International

3.2mn CNICs being scrutinised See on Page 2

Pakistan making headway: Gilani See on Page 12

Noose around Monis tightens See on Page 12

*Crude Oil (brent)$/bbl 115.56

*Crude Oil (WTI)$/bbl 102.74

*Cotton $/lb 201.22

*Gold $/ozs 1,429.40

*Silver $/ozs 35.89

Malaysian Palm $ 1,143

GOLD (NCEL) PKR 38,995

KHI Cotton 40Kg PKR 13,396

Yearly(Jul, 2010 up to 18-Mar-2011)

Monthly(Mar, 2011 up to 18-Mar-2011)

Daily (18-Mar-2011)

Total Portfolio Invest (12-Mar-2011)

183.82

-12.12

-2.25

2912

-0.24

-1.71

3.55

-1.93

0.24

0.05

0.03

SCRA(U.S $ in million)

Portfolio Investment

FIPI (21-Mar-2011)

Local Companies (21-Mar-2011)

Banks / DFI (21-Mar-2011)

Mutual Funds (21-Mar-2011)

NBFC (21-Mar-2011)

Local Investors (21-Mar-2011)

Other Organization (21-Mar-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (12-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- Feb 11)

Remittances (Jul 10 - Feb 11)

Foreign Invest (Jul 10-Feb 11)

Revenue (Jul 10 Jan 11)

Foreign Debt (Dec 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Jan 10)

LSM Growth (Jan 11)

GDP Growth FY10EPer Capita Income FY10Population

$17.61bn

14.33%

$15.33bn

$25.60bn

$(10.27)bn

$(98)mn

$6.96bn

$1.23bn

Rs 765bn

$58.39bn

Rs 5497.4bn

$338.2mn

0.83%

4.10%

$1,051

175.51mn

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

14.02

2.00

2.30

10.68

PKR/Shares

110.87

119.57

42.64

49.04

36.42

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

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

21-Mar-2011

13.39%

13.69%

13.86%

14.00%

13.43%

13.54%

13.74%

14.13%

14.26%

13.99%

14.01%

14.00%

14.42%

14.66%

14.88%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.25 86.25

Canadian $ 86.75 87.75

Danish Krone 15.80 16.00

Euro 120.30 121.50

Hong Kong $ 10.50 11.00

Japanese Yen 1.016 1.042

Saudi Riyal 22.63 22.80

Singapore $ 66.90 67.90

Swedish Korona 13.20 13.40

Swiss Franc 91.60 92.60

U.A.E Dirham 23.18 23.38

UK Pound 138.20 139.50

US $ 85.35 85.65

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.40 85.60

Canadian $ 86.90 87.10

Danish Krone 16.22 16.26

Euro 120.94 121.22

Hong Kong $ 10.95 10.97

Japanese Yen 1.054 1.057

Saudi Riyal 22.76 22.81

Singapore $ 67.23 67.39

Swedish Korona 13.64 13.67

Swiss Franc 94.31 94.54

U.A.E Dirham 23.24 23.29

UK Pound 138.36 138.69

US $ 85.43 85.62

Inter-Bank Currency Rates

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Mirza seeks report on

worsening law & orderSee Page 2

LONDON: Supporters of Libyan leader Colonel Gaddafi protest opposite Downing Street

against the military action taken by the UK, USA and France against Libya. -Reuters

ISLAMABAD: Federal Boardof Revenue (FBR) here onMonday launched a country-wide drive against the taxevaders and non-filers andsending out notices to a largernumber of individuals,instructing them to obtainnational taxpayer numbers(NTNs) and start paying taxes,a senior official of the FBRsaid.

"Yes we have launched adrive from March 21 (Monday)against tax-evaders and thoseindividuals who were not reg-istered with tax authorities andevading taxes", Member InlandRevenue Services (IRS),Khawar Khurshid Butt toldAPP. He however, said that allthe filed formations and taxpayers units have been directedto issue notices to individualsobtain their NTN and get regis-tered with FBR for their taxpayments. "I have no exactnumber of issuing notices tosuch persons as a large numberof persons who were taxevaders and were not holding

the NTN have been servednotices across the country", heremarked.

It may be mentioned here thatChairman FBR SalmanSiddique at a seminar inKarachi on March 20 said thatthe FBR, in collaboration withthe National Database andRegistration Authority hadidentified 2.3 million individu-als who were not registeredwith tax authorities and evad-ing taxes. The FBR hasobtained key information abouttax-dodgers including theiraddresses and photographs.The FBR will give a month tothese individuals to obtain theirNTNs, following which, if theyhave failed to begin payingtaxes, further action againstthem will be taken.

"Initially we will adopt afacilitative attitude so thatthese people are encouraged tocome clean but after this termexpires, the FBR will prose-cute these people under the rel-evant laws," warned the FBRchairman. -APP

Drive against taxdodgers launched

FBR urges non-filers to get NTN

ISLAMABAD: PrivatisationCommission has invitedExpression of Interest (EOI)for issuance of Oil & GasDevelopment CompanyLimited (OGDCL)'sExchangeable Bonds by mone-tizing up to 10 per cent ofGovernment of Pakistan share-holding (up to 430,000,000shares) in OGDCL(Transactions).

OGDCL is the largest petrole-um exploration, production anddevelopment company inPakistan, listed on all three StockExchanges in Pakistan as well ason London Stock Exchange.

In 2003, Government ofPakistan divested 4.98 per centof OGDCL shares via an InitialPublic Offering (IPO) followedby Secondary Offering (SO) of9.5 per cent shares in the formof Global Depositary Receipts("GDRs") at London StockExchange and simultaneousSecondary Public Offering(SPO) of 0.5 per cent to thegeneral public in 2006.

The EOIs are invited fromFinancial Advisory Consortiafor the issuance of OGDCLExchangeable Bonds. TheTransaction will be jointly ledby at least 2 (two) internationalBook-runners who have recog-nized equity linked sales, dis-tribution, and underwritingcapabilities and demonstrabletrack record of successfullymanaging such issuances.

The FAC will preferablyinclude a local financial insti-tution as part of the consor-tium. The Interested Parties("IPs") have been asked todemonstrate post issuancebackup capabilities and pro-vide after listing performanceof the recent equity linkedinstruments successfully listedby them. It is not intended tobe, and should not be con-strued as any representation orwarranty, express or implied,with respect to any statementmade herein and should not beconstrued as an offer. -Agencies

PC initiates OGDCbond sale process

EOIs invited from Financial Advisory Consortia

ISLAMABAD: Chief Justiceof Pakistan IftikharMuhammad Chaudhry hasremarked that every penny oflooted public wealth will berecovered.

CJP gave these remarkswhile presiding over a 3-mem-ber bench of Supreme Courtduring the course of hearing ofNICL scandal here Monday.

The other members of thebench are Justice TassadduqHussain Jillani and JusticeSarmad Jalal Osmani.

During the course of hearingPML-Q chief Chaudhry ShujatHussain and MushahidHussain Sayed were also pres-ent. CJP further remarked thatno compromise would be madeon return of plundered moneyto national kitty.

About Chaudhry brothers,

CJP said all the members ofChaudhry Shujat Hussain fam-ily were respectable and MonisElahi case would be dealt withas per law.

Presenting the inquiry reportheld so far, Additional DG FIAtold the court Monis Elahi wasin the custody of FIA and solidevidence in regard to hisinvolvement in the scandal wasavailable. Rs 320 million wereto be recovered from him inthis regard, he told.

Rs over 1.68 billion havebeen recovered from formerstate minister HabibullahWaraich and Mohsin Waraichand deposited into NICLaccount. These persons hadpurchased 804-kanal land outof this money, he informed.

Their counsel Dr Abdul Basit See # 14 Page 11

CJ vows to chasedown plunderers

NICL scandal

KESC toldto explain

fibbingin bills

Staff Reporter

KARACHI: National ElectricPower Regulatory Authority(NEPRA) on Monday demand-ed an explanation from KarachiElectric Supply Company(KESC) over the round-figure-billings regarding bank andfuel-adjustment charges.

According to KESC sources,a consumer from Karachi com-plained to Nepra that KESChad not returned additional fuelcharges received during June2010 to December 2010.

The complainant furtheradded that KESC is also incor-rectly receiving Rs8 as bankcharges with round-figurebilling in monthly bills.

Nepra has issued a show-cause letter (number TCD-2011-878/09) to KESCdemanding an explanation overmalpractices as pointed out bythe complainant.

The show-cause letter alsodescribed that if an explanationis not submitted before June 30then action will be taken underSection-44 of Nepra Actagainst KESC.

EU clampscurbs on

LibyaBRUSSELS: The EuropeanUnion on Monday agreed neweconomic sanctions againstMoamer Gaddafi's regime, tar-geting both individuals andeconomic entities, diplomaticsources said.

The major new sanctionsapply to 11 Gaddafi associatesand nine economic entities andare expected to be enforcedsome time this week.

The entities were not namedbut sources said they were"investment companies, foun-dations, banks and state"groups. Oil and gas companieswere not listed.

It was the third wave ofrestrictive EU measuresslapped against Gaddafi amidincreasing pressure on theLibyan leader to step down.

A fourth series of sanctionswill also be discussed nextweek in Brussels, a diplomatsaid.

A week ago, multi-billion-dollar EU sanctions came intoforce, targeting five state vehi-cles holding billions in assetsand investments said to beunder the Gaddafi family's con-trol.

Among them was the LibyanInvestment Authority -- alsoknown as the Libyan ArabForeign Investment Company -- which is the overseas vehiclefor investing Tripoli's oil rev-enues and is a potential sourceof funding for the regime.

Others were the Central Bankof Libya, the Libya AfricaInvestment Portfolio, theLibyan Foreign Bank, theLibyan Housing and

See # 11 Page 11

KARACHI: The prices ofpetroleum products are likelyto go up again from April byRs7-12 per liter after monthlyreview of POL prices byOGRA.

Due to earthquake in Japanand turmoil in many oil pro-ducing Gulf States, prices ofoil in world markets are uncer-tain and vulnerable to go upfurther.

Keeping the vague world oilprices, the sources have

expressed fear that POL priceswill go up in April.

According to sources, it isexpected that price of petrolwill be increased by Rs7.35,High Octane by Rs10.15,kerosene Rs12.05, light dieselRs11.28 and High SpeedDiesel by Rs10.12 per liter.

This increase would add tothe miseries of the masses whoare already bearing the brunt ofinflation due to higher fuelprices. -Agencies

POL prices seen upRs7-12/ltr in April

Shabbir Kazmi

KARACHI: All PakistanCement ManufacturersAssociation (APCMA) hasstrongly urged the governmentto make payment of inlandfreight subsidy and facilitatethe industry in exportingcement, as local consumptionis stagnant and the industry isutilising only 50 per cent of itsinstalled production capacity.

A spokesman of APCMAsaid that the association in itscommunication with the feder-al authorities said that cementsales has been stagnated at 22million tonnes per year duringlast three years against produc-tion capacity of over 43 milliontonnes.

"The dilemma is that we aredisposing cement at loss in the

domestic, as well as, foreignmarkets to utilise capacity", hesaid adding industry is unableto domestically absorb morethan 50 per cent of installedcapacity due to slack demand.

He pointed out that Pakistanicement is being exported toAfghanistan and Central AsianStates below cost.

During last fiscal yearcement industry exported over4 million tonnes to these mar-kets and industry is quite hope-ful that exports to Afghanistanand Central Asian States shallincrease further.

However, he said, there is alot of scope to increase exportsthrough sea. Cement manufac-turers could get export ordersby sea, provided the issue ofhigh inland freight cost from

See # 12 Page 11

Cementmakers seepotential in export

Demands Inland Freight Subsidy

Risks fromJapan ruinare rising:Moody's

SINGAPORE: Moody'sInvestors Service says in a spe-cial report on the situation inJapan that the downside risksfrom the earthquake, tsunami,and nuclear crisis haveincreased over the past weekfor the country's economy, sov-ereign credit, banking, insur-ance, and non-financial corpo-rate sectors

The report -- publishedMonday-- outlines Moody'sthinking on the immediate andlong-term credit implicationsof the crisis for Japan's finan-cial and corporate sectors, aswell as its macro-economic andsovereign outlooks.

It also examines the effects ofthe situation on a host of sec-tors, including assessments ofthe supply chain impacts, suchas for the US auto sector, andUS and Asian electronics sector.

See # 13 Page 11

11 killed inattack on

FWO officein Gwadar

GWADAR: Eleven peoplewere killed when unidentifiedgunmen opened fire on workersof a construction company,Frontier Works Organisation(FWO) in Paleerai area ofGwadar on Monday.

According to details, twovehicles also took fire due tounprovoked firing. Police andsecurity forces cordoned off thearea and started a search opera-tion for the arrest of the killers.

According to AssistantCommissioner Gwadar,unidentified motorcyclistopened fire on the workers ofWFO and killed its sevenemployees, three NHA employ-ees and on passer-by. -INP

Karachi, Tuesday, March 22, 2011, Rabi-us-Sani 16, Price Rs12 Pages 12

Special Correspondent/Agencies

ISLAMABAD: President AsifAli Zardari will address thejoint sitting of the parliamenttoday (Tuesday) at 4 pm in theParliament House amidst theprotest of Opposition partiesagainst government's policiesand its failure to maintain goodgovernance.

President Asif Ali Zardari inhis address would announcenational agenda for the nexttwo years that would focus oneconomic development andmeasures for the common man.

President Zardari, whoattained the rare distinction ofbecoming the first democrati-cally elected head of State inthe country's history to addressjoint sitting of the parliamentfor the fourth consecutive year,will take the nation into confi-dence about the challenges thecountry was facing and the

strategy to tackle these.On the occasion of

President's address Federalcapital has virtually turned intoa fortress and a special securityplan is in place to avoid anyuntoward incident.

PML-Q has alreadyannounced to boycott the jointsitting in protest against therelease of Raymond Daviswhile PML-N is mulling toregister its strong protest

against govt policies as wellduring the joint-sitting.

In view of protest threat bythe PML-N and boycott by thePML-Q, the government is inconstant touch with the twoparties as well as MaulanaFazlur Rehman of the JUI-F topersuade them to attend thesession and ensure a smoothsailing.

Maulana Fazlur Rehman was See # 15 Page 11

PM fails to win over Shujat, Fazl; strong resistance expected

Bids fall flat towoo opposition

Nisar disapproves ofDeedar as NAB head

ISLAMABAD: Leader of the Opposition Chaudhry Nisar Alirejected the appointment Syed Deedar Hussain Shah as theNational Accountability Bureau (NAB) chairman on Monday.

This came in response to President Asif Ali Zardari's letterasking Nisar for his suggestion on the appointment.

In the letter, Nisar stated that he had already rejected DeedarHussain's appointment last year.

The opposition leader was of the See # 16 Page 11

President addresses Parliament joint session todayNat'l agenda, LG polls schedule announcement likely

2 Tuesday, March 22, 2011

KARACHI: HomeMinister Sindh Dr. ZulfiqarMirza expressing concernover worsening law andorder situation has soughtfor a detailed report ofPolice performance.

Dr. Zulfiqar Mirza direct-ed Police and Rangers toleave no stone unturned inorder to establish harmonyamong the masses. Heasked for a detailed reporton police' efficiency duringthis deteriorating conditionof peace.

The Home Minister

directed CCPO Karachi tohave meetings with thepolitical leaderships attowns' level for ensuringeverlasting peace.

He added that specialimportance must be givento the affected areas bydeploying police. In addi-tion, he asked for thereport comprising inci-dents of repeated hue andcry. Every step would betaken to ensure security ofpeople and their posses-sions.

PPP believes that it is the

right of each party to actfreely and carry on its owncreational activities for thestability of democracy, soattacking the offices of theopposition parties andkilling their political staffmembers is unbearable.

He appealed to all polit-ical leaderships and mem-bers to keep an eye on theenemies of country anddemocracy. They shouldhelp to harmonise rela-tions among Police andLaw enforcing authori-ties.-Online

Mirza directs policeto ensure peace

Worsening law & order

ISLAMABAD: Securityagencies have secretlyobtained data of over3200000 persons fromNADRA who havechanged their marital sta-tus, address, photo and sig-natures, NADRA sourcessay.

NADRA sources toldthese persons have madethese changes during thelast 8 years and NADRArules allow such changes as

well.Among these 1802787

persons have changed theiraddresses, 1013682 theirnames and over 383000have changed their photosand signatures. The intelli-gence agencies have col-lected the data so that theymay ascertain if any one ofthem is not involved in anyterror act.

This data has been pro-vided secretly with security

viewpoint as most of thechanges in regard to namehave been made after 9/11.Details have been providedto national assembly publicaccounts committee in thisrespect.

As per available recordof NADRA 2774000 per-sons who were bachelors8 years before now aremarried and their maritalstatus has beenchanged.-Online

Security agenciesscrutinising data of

3.2 lac persons

Changes in NIC after 9/11

KARACHI: Three morepersons, including a seniormember of the AwamiNational Party (ANP) weregunned down in the inci-dents of target killing in thecity on Monday.

According to police, twounidentified gunmen ridingon motorbike opened fire atANP provincial leaderHanif Khan advocate whenhe stepped out from hishouse in Metroville, Sitearea, to offer Fajr prayer. Hewas taken to Jinnah hospitalin seriously injured condi-tion where he succumbed tohis injuries. The body washanded over to heirs afterlegal formalities.

The deceased Hanif Khanadvocate was ANP's generalsecretary of Metroville Site

area in Karachi.Killing of the ANP

activist sparked unrest in thecity and Old Golimar area,where the angry mob ofANP supporters peltedstones at public propertiesand set tyres on fire.

Karachi Bar Associationcondemned the killing ofHanif Khan and announcedto hold protest in the com-pound of the court. Cityincluding Orangi Town, Sitearea and Banaras Townbecame tense.

In another target killing,in Khudadad Colony ofLine area, unidentifiedarmed men opened indis-criminate fire at a teacher ofa Madrassa Abdul Hafeez,killing him on the spot. Theculprits managed to flee

from the scene after theincident.

A bullet-riddled body wasfound from Shah Faisalcolony No 1. Identity of thebody could not be ascer-tained yet, police sourcessaid. At least 10 peoplewere killed and more than100 others injured in multicollision of vehicles atNational Highway here onMonday.

According to police theaccident took place in ShahLatif Town near Bin Qasimturn on National Highwaywhere three buses and atrailer collided with eachother.

The heavy duty trailerturned over the bus ownedby NED University killing10 people.-INP

ANP leader among 3killed in target killings

10 die, over 100 injured in highway accident

ISLAMABAD: While not-ing that BilateralCooperation Agreement,signed in 2009 betweenPakistan and Cuba, hadprovided a framework forenhanced economic andtrade ties, Prime MinisterSyed Yusuf Raza Gilanicalled for both sides to lookinto the possibilities ofselective border trade.

The Prime Ministerwhile talking to JesusZenen Buergo Concepcion,Ambassador of Cuba whocalled on him at the PM'sHouse here on Monday, thePM thanked the leadershipand Government of Cubafor its generous relief assis-tance provided in the after-math of devastating earth-quake of October 2005 bydeploying the largest con-tingent of doctors and para-medics of 2465 personalsfor a period of more thansix months in Pakistan.

He also appreciated theCuban gesture of offering1000 fully paid medicalscholarships for Pakistanistudents and for Cuba'sinstrumental role for secur-

ing the UN Award in thefield of human rights forMohtarma Benazir BhuttoShaheed in 2008.

The Prime Ministerurged that both the coun-tries should add substanceto their bilateral ties partic-ularly in the economic andcommercial fields by capi-talizing over the hugereservoir of goodwill thatexist among their people.

The Prime Minister saidthat fighting the menaceof Hepatitis-B in Pakistanwas his personal initiativeand Pakistan and Cubacan cooperate throughjoint ventures in produc-tion of vaccine for theHepatitis-B as well asjoint ventures in the fieldsof bio-technologies. ThePrime Minister also calledfor early formation of aJoint EconomicCommission which hehoped would facilitate thecommencement of formaltrade between the twocountries. The PrimeMinister underlined theimportance of people topeople contacts and

exchange ofParliamentarians as wellas high level contactsbetween Pakistan andCuba and proposed to theCuban Ambassador of for-mation of FriendshipGroups of Pakistan andCuba in the Parliaments ofboth countries.

The Prime Ministerexpressed the hope thatAgreement of BilateralCooperation betweenPakistan's Ministry ofSports and Cuban Instituteof Sports, PhysicalTraining and Recreation,would be signed in the nearfuture. He informed theAmbassador that businessand investment delegationsfrom Pakistan will be sentto Cuba to look into thepractical possibilities ofincreasing trade and invest-ment ties. He assured theAmbassador that his gov-ernment will lend full sup-port to him for his efforts tobring Pakistan and Cubaever closer.

The Ambassador of Cubathanked the Prime Ministerfor his government's full

assistance to him in carry-ing out his duties. Heinformed the PrimeMinister that he was work-ing for the visit ofPakistan's Minister forSports to Cuba for signingof Agreement onCooperation betweenPakistan's Ministry ofSports and Cuban Instituteof Sports, PhysicalTraining and Recreation.He also sought PrimeMinister's support for visitof Pakistan's trade andinvestment delegations toCuba in the near future par-ticularly to focus on coop-eration in the areas of bio-technologies, production ofHepatitis-B vaccine as wellas sharing of technology inthe pharmaceutical andmedical equipment. Heassured the Prime Ministerthat he will focus upon fur-ther strengthening of polit-ical as well as economicand commercial ties duringthe tenure of his duties inIslamabad.

The meeting was alsoattended by senior offi-cers.- NNI

PM seeks tradeopportunities

with Cuba

KARACHI: The 3-day 7thHealth Asia 2011 Int'lExhibition and Conferencewould start here from todayat Karachi Expo Centre.

Sindh Minister forHealth Dr Sagheer Ahmedwould inaugurate the con-ference while delegatesfrom more than 20 coun-tries would attend the event.

There are more than 100stalls in the Exhibitionwhere more than 60 interna-tional and domesticexhibitors are showcasingtheir products and services.Over 51 foreign delegates

are also to attend the eventfrom more than 20 coun-tries including China,Taiwan, India, and UAE.The event will be open onlyfor Trade/ CorporateVisitors from 10 AM to 7PM daily. More than 35,000visitors are expected to visitthe event during the 3 days.

Health Asia Int'lExhibition & Conferencesis the only UFI (Paris)Approved Health andPharma sector Event inPakistan, which providesenormous opportunities oflearning.-NNI

Health Asia Int'lconf opens today

Staff Correspondent LAHORE: The LahoreChamber of Commerceand Industry Mondaystressed the need for awholesome approach toensure sustainable, effi-cient and equitable man-agement of scarce waterresources as water shortagecan have a devastatingimpact on socio-economicdevelopment and on thewell-being of mankind.

In a statement issued onthe occasion of WorldWater Day, the LCCIPresident Shahzad AliMalik said that the LahoreChamber of Commerceand Industry had alreadyformed Pakistan WaterFront to invite the attentionof the authorities towardsdepleting water resourcesand to highlight the needfor building water reser-

voirs in the country includ-ing Kalabagh Dam.

The LCCI President saidthat all the chambers andtrade associations hadalready been taken onboardon Pakistan Water Frontand they have assured theirunequivocal support as theyall are convinced that with-out water 20 million acresof otherwise fertile landwould dry up in a week andtens of millions of peoplewould starve. No army,with bombs and shellfirecould devastate as thor-oughly as Pakistan could bedevastated by India by cut-ting off river flows.

The LCCI President saidthat water and its equitabledistribution pose great socialchallenges. We need to safe-guard the global supply ofwater and to ensure thateveryone has access to it.

LCCI for equitablemanagement ofwater resources

ABAD decriescement pricesKARACHI: Associationof Builders and Developers(ABAD) has expressed"resentment on increase inthe cement prices."

In a statement hereMonday ABAD Chairman,Babar Mirza Chughtai, main-tained that cement prices inSindh have increased fromRs270 to Rs350 per bagwhile in the Punjab it is beingsold at Rs355 per bag.

He was of the view that thisincrease would have a nega-tive impact on the constructionindustry. Babar appealed to theCompetition Commission ofPakistan to take notice of thesituation.-APP

APNSawards on28th at Isb

Staff Reporter

KARACHI: The 21stAPNS Awards Ceremonywill be held on March 28, atPresident House, Islamabadwherein awards will be dis-tributed by the President ofPakistan, Asif Ali Zardariamong the winner journal-ists and advertising agen-cies.

The APNS has announcedthe winners of 20th APNSJournalist Awards for theperiod 2009-2010 whichwill be given at the APNSAwards Ceremony. ThePanel of Judges for 20thAPNS Journalist Awardconsisted of the prominentwriters and intellectualsnamely, Ms. AmeenaSaiyid, Managing Director,Oxford University Press,Babar Ayaz, ManagingDirector, Mediators (Pvt.)Ltd., Karachi, Dr. Rafia Taj,Head of Department, MassCommunications, KarachiUniversity, Prof. Dr. FatehMuhammad Bufat, KarachiUniversity, Mrs. MehtabAkbar Rashidi, EyeTelevision Network, Dr.Mugheesuddin Sheikh,Mass CommunicationDepartment, PunjabUniversity, Justice NasirAslam Zahid,. Owais AslamAli, Pakistan PressInternational, Prof. TauseefAhmed Khan, Federal UrduUniversity, Siraj-ul-HaqAdvocate, Ms. SeemeenNaghmana, Dean Faculty ofArts, Federal UrduUniversity and Prof.Shahida Kazi, Departmentof Media Studies, Instituteof Business Management.

The Panel selected the fol-lowing awards: -The Best InvestigativeReport, Ayesha Siddiqa,Monthly Newsline,-Best Investigative Report(Business/Economic), TalibQizilbash, M/ Newsline-Best Investigative Report(Environmental/Conservation/Gender) Razia Fareed, D/ Jang-Best Column Award(English), Huma Yousuf,Daily Dawn-Best Column Award (Urdu),Yasir Pirzada, Daily Jang-Best Column Award(Provincial Language),Manzoor Mirani, Daily Kawish-Best Feature Award(English) [Jointly], MaheenBashir Adamjee and ZaraFarooqui-Best Feature Award (Urdu),Ghulam Mohiuddin, DailyJang-Best Feature Award(Provincial Language),Humerah Noor, IbratMagazine-Best Cartoon, Abdul KarimRathore, Daily The NewsInt'l.-Best Photograph, ShafiqAwan, Daily Times

The panel of judges foradvertising awards haveshort listed the winners andthe finalists which will beannounced at the Ceremony.

The President APNS,Hameed Haroon has decid-ed that the PresidentialAward for Excellence in PRand CorporateCommunications be award-ed to Naveed Saeed, SeniorExecutive Vice President,P a k i s t a nTelecommunications Co.Ltd.

The APNS has issued theinvitation cards to the guestsof the Ceremony andrequested them to reach thevenue definitely by 7 pm,says a press release ofAPNS.

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Jesus Zenen Buergo Concepcion, Ambassador of Cuba

at PM House.-APP

KARACHI: L to R chief guest Ms Durriya Kazi,

Professional Manager Aamna Latif and Assistant Brand

Manager Hira Khan, Colgate Palmolive (Pakistan) Ltd.

with winners of the 'Colgate Global Art Contest 2011'

Zainab, Discovery Center Smart School. Minhal Kukda,

Dawood Public School. Saadam Khan, The City School

PAF Chapter.-Staff Photo

ISLAMABAD: Dr Abdul Hafeez Shaikh Federal Minister for

Finance giving away Wonder Woman of the year Award 2011

to Mrs Shafqat Sultana President/CEO & Chairperson First

Women Bank Ltd in a ceremony organised by National Hero

Foundation in collaboration with Ministry of Finance

Government of Pakistan.-Staff Photo

TV PROGRAMMES

TUESDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:30 Aap Ki Baat (Rpt)

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Aap Ki Baat

19:00 News

19:05 Hal Kya Hai

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With Jasmeen

23:00 News

23:30 24

MCBFSL to be trustee ofPak Oman Cash Fund,

SecuritiesTFD Report

KARACHI: Pak Oman Asset Management CompanyLimited (POAMCL) and MCB Financial Services Limited(MCBFSL) have signeda trust deed withMCBFSL acting astrustee for POAMCL'stwo upcoming funds:Pak Oman Cash Fund(POCF) and Pak OmanGovernment Securities Fund (POGSF).

Ms. Hina Ghazanfer, MD and CEO of POAMCL andKhawaja Anwar Hussain Syed - CEO of MCB FinancialServices Limited signed the trust deed on behalf of theirrepresentative organisations. Agha Ahmed Shah - MDand CEO of Pak Oman Investment Company Limited andM.U.A. Usmani - President & CEO of MCB BankLimited were also present during the ceremony.

POAMCL was incorporated on July, 28 2006 as a pub-lic unlisted company with the principle objective to act asan Investment Manager for mutual funds. The Companyis backed by Pak Oman Investments Company Ltd(POICL), Oman National Investment CorporationHolding (ONIC), Bank Muscat and National LogisticsCell (NLC).

SBPdeclares

holiday onMarch 23

TFD Report

KARACHI: On the

occasion of Pakistan

Day, the State Bank of

Pakistan (SBP) declared

Holiday on Mrach 23.

According to a press

release, all offices of

SBP Banking Services

Corporation, including

the Public Debt Offices,

will remain closed on

Wednesday as Public

Holiday declared by the

Government of Pakistan

on the occasion.

MUMBAI: The Indian rupeeended stronger on Mondaysupported by the euro's gainsagainst the dollar, but surgingoil prices put a lid on furtherappreciation and choppydomestic shares provided littledirection.

The partially convertiblerupee closed at 45.0050/0150per dollar, 0.3 per cent strongerthan Friday's close of 45.13/14.It traded in a range of 45.000-45.0900 intraday.

"Positives outweigh the neg-atives in the near-term (sevendays). The immediate-termbias is for the rupee appreciat-ing into 44.85-44.90," said J.Moses Harding, head of globalmarkets at IndusInd Bank.

"Euro/dollar going to$1.4300/4500 can push therupee to 44.80 ... and a hugepremium for forward dollarswill keep the forward segmentin a supply-driven mode. Near-term large ticket IPO/FPO sup-plies is also a positive," hesaid.

The one-month onshore for-ward premium was at 31.50

points, lower than Friday'sclose of 33.50, while the three-month premium was at 82.25points versus its previous closeof 83.50 and the one-year wasstable at 288.50.

The one-month offshore non-deliverable forward contractswere quoted at 45.30, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, the MCX-SX andthe United Stock Exchangewere at 45.0950, 45.0850 and45.0925 respectively, with thetotal traded volume at about$6.4 billion. -Reuters

Indian rupeeup as euro assists

3Tuesday, March 22, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 21/03/2011

A USD GBP CAD EUR JPY

O/N 0.20450 0.55688 0.96917 0.65125 SN 0.13375

1WK 0.23770 0.57750 1.00000 0.72913 0.14875

2WK 0.24470 0.58375 1.03583 0.77850 0.16000

1MO 0.25250 0.61438 1.07833 0.84775 0.15875

2MO 0.28300 0.68375 1.13033 0.98750 0.17125

3MO 0.30900 0.80563 1.20200 1.12688 0.20000

4MO 0.34950 0.88813 1.26750 1.22500 0.24563

5MO 0.40700 0.99313 1.32450 1.32438 0.30000

6MO 0.46000 1.10875 1.38317 1.44313 0.34625

7MO 0.51100 1.19250 1.46517 1.51875 0.39625

8MO 0.56125 1.27875 1.54850 1.59063 0.44438

9MO 0.61175 1.36125 1.62750 1.66750 0.49000

10MO 0.66100 1.44250 1.71167 1.74188 0.51688

11MO 0.71450 1.51125 1.79333 1.81250 0.54375

12MO 0.77200 1.58125 1.87500 1.88250 0.57125

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

U.S.A. 85.55 85.35 85.10U.K. 138.69 138.36 137.93EURO 121.22 120.94 120.55CANADA 87.10 86.90 86.67SWITZERLAND 94.54 94.31 94.07AUSTRALIA 85.60 85.40 85.17SWEDEN 13.67 13.64 13.61JAPAN 1.06 1.05 1.05NORWAY 15.39 15.36 15.32SINGAPORE 67.39 67.23 67.05DENMARK 16.26 16.22 16.18SAUDI ARABIA 22.81 22.76 22.70HONG KONG 10.97 10.95 10.92CHINA 13.03 13.00 12.96KUWAIT 308.15 308.23 307.42MALAYSIA 28.15 28.09 28.01NEW ZEALAND 62.71 62.56 62.40QATAR 23.49 23.44 23.38U.A.E. 23.29 23.24 23.18KR WON 0.08 0.08 0.08THAILAND 2.82 2.82 2.81

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.4187 1.4190 1.4204 1.4142

USD-CHF 0.9052 0.9055 0.9075 0.9000

GBP-USD 1.6280 1.6284 1.6294 1.6200

USD-CAD 0.9765 0.9768 0.9858 0.9751

AUD-USD 1.0054 1.0058 1.0068 0.9944

EUR-JPY 115.1000 115.1400 115.2100 114.4700

EUR-GBP 0.8715 0.8718 0.8743 0.8700

EUR-CHF 1.2833 1.2837 1.2846 1.2767

GBP-JPY 132.0400 132.1300 132.2200 131.0000

CHF-JPY 89.6200 89.6700 89.8200 89.4000

Gold 1431.1400 1434.7300 1434.6000 1417.0100

As per 22.00 PST

Time Source Events Forecast Previous

9:30 JPY All Industries Activity m/m 2.7% -0.2%

12:00 CHF Trade Balance 2.13B 2.04B

14:30 GBP CPI y/y 4.2% 4.0%

14:30 GBP Public Sector Net Borrowing 5.7B -5.3B

14:30 GBP RPI y/y 5.2% 5.1%

14:30 GBP Core CPI y/y 3.2% 3.0%

16:00 GBP CBI Industrial Order Expectations -5 -8

17:30 CAD Core Retail Sales m/m 0.8% 0.6%

17:30 CAD Leading Index m/m 0.7% 0.3%

17:30 CAD Retail Sales m/m 1.1% -0.2%

19:00 USD OFHEO HPI m/m -0.2% -0.3%

19:00 USD Richmond Manufacturing Index 23 25

Source Events Actual Forecast Previous

GBP Rightmove HPI m/m 0.8% 3.1%

JPY Bank Holiday

NZD Credit Card Spending y/y 5.3% 5.5%

USD Existing Home Sales 4.88M 5.15M 5.40M

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

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

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

Bank of Japan April 7, 2011 December 19, 2008 0.10%

Swiss National Bank December 15, 2011 March 12, 2009 0.25%

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

Federal Reserve January 1, 2001 December 16, 2008 0.25%

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, March 21,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

ABLN 12.90 13.40 12.90 13.40 12.90 13.40 13.35 13.60 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 13.05 13.55 13.00 13.50 13.00 13.50 13.30 13.55 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

ASPK 13.00 13.50 13.00 13.50 13.00 13.50 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

CIPK 12.80 13.30 12.80 13.30 12.80 13.30 13.30 13.55 13.50 13.75 13.60 14.10 13.80 14.30 13.90 14.40

DBPK 12.80 13.30 12.75 13.25 12.75 13.25 13.25 13.50 13.35 13.60 13.40 13.90 13.55 14.05 13.65 14.15

FBPK 12.90 13.40 12.90 13.40 12.90 13.40 13.30 13.55 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 13.00 13.50 13.00 13.50 12.95 13.45 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 12.95 13.45 12.95 13.45 12.95 13.45 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 12.95 13.45 12.95 13.45 12.95 13.45 13.25 13.50 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

NIPK 13.10 13.60 13.10 13.60 13.15 13.65 13.30 13.55 13.35 13.60 13.40 13.90 13.45 13.95 13.50 14.00

HMBP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SAMB 12.90 13.40 12.90 13.40 12.95 13.45 13.30 13.55 13.40 13.65 13.65 14.15 13.75 14.25 13.85 14.35

MCB 13.00 13.50 13.00 13.50 12.90 13.40 13.25 13.50 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 13.00 13.50 13.00 13.50 13.00 13.50 13.30 13.55 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 12.90 13.40 12.90 13.40 12.90 13.40 13.20 13.45 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

UBPL 12.90 13.40 12.90 13.40 12.90 13.40 13.30 13.55 13.50 13.75 13.65 14.15 13.80 14.30 13.90 14.40

AVE 12.94 13.44 12.94 13.44 12.93 13.43 13.29 13.54 13.49 13.74 13.63 14.13 13.76 14.26 13.86 14.36

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)21/03/2011

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

1 week 0.87 0.94 -0.42 0.85 -0.20 0.03 0.89 -0.871 month 0.63 0.78 -0.71 0.57 -0.60 0.40 0.69 -0.183 months -0.22 0.19 -0.67 -0.08 -0.51 -0.22 0.11 0.266 months -0.45 -0.15 -0.64 -0.14 -0.67 -0.38 -0.29 0.241 year -0.75 0.82 0.10 0.61 -0.57 -0.80 -0.77 0.402 years -0.88 0.84 0.40 0.78 0.11 -0.17 -0.84 0.77

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 13.10 13.10 13.15 13.10 13.15 13.25 13.14

8-15dys 13.10 13.12 13.10 13.05 13.10 13.10 13.10

16-30dys 13.05 13.12 13.08 13.10 13.15 13.10 13.10

31-60dys 13.25 13.18 13.18 13.15 13.20 13.18 13.19

61-90dys 13.28 13.26 13.26 13.25 13.24 13.25 13.26

91-120dys 13.45 13.32 13.40 13.30 13.40 13.45 13.39

121-180dys 13.52 13.54 13.53 13.55 13.55 13.55 13.54

181-270dys 13.65 13.65 13.64 13.60 13.66 13.67 13.65

271-365dys 13.70 13.72 13.75 13.70 13.70 13.70 13.71

2-- years 13.95 13.95 13.94 13.90 13.90 13.90 13.92

3-- years 13.98 14.00 13.99 13.98 14.00 13.97 13.99

4-- years 14.00 13.97 14.00 14.00 14.00 14.00 14.00

5-- years 14.00 14.00 14.01 14.02 14.00 14.01 14.01

6-- years 14.05 14.05 14.06 14.05 14.05 14.05 14.05

7-- years 14.05 14.05 14.07 14.05 14.06 14.06 14.06

8-- years 14.04 14.03 14.03 14.04 13.95 14.03 14.02

9-- years 14.00 14.03 14.02 14.03 14.00 13.98 14.01

10--years 14.00 14.00 14.00 14.02 14.01 13.99 14.00

15--years 14.40 14.40 14.45 14.50 14.35 14.40 14.42

20--years 14.60 14.65 14.70 14.80 14.55 14.60 14.65

30--years 14.80 14.85 14.90 15.00 14.80 14.90 14.88

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for March 21, 2011

NEW YORK: The yen fell against thedollar for a second straight day onMonday, with investors wary of more cen-tral bank selling to weaken the Japanesecurrency, though markets could testauthorities' resolve by pushing the pairback toward the 80 level.

Traders said Friday's coordinated inven-tion by the world's major central banks --the first such move since 2000 -- had beensuccessful for now, as the dollar stabilizedaround 81 yen and yen volatility retreatedfrom recent highs.

In the near term, analysts said the 80 to80.85 area could serve as a floor for thedollar against the yen, and a fall belowcould see renewed intervention by centralbanks. On the upside, resistance is seenaround 82 yen, the post-intervention highset on Friday.

"The market is certainly very wary aboutcentral banks being on the sidelines," saidDean Popplewell, chief currency strategistat OANDA in Toronto.

"The market isalso questioningwho would beintervening ifthe yen doesstart to appreci-ate, whether itwill be the Bankof Japan on itsown or it will be another coordinated inter-vention. But at the moment, nobody iswilling to test the waters," he added.

The dollar last traded up 0.7 per cent at81.11 yen, moving further away from arecord low of 76.25 yen set on tradingplatform EBS last week.

Traders said the pair was boosted bydemand from model-generated tradingaccounts, while offers were seen at81.30/50 and 82.00. Strong resistance lies

around 84 yen, a level that will attractoffers from Japanese exporters.

Jon Wetreich, currency strategist atBrown Brothers Harriman in New York,said the dollar/yen will trade in a range of80.50 to 82. "Markets tend to test interven-tion levels and central bank commitment,

and thus we expect a test of at least the80.50 level this week," he said.

Traders and analysts say the Bank ofJapan, the European Central Bank andBank of Canada together conductedaround $32.3 billion worth of yen-sellingintervention Friday.

The yen also fell against other majorcurrencies. The euro was last up 0.7 percent at 115.10 yen. The Australian dollarrose 1.3 per cent and the Canadian dollaradvanced 1.2 per cent versus the yen. Theeuro was last slightly up at $1.4191 afterrising to $1.4204 on EBS, a 4-1/2-monthhigh. Expectations the European CentralBank will lift interest rates at its next meet-ing in April have supported the euro.

Against a basket of currencies, the dollarfell to 75.465, its lowest level sinceDecember 2009. -Reuters

Yen falls broadly onintervention fear; euro gains

SHANGHAI: The yuan endedat a record high against the dol-lar on Monday after thePeople's Bank of China liftedthe mid-point to a new peak,signalling its intentions to usethe yuan as another inflation-fighting tool.

The central bank surprisedmarkets last Friday byannouncing an increase inbanks' reserve requirementratios to tighten the screws onliquidity and put a lid on assetbubbles and inflation.

The 50 basis point rise inRRR after markets closed onFriday was the third suchincrease this year and the sixthsince November.

But traders said spot yuanmoved in a tight range aroundthe mid-point, with investorsstaying on the sidelines await-ing further policy changes andbracing for dollar weakness.

Earlier, a dealer at a Chinesecommercial bank in Shanghaisaid the market was taking await-and-see stance, wary ofthe central bank's next policystep. The yuan finished at6.5611 versus the dollar, onepip off the intraday high and upfrom Friday's close of 6.5691.The currency has now risen 4per cent since it was depeggedin June 2010.

Before trading began, thePBOC fixed the yuan's mid-point at a record high of 6.5632to the dollar, stronger thanFriday's 6.5668.

China appears to be using theyuan's exchange rate to fighthigh inflation and help adjustan economic structure heavilyreliant on exports, promotingwidespread expectations thatthe currency will appreciate ata much faster pace than lastyear's 3.6 per cent rise.

Dealers said another reasonfor the relatively narrow tradein yuan was the prospect thatimports would continue tosurge. The China Daily quotedCommerce Minister ChenDeming as saying on Sundaythat China would likely postanother trade deficit in March,following an unexpecteddeficit last month.

Traders said the increase inimports might spark dollardemand, which could halt theyuan's rise.

Benchmark one-yeardollar/yuan non-deliverableforwards (NDF) were bid at6.4350 on Friday, littlechanged from 6.4410 atFriday's close. Their impliedyuan appreciation in a year'stime rose to 2 per cent fromFriday's 1.9 per cent. -Reuters

Yuan ends at recordon highest mid-pt

LONDON: Sterling hit a two-week high against the dollaron Monday, leaving it poisedfor a possible test of its highestlevel in more than a year, par-ticularly if UK data showsanother rise in already highUK inflation.

UK annual CPI, due onTuesday, is expected to rise to4.2 per cent in February, from4.0 per cent in January and

more than double the Bank ofEngland's target. If confirmed,that would increase thechances of an early rate hike,possibly as soon as May.

Another higher-than-expect-ed inflation reading could bethe catalyst to push sterlingbeyond $1.6344, which wouldmark its highest level sinceJanuary 2010, while a hawkishtone to BoE minutes onWednesday may help it extendgains.

Sterling was up 0.3 per centto $1.6277, having stoppedjust short of $1.63 to hit a highfor the session of $1.6295.

"Tuesday's CPI data mayshow an upside surprise toinflation, and this will be pos-itive for the pound," saidRaghav Subbarao, currencystrategist at Barclays Capital.

He did not see a "large, sus-tained move" on the back ofstrong inflation data, however,with the market likely to awaitminutes from the Bank ofEngland's last rate meeting

and the UK Budget onWednesday before pushing ithigher.

Sterling also gained againstthe euro, which was down 0.2per cent at 87.16 pence.However, the single currencywas not far from Friday's four-and-a-half month high of87.59 pence.

The euro has support aboveits 100-week moving averagearound 86.74 pence. Technicalanalysts said a break aboveFriday's high could see it targetthe 2010 high of 89.40 pence,but stiff resistance was seenahead of 90 pence. -Reuters

Stg at 2-wk high;CPI data awaited

SINGAPORE: Regional cur-rencies in Asia inched higher onMonday on expectations centralbank will focus on inflation-control amid clear signs ofprogress in tackling atomic cri-sis in Japan and on higher oilprices.

"Focus in Asia is going backto local fundamentals, in partic-ular the inflation story... Thisweek we have the BSP, which islikely to starts its very late hik-ing cycle," said FrancesCheung, a strategist at CreditAgricole CIB in Hong Kong.

Earlier, the World bank saidinflation was the major short-term challenge for East Asiaand the tighter monetary policywere needed. Still, currencymarket players remained waryof possible dollar-buying inter-

vention to check speed ofstrength in their currencies,after the G7 interventionagainst the yen last week.

The Singapore dollarstrengthened past 1.2700,which the Monetary Authorityof Singapore (MAS) had beenspotted defending, on heavydemand from funds and specu-lators. The MAS has not seenbuying the US dollar to checkthe local currency's strengthyet, dealers said.

The rupiah hit a fresh four-year high against the dollar onexporters' demand for settle-ments. The Indonesian currencystrengthened to as firm as 8,725versus the greenback, the firmestlevel since May 2007 hit.

The central bank had not beenspotted buying dollars initially,

but later some state banks wereseen purchasing dollars, dealerssaid. The Malaysian ringgitgained 0.5 per cent as interbankspeculators cleared dollar-longpositions which they had builton higher oil prices.

The ringgit also found sup-port from speculation of furthercurrency liberalization by thecentral bank. Offshore hedgefunds' demand after billionaireinvestors Warren Buffett's com-ments on investment in SouthKorea and exporters bids forsettlements supported the won.

Earlier, Buffet said he waslooking for investment opportu-nities in South Korea. Still, thewon failed to extend gains onimporters' dollar demand for set-tlements with oil prices jumpingamid jitters about Libya. -Reuters

Asian currencies

Tightening views up S’poredollar; Japan hopes support

SYDNEY/WELLINGTON: The Australian andNew Zealand dollars climbed for a third sessionon Monday, with the Aussie back above parity astraders cite improving risk appetite following lastweek's concerted efforts by the world's richestnations to calm markets.

Traders also pointed to strong gains in US stockindex futures, which indicated a positive start forWall Street as reflecting the improved investormood, despite Western military action in Libya. TheAussie rose about 0.6 per cent on the day to a ses-sion high of $1.0023, well off a four-month troughbelow $0.9800 last week. It last stood at $1.0013.

This followed stellar gains on Friday after theG7 and the Bank of Japan decided to restrain asoaring yen with a rare and surprising concertedintervention. "People expect more interventionand that's been seen broadly positive for risk andfor the Aussie," said James Thornhill, AsiaEditor, CitiFX Wire.

A break of $0.9981, the 100-day moving aver-age, further bolstered the Aussie. Resistance was

now seen at $1.0046 and support at $0.9930. The kiwi also bounced to $0.7338, about a third

of a cent higher than opening levels. Traders said there is a sense of relief that the

intense focus on Japan is easing. "It's kind ofnice, everyone is just taking a breather after thecraziness of last week," said a trader at a US bankin Hong Kong.

So far, the Antipodean currencies have provedresilient to Western military strikes in Libya, butsome analysts are cautious.

Support for the New Zealand dollar is seen at$0.7216, its Sept 16 trough.

Both the Aussie and kiwi also extended gainson the yen. The Australian dollar climbed to asession high of 81.10 yen, well-off a 6-monthtrough of 74.98 yen last week, while the kiwi roseto 59.37 yen , pushing further away from lastweek's near one-year low of 54.98 yen.

The local dollars also broadly held Friday'sgains on the euro, pound and Swiss franc. TheAussie was little changed at NZ$1.3644. -Reuters

Aussie & NZD extend gains,resilient to Libya crisis

Swiss francdeclines

ZURICH: The Swiss francextended losses against thedollar and the euro on Mondayas efforts by wealthy nations tocalm markets following thedevastating Japanese tsunamicontinued to underpin a recov-ery in confidence.

This followed the franc'ssharp drop against the euro anda milder fall against the dollaron Friday after the G7 and theBank of Japan decided torestrain a soaring yen with aconcerted intervention, boost-ing financial markets.

"We are seeing a slightlyweaker Swiss franc now thatthe shock from natural catas-trophe in Japan has settled,financial markets haverebounded slightly and riskappetite is improving," saidSarasin forex strategist UrsinaKubli.

Traders also noted stronggains in US stock indexfutures, indicating a positivestart for Wall Street as reflect-ing the improved investormood, despite Western militaryaction in Libya.

The franc was 0.4 per centlower against the euro com-pared to Friday's New Yorkclose, trading at 1.2836 francsper euro at 1352 GMT.

The franc fell 0.6 per centagainst the dollar to 0.9057francs per dollar. -Reuters

Won up; Buffett says looking for investment

Euro rises above $1.42, highest since November

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

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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.

Carnage,mayhem

in KarachiCarnage and mayhem has become the fate of

the largest metropolis and despite the best efforts

being made by the three political parties of the

province there seems no letup. In fact the over-

whelming perception of the citizens that Karachi

has become 'ground for settling the disputes'.

Others say that various pressure groups have

emerges with the sole objective of making the

city a hostage. Often it is said that a third hand is

involved but the growing perception is that 'too

many hands are spoiling the curry'. Till yesterday

it was said that there were ethnic and sectarian

concentration but now the residents have a com-

mon complaint that there are at least half a dozen

'extortioners', having the latest weapons at their

disposal. Their slogan is pay the money or be

ready to face the consequences.

However, some of the people believing in con-

spiracy theories say that hundred of coldblooded

mercenaries are operating in the mega city. In a

day they kill nearly a dozen people belonging to

different cast and creeds and linguistic and sec-

tarian groups. These faceless people have no

motive other than the cash being paid. One may

term this diabolic thinking but the fact is either

the killers are not arrested or even if they are

arrested are acquitted by the courts because the

accused could not be identified or for lack of evi-

dence. It is on record that if some on makes any

effort to identify the killers sooner or later that

witness is also killed. Killers of Hakim

Mohammad Saeed to Raza Haider and hundred

of other political activists, religious leaders, aca-

demicians and innocent citizens are still free.

Now fingers are being raised at political and

religious parties and even law enforcing agencies

for providing the protection to hardcore crimi-

nals. People go to the extent of saying that when

someone is killed various groups make efforts to

get hold of the dead body and declare him a

member of their respective party and also take

charge of the funeral. This gives them a chance to

give a call for 'shutter down strike' stop move-

ment of public transport and also closure of

petrol pumps and CNG stations. Ironically vehi-

cles of law enforcing agencies take positions on

petrol pumps and CNG stations not for ensuring

smooth operations but to suspend sales.

Various political parties have been suggesting

handing over control of city to military but citi-

zens fear 'selective cleansing' only. Many of the

recent operations undertaken by the law enforc-

ing agencies have proved these apprehensions

right. A question often asked is as to who can

restore peace in Karachi? Agreed, police and

rangers have failed, but what next if army also

does not succeed?

4Tuesday, March 22, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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The Financial Daily InternationalVol 4, Issue 134

Any expectation that the bombing ofLibya by US, British and French

forces would prompt a rush into saferassets has been easily trumped byinvestors focused on the underlyingstrength of the world economy.

With the exception of gains in theprice of oil and a bit of gold action,markets on Monday paid scant atten-tion to the military intervention, insteadbuying riskier assets such as stocks.

Put bluntly, investors are primarilydriven by the long-term growthprospects for the global economy andwhile there are many risks to this at themoment, they are still on the margins.Libya -- with disruption to its 2 per centof world oil output already priced in --does not matter from that perspectiveas things stand.

"The events in Libya do not jeopar-dise the global economic outlook,"Berenberg private bank told its clients.

Japan, comprising 6 per cent of theworld economy, is a different matter, ofcourse. But even here, the underlyingissue for investors is the impact ofJapan's triple disasters on globalgrowth.

Hence, their spirits were lifted onMonday by indications that the nuclear

meltdown threat was easing and byestimates from the World Bank thattemporary Japanese slow down wouldhave only a modest short-term impacton the nearby region.

"There will be a major hit to wealth,but hasn't that been priced in already?"said Andrew Milligan, head of globalstrategy at Standard Life Investments.

The Nikkei average fell close to 20per cent in the days following the earth-quake, before recovering somewhat,prompting some investors to say therehad been too great a reaction.

"Frequently, something out of theblue like this, an extraordinary event,really creates a buying opportunity. Ihave seen that happen in the UnitedStates, I have seen that happen aroundthe world," billionaire investor WarrenBuffett said.

"I don't think Japan will be anexception."

RISKSNone of this is to say that Libya and

Japan do not present risks to investors.Japan's nuclear crisis, for example, is

not over and could yet become moreserious for the country's people andeconomy. There are also major unan-swered questions about the extent towhich the disaster will stop Japanese

overseas investment.The country is a major driver of

mergers and acquisitions, for example,as well as foreign direct investment.

In Libya, a prolonged military cam-paign could build concern. Moredirectly, it remains part of a broaderpattern of revolt across the Arab worldthat has pushed the price of oil into ter-ritory where some economists worryabout its impact on growth- and profit-dampening inflation.

Brent crude was above $115 a barrelon Monday as the intervention in Libyaheated up. But this was well short of itsrecent peak just shy of $120.

It was also a recovery from lossesexperienced after the Japanese earth-quake and tsunami when traders soldon the initial expectations -- now some-what reassessed -- that the disasterscould seriously hurt global growth.

The recovery, though, would be cate-gorised as a "healthy" demand-drivenprice rise as opposed to a more nega-tive supply-driven one.

The biggest concern for investors is ifthe turmoil spreads seriously to thecore oil producers, notably SaudiArabia, or if the crackdown on mainlyShi'ite protesters in Bahrain promptsmore tangible outrage from Iran.

MOVING ALONG NICELYEven then, it would be the impact on

the global economy from higher oilprices due to short- or long-term supplydisruptions that would cause investorsto rush to safer assets.

And a lot would depend how quicklyit spiked, how long it held there andwhat the impact on consumer confi-dence was. "Simulations at $200 a bar-rel send Western economies into reces-sion and at $150 barrel growth is some-what weaker but recession can beavoided," said Sarah Hewin, senioreconomist at Standard Chartered Bank.

This is a long way off. So for now,the reason that investors seem calmabout Libya and less anxious aboutJapan is that the global economy isdoing well.

The International Monetary Fundprojects that global growth will be inthe region of 4.4 per cent this year, wellabove average for the past 20 years.

Even a worst case scenario for Japanand a big spike in oil would not cut thistoo much. And JPMorgan economistsestimate that growth may be even high-er than the IMF suggests.

Global manufacturing surveys, theycalculate, imply growth of more than 5per cent.-Reuters

Economy Drives Investors

Abboud al-Zumar went to jail 30 years ago for hisrole in killing Egyptian President Anwar Sadat. Now afree man, he believes democracy will preventIslamists from ever again taking up the gun against thestate.

Zumar was a prisoner for as long as Sadat's succes-sor, Hosni Mubarak, was president.

His release with other leading Islamists jailed formilitancy is a sign of dramatic change in Egypt in thefive weeks since Mubarak was swept from power bymass protests.

Zumar, 64, was a founding member of the IslamicJihad group which gunned down Sadat during a mili-tary parade in 1981. He was released along with hiscousin, Tarek al-Zumar, who had also spent threedecades in jail on similar charges.

"The revolution created a new mechanism: themechanism of strong, peaceful protests," said Zumar,released on March 12 and one of the political prison-ers who owes his freedom to the peaceful revoltagainst Mubarak.

"Public squares around the Arab world are ready toreceive millions who can stop any ruler and exposehim," added Zumar in an interview in his home villageof Nahia on the rural outskirts of Cairo.

To many Egyptians, Zumar's name evokes a violentchapter in the history of a country that has been anincubator for Islamist militancy.

His release has alarmed those concerned by theIslamists' move to the heart of public life in the newEgypt, where groups including the MuslimBrotherhood are making the most of new freedoms toorganise and speak out.

Seeking to ease concerns, Zumar describes theIslamist movement as the "first line of defence" ofEgyptian society. Islamists merely want to enjoy thesame freedoms as everyone else in the new Egypt, hesays.

He was in prison with Ayman al-Zawahiri, now al-Qaeda No. 2, who was released in 1984 and went onto assume the leadership of Islamic Jihad. Zawahiri'sbrother, Mohammed, was released on Thursday afterspending a decade in jail.

Zumar has not seen Ayman al-Zawahiri since 1984but remembers him as a "man who loves his religion

and justice".He supports what he described as Zawahiri's fight

against foreign occupation across the Arab and Islamicworld in Afghanistan and Iraq but opposes al- Qaeda'sattacks on civilians anywhere.

A military intelligence officer at the time of theSadat assassination, Zumar dismisses a story that hewas its mastermind. He plays down the significance ofhis role, saying he merely supplied the ammunition.

If Sadat had been in power in today's Egypt, Zumarsays he could have been held to account by the judici-ary. "There would have been a different mechanism ofimplementation," he said.

"VIOLENCE BREEDS VIOLENCE""The coming period does not at all require armed

struggle with the ruler," he added.Zumar's cousin Tarek is a leading figure in the

Gama'a al-Islamiya -- another Islamist group that tookup arms against the state. He had also been in prisonsince 1981.

Their lawyers had been campaigning for theirrelease on the grounds that they completed their sen-tences a decade ago.

Considered two of Egypt's most famous politicalprisoners, they have been guests on primetime TV,appearing in a string of interviews that have drawncriticism from secularists who say the pair have beengiven too much attention.

The Zumars have sought to reassure Egyptians, say-ing they support rights for all, including the Christianminority, and declaring past militancy a result of stateoppression.

"Violence breeds violence," said Abboud al-Zumar.In their village, the Zumars have been receiving a

steady stream of well-wishers, including youths whopose for photos and ask questions about their time inprison and their views on the meaning of jihad, orIslamic holy struggle.

They have shown no regret about the Sadat assassi-nation, a killing driven by grievances including thecrackdown he mounted against dissidents, amongthem Islamists, and the peace treaty he concluded withIsrael in 1979.

"We loved Egypt and we wanted good for it. Today,

we love Egypt and we want good for it," Abboud al-Zumar said.

Having assumed office in the shadow of the Sadatkilling, Mubarak saw the Islamists as a dangerthroughout his rule. He was himself the target of anIslamist assassination attempt.

ISLAMIC STATE TO BE DECIDED AT BALLOT BOX

In the 1990s, hostility between the state and theIslamists spilled into a low-level guerrilla war inwhich hundreds of people were killed.

The conflict ended in 1997 when the Gama'a al-Islamiya's jailed leadership declared a ceasefire. Laterthat year, a Gama'a splinter group massacred 62 peo-ple, most of them tourists, at a pharaonic temple inLuxor.

The Zumars say Mubarak's administration stood inthe way of at least one initiative in the 1980s aimed athalting violence.

The specter of militancy suited Mubarak, they say,allowing him to justify autocratic government andrestrict freedoms that have blossomed since he handedpower to the military.

The Supreme Council of the Armed Forces is nowsteering Egypt's course towards elections that it hopeswill allow it to hand power to an elected governmentlater this year.

"The climate for armed action is finished and themain reason is the atmosphere of freedom we are nowestablishing," said Tarek al-Zumar, still a leading fig-ure in the Gama'a al-Islamiya.

Enjoying freedom to organise for the first time sincethe 1970s, the Gama'a al-Islamiya is now regrouping.It is expected to become part of a more diverseEgyptian Islamist movement that is currently dominat-ed by the Muslim Brotherhood.

"Our concern in this period is to anchor the basis ofa just political system which guarantees freedoms andthe state of law," said Tarek al-Zumar, who studied fora law doctorate while in prison.

"The project of establishing the Islamic state as apolitical model will be determined by the ballot box ...and the thing that will determine its continuation inpower is the choice of the people," he said.-Reuters

Benzinga's Laura Hlebasko sent mesome questions about blogs and

online media for a feature she's writing.Here they are, along with my answers:

1) As an established journalist, whatis the difference between you writingan article for traditional media and youwriting an article for a blog? What doyou like and dislike, or see as the bene-fits and limitations, of those mediumswhen you are reporting on a topic?

I find pretty big differences in how Iwrite, depending on whether it's for atraditional media outlet or for the blog.I have a more conversational voice onthe blog - I think of any given post asbeing part of a much broader conversa-tion between bloggers and between meand my readers. Nearly all of my postsare reactions to something elsewhereonline, and I try to be as generous as Ican with links. I'm also not one of thosebloggers who likes breaking news:often I'll actually wait for the news tobe broken elsewhere before weighingin with my view, since it can be danger-ous to mix subjective opinions into thereporting of hard facts.

Traditional media outlets, by con-trast, generally have an incomprehensi-ble love affair with Microsoft Word - apiece of software I loathe and try to useas little as possible. It's generally moredifficult to insert links, especially whenI'm dealing with people who edit forprint first and who then just put thatedited copy up online. The pieces haveto be much more self-contained, andyou have to be much more carefulabout assuming any kind of expertiseon the part of your readers: if they'rereading your stuff on paper, then it'smuch harder for them to Google any-thing they don't understand.

The upside of traditional media is that

you generally put a lot more time andeffort into reporting, editing, and illus-trating stories. They go through muchiteration before being published, andnearly every iteration makes them bet-ter. What you lose in quantity, youoften make up in quality.

2) Most of the talk about blogging andits impact on traditional journalism hascentered around declining readershipand revenues for traditional print media,questionable credibility of blogs, etc.,etc.,- what are some of the unseen,underreported, or not-yet-fully-realisedimpact of blog reporting vs. traditionaljournalism?

The main impact I think is the waythat blog reporting can iterate. In tradi-tional media, you report the story andthen you publish it; with blogs, you canstart with something much less fullyformed and then come back at it overtime in many ways and from manyangles. Every print journalist knows thefeeling of publishing a story which isread by great sources who then providelots of really good information whichwould have been great in the originalpiece. Bloggers don't worry about that:they just put up a new post, or an update.

Blogs can also geek out in a way thattraditional journalists can't. There's nospace constraint online, and so if I wantto spend 5,000 words writing about vul-ture funds, or a reporter at HuffPo wantsto spend 4,000 words getting into theweeds of regulatory reform, they can. Orlook at the Ars Technica reviews ofevery new Macintosh operating system.That kind of material can be incrediblypopular, but it just doesn't work in print.Blogs have a reputation for being super-ficial, but they can also be much moredetailed and accurate than traditionaljournalism. Not to mention the fact that

they're often written by genuine expertsin their fields, rather than by journalists.

3) How do you think blogging haschanged the nature of the news andinformation people consume? Sinceblogging allows for more reader-drivencontent than traditional newspapers,what do you see readers choosing tofocus on in terms of news?

Blogging has clearly given readers amuch wider range of news sources tochoose from, and it's great that readersare no longer confined to getting theirnews from a handful of outlets.Everybody's different, though: somepeople become loyal to certain sites,others get their news from Twitter orFacebook or Google Reader, others stilljust follow links from the AOL homepage because they haven't updated theirbrowser settings since 1996. In aggre-gate, it's easy to see what people arereading: just look at the ubiquitous"most-read" lists which are on prettymuch every news site these days. Butthe aggregate figures hide a wonderfullydiverse range of unique individual read-ing patterns. And the more you general-ize, the less useful the informationyou're getting becomes. The web ismuch better at narrowcasting than it is atbroadcasting.

4) How has Twitter impactedjournalism?

It's made news reporting much moredistributed: no photojournalist pro-duced anything like this, for example.It's massively increased the velocity ofnews: people now know what's goingon before it's formally reported. It'smade it easier to find things you didn'tknow you were interested in. It's givenjournalists a much more human voice,an outlet where they can be themselves.It's helped build a culture of linking to

wonderful stuff. It's made the worldsmaller, and it's made news travel fasterthan ever. Overall, it's been great.

5) Are there any aspects of journalismthat are "untouchable", that won't (orshouldn't) change no matter what newtechnology comes along?

I think that depends on what youmean by journalism. Professional jour-nalists should always be beholden tohigh standards of professionalism,ethics, and accuracy. Random peoplewith a Twitter account, not so much.And of course there's a spectrumbetween the two, there isn't a brightline.

6) What is/are the main way(s) blog-ging has evolved since you began, andhow do you see it evolving both on itsown, and in its effects on journalism, inthe future?

Old-school blogging, where an indi-vidual puts their own work up on a ded-icated website in reverse chronologicalorder, is clearly on the decline. It's beenreplaced by Twitter and Facebook, onthe micropublishing end of things, andby big professional sites like BusinessInsider or Huffington Post, at the otherend of the spectrum. Mainstream newsorganisations have all embraced blog-ging to a greater or lesser extent,although a lot of them use the existenceof blogs as an excuse not to do much inthe way of external linking elsewhereon their websites. In general, news sitesare becoming bloggier, with more assid-uous editorial standards, while big blogsites are becoming newsier; that trend islikely to continue. But it's still possibleto make a name for yourself by startinga blog! And it's also a great way ofimproving your writing and generalcommunication skills. More peopleshould do it!-Reuters

Journalism’s ‘Blogisation’

Time for gun is over?

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

Sales (July 10 to Jan 11) 28,293

Production (Jan 11) 5,596

Sales (Jan 11) 5,885

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

Sales (July 10 to Jan 11) 8,779

Production (Jan 11) 1,511

Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 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)NBP 74.16 7.19 PACE 3.11 6.00 LOTPTA 15.64 5.86 ENGRO 196.44 2.69 AHCL 23.46 2.01

Symbol Close ChangeUPFL 1,236.21 57.31

BATA 528.25 13.64

EXIDE 186.35 6.27

SFL 115.76 5.51

SAPL 159.68 4.61

Symbol Close ChangeNESTLE 3,043.87 -153.63ULEVER 4,767.50 -18.02DAWH 275.81 -7.1POL 312.17 -6.4OGDC 135.63 -5.43

Plus 68Minus 172Unchanged 87

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Tuesday, March 22, 2011 5

Dhiyan

There might be some mixed to negative activities in themarket hereafter where index is seen drawing support at11,300 and 11,100 level. Investors are advised to take posi-tions --at dips-- in fertiliser and communication sectorstocks, however, they should avoid holding positions forlong. There are chances that market might recover today asit lost a lot amid almost halved volumes on Monday.

Ahsan Rasheed, Director AMJ Growth

Mohammad Imran, AVP Arif Habib LimitedWith no rally-triggers in near sight, we are likely to see some half-

hearted activities moving forward. Even though, bears would bear on if

foreigners did not buck their ongoing trend, but the index won't breach

11,200 level going down, for we see local support at those levels.

Investing is not advised at current levels, however, at dips fundamental-

ly strong stocks like PPL, POL, APL, and fertiliser should be amassed.

Market would be mixed today.

MIXED RECOVERY

Opening 11,606.61

Closing 11,375.14

Change 231.47

% Change 1.99

Turnover (mn) 58.54

Opening 3,416.71

Closing 3,374.25

Change 42.46

% Change 1.24

Turnover (mn) 3.14

Opening 2,673.05

Closing 2,593.92

Change 79.13

% Change 2.96

Turnover (mn) 0.10

KARACHI: The Russian Consul, Andrey Demidov ringing the ‘’KSE bell’’ during his visit to the KarachiStock Exchange. Acting Managing Director-KSE Haroon Askari, Members of the KSE Board Zafar Moti

& Muhammad Sohail and Senior Management of the Exchange can also be seen in the photo .-Staff Photo

HONG KONG: Hong Kongand China shares finished high-er on Monday amid lingeringcaution over Libya and easingconcerns on Japan's nuclear sit-uation, as investors largelyshrugged off Beijing's latesttightening move.

The benchmark Hang SengIndex finished up 1.73 per centat 22,685.22, breaching its 200-day moving average for thefirst time in three days, whilethe China Enterprises Indexclimbed 1.75 per cent.

The Shanghai CompositeIndex ended 0.1 per cent higherat 2,909.1 points, after closingup 0.3 per cent on Friday.

The financial sub-index wasup 0.4 per cent after thePeople's Bank of China onFriday night announced a 50basis point reserve requirementrise that will freeze up an esti-mated 360 billion yuan ($55billion) when it takes effect onMarch 25.

"A lot of market participantshad been expecting an RRRincrease, so today's market

reaction wasn't that big," saidXiangcai Securities analystCheng Yi in Shanghai.

Although China's benchmarkshort-term money market ratejumped nearly 100 basis pointson Monday after theannouncement, financialstocks had largely alreadypriced in liquidity tightening,said analysts.

With Japan markets closedfor a holiday on Monday, com-ing 2010 earnings announce-ments, rather than the latesttightening move by the Chinesecentral bank, were seen as afactor behind tepid price move-ments among Chinese banks inMonday morning trade.

While most expect banks tomeet 2010 earnings expecta-tions, the outlook for 2011 isless favourable with the centralbank expected to further damp-en inflation with more tighten-ing measures this year.

China's top lender, Industrialand Commercial Bank OfChina Ltd's Shanghai-listed A-shares gained 1.9 per cent,

while its Hong Kong-listed H-shares rose 1.68 per cent. BankOf China Ltd, which is expect-ed to announce its 2010 resultson Friday, edged up 0.5 percent.

The Shanghai market willlikely remain near 3,000 pointswith support from the 125-daymoving average -- currently at2,859 points -- in the absence ofa bigger external push, saidCheng.

China energy stocks largelybenefitted as Brent climbedmore than 1 per cent onMonday towards $116 afterWestern forces launched a mil-itary campaign against Libya,stoking fears that violence willintensify in North Africa andthe Middle East, source of morethan a third of the world's oil.

Boosted by a record quarterlyprofit announced last week,China's biggest listed companyby market value, PetroChinaCo Ltd's A-shares, ended up 1.6per cent. Its Hong Kong-listedH-shares surged 3.29 per centon the day.-Reuters

HK, China mkts gain;higher oil prices help

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) opened theweek bearishly as fears ofmore foreign selling andtense security situation sentinvestors offloading.

The benchmark indexplunged by near 2 per centon Monday to close below11,400 points.

The benchmark KSE 100-Index fell by 231 points -1.99 per cent-- to close at11,375 points, 30-Indexdropped by 217 points -1.92per cent-- to close at 11,085points and All Share Indexshed 151 points -1.88 percent-- to close at 7,930points.

"Deteriorating law andorder situation in the city aswell as net foreign outflowof $8.9 million on Fridaymounted selling pressure",said Ahmed Rauf, equitydealer at JS Global Capital.

Following a decline inregional capital marketsover Japan disaster, theforeign investors havebeen mainly on the sellingside for quite some dayswhere according toNCCPL data, they pulled$16.5 million form KSEduring the last week. OnMonday they mostlyremained on the sidelinesnet-selling equities worth$0.23 million.

Apart from fears of for-

eign selling, the increasingviolence in the mega citytoo shattered the sentimentsas a fresh wave of targetkilling devoured a dozen ofpeople since last week.

Bears were there since theopening bells. The marketstarted the day with 35 redpoints, losses then keptsnowballing due to contin-ued selling pressure almostacross the board. Thereforeindex during the last half anhour touched an intradaylow at 11,348 points (-ve258). However investorswere cold towards trade asmajority preferred a cau-tious stance of which com-pressed volumes stand atestament.

Local funds and compa-nies did a net-selling of$1.92 and $1.7 millionrespectively while banksdid a net-buying of $3.55million.

A total of just 58.5 millionshares were traded duringthe day which is 66.6 mil-lion less than a turnover of125.1 million shares onFriday.

National Bank was thevolume leader with 7.19million shares followed byPace Pakistan with 6 mil-lion and Lotte Pakistan with5.86 million.

Out of total 327 activeissues, 172 hopped, 68dropped, and 87 issuespopped no change.

KSE hithard foroutflowsfeared big

MUMBAI: Indian marketsedged 0.2 per cent lower in achoppy trading session onMonday as an escalatingLibyan crisis and firm oil pricesweighed on investor sentiment.

Oil prices rose by more than1 per cent on Monday as aUnited Nations mandated waveof air strikes on Libya and pro-liferating unrest in the MiddleEast fanned concerns about oilsupply from the region.

The 30-share BSE indexclosed 0.22 per cent, or 39.76points, lower at 17,918.59

points, with 17 of its compo-nents declining. It rose as muchas 0.7 per cent early.

"People are cautious. The sit-uation in Libya is worseningand all eyes are on oil prices.Let us see how the situationunfolds," said Deven Choksey,managing director and CEO ofKR Choksey Shares.

The benchmark index isalready down 13 per cent year-to-date, making it one of theworst performing major mar-kets in 2011.

See # 8 Page 11

Indian sharesgive up 0.2pc

KARACHI: The KarachiStock Exchange will introduceRSA SecurID tokens for theauthentication of KATS usersto address the ever changinginformation security trends andstandards in the stock market.

According to KSE hereMonday, this will help to fur-ther strengthen the security ini-tiatives taken by the Exchangeand gain customer confidence.

The RSA SecurID is anindustry leading one time pass-word (OTP)solution that dis-plays a unique identificationcode, which is used as pass-

word. The benefits for using RSA

SecurID, includes, reliable useridentification rather thanreusable passwords, eliminat-ing the need to periodicallychange VPN password andcomplement the security ofremote users identification toKATS.

In addition, this will alsoensure that the user beinglogged on is the one who hasthe token and authorised by themember for particular terminal.The tokens will be provided bythe Exchange at no cost.-APP

KSE to offerRSA SecurID

US stocks mid-day

Wall St upon M&Aoptimism

NEW YORK: US stocksadvanced more than 1 per centon Monday after AT&T said itwould buy wireless rival T-Mobile, sparking expectationsof more deal activity, whileinvestors kept close watch onJapan's nuclear crisis.

The AT&T deal, which wouldcreate the largest wireless phoneoperator in the United States,boosted hopes for more M&Aactivity. Glimmers of hopeabout Japan's nuclear crisis andinvestor Warren Buffett's com-ments about a buying opportuni-ty for Japanese stocks alsoboosted investor sentiment.

The iShares MSCI JapanIndex Fund was up 1.8 per cent.

Stocks posted losses lastweek as uncertainty about thecrisis in Japan kept investors onedge. AT&T Inc said it wouldpay $39 billion for DeutscheTelekom AG's T-Mobile USA,sparking a sharp rally inEuropean telecom shares.

AT&T shares were up 0.7 percent to $28.14. In Europeanmarket, Deutsche Telecom rose13.1 per cent and Vodafone Plcwas up 3.9 per cent.

See # 9 Page 11

RussianConsulGeneral

visits KSEStaff Reporter

KARACHI: According to ahandout issued here, RussianConsul General AndreyDemidov visited Karachi StockExchange on Monday.

During his visit the Russianconsul general met HaroonAskari Acting ManagingDirector-KSE.

KSE Directors Zafar Motiand Muhammad Sohail alongwith senior management of theExchange were also present onthe occasion.

He discussed matters of mutu-al cooperation with the KSEmanagement vowing to take thePak-Russia relationship to nextlevel.

Demidov also rang the 'KSEBell' on the trading floor.

Cautiously firmer; oilprice outlook a worry

South East Asian stocks

Europe shares hit one-wkhigh; telcos gain on M&A

ANNOUNCEMENTS

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

K.S.B.Pumps Yearly 12.5%(F) 99.78 7.56

Pak Gum & Chemicals Yearly - -49.84 -11.73

Philip Morris(Pak) Yearly 25% 572.56 9.30

Sec. Inv. Bank Yearly - 9.81 0.19

FTSE gains

on M&A

activitiesLONDON: Miners, banks andengineers drove gains inBritain's top share index by theclose on Monday as hope grewthat the nuclear crisis in Japanis easing, while heavyweightVodafone was boosted byM&A activity.

Mobile operator Vodafonegained 3.6 per cent after

See # 10 Page 11

Tuesday, March 22, 20116

Volume 58,535,633

Value 2,973,244,121

Trades 45,049

Advanced 68

Declined 172

Unchanged 27

Total 327

Current 7930.28

High 8082.05

Low 7913.79

Change i151.77

Current 11375.14

High 11606.61

Low 11347.84

Change i231.47

Current 11085.52

High 11303.01

Low 11060.32

Change i217.49

Market KSE 100 Index All Share Index KSE 30 Index

Current 19191.76

High 19521.43

Low 19149.07

Change i329.67

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Soneri Bank Limited

SNBL closed down -0.12 at 6.00. Volume was 4 per cent below aver-

age and Bollinger Bands were 1 per cent wider than normal. The com-

pany's profit after taxation stood at Rs125.44 million which translates

into an Earning Per Share of Rs0.21 for the year ended CY10.

SNBL is currently 12.4 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

reflect moderate flows of volume into SNBL (mildly bullish). Trend fore-

casting oscillators are currently bearish on SNBL.

RSI (14-day) 41.58 Total Assets (Rs in mn) 95,310.27

MA (10-day) 6.28 Total Equity (Rs in mn) 7,803.20

MA (100-day) 7.10 Revenue (Rs in mn) 9,337.28

MA (200-day) 6.85 Interest Expense 6,602.78

1st Support 5.90 Profit after Taxation 145.35

2nd Support 5.80 EPS 09 (Rs) 0.29

1st Resistance 6.10 Book value / share (Rs) 15.55

2nd Resistance 6.20 PE 10 E (x) 28.57

Pivot 6.00 PBV (x) 0.39

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

MLCF closed unchanged at 2.30. Volume was 48 per cent above aver-

age and Bollinger Bands were 16 per cent narrower than normal. The

company's loss after taxation stood at Rs1.114 billion which translates

into a Loss Per Share of Rs2.40 for the half year of current fiscal year

(1HFY11).

MLCF is currently 22.4 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on MLCF.

RSI (14-day) 45.50 Total Assets (Rs in mn) 26,094.94

MA (10-day) 2.28 Total Equity (Rs in mn) 4,134.21

MA (100-day) 2.71 Revenue (Rs in mn) 13,630.51

MA (200-day) 2.96 Interest Expense 2,059.48

1st Support 2.18 Loss after Taxation (2,583.96)

2nd Support 2.13 EPS 10 (Rs) (6.941)

1st Resistance 2.30 Book value / share (Rs) 11.11

2nd Resistance 2.37 PE 11 E (x) -

Pivot 2.25 PBV (x) 0.21

Maple Leaf Cement Factory Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

WTL closed up 0.04 at 2.64. Volume was 6 per cent below average and

Bollinger Bands were 18 per cent narrower than normal. The compa-

ny's loss after taxation stood at Rs1.147 billion which translates into a

Loss Per Share of Rs1.33 for the year ended CY10.

WTL is currently 4.2 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 WTL at a relatively equal pace. Trend

forecasting oscillators are currently bullish on WTL.

RSI (14-day) 57.05 Total Assets (Rs in mn) 17,566.02

MA (10-day) 2.47 Total Equity (Rs in mn) 11,379.05

MA (100-day) 2.66 Revenue (Rs in mn) 8,408.28

MA (200-day) 2.76 Interest Expense 523.03

1st Support 2.51 Loss after Taxation (490.82)

2nd Support 2.34 EPS 09 (Rs) (0.57)

1st Resistance 2.77 Book value / share (Rs) 13.22

2nd Resistance 2.86 PE 10 E (x) -

Pivot 2.60 PBV (x) 0.20

WorldCall Telecom Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

SEPCO closed down -0.04 at 1.66. Volume was 55 per cent below

average (consolidating) and Bollinger Bands were 13 per cent narrow-

er than normal. The company's loss after taxation stood at Rs140.588

million which translates into a Loss Per Share of Rs1.03 for the half

year of current fiscal year (1HFY11).

SEPCO is currently 32.2 per cent below its 200-day moving average

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

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on SEPCO.

RSI (14-day) 40.20 Total Assets (Rs in mn) 11,457.73

MA (10-day) 1.73 Total Equity (Rs in mn) 2,081.08

MA (100-day) 2.08 Revenue (Rs in mn) 5,541.96

MA (200-day) 2.45 Interest Expense 987.88

1st Support 1.55 Profit after Taxation 52.68

2nd Support 1.51 EPS 10 (Rs) 0.385

1st Resistance 1.69 Book value / share (Rs) 15.23

2nd Resistance 1.79 PE 11 E (x) -

Pivot 1.65 PBV (x) 0.11

Southern Electric Power Co Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,431.60 1,433.24 1,385.40 1,392.78 -38.83 -2.71

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

4,181,858 12 - 65,194.15 mn 1,029,081.91 mn 1,468.80

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

9.64 3.14 32.54 55.94 5.80 1,392.78

Attock Petroleum 691 6.27 352.29 353.45 345.10 347.15 -5.14 98287 401.00 321.00 300 20B115.00 -

Attock Refinery 853 4.81 120.08 119.97 117.00 117.98 -2.10 597124 146.90 98.25 - - - -

BYCO Petroleum 3921 - 9.33 9.30 9.14 9.21 -0.12 217015 12.24 8.20 - - - -

Mari Gas Company XD 735 7.45 108.70 109.00 106.80 107.26 -1.44 18327 141.65 99.46 31 - 23.43 -

National Refinery 800 5.91 289.48 288.45 280.11 284.84 -4.64 28011 335.00 254.00 200 - - -

Oil & Gas Development 43009 9.18 141.06 141.20 134.85 135.63 -5.43 977157 185.00 134.85 55 - 15.00 -

Pak Petroleum 11950 7.31 204.34 204.50 199.50 200.01 -4.33 693088 229.80 190.10 90 20B 50.00 -

Pak Oilfields 2365 7.19 318.57 319.49 310.60 312.17 -6.40 1488129 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 101.70 101.88 96.62 97.22 -4.48 61746 122.22 83.00 - - - -

P.S.O XD 1715 4.58 275.40 274.99 269.47 270.44 -4.96 208380 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 26.00 27.30 25.00 26.00 0.00 238 35.73 24.66 - - - -

Shell Pakistan 685 10.62 205.15 208.80 203.00 207.18 2.03 11371 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

Open High Low Close Change % Change

976.22 983.71 962.00 972.10 -4.12 -0.42

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

4,371,235 211 73 47,070.70 mn 131,344.62 mn 992.61

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

5.84 0.50 8.64 16.68 2.86 972.10

(Colony) Thal 56 - 1.74 1.99 1.03 1.96 0.22 27001 1.99 0.50 - - - -

Amtex Limited 2594 - 2.64 2.65 2.49 2.52 -0.12 619296 4.68 2.35 - 30B - -

Azgard Nine 4493 - 9.08 9.18 8.90 8.95 -0.13 1012947 12.84 8.05 - - - -

Bannu Woolen XD 76 0.50 17.51 17.95 17.21 17.60 0.09 5356 17.95 12.90 20 - - -

Bata (Pak) 76 4.58 514.61 534.99 505.00 528.25 13.64 356 700.00 493.50 280 - - -

Chenab Limited 1150 - 2.54 2.84 2.55 2.62 0.08 2202 3.40 2.05 - - - -

Crescent Textile 492 2.93 15.60 16.00 15.95 15.95 0.35 1505 23.99 15.00 15 - - -

D S Ind Ltd 600 - 1.48 1.55 1.53 1.55 0.07 54821 2.04 1.20 - - - -

Dawood Lawrencepur 514 21.33 42.52 42.99 40.61 41.60 -0.92 9334 49.05 35.00 5 15B - -

Dewan Khalid Textile 57 0.22 2.00 2.00 2.00 2.00 0.00 357 3.20 1.50 - - - -

Dewan Mushtaq Textile 34 0.14 4.00 4.10 4.00 4.02 0.02 8196 8.90 3.30 - - - -

Ellcot Spinning 110 0.56 26.00 26.00 25.00 25.00 -1.00 657 27.66 19.31 35 - - -

Faisal Spinning 100 0.70 36.00 35.00 35.00 35.00 -1.00 500 36.76 32.00 50 - - -

Gadoon Textile XD 234 0.80 81.44 83.51 79.50 81.44 0.00 200 91.00 65.00 70 - - -

Gul Ahmed Textile 635 2.91 43.00 42.25 40.86 41.45 -1.55 502 44.70 26.37 12.5 - - -

Gulistan Spinning 146 0.32 7.65 7.79 7.79 7.79 0.14 5120 9.23 5.02 10 - - -

Gulistan Textile 190 0.55 20.35 19.35 19.35 19.35 -1.00 2211 24.00 17.44 10 - - -

Gulshan Spinning 222 0.37 9.97 10.00 9.50 10.00 0.03 17187 11.00 6.56 10 20B - -

Hira Textile Mills Ltd. 716 0.92 4.52 4.60 4.41 4.60 0.08 58976 5.20 3.31 10 - - -

Ibrahim Fibres 3105 3.45 48.49 47.90 46.07 47.72 -0.77 36553 55.00 37.56 20 - - -

Idrees Textile 180 2.31 4.27 4.20 4.10 4.20 -0.07 2001 4.95 3.01 10 - - -

Khalid Siraj 107 0.22 1.00 1.28 1.00 1.14 0.14 4429 1.69 0.25 - - - -

Kohinoor Ind 303 - 1.50 1.57 1.40 1.44 -0.06 22696 1.98 0.75 - - - -

Kohinoor Mills 509 - 1.92 2.45 1.75 1.75 -0.17 7009 3.80 1.51 - - - -

Kohinoor Spinning 1300 0.48 1.19 1.20 1.20 1.19 0.00 249 1.74 0.30 5 - - -

Kohinoor Textile 1455 6.98 4.58 4.70 4.05 4.05 -0.53 18842 5.95 3.60 - - - -

Mukhtar Textile 145 - 0.46 0.36 0.35 0.35 -0.11 633 0.84 0.13 - - - -

Nishat (Chunian) 1617 4.28 28.55 28.45 27.65 27.83 -0.72 1513549 29.25 21.95 15 - - -

Nishat Mills 3516 5.58 64.07 64.40 62.75 62.92 -1.15 501161 71.89 57.20 25 45R - -

Pak Synthetic 560 2.94 18.26 18.75 17.31 18.43 0.17 14321 19.90 8.90 - - - -

Premium Textile 62 0.60 30.24 31.75 31.75 31.75 1.51 500 34.40 25.00 50 - - -

Prosperity 185 1.10 14.60 14.98 14.00 14.00 -0.60 1929 15.30 13.10 30 - - -

Quetta Textile 130 0.93 50.45 52.91 50.50 51.61 1.16 1703 52.91 34.35 20 - - -

Ravi Textile 250 - 1.03 1.20 0.97 0.97 -0.06 2905 1.77 0.40 - - - -

Rupali Poly 341 3.80 41.00 41.50 40.00 40.86 -0.14 8962 44.40 35.25 40 - - -

Saif Textile 264 0.38 8.00 8.39 7.75 7.75 -0.25 5523 11.50 3.90 - - - -

Sally Textile 88 0.23 6.10 6.20 5.85 6.12 0.02 6701 7.94 3.63 10 - - -

Samin Textile 267 4.56 6.39 5.65 5.65 6.39 0.00 201 7.40 4.55 - 100R - -

Sapphire Fibre 197 1.32 110.25 115.76 115.76 115.76 5.51 1926 129.25 98.05 15 - - -

Sargodha Spinning 312 1.20 3.83 4.00 3.65 4.00 0.17 8981 4.74 2.25 5 - - -

Shahtaj Textile 97 1.36 22.00 21.50 20.90 21.50 -0.50 2132 22.90 18.50 45 - - -

Thal Limited 307 5.45 106.18 110.50 105.00 109.78 3.60 18336 132.00 100.51 80 20B - -

Treet Corp 418 5.67 47.41 47.00 46.00 46.13 -1.28 16064 63.30 44.10 - - - -

Tri-Star Poly 215 - 0.55 0.51 0.51 0.51 -0.04 908 1.29 0.33 - - - -

Yousuf Weaving 400 0.53 1.24 1.13 1.12 1.12 -0.12 1002 1.99 1.08 - - - -

ZahidJee Textile 341 0.94 5.00 5.20 5.20 5.20 0.20 1000 5.80 2.27 - - - -

Zephyr Textile Ltd 594 6.87 3.20 4.15 3.20 4.12 0.92 343559 4.50 2.56 - - - -

Zil Limited 53 4.76 65.25 65.25 65.00 65.12 -0.13 445 87.90 50.50 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

989.94 990.49 974.64 984.73 -5.21 -0.53

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

74,961 15 7 3,763.71 mn 4,775.86 mn 996.72

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

1.73 0.18 10.64 6.27 3.63 984.73

Gauhar Engineering Ltd 22 - 1.05 2.00 2.00 2.00 0.95 500 2.35 0.50 - - - -

Pak Elektron 1219 3.26 13.11 13.02 12.80 12.96 -0.15 67764 15.88 12.07 - 10B - -

Tariq Glass Ind 231 1.74 13.13 13.80 13.00 13.20 0.07 6607 24.00 12.51 17.5 - - 200R

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,949.56 1,989.10 1,895.19 1,920.74 -28.81 -1.48

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

126,730 61 16 11,335.33 mn 264,187.57 mn 1,999.31

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

44.52 13.49 30.30 30.57 0.69 1,920.74

AL-Noor Sugar 186 1.04 43.46 41.66 41.61 41.61 -1.85 1300 54.00 40.85 50 - - -

Dewan Sugar 365 - 3.25 3.48 2.70 3.01 -0.24 40017 4.20 2.52 - - - -

Faran Sugar 217 1.54 18.92 19.00 19.00 19.00 0.08 1990 21.73 17.25 25 - - -

Habib Sugar 750 8.63 21.90 22.10 21.70 21.75 -0.15 21170 33.95 20.25 25 25B - -

Habib-ADM Ltd 200 6.71 11.06 11.38 11.00 11.00 -0.06 2700 12.85 10.85 40 - - -

Haseeb Waqas 324 - 13.00 13.05 13.00 13.00 0.00 601 23.62 11.15 10 - - -

Mirpurkhas Sugar 84 2.81 45.00 45.00 44.80 45.00 0.00 161 55.00 44.13 15 20B - -

National Foods 414 9.62 55.00 55.85 53.00 55.00 0.00 432 75.50 52.01 12 - - -

Nestle Pakistan XD 453 33.56 3197.50 3350.00 3037.63 3043.87 -153.63 359 3695.00 2312.94 750 - - -

Noon Sugar 165 1.28 11.95 12.35 11.90 11.91 -0.04 2003 13.40 9.00 - - - -

Pangrio Sugar 109 - 4.08 4.50 3.90 3.90 -0.18 1001 6.75 3.00 10 - - -

Quice Food 107 6.57 3.12 3.01 2.85 2.89 -0.23 36000 4.00 2.10 - - - -

S S Oil 57 0.25 4.20 4.15 4.15 4.15 -0.05 1000 4.75 2.50 - - - -

Sakrand Sugar 223 - 1.75 2.18 2.18 2.18 0.43 500 3.26 1.60 - - - -

Shakarganj Mills 695 0.35 5.25 4.86 4.85 4.85 -0.40 500 6.88 4.01 - - - -

Tandlianwala 1177 24.56 42.00 44.00 41.00 43.96 1.96 16726 44.06 34.00 - - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,089.28 1,092.07 1,071.16 1,082.00 -7.28 -0.67

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

175,365 19 4 6,768.53 mn 39,980.98 mn 1,104.89

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

3.69 0.93 25.35 20.42 5.54 1,082.00

Agriautos Ind 144 4.69 72.46 72.49 70.80 71.63 -0.83 3012 82.63 66.45 90 - - -

Atlas Battery 101 5.10 190.73 192.50 190.25 191.99 1.26 4900 205.00 176.25 100 20B - -

Dewan Motors 890 - 2.30 2.29 2.03 2.04 -0.26 101774 2.54 1.50 - - - -

Exide (PAK) 56 4.56 180.08 186.35 176.10 186.35 6.27 2000 217.44 170.11 60 - - -

General Tyre 598 4.56 22.53 23.00 22.99 23.00 0.47 6146 26.74 21.00 20 - - -

Ghandhara Nissan 450 - 3.64 3.50 3.30 3.30 -0.34 13936 5.36 3.05 - - - -

Honda Atlas Cars 1428 - 10.00 10.30 9.93 10.13 0.13 19532 12.87 9.52 - - - -

Indus Motors XD 786 8.97 210.00 209.00 207.00 207.26 -2.74 625 309.73 207.00 150 - 50.00 -

Pak Suzuki 823 11.56 63.00 63.40 61.50 63.00 0.00 14518 74.80 60.00 5 - - -

Sazgar Engineering XD 150 4.04 23.14 23.90 22.07 22.40 -0.74 8915 24.25 19.90 10 20B 10.00 -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,566.31 1,575.09 1,543.81 1,553.25 -13.06 -0.83

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

124,234 11 1 1,336.62 mn 31,060.17 mn 1,621.92

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

7.68 2.92 38.02 131.49 17.12 1,553.25

Ados Pak 66 7.20 9.40 9.50 8.76 9.50 0.10 4204 17.71 8.76 - - - -

AL-Ghazi Tractor XD 215 4.57 206.50 209.00 202.00 203.00 -3.50 3500 244.95 199.05 400 - - -

Dewan Auto Engineering 214 - 1.33 1.49 1.00 1.05 -0.28 73376 1.88 0.74 - - - -

KSB Pumps 132 8.20 61.98 62.00 58.89 61.98 0.00 221 64.00 54.05 12.5 - - -

Millat Tractors 366 7.78 509.95 513.70 504.00 505.46 -4.49 42760 568.40 466.27 650 25B325.00 -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

930.07 944.49 928.12 924.82 -5.25 -0.56

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

32,754 13 2 3,043.31 mn 34,996.91 mn 930.07

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

2.65 1.16 43.91 15.55 5.87 920.58

Cherat Papersack 115 2.25 51.23 52.00 48.80 49.09 -2.14 17083 80.90 47.80 20 25B - 50R

ECOPACK Ltd 230 - 2.17 2.29 2.13 2.25 0.08 609 2.99 2.03 - - - -

Ghani Glass 1067 5.30 51.65 51.98 50.00 51.01 -0.64 5208 56.45 48.71 25 10B - -

MACPAC Films 389 1.97 7.39 7.49 7.00 7.25 -0.14 7714 8.15 2.50 - - - -

Tri-Pack Films XD 300 7.98 133.67 135.99 131.50 131.61 -2.06 2052 144.80 119.10 100 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

837.02 843.13 821.52 828.16 -8.86 -1.06

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

2,012,745 37 6 54,792.74 mn 59,592.77 mn 860.92

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

6.00 0.43 7.10 19.04 3.17 828.16

Al-Abbas Cement 1828 - 2.60 2.60 2.45 2.45 -0.15 11071 3.70 2.15 - 100R - -

Attock Cement 866 6.50 50.78 51.88 50.10 51.35 0.57 16402 63.50 48.50 50 - - -

Balochistan Glass Ltd 858 - 2.30 2.40 2.10 2.14 -0.16 739 4.24 2.01 - - - -

Berger Paints 182 - 16.50 16.48 15.70 15.80 -0.70 1904 24.16 14.72 - 122R - -

Cherat Cement 956 37.54 9.25 9.70 8.81 9.01 -0.24 772 11.50 8.00 - - - -

Dewan Cement 3891 - 1.70 1.75 1.65 1.66 -0.04 172681 2.49 1.50 - - - -

DG Khan Cmt Ltd XR 3651 9.99 23.20 23.35 22.91 23.08 -0.12 448487 32.30 21.20 - 20R - 20R

EMCO Ind 350 - 2.35 2.25 2.05 2.05 -0.30 25005 4.00 1.70 - - - -

Fauji Cement 6933 5.71 4.11 4.20 4.09 4.11 0.00 90577 5.35 3.97 - - - 92R

Flying Cement Ltd 1760 - 1.38 1.54 1.42 1.48 0.10 2210 1.95 1.30 - - - -

Frontier Ceramics 77 - 2.00 2.35 2.35 2.35 0.35 4999 3.40 0.71 - - - -

Gammon Pak 283 - 1.99 1.25 1.20 1.20 -0.79 14997 3.65 1.01 - - - -

Gharibwal Cement 4003 - 6.21 6.00 5.50 5.50 -0.71 13520 8.80 4.70 - - - -

Kohat Cement 1288 - 5.85 6.05 5.80 5.82 -0.03 14501 6.95 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 3.10 3.17 3.03 3.03 -0.07 179076 3.88 2.65 - - - -

Lucky Cement 3234 5.67 64.13 63.80 62.50 63.07 -1.06 665597 78.00 59.55 40 - - -

Maple Leaf Cement 5261 - 2.30 2.32 2.20 2.30 0.00 326606 3.00 1.92 - - - -

Pioneer Cement 2271 - 5.95 6.06 5.70 5.96 0.01 23144 7.45 5.17 - - - -

Safe Mix Concrete 200 - 5.21 5.40 5.40 5.21 0.00 412 7.95 5.21 - - - -

Thatta Cement 798 938.00 18.76 18.50 18.50 18.76 0.00 350 19.19 16.20 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,031.68 1,036.00 1,015.01 1,016.95 -14.72 -1.43

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

27,513 7 1 3,596.11 mn 9,582.89 mn 1,033.38

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

2.83 0.94 33.10 30.91 10.91 1,016.95

Crescent Steel XD 565 2.77 26.51 26.55 26.21 26.50 -0.01 5106 31.00 25.67 30 - 10.00 -

Dost Steels Ltd 675 - 2.05 2.09 1.99 2.00 -0.05 19601 2.98 1.80 - - - -

International Ind 1199 18.44 52.00 52.20 50.70 50.70 -1.30 2805 62.20 45.81 40 20B 15.00 -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,065.91 1,087.17 1,059.74 1,060.25 -5.66 -0.53

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

25,181 4 1 1,186.83 mn 2,923.93 mn 1,065.91

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

5.47 0.41 7.47 25.28 4.62 1,007.56

Century Paper 707 - 16.51 16.75 16.12 16.29 -0.22 24980 19.69 14.50 - - - -

Security Paper 411 6.86 38.39 39.40 38.65 38.39 0.00 101 47.19 34.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,742.54 1,746.68 1,707.38 1,727.13 -15.41 -0.88

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

14,971,866 36 6 52,251.88 mn 369,529.10 mn 1,764.84

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

9.15 3.20 35.00 48.81 5.34 1,727.13

Agritech Limited 3924 22.83 22.22 23.09 22.32 22.83 0.61 995 26.73 21.25 - - - -

BOC (Pak) 250 9.34 90.02 91.00 90.02 90.99 0.97 520 103.94 82.00 60 - - -

Clariant PakXDXB 341 5.10 143.54 143.35 141.70 142.38 -1.16 6076 213.30 141.70 135 25B - -

Dawood HerculesSPOT 1203 15.44 282.91 283.00 274.60 275.81 -7.10 215320 294.00 189.49 50 300B - -

Descon Chemical 1996 - 2.81 2.89 2.65 2.68 -0.13 98215 3.58 2.34 - - - -

Descon Oxychem Ltd. 1020 10.82 8.20 8.35 8.10 8.22 0.02 606032 9.60 6.00 - - - -

Dewan Salman 3663 - 2.80 2.95 2.70 2.75 -0.05 1111197 3.47 2.26 - - - -

Dynea Pak 94 5.54 10.30 10.40 10.40 10.30 0.00 300 11.98 10.06 15 - - -

Engro Corp. LtdXDXB 3933 10.79 197.51 198.80 194.50 196.44 -1.07 2685122 238.50 189.00 60 20B - -

Engro Polymer 6635 - 11.88 11.95 11.56 11.64 -0.24 202650 15.87 11.56 - 27.5R - -

Fatima Fertilizer 22000 - 12.76 12.75 12.51 12.55 -0.21 536759 13.30 10.01 - - - -

Fauji Fertilizer 8482 7.78 127.63 127.45 124.50 126.41 -1.22 1569210 157.90 108.00 130 25B - -

Fauji Fert.Bin Qasim XD 9341 7.31 39.07 39.00 38.45 38.75 -0.32 1872360 43.99 34.75 65.5 - - -

Ghani Gases Ltd 725 9.43 10.82 10.75 10.65 10.75 -0.07 10012 13.07 10.43 - - - -

ICI Pakistan 1388 9.35 163.56 164.80 162.00 163.71 0.15 86414 170.75 138.00 175 - - -

Lotte Pakistan XD 15142 5.75 15.72 15.87 15.45 15.64 -0.08 5856150 16.80 13.12 5 - - -

Mandviwala 74 - 0.93 1.07 0.90 1.00 0.07 6403 2.45 0.57 - - - -

Nimir Ind Chemical 1106 27.90 2.85 2.97 2.78 2.79 -0.06 571821 3.34 1.62 - - - -

Pak Gum 42 - 17.42 17.00 16.42 16.42 -1.00 2392 28.20 16.42 - - - -

Shaffi Chemical 120 - 2.41 2.43 2.43 2.41 0.00 102 2.78 1.55 - - - -

Sitara Chem Ind 214 8.81 104.74 104.95 103.95 104.51 -0.23 3515 131.90 90.78 25 5B - -

Sitara Peroxide 551 6.93 16.53 16.54 15.99 16.08 -0.45 164656 18.45 11.81 - - - -

United Distributors 92 - 14.20 14.20 13.25 14.10 -0.10 551 14.99 8.76 - - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

903.75 910.24 892.54 899.26 -4.49 -0.50

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

16,583 9 - 3,904.20 mn 29,760.56 mn 911.32

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

6.53 1.46 22.31 44.54 6.82 899.26

Abbott (Lab) XD 979 6.82 83.00 82.05 81.50 81.97 -1.03 1510 112.50 78.59 50 - - -

Ferozsons (Lab)SPOT 250 6.18 91.49 94.49 91.50 91.49 0.00 235 98.00 85.00 - 20B 12.50 -

GlaxoSmithKline 1707 15.89 81.14 81.35 80.00 80.72 -0.42 5457 89.98 68.00 40 15B - -

Highnoon (Lab) 165 7.15 26.20 25.97 25.20 25.82 -0.38 2300 30.48 24.50 - - - -

IBL HealthCare Ltd 200 4.69 11.00 11.90 10.02 11.90 0.90 4554 11.90 7.16 - - - -

Otsuka Pak 100 7.91 32.28 33.89 33.88 32.28 0.00 134 35.70 29.50 - - 15 -

Sanofi-AventisSPOT 96 6.87 155.07 162.79 157.50 159.68 4.61 1625 174.00 134.00 100 - - -

Searle Pak 306 5.16 59.71 60.98 59.00 59.03 -0.68 768 69.00 58.05 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

673.07 683.24 671.06 673.23 0.16 0.02

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

2,785 4 2 3,242.17 mn 11,486.55 mn 687.01

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

5.02 1.28 25.53 11.08 2.21 673.07

Pak Int Cont. Terminal 1092 6.44 66.99 68.00 67.00 67.00 0.01 1901 75.72 63.00 40 - - -

PNSC 1321 8.34 30.00 30.50 29.50 30.02 0.02 884 39.45 29.35 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Bank Alfalah 22-Mar 28-Mar - - 28-MarOlympia Textile Mills # 22-Mar 30-Mar - - 30-Mar Pak Datacom 22-Mar 29-Mar 15(I) 14-Mar -Ittehad Chemicals # 22-Mar 28-Mar 5(I) 14-Mar 28-Mar MCB Bank 22-Mar 31-Mar 30(F),10(B) 14-Mar 31-MarNestle Pakistan 22-Mar 28-Mar 300(F) 14-Mar 28-MarShabbir Tiles & Ceramics 22-Mar 28-Mar 100(R) 14-Mar -Pakistan Gum & Chemicals # 22-Mar 28-Mar - - 28-Mar Unilever Pakistan 22-Mar 29-Mar 314(F) 14-Mar 29-MarPakistan Services # 22-Mar 28-Mar - - 28-Mar Samba Bank 22-Mar 28-Mar - - 28-MarFirst UDL Modaraba 22-Mar 28-Mar 7.5(I) 14-Mar -Network Microfinance Bank 23-Mar 29-Mar - - 29-MarNIB Bank 23-Mar 30-Mar - - 30-MarSanofi-Aventis Pakistan 23-Mar 29-Mar 100(F) 15-Mar 29-MarHusein Sugar Mills # 23-Mar 30-Mar - - 30-Mar Askari Bank 23-Mar 29-Mar 10(B) 15-Mar 29-MarJS Bank 23-Mar 29-Mar - - 30-MarShell Gas LPG # 23-Mar 29-Mar - - 29-Mar New Jubilee Life Insurance 22-Mar 30-Mar 15 14-Mar 30-MarDiamond Industries # 24-Mar 31-Mar - - 31-Mar

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Climax Eng. 4.99 4 4 4 -0.99 3000

Pakistan Cables 52 53 52 52 0 9284

TRG Pakistan Ltd. 3.07 3.19 3.02 3.05 -0.02 406870

Murree Brewery Co. 100.97 103 98 98.11 -2.86 1332

Grays of Cambridge 45.96 47 46.75 45.96 0 123

Pak Tobacco 92.43 94.95 89.11 90.02 -2.41 618

Shifa Int.Hospitals 31.71 30.3 30.3 30.3 -1.41 1000

P.I.A.C.(A) 2.75 2.98 2.62 2.85 0.1 264957

AKD Capital Limited 39.89 41.24 40 40.36 0.47 1035

Pace (Pak) Ltd. 3.03 3.39 3 3.11 0.08 6001628

Netsol Technologies 22.08 22.1 21.55 21.72 -0.36 88549

Pak Telephone 1.9 2.4 1.26 1.9 0 102

Symbols Open High Low Close Change Vol

Tuesday, March 22, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -231.47 points at 11,375.14. Volume

was 52 per cent below average (consolidating) and Bollinger Bands

were 20 per cent wider than normal. As far as resistance level is con-

cern, the market will see major 1st resistance level at 11,538.55 and

2nd resistance level at 11,701.95, while Index will continue to find its

1st support level at 11,279.80 and 2nd support level at 11,184.45.

KSE 100 INDEX is currently 5.0 per cent above its 200-day mov-

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

as compared to the average volatility over the last 10 trading ses-

sions. 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) 33.76 Support 1 11,279.80

MA (5-day) 11,692.77 Support 2 11,184.45

MA (10-day) 11,874.84 Resistance 1 11,538.55

MA (100-day) 11,724.06 Resistance 2 11,701.95

MA (200-day) 10,836.31 Pivot 11,443.20

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Target Price Recommendations

Technical Outlook

NBP closed down -2.65 at 74.16. Volume was 55 per cent above average

and Bollinger Bands were 114 per cent wider than normal.

NBP is currently 7.3 per cent above its 200-day moving average and is dis-

playing 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 Neutral

TFD Research 92.3 Positive

RSI (14-day) 43.26 MTS Shares 29,001

MA (10-day) 78.16 MTS Rs 1,670,675

MA (100-day) 72.82 MTS Rate -

MA (200-day) 69.14 ** NOI Rs (mn) 186.40

Free Float Shares (mn)318.50 Free Float Rs (mn) 23,619.80

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Target Price Recommendations

Technical Outlook

ENGRO closed down -1.07 at 196.44. Volume was 2 per cent above aver-

age and Bollinger Bands were 176 per cent wider than normal.

ENGRO is currently 3.7 per cent above its 200-day moving average and is

displaying a downward 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 bearish on ENGRO.

Arif Habib Ltd 224 Sell

AKD Securities Ltd 195.41 Neutral

TFD Research 245.4 Positive

RSI (14-day) 36.31 MTS Shares 27,500

MA (10-day) 218.69 MTS Rs 4,046,381

MA (100-day) 200.49 MTS Rate 19.85

MA (200-day) 189.41 ** NOI Rs (mn) 263.80

Free Float Shares (mn)176.98 Free Float Rs (mn) 34,765.54

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed down -0.32 at 38.75. Volume was 71 per cent below average

(consolidating) and Bollinger Bands were 46 per cent wider than normal.

FFBL is currently 18.1 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is extremely high when compared

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

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

Trend forecasting oscillators are currently bearish on FFBL.

Arif Habib Ltd 37 Sell

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Positive

RSI (14-day) 39.13 MTS Shares 1,000

MA (10-day) 40.79 MTS Rs 29,625

MA (100-day) 37.62 MTS Rate -

MA (200-day) 32.80 ** NOI Rs (mn) 46.69

Free Float Shares (mn)326.94 Free Float Rs (mn) 12,668.87

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Target Price Recommendations

Technical Outlook

FFC closed down -1.22 at 126.41. Volume was 31 per cent below average

and Bollinger Bands were 19 per cent wider than normal.

FFC is currently 8.2 per cent above its 200-day moving average and is dis-

playing 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 FFC at a relatively equal pace. Trend forecasting

oscillators are currently bearish on FFC.

Arif Habib Ltd 131.3 Sell

AKD Securities Ltd 120.7 Reduce

TFD Research 129.4 Neutral

RSI (14-day) 43.38 MTS Shares 1,000

MA (10-day) 130.20 MTS Rs 95,723

MA (100-day) 127.06 MTS Rate -

MA (200-day) 116.78 ** NOI Rs (mn) 75.07

Free Float Shares (mn)466.49 Free Float Rs (mn) 58,968.67

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

HUBC closed down -1.11 at 36.42. Volume was 19 per cent below aver-

age and Bollinger Bands were 44 per cent wider than normal.

HUBC is currently 2.2 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 indicators

reflect moderate flows of volume into HUBC (mildly bullish). Trend fore-

casting oscillators are currently bullish on HUBC.

Arif Habib Ltd 50 Buy

AKD Securities Ltd 42.1 Accumulate

TFD Research 50.3 Positive

RSI (14-day) 34.37 MTS Shares 31,250

MA (10-day) 38.97 MTS Rs 855,469

MA (100-day) 37.28 MTS Rate 20.00

MA (200-day) 35.65 ** NOI Rs (mn) 0.03

Free Float Shares (mn)810.01 Free Float Rs (mn) 29,500.49

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Target Price Recommendations

Technical Outlook

POL closed down -6.40 at 312.17. Volume was 34 per cent below average

and Bollinger Bands were 19 per cent wider than normal.

POL is currently 19.4 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 POL at a relatively equal pace. Trend forecasting

oscillators are currently bullish on POL.

Arif Habib Ltd 339 Hold

AKD Securities Ltd 322.42 Neutral

TFD Research 363.65 Positive

RSI (14-day) 48.05 MTS Shares 68,000

MA (10-day) 317.48 MTS Rs 16,198,260

MA (100-day) 296.41 MTS Rate 21.20

MA (200-day) 261.55 ** NOI Rs (mn) 480.06

Free Float Shares (mn)107.94 Free Float Rs (mn) 33,696.56

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

Technical Analysis Leverage Position

Oil & Gas Development Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

OGDC closed down -5.43 at 135.63. Volume was 45 per cent above aver-

age and Bollinger Bands were 61 per cent wider than normal.

OGDC is currently 11.6 per cent below its 200-day moving average and is

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

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

erate flows of volume out of OGDC (mildly bearish). Trend forecasting

oscillators are currently bearish on OGDC. Momentum oscillator is current-

ly indicating that OGDC is currently in an oversold condition.

Arif Habib Ltd 143.2 Sell

AKD Securities Ltd 145 Neutral

TFD Research 145.25 Neutral

RSI (14-day) 21.10 MTS Shares N/A

MA (10-day) 149.42 MTS Rs N/A

MA (100-day) 163.74 MTS Rate N/A

MA (200-day) 153.40 ** NOI Rs (mn) 39.30

Free Float Shares (mn)630.61 Free Float Rs (mn) 85,529.09

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,442.50 1,453.00 1,414.73 1,427.36 -15.15 -1.05

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

1,019,764 52 11 29,771.58 mn 18,377.29 mn 1,442.50

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

18.52 0.41 2.21 104.74 8.79 1,427.36

AL-Meezan Mutual F.SPOT 1375 4.04 10.06 10.25 10.01 10.01 -0.05 92750 11.50 7.81 18.5 - 5.00 -

Asian Stocks 900 1.14 4.50 3.50 3.50 3.50 -1.00 500 5.72 3.00 8.2 - - -

B R R Guardian Mod. 780 1.75 1.43 1.70 1.40 1.61 0.18 10547 2.79 1.12 0 - - -

Crescent St Modaraba 200 1.20 0.46 0.64 0.46 0.53 0.07 559 0.87 0.40 1.2 - - -

Equity Modaraba 524 1.07 1.68 2.07 1.75 1.75 0.07 504 2.98 1.30 - - - -

Golden Arrow 760 1.43 3.21 3.24 3.12 3.12 -0.09 55764 3.89 2.92 17 - - -

H B L Modaraba 397 3.58 7.56 7.31 7.30 7.30 -0.26 3000 9.00 6.81 11 - - -

Habib Modaraba 1008 6.46 7.50 7.50 7.25 7.49 -0.01 616 7.50 6.65 21 - - -

JS Growth Fund 3180 2.36 6.08 6.47 6.01 6.14 0.06 708391 6.47 4.61 5 - - -

JS Value Fund 1186 1.30 5.40 5.48 5.17 5.40 0.00 35251 6.61 4.20 10 - - -

KASB Modaraba 283 1.85 3.05 2.96 2.50 2.96 -0.09 6000 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.59 9.00 9.01 9.00 9.00 0.00 15000 10.24 7.25 15.5 - - -

Mod Al-Mali 184 10.30 1.79 1.58 1.03 1.03 -0.76 14384 2.50 1.03 - - - -

PICIC Energy Fund XD 1000 2.98 7.40 7.25 7.21 7.21 -0.19 16041 8.83 6.21 10 - 10.00 -

PICIC Growth Fund XD 2835 3.62 12.16 12.12 12.05 12.10 -0.06 21697 16.49 12.05 20 - 12.50 -

PICIC Inv Fund XD 2841 2.83 5.25 5.25 5.12 5.20 -0.05 38435 7.95 5.10 10 - 7.50 -

Punjab Modaraba 340 - 1.36 1.47 1.05 1.36 0.00 203 2.00 0.85 1 - - -

Stand Chart Modaraba 454 5.08 9.95 9.87 9.53 9.95 0.00 101 10.63 9.07 17 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

338.73 342.89 327.23 331.86 -6.87 -2.03

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

1,423,620 41 6 30,336.44 mn 15,865.02 mn 343.22

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

11.48 0.22 0.91 99.56 4.15 331.86

AMZ Ventures 225 1.15 0.55 0.59 0.53 0.55 0.00 21707 0.93 0.33 - - - -

Arif Habib Investments 360 3.86 23.25 23.29 22.50 22.70 -0.55 1602 24.86 17.00 - 20B - -

Arif Habib Limited 450 17.31 21.45 21.46 21.00 21.12 -0.33 14820 28.00 18.31 - 20B - -

Arif Habib Corp 3750 4.58 24.46 24.34 23.24 23.46 -1.00 2010436 30.20 18.75 30 - - -

Escorts Bank 441 - 2.00 2.39 2.00 2.00 0.00 162 3.80 1.55 - - - -

First National Equity 575 - 4.95 5.77 4.40 4.99 0.04 796 9.00 4.00 - - - -

IGI Investment Bank 2121 9.09 2.00 2.14 2.00 2.00 0.00 60504 3.90 1.90 - - - -

Invest and Fin Sec 600 4.69 5.97 6.74 5.15 5.82 -0.15 2701 8.98 5.15 11.5 - - -

Invest Bank 2849 - 0.47 0.55 0.40 0.45 -0.02 14144 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.10 3.05 3.00 3.04 -0.06 3626 3.84 2.90 - 10B - -

Ist Dawood Bank 626 0.81 1.45 1.98 1.45 1.54 0.09 8001 2.00 1.24 - - - -

Jah Siddiq Co 7633 - 8.89 8.90 8.62 8.66 -0.23 1072014 12.80 8.01 10 - - -

JOV and CO 508 770.00 3.08 3.15 2.99 3.08 0.00 77907 4.49 2.58 - - - -

JS Global Cap 500 6.49 23.76 23.50 22.58 22.58 -1.18 2599 31.50 20.80 - - - -

JS Investment 1000 - 5.45 5.55 5.24 5.27 -0.18 4517 7.40 5.00 - - - -

KASB Securities 1000 - 4.46 4.89 4.50 4.50 0.04 2014 5.43 3.75 - - - -

Orix Leasing 821 4.24 6.17 6.10 5.55 6.10 -0.07 523 7.09 5.25 - - - -

Pervez Ahmed Sec 775 3.98 1.99 2.00 1.90 1.91 -0.08 127109 2.49 1.21 - - - -

Stand Chart Leasing 978 3.72 2.95 2.80 2.45 2.75 -0.20 2020 3.00 1.67 - - - -

Trust Inv Bank 586 0.52 1.90 1.85 1.75 1.84 -0.06 6821 2.00 0.61 - - - -

Paid up Last 60 days 2010 2011

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

765.57 767.37 738.54 742.34 -23.23 -3.03

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

57,023 4 - 2,290.72 mn 8,677.67 mn 769.04

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

5.40 3.26 3.85 355.53 4.19 733.00

East West Life 500 - 1.62 1.89 1.55 1.55 -0.07 501 3.84 1.52 - 20R - -

EFU Life Assurance 850 33.49 61.38 60.85 58.32 58.95 -2.43 17872 79.80 51.31 - - - -

New Jub Life Ins.XD 627 19.34 45.99 46.50 45.00 45.26 -0.73 38649 49.30 39.05 15 - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,101.42 1,107.75 1,078.23 1,088.96 -12.46 -1.13

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

13,161,952 27 - 257,548.02 mn 655,646.42 mn 1,114.59

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

7.34 1.02 13.94 40.49 5.52 1,088.96

Allied Bank Ltd.XDXB 8603 5.44 59.43 59.40 57.00 57.68 -1.75 66064 74.00 57.00 40 10B - -

Askari BankSPOT 6427 6.32 13.57 13.50 13.05 13.27 -0.30 535430 19.25 12.55 - 10B - -

Bank Alfalah 13492 6.96 9.32 9.55 9.20 9.40 0.08 924410 11.99 8.75 - - - -

Bank AL-HabibXDXB 8786 5.52 27.37 27.70 27.00 27.18 -0.19 76628 39.49 26.95 20 20B - -

Bank Of Khyber 5004 3.72 4.21 4.26 3.30 4.20 -0.01 33218 4.65 3.30 - - - -

Bank Of Punjab 5288 - 6.92 6.90 6.62 6.69 -0.23 1273640 10.23 6.40 - - - -

BankIslami Pak 5280 39.56 3.52 3.70 3.40 3.56 0.04 58354 4.50 3.06 - - - -

Faysal Bank 7327 4.04 12.68 12.70 12.30 12.52 -0.16 56112 16.47 10.69 - 20B - -

Habib Bank LtdXDXB 11021 6.68 108.33 108.10 106.60 106.98 -1.35 103875 131.00 105.50 65 10B - -

Habib Metropolitan BankSPOT 8732 6.80 22.50 22.74 22.10 22.25 -0.25 138901 29.28 22.10 - 20B - -

JS Bank Ltd 8150 - 2.75 2.75 2.70 2.74 -0.01 242055 3.16 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.46 1.49 1.45 1.45 -0.01 58810 2.62 1.40 - - - -

MCB Bank LtdXDXB 8362 8.68 193.85 195.00 192.20 192.72 -1.13 256276 250.48 192.20 85 10B - -

Meezan Bank XB 8030 7.03 16.99 17.05 16.50 16.60 -0.39 51599 20.30 15.30 - 15B - -

National BankSPOT 13455 6.48 76.81 76.35 73.25 74.16 -2.65 7190423 81.78 66.01 75 25B - -

Network Mic Bank 300 - 1.41 1.15 1.15 1.15 -0.26 1000 2.65 0.76 - - - -

NIB Bank 40437 - 2.03 2.07 1.98 2.00 -0.03 1379876 3.35 1.90 -154.79R - -

Samba Bank 14335 - 1.80 1.77 1.63 1.70 -0.10 62980 2.12 1.50 -63.46R - -

Silkbank Ltd 26716 - 2.18 2.24 2.11 2.11 -0.07 222212 3.05 2.06 - - - -

Soneri Bank 6023 28.57 6.12 6.10 5.90 6.00 -0.12 126767 8.48 5.00 - - - -

Stand Chart BankSPOT 38716 9.46 9.00 9.00 8.77 8.99 -0.01 17695 9.90 6.28 6 - - -

Summit Bank Ltd 7251 - 2.90 3.00 2.75 2.76 -0.14 261058 4.63 2.75 - - - -

United Bank Ltd XD 12242 6.83 57.92 58.59 57.30 58.10 0.18 285554 70.65 56.70 50 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

756.85 766.40 737.74 746.13 -10.72 -1.42

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

737,050 34 22 11,111.34 mn 47,543.99 mn 766.18

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

12.49 0.65 5.20 79.54 6.37 746.13

Adamjee Insurance 1237 22.11 77.85 77.70 76.00 76.29 -1.56 147117 96.40 71.55 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,379.95 1,412.36 1,344.54 1,367.06 -12.89 -0.93

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

632,321 2 - 12,202.80 mn 30,450.29 mn 1,420.76

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

8.80 1.00 11.41 66.79 7.59 1,367.06

Sui North Gas 5491 11.69 19.92 20.09 19.50 19.87 -0.05 142649 29.39 19.50 20 - - -Sui South Gas 8390 3.51 23.65 24.51 22.95 23.29 -0.36 489672 27.90 20.02 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,350.36 1,362.84 1,310.46 1,319.62 -30.74 -2.28

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

3,016,466 15 1 95,369.29 mn 102,311.95 mn 1,358.73

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

13.48 1.26 9.35 104.13 7.72 1,319.62

Genertech 198 - 0.66 0.69 0.60 0.65 -0.01 801 1.10 0.56 - - - -

Hub Power XD 11572 6.67 37.53 37.90 36.12 36.42 -1.11 1556475 41.20 35.90 50 - 25.00 -

Japan Power 1560 - 1.41 1.40 1.31 1.37 -0.04 29001 2.00 1.25 - - - -

KESC 7932 - 2.60 2.64 2.55 2.58 -0.02 223584 3.55 2.31 - 7.8R - -

Kot Addu Power XD 8803 5.20 41.01 41.20 40.50 40.52 -0.49 99006 45.85 39.80 50 - 30.00 -

Nishat Chunian Power Ltd 3673 3.17 15.94 16.00 15.50 15.78 -0.16 391655 18.01 14.05 - - - -

Nishat Power Ltd 3541 2.45 16.99 17.18 16.55 16.74 -0.25 548876 18.70 14.85 - - - -

Southern Electric 1367 - 1.70 1.75 1.61 1.66 -0.04 157349 2.39 1.41 - - - -

Tri-star Power XD 150 - 0.79 0.90 0.55 0.55 -0.24 9718 1.31 0.50 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

993.98 1,003.27 977.21 987.65 -6.33 -0.64

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

2,214,406 5 - 50,077.79 mn 67,894.78 mn 1,036.20

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

5.34 0.69 12.84 62.56 11.71 987.65

Pak Datacom XD 78 4.97 44.90 47.10 46.00 45.76 0.86 1253 82.39 45.50 80 - 15.00 -

Pakistan Telecomm Co A 37740 11.12 16.83 16.94 16.61 16.68 -0.15 723577 20.65 16.61 17.5 - - -

Telecard 3000 1.30 1.96 1.99 1.90 1.97 0.01 168628 2.48 1.60 1 - - -

WorldCall Tele 8606 - 2.60 2.69 2.43 2.64 0.04 1320948 3.11 2.15 - - - -

Wateen Telecom Ltd 6175 - 2.96 3.04 2.70 2.79 -0.17 205905 4.65 2.70 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 255 4.51 11.49 11.75 10.49 10.51 -0.98 54600 12.00 9.51 -10B 25R - -

Atlas InsuranceSPOT 369 5.84 38.89 39.00 38.22 38.40 -0.49 6742 42.90 35.47 - 20B - -

Central Insurance XB 279 10.66 92.94 94.99 89.00 93.83 0.89 2473 94.99 61.30 10 10B - -

Century Insurance 457 6.36 10.28 10.47 9.70 10.17 -0.11 24356 11.99 8.90 - - - -

EFU General Insurance 1250 - 36.26 37.90 35.90 36.14 -0.12 12877 45.40 32.25 - - - -

Habib Insurance 400 2.98 12.70 12.60 12.40 12.51 -0.19 11100 15.50 11.72 - - - -

IGI Insurance 718 8.33 98.98 98.96 97.00 97.00 -1.98 3706 102.44 88.11 30 55B - -

New Jub Insurance 791 11.68 64.98 67.90 62.25 66.44 1.46 638 67.90 56.00 35 25B - -

Pak Reinsurance 3000 43.67 17.75 17.88 16.95 17.03 -0.72 458687 19.40 13.80 - - - -

PICIC Ins Ltd 350 82.86 11.98 12.59 11.60 11.60 -0.38 884 13.00 6.31 - - - -

Premier Insurance 303 6.05 11.14 11.30 11.10 11.19 0.05 10149 12.93 10.10 - - - -

Reliance Insurance XB 252 4.60 7.19 7.50 7.49 7.50 0.31 3000 7.50 6.20 - - - -

Shaheen Insurance 200 - 9.16 9.85 9.25 9.38 0.22 720 14.20 8.85 - - - 25R

UP TO 100 VOLUME

LATM 6.11 6.00 6.00 6.11 0.00 100

BWCL 11.66 12.60 12.60 11.66 0.00 100

GHNI 9.49 9.49 9.49 9.49 0.00 100

PPP 37.00 36.98 36.98 37.00 0.00 100

MFFL 69.00 70.00 68.01 69.00 0.00 98

HUSI 5.00 4.51 4.51 5.00 0.00 90

MYBL 2.03 2.44 1.70 2.03 0.00 73

HINO 111.35 113.00 107.01 111.35 0.00 67

PKGS 114.98 115.00 113.90 114.98 0.00 59

SHEZ 135.79 136.00 131.00 135.79 0.00 54

SRVI 190.76 193.00 189.56 190.76 0.00 53

REWM 12.01 11.65 11.65 12.01 0.00 50

UPFL 1178.90 1237.84 1234.09 1236.21 57.31 50

JDWS 74.00 74.00 71.50 74.00 0.00 45

BAPL 8.74 8.25 8.25 8.74 0.00 43

SPLC 0.94 0.64 0.60 0.94 0.00 33

FCIBL 3.26 3.25 3.25 3.26 0.00 25

MERIT 29.15 29.19 29.19 29.15 0.00 25

ULEVER 4785.52 4840.00 4675.01 4767.50 -18.02 24

ICL 27.14 28.39 25.80 27.14 0.00 23

GLPL 54.99 52.38 52.29 54.99 0.00 22

MRNS 51.41 52.90 52.90 51.41 0.00 21

SJTM 1.35 1.83 0.55 1.35 0.00 20

COLG 773.54 804.98 750.00 773.54 0.00 12

TSMF 1.49 1.49 1.49 1.49 0.00 10

BHAT 257.17 244.50 244.50 257.17 0.00 10

CHAS 8.50 8.00 8.00 8.50 0.00 10

SCL 85.50 81.25 81.23 85.50 0.00 10

PSEL 157.50 149.76 149.76 157.50 0.00 10

AGSML 5.50 6.45 4.71 5.50 0.00 8

IDSM 9.57 10.50 8.60 9.57 0.00 6

DBCI 1.70 1.80 1.55 1.70 0.00 6

PECO 139.85 132.86 132.86 139.85 0.00 5

ATLH 136.16 136.69 133.27 136.16 0.00 5

CLOV 56.41 53.68 53.68 56.41 0.00 5

RMPL 2578.54 2648.00 2452.09 2578.54 0.00 5

CJPL 0.99 1.09 0.75 0.99 0.00 4

SIEM 980.00 1019.90 1019.90 980.00 0.00 4

PHDL 31.89 33.48 33.00 31.89 0.00 4

FDMF 1.89 2.08 2.08 1.89 0.00 2

FCONM 1.30 1.47 1.47 1.30 0.00 2

FFLM 1.42 1.70 1.70 1.42 0.00 2

PAKMI 0.85 1.05 1.05 0.85 0.00 2

HAJT 0.50 1.05 0.90 0.50 0.00 2

KOHS 3.00 3.98 2.90 3.00 0.00 2

GAIL 3.86 4.20 4.20 3.86 0.00 2

LPGL 13.44 12.44 12.44 13.44 0.00 2

ATFF 6.00 6.49 6.49 6.00 0.00 1

PMI 0.82 1.00 1.00 0.82 0.00 1

FTSM 1.20 0.61 0.61 1.20 0.00 1

ALICO 15.02 15.78 15.78 15.02 0.00 1

CSIL 4.24 4.42 4.42 4.24 0.00 1

CWSM 1.20 1.95 1.95 1.20 0.00 1

CML 2.30 2.45 2.45 2.30 0.00 1

CSUML 3.57 2.80 2.80 3.57 0.00 1

MZSM 3.40 3.27 3.27 3.40 0.00 1

KOHE 17.00 17.37 17.37 17.00 0.00 1

BCL 48.55 50.24 50.24 48.55 0.00 1

MSCL 13.92 14.89 14.89 13.92 0.00 1

BUXL 9.00 8.22 8.22 9.00 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-MARB 56.23 55.99 53.43 54.16 -2.07 1,422,500

ENGRO-MAR 197.88 198.97 194.83 196.90 -0.98 798,500

POL-MAR 319.47 319.00 311.20 313.13 -6.34 714,500

ENGRO-APR 197.88 200.90 198.00 198.42 0.54 642,500

NBP-APR 56.23 56.00 54.21 54.91 -1.32 494,500

FFBL-MAR 39.08 39.00 38.52 38.73 -0.35 334,000

NML-MAR 64.21 64.10 63.00 63.07 -1.14 317,000

FFC-MAR 127.73 127.70 125.00 126.78 -0.95 301,500

NML-APR 64.21 64.00 63.15 63.30 -0.91 168,500

PPL-MAR 204.87 204.05 199.99 200.52 -4.35 166,500

POL-APR 319.47 317.60 313.00 313.85 -5.62 163,000

ANL-MAR 9.10 9.10 8.98 8.99 -0.11 131,000

DGKC-APR 23.23 23.60 23.05 23.38 0.15 126,000

PSO-MAR 276.02 274.50 270.25 270.74 -5.28 123,500

MCB-MAR 195.06 194.70 192.51 193.10 -1.96 100,500

OGDC-MAR 141.26 139.70 135.20 135.80 -5.46 89,000

DGKC-MAR 23.23 23.32 23.00 23.18 -0.05 84,000

PPL-APR 204.87 204.50 201.30 201.71 -3.16 71,000

LUCK-MAR 64.22 63.50 62.25 63.20 -1.02 49,500

PTC-MAR 17.05 16.80 16.60 16.80 -0.25 32,000

FFBL-APR 39.08 39.00 38.66 38.94 -0.14 27,000

BOP-MAR 6.95 6.89 6.70 6.74 -0.21 25,500

FFC-APR 127.73 128.00 126.50 127.03 -0.70 25,000

NCL-MAR 28.55 28.10 27.90 27.96 -0.59 21,000

HUBC-MARB 37.66 37.66 37.66 37.66 0.00 20,000

UBL-MARB 58.01 58.00 58.00 58.00 -0.01 15,000

AICL-MAR 77.58 77.50 76.00 76.24 -1.34 12,000

NETSOL-MAR 22.16 21.80 21.50 21.53 -0.63 8,500

MCB-APR 195.06 195.00 193.50 193.83 -1.23 8,500

PTC-APR 17.05 16.91 16.91 16.91 -0.14 500

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITION

Symbol Total Volume Total Value MTS Rate

AHCL 70,500 1,282,331 21 ANL 1,100 7,510 - ATRL 1,000 92,513 - ENGRO 27,500 4,046,381 20 FFBL 1,000 29,625 - FFC 1,000 95,723 - HUBC 31,250 855,469 20 LOTPTA 10,000 118,988 - LUCK 1,500 72,135 - NBP 29,001 1,670,675 - NML 2,100 99,915 - PAKRI 9,000 119,843 - POL 68,000 16,198,260 21 PSO 5,800 1,183,815 20 Total 258,751 25,873,181 20.02

Adamjee Insurance 37.70 75.60 74.95 77.30 78.35 76.65

Al-Abbas Cement 41.85 2.40 2.35 2.55 2.65 2.50

Allied Bank Limited 32.90 56.65 55.65 59.05 60.45 58.05

Arif Habib Corp 51.23 23.00 22.60 24.10 24.80 23.70

Arif Habib Limited 44.06 20.90 20.75 21.40 21.65 21.20

Askari Bank 30.19 13.05 12.80 13.50 13.70 13.25

Attock Cement 47.04 50.35 49.35 52.10 52.90 51.10

Attock Petroleum 43.02 343.70 340.20 352.05 356.90 348.55

Attock Refinery 49.41 116.65 115.35 119.65 121.30 118.30

Azgard Nine 41.21 8.85 8.75 9.10 9.30 9.00

Bank Al-Falah 40.47 9.20 9.05 9.55 9.75 9.40

Bank.Of.Punjab 33.20 6.60 6.45 6.85 7.00 6.75

BankIslami Pak 49.63 3.40 3.25 3.70 3.85 3.55

D.G.K.Cement 33.00 22.85 22.65 23.30 23.55 23.10

Dewan Cement 37.31 1.65 1.60 1.75 1.80 1.70

Dewan Salman 48.37 2.65 2.55 2.90 3.05 2.80

Dost Steels Ltd 38.17 1.95 1.90 2.10 2.15 2.05

EFU General Insurance 44.76 35.40 34.65 37.40 38.65 36.65

EFU Life Assurance 47.86 57.90 56.85 60.40 61.90 59.35

Engro Corp 36.40 194.35 192.30 198.65 200.90 196.60

Fauji Cement 35.84 4.05 4.00 4.15 4.25 4.10

Fauji Fert Bin 39.27 38.45 38.20 39.00 39.30 38.75

Fauji Fertilizer 43.48 124.80 123.15 127.75 129.05 126.10

Faysal Bank 40.73 12.30 12.10 12.70 12.90 12.50

Habib Bank Ltd 32.65 106.35 105.75 107.85 108.75 107.25

Hub Power 34.49 35.70 35.05 37.50 38.60 36.80

ICI Pakistan 61.09 162.20 160.70 165.00 166.30 163.50

Indus Motors 14.50 206.50 205.75 208.50 209.75 207.75

J.O.V.and CO 40.77 3.00 2.90 3.15 3.25 3.05

Jah Siddiq Co 44.21 8.55 8.45 8.85 9.00 8.75

Japan Power 41.71 1.30 1.25 1.40 1.45 1.35

JS Bank Ltd 48.85 2.70 2.65 2.80 2.85 2.75

K.E.S.C 43.25 2.55 2.50 2.65 2.70 2.60

Kot Addu Power 36.63 40.30 40.05 41.00 41.45 40.75

Lotte Pakistan 50.63 15.45 15.25 15.85 16.05 15.65

Lucky Cement 36.63 62.45 61.80 63.75 64.40 63.10

Maple Leaf Cement 45.44 2.20 2.15 2.35 2.40 2.25

MCB Bank Ltd 28.58 191.60 190.50 194.40 196.10 193.30

National Bank 43.27 72.85 71.50 75.95 77.70 74.60

Netsol Technologies 42.31 21.50 21.25 22.05 22.35 21.80

NIB Bank 30.23 1.95 1.90 2.05 2.10 2.00

Nimir Ind.Chemical 54.53 2.75 2.65 2.90 3.05 2.85

Nishat (Chunian) 58.21 27.50 27.20 28.30 28.80 28.00

Nishat Mills 46.86 62.30 61.70 63.95 65.00 63.35

Oil & Gas Dev. XD 21.19 133.25 130.90 139.60 143.60 137.25

P.I.A.C.(A) 56.28 2.65 2.45 3.00 3.20 2.80

P.S.O. XD 37.77 268.25 266.10 273.80 277.15 271.65

P.T.C.L.A 29.22 16.55 16.40 16.85 17.05 16.75

PACE (Pakistan) Ltd. 58.48 2.95 2.80 3.35 3.55 3.15

Pak Oilfields 48.05 308.70 305.20 317.60 323.00 314.10

Pak Petroleum 39.70 198.20 196.35 203.20 206.35 201.35

Pak Suzuki 48.11 61.85 60.75 63.75 64.55 62.65

Pervez Ahmed Sec 48.31 1.90 1.85 2.00 2.05 1.95

Pioneer Cement 47.81 5.75 5.55 6.10 6.25 5.90

Shell Pakistan 53.15 203.85 200.55 209.65 212.15 206.35

Sitara Peroxide 61.24 15.85 15.65 16.40 16.75 16.20

Sui North Gas 27.15 19.55 19.25 20.15 20.40 19.80

Sui South Gas 40.26 22.65 22.00 24.20 25.15 23.60

Telecard 45.60 1.90 1.85 2.00 2.05 1.95

TRG Pakistan 47.43 3.00 2.90 3.15 3.25 3.10

United Bank Ltd 35.41 57.40 56.70 58.70 59.30 58.00

WorldCall Tele 56.95 2.50 2.35 2.75 2.85 2.60

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Bestway Cement Limited 22-03-2011 11:30

Mustehkam Cement Limited 22-03-2011 12:30

Adamjee Insurance Co Ltd. 22-03-2011 11:00

Quice Food Ind Ltd 24-03-2011 11:00

KASB Securities Ltd 24-03-2011 11:00

Fauji Fertiliser Bin Qasim 25-04-2011 7:12

Central Insur Comp Ltd 25-03-2011 10:00

American Life Insur Comp (Pak) Ltd 25-03-2011 11:00

Pakistan International Airlines 26-03-2011 10:00

EFU General Insur Ltd 26-03-2011 10:00

EFU Life Assur Ltd 26-03-2011 11:30

Unilever Pak Ltd 22-04-2011 10:00

BOC Pak Ltd 22-04-2011 10:00

Unilever Pak Foods Ltd 27-04-2011 2:30

BOARD MEETINGS

Company Date Time

Tuesday, March 22, 2011 8

ISLAMABAD: TheCompetition Commission ofPakistan (CCP) has grantedVimpelCom Limited condition-al approval to a cross-borderacquisition of Wind Telecom,after undertaking phase-IIreview of the transaction toaddress competition concerns.

VimpelCom had submitted apre-merger application withCCP regarding theproposed acquisitionof Italian privatecompany WindTelecom (formerlyW e a t h e rInvestments). WindTelecom indirectlyholds 51.7 per centshares in OrascomTelecom Holdings,an Egyptian company with a10X0 per cent owned Pakistanisubsidiary, Pakistan MobileCommunications Limited(PMCL).

The transaction involvesamalgamation of two leadinginternational telecommunica-tion groups, VimpelCom andWind Telecom, which will cre-ate the world's sixth largestmobile telecommunication car-rier in terms of size of the sub-scriber base.

The acquisition of WindTelecom by VimpelCom willresult in indirect change of con-trol of Orascom TelecomHoldings and its subsidiary inPakistan. The fact that Telenor(Norway) will receive 31.7 percent equity shares and 25 percent voting shares inVimpelCom after the transac-tion gets consummated hadraised competition concerns,prompting CCP to begin thephase-II review of the transac-tions.

The relevant market in theinstant case in an oligopolisticmarket, wherein the potentialfor coordinated effects (alsoreferred to as "joint dominance"or "collective dominance" or"tacit collusion") are high, asthe competitors are able to coor-dinate their commercial conduct(eg. prices, output, innovationetc.). The presence of Telenor(Norway) in the board of

VimpelCom raises the potentialfor coordination (tacit collu-sion) between PMCL andTelenor Pakistan.

CCP Member Dr JosephWilson issued the approval withthe following conditions:PMCL would, as appropriateunder Pakistani law, pass reso-lutions at the board and/oramend its constitutional docu-

ments (i.e., Articles ofAssociation) with respect to cri-teria for being nominated andserving as a director. Directorsor other representatives of theTelenor group would not be eli-gible to serve on the board ofdirectors or equivalent govern-ing body of PMCL or any of itssubsidiaries currently operatingin Pakistan, so long as Telenoroperates a subsidiary that is incompetition with OrascomTelecom and/or PMCL inPakistan.

Management of VimpelCom,OTH and PMCL (and other rel-evant subsidiaries in Pakistan)are expressly prohibited byboard resolutions, through prop-er procedures, or in any othermanner from sharing commer-cially sensitive informationrelating to the businesses ofVimpelCom and its subsidiariesin Pakistan with Telenor or rep-resentatives of the Telenorgroup and from entering intoany arrangement with TelenorPakistan to procure goods andservices, other than arrange-ments of the kind presently inplace, except (A) on an arms-length basis, or (B) to the extentgenerally or specifically permit-ted by the PakistanTelecommunication Authority(for example, infrastructuresharing) or the Competition

Commission of Pakistan.-APP

VimpelCom,Wind fusionblessed onconditions

Waridbrings in

Micro SIMKARACHI: Since its inception,Warid Telecom has been strivinghard to provide its customerswith the state-of-the-art technol-ogy and services, and remainssecond to none in gratifying itscustomers.

Carrying on with its traditionof excellence Warid Telecomintroduces the 'Warid MicroSIM' which is the newest gener-ation of SIM cards for futuredevices.

It has been designed for use inthe iPhone4, iPad 1 & iPad 2 andall other Micro SIM compatibledevices. SIMs are available atWarid Business centers Lahore,Gujranwala, Faisalabad, Multan,Islamabad, Peshawar, Karachiand Hyderabad.-PR

Worldcallreceives

loan facilityworth $35mn KARACHI: The WorldcallTelecom Ltd (WTL) hasreceived a syndicated $35 mil-lion loan facility to improvefinancial health.

According to informationreaching KSE here, AskariBank Ltd has provided thisfacility against the guaranteeof Oman TelecommunicationCompany, the parent companyof Worldcall Telecom for aperiod of seven years with agrace period of two years.-APP

PTCLsweetens

Vfone offer ISLAMABAD: PTCL launchedcountrywide Vfone offer, whichhas especially been designed toencourage the existing andpotential vfone subscribers inPakistan.

PTCL is offering its customersan exciting limited time offer onloading a Vfone scratch card ofhigher than Rs100 denomination.The customers will get instantfree balance of Rs100 on loadinga Vfone scratch card of Rs300and on Loading a card of Rs500or Rs1000 an instant free balanceof Rs200 and Rs500 will begranted respectively, said a pressrelease issued here.

This free balance can beutilised for calling on-net (V-V,V- PSTN Local & NWD) forInternet and for both on-net andoff-net sms. The free balancevalidity period is 30 days.-APP

AT&Tbuying

T-Mobilefor $39 billionNEW YORK/FRANKFURT:AT&T Inc plans to pay $39 billionfor Deutsche Telekom AG's T-Mobile USA to create a new USmobile market leader, but thepricey purchase is likely to attractintense antitrust scrutiny overpotentially higher customer bills.

The deal gives AT&T, the No. 2US mobile service often criticizedfor its poor network performance,additional capacity to expand andmeet ever increasing demands forvideos and data from devices suchas Apple Inc's iPhone.

For Deutsche Telekom, the dealoffloads an asset that was declin-ing in profitability and provides itwith funds to pay down debt andbuy back shares. The Germantelecom operator also gets an 8per cent stake in AT&T as part ofthe deal, becoming its largestshareholder and retaining someexposure to the US market.

The deal leaves smaller rivalslike Sprint Nextel scrambling tofigure out their next step. Sprintalso held talks to merge with T-Mobile, the No. 4 US mobileservice.

Sprint complained that the dealwould dramatically alter the wire-less industry, which it said wouldbe "dominated overwhelmingly"by two companies that havealmost 80 per cent of US wirelesscontract customers.

But the world's largest M&Adeal so far this year could run intotrouble with US antitrust officialswho fear that fewer wireless play-ers could drive up prices for con-sumers. T-Mobile USA nowoffers some of the lowest wirelessservices rates.-Reuters

Mobilink

welcomes

VimpelCom

shareholder voteISLAMABAD Mobilink,Pakistan's market leader in cellu-lar services and a part of OrascomTelecom Holding (OTH), wel-comes the positive vote expressedby the majority of VimpelComLtd shareholders in its SpecialGeneral Meeting .

Following this favourable out-come, the management teams ofVimpelCom and Wind Telecomwill proceed in satisfying the con-ditions precedent for the comple-tion of the Transaction, which isexpected to take place in the firsthalf of 2011.

Commenting on the decisionwhich will create the world's sixthlargest mobile telecommunica-tions carrier by subscribers, withpro forma net operating revenuesof $21.3 billion and pro formaEBITDA of $9.4 billion for theyear ended 31 December, 2009,Rashid Khan, President and CEO,Mobilink shared, "The decisionwhich is in favour of the merger isslated to change the globaltelecommunication scenario.-PR

HK telco’s1st listedbusiness

trust likelyHONG KONG/SINGAPORE:Telecommunications groupPCCW Ltd said it is studying aplan to spin off its telecommuni-cations operations and formHong Kong's first listed businesstrust as the company struggles tomaintain margins in a highlycompetitive market.Such a move by PCCW, which ischaired by media tycoon RichardLi, would require a change to thelisting rules which do not allowpublicly traded business trusts.Shares in PCCW climbed morethan 4.5 per cent on the news,outperforming the Hang SengIndex's 1.2 per cent gain.PCCW, Hong Kong's dominantfixed-line telephone operator,has been diversifying its busi-ness into other areas, includinginteractive multimedia and pay-TV services.Listing as a business trust wouldallow it to raise cash withoutrelinquishing control to share-holders.In a business-trust model, thetrust sells units to investors, butcontrol of the business is leftwith the trustee manager, who isusually an affiliate of the compa-ny establishing the trust.Hong Kong telecom companieshave been struggling to post aprofit in recent years due to stiffcompetition from the likes ofWharf Holdings, New WorldDevelopment and City Telecom .The announcement follows themove earlier this month byRichard Li's father Li Ka-shingto spin off HutchisonWhampoa's ports operations as abusiness trust in Singapore,which already has a regulatoryregime for business trusts inplace.That IPO, the largest ever inSoutheast Asia, attracted criti-cism from some Hong Konginvestors that they had lost outbecause of the lack of a business-trust structure."The Singapore stock exchangeis one of the biggest competitorsfor the Hong Kong stockexchange in Asia," said EddyWong, research manager at iFastFinancial in Hong Kong.-Reuters

CCP SETS CODE OF ETHICS FOR MERGED ENTITY

SEOUL: Pyo Hyun-Myung, president of the Personal Customer Group at KT Corp, explains net-work devices during a launching ceremony of fourth-generation (4G) WiBro network.-Reuters

DUBAI: Kuwait's Zain shouldremain for sale followingEtisalat's failed $12 billiontakeover, but buyers will bewary, with nearby Bahrainunder martial law and borrow-ing costs and risk both rising.

Any buyer will also miss tele-coms operator Zain's $3.1 bil-lion dividend payout, so wouldlikely bid below Etisalat's 1.7dinars-per-share offer for a 46per cent controlling stake,which the UAE firm withdrewlast week.

Zain shareholder, the Kharafigroup, was the architect of theEtisalat deal, but rival share-holders were unhappy Kharafiwould net all brokerage feesand exclude them from the sale.

"Unlike a lot of telecomscompanies, Zain has financialinvestors at the helm and theyare likely to remain sellers,"said a telecoms analyst who

spoke on condition of anonymi-ty.

In January, a Zain boardmember said Turkey'sCukurova Holding was in talksto buy a 29.9 per cent stake inZain, but no formal offer wasmade. Vivendi earlier eyedZain's African assets and FranceTelecom is chasing growth inthe Middle East and Africa.

"Once regional markets sta-bilise, Kharafi could be a selleragain and there are potentialbuyers - Zain has good assetsand is the number one or twoplayer in almost all markets inwhich it operates," said IrfanEllam, Al Mal Capital telecomsanalyst.

Zain, which operates in sevencountries, will sign a prelimi-nary contract to sell its quarter-stake in affiliate to Zain Saudito joint bidders KingdomHolding and Kingdom Holding

, a Zain source said.This had been a prerequisite

for the Etisalat deal, but Zainsaid it would continue.

Zain and Etisalat had agreedterms in September, withEtisalat expecting to qualify fora record Zain 200-fils-per-sharedividend, netting it $1.4 billion,according to Reuters calcula-tions.

This windfall will followZain's $9 billion African assetsale to India's Bharti Airtel lastyear.

However, Etisalat missed aJanuary due diligence deadlineand the chances of it completinga transaction before Zain'sexpected May payout wereincreasingly remote.

Without the dividend, Etisalatwould be reluctant to pay 1.7dinars per share -- Zain fell 4.4per cent to 1.3 dinars on Sunday.-Reuters

Zain sale yet notout of the woods

FRANKFURT: DeutscheTelekom said it would focus onorganic growth and return cashto shareholders after agreeingthe sale of T-MobileUSA to AT&T for $39billion, lifting its sharesto a two-year high.

The agreement, whichcreates a new US indus-try leader with DeutscheTelekom as an 8 per centshareholder, is thebiggest M&A dealworldwide so far thisyear and Germany'sbiggest for a decade. It isexpected to close in the secondhalf of 2012.

The deal ends long-runninguncertainty about DeutscheTelekom's sub-scale US busi-ness, but raises questions aboutthe company's growth strategyas it retrenches in Europe. It isalso likely to raise significantanti-trust concerns.

"This gives us enormousscope for the future implemen-tation of our strategy," ChiefFinancial Officer Tim Hoettgestold journalists on a call, say-

ing Deutsche Telekom wouldinvest in new growth business-es like web services.

Shares in Deutsche Telekom

initially leapt more than 16 percent on the news, as investorswelcomed 5 billion euros ($7.1billion) in planned share buy-backs and praised the unex-pectedly high price that AT&Twill pay.

"Given the solid valuation,and the fact that we thought T-Mobile USA would struggle tomeet targets, selling is a goodmove," UBS analyst JohnHodulik wrote, adding that thevaluation was about 50 percent ahead of consensus stand-alone valuation.-Reuters

Deutche to focuson organic growth

HELSINKI: It still saysNokia on the box, butinvestors might find the simi-larities end there. The Finnishfirm's recent decision to dumpits own market-leading soft-ware platform in favour ofMicrosoft's unprovenWindows Phone has alreadywiped 29 per cent off its shareprice.

But even that drastic dropfails to reflect the potentialfallout from Nokia's new strat-egy.

The old Nokia was a phonecompany that provided soft-ware and services, more likeApple, and that combinationearned its shares a premium.But the new Nokia will befocused on delivering the bestpossible hardware on which torun Microsoft's software plat-form, just like computer mak-ers Dell and Hewlett-Packard.

Applying the same earningsmultiple as Dell's shares carry,Nokia stock would be 4.1euros, not the 5.8 euros theyfetched on March 18. Nokia

shares are still trading near 12times forecast annual earnings,in line with its valuation overthe last two years, while thePC makers it now resemblesare valued at well below 10times expected earnings.

Analyst Pierre Ferragu fromSanford Bernstein said Nokiastock should not be valuedabove 10-11 expected earn-ings, given doubts about thesuccess of its move out of soft-ware. Nokia itself admits pick-ing Windows Phone was arisky bet as the success ofApple and Google has raisedthe bar for competitors.

"The Windows Phone plat-form is a very recent, largelyunproven addition to the mar-ket focused solely on high-endsmartphones, with currentlyvery low adoption and con-sumer awareness relative tothe Android and Apple plat-forms," Nokia said in its annu-al report last week. Work onthe first Nokia smartphonesbased on Microsoft softwarehas already begun, before the

final deal between the twofirms has been signed, NokiaCEO Stephen Elop toldReuters.

Shareholders preparing togrit their teeth through the painof this realignment processshould be warned - it could getworse before it gets better. Inthe coming weeks and monthsNokia is likely to face prob-lems of component supply asJapan, a manufacturing hub formany key parts, tries to recov-er output following the recentdevastating earthquake andtsunami.

On top of that, many ana-lysts believe Nokia has setunrealistic targets for theswitch to its new model, andin the interim, the stock mayfall even below the valuationof its new hardware peers.Nokia faces the difficult taskof trying to sell its dyingSymbian product line to con-sumers and operators in2011 and 2012 ahead of theswitch to Windows Phone.-Reuters

Nokia stakeownersmay share more red

NEW DELHI: Vodafone'sIndia unit has so far gained themost following India's moveallowing mobile users to retaintheir numbers even when theyswitch carriers, data from anindustry body showed onMarch 18.

But, mobile number portabil-ity (MNP), which was launchedin a northern state in lateNovember and nation-widefrom January 20, was not a"game changer" for the indus-

try, the Cellular OperatorsAssociation of India (COAI)said in a statement. The COAIsaid less than 5 million sub-scribers, or less than 1 per centof the country's total customers,had opted to switch carriers.

Of these, a net 192,761 cus-tomers switched to India'sthird-largest mobile carrierVodafone Essar, while sixth-ranked Idea Cellular was next,with net gains of 150,789 cus-tomers. Top mobile operator

Bharti Airtel gained a net148,215 customers in MNP, butNo 2 RelianceCommunications was a netloser of 306,417 customers,data showed.

With 771 million mobile sub-scribers as of January, India isthe world's second-biggestmarket for mobile services andwith monthly additions averag-ing 19 million in the past oneyear, it is the world's fastestgrowing market.-Reuters

Switching to Vodafonein India on the highrise

LONDON: Copper fell onMonday, retreating from lastweek's rally due to weakness inUS data and Chinese importsand as concerns about Japan'snuclear crisis eclipsed longer-term prospects for metalsdemand there.

Three-month copper on theLondon Metal Exchangeclosed at $9,405 a tonne, fromFriday's close of $9,510.

China's February imports ofrefined copper hit a 27-monthlow due to high stocks of themetal used in construction andpower and holidays in theyear's shortest month.

The metal was on track for itsbiggest two-day fall since March10. It dropped after gaining morethan 3 per cent last week to closeout its best week since earlyFebruary, having risen to above$9,611 on Friday from Tuesday'slow below $9,000.

Hitting sentiment, data onMonday showed sales of previ-ously owned US homes fellunexpectedly sharply inFebruary and prices hit theirlowest in nearly nine years.

"The existing home sales werepretty poor," Dan Smith, an ana-lyst at Standard Chartered, said.

"Copper had a pretty strongrebound from the recent lows,so we're seeing some consoli-dation," he added.

Investors remained focused onJapan where the government,

which has been juggling reliefwork with a race to avert catas-trophe at a crippled nuclearplant, has yet to estimate thedamage or say how much it mayspend on reconstruction.

Economists are certain the costwill exceed that of a 1995 quakein Kobe, estimated at $100 bil-lion, and base metals will be cru-cial to rebuilding efforts.

"People are waiting to figureout what will happen withJapan," Smith added. "It's goingto be pretty volatile for the nextweek or two as people digesteverything that's going on."

The markets were also closelyfollowing unrest in the MiddleEast and in Libya, where U.N.-mandated air strikes spurred UScrude oil futures up about 1 percent to around $115 a barrel.

Aluminium rose to a sessionhigh of $2,604 a tonne beforetrimming gains to close at$2,570, from $2,560 on Friday.

Pressuring prices,

International AluminiumInstitute data showed Chinabumped up its production ofprimary aluminium to a recordhigh daily average of about116,200 tonnes in February,from a revised 110,300 tonnesin January.

Copper stocks continued tobuild, rising 850 tonnes, withmost of the deliveries flowinginto Singapore andGwangyang warehouses,underlining physical marketweakness in the Asian region.

Apparent demand for refinedcopper in top base metalsbuyer China fell 12.5 per centin February as imports slowedand stockpiles held at theShanghai Futures exchangegrew, Reuters calculationsbased on the official Chinesedata showed on Monday.

Zinc, used in galvanizing,closed at $2,280 a tonne fromFriday's $2,325 close, and leadwas at $2,645 a tonne from alast bid of $2,675. Tin, untrad-ed at the close, was bid at$29,650 from a close of$29,400 a tonne and nickelclosed at $26,750 a tonne from$26,750. -Reuters

Copper falls after weakUS data, China imports

9Tuesday, March 22, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1255

December (3rd Wednesday) 1310 1260

January (3rd Wednesday) 1310 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for March 18 2011

LME Official Prices, US$ per tonne for March 18 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2380 2507 9524 2720 26150 30000 2307.5 2485

Cash seller 2390 2508 9525 2722 26155 30100 2308 2490

3-months buyer 2370 2535 9524.5 2699.5 26150 29815 2329.5 2510

3-months seller 2380 2536 9525 2700 26200 29825 2330 2520

15-months buyer 2365 2613 9460 2640 25250 29690 2388 2560

15-months seller 2375 2618 9470 2645 25350 29740 2393 2570

27-months buyer 2365 2673 9130 2598 24300 2390 2615

27-months seller 2375 2678 9140 2603 24400 2395 2625

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil prices rosemore than 1 per cent onMonday as UN-mandated airstrikes on Libya and spreadingprotests and unrest in theMiddle East reinforced con-cerns about potential threats tooil supply from the region.

Unrest flared again in theMiddle East over the weekend,including in authoritarian Syria.In Saudi Arabia'sneighbor Yemen, apowerful generalexpressed supportfor protesters call-ing for an end tothe president's 32-year rule.

Tension alsoincreased betweenBahrain and Iran as tit-for-tatdiplomatic expulsions fol-lowed Tehran's anger at lastweek's crackdown on Shi'itesand Bahrain's king on Mondayannounced a foreign plot hadbeen foiled.

Concerns about oil demandin Japan's quake-hit economywere revived by reports ofsmoke coming out of one ofthe hobbled nuclear reactors

and helped pull oil prices backfrom early peaks, brokers andanalysts said.

"Oil prices are still signifi-cantly higher ... Concern isn'tgoing to go away any timesoon and little pullbacks areinevitable," said MichaelHewson, a market analyst atCMC Markets.

Brent crude futures for May

delivery rose $1.32 to $115.25a barrel by 1538 GMT, pullingback from an earlier $116.22peak. US crude futures forApril delivery rose $1.39 to$102.46 a barrel, off its high of$103.35. The April contractexpires on Tuesday.

US gasoline and heating oilfutures also rose more than 1per cent on Monday.

Saudi Arabia has not experi-

enced the kind of mass upris-ings that have rocked the otherparts of the Arab world thisyear, but dissent has been seenas unrest has taken root inneighboring Yemen, Bahrainand Oman.

Dozens of Saudi men gath-ered outside the InteriorMinistry in the capital Riyadhon Sunday to demand the

release ofjailed relativesamid a heavypolice pres-ence.

H e a d l i n e sfrom Japan'st r o u b l e dnuclear com-plex revived

worries about the country'seconomy as unexplainedsmoke from two reactors indi-cated the crisis was not over.

"Concerns about demand inJapan were raised when smokestarted coming from one of thereactors, pulling crude off theearly highs. It's negative psy-chology for the market," saidPhil Flynn, analyst at PFGBestResearch in Chicago. -Reuters

Oil up on Libya conflict;eyes on Mideast unrest

Europeanvegetableoil prices

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

SOYOIL: EU degummedeuro tonne fob exmill Mar11905.00+20.00, Apr11910.00+25.00, May11/Jul11915.00+22.00, Aug11/Oct11920.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111000.00+0.00, Aug11/Oct11940.00-5.00, Nov11/Jan12945.00-5.00, Feb12/Apr12950.00-5.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1375.00+35.00,Jul11/Sep11 1380.00+40.00,Oct11/Dec11 1340.00+40.00.

LINOIL: Any origin dlrstonne extank RotterdamApr11/May11 1492.50-5.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat1175.00, Apr11 1175.00-5.00,May11/Jun11 1172.50-7.50,Jul11/Sep11 1160.00-10.00,Oct11/Dec11 1150.00-10.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Apr11 1240.00,May11/Jun11 1227.50.

PALMOIL: RBD dlrs tonnefob Malaysia Apr11 1185.00,May11/Jun11 1172.50-5.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Apr111195.00, May11/Jun111182.50-7.50, Jul11/Sep111150.00-5.00, Oct11/Dec111130.00-15.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamMar11/Apr11 1940.00,Apr11/May11 1930.00-20.00,May11/Jun11 1900.00-20.00.

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

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

21-Mar-2011 CRUDE100 MA11 US$ Per Barrel 103.14 103.21 100.23 103.06 336 101.30 103.06 39

21-Mar-2011 CRUDE100 AP11 US$ Per Barrel 104.05 104.26 101.03 104.00 343 102.14 104.00 32

21-Mar-2011 CRUDE100 MY11 US$ Per Barrel 103.00 104.80 101.80 104.58 26 102.73 104.58 3

21-Mar-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 35.15 36.17 34.89 36.15 342 35.27 36.15 41

21-Mar-2011 SILVER - SL500 MY11 US$ Per Troy Ounce 35.11 36.16 34.98 36.16 62 35.28 36.16 3

21-Mar-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1419.40 1432.50 1412.90 1432.00 867 1418.70 1432.00 887

21-Mar-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1420.00 1433.40 1413.60 1432.70 2,321 1419.40 1432.70 1,525

21-Mar-2011 GOLD 01oz JU11 US$ Per Troy Ounce 1420.20 1434.00 1415.00 1433.30 2,126 1420.00 1433.30 855

21-Mar-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1423.90 1432.00 1414.00 1432.00 21 1418.70 1432.00 7

21-Mar-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1419.70 1432.70 1419.70 1432.70 - 1419.40 1432.70 -

21-Mar-2011 GOLD 100oz JU11 US$ Per Troy Ounce 1421.10 1432.80 1419.90 1432.70 6 1420.00 1433.30 2

21-Mar-2011 GOLD AP11 Per 10 grms 38928.00 39364.00 38896.00 39364.00 48 38921.00 39364.00 107

21-Mar-2011 GOLD MY11 Per 10 grms 39350.00 39650.00 39011.00 39374.00 6 38931.00 39374.00 4

21-Mar-2011 GOLD JU11 Per 10 grms 39028.00 39390.00 39028.00 39390.00 - 38947.00 39390.00 -

21-Mar-2011 KILOGOLD AP11 Per 10 grms 38974.00 39336.00 38974.00 39336.00 - 38894.00 39336.00 -

21-Mar-2011 KILOGOLD MY11 Per 10 grms 38984.00 39346.00 38984.00 39346.00 - 38903.00 39346.00 -

21-Mar-2011 TOLAGOLD50 AP11 Per Tola 45458.00 45881.00 45458.00 45881.00 - 45365.00 45881.00 -

21-Mar-2011 TOLAGOLD100 AP11 Per Tola 45458.00 45881.00 45458.00 45881.00 - 45365.00 45881.00 -

21-Mar-2011 MINIGOLD MON Per 10 grms 40037.00 40464.00 40037.00 40464.00 - 40031.00 40464.00 -

21-Mar-2011 MINIGOLD TUE Per 10 grms 38500.00 40405.00 38500.00 40405.00 1 40046.00 40405.00 -

21-Mar-2011 MINIGOLD WED Per 10 grms 40096.00 40419.00 40096.00 40419.00 - 40061.00 40419.00 -

21-Mar-2011 MINIGOLD THU Per 10 grms 40111.00 40434.00 40111.00 40434.00 - 40076.00 40434.00 -

21-Mar-2011 MINIGOLD FRI Per 10 grms 40126.00 40449.00 40126.00 40449.00 - 40090.00 40449.00 -

21-Mar-2011 TOLAGOLD MON Per Tola 47075.00 47200.00 46036.00 46533.00 3 46029.00 46533.00 -

21-Mar-2011 TOLAGOLD TUE Per Tola 46706.00 47075.00 46087.00 46464.00 32 46046.00 46464.00 25

21-Mar-2011 TOLAGOLD WED Per Tola 46800.00 47050.00 46104.00 46482.00 6 46063.00 46482.00 3

21-Mar-2011 TOLAGOLD THU Per Tola 46121.00 46499.00 46121.00 46499.00 - 46080.00 46499.00 -

21-Mar-2011 TOLAGOLD FRI Per Tola 46800.00 46900.00 46138.00 46516.00 4 46097.00 46516.00 -

21-Mar-2011 IRRI6W 17MA11 Per 100 kg 3330.00 3354.00 3330.00 3354.00 - 3330.00 3354.00 -

21-Mar-2011 RICEIRRI - MA11 Per 100 kg 3357.00 3381.00 3357.00 3381.00 - 3357.00 3381.00 -

21-Mar-2011 RBD PALMOLEIN MA11 Per Maund 5355.00 5355.00 5298.00 5298.00 - 5355.00 5298.00 -

21-Mar-2011 KIBOR3M 11-Mar Per Rs. 100 86.45 86.45 86.44 86.44 - 86.45 86.44 -

21-Mar-2011 KIBOR3M 11-Jun Per Rs. 100 85.94 85.97 85.94 85.97 - 85.94 85.97 -

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

India sugarends flat;

demand lowMUMBAI: Spot prices ofsugar in India closed flat onMonday as low demand fromconsumers was balanced bylower supply by millers, tradersand dealers said.

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety closedflat at 2,673 rupees ($59.4) per100 kg. Sugar contract for Aprildelivery on India's NationalCommodity and DerivativesExchange (NCDEX) closedlower by 0.5 per cent at 2,762rupees per 100 kg.

"There is no movement inprices. Millers are holding stockshoping for better prices whiletraders are not buying as summerdemand from north India is yet topick up," said Mukesh Kuwadia,secretary, Bombay Sugar MillsAssociation.

Demand for the sweetenerfrom makers of ice-cream andcold-drinks typically goes upduring the summer.

India has made available 1.684million tonnes of non-levy sugarfor March, including 350,000tonnes of unsold stocks fromFebruary, the government said ina statement on Feb. 25. India haskept its sugar output forecastunchanged at 24.5 million tonnesfor the 2010/11 season that beganin October. -Reuters

BASRA - IRAQ: An Iraqi worker operates valves at the Nahran Omar oil refinery near the city of

Basra 550 kilometers (340 miles) southeast of Baghdad, Iraq. -Agencies

LONDON: Gold rose for afourth day on Monday, drawingstrength from a softer dollar andfrom its appeal as a safe havenwhile Western powers carry outair strikes on Libya and Japanstruggles to avert nuclear disaster.

The dollar rose against the yenfor a second day but fell against abasket of major currencies to itslowest in 15 months, under pres-sure from the view that US inter-est rates would not rise any timesoon.

The gold price, which is set forits tenth consecutive quarterlygain, was last up 1.0 per cent at$1,433.50 an ounce by 1510GMT, while most-active USApril futures were up 1.1 per centat $1,431.40.

Unsettling investors furtherwas a second wave of UN-autho-rised air strikes against Libya'sMuammar Gaddafi, which a gov-ernment spokesman called "bar-baric" and Russian PrimeMinister Vladimir Putin saidresembled "medieval calls forcrusades".

"It's happening against a back-drop of elevated uncertainty fromnumerous places, which shouldgive these safe-haven type com-modities a bid," said Saxo Banksenior manager Ole Hansen.

Gold usually benefits fromperiods of heightened risk aver-sion, but since the Japanese earth-quake, the price has fallen bymore than 3 per cent.

Reflecting the pick-up late lastweek in investor appetite forgold, holdings of the metal in theworld's largest bullion-backedexchange traded funds, the SPDRGold Trust, rose to their highestin 5-1/2 weeks.

Holdings of gold in the sixmajor ETFs tracked by Reutersare set for a rise by over half amillion ounces this month,although in the quarter so far,holdings have fallen by 2.13 mil-lion ounces.

Spot silver climbed 2.9 per centto $36.07 an ounce, making it thetop gainer in the precious metalscomplex. Silver prices are ontrack for a ninth successive quar-terly gain, up by 16.1 per cent inthe first three months of the year.

Spot palladium was last up 1.6per cent at $740.72 an ounce, butis set for a near-8 per cent declinethis quarter, having come underpressure from investors con-cerned about the impact of theJapanese earthquake and soaringenergy prices on the broadereconomy.

Data from the CommodityFutures Trading Commission lastweek showed the largest weeklydecline in speculative holdings ofpalladium since at least 1995,bringing the net non-commercialfutures position to 1.12 millionounces, its lowest since October2009.

Spot platinum was last up 1.4per cent at $1,740.75. -Reuters

Gold gains fromsofter $, geopolitics

Coffee, cocoafirm, buoyedby Mideast

tensionLONDON: Coffee futures roseon Monday, underpinned by ten-sions in the Middle East after theU.N-mandated air strikes onLibya, while cocoa futuresextended gains, supported byworries over supplies from IvoryCoast.

ICE raw sugar futures eased,with losses limited by tight sup-plies and low stocks, as tradersfocused on a possible decision byIndia this week to approveexports of the sweetener, and abigger than expected harvest inThailand.

In the robusta market, May'spremium over July remained firmat $165 a tonne, supported byshort-covering, dealers said.

London May robustas were up$17 or 0.7 per cent to $2,613 pertonne in mild volume of 3,591lots at 1509 GMT.

ICE May arabica coffee tradedup 1.25 cents or 0.45 per cent at$2.7745 per lb at 1510 GMT,below the 34-year high of $2.9665a lb hit earlier this month. Cocoaprices extended gains as theyrecovered from Friday's sell-off,remaining vulnerable to sharpmoves on outside factors. ICEMay cocoa traded up $68 or 2.2per cent at $3,195 a tonne at 1520GMT, below the 32-year peak hitearlier this month of $3,775.London May cocoa was up 42pounds or 2.1 per cent to 2,045pounds per tonne in moderate vol-ume of 9,316 lots.

ICE May raw sugar futures trad-ed down 0.21 cent or 0.8 per centat 27.50 cents a lb at 1523 GMT,below last month's 30-year high of36.08 cents. London May whitesugar was down $4.60 or 0.7 percent at $706.00 per tonne in lightvolume of 1,622 lots. -Reuters

KUALA LUMPUR: Malaysia's palm oilfutures ended off a ten-day high on Monday onlower exports, underscoring fears that the globaleconomy will slow with this month's earthquakeand tsunami hitting Japan.

Losses were limited as some traders picked upbargains after Japanese authorities took a majorstep in managing a nuclear crisis by connectingall six earthquake-damaged reactors to powersupply.

"The focus shifted to exports. The headlinenews in Japan created a knee jerk reaction butthe impact to the global economy needs to beseen and the export data today does not helpmuch," said a trader in Kuala Lumpur.

The benchmark June 2011 crude palm oil con-tract on Bursa Malaysia Derivatives rose to3,489 ringgit ($1,143) a tonne, a level unseensince March 11. It then pared down gains, set-tling 0.8 per cent lower at 3,420 ringgit pertonne.

Overall volume stood at 20,732 lots at 25tonnes each, up from the usual 15,000 lots.

Exports of Malaysian palm oil products forMarch 1-20 fell 12.8 per cent to 719,302 tonnesfrom 825,180 tonnes shipped during February 1-

20, cargo surveyor Intertek Testing Services saidon Monday.

Another cargo surveyor Societe Generale deSurveillance said exports for the same periodfell 9.5 per cent to 734,897 tonnes.

US soyoil edged higher, extending stronggains last week on investors regaining their riskappetite, China's most active Sept. 2011 soybeanoil contract gained nearly 1 per cent.

"Last week, China's Ministry of Agriculturesaid soybean planting areas is going to shrink 11per cent and production from Brazil is expectedto be lower, giving market strength to moveupward," said Shanghai-based oil analyst.

"Given the situation in Libya and the disasterin Japan, its hard to tell when market trading willstabilise. The market trend will get set after theUSDA release planting data by the end of thismonth." Soy farmers in Brazil's top soy-growingstate Mato Grosso are struggling to harvest inheavy rains that have left fields soggy and cutthe price of grains which are too damp.

Estimates of US farmer planting intentions for2011 crops are being closely watched as globalsupplies following disappointing harvests a yearearlier. -Reuters

Palm off 10-day high asexport slowdown weighs

Shanghai copper fallsShanghai's most active

copper futures contract fell0.5 per cent to 71,480 yuana tonne.

Japan crisis, economic uncertainty helps limit oil gain

Tuesday, March 22, 2011

Azhar Alishowerkudos

on Akthar ISLAMABAD: Cricketer,Azhar Ali has said that ShoaibAkthar is a very charismaticindividual and even fellowcricketers enjoy being in hiscompany.

Azhar and Akhtar both playdomestic cricket for KhanResearch Laboratories (KRL)and were part of the ODI squadfor the series against England in2010.

"I didn't know Akthar wasgoing to retire beforehand but ona personal level I did have a feel-ing that this could be his lastWorld Cup. Especially ifPakistan went on to win. Despitethat I was still shocked when Iheard the news because in manyways it's hard to imaginePakistan cricket without thefastest bowler in the history ofthe game." Azhar told in a mediainterview.

Azhar said that playing withShoaib for KRL was really avery positive influence.

"We really enjoy having himat KRL and whenever he playsfor us there is always an extrabuzz about the team. When oneof the best bowlers in the worldis running in to bowl for yourdomestic team, it lifts everyoneand makes you feel invincible."Azhar said.

Azhar said that Akthar standsout even in international cricket,where every player is a star.

"I was with the Pakistan teamduring the ODI series inEngland and even though it wasan International cricket match,Shoaib still attracted a lot ofattention. What I liked aboutShoaib was that he had time foreveryone.

"He would come to me andthe other players who weren'tgetting a game and make us feelpart of the team. I remember hetold me that I had a lot of poten-tial and that as long as I workedhard I would play a lot of gamesfor Pakistan. I know it's beensaid many times but Shoaibreally does have a big heart andhis retirement will be a big lossto Pakistan cricket." Azhar said.

Commenting on KRL pacereserves as now that Akhtar hadretired.Azhar said that we havevery good pace reserves.There's the 7 foot Mohammad

Irfan, the promising AkhtarAyub and the veteran Yasir Ali.We also have a fast-mediumyoung left arm called RahatAli who is very good," Azharconcluded.-APP

10

Justyna Kowalczyk of Poland celebrates after winning thewomen's Tour de Ski 10 kilometers pursuit competition.-Reuters

B’desh assuresWindies of‘state-level’

securityDHAKA: Bangladesh willramp up security to 'state-level' for the West Indies teamin an attempt to ensure theirWorld Cup quarter-final pass-es off trouble-free, a seniorpolice officer said Monday.

The West Indies will take onPakistan on Wednesday, withBangladeshi officials keen toavoid a repeat of the embar-rassing March 4 incident,when an angry mob pelted theWest Indies team bus withstones.

Bangladesh fans attackedthe bus as the visiting playerswere leaving Sher-e-Banglastadium after beating thehome side in a one-sidedmatch.

The Windies bowled theWorld Cup co-hosts out fora humiliating 58Bangladesh's lowest everone-day score.- APP

KARACHI: Former Pakistan CaptainJaved Miandad has rated Pakistan high intheir Cricket World Cup (CWC) quarterfi-nal against the West Indies but cautionedthem of slackness.

"Pakistan enjoy edge over West Indiesbecause of their superior spin bowlingattack and good wins against formidableSri Lanka and Australia teams has also lift-ed their spirit", he told APP SportsCorrespondent Ehsan Qureshi in exclusiveinterview on Monday.

Group "A" Leaders Pakistan will facegroup "B" fourth placed team, West Indiesin the opening quarterfinal of the WorldCup at Sher-e-Bangla Stadium Mirpur onWednesday.

"I believe everything against West Indies

suits Pakistan. But things can not be takenfor granted," Miandad, who featured in arecord six World Cup, said. He, however,warned Shahid Afridi not to take WIndiesas a weak prey.

"We had lost to weaker sides in the pastdue to complacency and we should not bedoing it again," he noted.

"Pakistan got the weakest opponent totheir liking and they should now exploitthe advantage," he commented.

"Afridi and his team Pakistan must for-get the past and should be cautious andremained focussed against West Indies on23rd March.

This is knock-out stage and no team canafford to commit mistakes," he added.

"One missed chance, one drop catch,

one poor fielding or one bad stroke cancause a disaster," he remarked.

He said playing conditions as well ascrowd in Bangladesh will favor Pakistanwhich is a "big plus".

Commenting on the game plan, formergreat said Pakistan team management andAfridi should workout an effective planand execute it on the ground without mak-ing mistakes.

"With Pakistan just three games awayfrom the crown, every game will be a pres-sure game and team have to deliver theirbest in these circumstances.

Responding to a question about openingbatting woes, he said, Pakistan has to livewith it now and good start with a bigbonus after failures in six matches. -APP

Don’t rest on your laurels,Miandad advises Pakistan

KARACHI: In lieu of theCentennial BirthdayCelebrations of His HolinessDr Syedna MohammedBurhanuddin (TUS) , the 11thBurhani Salgirah TrophyEight-a-Side CricketTournamnet's final was playedat the Asghar Ali Shah CricketStadium between KarachiRuby and Karachi Coral in themidst of the flood light.

In the seven overs' of thisinteresting contest, winning thetoss by Ruby and gave the bat-ting to Coral. The batsmen ofCoral scored 74 runs for theloss of 5 wickets, consisting ofHuzefa Yusuf's 30 runs on just11 balls including 2 sixes and 3fours. In reply Ruby playedwonders and chased the 75runs target in 6.4 overs. Theopening batsmen skipper BaqirSajjad (made 22 on 15 deliver-ies) and Adnan Moiz (scored18 on 15 balls) gave an open-ing stand of 43 runs. Afterwhich batsman Nooruddin on 8balls consisting of 1 huge sixand 3 fours scored 26 runs and

was declared Man of the finale.In this 6 days' tournament a

total of 7 teams took part andalso on Saturday afternoon,both the semi finals wereplayed. In the first semi finalKarachi Ruby beat KarachiEmerald by 6 wickets. In thesecond semi final KarachiCoral beat Hyderabad Shaheenand were elected to play thefinale.

After the finale a colorfulclosing ceremony, havingfireworks was presented.Cake on the auspicious occa-

sion of Centennial Birthdayof Syedna Saheb was cut.Lucky draw was done andprizes were distributed. Thechief guests Janab ShabbirBhaisaheb Nomani PresidentFaize Hakimi Karachi andJanab Naeem BhaisahebMohiyuddin congratulatedthe organizers and appreciat-ed their efforts. JanabShabbir Bhaisaheb Nomanigave trophies to winner and1st runners' up captainamidst of a huge round ofapplause.-Agencies

Karachi Ruby winsBurhani cricket trophy

INDIAN WELLS, CA: Novak Djokovic of Serbia poses forphotographers with the winner's trophy after defeating

Rafael Nadal of Spain during the final of the BNP ParibasOpen at the Indian Wells Tennis Garden.-Reuters

TuffeyreplacesinjuredBennett

COLOMBO: Hamish Bennett,the New Zealand fast bowler,has been ruled out of the WorldCup due to an injury to hisankle and Achilles tendon.Seamer Daryl Tuffey, who hadbeen called up as a standby foran injured Kyle Mills, will takeBennett's place in the XV.

Bennett injured himself dur-ing New Zealand's previousgame against Sri Lanka inMumbai after bowling just 4.1overs, and limped off the field.He played four games this tour-nament, picking up six wicketsincluding a four-for in histeam's opening game againstKenya.

New Zealand have beenplagued by injuries in thisWorld Cup with Mills sufferingfrom a quad strain after bowl-ing a couple of overs againstCanada, and captain DanielVettori hurting his knee whileattempting a catch in the gameagainst Pakistan. Both missedthe clash against Sri Lanka inMumbai, where New Zealandwere comprehensively beaten.

Tuffey, who had arrived inIndia on Friday, had been play-ing for Auckland in the PlunketShield, New Zealand's domes-tic first-class competition. He'splayed 94 ODIs, claiming 110wickets at 32.12. -Online

DHAKA: Asoka de Silva'sfuture on the elite panel ofumpires is in serious doubtafter he was overlooked for theWorld Cup quarter-finals. deSilva was not even given a roleas fourth official in any of thefour games, and was the onlyone of the 12 members of theICC's elite panel who has beenexcluded.

Five men from the back-upgroup, the ICC's internationalpanel, have been rewarded withquarter-final positions, includ-ing third-umpire roles forRichard Kettleborough andKumar Dharmasena. AsadRauf, the Pakistani official, was

the only elite-panel umpirebesides de Silva who won'thave an on-field or TV role, andhe will be the reserve umpirefor the Australia-India game.

The move is a major blow forde Silva, who has had a poortournament and captured head-lines for the wrong reasonswhen he gave Ireland's GaryWilson lbw against WestIndies. The decision was chal-lenged by Wilson and replaysshowed the ball struck his padoutside off stump while he wasplaying a shot, but de Silva didnot overturn his decision.

de Silva was subsequentlyremoved from duties in the

important matches betweenEngland-West Indies andIndia-West Indies games, andinstead was given roles inmatches involving theAssociates. The only otherumpire used during the groupstages who has not been givena job in the quarter-finals wasthe Indian Amiesh Saheba,who is on the internationalpanel.

Pakistan v West Indies,Mirpur, March 23 On fieldumpires: Billy Bowden andSteve Davis Third umpire:Daryl Harper Fourth umpire:Bruce Oxenford Match referee:Chris Broad. -Online

No quarter-final rolefor umpire Asoka de Silva

CHEPAUK: MS Dhoni, theIndia captain, identified ZaheerKhan's dismissal of DevonSmith in the first over of hissecond spell as the turningpoint of the match at Chepauk.

Zaheer had only bowled twoovers in his first spell and was,presumably, being saved forwhen the ball got a bit olderand reverse-swing came intoplay. He struck with the olderball, in the 31st over, with aslower ball that bowled Smith,who had anchored West Indies'chase with a well-compiled 81.

"The game really changedonce Zaheer gave us the break-through; until then Devon wasbatting really well," Dhoni saidat the post-match presentation."After that we could applypressure from both ends, andeventually we got more wick-ets than we needed and weseized the game in the end."

Prior to Zaheer's strike, WestIndies had eased their way to154 for 2 with first DarrenBravo and then RamnareshSarwan building fifty partner-

ships with Smith. The gameseemed to be slipping awayfrom India, but the fall ofSmith's wicket allowed Dhonito attack - at one point he hadthree close-in fielders forHarbhajan Singh - and WestIndies crumbled under thepressure.

India's performance with thebat had been reminiscent of theperformance against SouthAfrica in Nagpur. This time itwas Yuvraj Singh's turn toscore a century, only to see theposition he had brought Indiato squandered by a late col-lapse. India lost their lastseven wickets for 50 runs, withfour falling for just 28 afterYuvraj's dismissal in the 45thover.

Against South Africa, thecollapse had been 9 for 29, andDhoni recognised that losingwickets in a flurry at the end ofthe innings was becoming aproblem for India, particularlybecause it wasn't allowingthem to take advantage of thebatting Powerplay. -Reuters

Zaheer’sstrike turned

the game: Dhoni

DHAKA: New Zealand umpire Billy Bowdenwill officiate in the first quarterfinal at the crick-et World Cup, between Pakistan and the WestIndies on Wednesday.

The International Cricket Council on Mondayreleased the umpire appointments for the quar-terfinals, with Bowden to stand alongsideAustralian Steve Davis at Dhaka, Bangladesh.Davis' compatriot, Daryl Harper, is the thirdumpire.

New Zealand will also have a presence in theSri Lanka-England quarterfinal at Colombo, SriLanka, on Saturday, with Tony Hill the thirdumpire and Jeff Crowe the match referee.

The two men in the middle for New Zealand'squarterfinal against South Africa, also at Dhaka,are Pakistan's Aleem Dar and Australian RodTucker.

Appointments for the semifinals and finalhave not yet been made.-Reuters

Bowden to umpirePakistan-WI match

India, Pakheadingcloser to

WC collisionNEW DELHI: Rivals India

and Pakistan are on a World

Cup collision course, but the

two neighbours still have quar-

ter-final hurdles to overcome

as the marathon tournament

enters its sixth week.

India take on defending

champions Australia in

Ahmedabad on Thursday

while a resurgent Pakistan face

an inconsistent West Indies in

Dhaka to kick-start the last

eight stage on Wednesday.

Victory for both Asian giants

will set-up a semi-final block-

buster in Mohali on March 30.

But Pakistan captain Shahid

Afridi insisted he was not even

thinking about the semi-finals.

"Our focus is on the quarter-

finals, we have to win that to

reach the semi-final, so we are

not thinking that far. First we

have a must-win match against a

dangerous opponent," Afridi

said..-APP

NEW DELHI: After four gru-elling weeks, thousands of airmiles clocked up and 42 match-es played, the World Cup quar-ter-finals will still feature theworld's eight top-ranked teams.

The first round, as expected,saw Bangladesh, Ireland,Netherlands, Zimbabwe,Canada and Kenya fall by thewayside with some hitting theground more painfully thanothers.

But, in general, it was businessas usual for the sport's elite sidesand fuel for the InternationalCricket Council who will slashthe 2015 World Cup to 10 teamsfrom the 14 who started out onthe sub-continent.

Ireland were the only associ-ate nation to defy the oddswhen they pulled off a hugeupset against England inBangalore on the back of

Kevin O'Brien's fastest everWorld Cup century.

It didn't matter that Englandwent on to lose to lowlyBangladesh or India were beat-en by South Africa who in turnlost to England, the big beastsof cricket still made the quar-ter-finals their own.

England were staring downthe barrel after India whippedup a formidable 338 battingfirst but skipper AndrewStrauss struck a fine 158.

Ashes winners England thendid the unthinkable by goingdown to Ireland despite mak-ing a huge 328. Irish marauderO'Brien, with his hair dyed ashocking blend of pink andpurple for a cancer charity,cracked the World Cup's fastestcentury off just 50 balls toachieve a memorable win.-Reuters

4 weeks, 42 matches, 8 teams left standing

11Tuesday, March 22, 2011

International & Continuation

CONTINUATIONthe need to address existing asymmetries and resolution of out-

standing disputes.Pakistan is a peace loving country and wants to live in the

region, with honor and dignity. It has been and would alwaysremain supportive of international non-proliferation and disarma-ment related initiatives, which are based on the principals of uni-versality and non-discrimination, but shall not compromise on itsnational security". -Agencies

Continued from page 12No #1

epicenter of the disaster, is home to ports, steel mills, oil refiner-ies, nuclear power plants and manufacturers of auto and electron-ics components.

The World Bank said in a separate report Monday that econom-ic growth in developing East Asian countries will likely slow thisyear as central banks raise interest rates to battle inflation pressurefrom rising food and energy prices.

The bank expects developing East Asia, led by China, to expand8.2 per cent this year and 7.9 per cent next year from 9.6 per centin 2010. China's economy, the world's second biggest, will likelygrow 9 per cent in 2011 from 10.3 per cent in 2010, the bank said.It said the forecasts were calculated before the 9.0-magnitudeearthquake and tsunami. -Agencies

Continued from page 12No #2

that he would like to present his contentions and once he was con-vinced that he was wrong over his action, he would be feeling nohesitation in submitting apology.

The bench is seized with a set of appeals of dysfunctional andretired judges of superior judiciary who are facing contempt charges.

On last date of hearing, justice retired Abdul Hameed Dogar, whoserved as chief justice of Pakistan after taking oath under theannulled provisional constitutional order of 2007 (PCO), and justiceretired Sayed Zahid Hussain, a dysfunctional judge of the apexCourt, rendered their apologies which were accepted.

While on request of counsels for Justice Hamid Ali Shah, JusticeHasanat Ahmed Khan, Justice Syed Shabbar Raza, Justice retiredIftikhar Hussain Chaudhry, Justice Syed Sajjad Hussain Shah, JusticeYasmin Abbasey and Justice Jehan Zaib Rahim (all dysfunctionaljudges) time was granted for consideration of the issue. -Agencies

Continued from page 12No #3

year and "subsequent analysis of government and legal docu-ments relating to over 600 individuals detained under the PSAbetween 2003 and 2010". "By using the PSA to incarcerate sus-pects without adequate evidence, India has not only gravely violat-ed their human rights but also failed in its duty to charge and trysuch individuals and to punish them if found guilty in a fair trial."

The report said state authorities "often implement this law in anarbitrary and abusive manner". It said that in many cases, the highcourt has quashed orders of detentions but the research "clearlyshows that the authorities consistently thwart the court's orders forrelease by re-detaining individuals under criminal charges and/orissuing further detention orders, thereby securing incarceration".

Jammu and Kashmir has since 1989 witnessed a bloody separatistwar - which India alleges is sponsored by Pakistan and militantorganisations there - during which tens of thousands of people havebeen killed. The watchdog said, "AI acknowledges the right, indeedthe duty, of the state to defend and protect its population from vio-lence. However, this must be done while respecting the humanrights of all concerned." -Agencies

Continued from page 12No #4

without words, how showering and conserving water can gohand in hand.

"Save Water won not only because it is so well directed and pho-tographed but because it has such a powerful message told simply,concisely and with wit and impact," said Ann Quon PrincipalDirector of ADB's Department of External Relations and one ofthe judging panel. -Online

Continued from page 12No #6

the blasts also caused a fire, adding that the victims died of suf-focation.

Balochistan's home secretary Akbar Hussain Durrani alsoexpressed his doubts that the trapped workers would survive asthey were unlikely to get oxygen from any side.

Continued from page 12No #7

WASHINGTON: Sales of pre-viously owned U.S. homes fellunexpectedly sharply inFebruary and prices touchedtheir lowest level in nearly nineyears, implying a housing mar-ket recovery was still a longway off.

The National Association ofRealtors said on Monday salesfell 9.6 percent month overmonth to an annual rate of 4.88million units, snapping threestraight months of gains. Thepercentage decline was thelargest since July.

Economists polled by Reutershad expected February sales tofall 4.0 percent to a 5.15 mil-lion-unit pace from the previ-ously reported 5.36 million unitrate in January, which was

revised slightly up to 5.40 mil-lion.

The median home pricedropped 5.2 percent in Februaryfrom a year earlier to $156,100,the lowest since April 2002.

"If the price declines persist,even with the job market recov-ery, that could hamper recoveryin the housing market," saidNAR chief economistLawrence Yun.

Compared with February lastyear, sales were down 2.8 per-cent.

Oversupply of homes and arelentless wave of foreclosuresare pressuring prices, holdingback recovery in the sector,whose collapse helped to tip theU.S. economy into its worstrecession since the 1930s.

Foreclosures and short sales,which typically occur belowmarket value, accounted for 39percent of transactions inFebruary, up from 37 percentthe prior month. All-cash pur-chases made up a record 33 per-cent of transactions in February.

Sales last month fell acrossthe board, with multifamilydwellings declining 10.0 per-cent and single-family homeunits dropping 9.6 percent.

At February's sales pace, thesupply of existing homes on themarket rose to 8.6 months'worth from 7.5 in January. Asupply of between six andseven months is generally con-sidered ideal, with higher read-ings pointing to lower houseprices. -Reuters

US Feb home sales dive,prices near 9-year low

LUXEMBOURG: A seniorEuropean Central Bank officialsent a strong signal on Mondaythat interest rates would risenext month, as finance minis-ters met to hammer out detailsof a new anti-crisis package forthe euro zone.

Portugal may come underfresh pressure to seek a bailoutlike Greece and Ireland thisweek if its minority govern-ment, which was preparing tosend new austerity measures toparliament, fails to get thempassed.

Despite that risk, investorshave pushed up the bonds ofcountries on Europe's vulnera-ble southern periphery in recentdays, confident that EU leaderswill sign off on a broad rangeof measures at a two-day sum-mit starting on Thursday thatwill help prevent their debt cri-sis from spreading beyondPortugal.

The risk premium marketsdemand to hold Spanish 10-year debt instead of Germanbenchmarks is at its lowestlevel since early February, andthe euro is hovering above$1.41 for the first time in overfour months.

"Whereas small Portugal istrundling towards a likely bail-out more slowly than projected,much bigger Spain has moveda little away from the brink,"said Holger Schmieding, chiefeconomist at Berenberg Bank.

Still, the longer-term risks tothe single currency bloc remainhigh.

Ireland is resisting pressurefrom its euro zone partners toharmonise corporate tax rulesin exchange for better terms onits 85 billion euro ($121 bil-lion) rescue, and many econo-mists are sceptical that Dublinand Athens can avoid a restruc-turing of their debt in the

longer-term. The solidity of Europe's

banks remains a concern, andregulators are still hagglingover how tough capital require-ments should be in a secondround of stress tests that beganearlier this month.

Added to that is the threat ofhigher interest rates, as theECB looks set to followthrough on its threat to tightenmonetary policy next month tocounter rising inflation risksdespite uncertainty generatedby the nuclear crisis in Japan.

Luxembourg's central bankchief Yves Mersch, a memberof the ECB's governing coun-cil, said on Monday that theFrankfurt-based bank was pre-pared to act "decisively" and ina "timely" manner to ward offthreats to price stability.

He told a news conferencethat monetary policymakerswere employing "very highvigilance" in the run-up to theirnext meeting on April 7th --language that clearly points to ahike in rates, which have beenstuck at a record low of 1.0 per-cent since May 2009.

Higher rates could make itmore difficult for countries likeGreece, Ireland and Spain torecover. All have a high per-centage of floating rate mort-gages, fragile banking sectorsand major budget consolidationprogrammes in place.

The immediate focus isPortugal, however, whereopposition parties are threaten-ing to block the minoritySocialist government's latestround of austerity measures -- amove that could topple PrimeMinister Jose Socrates andaccelerate an EU/IMF rescue.

After meeting Socrates onMonday, the leader of the mainopposition Social Democrats(PSD) reiterated plans to vote

against the latest round of cuts,which are designed to help thegovernment reduce its deficit to4.6 percent of gross domesticproduct (GDP) this year.

"We reaffirmed that themeasures presented by the gov-ernment ... do not deserve thesupport or approval of the PSDsince they lay out a profoundlyunfair path for the Portuguese,"Pedro Passos Coelho toldreporters.

A vote is expected onWednesday, a day before theEU summit.

European finance ministerswill meet in Brussels onMonday afternoon to try tobridge stubborn differences ona range of issues ahead of thesummit.

They must overcome Finnishopposition to a plan to increasethe lending capacity of theirrescue fund, the EuropeanFinancial Stability Facility(EFSF), to 440 billion euros viaguarantees.

Ministers must also addressconcerns from several centraland eastern European countriesabout burden-sharing in thefund that is to replace the EFSFin 2013.

In addition to guarantees, the500 billion euro EuropeanStability Mechanism (ESM) isexpected to include about 80billion euros in capital. A halfdozen eastern countries believethe formula used to determinetheir capital contributionsunfairly penalises poorer coun-tries.

Ireland will also be at the topof the agenda after its newPrime Minister Enda Kennyresisted pressure fromGermany, France and others todiscuss any changes to thecountry's ultra-low 12.5 per-cent corporate tax rate at a sum-mit on March 11. -Reuters

ECB warns on rates,Portugal awaits austerity vote

n EU finmins meet, rescue fund and Ireland on agenda

UKhousehold

incomestake biggesthit in 30 yrs

LONDON: Householdincomes in Britain have suf-fered their sharpest three-yearsqueeze since the early 1980s,according to a leading inde-pendent thinktank.

The Institute for FiscalStudies calculates that the aver-age household has seen a 1.6percent drop in income since2008, accounting for inflation.That contrasts with the previ-ous 50 years during whichhousehold income typicallyrose by 1.6 percent a year inreal terms.

The analysis highlights thefragility of Britain's economicrecovery just days before thegovernment announces itsannual budget.

The government hasembarked on the toughest pub-lic spending squeeze in a gener-ation and on Monday con-firmed plans to freeze the payof all but the lowest paid publicsector workers.

"This represents the firsttime that incomes have fallenover a three-year period sincethe three years from 1990 to1993, and the biggest three-year drop in real living stan-dards since 1980-83," the IFSsaid.

The IFS said the drop wasdriven by a combination oflower employment, lowerinterest on savings income, taxchanges and lower real earn-ings.

The government on Mondayaccepted recommendationsfrom the Pay Review Bodythat public sector workersearning less than 21,000pounds receive a flat pay riseof 250 pounds for 2011-12.

Those earning more willhave their pay frozen for twoyears. The settlement coversteachers, prison officers, thearmed forces and the healthservice and is intended to savethe government 3.3 billionpounds ($5.4 billion) per year.-Reuters

"Any sort of M&A activity has a beneficial impact on the mar-ket as a whole because it gives the impression corporate insiderssee value in the market," said Thomas Villalta, portfolio managerfor Jones Villalta Asset Management in Austin, Texas, which hesaid has a small holding in telecom services.

Shares of AT&T competitor Sprint Nextel Corp plummeted16.2 per cent at $4.23.

The Dow Jones industrial average was up 186.78 points, or 1.58

Continued from page 5No #9

US group AT&T said it was planning to pay $39 billion for Deutsche Telekom's T-Mobile USA. Deutsche Bank said the deal was positive for the long-term value of the US market and Vodafone's

45 per cent stake in Verizon Wireless. BT was up 2.4 per cent.Engineers, among those hit hardest last week by the flight to safety prompted by a nuclear crisis

caused by a massive quake in Japan, were the strongest gainers and were also lifted by positive bro-ker comment. -Reuters

Continued from page 5No #10

Infrastructure Board, and an Austrian citizen, Mustafa Zarti, alleged to be closely associated withthe Tripoli regime. -Agencies

Continued from page 1No #11

upcountry is addressed.Spokesman said that the government has been providing freight subsidy on many items. For

cement sector, in fact it was announced in last fiscal @ 35 per cent for export consignments via seaonly. Freight subsidy as approved by ECC is regretfully withheld.

The cement manufacturers have not yet received any payment from State Bank of Pakistan nei-ther any approval letter from TDAP.

He said that adequate freight subsidy would enable all the cement manufacturing units to exporttheir surplus capacity and earn substantial foreign exchange for the country. As of date, cementindustry has filed claims for freight subsidy of over Rs270 million to TDAP.

He said that as the local demand picks up, the subsidy on exports may be gradually reduced. Hesaid that currently only two cement mills that are located near sea port are exporting cement andearning profit. These mills have posted profits of Rs4 billion while the remaining mills that cannotexport through sea have booked loss of over Rs10 billion during last fiscal.

Spokesman pointed out that cement imported in Afghanistan from other nearest source like Iranwould cost them $60 per tonne.

"Pakistan exports cement to Afghanistan at $42 per tonne due to intense competition between themills," he said and urged the government to fix minimum export price to $55 per ton, a price atwhich Pakistan would still be the cheapest source of cement for Afghanistan. This, he added, wouldensure additional export earnings of $60 million annually.

Continued from page 1No #12

Despite the higher risks, Moody's base-case assumptions remain broadly unchanged from a weekago: Japan's growth will resume in 2H2011; investor confidence will continue with regard to gov-ernment bonds; the banking system will be resilient; and the worst-affected sectors will be insuranceand utilities, with others experiencing a limited impact.

The key assumption underlining this base case is a speedy containment of the nuclear problem."We are now more negative in our assessment of the damage. The crisis has raised the risks fac-

ing both Tokyo Electric Power (A1 on review for possible downgrade) -- as the owner of theFukushima Dai-ichi power plant at the center of the crisis -- and Japan's overall utilities sector," saysBrian Cahill, Managing Director. -Agencies

Continued from page 1No #13

told the court FIA had not made recovery but his clients had deposited this money voluntarily forthe sake of their honor.

"We are concerned with plundered money either it is recovered by FIA or it is returned voluntar-ily by the people found involved in it. We have to ensure return of looted money to national excheq-uer", Justice Sarmad Jalal Osmani remarked.

Zafar Qureshi told the court Ahmad Associates had not worked out correct estimate of 20-kanalland. Therefore, the assessment was got made from NESPAK afresh, he said. NESPAK had filed itsreport with NICL while the report had been received late from acting chairman Tariq Chaudhry andwe had to suffer heavy financial loss, he added.

CJP while reprimanding Tariq Chaudhry said if he would conceal the evidence then how wouldinvestigation move ahead and he would also be considered a major accused.

Additional DG Zafar Qureshi told that acting chairman NICL had leveled allegations against himbefore civil judge. Tariq Chaudhry extended apology to court.

DG Commercial audit Karachi also filed audit report in the court and as per this report irregular-ities were committed during the transaction and apparently financial irregularities of Rs7.35 billionhad come to open. -Agencies

Continued from page 1No #14

contacted by the Prime Minster, Chaudhry Shujat Hussain and Chaudhry Nisar Ali Khan.Maulana refused to assure the Prime Minister not to become part of the agitating by the opposi-

tion.Meanwhile, Prime Minister Syed Yousuf Raza Gilani telephoned Chaudhry Shujat but later

refused to receive his call, on the other hand President Zardari made contact with PML-N LeaderNawaz Sharif in London and inquire about his health.

Earlier, acting on the directives of PM Gilani, a PPP delegation met PML-Q president ChaudhryShujat Hussain, here on Monday in a bid to persuade him to end the boycott of joint meeting ofParliament.

The high-powered delegation led by Raza Rabbani and including such powerful federal ministers,Raza Rabbani, Syed Khurshid Shah and Syed Naveed Qamar, was regretted by Chaudhry ShujatHussain, on the grounds that only the PML-Q Parliamentary committee was empowered to makethe final decision.

Sources have informed that PML-Q bigwigs, Mushahid Hussain Syed and Riaz Hussain Pirzadarequested Chaudhry Shujat Hussain to end his boycott of the joint Parliamentary meeting as it wouldbe a serious setback for democracy.

PML-Q bigwigs have also been known to have requested Chaudhry Shujat to resolve his reserva-tions and disputes within the Parliamentarian platform.

When contacted by Online, the chief whip of PML-Q , Riaz Hussain Pirzada informed thatChaudhry Shujat Hussain had summoned the Parliamentary committee of PML-Q on Tuesday ,which would make the final decision.

Political observers say the President would particularly highlight the amendments in the constitu-tion during the year which he had asked the Parliament in his previous address to make to restorethe original 1973 constitution.

Meanwhile, the draft for the speech of the President for the joint sitting to the Parliament has beenprepared in which President is likely to announce the date of local government elections and sum-moning of All Parties conference.

According to sources, President is likely to announce the date of local government elections andsummoning of All Parties conference during the course of his historic address to the joint sitting ofthe Parliament today.

Sources say that draft for the speech of the President for the joint sitting to the Parliament makesspecial mention of Prime Minister Syed Yousaf Raza Gilani presence in the Parliament.

Sources say that President has specially sought of the record for the PM's attendance from theMinistry of Parliamentary affairs.

Continued from page 1No #15

view that the appointment had already been declared unconstitutional by the Supreme Court.

He stated that protests held by Pakistan Peoples Party (PPP) in Sindh have further made it a con-

troversial issue.

Nisar proposed that a panel of candidates should be formed so that a suitable appointment can be

made. -Agencies

Continued from page 1No #16

Iftikhar Chaudhry reprimanded Secretary Commerce and actingchairman NICL Tariq Puri and said impediments are being put inthe way of impartial investigation. He said if the looted moneywas not recovered then the court will recover the money. "One

Continued from page 12No #5

should forget now that those who looted the national money willgo scot-free," the chief justice remarked.

Zafar Qureshi told the court that the name of Amin Qasim Dadawas included in the Exit Control List (ECL) and he used to sit inthe office of DG FIA daily. On this, the chief justice ruled that theImmigration officials who facilitated the exit of the accusedshould also be included in the investigation. Qureshi said MohsinWaraich is trying to take refuge in UK as there is no such agree-ment between Pakistan and UK for exchange of such accused.

SM Zafar, lawyer for Monis Elahi, alleged that Zafar Qureshiwas misguiding the court. He requested the court to remove ZafarQureshi from the investigations. However, the court did not accepthis request. Zafar Qureshi voluntarily offered to be separated fromthe investigation if he was conducting partial inquiry or misguid-ing the court. However, the chief justice asked him to continueinvestigation. Meanwhile, the court adjourned the hearing of thecase for three weeks. -Agencies

The broader MSCI's measure of Asian markets other than Japanis down 4.1 per cent in 2011, while MSCI's emerging marketsindex has shed 3.7 per cent in the period.

Foreign funds have pulled out $1.8 billon from Indian equitiessince the start of the year up to March 17, pestered by sticky infla-tion.

Amongst the BRIC nations, Indian witnessed highest netredemption at $183 million in the week to March 16, fund track-er EPFR said. Global equity funds at large faced outflows in thatweek as the Japan disaster combined with a bloody revolt inLibya, protests in Bahrain and the downgrading of Portuguesedebt undermined investor appetite.

Airline companies closed in the red on fears the firm oil priceswill dent their margins. Carriers Jet Airways and SpiceJetdropped nearly 3 per cent and 1per cent, respectively. Oil explor-er Cairn India advanced 1 per cent.

Outsourcers dropped with the sector index declining 0.7 percent.

"Software stocks are richly valued, relative to other sectors. So,when FIIs (foreign institutional investors) are selling India, theyare trimming their exposure to IT as well," said Rakesh Rawal,head of private wealth management at Anand Rathi FinancialServices.-Reuters

Continued from page 5No #8

per cent, at 12,045.30. The Standard & Poor's 500 Index was up 19.54 points, or 1.53 per cent, at1,298.74. The Nasdaq Composite Index was up 51.35 points, or 1.94 per cent, at 2,695.02.

The Nasdaq briefly rose more than 2 per cent, helped by gains in semiconductor shares. An indexof semiconductors was up 2.3 per cent. The index fell about 9 per cent over the last two weeks.

In Japan, power cables have been connected to all six nuclear reactors at a power plant damagedby an earthquake and tsunami. The World Health Organization said radiation found in food from thearea near the damaged nuclear plant was a "serious situation.-Reuters

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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the meeting of Parliamentary Parties

leaders both from Senate and National Asembly at PM House. -APP

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has said that it is right-ly a moment of pride for thedemocratic forces of thecountry as the fourth parlia-mentary year would start withthe address of the President ofPakistan to the joint-sitting ofthe Parliament.

He said that it is a manifes-tation of the fact that demo-cratic norms are gainingstrength in the country. It wasmost unfortunate he addedthat during the previousregime in almost nine yearsthe President did not addressthe Parliament which was aconstitutional requirement.

Prime Minister expressedthese views while addressingthe meeting of Parliamentaryleaders of coalition partiesboth from the Senate and theNational Assembly at thePrime Minister House here onMonday.

The meeting was attendedby Minister for Commerce,Makhdoom Amin Fahim,Minister food andAgriculture, SenatorIsrarullah Zehri (BNP),Leader of House in Senate,

Senator Syed Nayyar HussainBokhari, Senator ShahidHussain Bugti (JWP), SenatorHaji Muhammad Adeel(ANP), Engr Malik RashidAhmed Khan (FATA), andMNAs, Asfandyar Wali Khan(ANP), Dr Farooq Sattar(MQM), Jahangir KhanTareen (PML-F), SajidHussain Turi (FATA) andYaqoob Bizanjo (BNP-A).

Prime Minister while high-lighting the importance of theaddress of the President to thejoint-sitting said that itaccords an opportunity toplace before the Parliamentthe agenda and the futurepolicies of the government forthe welfare of the masses.

He added that it wouldextend an excellent opportu-nity both to the Treasury andOpposition benches for pro-ductive debate in both Housesof the Parliament.

He said that the presentcoalition government fromthe day-one left no stoneunturned for strengthening theParliament and meeting theconstitutional obligations.

Prime Minister said thatdemocracy is solution to the

problems of our people andthe only mean to strengtheninstitutions.

While mentioning about thegovernment's policy of recon-ciliation and consultation,Prime Minister said that it is anew trend in our nationalpolitical culture and would goa long way in addressing themajor issues of the people atlarge.

He added that before meet-ing the coalition leadership,he sought impressions aboutthe President's address to theJoint sitting form the Leaderof Opposition in the NationalAssembly, Chaudhry NisarAli Khan, Governor Sindh, DrIshrat-ul Ebad, JUI-Chief,Maulana Fazl-ur Rehman,Chief Minister Punjab, MianShahbaz Sharif and DeputyChairman Senate, Mir JanMuhammad Jamali.

Prime Minister said the gov-ernment would continue withits policy of reconciliation.

Prime Minister said that theall the parliamentary coalitionparties/ partners would alsobe taken on board before theaddress of the President. -Agencies

Pakistan makingheadway: Gilani

SINGAPORE: Japan mayneed five years to rebuild fromthe catastrophic earthquakeand tsunami that has caused upto $235 billion of damage, theWorld Bank said Monday.

The March 11 disaster whichkilled more than 18,000 peopleand ravaged northeasternJapan will likely shave up to0.5 percentage point from thecountry's economic growth thisyear, the bank said in a report.

The impact will be concen-trated in the first half of theyear, it said."Damage to hous-ing and infrastructure has beenunprecedented," the WorldBank said.

"Growth should pick upthough in subsequent quartersas reconstruction efforts,which could last five years,accelerate."The bank citeddamage estimates between$123 billion and $235 billion,and cost to private insurers ofbetween $14 billion and $33billion.

It said the government willspend $12 billion on recon-struction in the current nationalbudget and "much more" in thenext one.

It said a crippled nuclearpower station in the northeastthat authorities are racing to

regain control of is an unfold-ing situation that poses uncer-tainties and challenges.

Traces of radiation firstdetected in spinach and milkfrom farms near the nuclearplant are turning up fartheraway in tap water, rain andeven dust.

In all cases, the governmentsaid the radiation levels weretoo small to pose an immediaterisk to health. A short-termdrop in Japan's consumerdemand and manufacturingproduction will also hurt tradewith regional neighbors, thebank said.

South Korean electronicscompanies have seen the priceof some memory chips fromJapan rise 20 percent becauseof disrupted production, whileThai car exporters may run outof Japanese auto parts nextmonth, it said.

Disruption to production net-works, especially in automo-tive and electronics industries,could continue to pose prob-lems," the bank said. "Japan isa major producer of parts,components and capital goodswhich supply East Asia's pro-duction chains.

"Japan's northeast, the See # 2 Page 11

Japan rehab totake 5-yrs: WB

ISLAMABAD: The SupremeCourt on Monday directed theAttorney General for Pakistanto submit a written statementon behalf of the governmentregarding constitutional statusof a number of former judgesof superior judiciary who vio-lated a restraining order ofNovember 3, 2007 issuedagainst unconstitutional steps.

A seven-member specialbench comprising the ChiefJustice, Justice Javed Iqbal,Justice Mian Shakirullah Jan,Justice Tassadduq HussainJillani, Justice Mian SaqibNisar, Justice Sarmad JalalOsmani and Justice Amir HaniMuslim, resumed hearing ofthe contempt of court issue andadjourned hearing till April 4on request of Attorney GeneralMaulvi Anwar-ul Haq.

Earlier, at the outset of pro-ceedings, the Chief Justice to astand taken by Kazim Raza,counsel for Justice Hamid AliShah, a dysfunctional judge,regarding submission of apolo-

gy remarked that they hadalready declared the steps ofNovember 3, 2007 includingprovisional constitutional ordi-nance as unconstitutional andillegal.

"There is no more room foradventurism or ultra constitu-tional steps. It was the solecase in country's history inwhich the superior judiciarystood against ultra constitu-tional steps and did not vali-date it," he added.

He said such steps in the pasthad resulted in martial laws butthis trend must end now andthere was need to put therecord straight.

To Raza Kazim's contention,he replied "Now there will berule of law and supremacy ofConstitution."

He also told him that thelegal recourse for those whobreached the Constitution wasprovided in the Article 6 (refer-ring to Act of high treason).

Raza Kazim told the bench See # 3 Page 11

Govt told to putpen to reasoning

ISLAMABAD: Chief ofPakistan Air Force Air ChiefMarshall Rao Qamar Sulemansaid that Pakistan has reserva-tions over US-India nuclearagreement because nuclearimbalance could worsen peacesituation in the region.

According to media reports,addressing to seminar onnuclear weapons here inIslamabad Monday, Chief ofPakistan Air Force said US-India nuclear agreement isbiased and Pakistan is notignorant of its defense and ifIndia increases its nukes thanPakistan would also recipro-cate.

He further said that if Indiawould increase defense budgetthen Pakistan would also raisethe defense budget.

He said that Pakistaninuclear arsenal is in safe handsand its command and controlsystem is one of the world'sbest command and control sys-

tems. He said that Pakistan wants

maintenance of peace in theregion and is playing vital rolein this regard.

Rao Qamar said Pakistanwants to follow a policy ofpeaceful co-existence in theregion, but at the same time itcan not remain oblivious to thedevelopments in South Asia.

While addressing the confer-ence, Air Chief said, "Pakistanwas a reluctant entrant into thenuclear business. It decided toembark on a nuclear pro-gramme - not as a matter ofchoice, but out of compulsion.

Pakistan wants to follow apolicy of peaceful co-existencein the region, but at the sametime it can not remain oblivi-ous to the developments inSouth Asia.

As a nuclear weapon state,Pakistan is fully cognizant ofits responsibilities, and hasestablished effective and

robust Command and Controlstructures along with compre-hensive export control and reg-ulatory regimes.

These are fully compatiblewith international practicesand global regimes - and areacknowledged internationally.Pakistan would continue tomaintain the policy of 'credibleminimum deterrence', and doesnot wish to enter into nucleararms race".

He further said, "Pakistanconsiders Conference onDisarmament as the sole forumentrusted to negotiate disarma-ment agreements with an allencompassing view to achievecomplete and general disarma-ment and has always remainedconstructively involved in itsproceedings.

Nuclear non-proliferationand disarmament objectives inSouth Asia are linked withregional security dynamics and

See # 1 Page 11

US-India N-deal matterof concern: PAF chiefSays Pak would keep minimum credible deterrence

ISLAMABAD: The FederalInvestigation Agency (FIA) onMonday told the SupremeCourt that there are solidproofs against MPA MonisElahi, son of former PunjabChief Minister Pervaiz Elahi inthe National InsuranceCompany Ltd (NICL) scam.

On the other hand the apexcourt has ordered that theImmigration officials involvedin facilitating the exit of AminQasim Dada, another accusedof the scam, should also beinvolved in the investigation.

The three-member bench ofthe Supreme Court headed byChief Justice IftikharMuhammad Chaudhry heardthe case.

During the hearing,Additional DG FIA Zafar Altaf

Qureshi told the court that theNICL paid Rs1.6863 billion forpurchase of the land.

He said Rs1.68 billion havebeen recovered from MohsinWaraich, while further Rs100million are still to be recoveredfrom him. He said the accusedis in UK and his propertyworth Rs300 million has beenconfiscated, which will be soldto get the remaining amount.Zafar Altaf Qureshi further toldthe court that solid proofs areavailable regarding MonisElahi's involvement in thescam and Rs320 million willbe recovered from him. Hesaid the report about the NICLscam was submitted to the FIAone month late.

On this, Chief Justice See # 5 Page 11

Noose aroundMonis tightens

FIA claims to have solid proofs in NICL scam

MANILA: AsianDevelopment Bank (ADB)estimates that about $8 billiona year will be needed to meetthe Millennium DevelopmentGoal (MDG) target for safedrinking water in the regionover the next decade.

Just one scoop of water willgive you a fulfilling, enjoyableand cleansing shower, says theIndonesian independent film-maker who has won the grandprize in the AsianDevelopment Bank's (ADB)"MyView H2O" video compe-tition.

ADB supported this year'scontest to promote awarenessof the causes, implications andsolutions to Asia's loomingwater crisis.

The winners have beenannounced on the eve of WorldWater Day, an annual globalevent designed to highlight thecritical importance of sustain-ably managing the earth's frag-ile freshwater resources.

In his winning entry, Jakartabased Muhammad "Wawan"Zulqamar cleverly illustrates injust over one minute, and

See # 6 Page 11

$8bn/yr neededfor MDG: ADB

End rightsabuse,

Amnestyto India

SRINAGAR: Coming downheavily on India for allegedrights violations in terror-rivenJammu and Kashmir, globalrights watchdog AmnestyInternational Monday said thePublic Safety Act (PSA) shouldbe revoked in the state.

The 600-page Amnesty report-- first on Jammu and Kashmirsince 2000 - has termed thePSA a "lawless law".

"We strongly advocate abro-gation of PSA as it providesimmunity to troopers and offi-cials involved in rights viola-tions," RameshGopalakrishnan, researcherAsia-Pacific Programme, andBikramjeet Batra, campaignerIndia, Asia-Pacific Programme,jointly told reporters, reportedIANS.

The report, released at a func-tion at the Grand Mumtaz Hotelin the summer capital Srinagar,documents how authorities areusing the act to detain peoplefor years at a time, withouttrial, "depriving them of basichuman rights otherwise provid-ed under Indian law".

On the Armed Forces SpecialPowers Act (AFSPA), Batrasaid, "Amnesty International's(AI) stand is clear, the actshould be revoked forthwith."

Batra and Gopalakrishnansaid the Amnesty team had vis-ited Kashmir last year and stud-ied at least 600 people bookedunder the PSA. "Their detailsand other particulars have beenincorporated in the report," theresearchers said.

Batra also said the team hassought an appointment withChief Minister Omar Abdullahand some other senior officialshere to discuss the report.

He told IANS that theAmnesty team had March 17met union Home Secretary G KPillai who had assured thatPSA detentions would bebrought down by 10-20 percentthis year.

The Amnesty report said,"Estimates of the numberdetained under the PSA overthe past two decades rangefrom 8,000-20,000."

Between January andSeptember 2010, "322 peoplewere reportedly detained underthe controversial act thatempowers district magistratesto detain people for up to twoyears for suspected offencesranging from anti-state activi-ties to timber smuggling".

The report is based onresearch conducted in May last

See # 4 Page 11

Coalminecollapse toll

rises to 45QUETTA: The death toll in thecoal-mine collapse in Sorrangearea in Balochistan provincerose to 45 on Monday.

Provincial Minister forAgriculture Sardar AslamBizenjo confirmed that allworkers who were trapped inthe coal mine after explosionshave died.

"There is no hope for survivalof any one. Rescue teams haveretrieved as many as 45 deadbodes from the debris," he tolda private TV channel onMonday.

He said that army was sum-moned to assist in rescue oper-ation to recover remaining bod-ies from the collapsed mine.

He said that there was norecord about identification ofdead bodies and how manyworkers were working in themine at the time of blasts. Heheld the concerned authorityfor the incident due to lack ofrequired families.

The mine authority said thatthe rescue operation was under-way and Pakistan army hasbeen called for expediting therescue operation. The authoritysaid that at least 60 workerswere working in the coal mineat the time of blast.

According to officials, therescue teams were facing diffi-culties in relief operation andcould not provide oxygen to thepeople who were trappedbecause one portion of coalmine had completely collapsedand there was no contact withlabourers inside.

According to MuhammadIftikhar, provincial chiefinspector of mines they hadsevere burns, which means that

See # 7 Page 11

Quakehits

parts ofPakistan

ISLAMABAD: A moderateearthquake jolted the federalcapital and various areas ofPunjab, Khyber-Pakhtunkhwa, Gilgit-Baltistan and Azad Kashmiron Monday.

The intensity of the quakewas recorded at 5.7 onRichter scale, while its cen-tre was 300-kilometer north-west of Peshawar in themountains of Hindukush, atthe depth of 192-kilometer.

The tremors were felt inIslamabad, Lahore, MandiBahauddin, Sheikhupura,Muridke, Attock, Jhelum,Chakwal, Gujranwala, PindDadan Khan, Faisalabad,Sialkot, Sargodha, Peshawar,Haripur, Naushehra,Mansehra, Swat, Battagram,Kohistan, Ghizer, Chitral,Muzaffarabad, Khyber andMohmand agencies.

No loss of life was report-ed in any part of the country.

Chief meteorologistMuhammad Riaz said thesewere routine earthquakes inthis area.

He said there was nochance of more immediateearthquakes, added thequake in Japan has no linkwith this. -Agencies

All Pakexpatriates

safe in Libya,says envoy

TRIPOLI: Acting PakistaniAmbassador Ali Javed hassaid that no Pakistani hasbeen killed or injured duringwar in Libya, and PakistaniEmbassy is trying its utmostto evacuate the remainingexpatriates from there.

In an interview with Voiceof America (VOA) Ali Javedsaid no Pakistani has beenreported killed or injured,and no one came under anysort of attack during the warin Libya.

Our embassy tried hard tocollect data and adopt safetymeasure for the safe evacua-tion of all Pakistani expatri-ates from Libya before theestablishment of no-flyzone.

On expatriates' criticismover the Pak-Embassystance, acting AmbassadorAli Javed said that PakistaniEmbassy did everything forthe safe passage of emi-grants to Pakistan.

He added that Governmentof Pakistan sent seven PIAJumbo Jets to Tripoli, twoflights were chartered.

He said that host countrystands responsible for thesecurity of the emigrants, headded. -Agencies

Rao Qamar says no compromise on security

PCO Judges Case

4th parliamentary year a moment of pride: PM