The Financial Daily-Epaper-14-03-2011

International

State Dept spokesman quits after slam of Pentagon

N-explosion, crises growing in Japan See on 2

Karachi killings death toll hits 19 See on Page 12

Crude Oil (brent)$/bbl 113.84

Crude Oil (WTI)$/bbl 101.16

Cotton $/lb 204.94

Gold $/ozs 1,421.80

Silver $/ozs 35.94

Malaysian Palm $ 1,146

GOLD (NCEL) PKR 38,877

KHI Cotton 40Kg PKR 13,611

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

-0.79

1.86

-1.46

0.17

0.30

0.25

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

$17.37bn

14.33%

$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

175.42mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

15.50

2.00

1.70

11.53

PKR/Shares

110.85

132.17

42.64

36.24

39.31

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (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

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

12-Mar-2011

13.39%

13.69%

13.86%

14.00%

13.39%

13.54%

13.75%

14.12%

14.26%

14.05%

14.10%

14.08%

14.50%

14.75%

14.93%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.60 86.60

Canadian $ 86.80 87.80

Danish Krone 15.20 15.40

Euro 117.80 119.00

Hong Kong $ 10.50 11.00

Japanese Yen 1.016 1.042

Saudi Riyal 22.65 22.82

Singapore $ 66.40 67.40

Swedish Korona 13.15 13.25

Swiss Franc 91.60 92.80

U.A.E Dirham 23.18 23.40

UK Pound 137.00 138.50

US $ 85.25 85.55

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.42 86.63

Canadian $ 87.50 87.70

Danish Krone 15.87 15.91

Euro 118.43 118.71

Hong Kong $ 10.94 10.97

Japanese Yen 1.029 1.031

Saudi Riyal 22.72 22.77

Singapore $ 67.19 67.35

Swedish Korona 13.42 13.45

Swiss Franc 91.63 91.85

U.A.E Dirham 23.20 23.25

UK Pound 137.01 137.34

US $ 85.27 85.46

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

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Hang Seng 23,249.78 365.11

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Dow Jones 12,044.40 59.79

Global Indices

Rehman Malik meetsMQM chief in London

Special Correspondent/

Agencies

ISLAMABAD: OppositionLeader in the NationalAssembly Chaudhry NisarSunday said consultation on theappointment of ChairmanNational Accountability Bureau(NAB) could not be held untilthe issuance of detailed verdictby the Supreme Court on theremoval of Justice (Retd)Deedar Hussain Shah as NABChief, media reported.

Addressing a press confer-ence in Islamabad, ChaudhryNisar said: "The consultationon the appointment of NABChief is only possible in thebackdrop of Supreme Court'sdetailed ruling on the removalof Deedar Hussain Shah."

He said two days had passedand he was still waiting for theletter from President AsifZardari to be delivered to him."The letter has reached to the

media, newspapers and every-where else but not to me," heregretted.

Nisar said that he wouldrespond to the letter afterreceiving it.

However, he said, after hold-ing a party-level consultation

he has come to the conclusionthat the consultation processmust wait the detailed verdictof the Supreme Court that is yetto be issued.

It may be mentioned here thatPresident Asif Zardari had on

See # 10 Page 11

President comesunder Nisar fire

No letter yet from Presidency, says Opposition Leader

Says no consultation before SC detailed verdict‘Zardari biggest threat to Pak, PPP begging MQM’

MULTAN: Prime Minister Syed Yousuf Raza Gilani talking to the media persons. Online

ISLAMABAD: Wheat pro-duction would increase by 5-7per cent this year due to timelyrain and the floods, which ulti-mately causes fertility in theaffected areas, experts saidSunday.

Last year production ofwheat as per Minfa data wasapproximately 23.3 milliontonnes in Pakistan and 2553kg/ha yield was recorded in thesame period.

The targets for 2010-2011were ambitiously set and cer-tain quarters feared that the tar-gets may not be achieved.

In 2010 the targets for pro-duction of wheat, as set byMinfa, 25 million tonne and2764 kg/ha is the target foryield in the same period.

Keeping in view the flood

situation, people in parts ofPakistan especially city areaswhere majority of people areunaware of agriculture relatedknowledge fear that the yieldmay be low this year due todevastated floods some monthsago.

"The government claim thatwheat would be enough for thenext year, but we don't know aswhether floods would havenegative effects on the produc-tion," said Javed Sajid a taxidriver in Islamabad.

Experts on economy andagriculture maintain that theproduction would be compara-tively high this year.

Dr Zafar Mehmood, facultymember and researcher atPakistan Institute of

See # 7 Page 11

Wheat-sowers toreap more this yr

5-7pc more output expected: Minfa

Amir Abidi

KARACHI: Mutual Fundsindustry -- which started 2011with a promising note bydepicting 5.31 per cent growthin January - failed to keep themomentum in February as

Mutual Fund industry sizeshowed a slight MoM declineof 0.72 per cent.

After this decline, the totalmutual fund size now stands atRs234.6 billion till Februarycompare with Rs236.3 billion

See # 9 Page 11

MFs decline byRs1.7bn in Feb

MQMtalks withPresidentcalled off

Staff ReporterKARACHI: The proposedmeeting between President AsifAli Zardari and the MQM hasbeen canceled on Sunday.

According to a member of theMQM Rabita Committee,Wasay Jaleel, the meeting wascancelled due to the busy sched-ule of President Zardari.

According to sources, a meetingwill first take place between theMQM and Interior Minister RehmanMalik, after which the president willmeet the MQM as well.

Dronehit kills

4 in SWASOUTH WAZIRISTAN: Atleast four terrorists killed in adrone attack on a vehicle inSouth Waziristan here onSunday.

In Azam Warsak of SouthWaziristan, American spy planefired two missiles at a vehiclewhich killed all the four terror-ists present in the vehicle. Atthe time of drone attack, sixforeign terrorists fled away,sources said.

See # 6 Page 11

ISLAMABAD: Directorate ofIntelligence and Investigationof Federal Board of Revenuewill shortly submit challanagainst accused of fraud ofmillions of rupees, FaisalElahi, Sheikh Zahid Sehgalalias Billoo and others beforeSpecial Judge Customs, Salesand Federal Excise as investi-gations are in final stages.

The accused were involvedin issuing fake invoices againstbogus companies for claimingmillions in refund and input taxadjustment from the tax depart-ments of the Federal Board ofRevenue (FBR).

According to the sources, thematter is still under-investiga-tion and required administra-tive and criminal proceedingwill be initiated once investiga-tion is finalised.

Faisal Elahi S/o Anees Elahiand Sheikh Zahid Sehgal AliasBilloo S/o Muhammad AslamSehgal have already beenarrested for their alleged

involvement in issuance offake/flying invoices in thename of 19 dummy companiesincluding M/s M KingInternational.

During investigation, certaininformation was revealed bythe aforesaid accused whichled to the arrest of six otherpersons including Shafqat, acomputer expert who tookadvantage of the vulnerabili-ties in the e-FBR web portal todecode users ID and passwordof nil/closed units.

The modus operandi of theaccused was that they used topurchase the sales tax files ofnil/null filers and closed busi-ness concerns and e-filed salestax returns on their behalfwithout the knowledge of theoriginal registered persons.

They have confessed thatthey issued fake invoices in thename of these fake units andwell reputed businesses alsoused such invoices to reduce

See # 3 Page 11

Gilani assuresof uplift funds

FBR soon to submit challan in court

ISLAMABAD: Directorate ofIntelligence and Investigationof Federal Board of Revenuewill shortly submit challanagainst accused of fraud ofmillions of rupees, FaisalElahi, Sheikh Zahid Sehgalalias Billoo and others beforeSpecial Judge Customs, Salesand Federal Excise as investi-gations are in final stages.

The accused were involvedin issuing fake invoices againstbogus companies for claimingmillions in refund and input taxadjustment from the tax depart-ments of the Federal Board ofRevenue (FBR).

According to the sources, thematter is still under-investiga-

tion and required administra-tive and criminal proceedingwill be initiated once investiga-tion is finalised.

Faisal Elahi S/o Anees Elahiand Sheikh Zahid Sehgal AliasBilloo S/o Muhammad AslamSehgal have already beenarrested for their allegedinvolvement in issuance offake/flying invoices in thename of 19 dummy companiesincluding M/s M KingInternational.

During investigation, certaininformation was revealed bythe aforesaid accused whichled to the arrest of six otherpersons including Shafqat, a

See # 4 Page 11

Digging into fakeinvoices nears end

FBR soon to submit challan in court

Ghulam Raza Rajani

KARACHI: Redemption inglobal funds caused flight offoreign portfolio investment inlast week as a net withdrawalof over $6 million was regis-tered from offshore investors,as per the National ClearingCompany of Pakistan Limited(NCCPL) data.

On the other hand, fall inglobal stock markets overintensifying Libya crisis keptthe investors cautious at theKarachi Stock Exchange(KSE) which ended bench-

mark Index marginally up by0.4 per cent or 45.22 points at12,045.

During the week, foreigninvestors remained on the sell-ing side as they offloadedshares worth $13.32 millionand bought share valuing $7.33million.

The week opened on a posi-tive note as foreign investorsinvested $0.52 million onMonday.

Similarly, inflow of $1.03million and $0.05 million werewitnessed on Tuesday and

See # 8 Page 11

Foreigners pull$6mn from KSE

Banks invest $8.6mn last week

No disclosureof Pak Armydevelopment

funding: ISPRISLAMABAD: DirectorGeneral of Inter-Services PublicRelations (ISPR) Major GeneralAthar Abbas has said that theusage of funds in civiliandepartments should be stream-lines instead of criticizing thedefense budget.

Talking to a private TV chan-nel, DG ISPR said that the armyperforms its duties as per thegovernment policy.

He said that to ascertain thesize of the army is also govern-ment's job.

Army has to prepare itselfaccording to defense capabili-ties of the enemy. No army in

See # 5 Page 11

PPP CEC meet

Zardariurges for

early APCKARACHI: A meeting of theCentral Executive Committee(CEC) members of PakistanPeoples Party (PPP) belongingto Sindh was held Sundayevening at Bilawal House herewith party's Co-chairmanPresident Asif Ali Zardari inchair.

Those who attended the meet-ing included Makhdoom AminFahim, Syed Qaim Ali Shah,Senator Mian Raza Rabbani,Faryal Talpur, Nisar Khuhro,Syed Naveed Qamar, NabeelGabol, Senator IslamuddinShaikh, Aijaz Jakhrani, PirMazhar-ul Haq, Dr ZulfiqarMirza, Syed Ali Nawaz Shah,Fauzia Wahab, Murad Ali Shah,Manzoor Wassan, Hari RamKishorilal and Syed NajmiAlam.

Spokesperson to the PresidentFarhatullah Babar said that themeeting took stock of the cur-rent political situation in the

See # 13 Page 11

Karachi, Monday, March 14, 2011, Rabi-us-Sani 8, Price Rs12 Pages 12

Zardariphones SharifISLAMABAD: President AsifAli Zardari on Sunday tele-phoned Mian Nawaz Sharif inLondon and enquired aboutthe health of his wife.

The President prayed forearly and full recovery of thewife of Mian Nawaz Sharif.

The PML-N Quaid thankedthe President for his gesture.

He also thanked thePresident for sendingPakistan's High Commissionerin United Kingdom Wajid

See # 12 Page 11

Babar Awanstrikes back

ISLAMABAD: FederalMinister for Law, Justice andParliamentary Affairs DrBabar Awan Sunday lashed atLeader of Opposition in theNational Assembly ChaudhryNisar Ali Khan for ridiculingthe Sindhi culture and makingstatements which tantamountto damage the unity of federa-tion.

Addressing a press confer-ence, the minister categorical-ly stated that Pakistan Peoples

See # 11 Page 11

2 Monday, March 14, 2011

Staff Reporter

KARACHI: As many as500 CNG buses would beplied in Karachi and otherparts of the province in thefirst phase.

This was announced bySindh Minister forTransport, Akhtar HussainJadoon here on Sunday.

He said that this wouldhelp provide an affordableand comfortable mode oftransport to the people.

The Minister pointed outthat the TransportDepartment was construct-ing bus terminals in Karachiand other cities in theprovince.

He further pointed out thatbasic facilities would be

made available at these ter-minals.

Akhtar Jadoon informedthat route permits of allcommercial vehicles in theprovince are being comput-erised and peculiar stickersbeing introduced which willpromptly detect those vehi-cles that have not paid taxes.

He said that the SindhGovernment has given a taxtarget of Rs70 million to theTransport Department.

The Minister directed theDistrict Officers to ensurethat the target is met.

He also asked the officersto initiate the checking ofvehicles in their respectivedistricts and impose fine onthose which do not possessroute permits.

500 New CNG buses to hit Khi

tarmac soon

Staff Reporter

KARACHI: In a livelyceremony held here atMohatta Palace, theDawood CapitalManagement conferred3rd LadiesFund Awards2011 in five categoriesincluding Women of TheYear Award, peoples'choice award, LifetimeA c h i e v e m e n t ,Momentum, Trailblazerand Idol awards.

The Pakistan womencricket team won Womenof the Year Award, a peo-ple's choice award on theoccasion.

The panel of judgescomprised OxfordUniversity Press MDAmeena Saiyid, formerfederal law ministerBarrister Shahida Jameel,renowned entrepreneurNilopher Saeed, SumairaRaja and Trailblazingmake-up artist ShamineFarooqui.

The judges' panel

decided to grant LifetimeAchievement Award 2011to the Sindh EducationalFoundation ManagingDirector Anita GhulamAli for her struggle inlife.

The Idol Award waspresented to NaseemHameed for her keennessto open a sports school.She was also grantedwith a prize-money ofRs50,000.

The Momentum Awardwas granted to RehanaHakim for her steady andcontinuous struggle inthe field of journalism.

The Trailblazer awardwas granted to RabiaGareeb for her innovativework at CIO Pakistan.

Speaking on the occa-sion Dawood CapitalManagement CEO TaraUzra Dawood said, "TheLADIESFUND WomenAward is a platform torecognise and commemo-rate the most dynamicand inspiring women of

Pakistan."Anita Ghulam Ali while

speaking on the occasion,shed light on the impor-tance of education forwomen.

FWB President ShafqatSultana spoke about therole of financial securityand opportunities inPakistan for women.

Various distinguishedguests including BritishDeputy HighCommissioner RobertGibson, HigherEducation CommissionChairman Jawed Leghariand former State BankPresident Dr IshratHusain were also presenton the occasion.

HEC Chairman JawedLeghari while expressinghis views said thatwomen should be broughtto the mainstream. Heappreciated the role ofLADIESFUND inencouraging thePakistani women entre-preneurs.

ISLAMABAD: Agriculture departmentof Khyber-Pakhtunkhwa is feeling stressover transfer of agriculture affairs to theprovince as some new and ongoingschemes may suffer due to lack ofresources.

Sources informed that new and ongoingschemes, which were otherwise to becompleted with the help of the federalgovernment, amounted to hundreds ofmillions in rupees in the sector.

The sources said that only new schemesin agriculture sector for the province costover Rs2 billion though in few casesdonors like Asian Development Banksupport the provinces in Pakistan.

Agribusiness development and diversi-fication project, commercialization of teaproduction are among the ongoing proj-ects in the province while projects likerehabilitation and strengthening of sum-mer agriculture research station ofPakistan Agriculture Research Council(PARC) is among the new projects.

Only the one new scheme cost over 11

million in rupees, the sources informed.KP was already reportedly disturbed

over the financial and human losses inface of last year devastating flood and theviolence that has been paralyzing normalfunctions in parts of the province that notonly increased the government expendi-tures but also affected the tax collection.

The KP government has recently cutfunds to its several development schemesas rehabilitation of the affected and sev-eral other issues are limiting resourcesfor progressive activities, an official whowas not authorized to speak to mediasaid.

Situation in other provinces may be dif-ferent as the province like Punjab hasenough resources to continue its develop-mental activities but the affected and asmall and violence hit province like KP isin a difficult situation, the officials main-tained.

The sources also informed that theprovincial government is not ready toaccept the employees of the federal min-

istries, which are going to transfer to theprovinces as a part of the devolution planunder 18th amendment.

However, the province attitude is notwithout reason. According to the data offinance department and some reports, 68per cent of the provincial non-develop-ment budget goes to salaries and pensionsof the employees in KP.

The staff strength of the provincial gov-ernment has risen from 288,203 to375,935 posts over five years between2005-06 and 2010-11.

When contacted DG AgricultureExtension in KP Muhammad Tasleemconfirmed that the province lacks fundsto continue the new as well as the ongo-ing schemes in the sector if responsibili-ty was shifted to the calamities-devastat-ed province.

He told Online that funds for the ongo-ing schemes in agriculture are expectedto be provided by the federal governmentfor the current year but after that, the KPgovernment would have to run the

expenses within the limits of itsresources.

On the other side officials in revenuedepartment of the province on conditionof anonymity said they cannot say some-thing certain about the future finances inKP, however, keeping in view the on-going situation and history of tax collec-tion in the province, high expectation offuture would be unrealistic.

Nevertheless, it could be verified thattransferring of the agriculture subject tothe province like Punjab creates no prob-lems of funds to the projects.

In an exclusive chat with Online theAgriculture Secretary of Punjab ArifNadeem confirmed that at least agricul-ture department in Punjab is not feelingany stress over transfer of the subject.

He said that transfer of the subjects arebeneficial and is in interest of the peoplein Pakistan. On finances, he said thatthere is no limitations of the resources asprivate sector investors are ready toinvest in the sector. -Online

KP agro-schemes in doldrums

ISLAMABAD: Renowned atomicscientist Dr Samar Mubarak hassaid that emission of radiationsfrom Fukushima nuclear powerplant in Japan is not worrisome.

Talking to a private TV channelon Sunday, he said that the radia-tions are being emitted due to thedestruction of the cooling systemin the plant due to devastatingquake and tsunami that hit thecountry Friday.

He said, "As cooling system is

not passing through recovery sys-tem therefore it is not dangerous.Nuclear radiation in liquid form isdangerous but in Japan situation isdifferent as it is not liquid formand not hazardous at this stage."

Nuclear radiations are highinside nuclear cover and wheneverthe cover turn very hot if a coolingsystem is damaged, he said,adding that the radiation becomeout of control if the cover mixedwith uranium and that is danger-

ous."But as they (Japanese) are try-

ing to keep it cool with the help ofwater and hope that they would besuccessful," he said.

To a question he said that radia-tion from liquid is very dangerousand controlling it is a complexprocess as you have vacate a areafirst and after clearing it peoplecan return. If the liquid fall intosea, then it destroys life inside thesea. -Agencies

Dr Samar says JapanN-radiation not grave

LAHORE: Healthy bodyprovides healthy mind andhealthy mind produces goodstudents.

TEVTA has taken manyinitiatives to promote techni-cal education because pro-motion of technical educa-tion is very essential for thestable economy.

Chief Guest ChairpersonTEVTA Saeed Ahmad Alvi,while addressing the playerson the occasion of prize dis-tribution ceremony of 6thTEVTA-PBTE AnnualSports at TEVTA Secretariatground, stated that sports arevery healthy activity andessential for mental andphysical growth.

According to the results,Central Zone after getting 40points in boys and 20 pointsin girls' events won the gen-

eral trophy of 6th TEVTA-PBTE Annual Sports-2011.

Chairperson TEVTASaeed Ahmad Alvi distrib-uted prizes amongst playersand officials of the sports.

Winner Teams were dis-tributed Trophies, certifi-cates and cash prizes. Rs.25,000 for first, 15,000 forsecond and 10,000 for thirdposition teams were givencash prizes.

Chairman Punjab Board ofTechnical Education Dr.Muhammad Shafiq, ChiefOperating Officer TEVTAAbid Javaid, ControllerExaminations PBTEProfessor MuhammadMalik, Secretary BoardAman Ullah, TEVTA &PBTE Officers, ZonalManagers, DistrictManagers, Principals,

Teachers and players attend-ed the prize distribution cer-emony.

According to the details ofBoys events, Cricket:Central Zone first, Southsecond & North Zone third,Football: Central Zone first,North Zone second & SouthZone third, Volleyball:Central Zone first, SouthZone second & North Zonethird, Hockey:

Central Zone first, Southsecond & North Zone third,Badminton: Central Zonefirst, North Zone second &South Zone third, Tug ofWar: Central Zone first,South Zone second & NorthZone third, Basket Ball:Central Zone first, SouthZone second & North Zonethird, Table Tennis: SouthZone first, Central Zone sec-

ond & North Zone third,Hand Ball: South Zone first,Central Zone second &North Zone third,Taekwando: South Zonefirst, Central Zone second &North Zone third, InAthletics: Central Zonefirst, South Zone second &North Zone declared third.

Girls events, Volleyball:Central Zone first, SouthZone second & North Zonethird, Badminton: CentralZone first, North Zone sec-ond and South Zone third,Table Tennis: Central Zonefirst, South Zone second &North Zone third,Taekwando: Central Zonefirst, South Zone second andNorth Zone third, Athletics:Central Zone first, SouthZone second & North Zonegot third positions.-Agencies

6th TEVTA-PBTE Annual Sports

Tevta promoting tech-edu in Pak

20 hurt as tanker hits busStaff Reporter

KARACHI: At least twenty persons injured when an oiltanker collided with a passenger coach near Sher ShahBridge hereon Sunday. The collision took place near SherShah Bridge on Main Naral Bypass Municipality-2. It hap-pened due to the carelessness of oil tanker's driver and thetanker hit with a passenger bus coming from opposite direc-tion. Resultantly, twenty persons sustained injuries seatedin the bus. They were then shifted to different hospitals ofKarachi. Sixty-thousand liters of oil spilled from the tankerafter the accident. Masses filled their canisters with the oil.

Relief teams, Police and Rangers started relief activitiesafter arriving at the spot. In serious conditions, five injur-ers were shifted to Abbasi Shaheed Hospital.

KARACHI : Chief Justice of Nepal Justice Ram Prasad Shrestha along with Chief Justice of Sindh High Court Justice Mushir Alam offering Fateha after laying floral wreath at

Mazar-e-Quaid during his visit on Sunday. -APP

Struggle for womento go on, says MQM

KARACHI: The Muttahida Qaumi Movement (MQM)chief Altaf Hussain said Sunday his party would continue itsefforts for ending discriminatory laws against women.

Addressing the female student's wing of the MQM overtelephone, Altaf Hussain said the ideology of the MQM wasrapidly spreading due to entry of large number of women inthe party.

He claimed that the MQM was the only political party therallies of which are attended by women in large numberwithout any fear.

He urged the female students to excel in education inorder to ensure bright future of the country. -INP

Sattar feelswinds ofchange

KARACHI: MuttahidaQaumi Movement (MQM)deputy convener FarooqSattar said Sunday that awind of change started inPakistan.

Addressing a public gath-ering in Sukkur, he said thatthe MQM wanted to bringeconomic revolution in thecountry that is why few peo-ple do not like Altaf Hussain.

He said that first time in thecountry petroleum priceswere reverted on the insis-tence of Altaf Hussain,adding that it was everyone'sright to live a respectable life.He said that it was the MQMwho impeded the impositionof General Sales Tax.

Instead of importing$millions' cell phones,Pakistan should manufac-tures cell phones to saveforeign currency reserves,Sattar added. -NNI

KARACHI : The Consul General of the Republic ofGermany Dr Christian Brecht and Mrs Brecht, host-ed farewell reception to the deputy head of mission

Consul Director Freund and Tina Freund, at theirresidence. Photo shows Consul General of France

Abdul Qadar Sattar and Mrs Sattar with otherguests. -Online

KARACHI : Absence to the policemen from apolice mobile in Pehlwan Goth, Gulistan-e-

Jauhar area speaks abouth the volume of poor performance of the concerned authorities who

claim to have in creased the number of securitypersnnel in the city. -Online

MULTAN : Prime Minister Syed Yousuf Raza Gilani inaugurating the Moj Darya Pul Flyover in Multan. ONLINE

KARACHI : People collecting oil from the road after a mini Bus and an ail tanker collded with

each other in Area. -Online

3rd LadiesFund '11Awards distributed

Dawood Capital Management holds ceremony

Chambers'Presidentsmoot today

RAWALPINDI: Two-dayAll Pakistan Chambers'Presidents Conference willstart from today (Monday) inBhurban.

Almost 40 Presidents ofthe Chambers of Commerceand Industries will partici-pate from all over Pakistan inthe Conference.

The said Conference is joint-ly organised by the RawalpindiChamber of Commerce andIndustry (RCCI) and Centerfor International PrivateEnterprises (CIPE) to discussthe problems faced by thebusiness community & theindustry of the country i.e.deteriorating law & order situ-ation, energy crisis, RGST,industrial policy, foreigninvestment and prepare budgetproposals for the year 2011-12.

3Monday, March 14, 2011

NEW YORK: Oil prices fell onFriday after a massive earth-quake shook Japan, shuttingrefineries and other industrialfacilities in the world's third-largest oil consumer and trigger-ing a broader sell-off in com-modities.

Muted protests in SaudiArabia contributed to the sell-offby investors who had beenspooked by plans for "day ofrage" demonstrations in theworld's top oil exporter. Fundshave bailed out of oil marketsfor the past several days afterlifting their positions to a recordhigh as of Tuesday.

US heating oil and gasolinefutures held up better than crude,receiving support from expecta-tions that Japan will requiremore fuel imports after thequake and tsunami affectedabout a fifth of its capacity.

Brent crude futures for Aprildelivery fell $1.59 to settle at$113.84 a barrel, losing 1.8 percent on the week, the first loss in

seven weeks and biggest sinceNovember.

US crude futures for Aprildelivery fell $1.54 to settle at$101.16 a barrel, off a low of$99.01. It fell 3.12 per cent onthe week, its first weekly loss infour. Trading volume was light,however, at about 670,000 lots,nearly a third below the averageof the past month.

The US front-month heatingoil crack spread, or refiningprofit margin, rose $1.21 to$26.39 a barrel at 2145 GMT,while the gasoline crack spreadrose 67 cents to $24.79.

"From an oil pricing perspec-tive, the situation in Japan is like-ly to result in a negative impact oncrude oil prices and a positive forrefined products," said DominickChirichella, senior partner at theEnergy Management Institute inNew York.

Japan was hit by a magnitude8.9 earthquake, the largest sinceobservations began in the late19th century.

Fighting continued in OPEC-member Libya. Rebels repelled acounter-offensive by leaderMuammar Gaddafi's forces, butappealed to foreign powers toimpose a no-fly zone to stop fur-ther attacks. Most analysts havenow written off any chance of aquick return of Libyan production.

Even with the focus on Japan,the Middle East and NorthAfrica, brokers and analysts saidoil prices felt pressure fromnews that Chinese inflationtopped expectations in February,possibly triggering more mone-tary tightening that could damp-en oil demand in the world's No.2 oil consumer.

Rising gasoline prices pushedUS consumer sentiment to itslowest level in five months inearly March, a ThomsonReuters/University of Michigansurvey showed.

A separate report showed thatUS retail sales posted theirlargest gain in four months inFebruary. -Reuters

Oil falls after quake,muted Saudi protest

NEW YORK: The dollar may bepressured this week on morerepatriation flows into Japan afterFriday's earthquake, and bymoves into the euro, which wasboosted by euro-zone leadersagreeing on a competitivenesspact and the single currency'swidening interest-rate advantage.

Analysts said a dollar retreatbelow Y81.00, well belowFriday's low of Y81.65, is possi-ble early this week, when theBank of Japan is scheduled tohold a one-day meeting.

Only once has the dollardropped below Y80, and thatlevel is key because it is viewedas a tipping point where the BOJmight act to curb yen strength.That all-time low was reached afew months after a devastatingearthquake struck Kobe, Japan,in 1995, forcing companies toconvert foreign holdings backinto yen.

But market participants alsosaid the reaction to Kobe couldbe a misleading barometer forhow the yen might move afterthe latest earthquake.

The BOJ, which has said it isstanding by to supply adequateliquidity to money markets,meets on Monday. After that, themost closely watched scheduledevent for currency investors willbe the US Federal Reserve's pol-icy-setting meeting Tuesday.Market participants continue tomull whether the Fed will windup its dollar-diluting asset pur-chases soon.

But even if the Fed soundsmore bullish about ending its$600 billion bond-purchasingprogram--also known as quanti-tative easing--after June, it isstill likely to keep interest rateslow for an extended period,which won't help the dollarmuch against the buoyant euro,said analysts.

After sinking late last year onsovereign-debt concerns, theeuro has staged a resoundingcomeback of late against the dol-lar, driven by a focus on expect-ed rate increases by theEuropean Central Bank.

Euro-zone leaders reachedagreement late Friday on aGerman-inspired competitive-ness pact that calls for far reach-ing reforms across the 17 nationsthat use the single currency,which should only help the eurogoing forward, said analysts.

"The rates are still very muchattractive in the euro-zone, andas awful as the euro-zone looks,it rallies by default," saidMichael Woolfolk, senior cur-rency strategist at BNY Mellonin New York.

After trading within a mostlytight range this year, the dollar'sperformance against the yenbecame a renewed focus of themarket on Friday, as a 8.9-mag-nitude earthquake in Japancaused nervous companies andinvestors to send funds backhome, pushing the dollar down

by 1.3 per cent on Friday.Japan's economy, still wracked

by deflationary pressures, is fun-damentally weaker than it waswhen the Kobe quake struck in1995, while the US economyshows encouraging signs ofgrowth, said Camilla Sutton,chief currency strategist atScotia Capital in Toronto.

To be sure, if the Fed acknowl-edges some of that economicimprovement, then that couldboost the dollar, said some ana-lysts.

Overall, "the biggest riskheading into the week is theFOMC (Federal Open MarketCommittee) meeting onTuesday," said Sutton.

While the US economy is stillweighed by a battered housingmarket, consumers' inflationexpectations have started tocreep up.

Within a ThomsonReuters/University of Michiganconsumer sentiment surveyFriday, the early-March one-year inflation expectations read-ing rose to 4.6 per cent from analready high reading of 3.4 percent at the end of February.

"That could change some ofthe tone from FOMC members"with regard to inflation, Suttonsaid. A more hawkish tone fromFed policy makers could putupward pressure on US yieldsand burnish the dollar's appeal toglobal investors.

Separately, Middle East ten-sions figure to still keepinvestors just distracted enoughheading into a new week.Geopolitical tensions in theMiddle East and North Africahaven't favored the greenback oflate, partly because of the USreliance on the global oil supply.

That said, planned protests inSaudi Arabia on Friday didn'tmaterialize as the kingdomlaunched a massive security oper-ation in a menacing show of forceto deter protesters from a planned"Day of Rage" to press for demo-cratic reform there. -Agencies

Greenback seen pressuredin Japan quake aftermath

US Dollar weekly outlook

BANKOK: Asian currenciesfell this past week, led by SouthKorea's won and the Philippinepeso, as a major earthquake inJapan spurred demand for dol-lars and yen, while signs theglobal recovery is losing steamdeterred risk-taking.

Overseas investors sold $2.8billion more South Korean andTaiwanese stocks than theybought this past week,exchange data show. The yenstrengthened the most sinceDec. 3 on safe- haven demand.

"The impact from the earth-quake could result in slowerexternal trade as Japan is tradi-tionally one of the top threemarkets for Asian exporters,"said Suresh KumarRamanathan, a currency strate-gist at CIMB Investment Bankin Kuala Lumpur. "Also, ifgrowth in China cools off fur-ther, it could chip away some ofthe recent gains in Asian cur-

rencies." South Korea's won dropped

0.9 per cent from a week earlierto 1,124.18 against the dollar.The Philippine peso slipped 0.9per cent to 43.65. Taiwan's dol-lar and India's rupee each fellalmost 0.5 per cent toNT$29.599 and 45.1825,respectively.

Reports on March 10 showedUS jobless claims rose, Chinahad its first monthly tradedeficit in almost a year andMoody's Investors Service cutSpain's credit rating.

Overseas shipments accountfor about half of South Korea'seconomy and two-thirds ofThailand and Taiwan's grossdomestic product. China's yuanfell 0.1 per cent this past weekto 6.5746.

Malaysia's ringgit dropped toits lowest level since March 2after the central bank held itsovernight policy rate at 2.75 per

cent for a fourth straight meet-ings, a decision predicted by 16of 20 economists in a survey.Four had expected a 25-basispoint increase.

Bank Negara doubled thestatutory reserve ratio to 2 percent, requiring banks to setaside zero-interest money withthe central bank from April 1, totighten credit. It had slashed theratio to 1 per cent in March2009 from 4 per cent inNovember 2008 after the globalcredit-market crisis.

The currency declined 0.6 percent on the week to 3.0460 perdollar, the biggest drop in amonth.

Elsewhere, the Singapore dol-lar fell 0.5 per cent for the weekto S$1.2736 against its UScounterpart. Indonesia's rupiahdepreciated 0.2 per cent to8,803 while Thailand's bahtgained 0.1 per cent to 30.46. -Agencies

Mostly fall on Japan,economic concerns

Asian currencies

TORONTO: Canada's dollarclosed stronger after a volatilesession on Friday, reboundingalongside North American equi-ties and some commodity prices,after an early drop triggered byJapan's devastating earthquake.

The currency at one point hitits weakest level in nearly twoweeks. It slid after data showeddomestic job creation slowedmore than expected in Februaryand bottomed after news USconsumer sentiment fell to afive-month low.

But by the afternoon the cur-rency had recovered along withUS and Canadian stock indexesas investors tried to weigh thequake's economic impact. Oiland copper both cut losses,while safe-haven gold turnedhigher.

The currency fell as low as

C$0.9803 to the US dollar, or$1.0201, its weakest level sinceFeb. 28. It was already softerheading into the jobs data as thedeadly 8.9 magnitude earth-quake that hit Japan darkened analready bleak mood caused byweak economic data and unrestNorth Africa and the MiddleEast.

The Canadian dollar ended thesession at C$0.9711, or $1.0298,compared with Thursday's closeof C$0.9756 to the US dollar, or$1.0250. For the week it wasalmost unchanged.

"We're really seeing commod-ity currencies generally verystrong," Sutton said. "Thismorning when we came in therewas so much uncertainty withheadlines and video of theJapanese earthquake reallyflooding the market's attention,

and since then, this afternoon,we've just had a refocusing."

The currency also benefitedfrom stronger US retail sales,which had their largest gain infour months in February.

The risk for the Canadian dol-lar is still to the downside overthe next week, Analysts said,with a US Federal Open MarketCommittee meeting on Tuesday.The FOMC may highlightstronger US economic data,which would likely give morefuel to the greenback.

Analysts said the Canadiancurrency risks testing the 50-daymoving average of C$0.9875.On the upside, higher oil pricescould see the Canadian dollarback around this week's high.The currency hit C$0.9667 onMarch 9, its strongest level sinceNovember 2007. -Reuters

C$ ends stronger afterpost-quake volatility

NEW YORK: US cotton futuressettled higher Friday on investorbuying to end a three-day losingstreak, as fiber contracts buckedearly weakness in the commodi-ties sector from the massivequake in Japan, analysts said.

The key May cotton contracton ICE Futures US rose 3.96cents to finish at $2.0494 per lb,trading from $1.966 to $2.0798.

On the week, the market wasdown 3.65 per cent. It was thefirst weekly loss for cottonfutures in 9 weeks.

Traders said activity was dom-inated by technical considera-tions. The market's session low

of $1.966 is roughly the 50 percent correction in the marketfrom the Feb. 25 low of $1.7815to the Monday top of $2.197.

"Without a doubt, this is a tech-nical rebound," said MikeStevens, an independent cottonanalyst in Mandeville, Louisiana.

He said once the May contracthit $1.966, it headed back theother way on short-covering bytechnical players.

The quake in Japan may havehad a knock-on effect in themarket's early downturn, but itwas largely shrugged off byplayers whose attention wasfocused on something else, deal-

ers said."We've ignored all the outside

markets," said Stevens. "We'retrading the flow of money thatcomes in and out."

The result is that estimatedvolume traded Friday stood atabout 24,000 lots, about a quar-ter below the 30-day norm,Thomson Reuters preliminarydata showed.

Open interest in the market, anindicator of investment exposurein cotton, stood at 175,025 lots asof March 10, up slightly from the7-1/2 month low at 173,688 lotsas of March 8, data from ICEFutures US showed. -Reuters

US cotton defies earlyweakness to finish up

NEW YORK: Gold remainednear the day's highs on Fridayafter the dollar weakenedagainst the euro and as investorssought the precious metal's safe-ty after Japan's earthquake andwith Middle East violence risingheading into the weekend.

A major earthquake in Japanproved a double-edged swordfor gold prices. While investorswanted a tangible asset amid thechaos wreaked by the worstearthquake in Japan, the disastersent oil prices falling, whichlessened the need for gold as ahedge against inflation.

Spot gold advanced to$1,419.85 an ounce by 2018GMT, up from $1,412.59 anounce at Thursday's closing bid.US gold settled at $1,421.80, up

$9.30.Despite gains on Friday, gold

booked its deepest weekly losssince mid-January, falling earlierin the week with oil, as someplayers unwound positions takenout as an inflation hedge whenoil prices advanced to highs lastseen in 2008.

"With the weakness in the dol-lar now and a lot of the anxietygoing into the weekend, I thinkpeople want to hold somethingtangible in their portfolio," saidSenior Market Strategist AdamKlopfenstein at Lind-Waldock inChicago.

Klopfenstein added that theflare ups in North Africa and theMiddle East investors "are look-ing to precious metals for thatanxiety premium, fearing that if

they're not long (gold) now theywould have to pay a significant-ly higher price to buy it onMonday."

Mostly, they said the uncer-tainty surrounding both theearthquake and Middle Eastdrew investors seeking a tangi-ble investment before leavingfor the weekend.

"I think it's end-of-the-weekactivity for gold. The dollarstarted weakening and after lis-tening to Obama, (Libya) is stilla pretty serious situation. I thinkwhat we're seeing here is short-covering," said Bill O'Neill,managing partner at LOGICAdvisors in Upper Saddle River,New Jersey.

"The lower oil price takessome of the inflation steam out

Gold safety sought, MEunrest, quake damage rise

NEW YORK/LONDON:

Arabica coffee futures closedlower on profit-taking on Friday,posting their biggest two-daypercentage loss in nearly sevenmonths, while cocoa futures slidwith other commodities after ahuge earthquake and tsunamistruck Japan.

Raw sugar touched a two-week low but reversed to closehigher late in the session.

Japan's massive earthquakeslammed risk assets across theworld as concerns mountedabout the still unknown damageto the world's third-largest econ-omy from the devastating tsuna-mi spawned. Oil prices fell,shutting refineries and otherindustrial facilities.

Coffee extended Thursday'ssteep losses, pushing arabicaseven further below Wednesday's34-year peak at $2.9665 per lb,basis May, as dealers grabbedprofits. ICE May arabica coffeetumbled 6.15 cents, or 2.2 percent, to close at $2.7440 per lb.Liffe May robusta coffee closeddown $87 at $2,421 per tonne.

A lack of roaster buying alsoallowed the move lower to hap-pen easily, while the tight sup-plies that caused the sustainedrally remained.

New York coffee will fall further

to $2.62 per lb next week, Reutersmarket analyst Wang Tao said.

ICE raw sugar futures feltpressure from light investorsales and slow cash action in themarket for most of the session,but recovered to settle higher onlate short-covering, bouncing offkey support areas with a liftfrom trade buying.

ICE May raw sugar futuresrose 0.15 cent to conclude at28.86 cents per lb, after tradingat a two-week low at 27.83 cents.London May white sugar settleddown $7.60 at $720 per tonne.

Sugar had been trading above30 cents a lb and the prospectthat India could actually export500,000 tonnes of sugar or moreknocked the bullish legs out ofthe market. "I am overall bearishon sugar as I think India willhave to export at the end, and involume," explained JackScoville, a senior analyst forbrokerage The Price Group.

ICE cocoa futures slipped inan inside day after their biggestthree-day fall in two months,taking prices well below lastweek's 32-year high at $3,775per tonne. ICE May cocoaclosed down $33 at $3,412 atonne, while London May cocoafinished down 18 pounds 2,226pounds per tonne. -Reuters

Profit-taking hits arabica, sugar rebounds

Copper finishes flat

NEW YORK/LONDON:Copper steadied by the close onFriday, recovering from an earli-er three-month low, as investorsreassessed the likely falloutfrom Japan's massive earth-quake.

An acceleration in Chineseinflation in February only addedto the negative mood across thebase complex, extending cop-per's weekly losses to as muchas 10 per cent before the sell-offbegan to show signs of fatigue.

Despite the late recovery, cop-per prices still managed to suffertheir biggest weekly declinesince early June 2010.

London Metal Exchange(LME) three-month coppereased $1 to close at $9,190 pertonne, recovering from an intra-day low at $8,992, its lowestsince mid-December. In after-hours trade, gains extended tonear session highs at $9,260.

COMEX copper for Maydelivery settled up 1.00 cent at$4.2075 per lb, near the upperend of its $4.0860 to $4.2195session range.

Japan's two major coppersmelters shut down operationsdue to power outages, raisingconcerns about supply disrup-tions.

The impact of the quakestretched to Chile, where threebig ports were expected to haltactivities on Friday and led theworld's top copper producerCodelco to send ships out to seaas a precaution pending a tsuna-mi bound from Japan.

February inflation in Chinatopped expectations at 4.9 percent, and looked set to climbfurther, adding to pressure formore monetary tightening. Thiscould limit economic growthand curb demand for industrialmetals.

On Thursday, data showedChina's imports of copper fell 35per cent to 235,469 tonnes inFebruary, from 364,240 tonnesthe previous month.

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

Wheat logsworst wk in years

CHICAGO: US grain futuresfell after an earthquake in Japanraised fears that the world's thirdlargest economy would slowcommodity purchases, extendinga sell-off in which wheat pricesnotched their biggest weekly lossin more than two years.

Corn prices dropped 2.7 percent on the Chicago Board ofTrade in their sixth straight los-ing session, falling to the lowestlevel in nearly six weeks. Thebenchmark CBOT corn contractfell 8.8 per cent this week andposted its biggest weekly per-centage decline since November.

CBOT May corn ended down18-1/2 cents at $6.64-1/4 a bushel,hitting its lowest level since Jan.31 early in the trading day.

May wheat fell 21-3/4 cents to$7.18-3/4 a bushel. Prices hittheir lowest level since earlyDecember earlier in the session.Wheat plunged 13.6 per cent thisweek, its biggest weekly loss inpercentage terms sinceDecember 2008.

May soybeans, which touchedtheir lowest level since Feb. 23,closed off 21 cents at $13.34-1/2a bushel. Prices fell 5.6 per centduring the week, the soy mar-ket's worst weekly sell-off sinceOctober 2010. -Reuters

Specs boostUSD shorts,euro longsrise: CFTC

NEW YORK: Currency specu-lators boosted bets in favor ofthe euro to the highest sinceDecember 2007 in the latestweek, while the value of betsagainst the dollar rose further,data from the CommodityFutures Trading Commissionshowed on Friday.

The value of the dollar's netshort position rose to $35.36 bil-lion in the week ended March 8from $34.9 billion a week earli-er, according to CFTC andReuters calculations. It was thelargest net short dollar positionfor which Reuters has data, dat-ing back to June 2008.

Net long euro positions rose to62,294 contracts in the latest week,the highest since December 2007,from 51,308 contracts in the priorweek. -Reuters

Sterling loglosses for wkLONDON: The pound reachedits lowest level in a monthagainst the dollar as datashowed UK producer-priceinflation slowed in Februaryand investors trimmed bets thatthe Bank of England will raiseinterest rates.

Britain's currency weakenedfor a second day against theeuro. Output prices increased0.5 per cent from January, whenthey rose 1.1 per cent, theOffice for National Statisticssaid.

The central bank kept its bor-rowing costs at a record low of0.5 per cent as policy makerschose to set aside concern onrising inflation pressures tosupport the economic recovery.

"The general outlook for UKrate hikes has come off," saidLee McDarby, head of dealingon the corporate and institu-tional treasury desk at InvestecPlc in London. "The pound hashad a decent couple of weeksagainst the dollar, and we'reseeing it dip back down now."

The pound weakened 0.3 percent to $1.6020 in London afterreaching $1.5977, the weakestsince Jan. 28. It was 1.5 percent lower in the week, thebiggest decline since the fivetrading days ending Dec. 17.Sterling depreciated 0.5 percent to 86.24 pence per euro.

"There's some disappoint-ment regarding rate-hikeexpectations," said You-NaPark, a currency strategist atCommerzbank AG inFrankfurt. "The pound hascome under pressure after theBank of England kept ratesunchanged."

Britain's currency declinedeven as a report showed theaverage price of a home inEngland and Wales rose 0.3 percent in February to 222,456pounds from a month earlier.Values fell 0.5 per cent from ayear earlier, the first annualdecline since October 2009,research companyAcadametrics Ltd. and LSLProperty Services Plc said. -Agencies

Saudi Arabia protests muted by police presence

Investors watch for violence in Saudi Arabia, Libya

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

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

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

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

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Equitiesget a new

springboardThe three leverage products namely, Margin

Trading System (MTS), Margin Financing System

(MFS) and Securities Lending and Borrowing

(SLB) are being introduced in two phases. While

MTS and MFS will be implemented from today

(Monday), SLB will be launched from March 21.

The Securities & Exchange Commission of

Pakistan has registered National Clearing

Company of Pakistan as Authorised Intermediary.

Introduction of a new set of leverage products in

the equities market of Pakistan's marks the begin-

ning of a new era. Historically, in this part of the

world financing has been done through a decades

old system called badla. Over the years various

attempts have been made to replace it with prod-

ucts offering improvised risk mitigation system but

the outcome has not been very satisfactory. In fact

some of the critics say that fiddling with decades

old and time-tested badla has led to various crises

in which small investors were hit the most.

The general perception is that availability of

leverage products helps in expanding volumes as

well as speculation. Therefore, in the absence of

such products volumes, brokers' income and spend-

ing on research would stay on the lower side. The

propagators of leverage products have not forgot-

ten the day when a single day volume touched the

historic high of one billion shares. As against this -

lately-- daily traded volume has been hovering

below 100 million shares.

As against this antagonists of leverage products

say that day traders create the hype and the small

investors suffer the most, a group becoming extinct

in Pakistan's equities markets. Of lately, local mar-

ket has been driven by foreign fund managers,

institutions, and large net-worth investors. Greater

participation by the mutual funds in the capital

markets is also being considered a move suggesting

retail investors are now investing though the funds.

With this given, there are free-float limits

imposed on how much of a particular stock can be

financed through MTS, it is understandable that

those with higher free-float may attract leveraged

buying. However, it is interesting to note, that there

are several stocks included in this list which have

traditionally been leverage product favourites, even

in the time of CFS --till 2008. The upside potential

on some of the stable and dividend-yielding stocks

is mostly well known, and these stocks have never

tended to attract much leveraged buying.

Leveraged buying tends to focus on quick gains,

which most often come from growth stocks and/or

stocks where free-float is cornered. This was the

case in times of badla/CFS and is likely to be the

case going forward once again.

Having witnessed crashes in the past, which were

accompanied by high leverage as a percentage of

free-float, it is understandable that some lending

institutions and individuals may exercise calm in

order to avoid a déjà vu. We believe that this time

around financiers will follow a more cautious

approach. However, some of the scrips may lead

the leverage race and one may see a higher ratio of

participation in some of the index heavyweights.


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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

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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)

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The Financial Daily InternationalVol 4, Issue 127

The earthquake that devas-tated northeast Japan dis-placed the country's mainisland by 2.4 meters andeven tilted the axis of the

Earth by nearly 10 centimeters. Theshock sounds awesome but it wasimperceptible. History suggests thesame will be true of the economicimpact.

The instinctive reaction when view-ing the extensive damage and franticefforts to secure damaged nuclearreactors is to assume economic havocwill follow.

But researchers who have studiedsimilar disasters in rich countriesreach a reassuring conclusion: humanresilience and resourcefulness, alliedto an ability to draw down accumulat-ed wealth, enable economies torebound quickly from what seem atfirst to be unbearable inflictions - be itthe September 11, 2001, attacks onNew York or Friday's 8.9-magnitudeearthquake, the worst in Japan's histo-ry.

Japan itself provides Exhibit No. 1in foretelling the arc of recovery. A6.8-magnitude temblor struck thewestern city of Kobe on January 17,1995, killing 6,400 people and causingdamage estimated at 10 trillion yen, or2 percent of Japan's gross domesticproduct.

The importance of Kobe's containerport, then the world's sixth-largest, andthe city's location between Osaka andwestern Japan made it more signifi-cant for the economy than the moresparsely populated region where thelatest quake and tsunami struck.Extensive disruption ensued, yetJapan's industrial production, afterfalling 2.6 percent in January 1995,rose 2.2 percent that February andanother 1.0 percent in March. GDP forthe whole of the first quarter of 1995rose at an annualised rate of 3.4 per-cent.

"Despite the scale of the disaster, itis hard to find much evidence in themacroeconomic data of the effects ofthe Kobe earthquake," said RichardJerram, chief Asian economist atMacquarie in Singapore and a veteranJapan-watcher.

Indeed, Takuji Okubo, chief Japaneconomist at Societe Generale inTokyo, noted that Japan's economygrew by 1.9 percent in 1995 and 2.6percent in 1996, above the country'strend growth rate at the time of 1.5percent. Private consumption, govern-ment spending and, especially, publicfixed investment all grew above aver-age in 1995 and 1996, Okubo said in areport. By analogy, the medium-termimpact on growth from the latestquake was also likely to be positive, hesaid.

Today's circumstances are, ofcourse, different. Japan's economy hasfloundered in the intervening 16 yearsand its public finances have deteriorat-ed. On paper, the country, is perhapsless well prepared at this stage of theeconomic cycle to pick itself up off itsfeet.

But Mark Skidmore, an economicsprofessor at Michigan StateUniversity, attaches greater impor-tance to a rich society's capacity toconstantly adapt to the risks it faces. Inthe case of Japan, prone to regularearthquakes, this means improving itsdisaster response systems and adopt-ing the latest techniques to help build-ings withstand shocks.

Most of the damage wrought inJapan was by the ensuing tsunami, forwhich there was no time to prepare,and not by collapsing buildings - eventhough the quake was 1,000 timesmore powerful than the Kobe one.

"We don't know yet how devastatingthis is going to be economically, oreven in terms of human casualties, butKobe was able to rebound very quick-ly and I think there is the same poten-tial here," Skidmore said in a tele-phone interview.

Skidmore and Hideki Toya fromNagoya City University in Japan haveexamined data for 151 countries overthe period 1960-2003 and found thatcountries with higher levels of income,education and financial developmentsuffer fewer losses from a natural dis-aster. Other researchers have reachedsimilar conclusions.

"As incomes rise in a society, youcan devote more resources to safety.So economies that have relatively highexposure to earthquakes or hurricanesstart taking the precautions they need.Japan is among the best prepared inthe world because they have highexposure and high income," Skidmoresaid.

OPENNESS TO TRADECountries with an openness to trade

are also better able to cope with disas-

ters because they create supply chainsas well as commercial and diplomaticrelationships that prove to be impor-tant. A well-oiled, well-financed gov-ernment that can spring into actionand limit the spillovers of the disasteris also crucial. This bodes well forJapan.

"They have the resources. They havethe social and economic and govern-ment infrastructure to effectively uti-lize the resources that may come infrom outside as well as internally.They can focus not just insurance butalso government assistance to respondeffectively," Skidmore said.

Another U.S. academic who hasstudied the lessons from Kobe, the lateGeorge Horwich of Purdue University,noted that media reports said it couldtake the city as long as a decade torecover. In the event, within 15months manufacturing in Kobe was at

98 percent of its pre-disaster trend;imports had fully recovered within ayear and exports were back at 85 per-cent capacity; and 79 percent of shopshad reopened by July 1996.

"Natural disasters in large advancedeconomies tend not to significantlyreduce current aggregate output orinduce an associated rise in the gener-al price level. In geographically dis-persed economies, disasters are almostalways localized events. But in anyeconomy, it is the capital stock, notoutput, that is directly reduced by thedisaster," he wrote in a paper pub-lished in 2000.

Horwich concluded that physicalcapital is the most visible contributorto economic recovery but human capi-tal is the dominant economic resource.And Japan has that in spades.

"Destroy any amount of physicalcapital, but leave behind a criticalnumber of knowledgeable humanbeings whose brains still house theculture and technology of a dynamiceconomy, and the physical capital willtend to reemerge almost spontaneous-ly," he said.

The 2008 earthquake in the westernChinese province of Sichuan, whichkilled nearly 90,000 people, is in linewith the academic finding that stronginstitutions and human capital are cen-tral to the process of recovery.

As a developing country, China hadnot made enough buildings earth-quake-resistant. Many schools crum-bled. Yet the ruling Communist Partymobilized vast resources for rescue,relief and reconstruction. As a result,according to a government think tank,the disaster actually added an estimat-ed 0.3 percentage point to China'sGDP growth in 2008. Less than threeyears on, the office charged withreconstruction has been disbanded, itswork complete, an official said onSunday.

Compare and contrast with Haiti, themost impoverished country in theWestern Hemisphere. The 7.0 magni-tude quake that struck on January 12,2010, was much less powerful thanthat in Japan, but it killed at least250,000 people, injured 300,000, left1.5 million homeless and wreckedlarge parts of the capital, Port-au-Prince.

With weak finances and no emer-gency fund to tap, Haiti's economyslumped at least 5 percent last year,and the release of billions of dollars ininternational aid has been too slow tosettle the homeless and get basic serv-ices running again, let alone spur aneconomic recovery. A cholera epi-demic and political instability overcontested elections reflect the failuresof reconstruction efforts and in turnhave made recovery even more diffi-cult.

Haiti's woes confirm the findings ofnumerous researchers that poverty,high unemployment, limited accessfor the poor to basic services and alack of strong national and local insti-tutions amplify the economic blow ofnatural disasters.

"The impacts of natural disasters onsociety and the environment are sub-stantially greater in less developedcountries," according to a paper byReinhard Mechler, who heads theresearch group on disasters and devel-opment at the International Institutefor Applied Systems Analysis nearVienna.

INDIAN OCEAN TSUNAMIAnother case in point is Aceh, at the

northern tip of the Indonesian island ofSumatra, which bore the brunt of theIndian Ocean tsunami of December26, 2004.

Of the 230,000 people killed by thespeeding, towering waves, 167,000were from Aceh, which suffered totaldamage of about $4.5 billion. A bigrelief effort was launched, but morethan two years later a report from theAsian Development Bank Institutesaid key reconstruction targets had notbeen met and coordination among themany government agencies and inter-national donors was poor.

With Aceh accounting for just 2 per-cent of Indonesia's economy, the catas-trophe was not enough to move theneedle of the country's GDP. But, aswith Haiti, the shortcomings of theregion's recovery stood In stark con-

trast to the experience in Kobe.After the initial loss of output, disas-

ters in advanced economies do notinvariably result in a boost to econom-ic activity.

Gus Faucher, director of macroeco-nomics at Moody's Economy.com, aconsultancy, has cited the aftermath ofHurricane Katrina, which devastatedNew Orleans in 2005: the city did notexperience an economic bouncebecause so many residents left, gov-ernment aid was slow to arrive andinsurance payments were low.

But, as a rule of thumb, reconstruc-tion jobs and the influx of emergencyassistance apply balm to an economy'swounds. Take the 6.7 magnitudeNorthridge quake near Los Angeles in1994 that killed 57 people, injured9,000 and resulted in about $40 billionin property damage.

Daniel Blake, an economics profes-sor at California State UniversityNorthridge, found a year later that the$18 billion in aid and insurance pay-ments made by the federal governmentactually jump-started the area's fragileeconomy after four years of recession.

And after the 1989 Loma Prietaearthquake, which severely damagedmajor roads around the San FranciscoBay, an official estimate put the BayArea's lost economic output atbetween $181 million and $725 mil-lion, a fraction of its 1989 grossregional product of $174 billion.Indeed, the California Trade andCommerce Agency later found that theBay Area even managed to do betterthan many parts of the state in weath-ering the early 1990s recession.

A more recent example is that ofChile, where 500 people died in an 8.8magnitude quake in February 2010that caused an estimated $30 billionhit to the economy due to damagedinfrastructure and property and lostproductivity.

Both the government and centralbank trimmed their growth outlooksafter the quake, estimating it couldshave around 0.25 to 0.5 percentagepoint off annual growth. But the econ-omy grew about 5.2 percent in 2010,within the original range of projec-tions. With the state only halfwaythrough its rebuilding programme,GDP growth this quarter is likely toaccelerate to around 8 percent.

"The impact of reconstruction ongrowth is becoming stronger as timegoes on," said Finance Minister FelipeLarrain, who financed an $8.4 billionrecovery package with a mix of bondissues, higher royalties levied on miningcompanies and savings from a boom incopper, Chile's principal export.

So what does all this mean forJapan?

Pete Wilson, California's governorat the time of the Northridge quakein 1994, says it was important to cutthrough red tape. By waiving therequirement for environmentalimpact hearings and setting incen-tives for building contractors,Wilson told Reuters he managed toreopen Interstate 10, then the world'sbusiest road, in just over twomonths. Some had feared it wouldtake two years.

Chile's experience shows that a gov-ernment is perfectly justified in resort-ing to deficit spending to cushion anatural disaster because of the shot inthe arm it delivers to the economy,said Alfredo Coutino, Latin America

director for Moody's Analytics."If one lesson can be learned from

Chile's case, it is that Japan's govern-ment has to make a quick move interms of implementing the reconstruc-tion with a variety of funding sources:issue debt, reallocation of publicresources, and international aid," hesaid.

Japan's problem is that its gross pub-lic debt, equal to about twice GDP, isalready the heaviest in the world. Withan aging population posing an ever-growing burden on Japan's publicfinances, rating agencies have sound-ed the alarm and warned of possibledowngrades unless politicians bury thehatchet and come up with a plan toreduce the debt over the medium term.

"The earthquake should lead tosomewhat expansionary fiscal policy.However, due to its already largedeficit, it is unlikely that the Japanesegovernment would plan a large scalefiscal stimulus," said Okubo, theSociete Generale economist.

YEN WILD CARDThe reaction of the yen in coming

weeks is another wild card in assess-ing the impact on Japan's economy.The Bank of Japan, which meets onMonday, is widely expected to pledgeas much money as needed to preventthe repercussions of the quake fromdestabilizing financial markets and thebanking system.

Economists also expect the centralbank will signal its readiness to easemonetary policy further -- even thoughits policy rate is already near zero -- ifthe damage from the quake threatensJapan's fragile economic recovery.

That prospect would normally weak-en the yen, but economists are keenlyaware that the Japanese currencygained sharply in the weeks after theKobe catastrophe. It rose from 96 perdollar in late February and brieflypunched through 80 to an all-time highon April 19, 1995, before reversingcourse after the BOJ cut interest rates.

Trade tensions with the UnitedStates were a driving force in 1995 andare absent today. A rush to bring capi-tal back to Japan, especially by insur-ers anticipating large claims, was alsoa factor post-Kobe and could be again.But Jerram, the Macquarie economist,doubted that history would repeatitself.

"Significant yen repatriation thatcould push the currency higher and, atan extreme, disrupt global markets,looks unlikely," he said.

Another "known unknown" iswhether serious damage to theFukushima Daiichi nuclear plant willcause countries including Britain,China and Italy to reappraise plans toboost investment in nuclear power. Ifthey do, it would be logical to expecthigher oil, natural gas and coal prices.

"A serious accident like that willhave repercussions in all countrieswith nuclear," Bertrand Barre, scien-tific adviser to French nuclear reactormaker Areva, told Reuters.

If there are clear lessons, we willapply them. We need to take time towork out the consequences and act.

Japan's earthquake is just the latestin a series of unwanted shocks for theworld economy, which is still far fromhaving shaken off the fallout of the2008 global financial crisis. Politicalturmoil in North Africa has reduced oilsupplies from Libya and raised thespecter of wider disruptions to deliver-ies from the Middle East.

Food prices have climbed to recordhighs. The euro zone debt crisis is farfrom over, with bond yields forGreece, Ireland and Portugal at seem-ingly unsustainable levels. Policymakers in the main economies whohave slashed interest rates close tozero and run up huge budget deficitswould appear to have little ammuni-tion left to fire if consumer, businessand investor confidence takes a divebecause of Japanese quake.

But economists at J.P. Morgan said itwas important to bear in mind thatmost, if not all of these shocks willprove to be temporary and are unfold-ing against a backdrop of very strongfundamental supports for growth,including booming industrial produc-tion, improving labor markets and a 17percent rise in global share pricessince September.

The bank has recently trimmed itsforecasts for the United States and theeuro zone but its projection for globalgrowth in the first half of 2011remains at a rate of 3.7 percent, whichis 1 percentage point above trend.

"Put differently, the shocks to datewould have to magnify considerablyto push global growth below thistrendline." the J.P. Morgan economistssaid in their latest Global Data Watchpublication.-Reuters

Land of Rising SunAfter Quatastrophe?

Today's circumstances are, of course, different.

Japan's economy has floundered in the

intervening 16 years and its public finances

have deteriorated. On paper, the country, is

perhaps less well prepared at this stage of the

economic cycle to pick itself up off its feet.

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) 29,078




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




DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 186

Sales (July 10 to Jan 11) 113

Production (Jan 11) 0

Sales (Jan 11) 23

BANKING SECTORScheduled bank (Rs in mn)Deposit (Feburay 4,11) 5,046,861

Advances (Feburay 4,11) 3,140,675

Investments (Feburay 4,11) 2,100,015

Spread (Feburay 4,11) 7.61%

OIL MARKETING CO(000 tons)MS (Jul 10 to Dec 10) 1,122

MS (Dec 10) 188

Kerosene (Jul 10 to Dec 10) 81

Kerosene (Dec 10) 15

JP (Jul 10 to Dec 10) 727

JP (Dec 10) 138

HSD (Jul 10 to Dec 10) 3,426

HSD (Dec 10) 634

LDO (Jul 10 to Dec 10)) 32

LDO (Dec 10) 6

Fuel Oil (Jul 10 to Dec 10) 4,331

Fuel Oil (Dec 10) 690

Others (Jul 10 to Dec 10) 6

Others (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 70.42 FFBL 43.31 31.32 NBP 78.90 20.85 ENGRO 235.40 15.19 JSBL 2.80 14.16

Symbol Close ChangeRMPL 2,816.88 96.86

ULEVER 4,759.84 59.81

ILTM 181.91 26.82

DAWH 274.34 17.23

SAPL 161.02 16.02

Symbol Close ChangeUPFL 1,151.00 -46.58COLG 818.79 -41.11WYETH 940.00 -40.59SRVI 187.99 -19.89HINO 115.98 -12.02

Plus 187Minus 177Unchanged 81

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, March 14, 2011 5

Dhiyan

Following tough IMF conditions, foreign offloading, and ongoingpolitical crisis bearishness may persist going forward leading to alow of 11,500 points. More lows could be in store if it fails to sus-tain there. However, successful start of Margin Trading System(MTS) may support the market. Investors are advised to avoid freshbuying and adopt 'sell on strength' stance. Today could be an all-trends-day. Some negative activities towards the end of the sessionare not beyond reasonable doubt.

Tariq Hussain Khan, COO United Capital Securities

Khurram Schehzad, Head of Research Invest CapFollowing the launch of Margin Trading System (MTS) market

is likely to be in the positive zone down the line. However anymajor negative development on the political front could goagainst the market, while no change in the discount rates in theupcoming monetary policy would be a positive trigger. Investorsare recommended to take positions in selective stocks of fertilis-er, power and E&P sectors. Market would be positive today.

OPTIMISM AMID ALL-TRENDS

Opening 12,000.03 Closing 12,045.25 Change 45.22% Change 0.38Turnover (mn) 442.14



NEW YORK: Ismael Benavides, Finance Minister of Peru, walks the trading floor beforeringing the closing bell at the New York Stock Exchange.-Reuters

Weekly Review

NEW YORK: After seeingoil prices skyrocket fromdays of turmoil in Libya,investors now must grapplewith political protests in theworld's top oil exporter,Saudi Arabia, and the impactof the biggest earthquake onrecord to strike Japan.

The S&P 500 was tradingbelow its 50-day movingaverage last week, and iswithin reach of support at1,275, a low touched in lateJanuary.

The confluence of eventsis making investors increas-ingly cautious. The market'srecent weakness revived talka correction is near, analystssaid, even though stocksrecovered on Friday fromearly losses to finish the dayhigher with the Dow backabove 12,000 and the S&P500 back above 1,300.

Stocks have rallied sharplysince the start of September,with the S&P 500 still up 24per cent for that period, buthave faltered in the last twoweeks. At Friday's close, theStandard & Poor's 500 Indexwas down 1.3 per cent forthe week.

"Oil prices were alreadymoving higher before unrestin the Mideast, and if we dohave something that is pro-nounced in Saudi Arabia --and I don't think that's a highprobability -- but if we do,the cards are off the table asfar as where prices couldgo," said Thomas Villalta,portfolio manager for JonesVillalta Asset Managementin Austin, Texas.

"The impact from that is, Ithink you've got a chance for

another recession."Protests in Saudi Arabia

were more muted than whatsome had anticipated onFriday. Concerns arose thatplanned "Day of Rage"protests in the country couldlead to further instability inthe Middle East and NorthAfrica.

The jump in crude oilprices to 2 1/2-year highshas raised anxiety abouttheir dampening effect onthe economy.

Given those concerns,investors will be tuned intoany comments on energyfrom the Federal Reservewhen it releases a statementfollowing its policy meetingnext Tuesday.

European Central BankPresident Jean-ClaudeTrichet warned last weekabout inflation risks, andsurprised investors by say-ing the bank may raise inter-est rates as soon as nextmonth.

The US central bank isunlikely to hint at policychanges this week, and isexpected to keep interestrates near zero.

"The Fed is essentially onautopilot. I think the marketis correct in assuming theywill do everything it takes,including initiating a 'quan-titative easing part three,' ifthey have any evidence thiseconomy doesn't have anescape velocity," saidJoseph Battipaglia, marketstrategist at Stifel Nicolaus,in Yardley, Pennsylvania.

This week also bringsreadings on inflation in theUS Producer Price Index

and the US Consumer PriceIndex, as well as data onindustrial production.

The massive earthquakeand deadly tsunami in Japan,a top energy consumer, hitother markets hard onFriday.

It triggered an increase inrisk aversion, with nervousJapanese liquidating invest-ments overseas and bringingcapital back to yen-denomi-nated assets, according toWhatsTrading.com optionsstrategist Frederic Ruffy.

The dollar fell 1.2 per centto 81.87 yen, while shares ofthe CurrencySharesJapanese Yen Trust rose 1.3per cent to $120.62.

For the week, the DowJones industrial average fell1 per cent, the S&P 500 slid1.3 per cent and the Nasdaqlost 2.5 per cent.

Besides a break below the50-day moving average ear-lier last week, the S&P 500fell below a long-standingtrendline, suggesting thebenchmark index has lostmomentum and that therecent rally may be losingsteam.

"That behavior tells youdemand has weakened,which puts odds on furtherdownside in the near term,"said Chris Burba, short-termmarket technician atStandard & Poor's in NewYork.

If the S&P 500 falls below1,275, the next support areais 1,227 to 1,177, he said.

"It looks increasingly like-ly at least pullback is underway," he said. -Reuters

Crude, Japanto keep stock

investors wary

Wall Street weekly outlook

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) last weeksaw some dreary activitiesamid thin volumes.

The goings-on on politicalfront and cutthroat foreignselling rendered investorsunadventurous. They alsowaited for the outcome ofnegotiations with IMF for therelease of last tranche of $1.7billion despite commence-ment of much awaited MarginTrading System (MTS) fromMar14.

The benchmark KSE 100-Index jumped by 45 points toclose at 12,045 points, whileit touched the highest level of12,218 points and the lowestlevel of 11,864 points duringthe week.

The 30-Index gained 86points and All Share Index 27points to close at 11,803 and8,356 points respectively.

Yawar uz Zaman, analyst atInvest Cap said that themajor reason for suchdepressing activities at thebourse during the week, wasre-emergence of the politicaluncertainty on account ofrenewed tussle between gov-ernment and the judiciarycoupled with one of the coali-tion partners' stand-offagainst the rulers itself.

The week began with theconflicts between the majorpolitical parties in Sindh i.e.PPP and MQM over the state-ments of provincial homeminister therefore investorsbooked profits.

However, eased politicaltension recalled bulls back tothe floor on Wednesdaywhere due to buying in fer-

tiliser, oil and banking stocksindex ended 188 points up.

The delegation ofMuttahida Qaumi Movement(MQM) met with thePresident Asif Ali Zardariover the recent statements ofSindh Home MinisterZulfiqar Mirza. During themeeting President Zardariassured MQM of all-outredress.

But the selling by foreigninvestors following a fall inregional stock markets overLibya crisis didn't allow thebulls to stay for long as mar-ket closed on a negative noteduring the last two days of theweek.

Ahsan Mehanti, DirectorArif Habib Investments saidthat bearish activity was dueto global tumble led bygeopolitical concerns in theMiddle East, Libya and Japanearthquake.

Foreigners stayed did a net-selling worth $6 million lastweek.

Further, new tussle betweengovernment and Judiciary andtough conditions set by IMFfor the release of funds alsoshattered investor confidence.

Volumes remained sparsethroughout the week as 442million shares traded in theoverall market which is 290million shares less than aturnover of 732 million theprevious week.

Average daily turnoverstood at 88 million sharesdeclining by 58 million sharesfrom an average volume of146 million shares a weekearlier.

Out of total 445 activeissues, 187 advanced, 177declined, and 81 did neither.

A galore ofrubs erasesKSE gainsin gone wk

Gulf stocks mkt

Mostlyupbeat

as Saudifears ease

DUBAI: Zain Saudi surges afterKingdom Holding and Batelcomade a joint bid for a stake inthe indebted telecoms operator,helping Saudi Arabia's indexend higher for a seventh session.

Yet late profit taking erodesmost of the benchmark's gains asinvestors cut positions ahead ofthe opening on Asian markets onMonday, with the latter's sharesseen under pressure followingJapan's devastating earthquake.

Zain Saudi climbs 9.2 per centand Kingdom adds 7.5 per cent.

Saudi Basic Industries Corp(SABIC) and telecoms operatorMobily each fall 1 per cent, butSamba Financial Group adds 1.4per cent.

The Saudi index rises 0.2 percent to 6,310 points, taking itsgains to 18.5 per cent sinceMarch 2's 22-month low.

A security clampdown in theSaudi capital kept a lid on aplanned day of rage on Friday,while determined police actionin neighbouring Kuwait andBahrain appeared to deflatedemonstrators' zeal.

Dubai's index makes its largestgain in 15 months as investorfears that political unrest wouldspread to top oil exporter SaudiArabia ease.

The benchmark climbs 4.3 percent to 1,513 points, its biggestgain since Dec. 14, 2009, andtrimming its 2011 losses to 7.2per cent.

Emaar Properties and Arabtecclimb 10.1 and 7.3 per centrespectively, with this pairaccounting for more than a thirdof all shares traded.

"There's a relief rally as thereis a lack of any other activity,"says Matthew Wakeman, EFG-Hermes managing director forcash and equity-linked trading.

"If the market consolidates, itwill be very positive, but if itgives it all back (this) will high-light there is a lot of risk in themarket."

Stocks had tumbled on fearsunrest would gain hold in SaudiArabia following deadlyprotests in Bahrain and Oman,but with demonstrations in thekingdom over the weekendproving to be largely a non-event, regional sentiment ismore upbeat.-Reuters

Nikkei set to fall below 10,000;yen, JGBs to gain after quake

European stocks slide for thirdweek as BHP Billiton retreat

Monday, March 14, 20116

Volume 442,142,993

Value 22,527,665,537

Trades 310,826

Advanced 187

Declined 177

Unchanged 81

Total 445

Current 8,356.50

High 8,474.27

Low 8,241.52

Change h27.01

Current 12,045.25

High 12,218.89

Low 11,864.10

Change h45.22

Current 11,803.46

High 11,991.90

Low 11,557.86

Change h86.79

Market KSE 100 Index All Share Index KSE 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

JS Bank Limited

JSBL closed down -0.23 at 2.80. Volume was 91 per cent below aver-

age (consolidating) and Bollinger Bands were 67 per cent wider than

normal. The company's loss after taxation stood at Rs404.872 million

which translates into a Loss Per Share of Rs0.66 for the nine months

of current calendar year (9MCY10).

JSBL is currently 7.6 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

moderate flows of volume into JSBL (mildly bullish). Trend forecasting

oscillators are currently bullish on JSBL.

RSI (14-day) 49.90 Total Assets (Rs in mn) 32,894.92

MA (10-day) 3.00 Total Equity (Rs in mn) 5,654.56

MA (100-day) 2.64 Revenue (Rs in mn) 2,527.30

MA (200-day) 2.60 Interest Expense 1,806.71

1st Support 2.73 Loss after Taxation (594.94)

2nd Support 2.65 EPS 09 (Rs) (0.98)

1st Resistance 2.88 Book value / share (Rs) 9.23

2nd Resistance 2.95 PE 10 E (x) -

Pivot 2.80 PBV (x) 0.30


As on Jun 30, 2010

NICL closed down -0.01 at 2.70. Volume was 86 per cent below aver-

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

normal. The company's profit after taxation stood at Rs11.775 million

which translates into an Earning Per Share of Rs0.05 for the half year

of current fiscal year (1HFY11).

NICL is currently 52.9 per cent above its 200-day moving average and

is displaying an upward trend. Volatility is extremely low when com-

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

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

Trend forecasting oscillators are currently bullish on NICL.


MA (10-day) 2.69 Total Equity (Rs in mn) 118.91

MA (100-day) 1.88 Revenue (Rs in mn) 1,742.80

MA (200-day) 1.73 Interest Expense 51.71

1st Support 2.65 Profit after Taxation 4.57

2nd Support 2.58 EPS 10 (Rs) 0.021


2nd Resistance 2.82 PE 11 E (x) 27.00

Pivot 2.70 PBV (x) 5.02

Nimir Industrial Chemicals Ltd


As on Jun 30, 2010

DOL closed up 1.27 at 7.98. Volume was 395 per cent above average

(trending) and Bollinger Bands were 8 per cent wider than normal. The

company's profit after taxation stood at Rs38.471 million which trans-

lates into an Earning Per Share of Rs0.38 for the half year of current fis-

cal year (1HFY11).

DOL is currently 33.4 per cent above its 200-day moving average and

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

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

cators reflect moderate flows of volume out of DOL (mildly bearish).

Trend forecasting oscillators are currently bullish on DOL.


MA (10-day) 7.10 Total Equity (Rs in mn) 555.18

MA (100-day) 7.24 Revenue (Rs in mn) 709.67


1st Support 7.40 Loss after Taxation (289.41)

2nd Support 6.75 EPS 10 (Rs) (2.837)


2nd Resistance 8.95 PE 11 E (x) 10.50

Pivot 7.85 PBV (x) 1.47

Descon Oxychem Limited


As on Jun 30, 2010

TRG closed down -0.32 at 3.15. Volume was 55 per cent below aver-

age (consolidating) and Bollinger Bands were 71 per cent wider than

normal. The company's loss after taxation stood at Rs41.79 million

which translates into a Loss Per Share of Rs0.12 for the half year of

current fiscal year (1HFY11).

TRG is currently 18.4 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 TRG at a relatively equal pace. Trend

forecasting oscillators are currently bullish on TRG.


MA (10-day) 3.10 Total Equity (Rs in mn) 1,015.70

MA (100-day) 3.61 Revenue (Rs in mn) 0.72


1st Support 3.10 Loss after Taxation (1,616.83)

2nd Support 3.02 EPS 10 (Rs) (4.195)


2nd Resistance 3.38 PE 11 E (x) -

Pivot 3.20 PBV (x) 1.20

TRG Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,507.21 1,539.37 1,476.62 1,501.96 -5.25 -0.35

Turnover Total cos Defaulter cos Listed cap Market cap 200-Day High

27,444,790 - - 65,194.15 mn 1,128,104.56 mn -

P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 200-Day Low

10.60 3.45 32.54 55.94 5.28 -

Attock Petroleum 691 6.45 363.82 373.50 353.00 356.86 -6.96 811451 401.00 321.00 300 20B115.00 -

Attock Refinery 853 4.84 117.68 124.25 117.50 118.87 1.19 6590933 146.90 98.25 - - - -

BYCO Petroleum 3921 - 9.87 10.43 9.31 9.41 -0.46 4524364 12.24 8.20 - - - -

Mari Gas Company 735 7.75 108.70 113.95 109.00 111.59 2.89 222153 141.65 99.46 31 - 23.43 -

National Refinery 800 6.00 295.71 301.70 286.00 289.28 -6.43 387455 335.00 254.00 200 - - -

Oil & Gas Development 43009 10.45 154.67 158.80 151.20 154.44 -0.23 2135480 185.00 144.97 55 - 15.00 -

Pak Petroleum XD 11950 7.71 209.49 214.55 204.00 210.77 1.28 3196808 229.80 190.10 90 20B 50.00 -

Pak Oilfields XD 2365 7.35 321.20 326.00 315.50 318.72 -2.48 10855438 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 100.08 110.50 98.60 101.39 1.31 777331 122.22 83.00 - - - -

P.S.O XD 1715 4.77 290.64 293.20 281.00 282.00 -8.64 2165182 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 26.90 27.00 26.05 26.53 -0.37 9937 36.70 26.00 - - - -

Shell Pakistan 685 10.68 199.65 211.00 197.00 208.28 8.63 292622 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


990.13 1,001.35 971.40 987.25 -2.88 -0.29


47,027,157 - - 47,070.70 mn 133,089.44 mn -


6.86 0.59 8.64 16.68 2.43 -

(Colony) Thal 56 - 1.39 1.75 0.50 1.20 -0.19 5072 1.75 0.50 - - - -AL-Qadir Textile 76 - 8.87 10.80 8.87 10.80 1.93 7302 10.80 5.61 10 - - -Amtex Limited 2594 - 2.79 3.25 2.66 2.86 0.07 2655567 4.68 2.35 30 - - -Artistic Denim 840 7.01 20.47 20.95 19.11 19.50 -0.97 26262 24.59 19.11 20 - - -Asim Textile 152 0.25 1.76 2.00 2.00 2.00 0.24 41000 2.50 1.50 - - - -Azam Textile 133 0.44 2.10 2.90 2.30 2.70 0.60 27448 3.00 1.32 7.5 - - -Azgard Nine 4493 - 9.53 9.79 8.90 9.06 -0.47 12216042 12.84 8.05 - - - -Babri Cotton 33 0.19 15.65 16.60 15.00 15.30 -0.35 54211 16.60 9.25 - 15B - -Bannu Woolen XD 76 0.45 15.92 17.00 15.26 15.87 -0.05 99661 17.00 12.76 20 - - -Chenab Limited 1150 - 2.40 3.40 2.50 2.75 0.35 766653 3.76 2.05 - - - -Colony Mills Ltd 2442 2.18 2.60 2.80 2.40 2.48 -0.12 63614 2.97 2.00 - - - -Crescent Jute 238 - 1.00 1.18 0.72 1.00 0.00 75031 1.43 0.32 - - - -Crescent Textile 492 2.92 15.67 17.88 15.35 15.91 0.24 27857 23.99 15.00 15 - - -D M Textile 31 - 2.50 3.99 3.00 3.99 1.49 52118 3.99 1.99 - - - -D S Ind Ltd 600 - 1.46 1.85 1.41 1.59 0.13 958261 2.10 1.20 - - - -Data Textile 99 - 0.21 0.40 0.22 0.40 0.19 10000 1.10 0.08 - - - -Dawood Lawrencepur 514 52.35 42.18 45.69 40.50 44.50 2.32 291976 48.29 35.00 5 - - -Dewan Khalid Textile 57 0.22 1.91 2.20 1.91 2.00 0.09 8498 3.20 1.50 - - - -Dewan Mushtaq Textile 34 0.16 4.22 5.23 4.00 4.62 0.40 41711 8.90 2.90 - - - -Ellcot Spinning 110 0.58 26.35 27.66 25.75 25.75 -0.60 17874 27.66 18.90 35 - - -Gadoon Textile XD 234 0.83 86.10 91.00 84.01 84.54 -1.56 38041 91.00 53.14 70 - - -Gul Ahmed Textile 635 3.02 36.56 44.62 36.10 43.00 6.44 25894 44.62 26.00 12.5 - - -Gulistan Spinning 146 0.34 9.11 9.15 8.25 8.30 -0.81 72658 9.23 5.02 10 - - -Gulshan Spinning 222 0.39 10.69 11.00 9.70 10.69 0.00 12293 11.00 6.30 10 20B - -H M Ismail 120 - 0.95 1.49 0.42 1.00 0.05 60336 1.49 0.42 - - - -Hajra Textile 138 - 1.05 1.10 0.30 0.59 -0.46 10146 1.10 0.25 - - - -Hira Textile Mills Ltd. 716 0.98 4.70 5.20 4.51 4.88 0.18 1279756 5.20 3.31 10 - - -Ibrahim Fibres 3105 3.41 49.18 50.74 46.43 47.06 -2.12 145653 55.00 37.50 20 - - -Ideal Spinning 99 1.00 9.98 10.50 8.50 9.69 -0.29 13327 10.90 4.56 - - - -Idrees Textile 180 2.28 3.97 4.95 3.85 4.15 0.18 166747 4.95 3.01 10 - - -Ishaq Textile 97 1.41 7.01 7.20 6.50 6.50 -0.51 12745 8.70 6.25 8 - - -J K Spinning 184 0.85 6.50 6.99 6.15 6.99 0.49 40899 8.80 5.20 20 5B - -Janana D Mal 48 0.33 16.00 16.50 14.65 15.06 -0.94 13546 18.00 13.15 - - - -Khalid Siraj 107 0.27 1.01 1.69 1.00 1.39 0.38 68209 1.69 0.25 - - - -Kohat Textile 208 0.38 1.00 1.60 1.20 1.20 0.20 25500 2.50 0.85 - - - -Kohinoor Ind 303 - 1.79 1.78 1.46 1.56 -0.23 55966 1.98 0.75 - - - -Kohinoor Spinning 1300 0.45 1.20 1.30 1.10 1.10 -0.10 15609 1.74 0.30 5 - - -Kohinoor Textile 1455 7.84 4.77 5.10 4.12 4.55 -0.22 20929 5.95 4.01 - - - -Libaas Textile 40 - 0.59 0.61 0.60 0.60 0.01 8500 0.70 0.59 - - - -Masood Textile 600 1.90 17.81 17.81 17.10 17.81 0.00 9299 20.74 17.00 15 100R - -Mian Textile 221 - 0.36 0.50 0.31 0.50 0.14 9392 0.75 0.25 - - - -Mohd Farooq 189 - 0.90 1.67 0.75 1.00 0.10 375592 1.79 0.60 - - - -Mubarak Textile 54 4.77 1.05 1.20 1.05 1.05 0.00 50001 1.30 0.25 - - - -Mukhtar Textile 145 - 0.40 0.50 0.25 0.45 0.05 10583 0.88 0.13 - - - -Nagina Cotton 187 1.79 16.00 17.50 15.85 16.20 0.20 49424 17.50 14.50 20SD - - -Nishat (Chunian) 1614 4.26 27.32 28.15 26.25 27.72 0.40 12337285 28.15 21.62 15 - - -Nishat Mills 3516 5.69 65.85 66.75 63.11 64.18 -1.67 12404104 71.89 57.20 25 45R - -Pak Synthetic 560 3.08 16.30 19.50 15.30 19.29 2.99 329764 19.50 8.30 - - - -Paramount Spinning 174 0.71 13.98 15.49 13.25 14.50 0.52 9718 15.49 8.50 10 10B - -Quetta Textile 130 0.88 41.03 49.06 39.00 49.06 8.03 11388 49.06 34.35 20 - - -Ravi Textile 250 - 1.15 1.28 0.91 1.12 -0.03 144102 1.80 0.65 - - - -Redco Textile 213 3.53 0.80 0.80 0.60 0.60 -0.20 11500 0.99 0.40 - - - -Reliance Weaving 308 0.68 12.50 13.09 12.00 13.09 0.59 165297 13.09 8.50 25SD - - -Rupali Poly 341 4.04 41.87 44.19 40.02 43.50 1.63 63887 44.19 35.25 40 - - -Saif Textile 264 0.45 10.00 11.50 9.00 9.03 -0.97 82726 11.50 3.90 - - - -Sally Textile 88 0.26 5.73 7.94 5.50 6.87 1.14 301978 7.94 3.63 10 - - -Sargodha Spinning 312 1.05 3.57 4.35 3.36 3.50 -0.07 39565 4.45 1.55 5 - - -Saritow Spinning 133 0.40 2.33 2.01 1.85 2.00 -0.33 131101 2.89 1.00 - - - -Service Ind 120 6.44 207.88 215.44 186.25 187.99-19.89 37671 253.00 186.00 - - - -Service Textile 44 0.38 0.40 0.60 0.40 0.40 0.00 6500 0.70 0.40 - - - -Suraj Cotton 180 0.79 39.00 40.80 38.00 40.00 1.00 94507 41.95 33.00 50 - - -Taj Textile 334 - 0.14 0.15 0.14 0.15 0.01 8500 0.49 0.08 - - - -Thal Limited 307 5.37 115.79 115.00 106.10 108.26 -7.53 142869 132.00 100.51 80 20B - -Treet Corp 418 5.79 49.46 51.80 46.15 47.16 -2.30 191933 63.30 44.10 - - - -Tri-Star Poly 215 - 0.59 1.10 0.45 0.55 -0.04 6624 1.29 0.33 - - - -Yousuf Weaving 400 0.66 1.33 1.59 1.17 1.40 0.07 50216 1.99 1.08 - - - -Zahoor Cotton 99 - 0.45 0.30 0.25 0.30 -0.15 351500 0.87 0.25 - - - -Zil Limited 53 4.72 67.05 69.40 64.10 64.52 -2.53 5946 87.90 50.00 35 - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,026.27 1,038.65 974.23 1,007.09 -19.18 -1.87


710,171 - - 3,763.71 mn 4,847.09 mn -


2.23 0.24 10.64 6.27 2.81 -

Gauhar Engineering Ltd 22 - 1.00 1.00 0.75 0.80 -0.20 18500 2.35 0.50 - - - -

Pak Elektron 1219 3.35 13.11 13.65 12.81 13.30 0.19 529280 15.88 12.07 - 10B - -

Tariq Glass Ind 231 1.75 14.86 15.20 12.51 13.25 -1.61 158010 24.00 12.51 17.5 - - 200R



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,932.44 2,005.95 1,898.50 1,953.63 21.18 1.10


424,570 - - 11,335.33 mn 282,726.01 mn -


46.57 14.11 30.30 30.57 0.66 -

Bawany Sugar 87 - 5.25 5.50 5.26 5.50 0.25 5850 6.50 3.51 - - - -

Chashma Sugar 287 3.32 9.05 9.85 8.50 8.50 -0.55 6098 13.50 8.00 10 - - -

Dewan Sugar 365 - 3.20 3.70 3.05 3.20 0.00 26950 4.20 2.52 - - - -

Habib Sugar 750 8.58 21.49 22.24 21.05 21.62 0.13 102485 36.50 20.25 25 25B - -

Habib-ADM Ltd 200 6.82 11.05 12.25 10.85 11.19 0.14 54228 12.85 10.85 40 - - -

Mehran Sugar XD 157 1.72 51.82 54.00 51.00 52.67 0.85 6848 60.65 50.12 35 20B 7.50 -

Mirza Sugar 141 - 3.52 3.90 3.50 3.73 0.21 20930 6.70 2.65 10 - - -

National Foods 414 9.61 54.00 55.00 52.01 54.95 0.95 10907 75.50 47.00 12 - - -

Noon Sugar 165 1.26 11.00 12.00 10.11 11.73 0.73 18114 13.92 9.00 - - - -

Pangrio Sugar 109 - 3.99 4.55 3.90 4.00 0.01 18747 6.75 3.00 10 - - -

Premier Sugar 38 - 37.81 39.50 34.25 39.50 1.69 6101 51.35 34.25 10 - - -

Quice Food 107 6.59 3.20 3.90 2.90 2.90 -0.30 18500 4.00 2.10 - - - -

S S Oil 57 0.25 4.18 4.50 4.00 4.14 -0.04 66500 4.75 2.50 - - - -

Sakrand Sugar 223 - 1.90 1.99 1.60 1.99 0.09 11000 3.26 1.60 - - - -

Shahmurad Sugar 211 3.05 8.90 9.20 8.15 8.90 0.00 9355 12.30 8.00 10 - - -

Shakarganj Mills 695 0.37 4.84 6.00 4.01 5.25 0.41 7278 7.00 4.01 - - - -

Tandlianwala 1177 23.46 41.04 42.00 39.00 42.00 0.96 10089 44.06 34.00 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,115.07 1,136.53 1,095.50 1,110.89 -4.18 -0.37


760,286 - - 6,768.53 mn 41,387.04 mn -


3.88 0.98 25.35 20.42 5.26 -

Agriautos Ind 144 4.63 72.50 72.50 70.00 70.58 -1.92 23531 82.63 66.45 90 - - -

Atlas Battery 101 5.07 187.23 193.00 188.00 191.00 3.77 30371 205.00 160.00 100 20B - -

Atlas Honda 626 9.35 131.48 136.99 131.60 134.57 3.09 11178 143.80 117.10 - - - -

Dewan Motors 890 - 1.94 2.09 1.75 1.78 -0.16 96784 2.89 1.50 - - - -

Exide (PAK) 56 4.53 180.00 190.00 175.27 184.90 4.90 9476 217.44 170.11 60 - - -

General Tyre 598 4.60 22.75 23.49 22.51 23.20 0.45 24689 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 3.46 3.69 3.41 3.60 0.14 73209 5.36 3.05 - - - -

Ghani Automobile Ind 200 5.89 3.72 4.34 3.72 4.24 0.52 6330 5.49 3.71 - - - -

Honda Atlas Cars 1428 - 10.43 10.88 10.00 10.39 -0.04 60645 12.87 9.52 - - - -

Indus MotorsSPOT 786 9.83 227.36 231.00 224.00 227.01 -0.35 66169 309.73 218.00 150 - 50.00 -

Pak Suzuki 823 11.37 64.29 67.00 60.00 61.98 -2.31 316266 74.80 60.00 5 - - -

Sazgar Engineering XD 150 4.17 22.51 24.25 22.90 23.10 0.59 34257 24.25 19.49 10 20B 10.00 -



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,612.03 1,668.72 1,589.10 1,644.55 32.52 2.02


361,974 - - 1,336.62 mn 33,487.67 mn -


8.31 3.16 38.02 131.49 15.82 -

Ados Pak 66 7.92 11.50 11.50 9.65 10.46 -1.04 10412 18.20 9.65 - - - -

AL-Ghazi TractorSPOT 215 5.19 228.11 239.00 227.00 230.87 2.76 18139 244.95 215.00 400 - - -

Bolan Casting 104 5.11 47.45 52.25 48.00 50.91 3.46 10279 52.25 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.10 1.37 0.85 0.85 -0.25 17612 2.25 0.74 - - - -

Ghandhara Ind 213 8.25 9.45 9.68 8.95 9.41 -0.04 49004 13.50 8.25 - - - -

KSB Pumps 132 6.67 57.10 58.50 54.05 55.70 -1.40 11313 68.85 54.05 - - - -

Millat Tractors 366 8.30 526.47 546.75 520.00 539.10 12.63 243990 568.40 466.27 650 25B325.00 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


924.04 945.79 909.18 921.27 -2.77 -0.30


1,129,990 - - 3,043.31 mn 34,758.46 mn -


1.78 0.78 43.91 15.55 8.74 -

Cherat Papersack 115 2.43 50.57 55.00 50.00 53.02 2.45 116955 81.49 47.80 20 25B - 50R

ECOPACK Ltd 230 - 2.25 2.68 2.03 2.33 0.08 268203 3.30 2.03 - - - -

Ghani Glass 1067 5.38 51.00 51.80 50.36 51.75 0.75 11653 56.45 48.10 25 10B - -

MACPAC Films 389 1.74 6.15 8.15 6.06 6.42 0.27 604654 8.15 2.50 - - - -

Merit Pack 47 16.12 29.11 29.85 28.36 29.01 -0.10 23737 33.80 21.50 - - - -

Packages Ltd 844 - 115.88 115.79 113.00 114.00 -1.88 12405 143.00 105.02 32.5 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


862.64 894.29 849.30 870.98 8.34 0.97


13,122,232 - - 54,792.74 mn 62,686.35 mn -


6.21 0.44 7.10 19.04 3.07 -

Al-Abbas Cement 1828 - 2.65 2.90 2.31 2.51 -0.14 32996 3.98 2.15 - 100R - -

Attock Cement 866 6.58 50.60 52.90 49.11 51.98 1.38 257912 63.90 48.50 50 - - -

Balochistan Glass Ltd 858 - 2.63 2.80 2.10 2.25 -0.38 5439 4.24 1.95 - - - -

Berger Paints 182 - 16.49 16.90 15.99 16.65 0.16 10193 24.16 14.72 - 122R - -

Cherat Cement 956 38.50 9.49 10.24 9.02 9.24 -0.25 26172 11.50 8.00 - - - -

Dadabhoy Cement 982 13.85 1.65 1.90 1.60 1.80 0.15 16913 2.12 1.50 - - - -

Dewan Cement 3891 - 1.90 1.99 1.71 1.85 -0.05 493986 2.56 1.50 - - - -

DG Khan Cement Ltd 3651 10.90 24.97 25.50 24.40 25.17 0.20 5328727 32.30 21.20 - 20R - 20R

EMCO Ind 350 - 2.10 2.30 1.75 2.01 -0.09 46311 4.00 1.70 - - - -

Fauji Cement 6933 5.85 4.23 4.44 4.14 4.21 -0.02 876723 5.35 3.97 - - - 92R

Fecto Cement 502 2.09 7.00 7.39 6.76 6.90 -0.10 12149 8.00 6.30 - - - -

Flying Cement Ltd 1760 - 1.59 1.73 1.41 1.57 -0.02 62102 2.13 1.30 - - - -

Gharibwal Cement 4003 - 7.92 8.40 6.15 6.99 -0.93 12262 9.19 4.70 - - - -

Haydery Const 32 - 0.52 0.60 0.41 0.50 -0.02 93394 0.99 0.25 - - - -

Kohat Cement 1288 - 5.91 6.14 5.52 6.00 0.09 17811 7.25 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 2.95 3.05 2.80 2.92 -0.03 1363338 3.88 2.65 - - - -

Lucky Cement 3234 6.15 66.48 69.49 66.75 68.43 1.95 3739818 78.44 59.55 40 - - -

Maple Leaf Cement 5261 - 2.23 2.44 2.15 2.18 -0.05 627956 3.22 1.92 - - - -

Pioneer Cement 2271 - 5.76 6.00 5.55 5.94 0.18 65118 7.45 5.17 - - - -

Safe Mix Concrete 200 - 6.71 7.25 5.50 5.55 -1.16 10210 7.95 5.50 - - - -

Thatta Cement 798 948.00 18.66 19.19 18.00 18.96 0.30 21311 19.19 16.20 - 50R - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


1,020.45 1,048.89 997.46 1,019.09 -1.36 -0.13


1,010,288 - - 3,596.11 mn 9,669.01 mn -


3.13 1.04 33.10 30.91 9.87 -

Crescent Steel XD 565 2.77 28.16 28.01 25.67 26.50 -1.66 42386 31.00 24.75 30 - 10.00 -

Dost Steels Ltd 675 - 2.13 2.18 2.01 2.15 0.02 40917 3.09 1.80 - - - -

Huffaz PipeSPOT 555 469.00 13.80 14.90 13.55 14.07 0.27 330307 16.51 13.00 - - 15.00 -

International Ind 1199 18.51 50.51 53.00 49.17 50.90 0.39 576174 62.20 45.81 55 20B - -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,020.00 1,036.46 989.52 1,027.45 7.45 0.73


116,420 - - 1,186.83 mn 2,834.04 mn -


4.92 0.37 7.47 25.28 5.14 -

Century Paper 707 - 15.45 15.30 14.75 15.22 -0.23 82502 19.69 14.50 - - - -

Pak Paper Product 50 8.70 36.17 38.85 35.17 37.77 1.60 6613 48.90 35.17 2533.33B - -

Security Paper 411 6.78 37.24 38.50 36.26 37.95 0.71 27305 47.70 34.00 50 - - -



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

CHEMICALS

Performance of SR Chemicals Index


1,691.81 1,783.11 1,677.89 1,766.43 74.62 4.41


160,574,230 - - 52,251.88 mn 379,664.01 mn -


9.74 3.41 35.00 48.81 5.01 -

Bawany Air 75 6.60 7.21 8.20 6.41 7.00 -0.21 7369 10.15 6.11 5 10R - -

BOC (Pak) 250 9.15 88.02 93.23 87.75 89.15 1.13 11941 103.94 82.00 60 - - -

Clariant PakSPOT 273 7.14 194.23 200.70 194.49 199.55 5.32 328062 213.30 157.00 135 25B - -

Dawood Hercules 1203 15.36 257.11 274.34 250.00 274.34 17.23 1901228 274.34 174.00 50 300B - -

Descon Chemical 1996 - 2.67 2.99 2.55 2.63 -0.04 332247 3.58 2.34 - - - -

Descon Oxychem Ltd. 1020 10.50 6.71 8.30 6.68 7.98 1.27 8747064 9.25 6.00 - - - -

Dewan Salman 3663 - 2.98 3.10 2.72 2.77 -0.21 3550566 3.48 2.26 - - - -

Dynea Pak 94 5.87 10.82 11.02 10.50 10.92 0.10 10232 11.98 10.06 15 - - -

Engro Corp.LtdSPOT 3277 12.93 226.57 238.50 224.00 235.40 8.83 15188116 238.50 189.10 60 20B - -

Engro Polymer 6635 - 12.57 12.70 12.00 12.04 -0.53 1098535 15.87 11.75 - - - -

Fatima Fertilizer 22000 - 11.97 12.88 11.75 12.33 0.36 13583228 12.88 9.16 - - - -

Fauji FertilizerXDXB 8482 8.25 125.25 135.50 125.55 134.06 8.81 12821536 157.90 108.00 130 25B - -

Fauji Fert.Bin QasimSPOT 9341 8.17 42.69 43.89 42.60 43.31 0.62 31317376 43.99 34.60 65.5 - - -

Ghani Gases Ltd 725 9.46 11.01 11.39 10.65 10.79 -0.22 135180 13.07 10.43 - - - -

ICI Pakistan 1388 8.98 160.89 162.99 155.01 157.14 -3.75 1066961 163.99 138.00 175 - - -

Ittehad Chemical 360 6.39 28.99 29.85 26.98 28.99 0.00 15132 36.00 23.07 5 - 5 -

Lotte PakistanSPOT 15142 5.83 15.98 16.32 15.36 15.86 -0.12 70417613 16.80 13.03 5 - - -

Mandviwala 74 - 0.82 1.40 0.82 0.88 0.06 121788 2.45 0.57 - - - -

Nimir Ind Chemical 1106 27.00 2.71 3.05 2.55 2.70 -0.01 9301230 3.17 1.62 - - - -

Sardar Chemical 60 2.71 0.92 1.90 0.92 1.90 0.98 10000 1.90 0.90 - - - -

Shaffi Chemical 120 - 2.13 2.49 1.66 2.37 0.24 225758 2.89 1.55 - - - -

Sitara Chem Ind 214 8.81 97.14 105.00 97.00 104.50 7.36 19477 131.90 90.78 25 5B - -

Sitara Peroxide 551 6.78 12.90 15.73 12.66 15.73 2.83 4250331 15.73 11.81 - - - -

Wah-Noble 90 5.72 36.70 37.99 35.52 37.15 0.45 18302 41.99 34.75 50 - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


852.21 923.22 846.58 898.78 46.58 5.47


491,432 - - 3,904.20 mn 29,994.02 mn -


6.85 1.53 22.31 44.54 6.50 -

Abbott (Lab) 979 7.10 82.72 88.00 81.00 85.37 2.65 36097 112.50 78.59 50 - - -

GlaxoSmithKline 1707 15.78 71.38 82.60 70.55 80.17 8.79 159182 89.98 68.00 40 15B - -

Highnoon (Lab) 165 7.06 25.56 26.48 25.25 25.50 -0.06 15438 30.48 24.50 - - - -

IBL HealthCare Ltd 200 4.19 10.69 11.00 10.00 10.65 -0.04 34213 11.00 7.16 - - - -

Sanofi-Aventis 96 6.93 145.00 167.90 147.99 161.02 16.02 18681 174.00 129.00 100 - - -

Searle Pak 306 5.29 61.50 65.00 60.50 60.52 -0.98 224881 69.00 58.50 30 - - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


693.70 707.55 673.49 692.98 -0.72 -0.10


165,778 - - 3,242.17 mn 11,809.14 mn -


5.13 1.31 25.53 11.08 2.16 -

Pak Int Cont.Terminal 1092 6.63 68.00 70.00 66.32 69.00 1.00 117256 75.72 63.00 40 - - -

PNSC 1321 8.59 33.00 33.00 30.70 30.92 -2.08 48522 39.45 30.70 15 - - -



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

BOOK CLOSURES

Atlas Honda # 14-Mar 21-Mar - - 21-Mar

Punjab Oil Mills # 14-Mar 21-Mar 10(I),10(B) - 02-Apr

Fauji Fertilizer Bin Qasim 15-Mar 21-Mar 35(F) 07-Mar 21-Mar

Huffaz Seamless Pipe Ind 15-Mar 22-Mar 15(I) - -

Indus Dye & Manufac Co # 16-Mar 22-Mar - - 24-Mar

Fauji Cement # 16-Mar 22-Mar - - 22-Mar

Al-Noor Sugar Mills # 16-Mar 26-Mar - - 25-Mar

Indus Motor 16-Mar 25-Mar 50(I) 08-Mar -

Habib Bank 16-Mar 29-Mar - - 29-Mar

United Bank (Unconsolidated) 16-Mar 29-Mar 40(F) 08-Mar 29-Mar

Al-Ghazi Tractors 16-Mar 24-Mar 250(F) 08-Mar 24-Mar

Engro Corp (Consolidated) 17-Mar 31-Mar 20(F),20(B) 09-Mar 31-Mar

Nishat Mills (Unconsolidated) # 17-Mar 31-Mar - - 31-Mar

Clariant Pakistan 18-Mar 25-Mar 135.25(B) 10-Mar 25-Mar

Hub Power (Unconsolidated) 18-Mar 25-Mar 25(I) 10-Mar -

Janana Textile Mills # 18-Mar 25-Mar - - 26-Mar

Bannu Woollen Mills # 18-Mar 25-Mar - - 26-Mar

Lotte Pakistan 18-Mar 24-Mar 5 10-Mar 24-Mar

Mari Gas 19-Mar 25-Mar 23.43(I) - -

Abbott Laboratories Pak 19-Mar 28-Mar 30(F) 11-Mar 29-Mar

Mybank Ltd 19-Mar 23-Mar - - 25-Mar

American Life Insurance # 19-Mar 25-Mar - - 25-Mar

Meezan Bank 19-Mar 28-Mar 15(B) 11-Mar 28-Mar

Rafhan Maize Prod 21-Mar 29-Mar 550(F) 11-Mar 29-Mar

D.G Khan Cement (Consolidated) 21-Mar 28-Mar 20(R) 11-Mar -

Crescent Jute Products # 21-Mar 27-Mar - - 24-Mar

Bank Alfalah 22-Mar 28-Mar - - 28-Mar

Olympia Textile Mills # 22-Mar 30-Mar - - 30-Mar

Pak Datacom 22-Mar 29-Mar 15(I) - -

Ittehad Chemicals # 22-Mar 28-Mar 5(I) 14-Mar 28-Mar

INDICATIONS

# Extraordinary General Meeting

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


Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 45.22 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 concern,

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 0.62 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 CFS Shares (mn) N/A

MA (200-day) 32.42 CFS Rs (mn) N/A

Mean 43.24 CFS Rate N/A

Median 43.25 ** NOI Rs (mn) 54.38

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


National Bank of Pakistan


Technical Outlook

NBP closed down -1.67 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






Median 79.65 ** NOI Rs (mn) 91.85



Engro Corporation


Technical Outlook

ENGRO closed up 8.83 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

AKD Securities Ltd 229.9 Neutral







Median 231.25 ** NOI Rs (mn) 146.16



Fauji Fertiliser Co


Technical Outlook

FFC closed up 8.81 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 Reduce







Median 130.53 ** NOI Rs (mn) 77.12



Nishat Mills Ltd


Technical Outlook

NML closed down -1.67 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







Median 64.93 ** NOI Rs (mn) 64.18



Pakistan Oilfields Ltd


Technical Outlook

POL closed down -2.48 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.









Median 320.75 ** NOI Rs (mn) 251.03



MCB Bank Ltd


Technical Outlook

MCB closed up 8.72 at 225.20. Volume was 67 per cent below average

(consolidating) and Bollinger Bands were 31 per cent wider than normal.

MCB is currently 9.8 per cent above its 200-day moving average and is


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

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

tors are currently bullish on MCB.









Median 223.65 ** NOI Rs (mn) 104.44


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,474.14 1,492.89 1,413.53 1,453.58 -20.56 -1.39


4,947,543 - - 29,771.58 mn 18,693.63 mn -


18.97 0.42 2.21 104.74 8.58 -

1st Fid Leasing 264 - 1.30 2.30 1.30 1.50 0.20 7822 2.34 1.16 - - - -

AL-Meezan Mutual F. 1375 4.08 10.01 10.45 9.65 10.12 0.11 244991 11.50 7.70 18.5 - 5.00 -

Atlas Fund of Funds 525 1.72 6.21 6.90 5.51 6.48 0.27 38774 6.97 3.84 2.2 - - -

B R R Guardian Mod. 780 1.84 1.40 1.70 1.35 1.69 0.29 444450 2.79 1.12 0 - - -

Crescent St Modaraba 200 1.25 0.51 0.72 0.40 0.55 0.04 34474 0.87 0.35 1.2 - - -

Equity Modaraba 524 1.07 1.72 1.98 1.62 1.75 0.03 64104 2.98 1.30 - - - -

First Dawood Mutual F. 581 0.73 2.09 2.30 1.85 2.12 0.03 24314 2.57 1.61 - - - -

Golden Arrow 760 1.48 3.37 3.40 3.20 3.22 -0.15 244936 3.89 2.92 17 - - -

H B L Modaraba 397 3.72 7.10 7.60 6.81 7.58 0.48 44063 9.00 6.71 11 - - -

Habib Modaraba 1008 6.25 7.15 7.50 7.00 7.25 0.10 39518 7.50 6.50 21 - - -

JS Growth Fund 3180 2.32 6.30 6.40 5.86 6.04 -0.26 1287731 6.43 4.61 5 - - -

JS Value Fund 1186 1.26 5.52 5.78 5.20 5.23 -0.29 451332 6.61 4.20 10 - - -

KASB Modaraba 283 1.88 3.03 3.03 2.21 3.00 -0.03 87502 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.59 8.81 9.25 8.53 9.00 0.19 149041 10.24 7.05 15.5 - - -

Mod Al-Mali 184 11.60 1.20 1.50 1.15 1.16 -0.04 18305 2.50 1.15 - - - -

PICIC Energy Fund XD 1000 3.08 7.52 7.65 7.10 7.46 -0.06 142727 8.83 6.21 10 - 10.00 -

PICIC Growth Fund XD 2835 3.74 13.01 13.09 12.11 12.50 -0.51 1086031 16.49 11.90 20 - 12.50 -

PICIC Inv Fund XD 2841 2.88 5.86 5.86 5.10 5.30 -0.56 407345 7.95 5.10 10 - 7.50 -

Prud Modaraba 1st 872 1.92 1.00 1.10 0.91 1.00 0.00 15242 1.20 0.90 3 - - -

Stand Chart Modaraba 454 5.06 9.90 10.05 9.53 9.91 0.01 19526 10.63 9.00 17 - - -

UNICAP Modaraba 136 25.00 0.05 0.25 0.07 0.25 0.20 77000 0.95 0.05 - - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


361.58 370.06 338.35 348.03 -13.54 -3.75


18,942,433 - - 30,336.44 mn 16,645.96 mn -


11.50 0.23 0.91 99.56 3.88 -

AMZ Ventures 225 1.27 0.75 0.89 0.50 0.61 -0.14 1190229 0.95 0.33 - - - -

Arif Habib Investments 360 4.04 23.80 24.86 22.90 23.75 -0.05 98169 24.86 16.80 - 20B - -

Arif Habib Limited 450 17.97 20.18 22.80 19.31 21.92 1.74 319912 28.00 18.31 - 20B - -

Arif Habib Corp 3750 4.58 21.66 24.24 21.10 23.43 1.77 13411916 30.20 18.75 30 - - -

Dawood Equities 250 613.33 1.60 1.89 1.36 1.84 0.24 19971 2.75 1.06 - - - -

Escorts Bank 441 - 2.39 2.49 1.61 2.00 -0.39 6746 3.80 1.55 - - - -

First Credit & Invest Bank Ltd 650 - 3.25 3.45 2.30 3.25 0.00 64460 4.00 2.15 - - - -

Grays Leasing 215 - 3.00 3.95 1.34 3.01 0.01 16904 3.95 0.43 - - - -

IGI Investment Bank 2121 9.50 2.10 2.24 2.01 2.09 -0.01 33942 3.90 1.90 - - - -

Invest and Fin Sec 600 4.87 6.00 6.64 6.00 6.04 0.04 5017 8.98 5.65 11.5 - - -

Invest Bank 2849 - 0.70 0.83 0.41 0.55 -0.15 112915 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.24 3.26 2.90 3.10 -0.14 341932 3.95 2.90 - 10B - -

Ist Dawood Bank 626 0.84 1.63 2.00 1.24 1.60 -0.03 45947 2.00 1.05 - - - -

Jah Siddiq Co 7633 - 9.75 9.92 8.95 9.16 -0.59 11621190 12.80 8.01 10 - - -

JOV and CO 508 812.50 3.54 3.64 3.15 3.25 -0.29 579883 4.49 2.58 - - - -

JS Global Cap 500 7.33 23.10 27.00 23.01 25.51 2.41 24285 31.50 20.80 - - - -

JS Investment 1000 - 5.77 5.85 5.40 5.54 -0.23 220902 7.40 5.10 - - - -

KASB Securities 1000 - 4.48 4.87 4.25 4.65 0.17 95865 5.43 3.75 - - - -

Orix Leasing 821 4.27 6.21 6.40 5.50 6.15 -0.06 30155 7.09 5.25 - - - -

Pervez Ahmed Sec 775 4.40 1.93 2.49 1.80 2.11 0.18 4106616 2.50 1.21 - - - -

Saudi Pak Leasing 452 - 0.61 0.95 0.65 0.94 0.33 37188 0.97 0.41 - - - -

Trust Brokerage 100 - 4.90 5.88 3.45 5.00 0.10 11034 5.88 1.42 - - - -

Trust Inv Bank 586 0.49 1.99 2.00 1.11 1.76 -0.23 16214 2.00 0.61 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


716.40 762.06 711.44 740.60 24.20 3.38


143,739 - - 2,290.72 mn 8,742.84 mn -


5.39 3.19 3.85 355.53 4.29 -

EFU Life Assurance 850 33.49 56.31 60.99 57.10 58.95 2.64 46211 79.80 51.31 - - - -

New Jub Life Insurance 627 19.65 45.29 47.90 42.98 45.98 0.69 97497 49.31 39.05 15 - - -a



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

BANKS

Performance of SR Banks Index


1,134.51 1,166.21 1,120.80 1,137.84 3.34 0.29


70,506,107 - - 257,548.02 mn 695,892.61 mn -


8.13 1.13 13.94 40.49 4.98 -

Allied Bank Ltd.XDXB 8603 5.55 69.35 69.99 57.99 58.85 -10.50 415630 74.00 57.99 40 10B - -

Askari Bank 6427 6.73 14.62 14.89 13.67 14.14 -0.48 1221383 19.25 12.55 - 10B - -

Bank Alfalah 13492 6.87 10.00 10.05 9.19 9.28 -0.72 4720789 11.99 8.75 - - - -

Bank AL-HabibXDXB 8786 5.69 28.19 29.00 27.74 28.00 -0.19 913055 39.49 27.22 20 20B - -

Bank Of Khyber 5004 3.72 4.40 4.50 4.14 4.20 -0.20 166129 4.65 3.75 - - - -

Bank Of Punjab 5288 - 7.43 7.55 7.04 7.21 -0.22 4926096 10.23 6.40 - - - -

BankIslami Pak 5280 38.22 3.73 3.95 3.26 3.44 -0.29 506008 4.50 3.01 - - - -

Faysal Bank 7327 4.29 13.84 14.44 12.81 13.31 -0.53 526287 16.47 10.69 - 20B - -

Habib Bank LtdSPOT 10019 7.99 129.14 131.00 125.00 127.84 -1.30 325290 131.00 114.01 65 10B - -

Habib Metropolitan Bank 8732 7.26 23.41 24.23 23.30 23.74 0.33 228909 29.28 22.50 - 20B - -

JS Bank Ltd 8150 - 3.03 3.15 2.72 2.80 -0.23 14160587 3.16 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.51 1.69 1.47 1.53 0.02 786703 2.79 1.40 - - - -

MCB Bank Ltd 7602 10.14 216.48 230.80 216.50 225.20 8.72 6691061 250.48 195.55 85 10B - -

Meezan Bank 6983 7.90 18.99 19.49 18.51 18.64 -0.35 154848 20.30 15.30 - 15B - -

Mybank Ltd 5304 - 2.21 2.39 2.06 2.10 -0.11 133062 3.40 2.00 - - - -

National Bank 13455 6.89 80.57 81.39 77.90 78.90 -1.67 20845649 81.78 66.01 75 25B - -

NIB Bank 40437 - 2.23 2.26 2.05 2.05 -0.18 5316956 3.35 1.90 -154.79R - -

Samba Bank 14335 - 1.83 1.95 1.70 1.72 -0.11 667993 2.12 1.50 -63.46R - -

Silkbank Ltd 26716 - 2.31 2.40 2.14 2.19 -0.12 3457335 3.05 2.06 - - - -

Soneri Bank 6023 30.05 6.64 6.85 5.62 6.31 -0.33 323980 8.48 5.00 - - - -

Stand Chart Bank 38716 9.62 7.90 9.90 8.89 9.14 1.24 817700 9.90 6.28 6 - - -

Summit Bank Ltd 7251 - 3.01 3.27 2.90 3.00 -0.01 490694 4.63 2.85 - - - -

United Bank LtdSPOT 12242 7.61 66.12 67.25 64.10 64.79 -1.33 3200647 70.65 56.89 50 - - -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


756.56 782.86 738.65 758.81 2.25 0.30


6,747,357 - - 11,111.34 mn 47,770.53 mn -


12.81 0.67 5.20 79.54 6.21 -

Adamjee Insurance 1237 23.21 82.19 83.40 79.00 80.07 -2.12 1469258 96.40 71.55 10 - - -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,465.67 1,517.94 1,421.57 1,451.64 -14.03 -0.96


13,103,511 - - 12,202.80 mn 32,330.90 mn -


9.30 1.06 11.41 66.79 7.19 -

Sui North Gas 5491 12.42 21.00 21.87 20.70 21.11 0.11 460682 29.39 19.71 20 - - -

Sui South Gas 8390 3.72 25.28 26.15 24.18 24.72 -0.56 12642829 27.90 20.00 15 25B - -



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

ELECTRICITY

Performance of SR Electricity Index


1,353.66 1,369.84 1,321.01 1,334.16 -19.50 -1.44


14,770,042 - - 95,369.29 mn 105,952.96 mn -


14.19 1.33 9.35 104.13 7.34 -

Genertech 198 - 0.75 0.80 0.66 0.67 -0.08 78422 1.17 0.56 - - - -Hub PowerSPOT 11572 7.23 39.94 40.40 39.12 39.48 -0.46 1607433 41.20 35.90 50 - 25.00 -Japan Power 1560 - 1.62 1.70 1.40 1.48 -0.14 350849 2.00 1.25 - - - -KESC 7932 - 2.74 2.83 2.54 2.72 -0.02 2556715 3.55 2.31 - 7.8R - -Kohinoor Energy XD 1695 7.60 16.50 17.99 16.00 17.48 0.98 20968 22.85 16.00 15 - 10.00 -Kohinoor Power 126 2.71 3.95 4.00 3.30 3.47 -0.48 7158 5.39 3.30 - - - -Kot Addu Power XD 8803 5.27 44.63 44.99 40.90 41.05 -3.58 1388487 45.85 39.80 50 - 30.00 -Nishat Chunian Power Ltd 3673 2.94 15.29 15.49 14.50 14.63 -0.66 3589378 18.01 14.05 - - - -Nishat Power Ltd 3541 2.28 16.45 16.64 15.46 15.60 -0.85 3838230 18.70 14.85 - - - -Sitara Energy Ltd 191 5.41 17.60 17.90 16.50 17.74 0.14 50751 19.25 16.40 20 - - -Southern Electric 1367 - 1.73 1.95 1.59 1.83 0.10 1277208 2.50 1.41 - - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,066.41 1,075.42 1,036.51 1,040.89 -25.52 -2.39


8,045,851 - - 50,077.79 mn 72,103.92 mn -


5.70 0.73 12.84 62.56 10.98 -

Pak Datacom 78 5.14 51.48 51.90 46.67 47.29 -4.19 42887 82.39 46.67 80 - 15.00 -

Pakistan Telecomm Co A 37740 11.87 18.17 18.26 17.68 17.81 -0.36 4879160 20.65 17.25 17.5 - - -

Telecard 3000 1.34 2.12 2.20 2.02 2.03 -0.09 979842 2.50 1.60 1 - - -

WorldCall Tele 8606 - 2.54 2.68 2.35 2.39 -0.15 2143962 3.45 2.15 - - - -

Wateen Telecom Ltd 6175 - 3.12 3.18 2.88 3.00 -0.12 518513 4.65 2.80 - - - -



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

Ask Gen Insurance 255 6.67 10.14 11.24 10.24 11.00 0.86 69899 12.00 9.51 - 25R - -

Atlas Insurance 369 6.13 41.45 42.50 40.00 40.26 -1.19 58692 42.90 35.47 - 20B - -

Central Insurance XB 279 9.09 77.98 80.00 76.00 79.97 1.99 9595 83.00 60.00 10 10B - -

Century Insurance 457 6.21 9.69 10.40 9.46 9.93 0.24 71177 11.99 8.90 - - - -

EFU General Insurance 1250 - 35.84 38.90 36.05 37.01 1.17 170756 45.40 32.25 - - - -

Habib Insurance 400 3.11 13.14 13.55 12.90 13.07 -0.07 69474 15.50 11.72 - - - -

IGI Insurance 718 8.42 100.00 101.90 94.05 97.97 -2.03 18015 102.44 88.11 30 55B - -

New Jub Insurance 791 10.81 60.06 64.00 59.99 61.50 1.44 35714 64.00 56.00 35 25B - -

Pak Reinsurance 3000 45.41 17.14 18.35 16.51 17.71 0.57 4608048 19.40 13.80 - - - -

PICIC Ins Ltd 350 85.64 10.00 13.00 9.60 11.99 1.99 72534 13.00 6.30 - - - -

Premier Insurance 303 6.22 11.34 11.50 11.00 11.50 0.16 14050 12.93 10.10 - - - -

Reliance Insurance XB 252 4.23 6.80 7.47 6.55 6.90 0.10 14306 7.47 6.20 - - - -

Silver Star Insurance 253 4.35 6.71 7.39 6.33 7.00 0.29 42198 8.20 6.01 - - - -

United Insurance XB 400 2.52 6.01 7.90 6.01 7.70 1.69 18872 7.90 5.50 - - - -

UPTO 5000 VOLUME

FNBM 5.85 6.25 4.85 5.77 -0.08 5000ZTL 3.50 3.98 3.21 3.90 0.40 4953SMTM 6.58 7.40 5.90 6.30 -0.28 4901SCLL 2.65 2.90 2.45 2.65 0.00 4792GUTM 19.35 20.35 18.50 20.35 1.00 4570TREI 1.30 1.74 1.30 1.52 0.22 4507CWSM 1.50 1.50 1.08 1.17 -0.33 4427PKGI 7.98 7.98 7.10 7.10 -0.88 4100SANSM 11.93 12.45 11.50 11.99 0.06 4075FRCL 2.00 2.40 1.16 2.02 0.02 4036LPGL 14.16 16.46 14.47 16.46 2.30 4015CFL 14.06 15.10 13.10 15.10 1.04 4000MOON 15.99 16.50 15.00 15.99 0.00 3951SING 21.64 22.22 18.78 19.76 -1.88 3906CSMD 6.25 6.75 6.02 6.75 0.50 3875BATA 551.04 574.99 521.00 542.26 -8.78 3559TATM 40.00 43.00 40.05 41.91 1.91 3021AATM 0.61 0.75 0.61 0.75 0.14 3000JDWS 74.69 77.99 71.50 74.00 -0.69 2964ATEL 35.75 38.20 35.00 36.53 0.78 2774SHEZ 155.46 160.68 140.03 145.51 -9.95 2746FUDLM 7.00 7.25 6.30 6.36 -0.64 2730FEROZ 90.00 91.95 88.11 90.75 0.75 2667AGL 23.50 24.55 22.33 22.36 -1.14 2596NOPK 20.09 23.00 20.98 22.00 1.91 2464STCL 6.51 7.75 6.73 7.54 1.03 2432SANE 4.03 4.75 4.00 4.75 0.72 2380FCONM 1.20 1.47 1.16 1.16 -0.04 2370STJT 22.00 22.00 20.90 21.84 -0.16 2353BWCL 12.67 13.53 10.67 10.67 -2.00 2305TSPL 0.56 0.85 0.60 0.79 0.23 2248LATM 6.50 6.50 5.50 6.11 -0.39 2214ALTN 9.98 9.98 9.00 9.00 -0.98 2195KOHS 3.40 3.40 3.40 3.40 0.00 2000SZTM 6.99 6.99 6.60 6.99 0.00 1962TSMF 0.81 1.40 1.01 1.01 0.20 1854IDYM 273.91 280.69 251.00 267.67 -6.24 1775CSUML 3.70 3.75 2.65 3.57 -0.13 1643GAMON 1.21 1.97 1.06 1.06 -0.15 1608MEHT 57.88 60.50 56.51 59.00 1.12 1424GRAYS 48.00 47.95 44.30 45.96 -2.04 1352DCM 1.29 1.50 1.21 1.30 0.01 1227TRSM 1.99 2.26 1.66 1.99 0.00 1227LEUL 2.10 2.10 1.31 2.10 0.00 1215HWQS 15.10 15.10 14.00 14.00 -1.10 1201FPJM 1.24 1.99 1.03 1.33 0.09 1096NBF 4.20 4.40 4.20 4.39 0.19 1090HINO 128.00 124.90 115.55 115.98 -12.02 1089MIRKS 48.31 49.24 46.30 48.31 0.00 1061MSCL 12.85 13.51 11.85 13.51 0.66 1052GFIL 6.60 6.60 5.60 5.75 -0.85 1050HUSS 11.43 11.94 9.04 9.04 -2.39 1039SIBL 3.01 3.95 3.00 3.30 0.29 1006BROT 0.40 0.40 0.30 0.30 -0.10 1001KML 2.01 2.79 1.92 1.92 -0.09 1001DSML 2.50 2.10 2.10 2.10 -0.40 1000ZAHT 4.00 4.00 4.00 4.00 0.00 986BTL 60.30 63.30 60.00 60.00 -0.30 926FANM 3.45 3.30 3.15 3.30 -0.15 900SASML 8.00 8.00 6.97 8.00 0.01 851JVDC 59.70 59.70 56.72 59.70 0.00 779OLTM 1.00 1.01 1.00 1.01 0.01 729MFFL 68.79 70.00 65.40 68.79 0.00 677PGCL 18.00 18.99 17.40 17.42 -0.58 647SNAI 40.55 41.50 39.50 41.00 0.45 628PRET 28.83 31.60 30.24 30.24 1.41 612PAKMI 0.90 1.08 0.85 0.85 -0.05 525CLOV 56.41 59.23 56.00 56.41 0.00 513WAZIR 6.12 6.30 6.11 6.14 0.02 510ADAMS 14.94 14.94 14.25 14.25 -0.69 500ANSS 5.50 5.50 5.50 5.50 0.00 500POML 44.10 45.00 44.10 45.00 0.90 500SFWF 6.02 7.00 6.02 7.00 0.98 500ILTM 155.09 181.91 162.84 181.91 26.82 478SHNI 10.39 10.99 9.50 10.39 0.00 469NPSM 25.00 26.25 23.75 26.00 1.00 410ELCM 4.00 5.00 4.00 4.50 0.50 400BUXL 9.00 9.95 8.00 9.00 0.00 390FNEL 4.95 5.75 4.04 4.95 0.00 380FIBLM 1.62 1.75 1.50 1.62 0.00 359BILF 0.95 1.50 0.95 0.95 0.00 301LIBM 67.00 67.00 63.65 67.00 0.00 289GLPL 55.99 57.00 53.39 54.99 -1.00 273SHCM 13.90 13.90 12.96 13.90 0.00 255NESTLE 3410.21 3580.00 3330.01 3418.44 8.23 252HUSI 6.09 6.79 5.09 6.09 0.00 242FECM 2.75 3.15 2.75 2.75 0.00 226JOPP 10.55 11.40 10.55 10.55 0.00 212ICCT 1.03 1.49 1.03 1.03 0.00 212LAKST 252.08 267.89 239.48 255.14 3.06 207SCL 90.00 94.23 90.00 90.00 0.00 204ALNRS 45.74 47.00 45.74 45.74 0.00 200INKL 9.00 9.00 8.00 9.00 0.00 200CSIL 4.24 4.29 4.24 4.24 0.00 200BFMOD 4.32 4.32 4.10 4.32 0.00 180FECS 36.91 36.91 35.11 36.91 0.00 178WYETH 980.59 987.00 897.01 940.00 -40.59 172OLSM 1.70 1.70 0.70 1.70 0.00 150ULEVER 4700.03 4947.00 4600.11 4759.84 59.81 147PECO 139.85 144.99 132.86 139.85 0.00 136UPFL 1197.58 1250.00 1151.00 1151.00 -46.58 133AASM 24.52 25.74 23.51 24.52 0.00 131DINT 33.41 33.50 31.80 33.41 0.00 125AGSML 5.50 6.08 4.71 5.50 0.00 121FRSM 18.76 19.85 18.90 18.92 0.16 120BHAT 259.00 259.00 246.10 259.00 0.00 120COLG 859.90 899.00 816.91 818.79 -41.11 111CPMFI 2.50 3.49 2.50 2.50 0.00 111DIIL 10.00 10.80 9.04 10.00 0.00 101OTSU 30.75 32.18 29.50 30.75 0.00 101FPRM 9.38 9.38 8.60 9.38 0.00 101GATI 45.42 46.50 45.00 45.42 0.00 100BWHL 35.59 36.99 35.59 35.59 0.00 100STML 23.00 23.00 23.00 23.00 0.00 100SHTM 0.37 0.50 0.21 0.37 0.00 93SIEM 977.00 1025.69 950.00 975.00 -2.00 84PRWM 14.01 14.60 14.01 14.01 0.00 79ISIL 82.13 86.00 78.03 82.13 0.00 76GVGL 23.50 24.67 22.38 23.50 0.00 75SHJS 65.56 68.83 65.56 65.56 0.00 63BIFO 47.98 49.95 45.59 47.98 0.00 59RMPL 2720.02 2890.00 2615.00 2816.88 96.86 59DADX 19.96 19.96 19.00 19.60 -0.36 50SALT 68.50 70.99 65.08 68.50 0.00 48TICL 59.20 60.00 56.25 59.20 0.00 37FZTM 409.93 430.42 389.44 409.93 0.00 37ALICO 15.02 16.02 14.02 15.02 0.00 27POAF 9.75 9.75 8.80 9.75 0.00 25BAFS 58.00 58.00 56.00 58.00 0.00 21RCML 41.49 42.50 39.50 41.49 0.00 21GLAT 8.50 9.50 8.50 8.50 0.00 20LMSM 1.50 1.50 1.30 1.50 0.00 20SUTM 36.23 36.23 34.45 36.23 0.00 20FTSM 1.20 1.74 1.20 1.20 0.00 11

Symbols Open High Low Close Change Vol

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

Karim Silk Mills Limited 14-Mar 11:30

Mohammad Farooq Textile Mills Ltd 14-Mar 4:00

Askari General Insurance 15-Mar 11:00

Atlas Honda Limited 16-Mar 11:00

Pak Tobacco Comp Ltd 16-Mar 2:00

Century Insur Comp Ltd 18-Mar 10:30

Security Investment 18-Mar 4:30

The Universal Insurance Co Limited 19-Mar 11:30

BOARD MEETINGS

Company Date Time

Monday, March 14, 2011 8

AXA sale of Taikang Lifestake gets green light

US insurersstocks fallafter Japancatastrophe

WASHINGTON: Shares oftop US insurers including AflacInc, fell last week after a mas-sive earthquake, the fifthbiggest recorded, rocked thenortheast coast of Japan.

The 8.9 magnitude earth-quake, the biggest earthquaketo hit Japan on record, triggereda deadly 10-meter tsunami thatswept away everything in itspath, killing at least 59 people.

While shares of Aflac, the topinsurance company in Japan interms of individual insurancepolicies in force declined asmuch as 3 per cent, AIG andXL Group Plc were also downmarginally in pre-market trad-ing.

The impact of the earthquakewas "too soon to know at thispoint," Stephen Wasdick, aspokesman for ACE toldReuters.

Insurers are already having todeal with the powerful earth-quake that struck New Zealandlast month, with total insuredlosses projected at between $8billion and $12 billion from thatdisaster.

Earlier on Friday, shares ofEuropean reinsurers MunichRe, Swiss Re and Hannover Reand Scor also dropped sharply.-Reuters

Nippon Lifeto invest

$724mn inReliance LifeMUMBAI: Nippon LifeInsurance Co plans to buy a 26per cent stake in India'sReliance Life for about 60 bil-lion yen ($724 million), asource with knowledge of thematter said, in the latest moveby a Japanese insurer to expandoverseas. Nippon Life, Japan's largest lifeinsurer, is in talks with RelianceCapital , the parent of theIndian insurer, to acquire the 26per cent stake, the maximumallowed for a foreign companyin an Indian insurance jointventure, said the source, whowas not authorised to talk to themedia about the matter.

Both Nippon Life andReliance Capital, a financialservices firm controlled by bil-lionaire Anil Ambani, declinedto comment on the news, whichwas first reported by Japan'sAsahi newspaper.

Reliance Capital has said inthe past that it was looking tobring in a strategic investor forits life insurance unit ahead of apossible initial public offering.

Shares in Reliance Capital,which has a market value ofabout $3 billion, were tradingdown nearly 4 per cent at 0732GMT in the main Mumbai mar-ket that was 1.3 per cent lower.The stock had earlier risen asmuch as 1.6 per cent. "We valueReliance Life Insurance atabout $2.5 billion and thereforethe amount that Nippon willreportedly pay for the 26 percent stake is not a significantpremium," said Santosh Singh,a sector analyst with brokerageExecution Noble in Mumbai.

"It's good for the company asit will get access to Nippon'sexpertise and can have a betterproduct mix," he said.

Life insurance penetration inIndia is about 4 per cent of thegross domestic product, interms of total premiums under-written in a year, comparedwith 2.4 per cent in China andabout 13.5 per cent in Britain.

Industry executives say theoutlook remains bright in anunder-insured, booming econo-my that is expected to grow at8.6 per cent in the current fiscalyear ending in March.-Reuters

WASHINGTON: Sheila Bair, chairman of the Federal Deposit Insurance Corp,

speaks during a Reuters Finance Summit in Washington.-Reuters

TOKYO: The unexpectednature of this week's earth-quake in Japan, plus the dam-age from the subsequent tsuna-mi and fires, makes estimatinginsured losses from the disasterespecially difficult, seniorexecutives at two top catastro-phe risk modeling firms said .

But most experts agree thegrowing threat of disaster fromdamaged nuclear reactors isunlikely to have much effecton the mainstream insurancebusiness because of the wayinsurance for the nuclearpower industry is structured.

Insurance policies oftenexclude certain factors fromcoverage, and that will proba-bly occur in this case -- exclu-sions on earthquake damage inthe property insurance for reac-tors and exclusions on nucleardamage for homeowners'insurance policies.

What remains is likely to bean international liability pool,where reactor operators insureeach other against claims in sit-uations like this one. How deepthat liability extends isunknown, however -- Japan isnot a party to major interna-tional conventions limiting thenuclear liability of operators.

Generally speaking, theinsurance industry does notmodel the potential for nuclearaccidents when it looks at theeffects of disasters in areaswith nuclear power.

"The scrambling of the reac-tor is a huge event that's reallydifficult to model," Eqecat sen-ior vice president Tom Larsensaid in an interview. He saidany impact was more likely tobe felt by life insurers thanproperty insurers.

Even without the nuclearthreat, though, there is plentyof scope for damage claims ofhistoric proportions.

About $24 billion of insuredproperty is located in the 3 km(1.8 mile) band along the coastof the four prefectures, orstates, most affected by thequake, Jayanta Guin of disas-ter-modeling firm AirWorldwide told Reuters. Thereis about $300 billion of insuredproperty in the four prefecturesmost affected by the quake'sshaking.

That does not equate in anyway to a similar loss value,Guin said, adding that it wouldbe days or even weeks until anaccurate estimate could bemade of what was lost, how itwas lost, and what it wouldtake to repair the damage.

One problem is that the dam-age was difficult to modelbecause the intensity and loca-tion of the quake were unex-pected, Guin said.

Eqecat, another risk modeler,said the quake was at least eighttimes stronger than any it hadmodeled in that particular partof Japan for the next 30 years.

The firm said that economiclosses from the quake wouldlikely exceed $100 billion. Itdid not release an estimate forinsured losses.

Air Worldwide, Eqecat andanother firm, RMS, are thethree main risk-modeling firmsthat help insurers predict whereand how they will suffer lossesand how severe they will be.

"We are in unprecedentedterritory when it comes tounderstanding the estimate ofthis earthquake," said Guin,Air Worldwide's senior vicepresident of research and mod-eling.

"Even the best scientific con-sensus, including scientistsfrom Japan, had not contem-plated such a large scenario inthat part of the Japan trench."

Equity analysts covering theinsurance industry said thequake may have caused up to$15 billion in insured losses,which could make it the costli-est quake in insurance industryhistory.

Friday's 8.9-magnitudequake generated a tsunamiwave 33 feet high, and esti-mates put the death toll at1,700 or more.

Another major question forthe insurance industry in thedays ahead will be whetherthe disaster will force insurersand reinsurers to raise pricesafter three years of declines.

Standard & Poor's equityanalysts estimated that insurersfaced at least $30 billion inclaims this quarter from a com-bination of earthquakes inJapan and New Zealand, floodsin Australia and losses relatedto unrest in the Middle East.

S&P said that would proba-bly be enough to turn the mar-ket. Major insurers and rein-surers with exposure to theJapanese market, such asAmerican International Group,ACE Ltd, Munich Re andSwiss Re , are expected to takeweeks to assess their own loss-es. Even then, the numbers cansteadily rise for months after-ward, as they did with theSeptember 2010 earthquake inNew Zealand. -Reuters

Japaneseinsurersin doublecalamity

TFD Report

KARACHI: Insurance stockssaw some positive activitieslast week at the Karachi StockExchange (KSE) with around6.9 million shares tradedtogether in life and non-lifesectors.

Pak Reinsurance was themost traded stock with 4.6million shares followed byAdamjee Insurance with 1.46

million shares. EFU LifeAssurance increased byRs2.64 to close at Rs58.95 andPICIC Insurance was up byRs1.99 to close at Rs11.99 tobe the major gainers of theweek.

On the other hand AdamjeeInsurance fell by Rs2.12 toclose at Rs80.07 and IGIInsurance by Rs2.03 to closeat Rs97.97 being the majorlosers of the week.

Local listed insurerssee a positive week

Monitoring Desk

KARACHI: The over-insuredbut tiny Malaysian Takafulmarket maybe about to witnessyet another new entrant.It seems that Allianz Malaysiamaybe about to enter the mar-ket through acquiring a stake inTakaful Ikhlas. Back inDecember of last year MNRBHoldings, the sole owner ofTakaful Ikhlas, said it had start-ed discussions with Allianz onselling shares in the insurer.Allianz indicated that approvalto proceed was received fromBank Negara on December 17last year around the same timethat MNRB received approvalfrom the Bank to commencenegotiations on the sale in linewith the central bank's liberal-ization moves in 2009 to raisethe cap on foreign holdingscompanies from 49 per cent to

70 per cent. Takaful Ikhlas has10 branches in Malaysia offer-ing family and general Takafulfor individuals and groups.

How big a stake AllianzMalaysia will take remains tobe seen as chief executive JensReisch told The Islamic Globe,'The future shareholding ofAllianz in Takaful Ikhlas willdepend on the negotiation to beundertaken between Allianzand MNRB and the approvalfrom the regulator. We shallannounce our shareholding inTakaful Ikhlas upon approvalgranted by the regulator'.Reisch would also not bedrawn on the price that it has inmind for the stake, 'The pur-chase price of the shares fromMNRB will depend on thenegotiation to be undertakenby Allianz and MNRB and theapproval from the regulator.

Does Allianz Malaysia think

that there is room in the marketfor another player? Accordingto Reisch, 'We still feel thatthere is big potential forTakaful in Malaysia wherethere is still a relatively lowpenetration. If our acquisitionof Takaful Ikhlas is successful,we will develop innovativeproducts and various distribu-tion channels as well as strongservice capabilities to reach outto potential customers bestpossible. For us, Takaful willbe a core business area, whichwe are keen to grow andexpand fast'.

The Malaysian Takaful mar-ket is worth around $10 billionand is attractive to newentrants more for the growthpotential that it represents thatthe value of the market at pres-ent. The market is said to begrowing at between 15 per centand 20 per cent per year.

Allianz’s footin Malaysiatakaful door

ISLAMABAD: Around onemillion registered beneficiariesof Benazir Income SupportProgrammme (BISP) whohave lost their breadearners arebeing given compensation ofRs100,000 under LifeInsurance scheme.

Talking to APP, an official ofthe programme said that thedata of one million beneficiar-ies has been sent to State LifeInsurance Corporation whilemore deserving families beingenrolled under nationwidepoverty survey will also beentitled for the scheme.

The survey being simultane-ously conducted in Punjab,Sindh and KhyberPakhtunkhwa will be complet-ed by June this year reachingover five million deservingfamilies.

However, the survey hasalready been completed inBalochistan for social and eco-nomic empowerment ofdeserving women and in com-pliance with Aghaz-e-Haqooq-

e-Balochsitan. The official said the process

to entitle beneficiaries, to vari-ous initiatives of BISP includ-ing monthly cash grant, voca-tional training, returnable loanof Rs300,000 under Waseela-e-Haq as well as life insurance, isstarted soon after completionof poverty survey in any area,the official said.

Moreover, Health Insurancefacilities would be offeredsoon to registered beneficiar-ies, the official informed.The programme is benefittingover three million families andexpediting its efforts to enrollmore deserving families fortheir social and economicempowerment.

To make the cash transferdelivery mechanism moretransparent, BISP has launchedeffective delivery systemthrough Mobile PhoneBanking and around 150,000beneficiaries in Musakhel,Layyah, Batgram and Larkanaare being provided free

mobiles in the first phase. By using Mobile Phone

Banking facility, the benefici-aries will be able to receivetheir cash grant in most con-venient and transparent way.

The transparency and facili-tation of the beneficiaries ispriority of the programme andthe system is established onmodern technology, the officialsaid.

BISP is a programme work-ing for the wellbeing of thedowntrodden segments of thesociety and international aidagencies are quite appreciativeof this programme as it is prov-ing to be a comprehensive wel-fare mechanism for the poor.

The official said people mustsupport the survey teams forsuccessful completion of thepoverty survey so that peoplein need can be reached out andgiven their right at theirdoorstep, thus, it would alsohelp in achieving BISP's objec-tive of making the country awelfare state. -APP

Health cover for enrolled

BISP beneficiaries soon

Rs100,000 each for the heirs of deceased breadearners

Congress eyesflood cover fixas tsunami

nears US westNEW YORK: As a tsunamibore down on the westernUnited States, a congressionalpanel explored ways to fix thebroken National FloodInsurance Program, which cov-ers more than 5.6 million USproperty owners.

Since Hurricane Katrina in2005, the NFIP has been nearly$18 billion in debt. Criticscomplain that it subsidizes peo-ple who live and build in dan-gerous and environmentallysensitive flood zones from thecoasts to the Midwest.

Repeated attempts to over-haul the program have failed,but Republican Rep. JudyBiggert is trying again as chair-man of the US House ofRepresentatives insurance sub-committee. She held a hearingon the issue.

"There's no question the pro-gram is in dire need of reform,"Biggert said at the session, not-ing that the NFIP "continues tobe financially unstable" andthat one of her key goals will beto "eliminate taxpayer risk."

The tsunami provides areminder of the dangers offlooding, the most common andcostly type of natural disaster inAmerica, said Rep. EmanuelCleaver, a Democrat.

"It's time that we do an over-haul of the NFIP. Somethinghas to be done. We're $18 bil-lion underwater," he said.

A long debate lies ahead.Congress is unlikely to takefinal action before lateSeptember, when the program'scurrent authorization is set toexpire.

Biggert has offered draft leg-islation that would let premi-ums rise closer to market ratesto reflect the actual risksinvolved, reduce taxpayer sub-sidies, and improve the floodzone maps which form thebasis of the program.

Industry lobbyists packed thehearing room. Major insurerswith a stake in the outcome ofthe debate over the NFIPinclude Allstate Corp, ZurichFinancial Services AG'sFarmers Insurance, TravelersCos Inc and Hartford FinancialServices Group Inc.

Federal EmergencyManagement AgencyAdministrator Craig Fugatehad been slated to testify, buthe canceled because of thetsunami. -Reuters


Australia's Michael Clarke is congratulated byteammates after running out Kenyan

batsman Tanmay Mishra

Collingwoodsees 2010 T20similarity in

WC campaignCHENNAI: The uncannyresemblance to England'sgroup stage campaign in lastyear's Twenty20 World Cuphas convinced the die-hardoptimist in Paul Collingwoodthat the team can repeat thescript and win the 50-over titleas well.

Chasing their maiden ODIWorld Cup, England havejeopardised their quarter-finalprospects by going down tolower ranked teams such asIreland and Bangladesh andneed to beat West Indies intheir last Group B match onThursday to stay afloat.

Collingwood is derivinginspiration from the Twenty20triumph he led England to inWest Indies last year.

"We have to remember theTwenty20 World Cup experi-ence," Collingwood toldreporters on Sunday.

"There also we were underpressure but were able to fightback ... it's a matter of gettingour games together and deliv-ering when it matters most."

In West Indies, England lostto the hosts and their groupmatch against Ireland wasabandoned before they made itto the next level.

Collingwood insistedEngland, once they clear thegroup stage, can still win thetitle despite their inconsisten-cy.

"We have to beat the WestIndies ... it's not all over for usand still if we can win fourgames on the trot, we can winthe World Cup.

"We knew that goingthrough the group stages istough but if we can go throughthe group stage, anything canhappen."-Reuters

BANGALORE: HoldersAustralia claimed their placein the last eight of the WorldCup on Sunday but they weremade to work surprisinglyhard by Kenya who restoredpride with a defiant perform-ance despite losing by 60 runs.

Michael Clarke (93) and thereturning Mike Hussey (54)bailed their team out of trou-ble to help set up a daunting324-6 but Kenya defied themuch-vaunted Australian fastbowling unit to score arespectable 264-6 in Group A.

Earlier, opener Brad Haddinhad made 65 but Australiafound themselves under unex-pected pressure at one stage at143-4.

After four straight losses,Kenya had clearly decided notto go down without a fight and

Tanmay Mishra (72) alongwith Collins Obuya (98 notout) resisted with a stubbornstand of 115 for the fourthwicket.

The pace trio of Brett Lee,Shaun Tait and MitchellJohnson regularly generatedspeeds in excess of 140 kmphbut the Kenyan batsmen gaveas good as they got andnotched up their highest scorein the tournament so far.

Three of the six Kenyanwickets to fall were by run-outs as the Australian fastbowlers and spinners almostran out of ideas to dismiss abatting side which was skittledout in their previous fourmatches.It had seemed as ifthe match was headed for afast finish as Kenyaslumped to46-3 in the 10th over. But as

the pitch lost its pace, Mishratook on the role of the aggres-sor and clobbered eightboundaries and one huge six.

Obuya, however, was morerestrained at the start of hisinnings but acceleratedtowards the end and singledout Shane Watson for someespecially harsh treatment.

Thomas Odoyo joined theAfrican party with a 38-ball35 at the end but the Kenyansalways were well behind theasking run-rate and theirvaliant attempt fell short.

Earlier, Clarke (93 off 80balls) paced his innings to per-fection to avoid a middle-order collapse after Australialost three quick wickets in thespace of 15 balls at the end ofthe 27th over.

See # 14 Page 11

Kenya fight to losegracefully vs Aus

KARACHI: The PakistanCricket Board (PCB) will hosta team from the Indian Punjabin June for a limited-oversseries as the country takessteps towards reviving inter-national cricket on home soilfollowing a two-year absence.

On Sunday, PCB chairmanIjaz Butt confirmed an agree-ment had been reached withthe Indian Punjab cricketassociation for a bilateralseries in June and Septemberin the Punjab provinces of theneighboring countries.

"The governments of bothcountries have given the greenlight for the series to take placeand the Indian Punjab team isalso visiting Pakistan with the

approval of the Indian cricketboard," Butt told the Dawndaily newspaper.

No international or repre-sentative cricket has beenplayed in Pakistan sinceMarch 2009 after militantsattacked the visiting SriLankan cricket team inLahore.

Six Pakistani policemen anda van driver were killed in theattack and five Sri Lankanplayers riding in the team buswere wounded.

Following the attack, theInternational Cricket Council(ICC) opted to removePakistan's co-hosting rightsfor 2011 World Cup matches.-Online

Pakistan to hostfirst series in 2yrs

Pallekele: Pakistan will con-tinue to sweat over the fingerinjury to Umar Akmal afterthe batsman, again, missedpractice. His chances of play-ing in Pakistan's game againstZimbabwe on Monday areuncertain.

Umar travelled with theteam to Pallekele stadium nearKandy for an optional trainingsession on Saturday but didn'tbat, his right index finger stillstrapped. He did some runningand nothing else. The natureof the injury isn't clear andscans and X-rays haverevealed no fracture.

"There is some swelling stillthere so he didn't bat today,"Intikhab Alam, the team man-ager said. "We will see as faras the game on Monday isconcerned but it will take acouple of days still."

Umar picked up the injuryduring fielding practice onThursday and sat out Friday'ssession as well though themanagement was eager to playdown the injury then. It camesoon after the loss to NewZealand, a game in which hiselder brother Kamran played acentral role, dropping threechances, prompting calls for

his axing. The Pakistan captain Shahid

Afridi subsequently spoke ofthe possibility of Umar replac-ing Kamran as wicketkeeper.The injury means that will nothappen now and Kamran isalmost certain to retain hisplace, but the timing has led totalk of a repeat of what hap-pened in the aftermath of theSydney Test last year. Jang, aleading Urdu daily, reportedthat the pair had been spokento by the management and toldin no uncertain terms that arepeat of Sydney would not betolerated.-Agencies

Umar maybe, may notbe in Zimbabwe clash

NAGPUR: After India'simplosion in Nagpur, MSDhoni came into the captains'press conference and hit thefirst question out of the room,into the black sky of Jamthaand all over the headlines.

India had just lost their firstWorld Cup match to SouthAfrica by five wickets andDhoni criticised his batsmenwho had made it happen. Theteam would have been helpedgreatly had they curbed nottheir enthusiasm but certainlytheir instincts today.

India lost nine wickets for29 to be bowled out for 296,when they were on course forsomething far bigger. Thebatsmen "don't need to playfor the spectators - they lovesixes and fours in India but atthe end of the day....," Dhonisaid. He spoke calmly, his agi-tation emerging mostly fromhis words.

The team, Dhoni said,

always talked about a parscore on every ground onwhich it played an ODI andresponding to changing on-field situations. India werenever able to do that inNagpur, losing four for 30 inthe batting Powerplay. "Whenyou have 270 -280 on board,you go out there and what youwant to do is play big shotsand crowds always want thosebig shots. But different peoplehave different roles andresponsibilities. You need tobat 50 overs at least.Especially if you've lost two-three wickets in the first 35overs, you should be able tobat 50 overs."

He then added one of themore obvious truths in thegame that had escaped thebatsmen. "If you play 50overs," Dhoni said severaltimes in his 10-minute con-ference, "you get moreruns." -Online

Dhoni hitsout at hisbatsmen

NZ win,but losea bowlerto injury

MUMBAI: New Zealand putanother second-tier cricketnation in their place at theWorld Cup on Sunday to securetheir quarter-final spot but afurther injury in their ranksmay prove a more importantlegacy.

Strike bowler Kyle Millstweaked his left thigh afterdelivering just 2.4 overs beforelimping off during the 97-runwin over Canada at theWankhede Stadium. His condi-tion will be assessed over thenext 48 hours.-Agencies

Akmal brosto play: AfridiKANDY: Poor form andinjury concerns notwith-standing, the Akmal broth-ers -- Kamran and Umar willplay Monday's World Cupmatch against Zimbabwe,Pakistan captain ShahidAfridi said.

Akmal has been a disap-pointment behind thestumps, dropping RossTaylor twice early in hisinnings to allow the batsmanhit a swashbuckling 131 andinflict on Pakistan a crush-ing 110-run defeat in GroupA on Tuesday.-Reuters

Most Runs

Players Mat Runs HS Ave SR

Sehwag(India) 5 327 175 65.40 125.28

Tendulkar(India) 5 324 120 64.80 100.30

de Villiers(SA) 4 318 134 106.00 111.18

Most Wickets

Players Mat Wkts BBI Ave Econ

Afridi-Pakistan 4 15 5/16 8.53 3.36

Sulieman-WIndies 4 12 4/18 12.50 4.43

Zaheer Khan(India)5 12 3/20 16.41 4.31

RECORD BOARD

Barcelonaexpectto visit

Japan ‘soon’MADRID: Barcelona coachPep Guardiola has called themassive quake and tsunami inJapan that left at least 1,000dead "a tragedy" and said hehopes the Spanish championswill be able to visit the countryagain "soon".

Barcelona has visited Japanon several pre-season tours,most recently in 2007 whenthey faced Yokohama Marinoin a friendly match, and theclub has two fan clubs in thecountry as well as a footballacademy at Fukuoka.

"I hope the country can pickitself up and rebuild itself. Ithas been a tragedy. The pic-tures speak for themselves, it'sdevastating," Guardiola wasquoted by the club's website assaying.

"I want to send my love tothe people of Japan and I'msure we'll soon be able toorganise an Asian tour and beable to be with them," headded.

Barcelona's football acade-my at Fukuoka in southwesternJapan which has some 300 stu-dents was not affected by thequake, the club said in a state-ment.

Xevi Marce, the director ofthe academy, said "the coachesand children at that school arein perfect condition."

The Japanese governmenthas said at least 1,000 peoplewere believed to have lost theirlives, but the police chief inbadly hit Miyagi prefecturesaid the death toll there alone iscertain to exceed 10,000.

The quake and tsunami havedamaged or closed down keyports. Some airports shut in theimmediate aftermath havesince reopened, but transportinfrastructure has been crip-pled along parts of the north-eastern coast.-Agencies

Nadal,Wozniackiadvance at

Indian WellsINDIAN WELLS, California:Top ranked Rafael Nadal andCaroline Wozniacki easedthrough their Indian Wellsopeners on Saturday, butAustralian Open runner-upAndy Murray bit the dust in theCalifornian desert.

Nadal defeated South AfricanRik de Voest 6-0, 6-2 whileWozniacki rolled overAmerican wildcard SloaneStephens 6-3, 6-2 at the IndianWells WTA and ATP Masters1000 event. Nadal, who helpedSpain win its Davis Cup firstround tie against Belgium lastweek, now has two career winsover de Voest but it's been eightyears between matches.

The Spaniard won their onlyprevious meeting in 2003 at aChallenger event in Francewhen he was just 16.-Reuters

PFF chief

condoles

with JFALAHORE: Pakistan Football

Federation (PFF)'s President

Makhdoom Syed Faisal Saleh

Hayat has extended his condo-

lences to Japan's Emperor

Akihito the, people of Japan

and the Japan Football

Association (JFA)'s President

Junji Ogura, Vice President

Kuniya Daini and General

Kohzo Tashima following the

massive earthquake and tsuna-

mi.

The largest quake ever to hit

Japan struck on Friday

spawned a 10-metre high tidal

wave that has wreaked havoc in

the country's east, sweeping

away boats, cars and houses as

well as triggering fires.

Powerful earthquake has struck

the north-east coast of Japan,

triggering a massive tsunami.

Officials say 350 people are

dead and about 500 missing,

but it is feared the final death

toll will be much higher.

"On behalf of AFC, FIFA and

its Member Associations, I con-

vey my deepest condolences to

the families and friends of the

victims of the earthquake and

tsunami in Japan," said Faisal

who is also AFC Executive

Committee member and

Chairman Disciplinary

Committee.-Online

C H I T T A G O N G :

Bangladesh coach JamieSiddons said Sunday it wasvital for the West Indies tobeat England if his team isto have a realistic chance ofreaching the World Cupknockout phase.

Bangladesh, who movedto four points after theirstunning win over Englandon Friday, must defeat boththe Netherlands on Mondayand South Africa in Dhakaon Saturday to cement aplace in the quarter-finals.

But a win over the Dutchcan also see the Tigers

through if England, whohave five points, lose theirlast match to the WestIndies in Chennai onThursday.

We have to beat the Dutchand then if England lose tothe West Indies, we have achance. Otherwise it will bevery difficult," Siddons saidon the eve of the match.

"If England win, we can'tget in unless we win againstSouth Africa, which is avery difficult task. I am notgoing to guarantee that wewill win against SouthAfrica.-Reuters

WI must beat Eng: BD

PALLEKELE : Pakistan's captain Shahid Afridi speaks with teammates during apractice session before Tuesday's ICC Cricket World Cup match

against New Zealand.-Reuters

9


International

The growing risk of a sig-nificant radiation leak attwo Japanese nuclear

power plants followingFriday's earthquake and tsuna-mi threatens to hurt an industrythat has enjoyed a rebirth sincethe Three Mile Island accidentin 1979 and the Chernobyl dis-aster in 1986.

On Friday, nuclear poweradvocates and environmental-ists staked out familiar groundover the incident. But a widerpublic debate may be ignited ifa major radiation leak occursin Japan, said Paul Patterson,an energy analyst with consult-ants Glenrock Associates inNew York. That debate hasbeen largely muted since the1980s when rock concertswere held to galvanise opposi-tion to nuclear power after theThree Mile Island incident inPennsylvania and the popularmovie "The China Syndrome,"that raised awareness of thedangers of a nuclear reactormeltdown.

"The severity of what hap-pens is what is important,"Patterson said of the impact ofthe Japanese incident.

If there is a substantialradioactive release, there couldeven be questions aboutwhether it could travel on thePacific jet stream to the USWest Coast.

"It is serious and it couldlead to a meltdown," said MarkHibbs, a nuclear expert at theCarnegie Endowment forInternational Peace. "And whatwe're seeing, barring any infor-mation from the Japanese thatthey have it under control, isthat we're headed in that direc-tion."

But Naoto Sekimura of theUniversity of Tokyo, said thata major radioactive disasterwas not likely.

An 8.9-magnitude earth-

quake centered in northernJapan triggered a series ofevents at two Tokyo ElectricPower Co plants that createdconditions for a radioactiveleak because there wasn't elec-tric power to circulate coolingwater over superheated urani-um fuel rods.

The two TEPCO plants, theDaiichi plant and the Dainiplant are around 40 miles (60kilometers) from the epicenterof the earthquake that led to atsunami and probably killedmore than 1,000.

Nuclear industry advocateswere saying that the ability of

the nuclear reactors in Japan tolargely withstand the power ofthe earthquake shows how safenuclear power is.

But that was before a seriesof scary announcements fromTEPCO that it had lost theability to control pressure atseveral reactors and that it washaving trouble with a valvethat would allow reactor pres-sure to be eased.

Thousands of residents wereevacuated from the immediatearea of the Fukushima plants,about 150 miles 240 km (240kilometers) north of Tokyo.

Industry experts said the pre-

cautions taken at Fukushimashowed that enhanced securityat nuclear power plants shouldprevent any disaster. But greengroups said the threatened leakshowed that the risks were stilltoo high.

"I wouldn't expect there tobe a radiation emergency ulti-mately, they may have some-thing to fix but it's a precau-tion more than anything else,"said Sue Ion, former chieftechnology officer at BritishNuclear Fuels, after Japandeclared an atomic poweremergency.

Altogether, some 11

Japanese reactors shut downafter the earthquake.

Successive layers of securi-ty should prevent any leak ofradiation, said JeremyGordon, an analyst at theWorld Nuclear Associationbased in London.

NUCLEAR POWERGAINS RECENTLY

"The reactor designs thatare up for consideration todayare generation three where thesafety systems operate at aneven higher level," said WNAanalyst Jonathan Cobb.

But environmental groupssaid the threat of a radiation

leak underscored the generalrisks from atomic energy.

"We've opposed nuclearpower for decades, and this isanother proof that it can't besafe," said Sven Teske, direc-tor of renewable energy atGreenpeace International.

A leading US scientistgroup said the incident high-lighted the grave risk of inad-equate back-up power tocooling systems at US facili-ties.

New interest from govern-ments and investors innuclear power follows thedevelopment of more

advanced plants, and a newfocus on security of energysupply and moves to reducecarbon emissions. Nuclearplants generate low-carbonpower in contrast to fossilfuels and can produce con-stantly unlike wind and someother clean energy sources.

The Vienna-basedInternational Atomic EnergyAgency (IAEA) estimatedlast month that about 10countries have decided tointroduce nuclear power andstarted preparatory infrastruc-ture work, up from four in2008. -Reuters

A ‘Chernobyl’ in Japan?* Impact on industry depends on severity of any Japan leak

* Industry says quake should not lead to safety hazard* N-power has enjoyed rebirth after 1970s, 80s disasters

Asettlement proposalby state attorneysgeneral with the five

biggest US mortgage ser-vicers stands out less forwhat it contains than for whatit omits -- terms for resolvingthe most difficult issuesdividing regulators and thebig banks.

The proposal, which callsfor a dramatic increase inloan modifications, is intend-ed as the basis for settlingallegations of widespreadwrongdoing by the big loanservicers in handling millionsof foreclosures.

But the sharply conflictinginterests of the banks, regula-tors, homeowners andinvestors in mortgage securi-ties signal that chances areremote for any "global" set-tlement with the banks.

Failure to reach a compre-hensive settlement would bebad for the housing market,homeowners, investors inmortgage-backed securities,and even the banks them-selves.

"There are so many differ-ent parties involved that Iquestion the doability of aglobal settlement," said BertEly, an independent bankingconsultant.

Paul Miller, a bank analystwith FBR Capital Markets,said the banks ultimatelymight reach a settlement withrequirements for loan modifi-cations greatly watereddown.

"The banks have a mess ontheir hands and they knowthat," Miller said. But he saidthat because banks fear thecosts of the loan modifica-tions the proposal wouldrequire, "I just don't see howbanks can sign this docu-ment."

The AGs' 27-page proposalleaked out last week. Muchof it deals with imposingwhat appear to be strict newstandards of conduct forbanks and requires far moreloan modifications on termsthat make it likely that home-owners can keep their homes.The settlement would be with

Bank of America Corp, WellsFargo & Co, JPMorganChase & Co, Citigroup andGMAC/Ally Financial Inc.

Missing from the docu-ment, however, are proposalsfor make-or-break issuessuch as:

* The dollar amount ofpenalties the servicers wouldpay, and where money fromthe penalties would go. Thedocument lists no amount,but a figure of at least $20billion has been widely dis-cussed.

* The extent of loan modi-fications required, particular-ly principal reductions cut-ting the basic amounts owed.

* Whether the banks andtheir personnel may getimmunity from potentialstate and federal criminalprosecution for filing forgedor fraudulent documents inforeclosure cases.

* A seemingly obscure butvital question -- what wouldhappen with mortgages heldin the name of the MortgageElectronic Registration

Service, a company estab-lished by the big loan ser-vicers. MERS claims to holdthe title to about half of allhome mortgages, and vastnumbers of foreclosureactions have been filed inMERS' name. But in recentmonths courts around thecountry have ruled thatMERS lacks legal standing toforeclose. (A few courts,however, have ruled that itdoes.)

* A factor that has led to asharp reduction in recentmonths in the number offoreclosures -- court rulingsaround the country holdingthat banks cannot foreclosewhen they are missing cru-cial, authentic documentsproving ownership of themortgages.

Foreclosure trackerRealtyTrac reportedThursday that foreclosures inFebruary 2011 were down 27per cent from the same monthlast year. The report attrib-uted nearly all of the declineto the court rulings, which

have led banks to hold backon filing foreclosure cases.

BREEDING MORALHAZARD?

In a press conference earli-er this week, Iowa AttorneyGeneral Tom Miller, who ledan investigation on behalf ofthe 50 states' attorneys gener-al, predicted that a broad set-tlement could be reachedwithin about two months.

Staff members of severalAGs, who asked not to beidentified, said that crucialissues were left out becausedifferences among state andfederal regulators remain sostrong that they haven't beenable to agree on proposals.The Office of theComptroller of the Currencyand the Fed didn't participate.

Miller said the agreementwas worked out jointly withfederal agencies including theFederal Deposit InsuranceCorp, the newly createdConsumer FinancialProtection Bureau and JusticeDepartment. Bank oppositionto the proposal emerged

quickly. On Tuesday, BrianMoynihan, chief executive ofBank of America, the largestUS servicer, said at a meetingwith analysts and investorsthat he opposes widespreadprincipal reductions for home-owners in default. Moynihan,executives at other banks andOCC officials contend thatsuch modifications could beunfair to homeowners whohave kept current with theirpayments. They also say itmight induce some who canafford current payments todefault in expectation thatthey would be able to negoti-ate a better deal.

MISSING DOCUMENTSSTILL A PROBLEM

It is also unclear how anysettlement between regula-tors and the banks could undorecent court decisions ban-ning banks from foreclosingwhen they lack vital docu-ments proving ownership ofthe mortgages.

In the chaos of the housingboom, many loan originatorsnever bothered to pass on

those documents to investortrusts that bought securitisedmortgages. Before the rulingsthe banks had tried to getaround the problem by filingfake mortgage assignments,often drawn up just before orafter a foreclosure proceed-ing began. Joe Klein, anattorney with Legal Aid ofCollier County, Florida, whorepresents large numbers oflow-income homeowners,contends that almost withoutexception the mortgageassignments banks filed inhis cases weren't authentic.

The court ruling couldleave the status of hundredsof thousands of homes andmortgages in limbo indefi-nitely. Legal experts say theydoubt that a settlementbetween regulators and thebanks could overcome theobstacles posed by the courtdecisions. Only an act ofCongress could do that, theysay. But there has been nosign of interest by lawmakersin taking on the issue. -Reuters

US Mortgage Settlement Proposal Likely Doomed

No matter who eventual-ly wins the lethal bat-tles raging in Libya, the

oil market will likely bestarved of hundreds of millionsof barrels for a long time,reshaping oil flows from westto east.

Top quality Nigerian andCaspian crude grades haveshot to multi-year highs andhuge premiums to MiddleEastern grades, wrecking buy-ing opportunities for emergingAsian economies.

More of this oil will likelyhead to Europe's refiners whodo not need to pay up the long-haul voyage on top of theLibyan war premium, unlessthey decide it is simply tooexpensive to run refineries.

The political unrest in Libya

has so far cost the OPEC pro-ducer 1 million barrels ofcrude oil output per day -- overhalf its daily output -- andexports are paralysed due to alack of staff, sanctions andbanks' refusal to fund deals.

Industry estimates for howmuch and for how long Libyanoil will be missed from themarket vary. But the consensusis much of the oil will disap-pear for the rest of 2011 as theunrest shows signs of develop-ing into a protracted battlewhich has already damagedsome terminal and pipelineinfrastructure.

This would mean a loss ofnearly 300 million barrels ofoil.

"It looks like the country isheading into a full-blown civil

war," said Samuel Ciszuk, sen-ior Middle East and NorthAfrica energy analyst withIHSEnergy.

"There will be no quick solu-tion. So the market will have toget used to Libyan oil offstream for the most of this yearor even the rest of the year."

The chief executive of Italianoil firm ENI Paolo Scaroni toldthe FT it might take between 6months to a year for Libyanoperations to return to normal.

Bank of America-MerrillLynch estimates the average1.4 million barrels per day ofLibyan oil will be off the mar-ket for more than a year.

Analysts are weighing theprospect of a sustained periodof zero production if moreupstream infrastructure is dam-

aged."Will the shut-in volumes go

higher? The answer is 'yes',"Societe Generale's oil analystMike Wittner said.

"It is a question of timewhether oil facilities are get-ting targeted. And if it happensit will take months to repairdamaged facilities. If the vio-lence spread into oilfields,repair work to upstream facili-ty even takes longer thandownstream."

Libyan leader MuammarGaddafi launched a sea andtank assault on the oil port ofRas Lanuf this week, intensify-ing a counter-offensive againstthe out-gunned insurgents.

LIMITED ARBITRAGELong-term disruptions of

Libya's crude oil exports are

likely to push up spot premi-ums on low sulphur crude oilfrom West Africa and theCaspian region further.

This could potentiallysqueeze spot flows of highquality crude to Asia for thelong term.

Spot premiums on bench-mark Nigerian Qua Iboejumped to a 2-1/2 year high of$4 a barrel to benchmark NorthSea Brent this week.

The jump in differentialscomes on top of the rise in thebenchmark Brent prices to anear 7-year high above MiddleEast/Asia sour benchmarkDubaicrude. "You are likely tosee Brent remain firm relativeto Dubai, limiting the possibil-ity of spot arbitrage of lightcrude eastwards," said Harry

Tchilinguirian, BNP Paribas'head of commodity marketsstrategy.

Top exporter Saudi Arabiahas promised it will providemore oil to make up for lostLibyan barrels and additionalsupplies could come to themarket if OPEC decides toraise production. But analystssay these barrels will go eastnot west. Saudi Arabia's largestoil customer base is in Asiaand it only sells oil to term cus-tomers.

"Of the additional barrelscoming from OPEC, I wouldsee most of those volumesgoing to Asia, which will freeup some West African thatnormally go to Asia, becauseEuropeans are looking forlighter grades," said Alex

Poegl, analyst at JBC Energy,referring to the fact that someEuropean refiners in theMediterranean cannot processsour grades.

Asian refineries tend to havemore flexibility to convertpoorer quality crudes intohigh-value fuels like gasoline.

Still, traders added thatbooming demand in Asiameans that flows of WestAfrican grades will not haltcompletely.

"I think some baseload bar-rels will still go to Asia butfewer marginal barrels willgo," said a crude oil trader forthe West African market.

Overall, Asia typically buysbetween 1.5 million to 2 mil-lion barrels per day of WestAfrican crude oil. -Reuters

LIBYAN OIL INDUSTRY SEEN ON ITS KNEES FOR MONTHS


International & Continuation

CONTINUATIONPrime Minister Gilani visit to Kirgizstan is important in increas-

ing the level of trade between the two countries and open newavenues of cooperation in diverse fields.

Pakistan and Kirgizstan enjoy historic relations rooted in cul-ture, traditions and ideology. Cooperation in education sector is animportant aspect of the two countries' relations.

At present, around 1,500 Pakistanis are studying inKyrgyzstan's educational institutes mainly medical colleges,whereas Kyrgyz students are also getting education in Pakistan inareas including engineering, business administration, informationtechnology and English language. -Agencies

Continued from page 12No #1

removed all the black laws which were made during Musharrafregime and give rights to people of the country.

He said the PPP had never given legitimacy to turncoats as itwas an insult to political workers and people.

Babar said the restoration of judges; National FinanceCommission Award and the 18th Amendment were achievementsof the PPP-led government.

He said the PPP believed in dialogue and it did not opt for pol-itics of confrontation even though its leader was judicially mur-dered. -APP


MANAMA: Waves of protest-ers blocked a main thorough-fare to Bahrain FinancialHarbour on Sunday, a majorbusiness district in the GulfArab banking centre, facingoff with police who firedclouds of tear gas and watercannon.

In one of the most violentconfrontations since the mili-tary killed seven protesters onFeb. 17, youths erected barri-cades across the highway afteroverwhelming riot police nearthe Pearl roundabout, the focalpoint of weeks of demonstra-tions.

"The Ministry of Interior iscurrently undergoing operationsto reopen theKing FaisalHighway and advised all pro-testors to return to the Pearlroundabout for their own safe-ty," the ministry said in a state-ment.

One protester showed a roundred mark on his chest, which hesaid was atear gas canister fireddirectly onto him. Othersshowed Reuters rubber bulletsthey said were fired by police.

A Western banker whodeclined to give his name saidthe protesters had stopped himfrom entering the FinancialHarbour: "They didn't let me

through and they were veryaggressive. This is not peacefulany more. It's time for police tostop this."

Bahrain, which is connectedto Saudia Arabia by a 25-kmcauseway, has been gripped byits worst unrest since the 1990safter protesters took to thestreets last month, inspired byuprisings that toppled the lead-ers inEgypt and Tunisia.

The kingdom, home to theU.S. Navy's Fifth Fleet, hasseen weeks of rallies by its dis-gruntled Shi'ite majority, whichsays it is discriminated againstby the Sunni royal family.-Reuters

Bahrain protesters blockhighway, confront police

n Protesters look to shut off Financial Harbour

n Police fire tear gas to disperse crowds

n Ministry urges protesters to retreat for their own safety

their sales tax liabilities.Since investigations are underway, however preliminary inves-

tigation revealed that inadmissible input adjusted by 19 units,which were involved in this scam, runs in billions of rupees.

The Federal Board of Revenue in pursuance of information pro-vided by the Directorate General of Intelligence and Investigation,FBR, Islamabad, permitted lodging of FIR against M/s M KingInternational, Karachi which were subsequently lodged onJanuary 19, 2011. -Agencies


computer expert who took advantage of the vulnerabilities in thee-FBR web portal to decode users ID and password of nil/closedunits.

The modus operandi of the accused was that they used to pur-chase the sales tax files of nil/null filers and closed business con-cerns and e-filed sales tax returns on their behalf without theknowledge of the original registered persons.

They have confessed that they issued fake invoices in the nameof these fake units and well reputed businesses also used suchinvoices to reduce their sales tax liabilities.

Since investigations are underway, however preliminary inves-tigation revealed that inadmissible input adjusted by 19 units,which were involved in this scam, runs in billions of rupees.

The Federal Board of Revenue in pursuance of information pro-vided by the Directorate General of Intelligence and Investigation,FBR, Islamabad, permitted lodging of FIR against M/s M KingInternational, Karachi which were subsequently lodged onJanuary 19, 2011. -Agencies


the world can disclose its development budget to the public, hesaid.

"If civilian government consider that they could diminish theperils through negotiation with India, then the reduction in armycould be taken place", he added.

General Athar said that several agencies from some foe coun-tries have been working to create the gap with between the armyand public. Anti-Pakistan elements are trying to prove that armyis a burden on the national development by criticizing the armed

forces.He said that under well planned conspiracies, misleading prop-

aganda is being proliferated about the high expenses of PakistanArmy.

"Apart form all plots against army, I would like to say thatforces always perform their duties within the framework given bythe sitting government", he added.

He said that the budget of defense forces consisted of two parts.The portion regarding maintenance funds can be discussed atevery forum but the segment of the budget relating to develop-ment can not be publicised as the enemy could get idea that inwhich areas the development is going to take place, so this portionis always kept in secrecy.

He said that army presented its report about the presence ofthousands of ghost schools as well as fake teachers in Punjaband later regarding this it was said that the system has been cor-rected. -Agencies


A political agent also acknowledged the attack on the terrorist'svehicle.

BBC said that no terrorists killed in the drone attack because thevehicle remained safe in the first missile attack which helpedthem to flee from the scene. -Online


Development Economics (PIDE), told Online that wheat pro-duction would increased approximately by 5-7 per cent in the cur-rent year.

He said, "Floods always cause fertility in the affected areas andtimely rain would multiply productions and yields in arid areas."More production in the flood hit areas of Punjab, Balochistan,Khyber-Pakhtunkhwa, and Sindh are expected, he added. -Agencies


Wednesday respectively. However, the big blow was witnessedon Thursday with net outflow worth $7.25 million, followed byone more outflow of $0.34 million on Friday.

Furthermore, local companies remained on the selling side withshares worth $8.64 million.

On the other hand, biggest weekly buying was witnessed fromBanks which invested $32.14 million of shares in the local bourseagainst the selling of $23.57 million, thus turning the net buyingworth of $8.58 million.

Moreover, Individuals, other organization and NBFC alsojoined banks trend as they net invested $2.80 million, $2.23 mil-lion and $1.01 million respectively.


in January 11 -- drop of Rs1.70 billion in absolute term.The decline in asset size was recorded in equity based funds as

KSE 100-Index decline 8.66 per cent MoM.Open-end Funds which contribute almost 89 per cent of total

mutual fund industry size stands at Rs208.30 billion till Feb endcompared with Rs208.50 billion in January, showing minor dropof 0.10 per cent MoM, while closed-end fund size stands atRs26.30 billion.

Money Market Funds category has once again emerged as amajor performer, as this category was able to raise Rs4.70 billionin Feb'11 to reach at Rs73.7 billion compared with Rs69.0 billionin Jan'11.

On the flip side, equity fund category size dropped 7.12 per centMoM to Rs46.45 billion till Feb'11.The other categories,Balanced, Asset Allocation, and Islamic Equity showed MoMdecline of 5.09, 11.10 and 6.33 per cent respectively.


Clarke and Hussey (54 in 43 balls), who celebrated his return to the World Cup squad with a typ-ically industrious innings, came together with Australiain a spot of bother and with a 300 plus scorelooking a long way off.

They immediately put the Kenyan fielders under pressure with singles and twos and the oddboundary to wrest the initiative back with a 114-run partnership for the fifth wicket at better than arun a ball.

Shane Watson (21) and captain Ricky Ponting (36) also got some runs under their belt. -Reuters


JERUSALEM: Israel said onSunday it would build severalhundred homes for settlers inthe occupied West Bank, a dayafter a Palestinian attack killedan Israeli couple and three oftheir children in a settlement.

Prime Minister BenjaminNetanyahu convened a specialsession of a ministerial com-mittee on settlement to approvethe step after pledging publiclythe stabbings on Saturdaywould not deter Israel frombuilding more homes for Jewsin the West Bank.

Troops searched outside thesettlement of Itamar, near thePalestinian city of Nablus, forthe attacker or attackers whosnuck into the home of Ehudand Ruti Fogel at night andknifed them and three of theirchildren, aged 11, 4 and 3months, as the family slept.

A 12-year-old daughterfound their bodies after return-ing home from an eveningyouth group meeting.

With anger high in Israel andamong settlers, Netanyahu'soffice said in a statement that"ministers decided to authoriseconstruction" of several hun-dred housing units in theEtzion bloc of settlements andin Maale Adumim, Ariel andKiryat Sefer.

The move was likely to drawinternational dismay and hard-en Palestinian resolve not toreturn to peace talks frozenover Netanyahu's refusal toextend a 10-month moratoriumthat expired in November onhousing starts in West Banksettlements.

"This decision is wrongand unacceptable and willonly create problems," said

Nabil Abu Rdainah, aspokesman for PalestinianPresident Mahmoud Abbas.

Expanded construction inWest Bank settlements couldbolster Netanyahu within hisgoverning coalition, which isdominated by pro-settler par-ties, including his own right-wing Likud.

CONDEMNATIONNo group claimed respon-

sibility for the attack but theHamas Islamists who rulethe Gaza Strip said theyoffered their "full support" toany actions taken against set-tlers.

A senior figure in Hamas'sexiled leadership, Izzat al-Rishq, said on Saturday: "Wehad nothing to do with it."

A funeral for the familywas to be held later onSunday.-Reuters

Israelis aim to raise many settler towns

after Palestine attack

Yemen policeopen fire onprotesters,kill dead

SANAA: One person died andscores were hurt on Sundaywhen Yemeni police fired liverounds and tear gas at protest-ers in Sanaa demanding an endto President Ali AbdullahSaleh's 32-year rule, medicalsources said.

Witnesses said most of theinjured were suffering severeeffects from tear gas but somewere hit by bullets. Two werethought to be in serious condi-tion in the clashes by SanaaUniversity where protestershave been camped out for days.

The United States sees Salehas an important ally in its fightagainst a highly active al Qaedacell based in impoverishedYemen, but has grown increas-ingly alarmed by the escalatingviolence and has called for dia-logue.

Al Jazeera television showedmedics treating Yemenis, cov-ered in blood and coughingfrom tear gas exposure in amakeshift hospital where pro-testers have set up an encamp-ment by the university, the epi-centre of protests in the capital.

Several thousand peoplegathered there early on Sunday,setting up barricades in aneffort to separate themselvesfrom riot police who used watercannon.

They carried banners brand-ing Saleh "Chemical Ali" inreference to the police's use ofan apparent tear gas that doc-tors have said affects the nerv-ous system. The InteriorMinistry has denied the accusa-tion.

Seven protesters werewounded during protests in al-Maafir in Taiz province and aprotester died from shots firedby police during protests in thesouthern port of Aden onSaturday.

Abdelbari Dugheish, an Adenmember of parliament fromSaleh's ruling party, said henow supported the opposition."The security forces areresponsible for the loss of lives.-Reuters

RAS LANUF, Libya:Muammar Gaddafi's troopsforced outgunned Libyanrebels to retreat eastwards onSunday and laid siege to pock-ets of resistance, unimpeded bydiplomatic efforts to impose ano-fly zone.

The United States said a callby the Arab League for a U.N.no-fly zone over Libya was an"important step," but whileWashington said it was prepar-ing for "all contingencies," ithas remained cautious overendorsing direct military inter-vention.

Arab League SecretaryGeneral Amr Moussa said theLeague had "officially askedthe U.N. Security Council toimpose a no-fly zone againstany military action against theLibyan people."

That would appear to satisfyone of the factors that NATOhas said is needed for it to takeon the task of policing Libyanair space, that of strong Arabsupport. But the other, a U.N.mandate, is still not in sight.

The United States does notwant to appear to be leadingthe drive to oust Gaddafi andmade no proposal for an emer-gency meeting of theU.N.Security Council.Diplomats in New York said aSecurity Council meeting atthe weekend was unlikely.Even if the Security Councildoes come together to discuss aLibyan no-fly zone, it is farfrom clear whether it wouldpass a resolution as veto hold-ers Russia and China have bothpublicly opposed the idea.

The lengthy diplomaticnegotiations run the danger ofbeing overtaken by events onthe ground as Gaddafi's troopspressed home their advantagein armour and air power andpushed the rag-tag insurgentforces back on the oil town ofBrega, some 220 km (137

miles) south of the rebelstronghold of Benghazi.

Libyan state television said"Brega has been cleansed ofarmed gangs," but the reportcould not be immediately con-firmed.

Some residents had fledBrega in fear, and rebels againappealed for foreign help tostop Gaddafi's warplanes.

Losing Brega and its refinerywould limit rebel access to fuelafter the insurgents werepushed out of Ras Lanuf onSunday, another major oil ter-minal some 100 km to thewest.

"The Libyan people needhelp. We're in danger. The eastis in danger," said Abdel HadiOmar, a civilian rebel volun-teer. "The Libyan people can'tcope with Gaddafi's weapons.We have people but we don'thave means."

Rebels do not want the sup-port of foreign ground troops.

"We believe that, with (a no-fly zone), we will be able toprevail," said Hafiz Ghoga, aspokesman for the rebelNational Libyan Council.

MUTINY?Fresh from crushing the

revolt in Zawiyah, west of thecapital Tripoli, governmenttanks and troops turned toMisrata, Libya's third biggestcity and the only pocket ofrebel resistance outside theeast.

But a mutiny among govern-ment troops slowed theadvance of a crack Libyanbrigade commanded byGaddafi's son Khamis advanc-ing on Misrata, with 32 soldiersjoining the rebels holding thecity, a rebel there said. He saidone defector was a general.

Rebel spokesman Gamal saidthe brigade, stalled about 10-15 km south of the city asfighting broke out in the ranks,with dozens of troops balking

at the idea of killing civiliansin the impending attack.

The events could not be con-firmed independently.Journalists have been prevent-ed from reaching the city bythe authorities.

Mussa Ibrahim, a govern-ment spokesman in Tripoli,could neither confirm nor denya military operation was underway in Misrata.

"There is a hard core of alQaeda fighters there," he said."It looks like a Zawiyah sce-nario. Some people will giveup, some will disappear ...Tribal leaders are talking tothem. Those who stay behind,we will deal with them accord-ingly."

It took a week of repeatedassaults by government troops,backed by tanks and air power,to crush the uprising inZawiyah, a much smaller town50 km (30 miles) west ofTripoli. The death toll inZawiyah is unknown but muchof the town was destroyed,with buildings around the mainsquare showing gaping holesblown by tank rounds androckets. Gaddafi's forces bull-dozed a cemetery where rebelfighters had been buried.

After fighting ceased inZawiyah on Friday, one soldierthere was asked about the fateof rebels. He made a throat-cutting gesture and laughed.

As in Zawiyah, the rebels inMisrata were heavily out-gunned.

"We are bracing for a mas-sacre," said MohammadAhmed, a rebel fighter. "Weknow it will happen andMisrata will be like Zawiyah,but we believe in God. We donot have the capabilities tofight Gaddafi and his forces.They have tanks and heavyweapons and we have ourbelief and trust in God."-Reuters

Gaddafi gunscannonballingalong into East

Friday written letters to the Prime Minister Yousuf Raza Gilani and Opposition Leader in NAChaudhry Nisar as part of the consultative process for the appointment of NAB Chief.

he letters were written just one day after the SC sent Deedar Hussain Shah packing.Chaudhry Nisar wondered as to why the Pakistan Peoples Party-led government was in panic after

the SC ruling on NAB Chief."What was the need for the Government to begin, in emergency, the process of consultation for the

appointment of NAB Chief before the issuance of detailed ruling of the SC," he questioned.He said the panic of PPP made it evidently clear that the government was taking its last breaths.

"The Government is taking its last breaths and Asif Zardari has been begging MQM for the past 7days to provide oxygen to the government," he said.

Nisar came hard on PPP Co-chairman and President Asif Ali Zardari, saying it seems that AsifZardari has resolved to use all sorts of bullying tactics to force the courts to issue rulings that are inaccordance with his desires.

"The man who is calling the shots is responsible for the killings of nine people in Sindh (duringthe strike called by PPP in the province)," Chaudhry Nisar alleged.

He said President Asif Zardari during the past three years put at stake the law, the whole countryand his party (PPP) at stake for only one point agenda - sticking to power.


Party believed in strong federation and it would not allow anyone to trample the rights of the smallprovinces.

He said that federation has seven parts including four provinces, Federally Administered TribalAreas (FATA), Gilgit-Baltistan (GB) and Islamabad Capital Territory (ICT) which are being target-ed by the leader of opposition.

Calling Chaudhry Nisar as the former Parliamentary Secretary of a military dictator, Awan statedthat President's slogan of 'Pakistan Khappay' (Long Live Pakistan) voiced for the unity of federationwas also ridiculed.

"PPP is a political party of federation and it would not leave its political role in Punjab," Awansaid while referring to PPP role in Punjab.

The minister remarked that he made a call to speaker Punjab Assembly on yesterday's unpleasantevent in the provincial assembly and assured full support to him on running the legislative businessof the assembly in a smooth manner.

He questioned the opposition leader that why a petition against the exile of Sharif brothers wasnot filed and why a petition against the manhandling of Mian Nawaz Sharif was not filed when heflew back to Islamabad from London.

Dr Babar Awan said that he would not reply to the remarks about his person because he does notbelieve in doing so. -APP


Shamsul Hasan to receive him and his family at the London airport. -Agencies


country in general and in the province in particular.He said that the Co-chairman asked the members of the PPP Committee on the proposed All

Parties Conference (APC) of the parties having representation in the Parliament, to step up theprocess of consultation with political parties for holding the conference at an early date.

The Co-chairman said that the present political situation demanded that a meaningful and broad-based consultation with all political parties was held at the earliest.

The meeting decided that the process of reconciliation would continue and doors would remainopen for all parties in the Parliament for a broader and deeper political reconciliation.

Farhatullah Babar said that the meeting reposed full confidence in the leadership of the party Co-chairman and authorised him to talk to all the political parties represented in the Parliament forarriving at a consensus on major issues being faced by the country. -APP


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KARACHI: President Asif Ali Zardari presiding over a meeting of PPP’s Central Executive

Committee members from Sindh held here at Bilawal House. -APP

LAHORE: PML-Q's head, ChaudhryShujat Hussain and former CMPunjab, Chaudhry Pervez Elahi saidthat Punjab had a bright future, whilethe Punjab government's future wasquite bleak.

Talking to media during their visitat the home of late Khalid Gharki tocondole his recent death, he accusedthe Punjab government of bankrupt-ing the province, while payingabsolutely no attention towards thewelfare of masses.

They also said that since the previousregime of PML-Q had completed itsfive-year tenure, it wanted that everyelected government should also com-plete their legal tenure.

They declared that Punjab govern-

ment had failed miserably to deliver,and there had been no credible develop-ment in past 3 years of its rule.

They strongly derided the politics ofturncoats, which had been condemnedby all political parties, expressing thatthe political mandate of all political par-ties should be cared about: as anyonetrying to disturb another's mandate,would be responsible for the conse-quences.

They said that President Asif AliZardari had patched up with PML-Qin better interests of the country, whileanswering a question, ChaudhryPervez Ali declared Rana Sanaullah asquite an unpleasant entity, who wasequally eschewed by TV viewers. -Agencies

'Q' sees no futureof PML-N in Punjab

Staff Reporter/ Agencies

KARACHI: In spite of the presence ofPresident and Prime Minister inKarachi, the ongoing incidents of tar-geted killings in the metropolitan cityhave so far left 19 people dead includ-ing political workers and a child while18 others sustained injuries, mediareports said Sunday.

Miscreants set ablaze an office of alocal organisation and three vehicles.

Unidentified attackers fired andkilled a party worker, identified asKhurram, at his shop in the busy areaof Kharadar.

This triggered a bout of heavy firingthat spread a wave of tension in theentire area where enraged people seton fire a bus, truck and a rickshawbeside an office of a local organisa-tion.

Two men named Musavir Bangashand Sikandar Chandio were gunneddown by unknown armed men atJauhar Chowrangi in Gulistan-e-Jauhararea. Musavir was a resident ofPehalwan Goth whose brother hadbeen arrested a few weeks ago.

In another incident of firing in the

same area, a political worker AsadKhan was killed and three others werewounded.

In Garden area two bullet-riddledbodies of Adnan and Sami were founddumped while a worker of a religiousparty identified as Khadim Hussainwas shot dead in Orangi Town.

Dead bodies of two youths with bul-let wounds were recovered fromMemon Goth, Malir and SuperHighway.

Armed attackers gunned down a 19-year old boy identified as Shams inSITE area.

A firing incident also occurred inAzizabad area where men with gunsriding a motor cycle fired and killedNoman, 23.

Three men were injured in similarincidents of firing in Baladia Town,Ghani Chowrangi and Kharadar.

Tension spread in all these areaswhere patrolling by police and Rangerspersonnel was undertaken to maintainorder.

Latest reports have confirmed that achild who received injuries as a resultof firing in Gulistan-e-Jauhar area latersuccumbed to his wounds and died.

Khi target-killingtoll nears twenty

NEW YORK: A former AmericanAmbassador to Pakistan has under-scored the importance of the SouthAsian country for the United Statesamid strains in Islamabad-Washingtonrelations over the Raymond Davidaffair that have led to calls for cutoff ofUS aid.

"Like it or not, Pakistan is our life-line," Ambassador Wendy Chamberlinwas quoted as saying in the course of aNew York Times' dispatch Sunday onthe activities of the detained CIA oper-ator and the adverse impact his actionin shooting dead two Pakistani menhas had on the US-Pakistan relation-ship.

Chamberlin said that America'srelationship with Pakistan remainsessential for security in the region.There are many reasons for continu-ing the relationship with such a "largeand strategically important country",she said.

At the very least, she said, theappetite of the Afghan war makes end-

ing the relationship impossible,because there are no better routes overwhich to transport all the military sup-plies that currently are shipped throughPakistan.

The Times' dispatch acknowledgedthat Davis' shooting had "complicated"American attempts to portray him as a"paper-shuffling diplomat whostamped visas as a day job; generatedan extraordinary swirl of recrimina-tions and for many Pakistanis con-firmed suspicions that America hasdeployed a secret army of spies andcontractors inside the country.

"It has also called unwelcome atten-tion to a bigger, more dangerous gamein which Davis appears to have playedjust a supporting role," the dispatchsaid.

Quoting American officials, thenewspaper said "The CIA team Davisworked with had among its assign-ments the task of secretly gatheringintelligence about Lashkar-e-Taiba." -APP

US urged to sitwell with Pak

Pakistan is our lifeline, says US ex-envoy

2 districts forIsb beforenext fiscal

ISLAMABAD: Federal Ministerfor Law and Justice andParliamentary Affairs Dr BabarAwan has said that FederalCapital would be divided intotwo districts before the comingfiscal budget of 2011-12.

He was addressing at JhangiSyedan after the inaugural cere-mony of road construction hereon Sunday.

Federal Government wouldprovide all the basic facilities tothe local community of the capi-tal, adding Islamabad High Courtis a great example.

Babar said that government iscommitted to change the life ofcommon people and first time inthe history, Balochistan receivedRs96 billion.

He said Pakistan Peoples Partyalways stands with the deprivedcommunities of the country andresolved their problems on prior-ity.

He said National FinanceCommission (NFC) and Aghaz-e-Huqooq-e-Balochistan is initialsteps for the Balochistan andother steps are being taken foruplift of the province.

The Minister said it wasmandatory under the Constitutionthat the system was run by elect-ed representatives of the people.

He said PPP government See # 2 Page 11

SENDAI, Japan: Japan faced agrowing humanitarian crisis onSunday after its devastating earth-quake and tsunami left millions ofpeople without water, electricity,homes or heat.

As officials predicted the death tollcould top 10,000, the countrymobilised a rescue effort to deliverfood, water and fuel, and pull strand-ed survivors from buildings anddamaged homes. More than 350,000people had been evacuated.

"I would like to believe that therestill are survivors," said MasaruKudo, one of 100,000 soldiers dis-patched to help in the rescue effort,as he surveyed devastation inRikuzentakata, a nearly flattened vil-lage in far-northern prefecture.

Two days after entire neighbor-hoods were submerged by wavesthat swallowed an estimated 5,000homes, Rikuzentakata is one ofmany towns and cities facing both afast-rising death toll and dwindling

supplies of food, fuel and water."Water, food, gasoline and,

kerosene - these are all lacking," saidRikuzentakata's mayor, FutoshiToba. Nationwide, about 1.8 millionhouseholds were without power, and1.4 million without electricity,Japan's Ministry of Health, Labourand Welfare said.

Tens of thousands of people hadtaken shelter in schools and stadiumsto escape near-freezing tempera-tures. Television stations showedrepeated footage of people sleepingunder blankets at makeshift evacua-tion centres.

About 140,000 people, forinstance, had been evacuated fromareas around a crippled nuclearpower plant in Koriyama inFukushima Prefecture. They werescanned for radiation exposure asthey entered shelters

Meanwhile, Japan fought to averta meltdown at two earthquake-crip-pled nuclear reactors.

The world's third-largest economyis struggling to respond to a disasterof epic proportions, with more than1 million without water or powerand whole towns wiped off the map.

As he spoke, officials worked des-perately to stop fuel rods in the dam-aged reactors from overheating,which could in turn melt the contain-er that houses the core, or evenexplode, releasing radioactive mate-rial into the wind.

The government said a buildinghousing a second reactor at the samecomplex was at risk of explodingafter a blast blew the roof off thefirst the day before. The complex is240 km (150 miles) north of Tokyo.

The No 1 reactor is 40 years oldand was originally scheduled to goout of commission in February buthad its operating license extendedanother 10 years. But Kan said thecrisis was not another Chernobyl,referring to the 1986 nuclear disas-ter. -Agencies

Japan crisis grows;casualties shoot up

PM says facing worst crisis since WWII

Libya unrest

Pakistanisevacuation

goes onISLAMABAD: Foreign Officehas announced that a special char-tered flight, sixth in its series,with Pakistani nationals onboardarrived in Islamabad from Tripoli.

According to foreign officesources another chartered flightcarrying 150 Pakistanis fromLibyan city of Sebha has alsoarrived; with another 53Pakistanis will be arriving today(Monday) in Islamabad, onboarda commercial flight from Cairo.

This makes the total number ofPakistani nationals who havereturned from Libya stands, at4783.

Foreign office has assured thatSpecial Task Force at theMinistry of Foreign Affairs wasmonitoring the situation in Libya,round-the-clock, while missionsand field offices in the regioncontinue to facilitate all thosewho wish to return to Pakistan. -Agencies

Forceskill fourmilitants

SWAT: At least four miscreantskilled in a clash with securityforces in Swat, and large amountsof weaponry and explosivesrecovered from their possessionhere on Sunday.

As per details, fresh units ofsecurity forces were patrolling,when miscreants trying to enterSwat from Dir opened fire on theforces.

In retaliation, security forceskilled all the four rebels. SecurityForces recovered large amountsof weaponry and explosiveswhereas there are being identi-fied. -Online

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani will pay atwo-day official visit to Kyrgyzstanfrom March 15 to boost bilateralrelations besides seeking joint coop-eration in trade, infrastructure andenergy with the Central AsianRepublic.

Gilani is the first Prime Minister tovisit the Kyrgyz Republic in last 15years. Earlier Benazir Bhutto visitedthe Central Asian state in 1995 afterits independence in 1991.

Prime Minister Gilani during his

stay will hold talks with his Kyrgyzcounterpart Almazbek Atambaev,President Roza Otunbayeva andSpeaker of the Kyrgyz parliament.

He will also address the businesscommunity and investors inKirgizstan. Minister of State forForeign Affairs Hina Rabbani Kharwill also accompany the PrimeMinister, a foreign office officialsaid.

During the Prime Minister's visit,the two countries will sign aMemorandum of Understanding

(MoU) on the establishing JointBusiness Council, an Agreement oncooperation in military training anda joint declaration.

A 12-member group ofFederation of Pakistan Chambersof Commerce and Industries(FPCCI) led by its presidentSenator Ghulam Ali is also part ofthe Prime Minister's delegationthat will meet with local business-men to seek the potential of jointinvestment and bilateral trade.

See # 1 Page 11

Gilani to lure Kyrgyzstan tradeCooperation in infrastructure and energy

18 injured, local party office set on fire

The Financial Daily-Epaper-14-03-2011

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Transcript of The Financial Daily-Epaper-14-03-2011