profit.com.pk

It’s the final countdown Page 02

Friday, 20 April, 2012

IT is noted with seriousconcern that counterproductive and possibly

deliberate bottlenecks on theIndian side threaten to put theclassical spanner in the workswith regard to the much-trumpeted trade liberalisationprocess. And that too even beforeit has properly begun. It cannot bestressed enough that this exercisemust not be allowed to degenerateinto non-significance reminiscentof CBMs Mr Manmohan Singhinitiated with General Musharraf.Then, too, it was New Delhi’sreluctance to incorporate theagreed advance to debatingpolitically contentious issues oncepopular goodwill was establishedthat wasted diplomatic andfinancial efforts.News reports of ridiculous newrestrictions on Pakistani exports –uninformed bars on tonnage, etc– that jack up transportationcosts clearly indicate New Delhi’sinability to tame influentiallobbies. Clearly India’s cementindustry remains politicallypowerful, obstructing Pakistan’sbest bet long enough to render ituncompetitive. And since suchabsurdities were obviously notpart of the negotiations, all elseremaining constant, they betraycunning that is not only notchivalrous, but also in poordiplomatic taste, not to mentiondownright illegal.Islamabad should respond, but notin kind, for the sake of the last fewmonths’ diplomacy, if not the facevalue of Anand Sharma’s remarksrecently, that we must do this forour children, etc, etc. There isclearly a wedge right at the heartof Delhi’s decision makingmachinery, a tug of war betweenthose forever locked in a senselessconfrontation from a bygone era,and those that look to move aheadfor mutual benefit, just as we havehere. It’s the side that shows mostsupport for progressive elementsacross the divide that will do botha huge favour. If the high, andlow, of the recent past prompts asuggestion, it’s that Pakistan andIndia must keep talking,preferably at the highest level, andremove irregularities personally,at least initially.

cOMMENT

Spanner in the works

LAHORESTAFF REPORT

ChAIRMAN All Pakistan TextileMills Association (APTMA)Mohsin Aziz has said thedeclining textile exports

amidst unbearable interest rate regimeand exposure of local industry to theIndian textile exports undernormalization of trade arrangementwould play havoc sooner than later.

expressing his concerns, he said there isa worrisome decline in textile exportsboth in value (22%) and quantity termsin March 2012 comparing with thecorresponding period, slashing downoverall exports by $1 billion during firstnine months of current fiscal yearagainst same period last year.ChairmanAPTMA lamented that textile industrywas fast losing its strength in a situationwhen talks on Indo-Pak bilateral tradeare near to finalization withoutaddressing the concerns of APTMA.

he said it is quite amazing that yarn andsynthetic fibre are put in positive listwhereas the Polyester Staple Fibre(PSF), the raw material for synthetics-based textile products, has been placedin the negative list.According to him, the governmentshould ensure level playing field forcross border trade by equalizing not onlyimport duties but domestic duties aswell. For example, he said, the dutyinclusive taxes on yarn is over 25% inIndia as against 10% duty on synthetic

and zero percent duty on cotton yarn inPakistan. Further, he said, the PSFshould also be in the positive list withsame duty structure. And if not, then thesynthetic fibre and yarn should also bein the negative list.Mohsin said that in order to givePakistan industry a fair chance forenhancing exports and also allowingIndia to enter in export to Pakistan on alevel playing term. Otherwise, he said, itwould lead to opening up of flood gatesfor Indian exports while Pakistan willnot be benefiting from these newarrangements.he said exclusion of PSF from thenegative list of items not importablefrom India is necessary to ensureprovision of this basic raw material tothe textile industry specially in thepresent scenario of acute domesticdemand-supply shortfall of more than150,000 tons due to the completeshutdown of Dewan Salman Fibres

Limited, one of the largest PSFmanufacturers of the country. exclusionof PSF from the negative list assumes anadded urgency in view of the fact thatvalue-added items of PSF are not on thenegative list and are freely importablefrom India and as such a situationwhereby value-addition in the country isdiscouraged.Chairman APTMA said in spite of energyshortage and supply-side constraints thetextile industry still manages to beinternationally competitive. With thepatronage of Ministry of Commerce wewelcome the opening up of tradebetween the two countries and only wishfor equitable and fair trading terms, hesaid, adding: To secure these terms welook forward to the Ministry ofCommerce and urge to take up the issuewith Indian Counterpart and also withthe Ministry of Finance and FederalBoard of Revenue to provide levelplaying field to the local industry.

Textile tantrums, Act 5, Scene 11g Exposure of Pak textile to Indian exports will play havoc sooner than later: APTMA chairman g Mohsin Aziz moans about (insert stereotypical issue), whines about (insert over-hyped problem)

ISLAMABADONLINE

The National AssemblyStanding Committee on Portsand Shipping, Thursday,appealed to ensure

maintenance of law and order inBalochistan to make Gwadar Portfunctional.Committee also recommendedallocation of Rs 8 billions funds forthe completion of road infrastructurelinking Gawadar Port to the rest ofthe country.Gwadar Port Authority (GPA)demanded of release of Rs 350 millionsfor maintenance of dredging channel,however, Finance Division raised theobjection on the demand arguing thatGPA’s expenditures were higher bymany times than earning. Committeemembers also questioned transparencyin agreement of leasing Gwadar Port toSingapore Port.

NA body also summoned Chief Minister,Chief Secretary, Inspector GeneralPolice Balochistan and DivisionalInspector Generals of restive districts tonext meeting scheduled to be held innext month to brief the committee onpossible steps for ensure law and orderin disturbed districts.The Standing Committee met hereunder the chairmanship of actingChairman Khawaja Sohail Mansoor todiscus comprehensive plan of action incooperation with Communications andFinance Ministries for development ofGwadar Port on priority basis.National highway Authority (NhA)Member Construction Aurang Zeb Khanbriefed the house that constitutionwork on roads linking Gwadar Port toother areas of the country was almoststopped due to worst law and ordersituation in Panjgore, Turbat andKhuzdar and few others districts.“even, local contractors fromBalochistan are not willing to carryout

construction projects in those areas” hesaid adding that moreover, FinanceDivision was not releasing allocatedfunds so development work on ongoingprojects would also be closed by the endof this month. he further apprised thecommittee that Frontier WorksOrganization (FWO) had been mobilizedfor development work on Khuzdar-Ratodero section, but worst law andorder situation was hamperingcontractors for carrying work.To a question from the panel oflawmakers, he observed that NhA andGPA officials held two meetings withChief Minister Balochistan over theissue of law and order situation, butno positive development had beenmade so far.however, he maintained that NhAcould complete road infrastructurelinking Gwadar Port to other areas in2013, provided with required funds.NA body while showing concerns overdelayed completion of roads and

highways linking Gwadar Port to otherareas, recommended allocation of Rs 8billions for NhA to be spent purely saidon road infrastructure in next PSDP.GPA Chairman demanded support fromthe committee in allocation of Rs 350millions for maintenance of dredgingchannel saying that as per agreementwith Singapore Port Authority,maintenance of the port wasresponsibility GPA, and committeerecommended immediate release ofrequired funds, but Finance Divisionrepresentative contracted the GPAdemand on account that expenditures ofPA higher by many times than theearnings. At this members of thecommittee questioned into thejustification for signing such anagreement of losses with Singapore PortAuthority, but MQM members defendedthe agreement saying that no othercompany or firm had participated inbid, so accord was signed withSingapore Port Authority.

gNA body for making Gwadar Port functional g Recommends allocation of Rs 8 billion for road infrastructurelinking to the port g NHA covers the bases in terms of construction work

THROWING TOYS OUT OF THE PRAM

It’s not just any port in a stormTHE MISSING LINK

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news02Friday, 20 April, 2012

PROTEST

KARACHISTAFF REPORT (

While the power

shortages in the

country have

intensified after the

shortfall climbed to over 6000

megawatts, the representatives

of at least eight independent

Power Producers (iPPs) on

Thursday have submitted their

final 10-day notice to the

government seeking the

clearance of their outstanding

dues of Rs 34 billion. According

to sources, the notice of

sovereign guarantee is to end on

May 2, 2012, after which they

will shut down their plants as

they will be not in position to buy

more fuel to run the plants.

earlier, these 8 iPPS served the

initial notice to the government

for their payments of Rs 34b

which PePCO had failed to pay

within the prescribed time.

Sources in the advisory council of

these 8 iPPs informed that they

will also serve the final notice of

other dues of Rs 9 billion to the

government,for which they have

already served the initial notice

on April 2. Moreover, sources

informed, on 12 May 2012 the

iPPs will also serve a final notice

for the payment of Rs 4 billion.

“So, one can guess how difficult

it has become for iPPs to run

their operations smoothly,”

sources added. ironically, the

government instead of clearing

such outstanding dues kept

asking the iPPs to withdraw their

notices. Despite a number of

meetings between the

representatives of iPPs and

Ministry of Water and Power

along with Finance Division

before submitting the final

notice, the government is still

nonchalant towards the financial

woes of the iPPs, which are

producing around 1650MWs to

help the government curb energy

crisis. Since the government has

constantly been ignoring the

implications of possible

sovereign default by not

responding to the notices of

iPPs, it is no wonder that the

country’s energy crisis will

deepen further once they shut

down their units. it may be noted

here that last year on May 13

total 4 iPPs served notices to the

government on the non-payment

of Rs 16.43 billion. And now this

year, both the number of iPPs

and due payment got doubled

owing to the indifference of the

government towards country’s

energy issues. Pepco is the

power purchaser that has failed

to clear its dues within the

agreed period for power supplied

to it by iPPs. As the government

of Pakistan was the sovereign

guarantor, the iPPs after

exhausting all legal avenues

including serving notices to

Pepco, invoked the guarantee.

The non compliance on these

notices, it must be noted, would

be the first step towards

sovereign default on the part of

the government. This will also

create ample hurdles for the

government to invite new iPPs in

the country in near future.

Besides, the country’s rating

would nose down and no foreign

bank would entertain Pakistan’s

letter of credits, which will take

hefty toll on the country’s

exports. in total, the government

has to pay Rs 113 billion to 18

iPPs that include hubco, Kapco,

Attock Gem, liberty Power, UCh,

Nishat Power, Atlas Power,

Nishat Chunian, liber Power

Tech, AeS Pakgen, Rousch, AeS

lalpir, Saif Power, Saphire

Power, Fauji Kabir, Orient, Kel,

and halmore.

ISLAMABADSTAFF REPORT

FORMeR Finance Minister Shahid JavedBurki said on Thursday that crises ofgovernance, rent seeking culture andcorruption has increased in the country

and the only way forward is to curb these evils forrestoring investor confidence for the revival of theeconomy. Delivering his key note address at aseminar titled, “Pakistan; Moving the economyForward”, organized by Pakistan Institute of De-velopment economics (PIDe), he said in the pastPakistan always took the short term measures torespond to any crisis that hit the economy. Pak-istan always depended on foreign assistance in-stead of devising long term strategy. he suggested

that to build the confidence in economy the nextgovernment should have some strategic frame-work for sustainable economic growth. CurrentlyPakistan economy is facing trust deficit as no oneis ready to invest in Pakistan so first and foremostis the confidence building. he stressed creation ofa system of accountability that could give messageto the people that those sitting on decision makingpositions would make decisions on merit. Aboutsustainable economic growth he said it could beachieved only if more space was provided to pri-vate sector to work and establishment of a regu-latory system to provide protection to citizensinstead of rent seeking. Pakistan should focus onregional integration, and increase trading withneighbor countries like India and China whichcould add up to 2-4 percent in growth rate.

LAHORESTAFF REPORT

AN OIC Trade Coordination Centre will beestablished at the LCCI to facilitate con-tacts between the Chambers of the mem-

ber countries. This was stated by the LCCIPresident Irfan Qaiser Sheikh while addressinga Press conference here in the Lahore Chamberof Commerce and Industry. LCCI Senior VicePresident Kashif Younis Meher, Convener OICCommittee husnain Reza Mirza and Co-Con-vener Mehmood Ghazanvi also spoke on the oc-casion. The LCCI President said that at therecently held OIC Ambassadors Conference, itwas approved that the Lahore Chamber of Com-merce and Industry would be used as the Secre-tariat of this Coordination Centre while theMinistry of Foreign Affairs will formally informthe OIC and ICCI headquarters and will get it

confirmed by the OIC Council of Foreign Minis-ters (CFM). Irfan Qaiser Sheikh said that the OICAmbassadors had also recommended an eco-nomic summit of the OIC Countries involving theprivate sectors should also be arranged three tofour months time. he said that the summitwould consider setting up of single currency, acommon bank and a trading bloc on the patternof european Union that would be a greatachievement by all means. The LCCI Presidentsaid that it was also recommended that the OICmembers should ratify and make operational thePreferential Trade Agreements (PTAs), FreeTrade Agreements (FTAs) and facilitate intra-OIC trade for the establishment of OIC commonmarket. The Ministry of Foreign Affairs, govern-ment of Pakistan, will also request to the IslamicDevelopment Bank to financially support the re-search projects of the Lahore Chamber of Com-merce and Industry.

Former finance minister still vyingto move the economy forward

FAtIMA tASSADIq

SOCIAL media is the next big thing in the world ofmarketing. Social media platforms have changedthe way people browse the internet and

communicate with each other. This revolution in themeans of communication and information sharingtogether with the staggering number of people who aredrawn to social media makes it impossible for brandsand businesses to ignore these networks. In Pakistanalone there are over 6 million Facebook users. In fact,Facebook acquired a million users in the last sixmonths alone. You just can’t go wrong with tappingsuch a platform for marketing initiatives. Social mediasavvy people in turn are increasingly turning away fromtraditional means of marketing to the more personaland relationship based form of marketing afforded bysocial media networks. This trend is validated by arecent survey conducted by an upcoming social mediamarketing company called B Solutions. This researchreveals that most shoppers frequenting some of themost popular shopping hubs in Lahore are enthusiasticFacebook users. And not only do they use Facebook toconnect with friends and while away time, they alsoactively engage with brands through this network.Check out the infographic below to see for yourself!

ISLAMABADONLINE

Aparliamentary panelon Thursdayexpressed theirserious concerns over

non-competitiveness in themuch-awaited auction of 3Glicense and constituted a sub-committee in this regard toensure transparency in theauction.Meeting of the NationalAssembly Standing Committeeon Information Technology washeld here under thechairmanship of Ch MuhammadBarjees Tahir to discuss the 3-Gpolicy in the country whether 3 Gauction went throughcompetitive process. Chairpersonof Competition commission ofPaksitan Rahat Konain briefedthe committee aboutcompetitiveness in process of 3 Gauction but committee showedresentment over the briefing anddirected Chairperson CCP to givedetails about preparation andconsultation with all stakeholders. Members said thatchairperson don’t have factsregarding the matter.During the meeting secretaryInformation technology andtelecommunication told that newpolicy for the auctioning of 3G isunder process and auction wouldbe done on previous policy.Standing committee showed

concern over the informationthat how auction could be doneover expired policy. Chairman ofthe committee Barjees Tahir saidthat how can the auctioning befair and transparent under theumbrella of expired policy. Sardar Talib Nakai asked aboutthe qualifications of new telecomoperators which would take partin the auction process of 3G inthe country and said thatauctioning of 3G spectrumwithout any new policy is notgood. PakistanTelecommunication Authorityand Ministry of informationtechnology andtelecommunication put theresponsibility on each otherabout the formulation of policyfor 3G auctioning.Chairman said that PTA andministry have differences overthis small issue then how theprocess of 3 G would be fair andtransparent?humayun Saifullah said thatministry of informationtechnology andtelecommunication has wastedthe time and remained unable tohire the services of a consultantduring four years. Member of thecommittee Sardar MuhammadShafqat hayat said that everyperson has information thatgovernment is ready to award 3Glicense to Mobilink and Zong soafter that why this process isbeing adopted for auctioning?

Barjees Tahir said that 3 Gauction process seems like itwould be the new big scandalof corruption in the country.he said that it is not minorthing as this matter is of about50 billion rupees.At this chairman constituted asub-committee under thesupervision of Anusha Rehmanto see the auctioning process of3G in the country.Secretary Privatization Amjad Aliinformed the 3G auction is notmandate of privatizationcommission while humayaunSaifullah said that spectrum isthe asset of government andprivatization commission shouldbe involved in it. Chairman of thestanding committee also quizzedthe PTA officials that why theyare using delaying tactics andcreating hurdles in the Pakistantelecommunication bill 2010presented to stop the greytrafficking in the country.Chairman said that annuallybillion of rupees lost due to greytrafficking in the country andPTA is doing nothing in thisregard. he said there isimmediate need to do legislationin this regard. Chairman Barjees Tahirconstituted sub-committee todiscuss the bill of humayaunSaifullah about greytrafficking and directed thecommittee to submit its reporton immediate basis.

Pakistani businesses can’tignore Facebookanymore!

NA body calls for transparency in 3G license auction

RESTORING INVESTOR cONFIDENcE

Establishing the echo chamber

g Shahid Javed Burki wants Pakistan to take long-term measures for achange g Says private sector needs space, talks up regional integration

g OIc trade coordination centre to be established at LccI g Members shouldratify PTAs, FTAs, facilitate intra OIc-trade: President LccI

OH I SEE

g IPPs give 10-day final notice to government over payment of dues worthRs 34 billion g Plants to shut completely by May 2, 2012

It’s the final countdown

PRO 20-04-2012_Layout 1 4/19/2012 11:58 PM Page 2

news

Friday, 20 April, 2012

03

Google Funds Technology for the People Initiative at LUMS

LAHORE: Lahore University of Management Sci-ences (LUMS) is launching a new Technology forthe People Initiative (TPI) at LUMS, funded byGoogle Inc. The initiative aims to develop technol-ogy solutions that are relevant to the socio-eco-nomic context of Pakistan, in the domains of publicpolicy, governance, citizen services and improve-ment in quality of life. LUMS already has a portfo-lio of technology-oriented R&D projects. The goalof this initiative is to bring these activities on a sin-gle platform, to leverage their synergies for multi-plier effect, and to initiate new projects in thesedomains. “We’re pleased to be supporting this newinitiative focused on technological solutions to so-cial issues in Pakistan,” said William Fitzgerald, ofthe Public Policy and Government Affairs team atGoogle, speaking at the launch of TPI at LUMS onWednesday. PRESS RELEASE

citi and The citi Foundation launchphase 1 of ‘Project change’KARACHI: Citi Pakistan and the Social enterpriseDevelopment Centre at LUMS are collaborating ona capacity building project, which aims to createstronger linkages between higher education institu-tions and the industry. This project is supported byaf $50,000 grant from the Citi Foundation. ‘Thisprogram is another initiative by Citi-LUMS to bol-ster academia-industry linkages in Pakistan and im-prove employment opportunities for our youth. Thisyear marks Citi’s 200th year globally and we are op-timistic that such a community project will reiterateover 50 years of commitment to Pakistan and fur-ther strengthen our longstanding partnership withLUMS,’ said Aliuddin Ahmed, Acting Country Offi-cer for Citi Pakistan. “The idea behind the project isto make higher education more relevant for the in-dustry and the community, so that graduates aremore marketable and adds greater value to society”explains Dr. Syed Zahoor hassan, Professor at Sule-

man Dawood School of Business, LUMS who isheading the program. The project has been designedto better understand to what extent universities inPakistan are currently equipped to engage with in-dustries and the communities. PRESS RELEASE

Mobilink redefines youth empowerment with new ‘Jazba’LAHORE: 19 April 2012: Mobilink has revampedthe persona of ‘Jazba’, its vibrant and spirited youthbrand, which now aims for a more focused approachtowards the individuality, passions, values, aspira-tions and potential of Pakistan’s youth. The re-vamped persona of Jazba, was announced with thelaunch of a new brand vision for the youth of Pak-istan, i.e. ‘Juro Gey to Jano Gey’, which is based onthe idea of ‘Unlocking the Unknown’, in other wordscommitting to one’s passion to discover possibilities.The launch was also accompanied with the an-nouncement of Atif Aslam as the new face of thebrand, with his persona and passion reflecting theredefined vision and brand attributes of Jazba. Ja-hanzeb Taj, Vice President Marketing, Mobilink, em-phasized, “The Jazba brand was launched as atribute to values that are both personal and universalemphasis. This revamp of our brand vision promisesto now both empower and enable the youth of Pak-istan through the medium of mobile communica-tion. The youth of this country are the pride andfuture of Pakistan, and the new Jazba promises tohelp them express their individuality as a means ofself-discovery and growth.” PRESS RELEASE

Another milestone for chenOneLAHORE: Pakistan’s famous lifestyle store,ChenOne marked another milestone with the pre-miere launch of Neo Classic, another remarkableand strikingly exquisite furniture collection atChenOne DhA & Gulberg Lahore. This ace collec-tion of furniture brings the style and panache of im-perial living to the hearty people of the city.ChenOne is considered among the most famouslifestyle brands of Pakistan which is gaining an im-mense recognition in other countries as well, with 4stores in UAe and another 2 in Saudi Arabia. Cur-rently the globally acclaimed brand has 20 of itsChenOne lifestyle stores in almost all major cities ofPakistan providing international standard styleproducts with a commitment towards quality.ChenOne offers its consumers a progressive lifestylechoice by presenting them with a complete genre oftrend, mood and craftsmanship in furniture, bedlinen, kitchen accessories, crockery, bathroom ac-cessories, decorative accessories and much more,making it an absolute divine one stop-shop solutionfor everyone. PRESS RELEASE

TelecON-2012 discusses technologicalneed of the countryLAHORE: Telecom specialists and distinguishedspeakers at the 5th Pakistan TeleCON-2012 conferencepresented progressive ideas for deployment of Next-Generation technologies in the Telecom sector of Pak-istan, to enable swift economic growth, reachun-served areas of the country and encourage a newknowledge-based young Pakistani generation to tacklenational issues and challenge global frontiers. Thetheme of the conference held in Karachi, was “Ridingthe wave of Technology and Consolidation”. Dr.Muhammad Yaseen, Chairman, PTA delivered thekeynote address and urged the specialists to devise so-lutions for streamlining and enriching the Telecominfra-structure with global advancements. he providedinspiration for a paradigm shift in service excellence,opportunities for embracing new technology and effec-tive regulations. Former Minister for Science and Tech-nology - Mr. Javed Jabbar, and the Chairman ofPakistan Software houses Association (P@ShA) - Mr.Nadeem elahi along with the Member Technical ofPTA - Mr. Khawar Siddique Khokhar, acted as thechairpersons during the various sessions. PRESS RELEASE

GIKI students develop new thermostat for geysersLAHORE: Students of the GIK Institute of engineer-ing Sciences and Technology (GIKI) have developedan innovative electric thermostat, which can savehuge energy that is being wasted by inefficient con-ventional geysers. GIKI students, Abdul Moeed Niazi,Khurram Chohan, Muhammad Junaid and WaleedSaqib have developed this electronically controlledthermostat for natural gas geysers under the supervi-sion of GIKI Department of electronic engineeringAssociate Professor Dr M Junaid Mughal. Studentssaid that conventional geysers were common in al-most all households and it seemed that they wouldnot become obsolete in near future. PRESS RELEASE

TDAP organises seminars on ‘awareness campaign on normalisation of trade with India’KARACHI: Ministry of Commerce & Trade Develop-ment Authority of Pakistan in collaboration with allChambers of Pakistan is organizing series of ten (10)Seminars on “Awareness Campaign on Normalizationof Trade with India” in various cities of Pakistan in-cluding Karachi. The objective of the Seminar was tofocus on India as a potential market for Pakistani ex-ports. Similar Seminars have successfully been com-

pleted in Rawalpindi, Peshawar & hyderabad. In thisseries of seminars, one was held at TDAP head officeKarachi on 19th April 2012. Dr. Manzoor Ahmed, Pak-istan Former Ambassador at WTO, Geneva delivereda comprehensive Presentation on Trade Normaliza-tion with India. he provided an overview of the poten-tial sectors of Pakistani exports to India includingtextile & clothing, automobiles, ethanol, surgicalgoods, sports goods, cement, electric fans & plasticgoods. The Seminar was well attended by representa-tives from the business fraternity of Karachi includingChairmen of various Trade Associations. They sharedtheir views on tariff & non tariff barriers, visa policy,communication gap and other issues faced by the ex-porters while trade with India. The participants appre-ciated TDAP’s endeavor for organizing such fruitfulinteractive session for the facilitation of business com-munity of Pakistan. Such informative session wouldgo along way in reviewing wrong perception aboutTrade Normalization with India. STAFF REPORT

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 90.7085UK Pound 145.6506Japanese Yen 1.1118euro 119.1274

Dollar EastBuy Sell

US Dollar 91.00 91.60Euro 118.97 119.99Great Britain Pound 145.39 146.60Japanese Yen 1.1060 1.1152Canadian Dollar 90.94 92.20Hong Kong Dollar 11.57 11.73UAE Dirham 24.70 24.88Saudi Riyal 24.20 24.37Australian Dollar 93.24 95.47

KARACHISTAFF REPORT

PAKISTAN Stocks closedlower in the earningsannouncement session atKSe as investors await

announcements on revised CGTregime. Viewed by Ahsan Mehanti,Director at Arif habib InvestmentsLimited.The Karachi Stock exchange (KSe)100-share index declined 8.48 pointsor 0.06 percent to close at 13,929.47points as compared to 13,937.95points of the previous session. TheKSe 30-share index shed 26.27 pointsto close at 12,179.78 points ascompared with 12,206.05 points.The market turnover remains positiveand traded 307.931 million sharesafter opening at 261.515 millionshares. The overall marketcapitalization declined 0.05 percentand traded Rs 3.572 trillion as againstRs 3.575 trillion. Losers outnumberedgainers 141 to 166, while 75 stockswere unchanged.Mehanti added “Stronger corporateearnings in oil and cement sectorsinvited limited institutional support.Concerns loomed over uncertaineconomic outlook and limited foreigninterest as global commoditiesshowed falling trend.”

The KMI 30-share was down by 33.39points to close at 24,061.12 pointsfrom its opening at 24,094.51 points.The KSe all-share index closed with aloss of 7.48 points to 9,794.91 pointsas against 9,802.39 points.Azgard Nine was the volume leader inthe share market with 45.303 millionshares as it closed at Rs 9.34 afteropening at Rs 9.49, gaining 15 paisas.Bank Al-Falah XD traded 30.260million shares as it closed at Rs 16.90after opening Rs 16.06 gaining 84paisas. Jahangir Siddiqui CompanyLimited traded 26.167 million sharesas it closed at Rs 18.83 from itsopening at Rs 17.84, increasing Rs 99paisas. D.G.K Cement traded 20.827million shares and closed at Rs 43.32as against its opening at Rs 41.41,rising 1.91 paisas. Fauji Cementtraded 19.463 million shares as itclosed at Rs 6.88 as compared to itsopening at Rs 7.10, decreasing Rs 22paisas.On the future market, the turnoverdecreased to 18.485 million against19.946 million shares of Wednesday.The Rafhan Maize XD and UnileverPakistan Limited and, up Rs 127.38and Rs 96.40, led highest pricegainers while, Nestle Pakistan XDand, Attock Petroleum XD down Rs61.40 and Rs 13.30 respectively, ledthe losers.

The return of theprofit-taking bears

ISLAMABAD: Syed Arsalan Hashmi, Executive Director,Orient Advertising (Private) Limited, is receiving APNSaward from President, Asif Ali Zardari. PRESS RELEASE

LAHORE: ZONG has entered into an agreement withLahore Electric Supply Company (LESCO) forproviding mobile cellular services. Picture shows AliKamran, Director Corporate Sales, ZONG and SharafatSial, CEO, LESCO exchanging documents after signingthe MoU. PRESS RELEASE

The economy could do withoutthe new ministries, says PEW

ISLAMABAD ONLINE

PAKISTAN economy Watch (PeW) criticized government’smove to create new ministries and induct eleven new minis-ters and termed it a political decision which will be burden

on national economy. President of PeW Dr Murtaza Mughal said onThursday in a statement issued from his office that government willhas to take additional barrowing for catering the expenditures of thenewly inducted ministers , which would increase the price-hike inthe country. “Government is overburdening the masses to gain po-litical mileage. Some 53 federal and state ministers will only helpfurther damage the credibility of incapable ruling coalition”, said DrMughal. he said that the problems of people will continue to multi-ply as government seems only interested in strengthening theirtyranny which they call democracy. he said that a property dealerhas been entrusted to run IT ministry where Rs 60 billion in the Uni-versal Support Fund may be misused. Another person who playedimportant role in ensuring food insecurity in Pakistan has been giventhe charge of Capital Administration and Development Division.

MFN status for India under reconciliation policy: Manzoor Wattoo DEEBALPUR: Minister for Kashmir Affairs Mian ManzoorAhmad Wattoo said Thursday government will pay stipend of Rs5000 per month to unemployed graduate and Rs 10000 to un-employed post graduate under Benazir Income Support Program(BISP). he said this while talking to media men after inaugurat-ing a project of Rs 10 million in 40-D. This was first democraticgovernment in the history of Pakistan which would complete itstenure of 5 years, he observed. “World needs reconciliation pol-icy at present and PPP has taken along all parties by pursuingsuch policy”, he held. More powers have been devolved toprovinces so that federation remains strong, he added. Status ofMost Favored Nation (MFN) to India under this reconciliationpolicy, he said. Normalcy is returning in relations with neigh-boring country, he added. Those who talked of pulling down gov-ernment had become glum spectators now, he underlined. ONLINE

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