12
International Voice sampling not allowed in Pak, says Malik See on Page 12 44 deaths in 3 days; no breakthrough as yet See on Page 12 Iran to supply gas to Iraq, Syria See on Page 12 *Crude Oil (brent)$/bbl 118.08 *Crude Oil (WTI)$/bbl 99.48 *Cotton $/lb 97.72 *Gold $/ozs 1,616.60 *Silver $/ozs 40.43 Malaysian Palm $ 1,042 GOLD (NCEL) PKR 44,320 KHI Cotton 40Kg PKR 5,573 Yearly(Jul, 2011 up to 22-Jul-2011) Monthly(Jun, 2011 up to 22-Jul-2011) Daily (22-Jul-2011) Total Portfolio Invest (16-Jul-2011) -14.65 -14.65 -6.78 2768 -1.30 -0.25 -0.08 -0.51 0.07 1.01 1.06 SCRA(U.S $ in million) Portfolio Investment FIPI (25-Jul-2011) Local Companies (25-Jul-2011) Banks / DFI (25-Jul-2011) Mutual Funds (25-Jul-2011) NBFC (25-Jul-2011) Local Investors (25-Jul-2011) Other Organization (25-Jul-2011) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (16-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11) GDP Growth FY12E Per Capita Income FY10 Population $18.23bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.73mn Economic Indicators Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares) $.Price 2.60 17.15 2.00 1.70 11.46 PKR/Shares 111.97 147.72 43.07 36.61 39.47 T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor (9 Mths) Kibor (1 Yr) P.I.B (3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs) 13-Jul-2011 13-Jul-2011 13-Jul-2011 20-May-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 13.48% 13.74% 13.90% 14.00% 13.76% 13.61% 13.80% 14.14% 14.24% 13.97% 14.01% 14.03% 14.24% 14.33% 14.41% Money Market Update Index Close Change KSE 100 12,394.49 82.28 Nikkei 225 10,050.01 82.10 Hang Seng 22,293.29 151.51 Sensex 30 18,871.29 148.99 ADX 2,663.13 24.04 SSE COMP. 2,688.75 82.04 FTSE 100 5,925.26 9.76 *Dow Jones 12,626.63 54.53 Global Indices Symbols Buy (Rs) Sell (Rs) Australian $ 92.50 93.50 Canadian $ 90.00 91.00 Danish Krone 16.10 16.40 Euro 122.90 124.40 Hong Kong $ 10.75 11.00 Japanese Yen 1.092 1.102 Saudi Riyal 22.85 23.05 Singapore $ 70.70 71.70 Swedish Korona 13.20 13.50 Swiss Franc 98.90 99.90 U.A.E Dirham 23.35 23.55 UK Pound 139.50 141.00 US $ 85.95 86.25 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 93.02 93.24 Canadian $ 90.34 90.55 Danish Krone 16.58 16.62 Euro 123.57 123.86 Hong Kong $ 11.03 11.06 Japanese Yen 1.098 1.101 Saudi Riyal 22.92 22.97 Singapore $ 71.12 71.29 Swedish Korona 13.56 13.60 Swiss Franc 105.75 106.00 U.A.E Dirham 23.40 23.45 UK Pound 140.07 140.40 US $ 86.13 86.32 Inter-Bank Currency Rates Subscribe now Tel: 92-21-35311893-6 Fax: 92-21-35388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com Cities Max-Temp Min-Temp Islamabad 35°C 20°C Karachi 35°C 29°C Lahore 33°C 29°C Faisalabad 34°C 30°C Quetta 37°C 15°C Rawalpindi 36°C 20°C Weather Forecast Karachi, Tuesday, July 26, 2011, Shaban-ul-Muazzam 23, Price Rs12 Pages 12 Check posts to be set up in troubled areas: CM Qaim See on Page 2 AMRITSAR: Foreign Secretary Salman Bashir walks with his delegation after crossing over to India for the foreign secretary-level talks at the Pak-India joint check-post at the Wagah border, on the outskirts of the northern Indian city of Amritsar. - Reuters Aamir Abidi KARACHI: Fertilizers offtake showed a fall of 6.8 per cent in first half of calendar year 2011 (1HCY11) to 3.59 million tonne as compared to 3.85 mil- lion tonne in 1HCY10. Drop in sales was primarily driven by gas curtailment and 45 days closure of fertilizer plant on Sui network in the beginning of current calendar year. According to the latest fertil- izer data, urea sales down by 11.8 per cent to 2.67 million tonne in 1HCY11 against 3.03 million tonnes of identical peri- od last year. Similarly, Di ammonium phosphate (DAP) offtake remained weak during 1HCY11 period with the indus- try registering decline in growth of 2.3 per cent on a YOY basis. DAP sales remained at 313,000 tonne compared to 321,000 tonne in 1HCY10 main- ly due to higher DAP prices. On the other hand, fertilizer offtake up by 2.4 per cent MoM in the month of June 2011 at 658,000 tonne versus 643,000 tonne in May 2011 mainly due See # 10 Page 11 Fertilizers’ sales down 6.8pc in six months Up 2.4pc in June TFD Report KARACHI: Foreign lending to Pakistan has continuously been at declining trough for the pre- vious three years, as shown by the data - off and on - released by State Bank of Pakistan. According to consolidated figures, foreign financing at the end of previous fiscal year reached $2.245 billion by reducing 39 per cent or $1.445 billion as compare to that of $3.690 billion in fiscal year 2008-09. The inflows of finances on account of programme and project loans into the terrorism- hit South Asian country have been witnessing a downward trend on a monthly, quarterly and yearly basis. The recently-concluded FY11 was no exception with foreign disbursements to Pakistan falling down by a massive 46 per cent to $2.245 billion. If compared with that of FY10's $4.134 billion these figures depict a decrease of $1.889 bil- lion. Most interestingly FY11 could, rather, be dubbed as the worst in terms of foreign financ- ing since the country received "zero" financing from interna- tional money lending agencies under short-term loans that include commercial loans and disbursements from the Islamic Development Bank (IDB). The last short-term commer- cial loan Pakistan received from the IDB amounted to $570 million during FY10. However, during the year under review, the country received long-term loans worth $2.245 billion, 37 per cent or $1.319 billion less than $3.564 billion the country had been disbursed a year earlier in FY10. See # 9 Page 11 Outlanders financing moving back Zero short-term foreign financing in FY11 ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that long-term solution of the country's economic prob- lems lies in increasing exports. He was speaking at the mango festival, organized by the Ministry of Commerce and Trade Development Authority of Pakistan here on Monday. The Prime Minister said the objective of increased exports can be achieved if we encour- age indigenous agriculture sec- tor through provision of cost- effective inputs, declaration of support prices, exploration of new markets and aggressive marketing for our products. Syed Yousuf Raza Gilani noted that Pakistan was fifth largest producer of mango in the world. Punjab has the share of 67 per cent and Sindh 33 per cent in mango production while Multan, Rahimyar Khan and Mirpurkhas are major production areas. He said the country exported 30 million dollars worth of mango in 2009-10 and the fig- ure is expected to reach 35 mil- lion dollars for 2010-11. The Prime Minister said though Pakistan mangoes are known for quality and taste all over the world but we need to work hard to increase our share in one billion dollar world-wide trade in mangoes. The Government is taking steps to improve the infrastructure for production, processing and export of mangoes. The Prime Minister, on the occasion, visited various stalls and showed keen interest in varieties and qualities of man- goes. - NNI Exports help stabilise economy: PM Gilani inaugurates mango festival TFD Report KARACHI: After no any clar- ification issued so far from government on resignation of Dr Jaffer Qamar, from the post of chief economist of Planning Commission, it is now pretty much clear that technocrats are unable to cope with political adventurism in economic poli- cy making. According to a recent report, two top economic managers one at the helm of Sindh province and other at federal level are seriously considering to leave the government owing to undue pressures and illogical demands of political leader- ship. One of them is Dr Qaiser Bengali, who is said to have developed serious difference with the Sindh government. He was recently appointed as deputy chairman of Planning and Development Board. Earlier he was removed from the post of advisor to CM Sindh on planning and development to accommodate new allies in Sindh cabinet. It is learnt that certain ele- ments in the bureaucracy do not want Dr Bengali to remain a provincial authority as the peo- ple at the helm of affairs are not happy with his strategy to stamp out corruption from the department by dropping nearly 400 schemes from the ADP 2011-12. Simultaneously Dr Hafeez Shaikh is still insisting to appoint federal secretary finance Waqar Masood Khan as Governor State Bank of Pakistan but some high offi- cials in Presidency are support- ing acting governor Yaseen Anwer to become full-fledge chief of the central bank. Likewise, Dr Hafeez Sheikh has strong reservations over unbridled government borrow- ing and more than once he brought this issue to the notice of Prime Minister and President to control government borrow- ing by slashing non-develop- ment expenditures. However, government is helpless over the ever-rising non-development expenditures to achieve its political goals, especially to keep happy its demanding allies for the sake of retaining power. It may be recalled that after one week of the resignation of governor SBP Shahid Kardar in early July, another key figure of economic scene of the country Dr Jaffer Qamar, chief econo- mist of Planning Commission resigned in third week of July. State Bank governor Shahid Kardar stepped down in early July and Auditor-General of Pakistan Syed Tanvir Ali Agha left a few months before his retirement. The resignation of Pakistan central bank governor Shahid Kardar last week reflects badly on the government's manage- ment of the economy, a senior vice president at Moody's Investor Service said last week. Ratings agency Standard & Poor's had said the resignations of the central bank chiefs send out a negative signal but were not surprising. See # 15 Page 11 Who is next, Shaikh or Bengali? SAHIWAL: Police struggling to stem a growing Islamist insurgency are recruiting tradi- tional village tax collectors to snoop on militant groups but critics say the plan is ill con- ceived and unlikely to be of much use. On a recent day about 100 of the tax collectors, known as numberdars, sat under a big tent in the town of Sahiwal, in Punjab province, listening to lectures from policemen and lawyers about their new duties. A police official read instruc- tions from a briefing booklet to the men, many of them wearing turbans and other traditional garb, before the day-long ses- sion ended with a question ses- sion during which some of the men raised fears for their safety if militants caught on to their spying. "We asked the government to issue us with arms licences so we can protect ourselves," said one of the men after the ses- sion. "Otherwise we and our fami- lies will be at risk of attack," said the would-be informant, who declined to be identified for security reasons. Violence has surged in Pakistan since a 2007 govern- ment crackdown on militants who had long been tolerated, and even nurtured, for use as tools against old rival India. See # 12 Page 11 Revenue officials afraid to spy on militants ISLAMABAD: Pakistan Railways (PR) suffered Rs26.252 billion losses during the year 2010-11 mainly due to non-rehabilitation of tracks and out of order locomotives. According to a ministry offi- cial, the ministry has taken numerous steps for rehabilita- tion and development of Pakistan Railways during the year 2011-12 however, these are subject to provision of funds from international and national financial institutions. He said the project of dou- bling of track from Khanewal to Raiwind was taken in hand at cost of Rs12617.400 million. Out of which only 90 kilometer from Okara-Raiwind is left which will be completed during current financial year. The rehabilitation of existing track from Lahore to Rawalpindi-Peshawar is under process with the help of Asian Development Bank and will start during current fiscal year. The project for realignment of track from Kaluwal to Pindora on Jhelum Rawalpindi section is likely to start in 2011-12. Similarly, the project of restoration of damaged assets on Mirpur Mathelo to Shahdadpur section and Bin Qasim stations damaged in the aftermath of December 27, 2007 incident has been taken in hand and shall be completed this year. See # 14 Page 11 PR suffered Rs26bn losses in FY11 SBP announces relief on business loans for KP TFD Report KARACHI: The State Bank of Pakistan (SBP) on Monday announced the release of third installment of mark-up rate subsidy on business loans for the period from January 01 to June 30, 2011 under the Prime Minister's Fiscal Relief Package to rehabilitate the eco- nomic life in Khyber Pakhtunkhwa, Federally Administered Tribal Area (FATA) and Provincially Administered Tribal Area (PATA). According to a press release issued here on Monday, Duly completed claims for reim- bursement of mark-up rate sub- sidy for the period from January 01 to June 30, 2011 may be submitted separately See # 11 Page 11 Pak-India secy-level talks today NEW DELHI: The foreign sec- retaries of India and Pakistan will meet here today (Tuesday) to firm up details of confidence building measures (CBMs) and other initiatives that will be announced by their foreign min- isters the following day. Accompanied by senior offi- cials, Pakistan's foreign secre- tary Salman Bashir, who arrives here Monday evening, will hold talks with his counter- part Nirupama Rao today (Tuesday). See # 13 Page 11

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International

Voice sampling not allowed in Pak, says Malik See on Page 12

44 deaths in 3 days; no breakthrough as yet See on Page 12

Iran to supply gas to Iraq, Syria See on Page 12

*Crude Oil (brent)$/bbl 118.08

*Crude Oil (WTI)$/bbl 99.48

*Cotton $/lb 97.72

*Gold $/ozs 1,616.60

*Silver $/ozs 40.43

Malaysian Palm $ 1,042

GOLD (NCEL) PKR 44,320

KHI Cotton 40Kg PKR 5,573

Yearly(Jul, 2011 up to 22-Jul-2011)

Monthly(Jun, 2011 up to 22-Jul-2011)

Daily (22-Jul-2011)

Total Portfolio Invest (16-Jul-2011)

-14.65

-14.65

-6.78

2768

-1.30

-0.25

-0.08

-0.51

0.07

1.01

1.06

SCRA(U.S $ in million)

Portfolio Investment

FIPI (25-Jul-2011)

Local Companies (25-Jul-2011)

Banks / DFI (25-Jul-2011)

Mutual Funds (25-Jul-2011)

NBFC (25-Jul-2011)

Local Investors (25-Jul-2011)

Other Organization (25-Jul-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (16-July-11)

Inflation CPI% (Jul 10-Jun 11)

Exports (Jul 10-Jun 11)

Imports (Jul 10-Jun 11)

Trade Balance (Jul 10-Jun 11)

Current A/C (Jul 10-Jun 11)

Remittances (Jul 10-Jun 11)

Foreign Invest (Jul 10-Jun 11)

Revenue (Jul 10-Jun 11)

Foreign Debt (Mar 11)

Domestic Debt (May 11)

Repatriated Profit (Jul 10 - Jun 11)

LSM Growth (May 11)

GDP Growth FY12EPer Capita Income FY10Population

$18.23bn

13.92%

$24.83bn

$40.41bn

$(15.59)bn

$542mn

$11.20bn

$1.92bn

Rs 1598bn

$59.54bn

Rs 5873bn

$758mn

-2.28%

4.20%

$1,051

176.73mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

17.15

2.00

1.70

11.46

PKR/Shares

111.97

147.72

43.07

36.61

39.47

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor (9 Mths)

Kibor (1 Yr)

P.I.B (3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

13-Jul-2011

13-Jul-2011

13-Jul-2011

20-May-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

25-Jul-2011

13.48%

13.74%

13.90%

14.00%

13.76%

13.61%

13.80%

14.14%

14.24%

13.97%

14.01%

14.03%

14.24%

14.33%

14.41%

Money Market Update

Index Close Change

KSE 100 12,394.49 82.28

Nikkei 225 10,050.01 82.10

Hang Seng 22,293.29 151.51

Sensex 30 18,871.29 148.99

ADX 2,663.13 24.04

SSE COMP. 2,688.75 82.04

FTSE 100 5,925.26 9.76

*Dow Jones 12,626.63 54.53

Global Indices

Symbols Buy (Rs) Sell (Rs)

Australian $ 92.50 93.50

Canadian $ 90.00 91.00

Danish Krone 16.10 16.40

Euro 122.90 124.40

Hong Kong $ 10.75 11.00

Japanese Yen 1.092 1.102

Saudi Riyal 22.85 23.05

Singapore $ 70.70 71.70

Swedish Korona 13.20 13.50

Swiss Franc 98.90 99.90

U.A.E Dirham 23.35 23.55

UK Pound 139.50 141.00

US $ 85.95 86.25

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 93.02 93.24

Canadian $ 90.34 90.55

Danish Krone 16.58 16.62

Euro 123.57 123.86

Hong Kong $ 11.03 11.06

Japanese Yen 1.098 1.101

Saudi Riyal 22.92 22.97

Singapore $ 71.12 71.29

Swedish Korona 13.56 13.60

Swiss Franc 105.75 106.00

U.A.E Dirham 23.40 23.45

UK Pound 140.07 140.40

US $ 86.13 86.32

Inter-Bank Currency Rates

Subscribe now Tel: 92-21-35311893-6

Fax: 92-21-35388428

Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

Cities Max-Temp Min-Temp

Islamabad 35°C 20°C

Karachi 35°C 29°C

Lahore 33°C 29°C

Faisalabad 34°C 30°C

Quetta 37°C 15°C

Rawalpindi 36°C 20°C

Weather Forecast

Karachi, Tuesday, July 26, 2011, Shaban-ul-Muazzam 23, Price Rs12 Pages 12

Check posts to be set up introubled areas: CM Qaim

See on Page 2

AMRITSAR: Foreign Secretary Salman Bashir walks with his delegation after crossing over to

India for the foreign secretary-level talks at the Pak-India joint check-post at the Wagah border,

on the outskirts of the northern Indian city of Amritsar. - Reuters

Aamir Abidi

KARACHI: Fertilizers offtakeshowed a fall of 6.8 per cent infirst half of calendar year 2011(1HCY11) to 3.59 milliontonne as compared to 3.85 mil-lion tonne in 1HCY10.

Drop in sales was primarilydriven by gas curtailment and 45days closure of fertilizer planton Sui network in the beginning

of current calendar year.According to the latest fertil-

izer data, urea sales down by11.8 per cent to 2.67 milliontonne in 1HCY11 against 3.03million tonnes of identical peri-od last year.

Similarly, Di ammoniumphosphate (DAP) offtakeremained weak during1HCY11 period with the indus-try registering decline in

growth of 2.3 per cent on aYOY basis.

DAP sales remained at313,000 tonne compared to321,000 tonne in 1HCY10 main-ly due to higher DAP prices.

On the other hand, fertilizerofftake up by 2.4 per cent MoMin the month of June 2011 at658,000 tonne versus 643,000tonne in May 2011 mainly due

See # 10 Page 11

Fertilizers’ sales down6.8pc in six months

Up 2.4pc in June

TFD Report

KARACHI: Foreign lending toPakistan has continuously beenat declining trough for the pre-vious three years, as shown bythe data - off and on - releasedby State Bank of Pakistan.

According to consolidatedfigures, foreign financing at theend of previous fiscal yearreached $2.245 billion byreducing 39 per cent or $1.445billion as compare to that of$3.690 billion in fiscal year2008-09.

The inflows of finances onaccount of programme and

project loans into the terrorism-hit South Asian country havebeen witnessing a downwardtrend on a monthly, quarterlyand yearly basis.

The recently-concluded FY11was no exception with foreigndisbursements to Pakistanfalling down by a massive 46per cent to $2.245 billion. Ifcompared with that of FY10's$4.134 billion these figuresdepict a decrease of $1.889 bil-lion.

Most interestingly FY11could, rather, be dubbed as theworst in terms of foreign financ-ing since the country received

"zero" financing from interna-tional money lending agenciesunder short-term loans thatinclude commercial loans anddisbursements from the IslamicDevelopment Bank (IDB).

The last short-term commer-cial loan Pakistan receivedfrom the IDB amounted to$570 million during FY10.However, during the year underreview, the country receivedlong-term loans worth $2.245billion, 37 per cent or $1.319billion less than $3.564 billionthe country had been disburseda year earlier in FY10.

See # 9 Page 11

Outlanders financingmoving back

Zero short-term foreign financing in FY11

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani hassaid that long-term solution ofthe country's economic prob-lems lies in increasing exports.

He was speaking at themango festival, organized bythe Ministry of Commerce andTrade Development Authorityof Pakistan here on Monday.

The Prime Minister said theobjective of increased exportscan be achieved if we encour-age indigenous agriculture sec-tor through provision of cost-effective inputs, declaration of

support prices, exploration ofnew markets and aggressivemarketing for our products.

Syed Yousuf Raza Gilani notedthat Pakistan was fifth largestproducer of mango in the world.Punjab has the share of 67 percent and Sindh 33 per cent inmango production while Multan,Rahimyar Khan and Mirpurkhasare major production areas.

He said the country exported30 million dollars worth ofmango in 2009-10 and the fig-ure is expected to reach 35 mil-lion dollars for 2010-11.

The Prime Minister saidthough Pakistan mangoes areknown for quality and taste allover the world but we need towork hard to increase our sharein one billion dollar world-widetrade in mangoes. TheGovernment is taking steps toimprove the infrastructure forproduction, processing andexport of mangoes.

The Prime Minister, on theoccasion, visited various stallsand showed keen interest invarieties and qualities of man-goes. - NNI

Exports help stabiliseeconomy: PM

Gilani inaugurates mango festival

TFD Report

KARACHI: After no any clar-ification issued so far fromgovernment on resignation ofDr Jaffer Qamar, from the postof chief economist of PlanningCommission, it is now prettymuch clear that technocrats areunable to cope with politicaladventurism in economic poli-cy making.

According to a recent report,two top economic managersone at the helm of Sindhprovince and other at federal

level are seriously consideringto leave the government owingto undue pressures and illogicaldemands of political leader-ship.

One of them is Dr QaiserBengali, who is said to havedeveloped serious differencewith the Sindh government. Hewas recently appointed asdeputy chairman of Planningand Development Board.Earlier he was removed fromthe post of advisor to CM Sindhon planning and developmentto accommodate new allies in

Sindh cabinet. It is learnt that certain ele-

ments in the bureaucracy do notwant Dr Bengali to remain aprovincial authority as the peo-ple at the helm of affairs are nothappy with his strategy tostamp out corruption from thedepartment by dropping nearly400 schemes from the ADP2011-12.

Simultaneously Dr HafeezShaikh is still insisting toappoint federal secretaryfinance Waqar Masood Khan asGovernor State Bank of

Pakistan but some high offi-cials in Presidency are support-ing acting governor YaseenAnwer to become full-fledgechief of the central bank.

Likewise, Dr Hafeez Sheikhhas strong reservations overunbridled government borrow-ing and more than once hebrought this issue to the noticeof Prime Minister and Presidentto control government borrow-ing by slashing non-develop-ment expenditures.

However, government ishelpless over the ever-rising

non-development expendituresto achieve its political goals,especially to keep happy itsdemanding allies for the sake ofretaining power.

It may be recalled that afterone week of the resignation ofgovernor SBP Shahid Kardar inearly July, another key figure ofeconomic scene of the countryDr Jaffer Qamar, chief econo-mist of Planning Commissionresigned in third week of July.

State Bank governor ShahidKardar stepped down in earlyJuly and Auditor-General of

Pakistan Syed Tanvir Ali Aghaleft a few months before hisretirement.

The resignation of Pakistancentral bank governor ShahidKardar last week reflects badlyon the government's manage-ment of the economy, a seniorvice president at Moody'sInvestor Service said last week.

Ratings agency Standard &Poor's had said the resignationsof the central bank chiefs sendout a negative signal but werenot surprising.

See # 15 Page 11

Who is next, Shaikh or Bengali?

SAHIWAL: Police strugglingto stem a growing Islamistinsurgency are recruiting tradi-tional village tax collectors tosnoop on militant groups butcritics say the plan is ill con-ceived and unlikely to be ofmuch use.

On a recent day about 100 ofthe tax collectors, known asnumberdars, sat under a bigtent in the town of Sahiwal, inPunjab province, listening tolectures from policemen andlawyers about their new duties.

A police official read instruc-tions from a briefing booklet tothe men, many of them wearingturbans and other traditionalgarb, before the day-long ses-sion ended with a question ses-

sion during which some of themen raised fears for their safetyif militants caught on to theirspying.

"We asked the government toissue us with arms licences sowe can protect ourselves," saidone of the men after the ses-sion.

"Otherwise we and our fami-lies will be at risk of attack,"said the would-be informant,who declined to be identifiedfor security reasons.

Violence has surged inPakistan since a 2007 govern-ment crackdown on militantswho had long been tolerated,and even nurtured, for use astools against old rival India.

See # 12 Page 11

Revenue officials afraid

to spy on militants

ISLAMABAD: PakistanRailways (PR) sufferedRs26.252 billion losses duringthe year 2010-11 mainly due tonon-rehabilitation of tracks andout of order locomotives.

According to a ministry offi-cial, the ministry has takennumerous steps for rehabilita-tion and development ofPakistan Railways during theyear 2011-12 however, theseare subject to provision offunds from international andnational financial institutions.

He said the project of dou-bling of track from Khanewalto Raiwind was taken in hand atcost of Rs12617.400 million.Out of which only 90 kilometerfrom Okara-Raiwind is left

which will be completed duringcurrent financial year.

The rehabilitation of existingtrack from Lahore toRawalpindi-Peshawar is underprocess with the help of AsianDevelopment Bank and willstart during current fiscal year.

The project for realignment oftrack from Kaluwal to Pindoraon Jhelum Rawalpindi sectionis likely to start in 2011-12.

Similarly, the project ofrestoration of damaged assets onMirpur Mathelo to Shahdadpursection and Bin Qasim stationsdamaged in the aftermath ofDecember 27, 2007 incident hasbeen taken in hand and shall becompleted this year.

See # 14 Page 11

PR suffered Rs26bnlosses in FY11

SBPannounces

relief onbusiness

loans for KP TFD Report

KARACHI: The State Bank ofPakistan (SBP) on Mondayannounced the release of thirdinstallment of mark-up ratesubsidy on business loans forthe period from January 01 toJune 30, 2011 under the PrimeMinister's Fiscal ReliefPackage to rehabilitate the eco-nomic life in KhyberPakhtunkhwa, FederallyAdministered Tribal Area(FATA) and ProvinciallyAdministered Tribal Area(PATA).

According to a press releaseissued here on Monday, Dulycompleted claims for reim-bursement of mark-up rate sub-sidy for the period fromJanuary 01 to June 30, 2011may be submitted separately

See # 11 Page 11

Pak-Indiasecy-level

talks todayNEW DELHI: The foreign sec-retaries of India and Pakistanwill meet here today (Tuesday)to firm up details of confidencebuilding measures (CBMs) andother initiatives that will beannounced by their foreign min-isters the following day.

Accompanied by senior offi-cials, Pakistan's foreign secre-tary Salman Bashir, whoarrives here Monday evening,will hold talks with his counter-part Nirupama Rao today(Tuesday).

See # 13 Page 11

Page 2: thefinancialdaily-epaper-26-07-2011

2 Tuesday, July 26, 2011

Staff Reporter

KARACHI: Speaker SindhAssembly Nisar Ahmad Khuhro andPresident, Petroleum MarketingBusiness, Byco Petroleum, Kalim ASiddiqui and many other eminentpersonalities conferred Global FoodSafety Awards-2011 to CEO's,QHSE heads and Food Safety Headsof 22 national and multinationalcompanies of the food industry at animpressive and enthralling ceremonyheld at local hotel.

Global Food Safety Awards-2011is organized by Global Media Linksin collaboration with Pakistan FoodAssociation, Business Milestonesand many other relevant stakehold-ers.

It should be mentioned here thatsome 42 companies working in thefood industry and related servicesexpressed their interest and submit-ted their nominations for participa-tion in the Global Food SafetyAwards 2011.

After short-listing of these con-tending companies, 22 companieswere adjudged winners of the awardwith each of the company winningone award in a particular category ofaward, three out of these 22 compa-nies secured two awards each in dif-ferent two categories, while two ofthese successful companies wonthree awards each in different threecategories of food safety and quality.

Evaluation of nominations of thecontending companies was carriedout by an independent and confiden-tial three-member jury comprisingsubject specialists concerned associ-ated with University of Karachi.

The successful companies wereconferred awards on basis of theiruntiring efforts, innovation, andstringent mechanism for upkeep andpromotion of the cause of food safe-ty in view of its essential importancefor well-being of human health andgeneral good of the society.

Besides Sindh Assembly's SpeakerKhuhro who graced the award cere-

mony as its chief guest, various emi-nent personalities from differentwalks of life also attended the cere-mony as Guests of Honour of theevent.

Their names included President,Petroleum Marketing Business,Byco Petroleum, Kalim A Siddiqui;Senior Vice-President Federation ofPakistan Chambers of Commerce &Industry, S Khalid Tawwab;Executive-Director, Roots SchoolSystem, Chaudhry Faisal Mushtaq;and Pro Vice-Chancellor, Universityof Karachi, Prof Dr Shahana UroojKazmi.

In his address, Chief Guest Khuhrosaid: "I have been keenly observingthat in our homeland award cere-monies are regularly being held onvarious important topics of trade,business, socio-economy, and publiclife and in my opinion, furtheringthis spirit, some award would beinstituted as a permanent and regularfeature by any of the concernedevent organizers in the country."

Global Food SafetyAwards Conferred

KARACHI: Group Photo of Global Food Safety Awards 2011 winners with Chief Guest Nisar Khuhro,Speaker Sindh Assembly, Guest of Honor, Kalim Siddiqui, President BYCO Petroleum, Musaddiq Aziz,

Nazia Aziz, Saquib Khattak & others.-Staff Photo

LAHORE: Nat PinyoWattanaCheep, ThaiMinister, Department ofSouth Asian, Middle Eastand African Affairs, hassaid that the Thai govern-ment is giving top priorityto early signing of FreeTrade Agreement betweenPakistan and Thailand andfor the purpose it is focus-ing on an early meeting ofPak-Thai Joint TradeCommission.

The Thai Minister wasspeaking at the LahoreChamber of Commerceand Industry on Monday.

LCCI Acting PresidentSheikh MohammadArshad presided over thefunction while VicePresident Sohail Azhar,Thai Ambassador toPakistan Marut Jitpatima,former LCCI Senior VicePresident Abdul Basit,Executive CommitteeMembers Mian ZahidJavaid and Dr Shahid Raza

also spoke on the occasion.Nat Pinyo said that both

Pakistan and Thailandhave very strong creden-tials to give new strengthsto their respectiveeconomies as both thecountries have good geo-graphical locations makingthem a safe heaven forinvestment.

Speaking on the occa-sion, the LCCI ActingPresident SheikhMohammad Arshad saidthat the import and exportprofiles of the two coun-tries indicate that there is apotential of increasingPakistan's export toThailand, while Pakistanalso has huge potential ofimporting goods fromThailand.

Sheikh MohammadArshad said that Pakistanis strategically located andis a gateway to the marketsof Central Asian Republicsand the Gulf countries.

The LCCI ActingPresident said that Thaiinvestors who are interest-ed to weigh up the energysector of Pakistan especial-ly untapped potential ofcoal and renewable/alter-nate energy would be facil-itated all the way.

The other members of thedelegation, who gave theirviews on Pakistan andThailand trade relationsincluded Chairman ThaiChamber Committee onSouth Asian AffairsMingpant Chayavichitsilp,Suthiket Thatptak-kul fromThailand Board ofInvestment, SomyodTangmeelrap fromFederation of ThaiIndustries, NutthaToonsuwan, SorayosKijparkorn, PiyanutTumnukasetchai, ChotikaSuwanwattana and HonraryTrade Advisor of ThaiMinistry of Commerce ArifSuleman.-PR

Nat Pinyo visits LCCI

Thai minister stresseson early FTA with Pak

Staff Reporter

KARACHI: Thirtyblushing brides sat next totheir beaming groomsduring a mass marriageceremony on Saturdaywhich was organised togive the underprivilegedan opportunity to cele-brate the occasion withtheir families in a mannerthey could not otherwiseafford.

The festivities tookplace at the YMCAground, organised by theUpleta MemonAssociation, the WomenDevelopment FoundationPakistan and the FalahWelfare.

The happy coupleshailed from coastal areassuch as Rehri Goth andIbrahim Haidery, whilesome came from InteriorSindh. Separate Nikkaharrangements were madefor both the bride andgroom with the men sign-ing the binding documenton stage while the womanfulfilled the legal formali-ty in a small room.

The Nikkah was per-formed by a religious dig-nitary from Makkah,Abdul Manan, who is inthe city at the time. Thebrides slowly made theirway to the marriage lawnwhere stage was sur-rounded by photographers

and guests who showeredthem with attention.

The chairperson of theWFD-P, Sabiha Shah, saidthat the organisers had notonly arranged for the wed-ding ceremony, but hadalso counseled the cou-ples on life after marriage.Another mass weddingevent is in the pipeline forthe Islamic month ofZilhaj which will fall atthe end of this year.

Vice President UpetaMemon Association HajiMasood Parekh said thatduring the next event asmany as 100 coupleswould be the lucky oneschosen to be married onthat day.

30 couples tie knotin mass ceremony

Intel eyesFulcrum

MicrosystemsPAKISTAN: IntelCorporation recentlyannounced it signed a defin-itive agreement to acquireFulcrum Microsystems Inc.,a privately held fablesssemiconductor companythat designs Ethernet switchsilicon for data center net-work providers.

"Intel is transformingfrom a leading server tech-nology company to a com-prehensive data centerprovider that offers com-puting, storage and net-working building blocks,"said Naveed Siraj, CountryManager Intel Pakistan.

"Fulcrum Microsystems'switch silicon, already rec-ognized for high perform-ance and low latency, com-plements Intel's leadingprocessors and Ethernetcontrollers, and will deliverour customers new levelsof performance.-PR

KARACHI: "KarachiChamber of Commerce &Industry's EducationPavilion in My-KarachiExhibition will act as cor-nerstone to link Academiawith Industry and encour-age youth for self-employ-ment."

This was stated byMuhammad Saeed Shafiq,President-KCCI, in theMy-Karachi EducationPavilion Prize DistributionCeremony held at KarachiExpo Centre.

During the ceremonycash prizes worth over Rsone million were distrib-uted amongst top four proj-ects keeping in view theproductivity and advantageto the society.

Rear Admiral SyedKhawar Ali, CommanderKarachi graced the cere-mony as Chief Guest whilethe students and faculty ofvarious universitiesexhibiting their projects/innovations in the field ofengineering, IT, Textiles &Business Studies exten-sively attended the cere-mony.

Commander KarachiRear Admiral SyedKhawar Ali in his addressendorsed the vital role ofKCCI to uplift nationaleconomy and promotetrade & industry.

He stated "I am deeplyimpressed with the great

efforts of KCCI to revivepeace in the city".

He stated that KCCI'sMy-Karachi Exhibition is abold initiative to give a

message to the Nation andcountries around the globethat we are resilient Nationand accomplished to han-dle all challenges.

Senior Vice PresidentKCCI Talat Mahmoodasserted upon the youth toboost their passion to servePakistan.

He said "the EducationPavilion will be regularfeature of Annual My-Karachi Exhibition."

AQ Khalil, former

President-KCCI, highlight-ed the vision of KCCI topromote education, pro-duce talented and skilledhuman resource to cater the

national industrial andcommercial needs. Ateeq-ur Rehman, ex-executivemember-KCCI articulatedthat Education Pavilionwill encourage entrepre-neurship and stop braindrain. Cash Awards weresponsored by prominentmembers of KCCI, KhalilNanitalwala, ShameemAhmed Firpo, andChaudhry Ansar Javedwho also spoke at the occa-sion.

Karachiites haileducation pavilion

Rear Admiral Syed Khawar Ali, CommanderKarachi, Mr. Mohammad Saeed Shafiq, President-KCCI and Mr. Khalil Nanitalwala presenting cash

award to SSUET Students. Mr. Talat Mahmood,Senior Vice President-KCCI, Mr. Junaid Esmail

Makda, Vice President-KCCI and Mr. Majyd Aziz,Ex President-KCCI are also seen in the picture.

KARACHI: Sindh ChiefMinister Syed Qaim AliShah on Monday directedthe law enforcement agen-cies to take strict actionagainst miscreants behindworsening law and ordersituation in Karachi.

Talking to media personsafter presiding over a meet-ing in connection withrestoration of peace in thecity, the Sindh chief minis-ter said permanent check

posts of the Rangers andCommando Police wouldbe set up in all affectedareas like Kati Pahari.

The meeting was attend-ed by Home MinisterManzoor Wasan, InspectorGeneral Police Sindh,Wajid Ali Durrani and offi-cers of all five districts ofthe city. The meetingreportedly discussed astrategy to bring backpeace to the city and elimi-

nate the ongoing violence.The chief minister said

that he directed the con-cerned officials to restorepeace in Karachi at anycost. He said that somesteps were decided in themeeting to bring back nor-malcy in the city.

He said that strict actionwould be taken againstthose persons who werefound involved in violencein Karachi. -APP

Checkposts to be set up in troubled areas: CM Qaim

SBPannouncesrelief forKP loans

Staff Reporter

KARACHI: The StateBank of Pakistan (SBP)Monday announced therelease of third install-ment of mark-up ratesubsidy on businessloans for the periodfrom January 1 to June30, 2011 under thePrime Minister's FiscalRelief Package to reha-bilitate the economiclife in KhyberPakhtunkhwa, FederallyAdministered TribalArea (FATA) andP r o v i n c i a l l yAdministered TribalArea (PATA).

Duly completedclaims for reimburse-ment of mark-up ratesubsidy for the periodfrom January 01 to June30, 2011 could be sub-mitted separately forTextile Sector and othereligible sectors to SBP-BSC (Bank), Peshawarup-to August 31, 2011,it added.

SBP has informed allb a n k s / D e v e l o p m e n tFinance Institutions(DFIs ) /Microf inanceBanks (MFBs) that therate of mark up differ-ential for 3rd install-ment, for six monthsending on 30th June2011, has been workedout at 6.18 per cent.

The banks have beenasked to calculate theamount of mark up ratedifferential on outstand-ing business loans ofabove areas, on thebasis of above rates andkeeping in view theterms & conditions con-tained in aboveScheme, according toCircular Letter No. 14of July 25, 2011.

However, MFBs maycalculate mark up ratedifferential to the extentof 22.5% p.a. i.e. differ-ential between 7.5% perannum and WeightedAverage Lending Ratesof MFBs i.e. 30% p.a.or actual rate whicheveris lower, as communi-cated in September,2010, the CircularLetter added.

TV PROGRAMMES

TUESDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:05 Awam ki Awaz(Rpt)

12:00 News

13:05 Tafteesh (Rpt)

14:00 News

14:05 Tonight With Jasmeen (Rpt)

15:00 News

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17:30 Samaa Metro

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18:30 Aap Ki Baat

19:05 Masail Kahani

19:30 Crime Scene

20:03 Tajziya

21:00 News

22:03 Tonight With Jasmeen

23:00 News

23:05 Mutsareen

KCCI awards prizes to young scientists

The LCCI Actin President Sh. Mohammad Arshad is souvenir to the Thai Minister NatPinyo WattanaCheep. LCCI VP Sohail Azhar and EC Members are also present on the

occassion.presenting the LCCI

KARACHI: The Pakistan CustomsAutomated System (PaCCS) alone collectscustoms duty ranges between Rs250 andRs300 million on daily basis. It has alwaysshown higher volume of cargo both inimport and export. It is operational at threeof the international trade terminals in thecountry.

President PaCCS User Club RizwanKhadim Rathore told that PaCCS is an elec-tronic environment in which no documentsare required to be filed to Customs with thedeclaration.

This is in order to ensure that the trade isnot forced to travel to Customs house inorder to file each declaration and tax payeris not forced to come in contact with the taxcollector which has numerous undesirableconsequences. Even then PaCCS collectedsuch a higher volume of Customs duty.

The conflict between Federal Board of

Revenue and Agility - the owner of PaCCSis not logical when the system generateshuge revenues for the national kitty andserves trade bodies successfully, a concernraised by President PaCCS Users Club dur-ing Traders monthly meeting.

He further said, the officials of both com-panies have met several times focusing on toresolve the issue but negotiations remainedunfilled. The reluctant attitude of govern-ment officials left no choice to Agilityexcept to shut down the system. The recentshut down notice by Agility has threatenedthe trade bodies and doubtful if the compa-ny shut down its system.

Rathore further added that to continuePaCCS the Agility stance to FBR for purchas-ing the system is quite logical, because Agilitymentioned that it will not run this system onpublic-private partnership. If FBR wants tocontinue, it should purchase it.-PR

PaCCS alonecollects Rs300mn

custom duty daily

Page 3: thefinancialdaily-epaper-26-07-2011

MUMBAI: The Indian rupeetreaded water on Mondayweighed by a choppy euro anddollar demand from local oilimporters, with most traderspreferring to stay on the side-lines a day prior to the centralbank's policy review.

The partially convertiblerupee ended at 44.3950/4050per dollar, 0.09 per cent weak-er than its Friday's close of44.3625/3725, after moving ina narrow 44.3800-44.4350band intra-day.

"Why should people takerisks until there is clear viewon where interest rates areheaded? There is a view in themarket the Reserve Bank ofIndia (RBI) could pause onrates on Tuesday," said NaveenRaghuvanshi, an associate vicepresident at DevelopmentCredit Bank.

"So we could see the rupee ina thin range on Tuesday till thepolicy is released."

View the central bank may benear the end of its credit tight-ening cycle have strengthenedas the 10 interest rate increasessince March 2010 take a toll ongrowth in a once-roaring econ-omy.

A Reuters poll of economistslast week too predicts the RBIwill raise repo rate by 25 basis

points on Tuesday and onceagain by the end of the year,before pausing its long ratetightening campaign.

But after market hours onMonday, the central bank saidhigh inflation warrants contin-ued tight monetary policydespite rising risks to growth.

Indian shares shrugged offweak world equities andfirmed 0.8 per cent to theirhighest close in more than twoweeks on Monday, as telecomstocks rallied in huge volumeson hopes tariffs will rise andimprove margins.

The one-month onshore for-ward premium was at 24.75points versus 23.50 points onFriday, while the three-monthwas at 71.75 points from 72.25points and the one-year was at232.75 points versus 234.25.

One-month offshore non-deliverable forward contractswere quoted at 44.54, weakerthan the onshore spot rate.

In the currency futures mar-ket , the most traded near-month dollar-rupee contractson the National StockExchange were at 44.4025,while on the MCX-SX and theUnited Stock Exchange wereboth at 44.4075. The total vol-ume stood at $8.80 billion. -Reuters

Indian rupee rangedon choppy euro

3Tuesday, July 26, 2011

Currencies Rate

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A. 86.15 85.95 85.73

U.K. 140.40 140.07 139.69

EURO 123.86 123.57 123.21

CANADA 90.55 90.34 90.10

SWITZERLAND 106.00 105.75 105.47

AUSTRALIA 93.24 93.02 92.77

SWEDEN 13.60 13.56 13.53

JAPAN 1.10 1.10 1.09

NORWAY 15.92 15.89 15.84

SINGAPORE 71.29 71.12 70.93

DENMARK 16.62 16.58 16.53

SAUDI ARABIA 22.97 22.92 22.86

HONG KONG 11.06 11.03 11.00

KUWAIT 314.82 314.09 313.26

MALAYSIA 28.95 28.89 28.81

NEWZEALAND 74.56 74.39 74.19

QATAR 23.66 23.60 23.54

U.A.E. 23.45 23.40 23.34

KR WON 0.08 0.08 0.08

THAILAND 2.89 2.88 2.88

Name Bid Ask High Low

EUR-USD 1.4368 1.4369 1.4414 1.4329

USD-CHF 0.8040 0.8043 0.8178 0.8023

GBP-USD 1.6283 1.6286 1.6342 1.6263

USD-CAD 0.9465 0.9468 0.9523 0.9456

AUD-USD 1.0843 1.0847 1.0863 1.0798

EUR-JPY 112.33 112.38 113.00 112.13

EUR-GBP 0.8820 0.8822 0.8843 0.8802

EUR-CHF 1.1548 1.1552 1.1751 1.1534

GBP-JPY 127.31 127.39 128.02 127.16

CHF-JPY 97.24 97.29 97.44 95.93

Gold 1617.74 1618.16 1623.24 1599.00

As per 22.00 PST

Time Source Events Forecast Previous

3:45 NZD Trade Balance 391M 605M

4:50 JPY CSPI y/y -0.9% -0.9%

5:00 AUD CB Leading Index m/m 0.1%

8:05 AUD RBA Gov Stevens Speaks

11:00 CHF UBS Consumption Indicator 1.91

11:00 EUR GfK German Consumer Climate 5.6 5.7

13:30 GBP Prelim GDP q/q 0.2% 0.5%

13:30 GBP Index of Services 3m/3m 0.9% 0.9%

18:00 USD S&P/CS Composite-20 HPI y/y -4.6% -4.0%

19:00 USD CB Consumer Confidence 57.1 58.5

19:00 USD New Home Sales 321K 319K

19:00 USD Richmond Manufacturing Index 5 3

Source Events Actual Forecast Previous

AUD PPI q/q 0.8% 0.6% 1.2%

JPY BOJ Gov Shirakawa Speaks

AUD RBA Assist Gov Edey Speaks

GBP BBA Mortgage Approvals 31.7K 31.3K 30.8K

EUR Belgium NBB Business Climate -2.5 -2.2 -1.1

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

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

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

Bank of Japan 8/5/2011 12/19/2008 0.10%

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

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

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

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, July 25,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: The dollar fell to arecord low against the Swiss franc anda four-month trough versus the yen onMonday as a deadlock in negotiationsto raise the US debt ceiling spooked themarket and spurred demand for curren-cies viewed as safe havens.

Analysts warned of further sharp sell-ing in the dollar if Washington fails toincrease the US debt limit and enters atechnical default on its debt next month, ascenario for which analysts have priced ina roughly 10 per cent chance.

Overall, the Swiss franc was thebiggest beneficiary of the demand forsafe havens, pushing the dollar to anall-time low of 0.80210 francs on trad-ing platform EBS. The dollar has fallenin three of the last four sessions againstthe Swiss currency.

The euro also fell versus the franc,dropping 1.7 per cent, as did sterling.Traders reported heavy selling of thepound ahead of Tuesday's UK grossdomestic product data for the second

quarter, on views it could show a con-traction and not the 0.2 per cent riseforecast by economists.

M o s tinvestors expecta deal will bedone before theAug. 2 deadlineto avert a USdefault, but thelack of progressin talks overhow to cut the budget deficit and thepossibility of a ratings downgrade ofUS debt made investors more riskaverse, which analysts said would dogthe dollar.

"The budget impasse and the generalbickering of politicians in the US indeciding what their stance would be onthe debt ceiling is weighing on dollarsentiment," said Ravi Bharadwaj, mar-ket analyst at Travelex Global BusinessPayments in Washington.

He added that Moody's further slash-

ing of Greece's debt rating on Mondaydid not benefit the dollar much as a safehaven alternative to the euro, but

instead boosted the Swiss franc andgold. The US Treasury said it will runout of money to pay the country's billsafter Aug. 2, though some analysts saythe Treasury may be able to scrapesome money together to get by for aweek or two.

Some portfolio managers have read-ied back-up plans in the event of a USdefault. Paul Dietrich, who runsFoxhall Capital with assets under man-agement of $1 billion, said he's lookingat gold and the sovereign debt of coun-

tries with more robust economic funda-mentals such as Australia and Canada.

"The problem everyone faces is that ifthe US defaults, the next day all the peo-ple who are owed pensions and socialsecurity will be marching on the homes ofthese congressmen, with torches andpitchforks." Against the yen, the dollarfell as low as 78.055 yen, its weakestlevel since mid-March, and was last at78.310 yen, down 0.3 per cent.

The ICE Futures' dollar index slipped0.08 per cent to 74.143 versus a currencybasket, near 73.889, a six-week low hitlast week. The euro was little changedagainst the dollar at $1.43615, as theeuro-zone's lingering fiscal crisis kepttraders wary over the single currency.

The euro initially slipped against thedollar after Moody's downgradedGreece by three notches to Ca fromCaa1, though the impact was limitedbecause the move was not a surpriseand traders were focused on the USdebt saga. -Reuters

Dollar slides as US debttensions weigh

SHANGHAI: The yuan hit arecord high against the dollaron Monday, reversing themorning's fall and in spite of aslightly lower mid-point fixingas the market braces for fur-ther losses in the dollar.

"The dollar index fell againwhich make us speculatetomorrow's fixing could hit anew high," said a dealer at aEuropean bank in Shanghai.

The dollar is under pressureas the US government hasbeen unable to reach a deal toraise the country's debt ceil-ing.

Spot yuan closed at a recordhigh of 6.4450 against the dol-lar, firmer than 6.4455 onFriday. It has now appreciated5.91 per cent since it wasdepegged from the dollar inJune 2010 and 2.22 per cent sofar this year.

Before trade began thePeople's Bank of China fixedthe yuan's mid-point at6.4503, down slightly fromFriday's historical high of6.4495. But dealers said a fallof only eight pips in the mid-point may reflect the centralbank's intention of keeping the

yuan around 6.44 to 6.45 inthe near term.

Dealers expected the yuancould rise 4 per cent this yearto around 6.25.

But the pace of yuan appre-ciation could slow from year-earlier expectations due to rel-atively stable global commod-ity prices and despite the dol-lar's weakness, dealers said.Fighting imported inflation isone of the top reasons for thePBOC to let the yuan appreci-ate so far this year.

The benchmark ReutersJefferies CRB index , whichcovers 19 mostly US-tradedcommodities, edged up 0.77per cent on Monday, but hasslumped around 6 per centsince late April along with ageneral rally in the US curren-cy from its two-year and eight-month low touched on May 2.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) werebid at 6.3820 at midday, downslightly from 6.3910 atFriday's close. Their impliedyuan rise in a year's time roseto 1.07 per cent from 0.93 percent. -Reuters

Yuan hits record highon US debt woes

SINGAPORE: The SouthKorean won led falls in mostof its Asian peers on Mondayas interbank speculators andsome real money fundsreduced exposure in emergingAsian currencies on worriesthat a US default would causea risk-off trade environment.

Short-term investors alsoadjusted positions in someemerging Asian currenciesincluding the Thai baht asthey have been seen as techni-cally overbought and somecentral banks were spottedbuying dollars for interven-tion, dealers said.

US lawmakers have notagreed on a deal to preventwhat would be a disastrousdefault. The deadlock haspushed down riskier assetssuch as stocks while sendinginvestors to safe heavensincluding gold.

"A worst case scenario has-n't (been factored in markets),simply because everyonebelieves that the two partieswill come together in the endto work things out, no matterhow acrimonious the processis," said Sacha Tihanyi, seniorcurrency strategist for ScotiaCapital in Hong Kong.

Tihanyi said he remainsbullish on the region andwould play long emergingAsian currencies against thedollar. But he said some ofthem such as the won, theMalaysian ringgit and thePhilippine peso could comeoff quickly if no US deal debtis reached by the August 2deadline, or if rating agencies

downgrade the US.Early Monday, the trend

was checked by some centralbanks again with MonetaryAuthority of Singapore andBank of Thailand spotted buy-ing dollars to slow downstrength in their currencies,dealers said.

The intervention causedsome investors to book profitsfrom their recent gains.

European debt problemsremain a burden to emergingAsian currencies.

The won slid as investorscovered dollar-short positionsamid caution over interven-tion and on dollar demandlinked to a corporate takeoverannounced in May.

In the transaction, FilaKorea agreed to buy theTitleist golf equipment brandfor $1.2 billion. Some dealersestimated that on Monday,there were dollar bids con-nected with the deal of about$500 million.

Still, the South Korean cur-rency found relief fromexporters' end-month demandfor settlements, especiallyaround mid-1,050 levels perdollar, dealers said.

"Now 1,055 looks great toexporters," said a local bankdealer in Seoul, adding dol-lar/won positions do not lookshort.

The 14-day dollar/wonRelative Strength Index(RSI), which on Fridaydipped below the 30 thresholdand indicated the pair wasseen as oversold, reboundedto 41.4.

On Friday, South Koreanforeign exchange authoritieswere spotted buying an esti-mated $500 million-$1 billionto defend 1,050 level, dealerssaid.

Meanwhile, South Koreaplans to carry out a stress teston banks operating in thecountry next month to exam-ine their ability to secure for-eign exchange funding duringa financial emergency, afinancial authority sourcesaid.

The baht edged down aslocal interbank speculatorscovered dollar short positionson the central bank's interven-tion.

The dollar/baht 14-day RSIstayed around 20, suggestingthe pair is seen as oversold.

Still, foreign banks keptbuying the Thai currency,reflecting its firm trend oncapital and stock-relatedinflows. Gold exporters alsobought it.

The Philippine peso dippedas investors covered dollarshort-positions with the USdebt-ceiling deadlock unre-solved.

Investors are likely to takedefensive stance on the peso,keeping an eye on if ratingagencies would downgradeUS, although the Philippinecurrency is seen as gettingrelief from bond inflows,dealers said.

The 14-day dollar/peso RSIrebounded , but it still stayedbelow the 30 threshold, indi-cating the pair remained inoversold territory. -Reuters

Baht, peso dip ondlr-short covering; BOT

intervention spotted

WELLINGTON/SYDNEY: The NewZealand dollar loitered near 30-year highs onMonday, while the Aussie gave ground onlygrudgingly as foreign exchange investors heldtheir nerve in the face of uncertainty over theUS debt ceiling.

The Aussie dollar eased to $1.0819, from$1.0851 in New York on Friday, as the dangerof a US default prompted some profit taking.

Congress has, so far, failed to achieve abudget as Aug 2 deadline looms. "The mar-kets still got the impression that they willcome up with a solution before August 2,"said David Scutt, a trader at Arab BankAustralia.

"Until that moment comes, there will be anelement of doubt in the mind of traders andthat will be enough to put a cap on risk curren-cies."

Having gained 2 per cent last week, theAussie remained within sight of a two-monthpeak of $1.0875 struck during the offshoresession.

The New Zealand dollar held firm at$0.8648, having struck a fresh 30-year peakof $0.8676.

The kiwi is showing no sign of retreat, withresistance around the latest high and minorsupport around $0.8580.

Local investors are keenly awaiting the NewZealand central bank's next rate review due

later this week in the wake of bullish growthand inflation data over the past two weeks.

"All eyes will be on the Reserve Bank ofNew Zealand on Thursday, for their take onthe timing of the next move in interest rates,and no doubt some currency chidings aswell," said Derek Rankin of Rankin Treasuryin a note to clients.

Further gains will depend on US debt talksprogress, Rankin said, adding the kiwi's stel-lar rise makes it vulnerable to sharp downsidecorrections.

The kiwi has gained around 4.5 per cent thismonth, driven by the belief rates will risesooner than expected. A clear majority of ana-lysts in a Reuters poll expect the RBNZ tostart increasing rates in December, although agrowing view is that September and Octobercannot be ruled out as the bank looks to stiflegrowing inflation pressures.

For now, technical momentum for theAussie currency remains positive, with strongresistance seen around $1.0889 and support at$1.0807.

A move below $1.0800 targets the 38.2Fibonacci of the recent $1.0560/$1.0875range at $1.0755, according to a trader.

Against its kiwi neighbour, the Aussie fell toaround NZ$1.2500, not far from a near 12-month trough of NZ$1.2471 struck last weekon the divergent market rate outlook. -Reuters

NZ, Aussie dlrs edgedown on US debt jitters

LONDON: Sterling slippedfrom a five-week peak againstthe dollar on Monday, withinvestors wary of pushing thepound higher in case forthcom-ing UK activity data is weakerthan expected.

Sterling was last at $1.6285,having struck a five-week highof $1.6345 in the Asian sessionon heightened worries about aUS debt default.

Traders said sterling above$1.63 looked vulnerable to adownside correction, especially

if second quarter gross domesticproduct (GDP) on Tuesday dis-appointed.

Britain's economy is expectedto have grown at 0.2 per centover the previous quarter, but abad number could boost expec-tations of more monetary stimu-lus from the Bank of England. .

Last week the pound posted itsbest weekly performance sinceMay against the dollar asinvestors cheered a euro-zonedeal on Greece, but analysts saidit looked poised for a selloff.

"The market is looking forclose to flat or modest growthbut we could see a negative printtomorrow. That is not entirelypriced into the market so wecould see the pound come underpressure," said Lee Hardman,currency economist at Bank ofTokyo-Mitsubishi UFJ.

"A poor reading would rein-force questions over the sustain-ability and strength of economicrecovery in the developedworld, which is one of the rea-

sons investors are so risk averseat this point in time."

Traders cited decent bids at$1.6260 while technical analystshighlighted support at the 100-day moving average around$1.6244 and then the 55-daymoving average at $1.6205.

Strategists have comparedmoves between sterling, euroand dollar to an ugly contest inrecent weeks. Although the UKeconomy has a credible fiscalplan in place, concerns overweak economic growth have

hampered sterling strength.In the United States, political

wrangling over whether to raisethe debt ceiling by the August 2deadline to avoid a debt defaultand possible credit rating down-grade continued to drag on thegreenback.

Meanwhile, rating agencyMoody's cut Greece's debt bythree notches and said a defaultwas nearly certain in spite of lastweek's bailout package.

The euro was 0.2 per centhigher at 88.13 pence, with nearterm resistance at 88.54 pence --the high struck on Friday.Resistance levels beyond thatinclude 88.85 pence, its 21-daymoving average, and 88.95, the50 per cent retracement of euro'sfall from 90.84 on July 1 to alow of 87.06 in mid-July.

Prime Minister DavidCameron said on Monday theUK faced a tough task inrestoring economic growth,even with the right strategy inplace. -Reuters

Stg comes off 5-wkhigh vs dollar

Singapore central bank intervenes, dealers say

ZURICH: The Swiss francrose sharply against both thedollar and the euro on Mondayas ongoing wrangling in USdebt ceiling talks sappedappetite for risky assets.

With the clock ticking forRepublicans and Democrats inthe US Congress to agree adeal to avert a default,investors sought refuge in thesafe-haven franc, which hasshot to one record high afteranother this year.

The euro clawed back groundagainst the franc at the end oflast week after European lead-ers agreed a rescue package tohelp debt-stricken Greece. Butpositive sentiment waned onMonday as ratings agencyMoody's cut Greece's debt rat-

ings to just one notch abovewhat is considered default.

Marcus Hettinger, head ofglobal forex research at CreditSuisse said the euro couldremain under pressure in thenear term.

"Technicals indicate thatdownside risks are not over.We therefore still see downsiderisks for euro-Swiss over onemonth and expect 1.16,"Hettinger said in a note." Thekey technical resistance to sta-bilize the technical picture is at1.18." The franc rose some 1percent against the dollar com-pared to the New York close onFriday to trade at 0.8092 by0647 GMT. Against the eurothe franc gained over 1 percentto trade at 1.1632. -Reuters

Swiss franc rises asUS debt talks stall

Safe-haven Swiss franc rises, hits record high vs dollar

Page 4: thefinancialdaily-epaper-26-07-2011

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.

Facingdeluge

The current monsoon has already started.

Thousands of those who had lost everything,

including lives of their dear-ones have not been

rehabilitated by the government as yet. However,

a point of consolation is that some of the NGOs

and a few celebrities have done whatever, they

could.

One could still recall that Pakistan faced the

worst deluge that broke nearly 150 year record.

While the magnitude of destruction was high,

international community also made the commit-

ments but actual disbursement was only a fraction

of the promised amount.

Some of the donors openly expressed reluctance

in giving money to the government, due to the

adverse campaign of opposition. The rulers were

blamed for misappropriation of funds, distribu-

tion among the favorites and transfer of eatables,

medicines and tents to those areas where the loss-

es were minimal.

Though, some NGO's received the aid in cash

and kind, they often suffered from limited out-

reach. Visits of politicians belonging to ruling

parties as well as opposition proved to be photo-

sessions. And only one trusted institution,

Pakistan Army did a marvelous job. It must be

kept in mind that Army was busy in operation in

northern areas and its attention was distracted.

Experts have been saying that due to climate

change many of the areas are likely to face exces-

sive rains, others to endure drought. Incidentally

Pakistan is a victim of extremities. There have

been excessive rains that also cause worst floods.

However, soon after floods these areas face

drought-like situation because the country has not

be able to construct adequate water storage facil-

ities.

Experts attribute excessive losses in Pakistan to

various factors that include (1) people construct-

ing their houses and cultivating lands too close to

river beds (2) absence of early warning system

and (3) resistance against evacuation in times of

danger.

However, experts say that the real cause of mas-

sive destruction is rampant corruption in the irri-

gation department. Millions of rupees are spent

on papers every year on refurbishing of embank-

ments and cleaning of water courses but their

conditions are going from bad to worse.

The Wadera Shahi Nizam, still prevalent in the

country also aggravates woes of the poor. When

water availability is low feudal lords divert it to

their lands but when gushing water becomes a

threat for their houses and standing crops, breach-

es are created in the embankments and deluge

create a havoc to the farmers.

The situation often becomes real precarious

because no prior warnings are issued. While

properties of a few elites are saved millions of

poor lost their lives, livestock, and standing crops

are washed away.

4

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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

URL: www.thefinancialdaily.comEmail Address: [email protected]

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24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 262

Arare visit by one of North Korea's top diplo-mats to the United States this week hasrenewed hopes for stalled nuclear talks, but

Seoul and Washington's terms have not changed:Pyongyang has to show it is sincere about scrappingits atomic bomb.

North Korea's Vice Foreign Minister Kim Kae-gwan travels to New York at the end of the week inwhat will be the first such contact between the sidessince a visit by Stephen Bosworth, the top USenvoy on peninsula affairs, to Pyongyang in 2009.

His visit comes on the heels of the first meetingsin more than two years between the two Koreas'nuclear envoys and foreign ministers last week,defusing tensions and raising hopes for a restart ofthe long-delayed six-party talks.

The secretive North stormed out of aid-for-denu-clearization talks in 2009 after the United Nationsimposed a new round of sanctions for conductingnuclear and missile tests, but has since said it wantsto rejoin the forum.

Relations on the peninsula crashed to their lowestlevel in nearly two decades last year after two dead-ly attacks killed 50 South Koreans, and only a fewweeks ago the North swore it would never againnegotiate with Seoul's conservative government.

"North Korea's reversal is dramatic but the USand South Korea remains properly suspicious thatPyongyang has no intention of actually fulfilling itsdenuclearization commitments," Bruce Klingner, ofthe Washington-based Heritage Foundation thinktank, told Reuters.

"Vague promises simply to 'make efforts toresume six-party talks' are not grounds for exuber-ant optimism."

Seoul and Washington are adamant their termshave not changed for the resumption of six-partytalks, which also involve China, Russia and Japan.

US Assistant Secretary of State Kurt Campbellsaid on Monday this week's talks were "prelimi-nary" and should not necessarily be seen as a movetoward restarting six-party talks.

"We have very clear pre-steps related to nuclearissues, related to proliferation concerns, that wewill need to see clearly articulated by the NorthKoreans if we are to go forward," he said.

A South Korean presidential aide, who asked notto be named, said: "We are ready to talk with themanytime and anywhere only if the North shows itswillingness to abandon its nuclear weapons devel-opment program."

Washington and Seoul say North Korea hasrepeatedly rowed back on promises made in a seriesof denuclearization deals over the past two decades.

This time, they say, Pyongyang must take con-crete steps to demonstrate it is serious. Analysts saysuch a step would be to allow the return of interna-tional nuclear inspectors who were expelled in2009.

In return for disabling its nuclear program, whichhas already produced up to 10 atomic bombs, theNorth would receive economic aid, diplomaticrecognition from the United States and a formaltreaty to end the Korean War.

But analysts say there is next to no chance therecalcitrant state will ever give up its nuclearbombs because they are the ultimate deterrentagainst attack by the United States and the South,and also its biggest bargaining chip in negotiations.

PUSH FOR ECONOMIC AID

Analysts say pressure from China and the UnitedStates has driven the destitute North back to the

negotiating table, and that Pyongyang will probablyuse dialogue as a platform to seek aid as it battles afood crisis.

"Pyongyang leaders need concessions, largely ofmonetary nature," says Andrei Lankov of Kookmin

University in Seoul. "If they are not getting whatthey want, they will switch to confrontational moodagain."

Experts agree the talks themselves serve a pur-pose even if the end-goal of complete denucleariza-tion is unattainable while Kim Jong-il maintains hisiron rule.

They say the North's willingness to talk with theUnited States lowers tensions in northeast Asia,responsible for about one-sixth of the global econ-omy.

Victor Cha, a North Korea expert fromGeorgetown University in the United States,tracked 60 years of US-North Korea dialogue, andfound that when they were talking Pyongyang didnot resort to acts of aggression, or so-called provo-cations.

"This report has apparently resonated in theadministration and animated the discussions aboutre-engaging the North," said Michael Green, a col-league at Georgetown. -Reuters

US, South Korea firm against Pyongyang

News Corp executive JamesMurdoch was under pressureon Monday over his handling

of a phone-hacking scandal that hashit the Murdoch family's mediaempire and could jeopardize his ownposition at the company.

British police are considering arequest from opposition Labourpolitician Tom Watson to investigateclaims the 38-year-old son of NewsCorp head Rupert Murdoch gave"mistaken" testimony to a high pro-file hearing in parliament last week.

Separately Labour lawmaker ChrisBryant has written to News Corp'sindependent directors calling onthem to suspend both James and his80-year-old father for failing toexercise proper corporate control.

Later this week James Murdoch isexpected to retain the support ofinvestors and independent directorsof BSkyB when the pay-TV compa-ny which he chairs and in which

News Corp holds a 39 percent stakeannounces its financial results.

James and his father appearedbefore parliament's media committeeon Tuesday to answer questions onphone-hacking. The scandal arousedpublic fury earlier this month afterrevelations the phone of missingschool girl Milly Dowler had beenhacked in 2002. The body of themurdered 13-year-old was foundseveral months after she disap-peared.

News Corp's British arm NewsInternational had maintained untilthen that previously known aboutincidents of the illegal practice at itsNews of the World tabloid was thework of a lone "rogue reporter."

However, two former senior fig-ures at its British newspaper arm onFriday disputed James Murdoch'sclaim at the committee hearing thathe had been unaware in 2008 of ane-mail that suggested such wrongdo-

ing was more widespread.OUT OF COURT PAYMENT

The email related to a 700,000pound ($1.1 million) out-of-courtsettlement paid to the head ofEnglish soccer's players union andsigned off by James Murdoch in2008, shortly after he took charge ofNews Corp's European operations.

In a letter to the media committee'schairman James Murdoch said hehad answered questions in parlia-ment truthfully.

But lawmakers may now contactthe men disputing his account, ex-News of the World editor ColinMyler and the newspaper group's toplegal officer Tom Crone, to heartheir version of events.

"James Murdoch is in a precariousposition," said media analyst SteveHewlett.

"If it emerges that he knew thedetails of what he was signing, thenhe's in trouble," said Hewlett.

"But if he knew absolutely nothingabout why he was signing away somuch money, then another questionarises, as to whether he is competentto run the business, and whether heis a worthy successor to his father."

James Murdoch's position as chair-man of BSkyB will come underscrutiny later this week when inde-pendent directors meet to discusscorporate governance.

But they are expected to back him,as are investors who are looking fora share buy back or special dividendwhen the firm reports its financialresults on Friday.

James Murdoch can point to ahighly successful four years as thecompany's chief executive beforebecoming as non-executive chair-man in late 2007.

Several shareholders told Reuterslast week they were supportive ofJames as chairman but would wantto discuss the situation..-Reuters

Pressure builds on James Murdoch

Not for the first time, assetmanagers may be playing ahigh-risk game as they face

the threat of a US debt default withoutconcrete contingency plans.

It highlights the investment commu-nity's reluctance actively to seek insur-ance for a low probability or "tail risk"event, even after suffering huge lossesfollowing the collapse of LehmanBrothers in 2008. This was the tail riskthat materialized.

At the same time, those investorswho have hedged may end up sufferingbigger losses in the event that US law-makers do reach a deal because therisk of default is political, not a case ofreal solvency.

The clock is ticking toward anAugust 2 deadline to avoid a default,with politicians deeply divided over abroad deficit reduction deal that wouldclear the way for Congress to raise the$14.3 trillion debt ceiling.

The risk of a US default that would,to say the least, trigger a sell-offamong pension and money marketfunds which must hold triple-A assetsand push up long-term rates is gettingbigger day by day. Yet mainstreaminvestors appear to be insufficientlyprepared for the worst.

Illustrating their relaxed stance, fundmanagers polled by Bank of America

this month did not even list the USdefault risk as one of their top 5biggest tail risks. The yield on one-year US Treasuries stands at just 0.17percent, near all-time lows, supportingthe view that investors are not panick-ing.

"The main scenario of most investorsis they will reach an agreement, I don'tthink investors are prepared. It's hardto prepare for such a tail risk," saidAlessandro Bee, fixed income strate-gist at Sarasin.

"It's like preparing for a nuclear fall-out. Risk cannot be insured. Normalrisk can be insured but insuring thissort of tail risk is something that is notpossible."

According to Sarasin, households,pension funds and money marketfunds held a combined $1.8 trillion ofUS government bonds, out of $9.6 tril-lion outstanding.

The bigger holders are foreign cen-tral banks -- mainly China and Japan -- which hold a total of $3.3 trillion.Here, the decision is a political one.

Xia Bin, academic adviser to thePeople's Bank of China, said Chinashould not worry about stalled US debttalks, predicting that politicians willultimately reach a deal.

Japanese Finance Minister YoshihikoNoda, when asked about the break-

down in the US debt talks, only saidthat he would be watching the situa-tion.

Given the lack of alternatives and thedepth of the market, investors havebeen sticking to US Treasuries for thetime being. Triple-A euro zone govern-ment bonds, by contrast, have debtoutstanding of just $4.3 trillion.

DEFAULT REPERCUSSIONS

A default would knock triple-A USratings down to at least selectivedefault category overnight.

Conventionally, those who must holdtriple-A securities for regulatory rea-sons are likely to be forced to sell inthat event, although it's not clear cut.

If all US government debt were to berated in the default category, thatwould trigger downgrades on debtissued by related state entities and oth-ers who are benchmarked against gov-ernment debt. This leaves noinvestable triple-A securities in theUnited States.

"The perceived wisdom is that theywould have to sell, although there maybe room for maneuver for this sort ofdefault. It's not outright default," saidPhyllis Reed, head of fixed incomeresearch at private asset managerKleinwort Benson.

"The probability is less than one per-cent. If all of investors decided to posi-

tion for this low probability event, andif nothing happens, they are going tolose a lot of money."

The International Swaps &Derivatives Association said it is notclear whether credit default swaps ref-erencing the United States would trig-ger if a debt deal was not reached byAug 2.

The cost of insuring the UnitedStates against default stands at just 56basis points, nearly half the March2009 peak. The CDS curve is nearlyflat -- this in itself shows investor jit-ters, but not the sort of pricing in themarket that expects an imminentdefault.

"Our view is the US will go intosome kind of technical default but theyare unlikely to go into technicaldefault on government traded debtobligations. They are more likely todefault on other government paymentssuch as defense contractors or socialsecurity obligations," said PercivalStanion, head of multi-asset strategy atBaring Asset Management.

"The delay of payments to otherparts will slow the US economy andcause the Federal Reserve to movequantitative easing back on the agen-da. So perversely we could see a rallyon US government bonds even whenthere is talk of default." -Reuters

US investors wary of no recovery plan

"North Korea's reversal is dramatic but

the US and South Korea remains properly

suspicious that Pyongyang has no intention

of actually fulfilling its denuclearization

commitments," Bruce Klingner, of the

Washington-based Heritage Foundation

think tank, told Reuters.

Tuesday, July 26, 2011

Page 5: thefinancialdaily-epaper-26-07-2011

Tuesday, July 26, 2011 5

European shares fall on renewed Eurozone worries

Mostly flat to lower but banks outperform

South East Asian stocks

Symbol Close Vol (mn)FATIMA 16.74 2.38PAKRI 15.58 1.73FFBL 47.28 1.53WTL 1.81 1.31AHCL 28.32 1.22

Symbol Close ChangeNESTLE 4,192.31 12.06

BHAT 244.52 11.64

IDYM 356.18 7.35

BATA 682.48 7.06

SRVI 210.18 3.28

Symbol Close ChangeULEVER 5,833.57 -15.41COLG 726.86 -9.14ATBA 230.15 -6.79PSO 255.57 -5.00MCB 192.45 -4.95

Plus 85Minus 142Unchanged 99

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,476.77

Closing 12,394.49

Change 82.28

% Change 0.66

Turnover (mn) 32.82

Opening 3,203.99

Closing 3,169.02

Change 34.97

% Change 1.09

Turnover (mn) 1.42

Opening 2,799.40

Closing 2,785.49

Change 13.91

% Change 0.50

Turnover (mn) 0.03

Staff Reporter

ISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP) is holdingroundtable meetings with con-cerned stakeholders to finalisethe amendments in the Code ofCorporate Governance. Theseconsultations are aimed provid-ing a platform for discussionbetween the SECP and variousstakeholders, prior to imple-mentation of the revised Code.

The first roundtable will beheld in Karachi on July 29,2011.

The SECP has assigned thetask of reviewing the Code tothe Pakistan Institute ofCorporate Governance (PICG),which has constituted a twelvemember task force, headed byEbrahim Sidat, a noted char-tered accountant. After detaileddeliberations and three furtherroundtables, the taskforce willsubmit its recommendations.

SECP to consultstakeholders

Revising Code of Corporate Governance

Ahmed Siddique

KARACHI: Fauji FertilizerBin Qasim (FFBL) is scheduledto announce its result today.The Company is expected topost profit after tax of Rs3.39billion (EPS: Rs3.63) for1HCY11 as compare to Rs1.72billion (EPS: Rs1.84) for thecorresponding period last year,mainly driven by higher ureaand DAP prices. FFBL is alsoexpected to announce interimdividend of Rs1.75 per sharefor 2QCY11, which may takethe cumulative payout to Rs3per share for CY11. s

Topline of the Company islikely to surge by 51 per centYoY to Rs17.99 billion on theback of higher DAP and ureaprices. Average urea price wasrecorded at Rs1,060 per bag in1HCY11, showing surge of 32per cent YoY against price ofRs806 per bag recorded in1HCY10. Similarly, averageprice of DAP surged by 30 percent to Rs3,225 per bag com-pared to Rs 2,481 per bag dur-ing this period. Primary mar-gins are likely to remain

around $332 per ton for1HCY11 as compared to $258per ton for 1HCY10. Grossprofit of the Company isexpected to go up by 68.5 percent to Rs6.46 billion versusRs 3.83 billion for the periodunder review.

According to industrysources, SSGC has increasedgas curtailment to FFBL from20 per cent to 40 per cent due toannual turnaround of Bhit gasfield. According to TFDResearch Analyst, SSGC whichwas supplying around80mmcfd of gas (against100mcfd gas allocation) is nowsupplying 60mmcfd gas.However, it is not clear whetherthe gas curtailment is tempo-rary or long-term as no formalnotice has been served in thisregard. Our sources suggestthat Bhit gas field which usual-ly supplies 250mmcfd is nowunder annual turnaround fora week. After the restorationsome 75-80mmcfd of gaswould be available in thesystem before Ramadanwhen there is generally high-er gas demand.

FFBL net likelyto up by 97pc

Result Preview

Nawaz Ali

KARACHI: With continuedselling by the foreigners andtense security situation in coun-try's financial hub, KarachiStock Exchange (KSE) beganthe new week on a bearish notewith low investors' participa-tion on Monday.

The benchmark KSE-100index lost 82 points to close at12,394 points, KSE-30 indexdropped 101 points to close at11,815 points and KSE all-share index was down by 54points to close at 8,590 points.

"Deteriorating law and ordersituation in the city kept marketunder selling pressure asinvestors remained jittery", saidSamar Iqbal, equity dealer atTopline Securities.

In the fresh wave of ethnic,political and sectarian violencein the city about 40 people havebeen killed in the metropolisduring last three days.Therefore, investors preferredto either book gains or stay onthe sidelines as reflected by thelow volumes.

Only 32.8 million sharesexchanged hands during the

day which was 93.4 millionshares less as compared to aturnover of 126.2 millionshares on Friday.

FFBL and FFC closed in thenegative zone after the newspopped up regarding furthergas curtailment of FFBL. In thecoming days result announce-ments may trigger some activi-ty in the selected stocks, Samaradded.

Though, results season hasalready started but it wouldpick up the pace in the comingdays. Fauji Fertilizer BinQasim and MCB Bank are

scheduled to announce thesresults today (Tuesday).

The first session of the weekstarted on a positive but theindex could not gain more than11 points as selling by theinvestors took the index to thered zone. After the initial 10minutes index stayed in the redzone till the closing bells rang.Due to continued selling in oil,fertilizer and banking stocksindex touched its lowest levelof the day of 12,373 points (-ve103).

Foreign investors remainedon the selling side as according

to NCCPL offshore investorsdid a net selling worth $1.29million on Monday. It shouldbe noted that foreign investorshad done a net selling of $22.3million last week.

Fatima Fertilizer Co. was themost traded scrip of the daywith 2.38 million shares fol-lowed by Pak Reinsurance with1.73 million shares and NIBBank (R) with 1.64 millionshares.

Out of total 326 active issues;142 declined and 85 advancedwhile 99 issues remainedunchanged.

KSE remains under pressure

HONG KONG: Stocks linkedto railways led Hong Kong andChina shares broadly lower onMonday after the worst trainaccident in the mainland since2008 compounded continuingconcerns over a potentialUnited States default.

The Shanghai CompositeIndex had its biggest single dayfall in six months, 3.0 per cent,and it closed at 2,688.8 points,the lowest level in a month.

In a clear bearish sign, theindex broke below the 70-point range it has moved in forthe last three weeks asturnover hit 120 billion yuan,almost 7 per cent above the 20-day average.

In the wake of the weekend'sdeadly train disaster, someinvestors dumped shares linkedwith rail stocks. The accidentfurther weighed down marketsalready fragile after China'sbanking regulator said lastThursday it will strictly controlrisks associated with lending toproperty developers in second

and third-tier cities.Railway equipment names

accounted for the bulk of the1.3 per cent decline on theChina Enterprise Index withChina South Locomotiveplunging more than 13 per centin volumes almost 12 times its30-day average to hit its lowestin a year.

Its Shanghai listing lostalmost 9 per cent in almost 5times its 30-day average vol-ume. Its peer China NorthernLocomotive lost 9.7 per cent inmore than four times its 30-dayaverage volume to hit its lowestsince last November.

Property counters were alsounderperformers with theShanghai property sub-indexdown 4.1 per cent. Poly RealEstate was down 4.6 per cent,its worst daily performance insix months.

A Credit Suisse report onMonday said developments incities along new railway linescould be compromised in thenear term after Saturday's high-

speed train accident.LOW TURNOVER NO

PANICIn Hong Kong, the bench-

mark Hang Seng Index closeddown 0.7 per cent at 22,293.3points in declining turnover asmany investors stayed on thesidelines, but there were nosigns of panic selling.

With no signs of a resolutionto the deadlock in Washingtonover the debt ceiling, turnoverdeclined on Monday toHK$58.6 billion, almost 12 percent below its 20-day average.

"A lot of people who werecashed up were expected to getback into the market this weekpartly to dress-up portfolios formonth-end and partly ahead ofearnings," said a trader at anAsian brokerage in HongKong.

While railway-related namesfell sharply, airlines, includingAir China, China SouthernAirlines and China EasternAirlines saw solid gains ingood volumes.-Reuters

Rail crash pushes Chinashares to one-month low

TOKYO: The Nikkei averagesnapped a three-day run ofgains on Monday after US debtceiling worries nudged the yenhigher, but a key technical sup-port held on hopes that a lastminute deal will be reached andupcoming corporate earningswill be strong.

Most investors still assumethat sanity will reign inWashington and a debt deal will

be done, but the lack ofprogress in talks over how tocut the US budget deficit ismaking market players nervous.

Banking shares, which haveoutperformed recently as eurozone officials agreed on stepsto solve Greece's debt woes,bore the brunt of today's sell-ing, with the sector subindexfalling 1.5 per cent and traders

See # 18 Page 11

Nikkei falls onUS debt worries

MUMBAI: Indian sharesshrugged off weak world equi-ties and firmed 0.8 per cent totheir highest close in more thantwo weeks on Monday, as tele-com stocks rallied in huge vol-umes on hopes tariffs will riseand improve margins afterBharti Airtel increased callprices.

Top cellular carrier BhartiAirtel's move to increase callprices in some regions couldmark a turning point for theworld's fastest growing marketbattered by a vicious price warover the last two years. Bhartirose as much as 6.6 per cent to438.20, the highest since

October 2009. Smaller rivalReliance Communicationssoared 16.1 per cent at onepoint.

The 30-share BSE index rosefor the second day and ended148.99 points higher at18,871.29, its highest closesince July 8. Twenty-five of itscomponents advanced.

Foreign funds were sellers inthree sessions last week, trim-ming the net inflow to $2.7 bil-lion over the past one month.All eyes are now set of the cen-tral bank's policy review onTuesday, where it is widelyexpected to raise interest rates,

See # 16 Page 11

Indian shares up onimproving outlook

US stocks mid-day

Wall Streetdeclines onstalled debt

talksNEW YORK: US stocks fell onMonday as continued politicalsparring in Washington over theUS debt ceiling heightened wor-ries of a US rating downgrade,sending world equities lower.

The US Congress pursuedrival budget plans that appearedunlikely to win broad support,pushing the country closer to adebt default and the loss of itscoveted triple-A credit rating.

"This whole game of chickenis fraught with risk ... risk foreverybody. Risk for theinvestors, for the consumer, tothe economy, to Americans, toEuropeans, risk across theboard," said Ken Polcari, man-aging director at ICAP Equitiesin New York.

Still, analysts ultimatelyexpected a deal by the Aug. 2deadline. "What the market istelling you is that although itthinks a deal is going to getdone, it's going to wait and seewhat the ultimate deal is todecide whether the market likesit or not," Polcari said.

The Dow Jones industrialaverage dropped 63.58 points, or0.50 per cent, to 12,617.58. TheStandard & Poor's 500 Indexslipped 6.39 points, or 0.48 percent, to 1,338.63. The NasdaqComposite Index took off 12.65points, or 0.44 per cent, to2,846.18.

Reflecting investor anxiety,the CBOE Volatility Indexclimbed nearly 10 per cent, thebiggest percentage increase intwo weeks.

The MSCI world equity indexfell 0.4 per cent.

The uncertainty over the debtceiling pushed gold prices torecord highs as the fear of adefault raised the appeal of thebullion versus the greenback.The dollar fell to a record lowagainst the Swiss franc, whilegold hit a new high.

Through Monday morning,154 S&P 500 companies report-ed quarterly results, with 75 percent topping estimates, accord-ing to Thomson Reuters data.

Volume was light with about2.52 billion shares traded on theNew York Stock Exchange,NYSE Amex and Nasdaq, belowthe daily average of 7.44 bil-lion.-Reuters

Financialpulls FTSE

lowerLONDON: Britain's leadingshare index slipped back onMonday, weighed by weaknessin financial issues on fears of apossible debt default by theUnited States, with investors'attention switching to preciousmetal miners and defensively-perceived sectors.

At the close, the FTSE 100index was down 9.76 points or0.2 per cent at 5,925.26, snap-ping a four-session rally of over3 per cent, but hanging on tothe 5,900 level.

"Even though there are con-cerns about a US default on itsdebt repayments the marketsseem convinced that a resolu-tion will be agreed before theAugust deadline," said AngusCampbell, Head of Sales atCapital Spreads.

Banks, which led last week'srally, were the biggest blue chipcasualties on Monday, withBarclays and Lloyds BankingGroup the worst off, down 4.4per cent and 4.2 per centrespectively.

US blue chips were 0.4 percent lower by London's close asthe political brinkmanship con-tinued in Washington over theUS debt ceiling talks. IfCongress and PresidentObama's administration fail tocome to an agreement by August2, the United States will sufferits first ever major debt default.

"This is the biggest hurdlefaced by financial markets atthe moment and until commonground is found we can expectvolatility to remain high andgains hard to come by," saidCapital Spreads' Campbell.

British insurers were alsoweak, led by Aviva down 3.0per cent, with the sector's fundshaving massive exposure tosovereign debt, and especiallyUS treasuries.

See # 17 Page 11

ANNOUNCEMENTS

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

Adam Sugar 3rd Qtr - 70.93 12.31

Wyeth Pak Limited Half Yearly - 79.65 56.03

Sanghar Sugar 3rd Qtr - 43.45 3.64

Sind Abadgar 3rd Qtr - -0.90 -0.09

Dhiyan

Outlook of the market is positive on the back ofcorporate results season. Index can touch 13,000levels in the coming days. Banking and fertilizersectors are likely to announce good results there-fore investors should invest in these sectors.Market may show some recovery today.

Mohammad Imran, AVP Arif Habib Limited

Salman Naqvi, Head of Sales, Aba Ali Habib SecuritiesMarket may see positive activities on corporate results announcements

and if law and order situation improves. Otherwise range bound activi-ties with low volume would be observed moving forward. Political sta-bility, reduction in interest rate and successful meeting with InternationalMonetary Fund (IMF) could also trigger the market. Investors are recom-mended to take positions in fertilizer and oil sectors and in selectivebanking stocks. Market would be positive today where MCB and FFBLare expected to announce good corporate earnings.

CORPORATE RESULTS EUPHORIA

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

Urea Offtake (Apr 11) 487

Urea Price (Rs/50 kg) 1,234

DAP Offtake (Jan to Apr 11) 215

DAP Offtake (Apr 11) 55

DAP Price (Rs/50 kg) 4,050

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

Sales (July 10 to Apr 11) 69,203

Production (Apr 11) 7,220

Sales (Apr 11) 7,510

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

Sales (July 10 to Apr 11) 41,940

Production (Apr 11) 4,219

Sales (Apr 11) 4,681

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

Sales (July 10 to Apr 11) 13,754

Production (Apr 11) 1,582

Sales (Apr 11) 1,640

DEWAN FAROOQ MOTORSProduction (July 10 to Apr 11) 186

Sales (July 10 to Apr 11) 203

Production (Apr 11) -

Sales (Apr 11) -

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

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

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

Spread (April 11) 7.52%

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

MS (Apr 11) 196

Kerosene (Jul 10 to Apr 11) 134

Kerosene (Apr 11) 14

JP (Jul 10 to Apr 11) 1,148

JP (Apr 11) 117

HSD (Jul 10 to Apr 11) 5,719

HSD (Apr 11) 567

LDO (Jul 10 to Apr 11)) 44

LDO (Apr 11) 2

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

Fuel Oil (Apr 11) 739

Others (Jul 10 to Apr 11) 143

Others (Apr 11) 15

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

MS (1 Apr 11) 59.35

MS % Chg 5.86%

Kerosene (1 May 11) 73.63

Kerosene (1 Apr 11) 68.95

Kerosene % Chg 6.79%

JP-1 (1 May 11) 73.86

JP-1 (1 Apr 11) 70.88

JP-1 % Chg 4.20%

HSD (1 May 11) 78.79

HSD (1 Apr 11) 75.02

HSD % Chg 5.03%

LDO (1 May 11) 71.55

LDO (1 Apr 11) 65.27

LDO % Chg 9.62%

Fuel Oil (1 May 11) 57,253

Fuel Oil (1 Apr 11) 56,777

Sector Updates

Page 6: thefinancialdaily-epaper-26-07-2011

Tuesday, July 26, 20116

Volume 32,820,117

Value 1,391,470,911

Trades 26,766

Advanced 85

Decline 142

Unchanged 99

Total 326

Current 8,590.05

High 8,644.60

Low 8,590.05

Change i54.55

Current 12,394.49

High 12,476.77

Low 12,394.49

Change i82.28

Current 11,815.91

High 11,917.40

Low 11,815.91

Change i101.49

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,642.63

High 21,732.03

Low 21,642.63

Change i89.40

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Pakistan Reinsurance Co Ltd

PAKRI closed up 0.12 at 15.58. Volume was 76 per cent above aver-

age and Bollinger Bands were 84 per cent narrower than normal. The

company's profit after taxation stood at Rs214.513 million which trans-

lates into an Earning Per Share of Rs0.72 for the 1st quarter of current

calendar year (1QCY11).

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

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

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

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

Trend forecasting oscillators are currently bearish on PAKRI.

RSI (14-day) 42.56 Total Assets (Rs in mn) 12,372.62

MA (10-day) 15.72 Total Equity (Rs in mn) 6,785.66

MA (100-day) 16.78 Revenue (Rs in mn) 2,170.95

MA (200-day) 16.48 Interest Expense 0.00

1st Support 15.11 Profit after Taxation 269.91

2nd Support 14.71 EPS 09 (Rs) 0.90

1st Resistance 16.10 Book value / share (Rs) 22.62

2nd Resistance 16.69 PE 10 E (x) 5.41

Pivot 15.70 PBV (x) 0.69

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

GWLC closed down -0.58 at 5.01. Volume was 737 per cent above

average (trending) and Bollinger Bands were 17 per cent narrower than

normal. The company's loss after taxation stood at Rs699.304 million

which translates into a Loss Per Share of Rs2.43 for the nine months of

fiscal year (9MFY11).

GWLC is currently 21.1 per cent below its 200-day moving average and

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

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

indicators reflect moderate flows of volume out of GWLC (mildly bear-

ish). Trend forecasting oscillators are currently bearish on GWLC.

RSI (14-day) 33.26 Total Assets (Rs in mn) 12,922.11

MA (10-day) 5.84 Total Equity (Rs in mn) (43.72)

MA (100-day) 6.97 Revenue (Rs in mn) 2,113.82

MA (200-day) 6.55 Interest Expense 1,184.66

1st Support 4.79 Loss after Taxation (1,027.49)

2nd Support 4.64 EPS 10 (Rs) (4.431)

1st Resistance 5.30 Book value / share (Rs) (0.19)

2nd Resistance 5.66 PE 11 E (x) -

Pivot 5.15 PBV (x) (26.57)

Gharibwal Cement Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

WTL closed unchanged at 1.81. Volume was 144 per cent above aver-

age and Bollinger Bands were 3 per cent narrower than normal. The

company's loss after taxation stood at Rs182.323 million which trans-

lates into a Loss Per Share of Rs0.21 for the 1st quarter of current cal-

endar year (1QCY11).

WTL is currently 26.7 per cent below its 200-day moving average and

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

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

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

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

RSI (14-day) 32.70 Total Assets (Rs in mn) 17,566.02

MA (10-day) 1.86 Total Equity (Rs in mn) 11,379.05

MA (100-day) 2.25 Revenue (Rs in mn) 8,408.28

MA (200-day) 2.47 Interest Expense 523.03

1st Support 1.75 Loss after Taxation (490.82)

2nd Support 1.70 EPS 09 (Rs) (0.570)

1st Resistance 1.90 Book value / share (Rs) 13.22

2nd Resistance 2.00 PE 10 E (x) -

Pivot 1.85 PBV (x) 0.14

WorldCall Telecom Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

SPL closed up 0.48 at 17.31. Volume was 34 per cent below aver-

age and Bollinger Bands were 67 per cent narrower than normal.

The company's profit after taxation stood at Rs134.241 million which

translates into an Earning Per Share of Rs2.42 for the nine months

of fiscal year (9MFY11).

SPL is currently 14.0 per cent above its 200-day moving average

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

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

Volume indicators reflect moderate flows of volume into SPL (mild-

ly bullish). Trend forecasting oscillators are currently bearish on SPL

and have had this outlook for the last 30 periods.

RSI (14-day) 57.92 Total Assets (Rs in mn) 2,747.78

MA (10-day) 16.65 Total Equity (Rs in mn) 219.69

MA (100-day) 17.41 Revenue (Rs in mn) 727.02

MA (200-day) 14.94 Interest Expense 243.27

1st Support 16.87 Loss after Taxation (179.15)

2nd Support 16.50 EPS 10 (Rs) (3.251)

1st Resistance 17.52 Book value / share (Rs) 3.99

2nd Resistance 17.80 PE 11 E (x) 5.36

Pivot 17.15 PBV (x) 4.34

Sitara Peroxide Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,584.09 1,587.09 1,568.59 1,573.06 -11.03 -0.70

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

1,061,053 12 - 65,194.15 mn 1,151,036.01 mn 1,584.09

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

10.80 3.52 32.54 55.94 5.18 1,573.06

Attock Petroleum 691 6.85 379.53 379.98 376.05 378.89 -0.64 18124 394.90 369.56 300 20B115.00 -

Attock Refinery 853 4.31 131.92 132.60 130.80 131.56 -0.36 209644 143.50 120.40 - - - -

BYCO Petroleum 3921 - 9.28 9.25 9.11 9.15 -0.13 162578 10.10 7.93 - - - -

Mari Gas Company 735 4.25 104.02 104.75 103.70 104.00 -0.02 4561 113.75 98.50 31 - 23.43 -

National Refinery 800 5.06 367.30 369.45 365.75 366.34 -0.96 74584 390.00 323.50 200 - - -

Oil & Gas Development 43009 10.45 155.83 155.99 154.21 154.50 -1.33 51834 157.51 141.10 55 - 30.00 -

Pak Petroleum 11950 7.83 215.09 215.50 213.05 214.24 -0.85 228129 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 8.41 382.72 384.00 380.51 381.17 -1.55 318265 391.69 321.10 255 -100.00 -

Pak Refinery Limited 350 43.13 78.27 79.95 77.00 77.21 -1.06 12239 89.25 77.00 - - - -

P.S.O 1715 3.65 260.57 260.35 255.25 255.57 -5.00 139123 291.50 255.25 80 - 80.00 -

Shell Pakistan 685 7.96 224.04 225.00 223.25 224.01 -0.03 4550 233.00 207.50 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

968.05 978.83 965.53 968.28 0.22 0.02

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

1,405,826 211 73 47,070.70 mn 121,812.24 mn 968.28

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

5.79 0.50 8.64 16.68 2.88 960.59

Accord Textile 93 - 0.20 0.33 0.33 0.33 0.13 500 0.33 0.20 - - - -

Amtex Limited 2594 - 2.68 2.70 2.60 2.69 0.01 108872 3.76 1.81 - 30B - -

Artistic Denim 840 7.85 24.81 25.48 24.60 24.81 0.00 201 27.10 20.60 20 - - -

Azgard Nine 4493 - 6.30 6.32 6.12 6.16 -0.14 631255 7.09 4.40 - - - -

Bata (Pak) 76 8.03 675.42 709.00 676.01 682.48 7.06 182 709.00 411.00 280 - - -

Bhanero Tex Mills 30 0.78 232.88 244.52 244.52 244.52 11.64 250 257.25 225.00 200 - - -

Bilal Fibres 141 1.14 0.75 1.47 0.77 1.46 0.71 522 1.97 0.75 - - - -

Blessed Tex Mills 64 0.83 91.06 94.70 87.00 87.04 -4.02 503 94.70 56.07 50 - - -

Chakwal Spinning 400 0.63 1.47 1.60 1.40 1.55 0.08 1900 3.00 0.76 5 - - -

Colgate Palm 316 20.45 736.00 750.00 706.00 726.86 -9.14 173 825.00 684.50 135 15B - -

Colony Mills Ltd 2442 1.56 1.50 1.50 1.50 1.50 0.00 1049 2.64 1.32 - - - -

D S Ind Ltd 600 - 1.02 1.05 0.91 1.02 0.00 5663 1.39 0.90 - - - -

Dawood Lawrencepur 591 - 30.51 30.75 29.75 30.06 -0.45 1986 38.95 29.75 5 15B - -

Dewan Farooque Spin. 978 1.20 1.82 2.02 2.01 1.82 0.00 117 4.18 1.56 - - - -

Dewan Khalid Textile 57 0.29 1.70 1.99 1.85 1.99 0.29 10999 2.48 1.10 - - - -

Dewan Mushtaq Textile 34 0.19 3.50 3.99 3.50 3.70 0.20 2060 5.00 2.80 - - - -

Din Textile 204 0.69 36.20 34.51 34.48 34.50 -1.70 4602 39.70 26.35 20 10B - -

Gadoon Textile XD 234 0.63 66.58 67.00 64.65 64.65 -1.93 1201 85.70 64.00 70 - - -

Gillette Pakistan 192 27.86 57.12 56.40 54.27 57.12 0.00 376 57.12 51.73 - - - -

Gul Ahmed Textile 635 2.97 48.25 47.00 47.00 47.00 -1.25 2500 52.50 47.00 12.5 - - -

Hira Textile Mills Ltd. 716 0.78 3.75 4.00 3.70 3.89 0.14 31000 4.70 3.60 10 - - -

Ideal Spinning 99 0.33 4.44 4.44 4.15 4.44 0.00 1308 8.45 3.50 - - - -

Idrees Textile 180 1.84 4.60 4.80 4.55 4.80 0.20 9301 5.74 3.80 10 - - -

Indus Dyeing 181 3.40 348.83 366.10 332.02 356.18 7.35 775 398.00 276.70 50 - 50.00 -

Kohinoor Mills 509 - 1.60 1.99 1.60 1.60 0.00 35010 2.83 0.71 - - - -

Kohinoor Textile 2455 3.60 3.14 3.14 2.80 3.13 -0.01 10911 5.25 2.80 - - - -

Nadeem Textile 120 2.07 35.82 37.61 34.03 37.61 1.79 210 37.61 18.96 20 - - -

Nagina Cotton 187 0.63 15.10 15.50 15.49 15.50 0.40 600 16.50 14.10 20SD - - -

Nishat (Chunian) 1621 3.15 20.61 20.95 20.35 20.47 -0.14 157670 27.19 20.00 15 - - -

Nishat Mills 3516 4.49 51.46 51.60 50.41 50.62 -0.84 321835 62.10 48.80 25 45R - -

Olympia Textile 108 - 0.62 1.62 0.70 0.62 0.00 423 1.66 0.30 - - - -

Pak Synthetic 560 2.49 19.98 18.99 18.98 19.98 0.00 415 20.62 17.01 - - - -

Sally Textile 88 0.25 6.14 6.88 6.01 6.43 0.29 3004 8.94 5.62 10 - - -

Saritow Spinning 133 0.28 1.60 1.60 1.40 1.42 -0.18 1100 1.98 1.13 - - - -

Service Ind 120 3.59 206.90 214.95 210.00 210.18 3.28 10767 214.95 170.00 75 - - -

Shadman Cot 176 20.06 22.80 21.66 21.66 21.66 -1.14 500 23.94 12.90 5 - - -

Shahpur Textile 140 0.36 0.20 0.26 0.26 0.26 0.06 3200 0.90 0.15 - - - -

Shahtaj Textile 97 1.57 28.55 28.20 28.00 28.10 -0.45 1005 29.89 23.55 45 - - -

Suhail Jute 37 - 10.00 9.00 9.00 9.00 -1.00 1000 11.00 9.00 - - - -

Suraj Cotton 180 0.68 35.10 35.10 35.00 35.10 0.00 150 40.50 35.00 50 - - -

Taj Textile 334 - 0.30 0.50 0.30 0.50 0.20 30000 1.01 0.11 - - - -

Tata Textile 173 0.43 31.75 30.17 30.17 31.75 0.00 200 41.00 30.17 25 - - -

Thal Ltd 307 - 99.12 100.49 99.49 100.04 0.92 5489 108.00 97.00 80 20B - -

Treet Corp 418 6.60 52.88 53.80 52.77 52.82 -0.06 4446 59.20 47.95 50 900B - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

649.30 671.47 639.14 646.75 -2.55 -0.39

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

52,367 15 7 3,763.71 mn 4,332.78 mn 652.87

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

1.19 0.13 10.64 6.27 5.29 646.75

Gauhar Engineering Ltd 22 - 1.05 1.00 1.00 1.00 -0.05 500 2.79 0.31 - - - -

Hala Enterprise 68 - 8.40 7.40 7.40 7.40 -1.00 600 10.00 7.40 - - - -

Pak Elektron 1219 - 6.49 6.70 6.32 6.50 0.01 508 8.70 6.06 - 10B - -

Singer Pak 375 116.69 15.17 16.15 15.25 15.17 0.00 220 20.35 13.10 - 10B - -

Tariq Glass Ind 693 1.39 10.88 11.49 10.48 10.50 -0.38 51139 13.64 10.25 17.5 - - 200R

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

2,340.74 2,363.97 2,286.18 2,340.73 -0.01 0.00

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

182,213 61 16 11,335.33 mn 339,406.45 mn 2,381.24

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

56.20 17.03 30.30 30.57 0.54 2,340.73

Abdullah Shah Ghazi Sugar793 2.05 5.00 5.00 4.95 4.95 -0.05 4001 6.90 4.00 - - - -

Adam Sugar 58 1.08 18.27 17.95 17.27 17.80 -0.47 1109 19.24 12.30 25 - - -

AL-Noor Sugar 186 2.24 38.99 40.00 38.90 38.99 0.00 210 54.20 37.05 50 - - -

Chashma Sugar 287 0.75 10.30 11.29 10.55 10.86 0.56 3313 11.29 8.00 10 - - -

Colony Sugar Mills 990 3.14 2.06 2.14 1.86 2.01 -0.05 2507 3.24 1.51 - - - -

Fecto Sugar 146 - 38.00 38.00 38.00 38.00 0.00 2758 48.10 38.00 - - - -

Habib Sugar 750 4.80 27.31 27.29 26.75 27.00 -0.31 45205 28.00 23.00 25 25B - -

Habib-ADM Ltd 200 5.32 13.00 13.19 13.19 13.19 0.19 10800 13.74 12.01 40 - - -

J D W Sugar 539 1.72 86.49 88.39 84.20 86.41 -0.08 1929 90.49 72.75 7010B 12.5R - 10R

Mehran Sugar 173 1.68 55.52 56.00 55.00 55.27 -0.25 600 68.48 52.11 35 20B 15.00 10B

Mirpurkhas Sugar 84 3.27 50.11 51.39 48.35 50.85 0.74 1562 53.00 39.51 15 20B - -

Mirza Sugar 141 0.54 2.43 2.51 2.40 2.40 -0.03 24613 3.50 2.30 10 - - -

Nestle Pakistan 453 31.83 4180.25 4213.98 4004.08 4192.31 12.06 1371 5675.00 3299.00 750 - - -

Noon Pakistan 48 5.51 20.23 19.26 19.26 20.23 0.00 150 22.15 19.26 12 - - -

Pangrio Sugar 109 - 3.53 3.65 3.65 3.53 0.00 400 4.52 3.15 10 - - -

Quice Food 107 4.75 2.20 2.10 2.00 2.09 -0.11 7000 3.50 2.00 - - - -

S S Oil 57 0.32 4.30 4.50 4.30 4.49 0.19 43500 5.78 3.80 - - - -

Sakrand Sugar 223 21.91 2.46 2.46 2.41 2.41 -0.05 4500 3.40 1.75 - - - -

Shakarganj Mills 695 1.16 5.31 6.00 5.35 5.76 0.45 25179 6.99 5.00 - - - -

UniLever Pakistan 665 21.57 5848.98 5910.00 5701.10 5833.57 -15.41 1119 6135.00 4915.70 492 - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,109.01 1,119.57 1,100.99 1,106.47 -2.54 -0.23

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

222,628 19 4 6,768.53 mn 41,010.14 mn 1,115.09

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

3.71 0.94 25.35 20.42 5.50 1,106.47

Atlas Battery 101 6.11 236.94 235.10 230.00 230.15 -6.79 2101 241.00 206.00 100 20B - -

Atlas Honda 719 7.74 124.07 124.89 121.25 124.07 0.00 118 160.00 112.10 50 15B 65.00 15B

Dewan Motors 1087 - 2.91 2.85 2.79 2.80 -0.11 133394 3.46 1.50 - - - -

Exide (PAK)XDXB 71 3.44 166.30 168.75 166.50 168.10 1.80 245 235.00 163.10 60 - 60.00 25B

General Tyre 598 4.29 22.50 22.80 22.50 22.53 0.03 1493 24.85 22.01 20 - - -

Ghani Automobile Ind 200 6.85 3.50 3.63 3.30 3.63 0.13 31600 3.75 2.90 - - - -

Honda Atlas Cars 1428 - 10.10 10.29 10.11 10.11 0.01 11455 11.58 9.00 - - - -

Indus Motors 786 7.12 206.00 209.50 206.00 206.00 0.00 36051 232.53 201.00 150 - 50.00 -

Pak Suzuki 823 14.41 64.02 64.80 63.35 64.00 -0.02 5027 72.50 61.35 5 - - -

Sazgar Engineering 150 1.15 23.52 23.50 23.11 23.50 -0.02 1128 24.90 22.01 10 20B 10.00 -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,790.32 1,791.80 1,771.35 1,777.68 -12.64 -0.71

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

55,221 11 1 1,336.62 mn 35,275.36 mn 1,795.54

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

8.33 3.17 38.02 131.49 15.78 1,777.68

Ados Pak 66 3.57 10.00 10.24 9.70 9.75 -0.25 1102 10.24 7.70 - - - -

AL-Ghazi Tractor 215 4.04 233.71 238.55 233.55 234.00 0.29 1477 244.00 217.00 400 - - -

Dewan Auto Engineering 214 - 1.15 1.60 1.60 1.60 0.45 5001 2.15 0.81 - - - -

Millat Tractors 366 9.25 613.40 613.89 607.00 608.98 -4.42 46294 625.80 512.50 650 25B325.00 -

Pak Engineering 57 - 56.20 53.97 53.39 53.45 -2.75 1278 102.30 53.39 100 - - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

971.93 977.97 960.30 971.85 -0.08 -0.01

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

85,505 13 2 3,043.31 mn 36,260.35 mn 975.48

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

2.28 1.00 43.91 15.55 6.82 971.85

Cherat Packagin 172 2.38 48.93 49.49 48.20 48.45 -0.48 48811 54.48 46.00 20 25B - 50R

ECOPACK Ltd 230 - 1.39 1.48 1.11 1.40 0.01 5160 1.80 1.10 - - - -

Merit Pack 47 11.88 27.34 26.50 25.98 26.50 -0.84 1136 29.50 24.02 - - - -

Packages Ltd 844 17.17 103.11 103.89 103.00 103.00 -0.11 50091 118.00 101.75 32.5 - - -

Tri-Pack Films 300 6.80 173.99 175.88 173.00 174.47 0.48 29090 181.99 158.10 100 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

882.50 889.44 870.41 871.42 -11.08 -1.26

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

1,962,026 37 6 54,792.74 mn 67,008.15 mn 882.50

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

5.94 0.42 7.10 19.04 3.20 867.27

Al-Abbas Cement 3657 - 2.41 2.90 2.46 2.61 0.20 40267 3.25 2.35 - 100R - -

Attock Cement 866 6.21 49.05 49.25 48.72 49.05 0.00 102 56.01 48.00 50 - - -

Buxly Paints 14 - 7.50 8.15 8.15 8.15 0.65 700 8.45 6.63 - - - -

Cherat Cement 956 42.86 9.15 9.43 9.00 9.00 -0.15 567 10.60 8.50 - - - -

Dadabhoy Cement 982 15.54 2.10 2.02 2.02 2.02 -0.08 502 2.24 1.50 - - - -

Dewan Cement 3891 - 1.69 1.67 1.60 1.64 -0.05 18637 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 31.32 23.71 23.85 23.40 23.49 -0.22 631509 25.85 21.31 - 20R - 20R

EMCO Ind 350 - 1.61 1.60 1.60 1.60 -0.01 600 2.59 1.60 - - - -

Fauji Cement 13311 7.02 4.14 4.15 4.07 4.07 -0.07 122596 5.04 3.99 - - - 92R

Fecto Cement 502 4.38 5.12 5.28 5.00 5.08 -0.04 5197 7.44 4.55 - - - -

Flying Cement Ltd 1760 - 1.28 1.29 1.24 1.28 0.00 25708 1.95 1.20 - - - -

Gharibwal Cement 4003 - 5.59 5.51 5.00 5.01 -0.58 110000 9.40 4.25 - - - -

Haydery Const 32 - 0.42 0.45 0.31 0.45 0.03 787 0.83 0.21 - - - -

Kohat Cement 1288 - 6.39 6.45 6.02 6.08 -0.31 4009 7.60 5.85 - - - -

Lafarge Pakistan Cmt. 13126 64.00 2.65 2.65 2.54 2.56 -0.09 140440 3.35 2.10 - - - -

Lucky Cement 3234 5.97 74.57 74.95 73.40 73.55 -1.02 789684 77.43 66.93 40 - - -

Maple Leaf Cement 5267 - 2.07 2.19 2.04 2.05 -0.02 68816 3.05 1.97 - - - -

Safe Mix Concrete 200 - 5.50 5.00 5.00 5.00 -0.50 500 6.34 4.17 - - - -

Shabbir Tiles 721 - 7.00 6.75 6.66 6.71 -0.29 1300 7.49 5.25 - - - 100R

Thatta Cement 997 - 15.46 16.00 16.00 15.46 0.00 449 20.90 15.46 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,043.28 1,052.30 1,040.58 1,047.33 4.05 0.39

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

95,264 7 1 3,596.11 mn 15,522.37 mn 1,047.33

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

2.74 0.91 33.10 30.91 11.28 1,024.38

Crescent Steel 565 1.89 27.77 28.15 27.72 27.89 0.12 75575 29.25 25.70 30 - 20.00 -

Dost Steels Ltd 675 - 2.32 2.40 2.35 2.40 0.08 7370 3.10 1.62 - - - -

Huffaz Pipe XD 555 21.43 12.50 12.45 12.00 12.00 -0.50 8005 12.95 11.05 - 25B 15.00 -

Inter.Steel Ltd. 4350 - 13.86 13.85 13.61 13.65 -0.21 1011 15.06 0.00 - - - -

International Ind 1199 9.21 51.20 51.58 51.10 51.50 0.30 4314 52.75 48.52 40 20B 15 -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,076.49 1,089.12 1,072.30 1,085.42 8.93 0.83

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

9,664 4 1 1,186.83 mn 2,995.44 mn 1,085.50

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

5.19 0.39 7.47 25.28 4.87 1,076.49

Century Paper 707 - 15.05 15.25 14.80 15.24 0.19 4763 18.00 14.31 - - - -

Security Paper 411 7.26 40.75 41.25 40.90 41.02 0.27 4901 42.80 37.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,904.66 1,909.93 1,877.95 1,890.17 -14.49 -0.76

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

6,147,933 36 6 52,251.88 mn 387,960.94 mn 1,916.32

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

8.95 3.13 35.00 48.81 5.45 1,890.17

Biafo Ind 200 5.93 51.00 52.50 52.00 52.50 1.50 615 55.12 45.10 45 - 49.50 -

BOC (Pak) 250 7.90 104.97 105.00 104.05 104.90 -0.07 820 105.00 90.50 60 - - -

Clariant Pak 341 4.82 158.47 158.10 157.50 157.92 -0.55 3110 167.00 154.41 135 25B - -

Dawood Hercules 4813 3.43 59.56 59.90 59.00 59.05 -0.51 34039 66.00 56.10 50 300B - -

Descon Chemical 1996 - 1.98 1.99 1.91 1.93 -0.05 11501 2.79 1.83 - - - -

Descon Oxychem Ltd. 1020 9.37 6.46 6.50 6.35 6.37 -0.09 141909 8.40 5.60 - - - -

Dewan Salman 3663 - 2.41 2.49 2.29 2.30 -0.11 633360 3.65 2.11 - - - -

Dynea Pak 94 3.28 10.20 10.00 10.00 10.00 -0.20 1000 11.49 9.51 15 - - -

Engro Corporation Ltd 3933 6.64 151.59 151.65 148.00 148.51 -3.08 915636 200.00 148.00 60 20B - -

Engro Polymer 6635 - 10.15 10.17 10.05 10.06 -0.09 23675 12.67 9.64 - 27.5R - -

Fatima Fertilizer 22000 - 16.95 17.19 16.66 16.74 -0.21 2383316 17.60 12.10 - - - -

Fauji Fertilizer 8482 10.03 163.90 164.11 161.75 163.04 -0.86 807834 172.97 137.51 130 25B 45.00 -

Fauji Fert. Bin Qasim 9341 7.08 47.52 47.75 47.06 47.28 -0.24 1526710 48.05 41.10 65.5 - 12.50 -

Ghani Gases Ltd 725 10.76 12.81 13.74 12.61 12.81 0.00 393 13.90 11.40 - - - -

ICI Pakistan 1388 8.70 157.03 158.25 156.10 156.52 -0.51 356267 160.00 148.02 175 - - -

Lotte Pakistan 15142 3.56 12.76 12.83 12.65 12.75 -0.01 759490 16.26 12.43 5 - - -

Nimir Ind Chemical 1106 13.83 3.11 3.23 3.07 3.18 0.07 598013 3.30 2.26 - - - -

Sitara Chem Ind 214 2.46 98.75 99.15 97.14 99.15 0.40 1164 104.25 94.67 25 5B - -

Sitara Peroxide 551 5.36 16.83 17.43 16.78 17.31 0.48 306816 19.12 16.05 - - - -

United Distributors 92 - 14.64 14.25 13.64 13.64 -1.00 37000 16.50 12.65 - - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

993.60 1,001.00 989.72 996.41 2.81 0.28

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

107,535 9 - 3,904.20 mn 32,662.33 mn 996.41

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

7.00 1.56 22.31 44.54 6.36 992.63

Abbott (Lab) XD 979 5.91 96.10 96.50 95.25 96.50 0.40 715 97.00 87.26 50 - - -

Ferozsons (Lab) 250 7.79 94.30 97.90 93.55 94.07 -0.23 2162 98.73 88.21 - 20B 12.50 -

GlaxoSmithKline 2019 10.71 75.00 75.20 74.99 75.00 0.00 2426 79.99 71.00 40 15B - -

Highnoon (Lab) 182 6.71 29.15 29.00 29.00 29.00 -0.15 6128 33.45 25.00 25 10B - -

IBL HealthCare Ltd 200 4.10 10.00 10.35 9.75 10.00 0.00 31003 11.49 9.00 - - - -

Searle Pak 306 5.95 60.00 61.00 59.99 61.00 1.00 65000 62.80 54.00 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

767.95 793.68 767.69 775.49 7.55 0.98

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

23,927 4 2 3,242.17 mn 12,477.34 mn 779.70

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

5.24 1.34 25.53 11.08 2.11 754.10

Pak Int Cont.TerminalSPOT 1092 7.63 81.77 84.99 82.00 82.95 1.18 23291 91.20 67.31 40 - 50SD -

PNSC 1321 7.04 24.45 24.45 23.95 24.00 -0.45 636 29.50 22.90 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Pak Int Cont Term 27-Jul 03-Aug 50(S.D) 19-Jul 03-Aug

Ruby Textile Mills 29-Jul 04-Aug 33.20(R) 21-Jul -

Al-Meezan Mutual Fund 29-Jul 04-Aug - - -

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

Silkbank Ltd # 03-Aug 10-Aug - - 10-Aug

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

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

General Tyre & Rubber # 07-Aug 18-Aug - - 18-Aug

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

Fauji Fertilizer 29-Aug 04-Sep - - -

Hussein Ind 28-Oct 03-Nov - - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 46 46.75 45.05 46.54 0.54 4541

TRG Pakistan Ltd. 2.42 2.5 2.32 2.34 -0.08 620863

Shakarganj Food 4.45 4.25 4.25 4.25 -0.2 500

Grays of Cambridge 35.14 36.89 35.5 36.56 1.42 885

Pak Hotels 29.2 30.5 30.5 30.5 1.3 1000

P.I.A.C.(A) 2.17 2.3 2.15 2.15 -0.02 29891

AKD Capital Limited 35.68 35 34 34.24 -1.44 5990

Pace (Pak) Ltd. 2.1 2.14 2.04 2.06 -0.04 287879

Netsol Technologies 20.69 20.84 20.25 20.39 -0.3 68875

Symbols Open High Low Close Change Vol

Page 7: thefinancialdaily-epaper-26-07-2011

Tuesday, July 26, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -82.28 points at 12,394.49. Volume was

53 per cent below average (consolidating) and Bollinger Bands were 23

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

market will see major 1st resistance level at 12,449.35 and 2nd resist-

ance level at 12,504.20, while Index will continue to find its 1st support

level at 12,367.05 and 2nd support level at 12,339.65.

KSE 100 INDEX is currently 4.9 per cent above its 200-day moving

average and is displaying a downward trend. Volatility is extremely

low when compared to the average volatility over the last 10 trading

sessions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 51.52 Support 1 12,367.05

MA (5-day) 12,444.55 Support 2 12,339.65

MA (10-day) 12,360.91 Resistance 1 12,449.35

MA (100-day) 12,075.34 Resistance 2 12,504.20

MA (200-day) 11,817.55 Pivot 12,421.90

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed down -0.24 at 47.28. Volume was 40 per cent below average

and Bollinger Bands were 124 per cent wider than normal.

FFBL is currently 20.0 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on FFBL. Momentum oscillator is cur-

rently indicating that FFBL is currently in an overbought condition.

Arif Habib Ltd 42.2 Sell

AKD Securities Ltd 45.52 Neutral

TFD Research 47.75 Neutral

RSI (14-day) 73.41 MTS Shares `000 330.375

MA (10-day) 46.54 MTS Rs `000 11,452.34

MA (100-day) 42.40 MTS Rate 16.00

MA (200-day) 39.38 ** NOI Rs (mn) 77.49

Free Float Rs (mn)15,457.65 Free Float Shares (mn) 326.94

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

HUBC closed up 0.56 at 39.62. Volume was 16 per cent above average

and Bollinger Bands were 4 per cent wider than normal.

HUBC is currently 6.4 per cent above its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bullish on HUBC.

Arif Habib Ltd 50 Buy

AKD Securities Ltd 42.1 Accumulate

TFD Research 49.05 Positive

RSI (14-day) 66.70 MTS Shares `000 7.50

MA (10-day) 38.80 MTS Rs `000 217.20

MA (100-day) 37.83 MTS Rate 18.00

MA (200-day) 37.25 ** NOI Rs (mn) 0.19

Free Float Rs (mn) 32,092.52 Free Float Shares (mn) 810.01

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Target Price Recommendations

Technical Outlook

ENGRO closed down -3.08 at 148.51. Volume was 51 per cent below average

(consolidating) and Bollinger Bands were 30 per cent narrower than normal.

ENGRO is currently 22.8 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 indica-

tors reflect volume flowing into and out of ENGRO at a relatively equal

pace. Trend forecasting 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 Buy

TFD Research 245.95 Positive

RSI (14-day) 24.23 MTS Shares `000 73.935

MA (10-day) 153.43 MTS Rs `000 8,459.14

MA (100-day) 188.88 MTS Rate 17.83

MA (200-day) 192.35 ** NOI Rs (mn) 241.90

Free Float Rs (mn) 26,282.99 Free Float Shares (mn) 176.98

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Target Price Recommendations

Technical Outlook

NBP closed down -0.64 at 54.18. Volume was 49 per cent below average

and Bollinger Bands were 47 per cent narrower than normal.

NBP is currently 14.9 per cent below its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NBP.

Arif Habib Ltd 65 Buy

AKD Securities Ltd 64.99 Buy

RSI (14-day) 57.34 MTS Shares `000 969.068

MA (10-day) 53.55 MTS Rs `000 38,340.87

MA (100-day) 56.03 MTS Rate 19.56

MA (200-day) 63.68 ** NOI Rs (mn) 76.22

Free Float Rs (mn) 21,570.27 Free Float Shares (mn) 398.12

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Target Price Recommendations

Technical Outlook

BAFL closed down -0.18 at 10.53. Volume was 48 per cent below average

and Bollinger Bands were 19 per cent wider than normal.

BAFL is currently 2.8 per cent above its 200-day moving average and is

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

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

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

currently bullish on BAFL.

Arif Habib Ltd 12.2 Hold

AKD Securities Ltd 11.75 Accumulate

RSI (14-day) 58.33 MTS Shares `000 871.00

MA (10-day) 10.42 MTS Rs `000 6,569.04

MA (100-day) 10.16 MTS Rate 19.00

MA (200-day) 10.24 ** NOI Rs (mn) N/A

Free Float Rs (mn) 7,103.31 Free Float Shares (mn) 674.58

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Target Price Recommendations

Technical Outlook

FFC closed down -0.86 at 163.04. Volume was 54 per cent below average

(consolidating) and Bollinger Bands were 88 per cent wider than normal.

FFC is currently 21.8 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFC.

Arif Habib Ltd 165.3 Buy

TFD Research 164.95 Neutral

RSI (14-day) 61.21 MTS Shares `000 108.30

MA (10-day) 162.41 MTS Rs `000 13,319.42

MA (100-day) 143.04 MTS Rate 15.00

MA (200-day) 133.83 ** NOI Rs (mn) 137.12

Free Float Rs (mn) 76,056.10 Free Float Shares (mn) 466.49

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Target Price Recommendations

Technical Outlook

LUCK closed down -1.02 at 73.55. Volume was 24 per cent below average

and Bollinger Bands were 29 per cent narrower than normal.

LUCK is currently 2.8 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on LUCK.

Arif Habib Ltd 97.7 Buy

AKD Securities Ltd 87.61 Buy

TFD Research 84.65 Positive

RSI (14-day) 58.30 MTS Shares `000 559.00

MA (10-day) 72.53 MTS Rs `000 30,848.48

MA (100-day) 70.37 MTS Rate 18.00

MA (200-day) 71.55 ** NOI Rs (mn) 116.22

Free Float Rs (mn) 9,513.69 Free Float Shares (mn) 129.35

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,559.59 1,566.91 1,524.27 1,543.89 -15.70 -1.01

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

710,776 52 11 29,771.58 mn 19,619.44 mn 1,570.80

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

21.01 0.46 2.21 104.74 7.75 1,543.89

AL-Meezan Mutual F.SPOT 1375 4.91 11.30 11.49 11.25 11.45 0.15 148602 11.60 10.15 18.5 - 5.00 -

Atlas Fund of Funds 525 1.76 6.90 6.61 6.61 6.61 -0.29 50000 6.95 6.11 2.2 - - -

B R R Guardian Mod. 780 2.60 2.53 2.78 2.21 2.50 -0.03 1904 2.91 1.41 0 - - -

Elite Cap Modaraba 113 4.24 3.05 3.89 3.89 3.05 0.00 280 3.89 2.10 5 - - -

Equity Modaraba 524 6.58 1.25 1.40 1.19 1.25 0.00 2612 2.50 1.10 - - - -

First Dawood Mutual F. 581 1.34 1.78 2.23 2.21 2.23 0.45 1580 2.47 1.70 - - - -

Golden Arrow 760 2.24 3.40 3.45 3.37 3.38 -0.02 67965 3.72 3.11 17 - - -

H B L Modaraba 397 4.04 8.00 8.25 7.99 8.24 0.24 750 8.44 7.10 11 - - -

Habib Modaraba 1008 4.15 8.15 8.18 8.01 8.01 -0.14 5505 8.44 7.32 21 - - -

JS Growth Fund 3180 2.02 6.00 5.87 5.86 5.87 -0.13 2023 7.40 5.32 12.5 - - -

JS Value Fund 1186 0.54 5.25 5.38 5.15 5.16 -0.09 1518 6.40 4.91 10 - 5.00 -

Meezan Balanced Fund 1200 2.85 9.99 10.39 9.91 9.91 -0.08 2506 10.39 8.46 15.5 - - -

Mod Al-Mali 184 12.86 1.05 1.08 0.90 0.90 -0.15 1325 1.40 0.85 - - - -

Nat Bank Modaraba 250 4.14 5.85 5.50 5.50 5.50 -0.35 500 6.00 4.60 10 - - -

Pak Oman Advantage 1000 - 8.17 8.00 7.17 7.76 -0.41 700 9.99 4.26 1.04 - - -

PICIC Energy Fund 1000 2.15 7.24 7.30 7.17 7.30 0.06 203649 8.25 6.92 10 - 10.00 -

PICIC Growth Fund 2835 2.70 13.39 13.30 13.10 13.15 -0.24 27850 13.84 12.00 20 - 12.50 -

PICIC Inv Fund 2841 2.37 6.09 6.04 6.00 6.00 -0.09 52500 6.95 5.50 10 - 7.50 -

Prud Modaraba 1st 872 1.73 0.94 0.99 0.95 0.95 0.01 73500 1.05 0.75 3 - - -

Safeway Mutual Fund 545 3.16 7.67 8.63 6.70 8.63 0.96 56000 8.65 5.75 18.2 - - -

Stand Chart Modaraba 454 5.80 10.52 10.50 10.10 10.50 -0.02 9493 11.00 9.50 17 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

288.26 297.19 284.43 288.88 0.62 0.22

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

621,750 41 6 30,336.44 mn 14,176.57 mn 288.88

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

11.47 0.19 0.91 99.56 4.87 287.80

Arif Habib Investments 360 4.85 19.55 19.05 19.00 19.00 -0.55 1155 23.25 18.90 - 20B - -

Arif Habib Limited 450 19.54 18.94 18.90 18.50 18.56 -0.38 4050 20.20 12.01 - 20B - -

Arif Habib Corp 3750 3.79 28.51 28.89 28.20 28.32 -0.19 1223714 29.24 20.53 30 - - -

Dawood Cap Mangt. XB 150 2.68 1.30 1.74 1.69 1.69 0.39 2032 2.04 1.15 - - - -

Dawood Equities 250 - 1.20 1.45 1.35 1.43 0.23 1578 1.80 1.01 - - - -

Escorts Bank 441 - 1.56 2.23 2.00 2.00 0.44 2000 2.33 1.55 - - - -

IGI Investment Bank 2121 6.63 1.33 1.49 1.15 1.26 -0.07 2510 1.99 1.05 - - - -

Invest and Fin Sec 600 18.78 7.20 7.67 6.95 6.95 -0.25 1502 9.29 6.95 11.5 - - -

Invest Bank 2849 - 0.35 0.49 0.35 0.44 0.09 6042 1.20 0.22 - - - -

Ist Cap Securities 3166 - 2.46 2.88 2.39 2.78 0.32 3015 3.27 2.22 - 10B - -

Ist Dawood Bank 626 0.70 1.45 1.58 1.55 1.57 0.12 6001 1.96 1.30 - - - -

Jah Siddiq Co 7633 - 7.50 7.57 7.38 7.39 -0.11 476708 8.34 4.82 10 - - -

JOV and CO 508 - 2.60 2.72 2.55 2.56 -0.04 45055 3.40 2.31 - - - -

JS Global Cap 500 5.75 19.10 20.00 19.99 20.00 0.90 501 22.94 16.42 50 - - -

JS Investment 1000 42.58 5.15 5.18 5.02 5.11 -0.04 8311 6.43 4.10 - - - -

KASB Securities 1000 - 3.53 3.60 3.40 3.41 -0.12 3816 4.79 3.04 - - - -

Orix Leasing 821 3.61 5.80 6.00 5.62 5.96 0.16 4477 6.45 5.25 - - - -

Pervez Ahmed Sec 775 5.14 1.41 1.50 1.40 1.44 0.03 52924 1.99 1.32 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

907.04 929.92 910.53 924.43 17.40 1.92

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

15,224 4 - 2,290.72 mn 10,242.70 mn 924.43

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

5.34 3.49 3.85 355.53 3.93 907.04

EFU Life Assurance 850 9.76 68.00 70.00 68.00 69.51 1.51 623 73.25 50.70 50 - - -

New Jub Life Insurance 627 14.77 54.00 55.00 54.50 54.93 0.93 14600 58.99 48.00 15 - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,137.03 1,144.54 1,114.96 1,120.23 -16.81 -1.48

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

5,545,579 27 - 257,548.02 mn 666,768.90 mn 1,137.03

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

7.23 1.01 13.94 40.49 5.60 1,120.23

Allied Bank Limited 8603 6.25 63.50 64.23 63.15 63.41 -0.09 459 68.99 60.00 40 10B - -

Askari Bank XB 7070 5.30 11.76 11.78 11.61 11.67 -0.09 83116 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.54 10.71 10.79 10.52 10.53 -0.18 859208 11.02 9.42 - - - -

Bank AL-Habib 8786 6.16 29.04 29.50 28.65 29.07 0.03 1034371 29.98 28.25 20 20B - -

Bank Of Khyber 5004 1.90 4.20 4.53 4.17 4.26 0.06 10820 6.25 4.17 - - -64.41R

Bank Of Punjab 5288 - 6.73 6.84 6.63 6.71 -0.02 406621 7.35 4.51 - - - -

BankIslami Pak 5280 10.27 3.80 3.80 3.68 3.80 0.00 52537 4.09 3.25 - - - -

Faysal Bank 7327 4.67 10.37 10.70 10.00 10.09 -0.28 260321 10.73 9.00 - 20B - -

Habib Bank Ltd 11021 7.53 121.98 122.00 120.20 120.51 -1.47 81091 123.90 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.47 19.41 19.40 18.77 19.02 -0.39 5833 22.45 17.00 - 20B - -

JS Bank Ltd 8150 44.00 2.13 2.20 2.10 2.20 0.07 9261 3.00 2.06 - 33R - -

KASB Bank Ltd 9509 - 1.47 1.49 1.44 1.47 0.00 34213 1.77 1.16 -105.16R - -

MCB Bank Ltd 8362 7.78 197.40 198.20 192.00 192.45 -4.95 740781 210.95 190.99 115 10B 30.00 -

Meezan Bank XB 8030 6.16 18.20 18.34 18.00 18.00 -0.20 74129 19.49 16.60 - 15B - -

National Bank 16818 4.26 54.82 55.10 54.00 54.18 -0.64 899836 55.80 49.51 75 25B - -

NIB Bank 40437 - 1.43 1.46 1.41 1.42 -0.01 472360 1.95 1.41 -154.79R - -

Silkbank Ltd 26716 15.31 2.44 2.52 2.41 2.45 0.01 218212 3.06 2.34 - 311R - -

Soneri Bank 6023 2.51 5.04 5.06 5.00 5.01 -0.03 18978 6.69 4.91 - - - -

Stand Chart Bank 38716 6.52 7.96 8.14 8.03 8.08 0.12 550 9.20 7.53 6 - - -

Summit Bank Ltd 8701 - 3.40 3.42 3.22 3.25 -0.15 71171 4.75 2.67 - - - 20R

United Bank Ltd 12242 7.17 61.28 61.64 60.80 61.02 -0.26 282882 65.01 60.22 50 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

719.20 731.47 709.16 715.66 -3.54 -0.49

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

2,065,890 34 22 11,111.34 mn 44,712.35 mn 724.20

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

9.82 0.51 5.20 79.54 8.10 715.66

Adamjee Insurance XD 1237 6.65 62.49 64.00 61.50 61.98 -0.51 309168 69.90 61.50 25 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,274.34 1,275.30 1,253.67 1,270.92 -3.42 -0.27

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

674,146 2 - 12,202.80 mn 27,836.97 mn 1,274.34

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

8.14 0.93 11.41 66.79 8.21 1,268.41

Sui North Gas 5491 14.29 19.96 20.00 19.55 20.00 0.04 98527 23.60 17.64 20 - - -Sui South Gas 8390 4.53 20.24 20.23 20.00 20.09 -0.15 575619 23.75 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,375.68 1,402.86 1,362.78 1,386.10 10.41 0.76

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

1,975,767 15 1 95,369.29 mn 112,916.73 mn 1,386.10

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

13.75 1.29 9.35 104.13 7.57 1,365.12

Altern Energy 3426 - 8.10 8.10 7.50 7.50 -0.60 4498 9.93 7.50 - - - -

Genertech 198 - 0.51 0.55 0.51 0.51 0.00 2650 0.80 0.16 - - - -

Hub Power 11572 7.96 39.06 39.94 38.76 39.62 0.56 1106069 39.94 36.70 50 - 25.00 -

Japan Power 1560 - 1.12 1.21 1.14 1.15 0.03 114182 1.70 0.97 - - - -

KESC 7932 - 2.13 2.21 2.11 2.15 0.02 68352 2.57 2.03 - 7.8R - -

Kot Addu Power 8803 5.52 43.00 43.20 42.80 43.00 0.00 514575 44.19 41.75 50 - 30.00 -

Nishat Chunian Power Ltd 3673 2.55 14.46 14.65 14.10 14.20 -0.26 35611 17.25 13.47 - - 10.00 -

Nishat Power Ltd 3541 2.27 16.15 16.49 15.85 15.91 -0.24 116070 17.70 15.39 - - - -

Sitara Energy Ltd 191 5.26 19.00 18.50 18.20 19.00 0.00 300 23.26 18.20 20 - - -

Southern Electric 1367 - 1.25 1.43 1.25 1.27 0.02 12409 1.69 1.13 - - - -

Tri-star Power XD 150 - 0.90 0.81 0.81 0.81 -0.09 1000 1.27 0.36 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

824.94 837.18 811.53 819.02 -5.93 -0.72

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

2,103,093 5 - 50,077.79 mn 51,431.39 mn 839.07

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

4.05 0.52 12.84 62.56 15.45 819.02

Pak.Telecomm Co A 37740 10.43 12.82 12.95 12.60 12.72 -0.10 780191 17.70 12.60 17.5 - - -Telecard 3000 2.39 1.42 1.47 1.41 1.41 -0.01 8014 1.94 1.31 1 - - -WorldCall Tele 8606 - 1.81 1.95 1.80 1.81 0.00 1314868 2.50 1.75 - - - -Wateen Telecom Ltd 6175 - 1.92 2.09 1.83 1.96 0.04 286615 2.97 1.83 - - - -

Paid up Last 60 days 2010 2011

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

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

Century Insurance 457 4.32 7.90 8.23 7.61 7.78 -0.12 10650 8.98 7.50 10 - - -

EFU General Insurance 1250 12.69 34.61 34.87 33.65 34.02 -0.59 5212 39.65 29.01 12.5 - - -

Habib Insurance 450 7.60 11.00 11.10 10.95 10.95 -0.05 2700 11.90 10.10 25 12.5B - -

IGI Insurance 970 5.94 70.68 71.75 71.75 71.75 1.07 500 76.12 67.00 30 55B 10.00 -

New Jub Insurance 989 9.67 56.10 55.02 54.20 55.01 -1.09 535 62.37 51.16 20 25B - -

Pak Reinsurance 3000 5.41 15.46 16.29 15.30 15.58 0.12 1732729 18.30 12.43 30 - - -

Premier Insurance 303 3.57 8.25 8.24 7.82 8.00 -0.25 4222 8.99 7.82 25 - - -

Shaheen Insurance 250 9.08 13.44 13.00 13.00 13.44 0.00 150 14.35 11.50 - - - 25R

UPTO 100 VOLUME

MTIL 0.31 0.40 0.40 0.31 0.00 100

PASM 13.10 14.00 14.00 13.10 0.00 100

IBFL 37.95 38.00 38.00 37.95 0.00 100

NONS 17.00 16.85 16.85 17.00 0.00 100

SASML 7.00 7.25 7.00 7.00 0.00 100

SAPL 145.01 145.00 145.00 145.01 0.00 100

BERG 14.20 14.00 14.00 14.20 0.00 100

WAZIR 5.95 6.82 6.82 5.95 0.00 100

MUBT 1.00 1.25 0.90 1.00 0.00 80

GUSM 7.99 7.60 7.60 7.99 0.00 75

AGL 18.03 18.99 17.41 18.03 0.00 71

SPLC 0.56 0.79 0.77 0.56 0.00 70

GHNI 7.81 8.38 7.80 7.81 0.00 59

PAKT 93.80 93.80 93.80 93.80 0.00 50

DADX 17.70 18.70 18.70 17.70 0.00 50

HUSS 10.67 10.82 10.82 10.67 0.00 42

RAVT 0.95 0.95 0.86 0.95 0.00 40

KOHE 17.75 18.20 17.75 17.76 0.01 26

KOHP 3.00 2.85 2.85 3.00 0.00 25

SIEM 1089.92 1095.00 1050.00 1089.92 0.00 23

ATIL 29.24 29.44 29.44 29.24 0.00 20

PAKD 30.00 29.00 29.00 30.00 0.00 20

SALT 66.60 63.27 63.27 66.60 0.00 16

AGIL 68.88 68.50 68.50 68.88 0.00 15

NATF 73.00 73.98 73.98 73.00 0.00 15

CJPL 0.73 0.98 0.65 0.73 0.00 14

BAFS 41.55 41.40 41.40 41.55 0.00 11

CSM 0.55 0.55 0.55 0.55 0.00 10

DSML 3.50 3.76 3.76 3.50 0.00 10

ELSM 23.75 23.00 23.00 23.75 0.00 10

GSPM 10.66 10.99 10.99 10.66 0.00 10

SRSM 3.52 3.90 3.90 3.52 0.00 10

HINO 111.27 105.80 105.80 111.27 0.00 10

BAPL 7.38 7.95 6.70 7.38 0.00 10

UPFL 1764.58 1850.00 1840.99 1764.58 0.00 10

SAIF 8.10 8.10 8.10 8.10 0.00 9

MFTM 0.80 0.60 0.41 0.80 0.00 8

PIOC 5.35 5.67 5.67 5.35 0.00 5

MACFL 11.22 12.00 12.00 11.22 0.00 5

FASM 45.99 48.28 48.28 45.99 0.00 4

FCIBL 5.01 6.00 5.19 5.01 0.00 3

SCLL 2.40 2.70 2.70 2.40 0.00 2

AGIC 8.99 9.80 8.99 8.99 0.00 2

RICL 8.40 8.00 7.75 8.40 0.00 2

AZAMT 1.96 2.45 2.45 1.96 0.00 2

JDMT 13.93 13.02 13.01 13.93 0.00 2

SMTM 4.56 5.00 4.20 4.56 0.00 2

YOUW 1.18 1.49 1.00 1.18 0.00 2

HWQS 8.28 9.28 9.28 8.28 0.00 2

SANSM 11.90 12.38 11.80 11.90 0.00 2

SHSML 9.99 10.30 9.75 9.99 0.00 2

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFC-JUL 164.40 164.10 162.01 163.29 -1.11 214500

ENGRO-JUL 152.07 152.60 148.00 148.66 -3.41 195000

NBP-JUL 54.98 55.00 54.10 54.35 -0.63 192500

NBP-AUG 54.98 55.30 54.70 54.77 -0.21 189000

ENGRO-AUG 152.07 153.00 149.00 149.30 -2.77 178500

POL-JUL 383.92 383.39 381.50 382.46 -1.46 174500

FFBL-JUL 47.61 47.55 47.20 47.37 -0.24 166500

MCB-JUL 198.08 198.20 192.30 192.96 -5.12 149500

ATRL-JUL 132.28 132.15 131.00 131.79 -0.49 139000

LUCK-JUL 74.79 75.10 73.55 73.79 -1.00 113000

FFC-AUG 164.40 165.90 163.00 164.84 0.44 91500

DGKC-JUL 23.79 23.75 23.41 23.49 -0.30 77500

PPL-JULB 215.71 215.40 214.00 214.53 -1.18 74500

MCB-AUG 198.08 198.00 194.20 194.57 -3.51 72000

FFBL-AUG 47.61 47.99 46.80 47.70 0.09 65000

LUCK-AUG 74.79 75.10 74.00 74.01 -0.78 55500

POL-AUG 383.92 384.75 383.00 384.50 0.58 52000

PPL-AUG 215.71 215.50 214.55 215.13 -0.58 46000

NML-JUL 51.47 51.10 50.66 50.80 -0.67 45500

DGKC-AUG 23.79 24.00 23.70 23.72 -0.07 45500

PTC-AUG 12.85 12.86 12.80 12.81 -0.04 31000

NML-AUG 51.47 52.24 51.10 51.20 -0.27 30000

PTC-JUL 12.85 12.65 12.63 12.65 -0.20 11000

ATRL-AUG 132.28 133.00 132.25 133.00 0.72 9500

HUBC-JUL 38.90 38.90 38.90 38.90 0.00 4000

UBL-JUL 61.50 61.50 61.50 61.50 0.00 2000

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITIONSymbol Total Volume Total Value MTS Rate

AHCL 740,343 14,490,109 19.77 AICL 17,199 816,962 19.00 AKBL 444,283 3,690,579 21.78 ANL 220,850 970,401 19.00 ATRL 37,600 3,575,442 18.37 BAFL 871,000 6,569,044 19.00 DGKC 660,695 11,480,227 20.88 ENGRO 73,935 8,459,144 17.83 FFBL 330,375 11,452,339 16.00 FFC 108,300 13,319,423 15.00 HUBC 7,500 217,201 18.00 KAPCO 49,375 1,596,654 - LOTPTA 2,589,451 24,616,682 19.08 LUCK 559,000 30,848,475 18.00 MCB 52,932 7,793,979 16.23 NBP 969,068 38,340,865 19.56 NCL 347,081 5,435,408 19.00 NETSOL 10,000 155,862 - NML 276,078 10,350,754 18.03 OGDC 500 57,553 21.78 PAKRI 265,597 3,113,617 21.78 POL 152,887 43,783,436 15.00 PPL 37,675 6,047,626 16.00 PSO 21,500 4,218,339 17.00 PTC 30,156 290,988 - SSGC 3,000 45,247 18.00 UBL 127,500 5,831,521 - TOTAL 9,003,880 257,567,878 16.94

Al-Abbas Cement 51.78 2.40 2.20 2.85 3.10 2.65

Allied Bank Limited 48.25 62.95 62.50 64.05 64.70 63.60

Attock Cement 44.21 48.75 48.50 49.30 49.55 49.00

Arif Habib Corp 70.84 28.05 27.80 28.75 29.15 28.45

Arif Habib Limited 54.82 18.40 18.25 18.80 19.05 18.65

Adamjee Insurance 25.65 61.00 60.00 63.50 65.00 62.50

Askari Bank 55.44 11.60 11.50 11.75 11.85 11.70

Azgard Nine 54.97 6.10 6.00 6.30 6.40 6.20

Attock Petroleum 46.91 376.65 374.40 380.55 382.25 378.30

Attock Refinery 57.25 130.70 129.85 132.50 133.45 131.65

Bank Al-Falah 58.33 10.45 10.35 10.70 10.90 10.60

BankIslami Pak 51.78 3.70 3.65 3.80 3.85 3.75

Bank.Of.Punjab 54.97 6.60 6.50 6.85 6.95 6.75

Dewan Cement 44.53 1.60 1.55 1.70 1.75 1.65

D.G.K.Cement 53.66 23.30 23.15 23.75 24.05 23.60

Dewan Salman 28.57 2.25 2.15 2.45 2.55 2.35

Dost Steels Ltd 51.00 2.35 2.30 2.45 2.50 2.40

EFU General Insurance 39.63 33.50 32.95 34.70 35.40 34.20

EFU Life Assurance 52.71 68.35 67.15 70.35 71.15 69.15

Engro Corp 24.27 147.15 145.75 150.80 153.05 149.40

Faysal Bank 60.54 9.80 9.55 10.50 10.95 10.25

Fauji Cement 41.24 4.05 4.00 4.15 4.20 4.10

Fauji Fert Bin 73.37 46.95 46.65 47.65 48.05 47.35

Fauji Fertilizer 61.20 161.85 160.60 164.20 165.35 162.95

Habib Bank Ltd 58.74 119.80 119.10 121.60 122.70 120.90

Hub Power 66.67 38.95 38.25 40.10 40.60 39.45

ICI Pakistan 55.70 155.65 154.80 157.80 159.10 156.95

Indus Motors 30.95 204.85 203.65 208.35 210.65 207.15

J.O.V.and CO 41.98 2.50 2.45 2.65 2.80 2.60

Japan Power 46.86 1.10 1.05 1.20 1.25 1.15

JS Bank Ltd 40.64 2.10 2.05 2.20 2.25 2.15

Jah Siddiq Co 44.21 7.35 7.25 7.50 7.65 7.45

Kot Addu Power 56.36 42.80 42.60 43.20 43.40 43.00

K.E.S.C 46.18 2.10 2.05 2.20 2.25 2.15

Lotte Pakistan 35.01 12.65 12.55 12.85 12.90 12.75

Lucky Cement 58.28 73.00 72.40 74.55 75.50 73.95

MCB Bank Ltd 32.04 190.25 188.00 196.45 200.40 194.20

Maple Leaf Cement 41.39 2.00 1.95 2.15 2.25 2.10

National Bank 57.29 53.75 53.35 54.85 55.55 54.45

Nishat (Chunian) 25.22 20.25 20.00 20.85 21.20 20.60

Netsol Technologies 37.18 20.15 19.90 20.75 21.10 20.50

NIB Bank 29.20 1.40 1.35 1.50 1.55 1.45

Nimir Ind.Chemical 62.31 3.10 3.00 3.25 3.30 3.15

Nishat Mills 40.52 50.15 49.70 51.35 52.05 50.90

Oil & Gas Dev. XD 55.50 153.80 153.10 155.60 156.70 154.90

PACE (Pakistan) Ltd. 35.43 2.05 2.00 2.15 2.20 2.10

Pervez Ahmed Sec 43.65 1.40 1.35 1.50 1.55 1.45

P.I.A.C.(A) 43.69 2.10 2.05 2.25 2.35 2.20

Pak Oilfields 63.84 379.80 378.40 383.25 385.40 381.90

Pak Petroleum 57.87 213.00 211.80 215.45 216.70 214.25

Pak Suzuki 45.86 63.30 62.60 64.75 65.50 64.05

P.S.O. XD 31.86 253.75 251.95 258.85 262.15 257.05

P.T.C.L.A 17.69 12.55 12.40 12.90 13.10 12.75

Shell Pakistan 51.12 223.20 222.35 224.95 225.85 224.10

Sui North Gas 48.83 19.70 19.40 20.15 20.30 19.85

Sitara Peroxide 57.89 16.90 16.50 17.55 17.80 17.15

Sui South Gas 35.30 20.00 19.90 20.20 20.35 20.10

Telecard 33.96 1.40 1.35 1.50 1.55 1.45

TRG Pakistan 27.92 2.30 2.20 2.45 2.55 2.40

United Bank Ltd 42.15 60.65 60.30 61.50 62.00 61.15

WorldCall Tele 32.74 1.75 1.70 1.90 2.00 1.85

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

MCB Bank Ltd 26-Jul 9:00

Askari Bank Ltd 26-Jul 11:00

Hinopak Motors Ltd 26-Jul 12:00

Fauji Fertilizer Bin Qasim Ltd 26-Jul 10:30

Chashma Sugar Mills Ltd 26-Jul 11:00

Premier Sugar Mills 26-Jul 11:30

Kohinoor Sugar Mills Ltd 26-Jul 11:30

First Habib Modaraba 26-Jul 11:30

Mirpurkhas Sugar Mills Ltd 26-Jul 15:30

Faran Sugar Mills Ltd 26-Jul 15:30

Honda Atlas Cars 26-Jul 11:00

Mehran Sugar Mills Ltd 27-Jul 11:00

Habib Sugar Mills Ltd 27-Jul 12:00

Security Papers Ltd 27-Jul 12:00

JDW Sugar Mills Ltd 27-Jul 11:00

Crescent Steel 28-Jul 10:00

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

First Dawood Investment Bank Ltd 28-Jul 11:00

Atlas Honda Ltd 28-Jul 11:30

Noon Sugar Mills Ltd 28-Jul 11:30

BOARD MEETINGS

Company Date Time

Page 8: thefinancialdaily-epaper-26-07-2011

Tuesday, July 26, 2011 8

Staff Correspondent

MULTAN: Telenor Pakistanhas started operations at a newSales & Service Center inMultan on Abdali Road here.

The new S&SC will providesupport services to 4 franchis-es and cover the area rangingfrom Khanewal, Kabirwala,Muzaffargarh to Lodhran,Bahawalpur and Khanpur.

The opening ceremony wasattended by Chief MarketingOfficer, Telenor PakistanAamir Ibrahim, managementofficials and the Sales andService staff of the Center.

Commenting on the impor-tance of the Center, AamirIbrahim said,

"Multan has consistently

been an important nerve centerfor the Southern Punjabregion. In the first half of2011, our growth in Multanhas been the highest in allregions at about 25% YoYwhich says volumes about thepotential of business in thisarea.

We are very pleased to havestarted operations in the newCenter which will cater to a largenumber of daily customers."

The first Multan TelenorOffice was inaugurated in Sept2005 with the aim to servicethe customer base forSouthern Punjab, rangingfrom Chichawatni toSaqidabad. The reported traf-fic trends for the Center can goup to 500 customers in a day.

Telenor Opens

Sales & Service

Center in Multan

ISLAMABAD: In recogni-tion of his significant contri-butions for the proliferationof InformationCommunication Technologies(ICTs) in the country,Chairman PakistanTelecommunication Authority(PTA), Dr Mohammed Yaseenhas been awarded the BestRegulatory Leadership Award2011 by Monthly "Teletimes".

The award was presented tohim in "TeletimesInternational IndustryAwards" ceremony held hereMonday by Monthly"Teletimes".

Director ICT, PTA AmirMalik was presented anExcellence Award for individ-ual contribution to Researchin ICT, said a press releaseissued.

Lately, Chairman PTAreceived award of excellencefor ICT Development inPakistan by NetSolTechnologies.

He was also recognized asBest Telecom RegulatoryLeader of the Year 2010 bySouth Asian, Middle Easternand North African (SAME-NA) TelecommunicationCouncil.

Dr Mohammed Yaseen with

his untiring efforts has maderegulatory body a modelorganization in the AsiaPacific Region.

He has participated in theinternational forums and con-tributed in a variety of areas,such as promotion of ICTmarket, telecom market liber-alization, legal and regulatoryframework for the telecomsector.

His major achievementsduring the past years includeintroduction of consumer pro-tection structure for telecom-munication subscribers,development of multipleinternational communicationlinks, provision of freeInternet dialup services to themasses, establishment of 350tele-centers as a rural telepho-ny project, giving a specialemphasize on progress anddevelopment of broadbandservices in the country, intro-duction of a unified regulato-ry framework for mobilebanking services, launchingof new systems for effectiveresolution of Mobile SIMsissues, arrangement of localInternet peering pointbetween international band-width providers, transition ofPakistani's ccTLD (.pk), ini-

tiatives to engage key indus-try players for enhancinglocal ICT content market and100 million cellular mobilesubscribers is another featherin the cap.

According to theLIRNEasia's 2011 TelecomRegulatory Environment(TRE) survey, Pakistan sawan increase in almost alldimensions including fixedmarket entry, mobile access toscore resources and mobileinter connection.

In 2010, PTA acclaimedwith global awards as mostprogressive TelecomRegulator in South Asia. In2011 Pakistan ranked top forbest regulatory regime amongthe South Asian countrieswith penetration ofInformation &Communication (ICTs).

Pakistan has maintained itstop position with highestscore of 3.3 percent in TREsurvey followed by India hav-ing 2.9 points in 2010-11.

In 2007-08, the TRE surveyevaluated regulatory regimeof Pakistan as best among theSouth Asian growingeconomies with 3 points fol-lowed by Philippines with 2.8in the same year. -APP

PTA receives

Best Regulatory

Leadership Award

KARACHI: The telecomindustry that contributedhighest in the ForeignDirect Investment (FDI)among all different indus-tries has failed to continueits spending on infrastruc-ture and technology, astelecom operators arereluctant to invest in thecountry where their returnsare constantly squeezingagainst their increasingoperational expenses.The FDI in the telecomsector has fell by 79 percent in the closing finan-cial year of 2010-11, StateBank of Pakistan (SBP)statistics said.

The overall telecom sectorincluding LDI, cellular,broadband and variousclass value-added serviceproviders have broughtmerely $79.1 million FDIin the closing fiscal year2010-11 as compared with$374 million in the previ-ous fiscal year 2009-10.The share of telecom sec-tor in overall FDI has con-tracted to merely 5 percent in the outgoing fiscalyear against 17 per cent ofthe share recorded in thelast fiscal year.The FDI level is the lowestsince year 2003-04 in thetelecom sector as FDI con-

tinued to increase till2009-10. The sector usedto be considered highlypotential as landing billiondollar investment withhost of economic activi-ties.In 2005-06, the telecomsector brought US $ 1.905billion in the country with54 percent share in theoverall FDI, SBP figuresshowed.An Official said that thecellular sector had invest-ed huge money on the tele-com infrastructures overthe past couple of years,expanding their networkmore than 90 percent

through out the country.The FDI volume has wit-nessed significant cut inthe outgoing fiscal year

however FDI is still land-ing in the country on up-gradation of network andintroduction of value-

added services, he added.The revenues of the cellu-lar operator declined sub-stantially owing to stiff

competition, which madeinvestors reluctant torefrain from investingmore capital intoPakistan's land.He said the cellular opera-tors' have adopted extreme-ly cautious approach toinvest money on technolo-gy and trying to adjust theirgrowing expenses withcost-cutting strategies,another official of the cel-lular operator said.They further said the tele-com operators have cur-tailed to send revenues totheir headquarter countrieswhatever they earned inPakistan and re-investingtheir earnings on theiroperations and businesses.-Agencies

$79.1 million invested during FY11

FDIs in Pak telecom sector drop 79pc

MULTAN: Chief Marketing Officer, Telenor Pakistan

Aamir Ibrahim inaugurating the new branch office

here in Multan-Staff i Photo

Teledensityreaches62.5pc

ISLAMABAD: Cellular tele-density in the country hasreached 62.5 per cent from just33 per cent in 2004 whilealmost 92 per cent of the landarea and more than 1,000 cities,towns and villages are under theumbrella of cellular services.

From only 2000 cell sites to30,417 in just six years, cellularservices have reached to everynook and corner of the country.

According to official dataavailable, from a mere 5 mil-lion cellular subscribers in2004, cellular subscribersjumped to 100 million in 2010.

Voice has been the focus ofcellular operators since theinception of cellular mobileservices in Pakistan but now thefocus is shifting towards utiliz-ing the huge potential lying indata and value added services.

Sources in PakistanTelecommunication Authority(PTA) told APP they wereaware of the situation and con-stantly pursuing the govern-ment to announce 3G licensingpolicy which is believed to bethe right ingredient required toboost up the data services sce-nario in Pakistan.

Cellular penetration in thecountry has reached 62.5 percent at the end of January 2011which means that every 6 out of10 people in Pakistan owns cel-lular connection.

Cellular penetration had atopsy-turvy trend in the recentpast due to continuous data clean-ing process by the operators.

According to latest availablestatistics, there are currently104 million cellular subscribersin Pakistan at the end ofJanuary, 2011 as compared to99.2 million at the end of June2010, showing a net increase of4.8 million subscribers over thelast seven months.-APP

Mobiledonates

school bagsISLAMABAD: A localmobile company Mondaydonated 1,200 recycled schoolbags to the underprivilegedstudents of the Pehli KiranSchool System (PKSS) alongwith cellular handsets for itsfaculty members.

On the occasion of PKSSParent's Day, mobile companyFoundation's Torchbearershanded school bags to childrenand distributed cellular hand-sets amongst the faculty mem-bers of the school; said a pressrelease.

Children at the School pre-sented skits and tableaux in acolorful event and earned theapplause of the audience.

While interacting with chil-dren and their parents, theTorchbearers talked about theimportance of education andhow it would benefit their livesand those of the people aroundthem, they also distributed giftsamongst the children of theschool.

Director Public Relations(Mobile Company), OmarManzoor stated: "our volun-teers are deeply committedtowards making a difference inthe lives of the underprivilegedacross the country.

The distribution of recycledbags to the children and newcellular handsets to the facultyare a token of support and con-tinued effort to give back to thedeserving in the society."

Since the launch of theRecycled Schoolbags initiativein 2007, the mobile companyhas donated over 30,000 bagsmade from recycled advertisingskins to CARE Foundation,Zindagi Trust, KaghanMemorial Trust and students atcamps for IDPs.-APP

Staff Reporter

KARACHI: In continuation tothe health initiatives, Ufone haspartnered with PlanInternational for the establish-ment of a thalassemia center atthe district headquarters hospi-tal Vehari.Ufone has been very keen onfulfilling its social responsibil-ities and believes in givingback to the society, whereasPlan International is a devel-opment organization estab-lished in 1937, working forlasting improvements in chil-dren's lives in over 66 coun-tries.Ufone will be providing med-ical supplies & equipmentrequired for treating the tha-lassemia patients in theupcoming facility and PlanInternational along with thedistrict headquarter Vehariwill be facilitating in theeffective implementation ofthe project.Abdul Aziz, CEO Ufone,expressed great pride at beinga part of this initiative and

proclaimed that Ufone's goalis to achieve a strengthenedhealth sector and responsivegovernance to ensure that thecitizens of the country areprovided with basic health-care. He also mentioned the vari-ous benefits of establishingthe facility in Vehari wherethe number of thalassemia

patients is very high.Haider Yaqub, CountryDirector, Plan InternationalPakistan said, "The estab-lishment of theThalassemia Centre, inpartnership with the UFONEGSM, will give the childrenof the area the opportunity toget the kind of health carethey critically need.

Ufone, Plan Int'l joinhands for healthcare

Thalassemia Centre in Vehari District

ISLAMABAD: CEO and President of Pakistan Telecommunications Company Limited (PTCL) Walid Irshaidreceives “TeleTimes International Leadership Award for Best Broadband Services” from Federal Minister for

Finance Dr Abdul Hafeez Sheikh at the Annual TeleTimes Industry Awards Ceremony. -Online

Page 9: thefinancialdaily-epaper-26-07-2011

LONDON: Gold prices hitrecord highs on Monday afternegotiations to lift the US debtceiling hit stalemate over theweekend, raising fears over apossible default and boosting theappeal of bullion versus USassets like Treasuries and thedollar.

Democrats and Republicans inCongress are bitterly dividedover plans to cut the US deficit,a necessary move before thedebt ceiling can be raised.

With the Aug. 2 deadline for aresolution fastapproaching, theworld's largesteconomy is fac-ing an unprece-dented debtdefault. If thish a p p e n s ,investors coulddump the dollar and USTreasuries.

While most investors believe adeal will be done, nervousnessahead of the decision is stillpressuring the dollar, hurtinglong-dated US Treasuries andbenefiting gold.

"Ultimately you need somesort of political resolution, somesort of acknowledgement thatthere are long-term financialproblems that need to be dealtwith," said Natixis analyst Nic

Brown."There are ultimately two

options -- you either have mon-etisation of debt, or you have amove towards fiscal consolida-tion, and a move towards fiscalsustainability. Until we get thelatter, the market will assume theformer. That is just a great bidfor the gold market."

Spot gold peaked at $1,622.49an ounce and was up 1.1 per centat $1,615.74 an ounce at 1354GMT.

It has reached record highs in

each of the last five consecutivequarters, and is on track for itsbiggest monthly gain since Aprilthis month on concerns overeuro-zone debt levels as well asthe US negotiations.

The stalemate in Washingtonled to safe-haven German Bundsoutperforming US Treasuries onMonday, as risks of a US defaultoutweighed worries over euro-zone debt. US Treasury yieldsrose and European sharesslipped.

Long-dated US Treasury debtprices fell and the cost of insur-ing the country's debt fromdefault rose on Monday oninvestor concern that the world'sbiggest economy could lose itsprized top-notch credit ratingafter debt talks collapsed.

The dollar dipped against abasket of currencies, while theSwiss franc, often seen as ahaven for investors, rose againstthe euro and the US unit. Theeuro slipped after Moody'sdowngraded Greece by three

notches."With little

optimism on USdebt talks at themoment, the goldprice acutelyreflects investornervousness thatlimited progress

will be made before the Aug. 2deadline," UBS said in a note."This nervousness is in manyways justified as the threat of aUS ratings downgrade is veryreal." "S&P has threatened that aratings downgrade is possibleeven this month, if progress onthe negotiations is insufficient.With just a few days left in themonth, it is increasingly likelythat investors will continue tobuy gold as a defensive trade." -Reuters

Gold hits record with USdebt talks deadlocked

9Tuesday, July 26, 2011

LONDON: Oil futuresdropped to $118 on Monday abarrel after a breakdown ofbudget talks in the USCongress over the weekendhelped drive investors awayfrom volatile and risky assets.

Worries about a US creditrating downgrade or evendefault dampened hope forstronger global economicgrowth after anew bailout dealfor Greece helpedpropel Brent to ahigh of $118.80 abarrel on Friday.

"After all theexcitement on theeconomic frontlast week, attention will returnto the fundamentals, particular-ly US weekly data," saidChristophe Barret, global ana-lyst at Credit AgricoleCorporate & Investment Bank.

Brent crude for Septemberwas 57 cents lower at $118.10a barrel at 1445 GMT, afterfalling by more that $1 earlierin the session.

US oil was 42 cents lower at$99.45, paring losses of morethan $1 but off a six-week highof $99.87 on Friday.

With oil prices only margin-ally off last week's highs, some

analysts maintained that wor-ries about a US defaultremained remote and wereunlikely to translate into a realeconomic crisis.

"The political circus over theUS debt level will probablylast until the last hours beforeAug. 2nd," Olivier Jakob ofPetromatrix said in a note.

"There are enough demand

uncertainties to maintain spec-ulators on the sideline of the oiltrade," he concluded.

The US Congress collisionsent gold to a fresh peak, andthe Swiss franc rose to a recordhigh against the dollar asmoney flowed to safer assetson Monday and pre-weekendoptimism over the euro-zonedebt solution faded.

Not all analysts were con-vinced the outlook for oil wasuntouched by the weekend'sdevelopments.

"We are slipping away a bit,waiting to see if the US sorts

out its debt. Markets will benervous until a solution isfound," said Rob Montefusco,an oil trader at SucdenFinancial.

The United States is theworld's largest oil consumer.Further US debt discussionshave been planned forMonday, and broadly investorshave been banking on a last-

minute deal.While rais-

ing the bor-rowing limitwould avoiddefault, itwould notn e c e s s a r i l yend the threat

by rating agencies to cut theUS economy's triple-A rating,now clouded by its huge debtburden.

"The most significant influ-ence on the oil market is the con-cern that failing to raise the debtceiling would mean the UScould either default or have tocut spending on a variety ofsocial services," said BenWestmore, a commodities econ-omist at the National AustralianBank. "If either of these hap-pens, it would have a negativeimpact on US oil demand, hencelower prices." -Reuters

Crude oil slips asUS debt talks stall

Sugar turnslower after

settingcontract high

LONDON: Raw sugar futureson ICE turned lower onMonday after earlier settingcontract highs, as the marketconsolidated following a strongupward move driven by areduced outlook for output intop producer Brazil.

Arabica coffee futures onICE were slightly higher,regaining some ground afterFriday's fall to a six-month low,while cocoa prices eased.

October raw sugar on ICEwas off 0.28 cents to 0.9 percent at 31.06 cents a lb at 1403GMT after earlier setting a con-tract high of 31.68 cents.

Dealers said any fall inBrazilian production is likely totighten supplies in the thirdquarter although a favourableglobal crop outlook for the2011/12 season should eventu-ally help to drive prices backdown again.

A top industry body in Indiahas sought the government'sapproval for an additional500,000 tonnes of sugar exportsin the year to September, ademand that, if met, could helpease global prices that are creep-ing up on supply worries fromtop exporter Brazil.

"Perhaps the bears have afriend at last," brokers SucdenFinancial said in a marketreport on Monday noting therequest from the NationalFederation of CooperativeSugar Factories. October whitesugar on Liffe was off $6.80 or0.8 per cent at $805.90 pertonne after earlier setting a con-tract high of $821.00.

Arabica coffee futures onICE edged up although theyremained within striking dis-tance of Friday's six-monthlow. September arabica futuresrose 0.85 cent or 0.35 per centto $2.4235 per lb. The contracttouched $2.38 on Friday, itslowest level since January2011. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

25-Jul-2011 Crude10 SE11 US$ Per Barrel 99.08 100.12 98.47 98.98 1,022 99.03 98.98 411

25-Jul-2011 Crude10 OC11 US$ Per Barrel 99.69 100.34 99.00 99.30 347 99.34 99.30 90

25-Jul-2011 Crude10 NO11 US$ Per Barrel 99.69 99.69 99.68 99.68 - 99.69 99.68 -

25-Jul-2011 Crude100 SE11 US$ Per Barrel 99.04 100.20 98.60 98.98 252 99.03 98.98 104

25-Jul-2011 Crude100 OC11 US$ Per Barrel 99.00 99.80 99.00 99.30 4 99.34 99.30 4

25-Jul-2011 Crude100 NO11 US$ Per Barrel 99.69 99.69 99.68 99.68 - 99.69 99.68 -

25-Jul-2011 SL100OZ AU11 US$ Per Ounce 39.81 41.03 39.76 40.74 65 39.76 40.74 27

25-Jul-2011 SL100OZ SE11 US$ Per Ounce 39.75 41.06 39.75 40.74 484 39.77 40.74 138

25-Jul-2011 SL100OZ OC11 US$ Per Ounce 39.77 40.75 39.77 40.75 - 39.77 40.75 1

25-Jul-2011 SL500OZ AU11 US$ Per Ounce 40.09 40.74 39.76 40.74 1 39.76 40.74 2

25-Jul-2011 SL500OZ SE11 US$ Per Ounce 39.78 41.09 39.77 40.74 156 39.77 40.74 54

25-Jul-2011 SL500OZ OC11 US$ Per Ounce 39.77 40.75 39.77 40.75 - 39.77 40.75 -

25-Jul-2011 GO1OZ AU11 US$ Per Ounce 1598.00 1623.40 1596.80 1617.10 1,060 1597.80 1617.10 1,692

25-Jul-2011 GO1OZ SE11 US$ Per Ounce 1598.30 1624.00 1597.80 1617.70 3,012 1598.40 1617.70 2,693

25-Jul-2011 GO1OZ OC11 US$ Per Ounce 1598.90 1625.00 1597.80 1618.20 2,535 1598.80 1618.20 2,648

25-Jul-2011 GO100OZ AU11 US$ Per Ounce 1600.90 1621.30 1597.80 1617.10 7 1597.80 1617.10 9

25-Jul-2011 GO100OZ SE11 US$ Per Ounce 1598.40 1617.70 1598.40 1617.70 - 1598.40 1617.70 -

25-Jul-2011 GO100OZ OC11 US$ Per Ounce 1603.00 1622.90 1598.80 1617.70 34 1598.80 1618.20 12

25-Jul-2011 GO100OZ DE11 US$ Per Ounce 1605.30 44768.00 1599.90 44768.00 8 1599.90 1619.30 1

25-Jul-2011 GOLD AU11 Per 10 grms 44399.00 44800.00 44213.00 44786.00 9 44213.00 44786.00 4

25-Jul-2011 GOLD SE11 Per 10 grms 44223.00 44796.00 44223.00 44796.00 - 44223.00 44796.00 -

25-Jul-2011 GOLD OC11 Per 10 grms 44237.00 44810.00 44237.00 44810.00 - 44237.00 44810.00 -

25-Jul-2011 GOLDKILO AU11 Per 10 grms 44185.00 44758.00 44185.00 44758.00 - 44185.00 44758.00 -

25-Jul-2011 GOLDKILO SE11 Per 10 grms 44195.00 44768.00 44195.00 44768.00 - 44195.00 44768.00 -

25-Jul-2011 TGOLD50 AU11 Per Tola 51537.00 52205.00 51537.00 52205.00 - 51537.00 52205.00 -

25-Jul-2011 TGOLD100 AU11 Per Tola 51537.00 52205.00 51537.00 52205.00 - 51537.00 52205.00 -

25-Jul-2011 MINIGOLD MON Per 10 grms 45315.00 45965.00 45315.00 45965.00 - 45315.00 45965.00 -

25-Jul-2011 MINIGOLD TUE Per 10 grms 45367.00 45896.00 45367.00 45896.00 - 45367.00 45896.00 -

25-Jul-2011 MINIGOLD WED Per 10 grms 45384.00 45913.00 45384.00 45913.00 - 45384.00 45913.00 -

25-Jul-2011 MINIGOLD THU Per 10 grms 45401.00 45931.00 45401.00 45931.00 - 45401.00 45931.00 -

25-Jul-2011 MINIGOLD FRI Per 10 grms 45419.00 45948.00 45419.00 45948.00 - 45419.00 45948.00 -

25-Jul-2011 TOLAGOLD MON Per Tola 53071.00 53071.00 52188.00 52945.00 3 52188.00 52945.00 2

25-Jul-2011 TOLAGOLD TUE Per Tola 52,450 52,974 52,247 52,865 70 52,247 52,865 56

25-Jul-2011 TOLAGOLD WED Per Tola 52,267 52,885 52,267 52,885 - 52,267 52,885 -

25-Jul-2011 TOLAGOLD THU Per Tola 52,443 52,905 52,287 52,905 10 52,287 52,905 38

25-Jul-2011 TOLAGOLD FRI Per Tola 52,413 52,925 52,307 52,925 6 52,307 52,925 6

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

rises but

stronger yen

limits gainsTOKYO: Key Tokyo rubberfutures rose on Monday, after themarket ended above a key techni-cal level last week and oil pricesrose, but sentiment was weigheddown by a stronger yen. The keyTokyo Commodity Exchangerubber contract for Decemberdelivery rose 2.9 yen or 0.8 percent to 384.0 yen per kg as of0022 GMT.

The front-month July con-tract will expire later in the ses-sion. The contract for January2012 delivery will become thenew benchmark from Tuesday.

The most active Shanghai rub-ber contract for January deliveryclosed on Friday at 36,110 yuan($5,597.061) per tonne, up fromthe previous day's close of 35,965yuan per tonne. Volume slippedto 708,164 lots from Thursday's736,124 lots. US crude futuresfell on Monday after settling at asix-week high on Friday, takingtheir cue from a decline in USstock futures amid uncertaintyover talks to avert an unprece-dented US default. -Reuters

ISTANBUL: Bars of 100 gram fine gold are displayed at a branch of Istanbul Gold Refinery.

KUALA LUMPUR:

Malaysian palm oil futuresdropped on Monday as tradersbooked profit after pricing infirm exports and eyed grow-ing concerns of a US debtdefault that may slow globaleconomic growth anddemand.

The palm oil market hasbeen choppy in the past fewdays and could come undermore pressure due to mount-ing worries about US debt.The market has lost more than18 per cent so far this year onhigher production in top sup-pliers Indonesia andMalaysia.

"There has been some sell-ing pressure in commoditymarkets but not in a panicstricken way as yet. Goodexports should hold the palmoil market up temporarily,"said a trader with a foreigncommodities brokerage.

"Market players said thatthe weather is bringing badyields, therefore production inJuly is down slightly," said atrader in Kuala Lumpur.

The benchmark Octobercrude palm oil contract onBursa Malaysia Derivativeshad fallen 1.3 per cent, or 40ringgit, to 3,100 ringgit($1,042.017) per tonne.

Overall traded volume roseto 27,685 lots of 25 tonnes

each from the usual 25,000lots.

Cargo surveyor IntertekTesting Services signalledfirmer demand for Malaysiapalm oil, with data showingexports for July 1-25 rising2.3 per cent to 1.28 milliontonnes from the same period amonth ago.

Another surveyor, SocieteGenerale de Surveillance alsoshowed exports up 5.7 percent during July 1-20.

Robust demand comes assome traders and plantersexpect production next monthto start slowing as mostlyMuslim estate workers takeleave for the Ramadan fastingobservance that begins inAugust for a month.

Grains and crude oil alsofell on Monday over theprospect of a US debt default,adding pressure to the price ofvegetable oils crushed fromsoybeans and also used incompeting biodiesel.

Also, forecasts for rain thisweek in the heat stricken USMidwest added to the sellingmomentum.

US soyoil for August deliv-ery fell 0.8 per cent in Asiantrade hours. The most activeMay 2012 soyoil contract onChina's Dalian CommodityExchange lost 1.6 per cent. -Reuters

Palm slips onconcerns over

US debt default

LONDON: Copper eased onMonday by less than half a percent as a lower dollar and atight supply outlook helped toshield it from risk-averseinvestors concerned over theworsening credit outlook forthe United States.

Aluminium touched $2,624,its highest since June 15, ontechnical buying and as alooming power crunch inChina threatened to curb out-put of the energy-intensivemetal.

Benchmark copper on theLondon Metal Exchange trad-ed at $9,655 a tonne at 1603GMT, down 0.2 per cent from$9,675 at the close on Friday.The metal used in power andconstruction hit its highestsince April 11 at $9,873.50 oneweek ago.

Trading volumes stagnatedon Monday as markets awaitedthe results of a deadline for USlawmakers to sort out a debtceiling plan.

"It's a failure in the US of theparties to reach agreement onraising the country's debtlimit," analyst DanielBriesemann of Commerzbanksaid.

"Also I think prices are beingaffected by macro indicators,or negative sentiment regard-

ing some data to be publishedin the US this week - GDP andconsumer confidence," headded.

Prospects of a budget break-through that would allow theUnited States to raise its debtceiling and avoid default on itsbond payments faded over theweekend as lawmakers misseda self-imposed deadline to pro-duce a deal.

This failure has driven downthe dollar against other majorcurrencies such as the yen andSwiss franc. A falling US cur-rency makes commoditiespriced in dollars cheaper forholders of other currencies.

The US is due to report con-sumer confidence for July onTuesday and its advance grossdomestic product data on Friday.

"Both the US and the euro-zone are important in terms ofsentiment, but really fordemand we should be lookingat China," a LME copper trad-er said. China is the world'slargest consumer of copper,accounting for nearly 40 percent of global demand estimat-ed at around 21 million tonnesthis year.

In a sign of supply problems,a strike at the world's biggestcopper mine, Chile'sEscondida, entered a fourth

day on Monday with no sign ofa solution.

Three-month zinc ended at$2,470 a tonne, down from$2,498 at Friday's close, whilelead closed at $2,675 from$2,691, tin finished at $28,150from $28,250. Nickel ended at$23,800 from $23,950.

Aluminium, which is used intransport and packaging, closedhigher at $2,620 a tonne from$2,591 on Friday. Stocks of alu-minium in LME-registered ware-houses at more than 4.38 milliontonnes are down more than34,000 tonnes since July 18.

A spike in cancelled warrants-- the metal tagged for removalfrom warehouses -- was notindicative of consumerdemand, a London physicalmetal trader said, and was aresult of metal being shuffledamong warehouses.

"At the moment there's hard-ly any big activity that wouldexplain these cancelled war-rants. I think it's rather move-ment between warehouses," hesaid. "There are certainrumours about power shut-downs in China. In general,that is holding the ally (alu-minium) market at themoment."

China is the world's top pro-ducer of aluminium. -Reuters

Copper buttressed by $,tight supply outlook

US Congress weekend talks collapse as deadline nears

Indian sugarflats as mkteyes exports

decisionMUMBAI: India's sugarfutures were steady on Mondayas traders were waiting for agovernment decision onexports of the 500,000 tonnesof the sweetener demanded bya trade body, dealers said.

At 4:20 pm, the most activesugar for August delivery onthe National Commodity andDerivatives Exchange was 0.21percent up at 2,842 rupees per100 kg. It hit a contract high of2,858 rupees last week.

In Kolhapur, a key market intop producer Maharashtra, themost traded S-variety fell by0.6 percent to 2,710 rupees per($61.04) per 100 kg.

A leading industry body hasasked the Indian government toallow exports of an additional500,000 tonnes of sugar in theyear to September.

"Even after allowing exportsof 500,000 tonnes supply situa-tion will remain comfortable(in the country)..market is wait-ing for a decision overexports," said Ashwini Bansod,a senior analyst at MF GlobalCommodities India.

India, the world's top consumerand the biggest producer afterBrazil, should churn out 24.2million tonnes in the current2010/11 season and output mayjump to 26.5 million tonnes in2011/12, higher than the coun-try's estimated consumption ofaround 22 million tonnes, indus-try estimates. -Reuters

Page 10: thefinancialdaily-epaper-26-07-2011

Tuesday, July 26, 201110

Shama,Sarhad

Gymkhanareach semi-final

in Twenty20PESHAWAR: Shama club andSarhad Gymkhana took berthinto the semi-final of the ong-ing Shama Twenty20 CricketTournament being played hereat University Campus groundon Monday.

Shama club skipper, KashifHayat won the toss and electedto bat first by setting up 157runs for the loss of five wickets.

Kashif Hayat (58) with threeboundaries and two sixes,Majid Khan scored 34 runswith three boundaries, Samadscored 12 runs.

For Richard club Zahir tooktwo wickets, Murad Khan andBilal Khan took one wicketeach.

In reply, Richard club bun-dled out for 93 runs after play-ing 15.1 overs. For Richardclub Zabi Ullah scored 25runs, Hasnain scored 16 runsand Waji Ul Hasan scored 13runs. -APP

Englandbeat Indiaat Lords

LONON: James Anderson ledthe charge as England blitzedIndia to win the first Test by awhopping 196 runs.

The king of swing got hisname on the honors board - andprevented Sachin Tendulkardoing the same - with figures of5-65 to skittle the tourists for261 at Lord's.

It was a superbly ruthless displayfrom Andrew Strauss' side, whotook the nine wickets required on asell-out day five at Lord's to seal a1-0 lead in the series.

Two declared innings, a dou-ble century from KevinPietersen, a sparkling rearguardton from Matt Prior and a returnto form for Stuart Broad - nowonder skipper Strauss wasbeaming from ear-to-ear.

It also laid to rest some of thedemons of four years ago, whena single wicket and torrentialrain denied England and theywent on to lose the series.

India, with injury and illnesswrecking their best-laid plans,looked far from the world'sNo1 Test side.

And they now go to TrentBridge with fears over gun fastbowler Zaheer Khan and withhim, their ability to take 20English wickets.

Rahul Dravid and VVSLaxman had a steely determi-nation when they marchedthrough the famous LongRoom to resume on 80-1 firstthing though.

But the man dubbed The Wallfor his famous defence andpatience could not resist swish-ing at a wide one fromAnderson on 36 to give MattPrior a simple caught behind.

Laxman, one of the game'sgreat stylists, was lucky to sur-vive a referred caught behindwhen Broad's swore he heardthe faintest of nicks.

While Hot Spot showed nomark, snicko later appearedconfirmed the fast bowler's the-ory. Laxman didn't last muchlonger though, reaching his halfcentury only to pull the firstball of a fresh Anderson spell toBell at mid-wicket.

With his time served for a pro-longed absence yesterday,Tendulkar strode out to the mid-dle to join fellow crock GautamGambhir. Normally an opener,the left-handed Gambhir was bat-ting down the order after spend-ing the previous evening havinga scan on an elbow injury.

And while he was able to grindout 22, Graeme Swann madehim the third scalp of the morn-ing session when he trapped himplumb lbw. -Agencies

ISLAMABAD: Pakistan's ten-nis star Aisam-ul-Haq Qureshi

is leaving for New York onTuesday from Lahore to partic-ipate in various internationaltournaments of NorthAmerican Tennis Circuit.

During the trip he will firstappear in the ATP 500 SeriesTennis Championship in

Washington and thereafter intwo ATP Masters 1000 SeriesChampionships in MontrealCanada and Cincinnati USAand eventually in next month'sUS Open Grand Slam TennisChampionship in FlushingMeadows New York, said apress release issued onMonday. -APP

Aisam to leave for New York on Tuesday

ISLAMABAD: Sri LankaCricket (SLC) officials aresending conflicting signalsfrom Colombo even asPakistan Cricket Board (PCB)officials are in the UAE tofinalise arrangements for theforthcoming series betweenSri Lanka and Pakistan inOctober-November, websiteemirates247.com reported onMonday.

Since foreign teams arereluctant to travel to Pakistan,the PCB had requested theEmirates Cricket Board(ECB) to 'host' the seriesagainst Sri Lanka.

Chief Operating Officer ofECB Dilawar Mani toldEmirates that he would bemeeting PCB officials tofinalise the tour itinerary forthe Pakistan-Sri Lanka serieswhich comprises five Tests,five one-day internationalsand a Twenty20 match.

Zayed International CricketStadium in Abu Dhabi andDubai International CricketStadium in Dubai Sports Cityare the two most likely ven-ues. "They are also inspectingSharjah Cricket Stadiumwhich is also under consider-ation as a venue for a Testmatch or one-day internation-als," he added.

But the newly-appointedchairman of SLC's interimcommittee UpaliDharmadasa, has recentlysaid that the UAE venue forthe series has not been con-firmed.

We haven't been informedof venues for the series yet. Infact the other day, I read onBBC website that series wasconfirmed to be played at Abu

Dhabi. I learnt about it onlythen. We are going to discussthis matter at our InterimCommittee meeting and thenonly we can communicatewith PCB (Pakistan CricketBoard) and finalise the ven-ues, Dharmadasa was quotedas saying by the Daily Mirror.

He said that SLC would tryto convince the PCB again tohost the series in Sri Lanka asit would also give the SriLankan fans the chance towatch the matches.

The PCB had previouslyrefused to play the series inSri Lanka and preferred theUAE because it offered betterprofits.

The PCB and ECB officialsexpressed surprised thatDharmadasa professed igno-rance that the UAE had beenannounced as the venue forthe series. "We are very sur-prised because before makinga formal announcement aboutthe series we had formalapproval of the SLC. Therecould be some misunder-standing that needs to sortedout but the series is in theUAE and we have startedmaking arrangements for it,"a PCB was quoted as saying.

"This is a matter entirelybetween the PCB abnd SLCbut the statement byDharmadasa surprised me.We have confirmed every-thing for the series and havealready started preparations,"said ECB's Chief OperatingOfficer Mani said.

He pointed out that the PCBhad also signed a deal withECB to have the series withEngland in the UAE begin-ning early next year. -APP

SLanka yet toconfirm Pakistan

series in UAE

KARACHI: Cyclists stand at to start Cycle Race from Karachi to Gwadar organized by Pakistan Coast Guard. The race has been organized in a series ofIndependence Day Celebrations. -Online

KARACHI: Pakistan numberfive Sohail Shahzad of Sindhentered the final of 3rd NBPNational Ranking SnookerChampionship when he out-potted province-mate AbdulSattar 6-3 in the first semifinalat Table Hall of Karachi Clubhere on Monday.

Sattar placed 16th in nationalranking chart, made a whirl-wind start with a smart tacticalbreak of 65 in the first frame.

However, Sattar made a cou-ple of crucial missing whichcost him the second frame andthe match when he was leadingby 18 points in the secondframe. After a poor start lankySohail bounced back in thematch by winning the nextthree frames including a breakof 50 in the fourth frame.

Bearded Sattar was underpressure as he was playing thenational ranking event infrontof the camera for the first timewhich brought his downfall.

After narrowly missing thefourth frame, Sattar won the 6thframe with two small breaks of27 and 31. But Sohail took thenext to gain a solid 5-2 advan-tage.

At one staged 7th frame couldhave gone either way but Sohailproved lucky to seize theopportunity on the black ball68-65.

After lagging behind, Sattarseemed under intense stress andexploiting the situation, Sohailwon the 9th frame and thematch laced with a break of 41.

Two former NationalChampions Imran Shahzad andNaveen Perwani will clash eachother in the second semifinal onTuesday while the 15-framefinal will be contested onWednesday.

First semifinal result:Sohail Shahzad (Sindh) bt

Abdul Sattar (Sindh) 6-3 (01-76,68-66, 62-24, 662-5, 35-50, 106-62, 68-65, 40-72, 68-30). -APP

Sohail out-potsSattar to enter NBP

Snooker final

PESHAWAR: National Inter-District Women SoftballChampionship under the aegisof Khyber PakhtunkhwaSoftball Association got underway at the indoor half theEducation Board Abbottabadon Monday.

Dr. Himayat Ullah,Chairman of the Board ofIntermediate and SecondaryEducation Abbottabad wasthe chief guest on this occa-sion.

Secretary KhyberPakhtunkhwa SoftballAssociation Wisal Khan,office-bearers of the DistrictAbbottabad SoftballAssociation, teams officialsand players were also presenton this occasion.

A total of seven districtteams comprising Islamabad,Swabi, Mardan, Nowshera,Haripur, Peshawar, and host

Abbottabad are taking part inthe two-day event, followedby National District WomenBaseball Championship to bestarting from July 26-27.

The aim and object of hold-ing both Softball and BaseballWomen Championship inAbbottabad is involved thedistricts (North) in competitiveactivities. There are the sched-ule calendar events,Muhammad Wisal Khan toldAPP.

He said that accommoda-tion is provided both theSoftball and Baseball teamsand a total of 110 girls play-ers are part of the two events.

Before the start of thematches, the players of all theparticipating teams wereintroduced to the chief guest.

Chairman BISE,Abbottabad Himayat Ullahlauded the efforts of the

Khyber PakhtunkhwaSoftball and BaseballAssociations for organizingthe events in hilly resortAbbottabad in order to avoidscorching heats.

Earlier in the openingmatch host Abbottabad, whohave also edged of the vocif-erous crowd present on thisoccasion, to beat Islamabadby 5-2 in the thrilling battle.Islamabad setup two runs tar-get against Abbottabad asthey failed to make any runsdue to tight bowling byAbbottabad, thus Abbottbadwon the match by 5-2 runs. Inthe second match Mardandefeated Swabi by 4-0 in one-sided affairs. Nowshera out-classed Haripur by 3-0 whilePeshawar faced tough resist-ance against Mardan in thelast encounter. Peshawar wonhe match by 2-1. -APP

National Inter-DistrictWomen Softball Tourneybegins in Abbottabad

PESHAWAR: The Right-to-Play Summer Football Coaching Camp concluded on Monday atYounis Stadium Mardan with 85 probables imparted training under qualified coaches hired forthis purpose.

The camp was organized by Right-to-Play, an international humanitarian organization thatuses sport and play as a tool for social development and behavior change in some of the mostdisadvantaged communities in the world.

The camp was attended by more than 85 youth and children from all across the district andsuch camps would also be organized in other districts under the aegis of Right-to-Play, partic-ularly in Swat, which badly affected by militancy and insurgency.

Young football players, who were all the age of 16 years or less, participated in the camp andlearnt advance skills of the game by trained young coaches of Right-to-Play.

The significant aspect of the camp was the lesson of learning basic life skills through thegame of football. The ex-district Nazim of Mardan,0 Himayat Ullah Mayar was the chief guestof the final ceremony of the football coaching camp.

Mayar encouraged all the young participants of the camp and stressed the need of more sport-ing activity for youth in the society.

"Countries which have more play grounds need less number of hospitals," said Mr. Mayarwhile speaking to a gathering of football players, DFA Officials and community members. Heappreciated the efforts of Right to Play in district Mardan for the promotion of sport and playactivity in the area. Right to Play not only promotes sports but also uses them for the commu-nity and individual's development. Such an approach to use sport for development is named as"Sport for Development". The UN also plans to achieve Millennium Development Goalsthrough sports by using the same philosophy of "Sport for Development".

Right-to-Play is implementing its program in more than 150 schools in Pakistan in the dis-tricts of Peshawar, Mardan, Mansehra and Thatta. Right-to-Play's Mardan project is workingwith an objective to promote the idea of peaceful co-existence and a healthy life style for youthand children through sport and play. More than 24,000 school children and local youth are get-ting the benefits of this program in district Mardan, which is working with 50 partner schools.Right to Play has also trained more than 50 local youth as head coaches to implement its pro-gram in schools across Mardan. -APP

Right-to-Play Summer Football coaching camp concluded in Mardan

Pak pugiliststo get trainingat Amir’s gymISLAMABAD: PresidentPakistan Boxing Federation(PBF) Doda Khan Bhutto saidon Monday that the federationwould soon send a group of fiveyoung pugilists to England toobtain training at WBA cham-pion Amir Khan's gym.

He said that Amir won thelight welterweight world titlebecause of his ability, fitness andhard training. He added that theboxer had announced that he wasready to assist Pakistan boxers,especially in the run up to the2012 London Olympics andoffered the PBF to send youngboxers to his gym for gettingtraining. Amir Khan, alsoknown as King Khan onSaturday night defeated ZadJudah of the US in Las Vegas.He said he had a special place inhis heart for Pakistan and wasready to assist the sport in thecountry. "I'll do whatever I can tohelp Pakistan boxing," he said.

"I'm in touch with the PBFPresident Doda Khan and I'mready to provide any assis-tance," he said adding that thePakistan boxers will be trainedat his academy in UK ahead ofthe London Olympics quali-fiers. "We'll be extending ourboxing facility to Pakistan dur-ing the camp."-Agencies

Page 11: thefinancialdaily-epaper-26-07-2011

11Tuesday, July 26, 2011

International & Continuations

The two diplomats will firm up the agenda for talks between External Affairs Minister S M Krishna and his Pakistanicounterpart Hina Rabbani Khar tomorrow (Wednesday), reported PTI. Khar, Pakistan's first woman foreign ministerand the youngest to occupy the post, arrives here today (Tuesday) for talks.

Rao and Bashir are expected to review an entire gamut of bilateral issues and firm up deliverables that will beunveiled by the foreign ministers Wednesday. India is ready to discuss "all issues with an open mind", and will pushfor speedy justice for victims of the 26/11 Mumbai carnage, a government source said. Pakistan is expected to raisethe Kashmir issue. A top government source said the two sides tomorrow (Wednesday) will announce a slew of CBMsaimed at lowering barriers to expanded trade and travel across the two divided halves of Kashmir. An increase in thefrequency of cross-Kashmir bus links between Srinagar and Muzaffarabad and Poonch and Rawalakot, an increase inthe number of trading days across the Line of Control (LoC), and opening of more trading points are expected to bethe tangible outcomes of talks. "We are discussing increasing the frequency of the trading days, improving the bus com-munication, resolving issues relating to entry permits used by traders. The idea is to make LoC trade easier," the sourcesaid. The meeting between the foreign ministers marks the high point of the peace process India resumed with Pakistanafter an over two-year hiatus following the Nov 26-28, 2008 Mumbai terror spree that was perpetrated and mastermind-ed by Pakistani terrorists and elements from across the border. - Online

Continued from page 1No #13

Online reservation system has been introduced on the Pakistan Railways system. So far 42 stations have been com-puterized; 10 more stations are planned during current fiscal year. He said the procurement of 530 high capacity freightwagons amounting to $36.995 million will be completed in June 2011.

The project of procurement of 150 new diesel locomotives at the cost of Rs55,488 millions was approved by Ecnecin December 2010. Contract agreement is being executed and expected to mature within three-year. He said contractagreement for manufacturing and procurement of 75 new diesel locomotives amounting to $105.143 million was signedwith Fong Fang Company of China. The matter is in Islamabad High Court. The official said that procurement and man-ufacturing of 202 new design passenger coaches amounting to $134.452 million will be completed during 2012-13.Replacement of three breakdown/rescue cranes and procurement of five sets of relief trains equipment at the cost ofRs1674 million was approved by CDWP and included in Ecnec's next meeting, he added. The official said that rehabil-itation and improvement of track from Quetta to Taftan bears the estimated cost of $671 million. The work might becompleted in next five years, subject to provision of funds. He further added that installation of automated arrive/depar-ture board at major railway stations is likely to be completed in this financial year. The official informed that PakistanRailways is yet to receive Rs11.6 billion bailout package approved by the Federal Cabinet, adding that Pakistan Railwaysneeds funds to purchase new locomotives and repair the old-ones besides improving its infrastructure. - APP

Continued from page 1No #14

"It reflects the difficulties of the central bank governor to do his job: to maintain price stability in the backdrop of the dominanceof the fiscal side in the form of large borrowings," said Agost Benard, S&P credit analyst. "Given Pakistan's unstable domesticpolitical situation, the resignation does not come as a surprise." S&P rates Pakistan B-, just one notch above a CCC rat-ing that would imply an impending default, but Benard said the B-rating reflected a lack of stability of key institutions.

The International Monetary Fund (IMF) has also criticised the government for its patchy implementation of fiscalreforms and has held back the sixth tranche of an $11 billion loan programme since August last year. IMF and Pakistanofficials were due to meet this month though no official date has been announced. Last week, the U.S. confirmed itwould hold back $800 million to Pakistan, or nearly a third of its total security aid, in part because Pakistan hadexpelled American military trainers and imposed other limits on visas for U.S. personnel.

Continued from page 1No #15

Human Rights Commission of Pakistan said 1,138 people werekilled in Karachi in the first six months of 2011, of whom 490were victims of political, ethnic and sectarian violence. - Reuters

Continued from page 12No #1

"I will still say that you will not be disappointed. But one must understandthat we are being governed by certain sections of the Constitution. So, nowwhat is important is how to get that. I discussed (that) with Mr Chidambaramin detail," he said. Referring to the trial of the seven accused in the 2008Mumbai attacks in a Pakistani court, Malik said "Delay is there and the delayis not solely because of Pakistan. It is because the incident had happened in asecond country". "Now since the final charge-sheet is already submitted and theaccused have been arrested and their bails were rejected at the level of SupremeCourt, the moment the judicial commission returns (from India) after theirwork, I am sure it will go in fast track but you know they (India) examined ourrequest for the judicial commission almost a year," he said.

Malik said his government has done its best and the investigators producedenough proof against the accused and they are likely to be convicted. He saidthere were two parts in the issue - one was the investigation and prosecutionand the other was judicial process. "As far is the investigation is concerned, wehave done our part. We have brought them to justice. Now it is up to the court.Obviously, no side can influence the court. Our intention is very clear," he said.The Minister said the matter got delayed because the court wanted a judicialcommission and now the government was taking permission for theConstitution of the judicial commission and it was sure that the permissionwould be given. "So it is important that you cannot bypass the law," he said.

On India's request to send a commission to Pakistan in connection with the26/11 probe, Malik said his country agreed on the commission. When a requestwill come, it will be examined by the concerned law department and if they agree,it will be allowed to visit, he added. "That is what we did. We sent the request, itwas examined by your government and they allowed us. And when they will sendthe request, we will examine and we will respond positively," he said. - Online

Continued from page 12No #2

Referring to complaint against Ogra's cold response, the acting chairman saidOgra doors were open to resolve LPG distributors' and all the authority officialswere supposed to cooperate as they were drawing salaries from tax payers' fund.

The acting chairman sought two weeks' time to resolve demands includingraise in commission from Rs70 to Rs100 on 11.8 kg cylinder, announcement ofLPG prices one in month, ban on manufacturing small cylinders to discouragedecanting, bringing uniformity prices of imported and local LPG etc.

The chairman also administered oath to chairman distributors association,Muhammad Irfan Khokhar and his cabinet for another five years term.Muhammad Irfan said that his association was enjoying support across thecountry and presence of representatives from the provinces and even districtsin the convention was reflecting this fact. He appreciated the acting chairmanfor extending his support in resolving the issues of the distributors.

The association also lauded the draft of LPG production and distribution pol-icy 2011, which aims to increase LPG supplies through indigenously producedand imported product to cater to rapidly increasing demand and stabilize prices.

The other speakers also discussed suggestions for working out an effectiveLPG price mechanism seeking announcement of prices on monthly basis andban on sub-standard cylinder which causes fatal incidents. - APP

Continued from page 12No #3

It said show cause notices in respect of a total missing 6,830 Chaman boundcontainers had been issued which also involved an estimated total revenue ofRs13 billion. It said in addition to 3,688 containers, (earlier figures submittedwith the Court) another 3,142 containers destined for Chaman had been iden-tified as missing and the Collector Customs, Quetta had also confirmed thatthey did not receive them at Chaman.

The report said the record of about 108,000 Cross Border Certificates(CBCs) of Peshawar Customs were obtained from the Federal TaxOmbudsman and retained by Peshawar Customs pertaining to goods crossingborder at Torkhum under Customs escort. It said initially non-commercialcargo cleared through customs during the four year period of January 2007 toDecember 2010 was investigated.

For this purpose, the record of Goods Declarations (GDs) retained byChaman and Torkhum Customs at the stage of cross border had been obtainedand got digitized, it added. The record had been compared with the record ofnon- commercial cargo cleared through Karachi as a result approximately5,000 GDs had been identified as suspect, it added.

About its steps against the responsible, the FBR Chairman told the court thatinstructions for lodging FIRs for 147 containers had been issued. In additionto these 147 containers, 48 suspect Cross Border Certificates (CBCs) availablewith Karachi Customs were sent to Quetta Customs for verification of theauthenticity. The Quetta Customs had confirmed that 45 of these CBCs werefake/fabricated; the report said and added that further efforts were on to traceout other cases. The FBR Chairman said to verify these figures, the data ofcommercial transit cargo had been sent to the Afghan government and theirresponse was still awaited.

Continued from page 12No #4

he was sworn in at the US Embassy in Kabul, in an apparent nod toAfghanistan's powerful and wary neighbors. "We will stay as long as we needto and not one day more." Afghanistan has complex relationships withPakistan and Iran, who see the country as vital to their own security and fearUS efforts to undermine their influence there, while both China and Russia arewary of US ambitions in the region.

However, despite billions being poured into building up the Afghan securi-ty forces, the problems they face - from illiteracy to corruption - means bothAfghans and foreigners expect some kind of continued military supportbeyond 2014, even if foreign troops are no longer on the front lines.

The United States may also be keen to keep bases for attacks on targets inPakistan's lawless tribal areas believed to pose a terrorist threat, such as thebase that was used to launch the raid that killed al Qaeda head Osama binLaden earlier this year, analysts say. Crocker said the United States had no hid-den agenda. "We have no interest in using Afghanistan as a platform to proj-ect influence into neighboring countries," he said. "Our sole interest is inAfghanistan's security and sustainable stability and ensuring it will neveragain become a haven for international terrorism." - Reuters

Continued from page 12No #5

The Iranian official had on Sunday said he hoped the final agreementlaunching the project could be signed before the end of the year.

Iran has the second largest proven gas reserves in the world after Russia.It currently consumes almost all of the approximately 600 million cubic

meters (21.8 trillion cubic feet) per day of gas production, but hopes to doubleits production and export some 250 million cubic meters per day to its neigh-bours and to Europe from 2015 through developing a giant offshore gas fieldin the Gulf, which it shares with Qatar. - APP

Continued from page 12No #6

Pakistan People's Party (PPP) leads the assembly with 29 seats, PakistanMuslim League-Nawaz (PML-N) is runner up with 11 seats. Last AJKLegislative Assembly's leading party Muslim Conference is at third positionwith five seats and Muttahida Qaumi Movement (MQM) is at fourth placewith two seats. - NNI

Continued from page 12No #7

The enquiry was concluded that three companies were involved in the sup-ply of LT TOU Meters and had colluded to rig the Fesco tender number 6,dated August 4, 2009. The enquiry report revealed that the bidders had collud-ed to fix the price and divided the share of supply of LT TOU Meters procuredunder the Fesco Tender deliberately.

The companies have been given fourteen days to show cause in writing andto avail the opportunity of being heard before CCP. CCP in its earlier enforce-ment orders held that collusive bidding poses serious concerns for public pro-curement. Due to the collusion between bidders, the cost of public procure-ment artificially increases and the taxpayer suffers at the end. - APP

Continued from page 12No #8

In long-term finances, the government's receipts under project and pro-gramme loans amounted to $856 million and $1.389 billion respectively.

If compared with previous year's inflows of $1.048 billion and $2.516 bil-lion it shows a respective dip of 18 per cent and 44.7 per cent. On a quarterlybasis, foreign financing into the country remained in the red zone with the sec-ond quarter of FY11 being the worst for Pakistan where it received only $276million. The remaining three quarters, July-September 2010, January-March2011 and April-June 2011, saw disbursements amounting, respectively to$623 million, $648 million and $698 million.

Continued from page 1No #9

to buying in anticipation of increase in feed gas prices resulted into surge infertilizer prices. Similarly, urea sales increase by 4 per cent to 492,000 tonnein June 2011 compared to 473,000 tonne in same period last year. While DAPsales significantly up by 127 per cent at 68,000 tonne versus 30,000 tonne inMay 2011. Average retail prices of urea were recorded at Rs1,407 per bag,showing surge of 6 per cent MoM against price of Rs1,328 per bag recordedin May 2011. However, average retail price of DAP dipped marginally by 0.4per cent during June 2011 to stand at Rs4,031 per bag compared to Rs4,049per bag during May 2011.

Continued from page 1No #10

for textile sector and other eligible sectors to SBP-BSC (Bank), Peshawarup-to August 31, 2011. SBP has informed all banks / development financeinstitutions (DFIs) /microfinance banks (MFBs) that the rate of mark up dif-ferential for 3rd installment, for six months ending on 30th June 2011, hasbeen worked out at 6.18 per cent.

'Accordingly, banks and DFIs may calculate the amount of mark-up rate dif-

Continued from page 1No #11

Now authorities are turning to any means they can to try and end the bloodshed and police in Punjab hope the forceof collectors of taxes on water for irrigation, first set up under British colonial rule, can augment their efforts. "We wantnumberdars to become the eyes and ears of police and help us in eliminating terrorism," senior Sahiwal police officialShahzada Ghous Ahmed, who is organising the workshops, told Reuters. The plan is being field-tested in Sahiwal, 340km (210 miles) south of Islamabad, and about 800 numberdars have been trained since the beginning of June.

During the workshops, the numberdars are given a booklet containing the names of 32 militant organisations, includ-ing al Qaeda, the Taliban, Lashkar-e-Taiba and Sipah-e-Sahaba, and asked to provide information about their members.The Lashkar-e-Taiba is an anti-Indian militant group with historically close ties to Pakistan's top spy agencies. It isaccused of being behind the 2008 Mumbai attack that killed 166 people. Sipah-e-Sahaba is a sectarian organisation alliedwith the Pakistani Taliban. It's off-shoot, Lashkar-e-Jhangvi, is allied with al Qaeda and has killed hundreds of a sectover the years. "It is now the duty (of the numberdars) to point out religious extremists and those having links with ter-rorist organisations," police said in the 12-page booklet. Punjab is home to some of its most violent militant groups andthe numberdars are told to get information about militants collecting donations and recruiting youngsters.

Security officials in Sahiwal said they had prepared a list of 111 hardcore militants in the district and numberdars havebeen told to find out what they're up to.

OLD SYSTEM, NEW THREAT

Under the old numberdari system, influential landlords were appointed to collect water taxes for the government andhelp police control crime. But the system virtually disappeared after Pakistan's independence in 1947 when the govern-ment appointed its own officials to collect revenue and strengthened the police. The bid to revive the numberdari sys-tem in Punjab mirrors government efforts to mobilise ethnic Pashtun elders in the northwest to tackle militancy there.

There, some tribal elders have raised militias to help the military but the militants have struck back hard, killing hun-dreds of elders and militia members. Security analysts said the numberdars' fears that the same fate could await themwere justified. "The numberdar is part of the society. If he started telling this then he can be killed," said military expertand security analyst Ayesha Siddiqa. "Why should he do it?"

Police official Ahmed said they had promised to allow numberdars to keep weapons if they provided good informa-tion about militants. Another analyst said the plan had not been properly thought through. "It's a half-hearted and notvery well-thought out effort because it is risky for those who will do this job and apparently there is no backup plan toprotect them," said political and security analyst Hasan Askari Rizvi. For years, the militant groups have been woveninto the political fabric of Punjab with provincial governments pandering to the Islamists to drum up electoral support.

The Punjab provincial law minister, Rana Sanaullah, last year campaigned openly with the head of Sipah-e-Sahabaand courted the votes of group members and supporters. Given such long-standing links, authorities didn't need the num-berdars to expose the militants' secrets, and the programme was little more than political theatre, said Siddiqa. "It's adrama. They already have this information," she said. "Historically, we've seen when leaders of banned organisations arearrested then they (government officials) make phone calls for their release." - Reuters

Continued from page 1No #12

He maintained that scrutiny of assets declarations of officers in BPS-17 andabove had also been completed and letters of explanations were issued to thoseofficers in whose declarations discrepancies were found. The bench appreciat-ed efforts of the FBR Chairman and adjourned further hearing till date inoffice. - APP

DHAKA: India's Congress Party chief Sonia Gandhi (L) and Bangladesh's Prime MinisterSheikh Hasina look on during a conference on autism in Dhaka. - Reuters

WASHINGTON: TheInternational Monetary Fundwarned on Monday the UnitedStates must raise the debt ceil-ing quickly and get its debtsunder control for the sake of theglobal economy.

The IMF made the appeal aspart of a review of US econom-ic prospects in which it con-cluded a slow-paced recoverycan continue with some fiscaltightening but stressed that pub-lic debts were a concern.

"Directors (on the IMFboard) highlighted the urgencyof raising the federal debt ceil-ing and agreeing on thespecifics of a comprehensivemedium-term consolidationprogram," the IMF said asefforts continued between theObama administration and law-makers to craft some plan toavoid a potential US debtdefault.

With an August 2 deadlineapproaching, after which theUnited States may not be ableto issue more debt, lawmakers

have so far refused to compro-mise on a plan to raise the$14.3-trillion (8.78 trillionpound) legal borrowing limitand come to grips with spend-ing and tax issues.

The IMF said some action toget debts under control muststart in fiscal 2012, whichbegins on October 1, or theUnited States will face a disrup-tive loss of credibility.

"The strategy should includeentitlement reforms, includingadditional savings in healthcare, as well as revenueincreases, including by reduc-ing tax expenditures," it said.

IMF staff said risks to the USoutlook were rising. Thoseinclude the possibility of asudden increase in interestrates or a sovereign downgradein US debt -- basically a deci-sion to rank the United Statesas less creditworthy -- if agree-ment to raise the debt ceilingand install a medium-term planfor debt reduction is not soonreached.-Reuters

Swift US actionon debt in global

interest: IMF

Agencieslook for

credit ratingalternatives

WASHINGTON: Bankingregulators expect to releaseproposals for replacing thework of credit rating agenciesin their regulations later thisyear when comprehensive pro-posals on tougher capital stan-dards are unveiled, the FederalReserve said on Monday.

Credit rating agencies, such asMoody's Corp and McGraw-Hill Cos' Standard & Poor's,have been criticized for fuelingthe 2007-2009 financial crisisby assigning gold-plated ratingsto securities that proved to befar more risky than advertised.

In response, the 2010 Dodd-Frank financial oversight lawrequires regulators to strip fromtheir regulations the reliance oncredit rating agencies' work todetermine such things as capitalrequirements for banks basedon the riskiness of their assets.

In a report to Congressreleased on Monday, the Fedsaid that banking agencies arestill working to find alternativesto the credit raters.-Reuters

Moody’s warnsGreek default

almost certainATHENS: Moody's cutGreece's credit rating furtherinto junk territory on Mondayand said it was almost certain toslap a default tag on its debt asa result of a new EU rescuepackage.

It was the second ratingagency to warn of a defaultafter euro zone leaders andbanks agreed last week that theprivate sector would shoulderpart of the burden of a rescuedeal that offers Greece morecash and easier loan terms tokeep it afloat and avoid furthercontagion.

"The announced EU pro-gramme along with the Instituteof International Finance's state-ment implies that the probabili-ty of a distressed exchange, andhence a default, on Greek gov-ernment bonds is virtually 100percent," Moody's said in astatement.

Bank lobby IIF, which ledprivate sector negotiations,aims to attract 90 percentinvestor participation in thebond exchange plan whichcomes on top of the EU's new109 billion euro (96.2 billionpound) bailout.

Moody's cut Greece's ratingby three notches to Ca, just onenotch above default, to reflectthe expected loss implied by theproposed debt exchanges.

Greece now has the lowestrating of any country in theworld covered by Moody's,which, like Fitch last week, saidit would review Greece's ratingafter the debt swap is complet-ed.

"Once the distressedexchange has been completed,Moody's will reassess Greece'srating to ensure that it reflectsthe risk associated with thecountry's new credit profile,including the potential for fur-ther debt restructurings," itsaid.

However, whereas Fitch pledgedto quickly give Greece a higher,"low speculative grade" after itsbonds had been exchanged,Moody's said .-Reuters

ferential on outstanding business loans of above areas, on the basis of above rates and keeping in view the terms & con-ditions contained in above Scheme,' says IH& SMEFD Circular Letter No. 14 of July 25, 2011.

However, MFBs may calculate mark up rate differential to the extent of 22.5 per cent pa ie differential between 7.5per cent pa and weighted average lending rates of MFBs ie 30 per cent pa or actual rate whichever is lower, as com-municated in September, 2010, the circular letter added.

and investors are also awaiting the Reserve Bank of India's accompanying comments for cues on the outlook forrates. "I believe we might see a 25 basis point hike tomorrow, which is factored in," said Rakesh Rawal, head of pri-vate wealth management at brokerage Anand Rathi.

Bharti Airtel and Reliance Communications closed 5.2 per cent and 15.1 per cent higher, respectively, while IdeaCellular gained 8.3 per cent at close.

Reliance Communications was the most-traded stock on the NSE, with 31.6 million shares traded, more than fivetimes their 90-day average daily volume. "We believe positive news flow for the sector is likely to continue and postincrease in voice prices, we also expect 2G data rates to move up, and this will facilitate 3G growth,' HSBCS ecuritiessaid in a note. However, an ongoing investigation into the award of 2G phone licences, is expected to keep sentimentcautious. "The investigations over 2G scam are still on. It is difficult to infer what will be the conclusion," AnandRathi's Rawal said.

Energy major Reliance Industries, which has the heaviest weight on the main index, climbed 1.1 per cent after thegovernment approved its plans to sell a stake in some oil and gas blocks to BP in a deal worth up to $7.2 billion.

The company is also due to release June-quarter results after market hours, and a Reuters poll last week showed prof-it would have risen 18 per cent.

Financials closed higher ahead of the central bank policy review. Leading lenders State Bank of India, ICICI Bankand HDFC Bank advanced between 0.6 per cent and 0.7 per cent.

The 50-share NSE index firmed 0.8 per cent to 5,680.30.Around 610 million shares were traded on the NSE, higher than the 90-day daily average volume of 577 million

shares, while gainers outnumbered losers in the ratio of 1.4 to 1. -Reuters

Continued from page 5No #16

Morgan Stanley strategists also downgraded their stance on Insurance to "equal-weight", taking European financialsoverall back to that level.

"We think until a comprehensive solution to solvency and growth concerns is reached, that ultimately any hope-driv-en rallies in financials are likely to remain ones to sell into," said Morgan Stanley strategist Matthew Garman.

Conversely, the strategist upgraded his stance on the European pharmaceuticals sector to "overweight", helping drug-makers provide the main underlying strength for the FTSE 100 index.

GlaxoSmithKline was up 1.7 per cent ahead of second-quarter results due on Tuesday, with traders also citing theimpact of a BofA-Merrill Lynch hike in target price to 1,500 pence from 1,400 pence in a preview.

EARNINGS EYEDIntegrated oils also got a boost ahead of the start of the sector's reporting season, with BP and BG Group both up 1.1

per cent ahead of second-quarter numbers on Tuesday.And precious metals groups were in demand as investors looked for relative safety, with Mexican miner Fresnillo

the top riser blue chip riser, ahead 2.9 per cent.Peer Randgold Resources added 0.5 per cent as gold hit a record high on Monday above $1,620 an ounce.Bullish broker comment added support, with Investec resuming coverage of UK-listed gold firms on Monday with

a positive outlook across the board, naming Randgold and midcap African Barrick Gold , up 1.3 per cent, as its pre-ferred picks. African Barrick will report first-half results on Tuesday.-Reuters

Continued from page 5No #17

noting light volumes and a lack of major foreign players."Everyone is looking at how the debt ceiling talks affect the dollar/yen moves," said Koichi

Ogawa, chief portfolio manager at Daiwa SB Investments."The market has already priced in the post-quake recovery by Japanese manufacturers and

exporters, but the yen's rise comes as a big negative surprise. With such a strong currency it'shard to imagine a long-term recovery in corporate earnings," added Ogawa.

The dollar slipped in early Asia trade on Monday, falling to a near four-month low of 78.13yen, from 78.52 yen on Friday. It trimmed its gains and was trading at 78.35 by late afternoon.

The benchmark Nikkei average closed down 0.8 per cent at 10,050.01 on Monday, holdingabove support at its 5-day moving average at 10,018. The broader Topix also shed 0.8 per cent,to 861.91.

Volume fell to a two-month low with 1.4 billion shares changing hands on the main board,below last week's lukewarm daily average of around 1.6 billion shares.

After the bell, Canon Inc posted a 31 per cent decline in quarterly operating profit on Monday,hurt by production halts due to parts shortages after the March 11 earthquake, but it raised itsfull-year forecast due to a faster recovery than expected.

The world's biggest maker of digital cameras lifted its annual operating profit forecast to 380billion yen, above a market consensus of 365 billion yen.

Republicans and Democrats in the US Congress were each trying to put together their own planafter talks with President Barack Obama broke down over the weekend, heightening fears of acatastrophic US debt default that could roil the global economy.

Kawasaki Heavy Industries, a major foreign supplier of train technology to China, were hit bya slide in shares of Chinese rail equipment makers after a deadly train crash at the weekend trig-gered concerns about the safety of China's fast-growing rail network.

Kawasaki ended down 2.9 per cent at 298 yen. Chinese rail equipment makers fell as muchas 16 per cent. Initial reports from China were that the trains involved in the collision weremade with Chinese technology, but media reports Monday laid the blame on "foreign tech-nology." -Reuters

Continued from page 5No #18

Page 12: thefinancialdaily-epaper-26-07-2011

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Tuesday, July 26, 201112

KARACHI: Police person stands alert on a roof of a building during police operation in terror hit area of Malir.-Online

KARACHI: Police, in their bid torestore peace in the metropolis,Monday completed a nominal searchoperation in Malir, where a TT pistolwas recovered.

According to a private televisionchannel, at least 65 suspected peoplehave been nabbed during raids inLandhi-89, Bilal Colony, MohabbatNagar, Liaquatabad, Orangi Town,Gulberg, North Nazimabad andMalir.

Raids were conducted overnight invarious areas including Landhi. Lateron, a gatecrash operation was carriedout in Malir areas including JafferTayyar Society, Ansu Goth andSahibdar Goth.

In an operation announced two

days back by Additional IG, policepersonnel recovered a TT pistol andsome bullets from an uninhabitedhouse.

Fresh political and ethnic violenceover the past three days left up to 44people dead and taking the death tollfor July to about 185, city police saidon Monday.

Most of the weekend's casualtieswere reported in the city's easternMalir, Landhi and adjoining areas - amulti-ethnic, lower middle classneighbourhood.

"We have identified the people andat least 200 police commandos willbe dispatched to search and arrestthese people," said Naeem Boroka, asenior police official in Karachi's

eastern area.Police said there was no clear rea-

son for the latest bout of fighting. The two political parties represent-

ing the two ethnic groups have a his-tory of enmity and violence betweenthem.

The Muhajir-backed MuttahidaQaumi Movement, the Pashtun-backed Awami National Party and thePakistan People's Party have oftenused street thugs and ethnic gangsover the years as foot soldiers in acity-wide turf war over politicalpower in Karachi, which contributes68 per cent of Pakistan's tax revenuesand hosts the country's largest ports.

A recent report from the See # 1 Page 11

44 deaths in 3 days;no breakthrough as yet

65 nabbed in Karachi operation

THIMPHU: Pakistan says itsConstitution does not permit takingvoice samples of any accused butstill it would ''exhaust'' all possiblemeans to give voice samples of 26/11suspects to India.

It also says it cannot be alone heldresponsible for the delay in the trialof Mumbai attack accused in aRawalpindi court and that Indiashould share the blame for takingalmost a year in granting permissionto a Pakistani judicial commission tovisit India.

Interior minister Rehman Malikhas said according to the PakistanPenal Code and the Act of Evidence,the only identification of an accusedacceptable was the thumb impressionand officially no photograph or voiceof any accused can be taken.

"If I give the samples by any othermeans by recording their voice andsend it to India, that will be chal-

lenged in Pakistani court and therewill be contempt of court on theinvestigators and prosecutors," hetold an Indian news agency in aninterview.

Malik said Pakistan government'sappeal to allow it to take voice sam-ples of the accused was rejected by alower court and he had discussed theissue with his Indian counterpart PChidambaram.

"What is important is to go throughthe legal channel. So in the first levelin the court, it was rejected -- thatgovernment was not allowed to takesamples of voice. Then we move tothe next stage -- the higher court.

"The High Court, where we haveappealed against the order of the lowercourt to allow the government to takethe samples from the accused enablingus to send it to India," he said.

Making it clear that his govern-ment's intention was very clear about

bringing the perpetrators of 26/11Mumbai attacks to justice, theMinister said his government will"exhaust" all possible means to givevoice samples to India.

"The moment the court permits us,we will definitely send (the voicesamples to India). If the High Courtrejects, we will go to the SupremeCourt. We will exhaust every possi-ble stage. We are doing (it) transpar-ently and you can examine the law,"he said.

When reminded that he had toldChidambaram, during their one-on-one meeting in Islamabad last year,that India would "not be disappoint-ed" over its request for the voicesamples, Malik said he stood by theassurance and New Delhi mustunderstand the fact the Pakistan gov-ernment was being governed by itsConstitution.

See # 2 Page 11

Voice samplingnot allowed in

Pak, says Malik

26/11 accused

ISLAMABAD: Chairman of theFederal Board of Revenue (FBR)Salman Siddique on Monday submitteda report with the Supreme Court, sayingthat a total of 23,882 commercial transitcontainers meant for Afghanistan hadbeen missing, causing an estimated lossof Rs50 billion to the national excheq-uer in tax evasion/pilferage.

The report said that after goingthrough relevant record, it was learntthat 17,052 containers which had leftKarachi for Torkhum border area didnot arrive at the destination and werepilfered / smuggled inside Pakistan.

The report was presented before thethree-member bench comprising Chief

Justice Iftikhar Muhammad Chaudhry,Justice Tariq Parvez and Justice AmirHani Muslim that resumed hearing of asuo motu taken on media reports abouta large number of missing containersmeant for transportation of goods forthe International Security AssistanceForces (ISAF) stationed insideAfghanistan.

According to contents of the report,the FBR had issued directives for initia-tion of proceedings to Customs authori-ties concerned in Karachi.

It was feared in the report the figure ofmissing commercial containers mightswelled by 500.

See # 4 Page 11

‘Rs50bn tax evaded onmissing containers’

TEHRAN: Iran, Iraq and Syria inkedon Monday a Memorandum ofUnderstanding for the construction ofpipelines designed to deliver Iran's nat-ural gas to the two Arab nations in thenext three to five years and possibly toLebanon and Europe in the future, localmedia reported.

"The overall cost of the project is esti-mated around $10 billion," deputy oilminister and chairman of the IranianNational Gas Company (INGC), JavadOuji, was quoted by the Mehr newsagency as saying after the signing cere-mony.

The construction of pipelines stretch-ing for several thousand kilometers(miles) "should take three to five yearsonce funding is secured," according to

an estimate by Ouji on Sunday.The MoU was signed in the southern

Iranian port of Assalouyeh, the nation'sgas hub, by Iraqi oil ministerAbdelkarim al-Luaybi, his Syrian coun-terpart Sufian Allaw and Iran's oil min-istry caretaker Mohammad Aliabadi,media reported.

According to Mehr, the documentenvisages setting up within a monththree working groups to look respec-tively at the technical, financial andlegal aspects of the project, which hasbeen under discussion since 2008.

"Soon the feasibility studies will begiven to an international consultant,"Ouji said without detailing anytimetable.

See # 6 Page 11

Iran to supplygas to Iraq, Syria

KABUL: The United States has nointerest in creating permanent militarybases in Afghanistan and does not wantto use the country as a platform to influ-ence neighboring countries, the new USambassador to Afghanistan saidMonday.

Washington is negotiating with theAfghan government on a deal to definethe long-term American role inAfghanistan beyond the end of 2014,when Nato-led combat troops are due toleave after handing security control to

the Afghan army and police.It remains unclear whether the "strate-

gic partnership" agreement wouldexplicitly refer to possible US militarybases in Afghanistan beyond 2014.

Afghan President Hamid Karzai hassaid the possibility of long-term USbases can only be addressed once peacehas been achieved.

"We have no interest in permanentbases in Afghanistan," said USAmbassador Ryan Crocker shortly after

See # 5 Page 11

US denies Afghanstay plans

Ogra not to register LPG firmsISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday announced to abandon plan, envisag-ing registration of the Liquefied Petroleum Gas(LPG) distributors.

"If you (distributors association) don't accept registration, so does the authority but you have to avoid disastrouspractice of decanting which forces for registration like measure", acting chairman Mansoor Muzafar said whileaddressing at a LPG distributors' convention here. The Ogra has sought list of authorized distributors of marketingcompanies to be registered in order to ensure safety. He said the Ogra wanted to extend relief to common man byresolving problems of the distributors association which was performing instrumental role in this regard.

However, he added, the distributors were needed to strictly observe the checklist prepared by the authority to ensure safety.He asked the distributors to register complaints with the authority against marketing companies that were not return-

ing security fee to them, adding the authority would redress and could refer cases to the FIA. See # 3 Page 11

45 AJK lawmakerstake oath

MUZAFFARABAD: AzadJammu and KashmirLegislative Assembly's newlyelected 45 members have takenoath on Monday.

Pakistan People's Party (PPP)candidate Sardar Ghulam Sadiqhas been elected speaker andShaheen Kausar Dar deputyspeaker of Azad Jammu &Kashmir (AJK) Assembly.

Previous Speaker of AJKLegislative Assembly, Anwar-ul-Haq, presided over assem-bly's session last time and tookoaths from 45 newly electedmembers.

Two members were not pres-ent on the occasion while twoseats remained vacant in 49-member AJK LegislativeAssembly.

After completion of oath tak-ing ceremony, newly electedmembers voted for newSpeaker and Deputy Speaker ofthe assembly.

Owing to victory of RajaFarooq Haider on two seats andcancellation of polling on oneseat, two seats of AJK LegislativeAssembly remained unoccupiedwhile two newly elected mem-bers did not take oaths.

See # 7 Page 11

CCP issuesshow-causenotices to

3 firms ISLAMABAD: TheCompetition Commission ofPakistan (CCP) has issuedshow cause notices to threecompanies for indulging in col-lusive bidding in FaisalabadElectric Supply Company's(FESCO) tender to procure3000 units of LT TOU Meters.

According to a statementissued here on Monday, CCPhad initiated enquiry into possi-ble collusive bidding in Fesco'stender after reviewing details ofpublic procurement carried outby Fesco in the past few years.

The review was part of theCCP's "Bid Rigging DetectionProgram" aimed at identifyingand curtailing collusive biddingin public procurement.

See # 8 Page 11


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