thefinancialdaily-epaper-27-07-2011

International

'Pak arsenal no worry for India' See on 2

India stuns all with sharp rate hike See on Page 12

Floods may again hit 2mn: UN See on Page 12

*Crude Oil (brent)$/bbl 117.97

*Crude Oil (WTI)$/bbl 98.90

*Cotton $/lb 95.90

*Gold $/ozs 1,614.30

*Silver $/ozs 40.29

Malaysian Palm $ 1,042

GOLD (NCEL) PKR 44,728

KHI Cotton 40Kg PKR 5,358

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

Monthly(Jun, 2011 up to 25-Jul-2011)

Daily (25-Jul-2011)

Total Portfolio Invest (16-Jul-2011)

-24.03

-24.03

-9.38

2768

-2.29

2.88

-1.00

0.24

-0.39

0.61

-0.06

SCRA(U.S $ in million)

Portfolio Investment

FIPI (26-Jul-2011)

Local Companies (26-Jul-2011)

Banks / DFI (26-Jul-2011)

Mutual Funds (26-Jul-2011)

NBFC (26-Jul-2011)

Local Investors (26-Jul-2011)

Other Organization (26-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 10 - Jun 11)

LSM Growth (May 11)

GDP Growth FY12EPer 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

$758mn

-2.28%

4.20%

$1,051

176.74mn

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

17.74

2.00

1.70

11.45

PKR/Shares

111.97

152.80

43.07

36.61

39.45

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

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

26-Jul-2011

13.48%

13.74%

13.90%

14.00%

13.70%

13.61%

13.79%

14.14%

14.24%

13.97%

14.01%

14.03%

14.24%

14.33%

14.41%

Money Market Update

Index Close Change

KSE 100 12,364.06 30.43

Nikkei 225 10,097.72 47.71

Hang Seng 22,572.08 278.79

Sensex 30 18,518.22 353.07

ADX 2,673.97 10.84

SSE COMP. 2,703.03 14.28

FTSE 100 5,933.81 8.55

*Dow Jones 12,527.94 64.86

Global Indices

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Karachi, Wednesday, July 27, 2011, Shaban-ul-Muazzam 24, Price Rs12 Pages 12

3,000MW added to national grid: PM

NEW DELHI: Foreign secretary Salman Bashir shakes hands with his Indian counterpart

Nirupama Rao ahead of their secretary-level talks. - Reuters

TFD Report

ISLAMABAD: Owing to con-firmation of incorrect calcula-tion or presumably portrayal ofFBR's tax collection figures forthe fiscal year 2010-11, over-haul in economic managementteam is under perusal, sourcesdisclosed to The FinancialDaily.

It may be recalled that FBRchairman's boast that they hadmanaged to meet their revisedtax collection target of Rs1,588billion was nothing but rheto-ric. In fact, the figure was shortof Rs38 billion, not a negligiblesum which according to areport, now puts our budget

deficit at 6.5 per cent of grossdomestic product.

According knowledgeablesources of ministry of finance,government on the proposal ofDr Hafeez Shaikh is seriouslyconsidering to change entiretop slot of FBR including itschairman Salman Siddique

It is very interesting to notethat during three and a halfyears of present regime totalseventeen key members ofeconomic management teamhave been removed orreplaced so far. Out of themfour were finance ministers,five finance secretaries, fourdeputy chairmen planningcommission and three central

bank governors.According to reports, secre-

tary finance Dr Waqar Masoodand acting governor centralbank Yaseen Anwar are the topcontenders for the slot of SBPchief. Similarly, economicaffairs division secretary WajidRana is the most favourite forthe position of secretaryfinance. Meanwhile, the FBRchairman is likely to beappointed as the auditor gener-al of Pakistan.

Quite recently State Bankof Pakistan Governor ShahidKardar and Chief EconomistDr Jaffer Qamar had quittheir offices.

See # 5 Page 11

Reshuffle on cardsin economic team

Fake revenue figures

Hina meets Krishna today

NEW DELHI/LAHORE:Foreign secretaries of India andPakistan on Tuesday discusseda host of issues, including ter-rorism and Jammu andKashmir, and firmed up confi-

dence-building measures(CBMs) that will be announcedafter talks between their foreignministers today (Wednesday).

Indian foreign secretaryNirupama Rao and herPakistani counterpart SalmanBashir held delegation-leveltalks that reviewed the progressin bilateral relations since they

last met in Islamabad a monthago. They finalised a slew ofCBMs.

Welcoming Bashir, Raocalled the meeting "preparato-ry".

"We are meeting here today(Tuesday), preparatory to thediscussion that will be heldtomorrow (Wednesday)

between external affairs minis-ter SM Krishna and Pakistan'sforeign minister Hina RabbaniKhar," she said.

"We had a very good meetingin Islamabad last month andthis in a sense has set the trendfor the discussions today(Tuesday)," she added.

Thanking Rao for inviting

him and his delegation, Bashirsaid, "I think we have everyreason to be satisfied with ourjoint endeavours for the causeof peace and stability and forthe good relations between ourtwo countries."

Bashir stressed that he lookedforward to a "productive meet-ing between the two ministers".

The Pakistani delegation,headed by Bashir, includedZehra H Akbari, director gen-eral, South Asia, in Pakistan'sforeign office and Pakistan'sHigh Commissioner to India,Shahid Malik.

The Indian delegation, head-ed by Rao, included YK Sinha,

See # 1 Page 11

Dull agenda with high hopesPak, India foreign secretaries finalise

TFD Report

KARACHI: Decision withrespect to discount rate iseagerly eyed by all and sundrywhere traders are quite upbeaton a slash while economists arein favour of holding the dis-count rate at its current level of14 per cent.

SBP is announcing monetarypolicy for next two months onJuly 30. In its two earlierannouncements central bankkept the discount rateunchanged and on this very rea-son now there are wider expec-tations that this time apexbanker may slightly cut theinterest rate.

Following the resignation ofgovernor Dr Shahid H Kardar,the acting SBP governor, YasinAnwar is expected to announce

the change in the monetary pol-icy. Informally, some SBP offi-cials say that Yasin is under thegovernment pressure to cut thepolicy rate.

Traders fraternity isstaunch supporter of rate cutdecision to bring on momen-tum in manufacturing sectorfor which lower lending ratesare inevitable for cheapfinancing.

However, economists andmonetary analysts support theidea of keeping the discountrate unchanged on the premisethat first two months of newfiscal years may be minutelymonitored under current levelof interest rate regime andthereafter in next policy deci-sion any alteration may bemade accordingly.

See # 3 Page 11

Economists forhold, traders for cut

Discount rate decision

TFD Report

LAHORE: Pakistan stands atnumber seven in Asia whichreceived so far $554.1 millionin aid for trade (AFT) whichwas mainly used in power, agri-culture and fisheries sectors.

According to details if calcu-lated on individual basis everyPakistani received $3 as aid fortrade though its trickledowneffect is not tangible enough toverify the veracity of claims.

According to a document"Aid for trade at a glance 2011"issued by World TradeOrganization recently, India

tops the list of aid for traderecipient in Asia with $1.927billion while Afghanistanranked number two with$1.710 billion followed byVietnam $1.466 billion,Indonesia with $839 million,China with $619.7 million andPhilippines with $559 million.

The study shows thatPakistan, one of the top tenrecipients of AFT in Asia, isusing 31.1 per cent of the AFTinflows for improving energygeneration, while 19.2 per centis being used for the develop-ment of agriculture, forestryand fisheries sectors while

banking and other businessservices are consuming 18.1per cent and 10 per cent respec-tively.

Figures show that around 8.7per cent of AFT inflows arebeing used for the developmentof industry and 7.3 per cent forimproving transport and stor-age infrastructure while 5.2 percent is spent for the develop-ment of mining and mineralsectors.

Figures reflect that Pakistanreceived $5.208 million onaccount of trade policy and reg-ulations, $187.08 million for

See # 2 Page 11

Pak among top AFTrecipients in Asia

Majeed elected as

11th AJK PM MIRPUR, AJK: SeasonedKashmiri politician andPresident of Pakistan People'sParty (PPP) Azad Jammu &Kashmir (AJK) Ch AbdulMajeed was elected AzadJammu and Kashmir (AJK)Prime Minister on Tuesday.

The newly-elected AJKLegislative Assembly electedMajeed as leader of the House(Prime Minister).

He holds the distinction ofbecoming the 11th PrimeMinister of AJK in the parlia-mentary history of the state.

Majeed obtained 35 votesagainst 11 votes secured by hisonly rival Raja Farooq HaiderKhan, the candidate of PML(N) for the slot.

The newly elected 47 law-makers participated in the

See # 4 Page 11

2 Wednesday, July 27, 2011

ISLAMABAD: Federal Minister for Information and Broadcasting FirdousAshiq Awan talking to German Media delegation. -APP

KARACHI: Chief Minister Sindh Syed Qaim Ali Shah giving award to BoardMember South Asian Federation of Accountants Abdul Raheem Sooriya duringthe Golden jubilee Conference of Institute of Chartered Accountants. -Online

ISLAMABAD: US Ambassador to Pakistan Cameron Munter talks to students during Closeout event ofUSAID-Sponsored Education Activities in FATA and Malakand at National Library. INP

ISLAMABAD: USAmbassador to PakistanCameron Munter Tuesdaysaid his country has beenproviding help and assis-tance to Pakistan to makeit a strong with improvedbasic needs of life avail-able to the people livingin different parts of thecountry.

He was addressing afunction here at NationalLibrary to commemoratecompletion of renovationwork of schools in FATAand Malakand areaswhich were damaged bythe terrorists and extrem-ists.

Referring to the repair ofschools in FATA andMalakand under USAIDassistance, he said, "It isour effort to improve edu-cation system in Pakistanespecially in under devel-oped areas of Khyber-Pakhtunkhwa."

The ambassador said, "Itis common task forPakistan and US to securethe future of childrenthrough imparting themeducation."

He said, "We want thatPakistani children bestronger and stronger andproviding them maximum

facilities especially educa-tional facilities at theirdoor steps."

The ambassador said astrong and stable Pakistanis in the interest ofAmerica therefore,USAID and other organi-zations are working inPakistan to improve theinfrastructure.

He said more than 700schools in FATA andMalakand have beenrepaired and equippedwith books, furniture andother basic needs at theschools with training tothe teachers.

The project started threeyears ago and continueddespite many hardshipsespecially the securityissue in the areas wheremilitary started its opera-tion against the militantsand extremists.

He also appreciated theleadership of KPK for tak-ing strong and difficultdecisions to fight the mili-tants and reviving the edu-cational system especiallyfor the girl students.

The ambassador said,with cooperation and jointefforts, "we can fulfill ourdreams" for a better, pros-perous and progress

Pakistan.Education Minister of

KPK Sardar HussainBabak speaking on theoccasion said the USAIDprovided valuable supportin repairing the education-al institutions and revivingthe educational facilities.

The Minister said somepeople are involved inpropaganda that Americanare not friends of Pakistan,which is wrong addingthat the real enemies ofPakistan are those whodestroyed these education-al institutions, threateningto the peace and securityof the country.

Appreciating the contri-bution of USAID andother international donoragencies, the Ministersaid, there is need to pro-mote education system.He said educated peoplecould be in a better posi-tion to identify their ene-mies.

The Minister said KPKpeople sacrificed theirlives for the security andprosperity of the provinceand assured that they willcontinue to give sacrificesin future for the nationalinterest.

USAID Pakistan Chief

Dr. Andrew Sisson andother officials also attend-ed the function.

The Ambassador alsointeracted with some ofthe students who especial-ly visited Islamabad fromFATA and Malakandschools to attend the cere-mony.

On a question 'why theUS is helping them?'asked by one of the stu-dents, the US ambassadorsaid, "We want to makeyou strong, so that you canmake a strong Pakistan asa strong Pakistan is in ourinterest."

The ambassador alsoasked questions from thestudents about their hob-bies and interests besidesthe education and had avery friendly conversationwith them.

The school studentsfrom FATA and Malakandwere very comfortablewith US ambassador andasked questions inEnglish.

The ambassador wassatisfied that with theUSAID assistance to theseschools, the students areconfident and now feelingproud to discuss any thingwith foreigners. -APP

Helping Pak to makeit stronger, says US

Munter addresses function at National Library

LAHORE: A 10-memberThai trade delegation dis-cussed the scope of jointventures in SME sectorwith Small and MediumEnterprises DevelopmentAuthority at SMEDAhead office here Tuesday.

Marut Jitpatima,Ambassador of RoyalThai Embassy, led the del-egation, whereas onbehalf of SMEDA,General Manager(Operation and Outreach)Iqbal A Kidwai led thediscussion along with GM(Policy & Planning)Bakhtiar Khan.

The delegates observedthat Pakistan was tremen-dous natural resourcessupplemented by a plentyof raw material and agriproduces and it can bringprosperity to its people byproper exploitation of

these resources throughmodern technologies.

They identified fields ofagro-food processing,gems and jewelry, textile,livestock, fisheries andmarine aquaculture forjoint ventures between thetwo countries and offeredSMEDA to initiate a seri-ous follow-up of thisdirection in collaborationwith the local ThaiEmbassy.

Ambassador MarutJitpatima assured them ofinitiatives for training oftrainers and exchange oftrade delegations betweenthe two countries. He putspecial emphasis on shar-ing Thai expertise in valueaddition of aquacultureand precious stones inPakistan. He proposedMoU between SMEDAand its Thai counterpart

for the continuous follow-up of joint ventures in theSME sector.

Earlier, Iqbal Kidwaigave a presentation to thevisiting delegation onservices and projects ofSMEDA. He said thatbesides developing serv-ices, projects and policiesfor SME (Small andMedium Enterprise) sec-tor, SMEDA was strivinghard to bring moderntechnologies, training andmarketing techniquesthrough internationalagencies like World Bank,USAID, GTZ, JICA,ADB, UNIDO and UNDP.

He called for strength-ening relations with Thaidevelopment agenciesthrough continued inter-action with the RoyalThai Embassy inPakistan. -APP

Thai traders, SMEDAdiscuss JVs for SMEs

ISLAMABAD: One yearon from the worst floodingin the history, Pakistan isstill not prepared for thisyear's monsoon floods andother natural disasters,International aid agencyOxfam warned here onTuesday.

According to Pakistaniauthorities and UnitedNations two to five millionpeople are likely to beaffected by floods duringthis year's monsoon sea-son.

In a new report, "Readyor Not: Pakistan'sresilience to disasters oneyear on from the floods,"Neva Khan, Head ofOxfam in Pakistan told apress conference here thatmillions of people werestill struggling to recoverfrom the last year's floods.

She said that these peo-ple would fall even deeperinto poverty if hit byfloods again, adding thatreconstruction after lastyear's floods is estimatedto cost more than $10 bil-lion and further disasterswill put an additionalstrain on the country'seconomy.

Neva informed thataround 37,000 peopleaffected by 2010 floodsare still living in camps inSindh alone, while morethan 800,000 families arestill without proper home.

She said lives and scarceresources could be savedin the future if the govern-ment with support fromi n t e r n a t i o n a l - d o n o r sinvests more in measuresto reduce the impacts ofdisasters.

She also called upondonors to invest in meas-ures to reduce the impactof disasters as part of theiroverall aid packages for

Pakistan.The agency also request-

ed donors to allocate at-least 10 per cent of human-itarian and recovery assis-tance to projects that miti-gate the impact of disas-ters.

"Pakistan needs to actnow. Investing in measurestoday that reduce theimpact of disasters isessential to save lives andsafeguard developmentgains in the future. It willensure schools built withaid funds are not washedaway and that farmers cankeep the crops they havetoiled over." -APP

Pak still unreadyfor floods: Oxfam

ISLAMABAD: Neva Khan, Oxfan’s country directorin Pakistan addressing a press conference at national

press club. -INP

Staff Reporter

KARACHI: Pakistan is avast and diverse country,and Karachi is its mostimportant city that pos-sesses dynamics differentto the rest of the country,but foreigners, particular-ly Europeans who don'tknow much aboutPakistan, have differentperceptions that are notwholly in consonancewith reality.

These views wereexpressed by GermanAmbassador to PakistanDr Michael Koch at afarewell reception that hehosted for the departingGerman Consul Generalin Karachi Dr Christian

Brecht.The Consul General is

leaving Karachi later thisweek after completion ofhis tenure.

Dr Michael Koch saidthat he and Dr ChristianBrecht were posted toPakistan at almost thesame time and arrived inthe country within a weekof each other.

He added that thedeparting German ConsulGeneral was a particular-ly effective networkerwho possessed a uniqueability to get people towork together in differentsectors. He said Dr Brechthad shown what can beachieved by determina-tion, perseverance and

cooperation.The German

Ambassador concludedby saying that he was sadto see Dr Christian Brechtleave before him, andwished him well in hisfuture endeavors.

Consul General DrChristian Brecht in hisspeech thanked theGerman Ambassador forwhat he said added that hefelt greatly honored.

Referring to his three-year tenure in Karachi, hesaid his stay had beenvery enjoyable and inter-esting. He added thatKarachi had a very impor-tant role to play inPakistan's economy anddevelopment.

'Germany keen forbetter Pak links'

Farewell Reception for German CG

KARACHI: Ambassador of Germany Dr Michael Koch, hosted a dinner to bidfarewell to Dr Christian Brecht, Consul General of Germany at a local hotel. Picture

shows Saifuddin Zoomkawala, President PGBF, Justice (r) Saeed ul Zaman Siddiqui,Barrester Abdul R Sattar, and Mr. Sohail Shams, with other guests.-Staff Photo

MultilateralConference

on investment

30th JulyStaff Reporter

KARACHI: A joint pressconference will be held atthe Board of InvestmentOffice in Karachi on 30thJuly 2011 at 3pm.

Heads of the followingbilateral bodies will attendthe conference.

Pakistan AustraliaBusiness Forum, PakistanBelgium Business Forum,Pakistan France BusinessAlliance, Pakistan GermanBusiness Forum, PakistanItaly Business Forum,Pakistan Japan BusinessForum, Pakistan KoreaBusiness & FriendshipCouncil, Pakistan MalaysiaFriendship Association,Pakistan Russia BusinessForum, Pakistan Sri LankaBusiness Forum, SwissBusiness Council.

This private sector initiativeto hold a multilateralConference on investment andtrade' is spearheaded by PakistanJapan Business Forum.

This will be the firstMultilateral Conferencebeing held in Karachi invit-ing investors and buyers ofPakistani goods.

This private initiative issupported fully by theBoard of Investment andTrade DevelopmentAuthority of Pakistan. BothChairman BoI SalimMandviwalla andChairman TDAP were pres-ent to lend their support tothe Business initiative.

Advisor to the ChiefMinister Sind ZubairMotiwala and the Directorof Punjab Board ofInvestment and Trade werealso present. It wasexplained that theConference will be differ-ent as it is being arrangedby the private sector anddevolves around 5 focusedworking groups rather thanlengthy speeches.

The discussion willexplore all the dimensionsand possibilities of invest-ment in the field ofE n g i n e e r i n g ,Infrastructure, Agriculture& Dairy, Mines & Mineralsand Pharmaceuticals.-

Bikes outputup 9.75pc

in FY11ISLAMABAD: The pro-duction of motorcyclesincreased by 9.75 percentduring eleven months(July-May) of the last fis-cal year, Federal Bureau ofStatistics (FBS) reported.

The motorcycle produc-tion was recorded at1,488,426 units in July-May (2010-11) against theproduction of 1,262,021units in the correspondingperiod of 2009-10, FBSdata revealed.

However, as compared tothe production of 135,052units in May 2010, themotorcycle production inMay 2011 increased to148,223 units.

Thirteen manufacturersproduced about 500 unitseach, four manufactured100 units and two pro-duced less than 100 units.

The smallest player pro-duced only 16 motorcy-cles, according to the datawhereas ten manufacturersproduced just over 5,000motorcycles and 16 pro-duced just over 1,000units.

According to informa-tion gathered from theEngineering DevelopmentBoard (EDB), Honda wasthe only one to producemore than half a millionmotorcycles during theyear under review.

During the period, onlyfour motorcycles assem-blers produced more than100,000 units of whichthree were Chinese mod-els and one Japanesebrand. -APP

TV PROGRAMMES

WEDNESDAY

Time Programmes7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:05 Awam ki Awaz(Rpt)

12:00 News

13:05 Mutasareen (Rpt)

14:00 News

14:05 Tonight With Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Aap Ki Baat

19:05 Masail Kahani

19:30 Crime Scene

20:03 Tajziya

21:00 News

22:03 Tonight With Jasmeen

23:00 News

23:05 Interrogation

SDPI'sseminar

todayISLAMABAD: Sus-tain-able Development PolicyInstitute (SDPI) will holdseminar "Pakistan: A yearAfter Flood 2010" hereon July 27.

Speakers including Lt-General Nadeem Ahmad,Former Chairman,National DisasterManagement Authority,Naseer Memon, ChiefExecutive, StrengtheningParticipatory Organization,Dr Qamar-uz-ZamanChaudhry, DirectorGeneral, PakistanM e t e o r o l o g i c a lDepartment and M. ZafarIqbal, Recovery Advisor,United NationsDevelopment Programmewill addressed to the partic-ipants, says a press releasehere on Tuesday. -APP

MUMBAI: The Indianrupee raced to a near three-and-half month high onMonday propelled by thecentral bank's higher-than-expected interest rateincrease that boosted outlookon portfolio inflows.

The partially convertiblerupee ended at 44.1750/1850per dollar, a level not seensince April 11, and 0.5 percent stronger than Monday'sclose of 44.3950/4050.

"After today's rate hike,dollar inflows into India willdefinitely rise. If not intoequities, they will move intodebt, but flows will trickle insteadily," said SudarshanaBhat, head of forex trading atstate-run Corporation Bank.

So far in July, foreignfunds have bought around$1.7 billion of local sharesapart from investing around$813 million in domesticdebt.

Gains in the euro and Asiancurrencies against the dollaralso helped the rupee'sclimb, traders said.

"We could see the rupeemove towards $44 if the dol-lar continues to weaken,"said Rohan Naik, head offoreign exchange trading atStandard Chartered Bank inMumbai.

Corporation Bank's Bhattoo sees the rupee inchingtowards 43.80 in comingdays. Earlier on Tuesday, theReserve Bank of India

stunned investors by raisinginterest rates 50 basis points,showing unexpected resolvein fighting persistently highinflation despite slowinggrowth in Asia's third-largesteconomy and uncertain glob-al demand.

Local shares fell the mostin more than a month onTuesday after the rate actionas investors fretted over ris-ing borrowing costs and theslow down in the economicgrowth.

The weakness in domesticequity market clipped therupee's rise along side robustdollar demand from oilimporters as month-end pay-ments become due.

The one-month onshoreforward premium was at25.25 points, steady fromMonday, while the three-month was at 74.25 pointsfrom 72.25 points and theone-year was at 246.50points versus 233.25.

One-month offshore non-deliverable forward con-tracts were quoted at 44.26,weaker than the onshore spotrate.

In the currency futuresmarket, the most traded near-month dollar-rupee contractson the National StockExchange were at 44.1700,while on the MCX-SX andthe United Stock Exchangethey were both at 44.1750.The total volume stood at$15.04 billion. -Reuters

Indian rupee climbsas rate hike boosts

inflow outlook

3Wednesday, July 27, 2011

Currencies Rate

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A. 86.30 86.10 85.88

U.K. 141.00 140.67 140.29

EURO 124.90 124.61 124.24

CANADA 91.42 91.21 90.97

SWITZERLAND 107.62 107.37 107.09

AUSTRALIA 94.10 93.88 93.63

SWEDEN 13.72 13.68 13.65

JAPAN 1.10 1.10 1.10

NORWAY 16.06 16.02 15.98

SINGAPORE 71.65 71.48 71.29

DENMARK 16.76 16.72 16.67

SAUDI ARABIA 23.01 22.96 22.90

HONG KONG 11.08 11.05 11.02

KUWAIT 315.94 315.21 314.38

MALAYSIA 29.14 29.08 29.00

NEWZEALAND 75.02 74.85 74.65

QATAR 23.70 23.65 23.69

U.A.E. 23.50 23.44 23.38

KR WON 0.08 0.08 0.08

THAILAND 2.91 2.90 2.89

Name Bid Ask High Low

EUR-USD 1.4476 1.4479 1.4523 1.4362

USD-CHF 0.8026 0.8030 0.8068 0.8003

GBP-USD 1.6387 1.6389 1.6419 1.6267

USD-CAD 0.9444 0.9448 0.9473 0.9408

AUD-USD 1.0946 1.0951 1.0965 1.0825

EUR-JPY 112.95 112.99 113.53 112.28

EUR-GBP 0.8830 0.8834 0.8882 0.8820

EUR-CHF 1.1619 1.1622 1.1662 1.1543

GBP-JPY 127.88 127.96 128.28 127.10

CHF-JPY 97.21 97.27 97.92 97.06

Gold 1611.10 1611.71 1616.24 1608.16

As per 22.00 PST

Time Source Events Forecast Previous

6:00 NZD NBNZ Business Confidence 46.5

6:30 AUD CPI q/q 0.7% 1.6%

6:30 AUD Trimmed Mean CPI q/q 0.7% 0.9%

11:00 EUR German Import Prices m/m 0.0% -0.6%

All Day EUR German Prelim CPI m/m 0.3% 0.1%

13:00 EUR M3 Money Supply y/y 2.4% 2.4%

13:00 EUR Private Loans y/y 2.8% 2.7%

14:30 CHF KOF Economic Barometer 2.12 2.23

15:00 GBP CBI Industrial Order Expectations -2 1

17:30 USD Core Durable Goods Orders m/m 0.5% 0.7%

17:30 USD Durable Goods Orders m/m 0.4% 2.1%

19:30 USD Crude Oil Inventories -1.2M -3.7M

22:30 GBP MPC Member Miles Speaks

23:00 USD Beige Book

Source Events Actual Forecast Previous

NZD Trade Balance 230M 391M 552M

JPY CSPI y/y -0.7% -0.9% -0.9%

AUD CB Leading Index m/m -0.1% 0.2%

AUD RBA Gov Stevens Speaks

CHF UBS Consumption Indicator 1.48 1.88

EUR GfK German Consumer Climate 5.4 5.6 5.5

GBP Prelim GDP q/q 0.2% 0.2% 0.5%

GBP Index of Services 3m/3m 1.2% 0.9% 0.9%

USD S&P/CS Composite-20 HPI y/y -4.5% -4.6% -4.2%

USD CB Consumer Confidence 59.5 57.1 57.6

USD New Home Sales 312K 321K 315K

USD Richmond Manufacturing Index -1 5 3

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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 1,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: The US dollar slumpedacross the board on Tuesday as thestandoff in negotiations to raise the USdebt ceiling dragged on, fanning defaultfears and dimming the greenback'sprospects.

The US currency hit a record lowagainst the Swiss franc, a traditionalsafe haven, falling below a key optionbarrier at 0.80 franc. It also dropped toa four-month trough versus the yen anda three-week low versus the euro.

A warning from President BarackObama that failure to raise the US bor-rowing limit by the Aug. 2 deadlinewould severely hurt the nation sparkedselling of the dollar and tarnished itstraditional safe-haven appeal.

Most markets participants, however,expect a debt agreement to be reachedin some shape or form and are quiteunprepared if Congress fails to strike adeal.

While most investors expect that insuch a scenario the dollar would

plunge, there is also a contrarian viewthat the greenback could benefit fromrisk aversion.

"What the market is not pricing in is'no deal.' Everyone thinks there's goingto be a deal, so I would be very carefulabout selling the dollar too much," saidGeoffrey Yu, senior currency strategistat UBS in Stamford, Connecticut.

Yu added thathe would stills e l ld o l l a r / S w i s sand marginallysell dollar/yen,unless Japanintervenes, "butif things gowrong the dollar could rally on riskaversion."

A debt default would ramp up the costof US government borrowings andcould lead to a loss of faith in liquid USassets as one of the safest destinationsfor investors. That would trigger more

selling in the dollar.The dollar hit a record low versus the

Swiss franc at 0.79970 on trading plat-form EBS. It was last at 0.80330 franc,down 0.4 per cent on the day, with loss-es of 4.4 per cent so far this month.

Against the yen, another safe-havenrival, the dollar also fell, hitting 77.883yen, its weakest level since mid-March,

when major central banks acted in con-cert to stem the yen's rise. It pulled backto 78.020 yen, down 0.3 per cent.

Given deteriorating dollar sentiment,traders said the US currency could test76.25 yen -- the record low hit earlierthis year -- in the next week.

The dollar's slide has raised concernsJapan may enter the market to stem thestrength in the yen, and sources familiarwith Japanese currency policy said pol-icymakers are becoming increasinglyalarmed by persistent gains in the yen.

Also in focus was a series of USTreasury auctions this week, beginningwith an offer of two-year notes later in theday. Market participants said if demandfor short-dated paper is weak that wouldoffer another cue to sell the dollar.

Treasuries have taken a slight hit inpast sessions, which has raised yieldsand expanded the spread between US10-year yields and their German coun-terparts to about 23 basis points,according to Reuters data.

The euro traded as high $1.45229, itsstrongest since July 5. It was last at$1.44992, up 0.9 per cent.

Against a currency basket, the dollarfell 0.7 per cent to 73.576, after fallingas low as 73.526, its weakest sinceearly June. -Reuters

Dollar skids as US debt impasse drags on

SHANGHAI: The yuanclosed up against the dollarafter hitting a record tradinghigh on Tuesday as thePeople's Bank of China set itsmid-point at an all-time highafter the dollar index sank toa seven-week low.

The dollar index droppedsharply on Tuesday as USlawmakers' standoff overdueling debt plans causedinvestors to seek alternatesafe-haven currencies.

"The yuan was pushed upby a weak dollar," said adealer at a Chinese bank inShanghai. "And, it seems thedollar is likely to fall fur-ther."

Spot yuan closed at 6.4414versus the dollar, strongerthan Monday's close of6.4450. It has now appreciat-ed 6 per cent since it wasdepegged from the dollar inJune 2010 and 2.3 per cent sofar this year.

In intraday trading, the cur-rency hit an all time high of6.4382 after the PBOC fixed

its mid-point at a record highof 6.4470, stronger thanMonday's 6.4503 and top-pling the fixing's historicalhigh of 6.4495 set last Friday.

But dealers said the pace ofyuan appreciation could slowfrom expectations in early2011 due to relatively stableglobal commodity prices anddespite the dollar's weakness.

Mainland-based tradersnow estimate the yuan mayrise about 2 per cent versusthe dollar in the second halfof this year, adding to a 2 percent increase in the first half.

That compares with a 5 to 6per cent full-year increaseforecast by most dealersearly this year.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) werebid at 6.3680 in late trade,down slightly from 6.3830 atthe previous day's close.Their implied yuanapprecia-tion in a year's time was upslightly at 1.24 per cent from1.00 per cent. -Reuters

Yuan hits record,up 6pc sincedepegging

SINGAPORE: The Singaporedollar hit a record high and theMalaysian ringgit brokethrough a key resistance levelon Tuesday, leading Asian cur-rencies higher, as investorsfeared that squabbling USpoliticians will not be able toagree on a debt ceiling deal intime to avoid a default.

US President Barack Obama,in a prime-time address to thenation, warned that failure toraise the US borrowing limitby Aug 2 would severely hurtthe country, but Republicansand Democrats remained dead-locked over competing plans toincrease the ceiling and cutfuture spending.

The political impasse maylead rating agencies to lowerUS credit ratings, promptingleveraged funds and interbankspeculators to add exposure inemerging Asian currencies.

On Monday, short-term play-ers trimmed positions in theregional units on worries thatthe deadlock and possible USdowngrades may causeinvestors to shun risker assetsin general.

But that did not hurt Asiancurrencies' bullish trend, deal-ers and analysts said.

Emerging Asian currencieshave enjoyed inflows to theregion on stronger economicfundamentals and policymak-ers' inflation fighting efforts.

Singapore wealth fund GICsaid longer-term concerns overfiscal strains in the US andEurope were prompting it toshift more money into emerg-ing markets such as China,Taiwan, South Korea andIndia.

Though some Asian curren-cies are showing technicalsigns of being overbought, cor-rections from position adjust-ments were not that severe yet.

Still, regional foreignexchange authorities areexpected to continue interven-ing to slow down gains in theircurrencies, dealers and ana-lysts said. Some authoritieswere spotted buying dollars onTuesday, they added.

The Singapore dollar hit afresh record high as investorsincreased their bets that theMonetary Authority ofSingapore (MAS) will accom-modate a stronger currency tocurb inflation.

The Singapore dollar nomi-nal effective exchange rate hasstayed persistently high atabove 3.50 per cent, above themiddle of the assumed MASband, but the authority's inter-ventions to check its gains aredeemed only attempts tosmooth volatility.

Agent banks were spottedbuying the greenback at1.2040, dealers said.

The ringgit bolted through

technical resistance asinvestors continued to build updollar-short positions and onlack of intervention by the cen-tral bank.

Absence of intervention alsoprovided more selling pressurein Singapore dollar/ringgit.

The Malaysian currencyappreciated to as high as2.9530 per dollar, according todealers, breaking throughresistance at 2.9600.

If that level had been held,that would have created a dou-ble bottom formation on thedaily chart.

The 14-day dollar/ringgitRelative Strength Index (RSI)fell more to 20.9, crossing the30 threshold and indicating thepair is in oversold territory.

The won got closer to a nearthree-year high against the dol-lar hit on Friday, helped byexporters' end-month demandand as local speculatorsreduced dollar-long positions.

South Korea foreignexchange authorities, whichhad not been spotted most ofthe day, were suspected of buy-ing dollars last minutes todefend 1,050 per dollar beforethe local market closed, dealerssaid. Their intervention wasnot seen as strong as action lastFriday, but today's moveincreased caution over furtherintervention, they added. -Reuters

Sing dlr, ringgit lead Asiangains on US debt impasse

WELLINGTON/SYDNEY: The New Zealandand Australian dollars surged on Tuesday as adearth of progress in US debt talks led investors todump the greenback across the board and flock tocurrencies backed by stronger economies.

The mighty kiwi scaled a fresh 30-year summitof $0.8708, up 0.8 per cent on the day, while theAussie leapt to a three-month peak of $1.0922. TheUS dollar struck an all-time low against the Swissfranc and a four-month trough versus the yen asmarkets remained sceptical that US

President Barack Obama's call for compromisewould lead to a swift breakthrough in deadlockeddebt talks. "Right now markets are simply bashingthe US dollar," Westpac senior markets strategistImre Speizer said.

The kiwi, which has gained 5 per cent thismonth, has been rising on expectations interestrates will increase soon to counter an economygathering pace faster than expected.

It last traded at just below $0.8600. The ReserveBank of New Zealand is expected to stand pat atthis Thursday's rate review, but market pricing seesa strong chance of a rise in October, if notSeptember.

A clear majority of analysts in a Reuters pollexpect the RBNZ to start increasing rates inDecember.

Support for the kiwi is seen from $0.8605 withthe first technical resistance level at $0.8728 aheadof $0.88.

Across the Tasman sea, the Aussie leapt byalmost a full cent and was last trading at $1.0920,up 0.7 per cent. The local currency received a boostfrom an upbeat Reserve Bank of Australia (RBA).

Governor Glenn Stevens said there were reasonsto be optimistic about the nation's economybecause of the current rebuilding of household sav-ings. The speech certainly didn't validate marketexpectations of easing and led the interbank marketto pare back the chances of a rate cut. Financialmarkets pricing, however, still implies a total eas-ing of 40 basis points over the next 12 months.

Investors will now focus on key consumer infla-tion data due on Wednesday. Against its kiwineighbour, the Aussie held firm at aroundNZ$1.2555.

Last week, it touched a near 12-month troughof NZ$1.2471 on the divergent market rate out-look. -Reuters

NZD & Aussie chargeahead, US dollar in disarray

ZURICH: The Swiss francsoared to another record peakagainst the dollar on Tuesdayas investors became increas-ingly doubtful about a break-through in US debt talks.

Fiscal uncertainty in both theeuro-zone and the UnitedStates has fuelled demand forsafe-haven assets, such as thefranc, and this has pushedSwitzerland's currency to onehigh after another against theeuro and the dollar this year.

"Our near-term outlook fordollar/Swiss franc remainsbearish and our one-month tar-get of 0.81 was reached yester-

day," analysts at Credit Suissesaid in a note.

At 0715 GMT, the franc was0.5 percent higher compared tothe New York close, trading at0.8016 per dollar, having earli-er risen to an all-time high of0.7997 per dollar on tradingplatform EBS.

Against the euro, the francwas 0.5 percent weaker at1.1638 per euro, pulling awayfrom the peak hit earlier thismonth. "We remain bearish oneuro/Swiss franc, backed bynegative technical momentumrating. Our one-month target of1.16 has been undershot. The

key resistance level to stabilizethe technical picture is at1.18," the Credit Suisse ana-lysts said.

But the analysts said theyexpect the franc to weaken to1.30 per euro in 12 months dueto the rich valuation of theSwissie, while they also expectthe euro risk premium to fall.

The strong franc is worryingSwiss policy makers, politi-cians and businesses as itsstrength is hitting exporters,while Swiss consumers arelikely to start going abroadmore often for their shopping. -Reuters

Swiss franc hitsfresh peak vs dlr LONDON: Sterling jumped to a

six-week high against a broadlyweaker dollar on Tuesday afterdata showed the UK economygrew by 0.2 per cent in the sec-ond quarter, confounding somespeculators who had positionedfor a weaker number.

Sterling's gains were aided bya slump in the dollar as US law-makers remained deadlocked intalks over raising the debt ceil-ing only a week before a dead-line to act.

UK growth was tepid but thenumber was met with relief bythe market as some investorshad positioned for somethingweaker, with traders saying talk

had been circulating ahead ofthe release that the data couldshow a contraction.

Sentiment towards the poundwas also helped as the UK statis-tics office said quarterly growthcould have been as high as 0.7per cent but for one-off effectsincluding an extra public holi-day in April.

But analysts said near-termgains in the pound may be limit-ed due to concerns that weakgrowth will hamper the govern-ment's efforts to bring downdebt as well as keep interestrates at record low levels for aprolonged period.

The pound rose to $1.6414, itsstrongest since mid-June, beforedipping back to $1.6380 in after-noon trade as traders cited anAsian sovereign account sellinginto the rally. Further gainswould see it target the June 14

high of $1.6443 and the June 7peak of $1.6474.

"It was a relief that the UKavoided a contraction in theeconomy and clearly the specialfactors had a negative impact,"said Audrey Childe-Freeman,EMEA head of currency strategyat JP Morgan Private Bank.

"But the bottom line is thatfrom a cyclical perspective theenvironment is negative for ster-ling and the outlook for the thirdquarter is sluggish".

Options traders said sterling'srally coincided with a pullbackin implied volatilities, suggest-ing the market was less con-cerned about sterling weakness,

while technically the outlook forthe pound against the dollar wasconstructive.

"The target is 1.6425, beyondwhich would point to a return to1.6470 and 1.6540 in the comingweeks," said Phil Roberts, tech-nical analyst at Barclays Capital.

"We are sticking with theuptrend in the absence of a moveback below 1.6260." he added.

The pound also trimmedlosses against the euro, whichtraded close to flat for the dayat 88.34 pence , well below anearlier two-week high of 88.83pence.

Analysts expect favourablerate differentials will continueto support the euro against thepound despite the euro-zonesovereign debt crisis, becausethe European Central Bank hasalready embarked on a mone-tary tightening cycle. -Reuters

Sterling ralliesafter UK GDP;

helped by weak $

Singapore, S.Korea, Philippine spotted buying dlr

Deadlock over US debt limit raises default worries

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

use of these reports and recommendations.

Don’t playit by ears

Many people considered the opposition leaders

cynics when they say the present rulers have failed

in managing the affairs of the country diligently.

However, at times it seems that economic manage-

ment is proving disastrous. Quick change in the

team of senior economic managers highlights the

wide difference in the thinking of elected represen-

tatives and the technocrats.

Not only that the elected representatives have

their own agenda, they even don't tolerate who beg

to differ. The departure of Shaukat Tareen, Syed

Salim Raza and Shahid Kardar clearly indicate that

any attempt to differ with the rulers becomes

unpardonable crime. Added to these are dozens of

postings/ transfers on the key positions.

One hate to say that over the last three years the

elected government has failed miserably in meeting

many of the targets agreed with the International

Monetary Fund (IMF), which led to withholding of

last two tranches. Despite this, the rulers wants to

enter into another standby arrangement with the

IMF, may be because they believe that being sub-

servient to the super power can help them getting

the assistance approved. They tend to forget that

the IMF Board has to follow a clearly laid down

procedure and even the pressure from the United

States will not allow them to make some excep-

tions. On top of this after the OBL incidence the

two countries don't enjoy very cordial relationship.

Many Pakistani experts have been saying that if

the rulers just get rid of extravaganzas the revenue

collection is enough to keep the budget deficit

within the limit acceptable by the IMF. It is not cor-

rect to say that IMF is insisting on enhancing rev-

enue collection, it is only asking the government to

contain budget deficit within an agreed-limit. The

prudent approach would have been containing

expenses rather than squeezing the taxpayers.

The experts are also of the opinion that instead of

begging the IMF to release the withheld tranches,

Pakistan should tell the Fund that it no longer

requires the amount. After 2004 Pakistan has once

again achieved current account surplus, though the

surplus may seem too small. The trend can be con-

tained by focusing on containing imports and

boosting exports. Containing import of POL prod-

ucts and edible oil can bring down imports by $5

billion. Similarly focusing on greater value addi-

tion can boost export of textiles and clothing by

equivalent amount.

One has confidence that the IMF is fully cog-

nisant of the adverse impact of August 2010 floods

on Pakistan's economy and also ready to make cer-

tain concessions. However, it is justified in asking

a question how the government will finance budg-

et deficit of over Rs1.5 trillion in the prevailing

conditions. It is certain that prolonged outages of

electricity and gas will not allow the country to

achieve even 2 per cent GDP growth rate against a

target of 4.5 per cent.

Let one point be clear that no outside force can

pull Pakistan out of the current malice. Pakistanis

will have to prepare a home-grown-plan, follow

austerity drive and above all resolve the energy cri-

sis. The present energy crisis is only because of

gross mismanagement and bad governance. Top

this and see the difference.

4

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

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The Financial Daily InternationalVol 4, Issue 263

Lubna Umar

Sealing the porous border betweenPakistan and Afghanistan wasnever on the US agenda despite

the easy slippage of militants that canbe seen as an extension of the grosslyambiguous AfPak policy of the US.Gradually, the battleground was toshift from Afghanistan into Pakistanthrough this porous border along withthe Afghan based militants includingthe al Qaeda and Taliban operatives toforge associations with extremist fac-tions in Pakistan.

While talking about sealing of thePak-Afghan border, the US command-er in Afghanistan Col Viet Luong hadsaid, "As far as the border itself, Ithink it's naive to say that we can stopforces coming through the border",thus implying that an easy escaperoute for the militants was purposeful-ly left on the illogical premise that theto and fro movement of the militantscould not be stopped.

During her recent visit to India, USsecretary of State, Hillary Clintonwhile verbally articulating the factthat the US viewed Pakistan as a keyally, declared that terrorism hadthreatened both Pakistan and India.Apparently, the primary focus hasbeen on terrorism that emanates fromthe tribal regions of Pakistan whilesidetracking the new brand of Saffronterrorism that is now being termed asa more potent and threatening formthan the Islamic one. Almost all terrorincidents in India have been perpetu-ated by the Hindutva groups that haveno link with the groups operating inPakistan. Thus, both nations arethreatened by terror may be a partiallycorrect statement. However, it needsto be augmented by defining the truenature of the threat.

Highlighting the US commitmenttowards the war on terror and theintolerance towards on presence of"safe havens for terrorists anywhere",Ms Clinton has very convenientlymissed out on all the safe havens andbreeding grounds in Afghanistan dur-ing her passionate speech targetingPakistan. The time, she defined hascome "for Pakistan to act on its own tofight against militancy on its soil."Thus, validating the fact that militantinfiltrating from the neighboringAfghanistan where lawlessness is onthe rise despite presence of US andallied troops is something thatPakistan ought to accept as a reward

for being the partner in war againstterror.

The underlined message is primarilyaimed at exalting the host while pre-senting a dismal picture of Pakistanand undermining all its efforts. Thiscan be viewed as an explicit US bless-ing offered to India to enable it tobecome more assertive in the region.Pakistan's concerns regarding the pro-longed war are far from being heardby the US. The withholding of mili-tary aid and the withdrawal of itstroops from areas that still serve assanctuaries and safe havens for terror-ism are just a few such instances.

Pakistan has had to face cross borderincursions from time to time over thedecade which has increased consider-ably in the past few months resultingin the killing of hundreds of Pakistanisoldiers. This has turned into anuncured sore that is causing great con-cern for Pakistani security forces. Itought to be treated by the Alliedforces still deployed in Afghanistanalong with the Afghan forces that havebeen in training for the past decadesince Pakistani troops can hardly enterthe Afghan soil. Scores of mortarshells have been fired indiscriminatelyfrom across the border from Kunarand Nuristan province that are knownto be the safe havens for militants.

One needs to ask Ms Clinton todefine the term 'sanctuary' in detailand to elaborate upon the supposeddegree of 'intolerance' that the US suf-fers as a result of their presence. Howdo sanctuaries formed in Pakistanattain a more lethal status and betermed as extremely dangerous for theUS as compared to those inAfghanistan that are easily brushedaside? Does the fact that whateverhighlights the failure of the US sol-diers is not deemed worthy plays acentral role in it? Or that what drawsemphasis to and amplifies the dangerPakistan poses to South Asia is moreattractive a point to be missed at suchcrucial forums?

For unearthing the launching pads ofhard core militants one needs not trav-el too deep into Afghanistan. The twoprovinces of Kunar and Nuristan havebecome terrorist sanctuaries. The law-less terrain is being used to directattacks into the Pakistani areas ofBajaur, Dir Chitral etc.

It can be easily inferred that eitherthe Nato/Isaf forces have failed in dis-mantling the terrorist networks in thePech valley, known for being a safe

haven or that what proves to be harm-ful for others-Pakistan in this case-anddoes not affect the US interest in theregion can easily be ticked off the USsecurity laundry list.

Underlying the premature withdraw-al is the unease with the historicalprecedence is amplified by the numberof American soldiers being killed inthe valley where the Soviet forces hadreceded the territory to Mujahideengroups in 1988. The withdrawal ofAmerican forces therefore is symbolicin this backdrop and is being termedas 'victory in the Pech valley' by theAfghan Taliban. This pull back how-ever is not without international impli-cations. The rationale of Americantroop pullout from the area is deci-pherable not even to the local inhabi-tants who confirm the Taliban recap-turing the area.

According to local and western offi-cials and security analysts theTaliban's reemergence began when theAmericans, who had lost 120 soldiersin Nuristan and neighbouring Kunarprovince, began to move out to focuson more heavily populated areas. Theyleft behind a governor, an intelligencechief and a police chief but the threemen preferred to spend their time inKabul. Voicing his opinion a localclaimed that "Nuristan is about to fall,Nato has no strategy and the Taliban'smorale is higher than ever".

Many senior Pakistani commandershave voiced their concern regardingthe volatile situation that arises as aresult. Pakistani security officialshave complained that as Americantroops withdraw from KunarProvince, fighters and some com-manders from militant groups includ-ing Maulana Fazlullah, FaqeerMuhammad, Abdul Wali andHakeemullah have taken over to cre-ate a "reverse safe haven" from whichto carry out attacks against Pakistanitroops in the tribal areas.

Talking about the virtual absence ofsecurity on check posts adjacent to thePakistan border, the army spokesper-son has confirmed that the apprehen-sions of the Pakistani security forceshave been proven true with cross bor-der attacks into our territory. ThePakistani fear of such an eventualityhad been articulated many times toboth the Nato and Afghan forces whilethe plan of withdrawal was underway.

How can the US shift the entireresponsibility upon the Pakistaniforces and not even lend an ear to its

genuine concerns in the region? Whatis the rationale behind the Talibanattacks upon Pakistani soil? If thewithdrawal of foreign troops is whatthe Taliban were aiming for then whytarget Pakistan? Have they changedtheir original stance and borrowed anew one? If so, then who is the powerthat seeks to destabilise Pakistan?

Fallout of US policies in Afghanistan

Sundus Nazir Qureshi

Aquestion is often asked, can Pakistan livewithout foreign aid? Many Pakistanis havethe conviction that the country can live with-

out foreign aid, but it has to make a few tough deci-sions. Currently, Pakistan's economy is in a bad shapebecause of mismanagement, corruption and waragainst terror. According to estimates, Pakistan econ-omy has suffered direct and indirect losses of close toUS$70 billion because of its engagement in the war.

In recent times Pakistan's foreign debt has crossed$58 billion mark. Its economy is heavily dependenton aid from World Bank, International MonetaryFund (IMF), Asian Development Bank (ADB), Japan,China and the United States. The time has come torealize that Pakistan has the potential and means forits development and growth. Pakistan is a blessedcountry; it has skilled manpower/young people,abundance of natural resources and an effectiveDiaspora abroad. But what we lack is a visionaryleadership.

As of today 70 per cent of Pakistani population isbelow the age of 35. This is a blessing that we are theyoungest nation on planet earth. We have to utilisethis asset. Our youth is optimistic as far as the futureof Pakistan is concerned. They are hopeful that thedays of misery and dismay will soon be over and theywill be able to see a stronger Pakistan. The youthneeds a leader who can lead them and show them away out of this impasse. Our leaders must benefitfrom this young population and formulate a long-term farsighted policy to make the most of this youngforce, only then can we ensure a bright future for ourcoming generations.

Pakistan is among the few countries in the worldthat are blessed with immense natural resources. Itpossesses huge energy resources that include naturalgas, oil, coal and large hydropower potential.Pakistan is sitting on huge coal reserves. Accordingto different estimates, it has 175 billion tonnes ofcoal, which is equivalent to 618 billion barrels ofcrude oil, which is more than Saudi Arabia, Iran, Iraqand Qatar cumulatively have. The estimated value ofThar coal is $25 trillion. These resources can changethe destiny of Pakistan in next few years. What weneed is proper utilisation of these resources. Ourenergy problem will be solved forever.

Dr. Samar Mubarakmand, who is running a pilotproject on Thar coal reserves, says: "Thar coalreserves valued at $25 trillion, will not only generateelectricity for 500 years, but also save about four bil-lion dollars spent on oil import every year". But dueto lack of political will and other gruesome reasonsthese reserves could not be utilised.

Pakistan also has immense reserves of oil and gas inBalochistan, Sindh, Khyber Pakhtunkhwa and otherparts of Pakistan. A few years back in Karak Districthuge reserves of oil and gas were discovered by theforeign companies. Pakistan has to develop expertisein the exploration of natural resources because thereare huge reserves lying in the mountains of KPK andthe deserts of Sindh and Balochistan that are yet to be

discovered. Pakistan is also blessed with fertile land with the

world's best irrigation system in place. It producesbest quality of cotton and rice. Almost 30 per cent ofPakistan's area is under cultivation and is irrigated byone of the largest man-made irrigation systems in theworld. The most important crops are cotton, wheat,rice, sugarcane, maize, sorghum, millets, pulses, oilseeds, barley, fruits and vegetables, which togetheraccount for more than 75 per cent of the value of totalcrop output. Due to vast coastline of about 1,200 kmPakistan has enough fisheries that remain to be fullydeveloped. Fishery and fishing industry can play avital role in the development of Pakistan's economy.This industry has the potential to lure foreign buyersbut what is needed is a helping hand from the govern-ment to improve the technology to meet the standardsof foreign buyers.

Pakistan is also blessed with vast areas of forests.Pakistan's 4 per cent of land is covered with forests,these forests can be a major source of food, timber,

paper, fuel wood, latex, medicine etc. There is nodearth of natural resources in Pakistan, but propermanagement and sincere leadership is missing. Withproper utilisation of these resources Pakistan canbecome a viable and prosperous nation in next fewyears.

Pakistan is also rich in other minerals like gold andcopper. In Balochistan Reko Diq area, almost $270billion of proven and $3 trillion estimated gold andcopper reserves are lying. Foreign companies arestriving hard to get the contracts of exploration andmining in this area. According to Dr SamarMubarakmand, "There is a belt of copper, whichcomes from the Central Asia and passes throughKPK, Balochistan and then goes to Afghanistan andIran. This is the famous belt called Tethyan CopperBelt. Saindak copper and gold also comes in this belt.This belt is so rich that one can't imagine. Miners canget tired mining but the resources can't finish."

According to Dr. Samar, Pakistan has enoughmanpower to explore these resources and with theinitial investment of $3.3 billion Pakistan can digout these minerals worth of $273 billion. With suchenormous resources Pakistan can overcome itsfinancial breakdown. Projects on these reserves

would generate thousands of jobs for the people ofPakistan. It is imperative for the leadership of thecountry to take wise decisions in the long term inter-ests of Pakistan.

Another important asset of Pakistan is its popula-tion living abroad. The remittances of Pakistanis liv-ing in foreign countries have played an important rolein saving an already fragile economy and also bol-stered foreign exchange reserves of Pakistan.Pakistanis living in Middle East, Europe and Americahave sent billions of dollars in last few decades.According to State Bank of Pakistan, seven millionPakistanis contributed almost $11.2 billion to thePakistani economy in FY 2011.

Pakistan is not at all a poor country; it has enoughnatural resources, skilled man power and strength ofcharacter to develop and grow. Pakistan has beenmismanaged from the very day of its inception. Itneeds an honest, sincere, credible, charismatic andvisionary leadership. Pakistan has to change its mind-set and must have peace with India and other neigh-

bors. Its peaceful relations with India would help it tofocus on its economy than defense. India is an emerg-ing economy; peace with India will open its marketsfor Pakistani products.

Pakistan's volatile internal security situation hasdiscouraged foreign investment. The governmentmust ensure peace in tribal areas as soon as possi-ble. Karachi is its financial hub of Pakistan buttarget killing, clashes between armed groupsbacked by political parties and land mafia hasjeopardized peace in the city. It is imperative forthe government and security forces to establishpeace in Karachi, because breakdown of Karachimeans collapse of Pakistan economy. After theinduction of nukes in the Pakistani arsenals, it ismadness to spend billions of rupees on the pur-chase of conventional arms. We have to reduce ourarms acquisition and use that money for the better-ment and development of Pakistan. It is a fact thatwe cannot afford an arms race with India. Pakistanhas enough capability and credibility to deterIndia from any undesirable action. This is the timeto focus on real threat, which is haunting us in theshape of economic meltdown, internal subversionand foreign involvement.

Living without foreign aid

Dr. Samar Mubarakmand, who is running a pilot project on Thar coal reserves, says:

"Thar coal reserves valued at $25 trillion, willnot only generate electricity for 500 years, but

also save about four billion dollars spent on oil import every year".

Wednesday, July 27, 2011

The underlined

message is

primarily

aimed at

exalting the

host while

presenting a

dismal picture

of Pakistan and

undermining

all its efforts.

This can be

viewed as an

explicit US

blessing offered

to India to

enable it to

become more

assertive in

the region.

Wednesday, July 27, 2011 5

European shares end lower onearnings and debt worries

KARACHI: Wazir Ali Khoja, Chairman National Investment Trust along with the employees onthe occasion of Bara Khana arranged to appreciate their contribution in achieving the

outstanding performance during 2010-11. Staff Photo

Indonesia hits another recordhigh; others mostly up

South East Asian stocks

Symbol Close Vol (mn)JSIL 5.11 4.15 FFBL 47.08 2.10 JOVC 2.67 2.01 ANL 6.20 1.58 FFC 163.72 1.41

Symbol Close ChangeEXIDE 176.29 8.19

COLG 733.68 6.82

BTL 91.24 4.20

INDU 209.86 3.86

BOC 107.82 2.92

Symbol Close ChangeULEVER 5,730.81 -102.76RMPL 2,811.89 -41.36NESTLE 4,179.99 -12.32MTL 597.42 -11.56PMPK 158.89 -8.30

Plus 95Minus 172Unchanged 101

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,394.49

Closing 12,364.06

Change 30.43

% Change 0.25

Turnover (mn) 54.54

Opening 3,166.31

Closing 3,174.92

Change 8.61

% Change 0.27

Turnover (mn) 1.27

Opening 2,785.49

Closing 2,772.74

Change 12.75

% Change 0.46

Turnover (mn) 0.05

KARACHI: Foreigninvestors continued to sell offtheir holdings at KarachiStock Exchange (KSE) onTuesday amid the global debtcrisis as bears kept controlover the trading proceedingswith volumes staying at lowerlevels.

The benchmark KSE 100-Index dropped 0.25 percent or30.43 points to close at12,364.06 levels, KSE AllShare Index shed 0.25 percentor 21.69 points to end at8,568.36, KSE 30-Indexinched up by 0.01 percent or1.48 points to conclude at11,817.39, whereas KMI 30-Index fell by 0.29 percent or62.37 points to finish the dayat 21,580.26 levels here.

Market analysts are of theview that the grim security sit-uation in Karachi has strangu-lated bulls at the KSE whileinvestors are also worriedabout future of Pakistani econ-omy as the International

Monetary Fund (IMF) isunlikely to extend its supportfor the South Asian countryafter its tax officials failed tocomplete the revenues collec-tion target.

Market volumes improvedby 21.718 million shares to54.538 million shares onTuesday as against trading of32.820 million shares recordedon Monday.

Market capitalizationdeclined by 5.067 billionrupees (58.926 million dollars)to 3.266 trillion rupees (37.97billion dollars) on Tuesdaywhen compared with a marketcapitalization of 3.271 trillionrupees (38.03 billion dollars)registered the other day.

Syed Faran Rizvi, directorSMH Financial Solutioninformed Xinhua here that themarket is likely to complete 50percent retracement of therecent rally which stands near12,350 levels.

"We recommend buying near

support level with a firm stopbelow 12,307 while penetrat-ing below 12,307 will pushmarket towards 12, 150 lev-els," he added.

NIB Bank(R) was the toptraded company of the daywith trading of 18.048 millionshares in its scrip, followed byJS Investments Limited, FaujiFertilizer Bin Qasim, JOV &Co, and Azgard Nine Limitedwith turnovers of 4.154 mil-lion, 2.102 million, 2.014 mil-lion, and 1.576 million sharesrespectively.

Exide Pakistan XDXBemerged as the top price gain-er of the day with 8.19 rupees(9.52 U.S. cents) increment inits per share price that endedthe day at 176.29 rupees (2.04U.S. dollars) while on theother hand UniLever Pakistanled the major decliners with102.76 rupees (1.19 dollars)decrement to finish the day at5, 730.81 rupees (66.63 dol-lars).-Agencies

Foreign exodusleaves KSEamid bears

HONG KONG: Hong Kongand China shares gained onTuesday, as investors boughtinto blue chip stocks ahead ofearnings but low turnover sug-gests they remained reluctant tobuy in a big way.

Any signs of resolution of theUS debt ceiling impasse couldcombine with the slew of firsthalf corporate earningsannouncements among heavy-weight blue chips could helplift both markets going intoAugust, analysts say.

"From a foreigner's point ofview, I just want the US debtsituation to be resolved, andmost people seem to be bettingthat will happen in some form,"said Jackson Wong, a vice-

president at Tanrich Securities."People are buying into blue

chips ahead of earnings, and it'sa pretty broad base of peoplebuying out there," he said.

The Hang Seng Index clawedback Monday's losses, closingup 1.3 per cent at 22,572.1points but volumes were a lowHK$62.6 billion, more than 5per cent below its 20-day mov-ing average.

Chinese banks, trading at val-uation troughs last seen duringthe 2008 financial crisis, wereamong the most traded and thebiggest percentage gainersamong Hang Seng components.

Bank of China, Industrial andCommercial Bank of China andChina Construction Bank

jumped about 3 per cent apiece.RAIL COS SLIDE FUR-

THERSChinese railway equipment

extended Monday's slide afterthe worst train accident inChina since 2008 over theweekend. China SouthLocomotive lost 1.3 per cent involumes exceeding five timesits 30-day average. ItsShanghai listing and ChinaNorthern Locomotive both lostabout 4 per cent each.

Even before Monday'splunge, China SouthLocomotive's Hong Kong list-ing has declined more than 38per cent since hitting its 2011peak in early January.

See # 11 Page 11

HK, China shares risewith low volumes

TOKYO: The Nikkei stockaverage rose on Tuesday asrobust quarterly earnings andhigher profit forecasts from thelikes of digital camera andcopier maker Canon Inc helpedoffset a yen that has strength-ened on US debt woes.

Japanese corporate resultsand smaller Wall Street loss-es than expected on thedeadlocked debt talksencouraged short-coveringwith sporadic buying byAsian investors detected,market players said. TheNikkei, however, did notquite regain all the losses itmade the previous day.

"Investors are confident thatJapanese companies can gener-ate profits even with currentforeign exchange rates," said aportfolio manager at a US assetmanagement firm, whodeclined to be quoted by name.

"If the dollar stays near 80yen, there probably won't be abig sell-off," he said.

The benchmark Nikkei rose0.5 per cent at 10,097.72 andthe broader Topix index alsogained 0.5 per cent, to866.20.

The Nikkei is not that far

from a four-month intradayhigh of 10,207.91 hit thismonth, a break of which couldopen the way for a return topre-quake levels a bit above10,250 -- although many don'texpect that break just yet.

Worries about a deadlock intalks to raise the US debt ceil-ing are making investorsincreasingly nervous, althoughmost expect lawmakers toclinch a deal before the Aug. 2deadline.

In the morning, the dollar hita four-month low of 77.883 yenon trading platform EBS, edg-ing closer to a record low of76.25 yen hit in March.

"It's difficult to bid stocks upfurther from here unless we seea conclusion on the US debtceiling," said Yutaka Miura,senior technical analyst atMizuho Securities.

Traders said the Nikkei waslikely to be supported above its200-day moving average, nowaround 9,916, as Japan's earn-ings season kicks into highgear next week, with expecta-tions high for results to showmore evidence of a recoveryfrom the quake.

See # 13 Page 11

Robust incomesoffset strong yen

at Nikkei

MUMBAI: Indian shares fellthe most in more than a monthon Tuesday after a higher-than-expected rate increase by thecentral bank stunned investorsand its comments indicated thetightening cycle may not beover as yet.

Investors were worried thatrising borrowing costs wouldslow down the economicgrowth engine, dent corporateearnings and dampen the mar-ket outlook.

Banks and property develop-ers led the slide after theReserve Bank of India (RBI)raised rates by a hefty 50 basispoints to fight stubbornly highinflation. It was the 11thincrease in 16 months.

The 30-share BSE index shed1.87 per cent or 353.07 pointsto 18,518.22, with 29 compo-nents losing ground. It was thebiggest one-day per centage fallsince June 20.

Traders said the outlook wasdownbeat and the benchmark,which has fallen 9.7 per centyear-to-date, would drop fur-ther.

"Clearly, we could see earn-ings downgrades going ahead,as the robust economic growthstory is compromised and bor-rowing costs rise," saidAmbareesh Baliga, chief oper-ating officer at Way2Wealth

Securities. "This would be a dampener

for investments in our market."

Foreigners have poured in$2.8 billion in the last onemonth, but the inflows havebeen dwindling recently andthey were sellers in three ses-sions last week.

The banking sector index andreal estate sector plummeted2.4 per cent and 3.6 per centrespectively.

Leading lenders State Bankof India, ICICI Bank andHDFC Bank dropped between1.4 per cent and 3.3 per cent, onconcerns loan growth couldslow down.

Top-listed real estate firmdived 4.1 per cent.

Auto stocks were in thereverse gear. Tata Motors,Mahindra & Mahindra andBajaj Auto fell between 1.4 percent and 4.1 per cent.

Top car maker Maruti Suzukierased early gains after itsmashed estimates with an 18 percent rise in June quarter profit,and closed 0.4 per cent lower.

Energy major RelianceIndustries shed 1.3 per cent to871.50 rupees, after its quarter-ly net profit lagged forecasts asslowing gas productionweighed on results.

See # 12 Page 11

Indian shares fallafter rate increase

Robust earningslift FTSE

LONDON: Top shares man-aged modest gains on Tuesdayas solid results from blue-chipsincluding drugmakerGlaxoSmithKline and energyfirm BG Group more than off-set the earnings miss fromheavyweight BP.

Volume on the FTSE 100 wasthin, however, as investorswaited for clarity from US debtceiling talks.

The benchmark index endedup 4.47 points, or 0.1 per cent,at 5,929.73, having tradedwithin a 55-point range.

Gains were capped by datashowing anemic British eco-nomic growth and an Italiandebt auction which reignitedinvestors' worries over the eurozone debt crisis.

BG Group was best off, up4.3 per cent, after posting a

See # 15 Page 11

MCB profitup 33pc for

1HCY11 Ahmed Siddique

KARACHI: MCB Bank(MCB) has been announced itsfinancial result for 1HCY11.Profit after tax for the periodwas up by impressive 33 percent to Rs10.57 billion (EPS:Rs12.64) as compared toRs7.94 billion (EPS: Rs9.50) inthe same period last year.Higher net interest income andnon interest income were thekey drivers of the profitability.The Bank also announced aninterim dividend of Rs3.00 pershare, taking the total payout toRs6.00 per share for CY11.

Interest income of the Bankwas up by 24.4 per cent toRs32.84 billion for 1HCY11 asagainst Rs26.39 billion for the

See # 14 Page 11

Khoja hostslunch forNIT staff

TFD Report

KARACHI: In recognition ofthe outstanding performanceWazir Ali Khoja, ChairmanNIT hosted a special lunch(Bara Khana) for the employ-ees at a posh club in Karachi.

He congratulated all theemployees in making NIT theundisputed leader of the mutualfund industry in Pakistan. NITis in process of celebrating itsgolden jubilee.

NIT workers from all ranksand files attended this lunchand Khoja interacted withevery individual to acknowl-edge and appreciate his relent-less efforts in taking NIT to thisenviable position. He especial-ly mentioned the good workperformed by NIT's femalestaff.

While talking to the employ-ees, Khoja briefly reviewed theinitiatives taken by him fortheir betterment during lastfinancial year and promised todo more this year, if the staffcontinues to perform with thesame dedication that wasdemonstrated last year.

ANNOUNCEMENTS

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

MCB Bank Ltd Half Yearly 30%(D) 10,571.41 12.64

Habib Modaraba Yearly 22%(D) 277.92 1.38

Chashma Sugar Mills 3rd Qtr - 32.63 1.14

Dewan Sugar 3rd Qtr - -63.28 -1.73

Faran Sugar 3rd Qtr - 164.55 7.60

Fecto Sugar 3rd Qtr - -169.19 -11.60

Kohinoor Sugar 3rd Qtr - -4.25 -0.38

Premier Suger Mills 3rd Qtr - -51.00 -13.60

Hinopak Motor 1st Qtr - -83.95 -6.77

Honda Atlas Cars 1st Qtr - -51.10 -0.36

Dhiyan

The index is expected to consolidate around 12,300 levels in

the coming days. However if index slips below 12,300 then

investors should sell because we might see some more selling

which can plunge the index to 12,150. After this brief correction

a major bullish rally may take the index above 13,000 points.

We recommend investors to take positions in fertilizer, banking

and cement sectors. Market would be range bound today.

Faran Rizvi, Technical Analyst, Invisor Securities

Samar Iqbal, Equity Dealer, Topline SecuritiesMarket is likely to witness dull activities till the monetary policy announcement

scheduled for Saturday (July 30). However, we might see some positive activities dueto results season but volumes would remain low on account of Holy month ofRamadan. Any decrease in the interest rate in the monetary policy would also improvethe sentiments. Investors are advised to invest in dividend yielding and in those stockswhich are expected to announce good results. They can invest in stocks belonging tooil, banking and fertilizer sectors. Market may be positive in the beginning today dueto result announcement of Fauji Fertilizer Bin Qasim.

RESULT BASED RALLY AWAITED

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

Urea Offtake (Apr 11) 487

Urea Price (Rs/50 kg) 1,234

DAP Offtake (Jan to Apr 11) 215

DAP Offtake (Apr 11) 55

DAP Price (Rs/50 kg) 4,050

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

Sales (July 10 to Apr 11) 69,203

Production (Apr 11) 7,220

Sales (Apr 11) 7,510

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




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




DEWAN FAROOQ MOTORSProduction (July 10 to Apr 11) 186

Sales (July 10 to Apr 11) 203

Production (Apr 11) -

Sales (Apr 11) -

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

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

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

Spread (April 11) 7.52%

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

MS (Apr 11) 196

Kerosene (Jul 10 to Apr 11) 134

Kerosene (Apr 11) 14

JP (Jul 10 to Apr 11) 1,148

JP (Apr 11) 117

HSD (Jul 10 to Apr 11) 5,719

HSD (Apr 11) 567

LDO (Jul 10 to Apr 11)) 44

LDO (Apr 11) 2

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

Fuel Oil (Apr 11) 739

Others (Jul 10 to Apr 11) 143

Others (Apr 11) 15

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

MS (1 Apr 11) 59.35

MS % Chg 5.86%

Kerosene (1 May 11) 73.63

Kerosene (1 Apr 11) 68.95

Kerosene % Chg 6.79%

JP-1 (1 May 11) 73.86

JP-1 (1 Apr 11) 70.88

JP-1 % Chg 4.20%

HSD (1 May 11) 78.79

HSD (1 Apr 11) 75.02

HSD % Chg 5.03%

LDO (1 May 11) 71.55

LDO (1 Apr 11) 65.27

LDO % Chg 9.62%

Fuel Oil (1 May 11) 57,253

Fuel Oil (1 Apr 11) 56,777

Sector Updates


Volume 54,538,244

Value 1,774,762,076

Trades 31,330

Advanced 95

Decline 172

Unchanged 101

Total 368

Current 8,568.36

High 8,634.20

Low 8,554.83

Change i21.69

Current 12,364.06

High 12,459.75

Low 12,343.08

Change i30.43

Current 11,817.39

High 11,882.25

Low 11,802.90

Change h1.48

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,580.26

High 21,723.10

Low 21,567.28

Change i62.37

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Telecard Limited

TELE closed up 0.01 at 1.42. Volume was 0.01 per cent above aver-

age and Bollinger Bands were 33 per cent narrower than normal. The

company's profit after taxation stood at Rs133.059 million which trans-

lates into an Earning Per Share of Rs0.44 for the nine months of fiscal

year (9MFY11).

TELE is currently 27.7 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 TELE (mildly bearish). Trend

forecasting oscillators are currently bearish on TELE.

RSI (14-day) 35.83 Total Assets (Rs in mn) 9,610.12

MA (10-day) 1.44 Total Equity (Rs in mn) 3,400.99

MA (100-day) 1.70 Revenue (Rs in mn) 2,414.18

MA (200-day) 1.96 Interest Expense 530.45

1st Support 1.40 Profit after Taxation 698.46

2nd Support 1.35 EPS 10 (Rs) 2.328

1st Resistance 1.50 Book value / share (Rs) 11.34

2nd Resistance 1.55 PE 11 E (x) 2.42

Pivot 1.45 PBV (x) 0.13


As on Jun 30, 2010

KESC closed up 0.12 at 2.27. Volume was 33 per cent above average

and Bollinger Bands were 24 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs5.416 billion which translates into

a Loss Per Share of Rs0.25 for the nine months of fiscal year

(9MFY11).

KESC is currently 9.0 per cent below its 200-day moving average and

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


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

Trend forecasting oscillators are currently bearish on KESC.


MA (10-day) 2.14 Total Equity (Rs in mn) (525.11)


MA (200-day) 2.49 Interest Expense 6,823.64

1st Support 2.15 Loss after Taxation (14,641.22)

2nd Support 2.10 EPS 10 (Rs) (0.684)

1st Resistance 2.30 Book value / share (Rs) (0.02)

2nd Resistance 2.40 PE 11 E (x) -

Pivot 2.25 PBV (x) (92.59)

Karachi Electric Supply Co Ltd


As on Jun 30, 2010

NETSOL closed up 0.22 at 20.61. Volume was 44 per cent below aver-

age and Bollinger Bands were 41 per cent narrower than normal. The

company's profit after taxation stood at Rs692.414 million which trans-

lates into an Earning Per Share of Rs8.69 for the nine months of fiscal

year (9MFY11).

NETSOL is currently 3.4 per cent below 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 volume flowing into and out of NETSOL at a relatively equal pace.

Trend forecasting oscillators are currently bearish on NETSOL.


MA (10-day) 20.78 Total Equity (Rs in mn) 3,337.21



1st Support 20.19 Profit after Taxation 951.86

2nd Support 19.74 EPS 10 (Rs) 12.217

1st Resistance 21.15 Book value / share (Rs) 42.83

2nd Resistance 21.66 PE 11 E (x) 1.78

Pivot 20.70 PBV (x) 0.48

NetSol Technologies Limited


As on Jun 30, 2010

DSFL closed up 0.05 at 2.35. Volume was 67 per cent below average

(consolidating) and Bollinger Bands were 22 per cent narrower than

normal. The company's loss after taxation stood at Rs738.311 million

which translates into a Loss Per Share of Rs2.02 for the nine months of

fiscal year (9MFY11).

DSFL is currently 8.8 per cent below its 200-day moving average and

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

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

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

equal pace. Trend forecasting oscillators are currently bearish on

DSFL.


MA (10-day) 2.50 Total Equity (Rs in mn) (7,218.97)

MA (100-day) 2.65 Revenue (Rs in mn) 137.50


1st Support 2.35 Loss after Taxation (1,529.67)

2nd Support 2.28 EPS 10 (Rs) (4.176)

1st Resistance 2.47 Book value / share (Rs) (19.71)

2nd Resistance 2.52 PE 11 E (x) -

Pivot 2.40 PBV (x) (0.12)

Dewan Salman Fibre Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,573.06 1,582.36 1,563.78 1,567.93 -5.13 -0.33

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

1,813,630 12 - 65,194.15 mn 1,147,811.50 mn 1,584.09

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

10.78 3.51 32.54 55.94 5.19 1,567.93

Attock Petroleum 691 6.82 378.89 380.39 377.50 377.64 -1.25 12697 394.90 369.56 300 20B115.00 -

Attock Refinery 853 4.32 131.56 133.18 131.50 131.78 0.22 332368 143.50 120.40 - - - -

BYCO Petroleum 3921 - 9.15 9.25 9.00 9.03 -0.12 576901 10.10 7.93 - - - -

Mari Gas Company 735 4.29 104.00 105.00 104.20 104.98 0.98 8155 113.75 98.50 31 - 23.43 -

National Refinery 800 5.02 366.34 368.88 362.50 363.21 -3.13 112579 390.00 323.50 200 - - -

Oil & Gas Development 43009 10.45 154.50 154.99 154.10 154.48 -0.02 44828 157.51 141.10 55 - 30.00 -

Pak Petroleum 11950 7.76 214.24 215.50 211.75 212.29 -1.95 265540 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 8.43 381.17 385.01 381.52 382.18 1.01 561999 391.69 321.10 255 -100.00 -

Pak Refinery Limited 350 43.34 77.21 81.00 77.31 77.58 0.37 57850 89.25 77.00 - - - -

P.S.O 1715 3.60 255.57 257.60 250.00 251.70 -3.87 413614 291.50 250.00 80 - 80.00 -

Burshane LPG 226 - 24.29 23.50 23.10 24.29 0.00 111 25.60 22.11 - - - -

Shell Pakistan 685 7.91 224.01 224.69 222.05 222.50 -1.51 4000 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


968.28 978.88 961.27 968.51 0.23 0.02


2,429,974 211 73 47,070.70 mn 121,484.62 mn 968.51


6.08 0.53 8.64 16.68 2.75 960.59

Amtex Limited 2594 - 2.69 2.69 2.56 2.65 -0.04 115265 3.76 1.81 - 30B - -Artistic Denim 840 7.85 24.81 24.80 24.80 24.80 -0.01 800 27.10 20.60 20 - - -Ashfaq Textile 70 1.72 4.78 4.50 4.50 4.50 -0.28 500 5.50 4.11 - - - -Azgard Nine 4493 - 6.16 6.40 6.16 6.20 0.04 1576566 7.09 4.40 - - - -Babri Cotton 37 0.25 15.60 15.00 15.00 15.00 -0.60 2270 17.90 14.30 - 15B - -Bannu Woolen XD 76 0.66 15.82 16.40 16.39 15.82 0.00 200 19.55 14.70 20 - - -Bilal Fibres 141 0.78 1.46 1.00 0.75 1.00 -0.46 1500 1.97 0.75 - - - -Blessed Tex Mills 64 0.87 87.04 91.39 86.00 91.24 4.20 29000 94.70 56.07 50 - - -Chakwal Spinning 400 0.63 1.55 1.65 1.40 1.55 0.00 1002 3.00 0.76 5 - - -Chenab Limited 1150 - 1.70 1.89 1.65 1.80 0.10 17991 2.44 1.55 - - - -Colony Mills Ltd 2442 1.61 1.50 1.55 1.45 1.55 0.05 702 2.64 1.32 - - - -Crescent Jute 238 - 0.73 1.25 0.45 0.73 0.00 340 1.60 0.26 - - - -D S Ind Ltd 600 - 1.02 1.02 0.80 0.94 -0.08 60050 1.39 0.80 - - - -Dar-es-Salaam 80 - 3.50 3.50 3.50 3.50 0.00 3000 5.50 1.56 - - - -Dawood Lawrencepur 591 - 30.06 30.50 29.51 29.79 -0.27 1286 38.95 29.51 5 15B - -Dewan Mushtaq Textile 34 0.17 3.70 3.65 2.71 3.38 -0.32 992 5.00 2.71 - - - -Din Textile 204 0.66 34.50 34.13 32.88 33.00 -1.50 680 39.70 26.35 20 10B - -Ellcot Spinning 110 0.57 23.75 24.00 22.65 23.91 0.16 2617 27.30 22.65 35 - - -Faisal Spinning 100 0.66 45.99 48.28 48.28 48.28 2.29 1032 48.28 40.25 50 - - -Gadoon Textile XD 234 0.62 64.65 65.50 64.00 64.22 -0.43 4090 81.00 64.00 70 - - -Ghazi Fabrics 326 0.42 4.20 5.20 4.10 4.14 -0.06 8310 8.00 4.00 10 - - -Gillette Pakistan 192 27.86 57.12 55.00 54.27 57.12 0.00 110 57.12 51.73 - - - -Gul Ahmed Textile 635 3.10 47.00 49.10 48.75 49.00 2.00 1755 52.10 47.00 12.5 - - -Gulshan Spinning 222 0.42 10.66 10.00 9.80 10.00 -0.66 10515 12.16 9.52 10 20B - -Hira Textile Mills Ltd. 716 0.74 3.89 3.71 3.70 3.70 -0.19 6020 4.70 3.60 10 - - -Ibrahim Fibres 3105 2.65 37.95 37.70 36.50 37.16 -0.79 659 48.50 36.50 20 - - -ICC Textile 300 - 0.75 0.71 0.66 0.70 -0.05 1510 1.49 0.60 - - - -Ideal Spinning 99 0.34 4.44 4.75 4.60 4.62 0.18 590 8.44 3.50 - - - -Idrees Textile 180 1.76 4.80 4.65 4.51 4.60 -0.20 3501 5.74 3.80 10 - - -Indus Dyeing 181 3.40 356.18 366.35 338.39 356.15 -0.03 828 398.00 276.70 50 - 50.00 -Int Knitwear 32 - 5.86 4.95 4.95 4.95 -0.91 1075 8.29 3.26 6 - - -J K Spinning 184 0.80 8.35 7.35 7.35 7.35 -1.00 500 8.45 5.05 20 5B 10.00 -Khalid Siraj 107 0.38 1.50 1.41 1.40 1.40 -0.10 2140 2.24 1.00 - - - -Kohinoor Mills 509 - 1.60 1.80 1.50 1.60 0.00 223 2.83 0.71 - - - -Kohinoor Spinning 1300 0.44 1.40 1.83 1.26 1.26 -0.14 5007 2.00 0.65 5 - - -Kohinoor Textile 2455 3.74 3.13 3.50 3.10 3.25 0.12 528 5.25 2.80 - - - -Mian Textile 221 - 0.31 0.25 0.25 0.25 -0.06 1000 0.63 0.25 - - - -Nagina Cotton 187 0.60 15.50 15.00 14.75 14.89 -0.61 2652 16.50 14.10 20SD - - -Nishat (Chunian) 1621 3.11 20.47 20.65 20.15 20.22 -0.25 68608 26.90 20.00 15 - - -Nishat Mills 3516 4.47 50.62 51.00 50.20 50.41 -0.21 399135 61.99 48.80 25 45R - -Olympia Textile 108 - 0.62 1.60 0.78 0.78 0.16 6606 1.66 0.30 - - - -Pak Synthetic 560 2.51 19.98 20.39 18.98 20.10 0.12 18733 20.62 17.01 - - - -Paramount Spinning 174 0.61 13.10 12.31 12.25 12.30 -0.80 864 14.50 12.00 10 10B - -Prosperity 185 0.88 14.30 13.55 13.50 13.50 -0.80 1121 15.45 13.50 30 - - -Ravi Textile 250 - 0.95 0.96 0.85 0.93 -0.02 1515 1.30 0.53 - - - -Rupali Poly 341 2.87 39.16 39.70 37.85 38.15 -1.01 1261 42.50 37.85 40 - - -Salman Noman 42 0.45 2.90 2.20 2.20 2.20 -0.70 1050 3.75 2.10 - 5B - -Sana Ind 55 3.07 40.00 40.50 40.50 40.50 0.50 1000 41.48 36.50 60 - - -Sargoda Spinning 312 1.52 3.52 4.50 3.66 3.66 0.14 1121 4.50 2.51 5 - - -Service Ind 120 3.51 210.18 213.90 204.01 205.53 -4.65 8034 214.95 170.00 75 - - -Service Textile 44 0.13 0.70 0.52 0.52 0.52 -0.18 500 0.89 0.25 - - - -Shadman Cot 176 19.06 21.66 20.98 20.58 20.58 -1.08 1210 23.94 12.90 5 - - -Shahpur Textile 140 0.35 0.26 0.25 0.25 0.25 -0.01 500 0.90 0.15 - - - -Shahtaj Textile 97 1.57 28.10 28.95 27.40 28.05 -0.05 5421 29.89 23.55 45 - - -Shield Corp 39 12.23 81.42 83.50 83.25 83.50 2.08 1171 84.69 76.47 10 - - -Taj Textile 334 - 0.50 0.30 0.30 0.30 -0.20 3000 1.01 0.11 - - - -Tata Textile 173 0.41 31.75 30.20 30.17 30.17 -1.58 25746 41.00 30.17 25 - - -Thal Ltd 307 - 100.04 100.99 100.00 100.91 0.87 1500 108.00 97.00 80 20B - -Treet Corp 418 6.59 52.82 53.75 52.71 52.71 -0.11 7958 59.20 47.95 50 900B - -Tri-Star Poly 215 - 0.55 0.65 0.50 0.54 -0.01 806 1.58 0.49 - - - -Yousuf Weaving 400 0.49 1.18 1.11 1.01 1.11 -0.07 5000 2.16 1.00 - - - -Zil Limited 53 6.22 58.97 61.88 56.76 57.45 -1.52 633 67.00 56.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


646.75 655.25 614.78 637.95 -8.80 -1.36


36,226 15 7 3,763.71 mn 4,293.32 mn 649.78


1.28 0.14 10.64 6.27 4.90 637.95

Diamond Ind 90 - 8.25 8.25 7.25 8.25 0.00 251 10.18 7.25 - - - -Hala Enterprise 68 - 7.40 7.00 7.00 7.40 0.00 400 10.00 7.00 - - - -Pak Elektron 1219 - 6.50 6.72 6.11 6.41 -0.09 10822 8.70 6.06 - 10B - -Singer Pak 375 113.69 15.17 15.00 14.17 14.78 -0.39 501 20.35 13.10 - 10B - -Tariq Glass Ind 693 1.36 10.50 10.50 10.26 10.30 -0.20 24642 13.33 10.25 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


2,340.73 2,367.36 2,264.56 2,316.69 -24.04 -1.03


195,634 61 16 11,335.33 mn 336,906.84 mn 2,370.75


56.32 17.07 30.30 30.57 0.54 2,316.69

Adam Sugar 58 1.04 17.80 17.10 17.06 17.08 -0.72 800 19.24 12.30 25 - - -AL-Abbas Sugar 174 5.10 90.93 91.00 86.50 90.24 -0.69 1200 103.49 84.65 50 - - -AL-Noor Sugar 186 2.35 38.99 40.93 40.50 40.93 1.94 617 54.20 37.05 50 - - -Bawany Sugar 87 - 8.94 8.50 8.50 8.50 -0.44 1000 9.20 7.50 - - - -Chashma Sugar 287 6.51 10.86 11.75 9.86 9.90 -0.96 39350 11.75 8.00 10 - - -Clover Pakistan 94 48.50 67.41 64.80 64.25 67.41 0.00 152 73.05 61.00 15 - - -Dewan Sugar 365 - 2.28 3.00 2.25 2.57 0.29 20010 3.85 2.16 - - - -Habib Sugar 750 4.82 27.00 27.49 27.00 27.07 0.07 28475 28.00 23.00 25 25B - -J D W Sugar 539 1.66 86.41 87.20 83.00 83.80 -2.61 2156 90.49 72.75 7010B 12.5R - 10RMehran Sugar 173 1.68 55.27 55.25 54.90 55.27 0.00 259 68.48 52.11 35 20B 15.00 10BMirpurkhas Sugar 84 3.27 50.85 50.75 49.00 50.85 0.00 305 53.00 39.51 15 20B - -Mirza Sugar 141 0.56 2.40 2.50 2.40 2.49 0.09 13291 3.50 2.30 10 - - -Mithchells Fruit 50 7.31 79.00 79.00 79.00 79.00 0.00 720 82.95 68.51 40 - - -National Foods 414 12.00 73.00 72.90 69.35 69.50 -3.50 14336 88.00 61.70 12 - - -Noon Sugar 165 1.56 17.00 16.50 16.50 17.00 0.00 145 18.20 14.16 - - - -Pangrio Sugar 109 - 3.53 3.80 3.65 3.53 0.00 300 4.52 3.15 10 - - -Premier Sugar 38 - 38.84 40.70 39.50 40.65 1.81 1130 42.97 35.87 10 - - -Punjab Oil 54 3.07 40.00 38.00 38.00 40.00 0.00 434 43.74 38.00 15 28R 10 10BQuice Food 107 4.52 2.09 2.00 1.95 1.99 -0.10 3000 3.50 1.95 - - - -S S Oil 57 0.33 4.49 4.74 4.47 4.66 0.17 10500 5.78 3.80 - - - -Sakrand Sugar 223 24.09 2.41 2.65 2.65 2.65 0.24 2000 3.40 1.75 - - - -Shahmurad Sugar 211 1.29 9.99 10.99 10.24 10.99 1.00 53648 10.99 7.91 10 - - -Shak(RCPf)8.5 Perc 346 - 2.45 2.50 2.50 2.50 0.05 500 4.42 2.45 - - - -Shakarganj Mills 695 1.29 5.76 6.39 6.39 6.39 0.63 500 6.99 5.00 - - - -UniLever Pakistan 665 21.19 5833.57 5878.78 5667.01 5730.81 -102.76 1015 6135.00 4915.70 492 - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,106.47 1,122.30 1,098.37 1,117.55 11.08 1.00


92,887 19 4 6,768.53 mn 41,243.60 mn 1,117.55


3.56 0.90 25.35 20.42 5.74 1,106.47

Agriautos Ind 144 4.31 68.88 70.00 69.10 69.90 1.02 3100 73.00 68.00 90 - - -

Atlas Battery 101 6.15 230.15 235.99 230.00 231.61 1.46 5824 241.00 206.00 100 20B - -

Atlas Honda 719 7.59 124.07 124.99 121.50 121.59 -2.48 2067 160.00 112.10 50 15B 65.00 15B

Baluchistan Wheels Ltd. 133 1.29 29.00 28.01 27.55 27.75 -1.25 548 35.70 26.70 25 - - -

Dewan Motors 1087 - 2.80 2.93 2.77 2.89 0.09 38921 3.46 1.50 - - - -

Exide (PAK)XDXB 71 3.60 168.10 176.50 167.00 176.29 8.19 8345 235.00 163.10 60 - 60.00 25B

Ghandhara Nissan 450 - 3.00 3.00 2.85 2.86 -0.14 510 4.41 2.16 - - - -

Ghani Automobile Ind 200 6.58 3.63 3.55 3.30 3.49 -0.14 1814 3.75 2.90 - - - -

Honda Atlas Cars 1428 - 10.11 10.21 10.05 10.13 0.02 16574 11.58 9.00 - - - -

Indus Motors 786 7.25 206.00 210.00 204.50 209.86 3.86 3637 232.53 201.00 150 - 50.00 -

Pak Suzuki 823 14.48 64.00 64.00 63.60 64.31 0.31 5948 72.50 61.35 5 - - -

Sazgar Engineering 150 1.14 23.50 23.15 23.11 23.11 -0.39 5599 24.90 22.01 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,777.68 1,766.63 1,699.57 1,744.30 -33.37 -1.88


125,872 11 1 1,336.62 mn 34,602.10 mn 1,790.32


8.19 3.11 38.02 131.49 16.05 1,744.30

AL-Ghazi Tractor 215 3.95 234.00 233.01 227.50 228.50 -5.50 11396 244.00 217.00 400 - - -

Ghandhara Ind 213 9.30 7.81 8.24 7.75 7.81 0.00 112 9.78 7.60 - - - -

Hinopak Motor 124 - 111.27 105.76 105.75 111.27 0.00 140 116.83 84.01 - - - -

KSB Pumps 132 - 31.85 32.10 31.50 31.94 0.09 1752 43.40 30.30 12.5 - - -

Millat Tractors 366 9.08 608.98 605.00 581.04 597.42 -11.56 111683 625.80 513.00 650 25B325.00 -

Pak Engineering 57 - 53.45 54.00 50.78 50.79 -2.66 779 99.20 50.78 100 - - -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


971.85 973.74 960.36 973.14 1.29 0.13


219,651 13 2 3,043.31 mn 36,345.25 mn 974.55


2.73 1.20 43.91 15.55 5.69 971.85

Cherat Packagin 172 2.36 48.45 49.45 48.00 48.13 -0.32 11211 54.48 46.00 20 25B - 50R

ECOPACK Ltd 230 - 1.40 1.48 1.25 1.34 -0.06 7925 1.80 1.10 - - - -

MACPAC Films 389 2.20 11.22 12.15 10.80 11.00 -0.22 2659 15.21 9.78 - - - -

Packages Ltd 844 17.25 103.00 105.50 103.00 103.51 0.51 208752 118.00 101.75 32.5 - - -

Tri-Pack Films 300 6.81 174.47 177.90 173.01 174.60 0.13 213 181.99 158.10 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


871.42 884.90 863.45 867.43 -3.99 -0.46


2,450,134 37 6 54,792.74 mn 70,436.98 mn 882.50


5.88 0.42 7.10 19.04 3.24 867.43

Al-Abbas Cement 3657 - 2.61 2.65 2.50 2.56 -0.05 6215 3.25 2.35 - 100R - -

Attock Cement 866 6.12 49.05 48.65 48.31 48.32 -0.73 5801 56.01 48.00 50 - - -

Berger Paints 182 - 14.20 14.21 14.00 14.15 -0.05 5972 16.50 12.76 - 122R - -

Buxly Paints 14 - 8.15 7.50 7.20 7.22 -0.93 3279 8.45 6.63 - - - -

Dadabhoy Cement 982 16.85 2.02 2.20 1.65 2.19 0.17 49002 2.24 1.50 - - - -

Dandot Cement 948 - 1.22 1.50 1.50 1.22 0.00 158 2.90 1.15 - - - -

Dewan Cement 3891 - 1.64 1.70 1.61 1.62 -0.02 10470 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 31.19 23.49 23.71 23.32 23.39 -0.10 685553 25.85 21.31 - 20R - 20R

Fauji Cement 13311 6.98 4.07 4.15 4.02 4.05 -0.02 236727 5.04 3.99 - - - 92R

Flying Cement Ltd 1760 - 1.28 1.34 1.25 1.28 0.00 5666 1.95 1.20 - - - -

Frontier Ceramics 77 - 3.00 2.56 2.56 2.56 -0.44 570 3.87 1.35 - - - -

Gharibwal Cement 4003 - 5.01 5.99 4.61 5.00 -0.01 23134 9.40 4.25 - - - -

Kohat Cement 1288 - 6.08 6.44 5.90 6.00 -0.08 3504 7.60 5.85 - - - -

Lafarge Pakistan Cmt 13126 65.00 2.56 2.73 2.52 2.60 0.04 26505 3.35 2.10 - - - -

Lucky Cement 3234 5.96 73.55 74.54 73.10 73.31 -0.24 1363767 77.43 66.93 40 - - -

Maple Leaf Cement 5267 - 2.05 2.10 2.04 2.04 -0.01 16530 3.05 1.97 - - - -

Pioneer Cement 2271 - 5.35 5.24 5.11 5.11 -0.24 5004 6.34 4.50 - - - -

Shabbir Tiles 721 - 6.71 6.81 6.50 6.54 -0.17 1396 7.49 5.25 - - - 100R

Thatta Cement 997 - 15.46 15.50 14.51 15.01 -0.45 799 20.90 14.51 - 50R - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,047.33 1,062.74 1,027.16 1,035.83 -11.51 -1.10


50,069 7 1 3,596.11 mn 15,406.29 mn 1,047.33


3.30 1.09 33.10 30.91 9.37 1,031.01

Crescent Steel 565 1.88 27.89 28.20 27.70 27.73 -0.16 7556 29.25 25.70 30 - 20.00 -

Dost Steels Ltd 675 - 2.40 2.49 2.09 2.39 -0.01 4632 3.10 1.62 - - - -

Huffaz Pipe XD 555 21.43 12.00 12.00 11.85 12.00 0.00 510 12.95 11.05 - 25B 15.00 -

Inter.Steel Ltd. 4350 - 13.65 13.89 13.65 13.65 0.00 1586 15.06 0.00 - - - -

International Ind 1199 9.05 51.50 52.11 50.50 50.58 -0.92 32245 52.75 48.52 40 20B 15 -

Metro Steel 310 - 9.09 9.15 8.09 9.09 0.00 210 12.99 8.09 - - - -

Siddiqsons Tin 785 25.86 9.00 9.40 8.76 9.05 0.05 4916 10.00 8.31 7.5 - - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,085.42 1,109.74 1,073.81 1,100.22 14.80 1.36


74,192 4 1 1,186.83 mn 3,036.10 mn 1,100.22


5.47 0.41 7.47 25.28 4.62 1,076.49

Century Paper 707 - 15.24 15.90 14.87 15.53 0.29 68859 18.00 14.31 - - - -

Pak Paper Product 50 1.90 44.50 43.45 43.45 44.50 0.00 200 45.59 39.36 2533.33B - -

Security Paper 411 7.35 41.02 41.63 41.00 41.51 0.49 5133 42.80 37.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,890.17 1,910.81 1,883.20 1,890.45 0.29 0.02


7,323,783 36 6 52,251.88 mn 386,992.77 mn 1,906.78


9.04 3.16 35.00 48.81 5.40 1,890.17

Agritech Limited 3924 - 18.03 18.50 18.00 18.01 -0.02 16680 21.89 16.60 - - - -

Biafo Ind 200 5.98 52.50 53.53 51.00 52.93 0.43 1534 55.12 45.10 45 - 49.50 -

BOC (Pak) 250 8.12 104.90 108.00 105.40 107.82 2.92 8626 108.00 90.50 60 - - -

Clariant Pak 341 4.80 157.92 158.50 157.00 157.18 -0.74 2608 167.00 154.41 135 25B - -

Dawood Hercules 4813 3.34 59.05 59.85 57.18 57.50 -1.55 140822 66.00 56.10 50 300B - -

Descon Chemical 1996 - 1.93 2.08 1.97 2.00 0.07 90501 2.79 1.83 - - - -

Descon Oxychem Ltd. 1020 9.41 6.37 6.50 6.35 6.40 0.03 68027 8.40 5.60 - - - -

Dewan Salman 3663 - 2.30 2.45 2.33 2.35 0.05 431272 3.65 2.11 - - - -

Dynea Pak 94 3.25 10.00 9.90 9.65 9.90 -0.10 1012 11.48 9.51 15 - - -

Engro Corporation Ltd 3933 6.60 148.51 150.70 147.26 147.63 -0.88 1160496 200.00 147.26 60 20B - -

Engro Polymer 6635 - 10.06 10.15 10.01 10.04 -0.02 109283 12.67 9.64 - 27.5R - -

Fatima Fertilizer 22000 - 16.74 17.00 16.50 16.58 -0.16 979166 17.60 12.10 - - - -

Fauji Fertilizer 8482 10.08 163.04 164.55 163.20 163.72 0.68 1412906 172.97 137.51 130 25B 45.00 -

Fauji Fert.Bin Qasim 9341 7.05 47.28 47.65 46.88 47.08 -0.20 2102443 48.05 41.10 65.5 - 12.50 -

Gatron Ind 384 3.36 49.01 49.00 48.00 49.00 -0.01 570 58.27 47.00 20 - - -

Ghani Gases Ltd 725 10.74 12.81 13.70 12.70 12.78 -0.03 7643 13.90 11.40 - - - -

ICI Pakistan 1388 8.67 156.52 157.84 155.55 156.05 -0.47 31810 160.00 148.02 175 - - -

Lotte Pakistan 15142 3.56 12.75 12.98 12.70 12.76 0.01 1106246 16.06 12.43 5 - - -

Mandviwala 74 - 0.93 1.00 0.80 0.95 0.02 1502 1.90 0.15 - - - -

Nimir Ind Chemical 1106 13.78 3.18 3.24 3.11 3.17 -0.01 619756 3.30 2.26 - - - -

Sitara Chem Ind 214 2.48 99.15 100.39 98.01 100.01 0.86 2184 104.25 94.67 25 5B - -

Sitara Peroxide 551 5.27 17.31 17.55 16.95 17.02 -0.29 98202 19.12 16.05 - - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


996.41 992.24 986.06 990.09 -6.33 -0.63


16,029 9 - 3,904.20 mn 32,461.32 mn 996.41


6.99 1.56 22.31 44.54 6.38 990.09

Abbott (Lab) XD 979 5.88 96.50 96.25 95.51 95.91 -0.59 1485 97.00 87.26 50 - - -

Ferozsons (Lab) 250 7.71 94.07 93.25 93.10 93.10 -0.97 1403 98.73 88.21 - 20B 12.50 -

GlaxoSmithKline 2019 10.64 75.00 74.70 74.50 74.50 -0.50 512 79.99 71.00 40 15B - -

Highnoon (Lab) 182 6.88 29.00 29.70 29.35 29.70 0.70 1491 33.45 25.00 25 10B - -

IBL HealthCare Ltd 200 4.06 10.00 10.20 9.90 9.90 -0.10 9303 11.40 9.00 - - - -

Searle Pak 306 5.86 61.00 60.10 59.00 60.06 -0.94 1785 62.80 54.00 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


775.49 808.15 760.95 780.63 5.14 0.66


20,514 4 2 3,242.17 mn 11,998.16 mn 780.63


5.00 1.28 25.53 11.08 2.22 754.10

Pak Int Cont.Terminal 1092 7.23 77.95 81.70 76.26 78.56 0.61 19813 91.20 67.31 40 - 50SD -

PNSC 1321 7.04 24.00 24.24 23.93 24.00 0.00 701 29.50 22.90 15 - - -



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

BOOK CLOSURES

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 Ltd # 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

Nishat Power # 08-Aug 22-Aug - - 22-Aug

Fauji Fertilizer 29-Aug 04-Sep - - -

Hussein Ind 28-Oct 03-Nov - - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 46.54 46.5 45 46.5 -0.04 2671

TRG Pakistan Ltd. 2.34 2.45 2.07 2.36 0.02 207619

Murree Brewery Co. 111 110.01 110 110.01 -0.99 2149

Shezan International 139.01 135 133.05 134.87 -4.14 1666

Grays of Cambridge 36.56 38.38 37 38.38 1.82 1639

Pak Tobacco Co. 93.8 93.8 89.5 90.22 -3.58 297

Shifa Int.Hospital 33.775 33.45 32.09 32.22 -1.555 2205

P.I.A.C.(A) 2.15 2.3 2.17 2.23 0.08 12114

AKD Capital Limited 34.24 35.85 33.55 33.75 -0.49 1304

Pace (Pak) Ltd. 2.06 2.18 2.05 2.07 0.01 218648

Netsol Technologies 20.39 21.21 20.25 20.61 0.22 168031

Symbols Open High Low Close Change Vol


Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -30.43 points at 12,364.06. Volume was

51 per cent below average (consolidating) and Bollinger Bands were 22

per cent narrower than normal. As far as resistance level is concern, the

market will see major 1st resistance level at 12,434.85 and 2nd resist-

ance level at 12,505.65, while Index will continue to find its 1st support

level at 12,318.15 and 2nd support level at 12,272.30.

KSE 100 INDEX is currently 4.5 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) 49.51 Support 1 12,318.15

MA (5-day) 12,428.65 Support 2 12,272.30

MA (10-day) 12,378.14 Resistance 1 12,434.85

MA (100-day) 12,079.24 Resistance 2 12,505.65

MA (200-day) 11,828.41 Pivot 12,388.95


Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed down -0.20 at 47.08. Volume was 18 per cent below average

and Bollinger Bands were 124 per cent wider than normal.

FFBL is currently 19.2 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 mod-

erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on FFBL. Momentum oscillator is currently indicat-

ing 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) 70.64 MTS Shares `000 383.25

MA (10-day) 46.80 MTS Rs `000 13,322.55

MA (100-day) 42.44 MTS Rate 15.16

MA (200-day) 39.47 ** NOI Rs (mn) 75.31

Free Float Rs (mn) 15,392.26 Free Float Shares (mn) 326.94

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


Fauji Fertiliser Co


Technical Outlook

FFC closed up 0.68 at 163.72. Volume was 20 per cent below average and

Bollinger Bands were 92 per cent wider than normal.

FFC is currently 22.1 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is high as compared to the average

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

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

oscillators are currently bullish on FFC.

Arif Habib Ltd 165.3 Buy

TFD Research 164.95 Neutral


MA (10-day) 163.51 MTS Rs `000 12,907.41

MA (100-day) 143.40 MTS Rate 15.00

MA (200-day) 134.12 ** NOI Rs (mn) 138.01




Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed down -0.14 at 12.58. Volume was 1 per cent above average

and Bollinger Bands were 35 per cent wider than normal.

PTC is currently 28.5 per cent below its 200-day moving average and is

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


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

forecasting oscillators are currently bearish on PTC. Momentum oscillator

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


AKD Securities Ltd 23.91 Buy

TFD Research 20.15 Positive


MA (10-day) 13.01 MTS Rs `000 288.87

MA (100-day) 16.09 MTS Rate -

MA (200-day) 17.59 ** NOI Rs (mn) 4.71




Lucky Cement Ltd


Technical Outlook

LUCK closed down -0.24 at 73.31. Volume was 30 per cent above aver-

age and Bollinger Bands were 34 per cent narrower than normal.

LUCK is currently 2.5 per cent above its 200-day moving average and is

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


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

ing oscillators are currently bullish on LUCK.





MA (10-day) 72.74 MTS Rs `000 28,798.82

MA (100-day) 70.42 MTS Rate 17.00

MA (200-day) 71.56 ** NOI Rs (mn) 116.72




Engro Corporation


Technical Outlook

ENGRO closed down -0.88 at 147.63. Volume was 37 per cent below aver-

age and Bollinger Bands were 23 per cent narrower than normal.

ENGRO is currently 23.2 per cent below 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

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

casting oscillators are currently bearish on ENGRO. Momentum oscillator is

currently indicating that ENGRO is currently in an oversold condition.

Arif Habib Ltd 224 Buy




MA (10-day) 152.28 MTS Rs `000 9,643.03

MA (100-day) 188.10 MTS Rate 18.00

MA (200-day) 192.21 ** NOI Rs (mn) 246.13




MCB Bank Ltd


Technical Outlook

MCB closed up 2.870 at 195.320. Volume was 174 per cent above average

(trending) and Bollinger Bands were 26 per cent narrower than normal.

MCB is currently 7.1 per cent below its 200-day moving average and is dis-

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


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

forecasting oscillators are currently bearish on MCB.

Arif Habib Ltd 217 Hold

AKD Securities Ltd 209.89 Accumulate


MA (10-day) 197.19 MTS Rs `000 6,280.07

MA (100-day) 204.73 MTS Rate 15.10

MA (200-day) 210.18 ** NOI Rs (mn) 51.87




Bank Al-Falah Ltd


Technical Outlook

BAFL closed up 0.13 at 10.66. Volume was 40 per cent below average and

Bollinger Bands were 19 per cent wider than normal.

BAFL is currently 4.0 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 very

strong flows of volume into BAFL (bullish). Trend forecasting oscillators are

currently bullish on BAFL.

Arif Habib Ltd 12.2 Hold

AKD Securities Ltd 11.75 Accumulate


MA (10-day) 10.47 MTS Rs `000 6,572.26

MA (100-day) 10.17 MTS Rate -

MA (200-day) 10.25 ** NOI Rs (mn) N/A



EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,543.89 1,552.92 1,510.00 1,533.46 -10.43 -0.68


1,044,593 52 11 29,771.58 mn 19,480.52 mn 1,570.80


21.02 0.46 2.21 104.74 7.74 1,533.46

AL-Meezan Mutual F.SPOT 1375 4.85 11.45 11.40 11.10 11.29 -0.16 410765 11.60 10.15 18.5 - 5.00 -

Atlas Fund of Funds 525 1.83 6.61 6.89 6.61 6.89 0.28 54000 6.95 6.11 2.2 - - -

B R R Guardian Mod. 780 2.60 2.50 2.68 2.10 2.50 0.00 181104 2.91 1.41 0 - - -

Constellation Modaraba 65 2.70 1.50 1.89 1.27 1.27 -0.23 510 1.99 1.10 - - - -

Crescent St Modaraba 200 3.57 0.55 0.59 0.50 0.50 -0.05 1011 0.89 0.30 1.2 - - -

Elite Cap Modaraba 113 3.75 3.05 3.80 2.55 2.70 -0.35 5825 3.89 2.10 5 - - -

Equity Modaraba 524 6.84 1.25 1.40 1.15 1.30 0.05 1522 2.50 1.10 - - - -

Golden Arrow 760 2.25 3.38 3.42 3.33 3.40 0.02 132093 3.72 3.11 17 - - -

H B L Modaraba 397 3.82 8.24 7.80 7.76 7.80 -0.44 5010 8.44 7.10 11 - - -

Habib Modaraba 1008 5.98 8.01 8.50 8.00 8.25 0.24 144885 8.50 7.32 21 - 22 -

JS Growth Fund 3180 2.01 5.87 5.86 5.85 5.85 -0.02 676 7.40 5.32 12.5 - - -

JS Value Fund 1186 0.56 5.16 5.35 5.12 5.30 0.14 1216 6.40 4.91 10 - 5.00 -

Meezan Balanced Fund 1200 2.85 9.91 10.28 9.91 9.92 0.01 26501 10.39 8.46 15.5 - - -

Pak Modaraba 125 - 0.85 1.28 0.90 1.00 0.15 1696 1.50 0.25 3 - - -

Pak Oman Advantage 1000 - 7.76 6.76 6.76 6.76 -1.00 1100 9.99 4.26 1.04 - - -

PICIC Energy Fund 1000 2.10 7.30 7.40 7.12 7.13 -0.17 5100 8.25 6.92 10 - 10.00 -

PICIC Growth Fund 2835 2.68 13.15 13.15 13.03 13.07 -0.08 42502 13.84 12.00 20 - 12.50 -

PICIC Inv Fund 2841 2.34 6.00 6.10 5.90 5.91 -0.09 19620 6.95 5.50 10 - 7.50 -

Prud Modaraba 1st 872 1.76 0.95 0.97 0.85 0.97 0.02 7759 1.05 0.75 3 - - -

Stand Chart Modaraba 454 5.94 10.50 10.90 10.50 10.76 0.26 813 11.00 9.50 17 - - -

Tri-Star Mutual 50 0.67 1.00 1.40 1.01 1.00 0.00 218 2.00 0.25 - - - -

Trust Modaraba 298 2.90 2.78 2.00 2.00 2.00 -0.78 500 3.00 1.50 5 - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


288.88 299.41 281.61 287.32 -1.57 -0.54


7,366,777 41 6 30,336.44 mn 14,081.15 mn 288.88


11.47 0.19 0.91 99.56 4.85 287.32

Arif Habib Limited 450 19.16 18.56 18.75 18.15 18.20 -0.36 48824 20.20 12.01 - 20B - -

Arif Habib Corp 3750 3.80 28.32 28.95 28.30 28.42 0.10 965057 29.24 20.53 30 - - -

Dawood Equities 250 - 1.43 1.40 1.20 1.21 -0.22 502 1.80 1.01 - - - -

Escorts Bank 441 - 2.00 2.43 1.57 2.00 0.00 111 2.43 1.55 - - - -

First Credit & Invest Bank Ltd 650 - 5.01 5.19 4.53 5.01 0.00 10021 6.10 4.26 - - - -

IGI Investment Bank 2121 7.89 1.26 1.58 1.26 1.50 0.24 21001 1.99 1.05 - - - -

Invest and Fin Sec 600 18.95 6.95 7.45 7.00 7.01 0.06 9460 9.29 6.95 11.5 - - -

Invest Bank 2849 - 0.44 0.40 0.34 0.40 -0.04 13514 1.20 0.22 - - - -

Ist Cap Securities 3166 - 2.78 3.05 2.40 2.79 0.01 114440 3.27 2.22 - 10B - -

Ist Dawood Bank 626 0.68 1.57 1.65 1.51 1.51 -0.06 3800 1.96 1.30 - - - -

Jah Siddiq Co 7633 - 7.39 7.52 7.28 7.31 -0.08 901333 8.34 4.82 10 - - -

JOV and CO 508 - 2.56 3.15 2.60 2.67 0.11 2014365 3.40 2.31 - - - -

JS Global Cap 500 5.61 20.00 20.00 19.50 19.51 -0.49 2050 22.94 16.42 50 - - -

JS Investment 1000 42.58 5.11 5.30 5.00 5.11 0.00 4154727 6.43 4.10 - - - -

KASB Securities 1000 - 3.41 3.60 3.41 3.42 0.01 8327 4.79 3.04 - - - -

Orix Leasing 821 3.37 5.96 5.98 5.56 5.56 -0.40 2340 6.45 5.25 - - - -

Pervez Ahmed Sec 775 5.32 1.44 1.57 1.44 1.49 0.05 63503 1.99 1.32 - - - -

Saudi Pak Leasing 452 - 0.56 1.48 0.61 0.70 0.14 5519 1.48 0.51 - - - -

Trust Inv Bank 586 0.25 1.25 1.23 1.00 1.00 -0.25 2936 2.29 0.83 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


924.43 929.57 902.23 925.96 1.52 0.16


9,823 4 - 2,290.72 mn 10,258.00 mn 925.96


5.33 2.06 3.85 355.53 6.64 907.04

EFU Life Assurance 850 9.79 69.51 70.00 67.07 69.69 0.18 9812 73.25 50.70 50 - - -



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

BANKS

Performance of SR Banks Index


1,120.23 1,135.80 1,116.29 1,126.50 6.27 0.56


5,092,865 27 - 257,548.02 mn 668,338.11 mn 1,137.03


7.23 1.01 13.94 40.49 5.60 1,120.23

Allied Bank Limited 8603 6.29 63.41 64.00 63.02 63.83 0.42 16372 68.99 60.00 40 10B - -

Askari Bank XB 7070 5.13 11.67 11.75 11.25 11.29 -0.38 168752 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.61 10.53 10.70 10.53 10.66 0.13 981607 11.02 9.42 - - - -

Bank AL-Habib 8786 6.15 29.07 29.24 28.95 29.01 -0.06 65627 29.98 28.25 20 20B - -

Bank Of Khyber 5004 1.90 4.26 4.38 4.20 4.25 -0.01 7910 6.25 4.17 - - -64.41R

Bank Of Punjab 5288 - 6.71 6.79 6.61 6.65 -0.06 538985 7.35 4.51 - - - -

BankIslami Pak 5280 10.22 3.80 3.89 3.67 3.78 -0.02 5941 4.09 3.25 - - - -

Faysal Bank 7327 4.57 10.09 10.38 9.84 9.87 -0.22 40475 10.73 9.00 - 20B - -

Habib Bank Ltd 11021 7.59 120.51 121.70 120.60 121.50 0.99 117213 123.90 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.46 19.02 19.01 18.85 19.01 -0.01 3799 22.45 17.00 - 20B - -

JS Bank Ltd 8150 43.80 2.20 2.39 2.11 2.19 -0.01 64262 3.00 2.06 - 33R - -

KASB Bank Ltd 9509 - 1.47 1.48 1.44 1.44 -0.03 1900 1.77 1.16 -105.16R - -

MCB Bank Ltd 8362 7.89 192.45 196.00 192.70 195.32 2.87 1069222 210.95 190.99 115 10B 60.00 -

Meezan Bank XB 8030 6.16 18.00 18.20 18.00 18.00 0.00 113721 18.70 16.60 - 15B - -

National Bank 16818 4.28 54.18 54.89 54.00 54.38 0.20 898052 55.80 49.51 75 25B - -

NIB Bank 40437 - 1.42 1.46 1.40 1.40 -0.02 482785 1.95 1.40 -154.79R - -

Samba Bank 14335 21.88 1.69 1.95 1.69 1.75 0.06 48567 2.18 1.62 -63.46R - -

Silkbank Ltd 26716 15.19 2.45 2.50 2.41 2.43 -0.02 345400 3.06 2.34 - 311R - -

Soneri Bank 6023 2.53 5.01 5.10 5.00 5.06 0.05 49895 6.69 4.91 - - - -

Stand Chart Bank 38716 6.10 8.08 7.97 7.57 7.57 -0.51 6281 9.20 7.53 6 - - -

Summit Bank Ltd 8701 - 3.25 3.49 3.10 3.16 -0.09 98402 4.75 2.67 - - - 20R

United Bank Ltd 12242 7.16 61.02 61.39 60.85 60.90 -0.12 66099 65.01 60.22 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


715.66 723.57 708.68 716.78 1.12 0.16


541,961 34 22 11,111.34 mn 44,840.49 mn 723.62


10.21 0.53 5.20 79.54 7.79 715.66

Adamjee Insurance XD 1237 6.55 61.98 62.40 60.60 61.01 -0.97 47074 69.90 60.60 25 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,270.92 1,272.80 1,258.48 1,261.95 -8.96 -0.71


401,745 2 - 12,202.80 mn 27,677.43 mn 1,274.34


8.17 0.93 11.41 66.79 8.18 1,261.95

Sui North Gas 5491 14.10 20.00 20.00 19.70 19.74 -0.26 107055 23.60 17.64 20 - - -Sui South Gas 8390 4.53 20.09 20.15 20.00 20.07 -0.02 294690 23.75 19.95 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,386.10 1,403.70 1,383.36 1,390.34 4.24 0.31


1,644,879 15 1 95,369.29 mn 113,134.08 mn 1,390.34


13.94 1.30 9.35 104.13 7.47 1,365.83

Altern Energy 3426 - 7.50 7.45 7.45 7.45 -0.05 4052 9.93 7.45 - - - -

Genertech 198 - 0.51 0.60 0.50 0.50 -0.01 851 0.80 0.16 - - - -

Hub Power 11572 7.97 39.62 40.00 39.60 39.69 0.07 940160 40.00 36.70 50 - 25.00 -

Japan Power 1560 - 1.15 1.22 1.11 1.16 0.01 22508 1.70 1.00 - - - -

KESC 7932 - 2.15 2.35 2.20 2.27 0.12 391981 2.57 2.03 - 7.8R - -

Kohinoor Energy 1695 5.36 17.76 17.80 16.80 17.75 -0.01 21470 18.20 15.60 25 - 10.00 -

Kot Addu Power 8803 5.51 43.00 43.20 42.85 42.90 -0.10 83746 44.19 41.75 50 - 30.00 -

Nishat Chunian Power Ltd 3673 2.55 14.20 14.40 14.03 14.16 -0.04 41176 17.25 13.47 - - 10.00 -

Nishat Power Ltd 3541 2.27 15.91 16.19 15.85 15.90 -0.01 125933 17.70 15.39 - - - -

Southern Electric 1367 - 1.27 1.32 1.26 1.26 -0.01 13001 1.69 1.13 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


819.02 827.83 805.47 810.85 -8.17 -1.00


1,912,713 5 - 50,077.79 mn 50,884.21 mn 834.01


4.02 0.52 12.84 62.56 15.57 810.85

Pak Datacom 78 28.74 30.00 29.50 29.50 29.89 -0.11 661 36.70 28.71 80 - 15.00 -

Pak.Telecomm Co A 37740 10.31 12.72 12.80 12.50 12.58 -0.14 1412028 17.70 12.50 17.5 - - -

Telecard 3000 2.41 1.41 1.50 1.40 1.42 0.01 187581 1.94 1.31 1 - - -

WorldCall Tele 8606 - 1.81 1.90 1.79 1.80 -0.01 312443 2.50 1.75 - - - -

Wateen Telecom Ltd 6175 - 1.96 2.05 1.90 1.94 -0.02 37824 2.97 1.83 - - - -



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

Atlas Insurance 443 3.61 29.24 29.45 29.00 29.05 -0.19 1400 29.60 26.00 40 20B - -

Central Insurance 391 1.31 60.00 60.00 59.90 60.00 0.00 277 75.00 58.61 25 50B - -

Century Insurance 457 4.28 7.78 7.94 7.71 7.71 -0.07 5100 8.85 7.50 10 - - -

EFU General Insurance 1250 12.70 34.02 34.30 33.55 34.03 0.01 3020 39.65 29.01 12.5 - - -

IGI Insurance 970 5.87 71.75 71.50 70.00 70.88 -0.87 12863 76.12 67.00 30 55B 10.00 -

New Jub Insurance 989 10.02 55.01 56.99 56.99 56.99 1.98 500 62.37 51.16 20 25B - -

Pak Reinsurance 3000 5.58 15.58 16.10 15.61 16.06 0.48 458800 18.30 12.43 30 - - -

Premier Insurance 303 3.57 8.00 8.00 7.82 8.00 0.00 7416 8.99 7.82 25 - - -

Reliance Insurance 284 5.19 8.40 8.70 7.75 8.51 0.11 5250 8.70 6.00 - 12.5B - -

UPTO 100 VOLUME

GHGL 53.70 54.00 54.00 53.70 0.00 100

SURC 35.10 36.00 36.00 35.10 0.00 100

UNIC 5.10 5.05 5.05 5.10 0.00 100

UVIC 1.50 1.99 1.99 1.50 0.00 100

WAHN 36.13 35.10 35.10 36.13 0.00 100

LATM 6.74 6.00 6.00 6.74 0.00 99

NESTLE 4192.31 4280.00 3984.00 4179.99 -12.32 84

BATA 682.48 716.00 652.00 679.02 -3.46 77

HUSS 10.67 10.76 9.75 10.67 0.00 74

GVGL 24.07 23.90 23.90 24.07 0.00 71

AATM 0.95 0.80 0.80 0.95 0.00 50

REWM 11.40 11.60 11.60 11.40 0.00 50

SSIC 4.90 5.25 5.24 4.90 0.00 50

UDPL 13.64 12.70 12.70 13.64 0.00 50

COLG 726.86 743.00 729.00 733.68 6.82 45

FECTC 5.08 5.34 4.81 5.08 0.00 45

FPJM 1.00 1.14 0.71 1.00 0.00 40

SAPL 145.01 145.99 145.99 145.01 0.00 40

DKTM 1.99 1.90 1.80 1.99 0.00 35

GUTM 18.60 19.60 18.06 18.60 0.00 31

GUSM 7.99 7.79 7.00 7.99 0.00 26

FDMF 2.23 2.21 2.00 2.23 0.00 22

CPMFI 2.94 3.00 3.00 2.94 0.00 20

DFSM 1.82 1.81 1.81 1.82 0.00 20

FIBLM 2.00 1.13 1.13 2.00 0.00 20

SALT 66.60 63.38 63.30 66.60 0.00 20

FRSM 18.50 18.50 18.50 18.50 0.00 15

HWQS 8.28 9.28 8.25 8.28 0.00 14

FPRM 10.25 10.00 10.00 10.25 0.00 12

BAPL 7.38 7.25 6.75 7.38 0.00 11

EWLA 1.70 1.92 1.35 1.70 0.00 11

FTSM 1.55 1.39 0.85 1.55 0.00 11

GAMON 1.00 1.34 0.81 1.00 0.00 11

HADC 0.45 0.43 0.31 0.45 0.00 11

HAL 13.19 13.30 12.50 13.19 0.00 11

HICL 10.95 10.60 10.60 10.95 0.00 11

CSMD 10.50 10.80 10.80 10.50 0.00 10

DCM 1.69 1.69 1.69 1.69 0.00 10

EMCO 1.60 1.60 1.60 1.60 0.00 10

FANM 4.00 3.50 3.50 4.00 0.00 10

FFLM 1.50 1.40 1.40 1.50 0.00 10

FNBM 5.50 5.01 5.01 5.50 0.00 10

FNEL 2.01 2.10 2.00 2.01 0.00 10

FUDLM 6.66 6.63 6.63 6.66 0.00 10

HAJT 0.50 0.26 0.26 0.50 0.00 10

HMIM 1.50 1.00 1.00 1.50 0.00 10

HUSI 3.26 3.25 3.25 3.26 0.00 10

MUKT 0.58 0.74 0.74 0.58 0.00 10

NATM 37.61 35.73 35.73 37.61 0.00 10

WYETH 987.00 980.00 979.00 987.00 0.00 10

RMPL 2853.25 2849.00 2720.00 2811.89 -41.36 9

ADOS 9.75 10.24 10.24 9.75 0.00 5

CHCC 9.00 9.42 9.42 9.00 0.00 5

DWAE 1.60 1.48 1.48 1.60 0.00 5


FUTURE CONTRACTS

NBP-JUL 54.35 54.85 54.25 54.41 0.06 341500

ENGRO-JUL 148.66 150.70 147.60 148.01 -0.65 320000

FFBL-JUL 47.37 47.60 47.00 47.08 -0.29 319000

ENGRO-AUG 149.30 151.70 149.00 149.34 0.04 256000

FFC-JUL 163.29 164.60 163.55 164.04 0.75 219500

POL-JUL 382.46 385.50 382.50 383.03 0.57 185500

FFC-AUG 164.84 165.99 165.10 165.35 0.51 176500

NBP-AUG 54.77 55.40 54.80 54.97 0.20 168500

MCB-JUL 192.96 196.15 193.00 195.61 2.65 144500

DGKC-AUG 23.72 23.82 23.65 23.68 -0.04 122500

ATRL-JUL 131.79 133.01 131.70 132.13 0.34 109500

PPL-JULB 214.53 215.89 212.00 212.53 -2.00 81000

DGKC-JUL 23.49 23.75 23.42 23.46 -0.03 79500

FFBL-AUG 47.70 48.20 47.30 47.36 -0.34 75000

PPL-AUG 215.13 216.50 213.25 213.75 -1.38 56500

POL-AUG 384.50 387.50 384.50 384.77 0.27 50000

MCB-AUG 194.57 197.90 195.00 197.38 2.81 45000

ATRL-AUG 133.00 134.40 133.00 133.42 0.42 44500

LUCK-JUL 73.79 74.60 73.40 73.47 -0.32 36000

LUCK-AUG 74.01 75.00 74.05 74.05 0.04 34500

NML-JUL 50.80 51.00 50.40 50.56 -0.24 30000

NML-AUG 51.20 51.40 50.50 51.03 -0.17 27500

PTC-JUL 12.65 12.65 12.50 12.50 -0.15 26500

PTC-AUG 12.81 12.68 12.68 12.68 -0.13 500


MTS LEVERAGE POSITIONSymbol Total Volume Total Value MTS Rate

AHCL 735,718 14,396,091 - AICL 18,183 849,594 19.00 AKBL 443,533 3,685,524 - ANL 297,850 1,327,818 21.00 ATRL 34,500 3,299,426 21.00 BAFL 871,000 6,572,257 - DGKC 657,526 11,430,646 18.05 ENGRO 85,872 9,643,028 18.00 FFBL 383,250 13,322,548 15.16 FFC 105,300 12,907,414 15.00 HUBC 117,500 3,485,879 17.82 KAPCO 49,375 1,597,358 - LOTPTA 2,590,451 24,645,154 17.14 LUCK 522,100 28,798,819 17.00 MCB 43,132 6,280,075 15.10 NBP 969,068 38,298,352 - NCL 347,081 5,401,010 - NETSOL 10,000 153,696 - NML 396,078 14,891,108 17.93 OGDC 500 57,576 - PAKRI 258,597 3,031,530 - POL 150,887 43,167,382 16.00 PPL 42,175 6,758,239 18.00 PSO 21,800 4,191,184 18.00 PTC 30,156 288,872 - SSGC 3,000 45,247 - UBL 127,500 5,834,065 - TOTAL 9,312,132 264,359,892 17.03

Al-Abbas Cement 49.42 2.50 2.40 2.65 2.70 2.55

Allied Bank Limited 51.50 63.25 62.65 64.20 64.60 63.60

Attock Cement 39.46 48.20 48.10 48.55 48.75 48.45

Arif Habib Corp 71.39 28.15 27.90 28.80 29.20 28.55

Arif Habib Limited 50.50 18.00 17.75 18.60 18.95 18.35

Adamjee Insurance 21.46 60.30 59.55 62.10 63.15 61.35

Askari Bank 46.66 11.10 10.95 11.60 11.95 11.45

Azgard Nine 56.19 6.10 6.00 6.35 6.50 6.25

Attock Petroleum 44.38 376.65 375.60 379.50 381.40 378.50

Attock Refinery 57.68 131.10 130.45 132.80 133.85 132.15

Bank Al-Falah 61.26 10.55 10.45 10.75 10.80 10.65

BankIslami Pak 50.63 3.65 3.55 3.90 4.00 3.80

Bank.Of.Punjab 52.63 6.55 6.50 6.75 6.85 6.70

Dewan Cement 42.96 1.60 1.55 1.70 1.75 1.65

D.G.K.Cement 51.94 23.25 23.10 23.60 23.85 23.45

Dewan Salman 33.24 2.30 2.25 2.45 2.50 2.40

Dost Steels Ltd 50.63 2.15 1.90 2.55 2.70 2.30

EFU General Insurance 39.73 33.60 33.20 34.35 34.70 33.95

EFU Life Assurance 53.49 67.85 66.00 70.75 71.85 68.90

Engro Corp 23.44 146.35 145.10 149.80 151.95 148.55

Faysal Bank 54.21 9.70 9.50 10.20 10.55 10.05

Fauji Cement 39.97 4.00 3.95 4.10 4.20 4.05

Fauji Fert Bin 70.61 46.75 46.45 47.50 47.95 47.20

Fauji Fertilizer 62.11 163.10 162.45 164.45 165.15 163.80

Habib Bank Ltd 62.11 120.85 120.15 121.95 122.35 121.25

Hub Power 67.33 39.50 39.35 39.90 40.15 39.75

ICI Pakistan 53.64 155.10 154.20 157.40 158.75 156.50

Indus Motors 41.58 206.25 202.60 211.75 213.60 208.10

J.O.V.and CO 49.88 2.45 2.25 3.00 3.35 2.80

Japan Power 47.86 1.10 1.05 1.20 1.25 1.15

JS Bank Ltd 39.97 2.05 1.95 2.35 2.50 2.25

Jah Siddiq Co 44.21 7.20 7.15 7.45 7.60 7.35

Kot Addu Power 53.25 42.75 42.65 43.10 43.35 43.00

K.E.S.C 55.31 2.20 2.10 2.35 2.40 2.25

Lotte Pakistan 35.30 12.65 12.55 12.90 13.10 12.80

Lucky Cement 56.61 72.75 72.20 74.20 75.10 73.65

MCB Bank Ltd 40.21 193.35 191.35 196.65 197.95 194.65

Maple Leaf Cement 40.45 2.00 1.95 2.10 2.15 2.05

National Bank 58.35 53.95 53.55 54.85 55.30 54.40

Nishat (Chunian) 23.63 20.05 19.85 20.55 20.85 20.35

Netsol Technologies 42.31 20.15 19.75 21.15 21.65 20.70

NIB Bank 27.11 1.35 1.30 1.45 1.50 1.40

Nimir Ind.Chemical 61.66 3.10 3.05 3.20 3.25 3.15

Nishat Mills 39.72 50.10 49.75 50.90 51.35 50.55

Oil & Gas Dev. XD 55.43 154.05 153.65 154.95 155.40 154.50

PACE (Pakistan) Ltd. 36.47 2.00 1.95 2.15 2.25 2.10

Pervez Ahmed Sec 48.17 1.45 1.35 1.55 1.65 1.50

P.I.A.C.(A) 50.30 2.15 2.10 2.30 2.35 2.25

Pioneer Cement 40.75 5.05 5.00 5.20 5.30 5.15

Pak Oilfields 64.77 380.80 379.40 384.30 386.40 382.90

Pak Petroleum 52.52 210.85 209.45 214.60 216.95 213.20

Pak Suzuki 48.60 63.90 63.85 64.00 64.35 63.95

P.S.O. XD 28.52 248.60 245.50 256.20 260.70 253.10

P.T.C.L.A 16.52 12.45 12.35 12.75 12.95 12.65

Shell Pakistan 46.12 221.45 220.45 224.10 225.70 223.10

Sui North Gas 43.77 19.60 19.50 19.90 20.10 19.80

Sitara Peroxide 51.90 16.80 16.55 17.40 17.75 17.15

Sui South Gas 35.03 20.00 19.90 20.15 20.20 20.05

Telecard 35.81 1.40 1.35 1.50 1.55 1.45

TRG Pakistan 30.99 2.15 1.90 2.50 2.65 2.30

United Bank Ltd 41.10 60.70 60.50 61.25 61.60 61.05

WorldCall Tele 32.03 1.80 1.75 1.90 1.95 1.85

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Mehran Sugar Mills Ltd 27-Jul 11:00

Habib Sugar Mills Ltd 27-Jul 12:00

Security Papers Ltd 27-Jul 12:00

JDW Sugar Mills Ltd 27-Jul 11:00

Crescent Steel 28-Jul 10:00

Colgate-Palmolive (Pak) Ltd 28-Jul 9:30

First Dawood Investment Bank Ltd 28-Jul 11:00

Atlas Honda Ltd 28-Jul 11:30

Noon Sugar Mills Ltd 28-Jul 11:30

Al-Abbas Sugar Mills Ltd 28-Jul 15:00

Sakrand Sugar Mills Ltd 28-Jul 16:00

United Bank Ltd 28-Jul 10:00

United Bank Ltd 28-Jul 10:00

Clariant Pak Ltd 28-Jul 15:00

Al-Noor Sugar Mills Ltd 28-Jul 11:30

Shahmurad Sugar Mills Ltd 28-Jul 16:00

Siemens (Pak) 28-Jul 17:00

Husein Sugar Mills Ltd 28-Jul 11:00

Tariq Glass Ind Ltd 28-Jul 11:00

Fauji Fertilizer Company Ltd 29-Jul 13:00

BOARD MEETINGS

Company Date Time

Wednesday, July 27, 2011 8

AIOUto set up

campus inGB soon

ISLAMABAD: AllamaIqbal Open University(AIOU) will soon estab-lish a well-equippedregional campus inGilgit-Baltistan.

The campus will havethe facilities of hostel forstudents, library, com-puter labs, examinationhall, video conferencingfacility, FM radio,Model Study Centreand a workshop hall.

This was announcedby Vice-Chancellor,AlOU Professor DrNazir Ahmed Sangiwhile addressing apress conference held.

Dr Sangi said that, infirst phase, an amount ofRs 30 million has beenallocated for the estab-lishment of RegionalCampus in GB.

The negotiation withgovernment functionar-ies has almost been final-ized and work on estab-lishing a full-fledgedcampus will begin soon.

Dr Sangi said thatAIOU has focused itsfull concentrationtowards improvingquality of educationespecially amongwomen. -Agencies

HamdardUniversityto celebratePak-China

'Year offriendship'

ISLAMABAD: HamdardUniversity will celebratePak-China 'Year of Friendship'(2011) on July 26 on occasionof Degree AwardingCeremony 2011 at Quaid-e-Azam Hall, InternationalIslamic University FaisalMasjid Islamabad.

Liu Jian, Ambassador ofPeople's Republic of China inPakistan will be the guest ofhonor for Degree AwardingCeremony" a press releaseissued here said.

Degrees, medals and meritcertificates will be awarded inthe disciplines of Engineering,Pharmacy and ManagementSciences. Degrees will beawarded to 195 students, meritcertificates to 6 students andgold medals to 6 students.

2011 has already beendeclared Pakistan-China'Year of Friendship.

The Pak-ChinaFriendship year 2011 alsomarks the 60th anniversaryof the establishment ofdiplomatic relationsbetween the two countries.

China and Pakistan areclosely linked with moun-tains and rivers and therehas been a long history offriendly exchangesbetween the people.-NNI

ISLAMABAD: TheHigher EducationCommission (HEC) hassuccessfully placed 415Pakistani PhDs asAssistant Professors at66 public and privatesector universitiesacross the country.The task has beenaccomplished throughHEC's InterimPlacement of FreshPhDs (IPFP) pro-gramme.The specific facultyrequirements of the hostinstitutions and the pri-ority of returning schol-ars were duly taken intoconsideration prior toevery placement so thatthe services of the PhDscholars are optimallyutilized by HEC.The programme hasalso attracted non HECscholars as out of415,168 are non HECscholars who have bene-fitted from IPFP pro-gramme. Among thenew universitiesbrought on board thisyear are mostly youngHEIs such as AbdulWali Khan University,Mardan, BalochistanUniversity ofI n f o r m a t i o nT e c h n o l o g y ,

Engineering andManagement Sciences,Quetta, BeaconhouseNational University,Lahore, DawoodCollege of Engineeringand Technology,Karachi, College ofBusiness Management,Karachi and KarakorumI n t e r n a t i o n a lUniversity, Gilgit.The other universitiesincluded DowUniversity of HealthSciences, Karachi,Hazara University,Mansehra, KhyberMedical University,Peshawar, KinnairdCollege for Women,Lahore, MirpurUniversity of Scienceand Technology, AJK,National Institute ofBiotechnology andGenetics Engineering,Faisalabad, RiphahI n t e r n a t i o n a lUniversity, Islamabad,Sindh AgricultureUniversity, Tando Jam,Sarhad University ofI n f o r m a t i o nTechnology, Peshawar,University of Gujrat,University of Scienceand Technology, Bannuand University of Wah.The placed scholarsbelong to diversified

fields like Solid StatePhysics, Poultry andAnimal Nutrition,Fisheries, IntelligentSystems and Robotics,Geophysics, RuralD e v e l o p m e n t s ,Pathology, Toxicology,Water ResourceE n g i n e e r i n g ,Environmental Science,B u s i n e s sA d m i n i s t r a t i o n ,Anatomy, Genetics,MEMS, Anthropology,Psychology, VeterinaryScience, UrbanPlanning, Electrical andM e c h a n i c a lE n g i n e e r i n g ,Biomedical Textiles,International Relations,Gender Issues, IslamicStudies, Education andother Physical Sciences. The scholars have beeninitially employed for aperiod of one year on asalary package of Rs80,000 per month.HEC also offers thesescholars a startupresearch grant of Rs 0.5million immediatelyupon joining the hostinstitution which servesas an impetus for thescholars to excel in theirfields and secure per-manent positionsahead. -APP

HEC places 415 PhDsin 66 Pak universities

HYDERABAD: SindhChief Minister SyedQaim Ali Shah said thatthe government hadplanned to bring aboutextensive reforms in theeducation sector withthe help of internationalassistance.

He said that financialyear 2011-12 would be ayear of development.

"Recently PresidentAsif Ali Zardari visitedthe United Kingdomwhere he was assured ofRs 20 billion support forimprovement in theeducation system," theChief Minister saidwhile addressing a pub-lic meeting at Matli, dis-trict Badin.

The event was organ-ised by PPP Matli chap-ter to mark the 18thdeath anniversary of aformer provincialfinance ministerShaheed Ismail Odhejo.

The Chief Ministersaid the governmentwould carry out megadevelopment projects inthe current year forwhich huge funds hadbeen set aside.

"Besides, reinforce-ment of the ravaged irri-gation infrastructure,education, health andagriculture sectors havebeen put on the prioritylist of development," headded.

He said that in addi-

tion to the indigenousresources, foreign assis-tance was being utilizedin developmentschemes.

"With the help of suc-cessful foreign visits ofPresident Asif AliZardari, the internation-al community is todayoffering economic assis-tance to Pakistan fordevelopment," Qaimsaid.

Chief Ministerstressed that despite theinternational economicrecession, the PPP gov-ernment managed tocreate 65,000 jobs for theyouth in Sindh whilealso extending benefitsto over one million poorwomen throughShaheed Benazir BhuttoIncome SupportProgramme (BISP).

"We also distributedfree agricultural land topoor peasants so thatthey can cultivate theirown land," he said,adding that 62,000 acresof land had been distrib-uted so far and theremaining 45,000 acreswould be given soon.

Responding to thecomplaints of local peo-ple about the shortageof irrigation water, theSindh Chief Ministersaid the governmentwas working on severalschemes for the rehabil-itation of canals and

water-courses toincrease their capacity.

"Shortage often occursdue to long neglect ofthe capacity of canalsand watercourses whichhas reduced and thishampers water supplyto the tail-end areas," heexplained.

Lauding the servicesof Shaheed IsmailOdhejo, Qaim Ali Shahrecalled that Odhejowas a brave and sincereworker of PPP who wasgifted with a natural tal-ent to organize the partyin his area.

"Besides his medicalprofession, he was anexpert of accountingand administration," headded, saying the PPPwas bestowed withbrave and loyal workerswho always renderedsacrifices for the causeof democracy.

"No political party inthe South Asian regionincluding the CongressParty of India has such arecord of sacrifices likethe PPP," he pointed out.

He said the PPP wasstill a popular partyamong the people,adding that the party'sgovernment would foilall nefarious designs ofanti democratic ele-ments which wereagainst democracy,development and peacein Pakistan.-Agencies

Plans for edureforms ready,says CM Qaim

Shabbir Kazmi

Training and skills developmentplay vital role in the development acountry. The demand for vocational-ly trained and technically educatedhuman resource rises with industri-alisation and modernisation of pro-duction units and work premises.Therefore, skill and capital are com-plementary. A review of the status ofvocational training, policies andpractices and their impact on thedevelopment of human resource inPakistan demands urgent measuresto enhance skill development pro-grammes. It is also evident thatthere exists a wide gap betweendemand and supply of efficientmanpower and lack of coordinationamongst government and privatesector. There is a need to update andrevise the existing curriculums,enhance expertise of the teachers,and strengthen the Institutions.Pakistan has favourable demograph-ic transition trend, therefore, there isa need to exploit it properly.The key industries of Pakistaninclude textiles and clothing, sugar,automobiles, fertilizer, refining etc.However, a quick review shows an

acute shortage of institution whichcan impart contemporary education.Vocational training can improveefficiencies, minimise wastages andachieve greater value addition.Though, textiles and clothing sectorhas the most elaborate infrastructure,it suffers from gross inefficiencies.The ginning factories still use highlyobsolete technology which damagesthe fiber. The ultimate result is thatPakistan still produces coarse countsof yarn from cotton capable of pro-ducing medium and fine counts.Weaving and processing is done onoutdated machines. Output of work-ers involved in stitching (assemblylines) is very low. Wastages are high-est at cutting level, due to non-deployment of computer-aided tech-nology. If modern technology is usedfabric waste can be reduced by two-third.Sugar is the largest agro based indus-try and the driving engine of ruraleconomy. However, the averagecapacity utilisation is patheticallylow. The industry is capable of pro-ducing 9 million tons refined sugarbut average annual production hov-ers around 3.5 million tons. The fac-tors responsible for poor capacity

utilisation include from an acuteshortage of sugarcane to inefficientplants. Production and productivityof sugarcane can be doubled byplanting high yielding varieties andbetter crop management withoutenhancing area under sugarcane cul-tivation. A little attention on sugar-cane crop can help in saving millionsof dollars being spent on import ofrefined sugar. In fact this industrycan help in earning millions of dol-lars by exporting sugar, molassesand ethyl alcohol. However, this isnot possible without improvingskills of all those involved, fromgrowers to sugar technologists. NAVTEC

Realising the role of skilled andtechnically educated manpower fordevelopment of overall nationaleconomy, the Government ofPakistan has established the NationalVocational & Technical EducationCommission (NAVTEC). TheCommission has been assigned themandate to facilitate, regulate, andprovide policy direction for techni-cal education and vocational trainingto meet national and internationaldemand for skilled manpower.The Commission reviews, devises

policy and evolves strategy/preparestraining programmes relating tohuman resource development focus-ing on technical education.NAVTEC is also responsible fordeveloping national occupationalskills standards, curricula and tradetesting certification systems for allsectors in which technical educationand vocational training is imparted.NAVTEC in collaboration with theMinistry of Tourism, PakistanInstitute of Hotel & TourismManagement (PITHM), TourismDevelopment Corporation of Punjab(TDCP), Pak-Austrian Institute forTourism & Hotel Management(PAITHOM) and Lahore Institute ofTechnical Education (LITE) organ-izes courses of different duration fortourism and hospitality sector.Thesecourses are organised at Karachi,Lahore, Faisalabad, Rawalpindi,Swat, Gilgit, Hunza, Skardu andChitral. As a model of public-privatepartnership, NAVTEC in collabora-tion with Marriott Hotel also runscourses in hospitality at Islamabad.Training courses include front office(receptionist), food service (waiter),food production (cooking) andhousekeeping. Courses are designed

to impart skills to both men andwomen with minimal literacy andcomprise theory and on-the-jobpractice at selected hotels.Responding to the demands ofskilled manpower for the construc-tion sector, NAVTEC in collabora-tion with Construction TechnologyTraining Institute (CTTI),Islamabad, Lahore Institute ofTechnical Education (LITE) Lahore,Balochistan Institute of TechnicalEducation at Quetta organizes train-ing courses ranging from three to sixmonths duration. Training coursesinclude construction material labo-ratory technician, civil draughts-man, basic civil surveyor, mechanic,heavy machinery operator, electri-cian, turner mechanist, carpenter,building painter, steel fixer,plumber, sanitary and bricklayer/mason.Keeping in view the key role ofagriculture sector in creating jobopportunities, NAVTEC in collabo-ration with the best agricultural uni-versities organizes skills develop-ment courses in livestock and dairysector. Courses are conducted atAgriculture University Faisalabad,University of Veterinary and Animal

Sciences Lahore, Islamia UniversityBahawalpur, and BahauddinZakariya University Multan. Manpower Export

Many experts term large popula-tion of Pakistan a curse. However,they don't realise that it is one ofthe biggest assets of the country. Atpresently workers remittancesamounts are getting close to onebillion dollars per month and thereis potential for further growth.Some of the critics are also afraidof 'brain drain' but do not take intoaccount high unemployment rateprevailing in the country. Tillrecently Pakistan has been export-ing unskilled or semi skilled work-force, often accused of sufferingfrom low productivity as comparedto the workers from India, SriLanka, Thailand and Bangladesh.A little focus on vocational train-ing in the trades most demanded inthe Middle East can help in gettingbetter recognition for themselvesas well as earning more foreignexchange for the country. A betterinteraction with the consulates ofthese countries can help in remov-ing the label that Pakistanis are notgood workers.

Export of skilled workers can help raising remittancesImportance of Vocational Training

KARACHI: Students of Karachi University, French CertificateLanguage Course in Area Study for Europe performing French

drama about the problems of Karachi. -Staff Photo

ISLAMABAD: Senator S M Zafar addressing during 7th Degree Awarding ceremony of HamdardUniversity at International Islamic University. -APP

LONDON: Copper rallied to itshighest in a week onTuesday, lift-ed by a sagging dollar, fund buy-ing and a strike at the world's-biggest copper mine, whichfocused investors on supply.

LME copper closed at $9,820 atonne, up from a close of $9,655onMonday. The metal used inpower and construction last weekrallied to $9,873.50,its highestsince mid-April. Earlier onTuesday, it hit $9,850.25 a tonne.

Base metals are being buffetedby the global economic outlook,and US andeuro-zone sovereigndebt in particular, during the sea-sonal summer slowdown when-buying from top consumer Chinais typically weak.

Funds that buy on momentumsignals, known as commoditytrade advisers(CTAs), haveplayed a part in the price run-upof the past few days, traderssaid.

"Looking forward, the key tothe entire complex is the dollar,"head ofmetals trading SteveHardcastle at Sucden Financialsaid. "Technically thedollar isoversold and is due for a correc-tion, and that is liable to coin-cidewith a resolution to the USdebt negotiations taking place atthe moment."

Rising prices may entice largerhedge funds to open fresh longpositions,especially given supplyside concerns that could crimpconcentrate supply goingforward,another LME category one tradersaid.

The world's top copper mine,Chile's Escondida, said onTuesday it would notaccept aninvitation by a government medi-ator for talks with striking work-erswhose work stoppage is in itsfifth day.

Escondida, which producesnearly 7 per cent of the world'smined copper,stands to lose pro-duction of about 3,000 tonnes perday during the strike.

"The daily loss of production is

quite sizeable and may exacer-bate theongoing tighteningprocess in the global refined mar-ket," Credit SuissePrivateBanking said in a note.

A poll of 24 commodities ana-lysts expect copper to be in adeficit of morethan 340,000tonnes this year.

Copper was little changed aftera swathe of US data. US con-sumerconfidence edged higher inJuly as jitters over the outlookeased, thoughconsumersremained gloomy about their cur-

rent situations, according to a pri-vatesector report.

New US single-family homesales unexpectedly fell in June,but a sharprise in prices anddeclining supply suggested themarket for new houses wasstart-ing to stabilise, a governmentreport showed.

Among other metals, overalleconomic uncertainty may dentdemand foraluminium, but pro-ducer Norsk Hydro still plans tofurther increaseoutput, ChiefExecutive Svein RichardBrandtzaeg said.

"We remain optimistic aboutthe prospects for aluminiumdemand," he said.

"However, recent increaseduncertainty due to a more volatilemacroenvironment and sovereigndebt issues may result inincreased demandfluctuations inthe coming months."

Aluminium ended at $2,652 --having hit its highest in six weeksat$2,659 -- from $2,620 a tonne.

Zinc, used in galvanising,closed at $2,532 -- its highest inmorethan three months, spurredon by momentum-based fundbuys. It had closed at$2,470 onMonday.

Battery material lead wasuntraded in rings but bid at$2,720 from$2,675 a tonne andnickel ended at $24,100 from$23,800 a tonne. Tin, having hit atwo-month high at $28,625 atonne, closed at$28,600 a tonnefrom $28,150. -Reuters

Copper hits 1-wk highon weak dlr, fund buys


LONDON: Oil prices rose inchoppy tradeon Tuesday asinvestors looked to the US debttalks, changingdirection as thefocus shifted back to a weakerdollar fromconcerns about theimpact of a potential debtdefault on demand.

By 1513 GMT, US crude oilrose 38 cents to $99.57 abarrel,f l i p p i n gd i r e c t i o nb e t w e e ngains early inthe day, thenadrop of morethan $1 andthen anotherrise. ICEBrent crudefutures were up 33cents to $118.37.

Trading volumes were rela-tively low for both contracts.

A weak dollar supports oilprices, making dollar-denomi-natedoil cheaper for holders ofother currencies.

Better-than-expected data onUS consumer confidence also-provided some support for oil.

"There is a political circus,and everyone is saying itcouldbe a disaster if the ceiling is not

raised, but the marketis notpricing in any catastrophicpotential," said OlivierJakob,analyst at Petromatrix in Zug,Switzerland. President BarackObama urged Republican andDemocraticleaders to reach afair compromise on raising theUS debtceiling to avoiddefault, warning that failure to

act could costjobs and do seri-ous damage to the world'sbiggest economy.

If the debt ceiling is notraised, the US would notbeable to pay bills that includemonthly Social Securitychecks,which may lead to adrop in energy consumption.

"The view is that any defaultor ratings downgrade fortheUSwould hurt demand foroil, at least initially," saidPhilFlynn, an analyst at

PFGBest Research in Chicago.Despite investor concerns,

many analysts expect theUnitedStates to reach an agree-ment soon and prices to recov-er, drivenby expectations ofsteady demand amid reducedglobal output.

Jakob at Petromatrix pointedto thin volumes and

entrenchedranges,with Brent crudehemmed inbetween its 100-day movingaver-age of $116.50 andthe psychologicallevel of $120 andUScrude seeing

resistance at the $100 per bar-rel level.

"On London's ICE, for exam-ple, not even half as manyBrentcontracts have been trad-ed over the past few days as onaveragein June," the note said.

US crude oil inventorieswere forecast to have fallenforthe eighth straight week lastweek as the import level islikelyto have leveled off, a pre-liminary Reuters poll showedahead ofthe data. -Reuters

Oil seesaws on USdebt fears, weak dollar

Sugar up onBrazil cropprospects,

coffee risesLONDON: Sugar futures roseon Tuesday, underpinned byuncertainty over top producerBrazil's crop size, while coffeefutures were also higher butwith the upside capped byinvestor jitters over potentialfor US debt default.

ICE Cocoa was steady, sup-ported by the weaker dollar.

Sugar futures rose on fundand investor buying linked to aweaker dollar, with diminish-ing prospects for Brazil pro-duction supporting prices.

"The weaker dollar is fuellingfund buying of sugar futures," asenior sugar futures dealer said.

"The market is awaiting thelatest Brazil production num-bers from (industry group)Unica later today."

ICE raw sugar futuresremained below October's con-tract high of 31.68 cents per lbhit the previous session, sup-ported by lower-than-expectedproduction in Brazil.

"ICE sugar prices have edgedup in early trade this morningwith worsening expectations ofthe Brazilian crop dominatingprices and sentiment that hasseen front month prices hover-ing around five month highs,"Barclays Capital said in a dailycommodities note.

October raw sugar on ICEwas up 0.28 cents or 0.9 percent at 31.02 cents a lb at 1447GMT. Prices hit a five-monthhigh on Monday but quicklyeased back. October whitesugar on Liffe rose $6.70 or 0.8per cent to $804.10 per tonneafter touching a contract highof $821.00 on Monday.

Arabica coffee futures onICE were higher as dealers saidmacro economic developmentswere key to investor sentimentin soft commodities. Septemberarabica coffee on ICE rose 1.1cents or 0.5 per cent to $2.4405per lb. The contract dipped to$2.38 on Thursday, its lowestlevel since January. -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

26-Jul-2011 Crude10 SE11 US$ Per Barrel 99.09 99.80 98.60 99.63 594 98.98 99.63 477

26-Jul-2011 Crude10 OC11 US$ Per Barrel 99.68 100.16 98.98 100.02 300 99.30 100.02 145

26-Jul-2011 Crude10 NO11 US$ Per Barrel 99.68 100.46 99.68 100.46 - 99.68 100.46 -

26-Jul-2011 Crude100 SE11 US$ Per Barrel 99.15 99.72 98.63 99.63 130 98.98 99.63 105

26-Jul-2011 Crude100 OC11 US$ Per Barrel 99.33 100.05 99.30 100.02 18 99.30 100.02 11

26-Jul-2011 Crude100 NO11 US$ Per Barrel 99.68 100.46 99.68 100.46 - 99.68 100.46 -

26-Jul-2011 SL100OZ AU11 US$ Per Ounce 40.43 40.75 40.04 40.34 45 40.74 40.34 21

26-Jul-2011 SL100OZ SE11 US$ Per Ounce 40.75 40.97 39.89 40.35 402 40.74 40.35 121

26-Jul-2011 SL100OZ OC11 US$ Per Ounce 40.75 40.75 40.35 40.35 - 40.75 40.35 1

26-Jul-2011 SL500OZ AU11 US$ Per Ounce 40.41 40.74 40.24 40.34 62 40.74 40.34 20

26-Jul-2011 SL500OZ SE11 US$ Per Ounce 40.93 40.93 40.04 40.35 148 40.74 40.35 40

26-Jul-2011 SL500OZ OC11 US$ Per Ounce 40.75 40.75 40.35 40.35 - 40.75 40.35 -

26-Jul-2011 GO1OZ AU11 US$ Per Ounce 1618.70 1620.30 1609.00 1611.00 1,142 1617.10 1611.00 1,473

26-Jul-2011 GO1OZ SE11 US$ Per Ounce 1617.50 1620.60 1609.00 1611.70 2,485 1617.70 1611.70 2,555

26-Jul-2011 GO1OZ OC11 US$ Per Ounce 1618.10 1621.00 1610.00 1612.20 1,811 1618.20 1612.20 2,349

26-Jul-2011 GO100OZ AU11 US$ Per Ounce 1618.40 1620.00 1611.40 1611.00 19 1617.10 1611.00 9

26-Jul-2011 GO100OZ SE11 US$ Per Ounce 1617.70 1617.70 1611.70 1611.70 - 1617.70 1611.70 -

26-Jul-2011 GO100OZ OC11 US$ Per Ounce 1615.30 1621.00 1612.60 1611.70 13 1618.20 1612.20 12

26-Jul-2011 GO100OZ DE11 US$ Per Ounce 1613.00 44638.00 1613.00 44638.00 2 1619.30 1613.40 1

26-Jul-2011 GOLD AU11 Per 10 grms 44725.00 44786.00 44600.00 44655.00 3 44786.00 44655.00 4

26-Jul-2011 GOLD SE11 Per 10 grms 44796.00 44796.00 44665.00 44665.00 - 44796.00 44665.00 -

26-Jul-2011 GOLD OC11 Per 10 grms 44810.00 44810.00 44679.00 44679.00 - 44810.00 44679.00 -

26-Jul-2011 GOLDKILO AU11 Per 10 grms 44758.00 44758.00 44628.00 44628.00 - 44758.00 44628.00 -

26-Jul-2011 GOLDKILO SE11 Per 10 grms 44768.00 44768.00 44638.00 44638.00 - 44768.00 44638.00 -

26-Jul-2011 TGOLD50 AU11 Per Tola 52205.00 52205.00 52053.00 52053.00 - 52205.00 52053.00 -

26-Jul-2011 TGOLD100 AU11 Per Tola 52205.00 52205.00 52053.00 52053.00 - 52205.00 52053.00 -

26-Jul-2011 MINIGOLD MON Per 10 grms 45965.00 45965.00 45816.00 45816.00 - 45965.00 45816.00 -

26-Jul-2011 MINIGOLD TUE Per 10 grms 45896.00 45896.00 45867.00 45867.00 - 45896.00 45867.00 -

26-Jul-2011 MINIGOLD WED Per 10 grms 45913.00 45913.00 45765.00 45765.00 - 45913.00 45765.00 -

26-Jul-2011 MINIGOLD THU Per 10 grms 45931.00 45931.00 45782.00 45782.00 - 45931.00 45782.00 -

26-Jul-2011 MINIGOLD FRI Per 10 grms 45948.00 45948.00 45799.00 45799.00 - 45948.00 45799.00 -

26-Jul-2011 TOLAGOLD MON Per Tola 52855.00 52954.00 52700.00 52769.00 23 52945.00 52769.00 4

26-Jul-2011 TOLAGOLD TUE Per Tola 52,909 52,909 52,828 52,828 5 52,865 52,828 5

26-Jul-2011 TOLAGOLD WED Per Tola 52,885 52,885 52,711 52,711 - 52,885 52,711 -

26-Jul-2011 TOLAGOLD THU Per Tola 52,814 52,905 52,730 52,730 10 52,905 52,730 48

26-Jul-2011 TOLAGOLD FRI Per Tola 52,925 52,925 52,750 52,750 - 52,925 52,750 6

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubberhigher, US debtwoes cap gains

BANGKOK: Tokyo rubberfutures ended higher on theback of firmer US oil prices onTuesday, but gains were limitedby the stalemate in the UnitedStates over the governmentdebt ceiling, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange for January 2012delivery, which made its debuton Tuesday, rose 3.8 yen fromthe opening price to settle at387.6 yen ($4.95) per kg.

The most active contract onthe Shanghai futures exchangefor January delivery rose 650yuan to finish at 36,340 yuan($5,638) per tonne.

"Rubber found support fromfirmer oil prices ... But gainswere limited by concerns aboutthe inconclusive US debtissue," one dealer said.

Oil prices were steady to high-er on Tuesday. President BarackObama urged Republican andDemocratic leaders to reach afair compromise on raising theUnited States' debt ceiling toavoid the first default in thecountry's history. -Reuters

BUDAPEST: Farmers harvest wheat at a field near Mezokovesd, Budapest. -Reuters

NEW YORK: Cotton futuresended easier Monday oninvestor sales as a lack of leadsand the negative mood broughton by the US debt crisis con-spired to keep fiber contractson the defensive, analysts said.

The key December cottonfutures on ICE Futures US fell1.88 cents to end at 96.76 centsper lb, trading from 95.13 to98.99 cents.

It was the lowest close forthe second-position contractsince mid-September 2010,Thomson Reuters data

showed. Business was light. Total

market volume hit around8,000 lots at 1746 GMT,potentially the lowest sinceMay 23 and over 50 per centbelow the 30-day norm,Thomson Reuters preliminarydata showed.

"We're in the doldrums," saidindependent cotton analystMike Stevens in Louisiana.Mills are shying away from cot-ton futures because they arewrestling with an "overhang" ofbumper supplies that has yet to

be drawn down, analysts said. The stalemate in talks in

Washington to raise the USdebt ceiling added to the glummood in cotton futuresbecause outside markets likestocks slid and safe-havenfunds flocked into gold andSwiss francs.

"The outside markets are nothelping any," said Stevens.Traders are now lookingtoward the USDA's weeklycrop progress report to gaugethe condition of the US cottoncrop. -Reuters

NY cotton finisheseasier in slow dealings

SINGAPORE: Gold heldsteady below itsrecord highon Tuesday as investors wait-ed to see if PresidentBarackObama's appeal for lawmak-ers to break a deadlock in USdebt talks would succeed,while the euro-zone debt cri-sis lentsupport.

Spot gold was littlechanged at $1,615.36 anounce by0634 GMT, slightlyfirmer after Obama warnedthat failure toreach agreementto avertdefault couldcause a deepeconomiccri-sis and urgedR e p u b l i c a na n dD e m o c r a t i cleaders toreach acom-promise.

US gold edged up 0.2 percent to $1,615.60.

"President Obama tried toadd some confidence on thedebttalks, but people stillhave doubt," said Peter Fung,head ofdealing at Wing FungPrecious Metals in HongKong.

An agreement on raisingthe US debt ceiling beyond$14.3trillion could take someheat off gold and trigger acorrection to the $1,560 to$1,570 level, Fung said.

"But over the medium- tolong-term, gold is still goingtobe on the upside as peoplewill still be seeking a safehaven ingold with the prob-lems around the world."

Spot gold hit a record highof $1,622.49 on Monday, andislikely to reach $1,644 in theshort term on the chart,Reutersmarket analyst WangTao said.

Last week Standard &Poor's warned there was a 50-50 chancethe US AAA creditrating could be cut withinthree months.

"There is an increasingchance of downgrading, evenif thedebt ceiling is raised in

the last minute," said Ong YiLing, ananalyst at PhillipFutures in Singapore.

"Unless a long-term, morecredible deficit reductionplancomes along, ratingagencies will keep the US onnegativewatch, which willbenefit gold."

Underpinning sentiment inbullion, Moody's cutGreece'scredit rating furtherinto junk territory on Mondayand said itwas almost certainto slap a default tag on itsdebt as a resultof a new EUrescue package.

India, the world's largestgold consumer, raised intere-strates by a higher-than-expected 50 basis points onTuesday tofight against stub-

bornly high inflation. Investors in majoremerging

economies, such as India andChina, have shown growing-interest in gold, seen as agood hedge against inflation.

South Africa's NationalUnion of Mineworkers(NUM) said onMonday wagetalks with the country's biggold miners had brokendownand it would give them a 48-hour strike notice onTuesday.

South Africawas the world'sfourth-largestgold producerin2010, afterChina, Australiaand the UnitedStates, Reutersdatashow.

Holdings inthe SPDR Gold Trust, theworld's largestgold-backedexchange-traded fund,remained unchangedat1,241.769 tonnes, whileholdings in iShares SilverTrust,the world's biggest sil-ver ETF, rose 42.44 tonnes to9,891.61tonnes -- their high-est since June 10.

Spot silver gained half a percent to $40.51. It hit$41.05 inthe previous session, its high-est since May 4 whenpriceswere tumbling from a recordhigh of $49.51 set on April28.

Silver could rise towards$42 to $43 if gold strength-ensfurther, as investors lookfor a cheaper alternative togold,Ong of Phillip Futuressaid. -Reuters

Gold steady below record;US debt talks eyed

KUALA LUMPUR:Malaysian palm oil futuresbounced back in light trade onTuesday as investors bet ontalks of slower production dueto drier weather in majorplanting areas, althoughuncertainty about the globaleconomy still weighed.

Palm oil, which has lost 18percent so far this year, hasbeen choppy due to talks ofhigher output in top suppliersIndonesia andMalaysia as wellas mounting concerns aboutUS debt.

"Weather is still in play, anysignificant movement ingrains futures and the globalmarket is going to impactMalaysia palm oil," said atrader with foreign brokeragein Kuala Lumpur. "The marketis looking for new leads."

The benchmark crude palmoil contract on Bursa MalaysiaDerivatives rose 0.3 percent or10 ringgit to 3,110 ringgit($1,046.081) per tonne bymidday.

Overall traded volume wasmore than halved to 6,234 lotsof 25 tonnes each from theusual 12,500 lots.

"Market is trading in techni-cal range of 3,000 to 3,150ringgit a tonne, it is expectedto last until the end of fastingmonth," said another trader in

Kuala Lumpur, referring to theMuslim holy month of fasting,Ramadan, next month.

Production in major produc-ing countries is expected tostart slowing during the one-month fasting observancestarting from August. Outputmay slow down further asmostly Muslim estate workerstake a break for a key holiday,Eid Al-Fitr.

"Except news on debt crisisthere isn't much momentumpushing the palm oil market,"the trader said.

US President Barack Obamaon Monday called on dividedcongressional leaders to com-promise and break a deadlockover raising the US debt limitthat he said risked a "reckless"national default.

Prices of vegetable oils heldsteady by midday on Tuesdayon the back of firmer crude oil.

Soyoil futures for Augustdelivery on Chicago Board ofTrade rebounded 0.2 percentin Asia trade hours after itended lower due to improvedweather in US Midwest andweaker crude oil the previoussession.

In China, the most activeMay soyoil on DalianCommodity Exchange barelymoved in Asian hours. -Reuters

Palm oil gains asoutput seen slowing

Indian sugar

eases on higher

supply outlookMUMBAI: India's sugar futuresfell on Tuesday on profit takingand hopes the government willrelease higher amount of non-levy quota for August to dampenprices during the festival season,dealers said.

The most active sugar forAugust delivery on the NationalCommodity and DerivativesExchange ended 1.27 per centlower at 2,795 rupees per 100 kg.It had hit a contract high of 2,858rupees last week.

In Kolhapur, a key market intop producer Maharashtra, themost traded S-variety fell 0.44per cent to 2,700 rupees per($61.09) per 100 kg.

Non-levy, or free-sale sugar,is sold by millers in the openmarket, but the quantity eachmill can sell is fixed by the fed-eral government on a monthlybasis. A leading industry bodyhas asked the Indian govern-ment to allow exports of anadditional 500,000 tonnes ofsugar in the year to September.

India, the world's top consumerand the biggest producer afterBrazil, should churn out 24.2million tonnes in the current2010/11 season and output mayjump to 26.5 million tonnes in2011/12, higher than the coun-try's estimated consumption ofaround 22 million tonnes, indus-try estimates. -Reuters

Shanghai copper rallies

The most-active October

copper contract on the

ShanghaiFutures Exchange

climbed 1.8 percent to close at

72,810yuan per tonne.Other

Shanghai-traded metals

including aluminium and zinc

rose at least 2 percent to

18,015 yuan and18,900 yuan,

respectively.

Weak German, UK data taken in stride by markets


ISLAMABAD: The PakistanCricket Board (PCB) hasruled out any change of ven-ues for this year's seriesbetween Pakistan and SriLanka.

Pakistan are scheduled toplay their home series againstSri Lanka in October-November in the UAE whichcomprises five Tests, five one-day internationals and aTwenty20 match.

But the newly-appointedchairman of Sri Lanka Cricket(SLC) interim committeeUpali Dharmadasa recentlymade a conflicting statementthat the UAE venue for theseries had not been confirmedyet.

We haven't been informed ofvenues for the series yet. Infact the other day, I read onBBC website that series wasconfirmed to be played at AbuDhabi. I learnt about it onlythen. We are going to discussthis matter at our Interim

Committee meeting and thenonly we can communicatewith the PCB and finalise thevenues, Dharmadasa wasquoted as saying by the DailyMirror.

He has also said that theSLC would again try to con-vince the PCB to host theseries in Sri Lanka as it wouldalso give the Sri Lankan fansthe chance to watch thematches.

The PCB which had previ-ously refused to play theseries in Sri Lanka and pre-ferred the UAE because itoffered better profits againmade it clear that the serieswould be held in UAE.

A PCB official said thatthere was no chance of changeof venue for the series. "Thevenue and dates for the serieswere finalised after approvalfrom the previous manage-ment of Sri Lankan Cricket(SLC). And their interim man-agement must be knowledge-

able about that as it is onrecords," PCB Media ManagerNadeem Sarwar told APP.

He said that the PCB had notreceived anything in writtenfrom the current SLC manage-ment about the change ofvenue and the board was try-ing its best to hold the seriesin a befitting manner.

"A PCB team is currently onvisit to UAE to finalise tour itin-erary and make arrangementsfor the series," he informed.

Since foreign teams arereluctant to travel to Pakistan,the PCB had requested theEmirates Cricket Board(ECB) to 'host' the seriesagainst Sri Lanka. ZayedInternational Cricket Stadiumin Abu Dhabi and DubaiInternational Cricket Stadiumin Dubai Sports City are thetwo most likely venues. WhileSharjah Cricket Stadium isalso under consideration as avenue for a Test match or one-day internationals. -APP

PCB rules out change of venues

for Pak-Lanka series

Buttrefusesto talk

to media ISLAMABAD: PakistanCricket Board (PCB), chair-man, Ijaz Butt arrived atLahore on Tuesday after four-week but refused to talk tomedia upon his arrival.

A large number of mediapersonnel were present at theAllama Iqbal InternationalAirport, Lahore to ask thePCB chairman questionsabout his foreign tour butwhen Ijaz Butt saw them, hechanged his course and head-ed towards the parking lot, aprivate news channel report-ed.

However, when mediachased Butt to the parking lot,he said that he could notanswer any questions becausehe is tired after travelling.

Butt returned to the countryafter attending theInternational Cricket Council(ICC) conference in HongKong. -APP

Sahi forall effortsin gettingSajjad hiscash prize

ISLAMABAD: PakistanAthletics Federation (PAF),President, Muhammad AkramSahi has said that he will doall efforts for athleteMuhammad Sajjad to get hiscash prize for the bronzemedal which he won in AsianIndoor Games held atMacau,China.

Sahi told APP on Tuesday thathe has asked Pakistan Air Forceto provide him with detailedinformation of their athleteMuhammad Sajjad so that hecan be rewarded with his cashprize. Sajjad claimed the medalcompeting in 60 metre hurdleraceduring the event.

Akram told APP that all thishappened in the previoustenure and he was unaware ofcomplete details of the issuethat is why this matter gotdelayed so much.

"I have asked the air force toprovide me with completedetails of Sajjad so that I canhelp him in getting his cashreward that he deserves," hesaid. Akram, however, prom-ised to look into the matterhimself saying that he coulddo anything for the bettermentof athletes. -APP

SHANGAI: Bronze medalist Irie Ryosuke of Japan celebrates after the men's 100m backstroke final at the 14th FINA World Championships.-Reuters

LONDON: India captain Mahendra SinghDhoni said illness played a key role in SachinTendulkar's poor returns during the first Testagainst England here at Lord's.

Tendulkar was kept waiting for an unprece-dented 100th international hundred after beingdismissed for 34 and 12 as England won whatwas the 2,000th Test of all-time by 196 runs onMonday to go 1-0 up in the four-match series.

'The Little Master', whose 51 Test centuriesand 48 in one-day internationals are both worldrecords, was rested from India's recent tour ofthe West Indies. Tendulkar, who owns a proper-ty near Lord's, had spent much of the past monthpractising at the 'home of cricket'.

But during the course of the first Test he wasstruck down by a viral infection which forced himto spend most of Sunday's fourth day off the fieldand that meant he had to bat out of position inIndia's second innings.

"He was much better (Monday) but I wouldn'tsay he was like 100 percent fit," Dhoni said."But in both innings he really felt it, especiallyafter the first innings when he felt quite weak.

"That was one of the main reasons he didn'tturn up on the field in the first half of the secondinnings. He's much better right now but ofcourse not 100 percent."

Tendulkar struck several impressive bound-aries during his first innings before edging agood length ball from Stuart Broad to secondslip Graeme Swann.

But the 38-year-old's second innings was a farmore muted affair, featuring just one four in 85minutes at the crease.

Tendulkar spent 38 balls on 11 and was thendropped by England captain Andrew Strauss atfirst slip off James Anderson on 12.

But, two balls later, Anderson nipped one backto have Tendulkar lbw.-Reuters

Dhoni blames illness forTendulkar's Lord’s lows

Arafatdeems toreturn to

Int’l cricketISLAMABAD: Pakistan all-

rounder Yasir Arafat, whose

career has been largely cur-

tailed due to injuries, feels

that there is still plentiful of

international cricket left for

him."I have always had faith in

my ability. I have alwaysbelieved that I am goodenough to play on a consis-tent basis for Pakistan and Istill believe that I am goodenough to play forPakistan," PakPassion.netquoted Arafat on Tuesday assaying.

"Whether that opportunitypresents itself is somethingthat is in the hands of theselectors, but I know that if Iever get the chance to playfor my country again, then Iwill give my all, as I alwaysdo," he added.

The 29-year-old furtherinsisted that he could fill theall-rounder slot for Pakistanin any format of the game.

"I'm eager to make a return

for Pakistan and at the age of

29 I feel that I am not past

my best," Arafat said.

Arafat is currently playing

county cricket in England. He

has also appeared in domestic

Twenty20 competitions in

South Africa and New

Zealand. Arafat's last

appearance for Pakistan was in

February last year in Dubai

against England. -APP

KARACHI: A major contro-versy was averted at mediabriefing of 26th KarachiGymkhana Ramazan FestivalCricket Tournament 2011 for theBahria Town Trophy onTuesday after club's PresidentAli Rahim's timely intervention.

For the first time no pre-drawceremony was held and lastyear's finalists were placed inthe same group to which someparticipants and media raisedobjection and declared it unfair.

Considering the situation, KGPresident ordered fresh drawwhich was held after the press con-ference. The draws of the tourna-ment were taken out in the openand the previous schedule, circu-lated at the start of the press con-ference was declared null andvoid by the organising commit-tee. The formal launching of theevent was performed by ZainMalik, Director, Bahria Town, inpresence of former Sindh SportsMinister Dr. Muhammad AliShah, Siraj-ul-Islam Bokhari,President, Karachi City Cricket

Association (KCCA), and otherGymkhana officials, Iqbal Umar,Jahangir Moghul and SaleemYousuf. Tournament Director,Mian Azmat Hussain and SportsConvener Saleem Yousuf whounveiled the details of the tour-nament in media briefing at theGymkhana's Banquet Hall tookthe hard-hitting questions ofmedia in a sporting fashion.

The tournament starts on thefirst of Ramazan-ul-Mubraik,carries an enhanced purse of Rs825,000. The winners grab Rs400,000 and the runners-up topick-up Rs 200,000.

Following are the group forma-tions:Group "A": Omar CC, DollarEast, KG Blues, Brothers CC.Group "B": KESC, AdvanceTelecom, Dubai Islamic Bank,Karachi Stars.Group "C": Vital Five Club,Fazal-ur-Rahman Sports, AOCC, Medicam.Group "D": Tapal CC, KGWhites, Ali Sports and BahriaTown. -APP

Controversyaverted at launch ofKG Ramzan Cricket

KARACHI: Pakistan testspinner Danish Kaneria willnot be considered for nationalselection until the PakistanCricket Board have noremaining doubts about hisintegrity, the PCB told a HighCourt hearing on Tuesday.

The board's legal counsel,Tafazzul Rizvi, made thestatement at a hearing of theSindh High court that is hear-ing a petition filed by Kaneriaagainst the PCB's refusal toclear him to play internationalcricket.

Kaneria claims the PCBshould not consider him ineli-gible.

The leg-spinner had his con-tract terminated by Englishcounty Essex last season afterhe had come under investiga-tion in a spot-fixing caseinvolving a Pro-40 match.

Essex police clearedKaneria, 30, who submittedletters to the PCB from theInternational Cricket Council(ICC) and his county team toprove he was not under inves-tigation.

"Kaneria cannot be consid-ered for selection unless heproduces the documents andmaterial related to his ques-

tioning by the police lastyear," Rizvi told the courtafter Kaneria asked the courtto direct the PCB to considerhim for next month's tour ofZimbabwe.

"I told the court we don'twant to mislead anyone butafter the embarassmentPakistan cricket faced lastyear in the spot-fixing caseinvolving three of our playerswe are taking no chances atall on this issue," Rizvi latertold Reuters.

Rizvi said he had told thecourt the PCB had formed itsintegrity commitee as per thenew anti-corruption laws ofthe ICC and until the playersubmitted transcript and tapesof the statement he gave toEssex police the commiteewould not clear him.

"He was investigated in aspot-fixing case and the com-mittee wants to be absolutelysure he is in the clear once forall," Rizvi added.

Kaneria, who has taken 261wickets in 61 tests, lastappeared for Pakistan againstEngland in Nottingham inAugust 2010. The court set adate of Aug. 18 for the nexthearing. -Reuters

Lawyer informscourt doubts overKaneria integrity

MaryamJannat clinch

1st position in

swimming galaISLAMABAD: MaryamJannat stood first in breast-stroke U-12 (25 metre) eventby displaying excellent skilland technique in the annualswimming gala organised byIslamabad Club at its pool.

A large number of people ofdifferent age groups partici-pated in the two-day event.

Rafa Niazi was declared thebest swimmer in men's cate-gory, while Ara Ghani andAmna Hayat clinched toppositions in ladies' category.

Medals and certificateswere awarded to positionholders by the managementof the Islamabad Club. -APPHUB: Participants of Jashn-e-Azadi Cycle Rally passing through Hub. -Online

Nowsheralift National

Women

trophyPESHAWAR: Nowshera liftedthe coveted trophy after defeat-ing Abbottabad in a thrillingfinal of the National Inter-District Women SoftballChampionship played atAbbottabad Cricket Stadium onTuesday.

The final provided great thrill for

the sitting spectators as the team

of Nowshera comprising Hira

Khan, Khatijah, Sana, Fatima,

Sajida and Lubna played excel-

lent game against strong

Abbottabad in the final. The

Abbottabad team including

Palwasha, Maria, Sumaira, Iqra,

Faiza and Shazia gave tough

resistance to the Nowshera team.

Abbottabad won the toss and

decided to bat first by setting up six runs target. Maria,Palwasha and Faiza con-tributed two runs each againstNowshera team who despitetight marking got the runs.Faiza was also good in thefielding as well along with bat-ting.-APP


International & Continuations

GENEVA: World Trade Organization (WTO) Director General Pascal Lamy greets UNSecretary-General Ban Ki Moon as he arrives to attend the second day of the third Global

Review of Aid for Trade at the WTO headquarters in Geneva. - Reuters

GENEVA: Around one thirdof the global population, or 2billion people, have beeninfected with the liver diseasehepatitis which kills about amillion victims annually, theWorld Health Organizationsaid on Tuesday.

And although most of thosecarrying hepatitis do not knowthey have it, they can unknow-ingly transmit it to others andat any time in their lives it candevelop to kill or disable them,the United Nations agencywarned.

"This is a chronic diseaseacross the whole world, butunfortunately there is very lit-tle awareness, even amonghealth policy-makers, of itsextent," WHO hepatitis spe-cialist Steven Wiersma told anews conference.

The conference marked thefirst U.N. World Hepatitis Day,

called by the world body toraise awareness of the viral dis-ease, largely spread by contam-inated water and food, blood,semen and other body fluids.

Wiersma said the disease --which has five main viruses --produced a "staggering toll" onhealth care systems around theglobe and had the potential tospark epidemics, as well asbeing the main cause of livercirrhosis and cancer.

Of the five viruses dubbed A,B, C, D and E, a new WHOdocument says, B was the mostcommon and could be trans-mitted by mothers to infants atbirth or in early childhood aswell as through contaminatedinjections or injected drug use.

The E virus, transmittedthrough infected water or food,is a common cause of out-breaks of the disease in devel-oping countries and is increas-

ingly observed in developedeconomies, according to theWHO.

The WHO says effective vac-cines had been developed tocombat the A and B viruses andcould also be used against D. Avaccine for hepatitis E hadbeen developed but was notwidely available, while therewas none for the C virus.

Vaccination campaigns hadscored considerable success inmany countries, with about180 of the WHO's 193 memberstates now including the B vac-cine in infant immunizationprograms, the agency said.

But more needed to be doneto prevent or control the dis-ease. It was vital to ensure thatpeople already infected couldbe tested and given qualitycare and treatment withoutdelay, the WHO documentdeclared. - Reuters

Third of world’s people infected

with hepatitis: WHO

Maharaja'stiger-huntingvehicle mayfetch $1mn

NEW DELHI: Auction houseBonhams will put under the ham-mer a rare Rolls Royce Phantommodified for tiger hunting by anIndian maharaja during the daysof the British Raj, featuring amounted machine gun and a can-non, that may fetch up to $1 mil-lion.

The custom-made 1925 RollsRoyce was originally commis-sioned by Umed Singh II, themaharaja of Kotah in the 1920sat a time when tiger hunting washugely popular in India.

The flaming red vehicle, with aconvertible canvas roof andbespoke hunting features includ-ing a double-barreled shotgun,spotlights for night hunting and amountable Lantaka cannon, isexpected to fetch up to $1 millionwhen it goes on the block in mid-August in Carmel, California.

"It was quite common, most ofthe maharajahs had specializedcustomized cars manufactured inthe U.S. and they even had giltedframes and all sorts of things,"said Pran Nevile, a writer andexpert on India's colonial eraknown as the British Raj.

The car's 8.0-liter, 6-cylinderengine with a low gearing ratioallowed "it to creep powerfullythrough the roughshod jungles ofRajasthan," wrote Bonhams.

For centuries, big game hunt-ing of tigers, leopards and Asiaticlions in India's forests was afavored pastime of India's rulersfrom the Mughal emperors to theBritish elite.

While much tiger hunting wascarried out on elephant-back,some Indian maharajahs, or "greatkings" of princely states acrossIndia including arid Rajasthan,took things to the extreme.

"It was more for a show buteverything would be ready andthen they would then go and takethis Rolls Royce up to a point orthe hills and from there shoot thetiger that was already capturedby their servants," Nevile toldReuters. - Reuters

OSLO: The lawyer of a

Norwegian who killed at least

76 people in a bombing and a

shooting spree said on

Tuesday his client appeared to

be a madman.

Friday's attacks by Anders

Behring Breivik traumatised

normally peaceful Norway,

which has been struggling to

come to terms with its worst

peace-time massacre of mod-

ern times.

"This whole case indicated

that he is insane," Geir

Lippestad said of the 32-year-

old Breivik, who has con-

fessed to "atrocious but neces-

sary" actions, but denies he is

a criminal.

The lawyer said it was too

early to say if Breivik would

plead insanity at his trial,

adding that his client might

oppose this as he felt that only

he "understands the truth."

Lippestad said Breivik had

stated he belonged to an anti-

Islam network that has two

cells in Norway and more

abroad.

But police believe Breivik

probably acted alone in stag-

ing his bloody assaults, which

have united Norwegians in

revulsion.

"He hates all Western ideas

and the values of democracy

... he expects that this is the

start of a war that will last 60

years. He looks upon himself

as a warrior. He starts this war

and takes some kind of pride

in that," Lippestad said.

Lippestad, a member of the

Labour party whose youth

wing was the target of shoot-

ing rampage on an idyllic

island, said he would quit if

Breivik did not agree to psy-

chological tests.

"He has a view of reality

that none of the rest of us

share," said Lippestad. He was

previously best known for

defending a right-winger who

in 2002 got 17 years in prison

for the racially motivated

murder of Benjamin

Hermansen, 15, whose father

was African.

Justice Minister Knut

Storberget deflected criticism

that police had reacted too

slowly to the shooting mas-

sacre, hailing as "fantastic"

their work after the attacks.

"It is very important that we

have an open and critical

approach...but there is a time

for everything," Storberget

told reporters after talks with

Oslo's police chief.

RESPONSE TIME

An armed SWAT team took

more than an hour to reach

Utoeya island, where Breivik

was coolly shooting terrified

youngsters at a Labour Party

youth camp. He killed 68

there and eight in an earlier

bombing of Oslo's govern-

ment district.

Storberget also denied

police had ignored threats

posed by right-wing zealots in

Norway, saying: "I reject sug-

gestions that we have not had

the far-right under the micro-

scope."

Many Norwegians seem to

agree the police do not

deserve opprobrium for their

response. At a march of more

than 100,000 in Oslo on

Monday night, people

applauded rescue workers.

The streets were full of red

and white roses left after the

rally, Norway's biggest since

World War Two.

Norwegian newspapers pub-

lished pictures and names of

some of those killed on the

island northwest of Oslo. The

youngest was 14. Many were

teenagers or in their early 20s.

Norway has felt some relief

that Breivik seems to have

acted alone in trying to save

Europe from "cultural

Marxism" and a "Muslim

invasion" by striking at the

ruling Labour Party.

Storberget told Reuters tele-

vision that Norway had

received a "hard lesson" but

would remain an open and

free democracy, even as it

made unspecified changes to

improve security.

There would be, he said,

"more openness, more politi-

cal activity, a better democra-

cy, more safety for the people,

but we have to come back to

the concrete measures for

that."

Raymond Johansen, general

secretary of the Labour Party,

also said Norway should

remain an open society. "I see

it as a quality within

Norwegian society that politi-

cians are still close to the peo-

ple," he said. "I don't think

society can fence itself in, but

to be open and transparent is

the response."

Police defended themselves

from suggestions that some

alarm bells should have rung

about Breivik. The PST secu-

rity police say Breivik's name

appeared only once, on an

Interpol list of 50 to 60

Norwegians, after he paid 120

crowns ($22) to a Polish

chemicals firm on a watch list.

They found no reason to react.

Researchers doubt Breivik's

claim that he is part of a wider

far-right network of anti-Islam

"crusaders," seeing it as brag-

ging by a psychopathic fanta-

sist who has written that exag-

geration is a way to sow con-

fusion among investigators.

"NOT PSYCHOTIC"

Yngve Ystad, a Norwegian

forensic psychiatrist and

adviser to the police, said it

was unlikely that Breivik

would be found to be psychot-

ic and thus unaccountable for

his actions, or would even be

able to claim diminished

responsibility.- Reuters

Norwegian killerprobably insane: lawyer

joint secretary in charge of Pakistan in the external affairs min-istry, Sharat Sabharwal, India's high commissioner to Pakistan,and Vishnu Prakash, the spokesperson of the External AffairsMinistry

The CBMs that are expected to be announced by Krishna andKhar today (Wednesday) could include an increase in the frequen-cy of cross-Kashmir bus links between Srinagar andMuzaffarabad and Poonch and Rawalakot, an increase in the num-ber of trading days across the Line of Control (LoC) from two tofour, and opening of more trading points.

A government source said the two sides will also discuss meas-ures to liberalise the visa regime.

The two sides also discussed possibilities of upgrading their dia-logue in some areas to the ministerial level, said sources.

Meanwhile, foreign minister Hina Rabbani Khar arrived in NewDelhi on Tuesday for talks with her Indian counterpart S MKrishna tomorrow hoping the two countries can "move forward"as good neighbours with a stake in each other's future.

"I hope that the two countries have learnt lessons from history,but are not burdened by history and we can move forward asgood, friendly neighbours who have stake in each other's futureand both the countries understand their responsibilities to theregion and within the region", Hina said on her arrival in theIndian capital.

Before departure for New Delhi Hina Rabbani Khar toldreporters in Lahore that Pakistan is looking forward to a "pro-active, productive and result-oriented" engagement with India onall issues, including Kashmir on which "we should not be heldhostage to history".

"Both the countries are looking forward to, and are committedto, an uninterrupted and uninterruptible process as has beenproven in the last few months and (this) relates to peace anddevelopment in the region," she said.

To a query, she said the upcoming minister level dialogue wouldyield positive results, expressing hope that the dialogue wouldachieve a breakthrough.

"The bilateral dialogue is being held on equal footing and alllongstanding issues, including Kashmir, will be taken up at thedialogue," the minister added.

However, experts say expectations of a breakthrough in peacetalks between India and Pakistan today (Wednesday) remain low,but the fact the nuclear armed rivals keep talking is a sign that nei-ther side wants to slide back toward conflict in the world's mostdangerous region.

"We have told Pakistan we are willing to discuss all issues withan open mind," a senior Indian government source said.

"It will be an incremental process. It's not a 'big bang' thing,"said the source, who declined to be identified, referring to theunlikelihood of any dramatic breakthrough.

US Secretary of State Hillary Clinton visited New Delhi lastweek and urged India and Pakistan to normalize ties.

Distrust runs deep and US plans to start pulling troops out ofAfghanistan, a country both India and Pakistan have long compet-ed over for influence, adds a fresh challenge to an already volatile,yet strategic region. - Agencies

Continued from page 1No #1

economic infrastructure and $410.10 million for building pro-ductive capacity in 2009.

It indicates that though the country received AFT commitmentsof $965.20 million from international donor institutes but only$554.03 million could be materialised in the year under review.


In a high interest rate regime, the cost of domestic debt servic-ing increases, cost of production moves up, private sector credit ingeneral and consumer credit in particular starts contracting. Allthis has happened in the last two years in the presence of a tightmonetary policy.

"Now, if the SBP does not relax the monetary policy, these prob-


voting in the 49-seat State Legislative Assembly, according toreports. - APP


Secretary commerce Zafar Mahmood, Secretary statistics divi-sion Asif Bajwa and additional secretary economic affairs divi-sion Hassan Nawaz Tarar are potential candidates for the post ofFBR chairman.


ballistic missile which can hit targets in the range of 60 kms. Asked if there was any need to be concerned over the assessment

in some quarters that Pakistan had an edge over India in terms ofthe nuclear warheads, the IAF chief said, "there is no need to beworried on this." Meanwhile, responding to a query on the role ofHAL, Naik said that the aerospace PSU had provided great supportto the IAF in the last 50-60 years. He said already some steps werebeing initiated by the government to streamline the procedures inthe company for "improving the quality". - Online


The deceased hailed from Karachi and were residing in Houstoncity of US to earn livelihood for their families. It should be men-tioned that it was third shooting incident at Pakistani nationalsduring last few months. The bodies of the Pakistan nationalskilled in the firing, would be brought back home in the next cou-ple of days after fulfilling the legal requirements.

Meanwhile, Pakistani nationals residing in different states of UShave expressed grave concern over killings and urged the USadministration to bring the culprits to book and take solid steps toavoid such incidents in future. - INP


was unevenly spread and risks are "clearly to the downside".- Reuters


Government has transferred Hussain Asghar, former investiga-tion officer in Hajj corruption case to FIA and he will now inves-tigate the Hajj corruption scandal. Secretary establishment haspresented notification to court in this respect Tuesday.

The court ordered that DG FIA should appear before the courtin person today (Wednesday) and assure the court that HussainAsghar has been handed over the investigation into Hajj corrup-tion case along with his previous investigation team and he hastaken the charge of investigation officer and started his work.

Secretary establishment Sohail Ahmad presented written expla-nation in the court with reference to Hussain Asghar saying thatissuing notification about the transfer of grade-21 officer does notfall under his competency.

CJP remarked "court has issued orders in this regard and you arebound to comply with court's orders under article 190. Bring thenotification in the court otherwise contempt of court proceedingscan be initiated against you. We give another opportunity to youfor the sake of dignity of institution. Bring the notification",

The court also inquired about DG FIA. Attorney General (AG)told he was in Karachi in connection with some issue of illegalrefugees. CJP inquired "you have not told him court has sum-moned him. AG said court had given not such order in his previ-ous day decision.

CJP said "you could tell him all the institutions were bound tocomply with the orders of SC under article 190. Later secretaryestablishment presented notification of transfer back of HussainAsghar. CJP remarked amount of Rs460 million had beenreturned to Hajjaj from national kitty but money looted in Hajj


resulting in some 14 million people in need of humanitarian aid. Livestock was killed, crops weredestroyed, and infrastructure and other livelihood assets were damaged on an unprecedented scale.

Immediately after the floods, humanitarian agencies, coordinating with the Pakistani governmentand local authorities, provided food for 7 million people, safe drinking water for 8 million, and med-icines for 12 million people. As the government declared a transition from relief phase to earlyrecovery at the end of January 2011, humanitarian communities have been actively supporting earlyrecovery activities and help people to restart a normal life. Major activities have included rehabili-tating water wells, improving the primary health care system, and rebuilding schools.

However, much more needs to be done, and there are other key humanitarian needs in the coun-try. In northwestern Pakistan, displaced people still need food, shelter, and income opportunities, theUN aid agency said. Next week in Pakistan, the United Nations and partners will commemorate theanniversary in Islamabad and other areas, it said. - Online


The Shanghai Composite Index edged up 0.5 per cent to 2,703.0 points on Tuesday, with A-shareturnover hitting its lowest in a month as investors stayed away from a fragile market that has been bat-tered over the last few sessions. Chinese oil giants and benchmark heavyweights, PetroChina Co andSinopec Corp were among the biggest supports to the Shanghai Composite. Tuesday's gains helped liftPetroChina from technically oversold conditions ahead of the earnings season.

"We are very positive on the China market outlook," Malcolm Wood, Morgan Stanley SmithBarney's Head of Asia-Pacific Strategy, told Reuters Television, pointing to "unusually low" valuationsand macro data so far that points to a likely soft landing in the world's second-largest economy.-Reuters


"We remain concerned about E&P (exploration and production) owing to a lack of clarity on D-6production ramp-up and slow progress in exploration acreage," Goldman Sachs said in a note.

It cut its 12-month target price on Reliance shares to 1,000 rupees from 1,070 earlier, while main-taining a 'neutral' rating. Telecom stocks dropped as investors took profits after Monday's huge gains.

Bharti Airtel, Reliance Communications and Idea Cellular fell between 1.9 per cent and 5.7 percent, after they had soared 5.2-15.1 per cent on Monday on hopes the tariffs would improve afterBharti raised call prices in some regions. The 50-share NSE index fell 1.9 per cent to 5,574.85 points.Market breadth was negative with losers beating gainers in the ratio of 2.6 to 1 on the NSE. Around595 shares were traded, higher than the 90-day daily average volume of 578 million shares.-Reuters


Some analysts said further improvements in earnings outlooks were necessary for the Nikkei torecover to pre-quake levels. "The Nikkei's P/E is already above 15, so for the Nikkei to rise further,we'll need to see more upward revisions in annual earnings outlooks," said Mizuho Securities'Miura. Utilities underperformed the market after the Nikkei business newspaper reported that fuelcosts at Japan's five largest electric power companies are expected to surge a combined 2 trillion yen($25.5 billion) this fiscal year as they rely on fossil fuel-fired plants to make up for capacity lostfrom offline nuclear reactors.-Reuters


same period last year. Interest expenses grew by 22 per cent to Rs10.61 billion as compared to Rs8.69billion for 1HCY10. Net interest income surged by 25.60 per cent to Rs22.22 billion from Rs17.69 bil-lion during this period. The Bank recorded Rs2.43 billion as non-performing loans for 1HCY11 ver-sus Rs 2.05 billion for 1HCY10, depicting an increase of 18.6 per cent. Operating expenses were up21.2 per cent to Rs7.78 billion for the period ended 1HCY11 from Rs6.42 billion for 1HCY10.


lems would deepen further hurting the economic growth", said aleader of trade association.

It may be recalled that the State Bank of Pakistan has kept dis-count rate unchanged at 14 percent in previous monetary policyfor June-July 2011. Prior to this SBP had announced its policy onMarch 26 and kept the rate unchanged at 14 per cent for April-May 2011.

corruption case had not been recovered. It seems as if government is not interested in recovering thismoney. The court directed AG to inform court's decision to DG FIA. The hearing has been adjournedtill Monday. - Online

27-per cent jump in profits for the second quarter, boosted by higher crude prices.GlaxoSmithKline advanced 0.7 per cent as quarterly profits came in markedly higher than a yearago, when it took a huge legal charge. It prompted Seymour Pierce to repeat its "buy" rating. Thebroker said Glaxo's drugs pipeline remains one of the best in the industry.

Anglo American firmed 1.2 per cent, outperforming a weaker mining index, after its 45 per cent-owned De Beers, one of the world's largest diamond producers, posted a 55 per cent rise in core first-half earnings. BP, however, fell 2.6 per cent after its underlying results fell short of analysts' fore-casts and as it benefited less than rivals are expected to from a 50 per cent rise in crude prices fromthe same period in 2010. Its shares contributed nearly 9 points to the downside,

Traders said the FTSE 100 is likely to put in future lacklustre showings as long as President BarackObama's Democrats, and Republican rivals, are deadlocked over competing plans to raise the debtceiling. "The FTSE is pretty quiet today as we are waiting for the US government to find a solutionto the debt limit problem," said Lex van Dam, hedge fund manager at Hampstead Capital, which hasabout $500 million of assets under management. "If that gets resolved I expect the market to have arelief rally. If it doesn't get resolved ... well, I'd rather not think about that."

The general market expectation, however, is for a last-minute solution before August 2, when theUS government has said it will no longer be in a position to pay all of its bills.-Reuters


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NEW DELHI: Indian Air Force chiefAir Chief Marshal P V Naik on Tuesdaysaid Pakistan's new tactical nuclear mis-sile or expanding arsenal is of no worryto India.

He said India followed a 'no-first-use'nuclear policy but warned its responsewould be "very heavy" in the event ofany nuclear attack on the country.

The IAF chief's statement came follow-ing the news report that Pakistan plannedto add 24 nuclear-capable, short-rangemissiles capable of hitting all majorIndian cities to its arsenal this year.

The plan is in line with Pakistan's offi-cial policy of having what is rhetoricallycalled "maintaining a minimum deter-rence", especially against India, thedaily quoted sources as saying.

"Our nuclear policy is of no first use.

It also talks about a very heavy responsein case of a nuclear attack. It talks abouta retaliatory and hard response, our pol-icy talks about that," Naik, who demitsoffice this Sunday, told a press confer-ence.

Naik was responding to a query on thenew Pakistani tactical nuclear missile'Nasr' which is touted to be a 'game-changer' in future warfare.

He did not agree that the new missilewill be a 'game-changer'.

"Tactical or strategic, it is a nuclearweapon. So, obviously our responsewould be absolutely violent as per ourexisting policy. I don't think it is a game-changer," he added.

Pakistan recently successfully tested'Nasr', a short-range nuclear capable

See # 6 Page 11

‘India not afraidof Pak arsenal’

MUMBAI: India's central bank

stunned investors by raising interest

rates 50 basis points, showing unex-

pected resolve in fighting persist-

ently high inflation despite slowing

growth in Asia's third-largest econ-

omy and uncertain global demand.

The Reserve Bank of India (RBI)

on Tuesday increased the repo rate

at which it lends to banks to 8 per

cent, topping all 23 forecasts in a

Reuters poll that it would raise rates

by 25 basis points, and indicated it

will continue with its anti-inflation-

ary stance.

The rate rise was the RBI's 11th

since March 2010 and sent bond

yields and swap rates sharply high-

er and stocks lower.

Investors and industry officials

who had expected the central bank

to be nearing the end of its tighten-

ing cycle were caught off guard,

with some observers criticising the

RBI for acting too aggressively or

too late.

Tuesday's half-point rate rise is

the second since May for the RBI,

which had leaned towards 25 basis

point rises and had been criticised

for lacking vigilance in fighting

inflation.

The RBI warned that high non-

food manufacturing inflation and

upside risks to food prices after a

rise in government-set prices could

keep broader inflation high in com-

ing months.

"The RBI remains very wary of a

wage-price spiral risk given that

wage gains have been strong," said

Vishnu Varathan, economist at

Capital Economics in Singapore.

Despite the steady rise in policy

rates, real lending rates in India are

nearly flat, giving the RBI more

room to tighten. The one-year cor-

porate loan rate is roughly 9.5-10

percent, nearly in line with headline

inflation.

"This is unfortunate," Sunil Sikka,

president of electrical parts maker

Havells India , said after the rate

rise. "We thought 25 basis points

could be okay. But they have not

been able to tackle inflation so far,"

he said. - Reuters

India stuns all withsharp rate hike

NEW YORK: IMF chief ChristineLagarde on Tuesday urged theUnited States to quickly resolve apolitical stalemate over raising thedebt ceiling, warning that failure toreach an agreement would have seri-ous consequences for the worldeconomy.

"The clock is ticking and clearlythe issue needs to be resolved imme-diately," she told the Council onForeign Relations according to a textof her remarks.

Lagarde, who has been in the jobfor less than a month, called on theUnited States to develop a crediblefiscal adjustment plan but cautionedagainst being too hasty.

"The United States could faceanother jobless recovery. That is whywe've advised against fiscal consoli-

dation that is unduly hasty -- even aswe stress the importance of getting afiscal consolidation plan agreedsoon," she said.

Her warning on the dangers of notraising the $14.3 trillion debt ceilingby August 2 came as the dollar fellacross the board after U.S. PresidentBarrack Obama gave no sign of abreakthrough in deadlocked talks in atelevised speech late on Monday.

The U.S. faces a technical defaulton some of its government bondsoutstanding unless it raises the debtlimit. "An adverse shock in theUnited States could have seriousspillovers on the rest of the world,"Lagarde cautioned.

She also urged European leaders toquickly implement measures agreedat a recent EU summit to tackle the

euro zone's debt problems and tostrengthen economic governance.

Fiscal problems in euro zoneperiphery states such as Greece,Portugal and Ireland revealed therisks posed by an incomplete eco-nomic and monetary union, she said.

Turning to Japan, she called forambitious measures to tackle thecountry's very high public debt lev-els, and urged emerging economiesto act to curb signs of overheating.

"Staying ahead of the curve will beessential to avoid the possible hardlanding if policy action comes toolate," she added.

She said the IMF continued to fore-cast reasonable near-term globalgrowth of about 4 to 4.5 percentthrough 2012 although the recovery

See # 8 Page 11

IMF urges US toresolve debt spat

NEW YORK: The United Nations saidthat up to two million people inPakistan are again at risk from flooding,partly due to lack of funds for recon-struction in the 2010 flood-hit areas.

"Major efforts are needed immediate-ly to reduce the vulnerability of thesefamilies and implement urgent recoveryand flood preparedness work on riverbanks, irrigation channels and otherinfrastructure," said UN office for thecoordination of humanitarian affairs.

It said that the humanitarian commu-nity is also preparing contingency plansto enable an effective response to anyhumanitarian needs that may rise.

"Major preparedness measuresinclude pre-positioning of tents andestablishing coordination structureswith local authorities," it said.

The UN said that more than 600 millionUS dollars is still needed to support earlyrecovery activities and achieve the objec-tives set out in the Pakistan Flood Reliefand Early Recovery Response Plan.

July 28, 2011 will mark the firstanniversary of the 2010 floods inPakistan, one of the world's most devas-tating natural disasters in recent years.Nearly a fifth of the country was flood-ed, affecting over 20 million people and

See # 10 Page 11

Floods may againhit 2 million: UN

Everyonebound to

obey decree,says CJP

ISLAMABAD: Chief Justiceof Pakistan (CJP) IftikharMuhammad Chaudhry has saideven if chief executive isimpediment on the way toimplementation of court's deci-sions then he will also be dealtwith.

CJP gave these remarks whilepresiding over a 6-memberSupreme Court (SC) benchduring the course of hearing ofHajj corruption case hereTuesday.

See # 9 Page 11

TwoPakistaniskilled in

TexasDALLAS: Two Pakistaninationals were killed while awoman escaped in firing inci-dent in Dallas city of US Stateof Texas.

Sources said that three armedmen opened fire at threePakistani nationals including awoman while they were com-ing out of a shopping mall inAurang area of Dallas city andfled from scene.

As a result of firing twoPakistanis, identified as Amanalias Mehboob Pirani andRahim Fateh Ali, a merchant,were killed on the spot whilethe woman narrowly escaped inthe incident. See # 7 Page 11

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