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International Asean nations meet ahead of security summit See on Page 12 President, PM offices served final notices See on Page 12 Iran's supply halt not to limit oil in India See on Page 12 *Crude Oil (brent)$/bbl 118.83 *Crude Oil (WTI)$/bbl 99.91 *Cotton $/lb 99.26 *Gold $/ozs 1,597.90 *Silver $/ozs 39.69 Malaysian Palm $ 1,052 GOLD (NCEL) PKR 44,391 KHI Cotton 40Kg PKR 6,109 Yearly(Jul, 2011 up to 20-Jul-2011) Monthly(Jun, 2011 up to 20-Jul-2011) Daily (20-Jul-2011) Total Portfolio Invest (9-Jul-2011) -8.71 -8.71 -4.10 2805 -7.04 3.11 5.16 0.52 -0.17 -0.65 -0.93 SCRA(U.S $ in million) Portfolio Investment FIPI (21-Jul-2011) Local Companies (21-Jul-2011) Banks / DFI (21-Jul-2011) Mutual Funds (21-Jul-2011) NBFC (21-Jul-2011) Local Investors (21-Jul-2011) Other Organization (21-Jul-2011) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (16-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 FY10E Per Capita Income FY10 Population $18.23bn 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% $1,051 176.69mn 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 17.15 2.00 1.70 11.24 PKR/Shares 111.84 147.54 43.01 36.56 38.68 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 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 13.48% 13.74% 13.90% 14.00% 13.74% 13.58% 13.80% 14.15% 14.24% 13.97% 14.01% 14.03% 14.25% 14.35% 14.46% Money Market Update Index Close Change KSE 100 12,474.77 41.60 Nikkei 225 10,010.39 4.49 Hang Seng 21,987.29 16.40 Sensex 30 18,436.19 66.19 ADX 2,693.27 4.95 SSE COMP. 2,765.89 28.31 FTSE 100 5,903.50 49.68 *Dow Jones 12,688.61 116.70 Global Indices Symbols Buy (Rs) Sell (Rs) Australian $ 91.50 92.80 Canadian $ 90.30 91.50 Danish Krone 16.00 16.30 Euro 121.30 123.00 Hong Kong $ 10.70 10.95 Japanese Yen 1.083 1.093 Saudi Riyal 22.88 23.07 Singapore $ 70.50 72.00 Swedish Korona 13.10 13.40 Swiss Franc 98.80 99.80 U.A.E Dirham 23.38 23.57 UK Pound 138.40 140.00 US $ 85.95 86.25 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 92.16 92.38 Canadian $ 90.85 91.06 Danish Krone 16.45 16.49 Euro 122.62 122.91 Hong Kong $ 11.04 11.06 Japanese Yen 1.092 1.095 Saudi Riyal 22.93 22.99 Singapore $ 70.90 71.06 Swedish Korona 13.43 13.46 Swiss Franc 104.70 104.94 U.A.E Dirham 23.42 23.47 UK Pound 138.92 139.24 US $ 86.03 86.21 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, Friday, July 22, 2011, Shaban-ul-Muazzam 19, Price Rs12 Pages 12 CM orders to ensure subsidies on edibles TFD Report KARACHI: Just after one week of the resignation of gov- ernor SBP Shahid Kardar, another key figure of economic scene of the country Dr Jaffer Qamar, chief economist of Planning Commission resigned a day earlier. It implies as if all high profile professionals of our economic management are in queue to leave the economic affairs in limbo which were already badly eclipsed by political meddling and are worst-hit of bureaucratic discrepencies, experts said. They said that the resigna- tion, third in a week by a high- ranking official of economic scene is enough to confirm that economic affairs of the country are getting worse on each pass- ing of the day. State Bank governor Shahid Kardar stepped down last week and Auditor-General of Pakistan Syed Tanvir Ali Agha left a few months before his retirement. Analysts said that after the departure of three important officials within a week Pakistan could face difficulties in rene- gotiating another bailout pack- age from the IMF. The resignation of Pakistan central bank governor Shahid Kardar last week reflects badly See # 9 Page 11 Exit in queue termed alarming From key economic posts ISLAMABAD: Privatisation Commission Board has consti- tuted a six member Transaction Committee headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the federal secre- taries of petroleum and natural resources, privatisation, finance, chairman SECP and MD PPL as its members sec- ondary public offering (SPO) of Pakistan Petroleum Limited (PPL). According to press release issued here on Thursday, a meeting of the Board of Privatisation Commission (PCB) was held under the chairmanship of Ghous Bux Khan Mahar Federal Minister for Privatisation here today. Also attended by Rana Asif Tauseef, Minister of State for Privatisation. The Board consti- tuted a six member Transaction Committee headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the Federal Secretaries Petroleum & Natural Resources, Privatization, Finance, Chairman SECP and MD PPL as its members Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL). Ghous Bux khan Mahar Federal Minister for Privatisation directed the PC officials to undertake the Privatisation Programme on the active agenda expeditiously while strictly observing utmost transparency, prevailing rules and providing level playing field to both local and foreign investors in an open manner. Addressing the PC Board Rana Asif Tauseef Minister of State for Privatisation directed that milestones for each trans- action must be fixed before ini- tiating any transaction and fee structure for advisory services should be made mandatory on the basis of achieving the mile- stones. The PC Board was informed that Expression of Interest (EoIs) from three consortia for appointment as Lead Manager/Book Runner(s) for SPO of the Pakistan Petroleum Limited had been received, which include: 1) NIB Bank Limited, Global Securities Pakistan Limited, United Bank Limited, BMA Capital Management Limited; 2 Allied Bank Limited, KASB Bank Limited, KASB Securities Limited, AKD Securities Limited and 3 National Bank of Pakistan, Habib Bank Limited, Arif Habib Limited, Foundation Securities Limited. Privatisation Commission had invited EoIs for the appointment of Lead Manager/Book Runner(s) for the offering of approximately 2.5 per cent government of See # 7 Page 11 Panel formed to further selloff plans PC board meets 88pc govt stake of NPCC okayed for sale ISLAMABAD: The govern- ment has decided to take seri- ous measures to resolve key issues of financial sustainabili- ty of power sector. A meeting on key issues of the power sector was held at the Ministry of Finance here, said the press release issued here on Thursday. The meeting was presided over by Dr Abdul Hafeez Shaikh, Minister for Finance, Revenue and Economic Affairs. It was attended by Dr Asim Hussain Minister for Petroleum and Natural Recourse, Naveed Qamar, Minister for Water and Power and Deputy Chairman Planning Commission Dr. Nadeem Ul Haq. The meeting discussed meas- ures to be taken to ensure the financial sustainability of the power sector. It added that resolution of cir- cular debt and curtailment of future build up through cost recovery, increasing efficiency of the sector, improving cash flows of the power sector through recovery of current and outstanding dues of Pepco and other power sector companies were put forward. The actions being taken for recovery of private receivables of Pepco was presented. The progress on recovery of receivables from the federal and provincial government departments was also assessed. See # 10 Page 11 Measures to support power sector discussed Shaikh chairs meeting TFD Monitoring WASHINGTON: A US Congress panel on Thursday rejected a proposal to cut off all aid to Pakistan due to concerns over the country's relationship with militants after the raid that killed Osama bin Laden. The House Foreign Affairs Committee easily rejected the measure, with five lawmakers voting yes and 39 voting no. But the bill in its current form would still impose tighter con- trols over aid, making it contin- gent on measurable progress by Pakistan. Representative Dana Rohrabacher, a Republican from California, had offered the amendment to a spending bill for the year starting in October that would have barred any US funds to provide assistance to Pakistan. Rohrabacher raised questions about how Pakistan was using assistance from the United States at a time that Washington is seeking to curb spending to tame a ballooning debt. President Barrack Obama's administration recently sus- pended about one-third of its $2.7 billion annual defense aid to Pakistan. But it has assured Islamabad it is committed to a five-year, $7.5 billion civilian package approved in 2009 that aims to build schools, infrastructure and democratic institutions. The rival Republican Party controls the House and has drafted a measure, which remains in the spending bill, that would also cut off civilian aid unless Pakistan is certified to be fighting militants. But even if the bill passes through the committee, the measure's prospects are uncer- tain. Obama's Democratic Party controls the Senate, where Senate Foreign Relations Committee chairman John Kerry is a staunch advocate of civilian support to Pakistan. Democratic lawmakers argue that civilian aid is crucial in the long-run to strengthen demo- cratic institutions and raise edu- cational levels in Pakistan in hopes of reducing the appeal of extremists. Bid to cut US aid for Pak foiled Congress panel rejects proposal LONDON: Prime Minister, Yousuf Raza Gilani, says he has received US assurances there will be no repeat of the unilateral raid that killed Osama Bin Laden in May. Gilani's remarks, in an inter- view with the Guardian, contra- dict assertions by the US presi- dent, Barrack Obama, and other American officials that US forces would take similar action against other al Qaeda leaders if necessary. "Since we were sharing infor- mation with US and there was a tremendous relationship with the CIA and ISI (Inter-Services Intelligence), therefore we could have done a joint opera- tion in Abbottabad, but it didn't happen. Therefore we had a lot of reservations," Gilani said. He added: "They have assured us in future there will be no uni- lateral actions in Pakistan, and there would be co-operation between both agencies." The Prime Minister said he had received the assurance per- sonally from the US Secretary of State, Hillary Clinton. In her public statements, however, Clinton has declared the US would strike unilaterally against other top militants if others did not. Speaking to the BBC just before his visit to Britain the same month, Obama was equally blunt on the issue. See # 8 Page 11 Gilani slams US unilateral action Govts not made or broken on behest: PM Premier orders to boost MRP system KARACHI: The federal gov- ernment is pondering over fur- ther options to tighten the rules and regulations to check money laundering, a top banking offi- cial said here on Thursday. A meeting of top officials of the government including Ministry of Foreign Affairs, National Accountability Bureau (NAB), Federal Investigation Agency (FIA), Ministry of Finance held here at the SBP's head office on Wednesday under chairmanship of the Director General of Financial Monitoring Unit of SBP. "We have already taken strin- gent measures to check illegal money transfer from abroad but further amendments are required by other countries," said an official of the Central Bank while talking to APP. The Financial Monitoring Unit of Pakistan (FMU), was established under the Anti- Money Laundering Ordinance 2007 to perform functions of a financial intelligence unit, to build the facility through See # 11 Page 11 Vigil on money laundering stressed CPPA seeks raise in power tariff ISLAMABAD: The Central Power Purchasing Agency (CPPA) has sought an increase of Rs1.30 in power tariff of eight power distribution com- panies (Discos) on Thursday. According to a private TV, the CPPA has approached National Electric Power Regulatory Authority (NEPRA) for power tariff increase reasoning that the tar- iff adjustment on account of increase in fuel prices and cost of power purchase. See # 14 Page 11 FX reserves rebound to $18.23bn KARACHI: Pakistan's foreign exchange reserves rose to $18.23 billion in the week end- ing July 16, from $18.11 billion the previous week, SBP chief spokesman Syed Wasimuddin said on Thursday. The reserves are just below an all-time high of $18.25 billion, hit the week ending July 2. Reserves held by the State Bank of Pakistan (SBP) jumped to $14.71 billion from $14.64 billion a week ago, while those held by commer- cial banks rose to $3.52 billion from $3.47 billion, said SBP chief spokesman. Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 mil- lion from the World Bank, and another loan of $196.8 million from the Asian Development Bank. Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily. See # 13 Page 11 See on Page 2 LONDON: Prime Minister Syed Yousuf Raza Gilani addressing the Annual Gala Dinner of the UK Pakistan Chamber of Commerce & Industry (UKPCCI).-APP ISLAMABAD: The telecom sector in the country has attracted merely $79.1 million foreign direct investment (FDI) in the fiscal year 2010-11, showing a declining trend as compared to previous years. The share of telecom sector in overall FDI has contracted to 5 per cent in the previous fiscal year against 17 per cent of the share recorded in the year 2009-10. The FDI in telecom sector was $1824 million in 2006-07, $1438 million in 2008-09, $815 million in 2008-09 and $374 million in 2009-10, falling with the each passing year. According to a telecom news website quoting official statis- tics reported on Thursday that the overall telecom sector including long distance interna- tional (LDI), cellular, broad- band and various class value- added service providers have brought only $79.1 million FDI during 2010-11. The telecom industry that contributed highest in the for- eign direct Investment (FDI) among all different industries has failed to continue its spend- ing on infrastructure and See # 12 Page 11 Telecoms nostalgic for robust FDI Opp members walk out in both Houses ISLAMABAD: Opposition members on Thursday staged token walkouts from both the Upper and Lower Houses of Parliament on presenting the gov- ernment agenda instead of theirs'. On the assurance of represen- tatives from treasury benches of both the houses, the opposi- tion members returned to the Upper and Lower Houses of Parliament to participate in the proceedings. See # 15 Page 11

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Page 1: thefinancialdaily-epaper-22-07-2011

International

Asean nations meet ahead of security summit See on Page 12

President, PM offices served final notices See on Page 12

Iran's supply halt not to limit oil in India See on Page 12

*Crude Oil (brent)$/bbl 118.83

*Crude Oil (WTI)$/bbl 99.91

*Cotton $/lb 99.26

*Gold $/ozs 1,597.90

*Silver $/ozs 39.69

Malaysian Palm $ 1,052

GOLD (NCEL) PKR 44,391

KHI Cotton 40Kg PKR 6,109

Yearly(Jul, 2011 up to 20-Jul-2011)

Monthly(Jun, 2011 up to 20-Jul-2011)

Daily (20-Jul-2011)

Total Portfolio Invest (9-Jul-2011)

-8.71

-8.71

-4.10

2805

-7.04

3.11

5.16

0.52

-0.17

-0.65

-0.93

SCRA(U.S $ in million)

Portfolio Investment

FIPI (21-Jul-2011)

Local Companies (21-Jul-2011)

Banks / DFI (21-Jul-2011)

Mutual Funds (21-Jul-2011)

NBFC (21-Jul-2011)

Local Investors (21-Jul-2011)

Other Organization (21-Jul-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (16-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

$18.23bn

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

176.69mn

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

17.15

2.00

1.70

11.24

PKR/Shares

111.84

147.54

43.01

36.56

38.68

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

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

21-Jul-2011

13.48%

13.74%

13.90%

14.00%

13.74%

13.58%

13.80%

14.15%

14.24%

13.97%

14.01%

14.03%

14.25%

14.35%

14.46%

Money Market Update

Index Close Change

KSE 100 12,474.77 41.60

Nikkei 225 10,010.39 4.49

Hang Seng 21,987.29 16.40

Sensex 30 18,436.19 66.19

ADX 2,693.27 4.95

SSE COMP. 2,765.89 28.31

FTSE 100 5,903.50 49.68

*Dow Jones 12,688.61 116.70

Global Indices

Symbols Buy (Rs) Sell (Rs)

Australian $ 91.50 92.80

Canadian $ 90.30 91.50

Danish Krone 16.00 16.30

Euro 121.30 123.00

Hong Kong $ 10.70 10.95

Japanese Yen 1.083 1.093

Saudi Riyal 22.88 23.07

Singapore $ 70.50 72.00

Swedish Korona 13.10 13.40

Swiss Franc 98.80 99.80

U.A.E Dirham 23.38 23.57

UK Pound 138.40 140.00

US $ 85.95 86.25

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 92.16 92.38

Canadian $ 90.85 91.06

Danish Krone 16.45 16.49

Euro 122.62 122.91

Hong Kong $ 11.04 11.06

Japanese Yen 1.092 1.095

Saudi Riyal 22.93 22.99

Singapore $ 70.90 71.06

Swedish Korona 13.43 13.46

Swiss Franc 104.70 104.94

U.A.E Dirham 23.42 23.47

UK Pound 138.92 139.24

US $ 86.03 86.21

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, Friday, July 22, 2011, Shaban-ul-Muazzam 19, Price Rs12 Pages 12

CM orders to ensuresubsidies on edibles

TFD Report

KARACHI: Just after oneweek of the resignation of gov-ernor SBP Shahid Kardar,another key figure of economicscene of the country Dr JafferQamar, chief economist ofPlanning Commission resigneda day earlier.

It implies as if all high profileprofessionals of our economicmanagement are in queue toleave the economic affairs in

limbo which were alreadybadly eclipsed by politicalmeddling and are worst-hit ofbureaucratic discrepencies,experts said.

They said that the resigna-tion, third in a week by a high-ranking official of economicscene is enough to confirm thateconomic affairs of the countryare getting worse on each pass-ing of the day.

State Bank governor ShahidKardar stepped down last week

and Auditor-General ofPakistan Syed Tanvir Ali Aghaleft a few months before hisretirement.

Analysts said that after thedeparture of three importantofficials within a week Pakistancould face difficulties in rene-gotiating another bailout pack-age from the IMF.

The resignation of Pakistancentral bank governor ShahidKardar last week reflects badly

See # 9 Page 11

Exit in queuetermed alarming

From key economic posts

ISLAMABAD: PrivatisationCommission Board has consti-tuted a six member TransactionCommittee headed by a seniorPC board member Iftikhar ulHaq with Mahmood NawazShah, Farid Malik PC Boardmembers, the federal secre-taries of petroleum and naturalresources, privatisation,finance, chairman SECP andMD PPL as its members sec-ondary public offering (SPO)of Pakistan Petroleum Limited(PPL).

According to press releaseissued here on Thursday, ameeting of the Board ofPrivatisation Commission(PCB) was held under thechairmanship of Ghous BuxKhan Mahar Federal Ministerfor Privatisation here today.

Also attended by Rana AsifTauseef, Minister of State forPrivatisation. The Board consti-tuted a six member TransactionCommittee headed by a seniorPC board member Iftikhar ul

Haq with Mahmood NawazShah, Farid Malik PC Boardmembers, the FederalSecretaries Petroleum &Natural Resources,Privatization, Finance,Chairman SECP and MD PPLas its members SecondaryPublic Offering (SPO) ofPakistan Petroleum Limited(PPL).

Ghous Bux khan MaharFederal Minister forPrivatisation directed the PCofficials to undertake thePrivatisation Programme on theactive agenda expeditiouslywhile strictly observing utmosttransparency, prevailing rulesand providing level playingfield to both local and foreigninvestors in an open manner.

Addressing the PC BoardRana Asif Tauseef Minister ofState for Privatisation directedthat milestones for each trans-action must be fixed before ini-tiating any transaction and feestructure for advisory services

should be made mandatory onthe basis of achieving the mile-stones.

The PC Board was informedthat Expression of Interest(EoIs) from three consortia forappointment as LeadManager/Book Runner(s) forSPO of the Pakistan PetroleumLimited had been received,which include: 1) NIB BankLimited, Global SecuritiesPakistan Limited, United BankLimited, BMA CapitalManagement Limited; 2 AlliedBank Limited, KASB BankLimited, KASB SecuritiesLimited, AKD SecuritiesLimited and 3 National Bank ofPakistan, Habib Bank Limited,Arif Habib Limited,Foundation Securities Limited.

Privatisation Commissionhad invited EoIs for theappointment of LeadManager/Book Runner(s) forthe offering of approximately2.5 per cent government of

See # 7 Page 11

Panel formed tofurther selloff plans

PC board meets

88pc govt stake of NPCC okayed for sale

ISLAMABAD: The govern-ment has decided to take seri-ous measures to resolve keyissues of financial sustainabili-ty of power sector.

A meeting on key issues ofthe power sector was held atthe Ministry of Finance here,said the press release issuedhere on Thursday.

The meeting was presidedover by Dr Abdul HafeezShaikh, Minister for Finance,Revenue and EconomicAffairs.

It was attended by Dr AsimHussain Minister for Petroleumand Natural Recourse, NaveedQamar, Minister for Water andPower and Deputy ChairmanPlanning Commission Dr.Nadeem Ul Haq.

The meeting discussed meas-ures to be taken to ensure thefinancial sustainability of thepower sector.

It added that resolution of cir-cular debt and curtailment offuture build up through costrecovery, increasing efficiencyof the sector, improving cashflows of the power sectorthrough recovery of current andoutstanding dues of Pepco andother power sector companieswere put forward.

The actions being taken forrecovery of private receivablesof Pepco was presented.

The progress on recovery ofreceivables from the federaland provincial governmentdepartments was also assessed.

See # 10 Page 11

Measures to support power

sector discussed

Shaikh chairs meeting

TFD Monitoring

WASHINGTON: A USCongress panel on Thursdayrejected a proposal to cut off allaid to Pakistan due to concernsover the country's relationshipwith militants after the raid thatkilled Osama bin Laden.

The House Foreign AffairsCommittee easily rejected themeasure, with five lawmakersvoting yes and 39 voting no.But the bill in its current formwould still impose tighter con-trols over aid, making it contin-gent on measurable progress byPakistan.

Representative DanaRohrabacher, a Republicanfrom California, had offered theamendment to a spending bill

for the year starting in Octoberthat would have barred any USfunds to provide assistance toPakistan.

Rohrabacher raised questionsabout how Pakistan was usingassistance from the UnitedStates at a time that Washingtonis seeking to curb spending totame a ballooning debt.

President Barrack Obama'sadministration recently sus-pended about one-third of its$2.7 billion annual defense aidto Pakistan.

But it has assured Islamabadit is committed to a five-year,$7.5 billion civilian packageapproved in 2009 that aims tobuild schools, infrastructureand democratic institutions.

The rival Republican Party

controls the House and hasdrafted a measure, whichremains in the spending bill,that would also cut off civilianaid unless Pakistan is certifiedto be fighting militants.

But even if the bill passesthrough the committee, themeasure's prospects are uncer-tain. Obama's Democratic Partycontrols the Senate, whereSenate Foreign RelationsCommittee chairman JohnKerry is a staunch advocate ofcivilian support to Pakistan.

Democratic lawmakers arguethat civilian aid is crucial in thelong-run to strengthen demo-cratic institutions and raise edu-cational levels in Pakistan inhopes of reducing the appeal ofextremists.

Bid to cut US aidfor Pak foiled

Congress panel rejects proposal

LONDON: Prime Minister,Yousuf Raza Gilani, says hehas received US assurancesthere will be no repeat of theunilateral raid that killedOsama Bin Laden in May.

Gilani's remarks, in an inter-view with the Guardian, contra-dict assertions by the US presi-dent, Barrack Obama, and otherAmerican officials that USforces would take similaraction against other al Qaedaleaders if necessary.

"Since we were sharing infor-mation with US and there was atremendous relationship withthe CIA and ISI (Inter-ServicesIntelligence), therefore wecould have done a joint opera-tion in Abbottabad, but it didn'thappen. Therefore we had a lotof reservations," Gilani said.

He added: "They have assuredus in future there will be no uni-lateral actions in Pakistan, andthere would be co-operationbetween both agencies."

The Prime Minister said hehad received the assurance per-sonally from the US Secretaryof State, Hillary Clinton. In herpublic statements, however,Clinton has declared the USwould strike unilaterallyagainst other top militants ifothers did not.

Speaking to the BBC justbefore his visit to Britain thesame month, Obama wasequally blunt on the issue.

See # 8 Page 11

Gilani slams US unilateral action

Govts not made or broken on behest: PM

Premier orders to boost MRP systemKARACHI: The federal gov-ernment is pondering over fur-ther options to tighten the rulesand regulations to check moneylaundering, a top banking offi-cial said here on Thursday.

A meeting of top officials ofthe government includingMinistry of Foreign Affairs,National Accountability Bureau(NAB), Federal InvestigationAgency (FIA), Ministry ofFinance held here at the SBP'shead office on Wednesdayunder chairmanship of theDirector General of Financial

Monitoring Unit of SBP. "We have already taken strin-

gent measures to check illegalmoney transfer from abroad butfurther amendments arerequired by other countries,"said an official of the CentralBank while talking to APP.

The Financial MonitoringUnit of Pakistan (FMU), wasestablished under the Anti-Money Laundering Ordinance2007 to perform functions of afinancial intelligence unit, tobuild the facility through

See # 11 Page 11

Vigil on moneylaundering stressed CPPA seeks

raise inpower tariff

ISLAMABAD: The CentralPower Purchasing Agency(CPPA) has sought an increaseof Rs1.30 in power tariff ofeight power distribution com-panies (Discos) on Thursday.

According to a private TV,the CPPA has approachedNational Electric PowerRegulatory Authority(NEPRA) for power tariffincrease reasoning that the tar-iff adjustment on account ofincrease in fuel prices and costof power purchase.

See # 14 Page 11

FX reservesrebound to

$18.23bnKARACHI: Pakistan's foreignexchange reserves rose to$18.23 billion in the week end-ing July 16, from $18.11 billionthe previous week, SBP chiefspokesman Syed Wasimuddinsaid on Thursday.

The reserves are justbelow an all-time high of$18.25 billion, hit the weekending July 2.

Reserves held by the StateBank of Pakistan (SBP)jumped to $14.71 billion from$14.64 billion a week ago,while those held by commer-cial banks rose to $3.52 billionfrom $3.47 billion, said SBPchief spokesman.

Pakistan's foreign exchangereserves were boosted in Juneby inflows of $411 million,including a loan of $191.9 mil-lion from the World Bank, andanother loan of $196.8 millionfrom the Asian DevelopmentBank.

Higher export proceeds and arecord inflow of remittanceshave helped Pakistan's forexreserves grow steadily.

See # 13 Page 11

See on Page 2

LONDON: Prime Minister Syed Yousuf Raza Gilani addressing the Annual Gala Dinner

of the UK Pakistan Chamber of Commerce & Industry (UKPCCI).-APP

ISLAMABAD: The telecomsector in the country hasattracted merely $79.1 millionforeign direct investment (FDI)in the fiscal year 2010-11,showing a declining trend ascompared to previous years.

The share of telecom sectorin overall FDI has contracted to5 per cent in the previous fiscalyear against 17 per cent of theshare recorded in the year2009-10.

The FDI in telecom sectorwas $1824 million in 2006-07,$1438 million in 2008-09, $815million in 2008-09 and $374million in 2009-10, falling with

the each passing year.According to a telecom news

website quoting official statis-tics reported on Thursday thatthe overall telecom sectorincluding long distance interna-tional (LDI), cellular, broad-band and various class value-added service providers havebrought only $79.1 million FDIduring 2010-11.

The telecom industry thatcontributed highest in the for-eign direct Investment (FDI)among all different industrieshas failed to continue its spend-ing on infrastructure and

See # 12 Page 11

Telecoms nostalgicfor robust FDI Opp members

walk out in

both HousesISLAMABAD: Oppositionmembers on Thursday stagedtoken walkouts from both theUpper and Lower Houses ofParliament on presenting the gov-ernment agenda instead of theirs'.

On the assurance of represen-tatives from treasury benchesof both the houses, the opposi-tion members returned to theUpper and Lower Houses ofParliament to participate in theproceedings.

See # 15 Page 11

Page 2: thefinancialdaily-epaper-22-07-2011

KARACHI: M YasinSiddik, Central ViceChairman All PakistanTextile Mills Association(APTMA) has stronglyopposed the decision of theEconomic CoordinationCommittee (ECC) toobserve a two-day holidayfor gas supply to industrieslocated in the province ofSindh.

M Yasin Siddik whilecommenting on the newsitem published today insome print media that thegovernment has decided toobserve a two-day holidayof gas supply to industrieslocated in the province ofSindh and divert the samesaved fuel to KarachiElectric Supply Companyis anti industry andexports.

A two-day outage of gassupply to industry wouldnot only hurt the industrialproduction as well asexports which is the needof the hour, he added.

Yasin Siddik further saidthat the government hasallowed the KESC to indexit's pricing with theInternational Fuel Price ofOil and therefore theKESC passes its costincrease to the consumers.

Whereas, due to shut downthe Industry will face hugelosses as their cost will goup due to less productionand this will also affect theemployment condition inthe Province.

He said textile industryis a major export earner ofthe economy, employing15 million direct and indi-rect workforce in the coun-try therefore, it is pertinentto ensure uninterrupted gassupply to save productionand employment in thecountry. Industry has thepotential to meet the targetof exports fixed by theGovernment providedissues concerning to ener-gy etc. are taken care of bythe Government, he added.This year he said by theGrace of Almighty Allah.Pakistan is expecting abumper cotton crop ofabout 16 Million Bales andif the Industry remainsshut for 2 days a week, thiscrop cannot be consumed.Mr. M. Yasin Siddikappealed to Dr. AsimHussain, Federal Ministerfor Petroleum & NaturalResources to intervene inthe matter in the best inter-est of industry and the peo-ple of Sindh. NNI

Friday, July 22, 20112

TV PROGRAMMES

FRIDAY

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 Meri Kahani Meri Zabani (Rpt)

14:00 News

14:05 Tonight With Jasmeen (Rpt)

15:00 News

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17:30 Samaa Metro

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18:30 Aap Ki Baat

19:05 Masail Kahani

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:05 Crime Week

KARACHI: ChiefMinister Sindh, SyedQaim Ali Shah, onThursday presided over ahigh-level meeting at CMHouse regarding specialRamzan package for Sindhprovince.

He said that Ramzan isthe Holy month and all theMuslims observe themonth with due respectand sanctity and all meas-ures be will be adopted tocontrol hoarding, profi-teering and price-hike inall trade centres and mar-

kets.Qaim Ali Shah stated

that the district, sub-divi-sional and Taluka adminis-tration, law enforcingagencies, officials of food,Bureau of Supply andPrices and other depart-ments should take promptmeasures to curb the men-ace of hoarding, price-hikeand profiteering, whileprompt action be takenagainst those whole selleror retailers and business-man involved in the prac-tices.

He added that theFederal Government hadfixed the target of 1.300million metric tons ofwheat for Sindh, but hehas directed the FoodDepartment to enhance thetarget of procurement ofwheat up to 1.500 millionmetric tons.

Shah added that millowners would be providedwheat on subsidized ratesand they would arrangeprovision for 10 kg bags offlour for the needy andpoor people, while all

Deputy Commissioners,Assistant Commissionersand Mukhtiarkars willestablish Atta subsidizedsale centers in all districtsand Taluka Headquarters.

He also directed that theadministration shouldensure sale of flour onsubsidized price particu-larly in interior of theprovince and trend ofover-charging be curbedwith effective measures.

The Chief Ministerhoped that the poor andneedy people would get

benefit from this subsidyand sale of Atta on conces-sional price must beensured.

It was informed that theSindh Government willdecide subsidized priceper one Kg flour underRamzan package withintwo days.

The Chief Ministerdirected to form commit-tees comprising officialsfrom all departments con-cerned to monitor floursale on subsidized rate.

Sindh Food Minister Mir

Nadir Magsi and SindhSecretary for Food NaseerKhan Jamali in a briefingsaid that the ProvincialFood Department hascompleted 94 per cent pro-curement of wheat in theprovince, and so far 1.403million metric tons ofwheat has been procured.

The meeting was attend-ed among others bySecretary Finance SindhNaveed Kamran Balochand Principal Secretary toCM Sindh AlamuddinBullo. -APP

CM orders to ensure subsidies on edibles

KARACHI: EtihadAirways, the national air-line of the United ArabEmirates on Thursdayannounced it would com-mence services toDüsseldorf in Germanyfrom December 16, 2011.

Düsseldorf is the capitalcity of the German state ofNorth Rhine-Westphaliaand is the airline's 71stdestination.

It will be connected tothe airline's hub and homebase in Abu Dhabi initiallyby four non-stop returnservices per week, rising toa daily service in mid-April 2012.

The route will be servedby an Airbus A330-300series aircraft, in a three-class configuration.

James Hogan, CEO ofEtihad Airways, said: "Thenew Düsseldorf serviceswill connect the capital of

the UAE with theDüsseldorf catchment area- the second largest inEurope outside of London- which also includes theeastern part of theNetherlands.

Düsseldorf and theregion is an exciting desti-nation too for inboundbusiness and leisure trav-ellers from Abu Dhabi andbeyond.

By growing direct pointto point traffic between thetwo cities, we look forwardto strengthening tiesbetween the capital of theUAE and Germany."

Etihad Airways currentlyoperates daily flights toand from Abu Dhabi viaKarachi, Lahore andIslamabad and twice week-ly from Peshawar and theywill be connecting bothways with the new Germandestination. -PR

Etihad Airways begins servicesfor Düsseldorf

KARACHI: Sindh law-makers hailing fromMuttahida QaumiMovement (MQM) havebeen allotted oppositionbenches at Sindh Assemblyon Thursday.

Fatigued by Muttahida'sinsistence over acceptanceof resignations despiteSindh Governor Dr Ishrat-ul Ebad Khan's return to hisoffice, Sindh AssemblySpeaker assigned seats toMQM members.

Talking to media at SindhAssembly, MQM'sParliamentary LeaderSardar Ahmed saidCoordination Committee ofthe party would decide

about the Leader of theOpposition, stressing hisparty would not play afriendly opposition; itwould act as 'an actualopposition', instead.

Speaking on the occasion,MQM leader Raza Haroonnoted his party would notsupport any erroneous steptaken by the government.

Sardar Ahmed said fournames were under consider-ation for the slot of Leaderof the Opposition at theassembly; however, thefinal decision would restwith Rabita Committee andan announcement would bemade in this regard withinnext 24 hours. -Online

Oppositionbenches assigned to MQM

Sindh Assembly

Party to decide Opp Leader soon: Sardar

KARACHI: Dr HilalHussain Al-Tuwairqi,Chairman Al-TuwairqiHolding (ATH) and theelected Chairman of ArabIron & Steel Union (AISU)received the award on behalfof Al Tuwairqi HoldingCompany with the title ofthe "Best GCC IndustrialDevelopment Company".

It is for the astoundingachievements of ATH in thecurrent year. The award hasbeen given by the WorldFinance Awards 2011, in a

ceremony held in London.Al-Tuwairqi Holding's

growth has gone beyondthe boundaries of SaudiArabia and encompassesareas of the Middle East,South Asia & Europe. Al-Tuwairqi Holding is at the26th position holdingcompany among the tophundred companies of theKingdom of Saudi Arabiawith the rating of the 2ndfastest growing company.

ATH is also engaged inestablishing a state-of-the-

art integrated steel manu-facturing complex inPakistan, namely TuwairqiSteel Mills Limited(TSML) at Port Qasim,Karachi.

The plant, currentlyunder construction,employs cutting-edgeDirect Reduced Iron (DRI)technology from the KobeSteel of Japan with adesigned capacity to pro-duce 1.28 million tons ofhigh-quality DRI.

Zaigham Adil Rizvi,

Director (Projects),TSML congratulated Dr.Hilal Hussain AlTuwairqi and the entireteam of Al-Tuwairqi inSaudi Arabia on thisachievement and reiterat-ed an all out assistanceand unequivocal commit-ment of the entire team ofTSML in establishing thesteel complex in Pakistanalong with its backwardand forward integration,within the time frameenvisioned. -PR

Al-Tuwairqi receives ‘Best

Industrial Award’

Staff Reporter

KARACHI: The ConsulGeneral of The Gambia(Hon) Syed Tahir Husainhas expressed his confi-dence that more tradeopportunities are exploredby Pakistani entrepre-neurs in The Gambia.

He made these remarkswhile giving his messageon The Revolution Day ofThe Gambia which fallson July 22 (today).

Gambia is one of themost stable countries inAfrica, has great potentialfor tourism because of itsrich culture and naturalenvironment. The ConsulGeneral of The Gambia inPakistan Syed TahirHusain on the occasion ofThe National Day ofGambia congratulated thepeople and government ofThe Gambia led byPresident Yahya JJJammeh, and wished thecountry and its people allthe best, and success in

their endeavors.He added that he hoped

to promote closer andfriendly ties between TheGambia and Pakistan.

The Consulate of TheGambia was establishedin 1995 in Pakistan andheaded by Consul GeneralSyed Tahir Husain.

As Consul General,Syed Tahir Husain pro-motes bilateral relationsincluding economic andtrade between Gambiaand Pakistan, projectingand protecting Gambia'sinterests and providingconsular services.

Pak traders urgedto explore Gambia

Aptma opposes 2-day gas holidays

for SindhWorkers endsiege of KSEhead office

Staff Reporter

KARACHI: KarachiElectric Supply Company(KESC) sacked-employeesended their siege of compa-ny's head office afterManzoor Wasan's assurance.

The sacked employeeslaid siege to the head officeof KESC after theannouncement of suspend-ing operation by the com-pany management due towhich hundreds of otheremployees were confinedinside the office. The unionleaders announced to endthe siege after a meetingwith Sindh Home MinisterManzoor Wasan.

Speaking on this occa-sion, Manzoor Wasan saidthat the employees' prob-lems would be resolvedsoon. He said that the issuewould be resolved during ameeting at Governor'shouse, held on Friday.Earlier, a rescue operationwas launched to evacuatethe siege employees fromthe head office building

KARACHI: Administrator DHA Brig Aamer Raza

Qureshi addressing a DHA Vigilance Darbar held at

Central Library DHA. -Staff Photo

ISLAMABAD: Visitors keenly viewing the

photographs during photo exhibition with the theme

“Reviving Communities Stronger Together” to mark

the one-year anniversary of floods 2010 in Pakistan

organized by the International federation of red

Cross and Red Crescent Societies and the Pakistan

Red Crescent Society at the PNCA. -APP

Over 1.5mnchildren given

polio dropsHYDERABAD: A three-day long Polio EradicationCampaign which began in alldistricts of Hyderabad divi-sion from July 18 has con-cluded on Wednesday night.

Atotal of 1537,527 childrenof under-five were vaccinatedagainst Polio in Hyderabad,Dadu, Thatta, Dadu,Jamshoro and Badin districts.

According to a spokesmanof the Directorate of SindhHealth Services, 3806 mobilesvaccination teams have takenpart in the campaigning whileanti-polio drops were alsoadministered at 469 stationarycentres and 308 external andinternal routes of the districtsof the division.

The campaign was super-vised by 862 area in-charges and their perform-ance was monitored by 183zonal supervisors in thedivision. A total of 183vehicles were engaged tocarry out vaccination.-NNI

During Ramazan

PM felicitatesBelgium on

Nat'l DayISLAMABAD: Prime MinisterGilani on Thursday greeted thePrime Minister of the Kingdomof Belgium Yves Leterme on hiscountry's National Day.

In his message, the PrimeMinister extended heartiestfelicitations on behalf of thegovernment and the people ofPakistan and on his ownbehalf. "It is a matter of greatsatisfaction that cordial andcooperative relations existbetween our two countries. Iam sure these ties would befurther strengthened underyour sagacious leadership," theprime minister said.-Agencies

LONDON: Dr Hilal Hussain Al-Tuwairqi, Chairman of ArabIron & Steel Union (AISU) receiving the award on behalf of

Al Tuwairqi Holding Company with the title of the "BestGCC Industrial Development Company at London.

Page 3: thefinancialdaily-epaper-22-07-2011

LONDON: Sterling hit a five-week high against the dollar onThursday, tracking a rally inthe euro as investors cheered adraft conclusion from a euro-zone summit which raised con-fidence the region would solveits debt problems.

The pound was boostedagainst the US currency but itsuffered versus the euro, whichrecovered early losses after adraft seen by Reuters showedthe euro-zone's bailout fundwould offer loans to weakcountries at lower rates andlonger maturities.

In late London trade, sterlingrose nearly 1 per cent on theday to $1.6308, its strongestsince mid-June. It barreledthrough key technical resist-ance at $1.6206 and $1.6242 -- the 55- and 100-day movingaverages, respectively -- whichopened the door to moreupside in the near term.

But the pound slipped versusthe euro, which rose 0.3 percent to 88.37 pence, recover-ing from a session trough of87.63 pence.

Analysts said investor focuswas firmly trained on theeuro's debt problems, and thatsigns of progress towards asolution would push the sharedcurrency higher versus thepound.

"It will be difficult for theeuro to make a lasting break

below 88.0 pence," said JohnHydeskov, currency analyst atDanske, adding that "a morestronger, flexible" bailout fundwould boost the euro further.

"The euro is still trading witha big risk premium, so whenwe get more details of theeuro-zone plan, we could see atest (versus the dollar) of$1.45, which could push theeuro towards 90 pence."

Some in the market said astrong reading of a US busi-ness index prompted a pick-upin risk demand, which alsoboosted riskier currencies,

including sterling, versus thedollar.

The pound rose on the euro'scoattails, having brushed off areading of UK retail sales forJune.

Although sales rose 0.7 percent rise on the month, morethan forecast and reversing afall the previous month, few inthe market believed it wouldchange the outlook for UKinterest rates, which areexpected to stay low until wellinto 2012 as the economystruggles to recover.

A weak economy has bat-tered economic sentiment,with a survey on Thursdayshowing consumer confidencefell in June, reversing some ofMay's jump and dousing hopesthat Britain's economic recov-ery will gain traction. -Reuters

Sterling trackseuro higher, debt

draft cheered

3Friday, July 22, 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. 139.24 138.92 138.54

EURO 122.91 122.62 122.25

CANADA 91.06 90.85 90.61

SWITZERLAND 104.94 104.70 104.42

AUSTRALIA 92.38 92.16 91.92

SWEDEN 13.46 13.43 13.40

JAPAN 1.10 1.09 1.09

NORWAY 15.77 15.73 15.69

SINGAPORE 71.06 70.90 70.71

DENMARK 16.49 16.45 16.41

SAUDI ARABIA 22.99 22.93 22.87

HONG KONG 11.06 11.04 11.01

KUWAIT 314.62 313.89 313.06

MALAYSIA 28.79 28.72 28.65

NEWZEALAND 73.83 73.66 73.47

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 2.88 2.87

Name Bid Ask High Low

EUR-USD 1.4321 1.4323 1.4331 1.4143

USD-CHF 0.8201 0.8205 0.8236 0.8188

GBP-USD 1.6250 1.6253 1.6260 1.6121

USD-CAD 0.9439 0.9442 0.9491 0.9427

AUD-USD 1.0775 1.0779 1.0776 1.0699

EUR-JPY 112.68 112.70 112.78 111.48

EUR-GBP 0.8807 0.8810 0.8830 0.8765

EUR-CHF 1.1739 1.1742 1.1758 1.1613

GBP-JPY 127.87 127.96 128.01 127.06

CHF-JPY 95.99 96.04 96.18 95.69

Gold 1597.33 1598.03 1604.84 1592.91

As per 22.00 PST

Time Source Events Forecast Previous

6:30 AUD Import Prices q/q -1.0% 1.4%

13:00 EUR German Ifo Business Climate 113.7 114.5

13:00 EUR Italian Retail Sales m/m 0.3% 0.4%

14:00 EUR Industrial New Orders m/m 0.7% 0.8%

16:00 CAD Core CPI m/m 0.0% 0.5%

16:00 CAD CPI m/m -0.2% 0.7%

17:30 CAD Core Retail Sales m/m 0.2% 0.0%

17:30 CAD Retail Sales m/m -0.3% 0.3%

Source Events Actual Forecast Previous

3:50 Visitor Arrivals m/m -5.1% -0.5%

4:01 Nationwide Consumer Confidence 51 51 55

4:50 Trade Balance -0.19T -0.25T -0.45T

6:30 NAB Quarterly Business Confidence 6 11

7:30 HSBC Flash Manufacturing PMI 48.9 50.1

8:00 Credit Card Spending y/y 4.5% 5.5%

9:30 All Industries Activity m/m 2.0% 1.9% 1.4%

11:00 Trade Balance 1.75B 2.87B 3.25B

12:00 French Flash Manufacturing PMI 50.1 52.3 52.5

12:00 French Flash Services PMI 54.2 55.8 56.1

12:30 German Flash Manufacturing PMI 52.1 54.1 54.6

12:30 German Flash Services PMI 52.9 56.1 56.7

13:00 Current Account -5.2B -4.8B -5.4B

13:00 Flash Manufacturing PMI 50.4 51.6 52.0

13:00 Flash Services PMI 51.4 53.2 53.7

13:30 Public Sector Net Borrowing 12.0B 11.8B 14.6B

13:30 Retail Sales m/m 0.7% 0.5% -1.3%

14:00 ZEW Economic Expectations -58.9 -24.3

All Day EU Economic Summit

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 21,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: The euro rallied to atwo-week high on Thursday, reversinglosses, on signs European officials havea plan to resolve fiscal problems inheavily indebted euro-zone countries,easing concerns of default.

A draft summit statement obtained byReuters showed European leaders wereconsidering a sweeping expansion ofthe role of their European FinancialStability Facility rescue fund to helpstates sooner, recapitalise banks andintervene in the bond market in a driveto halt contagion.

The euro rose as high as $1.4401,well off the session low of $1.4137.

"An extension of the loans for Greeceand increased flexibility for the ESFSto recapitalize institutions takes the heatoff the ECB," said Mark McCormick,currency strategist at Brown BrothersHarriman in New York. "It's definitelypositive for the euro. It's not a panacea

but it's a step in the right direction."The euro last traded at $1.4370, up

1.1 per cent after a series of fresh ses-sion highs as investors digested thedraft outline.

The euro-zone bailoutfund will pro-vide loans toGreece, Irelandand Portugal ata lower interestrate and forlonger maturities, under the draft.

"There are indications, the EFSF canbe used not only for Greece but allperipheral problems with debt prob-lems," said Michael Woolfolk, seniorcurrency strategist at BNY Mellon inNew York, explaining the move higherin the euro.

The euro dived early in the session asplayers unwound some of the bullish

positions built up ahead of a summit ofeuro-zone leaders -- prompted largelyby a knee-jerk reaction to officialsadmitting openly a selective default

was possible.Ahead of the crisis summit, Dutch

Finance Minister Jan Kees de Jager saida short-term or selective default forGreece, previously opposed by theEuropean Central Bank, was now apossibility.

European Central Bank PresidentJean-Claude Trichet joined GermanChancellor Angela Merkel and French

President Nicolas Sarkozy in Berlin atshort notice late on Wednesday.

Merkel and Sarkozy reached a jointposition on a bailout and Trichetappears to have indicated he couldaccept a deal on the basis that it wouldbe far-reaching and led by the EFSFrescue fund.

The ECB had been seen as one of thekey barriers to a broader solution giventheir opposition to default.

Fears that Greece's debt crisis couldspread to bigger economies in the euro-zone have kept markets on edge sinceearly July, with yields on Italian andSpanish government bonds reachingeuro-zone lifetime highs above 6 percent.

The euro rose 0.8 per cent against theSwiss franc to 1.1743 francs after thedraft outline reached investors. The dol-lar fell 0.3 per cent against the Swissfranc to 0.8173 francs. -Reuters

Euro surges on signs ofGreece bailout progress

SINGAPORE: The Singaporedollar hit afresh record high andthe Philippine peso rose to itsstrongestlevel in nearly ninemonths on Thursday asinvestors addedexposure toemerging Asian currencies onhopes that Europeanleaderswere close to agreeing on a sec-ond bailout package forGreece.

Data showing China's factorysector contracted in July andin-tervention by Asian centralbanks prompted some inter-bankspeculators to cover dol-lar-short positions, but growinghopesof progress in staving offa Greek debt default helpedemergingAsian currencies stayfirm.

Still, investors remainedreluctant to chase emergingAsiancurrencies much higher incase a detailed agreement isnotstruck, or if any new planfails to lift pressure on othermajoreuro zone economiessuch as Italy and Spain.

Lack of progress inWashington in agreeing onadeficit-reduction deal added tothe cautious tone in financial-markets as US political leaderstry to avoid a potentiallydisas-trous default.

A Kuala Lumpur-based deal-

er said emerging Asian curren-ciescould see a correction ifeuro-zone leaders disappointmarketsagain.

The regional units have risenso far this year asAsia'seconomic and fundamen-tal pictures are better thandevelopedmarkets, luringinvestors with higher yields.The trend remainsintact inlonger term, analysts and deal-ers said.

As global demand falters,Asian foreign exchange author-itieshave been increasinglyintervening to stem apprecia-tion in theircurrencies and toprotect their export competi-tiveness.

Central banks of Philippines,Singapore and Thailandwerespotted buying dollars tocheck speed of their currencygains,dealers said.

The Singapore dollar hit afresh record highagainst the USdollar on a firm euro and afterPeople's Bankof China fixedthe yuan's mid-point at a histor-ical peak.

The 14-day USdollar/Singapore dollarRelative StrengthIndex (RSI)fell to 33.48, the lowest sinceMay 3, indicatingthe pair is

approaching an oversold terri-tory.

But agent banks bought thegreenbacks to curb rapidgainsin the city-state currency,dealers said.

Earlier, Singapore's centralbank raised its inflationforecastfor 2011 to 4-5 per cent from 3-4 per cent.

Still, dealers and analysts saidit is unlikely to allowquickappreciation in the Singaporedollar to fight inflationwith theSingapore dollar nominal effec-tive exchange rate veryhigh atsome 3.6 per cent above theassumed mid of the central-bank's band.

The Philippine peso strength-ened to asfirm as 42.57 per dol-lar, the strongest sinceNovember 5, 2010on continu-ous demand from leveragedfunds and interbankspeculators.

The country's central bankwas spotted buying dollars atthelevel, limiting the peso's fur-ther gains, dealers said.

The baht edged up but thecentral bank wasspotted inter-vening, dealers said. Investorsexpects the Thai currency torise further oncontinuous catch-up plays, but its gains may beslow onpositions. -Reuters

Asian currencies

Sing dlr at new record,peso hits 9-mth high

SHANGHAI: China's yuanhit a record high against thedollar for the second straightday on Thursday, meaning ithas now risen 28 per cent sincethe landmark currency reformssix years ago that unshackledit from a dollar peg.

Western critics continue topress Beijing to let the yuantrade more freely, but the cur-rency's gains to date have setoff debate within China onwhether it has already risenenough, especially consideringthat domestic prices have risensignificantly on many goods.

A slowing economy in thewake of government tighten-ing aimed at containing infla-tion appears to be addingweight to the possibility of aslowdown in the yuan's rise inthe second half of the year,after gaining 2.2 per cent so farthis year.

If manufacturing growthslows, as HSBC's China Flashpurchasing managers' index(PMI) for July issued onThursday suggests is startingto happen, the country's pow-erful export lobby will likelystart to press home their casethat further gains in the yuanwould hurt them too much.

The People's Bank of China(PBOC) fixed the yuan's mid-point for Thursday's trade at arecord high of 6.4536, in thewake of a 0.7 per cent drop inthe US Dollar Index overnight.

"The PBOC's record highfixing reflected overnightglobal dollar weakness, but itdoesn't change the recent trendthat the yuan may slow downits appreciation," said a dealerat a Chinese commercial bankin Shanghai.

"A slowing economy andfalling global commodity

prices over the past fewmonths are new factors Chinamust consider."

The yuan traded as high as6.4505 against the dollar onThursday, although it pulledback slightly to end at 6.4516,still up from 6.4595 at theclose on Wednesday.

It has now appreciated 5.8per cent since it was unleashedfrom a de facto dollar peg inJune 2010. Beijing kept theyuan flat from mid-2008 untilmid-2010 to ward off risksfrom the fallout of the globalfinancial crisis.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) werebid at 6.3915 in late trade, upslightly from 6.3885 onWednesday's close. Theirimplied yuan rise in a year'stime slipped to 0.97 per centfrom 1.01 per cent. -Reuters

Yuan hits record highfor 2nd day in a row

MUMBAI: The Indianrupee snapped a two-dayrally on Thursday, tracking achoppy euro on uncertaintyover the outcome of a euro-zone summit for the secondbailout plan for Greece,while weak local shares alsoweighed.

The partially convertiblerupee was at 44.5150/5250per dollar, 0.16 per centweaker than Wednesday'sclose of 44.45/46, andsharply lower from the intra-day high of 44.4275.

"Market is worried as tohow the EU will limit thespread of the debt crisis andis hoping a concrete plan willbe announced to ensure this,"said Panchadev Negi, deputymanager of forex dealing atState Bank of Travancore.

Fears that Greece's debtcrisis will spread to biggereconomies in the euro-zonehave kept markets on edgesince early July.

Indian shares dropped for a

second day on Thursday asquarterly earnings mostlyindicated companies werefacing pressure on profitmargins, while the centralbank was unlikely to ease itstightening policy due to stub-bornly high inflation.

The one-month onshoreforward premium was at23.25 points from 24 pointson Wednesday, while thethree-month was at 70.25points from 71.75 points andthe one-year was at 228.75points versus 229.25.

One-month offshore non-deliverable forward contractswere quoted at 44.70, weakerthan the onshore spot rate.

In the currency futuresmarket, the most traded near-month dollar-rupee contractson the National StockExchange and the MCX-SXwere both at 44.5375 and onthe United Stock Exchangewere at 44.5350. The totalvolume was at $9.57 billion.-Reuters

Indian rupeesnaps 2-day riseon wobbly euro

Philippine, Singapore, Thai cbanks intervene:Dealers

ZURICH: The Swiss franc fellagainst the euro on Thursdayhelped by news of a France-Germany accord on Greece'sdebt crisis ahead of a Europeansummit.

The franc fell 0.3 percentagainst the euro compared tothe New York close to trade at1.1696 per euro by 0655 GMT.It also slipped 0.1 percentagainst the dollar to trade at0.8196 per dollar.

Germany and France havereached a common position ona second bailout of Greece intheir effort to prevent the coun-try's debt crisis from spreadingthrough Europe, officials saidon Thursday.

"Given that positive news isincreasingly being priced in, andthe market is becoming increas-ingly long, upside euro potentialwill be limited even in the wakeof a comprehensive agreement,"Credit Agricole analysts wrote ina note.

The franc hit a new record of1.13650 francs per euro ondealing platform EBS early onMonday on euro-zone debtworries.

In an interview with theBlick newspaper on Thursday,Swiss Economy MinisterJohann Schneider-Ammanndescribed the euro crisis as"alarming" as the strong franccould hit jobs and said he was

in close contact with the SwissNational Bank.

The franc has repeatedlysoared to records versus thedollar and euro in the past sixmonths, and the central bankhas warned growth could suf-fer.

Growth of Swiss exportsslowed in June and exports tothe European Union contractedas the strong franc took its toll,data showed on Thursday.

"We expect impact on thefranc to be minimal. The mar-ket is fully concentrating onthe upcoming EU leaders' meeton Greece's second bailout,"said Tony Nyman of InformaGlobal Markets. -Reuters

Swiss franc slips vs euro

SYDNEY/WELLINGTON:The Australian dollar dippedon Thursday after surprisinglysoft Chinese data rekindledworries of a hard economiclanding for the country's toptrading partner, though losseswere limited ahead of a crucialEU debt meeting.

The racy New Zealand dol-lar looked set to head to newhighs should euro-zone lead-ers make real progress onanother bailout package forGreece.

The Aussie edged lower to$1.0728, from $1.0741 in NewYork. It skidded 30 pips afteractivity in China's manufactur-ing sector shrank for the firsttime in a year, though recentGDP data showed growthremained healthy at 9.5 percent a year.

All eyes are now fixed onthe European Union summit tostart later on Thursday asinvestors wonder if this onecould finally offer some reso-lution to the uncertaintyaround Greece and lessen therisk of contagion.

"I presume that will be posi-tive, but I don't think it will bea long-term solution andrestore confidence significant-ly," said RBS's Gibbs. He stillsaw a big chance the Aussiecould bounce back to $0.080,the top of the recent range.

"At this stage, the risk is tobreak resistance and maybe try$1.0900," he added.

Earlier in the day, the Aussiehit a one-week high of$1.0773, after Germany andFrance agreed on a joint posi-tion for bailing out Greece.But major option barriers at$1.0750 knocked it back.

Resistance is seen at$1.0807, last week's high, andthen $1.0889, the May 11 peakwith immediate support ataround $1.0710 from hourly

chart.A break below $1.0700

could see test of support at$1.0665-70, which includes its20-day MA, Ichimoku cloudtop and Ichimoku tenkan line.

Across the Tasman Sea, theNew Zealand dollar touched a30-year peak at $0.8588 andlooks set to head even higher.The kiwi has gained 1.7 percent this week and lookedunstoppable as it has brushedaside resistance levels.

"It's going higher still, it hasupward momentum and is notoverbought by any means, so Iexpect it to see it over 86 centsin the next few days, if nottoday," said Westpac seniorstrategist Imre Speizer.

The kiwi is up nearly 10 percent this year and flying atheights last seen in mid-1981,when the exchange rate wasregulated.

In addition to the broader"risk-on" environment, thecurrency is being driven by theprospect of higher interestrates and improving economicfundamentals.

"There's nothing suggestinga reversal is at hand, althoughthere will be a correction sometime in the next couple ofmonths," Speizer said. Nearterm support for the kiwi isseen at $0.8520 with $0.8600a psychological barrier and$0.8625/30 before a retreat.

The kiwi was unmoved bysoft migration data showingmore people leaving the coun-try than arriving for the fourthmonth in a row.

The Aussie-kiwi cross washolding at NZ$1.2515, near an11-month trough ofNZ$1.2471 hit earlier thisweek. The kiwi has been out-performing its neighbour onthe market's outlook of diverg-ing rates for the two countries.-Reuters

Aussie dips onChina, kiwi poised

to hit new highs

Market still wary of disappointment

Page 4: thefinancialdaily-epaper-22-07-2011

Muhammad Arif

During last one and a half year,three financial mangers of thecountry have departed. First exit

came from Finance Minister, ShaukatTareen on the plea that his bank was introuble and he wanted to revert towardslooking its affairs exclusively, fairenough. Second exit came from theGovernor SBP, Syed Salim Raza on per-sonnel reasons most probably on hisnearing to age of 65 years wherefrom hewould have been constrained to leavehis job due to age restriction. Now with-in ten months Shahid kardar has alsoleft. This is the third blow to the overalleconomic situation which is alreadystanding at the edge of knife.

These changes and particularly exit ofShahid Kardar would have negativeimpact on the economic perception par-ticularly on international scene whererating agencies have started giving neg-ative signals.

On arrival of Kardar ten months ago Ipresented some of my suspicions on hissuccess in my article published in "TheFinancial Daily'. I was bit apprehensiveon his selection on two reasons. First,Kardar was not an economist (he onlydid MA with major in economics andhad not worked as a credible economist)or a banker. Secondly, he has neverheaded any big institution. He served asfinance minister for Government ofPunjab which was a political slot.Basically he is a Chartered accountant.A Chartered Accountant normally goesfor balance sheet approach. This neversuits central bank job where he has todeal with monetary policy that alwaysrun in conflict with fiscal side (balancesheet management). Monetary policyhas some inherent relations with fiscalpolicy particularly on taxation and itsborrowing side being integral part ofGDP but operationally both sidesalways stand in inverse. This inverseposition creates balancing act in runningcountries economy.

As a countryman every patriot wouldhave preferred continuation of ShahidKardar in spite of his weak background.If he has accepted the job, than heshould have realized the challenges andshould have gone for settling these inspite of gravity and non-friendly atmos-phere of Islamabad. Test comes when

some one fights against the winds.As interim arrangement Yasin Anwar

sitting Deputy Governor of SBP hastaken over the charge. His name is alsoin the list of those being considered forthe permanent position of Governor.Other names floating are formerGovernor of SBP Dr Shamshad Akhtar,Syed Ali Raza former President of NBP,Waqar Masood Khan sitting SecretaryFinance GOP .One is market practition-er, other is an economist, the third one isa banker whereas fourth one is a sittingbureaucrat cum economist.

To me in the current situation onewould prefer Dr Shamshad Akhtar withher immense experience asDevelopment Economist and formerGovernor of SBP. But most likely work-ing at a senior position in World Bankshe is not going to come back. Secondchoice can be Yasin Anwar. He is a mar-ket practitioner. So his experience torevive market activities for getting surgein GDP growth can be helpful and vitalin the given situation. However, some-time unforeseen events happen and anew name comes on scene as we saw incase of Shahid Kardar. But now makingdecision GOP should refrain from goingin to adventure like this, otherwise itwould also meet the same fate

Going back, historically State Bankhas been run well by DevelopmentEconomists after adopting market basedregimes in 1990 partially and 2000 infull. Dr Yaqub was the first to initiatethe process. Than came, Dr Isharat whowas a blend of CSP officer and econo-mist having worked with the WorldBank. During his tenure we saw consol-idation of financial and banking sector.Any one can differ with his trickle downconcept i.e. by enhancing consumption,poverty can be brought down but hisrole in bringing stability and disciplineto banking sector can not be denied. Hewas right on trickle down theory butwithout having supply chain such exper-iments can become fatal and this we sawin 2007 crisis that became severeonwards with world recession and onincrease of oil prices. Than came, DrShamshad Akhtar who was not verystrong on administrative matters but onrefining monetary policy mechanics shewas excellent. Secondly during hertenure Islamic Finance, SME financingand Microfinance got their strengths.

Now we are in CY2011 and FY2012that have different but difficult dynam-ics. Current political government is nowat the verge of its tenure, so basicallycoming months would be electioneeringmonths where one can expect increasedFederal and Provincial expenditures. Onthe contrary revenue would remainalmost static. This gap would obviouslybe plugged in by borrowings creatingcrowding out effects and inflationarypressures. As per given projections realGDP growth would remain within 3-4per cent and CPI numbers would vacil-late around 15 per cent. Current accountsurplus achieved this year would comeunder pressure on start of IMF repay-ments. Secondly, cotton prices wouldnot be as high as these were in FY2011.This made export target above $ 25 bil-lion in FY 2011. Law and order situationwould remain as it is right now. Furtherenergy supply is not likely to improve.With these pressures formulating mone-tary policy and fiscal policy would be adifficult proposition. Discount rate isalready at 14 per cent. Apparently itlooks difficult that discount rate wouldcome down keeping inflation in viewbut in the current situation when growthis low and unemployment rate hascrossed 15 per cent, one needs to ven-ture for that.

As reported in the press ShahidKardar's departure came on threegrounds. He was critical of establishingSindh Bank. Further he was not com-fortable with government borrowingsespecially to increase quantum ofBenazir Income Support Programmeand other development expenditures.Finally he was not comfortable withofficials of Ministry of Finance.Basically these are petty matters andwhosoever comes have to confront theseissues.

Every one needs to understand that forthe coming years, Pakistan has to spenda large part of its budget on defense anddebt servicing. Remaining amountwould have to be spent on running pub-lic sector enterprises like PIA, Railway,Pepco etc leaving little amount for edu-cation, health and social sector. So withthese constraints Government has toborrow Rs1000-1500 billion each yearover the next two to three years. In thissituation government and SBP will haveto live with each other.

So what is required the least to bringsome smile on faces of people? In thisregard following steps are immediatelyrequired.1. Economic vision for the country forthe coming five years. The vision shouldincorporate steps for resolving energycrisis, how education and health sectorswould come on preference, what stepswould come in for employment genera-tion, how real sector comprisingexport/import, agriculture, large scalemanufacturing, SMEs, microfinance,services would be revived and how tax-ation and documentation process wouldbe dealt with to improve overall revenuecollection. These steps need to be priori-tised.2. If such vision is made available thanit can facilitate monetary policy man-agers at SBP to frame the monetary pol-icy as per its mechanics would alwaysremain short term.3. SBP should indulge itself in rehabili-tation of some leveraging instrumentand derivative products at stockexchanges (possibly Margin Financing)and in OTC. For that SBP has to directbanking sector to strengthen their riskmanagement systems. These arrange-ments would obviously be done with thecoordination of SECP.4. For restricting government borrow-ing, new Government Securities Actneeds to be legislated putting some ceil-ing on the government by using somebenchmark, so that such borrowing doesnot exceed 10 per cent of governmentrevenue. At least, in the presence ofsuch legislation if government breachesthe limit than it become liable for expla-nation before the parliament and gener-al public.5. Developing Debt Market is also arequirement. In this regard help of IFCand ADB can be sought for the introduc-tion of supra national bonds in Pakistan.This would strengthen corporate debtmarket in Pakistan and help the govern-ment, public sector enterprises and cor-porate to raise funds from the domesticmarket. There can be a long list but tostart with above steps can bring at leastsome clarity on economic horizons ofPakistan. This would obviously helpnew Governor of SBP to face the chal-lenges that are confusing and creatingmiseries for the overall setup and themasses.

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.

MakingPakistani

Market VibrantSince 2008, with the commencement of global

downturn, Pakistan's stock market has also

remained subdued, despite the fact that the rea-

sons for the sluggishness are not identical.

After the change in heads at the ministry of

finance, SECP and KSE it was expected that the

situation would improve but precarious law and

order and failure of the government in resolving

some of the key issues has kept the market under

pressure. Added to this have been prolonged out-

ages of electricity and gas plunging the manufac-

turing sector deeper into crisis.

Imposition of Capital Gains Tax (CGT) in the

2010-11 Budget has proved the biggest stumbling

block in generating volume. The Karachi Stock

Exchange has a record of single day trading vol-

ume of over one billion and of lately volume has

shrunk around 50 million shares, thanks to off-

shore investors else it would have been even

smaller than this. The retail investors, which pro-

vide liquidity and generate volumes, seem to have

become extinct.

Introduction of CGT was aimed at mobilizing

additional revenue for the government but reality

seems grossly disappointing. The government had

set a target of Rs 5,000 million through CGT col-

lection. However, experts estimate that only a pal-

try amount Rs 500 million would be collected

during 2010-11; final figures have not been

released as yet.

Therefore, it may be said that since imposition

of CGT has failed in achieving the target, with-

drawing it would be most appropriate.

There is nothing wrong in paying CGT but its

cumbersome calculation and above all the fear

that too many questions will as asked by the tax

collection regime has kept the day traders out of

the market. Historically, bulk of the trading vol-

ume is generated by the traders in Pakistan, which

is not an exception. This is common around the

world and it is on record that over 90 per cent and

Pakistan just can't be an exception.

Day traders generate bulk of the volume that

provide much needed liquidity to the market,

allow price discovery and above all encourage the

investors to actively participate in the market. The

ongoing entry and exit keeps the market liquid.

It is on record that putting a floor in 2008, in an

attempt to save the market from 'freefall' has

caused more losses because investors could not

take an exit. In such a scenario some of brokers

first pledged shares of investors kept in sub-

accounts and ultimately sold them off. Most of the

investors have not received their claims as yet.

Those who have been paid off got only little

amounts.

The new chairman SECP and managing direc-

tors KSE are requested to resolve the issue. When

people invest in equities market, they are fully

aware of probabilities of losing money. However,

whatever happened with them was 'broad-day-

robbery'. None-payment of the outstanding claims

over three years is enough to keep all and sundry

stay away from the equities market.

4Friday, July 22, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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

URL: www.thefinancialdaily.comEmail Address: [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 259 Departure of Shahid Kardar

Ibrahim Yousuf

Perhaps the Peoples' governmentexcel with other successive gov-ernments in terms of its failures to

curb highest ever food inflation, deterio-rating law and order, target killing, short-age and load shedding of gas and power,insecurity, bomb blasts, kidnapping forransom, extortion etc.

There are hardly any consumer friend-ly steps that have ever been taken in thelast three and half years. No serioussteps have ever been taken to resolve theissues hurting the industry and con-sumers and as a result the burning issuescontinue to become more alarming forthe people.

Consumers now brace up for anotherhot issue of load shedding in compressednatural gas (CNG) and it is likely tobecome more nerve wrecking for vehicleowners due to its upcoming high pricesand also for the stakeholders who areseeing their billions of rupees investmentat stake.

Industry people say that the govern-ment has been trying hard to bring theCNG rates at par with the petrol anddiesel aimed at either destroying thissector to make a ground for increasingimport of liquefied natural gas (LNG) orpocketing more revenue from the thriv-ing business of CNG by putting up morepressure on the existing stakeholders.

The Ministry of Petroleum is deter-mined to bridge the widening demandand supply gap on a fast track basisthrough LNG import.

The government had exempted CNGbuses from the GST in 2008 and inbudget 2011-2012 the GST has againbeen imposed thus making heavy vehi-cles unaffordable.

It is also amazing to see ban on newCNG licences but at the same timeissuance of new gas connections by SuiNorthern Gas Pipelines Limited forCNG stations are commonly seen. Thegovernment should look into this matter.

Chairman CNG Dealers AssociationAbdul Sami Khan says that now themenace of total disaster of CNG industryis hanging over heads as very influentialindustrialist and importers have startedcampaign to bring CNG price at par withpetroleum products to bring CNG indus-try to a halt and they may get full bene-fit of gas use for their own use only.

In case it happens then the billions ofrupee investment made by stakeholdersand even general public in their vehicleswill go in drain.

The dire need of CNG can be gaugedfrom the fact that many public transports(especially mini buses and coaches) havemade changes in their fuel transmissionsystem and started running their vehicleson CNG to make huge saving. Almost allthe four stroke three wheeler rickshawsare also running on cheap fuel.

However, the provincial authoritieshave yet to wake up as passengers are

still paying high tariff as per increase indiesel prices to reach their desired placesin Mazda Wagons.

The government should announce aseparate fair for public traveling in CNGwagons.

Instead of pondering over the issue andmaking a joint strategy to cope with thegovernment's aim to destroy the CNGsector, CNG bodies and associationsoperating in various cities sometimescome at loggerheads in taking upmileage in the matter of gas load shed-ding to deal with the higher ups of petro-leum ministry.

This lack of unity proves highly suit-able for the government who is workingon the phrase (divide and rule) and ulti-mately consumers will suffer.

As a result, All Pakistan CNGAssociation, operated by GhayasParacha and Junaid Ismail Makda, CNGDealers Association being run by AbdulSami Khan and CNG Station OwnersAssociation headed by Malik KhudaBux on many occasions try to resolve theCNG issues on their own and sometimesdiffer on policy matters with each other.

For example, the All Pakistan CNGAssociation (APCNGA) has created astir in the market by recently claimingthat the proposed decision of around 70per cent hike in CNG price has beenrevoked by the Ministry of Petroleumand Natural Resources.

Chairman APCNGA and VicePresident Karachi Chamber ofCommerce and Industry (KCCI), JunaidEsmail Makda said the Association's del-egation had met Petroleum and NaturalResources Minister Dr Asim Hussainwhere another decision was made tokeep price difference between petrol andCNG at the parity of 60:40.

Junaid said it was further resolved thatthe gas load shedding in Northern Regionwill be held for two days and partial shut-down will be observed on the third daywhile in Southern Region load sheddingwill be observed for one day followed bypartial shutdown on the second day.

At same time CNG Station OwnersAssociation (CSOA) and CNG DealersAssociation (CDA) had threatened tomove to the Court against the govern-ment decision for weekly closure ofCNG stations and increase CNG prices.

Here Malik Khuda Baksh and AbdusSami Khan, in a joint hurriedly calledpress conference, said that some CNGstation owners had already obtained stayfrom Sindh High Court (SHC) againstthe closure of CNG stations. They saidthat the government cannot increaseCNG prices as it had already ensuredunder a pricing formula to maintain a 50percent difference between the prices ofpetrol and CNG agreed between CNGassociations and Government ofPakistan.

Similarly, the government cannot sus-pend supply of gas to CNG filling sta-tions in Sindh as the SHC had barred Sui

Southern Gas Company from doing so.The environment friendly CNG fuel

was substituting petrol import of $4.5billion annually for the economy, byusing only seven per cent of the total gasconsumption in the country.

The closure of CNG stations will virtu-ally kill CNG industry as 2.5 millionvehicles have been converted to CNG inthe country. They pointed out that Rs235 billion have been invested in CNGsector which is directly or indirectly pro-viding employment to 500,000 people inthe country.

Lamenting vested interests includingoil marketing companies (OMCs), theysaid that they were lobbying againstCNG sector. "But we will fight againstthese vested interests till our success",they vowed.

Gas shortage was caused by gas utili-ties and due to their mismanagement.They were also not going for large aban-doned gas fields and also those under lit-igation, they noted.

They alleged the government hadgranted licenses to 350 CNG filling sta-tions last year despite a ban on newlicenses.

They said they could not understand asto why the government is trying to dis-courage the CNG sector when the coun-try is already importing petrol at higherrates. "How the government would man-age the petrol availability when peoplewill shift towards it after removing theprice difference," they added.

While the APCNGA was threateningto go on strike, the SSGC managementcalled upon the leading CNG associa-tions of Pakistan on July 6, 2011. It hadbeen agreed that due to the Annual-Turn-Around (ATA) of OMV Pakistan-operat-ed Kadanwari Gas Field, CNG stationswill be closed from 9.00 am on MondayJuly 11, 2011 till midnight of TuesdayJuly 12, 2011.

SSGC was represented at the meeting,held at its Head office, by SSGC'sZuhair Siddiqui, DMD (CorporateServices), Salim A. Mughal, SGM(Distribution-South) and Shoaib Warsi,SGM (Distribution-North). Head ofleading CNG Associations of the countryincluding Abdul Sami Khan, Chairman,CNG Dealers Association, JunaidEsmail Makda, Central Chairman, All-Pakistan CNG Association and MalikKhuda Baksh, Chairman of CNG StationOwners Association participated in themeeting called by SSGC to take thestakeholders into confidence over the 2-day closure.

Kadanwari Field, which supplies 200mmcfd of natural gas to SSGC, will beundergoing annual operational mainte-nance from 8th to 23rd July, 2011,directly reducing the Company's capaci-ty to serve its customers in meeting theirnormal gas requirements. In view of thisextraordinary situation, SSGC has takenseveral steps to maintain normal suppliesto its customers including requesting the

CNG stations to observe closure for 2days. In addition, SSGC has alsorequested the industrial sector to use thenatural gas with purpose by voluntarilycurtailing their gas consumption by 10per cent during the above mentionedperiod.

Now the APCNGA chairman GhayasParacha on July 8 had announced to startcountry wide protests from July 13 afterthe arrival of Petroleum Minister DrAsim Hussain on July 10.

The protest campaign will be launchedfrom July 13 from Punjab which alsoincluded rallies. The government shouldstop gas load shedding and provide CNGat 40 per cent less price than petrol to theconsumers, he said. He termed the gasload shedding in summer as unjustifiedand it aimed at creating problems forconsumers besides causing huge lossesto the people as well as stakeholders.

There is a dire need that all the indus-try people should unite under a one plat-form to save CNG industry from govern-ment's nefarious designs otherwise bothindustry as well as consumers will sufferheavily.

SSGC has already received tremen-dous interest from local and internation-al players in response to its recent invita-tion for the import of Liquefied NaturalGas (LNG) under Third Party Access,having received 17 'Expressions ofInterest' (EoIs) for the allocation ofcapacity under its transmission systemfrom leading companies interested indeveloping their own LNG FloatingStorage and Re-gasification Unit(FSRU), arrange their own supply ofLNG and having their own buyers of re-gasified LNG (RLNG).

The 17 Companies which submittedtheir EoIs are Shell Gas and PowerDevelopments B.V, 4Gas Asia, GranadaGroup of Companies, NatGas, BW FleetManagement AS, MTMKN Group,Global Energy Infrastructure Limited,Pakistan Gasport Limited, Kot AdduPower Company Limited, PK Energy,Vitol, Engro Corp Limited, SAFInternational, LNG Energy Limited, IranLiquefied Gas Company, TradingEnterprises (Pvt.) Limited and XproEnergy Limited.

The primary objective behind invitingthe EoIs through a print advertisementpublished on May 24, 2011, was toascertain the number of parties interest-ed in setting up LNG terminals and theirstate of preparedness so that SSGC canaccordingly plan to modify and augmentits system to help provide entry and exitpoints to the LNG terminal operators aswell as the intended volume they cantransport through the Company's system.The advertisement was the first logicalstep in encouraging interested parties toexpedite setting up of LNG Terminals sothat the imported gas is made availableat the earliest in order to meet the grow-ing shortage of gas to Pakistan's industri-al and commercial customers.

Billions of rupees investment at stake

Page 5: thefinancialdaily-epaper-22-07-2011

Friday, July 22, 2011 5

Europe shares hit 2-wk closinghigh on debt plan optimism

NEW YORK: Traders work on the floor of the Stock Exchange.-Reuters

Jakarta hits record high,Bangkok in demand

South East Asian stocks

Symbol Close Vol (mn)ANL 6.22 6.95FATIMA 17.13 6.21FFC 164.54 5.79BAFL 10.83 5.56AHCL 28.21 3.67

Symbol Close ChangeNESTLE 4,400.01 89.02

SRVI 197.05 9.38

JDWS 86.19 4.07

IDYM 343.20 3.82

BOC 103.72 3.47

Symbol Close ChangeULEVER 5,835.95 -46.91SHEZ 141.99 -7.31AABS 88.38 -4.41ATBA 235.16 -3.68POL 382.10 -2.99

Plus 137Minus 102Unchanged 108

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,433.17

Closing 12,474.77

Change 41.60

% Change 0.33

Turnover (mn) 70.32

Opening 3,172.52

Closing 3,206.94

Change 34.42

% Change 1.08

Turnover (mn) 2.73

Opening 2,781.62

Closing 2,785.96

Change 4.34

% Change 0.16

Turnover (mn) 0.02

Nawaz Ali

KARACHI: Despite continuedoffloading by the foreigninvestors, bulls managed toretain control over the KarachiStock Exchange (KSE) onThursday. Investors bought fer-tilizer and banking stocksahead of corporate results ofmajor companies.

The benchmark KSE-100index gained 41 points to closeat 12,474 points; KSE-30 indexwas up by 19 points to close at11,884 points and KSE all-share index grew by 28 pointsto close at 8,642 points.

"Pre-result buying kept theindex in the positive territory toclose at 2-week high level",said Samar Iqbal, equity dealerat Topline Securities.

Though, results season hasstarted but it would pick pace inthe coming days when majorcompanies announce their cor-porate results.

Fertilizer sector remained thefocus of attention as investorsare highly optimistic abouthandsome payout with healthyearnings. Banking sector alsocame in limelight as the halfyear result announcement datesare approaching near, Samaradded,

Trading activities began on anegative note with marketdown by 8 points but bearscould not stay longer as buyingactivities primarily in fertilizerand banking stocks then invitedthe bulls to the trading floor.

Thereafter, index thenremained in the grip of bulls tillthe closing bells. At a momentindex touched an intra-day highof 12,504 points (+ve 71).However, due to some profittaking at higher levels, gainsmade earlier were reduced andmarket failed to sustain 12,500levels at the close of the day.

Foreign investors remainedon the selling side where

according to NCCPL data,offshore investors did a netselling worth $7.04 millionwhich totalled to a net sellingof $18 million so far duringthe week.

Zohaib Zaheer, analyst at AbaAli Habib Securities said thatvolumes remained subdued asinvestors were cautious overforeign selling.

Investor participationremained low as 70.3 millionshares traded during the daywhich were 12.9 million sharesless as compared to a turnoverof 83.2 million shares a dayearlier.

Azgard Nine was the volumeleader with 6.95 million sharesfollowed by Fatima Fertilizerwith 6.21 million shares andFauji Fertilizer Company with5.79 million shares.

Out of total 347 active issues;137 advanced and 102 declinedwhile 108 issues remindedunchanged.

KSE fails to breach

12,500 levels

HONG KONG: Chineseshares in Shanghai as well asHong Kong finished lower onThursday as a survey showedthat manufacturing in Chinacontracted for the first time in ayear, adding to slowdown con-cerns even as inflation pres-sures remain.

Cyclical stocks, in particularenergy names, were hit after theHSBC flash purchasing man-agers' index (PMI) showedChina's factory sector shrank inJuly while input pricesrebounded sharply.

The Shanghai CompositeIndex fell one per cent, itsfourth-straight loss. The indexwas further weighed down byhigh money market rates whichlimit the ability of brokeragesand funds to borrow moneyfrom banks to deploy in stockmarkets.

The China Enterprise Indexof the top 40 Hong Kong-listedChinese shares, also known asH-shares, closed down 0.5 percent, underperforming the 0.1per cent dip on the Hang SengIndex.

"It's kind of funny.Everybody's waiting for CPI topeak...but inflation will stillremain high for a while afterthat," said Larry Jiang, chiefinvestment strategist at GuotaiJunan Securities in Hong Kong.

"If that's the case, then thereisn't any compelling reason toenter the market right now,especially since the Chinesegovernment won't change theirposition anytime soon."

Oil giants PetroChina Ltd andSinopec Corp were the topdrags on the ShanghaiComposite, with ChinaShenhua Energy Co Ltd plus

China's top two insurance com-panies, Ping An and China Liferounding the top five.

HANG SENG LOSSESIn Hong Kong, the 0.1 per

cent slip in the Hang SengIndex left it at 21,987.3 points.Losses in Chinese oil heavy-weight CNOOC outweighedgains in majors China Mobileand conglomerate HutchisonWhampoa.

These last two stocks postedgains of about 2 per cent apieceon healthy volumes on a day ofbelow-average turnover androse above their respective 200-day moving averages, suggest-ing they were poised for furthergains.

"Theoretically Hutchisonshould be exposed to moredebt, but interestingly, its oper-ation in Europe is not so tied to

See # 21 Page 11

Hong Kong, Chinashares down

TOKYO: The Nikkei stockaverage on Thursday held on tomost of its strong gains madethe day before, bolstered byhopes that a debt deal forGreece will be struck at an EUleaders' summit but cappednear 10,000 by worries aboutthe US debt ceiling.

Banks and insurers ledadvancers after their US peersposted strong gains, boosted bya jump in US Bancorp sharesand after PNC FinancialServices Group Inc's second-quarter net income beat ana-lysts' estimates.

But hard-drive parts makers

Nidec Corp and TDK Corp slidafter market leader SeagateTechnology's forecast for itsJuly-September quarter missedexpectations and Intel Corptrimmed its forecast for 2011computer sales, warning ofsoftness in mature markets.

"Most investors are stickingto the sidelines today ahead ofthe EU summit and as nothinghas been decided yet on the USdebt ceiling issue," said MitsuoShimizu, deputy general man-ager at Cosmo Securities.

The benchmark Nikkei aver-age was flat at 10,010.39.

See # 18 Page 11

Nikkei holds gainsaround 10,000

MUMBAI: Indian sharesdropped for a second day onThursday as quarterly earningsmostly indicated companieswere facing pressure on profitmargins, while the central bankwas unlikely to ease its tighten-ing policy due to stubbornlyhigh inflation.

The 30-share BSE indexended down 0.36 per cent, or66.19 points, at 18,436.19 inchoppy trade that saw thebenchmark gain 0.3 per cent atone stage. Twenty-one compo-nents declined.

Kotak Mahindra Bankdropped 3 per cent after its netinterest margin, a key-gauge of

profitability, fell to 5 per cent inthe June quarter from 5.4 percent in the same period a yearago.

"The quarterly results are notencouraging. They are clearlyshowing a pressure on marginsand are highlighting that infla-tion is not going to come downsoon and interest rates are notgoing to slow down sooneither," said Nilesh Doshi, pres-ident, equity research, TechnoShares.

The main index has fallennearly 11 per cent so far thisyear after a spate of rateincreases to fight high inflation,

See # 17 Page 11

Indian sharesdrop 0.4pc

ISLAMABAD: As part of itsmandate to develop an efficientprimary market and encourage-ment of new listing at the stockexchanges, Securities andExchange Commission ofPakistan (SECP) has reviewedthe Companies (Issue ofCapital) Rules, 1996 (CI Rules)and approved various amend-ments for efficient raising offunds against issue of shares.

Earlier, the draft amendmentsof the CI Rules were publishedin the official gazette onSeptember 8, 2010 for solicit-ing public opinion as requiredunder sub-section (1) ofSection 506 of the CompaniesOrdinance, 1984. The feed-back/comments received fromthe public and the key stake-holders have been consideredby the SECP and some of themhave been incorporated.

The CI Rules were promul-

gated in 1996 to regulate issueof share capital by companiesand require companies to fol-low a set criterion while raisingfunds through initial publicofferings (IPOs), right andbonus issues. The CI Rulesalso prescribe the procedure forissue of shares against consid-eration otherwise than in cashand disinvestment of shares bycertain persons to the public.

The main objective of theamendments to the CI Rules isto streamline the process ofcapital issue. While administer-ing the CI Rules, it wasobserved that certain clauseswere unclear and created hur-dles for the issuers, who oftenapproached the SECP to seekclarifications and/or relax-ations. Furthermore, pursuantto the introduction of the bookbuilding process for offer of

See # 16 Page 11

SECP approvesamendments incompanies rules

US stocks mid-day

Banks, transportslead Wall

StreetsNEW YORK: US stocksadvanced on Thursday led bybanks after Morgan Stanleyreported better-than-expectedresults and as details of a newGreece rescue plan emerged.

Financials led all S&P sec-tors, boosted by MorganStanley, which outperformingGoldman Sachs Group Inc andother rivals as it gained marketshare in tough trading condi-tions.

The S&P Financial Indexrose 1.8 per cent and MorganStanley was up 8.2 per cent to$23.50.

The Dow Jones industrialaverage jumped 111.82 points,or 0.89 per cent, at 12,683.73.The Standard & Poor's 500Index was up 13.25 points, or1.00 per cent, at 1,339.09. TheNasdaq Composite Index puton 13.59 points, or 0.48 percent, at 2,827.82.

The European Central Bankis willing to let Greece defaulton its sovereign debt, a majorstep that may pave the way to adeal to alleviate the country'sdebt crisis. Slow progress onresolving the region's sovereigndebt woes has been a headwindfor US equities in recent weeks.

See # 19 Page 11

ANNOUNCEMENTS

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

Khairpur Sugar 3rd Qtr - 62.81 3.92

Mirza Sugar 3rd Qtr - 47.05 3.34

Pangrio Sugar 3rd Qtr - -14.25 -1.31

Thal Industries 3rd Qtr - 22.10 1.47

Dhiyan

Technical indicators suggest that bulls still control themarket and the benchmark index is expected to touch13,100 levels in the coming days. However, market has astrong intra-day support at 12,389 points. The rally wouldbe lead by the stocks belonging to oil and fertilizer sec-tors. Investors are advised to invest in these sectors forlong term. Market may be bullish today.

Faran Rizvi, Technical Analyst Invisor Securities

Zia Shaafi, Senior equity dealer Pearl Securities

Bulls are likely to stay in the market during the corporate

results season. Further, discount rate is likely to be reduced in

the upcoming monetary policy, which could trigger the mar-

ket. The index is expected to cross 13,000 levels shortly.

Investors are recommended to invest in blue chip stocks par-

ticularly banking stocks. Market would be positive today.

LIGHT AT THE END OF TUNNEL

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

Sales (July 10 to Apr 11) 41,940

Production (Apr 11) 4,219

Sales (Apr 11) 4,681

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

Sales (July 10 to Apr 11) 13,754

Production (Apr 11) 1,582

Sales (Apr 11) 1,640

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

Financialslead rally at FTSE

LONDON: Financials drovegains on Britain's top shareindex on Thursday, as hopes asolution could be found toEurope's sovereign debt crisisboosted investor sentiment.

The UK's benchmark indexclosed up 46.07 points or 0.8per cent at 5,899.89, havingendured a choppy session, trad-ing in a 137 point range asnervous investors jostled posi-tions awaiting an announce-ment from key debt talks inBrussels.

The bulls won the day asEuropean Union officialsseemed close to a deal to bailout debt-stricken Greece withthe help of the private sectorand with no new tax on banks.

Sources said the EuropeanCentral Bank was willing to letGreece slip into temporarydefault as part of a crisisresponse.

"Potentially it's good news,but I think there are too manyeconomic headwinds to make adefinitive call that the worst isnow behind us," Peter Dixon,an economist at Commerzbank,said.

"We've got to look at today'srally as simply a correction tosome of the perhaps overly pes-simistic sentiment that's creptin over the past week."

See # 20 Page 11

Page 6: thefinancialdaily-epaper-22-07-2011

Friday, July 22, 20116

Volume 70,323,335

Value 3,237,072,540

Trades 38,951

Advanced 137

Declined 102

Unchanged 108

Total 347

Current 8,642.92

High 8,663.14

Low 8,614.42

Change h28.50

Current 12,474.77

High 12,504.84

Low 12,433.17

Change h41.60

Current 11,884.09

High 11,924.56

Low 11,849.57

Change h19.03

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,683.27

High 21,760.75

Low 21,614.56

Change i3.19

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Kohat Cement Company Limited

KOHC closed down -0.15 at 6.00. Volume was 1,725 per cent above

average (trending) and Bollinger Bands were 55 per cent narrower than

normal. The company's loss after taxation stood at Rs61.118 million

which translates into a Loss Per Share of Rs0.47 for the nine months

of fiscal year (9MFY11).

KOHC is currently 6.4 per cent below its 200-day moving average and

is displaying a downward 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 out of KOHC (bearish).

Trend forecasting oscillators are currently bearish on KOHC.

RSI (14-day) 42.53 Total Assets (Rs in mn) 8,673.38

MA (10-day) 6.03 Total Equity (Rs in mn) 1,960.97

MA (100-day) 6.44 Revenue (Rs in mn) 3,692.04

MA (200-day) 6.41 Interest Expense 658.59

1st Support 5.90 Loss after Taxation (327.78)

2nd Support 5.85 EPS 10 (Rs) (2.546)

1st Resistance 6.05 Book value / share (Rs) 15.23

2nd Resistance 6.15 PE 11 E (x) -

Pivot 6.00 PBV (x) 0.39

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

CSAP closed up 0.01 at 26.76. Volume was 1,532 per cent above aver-

age (trending) and Bollinger Bands were 24 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs467.274 million

which translates into an Earning Per Share of Rs8.28 for the nine

months of fiscal year (9MFY11).

CSAP is currently 0.4 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 very strong flows of volume out of CSAP (bearish). Trend fore-

casting oscillators are currently bearish on CSAP.

RSI (14-day) 46.71 Total Assets (Rs in mn) 4,436.30

MA (10-day) 27.06 Total Equity (Rs in mn) 2,622.61

MA (100-day) 27.25 Revenue (Rs in mn) 3,704.39

MA (200-day) 26.88 Interest Expense 121.91

1st Support 26.55 Profit after Taxation 416.55

2nd Support 26.41 EPS 10 (Rs) 7.378

1st Resistance 26.89 Book value / share (Rs) 46.45

2nd Resistance 27.09 PE 11 E (x) 2.42

Pivot 26.75 PBV (x) 0.58

Crescent Steel & Allied Products Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

JSBL closed down -0.04 at 2.16. Volume was 1 per cent above aver-

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

company's profit after taxation stood at Rs10.254 million which trans-

lates into an Earning Per Share of Rs0.0126 for the 1st quarter of cur-

rent calendar year (1QCY11).

JSBL is currently 16.5 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 JSBL (mildly bearish). Trend

forecasting oscillators are currently bearish on JSBL.

RSI (14-day) 35.15 Total Assets (Rs in mn) 32,894.92

MA (10-day) 2.23 Total Equity (Rs in mn) 5,654.56

MA (100-day) 2.57 Revenue (Rs in mn) 2,527.30

MA (200-day) 2.59 Interest Expense 1,806.71

1st Support 2.11 Loss after Taxation (594.94)

2nd Support 2.01 EPS 09 (Rs) (0.98)

1st Resistance 2.30 Book value / share (Rs) 9.23

2nd Resistance 2.39 PE 10 E (x) 42.86

Pivot 2.20 PBV (x) 0.23

JS Bank Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

PAKRI closed down -0.35 at 15.56. Volume was 63 per cent below

average (consolidating) and Bollinger Bands were 87 per cent narrow-

er than normal. The company's profit after taxation stood at Rs214.513

million which translates into an Earning Per Share of Rs0.72 for the 1st

quarter of current calendar year (1QCY11).

PAKRI is currently 5.5 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is extremely low when com-

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

indicators reflect moderate flows of volume into PAKRI (mildly bullish).

Trend forecasting oscillators are currently bearish on PAKRI.

RSI (14-day) 41.37 Total Assets (Rs in mn) 12,372.62

MA (10-day) 15.80 Total Equity (Rs in mn) 6,785.66

MA (100-day) 16.80 Revenue (Rs in mn) 2,170.95

MA (200-day) 16.46 Interest Expense 0.00

1st Support 15.35 Profit after Taxation 269.91

2nd Support 15.15 EPS 09 (Rs) 0.90

1st Resistance 15.90 Book value / share (Rs) 22.62

2nd Resistance 16.25 PE 10 E (x) 5.40

Pivot 15.70 PBV (x) 0.69

Pakistan Reinsurance Company Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,578.64 1,593.13 1,568.94 1,578.00 -0.64 -0.04

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

4,632,978 12 - 65,194.15 mn 1,153,416.68 mn 1,578.64

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

10.80 3.51 32.54 55.94 5.18 1,552.35

Attock Petroleum 691 6.87 378.79 382.00 378.00 380.03 1.24 72458 394.90 369.56 300 20B115.00 -

Attock Refinery 853 4.33 130.34 133.25 129.80 132.14 1.80 1295451 143.50 120.40 - - - -

BYCO Petroleum 3921 - 9.25 9.35 9.20 9.26 0.01 126410 10.10 7.93 - - - -

Mari Gas Company 735 4.27 104.77 105.45 103.00 104.43 -0.34 5375 113.75 98.50 31 - 23.43 -

National Refinery 800 5.07 366.39 368.31 363.75 367.13 0.74 164077 390.00 323.50 200 - - -

Oil & Gas Development 43009 10.45 155.02 156.40 154.05 154.49 -0.53 352827 157.51 139.75 55 - 30.00 -

Pak Petroleum 11950 7.87 212.55 216.50 212.50 215.22 2.67 1472685 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 8.43 385.09 385.00 380.60 382.10 -2.99 882936 391.69 321.10 255 -100.00 -

Pak Refinery Limited 350 43.94 79.06 79.50 78.50 78.66 -0.40 5629 89.25 77.01 - - - -

P.S.O 1715 3.72 262.37 263.89 259.70 260.09 -2.28 373625 291.50 258.21 80 - 80.00 -

Shell Pakistan 685 7.93 223.94 225.00 222.90 223.14 -0.80 7915 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

Open High Low Close Change % Change

960.59 975.96 960.57 964.17 3.58 0.37

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

7,697,344 211 73 47,070.70 mn 122,095.74 mn 964.17

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

6.07 0.52 8.64 16.68 2.75 960.59

Accord Textile 93 - 0.25 0.20 0.20 0.20 -0.05 500 0.30 0.20 - - - -

AL-Qadir Textile 76 1.16 10.50 11.50 9.50 11.50 1.00 8204 11.70 9.50 10 - - -

Amtex Limited 2594 - 2.65 2.75 2.63 2.70 0.05 77851 3.76 1.81 - 30B - -

Artistic Denim 840 8.07 25.20 26.34 25.10 25.50 0.30 10011 27.10 20.60 20 - - -

Azgard Nine 4493 - 6.01 6.40 6.04 6.22 0.21 6947071 7.09 4.40 - - - -

Bannu Woolen XD 76 0.66 16.10 15.70 15.70 15.70 -0.40 1000 19.59 14.70 20 - - -

Bata (Pak) 76 7.81 660.02 680.00 660.00 663.30 3.28 170 683.00 411.00 280 - - -

Bilal Fibres 141 0.59 1.00 0.75 0.75 0.75 -0.25 500 1.97 0.75 - - - -

Blessed Tex Mills 64 0.84 84.02 88.00 80.10 87.48 3.46 9104 93.75 56.07 50 - - -

Chakwal Spinning 400 0.59 1.42 1.50 1.41 1.47 0.05 699 3.00 0.76 5 - - -

Chenab Limited 1150 - 1.79 2.00 1.63 1.70 -0.09 780 2.57 1.55 - - - -

Crescent Jute 238 - 0.79 0.93 0.70 0.79 0.00 102 1.60 0.26 - - - -

Crescent Textile 492 4.23 14.85 15.75 13.85 15.75 0.90 5700 16.87 12.50 15 - - -

D S Ind Ltd 600 - 1.04 1.06 1.00 1.04 0.00 2706 1.39 0.90 - - - -

Dewan Farooque Spin. 978 1.20 1.70 2.10 1.82 1.82 0.12 501 4.18 1.56 - - - -

Dewan Mushtaq Textile 34 0.18 3.42 4.09 3.50 3.50 0.08 1706 5.00 2.80 - - - -

Faisal Spinning 100 0.63 43.80 45.99 45.99 45.99 2.19 500 45.99 40.25 50 - - -

Ghazi Fabrics 326 0.47 4.28 4.75 4.25 4.67 0.39 1600 8.00 4.00 10 - - -

Gul Ahmed Textile 635 3.17 49.00 50.95 49.90 50.11 1.11 818 52.50 47.50 12.5 - - -

Gulistan Spinning 146 0.43 7.99 7.75 7.75 7.99 0.00 191 9.00 6.30 10 - - -

Gulshan Spinning 222 0.42 10.15 10.50 10.01 10.08 -0.07 2188 12.16 9.52 10 20B - -

Hira Textile Mills Ltd. 716 0.74 3.80 4.18 3.70 3.72 -0.08 13020 4.80 3.60 10 - - -

Ibrahim Fibres 3105 2.71 38.22 37.90 37.90 37.90 -0.32 1100 49.00 37.05 20 - - -

Idrees Textile 180 1.91 4.70 5.04 4.50 4.99 0.29 7002 5.74 3.80 10 - - -

Indus Dyeing 181 3.27 339.38 356.20 339.95 343.20 3.82 370 398.00 276.70 50 - 50.00 -

Int Knitwear 32 - 4.88 5.88 3.88 5.86 0.98 4811 8.29 3.26 6 - - -

Kohinoor Ind 303 - 1.06 1.10 1.10 1.10 0.04 600 1.75 0.75 - - - -

Kohinoor Textile 2455 3.45 3.10 3.70 3.00 3.00 -0.10 1027 5.25 2.83 - - - -

Maqbool Textile 168 2.40 10.10 11.10 10.75 11.10 1.00 3000 11.10 8.25 22.5 - - -

Mukhtar Textile 145 - 0.50 0.75 0.38 0.58 0.08 620 1.39 0.16 - - - -

Nagina Cotton 187 0.61 15.26 15.50 15.10 15.10 -0.16 2200 17.95 14.10 20SD - - -

Nishat (Chunian) 1621 3.19 20.82 21.10 20.65 20.75 -0.07 91197 29.09 20.00 15 - - -

Nishat Mills 3516 4.56 52.14 52.69 51.01 51.35 -0.79 312939 65.00 48.80 25 45R - -

Pak Synthetic 560 2.49 19.98 20.45 18.99 19.98 0.00 188 20.62 17.01 - - - -

Ravi Textile 250 - 0.95 0.96 0.85 0.96 0.01 13087 1.30 0.53 - - - -

Reliance Weaving 308 0.59 11.20 11.95 11.40 11.40 0.20 2500 14.00 10.70 25SD - - -

Saif Textile 264 0.28 7.60 8.10 8.00 8.10 0.50 10600 11.40 7.00 - - - -

Sajjad Textile 213 - 0.90 1.05 0.91 1.05 0.15 501 1.70 0.90 - - - -

Sargoda Spinning 312 1.44 2.90 3.50 3.40 3.47 0.57 6820 4.69 2.51 5 - - -

Service Ind 120 3.36 187.67 197.05 189.90 197.05 9.38 19698 198.90 164.00 75 - - -

Service Textile 44 0.18 0.89 0.70 0.60 0.70 -0.19 1500 0.89 0.25 - - - -

Shadman Cot 176 21.11 22.80 23.94 22.00 22.80 0.00 325 23.94 12.90 5 - - -

Taj Textile 334 - 0.30 0.20 0.20 0.20 -0.10 500 1.01 0.11 - - - -

Thal Ltd 307 - 99.69 99.50 98.00 98.10 -1.59 109944 108.00 97.00 80 20B - -

Treet Corp 418 6.60 53.04 53.85 52.70 52.81 -0.23 21085 59.20 47.95 50 900B - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

647.24 667.18 646.16 649.78 2.53 0.39

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

19,007 15 7 3,763.71 mn 4,355.22 mn 659.14

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

1.67 0.18 10.64 6.27 3.75 647.24

Diamond Ind 90 - 8.25 9.02 9.02 8.25 0.00 232 10.18 7.50 - - - -

Pak Elektron 1219 - 6.45 6.75 6.45 6.51 0.06 7527 10.49 6.06 - 10B - -

Singer Pak 375 119.23 15.72 15.80 15.50 15.50 -0.22 1726 20.35 13.10 - 10B - -

Tariq Glass Ind 693 1.39 10.35 11.00 10.35 10.56 0.21 9500 13.64 10.25 17.5 - - 200R

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

2,365.40 2,394.35 2,339.56 2,370.75 5.35 0.23

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

291,599 61 16 11,335.33 mn 347,400.62 mn 2,387.38

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

59.16 17.93 30.30 30.57 0.52 2,353.97

AL-Abbas Sugar 174 5.00 92.79 88.50 88.20 88.38 -4.41 500 103.49 88.20 50 - - -

AL-Noor Sugar 186 2.24 38.31 39.00 37.20 38.99 0.68 2455 54.20 37.20 50 - - -

Colony Sugar Mills 990 3.28 2.00 2.25 2.05 2.10 0.10 14501 3.24 1.51 - - - -

Crescent Sugar 214 - 11.15 10.50 10.50 10.50 -0.65 500 11.91 7.00 - - - -

Dewan Sugar 365 - 2.51 2.50 2.25 2.29 -0.22 17126 3.85 2.16 - - - -

Habib Sugar 750 4.73 26.20 27.51 26.00 26.57 0.37 104094 28.00 23.00 25 25B - -

Haseeb Waqas 324 - 8.50 9.00 8.25 8.28 -0.22 999 12.50 8.25 10 - - -

J D W Sugar 539 1.71 82.12 86.22 81.50 86.19 4.07 26527 86.22 72.75 7010B 12.5R - 10R

Mirpurkhas Sugar 84 3.11 49.50 49.00 48.00 48.28 -1.22 529 53.00 39.51 15 20B - -

Mirza Sugar 141 0.55 2.60 2.80 2.35 2.44 -0.16 74872 3.50 2.35 10 - - -

National Foods 414 13.01 73.11 75.45 74.00 75.31 2.20 1678 88.00 61.70 12 - - -

Nestle Pakistan 453 33.40 4310.99 4425.00 4311.00 4400.01 89.02 178 5675.00 3299.00 750 - - -

Noon Sugar 165 1.56 16.00 17.00 17.00 17.00 1.00 23339 20.99 14.16 - - - -

Punjab Oil 54 3.07 40.00 40.00 40.00 40.00 0.00 508347 43.74 38.00 15 28R 10 10B

Quice Food 107 5.11 2.24 2.25 2.25 2.25 0.01 6000 3.50 2.20 - - - -

S S Oil 57 0.30 4.32 4.30 4.27 4.27 -0.05 3500 6.45 3.80 - - - -

Sakrand Sugar 223 22.36 2.50 2.48 2.46 2.46 -0.04 13500 3.40 1.75 - - - -

Shakarganj Mills 695 1.07 5.35 5.99 5.00 5.31 -0.04 791 6.99 5.00 - - - -

Tandlianwala 1177 14.97 53.00 52.50 52.49 53.00 0.00 200 60.30 47.09 - - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,110.20 1,120.30 1,110.18 1,115.09 4.90 0.44

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

67,424 19 4 6,768.53 mn 41,279.82 mn 1,115.09

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

3.81 0.97 25.35 20.42 5.35 1,100.96

Agriautos Ind 144 4.21 68.25 68.01 68.01 68.25 0.00 200 73.00 68.00 90 - - -

Atlas Battery 101 6.24 238.84 240.90 234.00 235.16 -3.68 9430 241.00 206.00 100 20B - -

Atlas Engineering Ltd 247 18.94 39.50 41.47 40.00 41.47 1.97 4700 41.47 35.00 - - - -

Atlas Honda 719 7.73 121.92 124.40 121.00 123.97 2.05 14016 160.00 112.10 50 15B 65.00 15B

Baluchistan Wheels Ltd. 133 1.31 27.91 28.00 28.00 28.00 0.09 560 35.70 27.91 25 - - -

Dewan Motors 1087 - 2.83 2.90 2.81 2.90 0.07 16706 3.46 1.50 - - - -

Ghandhara Nissan 450 - 3.15 3.05 3.00 3.00 -0.15 8000 4.41 2.16 - - - -

Ghani Automobile Ind 200 5.85 3.36 3.35 3.15 3.10 -0.26 3137 3.80 2.90 - - - -

Honda Atlas Cars 1428 - 10.20 10.30 10.01 10.14 -0.06 1700 11.58 9.00 - - - -

Indus Motors 786 7.25 208.02 210.40 209.50 209.97 1.95 290 232.53 201.00 150 - 50.00 -

Pak Suzuki 823 14.42 64.00 64.26 64.00 64.02 0.02 6358 72.50 61.35 5 - - -

Sazgar Engineering 150 1.16 24.00 23.70 23.50 23.52 -0.48 2137 24.90 22.01 10 20B 10.00 -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,778.76 1,786.27 1,765.05 1,782.41 3.66 0.21

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

53,878 11 1 1,336.62 mn 35,325.82 mn 1,803.25

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

8.51 3.23 38.02 131.49 15.45 1,778.76

Ados Pak 66 3.72 9.76 10.15 9.90 10.16 0.40 9114 10.15 7.70 - - - -

AL-Khair Gadoon 100 - 5.25 4.31 4.30 4.31 -0.94 2000 6.25 4.25 - - - -

AL-Ghazi Tractor 215 4.04 233.57 238.99 230.50 233.71 0.14 1254 244.00 214.00 400 - - -

Ghandhara Ind 213 9.52 8.00 8.00 8.00 8.00 0.00 500 9.78 7.60 - - - -

KSB Pumps 132 - 31.41 31.94 30.30 31.85 0.44 3137 43.62 30.30 12.5 - - -

Millat Tractors 366 9.27 609.05 611.50 605.10 610.35 1.30 37637 625.80 512.50 650 25B325.00 -

Pak Engineering 57 - 56.20 57.70 56.76 56.20 0.00 213 107.70 56.10 100 - - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

974.55 967.52 960.27 973.32 -1.24 -0.13

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

35,775 13 2 3,043.31 mn 36,167.06 mn 977.63

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

2.74 1.20 43.91 15.55 5.67 971.50

Cherat Packagin 172 2.31 46.15 47.50 46.30 47.06 0.91 25600 54.48 46.00 20 25B - 50R

ECOPACK Ltd 230 - 1.37 1.45 1.31 1.42 0.05 5163 1.90 1.10 - - - -

Ghani Glass 1067 5.46 54.31 54.20 53.61 53.70 -0.61 8812 58.50 51.50 25 10B - -

MACPAC Films 389 2.36 11.50 12.05 11.10 11.83 0.33 20397 15.21 9.78 - - - -

Merit Pack 47 11.86 25.28 26.49 26.49 26.45 1.18 1001 29.50 24.02 - - - -

Packages Ltd 844 17.19 103.07 103.77 103.10 103.11 0.04 370 118.00 101.75 32.5 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

870.67 885.74 862.74 871.23 0.57 0.07

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

3,524,039 37 6 54,792.74 mn 64,778.52 mn 871.23

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

6.40 0.45 7.10 19.04 2.98 859.19

Al-Abbas Cement 3657 - 2.38 2.54 2.36 2.54 0.16 1511 3.25 2.35 - 100R - -

Attock Cement 866 6.26 48.97 49.49 49.45 49.48 0.51 1000 56.01 48.00 50 - - -

Berger Paints 182 - 14.39 14.40 13.85 13.85 -0.54 2379 16.50 12.76 - 122R - -

Cherat Cement 956 42.86 9.00 9.25 9.00 9.00 0.00 2020 10.60 8.50 - - - -

Dadabhoy Cement 982 15.85 1.95 2.23 1.50 2.06 0.11 29113 2.24 1.50 - - - -

Dewan Cement 3891 - 1.65 1.82 1.65 1.66 0.01 2843 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 31.41 23.46 23.85 23.49 23.56 0.10 863940 25.85 21.31 - 20R - 20R

Fauji Cement 6933 7.03 4.08 4.18 4.05 4.08 0.00 293753 5.04 3.99 - - - 92R

Fecto Cement 502 4.44 5.15 5.70 4.66 5.15 0.00 2628 7.44 4.55 - - - -

Flying Cement Ltd 1760 - 1.24 1.28 1.22 1.24 0.00 22650 1.95 1.20 - - - -

Frontier Ceramics 77 - 2.95 3.00 2.46 3.00 0.05 5201 3.87 1.35 - - - -

Gharibwal Cement 4003 - 5.60 6.21 5.50 5.83 0.23 1115 10.48 4.25 - - - -

Kohat Cement 1288 - 6.15 6.10 5.95 6.00 -0.15 580099 7.60 5.85 - - - -

Lafarge Pakistan Cmt. 13126 66.00 2.78 2.75 2.60 2.64 -0.14 466675 3.35 2.10 - - - -

Lucky Cement 3234 5.92 72.60 74.08 72.15 72.88 0.28 1196256 77.43 66.93 40 - - -

Maple Leaf Cement 5267 - 2.05 2.09 2.05 2.06 0.01 50883 3.05 1.97 - - - -

Pioneer Cement 2271 - 5.50 5.58 5.30 5.30 -0.20 504 6.34 4.50 - - - -

Safe Mix Concrete 200 - 5.01 5.50 5.50 5.50 0.49 1000 6.34 4.17 - - - -

Shabbir Tiles 721 - 6.75 6.99 6.50 6.96 0.21 1420 7.49 5.25 - - - 100R

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,031.02 1,038.43 1,026.74 1,031.01 -0.02 0.00

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

581,180 7 1 3,596.11 mn 15,408.29 mn 1,032.08

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

2.71 0.90 33.10 30.91 11.43 1,024.38

Crescent Steel 565 1.81 26.75 26.95 26.61 26.76 0.01 553503 29.75 25.70 30 - 20.00 -

Dost Steels Ltd 675 - 2.50 2.45 2.32 2.43 -0.07 5020 3.10 1.62 - - - -

Huffaz Pipe XD 555 22.14 12.44 12.50 12.01 12.40 -0.04 10057 12.95 11.05 - 25B 15.00 -

International Ind 1199 9.13 51.01 51.50 51.00 51.06 0.05 12600 52.75 48.52 40 20B 15 -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,077.34 1,087.09 1,075.95 1,077.45 0.11 0.01

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

8,020 4 1 1,186.83 mn 2,973.54 mn 1,085.50

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

5.49 0.41 7.47 25.28 4.61 1,069.57

Century Paper 707 - 15.00 15.20 15.00 15.00 0.00 5800 18.00 14.31 - - - -

Pak Paper Product 50 1.90 44.61 44.50 44.50 44.50 -0.11 600 45.59 39.36 2533.33B - -

Security Paper 411 7.24 40.88 41.20 40.80 40.90 0.02 1620 42.80 37.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,904.54 1,924.97 1,884.93 1,906.78 2.24 0.12

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

9,967,129 36 6 52,251.88 mn 391,688.64 mn 1,946.73

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

9.03 3.16 35.00 48.81 5.41 1,898.47

Agritech Limited 3924 - 17.14 18.14 17.05 18.14 1.00 78186 22.68 16.60 - - - -

BOC (Pak) 250 7.81 100.25 104.00 100.81 103.72 3.47 7910 104.00 90.50 60 - - -

Clariant Pak 341 4.85 158.52 159.02 158.70 158.85 0.33 5806 167.00 154.41 135 25B - -

Dawood Hercules 4813 3.47 59.71 60.17 59.49 59.89 0.18 114174 66.00 56.10 50 300B - -

Descon Chemical 1996 - 1.97 1.98 1.93 1.95 -0.02 19674 2.79 1.83 - - - -

Descon Oxychem Ltd 1020 9.26 6.36 6.44 6.21 6.30 -0.06 258679 8.40 5.60 - - - -

Dewan Salman 3663 - 2.51 2.59 2.43 2.50 -0.01 89623 3.65 2.11 - - - -

Engro Corporation Ltd 3933 6.79 151.71 153.20 150.80 151.93 0.22 675686 200.50 148.75 60 20B - -

Engro Polymer 6635 - 10.17 10.40 10.20 10.24 0.07 112884 12.67 9.64 - 27.5R - -

Fatima Fertilizer 22000 - 17.07 17.58 17.00 17.13 0.06 6206237 17.60 12.10 - - - -

Fauji Fertilizer 8482 10.13 164.52 166.08 162.00 164.54 0.02 5785121 172.97 137.51 130 25B 45.00 -

Fauji Fert.Bin Qasim 9341 7.03 46.85 47.39 46.81 46.98 0.13 1367704 47.78 41.10 65.5 - 12.50 -

Ghani Gases Ltd 725 10.76 12.80 12.85 12.60 12.80 0.00 43612 13.97 11.40 - - - -

ICI Pakistan 1388 8.69 154.18 159.01 155.20 156.36 2.18 203358 160.00 148.02 175 - - -

Lotte Pakistan 15142 3.58 12.99 13.03 12.78 12.82 -0.17 881233 17.11 12.43 5 - - -

Nimir Ind Chemical 1106 13.09 2.94 3.05 2.85 3.01 0.07 268916 3.30 2.26 - - - -

Sitara Chem Ind 214 2.49 101.44 100.45 96.37 100.45 -0.99 1785 104.25 94.67 25 5B - -

Sitara Peroxide 551 5.12 16.82 16.99 16.41 16.55 -0.27 72186 19.42 16.05 - - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

993.60 1,003.08 987.55 992.63 -0.96 -0.10

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

23,764 9 - 3,904.20 mn 32,576.77 mn 1,004.46

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

6.59 1.47 22.31 44.54 6.76 992.63

Abbott (Lab) XD 979 5.89 95.50 96.50 94.50 96.10 0.60 3008 96.90 87.26 50 - - -

Ferozsons (Lab) 250 7.71 94.19 93.41 93.00 93.17 -1.02 314 98.73 88.21 - 20B 12.50 -

GlaxoSmithKline 2019 10.71 75.00 75.50 74.80 75.00 0.00 240 79.99 71.00 40 15B - -

Highnoon (Lab) 182 6.75 29.75 29.15 29.15 29.15 -0.60 540 33.45 24.51 25 10B - -

IBL HealthCare Ltd 200 4.18 10.48 10.20 10.20 10.20 -0.28 500 11.89 9.00 - - - -

Searle Pak 306 5.85 60.23 62.80 59.85 60.00 -0.23 19062 62.80 54.00 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

757.06 760.92 745.93 754.10 -2.96 -0.39

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

26,847 4 2 3,242.17 mn 12,227.12 mn 783.31

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

5.13 1.31 25.53 11.08 2.16 754.10

Pak Int Cont.TerminalSPOT 1092 7.36 80.35 81.00 79.25 79.98 -0.37 26446 91.20 67.31 40 - 50SD -

PNSC 1321 7.20 24.56 24.24 24.00 24.56 0.00 401 29.65 22.90 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

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 - - -

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

KASB Bank 03-Aug 06-Aug 105.16(R) - -

Trust Investment Bank # 05-Aug 12-Aug - - 12-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

Johnson & Philips 9 10 9.9 9 0 166

TRG Pakistan Ltd. 2.46 2.49 2.4 2.42 -0.04 128359

Murree Brewery Co. 111.51 112.35 111 111 -0.51 6405

Shezan International 149.3 144.23 141.84 141.99 -7.31 718

Grays of Cambridge 34.68 35.4 35 35.28 0.6 526

Pak Hotels 27.9 29.2 29.2 29.2 1.3 1000

P.I.A.C.(A) 2.14 2.25 2.17 2.17 0.03 54498

Pace (Pak) Ltd. 2.03 2.15 2.01 2.1 0.07 393034

Netsol Technologies 20.75 20.99 20.75 20.79 0.04 73499

Pak Telephone 3.01 3.15 3.15 3.15 0.14 500

Symbols Open High Low Close Change Vol

Page 7: thefinancialdaily-epaper-22-07-2011

Friday, July 22, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 41.60 points at 12,474.77. Volume was

4 per cent above average and Bollinger Bands were 25 per cent nar-

rower than normal. As far as resistance level is concern, the market

will see major 1st resistance level at 12,508.70 and 2nd resistance

level at 12,542.60, while Index will continue to find its 1st support

level at 12,437.00 and 2nd support level at 12,399.25.

KSE 100 INDEX is currently 5.8 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) 57.24 Support 1 12,437.00

MA (5-day) 12,403.25 Support 2 12,399.25

MA (10-day) 12,341.99 Resistance 1 12,508.70

MA (100-day) 12,064.25 Resistance 2 12,542.60

MA (200-day) 11,793.46 Pivot 12,470.95

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Target Price Recommendations

Technical Outlook

FFC closed up 0.02 at 164.54. Volume was 227 per cent above average

(trending) and Bollinger Bands were 76 per cent wider than normal.

FFC is currently 23.5 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high

when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect volume flowing into and out of

FFC at a relatively equal pace. Trend forecasting oscillators are

currently bullish on FFC.

Arif Habib Ltd 165.3 Buy

TFD Research 164.95 Neutral

RSI (14-day) 64.26 MTS Shares `000 90.80

MA (10-day) 160.43 MTS Rs `000 11,225.28

MA (100-day) 142.22 MTS Rate 15.00

MA (200-day) 133.26 ** NOI Rs (mn) 128.85

Free Float Shares (mn) 466.49 Free Float Rs (mn) 76,755.83

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Target Price Recommendations

Technical Outlook

BAFL closed up 0.29 at 10.83. Volume was 239 per cent above average

(trending) and Bollinger Bands were 16 per cent wider than normal.

BAFL is currently 6.0 per cent above its 200-day moving average and is

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

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

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

RSI (14-day) 69.28 MTS Shares `000 894.75

MA (10-day) 10.32 MTS Rs `000 6,733.49

MA (100-day) 10.15 MTS Rate -

MA (200-day) 10.22 ** NOI Rs (mn) N/A

Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,305.68

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Target Price Recommendations

Technical Outlook

NBP closed up 1.14 at 54.69. Volume was 39 per cent above average and

Bollinger Bands were 47 per cent narrower than normal.

NBP is currently 14.2 per cent below its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NBP.

Arif Habib Ltd 65 Buy

AKD Securities Ltd 64.99 Buy

RSI (14-day) 61.45 MTS Shares `000 1,140.564

MA (10-day) 53.32 MTS Rs `000 45,092.50

MA (100-day) 56.53 MTS Rate 17.26

MA (200-day) 63.77 ** NOI Rs (mn) 69.39

Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,773.31

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

HUBC closed down -0.06 at 38.84. Volume was 140 per cent above aver-

age and Bollinger Bands were 5 per cent wider than normal.

HUBC is currently 4.5 per cent above its 200-day moving average and is

displaying an upward 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 HUBC at a relatively equal pace. Trend forecasting

oscillators are currently bullish on HUBC.

Arif Habib Ltd 50 Buy

AKD Securities Ltd 42.1 Accumulate

TFD Research 49.05 Positive

RSI (14-day) 58.18 MTS Shares `000 7.00

MA (10-day) 38.68 MTS Rs `000 202.41

MA (100-day) 37.84 MTS Rate -

MA (200-day) 37.18 ** NOI Rs (mn) 0.17

Free Float Shares (mn) 810.01 Free Float Rs (mn) 31,460.71

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

Technical Analysis Leverage Position

Pakistan Petroleum Ltd

Brokerage House Target Price Recommendations

Technical Outlook

PPL closed up 2.67 at 215.22. Volume was 102 per cent above average

and Bollinger Bands were 13 per cent narrower than normal.

PPL is currently 4.1 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on PPL.

Arif Habib Ltd 254.9 Buy

TFD Research 239.15 Positive

RSI (14-day) 60.76 MTS Shares `000 29.475

MA (10-day) 210.01 MTS Rs `000 4,718.79

MA (100-day) 209.62 MTS Rate 16.35

MA (200-day) 206.71 ** NOI Rs (mn) 33.19

Free Float Shares (mn) 247.73 Free Float Rs (mn) 53,316.72

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed up 0.13 at 46.98. Volume was 46 per cent below average and

Bollinger Bands were 109 per cent wider than normal.

FFBL is currently 19.9 per cent above its 200-day moving average and is

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

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

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

RSI (14-day) 74.31 MTS Shares `000 162.375

MA (10-day) 45.86 MTS Rs `000 5,435.59

MA (100-day) 42.29 MTS Rate 15.00

MA (200-day) 39.18 ** NOI Rs (mn) 75.06

Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,359.57

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Target Price Recommendations

Technical Outlook

LUCK closed up 0.28 at 72.88. Volume was 17 per cent above average

and Bollinger Bands were 44 per cent narrower than normal.

LUCK is currently 1.9 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on LUCK.

Arif Habib Ltd 97.7 Buy

AKD Securities Ltd 87.61 Buy

TFD Research 84.65 Positive

RSI (14-day) 57.34 MTS Shares `000 292.50

MA (10-day) 72.15 MTS Rs `000 15,926.33

MA (100-day) 70.19 MTS Rate 17.00

MA (200-day) 71.52 ** NOI Rs (mn) 117.10

Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,427.03

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,564.89 1,592.83 1,547.99 1,570.80 5.91 0.38

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

1,989,069 52 11 29,771.58 mn 19,889.15 mn 1,570.80

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

20.64 0.46 2.21 104.74 7.88 1,548.23

1st Fid Leasing 264 - 1.50 1.46 1.46 1.50 0.00 141 2.00 1.15 - - - -

AL-Meezan Mutual Fund 1375 4.88 11.25 11.43 11.16 11.38 0.13 141571 11.43 10.15 18.5 - 5.00 -

Atlas Fund of Funds 525 1.83 6.77 6.95 6.56 6.89 0.12 195180 6.95 6.11 2.2 - - -

B R R Guardian Mod. 780 2.81 2.34 2.79 2.01 2.70 0.36 1401832 2.91 1.41 0 - - -

Crescent St Modaraba 200 3.00 0.54 0.53 0.41 0.42 -0.12 14478 0.89 0.30 1.2 - - -

Equity Modaraba 524 6.58 1.15 1.74 1.20 1.25 0.10 21118 2.50 1.10 - - - -

Golden Arrow 760 2.25 3.50 3.58 3.40 3.40 -0.10 24135 3.72 3.11 17 - - -

H B L Modaraba 397 3.92 8.01 8.00 8.00 8.00 -0.01 2500 8.44 7.10 11 - - -

Habib Modaraba 1008 4.24 8.18 8.20 8.18 8.18 0.00 1500 8.44 7.26 21 - - -

JS Growth Fund 3180 2.07 6.00 6.39 6.02 6.02 0.02 552 7.40 5.32 12.5 - - -

JS Value Fund 1186 0.55 5.30 5.50 5.05 5.27 -0.03 86038 6.68 4.91 10 - 5.00 -

KASB Modaraba 283 1.86 2.89 2.89 2.89 2.89 0.00 1500 4.48 2.01 2.8 - - -

Meezan Balanced Fund 1200 2.82 9.96 9.83 9.83 9.83 -0.13 500 10.19 8.46 15.5 - - -

Mod Al-Mali 184 12.86 1.05 1.04 0.90 0.90 -0.15 1007 1.40 0.85 - - - -

Nat Bank Modaraba 250 4.40 5.00 5.95 5.00 5.85 0.85 4400 6.00 4.60 10 - - -

PICIC Energy Fund 1000 2.18 7.38 7.44 7.32 7.38 0.00 200 8.25 6.92 10 - 10.00 -

PICIC Growth Fund 2835 2.74 13.30 13.40 13.30 13.32 0.02 53728 13.84 12.00 20 - 12.50 -

PICIC Inv Fund 2841 2.45 6.12 6.21 6.13 6.19 0.07 4518 6.95 5.50 10 - 7.50 -

Prud Modaraba 1st 872 1.71 0.94 0.94 0.90 0.94 0.00 32000 1.05 0.75 3 - - -

Punjab Modaraba 340 - 1.11 1.13 1.00 1.00 -0.11 1093 1.50 0.26 1 - - -

UNICAP Modaraba 136 - 0.55 0.55 0.50 0.50 -0.05 1000 1.50 0.13 - - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

288.61 296.93 284.34 288.53 -0.08 -0.03

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

2,974,342 41 6 30,336.44 mn 14,175.07 mn 288.65

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

11.48 0.18 0.91 99.56 4.94 284.98

AMZ Ventures 225 0.83 0.40 0.42 0.36 0.40 0.00 512 0.64 0.26 - - - -

Arif Habib Investments 360 5.06 19.92 20.90 19.60 19.83 -0.09 928 23.49 18.94 - 20B - -

Arif Habib Limited 450 19.97 18.95 19.25 18.70 18.97 0.02 53741 20.20 12.01 - 20B - -

Arif Habib Corp 3750 3.78 28.07 28.80 28.01 28.21 0.14 3665363 28.80 20.53 30 - - -

Cap Assets Leasing 107 1.35 1.51 1.51 1.00 1.51 0.00 200 2.95 0.81 - - - -

Dawood Equities 250 - 1.24 1.25 1.20 1.20 -0.04 4178 1.80 1.01 - - - -

IGI Investment Bank 2121 6.95 1.40 1.49 1.32 1.32 -0.08 1005 1.99 1.15 - - - -

Invest Bank 2849 - 0.36 0.53 0.38 0.36 0.00 345 1.20 0.22 - - - -

Ist Cap Securities 3166 - 2.60 2.60 2.35 2.60 0.00 48865 3.27 2.22 - 10B - -

Ist Dawood Bank 626 0.70 1.50 1.64 1.55 1.55 0.05 3225 1.96 1.30 - - - -

Jah Siddiq Co 7633 - 7.44 7.60 7.40 7.45 0.01 1481363 8.34 4.82 10 - - -

JOV and CO 508 - 2.58 2.73 2.56 2.57 -0.01 63645 3.40 2.31 - - - -

JS Global Cap 500 5.75 19.85 20.00 19.25 20.00 0.15 1600 22.94 16.42 50 - - -

JS Investment 1000 43.00 5.05 5.93 5.05 5.16 0.11 1050391 6.43 4.10 - - - -

Orix Leasing 821 3.48 6.00 6.10 5.50 5.75 -0.25 151326 6.45 5.25 - - - -

Pervez Ahmed Sec 775 5.18 1.41 1.52 1.42 1.45 0.04 96954 1.99 1.32 - - - -

Saudi Pak Leasing 452 - 0.61 0.57 0.56 0.56 -0.05 4999 1.30 0.51 - - - -

Sec Inv Bank 514 4.33 1.41 1.95 1.50 1.73 0.32 1000 2.99 1.25 - - - -

Trust Inv Bank 586 0.30 1.25 1.30 1.22 1.22 -0.03 10047 2.29 0.83 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

918.99 924.57 907.53 909.87 -9.12 -0.99

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

4,013 4 - 2,290.72 mn 10,090.78 mn 930.44

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

5.27 2.41 3.85 355.53 5.68 906.02

East West Life 500 10.63 1.40 1.75 1.70 1.70 0.30 3601 2.24 1.11 - 10R - -

EFU Life Assurance 850 9.56 69.28 69.99 68.00 68.04 -1.24 402 73.25 50.70 50 - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,124.57 1,141.90 1,122.07 1,133.77 9.20 0.82

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

14,463,479 27 - 257,548.02 mn 671,491.79 mn 1,133.77

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

7.25 1.01 13.94 40.49 5.59 1,124.57

Allied Bank Limited 8603 6.23 63.93 63.77 63.02 63.15 -0.78 5356 68.99 60.00 40 10B - -

Askari Bank XB 7070 5.37 11.31 12.05 11.35 11.81 0.50 1247752 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.70 10.54 10.87 10.51 10.83 0.29 5557653 11.02 9.42 - - - -

Bank AL-Habib 8786 6.11 28.93 29.05 28.80 28.83 -0.10 95055 29.98 28.25 20 20B - -

Bank Of Khyber 5004 1.90 4.40 4.65 4.25 4.26 -0.14 4754 6.25 4.25 - - -64.41R

Bank Of Punjab 5288 - 6.69 6.95 6.67 6.75 0.06 2192304 7.35 4.51 - - - -

BankIslami Pak 5280 10.62 4.00 4.05 3.93 3.93 -0.07 46560 4.09 3.25 - - - -

Faysal Bank 7327 4.86 9.58 10.58 9.80 10.50 0.92 1025329 10.58 9.00 - 20B - -

Habib Bank Ltd 11021 7.50 120.01 120.99 119.16 120.08 0.07 136260 123.90 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.50 19.00 19.20 18.76 19.15 0.15 40963 22.45 17.00 - 20B - -

JS Bank Ltd 8150 43.20 2.20 2.29 2.10 2.16 -0.04 112337 3.00 2.06 - 33R - -

KASB Bank Ltd 9509 - 1.44 1.49 1.41 1.45 0.01 6984 1.77 1.16 -105.16R - -

MCB Bank Ltd 8362 7.97 196.07 198.15 196.36 197.25 1.18 230697 210.95 190.99 115 10B 30.00 -

Meezan Bank XB 8030 6.08 17.85 17.90 17.50 17.75 -0.10 3016 19.49 16.60 - 15B - -

National Bank 16818 4.30 53.55 55.03 53.50 54.69 1.14 2528882 55.15 49.51 75 25B - -

NIB Bank 40437 - 1.44 1.46 1.42 1.43 -0.01 522061 2.01 1.42 -154.79R - -

Samba Bank 14335 21.25 1.75 1.72 1.69 1.70 -0.05 51120 2.18 1.62 -63.46R - -

Silkbank Ltd 26716 15.25 2.43 2.58 2.43 2.44 0.01 396909 3.06 2.34 - 311R - -

Soneri Bank 6023 2.52 4.96 5.09 4.95 5.04 0.08 121776 6.69 4.91 - - - -

Stand Chart Bank 38716 6.50 7.65 8.07 7.81 8.06 0.41 5134 9.37 7.53 6 - - -

Summit Bank Ltd 8701 - 3.37 3.79 3.38 3.52 0.15 424331 4.75 2.67 - - - 20R

United Bank Ltd 12242 7.14 60.76 60.98 60.50 60.79 0.03 132577 65.01 60.22 50 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

723.62 730.83 716.10 720.58 -3.04 -0.42

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

571,059 34 22 11,111.34 mn 44,921.80 mn 735.22

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

9.26 0.48 5.20 79.54 8.59 720.58

Adamjee Insurance XD 1237 6.73 62.68 62.98 62.65 62.69 0.01 11066 69.90 62.00 25 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,270.92 1,271.86 1,253.70 1,270.91 -0.01 0.00

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

438,018 2 - 12,202.80 mn 27,839.87 mn 1,282.20

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

8.14 0.93 11.41 66.79 8.21 1,268.41

Sui North Gas 5491 14.28 20.00 20.00 19.60 19.99 -0.01 85039 23.60 17.64 20 - - -Sui South Gas 8390 4.54 20.09 20.12 19.95 20.10 0.01 352979 23.75 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,365.83 1,384.48 1,356.77 1,370.31 4.48 0.33

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

3,754,896 15 1 95,369.29 mn 112,217.37 mn 1,370.31

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

13.36 1.25 9.35 104.13 7.79 1,353.95

Genertech 198 - 0.54 0.55 0.54 0.55 0.01 5100 0.80 0.16 - - - -Hub Power 11572 7.80 38.90 39.25 38.50 38.84 -0.06 2327930 39.45 36.70 50 - 25.00 -Japan Power 1560 - 1.07 1.17 1.09 1.10 0.03 8130 1.70 0.97 - - - -KESC 7932 - 2.05 2.20 2.10 2.17 0.12 180418 2.57 2.03 - 7.8R - -Kohinoor Energy 1695 5.36 17.75 18.00 17.75 17.75 0.00 10001 18.00 15.60 25 - 10.00 -Kohinoor Power 126 2.33 3.00 3.00 2.55 3.00 0.00 104 3.95 2.11 - - - -Kot Addu Power 8803 5.49 42.71 42.95 42.52 42.80 0.09 18065 44.19 41.75 50 - 30.00 -Nishat Chunian Power Ltd 3673 2.58 14.20 14.69 14.20 14.36 0.16 329085 17.25 13.47 - - 10.00 -Nishat Power Ltd 3541 2.31 15.73 16.38 15.75 16.18 0.45 868010 17.70 15.39 - - - -Sitara Energy Ltd 191 5.26 19.38 19.00 19.00 19.00 -0.38 500 23.26 18.25 20 - - -Southern Electric 1367 - 1.23 1.40 1.22 1.25 0.02 7353 1.69 1.13 - - - -Tri-star Power XD 150 - 0.79 0.95 0.83 0.79 0.00 200 1.27 0.36 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

831.94 842.40 829.22 834.01 2.07 0.25

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

946,052 5 - 50,077.79 mn 52,410.02 mn 842.89

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

4.15 0.53 12.84 62.56 15.09 825.43

Pak Datacom 78 28.85 29.54 30.00 30.00 30.00 0.46 500 41.98 28.71 80 - 15.00 -Pak.Telecomm Co A 37740 10.64 12.96 13.05 12.91 12.98 0.02 701953 17.70 12.65 17.5 - - -Telecard 3000 2.42 1.42 1.52 1.42 1.43 0.01 20603 1.94 1.31 1 - - -WorldCall Tele 8606 - 1.78 1.89 1.78 1.80 0.02 222996 2.50 1.75 - - - -Wateen Telecom Ltd 6175 - 1.99 2.09 1.95 1.96 -0.03 61119 3.09 1.92 - - - -

Paid up Last 60 days 2010 2011

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

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

Atlas Insurance 443 3.60 29.01 29.44 28.90 28.97 -0.04 3331 29.60 26.00 40 20B - -

Central Insurance 391 1.29 61.54 62.00 58.61 59.21 -2.33 986 75.37 58.61 25 50B - -

Century Insurance 457 4.39 7.90 8.00 7.50 7.90 0.00 54542 8.98 7.50 10 - - -

EFU General Insurance 1250 12.91 34.34 36.04 34.00 34.61 0.27 6780 39.65 29.01 12.5 - - -

Habib Insurance 450 7.64 11.02 11.00 10.10 11.00 -0.02 113988 11.90 10.10 25 12.5B - -

IGI Insurance 970 5.92 72.06 71.50 71.50 71.50 -0.56 400 76.12 67.00 30 55B 10.00 -

Pak Reinsurance 3000 5.40 15.91 16.05 15.50 15.56 -0.35 364666 18.30 12.43 30 - - -

Premier Insurance 303 3.57 7.98 8.02 7.95 8.00 0.02 7450 8.99 7.93 25 - - -

Reliance Insurance 284 5.03 8.25 8.39 8.20 8.25 0.00 6786 8.39 6.00 - 12.5B - -

Shaheen Insurance 250 9.08 13.44 14.35 13.50 13.44 0.00 215 14.49 11.50 - - - 25R

Silver Star Insurance 291 0.86 5.20 4.90 4.90 4.90 -0.30 500 6.40 4.21 - 15B - -

Universal Insurance 263 - 1.50 1.60 1.60 1.50 0.00 275 2.25 1.32 - - - -

UPTO 100 VOLUME

GTYR 22.50 22.80 22.80 22.50 0.00 100

MFTM 0.80 0.80 0.80 0.80 0.00 100

MWMP 0.93 0.85 0.85 0.93 0.00 100

PNGRS 3.53 3.60 3.60 3.53 0.00 100

SAPL 145.01 147.00 147.00 145.01 0.00 100

SNAI 40.00 40.00 40.00 40.00 0.00 100

TRPOL 0.55 0.70 0.70 0.55 0.00 100

BIFO 51.00 52.00 51.76 51.00 0.00 94

EXIDE 167.00 168.90 167.95 167.00 0.00 90

AGSML 5.00 4.75 4.75 5.00 0.00 80

ZIL 58.97 60.75 56.05 58.97 0.00 72

DLL 31.00 31.80 31.00 31.00 0.00 67

ILTM 235.00 246.75 246.75 235.00 0.00 63

PMRS 38.84 40.77 37.01 38.84 0.00 61

PASM 13.10 13.49 13.49 13.10 0.00 53

GATI 49.01 47.00 47.00 49.01 0.00 50

MOON 8.00 7.00 7.00 8.00 0.00 50

UNIC 5.25 5.30 5.30 5.25 0.00 50

JVDC 61.37 60.00 60.00 61.37 0.00 49

COLG 736.00 769.90 740.00 736.00 0.00 32

COTT 1.45 1.30 1.30 1.45 0.00 30

TRIPF 175.02 175.99 173.60 175.02 0.00 30

ULEVER 5882.86 5925.00 5775.00 5835.95 -46.91 24

AASM 26.37 25.12 25.12 26.37 0.00 22

HINO 111.27 105.95 105.76 111.27 0.00 21

AATM 0.95 0.80 0.80 0.95 0.00 20

ARM 17.50 16.50 16.50 17.50 0.00 20

DYNO 9.90 10.45 10.45 9.90 0.00 20

PAKMI 1.14 1.30 1.29 1.14 0.00 20

TSMF 1.00 1.40 1.38 1.00 0.00 20

FECS 38.00 38.00 38.00 38.00 0.00 15

IFSL 7.16 7.70 7.70 7.16 0.00 15

HMIM 1.50 2.50 1.00 1.50 0.00 13

PKGI 5.11 5.85 5.85 5.11 0.00 12

AGIC 8.99 8.40 8.40 8.99 0.00 11

AKDCL 35.70 37.28 35.00 35.70 0.00 11

ADAMS 17.97 17.62 17.62 17.97 0.00 10

AHTM 13.00 12.35 12.35 13.00 0.00 10

ALICO 16.09 15.51 15.51 16.09 0.00 10

APOT 4.75 3.75 3.75 4.75 0.00 10

ARUJ 5.30 4.61 4.61 5.30 0.00 10

ASHT 4.78 4.65 4.65 4.78 0.00 10

AZTM 0.25 0.36 0.36 0.25 0.00 10

BPL 24.29 24.00 24.00 24.29 0.00 10

FTSM 1.55 1.43 1.43 1.55 0.00 10

GADT 64.50 66.70 66.70 64.50 0.00 10

GLPL 57.12 54.27 54.27 57.12 0.00 10

KML 1.60 2.45 2.45 1.60 0.00 10

STJT 28.60 29.89 29.89 28.60 0.00 10

UPFL 1764.58 1750.00 1750.00 1764.58 0.00 9

HAL 13.00 12.76 12.76 13.00 0.00 8

FZTM 310.00 309.99 295.00 310.00 0.00 6

FECM 3.05 3.22 3.22 3.05 0.00 5

KOSM 1.40 1.60 0.77 1.40 0.00 4

BCL 49.93 48.50 48.50 49.93 0.00 2

BROT 0.22 0.35 0.35 0.22 0.00 2

FDMF 1.78 2.27 2.27 1.78 0.00 2

MUBT 1.00 1.24 1.24 1.00 0.00 2

PPVC 8.75 9.75 9.75 8.75 0.00 2

SCLL 2.40 2.74 2.74 2.40 0.00 2

SGMLPS 2.45 3.45 2.50 2.45 0.00 2

SIEM 1089.92 1050.00 1050.00 1089.92 0.00 2

CML 1.50 1.69 1.69 1.50 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFC-JUL 165.30 166.60 162.70 165.12 -0.18 522500

ATRL-JUL 131.00 133.60 130.25 132.64 1.64 354500

FFBL-JUL 47.10 47.40 47.00 47.07 -0.03 311500

POL-JUL 386.23 385.50 381.25 383.07 -3.16 298000

NBP-JUL 53.76 55.00 53.85 54.63 0.87 212000

ENGRO-JUL 152.28 153.50 151.10 152.47 0.19 184000

LUCK-JUL 72.87 74.00 72.05 73.19 0.32 173500

PPL-JULB 213.51 216.85 213.25 215.99 2.48 111000

DGKC-JUL 23.57 23.90 23.62 23.64 0.07 92000

MCB-JUL 196.99 198.80 196.80 197.98 0.99 73000

NML-JUL 52.32 52.26 51.35 51.72 -0.60 45000

PTC-JUL 13.00 13.00 12.96 12.96 -0.04 5500

UBL-JUL 60.70 60.50 60.50 60.50 -0.20 3000

HUBC-JUL 39.13 38.90 38.90 38.90 -0.23 500

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITIONSymbol Total Volume Total Value MTS Rate

AHCL 653,643 12,575,283 19.35

AICL 17,699 843,645 -

AKBL 444,740 3,687,848 21.73

ANL 296,850 1,298,557 18.00

ATRL 57,805 5,510,333 19.05

BAFL 894,750 6,733,487 -

DGKC 757,320 13,056,360 17.00

ENGRO 133,360 15,250,646 17.99

FFBL 162,375 5,435,594 15.00

FFC 90,800 11,225,278 15.00

HUBC 7,000 202,415 -

KAPCO 49,375 1,595,246 -

LOTPTA 2,589,451 24,577,180 20.23

LUCK 292,500 15,926,331 17.00

MCB 46,706 6,921,986 -

NBP 1,140,564 45,092,496 17.26

NCL 346,081 5,468,465 19.00

NETSOL 10,000 156,142 -

NML 275,743 10,316,679 20.00

OGDC 9,500 1,099,978 18.00

PAKRI 287,276 3,396,506 18.26

POL 146,100 42,248,809 15.00

PPL 29,475 4,718,791 16.35

PSO 25,750 5,072,825 -

PTC 30,156 295,719 -

SSGC 2,250 34,018 -

UBL 103,000 4,702,299 -

TOTAL 8,900,269 247,442,916 16.55

Al-Abbas Cement 47.59 2.40 2.30 2.60 2.65 2.50

Allied Bank Limited 46.27 62.85 62.55 63.60 64.05 63.30

Attock Cement 47.09 49.40 49.35 49.50 49.55 49.45

Arif Habib Corp 71.87 27.90 27.55 28.65 29.15 28.35

Arif Habib Limited 60.25 18.70 18.40 19.25 19.50 18.95

Adamjee Insurance 29.49 62.55 62.45 62.90 63.10 62.75

Askari Bank 59.15 11.45 11.05 12.15 12.45 11.75

Azgard Nine 58.25 6.05 5.85 6.40 6.60 6.20

Attock Petroleum 49.22 378.00 376.00 382.00 384.00 380.00

Attock Refinery 58.65 130.20 128.30 133.65 135.20 131.75

Bank Al-Falah 69.25 10.60 10.40 10.95 11.10 10.75

BankIslami Pak 59.29 3.90 3.85 4.00 4.10 3.95

Bank.Of.Punjab 56.47 6.65 6.50 6.90 7.05 6.80

Dewan Cement 45.87 1.60 1.55 1.75 1.90 1.70

D.G.K.Cement 55.51 23.40 23.25 23.75 24.00 23.65

Dewan Salman 38.17 2.45 2.35 2.60 2.65 2.50

Dost Steels Ltd 52.00 2.35 2.25 2.50 2.55 2.40

EFU General Insurance 43.93 33.70 32.85 35.75 36.90 34.90

EFU Life Assurance 45.85 67.35 66.70 69.35 70.65 68.70

Engro Corp 27.76 150.75 149.60 153.15 154.40 152.00

Faysal Bank 75.41 10.00 9.50 10.80 11.05 10.30

Fauji Cement 40.54 4.00 3.95 4.15 4.25 4.10

Fauji Fert Bin 74.26 46.75 46.50 47.30 47.65 47.05

Fauji Fertilizer 64.25 162.35 160.15 166.40 168.30 164.20

Habib Bank Ltd 60.29 119.15 118.25 121.00 121.90 120.10

Hub Power 58.16 38.45 38.10 39.20 39.60 38.85

ICI Pakistan 55.77 154.70 153.05 158.50 160.65 156.85

Indus Motors 36.90 209.50 209.05 210.40 210.85 209.95

J.O.V.and CO 42.07 2.50 2.45 2.70 2.80 2.60

Japan Power 41.82 1.05 1.00 1.15 1.20 1.10

JS Bank Ltd 35.16 2.05 2.00 2.25 2.35 2.20

Jah Siddiq Co 44.21 7.35 7.30 7.55 7.70 7.50

Kot Addu Power 51.47 42.55 42.35 43.00 43.20 42.75

K.E.S.C 47.29 2.10 2.05 2.20 2.25 2.15

Lotte Pakistan 35.99 12.75 12.65 13.00 13.15 12.90

Lucky Cement 57.31 72.00 71.10 73.95 74.95 73.05

MCB Bank Ltd 40.55 196.35 195.45 198.15 199.05 197.25

Maple Leaf Cement 42.04 2.00 1.95 2.10 2.15 2.05

National Bank 61.39 53.80 52.90 55.30 55.95 54.40

Nishat (Chunian) 27.04 20.55 20.40 21.00 21.30 20.85

Netsol Technologies 43.60 20.70 20.60 20.95 21.10 20.85

NIB Bank 30.29 1.40 1.35 1.50 1.55 1.45

Nimir Ind.Chemical 55.21 2.90 2.75 3.10 3.15 2.95

Nishat Mills 43.25 50.65 50.00 52.35 53.35 51.70

Oil & Gas Dev. XD 56.84 153.55 152.65 155.90 157.35 155.00

PACE (Pakistan) Ltd. 37.73 2.05 1.95 2.15 2.25 2.10

Pervez Ahmed Sec 43.53 1.40 1.35 1.50 1.55 1.45

P.I.A.C.(A) 45.09 2.15 2.10 2.25 2.30 2.20

Pioneer Cement 46.18 5.20 5.10 5.50 5.65 5.40

Pak Oilfields 65.83 380.15 378.15 384.55 386.95 382.55

Pak Petroleum 60.73 213.00 210.75 217.00 218.75 214.75

Pak Suzuki 46.01 63.90 63.85 64.20 64.35 64.10

P.S.O. XD 36.15 258.55 257.05 262.75 265.40 261.25

P.T.C.L.A 20.02 12.90 12.85 13.05 13.10 13.00

Shell Pakistan 48.34 222.35 221.60 224.45 225.80 223.70

Sui North Gas 48.54 19.70 19.45 20.10 20.25 19.85

Sitara Peroxide 42.05 16.30 16.05 16.90 17.25 16.65

Sui South Gas 34.03 20.00 19.90 20.15 20.25 20.05

Telecard 35.81 1.40 1.35 1.50 1.55 1.45

TRG Pakistan 33.43 2.40 2.35 2.50 2.55 2.45

United Bank Ltd 38.61 60.55 60.30 61.00 61.25 60.75

WorldCall Tele 31.42 1.75 1.70 1.85 1.95 1.80

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Sindh Abadgar Sugar Mills Ltd 22-Jul 4:00

Wyeth Pak Ltd 25-Jul 11:00

Sanghar Sugar Mills Ltd 25-Jul 11:00

Fecto Sugar Mills Ltd 25-Jul 11:00

Adam Sugar Mills Ltd 25-Jul 12:00

Dewan Sugar Mills Ltd 25-Jul 4:00

Bawany Sugar Mills Ltd 25-Jul 4:00

Ansari Sugar Mills Ltd 25-Jul 6:00

MCB Bank Ltd 26-Jul 9:00

Askari Bank Ltd 26-Jul 11:00

Hinopak Motors Ltd 26-Jul 12:00

Fauji Fertilizer Bin Qasim Ltd 26-Jul 10:30

Chashma Sugar Mills Ltd 26-Jul 11:00

Premier Sugar Mills 26-Jul 11:30

Kohinoor Sugar Mills Ltd 26-Jul 11:30

First Habib Modaraba 26-Jul 11:30

Mirpurkhas Sugar Mills Ltd 26-Jul 3:30

Faran Sugar Mills Ltd 26-Jul 3:30

Honda Atlas Cars 26-Jul 11:00

Habib Sugar Mills Ltd 27-Jul 12:00

BOARD MEETINGS

Company Date Time

Page 8: thefinancialdaily-epaper-22-07-2011

China may stop raising interestrates as inflation eases: BoCom

Vietnam Mekong Housing BankIPO misses fund raising target

Friday, July 22, 2011 8

Indian bankssee pressureon margins

easingMUMBAI: Private lendersYES Bank and KotakMahindra Bank saw net interestmargins falling in the Junequarter weighed by high bor-rowing costs, but analysts saidthe pressure is likely to ease inthe second half of the fiscal.

Robust deposit mobilisation,higher deposit rates and a 50basis points increase in savingsrate in May have pushed upcosts for banks, while softeningcredit demand have also hurtprofitability.

"All base rate changes havehappened in the past 15 days soyou'll see NIMs sustainingnow," Dipak Gupta, executivedirector at Kotak, said. "Wedon't have a choice but to passon interest rate hikes."

Several banks including toplender State Bank of India ,ICICI Bank and Kotak raisedlending rates this month, whichcould help boost yield onadvances in the coming quar-ters.

YES Bank's NIM - a keygauge of profitability - slipped3 basis points to 2.8 percent inJune quarter while Kotak'smargins eased to 5 percentfrom 5.4 a year ago.

Kotak expects to maintainNIMs at 5 percent in the com-ing quarters while Yes Bankcould see a 2 basis points rise inNIMs to 3 percent by March-end.

"This is because of the inter-est rate environment stabilis-ing. And it's still a lot depen-dant on what RBI does in thesecond half of the year," ChiefFinancial Officer Rajat Mongasaid, adding the central bankwill have to ensure adequateliquidity.

Earlier in the week, India'sNo. 3 lender HDFC Bank saidit expects to maintain NIMbetween 3.9-4.3 percent. It hadreported margins of 4.2 percentin the June quarter.

Deposits at Indian banksgrew faster than credit in thethree months to June. India'scentral bank data shows thatadvances grew 3.7 percent inthe period while deposits grew5.4 percent as people parkedmore money in banks lured bythe high rates.

India's central bank hasraised its key lending rate 10times to tame high inflationsince March 2010, forcingbanks to pass on some of theincrease to customers.

The Reserve Bank of India isexpected to raise the repo rateby a further 25 basis points nextweek, and may hike once moreby the end of the year, beforepausing its long tighteningcampaign, a Reuters pollshowed.

"I think banks are very closeto the peak levels when itcomes to the broader depositand lending rates," saidVaibhav Agarwal, an analystwith Angel Broking.

"Possibly, in the second halfwe may see a little bit ofdecline in deposit rates," hesaid. Analysts will keep a keeneye on banks' asset qualityahead of expectations of furthermonetary policy tightening bythe central bank.

"We will be watching out forasset quality with interest rateshardening and the length of therate cycle - if it extends beyonda certain point then creditgrowth will fall further," an ana-lyst with a local brokerage said.

Despite softness in margins,YES Bank, in which Rabobankholds nearly 5 percent stake, beatstreet estimates with a 38 percentrise in first-quarter profit.

"If you see the composition ofoverall growth, a significant partof it has come from growth inloans. We have also seen creditsubstitutes, so our corporateinvestment book has gone up,"said Managing Director.-Reuters

Anwarbecomes

SBP ActingGovernor

Staff Reporter

KARACHI: Yaseen AnwarTuesday took over as ActingGovernor, State Bank ofPakistan, following the accept-ance of the resignation of SBPGovernor, Shahid H. Kardar.

It said that the FederalGovernment last night notifiedthe acceptance of the resigna-tion of Kardar and appointmentof Anwar as Acting GovernorSBP under the State Bank ofPakistan Act, 1956.

Anwar was also the ActingGovernor SBP from June 3 toSeptember 8, 2010 after theresignation of the thenGovernor, 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 i.e.Banking, ReserveManagement, Monetary Policyand Operations; SBP sub-sidiaries Banking ServicesCorporation (SSC) and theNational Institute of Banking &Finance (NIBAF).

KARACHI: MCB Bank haswon yet another prestigiousaward, 'the EuromoneyAward' for the "Best Bank inPakistan" which is a testa-ment to its commitment toperform better and better byeach passing day andachieves the height of suc-cess.The Euromoney Award wasconferred to MCB Bank at aceremony held in Hong Kongamid the attendance of thou-sands of audience includingrepresentatives of leadingbanks and financial institu-tions of the world.The award was received bythe MCB Bank Group Headof Treasury & FX,Mohammad RamzanAccording to Euromoney,MCB Bank earned the awardas they claimed thatPakistan's banking sector isin transition and somelenders are branching out intonew services, while othersare struggling merely to keeptheir heads above water asPakistan's finances lurchunsteadily in the direction ofthe abyss, without ever quitetoppling.MCB Bank's deposits in thirdquarter ended on March 312011 rose to 7.17% whereasother banks in Pakistandeclined by an average of0.8%.MCB Bank raised its cashdividend by 30% as well.

MCB Bank is reputed as oneof the safest financial institu-tion and one of the leadingbanks in Pakistan with adeposit base of Rs. 462 bil-lion and total assets of Rs.605 billion.MCB Bank has also beenacknowledged through pres-tigious recognition andawards by MMT, AsiaMoney, SAFA (SAARC),The Asset and The AsianBanker and it has also veryrecently won CFAAP Awardfor the best bank in the coun-try.MCB Bank President, MUAUsmani, named the victory tothe hardworking and dedicat-ed team of the bank who haveenabled MCB Bank standprominent and got itsachievement acknowledgednot only at national but inter-national level as well.He proudly said that MCBBank is again Pakistan'sstandout bank. Well run andwith good stewards, it is alender with regional cloutand with good underlyingstatistics.The President said that MCBBank, with more than 60years of experience as one ofthe leading banks in Pakistan,has shown phenomenalgrowth even in the most diffi-cult times when the bankingsector in Pakistan is goingthrough the most difficultphase in history. -Online

Best Bank in Pakistan

MCB Bankwins Euro

MoneyAward

KARACHI: First WomenBank Ltd (FWBL) and Stile

(Shabbir Tiles & CeramicsLtd) have entered into anagreement to facilitate cus-tomers on shop at StileEmporiums nationwide.Shafqat Sultana PresidentFWBL & Alireza M AlladinManaging Director ShabbirTiles & Ceramics Ltd. signedthe MOU.As per this partnership theATM card holders of FWBLwill get 10 per cent discounton purchasing of Wall andFloor tiles.In addition to that free giftsand free of cost "InteriorDesigning Facility" in terms

of tile application, by inhouse designing department

of Stile will also be provid-ed.A special "Lucky DrawFacility" would also bearranged on a quarterly basisfor the scheme members.The signing ceremony wasattended by Shawana YaminCompany Secretary, ShaheenZameer Head of Marketing& PR FWBL, Aamir SaghirGeneral Manager Sales andMarketing, Farheen NaqviBusiness DevelopmentManager, Sumaira AliProduct Manager and FaizanMalik Deputy ManagerMarketing Stile. -PR

FWBL, Stileenter into pact

KARACHI: Bank Alfalah, oneof the leading commercialbanks in Pakistan, conducted a3-day customized knowledgesharing program for TheIndustrial and CommercialBank of China (ICBC) which isthe most recent entrant to thePakistani banking sector.Titled, "ICBC: Local MarketOrientation Program," the cur-riculum was designed in linewith ICBC's aims and objec-tives to operate in the Pakistanimarket. Bank Alfalah shared itsbanking experience and focusedon transfusing the experienceand knowledge of local regula-tions and practices of thePakistani banking industry.The Industrial and CommercialBank of China (ICBC) is theleading bank of China and isalso one of the largest banks inthe world. Its entry in thePakistani financial sector, withits significant internationalbanking experience, heraldsrich promise for further devel-

opment of the banking sector inPakistan.Senior management of BankAlfalah and field experts fromacross its 378 local branchesand 8 internationalbranches/units, came togetheron this occasion to welcomethe ICBC executives and con-tribute towards aligning itsPakistani banking operationswith local regulations andguidelines.In his inaugural address on thefirst day of the three-day pro-gram, Sirajuddin Aziz, CEO,Bank Alfalah, expressed hopethat the seminar would deliveron its slogan, 'BuildingAffiliations that Last', so thatthe enduring bond betweenICBC and Bank Alfalah couldbe fortified for furthering theprofessional growth of both theorganizations. He emphasizedthe importance of the presenceof a Chinese commercial bankin Pakistan and said that itwould further strengthen the

bilateral ties between Pakistanand China. "This is a platformfor mutual learning hosted byBank Alfalah, which was for-mulated to add value to thecommencement of ICBC'sPakistani banking operations inline with local regulatoryguidelines," he added.Speaking on the occasion,Chen Peichen, Deputy CEO ofICBC Operations in Pakistan,expressed his gratitude to BankAlfalah for arranging a com-prehensive curriculum forICBC and expressed hope thatmore such events would beorganized in future to take thealliance of Bank Alfalah andICBC to a more advancedlevel.Over three days, the 'ICBCLocal Market OrientationProgram' comprehensivelyexplored the Pakistani bankingenvironment in the areas ofGeneral Banking Operations,Trade Finance, Credits andTreasury. -PR

BAFL conducts localmarket orientationprogram for ICBC

PESHAWAR: The Bank of Khyber(BoK) handled over Rs 7 billion ashome remittances till June 30, 2011during last six months, showing theconfidence of the overseas Pakistanisin the bank.This was stated by Managing Director.Bilal Mustafa Managing Director BoK,while inaugurating BoK Half-YearlyManagers' Conference-2011.The Half-yearly managers' conferencewas held to review the operationalactivities and achievements of the bankduring first six months of 2011 and tofinalize the targets and operationalstrategy for the remaining six monthsof the year.Bilal Mustafa mentioned that in orderto achieve desired goals, the BoKwould further increase its branch net-work in 2011 by adding 12 newbranches.The growth in other operational areaswould be further improved to achievethe annual business targets. In this con-nection; a branch expansion plan is

already underway, during which 5 newIslamic & 7 new conventional brancheswill emerge by year end. This initiativeof the management will furtherstrengthen the bank and with theincreased network of branches, theBoK would play its pivotal role in socioeconomic development of the country.He specially mentioned about BachaKhan Khpal Rozgar Scheme and forth-coming "Huner Mand Scheme" andtheir positive impact on socio-econom-ic condition of Khyber-Pakhtunkhwawhich will lead the Province to pros-perity.He also emphasized that branches aswell as head office staff should workmore actively to serve the customersby providing efficient services.Bilal Mustafa while reviewing theoperational results as on 30th June2011 stated that the BoK's operationalresults shows a tremendous growth inall key areas despite depressed eco-nomic situation. Stressing on facilitation of home remit-

tances business and mentioned thatduring first six months of 2011, BoKprocured over Rs 7 billion as homeremittances which was 87% higherthan the corresponding period.He informed that in addition to branch-es, a number of dedicated paymentcentres are being established to facili-tate home remittances beneficiaries.He said that we were already having aplan to engage more exchange compa-nies to cater the target cliental in vari-ous parts of the Province and Overseas.The mid-year managers" conference2011 was also attended by Mir JavedHashmat Executive Director BoK,Imran Samad Group Head CreditManagement and M Hamid AyubGroup Head HRD, a part from heads ofvarious divisions of Head Office.While speaking on the occasion MirJaved Hashmat Executive DirectorBoK stressed upon the managers towork more efficiently and dedicatedlyto achieve excellence in operationaltarget. -APP

During Last Six Months

Bank of Khyberhandles Rs7bn

remittances

Page 9: thefinancialdaily-epaper-22-07-2011

LONDON: Gold held near$1,600 an ounce on Thursdayas caution over the outlook forthe European debt crisis lin-gered after draft proposals froman emergency EU summit inBrussels were reported, and asconcerns persisted over talks tolift the US debt ceiling.

The draft conclusions fromthe summit suggested the euro-zone bailout fund, the EFSF,will provideloans toG r e e c e ,Ireland andPortugal at alower interestrate and forlonger maturi-ties.

Signs that euro-zone officialswere nearing a deal to bail outGreece knocked gold to a ses-sion low of $1,592.69 on spec-ulation the precious metalwould lose its appeal as ahaven from risk. Prices quicklybounced back, however.

"There are a lot of unsolvedissues for the time being, andgold reacted really marginallyafter the draft EU summit con-clusions. There was no realprofit taking," saidBayramDincer, an analyst atLGT Capital Management.

"There is no shift in risk per-ceptions, which is really impor-

tant for gold market partici-pants."

Spot gold was flat at$1,600.09 an ounce at 1345GMT, and is up 12.8 per cent sofar this year. US gold futuresfor August delivery were up$3.90 an ounce at $1,600.80.

The metal hit a record$1,609.51 an ounce on Tuesdayon fears the euro-zone debt cri-sis that has battered Greece

would spread to largereconomies like Spain and Italy,but later retreated as some cau-tious optimism emerged.

The draft summit conclusionsseen by Reuters said loans fromthe European FinancialStability Facility will beextended from 7.5 years to atleast 15 years and the interestrate will be lowered fromaround 4.5 per cent currently,in the case of Greece andPortugal, to around 3.5 percent.

Meanwhile, President BarackObama and top lawmakers facegrowing pressure on Thursday

to strike a deficit-reductiondeal. They have struggled tobreak their impasse as an Aug.2 deadline looms for raising thegovernment's $14.3 trilliondebt ceiling.

A failure to do so could ren-der the world's biggest econo-my unable to pay its bills,potentially reducing the safe-haven appeal of US Treasuriesand the dollar, and lifting gold.

Spot silvereased 0.3 per centto $39.95 anounce.

The gold-silverratio, used tomeasure theounces of silverneeded to buy one

ounce of gold, held near 40,well below the average of 55since the beginning of 2010 butabove the April lows near 30when silver rose close to $50.

Demand for products like sil-ver-backed exchange-tradedfunds remained choppy, withthe largest, New York's iSharesSilver Trust, recording itslargest one-day outflow in amonth on Wednesday, with itsholdings falling 60.6 tonne.

Spot platinum was bid at$1,782.49 an ounce versus$1,772.26, while spot palladi-um was at $802.47 an ounceagainst $792.22. -Reuters

Gold at $1,600/oz afterEU summit draft

9Friday, July 22, 2011

NEW YORK: Oil rose for athird straight session onThursday, lifted by upbeatUS economic data, signs of adeal to bail out Greece andconfirmation theInternational Energy Agencywould not release more emer-gency stocks for now.

The market shook off earlylosses caused by weak eco-nomic data fromChina and turnedpositive as euro-zone leaderswere set to givetheir financialrescue fund newpowers to helpGreece over-come its debt cri-sis, easing concerns that haveweighed on oil and othermarkets in recent weeks.

"Expectations that the debtproblems in Europe could beresolved has sent the euro ral-lying, weakening the dollar,"said Tom Knight, trader atTruman Arnold in Texarkana,Texas.

"The stock market is alsoup on those hopes, also a fac-tor in support of oil's risetoday."

Further support came fromupbeat data showing factoryactivity in the US Mid-Atlantic region bounced backin July, as well as news mem-

bers of the IEA decidedagainst releasing more oilstockpiles despite the threatof high prices to the econom-ic recover.

Brent traded up 63 cents to$118.78 a barrel at 1605GMT. US crude rose $1.49 to$99.89 a barrel. US futuresbriefly topped $100 a barrelfor this first time since June

10, breaking out of thismonth's trading rangebetween $93 and $99 a bar-rel.

Traders have also been eye-ing US efforts to avoid apotentially disastrous debtdefault, with pressure mount-ing on the White House andCongress to speed efforts tocut a deficit-reduction deal.

The IEA shocked oil mar-kets in June, announcing itwould release 60 million bar-rels of oil to help replace dis-ruptions of Libyan supplyand bring down prices. Pricesinitially plunged, but in themonth since the announce-

ment, Brent prices haveclimbed back more than $10a barrel.

But on Thursday, the ener-gy watchdog for the industri-alized nations confirmedwhat many analysts hadexpected, saying not a singleone of its 28 members hadasked for more oil to bereleased, including the

U n i t e dStates, one ofthe architectsof the firstrelease amonth ago.

"The IEA'sstatement thatit will notrelease more

emergency oil at this time is,in my view, bullish for themarket, although there hasbeen talk that they would dojust that." said Phil Flynn,analyst for PFGBestResearch in Chicago.

Chinese manufacturingcontracted for the first time ina year in July, as monetarytightening and sluggish glob-al demand weighed on theeconomy, according to HSBCflash PMI.

Commodity markets arefocused on the Chinese econ-omy as a major source offuture demand growth. -Reuters

Oil up on IEA decision,US data, Greece optimism

Indian sugarhits highahead offestivals

MUMBAI: India's sugarfutures hit contract highs onThursday on good demandfrom stockists ahead of festiveseason next month and lowersupplies for July, dealers said.

The most active sugar forAugust delivery on theNational Commodity andDerivatives Exchange ended 2percent higher at 2,849 rupeesper 100 kg, after hitting a con-tract high of 2,858 rupees earli-er in the day.

In Kolhapur, a key market intop producer Maharashtra, themost traded S-variety rose by0.67 percent to 2,709 rupeesper 100 kg ($60.88) per 100 kg.

"There was good demandfrom stockists. They were gear-ing up for next month'sRamadan," said a member ofBombay Sugar MerchantsAssociation.

"Lower quota for July wasalso supporting the market.Millers were keeping priceshigher."

India has made available 1.56million tonne of non-levy sugarfor July, lower than the 1.65million tonne it had releasedlast month, the governmentsaid in a statement.

India, the world's top con-sumer and the biggest producerafter Brazil, should churn out24.2 million tonne in the cur-rent 2010/11 season and outputmay jump to 26.5 million tonnein 2011/12, higher than thecountry's estimated consump-tion of around 22 million tonne,industry 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

21-Jul-2011 Crude10 SE11 US$ Per Barrel 99.03 99.31 96.98 98.15 1,309 99.05 98.15 359

21-Jul-2011 Crude10 OC11 US$ Per Barrel 99.16 99.78 97.40 98.53 191 99.44 98.53 56

21-Jul-2011 Crude10 NO11 US$ Per Barrel 99.16 99.16 98.98 98.98 - 99.16 98.98 -

21-Jul-2011 Crude100 SE11 US$ Per Barrel 99.00 99.32 96.98 98.15 321 99.05 98.15 53

21-Jul-2011 Crude100 OC11 US$ Per Barrel 98.77 99.44 98.77 98.53 3 99.44 98.53 3

21-Jul-2011 Crude100 NO11 US$ Per Barrel 99.16 99.16 98.98 98.98 - 99.16 98.98 -

21-Jul-2011 SL100OZ AU11 US$ Per Ounce 38.72 40.37 38.27 39.84 90 38.66 39.84 23

21-Jul-2011 SL100OZ SE11 US$ Per Ounce 38.60 40.24 38.25 39.85 465 38.66 39.85 133

21-Jul-2011 SL100OZ OC11 US$ Per Ounce 38.67 39.85 38.67 39.85 - 38.67 39.85 1

21-Jul-2011 SL500OZ AU11 US$ Per Ounce 38.42 40.14 38.37 39.84 48 38.66 39.84 2

21-Jul-2011 SL500OZ SE11 US$ Per Ounce 38.55 40.25 38.25 39.85 67 38.66 39.85 37

21-Jul-2011 SL500OZ OC11 US$ Per Ounce 38.67 39.85 38.67 39.85 - 38.67 39.85 -

21-Jul-2011 GO1OZ AU11 US$ Per Ounce 1588.00 1604.00 1582.00 1599.20 1,097 1588.30 1599.20 1,767

21-Jul-2011 GO1OZ SE11 US$ Per Ounce 1588.50 1605.30 1582.30 1599.80 2,585 1588.90 1599.80 2,591

21-Jul-2011 GO1OZ OC11 US$ Per Ounce 1589.50 1606.00 1582.40 1600.20 1,922 1589.40 1600.20 2,089

21-Jul-2011 GO100OZ AU11 US$ Per Ounce 1587.50 1602.00 1584.50 1599.20 38 1588.30 1599.20 9

21-Jul-2011 GO100OZ SE11 US$ Per Ounce 1588.90 1599.80 1588.90 1599.80 - 1588.90 1599.80 -

21-Jul-2011 GO100OZ OC11 US$ Per Ounce 1591.10 1602.40 1582.30 1599.80 25 1589.40 1600.20 8

21-Jul-2011 GO100OZ DE11 US$ Per Ounce 1600.60 44287.00 1590.40 44287.00 6 1590.40 1601.20 1

21-Jul-2011 GOLD AU11 Per 10 grms 43923.00 44429.00 43875.00 44304.00 17 44037.00 44304.00 6

21-Jul-2011 GOLD SE11 Per 10 grms 44440.00 44440.00 44051.00 44314.00 2 44051.00 44314.00 -

21-Jul-2011 GOLD OC11 Per 10 grms 44415.00 44415.00 44328.00 44328.00 - 44415.00 44328.00 -

21-Jul-2011 GOLDKILO AU11 Per 10 grms 44010.00 44277.00 44010.00 44277.00 - 44010.00 44277.00 -

21-Jul-2011 GOLDKILO SE11 Per 10 grms 44023.00 44287.00 44023.00 44287.00 - 44023.00 44287.00 -

21-Jul-2011 TGOLD50 AU11 Per Tola 51332.00 51643.00 51332.00 51643.00 - 51332.00 51643.00 -

21-Jul-2011 TGOLD100 AU11 Per Tola 51332.00 51643.00 51332.00 51643.00 - 51332.00 51643.00 -

21-Jul-2011 MINIGOLD MON Per 10 grms 45172.00 45425.00 45172.00 45425.00 - 45172.00 45425.00 -

21-Jul-2011 MINIGOLD TUE Per 10 grms 45223.00 45477.00 45223.00 45477.00 - 45223.00 45477.00 -

21-Jul-2011 MINIGOLD WED Per 10 grms 45240.00 45494.00 45240.00 45494.00 - 45240.00 45494.00 -

21-Jul-2011 MINIGOLD THU Per 10 grms 45138.00 45511.00 45138.00 45511.00 - 45138.00 45511.00 -

21-Jul-2011 MINIGOLD FRI Per 10 grms 45155.00 45408.00 45155.00 45408.00 - 45155.00 45408.00 -

21-Jul-2011 TOLAGOLD MON Per Tola 52298.00 52478.00 52019.00 52315.00 40 52019.00 52315.00 66

21-Jul-2011 TOLAGOLD TUE Per Tola 52,077 52,375 52,077 52,375 - 52,077 52,375 5

21-Jul-2011 TOLAGOLD WED Per Tola 52,097 52,394 52,097 52,394 - 52,097 52,394 -

21-Jul-2011 TOLAGOLD THU Per Tola 52,414 52,417 51,979 52,414 47 51,979 52,414 47

21-Jul-2011 TOLAGOLD FRI Per Tola 52,310 52,312 51,999 52,295 15 51,999 52,295 15

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

declinesTOKYO: Key Tokyo rubberfutures settled down 1 per centon Thursday as a strong yenand weaker oil prices weighedon the market, with manyinvestors taking a wait-and-seestance amid uncertainties in theUS and European financialmarkets.

The key Tokyo CommodityExchange rubber contract forDecember delivery settleddown 4 yen at 384.9 yen per kg.

The most active Shanghairubber contract for Januarydelivery closed at 35,965 yuanper tonne, up fromWednesday's closing price of35,870 yuan. Volume stood at736,124 lots.

"The benchmark contract testedthe 390 yen mark but lost steamafter breaking resistance at 380yen," said Naoki Asami, chiefbroker at trading house Kanetsu."There are no buying factors --the yen is strong, supply isincreasing in producing countriesand uncertainties in the US andEuropean financial markets havekept investors sidelined."

The dollar was broadly softer,weighed down by uncertaintyahead of an Aug. 2 deadline forraising the US public debt ceil-ing and the threat of benchmarkAAA-rated Treasuries havingtheir credit rating cut in theevent of even a brief default.

The greenback fell againstthe yen to 78.72, with lastweek's four-month low of78.45 yen expected to providesupport. -Reuters

BANGKOK: A shopkeeper weighs gold chains sold by a customer in Bangkok's

Chinatown. -Reuters

KUALA LUMPUR:Malaysian palm oil futuresfell on Thursday after hittinga one-month high earlier inthe session as weak econom-ic Chinese data erased gainsmade on higher exporthopes.

Commodity markets comeunder pressure after weakeconomic data from theworld's top commoditiesbuyer China signalled someweaker demand in themonths to come.

The HSBC flash PMI, theearliest available indicatorof industrial activity inChina fell to 48.9 in July, itslowest since March 2009, asmonetary policy tighteningand slack global demandweighed on the economy.

"Weaker global marketsentiment has finallyweighed on palm oil. Someof the fundamentals areimproving in terms of export

demand but it may still notbe enough given the highstocks," said a trader with aforeign commodities broker-age.

The benchmark Octobercrude palm oil contract onBursa Malaysia Derivativestouched one-month highs of3,164 ringgit before paringsome gains to end 23 ringgitlower at 3,130 ringgit($1,044.186).

Overall traded volumestood at 22,636 lots of 25tonne each, below the usual25,000 lots. Higher demandcomes as supply in top pro-ducers Indonesia andMalaysia are expected torise on the back of betteryields and larger oil palmgrowing areas coming intomaturity.

Indonesia's crude palm oiloutput this year is estimatedat 22.5 million tonne to 23million tonne, up from 21.6

million tonne in 2010, exec-utive director of theIndonesian Palm OilProducers Association(GAPKI) said on Thursday.

Other vegetable oils werelacklustre in late Asianhours.

US soyoil for Augustdelivery was almost flat dur-ing late Asian trade hours assome profit-taking erasedgains made from strongChina demand for soybeansand hot weather affectinggrain crops in the USMidwest.

US AgricultureDepartment on Wednesdaysaid private exporters report-ed the sale of 220,000 tonneof US soybeans to China fordelivery during the 2011/12marketing year.

In China, the most activeMay 2012 soyoil on DalianCommodity Exchange bare-ly moved. -Reuters

Palm oil falls furtheron weak China data

LONDON: Copper fell onThursday as data showedshrinking manufacturing activi-ty in top consumer Chinafuelled demand fears, but losseswere capped by a softer dollaragainst the euro, which wasboosted by optimism about aeuro-zone debt deal.

Benchmark copper on theLondon Metal Exchange endedat $9,685 a tonne from $9,755at the close on Wednesday. Themetal used in power and con-struction is down about 5 percent from a record high of$10,190 hit on Feb. 15.

China's factory sector shrankfor the first time in a year inJuly, a survey showed, feedingworries among the country'smain trading partners that itsgrowth is unsustainable.

"The Chinese numbers werevery negative; that's what iskeeping metals subdued," saidEdward Meir, analyst at MFGlobal.

HSBC's China Flash PMI forJuly dropped by its fastest pacesince March 2009 and pointedto a monthly contraction in thecountry's vast manufacturingsector for the first time in 12months, the purchasing man-agers' survey showed onThursday, while a price sub-index signalled reboundinginflation.

"We are seeing a bit of weak-ness today despite a weakerdollar and despite the possibili-ty of a preliminary solution ofthe Euro crisis," said EugenWeinberg, an analyst atCommerzbank. "This is stem-ming mainly from China.

Chinese data showing month-

ly imports of refined copperrose 19.7 per cent in June froma 30-month low seen in May,helped support prices.

"On the other hand it is stillpossible that the Chinese gov-ernment will continue to tightenits monetary policy given therising inflation ... this may cooldemand for copper," Weinbergsaid.

The euro rallied sharply on

signs European officials werenearing a deal to bail outGreece with the help of the pri-vate sector, though someinvestors remained uneasyabout the prospect of a short-term default.

Europe is willing to letGreece default under a crisisresponse that would involve abond buyback, a debt swap butno new tax on banks, EUsources said as euro-zone lead-ers began a crucial emergencysummit.

"The default question and therating question is still out there,keeping the market a little bitnervous," Meir said. "We'vehad a very a very good run thisweek, it's possible an agree-ment of sorts has already beenpriced in."

Some of the world's largestasset managers are cutting tiesto credit rating agencies, poten-tially signalling the beginning

of the end of their grip on glob-al financial markets.

The European Union shouldconsider a competition probeinto the "Big Three" credit rat-ing agencies rather than fund arival, British lawmakers said ina report on Thursday.

"The state of the market at themoment is down to uncertainty.People don't know what's goingon, what will happen," a LMEtrader said.

A Reuters survey publishedon Thursday showed copperwill not trade as high this yearas previously thought, with ana-lysts downgrading their priceforecasts as global growth forbase metals slows from 2010.

Nickel closed at $23,950 atonne from $24,045 per tonne atthe close on Wednesday.

A fall in nickel inventoriespointed to tightness. Nickelstocks in LME-approved ware-house fell 354 tonne to 101,574tonne, the

lowest since late March 2009,data showed.

This, coupled with nickelmining projects delays, is quitesupportive for the metal usedfor stainless steel production inthe short medium-term butmany large projects will comeon stream in 2012-2013 andthis will dampen nickel prices,Weinberg explained.

Tin closed at $28,300 from$28,300 while zinc, used to gal-vanize steel ended at $2,450from $2,454 Wednesday'sclose.

Battery material lead closedat an unchanged $2,700 andaluminium at $2,540 from$2,536. -Reuters

Shrinking China factoryactivity hurts copper

Shanghai copper drops

The most-active October

copper contract on the

Shanghai Futures Exchange

dropped 0.7 percent to close

at 72,150 yuan a tonne.

IEA nations decide against releasing more oil

NEW YORK: Cotton futuressettled fractionally lowerWednesday on investor sales asthe trade cautiously eyedattempts to resolve the debt cri-sis in the United States andEurope in the days ahead, ana-lysts said.

The market is looking towardan EU summit on Thursday toease the debt woes of Greeceand is hopeful a compromisewould avert a US debt defaultin August.

Brokerage Penson Futuressenior cotton analyst Sharon

Johnson said there is "somenervousness about the (EU)meeting" to talk of a debt crisiswhich could plunge globaleconomies into another reces-sion. The key December cottonfutures on ICE Futures USslipped 0.09 cent to concludeat $1.0075 per lb, trading from97.82 cents to $1.0213. OnMonday, the contract finishedat 96.46 cents in the lowestclose for the second-positioncontract since early October2010, Thomson Reuters datashowed.

Business was light. Totalmarket volume hit around14,300 lots at 1849 GMT,about a quarter below the 30-day norm, Thomson Reuterspreliminary data showed.

The short-covering seen inthe preceding two sessions fiz-zled out during Wednesday'ssession although losses werepared by late covering in themarket.

"(Investors) kind of let up onthe pedal because there was nofollow-through (buying),"Johnson said. -Reuters

NY cotton eases as EU,US debt crisis eyed

Page 10: thefinancialdaily-epaper-22-07-2011

Friday, July 22, 201110

KARACHI: left arm spinner

Muhammad Ali captured six

wickets to bowl Zone-V

Whites to an emphatic seven

wicket victory over Zone-VII

Blues in Woodward Trophy

KCCA Inter zonal U17 Cricket

Tournament at Landhi

Gymkhana Ground here on

Wednesday.

Ali finished with figures of

six wickets for 17 runs in fine

spell as Zone-VII Blues

crashed to 85 all out in 28th

over. Zone-V Whites reached

the target for the loss of three

wickets in 28th over.

At TMC Ground, Jaahid Ali

produced a fine all-round show

to propel Zone-VI Whites to a

commanding ten wicket win

over Zone-I

Blues. Jaahid scored an

unbeaten 46 with five bound-

aries and took two wickets for

nine runs. Kamran Khan

slammed five boundaries in his

58 and Muhammad Zohaib

blasted seven boundaries in his

51 as Zone-IV Whites ham-

mered Zone-III Greens by 183

runs at Pak Star Ground.

Summarized scores:

Zone-VI Whites bt Zone-I

Blues by ten wickets.

Zone-I Blues 97 all out in

32.4 overs (M.Maisam 25,

Badi-uz Zaman 21, Ammar

Hassan 21, Bilal Masoor 4-23,

Jaahid Ali 2-9) Zone-VI

Whites 98-0 in 14 overs

(Shayan Jehangir 48 not out,

Jaahid Ali 46 not out).

Zone-V Whites bt Zone-VII

Blues by 7 wickets.

Zone-VII Whites 85 all out

in 27.5 overs (Nasir Hussain

19, Muhammad Ali 6-17,

S.Arbab Shah 3-17) Zone-V

86-3 in 27.3 overs (Wajid-ul-

Hasan 16, Zohaib Ahmed 14).

Zone-IV Whites bt Zone-III

Greens by 183 runs.

Zone-IV Whites 292-9 in 50

overs (Kamran Khan 58,

Muhammad Zuhaib 51,

Saadullah Baig 42, M.Yaqoob

29, Zakir Aftab 3/39) Zone-III

Greens 109 all out in 36 overs

(Faraz Ghaffar 22, Muhammad

Yaqoob 4-32, Hamid Khan 3-

29). -APP

Ali 6-17 bowls Zone-V Whites to an impressive

win in U17 cricket

PESHAWAR: Tank and Bannuto clash in the final of the 2ndChief Minister FootballTournament being played atYounis Stadium Mardan underthe aegis of District FootballAssociation on Thursday.

In the first semi-final DFATank defeated Mardan Red on apenalty shoot out by 5-4 whileBannu secured 4-3 victoryagainst on the penalty kicks inthe second semi-final. The finalwill today (Friday).

Both DFA Tank and MardanRed presented excellent displayof short-passes and attackingmoves.

Mardan have also the edge ofcheering spectators took thelead in the 6th minute throughSaifullah on the field attempt.

It was a right winger,Aurangzeb Khan move alongwith inner Tahir Khan and mid-fielder Jan Muhammad.

They exchanges the ball and byreaching in the danger zone TahirKhan gave a free ball to SaifUllah who did nothing wrong indispatching a beautiful goal fromthe top of the box area.

After taking lead, Mardan putin more pressure as their for-wards made some beautifulmoves as a result Mardan gottwo golden chances but first JanMuhammad saw his attemptwent wide from the goal-postand secondly the left-foot kickof Saif Ullah intercepted by theupper bar.

Conceding an early goal, Tankmanaged their position and withposition of ball, Pir Salauddin,the centre striker leveled thetally 1-all by scoring a superbgoal from the 25-yard distance.After 1-1 both Tank and MardanRed tried their hard to get anylead but they were failed at theend of the first session.-APP

Tank, Bannuto clash in CM

Soccer final

MINGORA: Nowshera off toflying start after defeatingChitral in the opening match ofthe Khyber Pakhtunkhwa Inter-District BadmintonChampionship, team event,which got under way here atindoor hall of the Makan BaghSports Complex.

MPA Rehmat Ali, Chairmanof the DACC Swat Mingora,was the chief guest on thisoccasion who formally inaugu-rated the tournament in which150 players from all districtsincluding Peshawar, Bannu,Kohat, Dera Ismail Khan,Nowhwera, Abbottabad,Haripur, Karak, Mardan, UpperDir, Lower Dir, Malakand,Chitral, Buner, and LakkyMarwar are taking part. Col.Arif of ISPR Mingora, Swat,President of the KhyberPakhtunkhwa BadmintonAssociation Zafar Ali Khan,DSO Officer Niamat UllahKhan, officials, players andspectators were also presentduring the colourful openingceremony.

The tournament, sponsoringby Sarhad Ruler SupportProgram, is carrying events likeMen’s Singles, Men’s doubles,and Team Championship whilespecial invitations was alsogiven to the players of KhyberPakhtunkhwa Police with theaim to pay tribute to the sacri-fices the Khyber PakhtunkhwaPolice rendered for the restora-tion of peace in Swat alongwith the security forces.

Speaking on this occasion,MPA Rehmat Ali lauded theefforts of the KhyberPakhtunkhwa BadmintonAssociation. He assured all outsupport to the organizing com-mittee. He said the tournament isa sources of learn for the upcom-ing youth of Swat. He alsoappreciated the support given bySarhad Ruler Support Program(SRSP) to the association fororganizing the event at hillyresort Swat, which is famous aslittle Switzerland of Pakistan.

He said due to militancy andinsurgency the people of Swathave suffered and now with

holding of sports activitieswould help in highlighting thepeace in Swat besides sending amessage of peace to the World.

Earlier, in the opening matchof the team championshipNowshera beat Chitral by 2-0.In the first singles Waqas beatZulfiqar by 2-0, the score was21-19, and 21-17, Jawad andAbdullah beat javed andZulfiqar by 2-0, the score was21-15 and 21-17.

Swat-A beat Malakand by 2-0,Niamat Ullah beat Waqas by 2-0,the score was 21-14 and 21-18,Ikram and Yahya beat Waqas andInam by 2-0, Police beat Haripurby 2-0, Masood beat Zain Khanby 2-0 in the first singles while inthe doubles Maqsood and Tahirbeat Tahir and Manzer by 2-0,Charsadda beat Lower Dir by 2-0, Baktawar Shah beat AbuFayyaz while Israr beat Fida andFakhar by 2-0 and in the lastmatch Swat-B beat LakkiMarwat by 2-0, Khayum beatTahir by 2-0 in the first singleswhile Aftab and Khayum beatTahir and Majid by 2-0. -APP

Nowshera beat Chitral in KP Inter-District

Badminton

PESHAWAR: The First SyedAqil Shah Age Group Under-8-12 Junior SquashChampionship got under wayhere at PAF Hashim KhanSquash Complex on Thursday.

Chairperson of the ProvincialAssembly Standing Committeeon Sports Shagufta Malik wasthe chief guest on this occasion.Former World ChampionQamar Zaman, PAF coaches,players and spectators werealso present.

Speaking on this occasion,Shagufta Malik lauded theKhyber Pakhtunkhwa SquashAssociation for organizing tal-ent hunt schemes in which 90players who have been spottedout after the one and half monthcamp competing.

She said going down tosearch out new talent wouldhelp establishing nursery atgrassroots level. He said actual-ly the talent lies in that agegroup from where the associa-tion got the start like Under-8 toUnder-12. She said Pakistanruled the world in squash asresult of the hard work by theplayers in the past but now theplayers are reluctant to do hardwork which is the only tool ofachieving the lost glory in theworld of squash.

Qamar Zaman on this occa-sion disclosed that it is the firstoccasion that such initiativewas taken to go down to Under-8, Under-9, Under-10, Under-11 and Under-12 in order tofind out new faces at grassrootslevel. He said to pay tribute andrecognize the services of theProvincial Minister Syed AqilShah the association decided toname after the event as FirstSyed Aqil Shah Age GroupSquash Cup by involving all theteenagers in the event who hada one and half month summer

training camp under qualifiedcoaches.

He said recently Syed AqilShah urged upon the associa-tions affiliated with KhyberPakhtunkhwa OlympicAssociation to hold camp forthe budding youngsters in orderto develop game nurseries atgrassroots level and the squashassociation was the secondbehind hockey to hold its sum-mer camp in which 112 playersturned up in different age grouplike from Under-8 to Under-12.

"We are strictly followed onthat and very much clear aboutspecifically over the age ofboys that turned up during themonth long training camp heldunder the aegis of qualifiedcoaches of Pakistan Air Force,"Qamar Zaman added.

He said in the first phase thekids were provided basic train-ing of squash and in the secondphase they are competing in thetournament in their respectiveage group categories. He saidall the 112 players have beendivided in five age groups.

He thanked Syed Aqil Shahfor providing uniform, shoes,rackets, balls and expenses ofthe coaches that were hired forthis purpose. He said the finalof all the five categories will beheld on July 25 at 6.00 p.m.

Earlier, in the opening matchof the Under-12 category Nasirbeat Mansoor Zaman by 10-12,11-5 and 11-5. In the Under-8cataegory Human Ijaz beatSajid Khan by 3-0, the scorewas 11-3, 11-9 and 11-7, in theUnder-10 category HarisAhmad beat Shahbaz Khan by11-7, 11-8 and 11-8, in theUnder-11 category ZamanKhan beat Irfan by 11-2, 11-6and 11-5, in the Under-12 Tahirbeat Sajid Ali by 3-0, the scorewas 11-6, 11-7 and 11-9. -APP

First Aqil ShahAge Group

Junior SquashC’ship begins

Kenyawithdraw

contracts forfive players

NAIROBI: Cricket Kenya onThursday withdrew it's one-year contracts to five first-teamplayers but hoped they wouldstill continue to play for thecountry.

The five, who include open-ing batsman Alex Obanda andpacemen Nehemiah Odhiamboand Elijah Otieno were in a listof 13 players set to begin newand improved contracts on July1.

But Cricket Kenya chief TomSears said only seven playershad signed the contracts whilethe five rejected the offers,claiming the increased amountswere insufficient.

"We are very pleased with thegroup of players who havecommitted to Cricket Kenyabut obviously disappointed thatsome players chose not to signtheir new contracts," he said.

"Every player received anoffer amounting to a basicincrease to their monthlyretainer of at least 10 per centand the opportunity to improvethat figure significantlythrough consistent high per-formance.

"They were also guaranteedmatch fees for domestic cricketfor the first time which couldsignificantly increase theirearnings," Sears said.

"The fact that they havedeclined these improved offerscalls into question some of theadvice they have been receiv-ing, but that is a matter for theplayers themselves."

While Cricket Kenyabelieves the five would consid-er their stand and continueto play for the national sidewithout any contracts, theirabsence would mean Kenyawill be under-strength whenthey play the United ArabEmirates in the ICCIntercontinental Cup match andone-day series in Nairobi nextweek. -APP

Aisam toleave for

US for

Mason CupISLAMABAD: Pakistani tennisace Aisam-ul-Haq Qureshi willleave for the US on July 26 to fea-ture in the League Mason Cup,starting from July 30 inWashington "I will be taking partin three tournaments in the US andCanada ahead of next month`s USOpen," he told APP on Thursday.The 31-year old said that afterMason Cup he would play in theRogers Cup in Montreal beforetraveling to Ohio to play in theCincinnati Open.

He said he would take part innext month's doubles andmixed-doubles events at the USOpen and was optimistic for agood performance like he didduring last year`s event. -APP

China win seventhgold in Shanghai

SHANGHAI: Chen Ruolin and Hu Yadan led a Chinese one-twoin the women's 10m platform Thursday which gave the hosts theirseventh gold medal as they neared a clean-sweep of all 10 divingevents.

Chen totalled 405.30 points to finish ahead of team-mateYu, with Mexico's Paola Espinosa claiming bronze. -APP

Former coachessupport dumped

Wallaby GiteauSYDNEY: Former World Cupcoaches and players have criti-cised the decision to axe MattGiteau from the Wallabies' teamfor this weekend's Tri-Nationsopener with South Africa,reports said on Thursday.

Eddie Jones and JohnConnolly jumped to Giteau'sdefence after the one-timeindispensable team memberwas this week left out of the 22-man squad to play South Africain Sydney on Saturday.

Jones said coach RobbieDeans had "pulled the wrongrope" by dropping Giteau,while Connolly rated the 28-year-old flyhalf/inside centre asone of the mentally toughestplayers he had seen.

Commentators said Giteau'somission cast doubt overGiteau's involvement in theWallabies' World Cup cam-paign later this year.

Jones, who led Australia tothe 2003 World Cup final, saidhe was baffled by Deans's deci-sion and said opposition teamswould be happy to see Giteauleft out. -APP

SHANGHAI:Members of China's team pose with their silver medals after the synchronisedswimming free combination final at the 14th FINA World Championships. -Reuters

India's Zaheer Khan appeals to umpire Asad Rauf and dismisses England's Alastair Cook (not in picture) lbw for 12 during the first cricket test match at Lord's cricket ground in London -Reuters

KARACHI: A 687-kmKarachi to Gwadar Youm-e-Azadi Cycle race will be pad-dled off from Mazar-i-QuaidNumaish Chowrangi on July25 at 8.30 am, Organizersannounced here on Thursday.

The race conducted in fivestages, will be organized byPakistan Coast Guards.

140-Km Karachi to Uthal

will be held on July 25. 138-KM Uthal to Aghore on July26, 116-km Aghore to Ormaraon July 27, 166- Km Ormara toPasni on July 28 and 127-kmPasni to Gwdar fifth stage onJuly 29.

The details of the prizemoney is being worked out andwill be announced before therace. -APP

'Youm-e-Azadi Khi toGwadar Cycle Race'

Page 11: thefinancialdaily-epaper-22-07-2011

11International & ContinuationsFriday, July 22, 2011

CAPE CANAVERAL: The spaceshuttle Atlantis glided home througha clear moonlit sky on Thursday tocomplete a 13-day cargo run to theInternational Space Station and a 30-year odyssey for NASA's shuttleprogram.

Commander Chris Ferguson gen-tly steered the 100-tonne spaceshiphigh overhead, then nose-divedtoward the swamp-surrounded land-ing strip at the Kennedy SpaceCenter, a few miles (kilometers)from where Atlantis will go on dis-play as a museum piece.

Double sonic booms shattered thepredawn silence around the space cen-ter, the last time residents will hear thedistinctive sound of a shuttle cominghome. Ferguson eased Atlantis ontothe runway at 5:57 a.m. EDT, endinga 5.2 million-mile (8.4 million-km)journey and closing a key chapter inhuman space flight history.

"Mission complete, Houston,"Ferguson radioed to MissionControl. Astronaut Barry Wilmorefrom Mission Control answeredback, "We'll take this opportunity tocongratulate you Atlantis, as well asthe thousands of passionate individ-uals across this great space-faringnation who truly empowered thisincredible spacecraft, which for

three decades has inspired millionsaround the globe."

Atlantis' return from the 135thshuttle mission capped a 30-yearprogram that made spaceflightappear routine, despite two fatalaccidents that killed 14 astronautsand destroyed two of NASA's fivespaceships.

The last accident investigationboard recommended the shuttles beretired after construction was fin-ished on the space station, a $100billion project of 16 nations. Thatmilestone was reached this year,leaving the orbiting research stationas the shuttle program's crowninglegacy.

Details of a follow-on program arestill pending, but the objective is tobuild new spaceships that can travelbeyond the station's 250-mile (400-km) orbit and send astronauts to themoon, asteroids and other destina-tions in deep space.

BACK-UP PLAN

The final shuttle crew includedjust four astronauts -- Ferguson, pilotDoug Hurley, flight engineer RexWalheim and mission specialistSandy Magnus -- rather than the typ-ical six or seven astronauts, a pre-caution in case Atlantis was toodamaged to safely attempt the return

to Earth. With no more shuttlesavailable for a rescue, NASA's back-up plan was to rely on the smallerRussian Soyuz capsules.

At Cape Canaveral, 2,000 workers,journalists and VIPs waited by therunway to cheer the shuttle landingand greet the "final four" astronautsas they emerged from their ship.

"The things that you've done willset us up for exploration of thefuture," NASA AdministratorCharles Bolden told them.

Ferguson thanked the thousands ofworkers involved in the programover the years and said he hoped"this fantastic vehicle" would inspirea new generation of space explorers.

"Although we got to take the ride,we sure hope that everybody whohas ever worked or touched orlooked at or envied or admired aspace shuttle was able to take just alittle part of the journey with us,"Ferguson said.

Thousands more employees gath-ered with their families to watch thelanding on a giant television at theJohnson Space Center in Houston,home of Mission Control and NASA'smain astronaut training facility. As theshuttle touched down, a cheer arosethrough the crowd that gathered out-side the center's headquarters building.

But now that Atlantis is home,3,200 of the shuttle program's 5,500contract workers will lose their jobson Friday. Within about a month, thecontract workforce that totaled about16,000 five years ago will tail off toabout 1,000 who will oversee thetransfer of Atlantis and sister shipsDiscovery and Endeavour to muse-

ums. The shuttles' retirement opensthe door for a new commercial spacetransportation industry, with NASArelying on U.S. firms to deliver cargoto the station starting next year and tofly its astronauts there by about 2015.

Until space taxis are available,Russia will take on the job of flyingcrews to the station, at a cost of more

than $50 million per person.The primary goal of Atlantis'

flight was to deliver a year's worthof supplies to the station in caseNASA's newly hired cargo suppli-ers, Space ExplorationTechnologies and Orbital SciencesCorp, encounter delays preparingtheir new vehicles for flight.

NASA’s shuttle era ended as Atlantis returns

The index added 1.2 per cent on Wednesday.The broader Topix shed 0.1 per cent to 860.11."The index may stay near the 10,000 line for the next month or two," said Masanaga Kono, a chief strategist at

Amundi Japan. He said that despite expectations for a recovery in production after the March earthquake, manufactur-ers will likely remain cautious about their outlooks when they begin reporting April-June results next week.

"Their production may be recovering, but there are persistent concerns about the strong yen," Kono said.He added that foreign investors would likely favour small-to-mid sized companies with attractive valuations over glob-

al cyclical such as bellwether exporters, saying that global small stock funds that included many of these Japanese compa-nies in the April-June quarter seem to have outperformed. As investors awaited the outcome of the EU and US talks, cashand futures markets volumes were low, with the number of shares exchanged on the main board a lukewarm 1.8 billion.

YEN STRENGTH

Strong gains in the Nikkei were also prevented by technical resistance at 10,046. Immediate support was seen at the200-day moving average at 9,907. The White House shifted gears on Wednesday and signalled that President BarackObama could support a short-term increase in the US borrowing limit as long as it is part of a broader deficit reductiondeal. Toyota Motor shed 0.5 per cent to 3,310 yen while Sony Corp dropped 0.8 per cent to 2,077 yen. But MitsubishiUFJ Financial Group, Japan's biggest bank by assets, advanced 1.3 per cent to 394 yen, while Sumitomo MitsuiFinancial Group rose 0.5 per cent to 2,442 yen. Mitsuba Corp dropped 8.0 per cent to 733 yen in heavy trade, whileCalsonic Kansei fell 2.4 per cent to 496 yen after a source told Reuters on Wednesday that Japan's Fair TradeCommission is investigating seven major auto parts makers, including Mitsuba and Calsonic, on suspicion they formeda price-fixing cartel.-Reuters

Continued from page 5No #18

continued to complain that rival claimant China had not made enough con-cessions on the issue.

The talks are part of a week of diplomacy in Nusa Dua on the Indonesianresort island of Bali that included an Asean foreign ministers' summit onTuesday. The so-called Asean+3 on Thursday will be followed on Saturday byan Asean Regional Forum focused on security issues that groups together topdiplomats from a wide range of countries, including the United States andRussia.

US Secretary of State Hillary Clinton was due to arrive in Bali on Thursdaynight to participate in the event. - APP

Continued from page 12No #1

Sources told Sindh government was major defaulter on outstanding arrearsof over Rs25 billion. Certain private and public departments have also beendeclared defaulters on payment of Rs245 billion. - Online

Continued from page 12No #2

The bodies of deceased and the injured were shifted to hospital where oneof the dead was identified as Amjad Ali and two wounded as Shafeeq Ahmedand Kamran Siddiqui.

Law enforcement personnel rushed to the site and launched search operationto trace the suspects out. Further investigation was underway. - APP

Continued from page 12No #3

which has been approached by these companies for extra volumes. IOC andMRPL have so far not asked for additional Saudi oil. MRPL is still hopeful itwill get a late allocation from Iran, a company source said.

SAUDI VOLUMES

"BPCL, HPCL and Essar have told us that they have not received allocation(from Iran for August). They did not get a response from Iran and they want tosecure supplies," said an executive with Saudi Aramco, who declined to benamed.

Iran sent refiners a letter on June 27 threatening to halt supplies and has fol-lowed through on its threat. Iran refused to sell crude to India's second-largestrefiner BPCL in August, because it could not pay, a BPCL source said. BPCLhas secured oil from Saudi Arabia instead, the source added.

"So there will be no supplies from Iran in August, but we have arranged vol-umes from Saudi Arabia," the source said.

Iran is India's second-biggest supplier. Refiners had already turned to topworld exporter Saudi Arabia and other Middle East producers the United ArabEmirates, Kuwait and Iraq for extra barrels to replace those at stake.

Saudi Arabia said it would boost supply unilaterally to meet rising globaldemand after an Opec meeting in June failed to agree to raise output, with oppo-sition led by Iran.

MRPL had already flagged that Tehran supplies were vulnerable in the longterm. "Considering the enhanced level of sanctions against Iran in future, (and) thenon-resolution of the current payment crisis, the availability of Iranian crude maybe difficult," MRPL said in its annual report, adding supply may not continue indef-initely. - Reuters

Continued from page 12No #4

that the water share to be given to provinces up to September 30 would bekept intact and water would be supplied to provinces for Kharif season as pertheir quota. - Online

Continued from page 12No #5

imbroglio, details several instances of unethical and illegal practices onFleet Street in his book, 'Flat Earth News'. In a revealing chapter titled 'TheDark Arts', Davies writes: "One investigator described being hired by theSunday Times to target Asif Zardari, the husband of the then prime minister ofPakistan, Benazir Bhutto, whose credit-card statement he supplied so thatSunday Times reporters could find out where he had been staying and what hehad been spending his money on."

Davies does not mention the year when Zardari was targeted, but Zardari isknown to visit Britain often.

He reportedly owns a neo-Tudor mansion in Surrey. - Online

Continued from page 12No #6

Pakistan (GoP) owned shares of Pakistan Petroleum Limited (PPL) to the gen-eral public through the domestic stock exchange(s).

In order to ensure full transparency of the process an Evaluation Committeewill evaluate the proposals submitted by the interested parties and will submitits report on technical pre-qualification of interested parties beforePrivatisation Commission Board.

The transaction will strengthen the domestic capital market and mobilisesavings of individuals, households and institutions of Pakistan and allow themto take ownership

The PC Board approved the recommendations of financial advisory servic-es (FAS) for transaction structure of National Power Construction Corporation(NPCC) and allowed to proceed with a strategic sale of 88 per cent GoP sharesof NPCC on 'as is where is' basis after approval of the CCOP while allocationof 12 per cent remaining shares for employees for distribution of unit certifi-cates under Benazir Employees Stock Option Scheme (BESOS). KASB Bankis providing financial advisory services for the transaction.

While finalising the transaction structure for Heavy Electrical Complex(HEC), the PC Board agreed with the recommendations of the TransactionCommittee for revising the transaction structure as "divestment of equity stakeat minimum 96 per cent of the issued, subscribed and paid up share capital inHEC together with management control".

PC has so far received three EOIs for HEC from 1. Niagra Mills (Pvt) Ltd,Pakistan, 2. AREVA T & D Pakistan (Pvt) Limited, France and 3. ALSTOMGrid Pakistan (Pvt) Ltd, France.

The Board recommendations will be submitted to the CCOP for a decision.The PC Board also adopted audited accounts of the Privatisation Commissionfor the year ended June 30, 2010.

Earlier, the PCB reviewed the implementation status and progress of vari-ous other ongoing and upcoming transactions. The PC Board members, seniorofficials of the respective ministries, departments, representatives of therespective entities and officials Privatisation Commission attended the meet-ing. - Onlines

Continued from page 1No #7

He said: "We are very respectful of the sovereignty of Pakistan. But we can-not allow someone who is planning to kill our people or our allies' people - wecan't allow those kinds of active plans to come to fruition without us takingsome action."

On Thursday, however, Gilani said any repeat of the Abbottabad raid wouldbe "totally unacceptable".

"Public opinion would further aggravate against the United States and youcannot fight a war without the support of the masses. You need the masses tosupport military actions against militants," he said. He said another raid would

Continued from page 1No #8

on the government's management of the economy, a senior vice president atMoody's Investor Service said last week.

"Whether or not Mr Kardar's resignation is accepted, the affair underscoresthe discord and lack of continuity that afflicts senior policy leadership, andultimately casts a harsh light on the government's management of the econo-my," Tom Byrne, senior vice president at Moody's, wrote in a note releasedrecently.

Kardar was the second central bank governor to leave in just over a year andthe third senior policymaker to quit in Pakistan in less than 18 months, follow-ing the previous central bank governor Salim Raza's resignation in June 2010and former finance minister Shaukat Tarin's resignation in February last year.

Ratings agency Standard & Poor's had said the resignations of the centralbank chiefs send out a negative signal but were not surprising.

"It reflects the difficulties of the central bank governor to do his job: tomaintain price stability in the backdrop of the dominance of the fiscal side inthe form of large borrowings," said Agost Benard, S&P credit analyst.

"Given Pakistan's unstable domestic political situation, the resignation doesnot come as a surprise." S&P rates Pakistan B-, just one notch above a CCCrating that would imply an impending default, but Benard said the B-ratingreflected a lack of stability of key institutions.

"When external borrowings are included in government debt, the percentagerises above 60 per cent of GDP, a dangerous level for an economy with a veryweak tax base and increasingly limited financing means," Byrne said in thenote.

The International Monetary Fund (IMF) has also criticised the governmentfor its patchy implementation of fiscal reforms and has held back the sixthtranche of an $11 billion loan programme since August last year. IMF andPakistan officials were due to meet this month though no official date has beenannounced. Last week, the U.S. confirmed it would hold back $800 million toPakistan, or nearly a third of its total security aid, in part because Pakistan hadexpelled American military trainers and imposed other limits on visas for U.S.personnel.

Continued from page 1No #9

It was decided that the interaction would continue for smooth functioning ofthe power sector. - APP

Continued from page 1No #10

technology, as telecom operators are reluctant to invest in the country wheretheir returns are constantly squeezing against their increasing operationalexpenses. The FDI level is the lowest since year 2003-04 in the telecom sec-tor as FDI continued to increase till 2009-10. The sector used to be consideredhighly potential for landing billion dollar investment with host of economicactivities. In 2005-06, the telecom sector brought $1.905 billion with 54 percent share in the overall FDI, the figures showed. Meanwhile, an official saidthat the cellular sector had invested huge money on the telecom infrastructuresover the past couple of years, expanding their network more than 90 per centthroughout the country. The FDI volume has witnessed significant cut in theprevious fiscal year, however, FDI is still landing in the country on up-grada-tion of network and introduction of value-added services, he added. The rev-enues of the cellular operator declined substantially owing to stiff competition,which made investors reluctant to refrain from investing more capital.

He said the telecom operators have curtailed to send revenues to their head-quarter countries whatever they earned in Pakistan and re-investing their earn-ings on their operations and businesses.

The official said the cellular operators' have adopted cautious approach toinvest money on technology and trying to adjust their growing expenses withcost-cutting strategies. - APP

Continued from page 1No #12

According to official data, remittances rose to a record $11.2 billion in 2010-11 fiscal year, an increase of 25.77 percent compared with the same period last year.

In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF)bailout programme. - Reuters

Continued from page 1No #13

The application sought an increase from the month June. The Power distribution companies said that the with the ris-ing oil prices, it would be difficult to go ahead with the current tariffs; therefore the rates should be increased.

The power distribution companies has also informed the Nepra that they faced transmission and distribution losses by4.24 per cent in the month of June out of totally sold electricity up to Rs55.95 billion. They said they also spent Rs46 bil-lion on the consumption of fuel and oil in the month of June and the amount of purchase of electricity stood at Rs6.37against Rs5.22 during the month of June. - Online

Continued from page 1No #14

Minister for Religious Affairs Syed Khursheed Shah and Leader of the House in the Senate Syed Nayyar HussainBukhari said that the treasury benches have no objection if the opposition wanted to discuss their issues in theParliament including situation in Karachi and power crisis.

MQM Senator Col (R) Syed Tahir Hussain Mashadi said that their party Senators have submitted an application ofallocating seats on opposition benches in the Senate but after spending 21 days, they have not been allocated seats. - APP

Continued from page 1No #15

shares it was felt necessary to make certain amendments in the CI Rules because under the book building processthe offer price of shares is decided by market forces through open bidding. The proposed amendments will also stream-line the book building process of companies for issue of shares.

The key amendments to the revised draft CI Rules include introduction of one uniform criterion for loan-based proj-ects and equity-based projects, removal of restriction on the sponsors of companies to retain at least 25 per cent of thecapital at all times as now sponsors will be required to retain at least 25 per cent of the capital for a period of just threefinancial years; removal of the requirement of project appraisal from a financial institution, verification of the installa-tion and shipment of the last consignment of the plant and machinery is no more required to be verified by the stockexchange as now the issuing company shall obtain a report verifying the implementation status of the project from a val-uer; and exemption from certain requirements for charging premium in case the issue/offer of shares is made throughbook building process. The draft amended CI Rules require underwriting of all new issues of capital and approval of theSECP for issue of shares against intangible assets.

After seeking feedback from key stakeholders, during a period of two to three weeks, the same will be submitted tothe federal government for approval and then the final revised CI Rules will be notified.-Online

Continued from page 5No #16

which dented growth in Asia's third-largest economy. In comparison, the MSCI's measure of Asian markets otherthan Japan has remained almost flat.

The Reserve Bank of India (RBI) is expected to raise its key policy rate by 25 basis points on Tuesday after infla-tion quickened in June and may hike once more by the end of the year, a Reuters poll showed on Wednesday. The RBIhas been the world's most aggressive central bank, having raised rates by 275 basis points in 10 moves over the past15 months. Still, wholesale price inflation accelerated in June to an annual 9.44 per cent from 9.06 per cent in May,driven by higher prices for manufactured goods and fuel. Losses were led by financials such as private-sector lenderHDFC Bank that fell 1.35 per cent, while bigger rivals State Bank of India and ICICI Bank eased 0.7 and 0.4 per centrespectively. Energy major Reliance Industries, which has the heaviest weight on the main index, shed 1.75 per cent.Hero Honda Motors, the country's largest motorcycle maker, bucked the trend and rallied 1.6 per cent after reporting ahigher-than-expected 13 per cent rise in quarterly net profit.

The 50-share NSE Nifty index dropped 0.46 per cent to 5,541.60 points.In the broader market, 934 declines outpaced 490 advances on volume of 528 million shares.-Reuters

Continued from page 5No #17

damage "not only our relationship, but also our common objective, to fightagainst militants. We are fighting a war and if we fail that means that it's notgood for the world. We can't afford losing."

After the raid against Osama, the Pakistani government said it had stoppedthe US launching drones from its territory in pursuit of militants in tribal areas.Nevertheless, drone strikes on the Pakistani side of the border withAfghanistan have continued.

"We don't allow our bases to be used. They have other bases they use,"Gilani said. Asked where those bases were, he replied: "I don't know. You askthe Americans. This is a question to put to them." The Prime Minister added:"Drone attacks are against our strategy too, because we have been isolating themilitants from the local population and when there are drone attacks they getunited again." While addressing a press conference in UK the Prime MinisterSyed Yousuf Raza Gilani again made it clear that democracy will never bederailed adding governments are neither made or fall by any one's say. PMGilani said that government is working on a number of projects to overcomeenergy crises hence talks with Iran are underway in this regard.

He criticized former President Pervez Musharraf for not looking into themater on long term basis.

He highly acclaimed the services and achievements of Shaheed BB in longterm projects regarding power. Prime Minister Syed Yousuf Raza Gilani hassaid that elected representatives are blamed for corruption so as to topple thegovernment.

Investment in Pakistan will benefit as there are huge opportunities in the sec-tors of energy, including renewable energy sources, infrastructure, agricultureand agro-based industry, education, health and information and communicationtechnologies, he underlined. He was of the view that Karachi is a hub of invest-ment thus its economic stability is the need of the hour. In response to anotherquestion, PM went on to say that undoubtedly Pakistan has paid heavy price inwar against terrorism than any other country urging terrorism is a menace whichweakens democracy and shatters economy. Earlier, Prime Minister announcedone million pound sterling for upgrading the facilities for Machine ReadablePassport System for the Pakistanis residing in Britain.

The Prime Minister made the announcement during the annual gala dinnerorganized by UK-Pakistan Chamber of Commerce and Industries at a localhotel here late Wednesday night.

Gilani said the amount had been sanctioned in view of a strong demand bythe Pakistanis residing in the United Kingdom who are facing difficulties ingetting the Pakistani machine readable passports. - Agencies

acquisition of modern technical services.The meeting discussed managing means of payments including but not lim-

ited to credit and debit cards, cheques, travellers cheques, money orders, bankdrafts and electronic money, financial guarantees and commitments, trading inindividual and collective portfolio management; safekeeping and administra-tion of cash or liquid securities on behalf of other persons; investing, admin-istering or handling of funds or money on behalf of other persons.

It also discussed the insurance business transactions, money and currencychanging and carrying out business as intermediary.

The meeting also deliberated the role of the Anti-Narcotics Force (ANF) andits investigation and prosecution of the cases which could cause any implica-tions with money laundering, the source added. - APP

Continued from page 1No #11

economic outlook," said Cusson Leong, Credit Suisse's head of Hong Kong research, adding that there are differentdrivers for each of their global divisions. Leong said that the results Hutchison will announce in early August shouldspur buying of the stock. As Hutchison and China Mobile jointly account for 10 per cent weight in the benchmark, fur-ther gains by both could be enough to lift the index out of the sideways trend it has been stuck in for the past week.

CNOOC shares fell 3.6 per cent in volumes more than triple its 30-day average, hitting a five-month low partly onworries that it might have paid too much for a Canadian oil sands acquisition.

Analysts at Jefferies maintained their "underperform" rating on the stock and said the acquisition of a problematicasset is further evidence that CNOOC's domestic assets are depleted.-Reuters

Continued from page 5No #21

"The news from Europe is significant enough to cause a little relief," said Warren West, principal at GreentreeBrokerage Services in Philadelphia. "Whether it is going to resolve all the issues, I couldn't tell you. Would it be enoughto sustain the market? Doubtful." On the downside, Dow component Intel Corp fell 1.2 per cent to $22.71, a day afterthe chipmaker trimmed its forecast for 2011 personal computer unit sales.

Network equipment maker F5 Networks Inc tumbled 10.4 per cent to $99.70 after it forecast fourth-quarter profit inline with estimates, disappointing investors, and cautioned about uncertainty in the European market.

Chinese manufacturing contracted for the first time in a year in July, data showed, as tighter monetary policy andsluggish global demand weighed on the economy. In the latest economic data, new US claims for unemployment ben-efits rose more than expected last week, the government said. Markets barely reacted after the report came out.-Reuters

Continued from page 5No #19

Banks and insurers, most exposed to European sovereign debt, rallied hard with Barclays the top riser, up 7.8 percent. UK-listed banks enjoyed their biggest one-day percentage gain since the start of 2011, but remain down over 8per cent in 2011. Although the rally looked like an exaggerated knee-jerk reaction, valuations show shares in the FTSEare ripe for the picking, should uncertainty be removed over the European and US debt situations.

"UK equity sector valuations are cheap, in fact the second-cheapest globally in P/E (price to earnings) terms, and yetthey are the second-largest dividend yielder globally as well," said Mark Burgess, chief investment officer at Britishfund firm Threadneedle. Thomson Reuters Datastream figures showed the FTSE 100 index carrying a forward price-to-earnings ratio of 9.44 compared with a 10-year average of 14.15.

Relief that Europe was making progress on dealing with its debt problems, and hopes that it would avoid widespreadcontagion and plunge the region into a deep recession, was not enough to reverse losses in the mining sector .

The sector underperformed, suffering in tandem with easier copper prices after poor manufacturing data from topmetals consumer China heightened worries over the growth outlook for the country.

Factory output in the world's largest consumer of commodities shrank in July for the first time in 12 months."We still forecast strong global GDP growth, at 3 per cent to 4 per cent in both 2011 and 2012. But we are again

making more GDP forecast downgrades than upgrades," Willem Buiter, analyst at Citigroup, said.Mixed economic data from the United States failed to dampen investor spirits as a rise in jobless claims was offset

by a rebound in factory activity. But concerns remain as US lawmakers fight to forge a deal before an Aug. 2 deadlineto prevent the world's biggest economy defaulting on its debt.-Reuters

Continued from page 5No #20

Page 12: thefinancialdaily-epaper-22-07-2011

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Friday, July 22, 201112

MECCA: President Asif Ali Zardari and members of his delegation performing Umrah here on Friday.-APP

ISLAMABAD: Islamabad Electric SupplyCompany (IESCO) while issuing final notice toAiwan-e-Sadr, Prime Minister House and PrimeMinister Secretariat for payment of outstandingbills has said if the outstanding dues are not paidtill Friday then power supply will be disconnect-ed to them.

Ministry of Water and Power sources toldOnline power supply had been disconnected to62 parliamentarians due to non-payment of out-

standing bills. These parliamentarians include Maulana

Fazlur Rehman, State Minister Sheikh WaqasAkram, Lall Muhammad Khan, Sahibzada FazalKarim, Sumera Malik, Noor Alam, NomanIslam, Malik Pervez, Khurram Wattoo, SenatorWaqar Ahmad, Gulzar Ahmad Khan, AmmarKhan, Attia Inayat Ullah, Fouzia Fakhar unNisar and others.

See # 2 Page 11

President, PM officesserved final notices

On non-payment of electricity duesNEW DELHI: India has aback-up plan to cope with a haltto crude supplies from Iran, itsoil minister said, as the Islamicrepublic upped the ante in anoil payments row and Indianrefiners rushed to secure alter-native supplies, including fromSaudi Arabia.

Since December, India andIran have struggled to findways for New Delhi to pay forimports of 400,000 barrels perday or 12 per cent of its oildemand after the Reserve Bankof India halted a clearing mech-anism under US pressure.

That move won praise from

Washington, which is usingsanctions in a bid to get Tehranto halt its nuclear programme.

Indian firms MangaloreRefinery and PetrochemicalsLtd, Iran's biggest Indian client,BPCL, IOC, HPCL and Essarbuy crude from the IslamicRepublic, and their collectivedebt to Iran since the crisisbroke out has risen to morethan $5 billion.

None of the five refiners havereceived a crude supply planfrom Iran for August loadingcargoes, officials and execu-tives at the companies said oncondition of anonymity.

But Indian oil minister SJaipal Reddy said on Thursdayno oil shortages would resultfrom Iran's halting supplies inAugust.

"No. There will not be anyshortage or problem. We have aback-up plan," Reddy toldReuters when asked if Asia'sthird-largest oil consumerwould face problems now thatTehran has decided against sup-plying oil in August.

Iran has told BPCL, HPCLand Essar that they will receiveno supply in August, said asource at Saudi Aramco,

See # 4 Page 11

Iran's supply halt notto limit oil in India

MUMBAI: India, the world's secondbiggest sugar producer, can export 3million tonnes of the sweetener in the2011-12 season beginning October asit is likely to produce a surplus forthe second year in a row, a seniorofficial from trade house ED & FMan said.

Any extra exports from India can helpcool sugar prices after lower suppliesfrom top producer Brazil pushed upwhite sugar futures to a record high ear-lier this month.

"We expect the government shouldcontinue with the exports programme,

especially when we will have surplus inthe country, export of 3 million tonne ispossible next year,"

Rahil Shaikh, managing director ofED & F Man Commodities India, toldReuters in an interview on Thursday.

The country will have enough sup-plies to cater to domestic demand due tocarry forward stocks of 5 million tonnefrom the current season and prospects ofgood crop next year, even if it ships out3 million tonne, he said.

"We expect it (output) to increase to25-25.2 million tonne next year," hesaid. - Reuters

India can export3mn tonne sugar

KARACHI: Sui Southern Gas Company(SSGC) owes Rs23.8 billion to Oil andGas Development Company Limited(OGDC) but the company refused tomake payment until KESC clears all thedues to it, which has reached Rs29 bil-lion.

On the other hand the high official ofOGDC said that if SSGC would not maketimely payment, it would result in theimpediment in the exploration of oil andgas, due to which the prevailing energycrises could be swelled further.

The sources said that the said amount is

the part and parcel of circular debt in ener-gy sector. The companies, among whichthe arrear is revolving has failed to fix theschedule for making these payments.

The source said that during the fiscalyear, OGDC has set a target of excavationof 47 wells and for this purpose it wouldrequire huge investment.

In the present scenario, when thedemand of energy is enhancing day byday. It has also become a necessity tospeed up the exploration activities but thisis only possible when circular debt wouldbe reduced to minimum level. - Online

SSGC refuses to payRs23.8bn to OGDC

ISLAMABAD: Irsa Advisory Committee(IAC) on the demand of provinces havedecided to supply water to them forKharif season as per set formula.

Chairman Irsa Rao Irshad said water sup-ply to provinces could be curtailed from 25to 48 per cent in next Rabbi season.

IAC met here under its chairman RaoIrshad Thursday. Irrigation secretaries ofall the provinces and senior officers ofMet office, Wapda and other departments

attended the meeting. The meeting reviewed the prevailing

situation of water and demand ofprovinces. IRSA requested the provincesto cut short their demand for water in thepresent situation.

Provinces took the plea that they need-ed water during the process of growth ofcrops therefore; they could not slash theirshare of water. Therefore, it was decided

See # 5 Page 11

Water to provinces as per quota: Irsa

NUSA DUA, Indonesia:Southeast Asian foreign minis-ters held wide-ranging talkswith their counterparts fromChina, Japan and South Koreahere on Thursday, ahead of asecurity summit involving theUnited States.

North Korea's nuclear pro-gramme, climate change andglobal food shortages wereamong the issues discussedduring what host Indonesiadescribed as upbeat discussionsdespite tensions among someparticipants over a territorialspat.

"Just now was a very posi-tive meeting," IndonesianForeign Minister MartyNatalegawa said after emerg-ing from the talks between the10 Association of SoutheastAsian Nation (ASEAN) mem-bers and their three big neigh-

bours."During the course of our

meeting we took stock of thepresent state of ASEAN plusthree's collaboration on finan-cial and economic issues,which has been extremely posi-tive."

He said one of the top issuesdiscussed was North Korea'snuclear programme, and thatthere was support for restartingstalled six-nation diplomaticefforts aimed at getting the iso-lated country to give up itsatomic ambitions in return fordiplomatic and economic bene-fits.

"Of course the North Koreanissue was discussed in goodlength and it is one of the com-mon concerns not only forcountries in the Northeast Asiabut also Southeast Asia,"Natalegawa said.

"We wish very much to seethe six-party talks revived."

Philippine Foreign SecretaryAlbert del Rosario said otherissues on the agenda includedfood and energy security, envi-ronmental issues and co-opera-tion on disasters.

However he said one of themost contentious issues - com-peting claims between Chinaand some Asean nations to theSouth China Sea - was notmentioned.

This came after Asean andChina agreed on Wednesday toguidelines on a potential codeof conduct governing activitiesin the resource-rich and strate-gically important waters.

The agreement appeared tohave eased tensions that hadflared in recent months,although the Philippines

See # 1 Page 11

Asean nationsmeet ahead of

security summit

KP airlineunion chiefshot dead

PESHAWAR: The Presidentof People's Unity KhyberPakhtunkhwa (PU-KP) SaadKamal Shah and his fellowhave been shot dead on BaraRoad on Thursday.

According to initial reports,Saad Kamal Shah and his fel-low were travelling in a car onBara Road, Peshawar.Suddenly some unidentifiedarmed attackers opened fire onthem and managed to escapeafter killing both on the spot.

Rescue teams rushed to theshooting site and moved thedead bodies to hospital whileheavy contingent of policearrived on the scene and startedinvestigation after cordoningoff the area. - NNI

India testsshort-range

missile BHUBANESWAR: India onThursday test fired a new shortrange ballistic missile from adefence base in Orissa, officialsources said.

The 'Prahaar' missile, whichcan hit a target 150 km away,was tested from the IntegratedTest Range in Chandipur in thedistrict of Balasore, about 230km from here. The "Prahar"system can tackle multiple tar-gets and allows a mix of dif-ferent kinds of missiles to beused from a single launcher.

Being a road mobile system,it could be engaged in a shorttime notice and each launcheris so designed that it can loadsix missiles at a time takingout multi targets. It is alsoIndia's answer to Pakistan'sshort-range, tacticalnuclear-capable missileNasr. - Online

Blast killsOGDC's

4 workersQUETTA: At least fouremployees of Oil and GasDevelopment Corporation(OGDCL) have been killed andfour sustained injuries in abomb blast occurred at DeraAllahyar town of Jaffarabaddistrict on Thursday.

"Unknown men planted anexplosive material into a motorrickshaw and parked it on the roadand detonated it when a vehiclecarrying employees of OGDCLpassed there," police said.

Police added that as a resultof the explosion, three employ-ees were killed and fourinjured.

See # 3 Page 11

Defunct UK tabloid monitored Zardari's data

LONDON: Pakistan President Asif Ali Zardari was among individuals whose personal data was clandestinelyobtained by private investigators at the behest of a newspaper owned by media baron Rupert Murdoch.

Nick Davies, a journalist writing for The Guardian who has doggedly exposed the dubious news-gathering practices in theBritish press, mentions that Zardari's credit-card statement was obtained by a private investigator for The Sunday Times.

Davies, an award-winning journalist whose revelations led to the current phone-hacking See # 6 Page 11


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