thefinancialdaily-epaper-12-07-2011

International

Govt committed to protect citizens: President See on Page 12

Expats remit $11bn in FY11, NA panel told See on Page 12

MQM record its worries thru talks: Malik See on Page 12

Crude Oil (brent)$/bbl 118.33

Crude Oil (WTI)$/bbl 96.20

Cotton $/lb 113.88

Gold $/ozs 1,541.60

Silver $/ozs 36.54

Malaysian Palm $ 1,023

GOLD (NCEL) PKR 42,436

KHI Cotton 40Kg PKR 7,288

Yearly(Jul, 2011 up to 8-Jul-2011)

Monthly(Jun, 2011 up to 8-Jul-2011)

Daily (8-Jul-2011)

Total Portfolio Invest (25-Jun-2011)

1.85

1.85

0.79

2822

-0.14

0.27

0.00

-0.68

0.04

0.51

0.01

SCRA(U.S $ in million)

Portfolio Investment

FIPI (8-Jul-2011)

Local Companies (8-Jul-2011)

Banks / DFI (8-Jul-2011)

Mutual Funds (8-Jul-2011)

NBFC (8-Jul-2011)

Local Investors (8-Jul-2011)

Other Organization (8-Jul-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (02-July-11)

Inflation CPI% (Jul 10-Jun 11)

Exports (Jul 10-May 11)

Imports (Jul 10 - May 11)

Trade Balance (Jul 10 - May 11)

Current A/C (Jul 10- May 11)

Remittances (Jul 10 - May 11)

Foreign Invest (Jul 10-May 11)

Revenue (Jul 10-Jun 11)

Foreign Debt (Mar 11)

Domestic Debt (May 11)

Repatriated Profit (Jul- Apr 11)

LSM Growth (Apr 11)

GDP Growth FY10EPer Capita Income FY10Population

$18.25bn

13.92%

$22.45bn

$36.55bn

$(14.11)bn

$205mn

$10.10bn

$1.74bn

Rs 1598bn

$59.54bn

Rs 5873bn

$725mn

0.88%

4.10%

$1,051

176.57mn

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

19.31

2.00

1.70

11.25

PKR/Shares

111.55

165.69

42.90

36.47

38.61

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor (9 Mths)

Kibor (1 Yr)

P.I.B (3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

29-Jun-2011

29-Jun-2011

29-Jun-2011

20-May-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

09-Jul-2011

13.49%

13.74%

13.91%

14.00%

13.64%

13.55%

13.79%

14.13%

14.23%

13.97%

14.02%

14.06%

14.25%

14.34%

14.46%

Money Market Update

Index Close Change

KSE 100 12390.12 51.28

Nikkei 225 10137.73 66.59

Hang Seng 22726.43 196.25

Sensex 30 18858.04 220.26

SSE COMP. 2797.77 3.51

FTSE 100 5990.58 63.97

Dow Jones 12657.20 62.29

Global Indices

Symbols Buy (Rs) Sell (Rs)

Australian $ 91.85 92.85

Canadian $ 88.60 89.60

Danish Krone 16.15 16.55

Euro 122.60 123.80

Hong Kong $ 10.60 11.10

Japanese Yen 1.041 1.067

Saudi Riyal 22.85 23.05

Singapore $ 69.80 70.80

Swedish Korona 13.20 13.50

Swiss Franc 97.80 98.80

U.A.E Dirham 23.35 23.55

UK Pound 137.80 139.00

US $ 86.00 86.30

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 92.07 92.28

Canadian $ 89.14 89.35

Danish Krone 16.38 16.42

Euro 122.03 122.32

Hong Kong $ 11.00 11.02

Japanese Yen 1.054 1.057

Saudi Riyal 22.83 22.88

Singapore $ 70.12 70.29

Swedish Korona 13.42 13.45

Swiss Franc 102.26 102.50

U.A.E Dirham 23.31 23.36

UK Pound 137.34 137.66

US $ 85.81 85.99

Inter-Bank Currency Rates

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Cities Max-Temp Min-Temp

Islamabad 35°C 20°C

Karachi 35°C 29°C

Lahore 33°C 29°C

Faisalabad 34°C 30°C

Quetta 37°C 15°C

Rawalpindi 36°C 20°C

Weather Forecast

Karachi, Tuesday, July 12, 2011, Shaban-ul-Muazzam 9, Price Rs12 Pages 12

Pakistan can produce 6.7million tonne sugar: Fahim

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani hassaid that high populationgrowth rate was underminingcountry's economic progressand called for steps to check itto increase availability of goodsand services for the people.

Addressing a function mark-ing the World Population Daythe Premier said it was veryimportant to plan and balancepopulation growth with coun-try's resources, equitably andprudently. Pakistan was thesixth most populous country inthe world with the highest pop-ulation growth rate at 2.03 percent among the Saarc countries,resulting in annual addition of3.6 million people, he said,adding that, it was projected toreach 210.13 million by theyear 2020, and would double innext 34 years.

Gilani said at the same time,socio-economic gains alreadyaccomplished, were largelydiluted by the increase in popu-lation. He said it has allowedlittle progress in the field ofsocial services such as food,security, health, education,housing, energy, transport,clean water and proper sanita-tion etc.

He said if the population

grows faster than economicdevelopment, the countrywould never be able to meetpeople's needs for economicand social services and everyone will suffer especially thepoorest.

"Arresting the populationgrowth rate will, therefore,serve the twin objectives ofincreasing the nation's capacityto save and invest and simulta-neously improve the per capitaavailability of goods and socialservices," he said. He said itwas possible to invest wiselyeven within the scarceresources, in right type of jobsand educational facilities.

"We know that these invest-ments will produce returns thatwill double or triple, with thepassage of time." He pledged tocreate opportunities foremployment for both youngmen and women, and also toensure that they have the skillsto match these jobs.

Gilani said fewer childrenand better spaced families werea key to good health. The healthsector especially the depart-ments of health and the ladyhealth worker program, werebest placed to deliver birthspacing services as it has thegreater spread of services, the

mandate and the know-how.He said both in the public and

the private sector birth spacingservices would be provided freeof cost throughout the country,through all levels of healthfacilities or on nominalcharges. "Only then we will beable to increase access to birthspacing services," he said.

He said the young populationwas in search of positiveavenues and said opportunitieswould be provided to them.Gilani said the country has thepotential for another turn-around by giving its young girlsand women a chance of realiz-ing their full potential, andadded "we know that womenchange the fate of families andof nations, once given theopportunity."

Gilani called for usingnational resources strategicallyand thoughtfully to immediate-ly start planning for the currentneeds of the youthful popula-tion and to the emerging needsof the 60 million children whoare within the 0-15 years age-group.

The Prime Minister said hewould take this debate to par-liament to discuss a vision forthe future of Pakistan's

See # 1 Page 11

Soaring populationaffecting GDP

growth: PM

Gilani urges PPP workers to promote govt policies

ISLAMABAD: SpeakerNational Assembly, DrFehmida Mirza on Mondaysaid the recent secretaries'level meeting betweenPakistan and India yieldedencouraging results as dia-logue was the only way for-ward in improving bilateralties.

She was talking to MadamMeira Kumar, Speaker ofIndian Lok Sabha in a meet-ing held in Sansad Bhavan.Both the speakers discussedissues of mutual interest.

Dr Fehmida stressed theneed for enhanced parlia-mentary interaction betweenPakistan and India forbuilding bridges of under-standing and friendshipbetween the two countries,said a message receivedhere from Indian CapitalNew Delhi.

The Speaker believed thatfrequent parliamentary inter-actions would be helpful inaddressing various issuesbetween the two countries.

Dr Fehmida Mirza, who ison an official visit to India,said, "Though terrorism andviolence is a common threatto all of us, however,Pakistan has suffered mostas more than 30,000 of itscivilian population and5,000 personnel of lawenforcement agencies havelost their lives in combatingterrorism."

Both the countries willshare their experiences invarious fields to meet thechallenges by exploiting theuntapped potential, shehoped.

Referring to the Mumbaiincident, Dr Fehmida Mirzasaid Pakistan too had its con-cerns on the SamjhotaExpress incident.

She also extended invita-tion to Madam Meira Kumarto attend 7th WomenSpeakers' Conference to beheld in Pakistan fromNovember 15-17 this year.

Welcoming Dr Fehmida,the Speaker Lok Sabha said

that relationship betweenPakistan and India were notconfined to politics and tradealone, rather those were alsobased on emotional and cul-tural grounds.

She informed her Pakistanicounterpart that India hadalso formed India-PakistanParliamentary FriendshipGroup following Pakistan'spattern.

She was confident thatinteraction between parlia-mentarians of both the coun-tries would yield positiveresults.

Later, Dr Fehmida alsoheld separate meetings withSpeakers of other Saarccountries including SriLanka, Bangladesh andAfghanistan.

During the meetings, theyexchanged views on issue ofmutual interests, particularlyin the context of SaarcSpeaker and ParliamentaryForum for strengthening tiesamong the parliaments ofSaarc countries. - APP

Dialogue termed onlyway for Pak-India ties

Pak, India parliamentary bosses meet

Ahmed Siddique

KARACHI: Total bankdeposits in the second quarterof current year (2QCY11 -April to June), increased by10.1 per cent quarter on quar-ter basis (QoQ) to Rs5.59 tril-lion as compared to Rs5.08trillion at the end of previousquarter (1QCY11- Jan toMar).

State Bank of Pakistan hasreleased the combined bal-ance sheet of all scheduledbanks in Pakistan as of June30, 2011 which was the lastweekend of the outgoing year.

Collectively, in the first halfof the calendar year(1HCY11) the depositssurged by 9.3 per cent ascompare to same period oflast year

In sharp contrast to thedeposit performance, grossadvances also showed mar-ginal growth of 0.8 per cent toRs3.50 trillion on June 30,2011 against Rs3.48 trillionin 1QCY11.

However, provisioninggrew by 2.2 per cent to Rs366billion versus Rs358 billionin 1QCY11. That's why netadvances steadily up by 0.6per cent to Rs3.14 trillionfrom Rs3.11 trillion duringthe period.

Cumulative Advances toDeposit Ratio (ADR) of allscheduled banks reduced to62.6 per cent on June 30,2011 versus. 68.4 per cent inthe preceding quarter of thisyear (1QCY11).

Likewise, total investmentsof all scheduled banks in the

second quarter of current year(April to June) surged by 15.7per cent QoQ to Rs2.54 tril-lion as compared to Rs2.20trillion at the end of firstquarter of current year.

The deteriorating quality ofassets and high interest ratescontinued to remain themajor concerns during thelast two years due to whichbanks preferred to grow theirinvestment portfolio ratherthan lending the money toborrowers. Furthermore, IDRratio surged to 45.5 per centfrom 43.3 per cent in1QCY11.

Moreover, overall balancesheet size of the sectorimproved by 8.4 per cent astotal assets reached Rs7.30trillion in 1QCY10 fromRs6.73 trillion at 1QCY11.

Bank deposits grow 10pc Investment up 15.7pc

ISLAMABAD: The decisionto suspend more than one-thirdof American military aid toPakistan could end up hurtingWashington more thanIslamabad as the US seeks tonavigate an end to the Afghanwar and defeat al Qaeda, for-mer Pakistani officials and ana-lysts warned Monday.

Holding back the $800 mil-lion in aid is unlikely to pres-sure Pakistan to increase coop-

eration with the US and couldstrengthen those in the govern-ment who argue thatWashington is a fickle ally whocan't be trusted, they said.

"If you still need the relation-ship, which clearly the UnitedStates does, then it really does-n't make sense to take action atthis time because it leaves theUnited States with less, notmore, influence with thePakistani military," said

Maleeha Lodhi, a formerPakistani ambassador to the US"Cooperation cannot becoerced by punitive actions."

Despite billions of dollars inAmerican aid since the attackson Sept. 11, 2001, the relation-ship has long been tensebecause of Pakistan's reluc-tance to target Taliban militantson its territory who stage cross-border attacks against Natotroops in Afghanistan.

The relationship took a nosedive on May 2 when US com-mandos staged a covert raid tokill al Qaeda chief Osama binLaden in a Pakistani garrisontown not far from Islamabad.The raid humiliated thePakistani military, whichordered US trainers out of thecountry and reduced bilateralcooperation.

The lack of trainers meansthat planned US equipment

cannot be put into service,which reduces some of theneeded aid. Also, about $300million from the trimmed aidwas intended to reimbursePakistan for the cost of deploy-ing troops along the Afghanborder.

But US officials claim thatPakistan has not lived up topledges to uproot and disruptTaliban militants and suspectedal Qaeda factions in the border

region.President Barrack Obama's

chief of staff, William Daley,said Sunday that the US wassuspending $800 million in aidto the Pakistani military untilthe two countries can patch uptheir relationship.

But Tariq Fatemi, anotherformer Pakistani ambassador tothe US, said he thought theAmerican strategy to pressure

See # 3 Page 11

Refusal to aid Pak seen weakening US sway US aid stoppage not to affect army operation: Pak official

KARACHI: SindhGovernment appointed com-missioner of Karachi divisionand deputy commissioners forfive districts of Karachi onMonday, as commissioneratesystem has been restored in theprovince.

The notification, issued fromCM House, stated that accord-ing to the Sindh RevenueOrdinance, Karachi divisionincluded district South, Malir,Central, East and West dis-tricts.

The provincial governmentappointed Muhammad HussainSyed as new commissioner ofKarachi division.

Kanwar Laghari has beenassigned as deputy commis-sioner of West district whileJamal Mustafa Qazi appointedas deputy commissioner ofSouth district, Jan MuhammadQazi as deputy commissionerof Malir district, Matanat Ali asdeputy commissioner ofCentral district and MushtaqAhmed appointed as deputycommissioner of East district.

Hyderabad has been given astatus of division and has beendivided into five districts.These districts includedHyderabad, Badin, Thatta,

Jamshoro and Dadu.Mirpurkhas division has been

divided into four districts thatincluded Mirpurkhas,Tharparkar, Umerkot andSanghar.

Districts of Sukkur divisionincluded Sukkur, Ghotki,Khairpur, Naushero Feroz anddistrict Benazirabad, whileLarkana division included dis-trict Larkana,Q a m b a r / S h a h d a d k o t ,Shikarpur, Jacobabad andKashmore.

Every division has beendivided into its old district for-mat as at the time of commis-sionerate system in placebefore Sindh LocalGovernment Ordinance 2001.

Another notification of theSindh Government stated thatDCOs appointed at divisionalheadquarters of Karachi,Larkana, Hyderabad,Mirpurkhas and Sukkur divi-sions would assume temporarycharge of the commissioner.

Meanwhile, MuttahidaQaumi Movement (MQM) hasrejected the revival of the com-missionerate system in Sindhby the government and decidedto challenge the decision incourts. - Online

Commissioners,DCs posted in Sindh

Back to magistracy Blasts hitarmy depot;

soldier killed ISLAMABAD: At least threeblasts ripped through aPakistan Army arms depot onthe outskirts of Islamabad onMonday, killing an army manand injuring three others.

The blasts, which occurred,around 10.30 am at the armsdepot in Sihala area which islocated nearly 20 km from thegarrison city of Rawalpindi.

The blasts dashed two build-ings to grounds, besides trig-gering a fire at Sihala armydepot on the highway near KokPul, Army troops andPolicemen cordoned off thearea and prevented people andthe media from approachingthe arms depot.

Rescue service and firebrigades managed to extinguishthe fire.

Police officials claimed theshort circuit was the reasonbehind the blasts. The dead andwounded were rushed to near-by hospitals No further detailswere immediately available.

Several government build-ings, including a Police trainingcentre are located in the Sihalaarea which is heavily guarded.Federal interior ministerRehman Malik also claimed

See # 2 Page 11

NEW DELHI: Smt Meira Kumar, Speaker LoK Sabha receiving Dr Fehmida Mirza, Speaker National

Assembly of Pakistan in Sansad Bhavan.-APP

See on Page 2

Tuesday, July 12, 20112

ISLAMABAD: Principal Mrs. Shagun Irfan distributing prizes among the position holder students during closing

ceremony of Scholympiad-11 four days Mega Event at The City School, Capital Campus on Sunday. APP

ISLAMABAD: A four-member del-egation of Ministry of Informationand Broadcasting left Pakistan forBeijing on a five-day official visit toChina to study state administeredradio, film, and television (SARFT).

The visit is part of the 60th yearcelebration of diplomatic relationsbetween Pakistan and China.

The delegation headed by ShahZaman Khan, Additional Secretary,during its stay in China, will studyresearch and development facilities,publicity and video creation poli-cies, laws and regulations; develop-ment of radio, film and televisionmanagement regulations, careerdevelopment planning and supervi-sion and management of radio, TVand satellite TV programs.

The delegation will also holdmeetings with Vice Minister of the

SARFT and the top management ofChina Central Television,Communication University ofChina, China Radio Internationaland Spokesman of the Ministry ofForeign Affairs, China.

In addition, the delegation willalso visit Shanghai Media Group,the new media industry site and willhold meetings with the top officialsof Shanghai MunicipalAdministration of Culture Radio andTV.

The knowledge so acquired by thePak delegation will be used to fur-ther improve the media environmentand to augment government's effortsfor the development and growth offree and fair media in the country.

The fully sponsored visit is under-taken at the invitation of Liu Jian,the Ambassador of China to

Pakistan.The members of the delegation

include Mobashshrah Nighat Bajwa,Director General, InformationServices Academy, Samina Parvez,Director General External Publicityand Faisal Ilyas, Assistant Director.

The State Administration of Radio,Film, and Television SARFT is anexecutive branch under the StateCouncil of the People's Republic ofChina. Its main task is the adminis-tration and supervision of state-owned enterprises engaged in the tel-evision, radio, and film industries.

It directly controls state-ownedenterprises at the national level suchas China Central Television, ChinaNational Radio, China RadioInternational, as well as movie andtelevision studios and other non-business organizations. -APP

Pak mediamen to learn China skills

Information Ministry delegation leaves for China

KARACHI: IGP Sindh,Wajid Ali Durrani hasordered special securitymeasures across theprovince during Shab-e-Baraat falling on the nightbetween 16th and 17th ofthis month.

According to a state-ment of Police HeadOffice issued here onSunday, the IGP directed

the high ups of the policeto keep a vigil and takeextra-ordinary measures toprevent any untowardincident in their respectivemeasures during that peri-od.

He asked the CCPOKarachi and RPOs ofHyderabad and Sukkurregion to ensure the safetyof people by deputing

extra-forces at all reli-gious places of congrega-tions including mosquesand Imambargahs whilevisitors at the graveyardsshould also be providedfull security.

Durrani also called forutilisation of all intelli-gence resources to tackleany act of sabotage duringthe period. -APP

Multi-layer security for Sindh ordered

Ministerurges tospeed up

pro-womenprojects

KARACHI: The pace ofthe projects run by the gov-ernment of Sindh andaimed at the welfare of thewomen should be speededup.

This was stressed by theSindh Minister for WomenDevelopment, TauqeerFatima Bhutto.

She was presiding over ameeting of senior officialin her office here onMonday. The Minister alsodirected that hindrance inthe way of running theBenazir Bhutto ShaheedYouth DevelopmentProgramme should beremoved.

She instructed that thetraining of the womenselected on the basis ofmerit should be startedimmediately and the let-ters in this regard beissued.

Tauqeer Fatima Bhuttoordered that the ShaheedBenazir BhuttoComplaint Centre ofHyderabad, Karachi andJacobabad be dissolvedand new committees beconstituted. -APP

KARACHI: Federal Law Minister,Maula Bux Chandio, has said that the pro-tection of lives and properties of the citi-zens is the prime duty of the government.

However, for this purpose, all the seg-ments of the society and the politicalforces will have to step forward and takeconcerted efforts for ensuring mainte-nance of peace in the society by pinpoint-ing the miscreants.

He said this in his message broadcast byRadio Pakistan with a special reference tothe need of establishing peace in Karachicity, where some areas remained affectedby violence by the miscreants since July5. The Minister stated that the enemies ofpeace are the enemies of the stability ofPakistan and the stability of Karachi is

necessary for the stability of economy ofthe country.

He said, we shall have to differentiatebetween our friends and foes so as to foilthe machinations of those who useKarachi for destabilising Pakistan.

The Federal Law Minister said that weshall have to work for the promotion andstability of democracy and democraticinstitutions for solving of all of our prob-lems, like other nations, which have suc-cessfully moved towards their political,democratic and economic stability.

He called upon the elders, intellectuals,political leaders and all others to joinhands and play their role in making thecity a citadel of peace and the countryprosperous. -APP

Minister urges all toplay role for peace

FUUAST Eveningexams from 12th

KARACHI: The Evening Programme examinations ofFederal Urdu University of Arts, Science andTechnology (FUUAST) will commence from July 12 atits Gulshan-e-Iqbal Camps here.

An official of the institution said here on Monday thatthe examination schedule is available at the respectiveteaching departments. The students have been directedto bring with then the admit cards. -APP

During Shab-e-Barat

SSUET IT

park projectKARACHI: Engr. YusufSiddiqui has been appoint-ed as the project directorfor the 200 acre land of theSir Syed University ofEngineering andTechnology (SSUET) atthe Education City here.

An announcement onMonday said that theappointed has been madeby the Chancellor ofSSUET, Z.A. Nizami.

It said that the appoint-ment was made at a meetingto review the progressachieved so in the projectwhich involves the establish-ment of an IT Park besides acampus for the University.

The SSUET was allottedthis land in the EducationCity project along withsome other reputed organi-zations like ZABIST, AghaKhan University etc.

The University has allocat-ed Rs 6.50 million in the2011-12 budget as it is expect-ed that the planning and paperwork will be completed soonwhere after the physical workwill be taken in hand. Theproject of IT Park is in theplanning stage and a numberof options were beingexplored by the experts. -APP

KARACHI: Muhammad Yousuf Adil Chairman APMF-Education Board presenting

crest to Arif Habib, the Chairman Arif Habib Investment at the YLDP session

at the National Museum.-Staff Photo

ISLAMABAD: President FPCCI Senator Haji Ghulam Ali talking to Federal

Minister for Law Maula Bux Chandio. -Online

Old edusystem restored

in Sindh: HaqKARACHI: SindhEducation Minister, PirMazhar ul Haq said that theold system has beenrestored at the SindhEducation Department.

He was presiding over ameeting of the official of theeducation Department hereon Monday. The Ministersaid that after the restorationof the CommissionerateSystem, instead ofExecutive District Officers(EDOs), the directorateswould function. He statedthat the office of theDirector General Collegeshas been abolished and nowthere will be Director ofColleges in every district.

Pir Mazhar said that theadministration of theschools of the educationDepartment would now bewith the Sindh government.He further stated that as partof the policy of the PPP noone would be made jobless.

The Minister said that thePPP believes in clean andprincipled politics. He fur-ther pointed out that PPPwould continue the politicsof reconciliation. -APP

ISLAMABAD: Pakistanhas the potential to pro-duce more than 6.5 mil-lion tonnes of sugar perannum and "we need toutilize our maximumresources by curtailing itsimport and increasingexport".

This has been stated bySenior Minister ofCommerce MakhdoomAmin Fahim in his mes-sage to the PakistanSociety of SugarTechnologists (PSST) forthe new Edition ofPakistan Sugar Book,2011.

The Minister commend-ed the work done for thepast 55 years.

He said that the largenumber of workshops,seminars and conventionsconducted by PSST forpromotion of sugarcaneagriculture and sugar

technology have beenvery useful.

He further said in viewof the changing globalscenario, the New YearBook can help the coun-try meet future chal-lenges.

Keeping in mind thesugar potential of thecountry to grow, the min-ister said the PSST wouldplay its role in introduc-ing new varieties of sug-arcane, which would con-tribute to the nationaleconomy.

The Minister congratu-lated and complimentedthe Pakistan Society ofSugar Technologists forits achievements andhoped that it would con-tinue to play their role ina positive manner.

It may be noted that thelast Sugar Year Book waspublished in 2006. -APP

Pakistan canproduce 6.7MTsugar: Fahim

MUMBAI: The Indian rupeeended down on Mondaydragged by the euro's weaknessagainst the dollar and weaklocal shares, with importerdemand for the greenback alsoweighing.

But continued dollar inflowsinto Indian equities prevented asharper fall, traders said.

The partially convertiblerupee ended at 44.4750/4850per dollar, 0.3 percent weakerthan Friday's close of44.325/335, after trading in a44.35-44.49 range intra-day.

"Weak equities, a strong dol-lar and importers' bidding keptthe rupee weak," said VikasChittiprolu, a senior forex deal-er with Andhra Bank.

The Indian unit is likely totrade in a 44.20-44.70 rangeduring the week, he added.

The euro fell on Monday onconcerns that the region's debtcrisis is spreading, as top EUfinance officials gathered foran emergency meeting in

Brussels, and the single curren-cy may be set for more losses.

The euro was at $1.4088 atthe close of domestic forextrade, while the index of thedollar against six major curren-cies was up 0.81 percent at75.789 points.

The euro was at $1.4255 atthe end of local currency tradeon Friday, while the dollarindex had been at 75.290points.

Foreign funds have pouredover $2.57 billion in local equi-ties over the last 12 sessionsuntil Friday, the latest datafrom the Securities andExchange Board of Indiashowed. In the currency futuresmarket, the most traded near-month dollar-rupee contractson the National StockExchange, the MCX-SX andthe United Stock Exchangewere at 44.6075, 44.6050 and44.6150, respectively. The totalvolume was at $9.74 billion. -Reuters

Indian rupee edges downon weak euro, local shares

3Tuesday, July 12, 2011

Currencies Rate

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A. 86.00 85.80 85.58

U.K. 137.68 137.36 136.98

EURO 122.10 121.81 121.45

CANADA 89.29 89.08 88.84

SWITZERLAND 102.60 102.36 102.09

AUSTRALIA 92.18 91.97 91.73

SWEDEN 13.40 13.37 13.34

JAPAN 1.06 1.06 1.06

NORWAY 15.81 15.77 15.73

SINGAPORE 70.41 70.25 70.06

DENMARK 16.37 16.33 16.29

SAUDI ARABIA 22.93 22.88 22.82

HONG KONG 11.05 11.02 10.99

KUWAIT 313.81 313.08 312.26

MALAYSIA 28.62 28.55 28.48

NEWZEALAND 71.84 71.67 71.48

QATAR 23.62 23.56 23.50

U.A.E. 23.41 23.36 23.30

KR WON 0.08 0.08 0.08

THAILAND 2.83 2.83 2.82

Name Bid Ask High Low

EUR-USD 1.4066 1.4069 1.4229 1.4029

USD-CHF 0.8345 0.8349 0.8387 0.8333

GBP-USD 1.5918 1.5922 1.6040 1.5888

USD-CAD 0.9672 0.9676 0.9693 0.9607

AUD-USD 1.0689 1.0692 1.0733 1.0671

EUR-JPY 113.10 113.14 114.75 112.74

EUR-GBP 0.8833 0.8836 0.8890 0.8798

EUR-CHF 1.1740 1.1744 1.1927 1.1697

GBP-JPY 128.03 128.12 129.40 127.83

CHF-JPY 96.35 96.41 96.59 96.15

Gold 1554.03 1554.71 1556.40 1541.50

As per 22.00 PST

Time Source Events Forecast Previous

4:01 GBP BRC Retail Sales Monitor y/y -2.1%

4:01 GBP RICS House Price Balance -24% -28%

4:50 JPY Tertiary Industry Activity m/m 0.8% 2.6%

4:50 JPY CGPI y/y 2.4% 2.2%

6:30 AUD NAB Business Confidence 6

Tentative JPY Monetary Policy Statement

Tentative JPY Overnight Call Rate <0.10% <0.10%

10:30 EUR French CPI m/m 0.1% 0.1%

11:00 EUR German Final CPI m/m 0.1% 0.1%

Tentative JPY BOJ Press Conference

12:30 GBP MPC Member Bean Speaks

Source Events Actual Forecast Previous

JPY M2 Money Stock y/y 2.9% 2.8% 2.7%

AUD Home Loans m/m 4.4% 4.6% 4.6%

JPY Household Confidence 35.3 35.7 34.2

JPY Prelim Machine Tool Orders y/y 53.3% 34.0%

EUR French Industrial Production m/m 2.0% 0.5% -0.5%

EUR ECOFIN Meetings

CAD Housing Starts 197K 182K 194K

CAD BOC Business Outlook Survey

USD President Obama Speaks

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 7/19/2011 9/8/2010 1%

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

Bank of Japan 7/12/2011 12/19/2008 0.10%

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

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

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

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, July 11,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: Fear that the euro-zone'sdebt crisis could spill over intoItalydrove the euro to a record lowagainst the Swiss franc on Monday aspolicy-makers tried to come up with aplan for a second round of Greek aid.

The currency also tumbled to a four-month low against the yen and a six-week trough against the dollar. AFinancial Times report that someEuropean leaders would consider let-ting Athens default on some of itsbonds added to market anxiety.

Fear that a default on Greek or othergovernment debt would ripple throughEurope's banks and put new strains onother countries' public finances hassparked heavy selling of Italian assetsin recent sessions.

The spread between yields on 10-yearItalian and German government debtwidened further on Monday. Italy is theeuro-zone's third-largest economy andafter Greece has the highest debt-to-output ratio among the 17 countries thatuse the euro.

"Italy would be a challenge thatmakes Greece look miniature by com-parison," said Karl Schamotta, seniorstrategist at Western Union BusinessSolutions in Calgary. "We have a wide-ranging contagion issue here -- or atleast the perception of one -- and that'smaking people very nervous."

The euro slidto $1.3984, itslowest in sixweeks. It waslast down 1.6percent at$1.4035, itsworst one-dayslide sinceJune 15.

Commerzbank said near-term targetsinclude $1.3968, the May 23rd low, and$1.3907, the 200-day moving average.

The European Union will releaseresults of new bank stress tests onFriday.

The euro also hit a four-month low of112.37 yen and a record low of 1.1672

Swiss francs.Investors see more gains ahead, par-

ticularly after the country's central bankchairman said prices were stable andthere was no reason to curb francstrength.

"We have been overweight Swissfranc versus euro for quite a while. This

is working out in our favor and it's aposition we want to keep," saidStephane Monier, head of fixed-incomeand currencies at Lombard OdierInvestment Managers, which has $36billion in assets under management.

Schamotta said the Swiss franc waslooking stretched and favored shorting

the euro against sterling and the green-back, which does well when the globaloutlook darkens and investors cut riskytrades financed with cheaply borroweddollars.

A weak US employment report lastweek increased fears that a slower USeconomy could curb world growth.

"The picture looks bad right now,with slowing growth in China, com-modity imports slowing and very deepeconomic uncertainty in Europe and theUnited States," he said.

Against a basket of major currencies,the dollar was up 1 percent, its best daysince mid-June.

But against the yen, the dollar slipped0.3 percent to 80.37 yen.

The looming threat of a US debtdefault may check the greenback'sgains. President Barrack Obama andcongressional leaders were in high-stakes talks to break the impasse overraising the debt ceiling by Aug. 2. TheWhite House says failure to do so couldresult in a default. -Reuters

Euro sinks as Italy hurt by debtcontagion apprehensions

Dollar up but debt ceiling talks could check gains

People walk past a money exchange in Hong Kong displaying photos of yuan (R) and US

dollar. -Reuters

SINGAPORE: The baht ledAsian currencies lower onMonday on short-dollar cover-ing by interbank tradersalthough easing political worriesand expectations of a rateincrease by the Thai central banklent some support.

Bank of Thailand may raiseinterest rates on Wednesday,while Bank Indonesia and Bankof Korea, which will also reviewrates this week, are likely toleave rates unchanged.

The Thai currency, which sofar was the region's worst per-former in 2011, turned aroundand was last week's biggest gain-er after the result of the generalelection on July 3 eased worriesabout the country's politicaluncertainty.

Still, some dealers and ana-lysts said countries such asSouth Korea and Indonesia maystill attract more funds thanThailand. Longer-term investorshave not shown signs of fresh

investments in Thailand yet,although short term players arebullish, they added.

A Bangkok-based dealer saidforeign investors are still short inSouth Korean stocks and inflowsto the country may help the wonappreciate more.

The dealer added a rate hikeexpectation has been factored inthe market. The one-year Thaiinterest rate swaps on Fridayrose to 3.45 percent, the highestsince Nov. 2008.

The baht dipped but offshorebanks continued to buy it, limit-ing impact of dollar-short cover-ing.

The Thai currency is seenstaying firm against the dollar,probably heading to 30.10, the76.4 percent Fibonacci retrace-ment of its weakening duringMay and June.

Another trader in Bangkoksaid the baht may come undernear-term pressure from dollar-short covering, but he is bullish

in the longer term, adding: "tar-get still at 30.00".

The baht is also expected tostrengthen against Asian peers,such as the Singapore dollar, theIndonesian rupiah and the won.

The Philippine peso sufferedas interbank speculators covereddollar-short positions.

Still, the peso is seen findingsome support, around 43.00 perdollar, which the central bankallowed the local currency tostrengthen past last week, deal-ers said.

"Probably, (we will see) range-trading for the week," said aEuropean bank dealer in Manila,adding worries about the euro-zone's debt crisis would not beable to weaken the peso softerthan 43.00.

Last week, the central bank didnot intervene when dollar/pesobreached 43.00, helping it hit atwo-month low, although it wasspotted buying dollars lower lev-els, such as 42.75.-Reuters

Asian currencies

Baht eases on dlr short-covering;rate increase eyed

WELLINGTON/SYDNEY:The New Zealand dollar roseto a six-month high versus theeuro on Monday while theAustralian dollar held neartwo-month peaks, but bothAntipodean currencies slippedon the greenback as concernsabout Europe's debt crisis hitrisk appetite.

Safe-haven governmentbonds rallied as a result, withAustralia's three-year bondfutures climbing 0.14 points to95.360 and the 10-year con-tract gaining 0.135 points to94.890.

Top European officials willhold an emergency meetinglater on Monday amid mount-ing fears the crisis could spreadto Italy, following Friday'ssharp selloff in Italian assets.

The euro fell to a six-monthlow around NZ$1.6970.Against the Aussie, it lan-guished near a two-monthtrough of A$1.3220.

"The clear theme is at thistime of heightened sovereign

risk concerns, the strategy is tobe long the fiscally-sound cur-rencies, versus short the fiscal-ly-challenged ones," said SueTrinh, strategist at RBCCapital Markets in HongKong.

"On that note, Aussie andkiwi are finding very strongdemand relatively to the likesof sterling and euro."

But both Antipodean curren-cies lost ground against the USdollar, which normally benefitswhen the euro comes underpressure. This was despite thedanger of a looming debtdefault as US politicians werestill unable to agree on how totame the budget deficit.

The New Zealand dollarretreated to $0.8343 fromFriday's peak of $0.8400, itshighest since 1981 when theexchange rate was managed.

The kiwi, which has risenabout 7 percent so far this year,was seen supported at $0.8324,with $0.8400 as resistance.

The Aussie dollar shed about

half a US cent from late inNew York on Friday to laststand at $1.0714. Immediatesupport was seen at $1.0670,the 55-day moving average,ahead of $1.0655, the July 6trough. Below there is the 100-day moving average at$1.0490.

"If European concerns flare-up further we will likely seethe downside support comeinto play first. Alternatively, ifthings settle down acrossperipheral Europe in comingdays, the AUD/USD couldwell test previously stickyresistance at $1.0780/00,"Macquarie analysts wrote in anote.

Despite the fall, the Aussieremained well within the$1.0655-$1.0790 range seen inpast two weeks.

The Aussie briefly touchedNZ$1.2789, just surpassing theJune trough of $1.2791 to alow not seen since late January.It last traded at NZ$1.2824. -Reuters

NZD hits six-month highvs euro; Aussie lags

SHANGHAI: The yuan waslittle changed versus the dollaron Monday, guided by a stablemid-point set by the People'sBank of China, with traderstaking a wait-and-see attitudeuntil a clear sign emerges onfurther appreciation.

Dealers said the market didnot have clear direction fromthe central bank, while thedomestic economy was show-ing signs of a slowdown andthere were persistent worriesover hot money.

Central bank chief ZhouXiaochuan said in commentspublished on Monday thatChina would further improvethe yuan formation mechanismand keep the currency basicallystable.

Spot yuan was trading at6.4658 on Monday afternoon,slightly weaker than Friday'sclose of 6.4650. It has nowappreciated 5.57 percent sinceit was depegged from the dollarin June 2010 and 1.92 percentso far this year. Before tradebegan the PBOC fixed theyuan's mid-point at 6.4709

against the dollar, littlechanged from 6.4705 previous-ly.

"Now most of us have low-ered our expectations of yuanappreciation after China'seconomy shows slowdown,"said a dealer at a Chinese bankin Shanghai. "We will just fol-low the central bank's fixingand wait for its next guidance."

Indeed, a poll of 36 strate-gists and analysts, taken most-ly before the PBOC raisedinterest rates for the third timethis year on Wednesday,showed the yuan trading at6.40 in three months, 6.30 insix and 6.20 in 12 months.

Most China-based dealers inthe first quarter of this yearforecast it would rise 6 percentto 6.20 for all 2011.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) were bidat 6.3890, up slightly from6.3800 at Friday's close. Theirimplied yuan appreciation in ayear's time fell slightly to 1.28percent from 1.42 percent. -Reuters

Yuan flat; mkt awaitsPBOC for direction

ZURICH: The Swiss francrose on Monday as investorssold the euro and piled moneyinto the safe-haven currency asthey worried the euro-zonedebt crisis might spread toItaly, Europe's third-largesteconomy.

At 0709 GMT, the franc wastrading at 1.1872 per euro com-pared with 1.1934 at Friday'sNew York close, moving backtowards the all-time high of1.1808 it hit at the end of lastmonth. News that EuropeanCouncil President Herman VanRompuy had called an emer-gency meeting of top officialsdealing with the euro-zonedebt crisis on Monday morninghas put the euro under renewedpressure.

ctions can follow," analysts

at St. Galler Kantonalbank saidin a note.

Switzerland's economy isstill very solid although thestrong Swiss franc startsweighing on the country'sexport industry.

The Swiss franc has shotfrom one record to anotheragainst the euro and the dollarthis year as investors havefavoured safer assets due touncertainty in the euro-zone,and thanks also to the country'srobust economy.

The franc was slightly weak-er against the dollar, trading at0.8377 per dollar comparedwith 0.8361. "From a technicalpoint of view, it cannot beruled out that the dollar willfall towards 0.8275," the ana-lysts said. -Reuters

Swiss franc up vs euroon Italy debt worries

LONDON: Sterling fell to afive-month low against the dol-lar on Monday, and struck athree-month trough versus theyen, as concerns that Italy maybe the next country to beengulfed by the euro-zone debtcrisis prompted investors to seeksafe-haven currencies.

The pound dropped sharply asstops were triggered in thepound-yen pair, although buyingby a UK clearer helped it climbfrom lows. With consumer pricedata on Tuesday likely to bringinflationary pressures back to

the fore, losses in sterling arelikely to be checked for now at$1.5881 -- the 61.8 percentretracement of the pound's rallyfrom a low of $1.5345 on Dec.28 to its Apr. 28 high of $1.6747.

Still, the overall outlook forsterling remained bearish as theBank of England is unlikely toraise interest rates in comingmonths and worries about euro-zone debt and a global slow-down drive investors to seeksafe-haven currencies like theyen, the Swiss franc and the USdollar.

Sterling was down 1 percenton the day at $1.5900, havingfallen past support at $1.5912 --the low struck on June 28 and alevel where there was plenty ofbids from Asian central banksand Middle East investors.

"A close below $1.5900 isvery negative for sterling," saida London-based spot trader.

"It won't be a one-way street,though. There will be lots ofknee-jerks and spikes up anddown this week as we have plen-ty of event risks. I just think thata close below $1.59 is a negativesignal and determines whetherwe play it from a sell on ralliesor buy on dips perspective."

Market participants said ster-

ling would be swayed by theeuro and developments in theeuro-zone as finance ministershold an emergency meeting onMonday to discuss Greece's debtcrisis, galvanised by the grow-ing threat of contagion to Italy.Analysts say euro-negative com-ments or developments woulddrag the pound lower.

The pound fell to a three-month low against the yen of127.80 yen, hurt by a bout ofstop-loss selling as it fell past128.15 yen. The yen and theSwiss franc outperformed on

Monday on the back of safe-haven inflows.

The euro was down 0.6 per-cent at 88.24 pence, having fall-en to a low of 87.96 pence, itsweakest since late June. The sin-gle currency has been unable tomaintain gains above 90 pencehit earlier this month asinvestors shifted their focusfrom favourable interest rate dif-ferentials to the euro-zone's debtproblems.

Given the spotlight on euro-zone debt problems, market par-ticipants said the pound showedlimited reaction to data indicat-ing the UK economy grew onlyslightly in the second quarter.

Signs that the UK economy isstruggling to recover have beendogging the pound, as suchfragility is expected to keep theBank of England from raisinginterest rates anytime soon.

The central bank hasacknowledged the possibilitythat it may even consider morequantitative easing (QE) if theeconomy is unable to snap outof its rout. Low interest ratesand QE are negative for ster-ling as they add to its rate dis-advantage versus currencies ofcountries where rates are ris-ing. -Reuters

Sterling falls asrisk shunned on

EZ debt woes

China will probably not yield todemands to ease export restric-tions on rare earths, unlike its

flexibility in some previous trade dis-putes, even after the World TradeOrganization ruled against it in a relat-ed case.

The WTO ruled last week that Chinabreached trade law by curbing exportsof eight raw materials including baux-ite and zinc. Europe and the UnitedStates said the judgment meant Chinashould also be forced to increaseexports of 17 rare earths as the almostexclusive supplier of these mineralscrucial to global electronics, defenseand renewable energy industries.

EU negotiators head to China thisThursday to pressure Beijing intorelenting on rare earths. The meetingwill be watched keenly by governmentsand businesses concerned about anincreasing trend among resource-richcountries to curb exports of scarce min-erals and raw materials, which theWTO has warned could trigger short-ages and price shocks.

Beijing has said it is willing to dis-cuss rare earths with Europe. But whileit has backed down on several high-profile rows since joining the WTO in2002, China is expected to take a hardline in this dispute -- appealing lastweek's WTO ruling and standing up topressure over rare earths.

China risks multiple similar chal-lenges if it were to back down on thisprecedent-setting row, which the gov-ernment says affects its power to con-

trol resources and protect the environ-ment.

"We are obviously not satisfied withthe ruling, with regards specifically tothe rare earths," Song Zhe, China'sambassador to the European Union toldReuters.

"The fundamental purpose of our pol-icy is to protect the environmentbecause this resource is exhaustible."

Export controls also play a role inChina's industrial policy by potentiallyattracting foreign high-tech goods pro-ducers to set up shop in the country toobtain access to key minerals. Thesecompanies would bring valuable know-how into joint ventures with domesticfirms and boost Chinese ambitions toclimb up the industrial value chain.

With such interests at stake, the dis-pute ultimately could raise questionsabout China's long-term willingness toabide by WTO rules. Relent

CHINA UNLIKELY TO RELENTTo be sure, Beijing has backed down

on several high-profile rows since itjoined the WTO, and Chinese diplo-mats say negotiations over rare earthsare ongoing.

When Europe closed its ports in 2005to shipments of Chinese-made clothingthat were threatening Europe's textileindustry, Beijing limited its exports.

More recently, China eased rules onforeign public procurement bids andreduced wind power subsidies afterpressure from the United States andother governments.

But other disputes that had a poten-

tially wider effect on China's long-termindustrial policy are better indicators ofhow it will respond in the current row.

It took the United States to court overChina's right to hand out subsidies togrowth industries, for example, and hastaken on European trade barriers toChinese goods that it feared wouldspawn similar measures.

"The issue of whether China canlegitimately hold on to its resources orwhether it will be forced in the future tokeep exporting them is surely an argu-ment that China would want to win,"said a person familiar with the case.

The WTO ruled against China in partbecause it failed to prove that rawmaterials were also being curtailed fordomestic users - a crucial element forbacking up the claim that it wants toconserve resources, say EU officials.

China is likely to provide strongerevidence when it comes to defendingits right to restrict rare earths, say tradeanalysts and officials.

If China files an appeal, a final rulingcome by the end of the year.

But WTO rules leave space for anindefinite number of counter-appeals,which could delay China's complianceon raw materials and any other exportcurbs by many years.

Such a prospect is dangerous, partic-ularly at a time when the WTO's credi-bility is in trouble thanks to the recenthigh-profile failure of global tradetalks.

"This may be a test of China's will-ingness to abide by and respect the

findings of the WTO," said JosephFrancois, a senior fellow and tradeexpert at the London-based Center forEconomic Policy Research.

CREEPING PRECEDENTIn theory, China need not worry that

Tuesday's ruling could have widerimplications for other cases. Thefounding treaty of the WTO includesno mention of the Anglo-Americanlegal concept of precedent, wherebypast rulings shape the result of subse-quent claims.

But in reality, legal experts refer toWTO decisions as having a quasi-bind-ing effect on future cases.

"You cannot ignore previous panel orAppellate Body rulings. The WTO'sdispute settlement system overall andthe Appellate Body in particular aims atensuring consistency in its case law.They are not operating in a vacuum,"said Vasiliki Avgoustidi, associatedirector at international law firmBerwin Leighton Paisner.

Precedent matters in this case in par-ticular, because it is the first time theWTO has ruled on the murky issue ofthe right of nations to control exports oftheir resources. It could prompt similarchallenges not just against China butagainst other states that curb exports.

"This ruling will create leverage tochallenge export curbs by China, Indiaand Russia on other raw materials -such as iron ore, scrap metal andalloys," said Karl Tachelet, director ofinternational affairs at European steellobby Eurofer. -Reuters

Federal regulators said on Sundaythey want Exxon Mobil to retoolits preliminary plan to clean up

oil spilled into the Yellowstone River inMontana from a ruptured pipe at thestart of July.

A US Environmental ProtectionAgency official, Steve Merritt, saidthree elements of the plan were incom-plete. He said Exxon must revise how itwill capture spilled oil, remove the bro-ken pipe without causing pollutiondownstream, and restore the wildlifehabitat and private property.

Merritt, the EPA's on-scene coordina-tor for the spill, said officials wantedExxon to finish the revisions by "oneweek from today".

Exxon said it "will continue to workclosely with the EPA on the draft workplan and will comply with this request,"spokesman Pius Rolheiser said in astatement.

Details of the preliminary plan willnot be released until the EPA andMontana approve it. Merritt said thegovernment had given preliminaryapproval to several elements of theplan, including for disposing of haz-ardous waste and for sampling.

Exxon is facing an EPA-ordereddeadline of September 9 to clean up a

river renowned for its scenic beauty,near pristine waters and wealth ofwildlife and fish.

The company has apologized for thespill and pledged to restore theYellowstone. Mop-up is under wayalong shorelines but high water hasprevented an inspection of the pipelineand damage downriver.

Exxon estimates that 42,000 gallonsof crude were released during the acci-dent. Record flows in the Yellowstonehave delayed a probe of the damaged12-inch pipeline, which was buried inthe streambed.

Federal regulators estimate the oil hastraveled 240 miles downstream fromthe site of the rupture, west of Billings,crossing near the south-centralMontana community of Laurel.

HEALTH EFFECTSHelicopter flights along the river cor-

ridor by government and Exxon offi-cials showed oiled riverbanks, wetlandsand cropland 70 miles downstream ofthe spill.

Water testing by the EPA on July 4showed no detectable levels of threeknown carcinogens associated withcrude oil, and air monitoring revealedno major health threats so far.

Yet at least five residents have been

treated in hospital emergency rooms forsymptoms like dizziness, nausea andrespiratory distress linked to exposureto petrochemicals, according to theMontana Department of EnvironmentalQuality.

Lisa Williams, contaminants special-ist with the US Fish and WildlifeService, said that biologists were mon-itoring a handful of oil-tainted wildlife,including Canada geese, a white peli-can and a heron.

The company has logged nearly 300calls to its hotline, including from 100people volunteering for clean-upefforts. Exxon is responding to roughly100 claims stemming from property,agriculture or health concerns, a state-ment said.

Handling of the spill has cooled rela-tions between the oil giant andMontana, one of just two states whoseconstitutions guarantee a "clean,healthful environment."

Montana Governor Brian Schweitzerhas pulled the state from a panel,including Exxon and EPA, overseeingthe spill response. He said its closedmeetings and withholding of docu-ments from the public violated open-government laws.

Schweitzer opened a state office in

Billings to respond to any health andproperty concerns. A trained soil scien-tist, he encouraged those affected bythe spill to document damage and col-lect water and soil samples for testing.

While some landowners have praisedExxon for picking up the tab for every-thing from hotel rooms to livestockfeed, others have expressed frustrationand worry in the absence of a detailedtimeline for cleaning their oil-fouledlands.

Kelly Goodman, who lives on river-side property homesteaded by her fam-ily over a century ago, said her liveli-hood has been disrupted by contamina-tion of pastures and wetlands.

Goodman's sheep and horses havebeen confined to a small fenced area toprevent them from exposure to oil-stained grasses and tainted water. Shesaid she has been unable to work thechampion sheep-herding dogs she rais-es, shows and sells.

Goodman said she is also uneasyabout wells that supply drinking water,and over the safety of crops fed byriver water. "I can't remember the lasttime I ate a decent meal or had a fullnight's rest," she said. "The main thingI would like is to have everything likeit was." -Reuters

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

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

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

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

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Pakistan facing serious

debt crisisReportedly Pakistan's debt has broken all the previ-

ous records and experts have already started raising

alarm that if no corrective steps are taken immedi-

ately, the country could end up in a big mess. Since

Pakistan has also lost the support of the US admin-

istration little could be expected from the lender of

last resort, International Monetary Fund (IMF) and

other multilateral financial institutions. Added to

this are delays in releasing payments falling under

CSF. Therefore, the government has no option but

to resort to excessive borrowing from the commer-

cial banks as well as the central bank.

The government intends to mobilise Rs750 bil-

lion Treasury Bills auctions during 1QFY12 alone.

This target is set against a maturity of Rs702 billion

denoting additional borrowing of Rs48 billion from

the banking system to finance the budget deficit.

The government also aims at mobilizing Rs50 bil-

lion through auctions of Pakistan Investment

Bonds (PIBs) during the quarter.

The total government debt reached Rs10.447 tril-

lion at end-March 2011. The borrowing against

Treasury Bills is likely to cross Rs2 trillion during

the current financial year. The 'grand plan' of the

government also includes issue of bonds worth

Rs400 billion in an attempt to resolve circular debt

issue and mobilize funds for commodity finance.

In year 2005 the government had promulgated the

Fiscal Responsibility and Debt Limitation Law,

which puts limits on not only the government's

ability to stretch its fiscal and revenue deficits, but

also on government's total borrowing in terms of

percentage of GDP. This law was intended make

the future governments more fiscally prudent, and

to ensure self-sustaining funding avenues to avoid

a debt trap such as the one Pakistan seems to be

hurtling head-on into. As per the said Law, there is

a limit of 60 per cent of GDP on total government

debt, which has long been surpassed.

The State Bank of Pakistan as well as the IMF had

been repeatedly warning the government of the

adverse consequence of excessive borrowing high-

lighting the dangers of excessive issue of Treasury

Bills in a slow-growth economy. This excessive

bank borrowing not only crowding out the private

sector, but also maintains inflationary pressure,

thus keeping interest rates in double digits.

Interestingly the government keeps on saying that

external funding is drying up due to arm-twisting

by the US administration when it comes to release

of CSF money, and the IMF refuses to release the

withheld tranches of the standby arrangement.

Towards the end of FY11, Pakistan's government

tried its best to garner close to $2 billion worth of

external funding, but to no avail.

All the political parties, coalition partners as well

as the opposition parties are equally responsible for

the precarious prevailing situation. While the gov-

ernment has been borrowing indiscriminately,

Public Accounts Committee headed by Leader of

the Opposition (belonging to PML-N) has failed in

bringing any discipline in government borrowing.


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The Financial Daily InternationalVol 4, Issue 249

Exxon to retool Yellowstone spill plan

China unlikely to yield on rare earths

Amassive blast at a military base in Cyprus ofconfiscated Iranian munitions killed at least 12people on Monday and knocked out the island's

largest power station, officials said.Witnesses said metal rained down on a nearby

motorway and the explosion was felt for miles aroundin the olive groves and small farming villages thatsurround the Evangelos Florakis navy base on thesouth coast.

Cyprus's defense minister and army chief bothresigned hours after the explosion, a governmentspokesman said.

The Iranian armaments were the cargo from theMonchegorsk, a ship Cyprus intercepted in 2009 sail-ing from Iran to Syria in violation of U.N. sanctionson Iran.

In Nicosia, the capital some 65 kms to the northeast, residents were woken by power cuts.Communications in the popular holiday island waspatchy, as mobile networks were jammed.

Military sources said they believed all 98 containersof the Iranian armaments -- kept exposed in scorchingtemperatures -- went up in the early morning blastwhich badly damaged the Vassilikos power plant. Thefacility, one of three in Cyprus and the newest, pro-vides the Mediterranean island with half its electrici-ty. "We can't assess the extent of the damage, but it'sa biblical disaster," electricity authority spokesmanCostas Gavrielides told Reuters.

Photographs of the power station showed the outerwalls of two large multi-storey buildings had beenshredded by the explosion. Lines of search and rescueworkers walked through nearby olive groves.

"It was huge. I fell out of bed and ran to check onthe kids," said Eleni Toubi, a resident of Mari, a vil-lage which is separated from the navy base by a smallhill. Windows and doors of her small home wereblown out and the roof damaged.

"Where can I go? I don't have anywhere else tostay," she said.

ECONOMIC IMPACT

There were no indications of the economic cost ofthe disaster, but it will add pressure on a governmentalready facing a need to slash deficits to stave furthercuts by credit ratings agencies.

The island was hit by rolling power cuts as authori-ties attempted to juggle demand in a peak season. Theagriculture ministry said all water desalination plantswould shut. Farmer Nicos Aspros was out tilling hisfield when the blast occurred. "My tractor jumpedabout half a meter high," he said.

"There isn't a house in the community which hasn'tbeen damaged."

Police and army officials gave little detail about theincident which happened just before 0300 GMT. Theisland's cabinet met in an emergency session.

A government spokesman said 12 people had beenkilled in the blast.

Britain, which has troops stationed on Cyprus, saidits personnel were on stand-by to assist the localauthorities.

As news of the explosion emerged, the publicrushed to hospitals to donate blood. Authorities issuedemergency appeals for people to switch off non-essential electrical equipment and the commerce min-istry urged residents to use their own generatorswhere possible. -Reuters

Confiscated Iranarms blow up in Cyprus

"There isn't

a house in

the community

which

hasn't

been

damaged."

Tuesday, July 12, 2011 5

European shares drop as contagion fears intensify

Mostly lower after bearishglobal data

South East Asian stocks

Symbol Close Vol (mn)PACE 2.18 3.31 PTC 14.08 2.36 FFBL 44.11 2.23 JSCL 7.29 2.04 ENGRO 158.96 1.43

Symbol Close ChangeULEVER 5,467.25 192.08

SEARL 58.81 2.80

MTL 617.75 2.54

SHEZ 149.30 1.96

NATF 76.69 1.63

Symbol Close ChangeNESTLE 4,153.06 -218.58PKGS 105.64 -5.36PECO 74.20 -3.9NRL 362.04 -3.88PICT 81.50 -3.71

Plus 73Minus 145Unchanged 154

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,390.12

Closing 12,291.90

Change 98.22

% Change 0.79

Turnover (mn) 31.59

Opening 3,123.02

Closing 3,109.92

Change 13.10

% Change 0.42

Turnover (mn) 1.54

Opening 2,768.15

Closing 2,741.83

Change 26.32

% Change 0.95

Turnover (mn) 0.02

HONG KONG: Sharesdeclined broadly as turnover hitits lowest in six weeks onMonday after disappointingglobal economic data, butstrength in defensives helpedChina shares eke out gains onaverage turnover.

Investors continued to shortChinese banks, which have alarge weighting in benchmarkindexes, and show a reluctanceto put money in the financialsector.

"The US jobs debacle andthis ongoing euro zone prob-lem is really not creating anenvironment where fundswant to get in," said a HongKong-based trader, who addedlong-only funds were receiv-ing money from investors but

fund managers were morekeen to sit on cash at themoment.

After data on Friday showedthe US economy added a muchlower than expected 18,000jobs in June, Chinese data overthe weekend showed inflationat a 3-year high and a widertrade surplus than expected,and stoke fears that China'scentral bank could take furthersteps to stem higher capitalinflows that have increasedprice pressures.

The Hang Seng Index fell 1.7per cent to 22,347.23 points,slipping further below its 250-day moving average that hasproved stiff resistance over thepast week.

See # 8 Page 11

China shares upHong Kong dragged down by bank stocks

Nawaz Ali

KARACHI: Rising politicaltemperature and suspension ofsecurity assistance by theUnited States kept the KarachiStock Exchange (KSE) bearishon the first day of the new weekwith low volumes as investorspreferred to adopt 'wait and see'stance.

The benchmark KSE-100index lost 98 points to close at12,291 points, KSE-30 indexdropped 58 points to close at11,731 points and KSE all-share index was down by 65points to close at 8,531 points.

"Broader market failed to

generate decent volumes owingto the prevailing political, lawand order situation and thenews that the US has withheldUS$800 million military assis-tance", said Zohaib Zaheer,analyst at Aba Ali HabibSecurities.

Moreover, SECP's decision toallow 50 per cent initial marginas eligible securities and 50 percent as cash in Future Contractsbrought no respite to the equi-ties, he added.

After a positive beginning,the market witnessed some mixactivities during the first half anhour with index moving onboth sides and at a moment it

touched an intra-day high of12,420 points (+ve 30).

Thereafter, the market thenstayed in the grip of bears asinvestors offloaded their hold-ings. As a result of continuedselling, index kept on accumu-lating losses and breached12,300 levels and just near theclosing bells touched its lowestlevel of the day of 12,284points (-ve 105).

According to a news reportthe Obama administration plansto suspend and/or suspend mil-lions of dollars assistance forPakistan in a move to chastenPakistan for expellingAmerican military trainers and

to press its army to fight mili-tants more effectively.

Altogether, about $800 mil-lion in military aid and equip-ment, or over one-third of themore than $2 billion in annualAmerican security assistance toPakistan is in jeopardy accord-ing to some media reports.

Investors remained cautiousover rising differences betweenthe major political parties ofSindh i.e. Pakistan Peoples Party(PPP) and Muttahida QaumiMovement (MQM), after MQMannounced to part away.

Most of the index losses werecontributed by NESTLE whichcontinued its downward trend

losing Rs218.58 to close at itslower limit of the day atRs4,153.06.

Foreign investors howeverwere mainly on the buying sideas according to NCCPL data,offshore investors did a netbuying worth $2.73 million onMonday.

Investor participationremained on the lower sidehowever saw marginallyimprovement as 31.5 millionshares exchanged hands duringthe day which was 2 millionshares more as compared to aturnover of 29.5 million sharesa day earlier.

See # 7 Page 11

Wariness dominates KSE trading

TOKYO: The Nikkei averagefell on profit-taking on Mondayafter three weeks of gains, hurtby weak US and Chinese eco-nomic data, but it held the10,000 line as investors avoid-ed building large positions withthe US corporate earnings sea-son starting.

The market avoided anybroad sell-off in the Nikkei,though it is still down 3.5 percent since the March 11 earth-quake, with some investorssaying inflation in China mayhave passed its peak and oth-ers awaiting the start if UScorporate earnings reports thisweek.

"Many people still expectfairly strong US earningsdespite poor jobs data as USfirms restructure and boostgrowth without taking on new

employees," said YuukiSakurai, CEO and president ofFukoku Capital Management inTokyo.

"So even if the economyimproves, I don't think we canexpect American companies tostart employing more people,"said Sakurai.

The benchmark Nikkeiclosed down 0.7 per cent at10,069.53, while the broaderTopix shed 0.5 per cent to870.16, outperforming Asia-Pacific shares outside Japan ,which fell more than 1 per cent.

With traders pondering theirnext move, volume faltered toone of the lowest levels thisyear with 1.51 billion shareschanging hands on the first sec-tion, below the last week'saverage of 1.83 billion.

See # 9 Page 11

Nikkei downon US data

MUMBAI: Indian sharesslipped for the second straightsession on Monday, endingdown 0.7 per cent as renewedconcerns about the health of theglobal economy turnedinvestors cautious ahead of keyearnings later this week.

The decline was led by tech-nology and financial stocks onworries of a likely dampeningin growth after a spate of weakeconomic data from China andthe United States pulled downglobal markets.

Software services bellwetherInfosys, which gets more thanhalf its revenue from the UnitedStates, and rivals TataConsultancy Services andWipro were among the key los-ers.

US jobs growth ground to anear halt in June as employershired the fewest workers innine months, frustrating hopesthat data would start to show animproving economy into thesecond half of the year.

"The weakness has more todo with the worries in the glob-al markets, although there isalso some nervousness ahead ofresults," said Deepak Jasani,head of retail research at HDFCSecurities.

"FIIs (foreign institutionalinvestors) seem to be selling,but buyers have also stayedback," he added.

The 30-share BSE indexended 136.65 points lower at18,721.39 points, with 23 of itscomponents losing ground. Itfell nearly 1 per cent in after-

noon trade. "We believe the fall is only

temporary," said KishorOstwal, chairman and manag-ing director at CNI Research.

"The trend is more bullishnow. We are also seeing moneyflowing in from foreign funds,"he said.

Foreign funds have boughtshares worth $2.42 billion over11 sessions to last Thursday,data from the market regulatorshowed, helping the main indexrise for three consecutiveweeks.

However, slowing global anddomestic growth are concerns.

China's import growth fellsharply to its slowest pace in 20months in June, while Beijingremained focused on fightinginflation.

Infosys, which reports quar-terly earnings on Tuesday, fell1.9 per cent. The company isexpected to see profit growth of16 per cent for its fiscal firstquarter, according to a Reuterspoll of analysts. Profit at largerrival Tata Consultancy is seenrising 24 per cent.

TCS fell 1.3 per cent, whileWipro lost 2.3 per cent. Infosysand TCS may report a declineof 241 basis points and 205basis points, respectively, inJune-quarter operating mar-gins, compared with the Marchquarter, due to wage hikes,Standard Chartered analystswrote in a report on July 4.

Financial stocks, which hadseen some respite in the past

See # 10 Page 11

Indian sharesslip 0.7pc

Staff Reporter

KARACHI: Dawood IslamicBank Limited (DIBL) has beenrenamed as BURJ BANK,effective July 11, 2011, with theapproval of the State Bank ofPakistan (SBP). This is a resultof over US$ 21 million invest-ed by the Islamic Corporationfor Development of the PrivateSector (ICD), Jeddah andUnicorn Investment Bank,Bahrain, in-Dawood IslamicBank (DIBL).

BURJ BANK has emergedwith a new vision and a newmission. The new vision of thebank is to become the bench-mark for Islamic Bankingbacked by a new mission to beamong the top 10 banks ofPakistan within a decade. Theforeign investment made byICD and Unicorn in the bankis a reflection of the confi-dence in Pakistan in generaland prospects of Islamic bank-ing in the country in particu-lar.

Burj Bank (formerly DawoodIslamic Bank) has 50 branchesthroughout Pakistan and is rep-

resented in 17 cities. DIBLstarted its operations in 2007.Its new identity as Burj Bank isa reflection of the re-profilingof its shareholding whereinICD and Unicorn have becomeits major shareholders. CEOICD Khalid Al- Aboodi is theChairman of the Board of BurjBank while other Directorsinclude Nicolas Martin ofUnicorn and COO of ICDAhmed Khizer.

The President and CEO of thebank Pervez Said has been withDawood Islamic Bank sinceNovember 2009. Pervaiz Saidis considered as the architect ofIslamic banking having spent 6years as Director IslamicBanking SBP and advisor to theGovernor SBP. He has given

the Bank a new direction andhas positioned it in a mannerthat ICD and Unicorn had theconfidence to make the addi-tional investment. The bank hasan AA Shariah rating from theInternational Islamic RatingAgency (IIRA) while JCR-VIShas rated it A- for long term andA2 for short term.

The bank is planning tolaunch exciting new Shariah-compliant consumer productsthat will be market competitive.These will cover both asset andliability-related offerings. Thebank showed strong growth inthe first quarter of the year(2011) and the trend will be fur-ther reflected in the six-month-ly results for the period endingJune 30, 2011.

DIBL set to progressmore as Burj Bank

Recoveryfears send

FTSE lower LONDON: Concerns overEurope's debt crisis and theglobal economy sent Britain'stop shares sharply lower onMonday, leaving investorsanxious for a strong earningsseason to kick-start furtherbuying of equities.

The UK benchmark indexended down 61.42 points or1.0 per cent at 5,929.16, itslowest close since June 29,extending a 1.1 per cent dropfrom the previous sessionwhen a dismal US jobs reportdented optimism that theeconomy was coming out of asoft patch.

Banks, typically large hold-ers of European governmentdebt, weighed heavily on theindex on fears Italy could bethe next casualty of the eurozone debt crisis, and afterreports which said someEuropean Unionleaders wereconsidering allowing a selec-tive default by Greece.

"It's another risk-off daycontinuing from Friday whereobviously the payrolls arestill figuring on everyone'sminds, and then you've gotdeep concerns towards Italypotentially being dragged intothe sovereign debt crisis aswell," Joshua Raymond, mar-ket strategist at City Index,said.

The FTSE 100 volatilityindex, a barometer ofinvestor anxiety, jumped 18.6per cent, its biggest one-daypercentage gain since mid-April. As investors shunnedriskier assets, miners bore thebrunt of the selloff, trackingsteep declines in metalsprices.-Reuters

Meezan Bankdeclared bestIslamic bankin Pakistan

TFD Report

KARACHI: Meezan Bank,Pakistan's first and largestIslamic bank, has been award-ed the Best Islamic FinancialInstitution in Pakistan byGlobal Finance magazine atits Annual Awards for theWorld's Best Islamic FinancialInstitutions 2011.

The winners were judged onthe basis of contributing to thegrowth of Islamic financingand successfully meeting cus-tomers' needs for Shariah-compliant products and creat-ing the foundation for contin-ued fast growth in the future.All selections were made bythe editors of Global Finance,after extensive consultationswith bankers, corporatefinance executives and ana-lysts throughout the world.Other factors that were con-sidered included growth inassets, profitability, geograph-ic reach, strategic relation-ships, new business develop-ment and innovation in prod-ucts.

Subjective criteria includedopinions of equity analysts,banking consultants and oth-ers involved in the industry.The mix of these factorsyields leading banks that maynot be the largest, oldest or themost diversified in a givencountry, but rather the best -the banks with which cus-tomers around the worldwould most likely want to dobusiness.

EFU Generalappoints

chairman, MDTFD Report

KARACHI: The Board ofDirectors of EFU GeneralInsurance has elected SaifuddinZoomkawala as Chairman ofthe Board in place of RafiqueBhimjee, effective July 11,2011.

According to a communiquéreceived by Karachi StockExchange, Hasanali Abdullahhas been appointed ManagingDirector and Chief Executiveof EFU General in place ofSaifuddin Zoomkawala.

Dhiyan

Market might see some more correction in the coming days

where index is likely to bounce back from the support level of

12,130 points. We therefore, recommend traders to buy near the

support level at 12130 and invest in fertilizer and banking sec-

tors. Trading pattern still indicating bullish trend to continue in

the market and it will mark new 52 week high by the end

August. Market would be mixed today.

Faizan Haider, Analyst, SMH Financial Solution

Mohammad Imran, AVP, Arif Habib Limited

Due to ongoing political confrontation in the country wewould continue to see dull activities in the market moving for-ward. Therefore, investors are advised to wait for dips toinvest. Any positive development on Capital Gains Tax (CGT)filing issues and political stability could trigger the marketwhile corporate results would further boost the sentiments.Market would be positive today.

REBOUND SEEN REMOTE

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

Urea Offtake (Apr 11) 487

Urea Price (Rs/50 kg) 1,234

DAP Offtake (Jan to Apr 11) 215

DAP Offtake (Apr 11) 55

DAP Price (Rs/50 kg) 4,050

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

Sales (July 10 to Apr 11) 69,203

Production (Apr 11) 7,220

Sales (Apr 11) 7,510

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




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




DEWAN FAROOQ MOTORSProduction (July 10 to Apr 11) 186

Sales (July 10 to Apr 11) 203

Production (Apr 11) -

Sales (Apr 11) -

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

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

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

Spread (April 11) 7.52%

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

MS (Apr 11) 196

Kerosene (Jul 10 to Apr 11) 134

Kerosene (Apr 11) 14

JP (Jul 10 to Apr 11) 1,148

JP (Apr 11) 117

HSD (Jul 10 to Apr 11) 5,719

HSD (Apr 11) 567

LDO (Jul 10 to Apr 11)) 44

LDO (Apr 11) 2

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

Fuel Oil (Apr 11) 739

Others (Jul 10 to Apr 11) 143

Others (Apr 11) 15

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

MS (1 Apr 11) 59.35

MS % Chg 5.86%

Kerosene (1 May 11) 73.63

Kerosene (1 Apr 11) 68.95

Kerosene % Chg 6.79%

JP-1 (1 May 11) 73.86

JP-1 (1 Apr 11) 70.88

JP-1 % Chg 4.20%

HSD (1 May 11) 78.79

HSD (1 Apr 11) 75.02

HSD % Chg 5.03%

LDO (1 May 11) 71.55

LDO (1 Apr 11) 65.27

LDO % Chg 9.62%

Fuel Oil (1 May 11) 57,253

Fuel Oil (1 Apr 11) 56,777

Sector Updates


Volume 31,591,183

Value 1,363,978,717

Trades 25,653

Advanced 73

Decline 145

Unchanged 154

Total 372

Current 8,531.63

High 8,617.62

Low 8,525.53

Change i65.09

Current 12,291.90

High 12,420.91

Low 12,278.76

Change i98.22

Current 11,731.96

High 11,827.62

Low 11,717.78

Change i58.09

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,250.84

High 21,403.22

Low 21,230.49

Change i79.62

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Dewan Farooque Motors Limited

DFML closed down -0.21 at 3.00. Volume was 80 per cent aboveaverage and Bollinger Bands were 35 per cent narrower than nor-mal. The company's loss after taxation stood at Rs212.713 millionwhich translates into a Loss Per Share of Rs2.39 for the ninemonths of fiscal year (9MFY11).DFML is currently 49.6 per cent above its 200-day moving averageand is displaying an upward trend. Volatility is relatively normal ascompared to the average volatility over the last 10 trading sessions.Volume indicators reflect moderate flows of volume into DFML(mildly bullish). Trend forecasting oscillators are currently bullish onDFML.

RSI (14-day) 57.11 Total Assets (Rs in mn) 4,204.55

MA (10-day) 2.94 Total Equity (Rs in mn) (747.01)

MA (100-day) 2.17 Revenue (Rs in mn) 1,025.34

MA (200-day) 2.01 Interest Expense 8.92

1st Support 2.87 Loss after Taxation (437.50)

2nd Support 2.80 EPS 10 (Rs) (4.917)

1st Resistance 3.12 Book value / share (Rs) (8.40)

2nd Resistance 3.30 PE 11 E (x) -

Pivot 3.05 PBV (x) (0.36)


As on Dec 31, 2009

SNBL closed unchanged at 5.10. Volume was 211 per cent above

average (trending) and Bollinger Bands were 27 per cent narrower

than normal. The company's profit after taxation stood at Rs303.387

million which translates into an Earning Per Share of Rs0.50 for the

1st quarter of current calendar year (1QCY11).

SNBL is currently 21.7 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is relatively normal as

compared to the average volatility over the last 10 trading sessions.

Volume indicators reflect volume flowing into and out of SNBL at a

relatively equal pace. Trend forecasting oscillators are currently

bearish on SNBL.


MA (10-day) 5.12 Total Equity (Rs in mn) 7,803.20


MA (200-day) 6.51 Interest Expense 6,602.78

1st Support 5.09 Profit after Taxation 145.35

2nd Support 5.04 EPS 09 (Rs) 0.290

1st Resistance 5.15 Book value / share (Rs) 15.55

2nd Resistance 5.16 PE 10 E (x) 2.55

Pivot 5.10 PBV (x) 0.33

Soneri Bank Limited


As on Dec 31, 2009

KASBB closed up 0.10 at 1.50. Volume was 35 per cent below

average and Bollinger Bands were 29 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs549.366 million

which translates into a Loss Per Share of Rs0.58 for the 1st quarter

of current calendar year (1QCY11).

KASBB is currently 19.9 per cent below its 200-day moving aver-

age and is displaying a downward trend. Volatility is low as com-

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

Volume indicators reflect volume flowing into and out of KASBB at

a relatively equal pace. Trend forecasting oscillators are currently

bearish on KASBB.




MA (200-day) 1.87 Interest Expense 5,490.40

1st Support 1.46 Loss after Taxation (4,227.75)

2nd Support 1.39 EPS 09 (Rs) (4.446)



Pivot 1.50 PBV (x) 0.29

KASB Bank Limited


As on Dec 31, 2009

WTL closed down -0.02 at 1.98. Volume was 73 per cent below

average (consolidating) and Bollinger Bands were 38 per cent nar-

rower than normal. The company's loss after taxation stood at

Rs182.323 million which translates into a Loss Per Share of Rs0.21

for the 1st quarter of current calendar year (1QCY11).

WTL is currently 20.7 per cent below its 200-day moving average

and is displaying a downward trend. Volatility is relatively normal as

compared to the average volatility over the last 10 trading sessions.

Volume indicators reflect volume flowing into and out of WTL at a

relatively equal pace. Trend forecasting oscillators are currently

bearish on WTL.




MA (200-day) 2.50 Interest Expense 523.03

1st Support 1.90 Loss after Taxation (490.82)

2nd Support 1.87 EPS 09 (Rs) (0.57)



Pivot 2.00 PBV (x) 0.15

WorldCall Telecom Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,563.93 1,570.78 1,545.36 1,552.74 -11.19 -0.72

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

1,818,319 12 - 65,194.15 mn 1,133,764.05 mn 1,570.69

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

10.63 3.46 32.54 55.94 5.26 1,552.74

Attock Petroleum 691 6.89 383.97 386.00 375.50 381.09 -2.88 4767 394.90 363.10 300 20B115.00 -

Attock Refinery 853 4.15 126.93 127.90 126.02 126.45 -0.48 299938 143.50 120.40 - - - -

BYCO Petroleum 3921 - 9.21 9.20 9.05 9.08 -0.13 148245 10.10 7.93 - - - -

Mari Gas Company 735 4.31 106.69 106.00 105.00 105.32 -1.37 2804 113.75 98.50 31 - 23.43 -

National Refinery 800 5.00 365.92 367.70 361.10 362.04 -3.88 66578 387.35 323.50 200 - - -

Oil & Gas Development 43009 10.29 153.72 154.00 151.10 152.07 -1.65 210161 157.51 128.75 55 - 30.00 -

Pak Petroleum 11950 7.63 210.75 211.50 208.25 208.81 -1.94 366076 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 8.22 372.74 377.15 372.50 372.99 0.25 682097 378.75 318.16 255 -100.00 -

Pak Refinery Limited 350 44.12 79.50 79.50 78.68 78.98 -0.52 2304 93.00 78.20 - - - -

P.S.O 1715 3.83 267.95 269.00 266.16 268.06 0.11 179882 291.50 262.31 80 - 80.00 -

Burshane LPG 226 - 24.50 23.35 23.35 23.35 -1.15 700 28.29 22.11 - - - -

Shell Pakistan 685 7.95 224.03 224.94 221.00 223.69 -0.34 3712 233.00 207.21 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


967.55 976.22 962.96 966.25 -1.30 -0.13


2,220,270 211 73 47,070.70 mn 122,518.18 mn 968.77


7.03 0.61 8.64 16.68 2.37 966.25

Amtex Limited 2594 - 2.68 2.70 2.55 2.65 -0.03 92347 3.76 1.81 - 30B - -

Artistic Denim 840 7.91 23.80 24.99 24.80 24.99 1.19 1537 26.00 20.40 20 - - -

Azgard Nine 4493 - 5.99 6.05 5.86 5.96 -0.03 1398888 7.29 4.40 - - - -

Bannu Woolen XD 76 0.70 16.00 16.79 16.40 16.79 0.79 1025 20.99 14.70 20 - - -

Bata (Pak) 76 7.63 649.99 659.50 640.00 647.91 -2.08 466 680.56 411.00 280 - - -

Blessed Tex Mills 64 0.77 82.07 84.00 77.99 80.00 -2.07 602 84.50 56.07 50 - - -

Brothers Textile 98 - 0.44 0.49 0.49 0.49 0.05 900 1.20 0.11 - - - -

Chenab Limited 1150 - 1.87 2.10 2.09 2.09 0.22 501 2.72 1.65 - - - -

Colony Mills Ltd 2442 1.72 1.65 1.65 1.32 1.65 0.00 7014 2.64 1.32 - - - -

Crescent Jute 238 - 0.56 0.69 0.60 0.60 0.04 994 1.35 0.26 - - - -

Crescent Textile 492 4.27 15.90 16.84 15.30 15.90 0.00 1002 16.87 12.50 15 - - -

D S Ind Ltd 600 - 1.10 1.09 1.02 1.07 -0.03 21458 1.39 0.95 - - - -

Dawood Lawrencepur 591 - 32.00 31.90 31.00 32.00 0.00 151 39.90 30.50 5 15B - -

Din Textile 204 0.64 30.34 31.85 31.50 31.85 1.51 13050 31.85 26.35 20 10B - -

Gul Ahmed Textile 635 3.10 50.01 51.00 49.00 49.00 -1.01 523 53.65 47.50 12.5 - - -

Gulistan Spinning 146 0.44 8.08 8.25 8.19 8.25 0.17 606 9.00 6.30 10 - - -

Hira Textile Mills Limited716 0.77 3.68 3.88 3.87 3.87 0.19 25051 4.90 3.60 10 - - -

Ibrahim Fibres 3105 2.85 40.01 40.15 39.03 39.90 -0.11 602 49.92 39.03 20 - - -

Idrees Textile 180 1.67 4.75 5.15 4.06 4.36 -0.39 5211 5.98 3.80 10 - - -

Ishaq Textile 97 0.48 5.99 6.00 5.99 5.99 0.00 375 8.24 5.25 8 - - -

Janana D Mal 48 0.38 14.08 14.90 13.15 13.15 -0.93 3002 17.80 12.90 - - - -

Kohinoor Ind 303 - 1.24 1.25 1.01 1.14 -0.10 10798 1.75 0.75 - - - -

Kohinoor Textile 2455 3.80 3.30 3.43 3.30 3.31 0.01 8521 5.25 3.26 - - - -

Leather Up 60 6.67 2.41 2.50 2.40 2.40 -0.01 3001 3.50 1.65 - - - -

Mukhtar Textile 145 - 0.40 0.39 0.27 0.28 -0.12 2100 0.97 0.16 - - - -

Nishat (Chunian) 1621 3.48 22.53 22.90 22.46 22.60 0.07 143004 29.35 22.22 15 - - -

Nishat Mills 3516 4.59 52.56 52.70 51.53 51.72 -0.84 406969 66.00 49.80 25 45R - -

Olympia Textile 108 - 0.99 0.90 0.70 0.89 -0.10 9519 1.98 0.30 - - - -

Pak Synthetic 560 2.40 19.78 20.50 18.78 19.24 -0.54 5389 20.62 17.01 - - - -

Prosperity 185 0.93 14.39 14.25 14.25 14.25 -0.14 1439 16.90 14.00 30 - - -

Reliance Weaving 308 0.58 11.25 11.25 11.20 11.20 -0.05 9500 14.00 10.70 25SD - - -

Rupali Poly 341 2.95 40.27 39.99 39.00 39.13 -1.14 1310 43.73 38.05 40 - - -

Saif Textile 264 0.27 8.00 7.70 7.70 7.70 -0.30 2000 11.40 7.00 - - - -

Salfi Textile 33 0.34 70.04 71.90 66.60 66.60 -3.44 505 76.50 49.00 25 - - -

Sana Ind 55 2.95 40.00 39.99 38.01 38.96 -1.04 15231 41.85 36.50 60 - - -

Service Ind 120 3.20 187.21 191.98 185.00 187.34 0.13 808 198.90 154.00 75 - - -

Suraj Cotton 180 0.69 35.92 37.00 36.80 35.92 0.00 151 42.00 35.11 50 - - -

Tata Textile 173 0.43 33.33 32.50 31.75 31.75 -1.58 513 42.40 31.55 25 - - -

Thal Ltd 307 - 102.10 102.90 100.50 101.06 -1.04 18661 108.90 97.00 80 20B - -

Treet Corp 418 6.67 54.00 54.50 53.05 53.36 -0.64 3161 59.20 47.95 50 900B - -

Yousuf Weaving 400 0.51 1.18 1.22 1.15 1.16 -0.02 1270 1.99 1.00 - - - -

Zil Limited 53 6.18 57.06 58.47 56.50 57.00 -0.06 821 67.20 55.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


664.33 685.10 671.87 663.25 -1.08 -0.16


77,943 15 7 3,763.71 mn 4,416.49 mn 672.55


2.01 0.21 10.64 6.27 3.12 661.96

Pak Elektron 1219 - 6.90 6.99 6.75 6.95 0.05 8242 11.45 6.50 - 10B - -

Tariq Glass Ind 693 1.52 11.93 11.75 11.45 11.50 -0.43 69610 14.20 11.20 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


2,259.29 2,315.47 2,226.24 2,264.24 4.95 0.22


1,216,442 61 16 11,335.33 mn 329,102.81 mn 2,377.02


56.38 17.08 30.30 30.57 0.54 2,259.29

Ansari Sugar 244 - 7.53 6.74 6.74 6.74 -0.79 500 10.85 6.74 - - - -

Colony Sugar Mills 990 3.13 2.15 2.19 2.00 2.00 -0.15 1003 3.30 1.51 - - - -

Crescent Sugar 214 - 10.40 11.40 10.36 11.30 0.90 13150 11.91 7.00 - - - -

Faran Sugar 217 1.34 18.50 19.00 18.00 18.50 0.00 202 19.50 17.50 25 - - -

Fecto Sugar 146 - 38.00 39.00 38.00 38.00 0.00 1071 50.00 38.00 - - - -

Habib Sugar 750 4.63 26.64 27.00 26.00 26.01 -0.63 1152332 28.00 23.00 25 25B - -

Habib-ADM Ltd 200 5.18 12.85 12.99 12.50 12.85 0.00 211 13.74 11.50 40 - - -

Haseeb Waqas 324 - 10.88 11.35 10.40 10.50 -0.38 1032 13.00 9.14 10 - - -

Hussein Sugar 121 0.62 10.43 11.00 10.75 10.43 0.00 111 12.56 8.50 - - -40.49R

Kohinoor Sugar 109 0.65 3.50 4.00 3.00 3.50 0.00 102 5.84 2.45 - - - -

Mehran SugarXDXB 173 1.69 56.30 57.91 55.00 55.55 -0.75 1002 68.48 52.11 35 20B 15.00 10B

Mirza Sugar 141 0.29 2.56 2.70 2.60 2.70 0.14 2501 3.50 2.40 10 - - -

National Foods 414 13.25 75.06 77.00 76.49 76.69 1.63 401 88.00 58.10 12 - - -

Nestle Pakistan 453 31.53 4371.64 4340.00 4153.06 4153.06 -218.58 261 5675.00 3299.00 750 - - -

Quice Food 107 5.25 2.30 2.31 2.31 2.31 0.01 500 3.50 2.20 - - - -

S S Oil 57 0.32 4.75 4.75 4.52 4.52 -0.23 2500 6.45 3.80 - - - -

Sakrand Sugar 223 22.27 2.53 2.52 2.40 2.45 -0.08 31500 3.00 1.75 - - - -

Shakarganj Mills 695 1.21 6.00 6.40 6.00 6.00 0.00 2001 7.49 5.05 - - - -

Tandlianwala 1177 14.83 52.50 52.00 50.50 52.50 0.00 101 60.30 46.65 - - - -

UniLever Pakistan 665 20.22 5275.17 5538.00 5300.00 5467.25 192.08 5898 5600.00 4900.00 492 - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,143.21 1,142.82 1,125.64 1,132.86 -10.35 -0.91


694,536 19 4 6,768.53 mn 41,683.74 mn 1,143.21


3.95 1.00 25.35 20.42 5.17 1,132.86

Agriautos Ind 144 4.25 70.47 70.10 69.00 69.00 -1.47 2656 74.85 68.00 90 - - -

Atlas Battery 101 5.96 226.05 228.00 224.12 224.57 -1.48 3860 235.89 205.01 100 20B - -

Atlas Honda 719 7.47 122.10 122.20 117.00 119.81 -2.29 277 160.00 112.10 50 15B 65.00 15B

Baluchistan Wheels Ltd. 133 1.45 31.90 31.00 31.00 31.00 -0.90 718 36.34 30.26 25 - - -

Dewan Motors 1087 - 3.21 3.23 2.98 3.00 -0.21 615153 3.46 1.50 - - - -

Exide (PAK)SPOT 56 4.71 230.71 232.00 229.00 230.56 -0.15 2889 235.00 190.00 60 - 60.00 25B

General Tyre 598 4.26 22.91 23.01 22.30 22.34 -0.57 14149 26.17 22.01 20 - - -

Ghandhara Nissan 450 - 3.15 3.10 3.10 3.10 -0.05 5000 4.50 2.16 - - - -

Ghani Automobile Ind 200 6.34 3.25 3.45 3.16 3.36 0.11 15100 4.25 2.90 - - - -

Honda Atlas Cars 1428 - 10.31 10.59 10.25 10.33 0.02 9384 11.58 9.00 - - - -

Indus Motors 786 7.55 220.01 219.00 218.50 218.52 -1.49 300 232.53 215.00 150 - 50.00 -

Pak Suzuki 823 14.34 63.61 63.90 62.06 63.67 0.06 24550 72.50 61.35 5 - - -

Sazgar Engineering 150 1.13 22.65 23.00 23.00 23.00 0.35 500 25.50 22.01 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,803.56 1,819.86 1,800.48 1,809.21 5.66 0.31


77,453 11 1 1,336.62 mn 35,533.33 mn 1,809.21


5.03 1.91 38.02 131.49 26.15 1,768.31

Ados Pak 66 3.38 8.85 9.25 9.20 9.24 0.39 500 9.85 7.40 - - - -

Bolan Casting 104 4.91 48.59 50.00 48.00 49.76 1.17 920 50.33 44.00 25 10B - -

Dewan Auto Engineering 214 - 1.40 1.57 1.21 1.32 -0.08 37434 2.15 0.71 - - - -

KSB Pumps 132 - 32.27 32.60 32.01 32.40 0.13 648 47.95 30.50 12.5 - - -

Millat Tractors 366 9.38 615.21 621.87 615.25 617.75 2.54 37534 625.70 510.00 650 25B325.00 -

Pak Engineering 57 - 78.10 74.20 74.20 74.20 -3.90 395 108.13 74.20 100 - - -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


999.37 1,002.28 975.45 978.43 -20.95 -2.10


79,253 13 2 3,043.31 mn 36,473.31 mn 999.37


1.89 0.83 43.91 15.55 8.22 978.43

Cherat Papersack 172 2.32 48.00 49.50 46.99 47.26 -0.74 16996 56.60 46.45 20 25B - 50R

ECOPACK Ltd 230 - 1.35 1.35 1.20 1.22 -0.13 42998 1.90 1.10 - - - -

Ghani Glass 1067 5.40 53.95 53.50 53.05 53.12 -0.83 1566 58.50 51.50 25 10B - -

MACPAC Films 389 2.17 11.74 12.70 10.80 10.85 -0.89 6060 15.21 9.78 - - - -

Packages Ltd 844 17.61 111.00 110.90 105.45 105.64 -5.36 10982 118.00 103.01 32.5 - - -

Tri-Pack Films 300 6.72 173.40 176.75 170.30 172.30 -1.10 551 181.99 149.10 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


875.69 883.46 865.01 869.68 -6.01 -0.69


1,071,460 37 6 54,792.74 mn 64,695.36 mn 884.75


6.34 0.45 7.10 19.04 3.00 869.68

Al-Abbas Cement 1828 - 2.60 2.75 2.56 2.56 -0.04 2399 3.25 2.40 - 100R - -

Attock Cement 866 6.12 48.92 49.70 48.10 48.33 -0.59 5416 56.01 48.03 50 - - -

Berger Paints 182 - 14.25 14.90 14.16 14.25 0.00 104 16.62 13.41 - 122R - -

Central Forest 30 - 3.50 3.50 3.50 3.50 0.00 1000 3.50 3.50 - - - -

Cherat Cement 956 42.86 8.86 9.00 8.80 9.00 0.14 11420 11.90 8.51 - - - -

Dadabhoy Cement 982 16.77 2.18 2.20 1.76 2.18 0.00 103 2.24 1.55 - - - -

Dewan Cement 3891 - 1.75 1.77 1.66 1.66 -0.09 46477 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 31.08 23.69 23.90 23.29 23.31 -0.38 614883 25.85 21.31 - 20R - 20R

Fauji Cement 6933 7.07 4.13 4.17 4.09 4.10 -0.03 55022 5.04 3.99 - - - 92R

Fecto Cement 502 4.34 5.48 5.10 5.00 5.03 -0.45 2600 8.60 5.00 - - - -

Gharibwal Cement 4003 - 7.27 6.60 6.55 6.55 -0.72 8400 13.50 4.25 - - - -

Haydery Const 32 - 0.42 0.56 0.54 0.42 0.00 504 0.83 0.21 - - - -

Lafarge Pakistan Cmt. 13126 70.25 2.79 2.88 2.76 2.81 0.02 61422 3.35 2.10 - - - -

Lucky Cement 3234 5.85 72.33 72.35 71.71 71.96 -0.37 139608 77.43 66.93 40 - - -

Maple Leaf Cement 5267 - 2.06 2.14 2.05 2.05 -0.01 111198 3.05 1.97 - - - -

Pioneer Cement 2271 - 5.33 5.58 5.55 5.56 0.23 904 6.34 4.50 - - - -

Safe Mix Concrete 200 - 5.00 5.50 5.49 5.50 0.50 2000 6.34 4.17 - - - -

Shabbir Tiles 721 - 6.86 7.30 6.50 6.58 -0.28 9772 7.55 5.25 - - - 100R



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,032.97 1,033.68 1,015.08 1,026.64 -6.33 -0.61


70,187 7 1 3,596.11 mn 15,396.82 mn 1,032.97


3.10 1.03 33.10 30.91 9.96 1,018.97

Crescent Steel 565 1.84 27.25 27.25 26.51 27.21 -0.04 22075 29.75 25.70 30 - 20.00 -

Dost Steels Ltd 675 - 2.65 2.69 2.50 2.54 -0.11 42227 3.10 1.62 - - - -

Huffaz Pipe XD 555 22.32 12.50 12.95 12.49 12.50 0.00 4011 13.00 11.05 - 25B 15.00 -

Inter.Steel Ltd. 4350 - 13.75 13.75 13.75 13.75 0.00 5000 15.06 0.00 - - - -

International Ind 1199 8.96 50.55 50.48 49.80 50.10 -0.45 1824 53.00 48.52 40 20B 15 -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,075.69 1,077.59 1,067.28 1,067.53 -8.15 -0.76


9,531 4 1 1,186.83 mn 2,945.58 mn 1,081.78


5.45 0.41 7.47 25.28 4.64 1,067.53

Century Paper 707 - 15.48 15.10 14.99 15.00 -0.48 7029 18.00 13.85 - - - -

Pak Paper Product 50 1.80 42.20 42.20 42.20 42.20 0.00 1000 44.49 38.50 2533.33B - -

Security Paper 411 7.17 40.22 41.00 40.50 40.50 0.28 1502 42.80 37.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,851.22 1,862.02 1,834.08 1,840.62 -10.60 -0.57


6,940,924 36 6 52,251.88 mn 378,558.38 mn 1,865.86


8.66 3.03 35.00 48.81 5.64 1,840.62

Agritech Limited 3924 - 18.05 18.00 17.50 17.64 -0.41 1490 22.68 17.01 - - - -

BOC (Pak) 250 7.24 96.00 96.10 96.00 96.10 0.10 288 99.80 90.50 60 - - -

Clariant Pak 341 4.85 159.00 159.00 157.81 158.81 -0.19 2715 167.00 142.50 135 25B - -

Dawood Hercules 4813 3.52 61.63 61.80 60.40 60.73 -0.90 32470 66.00 56.10 50 300B - -

Descon Chemical 1996 - 2.13 2.20 2.13 2.13 0.00 5038 2.79 1.83 - - - -

Descon Oxychem Ltd. 1020 9.50 6.45 6.54 6.32 6.46 0.01 139994 8.59 5.60 - - - -

Dewan Salman 3663 - 2.77 2.76 2.65 2.66 -0.11 222960 3.65 2.11 - - - -

Dynea Pak 94 3.51 10.30 10.75 10.70 10.70 0.40 2001 11.50 9.50 15 - - -

Engro Corporation Ltd 3933 7.10 160.40 161.70 157.71 158.96 -1.44 1434516 200.50 155.00 60 20B - -

Engro Polymer 6635 - 10.36 10.50 10.27 10.30 -0.06 126827 12.83 10.11 - 27.5R - -

Fatima Fertilizer 22000 - 15.81 15.88 15.60 15.65 -0.16 256976 17.05 12.10 - - - -

Fauji Fertilizer 8482 9.42 154.02 154.65 152.80 153.06 -0.96 706133 157.74 137.51 130 25B 45.00 -

Fauji Fert.Bin Qasim 9341 6.60 43.90 44.38 43.90 44.11 0.21 2232034 44.38 40.42 65.5 - 12.50 -

Ghani Gases Ltd 725 10.92 12.95 13.39 12.97 13.00 0.05 8387 14.49 11.40 - - - -

ICI Pakistan 1388 8.57 156.00 155.00 154.00 154.19 -1.81 20643 161.00 148.02 175 - - -

Lotte Pakistan 15142 3.69 13.30 13.44 13.18 13.22 -0.08 1197520 17.36 12.56 5 - - -

Nimir Ind Chemical 1106 13.48 3.14 3.25 3.08 3.10 -0.04 737367 3.28 2.26 - - - -

Pak PVC SPOT 150 - 3.00 4.00 3.90 4.00 1.00 862 4.00 2.00 - - - -

Shaffi Chemical 120 27.38 2.40 2.20 1.57 2.19 -0.21 30461 3.25 1.57 - - - -

Sitara Peroxide 551 5.19 17.00 17.40 16.75 16.76 -0.24 43752 19.99 16.05 - - - -

Wah-Noble 90 5.17 36.62 37.99 36.90 36.62 0.00 400 37.99 34.19 50 - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


983.55 993.05 979.46 988.97 5.42 0.55


22,388 9 - 3,904.20 mn 32,502.48 mn 988.97


6.24 1.39 22.31 44.54 7.14 981.90

Abbott (Lab) XD 979 5.81 94.58 95.50 94.00 94.88 0.30 2122 95.50 84.11 50 - - -

GlaxoSmithKline 2019 10.74 75.30 75.95 75.05 75.19 -0.11 1580 79.99 71.00 40 15B - -

Highnoon (Lab) 182 6.72 29.85 29.20 29.00 29.04 -0.81 2450 33.45 24.51 25 10B - -

Searle Pak 306 5.74 56.01 58.81 57.00 58.81 2.80 16233 65.00 54.00 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


799.50 803.65 760.77 769.98 -29.52 -3.69


53,838 4 2 3,242.17 mn 12,510.56 mn 811.55


5.23 1.33 25.53 11.08 2.12 769.98

Pak Int Cont.Terminal 1092 7.50 85.21 85.53 80.95 81.50 -3.71 53250 91.20 67.31 40 - - -

PNSC 1321 7.46 25.42 25.80 24.30 25.45 0.03 588 30.99 22.90 15 - - -



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

BOOK CLOSURES

Sapphire Fibres # 14-Jul 20-Jul - - 20-Jul

Exide Pakistan # 18-Jul 25-Jul - - 25-Jul

Nina Industries 18-Jul 23-Jul - - -

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

Singer Pakistan # 25-Jul 04-Aug - - 04-Aug

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

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

Fauji Fertilizer 29-Aug 04-Sep - - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd. 2.62 2.65 2.54 2.57 -0.05 217430

Shakarganj Food 4.25 4.38 4.05 4.05 -0.2 2000

Shezan International 147.34 149.34 147.35 149.3 1.96 400

Grays of Cambridge 40.05 40.01 40.01 40.01 -0.04 500

Pak Tobacco Co. 93.8 97.99 97.99 93.8 0 200

Shifa Int.Hospital 33.15 32.55 32.3 32.34 -0.81 600

P.I.A.C.(A) 2.25 2.28 2.16 2.25 0 12612

Pace (Pak) Ltd. 2.23 2.44 2.14 2.18 -0.05 3313924

Netsol Technologies 21.34 21.49 21 21.05 -0.29 75414

Symbols Open High Low Close Change Vol


Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -98.22 points at 12,291.90. Volume was

52 per cent below average (consolidating) and Bollinger Bands were 35

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

market will see major 1st resistance level at 12,382.30 and 2nd resist-

ance level at 12,472.65, while Index will continue to find its 1st support

level at 12,240.15 and 2nd support level at 12,188.35.

KSE 100 INDEX is currently 5.1 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is relatively nor-

mal as 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 forecasting oscillators are

currently bullish on INDEX.

RSI (14-day) 45.57 Support 1 12,240.15

MA (5-day) 12,446.69 Support 2 12,188.35

MA (10-day) 12,455.97 Resistance 1 12,382.30

MA (100-day) 12,001.84 Resistance 2 12,472.65

MA (200-day) 11,699.07 Pivot 12,330.50


Pakistan Telecommunication Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

PTC closed down -0.06 at 14.08. Volume was 92 per cent above average

and Bollinger Bands were 0 per cent wider than normal.

PTC is currently 21.3 per cent below its 200-day moving average and is

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

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

reflect very strong flows of volume out of PTC (bearish). Trend forecasting

oscillators are currently bearish on PTC. Momentum oscillator is currently

indicating that PTC is currently in an oversold condition.

Arif Habib Ltd 24.7 Buy

AKD Securities Ltd 23.91 Buy

TFD Research 20.15 Positive

RSI (14-day) 22.54 MTS Shares `000 4.156

MA (10-day) 14.20 MTS Rs `000 44.44

MA (100-day) 16.64 MTS Rate -

MA (200-day) 17.90 ** NOI Rs (mn) 1.27

Free Float Shares (mn) 585.06 Free Float Rs (mn) 8,237.65

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


Fauji Fertiliser Bin Qasim Ltd


Technical Outlook

FFBL closed up 0.21 at 44.11. Volume was 16 per cent below average and

Bollinger Bands were 25 per cent narrower than normal.

FFBL is currently 14.8 per cent above its 200-day moving average and is

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


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

Trend forecasting oscillators are currently bullish on FFBL.

Arif Habib Ltd 42.2 Sell

AKD Securities Ltd 45.52 Accumulate

TFD Research 47.75 Neutral


MA (10-day) 43.02 MTS Rs `000 10,612.14

MA (100-day) 41.80 MTS Rate 15.00

MA (200-day) 38.41 ** NOI Rs (mn) 66.95




Engro Corporation


Technical Outlook

ENGRO closed down -1.44 at 158.96. Volume was 31 per cent below aver-

age and Bollinger Bands were 17 per cent wider than normal.

ENGRO is currently 17.8 per cent below its 200-day moving average and is

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

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

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

casting oscillators are currently bearish on ENGRO. Momentum oscillator is

currently indicating that ENGRO is currently in an oversold condition.

Arif Habib Ltd 224 Buy

AKD Securities Ltd 195.41 Neutral



MA (10-day) 160.95 MTS Rs `000 51,413.43

MA (100-day) 194.84 MTS Rate 18.00

MA (200-day) 193.43 ** NOI Rs (mn) 233.17




National Bank of Pakistan


Technical Outlook

NBP closed down -0.44 at 53.11. Volume was 35 per cent below average

and Bollinger Bands were 55 per cent narrower than normal.

NBP is currently 17.2 per cent below its 200-day moving average and is

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


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

forecasting oscillators are currently bullish on NBP.



RSI (14-day) 55.89 MTS Shares `000 1,299.444

MA (10-day) 52.27 MTS Rs `000 50,934.32

MA (100-day) 57.91 MTS Rate 21.64

MA (200-day) 64.16 ** NOI Rs (mn) 61.65




Fauji Fertiliser Co


Technical Outlook

FFC closed down -0.96 at 153.06. Volume was 57 per cent below average

(consolidating) and Bollinger Bands were 5 per cent wider than normal.

FFC is currently 16.8 per cent above its 200-day moving average and is

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


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

forecasting oscillators are currently bullish on FFC.

Arif Habib Ltd 165.3 Buy

AKD Securities Ltd 120.7 Sell



MA (10-day) 153.37 MTS Rs `000 5,341.20

MA (100-day) 138.78 MTS Rate 15.00

MA (200-day) 130.98 ** NOI Rs (mn) 82.99




Pakistan Oilfields Ltd


Technical Outlook

POL closed up 0.25 at 372.99. Volume was 51 per cent below average

(consolidating) and Bollinger Bands were 24 per cent wider than normal.

POL is currently 21.6 per cent above its 200-day moving average and is

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


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

oscillators are currently bullish on POL.


AKD Securities Ltd 386.5 Accumulate



MA (10-day) 366.51 MTS Rs `000 5,812.44

MA (100-day) 331.91 MTS Rate 15.06

MA (200-day) 306.67 ** NOI Rs (mn) 235.62




Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed down -0.38 at 23.31. Volume was 70 per cent below average

(consolidating) and Bollinger Bands were 53 per cent narrower than normal.

DGKC is currently 10.4 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on DGKC.





MA (10-day) 23.36 MTS Rs `000 7,510.41

MA (100-day) 23.68 MTS Rate 17.00

MA (200-day) 26.02 ** NOI Rs (mn) 67.28



EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,555.16 1,593.35 1,558.76 1,553.62 -1.55 -0.10


369,978 52 11 29,771.58 mn 19,663.01 mn 1,555.16


20.11 0.44 2.21 104.74 8.09 1,541.19

Equity Modaraba 524 9.21 1.39 1.79 1.10 1.75 0.36 12753 2.50 1.10 - - - -

First Capital Mutual Fund 300 2.27 2.50 3.00 3.00 3.00 0.50 1599 4.60 1.51 - - - -

Golden Arrow 760 2.13 3.35 3.32 3.21 3.21 -0.14 22351 3.72 3.11 17 - - -

H B L Modaraba 397 3.92 7.75 7.99 7.99 7.99 0.24 8000 8.44 7.10 11 - - -

Habib Modaraba 1008 4.25 8.20 8.20 8.17 8.20 0.00 50047 8.44 7.26 21 - - -

JS Growth Fund 3180 2.05 6.02 6.15 5.90 5.96 -0.06 60102 7.40 5.32 12.5 - - -

JS Value Fund 1186 0.59 5.34 5.72 5.31 5.66 0.32 3002 6.68 4.91 10 - 5.00 -

Meezan Balanced Fund 1200 2.72 9.50 9.90 9.45 9.45 -0.05 4900 10.19 8.46 15.5 - - -

Mod Al-Mali 184 15.00 1.00 1.05 1.05 1.05 0.05 500 1.40 0.85 - - - -

PICIC Energy Fund 1000 2.18 7.50 7.50 7.40 7.40 -0.10 13200 8.25 6.92 10 - 10.00 -

PICIC Growth Fund 2835 2.71 13.45 13.40 13.20 13.20 -0.25 171601 13.84 12.00 20 - 12.50 -

PICIC Inv Fund 2841 2.38 6.05 6.10 5.92 6.03 -0.02 770 6.95 5.50 10 - 7.50 -

Prud Modaraba 1st 872 1.64 0.81 0.90 0.82 0.90 0.09 20500 1.10 0.75 3 - - -

Tri-Star Mutual 50 0.73 0.63 1.40 1.07 1.10 0.47 569 2.00 0.72 - - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


293.49 301.84 286.45 287.65 -5.84 -1.99


2,266,306 41 6 30,336.44 mn 14,186.89 mn 293.49


11.47 0.16 0.91 99.56 5.52 278.49

AMZ Ventures 225 0.94 0.45 0.48 0.30 0.45 0.00 35761 0.64 0.26 - - - -

Arif Habib Limited 450 18.98 18.32 18.44 18.00 18.03 -0.29 12297 20.20 12.01 - 20B - -

Arif Habib Corp 3750 3.41 25.15 25.85 25.00 25.44 0.29 1080757 27.29 20.53 30 - - -

Cap Assets Leasing 107 1.35 1.50 1.51 1.51 1.51 0.01 10000 2.95 1.06 - - - -

Dawood Cap Mangt. XB 150 2.06 1.40 1.50 1.50 1.30 -0.10 2001 2.04 1.15 - - - -

Dawood Equities 250 - 1.28 1.49 1.25 1.25 -0.03 1482 1.99 1.01 - - - -

Escorts Bank 441 - 2.00 2.20 1.56 1.56 -0.44 50001 2.33 1.55 - - - -

First National Equity 575 - 2.91 2.95 2.03 2.54 -0.37 2307 5.35 1.56 - - - 140R

Invest Bank 2849 - 0.43 0.42 0.37 0.42 -0.01 2005 1.20 0.22 - - - -

Ist Cap Securities 3166 - 2.44 2.99 2.45 2.52 0.08 29305 3.27 2.22 - 10B - -

Jah Siddiq Co 7633 - 7.53 7.60 7.26 7.29 -0.24 2044941 8.34 4.82 10 - - -

JOV and CO 508 - 2.59 2.70 2.55 2.62 0.03 23050 3.40 2.31 - - - -

JS Investment 1000 43.33 5.26 5.40 5.17 5.20 -0.06 5006 6.43 4.53 - - - -

KASB Securities 1000 - 3.37 3.64 3.36 3.36 -0.01 3266 4.79 3.10 - - - -

Orix Leasing 821 3.85 6.32 6.44 6.00 6.36 0.04 1552 6.44 5.00 - - - -

Pervez Ahmed Sec 775 5.18 1.55 1.55 1.45 1.45 -0.10 43326 1.99 1.32 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


941.95 937.21 934.47 935.12 -6.83 -0.73


1,050 4 - 2,290.72 mn 10,356.83 mn 952.12


5.25 1.40 3.85 355.53 9.78 935.12

New Jub Life Insurance 627 14.82 56.50 55.55 55.00 55.13 -1.37 1050 58.99 45.10 15 - - -



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

BANKS

Performance of SR Banks Index


1,140.81 1,151.60 1,130.83 1,140.40 -0.41 -0.04


5,212,686 27 - 257,548.02 mn 672,011.97 mn 1,155.00


7.27 1.01 13.94 40.49 5.57 1,140.40

Allied Bank Limited 8603 6.31 64.25 64.25 62.50 63.95 -0.30 110375 68.99 59.00 40 10B - -

Askari Bank XB 7070 5.28 11.38 11.75 11.26 11.61 0.23 400206 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.35 10.08 10.21 9.92 10.17 0.09 459128 11.02 9.42 - - - -

Bank AL-Habib 8786 6.21 29.23 29.39 29.15 29.29 0.06 33489 30.10 28.25 20 20B - -

Bank Of Khyber 5004 2.20 4.69 5.15 4.50 4.93 0.24 2271 6.25 4.05 - - -64.41R

Bank Of Punjab 5288 - 6.77 6.88 6.60 6.64 -0.13 756946 7.35 4.51 - - - -

BankIslami Pak 5280 10.41 3.85 3.89 3.31 3.85 0.00 241 4.09 3.25 - - - -

Faysal Bank 7327 7.29 9.60 9.69 9.35 9.62 0.02 23626 10.50 9.00 - 20B - -

Habib Bank Ltd 11021 7.31 117.36 117.50 116.50 116.97 -0.39 13274 125.50 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.46 19.18 19.69 19.00 19.00 -0.18 23750 22.45 17.00 - 20B - -

JS Bank Ltd 8150 45.20 2.37 2.39 2.26 2.26 -0.11 32300 3.00 2.06 - 33R - -

KASB Bank Ltd 9509 - 1.40 1.54 1.43 1.50 0.10 149068 1.77 1.16 -105.16R - -

MCB Bank Ltd 8362 8.15 201.82 203.10 200.90 201.74 -0.08 118688 210.95 190.99 115 10B 30.00 -

Meezan Bank XB 8030 6.00 17.87 17.84 17.50 17.53 -0.34 602660 19.49 16.60 - 15B - -

National Bank 16818 4.18 53.55 54.00 52.95 53.11 -0.44 1306925 55.15 49.51 75 25B - -

NIB Bank 40437 - 1.53 1.55 1.50 1.53 0.00 562204 2.05 1.47 -154.79R - -

Samba Bank 14335 21.25 1.70 1.79 1.70 1.70 0.00 6003 2.20 1.62 -63.46R - -

Silkbank Ltd 26716 15.94 2.55 2.65 2.52 2.55 0.00 166933 3.06 2.15 - 311R - -

Soneri Bank 6023 2.55 5.10 5.11 5.05 5.10 0.00 413010 6.94 5.00 - - - -

Stand Chart Bank 38716 6.73 8.17 8.50 8.09 8.34 0.17 4411 9.75 7.70 6 - - -

Summit Bank Ltd 8701 - 3.86 3.90 3.75 3.76 -0.10 44562 4.75 2.67 - - - 20R

United Bank Ltd 12242 7.29 61.88 62.44 61.50 62.02 0.14 27178 65.01 61.00 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


744.64 750.61 734.36 739.29 -5.35 -0.72


296,286 34 22 11,111.34 mn 45,949.74 mn 744.64


9.92 0.52 5.20 79.54 8.02 739.29

Adamjee Insurance XD 1237 6.98 65.41 65.74 65.00 65.06 -0.35 4212 71.99 62.00 25 - - -

Atlas Insurance 443 3.54 28.50 29.44 27.72 28.46 -0.04 4826 29.44 26.00 40 20B - -

Crescent Star Insurance 121 9.58 3.70 3.47 2.70 3.45 -0.25 150007 4.68 2.02 - - - -

EFU General Insurance 1250 13.24 35.97 35.71 35.00 35.48 -0.49 5685 39.65 29.01 12.5 - - -

Habib Insurance 450 7.67 11.20 11.40 11.00 11.05 -0.15 32375 12.00 10.95 25 12.5B - -

IGI Insurance 970 6.04 72.00 73.00 71.97 73.00 1.00 40441 76.12 65.10 30 55B 10.00 -

New Jub Insurance 989 10.22 59.50 62.37 56.56 58.16 -1.34 3315 62.37 51.16 20 25B - -

Pak Reinsurance 3000 5.47 16.02 16.00 15.71 15.75 -0.27 54889 20.20 12.43 30 - - -

Silver Star Insurance 291 0.91 5.19 5.55 5.00 5.19 0.00 301 6.73 4.21 - 15B - -

Universal Insurance 263 - 1.50 1.70 1.70 1.50 0.00 223 2.50 1.32 - - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,298.50 1,295.92 1,281.13 1,285.58 -12.92 -1.00


23,981 2 - 12,202.80 mn 28,260.28 mn 1,298.50


8.32 0.95 11.41 66.79 8.02 1,285.58

Sui North Gas 5491 14.21 20.00 19.90 19.82 19.90 -0.10 2966 23.60 17.64 20 - - -Sui South Gas 8390 4.66 20.97 20.99 20.60 20.66 -0.31 21015 23.75 20.40 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,364.35 1,374.58 1,357.15 1,363.66 -0.69 -0.05


698,167 15 1 95,369.29 mn 104,555.28 mn 1,375.15


13.42 1.26 9.35 104.13 7.76 1,363.66

Genertech 198 - 0.51 0.60 0.57 0.57 0.06 3001 0.80 0.16 - - - -

Hub Power 11572 7.78 38.74 38.99 38.60 38.72 -0.02 373183 39.45 36.70 50 - 25.00 -

Japan Power 1560 - 1.24 1.27 1.17 1.22 -0.02 55053 1.70 0.97 - - - -

KESC 7932 - 2.16 2.20 2.15 2.19 0.03 58417 2.68 2.10 - 7.8R - -

Kohinoor Energy 1695 4.98 16.00 16.75 16.00 16.50 0.50 5401 18.05 15.41 25 - 10.00 -

Kot Addu Power 8803 5.46 42.70 42.89 42.45 42.57 -0.13 63754 44.19 41.60 50 - 30.00 -

Nishat Chunian Power Ltd 3673 2.57 14.50 14.58 14.15 14.30 -0.20 34791 17.25 13.47 - - 10.00 -

Nishat Power Ltd 3541 2.25 16.01 16.00 15.70 15.77 -0.24 101173 17.70 15.40 - - - -

Southern Electric 1367 - 1.35 1.45 1.31 1.38 0.03 3012 1.80 1.13 - - - -

Tri-star Power XD 150 - 0.97 0.98 0.97 0.97 0.00 377 1.37 0.70 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


908.77 921.54 899.17 903.78 -4.99 -0.55


2,582,608 5 - 50,077.79 mn 56,806.27 mn 916.83


4.50 0.58 12.84 62.56 13.91 903.78

Pak Datacom 78 28.97 30.13 30.99 29.15 30.13 0.00 259 47.75 28.71 80 - 15.00 -

Pak.Telecomm Co A 37740 11.54 14.14 14.30 14.01 14.08 -0.06 2355429 17.83 14.01 17.5 - - -

Telecard 3000 2.54 1.55 1.57 1.50 1.50 -0.05 75256 1.94 1.40 1 - - -

WorldCall Tele 8606 - 2.00 2.10 1.97 1.98 -0.02 151664 2.58 1.94 - - - -

Wateen Telecom Ltd 6175 - 2.17 2.16 1.96 2.07 -0.10 620323 3.09 1.94 - - - -



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

UPTO 100 VOLUME

MERIT 26.23 25.5 25.5 26.23 0 100

BGL 2 2 2 2 0 100

UDPL 13.9 13.11 13.11 13.9 0 100

KOHC 6 6.22 6.02 6 0 87

HUSI 2.82 3.82 3.82 2.82 0 86

DMTM 4.2 4 3.7 4.2 0 80

FECM 2.9 3.14 3.14 2.9 0 70

STPL 9 9 9 9 0 50

NSRM 16 15.1 15.1 16 0 41

SZTM 7 8 8 7 0 21

LIBM 63.65 61.4 60.47 63.65 0 21

MFFL 78.25 79 78 78.25 0 21

HINO 111.27 107 106.76 111.27 0 20

FZTM 322 330 310 322 0 15

FLYNG 1.33 1.35 1.35 1.33 0 15

UPFL 1490 1564.5 1425 1490 0 14

GLPL 57.12 54.45 54.27 57.12 0 12

IDSM 4.68 4.84 4.83 4.68 0 11

RICL 7.4 7.9 7.9 7.4 0 10

JDWS 79.75 80.5 79.75 79.75 0 10

BUXL 7.73 7.05 7.05 7.73 0 10

GAMON 1.25 1.45 1.25 1.25 0 10

COLG 735 770 735 735 0 9

RAVT 1.24 0.99 0.9 1.24 0 7

JKSM 7.1 7.35 6.75 7.1 0 6

SFL 118 115 115 118 0 5

BWCL 11.2 12 10.51 11.2 0 5

CWSM 2.31 1.75 1.31 2.31 0 4

SEL 19.47 19.61 19.61 19.47 0 4

RMPL 2691.63 2699 2575.01 2691.63 0 4

PAKL 1.52 2.3 0.6 1.52 0 3

MWMP 0.96 1.3 1 0.96 0 3

SFWF 7.67 8.65 8.65 7.67 0 2

FCONM 1.5 1.85 1.85 1.5 0 2

FFLM 1.51 1.7 1.7 1.51 0 2

PAKMI 1 1.1 1.1 1 0 2

FPJM 1.11 1.15 1.14 1.11 0 2

IGIBL 1.5 1.74 1.74 1.5 0 2

AGIC 9 9.49 9.49 9 0 2

AATM 0.86 1.55 1.25 0.86 0 2

DFSM 2.11 2.29 2.29 2.11 0 2

DKTM 2 2.19 2.19 2 0 2

KSTM 1.5 1.68 1.3 1.5 0 2

PRET 29.76 31.24 31.24 29.76 0 2

SMTM 4.56 5.5 5 4.56 0 2

STJT 28 28.8 28.5 28 0 2

GFIL 4.21 5.18 5.18 4.21 0 2

MEHT 68.18 71.58 71.57 68.18 0 2

MSOT 18.65 19.6 19.5 18.65 0 2

DWSM 2.51 2.9 2.45 2.51 0 2

SANSM 11.85 12.4 12.39 11.85 0 2

SING 13.9 14.9 14.89 13.9 0 2

WYETH 987 955 938.57 987 0 2

WAZIR 5.95 6.8 6.8 5.95 0 2

AKGL 5.25 5.99 4.3 5.25 0 2

AMMF 10.92 11.05 11.05 10.92 0 1

ASFL 4.5 5.49 5.49 4.5 0 1

FDMF 1.95 2.25 2.25 1.95 0 1

NBF 4.82 5 5 4.82 0 1

AHI 20 21 21 20 0 1

FDIBL 1.43 1.59 1.59 1.43 0 1

SIBL 1.72 1.25 1.25 1.72 0 1


FUTURE CONTRACTS

ENGRO-JUL 161.69 162.5 159 160.12 -1.57 454500

FFBL-JUL 44 44.55 44.1 44.37 0.37 388000

POL-JUL 374.28 377.5 373.7 374.92 0.64 235000

FFC-JUL 155.12 155.5 153.9 154.01 -1.11 107500

NBP-JUL 54 54.2 53.3 53.49 -0.51 104500

NML-JUL 52.98 52.35 51.81 52.03 -0.95 98500

DGKC-JUL 23.83 23.99 23.45 23.49 -0.34 93000

ATRL-JUL 127.97 128.6 127.25 127.39 -0.58 84500

PPL-JULB 211.63 212 209.8 210.13 -1.5 36500

MCB-JUL 203.43 203.39 202 203.24 -0.19 32500

LUCK-JUL 72.94 72.75 72.3 72.3 -0.64 6000

PTC-JUL 14.29 14.23 14.06 14.06 -0.23 4000

UBL-JUL 62.52 62.39 62.25 62.39 -0.13 3500


MTS LEVERAGE POSITION

Symbol Total Volume Total Value MTS Rate

AHCL 694,195 12,548,130 - AICL 18,700 914,229 19.00 AKBL 569,927 4,694,659 - ANL 310,650 1,349,596 - ATRL 37,355 3,491,326 18.95 BAFL 948,100 6,872,572 - DGKC 431,633 7,510,413 17.00 ENGRO 423,606 51,413,433 18.00 FFBL 328,175 10,612,140 15.00 FFC 46,300 5,341,202 15.00 KAPCO 84,687 2,723,680 - LOTPTA 2,953,107 29,175,344 17.48 LUCK 20,126 1,089,418 - MCB 22,350 3,371,178 - NBP 1,299,444 50,934,319 21.64 NCL 347,581 5,894,473 - NML 339,943 12,992,657 20.00 OGDC 4,000 460,843 - PAKRI 250,776 3,001,202 - POL 21,000 5,812,438 15.06 PPL 29,000 4,537,171 16.00 PSO 34,866 7,019,832 17.27 PTC 4,156 44,438 - SSGC 3,000 46,697 - UBL 102,500 4,770,259 - TOTAL 9,325,177 236,621,650 16.21

Adamjee Insurance 43.63 64.80 64.55 65.55 66.00 65.25

Al-Abbas Cement 42.98 2.50 2.45 2.70 2.80 2.60

Allied Bank Limited 50.05 62.90 61.80 64.65 65.30 63.55

Arif Habib Corp 54.44 25.00 24.60 25.85 26.30 25.45

Arif Habib Limited 52.52 17.90 17.70 18.30 18.60 18.15

Askari Bank 55.45 11.35 11.05 11.80 12.05 11.55

Attock Cement 32.56 47.70 47.10 49.30 50.30 48.70

Attock Petroleum 50.45 375.70 370.35 386.20 391.35 380.85

Attock Refinery 48.99 125.70 124.90 127.55 128.65 126.80

Azgard Nine 48.21 5.85 5.75 6.05 6.15 5.95

Bank Al-Falah 55.30 10.00 9.80 10.30 10.40 10.10

Bank.Of.Punjab 54.10 6.55 6.45 6.80 7.00 6.70

BankIslami Pak 60.88 3.45 3.10 4.05 4.25 3.70

D.G.K.Cement 49.41 23.10 22.90 23.70 24.10 23.50

Dewan Cement 44.66 1.65 1.60 1.75 1.80 1.70

Dewan Salman 46.85 2.60 2.60 2.75 2.80 2.70

Dost Steels Ltd 59.10 2.45 2.40 2.65 2.75 2.60

EFU General Insurance 47.40 35.10 34.70 35.80 36.10 35.40

Engro Corp 28.76 157.20 155.45 161.20 163.45 159.45

Fauji Cement 37.50 4.05 4.05 4.15 4.20 4.10

Fauji Fert Bin 63.17 43.90 43.65 44.35 44.60 44.15

Fauji Fertilizer 57.79 152.35 151.65 154.20 155.35 153.50

Faysal Bank 52.30 9.40 9.20 9.75 9.90 9.55

Habib Bank Ltd 45.97 116.50 116.00 117.50 118.00 117.00

Hub Power 61.89 38.55 38.40 38.95 39.15 38.75

ICI Pakistan 46.44 153.80 153.40 154.80 155.40 154.40

Indus Motors 36.91 218.35 218.15 218.85 219.15 218.65

J.O.V.and CO 43.18 2.55 2.45 2.70 2.75 2.60

Jah Siddiq Co 44.21 7.15 7.05 7.50 7.70 7.40

Japan Power 49.35 1.15 1.10 1.25 1.30 1.20

JS Bank Ltd 38.97 2.20 2.15 2.35 2.45 2.30

K.E.S.C 44.04 2.15 2.15 2.20 2.25 2.20

Kot Addu Power 45.12 42.40 42.20 42.85 43.10 42.65

Lotte Pakistan 34.01 13.10 13.00 13.40 13.55 13.30

Lucky Cement 52.39 71.65 71.35 72.30 72.65 72.00

Maple Leaf Cement 38.06 2.00 2.00 2.10 2.15 2.10

MCB Bank Ltd 47.19 200.70 199.70 202.90 204.10 201.90

National Bank 55.78 52.70 52.30 53.75 54.40 53.35

Netsol Technologies 46.23 20.85 20.70 21.35 21.65 21.20

NIB Bank 37.66 1.50 1.50 1.55 1.60 1.55

Nimir Ind.Chemical 64.06 3.05 2.95 3.20 3.30 3.15

Nishat (Chunian) 38.60 22.40 22.20 22.85 23.10 22.65

Nishat Mills 36.26 51.25 50.80 52.45 53.15 52.00

Oil & Gas Dev. XD 48.43 150.80 149.50 153.70 155.30 152.40

P.I.A.C.(A) 49.65 2.20 2.10 2.30 2.35 2.25

P.S.O. XD 39.56 266.50 264.90 269.30 270.60 267.75

P.T.C.L.A 22.65 13.95 13.85 14.25 14.40 14.15

PACE (Pakistan) Ltd. 36.68 2.05 1.95 2.35 2.55 2.25

Pak Oilfields 69.94 371.25 369.55 375.90 378.85 374.20

Pak Petroleum 44.99 207.55 206.25 210.80 212.75 209.50

Pak Suzuki 40.81 62.50 61.35 64.35 65.05 63.20

Pervez Ahmed Sec 40.55 1.40 1.40 1.50 1.60 1.50

Pioneer Cement 52.12 5.55 5.55 5.55 5.60 5.55

Shell Pakistan 48.68 221.50 219.25 225.40 227.15 223.20

Sitara Peroxide 41.20 16.55 16.30 17.20 17.60 16.95

Sui North Gas 46.75 19.85 19.80 19.90 19.95 19.85

Sui South Gas 38.97 20.50 20.35 20.90 21.15 20.75

Telecard 38.55 1.45 1.45 1.55 1.60 1.50

TRG Pakistan 44.36 2.55 2.50 2.65 2.70 2.60

United Bank Ltd 42.10 61.55 61.05 62.50 62.95 62.00

WorldCall Tele 39.91 1.95 1.90 2.05 2.15 2.00

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Shakarganj Foods Ltd 12-Jul 7:12

Shezan International Ltd 13-Jul 11:00

Mitchell's Fruit Farms 14-Jul 1:30

Unilever Pakistan Ltd 09-Aug 10:30

Unilever Pakistan Foods Ltd 11-Aug 2:30

Kot Addu Power Company Ltd 05-Sep 1:00

BOARD MEETINGS

Company Date Time

Tuesday, July 12, 2011 8

SEOUL: South Korea's SKTelecom and STX Corp enteredthe fray to buy a $2.3 billionstake in Hynix Semiconductor ,raising hopes of a successfulsale by creditors of the world'sNo. 2 computer memory chip-maker at the third attempt.SK Telecom, the nation'sbiggest telecoms firm, andshipping-to-shipbuilding groupSTX said separately they hadsubmitted their initial interest tocreditors for the 15 percentstake in the first round of bid-ding which closed on Friday.A successful bid would mean ashift in focus and a first stepinto the highly cyclical comput-er chip business for either firm,something investors and ana-lysts have been cool on."The acquisition plan is not inline with what SK Telecom haspresented for its future strate-gy," said Choi Yoon-mi, an ana-lyst at Mirae Asset. "It is a dis-tracting development when ithas to put resources into thestated goal of growing its con-tent and mobile platform opera-tions."Shares of SK Telecom tumbledas much as 6.8 percent onFriday to its lowest level inmore than eight years."We expect the deal to pave theway for us in securing futuregrowth from promising semi-conductor industry, which willbenefit from expanding smart-phones, tablets and Internet TVsegments," SK said in a state-ment."It will also help us shift awayfrom intensively competitivelocal mobile market."Shares of STX Corp edged up0.7 percent after losing morethan 6 percent in the past twodays following its announce-ment of a likely bid for Hynix,which trails local rivalSamsung Electronics .Prior to the auction closing,shares in Hynix finished up 0.8percent, while SK Telecomshares pared losses to closedown 3.2 percent.CYCLICAL SECTORSTX Corp reiterated its plan onFriday to sell assets and tie upwith a Middle East-based sover-eign wealth fund to finance theacquisition. It said the groupwill reveal the name of the fundbefore the final bidding."The two firms seem quite seri-

ous about the bidding as STXCorp showed its financing planwith a Middle East fund at anearly stage... This bid racecould drive up premiums toover 10 percent to the currentHynix share price," said NamTae-hyun, an analyst at IBKSecurities."In terms of synergy, there'snothing much for the two bid-ders to gain from a Hynix deal."Deutsche Bank cut its targetprice for SK Telecom by 8 per-cent, citing uncertain synergiesfrom the potential deal."We suspect the primary moti-vation for SK Group could bethe desire to shed its image as adomestic-oriented conglomer-ate, by acquiring a manufactur-ing exporter," it said in aresearch note.Hynix declined to comment onthe auction on Friday.Creditors rescued Hynix from adebt crisis in 2001, stemmingfrom one of the industry's worstdownturns. They have sincescaled back their stake, buthave failed to complete a fullsale with investors reluctant tojump into the cyclical memory-chip sector.They have been tappingKorea's big business groups toattract bidders and planned toallow Hynix to sell up to 10percent of new shares as part ofthe auction to raise the odds ofsuccess after two previous auc-tions failed.Nine Hynix shareholdersincluding Korea ExchangeBank, Shinhan Bank and WooriBank are offering 88.5 millionshares of Hynix worth around2.4 trillion Korean won ($2.3billion) at the current marketvalue.The auction is part of a series ofcorporate asset sales by Koreanbanks and the government afterthey took control of liquidity-strapped firms in the wake ofthe Asian financial crisis in late1990s.Sales attempts have been notvery successful, partly becausefailed attempts over severalyears by U.S. fund Lone Star tosell its stake in a local bankcooled foreign interest inKorean assets.Creditors of Hynix plan to holdthe next round of bidding inAugust and close the dealbefore the end of this year.

SKTelecom,

STX battlefor $2.3bn

Spaniardswin rightto switch

mobile cos MADRID: Spanish mobileoperators will have one day,instead of four at present, toimplement requests for cus-tomers switching companywhile keeping their phone num-ber, under a change to the lawdesigned to boost competition.

The clock will start tickingwhen a customer signs a con-tract to switch operator, ratherthan from the moment the newcompany requests the numberfrom the old provider, telecomsregulator CMT said onMonday.

The new rules, to come intoforce from June 1, will mean acustomer signing with one firmon Monday will have their oldnumber fully operational withthe new firm by Wednesday at0400 GMT (5 a.m. Britishtime), said the CMT.

"In this way, Spain becomesthe country in the EuropeanUnion where mobile users willbe able to enjoy their right (totake their old number to a newoperator) more quickly," theCMT said.

Some 4.8 million mobilelines switched mobile providerlast year, with many customersabandoning Spain's dominantoperator, Telefonica, and no. 2operator Vodafone forTeliaSonera's Yoigo.

Mobilinkprovidesrelief toaffected

ISLAMABAD: Mobilink,Pakistan’s market leader in cel-lular services and a part ofOrascom Telecom Holding, hasmarked the completion of thefirst phaseof model homes inRohailanWali, Muzzaffargarhas part of its continued effort toprovide relief and rehabilita-tion to flood affectees.

The Mobilink Foundationhas always been at the fore-front to help the nation in criti-cal times. Mobilink’sCorporate SocialResponsibility (CSR) philoso-phy goes beyond philanthropyand donations. Mobilink isconstructing over 60 homesacross Pakistan through theMobilink Foundation.

Mobilink’s Director PublicRelations and CSR, OmarManzur said; “Our aim is toensure that these new homeswill prove to be a secure andcomfortable residence for thedeserving families.-NNI

Ufonedonates

Rs5mn forKidneyCenter

expansionISLAMABAD: Keeping a

strong conviction to provide

progressive health facilities

for the under served in the

society, Ufone, recently

joined hands with The

Kidney Center and has

donated a sum of Rs. 5 mil-

lion to help in expansion of

the state-of-the-art kidney

related medical facilities at

the centre.

Ufone, as a responsible cor-

porate organization, follows

a very optimistic philan-

thropic path. In the recent

past Ufone under its child

health care initiative

revamped the PAEDS

department at Policlinic

Islamabad which has hence-

forth provided facility at

par with any private hospi-

tal in the country.

The expansion at The

Kidney Centre, Karachi

comes in lieu of the fact that

there is an alarming

increase of End Stage Renal

Disease (ESRD) patients

who visit the Kidney Center

every day and the available

dialysis facility was being

strained.

The existing dialysis facili-

ty will be moved to the new

floor with 45 additional

machines, raising the num-

ber to 67, along with allied

equipment and professional

services. This expansion

will engage more than 500

patients and 83,884 dialysis

sessions per year.

While handing over the

cheque to Mr. Nasser Jaffer,

Chairman Board of

Governors, The Kidney

Center Training Institute,

Mr. Abdul Aziz, CEO Ufone

expressed the desire to form

a long lasting commitment

between the two organiza-

tions and to improve the

state of deteriorating health

facilities in the country.

Aziz also acknowledged the

time and effort put in by the

pioneers of the kidney cen-

ter and hoped that the gen-

eral public will come forth

and help establish more

facilities like this one. -NNI

HONG KONG: An employee of Hynix walks at the company's main office building. -Reuters

MUMBAI: Bharti Infratel,the mobile phone tower armof India's Bharti Airtel , plansan initial public offering forat least $500 million and isexpected to file regulatorypapers in September orOctober, sources with directknowledge of the matter saidon Friday.Bharti Infratel, which hasmore than 30,000 mobilephone towers, also holds a 42percent stake in joint venturetower company IndusTowers, which is the world'stop telecoms tower firm withmore than 110,000 towers.Standard Chartered andMorgan Stanley are amongthe frontrunners to help man-age the initial public offering,three of the sources toldReuters.Details of an IPO by BhartiInfratel are being worked outand the deal size couldchange depending on valua-

tion, said two of the sources,who declined to be named asthe matter was not public yet.A spokesman for BhartiAirtel, India's largest cellularcarrier, declined to comment.In 2007, Bharti Airtel sold upto a 9 percent stake in thetower unit to seven interna-tional investors, includingTemasek Holdings andGoldman Sachs for a total $1billion.Other investors in BhartiInfratel include MacquarieGroup , Citigroup , IndiaEquity Partners, InvestmentCorporation of Dubai andAIF Capital.In February 2008, KohlbergKravis Roberts & Co alsoagreed to invest $250 millionin the tower arm.Bharti Airtel last yearacquired telecoms operationsin 15 African countries fromKuwait's Zain in a $9 billiondeal and became the world's

fifth-biggest mobile operatorby subscribers.Bharti has previously saidthat it would take its towerunit public but has not dis-closed the issue size or thetimeline for the share sale.India's equity capital markethas been sluggish this yearwith companies raising $7.1billion in the first half of2011, down nearly 42 percentfrom the same period lastyear, data from ThomsonReuters showed.Many companies, includingstate-run firms such asexplorer Oil and Natural GasCorp and steelmaker SteelAuthority of India Ltd , havedelayed their shares saleplans due to poor market sen-timent.India's main share index isdown 8 percent this yearmaking it one of the world'sworst performing markets.-Reuters

Bharti mobilephone tower armeyes $500mn IPORegulatory filing for Bharti Infratel IPO likely in Sept-Oct

Standard Chartered, Morgan Stanley among frontrunners

ISLAMABA: PakistanTelecommunication Authority(PTA) has awarded gold medalswith cash prizes to the studentsof two best research projects inIT & Telecom for the year 2010.

Chairman PTA DrMuhammed Yaseen presentedgold medals to the winners ofthe competition during a cere-mony held at PTA Headquartershere , a press release issued said.

Member (Technical) DrKhawar Siddique Khokhar andMember Finance (acting),Shabbir Ahmed were also pres-ent on the occasion.

The event was attended bysenior officers of the Authority,faculty members of the univer-sities and parents of theawardees.

The gold medals were award-ed on the basis of a competitionamong accredited national uni-

versities held by PTA for thebest

research projects on IT &Telecom.

Total 10 research projectswere received from differentuniversities which were later onscrutinized and evaluated by aPTA committee through a trans-parent procedure of marking.On the basis of highest obtainedmarks two research projectsofFaran Mahmood (Team Lead)from institute of SpaceTechnology Islamabad (ISTISB) and Absar-ul-Hasan Shah(Team Lead) from nationalUniversity of Science andTechnology Rawalpindi(NUST) were selected for theaward of Rs. 50,000 each andgold medals.

Moreover team members ofthe winning projects BilalAkhtar, Areeb Riaz, Syed

Muhammad Athar Ali, and AliRaza Anjum were also awardedgold medals and cash prizes.

Addressing the ceremony,Chairman PTA said that asreflected from the telecom indi-cators, growth in the telecomsector has been immense inrecent past years.

Similarly education sector hasalso shown tremendous growth

in terms of adding anincreased number of education-al and professional institutions,development of faculty and stu-dents' enrollments whereasgrowth in research on IT & tele-com in Pakistan has not beenproportionate.

He said that PTA has alwaysbeen an academia friendlyorganization and this initiativeis a testimony of the utmostrespect and regard we hold foracademia in our hearts. -APP

PTA awards gold medals

to winners of best

research projects

SEOUL: South Korea's actor Won Bin (R) and singer and actress IU (L)pose with Choi Chang-soo, who was chosen as the first honorary client

of SK Telecom's fourth-generation (4G) LTE service, during an eventto launch the 4G LTE service of the company in Seoul.-Reuters


LONDON: Brent crude futuresfell by around $2 a barrel onMonday as worries about thewidening euro-zone debt crisisand a drop in Chinese crudeimports rekindled concernsabout a demand slowdown.

After Friday's dismal USemployment data, investorsremain on edge about a meetingof top European officials onfears the crisis could spread toItaly, the region's third-largesteconomy.

By 1400 GMT, Brent crudefutures for August fell by $1.63to $116.70 a barrel, but firmingfrom earlier lows of $115.67 abarrel.

US crude futures traded 47cents down at $95.73 a barrel bythe same time, recovering mod-estly after touching lows of$94.32 a barrel before.

"Concerns about Europe keepgetting ratcheted up and demandexpectations lower and China'sinflation and worry about slow-ing growth add to worries aboutdemand in the fourth quarter,"said Phil Flynn, analyst atPFGBest Research in Chicago.

CA-CIB analyst Christophe

Barret added that in light of theimpact of high oil prices ongrowth, "the very high oil pricesare the best cure to very high oilprices."

European Council President

Herman Van Rompuy over theweekend called an emergencymeeting for Monday morning oftop officials dealing with theeuro-zone debt crisis, reflectingconcern that the crisis couldspread to Italy.

"Risk aversion is back after thedisappointing US jobs data andconcerns about the debt situationin Italy," Commerzbank analystCarsten Fritsch told Reuters."This is putting oil prices underpressure, and it seems Brent inparticular is vulnerable to furtherlosses."

Fritsch said Europe's debt cri-

sis would continue to weigh onthe euro. The euro fell by morethan 1.17 percent against thedollar. A stronger greenback canhurt dollar-denominated com-modities such as oil by rendering

them more expensive for holdersof other currencies.

Investor appetite alsoremained subdued after China'scrude imports tumbled by 11.5percent in June from a year ear-lier to 4.8 million barrels per day(bpd), their lowest in eightmonths.

"The fall in oil prices thismorning is a result of fears thatChina's commodity-driven infla-tion is yet to peak, coupled withworries that Europe's sovereigndebt crisis may be spreading,"said Christin Tuxen, an analystwith Danske Bank in

Copenhagen.Last week's gains in Brent

pushed prices well above thelevel prior to the release of glob-al emergency stockpiles coordi-nated by the West's energywatchdog, the InternationalEnergy Agency as traders bet theextra 60 million barrels of oilwould be insufficient to stopmarket tightening later this year.

The IEA said on Monday itwill release slightly less oil andoil products than initiallyexpected under its emergencyrelease plan.

Analysts expect OPEC'smonthly report due on Tuesdaywill provide insight into oilstock estimates after the IEA'smove.

Saudi Arabia's offer for addi-tional crude in August met scantinterest from refiners acrossnortheast Asia, who are just tak-ing their full contractual vol-umes.

Limited demand for extra bar-rels from Asia, the world'sfastest-growing market, wouldleave the Saudis with fewoptions to find homes for addi-tional cargoes. -Reuters

Oil drops on demandslowdown worries

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

11-Jul-2011 CRUDE10 AU11 US$ Per Barrel 98.56 99.10 94.59 94.69 1,368 98.48 94.69 477

11-Jul-2011 CRUDE10 SE11 US$ Per Barrel 99.38 99.51 95.10 95.19 385 98.95 95.19 124

11-Jul-2011 CRUDE10 OC11 US$ Per Barrel 99.38 99.38 95.70 95.70 - 99.38 95.70 -

11-Jul-2011 CRUDE100 AU11 US$ Per Barrel 98.55 99.07 94.62 94.69 309 98.48 94.69 96

11-Jul-2011 CRUDE100 SE11 US$ Per Barrel 99.00 99.00 95.19 95.19 54 98.95 95.19 16

11-Jul-2011 CRUDE100 OC11 US$ Per Barrel 99.38 99.38 95.70 95.70 - 99.38 95.70 1

11-Jul-2011 SILVER - 100oz AU11 US$ Per Troy Ounce 36.29 36.83 36.19 36.49 82 36.26 36.49 23

11-Jul-2011 SILVER - 100oz SE11 US$ Per Troy Ounce 36.28 36.83 36.25 36.49 225 36.27 36.49 81

11-Jul-2011 SILVER - 100oz OC11 US$ Per Troy Ounce 36.27 36.50 36.27 36.50 - 36.27 36.50 -

11-Jul-2011 SILVER - 500oz AU11 US$ Per Troy Ounce 36.60 36.85 36.26 36.49 49 36.26 36.49 4

11-Jul-2011 SILVER - 500oz SE11 US$ Per Troy Ounce 36.45 36.86 36.25 36.49 63 36.27 36.49 54

11-Jul-2011 SILVER - 500oz OC11 US$ Per Troy Ounce 36.27 36.50 36.27 36.50 - 36.27 36.50 -

11-Jul-2011 GOLD 01oz AU11 US$ Per Troy Ounce 1526.60 1550.80 1526.00 1549.70 2,520 1527.40 1549.70 2,036

11-Jul-2011 GOLD 01oz SE11 US$ Per Troy Ounce 1527.00 1551.30 1526.50 1550.30 4,884 1527.90 1550.30 1,770

11-Jul-2011 GOLD 01oz OC11 US$ Per Troy Ounce 1528.20 1551.80 1527.00 1550.70 1,319 1528.40 1550.70 814

11-Jul-2011 GOLD 100oz AU11 US$ Per Troy Ounce 1526.40 1549.70 1526.40 1549.70 54 1527.40 1549.70 13

11-Jul-2011 GOLD 100oz SE11 US$ Per Troy Ounce 1527.90 1550.30 1527.90 1550.30 - 1527.90 1550.30 -

11-Jul-2011 GOLD 100oz OC11 US$ Per Troy Ounce 1531.80 1550.40 1528.40 1550.30 46 1528.40 1550.70 1

11-Jul-2011 GOLD JY11 Per 10 grms 42270.00 42920.00 42270.00 42920.00 - 42270.00 42920.00 -

11-Jul-2011 GOLD AU11 Per 10 grms 42444.00 42927.00 42278.00 42927.00 12 42278.00 42927.00 5

11-Jul-2011 GOLD SE11 Per 10 grms 42292.00 42941.00 42292.00 42941.00 - 42292.00 42941.00 -

11-Jul-2011 KILOGOLD JY11 Per 10 grms 42243.00 42892.00 42243.00 42892.00 - 42243.00 42892.00 -

11-Jul-2011 KILOGOLD AU11 Per 10 grms 42250.00 42899.00 42250.00 42899.00 - 42250.00 42899.00 -

11-Jul-2011 TOLAGOLD50 JY11 Per Tola 49271.00 50028.00 49271.00 50028.00 - 49271.00 50028.00 -

11-Jul-2011 TOLAGOLD100 AU11 Per Tola 49271.00 50028.00 49271.00 50028.00 - 49271.00 50028.00 -

11-Jul-2011 MINIGOLD MON Per 10 grms 43355.00 44078.00 43355.00 44078.00 - 43355.00 44078.00 -

11-Jul-2011 MINIGOLD TUE Per 10 grms 43403.00 44012.00 43403.00 44012.00 - 43403.00 44012.00 -

11-Jul-2011 MINIGOLD WED Per 10 grms 43420.00 44029.00 43420.00 44029.00 - 43420.00 44029.00 -

11-Jul-2011 MINIGOLD THU Per 10 grms 43436.00 44045.00 43436.00 44045.00 - 43436.00 44045.00 -

11-Jul-2011 MINIGOLD FRI Per 10 grms 43452.00 44062.00 43452.00 44062.00 - 43452.00 44062.00 -

11-Jul-2011 TOLAGOLD MON Per Tola 49954.00 50750.00 49901.00 50743.00 60 49901.00 50743.00 46

11-Jul-2011 TOLAGOLD TUE Per Tola 50621.00 50667.00 49957.00 50667.00 111 49957.00 50667.00 151

11-Jul-2011 TOLAGOLD WED Per Tola 50,618 50,700 49,976 50,686 5 49,976 50,686 8

11-Jul-2011 TOLAGOLD THU Per Tola 50,013 50,705 49,994 50,705 5 49,994 50,705 11

11-Jul-2011 TOLAGOLD FRI Per Tola 50,013 50,724 50,013 50,724 - 50,013 50,724 9

11-Jul-2011 SUGAR SE11 Per Kg 64 64 64 64 - 64 64 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

hits 1-wk low

due to weak oilBANGKOK: Tokyo rubberfutures dropped 2.5 percent to aone-week low on Monday asweak US economic data raisedconcern about demand, andfalling oil prices added to thedownward pressure, dealerssaid.

The benchmark rubber con-tract on the Tokyo CommodityExchange for December deliveryfell 9.8 yen, or 2.5 percent, tosettle at 369.4 yen ($4.92) perkg.

It fell to an intra-day low of369.2 yen, the lowest since July4.

The most active rubber con-tract on the Shanghai futuresexchange for January deliveryfell 680 yuan to finish at 33,665yuan ($5,207) per tonne.

US jobs growth ground to anear halt in June as employershired the fewest workers in ninemonths, frustrating hopes theeconomy would bounce backquickly from a slowdown in thefirst half of the year. That sig-nalled poor demand for com-modities.

"The US data was not goodand weaker oil prices were anadditional factor that hammeredrubber prices down," one dealersaid.

Oil fell for a second day onMonday, pushed down by the USdata plus a drop in China's crudeimports.

In addition, China's annualinflation accelerated to a three-year high in June, increasing thechances that the central bankwill keep raising interest rates totame price pressures and raisingfears for growth in the car sector.

However, dealers saidTOCOM rubber could reboundon Tuesday if it found support at365 yen and oil prices recovered.-Reuters

AHMEDABAD - India: Indian farmer, Chandubha Gohil displays mangos from his orchard at

Meethi Virdi village in Bhavnagar district, some 260 kms from Ahmedabad. -Agencies

LONDON: Gold rose for a sixthday on Monday in its longeststretch of gains since March,driven by investor concerns overthe potential spread of the euro-zone debt crisis.

The euro fell by more than 1percent against the dollar, whichhit two-week highs against abasket of currencies , asEuropean Union officials held anemergency meeting to discusswhether the troubles that haveplagued Greece, Portugal andIreland could spread to Italy.

That followed Friday's US

non-farm payrolls data, whichshowed job creation had virtual-ly ground to a halt, dampeninghopes that the world's largesteconomy would bounce backfrom its slowdown in the firsthalf of this year and helping goldstage a 3.9 percent weekly rise inits best week since November2009.

Spot gold rose to a 2-1/2-weekhigh of $1,556.59 before tradingat $1,554.50 an ounce, up 0.7percent by 1407 GMT. US goldAugust futures were up 0.9 per-cent at $1,555.50 an ounce.

"Given that we're in a season-ally weak period for physicaldemand, the downside is not aswell supported as it could be. Inturn given the period we're in,prices have held up really wellon the back of the macro uncer-

tainty over the European sover-eign debt, as well as the dollar,"said Suki Cooper, an analyst atBarclays Capital.

"So it's being pulled in twodirections. Had the sovereigndebt issues escalated during aseasonally strong period such asin April, there would have been alarger price pull towards theupside on the back of safe-havenbuying and physical demandsupport."

Consumers tend to retreat fromthe gold market in the northernhemisphere summer months.

Gold was just over 1 percentbelow early May's record high at$1,575.79 an ounce, but the priceof bullion hit record highs inboth euros and sterling onMonday.

Euro-denominated gold hitrecord highs above 1,091 euros($1,583) an ounce, while ster-ling-priced gold rose for a sixthday to a record 977.65 pounds($1,571)an ounce.

Last week, holdings of gold inexchange-traded products(ETFs) rose for a fourth consec-utive week, reflecting a pick-upin investor demand for the metalover the last month.

So far this year, however, goldETF holdings have barelychanged, although they haverisen in three of the last fourmonths. -Reuters

Gold soars on euroconcerns as $ rises

Indian sugar

extends gainsMUMBAI: India's sugar futuresextended last week's gains intoMonday on good retail andstockist demand amid lower non-levy supplies for July, analystsand dealers said.

At 4:15 pm, the most activesugar for August delivery on theNational Commodity andDerivatives Exchange was 0.25percent higher at 2,807 rupeesper 100 kg.

In Kolhapur, a key market intop producer Maharashtra, themost traded S-variety rose 0.37percent to 2,720 rupees ($61.12)per 100 kg.

"Retail demand was good.Stockists were also active as keyfestivals are slated next month,"MukeshKuvadia, secretary of theBombay Sugar MerchantsAssociation, said.

"The government's decision toallow additional exports of500,000 tonnes was also support-ing sentiment."

India last month allowedexports of an additional 500,000tonnes of sugar.

India has made available 1.56million tonnes of non-levy sugarfor July, lower than the 1.65 mil-lion tonnes it had released lastmonth, the government said in astatement.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

India, the world's top consumerand the biggest producer behindBrazil, should churn out 24.2million tonnes in the current2010/11 season and output mayjump to 26.5 million tonnes in2011/12, higher than the coun-try's estimated consumption ofaround 22 million tonnes, indus-try estimates. -Reuters

KUALA LUMPUR: Malaysiapalm oil futures fell onMonday, weighed by stocksthat hit an 18-month high lastmonth and lacklustre exports.

But losses were limited thanksto firmer competing soyoil mar-kets that gained on concerns thathotter weather in US Midwestmay affect the soy crop.

"The growing stocks triggeredsome profit-taking. There maybe further declines in the days tocome although weather develop-ments in the US could changethat," said a trader with a foreigncommodities brokerage in KualaLumpur.

The benchmark Septembercrude palm oil contract on BursaMalaysia Derivatives fell 0.1percent to 3,074 Malaysian ring-git ($1,027)a tonne, reversinggains made earlier in the day.

Overall traded volume was atad lower at 18,760 lots of 25tonnes each, compared to theusual 25,000 lots.

There could now be moreselling pressure after Malaysian

Palm Oil Board data showedMalaysia's June palm oil stocksclimbed to an 18-month high of2.05 million tonnes

July's export trend also looksweak with cargo surveyorIntertek Testing Servicesreporting a 1.3 percent rise inMalaysian exports for the firstten days of this month from thesame period in May.

Another surveyor, SocieteGenerale de Surveillance saidexports dropped 3.3 percent inthe same period.

Other vegetable oils werefirm in Asian trade hours. USsoyoil for July delivery rose0.3 percent and the most tradedMay 2012 contract up 0.1 per-cent on Monday.

Traders are awaiting theUnited States Department ofAgriculture's (USDA) monthlysupply-demand report onTuesday, which will update itsestimate of ending stocks andoffer its first forecast of springwheat production this year. -Reuters

Palm oil down ongrowing stocks

Sugar falls,strong dollar

and eurodebt weigh

LONDON: ICE raw sugarfutures fell on Monday as astronger dollar, along with con-cerns that the euro-zone debtcrisis was worsening, weighedon commodity prices.

Cocoa and coffee prices alsoeased as a fall in Chinese crudeimports signalled a slowdownin demand and triggered riskaversion.

"There is concern again offalling demand in the generalworld economy this morning asChina apparently has recentrelatively low levels of com-modity importing, particularlyoil, which is at the lowest levelsfor a year," said ThomasKujawa of brokerage SucdenFinancial.

"So far today all commoditiesare under pressure."

October raw sugar on ICEwas off 0.18 cent or 0.6 percentat 29.18 cents a lb at 1449GMT, paring earlier losses afterdipping to 28.64 cents.

Uncertainty over the size oftop producer Brazil's canecrush supported the market,helping the market to rallyaround 7 percent higher lastweek.

August white sugar on Liffewas up $0.60 or 0.1 percent at$818.90, below the contracthigh of $821.50 set on Friday.

Cocoa futures were alsolower, consolidating after chop-py trade last week as questionsremained over the outlook fortop producer Ivory Coast's2011/12 production followingmonths of unrest which haltedexports and saw farmers leavetheir farms untended earlierthis year.

September cocoa futures onICE fell $34 to $3,055 a tonne.The contract remained abovethe near five-month low of$2,868 hit in June.

"There's a lot of supply com-ing in, and some stuff is stillunsold, so the market could diplower," a European dealer said.

London's September cocoatraded down 3 pounds at 1,941pounds a tonne as dealers eyedthe imminent expiry of the Julycontract, due later this week.

As of Friday, July's openinterest stood at 26,493 lots.

Arabica coffee prices edgedlower as weather in Brazil wasfavourable for harvest progressand development of the2011/12 crop, with no sign offrost. The stronger dollarweighed on prices and robustawas tracking losses on the ara-bica market, a London-basedbroker said.

September arabica coffeefutures on ICE fell 5.8 cent or2.2 percent to $2.5740 per lb.The contract peaked at $2.7190on Thursday, the highest levelfor the second month sinceJune 15. September robustacoffee futures on Liffe weredown $53 or 2.2 percent at$2,383 a tonne. -Reuters

LONDON: Copper fell onMonday as concerns overItaly's sovereign debt curtailedappetite for risky assets, andthe dollar rose but strikes inproducer countries highlightedsupply constraints and lentsupport to prices.

Three-month copper on theLondon Metal Exchangeclosed at $9,570 a tonne at1431 GMT, from the $9,661close on Friday.

The metal used in power andconstruction reached $9,789.75on Friday, whichwas its highestsince April 12, and within 5percent of record highs of$10,190hit in February.

"It seems like the Europeandebt problems are going to be asource forcontinual dips allyear long," analyst DavidThurtell at Citi said.

Stocks fell sharply and theeuro slid across the board onMonday on concernItaly couldbe the next casualty of theeuro-zone debt crisis. Astrongerdollarmakes commodi-ties more expensive for holdersof other currencies.

"Also the fears are that theChinese will have to keep ontightening which isn't going tobe that supportive for copper,but the supply problems seemto be underpinning things at themoment," Thurtell added.

A weaker-than-expected USjobs report on Friday and datashowing China's import growthfell to its slowest pace in 20months also encouragedinvestors to sell their riskyassets. China raised rates lastweek, but further decisivetightening looks needed.

Fighting inflation remainsthe top priority for the Chinesegovernment and Beijing willmaintain its current economicpolicy, Premier Wen Jiabaosaid onMonday.

The country's copper demandbounced back strongly in June,but the outlookwas marred byfalls in other key commodities,showing that Beijing's cooling

measures were weighing on theeconomy. China is the world'stop consumer of base metals.

Strikes and weather-relatedshutdowns have kept alreadytight copper supplies in focus.Most analysts expect supply tofall short of demand this year.

Workers at Codelco's No. 2copper mine, Chile's ElTeniente, began acompany-wide strike on Monday afterunion leaders blocked accessroads to the undergrounddeposit, union officials said.Codelco is the world's top cop-perminer.

But workers at FreeportIndonesia's Grasberg mine, oneof the world's largest sources ofcopper and gold, will end aweek-long strike after a dealbetween the firm and union lead-ers. According to a documentseen by Reuters,workers wouldreturn to work on Tuesday. -

Copper falls onItaly debt fears;supply in focus

Shanghai copper

ends lowerThe most-active September

copper contract on the

Shanghai Futures Exchange

ticked down 0.6 percent to

close at 71,470 yuan per

tonne.

China's crude imports tumble 11.5 per cent in June


Boosfor MartabemuseBrazil

coach LimaDRESDEN: After his side's

dramatic quarter-final exit

from the women's World

Cup at the hands of the

USA, Brazil coach Kleiton

Lima said he fails to under-

stand the jeers for star

striker Marta.

The 25-year-old, who has

been voted women's world

player of the year for the

last five seasons, scored

both Brazil goals as they

drew 2-2 with the USA here

in Sunday's quarter-final,

but lost 5-3 on penalties.

The Americans equalised

deep in injury time of extra

time when Abby

Wambach's 122nd minute

header took the game to

penalties after Marta had

earlier put her side 2-1 up

with a strike in the 92nd

minute following her 68th

minute penalty.

Despite her obvious tal-

ent, Marta was booed and

jeered several times by the

Dresden crowd, just as she

has been at all four of

Brazil's matches at

Germany 2011.

Lima said he was sur-

prised by the reaction from

the football-mad German

public and said it was a pity

Marta's talents will no

longer feature in the tour-

nament.

"I actually don't under-

stand why there were so

many whistles, she is one

of the best players in the

world with her creativity

and style," said Lima.

"I don't understand it

because there were whistles

from the first game, she has

made a huge contribution to

the team, she scored two

goals and supported the

team, she was a genius.

"It is a shame we could-

n't reach the semi-final to

show more of what she can

do." -APP

Zone-VIwins PCB

Inter Districttitle fifth

time in a rowKARACHI: KCCA Zone-VIcreated a piece of history whenthey won the PCB Senior Inter-district title for a record fifthtime in a row.

Zone-VI ended the event 42points in six matches after play-ing a draw against Zone-VII,with a first-innings lead againsttheir opponents at the RLCAGround North Karachi, theother day, said a news releaseissued on Monday.

Off-spinner Misbah Khanclaimed 37 wickets in the cam-paign, while Akbar-ur-Rehmanand Fakhar Zaman, FazalSubhan were the contributorswith the bat for the winningside.

Summarized scores:

KCCA Zone-VI 246 (Fakhar

Zaman 52, Saad Ali 40, Fazal

Subhan 26, Muhammad Hassan

27,Mansoor Ahmed 5/83,

Junaid Ilyas 3/77) & 161/2

Ali Asad 77, Fakhar Zaman

42, Muhammad Hassan 20 not

out Junaid Naeem 2/44) KCCA

Zone-VII 131 (Faraz Patel

73,Muhammad Danish 13,

Adnan Kaleem 4/36,Tabish

Khan 3/44). -APP

MADRID: Spain's heavily-indebted second divisionclubs cannot continue tospend more then they earnand wages and transfer feesneed to be cut substantiallyif they are to survive, astudy said on Monday.

Spanish second-tier sides,much worse off than rivalsin England, Germany andFrance, made a combinednet loss of some 43.1 mil-lion euros (37.9 millionpounds) in the 2009-10 sea-son, the study by anaccounting professor atBarcelona Universityshowed.

More than half of the 22teams were in administra-tion and their total incomeof just under 170 millioneuros was only a 10th of therevenue in the top flight.

By contrast, clubs inGermany's top division, theBundesliga, made about 5.7times more than those in thesecond division and the dif-ference in France andEngland was roughly thesame.

"We are the world champi-ons and the champions ofEurope at senior and Under-21 level, we have two of thegame's best teams, Barcaand Madrid," wrote JoseMaria Gay, the report'sauthor.

"If the first division'sfinances are very precarious,the second division is worse.It is impossible that the sec-ond division remainsviable," he added.

"The solution is very sim-ple: the second divisionshould cut wages and enor-mously reduce the cost oftransfers."

Gay, an expert on soccerfinances, published his lat-est study a day beforeSpain's professional soccerleague (LFP) -- which

includes first and seconddivision clubs -- is due tovote on rules designed tocontrol spending.

The proposals are in linewith UEFA regulations thatbegin to come into forcenext season and aim to stopclubs accumulating unsus-tainable debts.

Racing Santander becamethe latest to seek protectionfrom creditors last week,joining fellow La Liga clubsReal Mallorca and RealZaragoza as well as all threepromoted teams Real Betis,Rayo Vallecano and Granadain administration.

D I S H O N O U R A B L ESTAIN

A separate study Gay pub-lished last month showedthe 20 clubs in the top flightmade a combined net loss ofsome 100 million euros inthe year to the end of June2010, up from 19 million inthe year-earlier period.

Total debt fell slightlyfrom the previous year, to3.43 billion euros, but wasstill more than double rev-enue of 1.61 billion euros.

In the second division,total debt was more than 550million euros at the end ofthe 2009-10 season andlabour costs accounted for113 percent of operatingincome.

Gay was scathing aboutthe failure of many seconddivision clubs to deposittheir accounts at Spain'smercantile registry as theyare obliged to do by law.

Only Real Sociedad,Hercules, Elche, Numancia,Cordoba, Celta Vigo andHuesca had provided their2009-10 accounts by July2011, he said.

"The lack of transparencyin our football is a dishon-ourable stain on Spanishsport," Gay said. -Reuterss

Spanish second tier clubs facing

financial ruin

Fast trackprogramme

for pacebowlers infull swing

LAHORE: Pakistan cricketboard's fast track coaching pro-gramme for fast bowlers andbatsmen is in full swing here atNational Cricket Academy.

On the eight successive dayof the training,Intikhab Alam,Aaqib Javed, Mansoor Rana,and Ijaz Ahmed supervised twotraining session and gave usefultips to the participants on vari-ous aspects of the game.

Chief selector,MohsinHasan Khan also visited thecamp and watched the playersin action. -APP

SANDWICH: PromMeesawat's childhood dreamof competing in a Major cham-pionship will become a realitywhen he makes his maidenappearance at the British Openhere this week.

The 26-year-old, whoearnestly followed the world'soldest Major from the comfortsof his living room previously,will be part of an elite field atRoyal St George's after heearned his place by winningthe International FinalQualifying - Asia in February.

"I learned about the BritishOpen when I was a juniorgolfer and I have only beenwatching the Majors on TV. It'sgreat now that I'm going toplay in one," said Prom, whoholds one victory on the AsianTour.

Following his maiden suc-cess in Korea in 2006, Promhas struggled to regain his win-ning form but four top-10s thisseason has provided the much-needed confidence.

Sessions with Thai sportspsychologist PichitNamuangpo, who also looksafter the national boxers, hasput Prom in a good frame of

mind."It's a good comeback to play

the Open after my dip in formthe last few years," said Prom,who is nicknamed the 'BigDolphin' due to his burlyphysique and because hecomes from the coastal town ofHua Hin, south of Bangkok.

"Previously, when I didn'tplay well, I started getting neg-ative thoughts. When I got tothe tee box, I would think if Iwas going to end up left orright with my shots.

"Now, I'm more relaxed. Ifocus hard on my routine. I'vemanaged to cut out the badthings in my head. These arepart of the things I've learnt(from Dr Pichit)."

The Thai, whose entourageincludes his wife, caddie, man-ager and coach, hopes he willbe able to tackle and overcomethe blustery conditions whichare often linked with theBritish Open.

"I know that it's going to bevery windy and it's probablythe toughest condition in anyMajor. I'll try to play good, domy best when I'm there," saidProm. "I've played the DunhillLinks Championship in 2008

previously which is held at StAndrews, Carnoustie andKingsbarns. But I think the setup for the Open will be differ-ent. The rough will certainly belonger and the greens could befaster.

"In Hua Hin (several weeksago), it rained and I put on myrain gear to put in some prac-tice of playing in the rain andwith the rain-gear on. We don'tget much rain in Hua Hin. So Ijust practiced in those condi-tions although I know it won'tbe the same in the Open."

Without any huge expecta-tions hanging over him, Prombelieves it will play to hisadvantage as he makes hisMajor bow.

"I'm not going to put pressureon myself and keep to mygame plan. I'll be trying mybest and see what happens,"said Prom.

Prom's countrymenThongchai Jaidee and PrayadMarksaeng will also be atRoyal St George's along withreigning Asian Tour numberone Noh Seung-yul of Korea,Japanese veteran TetsujiHiratsuka and Singapore's LamChih Bing. -APP

Dreamtime forProm at British Open

HYDERABAD: Youngsters giving trails on the 2nd day for selection of under-16 cricketteam for Hyderabad region organized by PCB at Niaz Stadium. -APP

CHITRAL: A 3-dayShandur Polo festival knownin the world for highest pologround having the altitude of12500 feet and unrivaledresilience of local polo teamsconcluded.

Chief Minister GilgitBaltistan Province SyedMehdi Shah was the chiefwhile Governor GilgitBaltistan, Provincial Ministerfor Sports and Tourism ofKhyber Pahtunkhwa Syed AqilShah, Provincial Minister forPopulation Welfare SaleemKhan, MPAs MuhammadAnwar Khan, Shagufta Malik,Chief Advisor Sadia Danishand large number of civil andmilitary officers attended theceremony.

Final Polo match wasplayed between Gilgit andChitral teams. Both teamssuccessfully scored 3 goals in

first half while Gilgit teamwon the match by scoring 7goals against 4 goals ofChitral team. Chief MinisterGilgit Baltistan distributedtrophies and shields amongplayers and participants.

The event which attractedspectators all over the worldwas sponsored by TourismCorporation of KhyberPahtunkhwa. Shandur PoloFestival was participated bymanufacturers of local handi-crafts besides a team of para-gliders stunned spectators bytheir breath taking stunts inthe air. Participants praisedthe efforts made by the gov-ernment for successfullyholding Sandur festival in apeaceful manner andexpressed hope that the gov-ernment would continue itsendeavors for promotingsports in future. -APP

Gilgit liftShandurTrophy

SHANDUR: Chief Minister Gilgit Baltistan Syed Mehdi Shah giving away winner trophy to Gilgit Team Captainin Shandur. Gilgit Beat Chitral by 7-4 goals in the final match. -Online

11International & Continuations

CONTINUATIONS


The next bighit to theeconomy?

TFD Monitoring

The recovery is weak now--butit could be headed for a major

hit that will leave it even weaker.At the start of 2012, the extend-

ed unemployment benefitsapproved by Congress inDecember 2010, which cover amaximum of 99 weeks per per-son, will expire. Though the ben-efits are hardly lavish--a littlemore than $300 a week for mostrecipients--their total impact onthe economy is huge, because somany Americans are currentlytaking advantage of them.Moody's Analytics estimates thatwhen the benefits expire, $37 bil-lion will be taken out of the econ-omy, the New York Timesreports. That's enough to exert asignificant slowing effect--at atime when the recovery isalready a long way from robust.

Government benefits that go topoorer Americans, like unem-ployment insurance, tend toboost consumer spending morethan other kinds of stimulus,because people living paycheckto paycheck have little choice butto spend the money, rather thansaving it. So the disappearance ofjobless benefits will take moneyout of circulation when econom-ic growth is seeking to gain sometraction.

Indeed, economists say that thewithdrawal of jobless benefitswill create a major ripple effecton growth as a whole. Consumerspending accounts for around 60-70 percent of U.S. economicactivity, economists say. But withso many Americans having lostwealth in the housing bust,spending has been tepid for awhile, preventing the recoveryfrom gaining any momentum.

TFD Monitoring

We've been hearingabout it for years,but the bookless

library has finally arrived,making a beachhead on col-lege campuses. At DrexelUniversity's new LibraryLearning Terrace, whichopened just last month, thereis nary a bound volume, justrows of computers and plentyof seating offering access tothe Philadelphia university's170 million electronic items.Scott Erdy, designer of thenew library, says open, flexi-ble space - the furniture ismovable and the walls act asone giant whiteboard - allowsstudent and staff "knowledgetransfer," a concept rein-forced by Danuta Nitecki,dean of Drexel's libraries."We don't just house books,we house learning," she says.

The trend began, naturally,with engineers, when KansasState University's engineer-ing library went primarilybookless in 2000. Last year,Stanford University prunedall but 10,000 printed vol-umes from its new engineer-ing library, making moreroom for large tables andstudy areas. And theUniversity of Texas at SanAntonio ditched print in lieu

of electronic material when itrenovated its engineeringlibrary in 2010.

But when books disappear,does a library lose its defini-tion?

"The library is a societaltent pole," says MichaelConnelly, best-selling authorof The Fifth Witness. "Thereare a lot of ideas under it.Knock out the pole and thetent comes down." Connellysays that browsing throughphysical books brings inspi-ration of the kind that led himfrom wandering his campuslibrary's stacks straight to awriting career. "Can some-thing like that happen in abookless library? I'm not sosure," he says.

From a design perspective,some architects also lamentthe inevitable trend towardbooklessness. Steven Holl,architect of Queens Library'snew branch, in New YorkCity, says books still providecharacter and are a nicecounterpoint to technology."Acknowledging the digitaland its speed and putting it inrelation to the history andphysical presence of thebooks makes it an excitingspace," Holl says. "A bookrepresents knowledge, andstriking a balance in a libraryis a good thing." (See "The

E-Book Era Is Here: BestSellers Go Digital.")

But other designers, likeDutch architect RemKoolhaas who designed theSeattle Central Library, seeminspired by the challenge pre-sented by a world goingbookless. His vertical "bookspiral" can house over 1 mil-lion books while openingfloor space for the "equalpresentation" of emergingmedia.

Others are hedging theirbets that if the library isn'tbookless now, someday itprobably will be. Theupcoming transformation ofthe New York PublicLibrary's main branch "antic-ipates the parallel and inte-grated worlds of electronicdigital systems and tradition-al books" as they comple-ment each other in flexiblespace that can endurechanges, says architectNorman Foster.

And although he celebratesthe analog world of printedbooks in his design of thebrain-shaped library atBerlin's Free University, heplaces the stacks in the cen-ter of the curved, modernbuilding with digital technol-ogy around them, allowingroom to adapt "for lifebeyond the book."

Is a bookless library still a library? TFD Monitoring

LOS ANGELES: The Dukeand Duchess of Cambridgereturned to Britain on Mondayafter charming Californiansranging from Hollywoodhousehold names to inner-cityschool children with their mixof youthful casualness andgraceful glamour.

The nonstop weekend, whichincluded playing a fewchukkers of polo, minglingwith Hollywood stars, andchatting with inner-city kidsand jobless veterans, cappedthe couple's first official over-seas tour since their storybookwedding in April.

Before stopping in SouthernCalifornia, Prince William andhis bride Catherine visitedCanada for nine days, wherethey received an enthusiasticreception.

In California, excitement wasconsiderably more muted,though small crowds of well-wishers waving British andAmerican flags lined up for anin-person view of the newly-weds outside their scheduledevents.

The duke said he andCatherine appreciated thefriendly reception.

"I would just say, on behalfof us both, how grateful we areto have been welcomed sowarmly in the Golden Stateand the City of Angels," he toldthe crowd at the couple's last

event Sunday, a military veter-ans' job fair. "Thank you somuch."

The trip was a tightly script-ed, formal affair, but a fewmoments revealed glimpses ofpersonality.

Much to fans' delight, thecouple took a few impromptuminutes early Sunday morningto shake hands and exchangepleasantries outside the Britishconsul's residence in LosAngeles where they stayed.

Later Sunday, William, whois a military helicopter pilot,generated laughs when he tooka friendly dig at his youngerbrother Harry, also a chopperpilot, calling him his "low-fly-ing, Apache, very averagebrother" during a speech at thejob fair. Apache is a type ofhelicopter.

The couple even indulged ina chaste, but rare display ofroyal affection: William kissedhis wife on each cheek whenshe presented him with the tro-phy.

The trip was designed aroundpromoting Prince William's causes.

The prince played in a chari-ty polo match on Saturday inSanta Barbara, where a ticketin the stands fetched $400 anda champagne reception withthe royals $4,000. The eventbenefited the prince and hisbrother's foundation, whichsupports a variety of causes.

That evening, the couplestarred among Hollywood'sversion of royalty at a black-tiegala to promote British filmindustry talent to the likes ofTom Hanks, Nicole Kidmanand Barbra Streisand.

Royals charmCalifornians withcasualness, grace

population: about the balance between resources and numbers."We do need some national level consensus about our position onpopulation size," he said and said Pakistan would not like tobecome the fifth largest nation with large segments of the popula-tion falling below the poverty line. Gilani said sixth PopulationCensus was being conducted to determine the exact population size.He said the country's population had increased from 32.5 million to177.1 million, during 1947 to 2011. Gilani said the 18th amendmentwas an opportunity for optimum utilization of resources for deliv-ery of services by the provinces at the grassroots level.

He said everywhere in the world, health care facilities were theresponsibility of local governments and said it would improve theservices, particularly for health sector. He said after the 18thAmendment, the Population Welfare Programme was devolved tothe provinces. The functions of the Ministry of PopulationWelfare such as, Planning, Coordination of National Policy onPopulation, Population Projections, Research and Coordination,etc., have been given to the Planning Commission.

Deputy Chairman Planning Commission Nadeem Ul Haquesaid Pakistan was adding population equivalent to New Zealandevery year and Australia - every five years, but without providingthe necessary institutions to cater for their needs. He said for pro-viding opportunities to the youth it was vital that the nationalgrowth rate is over 7 per cent. Earlier, speaking on the occasion ofdistribution of certificates among district information secretariesof PPP here at PM House on Monday, Prime Minister urged thedistrict information secretaries of Pakistan People's Party to pro-mote vision and policies of their government.

He said the party office-bearers should inform the public aboutthe government's policies to alleviate poverty, curb price hike andimprove law and order. He said the PPP has numerous achieve-ments to its credit including restoration of the Constitution andpassing of 18th and 19th constitutional amendments.

The PPP is a federal party with roots in the four provinces, AzadKashmir and Gilgit-Baltistan besides branches in foreign coun-tries, he added. Twenty-seven district information secretaries ofPakistan People's Party hailing from all parts of Pakistan took partin the seven-day summer training course on political communica-tion and media management.

During the training in the federal capital, the PPP office bearersmet ministers, leading politicians and media personalities andtook briefings on achievements of successive PPP governments.

Gilani said he worked with Shaheed Benazir Bhutto for morethan 20 years and she always wished that the decisions of the gov-ernment, cabinet and party should be communicated at the grass-roots level. The Prime Minister said information was a powerfultool in today's world and the information secretaries should equipthemselves with the latest technology to keep informed the publicabout the latest developments and decisions of the governmentand the PPP's Central Executive Committee (CEC).

The PPP will hold more training programmes for its office-bear-ers, who will be facilitated to attend proceedings and watchdebates of Senate, National Assembly and provincial assemblies,he added. The Prime Minister assured that he would talk to theparty's provincial presidents for provision of offices, computersand equipment to the information secretaries and office-bearers.

Gilani said," women, who are more than 50 per cent of the pop-ulation, should be included in the future training programmes ofthe party". The government has made laws to protect rights ofwomen, allocated 10 per cent job quota for them and gave themfinancial assistance through Benazir Income Support Programme(BISP), he added.

He said five per cent development grants of the parliamentari-ans would be used on the recommendations of the party workers,who would identify schemes in their areas.

He said the party's office bearers would be sent abroad with del-egations to learn from the experiences of other countries.

He congratulated the PPP for holding such a unique trainingcourse and said these courses should make workers familiar onsubjects like Pakistan's nuclear policy and relations with US,Afghanistan and other countries.

Central secretary information PPP Qamar Zaman Kaira saidafter getting training, the PPP office bearers would be in a betterposition to communicate the party's message to people.

He said more such courses would be held and other politicalparties would be encouraged to train their cadres as it would help

Continued from page 1No #1

that short circuit or negligence of concerned officials was thereason behind the blasts. He informed the media men that theblasts at army depot were not terrorism act. On the other hand, highlevel civil and defense officials informed Online in its initial reportsaid that the reason behind the blasts was short circuit; however, acourt of inquiry has been constituted to investigate the incident.

The initial report has been dispatched to military leadership,they said, adding that, an army Personnel lost his life and threeother injured in the blasts. The blasts, they said, also destroyed abuilding. The final investigation report would also be dispatchedto military leadership after formal investigation. - Online


Pakistan was destined for failure. "I think it is unwise to expect thePakistanis to buckle under what is a publicly delivered snub," saidFatemi. "It will strengthen those elements in the armed forces thathave always had grave misgivings of the relationship with the UnitedStates." It also stoked anger among ordinary Pakistanis.

"Our country threw the whole country into the inferno of the war onterror and made poverty our destiny, but it could not appease theAmericans," said Mohammad Nauman, a 41-year-old informationtechnology specialist in the southern port of Karachi.

Many Pakistanis have never forgiven the US for slapping sanctionson the country in 1990 because of its work to develop a nuclearweapon. The decision came only a year after Pakistan and the USwere successful in a decade-long quest to drive the Soviets out ofAfghanistan. The sanctions left many Pakistanis with a sense that theUS was only interested in a "transactional" relationship that it couldabandon once its interests were served.

Fatemi, the former ambassador, said the US decision appeared toundercut claims by Obama administration officials that the US wasinterested in a long-term relationship that encompassed much morethan counterterrorism cooperation.

Pakistan army spokesman Maj. Gen. Abbas said Sunday that the mil-itary had received no official notice from the US that aid was being sus-pended. He also said that the loss of aid would have no effect on mili-tary operations against Islamist militants in the country because theywere being conducted with Pakistan's own resources. "I think it hurtsWashington more than it hurts Islamabad," said Lodhi, the formerambassador. "Assistance is influence, and when you withhold it or sus-pend it, you deprive yourself of influence."

Pakistan army chief Gen Ashfaq Parvez Kayani seemed to pre-emptthe effect of the aid cut in a speech after the Osama bin Laden raid -saying all US military assistance now should be diverted to improvethe country's economy and help common Pakistanis. "They want toend any impression that they are some kind of hired help," said Lodhi.Some analysts have predicted that the suspension of military aidcould hurt the military's war against the Pakistani Taliban over thelong run, especially since the country is suffering an economic slump.

But Ayesha Siddiqa, a Pakistani defense analyst, said that Pakistan'sclose relationship with China could offset the impact. Pakistan haslong purchased military equipment and missiles from China at lower-cost rates and bought fighter aircraft from the country last year, shesaid. The Pakistani military is "trying to go the Chinese way," saidSiddiqa. It is unclear what other actions Pakistan will take in responseto the suspension of US military aid. It could be less helpful in target-ing al-Qaida fighters within the country and in pushing AfghanTaliban militants with whom it has historical ties to negotiate an endto the Afghan war.

Pakistan is also believed to secretly support US drone strikesagainst militants in the country's mountainous tribal region. That sup-port has been shaken in the wake of the bin Laden raid and could befurther imperiled by the suspension of aid.

One of the most high-profile points of leverage that the Pakistanishave with the US is the shipment of a large percentage of non-lethalsupplies through the country to Nato troops in Afghanistan. Pakistantemporarily closed the border to Nato supplies last year after an acci-dental US helicopter strike killed two Pakistani troops. It is unclear ifthe suspension of aid could provoke a similar response. "When youtake this kind of action, you reinforce the transactional nature of therelationship," said Lodhi. "The moment you do that all bets are offbecause the response will not be a very positive one." But Lodhi alsonoted that Pakistan and the US do share common interests in combat-ting terrorism and fostering a stable Afghanistan - even if the detailsdon't always match up.


Chairmanship of Prime Minister. He appreciated the efforts made by KSEW for the improvement,development and up-gradation of the organization to make it a profitable entrepreneur.

The delegation comprised of MNAs included Muhammad Moazzam Ali Khan Jatoi, Mian AbdusSattar, Sher Muhammad Baloch, Tariq Mahmood Bajwa, Sahibzada Muhammad Fazal-e-Karim,Malik Numan Ahmed Langrial and Fouzia Ejaz Khan. - APP


Latest words from Rustam Minnikhanov, president of the Russian republic of Tatarstan, indicatedthat there were 196 aboard the 56-years-old double decker "The Bulgaria" when it sank at 13:58Moscow time (0958 GMT) Sunday near the village of Syukeyevo in the Kansko-Ustinovsky districtof Tatarstan. - Reuters


Cyprus's defence minister and army chief quit hours after confiscated Iranian armaments explod-ed at the Evangelos Florakis navy base on the southern coast of the island, a popular holiday desti-nation. A government spokesman ruled out sabotage. - Reuters


Pace Pakistan was the most traded scrip with 3.31 million shares followed by PakistanTelecommunication with 2.36 million shares and Fauji Fertilizer Bin Qasim with 2.23 millionshares. Out of total 372 active issues; 145 declined and 73 advanced while 154 issues remainedunchanged.


While institutions have held back, company executives have bought into the recent market weak-ness, a sign that there could still be value to be found at current levels, according to some analysts.

"Company insiders, who tend to time the market well, are selling less and buying more, both inHong Kong and mainland China stock markets," HSBC strategists said in a Monday note.

Agricultural Bank of China, Industrial and Commercial Bank of China and China ConstructionBank (CCB) were among the most shorted stocks in Hong Kong.

Turnover hit the lowest in six weeks, but CCB fell more than 2 per cent in relatively healthy vol-ume as another potential stake sale continued to trump historically low valuations.

The lock-up period for Bank of America's 10.2 per cent stake, valued at about $19 billion, expiresnext month and shares are unlikely to see a big move higher till that gets out of the way.

The Shanghai Composite Index clawed back early losses to close up 0.2 per cent to 2,802.7 points,with gains in water resources and airlines negating losses in financials and energy names. ShanghaiA-share turnover equalled its 20-day average on Monday, totaling over 100 billion yuan.

"The market doesn't seem to be reacting too adversely to the inflation and trade data," said ZhangQi, an analyst with Haitong Securities in Shanghai. -Reuters


"While there are still uncertainties for the global economy's recovery speed, stocks such as retailers

that reflect domestic demand are gaining attention," said Hiroyuki Fukunaga, chief executive of

Investrust. Fast Retailing, which operates the Uniqlo casual-clothing chain and is expected to benefit

from demand for light summer clothing as the nation strives to cut down on power use during the sum-

mer heat, added 2 per cent to 13,550 yen. The firm, which reports its March-May earnings on Thursday,

has outperformed the Nikkei since the earthquake, gaining 7.4 per cent while the index has shed 3.5 per

cent. Rival Ryohin Keikaku, the operator of Muji stores, jumped 6.9 per cent to 4,185 yen after hiking

its earnings outlook for the current business year citing a quicker-than-expected recovery in sales after

the March disaster.

Thomson Reuters Starmine showed the stock is trading at a 26 per cent discount to its peers, with its

price-to-book ratio at 1.2, below its 10-year historical median of 2.0 and the average PBR for its peers

is 1.9. The US earnings season starts with aluminum producer Alcoa Inc reporting on Monday. S&P 500

components' earnings expected to have increased an average of 7.3 per cent in the second quarter from

a year earlier, down from first-quarter growth of 18.9 per cent, Thomson Reuters data showed. But the

number could jump if most companies beat analysts' forecasts. Early estimates for first-quarter profit

growth were at about 13 per cent. -Reuters


few sessions, suffered on worries that hardening interest rates are likely to impact growth. Toplender State Bank of India, ICICI Bank and HDFC Bank fell between 1 and 2 per cent.

The 50-share Nifty index fell 0.8 per cent to 5,616.10 points. In the broader market, losers beatgainers 856 to 540 on a volume of about 434.3 million shares.-Reuters


the ongoing process of political reconciliation and further thecause of political stability. Chairman of Pakistan Baitul MalZamurd Khan and MNA Nazar Muhammad Gondal also attendedthe event. - Agencies

"The common interest is there, but the question is can we walk back from the brink and find commonground to rebuild trust step by step?" The US decision to withhold near $800 million of aid to Pakistan,will not affect ongoing military operations against militants in the bordering tribal belt, said the militaryspokesman. The suspension of nearly $800 million, including military assistance, to the country, will nothamper the ongoing offensives by the security forces against militants in the tribal areas, militaryspokesman Athar Abbas was quoted as saying by media on Monday.

White House Chief of Staff Bill Daley told ABC television on Sunday that Pakistan had "taken some stepsthat have given us reason to pause on some of the aid". "We have been doing these operations on our ownin the tribal areas and we have sufficient resources to continue them," said Major-General Athar Abbas.However, he added, the US had not yet "informed us in writing about the withholding of military assistance".

"We have achieved success in the past against al Qaeda in South Waziristan, Bajaur and other tribalregions without any external assistance," he said while emphasizing that the ongoing operations againstAl-Qaeda in the tribal regions were not only in the interests of Pakistan but also the US and the world atlarge. "Al Qaeda is a common enemy of both Pakistan and the US," said the spokesman.

Some newspapers citing military sources said that the announcement was not 'unexpected'. The sourcestermed the development as "pressure tactics" and said that the US "may temporarily suspend our aid butin the long-run they cannot". Pakistan has come under pressure to do more since US killed Osama BinLaden in a unilateral operation in May in Abbottabad city. - Agencies

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ISLAMABAD: President Asif Ali Zardari talking to ANP delegation which called on him at Aiwan-e-Sadr.-APP

ISLAMABAD: A seven -member delegation of AwamiNational Party (ANP) called onPresident Asif Ali Zardari atAiwan-e-Sadr here on Monday.

The delegation comprised ofSenator Zahid Khan, MNA Ms.Jamila Gillani, Senior MinisterKPK Bashir Ahmed Bilour,Provincial Minister KPK MianIftikhar Hussain, Shahi Syed,Lala Ajab Khan and Mr. BashirJan. Senator Sardar Ali Khanwas also present during themeeting.

The delegation appreciatedthe steps taken for restorationof peace in Karachi and formaking the local administrationmore responsive to any emerg-ing law and order situation inthe province. They also wel-comed the decision to immedi-ately fill the vacant posts ofjudges of the anti-terror courtsand to strengthen the prosecu-tion side of justice system.

The President while talkingto the delegation said that theGovernment was committed to

safeguard life and property ofthe citizens at every cost as itwas the prime responsibility ofevery democratic government.

He said that the Governmentwhile pursuing the policy ofreconciliation would continuewith its efforts to take along allthe political forces with it on allmajor decisions. He reiteratedthe Government's resolve torestore peace and law and orderand to bring the culprits tobooks regardless of their politi-cal affiliations, if any. NNI

Govt committedto protect citizens,

says Zardari

ANP delegation meets President

ISLAMABAD: The NationalAssembly's StandingCommittee on DefenceProduction on Monday wasgiven a detailed presentationabout Karachi Shipyard andEngineering Works (KSEW)activities, capability, perform-ance and progress of projects inhand.

The Committee under thechairmanship of Sh AftabAhmed, MNA, visited theKSEW on Monday. SecretaryDefence Production, Lt Gen(Retd) Shahid Iqbal and MDKSEW Cdre Sajid Wazir Khanapprised the StandingCommittee about the activitiesof KSEW.

Secretary DefenceProduction highlighted theefforts being made by KSEWto secure the orders inpipelines from KPT, Navy etc.He informed that two smalltanker-cum-utility ships havebeen delivered to PakistanNavy and 4th F-22P Frigatehas successfully been launchedon June 16.

The work on the Steel Cuttingof Fast Attack Missile Craft forPakistan Navy is scheduled onJuly 12.

MD KSEW also briefed thehouse about various issues

being faced by KSEW andrequested the StandingCommittee to help for resolv-ing the said issues regardingimplementation of governmentdirectives for the protection ofthe only Shipbuilding Industryetc.

The Committee acknowl-edged the importance ofShipyard and showed theirdeep concern about issues hin-dering it function. Members ofthe Committee deliberated indetails on the said issues high-lighted by KSEW and gavesuggestions to facilitateKSEW to utilise their fullpotential.

The Committee observed thatKSEW could play a vital role inthe strengthening the economyof the country by earning hugeforeign exchange if providedproper patronage.

Secretary defence assuredthat all out efforts will be madeat ministry level to support andresolve all the issues warranti-ng action.

The Chairman StandingCommittee assured that all pos-sible support will be providedto KSEW. In this regard a jointmeeting of all stakeholders willbe conducted under the

See # 4 Page 11

Govt help soughtfor shipbuilding

NA body briefed on KSEW projects

NEW DELHI: India onMonday welcomed the UnitedStates' decision to suspend$800 million military aid toPakistan, saying a heavy pres-ence of arms would have dis-turbed the equilibrium in theregion.

"With reference to the specialcircumstances between Indiaand Pakistan and how India hasconsistently taken the view thatit is not desirable that thisregion had to be heavily armedby the US which will upset theequilibrium in the region itself.To that extent India welcomesthis step," External AffairsMinister S M Krishna told

reporters here. Krishna was reacting to the

US' decision to cut military aidto Pakistan.

The suspended aid, which isabout one-third of the $2 billionin annual American securityassistance to Pakistan, includesabout $300 million to reim-burse Pakistan for some of thecosts of deploying more than100,000 soldiers along theAfghan border to combat ter-rorism.

It also comprises millions ofdollars in training assistanceand military hardware.

Krishna said,"Simultaneously the US must

take note of the fact that we areworking in a very committedmanner to normalise our rela-tions with Pakistan to reducetrust deficit, and efforts are on."

The Minister said he wasexpecting his Pakistani counter-part to visit the country aroundthe end of this month to carryforward the dialogue process.

He also condemned the sui-cide attacks in Islamabad onMonday.

"If this is an attack by terror-ists or terror-oriented organisa-tions, then India condemns allsuch attempts. India condemnsterror attacks across the globe,"he said. - Online

India exults as USscrubs aid to Pak

LAHORE: The Pakistan Waterand Power DevelopmentAuthority (WAPDA) generated31.45 billion units of hydelelectricity during the fiscal year2010-11, registering anincrease of 3.84 billion units ascompared to 2009-10. Thisincreased hydel generation wasmade possible due to efficientoperation and management ofhydropower stations and avail-ability of more water in thereservoirs.

This additional contributionof low-cost hydel electricity byWapda to the national gridsaved about Rs. 41.64 billion tothe national exchequer, whichotherwise would have beenincurred on generating theequivalent quantum of electric-ity from thermal resources.

According to the data, morethan 31.45 billion units of hydelelectricity were contributed tothe system during the fiscalyear 2010-11, while about27.61 billion units were sup-plied during the year 2009-10.

Tarbela, the largest hydelpower station in the country,generated 15.833 billion unitsduring 2010-11 while 13.833billion units in 2009-10.Similarly, Ghazi Bartoha, thesecond in line, produced 7.356billion units against 6.715 bil-lion units, Mangla, the third inrow, 5.953 billion units against4.638 billion units, and Warsakand other small hydel powerstations shared 2.308 billionunits in 2010-11 against 2.425billion units during 2009-10.

It is pertinent to mention that

the installed capacity of hydelpower generation in the countrystands at about 6,500 megawatt(MW) - about one third of thetotal installed capacity.WAPDA is executing a least-cost energy Generation plan onpriority basis with a view toimprove the ratio of hydel elec-tricity in the National Grid.Wapda will add 1,500 MW tothis capacity through its underconstruction projects. Besides,Wapda is also executing a num-ber of mega hydropower proj-ects with a cumulative capacityof more than 20,000 MWincluding 4,500-MW DiamerBasha Dam, 1350-MW Tarbela4th Extension, 7,100-MWBunji, 4,320-MW Dasu and740-MW Munda hydropowerprojects etc. - Online

Hydel power generation up in FY11

KARACHI: Federal MinisterRehman Malik has said thatMQM always stood shoulder toshoulder with PPP in everyhard time and if they have anyapprehension, it may beresolved on negotiation table.

He was talking to the journal-ists at Karachi here onMonday. He said that the gov-ernment would not allow any-body to destroy the peace ofKarachi and those elementswhich are involved in subver-sive activities would be dealtwith iron hands no matter fromwhich political party theybelong.

He said that the telephones of

Nine-Zero were disconnecteddue to some technical fault.PTCL is a private organizationand the government had noth-ing to do with the issue. IfMQM wants to investigate thematter, they can send theirengineer

"Government would neveruse any jarring tactics. MQMand PPP remained good friendsin the past and unity amongboth parties is imperative forrestoration of peace in Karachi.Our doors are still open forthem. Muttahida should resolveall the issue through dialogueprocess", Interior ministeradded.

He said that heart of everyPakistani is weeping over thecircumstances of Qasba Colonyand Katti Pahari, where evenmosques were also demolished.He said that 500 personnel ofFC have been directed to takestern action against the miscre-ants. The people and mediashould also cooperate with thelaw enforcing agencies in curb-ing troublemakers.

Responding a question aboutthreat given by Zulfiqar Mirzato a journalist, Rehman Maliksaid that everyone shouldrespect each other. Howeversome elements of media arealso adding fuel to fire. - Online

MQM record its worriesthrough talks: Malik

ISLAMABAD: OverseasPakistanis has sent over US$ 11billion remittances during thelast fiscal year July 1, 2010 toJune 30, 2011 while 24 per centincreased during last threeyears.

This was stated by DirectorGeneral of Bureau ofEmigration and OverseasEmployment (BEOE), Habib-ur-Rehman Khan in the meet-ing of National AssemblyStanding Committee onOverseas Pakistanis hereMonday.

The meeting was held underthe Chairmanship ofMuhammad JadamMangrio.Among others NazirAhmed Bughio, Fauzia Wahab,Dr Mahesh Kumar Malani,Rubina Saadat Qaimkhani,Abdul Qayum Khan Jatoi,Rana Tanveer Hussain,Khalida

Mansoor,Begum ShahnazSheikh, Farhat MuhammadKhan and high official ofMinistry of Overseas Pakistanisalso attended the meeting.

Habib-ur-Rehman informedthe committee that 2001 to2011 BEOE has export over 2.6million labour abroad and fromthe date of establishment ofBEOE to till date sent 5.5 mil-lion people to the differentcountries of the world.

The NA body expressed con-cern over the costly construc-tion of BEOE tower inIslamabad and asked concern-ing authorities to submit reportswithin two weeks.

Jadam Mangrio said usage ofraw material for the construc-tion of OPF college in Sangarhand extension block of F-8/2girls college to submit thereport within two weeks.

The committee also recom-mended the construction ofmedical college along withteaching hospital and nursingschool in federal capital for thechildren of OverseasPakistanis.

Managing Director ofOverseas EmploymentCorporation Saeed AhmedSheikh informed theCommittee that during the lastthree years 2,300 Pakistaniswere sent to South Korea.

Saeed Sheikh said that duringthe last year OverseasPakistanis from Korea sendRs300 million remittances.

Managing Director of OPFIsrar Khan Jamali said that 51per cent developing work ofOPF housing schemes Zone-V completed and within ninemonth all work would befinal. - APP

Expats remit $11bn inFY11, NA panel told

KARACHI: Co-ordination

Committee of the Muttahida

Qaumi Movement (MQM)

has denounced the unabated

terrorism of the criminals of

Layari gang war against

Kutchis and other commu-

nities living in Layari and

adjoining areas.

In a statement issued here

on Monday, the Co-ordina-

tion Committee condemned

the targeting of the Kutchi

community with the overt

support of government min-

isters. The Co-ordination

Committee said that the

Kutchi community was

being targeted in only

because it was raising voice

against the terrorism of the

Layari gang war.

The Coordination

Committee said that the

criminals of Layari gang

war had attacked an office

of the MQM in Agra Taj

Colony. The terrorists of the

gang war were not only

using latest automatic

weapons but also bombs

and grenades freely. No

action was taken against the

terrorists because of their

connection with govern-

ment ministers.

The Co-ordination

Committee sympathized

with the Kutchi community

and assured them full sup-

port of the MQM. The

Committee also demanded

of President Asif Zardari,

Prime Minister Yousuf Raza

Gilani, Federal Interior

Minister Rehman Malik,

and Chief Minister Sindh to

take indiscriminate action

against the terrorists in

order to protect the life and

property of the citizens. -

INP

MQM flays

govt support

to terrorists

Altaf putsoff general

meeting KARACHI: The founder andleader of Muttahida QaumiMovement (MQM) AltafHussain has called off the gen-eral workers meetingannounced for Monday inview of the precarious law andorder situation in the countryparticularly in Karachi.

Talking to the members ofthe Co-ordination Committeeon Monday at the MQMHeadquarters Nine Zero,Hussain expressed his con-cerns over the prevailing lawand order situation in Karachi.

He asked the Co-ordinationCommittee members to waitfor the outcome of the appealmade to the Chief Justice ofPakistan and other authoritiesat the helm of affairs.

He asked the Co-ordinationCommittee to put off theGeneral Workers Meeting inview of the failing law andorder situation in Karachi andother parts of the country.

He advised the committeeand members of parliamentbelonging to the MQM tocarry forward their peacefulstruggle in a constitutionalmanner and according to thelaw. He also asked them toconsult legal and constitution-al experts for seeking theiropinion. NNI

Germanbishop finedon holocaust

denialBERLIN: Ultra-traditionalistbishop Richard Williamsonwas fined 6,500 euros Mondayby a German court for publiclydenying the Holocaust in 2009,a court spokesman said.

British-born Williamson, 71,who belongs to a controversialCatholic splinter group, Societyof Saint Pius X (SSPX), wasappealing a 2010 fine of 10,000euros for telling Swedish TVthat no more than 300,000 Jewsperished in the Holocaust.

He also denied in the inter-view the existence of gas cham-bers at Nazi concentrationcamps. Holocaust denial is ahate crime in Germany.

Consensus among historiansis that the Nazis killed six mil-lion Jews in the Holocaust.

Williamson's statementsbecame an embarrassment forthe Vatican which readmittedhim after a 22-year excommu-nication only days followingthe interview.

In his 2010 book, Light of theWorld, Pope Benedict XVI saidhe would not have lifted theban on Williamson if he hadknown of his far-right views,adding that the Vatican's poorcommunications in the matterwas a "total meltdown."

German prosecutors demand-ed increasing the fine to 12,000euros during the appealsprocess.

Williamson's lawyers said henever explicitly agreed to theinterview's distribution outsideSweden and had been surprisedregarding the interview's the-matic focus. Williamson didnot intend to deny theHolocaust, his lawyers said.

The decision is not yet legal-ly binding as the court's judge-ment can be appealed againwithin the next week.

It comes days after theCatholic Church condemned aseries of ordinations by theSSPX, which are deemed ille-gal by the Church as the group'spriests are not recognized asCatholic clergy or allowed toexercise an official ministry.

Williamson and three otherbishops were excommunicatedfrom the Catholic Church in1988 when they accepted ordi-nation from the SSPX's rebelfounder, Archbishop MarcelLefebvre, despite the Vatican'sclear opposition.

They were readmitted inJanuary 2009 after the SSPX'sleader Bishop Bernard Fellany,one of the excommunicated,wrote to the Vatican pledgingthey accepted the pope as headof the Church. - Reuters

Firing onNato oiltanker,2 dead

QUETTA: Indiscriminate fir-ing at the Nato oil tanker onMonday led to the murder ofthe two persons including driv-er in a suburb of Quetta.

Nato oil tanker was targetedby unidentified men while itwas passing through WesternBypass. Resultantly, two menincluding the driver of thetanker shot dead and torchedthe tanker.

Police removed dead bodiesto the hospital for their identi-fications. Registered FIRagainst the unidentified men,Police initiated search opera-tions. - Online

Russia boataccident; 110dead bodies

foundMOSCOW: About 110 deadbodies, including those of 30children, were found inside thewreck of a Russian cruise shipthat sank in the Volga river onSunday, rescuers said Monday.

"A preliminary examinationconducted by divers from theRepublic of Tatarstan showedthat there are about 110 bodiesaboard the sunken cruise ship,30 of them are children," therescuers was quoted by theInterfax news agency as saying.

See # 5 Page 11

12 killed in blast

at Cyprusnavy base

MARI, Cyprus: An explosionat a military base killed at least12 people in Cyprus onMonday, blew out the win-dows of nearby homes,knocked out theMediterranean island's largestpower station and rained metalon a motorway.

See # 6 Page 11

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