The Financial Daily-Epaper-12-03-2011

International

ADB War on Graft hotted up last year See on 2

Opec oil demand outlook tad higher See on Page 12

Saudis raise Hajj quota by 21,000 See on Page 12

*Crude Oil (brent)$/bbl 113.58

*Crude Oil (WTI)$/bbl 100.07

*Cotton $/lb 202.70

*Gold $/ozs 1,413.30

*Silver $/ozs 34.93

Malaysian Palm $ 1,134

GOLD (NCEL) PKR 39,149

KHI Cotton 40Kg PKR 13,932

Yearly(Jul, 2010 up to 10-Mar-2011)

Monthly(Mar, 2011 up to 10-Mar-2011)

Daily (10-Mar-2011)

Total Portfolio Invest (5-Mar-2011)

195.76

-0.19

-4.02

2851

-0.34-0.791.86

-1.460.170.300.25

SCRA(U.S $ in million)

Portfolio Investment

FIPI (11-Mar-2011)

Local Companies (11-Mar-2011)

Banks / DFI (11-Mar-2011)

Mutual Funds (11-Mar-2011)

NBFC (11-Mar-2011)

Local Investors (11-Mar-2011)

Other Organization (11-Mar-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (5-Mar-11)

Inflation CPI% (Jul 10-Feb 11)

Exports (Jul 10-Feb 11)

Imports (Jul 10-Feb 11)

Trade Balance (Jul 10-Feb 11)

Current A/C (Jul 10- Jan 11)

Remittances (Jul 10 - Feb 11)

Foreign Invest (Jul 10-Jan 11)

Revenue (Jul 10 Jan 11)

Foreign Debt (Dec 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Dec 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.37bn14.33%

$15.33bn$25.60bn

$(10.27)bn$(81)mn$6.96bn$1.18bn

Rs 765bn$58.39bn

Rs 5497.4bn$338.2mn

2.20%4.10%$1,051

175.41mn

Economic Indicators

SymbolsMCB (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

16.02

2.00

1.70

11.65

PKR/Shares

110.86

136.61

42.64

36.24

39.74

T-Bills (3 Mths)T-Bills (6 Mths)T-Bills (12 Mths)Discount RateKibor (1 Mth)Kibor (3 Mths)Kibor (6 Mths)Kibor ( 9 Mths)Kibor (1Yr)P.I.B ( 3 Yrs)P.I.B (5 Yrs)P.I.B (10 Yrs)P.I.B (15 Yrs)P.I.B (20 Yrs)P.I.B (30 Yrs)

09-Mar-2011

09-Mar-2011

09-Mar-2011

29-Nov-2010

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

11-Mar-2011

13.39%13.69%13.86%14.00%13.37%13.54%13.74%14.13%14.25%14.05%14.09%14.08%14.50%14.75%14.93%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.75 85.75 Canadian $ 87.15 88.15 Danish Krone 15.10 15.30 Euro 117.10 118.50 Hong Kong $ 10.50 11.00 Japanese Yen 1.014 1.040 Saudi Riyal 22.52 22.68 Singapore $ 66.30 67.30 Swedish Korona 13.25 13.35 Swiss Franc 91.70 92.90 U.A.E Dirham 23.05 23.30 UK Pound 136.90 138.40 US $ 85.10 85.45

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.49 85.69

Canadian $ 87.46 87.66

Danish Krone 15.10 15.13

Euro 117.77 118.05

Hong Kong $ 10.94 10.96

Japanese Yen 1.027 1.030

Saudi Riyal 22.72 22.77

Singapore $ 67.01 67.16

Swedish Korona 13.33 13.36

Swiss Franc 91.49 91.70

U.A.E Dirham 23.20 23.25

UK Pound 136.95 137.27

US $ 85.27 85.47

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 27°C 8°C KARACHI 34°C 14°C LAHORE 30°C 12°C FAISALABAD 29°C 9°C QUETTA 22°C 3°C RAWALPINDI 26°C 9°C

Weather Forecast

Index Close Change

KSE 100 12,045.25 80.54

Nikkei 225 10,254.43 179.95

Hang Seng 23,249.78 365.11

Sensex 30 18,174.09 153.89

ADX 2,617.13 11.33

SSE COMP. 2,933.80 23.35

FTSE 100 5,824.90 20.39

*Dow Jones 11,947.94 36.67

Global Indices

Zardari talks toHouses on 21st

See on Page 12

KARACHI: According tomedia reports President AsifAli Zardari has written a letterto Pakistan Muslim League(Nawaz) leader ChaudhryNisar Ali Khan who is alsoleads the Opposition in theHouse.

As per details in his letter toChaudhry Nisar, PresidentZardari has asked his adviceon the reappointment ofJustice (Retd) Deedar Shah asChairman NAB who was dis-charged by the SupremeCourt.

On the other hand SindhAssembly (SA) adopted acondemnation resolutionagainst Chaudhry Nisar forchallenging the appointmentof Deeder Hussain Shah aschairman NAB in Supreme

Court.As per media reports the

condemnation resolution wasaimed at decrying a petitionfiled by Chaudhry Nisar

Hussain in SC against theinduction of Deedar HussainShah as NAB chairman.

PPP Members of SindhAssembly also took out aprotest rally against SupremeCourt's decision.

Meanwhile, a violent strikewas observed in Karachi andrest of the Sindh on Fridayfor the same, with severalincidents of aerial firing, skir-mishes, and scuffles betweenthe PPP workers and citizens.

Some seven people werekilled and 15 injured till thefiling of this report in differ-ent incidents of firing in vari-ous parts of Karachi duringlast 24 hours.

Moreover, MuttahidaQaumi

See # 11 Page 11

Zardari seeks Nisar viewon Deedar reappointment

Strike enforced in Sindh by violence

Sindh House adopts condemnation resolution against Nisar

ISLAMABAD: AnInternational Monetary Fund(IMF) mission, led by AdnanMazarei, that visited Islamabadduring March 1-11, 2011 in astatement released at the con-clusion of its work on Fridayhas said that IMF remains com-mitted to the ongoing dialoguewith the Pakistani authorities,and will continue discussionson their reform programme.

"The IMF mission held con-structive discussions with gov-ernment and central bank offi-cials on the recent develop-ments, the outlook forPakistan's economy for the restof FY 2010-11 and 2011-12,and on economic policies torestore macroeconomic stabili-ty in the context of theimproved external currentaccount and internationalreserves. We also discussedstructural reforms to strengthenpublic finances and the finan-cial sector."

"Discussions on economicstabilisation focused on

addressing inflation, containingthe budget deficit, revivinggrowth, and meeting the chal-lenge posed by higher interna-tional oil prices. There wasagreement on the need toreduce the budget deficit in thecurrent financial year. The mis-sion welcomed the recentexpenditure restraint and taxpolicy and enforcement meas-ures being considered by thegovernment to mobilise addi-tional revenue. These measures,if implemented promptly andconsistently, will help toimprove the budgetary position.The mission also welcomes thegovernment's efforts to lowerrecourse to State Bank ofPakistan (SBP) borrowing sincelate-December."

"Further, expenditure prioriti-sation needs to protect pro-poorspending and flood assistanceand reconstruction efforts.Moreover, a binding agreementwill be needed with provinceson their budgetary positions to

See # 6 Page 11

IMF assured ofbudget gap fill

ISLAMABAD: Rice exportsfell nearly 16 per cent in thefirst eight months of the finan-cial year 2010-11 (8MFY11)because of last year's floods, atop industry official said onFriday.

The world's fifth largestexporter of rice, Pakistanexported 2.38 million tonnesbetween July and February,down from 2.82 million tonnesin the same period the previousyear, according to the RiceExporters Association ofPakistan (REAP).

The export of non-basmatirice dropped 25 per cent to1.66 million tonnes from 2.22million tonnes during the firsteight months of the 2010-11(July-June) financial year.

But the shortfall was margin-ally offset by a nearly 19 percent rise in the export of bas-mati rice to 718,187 tonnes,from the previous 603,389

tonnes, the REAP said."The shortfall in exports of

non-basmati rice is mainly dueto flood damage to the crop,"REAP chairman, Irfan AhmedSheikh, told Reuters, referringto floods that began in late Julylast year and inflicted about$10 billion in losses.

Basmati-growing areas werelargely safe from the floods.

Country had a bumper cropof 6.7 million tonnes of milledrice in 2009-10 and exportedabout 4.5 million tonnes.Annual consumption is about2.3 million tonnes.

Sheikh said the rice harvestthis year would be nearly 6million tonnes although thegovernment has said the har-vest would be about 5 milliontonnes.

The industry had set a 4 mil-lion tonne target for this finan-cial year's exports, but Sheikh

See # 10 Page 11

8M rice exportsdown 16pc YoY

Last year’s floods wetblanketed exporters’ party

ISLAMABAD: The SupremeCourt on Friday asked the gov-ernment to remove DG FIAWaseem Ahmed by March 16otherwise the court will take itsown decision in this regard.

The honourable court gavethese remarks after governmentonce again excused itself fromimmediately removing WaseemAhmed from his position ofDirector General FederalInvestigation Agency (FIA) asper directives of the SupremeCourt

The court also said the IGSindh was removed on a courtorder and the DG FIA wasretained, which is discriminato-ry.

The five-member bench ofthe apex court headed by ChiefJustice Iftikhar MuhammadChaudhry resumed the hearing

of the Hajj corruption case.Justice Asif Saeed Khan

Khosa of Supreme Court (SC)during the course of hearingsaid that Courts should not bepushed to wall.

"Attorney general is witnessto it how much restraint wehave demonstrated. We arebeing maligned. Allegations arebeing leveled against us. Courtsbe not pushed to wall", JusticeAsif Saeed Khosa remarked.

The court while expressingconcern over non-removal ofDG FIA from his office due tonational security matters soughtexplanation on "those matters".

Justice Raja Fayyaz Ahmaddescribed government stance asthe joke of the year.

Interior secretary presented See # 7 Page 11

TOKYO: A ferocious tsunamispawned by one of the largestearthquakes ever recordedslammed Japan's eastern coastFriday, killing hundreds ofpeople as it swept away boats,cars and homes while wide-spread fires burned out of con-trol.

Hours later, the tsunami hitHawaii and warnings blanket-ed the Pacific, putting areas onalert as far away as SouthAmerica, Canada, Alaska andthe entire U.S. West Coast. In

Japan, the area around anuclear power plant in thenortheast was evacuated afterthe reactor's cooling systemfailed.

Police said 200 to 300 bodieswere found in the northeasterncoastal city of Sendai, the cityin Miyagi prefecture (state)closest to the quake's epicenter.Another 110 were confirmedkilled, with 350 people miss-ing. Police also said 544 peoplewere injured.

The magnitude-8.9 offshore

quake unleashed a 23-foot(seven-meter) tsunami and wasfollowed by more than 50

aftershocks for hours, many ofthem of more than magnitude6.0.

Dozens of cities and villagesalong a 1,300-mile (2,100-kilo-meter) stretch of coastline wereshaken by violent tremors thatreached as far away as Tokyo,hundreds of miles (kilometers)

from the epicenter.A large section of

Kesennuma, a town of 70,000people in Miyagi, burned furi-ously into the night with noapparent hope of the flamesbeing extinguished, public

broadcaster NHK said. A wit-ness told the broadcaster thatthe fire began after the tsunamiknocked over several cars,causing them to leak oil andgas. The fire started hours laterand rescuers have yet to arrive,

according to NHK."The earthquake has caused

major damage in broad areas innorthern Japan," PrimeMinister Naoto Kan said at anews conference.

See # 5 Page 11

Catastrophe tests JapanTen-meter high monster tsunami washes Japan's east coast after 8.9 quake

lDeath toll in hundreds but feared to jump l Pakistanis in Tokyo safe: FO , No tsunami threat to Pakistan:Met lGlobal stock markets tumble l Estimated overall losses near $10 billion l Tsunami alert forNZ, Philippines, Indonesia, Papua New Guinea, Hawaii, others l Obama offers relief assistance

Quakeshakes

Peshawar PESHAWAR: A medium-intensity earthquake joltedPeshawar and adjacent areason Friday evening but no casu-alty was reported.

According to media reports,the tremors felt in western partsof Peshawar panicked the peo-ple.

Met office said the magni-tude of earthquake was 4.8 onthe Richter scale.-Online

Govt standpoint,Joke of 2011: SC

Don't push courts to the wall, SC warns govt

SC gives March-16 deadline for DG FIA removal

Karachi, Saturday, March 12, 2011, Rabi-us-Sani 6, Price Rs12 Pages 12

Navydenied

fundingISLAMABAD: Senate stand-ing committee on defence anddefence production has saidthat recommendations for buy-ing submarines cannot be for-warded to the government dueto economic crunch in thecountry.

The committee which met inparliament house here onFriday under the chairmanshipof Senator Lt Gen (Retd) JavidAshraf Qazi, maintained thatdue to economic crises inPakistan, recommendations forissuing funds to Pakistan Navy(PN) for buying submarines isnot possible.

The in-camera meeting of thecommittee also stressed needfor preferring local products asfar as purchase for defence

See # 9 Page 11

Hatf-2testfire

a successISLAMABAD: Pakistantestfired a nuclear-capable,short-range, surface-to-surfacemissile on Friday, the militarysaid.

The Hatf-2 ballistic missilecan travel up to 180 km (110miles).

"Hatf-2 can carry nuclear aswell as conventional warheadswith high accuracy," the mili-tary said in a statement, addingthe test had been successful.

Pakistan carried out nucleartests in May 1998 just daysafter similar tests by its oldrival India.

Meanwhile India testfiredPrithvi-II from complex-3 ofthe Integrated Test Range (ITR)at Chandipur in Balasore dis-trict, about 230 km from statecapital Bhubaneswar at10:50AM.

In another test the Dhanushwas launched at 10:03AM froma warship anchored off the Puricoast in the Bay of Bengal,according to IANS.

"Both were fantastic See # 8 Page 11

Bangladeshtail-endershit back to

stun EnglandCHITTAGONG: Bangladeshtail-enders Shafiul Islam andMahmudullah became the toastof the nation on Friday aftersteering their team to a stun-ning two-wicket World Cupwin over England.

The co-hosts looked to beprobably heading out of thecompetition with England pro-gressing to the last eight whenthey slumped to 169-8 chasing226 to win on an unpredictablewicket with the ball reverseswinging. But Shafiul decidedattack was the best way aheadand he blasted 24 in as manyballs to carry his team over theline for the unlikeliest of winsas the home crowd went wild.Earlier, Jonathan Trott top-scored for England with 67backed up by Eoin Morgan (63)to help their side recover from apoor start to reach 225 all out inthe Group B clash. -Reuters

Pakistan, India testN-capable missileson the same day

Q-leaguerscall on ZardariISLAMABAD: A delegationof PML (Q), headed byChaudhry Shujaat Hussain onFriday night called onPresident Asif Ali Zardari atthe Aiwan-e-Sadr.

The delegation includedSenator Waseem Sajjad,Chaudhry Pervaiz Elahi, AmirMuqam, Kamil Ali Agha andRiaz Pirzada.

The PPP side includedPresident PPP Punjab, Imtiaz

See # 12 Page 11

2 Saturday, March 12, 2011

Staff Reporter

KARACHI: Tariq Sayeed,Vice President ofConfederation of AsiaPacific Chamber ofCommerce and Industry(CACCI) and formerPresident of FPCCI hasurged greater role of businessleaders in policy-makingprocess at Government level.

He was addressing a thesession on the Role ofBusiness Leaders in aChanging Global Market at25th CACCI Conference heldrecently in Istanbul, Turkey.

This role he said wouldwork as a tool to addresschallenges posed byGlobalization in view of theircontribution to keep eco-

nomic wheel in perpetualmotion irrespective of natureof domestic and internationalbusiness environment.

The session was alsoaddressed by Dr. SergioArzeni, Director, OECD,Mohsen Noohi, GeneralManager, Sony Eurasia,Ramon S. Ang, President andChief Operating Officer, SanMiguel Corporation andRobin Li, Chairman/CEO,Baidu. Omer Cihad Vardan,President, IndependentIndustrialists andBusinessmen's Associationin Turkish (MÜS?AD)chaired the session.

FPCCI under the leader-ship of Senator Ghulam Ali,President mounted a strongdelegation to Turkey who

affectively contributed atvarious sessions andexplored business opportuni-ties during CACCI confer-ence, which was attended bymore than 500 delegatesfrom 27 member nations ofCACCI.

The CACCI Conferenceprovided Pakistan an ampleopportunity for image-build-ing of the country as threespeakers Rehmatullah Javed,Chairman SMEs CommitteeFPCCI, Salman Javed,Chairman Tourism Councilof FPCCI and SharukhMalik, Chairman, Youngentrepreneurs Council ofSAARC CCI made presenta-tions on sessions of SMEs,Tourism and Young entrepre-neurs Forum.

Greater role ofbusinessmen urged

ISLAMABAD: PrimeMinister Syed Yusuf RazaGilani Friday said the roleof the EarthquakeReconstruction andRehabilitation Authority(ERRA) has become moreimportant after the freshmandate given to it by theParliament.

Talking to ChairmanERRA Hamid Yar Hirajhere at the PM House, thePrime Minister said theauthority has become acredible institution withthe capacity to handle

international level proj-ects.

The Prime Ministeraccepted the invitationextended by the ChairmanERRA to inaugurate KingAbdullah UniversityMuzaffarabad andRawalakot Universitycampuses soon.

He directed theChairman to revise all theprojects of ERRA on fasttrack basis and ensuretheir timely completion.

Appreciating the per-formance of the Chairman

ERRA the Prime Ministerobserved that there waslot of improvement sincearrival of the new chair-man. He assured full sup-port of the Government incompletion of the proj-ects.

The Chairman ERRAapprised the PrimeMinister about progress ofvarious mega projects andassured him that ERRAhas developed the capaci-ty to deal with any calami-ty in any part of the coun-try.-APP

ERRA, a credibleinstitution: PM

ISLAMABAD, March 11(INP): Prime MinisterSyed Yusuf Raza Gilanihas sent a message of con-dolence and commisera-tions to his Japanese coun-terpart Naoto Kan and peo-ple of Japan on the tragiccatastrophe of unprece-dented earthquake andtsunami resulting in loss oflives and destruction ofinfrastructure.

In his message the primeminister said, "We aredeeply disturbed and

shocked to hear about theloss of precious lives andcolossal devastation causedby an earthquake ofunprecedented magnitudein your country and conse-quent tsunami which struckwide areas in the easterncoast of Japan, on March11th, 2011.

The people and theGovernment of Pakistanstand in full solidarity withthe people and Governmentof Japan at this hour of griefand tragedy.-INP

Massive earthquake

Gilani condoleswith Japanese PM

Staff Correspondent

LAHORE: Calamitycaused by the recent floodsin Pakistan was extremelysevere. Millions peoplehave lost their homes, landand all other assets. Thoughrehabilitation of floodaffectees is well on the waybut still a lot of work has tobe done. All segments ofsociety should join handsfor the early rehabilitationof their catastrophe-hitbrothers as thousands help-less families are still wait-ing for help.

These views wereexpressed by the LCCIPresident Shahzad AliMalik while

speaking at a meetingwith the DCO LeyyahJavaid Iqbal here at theLCCI on Friday. The LCCISenior Vice PresidentSheikh MohammadArshad, Vice PresidentSohail Azhar, MNA PervezMalik, MPA Mehar Ejaz,LCCI ExecutiveCommittee Members MianZahid Javaid, ChaudhryWajid Ali, Amjad Ali Jawa,Fahim-ur-Rehman Saigol,Kh. Khawar Rasheed, IlyasMajeed Sheikh andChairman SDCRehmatullah Javed alsospoke on the occasion.

Shahzad Ali Malik saidthat devastation scale wasmuch bigger and govern-

ment alone could not copewith the situation. He saidthat although the nation hadnever left any stoneunturned for the help oftheir catastrophe-hit broth-ers but all segments of soci-ety should continue to playtheir vital role in reducingthe stress of flood victims.

He said that the LCCI hadfulfilled its commitmentwith the Chief MinisterPunjab Mian MohammadShahbaz Sharif and con-structed 40 houses on warfooting in Basti MancharMohana of District Leyyahand handed over the posses-sion of these newly con-structed houses to the floodaffectees of the area.

LCCI helpingflood affectees

ISLAMABAD: FederalMinister for Postal ServicesSardar Umar Gorgage onFriday categorically statedthat there is no privatizationplan of Pakistan Post.

Talking to the PostalUnion office- bearers here,the minister said PakistanPeoples Party believes increating job opportunitiesfor people and never didany act which may lead todeprive them from jobs.

He remarked that the PPP

government reinstatedsome 47,000 sackedemployees in differentdepartments.

"We are following thevision of ShaheedMohtarma Benazir Bhuttoand Zulfikar Ali BhuttoShaheed to run the affairs ofthe government," he saidadding that no compromisewill be made on labourrights.

The minister said thecredit to convert the servic-

es of daily wages and con-tract employees on perma-nent basis also goes to thepresent government.

Gorgage stressed on theemployees to furtherimprove their performancein order to enhance the cred-ibility of Postal services.

The Union office bearersthanked the minister forproviding support in thesolution of employees andcalled off the announcedstrike.-APP

‘Privatisation ofPak Post not on cards’

Staff Correspondent

s I S L A M A B A D :

Turkmenistan and Pakistanenjoy excellent bilateralsocial, cultural, and econom-ic relations and there is needto further promote theserelations with the passage oftime.

This was stated byTurkmenistan Ambassadorto Pakistan SaparBerdiniyazov during a talkon "Cultural and Socio-Economic Development ofTurkmenistan" delivered byhim at Preston University.

Highlighting the impor-tance Turkmenistan gives toits relations with the IslamicRepublic of Pakistan,Berdiniyazov said that

Pakistan was the first coun-try to recognize independentTurkmenistan, in 1991.Pakistan, he said, was alsothe first country to haveestablished diplomatic rela-tions with Turkmenistan.

A m b a s s a d o rBerdiniyazov said that rela-tions between the two broth-erly countries have grownenormously during the past20 years, and sincere effortsare being made to furtherbolster the existing cordialand mutually beneficial rela-tions in the years to come.

Talking about economicrelations, he made specialreference to theTurkmenistan, Afghanistan,Pakistan and India (TAPI)gas pipeline project.

This project, when com-pleted, would prove to be agreat milestone inTurkmenistan-Pakistan rela-tions, he maintained.

Highlighting some impor-tant aspects of TAPI,Ambassador Berdiniyazovsaid the capacity of the 1400km pipeline, half of whichwould run throughAfghanistan, is estimated tobe between 25-30 billioncubic meters gas per year.

Realization of thisextremely vital projectwould require basic infra-structure such as road andrailway links, which willtake the economic and traderelations between the twocountries to unfathomableheights.

Pak-Turkmenties growingbetter: envoy

KARACHI: TheConvocation andGraduation ceremony ofSchool of Army AirDefence (SAAD) andOrdnance School was heldat Malir Cantonment onFriday.

An ISPR press releasesaid that in simple butimpressive ceremony ofthe officers of AirDefence Staff Course-48and Ordnance SchoolAmmunition TechnicalOfficer's Course-72, thesuccessful officersincluding officers fromfriendly countries wereawarded degrees, certifi-cates and were givenmedals on their outstand-ing performance.

Thirty officers includingtwo allied officers attend-

ed the course of SAAD. In a graduation ceremo-

ny at School of Army AirDefence, the chief Guest,Inspector General ArmsBranch, Lt. Gen. SaleemNawaz, congratulated theofficers on the successfulcompletion of theircourse.

He dilated upon theimportance of role ofground based Air Defencein modern warfare.

He praised the dedica-tion and professionalcommitment of facultymembers for impartingexcellent training to thestudents of Air DefenceStaff Course.

The chief guest alsogave away medals to thedistinguished student offi-cers. -APP

Convocationof SAADTV PROGRAMMES

SATURDAY

Time Programmes7:00 News8:00 News9:05 Best of Subah

Savere Maya Kay Sath

11:10 Tafteesh (Rpt)12:00 News13:10 Newsbeat (Rpt)14:10 Awam Ki Awaz

(Rpt)15:00 News16:10 Faisla Aap Ka

(Rpt)17:30 Samaa Metro18:00 News18:30 Aap Ki Baat19:00 News19:05 Mutasareen19:30 Taxi News20:05 Tafteesh21:00 News22:03 Faisla Aap Ka23:00 News23:03 Awam Ki Awaz

(Rpt)

ISLAMABAD: Special envoy of Iranian President, Petroleum MinisterMasood Mir Kazemi, called on President Asif Ali Zardari at Aiwan-e-Sadr.-APP

ISLAMABAD: Hamid Yar Hiraj, Chairman ERRA called on Prime MinisterSyed Yusuf Raza Gilani at PM House.-APP

KARACHI: PPP women members of Sindh Assembly shouting slogans againstthe Supreme Court verdict against the posting of Chairman NAB Deedar

Hussain Shah, during a demonstration rally from Sindh Assembly to HighCourt Chowrangi.-Online

BOIupgrades

its websiteISLAMABAD: Board ofInvestment (BOI) here onFriday launched aninvestor-focused, interac-tive and new version ofw e b s i t ewww.pakboi.gov.pk.

Speaking on the occasionChairman Board ofInvestment Saleem H.Mandviwalla said: "At BOIwe have always takeninvestor care very serious-ly. In order to improve thework efficiency of BOI, toprovide better services toinvestors, contemplating toinvest in Pakistan, we tookthe initiative of new ver-sion of BOI's website", heremarked.

The website containsmany features includingBusiness Match Making,Personalized Profile ofInvestors for Investmentand Joint Ventures,Information/InvestmentO p p o r t u n i t i e s / J o i n tVentures related toSpecified Sectors, On-LineC o m p l a i n t s / Q u e r i e s ,Potential Projects and FDIInflows.

The other features of theWeb site are: Details ofDomestic and Foreign

Investment Projects,Proposal and Enquires(Details by Product, Sector,Country, etc.), Work Visas,Branch and LiaisonOffices, Latest Companyand Industry News,Country Briefs,Delegations/Conferences,Sectors of Interest andImproved Usability andNavigation.-APP

Iran envoycalls on

PresidentISLAMABAD: Specialenvoy of Iranian Presidentcalled on President Asif AliZardari late Thursday andextended IranianPresident's greetings on theadvent of Nauroz.

The special envoy,Petroleum Minister MasoodKazemi, also discussedbilateral and regional issueswith President Zardari.

The meeting was alsoattended by IranianAmbassador in IslamabadMasha'Allah Shakeri andsenior Iranian officials. ThePakistan side includedPrivatization MinisterNaveed Qamar, ForeignSecretary Salman Bashir,Secretary to PresidentMalik Asif Hayat,Petroleum Secretary ImtiazKazi and Spokesperson tothe President FarhatullahBabar.-Online

CF grant forvocational

trainingTFD Report

KARACHI: As CitiPakistan celebrates 50 yearsin Pakistan, Citi and the CitiFoundation have providedUSD 35,000 to join handswith the Sarhad RuralSupport Program and TheHunar Foundation, to spon-sor students in Pakistan, forattaining vocational trainingand post-secondary educa-tion. This training, whichcombines theoretical class-room curriculum, coupledwith hands on workshoptraining and internshipplacements will

focus on Electrician,Welding, Plumbing,Refrigeration/Air-condi-tioning and General Fittingtrades. This project will helpdecrease unemployment inPakistan and provide greaterincentive to low-incomegroups to attain education,as it is likely to result inimproving livelihoods.

KCCI, LCCIto forward

joint budgetproposals

KARACHI: It is for the firsttime in the history of KarachiChamber of Commerce andIndustry (KCCI) and LahoreChamber of Commerce andIndustry (LCCI) to workjointly for the upcomingbudget proposals.

The budget proposals willbe presented to the govern-ment next month for delibera-tion by the Ministries ofFinance, and Commerce forconsideration.

"Time has come that weshould stand united and inte-grated efforts must be chan-nelised for resolving issuesrelated to import and exportpolicy, RGST and other mis-cellaneous issues to facilitatethe business community," saidActing President, KCCI.-APP

Hot weather

forecast for

SindhStaff Correspondent

ISLAMABAD: PakistanMeteorological Departmenton Friday forecast hot anddry weather for most partsof Sindh and coastal areas ofthe country, with rise in tem-perature up to 38-40 degreesCelsius, during next week.

Talking to APP, DirectorNational WeatherForecasting Centre,Muhammad

Hanif said most parts ofSindh province especiallyKarachi, Hyderabad, NawabShah and Mirpur Khas arelikely to experience hotweather conditions duringnext week.

He said the day tempera-ture is likely to increase 3-6degrees Celsius in Sindhand Balochistan while it willincrease up to 2-4 degrees inPunjab, KhyberPakhtunkhwa and Kashmirin the coming week.

The dry weather condi-tions are likely to prevailacross the country duringnext 10 days as there is nochance of rain till March 20.

However, isolated rain islikely at only few places ofPunjab, KhyberPakhtunkhwa and Kashmirin the last week of March,Hanif added.

‘Healthwarning

on importeditems a must’ISLAMABAD: Pakistan'sproposals for inscribing dan-gerous effects of chemicals invarious imported items wouldbe reviewed at internationalforum to prevent end users andmanufactures from the adverseeffects of chemicals, JointSecretary InternationalCooperation Abid Ali has said.

While presiding a meetinghere on Friday stated that due totechnical terminology and sci-entific data written at the labelsof imported items do not awareconsumers to understand thenegative impacts of chemicalson human health and environ-ment so it should be mademandatory for manufactures oftoys, electronics and other sim-ilar items to prominently dis-play the after effects of differentsubstances of chemicals to beused in these items.- NNI

Microfinanceclient wins

award ISLAMABAD: A client ofFirst MicroFinanceBank inPakistan, Purdum Wali, wonthe "Best National Micro-Entrepreneur Award Male" atthe recent Citi-PPAF Micro-entrepreneurship Awards2010 ceremony held here.

Purdum Wali, fromMastuj, Chitral, was awardeda cash prize of Rs.200,000.

Ms Hina Rabbani Khar,Minister of State forForeign Affairs, presentedPurdum Wali with the BestNational Micro-Entrepreneur Award.-PR

Policy-making

MUMBAI: The Indian rupeeweakened on Friday trackinglosses in local shares as well asAsian currencies, with broaddollar strength also weighing.

The partially convertible rupeeclosed the week at 45.2400/2500per dollar, 0.1 per cent weakerthan its 45.1800/1900 close onThursday. It moved in a 45.1600-45.2925 range intraday.

"It was a combination of both,the negative mood in the equitiesand view that dollar would riseas an after-effect of the quake inJapan, which hurt the rupee,"said Ashtosh Raina, head of for-eign exchange trading at HDFCBank in Mumbai.

Indian shares fell for the sec-ond week in three as theyshrugged off better-than-expect-ed factory data and ended 0.8 percent down as the Japanese quakerattled global markets. India'sindustrial output in Januarytopped forecasts to grow anannual 3.7 per cent, versusReuters forecast of 2.9 per cent.

The one-month onshore for-ward premium was up at 28.75points against 28.25 points onThursday while the three-month

premium was slightly lower at79.50 points versus its previousclose at 80.00 points.

The one-year premium wasdown at 277.00 points versus279.00 points on Thursday.

The one-month offshore non-deliverable forward contractswere quoted at 45.56, weakerthan the onshore spot rate.

In the currency futures market,the most traded near-month dol-lar-rupee contracts on theNational Stock Exchange endedat 45.4075, on the MCX-SX at45.4100, and on the UnitedStock Exchange at 45.4150, withthe total traded volume at about$8.77 billion. -Reuters

Indian rupee downon weak local shares

3Saturday, March 12, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 11/03/2011A USD GBP CAD EUR JPY

O/N 0.21550 0.55625 0.97083 0.73000 SN 0.106881WK 0.24340 0.57813 1.00367 0.79875 0.116252WK 0.24740 0.58438 1.04083 0.81625 0.119381MO 0.25500 0.61313 1.08467 0.85050 0.133752MO 0.28400 0.68313 1.14583 0.98125 0.155633MO 0.30950 0.80625 1.21583 1.12563 0.192504MO 0.35000 0.88875 1.28250 1.21938 0.243135MO 0.40850 0.99375 1.35167 1.32063 0.300006MO 0.46100 1.11125 1.42000 1.44375 0.346257MO 0.51450 1.19500 1.50583 1.51938 0.395008MO 0.56775 1.28125 1.59833 1.59375 0.444389MO 0.61525 1.36375 1.68667 1.67250 0.49000

10MO 0.66700 1.44500 1.77167 1.74313 0.5168811MO 0.72050 1.51375 1.86250 1.81500 0.5425012MO 0.78000 1.58375 1.95167 1.88625 0.57000

Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ

U.S.A. 85.40 85.20 84.95

U.K. 137.27 136.95 136.52

EURO 118.05 117.77 117.39

CANADA 87.66 87.46 87.23

SWITZERLAND 91.70 91.49 91.25

AUSTRALIA 85.69 85.49 85.26

SWEDEN 13.36 13.33 13.30

JAPAN 1.03 1.03 1.03

NORWAY 15.13 15.10 15.06

SINGAPORE 67.16 67.01 66.83

DENMARK 15.83 15.79 15.75

SAUDI ARABIA 22.77 22.72 22.66

HONG KONG 10.96 10.94 10.91

CHINA 12.99 12.96 12.93

KUWAIT 307.08 306.36 305.56

MALAYSIA 28.11 28.04 27.97

NEW ZEALAND 62.85 62.70 62.53

QATAR 23.45 23.40 23.34

U.A.E. 23.25 23.20 23.14

KR WON 0.08 0.08 0.08

THAILAND 2.81 2.80 2.80

1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK

ABLN 12.60 13.10 12.65 13.15 12.75 13.25 13.35 13.60 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 12.95 13.45 12.95 13.45 13.00 13.50 13.40 13.65 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

ASPK 12.85 13.35 12.90 13.40 12.90 13.40 13.25 13.50 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

CIPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DBPK 12.75 13.25 12.70 13.20 12.75 13.25 13.25 13.50 13.35 13.60 13.40 13.90 13.55 14.05 13.65 14.15

FBPK 12.75 13.25 12.80 13.30 12.85 13.35 13.35 13.60 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 12.90 13.40 12.85 13.35 12.85 13.35 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 12.85 13.35 12.85 13.35 12.90 13.40 13.35 13.60 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 12.80 13.30 12.85 13.35 12.90 13.40 13.25 13.50 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

NIPK 12.75 13.25 12.90 13.40 13.10 13.60 13.25 13.50 13.35 13.60 13.45 13.95 13.55 14.05 13.60 14.10

HMBP 12.80 13.30 12.85 13.35 12.90 13.40 13.30 13.55 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

SAMB 12.85 13.35 12.90 13.40 12.95 13.45 13.15 13.40 13.45 13.70 13.65 14.15 13.75 14.25 13.85 14.35

MCBK 12.85 13.35 12.85 13.35 12.80 13.30 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 12.50 13.00 12.60 13.10 12.90 13.40 13.25 13.50 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 12.80 13.30 12.75 13.25 12.75 13.25 13.25 13.50 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

UBPL 12.80 13.30 12.85 13.35 12.85 13.35 13.30 13.55 13.50 13.75 13.65 14.15 13.80 14.30 13.90 14.40

AVE 12.81 13.31 12.84 13.34 12.87 13.37 13.29 13.54 13.49 13.74 13.63 14.13 13.75 14.25 13.85 14.35

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

EUR-USD 1.3819 1.3822 1.3840 1.3755

USD-CHF 0.9292 0.9293 0.9357 0.9292

GBP-USD 1.6021 1.6025 1.6074 1.5977

USD-CAD 0.9770 0.9774 0.9800 0.9725

AUD-USD 1.0039 1.0042 1.0053 0.9971

EUR-JPY 113.4000 113.4500 115.0000 112.9500

EUR-GBP 0.8620 0.8625 0.8625 0.8592

EUR-CHF 1.2841 1.2845 1.2926 1.2834

GBP-JPY 131.5300 131.6000 133.7200 131.2100

CHF-JPY 88.2800 88.3400 89.2900 87.8000

Gold 1410.3300 1411.2500 1419.1000 1405.3100

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)11/03/2011

As per 22.00 PST

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.95 12.95 12.92 12.90 12.90 12.95 12.93

8-15dys 12.95 12.95 12.92 12.95 12.90 12.95 12.94

16-30dys 13.00 13.00 12.98 13.00 13.00 12.95 12.99

31-60dys 13.18 13.10 13.05 13.10 13.15 13.10 13.11

61-90dys 13.28 13.17 13.19 13.20 13.35 13.25 13.24

91-120dys 13.48 13.32 13.38 13.30 13.48 13.45 13.40

121-180dys 13.55 13.50 13.53 13.50 13.60 13.50 13.53

181-270dys 13.70 13.62 13.64 13.65 13.68 13.65 13.66

271-365dys 13.75 13.72 13.75 13.75 13.78 13.75 13.75

2-- years 14.00 14.00 14.00 13.90 13.95 14.05 13.98

3-- years 14.04 14.02 14.05 14.03 14.03 14.07 14.04

4-- years 14.12 14.10 14.06 14.05 14.18 14.10 14.10

5-- years 14.12 14.05 14.07 14.06 14.10 14.12 14.09

6-- years 14.16 14.10 14.18 14.12 14.20 14.18 14.16

7-- years 14.16 14.12 14.20 14.15 14.11 14.19 14.16

8-- years 14.14 14.05 14.15 14.12 14.20 14.07 14.12

9-- years 14.08 14.03 14.10 14.08 14.00 14.02 14.05

10--years 14.08 14.07 14.10 14.08 14.06 14.08 14.08

15--years 14.50 14.50 14.60 14.50 14.50 14.40 14.50

20--years 14.75 14.75 14.75 14.80 14.75 14.70 14.75

30--years 14.90 14.85 14.95 15.00 15.00 14.90 14.93

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for March 11, 2011

Source Events Actual Forecast Previous

CNY CPI y/y 4.9% 4.8% 4.9%CNY Industrial Production y/y 14.1% 13.3% 13.5%CNY Retail Sales y/y 15.8% 19.0% 19.1%EUR German Final CPI m/m 0.5% 0.5% 0.5%EUR German WPI m/m 1.4% 1.0% 1.2%GBP PPI Input m/m 1.1% 1.4% 2.3% GBP PPI Output m/m 0.5% 0.7% 1.1% CAD Employment Change 15.1K 26.2K 69.2KCAD Unemployment Rate 7.8% 7.7% 7.8%

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada April 12, 2011 September 8, 2010 1%

Bank of England April 7, 2011 March 5, 2009 0.50%

Bank of Japan March 15, 2011 December 19, 2008 0.10%

Federal Reserve March 15, 2011 December 16, 2008 0.25%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia April 5, 2011 November 2, 2010 4.75%

European Central Bank January 1, 2001 May 7, 2009 1%

Major Central Banks Overview

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

Period AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD USD/CAD USD/CHF

1 week 0.25 0.39 0.64 0.69 0.28 -0.84 0.25 -0.58

1 month 0.64 -0.51 0.89 0.71 0.74 -0.77 -0.82 -0.88

3 months 0.49 0.63 0.53 0.90 0.89 0.00 -0.71 -0.70

6 months 0.41 0.60 0.79 0.83 0.77 0.35 -0.21 -0.43

1 year 0.82 -0.13 0.63 0.35 0.79 0.72 -0.71 -0.75

2 years 0.10 0.54 0.60 0.71 0.79 0.14 0.04 -0.33

Currencies CorrelationEUR/USD

NEW YORK: The yen advancedbroadly on Friday on risk aversion byJapanese investors and expectations ofrepatriations by Japan's insurance com-panies as they sell foreign assets to payfor claims after a major earthquakerocked Japan.

The yen initially fell to a two-weeklow against the dollar, and analysts saidit could stay choppy on near-term wor-ries about the impact on a fragileJapanese economy.

Worries about growth causedinvestors cut exposure to risk, leadingto selling of higher-yielding currencies.The euro was also seen vulnerable to asell-off if a euro-zone summit fails toease concerns about sovereign debt.

"If you are look at the Kobe earth-quake in 1995, that also resulted in yen

strength," said Michael Woolfolk, cur-rency strategist at BNY Mellon in NewYork. "Japanese investors that havebeen heavilyinvested over-seas bring itback home inperiods of riskaversion."

M i d w a ythrough theNew York ses-sion, the dollar fell 1.3 per cent, itsbiggest one-day drop since Dec. 3, trad-ing at 81.89 yen on electronic tradingplatform EBS. The low posted at 81.65yen. The dollar touched a two-weekhigh of 83.30 yen in the Asian sessionbefore falling back.

The euro fell to its lowest in more than

a week against the yen at 112.93 on EBSbut then recovered to 113.34 yen on EBS,still down 0.9 per cent on the day.

The yen rallied 1.2 per cent againstthe Canadian dollar, 1 per cent againstthe Swiss franc and 1.5 per cent againstthe pound, according to Reuters data.

The Bank of Japan said it would cutshort its two-day meeting next week tojust one day and announce its decisionthat day, while leaders of the ruling and

opposition parties pushed for an emer-gency budget.

With rates at nearly zero, the BoJdoes not have the scope to cut borrow-ing costs, as the Reserve Bank of NewZealand did earlier this week inresponse to last month's earthquake.

Analysts said Japan is likely to takesteps that will further delay any gradualnormalization of monetary policy, andthis could prove negative for the yen.

The euro rallied above $1.3800,though traders cited concerns Portugalmay seek an external bailout. It was lastup 0.3 per cent at $1.3842 on EBS.

Euro zone leaders met on Friday,ahead of a full 27-nation EuropeanUnion summit on March 24-25, to tack-le a debt crisis that has pressured theeuro for a year. -Reuters

Yen higher, but outlookvolatile after quake

SHANGHAI: The yuan endedlittle changed against the dollaron Friday even though thePeople's Bank of China set aweaker mid-point, underscor-ing the market's view the yuanwill likely not fall much.

Dealers said the yuan isexpected to move in a smallrange in the near term, as thecentral bank prefers to keep theyuan stable for now.

China's central bank chiefZhou Xiaochuan said at anannual press conference onFriday that China would keepthe yuan's exchange rate basi-cally stable at a reasonable andbalanced level.

"Regarding the exchange ratepolicy, it's still the same line.Based on market supply anddemand, we refer to a basket ofcurrencies in making adjust-ments and will keep the ren-minbi exchange rate basicallystable at a reasonable and bal-anced level," Zhou said.

Spot yuan inched firmer byonly 1 pip to 6.5746 versus thedollar, against Thursday's closeof 6.5747. The currency has

risen 3.8 per cent since it wasdepegged in June 2010.

Before trading began, thePBOC fixed the yuan's mid-point at 6.5750 against dollar,weaker than Thursday's 6.5713."Our boss (central bank) hassaid so, the yuan may remainstable in the near term," said adealer at an European bank inShanghai. "But we don't think ithas the potential to drop."

On Friday, China posted aslew of economic data, includ-ing key February consumerprice inflation, which was at4.9 per cent from a year earlier,the National Bureau ofStatistics said, higher than mar-ket expectations of 4.7 per cent.

But the PBOC governor saidthat the yuan exchange ratewould not be a key way to curbhigh prices.

Benchmark one-yeardollar/yuan non-deliverable for-wards (NDF) were bid at 6.4410,up from 6.4370 at Thursday'sclose. Their implied yuan appre-ciation in a year's time fell to 2.1per cent, unchanged fromThursday. -Reuters

Yuan ends flat vs dlr,stability seen key

WELLINGTON/SYDNEY: The Australiandollar grinded higher on Friday as upbeat outputdata from China helped counter somewhat con-cerns over global growth, while the NewZealand dollar crept up from a five-and-a-half-month low.

The Australian dollar nudged higher to$1.0037, from a two-week low of $0.9991 onThursday. Still, it remains a cent down for theweek and is the worst performing currency witha 1.4 per cent loss.

Support is seen at $0.9966 and $0.9944, with$1.0054 to cap the topside. Bids below parityfrom local bargain hunters, exporters and Asiancentral banks were limiting the downside fornow, according to traders.

But the Australian dollar could be on the defen-sive later on Friday when European leaders meet todiscuss structural changes to the sickly euro-zone.Roland Randall, senior economist at TD Securitiesin Singapore would not be surprised if the summitwas disappointing, showing little progress.

"That would be Aussie negative, so we couldwalk in on Monday and see the Aussie lower,probably below parity," he said.

Randall does not see the currency breakingaway from the $0.98-$1.02 channel of the pastthree-months. Earlier on Friday, the Aussieedged up after Chinese inflation levelled off inFebruary while industrial output accelerated.

This was seen by economists as signs the gov-ernment is succeeding in taming price pressureswithout unduly harming growth in the world'ssecond-largest economy.

The New Zealand dollar paused at $0.7359,having bounced from a five-and-a-half monthlow of $0.7322 overnight. Support is seen at$0.7320 and below that $0.7306, with $0.7380the first hurdle higher.

The kiwi has been quite resilient this weekgiven that the Reserve Bank of New Zealandslashed its benchmark rate by 50 basis points to2.5 per cent on Thursday.

The kiwi, which has fallen about five per centin the past month, was seen supported around$0.7320 and below that $0.7306, with resistanceat $0.7380. Against the Australian dollar, the kiwidrifted lower to NZ$1.3634, from NZ$1.3599, asthe Aussie gained on talk of buying fromJapanese names and for uridashi bonds. -Reuters

Aussie dollar relieved atChina data, kiwi pauses

SINGAPORE: The Philippinepeso and the Thai baht fellagainst the dollar on Friday,extending losses after a power-ful earthquake hit northeastJapan, triggering a 10-metretsunami prompted investors tocut positions in the riskier cur-rencies.

Earlier China's stronger-than-expected output data alle-viated investors' concerns overthe health of the world's No. 2economy after it reported weakFebruary figures.

But news of the massivequake hit the yen and otherAsian currencies.

"That is another reason to

encourage a risk-off environ-ment," said Pin Ru Tan, emerg-ing markets currency and ratesstrategist at the Royal Bank ofScotland in Singapore.

Before the earthquake, Asiancurrencies cut some losses asChina data reassured investorsthat Asia would continue to growfaster than developed markets.

The peso weakened past43.60 per dollar where thePhilippine's central bank hadbeen spotted selling dollars tocheck the currency's falls.

Investors rushed to coverdollar-short positions after thequake. A Manila-based dealersaid he has not seen dollar-

sales by the central bank yet. The one-month dollar/won

non-deliverable forward(NDF) rose to as high as 1,130after the earthquake.

Dealers say South Koreanauthorities entered the marketin February to keep a lid on thewon, which has been bouncingaround in a 1,104-1,134 rangeso far this year.

The baht reversed gains on about of risk aversion and veryaggressive central bank inter-vention on Thursday. Tradersestimated the Bank of Thailandbought at least $500 millionbetween 30.25-30.24 in theprevious session. -Reuters

Asian currencies

Peso, baht down afterJapan disaster

LONDON: Sterling hit a six-week trough versus the euro andfell to a three-week low againstthe dollar on Friday, pressuredby a drop in UK gilt yields asmarkets pushed back expecta-tions for UK rate rises in 2011.

The pound was also pres-sured as investors cut exposureto perceived higher-risk cur-rencies and assets in the wakeof a powerful earthquake in

Japan which weighed broadlyon equity markets.

"We are seeing a bit of a reali-ty check, with people starting torealise there will be two, maybethree rate hikes in the UK, andthat will be it for a while," saidGavin Friend, currency strategistat nabCapital.

The move came as traders cutlong positions in the pound in thewake of Thursday's Bank ofEngland decision to keep interestrates on hold. Although the movehad been widely expected, manyhad been positioned for thechance of an early rate hike.

The euro rose 0.5 per centversus sterling to a six-weekhigh of 86.44 pence, beating thehigh hit on Monday in the wakeof comments by EuropeanCentral Bank President Jean-Claude Trichet hinting at aeuro-zone rate rise in April.

Sterling also hit a six-weeklow against a currency basketof 80.2.

Markets are now pricing in

only around a 50 per centchance of a rate hike in May,with a rate rise fully priced infor August. Before Thursday'srate decision, a hike had beenfactored in for June.

Against the dollar, sterlingslipped to a three-week low of$1.5977 before recovering totrade at $1.6030, well below aone-year high of $1.6344 hit lastweek. Data on Friday showedBritish factory gate inflationrose to its highest annual rate inmore than two years inFebruary, led by surging oil andfood prices. -Reuters

Stg plunges vs euro asrate expectations ease

Swiss francticks down

ZURICH: The Swiss franc fellagainst the dollar and the euroon Friday as investors closedout some long positions as theyfocused on the Japanese yenafter a major earthquake struckJapan.

"There is little interest for thefranc this morning. The wholefocus is on Japan and the yen,"a Zurich-based trader said.

Investors turned cautiousafter an earthquake measuring8.8 struck off the northeastcoast of Japan. Ongoing vio-lence in Libya and expectedprotests in Saudi Arabia arealso keeping them on edge.

Even so, they were not flock-ing to the franc, generallyregarded as a safe-haven cur-rency.

"Normally, the franc shouldrise in this context but one hasto take into account that it hasbeen firm over the last daysalready," the trader said.

The franc fell 0.4 per centagainst the euro compared tothe New York close, trading at1.2908 per euro at 0836 GMT.The franc was down 0.1 percent against the dollar at 0.9325per dollar.

Despite the declines, thefranc is expected to remain firmagainst the other major curren-cies in the near term. -Reuters

Quake accelerates risk reduction

Recovers after knee-jerk reaction to earthquake

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IMF shouldunderstandPakistan'sproblem

It is necessary to thank the InternationalMonetary Fund (IMF) for extending its delibera-tions with the Government of Pakistan to resolvethe issues leading to suspension of release of lasttwo tranches on the Stand-By Arrangement(SBA) signed in November 2008.

One of the basic factors staling Pakistan-IMFrelationship is IMF's view that Pakistan is notdoing enough to contain the budget deficit. Theother complaint is that Pakistan agreed to intro-duce a few new taxes and/or reformed generalsales tax but failed in getting these approved bythe legislative.

Ironically, opposition and some of the coalitionpartners are deadly against imposition of anynew tax because they consider it anti-people. Thestance looks reasonable because of the high rateof inflation in country pushing more and morepeople below the poverty line.

Some of the experts still say that Pakistanshould scum to the IMF pressure, introduce newtaxes and withdraw some of the subsidies beingpaid to get the remaining tranches released.These experts are trying to create an impressionthat if Pakistan does not get the remainingtranches it will default. However, Pakistanis failto understand their suggestion to withdraw var-ious types of subsides but as they hardly raiseany voice against cutting down of PSDP alloca-tions and even the lavish spending of the elect-ed representatives.

Lately, some experts have also been suggestingthat Pakistan should very politely thank the IMFfor the support it has already received and alsovoluntarily decide not to take the remainingtranches. These experts very strongly believe thatnow Pakistan enjoys strong footing and accept-ing the balance amount would only add to theload of debt. This group believes that debt serv-icing has already become unsustainable. Havingsaid this, the group still does not want to offendthe Fund because IMF's letter of comfort makesdealing with other multilateral financial institu-tions easier.

There is growing realisation that the presentgovernment has chosen the easier option ofacquiring money from the IMF rather than tak-ing pains to improve the economy. Little hasbeen done to improve the level of governance atState Owned Enterprises (SoEs) posting up toRs300 billion losses every year. Tax collectionregime often says that people don't pay theirtaxes in full but it is also on record the corrup-tion within the Federal Board of Revenue (FBR)and failure of the government to reform the taxcollection regime eats nearly half a trillionrupees every year.

The government and opposition must under-stand that either the revenues have to beincreased or expenditures curtailed. In the pre-vailing conditions austerity seems better optionwhen compared with introducing new taxes.However, unless the rulers give up their lavishstyle and also tax the elites any attempt to imposenew tax will be opposed with great fervor.


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

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Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 126

Shamsul Islam Naz

Media practitioners and their apexbody, the Pakistan Federal Unionof Journalists, are struggling hard

for securing implementation of the 7th WageBoard Award as from Senate of Pakistan tothe National Assembly and from the superi-or judiciary to the wage award implementa-tion tribunal all have failed to persuade own-ers to implement the award despite sky-rocketing increase in prices of commodities.

After a lapse of over 10 years, owners arestill reluctant to increase wages of journalistsand other staff which has put an economicburden on newspaper employees.

This has been happening despite passageof resolutions by the four provincial assem-blies, the National Assembly and the Senate,asking the owners to implement the award.

The award was supposed to be imple-mented with effect from Ist July 2000 whichwas duly notified in the official gazette ofGovernment of Pakistan after it became alaw and binding upon them.

The media owners have made 7th wageaward a point of prestige for them and fromtheir raw conduct, they have literally provedthat no one on earth can compel them to bowbefore the law and Constitution. It seemsthat all state organs i.e. Parliament,Executive, Judiciary and their subordinateinstitutions are just small picas in front of theowners who have failed to enforce their writ.

No one can dare ask media owners toabide by law, pay taxes and lawful dutiesand to respect rule of law. Contrary to this,they put all state organs under tremendouspressure and have also hired "services ofsome hand-picked journalists" who arebeing fabulously paid with a clear-cut agen-da to scandalise each and every governmentdepartment and functionary in a manner thatno one may dare to see eye to eye with them.

The media owners are very successful intheir mission and they call for accountabili-ty of each and every pillar of the state andattached organisations.

They are shrewd enough that they raisehue and cry to malign anybody who maydare to ask them to pay lawful duties and tofulfill legal obligations. They raise bogey of"attack" on freedom of press and they starthurling threats and intimidate officials.

Very strangely the higher judiciaryalso feels pleased to rush to the rescue ofmedia owners.

The media owners are very successful intheir well conceived strategy which can bejudged from this fact that they have not onlyliterally made the 7th wage board award forthe media persons ineffective and inopera-tive, but have also been successful in block-ing the subsequent Wage Boards whichwere to be constituted after every successivefive years. Till this time, the 9th Wage BoardAward should have been in operation whenthis piece was being written.

In historical perspective, one wouldobserve that basically the wage board has tobe constituted by the federal government forthe purpose of fixing rates of wages fornewspaper employees in the country. Theboard is constituted after every 5 years. Uptill now seven boards have been formed.

BACKGROUND: There used to be nolaw for wages of working journalists whenPakistan came into being. The working jour-nalists used to be paid according to discre-tion and sweet will of newspaper owners.The working journalists raised this issuebefore the constituent Assembly of Pakistanthrough a resolution which was tabled inNovember 1953. The resolution inter aliastated that "the Assembly is of the opinionthat the government of Pakistan shouldappoint a Committee to investigate the con-ditions of the national press of Pakistan withparticular reference to the working condi-tions of the journalists and report to the gov-ernment". This resolution was carried by theAssembly and inconsequence thereof thegovernment of Pakistan constituted a PressCommission with various terms of refer-ence, including recommendation in rates ofpay and working conditions of journalists.

It may be noted that in the sixth year ofthe republic, the Indian Parliament passedWorking Journalists and other NewspaperEmployees (Conditions of Service) andMiscellaneous Provisions Act, 1955.Under this act, the concept of the WageBoard for fixation of wages and otherfringe benefits has been provided.Likewise, there is also law for constitu-tion of the Wage Board in Bangladesh,Sri Lanka and other countries.

PRESS COMMISSION (1954)In Sept 1954, the government set up a

Press Commission, which was supposedto give recommendations concerningworking conditions and salaries of work-ing journalists. One of the terms of refer-ence of the commission was; "to examineand make recommendation on the rates ofpay and working conditions of the jour-nalists." Justice Khurshid Zaman, Judgeof the High Court headed theCommission, while late Hameed Nizami.Altaf Hussain, Z .A. Suleri and M. A.Zuberi were among the 11 other membersof the Commission.

Reconstitution of Press Commission:Due to the professional and organization-al rivalries between the two bodies theAll Pakistan Newspaper EditorsConference (APNEC) and the Council ofPakistan Editors, and rival bodies ofnewspaper Editors, the PressCommission could not function resultingin reconstitution of the of the same onSep 5, 1958, headed by H.B Tyabji,Chief Judge of the High Court of Sindh,

Karachi.Report / recommendation of the

Commission: In March 1959, theCommission submitted its detailed report/ recommendations to the governmentand stressed upon formulation of a law toregulate the condition of service of work-ing journalists and a wage board for fix-ation of the rates of wages of the workingjournalists. The Commission highlightedvarious problems confronted by thenewspaper industry in general and work-ing journalists in particular.

In line with Press Commission Report,the government promulgated anOrdinance on 26th April 1960 known asthe "Working Journalists (Condition ofService) Ordinance 1960". Subsequently,the 1st Wage Board was constituted in1960. The board consists of a Chairmaneligible for the Judge of High Court andan unlimited number of the membersselected by the government. But repre-sentation of the owners and newspapersemployees was required to be equal.

The decision of the Board commonlyknown as "award" was made bindingupon newspapers establishments..According to the WJCSO, the Board wassupposed to adjudicate and determinewages, grade and allowances only ofworking journalists and not otheremployees of newspapers organizations.

The WJCSO was replaced the withNewspaper Employees (Conditions ofService) Act, 1973 which was unani-mously adopted by the parliament andwas made public by the founder of thePakistan Peoples Party Chairman,Zulafiqar Ali Bhutto on 14th Aug. Amajor change in the NECOSA was thatall the employees working in the newspa-pers establishment were brought underthe net of the Wage Board in addition tothe working journalists.

FIRST WAGE BOARD 1960: The Istwage board was constituted on 30th May1960 with Justice Sajjad Ahmed Jan,Judge of the High Court of the WestPakistan as its Chairman In this board,wages were fixed for the working jour-nalists only. Every newspaper organiza-tion was supposed to pay wages accord-ing to the rates fixed by the Board. Theboard gave its decision on 31st Dec. 1960which was made operative from Ist Jan.1961. It was made clear that "the decisionof the Board would be subject to reviewand revision after 5 years from the date ofits enforcement by an authority that mightbe set up by the federal government."

SECOND WAGE BOARD: When theIst Wage Board was constituted in 1960, itwas decided that the government wouldform the board after every 5 years, there-fore 2nd wage board was due in 1965.However, it was constituted after 9 yearson the 25th April 1969 instead of 1965.The 2nd wage board had 8 members, foureach of working journalists and newspa-per employers while. Justice SajjadAhmed Jan was nominated its Chairman.

Later, in Oct 1969, Justice SajjadAhmed Jan resigned who was succeededby Justice A.S Farooqi, a Judge of theWest Pakistan High Court. Heannounced Interim Relief which wasconfined only to metropolitan newspa-pers employees.

The Chairman adopted in to classifica-tion of metropolitan as A and B cate-gories while granting the Interim relief.He decided that all the newspapers whichare located in metropolitan centers andthey are having an annual revenue of 25laces or more would be considered asbelonging to metropolitan A while othernewspapers having annual revenue ofless than the 2.5 million would be con-sidered belonging to metropolitan B cat-egory. On the 1st April 1970 Justice A.SFarooqi resigned and in his place Justice(retd) S.M Shafi was appointed asChairman of the Wage Board on the 5thof March 1971.

Reconstitution of the 2nd WageBoard: On the 11th Sept 1973 theFederal government reconstituted the2nd wage board and. Justice (Retd)S.M.Shafi, was appointed its Chairmanwith four members, 2 each from ownersand employees of the newspapers. Theboard announced its decision on the 8thof June 1974 and fixed new pay scale forthe employees.

3rd Wage Board: The 3rd WageBoard was constituted on the 24th Jan1979 and Justice (Retd) MuhammadMunir Faruqee, was appointed as itsChairman along with eight members,four each from owners and employees.The board was reconstituted in June1979 which announced its interim reliefon the 5th August 1979. The boardannounced its final decision on 25th May1980 which was made effective from15th April 1980.

4th Wage Board: The 4th Wage Boardwas constituted on 4th Oct 1984 andJustice Mian Fazle Mehmood of LahoreHigh Court was appointed its Chairman.The Board had 12 members, six repre-senting the employers and six employees.

The Board announced Interim Reliefon the 10th of Jan 1985 while final awardwas given on 28th Sept 1985 and it wasmade operative from 15th April 1985.

5th WAGE BOARD: The 5th WageBoard was set up on 20th July 1989which was reconstituted on the 20th Dec.1989 with Justice (Retd) Agha Ali Hyderof the Sindh High Court as Chairman and14 members equally drawn from amongst

the employers and the employees. TheBoard granted Interim Relief on the 8thFeb 1990 while final decision was givenon the 18th Dec 1990 and it was madeoperative from 15th of April 1990.

LITIGATION: The All PakistanNewspaper Society (APNS) and some ofits members challenged the InterimAward in the Supreme Court through aconstitutional petition. However, duringpendency of the petition final decisionwas announced by the Wage Board onthe 18th of Dec 1990 which was madeoperative from15th of April 1990. TheAPNS filed an amended petition to chal-lenge the validity of the final award butthe court declared the petition as in fruc-tuous and the amended petition was dis-missed by a full bench of five judges onthe 14th Dec 1993. The SC, however,ruled that the petitioners may challengethe final award before a court of compe-tent jurisdiction as provided by law butthe APNS did not opt to continue furtherlitigation against the final award of 5thwage board.

6th WAGE BOARD: It came intoexistence with Justice Zia MehmoodMirza, a Judge of Supreme Court ofPakistan as its chairman on the 23rd Oct1994 consisting of 18 members, 9 eachfrom the employers and the employees.Final decision was announced by theboard on 23rd Oct 1994.

7th WAGE BOARD: The 7th wageboard consisting of ten members five eachrepresenting the employers and employeesand the Chairman Justice Raja AfrasiabKhan (Retd) Judge of the Supreme Countof Pakistan pronounced its award whichwas published in the official gazette on the25th Oct 2001 and made operative witheffect from Ist July 2000.

IMPLEMENTATION OF THE 7TH

WAGE BOARD: The newspapers own-ers immediately challenged the validity ofthe 7th wage board award directly beforethe Supreme Court of Pakistan underArticle 185 (3) of the Constitution and alsoquestioned the vires of the NewspaperEmployees (Conditions of Service) Act,1973, claiming that the same was discrim-inatory law and meant for suppression ofthe freedom of press and putting undueeconomic stress upon the media. The saidpetition remained pending before the S.Cfor about 4 years. Finally the SupremeCourt dismissed the petition filed by theAPNS and newspaper owners declaringthat the matter did not fall under the ambitof Article 185 (3) of the Continuations ofthe Pakistan(PLD 2004 S.C. 600) .However, the petitioners were asked tomove "competent court of jurisdiction" ifso desired on the same issue. Takingadvantage of this observation of the apexcourt the media owners challenged thevalidity of the 7th Wage Board Award onceagain before the Islamabad High Court,which dismissed the same in limini.However, once again the APNS and someof the owners moved yet another writ peti-tion before the Singh High Court againstthe varies of the NESOCA as well as the7th Wage Board Award and succeeded ingetting restraint order without any serviceor knowledge to the PFUJ and affectednewspaper employees. This restraint orderis still operative providing leverage tomedia owners to escape from legal obliga-tions of making payment of the wages andother accrual benefits of the 7th WageBoard award to their employees. Variousbenches of the Sindh High Court heard thecase of the 7th Wage Board Award butnone of them had announced the verdict.The height of injustice and atrocity withmedia persons can be judged from the factthat the Supreme Court of Pakistan in Aug.2009 directed to decide the issue within 90days but to no avail. Even, after changingof various benches a divisional benchfinally concluded the proceedings on 20thSept 2010 and reserved the judgment,which still remains reserved and thereseems no fate of this reserved judgment,thus paving way for media owners todeprive their workers of benefits of the 7thWage Board Award as case would onceagain be reopened as per High Court Rulessince the "reserved" judgments could notbe announced or in the meantime thebench would be no more functional withthe same judges. These tricks wereemployed by the media owners with thepatronage of judiciary.

The story of exploitation and moneyminting by media owners does not endhere. On the one hand the 7th WageBoard Award was never implemented bythem, and on the other hand theylaunched a vigorous campaign by insert-ing hundreds of "advertisements" innewspapers on front pages, raising analarm that "newspapers industry" wouldbe ruined if Wage Board Award wasimplemented in letter and spirit.

Under the garb of such types of falsepropaganda, they succeeded in gettingconcessions in various federal taxes anddrastic reduction in import duties on theimport of newsprint and other printedmaterial to the tune of billions of rupeesgiving an allurement that "they willextend the benefits of the 7th WageBoard Award". However, such pledgeswere never honored by the newspaperowners, even after lapse of more than 10years which clearly indicates their high-handedness.

Ironically, on the eve of every federalbudget, the APNS got various privilegesclaiming that it would "help the fourth pil-

lar of state in its survival" and thus theyalways got concessions on various levies,including import of reconditioned machin-ery at zero taxation on the plea that thesewould be installed. They also securedloans for import of second-hand printingmachinery at zero mark-up rates fromSMEs and state-owned financial institu-tions on false pretext of upgrading news-paper industry in the "national interest."

Taking countless advantages and finan-cial benefits from the governments dur-ing the last full decade the media ownersalso fleeced newspapers subscribers,advertisers and all end users on variouscounts. For instance they reduced pagesand cut the size of newspapers substan-tially. Not only this, rates of newspapersas well advertisements were increasedalmost by 200 to 300 per cent during thepast ten years. Yet wages of newspaperemployees were not increased.

How cruel media owners and the gov-ernment are can be judged from this thatalthough wages and other fringe benefitsof government employees are increased asa "regular feature of every budget", rightfrom 1996 to 1997, while in the budget2010-2011 basic wages of governmentemployees was enhanced by 50 per cent,which shows that newspaper employeeswere discriminated against and werebeing extended step-motherly treatment.

Salaries of newspaper employees,including journalists, were earlier fixed inJuly 1996 under the 6th Wage Award andsince then no increase had been made. Themedia owners had been using delaying tac-tics and filing cases in one court or theother to delay the implementation of theaward. Likewise, from 1996-97 to-datesalaries of law-enforcement agencies,armed forces, government employees andprivate sector have gone up by at least 400to 500 per cent. But still the media ownerswere not ready to make payment of salariesas per price-hike and newspaper employeeswere working on the salary structure fixedin 1996 under the 6th Wage Award.

These hard facts clearly indicate thatmedia persons were being exploited bymedia owners who consider that perhapsmedia persons do not need to take mealsfor themselves and their kids.

The question is whether it is possiblefor a media person to live withoutclothes, bread, shelter, medical facilitiesand education for their kids, and can theyperform their professional assignmentswithout job protection, life insurance,life security etc.

The miserable plight of media personscan also be observed from the sad story ajournalist, Mohamed Azam, workingwith "Channel 5" owned by Zia Shahidof Khabrain group. Azam committed sui-cide on 2 Dec in Lahore. He was not paidwages for five months. On Dec. 2008, hewent to the office of the Khabrain todemand his wages.

Azam pleaded his bosses that he mustbe paid wages as there is no food at home.He was treated badly by Imtinan Shahid,son of Zia Shahid and was asked to leaveoffice without payment. Imtinan evenmade bad comments about Azam's 8 sis-ters. Imtinan told Azam that you have 8sisters, ask them to work.

This made Azam very sad. As he arrived,his mother asked if he was paid, he told herthat the boss has not paid him. The motherreminded him about Eid which is comingand asked him to do something for wages.He went to his room, closed the door andhanged himself with an electric wire at2pm on Dec. 2, 2008.

Azam had 8 sisters, five of them mar-ried and three to be married. He has abrother of 9 year. Azam was the onlybreadwinner of the family as his fatherhad left them long ago.

The callousness of media owners can bejudged from this fact that none of the printand electronic media aired or published thisgruesome incident in detail. Even it wasnot mentioned that the cause of his deathwas nonpayment of five months wages.The name of journalist Muhammad Azamwas also not mentioned.

The media mentioned only that Azamcommitted suicide because he was facingfinancial difficulties. This attitude of mediaexposes their real anti-worker and inhumanattitude against ethics of real journalism.

There are endless and long stories ofatrocities by Pakistan media owners but thedisturbing question is constant silence ofvocal segments of society, includinglawyers, judiciary, human rights activists,political parties and the government ofPakistan. They are, of course, afraid of nui-sance of Pakistani media. But one wondersthat in an age of globalization even theinternational forces too are salient aboutsorrow state of affairs of Pakistani mediaindustry, and they are hardly aware of theplight of Pakistani media workers and jour-nalists and have confined them only to lookafter "economic interests" of media houses.

They do not believe in freedom ofexpression, and that they have a duty tokeep the citizens informed which is theprime objective and social obligation of theprint and electronic media. Everythingprinted or aired in the Pakistani media byand large is biased.

Not a single newspaper in Pakistan orelectronic media, and the news agenciescarries and publishes the point of viewmedia employees and their trade unions aswell as PFUJ. This hard fact ipso factoproves how much under pressure thePakistani journalists are

Wage Board Awardin Pakistan: A dream

FERTILISER000 tonnesUrea Offtake (Jan to Dec 10) 6,123Urea Offtake (Dec 10) 626Urea Price (Rs/50 kg) 1,020DAP Offtake (Jan to Dec 09) 1,317DAP Offtake (Dec 10) 90DAP Price (Rs/50 kg) 3,143

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Jan 11) 47,153

Sales (July 10 to Jan 11) 45,113

Production (Jan 11) 6,698

Sales (Jan 11) 6,793

INDUS MOTOR COProduction (July 10 to Jan 11) 29,078Sales (July 10 to Jan 11) 28,293Production (Jan 11) 5,596Sales (Jan 11) 5,885

HONDA ATLAS CARProduction (July 10 to Jan 11) 9,279

Sales (July 10 to Jan 11) 8,779

Production (Jan 11) 1,511

Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 186Sales (July 10 to Jan 11) 113Production (Jan 11) 0Sales (Jan 11) 23

BANKING SECTORScheduled bank (Rs in mn)Deposit (Feburay 4,11) 5,046,861Advances (Feburay 4,11) 3,140,675Investments (Feburay 4,11) 2,100,015Spread (Feburay 4,11) 7.61%

OIL MARKETING CO(000 tons)MS (Jul 10 to Dec 10) 1,122MS (Dec 10) 188Kerosene (Jul 10 to Dec 10) 81Kerosene (Dec 10) 15JP (Jul 10 to Dec 10) 727JP (Dec 10) 138HSD (Jul 10 to Dec 10) 3,426HSD (Dec 10) 634LDO (Jul 10 to Dec 10)) 32LDO (Dec 10) 6Fuel Oil (Jul 10 to Dec 10) 4,331Fuel Oil (Dec 10) 690Others (Jul 10 to Dec 10) 6Others (Dec 10) 2

PRICES (Ex-Refinery) RsMS (1 Feb 11) 51.74 MS (1 Jan 11) 49.41 MS % Chg 4.72%Kerosene (1 Feb 11) 58.28 Kerosene (1 Jan 11) 55.01 Kerosene % Chg 5.94%JP-1 (1 Feb 11) 58.51 JP-1 (1 Jan 11) 55.24 JP-1 % Chg 5.92%HSD (1 Feb 11) 61.80 HSD (1 Jan 11) 58.55 HSD % Chg 5.55%LDO (1 Feb 11) 55.32 LDO (1 Jan 11) 53.46 LDO % Chg 3.48%Fuel Oil (1 Feb 11) 47,931 Fuel Oil (1 Jan 11) 45,947

Sector Updates

Symbol Close Vol (mn)LOTPTA 15.86 12.71 FFBL 43.31 5.03 AHCL 23.43 4.78 DOL 7.98 3.49 NBP 78.90 3.48

Symbol Close ChangeDAWH 274.34 13.06 BATA 542.26 10.93 ILTM 181.91 8.66 RMPL 2,816.88 5.88 QUET 49.06 2.33

Symbol Close ChangeUPFL 1,151.00 -46.58COLG 818.79 -41.11ULEVER 4,759.84 -33.32SRVI 187.99 -6.95NESTLE 3,418.44 -6.2

Plus 97Minus 146Unchanged 100

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Saturday, March 12, 2011 5

Opening 12,125.79 Closing 12,045.25 Change -80.54% Change -0.66Turnover (mn) 67.50



Japanese earthquakespurs late selling

South East Asian stocks

European shares hit 2011closing low on Japan quake

MUMBAI: Indian shares fellfor the second week in three asthey shrugged off better-than-expected factory data andended 0.8 per cent down onFriday after a massive earth-quake and tsunami rattledJapan, jolting global markets.Outsourcers shed the most.

Fears of unrest in SaudiArabia also troubled investors.However, dealers said down-side risks were likely to belimited from current levels forIndian equities, and expectedthem to trade with an upwardbias in the near term.

Industrial output in Januaryin the world's second-fastestgrowing major economy afterChina topped forecasts togrow an annual 3.7 per cent,and the reading was thestrongest in three months.

The 30-share BSE indexBSESN declined 0.84 percent, or 153.89 points, to18,174.09 points, with aboutfour-fifth of its componentslosing ground. It brieflyturned positive earlier. The

index dropped 1.7 per cent thisweek.

"As far as Indian marketsare concerned, there was aknee-jerk reaction from thedisaster in Japan," said ShishirBajpai, senior vice-presidentat IIFL Private Wealth. 'Mostknown negatives seem to bediscounted in the price. If oilprices and the situation in theMiddle East stabilise, wemight see a bounce back,'Bajpai added.

The biggest earthquake tohit Japan in 140 years struckthe northeast coast on Friday,triggering a 10-metre tsunamithat swept away everything inits path. Foreign funds havepulled out around $1.8 billionfrom Indian equities since thestart of the year to March 9,and the index is down 11.4 percent year-to-date, making itone of the worst performingmajor markets in 2011.

Export-focused outsourcersdropped on concerns overweak economic data from theUnited States, one of their key

markets. Leading softwarefirms Tata ConsultancyServices, InfosysTechnologies and Wiprodropped between 1.1 per centand 2.9 per cent.

Leading lenders State Bankof India, ICICI Bank andHDFC Bank shed between 0.7percent and 0.9 per cent, asinflationary concerns contin-ued to bother.

India's central bank hasraised policy rates seven timessince last March, and is wide-ly expected to lift rates byanother 25 basis points in itsnext review on March 17 torein in inflation, which is atover 8 percent.

More than two sharesdeclined for every share thatadvanced in the broader mar-ket on a volume of 282 millionshares on the BSE, similar tothe 30-day daily average vol-ume and sharply lower thanthe 90-day daily average of345 million. The 50-shareNSE index NSEI shed 0.9 percent to 5,445.45. Reuters

Downside risks limited

Indian sharesend week lower

Nawaz Ali

KARACHI: Bearish senti-ments prevailed overKarachi Stock Exchange onFriday with volumesremaining thin despite com-mencement of much awaitedMargin Trading System(MTS) from March 14.Investors sold shares overtension betweenGovernment and Judiciary;decline in global capitalmarkets and on heavy sell-ing by foreign investors aday earlier.

The KSE-100 Index closedat 12,045 points after declin-ing by 80 points while KSE-30 index fell by 67 pointsand KSE all-share index lost

53 points to close at 11,803and 8,356 points respective-ly.

"After a new tension aris-es between government andjudiciary local bourse took aplunge with low volumes",said Samar Iqbal, equitydealer at Topline Securities.

It should be noted that theapex court declared theappointment of JusticeDeedar Hussain Shah asChairman NAB null andvoid and directed his imme-diate removal from theoffice. This created a newwave of tension between thegovernment and judiciary asPPP gave strike call in Sindhleading to eruption of riotsmainly in the mega city

resulting in killing of severalpeople.

Bears entered the marketwith the ringing of the open-ing bells and pushed themarket into negative zone.The red numbers graduallyincreased despite low vol-umes as investors preferredto book their profits on thelast day of the week.

Apart from ongoing politi-cal situation, heavy net sell-ing of $7.24 million by theoffshore investors onThursday following declinein global capital markets onLibyan unrest too shatteredinvestors' sentiments andpushing them to take an exit.It should be noted that inter-national stock markets con-

tinued its declining trend onFriday also. Therefore indexclosed the first session with aloss of 100 points.

Ahsan Mehanti, Director atArif Habib Investments saidthat bearish activity wit-nessed as global stocks fallamid geopolitical concernsin the Middle East, Libyaand news of a massive tsuna-mi in Japan.

Losses were furtherincreased with the start ofsecond session where atabout 2:33 PST benchmarkindex touched an intradaylow of 11,999 points (-ve126). However, some sup-port at lower levels allowedthe index to regain some ofthe losses. KSE-100 index

managed to close the dayabove the psychologicallevel of 12,000 points.

Investor participationremained low throughout theday as 67.5 million sharesexchanged hands whichwere 35.5 million shares lessas compared to a turnover of103 million shares registeredon Thursday.

Lotte Pakistan emerged thevolume leader with 12.71million shares followed byFauji Fertiliser Bin Qasimwith 5.03 million shares andArif Habib Corporation with4.78 million shares.

Out of total 343 activeissues; 146 declined and 97advanced while 100 issuesremained unchanged.

Judicio-political tiffrules out KSE gains

LONDON: Britain's top shareindex closed at its lowest levelin three months on Friday aftera huge earthquake in Japanknocked investors' confidence.Violence in Libya and high oilprices have already pushedsome investors out of equitiesinto assets perceived as betterplaced to withstand tough eco-nomic conditions. The earth-quake and tsunami in Japanthat has killed at least 1,000people added to that caution.

The FTSE-100 closed down16.62 points or 0.3 per cent at5,828.67. The index was down2.7 per cent on the week, itsbiggest such fall since July.Traders also highlighted a rela-tive lack of activity in the mar-ket as evidence that investorslacked conviction.

"The big money seems to bestanding on the sidelines,there's not enough sellingmomentum to push it muchlower, and it may take anothermacro shock to push it lower,"said Darren Sinden, seniorsales trader at SilverwindSecurities.

Life insurers Prudential,Aviva and Standard Life fell1.5 to 1.9 per cent after thebiggest earthquake on recordhit the northeast coast of Japantriggering a 10-metre tsunami.

Analysts said Lloyds ofLondon insurers such as mid-cap Catlin, down 4.5 per cent,could be most exposed to thedisaster.

Banks, which fell on

Thursday after Moody's cutSpain's credit rating, slippedagain as European ministersmet to tackle the debt crisis.

UK INFLATION Inflation worries persisted in

the UK as factory gate inflationrose to its highest annual rate inmore than two years inFebruary.

Home Retail, down 1.5 percent, suffered a series of brokerdowngrades after a profitwarning and grim forecast for2011-12 on Thursday.

"Once interest rates begin torise you can almost kiss the(retail) sector goodbye," PaulKavanagh, partner at Killik &Co said.

Miners which suffered sharpfalls in recent days recoveredsome ground, but still endedthe week 7 per cent lower ascopper and other metals fellsharply.

Technical indicators painteda less gloomy picture as theindex closed above the 50 per-cent Fibonacci retracementbetween a November low andits February high around 5,810.

Phil Roberts at BarclaysCapital and Dominic Hawkerat Arbuthnot said this signalledtechnical support was holdingwell.

"You have the mega-capnames finding good medium-term support, so bottom up themarket's looking fairly broad,and I think that's going to besupportive," Hawker said.Reuters

FTSEslips after

quake caution

US Stocks early-morning

Wall Streetedges lowerafter Japan

quakeNEW YORK: US stocksedged lower on Friday after amassive earthquake hit Japanand a disappointing reading onconsumer sentiment.

The biggest earthquake onrecord to strike Japan triggereda roughly 30-foot tsunami,killing hundreds of people andsweeping away everything inits path, including houses, shipsand cars.

US consumer sentiment fellto its lowest level in fivemonths in early March as gasprices rose, a survey releasedon Friday showed.

The data ran counter to areport from the CommerceDepartment showing retailsales rose one per cent, thelargest gain since October andin line with expectations.

"The market held togetherwell because of the retail salesnumbers," said Hugh Johnson,chief investment officer ofHugh Johnson Advisors LLC inAlbany, New York.

"But those are not good num-bers when you think about thefuture of retail sales. This isgoing to take some of theupward momentum out of themarket."

The Dow Jones industrialaverage dropped 42.50 points,or 0.35 per cent, to 11,942.11.The Standard & Poor's 500Index lost 2.64 points, or 0.20per cent, to 1,292.47. TheNasdaq Composite Index fell9.46 points, or 0.35 per cent, to2,691.56.

Among insurers likely tohave exposure in Japan, AflacInc fell 1.5 percent to $54.87and Berkshire Hathaway Inclost 0.8 per cent to $84.26. TheKBW Insurance index fell 0.8per cent.

Oil prices fell, with Brentcrude futures down 1.2 per centto $114, and US crude off 2.2per cent at about $100.

Japanese stock futures weredown 3 per cent, but marketplayers said the slide may notbe too deep because majorcities and manufacturing facili-ties were not affected.

Chinese inflation toppedexpectations in February andlooked set to climb further incoming months, adding to pres-sure for another dose of mone-tary tightening.

Investors also watched theMiddle East and North Africaas police flooded the streets ofSaudi Arabia's capital lookingto deter a planned day ofdemonstrations, with smallprotests reported in the East.Reuters

HONG KONG: Hong Kongshares fell on Friday, pushingthem to a small weeklydecline, as Asian markets sawa selloff in the afternoon aftera massive 8.9 magnitudeearthquake jolted Japan. Thebenchmark Hang Seng endedthe day 1.6 per cent lower buttraders said the lack of amajor spike in turnover sug-gested there was no rush tothe exits. For the week, theHang Seng fell 0.7 per cent.

Shanghai's key stock indexslipped 0.8 per cent asinvestors, wary of tighter liq-uidity in the financial system,continued to book profits inbanking and energy plays.The Shanghai Composite fell0.3 per cent for the week. TheMSCI Asia ex-Japan slide 1.4per cent on Friday and 2.9 percent for the week.

While Asian marketsremained wobbly on weakeconomic data and politicalunrest in Saudi Arabia,Chinese stocks remained rela-tively resilient, supported bysteady gains in the heavy-

weight financial sector on val-uation.

Nikkei futures slid nearly 5per cent after Japan's earth-quake, which will weigh onthe region, but there was littleto suggest that Chinainvestors were dumpingshares. "The timing is a coin-cidence, as the drop probablywasn't earthquake-relatedbecause we didn't see tradingvolumes increase in the after-noon as the market fell," saidXu Yinhui, an analyst atShanghai Securities.

A Wall Street slumpovernight which saw majorUS indices fall below keytechnical levels put the HongKong market under pressureall day with large caps leadingthe fall.

CNOOC Ltd, which dipped1.3 per cent on Thursday,dropped another 2.3 per centon Friday. HSBC HoldingsPlc fell 1 per cent.

"You can't have a one-waystreet in stock markets, but thefundamentals remain strong,"said Louis Capital Markets

director Tom Kaan in HongKong, adding that smartmoney was still finding valueand coming in to buy on dips.

Earlier in the day, Chinareleased inflation data forFebruary that showed con-sumer price rise leveling offbut industrial output acceler-ating, an early sign that thegovernment is succeeding intaming price pressures with-out unduly harming growth inthe world's second-largesteconomy.

Bucking the broader weakertrend, steel companies rose inHong Kong late in the day asbuyers snapped up beatendown shares on optimism thatrebuilding work in Japanwould lift profits.

A head trader at an Asianbank in Hong Kong said steelstocks climbed as investorsexpected steel companies toget pricing for their productsas demand from Japan jumps.Maanshan Steel rose 3 percent while rival Angang Steelincreased 1.6 per cent.Reuters

Japan earthquake hits markets

China, HK sharestumble down

TOKYO: Japan's Nikkeiaverage closed down 1.7 percent, hitting a 5-week lowafter a massive earthquake hitthe northeast coast of Japanon Friday.

The quake, with a prelimi-nary magnitude of 8.9,according to the USGeological Survey, shookbuildings in Tokyo causing"many injuries", NHK televi-sion and witnesses reported.

The Nikkei benchmark hadbeen lower throughout theday on worries over theMiddle East.

Nikkei Singapore futuresfell below 10,000 after thequake but later recovered to10,075 yen.

Osaka futures ended theday at 10,170. The Nikkeiclosed at a 5-week lowfalling 1.7 per cent to10,254.43.

"It is still too early to assessthe damage as we are stillseeing aftershocks. We see asharp correction in the yenand the BOJ might maintainits dovish policy stance at ameeting next week," VincentTsui, an economist atStandard Chartered Bank inHong Kong.

"At a time when the globaloil price surge has hit theglobal economic recoveryoutlook on which Japan isheavily dependent, thisdevelopment will influence

them to maintain a dovishstance on policy," he said.

The Nikkei was down formost of the day on concernsabout the global economyand unrest in Saudi Arabia,but advances in individualshares helped trim losses,showing bulls were stillready to buy on dips.

Adding to ongoing worriesabout unrest in Libya, reportsof police firing on protestersin Saudi Arabia revived fearsof further unrest in theworld's top oil exporter,while the euro fell after adowngrade of Spain's creditrating by Moody's, souringsentiment in equity markets.Reuters

Closes at 5-week low

Nikkei extendsloss after quake

Saturday, March 12, 20116

Volume 67,502,845

Value 3,285,035,312

Trades 49,102

Advanced 97

Declined 146

Unchanged 100

Total 343

Current 8,356.50

High 8,410.12

Low 8,324.76

Change i53.62

Current 12,045.25

High 12,125.79

Low 11,995.76

Change i80.54

Current 11,803.46

High 11,870.58

Low 11,752.47

Change i67.12

Market KSE 100 Index All Share Index KSE 30 Index

Current 20,036.35

High 20,161.83

Low 19,970.65

Change i125.48

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Samba Bank Limited

SBL closed down -0.08 at 1.72. Volume was 9 per cent below average

and Bollinger Bands were 4 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs119.594 million which translates

into a Loss Per Share of Rs0.10 for the year ended CY10.

SBL is currently 15.4 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on SBL.

RSI (14-day) 44.50 Total Assets (Rs in mn) 23,734.13

MA (10-day) 1.77 Total Equity (Rs in mn) 7,075.66

MA (100-day) 1.90 Revenue (Rs in mn) 1,878.63

MA (200-day) 2.03 Interest Expense 1,208.86

1st Support 1.70 Loss after Taxation (593.05)

2nd Support 1.65 EPS 09 (Rs) (0.676)

1st Resistance 1.80 Book value / share (Rs) 8.07

2nd Resistance 1.85 PE 10 E (x) -

Pivot 1.75 PBV (x) 0.21


As on Dec 31, 2009

KASBB closed up 0.01 at 1.53. Volume was 47 per cent below average

and Bollinger Bands were 52 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs1.571 billion which translates into

a Loss Per Share of Rs2.20 for the nine months of current calendar

year (9MCY10).

KASBB is currently 39.8 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 indica-

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

pace. Trend forecasting oscillators are currently bullish on KASBB.





1st Support 1.45 Loss after Taxation (4,227.75)

2nd Support 1.38 EPS 09 (Rs) (4.446)



Pivot 1.55 PBV (x) 0.29

KASB Bank Limited


As on Dec 31, 2009

PAKRI closed down -0.37 at 17.71. Volume was 8 per cent below aver-

age and Bollinger Bands were 72 per cent wider than normal. The com-

pany's profit after taxation stood at Rs88.468 million which translates

into an Earning Per Share of Rs0.29 for the nine months of current cal-

endar year (9MCY10).

PAKRI is currently 8.9 per cent above its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on PAKRI.




MA (200-day) 16.26 Interest Expense 0.00

1st Support 17.50 Profit after Taxation 269.91

2nd Support 17.27 EPS 09 (Rs) 0.90


2nd Resistance 18.23 PE 10 E (x) 45.80

Pivot 17.75 PBV (x) 0.78

Pakistan Reinsurance Co Ltd


As on Dec 31, 2009

ANL closed down -0.16 at 9.06. Volume was 38 per cent below aver-

age and Bollinger Bands were 30 per cent wider than normal. The com-

pany's loss after taxation stood at Rs1.395 billion which translates into

a Loss Per Share of Rs3.13 for the year ended CY10.

ANL is currently 15.6 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is high as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on ANL.





1st Support 8.85 Profit after Taxation 60.53

2nd Support 8.70 EPS 09 (Rs) 0.003



Pivot 9.10 PBV (x) 0.24

Azgard Nine Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,518.98 1,520.43 1,495.10 1,501.96 -17.01 -1.12Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

3,970,541 - - 65,194.15 mn 1,128,104.56 mn 1,518.98 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

10.60 3.45 32.54 55.94 5.28 1,492.36

Attock Petroleum 691 6.45 361.99 362.85 353.00 356.86 -5.13 185816 401.00 321.00 300 20B115.00 -

Attock Refinery 853 4.84 120.09 120.00 118.00 118.87 -1.22 587843 146.90 98.25 - - - -

BYCO Petroleum 3921 - 9.71 9.70 9.31 9.41 -0.30 488748 12.24 8.20 - - - -

Mari Gas Company 735 7.75 110.93 112.00 109.26 111.59 0.66 34811 141.65 99.46 31 - 23.43 -

National Refinery 800 6.00 292.93 293.00 287.25 289.28 -3.65 22541 335.00 254.00 200 - - -

Oil & Gas Development 43009 10.45 156.21 156.40 153.55 154.44 -1.77 910604 185.00 144.97 55 - 15.00 -

Pak Petroleum XD 11950 7.71 213.05 213.00 210.11 210.77 -2.28 359384 229.80 190.10 90 20B 50.00 -

Pak Oilfields XD 2365 7.35 322.29 322.88 318.11 318.72 -3.57 1467212 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 105.62 104.99 101.00 101.39 -4.23 156118 122.22 83.00 - - - -

P.S.O XD 1715 4.77 285.21 285.50 281.00 282.00 -3.21 238735 317.79 265.00 80 - 50.00 -

Shell Pakistan 685 10.68 209.95 210.20 208.00 208.28 -1.67 7432 222.00 186.83 120 - - -

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


986.41 1,001.35 973.49 987.25 0.84 0.09Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

7,395,670 - - 47,070.70 mn 133,089.44 mn 990.04 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

6.86 0.59 8.64 16.68 2.43 984.23

(Colony) Thal 56 - 1.20 1.43 0.50 1.20 0.00 361 1.75 0.50 - - - -Ali Asghar Textile 222 - 0.75 0.75 0.75 0.75 0.00 1000 1.50 0.61 - - - -Amtex Limited 2594 - 2.89 2.89 2.70 2.86 -0.03 48555 4.68 2.35 30 - - -Artistic Denim 840 7.01 20.00 20.80 19.11 19.50 -0.50 906 24.59 19.11 20 - - -Azam Textile 133 0.44 2.90 2.90 2.70 2.70 -0.20 8487 3.00 1.32 7.5 - - -Azgard Nine 4493 - 9.22 9.35 8.95 9.06 -0.16 3257356 12.84 8.05 - - - -Bannu Woolen XD 76 0.45 16.00 16.49 15.26 15.87 -0.13 7090 17.00 12.76 20 - - -Bata (Pak) 76 4.71 531.33 555.37 522.00 542.26 10.93 825 705.00 493.50 280 - - -Blessed Tex Mills 64 0.77 60.00 60.00 60.00 60.00 0.00 200 63.70 46.00 50 - - -Chakwal Spinning 400 0.61 1.10 1.20 1.16 1.17 0.07 826 2.20 0.77 5 - - -Chenab Limited 1150 - 2.86 3.00 2.61 2.75 -0.11 24513 3.76 2.05 - - - -Colony Mills Ltd 2442 2.18 2.41 2.80 2.40 2.48 0.07 2602 2.97 2.00 - - - -Crescent Fibres Ltd 124 0.91 14.11 15.10 15.10 15.10 0.99 1000 16.04 12.25 10 - - -Crescent Textile 492 2.92 15.40 15.93 15.89 15.91 0.51 3000 23.99 15.00 15 - - -D M Textile 31 - 3.73 3.99 3.00 3.99 0.26 15214 3.99 1.99 - - - -D S Ind Ltd 600 - 1.59 1.69 1.43 1.59 0.00 18888 2.10 1.20 - - - -Dawood Lawrencepur 514 52.35 43.79 45.69 43.00 44.50 0.71 138687 48.29 35.00 5 - - -Dewan Mushtaq Textile 34 0.16 4.99 4.99 4.50 4.62 -0.37 1025 8.90 2.90 - - - -Ellcot Spinning 110 0.58 26.51 26.90 25.75 25.75 -0.76 502 27.66 18.90 35 - - -Gadoon Textile XD 234 0.83 87.13 87.00 84.01 84.54 -2.59 2646 91.00 53.14 70 - - -Gul Ahmed Textile 635 3.02 42.50 44.62 43.00 43.00 0.50 1510 44.62 26.00 12.5 - - -Gulistan Spinning 146 0.34 8.30 8.69 8.25 8.30 0.00 400 9.23 5.02 10 - - -Gulistan Textile 190 0.58 19.35 20.35 18.50 20.35 1.00 4500 24.30 17.44 10 - - -H M Ismail 120 - 0.96 1.00 1.00 1.00 0.04 2000 1.49 0.42 - - - -Hira Textile Mills Ltd. 716 0.98 4.91 5.04 4.71 4.88 -0.03 84718 5.20 3.31 10 - - -Ibrahim Fibres 3105 3.41 49.53 49.90 47.06 47.06 -2.47 11004 55.00 37.50 20 - - -Ideal Spinning 99 1.00 9.25 10.00 9.00 9.69 0.44 1956 10.90 4.56 - - - -Idrees Textile 180 2.28 4.36 4.95 4.15 4.15 -0.21 38005 4.95 3.01 10 - - -Ishaq Textile 97 1.41 6.50 6.50 6.50 6.50 0.00 1000 8.70 6.25 8 - - -Khalid Siraj 107 0.27 1.02 1.69 1.18 1.39 0.37 51815 1.69 0.25 - - - -Kohinoor Ind 303 - 1.57 1.60 1.46 1.56 -0.01 1522 1.98 0.75 - - - -Kohinoor Spinning 1300 0.45 1.10 1.25 1.15 1.10 0.00 121 1.74 0.30 5 - - -Kohinoor Textile 1455 7.84 4.55 4.78 4.20 4.55 0.00 202 5.95 4.01 - - - -Latif Jute 36 40.73 6.11 5.50 5.50 6.11 0.00 254 10.99 5.50 - - - -Leather Up 60 5.25 2.10 2.10 2.10 2.10 0.00 1200 3.10 1.00 - - - -Liberty Mills 226 3.84 67.00 65.00 63.65 67.00 0.00 289 72.95 56.60 30 - - -Mehmood Textile 150 1.04 59.00 57.01 57.01 59.00 0.00 161 70.30 53.68 60 - - -Mian Textile 221 - 0.50 0.50 0.50 0.50 0.00 7500 0.75 0.25 - - - -Moonlite (PAK) 22 - 15.85 15.99 15.99 15.99 0.14 2936 17.50 4.50 - - - -Mubarak Textile 54 4.77 1.05 1.20 1.05 1.05 0.00 50001 1.30 0.25 - - - -Mukhtar Textile 145 - 0.36 0.50 0.25 0.45 0.09 7168 0.88 0.13 - - - -N P Spinning 147 4.28 25.00 26.25 26.00 26.00 1.00 230 26.25 22.00 20 - - -Nagina Cotton 187 1.79 17.19 17.50 16.20 16.20 -0.99 1002 17.50 14.50 20SD - - -Nishat (Chunian) 1614 4.26 27.60 28.10 26.90 27.72 0.12 2146302 28.15 21.62 15 - - -Nishat Mills 3516 5.69 64.52 64.49 63.11 64.18 -0.34 1055824 71.89 57.20 25 45R - -Pak Synthetic 560 3.08 19.02 19.50 18.03 19.29 0.27 46465 19.50 8.30 - - - -Paramount Spinning 174 0.71 14.50 15.49 14.25 14.50 0.00 101 15.49 8.50 10 10B - -Premium Textile 62 0.57 30.24 30.99 30.99 30.24 0.00 111 34.40 25.00 50 - - -Quetta Textile 130 0.88 46.73 49.06 47.06 49.06 2.33 7560 49.06 34.35 20 - - -Ravi Textile 250 - 1.13 1.18 0.91 1.12 -0.01 13032 1.80 0.65 - - - -Reliance Weaving 308 0.68 12.09 13.09 12.15 13.09 1.00 65916 13.09 8.50 25SD - - -Rupali Poly 341 4.04 42.33 44.19 41.80 43.50 1.17 32072 44.19 35.25 40 - - -Saif Textile 264 0.45 10.00 10.49 9.00 9.03 -0.97 9967 11.50 3.90 - - - -Sally Textile 88 0.26 7.20 7.46 6.70 6.87 -0.33 21172 7.94 3.63 10 - - -Samin Textile 267 4.50 6.01 6.50 6.30 6.30 0.29 502 7.40 4.55 - 100R - -Sargoda Spinning 312 1.05 3.55 3.60 3.36 3.50 -0.05 12002 4.45 1.55 5 - - -Saritow Spinning 133 0.40 1.94 2.00 2.00 2.00 0.06 22600 2.89 1.00 - - - -Service Ind 120 6.44 194.94 194.00 186.25 187.99 -6.95 2334 253.00 186.00 - - - -Shahtaj Textile 97 1.38 22.00 21.85 21.75 21.84 -0.16 1050 22.05 18.40 45 - - -Shahzad Textile 180 0.57 6.99 6.60 6.60 6.99 0.00 349 7.98 5.00 5 - - -Suraj Cotton 180 0.79 40.00 40.00 38.00 40.00 0.00 106 41.95 33.00 50 - - -Thal Limited 307 5.37 109.44 110.20 106.10 108.26 -1.18 45941 132.00 100.51 80 20B - -Treet Corp 418 5.79 47.51 49.50 46.15 47.16 -0.35 107231 63.30 44.10 - - - -Zephyr Textile Ltd 594 6.50 3.30 3.90 3.90 3.90 0.60 1000 4.50 2.56 - - - -Zil Limited 53 4.72 65.50 66.99 64.50 64.52 -0.98 505 87.90 50.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


995.02 1,031.73 974.23 1,007.09 12.07 1.21Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

195,022 - - 3,763.71 mn 4,847.09 mn 1,021.48 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

2.23 0.24 10.64 6.27 2.81 994.87

Pak Elektron 1219 3.35 13.00 13.65 12.98 13.30 0.30 185812 15.88 12.07 - 10B - -

Singer Pak 341 22.20 19.76 20.76 19.02 19.76 0.00 201 24.09 17.55 - - - -

Tariq Glass Ind 231 1.75 13.41 13.65 12.51 13.25 -0.16 8907 24.00 12.51 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index




46.57 14.11 30.30 30.57 0.66 1,934.19

Adam Sugar 58 4.24 14.94 14.25 14.25 14.25 -0.69 500 20.50 13.55 25 - - -Dewan Sugar 365 - 3.17 3.20 3.20 3.20 0.03 2012 4.20 2.52 - - - -Habib Sugar 750 8.58 21.83 21.99 21.51 21.62 -0.21 22200 36.50 20.25 25 25B - -Habib-ADM Ltd 200 6.82 10.86 11.44 11.00 11.19 0.33 1025 12.85 10.85 40 - - -Haseeb Waqas 324 - 14.00 14.00 14.00 14.00 0.00 500 23.62 14.00 10 - - -J D W Sugar 539 1.31 74.00 74.90 72.00 74.00 0.00 184 92.50 68.00 7010B 12.5R - -Mehran Sugar XD 157 1.72 54.00 52.76 52.25 52.67 -1.33 1101 60.65 50.12 35 20B 7.50 -Mirza Sugar 141 - 3.63 3.90 3.66 3.73 0.10 3501 6.70 2.65 10 - - -National Foods 414 9.61 52.73 55.00 52.10 54.95 2.22 2787 75.50 47.00 12 - - -Noon Pakistan 48 6.04 21.99 22.00 22.00 22.00 0.01 500 27.24 20.02 12 - - -Noon Sugar 165 1.26 11.11 12.00 11.11 11.73 0.62 4620 13.92 9.00 - - - -Pangrio Sugar 109 - 4.53 4.44 4.00 4.00 -0.53 5001 6.75 3.00 10 - - -Premier Sugar 38 - 37.65 39.50 39.00 39.50 1.85 1002 51.35 34.25 10 - - -S S Oil 57 0.25 4.23 4.15 4.12 4.14 -0.09 1000 4.75 2.50 - - - -Sakrand Sugar 223 - 1.80 1.99 1.99 1.99 0.19 1000 3.26 1.60 - - - -Sanghar Sugar 119 2.20 12.19 12.00 11.75 11.99 -0.20 525 15.01 11.00 15 - - -Shakarganj Mills 695 0.37 5.25 6.00 4.35 5.25 0.00 4691 7.00 4.01 - - - -Sind Abadgar 104 - 8.00 8.00 7.99 8.00 0.00 102 11.20 5.60 10 - - -Unilever Foods 62 16.20 1197.58 1155.05 1151.00 1151.00 -46.58 113 1398.09 1005.00 710 - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index




3.88 0.98 25.35 20.42 5.26 1,104.37

Agriautos Ind 144 4.63 70.58 71.01 71.00 70.58 0.00 200 82.63 66.45 90 - - -

Atlas Battery 101 5.07 190.13 191.00 190.95 191.00 0.87 212 205.00 160.00 100 20B - -

Atlas Engineering Ltd 247 22.55 36.53 35.01 35.01 36.53 0.00 225 43.26 16.00 - - - -

Dewan Motors 890 - 1.82 1.94 1.75 1.78 -0.04 4309 2.89 1.50 - - - -

Exide (PAK) 56 4.53 184.58 190.00 183.10 184.90 0.32 1396 217.44 170.11 60 - - -

General Tyre 598 4.60 23.02 23.20 22.51 23.20 0.18 1539 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 3.60 3.50 3.50 3.60 0.00 346 5.36 3.05 - - - -

Honda Atlas Cars 1428 - 10.10 10.40 10.01 10.39 0.29 10745 12.87 9.52 - - - -

Indus MotorsSPOT 786 9.83 229.67 230.90 225.00 227.01 -2.66 5326 309.73 218.00 150 - 50.00 -

Pak Suzuki 823 11.37 63.11 63.94 61.50 61.98 -1.13 24185 74.80 60.00 5 - - -

Sazgar Engineering XD 150 4.17 22.74 23.26 23.10 23.10 0.36 2375 24.25 19.49 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index




8.31 3.16 38.02 131.49 15.82 1,599.17

Ados Pak 66 7.92 10.46 10.50 9.65 10.46 0.00 205 18.20 9.65 - - - -

AL-Ghazi TractorSPOT 215 5.19 230.01 232.00 227.50 230.87 0.86 3846 244.95 215.00 400 - - -

Bolan Casting 104 5.11 50.91 52.25 48.37 50.91 0.00 157 52.25 42.90 25 10B - -

Ghandhara Ind 213 8.25 9.41 9.68 9.30 9.41 0.00 4400 13.50 8.25 - - - -

Hinopak Motor 124 - 115.98 117.99 117.00 115.98 0.00 160 139.75 115.55 - - - -

KSB Pumps 132 6.67 55.04 55.75 54.70 55.70 0.66 762 68.85 54.05 - - - -

Millat Tractors 366 8.30 541.63 546.75 533.20 539.10 -2.53 76109 568.40 466.27 650 25B325.00 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


927.17 925.61 915.01 921.27 -5.90 -0.64Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

25,648 - - 3,043.31 mn 34,758.46 mn 927.17 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

1.78 0.78 43.91 15.55 8.74 919.39

Cherat Papersack 115 2.43 54.23 54.40 52.00 53.02 -1.21 14198 81.49 47.80 20 25B - 50R

ECOPACK Ltd 230 - 2.14 2.34 2.08 2.33 0.19 3602 3.30 2.03 - - - -

Ghani Glass 1067 5.38 51.61 51.75 50.50 51.75 0.14 1646 56.45 48.10 25 10B - -

MACPAC Films 389 1.74 6.65 6.95 6.06 6.42 -0.23 813 8.15 2.50 - - - -

Packages Ltd 844 - 115.00 114.39 113.79 114.00 -1.00 357 143.00 105.02 32.5 - - -

Tri-Pack Films XD 300 7.75 130.94 129.75 127.50 127.81 -3.13 5030 144.80 113.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


870.82 881.18 854.91 870.98 0.16 0.02Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High


6.21 0.44 7.10 19.04 3.07 863.52

Al-Abbas Cement 1828 - 2.59 2.90 2.31 2.51 -0.08 1497 3.98 2.15 - 100R - -

Attock Cement 866 6.58 52.43 52.35 51.73 51.98 -0.45 8735 63.90 48.50 50 - - -

Balochistan Glass Ltd 858 - 2.70 2.70 2.25 2.25 -0.45 2001 4.24 1.95 - - - -

Berger Paints 182 - 16.50 16.90 16.11 16.65 0.15 1033 24.16 14.72 - 122R - -

Bestway Cement 3257 - 11.67 10.67 10.67 10.67 -1.00 1000 23.50 10.67 - - - -

Cherat Cement 956 38.50 9.51 9.99 9.02 9.24 -0.27 13012 11.50 8.00 - - - -

Dadabhoy Cement 982 13.85 1.60 1.85 1.80 1.80 0.20 3001 2.12 1.50 - - - -

Dewan Cement 3891 - 1.80 1.89 1.75 1.85 0.05 156032 2.56 1.50 - - - -

DG Khan Cement Ltd 3651 10.90 25.04 25.50 24.70 25.17 0.13 970849 32.30 21.20 - 20R - 20R

Fauji Cement 6933 5.85 4.20 4.29 4.15 4.21 0.01 71019 5.35 3.97 - - - 92R

Flying Cement Ltd 1760 - 1.58 1.57 1.55 1.57 -0.01 1200 2.13 1.30 - - - -

Gharibwal Cement 4003 - 7.06 7.55 6.15 6.99 -0.07 1798 9.19 4.70 - - - -

Haydery Const 32 - 0.48 0.59 0.44 0.50 0.02 8958 0.99 0.25 - - - -

Kohat Cement 1288 - 5.95 6.00 5.95 6.00 0.05 4085 7.25 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 2.86 2.94 2.80 2.92 0.06 81280 3.88 2.65 - - - -

Lucky Cement 3234 6.15 68.37 68.80 67.05 68.43 0.06 472872 78.44 59.55 40 - - -

Maple Leaf Cement 5261 - 2.28 2.25 2.15 2.18 -0.10 40155 3.22 1.92 - - - -

Pioneer Cement 2271 - 5.80 5.98 5.90 5.94 0.14 11298 7.45 5.17 - - - -

Safe Mix Concrete 200 - 6.50 6.00 5.50 5.55 -0.95 4002 7.95 5.50 - - - -

Thatta Cement 798 948.00 18.21 18.98 18.93 18.96 0.75 5000 19.19 16.20 - 50R - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index




3.13 1.04 33.10 30.91 9.87 1,019.09

Crescent Steel XD 565 2.77 26.73 26.90 26.50 26.50 -0.23 3500 31.00 24.75 30 - 10.00 -

Dost Steels Ltd 675 - 2.10 2.16 2.01 2.15 0.05 3618 3.09 1.80 - - - -

Huffaz PipeSPOT 555 469.00 14.63 14.69 13.65 14.07 -0.56 26583 16.51 13.00 - - 15.00 -

International Ind 1199 18.51 52.03 52.70 50.26 50.90 -1.13 12553 62.20 45.81 55 20B - -

Siddiqsons Tin 785 40.91 9.00 9.00 9.00 9.00 0.00 144 10.70 8.51 7.5 - - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,027.17 1,036.46 1,002.67 1,027.45 0.28 0.03Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High


4.92 0.37 7.47 25.28 5.14 1,004.70

Century Paper 707 - 15.25 15.25 14.81 15.22 -0.03 25500 19.69 14.50 - - - -

Security Paper 411 6.78 37.88 38.50 37.00 37.95 0.07 7413 47.70 34.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,756.04 1,780.06 1,730.80 1,766.43 10.39 0.59Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

29,266,669 - - 52,251.88 mn 379,664.01 mn 1,766.43 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

9.74 3.41 35.00 48.81 5.01 1,690.10

Agritech Limited 3924 22.36 23.50 24.50 22.33 22.36 -1.14 2557 26.73 21.58 - - - -

Bawany Air 75 6.60 7.29 7.99 6.80 7.00 -0.29 4603 10.15 6.11 5 10R - -

BOC (Pak) 250 9.15 89.79 91.90 88.50 89.15 -0.64 1994 103.94 82.00 60 - - -

Clariant PakSPOT 273 7.14 198.39 200.00 195.00 199.55 1.16 25208 213.30 157.00 135 25B - -

Dawood Hercules 1203 15.36 261.28 274.34 260.00 274.34 13.06 685315 274.34 174.00 50 300B - -

Descon Chemical 1996 - 2.74 2.70 2.60 2.63 -0.11 51105 3.58 2.34 - - - -

Descon Oxychem Ltd. 1020 10.50 7.89 8.30 7.20 7.98 0.09 3488001 9.25 6.00 - - - -

Dewan Salman 3663 - 2.89 2.89 2.72 2.77 -0.12 796007 3.48 2.26 - - - -

Engro Corp.LtdSPOT 3277 12.93 234.84 237.00 232.16 235.40 0.56 1907399 238.50 189.10 60 20B - -

Engro Polymer 6635 - 12.25 12.33 12.00 12.04 -0.21 180788 15.87 11.75 - - - -

Fatima Fertilizer 22000 - 12.16 12.48 11.80 12.33 0.17 2750935 12.88 9.16 - - - -

Fauji FertilizerXDXB 8482 8.25 133.13 134.95 131.01 134.06 0.93 2024388 157.90 108.00 130 25B - -

Fauji Fert. Bin QasimSPOT 9341 8.17 43.28 43.52 42.76 43.31 0.03 5026192 43.99 34.60 65.5 - - -

Ghani Gases Ltd 725 9.46 11.04 11.22 10.75 10.79 -0.25 21224 13.07 10.43 - - - -

ICI Pakistan 1388 8.98 158.65 158.00 155.01 157.14 -1.51 65461 163.99 138.00 175 - - -

Ittehad Chemical 360 6.39 28.43 29.85 28.00 28.99 0.56 1600 36.00 23.07 5 - 5 -

Lotte PakistanSPOT 15142 5.83 16.07 16.27 15.75 15.86 -0.21 12711675 16.80 13.03 5 - - -

Nimir Ind Chemical 1106 27.00 2.77 2.75 2.63 2.70 -0.07 232480 3.17 1.62 - - - -

Pak Gum 42 - 18.00 18.77 17.40 17.42 -0.58 622 28.20 16.68 - - - -

Shaffi Chemical 120 - 2.33 2.49 2.26 2.37 0.04 6102 2.89 1.55 - - - -

Sitara Chem Ind 214 8.81 104.78 105.00 102.50 104.50 -0.28 6972 131.90 90.78 25 5B - -

Sitara Peroxide 551 6.78 14.73 15.73 14.41 15.73 1.00 2075880 15.73 11.81 - - - -

Wah-Noble 90 5.72 37.00 37.99 36.02 37.15 0.15 2200 41.99 34.75 50 - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index




6.85 1.53 22.31 44.54 6.50 869.86

Abbott (Lab) 979 7.10 86.42 86.90 83.52 85.37 -1.05 5395 112.50 78.59 50 - - -

Ferozsons (Lab) 250 6.13 89.92 91.95 88.11 90.75 0.83 718 98.00 83.90 - 20B 12.50 -

GlaxoSmithKline 1707 15.78 80.47 81.00 79.00 80.17 -0.30 15410 89.98 68.00 40 15B - -

Highnoon (Lab) 165 7.06 25.94 25.98 25.26 25.50 -0.44 2801 30.48 24.50 - - - -

IBL HealthCare Ltd 200 4.19 10.40 10.75 10.00 10.65 0.25 1006 11.00 7.16 - - - -

Sanofi-Aventis 96 6.93 160.00 167.90 161.00 161.02 1.02 805 174.00 129.00 100 - - -

Searle Pak 306 5.29 61.27 62.80 60.50 60.52 -0.75 2782 69.00 58.50 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


681.08 696.15 677.30 692.98 11.91 1.75Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High


5.13 1.31 25.53 11.08 2.16 681.08

Pak Int Cont. Terminal 1092 6.63 67.51 69.25 67.00 69.00 1.49 106228 75.72 63.00 40 - - -

PNSC 1321 8.59 30.92 31.20 30.99 30.92 0.00 108 39.45 30.70 15 - - -



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

BOOK CLOSURES

Biafo Industries 12-Mar 18-Mar 15(Ii) 04-Mar -Sazgar Engg Works 13-Mar 19-Mar 10(I) 04-Mar -Sazgar Engg Works # 13-Mar 19-Mar - - 19-MarAtlas Honda # 14-Mar 21-Mar - - 21-MarPunjab Oil Mills # 14-Mar 21-Mar 10(I),10(B) - 02-AprFauji Fertilizer Bin Qasim 15-Mar 21-Mar 35(F) 07-Mar 21-MarHuffaz Seamless Pipe Ind 15-Mar 22-Mar 15(I) - -Indus Dye & Manufac Co # 16-Mar 22-Mar - - 24-MarFauji Cement # 16-Mar 22-Mar - - 22-MarAl-Noor Sugar Mills # 16-Mar 26-Mar - - 25-MarIndus Motor 16-Mar 25-Mar 50(I) 08-Mar -Habib Bank 16-Mar 29-Mar - - 29-MarUnited Bank (Unconsolidated) 16-Mar 29-Mar 40(F) 08-Mar 29-MarAl-Ghazi Tractors 16-Mar 24-Mar 250(F) 08-Mar 24-MarEngro Corp (Consolidated) 17-Mar 31-Mar 20(F),20(B) 09-Mar 31-MarNishat Mills (Unconsolidated) # 17-Mar 31-Mar - - 31-MarClarient Pakistan 18-Mar 25-Mar 135.25(B) 10-Mar 25-MarHub Power (Unconsolidated) 18-Mar 25-Mar 25(I) 10-Mar -Janana Textile Mills # 18-Mar 25-Mar - - 26-MarBannu Woollen Mills # 18-Mar 25-Mar - - 26-MarLotte Pakistan 18-Mar 24-Mar 5 10-Mar 24-MarMari Gas 19-Mar 25-Mar 23.43(I) - -Abbott Laboratories Pak 19-Mar 28-Mar 30(F) 11-Mar 29-Mar

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd. 3.21 3.3 3.12 3.15 -0.06 991420

Murree Brewery Co. 97.98 99.99 98.99 97.98 0 199

Shakarganj Food 1.2 1 1 1 -0.2 3000

Pak Tobacco 102 105 101 102.28 0.28 2100

Media Times LtdXR 18.05 19.05 19.05 19.05 1 2600

P.I.A.C.(A) 2.83 3 2.7 2.74 -0.09 359081

AKD Capital Limited 41.56 43.63 41 41.56 0 316

Pace (Pak) Ltd. 2.84 2.85 2.78 2.8 -0.04 148513

Netsol Technologies 23.08 23.05 22.7 22.89 -0.19 89503

Symbols Open High Low Close Change Vol

Saturday, March 12, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -80.54 points at 12,045.25. Volume

was 49 per cent below average (consolidating) and Bollinger Bands

were 23 per cent wider than normal. As far as resistance level is con-

cern, the market will see major 1st resistance level at 12,115.45 and

2nd resistance level at 12,185.65, while Index will continue to find its

1st support level at 11,985.40 and 2nd support level at 11,925.55.

KSE 100 INDEX is currently 11.9 per cent above its 200-day moving

average and is displaying a downward trend. Volatility is high as

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

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

relatively equal pace. Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 53.57 Support 1 11,985.40

MA (5-day) 12,042.75 Support 2 11,925.55

MA (10-day) 11,857.26 Resistance 1 12,115.45

MA (100-day) 11,647.32 Resistance 2 12,185.65

MA (200-day) 10,766.87 Pivot 12,055.60


Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.03 at 43.31. Volume was 20 per cent below average and

Bollinger Bands were 17 per cent wider than normal.

FFBL is currently 33.6 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 FFBL at a relatively equal pace.

Trend forecasting oscillators are currently bullish on FFBL.

*Arif Habib Ltd 37 Sell

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 64.86 Free Float Shares (mn) 326.94

MA (10-day) 42.28 Free Float Rs (mn) 14,159.71

MA (100-day) 37.08 ** NOI Rs (mn) 54.38

MA (200-day) 32.42 Mean 43.22

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


National Bank of Pakistan


Technical Outlook

NBP closed up 0.03 at 78.90. Volume was 26 per cent below average

(neutral) and Bollinger Bands were 119 per cent wider than normal.

NBP is currently 14.9 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 NBP at a relatively equal pace. Trend forecasting

oscillators are currently bullish on NBP.

*Arif Habib Ltd 85 Hold

AKD Securities Ltd 75.5 Reduce

TFD Research 92.3 Positive

RSI (14-day) 59.77 Free Float Shares (mn) 318.50MA (10-day) 76.97 Free Float Rs (mn) 25,129.48MA (100-day) 72.07 ** NOI Rs (mn) 91.85MA (200-day) 68.70 Mean 78.70



Fauji Fertiliser Co


Technical Outlook

FFC closed up 0.93 at 134.06. Volume was 5 per cent below average and

Bollinger Bands were 167 per cent wider than normal.

FFC is currently 15.6 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the average

volatility over the last 10 trading sessions. Volume indicators reflect mod-

erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla-

tors are currently bearish on FFC.

*Arif Habib Ltd 131.3 Buy

AKD Securities Ltd 120.7 Neutral





Engro Corporation


Technical Outlook

ENGRO closed up 0.56 at 235.40. Volume was 22 per cent below average

and Bollinger Bands were 115 per cent wider than normal.

ENGRO is currently 24.9 per cent above its 200-day moving average and

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

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

tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend

forecasting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 224 Sell






Pakistan Oilfields Ltd


Technical Outlook

POL closed down -3.57 at 318.72. Volume was 33 per cent below average

and Bollinger Bands were 20 per cent wider than normal.

POL is currently 23.2 per cent above its 200-day moving average and is



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

oscillators are currently bullish on POL.

*Arif Habib Ltd 339 Hold






Nishat Mills Ltd


Technical Outlook

NML closed down -0.34 at 64.18. Volume was 76 per cent below average

(consolidating) and Bollinger Bands were 4 per cent narrower than normal.

NML is currently 19.5 per cent above its 200-day moving average and is



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

oscillators are currently bullish on NML.

AKD Securities Ltd 71.45 Accumulate





Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed up 0.13 at 25.17. Volume was 79 per cent below average

(consolidating) and Bollinger Bands were 29 per cent wider than normal.

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

displaying a downward trend. Volatility is high as compared to the average


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

oscillators are currently bearish on DGKC.

*Arif Habib Ltd 37 Buy

AKD Securities Ltd 38.14 Buy




EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index




18.97 0.42 2.21 104.74 8.58 1,438.31

1st Fid Leasing 264 - 1.50 1.99 1.50 1.50 0.00 106 2.34 1.16 - - - -

AL-Meezan Mutual F. 1375 4.08 10.30 10.15 10.05 10.12 -0.18 20036 11.50 7.70 18.5 - 5.00 -

Atlas Fund of Funds 525 1.72 5.51 6.48 6.48 6.48 0.97 773 6.97 3.84 2.2 - - -

B F Modaraba 75 1.23 4.32 4.10 4.10 4.32 0.00 180 4.32 3.21 - 10B - -

Constellation Modaraba 65 1.57 1.16 1.47 1.16 1.16 0.00 215 1.99 0.90 - - - -

Equity Modaraba 524 1.07 1.75 1.98 1.62 1.75 0.00 351 2.98 1.30 - - - -

Golden Arrow 760 1.48 3.40 3.25 3.20 3.22 -0.18 18000 3.89 2.92 17 - - -

H B L Modaraba 397 3.72 7.42 7.60 7.30 7.58 0.16 1072 9.00 6.71 11 - - -

Habib Modaraba 1008 6.25 7.40 7.50 7.25 7.25 -0.15 535 7.50 6.50 21 - - -

JS Growth Fund 3180 2.32 6.24 6.25 6.00 6.04 -0.20 185103 6.43 4.61 5 - - -

JS Value Fund 1186 1.26 5.50 5.34 5.20 5.23 -0.27 11136 6.61 4.20 10 - - -

KASB Modaraba 283 1.88 3.00 3.00 2.21 3.00 0.00 5002 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.59 9.16 9.00 9.00 9.00 -0.16 103000 10.24 7.05 15.5 - - -

Mod Al-Mali 184 11.60 1.25 1.35 1.15 1.16 -0.09 10219 2.50 1.15 - - - -

PICIC Energy Fund XD 1000 3.08 7.25 7.46 7.12 7.46 0.21 14495 8.83 6.21 10 - 10.00 -

PICIC Growth Fund XD 2835 3.74 12.50 12.69 12.45 12.50 0.00 69581 16.49 11.90 20 - 12.50 -

PICIC Inv Fund XD 2841 2.88 5.50 5.50 5.10 5.30 -0.20 78528 7.95 5.10 10 - 7.50 -

Punjab Modaraba 340 - 1.11 1.99 1.47 1.33 0.22 503 2.38 0.85 1 - - -

Stand Chart Modaraba 454 5.06 10.00 10.00 9.55 9.91 -0.09 2937 10.63 9.00 17 - - -

U D L Modaraba 264 2.29 6.74 6.55 6.30 6.36 -0.38 1234 7.25 5.60 12.5 - 7.50 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index




11.50 0.23 0.91 99.56 3.88 341.93

AMZ Ventures 225 1.27 0.66 0.74 0.59 0.61 -0.05 226803 0.95 0.33 - - - -

Arif Habib Investments 360 4.04 24.49 24.40 23.50 23.75 -0.74 47807 24.86 16.80 - 20B - -

Arif Habib Limited 450 17.97 22.31 22.80 21.20 21.92 -0.39 96306 28.00 18.31 - 20B - -

Arif Habib Corp 3750 4.58 23.38 24.24 23.00 23.43 0.05 4782506 30.20 18.75 30 - - -

Dawood Cap Mangt. XB 150 1.25 1.30 1.21 1.21 1.30 0.00 211 2.10 1.10 - - - -

Escorts Bank 441 - 2.00 2.49 2.00 2.00 0.00 3505 3.80 1.55 - - - -

First Credit & Invest Bank Ltd 650 - 3.25 3.25 3.25 3.25 0.00 2770 4.00 2.15 - - - -

Ist Cap Securities 3166 - 3.10 3.26 2.90 3.10 0.00 22601 3.95 2.90 - 10B - -

Jah Siddiq Co 7633 - 9.32 9.39 9.08 9.16 -0.16 1309533 12.80 8.01 10 - - -

JOV and CO 508 812.50 3.42 3.49 3.20 3.25 -0.17 130822 4.49 2.58 - - - -

JS Global Cap 500 7.33 25.97 27.00 25.10 25.51 -0.46 2500 31.50 20.80 - - - -

JS Investment 1000 - 5.67 5.69 5.40 5.54 -0.13 20203 7.40 5.10 - - - -

KASB Securities 1000 - 4.75 4.75 4.51 4.65 -0.10 3702 5.43 3.75 - - - -

Orix Leasing 821 4.27 6.20 6.40 5.50 6.15 -0.05 14523 7.09 5.25 - - - -

Pervez Ahmed Sec 775 4.40 2.16 2.16 2.05 2.11 -0.05 104223 2.50 1.21 - - - -

Saudi Pak Leasing 452 - 0.70 0.94 0.76 0.94 0.24 3031 0.97 0.41 - - - -

Sec Inv Bank 514 13.20 3.00 3.93 3.30 3.30 0.30 501 4.99 2.26 - - - -a



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

LIFE INSURANCE

Performance of SR Life Insurance Index




5.39 3.19 3.85 355.53 4.29 729.58

EFU Life Assurance 850 33.49 59.00 59.35 58.00 58.95 -0.05 3111 79.80 51.31 - - - -

New Jub Life Insurance 627 19.65 46.99 46.00 44.76 45.98 -1.01 512 49.31 39.05 15 - - -



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

BANKS

Performance of SR Banks Index




8.13 1.13 13.94 40.49 4.98 1,135.41

Allied Bank Ltd.XDXB 8603 5.55 60.55 60.20 58.51 58.85 -1.70 97807 74.00 57.99 40 10B - -Askari Bank 6427 6.73 14.00 14.25 13.67 14.14 0.14 207868 19.25 12.55 - 10B - -Bank Alfalah 13492 6.87 9.31 9.36 9.19 9.28 -0.03 838606 11.99 8.75 - - - -Bank AL-HabibXDXB 8786 5.69 28.05 28.25 27.85 28.00 -0.05 112998 39.49 27.22 20 20B - -Bank Of Khyber 5004 3.72 4.16 4.22 4.15 4.20 0.04 74123 4.65 3.75 - - - -Bank Of Punjab 5288 - 7.34 7.40 7.05 7.21 -0.13 782482 10.23 6.40 - - - -BankIslami Pak 5280 38.22 3.50 3.55 3.26 3.44 -0.06 12937 4.50 3.01 - - - -Faysal Bank 7327 4.29 13.16 13.40 12.81 13.31 0.15 52218 16.47 10.69 - 20B - -Habib Bank LtdSPOT 10019 7.99 126.70 128.18 125.00 127.84 1.14 80177 131.00 114.01 65 10B - -Habib Metropolitan Bank 8732 7.26 24.00 24.00 23.73 23.74 -0.26 87379 29.28 22.50 - 20B - -JS Bank Ltd 8150 - 2.80 2.87 2.72 2.80 0.00 46456 3.16 2.30 - 66R - -KASB Bank Ltd 9509 - 1.52 1.65 1.48 1.53 0.01 141469 2.79 1.40 - - - -MCB Bank Ltd 7602 10.14 227.41 227.01 223.61 225.20 -2.21 367215 250.48 195.55 85 10B - -Meezan Bank 6983 7.90 19.00 19.00 18.61 18.64 -0.36 543 20.30 15.30 - 15B - -Mybank Ltd 5304 - 2.15 2.29 2.06 2.10 -0.05 798 3.40 2.00 - - - -National Bank 13455 6.89 78.87 79.14 77.90 78.90 0.03 3477461 81.78 66.01 75 25B - -NIB Bank 40437 - 2.10 2.14 2.05 2.05 -0.05 919346 3.35 1.90 -154.79R - -Samba Bank 14335 - 1.80 1.80 1.70 1.72 -0.08 181557 2.12 1.50 -63.46R - -Silkbank Ltd 26716 - 2.23 2.30 2.14 2.19 -0.04 861505 3.05 2.06 - - - -Soneri Bank 6023 30.05 6.40 6.80 5.62 6.31 -0.09 5604 8.48 5.00 - - - -Stand Chart Bank 38716 9.62 9.03 9.28 9.00 9.14 0.11 37710 9.90 6.28 6 - - -Summit Bank Ltd 7251 - 3.00 3.00 2.92 3.00 0.00 8060 4.63 2.85 - - - -United Bank LtdSPOT 12242 7.61 65.04 65.49 64.50 64.79 -0.25 367772 70.65 56.89 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index




12.81 0.67 5.20 79.54 6.21 745.42

Adamjee Insurance 1237 23.21 82.01 81.40 79.00 80.07 -1.94 155591 96.40 71.55 10 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index




9.30 1.06 11.41 66.79 7.19 1,451.64

Sui North Gas 5491 12.42 21.36 21.37 20.70 21.11 -0.25 18347 29.39 19.71 20 - - -Sui South Gas 8390 3.72 25.03 24.85 24.18 24.72 -0.31 93248 27.90 20.00 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index




14.19 1.33 9.35 104.13 7.34 1,333.15

Hub PowerSPOT 11572 7.23 39.62 39.99 39.25 39.48 -0.14 130290 41.20 35.90 50 - 25.00 -

Japan Power 1560 - 1.43 1.55 1.40 1.48 0.05 29699 2.00 1.25 - - - -

KESC 7932 - 2.77 2.83 2.71 2.72 -0.05 487833 3.55 2.31 - 7.8R - -

Kohinoor Energy XD 1695 7.60 17.00 17.84 16.77 17.48 0.48 2011 22.85 16.00 15 - 10.00 -

Kot Addu Power XD 8803 5.27 41.55 41.55 40.90 41.05 -0.50 85434 45.85 39.80 50 - 30.00 -

Nishat Chunian Power Ltd 3673 2.94 14.99 15.10 14.50 14.63 -0.36 543799 18.01 14.05 - - - -

Nishat Power Ltd 3541 2.28 15.72 15.82 15.46 15.60 -0.12 194364 18.70 14.85 - - - -

Southern Electric 1367 - 1.81 1.90 1.79 1.83 0.02 53326 2.50 1.41 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index




5.70 0.73 12.84 62.56 10.98 1,040.89

Pak Datacom 78 5.14 48.96 48.00 46.67 47.29 -1.67 8925 82.39 46.67 80 - 15.00 -

Pakistan Telecomm Co A 37740 11.87 18.00 18.00 17.75 17.81 -0.19 330692 20.65 17.25 17.5 - - -

Telecard 3000 1.34 2.10 2.11 2.03 2.03 -0.07 180369 2.50 1.60 1 - - -

WorldCall Tele 8606 - 2.45 2.55 2.35 2.39 -0.06 261484 3.45 2.15 - - - -

Wateen Telecom Ltd 6175 - 2.99 3.04 2.90 3.00 0.01 82463 4.65 2.80 - - - -



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

Ask Gen Insurance 255 6.67 11.24 11.24 10.40 11.00 -0.24 14200 12.00 9.51 - 25R - -

Atlas Insurance 369 6.13 40.50 40.74 40.00 40.26 -0.24 8273 42.90 35.47 - 20B - -

Central Insurance XB 279 9.09 78.87 80.00 77.50 79.97 1.10 4110 83.00 60.00 10 10B - -

Century Insurance 457 6.21 9.96 10.37 9.80 9.93 -0.03 24550 11.99 8.90 - - - -

EFU General Insurance 1250 - 37.33 37.60 36.50 37.01 -0.32 9173 45.40 32.25 - - - -

Habib Insurance 400 3.11 13.00 13.25 13.00 13.07 0.07 23453 15.50 11.72 - - - -

IGI Insurance 718 8.42 99.00 99.00 97.05 97.97 -1.03 273 102.44 88.11 30 55B - -

New Jub Insurance 791 10.81 63.09 64.00 61.25 61.50 -1.59 3077 64.00 56.00 35 25B - -

Pak Reinsurance 3000 45.41 18.08 18.00 17.52 17.71 -0.37 669161 19.40 13.80 - - - -

Pak Gen Insurance 250 1.68 7.11 7.10 7.10 7.10 -0.01 2000 9.95 6.33 - - - -

PICIC Ins Ltd 350 85.64 12.00 13.00 11.50 11.99 -0.01 3703 13.00 6.30 - - - -

Premier Insurance 303 6.22 11.44 11.50 11.50 11.50 0.06 1800 12.93 10.10 - - - -

Reliance Insurance XB 252 4.23 7.46 7.00 6.90 6.90 -0.56 10500 7.47 6.20 - - - -

Shaheen Insurance 200 - 10.39 9.50 9.50 10.39 0.00 457 14.20 9.41 - - - 25R

Silver Star Insurance 253 4.35 6.37 7.36 6.50 7.00 0.63 4003 8.20 6.01 - - - -

UPTO 100 VOLUME

HAJT 0.59 1.10 1.10 0.59 0.00 100

OLSM 1.70 1.50 1.50 1.70 0.00 100

DIIL 10.00 9.04 9.04 10.00 0.00 99

COLG 859.90 889.99 816.91 818.79 -41.11 77

SHFA 31.41 31.72 31.44 31.41 0.00 70

MIRKS 48.31 49.24 46.31 48.31 0.00 61

SGLL 26.53 26.99 26.99 26.53 0.00 45

CLOV 56.41 56.00 56.00 56.41 0.00 45

SHSML 8.90 8.21 8.21 8.90 0.00 32

ULEVER 4793.16 4947.00 4600.11 4759.84 -33.32 27

TATM 41.91 41.50 41.50 41.91 0.00 21

NESTLE 3424.64 3499.98 3330.01 3418.44 -6.20 21

FIBLM 1.62 1.65 1.60 1.62 0.00 15

GSPM 10.69 11.00 10.05 10.69 0.00 13

RMPL 2811.00 2890.00 2685.00 2816.88 5.88 13

FZTM 409.93 430.00 389.44 409.93 0.00 12

TICL 59.20 60.00 56.25 59.20 0.00 12

NCLNCP 25.50 24.50 24.50 25.50 0.00 11

ASFL 4.50 5.50 5.50 4.50 0.00 10

SIGL 9.25 9.25 9.25 9.25 0.00 10

IGIBL 2.09 2.24 2.10 2.09 0.00 10

UNIC 7.70 7.90 7.90 7.70 0.00 10

BHAT 259.00 246.10 246.10 259.00 0.00 10

MFFL 68.79 68.50 65.40 68.79 0.00 10

SHEZ 145.51 152.78 140.03 145.51 0.00 10

DEL 1.84 1.84 1.61 1.84 0.00 9

RCML 41.49 39.50 39.50 41.49 0.00 8

ICIBL 0.55 0.58 0.52 0.55 0.00 6

ALICO 15.02 14.75 14.02 15.02 0.00 6

PAKMI 0.85 1.08 1.08 0.85 0.00 5

FDIBL 1.60 2.00 2.00 1.60 0.00 5

TSBL 5.00 5.88 4.01 5.00 0.00 5

EMCO 2.01 2.30 2.30 2.01 0.00 5

IDYM 267.67 280.69 255.00 267.67 0.00 4

HUSI 6.09 6.79 5.09 6.09 0.00 3

GENP 0.67 0.79 0.72 0.67 0.00 3

TSMF 1.01 1.40 1.39 1.01 0.00 2

CSM 0.55 0.65 0.55 0.55 0.00 2

IFSL 6.04 6.49 6.49 6.04 0.00 2

ILTM 173.25 181.91 181.91 181.91 8.66 2

LAKST 255.14 267.89 245.01 255.14 0.00 2

PECO 139.85 144.99 140.00 139.85 0.00 2

BUXL 9.00 9.95 9.95 9.00 0.00 2

MERIT 29.01 29.50 29.45 29.01 0.00 2

FRCL 2.02 1.45 1.45 2.02 0.00 2

ARPAK 11.97 10.97 10.97 11.97 0.00 2

PMI 1.00 1.10 1.10 1.00 0.00 1

TRSM 1.99 2.22 2.22 1.99 0.00 1

SCLL 2.65 2.80 2.80 2.65 0.00 1

BROT 0.30 0.40 0.40 0.30 0.00 1

ICCT 1.03 1.39 1.39 1.03 0.00 1

MFTM 1.00 1.67 1.67 1.00 0.00 1

CJPL 1.00 1.09 1.09 1.00 0.00 1

CHAS 8.50 9.00 9.00 8.50 0.00 1

CSUML 3.57 2.80 2.80 3.57 0.00 1

ATLH 134.57 136.99 136.99 134.57 0.00 1

DWAE 0.85 1.37 1.37 0.85 0.00 1

WYETH 940.00 987.00 987.00 940.00 0.00 1

UDPL 13.33 14.30 14.30 13.33 0.00 1


FUTURE CONTRACTS

UBL-MAR 64.95 65.00 64.00 64.34 -0.61 1820500

UBL-MARB 60.05 61.38 61.05 61.05 1.00 1791000

NBP-MARB 58.12 58.32 57.25 58.12 0.00 1160500

NCL-MAR 27.78 28.10 27.21 27.94 0.16 1024500

NBP-MAR 78.84 79.20 77.99 78.95 0.11 1000500

FFBL-MAR 40.28 40.50 39.80 40.16 -0.12 660000

POL-MAR 323.53 323.90 319.50 320.07 -3.46 576000

ANL-MAR 9.30 9.35 9.00 9.13 -0.17 572000

ENGRO-MAR 195.47 197.00 192.15 195.71 0.24 541000

FFC-MAR 133.45 135.25 132.00 134.69 1.24 420000

NML-MAR 64.84 64.69 63.76 64.46 -0.38 244000

DGKC-MAR 24.49 24.61 24.00 24.50 0.01 206500

PSO-MAR 286.34 284.50 282.00 283.32 -3.02 127500

MCB-MAR 205.45 204.50 202.10 204.00 -1.45 80500

PPL-MAR 212.82 211.95 210.10 210.91 -1.91 60500

AICL-MAR 82.24 81.89 80.30 80.68 -1.56 20500

LUCK-MAR 68.31 68.85 67.70 68.68 0.37 17500

BOP-MAR 7.36 7.23 7.20 7.21 -0.15 13000

HUBC-MAR 39.58 39.58 39.58 39.58 0.00 10000

OGDC-MAR 156.48 154.95 154.00 154.95 -1.53 9000

NETSOL-MAR 23.30 23.56 23.10 23.56 0.26 1500

AICL-CMAR 82.56 0.00 0.00 80.57 -1.99 0.00

AKBL-CMAR 14.09 0.00 0.00 14.23 0.14 0.00

ANL-CMAR 9.28 0.00 0.00 9.12 -0.16 0.00

ATRL-CMAR 120.89 0.00 0.00 119.61 -1.28 0.00

BAFL-CMAR 9.37 0.00 0.00 9.34 -0.03 0.00

BAHL-CMAR 28.24 0.00 0.00 28.17 -0.07 0.00

ENGRO-CMAR236.40 0.00 0.00 236.86 0.46 0.00

FFBL-CMAR 43.57 0.00 0.00 43.58 0.01 0.00

FFC-CMAR 134.02 0.00 0.00 134.89 0.87 0.00

HUBC-CMAR 39.88 0.00 0.00 39.72 -0.16 0.00

KAPCO-CMAR41.83 0.00 0.00 41.30 -0.53 0.00

LUCK-CMAR 68.82 0.00 0.00 68.85 0.03 0.00

MCB-CMAR 228.92 0.00 0.00 226.59 -2.33 0.00

NETSOL-CMAR23.23 0.00 0.00 23.03 -0.20 0.00

NML-CMAR 64.95 0.00 0.00 64.58 -0.37 0.00

POL-CMAR 324.43 0.00 0.00 320.69 -3.74 0.00


Al-Abbas Cement 41.14 2.25 2.00 2.85 3.15 2.55

Allied Bank Limited 30.91 58.20 57.50 59.85 60.90 59.20

Attock Cement 46.28 51.70 51.40 52.30 52.65 52.00

Arif Habib Corp 54.10 22.90 22.30 24.10 24.80 23.55

Arif Habib Limited 48.18 21.15 20.35 22.75 23.55 21.95

Adamjee Insurance 44.06 78.90 77.75 81.30 82.55 80.15

Askari Bank 38.58 13.80 13.45 14.35 14.60 14.00

Azgard Nine 42.02 8.90 8.70 9.30 9.50 9.10

Attock Petroleum 46.74 352.30 347.70 362.15 367.40 357.55

Attock Refinery 52.17 117.90 116.95 119.90 120.95 118.95

Bank Al-Falah 33.32 9.20 9.10 9.35 9.45 9.30

BankIslami Pak 43.71 3.30 3.15 3.60 3.70 3.40

Bank.Of.Punjab 40.89 7.05 6.85 7.40 7.55 7.20

Dewan Cement 48.69 1.75 1.70 1.90 1.95 1.85

D.G.K.Cement 46.40 24.75 24.30 25.55 25.90 25.10

Dewan Salman 48.31 2.70 2.60 2.85 2.95 2.80

Dost Steels Ltd 45.30 2.05 1.95 2.20 2.25 2.10

EFU General Insurance 47.65 36.50 35.95 37.60 38.15 37.05

EFU Life Assurance 48.44 58.20 57.40 59.55 60.10 58.75

Engro Corporation 68.42 232.70 230.00 237.55 239.70 234.85

Faysal Bank 49.77 12.95 12.60 13.55 13.75 13.15

Fauji Cement 38.71 4.15 4.10 4.30 4.35 4.20

Fauji Fert Bin 64.77 42.90 42.45 43.65 43.95 43.20

Fauji Fertilizer 52.45 131.75 129.40 135.65 137.30 133.35

Habib Bank Ltd 60.28 125.85 123.85 129.00 130.20 127.00

Hub Power 56.45 39.15 38.85 39.90 40.30 39.55

ICI Pakistan 58.17 155.45 153.75 158.45 159.70 156.70

Indus Motors 22.81 224.40 221.75 230.30 233.55 227.65

J.O.V.and CO 43.90 3.15 3.00 3.40 3.60 3.30

Japan Power 47.91 1.40 1.35 1.55 1.65 1.50

JS Bank Ltd 50.01 2.75 2.65 2.90 2.95 2.80

Jah Siddiq Co 44.21 9.05 8.90 9.35 9.50 9.20

Kot Addu Power 37.68 40.80 40.50 41.45 41.80 41.15

K.E.S.C 51.13 2.70 2.65 2.80 2.85 2.75

Lotte Pakistan 54.05 15.65 15.45 16.15 16.50 15.95

Lucky Cement 52.74 67.40 66.35 69.15 69.85 68.10

MCB Bank Ltd 57.85 223.55 221.85 226.95 228.65 225.25

Maple Leaf Cement 36.28 2.15 2.10 2.25 2.30 2.20

National Bank 59.65 78.15 77.40 79.40 79.90 78.65

Nishat (Chunian) 63.91 27.05 26.35 28.25 28.75 27.55

Netsol Technologies 50.30 22.70 22.55 23.05 23.25 22.90

NIB Bank 26.46 2.05 2.00 2.15 2.20 2.10

Nimir Ind.Chemical 56.55 2.65 2.55 2.75 2.80 2.70

Nishat Mills 51.72 63.35 62.55 64.75 65.30 63.95

Oil & Gas Dev. XD 40.11 153.20 151.95 156.05 157.65 154.80

PACE (Pakistan) Ltd. 46.82 2.75 2.70 2.85 2.90 2.80

Pervez Ahmed Sec 57.01 2.05 2.00 2.15 2.20 2.10

P.I.A.C.(A) 54.90 2.60 2.50 2.90 3.10 2.80

Pioneer Cement 47.18 5.90 5.85 6.00 6.05 5.95

Pak Oilfields 54.05 316.90 315.15 321.70 324.65 319.90

Pak Petroleum 53.86 209.60 208.40 212.45 214.20 211.30

Pak Suzuki 42.91 61.00 60.05 63.45 64.90 62.45

P.S.O. XD 47.86 280.15 278.35 284.65 287.35 282.85

P.T.C.L.A 41.08 17.70 17.60 17.95 18.10 17.85

Shell Pakistan 54.39 207.45 206.65 209.65 211.05 208.85

Sui North Gas 33.50 20.75 20.40 21.40 21.75 21.05

Sitara Peroxide 71.89 14.85 13.95 16.15 16.60 15.30

Sui South Gas 50.91 24.30 23.90 25.00 25.25 24.60

Telecard 48.74 2.00 1.95 2.10 2.15 2.05

TRG Pakistan 51.04 3.10 3.00 3.25 3.35 3.20

United Bank Ltd 52.86 64.35 63.95 65.35 65.90 64.95

WorldCall Tele 40.83 2.30 2.25 2.50 2.65 2.45

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Sajjad Textile Mills Ltd 12-Mar 10:00

Mohammad Farooq Textile Mills Ltd 14-Mar 11:30

Askari General Insurance 15-Mar 2:00

Atlas Honda Ltd 16-Mar -

Pakistan Tobacco Company Ltd 16-Mar -

BOARD MEETINGS

Company Date Time

Saturday, March 12, 2011 8

Big B’s nextproject:

Buddah-HogaTera Baap

It's official, AmitabhBachchan's next project isBuddah-Hoga Tera Baap. The

Big B will make the film, underhis banner AB Corp.

Wrote the actor on a social net-working site, "'Tomorrow firstday for AB Corp's next"Buddah"... 'hoga terra baap'!! Ijoin them when i finish here inBhopal for Aarakshan! Thankyou all for the wishes for"Buddah-hoga terra baap!" Firstshot done today in Mumbai ..joining it by 23rd Mar," Amitabhtweeted.

Abhishek Bachchan was veryexcited with the title. "The Bback to doing what we love to seehim do, might not be that youngbut he's definitely Angry! veryexcited about this film. Buddah-hoga Tera baap!!! How cool isthat title!," wrote JuniorBachchan on a social networkingsite.

I have aneccentric

side: Shahid He is one of the few actors in

the Hindi Film Industry whosecandour is one of his hallmarks.Shahid Kapoor believes in speak-ing his mind. The actor, who iscurrently looking up to his homeproduction Mausam has admitted

that eccentric roles excite himsince he has an eccentric side tohis personality.

The actor who is battling con-troversies around his personal lifeand his professional one at timeshas agreed that films likeKaminey and Mausam are sub-jects closest to his heart for thesheer reason that they dwell uponhis eccentric side.

Talking about his love foreccentric roles, Shahid says, "InKaminey my character hadeccentric shades. I must admitthat such roles have always excit-ed me. In Mausam, the fact thatI'm playing the role of a fighterpilot gives me a new high.

Tomb Raiderto get reboot

withoutAngelina

Lara Croft, the feisty heroine ofone of the biggest video gamesfrom the 1990s, is once again get-ting the movie treatment.

Heavyweight producerGraham King ("The Departed")has acquired the feature filmrights to "Tomb Raider" and willreboot the action-adventure fran-chise aiming for a 2013 releasefor the first film.

Angelina Jolie, the star ofKing's recent bomb "TheTourist," headlined two previousbig-screen adaptations made byParamount. "Lara Croft: TombRaider" (2001) and "Lara CroftTomb Raider: The Cradle ofLife" (2003) grossed $432 mil-lion worldwide.

Sources said King's GK Filmsbanner may be looking to do aLara Croft origin story rather thancontinue her adventures. Thecompany said it aims to "createdaring new adventures for theyoung and dynamic Lara Croft."No writer has been hired yet.

Vidyalooking for

Bengali man

Bollywood beauty VidyaBalan and leadingBengali band

'Chandrabindoo' were seensharing the platform togetherin a city hotel as they sharedtheir experiences of workingtogether for a new televisioncommercial of hair oil brandNihar Naturals.

"Working in this commercialwas a wonderful experience asthe song captured the brand'smessage to the Bengali womanwho are always very intelli-gent and progressive think-ing," Balan said.

"Chandrabindoo's catchytune and lyrics, the fresh andengaging approach of the TVcommercial is sure to strike achord with all the women ofBengal," Balan said.

The actor said that she feelsa strong bond for Kolkata andsearches for excuses to visitthe city. "I am deeply associat-ed with Bengal. I think I hard-ly know anybody having somuch touch with Bengal as Ido," she said. Expanding herlove for Bengal, she said inhumorous tone: "I am alwayssearching for a Bengali man tosettle down with. See if I canget him," she said.

Speaking about her upcom-ing movie named Kahaani,Balan said: "The film has beendirected by Sujoy da (SujoyGhosh) and the entire film hasbeen shot in Kolkata."

"This has been five yearsafter which I had a full-fledgedshooting in Kolkata," sheinformed.

Balan said that she is willingto work in a Bengali moviewith ace Bengali directorRituparno Ghosh.

"Every year we feel weshould work together, but itnever realizes," she said.

Speaking about her upcom-ing film on actor Silk Smitha,Balan said: "You won't be ableto imagine me in that role! Butthat is a challenge for anactor."

"I have not started preparingfor the film, but I will watchher films once I start preparingfor the film," she concludes.

Akshay,John costar

in Desi Boyz

Debutante director RohitDhawan is set to goplaces even before the

release of his first film - DesiBoyz, produced by KrishikaLulla.

The latest kid on the blockmakes his directorial debutwith Desi Boyz which is writ-ten by him and stars AkshayKumar and John Abraham,together after a long time alongwith Deepika Padukone andChitrangada Singh in the leadroles and music by Pritam.

Commenting on the develop-ment, Sunil Lulla, ManagingDirector, Eros InternationalMedia Ltd said, "We haveenjoyed some great successeslike PARTNER with DavidDhawan and are now lookingforward to working with hisson Rohit. We are confident ofhim joining the ranks of lead-ing directors in the industrywith his launch and audiencescan be assured of wholesomeentertainment by this verypromising young debutant".

Director Rohit Dhawansaid, "I couldn't have askedfor more, I have wonderfulproducers and an awesomecast. Now I hope to fulfill mycinematic dreams throughDesi Boyz and am thrilledabout taking our associationto the next level with futureprojects".

Desi Boyz has completed itsfirst schedule in Mumbai andwill commence the next sched-ule in London in March 2011and is slated for a November2011 release.

She's outspoken and notone who's afraid to rustlea few feathers with her

comments. And she was quitein the mood when she came tothe sets of ETC BollywoodBusiness. In a candid chat withhost Komal Nahta, KanganaRanaut confessed that as anoutsider - an actor withoutindustry pedigree - she feltangry at the ones who had it.'I'm angry at some people in theindustry. If the star kids fly akite, so much is written aboutit. And when people like mewin international awards, weare ignored. People from theindustry send gifts to media-persons' homes, invite them fordinners, send money tothem...90% media toh unkechacha, taya, betiyaan aurboyfriend se bhaare huye hain!Outsiders like me are left outbecause, 'She's not blue bloodfired Kangana.When people write that aremalicious and untrue, thatmalign me, I do get hurt. Shecontinued, 'Softer feelings likelove and compassion areignored here. Jealousy bahuthain iss industry mein. Kaafi

log apna time aur paisa kharchkarte hain doosron ke baremein galat khabar chapwanemein!'Taking a cue from her onscreen persona of Tanu,Kangana sure still has someacidic comments. We wonderwhat the industry will have tosay when it watches thisepisode of ETC BollywoodBusiness.

Only jealousy rules

Bollywood: Ranaut

She played a girl whostudied hard. But "HarryPotter" actress Emma

Watson says she is going totake a break from her workingon her degree to focus on herfilm career.

The actress - who plays thecharacter of bookwormHermione Granger - saidTuesday that she had found ithard to juggle her blossomingfilm career with her studies.

Watson enrolled to study lit-erature at Brown University in

Rhode Island in 2009. Shesays she still plans to finish herstudies but will take someextra semesters to completeher degree.

Watson has just finishedfilming "Harry Potter and TheDeathly Hallows: Part 2"which will premier in Londonin July.

She has also just finishedfilming "My Week WithMarilyn", opposite U.S.actress Michelle Williams asMarilyn Monroe.

Emma breaks studies

Veena Malik, whobecame a householdname after appearing

on the Indian reality show, hasreceived death threats fromTaliban.

She is in possession of a let-ter (a copy of which is avail-able with TOI) by MaulanaMasood, Mujaheddin leaderconnected with Osama binLaden, accusing her of humili-ating Islam and Pakistan'sname during her stay in theBigg Boss' house. The helplessmodel-turned-TV star hasdecided to seek asylum in othercountries.

The actress who cosied upwith male contestants on theshow and flaunted her curvesunabashedly was criticised bythe media in her country. Says

the defiant girl, "I'm an artistand I would have felt guilty if Ihad done something wrong,but I haven't. I have worn thesame clothes in Pakistan andbehaved in the same fashion

back home, so suddenly what'smy fault? I cannot be issueddeath threats for participatingin a TV show in India."

"We are neighbours for God'ssake and artists should have noboundaries to worry about."

Veena, who is currentlyshooting a cricket show for anIndian TV news channel says,"I went back to Pakistan know-ing the repercussions of myvibe on the show, but I neverthought in my wildest ofdreams that I would have tocontemplate about leaving mycountry, my birthplace. Rightnow, I'm being forced to thinkabout seeking asylum. Nowthat even my parents are beingthreatened, I don't see how wecan continue to stay inPakistan."

Taliban threatensVeena Malik

MUMBAI: Bollywood actress Geeta Basara displays a creation designed by ChaitanyaRao on the first day of the Summer Resort 2011 Lakme Fashion Week.-Reuters

MUMBAI: Anushaka Sharma attends the CosmopolitanFun Fearless Female Awards ceremony in Mumbai.

When Shahrukh Khandecided to make afilm about young-

sters, he wanted it to be youngin all aspects. To ensure that itdoes happen, he was creative-ly involved in the entire mak-ing of the film which alsoincluded changing the dia-logues that had originallybeen put together by directorRoshan Abbas and his team.

'This meant that for AlwaysKabhi Kabhi, Shahrukh didn'tjust require four young andlargely untested actors alongwith a first time director; healso wanted the film to beyoung in it's entire outlook',informs a source attached tothe film, 'While Roshan didwork on the original script tomake it suitable for the bigscreen, Shahrukh felt thatthere was still more work tobe done on the written materi-al so that it suited the sensibil-

ities of today's youth.' While he did acknowledge

the fact that Roshan's writingwas quite pure and thatstemmed from the fact that hehad a good upbringing,Shahrukh felt that a new per-spective added to AlwaysKabhi Kabhi will only make itspicier and more entertaining.The first step in this directionwas to hire a writer, IshitaMoitra, for whom the singleline brief was to come up withdialogues that spoke in mod-ern day language

'Yes, Ishita's contributiondid came in handy. What shehas written has managed tobring an altogether differentdimension to Always KabhiKabhi', says Roshan whenasked if this indeed wastrue, 'I am glad this hap-pened because I could seewhere Shahrukh was comingfrom.'

SRK keeps always kabhikabhi young at heart

Bollywood superstar, Hrithik Roshan, hasearned himself a phenomenal amount ofcritical acclaim, as the script of Sanjay

Leela Bhansali's Guzaarish is officially hon-oured by the Oscars Library.

After having been nominated for the FilmfareBest Actor Award, the screen icon's outstandingperformance has undisputedly leveraged thefilm in entering the permanent script collectionof the Library Academy of Motion Picture Arts& Sciences.

Hrithik's acting skills are showcased inGuzaarish as he performs the role of 'EthanMascarenhas', a former magician who tragicallybecomes a quadriplegic, spreading joy amongthe people as a radio jockey, but subsequentlypleading for a mercy killing at court.

Featuring alongside Aishwarya Rai Bachchanin the film, it has been Hrithik's highly accom-plished performance that has generated critics'praise and outstanding reviews for himself aswell as the film itself.

Guzaarish enters Oscars Library

KUALA LUMPUR: Malaysianpalm oil dropped to a two weeklow on Friday and notched itsworst weekly loss in more thantwo years after a massive earth-quake hit Japan, adding to ableak global economic outlook.

Palm oil lost 8.1 per cent thisweek after industry regulatorreported that stocks in No.2 pro-ducer Malaysia rose to a two-month high on unexpectedlystrong production and higherimports.

The quake struck just beforethe close of Tokyo stock tradingbut other global markets cameunder further pressure asinvestors moved to "saferassets".

The benchmark May crudepalm oil contract on Bursa

Malaysia Derivatives dropped asmuch as 3 per cent to 3,356 ring-git ($1,146), a level unseen sinceFeb. 24. The market ended at3,364 ringgit.

Traded volume more than dou-bled to 33,383 lots of 25 tonneseach, compared to the usual15,000 lots.

A Reuters technical analysisshowed Malaysian palm oil mayend the current correction above3,336 ringgit per tonne nextweek, and resume its uptrend,based on its wave pattern.

US soyoil for May fell 1.9 percent in Asian trade hours on esti-mates for a record soy crop fromBrazil, the US Department ofAgriculture report showed,although forecasts for US soy-bean ending stocks wereunchanged. In China, the most-active Sept. soyoil contract onDalian Commodity Exchangefell 0.6 per cent on prospects ofhigher global vegetable oils sup-ply and concerns another roundof interest rate hikes if inflationremain high. -Reuters

Palm oil falls on Tokyocalamity, stock build


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1255

January (3rd Wednesday) 1310 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for March 10 2011

LME Official Prices, US$ per tonne for March 10 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2380 2546 9195 2459 25970 29875 2275 2511Cash seller 2390 2546.5 9195.5 2459.5 25975 29900 2276 2511.53-months buyer 2370 2583 9209 2444 25980 29875 2289.5 25353-months seller 2380 2584 9210 2445 26000 29900 2290 254015-months buyer 2360 2663 9195 2398 25140 29745 2350 250515-months seller 2370 2668 9205 2403 25240 29795 2355 251527-months buyer 2360 2723 8950 2348 24215 2352 256027-months seller 2370 2728 8960 2353 24315 2357 2570

LONDON METAL EXCHANGE (METALS)

LONDON: Oil slid by onFriday, with US crude fallingbelow $100, after an earth-quake rocked Japan, created a10-metre tsunami and shutdown dozens of plants in theworld's third-largest oil con-sumer.

The oil market was alsokeeping an eye on a plannedday of demonstra-tions in SaudiArabia, theworld's top oilexporter, and vio-lence in Libya,which has disrupt-ed its oil exports.

US crude fell toas low as $99.01 a barrel andwas trading at $100.44 a by1544 GMT. ICE Brent crudefell $1.40 to $114.07 a barrel.It has fallen from a 2-1/2-yearhigh of $119.79 on Feb. 24.

Japan was hit by a magnitude8.9 earthquake, the largestsince observations began in thelate 19th century. About 200-300 bodies were found, saidpolice in Miyagi, northernJapan, where the quakes andthe tsunami hit the hardest. Thedeath toll was expected to rise.

"We need to think what thepotential impact on Japaneseeconomy from the quake willbe and what the impact onglobal economy will be,"Olivier Jakob with Petromatrixsaid.

"That may weigh on oildemand from Japan and the oilprice."

Some refineries and nuclearpower plants were shut, andanalysts pointed out the shut-downs might increase demandfor imports of refined productsand fuels for electricity genera-tors. "Short-term the disruptionin activity will be clearly nega-tive for Japanese oil demand,but you may find that post theinitial impact of the tsunami,there will be a need to deliveroil products to meet demand ifyou suffer losses in refinery out-put," said Harry Tchilinguirian,

BNP Paribas' head of commodi-ty markets strategy.

In the Middle East, policeflooded the streets of SaudiArabia's capital to deter aplanned day of demonstrations,while a small Shi'ite demon-strated was reported in Hofuf,in the oil-producing east.

In Libya, forces loyal toLibyan leaderM u a m m a rG a d d a f ientered the oilport of RasLanuf in theeast of thecountry andwere fighting

for control of the town, rebelssaid on Friday.

Elsewhere in the region,Bahraini police blocked sever-al thousand protestors fromreaching the royal palace. InYemen, tens of thousands ofprotestors marched in the capi-tal, and protests turned violentin the southern port city ofAden. Kuwaiti riot police firedtear gas to break up a small,peaceful demonstration bystateless Arabs demandinggreater rights. -Reuters

Oil slides after quake,tsunami slam Japan

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Friday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Mar11935.00-5.00, Apr11 935.00-5.00, May11/Jul11 940.00-8.00, Aug11/Oct11 950.00-4.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111000.00-5.00, Aug11/Oct11945.00-5.00, Nov11/Jan12950.00-5.00, Feb12/Apr12960.00-5.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1400.00-25.00,Jul11/Sep11 1405.00-30.00,Oct11/Dec11 1375.00-15.00.

LINOIL: Any origin dlrstonne extank RotterdamMar11/Apr11 1560.00-5.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'damApr11/Jun11 1167.50-27.50,Jul11/Sep11 1142.50-17.50,Oct11/Dec11 1137.50-17.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Apr11 1240.00,May11/Jun11 1215.00,Jul11/Sep11 1175.00.

PALMOIL: RBD dlrs tonnefob Malaysia Apr11 1185.00-20.00, May11/Jun11 1160.00-15.00, Jul11/Sep11 1120.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Apr111195.00-20.00, May11/Jun111170.00-15.00, Jul11/Sep111130.00-15.00, Oct11/Dec111115.00-17.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamMar11/Apr11 1740.00+10.00,Apr11/May11 1720.00+10.00,May11/Jun11 1670.00+20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamMay11/Jun11 2695.00+0.00. -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

11-Mar-2011 CRUDE100 MA11 US$ Per Barrel 103.21 104.00 99.42 99.69 922 102.86 99.69 13811-Mar-2011 CRUDE100 AP11 US$ Per Barrel 104.35 105.25 100.65 100.79 417 103.91 100.79 2111-Mar-2011 CRUDE100 MY11 US$ Per Barrel 104.98 104.98 101.40 101.40 - 104.55 101.40 -11-Mar-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 35.13 35.42 34.08 34.15 246 35.37 34.15 5311-Mar-2011 SILVER - SL500 MY11 US$ Per Troy Ounce 35.18 35.43 34.23 34.15 29 35.37 34.15 311-Mar-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1419.40 1422.50 1403.50 1406.40 1,644 1414.80 1406.40 1,41711-Mar-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1420.10 1423.00 1404.00 1407.10 3,029 1415.50 1407.10 1,61911-Mar-2011 GOLD 01oz JU11 US$ Per Troy Ounce 1421.00 1424.00 1405.00 1407.90 2,586 1416.30 1407.90 1,39511-Mar-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1416.60 1420.30 1405.80 1406.40 19 1414.80 1406.40 1211-Mar-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1416.60 1419.80 1407.10 1407.10 - 1415.50 1407.10 -11-Mar-2011 GOLD 100oz JU11 US$ Per Troy Ounce 1421.40 1421.40 38837.00 1407.10 - 1416.30 1407.90 211-Mar-2011 GOLD MA11 Per 10 grms 38837.00 39021.00 38600.00 38647.00 6 38877.00 38647.00 1111-Mar-2011 GOLD AP11 Per 10 grms 38800.00 39032.00 38673.00 38658.00 3 38889.00 38658.00 9011-Mar-2011 GOLD MY11 Per 10 grms 39047.00 39047.00 38619.00 38673.00 - 38904.00 38673.00 -11-Mar-2011 KILOGOLD MA11 Per 10 grms 38993.00 38993.00 38631.00 38619.00 - 38850.00 38619.00 -11-Mar-2011 KILOGOLD AP11 Per 10 grms 39004.00 39004.00 45045.00 38631.00 - 38861.00 38631.00 -11-Mar-2011 TOLAGOLD50 MA11 Per Tola 45481.00 45481.00 45045.00 45045.00 - 45314.00 45045.00 -11-Mar-2011 TOLAGOLD100 MA11 Per Tola 45481.00 45481.00 39687.00 45045.00 - 45314.00 45045.00 -11-Mar-2011 MINIGOLD MON Per 10 grms 42000.00 42000.00 39730.00 39687.00 2 39920.00 39687.00 211-Mar-2011 MINIGOLD TUE Per 10 grms 40123.00 40123.00 39745.00 39730.00 - 39964.00 39730.00 -11-Mar-2011 MINIGOLD WED Per 10 grms 40138.00 40138.00 39759.00 39745.00 - 39978.00 39745.00 -11-Mar-2011 MINIGOLD THU Per 10 grms 40152.00 40152.00 39774.00 39759.00 - 39993.00 39759.00 -11-Mar-2011 MINIGOLD FRI Per 10 grms 40064.00 40064.00 45627.00 39774.00 - 40008.00 39774.00 -11-Mar-2011 TOLAGOLD MON Per Tola 46788.00 46788.00 45677.00 45627.00 20 45900.00 45627.00 1611-Mar-2011 TOLAGOLD TUE Per Tola 46136.00 46136.00 45694.00 45677.00 - 45950.00 45677.00 -11-Mar-2011 TOLAGOLD WED Per Tola 46152.00 46152.00 45711.00 45694.00 - 45967.00 45694.00 -11-Mar-2011 TOLAGOLD THU Per Tola 46851.00 46872.00 45727.00 45711.00 16 45984.00 45711.00 2311-Mar-2011 TOLAGOLD FRI Per Tola 46641.00 46719.00 3325.00 45727.00 18 46001.00 45727.00 1811-Mar-2011 IRRI6W 17MA11 Per 100 kg 3325.00 3357.00 3331.00 3357.00 - 3325.00 3357.00 -11-Mar-2011 RICEIRRI - 6 MA11 Per 100 kg 3331.00 3355.00 5208.00 3355.00 - 3331.00 3355.00 -11-Mar-2011 RBD PALMOLEIN MA11 Per Maund 5285.00 5285.00 86.36 5208.00 - 5285.00 5208.00 -11-Mar-2011 KIBOR3M 11-Mar Per Rs. 100 86.36 86.38 85.86 86.38 - 86.36 86.38 -11-Mar-2011 KIBOR3M 11-Jun Per Rs. 100 85.86 85.86 85.86 - 85.86 85.86 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

NEW YORK: Traders work in the oil options pit at the New York Mercantile Exchange . -Agencies

LONDON: Copper ended flaton Friday, regaining lossesafter a devastating earthquakein Japan unsettled global mar-kets and Chinese inflation datafuelled concerns over demandfrom the top consumer of themetal.

Three-month copper on theLondon Metal Exchangeclosed at $9,190, fromThursday's close of $9,191. Ithit an intraday low of $8,992,its lowest since around mid-December.

While data on Friday showedUS retail sales posted theirlargest gain in four months inFebruary, GFMS MetalsConsulting Managing DirectorNeil Buxton said copper hadrecovered its losses because theearlier fall had been overdone."The market is picking andchoosing which indicators itwants to respond to. In the extentof the earlier correction...it didn'tneed too much for a rebound inprices," Buxton said.

"I think you've probably gotto see it as part of a widertrend. The extreme volatilitydoesn't come as a huge surprisebut the downward trend is stillin place."

February inflation in Chinatopped expectations at 4.9 percent, and looked set to climbfurther, adding to pressure formore monetary tightening.This could limit economicgrowth and curb demand forindustrial metals.

"To support the prices levelswe saw earlier this month, youneed a constant stream of bull-ish news, the news flow reallyhas dried up and once it driesup, it leaves copper a bitexposed," Buxton said.

On Thursday, data showedChina's imports of copper fell35 per cent to 235,469 tonnesin February, from 364,240tonnes the previous month.

"The earthquake is clearly

risk-negative, and you haveseen continuation of sellingthat has been going on allweek. But there are plenty ofother things to make the world

unhappy," RBS global head ofcommodity and strategy NickMoore said.

Oil slid after the earthquakeshut down dozens of plants inJapan, the world's third-largestoil consumer. High oil pricesrecently have raised concerns itcould lead to high inflation,and crimp economic growth.

Inventories of copper on theLondon metal exchange rose400 tonnes to 425,875 tonnes,data showed. Copper stockshave increased by over a fifthsince mid-December.

Copper was in an $18.50contango, which is a discountfor cash versus three-monthmaterial, compared with a $70backwardation, or the oppositestructure of a premium forcash, in mid-December.

The contango underlines thelack of spot demand for copper,especially from China, analystssaid. Aluminium closed at$2,545, down from $2,585.

Stainless steel ingredientnickel was $26,095 from$26,050. Tin ended at $29,500from $29,300 while zinc, usedin galvanizing, was $2,276from $2,286 at Thursday'sclose. Battery material lead was$2,425 from $2,430. -Reuters

Copper recoupslosses after Japancataclysm sell-off

NEW YORK: US cotton futuresclosed lower on Thursday mostlyon spread trade and investor salesas players paid little heed to apair of government reports, ana-lysts said.

The key May cotton contracton ICE Futures US fell 3.43 centsto finish at $2.0098 per lb, trad-ing from $2.0038 to $2.0771.

"It looks like a lot of spreadinggoing on," said Mike Stevens, anindependent cotton analyst inMandeville, Louisiana.

Traders said most of the run-ning seems to be dominated byinvestors who played the spreadsor difference between contractssuch as May and July, and July

and December. "They would go in and out, in

and out but not retain any posi-tion by the close of business,"one said.

The result is that estimated vol-ume traded Thursday stood atabout 16,000 lots, about 50 percent below the 30-day norm,Thomson Reuters preliminarydata showed.

Open interest in the market, anindicator of investment exposurein cotton, stood at 175,133 lots asof March 9, recovering slightlyfrom the 7-1/2 month low at173,688 lots as of March 8, datafrom ICE Futures US showed.

There was no discernible boost

given to the cotton market by thereports from the US AgricultureDepartment which the tradebelieves should have had a bull-ish impact on fiber contracts.

The USDA's monthlysupply/demand report cut world2010/11 cotton ending stocks to42.33 million (480-lb) bales from42.81 million last month andraised world 2010/11 cotton con-sumption to 116.61 million balesagainst 116.55 million bales.

USDA's weekly export salesdata showed US cotton sales at486,500 running bales (500-lbseach), much higher than tradeexpectations for 200,000 to250,000 RBs. -Reuters

US cotton falls amidspreading, ignores USDA data

Coffee,sugar slide

after tragedyLONDON: Coffee fell from neara 34-year high and sugar andcocoa futures slid with othercommodities after a huge earth-quake and tsunami struck Japanon Friday.

"Everything (commodities)will be down because of thisquake in Japan," said RomainLathiere, fund manager withSwiss-based DiapasonCommodities Management.

"That (quake) will impact theglobal growth of the economyand will weigh on commodities."

ICE May arabica coffee tradeddown 6.3 cents or 2.25 per cent at$2.7425 per lb at 1533 GMT,below the 34-year high of$2.9665 a lb touched onWednesday. Liffe May robustacoffee traded down $89 or 3.6per cent at $2,419 per tonne.

New York coffee will fall fur-ther to $2.62 per lb next week, asa top could have formed atWednesday's high of $2.9665,based on its wave pattern,according to Reuters market ana-lyst Wang Tao.

ICE raw sugar futures pricesfell, drifting further away fromlast month's 30-year highs, withtight supplies and low stocks lim-iting losses. ICE May raw sugarfutures traded down 0.5 cent or1.7 per cent at 28.21 cents a lb at1536 GMT, below the 30-yearhigh of 36.08 cents a lb touchedlast month. London May whitesugar was down $8.40 or 1.2 percent at $719.20 per tonne inmoderate volume of 3,503 lots.

Dealers saw key support inICE raw sugar futures at 27.50and 27.00 cents a lb, and said thatnew physical offtake enquiriescould be triggered around thoselevels. ICE cocoa futuresslipped, extending recent losses,trading in line with the fallsacross soft commodities.

ICE May cocoa traded down$55, or 1.6 per cent, at $3,390 atonne at 1538 GMT, below the32-year peak of $3,775 a tonnetouched on March 4. LondonMay cocoa was down 38 poundsor 1.7 per cent to 2,206 poundsper tonne in modest volume of10,427 lots.-Reuters

LONDON: Gold pushed higheron Friday as a major earthquakein Japan and unrest in theMiddle East kept the metalunderpinned, but a fall in oilprices reduced the metal'sappeal as arefuge fromi n f l a t i o n a r ypressures.

Spot gold wasbid at $1,415.40an ounce at1621 GMT, upfrom $1,412.59late in New York on Thursday.

"It's a logical reaction," RobinBhar, an analyst at CreditAgricole said of gold's rise."With all the fear factors and therisk aversion and the desire forways to hedge against that."

Also keeping markets nervy,police flooded the streets of theSaudi capital on Friday to detera planned demonstrationsinspired by pan-Arab revolt, buta small Shi'ite protest wasreported in the country's oil-producing east.

Meanwhile, in Libya forces

loyal to leader MuammarGaddafi intensified a counter-offensive against insurgents.

But the metal was down about$30 from a lifetime high of$1,444.40 a troy ounce on

Monday.Investors protect their portfo-

lios by buying gold when theyexpect rising price pressures,often fuelled by energy costs,but US crude futures slipped toaround $100 a barrel.

Gold prices were little affect-ed by data showing US retailsales rose an expected 1 per centin February and by other datashowing US consumer senti-ment fell to its lowest level infive months in early March.

Silver was bid at $34.92 anounce from $35.25 on

Thursday, having rallied to a31-year peak above $36 onMonday. Holdings of iSharesSilver Trust were unchanged ata record high at 10,974.06tonnes.

"While clientswe visited in theUS and Canadaover the past twoweeks mostlywanted to talkabout gold, wenoted a clearupward shift in

their interest in silver," UBSsaid in a note.

"There is little doubt that goldhas lost some of its previoussupporters to silver. Of thoseclients able to invest in themetal itself, rather than beingrestricted to silver equities,close to half were extremelybullish on silver's prospects."

Spot platinum was at$1,771.74 an ounce from$1,760.24 on Thursday andpalladium at $750.72 an ouncefrom $765.50 an ounce. -Reuters

Gold rises after Japan tsunami disaster

Shanghai copper

declinesLondon copper prices

reversed early gains on Friday,after a strong earthquake joltedJapan and sent shockwaveacross global financial markets.

Shanghai's third-month cop-per futures contract alsoreversed course to end down10 yuan, or 0.01 per cent at69,220 yuan, headed for itsworst week since May 2009.

Tokyo rubber

lower on

falling stocksBANGKOK: Tokyo rubberfutures fell 3.7 per cent onFriday to their lowest in nearlythree months as stock marketsaround the world tumbled onfears about unrest in SaudiArabia, but support held at 400yen per kg, dealers said.

The benchmark rubber con-tract on the Tokyo CommodityExchange dropped 15.4 yen, or3.7 per cent, to settle at 401.4yen ($4.84) per kg.

It fell as low as 392.3 yen, thelowest since Dec. 16, beforerebounding slightly to finishabove the major support level at400 yen. At its low, it had fallenby more than a quarter from therecord high of 535.7 yen hit inmid-February. TOCOM rubberstarted early this week becauseof worries grew about the glob-al economy; heavy stop-lossselling was seen.

The most active Shanghairubber contract for May deliv-ery fell 995 yuan to finish at35,195 yuan ($5,353) pertonne. TOCOM prices werenot affected by the worst quaketo hit Japan in 140 years, as themarket had closed earlier.However, it could have a nega-tive impact on stock markets aswell as TOCOM prices nextweek, dealers said. -Reuters

Some refineries, nuclear power plants, manufacturers shut


HTC’s rider Tony Martin celebrates after winningindividual time trial of sixth stage of Paris-Nice

cycling race between Rognes and Aix-En-Provence

Muralitharan,Dilshan

completemissing link

COLOMBO: MuttiahMuralitharan is not a manwho likes standing in thebackground but after beingeclipsed by his fastbowlingteam mates for the majorityof the World Cup, the legspinner and his cohortsfinally showed their worthagainst Zimbabwe.

Barring the washout matchagainst Australia, SriLanka's speed merchants ledby Lasith Malinga andNuwan Kulasekara have ter-rorised the opposition andgrabbed the majority of thewickets.

Against Kenya, the pace-man v spinner tally stood at8-1, against Canada it was 6-4 but just when it seemed theworld's most prolific wicket-taker would be denied achance from enjoying amemorable farewell on hishome ground, Muralitharan(3-34) and TillakaratneDilshan (4-4) struck a blowfor the spinners on Kandy'sdocile pitch on Thursday.

Muralitharan and Dilshan'ssuccess was the final linkthat Sri Lanka needed asthey headed into the knock-out stages determined tobecome the first Asian sideto win two World Cups onthe sub-continent followingtheir 1996 triumph.

"We are going to carry thisconfidence into the next cou-ple of matches," Dilshan toldreporters following up hisswashbuckling knock of 144with four wickets in SriLanka's 139-run win overZimbabwe.

"We have a very importantmatch against New Zealand.We will not take that matchfor granted as winning itmay help us to top the group.Also from this pointonwards, we can't afford tomake any mistakes. We haveto play our best cricket fromthe New Zealand matchonwards."

However, after becomingthe first team to qualify forthe last eight, KumarSangakkara's men can affordto experiment with theirline-up in their final GroupA match against NewZealand next Friday. Notthat he has much to worryabout.-Reuters

CHITTAGONG: Bangladeshtail-enders Shafiul Islam andMahmudullah became the toastof the nation on Friday aftersteering their team to a stunningtwo-wicket World Cup winover England.

The co-hosts looked to beprobably heading out of thecompetition when they col-lapsed to 169-8 chasing 225 towin on a tricky wicket.

But Shafiul decided attackwas the best way ahead and heblasted 24 in as many balls tosee his team over the line forthe unlikeliest of wins as thehome crowd went wild.

Earlier, Jonathan Trott top-scored for England with 67backed up by Eoin Morgan (63)to help their side recover from apoor start in the Group B clash.

The result was an amazingturnaround for the home sidewho were skittled for just 58against West Indies a week agoin Dhaka before losing by ninewickets.

Mahmudullah (21) andShafiul added 58 runs in theirunbroken ninth wicket to taketheir team to victory with anover left.

Bangladesh had been appar-ently cruising towards victory

thanks to solid innings fromImrul Kayes (60) and TamimIqbal (38).

But they suddenly lostmomentum with the victory insight as five wickets tumbledfor 14 runs before Shafiul andMahmudullah rescued theircountry.

England now need to wintheir final match against theWest Indies (March 17) to besure of a quarter-final placewhile Bangladesh next faceNetherlands on Monday andthen South Africa on March 19.Wins would take themthrough.-Reuters

Toothless Bengaltigers grow teeth,claws to kill Eng

MOHALI: West Indies stavedoff Ireland's spirited challengefor a 44-run win in a Group Bmatch to inch closer to thequarter-finals of the WorldCup on Friday.

Ed Joyce (84) and GaryWilson (61) fought bravelybut Ireland could manage only231 as they lost all their wick-ets in 49 overs to fall wellshort of West Indies' total of275.

Earlier, opener Devon Smith(107) struck his maiden centu-ry in one-day internationalsbut it was Kieron Pollard'sstroke-filled 94 off 55 ballsthat helped West Indies to putbehind a sluggish start andpost 275 all out in exactly 50overs.

Smith added 89 runs withShivnarine Chanderpaul (35)for the opening stand beforePollard joined him in the mid-dle to hit five sixes and eightfours in his belligerent knock.

The 91-run partnershipbetween Joyce and Wilsonkept Ireland in the hunt beforedebutant Andre Russell strucka crucial blow in the 38th overwhen his yorker pegged backJoyce's stump.

Whatever hopes Ireland,who stunned England inBangalore earlier this month,had of pulling off their secondupset of the tournament van-ished when Pollard took astunning catch to remove thedangerous Kevin O'Brien(5).

The spin-pace combination

of Sulieman Benn (4-53) andDarren Sammy(3-31) causedmost of the damage.

Put into bat at the PunjabCricket Association Stadium,West Indies sent Chanderpaulto partner Smith at the top asregular opener Chris Gayle satout with an abdominal strain.

The West Indian batsmenfound themselves straightjack-eted by the tidy Irish bowlers,Kevin O'Brien (4-71) beingthe pick of them, who weresuperbly backed by their agilecolleagues in the field. KevinO'Brien halted West Indies'progress with his doublestrikes in the 25th over whenhe removed Chanderpaul andin-form Darren Bravo.-Reuters

Windies beat Irish

NAGPUR: India captainMahendra Singh Dhoni is ona mission to instil confidencein young leg spinner PiyushChawla to make him readyfor the business end of theWorld Cup.

The Indian captain has keptfaith with the baby-facedChawla as the second specialistspinner behind HarbhajanSingh despite the leg spinnerfailing to do anything much tojustify such a preference.

The 22-year-old, who returnedto the Indian ODI squad after agap of 30 months against SouthAfrica in January, has managed

just four wickets while leakingruns in the World Cup.

Dhoni's dilemma now iswhether to cut his losses withChawla before India's nextGroup B match with SouthAfrica on Saturday or stick withhim to build his confidence andhis mental toughness for theexpected knockout stages ahead.

Critics have, in particular,been calling for lanky off-spin-ner Ravichandran Ashwin toreplace him against GraemeSmith's men but he has yet toappear in any World Cup match.

But Dhoni, who clearly seeshim as a trump card, indicated

Chawla might get the vote."What you need to assess is

who needs the games more.Piyush Chawla ... needs to gethis confidence back," Dhonisaid. "He is 22-23 years of age.He will be feeling the pressure... and he has only just returnedto the side."

Chawla proved in warm-upmatches how dangerous he canbe but his figures in the compe-tition proper do not inspire. Hewent for 71 in 10 overs againstEngland and 56 in eight oversagainst Ireland before doingbetter with 2-47 againstNetherlands.-Online

Indians chew overa chance for Chawla

MOHALI: Ireland have beenfined for their slow over rate intheir World Cup Group Bdefeat by West Indies, theInternational Cricket Council(ICC) said on Friday.

The Irish side, which wentdown by 44 runs at the PunjabCricket Association Stadium,was found one over short ofthe target at the end of thematch when time allowances

were taken into consideration,the ICC said in a statement.

Accordingly, skipperWilliam Porterfield has beenfined 20 percent of his matchfee while his team mateswould lose 10 percent, thegoverning body said.

"The penalty was accepted byIreland without contest so therewas no need for a hearing," thestatement read.-Reuters

Ireland finedfor slow over rate

ISLAMABAD: Pakistan hascalled on India to make ''fool-proof arrangements'' for thesecurity of the cricket WorldCup in the wake of mediareports about possible terror-ist attacks on the venues of thetournament.

Reacting to reports in theIndian media about "plannedterrorist attacks on cricketWorld Cup venues" that couldbe "launched from Pakistanisoil", Foreign Office

spokesperson Tehmina Janjuasaid, "We hope that India willmake fool-proof arrangementsfor the security of the cricketWorld Cup", reported PTI

"Pakistan, itself a victim ofterrorism, takes all suchreports seriously," she said ina statement.

Janjua said "terrorism hasno borders" and is a "viciousphenomenon that all must col-lectively confront".

Media reports said India

had sounded an alert overpossible militant attacks onthe World Cup though therewere no specific threats. Thealert was sounded on thebasis of intelligence inputsreceived over the past fewmonths, Indian officials werequoted as saying.

The cricket tournament isbeing played in India,Bangladesh and Sri Lanka andwill end in Mumbai on April2.-Online

Foolproof securitysought for Pakistan

Most Runs

Players Mat Runs HS Ave SRStrauss-England 5 298 158 59.60 99.66Trott-England 5 289 92 57.80 78.31Dilshan-Sri Lanka 5 283 144 56.60 101.43

Most Wickets

Players Mat WKts BBI Ave EconAfridi-Pakistan 4 15 5/16 8.53 3.36Sulieman-WIndies 4 12 4/18 12.50 4.43Tahir-SAfrica 3 11 4/38 8.90 3.84

RECORD BOARD

Umarsacrifices

for KamranKANDY: Pakistan batsmanUmar Akmal has suffered aninjury to his right index fingerin a training session and wasrested on Friday for team prac-tice ahead of their match withZimbabwe on Monday.

Akmal was rested while therest of his team mates werepractising in a simulatedmatch.

"There is no swelling at all.He is perfectly all right," teammanager Intikhab Alam said.

"We just want to make surethat everything is okay, that'swhy I sent him to get an X-rayand scan also. It's cleared andhe is okay.

"We are resting him for pre-cautionary measures. He gotinjured on his right index fin-ger when he was fielding yes-terday."

Akmal has been the secondhighest scorer for Pakistanwith 167 runs in the four WorldCup Group A matches so farplayed after Misbah Ul Haq,who has scored 192 runs in thesame games.

Pakistan will meetZimbabwe in their next roundrobin match at Pallekele onMonday after New Zealanddefeated the 1992 championsby 110 runs on Tuesday.-Reuters

GlovelessKamran to

be harmful,Danish says

ISLAMABAD: Pakistan crick-et team Leg Spinner DanishKaneria on Friday again madeit clear that it will be a wrongdecision to drop KamranAkmal as he is the best wicket-keeper we have at the moment.

During a quick chat with jour-nalists, Danish said that Kamranis a better batsman than keeperbut Pakistan needs him for theongoing World Cup 2011.

Dropping Kamran from final 11in Pakistan's next match againstZimbabwe will not be a moralboosting for the keeper/batsmanas he is an asset to the team,Kaneria added.-Online

CHITTAGONG: Bangladesh batsman Tamim Iqbal plays a shot during the ICC CricketWorld Cup 2011 match between England and Bangladesh at The Zahur Ahmed

Chowdhury Stadium.-Reuters

Smith happywith SA'spower tosurprise

NAGPUR: South Africa haveopened their bowling with spin-ners in the World Cup, which hassurprised many, but it was just awell-thought ploy to add more"unpredictability" to the side,captain Graeme Smith said.

The African nation have twotearaway fast bowlers in DaleSteyn and Morne Morkel intheir side but in two out of theirthree matches, the spinners --Johan Botha and RobinPeterson -- has been handed thenew ball alongside a paceman.It was not without a reason ifSmith is to be believed.

"It has been very successfulfor us. Everything we havetried, seems to have worked.As a bowling unit, we havebeen very strong in this tour-nament so far," Smith toldreporters on the eve of theirGroup B match against India.-Reuters


International & Continuation

CONTINUATION

TOKYO: Japanese leaderspushed for an emergencybudget to help fund reliefefforts as they braced for theeconomic damage of a power-ful earthquake and tsunami thatkilled hundreds and causedwidespread destruction along alengthy stretch of coastline.

The Bank of Japan said itwill cut short a two-day policyreview scheduled for nextweek to one day on Mondayand promised to do its utmostto ensure financial market sta-bility.

Auto plants, electronics fac-tories and refineries shut, roadsbuckled and power to millionsof homes and businesses wasknocked out. Several airports,including Tokyo's Narita, wereclosed and rail services halted.All ports were shut.

Japan's biggest quake onrecord occurred as the world'sthird-largest economy hadbeen showing signs of revivingfrom an economic contractionin the final quarter of last year.The disaster raised the prospectof major disruptions for manykey businesses and a massiverepair bill of billions of dollars.

Fearful of the economicimpact, leaders of the rulingand opposition parties agreedon the need to compile an extrabudget after Prime MinisterNaoto Kan asked them to "savethe country", Kyodo newsagency reported.

"The government would haveto sell more bonds, but this isan emergency, so this can't beavoided," Yasuo Yamamoto,senior economist at MizuhoResearch Institute in Tokyo.

"Given where the Bank ofJapan's benchmark interest rateis now, they can't really lowerrates. The BOJ will focus onproviding liquidity, possibly byexpanding market operations."

The 8.9 magnitude quakesent shares skidding in Japan

and elsewhere, adding to aslide in global stocks to theirlowest level in nearly sixweeks.

Electronics giant Sony Corp,one of the country's biggestexporters, shut six factories.

"There are car and semicon-ductor factories in northernJapan, so there will be someeconomic impact due to dam-age to factories," saidYamamoto said.

A tsunami 10 metres high hitSendai port in northern Miyagiprefecture, about 300 km (180miles) northeast of Tokyo, butthere were no immediatereports of damage.

Miyagi and its surroundingareas include major manufac-turing and industrial zones,with many chemical and elec-tronics plants. But earlyreports from the area weresketchy and it was not clear ifsome plants were shut simplydue to a lack of power orbecause of quake damage.

Miyagi, the area most affect-ed by the quake, accounts for1.7 per cent of Japan's grossdomestic product (GDP),Macquarie Research said.

"There are two basic eco-nomics-related concerns. Thefirst is that the fragile econom-ic cycle is not in a position towithstand significant disrup-tion," Macquarie said in a note.

"The second is that the com-bination of a softer economyand the additional strain onpublic finances will putupward pressure on bondyields."

Toyota Motor Corp said ithad halted production at a partsfactory and two assemblyplants in the area, while NissanMotor Co, the country's sec-ond-largest automaker, stoppedoperations at four factories,media reported.

Two people were reportedkilled by a collapsing ceiling at

a Honda Motor Co factory inTochigi prefecture, north ofTokyo, but no other detailswere immediately available.

The yen fell as much as 0.3per cent against the dollarbefore recouping its lossesamid risk aversion by Japaneseinvestors and expectations thatJapanese insurance companieswill sell foreign assets to payfor claims.

The disaster also weighed onmarkets elsewhere, pushingshares in European insurancecompanies down. Large rein-surers -- Swiss Re, HannoverRe and Munich Re -- were alldown more than 4.5 per cent.

World stocks measured bythe MSCI dropped 0.4 per centto their lowest level since theend of January.

The quake hit just before theTokyo stock market closed, soprices didn't fully factor in thescale of the disaster. Nikkeistock futures plunged nearly 5per cent at one point.

"Stocks will probably fall onMonday, especially of thosecompanies that have factoriesin the affected areas, but on thewhole the selloff will likely beshort-lived," said MitsuhsigeAkino, a fund manager atIchiyoshi InvestmentManagement.

Bond futures surged on wor-ries the widespread damagewould put further pressure onthe economy, while the mostactive gold contract on theTokyo Commodity Exchange,February 2012, inched higher.

"We still don't know the fullscale of the damage, but con-sidering what happened afterthe earthquake in Kobe, thiswill certainly lead the govern-ment to compile an emergencybudget. We can expect con-sumption to fall. This couldtemporarily pull down grossdomestic product," Yamamotosaid.-Reuters

Japan quake sparkseconomy fear,

BOJ offers help WASHINGTON: US retailsales posted their largestgain in four months inFebruary as shoppersstepped up purchases ofautos, clothes and othergoods even as they spentmore for gasoline.

But rising gasoline pricesled to a big drop in consumerconfidence in early March,according to a separatereport on Friday that raisedquestions about how resilientshoppers will be even thoughit found buying plans werelargely unchanged.

The retail sales report fromthe Commerce Departmentpointed to solid consumerspending and acceleration ineconomic growth in the firstquarter.

Sales rose 1.0 per cent, thelargest gain since Octoberand the eighth straightmonthly advance, andJanuary sales were revisedhigher.

"Consumer spending is stillexpanding at a healthy pace.Some of the strength we sawduring the holidays contin-ued into this year. That bodeswell for the economyremaining on track for recov-ery," said Gary Thayer, chiefmacro strategist at WellsFargo Advisors in St. Louis.

Excluding autos, sales rose0.7 per cent last month aftergaining 0.6 per cent inJanuary.

Economists questionedhow much of that spendingstrength can be sustainedafter a ThomsonReuters/University of

Michigan's index showedconsumer sentiment slippedto a five-month low of 68.2this month from 77.5 inFebruary.

US stock indices edgedlower, while Treasury debtprices were little changed.The dollar held gains againstthe euro.

Consumers last monthovercame a 3.7 per centincrease in gasoline prices tospend on a range of goods,including autos, whose salesrose 2.3 per cent after rising1.2 per cent in January.Receipts at gasoline stationsincreased 1.4 per cent afterrising 1.3 per cent inJanuary. Excluding gasoline,sales rose 0.9 per cent afterrising 0.6 per cent inJanuary.

Consumer spending, whichaccounts for 70 per cent ofUS economic activity, grewat a 4.1 per cent annual ratein the fourth quarter, thefastest in more than fouryears.

That strong increasedepleted inventories and asecond report from theCommerce Departmentshowed business inventoriesrose 0.9 per cent in January,which should support grossdomestic product growth inthe current quarter.

"Retail spending has most-ly been accelerating amongpeople with sufficientincome for discretionaryspending so they are not asaffected by higher gasolineprices as people with morelimited incomes," said Jerry

Webman, chief economist atOppenheimerFunds in NewYork.

Unrest in the Middle Eastand North Africa has pushedBrent crude oil prices above$100 a barrel, raising con-cerns that high gasolineprices could eat into con-sumer pocketbooks alreadystrained by high unemploy-ment.

The Energy InformationAdministration said thisweek households would payan average of $700 more forgasoline this year than in2010.

The Federal Reserve islikely to nod to the rise inenergy costs in a statementafter a meeting on Tuesday,but analysts think the UScentral bank will not see agrave enough threat to eithergrowth or inflation to alterits policy course.

Outside autos and gasoline,consumers also spent onclothing, lifting sales 0.8 percent. Receipts at sportinggoods, hobby, book andmusic stores increased 1.3per cent, while sales at build-ing materials and gardenequipment suppliers were up0.6 per cent.

So-called core retail sales -- which exclude autos, gaso-line and building materials --rose 0.6 per cent after a 0.7per cent gain in January.

Core sales correspondmost closely with the con-sumer spending componentof the government's grossdomestic product report.-Reuters

US shoppers shake offhigh gasoline costs

OTTAWA: Canada's econo-my delivered lackluster jobgrowth in February afterrobust gains in January, dis-appointing markets and giv-ing the Bank of Canada plen-ty of wiggle room beforehiking interest rates again.

Statistics Canada said onFriday net employmentgains in the month were amodest 15,100, below mar-ket forecasts of a 21,000increase.

The report dashed hopesthat hiring momentum in theprevious two months wouldpersist. Net job gains were69,200 in January and30,400 in December.

The February jobless ratewas unchanged at 7.8 percent, versus the 7.7 per centforecasts by analysts in aReuters poll.

The report knocked theCanadian dollar to a neartwo-week low and promptedmoney market and bondtraders to scale back rate-hike expectations.

"The labor market is notgoing to create any furtherinflationary pressure, eithercoming from wage (gains) orthe general strength in thelabor markets," saidSebastien Lavoie, assistantchief economist atLaurentian Bank Securities.

"It gives a bit more breath-ing room for the bank to stayon the sidelines especiallysince all the risks out thereare quite elevated."

The average hourly wageof permanent employees --which is closely watched bythe Bank of Canada forinflation pressures -- rose2.5 per cent from February2010, up from 2.3 per centyear-on-year rate in bothJanuary and December.

The central bank has heldits overnight lending targetat 1 per cent sinceSeptember after three con-secutive increases, and hascautioned that the red-hotCanadian dollar is hinderingexports and restraining therecovery.

A Reuters survey of marketplayers before the bank'sMarch 1 rate decision point-ed to May 31 as the mostlikely date of the next hike.

The market is pricing in a99.12 per cent chance thebank will stay on hold April12, up from 91.91 per centbefore the jobs data, accord-ing to overnight indexswaps, which trade based onexpectations for the key pol-icy rate.

Canada has recovered jobslost during the recessionfaster than the United States,

but the February data buckedthat trend. US employershired workers at the fastestpace in nine months inFebruary, a report thereshowed.

Still, Canada has had fivestraight months of employ-ment gains and has churnedout an average of 40,000jobs per month sinceDecember. In February, thefew jobs added were gener-ated by a broad spectrum ofindustries.

"It wasn't a uniformlyweak report. The best way todescribe the report would beunderwhelming," said DougPorter, deputy chief econo-mist at BMO CapitalMarkets.

The Canadian dollar fell aslow as C$0.9803 to the USdollar, or $1.0201, fromC$0.9768 to the US dollar,or $1.0238, shortly beforethe data. The Canadian dol-lar was already weakeningahead of the jobs data after amassive earthquake andtsunami hit Japan.

Money market rates andbond yields fell on the data.The yield on the rate-sensi-tive two-year Canadian gov-ernment bond dipped to1.739 per cent from 1.77 percent just before the report.-Reuters

Canada job growth slipsinto lower gear in Feb

Oil drivesUK factory

gate inflationto 28-mo highLONDON: British factory gateinflation rose to its highestannual rate in more than twoyears in February, led by surg-ing oil and food prices, officialdata showed on Friday.

The figures were in line withexpectations but will still worrythe Bank of England given thatconsumer price inflation is alreadydouble its 2 per cent target.

The Office for NationalStatistics said producer outputprices rose 0.5 per cent on themonth for an annual rise of 5.3per cent -- up from a revisedannual 5.0 per cent in Januaryand the highest since October2008.

Input prices rose an annual14.6 per cent, also the highestrate since October 2008, sug-gesting that pipeline inflationpressures are continuing tobuild.

While some firms are manag-ing to pass on the increasedcosts to consumers, others arehaving to take a hit to theirprofit margins.

British pub operator JDWetherspoon became the latestcompany to warn on the impactof food inflation, saying itwould likely have to raiseprices while Paul Sheffield,chief executive of constructionfirm Kier told Reuters soaringmaterials prices were set to hitbuilders hard.

"Where we're exposed to con-tracts with big elements ofthose materials then there arebound to be some pressuresunless we can share this riskwith our customers," Sheffieldtold Reuters

Worse may be to come. Thesharp rise in oil prices triggeredby escalating tensions in NorthAfrica and the Middle East did-n't happen until the end ofFebruary, so will not show upin the official figures untilMarch.

Brent crude leapt to a two-year high above $119 a barrelon Feb. 24, having stood at lessthan $90 a barrel in earlyDecember.-Reuters

President to fulfill the constitutional requirement. The presidentis constitutionally bound under Article 56 to address the joint ses-sion at the outset of each parliamentary year, which is presidedover by the Speaker National Assembly. President Zardari wouldhighlight the past three-year performance of the PPP-led coalitiongovernment and the economic crisis being faced by the country,besides announcing the government's policy to cope with the chal-lenges, the sources said. On the other hand the progress reports ofvarious government institutions have been summoned in thisregard. The president will address to the joint sitting at the timewhen the country is facing serious challenges including the lawand order situation, economic crisis, inflation, energy shortage,etc. The Presidency, as part of preparations for the address ofPresident Asif Ali Zardari, has asked federal ministries anddepartments to share the achievements they have made in the out-going parliamentary year so they could be incorporated in thepresident's speech. The parliament is set to begin its fourth yearwith the address of the president. NA Speaker Dr Fehmida Mirzawill preside over the session.-Online

Continued from page 12No #1

by ADB in 2010. Since 1998, ADB has sanctioned 376 firmsand 380 individuals. With improved investigative methods, casemanagement, and review processes, the time taken to completeinvestigations is expected to be reduced in future, the report says.

In 2011, the office expects to continue anticorruption trainingassistance in at least two countries, to carry out more project pro-curement reviews, and to scale up ADB staff training with theintroduction of online anticorruption courses.-APP


issued by PM House here on Friday. According to sources, allfederal ministers and important personalities including AsfandYar Wali, Maulana Fazal ur Rehman, Sherry Rehman and FauziaWahab have been directed by PM House to take extra precautionsregarding their security as negligence could be fatal.

Sources revealed that the letter also had other recommendationlike staying away from unnecessary gatherings, keeping their itin-erary secret etc. The letter also made it clear that those (ministers)who'll deliberately avoid taking government security will be heldresponsible for any untoward upshot.-Online


TTP (Tehrik-e-Taliban Pakista), LeT (Lashkar-e-Taiba, AfghanTaliban or the Quetta Shura, we are focused to get all those. Animpatience (strategy) can't get all this done very quickly."

Pakistan is a "sovereign state", whose leadership and peoplehave to decide how to move forward in the war against terror, saidthe Joint Chiefs of the Staff Chairman. "You know your countrybetter and you should figure out about dealing with these chal-lenges," Admiral Mullen said in his reply to a question about thepossible expansion of drone strikes in Quetta. "I have been toPakistan for about twenty years. I don't underestimate the chal-lenge," he admitted.-Agencies


The government ordered thousands of residents near a nuclearpower plant in Onahama city to move back at least two miles(three kilometers) from the plant. The reactor was not leakingradiation but its core remained hot even after a shutdown. Theplant is 170 miles (270 kilometers) northeast of Tokyo. Troublewas reported at two other nuclear plants as well, but there was noradiation leak at either. Japan's coast guard said it was searchingfor 80 dock workers working on a ship that was swept away froma shipyard in Miyagi. The highways to the worst-hit coastal areas


assure attainment of the deficit target. Given the large domesticborrowing needs, the Ministry of Finance needs to improve debtmanagement. Looking ahead, significant fiscal consolidation willbe needed in 2011/12 in order to reduce inflation and ensure debtsustainability. The lower budget deficit would also help managethe impact of higher oil prices on the economy."

"The budget deficit and quasi-fiscal operations have contributedto a loosening of monetary conditions thus adding to inflationarypressures. To help counter these pressures, credit to the budgetfrom the SBP should be reduced further. Moreover, the bankingsector needs careful monitoring, given the high and rising level ofnonperforming loans."

"Further, to lay the basis for higher and broad-based economicgrowth, tax reforms, reduction of poorly targeted subsidies, andfinancial sector reforms are needed to improve governance andpromote higher savings, investment and growth."-Agencies


report containing the reasons regarding retention of DG FIA. Thecourt ordered the report to be presented duly signed. The courtwhile expressing dissatisfaction over the reasons laid down in thereport termed it the best joke of the year. Court said "we don't makepublic the report as it will make the government target of joke".

"FIA is only an investigation agency. What relevance it haswith national security. This report be remained classified and benot made public", Justice Asif Saeed Khosa observed. AbdulHafeez Pirzada counsel for federation told this job was beyondthe authority of secretary establishment. "Don't make the atmos-phere hostile. We are assessing all the matters as per law and con-stitution. But it is not known with what attitude government ismoving forward", CJP observed. Court also issued the orders thatgovernment had done nothing and removed only some policeofficers DG FIA also falls under this category which is sheer vio-lation of article 45 of the constitution. The court allowed moretime to government with respect to removal of contract employ-ees and adjourned the hearing till March 16.-Agencies


missions, 100 per cent successful" ITR director S P Dash toldIANS, adding that the tests were carried out as part of training


purposes is concerned. Earlier the standing committee was briefed about the purchase of the equip-ments and machinery for the armed forces. Briefing the committee on its ongoing and new schemesfor the Navy, the concerned official said that the fourth frigate, which was produced domestically,would be handed over to PN in June. The committee was also informed the committee that produc-tion of Fast Missile Carrier Crafts (FMCC) are underway in the country. Talking to media after themeeting, Qazi said that PN was instructed to plan its schemes in view of its needs for next 25 years.

He said that the local industry is able to export defence related equipments and the defence min-istry should also prefer the local production in this connection.-APP


said that may be difficult to achieve now as many top traders have switched to exporting wheat forbetter profits. "Our top 10 exporters are now concentrating on wheat instead of rice as they are get-ting good profits there," Sheikh said. He said many traders lacked the logistical capacity to deal inmore than one commodity at a time, and limited capital encouraged trading in higher profit wheat.

Country resumed wheat exports in January for the first time in three years after the government lifteda ban in December, after a bumper crop in 2009/10 and carryover from the previous stocks led to marketsurplus. Traders are hoping to export up to three million tonnes of wheat this year. By Feb 16, the coun-try had already exported about 1 million tonnes with sales to Bangladesh, Indonesia and Vietnam.-Reuters


Movement's (MQM) Rabita Committee has condemned the acts of violence in Karachi that causedcivilian deaths and public arson.-Agencies


Safdar Warraich, PPP KPK President Zahir Shah, Political Secretary, Rukhsana Bangash,Fouzia Habib, Spokesperson to the President Farhatullah Babar and Dr Qayum Soomro. Briefingthe media about the meeting, Spokesperson to the President Farhatullah Babar said that the cur-rent political situation in the country was discussed during the meeting. Chaudhry ShujaatHussain said that the PML will not be a party to any attempt to destabilise the government. Hesaid that the party believed that the present democratic dispensation should complete its manda-tory term of five years. President Asif Ali Zardari thanked Chaudhry Shujaat Hussain for thesesentiments. Later the President hosted dinner for the delegation.-APP


were buckled and communications, including telephone lines,were snapped. Train services in northeastern Japan and in Tokyo,which normally serve 10 million people a day, were also suspend-ed, leaving untold numbers stranded in stations or roaming thestreets. Tokyo's Narita airport was closed indefinitely.

Also in Miyagi, a fire broke out in a turbine building of anuclear power plant, but it was later extinguished, said TohokuElectric Power Co. the company said. A reactor area of a nearbyplant was leaking water, the company said. But it was unclear ifthe leak was caused by tsunami water or something else. Therewere no reports of radioactive leaks at any of Japan's nuclearplants. Analysts say Japanese earthquake could cost the insuranceindustry $10bn (£6.25bn) but it is not likely to cause rates to hard-en across the market. Jefferies Investment Bank has estimated thatthe impact on insurer reinsurer balance sheets is likely to be closeto 5%. "We expect some rate momentum in the upcomingJapanese/cat renewals, but not enough for the total industry cycleto turn. Tsunami and aftershocks remain real risks, and this willdrag on sector performance," analysts James Shuck and NickPope stated. Meanwhile a foreign ministry spokesperson said thatwe are in contact with its embassy in Tokyo, which has confirmedthat all of its Pakistani officials are safe. The Pakistani commu-nity in the Tokyo area is also reportedly safe, SpokespersonTehmina Janjua said in a statement.

exercises of the armed forces.-Agencies

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UNDISCLOSED LOCATION: Chairman Joint Chiefs of Staff Committee (CJCSC) General Khalid

Shameem Wynne along with the senior officials witnessing the testfire of short-range Surface to

Surface (STS) Ballistic Missile Hataf-2 (Abdali).-APP

Pakistan'shomefronthas turnedregional: USPHOENIX: Pakistan's trib-al region is the epicentre ofterror for the world, and thecountry's internal chal-lenges have become"regional challenges", USJoint Chiefs of the StaffChairman Admiral MikeMullen has said.

In a session with students,war veterans and membersof the community atArizona State University'sWalter Cronkite School ofJournalism and MassCommunication, AdmiralMullen also said that mili-tant organisations, theQuetta Shura and theTehrik-e-Taliban Pakistan,pose potential terror threats.

"Recent suicide bombingsin Pakistan, the killings offormer Punjab GovernorSalmaan Taseer andMinorities Affairs MinisterShahbaz Bhatti were all"matters of significant con-cern for the United States ofAmerica," The Baloch Halquoted Admiral Mullen, assaying in response to aquestion.

"Our relationship with thePakistani military, whichwas cut from 1990 to 2000,has improved dramaticallyover the last several years,"he said.

"We are trying to fill thathuge hole crated in the rela-tionship between the twocountries. We are buildingthe trust we lost withPakistan in 1990s.Its a criti-cal part of the world. We arefocused on various enti-ties," he added.

Talking about terroristorganisations, AdmiralMullen said: "Whether it is

See # 4 Page 11

Mufti Munibon religiousboard formodarbas

ISLAMABAD: The feder-al government has appoint-ed the renowned religiousscholar Professor MuftiMunib ur Rehman as amember of the ReligiousBoard for Modarabas(Islamic financial institu-tions) with immediateeffect.

The appointment has beenmade in pursuance ofSection 9 of the 1980Modaraba Companies andModaraba (Floatation andControl) Ordinance.

This position has beenlying vacant since ImranAhsan Nyazee's resigna-tion. Mufti Munib urRehman will serve out theremaining term.

The board considersapplications for floatationof modaraba in light ofShariah. It provides guid-ance, based on the teach-ings of Islam, to theRegistrar (Modarabas) ofthe Securities andExchange Commission ofPakistan.-Online

Opec oildemandoutlooklittle up

VIENNA: The Opec oilcartel on Friday upgradedonly slightly its 2011 worldoil demand growth esti-mate, saying high pricescould dampen demand laterthis year.

The Organisation ofPetroleum ExportingCountries said it was pen-ciling in world oil demandgrowth of 1.44 million bar-rels per day (bpd), or 1.67per cent, to 87.83 millionbpd for this year.

That represents only amarginal upward revisionfrom 1.62 per cent previ-ously. "Oil demand in thefirst quarter of this year wasboosted by cold winterweather in the northernhemisphere," Opec said inits latest monthly bulletin.

In developing countries,second quarter oil demand"is expected to maintain itshealthy level, achievingsimilar growth to that of thefirst quarter," it said.-APP

PM directsministersto boostsecurity

ISLAMABAD: PrimeMinister House has directedfederal ministers and politi-cians to avoid unnecessarytransportation andmove under security pro-vided by the government.

This was said in a letter See # 3 Page 11

ISLAMABAD: Saudi Arabia on Fridayapproved additional Hajj quota of 20,000for Pakistan, increasing it from the exist-ing 158,000 to 179,210 for the year 2011.

Earlier Pakistan has demanded of theSaudi government to enhance its regularHajj quota from 158,000 to 179,000 forthe year 2011, keeping in view the grow-ing population of the country, officialsources told APP here on Friday.

Minister for Religious Affairs SyedKhursheed Ahmad Shah, who is currentlyon a visit to Saudi Arabia to discuss thearrangements for the upcoming Hajj,made the demand during a meeting withSaudi Hajj Minister Dr Fawad AbdulSalam Al Farsi.

Previously, in 2009, Pakistan hadrequested for additional Hajj quota of10,000 as the Saudi government was con-sidering such requests from differentcountries for the Hajj in that year.

"Although, our request was forwardedto the Royal Court after completing theinitial process, but, only a nominal addi-tional quota was allocated for Pakistan,"

the sources quoted an official as saying.Commenting on arrangements for this

year, they said that the Ministry ofReligious Affairs was making all-outefforts to ensure maximum facilities tointending Hujjaj by reducing Hajjexpenses for the year 2011 by Rs36,000per pilgrim. "Efforts are on to curtail Hajjexpenses from Rs2,36,000 to Rs200,000per pilgrim, under the governmentscheme," they said.

Minister for Religious Affairs SyedKhursheed Ahmed Shah would supervisethe entire Hajj operation to ensure trans-parent and smooth conduct of the pil-grimage this year.

The ministry is taking a number ofsteps to ensure provision of maximumfacilities to pilgrims, keeping in view dif-ficulties faced by Hujjaj during previousyears.

The services of those Pakistanis, whoare already in Saudi Arabia, would behired as Khuddam-ul-Hujjaj and theirnumber would be increased from 400 to800. -APP

Saudis up PakistanHajj quota by 21k

Saudi Hajj minister accepts Khursheed’s request

ISLAMABAD: The Asian DevelopmentBank (ADB) stepped up its fight againstcorruption in 2010 with the introductionof new initiatives, including revisedintegrity guidelines and a cross debar-ment agreement signed with developmentpartners, a new report says.

The 2010 Annual Report issued byADB's Office of Anticorruption andIntegrity - which celebrated its firstanniversary as an independent office lastyear - also highlighted ADB's support fordeveloping member countries, with fraudand corruption detection training given togovernment agencies in several of ADB'sdeveloping member countries. Five pro-curement-related reviews were also car-ried out around the region to verify thatADB financing was being used for theintended purposes.

The report notes that since the signingof the cross debarment agreement in April2010, ADB has notified partner develop-ment banks of sanctions imposed on fourfirms and 10 individuals found to havebreached anticorruption policies. In turn,ADB cross-debarred six firms and twoindividuals sanctioned by the WorldBank. A new, secure internet portal was

also set up last year to give governmentofficials of ADB's developing membercountries access to ADB's full list ofsanctioned groups and individuals.

In 2010 ADB introduced comprehen-sive whistleblower and witness protec-tion procedures to protect staff and tosome extent third parties who reportinstances of suspected fraud and corrup-tion in ADB projects. A mandatory stafftraining course on anticorruption wasalso introduced concurrently.

"These are serious steps we have takento help reduce fraud, raise awarenessabout potential irregularities in projectimplementation, and to increase under-standing of ADB's anticorruptionefforts," said Peter E. Pedersen, Head ofADB's Office of Anticorruption andIntegrity.

With the implementation of the crossdebarment agreement, the total number ofdebarments issued by ADB is expected torise this year. In 2010, ADB's Office ofAnticorruption and Integrity received 188new complaints, with 99 of them turnedinto full investigations. Thirty-sevenfirms and 47 individuals were sanctioned

See # 2 Page 11

ADB War on Grafthotted up last year

AJDABIYA: Libyan strongmanMoammar Gadhafi's forces were in con-trol of the oil town of Ras Lanuf Friday,as rebels on the run appealed for arms anddivided Western powers mulled militaryintervention.

Medics in contact with anti-regimefighters in the eastern town said therewere still pockets of resistance Friday butthat government forces were in controlafter driving back the rebels the previousday in a hail of shells.

"At the moment it is 10 dead anddozens injured from Thursday's fighting,and that's likely to rise significantly. Webelieve there are many more bodies in thearea," Doctor Salem Langhi told a newsagency from the frontline town of Brega.

"Ambulances have not been allowed togo there to Ras Lanuf, the army is block-ing the road," he said, referring toGadhafi's loyalist force.

On the other hand, the voices onCapitol Hill offer no consensus on mili-tary action as the Obama administrationwrestles over what to do about Libya.

Influential senators John McCain, aRepublican, and John Kerry, a Democrat,have kept up a drumbeat for US militaryaction such as a "no-fly" zone to aid the

rebels fighting Libyan leader MoammarGadhafi.

But other senior lawmakers, likeRepublicans Senator Richard Lugar andRepresentative Ileana Ros-Lehtinen, arewarning against getting the United Statesinto a Libyan war.

The Senate's top Republican, MitchMcConnell, has suggested possibly arm-ing the Libyan rebels, but other leaders inCongress have been more vague.

Analysts say Congress may be waitingfor a clear steer from the commander inchief, President Obama.

"It seems very clear there is not a con-sensus about what to do, and that is natu-ral. Any time you have a crisis like thisyou are going to look for leadership fromthe executive branch," said foreign policyanalyst Danielle Pletka of the AmericanEnterprise Institute think-tank inWashington.

"My guess is that Obama will notauthorise a no-fly zone without clear sup-port from Congress and allies," saidHenry Nau, political science professor atGeorge Washington University. Obama"has not taken a clear lead in arguing forthat with either Congress or Nato."-Agencies

Gadhafi stalwartsspreadeagle rebels

No consensus seen in Capitol Hill on US action

West still divided on mily intervention

ISLAMABAD: To discuss the technicalaspects of TAPI Gas Pipeline Project, themeeting of technical working group ofTurkmenistan, Afghanistan, Pakistan andIndia is likely to be held on March 22 inIslamabad.

The sources has revealed that technicalworking group after a series of meetingswould submit its recommendations, bythe mid of current year, to InterMinisterial Steering Committee (IMSC).This committee comprises petroleumministers of the participating countries.

After getting the reports from the work-ing group, IMSC would negotiate GasSales and Purchase Agreement (GSPA)regarding TAPI pipeline, which would be

finalised after reaching the consensusbetween all four countries.

It is expected that gas might start flow-ing into TAPI pipeline by 2015. The proj-ect would cost $7.6 billon according to astudy conducted in collaboration withAsian Development Bank in 2008.

The gas volume in the pipeline wouldbe 3.2 billion cubic feet per day (bcfd),out of which 55 mmcfd would be sup-plied to Afghanistan whereas Pakistanand India would share 1325 MMCFDeach.

Previously TAPI gas was to be sourcedfrom Daulatabad but later on SouthYolotan/Osman and adjacent gas fieldswere preferred for the same.-APP

Hashout over TAPInuts-bolts on 22nd

Turkmen, Afghan, Pak, India gasline technical talk

ISLAMABAD: President Asif AliZardari would address the joint sitting ofParliament on March 21, which will behis fourth address to the joint sitting ofthe incumbent Parliament.

As the third parliamentary year is goingto end on March 16, 2011, the Ministry ofLaw and Parliamentary Affairs has

finalised the tentative schedule of thejoint sitting of National Assembly andSenate.

According to Federal Minister for Lawand Justice and Parliamentary Affairs DrBabar Awan the sitting will be held onMarch 21 and will be addressed by the

See # 1 Page 11

Zardari talks toHouses on 21st

Address to mark the beginning of 4th parliamentary year

The Financial Daily-Epaper-12-03-2011

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Transcript of The Financial Daily-Epaper-12-03-2011