International

Rabi-ul-Awwal moon not sighted

Pakistan win first series in two years See on Page 10

Top Trio gives no ear to US See on Page 12

*Crude Oil (brent)$/bbl 101.76

*Crude Oil (WTI)$/bbl 90.26

*Cotton $/lb 179.33

*Gold $/ozs 1,329.40

*Silver $/ozs 28.05

Malaysian Palm $ 1,247

GOLD (NCEL) PKR 36,928

KHI Cotton 40Kg PKR 11,789

Yearly(Jul, 2010 up to 2-Feb-2011)

Monthly(Feb, 2010 up to-2-Feb-2011)

Daily (2-Feb-2011)

Total Portfolio Invest (21 Jan-2010)

197.58

-3.17

-5.02

3065

0.28

1.30

0.22

-0.82

0.11

-0.96

-0.13

SCRA(U.S $ in million)

Portfolio Investment

FIPI (3-Feb-2011)

Local Companies (3-Feb-2011)

Banks / DFI (3-Feb-2011)

Mutual Funds (3-Feb-2011)

NBFC (3-Feb-2011)

Local Investors (3-Feb-2011)

Other Organization (3-Feb-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Jan-11)

Inflation CPI% (Jul 10-Dec 10)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Dec 10)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.38bn

14.61%

$10.98bn

$19.13bn

$(8.15)bn

$26mn

$5.29bn

$1.05bn

Rs 638bn

$58.41bn

Rs 5497.4bn

$323.6mn

-4.69%

4.10%

$1,051

175.07mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

18.71

2.00

1.70

11.29

PKR/Shares

111.06

159.84

42.72

36.31

38.56

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

26-Jan-2011

26-Jan-2011

26-Jan-2011

29-Nov-2010

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

03-Feb-2011

13.67%

13.71%

13.88%

14.00%

13.20%

13.63%

13.77%

14.14%

14.27%

14.22%

14.25%

14.27%

14.59%

14.78%

14.96%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.10 87.10

Canadian $ 86.10 87.10

Danish Krone 14.10 14.80

Euro 117.20 118.60

Hong Kong $ 11.00 11.10

Japanese Yen 1.034 1.060

Saudi Riyal 22.73 22.95

Singapore $ 66.20 67.20

Swedish Korona 12.10 12.20

Swiss Franc 85.70 86.30

U.A.E Dirham 23.23 23.48

UK Pound 138.00 139.30

US $ 85.65 86.00

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.27 86.47

Canadian $ 86.48 86.68

Danish Krone 15.81 15.84

Euro 117.83 118.10

Hong Kong $ 10.97 11.00

Japanese Yen 1.047 1.049

Saudi Riyal 22.79 22.84

Singapore $ 67.10 67.25

Swedish Korona 13.29 13.33

Swiss Franc 90.86 91.07

U.A.E Dirham 23.26 23.32

UK Pound 138.30 138.62

US $ 85.43 85.62

Inter-Bank Currency Rates

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ISLAMABAD: The CabinetCommittee on Privatization(CCOP), which met here onThursday with the FederalMinister for Finance Dr AbdulHafeez Shaikh in the chair, hasgranted approval of privatisa-tion of Heavy ElectricalComplex (HEC) and NationalPower ConstructionCorporation Limited (NPCCL).

The PrivatizationCommission (PC) had recom-mended the privatisation of theHeavy Electrical Complex onpublic private partnership(PPP) basis whereby 26 percent of the shares along withmanagement rights to be trans-ferred to the successful bidder

and for the appointment offinancial Adviser' says a state-ment issued by the Ministry ofFinance here.

The PrivatizationCommission had also recom-mended for the privatisation ofthe National PowerConstruction CorporationLimited, which was alsoapproved by the CCOP.

The Committee has also con-stituted a subcommittee headedby the Federal Minister forPrivatization Senator WaqarAhmed Khan with membersMinister for Petroleum andNatural Resources, DeputyChairman Planning

See # 8 Page 11

HEC, NPCCLsell-off greenlit

Final plan for OGDC convertible bonds sought

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani isexpected to dissolve the FederalCabinet in the next 48 hours,local news agency reported.

According to sources, thegovernment is weighing twooptions - whether to dissolve theentire Federal Cabinet or reduceits size to half.

If the PM Gilani decided tocompletely dissolve the cabinet,he would, in the next 24 hours,re-announce names of 10 to 12ministers.

The existing Federal Cabinetconsists of 62 members where-as, under the 18 amendment, thesize of the Cabinet will be morethan 11 per cent of the totalnumber of members of theParliament.

Pakistan Peoples PartyCentral Executive Committeemeeting scheduled to be heldhere at the Presidency on Friday(today) is also expected to dis-

cuss the matter of Cabinet dis-solution/ reduction, sourcessaid.

According to political ana-lysts, the government's objec-tive of reducing the size of theincumbent Cabinet is to projectits improved image before thepeople.

The government is likely todissolve the federal cabinettoday (Friday) to meet a 45-daydeadline given by the PakistanMuslim League-N to implementits reforms agenda aimed atrevival of the economy and aus-terity, sources told INP onThursday.

They said Speaker NationalAssembly Dr Fehmida Mirzawill prorogue the currentNational Assembly sessiontoday (Friday) and the cabinetwould be dissolved in theevening.

The sources said the oath See # 11 Page 11

48hrs seen vitalfor Fed Cabinet

PM may dissolve or reduce size to half

Return of MQM also expected in new cabinet

FX reservestouch peakof $17.38bn

Staff Reporter

KARACHI: Country's foreignexchange reserves rose to arecord $17.38 billion in theweek ending January 29, upfrom $17.30 billion the previ-ous week, the central bank saidon Thursday.

Reserves held by the StateBank of Pakistan rose to $13.85billion from $13.74 billion inthe week ending January 29,while those held by commer-cial banks fell to $3.53 billionfrom $3.56 billion, said theSBP.

Analysts said the rise was dueto a rise in remittances fromoverseas Pakistanis. Accordingto official data, remittancesrose 17 percent to $5.3 billionin the first six months of the fis-cal year 2010/11 (July-June).

Foreign exchange reserveswere boosted last month bymore than $633 million fromthe US for providing militaryand logistical support to fightmilitancy.

Special Correspondent/

Agencies

ISLAMABAD: FederalCommerce Minister AminFahim Thursday announced theTrade Policy 2011 after 7months delay, according towhich Pak-Afghan TransitTrade is to kick off from 12thof the February, while Indiawould not be allowed tradingwith Afghanistan via Wagahborder.

Amin Fahim, while announc-ing the fresh trade policy said,21 per cent increase in exportsis astonishing during the lastthree years despite unavailabil-ity of support from theapproved Rs27 billions' ExportPromotion Funds.

He aspired European Unionis to approve the access for 25Pakistani products to theEuropean markets on prioritybasis during its upcoming ses-sion. He also said bill related toReconstructed Opportunity

Zone will soon be endorsed byUS Congress.

Minister for Commerce saidthat Ministry of Commerce inconsultation with all stakehold-ers has prepared a comprehen-sive road map regarding Tradepolicy framework to propel theexports of country with identi-fying new markets for ourproducts.

The Minister said that road-map for the trade promotionwould be presented to theCabinet on February 9, forapproval.

He said that the governmenthas declared year 2011 as theyear of exports with main focuson export promotion for theeconomic development of thecountry.

Minister expressed the hopethat exports would grow by 10per cent during the currentfinancial year. He also congrat-ulated the exporters for thisachievement.

Makhdoom Amin Fahim

announced that after a longperiod of time Pakistan hasbeen able to export its surpluswheat.

He said that Ministry ofCommerce was also makingefforts for greater marketaccess to Pakistani products inthe different international mar-kets.

He said that European Unionwould approve a package on 75items for Pakistani productswithin a month.

Amin Fahim said that Chinahas agreed on the tariff lineconcession on 286 items forPakistani exporters.

He also informed that AmericanCongress is likely to approve theReconstruction OpportunityZones (ROZs) bill this year,added federal and provincial gov-ernment would join hands inboosting country's exports for thebenefit of the country.

Regarding Pak-AfghanTransit Trade, he said it would

See # 12 Page 11

Delhi-Kabul tradevia Wagah deniedNew Trade Policy out, 2011 termed as exports yrEU grants soon, China to cut tariff on 286 items

ISLAMABAD: Federal Minister and Senior PPP leader Makhdoom Amin Faheemannouncing Trade Policy 2011 here on Thursday. -Online

Courtextends

Raymonddetention

LAHORE: An American whokilled two Pakistani men inLahore last week will be heldfor eight more days to allowfor further investigation, aprosecutor said on Thursday,despite US statements that heenjoys diplomatic immunity.

The case of Raymond Davishas become the latest test ofties between the two countrieswith right-wing groupsdemanding Islamabad resistUS calls to free him.

Washington says Davis is adiplomat and has called for hisimmediate release. He wasarrested a week ago aftershooting dead two Pakistanisin the city of Lahore in whatDavis says was an act of self-defense during an attemptedrobbery.

The Lahore High Court onTuesday barred the govern-ment from handing him overto Washington, saying it woulddecide whether he has diplo-matic immunity or not.

Amid tight security, policebrought Davis in an armoredcar to appear before a

See # 10 Page 11

ISLAMABAD: Pakistan isunlikely to import sugar thisyear because the country willhave enough stocks to meetdomestic requirements, FoodMinister Nazar MuhammadGondal said on Thursday.

Pakistan imposes no importduty on white sugar and thegovernment in Septemberwaived a 25 percent duty onraw sugar to encourage the pri-vate sector to import the sweet-ener after fears August floodswould reduce the 2010/11 cropto 3.2 million tonnes.

But Gondal said that initial

estimates suggest the cropwould produce about 3.5 mil-lion tonnes of refined sugar andthat together with the previousstocks of 0.9 million tonnes,should be enough to meet thecountry's needs.

"We will be self-sufficient insugar and I am very confidentthat we will not need to importsugar this year," Gondal toldreporters.

Pakistanis consume about 4.2million tonnes sugar a year.

Pakistan bought about 1.2million tonnes of sugar last

See # 9 Page 11

Import of sugarunlikely this yr

Govt mulling to export up to 3mn T of wheat

ISLAMABAD: The SupremeCourt on Thursday declaredthat Balochistan Governmentwould not grant mining lease ofRekodiq copper and goldreserves to any applicant till afinal decision by this Court.

A four-member bench ofChief Justice IftikharMuhammad Chaudhry, JusticeMuhammad Sair Ali, JusticeGhulam Rabbani and JusticeKhalil-ur-Rehman Ramdayresumed hearing of pleas overthe award of mining lease ofRekodiq gold and copperreserves in Chaghi area ofBalochistan.

The bench in its order said "Itis declared that no decisionshall be taken by theGovernment of Balochistan inrespect of the grant of the min-ing lease on the applicationsubmitted by any of the partieswithout prejudice to their legalrights till the decision of theinstant proceedings."

At the outset of proceedings,Advocate general BalochistanDr Salahuddin Mengal apprisedthe bench that the provincialgovernment instructed him tomake the statement that it hadnot received any application sofar for the grant of mining leasefrom any of the companies.

He said the provincial gov-ernment through its competentauthority would not take anydecision with regard to thegrant or otherwise of the min-ing lease, if applied for duringthis period.

The bench said it would notdispose of the application, ifsubmitted until the decision ofthis Court subject to all justexceptions.

Similar stand was also takenby Mazhar Ali deputy attorneygeneral, representing theGovernment of Pakistan.

The bench also noted in itsorder that in the interest of

See # 7 Page 11

SC bars leasetill judgment

See on Page 12

‘Business in Pak’

Conferenceto be held

on 10thLONDON: A conference toidentify opportunities for doingbusiness in Pakistan is beingjointly organised here onFebruary 10 by the UK Tradeand Investment and PakistanHigh Commission.

The event will take place atthe Lancaster House wherePakistan's Minister forInvestment Saleem Mandiwalaand British Minister for Tradeand Investment Lord Greenwill be the key note speakers.

High Commissioner forPakistan to the UK WajidShams-ul Hasan and his Britishcounterpart in Islamabad AdamThomson will also address theconference.

The event will highlight busi-ness opportunities in Pakistanfor the UK companies. Over100 UK companies are already

See # 6 Page 11

Nawaz Ali

KARACHI: The longstandingdemand of the brokers of stockexchange is finally fulfilled asmuch-awaited Margin TradingSystem (MTS) would be avail-able for the investors fromFebruary 21st (Monday).

Some reliable sources told'The Financial Daily' that feder-al finance minister AbdulHafeez Shaikh would inaugu-rate MTS on Feb 19 and then itwould be available for theinvestors from Feb 21.

Further, Chairman Securities& Exchange Commission ofPakistan (SECP) MohammadAli would visit the KarachiStock Exchange (KSE) nextweek where he would attendthe meeting of the board ofdirectors of the exchange andthe launch of MTS would beannounced.

Further, he will also meet themembers of the exchange.

The draft of MTS after get-ting approval from finance andlaw ministry was pending forapproval from the apex regula-tor which according to sourceswould inform the KSE manage-ment regarding the approval in1-2 days.

It is worth mentioning thatstock market has been function-ing without leverage productssince more than a year after theearlier system CFS MK-II wasrolled back.

In the absence of leverageproduct the volumes remainedlackluster and brokers' earningstoo witnessed a substantialdecline therefore market partic-ipants were anxiously waitingfor a leverage product.

Also according to expertsmarket lost its depth due to

See # 5 Page 11

Margin Tradingfinally gets a yes

Shaikh to meet KSE BoD on 19th

Gilani assures end topolitical witch-hunt

Karachi, Friday, February 4, 2011, Safar-ul-Muzaffar 30, Price Rs12 Pages 12

MQM stillreluctanton RGST

ISLAMABAD: MuttahidaQaumi Movement (MQM) hasclarified after a meeting withthe government delegation thatflood surcharge and RGST(Reformed General Sales Tax)are not acceptable at any cost.

Addressing a news confer-ence along with FederalFinance Minister Abdul HafizShaikh, Dr Farooq Sattar askedthe government to implementover the nine-point economicagenda of their party, addinggovernment should imposeindirect taxes instead of directduties.

A government's economicteam under the headship ofAbdul Hafiz Shaikh held nego-tiations with MQM, whichrejected the imposition ofRGST and floods surcharge.

Dr Farooq Sattar said that theone-sided agenda by the gov-ernment would not be allowedto pass from the parliament asnew taxes further increase themiseries of masses alreadypressed with unemployment,load shedding, and inflation.

He further stated that MQMwould give recommendationsin the coming week meetingthrough which the governmentcould collect Rs12 billiontaxes. Dr Shaikh on the occa-sion said that the present gov-ernment is running with the

See # 13 Page 11

Mid review of trade policy 2009-12

Rekodiq Mining Case

2 Friday, February 4, 2011

Staff Reporter

KARACHI: Sui SouthernGas Company (SSGC) hasposted impressive Rs4.4billion profit during 2009-10 but a repeat perform-ance is possible only ifevery employee of thecompany rises to myriadchallenges that confrontthe Company, said Dr.Faizullah Abbasi,Managing Director.

In an elaborate presen-tation to the senior man-agement, regional, zonaland sub-zonal managers,Dr. Abbasi talked aboutthe achievements madethe Company has chal-lenges it is confrontedwith and structuralchanges made to reinvigo-rate the Company.

He said that the entireworkforce of the Companyis committed towards tak-ing on the challenge ofUFG but stressed the needfor out of the box approachto turn around the compa-ny.

Dr. Abbasi dilated on theextensive bottom-up orga-nizational restructuringplan developed last yearand reiterated that the chal-lenge now lies in imple-menting the plan and indoing so ensuring effectivecontrol, operational effi-ciency and accountability

for the primary objective ofpinning down UFG.

Dr. Abbasi's presentationalso focused on a numberof other achievements ofSSGC during the past oneyear including inking oftwo agreements worth Rs2billion with theGovernment of Sindh forgasification of towns andvillages of Sindh as well asexpeditious implementa-tion of LPG-Air Mix Plantsfor providing gas to remoteareas of Sindh andBalochistan.

Giving a generaloverview of the Company'sachievements, the MD saidthat the Company has setup a RemedialManagement Unit (RMU)to deal with overduereceivable and payables oflarge industrial customerssuch as KESC. He said thatdespite the fact that receiv-ables with KESC have bal-

looned to Rs25 billion,SSGC remains committedtowards providing maxi-mum gas supply to KESCto give Karachiites relieffrom power outages. TheMD also added that SSGCregularly takes industriesand trade bodies into confi-dence on a number of gasrelated issues and pointedout that a working relation-ship between the two isimportant for keeping thewheels of industrializationmoving.

The MD said that there isevery reason to be opti-mistic about the brightfuture of SSGC since thefruits of restructuring areemerging. With greaterawareness of burningissues such as UFG, pres-ence of a committed work-force comprising of old,experienced hands and newtalent and greater interac-tion of workers and techni-cians with the managementfor improving operationalefficiency.

He also appreciated theefforts of Azim IqbalSiddiqui, DMD (South),Syed Hassan Nawab, DMD(North) and MohammadHashim, Special ProjectDirector (Coordination andSpecial Projects) in mobi-lizing the entire workforcefor the attainment of orga-nizational objectives.

SSGC chief for outof box approach toquell challenges

Completion of one year of Dr Abbasi

ISLAMABAD: Ministerof State forCommunication, ImtiazSafdar Waraich said thatNational HighwayAuthority (NHA) councilhas given approval of re-appointment of ChairmanNHA Altaf Chaudhry oncontract basis whileEstablishment division hasissued notification in thisregard.

During question hour inSenate session here onThursday, Minister of Statefor Communication, ImtiazSafdar Waraich told theUpper House that the serv-ice tenure of ChairmanNHA Altaf Chaudhry wascompleted on 30November 2010 and NHAhas approved his re-appointment on contractbasis.

He denied the news ofsending Chaudhry Altaf onforce leave. He told theHouse that the court hasexonerated Chaudhry Altafin 'Sher Shah BridgeKarachi' case.

Answering to question hesaid that Rs 70 million hasreleased for purchase ofland for construction ofHasanabdal Mansehra

Expressway while the con-struction work on the proj-ect would be started soon.

He said that Lyari tunnelproject is very importantand it would be completedsoon. He further told that43 percent work of theproject has been completedwhile Rs 5.7 billion haveexpended on the projectand more Rs 3 billion havebeen estimated for accom-plishment of the project.

On this juncture, theSenators belonging toBalochistan protestedagainst the construction ofroads in the province atslow pace while ImtaizWaraich replied that recentdevastating flood andworsening law and ordersituation in the provincebadly affected the develop-ment work in the province.

He further said that theengineers of NHA wereabducted from Balochistanwhile the engineers ofother companies refused tocarry on construction workin the province. He saidthat now contracts of roadconstruction inBalochistan, are beinggiven to local companies.-Online

NHA rehires chairman

on contract

Senate told

ISLAMABAD: Ministerof State for RailwaysMuhammad Afzal Sindhuon Thursday said 180 outof 500 locomotives ofPakistan Railways' exist-ing fleet were not operat-ing due to non-availabilityof spare parts required formaintenance.

"180 locomotives areheld up in Loco Sheds dueto paucity of funds, forwhich Pakistan Railwayshas demanded an amountof Rs6.1 billion from the

government," he said dur-ing the Question-Hour ses-sion of the NationalAssembly.

The minister said PR hadsufficient capacity formaintenance of locomo-tives at its six workshopsand factories working inRisalpur, Rawalpindi,Lahore, Karachi,Islamabad and Lahore.He said serious effortswere being made torevamp the Railways andmake it a profit-earning

entity.He said suggestions from

Parliamentarians would bewelcomed for improve-ment in efficiency ofRailways and to providemaximum facilities to pas-sengers at reasonablefares.

Afzal said doubling oftrack from Lodhran toSahiwal had been complet-ed, while work on Lahore-Sahiwal section was inprogress which wouldensure timely arrival and

departure of trains. Hesaid 175 new coaches hadbeen imported and induct-ed in the Mail and Expresstrains to strengthen thefleet to cope with the newdemand of the travellingpublic.

"First class sleepercoaches replaced with 124air-conditioned boggieswill be attached with vari-ous trains to cater to theneed of passengers duringthe summer season," hesaid.-APP

180 locomotives non-operational for

want of spares: Sindhu

ISLAMABAD: AlternativeEnergy Development Board(AEDB) and the AsianDevelopment Bank (ADB)jointly launched aRenewable EnergyGuarantee Facility forPakistan. The facility willprovide in aggregate up to$200 million equivalent inguarantees to help mobilizecommercial debt fromdomestic and internationallenders needed to financewind and other RenewableEnergy (RE) power plants(Projects)in Pakistan. Suchfinance would otherwise betoo costly or simply notavailable due to currentmarket concerns about 'off-take' risks associated withthe power sector inPakistan.

The Facility will speed upthe pace of development of

RE sector in Pakistan.The Renewable Energy

Guarantee Facility will sup-port the Government'sRenewable EnergyDevelopment SectorInvestment Program beingimplemented by AEDB.

The Facility will support'shovel ready' wind andother renewable energyprojects operated by inde-pendent power producers(IPPs), which should have acumulative generatingcapacity of 150MW to250MW by the end of 2015.

Guarantees issued byADB will help internationaland local banks make loansto the IPPs for amounts ofbetween $15m and $120mequivalent with tenors of upto 15 years that are denomi-nated in PKR or USD.

Each guarantee, howev-

er, will be carefully tar-geted so that it only cov-ers the risk of nonpay-ment by an IPP of sched-uled principal and interestunder the loan as a resultof nonpayment by CPPAof amounts due underenergy purchase agree-ments (EPAs) for energydelivered or energy thatcould have been deliveredbut was not taken.

AEDB will acceptPreliminary Applicationsfrom RE Project sponsors(or their authorizedagents) that have a validLetter of Intent (LOI)from AEDB, have an IPPsite allocation endorsed byAEDB and are expected tomeet the eligibility criteriaapplied by AEDB andADB. These will beaccepted until.-Agencies

AEDB, ADB launchrenewable energyguarantee facility

ISLAMABAD: TheFederal Minister ofPetroleum and NaturalResources Syed NaveedQamar met with the VicePresident of NikoResources (Pakistan) Ltd.Larry fisher who called onhim here on Thursday andbriefed about his compa-ny's work underway inPakistan in the four off-shore blocks.

Syed Naveed Qamar waspleased to know that thecompany had carried outwork over and above their

work commitment.He noted with apprecia-

tion that the seismic pro-cessing undertaken by thecompany was up to themark and that the resultswere shared with the tech-nical experts of other com-panies as well such asOGDCL, ENI and PPL.

Syed Naveed Qamarasked the company to drillone exploratory well in thenext weather window towhich they agreed to.Offshore drilling costs morethan $40 million.- NNI

Qamar meetsNiko official

TEVTA,IM imparttechnical

training tostudents

LAHORE: TechnicalEducation and VocationalTraining Authority (TEVTA)in collaboration with IndusMotors (an industry leader inthe automotive sector) isimparting technical trainingto the students which is thebest example of PublicPrivate Partnership (PPP).

According to press releaseissued here on Thursday, inthis venture, Indus Motorshas provided technical know-how and modern machinesfor training to studentsaccording to the needs ofIndustry. It was stated byChairperson TEVTA SaeedAhmad Alvi addressed theteachers and students on theoccasion of 8th Toyota-Technical Education ProgramCareer Day.-Online

Work starts oncomputerized

electoralrolls-2011

ISLAMABAD: ChiefElection Commissioner ofPakistan, Justice (Retd)Hamid Ali Mirza presidedThursday a high-levelmeeting for preparation ofaccurate computerizedElectoral Rolls-2011.

The meeting was attend-ed by Chairman NADRA,Ali Arshad Hakeem,Deputy ChairmanNADRA, Tariq Malik andhis team for ECP-NADRA.

Secretary, ElectionCommission of PakistanIshtiak Ahmed Khan,Provincial ElectionCommissioners, JointSecretaries of ECPSecretariat and senior offi-cers of the ECP were alsopresent in the meeting.

The CEC announced thatthe ECP would prepareElectoral Rolls-2011 in col-laboration with NADRAaccording to the newCensus Blocks devised byCensus Organization andthat ground work forpreparation of ElectoralRolls should start immedi-ately.- NNI

SMEexportersto Egypt

in turmoilTFD Report

KARACHI: The Union ofSmall and MediumEnterprises (UNISAME)has urged the DirectorSME Department StateBank of Pakistan (SBP) todirect the commercialbanks to facilitate the SMEexporters by purchasing ordiscounting bills drawn onbuyers of Egypt as due toclosure of banks in Egypttheir funds are blocked andthey need finance to con-tinue their business.

President UNISAMEZulfikar Thaver said it isalmost a week that thebanks in Egypt are closed.

‘Govt shouldtake notice ofKESC, SSGC

affairs’Staff Reporter

KARACHI: The industryleaders have sharply react-ed over KESC's decision toresort 12-hour load-shed-ding in Industrial areas dueto less supply of gas fromSSGC and termed it sheerinefficiency and negligenceon the part of utilities'agencies and the regulatorybodies.

Patron In-Chief , KorangiAssociation of Trade andIndustry, S M Muneer,Chairman, Syed Johar AliQandhari and Member ofGovernor Sindh'sMonitoring Committee,Mian Zahid Husain saidthat it is becoming a prac-tice by the utilities agenciesto create crisis of gas andelectricity due to their inef-ficiency due to whichindustry in particular andnational economy in gener-al have to suffer huge mon-etary and production losses.

Exports toEgypt, Tunisiaaffected: Baig

Staff Reporter

KARACHI: Dr MirzaIkhtiar Baig, Advisor toPrime Minister on Textilesinformed that he hasreceived representationfrom various textileexporters expressing theirconcern on decline inexports of their textileproducts to Egypt andTunisia due to the ongoingturmoil and political unrestin those countries. Pakistanexports of textile to Turkeyhas already been affecteddue to their proposal toimpose safeguard measureson export of Pakistan fab-rics and garments andexpected a loss of aboutUS$400 million if said pro-tective duties are imposed.

America has signed FTAagreement with Moroccoand Egypt to export duty freetextile products from thesecountries to USA andPakistani fabrics qualifies forexporting duty free garmentsfrom Egypt and Morocco toUSA. However, Dr Baig saidit is a temporary effect andwith the stabilization of thepolitical situation in Tunisiaand Egypt the exports willresume. Regarding Turkeyhe said that government ofPakistan is taking up the mat-ter with Turkish authoritiesto exclude Pakistan from thelist of countries proposed forimposition of safeguardmeasures.

FPCCIhails PM

for settingFed Export

BoardTFD Report

KARACHI: KhalidTawab, Dawood UsmanJakhura and MuhammadUsman Sheikh, VicePresidents, FPCCI havecommended the initiativeof the Prime Minister ofPakistan for the constitu-tion of Federal ExportDevelopment andPromotion Board.

They said that this forumwould motivate thePakistani exporters whodespite economic difficul-ties and energy shortageshad shown resilience andworked hard to enhanceexports during the previousand current financial yearwhich helped the countryin minimizing the econom-ic difficulties and strength-en its balance of payments.

They added that the lead-ing exporters of Pakistan invarious sectors may also beinvited in the meetings andbe made members ofFEDPB to give their pro-posals and views to furtherboost exports.

These steps would notonly help Pakistan achieveits export targets and alsosupport the declaration ofPrime Minister calling"2011 as the year ofexports".

KCCIworking

for cancereradicationKARACHI: World cancerday is being observedtoday. According to Ateequr Rehman, Advisor toKCCI, the chamber isworking for "Child CancerEradication" for the pastthree years. In a statementhe said: 'There is animmense need of aware-ness and prevention. Wehave to intensify the exist-ing efforts, risk factors,diagnosis and treatment.Lets cure cancer fromPakistan".-PR

Govt set toeradicatecancer:

SharmilaStaff Reporter

KARACHI: SharmilaFaruqui SecretaryInformation PakistanPeoples Party Women Winghas said that the presentdemocratic government hassetup cancer control centresin all big cities of Pakistanto eradicate cancer from theSociety. This she said in herstatement on InternationalDay of Cancer.

She expressed her con-cerns over growing num-ber of patients, sufferingfrom breast cancer andsaid that according to anestimate there were 90,000female patients of breastcancer, however, the pres-ent democratic govern-ment under the leadershipof President Asif AliZardari is taking all possi-ble efforts to reduce cancerincidents in the society.She added that due tounawareness, the diseasewas on rise among women.

KRARCHI: Arif Suleman, President Pak-Thai Friendship Association & Business

Forum, presenting a memento to the Ambassador of Thailand Marut Jitpatima at a

lunch hosted by Arif Suleman. Also seen in the picture are Udom Sapito,

Consul-General of Thailand Polapat Neelabhamorn, General Manager Pakistan Thai

Airways International and other members of the forum.-Staff photo

ISLAMABAD: Federal Minister for Food and

Agriculture Nazar Muhammad Gondal addressing a

press conference on "Food Security in Pakistan".-APP

ISLAMABAD: Federal Minister for Petroleum and

Natural Resources, Syed Naveed Qamar meeting with

Muhammad Yosuf Chand, Honorary Investment

Counselor in Germany.-APP

ISLAMABAD: Ms Shahnaz Wazir Ali, Special Assistant

to Prime Minister on Social Sector inaugurating the

project "Women Leadership in Reproductive Health

and Development (WLRHD)" at a ceremony.-APP

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with parliamentarians at Parliament House.-APP

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ZURICH: The Swiss franc fellagainst the euro and the dollar onThursday as traders stayed cau-tious ahead of speeches from theheads of the European CentralBank and the US FederalReserve later in the day.

The euro could gain even moreif Federal Reserve ChairmanBen Bernanke, who is due tospeak only a few hours afterECB chief Jean-Claude Trichet,reaffirms that the bank's policy isstill focusing on boostinggrowth.

Spain is set to auction 3 to 4billion euros of 2013 and 2016bonds, and strong demand forthe issues could give a furtherboost to the euro as fears of dete-rioration in the euro-zone debtcrisis ease.

The franc has come underpressure against the euro latelyas the spread of short moneymarket rates widened withrespect to the single currency,increasing the relative attractive-ness of the euro.

"With the ECB decision forth-coming and following the latest'hawkish' comments from vari-ous ECB members, it comes as

no surprise that markets and weare focusing on the Swiss francmoney market rates for now,"said UBS economist RetoHuenerwadel in a research note.

"From a low of around 60basis points in the one-year, theeuro franc spread more than dou-bled to close to 130 basis pointsin early '11," Huenerwadel said.

Nonetheless, he said thespread did not look sustainablein the longer term. A decline inthe spread will make the euroless attractive against the franc.

The franc was 0.2 per centlower against the euro comparedto the New York close, trading at1.3000 francs per euro at 0813GMT. The franc fell 0.2 per centagainst the dollar to 0.942 francsper dollar. -Reuters

Swissie falls vs dlr,euro ahead of ECB, Fed

3Friday, February 4, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 03/02/2011

A USD GBP CAD EUR JPY

O/N 0.23700 0.55688 0.95917 0.48125 SN 0.11063

1WK 0.25300 0.57313 1.00083 0.81250 0.11750

2WK 0.25800 0.57813 1.03667 0.83750 0.11813

1MO 0.26300 0.60438 1.08000 0.84938 0.13000

2MO 0.28750 0.67188 1.14917 0.90750 0.15563

3MO 0.31050 0.79063 1.21000 1.03250 0.19000

4MO 0.34950 0.87063 1.27833 1.09500 0.24438

5MO 0.40800 0.97438 1.34083 1.17875 0.30125

6MO 0.46125 1.09250 1.40917 1.27125 0.34625

7MO 0.51400 1.16975 1.49417 1.32625 0.39500

8MO 0.56600 1.25500 1.56750 1.38688 0.44313

9MO 0.62200 1.33813 1.63000 1.44125 0.48750

10MO 0.67500 1.41688 1.72250 1.49125 0.51438

11MO 0.72875 1.48500 1.80583 1.54125 0.54125

12MO 0.78860 1.55475 1.89917 1.60125 0.56750

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

U.S.A. 85.65 85.45 85.27U.K. 138.62 138.30 137.98EURO 118.10 117.83 117.54CANADA 86.68 86.48 86.25SWITZERLAND 91.07 90.86 90.62AUSTRALIA 86.47 86.27 86.04SWEDEN 13.33 13.29 13.26JAPAN 1.05 1.05 1.04NORWAY 14.96 14.93 14.89SINGAPORE 67.25 67.10 66.92DENMARK 15.84 15.81 15.76SAUDI ARABIA 22.84 22.79 22.73HONG KONG 11.00 10.97 10.94CHINA 13.06 13.03 13.00KUWAIT 306.17 305.45 304.65MALAYSIA 28.14 28.08 28.00NEW ZEALAND 66.10 65.95 65.78QATAR 23.52 23.47 23.40U.A.E. 23.32 23.26 23.20KR WON 0.08 0.08 0.08THAILAND 2.77 2.77 2.76

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3647 1.3649 1.3828 1.3646

USD-CHF 0.9489 0.9493 0.9496 0.9397

GBP-USD 1.6160 1.6163 1.6277 1.6157

USD-CAD 0.9883 0.9888 0.9896 0.9867

AUD-USD 1.0113 1.0115 1.0141 1.0091

EUR-JPY 111.6000 111.6400 112.8300 111.6200

EUR-GBP 0.8444 0.8448 0.8531 0.8442

EUR-CHF 1.2946 1.2951 1.3036 1.2944

GBP-JPY 132.2700 132.3300 132.9300 132.0000

CHF-JPY 86.2100 86.2600 86.8400 86.1900

Gold 1332.4300 1333.1000 1337.6500 1327.9800

As per 22.00 PST

Time Source Events Forecast Previous

All Day CNY Bank Holiday

17:00 CAD Employment Change 18.9K 22.0K

17:00 CAD Unemployment Rate 7.6% 7.6%

18:30 USD Non-Farm Employment Change 138K 103K

18:30 USD Unemployment Rate 9.5% 9.4%

18:30 USD Average Hourly Earnings m/m 0.2% 0.1%

20:00 CAD Ivey PMI 53.4 50.0

Source Events Actual Forecast Previous

NZD Employment Change q/q -0.5% 0.2% 1.0%

NZD Unemployment Rate 6.8% 6.5% 6.4%

AUD Trade Balance 1.98B 1.63B 2.08B

EUR Final Services PMI 55.9 55.2 55.2

GBP Services PMI 54.5 51.2 49.7

EUR Retail Sales m/m -0.6% 0.6% -0.3%

EUR Minimum Bid Rate 1.00% 1.00% 1.00%

USD Unemployment Claims 415K 420K 457K

USD Prelim Nonfarm Productivity q/q 2.6% 2.1% 2.4%

USD Prelim Unit Labor Costs q/q -0.6% 0.4% -0.1%

USD ISM Non-Manufacturing PMI 59.4 57.2 57.1

USD Factory Orders m/m 0.2% -0.2% 1.3%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada March 1, 2011 September 8, 2010 1%

Bank of England February 10, 2011 March 5, 2009 0.50%

Bank of Japan February 14, 2011 December 19, 2008 0.10%

European Central Bank March 3, 2011 May 7, 2009 1%

Federal Reserve March 15, 2011 December 16, 2008 0.25%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia March 1, 2011 November 2, 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, February 03,2011 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK

ABLN 12.10 12.60 12.25 12.75 12.60 13.10 13.30 13.55 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ASPK 12.00 12.50 12.40 12.90 12.65 13.15 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.80 14.30

CIPK 12.20 12.70 12.40 12.90 12.55 13.05 13.40 13.65 13.60 13.85 13.80 14.30 13.90 14.40 14.10 14.60

DBPK 12.40 12.90 12.65 13.15 12.70 13.20 13.30 13.55 13.50 13.75 13.55 14.05 13.65 14.15 13.80 14.30

FBPK 12.05 12.55 12.35 12.85 12.70 13.20 13.45 13.70 13.60 13.85 13.70 14.20 13.85 14.35 13.90 14.40

FLAH 12.25 12.75 12.50 13.00 12.75 13.25 13.40 13.65 13.50 13.75 13.60 14.10 13.75 14.25 13.90 14.40

HBPK 12.10 12.60 12.40 12.90 12.75 13.25 13.40 13.65 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40

HKBP 12.10 12.60 12.40 12.90 12.75 13.25 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

NIPK 12.10 12.60 12.50 13.00 12.90 13.40 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.70 14.20

HMBP 12.25 12.75 12.60 13.10 12.85 13.35 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

SAMB 11.90 12.40 12.30 12.80 12.75 13.25 13.30 13.55 13.50 13.75 13.50 14.00 13.75 14.25 13.85 14.35

MCBK 11.90 12.40 12.30 12.80 12.60 13.10 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 12.00 12.50 12.25 12.75 12.50 13.00 13.40 13.65 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

UBPL 11.80 12.30 12.40 12.90 12.70 13.20 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

AVE 12.08 12.58 12.39 12.89 12.70 13.20 13.38 13.63 13.52 13.77 13.64 14.14 13.77 14.27 13.87 14.37

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/02/2011

Period AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF

1 week -0.51 0.23 0.48 -0.02 -0.69 -0.79 -0.45 0.811 month 0.30 0.46 0.75 0.84 0.37 0.48 0.60 -0.913 months 0.50 0.33 0.54 0.76 0.36 0.56 0.05 -0.396 months 0.69 0.32 0.71 0.93 0.54 0.62 -0.44 -0.691 year 0.18 0.60 0.78 0.69 0.00 -0.02 -0.20 -0.012 years -0.32 0.67 0.65 0.54 -0.05 -0.32 0.41 0.20

Currencies CorrelationEUR/GBP

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.35 12.30 12.30 12.20 12.65 12.35 12.36

8-15dys 12.65 12.60 12.60 12.60 12.75 12.65 12.64

16-30dys 12.70 12.80 12.80 12.70 12.90 12.85 12.79

31-60dys 13.10 13.10 13.08 13.08 13.20 13.15 13.12

61-90dys 13.37 13.35 13.38 13.38 13.38 13.38 13.37

91-120dys 13.50 13.50 13.45 13.50 13.50 13.50 13.49

121-180dys 13.52 13.56 13.54 13.61 13.55 13.58 13.56

181-270dys 13.60 13.65 13.66 13.70 13.65 13.65 13.65

271-365dys 13.75 13.70 13.76 13.74 13.75 13.75 13.74

2-- years 14.08 14.10 14.10 14.00 14.05 14.00 14.06

3-- years 14.18 14.25 14.23 14.23 14.22 14.22 14.22

4-- years 14.18 14.25 14.24 14.25 14.22 14.20 14.22

5-- years 14.22 14.28 14.26 14.26 14.23 14.23 14.25

6-- years 14.23 14.30 14.29 14.28 14.30 14.27 14.28

7-- years 14.24 14.30 14.32 14.30 14.35 14.33 14.31

8-- years 14.25 14.25 14.25 14.30 14.23 14.26 14.26

9-- years 14.26 14.15 14.19 14.20 14.20 14.21 14.20

10--years 14.27 14.27 14.27 14.29 14.25 14.29 14.27

15--years 14.60 14.45 14.60 14.65 14.55 14.70 14.59

20--years 14.80 14.60 14.75 14.90 14.75 14.85 14.78

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for February 03, 2011

NEW YORK: The euro fell broadly onThursday and could extend weaknessafter European Central Bank PresidentJean-Claude Trichet threw cold water onmarket expectations euro-zone interestrates would rise anytime soon.

Trichet, speaking after the ECB's deci-sion to keep interest rates at a record low1 per cent as expected, said euro-zoneinflation expectations remain "firmlyanchored" and inflationary pressures overthe medium to long term "should remaincontained."

His comments disappointed investorswho had expected a more hawkish state-ment after recent inflation data came inabove forecast. Expectations the ECBwould lift interest rates sooner than theFederal Reserve had boosted the eurorecent weeks.

The euro fell nearly 2 cents on the day

to near $1.36, moving further away froma 12-week high of $1.3862 set onWednesday. Key support now lies at$1.3570, this week's low, and a breakwould open thedoor for a slidebelow $1.35.

"Trichet failedto deliver onexpectations fora hawkish state-ment," saidR i c h a r dFranulovich, senior currency strategist atWestpac in New York. "He merely repeat-ed what he said in January, which is thatinflation risks are balanced but couldmove to the upside. The markets wereclearly looking for something moreaggressive than that."

The euro fell as low as $1.3616 on trad-

ing platform EBS and was last at $1.3645,down 1.1 per cent.

Interest rate futures imply an 80 percent chance of a 25 basis point rate

increase by August. Before the meeting,the market was fully pricing in a rate hikeby then.

The euro lost 1.2 per cent to 111.24 yen.It also traded sharply lower versus theSwiss franc and sterling.

Adding to broad strength in the dollarwas data showing the US services sector

grew in January at its fastest pace sinceAugust 2005 while new US claims forunemployment benefits fell sharply lastweek.

US short-term interest rates futures sug-gest traders have raised their expectationsthat the Fed could raise rates at the end ofthe year in a bid to keep a lid on inflation.

Investors' attention now shifts toFederal Reserve Chairman BenBernanke, who is due to speak at 1730GMT. Some traders said the euro couldrebound if Bernanke reaffirms the Fed'sfocus on boosting growth.

The US government will releaseJanuary nonfarm payrolls data on Friday.The dollar was last little changed at 81.58yen, while an index of the dollar versus abasket of six currencies, rose 0.7 per centto 77.689, rebounding from a 12-weeklow of 76.881 set on Wednesday. -Reuters

Euro drops sharply as ECBdampens rate hike hope

MOSCOW: The rouble hit afresh nine-month peak againstthe dollar on Thursday as oilrose to its highest level sinceSeptember 2008, potentiallyboosting revenue for the world'sbiggest crude producer.

The Russian currency closed 8kopecks firmer at 29.38 per dol-lar, having earlier hit 29.27 -- itsstrongest since May 2010.

Versus the euro, the roubleappreciated 51 kopecks, or 1.3per cent -- its biggest one-daygain in nearly nine months -- tohit a two-week peak of 40.16.

The move came as Brent crudeprices rose 0.7 per cent to top$103 after violent clashes inEgypt raised concern about sup-ply disruptions and unrest acrossthe Middle East.

Analysts said an outflow ofcapital in January, which hadbalanced the effect of high oilprices, appeared to have sub-sided. Exporters also appearedto have stepped up rouble pur-chases, they said.

"It seems that the market hasreturned to its normal state forsuch a high oil price," said AntonNikitin, an analyst at RenaissanceCapital. "Exporters have comeback to life, money from non-res-idents has begun to flow and theseasonal outflow of capital, tradi-

tional for January, has ended."The rouble's seven day correla-

tion with Brent was at itsstrongest since mid-January,according to Reuters data, withhigher oil prices pushing up theRussian unit versus the dollarwith a 63 per cent probability.

"The main driver is the oilprice, but the investment andspeculative interest in Russiamay also come as an alternativeto Middle East markets where thesituation is tense," said a dealer ata major Western bank in Moscow.

Versus the euro-dollar basket,used by the central bank to mon-itor the exchange rate, the rou-ble gained 27 kopecks to 34.22 -- its strongest since August2010, and entering the territorywhere the central bank carriesout small-scale daily sales ofdollars to smooth out currencymarket volatility. "Real ratherthan speculative currency flowshave begun to dominate, whichis having a positive effect," saidMaria Pomelnikova, an analystat Trust bank.

"This may be due to an increasein the flow of export revenuesand a fall in capital outflow," shesaid. Most analysts agree thatRussia's economic fundamentalssupport further rouble apprecia-tion in the medium term. -Reuters

Rouble at new 9-mthhigh as oil tops $103

MUMBAI: The rupee endedlittle changed on Thursday withsupport from upbeat domesticshares, but dollar demand fromoil importers prevented gains inthe local unit.

The partially convertiblerupee ended at 45.60/61 perdollar, little changed from45.62/63 per dollar at close onWednesday. It had fallen to45.65 in early trade.

"The Sensex was strongtoday and the trade deficit fig-ure also is good for rupee, butcrude and inflation figure isworrying and so it seems thatthe market is confused," saidHari Chandramgathan, a seniorforeign exchange dealer withFederal Bank. Bargain huntinglifted Indian shares for a sec-ond day on Thursday after the

market had skidded more than12 per cent since the start ofJanuary, but traders said thebounce may be short-lived onrisk averse global sentiment.

India's food inflation acceler-ated for the second straightweek on rising prices of onionsand petrol, while trade deficitin December narrowed to $2.6billion in December comparedwith $8.9 billion in November.

"The December trade datawas a huge positive. Now thequestion is whether it sustainsor not," said Ananth NarayanG., head of fixed income, cur-rencies and commodities SouthAsia at Standard CharteredBank. Dealers said theyexpected the rupee to remainrangebound in the near term.

"I expect the rupee to trade in

a range of 45.40/46.20 duringthis month," Chandramgathanof Federal Bank said.

Foreign investors havepulled out $1.5 billion fromIndian shares since the start ofJanuary following high infla-tion and rate increases.

One-month offshore non-deliverable forward contractswere quoted at 46.77, weakerthan the onshore spot rate,indicating a bearish outlook forthe rupee.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange wasat 45.7875 per dollar whilethose on MCX-SX and UnitedStock Exchange ended at45.79. Total traded volume was$4.4 billion. -Reuters

Indian rupee endssteady; outlook ranged

SYDNEY/WELLINGTON: The Australiandollar was boosted by stronger-than-expectedtrade numbers on Thursday, a big positive forthe economy and a stark contrast to its NewZealand neighbour which shed half a cent onThursday following a surprise jump in unem-ployment.

The Australian dollar edged up at $1.0104, offan overnight low of $1.0055. It hit a session highof $1.0122 when trade data showed a surplus ofA$1.98 billion in December against a forecast ofA$1.6 billion. Australia boasted its ninth straightmonth of sizable trade surpluses as demand fromChina kept key commodity prices at dizzyingheights, while dire weather had less impact onshipments than feared.

The Aussie also received a boost from build-ing approvals, which showed a big jump of 8.7per cent in December, beating a forecast of 1.8per cent. "We've seen better economic data byway of building approvals and that seems tohave buoyed the Australian dollar," said GavinStacey, head of Australia and New Zealandresearch at Barclays Capital.

"The market has taken a positive cue fromthose events."

Financial markets will now focus on theReserve Bank of Australia's quarterly monetarypolicy due on Friday. Investors will look for

more clues on the bank's assessment of the glob-al economy and its reaction to lower-than-expected local inflation.

Support is now seen from $1.0053 with astronger bulwark set just below parity, while onthe topside resistance begins at $1.0152 ahead of$1.0183.

The New Zealand dollar recouped some lossesafter diving more than half a cent to a sessionlow of $0.7716 following poor jobs data onThursday. The unemployment rate jumped to 6.8per cent, against an expectation of an unchangedat 6.4 per cent, as jobs were shed amid a slug-gish recovery.

The kiwi, which traded around $0.7725 in latesession, had struck a two-month high of $0.7825on the back of a commodity price rally onWednesday.

After breaking through support at $0.7744, thekiwi base was now seen at $0.7700 with initialresistance at Wednesday's high.

Against the euro, the NZ dollar fell toNZ$1.7857 from NZ$1.7730 before the data.The kiwi also weakened against the yen after thedisappointing job data.

Market pricing for the next rate hike waspushed back to October, as implied probabilityfor July fell to 44 per cent and September toabout 88 per cent from fully priced. -Reuters

Aussie lifted by solidtrade, kiwi hit by jobless

LONDON: Sterling pared gainsversus the dollar on Thursday ina move driven largely by a sharpdrop in the euro after EuropeanCentral Bank President Jean-Claude Trichet dampened expec-tations for a rate hike in the euro-zone.

Trichet's comments, whichcame after the ECB's decision tokeep interest rates at a recordlow 1 per cent as expected, dis-appointed investors who hadexpected a morehawkish statementafter recent infla-tion data came inabove forecast.

The pound hadrisen to a three-month high versusthe dollar in morn-ing trade after UK services PMIdata came in above expectations,bolstering the case for higherinterest rates in the UK.

The euro traded down aroundone per cent at a two-week lowof 84.39 pence, falling below its200-day moving average around84.56.

"Cable has been dragged lowerby a fall in euro/dollar this after-

noon, but we expect it to remainwell bid. Our year-end target is$1.70," said Chris Turner, headof currency strategy at INGCapital Markets.

Sterling traded down around0.3 per cent at $1.6140 in after-noon dealing after rising as highas $1.6279 on the UK PMI data.

"We see further modest upsidepotential toward the mid $1.60s -based on the BoE followingthrough with a rate hike, possi-

bly as early as May," said LeeHardman, currency strategist atBTM-UFJ.

Activity in Britain's dominantservices sector expanded at itsfastest pace in eight months inJanuary as business recoveredafter December's snow disrup-tion.

Thursday's purchasing man-agers' survey from Markit/CIPS

also showed a record jump ininput cost inflation in the servic-es sector, which is likely toworry Bank of England policy-makers who hold their rate-set-ting meeting next week.

"We would hesitate at thisstage to say that the recovery isback on track. With so muchuncertainty about the underlyingpace of growth, we still doubtthat the MPC will want to risktightening policy prematurely."

said VickyR e d w o o d ,Senior UKEconomist atC a p i t a lEconomics.

I m p l i e dinterest ratefutures based

on overnight index swaps werealmost fully priced for a 25 basispoint rate rise in May, up fromaround 40 per cent last weekafter a shock 0.5 per cent con-traction in UK fourth quartergross domestic product.

Markets are also pricing in an18 per cent chance that the BoEwill hike rates as early as nextweek. -Reuters

Sterling pares gains vs dlr,driven by weaker euro

Trichet: inflation expectations remain firmly anchored

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Mr minister,dot your i’s

cross your t’sThis is just to remind the honourable Minister

for Labour and Manpower and ReligiousAffairs Syed Khurshid Shah load shedding ofgas is the outcome of bad policies followed bythe present government. This has led to theimport of 225,000 tonne urea due to closure offertiliser plants, forcing the local manufacturersto increase urea price. It is also necessary toclarify the most important point that fertilisermanufacturers don't get any subsidy becausethe ultimate beneficiaries are the farmers andthe public at large.

If the local fertiliser plants are supplied gas atinternational prices the cost per tonne of ureawould be above $400 as against the current costof $175. The minister is requested to avoidreferring to incorrect numbers. The govern-ment will have to bear the cost differential ofRs5 billion on the import of 225,000 tonnesdue to diversion of gas from fertiliser units topower plants. Had the country had to import theentire requirement of urea the total subsidypayable will work out to 86x200x7 millionrupees for a year.

Since the minister belongs to Sukkur and twolargest fertiliser manufacturing factories FaujiFertiliser and Engro Fertiliser, and the latestentrant Fatima Fertiliser are located within theclose vicinity, it was expected that he under-stands fertiliser industry dynamics better.However, his statement on the floor turned outa little disappointing. The benefit of doubt maygo to him as one can understand that the minis-ter must have read the written reply providedby the Ministry of Petroleum and NaturalResources, which he does not head.

This is also to remind the Minister that Marigas field was dedicated to fertiliser industry asback as in 2001 but one of the state-ownedpower plants is still getting gas from this field.Failure to rectify a bad decision has led to allo-cation of gas for Engro's 1.3 million tonneexpansion project from Qadirpur and curtail-ment of gas by 20 per cent to all the fertiliserplants getting gas from Mari field. As an elect-ed representative and member of the federalcabinet Shah Sahib must raise this issue on thefloor of national assembly and ensure discon-tinuation of gas supply to the power plant fromMari gas field.

We would also like to remind Shah Sahib thatSindh does not have the benefit of low costhydel power generation. However, the provinceenjoys two inherent advantages: 1) Thar coaltreasure and 2) presence of over 35 sugar mills.While exploitation of Thar coal is takingextraordinarily long the sugar mills can begiven status of independent power producers(IPPs) immediately. These mills can generateelectricity at a very low cost by burningbagasse. The added advantage is their locationin the rural areas facing the worst load shed-ding of electrify at present.

4Friday, February 4, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

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

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 172

Mujahid Alam

People in Pakistan are well and trulyfed up of the nonsensical mantraemanating over the last many years

from the West in general and USA in par-ticular for Pakistan to 'do more' in the so-called war on terror. The American andBritish media in particular, fed on leaksfrom official sources according to a setdesign, have led the hound pack in attack-ing Pakistan, in particular the Army andISI. We have been accused of not onlybeing soft in the fight against terrorism butalso for secretly supporting al-Qaeda andTaliban! Nothing could be more preposter-ous.

According to a CNN report late last yearquoting a senior NATO official, conve-niently timed before the latest round ofUS-Pak strategic dialogue, Osama BinLaden is living comfortably in a house innorth west Pakistan with his deputyAyman al-Zawahiri a close neighbor!"Nobody in al-Qaeda is living in a cave",said the official. Such ludicrous claims,without any shred of evidence, can onlymake CIA and western intelligence agen-cies a laughing stock of the world.However, we need not respond to suchcharges angrily or emotionally but we def-initely need to show the mirror to Americaand NATO. Their past performances needto be analyzed dispassionately and factsclearly pointed out. Two comparisons ofrelevance need to be made. One is regard-ing the western hunt for Radovan Karadicand Ratko Mladic, the Bosnian Serb lead-ers wanted for war crimes in formerYugoslavia and the second regarding US-Mexico border and America's futile effortsto stem drugs and arms smuggling. Anelaboration of both cases would be worth-while.

The US and western media continues tocriticize Pakistan for not doing enough toarrest Osama bin Laden and Ayman elZawahiri while repeatedly claiming thatour intelligence agencies know where bothof them are hiding. What is the US andEuropean track record in a somewhat sim-ilar case? While Osama bin Laden andAyman el Zawahiri have eluded capturefor almost nine years now, RadovanKaradic, the former Bosnian Serb politicalleader had thumbed his nose at the Westfor nearly 13 years until his arrest on July21, 2008 and that too by Serbian securityofficers, not NATO. Ratko Mladic the for-

mer Bosnian Serb military leader has stillnot been arrested after 15 years! Boththese leaders have been charged andindicted by the United Nations war crimestribunal at The Hague. They face numer-ous counts of genocide, crimes againsthumanity and violation of the laws of warin Bosnia-Herzegovina between April1992 and July 1995. There are 11 countsagainst Karadzic and 15 against Mladic,who commanded the Bosnian Serb army.The indictment says they were responsiblefor persecution of Bosnian Muslim(Bosniak) and Bosnian Croat civilians onnational, political and religious grounds.

Why did it take almost 13 years forRadovan Karadic to be apprehended andthat too by Serbian security not by NATOor the European Union Stabilization Force(EUFOR) based in Bosnia andHerzegovina? Why have NATO orEUFOR consistently failed to apprehendthe war criminal Ratko Mladic even 15years after his indictment? The geographyand terrain of Serbia, where Mladic ismost likely in hiding, is far less inhos-pitable than Afghanistan or northwestPakistan where Osama bin Laden andAyman el Zawahiri are alleged to be. Also,the size of Serbia is only 88,412 sq kmscompared to Afghanistan's 652,230 sq km!Even if we include 24,811 sq km ofRepublika Srpska with Serbia the totalarea is far smaller. If one excludes north-ern, western and central Afghanistan,(where Osama and Ayman are unlikely tobe), and include only eastern and southernprovinces of Kunar, Nangarhar, Paktia,Khost, Paktika, Zabul and Kandahar thetotal geographical area is 113,386 sq km.If one adds FATA of Pakistan, which is27,220 sq km, the area is much larger thanSerbia. It is also far more difficult in com-munication infrastructure and terrain.NATO and EUFOR are also equipped withmost advanced electronic, surveillanceand technological devices, compared toPakistan Army, yet they failed to appre-hend two Bosnian Serb war criminals.What justification do they have to criticizePakistan?

The second comparison relates to US-Mexico border and America's futile effortsto stem drugs and arms smuggling over thelast at least forty years. Pakistan has beenconsistently criticized for failing to controlits side of the border thereby allowingTaliban fighters to cross over intoAfghanistan, inflict casualties on ISAF

forces and cross back into Pakistan forsanctuary. A little bit of history would bein order with reference to Pak-Afghan bor-der and US-Mexico border to draw somerelevant conclusions.

The international border between US-Mexico is 3,169 km (1,969 miles) inlength and traverses a variety of terrains,ranging from major urban areas to deserts.It is the most frequently crossed interna-tional border in the world, with about 250million people crossing every year. Thereare currently 42 U.S.-Mexico bordercrossings. The border is guarded by morethan twenty thousand border patrol agents,more than any time in its history. Howeverthey only have "effective control" of lessthan 700 miles of the 1,969 miles of totalborder.

In November 2005, Department ofHomeland Security announced the launchof the Secure Border Initiative (SBI),multibillion-dollar program aimed atsecuring U.S. borders. This system hastwo main components: SBI net, whichemploys radars, sensors, and cameras todetect, identify, and classify the threatlevel associated with an illegal entry intothe United States between the ports ofentry, and SBI tactical infrastructure (TI),fencing, roads, and lighting intended toenhance U.S. Border Patrol agents' abilityto respond to the area of the illegal entryand bring the situation to a law enforce-ment resolution (i.e., arrest). As of January2010, CBP had completed roughly 643.3miles of fencing (344.8 miles of primarypedestrian fence and 298.5 miles of vehi-cle fence) along the Southwest Border.

For a period of time in the 1990s, UnitedStates Army personnel were stationedalong the U.S.-Mexico border to help stemthe flow of illegal immigrants and drugsmugglers. These military units broughttheir specialized equipment such as FLIR(forward looking infrared) devices andhelicopters. It was very effective but tem-porary as the illegal traffic resumed assoon as the military withdrew. After theSeptember 11 attacks the United Stateslooked at the feasibility of placing soldiersalong the U.S.-Mexico border as a securi-ty measure. Some believe the whole U.S.-Mexico border could be sealed with as fewas 100 helicopters equipped with FLIRscopes, and a few hundred men equippedwith state of the art sensors, scopes, andother electronics. Another strategy sug-gests that the U.S. Military or Border

Patrol could easily eliminate 100% of ille-gal mainland crossings by placing a guardevery 500-1000 feet along the border withMexico, arguing that even this low tech,manpower intensive option would repre-sent a tiny fraction of the annual Defenseand Homeland Security budgets.

The Pak-Afghan border, commonlyknown as the Durand Line, is approxi-mately 2,640 km in length and is poorlymarked. Since the geographic region in theDurand line is very mountainous, there isno separation barrier. Crossing the borderin large numbers or vehicles is only prac-tical in series of passes that lie in betweenthe mountains.

Why has the US consistently failed to

control the massive smuggling of drugs

and weapons and illegal human trafficking

across its border with Mexico that is virtu-

ally in its backyard? Why has it failed to

allocate adequate human and technical

resources to an apparently critical national

security issue? And what right does it have

to demand of Pakistan to control its much

more difficult border with Afghanistan

with far less resources than the US? This

does not by any means imply that we

should follow a policy of 'laissez faire' and

turn a blind eye to what is going on in our

border areas. We can and must do every-

thing humanly possible within our

resources to control any illegal activity.

This is in our interest. But our 'allies' must

also understand our limitations and, before

they criticize us again, also look at the mir-

ror and see what their track record has

been. Pakistan's armed forces, police and

civil population have given far more sacri-

fices than any other country. Our army in

particular has acquitted itself brilliantly

and we continue to be in the frontline.

Pakistan neither needs to be apologetic nor

come under undue pressure by external

forces to fulfill their vested interests. Next

time someone in the US feels the itch and

tells us to do more we should not hesitate

to tell America that it needs to do more

itself!The author has extensive experience

of working at United Nations,

diplomatic, government and military

jobs. He retired as Brigadier from

Pakistan Army before joining

the UN on full time basis.

Dear America, Do More!

Afshan Bangash

Her hat left lying in the square outsideLibyan Embassy for eleven dayswhile the British public mourned

the death of their 25 year old policewoman.She was shot dead in London's St James'sSquare while on duty during a protest out-side the Libyan Embassy. Unarmed and just5 feet 2 inches tall, Yvonne Fletcher haddied of gunshots apparently fired from twoSterling sub-machine guns from the firstfloor of the Libyan embassy, staffed by"Libyan students' revolutionary commit-tees" that had taken over, rather than profes-sional diplomats, with tacit content fromthe new revolutionary Libyan government.

Meanwhile, a news-reader on Libyanradio was telling his listeners how theembassy had been "stormed" and that thosein the building fired back in "self-defence"against "a most horrible terrorist action"

Following the shooting, the embassy wassurrounded by armed British police foreleven days, the longest police siege inLondon's history. Fletcher's hat and fourother police officers' helmets were left lyingin the square and the British Public watchedwith horror, the footages of these scenesrepeatedly broadcast on British and interna-tional TV channels for days.

Later the Lybian Head of State MuammarQaddaffi appeared on national TV andexpressed his 'disgust' over the fact that hisdiplomats were not being allowed 'diplo-matic immunity'. Unsurprisingly though,British strategy of seizure had already beenreciprocated by the Libyan soldiers whosurrounded Britain's embassy in Tripoli.

The British Government eventually hadto allow the Libyan embassy staff a safepassage and later "expelled" them from thecountry, breaking off all sorts of diplomaticrelations with Libya. Nobody was ever con-victed of Yvonne Fletcher's murder.

Years later, on 28th of january 2011, theechoes of armed violence, murder, self-defense and diplomatic immunity wereheard across the world again, in Lahore,Pakistan this time...Frozen with embarrass-ment, handcuffed and surrounded by policeand TV cameras, this was the 'AmericanRambo' giving his first appearance in theMagistrate's court charged with the murderof two Pakistani motorcyclists in broaddaylight in Lahore.

Washington says Davis is a member ofthe US embassy's "technical administrativestaff" and therefore entitled to "full criminalimmunity". Davis maintains he acted inlegitimate self-defense.

Lahore High Court on 1st of Februaryblocked any move to hand over to USauthorities an American governmentemployee under investigation for doublemurder, and put his name on the exit control

list. The U.S. consulate vehicle that rushedto the aid of Raymond Davis reportedlykilling a third Pakistani has not yet beenhanded over to Pakistani authorities, norany details provided about the three mensitting in that vehicle at the time of the inci-dent.

The question whether Davis enjoys'diplomatic' status being a diplomatic staffat the US embassy or is a CIA agent oper-ating undercover without any diplomaticstatus, is of critical importance to deter-mine his future. If the US successfullyproves Davis's diplomatic status, he cannot be lawfully kept detained by Pakistanigovernment in accordance with The 1961Vienna Convention, Article 31, pargraph 1,which states "A diplomatic agent shallenjoy immunity from the criminal jurisdic-tion of the receiving state". However, it ispertinent that the Diplomatic technical andadministrative staff, as the US describesDavis to be, seem to have significantly"limited" immunity as compared to thesenior diplomats or high ranking officialswith background of civil service.

There have been cases in the past wherediplomats were found accused of espi-onage, smuggling, child custody law viola-tions, and even homicide in the countriesthey were accredited to. If a diplomaticagent commits crime in the host country, heusually can not be tried or sentenced in thelocal courts, except the cases where thesending state waived the immunity of itsdiplomat accused of serious crime he com-mitted in the host country.

President Kenneth Kaundra of Zambiahas set an excellent example in this field.On 24 February 1985, the London policearrested a man in possession of about twokilograms of heroin, who said he hadobtained it from a house in London.Within no time, the man showed the policea diplomatic passport and claimed diplo-matic immunity as the Third Secretary ofthe Zambian mission and ordered thepolice to leave. The police withdrew andleft immediately. The British government,instead, requested President Kaunda forwaiver of accused's diplomatic immunity.The Zambian President "did not hesitatefor a second" and granted a waiver. Onecan only hope that President Kaunda'sprecedent will be followed in criminalcases involving diplomats.

In Davis's case, where the so called'diplomatic' official is accused of a crime asserious as double murder of two Pakistaninationals, we can ask the US to waive offhis diplomatic immunity so that he canstand trial in Pakistani courts. If this waiveris refused, the offender would likely betransferred out of Pakistan. If not, he can bedeclared persona non grata and his right toimmunity will cease to exist. Pakistani gov-

ernment can then seek issuance of InterpolRed Notices for his arrest and a possibleextradition.

Similar situation arose in December 2009when a Romanian chargé d' affairs inSingapore, Silviu, was allegedly behind adrunk driving hit-and-run incident thatkilled a 30-year-old man and seriouslyinjured two others. Singapore requestedRomania for waiver of accused person'sdiplomatic immunity which was refused.He left Singapore for Romania three daysafter the accident. The Romanian foreignministry suspended Ionescu from his postand commenced legal proceedings againsthim in Romania. Meanwhile, a coroner'sinquiry in Singapore concluded thatIonescu was solely responsible for the acci-dent. An Interpol Red Notice was subse-quently issued for his arrest and possibleextradition. The Singapore governmentargued that by reason of Article 39(2) of theVienna Convention, Ionescu was no longerprotected by diplomatic immunity.

But the question is what if RaymondDavis could not prove his diplomatic cre-dentials before the Pakistani High Court?What if Davis really turned out to be a spy?

Intelligence officers may operate inreceiving states, openly as a representativeof a friendly intelligence service. Theymay also operate covertly under the coverof some other position, such as diplomaticstaffs or trade delegations. A major USmedia network, has identified the accusedRaymond Davis as an employee of a pri-vate security company HyperionProtective Consultants LLC, based inFlorida, which, reportedly seems like aclassic "CIA cut-out". US StateDepartment spokesman Philip Crowley'srecent statement in Washington, furtherstrengthens the view of those who believeDavis is an undercover CIA agent---prob-ably one of the "illegals" of CIA, who wasoperating in "deep cover" under falsename. Such spies are dubbed "illegals"(particularly in MI5's diction) becausethey operate without any of the protectionsoffered by diplomatic immunity.

So how does the international law ondiplomatic immunity deal with the issue ofan American CIA's "illegal" committing adouble murder on a busy road of a majorcity in the host country and taking a self-defense plea? This scenario does not seemto be unprecedented altogether.

A spy breaking the host country's lawsmay be deported, imprisoned, or even exe-cuted. For instance, Hugh FrancisRedmond, a CIA officer in China, spentnineteen years in a Chinese prison for espi-onage and died there as he was operatingwithout diplomatic cover and immunity.Another example is Aldrich Ames, whohanded a stack of dossiers of CIA agents to

his KGB-officer, the KGB "rolled up" sev-eral networks, and at least ten people weresecretly shot. When Ames was arrested bythe FBI, he faced life in prison. But at thesame time his "contact", who had diplomat-ic immunity, was declared persona nongrata and was simply taken to the airport tobe "expelled".

Spying by a diplomatic agent is a criminaloffence in itself, covered by diplomaticimmunity. In Britain, Pakistan and in most ofthe world, it is illegal for a diplomat or any-one else to possess firearms without a policepermit. Espionage and incitement to or advo-cacy of violence demands an immediate dec-laration of persona non grata. Thoseinvolved in violent crimes are also declaredas such, unless a "waiver" of immunity isgranted by the sending state. Pakistani gov-ernment, however, has never expressed eventhe slightest gesture to discourage such prac-tices in the past. The government's stance onthese issues has been such as if the presenceand activities of the US intelligence agenciesand members of their private security con-tractors in the streets of the Capital and else-where was a part of Pakistan's national poli-cy on security.

The incident stoked anti-American senti-ments and sparked protests throughout thecountry. Public resentment over such kindof abuses runs high whenever it happens.Such offenses emanating from hiddenagenda and mysterious activities by foreignembassies and missions in host countriesthreatening peoples' lives are injurious tointernational relations and a total contradic-tion of diplomatic missions' role underVienna Convention.

In August 1986, the mother of the Englishpolicewoman Yvonne Fletcher who wasshot dead by the Libyan diplomatic staff ina so called "self -defense" move, launchedan international petition urging the civilisedgovernments to stop the abuse of diplomat-ic immunity. At a press conference,Fletcher called for reforms.

"No one should be freed after committinga crime or violating another's propertybecause he shoots from foreign embassy ordrives a car with a diplomatic licenseplate".

Davis did not fire the bullets from anembassy building; nor did his car have adiplomatic silence plate on it. Will he bestill freed and transferred to the US whereeveryone seems to be already convinced ofhis 'self-defense' plea even before any sortof court proceedings or trial. Will Davistoo, get away with the murder using Viennaconvention 'diplomatic immunity?

The diplomatic immunity articles inVienna Convention 1961 need to bereformed. Raymond Davis's case will sure-ly change the outlook for diplomatic immu-nity in the coming decades.

D U P L I M A C Y

Who will captain PakistanIt is now interesting that who will captain Pakistan?

While going through the newspapers, it seems every-body whether a traveler, company employee, or a

government servant is discussing this question.This is for the first time in the history of cricket in

Pakistan that a squad has been named without a cap-

tain. One fails to understand the logic behind that.Will the authorities explain?

Agha Ali Haider, Karachi

FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

HONDA ATLAS CARProduction (July 10 to Nov 10)6,626

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464

Advances (December 3,10) 3,050,639

Investments (December 3,10) 1,916,917

Spread (October 10) 7.49%

OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

Fuel Oil (Jul 10 to Nov 10) 3,641

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 15.98 36.98 ANL 11.27 7.45 FFBL 41.37 6.26 JSCL 11.52 5.07 SSGC 23.90 4.27

Symbol Close ChangeSHEL 214.56 10.21

SHEZ 193.89 8.76

MTL 544.32 8.26

APL 382.54 7.85

IDYM 250.07 6.05

Symbol Close ChangeNESTLE 3,405.00 -51.09RMPL 2,349.42 -28.58PSEL 171.00 -8.98NRL 284.90 -5.59LAKST 265.07 -3.92

Plus 231Minus 136Unchanged 24

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, February 4, 2011 5

Dhiyan

Most of the scripts are in oversold area therefore a minor rebound

is expected at current levels. However we are still seeing further

correction in the market with index coming down to 11990-11779

points. We still recommend traders to remain cautious while invest-

ing in the market. However, they can invest in oil and fertilizer

stocks. Launch of MTS and continued foreign inflows would sup-

port the market. Market would be positive today.

Syed Faran Rizvi, Technical Analyst Invisor Securities

Salman Naqvi, Head of Sales Aba Ali Habib SecuritiesMarket would trade in a range until International Monetary Fund’s

(IMF) go-ahead to next tranche and a positive news regarding thelaunch of Margin Trading System (MTS). Therefore index would bemoving between 12,500 and 12,000 points, however if abovemen-tioned conditions someways materialise the market would blast off.Investors can take positions in fertiliser sector and selective stocks ofoil/gas and banking sectors. Today's opening would be positive butsome profit-taking might come about towards the end of the day.

RECKONING IS GREENISH

Opening 12,242.39

Closing 12,359.06

Change 116.67

% Change 0.95

Turnover (mn) 123.39

Opening 3,696.22

Closing 3,781.38

Change 85.16

% Change 2.30

Turnover (mn) 4.24

Opening 3,021.00

Closing 3,047.54

Change 26.54

% Change 0.88

Turnover (mn) 0.07

Ahmed Siddique

KARACHI: Fauji FertiliserBin Qasim (FFBL) held its ana-lyst briefing on Thursday.

During the briefing compa-ny's performance and factorsaffecting profitability weredilated.

The briefing boated compa-ny's outstanding performanceduring CY10 as profit after taxsurged by 72.1 per cent toRs6.51 billion against Rs3.78billion for the last year. It saidthis translates into an earning

per share of Rs6.97 as com-pared to Rs4.05 during thesame period last year. It addedhigher profit can be attributedto improved DAP margins,lower financing cost and profitfrom Pakistan MarocPhosphore (PMP), its sub-sidiary.

The focal point of the brief-ing remained gas curtailment offertilizer plants, particularlythose getting gas from SuiTwins. The government's deci-sion to curtail gas being

See # 14 Page 11

Better marginsboost FFBL net

Analyst briefing highlights

1QCY11 profitability likely to remain subdued

LAHORE: The Lahore StockExchange has decided to adoptthe Industry ClassificationBenchmark (ICB), a widelyaccepted structure in the invest-ment world for re-classificationof listed securities.

The LSE Board of Directorsapproved the adoption of theICB in its recent meeting, saidan LSE spokesman hereThursday, adding that stan-dardisation of listed securitiesin accordance with ICB wouldfacilitate the investors inbenchmarking the performanceof Pakistani listed sectors withtheir international counter-

parts.The ICB, jointly developed

and managed by FTSE Groupand CME Indexes (previouslyDow Jones indexes) hasalready been implemented bymajor stock exchanges of theworld such as NYSE, Euronext,London Stock Exchange, finan-cial information distributorsand media organisations world-wide such as CNBC, The WallStreet Journal, The FinancialTimes and Dow JonesNewswires, he added.

The Benchmark, he said, is adetailed and a comprehensive

See # 16 Page 11

LSE takeshi-tech jump

Adopts Industry Classification Benchmark (ICB)

Nawaz Ali

KARACHI: Karachi StockExchange bounced back onThursday reaching 12,300points after gaining more than100 points over MarginTrading System (MTS) launchhopes.

The benchmark KSE 100-Index rose by 116 points - 0.95per cent-- to close at 12,359points while KSE 30-Indexjumped by 189 points --1.6 percent-- and KSE All Shareindex increased by 82 points -0.97 per cent-- to close at

12,041 and 8,565 pointsrespectively.

"Bullish activity in oversoldmarket was most probably anupshot of strong expectationsof an early launch of leverageproduct", said Ahsan Mehanti,Director Arif HabibInvestments.

Across-the-board buyingwas a spurred by major earn-ing announcements next weekwhile rising international oilprices too played a vital role inpositive activity, he added.

Bulls were there since theopening bells as market start-

ed the day with a gain of 22points. Positive activities thencontinued throughout the dayas investors took positions onrumorus that the launch ofmuch awaited leverage prod-uct is around the corner.Further, investors took benefitof attractive levels for marketwas a bear country for the lastfew days. Therefore continuedbuying mainly in oil, banking,fertiliser, and some textilestocks let the index cross12,300 points level and nearthe closing bells it touched anintraday high of 12,382 points

(+ve 140 points).It should be noted that KSE

board of directors is meetingon 7th February for the firsttime this year while chairmanSECP is also expected to visitthe exchange next week whichaccording to experts strength-ens hopes of MTS launch.

Volumes too remainedimpressive throughout the dayas 123.3 million shares tradedduring the day which is 45million more than a turnoverof 78.3 million shares a dayearlier.

Lotte Pakistan stood as the

volume leader with 36.98 mil-lion shares followed byAzgard Nine with 7.45 mil-lion and Fauji Fertiliser BinQasim with 6.26 millionshares.

Murtaza Jafar, equity dealerat JS Global Capital said thatLOTPTA became the mostactively traded stock after thenews international cottonprices have touched a newpeak of $1.8/pound.

Out of total 391 activeissues; 231 advanced and 136declined while 24 issuesremained unchanged.

KSE hits a ton on MTS outlook

MUMBAI: Bargain huntinglifted the BSE Sensex for a sec-ond day on Thursday after themarket had skidded more than12 per cent since the start ofJanuary, but traders said thebounce may be short-lived onrisk-averse global sentiment.

Realty and infrastructurefirms led the rise as investorssaw value in the beaten downsector, which has been roiledby rising borrowing costs andcommodity prices.

The main 30-share BSEindex rose 1.98 per cent, or358.69 points, to 18,449.31,with all but one of its compo-nents gaining ground.

Engineering and constructionconglomerate Larsen & Toubroclimbed 3.7 per cent, while top-listed property developer DLFadded 7.4 per cent.

"You still cannot say the mar-kets are out of the woods yet.We expect a downward to side-ways movement due to moreselling by foreign funds," saidAmbareesh Baliga, vice presi-dent at Karvy Stock Broking.

The escalation of violence inEgypt could dampen riskappetite among globalinvestors, and rising oil pricesshould put upward pressure oninflation in India which importsabout 80 per cent of its oil

requirement.The benchmark index is

down 10 per cent in 2011, hitby foreign fund outflows of$1.5 billion, after rising 17 percent last year on record inflowsof $29.3 billion.

Data on Thursday showedfood inflation had acceleratedto its highest level since Dec.25 on rising prices of onionsand petrol, straining headlineinflation and strengthening acase for more monetary tight-ening.

India has been battling soar-ing prices and the central bankhas raised key rates seven timessince last March.

Top telecoms firm BhartiAirtel climbed 5.1 per cent, to339.80 rupees, extending theprevious day's gains as someanalysts were optimistic aboutits future earnings growth afterit posted a bigger-than-expect-ed 41 per cent drop in quarterlyprofit.

Rival RelianceCommunications closed 0.85per cent higher at 118.05rupees.

Software stocks rose on opti-mism about growth outlook.Infosys Technologies rosealmost 1 per cent while largerrival Tata Consultancy added0.5 per cent.-Reuters

Indian shares riseon bargain hunting

TOKYO: Japan's Nikkeiaverage edged lower onThursday after surging theday before, as worries overan escalation of violence inEgypt nudged investorstowards safer assets.

Tumbles in high-techstocks Panasonic Corp andRicoh Co after reportingOctober-December earningsalso weighed on the market.But clothing store chain oper-ator Fast Retailing jumped onsales gains for January.

Supporters of PresidentHosni Mubarak opened fireon protesters on the streets ofCairo, wounding seven, fan-ning concerns about Egypt.But a report showing US pri-vate-sector employers addedmore jobs than expected inJanuary lent support to themarket.

US non-farm payrolls datais due out on Friday and mayhelp set the direction for theNikkei.

"Market players see theJanuary options settlementlevel at 10,470 as an immedi-ate resistance level and whilethey wait for Friday's data,they are focusing on individ-ual stocks of firms withstrong earnings or recentnews," said Masayuki Otani,chief market analyst atSecurities Japan Inc.

The benchmark Nikkeiended down 0.3 per cent, or

26.00 points, at 10,431.36. Ithad surged 1.8 per cent a dayearlier.

The broader Topix shed 0.2per cent to 927.57.

This week marks the peakof Japan's corporate resultsreporting season for theOctober-December quarter.Bellwethers such as SonyCorp and Japan's biggestbank by assets MitsubishiUFJ Financial Group report-ed after the market closed.

"Traders are also reluctantto make big bets with heavy-weights from industry,finance and electronicsreporting today," saidNagayuki Yamagishi, astrategist at Mitsubishi UFJMorgan Stanley Securities.

STEEL MERGERAfter the bell, the market

received major M&A newswhen Nippon Steel Corp andSumitomo Metal Industriessaid they would merge nextyear to create the world's sec-ond-largest steelmaker afterArcelorMittal, aiming to cutcosts and accelerate expan-sion overseas.

Sony posted a 5.9 per centfall in third-quarter profit as aprice war hit its TV unit and astronger yen weighed whileMitsubishi UFJ FinancialGroup said net profit morethan doubled for October-December, helped by smallercredit costs.-Reuters

Nikkei ends lower;Egypt issue weighs

Shell dragsFTSE lower

as resultsdisappoint

LONDON: Britain's topshare index fell on Thursday,hurt by Royal Dutch Shell asthe oil major's results weremet with disappointment,while drugmakerGlaxoSmithKline rose afterit decided to push ahead witha buyback program.

The FTSE 100 shed 16.73points, or 0.3 per cent, to5,983.34, after closing 0.7per cent higher onWednesday.

"People are waiting for asignificant break and closeabove (the 6,000 level) forthe market to push on,"Yusuf Heusen, senior salestrader at IG Index, said.

Heusen argued that majorimpediments to the index'sprogress on Thursday wereShell after its results and BPon uncertainty surroundingits planned Arctic explo-ration partnership withRosneft, Russia's state oilgroup.

Share price declines fromRoyal Dutch Shell's A and B

shares and BP knocked atotal of 24 points off the UKblue chip index.

Shell's A shares fell 3 percent after the firm postedweak refining and down-stream results, as an oil pricefueled rebound in its fourth-quarter profit fell short ofexpectations.

BP, whose own resultsundershot forecasts earlier inthe week, fell 2.1 per cent,as peer BG Group, due toreport on Tuesday, slipped1.9 per cent.

GLAXO LIMITS LOSSESGlaxoSmithKline, up 3.6

per cent, helped curb theFTSE 100's decline.

Britain's biggest drugmak-er said it would start buyingback shares again in 2011,demonstrating confidence ithas turned the corner follow-ing massive legal bills, as itposted quarterly resultswhich were viewed as broad-ly in-line.

BT Group also providedsupport, adding 3.6 per cent,after the telecoms providerreported third-quarter resultswhich Prime Marketsdescribed as "excellent."

"(We) view the post Xmasdip as a window of opportu-nity to pick up the sharesbefore they once again begintheir seemingly inevitableupward trajectory for 2011,"it said in a note.

Aggreko added 4.9 percent, the top FTSE 100 riser,after BofA Merrill Lynchupgraded its rating for thetemporary power supplier to"buy" from "neutral" citingvaluation grounds.

Analysts said concerns thatthe uprising in Egypt couldspread across the region alsoweighed on investor senti-ment.-Reuters

US stocks late-morning

Egypt upsetsWall Street

NEW YORK: Wall Street tum-bled on Thursday as concernsover increasing disorder inEgypt and signs of exhaustionin the recent market rallyweighed on investor sentiment.

Better-than-expected read-ings of US economic growthwas not enough to dislodgeinvestor worries about risingunrest in Egypt, where gunmenfired on anti-government pro-testers in Cairo.

The fighting killed six andwounded more than 800 peo-ple, prompting new calls fromWestern powers for PresidentHosni Mubarak to start handingover power immediately.

Data showed the US servicessector grew in January at itsfastest pace since August 2005,and initial claims in the latestweek for state unemploymentbenefits fell more than expected.

The S&P 500 looked stretchedfrom a valuation perspective.Among sectors, the PHLXSemiconductor Index .SOX wasfacing resistance above 450after back-to-back closes higherthan that level for the first timesince November 2007.

The Dow JonesTransportation Average .DJTand the Russell 3000 index,which have topped out recently,were also showing signs ofresistance to further gains.

"It's a little premature to saythat we are headed for a correc-tion, but we were certainly duefor some consolidation afterthis rally," said BrianLazorishak, portfolio managerat Chase Investment Counsel ofCharlottesville, Virginia.

The Dow Jones industrialaverage was down 26.67points, or 0.22 per cent, at12,015.30. The Standard &Poor's 500 Index was down5.30 points, or 0.41 per cent, at1,298.73. The NasdaqComposite Index was down12.34 points, or 0.45 per cent,at 2,737.22.

Merck & Co fell 2.4 per centto $33.02 and was the top dragon the Dow after the drugmak-er forecast 2011 earnings belowWall Street forecasts and with-drew its longer-term profitview.

Major US retailers shruggedoff the snowiest January in sixyears to post sales that blewpast analyst expectations, eas-ing concerns that consumers

See # 15 Page 11

Markets mixed as Egypt fearskeep traders away

Middle East stocks

Shell, Santander results weighon European shares

ANNOUNCEMENTS

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

JS Value Fund Half Yearly - 246.35 2.08

Byco Petroleum(Consolidated) Half Yearly - -1137.15 -2.90

Byco Petroleum Half Yearly - -915.92 -2.34

Friday, February 4, 20116

Volume 123,393,232

Value 5,144,081,569

Trades 69,534

Advanced 231

Declined 136

Unchanged 24

Total 391

Current 8,565.16

High 8,582.83

Low 8,482.67

Change h82.49

Current 12,359.06

High 12,382.92

Low 12,242.39

Change h116.67

Current 12,041.16

High 12,068.13

Low 11,851.88

Change h189.28

Market KSE 100 Index All Share Index KSE 30 Index

Current 19,956.26

High 19,991.42

Low 19,621.24

Change h325.23

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

Mybank Limited

Mybank Limited

MYBL closed down -0.05 at 2.65. Volume was 60 per cent above aver-

age and Bollinger Bands were 34 per cent wider than normal. The com-

pany's loss after taxation stood at Rs1.392 billion which translates into

a Loss Per Share of Rs0.74 for the nine months of current calendar

year (9MCY10).

MYBL is currently 1.6 per cent above its 200-day moving average and

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

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

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

Trend forecasting oscillators are currently bearish on MYBL.

RSI (14-day) 43.00 Total Assets (Rs in mn) 35,490.71

MA (10-day) 2.88 Total Equity (Rs in mn) 5,104.86

MA (100-day) 2.39 Revenue (Rs in mn) 3,368.22

MA (200-day) 2.61 Interest Expense 2,881.90

1st Support 2.50 Loss after Taxation (1,639.83)

2nd Support 2.42 EPS 09 (Rs) (3.092)

1st Resistance 2.68 Book value / share (Rs) 9.63

2nd Resistance 2.78 PE 10 E (x) -

Pivot 2.60 PBV (x) 0.28

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

DSFL closed up 0.22 at 2.99. Volume was 16 per cent below average and

Bollinger Bands were 33 per cent narrower than normal. The company's

loss after taxation stood at Rs246.014 million which translates into a Loss

Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11).

DSFL is currently 48.8 per cent above its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on DSFL.

RSI (14-day) 50.93 Total Assets (Rs in mn) 15,343.38

MA (10-day) 2.93 Total Equity (Rs in mn) (7,218.97)

MA (100-day) 2.22 Revenue (Rs in mn) 137.50

MA (200-day) 2.01 Interest Expense 125.73

1st Support 2.86 Loss after Taxation (1,529.67)

2nd Support 2.66 EPS 10 (Rs) (4.176)

1st Resistance 3.15 Book value / share (Rs) (19.71)

2nd Resistance 3.24 PE 11 E (x) -

Pivot 2.95 PBV (x) (0.15)

Dewan Salman Fibre Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

TELE closed up 0.02 at 2.05. Volume was 61 per cent below average

(consolidating) and Bollinger Bands were 20 per cent narrower than

normal. The company's profit after taxation stood at Rs251.746 million

which translates into an Earning Per Share of Rs0.84 for the 1st quar-

ter of current fiscal year (1QFY11).

TELE is currently 19.9 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 TELE at a relatively

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

RSI (14-day) 35.80 Total Assets (Rs in mn) 9,610.12

MA (10-day) 2.13 Total Equity (Rs in mn) 3,400.99

MA (100-day) 2.26 Revenue (Rs in mn) 2,414.18

MA (200-day) 2.57 Interest Expense 530.45

1st Support 1.95 Profit after Taxation 698.46

2nd Support 1.91 EPS 10 (Rs) 2.328

1st Resistance 2.09 Book value / share (Rs) 11.34

2nd Resistance 2.19 PE 11 E (x) 0.61

Pivot 2.05 PBV (x) 0.18

Telecard Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

PAKRI closed up 0.81 at 17.58. Volume was 8 per cent below averageand Bollinger Bands were 39 per cent wider than normal. The compa-ny's profit after taxation stood at Rs88.468 million which translates intoan Earning Per Share of Rs0.29 for the nine months of current calen-dar year (9MCY10).PAKRI is currently 3.0 per cent above its 200-day moving average andis displaying an upward trend. Volatility is high as compared to the aver-age volatility over the last 10 trading sessions. Volume indicators reflectmoderate flows of volume into PAKRI (mildly bullish). Trend forecastingoscillators are currently bullish on PAKRI.

RSI (14-day) 52.79 Total Assets (Rs in mn) 12,372.62

MA (10-day) 17.81 Total Equity (Rs in mn) 6,785.66

MA (100-day) 15.64 Revenue (Rs in mn) 2,170.95

MA (200-day) 17.06 Interest Expense 0.00

1st Support 17.10 Profit after Taxation 269.91

2nd Support 16.55 EPS 09 (Rs) 0.90

1st Resistance 17.95 Book value / share (Rs) 22.62

2nd Resistance 18.25 PE 10 E (x) 45.47

Pivot 17.40 PBV (x) 0.78

Pakistan Reinsurance Co Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,564.72 1,583.68 1,558.39 1,577.42 12.70 0.81

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

8,569,336 - - 65,194.15 mn 1,216,994.37 mn 1,594.40

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

11.44 3.72 32.54 55.94 4.89 1,564.72

Attock Petroleum 691 6.91 374.69 386.99 374.99 382.54 7.85 380809 401.00 294.50 300 20B115.00 -

Attock Refinery 853 4.95 121.05 122.70 117.25 121.51 0.46 3468986 146.90 108.80 - - - -

BYCO Petroleum 3921 - 10.05 10.15 9.80 10.10 0.05 839339 12.49 9.80 - - - -

Mari Gas Company 735 17.54 126.31 131.90 126.00 129.47 3.16 65955 141.65 117.00 31 - - -

National Refinery 800 5.91 290.49 288.24 275.97 284.90 -5.59 2152784 335.00 220.05 200 - - -

Oil & Gas Development 43009 11.69 172.54 173.50 172.30 172.85 0.31 80153 185.00 153.85 55 - 15.00 -

Pak Petroleum 11950 7.78 209.70 213.00 209.05 212.75 3.05 402504 229.80 185.11 90 20B 50.00 -

Pak Oilfields 2365 7.61 325.64 331.15 325.32 330.09 4.45 1050375 341.50 242.15 255 -100.00 -

Pak Refinery Limited 350 - 99.06 102.90 97.00 98.74 -0.32 100964 122.22 78.01 - - - -

P.S.O 1715 4.87 282.89 289.00 281.10 287.62 4.73 784272 317.79 272.50 80 - - -

Shell Gas LPG 226 - 31.99 32.00 31.35 31.75 -0.24 2033 39.89 30.71 - - - -

Shell Pakistan 685 11.00 204.35 214.56 206.00 214.56 10.21 80501 222.00 190.00 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

984.41 995.06 978.10 989.30 4.89 0.50

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

14,794,711 - - 47,070.70 mn 139,182.85 mn 1,002.13

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

5.85 0.51 8.64 16.68 2.85 984.41

(Colony) Thal 56 - 1.32 1.28 1.05 1.27 -0.05 103 1.50 0.56 - - - -

Amtex Limited 2594 8.59 3.88 3.90 3.70 3.78 -0.10 372497 5.28 3.70 30 - - -

Azgard Nine 4493 - 10.75 11.37 10.71 11.27 0.52 7445678 12.84 9.20 - - - -

Babri Cotton 33 0.44 11.14 11.75 10.90 10.90 -0.24 3701 16.00 8.10 - 15B - -

Bannu Woolen XD 76 0.49 14.00 14.06 13.85 13.85 -0.15 7349 15.10 12.30 20 - - -

Bilal Fibres 141 0.47 1.49 1.75 1.31 1.75 0.26 145 2.80 1.00 - - - -

Brothers Textile 98 - 0.49 0.50 0.35 0.50 0.01 20001 1.49 0.15 - - - -

Chenab Limited 1150 - 2.95 2.95 2.82 2.93 -0.02 1504 3.90 2.82 - - - -

Colony Mills Ltd 2442 3.44 2.20 2.40 2.17 2.20 0.00 1604 2.97 2.11 - - - -

Crescent Textile 492 3.24 17.15 17.97 16.86 16.86 -0.29 10002 23.99 16.86 15 - - -

D S Ind Ltd 600 - 1.59 1.70 1.58 1.68 0.09 12653 2.10 1.55 - - - -

Dar-es-Salaam 80 - 2.03 3.00 1.70 2.00 -0.03 502 4.38 1.70 - - - -

Dawood Lawrencepur 514 43.41 36.50 37.99 35.05 36.90 0.40 4123 47.00 35.05 5 - - -

Din Textile 204 0.58 26.58 27.00 27.00 27.00 0.42 19809 28.20 24.02 20 10B - -

Gadoon Textile XD 234 0.79 71.95 72.99 71.95 71.97 0.02 12837 73.09 44.05 70 - - -

Gul Ahmed Textile 635 4.23 28.47 29.89 29.00 29.45 0.98 10500 33.19 24.00 12.5 - - -

Gulistan Spinning 146 1.13 6.50 7.00 5.60 5.90 -0.60 171639 8.86 5.10 10 - - -

Gulistan Textile 190 1.24 19.56 20.56 18.71 20.56 1.00 34490 28.27 18.00 10 - - -

Gulshan Spinning 222 0.88 7.14 7.22 7.22 7.22 0.08 1000 8.50 6.30 10 20B - -

Hira Textile Mills Ltd. 716 0.73 3.70 3.99 3.75 3.87 0.17 246374 4.47 3.31 10 - - -

Ibrahim Fibres 3105 4.18 51.95 53.45 51.05 53.16 1.21 14079 55.00 36.00 20 - - -

Ideal Spinning 99 0.70 9.00 9.00 8.25 8.25 -0.75 405 9.99 3.00 - - - -

Idrees Textile 180 3.75 3.45 3.45 3.45 3.45 0.00 2000 3.90 2.70 10 - - -

Indus Dyeing 181 2.43 244.02 256.22 231.82 250.07 6.05 286 350.15 188.01 50 - - -

Kohat Textile 208 0.80 1.68 1.50 1.00 1.50 -0.18 2004 2.50 0.67 - - - -

Kohinoor Ind 303 - 1.47 1.58 0.75 1.49 0.02 6008 2.00 0.75 - - - -

Kohinoor Textile 1455 3.72 5.08 5.25 4.90 5.21 0.13 19166 5.97 4.81 - - - -

Nishat (Chunian) 1614 2.04 23.74 24.70 23.76 24.57 0.83 4154609 25.14 20.60 15 - - -

Nishat Mills 3516 5.73 64.77 66.99 64.80 66.75 1.98 1743198 71.89 50.25 25 45R - -

Pak Synthetic 560 4.39 13.00 13.35 12.61 13.00 0.00 41606 13.50 6.15 - - - -

Paramount Spinning 174 0.81 10.13 11.13 10.98 11.13 1.00 10188 11.13 8.00 10 10B - -

Prosperity 185 1.07 14.47 14.00 13.65 14.00 -0.47 415 15.50 13.00 30 - - -

Ravi Textile 250 - 1.32 1.47 0.65 1.34 0.02 12031 1.98 0.65 - - - -

Reliance Weaving 308 0.65 9.26 9.60 9.25 9.28 0.02 5809 10.34 8.50 25SD - - -

Saif Textile 264 0.44 5.25 5.50 5.00 5.49 0.24 2513 6.85 3.90 - - - -

Sally Textile 88 0.20 4.03 4.00 4.00 4.00 -0.03 26850 4.89 3.57 10 - - -

Samin Textile 267 5.04 6.29 7.00 5.60 6.05 -0.24 10005 7.00 5.11 - 100R - -

Sana Ind 55 3.31 43.50 43.50 42.50 43.50 0.00 301 49.66 30.60 60 - - -

Sargodha Spinning 312 0.78 3.89 4.25 3.70 4.03 0.14 6707 4.45 1.51 5 - - -

Service Ind 120 7.47 213.39 218.85 213.00 218.07 4.68 1530 276.50 169.00 - - - -

Shadman Cot 176 2.68 13.70 14.70 12.81 14.70 1.00 1026 15.25 7.00 - - - -

Suraj Cotton 180 0.89 38.99 39.90 39.80 39.84 0.85 2010 41.95 31.10 50 - - -

Tata Textile 173 0.39 39.75 40.10 38.90 40.10 0.35 1514 40.10 23.50 25 - - -

Thal Limited 307 5.16 120.03 122.49 120.00 120.65 0.62 15570 132.00 95.10 80 20B - -

Treet Corp 418 9.23 57.21 58.49 56.80 57.98 0.77 31203 63.30 50.50 - - - -

Tri-Star Poly 215 - 0.45 0.89 0.50 0.87 0.42 205 1.49 0.43 - - - -

Zephyr Textile Ltd 594 4.47 4.15 4.20 3.40 3.40 -0.75 1502 4.65 3.01 - - - -

Zil Limited 53 4.04 57.44 60.31 56.25 60.31 2.87 305174 60.31 42.30 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,098.52 1,122.00 1,090.88 1,109.30 10.78 0.98

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

162,747 - - 3,763.71 mn 5,245.52 mn 1,112.28

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

3.19 0.34 10.64 6.27 1.97 1,096.73

Pak Elektron 1219 3.58 13.99 14.36 13.90 14.20 0.21 60925 15.88 12.90 - 10B - -

Tariq Glass Ind 231 2.72 23.47 23.50 22.53 22.75 -0.72 101742 24.00 15.90 17.5 - - -

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,817.08 1,849.94 1,798.59 1,809.74 -7.34 -0.40

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

139,815 - - 11,335.33 mn 271,969.80 mn 1,856.14

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

45.95 13.92 30.30 30.57 0.67 1,809.74

Abdullah Shah Ghazi Sugar 793 0.91 5.50 6.40 5.50 5.50 0.00 1102 7.20 4.06 - - - -

AL-Noor Sugar XD 186 1.07 44.29 43.10 42.25 42.80 -1.49 171 54.00 42.25 50 - - -

Ansari Sugar 244 0.24 5.00 5.00 4.95 4.98 -0.02 5500 6.99 4.05 - - - -

Colony Sugar Mills 990 6.75 2.69 2.99 2.70 2.70 0.01 4012 5.70 2.50 - - - -

Dewan Sugar 365 - 2.70 3.05 2.56 2.61 -0.09 36315 5.59 1.50 - - - -

Habib SugarXDXB 750 8.79 22.01 22.39 22.00 22.15 0.14 28450 36.50 21.35 25 25B - -

Habib-ADM Ltd 200 11.48 12.48 12.40 12.35 12.40 -0.08 5510 13.00 11.50 40 - - -

Ismail Ind 505 33.02 77.82 74.04 73.93 73.96 -3.86 750 81.12 68.60 17.5 110R - -

J D W Sugar 539 1.24 70.00 70.49 68.00 70.00 0.00 1727 92.50 68.00 7010B 12.5R - -

Mehran SugarXDXB 157 1.79 55.74 56.51 55.00 55.00 -0.74 4624 68.49 52.60 35 20B 7.50 -

Mirza Sugar XD 141 - 4.90 4.80 4.40 4.71 -0.19 5110 7.18 4.01 10 - - -

Mitchell’s Fruit XD 50 9.62 82.10 82.00 78.50 82.00 -0.10 108 89.90 64.42 40 - - -

National Foods 414 21.28 55.16 57.04 55.50 57.02 1.86 210 75.50 41.52 12 - - -

Nestle Pakistan 453 37.40 3456.09 3499.98 3405.00 3405.00 -51.09 125 3570.00 1830.00 450 - - -

Noon Pakistan 48 3.29 23.73 23.07 23.03 23.04 -0.69 400 27.30 17.51 12 - - -

Noon Sugar 165 1.11 10.30 10.32 10.26 10.32 0.02 101 14.84 9.00 - - - -

Pangrio Sugar XD 109 - 3.81 4.48 3.91 4.30 0.49 847 6.99 3.78 10 - - -

Quice Food 107 6.82 3.07 3.10 3.00 3.00 -0.07 20500 3.50 2.02 - - - -

S S Oil 57 0.25 3.00 2.90 2.50 2.90 -0.10 17500 3.85 2.50 - - - -

Sakrand Sugar 223 - 2.26 2.16 2.16 2.16 -0.10 2000 3.90 2.11 - - - -

Sanghar Sugar XD 119 2.20 12.00 12.00 11.60 11.99 -0.01 1214 15.01 11.35 15 - - -

Shahtaj Sugar 120 3.72 58.35 55.44 55.44 55.44 -2.91 200 100.26 55.44 - - - -

Tandlianwala 1177 381.45 40.00 42.00 40.10 41.96 1.96 2045 42.52 29.03 - - - -

Wazir Ali 80 - 7.98 7.01 7.01 7.01 -0.97 500 8.95 5.50 - - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,267.82 1,281.65 1,259.29 1,271.29 3.47 0.27

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

142,444 - - 6,768.53 mn 46,950.88 mn 1,292.93

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

4.72 1.20 25.35 20.42 4.32 1,267.82

Agriautos Ind 144 5.36 71.16 71.99 70.10 70.75 -0.41 1500 82.63 65.75 90 - - -

Atlas Battery 101 5.93 197.52 198.50 195.01 198.40 0.88 3121 205.00 152.70 100 20B - -

Atlas Engineering Ltd 247 32.37 37.57 39.44 35.70 36.25 -1.32 6960 41.30 15.00 - - - -

Dewan Motors 890 - 2.00 2.18 2.01 2.16 0.16 92112 2.89 1.20 - - - -

Ghandhara Nissan 450 3.16 4.60 4.60 4.52 4.55 -0.05 9002 5.67 4.42 - - - -

Honda Atlas Cars 1428 - 10.77 10.99 10.70 10.90 0.13 5146 13.40 10.60 - - - -

Indus Motors 786 6.62 291.95 291.89 290.00 290.00 -1.95 8792 309.73 231.00 150 - - -

Pak Suzuki 823 10.54 63.50 66.49 63.60 66.21 2.71 14653 77.90 63.30 - - - -

Sazgar Engineering 150 4.20 22.45 22.96 22.50 22.50 0.05 1103 23.50 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,556.23 1,583.51 1,550.07 1,579.15 22.92 1.47

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

65,139 - - 1,336.62 mn 34,064.39 mn 1,585.78

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

8.43 3.20 38.02 131.49 15.60 1,556.23

AL-Ghazi Tractor 215 5.60 233.99 234.00 230.00 234.00 0.01 110 244.95 203.00 150 - - -

Bolan Casting 104 - 43.03 44.90 43.00 44.49 1.46 1002 46.75 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.20 1.35 1.21 1.28 0.08 17909 2.40 0.21 - - - -

Ghandhara Ind 213 10.28 11.15 11.39 10.79 11.10 -0.05 3002 13.50 10.70 - - - -

Hinopak Motor 124 - 125.00 128.00 118.75 124.82 -0.18 546 147.89 117.80 - - - -

KSB Pumps 132 7.44 60.90 62.99 60.00 62.10 1.20 9381 72.89 58.55 - - - -

Millat Tractors XB 366 8.38 536.06 545.49 535.10 544.32 8.26 33173 568.40 475.25 650 25B325.00 -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,008.98 1,025.92 1,008.56 1,021.92 12.94 1.28

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

78,117 - - 3,043.31 mn 38,293.83 mn 1,057.41

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

2.82 1.24 43.91 15.55 5.51 1,008.98

Cherat Papersack 115 2.57 69.17 72.62 70.00 72.13 2.96 25116 83.23 46.65 20 25B - -

ECOPACK Ltd 230 - 2.55 2.69 2.42 2.67 0.12 3522 3.30 1.82 - - - -

Ghani Glass 1067 4.92 52.01 53.60 52.10 53.53 1.52 5930 56.45 45.30 25 10B - -

Merit Pack 47 16.99 29.14 30.59 29.17 30.59 1.45 22068 32.45 17.10 - - - -

Packages Ltd 844 66.27 127.02 129.50 127.40 129.22 2.20 9557 143.00 103.52 - - - -

Tri-Pack Films 300 10.06 137.95 140.00 137.01 137.91 -0.04 11909 144.50 102.51 - - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

927.39 953.42 923.97 944.43 17.03 1.84

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

3,264,333 - - 54,792.74 mn 66,113.48 mn 970.47

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

6.69 0.47 7.10 19.04 2.85 927.39

Al-Abbas Cement 1828 - 3.00 3.04 2.91 2.97 -0.03 5350 3.98 2.75 - 100R - -

Attock Cement 866 6.62 52.97 52.89 51.50 52.27 -0.70 123265 65.99 51.50 50 - - -

Balochistan Glass Ltd 858 - 2.80 2.80 2.25 2.65 -0.15 264 4.24 1.10 - - - -

Berger Paints 182 - 20.50 21.35 20.35 20.40 -0.10 729 24.16 16.20 - 122R - -

Cherat Cement 956 22.77 10.00 10.70 10.00 10.02 0.02 1042 12.75 9.95 - - - -

Dadabhoy Cement 982 13.85 1.85 1.89 1.65 1.80 -0.05 26602 2.49 1.50 - - - -

Dewan Cement 3891 - 1.92 2.10 1.90 1.98 0.06 133561 3.10 1.44 - - - -

DG Khan Cement Ltd 3651 122.58 28.47 29.50 28.50 29.42 0.95 1695530 32.30 26.81 - 20R - -

Fauji Cement 6933 14.21 4.62 4.80 4.64 4.69 0.07 330735 5.55 4.61 - - - -

Fecto Cement 502 3.65 7.01 7.01 7.01 7.01 0.00 1000 8.20 6.10 - - - -

Flying Cement Ltd 1760 - 1.68 1.79 1.68 1.70 0.02 32550 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.78 2.20 1.53 1.86 0.08 2913 3.90 1.18 - - - -

Haydery Const 32 - 0.52 0.67 0.51 0.60 0.08 17367 0.99 0.25 - - - -

Kohat Cement 1288 - 6.10 6.39 6.16 6.35 0.25 10211 8.70 6.00 - - - -

Lafarge Pakistan Cmt. 13126 - 3.19 3.29 3.15 3.21 0.02 306478 3.88 2.92 - - - -

Lucky Cement 3234 6.42 70.00 71.75 70.25 71.51 1.51 527752 79.98 69.35 40 - - -

Maple Leaf Cement 5261 1.21 2.60 2.65 2.56 2.60 0.00 11556 3.30 2.56 - - - -

Maple Leaf(Pref) 541 3.13 4.51 4.50 4.10 4.25 -0.26 600 8.74 3.21 - - - -

Pioneer Cement 2228 - 6.67 6.87 6.51 6.85 0.18 24766 8.20 6.51 - - - -

Safe Mix Concrete 200 - 7.00 6.99 6.25 6.50 -0.50 1501 7.95 5.25 - - - -

Thatta Cement 798 458.00 18.33 18.34 17.33 18.32 -0.01 12050 20.44 16.75 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,026.60 1,052.66 1,022.44 1,037.55 10.95 1.07

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

236,799 - - 3,596.11 mn 9,962.24 mn 1,048.95

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

3.23 1.07 33.10 30.91 9.57 1,026.60

Crescent Steel 565 3.10 29.00 29.95 29.25 29.61 0.61 110100 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.53 2.58 2.52 2.52 -0.01 8164 3.29 2.50 - - - -

Huffaz Pipe 555 8.81 14.41 14.50 14.00 14.10 -0.31 31998 16.51 13.55 - - - -

International Ind 1199 18.83 51.30 52.29 51.00 51.79 0.49 86481 62.20 44.53 55 20B - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,033.26 1,059.81 1,032.79 1,059.35 26.10 2.53

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

31,689 - - 1,186.83 mn 2,936.65 mn 1,080.42

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

5.32 0.40 7.47 25.28 4.75 1,033.26

Century Paper 707 - 15.39 16.00 15.25 16.00 0.61 25504 19.69 14.95 - - - -

Pak Paper Product 50 8.23 41.04 43.00 42.79 42.82 1.78 708 48.90 39.00 2533.33B - -

Security Paper 411 6.87 37.99 38.50 38.00 38.49 0.50 5477 47.70 37.70 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,566.43 1,608.30 1,564.42 1,602.15 35.72 2.28

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

51,668,041 - - 52,251.88 mn 352,622.53 mn 1,602.15

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

9.56 3.35 35.00 48.81 5.11 1,566.27

Agritech Limited 3924 8.68 23.70 23.99 23.90 23.95 0.25 787 26.73 20.26 - - - -

BOC (Pak) 250 12.99 94.33 98.00 89.63 94.60 0.27 2018 103.94 75.00 15 - - -

Clariant Pak 273 7.27 200.48 204.00 201.03 203.06 2.58 176747 213.30 149.95 135 25B - -

Dawood Hercules 1203 8.52 199.57 206.00 198.15 205.41 5.84 27788 215.00 165.73 40 - - -

Descon Chemical 1996 - 2.68 2.90 2.61 2.77 0.09 147 3.74 2.16 - - - -

Descon Oxychem Ltd. 1020 - 7.00 7.18 6.90 7.11 0.11 196906 9.25 5.42 - - - -

Dewan Salman 3663 - 2.77 3.04 2.75 2.99 0.22 2198695 4.24 1.47 - - - -

Dynea Pak 94 - 10.80 10.80 10.06 10.31 -0.49 364 13.79 9.15 15 - - -

Engro Corporation Ltd 3277 12.01 214.40 219.49 214.56 218.62 4.22 2284759 222.80 176.85 40 - - -

Engro Polymer 6635 - 12.67 12.98 12.64 12.82 0.15 217465 15.87 12.51 - - - -

Fatima Fertilizer 22000 - 11.48 11.97 11.50 11.87 0.39 1305209 12.64 9.16 - - - -

Fauji Fertilizer 6785 9.31 148.27 151.80 148.01 151.32 3.05 2358105 157.90 107.25 130 25B - -

Fauji Fert.Bin Qasim 9341 7.81 40.23 41.45 40.26 41.37 1.14 6258591 43.99 31.25 52.5 - - -

Gatron Ind 384 2.39 46.25 48.56 44.50 44.52 -1.73 265 52.00 39.00 20 - - -

Ghani Gases Ltd 725 8.92 11.30 11.80 11.48 11.77 0.47 21648 13.07 11.00 - - - -

ICI Pakistan 1388 8.10 139.15 144.05 138.10 143.81 4.66 569747 158.49 127.00 55 - - -

Lotte Pakistan 15142 5.88 15.26 16.05 15.45 15.98 0.72 36984020 16.49 10.35 5 - - -

Nimir Ind Chemical 1106 - 1.86 1.96 1.84 1.96 0.10 260634 2.74 1.36 - - - -

Shaffi Chemical 120 - 2.20 2.25 2.10 2.18 -0.02 36113 3.40 2.03 - - - -

Sitara Chem Ind 214 9.67 117.90 118.00 114.50 118.00 0.10 1601 139.40 101.00 25 5B - -

Sitara Peroxide 551 14.32 13.05 13.25 13.00 13.17 0.12 68201 14.69 12.70 - - - -

United Distributors 92 - 13.99 14.99 14.30 14.30 0.31 161 14.99 8.51 - - - -

Wah-Noble 90 7.13 36.40 37.75 36.55 37.08 0.68 3373 41.99 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

906.67 909.17 889.65 903.11 -3.56 -0.39

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

39,723 - - 3,904.20 mn 30,178.45 mn 923.38

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

6.54 1.46 22.31 44.54 6.81 903.11

Abbott (Lab) 979 8.37 95.89 95.50 94.00 95.46 -0.43 3890 112.50 94.00 20 - - -

Ferozsons (Lab) 250 6.68 88.60 89.50 86.25 88.50 -0.10 3916 94.90 82.20 - 20B - -

GlaxoSmithKline 1707 13.55 77.05 76.39 74.51 75.35 -1.70 9440 89.98 69.52 - - - -

Highnoon (Lab) 165 7.48 27.00 27.00 26.95 27.00 0.00 101 30.48 24.00 - - - -

IBL HealthCare Ltd 200 7.53 9.05 9.35 8.61 9.34 0.29 206 9.99 7.16 - - - -

Sanofi-Aventis 96 12.21 154.49 153.99 150.00 153.50 -0.99 2360 164.99 116.00 - - - -

Searle Pak 306 5.56 59.69 61.99 58.80 61.88 2.19 23700 69.00 58.70 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

713.47 736.63 710.30 718.74 5.27 0.74

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

95,673 - - 3,242.17 mn 12,529.84 mn 733.33

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

5.49 1.40 25.53 11.08 2.02 713.47

Pak Int Cont. Terminal 1092 7.01 69.39 71.80 69.26 70.06 0.67 95647 76.65 68.00 40 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Mubarak Tex Mills # 05-Feb 12-Feb - - 9-Feb

Husein Industries 06-Feb 12-Feb - - 10-Feb

First Cap Mutual Fund # 07-Feb 14-Feb - - 14-Feb

Shaheen Insurance 07-Feb 14-Feb 25 (R) 28-Jan -

Redeo Textiles # 07-Feb 14-Feb - - 15-Feb

United Distributors # 08-Feb 14-Feb - - 14-Feb

(TFC) Saudi Pak Leasing 10-Feb - - - -

Dewan Farooque Motors # 14-Feb 21-Feb - - 21-Feb

(TFC) Allied Bank 14-Feb 27-Feb - - -

(TFC) Pakarab Fertilizers 15-Feb 28-Feb - - -

Int. Ind (Consolidated) 16-Feb 24-Feb 15 (I) 08-Feb -

Ideal Energy # 18-Feb 26-Feb - - 26-Feb

Olympia Spng. Weaving Mills # 18-Feb 26-Feb - - 26-Feb

Millat Tractors 18-Feb 24-Feb 325 (I) 09-Feb -

Shadman Cotton Mills 19-Feb 26-Feb 5 10-Feb 26-Feb

Mehran Sugar Mills 21-Feb 28-Feb 7.5 (I) 10-Feb -

Frontier Ceramics 21-Feb 28-Feb - - 28-Feb

Int. Industries # - - - - 24-Feb

Pakistan Oilfields 22-Feb 01-Mar 100 (I) 11-Feb -

Attock Petroleum 24-Feb 04-Mar 115 (I) 15-Feb -

Pakistan Petroleum 03-Mar 09-Mar 50 (I) 23-Feb -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd. 3.01 3.41 3 3.34 0.33 3811949

Murree Brewery Co. 92.6 94 89 93 0.4 1610

Shezan International 185.13 194.38 180.1 193.89 8.76 56410

Lakson Tobacco 268.99 275 255.55 265.07 -3.92 921

Shifa Int.Hospitals 31.5 32 31.99 31.99 0.49 550

Eye Television 19.55 20.54 19.93 20.2 0.65 401

Media Times LtdXR 15.71 14.71 14.71 14.71 -1 745

P.I.A.C.(B) 5 6 4 4 -1 216

P.I.A.C.(A) 2.34 2.42 2.26 2.3 -0.04 65062

Pace (Pak) Ltd. 2.81 2.95 2.79 2.92 0.11 331948

Netsol Technologies 24.52 25.74 24.52 25.74 1.22 875488

Pak Telephone 2 2.7 2 2 0 2001

Symbols Open High Low Close Change Vol

Friday, February 4, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 116.67 points at 12,359.06. Volume

was 5 per cent above average and Bollinger Bands were 37 per

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

the market will see major 1st resistance level at 12,413.85 and

2nd resistance level at 12,468.65, while Index will continue to find

its 1st support level at 12,273.30 and 2nd support level at

12,187.60.

KSE 100 INDEX is currently 17.0 per cent above its 200-day mov-

ing 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 INDEX at a relatively equal pace. Trend forecast-

ing oscillators are currently bearish on INDEX.

RSI (14-day) 55.48 Support 1 12,273.30

MA (5-day) 12,339.38 Support 2 12,187.60

MA (10-day) 12,391.55 Resistance 1 12,413.85

MA (100-day) 11,175.97 Resistance 2 12,468.65

MA (200-day) 10,566.71 Pivot 12,328.10

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 1.14 at 41.37. Volume was 15 per cent above average and

Bollinger Bands were 18 per cent wider than normal.

FFBL is currently 33.4 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 mod-

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

tors are currently bullish on FFBL.

*Invest Cap 39 Hold

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 60.97 Free Float Shares (mn) 326.94

MA (10-day) 41.22 Free Float Rs (mn) 13,525.45

MA (100-day) 33.70 ** NOI Rs (mn) 75.64

MA (200-day) 31.02 Mean 40.83

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed up 3.05 at 151.32. Volume was 46 per cent above average and

Bollinger Bands were 130 per cent wider than normal.

FFC is currently 33.5 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 mod-

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

tors are currently bullish on FFC.

*Invest Cap 149 Hold

AKD Securities Ltd 145 Reduce

TFD Research 139.5 Neutral

RSI (14-day) 65.35 Free Float Shares (mn) 373.19

MA (10-day) 152.16 Free Float Rs (mn) 56,471.09

MA (100-day) 118.58 ** NOI Rs (mn) 295.17

MA (200-day) 113.35 Mean 149.85

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed up 4.22 at 218.62. Volume was 12 per cent above average

and Bollinger Bands were 11 per cent wider than normal.

ENGRO is currently 17.4 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 mod-

erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil-

lators are currently bullish on ENGRO.

*Invest Cap 210 Hold

AKD Securities Ltd 229.9 Accumulate

TFD Research 245.4 Positive

RSI (14-day) 67.12 Free Float Shares (mn) 147.48

MA (10-day) 213.28 Free Float Rs (mn) 32,242.42

MA (100-day) 187.91 ** NOI Rs (mn) 177.19

MA (200-day) 186.28 Mean 216.77

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 1.98 at 66.75. Volume was 62 per cent below average

(consolidating) and Bollinger Bands were 9 per cent narrower than normal.

NML is currently 26.9 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bearish on NML.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate

TFD Research 78.6 Positive

RSI (14-day) 53.15 Free Float Shares (mn) 175.80

MA (10-day) 66.07 Free Float Rs (mn) 11,734.64

MA (100-day) 57.04 ** NOI Rs (mn) 66.27

MA (200-day) 52.60 Mean 65.83

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.95 at 29.42. Volume was 67 per cent below average

(consolidating) and Bollinger Bands were 16 per cent narrower than normal.

DGKC is currently 9.6 per cent above its 200-day moving average and is

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

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

reflect moderate flows of volume into DGKC (mildly bullish). Trend fore-

casting oscillators are currently bearish on DGKC.

*Invest Cap 36 Buy

AKD Securities Ltd 38.14 Buy

TFD Research 36.55 Positive

RSI (14-day) 46.77 Free Float Shares (mn) 200.80

MA (10-day) 29.42 Free Float Rs (mn) 5,907.67

MA (100-day) 28.16 ** NOI Rs (mn) 34.63

MA (200-day) 26.83 Mean 28.97

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.94 at 77.25. Volume was 61 per cent below average (con-

solidating) and Bollinger Bands were 48 per cent narrower than normal.

NBP is currently 13.0 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 volume flowing into and out of NBP at a relatively equal pace. Trend

forecasting oscillators are currently bearish on NBP.

*Invest Cap 52.4 Sell

AKD Securities Ltd 75.5 Neutral

TFD Research 92.3 Positive

RSI (14-day) 55.91 Free Float Shares (mn) 318.50

MA (10-day) 77.13 Free Float Rs (mn) 24,603.96

MA (100-day) 69.35 ** NOI Rs (mn) 117.86

MA (200-day) 68.33 Mean 76.83

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed up 0.29 at 18.97. Volume was 45 per cent below average and

Bollinger Bands were 47 per cent wider than normal.

PTC is currently 1.6 per cent below its 200-day moving average and is dis-

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

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

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

oscillators are currently bearish on PTC.

*Invest Cap 25 Buy

AKD Securities Ltd 23.91 Buy

TFD Research 25.8 Positive

RSI (14-day) 44.29 Free Float Shares (mn) 585.02

MA (10-day) 19.07 Free Float Rs (mn) 11,097.90

MA (100-day) 19.18 ** NOI Rs (mn) 7.09

MA (200-day) 19.28 Mean 18.85

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,363.20 1,417.17 1,349.45 1,390.96 27.77 2.04

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

4,128,094 - - 29,771.58 mn 18,881.20 mn 1,400.58

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

21.29 0.47 2.21 104.74 7.64 1,363.04

1st Fid Leasing 264 10.44 1.50 1.75 1.38 1.67 0.17 440 2.00 1.18 - - - -

AL-Meezan Mutual F. 1375 8.33 9.45 10.09 9.01 10.00 0.55 652537 10.09 6.15 18.5 - - -

Atlas Fund of Funds 525 1.94 4.72 4.80 4.70 4.80 0.08 13020 5.47 3.11 2.2 - - -

B R R Guardian Mod. 780 3.41 1.48 1.54 1.42 1.50 0.02 1874 2.79 1.20 0 - - -

Crescent St Modaraba 200 1.60 0.64 0.70 0.52 0.64 0.00 1502 0.87 0.16 1.2 - - -

Equity Modaraba 524 12.00 1.88 2.20 1.80 1.92 0.04 54597 2.98 1.06 - - - -

First Dawood Mutual F. 581 0.60 1.91 2.18 1.91 1.91 0.00 7011 2.39 1.61 - - - -

Golden Arrow 760 2.36 3.10 3.30 3.15 3.30 0.20 109652 3.60 2.56 17 - - -

Habib Modaraba 1008 6.04 7.00 7.01 7.00 7.01 0.01 1064 7.30 6.00 21 - - -

JS Growth Fund 3180 69.00 5.45 5.69 5.41 5.52 0.07 160234 6.10 2.90 5 - - -

JS Value Fund 1186 1.37 5.94 6.10 5.20 5.69 -0.25 651391 6.20 2.76 10 - - -

KASB Modaraba 283 2.13 2.10 3.00 2.21 2.90 0.80 58001 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.41 8.10 8.61 8.10 8.40 0.30 641701 8.61 5.15 15.5 - - -

Mod Al-Mali 184 13.40 1.30 1.50 1.30 1.34 0.04 6584 2.50 0.90 - - - -

NAMCO Balanced Fund 1000 6.22 4.17 4.00 3.95 3.98 -0.19 1232000 4.24 2.71 15 - - -

Nat Bank Modaraba 250 5.56 6.06 6.25 6.00 6.01 -0.05 500 7.74 4.50 10 - - -

Pak Modaraba 125 5.40 1.00 1.18 1.00 1.08 0.08 1506 2.00 0.46 3 - - -

Paramount Modaraba 59 6.88 8.80 8.80 8.80 8.80 0.00 632 9.30 7.57 18 - - -

PICIC Energy Fund 1000 2.12 6.79 7.40 6.74 7.30 0.51 128889 7.80 5.31 10 - - -

PICIC Growth Fund 2835 8.97 13.56 14.01 13.46 14.00 0.44 169756 15.06 8.40 20 - - -

PICIC Inv Fund 2841 7.10 6.10 6.39 6.00 6.25 0.15 229943 7.14 3.91 10 - - -

Prud Modaraba 1st 872 2.27 1.00 1.00 1.00 1.00 0.00 501 1.20 0.81 3 - - -

Safeway Mutual Fund 545 7.89 7.90 7.89 7.10 7.89 -0.01 505 9.00 5.01 18.2 - - -

Stand Chart Modaraba 454 4.77 9.51 9.73 9.73 9.73 0.22 1000 10.29 8.51 17 - - -

Tri-Star 1st Modaraba 212 - 1.45 1.15 0.70 0.81 -0.64 1599 2.75 0.70 - - - -

Tri-Star Mutual 50 3.81 0.90 1.79 1.00 1.37 0.47 508 2.00 0.60 - - - -

U D L Modaraba 264 1.74 6.11 6.15 6.12 6.12 0.01 1000 6.55 5.30 12.5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

386.51 416.07 382.83 407.46 20.95 5.42

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

6,028,493 - - 30,336.44 mn 18,835.19 mn 415.21

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

11.75 0.25 0.91 99.56 3.61 386.51

AMZ Ventures 225 1.50 0.60 0.77 0.60 0.66 0.06 6822 0.95 0.33 - - - -

Arif Habib Investments 360 4.01 19.35 20.35 18.99 20.35 1.00 28234 22.40 16.05 - 20B - -

Arif Habib Limited 450 13.08 24.99 25.80 25.00 25.63 0.64 97356 28.00 24.53 - 20B - -

Arif Habib Corp 3750 4.72 24.50 25.72 24.59 25.70 1.20 3470562 30.20 23.26 30 - - -

Dawood Equities 250 - 1.96 1.98 1.75 1.78 -0.18 51640 2.75 1.28 - - - -

Escorts Bank 441 - 2.10 2.99 2.10 2.69 0.59 6303 3.80 1.90 - - - -

IGI Investment Bank 2121 14.13 2.29 2.69 2.26 2.26 -0.03 388 3.90 2.15 - - - -

Invest and Fin Sec 600 787.00 7.90 7.87 7.87 7.87 -0.03 159 8.98 6.22 11.5 - - -

Invest Bank 2849 - 0.66 0.68 0.62 0.65 -0.01 27152 1.09 0.50 - - - -

Ist Cap Securities 3166 - 3.10 3.25 3.00 3.07 -0.03 55113 3.96 2.95 - 10B - -

Ist Dawood Bank 626 0.60 1.70 1.69 1.60 1.68 -0.02 51207 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 10.66 11.66 10.54 11.52 0.86 5068925 14.05 9.84 10 - - -

JOV and CO 508 - 3.62 3.83 3.60 3.75 0.13 234051 4.78 3.51 - - - -

JS Global Cap 500 7.04 25.52 26.74 25.00 26.20 0.68 47592 32.37 25.00 - - - -

JS Investment 1000 28.29 6.55 6.89 6.51 6.79 0.24 238115 7.59 5.95 - - - -

KASB Securities 1000 - 4.01 4.25 4.00 4.12 0.11 16023 5.43 3.86 - - - -

Pervez Ahmed Sec 775 - 1.86 1.95 1.85 1.91 0.05 89261 2.69 1.85 - - - -

Stand Chart Leasing 978 5.02 2.64 2.67 2.40 2.41 -0.23 9617 3.00 2.26 - - - -

Trust Brokerage 100 - 3.89 3.89 3.89 3.89 0.00 500 4.00 1.42 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

770.15 783.10 752.52 772.52 2.37 0.31

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

30,398 - - 2,290.72 mn 9,079.36 mn 816.00

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

5.52 3.32 3.85 355.53 4.12 770.15

EFU Life Assurance 850 36.36 64.05 64.50 62.68 64.00 -0.05 30252 86.95 62.68 - - - -

New Jub Life Insurance 627 28.55 41.88 43.95 40.51 42.54 0.66 145 49.31 40.00 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,158.35 1,182.96 1,153.54 1,174.82 16.47 1.42

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

11,673,445 - - 257,548.02 mn 708,872.29 mn 1,201.36

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

8.33 1.16 13.94 40.49 4.86 1,158.35

Allied Bank Limited 7821 6.99 69.88 73.37 70.00 71.97 2.09 150686 74.00 55.12 20 - - -

Askari Bank 6427 8.26 16.66 17.48 16.66 17.34 0.68 624112 19.25 15.18 - - - -

Bank Alfalah 13492 14.54 11.15 11.38 11.20 11.34 0.19 649233 11.99 9.48 - - - -

Bank AL-Habib 7322 7.77 36.89 37.05 36.00 36.04 -0.85 1253750 39.49 31.50 - - - -

Bank Of Khyber 5004 5.31 3.90 4.00 3.93 3.98 0.08 30091 4.70 3.62 - - - -

Bank Of Punjab 5288 - 8.20 8.35 7.98 8.13 -0.07 3792244 10.59 7.98 - - - -

BankIslami Pak 5280 950.00 3.78 3.90 3.66 3.80 0.02 8724 4.50 3.00 - - - -

Faysal Bank 7327 4.63 13.70 14.35 13.70 14.34 0.64 156140 17.10 13.55 - 20B - -

Habib Bank Ltd 10019 7.75 124.71 125.90 123.80 124.03 -0.68 119391 128.97 101.79 - - - -

Habib Metropolitan Bank 8732 7.89 25.98 25.97 25.80 25.81 -0.17 2566 29.28 19.71 - - - -

JS Bank Ltd 8150 - 2.39 2.50 2.35 2.48 0.09 148257 3.00 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.67 1.74 1.62 1.70 0.03 200764 2.80 1.49 - - - -

MCB Bank Ltd 7602 10.16 224.06 229.75 224.05 229.10 5.04 540318 250.48 199.00 55 - - -

Meezan Bank 6983 10.03 18.55 19.00 18.90 18.96 0.41 31230 20.30 14.52 - - - -

Mybank Ltd 5304 - 2.70 2.70 2.52 2.65 -0.05 313000 3.40 1.90 - - - -

National Bank 13455 6.75 76.31 77.42 76.32 77.25 0.94 1673326 80.61 64.16 - - - -

NIB Bank 40437 - 2.71 2.79 2.68 2.75 0.04 325272 3.35 2.60 - - - -

Samba Bank 14335 - 1.80 1.86 1.75 1.85 0.05 14010 2.17 1.70 -63.46R - -

Silkbank Ltd 26716 - 2.50 2.55 2.50 2.54 0.04 640581 3.05 2.48 - - - -

Soneri Bank 6023 - 6.97 7.00 6.80 6.99 0.02 45899 8.48 6.80 - - - -

Stand Chart Bank 38716 11.29 7.54 7.50 7.22 7.34 -0.20 630 9.04 6.40 - - - -

Summit Bank Ltd XR 7251 - 3.41 3.51 3.39 3.40 -0.01 160961 4.63 2.70 - - - -

United Bank Ltd 12242 7.86 65.34 67.10 65.20 66.88 1.54 953220 70.65 56.01 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

762.70 790.53 759.64 782.20 19.50 2.56

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

1,336,806 - - 11,111.34 mn 48,124.93 mn 803.40

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

12.79 0.66 5.20 79.54 6.22 762.70

Adamjee Insurance 1237 26.15 87.52 91.20 87.10 90.23 2.71 525397 96.40 69.51 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,552.64 1,617.89 1,538.32 1,608.02 55.38 3.57

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

4,469,546 - - 12,202.80 mn 34,761.87 mn 1,608.02

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

9.90 1.13 11.41 66.79 6.74 1,539.88

Sui North Gas 5491 7.97 26.05 27.00 25.75 26.79 0.74 194723 34.75 25.71 20 - - -Sui South Gas 8390 3.60 22.89 24.00 22.74 23.90 1.01 4274823 25.01 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,291.33 1,329.04 1,289.70 1,324.20 32.87 2.55

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

3,310,249 - - 95,369.29 mn 108,440.56 mn 1,340.52

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

14.45 1.35 9.35 104.13 7.20 1,291.33

Genertech 198 - 0.83 0.80 0.67 0.80 -0.03 8558 1.18 0.67 - - - -

Hub Power 11572 7.05 37.31 38.60 37.41 38.51 1.20 681511 41.20 33.26 50 - - -

Japan Power 1560 - 1.56 1.69 1.55 1.59 0.03 31612 2.15 1.50 - - - -

KESC 7932 - 2.65 2.69 2.65 2.67 0.02 170358 3.55 2.07 - 7.8R - -

Kohinoor Power 126 2.59 4.40 4.45 4.25 4.25 -0.15 7540 5.39 3.85 - - - -

Kot Addu Power 8803 5.16 42.00 42.72 41.75 42.46 0.46 324013 45.85 39.00 50 - - -

Nishat Chunian Power Ltd 3673 3.66 16.14 16.78 16.26 16.70 0.56 1014879 18.01 13.10 - - - -

Nishat Power Ltd 3541 28.66 17.23 17.90 17.15 17.77 0.54 974169 18.70 14.25 - - - -

Sitara Energy Ltd 191 3.23 17.25 17.55 17.20 17.30 0.05 16750 19.35 17.20 20 - - -

Southern Electric 1367 - 2.17 2.16 2.07 2.14 -0.03 80766 2.80 2.05 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,099.15 1,122.28 1,101.65 1,117.64 18.49 1.68

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

1,964,534 - - 50,077.79 mn 77,337.70 mn 1,131.76

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

6.03 0.77 12.84 62.56 10.37 1,099.15

Pakistan Telecomm Co A 37740 12.65 18.68 19.00 18.75 18.97 0.29 1135669 20.65 18.19 17.5 - - -Telecard 3000 0.61 2.03 2.15 2.01 2.05 0.02 230466 2.67 2.01 1 - - -WorldCall Tele 8606 - 2.59 2.74 2.56 2.69 0.10 598348 3.45 2.41 - - - -Wateen Telecom Ltd 6175 - 3.50 3.73 3.47 3.55 0.05 234070 4.65 3.35 - - - -a

Paid up Last 60 days 2010 2011

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

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

Atlas Insurance 369 5.95 37.49 37.49 37.10 37.45 -0.04 6488 40.00 33.11 - - - -

Central Insurance XB 279 7.84 68.03 69.00 69.00 69.00 0.97 1000 83.00 53.00 10 10B - -

Century Insurance 457 6.27 10.58 10.85 10.00 10.03 -0.55 59816 12.00 9.65 - - - -

EFU General Insurance 1250 - 38.83 40.77 38.81 39.98 1.15 6544 47.90 38.50 - - - -

Habib Insurance 400 3.27 13.20 13.75 13.75 13.75 0.55 2000 15.50 11.01 - - - -

IGI Insurance 718 16.78 89.05 91.00 89.00 90.43 1.38 4961 99.88 81.10 10 20B - -

New Jub Insurance 791 15.92 59.78 59.80 57.31 59.08 -0.70 9900 61.80 54.39 - - - -

Pak Reinsurance 3000 45.08 16.77 17.70 16.85 17.58 0.81 681150 19.40 14.39 - - - -

Pak Gen Insurance 250 1.89 7.92 8.00 7.20 7.98 0.06 1700 9.95 5.81 - - - -

PICIC Ins Ltd 350 - 8.82 9.00 8.98 9.00 0.18 10000 10.75 2.75 - - - -

Premier Insurance 303 6.03 10.67 11.50 10.10 11.16 0.49 25683 12.93 9.00 - - - -

Reliance Insurance XB 252 4.05 6.60 6.60 6.60 6.60 0.00 1000 7.10 6.15 - - - -

United Insurance XB 400 2.31 7.50 7.09 6.99 7.05 -0.45 1119 7.80 5.00 - - - -

UPTO 100 VOLUME

ADAMS 15.40 15.35 15.35 15.35 -0.05 100

FPJM 1.45 1.40 1.40 1.40 -0.05 100

JOPP 12.79 12.00 12.00 12.00 -0.79 100

MSOT 19.06 18.50 18.50 18.50 -0.56 100

IDEN 15.00 15.25 14.99 14.99 -0.01 80

CSMD 6.79 6.01 6.00 6.01 -0.78 69

FZTM 420.00 425.00 410.00 423.08 3.08 56

STPL 9.00 9.45 8.75 9.00 0.00 56

PAKD 78.16 79.45 78.18 79.45 1.29 51

HUSS 10.30 11.30 11.00 11.29 0.99 50

SING 18.65 19.00 19.00 19.00 0.35 50

BWHL 31.42 31.99 31.99 31.99 0.57 42

AGIC 10.10 10.98 10.70 10.70 0.60 41

PNSC 35.07 36.00 34.56 35.05 -0.02 26

RMPL 2378.00 2350.00 2300.00 2349.42 -28.58 23

TOWL 10.00 11.00 10.98 10.98 0.98 22

FNEL 5.83 6.81 6.79 6.81 0.98 21

HMIM 0.80 0.90 0.87 0.87 0.07 20

PGCL 25.00 23.81 23.76 23.79 -1.21 20

PRET 31.80 30.27 30.23 30.25 -1.55 20

MWMP 1.35 1.37 1.22 1.37 0.02 17

LPGL 13.57 13.89 12.61 13.81 0.24 16

BTL 59.98 61.50 58.02 58.02 -1.96 15

CHAS 9.23 10.23 9.69 9.69 0.46 15

SIEM 1085.00 1085.00 1080.00 1082.05 -2.95 15

CJPL 1.02 1.19 0.81 1.10 0.08 13

FIBLM 1.80 2.72 1.51 1.51 -0.29 11

PSEL 179.98 171.00 170.99 171.00 -8.98 11

ADOS 15.56 15.99 15.99 15.99 0.43 10

FANM 3.30 3.35 3.35 3.35 0.05 10

FECM 2.95 2.80 2.80 2.80 -0.15 10

FRSM 17.40 17.60 17.60 17.60 0.20 10

RCML 42.85 43.00 43.00 43.00 0.15 10

SPLC 0.69 0.69 0.69 0.69 0.00 10

FCONM 1.17 1.99 1.02 1.26 0.09 9

KOSM 0.86 1.40 0.80 1.10 0.24 9

ATLH 133.73 134.99 133.25 134.99 1.26 8

ULEVER 4345.00 4460.00 4327.03 4350.05 5.05 8

YOUW 1.16 1.57 1.25 1.30 0.14 8

SGML 4.87 5.84 4.64 4.80 -0.07 7

ALTN 10.89 10.85 10.00 10.85 -0.04 6

BATA 629.00 629.00 625.00 629.00 0.00 6

FECS 32.51 34.13 32.01 32.01 -0.50 6

FHBM 7.51 8.14 7.98 7.98 0.47 6

TSPL 0.93 0.95 0.81 0.95 0.02 6

INKL 8.90 9.00 9.00 9.00 0.10 5

MUKT 0.37 0.49 0.29 0.48 0.11 5

PCAL 54.49 54.50 54.50 54.50 0.01 5

PECO 144.00 146.00 142.00 146.00 2.00 5

BUXL 11.49 11.80 10.70 10.70 -0.79 4

HUSI 5.67 6.09 5.00 6.09 0.42 4

DIIL 11.94 12.94 12.90 12.91 0.97 3

GTYR 23.10 23.95 22.91 23.00 -0.10 3

GVGL 26.00 26.00 24.70 26.00 0.00 3

SALT 65.49 68.49 62.22 68.40 2.91 3

STCL 8.10 8.55 7.60 8.55 0.45 3

UVIC 2.81 2.81 2.81 2.81 0.00 3

BAFS 56.96 59.80 54.12 56.96 0.00 2

DNCC 1.96 2.30 1.76 2.03 0.07 2

GAIL 4.50 5.00 4.35 4.68 0.18 2

JDMT 14.75 15.49 14.99 14.99 0.24 2

MTIL 0.52 0.65 0.25 0.45 -0.07 2

MUCL 12.50 11.50 11.50 11.50 -1.00 2

PAKT 114.49 113.98 110.01 113.98 -0.51 2

SHNI 10.19 10.99 10.99 10.99 0.80 2

SIBL 3.47 4.10 3.35 3.35 -0.12 2

AASM 27.09 26.00 25.75 26.00 -1.09 1

ADMM 22.05 22.00 22.00 22.00 -0.05 1

AKDCL 43.89 44.99 44.99 44.99 1.10 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFBL-FEB 40.55 41.75 40.42 41.64 1.09 848000

POL-FEB 325.70 331.80 325.50 330.71 5.01 677500

FFC-FEB 148.93 152.20 148.51 151.56 2.63 652000

DGKC-FEB 28.64 29.70 28.62 29.55 0.91 570000

ENGRO-FEB 215.76 220.70 215.70 219.76 4.00 474000

ANL-FEB 10.84 11.44 10.61 11.36 0.52 436000

NBP-FEB 76.91 78.00 76.78 77.80 0.89 388000

NML-FEB 65.20 67.39 64.99 67.05 1.85 312000

PSO-FEB 284.73 290.50 282.50 289.68 4.95 218500

MCB-FEB 225.54 231.49 225.00 230.74 5.20 148500

PTC-FEB 18.65 19.15 18.75 19.11 0.46 114000

BOP-FEB 8.20 8.45 8.04 8.12 -0.08 111500

LUCK-FEB 70.14 72.35 71.00 72.12 1.98 80500

AICL-FEB 88.25 91.90 88.00 91.20 2.95 76000

PPL-FEB 211.08 214.29 210.12 213.83 2.75 56000

UBL-FEB 65.55 67.15 65.55 67.07 1.52 55500

NETSOL-FEB 24.58 25.80 25.00 25.71 1.13 43500

OGDC-FEB 172.28 173.20 172.00 172.97 0.69 17500

NCL-FEB 23.72 24.70 24.25 24.65 0.93 14500

HUBC-FEB 37.52 38.75 38.70 38.73 1.21 4500

Symbols Open High Low Close Change Vol

ZERO VOLUME

ACCM 0.99 0.94 0.94 0.94 -0.05 0.00

ALICO 17.05 17.50 17.50 17.50 0.45 0.00

BAWS 5.00 5.05 5.05 5.05 0.05 0.00

DWTM 9.00 8.99 8.99 8.99 -0.01 0.00

EXIDE 199.59 197.49 197.49 197.49 -2.10 0.00

FIMM 63.25 62.99 62.99 62.99 -0.26 0.00

FZCM 63.00 62.50 62.50 62.50 -0.50 0.00

HWQS 20.62 19.59 19.59 19.59 -1.03 0.00

ISTM 8.60 8.50 8.50 8.50 -0.10 0.00

JVDC 58.99 58.98 58.98 58.98 -0.01 0.00

KML 2.80 2.70 2.70 2.70 -0.10 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 42.02 2.90 2.85 3.05 3.10 2.95

Allied Bank Limited 57.35 70.20 68.40 73.55 75.15 71.80

Attock Cement 12.30 51.55 50.85 52.95 53.60 52.20

Arif Habib Corp 46.78 24.95 24.20 26.10 26.45 25.35

Arif Habib Limited 44.66 25.15 24.70 25.95 26.30 25.50

Adamjee Insurance 48.94 87.80 85.40 91.90 93.60 89.50

Askari Bank 44.57 16.85 16.35 17.65 18.00 17.15

Azgard Nine 54.52 10.85 10.45 11.55 11.80 11.10

Attock Petroleum 61.79 376.05 369.50 388.05 393.50 381.50

Attock Refinery 37.54 118.30 115.05 123.75 125.95 120.50

Bank Al-Falah 52.64 11.25 11.15 11.40 11.50 11.30

BankIslami Pak 48.66 3.70 3.55 3.90 4.05 3.80

Bank.Of.Punjab 22.30 7.95 7.80 8.30 8.50 8.15

Dewan Cement 42.81 1.90 1.80 2.10 2.20 2.00

D.G.K.Cement 46.77 28.80 28.15 29.80 30.15 29.15

Dewan Salman 50.93 2.80 2.65 3.10 3.20 2.95

Dost Steels Ltd 39.29 2.50 2.45 2.60 2.65 2.55

EFU General Insurance 38.46 38.95 37.90 40.90 41.80 39.85

EFU Life Assurance 25.52 62.95 61.90 64.80 65.55 63.75

Engro Chemical 67.12 215.65 212.65 220.55 222.50 217.55

Faysal Bank 41.06 13.90 13.50 14.55 14.80 14.15

Fauji Cement 36.51 4.60 4.55 4.80 4.85 4.70

Fauji Fert Bin 60.97 40.60 39.85 41.80 42.20 41.05

Fauji Fertilizer 65.35 148.95 146.60 152.75 154.15 150.40

Habib Bank Ltd 55.17 123.25 122.50 125.35 126.70 124.60

Hub Power 51.63 37.75 37.00 38.95 39.35 38.15

ICI Pakistan 44.60 139.95 136.05 145.90 147.95 142.00

Indus Motors 61.58 289.35 288.75 291.25 292.50 290.65

J.O.V.and CO 42.36 3.65 3.50 3.85 3.95 3.75

Japan Power 41.97 1.55 1.45 1.65 1.75 1.60

JS Bank Ltd 50.08 2.40 2.30 2.55 2.60 2.45

Jah Siddiq Co 44.21 10.80 10.10 11.95 12.35 11.25

Kot Addu Power 46.49 41.90 41.35 42.85 43.30 42.30

K.E.S.C 41.16 2.60 2.55 2.70 2.75 2.65

Lotte Pakistan 63.15 15.60 15.25 16.20 16.45 15.85

Lucky Cement 41.90 70.60 69.65 72.10 72.65 71.15

MCB Bank Ltd 50.03 225.50 221.95 231.20 233.35 227.65

Maple Leaf Cement 33.14 2.55 2.50 2.65 2.70 2.60

National Bank 55.91 76.60 75.90 77.70 78.10 77.00

Nishat (Chunian) 61.29 24.00 23.40 24.90 25.30 24.35

Netsol Technologies 65.73 24.90 24.10 26.15 26.55 25.35

NIB Bank 39.50 2.70 2.65 2.80 2.85 2.75

Nimir Ind.Chemical 54.10 1.90 1.80 2.00 2.05 1.90

Nishat Mills 53.15 65.35 64.00 67.55 68.35 66.20

Oil & Gas Dev. XD 52.27 172.25 171.70 173.45 174.10 172.90

PACE (Pakistan) Ltd. 49.07 2.85 2.75 3.00 3.05 2.90

Pervez Ahmed Sec 40.71 1.85 1.80 1.95 2.00 1.90

P.I.A.C.(A) 43.25 2.25 2.15 2.40 2.50 2.35

Pioneer Cement 48.59 6.60 6.40 6.95 7.10 6.75

Pak Oilfields 63.18 326.55 323.00 332.40 334.70 328.85

Pak Petroleum 45.97 210.20 207.65 214.15 215.55 211.60

Pak Suzuki 41.08 64.35 62.55 67.25 68.30 65.45

P.S.O. XD 40.61 282.80 278.00 290.70 293.80 285.90

P.T.C.L.A 44.29 18.80 18.65 19.05 19.15 18.90

Shell Pakistan 57.90 208.85 203.15 217.40 220.25 211.70

Sui North Gas 43.53 26.00 25.25 27.25 27.75 26.50

Sitara Peroxide 43.52 13.05 12.90 13.30 13.40 13.15

Sui South Gas 65.34 23.10 22.30 24.35 24.80 23.55

Telecard 35.80 2.00 1.95 2.15 2.20 2.05

TRG Pakistan 48.51 3.10 2.85 3.50 3.65 3.25

United Bank Ltd 49.61 65.70 64.50 67.60 68.30 66.40

WorldCall Tele 45.96 2.60 2.50 2.75 2.85 2.65

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

BankIslami Pakistan Ltd 07-Feb 4:00

Habib ADM Limited 07-Feb 10:30

Engro Polymer Ltd 07-Feb 9:30

Tandlianwala Sugar Mills 07-Feb 5:00

Pakistan Int Con Ter Ltd 07-Feb 12:00

Zeal-Pak Cement Ltd 07-Feb 3:00

Ansari Sugar Mills Ltd 07-Feb 10:00

NI(U)T Fund 08-Feb 12:00

NIT Govt. Bond Fund 08-Feb 12:00

NIT Income Fund 08-Feb 12:00

Cherat Papersack Ltd 09-Feb 3:00

Pakistan State Oil Co. Ltd 09-Feb 10:00

NetSol Technologies Ltd 09-Feb 12:00

Mubarak Textile Mills Ltd 09-Feb 3:00

Shifa Int Hospital Ltd. 09-Feb 10:00

MCB Bank Limited 10-Feb 10:30

IGI Investment Bank 10-Feb 2:00

Sanofi Aventis Pak Ltd 11-Feb 3:30

Tri-Pack Films Ltd 12-Feb 11:00

Unilever Pakistan Limited 14-Feb 2:30

BOARD MEETINGS

Company Date Time

Deutsche tops Goldmanin banker pay table

HSBC says important to boostUK banking competition

Friday, February 4, 2011 8

SCB installs newglobal mkts chief

Staff Reporter

KARACHI: Pakistan's realgross domestic product is likelyto grow between 2 and 3 percent in the current fiscal year(FY11) due to expected bettercontribution by the servicessector, and improvement in theperformance by the commodityproducing sectors, according tothe First Quarterly Report ofthe State Bank on the State ofthe Pakistan's Economy whichwas released here.

According to the Report, per-formance of the commodityproducing sectors of the econo-my is expected to improve inmonths ahead. However,expectations of a recovery inagriculture will depend crucial-ly on the wheat harvest includ-ing increased production fromthe rain-fed - "barani" - areas,and the livestock sector.

Similarly, large-scale manu-facturing growth is expected toturn positive again in themonths ahead, as strong agri-prices support demand, andwith the additional capacitiescoming on-line in some indus-tries including fertiliser,cement and steel, the Reportadded.

SBP Report said that growingmacroeconomic imbalances inthe economy are still quitemanageable but further delay inimplementing critical structuraladjustments risks significantlyincreasing the future costs tothe economy.

The Report pointed out thatinflationary pressures havestrengthened more than antici-pated during the first half ofFY11.

"A part of this, reflectingpost-flood shocks will fadeaway, as will part of the pricerise of sugar, but the fiscalexpansion, proposed reductionin energy subsidies, andprospects of rising importedinflation will continue to driveinflationary expectations," theReport said.

'Consequently, SBP estimatesfor FY11 inflation have beenrevised upwards from 13.5 percent to 14.5 per cent to 15.0 percent to 16.0 per cent', theReport added.

The Report said that strongprices encourage farmers toinvest in higher yields and sup-port domestic demand.

'Therefore, the only sustainableway to protect low incomegroups from inflation is by tar-geted subsidies and the creationof ample employment opportu-nities', the Report added.

'In contrast to inflation, thecurrent account deficit is likelyto deteriorate in H2-FY11.

A significantly strong growthin imports is expected to morethan offset the gains from risein exports and workers' remit-tances.

The financing of the CADwill be challenging as inflowsunder financial accounts arelikely to be significantly lower.

In this perspective, the con-tinuation of the structuraladjustment program of IMFwould be helpful in softeningthe external financial con-straints, as well as to enhancethe resilience and robustness ofthe economy', the Reportadded.

SBP Report pointed out thatthe one bright spot in the econ-omy, ironically helped some-what by the floods, was thestrength of the external sector.

"A jump in remittances andaid flows for flood relief,helped by robust growth inexports largely due to sharpincrease in the prices of cottonovershadowed the growth inimports, turning the currentaccount for July-DecemberFY11 to a surplus," it added.

However, SBP Report said thatuncertainty over the extent ofdamage to private and publicinfrastructure and the policyresponse to floods, direct andindirect impacts of supply disrup-tions, energy shortages and weakconsumer & business confidence,took its toll on the domestic econ-omy during the initial months ofthe fiscal year FY11.

SBP Report opined that thefiscal performance remains asource of concern, given theoutstanding issues with expen-diture management as well asrevenue shortfalls. "The imple-mentation of fiscal reforms andelimination of subsidies in thepower sector are likely tobroaden the tax net and reducedistortions in the economy.

While, these reforms willinduce cost-push inflationarypressures in the economy, inthe short run, but these willhelp sustain high growth in thelong run," the Report added.

KARACHI: StandardChartered Bank (Pakistan)Limited announced the appoint-ment of Dr Naim Abdullah asthe Head of Global Markets.

Dr Naim Abdullah replacedTariq Mushtaq Chaudhry whohas been moved to StandardChartered regional office inDubai to take on his newassignment.

In his new role, Dr Abdullahwill be responsible for the strat-egy, development and manage-ment of the Bank's GlobalMarket business in Pakistan.

Mohsin Nathani, ChiefExecutive of StandardChartered said, "Dr Abdullah'sappointment highlightsStandard Chartered's continued

commitment to the GlobalMarkets business and servingthe needs of our client base inthe country. His appointmentwill drive and grow our GlobalMarkets capabilities."

Dr Abdullah joined the Bankfrom the Royal Bank ofScotland, previously ABNAMRO, in Pakistan, and hasmore than 15 years of experi-ence in the banking and financeindustry.

He brings a wealth of knowl-edge having been Head ofMarkets for the last 10 years,responsible for all GlobalMarkets related Sales andTrading activity in InterestRates and Foreign Exchange.

Prior to that Dr Abdullah spent

4 years in Strategic Businessdevelopment and 2 years as Headof Sales and Assistant Treasurerfor ABN AMRO.

Commenting on his appoint-ment, Dr Abdullah said,"Standard Chartered is thelargest international bank inPakistan. This is a uniqueopportunity for me to be part ofthis vibrant financial institutionand I look forward to workingclosely with the team to furtherstrengthen our position in theindustry".

Global Markets in Pakistancomprise of Financial Marketssales and trading, CapitalMarkets, Project and ExportFinance and Structured TradeFinance business streams.-NNI

Real GDPin FY11figured at 2-3pc

ISLAMABAD: State Ministerfor Finance Hina Rabbani Kharsaid government in a bid tofacilitate pensioners has made itbinding on commercial banks topay pensions to the ex-publicofficials.

The minister said previouslyNational Bank and PakistanPost were paying pensions,which made the procedure diffi-cult for pensioners, but today allthe scheduled banks had beenasked to do so.

Replying to a CallingAttention Notice regarding dif-ficulties being faced by the pen-sioners, the minister said shehad been told by AGPR thatthere was no such thing.

She said it would facilitate the

pensioners save them fromwaiting for hours in longqueues.

Hina asked the members, whoraised the Calling AttentionNotice to point out the specificcase where pension paymentsgot delayed.

She said there were institu-tions where accounts had beendepartmentalised like PakistanMint, and some others, andthose which were responsiblefor paying pensions to their ex-employees.

She welcomed a proposal tointroduce a card like the onebeing issued under BISP tofacilitate pensioners, but saidthe idea could be considered ata proper forum where.-APP

Pensioners’ painsalleviated: Hina

KARACHI: Pan-regionalpresence and a well-establishedfootprint in the Middle Eastclinched three awards forHSBC's Payments and CashManagement (PCM) divisionrecently, underlining the bank'scommitment to deliveringinternationally best-in-classsolutions to governments,multinationals and corporationsin the region, a hand out issuedhere revealed.

It said, for the awards,HSBC's PCM team submittedcase studies to the judgingpanel which clearly demon-strated how working closelywith treasurers and CFOsaround the region has enabledthem to deliver improved cash

flow and working capital effi-ciency for regional customersthrough HSBC systems.

The MENA PCM team closedits first cross border cash con-centration deal in 2010, for acustomer operating in Kuwait,Jordan and Egypt. In the UAE,one large corporation imple-mented a full electronic pay-ments platform, which then ledto further projects includingGroup Payroll, Post-DatedCheque (PDC) Warehousing,Cash Collections, ElectronicPayments, Automated reconcil-iation, Receivables Finance andCash Forecasting.

"Our breadth of reach anddepth of expertise in theMiddle East give our cus-

tomers confidence that oursolutions will deliver best-in-class performance and func-tionality, resulting in a reduc-tion of risk throughout theworking capital cycle byimproving payments and col-lection processes, and provid-ing global visibility and readyaccess to liquid funds," com-mented Natasha Patel, Head ofPCM, HSBC MENA.

"Furthermore, we have beenable to leverage HSBC's longhistory in the region to developclose working ties with manyof the regional regulators, whoare proactively looking forbest-practice solutions to devel-op their own cash managementneeds," added Patel.

HSBC strikes again

NEW YORK: A Morgan Stanley billboard is displayed in Times Square.-Reuters

Staff Reporter

KARACHI: State Bank ofPakistan has announced a pro-cedure for reimbursement ofwrite off of loans outstanding asof December 31, 2009 againstthe borrowers of Malakand,Swat, Buner and Chitral dis-tricts under the Prime MinisterFiscal Relief Package to reha-bilitate economic life inK h y b e r - P a k h t u n k h w a ,Federally and ProvinciallyAdministered Tribal Areas.According to a circular, issuedhere, Ministry of Finance hasreleased the budgetary alloca-tion for this purpose.Banks, Development FinanceInstitutions (DFIs) andMicrofinance Banks (MFBs)shall write off the entire loansoutstanding as of December 31,2009 of the borrowers ofMalakand, Swat, Buner and

Chitral districts, the Circularadded.The Circular said loans bookedin above-mentioned areas andalso booked outside theMalakand, Swat, Buner andChitral on behalf of businessesoperating / located in these dis-tricts shall also qualify.Only principal amount of out-standing loans, as of December31, 2009 shall qualify for sub-sidy.However, the Circular said thatloans disbursed on or afterJanuary 1, 2010 shall not quali-fy for said relief and the amountof overdue/ outstanding mark-up shall also not qualify for saidsubsidy.The Circular said banks, DFIsand MFBs shall bear the cost ofsuch write-offs to the extent ofamount held into provisionagainst NPLs and interest insuspense account, while the rest

of the cost will be paid by theGovernment of Pakistan as sub-sidy.However, it said that theamount reimbursed by SBP-BSC (Bank), Peshawar shall besubject to on-site inspection bySBP's Inspection Departmentand if any amount claimedfound ineligible, the same shallbe required to be refunded bythe concerned institutionsalong-with a fine of 25 per centof amount reimbursed."For smooth and timely imple-mentation of the relief package,Banks, DFIs and MFBs areadvised to stop recovery &accrual of mark-up of all suchoutstanding loans immediatelyand make all out efforts to pub-licize the Scheme throughadvertisements, banners anddirect contact with the con-cerned borrowers," the Circularsaid.

Debt off Northernborrowers’ shoulders

SBP tells banks/DFIs to waive loans predating Dec 31, 2009 in KP, Fata

SBP 1Q Report MFBs/DFIslet claimmarkupsubsidy

Staff Reporter

KARACHI: The State Bank ofPakistan has advised banks, devel-opment finance institutions (DFIs)and microfinance banks (MFBs)to submit claims for second install-ment of markup rate subsidy withrespect to Fiscal Relief Package ofthe Government of Pakistan forthe beneficiaries of eligible sectorsother than textiles in KhyberPakhtunkhwa, Federally, andProvincially Administered TribalAreas.

According to a Circular(SMEFD Circular Letter No 3)issued here the Ministry ofFinance has advised to release 2ndinstallment of the subsidy underthe Scheme for the period from01-07-2010 to 31-12-2010 to thebeneficiaries of other eligible sec-tors.

It maybe mentioned here thatthe State Bank of Pakistan hadalready advised banks/DFIs tosubmit their claims for secondinstallment for the beneficiaries oftextile sector through a circular onJanuary 15, 2011.

According to the Circular, underthe modus operandi of the Schemethe rate of markup differential for2nd installment, for six monthsending on 31st December 2010,has been worked out at 5.32 percent. Banks/DFIs have beenadvised to submit duly completedclaims at SBP-BSC (Bank),Peshawar for reimbursement forthe period 01-07-2010 to 31-12-2010 latest by February 28, 2011.However, MFBs may claimmarkup rate differential to theextent of 22.5 per cent per annumi.e. differential between 7.5 percent per annum and WeightedAverage Lending Rates of MFBsi.e. 30 per cent per annum or actu-al rate whichever is lower, theCircular added.

LuxembourgIFSB mootset for May

Shabbir Kazmi

KARACHI: Islamic FinancialServices Board (IFSB) isorganising the 8th IslamicFinancial Services BoardSummit 2011, with the themeof Enhancing Global FinancialStability: Challenges andOpportunities for IslamicFinance on May 10-13, 2011 inLuxembourg.

The summit will discuss thekey challenges and opportuni-ties identified for the Islamicfinancial services industry inenhancing global financial sta-bility. The two-day Summitaims at bringing together anexperienced international groupof chairpersons and speakers,with a projected audience ofover 200 delegates from all sec-tors of the financial servicesindustry across the globe.

Among the topics that will bediscussed at the Summit are: 1)International Developments inRegulatory Landscape:Implications for IslamicFinance; 2) Financial Stability:Regional and GlobalCooperation; 3) DevelopingCapacity Building to EnhanceFinancial Stability in theIslamic Financial ServicesIndustry and 4) EnhancingTransparency & MarketDiscipline and InformationEnvironment along with PanelDiscussion on Issues inEnhancing Global FinancialStability

The IFSB will also be organ-ising three pre-Summit eventson May 10-11, 2011, on thetopics that include 1)Workshopon Islamic Finance and IFSBStandards for InstitutionsOffering Islamic FinancialServices and Islamic CapitalMarkets; 2 IFSB CountryShowcases and 3) SpecialSession on LiquidityManagement in the IslamicFinancial Services Industry.

Ericsson’smobile

bankingsystem soon

STOCKHOLM: Ericsson willlaunch mobile phone bankingservices, it said on Wednesday,hoping to capture a big chunkof a market it estimates will beworth an annual 20 billioneuros ($27.7 billion) by 2015.

Ericsson, the world's biggestmobile telecom equipmentmaker, said up to 1 billion peo-ple worldwide had mobilephones, but no bank accountand would benefit from servic-es such as money transfers.

"Different estimates we havedone ... indicate that the valueof revenues from financialservices over mobile channelwill be around 20 billion eurosin 2015," Semir Mahjoub, Headof Ericsson Money Services,said.

"We expect to have a reason-able share of this market."

The service will be a rival totraditional money transfer oper-ators like Western Union andMoneyGram initially, but couldreplace credit cards in thefuture.

Ericsson said mobile pay-ments and person-to-personmoney transfers are likely tobecome some of the most-usedmobile applications in manycountries in the next two orthree years.

Mahjoub said that Ericssonsaw such transactions totallingaround 600 billion euros by2015.

While Ericsson has initiallypartnered with a bank to pro-vide the service in Europe, ithopes its global presence willmean it can sell the service totelecoms operators internation-ally and connect them in across-border system.-Reuters

Arjumandto headFPCCIpanel TFD Report

KARACHI: Arjumand Qazi,

Member Executive Committeeof NBFI & ModarabaAssociation of Pakistan andChief Executive of SMELeasing has been appointedChairperson of FPCCI'sStanding Committee on "Small& Medium Enterprises(SMEs)" for the Year 2011.

LONDON: Copper struck arecord high at $10,000 onThursday while tin also hit all-time peaks, on supply deficit con-cerns and as recent economicdata from top consumers Chinaand the United States increaseddemand prospects.

But copper eased to a day's lowof $9,890 a tonne, after a slew ofupbeat US data and hawkishcomments from EuropeanCentral Bank President Jean-Claude Trichet lifted the US dol-lar versus the euro, deterringEuropean investors.

Three-month copper on theLondon Metal Exchange closedat $9,930 a tonne against $9,945at Wednesday's close, and tradingwas muted due to the week-longLunar New Year holiday inChina.

"A lot of the data that's comeout today has been supportive forcommodities," said Daniel Smith,an analyst at Standard Chartered."It's all telling us the macro pic-ture's pretty strong globally."

Tin hit a record $30,920 atonne, versus Wednesday's closeof $30,650, later closing at$30,545.

Economic data from the UnitedStates, Europe and China this

week suggested a brighter eco-nomic outlook in top metal con-sumers and increased investorappetite for copper.

A raft of US data boosting sen-timent showed better-than-expected weekly jobs figures,non-farm productivity growingfaster than expected in the fourthquarter, a rise in new ordersreceived by factories inDecember and stronger ship-ments of finished products.

"It's probably going to be seenas cheap in a year," analyst CarlFirman at Virtual Metals said ofthe $10,000 a tonne level.

"Over the next 6 months itcould well go on to hit $11,000,"he added, citing expectations of ahefty market deficit this year.

The copper market will see adeficit of 444,000 tonnes thisyear, according to a Reuterspoll. That compares with adeficit of 180,000 tonnes seenin the July survey.

Tin, meanwhile, was helped by

copper's rise and output con-straints in top exporter Indonesiawhile demand from the electron-ic and industrial sectors is grow-ing. "The picture for tin is verypositive this year," said GayleBerry, an analyst at BarclaysCapital. "Supply growth is goingto be anaemic."

Copper's ascent comes despiterising inventories of the metalused in power and construction.

LME copper stocks rose 700tonnes to 394,475 tonnes, datashowed on Thursday. Stocks haverisen by almost 50,000 tonnessince Dec. 9 but remain consider-ably lower than February 2010'slevel of about 555,000 tonnes.

Battery material lead closed at$2,554.5 from $2,560 a tonne atthe close on Wednesday.

Aluminium was at $2,528 atonne from $2,525 at the close onWednesday and zinc was at$2,472 a tonne from $2,475.

Nickel was at $28,040 a tonnefrom $28,000. -Reuters

Copper hits record $10,000on supply concerns

9Friday, February 4, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1250

January (3rd Wednesday) 1310 1255

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for February 02 2011

LME Official Prices, US$ per tonne for February 02 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2330 2522 9940 2612 27710 30540 2442 2451

Cash seller 2331 2522.5 9945 2613 27715 30545 2443 2452

3-months buyer 2295 2532 9919 2536 27800 30475 2465 2490

3-months seller 2305 2533 9920 2537 27825 30500 2465.5 2500

15-months buyer 2200 2588 9695 2475 26630 29935 2470 2530

15-months seller 2210 2593 9705 2480 26730 29985 2475 2540

27-months buyer 2200 2625 9265 2418 25345 2437 2590

27-months seller 2210 2630 9275 2423 25445 2442 2600

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil prices slippedback on Thursday after the dollarstrengthened against the euro onpositive US economic data.

For the moment, the dip inprices overcame earlier marketjitters over the escalating vio-lence in Egypt as pro- and anti-government supporters clashedin a widening of an unrest thatbegan more than a week ago.

By 1545 GMT,Brent crude forMarch delivery fell25 cents to $102.09a barrel, after earli-er in the day hitting$103.27, the high-est front-monthprice since Sept.26, 2008.

US crude for March dipped 38cents to $90.48, off its early highof $92.05. Stronger-than-expect-ed demand from reboundingeconomies and concern overunrest in Arab countries havepushed oil prices above $100 abarrel, the International EnergyAgency told the US Congress onThursday.

Claims that speculators werebehind the 25 per cent rise in

the oil price since Septemberare not valid, IEA DeputyExecutive Director RichardJones told the Senate Energyand Natural ResourcesCommittee at a hearing on theoil market.

Senator Ron Wyden of Oregonsaid he disagreed with IEA's nar-row assessment of the cause ofthe rise in oil prices.

"I'm just concerned yourapproach gives short shrift to thepossibility of speculation in thefinancial markets," Wyden toldJones at the Senate hearing.

He said a variety of factorsaffect prices and Congressshould be looking at the specu-lative component of energyprices.

Jones said oil prices have shotup over the last week in particu-

lar because of concerns that theprotests in Egypt may lead to adisruption of oil shipmentsthrough the Suez Canal and thatprotests may spread to other oilproducing countries in the region.But he warned global growthcould slow if oil prices stay high.

Meanwhile, the US EnergyDepartment's analytical arm saidoil prices could go even higher.

There is aone in threechance that oilwill be above$110 a barrel atthe end of2011, USE n e r g yI n f o r m a t i o nAdministration

head Richard Newell told thecommittee. EIA has officiallyforecast that oil will average$93 a barrel in 2011, but Newellsaid oil price forecasts are sub-ject to a great deal of uncertain-ty. "The market value of futuresand options contracts...is tellingus there is about a one in threechance the price of oil will beabove $110 a barrel at the endof this year," he said. -Reuters

Oil prices slip back asdollar rises, eyes Egypt

Europeanvegetable oil

pricesROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Mar111030.00+12.00, Apr111030.00+12.00, May11/Jul111030.00+12.00, Aug11/Oct111033.00+8.00, Nov11/Jan121037.00+7.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111050.00+0.00, May11/Jul111050.00+10.00, Aug11/Oct111005.00+10.00, Nov11/Jan121010.00+10.00, Feb12/Apr121015.00+5.00.

SUNOIL: EU dlrs tonneextank six ports option Feb111490.00+0.00, Mar111490.00+0.00, Apr11/Jun111480.00+5.00, Jul11/Sep111490.00+0.00, Oct11/Dec111410.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1582.50-15.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Jan111330.00+20.00, Feb111330.00+15.00, Mar111320.00+5.00, Apr11/Jun111300.00+5.00, Jul11/Sep111280.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamJan11/Feb11 2350.00+50.00,Feb11/Mar11 2300.00+30.00,Mar11/Apr11 2250.00+30.00,Apr11/May11 2220.00+20.00,May11/Jun11 2200.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

3-Feb-2011 CRUDE100 MA11 US$ Per Barrel 90.54 92.02 90.15 91.64 305 91.25 91.64 64

3-Feb-2011 CRUDE100 AP11 US$ Per Barrel 93.34 94.60 92.89 94.34 111 93.96 94.34 105

3-Feb-2011 CRUDE100 MY11 US$ Per Barrel 95.46 96.32 95.46 96.32 - 95.98 96.32 3

3-Feb-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 28.31 28.56 28.11 28.20 169 28.37 28.20 50

3-Feb-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 28.35 28.35 28.21 28.21 - 28.38 28.21 2

3-Feb-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1336.50 1353.00 1327.00 1328.90 1,896 1335.90 1328.90 2,466

3-Feb-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1336.30 1339.80 1327.00 1329.20 2,071 1336.30 1329.20 2,348

3-Feb-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1338.00 1340.20 1328.40 1329.90 1,037 1337.00 1329.90 298

3-Feb-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1336.30 1336.30 1328.90 1328.90 - 1335.90 1328.90 -

3-Feb-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1338.00 1339.50 1328.90 1329.20 97 1336.30 1329.20 1

3-Feb-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1337.50 1337.50 1329.20 1329.20 - 1337.00 1329.90 -

3-Feb-2011 GOLD FE11 Per 10 grms 36800.00 36942.00 36750.00 36684.00 3 36928.00 36684.00 10

3-Feb-2011 GOLD MA11 Per 10 grms 36951.00 36951.00 36693.00 36693.00 - 36937.00 36693.00 1

3-Feb-2011 GOLD AP11 Per 10 grms 36800.00 36968.00 36800.00 36709.00 1 36954.00 36709.00 82

3-Feb-2011 KILOGOLD FE11 Per 10 grms 36915.00 36915.00 36656.00 36656.00 - 36901.00 36656.00 1

3-Feb-2011 KILOGOLD MA11 Per 10 grms 36924.00 36924.00 36665.00 36665.00 - 36909.00 36665.00 -

3-Feb-2011 TOLAGOLD50 FE11 Per Tola 43057.00 43057.00 42755.00 42755.00 - 43040.00 42755.00 -

3-Feb-2011 TOLAGOLD100 FE11 Per Tola 43057.00 43057.00 42755.00 42755.00 - 43040.00 42755.00 -

3-Feb-2011 MINIGOLD MON Per 10 grms 37990.00 37990.00 37715.00 37715.00 - 37963.00 37715.00 -

3-Feb-2011 MINIGOLD TUE Per 10 grms 38030.00 38030.00 37754.00 37754.00 - 38003.00 37754.00 -

3-Feb-2011 MINIGOLD WED Per 10 grms 38043.00 38043.00 37767.00 37767.00 - 38016.00 37767.00 -

3-Feb-2011 MINIGOLD THU Per 10 grms 37964.00 37964.00 37780.00 37780.00 - 38030.00 37780.00 -

3-Feb-2011 MINIGOLD FRI Per 10 grms 37977.00 37977.00 37702.00 37702.00 - 37950.00 37702.00 -

3-Feb-2011 TOLAGOLD MON Per Tola 43900.00 43930.00 43324.00 43324.00 4 43613.00 43324.00 10

3-Feb-2011 TOLAGOLD TUE Per Tola 43690.00 43690.00 43369.00 43369.00 - 43659.00 43369.00 8

3-Feb-2011 TOLAGOLD WED Per Tola 43850.00 43850.00 43384.00 43384.00 1 43674.00 43384.00 2

3-Feb-2011 TOLAGOLD THU Per Tola 43614.00 43614.00 43399.00 43399.00 - 43689.00 43399.00 -

3-Feb-2011 TOLAGOLD FRI Per Tola 43800.00 43800.00 43309.00 43309.00 1 43598.00 43309.00 3

3-Feb-2011 IRRI6W 03FE11 Per 100 kg 3226.00 3226.00 3200.00 3200.00 - 3226.00 3200.00 -

3-Feb-2011 RICEIRRI - 6 FE11 Per 100 kg 3240.00 3240.00 3213.00 3213.00 - 3240.00 3213.00 -

3-Feb-2011 RBD PALMOLEIN FE11 Per Maund 5450.00 5473.00 5450.00 5473.00 - 5450.00 5473.00 -

3-Feb-2011 KIBOR3M 11-Mar Per Rs. 100 86.16 86.18 86.16 86.18 - 86.16 86.18 -

3-Feb-2011 KIBOR3M 11-Jun Per Rs. 100 85.42 85.46 85.42 85.46 - 85.42 85.46 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugarholds flat

MUMBAI: Indian spot sugarprices were flat on Thursdaywhile futures edged higher on arally in the overseas markets,though higher suppliesweighed on sentiment, dealersand analysts said.

New York raw sugar futuresshot up to close at the highestlevel in more than threedecades on Wednesday, as amassive cyclone hit Australia,one of world's top sugarexporters, deepening concernsabout tight global supplies.

"A few millers inMaharashtra were releasingunsold stocks of January atlower price. They wanted toclear inventory," said a memberof Bombay Sugar MerchantsAssociation (BSMA).

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyended unchanged at 2,700rupees ($59.2) per 100 kg, afterlosing 5 per cent last month.

The most-traded M-gradesugar contract for Februarydelivery NSMG1 on India'sNational Commodity andDerivatives Exchange(NCDEX) ended up 0.33 percent at 2,772 rupees per 100 kg.

The Indian Sugar MillsAssociation, a producers' body,had forecast 2010/11 output at25.5 million tonnes, up from18.8 million tonnes in the pre-vious year. The Indian govern-ment should immediately allow500,000 tonnes of unrestrictedsugar exports to help cash in oncurrent high global prices, thechief of the producers' bodytold Reuters in an interview onThursday. -Reuters

SURABAYA - INDONESIA: Farmers in the village of Sumber Salak District Sumbersari, busy

harvesting Edamame (Japanese soybeans). Agencies

LONDON: Gold eased for asecond day after US datashowed a healthy pace ofgrowth in the US servicessector, having earlier risen onthe back of more mutedexpectations for euro-zonerate rises.

Hawkish rhetoric from theECB had raised expectationsthat it might move towardsraising interest rates soonerrather than later, boosting the

euro but weighing on gold,which tends to benefit from alow interest rate environment.

On Thursday, EuropeanCentral Bank President Jean-Claude Trichet signalled nochange to the bank's lowinterest rate policy.

Spot gold was bid at$1,328.70 an ounce at 1532GMT, against $1,336.00 latein New York on Wednesday,having earlier touched$1,337.40. US gold futuresfor April delivery fell $2.90to $1,329.20.

"(Trichet) was indeedpulling a bit away from therhetoric from a couple ofweeks ago... pushing out thetiming of rate hikes and there-by also increasing the risk ofinflation," said Ole Hansen,senior manager at Saxo Bank.

"(That is) probably the rea-son why gold has rallied a bitdespite its current state offatigue."

"Since the sell-off acrossthe commodity complex inearly January, oil and indus-

trial metals have rallied butthe precious metals have beenthe laggards," said RBS ana-lyst Daniel Major.

"That is due to a combina-tion of better economic data(and) less need for safehavens."

Concerns over the falloutfrom unrest in Egypt under-pinned prices, but did notspark fresh investment, ana-lysts said.

Buying was also lacklustrein key gold consumingregions, with buyers absent inChina, Hong Kong andSingapore for the Lunar NewYear holiday.

Silver was bid at $28.08 anounce against $28.36. Theworld's largest silver-backedexchange traded fund, theiShares Silver Trust, reportedanother outflow onWednesday.

Both the iShares fund andthe biggest gold ETF, theSPDR Gold Trust, saw heftyoutflows in January, with theiShares seeing its biggest everone-month decline and theSPDR fund its second-largestsuch outflow.

Platinum was at $1,822 anounce against $1,829.99,while palladium was at$806.47 versus $811.22.

Data showed Switzerland,one of the leading clearers ofplatinum group metals inEurope, imported 6,374 kg ofplatinum and 829 kg of palla-dium in December. -Reuters

Gold falls forsecond day as

dollar strengthens

Coffee surges

to fresh

13-1/2-yr peakLONDON: Arabica coffeefutures climbed to a fresh 13-1/2year high on Thursday, androbusta also hit a multi-yearpeak, bolstered by a shortage ofhigh quality beans and strengthacross agricultural commodities.

Raw sugar futures slumped,erasing all their gains from acyclone-fuelled rally, whilecocoa futures climbed on grow-ing havoc in the cocoa industryof top grower Ivory Coast.

ICE March arabicas jumpedto $2.5360 a lb, their highestsince June 1997, and stood 1.9cent or 0.8 per cent firmer at$2.5255 per lb at 1603 GMT.

Liffe May robusta coffeetouched $2,287 a tonne, itshighest since Aug. 2008, beforeslipping back slightly to tradeup $28 or 1.2 per cent at $2,280per tonne.

Raw sugar futures dropped,recoiling from their highestprice in three decades, after amassive cyclone that hitAustralia destroyed less of thesugar crop than feared.

ICE March raw sugar fell1.36 cents or 3.9 per cent to33.95 cents a lb after soaringmore than 4 per cent to a 30-year high of 36.08 cents a lb onWednesday, while LondonMarch white sugar dipped$27.90 or 3.3 per cent at$816.60 per tonne, below itsrecord high of $857 a tonne inthe previous session.

Cocoa prices firmed, continu-ing to waver just below theirone-year peak from a weekago, as investors awaited freshnews about the political situa-tion in top grower Ivory Coastafter a month-long export banwas called last week.

ICE benchmark March cocoarose $11 or 0.3 per cent to$3,363 per tonne, below lastweek's one-year peak of $3,420per tonne. London May cocoarose 3 pounds or 0.1 per cent to2,176 pounds a tonne, below arecent six-month peak of 2,269pounds a tonne. -Reuters

NEW YORK: US cotton futuresjumped for the third straight dayon Wednesday, settling up thedaily limit, as Asian mills fueledthe rally on average volume.

Cotton futures have ralliedalmost 25 per cent since the mid-dle of January, the latest wave ofa historic run that began in 2010and sent cotton prices to theirloftiest levels in almost 150years.

"It's basically mills panick-ing," said Lou Barbera, a cottonanalyst for brokerage VIPCommodities. "Overseas millsare getting the ball rolling."

The key March cotton contracton ICE Futures US rose the 4cent limit to conclude at $1.7622per lb, with the session low at$1.73. Total volume stoodaround 20,400 lots, just abovethe 30-day norm, ThomsonReuters preliminary datashowed.

Powerful cyclone Yasi inAustralia also worried the mar-ket because it would hit primecotton-growing areas. Lossesthere could further crimp sup-plies in Asian markets, dealerssaid.

Sharon Johnson, senior cotton

analyst at brokerage PensonFutures in Atlanta, said it is "pos-sible there's a squeeze" in the UScotton market. But Johnson saida new exchange rule could alle-viate concerns that a squeeze isunderway. She explained thatICE Futures US may soonrequire investors to tell theexchange how they plan tohedge certain long and shortpositions in excess of 300 lots ofthe spot contract.

On Thursday, the market willlook at the US AgricultureDepartment's weekly exportsales report to gauge demand forUS cotton.

The market will then turn itsattention to industry group theNational Cotton Council ofAmerica which will release itsannual plantings survey for cot-ton at its annual meeting in SanAntonio, Texas on Friday.

A Reuters survey at theBeltwide Cotton conference thismonth had forecast US 2011 cot-ton plantings from 12.48 millionto 12.53 million acres, a 5-yearhigh and an increase of around15 per cent from last year's cot-ton sowings of 11.04 millionacres. -Reuters

US cotton rises for thirdday as mills rush to buy

Tokyo rubber

hits record highBANGKOK: Tokyo rubberfutures hit another record highon Thursday on the back offirm oil prices, tight supply anda pause in the yen's rise, dealerssaid.

The benchmark rubber con-tract on the Tokyo CommodityExchange for July delivery rose17.7 yen, or 3.7 per cent, to set-tle at 489.9 yen ($5.99) per kg.It rose as high as 490.2 yen, thehighest ever.

"The TOCOM price shouldrise further after Chinese busi-nessmen get back to work afterthe Chinese New Year holidayas demand from China shouldremain strong," one dealerssaid. China is the world'sbiggest rubber consumer.

US crude rose for a secondday on Thursday after violentclashes in Egypt raised theprospect of further unrestacross the Middle East.

TOCOM rubber futures wereforecast to stay near recordhigh levels over the next twomonths, according to a Reuterspoll. Physical rubber priceswere also offered at recordhigh levels on Thursday, withThai RSS3 quoted at $5.90 perkg. -Reuters

Oil price surging on demand, Arab unrest: IEA

10Friday, February 4, 2011

Women hold medals during award ceremonyfor 7th Asian Winter Games freestyle skiingdual moguls qualification outside Almaty

Akramhits PCB

for captainname holdup

Monitoring Desk

MUMBAI: Former Pakistancaptain Wasim Akram onThursday backed ShahidAfridi to lead the side in theWorld Cup and hit out at theCricket Board (PCB) fordelaying the appointment.

Akram said Pakistan has thepotential do well in the megaevent but the side need toknow leader as soon as possi-ble.

"Pakistan can be a dangerousteam. No one can altogetherwrite off Pakistan's chances inthe World Cup. They have thecapability to do well, but firstand foremost the captain has tobe named," said Akram,among the finest left-arm pacebowlers in the history of thegame.

"But they don't have a cap-tain with just 15 days left forthe tournament. I don't knowthe reasons behind the delay.Even Shahid Afridi must beunder pressure. The sooner thecaptain is named, the better forthe team," said the former all-rounder, who was a dangerouslower order batsman.

He backed swashbucklingall-rounder Afridi to lead hiscountry in the February 19-April 2 tournament.

"I would go for Afridi,although Misbah (Ul-Haq) isperforming well (as Test cap-tain), but he's not a magician.Afridi has been the captain fora reasonable period of time.The World Cup is too close tochange a captain.

"They came back well inNew Zealand. It shows thatAfridi has the skill. Last yearhe was the highest wicket takerand also one of the top run-get-ters for Pakistan. In my opin-ion, Afridi should be namedPakistan's captain. I don'tknow what the PCB thinksabout it," he said.

Akram said it was difficult tospot a player with the requisiteskills to lead Pakistan cricketside.

"Pakistan team me captainkahan milthe hai? (Where doyou get a captain material inthe Pakistan team?). Ek nahimiltha hai, tho kahan se doosramilegha? Usko (Afridi) Rakhoabh.-Agencies

HAMILTON: Ahmed Shehzad hithis maiden one-day international cen-tury to guide Pakistan to a 41-run winover New Zealand in the 5th one-dayinternational, clinching victory in thesix-match series.

Shehzad made 115 from 104 ballsas Pakistan posted 268-9 in its 50overs after being sent in to bat on aslow pitch.

New Zealand's stand-in captainRoss Taylor top-scored with 69 andMartin Guptill made 65 as NewZealand was dismissed for 227 in46.5 overs in a bungled run chase.

Pakistan has an unbeatable 3-1 leadwith one match to play.

Pakistan's World Cup preparationsonly got better as their youngest bats-man scored a maiden ODI century toset up a series win - their first in abilateral rubber since November 2008- over New Zealand, whose fortunescontinued to slide at home after a mis-erable time in the subcontinent.

Ahmed Shehzad batted with utmostconfidence during his calculatedassault, overcoming a cautious start inovercast conditions by launching acounter-attack that snatched the initia-tive New Zealand had worked hard togain at the beginning of the game. Hewas backed up by a determined per-formance from Pakistan's bowlers,who stepped up in areas where NewZealand had erred, and completed thejob quite comfortably in the end.

A miserly first spell by Kyle Millsappeared to have justified RossTaylor's decision to bowl, as itcramped the usually fluent openersthrough nagging lines outside offstump and crafty variations in pace.

He conceded just two runs in his firstfour overs, including the wicket ofMohammad Hafeez who was freshfrom a century in the previous match.

Shehzad, though, was intent onpulling things back. He had warmedup with a crisp straight drive offHamish Bennett but opened his shoul-ders to release the pressure created bythe early wicket. Mills' tight lineswere countered with a mow past mid-off and an agricultural slog over mid-wicket, catching the bowler off guardand marking a turn in the tide.Shehzad had won the psychologicalbattle when Mills strayed onto thepads the next over, to be glanced tothe fine-leg boundary.

A feature of Shehzad's knock washis domination of Bennett, which off-set any pressure New Zealand wereable to inflict with the fall of a wick-et. Bennett overpitched too often, ordropped too short, and was picked offconsistently for boundaries. Hesquandered some hard work by con-ceding fours off the last balls of hisfirst two overs and was struck for con-secutive boundaries by an initiallyrusty Kamran Akmal before Shehzadsingled him out for treatment. He waslaunched for a straight six and wel-comed in his second spell with a vio-lent pull over the midwicket boundaryfollowed by a clean strike over long-on.

While Shehzad took timely risksand had the power and ability to backthem up, he was ruthless against theopportunities doled out by thebowlers when Pakistan had beenforced to shift gears in the middleovers.-Reuters

NZ SURRENDER SERIES TO PAK

LONDON: Australian Openchampion Novak Djokovic willtry to win his first grasscourttitle during the AEGONChampionships at London'sQueen's Club in June after con-firming his participation in theWimbledon warm-up event onThursday.

The big-serving Serbian, wholast week beat Britain's AndyMurray in Melbourne to win

his second Grand Slam title,has joined world number oneRafael Nadal in announcing hisentry for the tournament.

Nadal, the holder of ten-nis's remaining three GrandSlam titles (Wimbledon, theFrench Open and the USOpen) beat Djokovic 7-6, 7-5in the 2008 Queen's finalbefore weeks later winningWimbledon.

Now Djokovic hopes to treada similar path, having insistedthat "Wimbledon is the mostimportant tournament of theyear for me".

"The AEGONChampionships is one of thenicest tournaments around,"said Djokovic, who beat bothRoger Federer and Murray onhis way to winning a secondAustralian Open title.-Agencies

Djokovic wants tobe King of Queen's

MUMBAI: India has the bestchances of winning the cricketWorld Cup being held fromFebruary 19 – April 2 in India,Sri Lanka and Bangladesh, for-mer Pakistan skipper ImranKhan thinks.

Khan, flanked by formerWorld Cup winning captainsClive Lloyd of West Indies,India’s Kapil Dev, Australia’sAllan Border and Steve Waughand Sri Lankan ArjunaRanatunga, was in Mumbai fora promotional event.

“This could be the most even,

unpredictable World Cup ever.There are six teams who canbeat anyone on a given day.Having said that, I think Indiastand the best chance. You haveall-round strength in batting andbowling. The batting line-up, infact, is great. The team is ingood form, and it will play inhome conditions,” Imran toldreporters on Wednesday.

Imran, the 58-year-old for-mer all-rounder, who ledPakistan to World Cup glory in1992, said that the team’s lackof spinners would not hurt their

chances either.“In Test cricket, you can’t get

away with this, but in one-daycricket you can do with bowlingall-rounders. Ideally, you needone express pace bowler butIndia can do without it also.Zaheer Khan, I feel, is at peakof his game right now. He hasexperience and ability.”

Pakistan need to name WorldCup captain. Pakistan haveharmed their World Cup chancesby delaying naming a captainImran Khan said, a fumingImran told reporters.-Agencies

Imran sees Indiataking CWC home

COLOMBO: Opener UpulTharanga struck his ninth one-day century to propel Sri Lankato a crushing eight-wicket winover the West Indies in the sec-ond one-dayer on Thursday.

West Indies were bowled outfor 203 in 50 overs after beingasked to bat first by Sri Lankacaptain Kumar Sangakkara atthe Sinhalese Sports Club.

After a brief rain interruption,Sri Lanka were given a revisedtarget of 197 in 47 overs underthe Duckworth/Lewis methodand reached it with 27 balls tospare.

Sri Lanka lead the three-

match series 1-0 after the firstmatch was washed out due torain.

Sri Lanka lost openerTillakaratne Dilshan with thetotal on 32, caught behind byCarlton Baugh off seamer RaviRampaul for 11 runs.

Sangakkara joined Tharangafor a useful 70-run partnershipto seize the initiative beforeSangakkara was caught byChris Gayle off seamerDwayne Bravo for 20.

The best partnership of theday, an unbeaten 97 runs, camebetween Tharanga and MahelaJayawardene to seal victory.

Tharanga laid anchor and bat-ted through the innings to finishwith 101 not out off 143 ballsincluding seven boundaries.Jayawardene made a brisk 48not out in 46 balls with fiveboundaries.

West Indies' innings startedwith promise but Sri Lanka'sbowlers, led by Lasith Malinga,deprived them of a big score.

After the visitors lost both in-form opener Adrian Barath andGayle with the score on 45, thebowlers took crucial wickets toend several promising partner-ships, and put the home side ina winning position.-Agencies

SL lay WI to restin second one day

PERTH: Jason Krejza knowsbetter than most that bowlingspin for Australia can be ashort-term vocation, so he'sdetermined to make the best ofhis unexpected second calling.Two years after he took 12wickets on his Test debut onlyto be dropped one match later,Krejza has the chance to showoff his one-day skills, afterbeing named in the squad forthe final ODI against England.

His opportunity has onlyarrived because Nathan Hauritzdislocated his shoulder and isin doubt for the World Cup,Xavier Doherty is sufferingfrom back pain and StevenSmith has a hip injury. Buthowever it has come, Krejza isthrilled at the chance to onceagain represent his country,which could yet turn into aWorld Cup dream if theinjuries to the others persist.

"It's a complete surprise, full-

stop," Krejza told media of hiscall-up. "Hopefully I get theopportunity. Playing one-daycricket has been at the top ofmy list as the next thing to do,and it's finally come around.I'm trying not to think about theWorld Cup. It might only comethrough injuries to other peo-ple, which is never good.There's a slim chance but I'mnot holding my breath."

For the time being, Krejza isfocused solely on Sunday'sseries finale at the WACA,where he last played forAustralia in late 2008, takingmatch figures of 1 for 204 in arecord defeat at the hands ofSouth Africa. After that, theselectors preferred spinnerswho could tie up an end ratherthan overly attacking options,which meant Krejza had to goback to Tasmania and adjusthis game to have any hope ofan international return.-Reuters

Krejza puts a newspin on his career

KARACHI: Team Institute ofChartered AccountantsPakistan (ICAP) and RahmanSarfraz, Rahim ,Iqbal Rafiq(RSRIR) battling for theCrystal trophy at the AsgharAli Shah Cricket Stadiumunder flood lights.

ICAP on winning the tossdecided to bat first and testRSRIR bowlers. RSRIR struckearly putting pressure on ICAP.However, the trusted ShoaibAhmed being leading run scorerof the tournament and the newfound talent Riaz Nawaz stoodtheir ground and put on a 90 runspartnership for second wicket.The two led ICAP to the 100thmark in 14 over and looked set topose a dangerous total.

The excellent fielding and theconsistent breakthroughs by thebowlers restricted ICAP to 145at the end of the 20thover. RiazNawaz and Shoaib Ahmed,Secretary ICAP topped theICAP scoreboard with 52 and44 respectively.

In reply RSRIR openers tookfull advantage of field restric-

tion and blasted 60 runs in thefirst 6 over, after giving the fly-ing start both openers shortlyfell down. The duo ShahzadSuleman and Yasin, wicketkeeper took charge and consol-idated the position. RSRIRmanaged to reach the targetwith 2 over to spare withShahzad Suleman and Yasinboth remaining unbeaten on 61and 33 runs respectively.

A sizeable crowd with ban-ners and drums had gathered atAsghar Ali Shah CricketStadium, supporting their teamand enjoying the flood lightmatch. Prize distribution cere-mony was attended by SeniorPartners of RSRIR, Mr. AbdulRahim Salim Bhai, MohammadWaseem and Muhammad IqbalSumar. Mr Mazhar Saleem,partner of KPMG announcedawards to the exceptional play-ers of the tournament.

RSRIP Captain Abdul Hakimreceived winner trophy andRunner up trophy received byShoaib Ahmed, Captain,ICAP.-PR

RSRIR beat ICAP,win Crystal Trophy

Pak-Turkmen2nd soccerclash set

for MarchLAHORE: The second inter-national soccer encounterbetween Pakistan andTurkmenistan will be recordedin the fourth AFC ChallengeCup Qualifier coming March.

The winners of the finalswill qualify for the 16th AsianCup at Australia 2015.

Turkmensitan are beingplaced with Pakistan and 2008Champion in Group B alongwith Chinese Taipei/Laos win-ner.

Defending champions DPRKorea were placed in Group Dof the event with Nepal, SriLanka and the winner of play-off.

The first-ever Pakistan-Turkmensitan was recorded on7 June 1993, when at Tehran'sAzadi Stadium, AndreiMartynov-led Turks pocketted4-0 win in Group A tie of sixthECO Cup, a football competi-tion for members of EconomicCooperation Organisation(formerly RCD Cup).

RCD abbreviates RegionalCorporation for Developmentand was an economic coopera-tion between Iran, Pakistanand Turkey from 1964 to1979. A new organisation,ECO, was set up in 1985.Turks, coached by BairamDurdiyev, later on reached thefinal and finished runners-upto Iran.

PFF fielded Pakistan A inthe Tehran's ECO Cup underLal Muhammad Lalo whoreturned to KESC after adecade and managed fivegoals in PPFL 2008.

Pakistan National team wasthen busy in 1994 USA WorldCup Qualifiers against China,Yemen, Iraq and Jordan insame month (June 1993) atIrbid's Aman Al Hassan SportsComplex and China'sChengdu Sports Complex

Turkmenistan were unluckynot to enter 15th Asian Cupfinal phase that ended on lastSaturday with Japan edgingout Australia 1-0 in finalthrough substitute TadanariLee's goal at Doha's KhalifaInternational Stadium.-Online

Warner,Geeves getwarning for

Twitter-fightPERTH: David Warner andBrett Geeves have been toldthey could face charges ofbringing the game into disre-pute if they repeat a very pub-lic Twitter quarrel in whichWarner accused Geeves ofracial vilification. The menhave been reprimanded byCricket Australia and apolo-gised publicly, and to eachother, for the ugly back-and-forth that came after the BigBash preliminary finalbetween New South Wales andTasmania.

Geeves, the injured Tasmaniafast bowler, began by tweeting:"Any young children that sawD Warners reaction after hittingHilf for biggest 6 ever - takethat as an example of humilitygone wrong."

A Cricket Australiaspokesman said the incident inquestion had happened severalyears ago during an interstatematch and had been addressedat the time by mediation. TheGeeves and Warner incidentagain highlights the hazards ofsocial media for players, whichwas in the news earlier thisweek when the New Zealandbatsman Jesse Ryder ventedhis frustration at a team-matefor running him out.-Online

Ahmed Shehzad turns out a terrifying ton

HAMILTON: Kamran Akmal (L), Shahid Afridi (C) and Ahmed Shehzad (R) celebrate the wicket of RossTaylor of New Zealand during their fifth one-day international cricket match at Seddon Park.-Reuters

11Friday, February 4, 2011

International & Continuation

CONTINUATION

MILAN/MANILA: Worldfood prices hit a record inJanuary, the U.N. said, while itshunger arm warned bad weathermeant a looming era of foodvolatility, an issue that hasalready helped spark protestsacross the Middle East.

Up for the seventh month in arow, the closely watched U.N.Food and AgricultureOrganisation Food Price Indexon Thursday touched its highestsince records began in 1990, andtopped the peak of 224.1 in June2008, during the food crisis of2007/08.

"The new figures clearly showthat the upward pressure onworld food prices is not abating.These high prices are likely topersist in the months to come,"FAO economist and grainsexpert Abdolreza Abbassian saidin a statement.

Hammering home the pointthe U.N. World FoodProgramme's executive directorJosette Sheeran said weatherrelated problems and a backdropof rising prices were ominous.

"We are entering an era of foodvolatility and disruptions in sup-plies. This is a very serious busi-ness for the world," Sheeran toldReuters Insider TV on the side-lines of a U.N. Conference inLondon.

Surging food prices have comeback into the spotlight after theyhelped fuel the discontent thattoppled Tunisia's president inJanuary and have spilled over toEgypt and Jordan, raising expec-tations other countries in theregion would secure grain stocksto reassure their populations.

World Bank President RobertZoellick urged global leaders to"put food first" and wake up tothe need to curb increased pricevolatility.

"We are going to be facing abroader trend of increasing com-

modity prices, including foodcommodity prices," he toldReuters in an interview.

SUPPLY THE KEYA series of weather events hit-

ting key crops is likely to keepup the pressure on food prices asa massive cyclone battersAustralia, a major winter stormravages U.S. crop belts andflooding hits key commodityproducer Malaysia.

Drought in the Black Sea lastyear, heavy rains in Australia,dry weather in Argentina andanticipation of a spike in demandafter unrest in north Africa andthe Middle East has alreadypushed the price of wheat to itshighest in 2-1/2 years.

The FAO's Abbassian pin-pointed crop conditions.

"It is the supply situation. It isnot the time when we get addi-tional supplies from anywhere,"he told Reuters.

A mix of high oil and fuelprices, growing use of biofuels,bad weather and soaring futuresmarkets pushed up prices offood in 2007/08, sparking vio-lent protests in countries includ-ing Egypt, Cameroon and Haiti.

Economists in Europe pickedup on the threat to economiesfrom surging food inflation.

Janis Huebner, economist atGermany's DekaBank said infla-tion partly fuelled by increasingfood prices could in turn triggerinterest rate rises in severalcountries this year.

"This could mean a slowingdown of growth in the countrieswhich raise their interest rates,"he said. "This could involveAsian countries and otherregions, this would somewhatbrake growth but I do not expecta hard landing."

White sugar futures hit arecord high and raw sugarfutures rose to their highest inmore than 30 years on fears of

the damage Cyclone Yasi wouldbring to the Australian canecrop.

The worst winter storm fordecades in the United Statesdrove wheat futures to the high-est in nearly 2-1/2 years, andMalaysian palm oil prices are at3-year highs as flooding hitcrops.

STOCK BUILDINGSome countries, particularly

where food prices loom large inhousehold budgets, have beenbuilding up food stocks to try tocontain prices -- and to limit thepolitical and social fallout.

In the run-up to the 2007/2008food price crisis, the World Bankestimated that some 870 millionpeople in developing countrieswere hungry or malnourished.The FAO estimates that numberhas increased to 925 million.

"2008 should have been awake-up call, but I'm not yetsure all the countries in theworld that we need to supportthis have woken up to it," theWorld Bank's Zoellick said.

Cameroon on Thursday said ithad created a body to buy andregulate the price of basic foodimports, a move to avoid arepeat of price increases whichled to 2008 riots in which 100people were killed by theAfrican nation's security forces.

Indonesia, Southeast Asia'sbiggest economy, last weekbought 820,000 tonnes of rice,lifting rice prices -- although riceis one commodity that remainswell below its 2008 prices. It hasalso suspended import duties onrice, soybeans and wheat.

Algeria last week said it hadbought almost a million tonnesof wheat, bringing its breadwheat purchases to at least 1.75million since the start of January,and ordered an urgent speedingup of grain imports, a moveaimed at building stocks.-Reuters

Food costs atrecords, UN warns

of volatile eraWASHINGTON: Growthin the U.S. services sectorin January was the fastest inmore than five years, anoth-er sign the economy startedthe new year on a solid foot-ing, with measures ofemployment showing somestrength.

While reports on Thursdaycontinued to paint a bullishpicture for the economy,they also showed someinflation pressures undercontrol, in stark contrast todevelopments in other partsof the world. U.S. compa-nies continue to hold theline on costs, despite a spikein commodity prices.

The Institute for SupplyManagement's index ofnational non-manufacturingactivity rose to 59.4 lastmonth -- above econo-mists's expectations for dipto 57.0 -- from 57.1 in

December.A reading below 50 indi-

cates contraction in the sec-tor, and it was the 14thstraight month of expansionin the nation's vast servicessector.

"The economic data con-tinue to overshoot expecta-tions. We are seeing anacceleration in economicactivity that is less relianton public support and moreself-sustaining," said ScottAnderson a senior econo-mist at Wells FargoSecurities in ,Minneapolis.

The economy grew at a3.2 percent annual rate inthe fourth quarter, acceler-ating from a 2.6 percentpace in the prior period, andeconomists believestrengthening domesticdemand will translate intoincreased hiring of new

workers.A report from the Labor

Department showed initialclaims for state unemploy-ment benefits tumbled42,000 to a seasonallyadjusted 415,000, unwind-ing most of the previousweek's weather-inducedspike.

Economists had forecastclaims dropping to 420,000.

The claims data falls out-side the survey period forthe government's closelywatched employment reportfor January, scheduled forrelease on Friday.

The economy probablycreated 145,000 jobs,according to a Reuters poll,after adding 103,000 inDecember. Reports onWednesday suggested pri-vate hiring was gatheringpace.

JOBS OUTLOOKIMPROVING

Expectations for a rise apick-up in jobs growth lastmonth were also bolsteredby a jump in the ISM'semployment gauge to thehighest level since May2006.

The data had little impacton U.S. financial markets asstock market investors wor-ried about increasing chaosin Egypt. U.S. stocks felland prices for governmentdebt also traded lower. Thedollar rose against a basketof currencies.

Though the downwardtrend in initial claims hasbeen slowed by extremeweather in large parts of thecountry, economists believethey will soon drop below400,000, a level believed tosignal strong job growth.

"We think the trend in

claims is coming downbecause small firms are fir-ing fewer people. Withcredit now easing we arehopeful claims will fall sig-nificantly further over thenext few months," said IanShepherdson, chief U.S.economist at HighFrequency Economics inValhalla, New York.

A second report from theLabor Department showedthat while businesses werefacing rising input costs,they keeping labor costsdown by squeezing moreoutput from workers, help-ing to keep inflation muted.

Nonfarm productivity, ameasure of hourly outputper worker, increased at anannual rate of 2.6 percent,after rising at an upwardlyrevised 2.4 percent growthpace.

The increase, which waswell above economists'expectations for a 2 percentgrowth rate, bodes well forcompany profits.

Unit labor costs, a gaugeof potential inflation pres-sures closely watched bythe Federal Reserve, fell ata 0.6 percent rate after dip-ping at a 0.1 percent pace inthe third quarter.

Economists had expectedunit labor costs to rise at a0.3 percent rate in the fourthquarter. For the whole of2010, unit labor costsdropped 1.5 percent afterdeclining 1.6 percent in2009.

Total nonfarm output grewat a 4.5 percent rate in thelast three months of 2010,the Labor Department said,after rising at a revised 3.8percent rate in the thirdquarter.-Reuters

US data pointsto strong growth

momentum

Raja Pervez Ashraf, Minister of Water and Power, SyedSumsam Bukhari, Minister of State for Information andBroadcasting and MNAs, Palwasha Bahram, Bachani, Tariq,Maulana Agha Muhammad, Saeed Zafar, Tahira Aurangzeb,Syed Zafar Ali Shah, Sher M Baloch met with Prime Minister.-Agencies

Continued from page 12No #1

At the event, the South Asian experts said the US policy in theregion must better emphasise the relationship between Pakistan andIndia and there should be discussion on the Kashmir dispute, whichhas been at the heart of tensions between the two nuclear neighbors.

"The United States must have its own views on Kashmir - Ithink we should speak up and talk about this," said the BrookingsInstitution's acclaimed expert Stephen Cohen.

Shuja Nawaz, Director of South Asian Center at the AtlanticCouncil stressed that Kashmiris should matter more unlike thetalks Islamabad and New Delhi have had in the past.

"I see Kashmir as a great opportunity," he remarked. -APP

Continued from page 12No #2

To a question about textile policy, Rana Farooq said that itsprompt implementation was steering the textile sector in rightdirection as it can be seen by the sustained growth in textileexports for the last two years.

The Minister said Ministry of Textile Industry has taken effec-tive measures to put this sector on a vibrant and dynamic road."Sincere efforts have been undertaken by the Textile Ministrysince the coming in of PPP-led government to expand and pro-mote the sector and so far the efforts have been fruitful," said theMinister. He said talks with United States were also going onwhich would give further boost to our industry.

Rana Farooq said the government was also taking steps toenhance share of female workers in textile and for the purposeincentives have been given to industry. He said around 12,000female workers were imparted training last year and sent to indus-try. Ejaz A Khokhar said 2011 is already announced as an exportyear and we are trying to export our value added goods to earnmore foreign exchange for the country. He said as compared toIndia and China, Pakistan's textile products are still cheap, but wehave suffered a lot due to terrorism and floods.-APP

Continued from page 12No #3

To bring country back on track of economic recovery, the pay-ment of taxes should be ensured, the senator added.SenatorAbdul Khaliq Pirzada said that the excessive use of lights ingovernment department should be reduced to overcome energycrisis. Around 20 per cent of the electricity can be saved byturning off street lights on time as it is observed that the lightsremain on during day light. -APP

Continued from page 12No #4

Trichet seesinflationrising, noprofound

threatFRANKFURT: Inflation is like-ly to climb further and exceedthe European Central Bank's tar-get for most of the year but posesno threat yet to medium-termprice stability, President Jean-Claude Trichet said on Thursday.

Euro zone inflation acceleratedto a 15-month high of 2.4 per-cent last month and Trichet saidit would hold above the ECB'starget of just below 2 percent formuch of 2011.

However, he did not escalatelast month's noticeably sharpertone, which jolted markets, say-ing the bank's assessment ofinflation dangers had notchanged over the past few weeks.

"We continue to see evidenceof short-term upward pressureson overall inflation, mainlyowing to energy and commodityprices," Trichet told a news con-ference after the bank left inter-est rates at a record-low 1.0 per-cent as expected.

"This has not so far affectedour assessment that price devel-opments will remain in line withprice stability over the policy rel-evant horizon. At the same time,very close monitoring is war-ranted," he said.

He repeated January's warningthat inflation risks could move tothe upside.

Despite that, the euro droppedagainst the dollar as marketsfocused on the ECB's view thatinflation expectations remainedfirmly anchored, dipping to$1.3650 by 1645 GMT com-pared with around $1.375 whenTrichet's news conference began.

"The underlying message isthat there is no need for a ratehike anytime soon," said BorisSchlossberg, director of currencyresearch at GFT in New York.

Analysts also pointed to thefact that Trichet did not repeatlast month's reminder that theECB raised rates against thegrain in mid-2008 shortly beforethe financial crisis took a turn forthe worse with the collapse ofLehman Brothers.-Reuters

absence of leverage product but now it will provide market itsdesired depth.

Continued from page 1No #5

operating successfully in Pakistan and the bilateral tradebetween the UK and Pakistan is worth over 1 billion pounds annu-ally. PHC spokesperson said Thursday the event aims to identifyopportunities for business in Pakistan besides hearing views fromthe market of both government and business leaders.

"It will also help in creating understanding of the procurementprocess and aid funded business and infrastructure opportunitiesin Pakistan as well as support available to the UK companiesseeking to do business in Pakistan," the spokesperson added.

The event is significant in the context of Pakistan's privatization

Continued from page 1No #6

justice, it would be appropriate to know the reaction of therespondents whether the Government of Balochistan through itscompetent authority might postpone its decision of granting min-ing lease or otherwise to the Companies/claimants of holders ofEL-5 or to wait for the result/outcome of these proceedings.

Khalid Anwar, counsel for one of the mining company, statedthat as far as the mining lease was concerned, they would submitan application to the Government of Balochistan before February19 and then it would be up to the Government of Balochistan totake a decision over it. He said the other counsels associated withhim including Abdul Hafeez Pirzada, Fakhruddin G Ebrahim andBarrister Sajid Zahid would have no objection if an order waspassed to the effect that the Government of Balochistan mightpostpone decision on the application(s) submitted for mininglease till the decision/ outcome of the instant proceedings withoutprejudice to their legal rights.

Further hearing was adjourned till February 8. The bench isseized with hearing of a number of identical pleas filed by TariqAsad Advocate, Barrister Zafarullah of Pakistan Watan Party andothers against award of mining and exploration contract to theTethyan Copper Company (TCC), a Canadian consortium ofBarrick Gold and Antofagasta Minerals, for exploring gold andcopper in Rekodiq, in Chaghi district of Balochistan. -Agencies

Continued from page 1No #7

Commission, Chairman SECP, Secretary Finance, SecretaryPrivatization, and Governor State Bank to finalise the proposalsoon to engage with capital market to submit its report to the com-mittee for issuance of equity linked instrument i.e.convertible/exchangeable bonds of oil and gas sector includingOil and Gas Development Corporation Limited (OGDCL) andother entities in consultation with the line ministries. -APP

Continued from page 1No #8

year after production fell to nearly 3.1 million tonnes from the2009/10 crop, when many farmers switched to more profitablecrops. ICE March raw sugar soared 4 percent to end at 35.31 centsper lb on Wednesday, the strongest settlement since November1980, due to a cyclone that hit a key growing area in Australia, theworld's third largest sugar exporter.

Meanwhile, Pakistan is expected to export up to 3 milliontonnes of wheat this year after a bumper 2009/10 crop and carry-over from the previous harvest led to a domestic market surplus,Gondal said. "We are expecting to export between 2 milliontonnes and 3 million tonnes of wheat this year, and some wheathas already been shipped out," he told reporters. Pakistan expectsa harvest of as much as 23.5 million tonnes against a targeted 25million tonnes, but still leaving enough for exports. -Agencies

Continued from page 1No #9

magistrate in Lahore on Thursday.Journalists were barredfrom the court proceedings."The police officials told the courtthat investigations have not yet completed. The judge extendedthe remand (detention) for eight more days," Abdul Samad, adeputy prosecutor general at the high court told Reuters.

Pakistan is a crucial ally to the United States in its efforts tostabilise Afghanistan and combat Islamist militancy, but anti-American sentiments run high in the predominantly Muslimnation. The government of President Asif Ali Zardari, already

Continued from page 1No #10

taking of the new cabinet will be held one day ahead because of the visit to Pervez Ashraf toDushanbe. Sources in the Pakistan Peoples Party said President Asif Ali Zardari and Prime MinisterYousuf Raza Gilani had given the final nod to the cabinet's 'rightsizing' during a meeting of theparty's core committee held at the presidency on Tuesday night.

They said the prime minister was waiting for proroguing of the NA session so that parliamentari-ans left the federal capital and thus were unable to start lobbying for inclusion in a new line-up.Talking to newsmen after the fourth round of talks with the PPP, PML-N Senator Ishaq Dar also hint-ed at an early dissolution of the cabinet when he refused to give a direct reply to a question.

"I don't want to pre-empt the government's decision on cabinet rightsizing." The sources said thatthe plan to dissolve the cabinet had been finalised in a meeting of the core committee on Jan 23, butit was deferred after Law Minister Babar Awan made a premature disclosure of the plan while talk-ing to journalists. A PPP source said his party's leader from Balochistan, Sardar Raisani, was alsooffered a ministry but he refused to accept it, apparently because of some reservations over theAghaz-e- Huqooq-e-Balochistan package. -Agencies

Continued from page 1No #11

be reopened on February 15. He added that under the agreement Afghanistan has allowed Pakistan13 routes via Afghanistan to Central Asian Republics. He said this is a great advantage for Pakistanto reach Central Asian markets and onward. The Minister said under the exports road map, Pakistanwould promote regional trade with Iran and China will be given the main focus for Pakistani exports.

He said that Prime Minister has approved 17 amendments in the trade policy orders and it wouldalso be included in the agenda of the next Economic Coordination Committee of the Cabinet meet-ing for further approval. Replying to a question regarding the import of five-year-old cars of lessthan 1300CC, the Minister expressed the hope that this decision of the government would helpreduce the prices of the cars in the country. He said that SRO regarding the government decisionwould be issued shortly. The minister said the government announced Rs27 billion for the imple-mentation of 3-year trade policy, but not a single penny was released in this regard. He said that asa result the liabilities to be paid to exporters have been accumulated. He however, expressed thehope that all outstanding liabilities of the exporters would be cleared this year (2011).

Continued from page 1No #12

programme. Other prominent speakers who will share their viewsfrom the market include Asian Development Bank's DirectorGeneral for Central and West Asia, Juan Miranda, Chief Executive,Hubco Power Pakistan, Vince Harris and Chief Executive HSBCin Pakistan Lloyd Maddock.A large number of British companieswill also be participating in the day long event. -Agencies

weakened by a host of problems ranging from political crises to a fragile economy to a raginginsurgency, has to act cautiously, as the case is politically explosive.

After first identifying the man as a staff member of the US consulate in Lahore, the embassy onSaturday described him as a diplomat and said he had been unlawfully detained. -Reuters

help of coalition parties and President and Prime Minister strictly ordered not to take any decisionwithout taking allied parties on board.

He further said that he on board MQM about the negotiations with the PML-N as they are tryingto advance the national agenda to bring prosperity in the country. -Agencies

Continued from page 1No #13

supplied to fertilizer industry and divert it to power plants is likely to affect FFBL more as com-pared to the other two bluechip fertilizer companies feeding on Mari gasfield. Government suspend-ed gas supply to FFBL as it gets it from SSGC and SNGPL for 45 days. Even after resumption ofgas supply there will be a 20 per cent cut during the remaining part of the year.

Company aims to run DAP plant at maximum capacity from February 10, 2011, while its urea pro-duction is set to come down by around 30 per cent. Meanwhile, all the manufacturers have increasedurea price by Rs90 per bag starting January this year due to mandatory plant shutdown. Since the com-panies will not operate on optimum capacity utilisation price had to be adjusted to make up the oppor-tunity cost. As per TFD research analyst, FFBL volumetric growth and profitability is likely to remaindepressed during 1QCY11 as compared to last quarter of CY10 owing to lower urea and DAP off take.However, increase in urea and DAP prices would partially help in maintaining overall profit.

Continued from page 5No #14

were tapped out after the holidays. Retailers posted a 4.2 per cent increase in sales at stores openat least a year, beating analysts' expectations for a 2.7 per cent gain, according to Thomson Reutersdata. Gap Inc shares were up 4.9 per cent at $19.97.-Reuters

Continued from page 5No #15

structure for sector and industry analysis, facilitating the comparison of companies across four lev-els of classification and national boundaries. The system allocates companies to the sub-sector thatmost closely represents the nature of its business. The Benchmark is a four-tier hierarchical indus-try classification structured as 10 industries which are further divided into 19 super-sectors, 41 sec-tors and 114 sub-sectors, centred on a rules-based methodology for placing listed companies andsecurities within sectors. The new sectors classification on becoming effective shall replace theexisting sectors classifications of all securities listed on Exchange.-APP

Continued from page 5No #16

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Textiles canearn Pakistan

$16 billionISLAMABAD: Minister forTextile Industry, Rana FarooqSaeed Khan on Thursday saidPakistan can earn $16 billionthrough textile export, providedpower supply remains stable inthe country.

"Despite energy problems, Iam sure textiles would bring$13 billion this year, but ifthere is a smooth and betterpower situation, I am hopingaround $16 billion for thecountry," he said.

He said through effectiveload management plan, the tex-tile sector in the country hasshowed growth and helped runthe power loom industry.

In a PTV programme, alsoattended by Chairman PakistanGarments ManufacturersAssociation, Ejaz A Khokhar, hesaid officials of Turkish govern-ment have been approached toavoid imposition of anti-dumpingduty on Pakistan's textile exports.

He said during his visit toPakistan last year, the TurkishPrime Minister gave his com-mitment to enhance bilateraltrade and added due to the dutyrestrictions Pakistan may faceloss of millions of dollars intextile exports to Turkey.

He said Turkey will also suf-fer huge losses in terms of pay-ments against expensive fabricsand garments from other states,as presently we are supplyingcheap and quality products toTurkey as compared to otherregional countries.

Rana said the CommerceMinistry, Foreign MinisterShah Mehmood Qureshi andPakistan's High Commissionerare also making hectic effortsto defend Pakistan against anti-dumping duty. Answering aquestion, he said the Turkishgovernment's decision can alsosend negative signals to theEuropean Union which coulddelay or cancel proposed GSPPlus status for Pakistan.

He said that Pakistan wasfighting against terrorism not justfor its own sake, but also for theinternational community."Weneed duty free access, withdraw-al of anti- dumping duty andenhanced trade to stand on ourown feet," he added.

See # 3, Page 11

ISLAMABAD: Senator HaroonAkhtar Khan on Thursday called forraising Gross Domestic Product(GDP) growth rate up to eight percent during next five years to con-trol energy crisis.

Speaking on adjournment motionmoved by Senators Babar KhanGhauri, Tahir Hussain Mashhadiand others in Upper House ofParliament, Senator Haroon saidthat the energy situation in the coun-try is worsening with each passingday due to lack of proper planningby the government departments.

The payment of dues to OGDCLworth Rs150 billion is still pendingwhich is hindering its work while

only Hyderabad Electric SupplyCompany (HESCO) is facing linelosses up to 36 per cent.

There is dire need to utilise indige-nous reserves of coal as China andUnited States are generating 80 percent and 50 per cent electricity bycoal respectively, he said.

He also mentioned that the gov-ernment provided liability of Rs300billion to different companies dur-ing last two years and Rs200 billionwere also added but no improve-ment was witnessed after investingsuch huge amounts, he said.

Haroon said that the line losses, cir-cular debts, lack of maintenance andshort of energy resources are major

causes of energy crisis. He said that gasis the cheapest fuel to run power plantsand the country is producing four bil-lion cubic feet gas against the demandof five billion cubic feet per day.

There is gap of one billion cubicfeet which is likely to increase to Rs3billion cubic feet during next fouryears, he said. About subsidy, he saidRs30 billion of subsidy is given tothe fertiliser companies every yearwhile they are not providing benefitto the farmers at grassroots level.

Around 70 per cent shortage ofnatural gas can be controlled byinstalling natural gas efficient appli-ances, he said.

See # 4, Page 11

Lawmakers urge govt to use coal as energy source

Senators call for 8pcGDP growth in 5yrs

ISLAMABAD: Prime Minister SyedYousuf Raza Gilani and Chief of ArmyStaff (COAS) General Ashfaq ParvezKayani met President Asif Ali Zardarihere at the Aiwan-e-Sadr on Thursdayto discuss important issues.

According to sources, the Troikadecided in principle that as the matterof Raymond Davis, involved in thekilling of two Pakistani citizens, is sub-judice therefore, it should be left to thecourt and no foreign pressure would beaccepted in this regard.

The meeting also discussed the lawand order situation in the country,

especially the recent layer of terrorismin Khyber-Pakhtunkhwa and Fata, andreiterated the resolve to curb terrorismin all its forms and manifestations.

Finance Minister Abdul HafeezShaikh also attended the meeting andbriefed the troika about the currenteconomic situation of the country.

According to sources, the financeminister told the troika that theInternational Monetary Fund (IMF)will not give the next tranche of loan ifeconomic reforms, especially theReformed General Sales Tax (RGST)were not implemented. -Agencies

Gilani, Kayani & President talk nat'l affairs

Top trio givesno ear to US

ISLAMABAD: Federal InteriorMinister Rehman Malik Thursday said"I have got the file of Raymond Davisand would be handed over to the courtwhenever it will be asked in this regard.

Talking to media outside theParliament House, Malik said InteriorMinistry has got all documents ofRaymond Davis and would be handedover to the court whenever it woulddemand the documents.

He further said that there are no dif-ferences between federation andprovince over Raymond Davis case. Hesaid that we always talk aboutRaymond Davis's diplomatic passportnot about his visa.

He said that the speculations onRaymond Davis issue should bestopped now because the case subju-dice in court.

He said that he has held talks withNawaz Sharif over Raymond Daviscase.

The government in a bid to eradicateterrorism and crimes from the countryhas decided to make the data of all armslicenses including 10 years oldweapons' licenses computerised.

"The Government is taking seriousmeasures to abolish the trend of bearingillegal weapons and the decision of

computerisation of arms licenses is oneof them," Interior Minister RehmanMalik quoted as saying by privatemedia.

After inaugurating the firstComputerised Arms Licensing Center(CALC) here he said the task of com-puterisation of arms licences has beengiven to Nadra.

The Minister said the present armslicense system has many loopholes andone cannot identify either the licenseholder is a real person or a fake one,added previous registration system isoutdated whereas lapses could beavoided in new licensing system.

Malik added that a principal was setunder which Prime Minister would rec-ommend the issuance of prohibitedbore licenses, while Interior Ministrywould grant permission for non-prohib-ited bore licenses.

After clearance a demand note wouldbe issued to applicant for purchase ofrequired weapon, which will be regis-tered and then a computerised licensecard would be issued.

Malik said that the government isgradually moving towards e-gover-nance and very shortly computerisedvisa issuance centers and DNA labora-tories would also be setup. -APP

Malik says letjudges decide

WASHINGTON: President Asif AliZardari can fight for what Pakistanneeds during his visit to the UnitedStates this year and Washingtonshould make use of the opportunity toadvance relations between the twocountries, a leading American expertargued at a think tank discussion.

Bruce Riedel, a senior fellow atBrookings Institution and formeradviser to the Obama Administration,said the reciprocal visits by President

Zardari and President Barack Obamashould be used to put the relationsbetween the two countries on a morepositive course.

The US must not squander the sig-nificance and symbolic value of thePakistani president's expected visit toWashington and President Zardarishould be asked to address a joint ses-sion of US Congress to make the casefor Pakistan.

"He can fight for what Pakistan

needs," Riedel said at the US Instituteof Peace during a discussion onPakistan's future.

Likewise, President Barack Obama'spledge to visit Pakistan is rich withsubstantive and symbolic value.

Riedel believed Obama should meetas many Pakistanis as he can.

"This is an enormously importantvisit," added Riedel. "He needs to con-nect with the Pakistani people."

See # 2, Page 11

Experts hope Zardari'sUS visit to pay dividend

ISLAMABAD: Prime Minister SyedYousuf Raza Gilani said the govern-ment wants to stop victimisation dueto misuse of any law of the landincluding blasphemy law.

Prime Minister Gilani expressedthese views while talking to a group ofParliamentarians who called on him athis chamber in Parliament House onThursday.

Any tension created in the societydue to religious extremism, he addedcauses problems for overseasPakistanis.

Prime Minister said that Islam is thereligion of peace and tolerance whichteaches the followers to respect all thereligions of the world.

"Islam was not spread by forcerather the message was disseminated

through the policy of religious toler-ance of Sufis," he said.

Unfortunately, he added, Islam andMuslims are being bracketed withextremism and sectarianism which isan attempt to tarnish the image ofMuslim Ummah.

He mentioned that Pakistan is anIslamic state and our government istaking all appropriate steps to protectthe rights of the minorities.

"We are also formulating policies toalleviate poverty and redress thegrievances of the masses in accor-dance with the teachings of Islam," hesaid.

Prime Minister stressed upon theneed for dialogue among all segmentsto solve national issues including reli-gious extremism.

Sahibzada Fazal Karim, MNA andother parliamentarians agreed to theproposal of the Prime Minister to con-vene a meeting of Ulema belonging toall the sects to seek their proposals tocontrol the misuse of blasphemy law.

Prime Minister Syed Gilani reiterat-ed the resolve of the Government totake steps for the revival of economy.He said the government's economicteam is consulting all the political par-ties and soon a common economicagenda will emerge.

Parliamentarians lauded PrimeMinister's proposal to consult allthe religious parties to seek theirviews. They also apprised him ofdevelopment activities in theirrespective constituencies.

See # 1, Page 11

Gilani assures end topolitical witch-hunt

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with senior leader of PML-NJaved Hashmi during the National Assembly session at Parliament House-Online

Arms licences to be computerised soon

Zardari, Obama visits must bolster Pakistan-US relations

Raymond Davis Case

Group of Parliamentarians call on PM

Nobody allowed to misuse laws, says Gilani