The Financial Daily-Epaper-07-02-2011

International

Trio banned on solid evidence: Lorgat See on Page 9

PIA says planes flying as per schedule See on Page 2

Pir Mazhar hints for rightsizing of Sindh Cabinet See on Page 12

Crude Oil (brent)$/bbl 99.83

Crude Oil (WTI)$/bbl 89.03

Cotton $/lb 167.86

Gold $/ozs 1,349.00

Silver $/ozs 29.06

Malaysian Palm $ 1,247

GOLD (NCEL) PKR 37,321

KHI Cotton 40Kg PKR 12,325

Yearly(Jul, 2010 up to 3-Feb-2011)

Monthly(Feb, 2010 up to-3-Feb-2011)

Daily (3-Feb-2011)

Total Portfolio Invest (28 Jan-2011)

199.80

-0.95

2.22

3091

0.11

-1.55

0.84

-0.37

-0.60

1.18

0.40

SCRA(U.S $ in million)

Portfolio Investment

FIPI (4-Feb-2011)

Local Companies (4-Feb-2011)

Banks / DFI (4-Feb-2011)

Mutual Funds (4-Feb-2011)

NBFC (4-Feb-2011)

Local Investors (4-Feb-2011)

Other Organization (4-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

175.09mn

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

18.08

2.00

1.70

11.62

PKR/Shares

111.04

154.43

42.71

36.30

39.68

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (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

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

04-Feb-2011

13.67%

13.71%

13.88%

14.00%

13.21%

13.61%

13.76%

14.13%

14.27%

14.22%

14.25%

14.27%

14.59%

14.78%

14.96%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.70 87.60

Canadian $ 85.80 86.80

Danish Krone 14.00 14.70

Euro 116.30 117.80

Hong Kong $ 10.90 11.00

Japanese Yen 1.034 1.060

Saudi Riyal 22.73 22.95

Singapore $ 66.60 67.60

Swedish Korona 12.00 12.10

Swiss Franc 85.60 86.20

U.A.E Dirham 23.23 23.48

UK Pound 137.30 138.80

US $ 85.65 86.00

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.97 87.17

Canadian $ 86.20 86.40

Danish Krone 15.62 15.66

Euro 116.45 116.72

Hong Kong $ 10.97 10.99

Japanese Yen 1.047 1.050

Saudi Riyal 22.77 22.82

Singapore $ 67.04 67.20

Swedish Korona 13.19 13.22

Swiss Franc 90.22 90.43

U.A.E Dirham 23.48 23.53

UK Pound 137.78 138.11

US $ 85.42 85.60

Inter-Bank Currency Rates

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Email: editor@ thefinancialdaily.com

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CITIES MAX-TEMP MIN

ISLAMABAD 22°C 10°C KARACHI 28°C 12°C LAHORE 23°C 9°C FAISALABAD 23°C 10°C QUETTA 13°C 5°C RAWALPINDI 22°C 11°C

Weather Forecast

Index Close Change

KSE 100 12,415.35 56.29

Nikkei 225 10,543.52 112.16

Hang Seng 23,908.96 426.01

Sensex 30 18,008.15 441.16

SSE COMP. 2,798.96 8.27

FTSE 100 5,997.38 14.04

Dow Jones 12,092.15 29.89

Global Indices

Karachi, Monday, February 7, 2011, Rabi-ul-Awwal 3, Price Rs12 Pages 12

Cabinet resizingunder review, says PM

HYDERABAD DECCAN:

Chief Justice of PakistanIftikhar Muhammad Chaudhryhas stated that the Rule of Lawbore a substantial impact on theeconomic development acrossthe globe, while a strong consti-tutional and legal framework isall the more necessary to estab-lish rule of law.

Addressing the inauguraladdress with his keynote speechto the august gathering at theoccasion of 17thCommonwealth LawConference, he stressed that,"Government of law and not ofmen", is what is meant byphrase Rule of Law as laiddown in an old document i.e.the constitution ofMassachusetts.

He stressed that "theConstitution of a State being thesupreme law keeps every organof the State autonomous andindependent, yet subject to cer-tain limitations and restrictions,but at the same time, ensuressupremacy of the law, which isessential for economic develop-ment of a country."

He expressed his extremehopes that in the presentConference, the participation ofjudiciary and legal fraternity,

will serve like a beacon forthose who stand for humanrights and rule of law in society,including the investors,financers and traders, who playa vital role in the economicdevelopment of a country.

"Constitutionalism and rule oflaw, blended with an independ-ent judiciary, ensure amicablesolution of their problems inaccordance with law. The con-stitutionalism and rule of lawguarantees enforcement ofhuman rights and thus helpflourish industrial and commer-cial activities", he added.

He highlighted the Rule oflaw and equality before law asbeing the hallmark of Islamicthought and philosophy, whichderives its authority from theHoly Quran and traditions ofthe Prophet.

The CJP cited, the earlyIslamic period of the piouscaliphs contain example of thepolitical sovereign appearingbefore judicial authorities andthe Qazi, making no distinctionbetween the ruler and the ruledwhile dispersing justice.

He also cited the UniversalDeclaration of Human Rights1948, aimed at protecting theserights and setting out guidelines

for the Member States to formu-late policies and prescribedstandards for securing theserights.

He informed that Constitutionof Pakistan, in its very pream-ble, obligates the State to ensurethat the independence of thejudiciary is fully secured.Furthermore, Article 175 man-dates that the judiciary shall beseparated from the executive. Inline with the constitutional pro-visions, the Supreme Court has,over the years, strived to makethe judiciary truly independent,impartial and autonomous, so asto withstand undue influence,pressure or inducement fromthe executive and dispense jus-tice, fairly to all manner of peo-ple, according to law, withoutfear or favor, affection or ill-will.

He concluded his speech withthe observation that it was in theinterest of every country, regionand indeed the whole worldboth developing and the devel-oped, to uphold the principle ofrule of law, transparency andaccountability not only in theaffairs related to the domesticadministration but in theInternational arena as well.

See # 3 Page 11

Chief Justiceties progressto rule of law

Justice Iftikhar addresses 17th Commonwealth Law Conference

HYDERABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry addressing at theinauguration of the 17th Commonwealth law conference.-APP

THIMPU: The 38th session ofSaarc Standing Committeecommenced on Sunday atThimpu, Bhutan.

Foreign Secretary SalmanBashir led the Pakistan delega-tion to the meeting.

Foreign Secretary SalmanBashir affirmed Pakistan's sup-port for comprehensive region-al cooperation under the Saarcframework.

Foreign Secretary said thatamong the priority areas, Saarcshould focus on issues related toenvironment and climatechange, energy and food securi-ty, alleviation of poverty; pro-mote project based cooperation;develop substantive coopera-tion with Observers includingother regional organizations andextra - regional states that have

showed keen interest in Saarc.Pakistan fully supported trans-

regional economic, energy anddevelopment cooperation.

Pakistan was happy to notethat under the Chairmanship ofBhutan and Secretary GeneralSheel Kant Shama, we had seensteady progress in variousSAARC Programmes andactivities.

Terrorism and illegal traffick-ing of drugs posed significantchallenges to SAARC memberstates. Pakistan had hosted animportant Ministerial Meetingof SAARC Interior/HomeMinisters, which had adoptedthe Islamabad statement callingfor closer cooperation amongSAARC states to overcomethese challenges.

See # 5 Page 11

Pak pushes forSaarc coactions

38th session of Saarc Standing Committee

Ghulam Raza Rajani

KARACHI: Even thoughglobal market remaineddepressed but offshoreinvestors once again emergedas the net-buyer in Pakistanequity market with $6.05 mil-lion worth of buying during lastweek as per National ClearingCompany of Pakistan Limited(NCCPL) data.

During the week, KSE endedlower as investors preferred tooffload their positions due toweak global markets and uncer-tainty on deemed duty ofrefineries, however some posi-tive activities witnessedtowards the end of the week onhopes regarding early launch ofleverage product.

The benchmark KSE 100-Index fell 47 points to close at

12,415 points, while it toucheda highest and a lowest level of12,613 and 12,172 pointsrespectively.

Foreign investors deciding forbuying fresh position as theybought shares worth $18.63million and sold $12.58 million,resulting in net buying of $6.05million during the last week.

Furthermore, other organiza-tion and local individualsremained on the buying sidewith shares worth $6.37 millionand $3.39 million respectively.

On the other hand, biggestweekly selling were witnessedfrom local companies whichsold $162.40 million of sharesin the local bourse against thebuying of $150.87 million, thusturning the net selling worth of$11.52 million.

See # 1 Page 11

Foreigners pour$6.05mn into KSE

During Last Week

KARACHI: Despite govern-ment approval to import usedcars last week, the Customsauthorities has not started toclear the imported autos, whichis causing million of rupeesloss to the imported underdemurrage charges on the autosbeing held up at the Port.

It is relevant to mention herethat government had allowedimporting used-cars to break upthe local auto-industrycartelization, which despitegovernment's warning contin-ued to raise the auto prices dur-ing the last three years.

It is learnt here that after thegovernment's green-signal,about 1500 imported-carsremained stuck at Karachi Port

due to Customs authoritiesreluctance as they are of theview that Ministry of Industrieshasn't released any SRO in thisregard so far.

On the other hand, H MShahzad, Chairman AllPakistan Motors DealersAssociation (APMDA) urgedthe government to take earlynotice in this regard and issuethe SRO as demurrage chargeson dealers are growing on eachpassing day.

In a letter sent to PrimeMinister, he said that anamount of Rs250 million isfeared to be charged on the carsheld up at the port during oneweek as according to customs

See # 2 Page 11

Custums haltsimported-cars

Says no SRO issued yet

Court gets BBBlackberry

record todayKARACHI/ ISLAMABAD:The forensic report of theBlackberry phones of BenazirBhutto, which have been recov-ered from Bilawal House theother day, has been completedand report comprised of phonecalls and messages' recordwould be presented before thecourt here on Monday (today).

According to the sources inFederal Investigation Agency(FIA) an employee of BilawalHouse namely of Abdul Razzaqhas handed over the Blackberryphones of Benazir Bhutto toFIA Anti-Terrorism Sindh,which were sent to ForensicLaboratory Islamabad.

After the 48-hours lab-test,the calls and messages' recordmade by Motharma has beenrecovered.

See # 4 Page 11

Available Now

2 Monday, February 7, 2011

MUZAFFARABAD: A man decorating roof with lights ahead of Eid Milad-un-Nabi. -Online

HASSANABDAL: Women taking keen interest in the paintings at Fine Art Galleryduring Parents Day at Cadet College Hassanabdal. -Online

PESHAWAR: People buying gifts during their shopping in connectionwith approaching Valentine’s Day in Saddar, Peshawar. -Online

KARACHI: Governor Sindh,Dr Ishrat-ul Ebad Khan, hasdirected that the examinationssystem be streamlined andmade transparent so that thestudents get better chances tomake headway.

He was chairing a meetingheld at the Governor Househere on Sunday.

The matters pertaining to theeducational and technicalboards were discussed at themeeting which was attended bythe heads of the boards.

The Governor is also theControlling Authority of theboards in the province.

Dr Ishrat directed that meritshould be ensured in the sys-tem of examinations and therules and regulations should bein accordance with the presentday needs.

He also stressed that a uni-form system should be invogue in all the boards.

The Chairman of the Boardof Intermediate EducationKarachi (BIEK), Prof AnwarAhmed Zai, who is also thechief of the Inter-BoardCommittee of Chairmen(IBCC), gave a detailed brief-ing on the occasion.

He informed that in the year2003 a total of 1.2 million stu-dents had appeared in theexaminations of secondary andintermediate boards in theprovince and that in 2010 thisnumber went up to 1.9 millionand the increase per annum isto the tune of nine per cent.

Prof Anwar stated that on thedirective of the Governor, the

review committee has com-pleted the review for streamlin-ing the rules and regulations ofall the boards and that theprocess is being now beinggiven a final shape.

He also informed that aregional office of the IBCC hasbeen established in Karachiand ‘O’ and ‘A’ level studentswould get the facility pertain-ing to equivalence in theprovince.

Prof Anwar further pointedout that the examinations andoffice record of the boards hasbeen computerised. The web-sites of the boards have beenactivated and students are pro-vided required forms andinstruction on the websites.

It was informed that theboards would get the certificat-ed printed through the SecurityPrinting Press Prof Anwar saidthat for making the examina-tions system transparent, theformat of the papers has beenchanged. Twenty percent ques-tions would be objective, 30per cent descriptive and 50 percent short answers.

The system pertaining to dis-patch of question papers andthe collection of the same hasbeen improved.

The facilities are the exami-nations centres and the vigi-lance system has also beenimproved.

The Governor directed thatinstead of hiring furniture forthe examinations centres, theacademic institutions be pro-vided funds to improve theirinfrastructure.-APP

Ebadcalls for

transparentexamination

KARACHI: All PIA domesticand international flights willoperate according to scheduleand there will not be any dis-ruption of flights.

This was announced by thePIA spokesman here onSunday.

The PIA spokesman main-tained that `rumors regardingany strike call are baseless'.

He further stated that noagreement or MOU has beensigned with the Turkish Airline`as being falsely projected byPresident of PALPA'.

The PIA spokesman furtherremarked that the proposed

Code Share Joint VentureCommercial Agreement is sub-ject to approval of Governmentof Pakistan and other regulato-ry authorities.

It is worth mentioning herethat routes are not owned byany airline and therefore can-not be sold or bought. They areRights of the Government andare only utilised by the desig-nated carrier, he added.

The PIA spokesman main-tained that the PIA and TKhave proposed a code sharearrangement. Code shareagreements that are being doneby most of the airlines to

increase profitability andenhance routes without incur-ring additional costs.

He further said that allemployees are dedicated work-ers and loyal to the airline.

"However, a few miscreants/elements want to disrupt thenormal working of the airlineand create problems for thepassengers and general publicof Pakistan. It will also affectthe image of the airlineabroad", the PIA spokesmanalleged.

The National Flag Carrierwill keep operating its flightsaccording to schedule, he con-

cluded. Meanwhile, On the direc-

tions of the Prime MinisterSyed Yousuf Raza Gilani, CivilAviation Authority (CAA)amicably resolved the issue offrequencies of Turkish Airlinesflights to Karachi.

This issue was raised duringPrime Minister's visit to Turkeyby the Turkish Prime Ministerin the meeting. Keeping inview the close brotherly tiesbetween the two countries, thePrime Minister asked the CAAto resolve the issue accordingto the mutual satisfaction ofboth sides. -Agencies

PIA says planesflying as per schedule

CAA resolves frequencies issue with Turkish Airline

KARACHI: Speakers includ-ing legislators have assuredpharmaceutical manufacturersto find a way out to resolve theissues affecting the industryafter passing 18th Amendment.

"If there is a will there is away", said Dr Farooq Sattar,former Federal Minister forOverseas Pakistanis and parlia-mentary leader of MQM inNational Assembly whilespeaking at a seminar on devo-lution of health sector organ-ised by PakistanPharmaceutical ManufacturersAssociation (PPMA) here onFriday evening.

He said that the politics is anart of finding out possibilitiesand do-ables. "We have passed19th Amendment to addressthe issues relating to judiciary

and we can go for 20thAmendment if needed toresolve the problems facingdrug manufacturers", he added.

Dr Sattar said that thoughdevolution was very close tohim and his party, he is readyto address problems being cre-ated in sub sectors of healthaccording to the wishes ofstakeholders.

He hinted that these prob-lems can be addressed by usingthe option of double taxationunder fundamental rights,items 6 and 13 or invokingArticle 144 of the Constitution.

He said that this issue can bereferred to the Council ofCommon Interest for redressal.

The minister said that he willtry to arrange a meeting ofPPMA with the Parliamentary

Committee for the implemen-tation of 18th Amendment toresolve this issue.

Chairman NA StandingCommittee on Health DrNadeem Ahsan said that he hasconvened a meeting of thecommittee on February 9, todiscuss this issue.

He said it was necessary toremove all the ambiguitiesbefore the implementation of18th Amendment withoutaffecting provincial autonomy.

He said foreign donors havealso shown concerns over thisissue which is also affectingPakistan's millennium goals.

Dr Ahsan promised PPMA toconsult with Mian RazaRabbani, head of 18thAmendment implementationcommittee for addressing these

issues. "We have alreadysought the time from him", headded.

Chairperson Senate'sStanding Committee on Healthand deputy parliamentaryleader of BNP in Senate,Begum Kulsoom Perveen sup-ported the demand of having adrug regulatory authority in thecentre before developing thesimilar expertise and organisa-tions in the provinces.

She questioned that who willcheck the quality of medicinesand who will regulate exportsand imports.

Senator Abdul Haseeb Khansaid that the governmentshould give importance tonational pharmaceutical indus-try and resolve its problems. -APP

Lawmakers prescribelegal dose to pharmas

KARACHI: Over 17 millionpopulation in the Sindhmetropolis is suffering fromenviornmental pollution andpractical steps are needed toreduce it, said SecretaryInformation Pakistan PeoplesParty (PPP) Women Wing,Sindh, Sharmila Faruqui.

Sharmila in a statement onSunday said, "hundreds ofthousands of industrial units,plying of over 16,000 vehiclesdaily in the city and industrialand sewerage waste haveincreased pollution in Karachito an alarming level."

Unfortunately, no measureshave been taken to reduce thepollution level in the city, she

said, adding such negligenceof relevant departments hadcaused suffering of hundred ofthousands of people from sighand lungs related diseases inthe mega city.

Most of 16,000 vehicles ply-ing on the roads in Karachidaily were smoke-emitting andneither relevant institutions northe drivers were paying atten-tion to get maintenance of theirvehicles in order to bring pol-lution level down, sheobserved.

Sharmila daily over 8,000tons of sewage and industrialwaste of Karachi city aredrained into the sea which hasalso caused surge in pollution,

not only in sea but also in theair in the metropolis.

She recalled that when shewas a member of theProvincial Cabinet, she hadraised voice to take actionagainst flaws and faults in pub-lic and private transport sys-tem. She even travelled in amini-passengers' bus wearing aburqa to observe its contribu-tion to the pollution and misbe-haviour of its staff with ladies'commuters.

She said that all political,social and non-governmentalorganizations working inKarachi would have to launcha joint campaign against envi-ronmental degradation. -APP

Pollution raises healthrisks in Sindh: Sharmila

TCFschools

to reach 725by Apr this yr

Staff Reporter

KARACHI: The number ofschools in the country beingrun by The CitizensFoundation (TCF) willincrease to 725 in April thisyear from present 660.

This was stated by Presidentand CEO of TCF, Syed AsadAyub Ahmad.

He said that the number ofenrolment will go up to100,000 in April from the cur-rent 92,000. Asad pointed outthat some 5,000 teachers areimparting education in theTCF schools all over the coun-try.

He further stated that morethan 100 schools were locatedin the flood affected areas inthe country.

Asad said that there are 10commitments from variousorganisations and philanthro-pists for setting up of schoolsin the flood affected areas.

Meanwhile, SiemensPakistan has extended supportfor four schools in the floodaffected areas -- one each inSindh, the Punjab,Balochistan and KhyberPakhtoonkhawa. The agree-ment was signed byPresident and CEO of TCF,Syed Asad Ayub Ahmad, andManaging Director and CEOof Siemens Pakistan, SohailWajahat Siddiqui, and CFOMurtaza Abbas.

A cheque of the first instal-ment to the tune of Rs1.7 mil-lion was also presented on theoccasion to the TCF chief bySohail Wajahat Siddiqui.

The total commitment by theSiemens Pakistan in thisrespect is Rs 4.1 million.

The four schools are locatedin Dera Murad Jamali(Balochistan), NausheroFeroze (Sindh), Shahpur inDistrict Sargodha (Punjab)and Manshera (KhyberPakhtoonkhwa).

PM approvespromotions ofofficers of PR

I S L A M A B A D : P r i m eMinister Syed Yusuf RazaGilani has approved promotionof Shafiqullah, an officer ofPakistan Railways from grade20 to grade 21 and eleven offi-cers of Pakistan Railways andIntelligence Bureau from grade19 to 20.

These promotions were rec-ommended by the CentralSelection Board headed byJustice (R) Rana Bhagwandas.In Pakistan Railways,Shafiqullah was promoted fromBS-20 to BS-21, whileRamzan Shah Gilani,Muhammad Saeed Khawar,Muhammad Arshad, MehmoodAli Lashari, Mobeen ud Dinand Saeed Iqbal Khan werepromoted from BS-19 to BS-20.

Fuad Asadullah Khan,Khurshid Anwar, NasirMahmood, Shujaat UllahQureshi and Bakhtayar Khanof Intelligence Bureau werepromoted from BS-19 to BS-20.-APP

3Monday, February 7, 2011

NEW YORK: Oil prices fellnearly 2 per cent on Friday afteran unfounded report about a pos-sible announcement from Egyptset off speculation that PresidentHosni Mubarak could step downshortly, sparking profit-takingfrom which the market failed torecover.

Prices pulled back from theday's lows as it became clearthere was no imminent newsfrom Egypt, but Brent still set-tled below $100 a barrel for thefirst time in a week as traderslatched onto the rumor as anexcuse to sell.

Weak US nonfarm payrollsdata and modest gains in the dol-lar also pressured oil.

In London, ICE Brent crudefor March fell $1.93 to settle at$99.83 a barrel, off a $102.48intraday peak, logging itsbiggest daily percentage declinesince mid-November. It man-

aged a 41-cent gain on the week.US crude for March delivery

fell $1.51 to settle at $89.03 abarrel, managing to bounce froman $88.45 low hit during thespeculative sell-off, just abovethe week's nadir. US crude endeddown 31 cents on the week.

"The trade finished on a weaknote as shorts were apparentlyemboldened by Brent's dropback below the $100 mark," JimRitterbusch, president atRitterbusch & Associates inGalena, Illinois, said in a note.

Traders said the rumor seemedto stem from a brief report on UStelevision channel CNBC, butseveral hours later there was nonews on Egyptian TV about anyannouncements or transition ofpower. Gold edged down on thereport, but foreign exchange andequities markets were unaffected.

Egypt's prime minister said itwas unlikely the president

would hand presidential powersto his newly appointed deputy,while hundreds of thousands ofEgyptians marched peacefully inCairo to demand an immediateend to Mubarak's 30-year rule.

Investors will continue to eyethe region after demonstrationsthis week in Yemen and Friday'sprotests in Jordan, wheredemonstrators said KingAbdullah's government reshuffledid not meet their calls for polit-ical reform.

They will also be looking forany signs that OPEC could moveto damp down triple-digit pricesby pumping more crude, some-thing price hawks such asVenezuela say is unnecessary.

"There is sufficient oil andthere have been no interruptions,but if they close Suez, that couldtake the oil price to $200," OilMinister Rafael Ramirez toldreporters.-Reuters

Oil drops on groundlessEgypt report, profit-taking

NEW YORK: The dollar roseagainst the euro on Friday andcould extend its rebound thisweek, buoyed by higher Treasuryyields after a sharp drop in the USjobless rate brightened the out-look for the US economy.

The euro fell as low as $1.3543on trading platform EBS onFriday, retreating further from anearly three-month high at$1.3862 set earlier last week.Traders said the break throughsupport at $1.3570 suggests athree-week euro rally may beshowing signs of exhaustion.

"Overall, we think the euro'smove was overdone and theretracement we've seen in the sec-ond part of last week should prob-ably continue into early thisweek," said John Doyle, strategistat Tempus Consulting inWashington. The euro was lastdown 0.3 per cent at $1.3585,headed for its first three-daydecline in a month. The next keydownside target is around $1.3527,the 100-day moving average onEBS, and a break could open thedoor for a drop below $1.35.

BNP Paribas technical strategistAndrew Chaveriat said the eurocould test $1.35 in coming daysand $1.3250-$1.3350 over thenext few weeks.

After hitting a four-month lowbeneath $1.29 on Jan. 10, the eurohad climbed nearly 8 per cent bymid-week, partly on the view theEuropean Central Bank would liftinterest rates before the FederalReserve.

But ECB President Jean-ClaudeTrichet dashed those expectationson Thursday, saying euro-zoneinflation expectations remain well

anchored. The latest data from theCommodity Futures TradingCommission showed currencyspeculators boosted bets in favorof the euro to 39,934 contracts,the highest since the week endedOct. 26, while bets against thedollar rose to the most since Oct.19. Recent US data, capped bythe jobless rate's decline to 9 percent in January from 9.4 per centin December, pushed up USyields and had markets pricing ina two-in-three chance of a US ratehike by year end, up from one-in-three a week ago.

"Yields are moving up, andwhile job creation is not wherepeople want it to be, the feeling isthere is an underlying momen-tum," said Brian Dolan, chiefstrategist at Forex.com inBedminster, New Jersey. "Thedollar has moved higher on that."

The dollar rose 0.7 per centagainst the yen to 82.18 yen and 1per cent against the Swiss franc to0.9545 Swiss francs.

Trading on electronic tradingplatform EBS posted an unoffi-cial volume record with 2,990foreign exchange trades recordedin the minute after the release ofthe jobs data. Some 12,000 dealswere recorded in the 10 minutesafter the release. Records becomeofficial 24 hours after they're set.

Some analysts say the marketmay be getting ahead of itself.Dan Cook, senior analyst at IGMarkets in Chicago, noted USemployers added a paltry 36,000jobs in January, though badweather may have had an impact.

The payrolls gain reported byUS employers was just a quarterof the 145,000 jobs economists

had expected. But a separatehousehold survey, which is usedto determine the jobless rate,showed nearly 600,000 more peo-ple reported they were employed.

The Federal Reserve hasremained dovish, and ChairmanBen Bernanke reiterated lastweek that the economy remainedfragile. "I think the ECB will cer-tainly go ahead of the Fed" inraising interest rates, said DeanPopplewell, chief currency strate-gist at OANDA in Toronto. "It'sall about the question of timing."

But he said worries about euro-zone's debt problems could resur-face as peripheral economiesissue more debt in the spring."The market seems to have neg-lected some of the peripheral debtissues over the last few weeks,but they will certainly come to thefore and be on everyone's radar aswe going into these refinancingstarting in March."

Traders from one large invest-ment bank reported only modestselling of bullish euro-dollar andeuro-yen option structures onFriday, suggesting the longer-term view remains bullish.

Investors have grown less anx-ious about Europe's ability to han-dle a sovereign debt crisis, andEU policy makers on Friday dis-cussed bolstering a rescue fundfor indebted member countries.

The US Treasury Departmenton Friday said China's yuan cur-rency remains "substantiallyundervalued" and should be per-mitted to appreciate more rapidly,but said there isn't enough evi-dence to conclude that Beijingdeliberately manipulates its value.-Reuters

Dollar up on new USjobs, more gains seen

US dollar weekly outlook

US Treasury: can't say China a forex manipulator BANGKOK: Asian currencieshad their biggest weekly gain ofthe year, led by the Philippinepeso and Thailand's baht, asupbeat economic data fannedspeculation interest rates will beraised to counter inflation.

Exports and consumer pricesgained more than forecast inSouth Korea and Indonesia, whileoverseas sales in Malaysia alsoexceeded projections, separatedata showed. Bank Indonesiaunexpectedly raised interest ratesfor the first time in two years.

"Asian economic growth is verysolid and they are in an environ-ment allowing central banks toboost rates to fight inflation," saidTsutomu Soma, a bond and curren-cy dealer at Okasan Securities Co.in Tokyo. "The trend of Asian cur-rency appreciation is still intact."

The Asia Dollar Index, whichtracks the region's 10 most- tradedcurrencies excluding the yen,climbed 0.6 per cent last week to116.49 in Hong Kong. The pesoadvanced 0.8 per cent to 43.765

per dollar, the baht strengthened0.9 per cent to 30.78 andIndonesia's rupiah rose 0.4 percent to 8,995. Financial markets inChina, Taiwan and South Koreawere shut most of the week for theChinese New Year holidays.

The peso had a second weeklygain as a government reportshowed consumer prices climbed3.5 per cent in January from a yearearlier, the most in four months andmore than the median 3.3 per centgain forecast in a survey of econo-mists. The central bank will consid-er the data when it reviews interestrates on Feb. 10, Governor AmandoTetangco said. Gross domesticproduct rose 7.3 per cent in 2010,the fastest growth since 1976, thegovernment reported Jan. 31.

Indonesia's rupiah reached itsstrongest level in four weeks afterBank Indonesia boosted its refer-ence rate by a quarter of a percent-age point to 6.75 per cent. Themove was predicted by six of 22economists surveyed before theannouncement, with the rest hav-

ing forecast no change. Inflationin Southeast Asia's biggest econo-my accelerated to a 21-monthhigh of 7.02 per cent in January,official figures show.

India's rupee strengthened 0.4per cent last week to 45.60 perdollar. The statistics office willpredict economic growth of 8.6per cent on Monday, according tothe median estimate of economistssurveyed ahead of a Feb. 7announcement. A Feb. 1 reportshowed exports climbed 36.4 percent in December from a year ear-lier, the biggest increase sinceMarch. The Korean won fell 0.3per cent to close at 1,116.95 perdollar on Feb. 1, the last tradingday for week.

Financial markets in Singaporeand Malaysia were shut for theLunar New Year holidays on Feb.3 and Feb. 4. The Singapore dollarstrengthened 0.6 per cent toS$1.2734 per dollar before thebreak. Malaysia's ringgit added0.5 per cent to 3.04 over the sameperiod. -Agencies

Mostly gains for wk ledby Thailand baht, peso

Asian currencies

TORONTO: The Canadiandollar powered to its highestlevel against the US dollarsince May 2008 on Friday afterdata showed that Canada pro-duced far more jobs thanexpected in January, while USjob gains were tepid.

The currency rose as high asC$0.9832 to the US dollar, or$1.0171 after Statistics Canadasaid the economy added 69,200new positions, more thanquadruple the 15,000 that mar-kets had expected.

The unemployment rate,which had been forecast toremain unchanged, grew to 7.8per cent from 7.6 per cent asmore people entered the work-force.

In the United States, the datashowed a rise of 36,000 jobs inJanuary, far less than the145,000 increase the markethad expected, but the unem-ployment rate fell to its lowestlevel since April 2009.

The contrast was key to theCanadian dollar's outperfor-mance of its US counterpart,said David Watt, senior curren-cy strategist at RBC CapitalMarkets.

"It took a fairly startling jobsnumber in order to beat the USdollar, but we did manage to bethe only currency to beat theUS dollar today," he said.

The Canadian dollar closed atC$0.9884 to the US dollar, or$1.0112. That was up from

Thursday's North Americanclose at C$0.9910 to the USdollar, or $1.0091.

The modest US jobs gain wasat odds with other US data forJanuary, which had suggestedemployment growth was pick-ing up, but severe snow stormsthat slammed large parts of thecountry may have been partlyto blame for the weak figure.

The weak US headline num-ber did not have a deep impacton the US dollar, whichallowed the Canadian dollar tostrengthen on the back ofCanada's own set of job figuresand outperform all the othermajor currencies, said CamillaSutton, chief currency strategistat Scotia Capital. -Reuters

C$ hits nearly 2-1/2 yrhigh on jobs figures

NEW YORK: US cotton futuresfinished down the daily limit onFriday on follow-through profit tak-ing as investors took cash off thetable after the market's record break-ing run this week, analysts said.

Cotton futures had ralliedalmost 30 per cent since the mid-dle of January to trade at its high-est level in almost 150 years, butthen staged its biggest one-dayfall on Thursday in volatile busi-ness, Thomson Reuters datashowed. Year-to-date, cotton is upalmost 20 per cent.

The key March cotton contract onICE Futures US dropped the 4.00cents limit to end at $1.6786 per lb,with the session top at $1.7244.

Despite the steep sell-off of thelast two sessions, the market is up1.9 per cent on the week.

Total volume hit some 31,000lots, almost 60 per cent above the30-day norm, Thomson Reuterspreliminary data showed.

"We inhaled a rally of 40 centsso we had to exhale (in a correc-tion)," said Ron Lawson, cottonanalyst for commodity firm logi-cadvisors.com in Sonoma,California. Some analysts believethe selling was also induced bynews the exchange is tighteningcontrol of positions in the spotcontract before delivery.

Mike Stevens, an independentanalyst in Louisiana, said the

market also saw further lossesfrom Thursday's key reversalwhere a new record high wasachieved and then market closednearly limit down.

The last time a key reversal hap-pened in the cotton market was onNov. 10 and "technical weakness"from the reversal on Thursday lin-gered in the market during Friday'ssession, Stevens explained.

Lawson does not believe therally is done, pointing to the priceof the Cotlook A index, an indus-try publication which issues theaverage price of cash cotton pur-chases in the world.

The A Index was being quotedon Friday at $2.0155/lb. -Reuters

US cotton ends limitdown as correction bites

NEW YORK: Gold dropped onFriday as the dollar rose and safe-haven buying ebbed after an appar-ently unfounded television reportsparked intense speculation thatEgypt's President Hosni Mubarakcould be stepping down soon,which would end unrest.

For the week, gold notched itsfirst weekly gain in 2011 after USemployment rose far less thanexpected in January, and afterFederal Reserve Chairman BenBernanke indicated monetary poli-cy would stay accommodative inthe near term.

"I don't think that gold has lost itsvalue in the marketplace in terms ofit being treated as a surrogate curren-cy, but rather there is no catalyst at themoment to drive prices higher," saidMark Luschini, chief investmentstrategist of Janney MontgomeryScott, a brokerage managing about$50 billion client assets.

Luschini also cited sharply high-

er US Treasury yields whichweighed down on gold's invest-ment appeal.

Spot gold dropped 0.3 per cent to$1,348.59 an ounce by 1930 GMT.US gold futures for April deliverysettled down $4 to $1,349.

US gold futures' specs net longsor bullish position decreased 6 percent in the week up to Feb. 1, whileopen interest fell by 9 per cent asfunds continued to unwoundedlong futures positions, US CFTC'slatest trade data showed.

Silver gained 0.1 per cent to$28.94 an ounce. Holdings of thelargest silver ETF, the iSharesSilver Trust, fell more than 30tonnes to their lowest sinceNovember on Thursday. On theother hand, sales of silver AmericanEagles coins smashed to a recordhigh in January.

Tom Pawlicki, precious metalsand energy analyst at MF Global,noted that silver's open interest and

prices have rebounded much morethan gold's.

Gold holdings of exchange-trad-ed funds inched higher, with thoseof the largest, New York's SPDRGold Trust, edging up just over twotonnes on Thursday.

Bullion's demand dropped onafter the speculation on Mubarak'sresignation, but fears that unrest inEgypt would spread across theMiddle East should still provide afloor to prices, analysts said.

Gold posted its first weekly gainin five weeks, after rising onThursday after Bernanke indicatedthat US monetary policy wouldstay accommodative.

Platinum group metals touchedmulti-year highs, with platinumreaching its loftiest level since July2008 at $1,858.50 an ounce andpalladium a 10-year peak at $831.

Platinum was later up 0.3 per centat $1,841.24 and palladium down0.3 per cent at $814.47. -Reuters

Gold retreats on Egyptreport, safe haven fades

NEW YORK/LONDON: Rawsugar futures rebounded onFriday, buoyed by a scaled-backforecast for Indian sugar output,while coffee futures retreatedfrom near 13-1/2 year peaks.

Raw sugar futures rose asmuch as 3.8 per cent, drawing towithin sight of 30-year peaks,after an Indian state cut its outputview for the country's 2010/11sugar crop to 24 million tonnes,below government estimates.

The lower forecast could deterNew Delhi from finally approvingunrestricted exports, giving sugarmarkets another boost after acyclone that pounded northeastAustralia on Wednesday sent rawsugar to its highest in three decades.

ICE March raw sugar gained0.60 cent or 1.9 per cent to closeat 32.64 cents per lb, recoveringfrom its biggest one-day loss in amonth on Thursday, and belowthe 30-year peak of 36.08 centstouched on Wednesday.

The spot contract closed theweek down 3.9 per cent, its firstweekly loss in three weeks.

The market bounce, however,was only a small correction fol-lowing Thursday's steep dive of10 per cent.

On Liffe, March white sugarclosed down $19.80 at $794.40per tonne, below Wednesday'srecord high of $857 per tonne, as

the contract caught up with thedrop in New York after Londonmarkets closed. In cocoa, futureson ICE fell in heavy volumesbuoyed by March/May spreading,falling further from last week'sone-year high at $3,334 per tonne,basis March, with the marketfocused on whether presidentialclaimant Alassane Ouattara wouldextend his call for a month-longcocoa export ban in Ivory Coast.

ICE benchmark March cocoafutures tumbled $107 or 3.2 percent to end at $3,251 per tonne.Total volume reached more than35,000 lots, more than doublethe 30-day average.

London May cocoa fell 48pounds to settle at 2,125 poundsa tonne. This is a 14-pound pre-mium to May down from 18pounds on Thursday.

Coffee moved further awayfrom its recent 13-1/2 year highwith Thursday's momentaryplunge in sugar futures spookingprices lower, traders said.

March arabica coffee futureson ICE dropped 2.05 cents to set-tle at $2.4930 per lb, the firstweak close in four days, aftertouching a 13-1/2 year peak of$2.5360 a lb on Thursday.

Liffe May robusta coffee tradeddown $31 to settle at $2,237 pertonne, below Thursday's 2-1/4 yearhigh of $2,287 a tonne. -Reuters

Sugar returns withinsight of 30-year high

Copper atnew recordon US data

NEW YORK/LONDON:

Copper pushed well above$10,000 a tonne to a recordhigh on Friday, driven byencouraging employment datain the United States thatbacked views of a healthier2011 demand outlook.

Prices of the metal, oftenviewed as a barometer for eco-nomic conditions, posted theirbiggest weekly gain in nineweeks, as investment demandkept growing in anticipation ofexpected supply shortages andmarket deficits this year.

London Metal Exchange(LME) copper for three-months delivery closed up$120 at $10,050 a tonne, aftertouching a record high$10,100.

The benchmark COMEXMarch contract settled up 3.50cents at $4.5795 per lb, afterhitting its own record at$4.6140.

The Friday jobs report addedto a steady stream of data thisweek, including acceleratingglobal manufacturing activity,rising US factory orders, andsolid growth in the US servicessector. Copper's rally helpedtin rise to a record high at$31,300 a tonne. Tin for three-months delivery closed up$655 at $31,200.

Trade was thin as the LunarNew Year holidays that startedon Wednesday shut markets intop base metals consumerChina.

Stocks of copper at LMEwarehouses last fell 325 tonnesto 394,150 tonnes, a smalldecline but a bit of respite aftera recent string of inventorybuilds dating back to earlyDecember.

Nickel climbed $310 to endat $28,350 a tonne.

Nippon Steel Corp andSumitomo Metal Industriesplanned to create the world'sNo. 2 steelmaker, fanningexpectations of further consoli-dation in the industry. -Reuters

US corn rallies;wheat slips

KANSAS CITY: US cornfutures on the Chicago Board ofTrade rallied on Friday on activefund buying as talk that Chinawould raise corn purchasesadded to generally strongdemand for the food, feed andenergy crop.

Funds bought an estimated10,000 corn contracts on theChicago Board of Trade, pushingthe March contract to close up 16cents at $6.78-1/2, up 5.4 per centfor the week.

While corn climbed, wheatfutures fell for a second day amidreports of larger-than-expecteddeliverable stocks of MGEXspring wheat, which is prized forits high protein content. But themarket posted a 3.5 per cent gainfor the week after severe cold inthe US Plains helped prices hit 2-1/2-year highs.

CBOT soybeans ended lower onspillover pressure from a sell-offin crude oil and a three-day rally inthe dollar. Funds sold an estimated4,000 soybean contracts, but thenearby contract ended the week2.5 per cent higher. Corn, beansand wheat all touched their high-est prices since 2008 this week.

"Everything has had decentgains for the week, across the agsfloor. So a little bit of consolidationhere," said Tim Emslie, an analystwith Country Hedging.-Reuters

Specs raise bets against the USD: CFTCNEW YORK: Currency speculators increased bets against the dollar to the most since October 19,with bets in favor of the euro at their highest level since late the same month, Commodity FuturesTrading Commission data showed on Friday.

The value of the dollar's net short position rose to $24.9 billion in the week ended Feb. 1, from a netshort position of $18.2 billion the previous week, according to Reuters and CFTC calculations. Net longpositions on the euro jumped to 39,934 contracts, the highest since the week ended October 26.The netposition dollar value of US$6.9 billion, was made up of 80,381 long contracts, a rise of 6,893 contractsfrom the prior week and 40,447 short contracts, 10,140 contracts down from the prior week.-Reuters

Sterlinglogs wkly

gains on rateoptimism

LONDON: The pound strength-ened against the euro for the firstweek in four and gilts fell afterbetter- than-expected economicdata boosted speculation theBank of England may have roomto increase interest rates thisyear.

Sterling appreciated against allbut two of its 16 most activelytraded currencies while the yieldon two-year notes climbed to a20-month high. Purchasing man-agers' surveys last week showedBritain's services and construc-tion industries grew in January,while manufacturing expandedat a record pace. Inflation inDecember accelerated to equalthe highest level since 2008.

"The market is going through aphase of fretting over UK inter-est rates on the back of UK infla-tion fears," said David Page, afixed-income strategist at LloydsTSB Corporate Markets inLondon. "Any signs of strengthin the economy, particularly withthe dramatic rebounds we'veseen in the construction andservices PMIs, have added tosterling strength."

The pound appreciated 1.6 percent in the week to 84.43 penceper euro as of 5:02 p.m. inLondon. Britain's currencyclimbed 1.4 per cent to $1.6088in the period.

Indications that the UK's eco-nomic recovery is intact may addmomentum to Bank of Englandofficial Andrew Sentance's drivefor higher interest rates to tameinflation as policy makers pre-pare to meet ahead of their nextrate decision on Feb. 10.Monetary Policy Committeemember Martin Weale joinedSentance in voting for a rateincrease at the group's Jan. 13meeting on concern that inflationmay become entrenched.

Accelerating price growth maybe damaging the Bank ofEngland's credibility, formerpolicy maker Kate Barker said atan event hosted by AngliaRuskin University inChelmsford, England.-Agencies

Unfounded talk of announcement on Mubarak pressures oil

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use of these reports and recommendations.

Debt servicingbecoming

unsustainableWhile talking about problems facing

Pakistan, experts often refer to high interestrate, double digit inflation, low GDP growthrate, rising cost of doing business, poor law &order situation. However, little attention isbeing paid on the mounting budget deficit like-ly to far exceed the target agreed with theInternational Monetary Fund (IMF).

The first quarter report released by the StateBank of Pakistan (SBP) on the state of econo-my should be an eye opener for the policy plan-ners, elected representatives and even themasses, being exploited in the name of 'loancovenants' for the assistance acquired from thelender of last resort, IMF. Now the other multi-lateral financial institutions have starteddemanding 'IMFs letter of comfort', which maydisrupt flow of funds from these institutions.

According to SBP report total debt servicingcrossed over one trillion rupees in the fiscalyear 2009-10 and Rs305 billion were paid inthe first quarter of the current fiscal year. Thismassive debt servicing is likely to becomeunsustainable for Pakistan and we hardlyexpect it to achieve revenue collection of Rs1.6trillion during the current financial year.

According to the details Pakistan paid Rs660billion as interest on debt and Rs391.8 billionas principal amount. Out of Rs660 billion paidby the government, Rs577.7 billion was inter-est payment for the domestic debt while exter-nal debt servicing amounted to Rs83 billion.The interest payment of liabilities amounted toRs17.6 billion which shows that bulk of therevenue collected goes towards debt-servicing.The numbers provided by State Bank showsthat total debt and liabilities' servicing was 7.3per cent of the GDP. The external debt and lia-bilities constituted 34.4 per cent of the GDPwhile government's domestic debt was 33.8 percent of the GDP.

Pakistan has been facing double digit infla-tion for the last many years but spending mostof the revenue generated on debt servicinghardly leaves any amount to be spent ondevelopmental works. Fiscal deficit is beingmet by printing of banknotes which furtheraccelerates inflation.

The worst concern is that Pakistan's GDP isgrowing at a disappointingly low rate of lessthan 3 per cent, almost equal to grossly under-stated population growth rate. Subdued eco-nomic growth is not helping in creating newproduction facilities, creating new employmentopportunities and prospects of increasing rev-enue collection.

Lately, the government was forced to with-draw increase in POL prices and also could notincrease prices becoming due beginning ofFebruary. Hike in global prices of crude oil willsoon force the government to either opt forincreasing electricity and POL prices or bear-ing additional burden of subsidy. This problemcan't be resolved without coming up a detailedplan for curtailing expenditures and increasingrevenue collection. The ruling coalition as wellas opposition has to agree on the strategies toaccelerate GDP growth rate, the key to resolv-ing many economic issues.


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The Financial Daily InternationalVol 4, Issue 175

Astonished by the uprising inEgypt, Western countries anx-ious to be on the right side of

history have started to reassess ties toarmy-backed Arab strongmen stub-bornly opposed to democracy.

On grounds of both principle andself-interest, the West must promotemore responsive and democratic gov-ernment in the region to ensure peace-ful change in societies yearning for abetter life, officials at a security con-ference in Germany said.

"The past two weeks are a wake-upcall," former Republican presidentialcandidate John McCain said. He saidhe wanted democracy in the region notout of "some misplaced moralism" butbecause the resultant stability wouldhelp the United States.

"The greatest guarantee of stabilityis democracy ... Our national interestsdemand it (in the Middle East)."

Whether those sentiments turn intoreality may hinge on the outcome ofevents in Egypt, the Arab world's mostpopulous and influential country,where an unprecedented revolt hasshaken President Hosni Mubarak's 30-year-old grip on power.

"What happens in Egypt affects allof our interests throughout theregion," said Frank Wisner, PresidentBarack Obama's private envoy to theEgyptian crisis. "We are aiming for anorderly transition to a democraticfuture.

DOUBLE STANDARDWestern democracy rhetoric tends to

be greeted with cynicism in theMiddle East, because the region hasbeen here before.

A US push for democracy in theMiddle East after the 2003 Iraq inva-sion ran out of steam when theIslamist movement Hamas won parlia-mentary elections in the Palestinianterritories in 2006.

Critics of Western diplomacy in theregion says this episode reflected adouble standard, namely that the West

compromises on its democratic idealswhen the outcome would beunfavourable.

But many speakers at the gatheringsaid the revolts in Tunisia and espe-

cially Egypt showed that this time itcould be different, because these weregenuinely popular expressions ofanger about corruption, joblessnessand poor state services.

The involvement of youths, secular-ists and the educated middle classgave the lie to any notion that

Islamists were at the vanguard ofopposition forces in the Arab world.

Arab governments have long saidthe only alternatives to their repres-sive rule are banned Islamist groups

they say would bring an Iranian-styletheocratic rule to the region.

This preoccupation with Islamistinfluence was echoed at the gatheringby Israeli National Security Adviser

Uzi Arad, who said security should bethe top Western concern in the region.

But many Western analysts said therevolt had brought a chance for moresecular, modernist and technocraticforces to become involved in govern-ment.

"Our friends are those that want to

take Egypt into the modern world,"Swedish Foreign Minister Carl Bildtsaid. Egypt was an opportunity fordemocracy not to be missed.

John Chipman, Director-General of

the International Institute for StrategicStudies, saw the idea that the onlyalternative to Mubarak was Islamist asa "totally out of date mantra."

EMERGENCY LAW"There is a possibility of a techno-

cratic government of all the talents ...if the United States and the EuropeanUnion favour it," he said.

Diplomats say a successful move tobetter governance in Egypt wouldinspire similar changes in other Arabcountries.

Arab states, from Morocco toYemen, have much in common withEgypt: Many have large populationsof unemployed young, entrenchedleaderships, rule under state of emer-gency laws, and opposition groupswhich say it is time for democracy.

Some analysts say that whetherMubarak goes or stays, the realbehind-the-scenes power in the coun-try will remain the army: Egypt's largearmed forces have been at the heart ofpower since army officers overthrewthe monarchy in 1952.

Chipman said continued militaryinfluence was not necessarily a con-cern. "Yes the military can hold thering, but they would hold the ring fora very different type of government. Ithink that is still there to play for."

One of the more pessimistic voices,from a democrat's point of view, isthat of US academic RobertSpringborg, who sees "no chancewhatsoever" of Washington ending itshabit of forging alliances with mili-tary-backed autocrats.

Springborg, Professor of NationalSecurity Affairs at the US NavalPostgraduate School, says the army isworking quietly with the West toremove Mubarak from power in returnfor keeping its behind-the-scenesdominance of the political system.

"We have missed a historic opportu-nity," he said, arguing that a seculardemocratic Egypt would have been inIsrael's interest. -Reuters

West Rethinks itsArab Realpolitik

It has been a bad couple of weeks forwhat Vitali Silitski, a political scien-tist, calls the Authoritarian

International.Silitski is from Belarus - a good back-

ground for studying authoritarian rulers -and he is a student of the troubling wayin which the world's autocrats respondedto the "color" revolutions in some formerSoviet republics a few years ago byincreasing repression at home and form-ing a loose international support group.

China is the star of this AuthoritarianInternational, with its robust growthguided by a government that quashed the1989 Tiananmen Square protests butnow wins plaudits even from manyWestern business leaders who concedethat it is often better at getting thingsdone than querulous democracies.

But just as the AuthoritarianInternational drew strength from theChinese model and the so-called"Beijing Consensus" it inspired, theuprisings in Egypt and Tunisia have beenunsettling for the world's unelectedrulers.

"When you see somebody like Chávezin Venezuela reaching out to somebodylike Ahmadinejad it is clear these author-itarian regimes are forming an alliancethat helps them to maintain their con-trol," Aryeh Neier, the president of theOpen Society foundations, said, refer-ring to President Hugo Chávez ofVenezuela and President MahmoudAhmadinejad of Iran. "If I were HuJintao," he said of the Chinese president,"I would be nervous at this moment."

If you happen to be a dictator, thescariest thing about the Egyptian upris-ing is its suddenness.

Mohamed A. El-Erian, chief executiveof the bond giant Pimco, is the son of anEgyptian diplomat, holds an Egyptianpassport, and spent much of his child-hood in Egypt. He is an expert in emerg-ing markets, where regime change is thenorm, and he spent Christmas with hisfamily in Egypt. But he, like everyoneelse, was taken by surprise.

"These processes aren't linear," El-Erian said. "Nothing happens, and noth-ing happens and nothing happens, andthen everything happens. The protestmovement got ahead of policy makers inboth Egypt and the West."

That was certainly true last week at theannual meeting of the World EconomicForum in Davos, Switzerland, whichlargely ignored the world-changingevents in the Middle East in its long-setofficial program. Yet Egypt was the talkof the corridors and cafes, and, apart

from the Arab participants, some of themost riveted were the Russians.

That is because, as the Russian opposi-tion leader Boris Y. Nemtsov said bytelephone from Moscow this week,"many in Russia are drawing direct par-allels between Mubarak and Putin."

A key similarity between the Egyptianleader and Prime Minister VladimirPutin, in the view of Nemtsov, a formerdeputy prime minister and provincial

governor, is that "both are corruptregimes and both regimes have beenabout the enrichment of a small group ofpeople around the leader."

El-Erian agrees that the gap betweenthe super-privileged and everyone else

was an Achilles' heel of the Mubarakregime.

That weakness was invisible - ordeemed irrelevant - to many because ofthe growth of the economy overall.

But the lesson of history is that themost fragile authoritarian regimes aren'tnecessarily the poorest ones. They are

often those where the economy is doingreasonably well, but where gains areunequally shared. Hence, for example,the complaints in Tunisia about theenrichment of Leila Trabelsi, wife of thedeposed president, and her family.

"In Egypt, there was an income distri-bution problem, even though the econo-my was growing impressively," El-Eriansaid. "But there wasn't enough trickledown."

China's mandarins are seen by some asthe world's smartest authoritarians. Oneexample might be the information warthat China has waged around the eventsin Egypt, restricting online access toindependent news while in the official

media emphasizing the "chaos" atten-dant upon the uprising.

Another is that Chinese leaders areconscious of their vulnerability to publicperceptions that Communist Party rule isabout enriching the cadres, rather thangenerating prosperity as a whole. That iswhy the most surprising story out of

China recently was the conviction of LiQiming, son of a senior police official,who ran over and killed a young woman.

At some level, the Russians have lis-tened. Speaking in Davos before theuprising in Egypt had gathered trueforce, President Dmitri A. Medvedevsaid: "What happened in Tunisia, I think,is quite a substantial lesson to learn forany authorities. The authorities must notsimply sit in their convenient chairs butdevelop themselves together with thesociety. When the authorities don't catchup with the development of the society,don't meet the aspiration of the people,the outcome is very sad."

Nemtsov doesn't think that Russia'srulers will necessarily heed that advice.Russia has oil, he noted, "but the Russianregime is so corrupt it requires the priceof oil to constantly increase. Oil won'tsave Putin."

For the West, one conclusion must bethat even though authoritarian plutocratscan be easier to work with than dissi-dents. Hillary Rodham Clinton, the USsecretary of state, has spoken publiclyabout her warm personal friendship withMubarak and his wife, Suzanne, who hasupheld women's rights - staying close tothe activists is not just morally justifi-able, it is pragmatic, too.

Carl Bildt, the Swedish foreign minis-ter, wrote in an e-mail that one indirectconsequence of the uprising in Egyptwill be that "Western governments willbe more alert to the need to reach out tocivil society in these societies and bemore proactive on some sort of democra-cy agenda."

He sent that message from Warsaw,where he was working to support thebeleaguered opposition in Belarus.

Indeed, the hardest part of overthrow-ing authoritarian regimes is often the dayafter. "If you look at the most successfultransitions - Poland, Mexico, Taiwan -they've been long hauls," said LucanWay, a political scientist at theUniversity of Toronto. "You want thereto be established oppositions, and thatdoesn't happen in a two-week period."

Silitski argues that the AuthoritarianInternational was emboldened by thedisappointing performances of the gov-ernments that were installed by the colorrevolutions - the Rose Revolution inGeorgia, the Orange Revolution inUkraine, and the Tulip Revolution inKyrgyzstan.

What one might dub the DemocracyInternational could be needed now toprevent a similarly disappointing secondact in the Arab world.-Reuters

Authoritarian InternationalGoing on the Defensive

On grounds of both principle andself-interest, the West must pro-

mote more responsive and democraticgovernment in the region to ensure

peaceful change in societies yearningfor a better life, officials at a security

conference in Germany said

“

Springborg, Professor of NationalSecurity Affairs at the US Naval

Postgraduate School, says the army isworking quietly with the West to

remove Mubarak from power in returnfor keeping its behind-the-scenesdominance of the political system

Silitski is from Belarus - agood background for studying

authoritarian rulers - and he is a studentof the troubling way in which theworld's autocrats responded to the

"color" revolutions in some former Sovietrepublics a few years ago by increasing

repression at home and forming a looseinternational support group

“

"When you see somebody like Chávez inVenezuela reaching out to somebody like

Ahmadinejad it is clear these authoritarianregimes are forming an alliance that helps

them to maintain their control," AryehNeier, the president of the Open Societyfoundations, said, referring to President

Hugo Chávez of Venezuela and PresidentMahmoud Ahmadinejad of Iran. "If I were

Hu Jintao," he said of the Chinese presi-dent, "I would be nervous at this moment."

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




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




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 16.38 118.17ANL 11.28 30.47FFBL 41.36 28.76NCL 25.79 24.75ENGRO 221.05 17.96

Symbol Close ChangeNESTLE 3,405.44 111.69

RMPL 2,420.30 100.30

IDYM 262.49 27.54

SHEZ 198.05 22.59

CPL 200.64 16.28

Symbol Close ChangeULEVER 4,385.65 -160.63UPFL 1,105.09 -111.90SIEM 1,091.06 -43.94NRL 283.58 -42.76WYETH 999.99 -28.01

Plus 167Minus 250Unchanged 15

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, February 7, 2011 5

Dhiyan

The outlook is still bearish because index hasn't witnessed a major correc-

tion last week therefore it is expected that it might fall to 12,000 level.

However if it manages to sustain thereabout for 1-2 sessions then we might

see a rebound. The likely launch of Margin Trading System (MTS), positive

economic numbers and continued foreign interest would support it. Adopt

'buy on dips' stance and in this regard stocks belonging to E&P, OMCs, fer-

tilisers, cement, and banking are investable. Today market might open pos-

itive but is likely to close negative.

Tariq Hussain Khan, Head of Portfolio Management United Capital

Iqbal Ismail, Chairman ACE SecuritiesOn back of rising international oil prices, market is expected to

show bullish activities in the coming days where index can gainabout 200 points this week and moving forward in the short-termit may touch 13,000 points level. Investors are therefore advisedto invest only in oil sector stocks. Along with higher internation-al oil prices, improvement in economic situation and continuedforeign buying would also set off new rallies. Market would bepositive today.

FROM POSITIVE TO NEGATIVE

Opening 12,462.70Closing 12,415.35Change 47.35% Change 0.38Turnover (mn) 587.59



NEW YORK: NYSE stock traders wear their favorite NFL jerseys during the NFLExperience Tailgate party at the New York Stock Exchange.-Reuters

Weekly Review

NEW YORK: With earningscontinuing to surprise on theupside and minimal technicalresistance ahead, the bearsmay have to wait a bit longerfor the much-anticipated endto the current stock rally.

The VIX, a gauge ofinvestor anxiety, dropped lastweek despite unrest in theMiddle East and oil prices arebasically unchanged fromtwo weeks ago. After postingits best week in the past nine,the S&P 500 has actuallyseen oversold levels ticklower.

"I expect the market to con-tinue to rally despite the factthe economic news is sluggishin the jobs front," saidMichael Yoshikami, chiefinvestment strategist atYCMNet Advisors in WalnutCreek, California.

Government data showedFriday the US economy creat-ed 36,000 jobs in January, farless than expected, but theunemployment rate fell to itslowest since April 2009.

Economists agreed a recov-ery in the labor market wasproceeding but not gainingspeed.

Upbeat signals in the econo-my, coupled with a positivebias in the current earningsseason, should continue topropel equities higher.

More than 70 per cent of theS&P 500 companies havereported earnings above esti-mates so far, according toThomson Reuters data.Investors expect aggregateearnings rose 37 per cent inthe last quarter, the highestestimate for that period inmore than 10 months.

"We believe corporate earn-ings will continue to recoveras companies are more effi-cient and economies bounceback," Yoshikami said.

The energy, industrials andtechnology sectors are "trad-ing well into overbought terri-tory," according to a reportfrom Bespoke InvestmentGroup. But two recent weeksof declines are helping easeoverall selling pressure, andthe rally that started inSeptember shows no signs ofweakness.

"This market has been reallyeating up resistance levels asan every week event," saidJohn Kosar, director ofresearch at Asbury Researchin Chicago. "We targeted1,313 for this week as a near-term inflection point, and wehaven't broken it yet."

The target coincides withthe benchmark's highest levelin August 2008. Chartistshave mentioned the 1,360area, the 76.4 retracement ofthe S&P's downhill movefrom late 2007 to March 2009,as one of the few technicalhurdles the index faces beforehitting 1,400.

The S&P has risen 25 percent since the start ofSeptember, which has led to alack of confidence and callsfor a pullback.

Still, the CBOE volatilityindex fell 20.5 per cent lastweek after a near 30 per centspike in the two previousweeks.

"There's a healthy degree ofskepticism and many peopleare still calling for a correc-tion," said Richard Ross,global technical strategist atAuerbach Grayson in NewYork.

This week is slow in termsof economic indicators, withthe preliminary reading of theReuters/University ofMichigan consumer sentimentas the highlight of the week.

The reading is expected totick up to 75 from last month's

74.2, according to a Reuterspoll.

"There's enough of bits andpieces of data that if they arein the aggregate positive, theycan create an (upturn) in themarket," said Wasif Latif, vicepresident of equity invest-ments at USAA InvestmentManagement in San Antonio,Texas.

Some investors mentioned aspike in oil prices as one ofthe possible headwinds for theeconomic recovery, and theunrest in the Middle East as animportant variable for equi-ties.

As hundreds of thousands ofEgyptians marched in Cairoon Friday to demand animmediate end to PresidentHosni Mubarak's rule, Brentoil settled below $100 a barrelfor the first time in a week.US crude for March deliveryfell $1.51 to settle at $89.03 abarrel.

"If oil prices continue to riseand Middle East chaosspreads, you will potentiallysee a headwind develop forthe global economy and thatwill affect the stock market,"said YCMNet's Yoshikami.

"Oil at $110 barrel becomesa significant headwind for theeconomy."

Federal Reserve ChairmanBen Bernanke offered a mod-erately more optimisticassessment of the economy'sprospects than in previousremarks, although he madeclear the recovery still needssupport from the Fed.

"As long as the Fed is indi-cating they will remain sup-portive and accommodating,that will continue to providesome degree of support to themarket," said USAA's Latif.

"Investors will see weaknessin the market as a reason tobuy." -Reuters

Market could rally onearnings, technicals

Wall Street weekly outlook

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) ended lowerlast week as investors one-mindedly let go of their hold-ings due to weak global mar-kets and uncertainty ondeemed duty for refineries.

However some positiveactivities were witnessedtowards the end of the weekon hopes of an early launch ofa leverage product.

The benchmark KSE 100-Index fell by 47 points toclose at 12,415 points, whileit touched a highest and thelowest level at 12,613 and12,172 points respectively.

KSE 30-Index was down by56 points to close at 12,095points and KSE all-shareindex dropped 35 points toclose at 8,603 points.

Sana Hanif, analyst at JSGlobal Capital said thatthough SBP kept the discountrate unchanged at 14 per centlast weekend (contrary tomarket expectations), KSEremained under pressure dur-ing the first three trading ses-sions of the week led by pre-emptive selling by localinvestors amid Egyptianunrest.

On the first day of the weekdespite some intraday bullishactivities spurred by SBP'ssurpriser, index lost morethan 100 points at the end ofthe day due to selling at high-er levels on weak global stockmarkets hit by Egyptian crisisand rumors regarding slash ofdeemed duty for refineries.

Bearish activities then bar-reled ahead during the nexttwo days also as investorskept offloading on economicconcerns after Ogra decidedto hold petroleum prices cou-pled with uncertainty overdeemed duty for refineries.Therefore index lost 85 and30 points respectively at theend of Tuesday and

Wednesday respectively.However, market bounced

back on Thursday on hopes ofan early launch of MarginTrading System (MTS) asexpectations heightened afterthe news that SECP Chairmanwill visit the exchange thisweek. Being moved by thisnews, index gained 116 pointson Thursday while positiveactivities continued on Fridaytoo with green close.

Asad Siddiqui, analyst atInvest Cap said that investors'confidence was somewhatrestored later during the weekon the expectation of leverageproduct, which is expected tobe reintroduced in the marketby Feb 21.

Lucky Cement was themajor company thatannounced its corporateresults during the week whichstood below the market con-sensus announcing an EPS ofRs4.52/share for 1HFY11.Some of the major companiesset to announce their corpo-rate results this week areMCB, ABL, and PSO.

Investor participation saw aminor improvement as 587million shares traded duringthe week which is above 1million shares more than aturnover of 586 millionshares a week earlier.

Lotte Pakistan stood as thevolume leader with 118.17million shares followed byAzgard Nine with 30.47 mil-lion and Fauji Fertilizer BinQasim with 28.76 millionshares.

Out of total 432 activeissues 250 came down, 167moved up while 15 issueswent nowhere.

Foreign investors howeverremained on the buying sidewhere according to NCCPLdata their net-buying stood at$6.1 million during the weekwhile on the lcoal side com-panies did a net-selling of$11.6 million.

KSE callsit a flatweek

Gulf stocks mkt

Mostly gain;SArabia up

for 4th dayDUBAI: Banks are amonggainers as Saudi Arabia's indexends higher for a fourth day,with the kingdom's banks seenincreasing lending in 2011 asrisk aversion lessens.

Samba Financial Groupclimbs 0.9 per cent, Arab Bankrises 1.7 per cent and SABBadds 0.8 per cent.

Sofia El Boury, ShuaaCapital assistant vice-presidentfor research, says Saudi banksoffer the most growth potentialregionally.

"The catalyst will beincreased lending growth tocorporate borrowers. There willbe a number of drivers for thisgrowth, with the biggest beinglarge government infrastructurespending," says Boury.

"The contribution of localbanks in terms of providingproject financing for thisspending will increase, it's justthat 2010 was a year of riskaversion and insufficient creditdemand.

"There's a will from theauthorities to channel excessliquidity into lending. Banks'liquidity positions are comfort-able and have the capacity tolend, but they need an extrapush to make that happen."

In December, Saudi Arabiaannounced a record budget for2011 of $155 billion as theworld's top oil exporter investsin education and infrastructureto create jobs for its fast-grow-ing young population.

Saudi's index climbs 0.8 percent to 6,585 points.

Dubai Islamic Bank hits athree-month high as investorsbet its earnings may beat esti-mates following upbeat resultsfrom other UAE lenders, help-ing Dubai's index rise for athird session in four. DubaiIslamic rises 3.6 per cent to itshighest finish since Nov.4.

"This is probably in line withthe numbers coming out of theUAE banking sector - peopleare now expecting lower provi-sions, so the numbers should begood," says Haissam Arabi,chief executive and fund man-ager at Gulfmena AlternativeInvestments.

On Tuesday, Fitch Ratingsgave Dubai Islamic a stableoutlook, while on WednesdayNational Bank of Abu Dhabireported a 71 per cent rise infourth-quarter profit.-Reuters

Bangladeshis protest over anotherbig fall in stocks market

Tokyo bourse to lengthen trading hours from May 9

Monday, February 7, 20116

Volume 587,593,129

Value 28,668,801,624

Trades 350,575

Advanced 167

Declined 250

Unchanged 15

Total 432

Current 8,603.93

High 8,739.80

Low 8,435.49

Change i35.60

Current 12,415.35

High 12,613.54

Low 12,172.22

Change i47.35

Current 12,095.36

High 12,324.24

Low 11,790.36

Change i56.85

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

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Nimir Industrial Chemicals Ltd

NICL closed up 0.48 at 2.21. Volume was 318 per cent above average

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

company's loss after taxation stood at Rs2.377 million which translates

into a Loss Per Share of Rs0.01 for the 1st quarter of current fiscal year

(1QFY11).

NICL is currently 29.0 per cent above its 200-day moving average and

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

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

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

Trend forecasting oscillators are currently bearish on NICL.

RSI (14-day) 63.65 Total Assets (Rs in mn) 1,694.64

MA (10-day) 1.80 Total Equity (Rs in mn) 118.91

MA (100-day) 1.61 Revenue (Rs in mn) 1,742.80

MA (200-day) 1.70 Interest Expense 51.71

1st Support 2.03 Profit after Taxation 4.57

2nd Support 1.83 EPS 10 (Rs) 0.021

1st Resistance 2.35 Book value / share (Rs) 0.54

2nd Resistance 2.47 PE 11 E (x) -

Pivot 2.15 PBV (x) 4.11


As on Jun 30, 2010

NCPL closed down -0.20 at 16.77. Volume was 1 per cent below aver-

age and Bollinger Bands were 39 per cent narrower than normal. The

company's profit after taxation stood at Rs418.858 million which trans-

lates into an Earning Per Share of Rs1.14 for the 1st quarter of current

fiscal year (1QFY11).

NCPL is currently 40.3 per cent above its 200-day moving average and

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


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

equal pace. Trend forecasting oscillators are currently bearish on

NCPL.


MA (10-day) 16.64 Total Equity (Rs in mn) 3,649.33

MA (100-day) 14.03 Revenue (Rs in mn) 0.00


1st Support 16.60 Loss after Taxation (7.76)

2nd Support 16.36 EPS 10 (Rs) (0.021)


2nd Resistance 17.24 PE 11 E (x) 3.68

Pivot 16.80 PBV (x) 1.69

Nishat Chunian Power Limited


As on Dec 31, 2009

PAKRI closed down -0.02 at 17.91. Volume was 187 per cent above

average (trending) and Bollinger Bands were 29 per cent wider than

normal. The company's profit after taxation stood at Rs88.468 million

which translates into an Earning Per Share of Rs0.29 for the nine

months of current calendar year (9MCY10).

PAKRI is currently 5.3 per cent above its 200-day moving average and

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

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

moderate flows of volume into PAKRI (mildly bullish). Trend forecasting

oscillators are currently bullish on PAKRI.


MA (10-day) 17.76 Total Equity (Rs in mn) 6,785.66



1st Support 17.40 Profit after Taxation 269.91

2nd Support 16.93 EPS 09 (Rs) 0.90


2nd Resistance 18.87 PE 10 E (x) 46.32

Pivot 17.90 PBV (x) 0.79

Pakistan Reinsurance Co Ltd


As on Jun 30, 2010

KESC closed down -0.03 at 2.70. Volume was 93 per cent below aver-

age (consolidating) and Bollinger Bands were 32 per cent wider than

normal. The company's loss after taxation stood at Rs1.782 billion

which translates into a Loss Per Share of Rs0.09 for the 1st quarter of

current fiscal year (1QFY11).

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

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


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

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


MA (10-day) 2.78 Total Equity (Rs in mn) (525.11)


MA (200-day) 2.44 Interest Expense 6,823.64

1st Support 2.61 Loss after Taxation (14,641.22)

2nd Support 2.57 EPS 10 (Rs) (0.684)

1st Resistance 2.74 Book value / share (Rs) (0.02)

2nd Resistance 2.83 PE 11 E (x) -

Pivot 2.70 PBV (x) (110.13)

Karachi Electric Supply Corp Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,594.40 1,625.52 1,551.56 1,582.88 -11.51 -0.72

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

42,902,871 - - 65,194.15 mn 1,220,154.07 mn -

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

11.51 3.74 32.54 55.94 4.86 -

Attock Petroleum 691 7.00 391.12 396.85 365.00 387.43 -3.69 1957761 401.00 300.00 300 20B115.00 -

Attock Refinery 853 4.93 139.36 143.58 117.25 121.05 -18.31 13161225 146.90 115.25 - - - -

Mari Gas Company 735 17.56 130.72 133.98 126.00 129.56 -1.16 252732 141.65 117.00 31 - - -

National Refinery 800 5.88 326.34 335.00 275.97 283.58 -42.76 3804085 335.00 223.50 200 - - -

Oil & Gas Development 43009 11.68 173.06 175.80 168.01 172.70 -0.36 3374307 185.00 155.40 55 - 15.00 -

Pak Petroleum 11950 7.87 210.78 217.25 207.00 215.18 4.40 4771815 229.80 187.65 90 20B 50.00 -

Pak Oilfields 2365 7.65 328.91 337.33 321.50 331.78 2.87 10107808 341.50 248.00 255 -100.00 -

Pak Refinery Limited 350 - 113.18 113.90 97.00 97.98 -15.20 296562 122.22 80.00 - - - -

P.S.O 1715 4.90 304.44 308.00 281.00 289.31 -15.13 4820207 317.79 277.45 80 - - -

Shell Gas LPG 226 - 32.15 32.97 30.71 31.60 -0.55 16559 39.89 30.71 - - - -

Shell Pakistan 685 11.03 210.17 218.99 202.00 215.11 4.94 339810 222.00 192.50 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


1,002.13 1,010.85 978.10 990.01 -12.12 -1.21


80,411,024 - - 47,070.70 mn 140,509.95 mn -


7.69 0.66 8.64 16.68 2.17 -

(Colony) Thal 56 - 1.37 1.40 1.05 1.31 -0.06 7226 1.50 0.56 - - - -

Amtex Limited 2594 8.55 4.15 4.20 3.65 3.76 -0.39 1575109 5.28 3.65 30 - - -

Artistic Denim 840 6.13 22.75 22.99 22.00 22.05 -0.70 18968 24.59 19.10 20 - - -

Azgard Nine 4493 - 11.65 11.95 10.60 11.28 -0.37 30470747 12.84 9.20 - - - -

Babri Cotton 33 0.45 11.90 11.99 10.25 10.95 -0.95 21603 16.00 8.10 - 15B - -

Bannu Woolen XD 76 0.48 14.30 15.10 13.50 13.76 -0.54 88372 15.10 12.30 20 - - -

Brothers Textile 98 - 0.41 0.60 0.35 0.60 0.19 27735 1.49 0.15 - - - -

Chakwal Spinning 400 0.59 1.25 1.74 1.00 1.35 0.10 25409 2.00 0.81 5 - - -

Chenab Limited 1150 - 3.08 3.10 2.82 2.86 -0.22 25840 3.90 2.82 - - - -

Colony Mills Ltd 2442 3.89 2.57 2.64 2.11 2.49 -0.08 19240 2.97 2.11 - - - -

Crescent Jute 238 - 1.16 1.22 0.61 0.90 -0.26 27259 1.38 0.32 - - - -

Crescent Textile 492 3.29 18.11 18.11 16.86 17.10 -1.01 33032 23.99 16.86 15 - - -

D S Ind Ltd 600 - 1.75 1.85 1.55 1.72 -0.03 229354 2.10 1.55 - - - -

Dawood Lawrencepur 514 41.87 39.34 40.00 35.05 35.59 -3.75 120110 47.00 35.05 5 - - -

Dewan Farooque Spin. 600 3.20 4.39 4.39 3.50 3.97 -0.42 8834 8.00 3.10 - - - -

Dewan Khalid Textile 57 0.15 2.00 2.00 1.65 1.99 -0.01 7002 3.75 1.45 - - - -

Dewan Mushtaq Textile 34 0.17 5.86 6.40 4.40 5.40 -0.46 11026 8.90 2.90 - - - -

Din Textile 204 0.58 26.08 28.20 26.58 27.00 0.92 86986 28.20 24.02 20 10B - -

Ellcot Spinning 110 0.62 21.00 21.00 20.00 20.36 -0.64 47840 21.78 18.51 35 - - -

Gadoon Textile XD 234 0.77 71.20 73.19 69.00 70.51 -0.69 43349 73.19 45.00 70 - - -

Gul Ahmed Textile 635 4.31 30.00 30.00 27.11 30.00 0.00 20631 33.19 24.00 12.5 - - -

Gulistan Spinning 146 1.14 6.35 7.19 5.55 5.96 -0.39 172646 8.86 5.10 10 - - -

Gulistan Textile 190 1.18 18.56 21.58 18.71 19.66 1.10 35490 28.27 18.00 10 - - -

Gulshan Spinning 222 0.86 6.72 7.60 7.00 7.10 0.38 9501 8.50 6.30 10 20B - -

Hira Textile Mills Ltd. 716 0.75 3.89 4.00 3.70 3.99 0.10 1490147 4.47 3.31 10 - - -

Ibrahim Fibres 3105 4.23 51.14 55.00 51.00 53.75 2.61 184763 55.00 36.00 20 - - -

Ideal Spinning 99 0.63 8.62 9.99 7.40 7.45 -1.17 617055 9.99 3.00 - - - -

Idrees Textile 180 3.91 3.70 3.60 3.45 3.60 -0.10 12001 3.90 2.70 10 - - -

Ishaq Textile 97 1.44 8.24 8.70 7.50 8.00 -0.24 7508 8.70 4.99 8 - - -

Janana D Mal 43 0.25 14.45 15.49 14.06 14.99 0.54 12966 18.00 13.25 - - - -

Kohinoor Ind 303 - 1.50 1.70 0.75 1.50 0.00 57502 2.00 0.75 - - - -

Kohinoor Textile 1455 3.58 5.25 5.29 4.81 5.01 -0.24 43756 5.97 4.81 - - - -

Maqbool Textile 168 2.31 9.01 9.01 8.25 8.30 -0.71 15002 9.89 6.10 22.5 - - -

Masood Textile 600 1.90 18.58 19.50 18.05 18.05 -0.53 7688 20.74 18.00 15 100R - -

Moonlite (PAK) 22 - 11.33 15.00 11.00 14.29 2.96 12882 15.00 4.50 - - - -

Nishat (Chunian) 1614 2.14 23.55 25.79 23.10 25.79 2.24 24747614 25.79 21.15 15 - - -

Nishat Mills 3516 5.74 67.05 68.30 62.93 66.87 -0.18 17027152 71.89 51.70 25 45R - -

Pak Synthetic 560 4.56 12.50 13.62 12.51 13.50 1.00 1409793 13.62 6.21 - - - -

Paramount Spinning 174 0.84 10.99 11.98 9.25 11.50 0.51 23516 11.98 8.00 10 10B - -

Ravi Textile 250 - 1.39 1.58 0.65 1.35 -0.04 108646 1.98 0.65 - - - -

Reliance Weaving 308 0.65 9.01 9.89 8.90 9.27 0.26 237282 10.34 8.50 25SD - - -

Saif Textile 264 0.44 5.39 5.87 5.00 5.49 0.10 40189 6.85 3.90 - - - -

Sally Textile 88 0.22 4.30 4.43 4.00 4.39 0.09 35113 4.89 3.57 10 - - -

Salman Noman 42 2.08 4.90 5.10 4.00 4.90 0.00 10361 6.35 2.01 - 5B - -

Samin Textile 267 5.41 6.40 7.00 5.60 6.49 0.09 28148 7.00 5.11 - 100R - -

Sargodha Spinning 312 0.70 3.50 4.45 3.00 3.63 0.13 31404 4.45 1.51 5 - - -

Service Ind 120 7.59 230.09 236.42 213.00 221.57 -8.52 16263 276.50 169.00 - - - -

Shadman Cot 176 2.50 14.41 15.25 12.81 13.70 -0.71 12217 15.25 7.00 - - - -

Shahtaj Textile 97 - 19.40 19.94 18.50 18.50 -0.90 53482 20.29 16.35 45 - - -

Suraj Cotton 180 0.89 38.26 40.00 37.50 39.50 1.24 6079 41.95 31.50 50 - - -

Thal Limited 307 5.19 125.61 127.99 118.00 121.53 -4.08 102887 132.00 95.10 80 20B - -

Treet Corp 418 9.18 58.47 61.35 56.80 57.68 -0.79 487847 63.30 50.50 - - - -

Yousuf Weaving 400 0.48 1.60 1.60 1.16 1.38 -0.22 17744 2.00 1.00 - - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,096.73 1,144.02 1,080.26 1,112.44 15.71 1.43


1,522,419 - - 3,763.71 mn 5,266.47 mn -


3.19 0.34 10.64 6.27 1.97 -

Hussain Industries 106 - 6.32 7.09 4.60 6.88 0.56 19834 11.49 4.60 - - - -

Pak Elektron 1219 3.57 14.26 14.60 13.73 14.18 -0.08 562791 15.88 13.10 - 10B - -

Singer Pak 341 22.47 19.35 20.00 18.35 20.00 0.65 9985 20.79 17.55 - - - -

Tariq Glass Ind 231 2.67 21.27 24.00 21.80 22.30 1.03 929672 24.00 15.90 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,840.66 1,900.80 1,776.58 1,819.97 -20.68 -1.12


1,065,222 - - 11,335.33 mn 272,778.97 mn -


46.24 14.01 30.30 30.57 0.66 -

AL-Noor Sugar XD 186 1.08 51.15 50.50 42.25 42.99 -8.16 17691 54.00 42.25 50 - - -

Ansari Sugar 244 0.26 5.00 5.55 4.95 5.55 0.55 7500 6.99 4.05 - - - -

Chashma Sugar XD 287 3.67 9.30 10.47 8.70 9.40 0.10 12783 15.47 8.70 10 - - -

Crescent Sugar 214 0.61 6.55 6.79 6.00 6.01 -0.54 31436 7.15 5.00 - - - -

Dewan Sugar 365 - 3.34 3.75 2.52 2.79 -0.55 158840 5.59 1.50 - - - -

Fecto Sugar 146 - 32.23 35.17 32.01 33.61 1.38 5207 55.00 28.00 - - - -

Habib Sugar 750 8.82 22.70 22.50 21.35 22.23 -0.47 273918 36.50 21.35 25 25B - -

Habib-ADM Ltd 200 11.39 12.00 12.50 11.90 12.30 0.30 54388 13.00 11.50 40 - - -

Ismail Ind 505 34.35 73.98 79.00 72.20 76.95 2.97 5304 81.12 68.60 17.5 110R - -

J D WSugar 539 1.23 69.00 72.40 68.00 69.25 0.25 42990 92.50 68.00 7010B 12.5R - -

Mehran SugarXDXB 157 1.79 58.25 57.90 53.79 55.06 -3.19 17754 68.49 52.60 35 20B 7.50 -

Mirza Sugar XD 141 - 4.26 5.50 4.01 4.63 0.37 30018 7.18 4.01 10 - - -

Noon Pakistan 48 3.34 25.00 24.20 22.58 23.36 -1.64 8060 27.30 17.51 12 - - -

Noon Sugar 165 1.10 10.39 11.25 10.11 10.25 -0.14 20341 14.84 9.00 - - - -

Pangrio Sugar XD 109 - 5.00 4.59 3.78 4.05 -0.95 11566 6.99 3.78 10 - - -

Quice Food 107 7.50 3.17 3.70 3.00 3.30 0.13 124000 3.70 2.02 - - - -

S S Oil 57 0.25 2.80 3.00 2.50 2.90 0.10 23500 3.85 2.50 - - - -

Sakrand Sugar 223 - 2.31 2.70 2.16 2.16 -0.15 6000 3.90 2.11 - - - -

Shahmurad Sugar XD 211 3.25 9.67 10.25 9.10 9.50 -0.17 5324 13.50 9.00 10 - - -

Shahtaj Sugar 120 3.59 68.05 64.65 52.67 53.53 -14.52 11493 100.26 52.67 - - - -

Tandlianwala 1177 372.73 39.04 42.00 39.00 41.00 1.96 10516 42.52 29.03 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,292.93 1,308.80 1,243.39 1,271.70 -21.23 -1.64


1,027,546 - - 6,768.53 mn 46,991.83 mn -


4.74 1.20 25.35 20.42 4.30 -

Atlas Battery 101 5.94 200.02 205.00 195.00 198.76 -1.26 51486 205.00 154.50 100 20B - -

Atlas Engineering Ltd 247 33.73 37.97 41.30 34.44 37.78 -0.19 61615 41.30 15.00 - - - -

Atlas Honda 626 9.38 132.75 137.00 131.28 135.00 2.25 6067 143.80 96.00 - - - -

Dewan Motors 890 - 2.10 2.19 1.78 2.11 0.01 450421 2.89 1.20 - - - -

General Tyre 598 20.66 23.75 24.50 22.91 23.97 0.22 39017 26.74 21.00 20 - - -

Ghandhara Nissan 450 3.08 4.80 4.97 4.41 4.43 -0.37 89825 5.50 4.41 - - - -

Ghani Automobile Ind 200 6.75 4.75 5.48 4.15 4.32 -0.43 5151 5.75 4.01 - - - -

Honda Atlas Cars 1428 - 11.68 11.70 10.60 10.88 -0.80 59101 13.40 10.60 - - - -

Indus Motors 786 6.62 293.50 295.75 283.01 290.00 -3.50 162696 309.73 231.00 150 - - -

Pak Suzuki 823 10.41 66.83 69.40 63.30 65.39 -1.44 77700 77.90 63.30 - - - -

Sazgar Engineering 150 4.36 22.99 23.50 22.15 23.35 0.36 16878 23.50 18.51 10 20B - -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,585.78 1,607.26 1,543.08 1,597.08 11.30 0.71


393,951 - - 1,336.62 mn 34,526.46 mn -


8.53 3.24 38.02 131.49 15.41 -

AL-Ghazi Tractor 215 5.74 235.07 240.00 230.00 239.75 4.68 19866 244.95 203.22 150 - - -

Bolan Casting 104 - 43.75 46.70 43.00 44.48 0.73 5713 46.75 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.30 1.35 1.02 1.33 0.03 83226 2.40 0.21 - - - -

Ghandhara Ind 213 10.50 11.51 12.00 10.73 11.34 -0.17 70521 13.50 10.70 - - - -

KSB Pumps 132 7.34 61.83 63.89 60.00 61.26 -0.57 27539 72.55 58.55 - - - -

Millat Tractors XB 366 8.49 544.87 553.85 531.00 551.40 6.53 181766 568.40 477.10 650 25B325.00 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


1,057.41 1,069.21 1,006.56 1,013.42 -43.99 -4.16


1,086,481 - - 3,043.31 mn 38,070.71 mn -


2.83 1.24 43.91 15.55 5.48 -

Cherat Papersack 115 2.59 72.04 75.40 68.50 72.76 0.72 193443 83.23 49.25 20 25B - -

ECOPACK Ltd 230 - 2.66 2.85 2.42 2.53 -0.13 131012 3.30 1.82 - - - -

Ghani Glass 1067 4.83 53.75 54.00 52.01 52.55 -1.20 11819 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.00 3.60 2.75 3.24 0.24 52081 4.05 2.40 - - - -

Merit Pack 47 17.84 31.58 32.45 28.05 32.11 0.53 129534 32.45 17.10 - - - -

Packages Ltd 844 65.66 137.43 139.90 126.38 128.03 -9.40 220100 143.00 103.52 - - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


970.47 988.27 918.38 944.70 -25.77 -2.66


24,495,336 - - 54,792.74 mn 66,332.14 mn -


7.40 0.53 7.10 19.04 2.57 -

Al-Abbas Cement 1828 - 3.09 3.24 2.75 2.94 -0.15 169413 3.98 2.75 - 100R - -

Attock Cement 866 6.58 55.04 55.80 51.50 52.00 -3.04 225862 65.99 51.50 50 - - -

Berger Paints 182 - 21.03 21.74 20.00 20.40 -0.63 20586 24.16 16.55 - 122R - -

Bestway Cement 3257 - 14.00 13.45 11.21 12.54 -1.46 11935 24.80 11.21 - - - -

Cherat Cement 956 23.64 11.00 11.00 9.95 10.40 -0.60 96635 12.75 9.95 - - - -

Dadabhoy Cement 982 12.92 1.70 1.95 1.58 1.68 -0.02 81172 2.49 1.50 - - - -

Dandot Cement 948 - 1.66 2.50 1.60 2.06 0.40 6090 3.49 1.50 - - - -

Dewan Cement 3891 - 2.15 2.18 1.84 1.90 -0.25 519203 3.10 1.45 - - - -

DG Khan Cement Ltd 3651 121.58 29.73 30.25 28.32 29.18 -0.55 7787562 32.30 27.67 - 20R - -

Fauji Cement 6933 6.43 4.90 5.00 4.61 4.63 -0.27 3243458 5.55 4.61 - - - 92R

Fecto Cement 502 3.88 7.00 8.00 7.00 7.44 0.44 18749 8.20 6.25 - - - -

Flying Cement Ltd 1760 - 1.71 1.94 1.66 1.70 -0.01 143594 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.73 2.20 1.41 1.86 0.13 58720 3.01 1.18 - - - -

Haydery Const 32 - 0.60 0.74 0.46 0.48 -0.12 89961 0.99 0.25 - - - -

Kohat Cement 1288 - 6.35 6.40 6.00 6.30 -0.05 91490 8.70 6.00 - - - -

Lucky Cement 3234 6.42 73.76 75.25 69.35 71.40 -2.36 5989785 79.98 69.35 40 - - -

Maple Leaf Cement 5261 1.22 2.72 2.74 2.56 2.63 -0.09 645997 3.30 2.56 - - - -

Pioneer Cement 2228 - 6.70 6.90 6.51 6.90 0.20 137551 8.20 6.51 - - - -

Thatta Cement 798 455.00 17.75 18.48 16.75 18.20 0.45 46868 20.44 16.75 - 50R - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,048.95 1,063.37 1,011.09 1,034.93 -14.02 -1.34


1,811,606 - - 3,596.11 mn 9,944.50 mn -


3.25 1.08 33.10 30.91 9.51 -

Crescent Steel 565 3.09 30.59 31.00 28.61 29.55 -1.04 1288719 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.60 2.65 2.45 2.55 -0.05 81279 3.29 2.45 - - - -

Huffaz Pipe 555 9.01 14.65 15.00 14.00 14.41 -0.24 64510 16.51 13.75 - - - -

International Ind 1199 18.73 51.15 52.29 50.05 51.51 0.36 362159 62.20 44.53 55 20B - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,080.42 1,109.02 1,016.41 1,058.58 -21.84 -2.02


309,820 - - 1,186.83 mn 2,934.38 mn -


5.39 0.40 7.47 25.28 4.69 -

Century Paper 707 - 16.49 16.65 14.95 16.05 -0.44 279275 19.69 14.95 - - - -

Security Paper 411 6.86 39.04 40.48 37.70 38.40 -0.64 27803 47.70 37.70 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,592.25 1,625.03 1,543.51 1,604.98 12.74 0.80


193,795,271 - - 52,251.88 mn 354,155.90 mn -


9.79 3.43 35.00 48.81 4.98 -

Agritech Limited 3924 8.78 25.75 25.67 22.85 24.22 -1.53 96537 26.73 20.26 - - - -

BOC (Pak) 250 12.97 93.12 98.00 89.63 94.43 1.31 24662 103.94 75.02 15 - - -

Clariant Pak 273 7.18 184.36 213.30 186.00 200.64 16.28 503226 213.30 151.55 135 25B - -

Dawood Hercules 1203 8.54 204.75 210.00 198.15 205.98 1.23 187297 215.00 165.73 40 - - -

Dewan Salman 3663 - 2.91 3.11 2.75 2.92 0.01 4929232 4.24 1.47 - - - -

Engro Corporation Ltd 3277 12.15 212.07 222.20 211.00 221.05 8.98 17956220 222.80 177.80 40 - - -

Fatima Fertilizer 22000 - 11.82 12.20 10.70 11.98 0.16 8277976 12.64 9.16 - - - -

Fauji Fertilizer 6785 9.25 152.77 154.90 145.10 150.38 -2.39 12454339 157.90 108.00 130 25B - -

Fauji Fert.Bin Qasim 9341 7.80 41.19 41.85 40.01 41.36 0.17 28762164 43.99 31.56 52.5 - - -

ICI Pakistan 1388 8.21 149.69 152.25 138.00 145.78 -3.91 2391052 158.49 131.89 55 - - -

Leiner Gelatine 75 - 11.99 14.79 12.61 14.60 2.61 8273 20.95 9.99 - - - -

Lotte Pakistan 15142 6.02 15.53 16.51 14.60 16.38 0.85 118171137 16.51 10.93 5 - - -

Mandviwala 74 - 1.68 1.55 1.10 1.17 -0.51 12004 2.50 1.01 - - - -

Nimir Ind Chemical 1106 - 1.73 2.27 1.70 2.21 0.48 9409960 2.74 1.38 - - - -

Sardar Chemical 60 - 1.10 1.10 0.92 0.92 -0.18 18000 1.40 0.90 - - - -

Shaffi Chemical 120 - 2.39 2.40 2.05 2.40 0.01 43777 3.40 2.03 - - - -

Sitara Chem Ind 214 9.23 119.94 120.00 112.10 112.56 -7.38 5730 139.40 104.00 25 5B - -

Sitara Peroxide 551 14.34 13.30 13.50 12.90 13.19 -0.11 499623 14.69 12.70 - - - -

Wah-Noble 90 7.10 38.70 38.80 36.00 36.93 -1.77 9804 41.99 32.00 50 - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


920.74 933.65 889.65 905.71 -15.03 -1.63


134,233 - - 3,904.20 mn 30,302.85 mn -


6.60 1.47 22.31 44.54 6.75 -

Abbott (Lab) 979 8.35 94.07 98.35 94.00 95.31 1.24 32679 112.50 94.00 20 - - -

Ferozsons (Lab) 250 6.72 89.26 90.50 86.25 89.00 -0.26 7855 94.90 82.20 - 20B - -

GlaxoSmithKline 1707 13.71 79.02 81.00 74.51 76.24 -2.78 26761 89.98 69.63 - - - -

Highnoon (Lab) 165 7.76 27.98 28.40 26.95 28.00 0.02 12467 30.48 24.15 - - - -

Sanofi-Aventis 96 12.21 155.02 160.00 150.00 153.50 -1.52 9604 164.99 116.00 - - - -

Searle Pak 306 5.44 62.29 63.00 58.70 60.54 -1.75 57701 69.00 58.70 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


731.85 758.07 708.43 717.52 -14.32 -1.96


294,148 - - 3,242.17 mn 12,504.17 mn -


5.50 1.40 25.53 11.08 2.01 -

Pak Int Cont. Terminal 1092 7.00 70.50 73.75 69.00 69.97 -0.53 241662 76.65 68.00 40 - - -

PNSC 1321 37.97 37.34 38.00 34.56 34.93 -2.41 52486 39.45 32.36 15 - - -



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

BOOK CLOSURES

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 -

KASB Cash Fund 16-Feb - - - -

Kohinoor Mills # 17-Feb 24-Feb - - 24-Feb

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

Olympia Sp & 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

Reliance Cotton Spng Mills # 19-Feb 26-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 -

(TFC) Searle Pakistan 24-Feb 09-Mar - - -

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

Pakistan Petroleum (Pref) 03-Mar 09-Mar 30 (I) - -

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

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

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

Fauji Fertiliser Bin Qasim 15-Mar 21-Mar 35 (F) - 21-Mar

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

Clarient Pakistan 18-Mar 25-Mar 135,25 (B) - 25-Mar

INDICATIONS

# Extraordinary General Meeting

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

Monday, February 7, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -47.35 points at 12,415.35. Volume

was 39 per cent below 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 12,457.25 and

2nd resistance level at 12,499.15, while Index will continue to find

its 1st support level at 12,358.75 and 2nd support level at

12,302.15.

KSE 100 INDEX is currently 17.4 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) 57.98 Support 1 12,358.75

MA (5-day) 12,329.91 Support 2 12,302.15

MA (10-day) 12,389.89 Resistance 1 12,457.25

MA (100-day) 11,202.64 Resistance 2 12,499.15

MA (200-day) 10,575.57 Pivot 12,400.65


Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.17 at 41.36. Volume was 28 per cent below average and

Bollinger Bands were 7 per cent wider than normal.

FFBL is currently 33.2 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on FFBL.

*Invest Cap 39 Hold

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 60.89 Free Float Shares (mn) 326.94

MA (10-day) 41.13 Free Float Rs (mn) 13,522.18

MA (100-day) 33.83 CFS Shares (mn) N/A

MA (200-day) 31.06 CFS Rs (mn) N/A

Mean 40.92 CFS Rate N/A

Median 40.93 ** NOI Rs (mn) 77.08

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


Engro Corporation


Technical Outlook

ENGRO closed up 8.98 at 221.05. Volume was 63 per cent above average

and Bollinger Bands were 4 per cent wider than normal.

ENGRO is currently 18.7 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 Neutral

TFD Research 245.4 Positive






Median 216.60 ** NOI Rs (mn) 180.86



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed down -0.30 at 18.89. Volume was 65 per cent below average

(consolidating) and Bollinger Bands were 50 per cent wider than normal.

PTC is currently 1.9 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







Median 18.90 ** NOI Rs (mn) 7.57



Nishat Mills Ltd


Technical Outlook

NML closed down -0.18 at 66.87. Volume was 60 per cent below average

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

NML is currently 27.0 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








Median 65.62 ** NOI Rs (mn) 68.25



Fauji Fertiliser Co


Technical Outlook

FFC closed down -2.39 at 150.38. Volume was 87 per cent above average


FFC is currently 32.4 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 FFC (mildly bullish). Trend forecasting oscilla-

tors are currently bullish on FFC.


AKD Securities Ltd 145 Neutral

TFD Research 139.5 Neutral






Median 150.00 ** NOI Rs (mn) 61.03



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.52 at 39.52. Volume was 27 per cent below average


HUBC is currently 13.0 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely high when compared

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

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

Trend forecasting oscillators are currently bearish on HUBC.

*Invest Cap 47 Buy








Median 38.65 ** NOI Rs (mn) 0.98



Pakistan Oilfields Ltd


Technical Outlook

POL closed up 2.87 at 331.78. Volume was 26 per cent below average and

Bollinger Bands were 52 per cent narrower than normal.

POL is currently 32.8 per cent above its 200-day moving average and is

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

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

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

forecasting oscillators are currently bullish on POL.


AKD Securities Ltd 322.42 Neutral







Median 329.42 ** NOI Rs (mn) 735.44


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,400.58 1,452.66 1,313.14 1,425.90 25.33 1.81


17,901,612 - - 29,771.58 mn 19,278.77 mn -


19.52 0.43 2.21 104.74 8.34 -

1st Fid Leasing 264 9.50 1.50 2.34 1.16 1.52 0.02 62967 2.34 1.16 - - - -

AL-Meezan Mutual F. 1375 8.29 8.87 10.30 8.70 9.95 1.08 3451008 10.30 6.15 18.5 - - -

Atlas Fund of Funds 525 1.94 4.50 4.80 4.50 4.80 0.30 182901 5.47 3.11 2.2 - - -

B R R Guardian Mod. 780 3.50 1.56 1.75 1.30 1.54 -0.02 62219 2.79 1.20 0 - - -

Crescent St Modaraba 200 1.78 0.71 0.75 0.52 0.71 0.00 55466 0.87 0.16 1.2 - - -

Equity Modaraba 524 11.56 1.88 2.25 1.75 1.85 -0.03 357811 2.98 1.06 - - - -

First Dawood Mutual F. 581 0.60 2.24 2.29 1.89 1.89 -0.35 55941 2.39 1.61 - - - -

Golden Arrow 760 2.34 3.34 3.39 3.00 3.28 -0.06 627552 3.60 2.56 17 - - -

H B L Modaraba 397 2.72 7.88 8.20 7.25 8.15 0.27 9517 9.00 6.13 11 - - -

Habib Modaraba 1008 6.01 7.00 7.19 6.95 6.97 -0.03 264613 7.30 6.00 21 - - -

JS Growth Fund 3180 71.00 5.78 5.84 4.65 5.68 -0.10 1125796 6.10 2.99 5 - - -

JS Value Fund 1186 1.35 5.94 6.20 5.20 5.61 -0.33 2548453 6.20 2.76 10 - - -

KASB Modaraba 283 2.07 2.84 3.00 2.01 2.81 -0.03 210228 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.60 7.74 9.25 7.65 9.05 1.31 3708310 9.25 5.15 15.5 - - -

Mod Al-Mali 184 17.50 1.50 1.79 1.30 1.75 0.25 29253 2.50 0.92 - - - -

NAMCO Balanced Fund 1000 6.25 3.60 4.24 2.92 4.00 0.40 2131826 4.24 2.71 15 - - -

Nat Bank Modaraba 250 5.56 6.21 6.25 5.99 6.00 -0.21 26000 7.74 4.50 10 - - -

PICIC Energy Fund 1000 2.10 7.12 7.40 6.70 7.21 0.09 562248 7.80 5.31 10 - - -

PICIC Growth Fund 2835 9.29 14.50 14.75 13.46 14.50 0.00 1426859 15.06 8.50 20 - - -

PICIC Inv Fund 2841 7.52 6.50 6.70 5.90 6.62 0.12 719672 7.14 4.00 10 - - -

Prud Modaraba 1st 872 2.27 1.00 1.09 1.00 1.00 0.00 61293 1.20 0.81 3 - - -

Safeway Mutual Fund 545 7.89 8.37 9.00 6.87 7.89 -0.48 97284 9.00 5.01 18.2 - - -

Stand Chart Modaraba 454 4.67 9.52 10.19 9.50 9.52 0.00 43684 10.29 8.51 17 - - -

Tri-Star Mutual 50 3.19 1.41 1.79 0.60 1.15 -0.26 16564 2.00 0.60 - - - -

Trust Modaraba 298 3.85 1.85 2.00 1.51 2.00 0.15 8101 2.30 1.15 5 - - -

U D L Modaraba 264 1.78 6.10 6.28 6.10 6.25 0.15 40605 6.55 5.30 12.5 - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


415.21 427.93 382.40 409.09 -6.12 -1.47


20,731,394 - - 30,336.44 mn 18,959.02 mn -


11.76 0.27 0.91 99.56 3.35 -

AMZ Ventures 225 1.43 0.74 0.84 0.58 0.63 -0.11 304287 0.95 0.33 - - - -

Arif Habib Limited 450 13.02 26.03 26.60 24.92 25.51 -0.52 364677 28.00 24.61 - 20B - -

Dawood Cap Mangt. XB 150 1.25 1.50 1.90 1.25 1.40 -0.10 43350 2.14 1.15 - - - -

Dawood Equities 250 - 1.90 2.27 1.61 1.81 -0.09 176777 2.75 1.28 - - - -

Escorts Bank 441 - 2.29 2.99 2.00 2.35 0.06 6714 3.80 1.90 - - - -

Grays Leasing 215 - 1.46 3.00 1.22 2.95 1.49 14754 3.00 0.18 - - - -

IGI Investment Bank 2121 14.69 2.75 2.75 2.26 2.35 -0.40 10008 3.90 2.17 - - - -

Invest and Fin Sec 600 751.00 7.33 8.00 7.21 7.51 0.18 92120 8.98 6.22 11.5 - - -

Invest Bank 2849 - 0.68 0.80 0.46 0.65 -0.03 73404 1.09 0.46 - - - -

Ist Cap Securities 3166 - 3.25 3.49 3.00 3.13 -0.12 211860 3.96 2.95 - 10B - -

Ist Dawood Bank 626 0.60 1.65 1.80 1.60 1.68 0.03 139432 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 11.73 12.05 10.54 11.59 -0.14 16285370 14.05 10.10 10 - - -

JOV and CO 508 - 3.82 4.07 3.51 3.56 -0.26 1022652 4.78 3.51 - - - -

JS Global Cap 500 7.11 26.63 27.95 25.00 26.44 -0.19 62506 32.37 25.00 - - - -

JS Investment 1000 27.79 6.76 6.97 6.40 6.67 -0.09 520083 7.59 6.17 - - - -

Orix Leasing 821 4.49 6.26 6.55 6.11 6.11 -0.15 18419 7.29 5.51 - - - -

Pervez Ahmed Sec 775 - 1.91 2.04 1.84 1.88 -0.03 350311 2.69 1.84 - - - -

Saudi Pak Leasing 452 - 0.50 0.79 0.47 0.74 0.24 106652 0.97 0.41 - - - -

Stand Chart Leasing 978 5.50 2.68 2.68 2.40 2.64 -0.04 35020 3.00 2.26 - - - -

Trust Brokerage 100 - 3.50 3.95 3.01 3.02 -0.48 13195 4.00 1.42 - - - -

Trust Inv Bank 586 1.94 1.62 2.00 1.24 1.24 -0.38 143995 2.98 1.24 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


816.00 829.40 752.52 773.50 -42.50 -5.21


151,453 - - 2,290.72 mn 9,109.00 mn -


5.53 3.41 3.85 355.53 4.02 -

EFU Life Assurance 850 35.86 68.05 69.00 62.68 63.12 -4.93 99087 86.95 62.68 - - - -

New Jub Life Insurance 627 29.50 45.00 46.25 40.51 43.95 -1.05 17413 49.31 40.00 - - - -



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

BANKS

Performance of SR Banks Index


1,201.36 1,223.61 1,144.27 1,178.22 -23.14 -1.93


68,305,624 - - 257,548.02 mn 711,616.57 mn -


8.43 1.18 13.94 40.49 4.80 -

Allied Bank Limited 7821 7.08 72.26 73.37 69.00 72.82 0.56 1245613 74.00 55.60 20 - - -

Askari Bank 6427 8.19 18.46 18.70 16.20 17.20 -1.26 5346338 19.25 15.30 - - - -

Bank Alfalah 13492 14.58 11.72 11.99 11.10 11.37 -0.35 6663267 11.99 9.48 - - - -

Bank AL-Habib 7322 7.78 37.50 37.90 36.00 36.11 -1.39 2251997 39.49 31.50 - - - -

Bank Of Khyber 5004 5.33 4.09 4.10 3.81 4.00 -0.09 63569 4.70 3.62 - - - -

Bank Of Punjab 5288 - 8.95 9.17 7.98 8.36 -0.59 17064727 10.59 7.98 - - - -

BankIslami Pak 5280 957.50 3.86 4.08 3.66 3.83 -0.03 362755 4.50 3.00 - - - -

Faysal Bank 7327 4.60 15.05 15.45 13.55 14.27 -0.78 1712515 17.10 13.55 - 20B - -

Habib Bank Ltd 10019 7.77 123.82 126.45 120.75 124.37 0.55 1505640 128.97 102.55 - - - -

Habib Metropolitan Bank 8732 7.94 26.52 27.10 25.41 25.95 -0.57 73371 29.28 20.11 - - - -

JS Bank Ltd 8150 - 2.37 2.50 2.30 2.42 0.05 626417 3.00 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.67 1.80 1.62 1.66 -0.01 884674 2.80 1.49 - - - -

MCB Bank Ltd 7602 10.19 233.43 237.60 221.50 229.83 -3.60 5564195 250.48 199.00 55 - - -

Meezan Bank 6983 9.87 18.53 19.00 18.40 18.65 0.12 101681 20.30 14.52 - - - -

Mybank Ltd 5304 - 2.83 2.95 2.50 2.57 -0.26 679013 3.40 1.90 - - - -

National Bank 13455 6.77 77.86 78.85 75.47 77.52 -0.34 9520751 80.61 65.11 - - - -

NIB Bank 40437 - 2.87 2.99 2.63 2.74 -0.13 5614867 3.35 2.63 - - - -

Samba Bank 14335 - 1.76 2.00 1.75 1.94 0.18 431014 2.17 1.70 -63.46R - -

Silkbank Ltd 26716 - 2.59 2.64 2.45 2.48 -0.11 4295594 3.05 2.45 - - - -

Soneri Bank 6023 - 7.30 7.70 6.80 6.92 -0.38 336118 8.48 6.80 - - - -

Stand Chart Bank 38716 11.54 7.81 8.00 7.07 7.50 -0.31 49754 9.04 6.40 - - - -

United Bank Ltd 12242 7.90 68.80 69.95 64.75 67.24 -1.56 3911753 70.65 56.89 10 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


803.40 814.39 753.24 792.74 -10.67 -1.33


7,831,918 - - 11,111.34 mn 48,618.78 mn -


12.46 0.65 5.20 79.54 6.39 -

Adamjee Insurance 1237 26.46 95.02 96.40 87.00 91.30 -3.72 2472541 96.40 74.18 10 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,587.05 1,660.45 1,508.49 1,643.21 56.16 3.54


11,132,175 - - 12,202.80 mn 35,669.63 mn -


10.41 1.19 11.41 66.79 6.42 -

Sui North Gas 5491 8.01 27.72 27.80 25.75 26.90 -0.82 792863 34.75 25.71 20 - - -

Sui South Gas 8390 3.75 22.28 25.00 21.41 24.91 2.63 10339312 25.01 19.95 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,340.52 1,374.59 1,279.72 1,350.66 10.14 0.76


32,913,172 - - 95,369.29 mn 110,278.22 mn -


14.70 1.37 9.35 104.13 7.08 -

Genertech 198 - 0.85 0.89 0.67 0.72 -0.13 92170 1.18 0.67 - - - -

Hub Power 11572 7.24 39.00 40.20 37.10 39.52 0.52 12383035 41.20 33.40 50 - - -

Japan Power 1560 - 1.70 1.79 1.55 1.59 -0.11 712833 2.15 1.50 - - - -

KESC 7932 - 2.73 2.85 2.56 2.70 -0.03 2806258 3.55 2.10 - 7.8R - -

Kohinoor Power 126 2.59 4.59 4.70 4.00 4.25 -0.34 22535 5.39 3.85 - - - -

Kot Addu Power 8803 5.23 43.02 43.60 41.75 43.04 0.02 2249406 45.85 39.00 50 - - -

Nishat Chunian Power Ltd 3673 3.68 16.97 17.25 15.72 16.77 -0.20 7574307 18.01 13.32 - - - -

Nishat Power Ltd 3541 28.73 17.81 18.09 16.67 17.81 0.00 6385285 18.70 14.25 - - - -

Sitara Energy Ltd 191 3.18 18.10 17.67 16.50 17.03 -1.07 63500 19.35 16.50 20 - - -

Southern Electric 1367 - 2.24 2.29 2.05 2.15 -0.09 618944 2.80 2.05 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,131.76 1,159.15 1,076.91 1,112.45 -19.31 -1.71


23,545,163 - - 50,077.79 mn 77,000.75 mn -


6.04 0.78 12.84 62.56 10.36 -

Pakistan Telecomm Co A 37740 12.59 19.19 19.60 18.19 18.89 -0.30 17877049 20.65 18.19 17.5 - - -

Telecard 3000 0.61 2.15 2.22 2.01 2.06 -0.09 1012689 2.67 2.01 1 - - -

WorldCall Tele 8606 - 2.72 2.90 2.56 2.65 -0.07 4654361 3.45 2.41 - - - -



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

Ask Gen Insurance 204 6.60 11.19 11.40 10.01 10.89 -0.30 24341 12.75 10.00 - 25R - -

Atlas Insurance 369 5.95 37.38 37.55 36.31 37.45 0.07 28457 40.00 33.11 - - - -

Central Insurance XB 279 7.90 73.08 72.00 68.00 69.49 -3.59 11404 83.00 54.10 10 10B - -

Century Insurance 457 6.68 10.36 11.28 10.00 10.68 0.32 85040 12.00 9.65 - - - -

EFU General Insurance 1250 - 40.14 41.97 38.50 41.08 0.94 744125 47.90 38.50 - - - -

Habib Insurance 400 3.21 13.89 13.80 13.06 13.50 -0.39 30436 15.50 11.01 - - - -

IGI Insurance 718 17.17 91.08 94.95 88.11 92.53 1.45 26597 99.88 81.10 10 20B - -

New Jub Insurance 791 15.74 59.48 60.00 57.00 58.41 -1.07 29473 61.80 55.08 - - - -

Pak Reinsurance 3000 45.92 17.93 18.40 16.40 17.91 -0.02 4299814 19.40 15.36 - - - -

PICIC Ins Ltd 350 - 8.99 9.00 8.02 9.00 0.01 20418 10.75 2.75 - - - -

Premier Insurance 303 6.32 11.49 12.39 10.10 11.70 0.21 38699 12.93 9.30 - - - -

Universal Insurance 263 - 2.75 3.25 2.50 2.50 -0.25 7409 4.00 2.21 - - - -

UP TO 5000 VOLUME

SANSM 12.40 12.35 11.60 12.01 -0.39 4683TATM 36.25 40.50 36.80 40.50 4.25 4517KOHE 18.90 19.10 18.10 18.18 -0.72 4185AZAMT 2.61 3.00 2.10 2.50 -0.11 4068SALT 64.28 69.24 60.80 69.24 4.96 4012ARM 15.35 16.00 15.00 16.00 0.65 4001SKFL 1.20 1.20 1.00 1.19 -0.01 4000SHTM 0.27 0.48 0.21 0.30 0.03 3800BILF 1.63 1.75 1.25 1.75 0.12 3745RUPL 37.99 38.89 37.01 38.39 0.40 3692ADOS 17.69 16.90 15.52 16.43 -1.26 3530DSML 3.23 3.54 1.20 1.20 -2.03 3515RICL 6.60 6.61 6.60 6.61 0.01 3500AGIL 74.14 74.89 70.10 71.10 -3.04 3296NATF 56.76 59.69 54.11 56.00 -0.76 3186MUKT 0.32 0.72 0.18 0.46 0.14 3028HMIM 0.92 0.90 0.50 0.87 -0.05 3021TRPOL 0.53 0.91 0.43 0.53 0.00 2993SAPT 109.00 111.00 109.00 111.00 2.00 2972PRWM 13.80 15.00 13.50 13.50 -0.30 2809MFFL 83.00 85.70 76.00 79.00 -4.00 2761PPP 43.01 44.80 40.30 42.40 -0.61 2742FCONM 1.98 1.99 1.00 1.21 -0.77 2723PKGI 8.74 8.74 7.20 7.98 -0.76 2700UNIC 7.50 7.50 6.70 6.74 -0.76 2619EXIDE 198.99 207.90 195.00 197.00 -1.99 2368DYNO 10.99 11.50 10.06 11.00 0.01 2348KOHS 3.90 4.00 3.80 3.80 -0.10 2300SHNI 11.10 11.10 10.05 10.99 -0.11 2172KSTM 0.56 0.74 0.25 0.74 0.18 2148MIRKS 48.87 51.18 44.13 50.69 1.82 2108SSIC 7.20 7.50 6.61 7.34 0.14 2043PAKMI 1.28 1.49 1.00 1.08 -0.20 2030ZTL 3.50 4.39 3.40 3.98 0.48 2027KML 3.10 3.59 2.00 2.48 -0.62 2017KOHTM 0.85 2.50 0.85 1.50 0.65 2006PMRS 42.99 41.53 38.50 41.53 -1.46 2001ALICO 17.00 17.50 17.00 17.50 0.50 2000BAPL 8.48 8.26 7.35 8.21 -0.27 1952OTSU 35.50 34.00 32.60 33.00 -2.50 1950AKDCL 45.38 46.70 42.51 44.55 -0.83 1911NESTLE 3293.75 3570.00 3310.00 3405.44 111.69 1850ADAMS 16.00 16.50 14.10 15.50 -0.50 1760IDYM 234.95 262.52 223.95 262.49 27.54 1746BGL 2.70 2.88 2.25 2.66 -0.04 1707FTSM 1.45 1.45 0.70 1.24 -0.21 1703SNAI 42.00 43.50 42.50 43.50 1.50 1680SMCPL 7.43 7.50 6.20 6.81 -0.62 1640BFMOD 3.40 3.40 3.31 3.31 -0.09 1504STCL 8.23 8.89 7.37 8.76 0.53 1478BWHL 35.80 37.59 31.35 32.50 -3.30 1424BATA 630.82 659.00 610.00 642.11 11.29 1383COLG 977.47 976.00 924.00 960.00 -17.47 1300JUBS 4.19 4.19 3.20 3.20 -0.99 1300FIBLM 2.01 2.72 1.25 1.52 -0.49 1183FZTM 421.08 454.50 410.00 420.00 -1.08 1169MUBT 1.00 1.30 1.00 1.30 0.30 1130SUTM 33.80 35.49 33.80 33.85 0.05 1110APOT 6.50 5.75 4.50 5.75 -0.75 1101SGML 5.67 5.99 4.64 4.81 -0.86 1094PAKD 79.90 79.89 78.14 78.99 -0.91 1064HINO 131.00 135.45 118.75 122.21 -8.79 1063JKSM 6.05 6.80 5.80 6.80 0.75 1009WAZIR 7.30 7.98 7.01 7.01 -0.29 1001AATM 1.10 1.00 0.61 0.61 -0.49 1000ASTM 2.50 1.50 1.50 1.50 -1.00 1000GOEM 12.50 12.50 12.00 12.00 -0.50 1000OLTM 1.90 1.90 1.00 1.00 -0.90 1000ASFL 3.00 4.00 3.00 3.50 0.50 1000LIBM 69.50 72.95 67.00 67.01 -2.49 930GFIL 3.51 4.50 3.01 3.90 0.39 900MLCFPS 4.33 4.51 4.01 4.17 -0.16 853BUXL 12.00 12.00 9.70 11.61 -0.39 812BIFO 44.01 44.25 41.11 44.20 0.19 785PECO 155.41 155.01 142.00 144.33 -11.08 726DADX 21.34 22.00 22.00 22.00 0.66 721FPRM 8.50 8.80 8.80 8.80 0.30 651KOSM 1.01 1.72 0.80 1.40 0.39 627GWLC 6.50 7.15 6.01 6.98 0.48 602ULEVER 4546.28 4699.93 4250.00 4385.65 -160.63 593EMCO 2.98 2.95 2.47 2.85 -0.13 514NPSM 24.00 25.00 24.00 25.00 1.00 511ALTN 10.65 11.40 10.00 11.40 0.75 502TREI 1.95 2.00 1.87 2.00 0.05 501CLCPS 2.98 2.98 2.45 2.45 -0.53 500QUAT 13.10 13.10 12.25 12.25 -0.85 500FRSM 17.90 18.25 17.40 17.98 0.08 452ARUJ 5.00 5.00 4.25 4.50 -0.50 425GAMON 2.25 1.30 1.29 1.29 -0.96 420PAKT 113.98 115.00 108.01 113.98 0.00 416GATI 49.00 50.99 44.50 46.74 -2.26 396PIAB 8.00 7.00 3.10 3.11 -4.89 369ICL 25.52 27.69 24.60 26.32 0.80 334FECM 2.75 3.05 2.80 3.00 0.25 273CLOV 64.02 63.10 59.87 62.49 -1.53 253BTL 57.25 61.50 57.51 58.02 0.77 216MUCL 14.50 14.50 10.50 12.48 -2.02 208MEHT 65.25 65.00 61.75 61.75 -3.50 180FPJM 1.88 1.49 1.40 1.40 -0.48 152RMPL 2320.00 2467.50 2204.13 2420.30 100.30 150SIEM 1135.00 1115.00 1075.00 1091.06 -43.94 141CSIL 5.70 6.30 4.00 4.63 -1.07 128GLPL 58.50 62.50 58.19 58.19 -0.31 115FZCM 66.50 65.45 59.38 59.68 -6.82 111FANM 3.05 3.39 3.20 3.35 0.30 111LEUL 1.70 1.90 1.01 1.01 -0.69 110CPMFI 3.50 4.00 3.50 3.50 0.00 110TSPL 0.86 0.99 0.70 0.97 0.11 109MTIL 0.50 0.70 0.25 0.47 -0.03 108HAJT 0.50 0.68 0.49 0.49 -0.01 101OLSM 1.51 1.70 1.51 1.70 0.19 100IDEN 15.00 15.25 14.90 14.90 -0.10 100HUSS 10.40 11.30 9.40 11.29 0.89 74WYETH 1028.00 1028.00 977.76 999.99 -28.01 66TOWL 7.50 11.96 8.40 10.01 2.51 61FNEL 6.01 7.32 5.31 7.07 1.06 57AASM 28.32 28.32 25.75 27.25 -1.07 52STML 23.00 23.00 23.00 23.00 0.00 38PGCL 25.95 25.00 22.66 22.85 -3.10 28TICL 51.39 62.38 53.95 62.38 10.99 27NATM 14.00 16.00 14.00 15.00 1.00 25MSCL 14.43 14.10 13.00 13.00 -1.43 24DIIL 11.00 13.90 10.95 11.91 0.91 24ZAHT 4.00 4.88 2.74 2.74 -1.26 24KCL 7.00 7.10 6.80 7.10 0.10 20AABS 102.25 102.89 93.10 97.87 -4.38 20ICCT 1.23 1.45 1.23 1.42 0.19 20PAKL 2.00 2.85 2.00 2.85 0.85 20PRET 31.99 31.80 30.23 30.25 -1.74 20THAS 3.90 5.50 4.50 5.40 1.50 15RCML 40.85 43.00 41.00 41.00 0.15 14SJTM 0.21 1.00 0.25 0.32 0.11 12PSEL 180.00 179.98 170.99 171.00 -9.00 12MFTM 1.14 1.22 0.85 1.19 0.05 11

Symbols Open High Low Close Change Vol

Al-Abbas Cement 40.75 2.90 2.80 3.05 3.15 3.00

Allied Bank Limited 60.11 71.95 71.05 73.35 73.85 72.45

Attock Cement 11.93 51.35 50.75 52.80 53.60 52.15

Arif Habib Corp 48.56 25.70 25.40 26.30 26.60 26.00

Arif Habib Limited 43.52 25.40 25.25 25.80 26.05 25.65

Adamjee Insurance 51.73 90.50 89.65 92.05 92.75 91.20

Askari Bank 43.01 17.05 16.85 17.45 17.75 17.30

Azgard Nine 54.62 11.15 11.00 11.50 11.70 11.35

Attock Petroleum 64.82 382.50 377.60 391.90 396.40 387.00

Attock Refinery 37.11 120.20 119.35 122.30 123.55 121.45

Bank Al-Falah 53.27 11.25 11.20 11.50 11.65 11.40

BankIslami Pak 50.04 3.75 3.60 3.90 4.00 3.80

Bank.Of.Punjab 30.97 8.10 7.85 8.60 8.85 8.35

Dewan Cement 38.95 1.80 1.70 2.05 2.20 1.95

D.G.K.Cement 44.84 28.95 28.75 29.50 29.80 29.30

Dewan Salman 47.96 2.85 2.80 3.05 3.15 2.95

Dost Steels Ltd 42.10 2.45 2.35 2.65 2.75 2.55

EFU General Insurance 46.13 39.75 38.40 42.20 43.30 40.85

EFU Life Assurance 23.99 62.30 61.45 64.50 65.85 63.65

Engro Chemical 69.49 219.35 217.70 222.45 223.90 220.80

Faysal Bank 40.23 14.15 14.05 14.50 14.70 14.35

Fauji Cement 34.26 4.55 4.50 4.75 4.85 4.70

Fauji Fert Bin 60.89 41.05 40.75 41.75 42.10 41.40

Fauji Fertilizer 63.23 149.10 147.85 152.30 154.25 151.05

Habib Bank Ltd 56.15 123.30 122.20 125.15 125.90 124.05

Hub Power 57.97 38.75 37.95 40.05 40.55 39.25

ICI Pakistan 48.08 143.20 140.60 147.35 148.90 144.75

J.O.V.and CO 35.58 3.45 3.35 3.75 3.95 3.65

Japan Power 41.97 1.55 1.50 1.65 1.70 1.60

JS Bank Ltd 45.89 2.35 2.30 2.45 2.50 2.40

Jah Siddiq Co 44.21 11.35 11.15 11.85 12.15 11.65

Kot Addu Power 51.90 42.35 41.65 43.70 44.30 42.95

K.E.S.C 42.89 2.65 2.60 2.80 2.85 2.70

Lotte Pakistan 66.36 16.00 15.65 16.65 16.90 16.25

Lucky Cement 41.56 70.95 70.55 71.90 72.40 71.50

MCB Bank Ltd 50.94 228.00 226.20 231.45 233.10 229.65

Maple Leaf Cement 37.58 2.55 2.50 2.70 2.75 2.65

National Bank 57.21 77.15 76.80 77.90 78.30 77.55

Nishat (Chunian) 68.72 25.05 24.35 26.15 26.50 25.45

Netsol Technologies 70.48 26.40 25.80 27.30 27.65 26.70

NIB Bank 38.94 2.70 2.65 2.80 2.85 2.75

Nimir Ind.Chemical 63.65 2.00 1.80 2.35 2.45 2.15

Nishat Mills 53.54 66.50 66.15 67.35 67.85 67.00

Oil & Gas Dev. XD 51.77 172.00 171.30 173.40 174.10 172.70

PACE (Pakistan) Ltd. 52.07 2.90 2.80 3.10 3.20 3.00

Pervez Ahmed Sec 38.66 1.85 1.80 1.95 2.00 1.90

P.I.A.C.(A) 54.30 2.30 2.15 2.55 2.65 2.40

Pioneer Cement 50.71 6.80 6.65 6.95 7.05 6.85

Pak Oilfields 64.69 329.50 327.25 333.50 335.25 331.25

Pak Petroleum 49.84 212.85 210.55 217.35 219.55 215.05

Pak Suzuki 38.58 63.80 62.20 68.20 71.00 66.60

P.S.O. XD 42.66 285.40 281.50 292.10 294.90 288.20

P.T.C.L.A 42.86 18.70 18.55 19.10 19.30 18.95

Shell Pakistan 58.63 213.05 211.05 218.05 221.00 216.05

Sui North Gas 44.65 26.70 26.45 27.25 27.55 27.00

Sitara Peroxide 44.24 13.00 12.80 13.45 13.70 13.25

Sui South Gas 70.98 24.35 23.75 25.25 25.55 24.65

Telecard 37.15 2.05 2.00 2.15 2.20 2.10

TRG Pakistan 47.69 3.20 3.10 3.50 3.65 3.40

United Bank Ltd 51.29 66.65 66.10 67.65 68.05 67.10

WorldCall Tele 43.92 2.60 2.50 2.75 2.90 2.70

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Ansari Sugar Mills Ltd 07-Feb 10:00

BankIslami Pakistan Ltd 07-Feb 4:00

Habib ADM Limited 07-Feb 10:30

Engro Polymer & Chemicals Ltd 07-Feb 9:30

Tandlianwala Sugar Mills 07-Feb 5:00

Pak Int Cont Ter Ltd 07-Feb 12:00

Zeal-Pak Cement Ltd 07-Feb 3:00

NI(U)T Fund 08-Feb 12:00

NIT Government Bond Fund 08-Feb 12:00

NIT Income Fund 08-Feb 12:00

Pakistan State Oil Co. Ltd 09-Feb 10:00

BOARD MEETINGS

Company Date Time

Monday, February 7, 2011 8

Abu Dhabi's insurance houseplans $18mn IPO in Q1

BofA sellsinsuranceportfolioto QBE

NEW YORK: Bank of

America agreed to offload its

Balboa insurance portfolio to

Australia's QBE Insurance for

more than $700 million, the lat-

est in a string of asset sales by

the US lender as it recovers

from the global credit crisis.

Bank of America, which last

year sold stakes in BlackRock

and China Construction Bank

to help meet government

bailout-aid repayments, said

QBE would assume all of

Balboa's $1.2 billion in insur-

ance liabilities under the deal.

Shares in QBE, Australia's

largest insurance group,

jumped 7.7 per cent after it

announced the deal, their

biggest one-day gain in three

years.

Analysts said the purchase

would bolster QBE's US opera-

tions, while investors were also

relieved the company was not

planning a big capital raising to

fund the deal as expected.

"The underlying business

doesn't seem to be tracking as

well as hoped, but they have

plugged that gap through this

acquisition," said Mark Nathan,

portfolio manager at Arnhem

Investment.

QBE's deal-hungry chief

executive Frank O'Halloran has

made more than 75 acquisitions

in 10 years to expand into 50

countries. QBE acquired US

underwriting agency ZC

Sterling Corp for $575 million

in 2008.

"We will continue with our

current strategy of growth by

acquisition and focus on mar-

ket-leading underwriting per-

formance," O'Halloran said.

O'Halloran, 64, joined QBE

in 1976 and has been the chief

executive of the company for

13 years. His stake in the com-

pany is worth more than $200

million at current prices.

QBE also flagged a 2010 year

net profit in line with expecta-

tions although 17 per cent

below last year, and said it

expected costs from severe

weather in Australia's east in

January and this week's

Cyclone Yasi to rise to about

$200 million.

Bank of America said QBE

would assume all of Balboa's

liabilities in exchange for an

equivalent amount of cash and

other assets through a reinsur-

ance transaction.QBE entered into a 10-year

distribution agreement with thebank for lender-placed insur-ance and real estate owned pro-grams and certain voluntaryconsumer insurance productsunder the deal.

Bank of America said lastyear it planned to sell Balboa aspart of asset sales to raise $3billion to complete its repay-ment of US government bailoutfunds. It said the transactionwas expected to result in a one-time gain and it would retainBalboa's net tangible equity of$1.7 billion which would beredeployed as the Balboa insur-ance liabilities expire.O'Halloran said the preliminaryestimate of damage fromQueensland's Cyclone Yasi thisweek was around $100 million,while flooding and severeweather across Australia's eastin January would cost it about$100 million. This was on topof about $45 million forQueensland floods in late 2010.QBE said it expected the annu-alised gross earned premiumand net earned premium fromthe distribution agreement to bearound $1.5 billion and $1.3billion, respectively. -Reuters

TTAIPEI:AIPEI: A woman walks into the headquarters of Nan Shan Life, the Taiwan unit of US insurance giant AIG.-Reuters

KARACHI: The State LifeInsurance Corporation(SLIC)of Pakistan has suc-cessfully secured Rs9.33 bil-lion as First Year Premium(New Business) during theperiod January 2010 toDecember 31, 2010 by show-ing an increase of 35 per centas compared to last year dur-ing the same period.

This was stated byChairman State Life InsuranceCorporation, Shahid AzizSiddiqui, while talking to themedia persons here. TheExecutive Directors andSenior Corporate Executiveswere also present on the occa-sion. Siddiqui informed thatRenewal Premium alsotouched the figure of Rs19.54billion showing an increase of28 per cent. He also statedthat second and third year per-sistency during the same peri-od stood at 84.71 per cent and88.80 per cent respectively.

The State Life also extendedfinancial protection to 651,460new families nationwide dur-ing the year 20I0 showing anincrease of 24 per cent whichwas 525,947 policies till 2009.

Siddiqui pointed out that inthe year 2010 State Life hasdisbursed Rs14.57 billion asBonus to its policyholders.

He said that the bonus foryear 2011 will be announcedafter the completion of actuar-ial valuation process.

The Chairman SLICinformed that State Life cov-ered 1,326 number of groupstill December 2010, totalgroup premium was Rs3.95billion, a leap forward with 6.7per cent increase from Rs3.70billion last year 2009.

He maintained that the StateLife's all four Regions haveshown exemplary perform-ance and that its CentralRegion topped by securingRs3.33 billion First Year

Premium followed by MultanRegion Rs2.40 bil-lion, North Region Rs1.92 bil-lion and South Region Rs1.67billion by showing an increaseof 33 per cent, 40 per cent, 33per cent and 32 per centrespectively.

Chairman State Life alsoinformed that theCorporation's Life Fundwhich is the key indicator ofits financial stability has nowreached Rs 225 billion, a sub-stantial increase of 14 per centfrom Rs198 billion last year2009.

He said that State Life has adiverse investment mecha-nism and in 2010 it posted aninvestment income ofRs27.73 billion, an increase of34 per cent from Rs20.7 bil-lion in 2009. In Real Estatethe Corporation's net incometill 2010 was Rs240 million.

Siddiqui stated that StateLife is considering to launchsome new life insurance plansso that people can invest theirsmall savings in the life insur-ance policies. He informedthat the State Life is a verysound and stable financialinstitution which is alsoendorsed by the fact that it hasbeen assigned “AAA” ratingby Pacra.

Chairman SLIC stated thata comprehensive strategy isadopted to handle policy hold-ers complaints and facilitatethem in settling their claimspromptly. This positive stepproved fruitful and majorchunk of complaints from pol-icy-holders has been slasheddown.

He also informed that StateLife's Business in Gulf Regionhas also improved and in theyear 2010 it has procured newpremium around $3.6 millionshowing 16.1 per centincrease over the previousyear.-APP

Rs9.3bnpremiumcomes to

SLIC in ‘10

ISLAMABAD: Rs 70 billionBenazir Income SupportProgramme (BISP) by thePPP-led coalition governmentis aimed at addressing thefinancial grievances of thepoor segment of society.

Chairperson Benazir IncomeSupport Programme (BISP)Farzana Raja was briefing anMQM delegation here.

Referring to various BISPprogrammes includingmonthly cash grant, Waseela-e-Haq, Waseela-e-Rozgar,Life Insurance as well asongoing nationwide PovertyScore Card survey, she saidBISP is being implemented inall four provinces andFederally Administered TribalAreas (FATA), Azad Jammuand Kashmir (AJK) andIslamabad CapitalTerritory(ICT).

She thanked the delegationfor their support in the processof poverty scorecard survey.

The delegation was all praise

for BISP and assured of sup-port and measures for reducingpoverty in the country.

The Chairperson BISP saidthe allocation for the last fiscalyear was Rs70 billion to pro-vide cash assistance to 5 mil-lion families which constitutealmost 15 per cent of the entirepopulation.

The programme aims at cov-ering almost 40 per cent of thepopulation below the povertyline allocation for the FY11 isRs3.50 billion.

The enrolled families arepaid cash assistance of Rs1000per month at their doorstep.

Benazir Income SupportProgramme (BISP) was initiat-ed by government of Pakistanwith initial allocation of Rs34billion ($425 million approxi-mately) for the financial year2008-09.

The Programme aims at cov-ering 3.5 million families inthe financial year 2008-2009. -APP

BISP termedpoor-centric

ISLAMABAD: Two-dayworkshop of "Postal LifeInsurance (PLI) organised byPakistan Post concluded hereat Postal Staff College.

Additional DirectorGeneral PLI Agha AnwarGul addressing the conclud-ing session said that PLI hasan unbeatable presence in therural areas due to extensivenetwork of post offices.

He said that every postoffice serves as its outlet.He said this gives Postal Lifean enormous advantage overits business rivals and helpsto offer a wide range ofinsurance policies to cus-tomers at the lowest premi-um while ensuring highest

bonus on their investment.He urged the participants to

work for enhancing the busi-ness of PLI to furtherstrengthen the revenue of theorganisation.

He said for improving serv-ices, communication skillmust be outstanding. PLIwill follow advance market-ing and further improve it.

Additional DirectorGeneral (Operation) PakistanPost Fazli Sattar Khan wasalso present on the occasion.

Addressing the partici-pants, he stressed on the par-ticipants to be determined toenhance the existing PLIshare in the market.

He said that marketing

strategy will encouragemore customers and developtrust among them.

He said that their manage-ment will provide all neces-sary facilities for improvingservices in the country.

About 27 AssistantDirectors and GeneralManagers of Postal LifeInsurance (PLI) fromPunjab, KhyberPakhtunkhwa, Azad JammuKashmir and Gilgit Baltistanparticipated in the work-shop.

On the conclusion of theworkshop awards andshields were distributedamong the outing AssistantDirectors of the year. -APP

Workshop held onPostal Life insurance

ISLAMABAD: The FederalInvestigation Agency officialsapprised the Supreme Courtthat they had recovered anamount of Rs73 million fromdifferent accounts operatedwith the embezzled money ofNational Insurance CompanyLimited (NICL).

Appearing before a four-member bench of Chief JusticeIftikhar Muhammad Chaudhry,Justice Muhammad Sair Ali,Justice Ghulam Rabbani andJustice Khalil ur RehmanRamday, seized with hearingof a suo moto case against thealleged NICL corruption case,FIA Sindh Director MuazzamJah said that they had detectedmore than 20 bank accounts inwhich an embezzled amount ofRs30 million was kept transfer-ring.

He said that they were inves-tigating three cases in Karachione pertaining to Rs35 millionrenovation of NICL office.

He said beside that they werealso looking into a $20 millionland transaction in Duabi, NewYork and Singapore.

He said they were also gath-ering facts about EmonteBronte, a French national andowner of the land, and theForeign Office had beenapproached for utilising ofproper channels.

About Amin Qasim Dada, akey accused of NICL scam, hesaid that their joint teams were

raiding his hideouts. His name was placed on Exit

Control List and all the recordof arrivals and departures hadbeen collected and it appearedthat he was still inside thecountry, he added.

He said Khalid Anwar andKhawja Akbar Butt and SyedMohammad Iqbal were thefront-men and owners of thebank accounts from where thehuge amount of money contin-ued flowing.

He said Khalid Anwar was inUK, Khawaja Akbar Butt inUS and Syed Mohammad Iqbalin Dubai and red warrants wereissued for them.

He further apprised that theyhad moved to freeze the bankaccounts and the properties ofaccused ones under FIA Act.Zafar Iqbal Qureshi, additionaldirector general FIA, apprisedthe bench that Aqeel KarimDhedhi, an influential stock,told him that Dada might havefled the country.

He said that they had con-ducted several raids at Dada'sresidence and recovered vari-ous documents.

He also apprised thatMohammad Maalick, manag-er of Al Tahur company, cur-rently in their custody admit-ted that he had given Rs100million to Moonis Elahi,owner of the company and sonof former chief ministerPunjab Chaudhry Pervaiz

Elahi, from a fake bankaccount.

To bench's query he repliedthat Rana Mohammad Ali, anaccused manager of the bank,had taken refuge with ImranAli Malik and they wereinvestigating the case.

Secretary Ministry ofCommerce Zafar Mehmoodapprised the bench that he hadwritten a special letter toAuditor General of Pakistanfor audit of NICL accounts inthe last three years and theywere in the process.

Hearing was adjourned fordate in office to be fixed aftertwo weeks.

The same bench also tookup another suo moto regardingalleged corruption in PakistanSteel Mills and directedSecretary Ministry ofIndustries Abdul GhafoorSoomro to visit Pakistan SteelMills and look into the issue.

The Secretary said that hewas trying to improve the per-formance of PSM and addinglast month it earned a profit ofRs3 billion.

FIA Director Moazzam Jahapprised that there was totalloss of Rs26.5 billion and theFIA had registered ten FIRs.

He assured the bench thatFIA would not spare a singleresponsible person.

The hearing was put off tilldate in office to be fixed afterthree weeks. -APP

FIA recovers Rs73mnin NICL scam case

Listedinsureres

show manytrends last wk

TFD Report

KARACHI: Some mixedactivities were observed in theinsurance stocks last week atthe Karachi Stock Exchange(KSE) with around 8 millionshares traded altogether in lifeand non-life sectors. PakistanReinsurance was the volumeleader with 4.29 million sharesfollowed by AdamjeeInsurance with 2.47 millionshares. Top gainers of the sec-tor include IGI Insurancewhich increased by Rs1.45 toclose at Rs92.53 and EFUGeneral Insurance by Rs0.94 toclose at Rs41.08 while EFULife Assurance lost Rs4.93 toclose at Rs63.12 and AdamjeeInsurance by Rs3.72 million toclose at Rs91.30 being themajor losers of the week.

Insured realtylosses afterstorm in US

seen at $1.4 bnWASHINGTON: Losses toinsured property and automo-biles were estimated between$790 million and $1.4 billionfrom the winter storm that cut aswath from Texas to Canadathis week, catastrophe model-ing firm AIR Worldwide saidrecently. The storm on Tuesdayand Wednesday brought snow,sleet, rain and freezing rainwith states of emergencydeclared in Illinois, Indiana,Missouri and Oklahoma,affecting nearly 100 millionpeople in 30 states.

AIR Worldwide said in apress release that its insuredloss estimates reflect insuredphysical damage to residential,commercial, industrial andauto property, both structuresand their contents; additionalliving expenses for residentialclaims and business interrup-tion losses.

The Boston-based companysaid it provides risk modelingsoftware and consulting servic-es for natural disasters and ter-rorism in 50 countries. Citiesacross the United States werehit by the snow and ice storm,making many roads impassableand causing the cancellation ofmore than 10,000 air flightsover two days. -Reuters


Dilhara Fernando celebrates with his teammatesafter his dismissal of Chris Gayle

Aus thumpEng 6-1 inODI series

PERTH: Australia wrappedup an emphatic 6-1 serieswin over a weary Englandwith a comprehensive 57-runwin in the seventh and finalone-day international at theWACA Ground in Perth onSunday.

The home side made 279-7after winning the toss, and inreply England managed just222 in their final match of amarathon Ashes tour, despitea lusty unbeaten 60 byMichael Yardy.

The English, who nowreturn home for a few days ofrest before departing for theWorld Cup next weekend,were never in the hunt afteropener Andrew Strauss andSteven Davies both fell forducks to leave them strug-gling at 5-2.

Jonathan Trott and KevinPietersen tried to re-start theinnings, but the loss of boththeir wickets and that of IanBell left England on 64-5 andtheir hopes in tatters. MitchellJohnson claimed 3-18 for thehome side and the waywardShaun Tait 3-48, but he alsoconceded nine wides and fiveno-balls. After winning thetoss and electing to bat, half-centuries by Perth nativesDavid Hussey and man-of-the-match Adam Vogeshelped the home side recoverfrom a slow start to post animposing total. Australia rest-ed Michael Clarke and ShaneWatson, and were 103-4 inthe 26th over when stand-incaptain Cameron White wasdismissed for 24.-APP

Oram givengo-ahead toenter CWCafter injury

AUCKLAND: New Zealandall-rounder Jacob Oram hasbeen cleared to travel to theWorld Cup after sustaining aninjury before the team's one-day match against Pakistan onSaturday.

Oram had been expected toplay at Eden Park but sufferedankle and foot pain bowlingbefore the game. He underwentscans and an examination andwas given the all-clear, NewZealand Cricket said onSunday.

"I developed ankle pain andalthough it didn't feel serious Iwasn't able to bowl withoutdiscomfort," Oram said in aNZC statement.

"The medical staff got thenecessary assessment done andI was sweating on the resultsbut pleased when the doctor letme know that I was fit to travelwith the team to the WorldCup.

"I have inflammation aroundthe joint so not a significanttear or break."

Oram has had a terrible runof injuries in the past few yearsand was sent home from theteam's tour of Sri Lanka lastAugust with a recurrence of aknee tendon injury thatrequired surgery.

He returned to the NewZealand side for the one-dayseries against Pakistan.

"I've worked hard over thelast six months to get fully fitso it is extremely disappointingto pick up another niggle.

"However, I am confident itisn't too serious and am deter-mined to do everything I can tobe fully fit for the first match."

Oram is expected to be fit forNew Zealand's first warmupagainst Ireland in Nagpur onFeb. 12.

Daniel Vettori's side havebeen drawn in Group A for theFeb. 19-April 2 World Cupwith champions Australia,Pakistan, Zimbabwe, Canada,Kenya and Sri Lanka. -Reuters

Salman Butt faces theend of his internationalcareer after bearing the

brunt of the blame for thecorruption scandal which hasresulted in minimum five-year bans for the formerPakistan test captain and two

team mates.An International Cricket

Council (ICC) tribunalbanned Butt for 10 years onSaturday, five of which willbe suspended if he does notoffend again and takes part inthe Pakistan Cricket Board'santi-corruption campaign.

Butt and his openingbowlers Mohammad Asif andMohammad Amir were foundguilty of arranging for delib-erate no-balls to be deliveredin the fourth test againstEngland last August.

Asif was banned for sevenyears, with two suspended,while teenager Amir washanded a straight five-yearban.

Butt, who led his country totest victories over EnglandAustralia in his brief tenureas his country's leader lastyear, will be 31 in five years'

time and is unlikely to playtest cricket again.

There also appears to be noway back for his senior pacebowler Asif, who is two yearsolder than Butt and who hasbeen in trouble with theauthorities before after test-

ing positive twice for asteroid and getting caughtwith a recreational drug in his

wallet at Dubai airport.Amir, who bowled bril-

liantly at Lord's, is only 18but five years is still a longtime in any athlete's life and

especially so in a player'sformative years.

Amir told a private newschannel that he would contin-ue to train and keep himselffit.

"The ban does not say Ican't train or play privately,"he said.

However, no player isindispensable and Pakistan,despite their current securityand corruption problems,have a deep pool of reservetalent as they demonstrated inwinning test and one-dayseries in New Zealand thisyear.

LITTLE RECOURSEFive years was the mini-

mum ban the ICC could haveimposed under its anti-cor-ruption code after the tribunalconcluded the trio wereguilty of spot-fixing, theoffence of deliberatelymanipulating individualevents within a match.

London sports lawyerAdam Morallee said it wasdifficult to see what recoursethe three Pakistanis now had,especially as they had notbeen supported by theirnational board.

The trio, who deny anywrongdoing, have a right ofappeal to the Lausanne-basedCourt of Arbitration forSport.

"They could appeal at thelength of the sentences butthe bans are at the lower endof the scale," Morallee, apartner in the law firmMishcon de Reya, toldReuters.

The three-man tribunal,headed by British lawyerMichael Beloff, said it wasup to the ICC to decide if thefull decision should bereleased.

"It is our strong and unani-mous view that it is in theinterests of all concerned inthe world of cricket that pub-lication should take place assoon as possible," Beloffsaid.

The spot-fixing scandalcame 10 years after a match-fixing furore resulted in lifebans for three test captains.

Spot-fixing involves aplayer, or players, agreeingto perform to order by pre-arrangement. For example, abowler might deliberatelybowl consecutive wides inhis second over or a batsmancould make sure he does notreach double figures.

Because individual spot-fixing incidents may have noinfluence on a game's out-come, they are particularlydifficult to detect and theLord's offences came to theauthorities' attention only

after a sting operation in theBritish newspaper The Newsof the World.

As a result of a separateinvestigation, Britain'sCrown Prosecution Servicecharged the Pakistan trio and

35-year-old sports agentMazhar Majeed fromCroydon, England, on Fridaywith conspiracy to obtainand accept corrupt paymentsand with conspiracy tocheat.-Reuters

End of the road for

Butt and Asif?

Butt and his opening

bowlers Mohammad Asif

and Mohammad Amir

were found guilty of

arranging for deliberate

no-balls to be delivered in

the fourth test against

England last August.

Salman Butt and Mohammad Amir returnedto Pakistan on Sunday and pledged to cleartheir names of corruption charges that earnedthem bans of at least five years each from anInternational Cricket Council (ICC) tribunal.

Former test captain Butt and pace bowlersAmir and Mohammad Asif were found guiltyof corruption by the tribunal on Saturday inDoha.

Butt was banned for 10 years with five ofthem suspended if the 26-year-old does not re-offend and takes part in a Pakistan CricketBoard (PCB) anti-corruption campaign.

Asif, 28, was banned for seven years withtwo suspended under the same terms as Butt,while 18-year-old Amir was given a straightfive-year ban.

Only Amir, whose lawyer said he wouldappeal, has a realistic chance of playing inter-national cricket again.

Five-year bans were the minimum an inde-pendent three-man tribunal could impose underthe ICC's anti-corruption code once it had con-cluded that Butt, Asif and Amir were guilty ofspot-fixing in the fourth test against Englandlast August.

Butt and Amir encountered no hostile recep-tion when they exited the airport and bothmaintained their innocence.

"I am innocent of the charges made againstme and I stand by what I say. I will not rest untilI get the ban overturned," Butt told reporters atthe airport.

"I don't think our arguments were heard prop-erly and the ban is unjustified."

Amir expressed similar concerns with thehearing.

"I am innocent and I was confident theywould clear me. The ban came as a totalshock," he said.

"We are waiting for the ICC to release thedetailed judgement of the tribunal after whichwe will decide what to do but we have made upour minds to appeal the ban in the firstinstance."

Butt said he wanted to see the detailed judge-ment to find out on what grounds the tribunalhad handed down such lengthy bans.

"We will appeal the ban once we get thejudgement and study it. But we definitely wantto clear our names from this ban," he added. -Reuters

Butt, Amir will appeal

The International CricketCouncil's chief executiveHaroon Lorgat on Sunday said

three Pakistan players -- SalmanButt, Mohammad Asif andMohammad Aamer -- were bannedon solid proof of corruption.

"We are satisfied at the tribunal'sdecision, which was taken on solidevidence and we hope with this deci-sion the image of the game willimprove," Lorgat told a press con-ference in Doha.

Lorgat, who was accompanied bythe head of the ICC's Anti-Corruption and Security Unit,Ronnie Flanagan, was speaking aday after Butt, Aamer and Asif werehanded lengthy bans for spot-fixing.

Butt was banned for 10 years, withfive years suspended, while Asif and

Aamer were handed bans of sevenyears with two suspended and fiveyears respectively.

The charges relate to alleged inci-dents during the Test againstEngland at Lord's last year, whenBritain's News of the World newspa-per claimed the players were willingto deliberately bowl no-balls.

The newspaper alleged the threehad colluded in a spot-fixing bettingscam organised by British-basedagent Mazhar Majeed.

In a separate development onFriday, British prosecutors chargedthe three players as well as Majeedwith corruption offences and sum-moned them to appear in a Londoncourt on March 17.

The trio have repeatedly deniedwrongdoing.

Lorgat rejected the suggestion thatthe punishments were lenient. "Idon't believe the sentences arelenient by any stretch of the imagi-nation," said Lorgat. "I think theyare balanced with an expert andexperienced jury dealing with thecase."

The three-man tribunal was head-ed by Michael Beloff QC and alsocontained Albie Sachs of SouthAfrica and Sharad Rao of Kenya.

"In legal terms you have to be pro-portionate when you are giving pun-ishment and we must distinguishbetween match-fixing and spot-fix-ing, and the jury was independentand they decided on proportionatepunishments," said Lorgat.

Butt and Aamer have expresseddisappointment at the bans, with Butt hoping to get the ban reduced

once the ICC code of conduct --which carries a mimimum five-yearpunishment -- is amended.-NNI

Trio banned on solid evidence: Lorgat


International

US officials insist their messageon the Egypt crisis has been unwa-vering: President Hosni Mubarakmust allow political transition, andhe must do it now.

But Washington is having a muchtrickier time defining what thattransition might look like, howlong it will last and whom it mightinvolve. All this has sown publicdoubt about what the real US strat-egy is to deal with a crisis thatthreatens to upend decades of USpolicy in the Middle East.

Political analysts say the Obamaadministration is still strugglingwith a volatile situation, leading tomixed messages on whether itbelieves Mubarak still has a role inEgypt's political future or what sortof government it may accept.

But they describe it as a strugglemore over tactics than policy,underpinned by an overarching USgoal of a stable Egypt that can beencouraged -- step by step --toward further democracy withoutdestabilising other alliances.

"They are adjusting their speedto fit the terrain," said RobertDanin, a Middle East expert at theCouncil on Foreign Relations.

"The administration is trying tomanage a number of pieces.Mubarak's departure is only oneelement of a larger operation,which is to ensure what happenswith elections, what happens withtransition, and what happens withthe constitution."

The new US emphasis was clearthis weekend when Secretary ofState Hillary Clinton told a Munichsecurity conference that Egypt'spolitical rebirth could take longerthan Mubarak's opponents demand.

"The principles are very clear.The operational details are very

challenging," she said, noting thatMubarak has pledged not to standagain for president and promisedother reforms, while violenceagainst anti-government protestershad abated.

Clinton's comments, after a weekof pressure on Mubarak to -- in USPresident Barack Obama's ownwords -- "make the right decision,"were interpreted as US approval ofa gradual transition to genuineelections. This scenario whichmight allow the 82-year-old presi-dent to remain in office until pollsin September.

Warning that radical forces wereready "to derail or overtake theprocess", Clinton also voiced sup-port for the outreach efforts of VicePresident Omar Suleiman, a figureregarded with scepticism by manyin Egypt's opposition due to hishistory as Mubarak's intelligencechief.

Egyptian activists were appalled,and grew further alarmed by com-ments by Frank Wisner, a formerdiplomat sent last week to deliverObama's personal message toMubarak.

Wisner, who left Cairo apparent-ly without convincing Mubarak tostep down, said rhetoric demand-ing his swift departure could back-fire and suggested the long-timeleader still had a crucial role toplay.

"The president must stay inoffice to steer those changes,"Wisner told a Munich audience incomments that, while disavowedby Washington, nevertheless weretaken as representing at least oneoption now under US considera-tion.

BALANCING PRIORITIESWashington's approach to the tur-

moil has been based from the starton Egypt's strategic importance, asthe first Arab country to sign apeace deal with Israel, the guardianof the Suez canal and a forceagainst militant Islam in theregion.

The new, softer US approach wascondemned by Egyptian oppositionleader Mohamed Elbaradei, whocalled it a "major setback" thatcould spur even angrier demonstra-tions.

Brian Katulis, a security expert atthe Center for American Progress,a Washington think-tank, said theObama administration has recog-nised it will take time to refashion

Egypt's political stage without tip-ping it into chaos.

"The disparity of power betweenthe current power elite in the gov-ernment and security services onthe one hand and the politicalopposition ... is strong," Katulissaid. "I don't see the current pow-ers-that-be moving quickly to openthings up."

Clinton and other officials havesignalled they may be open to arole for Egypt's powerful MuslimBrotherhood in a future govern-ment, although they have under-scored that only those who rejectviolence and accept basic demo-cratic principles should have a seat

at the table.But some analysts, echoing

Egyptian protesters, believe theObama administration has alreadylost one chance to bolster Egypt'sdemocracy movement by choosingto engage more deeply withMubarak's government.

"We have missed a historicalopportunity because we had here achance to really change not onlyEgypt but much of the Arab worldin a popular non-violent movementled by educated middle class ele-ments," said Robert Springborg, anEgypt expert at the US NavalPostgraduate School.

"This is a cynical exercise in

power by the Obama administra-tion and the Egyptian military," hesaid.

But Danin of the Council onForeign Relations said the USapproach could end up buying cru-cial time -- although the outcomewill depend on whether the UnitedStates keeps up pressure for realpolitical change after Mubarakfinally goes.

"We're not haggling over whether(Mubarak) will go, we are hagglingover the timing and the mecha-nism," he said. "Mubarak may notbe showing promise, but in a waythey are already carving the groundout from under him." -Reuters

US FIGHTS MIXED MESSAGES

ON EGYPT CRISIS

You might thinkPresident BarackObama's talk of cutting

the US corporate tax ratewould have the entire businessworld cooing, but instead theidea could lead to a wrenchingsplit in corporate America.

The reason: Obama wants tofund a rate cut by closing taxloopholes and slashing deduc-tions enjoyed by America'sbiggest companies.

Opposition from corporategiants who could lose cher-ished tax breaks, along withthe political risk of tackling taxissues in the runup to the 2012presidential election, will like-ly push off reform for severalyears.

"The whole idea of corporatetax reform is going to split thebusiness community in half,"said Neal Weber, a consultantfor health, retail and othercompanies at RSMMcGladrey. "You're talkingabout lowering the rate, butsome are already paying a lowrate."

Companies such as DuPontCo and Hewlett-Packard Cohave artfully employed deduc-tions, credits and other breaksto cut their effective tax ratesbelow 20 per cent and more,according to Thomson Reutersresearch, which calculatedrates paid using cash taxesdivided by pretax income overthe last five years available.

That is far beneath the statu-tory 35 per cent corporate rate.

The unlucky ones do notenjoy as many tax preferencesand pay closer to the top rate,including oil behemoth ExxonMobil Corp and retailers suchas Home Depot and The Gap.

The debate is at an earlystage and no firm plan hasemerged. An overhaul of thissort -- where well-fundedinterests will be fighting fortheir billions in tax breaks --could well take years.

"I don't have many clientsthat are dying for fundamentaltax reform," said Jeff Trinca, alobbyist whose clients includebig multinationals such as

FedEx Corp. MF Global investor analysts

said odds are less than 50 percent of passage this year, giventhe competing demands.

The White House insists thata rate cut should not add to aprojected fiscal-year 2011 USgovernment budget deficit of$1.5 trillion, setting upinevitable winners and losers.

While Obama courts corpo-rate America, including tap-ping General Electric Co ChiefExecutive Jeffrey Immelt tohead a jobs council, he alsolooks to curb corporate taxbreaks.

GE paid an average rate of14 per cent over the past fiveyears, according to ThomsonReuters.

Although the top 35 per centrate is among the highest in theindustrialised world, Obamaand others note that afterdeductions and credits, US-based companies on averagepay closer to the mid-20 percent average in other majornations.

WIDE GAPS ACROSS,

WITHIN INDUSTRIES

Driving a business split arewide gaps in taxes paid acrossindustries and even amongrivals.

Big retailers and health careservice companies tend to paycloser to the top rate, spurringmore enthusiasm for change inthose sectors. These compa-nies have little intellectualproperty such as patents totransfer overseas to shelterprofit.

The world's biggest retailer,Wal-Mart Stores Inc, paid anaverage tax rate of 33 per centover the past decade, accord-ing to Thomson Reutersresearch.

Retailers such as SearsHolding Corp would"absolutely" benefit from a cutin the corporate rate, saidNational Retail Federation taxcounsel Michelle Bernstein.

Even so, Bernstein, whoworked on tax reform legisla-tion in the 1980s, said: "It isnot the kind of thing you can

do in a matter of months, evena year."

Major healthcare and tech-nology companies are amongthose with big intellectualassets, letting them keep prof-its abroad.

Companies incorporated inlow-tax countries, from Irelandto Cayman Islands, will alsosuffer if loopholes are cut.

Big oil companies payamong the highest tax ratesacross all industries, but theyare weary because despite highrates, the industry is a populartarget of politicians.

Exxon and Chevron Corpboth paid close to an average40 per cent rate over the pastfive years, according toThomson Reuters.

Obama in his first two budg-ets sought to cut tens of bil-lions of dollars in tax breaksfor the oil, gas and coal compa-nies, and he appears ready torevive those proposals.

"We are obviously excited toengage in the conversation ofcorporate reform, but we just

don't want to be singled out onanything," said Brian Johnson,a tax expert at the AmericanPetroleum Institute.

INNOVATION,

FOREIGN PROFITS

Obama in his State of theUnion speech last monthpitched more investment ininnovation like green energy,calling for a "Sputnikmoment."

Big companies will likelyuse this line to preservefavored tax breaks, like aresearch and developmentcredit that costs the govern-ment $6 billion a year.

"In fact Obama keeps callingfor the R&D tax credit to bemade permanent," said AnneMathias, an investor analyst atMF Global. "The idea behindcutting some of the offshorebreaks is to spur US invest-ment."

Less popular tax provisionswill be first on the block.

Obama's past budgets soughtto limit companies' ability todefer taxes on income earned

abroad.Eyes move next to Obama's

fiscal 2012 budget proposal,scheduled for release Feb. 14.

Republicans, for their part,have defended some of thebreaks Obama blasts, and theyhave fundamental disagree-ments about the need to fullyfund a rate cut. Obama has notyet set out a path for reform, asRonald Reagan did when heset a deadline for his adminis-tration to deliver a tax overhaulplan in the 1980s.

It took several years for thehistoric 1986 bipartisan taxoverhaul bill to be signed.

"If he stays at that level ofmessage (in the budget) then itwon't happen," lobbyist Trincasaid.

US Rep. Dave Camp,Republican chairman of theHouse tax-writing committee,is keen to revamp the tax code,though he has not proposed atimeline for legislation.

"I'm under no illusion thatthe task before us will be easy,"he said recently. -Reuters

Corporate split slows US tax cut plan

When it comes to salesresults, investorsand economists

want more, more, more, butretailers keep giving less, less,less.

Three more US store chainshave dropped out of themonthly sales reporting fren-zy on which many investorsrely to trade stocks, furthercompromising indices used bysome analysts as a gauge ofthe health of consumer spend-ing.

On Thursday, teen clothingretailers Abercrombie & FitchCo, Aeropostale Inc andAmerican Eagle Outfitters Increported monthly sales for thelast time, becoming the firstpublic companies to stop sinceWal-Mart Stores Inc decidedin 2009 it had had enough.

As recently as five yearsago, Thomson Reuters' Same-Store Sales index tracked 68retailers. Starting next monthit will only include 25 chains.

One by one in recent years,

chains such as AnnTaylorStores Corp, Dollar GeneralCorp and even Starbucks Corphave dropped out.

By depriving investors ofmonthly updates that keepWall Street expectations moreclosely aligned to reality,retailers can end up with evenbumpier stock moves whenthey report quarterly results,investors warned.

"The lack of transparencyjust leads to speculation," saidWalter Stackow, an analyst atManning & Napier, whoseholdings include NordstromInc, Kohl's Corp and BJ'sWholesale Club Inc.

Many retailers have tired ofseeing their shares take a beat-ing when their monthly salesfigures fall too far below WallStreet estimates.

Abercrombie last monthsaid December same-storesales rose 15 per cent, aboveanalyst forecasts, and itsshares rose. Conversely,American Eagle's same-store

sales fell a worse-than-expect-ed 11 per cent, sending sharesdown.

"In order not to see thatvolatility, they would rathernot report monthly," saidJharonne Martis, the directorof consumer research atThomson Reuters, who over-sees the index.

Wal-Mart cited stockvolatility when it announcedin 2009 it would stop month-ly reporting. Other retailershave tried to follow Wal-Mart's lead.

Macy's Inc had stoppedmonthly sales reports inFebruary 2008. But when theeconomic crisis raged laterthat year, Macy's felt it betterto reassure investors bychecking in more frequentlyand resumed monthly reports.

"Deep down, they'd all liketo be done with this,"Nomura Securities analystPaul Lejuez said. "It makes itharder for us to have fewerdata points."

MONTHLY SALES

INDICES IRRELEVANT?

Economists rely on the dataand the overall same-storesales chain indices, which areweighted in relation to a

retailer's size, to get a firstglimpse of consumer spend-ing, which accounts for 70per cent of the US economy.

Most retailers that do reportmonthly do so on the first

Thursday every month.Thomson Reuters and othersuse that data to compileindices of same-store sales.

The US Department ofCommerce comes out with itsown broader figure a weeklater and includes public andprivate retailers, auto sales,grocery stores and a host ofother merchants.

"In that broad, big picture,when you think of all the dif-ferent retail channels andspecialists, there are hugeparts of retailing that areunaccounted for in themonthly numbers," Kantarretail senior economist FrankBadillo said.

Badillo said that depart-ment stores and apparelretailers -- even with thethree latest defections -- arewell represented in theKantar index, which included31 retailers through thismonth. National RetailFederation spokesman ScottKrugman also argued that the

reports are of limited value."It's great for analysts fol-

lowing a particular stock, butnot so helpful for trackingoverall consumer spending,"Krugman said.

Analysts and economistshave long quibbled howmuch monthly reports reflectthe overall economy whenbig players such as Wal-Martand Best Buy Co Inc do notprovide data. Wal-Martalone, with expected fiscal2011 sales of $423.7 billion,is nearly 25 times larger thanJ.C. Penney Co Inc and sixtimes bigger than TargetCorp, both of which stillreport every month.

Still, because the 25remaining companies rangefrom Saks Inc to J.C. Penney,the monthly reports tap abroad enough group of retail-ers to be useful. "It's still aninput into the wider pictureso it's not completely irrele-vant," Manning & Napier'sStackow said. Reuters

Wall St upset as 3 ‘store chains’ deny data


International & Continuation

CONTINUATION

JUBA: A mutiny by Sudanesetroops refusing to leave thesouth ahead of its expectedindependence has spreadthrough towns in an oil-pro-ducing state, with at least 50people killed in the past fourdays, officials said.

The southern and northernarmies are carrying out a diffi-cult process of splitting up anddividing their weapons, withSouthernSudan expected toemerge as Africa's newest stateon July 9 following a referen-dum last month.

Battles with tanks andmachineguns broke out in thepolitically sensitive southerntown of Makalal on Thursdaywhen southern members of anorthern army unit refused toredeploy to the north andturned on other members oftheir unit.

Fighting then spread fromMakalal, capital of Upper Nile

state, to the settlements ofMelut and Paloich on Fridayand Saturday, state officialstold Reuters on Sunday.

The area includes oil conces-sions run by Petrodar, a con-sortium led by CNPC of Chinaand including Malaysia'sPetronas and Sudan's ownSudapet.

Final results of last month'sreferendum are due to beannounced on Monday. Earlyresults show the vast majorityof southern voters chose inde-pendence in the vote, the resultof a 2005 peace accord thatended decades of civil war.

"The fighting in Malut yes-terday (Saturday) killed 19 andwounded 18 ... In Paloich 11were killed and eight wound-ed," said Akuoc Teng Diing,county commissioner of Melutcounty. All the dead in the twolocations were soldiers, hesaid.

Officials earlier had said 20people died in Malakal, includ-ing two children and aSudanese driver working forthe U.N. refugee agencyUNHCR, caught in the cross-fire.

Malakal has been patrolledby a combined military unitmade up of the north's SudanArmed Forces (SAF) and thesouth's Sudan People'sLiberation Army (SPLA). TheUnited Nations says the jointforce is in the process of split-ting up.

The SAF unit included manysouthern soldiers drawn from amilitia that fought alongsidethe north during the civil war.Southern army spokesmanPhilip Aguer said it was thosesouthern soldiers in the SAFunit who resisted the redeploy-ment north and began exchang-ing fire with other members ofthe same SAF unit.-Reuters

Sudan troops mutinyin southern oil state;

50 killed

ZURICH: The Organisationfor Economic Co-operationand Development (OECD)wants Switzerland to make theinternational hunt for taxevaders easier, a Swiss news-paper reported on Sunday.

The OECD criticised currentSwiss requirements for legalassistance in cases of tax eva-sion, saying they were toorestrictive and an obstacle foran effective exchange of infor-mation, weeklySonntagsZeitung said, citing agovernment document.

Swiss Finance MinisterEveline Widmer-Schlumpftherefore made proposals tothe government to provide so-called legal assistance moreeasily to other countries, thepaper said.

Switzerland had to give in tointernational pressure in 2009and softened bank secrecy,pledging to help other coun-tries in the hunt for tax evadersto comply with OECD stan-dards.

However, the country said itwould only give legal assis-

tance if the other countrycould provide the name of thesuspect and his or her bank.

Spokesmen for the govern-ment and the Finance Ministryconfirmed that the OECD peerreview was ongoing butdeclined to comment ondetails of the newspaperreport.

"As usual in such a reviewprocess, there are open ques-tions, which are dealt with bythe finance department,"Finance Ministry spokesmanDaniel Saameli said.-Reuters

OECD wants more Swisshelp in tax cheat hunt

TEHRAN: Two Americansheld in an Iranian jail for thelast 18 months on suspicionof spying appeared in courton Sunday on the first dayof their closed-door trial,state television reported.

Shane Bauer and JoshFattal were arrested on July31, 2009 near Iran's borderwith Iraq, along with a thirdAmerican, Sarah Shourd,who was released on$500,000 (310,385.50pounds) bail in Septemberand returned home.

The three, in their late 20sand early 30s, say they werehiking in the mountains ofnorthern Iraq and if theycrossed the unmarked borderinto Iran, it was by mistake.

State-run English lan-guage Press TV ran a bannerheadline saying the two men

had attended the session,which had finished. It didnot indicate when the trialwould resume or what hadhappened in the court,which was closed to thepublic and press.

A trial date set for lastNovember was postponed atthe last minute due to theabsence of Shourd, who hasmet President BarackObama and his Iraniancounterpart MahmoudAhmadinejad since herrelease.

The affair has added totensions between Tehranand Washington, whichhave had no diplomatic tiessince the 1979 IslamicRevolution and the subse-quent storming of the USembassy by revolutionarystudents.-Reuters

Two Americansin Iranian court

as spy trial starts

BAGHDAD: Iraq will honourproduction-sharing contractsthat Kurdish regional authori-ties have signed with foreigncompanies,Prime MinisterNuri al-Maliki said in aninterview with news agencyAFP.

The report was not con-firmed by the Oil Ministryand seemed to catch seniorIraqi oil officials by surprise.

Exports from the semi-autonomous Kurdish regionwere stopped following a pro-longed dispute between IraqiKurdistan and the Arab-ledgovernment in Baghdad overthe legality of contractsawarded by the Kurds to for-eign companies.

"The oil ministry acceptedthese contracts because thenature of the extraction inKurdistan is different fromBasra," Maliki told AFP in an

interview on Saturday, refer-ring to Iraq's oil-rich southernprovince.

"There is a need for biggerefforts there, while in Basra it(oil) is closer to the surface.It's difficult to have servicecontracts in Kurdistan but it'snormal to have them in south-ern Iraq," he added.

An Iraqi senior official closeto Maliki and other officialscontacted by Reuters onSunday said they were notaware of any decision toaccept these contracts. Iraq'sOil Ministry did not comment.

Kurdish exports from twofields -- Taq Taq and Tawke --flowed briefly in 2009 butwere halted when the Iraqigovernment refused to pay theoilcompanies working thefields, including Norway'sDNO and Turkey's GenelEnerji.-Reuters

Iraq to honour Kurdishproduction-sharing

deals-report

DHAKA: Angry investorstook to the streets of theBangladeshi capital on Sundayafter the stock exchange suf-fered another dramatic fall, thelatest of a series of collapsesthat forced halts in trading sev-eral times last month.

The benchmark Dhaka StockExchange index shed 5.7 percent on Sunday, the first work-ing day of the week in theoverwhelmingly Muslimcountry, following a 2.5 percent slide on Thursday.

Hundreds of disgruntledinvestors demonstrated andchanted slogans outside thestock exchange building, halt-ing traffic for several hours inthe financial district, witnessessaid.

"I invested all my savings inthe share markets, but havelost everything. Now I am apauper," a sobbing smallinvestor said.

Share prices nearly doubledin 2010, encouraging a streamof new investors to enter themarkets, but have crumbledsince late last year after themarket regulator and the cen-tral bank took measures tocalm trading, prompting fre-quent violent protests.

The number of individualinvestors has risen to 3.3 mil-lion from fewer than 500,000in 2006. Many small investorstook out large loans to investin shares at a time when theweakness of the economymade shares look an attractiveinvestment.

"We are trying our best tobring back stability to thestock markets," FinanceMinister Abul Maal AbdulMuhith said.

The government has orderedthe listing of 26 state-ownedcompanies in an effort toincrease the supply of shares.

The minister on Sunday askedthe heads of these companiesto list their shares within ashort time or quit. But he didnot specify a timeframe for thelisting.

One stockbroker said a slidein confidence had led to panicselling by retail investors,while banks and other institu-tions had remained inactive.

Banks, some of which hadinvested 75 per cent of theirdeposits in the stock marketagainst a cap of 10 per cent inthe past, recently held back onfurther investments.

The benchmark Dhaka indexhas lost more than 24 per centsince Dec. 5, when it hit a highof 8,918.51 points.

A government-appointedcommittee is investigating therecent series of plunges inshare prices and will submit itsreport within two months.-Reuters

Bangladeshisprotest over another

big market fallMUNICH: The president ofAfghanistan said on Sundayhe would announce the startof a process to transferresponsibility for security toAfghan forces from interna-tional forces on March 21.

NATO agreed withPresident Hamid Karzai at asummit in November to beginthe handover to Afghan forcesthis year with the aim of com-pleting the transition by theend of 2014.

The Western militaryalliance has said it hopes tolaunch the process, which isaimed at a gradual reductionof the 150,000 foreign troopsin the country, next month.

Karzai told an internationalsecurity conference inMunich that the Afghan gov-ernment was determined toshow leadership, adding: "Iwill announce the first phaseof transition on the AfghanNew Year, which is the 21st ofMarch."

Karzai said this had beenmade possible by a big effortto boost the size of the Afghansecurity forces.

NATO has stressed thattransition will be gradual,conducted district by districtand province by province, andwill depend on security condi-tions.

NATO initially planned tostart the handover at the endof last year. But this was ham-pered by slow progress inbuilding up Afghan forces andby an increase in insurgentviolence, which hit its worstlevels since the overthrow ofthe Taliban in 2001.SURVEY FUELS DOUBTS

Doubts over the transitionprocess were underscored onThursday by a survey thatshowed Afghanistan's policeforce is only slightly morepopular than the Taliban in theinsurgent heartlands of thesouth.

Results of the U.N.-com-missioned survey portrayed apolice force widely viewed byAfghans as corrupt and show-ing favouritism towards peo-ple based on personal connec-tions.

The findings were a blow toWestern efforts to extend thereach of the central govern-ment and its security forces toareas under the sway of a par-allel Taliban authority, partic-ularly in the south which hasborne the brunt of NATO andUS military operations todrive back the Islamist insur-gents.

In Munich, Karzai repeatedcomplaints that what he calls"parallel structures" -- private

foreign security firms protect-ing international interests andProvincial ReconstructionTeams run by foreign militarycontingents -- were hamper-ing efforts to expand theinfluence of the Afghan gov-ernment.

He said there should be asimilar transfer of the rolesalongside the overall securityhandover.

Karzai further said interna-tional backers of Afghanistanmust stick to promises tochannel a greater per centageof financial assistancethrough the Afghan govern-ment.

NATO's top commander,Admiral James Stavridis, toldthe conference the allianceagreed with Karzai on abroader handover as Afghancapabilities improved. "Ithink we are going to seeincreased Afghan responsibil-ity across the board."

Stavridis and US UnderSecretary for DefenceMichele Flournoy bothexpressed guarded optimismabout progress in the battleagainst militants.

Stavridis said the gains wereboth "fragile" and"reversible" but "I am cau-tiously optimistic that we areon a good track."-Reuters

Karzai to announceAfghan handover

start March 21

Thai andCambodia

troops clashagain on dis-puted borderBANGKOK: Thai andCambodian soldiers fought withrockets, guns and tanks onSunday in a third day of clashesover disputed territory surround-ing a 900-year-old Hindu temple,the area's worst fighting in years.

Tracer bullets cut through thedark and shelling could beheard from a 4.6-sq-km (two-sq-mile) contested area aroundthe 11th-centuryPreah Viheartemple on a jungle-clad escarp-ment claimed by bothSoutheast Asian neighbours,witnesses said.

The heaviest fighting sub-sided after about three hours butsporadic gunfire was heard intothe night. A Kantaralak districthospital inThailand's Sri Sa Ketprovince said 10 soldiers andtwo villagers were wounded.

At least 2,500 people fled vil-lages on the Thai side of theborder and hundreds ofCambodians were evacuated, asThailand brought in moretroops and armoured vehicles,according to witnesses and localauthorities in both countries.

"At this point, the cease-firehas not been achieved. We arenegotiating on all levels butmeanwhile we have to respondand defend ourselves," saidThai army spokesman ColonelSansern Kaewkamnerd, accus-ing Cambodian troops of firingfirst.-Reuters

Torrentialrain in

Sri Lankakills 11

COLOMBO: Heavy rain trig-gered flooding in Sri Lankathat killed at least 11 peopleand is threatening up to 90 percent of the staple rice crop,heightening concern aboutsupply shocks and inflation,officials said on Sunday.

Heavy monsoon rain causedflooding across the Eastern,Northern and North Centralprovinces for the second timein less than a month. Morethan 250,000 people have beenforced into temporary sheltersby this latest inundation.

"A large amount isdestroyed. More than 90 percent of the crop will bedestroyed this time, "Agriculture Minister MahindaYapa Abeywardene toldReuters, referring to the ricecrop.

"There is no other optionthan replanting."

Sri Lanka cultivates 570,000hectares (1.4 million acres) ofpaddy twice a year, and anoth-er 100,000 hectares (250,000acres) has been added in theformer war zone in theNorthern and Easternprovinces, the governmentsays.

January's floods killed morethan 40 people and forced asmany as 325,000 from theirhomes and the AgricultureMinistry had said that at least21 per cent of the rice cropwas destroyed.

Sri Lanka has maintainedlow inflation since May 2009,when a three-decade war withTamil Tiger separatists ended,mainly because of higher foodsupplies coming from theNorthern and EasternProvinces where fighting tookplace.

Flooding and displacementsare common in Sri Lanka,where a southern monsoonbatters the island betweenMay and September, and anortheastern monsoon runsfrom December to February.-Reuters

UBS cutsbonus poolfor 2010 to$4.5 billion

ZURICH: Swiss bank UBSAG will pay out less money inform of bonuses in 2010 than inthe previous year, Swiss week-ly Sonntag reported on Sunday.

UBS's total bonus pool for itssome 65,000 employees wouldamount to 4.3 billion Swissfrancs (2.7 billion pounds),compared with 4.8 billion for2009, the paper said.

One reason for the loweramount was that UBS raised thefixed part of employees'salaries by 10 to 20 per cent, inline with practice at otherbanks, the paper said.

UBS spokesman PeterHartmeier declined to commenton the numbers and said thebank would provide detailsabout its salary system when itpublishes full-year results onTuesday.

Analysts expect the bank topost a net profit of 7.4 billionfrancs for 2010.

The Wall Street Journalreported on Friday UBS execu-tives were concerned that pend-ing bonuses will be inadequateto retain top talent at the Swissbank, one of the hardest hit dur-ing the financial crisis.

Like other global banks, UBShas to comply with stricter reg-ulation of salary systems andcan only pay out a certain shareof bonuses immediately. Part ofany bonus has to be retainedand payout depend on a bank'sfuture performance.

UBS has worked to rebuildthe investment bank run byCarsten Kengeter, whose 13.9million franc bonus for 2009was unpopular in Switzerlandwhen the bank reported a netloss in the same year. ChiefExecutive Oswald Gruebeldeclined a bonus in 2009.

The bank's management alsofaces internal criticism over itsemployee appraisal system, twoother Sunday papers said..-Reuters

He also cautioned that not paying attention to the other streamsof the program, which included such important segments asConstitutionalism, Human Rights and the Rule of Law, Corporateand Commercial Law, the Judiciary and Legal Profession,Contemporary Legal Issues, would render the conference defi-cient in its essential aspects, on account of their vital role theyplay in the present day scenario.

Continued from page 1No #3

Talking exclusively to Online, AG FIA Islamabad, Ghulam AsgharJatoi said that the forensic test of Blackberry phones has been com-pleted and a report also made comprised incoming and out-goingcalls which would be presented before the court today. -Online


South Asia, today, was witnessing vibrant democracies at work.The formulation of SAARC Democracy Charter was an importantachievement. SAARC Standing Committee is meeting inThimphu, Bhutan and will be followed by the Meeting of SAARCCouncil Ministers.-NNI


Moreover, mutual funds and banks also net ejected $4.46 mil-lion and $0.63 million respectively.


officials they can not clear imported cars without issuance of SRO.It is pertinent to mention here that prices of used cars have shot upin the local market of Japan after sudden surge in demand fromPakistani buyers following relaxations in import regime.-Agencies


The Commonwealth Lawyers Association (CLA) is a pro-fessional association of lawyers from across the common-wealth whose aim is to ensure an independent and efficientlegal profession to serve the people of the commonwealth inaddition to protecting and safeguarding respect for the rule oflaw. -Online

CAIRO: A young anti-government protester with the Egyptian flag painted on his face sitsinside a burnt out vehicle at Tahrir Square.-Reuters

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CAIRO: Egyptian Vice President OmarSuleiman held talks Sunday with oppositiongroups including the officially bannedMuslim Brotherhood to try to find a way outof the country's worst crisis in decades.

Footage broadcast by state televisionshowed Suleiman chairing the meeting atgovernment offices in central Cairo. Behindhim hung a portrait of President HosniMubarak, whose three-decade rule the oppo-sition wants to end.

The talks marked Suleiman's first publiclyannounced meeting with Brotherhood mem-bers since Mubarak appointed him vice pres-ident last month.

Participants also included members of sec-ular opposition parties, a representative ofopposition figure Mohamed ElBaradei andindependents such as business tycoon NaguibSawiris. Mubarak, 82, is refusing to stepdown, leaving his administration in a standoffwith thousands of protesters who have set upcamp in central Cairo.

Suleiman -- Egypt's long-time intelligence

chief -- appears publicly at least to be ever moreat the heart of mapping the nation's future.

He also met youth representatives of theprotesters. He praised their peaceful demon-stration and urged them to go home to helpthe country return to work, according toReuters' television footage of their meeting.

Mubarak has said he will step down inSeptember when his current presidential termends. He has promised constitutional reformin the meantime.

Many of the opposition parties, includingthe Brotherhood, had said they would notmeet any government representatives beforehe left power. The Brotherhood said onSaturday it had the right to abandon talks ifthey were not going anywhere.

Rashad Bayoumi, a senior Brotherhoodmember, spoke of "a positive atmosphere",during an interview with Al Arabiya televi-sion. Suleiman urged the Brotherhood lastweek to join the dialogue, calling it a valu-able opportunity for the group which has sur-vived decades of state efforts to crush it.

On Saturday, Suleiman met prominentindependent and mainstream opposition fig-ures to go through possible options for a tran-sition of power.

The group calling themselves "The Councilof Wise Men", have proposed a compromisewhereby Mubarak signs over his powers toSuleiman but remains in office in a ceremo-nial capacity. Furthermore, Egypt's govern-ment tried to get the nation back to workSunday and people queued in Cairo whenbanks opened for the first time in a week asprotests to force President Hosni Mubarak toquit entered their 13th day.

Demonstrators camped out in Cairo's TahrirSquare, which has become an epicenter forprotest, vowed to intensify their battle to oustMubarak but the 82-year-old president hassaid he will stay until September electionsbecause the alternative is chaos.

With some Egyptians keen for a return tonormal after unrest that the United Nationssays killed 300 people, the government haswarned of the damage to political stability

and the economy."We want people to go back to work and to

get paid, and life to get back to normal," armycommander Hassan al-Roweny said.

The Egyptian pound opened weaker againstthe US. dollar after the week-long bank clo-sure. "The pound started off down as widelyexpected, but not with the magnitude onewould have thought," one trader said.

The United States, Egypt's ally which pro-vides the army with $1.3 billion annually, hasadvocated the need for gradual change and polit-ical talks between the government and opposi-tion groups on an orderly handover of power.

Many shops have been closed during 12days of protests and banks have been shut,making it hard for Egyptians to stock up onbasic goods. Some prices have been pushedup, and economic growth, which was runningat 6 percent, is expected to suffer.

More than one million visitors, in Egypt forthe beaches, the pyramids and to see artefactsfrom its ancient civilization, have fled thetumult which will seriously dent the nation's

important tourist sector.Outside banks, long lines of Egyptians

queued at ATMs to withdraw cash from theiraccounts. Bank employees, who streamed into work for the first time in days, took lists ofnames to deal with inquiries and try to pre-vent chaos.

The central bank stated it has sufficientreserves to deal with any outflows, whichcould hit $8 billion in two weeks, the gover-nor said, adding that Egypt had handled big-ger outflows. The stock exchange is stillclosed because of the uncertainty.

With signs of economic life starting toresume and political concessions from thegovernment to the reform movement, somebelieve opposition to Mubarak's rule couldstart to melt away.

Youths who used the Internet to mobilizemass support for change remain undeterred.ElBaradei said there was a "hard core" whowould refuse to give up their protest in TahrirSquare and other places around Egypt untilMubarak steps down. -Agencies

Opposition says yes to Egypt reform-talk

SDF to give$100mn forurea import

ISLAMABAD: The SaudiDevelopment Fund (SDF)would provide $100 millionto the country for the importof Urea from Saudi Arabia.

Saudi Development Fundsinged a Finance Agreementto Export Urea for the pro-duction of Saudi ArabianBasic Industries Corporation(SABIC) to Pakistan.

The agreement was signedby Sibtain Fazal Haleem,Secretary Finance Affairsand Engineer Yousef IbrahimAl-Bassam, Vice Chairmanand Managing Director.

The agreement comes with-in the framework of theefforts made by the Fund topromote trade and economicrelations between SaudiArabia and Pakistan. -APP

19-point agenda

Raja Riazannounces

sit-inLAHORE: Punjab SeniorMinister and PPP leader RajaRiaz has announced sit-in andhunger strike today (Monday)after no positive response of thePML-N about the PPP 19-pointagenda.

According to media reports,Raja Riaz said that the PPP hasnot yet received any responseof its letter wrote to PML-NQuaid Nawaz Sharif about the19-point agenda.

He said that the PPP was giv-ing deadline to the PML-Nfrom Monday that the PPP oneprovincial minister and MPAwould stage sit-in and hungerstrike outside Punjab Assemblydaily for one hour if the PML-N does not make positiveprogress about 19-point agen-da. -Online

Davis shooting

Widowcommitssuicide

LAHORE: The widow of oneof the deceased shot dead by theUS citizen, Raymond Daviscommitted suicide by takingpoisonous pills, a private televi-sion channel reported Sunday.

The report said Shamailawidow of Faheem took poison-ous pills and was shifted toAllied Hospital, Faisalabad incritical condition.

The doctor tried their best tosave her life but she expired.

The report citing sources said,"Shamaila had stated that shewas committing suicide becauseshe was not expecting justice inRaymond Davis case".

On the other hand, the brotherof Faheem said that the body ofShamaila was not handed overto the family despite theirprotest.

After Shamaila's death, heavycontingent of police surroundedAllied Hospital and evacuatedthe ward whereas, Elite Forcewere deployed near the maingate of the hospital.-NNI

DEEN PUR: Senior ProvincialMinister, Pir Mazhar-ul HaqSunday hinted for rightsizing ofSindh Cabinet following thedownsizing of Federal Cabinet.

Addressing the public gather-ing and journalist in Deen Pur, heclaimed Sindh Government istaking action against corrupt anddishonest officers in EducationDepartment and said such cul-prits must have to face the music.

He said government hasdirected the EducationDepartment for ensuring thestrict action against ghost teach-ers whereas government willstrictly punish those officialswho will not act against suchculprits. He said upgrading theeducation system is the top pri-ority of our government.

Talking about the breaches ofdifferent bands including ToriBand, he said federal govern-ment has approved the funds forfilling the breaches, which gov-

ernment would soon release.Sindh government will work onemergency basis once the fundsare released, he said claimingthat we will complete it beforethe next rainy season approaches.

He said democracy has beenstrengthened due to reconciliato-ry policies of Asif Ali Zardariand assuring the solidarity of theparty he was of the view we areworking even harder forstrengthening it after the respon-sibilities have fallen on the shoul-ders of Bilawal Bhutto Zardari.

On arrival of provincial minis-ter in Deen Pur, Junior SchoolTeachers (JST) held protestagainst the EducationDepartment for not disbursingtheir salaries from the last 11months. Pir Mazhar ul Haq,while taking the notice, directedto release their salaries intimi-dating to suspend the concerningauthorities if issue remainedunsolved. -Agencies

Axe loomslarge over

Sindh Cabinet

ISLAMABAD: Pakistanreiterated that India alwayspromoted the propagationagainst Pakistan for sponsor-ing terrorism but fact is thatit never has provided theinvestigation report ofSamjhota Express Tragedy toIslamabad.

These views wereexpressed by Foreign OfficeSpokesman, Abdul Basitwhile talking to state mediahere on Sunday.

"India neither has disclosedthe facts about Samjhota

Express Tragedy where livesof 42 Pakistanis wereclaimed and four years hav-ing being passed, nor hasprovided Islamabad withinvestigation report", AbdulBasit said.

He said Pakistan isunaware that when IndianGovernment will arrest theculprits and when justicemight be assured to 68 fami-lies of deceased 42Pakistanis.

How Indian authorities aredealing with this case, it is

less likely that faces of realculprits will remain undis-closed, as it doesn't seem ifthey have enough courage totackle with Indian extremistsholding links with some ofthe top Indian Army officials.

He stressed that India mustremove the differencesbetween its ground realitiesand proclamations.

He also urged that Indiawill focus on improving itsties with neighboring coun-tries instead of propagatingagainst Pakistan. -Online

India closelipped onSamjhota probe: FO

KUWAIT: Global oil pricescould exceed $110 a barrel ifpolitical unrest in Egypt con-tinues, a member of Kuwait'sSupreme Petroleum Councilsaid on Sunday.

Oil prices have spiked dueto tension in Egypt. Brentcrude hit $100 per barrel forthe first time since 2008 onfears instability could spreadthrough the Middle East,which together with NorthAfrica pumps over a third ofthe world's oil.

"I expect oil prices to reach$110 during the first half of2011, however, it could goabove that level if Egypt'scurrent crisis continues,"Imad al-Atiqi, a member ofthe OPEC member's highestoil policy body, told Reutersin a telephone interview.

"A huge amount of oil pass-es through the Suez Canal andthe country's stability is

essential for the Middle East'sstability, particularly Israel,"he said.

Egypt is a small oil and gasexporter and the main dangerof the unrest is seen as theclosure of the Suez Canal orthe Suez-Mediterranean(SUMED) oil pipeline whichpasses near Cairo.

The canal ships 1.5 millionbarrels per day (bpd) of crudeand the pipeline carries 1 mil-lion bpd. Together theyaccount for nearly 3 percentof daily global oil demand.

On Thursday, Egypt's PrimeMinister Ahmed Shafiq saidthe Suez Canal was operatingnormally despite the unrest.

Some oil-focused bankersand fund managers say thateven if unrest in Egypt cutsflows along the strategicpipeline and the Suez Canal,the oil price spike would like-ly be short-lived and flows

would resume quickly,regardless of whoever is inpower.

OPEC members are com-fortable with an oil priceranging between $90 to $100a barrel, Atiqi said, adding thegroup could meet before theirscheduled meeting in June ifprices continued rising quick-ly above $110 a barrel.

OPEC ministers and con-sumers will discuss oil outputpolicy on the sidelines of aninternational energy confer-ence in Saudi Arabia onFebruary 22, but a formaldecision there was unlikely,the OPEC secretary generalhad said.

OPEC says it has sparecapacity of 6 million barrelsto meet lost output but woulddo it only when it sees a short-age in the market rather thanspeculator-driven rallies. -Reuters

Cairo chaos maypush oil above $110

LAHORE: Prime MinisterSyed Yousuf Raza Gilani hassaid the re-sizing of federalcabinet is currently in consul-tation process.

Talking to a nine-memberjournalists delegation hereSunday, he said the ministers'performance is not the onlycriterion to re-size the federalcabinet, as other aspectsincluding constitutional pro-visions, budgetary constraintsas well as coalition partners'share is also kept very muchin view.

He also made it clear thatrelieving of a minister doesn'tmean that his/her performanceis not satisfactory.

To a question, he said thataccording to constitution, fed-eral cabinet consists of 11 percent of the parliamentarianswith five per cent representa-tion from the Senate, addingthat they can resolve adminis-trative and other matters in thisregard at their own, however,they will move jointly on thelegislative matters such as re-constitution of the ElectionCommission.

All the coalition partners, hesaid, are being consulted andtaken into confidence on cabi-net issue.

To another question, thePrime Minister said that theydo not believe in 'deadline' inthe politics, saying: "We (thepoliticians) are friends and notthe masters of each others, andour coalition partners canapproach us for any matter of

national interest."He added that they had

accepted Nawaz Sharif's 10-point agenda after reviewing itthoroughly, and nobodyshould doubt on our sincerityto pull the country out of eco-nomic crises.

For the first time inPakistan's history, he said, allthe politician, while settingaside their party affiliation andpatty differences, are united onall the matters of nationalimportance including politicalstability, supremacy of the con-stitution and parliament, andstrengthening of democracy.

About Raymond Davis, thePremier said that it is a verysensitive issue, which shouldbe resolved with maturity,adding, since the matter is subjudice so everybody should becareful about it, as Pakistanisare a responsible nation.

While, the foreign countriesare approaching Pakistan gov-ernment in this regard throughdiplomatic and congressionalchannels, a proper way to set-tle down an issue amicably, hesaid, adding, we have advisedthem to contact the country'scourt as today our courts areworking with great freedom.

To a journalist's query,Gilani said that Pakistan'seconomy is now improvingand this fact can be welljudged from the facts thatexport ratio is doubled fromthat of last year; foreignreserves are all time high andnow stands at $ 17.5 billion;

stock exchange has jumped upfrom 5500 to 12500 points; theforeign remittances are almostdoubled; food security of 75percent country's populationliving in rural areas has beenensured and the growers aregetting prices of their agri-pro-duces according to internation-al market.

There was acute shortage ofwheat-flour in the country,when PPP had come intopower, but today Pakistan isexporting wheat despite theworst flood calamity thataffected 20 million people andmillions of acres fertile lands.

The Prime Minister, howev-er, stressed the need for enlarg-ing the tax base by discourag-ing the tendency of tax evad-ing and non-declaring of assetsby individuals.

The tax evading tendency inPakistan has concerned theinternational community,which argues that how theycan provide their taxpayers'money as assistance toPakistan, while its own peopledo not pay the tax, he main-tained.

To a query, he said that yes,there are some vested interestsand their lobbies workingagainst the promotion of taxculture in Pakistan, and wehave been in dialogue withleadership of all the politicalparties including PML-N,PML-Q, MQM, ANP, JUI andof the Fata to find ways andmeans to effectively end eco-nomic crisis. -Agencies

Election Commission will also be reshaped

Cabinet resizingunder review: PM

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Senator Mian Raza Rabbani who calleed on hin at

PM’s House-Online

'India should focus to improve ties with Pak'

Govt asks people to return to work as protests hitting economy badly

Documents

The Financial Daily-Epaper-07-02-2011