profit.com.pk

Wall Street eases on IBM, Intel;Chesapeake slumps Page 02

Thursday, 19 April, 2012

AsK any academic, policymaker or politician evenremotely associated with

economics about the one, surekiss of death for a stagnanteconomy struggling withunemployment and the answerwill be near about unanimous –inflation. And when M2 moneycreation outpaces GDp growth by4-6 percentage points, Cpi isinvariably on the verge ofbecoming the ‘un-bottled evilgenie’ graduation text books warnof. And when almost all of thatmoney has gone to governmentborrowing, as opposed to privatesector offtake, the result is almostalways disastrous. seeing as theonly mega event to follow thebudget will be the next generalelection (barring the unforeseen),the economic buildup following asupposedly people friendlybudget does not seemencouraging for the incumbentgovernment.it’s interesting that the state bankshould attribute the poor state ofaffairs to “fiscal indiscipline” inislamabad, especially while itsprinting presses run overtime tofeed unbelievable governmentaddiction to debt. Add to that itsinability to treat commercialbanks’ chronic risk aversion, andits failure to channel greaterliquidity towards private sectorinvestment, and it comes outweak on both monetary stabilityand overseeing the bankingsector. simply put, islamabad isbankrupt, and its aid lifeline isweakening, swelling a debtbubble that has already becomeunsustainable.there’s no doubt the financeministry realizes what must bedone urgently. Rising prices mustbe matched by increasedproduction, and employment,otherwise the money multiplierwill devastate the middle incomegroup, further driving downproductivity, and nationalincome. However, for some timenow we’ve seen both fiscal andmonetary authorities paralysedwhen confronted with problemsthat can and will assumeexistential proportions if notchecked. if inflation continues,and debt builds, and aid dries,and fiscal leakages continue,there are far worse times ahead.

COMMENT

When inflationintends to stay

ISLAMABAD

ONLINE

Asum of over Rs 209 billionwould be required forprocurement of targeted7.72 million tons (Mt) of

wheat this year, well-placed sourcestold Online on Wednesday. thewheat procurement campaign on partof the federal and provincialgovernments for the year 2012-13would formally start from April 20.Harvest of the country’s gold crop

has already started in low lyingsindh and would commence in majorwheat producing province punjab.According to the sources, fourprovinces in addition pakistanAgriculture storage and servicesCorporation (pAssCO) are busymaking financial as well as logisticsarrangements to ensure timelyprocurement of the grain of everydayconsumption.“in punjab, farmers have cultivatedwheat on 16 million acres aiming atproduce of 19.2 million tons,” thesources said. “Likewise, sindhcultivated 2.5 million acres for targetof 3.2 million tons’ production”, thesources added.According to the sources, punjabwould require Rs. 105.300 billion toprocure target of 4 million tons of

wheat. similarly, sindh to procure1.3 Mt would need Rs 34.125 billion.Khyber pukhtunkhwa andBalochistan are looking for Rs 8.53billion for 0.325 million tons, and Rs2.62 billion to procure 0.100 Mt ofwheat, respectively. At the sametime, the federal government outfitpAssCO would be procuring a coupleof million tons of wheat at theestimated cost of Rs 59 billion. “inthis regard,” the sources added,“pAssCO has established 220centers in 11 zones across thecountry to start its wheatprocurement campaign for the year2012-13.”Meanwhile a punjab governmentofficial told Online that the provincewould borrow the loan of Rs. 92billion form the Bank of punjab for

wheat purchase. “Any growerapplying for gunny bags will beentertained for maximum 200 jutebags or 400 polyethylene bags onceduring the first 15 days ofprocurement at the centre,” theofficial said.earlier, the federal government hadset the procurement price at Rs1,050 per 40kg along with Rs 7.5 per100 kg wheat as delivery charges.Online broke the story a fortnight backthat the government has fixed 24.2million tons as overall productiontarget for the current year. this year’starget is 0.8 million tons short of thelast year’s total yield of 25 million tons.the federal government has alsoestimated annual requirement of wheatacross the country to the tune of 24million tons.

Harvesting hopeg Rs 209b required to procure 7.72MT wheat g Procurement to start on April 20 g Punjab needs Rs105.3b,Sindh Rs34.125b, KP 8.53b and Balochistan Rs2.62b

LAHORE

IMRAN ADNAN

Despite opening of specialtrade gate at Wagha Borderand tall claims of liberalisingbilateral trade with india,

local exporters are facing multiple non-tariff barriers (NtBs) imposed by india inway of pakistani exports, pakistan todayobserves.pakistani exporters point out that themuch talked about trade gate (integratedCheck post) was opened at Attari on April13, which encouraged the bilateral tradebetween two neighbours. But the indiangovernment had restricted the movementof pakistani trucks by imposing ban ontrucks having more than 10 wheels or 40tons loading capacity.speaking to pakistan today, localexporters highlight that indiangovernment has halted the movement ofall pakistani trucks having loadingcapacity of more than 40 tons with astroke of pen, which resulted in that anumber of pakistani trucks having

loading capacity of more than 80 tons hasstuck up at Wahga Border.they further point out that even after thedelayed opening of trade gate, truckscanners installed at integrated Checkpost are not functional that createdanother hurdle in the way of pakistaniexports to india. they believe that despiteall government claims at both sides of theborder, environment at Wahga Border isnot conducive for business and trade asinfrastructure is not efficient enough tohandle the increased volumes of trade.pakistani is primarily exporting cementand gypsum to india through WahgaBorder, but industry pundits in thesesectors are also unhappy with the tradefacilities on the other side of border.Cement industry gurus underscore thatcement is one the major commoditiesthat is abundantly available in pakistanand can be exported to india through thisland route. But, most of the availabletransportation for cement has a loadingcapacity of more than 40 tons. they saidavailability of 10 wheeler trucks with aloading capacity up to 40 tons for cement

is limited and this restriction willincrease the transportation cost for notonly cement but also for othercommodities as well, resulting in thecement industry being unable to competein india, they underlines.they further points out that indianauthorities have already imposednumbers of NtBs, like license restriction,lack of infrastructure, etc., due to whichcement industry is unable to perform.Now, another non-tariff barrier shall nothelp the industry to increase its exportsand earn much needed foreign exchangefor the country resulting is huge balanceof trade deficit in favour of india.Official data available on the website ofAll pakistan Cement ManufacturersAssociation (ApCMA) shows the cementexports to india were around half millionton during 2011-12, while industryexperts believed that once all NtBs wereremoved, pakistani exporters could swellcement exports to five million tons.Cement exporters point out that despiteopening of separate trade gate only two10-wheeler trucks loaded with cement

could cross border so far, while variouscement consignments are waiting to crossborder. this whole situation clearlyindicates the infrastructure position, theyadded.A cement exporter on the condition ofanonymity disclosed that earlierpakistani exporter had to bribe indianofficials to get their consignmentsCustoms cleared and unloaded in indiaand for that purpose they had hiredindian to negotiate with local authorities.He pointed out that cementmanufacturers lobby in india was sopowerful that it influence its governmentdepartment to delay pakistani exports,which ultimately increases export costand made pakistani merchandiseuncompetitive.He further revealed that indiangovernment officials were so clever thatthey received bribe from both indian andpakistani businessmen on pretext ofstopping or expediting release ofmerchandise. these all NtBs createhurdles of pakistani exports, heconcluded.

gLocal exporters still face multitude of non-tariff barriers g Integrated check-post; loads of hype, little endproduct g 10-wheel, 40-tonne Pakistani trucks restricted, scanners not functional

WHEAT PROCUREMENT

India NTB about enhancing tradeNOT THAT BOTHERED

PRO 19-04-2012_Layout 1 4/19/2012 2:55 AM Page 1

news02Thursday, 19 April, 2012

NEW YORK

REUTERS

stOCKs were lower onWednesday afteruninspiring from iBM andintel, while Chesapeake

energy slumped after a Reutersreport highlighted large and unusualpersonal loans taken by its chiefexecutive. international BusinessMachines Corp (iBM.N) and intelCorp (iNtC.O) were the biggestdrags on the . iBM missed its revenueforecast, while investors said intel’sresults failed to make a “bull case” forthe stock. the lackluster reports fromthe two technology heavyweightscame at the start of what has been astrong earnings season. the s&p 500had its best day in a month ontuesday as Coca-Cola Co (KO.N) ledthe day’s round of solid earnings andas concerns eased over the debtcrisis. Bruce Bittles, chief investmentstrategist at Robert W. Baird & Co inNashville, tennessee, expects themarket to continue its back-and-forth, possibly trending lower in thesecond quarter after strong gainsearlier in the year.“A consolidation or correction phasein the second quarter would make themost sense, and probably it would bethe most healthy thing for themarket,” he said. Market breadth wasworse than the relatively slight lossessuggested in the late morning. On theNew York stock exchange, twostocks declined for every one thatrose. Chesapeake energy Corp(CHK.N) slumped nearly 9 percent to$17.40 after Reuters reported thatCeO Aubrey K. McClendon did notdisclose loans of as much as $1.1billion over the last three yearsagainst his stake in thousands ofcompany oil and natural gas wells.Chesapeake was the most activelytraded stock on the NYse,outstripping even Bank of America

with its massive share float.“i think where there is smoke, theremay be fire, and investors are still ina shoot-first mentality,” said DavidLutz, a trader a stifel Nicolaus inBaltimore. the Dow Jones industrialaverage dropped 71.18 points, or0.54 percent, at 13,044.36. thestandard & poor’s 500 index wasdown 6.80 points, or 0.49 percent, at1,383.98. the Nasdaq Compositeindex was off 17.60 points, or 0.58percent, at 3,025.22.iBM lost 2.5 percent to $202.32 andintel fell 1.7 percent to $27.98. thepHLX semiconductor index .sOXdeclined 1.2 percent. According tothomson Reuters data, 22companies in the s&p 500 wereexpected to report on Wednesday,including American express Co(AXp.N), Qualcomm inc (QCOM.O)and eBay inc (eBAY.O) after theclose. Of the 56 s&p 500 companiesreporting through Wednesdaymorning, 79 percent beat Wall streetestimates. “investors should notoverreact to positive news nor shouldthey be overreacting to really whatcould be viewed as isolated earningsreports. One report does not make atrend, unfortunately,” said timspeiss, a partner at eisner Amper in

New York.Yahoo inc (YHOO.O) gained 3.1percent to $15.47 after quarterlyrevenues rose in the first quarterlysales growth in three years, as thenew CeO outlined plans to revampthe struggling internet mediacompany. Halliburton Co (HAL.N)advanced 4.2 percent to $34.02 afterthe world’s No. 2 oilfield servicescompany said North Americanrevenue reached a record high. thepHLX oil service sector .OsX gained1.1 percent. sXC Health solutionsCorp (sXCi.O)(sXC.tO) will buypharmacy benefit manager CatalystHealth solutions inc (CHsi.O) forabout $4.4 billion. Catalyst jumped31.2 percent to $83.43 and U.s.-listed shares of sXC Health climbed 8percent to $86.74. GenworthFinancial inc (GNW.N) slid 22percent to $6 and was the worst s&p500 performer after the life andmortgage insurer pushed back theinitial public offering of an Australianunit. Berkshire Hathaway inc’s(BRKa.N) Warren Buffett said he hasstage 1 prostate cancer that “is notremotely life-threatening or evendebilitating in any meaningful way.”Berkshire Class B shares (BRKb.N)lost 1.2 percent to $79.78.

LAHORE

STAFF REPORT

MAssiVe increase of Rs. 1.67 per unit inelectricity tariff is not only anti-industry but anti-masses as well and is

bound to give a big blow to the catastrophe-hitindustrial sector. increase should be withdrawnimmediately otherwise it would give a bad nameto the government. While severely criticizing theunjustified increase in electricity tariff in thename of fuel adjustment, Chairman pakistanindustrial & traders Association Front (piAF)engr. sohail Lashari and Chairman Auto partsManufacturers & exporters Association Maliktahir Javed said that the recent hike in powertariff is bound to jack-up the manufacturing costof pakistani merchandise and resultantly thecountry would become a trading hub. they saidthat instead of increasing power tariff, thegovernment should concentrate on cheaper

means of power generation including coal-basedpower generation and hydel resources. they alsourged to government to curtail power theft andmake the system more efficient. they said thatthe traders and industrialists would be left withno other option but to close down theirbusinesses. they said that recent monitory policyof state Bank of pakistan has also revealed thegravity of situation while identifying stagnanteconomic activityone of the major factors. theysaid that economy was on the verge of collapsedue to highest-ever inflation, financial deficit,increasing internal and external debts. they saidthat growth rate of manufacturing in pakistanwas only 2.9 percent as compared to 7.7 percentin india, 6.1 percent in sri Lanka, 6.2 percent inBangladesh and 9.7% in China. they demandedof the government to withdraw recent increase inelectricity tariff and take concrete measures toenhance power generation in the countrythrough hydel and alternate resources.

BANDAR SERI BEGAWAN

ONLINE

pAKistAN is looking into the possibilityof energy exchanges, particularlyimporting Liquefied Natural Gas (LNG)

from Brunei. this was said by pakistan’s newHigh Commissioner Designate to Brunei Hisexcellency Major General (Rtd) Muhammadijaz Hussein Awan recently, adding this is anarea their country is looking forward to. “pakistan’s energy sector is really down andunder. We have power outages and shortages.We are an energy hungry country at themoment and we are rarely coping with ourenergy resources and with basic needs,” he toldthe Brunei times. Currently, pakistan isimporting Liquefied petroleum Gas (LpG) fromother countries. However, there is a need forLNG and it knows that this is one product thatBrunei is exporting to some countries. “the (LNG) is an important area to make up forthe shortages, and i would like to interact withthe energy Department and ask them what they

can do for the provision of LNG to pakistan, aspart of the government’s plan to import LNG,”he said. “We would love to enter into some kind ofenergy exchanges with the Bruneiangovernment if we can, and this is one area weare looking forward to,” His excellency added.On another front, the high commissionerdesignate spoke of a recent meeting he had withmembers of the Brunei-pakistan FriendshipAssociation to improve relations. He said that one area was trade between twocountries, and identified halal meat produce.“As pakistan has a very large market andproduces halal meat at a very large scale, wewant to join Brunei as partners in producinghalal meat. We want to work with the relevantministry in Brunei, and under its stamp, we arewilling to work with it,” he said. His excellency went on to say when tradeincreases, interaction increases. “When thereis more trade, more commonalities of interestand interaction, the relations will growfurther,” he said.

‘We might as well shut shop’

KARACHI

STAFF REPORT

tHe rapid progress of e-banking in the country is asign that pakistan is fastaccepting globalization,

said secretary it, Government ofsindh, Muhammad sualeh AhmedFaruqui on Wednesday.Addressing as the Guest of Honourat the euronet e-banking 2012, the10th conference and exhibitionorganized by total Communicationsand supported by pseB andp@sHA, Faruqui said that while theprogress is commendable, thisadvancement in the it sector shouldbe utilized to facilitate the commonpeople of the nation. “the change inthe public sector is not as high as itshould be, but the government isstriving to achieve automation inthe public sector offices. Apart fromthe federal government, theprovincial government is alsoworking to better equip the publicsector,” he said. the secretary italso invited the private sector toshow keen interest in the it Citybeing established in Karachi, addingthat land for this purpose hasalready been allocated and thegovernment is now in its planningphase for the project.Nadeem elahi, Chairman, p@sHAsaid that the it industry is worth$2.8 billion in pakistan which is 1.2percent of the Gross Domesticproduct (GDp). He said that whilethis is a positive figure, the local

industry has to go a long way as ithas extremely high potential. Hecompared the local it sector to theregion, particularly india, whose itindustry is worth $60 billion and isworth 4.36 percent of their GDp.He also said that pakistan’s exportshave increased and have touchedover 200 million. Referring tobranchless banking sector, he statedthat at present internet penetrationis 22 million, mobile users are 114million whereas bank accountholders are 25 million in thecountry, which highlights thegrowth opportunity thatstakeholders of this sector have.He further said that softwareengineering is the only professionthat has witnessed double growth insalaries in the past couple of years.He stated, “pakistan, in fact, has ashortage of qualified softwareengineers in the market”.During the conference, Jean-LouisMeyer, payment solutionsManager, Datacard, UsA,highlighted the opportunities andchallenges being faced within thedatacard solutions sector.He said that with Datacard solutions,instant issuance of permanentpersonalized debit and credit card isnow possible. He said that earlier theprocess of issuing and activatingdebit and credit cards was extremelylengthy which had been reducedwith the introduction of datacardchip. He said, “Datacard activationrate remains 15 percentage pointshigher among instantly issued cards

after 30 days”. 1 Link (Guarantee)Limited Chief executive Officer,Faisal ejaz Khan, during hispresentation, said that there are5,500 AtMs across the country and14 million debit/ credit card users.He said that 1 Link strongly believesthat “collaboration is everything”and therefore, keeping their motto inmind, 1 Link is looking to expand itspartnership base. Khan said thatpakistan has witnessed tremendousgrowth in branchless banking,ebanking, mobile payments,corporate payments andremittances- all of which has 1 link astheir common stakeholder. BilalAhmed of Abacus Consulting, sApand sybas gave a detailedpresentation on his three companyprofiles and said that sAp is thelargest software provider in theworld, while sybase has the largestdata centre in the world. MohamedMousa, Vice president andManaging Directo for Middle east,Africa and pakistan region, euronetWorldwide, singapore said theelectronic funds transfer (eFt)outsourcing is a strategic choice thatbanks around the world are adoptingtoday. He said that outsourcing is apopular choice for two reasons. One,he said, is cost saving as 10 percentcosts are saved per AtM per monthwhen operations are outsourced ascompared to in-house running ofAtMs. the second is transfer of risk,he said, as the bank does not have todirectly deal with any risks involvedin the eFt.

LAHORE

STAFF REPORT

FeDeRAL taxOmbudsman (FtO) Drshoaib suddle has saidthat the Federal Board

of Revenue (FBR) was collectingRs one billion additional everymonth besides 60% decline incontainer scams since Januarylast year when the FtO dugoutNAtO supply container scam.He called it mother of all scamsand said his office was proud ofdoing national service by savingbillions of rupees of the nationalexchequer. He was delivering a keynoteaddress at the seminarorganized to sign aMemorandum of Understanding(MoU) between the BusinessForum of punjab (BFp) and theFtO. president BFp ibrahimQureshi and Advisor FtOLahore region Haji Ahmedsigned the MoU in front of theFtO, BFp top leadership, taxconsultants, members BFp,businessmen and media on 18April 2012, Wednesdayafternoon at a local hotel.earlier, Chairman BFp syedNabeel Hashmi said in his

address that transparency andprofessionalism was thehallmark of BFp and it was animplementing tool of reformsleading to prosperous pakistan.He expressed the hope that theMoU would to facilitatebusinessmen at large throughthe platform of BFp.president BpF ibrahim Qureshibriefed the guests about thestructural organisation of theBFp, saying it was a very focusedand professional forum to givesolutions to the problems ofbusiness community. He saidthe district chapters of BFp havecollected valuable business datafrom the respective districtsduring in last one year thatwould be shared withpolicymakers to formulateeffective business policies. Heexpressed the hope that the BFpwould be becoming a pakistanwide organization soon.the driving force behind theBFp and Chairman the pakpurFoundation Haroon Khpresented vote of thanks andadvised the members to takebenefit of mutual cooperation ofFtO and the BFp in case theyare harassed by the tax collectorsunder mala fide intentions.

A memento was also presentedto the FtO Dr. shoaib suddle bythe BFp president ibrahimQureshi. Ms Ayesha Hamidmoderated the event. the FtODr shoaib suddle expressed hispleasure to witness the signingceremony congratulate BusinessForum of punjab for wonderfuljob and thinking about issuescommon to businesscommunity. He said the basictask of the FtO is to facilitate taxpayers by diagnose, investigate,redressing and rectifying the taxrelating issues. “i am theombudsman tax payers, and notthe tax evaders,” he said, adding:“A sustainable economic growthis only possible throughreasonably broadened tax basein a fair way and totally free ofextortion.” He said the taxcollection was a more criticalfunction, as a country can onlybe run through taxes and notarmy and police. He urged thetax collectors to facilitate thetaxpayers, as they generatetaxes by applying best of theirefforts and endeavours. He saidthe tax to GDp ratio has comedown to 8.2 pc last year and isdeclining every year. the tax toGDp ratio cannot be improvedwithout complimenting andsynergizing our efforts like theone the BFp has done with theFtO, he added.

IT secretary talks up e-banking FBR having the cake and eating it too

CLOSING DOWN

MOTHER OF ALL SC AMS

Gas import target # 119: Brunei

g Rs 1.67 electricity tariff hike like a dagger in the hearts and wallets ofindustrialists: PIAF g Demands govt to withdraw hike, enhance power generation

Wall Street eases on IBM,Intel; Chesapeake slumps

g Unraveling of NATO container scam revealsFBR collects additional Rs1 billion monthly

LNG LOTTERY

PRO 19-04-2012_Layout 1 4/19/2012 2:55 AM Page 2

news

Thursday, 19 April, 2012

03

PTCL launches 3G wireless Broadbandservices in Rawat industrial area

ISLAMABAD: pakistan telecommunicationCompany Limited (ptCL) has recently launched its3G eVO Nitro wireless Broadband service in theRawat industrial estate, near Rawalpindi. presi-dent Rawalpindi Chamber of Commerce & indus-tries (RCCi), Mr. Javed Akhter Bhatti inauguratedthe state-of-the-art wireless Broadband services ofptCL eVO Nitro in a colorful ceremony held atRCCi industrial estate, Rawat. ptCL’s executiveVice president estate Management, Mr. KanwarGhulam Mustafa and General Manager Wireless,Mr. Wajeeh Anwer, were also present on the occa-sion. “ptCL’s 3G eVO wireless Broadband is theonly wireless Broadband network providing Rev Aand Rev B connectivity in pakistan,” said ptCLeVp, Mr. Kanwar Ghulam Mustafa while address-ing local industrialists gathered on the occasion.“it gives unlimited data volume downloads in un-limited usage packages while giving consumers asuperior 3G experience.” president RCCi, Mr.Javed Akhter Bhatti thanked ptCL for connectingthe Rawat industrial estate with 21st century’sglobal information super Highway, noting that itwill yield a much-needed boost in Rawat’s indus-trial productivity. PRESS RELEASE

India gets a sense of Pakistani stylewith ChenOne’s Pareesa KARACHI: From clothing lines to home furnish-ings to accessories - more than 100 pakistani com-panies are set to showcase their exquisite collectionsat a four-day Lifestyle pakistan exhibition, the firstsuch to be held here from April 12. participantshope it will boost trade between the two nations.this jointly organized exhibition aims at opening updirect trade between the two nations and also in-tends to familiarize indian markets with high endquality and lifestyle products from pakistan. sincein pakistan the brand ChenOne rings synonymouswith everything that is lifestyle therefore it was must

for it to be featuring in the exhibition. ChenOne isconsidered among the most famous lifestyle brandsof pakistan which is gaining an immense recogni-tion in other countries as well, with 4 stores in UAeand another 2 in saudi Arabia. Currently the glob-ally acclaimed brand has 20 of its ChenOne lifestylestores in 15 major cities of pakistan providing inter-national standard style products with a commit-ment towards quality. PRESS RELEASE

Al-Razi Healthcare launces Lahore’sfirst world class TB testing lab

LAHORE: With the increased incidence of MDR-tBand the emergence of XDR-tB, laboratories have tohandle many dangerous strains. Biosafety conditionsshould therefore be stringent to help reduce transmis-sion of this disease amongst laboratory staff, as wellas the public at large. the facility has attained isOCertification (isO 9001:2008 and 9001:2001) for di-agnostic healthcare, including its pathology labora-tory and radiology services, and already has over 30medical experts working under the Al Razi umbrella.in addition to medical diagnostics, the facility willsoon be expanding its suite of services including am-bulatory care and advanced laparoscopic and mini-mally invasive surgical procedures. PRESS RELEASE

Business Ideas Competition 2012 at FASTLAHORE: the third edition of Business ideas Com-petition 2012 (BiC 2012) was organized by Best prac-tices - FAst Business Club on 6th and 7th of April2012 at the FAst school of Management, NationalUniversity of Computer & emerging sciences, La-hore. this 2-days annual entrepreneurial challengewas sponsored by Coca-Cola Beverages pakistanLimited, packages Limited, pakistan today and Ma-soom’s Bakers. the enthusiastic participation ofmore than 30 teams from all over the country madethe event an exciting one. participants presentedbusiness ideas in three themes i.e. e-businesses, en-ergy businesses and Agri businesses. these themeswere specifically selected keeping in view the coun-try’s existing socio-economic outlook, challenges andopportunities as ideas presented in these specificareas have the potential to achieve economic pros-perity and respond to different crises. PRESS RELEASE

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

UniLever Pak Ltd 5738.45 5948.00 5800.00 5833.60 95.15 70Nestle PakXD 4326.06 4443.90 4310.09 4379.85 53.79 16Pak Oilfields 372.19 380.99 373.00 379.68 7.49 1,779,174Island Textile 242.11 254.00 230.01 248.34 6.23 373Millat Tractors 500.05 510.00 501.00 506.00 5.95 15,973

Major Losers

Indus Dyeing 404.85 384.61 384.61 384.61 -20.24 93Rafhan MaizeXD 2608.36 2600.00 2581.00 2590.50 -17.86 10Sitara Chemical 118.80 118.80 112.86 113.92 -4.88 44,750Jubilee Gen.InsXDXB 56.41 57.00 53.61 53.62 -2.79 503National Refinery 243.91 246.99 241.00 241.27 -2.64 39,427

Volume Leaders

Fauji Cement 7.11 7.27 6.83 7.10 -0.01 32,019,644Lafarge Pakistan 5.11 5.49 5.03 5.44 0.33 25,368,907D.G.K.Cement 39.52 41.49 38.79 41.41 1.89 22,558,019Jah.Sidd. Co. 16.84 17.84 17.20 17.84 1.00 18,546,066Azgard Nine 8.49 9.49 8.65 9.49 1.00 18,376,958

Interbank RatesUs Dollar 90.7064UK pound 144.8763Japanese Yen 1.1136euro 118.6893

Dollar EastBuy Sell

US Dollar 90.80 91.30Euro 118.04 119.10Great Britain Pound 143.34 144.59Japanese Yen 1.1185 1.1282Canadian Dollar 89.84 91.13Hong Kong Dollar 11.55 11.71UAE Dirham 24.65 24.84Saudi Riyal 24.15 24.33Australian Dollar 93.03 95.30

KARACHI

STAFF REPORT

ON Wednesday the bulls keptdominating Karachi stocksmarket with the benchmark,Kse 100-share index

skyrocket 173.73 points. AhsanMehanti, Director at Arif Habibinvestments Limited, said that thepakistan stocks closed bullish onexpectations for improvement on pak-Us relations post opening of NAtOroutes. the day saw the index closingup by 1.26 percent at 13937.95 pointsagainst 13,764.22 points of tuesday.the trading volumes at the ready-counter were recorded lower at 261.515million shares against 268.727 millionshares of the previous day. the tradingvalue was up to Rs 6.967 billioncompared to Rs 5.295 billion of theprevious session. the intraday highand low, respectively, stood at13,964.61 and 13,734.22 points.He added that the higher globalcommodities and stocks, renewedforeign interest in oil and bankingstocks on stronger earnings outlookahead of major earningannouncements due next week playeda catalyst role in bullish sentiments atKse despite concerns for worsening

security situation in the city.the market capitalization grewmodestly and increased to Rs 3.575trillion from Rs 3.529 trillion a dayearlier. Of the total 366 traded scrips,207 gained, 88 lost and 71 finished asunchanged. the free-float Kse-30index also gained 177.55 points to closeat 12,206.05 points against theprevious 12,028.50 points. the Kseall-share index closed with a gained of126.76 points to 9,802.39 points asagainst 9,675.63 points.Fauji Cement was the day’s volumeleader counting its traded shares at32.019 million with the opening andclosing rates standingat Rs 7.11 and Rs7.10, followed by Lafarge pakistan,D.G.K. Cement, Jahangir siddiquiCompany and Azgard Nine withturnover of 25.368 million, 22.558million, 18.546 million and 18.376million shares respectively.On the future market, the turnoverrecovered remarkably by over 5 millionshares to 19.946 million against 13.840million shares of tuesday. theUnilever pakistan Limited and Nestlepakistan XD, up Rs 95.15 and Rs 53.79,led highest price gainers while, indusDyeing and Rafhan Maize XD, downRs 20.24 and Rs 17.86 respectively, ledthe losers.

Uncle Sam orchestratesbull stampede, indexup 173 points

KARACHI: NIT’s kiosk campaign at a local hotel to createpublic awareness about NIT funds. PRESS RELEASE

KARACHI: Mr Khurram Sayeed, Director Pak-Iran BusinessCouncil of FPCCI and Chief Executive, Iran-Pak WindPower (Pvt) Ltd delivering his keynote address at theSeminar on “Promotion of Bilateral Relationships betweenPakistan & Iran” Organized by the Pakistan-Iran FriendshipAssociation at the Iran Consulate. PRESS RELEASE

ISLAMABAD: Mr Khurram Noor – Emaar Pakistanalongwith his team at the Villa Handing Over Ceremonyat Canyon Views. PRESS RELEASE

LAHORE: Mr Naeem Yahya Mir, Managing Director &CEO, PSO met with company’s sales force on theoccasion of National Sales Conference. The objectiveof conference was to boost the morale of the salesforce and exchange views on sales, marketing andother industry related issues. On this occasion theMD&CEO also shared his vision for the company withthe sales team. PRESS RELEASE

ISLAMABAD: Management Association of Pakistanawarded its most prestigious “Corporate ExcellenceAward” to Indus Motor Company. Picture shows Dr.Abdul Hafeez Shaikh, Federal Minister for Finance(center), presenting the award to Salim Azhar, DirectorHR and LAC, Indus Motor Company (left). Also presentis Kamal A Chinoy, President, ManagementAssociation of Pakistan. PRESS RELEASE

Mr Inam Akbar chairman Midas Pvt Ltd receivingAPNS Award for the year 2011 as the largestadvertising agency of the country from the Presidentof Pakistan Mr Asif Ali Zardari at Awan-e-Sadar onApril 16,2012. PRESS RELEASE

SECP seeks comments on draftSynthetic and Rayon CompaniesCost Accounting Records Order

ISLAMABAD

STAFF REPORT

tHe securities and exchange Commission ofpakistan (seCp) has notified draft synthetic andRayon Companies Cost Accounting Records

Order, 2012, for the companies engaged in production,processing and manufacturing of any of the syntheticand rayon products. these products include viscosestaple fibre in all forms including polyester fibre,viscose filament yarn, viscose tyre yarn cord and acetateyarn fibre. the companies manufacturing theseproducts are required to maintain such cost accountingrecords, including all particulars relating to utilizationof material, labour or other inputs of items of cost aswould be necessary. to bring uniformity to the costrecords and cost audit reports, the seCp has developedthe draft order in consultation with the institute of Costand Management Accountants of pakistan (iCMAp).Cost audit can only be an effective regulatory tool whenthe cost records are properly prepared and cost auditreports are made on a uniform format for a particularsector. the draft order has been placed on the seCpwebsite for the information of all stakeholders, thepublic and the companies engaged in the synthetic andrayon sector, to seek their feedback, and commentsreceived within 30 days of publication of notificationwill be considered before final issue. seCp strives tomake right regulations in the interest of the industry, asa whole and also in the interest of the otherstakeholders. Cost audit can provide relevant andcredible cost and revenue data to the stakeholders tosupport their decisions. Cost audit mechanism acts as ameasure of efficiency and performance. it can serve asan important tool for effective enterprise governance,competitiveness and strengthening the regulatorymechanism. seCp’s regulatory apparatus aims atpromoting sustainable growth by fostering efficiencyand transparency.

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