -

Ghani Automobile Ind 200 6.34 3.11 3.50 3.10 3.36 0.25 10300 3.88 2.90 - - - -

Honda Atlas Cars 1428 - 10.04 10.50 10.00 10.50 0.46 32512 11.58 9.00 - - - -

Indus Motors 786 7.22 206.39 211.00 208.00 209.00 2.61 2300 232.53 201.00 150 - 50.00 -

Pak Suzuki 823 14.40 63.00 64.00 63.00 63.93 0.93 36074 72.50 61.35 5 - - -

Sazgar Engineering 150 1.18 24.00 24.00 23.99 24.00 0.00 5183 25.50 22.01 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,798.57 1,802.55 1,788.42 1,795.54 -3.03 -0.17


68,595 11 1 1,336.62 mn 35,586.28 mn 1,806.64


8.64 3.29 38.02 131.49 15.21 1,795.54

Ados Pak 66 3.60 9.15 9.99 9.20 9.83 0.68 48615 9.99 7.40 - - - -

AL-Ghazi Tractor 215 4.07 242.06 239.01 235.00 235.50 -6.56 1053 244.00 208.51 400 - - -

Bolan Casting 104 4.93 50.00 50.00 49.75 49.93 -0.07 700 50.45 44.00 25 10B - -

Ghandhara Ind 213 9.64 8.07 8.10 8.09 8.10 0.03 2000 9.78 7.60 - - - -

KSB Pumps 132 - 32.90 32.90 32.90 32.90 0.00 2903 47.80 30.50 12.5 - - -

Millat Tractors 366 9.33 614.33 616.90 612.16 614.29 -0.04 12411 625.80 510.00 650 25B325.00 -

Pak Engineering 57 - 61.07 59.15 59.00 59.04 -2.03 820 107.70 59.00 100 - - -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


971.50 974.35 966.47 975.48 3.98 0.41


237,145 13 2 3,043.31 mn 36,349.50 mn 978.21


2.76 1.21 43.91 15.55 5.62 971.50

ECOPACK Ltd 230 - 1.32 1.45 1.31 1.40 0.08 49110 1.90 1.10 - - - -

Ghani Glass 1067 5.49 53.50 54.10 54.00 54.01 0.51 2100 58.50 51.50 25 10B - -

MACPAC Films 389 2.19 11.00 11.89 10.90 10.99 -0.01 45505 15.21 9.78 - - - -

Merit Pack 47 11.36 24.15 25.35 24.02 25.33 1.18 1202 30.28 24.02 - - - -

Packages Ltd 844 17.17 102.63 103.50 101.75 103.01 0.38 138609 118.00 101.75 32.5 - - -

Tri-Pack Films 300 6.94 177.05 178.00 177.00 177.94 0.89 618 181.99 158.10 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


862.85 878.20 855.08 867.27 4.42 0.51


6,501,650 37 6 54,792.74 mn 64,422.75 mn 867.27


6.39 0.45 7.10 19.04 2.98 858.95

Al-Abbas Cement 3657 - 2.40 2.58 2.41 2.41 0.01 1401 3.25 2.40 - 100R - -

Attock Cement 866 6.12 49.25 48.99 48.00 48.38 -0.87 11803 56.01 48.00 50 - - -

Balochistan Glass Ltd 858 - 1.91 2.25 1.51 1.91 0.00 414 2.90 1.51 - - - -

Berger Paints 182 - 14.00 14.70 13.90 14.63 0.63 3888 16.50 12.76 - 122R - -

Cherat Cement 956 42.86 8.80 9.00 8.75 9.00 0.20 4725 10.74 8.50 - - - -

Dadabhoy Cement 982 15.00 1.97 2.17 1.76 1.95 -0.02 1614 2.24 1.52 - - - -

Dadex Eternit 108 20.88 15.70 16.70 16.70 16.70 1.00 1000 17.89 14.85 - - - -

Dewan Cement 3891 - 1.63 1.66 1.61 1.62 -0.01 34600 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 30.61 22.72 23.05 22.80 22.96 0.24 2269470 25.85 21.31 - 20R - 20R

EMCO Ind 350 - 1.61 1.63 1.61 1.61 0.00 1101 2.59 1.60 - - - -

Fauji Cement 6933 6.91 4.10 4.13 4.00 4.01 -0.09 429343 5.04 3.99 - - - 92R

Fecto Cement 502 4.31 4.80 5.24 4.55 5.00 0.20 26551 7.80 4.55 - - - -

Flying Cement Ltd 1760 - 1.21 1.30 1.23 1.24 0.03 7805 1.95 1.20 - - - -

Frontier Ceramics 77 - 2.95 2.75 2.70 2.95 0.00 403 3.87 1.35 - - - -

Gharibwal Cement 4003 - 6.18 6.50 5.61 5.62 -0.56 7059 13.24 4.25 - - - -

Javedan Cement 581 - 61.37 61.10 58.40 61.37 0.00 110 64.39 58.31 - - - -

Kohat Cement 1288 - 6.00 6.10 6.05 6.10 0.10 4868 7.60 5.85 - - - -

Lafarge Pakistan Cmt. 13126 67.50 2.66 2.74 2.63 2.70 0.04 249760 3.35 2.10 - - - -

Lucky Cement 3234 5.95 72.62 73.74 72.25 73.25 0.63 3365419 77.43 66.93 40 - - -

Maple Leaf Cement 5267 - 2.07 2.10 2.05 2.09 0.02 73071 3.05 1.97 - - - -

Pioneer Cement 2271 - 5.32 5.79 5.23 5.28 -0.04 1707 6.34 4.50 - - - -

Shabbir Tiles 721 - 6.66 7.25 6.80 6.80 0.14 4505 7.49 5.25 - - - 100R

Thatta Cement 997 - 16.00 16.99 15.50 16.16 0.16 1033 20.90 15.50 - 50R - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,026.17 1,028.88 1,012.43 1,024.38 -1.79 -0.17


78,904 7 1 3,596.11 mn 15,350.37 mn 1,040.63


3.26 1.08 33.10 30.91 9.49 1,024.38

Crescent Steel 565 1.81 26.72 26.80 26.50 26.70 -0.02 24040 29.75 25.70 30 - 20.00 -

Dost Steels Ltd 675 - 2.55 2.53 2.21 2.42 -0.13 24260 3.10 1.62 - - - -

Huffaz Pipe XD 555 22.75 12.04 12.75 12.50 12.74 0.70 520 12.95 11.05 - 25B 15.00 -

Inter.Steel Ltd. 4350 - 13.62 13.88 13.53 13.60 -0.02 6191 15.06 0.00 - - - -

International Ind 1199 9.03 51.01 50.80 50.21 50.46 -0.55 26048 52.75 48.52 40 20B 15 -

Metro Steel 310 - 9.09 8.09 8.09 9.09 0.00 386 13.61 8.09 - - - -

Siddiqsons Tin 785 25.69 8.64 9.00 8.70 8.99 0.35 3650 10.00 8.31 7.5 - - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,075.48 1,092.63 1,057.41 1,085.50 10.02 0.93


67,363 4 1 1,186.83 mn 2,995.70 mn 1,085.50


5.39 0.40 7.47 25.28 4.69 1,069.57

Century Paper 707 - 15.23 15.50 14.66 15.30 0.07 51927 18.00 14.31 - - - -

Pak Paper Product 50 1.90 43.48 44.98 43.50 44.61 1.13 1026 44.98 39.36 2533.33B - -

Security Paper 411 7.24 40.49 41.00 40.26 40.91 0.42 14410 42.80 37.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,946.73 1,967.88 1,890.26 1,916.32 -30.42 -1.56


17,369,331 36 6 52,251.88 mn 391,954.85 mn 1,946.73


8.99 3.15 35.00 48.81 5.43 1,864.94

Agritech Limited 3924 - 17.59 17.40 16.75 16.80 -0.79 4310 22.68 16.75 - - - -

Bawany Air 75 3.71 8.38 7.99 7.38 7.38 -1.00 6650 9.20 6.11 5 10R - -

BOC (Pak) 250 7.61 101.00 102.00 100.00 101.00 0.00 760 102.00 90.50 60 - - -

Clariant Pak 341 4.86 158.51 160.00 158.25 159.05 0.54 3206 167.00 154.41 135 25B - -

Dawood Hercules 4813 3.49 59.68 62.49 59.50 60.11 0.43 528033 66.00 56.10 50 300B - -

Descon Chemical 1996 - 2.00 2.40 1.92 1.97 -0.03 83537 2.79 1.83 - - - -

Descon Oxychem Ltd. 1020 9.24 6.36 6.50 6.24 6.28 -0.08 44291 8.59 5.60 - - - -

Dewan Salman 3663 - 2.55 2.64 2.48 2.53 -0.02 572737 3.65 2.11 - - - -

Dynea Pak 94 3.25 9.91 9.90 9.90 9.90 -0.01 2000 11.50 9.51 15 - - -

Engro Corporation Ltd 3933 6.86 150.98 154.45 148.75 153.61 2.63 2941192 200.50 148.75 60 20B - -

Engro Polymer 6635 - 9.70 10.10 9.75 9.97 0.27 448991 12.83 9.64 - 27.5R - -

Fatima Fertilizer 22000 - 16.82 17.60 16.85 17.09 0.27 9600460 17.60 12.10 - - - -

Fauji Fertilizer 8482 10.21 171.96 172.97 164.35 165.94 -6.02 5499544 172.97 137.51 130 25B 45.00 -

Fauji Fert.Bin Qasim 9341 7.02 47.33 47.55 46.70 46.91 -0.42 3010474 47.78 41.10 65.5 - 12.50 -

Ghani Gases Ltd 725 10.76 12.86 12.90 12.50 12.81 -0.05 33913 14.08 11.40 - - - -

ICI Pakistan 1388 8.56 154.01 155.24 153.25 154.07 0.06 59100 161.00 148.02 175 - - -

Lotte Pakistan 15142 3.56 12.51 12.83 12.46 12.76 0.25 2793830 17.36 12.43 5 - - -

Mandviwala 74 - 0.96 1.22 0.95 0.95 -0.01 4510 1.90 0.18 - - - -

Nimir Ind Chemical 1106 12.78 3.03 3.17 2.92 2.94 -0.09 1369874 3.30 2.26 - - - -

Pak PVC SPOT 150 - 7.82 8.82 7.99 8.75 0.93 5739 8.82 2.00 - - - -

Sitara Chem Ind 214 2.52 101.44 98.00 98.00 101.44 0.00 200 104.25 94.67 25 5B - -

Sitara Peroxide 551 5.10 16.41 16.69 16.36 16.48 0.07 39957 19.99 16.05 - - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


992.78 1,002.03 981.83 995.33 2.55 0.26


21,967 9 - 3,904.20 mn 32,606.38 mn 1,004.46


6.53 1.46 22.31 44.54 6.82 992.78

Abbott (Lab) XD 979 5.85 95.72 96.90 95.10 95.40 -0.32 2877 96.90 87.26 50 - - -

Ferozsons (Lab) 250 7.95 93.71 96.00 96.00 96.00 2.29 300 98.73 88.21 - 20B 12.50 -

GlaxoSmithKline 2019 10.72 75.00 75.90 73.01 75.01 0.01 3979 79.99 71.00 40 15B - -

Highnoon (Lab) 182 6.91 29.01 30.00 29.52 29.85 0.84 1230 33.45 24.51 25 10B - -

IBL HealthCare Ltd 200 4.30 10.48 10.48 10.00 10.48 0.00 13479 11.95 9.00 - - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


783.31 787.03 775.89 779.70 -3.61 -0.46


13,903 4 2 3,242.17 mn 12,540.07 mn 783.31


5.29 1.35 25.53 11.08 2.09 762.93

Pak Int Cont.Terminal 1092 7.68 83.75 84.00 83.00 83.44 -0.31 12903 91.20 67.31 40 - 50SD -

PNSC 1321 7.06 24.34 24.75 24.00 24.07 -0.27 1000 30.80 22.90 15 - - -



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

BOOK CLOSURES

Service Industries # 23-Jul 30-Jul - - 30-Jul

Gulshan Spinning Mills # 24-Jul 01-Aug - - 01-Aug

Paramount Spinning Mills # 24-Jul 01-Aug - - 01-Aug

Gulistan Spinning Mills # 24-Jul 01-Aug - - 01-Aug

(TFC) Bank Al Habib 25-Jul 06-Aug - - -

Singer Pak # 25-Jul 04-Aug - - 04-Aug

(TFC) Engro Corporation 25-Jul 31-Jul - - -

Singer Pak # 25-Jul 24-Aug - - 04-Aug

(TFC) United Bank 27-Jul 09-Aug - - -

Pak Int Cont Term 27-Jul 03-Aug 50(S.D) 19-Jul 03-Aug

Ruby Textile Mills 29-Jul 04-Aug 33.20(R) 21-Jul -

Al-Meezan Mutual Fund 29-Jul 04-Aug - - -

(TFC) United Bank 31-Jul 13-Aug - - -

Silkbank Limited # 03-Aug 10-Aug - - 10-Aug

General Tyre & Rubber # 07-Aug 18-Aug - - 18-Aug

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 45.6 47.45 44.5 47.22 1.62 3200

TRG Pakistan Ltd. 2.45 2.5 2.45 2.46 0.01 93318

Murree Brewery Co. 112.05 115 111 111 -1.05 1515

Shakarganj Food 4.4 4.6 4.3 4.3 -0.1 1500

Grays of Cambridge 38.01 36.5 36.5 36.5 -1.51 500

Pak Tobacco Co. 93.8 93.8 93.8 93.8 0 1000

Shifa Int.Hospital 33 34.45 34.45 34.45 1.45 500

Pak Hotels 28 26.6 26.6 26.6 -1.4 5000

P.I.A.C.(A) 2.24 2.24 2.2 2.2 -0.04 683

AKD Capital Limited 35.7 37.34 36 35.7 0 141

Pace (Pak) Ltd. 2.08 2.12 2.04 2.08 0 175325

Netsol Technologies 20.74 21.03 20.6 20.91 0.17 156723

Symbols Open High Low Close Change Vol


Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 125.30 points at 12,443.54. Volume was

46 per cent above average and Bollinger Bands were 26 per cent

narrower than normal. As far as resistance level is concern, the mar-

ket will see major 1st resistance level at 12,512.20 and 2nd resist-

ance level at 12,580.85, while Index will continue to find its 1st sup-

port level at 12,333.95 and 2nd support level at 12,580.85.

KSE 100 INDEX is currently 5.7 per cent above its 200-day moving

average and is displaying a downward trend. Volatility is extremely

low when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 55.69 Support 1 12,333.95

MA (5-day) 12,327.63 Support 2 12,224.35

MA (10-day) 12,348.69 Resistance 1 12,512.20

MA (100-day) 12,048.25 Resistance 2 12,580.85

MA (200-day) 11,769.36 Pivot 12,402.60


Pakistan Telecommunication Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

PTC closed up 0.22 at 13.04. Volume was 669 per cent above average

(trending) and Bollinger Bands were 18 per cent wider than normal.

PTC is currently 26.5 per cent below its 200-day moving average and is

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

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

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

casting oscillators are currently bearish on PTC. Momentum oscillator is

currently indicating that PTC is currently in an oversold condition.

Arif Habib Ltd 24.7 Buy

AKD Securities Ltd 23.91 Buy

TFD Research 20.15 Positive

RSI (14-day) 19.91 MTS Shares `000 30.156

MA (10-day) 13.67 MTS Rs `000 295.68

MA (100-day) 16.34 MTS Rate 18.00

MA (200-day) 17.74 ** NOI Rs (mn) 4.25

Free Float Shares (mn) 585.06 Free Float Rs (mn) 7,629.18

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


National Bank of Pakistan


Technical Outlook

NBP closed up 1.68 at 54.36. Volume was 205 per cent above average

(trending) and Bollinger Bands were 50 per cent narrower than normal.

NBP is currently 14.9 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is relatively normal as compared to


reflect moderate flows of volume into NBP (mildly bullish). Trend forecast-

ing oscillators are currently bullish on NBP.

Arif Habib Ltd 65 Buy


RSI (14-day) 61.77 MTS Shares `000 1,317.137

MA (10-day) 53.27 MTS Rs `000 51,895.15

MA (100-day) 56.92 MTS Rate 19.49

MA (200-day) 63.85 ** NOI Rs (mn) 71.66




Fauji Fertiliser Co


Technical Outlook

FFC closed down -6.02 at 165.94. Volume was 214 per cent above aver-

age (trending) and Bollinger Bands were 55 per cent wider than normal.

FFC is currently 25.1 per cent above its 200-day moving average and is

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


reflect moderate flows of volume into FFC (mildly bullish). Trend forecast-

ing oscillators are currently bullish on FFC.


TFD Research 164.95 Neutral


MA (10-day) 158.60 MTS Rs `000 10,210.03

MA (100-day) 141.30 MTS Rate 15.13

MA (200-day) 132.66 ** NOI Rs (mn) 108.45




Lucky Cement Ltd


Technical Outlook

LUCK closed up 0.63 at 73.25. Volume was 250 per cent above average

(trending) and Bollinger Bands were 47 per cent narrower than normal.

LUCK is currently 2.4 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely low when compared to


reflect very strong flows of volume into LUCK (bullish). Trend forecasting

oscillators are currently bearish on LUCK.





MA (10-day) 72.14 MTS Rs `000 6,198.75

MA (100-day) 70.00 MTS Rate 17.00

MA (200-day) 71.50 ** NOI Rs (mn) 111.65




Fauji Fertiliser Bin Qasim Ltd


Technical Outlook

FFBL closed down -0.42 at 46.91. Volume was 14 per cent above average

and Bollinger Bands were 88 per cent wider than normal.

FFBL is currently 20.3 per cent above its 200-day moving average and is



reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast-

ing oscillators are currently bullish on FFBL. Momentum oscillator is cur-

rently indicating that FFBL is currently in an overbought condition.

Arif Habib Ltd 42.2 Sell

AKD Securities Ltd 45.52 Neutral

TFD Research 47.75 Neutral


MA (10-day) 45.15 MTS Rs `000 5,286.69

MA (100-day) 42.17 MTS Rate 17.00

MA (200-day) 38.99 ** NOI Rs (mn) 77.74




Engro Corporation


Technical Outlook

ENGRO closed up 2.63 at 153.61. Volume was 45 per cent above average

and Bollinger Bands were 30 per cent narrower than normal.

ENGRO is currently 20.3 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bearish on ENGRO. Momentum oscillator is currently

indicating that ENGRO is currently in an oversold condition.

Arif Habib Ltd 224 Buy




MA (10-day) 157.24 MTS Rs `000 19,331.85

MA (100-day) 191.56 MTS Rate 18.56

MA (200-day) 192.82 ** NOI Rs (mn) 238.02




Bank Al-Falah Ltd


Technical Outlook

BAFL closed up 0.22 at 10.50. Volume was 78 per cent above average

and Bollinger Bands were 8 per cent narrower than normal.

BAFL is currently 3.0 per cent above its 200-day moving average and is



reflect moderate flows of volume into BAFL (mildly bullish). Trend forecast-

ing oscillators are currently bullish on BAFL.

Arif Habib Ltd 12.2 Hold

AKD Securities Ltd 11.75 Accumulate


MA (10-day) 10.20 MTS Rs `000 6,720.34

MA (100-day) 10.13 MTS Rate 17.00

MA (200-day) 10.20 ** NOI Rs (mn) N/A



EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,548.23 1,570.13 1,542.14 1,558.90 10.67 0.69


2,109,573 52 11 29,771.58 mn 19,804.34 mn 1,558.90


20.28 0.45 2.21 104.74 8.03 1,548.23

AL-Meezan Mutual Fund 1375 4.83 11.16 11.25 11.15 11.25 0.09 307311 11.32 10.15 18.5 - 5.00 -

Atlas Fund of Funds 525 1.73 6.20 6.50 6.49 6.50 0.30 810000 6.90 6.11 2.2 - - -

B R R Guardian Mod. 780 2.09 2.30 2.44 2.01 2.01 -0.29 1007 2.91 1.41 0 - - -

Crescent St Modaraba 200 3.93 0.48 0.55 0.55 0.55 0.07 500 0.89 0.30 1.2 - - -

Elite Cap Modaraba 113 4.24 3.20 3.79 2.85 3.05 -0.15 782 3.79 2.10 5 - - -

Equity Modaraba 524 6.58 1.18 1.49 1.12 1.25 0.07 7204 2.50 1.10 - - - -

First Dawood Mutual F. 581 1.07 1.96 2.30 1.70 1.78 -0.18 35001 2.47 1.70 - - - -

Golden Arrow 760 2.35 3.40 3.60 3.40 3.55 0.15 149742 3.72 3.11 17 - - -

H B L Modaraba 397 3.93 7.89 8.05 8.00 8.01 0.12 12037 8.44 7.10 11 - - -

Habib Modaraba 1008 4.20 8.20 8.20 8.10 8.10 -0.10 573 8.44 7.26 21 - - -

I B L Modaraba 202 2.94 1.06 2.05 2.00 2.00 0.94 6000 2.45 1.06 3 - - -

JS Growth Fund 3180 2.06 5.95 6.00 5.91 6.00 0.05 117216 7.40 5.32 12.5 - - -

JS Value Fund 1186 0.58 5.31 5.50 5.40 5.49 0.18 12019 6.68 4.91 10 - 5.00 -

KASB Modaraba 283 1.86 2.89 2.50 2.50 2.89 0.00 200 4.48 2.00 2.8 - - -

Meezan Balanced Fund 1200 2.79 9.70 9.71 9.71 9.71 0.01 2000 10.19 8.46 15.5 - - -

Pak Modaraba 125 - 1.14 1.49 0.25 1.14 0.00 252 1.50 0.25 3 - - -

PICIC Energy Fund 1000 2.18 7.31 7.40 7.10 7.40 0.09 54000 8.25 6.92 10 - 10.00 -

PICIC Growth Fund 2835 2.75 13.30 13.50 13.31 13.40 0.10 566802 13.84 12.00 20 - 12.50 -

PICIC Inv Fund 2841 2.41 6.00 6.10 6.01 6.10 0.10 3104 6.95 5.50 10 - 7.50 -

Prud Modaraba 1st 872 1.71 0.94 0.94 0.85 0.94 0.00 13610 1.10 0.75 3 - - -

UNICAP Modaraba 136 - 1.44 0.55 0.55 0.55 -0.89 10000 1.50 0.13 - - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


284.98 296.73 282.60 287.80 2.82 0.99


2,594,284 41 6 30,336.44 mn 14,134.99 mn 289.57


11.48 0.19 0.91 99.56 4.81 284.98

AMZ Ventures 225 0.83 0.37 0.43 0.35 0.40 0.03 42002 0.64 0.26 - - - -

Arif Habib Limited 450 19.73 18.55 19.25 18.57 18.74 0.19 25000 20.20 12.01 - 20B - -

Arif Habib Corp 3750 3.63 26.91 27.75 26.60 27.15 0.24 3957842 27.75 20.53 30 - - -

Dawood Cap Mangt. XB 150 2.06 1.30 1.64 1.30 1.30 0.00 949 2.04 1.15 - - - -

Dawood Equities 250 - 1.20 1.30 1.21 1.24 0.04 3685 1.80 1.01 - - - -

First Credit & Invest Bank Ltd 650 - 4.52 5.50 5.00 5.00 0.48 500 6.10 4.26 - - - -

First National Equity 575 - 2.01 2.01 2.01 2.01 0.00 1399 5.16 1.56 - - - 140R

IGI Investment Bank 2121 7.37 1.25 1.48 1.33 1.40 0.15 3504 1.99 1.15 - - - -

Invest Bank 2849 - 0.40 0.50 0.30 0.47 0.07 49022 1.20 0.22 - - - -

Ist Cap Securities 3166 - 2.53 2.84 2.29 2.56 0.03 20575 3.27 2.22 - 10B - -

Ist Dawood Bank 626 0.65 1.51 1.55 1.45 1.45 -0.06 5001 1.96 1.30 - - - -

Jah Siddiq Co 7633 - 7.34 7.58 7.34 7.39 0.05 2140913 8.34 4.82 10 - - -

JOV and CO 508 - 2.65 2.73 2.57 2.65 0.00 61153 3.40 2.31 - - - -

JS Global Cap 500 5.70 19.85 19.51 19.51 19.85 0.00 200 22.94 16.42 50 - - -

JS Investment 1000 42.08 5.18 5.20 5.01 5.05 -0.13 139660 6.43 4.53 - - - -

KASB Securities 1000 - 3.30 3.60 3.20 3.53 0.23 4001 4.79 3.04 - - - -

Orix Leasing 821 3.64 5.57 6.00 5.53 6.00 0.43 906 6.45 5.25 - - - -

Pervez Ahmed Sec 775 5.18 1.48 1.50 1.40 1.45 -0.03 65015 1.99 1.32 - - - -

Saudi Pak Leasing 452 - 0.61 0.79 0.61 0.61 0.00 5100 1.30 0.60 - - - -

Sec Inv Bank 514 3.53 1.96 1.41 1.41 1.41 -0.55 601 2.99 1.25 - - - -

Stand Chart Leasing 978 3.38 2.36 2.74 2.40 2.40 0.04 501 3.20 2.10 - - - -

Trust Brokerage 100 - 1.01 1.70 1.70 1.01 0.00 200 3.95 1.01 - - - -

Trust Inv Bank 586 0.27 1.01 1.28 1.05 1.10 0.09 24802 2.29 0.83 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


906.02 934.65 909.00 918.99 12.97 1.43


2,926 4 - 2,290.72 mn 10,181.17 mn 930.44


5.30 3.47 3.85 355.53 3.95 906.02

EFU Life Assurance 850 9.73 68.04 69.97 69.00 69.28 1.24 725 73.25 50.70 50 - - -

New Jub Life Insurance 627 14.65 54.00 56.10 52.60 54.50 0.50 2200 58.99 48.00 15 - - -



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

BANKS

Performance of SR Banks Index


1,125.27 1,143.34 1,118.46 1,131.24 5.96 0.53


13,483,193 27 - 257,548.02 mn 670,014.79 mn 1,131.24


7.21 1.01 13.94 40.49 5.62 1,125.27

Allied Bank Limited 8603 6.33 63.10 64.99 62.50 64.19 1.09 237957 68.99 60.00 40 10B - -

Askari Bank XB 7070 5.22 11.10 11.50 11.05 11.49 0.39 368936 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.53 10.28 10.57 10.30 10.50 0.22 2805220 11.02 9.42 - - - -

Bank AL-Habib 8786 6.11 29.00 29.00 28.75 28.86 -0.14 72244 29.98 28.25 20 20B - -

Bank Of Khyber 5004 2.03 4.39 4.60 4.30 4.55 0.16 9005 6.25 4.16 - - -64.41R

Bank Of Punjab 5288 - 6.64 6.79 6.60 6.67 0.03 775964 7.35 4.51 - - - -

BankIslami Pak 5280 10.81 3.90 4.05 3.76 4.00 0.10 247832 4.09 3.25 - - - -

Faysal Bank 7327 4.38 9.43 9.70 9.40 9.47 0.04 101181 10.50 9.00 - 20B - -

Habib Bank Ltd 11021 7.45 118.97 121.00 118.10 119.34 0.37 351071 125.00 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.52 19.00 19.44 18.75 19.20 0.20 14582 22.45 17.00 - 20B - -

JS Bank Ltd 8150 44.00 2.17 2.24 2.17 2.20 0.03 2651 3.00 2.06 - 33R - -

KASB Bank Ltd 9509 - 1.47 1.45 1.42 1.42 -0.05 76724 1.77 1.16 -105.16R - -

MCB Bank Ltd 8362 7.99 198.54 199.99 197.51 197.83 -0.71 1001195 210.95 190.99 115 10B 30.00 -

Meezan Bank XB 8030 6.03 17.79 17.60 17.25 17.60 -0.19 127201 19.49 16.60 - 15B - -

National Bank 16818 4.27 52.68 54.94 52.49 54.36 1.68 5631273 55.15 49.51 75 25B - -

NIB Bank 40437 - 1.49 1.50 1.43 1.45 -0.04 1066187 2.01 1.43 -154.79R - -

Samba Bank 14335 21.63 1.71 1.75 1.63 1.73 0.02 9439 2.18 1.62 -63.46R - -

Silkbank Ltd 26716 15.69 2.50 2.55 2.50 2.51 0.01 307374 3.06 2.17 - 311R - -

Soneri Bank 6023 2.51 5.00 5.25 4.95 5.02 0.02 142589 6.69 4.91 - - - -

Stand Chart Bank 38716 6.45 7.55 8.10 7.75 8.00 0.45 879 9.75 7.53 6 - - -

Summit Bank Ltd 8701 - 3.52 3.68 3.45 3.50 -0.02 312833 4.75 2.67 - - - 20R

United Bank Ltd 12242 7.12 60.47 60.95 60.22 60.62 0.15 133689 65.01 60.22 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


723.50 727.95 715.69 724.20 0.70 0.10


178,395 34 22 11,111.34 mn 45,182.31 mn 736.10


10.57 0.55 5.20 79.54 7.52 723.50

Adamjee Insurance XD 1237 6.75 62.98 63.00 62.42 62.90 -0.08 58041 71.30 62.00 25 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,280.01 1,286.65 1,262.04 1,268.41 -11.60 -0.91


716,823 2 - 12,202.80 mn 27,769.86 mn 1,286.19


8.18 0.93 11.41 66.79 8.16 1,268.41

Sui North Gas 5491 14.29 20.00 20.09 19.86 20.00 0.00 24933 23.60 17.64 20 - - -Sui South Gas 8390 4.52 20.38 20.50 19.95 20.01 -0.37 691890 23.75 19.95 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,353.95 1,369.77 1,349.98 1,365.12 11.17 0.82


1,578,674 15 1 95,369.29 mn 104,691.35 mn 1,365.12


13.24 1.24 9.35 104.13 7.87 1,351.44

Genertech 198 - 0.45 0.50 0.48 0.45 0.00 291 0.80 0.16 - - - -Hub Power 11572 7.80 38.50 38.90 38.40 38.82 0.32 718569 39.45 36.70 50 - 25.00 -Japan Power 1560 - 1.13 1.25 1.13 1.18 0.05 1732 1.70 0.97 - - - -KESC 7932 - 2.07 2.10 2.03 2.10 0.03 227672 2.61 2.03 - 7.8R - -Kohinoor Energy 1695 5.29 17.00 17.90 17.40 17.50 0.50 6057 18.00 15.41 25 - 10.00 -Kohinoor Power 126 2.33 2.74 3.10 2.98 3.00 0.26 6101 3.95 2.11 - - - -Kot Addu Power 8803 5.49 42.69 42.96 42.50 42.75 0.06 24860 44.19 41.75 50 - 30.00 -Nishat Chunian Power Ltd 3673 2.55 13.80 14.19 13.80 14.16 0.36 353796 17.25 13.47 - - 10.00 -Nishat Power Ltd 3541 2.24 15.67 15.80 15.60 15.70 0.03 105838 17.70 15.39 - - - -Sitara Energy Ltd 191 5.37 19.48 19.45 19.38 19.38 -0.10 520 23.26 18.25 20 - - -Southern Electric 1367 - 1.26 1.33 1.22 1.25 -0.01 83217 1.69 1.13 - - - -Tri-star Power XD 150 - 0.95 0.95 0.80 0.80 -0.15 50011 1.35 0.36 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


825.43 850.41 818.24 839.07 13.64 1.65


11,727,262 5 - 50,077.79 mn 52,676.28 mn 881.56


4.08 0.52 12.84 62.56 15.32 825.43

Pak Datacom 78 28.40 29.37 29.98 29.35 29.54 0.17 783 46.50 28.71 80 - 15.00 -Pak.Telecomm Co A 37740 10.69 12.82 13.14 12.71 13.04 0.22 11412372 17.83 12.65 17.5 - - -Telecard 3000 2.47 1.44 1.53 1.41 1.46 0.02 54458 1.94 1.31 1 - - -WorldCall Tele 8606 - 1.82 1.98 1.81 1.84 0.02 259649 2.50 1.80 - - - -Wateen Telecom Ltd 6175 - 2.00 2.01 1.95 1.96 -0.04 207621 3.09 1.94 - - - -



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

Ask Gen Insurance 280 3.17 8.99 8.50 8.17 8.50 -0.49 5776 10.95 8.11 -10B 25R - -Atlas Insurance 443 3.61 28.95 29.05 29.00 29.02 0.07 2458 29.60 26.00 40 20B - -Central Insurance 391 1.34 64.07 63.49 61.25 61.54 -2.53 4100 75.37 61.25 25 50B - -Century Insurance 457 4.55 8.06 8.30 8.00 8.19 0.13 801 8.98 7.89 10 - - -EFU General Insurance 1250 12.81 34.12 34.50 33.26 34.34 0.22 2582 39.65 29.01 12.5 - - -Habib Insurance 450 7.85 11.08 11.30 11.30 11.30 0.22 500 11.90 10.95 25 12.5B - -IGI Insurance 970 5.98 71.41 72.90 71.50 72.23 0.82 5856 76.12 67.00 30 55B 10.00 -New Jub Insurance 989 9.86 56.10 55.51 55.45 56.10 0.00 250 62.37 51.16 20 25B - -Pak Reinsurance 3000 5.48 15.77 16.00 15.64 15.78 0.01 91565 18.30 12.43 30 - - -Pak Gen Insurance 275 26.89 5.89 5.11 5.11 5.11 -0.78 687 7.45 5.10 - 10B - -Premier Insurance 303 3.60 8.06 8.40 8.39 8.06 0.00 350 8.99 8.00 25 - - -Reliance Insurance 284 5.00 7.80 8.20 8.10 8.20 0.40 4687 8.23 6.00 - 12.5B - -Silver Star Insurance 291 0.91 5.20 5.30 4.80 5.20 0.00 361 6.40 4.21 - 15B - -United Insurance 496 1.82 5.25 4.81 4.81 5.25 0.00 200 7.09 4.23 - 24B - -Universal Insurance 263 - 1.50 1.75 1.50 1.50 0.00 180 2.39 1.32 - - - -

UPTO 100 VOLUME

SAPL 145.01 147.00 147.00 145.01 0.00 100

SHCM 21.94 23.03 23.03 21.94 0.00 100

WAZIR 5.95 5.49 5.49 5.95 0.00 100

NATF 73.11 72.00 72.00 73.11 0.00 99

AHI 19.92 20.40 20.24 19.92 0.00 94

KML 1.25 1.51 1.50 1.25 0.00 93

HINO 111.27 105.80 105.71 111.27 0.00 91

TSMF 1.00 1.36 0.25 1.00 0.00 77

NESTLE 4234.90 4440.00 4125.00 4370.66 135.76 72

BROT 0.22 0.30 0.21 0.22 0.00 55

HUSS 10.67 10.80 10.80 10.67 0.00 52

FFLM 1.50 1.69 1.41 1.50 0.00 45

BATA 650.01 668.00 659.88 661.55 11.54 44

FECS 38.00 38.00 38.00 38.00 0.00 44

MODAM 1.05 1.11 0.90 1.05 0.00 31

RMPL 2513.66 2639.34 2637.00 2638.90 125.24 31

MEHT 68.18 71.50 71.50 68.18 0.00 27

UPFL 1713.93 1799.00 1789.00 1793.31 79.38 22

PASM 13.10 13.49 13.45 13.10 0.00 21

BAWS 8.94 8.95 8.95 8.94 0.00 20

CPMFI 3.00 2.55 2.55 3.00 0.00 20

FTSM 1.55 1.50 1.50 1.55 0.00 20

GATI 49.01 50.95 50.95 49.01 0.00 20

HAEL 8.50 8.45 8.45 8.45 -0.05 20

GUTM 18.60 19.60 19.60 18.60 0.00 19

SCM 10.50 10.12 10.12 10.50 0.00 19

HIRAT 3.74 3.74 3.61 3.74 0.00 11

ICCT 0.75 1.25 1.25 0.75 0.00 10

KOIL 1.20 1.09 1.09 1.20 0.00 10

SGPL 0.90 1.24 1.24 0.90 0.00 10

TRPOL 0.49 0.98 0.98 0.49 0.00 10

ULEVER 5915.42 5935.00 5755.00 5927.80 12.38 9

GUSM 7.99 7.99 7.99 7.99 0.00 8

PSYL 19.98 20.48 19.00 19.98 0.00 6

CWSM 1.42 1.95 1.31 1.42 0.00 5

KOHS 3.50 2.70 2.70 3.50 0.00 5

MUBT 1.00 1.40 1.40 1.00 0.00 5

COLG 736.00 769.90 735.00 736.00 0.00 4

MFTM 0.80 0.50 0.45 0.80 0.00 3

AKGL 5.25 4.26 4.26 5.25 0.00 2

FASM 43.80 45.99 45.99 43.80 0.00 2

JDMT 13.93 13.06 13.06 13.93 0.00 2

JKSM 8.35 7.82 7.80 8.35 0.00 2

REWM 11.20 12.20 12.00 11.20 0.00 2

WYETH 987.00 950.00 950.00 987.00 0.00 2

BNWM 15.37 15.90 15.90 15.37 0.00 1

CFL 12.95 13.89 13.89 12.95 0.00 1

DFSM 1.70 1.80 1.80 1.70 0.00 1

EWLA 1.40 1.81 1.81 1.40 0.00 1

IFSL 7.12 7.87 7.87 7.12 0.00 1

NBF 4.82 5.00 5.00 4.82 0.00 1

PIL 12.82 12.75 11.82 12.75 -0.07 1

SGML 5.90 6.25 6.25 5.90 0.00 1

SIEM 1089.92 1075.00 1075.00 1089.92 0.00 1

THAS 4.00 3.00 3.00 4.00 0.00 1

YOUW 1.19 1.30 1.30 1.19 0.00 1

ZTL 2.52 2.65 2.65 2.52 0.00 1


FUTURE CONTRACTS

ENGRO-JUL 151.67 155.00 149.15 154.40 2.73 684500

FFC-JUL 172.42 173.75 165.00 167.04 -5.38 680000

POL-JUL 385.34 392.79 384.60 391.28 5.94 642000

ATRL-JUL 126.44 132.76 125.10 132.76 6.32 586000

FFBL-JUL 47.45 47.50 46.86 47.10 -0.35 521000

NBP-JUL 52.90 55.10 52.80 54.74 1.84 357000

NML-JUL 49.06 51.51 49.20 51.51 2.45 333500

DGKC-JUL 22.86 23.16 22.90 23.07 0.21 206000

LUCK-JUL 72.80 73.90 72.30 73.46 0.66 182500

PTC-JUL 12.90 13.15 12.85 13.11 0.21 103500

MCB-JUL 199.63 200.90 198.10 198.98 -0.65 97500

PPL-JULB 209.00 211.40 208.50 210.86 1.86 32500

HUBC-JUL 38.76 39.34 38.50 38.50 -0.26 30500

UBL-JUL 61.85 61.00 60.85 61.00 -0.85 5000


MTS LEVERAGE POSITION

Symbol Total Volume Total Value MTS Rate

AHCL 711,043 13,624,318 20.08

AICL 17,199 821,849 19.00

AKBL 469,740 3,885,791 -

ANL 332,599 1,444,309 21.00

ATRL 135,130 13,168,053 19.50

BAFL 894,750 6,720,342 17.00

DGKC 735,820 12,592,258 17.19

ENGRO 168,774 19,331,849 18.56

FFBL 157,875 5,286,692 17.00

FFC 82,300 10,210,026 15.13

HUBC 17,000 490,946 -

KAPCO 49,687 1,602,443 -

LOTPTA 2,708,451 25,636,131 19.04

LUCK 114,000 6,198,752 17.00

MCB 32,831 4,902,479 16.32

NBP 1,317,137 51,895,147 19.49

NCL 345,581 5,568,478 -

NETSOL 10,000 158,799 -

NML 276,017 10,284,709 18.54

OGDC 5,500 630,950 18.00

PAKRI 276,776 3,303,417 -

POL 159,600 46,202,675 17.22

PPL 5,500 862,770 16.00

PSO 28,500 5,602,034 17.00

PTC 30,156 295,685 18.00

SSGC 3,000 46,096 -

UBL 103,000 4,701,095 17.00

TOTAL 9,187,966 255,468,092 17.71

Al-Abbas Cement 38.20 2.35 2.30 2.55 2.65 2.45

Allied Bank Limited 53.76 62.80 61.40 65.30 66.40 63.90

Attock Cement 37.85 47.95 47.45 48.90 49.45 48.45

Arif Habib Corp 66.35 26.60 26.00 27.75 28.30 27.15

Arif Habib Limited 58.38 18.45 18.15 19.15 19.55 18.85

Adamjee Insurance 30.51 62.55 62.20 63.10 63.35 62.75

Askari Bank 52.94 11.20 10.90 11.65 11.80 11.35

Azgard Nine 45.11 5.80 5.75 5.90 5.95 5.85

Attock Petroleum 52.90 378.95 376.00 384.45 387.00 381.50

Attock Refinery 59.42 127.20 122.40 134.45 136.85 129.65

Bank Al-Falah 62.44 10.35 10.20 10.60 10.75 10.45

BankIslami Pak 63.93 3.85 3.65 4.10 4.25 3.95

Bank.Of.Punjab 54.28 6.60 6.50 6.80 6.90 6.70

Dewan Cement 42.16 1.60 1.55 1.70 1.75 1.65

D.G.K.Cement 46.50 22.85 22.70 23.10 23.20 22.95

Dewan Salman 39.87 2.45 2.40 2.60 2.70 2.55

Dost Steels Ltd 52.06 2.25 2.05 2.55 2.70 2.40

EFU General Insurance 41.42 33.55 32.80 34.80 35.25 34.05

EFU Life Assurance 51.27 68.85 68.45 69.85 70.40 69.40

Engro Corp 29.06 150.10 146.55 155.80 157.95 152.25

Faysal Bank 46.49 9.35 9.20 9.65 9.80 9.50

Fauji Cement 33.82 3.95 3.90 4.10 4.20 4.05

Fauji Fert Bin 74.41 46.55 46.20 47.40 47.90 47.05

Fauji Fertilizer 66.83 162.55 159.15 171.15 176.35 167.75

Habib Bank Ltd 57.39 117.95 116.60 120.85 122.40 119.50

Hub Power 58.27 38.50 38.20 39.00 39.20 38.70

ICI Pakistan 47.13 153.15 152.20 155.15 156.20 154.20

Indus Motors 32.28 207.65 206.35 210.65 212.35 209.35

J.O.V.and CO 46.47 2.60 2.55 2.70 2.75 2.65

Japan Power 47.29 1.15 1.05 1.25 1.30 1.20

JS Bank Ltd 37.50 2.15 2.10 2.25 2.30 2.20

Jah Siddiq Co 44.21 7.30 7.20 7.55 7.70 7.45

Kot Addu Power 50.11 42.50 42.30 43.00 43.20 42.75

K.E.S.C 39.05 2.05 2.00 2.15 2.20 2.10

Lotte Pakistan 32.76 12.55 12.30 12.90 13.05 12.70

Lucky Cement 60.90 72.40 71.60 73.90 74.55 73.10

MCB Bank Ltd 40.32 196.90 195.95 199.35 200.90 198.45

Maple Leaf Cement 44.19 2.05 2.00 2.15 2.20 2.10

National Bank 61.69 52.90 51.50 55.35 56.40 53.95

Nishat (Chunian) 29.06 20.20 19.35 21.70 22.35 20.85

Netsol Technologies 45.33 20.65 20.40 21.10 21.30 20.85

NIB Bank 32.28 1.40 1.35 1.50 1.55 1.45

Nimir Ind.Chemical 51.86 2.85 2.75 3.10 3.25 3.00

Nishat Mills 42.43 49.65 47.95 52.20 53.00 50.50

Oil & Gas Dev. XD 56.10 151.20 148.45 155.75 157.55 153.00

PACE (Pakistan) Ltd. 33.38 2.05 2.00 2.15 2.20 2.10

Pervez Ahmed Sec 42.38 1.40 1.35 1.50 1.55 1.45

P.I.A.C.(A) 46.43 2.15 2.10 2.25 2.30 2.20

Pioneer Cement 44.78 5.05 4.85 5.65 6.00 5.45

Pak Oilfields 79.64 385.40 380.45 393.50 396.65 388.55

Pak Petroleum 49.85 208.25 206.40 211.20 212.35 209.35

Pak Suzuki 45.37 63.30 62.65 64.30 64.65 63.65

P.S.O. XD 41.56 260.10 255.45 267.60 270.35 262.90

P.T.C.L.A 19.97 12.80 12.55 13.20 13.40 12.95

Shell Pakistan 50.73 222.95 222.00 224.45 224.95 223.45

Sui North Gas 48.72 19.85 19.75 20.10 20.20 20.00

Sitara Peroxide 37.96 16.35 16.20 16.65 16.85 16.50

Sui South Gas 32.01 19.80 19.60 20.35 20.70 20.15

Telecard 37.69 1.40 1.35 1.50 1.55 1.45

TRG Pakistan 36.54 2.40 2.35 2.50 2.55 2.45

United Bank Ltd 36.60 60.25 59.85 61.00 61.35 60.60

WorldCall Tele 32.22 1.80 1.70 1.95 2.05 1.90

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Mirza Sugar Mills Ltd 21-Jul 10:30

Pangrio Sugar Mills Ltd 21-Jul 12:00

Khairpur Sugar Mills Ltd 21-Jul 2:30

Thal Industries Corp Ltd 21-Jul 10:30

Hussein Sugar Mill Ltd 21-Jul 11:00

Sindh Abadgar Sugar Mills Ltd 22-Jul 4:00

Wyeth Pak Ltd 25-Jul 11:00

Sanghar Sugar Mill Ltd 25-Jul 11:00

BOARD MEETINGS

Company Date Time

Wednesday, July 20, 2011 8

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah unvelling the plaque to inaugurate the Institute of Physical Medicine

& Rehabilitation at Dow University Medical & Health Science. -Staff Photo

KARACHI: Chief MinisterSindh, Syed Qaim Ali Shah, onSaturday performed the inaugura-tion of the Institute of PhysicalMedicine and Rehabilitation man-aged by the Dow UniversityMedical and Health Sciences,Karachi.

Speaking on the occasion, heexpressed his satisfaction and saidthat he was very much inspired tosee the latest facilities of treatmentto patients for physical rehabilita-tion.

He said that the medical profes-sion is some type of service tohumanity and this institute iscounted as one of the importantcentres of Pakistan.

Appreciating provision of facili-ties at Larkana, the Chief Ministerhoped that similar centres willalso be established at Sukkur,

Khairpur, Hyderabad and othercities of the province.

He lauded the work being doneat various faculties and section ofinstitute where poor patients, mid-dle class patients and retardedpeople were being treated andlooked after properly.

Shah announced that the provin-cial government would fullyencourage such institutes and pro-grams, which really deserve, asthey are performing well.

Chief Minister Sindh alsoannounced grant of Rs 10 millionfor this project and assured thatannual grant would be allocatedfor the project. With regard toloadshedding at the institute caus-ing inconveniences to the patients,he said that the management ofKESC would be asked to avoidloadshedding from hospitals, as

they had already committed in arecent meeting that there will beno load shedding in hospitals, asthe same are exempted.

Syed Qaim Ali Shah furtherassured that alternate arrange-ments will also be made to meetthe requirements of the hospital.

Earlier, Vice Chancellor DowMedical University of HealthSciences, Prof. Masood HameedKhan, welcomed the ChiefMinister Sindh and highlightedproblems and programs of theUniversity. Director of Institute DrNabeela Soomro and Dr Nida Baiggave brief account of servicesbeing rendered at Institute, whichincludes training and treatment ofpatients care and running of aca-demic, full care for patients of dis-ability, liver and diabetics, dentalcare, joints and other facilities.

Sindh Health Secretary, RizwanAhmed, also addressed the func-tion and assured that the HealthDepartment will provide facilitiesto the institute.

Vice Chancellor of the DowUniversity also presented shield tothe Chief Minister Sindh.

The function was attended byCommissioner Karachi Division,Muhammad Hussain Syed, andother notables of area.

Earlier, the Chief Minister Sindhvisited various sections of theInstitute and inquired about thehealth of patients.

Chief Minister Sindh alsoinquired about health of QaisarHussain Soomro of Umerkotwhose both legs were affected inbomb blast and assured that histreatment expenses will be borneby the Government. -APP

FAST-NUobserves

24th annual

convocation I S L A M A B A D :Chancellor NationalUniversity of Computerand Emerging Sciences,Islamabad (FAST-NU)Senator Waseem Sajjadgraced the occasion of the24th Convocation held hereon Sunday.

Degrees were conferredon 338 Bachelor, Mastersand PhD candidates.However, gold, silver andbronze medals were award-ed to the top three positionholders for their excellentacademic performance.

Dr. Waseem Ikram,Director, in his welcomeaddress said that IslamabadCampus of FAST-NU start-ed fifteen years ago, and ina short span of time it hasbecome one of the mostvibrant, effective, andrewarding seats of higherlearning in the country.

He said that the PhD pro-gram merits special men-tion as it boasts of undoubt-edly the most significantcontribution by any singleuniversity in terms of bothquality and quantity of com-puter science research inPakistan. Meanwhile,twelve PhD degrees wereawarded in the convocation,which raises the total num-ber of PhDs produced byIslamabad Campus to 15.

AIOUannouncesPTC/CT,

B.ed resultsISLAMABAD: Controllerof Exams Allama Iqbal OpenUniversity Hafeez Ullah hasannounced the results of finalexams of PTC, CT and B.Edprogramme for the semesterAutumn 2010.According toController of exams, resultintimation cards are beingsent by post to the studentsat their given address.Students who do notreceive the result intimationcard up to July 25 areadvised to contact theexamination department inmain camps of the universi-ty personally.

The students can also con-tract at phone number 051-9057323 or approach thenearest regional office toget the duplicate result card.

The students can alsodownload their result fromthe website www.aiou.edu.pk ofthe university. -APP

2nd Semesterat KU

beginsKARACHI: The secondsemester at the University ofKarachi commenced onMonday after an inter-semes-ter break of over a month'stime, faulty members said.

They stated that a fewerclasses were conducted onthe opening days becausethe attendance of the stu-dents was quite less. -APP

Essaycontest

heldat PSF

ISLAMABAD: PakistanScience Foundation(PSF) in collaborationwith National Academyof Young Scientists(NAYS) and TechnologyTimes, Tuesday arrangedessay writing competitionwith an objective toencourage creative capa-bilities of young writersand scientists.

Students from differentboards of intermediateand secondary educationacross the country partic-ipated in the competitionand expressed their capa-bilities in an impressiveway, by depicting theirunderstanding of burningissues related to science.

Panel of judges com-prised Dr Saqlain Naqvi(Agriculture University)and Dr Abida Raza fromNoori Hospital.

Speaking on the occa-sion, Chairman PSF Dr.Manzoor H Soomro saidsuch activities of stu-dents, shows their sensi-tivity and level of aware-ness to such issues. It wasreally a glorious essaycompetition, in whichstudents expressed howmuch they give impor-tance to science in theirdaily life, he added.

The Chairman PSF saidit is a very positive effortto improve youth in suchcreative activities, andthe Pakistani youth hasgreat potential, which isyet to be explored byorganizing more suchevents.

"I clearly foresee thatthe future of Pakistan isbright," he said.

President NAYS, AftabAhmed while expressinghis views said that PSFwas playing importantrole in promoting scien-tific activities in thecountry.

Essay showed the broadvision of students to theglobal scientific issues,he maintained. In the end,prizes were distributedamong the winners. -APP

Dow University begins Institute of

Physical Medicine

ISLAMABAD: AllamaIqbal Open University(AIOU) has allocated anamount of Rs 10 millionfor Software Developmentin the current financialyear.

However, extraordinarychanges in its five maindepartments related withstudents affairs includingA d m i s s i o n s ,Examinations, Directorateof Students Advisory andCounseling Services,Wafaqi Mohtasib Cell andRegistrar's Office arebeing made to extendfacilities to its students.

Addressing the superin-tendents of University,Vice-Chancellor AIOU,Prof. Dr. Nazir AhmedSangi said aSuperintendent has thestatus of backbone in theinstitution because he hasto get the official workfrom its subordinates andanswerable to the officerconcerned.

Dr Sangi said when hetook the Charge as ViceChancellor, he instructedstrictly all the departmentsthat tasks related to stu-dents affairs should becompleted rapidly without

any delay to ensure educa-tional facilities in the trib-al and far-flung areaswhere the formal educa-tion system has notreached as yet.

An amount of Rs 5 mil-lion has been allocated toextend facilities of AIOU'employees and trainingthem in Computer,Internet, VideoConferencing System,Rules and Regulation,Noting Drafting, OfficialDiscipline etc, Dr. Sangiopined.

On the occasion, Dr.Sangi approved, the provi-sion of new computers andprinters to streamline thework of CertificateSection, Registration ofthe Tutors as Examiners toreinforce the facilities ofWafaqi Mohtasib Cell andConstruction of the build-ing for ExaminationDepartment.

All the Superintendentsunanimously appreciatedthe steps taken by Vice-Chancellor for staff' wel-fare and proposed that thissort of, at least four meet-ings should be arrangedwhich was later approvedby Dr. Sangi.-Agencies

AIOU allotsRs10 millionfor software development

KARACHI: Third WorldAcademy of Sciences(TWAS) has awarded itsRegional Prize for YoungScientist to a female scien-tist of Karachi University-Dr Sammer Yousuf.

An official of KarachiUniversity said here onMonday that the awardwas conferred during theAfro-Asia Workshop onAdvanced Topics inChemistry held recently atthe TWAS Regional Officefor Central and South Asiaat Jawaharlal Nehru Centrefor Advanced ScientificResearch, Bangalore lndia.

Dr Yousuf was selectedfor this honor from over 30presentations of scientistsof 10 regional countries.

She is an AssistantProfessor at the HEJResearch Institute ofChemistry, InternationalCenter for Chemical andBiological Sciences,Karachi University. Thespokesman said that Dr.Yousuf is among very fewchemists of Pakistan work-ing on Single-Crystal X-Ray Diffraction technique.

The Vice Chancellor ofKarachi University, ProfDr Pirzada Qasim RazaSiddqui, former Chairmanof Higher EducationCommission, Prof Dr Atta-ur-Rehman and DirectorICCBS, Prof Dr M IqbalChaudhry has congratulat-ed Dr Yousuf on herachievement.-APP

KU female scientist gets

regional prize

Staff Reporter

KARACHI: SeniorEducation Minister PirMazhar-ul Haq has said thatthe government intends toform an institution comprisingof education experts andretired teachers in shape ofSindh Education Academythrough modern and improvededucation system so that everychild gets education.

This he said while speakingat farewell get-together inhonor of EDO EducationKarachi Muhammad IbrahimKumbhar by the officers &officials of Directorate ofSchools Education Karachi &Education department Sindhat local hotel here.

Pir Mazhar said that tomaintain the quality educa-tion standard in the province,a comprehensive network ofcommunity colleges startingfrom nursery to intermediateat every district headquarterwould also be set up. PirMazhar praised the educa-tional services, responsibili-ties and professional obliga-tions discharged by theIbrahim Kumbhar with com-mitment, enthusiasm andintegrity, he thanked that offi-cers could themselves got

respect & dignity throughtheir diligent, skilled capabil-ities and abilities.

He said that the presentgovernment is striving hardfor better & quality educa-tion in the province like SirSyed Ahmed Khan estab-lished the AligarhUniversity.

The Senior EducationMinister was of the viewthat they influence for theirpostings on OPS systemthrough elected representa-tives , they should be desistfrom such practice and todischarge their responsibili-ties as Kumbhar done so, infuture no OPS systemwould be encouraged, con-crete measures would betaken on merit basis.

The Secretaries of theGovernment MuhammadSiddiqui Memon, Aijaz AliKhan, Waseem Ursani,Anwar Ahmed Zai, &Ibrahim Kumbhar alsospoke in the Reception.Speakers congratulated theIbrahim Kumbhar for com-pleting his long 40 yearscareer with satisfaction &distinction and urged theother his colleagues to fol-low the way of Mr Kumbharwho done every well.

Haq vows to establish network of

colleges

CM Sindh Qaim inaugurates institute

LAHORE: The Pakistanistudents studying in theUnited States are not at alldiscriminated against inthe American society andthey feel quite at home inthe foreign land.

These views wereexpressed by Pakistani stu-dents currently studying inthe US during the pre-departure orientation cere-mony for the Fall-2011candidates at the FCCUniversity here Monday.

Hania Chima, in her sec-ond year of Film MakingStudies at the HarvardCollege, told APP thatwave of extremism insome parts of the countryhas not affected Pakistanistudents by any means.

"The fellow-students dohave queries about the waragainst terror in Pakistanbut they come round andaccept the soft-image ofPakistan when they see thereality", she responded toa question.

Chima said that people

in the United States werequite friendly and shealways felt comfortablewith her local class-mates.

She said that over 5000Pakistanis are studying inthe United States, addingthat students are ambassa-dors of the countries andher stay in the US helpsher to clarify the miscon-ceptions if any aboutPakistan.

Earlier, the advisorsfrom the United StatesEducation Foundation inPakistan (USEF) briefedthe aspiring students to theUS regarding port of Entryprocedures and importantdocuments required of thestudents applying for visato study in the US.

The Information Officer,US Consulate GeneralLahore Tristam Perrytalked about the 'CultureShock' as well as providedinformation on medical,financial and housingissues faced by the foreignstudents. -APP

No prejudice againstPak students in US

ISLAMABAD: Renownededucationist and InternationalIslamic University Islamabad(IIUI) Rector, Professor FatehMuhammad Malik has urgedthat government should pro-vide free education to all seg-ments of the society.

Education is the "respon-sibility of the state, not par-ents", he stressed.

In a series of interviewswith media, Professor Malikexpressed his dismay thateducation has become alucrative business in thesociety, where only the richhave access to it.

The university manage-ment has decided to freezefees at this stage but couldnot abolish them due tosome unavoidable circum-stances," said the rector. Hesaid that an Islamic univer-sity in an Islamic stateshould not have a policy ofdemanding high fees fromstudents to meet its opera-tional expenses. But thedonors from Islamic coun-tries have suspended fundingfor the last seven years, whichmake it difficult for IIUI toprovide affordable education,he said.

Malik said that to easethe burden for the students,the university has decided

not to increase the fees fur-ther and would use some ofits own resources to gener-ate funds - it will establishpetrol pump and gas sta-tions on its land along theroad side of its main cam-pus. Malik stated that it ispossible for the state tomake education free andcompulsory as it was donebuy the Former PrimeMinister Zulfiqar AliBhutto, who nationalizedall educational institutions.But a "Strong political will"is needed for that, headded. "Now the teacher isforced to sell education andstudents have to buy it," hesaid. Malik suggested thatthe government spendingon education must beincreased, so that morepeople can have access tofree of charge education.

Talking about the futureplans of the university, therector said the university isopening the department ofIslamic Art andArchitecture from this ses-sion. The approval for thedepartment has been givenby the academic council ofthe university and classesin the department wouldstart from the coming aca-demic session. -APP

Education,obligationof the State,says speaker


LONDON: Oil rose onTuesday lifted by expectationsthat data would show crudeinventories in the world's topconsumer fell for a seventhweek and supported by dollarweakness.

Further support came from astrong start on Wall Street dueto upbeat corporate earningsand data showing that UShousing startshit a six-monthhigh in June.

By 1401GMT, Brentcrude futureswere up $1.87at $117.92. UScrude added$2.30 to $98.23.

An expected fall in USstocks of oil is seen as keepingupward pressure on crudeprices.

Inventories are likely to havefallen by 1.3 million barrelslast week due to higher refin-ery utilization and a slide inimports, a Reuters poll showedahead of weekly reports.

"Estimates that there's been adrawdown in gasoline are giv-ing prices a bit of a boost, butwe are really range tradingafter the weakness we saw theprevious session," said TonyMachacek, futures broker atJefferies Bache.

In the second-largest oil con-sumer China, refined oil prod-uct stocks at the end of Juneincreased nearly 1 milliontonne from a year earlier.

They were at a normal level,after fuel consumption sloweddown since mid-April, a gov-ernment report showed onTuesday. Debt problems onboth sides of the Atlantic saw

investors move into saferassets and helped gold to reachanother record high.

Analysts said that oil wasalso a beneficiary of the reluc-tance to hold financial assets.

"There's a desire to holdsomething that has a physicalreality as opposed to bonds andshares, that has the ability tokeep its values when every-thing else falls," ChristopheBarret, oil analyst at CreditAgricole Corporate andInvestment Bank.

Highlighting the fragile stateof the euro-zone's economyand keeping investors wary ofholding riskier assets, German

analyst and investor sentimentfell more than expected in Julyto its lowest level sinceJanuary 2009.

Figures from the Mannheim-based ZEW economic thinktank showed its economic sen-timent index fell to -15.1 from-9.0 in June, below the consen-sus forecast in a Reuters pollfor a decrease to -12.4.

Oil was alsosupported bye x p e c t a t i o n sthat theI n t e r n a t i o n a lEnergy Agency(IEA) would notrelease emer-gency stocks for

a second time.This was because there was

no sign yet of the kind of short-age to mandate another dip intothe West's emergency oilreserves when a 30-day dead-line for assessing the impact ofa first release expires at the endof this week, traders and ana-lysts said.

For another IEA release totake place, it would have to beendorsed by all 28 members ofthe energy consumer body.Germany and Italy are likely toresist any plans for a secondrelease for now, a French gov-ernment source told Reuterslast week. -Reuters

Crude oil gains $2 ondollar, equities

Indian sugarend flat

as millersstay prices

MUMBAI: India's sugarfutures ended flat on Tuesdayas millers held prices steadydespite a slight drop in demand,traders and analysts said.

The most active sugar forAugust delivery on the NationalCommodity and DerivativesExchange ended unchanged at2,768 rupees per 100 kg. InKolhapur, a key market in topproducer Maharashtra, the mosttraded S-variety edged down by0.3 per cent to 2,692 rupees per100 kg ($60.49) per 100 kg.

"Millers kept priceunchanged in tenders. Theywere not cutting prices due tolower quota," said a member ofBombay Sugar MerchantsAssociation. India has madeavailable 1.56 million tonne ofnon-levy sugar for July, lowerthan the 1.65 million tonne ithad released last month, thegovernment said in a statement.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

India, the world's top con-sumer and the biggest producerafter Brazil, should churn out24.2 million tonne in the current2010/11 season and output mayjump to 26.5 million tonne in2011/12, higher than the coun-try's estimated consumption ofaround 22 million tonne, indus-try estimates. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

19-Jul-2011 Crude10 AU11 US$ Per Barrel 97.16 97.24 95.91 97.06 309 96.76 97.06 239

19-Jul-2011 Crude10 SE11 US$ Per Barrel 96.99 97.92 96.23 97.39 249 97.13 97.39 157

19-Jul-2011 Crude10 OC11 US$ Per Barrel 96.99 97.79 96.82 97.79 8 97.50 97.79 3

19-Jul-2011 Crude100 AU11 US$ Per Barrel 97.16 97.16 95.97 97.06 29 96.76 97.06 73

19-Jul-2011 Crude100 SE11 US$ Per Barrel 97.40 97.68 96.24 97.39 39 97.13 97.39 27

19-Jul-2011 Crude100 OC11 US$ Per Barrel 97.38 97.79 97.38 97.79 6 97.50 97.79 -

19-Jul-2011 SL100OZ AU11 US$ Per Ounce 39.50 40.83 39.50 40.10 109 40.33 40.10 29

19-Jul-2011 SL100OZ SE11 US$ Per Ounce 39.70 40.85 39.65 40.11 471 40.33 40.11 143

19-Jul-2011 SL100OZ OC11 US$ Per Ounce 40.34 40.34 40.11 40.11 - 40.34 40.11 1

19-Jul-2011 SL500OZ AU11 US$ Per Ounce 39.90 40.33 39.90 40.10 3 40.33 40.10 1

19-Jul-2011 SL500OZ SE11 US$ Per Ounce 39.78 40.84 39.78 40.11 108 40.33 40.11 36

19-Jul-2011 SL500OZ OC11 US$ Per Ounce 40.34 40.34 40.11 40.11 - 40.34 40.11 -

19-Jul-2011 GO1OZ AU11 US$ Per Ounce 1594.50 1610.00 1593.00 1602.30 698 1602.80 1602.30 1,635

19-Jul-2011 GO1OZ SE11 US$ Per Ounce 1594.90 1611.00 1593.00 1602.90 2,245 1603.60 1602.90 2,643

19-Jul-2011 GO1OZ OC11 US$ Per Ounce 1595.00 1611.00 1593.20 1603.30 1,525 1604.00 1603.30 2,065

19-Jul-2011 GO100OZ AU11 US$ Per Ounce 1602.80 1602.80 1602.30 1602.30 - 1602.80 1602.30 10

19-Jul-2011 GO100OZ SE11 US$ Per Ounce 1603.60 1603.60 1602.90 1602.90 - 1603.60 1602.90 -

19-Jul-2011 GO100OZ OC11 US$ Per Ounce 1599.40 1610.00 1593.00 1602.90 19 1604.00 1603.30 14

19-Jul-2011 GO100OZ DE11 US$ Per Ounce 1607.20 44412.00 1607.20 44412.00 - 1607.20 1604.30 -

19-Jul-2011 GOLD JY11 Per 10 grms 44421.00 44432.00 44421.00 44432.00 - 44421.00 44432.00 2

19-Jul-2011 GOLD AU11 Per 10 grms 44394.00 44503.00 44394.00 44439.00 10 44429.00 44439.00 4

19-Jul-2011 GOLD SE11 Per 10 grms 44443.00 44453.00 44443.00 44453.00 - 44443.00 44453.00 -

19-Jul-2011 GOLDKILO JY11 Per 10 grms 44394.00 44404.00 44394.00 44404.00 - 44394.00 44404.00 -

19-Jul-2011 GOLDKILO AU11 Per 10 grms 44401.00 44412.00 44401.00 44412.00 - 44401.00 44412.00 -

19-Jul-2011 TGOLD50 JY11 Per Tola 51780.00 51792.00 51780.00 51792.00 - 51780.00 51792.00 -

19-Jul-2011 TGOLD100 JY11 Per Tola 51780.00 51792.00 51780.00 51792.00 - 51780.00 51792.00 -

19-Jul-2011 MINIGOLD MON Per 10 grms 45602.00 45602.00 45595.00 45595.00 - 45602.00 45595.00 -

19-Jul-2011 MINIGOLD TUE Per 10 grms 45533.00 45647.00 45533.00 45647.00 - 45533.00 45647.00 -

19-Jul-2011 MINIGOLD WED Per 10 grms 45550.00 45550.00 45544.00 45544.00 - 45550.00 45544.00 -

19-Jul-2011 MINIGOLD THU Per 10 grms 45567.00 45567.00 45561.00 45561.00 - 45567.00 45561.00 -

19-Jul-2011 MINIGOLD FRI Per 10 grms 45585.00 45585.00 45578.00 45578.00 - 45585.00 45578.00 -

19-Jul-2011 TOLAGOLD MON Per Tola 52445.00 52618.00 52361.00 52513.00 72 52520.00 52513.00 66

19-Jul-2011 TOLAGOLD TUE Per Tola 52,687 52,687 52,441 52,572 4 52,441 52,572 4

19-Jul-2011 TOLAGOLD WED Per Tola 52,500 52,500 52,453 52,453 11 52,460 52,453 20

19-Jul-2011 TOLAGOLD THU Per Tola 52,480 52,480 52,473 52,473 - 52,480 52,473 5

19-Jul-2011 TOLAGOLD FRI Per Tola 52,500 52,500 52,493 52,493 - 52,500 52,493 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

closes flatTOKYO: Key Tokyo rubberfutures settled nearly flat in thintrade on Tuesday as concernsabout debt crises in Europe andthe United States kept investorsto the sidelines, but a recoveryin oil prices and gains inShanghai rubber lent support.

The key Tokyo CommodityExchange rubber contract forDecember delivery settleddown 0.2 yen at 378.8 yen perkg, after moving in a narrowrange between 379 yen and 373yen.

The most active Shanghairubber contract for Januarydelivery closed up 2.1 per centat 35,855 yuan per tonne, upfrom 35,115 yuan on Monday.Volume stood at 831,876 lots.

"Heightened concerns oversovereign debt crisis both in theUS and Europe have madeinvestors wary of taking posi-tions," said Naoki Asami, chiefbroker at trading houseKanetsu.

"But investors are eagerlylooking for clues for futuredirection and the market willlikely swing upward if thebenchmark contract breaksthrough the next resistance of380 yen," he added.

Rains in southern Thailand,which produces around 90 percent of the country's annualproduction of 3.2 milliontonne, have stopped, allowingfarmers to tap for more latex,traders said.

Brent crude rose 61 cents to$116.66 a barrel on Tuesday,reversing the previous session'slosses, as the dollar weakenedand on expectations oil stocks inthe world's top consumer US fellfor a seventh week. -Reuters

AHMEDABAD - INDIA: Farm labourer plants paddy seedlings in a field near Dholka, some 30

km from Ahmedabad. -Agencies

NEW YORK/LONDON: Goldprices retreated from freshrecord highs on Tuesday, settingthe stage for their first down dayin the past 12 sessions, asimproved risk sentiment tooksome of the heat out of theappetite for safe havens.

Despite the mild pull-back,which briefly dragged pricesbelow the $1,600 an ounce level,investors continued to favor themetal due to heightened con-cerns that thedebt crisise n g u l f i n gGreece mayensnare Italyand Spain, andas time grewshort for raisingthe US debt ceil-ing. "People are just steppingback ... maybe for a day or two,but I think we will end the weekeasily over $1,605, and quitepossibly over $1,610 for thesame reasons why we are here,"said Zachary Oxman, managingdirector with TrendMax inEncinitas, California.

We are going to end the weekwith the same concerns that wecame into the week with, andpeople realize that. When itdipped into $1,599, you have

seen a lot of buying come in, sopeople are still accumulating,whereas others are rotating andtaking some short-term profit."

Spot gold hit a new record at$1,609.51 an ounce, beforepulling back to trade at$1,599.96 an ounce at 1432GMT. Still, it is up 13 per cent sofar this year amid concerns overthe euro-zone debt crisis and thepotential for further US quantita-tive easing.

In New York, gold futures forAugust delivery were down$1.60 at $1,600.80 an ounce,back pedaling from their ownall-time peak of $1,610.70.

"All depends on what happensin the euro-zone ... and QE3,"said AndreyKryuchenkov, ananalyst at VTB Capital. "(We)don't expect it, but some arepricing it in. Should risk aver-sion escalate, (gold) will gohigher."

US President Barack Obama

and top lawmakers are also fac-ing more pressure for a debt dealamid a growing sense that a last-ditch plan taking shape inCongress may be the only way toavoid a devastating US default.

The gold:silver ratio -- theamount of silver needed to buyan ounce of gold -- dipped under40 this week for the first timesince early May as silver outper-formed gold in a rising market, acommon phenomenon given its

lower liquidity."Silver is

clearly benefit-ing from itsgreater afford-ability, attractinginvestors whoare keen on hardassets during

these uncertain times," saidUBS in a note. "(Its ratio togold) looks poised to fall fur-ther in the near term, particu-larly if risk aversion continuesto dominate."

Silver was bid at $40.30 anounce against $40.51.US silverfutures were off 8.2 cents at$40.26. Spot platinum was bid at$1,773.99 an ounce versus$1,769.98, while spot palladiumwas at $795.22 an ounce against$792.57. -Reuters

Gold eases from recordhighs, eyes euro summit

NEW YORK: Cotton futuresfinished Monday at a 9-monthlow due to debt woes in the USand Europe as the historic rallyin the market appears to be atan end, analysts said.

Cotton had posted its sixthstraight weekly loss last weekand the biggest single weeklydecline since December 2008,as demand destruction fromthe market's runup to a recordover $2 per lb hit fiber con-tracts.

"The macro picture is lousyand there is no way to getaround that," said SharonJohnson, senior cotton analystat commodities brokerage

Penson Futures in Atlanta,Georgia.

The key December cottonfutures on ICE Futures USplunged 2.62 cents to end at96.46 cents per lb, dealingfrom 94.46 cents to $1.0073. Itwas the lowest close for thesecond-position contract sinceearly October 2010, ThomsonReuters data showed.

Business was brisk. Totalmarket volumes hit around24,500 lots at 1851 GMT, morethan a quarter above the 30-daynorm, Thomson Reuters pre-liminary data showed.

Mike Stevens, an independ-ent cotton analyst in Louisiana,

said the December contractwas trying to fill a gap around$1.0345 to $1.0446, but justcould not reach that level.

"When we could not get anytraction going higher, we justfell apart late and then hit(automatic sell order) stops onthe way down," a trader said.

Open interest stood at134,008 lots as of July 15,down when compared to theprevious session's 135,977lots, data from ICE Futures USshowed. Volume traded onFriday stood at 27,650 lots,more than double the priorday's 12,903 lots, the exchangesaid. -Reuters

NY cotton ends at 9-mthlow as weak demand drags

LONDON: Copper rose to itshighest in more than threemonths on Tuesday on data thatoffered hope for the batteredUS housing market, a weakerdollar and prospects of firmChina demand, which helpedoffset investor anxiety overdebt crises in the United Statesand Europe.

Three-month copper on theLondon Metal Exchangeclosed at $9,840 a tonne, com-pared with Monday's close of$9,694 a tonne. The metal usedin power and construction ear-lier hit $9,873 a tonne, its high-est since around mid-April.

"We've seen quite a reboundin euro/dollar and equity mar-kets ... It seems it is very muchmarkets reconsidering that thedebt crisis is not something thatis going to weigh too much onglobal growth," Danske Bankanalyst Christin Tuxen said.

"Base metals are reboundingon this, maybe reconsideringthat the situation at least inAsia is not that bad, and indeedin our view we're likely to seeChinese demand for raw mate-rials bounce back quite signifi-cantly within the next fewmonths."

The data showed housingstarts rose more than expectedin June to touch a six-monthhigh and that permits for futureconstruction unexpectedlyincreased, a US governmentreport showed on Tuesday.

"There is a recovery unfold-ing; it's just glacially slow andrequires incredible scrutiny todiscern it," said RichardDeKaser, an economist atParthenon Group in Boston."New homes are more scarcethan they have ever been."

The White House is seekinga last-ditch plan with Congressto raise the US debt ceiling,and European governments arestruggling to reconcile compet-ing proposals for a second

bailout for Greece while tryingto prevent the crisis fromspreading through the region.

"Despite all these uncertain-ties, we've seen copper veryresilient to any downside risk,and that could also beexplained beyond the supplyissues by what we see as

healthy appetite from theChinese despite their price sen-sitivity," said Xin Yi Chen,commodity analyst at BarclaysCapital.

Investors are optimistic thatdemand from top copper con-sumer China will remainstrong in the second half of theyear given little sign that itsmonetary tightening efforts hadsharply slowed the world's No.2 economy, which grew afaster-than-forecast 9.5 percent in the second quarter.

Market participants alsoexpect a deficit in global cop-per supply this year, with short-age risks increased by weatherand labour unrest hitting majormines in Chile and Indonesia.

Copper inventories at LMEwarehouses rose 4,450 tonne to467,400 tonne, latest datashowed.

Lead and zinc also hit theirhighest since mid-April.

Zinc, used in galvanizing,closed at $2,490 from $2,431 atonne, having earlier hit$2,486. Battery material leadwas $2,770 from $2,730 atonne, having hit $2,779 atonne. Aluminium was $2,550a tonne from $2,495.

Nickel, untraded at the close,was bid at $24,100 a tonnefrom $23,825.

Tin closed at $27,890 from$27,350 a tonne. -Reuters

Copper rises on UShousing data, China

demand hopesKUALA LUMPUR: Malaysiapalm oil futures climbed 0.9per cent on Tuesday on con-cerns of hot weather affectingUS grain crops and talk ofhigher exports.

The health of US corn andsoybean crops have declinedmore than expected last weekas drier weather affected keygrowing areas and stunteddevelopment of late plantedfields, according to a govern-ment report.

This could stem falling pricesof palm oil that competes withsoyoil for use in food and fuelsectors. Palm oil has fallenalmost 18 per cent so far thisyear on ample stocks as well asjittery markets on account of

debt default threats in US andEurope. "The developments ingrain markets have reversedsome of the losses made earliertoday from news of the sover-eign debt problems. Ofcourse,the market is going to be tornbetween these two issues andwill be volatile," said a traderwith a foreign commoditiesbrokerage.

The benchmark Octobercrude palm oil contract onBursa Malaysia Derivativessettled up 29 ringgit at 3,107ringgit ($1,031) a tonne. Earlierin the session, it hit the lowestsince July 13.Overall tradedvolume stood at 26,793 lots of25 tonne each, compared to theusual 25,000 lots.

Malaysia's June palm oilstocks inched up to the highest in18 months at 2.05 million tonnefrom a month ago as overall pro-duction was higher than exports.Production stood at 1.75 milliontonne. Other vegetable oils weremixed in Asian hours.

US soyoil for August deliv-ery rose 0.6 per cent andreversed losses from the previ-ous session after a governmentreport showed more-than-expected declines in crop rat-ings due to the hot weather.

In China, the most tradedMay 2012 soyoil on DalianCommodity Exchange fell 0.1per cent, taking a cue fromweak US soyoil in the previoussession. -Reuters

Palm oil up on globalfood supply concerns

IEA unlikely to announce emergency stock release in meeting

Shanghai copper higher

In Shanghai, the third

month copper contract

rose1.3 percent to close at

72,830 yuan per tonne.

ICE sugar,coffee hold

steadyLONDON: Sugar and coffeefutures on ICE stabilised onTuesday, consolidating afterrisk aversion triggered by theworsening euro-zone and USdebt crisis dragged on com-modities during the previoussession.

Cocoa futures were mixed,remaining rangebound as deal-ers awaited clarity on the2011/12 supply outlook.

ICE raw sugar futures edgedhigher, buoyed by gains incrude oil and a weaker dollar.

The market remained under-pinned by uncertainty over thesize of top producer Brazil'scane crush.

October raw sugar on ICEwas up 0.03 cent or 0.1 per centat 28.97 cents a lb at 1402GMT. The front month set acontract high of 31.33 cents lastweek.

Some dealers questionedwhether the high sugar priceswere sustainable.

October white sugar on Lifferose $3.70 or 0.5 per cent to$756.80 per tonne.

Arabica coffee futures onICE also rose, tracking thegains made across the com-modity complex as markets sta-bilised following Monday'sweakness.

In top producer Brazil, thethreat of frost receded, as theend of frost season neared.

September arabica coffee onICE rose 2.6 cents or 1.1 percent to $2.5080 per lb.

Coffee exports fromIndonesia, the world's second-largest robusta producer, couldfall more than 30 per cent to300,000 tonne in 2011 as sup-ply constraints lead to tightstocks at the end of the year, asenior industry official said onTuesday.

Indonesia is the only majorcoffee producer to see a fall in2010/11 production.

September robusta coffee onLiffe traded down $10 or 0.4per cent to $2,240 per tonne. -Reuters


KARACHI: The PakistanCricket Board has softened itshard-line stance on recom-mendations proposed in anInternational Cricket Council(ICC) report on improving theorganisation of the sport in theSouth-Asian country.The ICC ordered a Task Teamto compile a report onPakistan cricket in the wakeof the 2009 attack on the SriLanka team bus in Lahore andlast year's spot-fixing scandalbut the PCB rejected a major-ity of the unit's observationslast week.However, PCB chief operat-ing officer Subhan Ahmadtold Reuters on Tuesday thatthe board had only dismissedthe recommendations it feltwere redundant or based oninaccurate information."The constructive recommen-dations and proposals by theTask Team which are good forPakistan cricket are under

consideration," Ahmad insist-ed."We are looking at ways toimplement them soon."The Task Team, headed byEngland and Wales CricketBoard (ECB) chairman GilesClarke, put forward a numberof reforms for Pakistan crick-et and Ahmad dismissed sug-gestions that the PCB's initialcold response had soured rela-tions with the ICC."We appreciate the ICC andTask Team's intentions to helpand support Pakistan cricket.Our relations remain verygood and there is no con-frontation on this matter," hesaid.One of the recommendationswould see a democratic sys-tem of governance in Pakistanput in place, with the powersof the chairman being reducedand transferred to a chiefexecutive.The report also wants a reduc-

tion in the involvement of thecountry's president, who ischief patron of board affairsand responsible for appoint-ing its chairman. Ahmad saidthe PCB's main issue was thatthe Task Team did not visitPakistan while compiling thereport apart from ICC officialDave Richardson, who spent afew days in Karachi last year."We told the Task Team manytimes that they needed to visitPakistan while compilingtheir report," Ahmad said,adding that the board wouldstill welcome any proposedtrips by members of the panelto Pakistan.Ahmad confirmed that PCBchairman Ijaz Butt would beat Lord's for the 2,000th testcelebrations this week whenEngland host India and wouldhold informal talks with theICC and Task Team membersover the report and a proposedvisit to Pakistan. -Reuters

Shahid,Imran mainchallengersfor Asjad in

NBP SnookerKARACHI: NationalChampion Shahid Aftab andImran Shehzad both fromPunjab are main title con-tenders in third NBP NationalRanking Championshipwhich breaks-off at AmirBakhsh Hall of Karachi Clubhere from Wednesday.

Top seed Shahid Aftabreturned here recently afterstring of good results inWorld Team Snooker held inBangkok.

Second seed Imran Shehzadis also experienced interna-tional while third seed SultanMuhammad and fourth seedSohail Shahzad both fromSindh with Asif Toba,Muhammad are capable ofcausing upsets.

As Sajjad will be missingthe event as he will bedefending his crown in KoratCup in Thailand, it will begood opportunity to grab thetitle defended by eighth seedAsjad Iqbal.

With Sajjad absent, 31 cue-men from across the countrydrawn in eight groups will bevying for the crown and win-ners purse of Rs.60,000.

After three-day leagueactivity, top two cueists fromeach group will qualify forthe last 16 round to be playedon July 22.-APP

KP InterDistrict

BadmintonC’ship in Swat

PESHAWAR: KhyberPakhtunkhwa Inter-DistrictBadminton Championship withthe strong support of SarhadRuler Support Program (SRSP)will be commencing from July21-25 at indoor hall of theMakan Bagh Sports Complex,Mingora Swat.

Talking to APP, PresidentKhyber PakhtunkhwaBadminton Association ZafarAli Khan disclosed that allarrangements in this connectionhave been given final touches.

He said that to give a messageof peace to the world we are verythankful to the SRSP who comeup and support the associationfor organizing the event at hillyresort Swat, which is famous aslittle Switzerland of Pakistan.

He said 150 players from alldistricts including Peshawar,Bannu, Kohat, Dera IsmailKhan, Nowhwera, Abbottabad,Haripur, Karak, Mardan, UpperDir, Lower Dir, Malakand,Chitral, Buner, and LakkyMarwar vie for the top honor inthree different categories TeamChampionship, Men Singlesand Men Doubles while invita-tions to players of KhyberPakhtunkhwa Police has alsobeen given looking after thesacrifices they rendered for therestoration of peace in Swat.

He said due to militancy andinsurgency the people of Swathas suffered and now withholding of sports activities itwould help in highlighting thepeace in Swat besides giving amessage of peace to the world.

He also lauded UNDP-PaRRSA for holding Spirit ofSwat Festival wherein 15 differ-ent events organized in whichteams from all the seven regionsof Khyber Pakhtunkhwa and fivedistrict of Malakand Divisiontook part. He also lauded theefforts of hockey OlympianRahim Khan for supporting theassociation by ensuring provisionof badminton mate to Swat.

The opening ceremony he saidwill be organized on July 21 at5.00 p.m while the final and prizedistribution ceremony will beheld on July 25 at 3.30 p.m. -APP

Pak softensstance overICC advices

LAHORE: The PakistanCricket Board (PCB) hasrecovered a fine of Rs4.5million from former nationalcaptain Shahid Afridi.

A senior official of theboard confirmed that thefinance department haddeducted the fine amountfrom the dues that were to bepaid to Afridi for the WorldCup and tour to West Indies.

"In total the board had topay him around Rs5.5 mil-lion out of which we deduct-ed the fine amount in full,"the official said.

The disciplinary committeeof the board had fined Afridifor several breaches of thecode of conduct last month.

The fine came after a stand-off between Afridi and thePCB allowing his removal ascaptain of the national one-day squad in May. Heannounced his retirement inprotest and criticised theboard for its conduct and notrespecting senior players.

After he withdraw a caseagainst the PCB from theSindh High Court, Afridiappeared before the discipli-nary committee which finedhim but asked the board toissue him an NOC to go andplay for Hampshire inEngland's domesticTwenty20 event.

This is the second highestfine amount recovered from aPakistani player by the board

after the record Rs7 millionthat were deducted from

retired fast bowler ShoaibAkhtar's dues.

The board official said thefinance department had alsodeducted the half a millionrupees fine from wicketkeep-er Zulqarnain Haider whowas also penalised by the dis-ciplinary committee.

National selector,

Mohammad Illyas who had awar of words with Afridi dur-

ing the standoff with theboard, also called up the all-rounder to inquire about hisfather's health.

"Whatever happened is pastnow but at this time Afridineeds all our prayers and sup-port so that his father canrecover soon," Illyas said. -INP

PCB deductsRs4.5mn fine

from Afridi dues

TOKYO: Japan captainHomare Sawa vowed Tuesdayto go for gold at next year'sLondon Olympics as hersquad returned home to ahero's welcome followingtheir historic triumph at thewomen's World Cup.

"It's human nature to wantmore," Sawa, with a goldmedal hanging from her neck,told a packed news conferenceat a hotel in Tokyo after theteam arrived at the capital'sNarita airport, thronged by400 fans and 250 media peo-

ple.The gutsy 32-year-old play-

maker added: "With this goldmedal in front of me, I reallyfeel that my next goal is tograb the Olympic gold medalas we have yet to get anymedal at the Olympics."

Japan, who finished fourthat the 2008 Beijing Olympics,came from behind twice tobeat world-number ones andtwice champions the UnitedStates 3-1 on penalties in thefinal of the World Cup inFrankfurt on Sunday.

It was the first footballWorld Cup title for any Asiancountry and lifted spirits inJapan, which has been recov-ering from the March 11 earth-quake and tsunami which left21,000 people dead or missingand sparked a crisis at anuclear power plant.

With their teamwork, crisppassing and never-say-die atti-tude more than offsetting theirphysical shortcomings, Japanupset hosts and holdersGermany and Sweden on theway to glory. -APP

Japan eyeball WC

Olympic Double

LAHORE: The PakistanCricket Board (PCB) is keento use the controversialDecision Review System(DRS) in their upcomingseries against Sri Lanka inthe United Arab Emirates.

"We are working on waysto have the UDRS in theseries with Sri Lanka thisyear," a senior official of theboard told reporters.

Admitting that the biggestproblem facing the PCB inhaving the DRS was theabsence of an agreement withits TV broadcaster, Ten Sportson its mandatory use and theextra costs involved in theexercise. "Since having theUDRS is not part of our

agreement with our broad-caster it means an extra costof USD 40,000 to 50,000 forus," he said.

The official said despitethese issues, the board waskeen to use the DRS special-ly after the recent decisionof the ICC that it be used inTests and ODIs in a bilateralseries with the technologyof hot-spot and audio-track-ing.

"As far as the use of balltracking technology is con-cerned (Hawkeye) this canbe used if both boards agreeon using this technologyalthough it would meanextra costs for the hosts,"the official said. -INP

PCB wants DRS for

Lanka series in UAE

ISLAMABAD: Tennis player saba Aziz during inauguration ceremony of“1st Aisam-ula-Hqa Master Tennis Championship” at PTF Tennis Complex. -INP

SHANGAI: Gold medallist China's Shi Tingmao poses with her compatriot silvermedallist Wang Han (L) and bronze medallist Italy's Tania Cagnotto (R) after the women's

1m springboard diving final at the 14th FINA World Championships. -Reuters

SBP selects 15-member squad for

PCB Under-19 Cricket TournamentThe State Bank of Pakistan (SBP) has selected a 15-member squad for participation in

Pakistan Cricket Board Under-19 Cricket Tournament, which is scheduled to begin in

September, 2011.

The SBP squad includes Syed Junaid Ali, Musa Khan, Jahid Shaukat Ali, Shoaib Akram,

Shehzad Ali, Adeel Abbas Malik, Ahmer Bin Nasir, Suleman Shinwari, Shabbir Ali, Ali

Usman, Muhammad Afzal, Junaid Ashraf, Abdul Matin, Fawad Khan and Waqas Wasif.

Reforms in Pakistan Cricket

11International & Continuations

CONTINUATIONS


TFD Report

WASHINGTON: With adefault deadline drawing omi-nously near, House Republicanleaders are giving the tea partywhat amounts to a symbolicfloor vote on a "cut, cap andbalance" debt-limit plan whilebehind the scenes work contin-ues on a fallback measure thatcould become the frameworkfor a compromise.

The chamber will voteTuesday on the plan to let thegovernment borrow another$2.4 trillion - but only after bigand immediate spending cutsand adoption by Congress of aconstitutional amendmentrequiring a balanced federalbudget.

The plan is doomed in theDemocratic-controlled Senate,and the White House haspromised a veto.

The cut, cap and balancemeasure - and the veto threatissued Monday - sparked thelatest in predictable tit-for-tat

exchanges between combatantsof Capitol Hill and in the WhiteHouse, even as it was revealedthat President Barack Obamahosted House Speaker JohnBoehner, R-Ohio, and MajorityLeader Eric Cantor, R-Va., atthe White House on Sunday.

"We're making progress,"Obama reported.

But the White Houseattacked the cut, cap and bal-ance idea as an assault on cher-ished programs. The measuredoesn't contain any actualspending cuts but promisesthey will be made in the future.

"What we are witnessinghere with this measure is clas-sic Washington posturing,kabuki theater," said WhiteHouse press secretary JayCarney, adding that the meas-ure would "dismantle ... oursocial safety net: SocialSecurity, Medicare andMedicaid."

Despite the veto threat,House Republicans said theywould go ahead with plans to

pass the bill Tuesday. "It's dis-appointing the White Housewould reject this commonsenseplan to rein in the debt anddeficits that are hurting job cre-ation in America," Boehnersaid.

After the cut, cap and bal-ance measure stalls, Senateleaders appear likely to try toadvance a bipartisan plan to getaround the debt limit crisis bygiving Obama sweeping pow-ers to order an increase in theborrowing limit. The backupmeasure faces furious opposi-tion among groups like theClub for Growth and activistslike blogger Erick Erickson ofRedstate.com, whose opinionscarry weight with many con-servatives, but it's nonethelessseen as probably the mostviable option for avoiding adefault in two weeks.

Barring action by Congressto raise the $14.3 trillion debtceiling, the Treasury will beunable to pay all the govern-ment's bills that come duebeginning August 3.

Iran says isinstalling new

centrifugesTFD Report

TEHRAN: Iran said Tuesdayit was installing new and effi-cient centrifuges aimed atspeeding up its nuclear enrich-ment amid fears Tehran is mov-ing toward weapon-gradeenriched uranium.

The spokesman for theIranian Foreign Ministry,Ramin Mehmanparast, saidInternational Atomic EnergyAgency is monitoring the workbut he did not elaborate on thespecifications of the machines.

The move comes despite fourrounds of U.N. SecurityCouncil sanctions overTehran's refusal to halt enrich-ment.

The West suspects Iran ispursuing a nuclear weapon pro-gram. Iran denies the chargesaying its nuclear activities isonly geared at peaceful activi-ties such as power generation.

Also Tuesday, Mehmanparastsaid Iran will consider a pro-posal by Russian ForeignMinister Sergey Lavrov torejoin nuclear talks, althoughhe said Tehran had not yetreceived the proposal. It callsfor the international communi-ty to make limited concessionsto Iran for each step it takes inmeeting demands to comemake public its nuclear inten-tions.

US House to vote on tea party-backed

debt plan

elections have been completed.The polling would start in these constituencies on Wednesday

from 8am to 5pm.The number of candidates in LA 30 is 12. After withdrawal of

PPP and Muslim Conference candidates, the election would becontested between MQM's candidate Tahir Khokhar and PML-NAbdul Rashid Mirza.

The number of candidates in LA-36 is 11out of which 8 are con-testing as independent candidate while PPP and MuslimConference have also withdrawn from these seats.

MQM candidate, Saleem Butt is in winning position from thisseat. - Agencies

Continued from page 12No #1

development and execution. The report analyzes the current portfolio of investments in the

Public Sector Development Program (PSDP) costing Rs4.1 tril-lion with a view to identify issues hindering its effective imple-mentation.

"PSDP contributes towards economic development of Pakistan,therefore, emphasis has been given on its rationalisation in lightof its increasing throw-forward of over Rs3.0 trillion of approvedprojects in backdrop of fiscal constraints," he said.

It is ripe time to review and rationalise the PSDP portfolio inlight of the 18th Amendment and some other factors so that limit-ed fiscal resources are leveraged towards viable projects of ener-gy, water, transport and other infrastructure sector, being the pri-mary responsibility of the federal government, he said.

Projects which have positive impact on the economy and socie-ty and offer the greatest rates of returns should be financed withpriority, he pointed out. He said that after analyzing several fac-tors and issues the commission is planning for maximizing thebenefits.

"With our population increasing at 2 per cent annually, thereis tremendous stress on our resources. The government does nothave the fiscal space for spending on public services given itsimmense obligations to provide defense, law and order andservicing the outstanding public debt," he said, adding that inorder to move the growth agenda forward, many projects mustbe privatised or implemented via Public-Private Partnership(PPP) mode. - Online


units of renowned global financial institutions with detailedknowledge and oversight of the regulatory environment, capitalmarkets, operations, payments, export finance, investment man-agement and credit related matters. - NNI


He said that the IRIB is one the major media organizations ofIran and has been doing a fine job for decades.

The ambassador said media is part of a democratic society andhelps a lot in bridging the gap between the people of differentcommunities. He said Pakistan has its own dynamism and thatshould be captured in a good way.

"The IRIB is doing a very delicate job and projecting Pakistan'senvironment to Iranian people," he said.

He added that this would surely help depict better picture ofPakistan and 'We also expect Pakistani media to do the same with theIranian society.' He said that media of Muslim world should joinhands so that they may not need the help of western media. - NNI


The judge expressed his displeasure when Anjum Aqeel did not

appear in the court for arguments and ordered him to appear within

half an hour. Counsel for Anjum Aqeel sought time for arguments.

The court said no excuse would be accepted on next hearing.

Court also ordered FIA to present challan of the case on next

hearing besides directing Anjum Aqeel Khan to appear before

it. - Online


compelled to send them back to Islamabad. - Online


border and one of them hit a post of the paramilitary FrontierCorps (FC), which is responsible for monitoring the cross-bordermovement of militants.

'The attack killed three soldiers and injured four others,' he said,speaking on condition of anonymity.

The tension between Pakistan and Afghanistan has increaseddue to cross-border raids into Pakistan in recent weeks, and retal-iatory rocket fire by Pakistan. One cross-border raid in June inUpper Dir killed at least 30 Pakistani policemen.

In a separate incident, one Pakistan Army major and eight mili-tants were killed on Tuesday when dozens of militants attackedsecurity forces in the Kurrum tribal district, where the armylaunched an operation against the Taliban two weeks ago, an intel-ligence official said.

Officials have said that nine solders and around 60 militantshave been killed since the beginning of the operation. - Online


like Bajaur, Mehmand, Orakzai and others are being lookedafter by Pakistan Army and Administration while maximum facil-ities are being provided to cater their needs on emergent basis.

Pakistan army spokesman Maj Gen. Athar Abbas confirmed thecontents of the video, and said the Taliban fighters who executedthe policemen came from the Swat Valley, an area that used to becontrolled by the militant group. The Pakistani military launcheda large offensive in Swat in 2009, but many of the fighters slippedacross the border into Afghanistan.

The Taliban released a video Monday showing fighters execut-ing 16 Pakistani tribal policemen in a hail of gunfire who werecaptured in a cross-border raid from Afghanistan earlier this sum-mer.

The video shows the policemen lined up on a hillside with theirhands tied behind their backs, standing in front of armed Talibanfighters wearing scarves to hide their faces. Both the policemenand the insurgents are wearing shalwar kameez, the baggy shirtand pants common in Pakistan and Afghanistan.

One of the insurgents accused the men of executing six childrenfrom Pakistan's Swat Valley by firing squad. He and several otherfighters then opened fire on the policemen, who crumpled to theground. Several of them were still moaning, and one fighterwalked down the line shooting the policemen in the head.

The video was posted on the LiveLeak video sharing websiteand included a note saying the policemen were captured when theTaliban staged a cross-border raid from Afghanistan on June 1 inPakistan's northwest Dir district.

Hundreds of Taliban fighters crossed into Upper Dir on June 1from Afghanistan's eastern Kunar province. They killed at least 30members of the security forces over three days of fighting beforebeing forced back across the border by the military, said Abbas.

The Pakistani military has complained that Afghan and Natoforces have not done enough to target Taliban sanctuaries in Kunar,where the US withdrew most of its forces over the last year.

Afghanistan and the US have criticized Pakistan for not doingenough to target sanctuaries on its side of the border filled with mil-itants who regularly launch attacks against Nato troops inAfghanistan. The Afghan government has also accused Pakistan offiring hundreds of rockets into Kunar over the past few months andkilling at least 40 people, an allegation denied by Pakistan. - Online


Hague said Pakistan and UK have shared determination todefeat terrorism and violent extremist. He said it was in the inter-est of both the countries to sustain the strategic relationship basedon mutual respect, trust and benefit.

He also assured continued support of the British government inPakistan's efforts against militancy and terrorism and to meet thecritical economic challenges facing the country.

Earlier Prime Minister met with British Deputy Prime MinisterNick Clegg here at the Lanchester House discussed issues ofmutual interest with a specific stress on economic and bilateralcooperation. At a luncheon meeting the two sides agreed that boththe countries would continue to work together in fighting militan-cy and for promoting peace in the region. - Agencies


He prayed to Allah Almighty for eternal peace of the deceasedand to grant courage to the bereaved family to bear this irrepara-ble loss with fortitude. Ahmed Wali Karzai was assassinated byhis guard in Kandahar last week.

President Karzai thanked President Zardari for his gesture. Laterthe two also held talks and covered bilateral relations focusing ontransit trade, regional situation and fight against militancy.

On the issue of transit trade the Afghan side raised the issue ofcontainers held up in Pakistan the number of which contains foodand perishable items. President Zardari assured Karzai that thegovernment would look into it and transit of perishable items andfood would be allowed immediately.

President Asif Ali Zardari will embark on a two-day officialvisit to Saudi Arabia on Wednesday (today). According to mediareports, President is visiting the brotherly country on the invita-tion from King Abdullah bin Abdul Aziz Al Saud.

President will pay rich tribute to King Abdullah for his keeninterest in the welfare of the people of Pakistan and generous helpespecially during the 2005 earthquake and 2010 flooding.

It must be mentioned here that King Abdullah was enjoyingtremendous respect on people's and official levels in Pakistan dueto his pioneering role in supporting the causes of Muslim Ummahand sincere desire to enhance solidarity and unity of ranks amongthe Muslims. During his stay, President will also perform Umrah,besides meeting high officials and dignitaries in Saudi Arabia duringa two-day visit. Host of issues of bilateral interest will come under dis-cussion. - Online


Clinton also pledged strong US support for India's battle againstextremism -- underscored by last week's deadly triple bombattacks on Mumbai -- and said she would press India's nuclear-armed neighbour Pakistan to do more to crack down on militantsbelieved to be operating from its territory. Clinton's visit to India,


Under the deal finalised in March last year, Iran will pump 750 million cubic feet of gas toPakistan each day by 2014. "ISGS is inviting EOI from reputable/international banks to act as finan-cial adviser to assist ISGS in arranging capital (debt and equity) for the project," the company saidin the document. "The prospective consortia, if any, may include multiple banks along with othernon-banking enterprises, but each consortium shall identify one bank as the lead adviser."

The lead adviser would manage the entire transaction up to the financial close, it said.Petroleum secretary Ejaz Chaudhry told a parliamentary panel on Monday that a route survey was

already underway for laying the 750-km pipeline, which is estimated to cost $1.2 billion.Iran is said to have almost completed construction of its portion of the pipeline.The Pakistani section of the planned pipeline will cross the province of Baluchistan, where sepa-

ratist militants have been targeting power and gas installations for years in a decades-long low-scaleinsurgency. Despite security fears over the pipeline, analysts say the southern part of the province,through which it will pass, is less vulnerable and the plans are likely to go ahead.

Pakistan is desperate for new energy sources and needs gas to feed its power sector as it faces ashortfall of up to 5,000 megawatts per day during peak hours in summer.

It also plans to import 500 million cubic feet per day (cfd) of liquefied natural gas (LNG) by Augustnext year. The petroleum ministry is evaluating 17 foreign and domestic firms that have shown inter-est in the project. Pakistan's own balance of recoverable natural gas reserves stood at 28.33 trillioncubic feet per day (mmcfd) by Jan 1, 2010, official figures show. The average daily gas production is4.5 billion cubic feet, with consumption at 6.5 billion cubic feet by June 30, 2011. - Reuters


Managing Director Sui Northern Gas Pipeline Arif Hamid told the committee that no law was inplace to take action against gas stealers. - Online


Hina said that the reconciliation process in Afghanistan should be Afghan led and Afghan owned.She also underlined the importance of the ISAF forces playing a greater role in checking cross bor-

der incursions by miscreants. - Online


NEW DELHI: US Secretary of State Hillary Clinton shakes hands with India's foreign ministerSomanahalli Mallaiah Krishna during a photo call before their meeting in New Delhi. - Reuters

her second as secretary of state, was aimed at building on progress made since US President BarrackObama visited in November and declared the two giant democracies were natural partners. Sincethen, however, US hopes for swift implementation of the civilian nuclear deal have run into politi-cally complicated legislative and regulatory hurdles that major US companies say block them fromgetting a piece of the action. "We need to resolve those issues that still remain so that we can reapthe rewards of the extraordinary work that both of our governments have done," Clinton said duringa news conference with Indian foreign minister S M Krishna.

The United States wants India to "tighten up" legislation to protect equipment makers from liabilityin case of nuclear accidents, saying it is much more stringent than comparable laws in other countries.General Electric and Westinghouse, the US-based arm of Japan's Toshiba Corp , are keen to take a sliceof the market. A landmark 2008 deal brought India out of the nuclear cold since facing global sanctionsfor its 1998 atomic tests, but also provided a central theme for its relations with the United States.

WARMING TIES SHADOWED BY DOUBTSClinton's visit covers a range of bilateral issues including counter-terrorism cooperation, which

both sides say is a major priority as relations between the two countries continue to improve sinceend of the Cold War, when India was seen as closer to the old Soviet Union.

"From the American side the focus (of the visit) was on economic partnership. They want to usethe strategic platform to get greater market access to India and encourage India to move towards thesecond generation of economic reforms," said Kanwal Sibal, a former Indian foreign secretary.

Clinton briefed Indian leaders on US plans to draw down troops in Afghanistan as well as onPakistan, where the halting battle against militants has spurred questions about Islamabad's true inten-tions. Krishna, reflecting widespread concern in India that the US plan for Afghanistan may leave thecountry as a base for Islamic militants, said Washington should take a close look at the risks involved."It is necessary for the United States to factor Afghanistan's ground realities as they see it so that theycan appreciate that Afghanistan could be in a position to defend itself against the terrorists sponsoredby the Taliban." US officials are generally pleased with security cooperation with India, which rangefrom intelligence sharing on terror networks to joint efforts against maritime piracy.

But India has long been unhappy about what it perceives as Washington's resistance to sharing crit-ical, real-time information on Islamic militants in Pakistan and Afghanistan that may be plotting toattack Indian targets. Clinton said she welcomed the dialogue between India and Pakistan, resumedearlier this year after they were frozen in the aftermath of the Mumbai attacks, which killed 166 peo-ple in 2008 and blamed on Pakistani-based militants. The Indian and Pakistani foreign ministers aredue to meet in New Delhi later this month to push peace efforts forward. - Reuters

The UK blue chip index had shed 5 per cent over the previous eight trading days as worries over thepotential for debt default among some euro zone countries and threats to the United States' top credit rat-ing weighed on sentiment.

Johnson Matthey , a major consumer of precious metals as the world's largest supplier of catalytic con-verters, was a top blue chip gainer, up 4.0 per cent as it said its first-half performance would likely be sig-nificantly improved after a 19 per cent rise in first-quarter profit.-Reuters


day which was 30.8 million shares more as compared to a turnover of 57.3 million shares on

Monday. Pakistan Telecommunication was the volume leader with 11.41 million shares followed by

Fatima Fertilizer with 9.6 million shares and National Bank of Pakistan with 5.63 million shares. Out

of total 347 active issues; 147 advanced and 101 declined while 99 issues remained unchanged.


The market has been preoccupied with wrangling in Washington over a deal to raise the debt ceil-ing. There is a growing sense that a last-ditch plan taking shape in Congress may be the only wayto avoid a US default.-Reuters


second quarter, trouncing expectations and raising hopes that 2011 will be a good year for the tech-nology sector. The technology sector index recouped 1.1 per cent after falling more than 6 per centover the past six previous sessions. Wipro is expected to report on Wednesday quarterly profitdropped 4.3 per cent from the previous quarter.

Top lenders State Bank of India and ICICI Bank rose 1.5 per cent and 1.4 per cent respectively.The 50-share NSE index firmed 0.8 per cent to 5,613.55. More than one share advanced for every

share that declined on the NSE, where 521 million shares hanged hands, lower than the 90-day dailyaverage volume of 576 million shares. World stocks as measured by MSCI was up 0.6 per cent by1025 GMT, while the more volatile emerging market equities climbed 0.5 per cent.-Reuters


earnings, which suggest Japanese firms may also report better-than-expected figures later thismonth. The broader Topix fell 0.7 per cent to 853.75.

Euro-zone leaders will meet on Thursday to finalise a second round of aid for Greece worth 110billion euros ($154 billion), while political leaders remain at an impasse with the clock ticking inWashington before an Aug. 2 deadline on the federal borrowing limit.-Reuters


www.asharys.net

tel: 92(42)5694061-2

Italian KitchensLahore

tel: 92(21)5860794-5

Karachi

1.Classic News AgencyAbdul Mutalib Ph: 0333 -230 07 66

2. E-mail at [email protected], 3.SMS us at 0322-260 2 838

4. Contact Phone: 35 31 18 93 - 6

RIAZ NEWS AGENCY

Cell # 0333-5373137SHAKIL NEWS AGENCY

Cell # 0333-4400472

Manager Circulation

Ahmad OmerFor Subscription

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.


ISLAMABAD: PlanningCommission has decided totake the Public SectorDevelopment Programme(PSDP) as a mode for encour-aging private investments espe-cially in the area of key infra-structure.

This was the crux of deputychairman PlanningCommission Dr Nadeem ulHaque's press talk after launch-ing of "Analytical Review ofthe PSDP Portfolio," here onTuesday.

"For decades, the PSDP hasdelivered some key infrastruc-ture such as dams, power sta-tions, roads, universities andothers. Yet sustainable growthhas eluded Pakistan," he saidwhile talking to senior journal-ists. To stimulate vigorous pri-vate investment for achievingthe objectives of sustainable

economic growth, such stepswere essential, he added.

"With this in mind we arebeginning to take a long hardlook at the PSDP with view tounderstanding what is thereturn on the investment thetaxpayer is making" said DrHaque.

He said that PSDP deliverysuffers from difficulties like theinadequacies of fiscal policy,weak planning process. PSDPincentives project developmentbut not public service delivery,productivity and no attempt ismade to deliver real benefits tothe people, he said.

The deputy chairman high-lighted that since outcomes arenot monitored or reviewed andbecause of the continuous pres-sure to initiate projects severalweaknesses remain in project

See # 2 Page 11

PSDP beingused to boostinvestment

Analytical Review of PSDP Portfolio

KARACHI: Governor SindhDr Ishratul Ebad Khan has saidthat PPP and MQM wouldresolve the problems of thepeople jointly. Those matterswould be improved on prioritybasis, which have been abortiveto serve their purpose.

He was talking to ChiefMinister Sindh Syed Qaim AliShah , which called him on atgovernor house on re-joiningthe slot of governor after thelapse of 24 days . Provincialministers Pir Mazhar-ul-Haqand Manzoor Wasan were alsopresent on the occasion.

Chief Minister Sindh SyedQaim Ali Shah announced thatPPP would withdraw from thetwo seats in Karachi I e LA 30and LA 36 for AJK LegislativeAssembly in favour of MQM.He said that the both partieswould work together for

strengthening the country as thehearts of two are united.

After the meeting bothGovernor Ishratul Ebad andCM Qaim Ali Shah held a jointpress conference in which gov-ernor Ishrat said the situationcould be better if the disagree-ing issues would be settled on

He said that he came back forthe political stability in thecountry. Governor said that heresigned on the orders of AltafHussain and again taking thecharge on his instructions.

He further said that PresidentAsif Zardari and MQM leaderAltaf Hussain has shown theirresolve to continue the recon-ciliation process. Both the lead-ers would move forward theaffairs in a democratic manner.

"In politics, rise and fall is theroutine matter. PresidentZardari has given assurance to

Altaf Hussain that all the appre-hensions of MQM includingmatters taken place during theabsence of MQM would beremoved soon", he added.

CM Sindh Syed Qaim AliShah said that MQM and PPPworked tighter for three yearsin a cordial atmosphere. Nowthey met again with the feelingof affection. He said that thealliance of both parties wouldbenefit the country. It is verymuch hoped that good relation-ship would be developed againamong two.

He said the return of IshratulEbad as governor is convivial,which was made possible dueto political vision of PresidentZardari.

Earlier, Governor SindhIshratul Ebad said while talkingto the media on Jinnah AirportKarachi after his arrival to

Pakistan that he became gover-nor due to love of Altaf Hussainand now he returned back on hisdirection to serve the people.

"I will try my level best tocome up the expectation of thepeople as they gave me lot oflove and respect", he added.

On the occasion MNAs, MPAs,Member Rabita Committee ofMQM were present at airport towelcome him.

It may be pointed out thatpolling on two seats of AJKassembly LA 30 and LA 36here would be held today(Wednesday).

After withdrawal of MuslimConference and PPP candi-dates, victory of MQM candi-dates is certain on these seats.

According to ElectionCommission schedule, thepreparations for conducting

See # 1 Page 11

PPP withdraws fromtwo AJK seats of Khi

Ebad vows joint action to serve masses

MQM likely to win both seats today

WANA: At least threePakistani soldiers werekilled and four injuredTuesday when a mortarfired from Afghanistan hittheir outpost in the north-western tribal area, securityofficials said.

The incident occurred inthe Angoor Adda area ofSouth Waziristan, one ofseven districts where thou-sands of troops have beendeployed since militaryoperation against the mili-

tants in October 2009.Also on Tuesday, a road-

side bomb killed fivetribesmen in the Shakaiarea of South Waziristan.

A local official said thatthey were part of a peacecommittee and were ontheir way to attend peacecouncil meeting when theirvehicle was hit.

A security official saidthat at least six mortarswere fired from across the

See # 7 Page 11

3 Pak soldiers die inAfghan mortar fire

Blast kills 5 in SW

KATHMANDU: Nepal hasbegun a project to re-measureMount Everest in an attempt toend confusion about the exactheight of the world's tallestpeak, a government spokesmanin Kathmandu said Tuesday.

Everest, which straddlesNepal and China, is generallythought to stand at 8,848 meters(29,029 feet) after an Indiansurvey in 1954, but other morerecent measurements have var-ied by several meters.

Gopal Giri, a spokesmanwith the Nepalese land reformand management ministry,

told AFP that during bordertalks between the two coun-tries, the Chinese delegatesoften use their measurementof 8,844 meters. "We havebegun the measurement toclear this confusion. Now wehave the technology and theresources, we can measureourselves," Giri said. "Thiswill be the first time the Nepalgovernment has taken themountain's height."

He said that the project'sresults would only be known intwo years' time after referencepoints are set up on Everest and

then global-positioning systemsatellites are used to calculatethe precise measurement.

Last year, officials from bothnations reached a compromiseunder which Nepal measuredthe height of Everest's snowcapat 8,848 meters and Chinameasured the rock peak at8,844 meters.

The first measurement ofEverest was made in 1856. Itwas conquered in 1953 bySherpa Tenzing Norgay andEdmund Hillary, and has sincebeen climbed by more than3,000 people. - APP

Nepal to re-measure Everest

ISLAMABAD: IranianAmbassador to PakistanMasha'Allah Shakeri has stressedthe need for further enhancingcooperation between Iran andPakistan in energy sector.

Talking to IRNA he saidPakistan is in need of energyand "We can help Pakistanovercome its energy crisis."

To a question regardingrecent visit of PakistanPresident Asif Ali Zardari to

Iran, he said that "We are enter-ing a new chapter withPakistan." He said 'Due to cer-tain problems we missed theopportunity in the past but wehave time to compensate."

Answering a query, Shakerisaid that there is enormouspotential to enhance Iran-Pakeconomic ties. "We have to seewhat Pakistan requires andwhat Iran can offer," he said.He said that economic outcome

between Iran and Pakistan mustsky's the limit.

To a question regardingimportance of opening ofIslamic Republic of IranBroadcasting (IRIB) studio inIslamabad Mr. Shakeri saidenhanced cooperation betweenPakistan and Iran in the field ofmedia would further reinforcethe strong relationship betweenthe two brotherly countries.

See # 4 Page 11

More Pak-Iran energycooperation stressed

KARACHI: Yaseen Anwar onTuesday took over as ActingGovernor, State Bank ofPakistan following the accept-ance of the resignation of SBPGovernor, Shahid H Kardar.

Federal government notifiedthe acceptance of the resigna-tion of Kardar and appointmentof Anwar as acting governorSBP under the State Bank ofPakistan Act, 1956.

Anwar was the acting gover-nor, SBP from June 3 toSeptember 8, 2010 after the res-ignation of the former gover-nor, Syed Salim Raza.

Anwar, who has been servingthe State Bank as its deputygovernor since 29th March2007, has managed all the fourclusters of the central bank ieBanking, ReserveManagement, Monetary Policyand Operations; SBP sub-sidiaries - Banking ServicesCorporation (BSC) and theNational Institute of Banking &Finance (NIBAF).

He has served on the boardsof SBP, Pakistan Security

Printing Corp. (PSPC), PolicyBoard of SECP, Board ofNIBAF and Saarc PaymentsCouncil Board. He is a memberof Monetary Policy Committee(MPC) of SBP Central Boardand has interacted with the IMFunder the Standby Arrangementwith Pakistan. He has alsoserved as an alternate to thegovernor on the Asian ClearingUnion (ACU) Board.

As a senior global banker,Anwar brought 33 years ofinternational banking experi-ence to SBP. During this periodhe worked at major interna-tional financial centers thatincluded New York, Londonand Paris with JPMorganChase, Bank of America andMerrill Lynch.

As a result of this internation-al exposure, he developed adeep understanding of corpo-rate business relationships inthe US, Europe and the MiddleEast as well as a broad range ofhands-on experience in manag-ing rapidly growing business

See # 3 Page 11

Yaseen secondtime acting

governor of SBP

WASHINGTON: DGISPR Major General AtharAbbas on Tuesday refutedreports of immediatelaunching of operation inNorth Waziristan adding atthe moment entire focus ison Kurrum Agency whilein Mehmand Agency, oper-ation is on its conclusion.

In an exclusive interviewto BBC (Urdu) and Voiceof America (VOA), heopined that more than 1500militants have laid downtheir arms in MehmandAgency while numerous

terrorists killed in militaryoperation.

He said the military isconducting its operations inthe country's tribal regionwithout external support.He says the Pakistani mili-tary is using its own equip-ment, ammunition andother resources to fight alQaeda and Taliban militantsalong the Afghan border.

Replying to a question,he said that people who arereturning back to theirhomes in war-torn areas

See # 8 Page 11

No plan of freshoffensive inNWA: ISPR

Five slain in Karachiviolence

KARACHI: At least five peo-ple were killed in different fir-ing and torture incidents herein the city on Tuesday, policesaid.

According to the details, apoliceman was shot dead bysome unknown people inPirabad area of Karachi.According to police, Muzaffarwas targeted near his house.

Dead body of a person identi-fied as Muhammad Iftikharwas recovered from KachraKundi of Alfalahpura.

In another incident, someunidentified armed peoplekilled a man near Baldia No 4while a dead body was alsorecovered from Liyari ArtChowk.

According to Kalakot Policethe dead body was identified asMuhammad Asim who was aresident of Bihar Colony.

Meanwhile, some unknownpeople gunned down a mannear General Hospital inKharadar area. The victimcould not be identified.

Police registered cases of theincidents and started investiga-tions. - NNI

8 foreignNGO workers

kidnappedQUETTA: At least eight peo-ple hailing from an NGO work-ing for United Nations havebeen abducted from QuettaTuesday morning.

According to media reports,the NGO people were riding toQuetta from Surkhab, whenunidentified motorcyclists kid-napped them.

Officer Mateen Khan said theaid workers were seized onTuesday in the Surkhab area ofsouthwestern Baluchistanprovince, where they were dis-tributing food to Afghanrefugees

Khan says all the workerswere Pakistanis, but he did notsay which group they wereworking for. He says they weretraveling in two vehicles.

It should be mentioned herethat the kidnapped people wereworking on a UN health proj-ect.

Those abducted includeImran Sabir, Ikram, Izzatullah,Naseeb Khan, Mujeebullah,Muhammed Saad, Nasrullahand a driver Khalil.

Local administration startedsearch for the kidnapped peo-ple in the area. - Online

Lawmaker'sinterim bailextended for

six daysRAWALPINDI: Interim bailof PML-N legislator AnjumAqeel Khan has been extendedfor 6 days in Police FoundationCase.

The court adjourned the hear-ing of bail plea of Anjum AqeelKhan till May 25 besides order-ing the FIA to produce him inthe court on next hearing.

See # 5 Page 11

4 Americansstopped to

enter PeshawarPESHAWAR: PeshawarMotorway Police has stopped theentry of four American nationalsin Peshawar as they failed toshow their NOC here on Tuesday.

According to a private TVchannel, these four Americannationals were traveling in twocars on motorway fromIslamabad to Rawalpindi.When stopped for routinechecking these people failed toprovide NOC on whichPeshawar motorway police was

See # 6 Page 11

thefinancialdaily-epaper-20-07-2011

Documents

c rawalpindi

c lahore

c faisalabad

c quetta

c karachi

c weather forecastkarachi

khi cotton

japanese yen