International

US aid tied to Davis release See on Page 12

Egypt rejects rapid reforms See on Page 12

PSO 1H profit reaches Rs7.1bn See on Page 12

*Crude Oil (brent)$/bbl 100.65

*Crude Oil (WTI)$/bbl 87.41

*Cotton $/lb 174.61

*Gold $/ozs 1,366.20

*Silver $/ozs 30.43

Malaysian Palm $ 1,271

GOLD (NCEL) PKR 37,579

KHI Cotton 40Kg PKR 12,325

Yearly(Jul, 2010 up to 8-Feb-2011)

Monthly(Feb, 2010 up to-8-Feb-2011)

Daily (8-Feb-2011)

Total Portfolio Invest (28 Jan-2011)

197.29

-3.46

-5.44

3091

0.68

-2.72

0.64

1.23

0.22

-0.92

0.87

SCRA(U.S $ in million)

Portfolio Investment

FIPI (9-Feb-2011)

Local Companies (9-Feb-2011)

Banks / DFI (9-Feb-2011)

Mutual Funds (9-Feb-2011)

NBFC (9-Feb-2011)

Local Investors (9-Feb-2011)

Other Organization (9-Feb-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Jan-11)

Inflation CPI% (Jul 10-Jan 11)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Dec 10)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.38bn

14.55%

$10.98bn

$19.13bn

$(8.15)bn

$26mn

$5.29bn

$1.05bn

Rs 638bn

$58.41bn

Rs 5497.4bn

$323.6mn

-4.69%

4.10%

$1,051

175.12mn

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

18.45

2.00

1.70

11.30

PKR/Shares

110.68

157.08

42.57

36.18

38.48

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-Feb-2011

09-Feb-2011

09-Feb-2011

29-Nov-2010

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

09-Feb-2011

13.53%

13.69%

13.86%

14.00%

13.26%

13.63%

13.76%

14.13%

14.26%

14.21%

14.25%

14.26%

14.61%

14.78%

14.97%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.50 87.50

Canadian $ 86.10 87.10

Danish Krone 14.10 14.80

Euro 116.10 117.35

Hong Kong $ 11.10 11.20

Japanese Yen 1.021 1.046

Saudi Riyal 22.85 23.05

Singapore $ 66.90 67.90

Swedish Korona 12.10 12.20

Swiss Franc 85.50 86.10

U.A.E Dirham 23.35 23.60

UK Pound 137.35 138.85

US $ 85.55 85.85

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.31 86.52

Canadian $ 85.64 85.84

Danish Krone 15.54 15.58

Euro 116.26 116.53

Hong Kong $ 10.94 10.97

Japanese Yen 1.034 1.036

Saudi Riyal 22.71 22.76

Singapore $ 66.86 67.01

Swedish Korona 13.26 13.29

Swiss Franc 88.36 88.57

U.A.E Dirham 23.18 23.24

UK Pound 136.79 137.11

US $ 85.14 85.32

Inter-Bank Currency Rates

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Pak shows terrorits iron fist: Naek

See on Page 12

ISLAMABAD: FederalCabinet on Wednesday ten-dered resignations to PrimeMinister Syed Yousuf RazaGilani enabling him toannounce a new one, in light ofdecisions of the CentralExecutive Committee ofPakistan Peoples Party.

The resignations came in thelast meeting of the Cabinet heldhere at Prime MinisterSecretariat, chaired by thePrime Minister.

The CEC had authorised thePrime Minister to dissolve thecabinet and form a smaller oneon Feb 4.

Gilani was tasked to appoint

a smaller cabinet with fewerministers enjoying reputationof "integrity, competence andefficiency."

Prime Minister Gilani paidrich tributes to the Cabinetmembers for achieving severalsuccesses in different fields. Heexpressed gratitude to them fortheir assistance and in improv-ing governance in all areas.

Prime Minister Gilani saidthe Cabinet during its 75 meet-ings took 175 important deci-sions out of which 77 havebeen implemented.

He said the government afterassuming power took up thechallenges of terrorism and theglobal economic recessionhead-on.

"We successfully steered thisnation by taking prudent deci-

sions," he said.Gilani mentioned several

achievements made during thepast three years including greatsurge in exports, increase inforeign exchange reserves ofover $17 billion dollars andindex of Karachi StockExchange crossing the 12,000points, reflecting success of theeconomic policies.

He also pointed the new NFCaward, Aghaz-e-Huqooq-e-Balochistan, autonomy ofGilgit-Baltistan and the fightagainst terrorism as decisionsof great significance.

"Together we faced thedaunting challenge of theunprecedented floods, with thehelp of the friends in the worldand our brave nation."

See # 8 Page 11

Gilani dissolvesFederal Cabinet

175 decisions taken in 75 meetingsPrime Minister praises members performance

Karachi, Thursday, February 10, 2011, Rabi-ul-Awwal 6, Price Rs12 Pages 12

Ahmed Siddique

KARACHI: Country's tradedeficit squeezed by 32 per centto $1.11 billion in January2011, compared with $1.63 bil-lion recorded in January 2010on year-on-year basis, FederalBureau of Statistics said onWednesday.

The deficit declined due tohike in exports by 38 per cent -- highest ever monthly proceed-- as it registered at $2.32 bil-lion against $1.68 billion inabove mentioned period.

Nevertheless, imports billalso rose 4 per cent to $3.44billion in January against $3.32billion in identical month lastyear.

Similarly, trade data duringJanuary 2011 compared withDecember 2010 showed thatthere was about 32 per centdrop in trade deficit to $1.12

billion against $1.62 billionwitnessed in December 2010.

Exports surged 9 per cent to$2.32 billion in January thisyear, against $2.13 billion dur-ing the last month. However,good thing is that imports inJanuary 2011 witnessed adecline of 8 per cent MoMwith trade of $3.44 billion asagainst the imports of $3.75billion in the month ofDecember 2010.

The trade deficit for theseven-month of the 2010-11(July-Dec) fiscal was $9.27billion against $8.53 billion inthe same period the previousfiscal year showing it hasincreased 8.6 per cent duringthe period, mainly due to sig-nificant surge in imports.

Imports into the country dur-ing the period were recorded at$22.57 billion as against

See # 10 Page 11

7M trade deficitswells to $9.27bn

Jan trade deficit shrinks 32pc YoY

ISLAMABAD: Precariouspolitical and economic situa-tions besides threateningAmerican tone for release ofRaymond Davis involved inkilling of two people inLahore, has forced PresidentAsif Ali to rethink his plans tovisit US in near future.

"Although dates for thePresident's official visit to theUS were not yet finalised, itwas very much on cards andthe two sides were aiming at amutually convenient schedulein March this year," well-placed officials told Online.

Talking about the nature ofthe President's planned visit,the officials added, it was ahead-of-state-level visit to bereciprocated by Zardari'sAmerican counterpart BarackHussain Obama sometime inlater part of this year.

According to the officials,

President Zardari and his rul-ing PPP were caught in catch-22 as they were faced with eco-nomic cost of bringing theAmerican accused of doublemurder to the book accordingto the law of the land.

At the same the ruling partywould have to pay politicalcost if it succumbs to theAmerican pressures and recog-nises what they claim thediplomat immunity for him,the officials added.

The officials were of theview that the apex authoritiesin Pakistan were considering touse the issue of detainedAmerican as bargaining chipfor resolution of pendingissues with the US.

The officials considered thegovernment in a position toconvince the Americans forexpediting release of money

See # 14 Page 11

President maycall off US visit

Raymond Davis Case

ISLAMABAD: FederalMinister for Finance, Dr AbdulHafeez Shaikh hereWednesday said that govern-ment was striving hard to min-imise the fiscal deficit for thegrowth of national economy.

Talking to media after ameeting of ParliamentaryCommittees of PakistanPeoples Party (PPP) andPakistan Muslim League(PML-N) on economicreforms agenda, he said thatfiscal deficit was recorded at2.8 per cent during last sixmonths of current financialyear.

He said that economy wasshowing improvement ascountry's exports had wit-nessed increase and foreignexchange reserves were build-ing up, while workers remit-tances had also enhanced.

The minister said that themeeting had also discussed theways to increase the national

income and decrease theexpenditures for improving thenational economy.

To a question as how theministers in government com-mittee would negotiate withPML-N team after the submis-sion of resignations, HafeezShaikh said that PrimeMinister had directed them tocontinue working till the for-mation of new cabinet.

Senator Ishaq Dar on theoccasion said that the fiscaldeficit was the main problemof national economy and thecommittee had suggested totake measures like the oneswere taken in 2008 to controlthe deficit.

Meanwhile, Dr Shaikh,Federal Minister forPrivatization during Musharrafera, will brief in-camera theNational Assembly StandingCommittee on InformationTechnology andTelecommunication regarding

the Privatization of PTCLtoday (Thursday).

The committee meeting willbe held under the chairman-ship of MNA ChaudhryMuhammad Barjees Tahir atParliament House.

It would discuss the privati-zation of PakistanTelecommunication CompanyLimited (PTCL) at its meeting,APP learnt.

The committee will also dis-cuss another issue which isrelated to the performance ofElectronic GovernmentDirectorate (EGD).

The EGD was established inpursuance to a decision of thefederal cabinet. Converting theformer InformationTechnology Commission, theGovernment formed the EGDas a cell within the Ministry ofInformation Technology.

Response of PakistanT e l e c o m m u n i c a t i o n

See # 13 Page 11

Steps to trim fisaldeficit on: Shaikh

Finmin to brief NA body on PTCL selloff

London,Toronto

stock mktsto be mergedLONDON: The London andToronto Stock Exchangesannounced a landmark mergeron Wednesday to create one ofthe world's biggest trading plat-forms that will dominate theraw materials and energy sec-tors.

"London Stock ExchangeGroup and TMX Group IncWednesday announced anagreement to combine Europe'sand Canada's leading diversi-fied exchange groups in an all-share merger of equals," thepair said in a joint statement.

"The merger will create aworld-leading organisation andis unanimously being recom-mended by the boards of bothLSE and TMX."

The transaction was billed asa merger of equals, but LSEinvestors will hold the upperhand with 55 percent of thenew group, while TMX share-holders will have 45 percent.Both exchanges retain theirexisting brand names.

The company, which willspan 20 trading markets andplatforms across Europe andNorth America, will be well-placed to tap into the boomingcommodities sector at a time ofrocketing prices for commodi-ties like copper and crude oil.

The enlarged group, whichwill be jointly headquartered inLondon and Toronto, will havea combined market capitalisa-tion of almost $7.0 billion dol-lars.

The LSE Group's chief exec-utive, Frenchman Xavier Rolet,will take up the same role at thenew group, while TMX bossThomas Kloet will become

See # 11 Page 11

MQM repeats ‘no’to rejoin cabinet

ISLAMABAD: Muttahida Qaumi Movement (MQM) leaderHaider Abbas Rizvi Wednesday said that the party would not joinnew federal cabinet.

Talking in a private TV channel, he said the Prime MinisterSyed Yousuf Raza Gilani had called MQM leader Altaf Hussainand informed him about redesigning of the federal cabinet andalso invited him to join the cabinet.

He said the party leadership informed the Prime Minister thatMQM has decided in principle' not to join the cabinet.

However, Rizvi said, the party would continue to support everypositive step of the government in vital national interest. -APP

Fazl mayreturn to

new CabinetISLAMABAD: During hismeeting with President AsifAli Zardari, JUI-F AmirMaulana Fazlur Rehman hasconditionally agreed over join-ing new federal cabinet.

According to sources,Maulana Fazlur Rehmaninformed President Zardariabout his reservations andadded the promises, whichwere made with him were notfulfilled.

See # 9 Page 11

ISLAMABAD: The prices ofthe Liquefied Petroleum Gas(LPG) are likely to furtherdecrease by Rs10 on Thursday(today) as the governmentmachinery has sprung intoaction against the unethicalforces in LPG market.

Earlier, acting brazenly theanti-market elements madequick buck, mocking the gov-ernment's relief-orientedefforts but now the situationhad made a dramatic volte-facefor unethical forces in LPGmarket to the consumers'

advantage, remarkedMuhammad Irfan Khokharchairman LPG distributorsassociation while talking toAPP.

"Many factors have con-tributed to downward trend,the Ogra has taken concretesteps, conducting several raids,the FBR has tightened noosearound the tax evaders, theconcerned committees of theParliament have noted grosscorruptions in LPG sector,stakeholders have started

See # 12 Page 11

LPG prices maydeflate by Rs10/kg

Aamir Abidi

KARACHI: State Bank ofPakistan Wednesday reducedthe cut-off yields on all thetreasury bills.

SBP accepted bids worthRs157.7 billion in T-bills auc-tions against the target ofRs150 billion and bank's par-ticipation of offer Rs300 bil-lion.

Central bank slashed the cut-off yield on 3-month T-bill by14bps to 13.5313 per cent andraised Rs68.72 billion.

Similarly, cut-off yield on 6-month T-bill dipped 2bps to13.6899 per cent and raisedRs67.46 billion.

Likewise, 12-month T-billslightly reduced by 1bps to13.8554 per cent and raisedRs21.55 billion.

SBP raises Rs15.7bn via T-Bills

Pakistanintegrity

at all costs,vows KayaniRAWALPINDI: Army ChiefGeneral Ashfaq Parvez Kayanihas said country's integrity andsecurity will be ensured atevery cost.

"Country's integrity andsecurity will be ensured atevery cost and more improve-ment will be ensured in opera-tional capabilities of armedforces.

The entire nation is with the

army in war on terror and we

stand side by side with the

nation at every critical juncture

of time", he said this while pre-

siding over 136th Corps

Commanders Conference here

at GHQ Wednesday.

Regional security situation,

progress in war on terror,

requirements of armed forces,

eastern and western borders

situation and operational mat-

ters featured in the conference.Military sources told army

chief also apprised the partici-pants of his meeting withAfghan president HamidKarzai and US secretary ofstate Hillary Clinton on theoccasion of InternationalSecurity Conference inMunich.

The participants expressedsatisfaction over profession-al preparedness of army. -Online

KARACHI: Passengers wait to get on a flight at Karachi's Jinnah International Airport. Reuters

Strike keeps PIA planes grounded Ministers resign; new cabinet soon

2 Thursday, February 10, 2011

ISLAMABAD: PresidentAsif Ali Zardari onWednesday launched thespring tree plantation cam-paign by planting a saplingof lychee at Aiwan-e-Sadrwarning that "Pakistancannot afford to lose anymore forests to encroach-ers"

Spokesperson to thePresident FarhatullahBabar said that thePresident urged the nationto make Pakistan greenand environment friendlyby actively participating inthe national cause of plant-ing more trees.

"It is our national duty togrow more and more treesand protect existing forestsand trees", the Presidentsaid in a message on the

occasion. The tree plantingceremony was also attend-ed by senior officials ofMinistry of Environment,Aiwan-e-Sadr and otherrelevant departments.

The President said thattrees and forests were anessential part of theecosystems regulatingwater supplies and main-taining ecological balanceand clean environment.

The spokesperson saidthat the President cau-tioned against the continu-ous depletion of forestsover the past several yearsand called for reversing thetrend by strengthening theexisting forest monitoringsystem. He urged to con-serve and enhance forestarea from existing 5% to

6% within the next sixyears.

The President empha-sized on adopting non-tra-ditional and innovativeways to overcome thechallenges of water short-age and lack of fundswhich were the main con-straints in the way of forestdevelopment in the coun-try. He called upon ForestDepartments to promoteindigenous trees that donot require too much ofwater besides introducingnew irrigation techniques.

The President said thatreal and durable develop-ment had to be sustainable.Sustainability of develop-ment demands that we pro-tect and improve the quali-ty of environment, he said.

"I invite all citizens toparticipate in our nationaleffort to cover Pakistanwith trees and make thecountry lush green. Wemust realize that this is theonly way to achieve thegoal of sustainable socialand economic develop-ment", the President said.

The President advisedthe Ministry ofEnvironment, the provin-cial forest departments andall those associated withthe Spring Tree PlantationCampaign to make con-certed efforts to achievethe target of planting 53.35million saplings set for thecurrent year in the countryto keep the environmentclean and bring down pol-lution levels.-Online

President kicks off spring tree

plantation drive

'Make the country lush green'

LAHORE: The LCCISenior Vice PresidentSheikh MohammadArshad Wednesdaystressed the need forstrengthening of institu-tions and consistency inpolicies to achieve eco-nomic stability, progressand prosperity.

According to pressrelease issued here onWednesday, the LCCISenior Vice Presidentwas addressing a 125-member delegation ofPakistan Navy WarCollege. The LCCI VicePresident Sohail Azhar,former Senior VicePresident Sohail Lashariand former VicePresident Aftab Vohraalso spoke on the occa-sion and threw light onvarious aspects of econo-my.

The LCCI Senior VicePresident said that nocountry could everachieve its aims andobjectives until andunless it has a strong sys-tem backed by stronginstitutions as weak insti-tutions bound to expose a

country or a state to alltypes of problems includ-ing economic and social.

Giving a detailed brief-ing on LCCI role in poli-cy making, SheikhMohammad Arshad saidthat the Lahore Chamberof Commerce andIndustry is playing itsdue role for promotion oftrade and industry in thecountry.

He said that the LCCIhas 140 sector-specificStanding Committees.

These committees col-lect private sector feed-back, analyze and after athorough debates it are

forwarded to the con-cerned governmentdepartments for consider-ation at the time of prepa-ration of the FederalBudget. He said thatChamber monitors thebudget, anomalies areidentified and these cou-pled with revised propos-als are again communi-cated to the relevant poli-cy making departments.He said that the LCCIalso keeps liaison withthe commercial sectionsof the Foreign missionsand an exchange of infor-mation is ensured.-Online

Strong institutionsmust for economic

stability: LCCI

I S L A M A B A D :Agriculturists and bigfarmers should be broughtin the tax net, whereaslevying withholding tax of3.5 percent on traders andintermediaries of raw agri-culture produce needs tobe rationalized.

The President ofIslamabad Chamber ofCommerce and Industry,Mahfooz Elahi addressinga delegation of flour millsrepresentatives said thattraders/intermediaries ofraw agriculture producewere exempted of with-holding tax throughS.R.O.586(1) 1991 ofJune 31,1991, now theyhave to pay 3.5 percentwithholding tax videS.R.O. 1161(1) 2010dated 31-12-2010. He wasof the view that tax shouldbe levied on the commis-sion earned instead oflevying it on the totaltrade.

The country was current-ly experiencing high infla-

tion and impact of imposi-tion of 3.5 percent tax ongross trade will be largerthat would further increasethe already soared pricesof many agriculture prod-ucts, hitting a commonman directly, he main-tained.

The President ICCIinformed that most of thebuying in the agriculturesector was done throughCommission agents andirrational taxing wouldultimately burden the endconsumers.

He noted that throughrationalization of tax,prices of flour, sugar, puls-es, cotton fabrics, ghee andall other products of rawagriculture produce couldbe controlled for shootingup at higher rate otherwisemany agri-products wouldescalate a great deal.

Elahi was of the viewthat for broadening taxbase, government shouldtake the businessmen onboard instead of keeping

politician in loop. He saidthat businessmen want topay taxes, but governmentshould take positive meas-ures to bringing more peo-ple in the tax system.

He was of the view thatwhile formulating budgetproposals for 2011-12,FBR should initially holdmeetings in the chambersand associations for get-ting proposals. Therefore,honest efforts and properdeliberation on each spe-cific proposal should beheld; with a concept ofconvincing or getting con-vinced regarding the budg-et proposal. The businesscommunity recommenda-tion should be given dueconsideration for movingPakistan on the roads toprogress and economicdevelopment, Presidentsaid.

Elahi added that govern-ment should revisit itsdecisions and rationalizethe imposition of any newtaxes.-INP

ICCI stresses forbroadening tax base

ISLAMABAD: HP hasannounced a suite of newproducts and services thatenable businesses and gov-ernments to leverage thepower of the cloud whileensuring they meet requiredlevels of security, perform-ance and availability.

Cloud computing is animportant and growing plat-form for Instant-OnEnterprises, where every-thing and everyone is con-nected. Instant-OnEnterprises require IT envi-ronments that are flexible,automated and secure, andable to quickly adjust tochanging demand.

While cloud computingdelivers benefits such asfaster deployment of newservices, reduction in IT

headcount and a pay-as-you-go model, it has tradi-tionally lacked in areas thatenterprises need, such assecurity, availability andease of integration. The newHP Hybrid Delivery solu-tions provide the benefits ofenterprise-grade cloud com-puting, while meeting thespecific needs of businessesand governments.

"Cloud computing isgoing mainstream and HP isleading the way," PiauPhang Foo, senior vice pres-ident and managing direc-tor, HP Asia Pacific andJapan. "HP has the enter-prise experience, breadth ofportfolio and global servicedelivery organization tolead our clients through thistransformation."- NNI

HP drives new erafor cloud computing

Staff ReporterKARACHI: The watersupply quota of 1200 cusecsfrom Indus source has fellshort to meet Karachi'sdemand and the govern-ment needs to increase it onpriority, this was stated byManaging Director, KarachiWater and Sewerage Board(KWSB), Misbah UddinFarid.

Addressing a luncheonmeeting with the membersand office bearers ofPakistan TannersAssociation (PTA) SouthZone, the MD KWSB, saidthat 150 MGD additionalwater supply through K-IVis being planned and thisproject would cost several

billions rupees. He saidthat K-IV would take a fewyears to be completed butin the meantime waterquota through Indus sourceshould be enhanced.

KWSB chief said thatwater supply to theKorangi Industrial Area(KIA) particularly toSector 7-A (Tannery Zone)is being obstructed deliber-ately and some strongMafia is involved in thisscam. He said that he askedthe rangers Intelligence toinvestigate into this con-spiracy and bring theresponsible to task. He saidthat water supply toTannery Zone would begradually improved.

City to receive 150MGD water from

K-IV project

Zero ratedduty on

renewableenergy

equipmentStaff Correspondent

ISLAMABAD: The FederalSecretary EnvironmentKhawaja MuhammadNaeem has said that ENER-CON has succeeded inobtaining important policydirectives at the highest levelfor enchasing the energyconservation potential in allsectors of the economy byproviding conducive envi-ronment to these objectives.

He further said thatimport duty on renewableenergy equipments hasbeen made zero rated whichis landmark initiative of thegovernment. He stated thiswhile addressing in thelaunching ceremony ofMotor Vehicle FitnessCertification Model Center atToyota here on Wednesday.

Pak Suzukiclarifies

about CNGcylinders

TFD Report

KARACHI: With refer-ence to a news itemappeared in some of theNewspapers about the issueof Faber CNG cylinder fit-ted in Suzuki vehicles, thecompany has clarified thatFaber cylinders were intro-duced in our vehicles afterdue consideration of Safetyand Quality and had beenapproved by the concernedRegulatory Authority andSuzuki Motor Corporation,Japan. Currently we arehaving difficulty in clear-ance of these cylinders andhope that the issue resolvesquickly.

A company statementsaid: "We categoricallydeny that we are testing orconsidering other CNGcylinder as we are confi-dent that there is no Qualityor Safety issue with FaberCNG Cylinders. Faber isthe sole supplier of manyOEMs worldwide becauseof their cylinders beinglight weight and of superiorquality, which is most suit-able for small vehicles."

"We, at Pak Suzuki haveproduced and sold morethan 500,000 CNG vehi-cles with Faber Cylindersand there has been no issueof Safety due to the Qualityof CNG cylinders. We fur-ther clarify that Pak Suzukiis not recalling any of itsproduced vehicle as report-ed in the news item," thestatement added.

ISLAMABAD: President Asif Ali Zardari launching the spring tree plantation campaign by

planting a sapling of lychee at Aiwan-e-Sadar.-APP

KARACHI: Trading Corporation of Pakistan (TCP) signed a Commercial Agreement with

Saudi Basic Industries Corporation (SABIC)'s representative M/s. Jaffer Brothers in Karachi for

import of 250,000-300,000 tonnes Urea valuing $100 million. Syed Sikandar Ali Shah, Director

Commercial TCP and Majid Latif, Director Jaffer Brothers are exchanging the trade deal docu-

ments. Anjum Bashir Chairman and other senior executives of TCP are also present.-Staff Photo

KARACHI: A delegation of Pakistan Chemists and Druggists Association called on Sindh Governor Dr Ishrat-ul-Ebad Khan at

Governor House.-APP

TV PROGRAMMES

THURSDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

11:30 Hal Kya Hai (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

Allegeddacoit

killed inencounter

KARACHI: An allegeddacoit was killed and threefled away during a Policeencounter. Two passersbygot injured with the firingof dacoits in Shireen JinnahColony, Wednesday.

As per details, fourdacoits opened fire uponthe residents of a housewhere they were busy inrobbing off the householditems. Firing injured twomen. After firing' dacoitstried to escape from thespot. However in the mean-time Police arrived.

Dacoits opened fire uponpolice.Police retaliated andshot-dead one of them.-Online

Sharmila seeks worldhelp for flood affectees

KARACHI: Sharmila Faruqui, Secretary Information PakistanPeoples Party, Women Wing, Sindh has urged internationalcommunity to come forward to help out the Sindh governmentin reconstruction and rehabilitation works for flood affectees.

While appreciating the role of international donor agenciesduring floods, she said that the Sindh was the worst hit provinceof Pakistan during recent floods and the government had allo-cated Rs.13.4 billion for the flood affected people to providethem relief. In a statement issued here on Wednesday, she saidthat Pakistanis were the bravest nation on the earth becausethey had borne the unprecedented floods and terrorist activities.Sharmila Faruqui added that Rs1.4 billion had been provided toIrrigation system, Rs3.6 billion to Relief Commissioner andRs5 billion for the reconstruction of communication systemspecially of roads.-NNI

MUMBAI: The Indian rupeeweakened on Wednesday,retreating from a near one-month high touched in the pre-vious session, as rising crudeoil prices sent importers scram-bling for dollars, while weaklocal shares also weighed.

The partially convertiblerupee closed at 45.475/485 perdollar, after touching an intra-day low of 45.51, and 0.4 percent below its previous close of45.29/30.

"The rupee weakenedbecause the dollar inflowswere less today, and also theshares weakened. If the mar-kets get some respite tomor-row, the rupee might open at45.35 levels," said NaveenRaghuvanshi, an associate vicepresident at DevelopmentCredit Bank.

Dealers expect the rupee totrade in a range of 45.30-45.50on Thursday and expect somedollar inflows that could sup-port.

Foreign institutionalinvestors sold shares worth$117.12 million on Tuesday,

after buying in a net $194.35million in three consecutiveprevious sessions. They havepulled out a net $1.4 billionthis year until Feb. 8.

One-month offshore non-deliverable forwards contractsPNDF were at 45.73, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange and the MCX-SXboth closed at 45.6150, whileon the United Stock Exchangeit ended at 45.6050, with thetotal volume traded on thethree exchanges at $5.5 billion.-Reuters

Indian rupee slips onoil importer demand

3Thursday, February 10, 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 09/02/2011

A USD GBP CAD EUR JPY

O/N 0.23550 0.55688 0.96083 1.04375 SN 0.10938

1WK 0.25250 0.57750 1.00000 0.96750 0.11625

2WK 0.25750 0.58625 1.03833 0.93375 0.11813

1MO 0.26400 0.61563 1.08000 0.88500 0.12750

2MO 0.28850 0.68188 1.14750 0.93250 0.15438

3MO 0.31200 0.80375 1.21083 1.04875 0.18875

4MO 0.35200 0.88563 1.27500 1.11500 0.24188

5MO 0.41100 0.99000 1.34000 1.20000 0.30000

6MO 0.46520 1.10688 1.40500 1.29250 0.34625

7MO 0.51950 1.18725 1.49000 1.35000 0.39375

8MO 0.57175 1.27163 1.56750 1.40063 0.44313

9MO 0.63025 1.35475 1.63917 1.46250 0.48750

10MO 0.68525 1.43375 1.72583 1.51688 0.51438

11MO 0.73700 1.50188 1.81000 1.57063 0.54125

12MO 0.79900 1.57063 1.90000 1.63438 0.56750

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

U.S.A. 85.35 85.15 84.97U.K. 137.11 136.79 136.48EURO 116.53 116.26 115.98CANADA 85.84 85.64 85.42SWITZERLAND 88.57 88.36 88.13AUSTRALIA 86.52 86.31 86.09SWEDEN 13.29 13.26 13.22JAPAN 1.04 1.03 1.03NORWAY 14.83 14.79 14.75SINGAPORE 67.01 66.86 66.68DENMARK 15.58 15.54 15.50SAUDI ARABIA 22.76 22.71 22.65HONG KONG 10.97 10.94 10.91CHINA 13.03 13.00 12.96KUWAIT 304.71 304.00 303.20MALAYSIA 28.14 28.07 28.00NEW ZEALAND 65.86 65.70 65.53QATAR 23.44 23.38 23.32U.A.E. 23.24 23.18 23.12KR WON 0.08 0.08 0.08THAILAND 2.78 2.77 2.77

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3685 1.3687 1.3692 1.3611

USD-CHF 0.9613 0.9617 0.9659 0.9612

GBP-USD 1.6067 1.6071 1.6100 1.6036

USD-CAD 0.9930 0.9935 0.9953 0.9930

AUD-USD 1.0120 1.0123 1.0153 1.0096

EUR-JPY 112.7400 112.7800 112.8500 112.0800

EUR-GBP 0.8516 0.8520 0.8525 0.8478

EUR-CHF 1.3155 1.3159 1.3177 1.3123

GBP-JPY 132.3800 132.4500 132.8900 132.1400

CHF-JPY 85.6700 85.7200 85.7600 85.2600

Gold 1364.9800 1366.0000 1366.8500 1362.1600

As per 22.00 PST

Time Source Events Forecast Previous

4:50 JPY Core Machinery Orders m/m 5.1% -3.0%

4:50 JPY CGPI y/y 1.4% 1.2%

5:30 AUD Employment Change 18.4K 2.3K

5:30 AUD Unemployment Rate 5.0% 5.0%

14:30 GBP Manufacturing Production m/m 0.5% 0.6%

14:30 GBP Industrial Production m/m 0.5% 0.4%

17:00 GBP Asset Purchase Facility 200B 200B

17:00 GBP Official Bank Rate 0.50% 0.50%

18:30 CAD NHPI m/m 0.6% 0.3%

18:30 USD Unemployment Claims 411K 415K

20:00 USD Wholesale Inventories m/m 0.7% -0.2%

Tentative GBP NIESR GDP Estimate 0.5%

Source Events Actual Forecast Previous

GBP BRC Shop Price Index y/y 2.5% 2.1%

JPY Household Confidence 41.1 40.5 40.1

JPY Prelim Machine Tool Orders y/y 89.4% 64.0%

EUR German Trade Balance 14.0B 11.9B 11.8B

GBP Trade Balance -9.2B -8.6B -8.5B

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada March 1, 2011 September 8, 2010 1%

Bank of England February 10, 2011 March 5, 2009 0.50%

Bank of Japan February 14, 2011 December 19, 2008 0.10%

European Central Bank March 3, 2011 May 7, 2009 1%

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

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

The Reserve Bank of Australia March 1, 2011 November 2, 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, February 09,2011 Treasury Management Division of National Bankof Pakistan (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 12.30 12.80 12.50 13.00 12.70 13.20 13.30 13.55 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 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

ASPK 12.40 12.90 12.60 13.10 12.80 13.30 13.40 13.65 13.55 13.80 13.65 14.15 13.75 14.25 13.80 14.30

CIPK 12.30 12.80 12.50 13.00 12.70 13.20 13.45 13.70 13.65 13.90 13.75 14.25 14.00 14.50 14.10 14.60

DBPK 12.20 12.70 12.35 12.85 12.50 13.00 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.80 14.30

FBPK 12.50 13.00 12.70 13.20 12.80 13.30 13.45 13.70 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 12.40 12.90 12.65 13.15 12.80 13.30 13.40 13.65 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 12.40 12.90 12.65 13.15 12.80 13.30 13.40 13.65 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 12.40 12.90 12.60 13.10 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

NIPK 12.50 13.00 12.75 13.25 12.95 13.45 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.70 14.20

HMBP 12.30 12.80 12.65 13.15 12.85 13.35 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

SAMB 12.50 13.00 12.75 13.25 12.80 13.30 13.30 13.55 13.40 13.65 13.50 14.00 13.75 14.25 13.85 14.35

MCBK 12.40 12.90 12.50 13.00 12.70 13.20 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 12.35 12.85 12.60 13.10 12.75 13.25 13.40 13.65 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 12.35 12.85 12.50 13.00 12.70 13.20 13.35 13.60 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

UBPL 12.20 12.70 12.70 13.20 12.75 13.25 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

AVE 12.37 12.87 12.61 13.11 12.76 13.26 13.38 13.63 13.51 13.76 13.63 14.13 13.76 14.26 13.85 14.35

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/02/2011

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

1 week 0.15 0.08 0.25 0.43 0.53 0.36 -0.42 -0.461 month 0.67 0.86 0.44 0.77 0.83 0.51 -0.22 -0.553 months 0.01 0.65 0.10 0.79 0.86 0.63 -0.21 0.026 months 0.54 0.53 0.54 0.78 0.83 0.70 -0.51 -0.451 year 0.79 -0.46 -0.02 -0.15 0.72 0.81 -0.51 -0.862 years 0.46 0.16 -0.05 0.39 0.81 0.52 -0.40 -0.62

Currencies CorrelationGBP/USD

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.55 12.50 12.50 12.50 12.15 12.50 12.45

8-15dys 12.85 12.80 12.75 12.75 12.75 12.70 12.77

16-30dys 12.90 12.85 12.90 12.80 12.85 12.90 12.87

31-60dys 13.10 13.14 13.11 13.05 13.10 13.15 13.11

61-90dys 13.40 13.39 13.35 13.38 13.25 13.35 13.35

91-120dys 13.50 13.47 13.47 13.50 13.45 13.52 13.49

121-180dys 13.55 13.50 13.54 13.58 13.50 13.60 13.55

181-270dys 13.62 13.62 13.60 13.66 13.60 13.70 13.63

271-365dys 13.72 13.74 13.78 13.70 13.70 13.78 13.74

2-- years 14.05 14.10 14.08 14.00 14.05 14.00 14.05

3-- years 14.15 14.21 14.24 14.23 14.22 14.22 14.21

4-- years 14.18 14.25 14.26 14.25 14.22 14.20 14.23

5-- years 14.22 14.27 14.27 14.26 14.23 14.23 14.25

6-- years 14.23 14.30 14.30 14.28 14.30 14.27 14.28

7-- years 14.24 14.30 14.32 14.30 14.35 14.33 14.31

8-- years 14.25 14.25 14.26 14.30 14.23 14.26 14.26

9-- years 14.26 14.15 14.18 14.20 14.20 14.21 14.20

10--years 14.27 14.25 14.27 14.26 14.25 14.26 14.26

15--years 14.60 14.55 14.60 14.65 14.55 14.70 14.61

20--years 14.80 14.70 14.70 14.90 14.75 14.85 14.78

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for February 09, 2011

NEW YORK: The dollar fell onWednesday after Federal ReserveChairman Ben Bernanke said US unem-ployment remained too high, suggestingthe Fed would push on with its $600 bil-lion stimulus program.

Euro buying by central banks to diver-sify their reserves also undermined thedollar. The euro broke above a key$1.3700 level versus the dollar, triggeringstops just above that point in the wake ofBernanke's testimony to the US House ofRepresentatives Budget Committee thatlargely echoed a speech he delivered lastweek.

Traders said the euro may encounterresistance at $1.3745, a daily pivot point,and above there, at $1.3765, the low onFeb. 2, and $1.3825, the high on the sameday. For now, analysts said the euro

seemed to be on an ascending path on thetechnical charts.

Some analysts hoped that given broad-ening signs of aUS recovery,Bernanke woulddrop hints thatthe Fed wouldend its bond-buying programsooner thane x p e c t e d .Instead he repeated concerns about highunemployment, ensuring the Fed's quanti-tative easing will remain in place andfueling dollar selling.

"Bernanke is telling you that the Fed isnot going to rush to raise rates, and that'swhy the dollar sold off," said David Woo,head of global rates and currencies

research at Bank of America MerrillLynch in New York.

"To some extent, he's also pouring cold

(water) on the bond market selloff in thelast week or so. So the dollar selloff is insync with the rally in Treasuries."

In mid-day trading, the euro rose 0.4per cent versus the dollar to $1.3684, afterhitting session highs at $1.3721 on elec-tronic trading platform EBS.

The euro has been rising all morning,

with traders citing talk of buying by cen-tral banks in Russia and South Korea.Near-term support was at $1.3538, the100-day moving average, followed by$1.3480, the 23.6 per cent Fibonacciretracement of the January-to-Februaryeuro rally. The dollar, meanwhile, heldgains against the yen, supported by therising trend in US yields.

The dollar gained 0.2 per cent to 82.43yen, recovering from a fall to 81.77 yenon Tuesday. Hedge funds were said to bebuyers of the currency pair overnight,with traders citing stops above 82.70 yen.

The dollar fell 0.2 per cent against theSwiss franc to 0.9608 francs and was alsodown 0.2 per cent against sterling at$1.6108. The ICE Futures' dollar index,measured against six major currencies,lost 0.4 per cent to 77.730. -Reuters

US dollar falters as eurobuying, Bernanke weigh

SHANGHAI: China's yuanwas flat against the US dollarlate Wednesday, the first day oftrading after the week-longLunar New Year holiday, asdemand for the dollar forimport settlements offset arecord-low dollar/yuan fixingafter Beijing hiked interestrates to relieve inflationarypressures.

Dealers said Wednesday'slow fixing signals China'sintention to combat importedinflation with steady but grad-ual currency gains in the com-ing months.

The dollar was at 6.5938around 0830 GMT on the over-the-counter market, unchangedfrom the late level Feb. 1. Ittraded between 6.5820 and6.5942.

The People's Bank of Chinaset the dollar/yuan central pari-ty rate at a record low 6.5850after it raised interest rates forthe third time in four monthsTuesday, with effect fromWednesday. The previousrecord of 6.5860 was set Feb.1.

"The record-low fixing indi-cates Beijing will step up thefight against inflation.However, 10 pips is a verysmall move, so I think we stillhave to wait and see how much

the PBOC intends to let theyuan rise for now," said aBeijing-based trader with alocal bank.

The PBOC raised its bench-mark lending and deposit ratesby 0.25 per cent, increasing theone-year yuan lending rate to6.06 per cent from 5.81 percent, and the one-year yuandeposit rate to 3 per cent from2.75 per cent.

Morgan Stanley andGoldman Sachs have warnedthat China's inflation, whicheased to 4.6 per cent inDecember compared with ayear earlier, will likely surpass5 per cent in January due to ris-ing food and housing prices.

Separately, US political pres-sure for the yuan to appreciatealso appeared to ease. In areport delayed since lastOctober, the US Treasury saidFriday the yuan "remains sub-stantially undervalued," butrefrained from labeling China acurrency manipulator in itssemi-annual foreign exchangereport to Congress.

Offshore, one-year dollar-yuan nondeliverable forwardsfell to 6.4270/6.4300 from6.4493/6.4728 late Feb. 1,implying a 2.6 per cent rise bythe yuan against the US overthe next year. -Agencies

Yuan steady despiterecord low fixing

LONDON: Sterling rose onWednesday, tracking a broad risein the euro, but gains were limit-ed and traders noted downsiderisks to the pound as marketsmay have overestimated UK ratehike expectations for 2011.

Sterling brushed off datashowing a record high UK tradedeficit. Traders said stop-lossorders were triggered on theupside, accelerating the UK cur-

rency's move higher late in theLondon session.

The BoE is widely expected tokeep rates at 0.5 per cent onThursday, although markets arepricing in a small chance of arate rise.

A full rate hike is largelypriced in for May, which has ledto a build-up of speculative longpositions in the pound but ana-lysts say that creates downsiderisk.

"Given that the market hasgotten ahead of itself in terms ofpricing in a rate hike, any risk forsterling is to the downside (onthe BoE)," said Chris Walker,currency strategist at UBS.

However, he said any reaction

to the BoE's rate decision onThursday would probably belimited if rates are kept on holdas expected. Investors will haveto wait for the meeting's minutesdue out later this month to see ifmore members of the bank'sMonetary Policy Committee(MPC) vote for a rate rise.

Sterling rose 0.3 per cent onthe day to $1.6125, moving intandem with the euro's gains ver-

sus the US currency.One sterling trader in London

said he expected the pound tofall to the mid-$1.59 region if theBoE holds pat on rates, addingthat that level would offer a goodopportunity to buy.

Despite its gains onWednesday, the pound was wellbelow a three-month high of$1.6279 hit on Thursday after astring of positive UK PMIreleases boosted rate hike expec-tations. The euro rose 0.3 percent to 85.25 pence, boosted bythe single currency's gainsagainst the dollar. The euro hasrecovered after hitting a nearthree-week trough of 83.89pence earlier this week. -Reuters

Sterling tracks euro, upvs USD; BoE awaited

SINGAPORE: The Taiwandollar hit a 13-year high onWednesday after China's latestinterest rate increase spurreddollar short covering and asforeign investors continued tosend money to the island.

Other emerging Asian cur-rencies were barely changed,with investors comfortablehaving increased bets on thewon and peso ahead of centralbank policy meetings in SouthKorea and the Philippines laterthis week.

The US dollar/Taiwan dollarfell to as low as 28.755, thelowest since October 1997.

Traders said the central bankwas not seen aggressively inthe market, but added they

were wary of interventions toslow the currency's rise.

A US bank dealer inSingapore said the central bankmay keep the pair near T$29for the time being to protect thecountry's export competitive-ness.

Meanwhile, Taiwan's centralbank denied a newspaperreport that it had resumedmeasures against speculativecapital inflows in response tothe surge in the Taiwan dollar.The dollar/won reboundedafter hitting a 2-1/2-year low,helped by importers' demandfor settlements and dollarshort-covering.

Authorities were suspectedof buying dollars in early trad-

ing, especially when the pairhit its lowest since September2008, but the suspected inter-vention was not that strong andit was not confirmed, dealerssaid.

"Some hedge funds appearedto buy dollar/won during lunchtime to take some profits as thepair did not fall further," said alocal bank dealer in Seoul.

US dollar/Singapore dollarbumped higher from the low of1.2722 hit early in the session,with agent banks aggressivelyintervening from the 1.2730level up to 1.2742, dealerssaid.

A move above 1.2750 couldsqueeze speculators with smallshort-term bets. -Reuters

Asian currencies

Taiwan dollar at 13-yrhigh on portfolio flows

SYDNEY/WELLINGTON: The New Zealanddollar eased on Wednesday after the country'sfinance minister suggested the economy mayhave fallen back into recession, while theAustralian dollar held up remarkably well in theface of China's latest interest rate hike.

The kiwi last traded at $0.7713, down from$0.7742 late in New York. It ranged between$0.7706 and $0.7756 during the local session,well off a high of $0.7787 overnight.

Finance Minister Bill English, when asked at aparliamentary committee, said it was possiblethe economy contracted in the fourth quarter,which on top of the third quarter's contraction,would mean a double dip recession.

"It was a statement of the obvious given thesoftness at the end of last year. It's doused kiwia shade but no-one's expecting a great numberanyway," said a trader at a local investmentbank. English also said the annual budget, to bedelivered on may 19, would look to rein inspending and cut borrowing.

Near term the kiwi is seen supported at

$0.7695, the previous day's low, below which is$0.7660, with resistance first at around the upperBollinger band at $0.7800.

Meanwhile, the Aussie last stood at $1.0130after trading in a slim 21-pip range. It held abovea low of $1.0115 plumbed overnight in a knee-jerk reaction to a 25 basis point rate hike byBeijing late on Tuesday.

Dealers were awaiting key labour force datadue on Thursday. The economy is expected tohave generated 15,000 jobs in January, keepingthe unemployment rate at a two-year low of 5.0per cent, a Reuters poll showed.

Against the yen, the Aussie was little changedat 83.52, having hit a 9-month high overnight at83.73. The cross rate, often seen as a proxy forrisk appetite, gained nearly 3 yen last week asinvestors took faith in surging commodity pricesand rising Australian bond yields.

The Aussie also was firmer against the NewZealand dollar, rising as high as NZ$1.3149, butheld well within Tuesday's trading range, sug-gesting a lack of overall direction. -Reuters

NZ dollar hit by growthworries; AUD outperforms

Swiss francdips vs euro

ZURICH: The Swiss franc fellto its lowest level since earlyDecember against the euro onWednesday, continuing the pre-vious session's sharp decline asrisk appetite resurged, reducingdemand for safe haven curren-cies like the Swissie.

Investors took China's latestinterest rate hike in their stride,seeing it as a possible stabilis-ing force for steady growth.

"Chinese policy-makers'efforts to rein in overheatingpressures are now seen in a rela-tively more positive light byglobal investors in that they willhelp slow growth to a more sus-tainable pace, while otherengines of growth in the regionbegin to rev up," said BNYMellon analyst Samarjit Shankar.

The franc was 0.3 per centlower against the euro comparedto the New York close, trading at0.1365 per euro at 0821 GMT.

Analysts see further momen-tum for the euro against the francin the near term as technical fac-tors weigh less heavily on theunified currency. The franc wasdown 0.1 per cent against thedollar at 0.9642 per dollar.

"In view of the boomingdomestic economy, the rise ininflation forecast by UBSResearch Switzerland and thestrength of the property market,the SNB is expected toannounce its first move withregard to interest rates at theJune meeting," said UBS ana-lysts in a note. -Reuters

Bernanke still worried about high unemployment

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-

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

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

use of these reports and recommendations.

Americancoercion

When Raymond Davis was arrested for thealleged killing of two Pakistanis and his releasewas denied many experts had warned of possi-ble breach in US-Pakistan relationship. Nowhis release hinges on court's verdict and proofthat he is a diplomat enjoying the diplomaticimmunity. Since, legal proceedings are goingon, one should abstain from commenting on thecase, but talking about the growing US pres-sure for his release should not be tantamount tocontempt of court.

Being the largest and the oldest democracyand the torch bearer of supremacy of law, theUS administration should have pleaded thecase in the court of law rather than issuing offi-cial statements. It is also regrettable that the USadministration is resorting to pressure tacticsfor the release of Davis. Following such a strat-egy can have adverse impact on Pakistan-USties, and those termed "Islamist groups' can ini-tiate anti-US demonstrations in Pakistan.

The general impression among the masses isthat US has been pressurising the Governmentof Pakistan (GoP) to help it achieve its policyobjectives. This also included using Pakistanand its army in Afghanistan to frustrate thethen USSR attempt to reach warm waters.Pakistan was once again involved in operationagainst Taliban in Afghanistan and dozens ofdrone attacks have been carried out withinPakistan's territory in the name of purging'foreign militants'.

Pakistanis have not forgotten the US demandof undertaking drone attacks on Quetta, provin-cial capital of Balochistan. It is often allegedthat some of the foreign intelligence agencieshave been patronising 'IndependentBalochistan Movement'. Earlier, notorious USmercenary army 'Blackwater' was involved insome highly objectionable activities.

Many Pakistanis hold the US administrationresponsible for the proliferation of arm anddrug trade in Pakistan, initiated immediatelyafter the breakout of war between the US andthe USSR in Afghanistan.

The US administration is also being heldresponsible for patronising India to sabotageIran-Pakistan-India gas pipeline, whichPakistan needed the most to ensure uninterrupt-ed supply of natural gas at affordable price. Theheartache has been further intensified with theUS agreement to supply nuclear technology forcivilian use to India and refusing to offer thesame to Pakistan.

The grudge against the US has been furtherintensified with giving India the status ofregional superpower and attempt to get it a per-manent seat at the UN Security Council. Thereis a growing perception that Pakistan is fightingthe US war but when it comes to ensuring flowof assistance and IMF support to Pakistan, UShaving the highest influence even asked theFund not to release assistance if Pakistan failsto comply with the terms and conditions.

The multilateral financial institutions havealready started demanding IMF's Letter ofComfort and the Fund may also withholdthe release of remaining tranches of itsstand by arrangement. Happening of allthese events in quick succession clearlyshows that the US enjoys enough controlover institutions like the IMF, World Bank,IAEA, and any country refusing to 'toe theUS line' could face adversity.

4Thursday, February 10, 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 Sabir

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388428

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

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24- Peshawar Block, Fortress Stadium, Lahore

Telephone: 92-42-6675595 Fax: 92-42-6664349

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 178

The mystery of American Raymond ADavis, currently imprisoned in the cus-tody of local police in Lahore, Pakistanand charged with the Jan. 27 murder oftwo young men, whom he allegedlyshot eight times with pinpoint accuracythrough his car windshield, is growingincreasingly murky. Also growing is theanger among Pakistanis that the US istrying to spring him from a Punjab jailby claiming diplomatic immunity. OnFeb 4, there were massive demonstra-tions, especially in Lahore, demandingthat Davis be held for trial, an indica-tion of the level of public anger at talkof granting him immunity.

Davis (whose identity was firstdenied and later confirmed by the USEmbassy in Islamabad), and theembassy have claimed that he washired as an employee of a US securitycompany called Hyperion ProtectiveConsultants, LLC, which was said tobe located at 5100 North Lane inOrlando, Florida. Business cards forHyperion were found on Davis byarresting officers.

However we have investigated anddiscovered the following information:

First, there is notand never has beenany such companylocated at the 5100North Lane address.It is only an emptystorefront, withempty shelvesalong one wall andan empty counteron the oppositewall, with just alone used Coke cupsitting on it. A leas-ing agency sign ison the window. A receptionist at the IBGreen & Associates rental agency locat-ed in Leesburg, Florida, said that heragency, which handles the property,part of a desolate-looking strip mall ofmostly empty storefronts, has neverleased to a Hyperion ProtectiveConsultants. She added, "In fact, untilrecently, we had for several years occu-pied that address ourselves."

The Florida Secretary of State's office,meanwhile, which requires all Floridacompanies, including LLSs (limited lia-bility partnerships), to register, has norecord, current or lapsed, of a HyperionProtective Consultants, LLC, and thereis only one company with the nameHyperion registered at all in the state. Itis Hyperion Communications, a compa-ny based in W. Palm Beach, that has noconnection with Davis or with security-related activities.

The non-existent Hyperion ProtectiveConsultants does have a website(www.hyperion-protective.com), butone of the phone numbers listed doesn'twork, an 800 number produces arecorded answer offering informationabout how to deal with or fend off bankforeclosures, and a third number withan Orlando exchange goes to a record-ing giving Hyperion's corporate nameand asking the caller to leave a mes-sage. Efforts to contact anyone on thatline were unsuccessful. The local phonecompany says there is no public listingfor Hyperion Protective Consultants--arather unusual situation for a legitimatebusiness operation.

Pakistani journalists have been specu-lating that Davis is either a CIA agent oris working as a contractor for some pri-vate mercenary firm--possibly Xe, thereincarnation of Blackwater. They arenot alone in their suspicions. Jeff Stein,writing in the Washington Post onJanuary 27, suggested after interviewingFred Burton, a veteran of the StateDepartment's counter-terrorism SecurityService, that Davis may have beeninvolved in intelligence activity, eitheras a CIA employee under embassy cover

or as a contract worker at the time of theshootings. Burton, who currently workswith Stratfor, an Austin, TX-based"global intelligence" firm, even specu-lates that the shootings may have been a"spy meeting gone awry," and not, asUS Embassy and State Department offi-cials are claiming, a case of an attempt-ed robbery or car-jacking.

Even the information about what actu-ally transpired is sketchy at this point.American media reports have Davisdriving in Mozang, a busy commercialsection of Lahore, and being approachedby two threatening men on motorcycles.The US says he fired in self-defense,through his windshield with his Berettapistol, remarkably hitting both men fourtimes and killing both. He then exitedhis car and photographed both victimswith his cell phone, before being arrest-ed by local Lahore police. Davis, 36,reportedly a former Special Forces offi-cer, was promptly jailed on two countsof murder, and despite protests by theUS Embassy and the State Departmentthat he is a "consular official" responsi-ble for "security," he continues to beheld pending trial.

What has not been reported in the USmedia, is Lahore police authorities hasstated that the two dead motorcyclistswere each shot two times, "probably thefatal shots," in the back by Davis. Theywere also both shot twice from thefront. Such ballistics doesn't mesh nice-ly with a protestation of self-defense.

Also left unmentioned in the USmedia is what else was found in Davis'possession. Lahore police say that inaddition to the Beretta he was still hold-ing, and three cell phones retrievedfrom his pockets, they found a loadedGlock pistol in his car, along with threefull magazines, and a "small telescope."A g a i n ,heavy armsfor a con-sular securi-ty officernot even inthe act ofg u a r d i n ga n ye m b a s s ypersonnel ,and what'swith the tel-e s c o p e ?A l s ou n m e n -tioned in USaccounts: his car was not an embassyvehicle, but was a local rental car.

American news reports say that a"consular vehicle" sped to Davis' aidafter the shooting incident and killedanother motorcyclist en route, beforespeeding away. The driver of that car isbeing sought by Lahore prosecutors buthas not been identified or produced byUS Embassy officials. According toLahore police, however, the car in ques-tion, rather than coming to Davis's aid,actually had been accompanyingDavis's sedan, and when the shootinghappened, it "sped away," killing thethird motorcyclist as it raced off. Againa substantially different story that raisesmore questions about what this driveinto the Mozang district was all about.

Davis has so far not said why he wasdriving, heavily armed, without anyoneelse in his vehicle, in a private rental carin a business section of Lahore whereforeign embassy staff would not nor-mally be seen. He is reportedly remain-ing silent and is leaving all statementsto the US Embassy.

The US claim that Davis has diplo-matic immunity hinges first and fore-most on whether he is actually a "func-tionary" of the consulate. According toLahore police investigators, he wasarrested carrying a regular US passport,which had a business visa, not a diplo-matic visa. The US reportedly only latersupplied a diplomatic passport carryinga diplomatic visa that had been obtainednot in the US before his departure, butin Islamabad, the country's capital.

(Note: It is not unusual, though it isnot publicly advertised, for the US StateDepartment to issue duplicate passportsto certain Americans. When I wasworking for Business Week magazinein Hong Kong in the early 1990s, andwas dispatched often into China onreporting assignments, my bureau chiefadvised me that I could take a letter

signed by her to theUS Consulate inHong Kong andrequest a secondpassport. Onewould be usedexclusively to enterChina posing as atourist. The otherwould be used forgoing in officiallyas a journalist. Thereason for this sub-terfuge, which wassupported by the

State Department, was that onceChinese visa officials have spotted aChinese "journalist" visa stamped in apassport, they would never again allowthat person to enter the country withoutfirst obtaining such a visa. The problemis that a journalist visa places strict lim-its on a reporter's independent traveland access to sources. As a tourist, how-ever, the same reporter could - illegally-- travel freely and report without beingaccompanied by meddling foreignaffairs office "handlers.")

Considerable US pressure is currentlybeing brought to bear on the Pakistaninational government to hand over Davis

to the US, and the country's InteriorMinister yesterday issued a statementaccepting that Davis was a consular offi-cial as claimed by the US. But Punjabstate authorities are not cooperating, andso far the national government is sayingit is up to local authorities and the courtsto decide whether his alleged crime ofmurder would, even if he is a legitimateconsular employee, override a claim ofdiplomatic immunity.

Under Pakistani law, only actual con-sular functionaries, not service workersat embassy and consulate, have diplo-matic status. Furthermore, no immunitywould apply in the case of "serious"crimes--and certainly murder is as seri-ous as it gets.

The US media have been uncritically

quoting the State Department as sayingthat Pakistan is "violating" the ViennaConvention on Consular Relations of1963 by holding Davis in jail on murdercharges. Those reporters should checkthe actual document.

Section II, Article 41 of the treaty, inits first paragraph regarding the"Personal inviolability of consular offi-cers," states: "Consular officers shallnot be liable to arrest or detention pend-ing trial, except in the case of a gravecrime and pursuant to a decision by thecompetent judicial authority."

In other words, the prosecutorial,police and judicial authorities in Lahoreand the state of Punjab are doing exact-ly what they are supposed to do in hold-ing Davis on murder charges, pending ajudicial determination concerningwhether or not he can properly claimdiplomatic immunity.

The US claim that Pakistan is violat-ing the convention is simply nonsense.

There is also the matter of doublestandards. The US routinely violates theVienna Diplomatic Accord that governsinternational diplomatic rights. Forexample, the same convention requirescountries that arrest, jail and prosecuteforeigners for crimes to promptly notifythe person's home country embassy, andto grant that embassy the right to pro-vide legal counsel. Yet the US hasarrested, charged with murder, and exe-cuted many foreign nationals withoutever notifying their embassies of theirlegal jeopardy, and has, on a number ofoccasions, even gone ahead with execu-tions after a convict's home country haslearned of the situation and requested astay and a retrial with an embassy-pro-vided defense attorney. The US, in1997, also prosecuted, over the objec-tions of the government of Georgia, aGeorgian embassy diplomat chargedwith the murder of a 16-year-old girl.

Apparently diplomatic immunity hasmore to do with the relative power ofthe government in question and of theembassy in question than with the sim-ple words in a treaty.

It remains to be seen whether Daviswill ever actually stand trial in Pakistan.The US is pushing hard in Islamabad forhis release. On the other hand, his arrestand detention, and the pressure by theUS Embassy to spring him, are leadingto an outpouring of rage amongPakistanis at a very volatile time, with

the Middle East facing awave of popular uprisingsagainst US-backed autocra-cies, and with Pakistanitself, increasingly a powderkeg, being bombed by USrocket-firing pilotless droneaircraft.

Some Pakistani publica-tions, meanwhile, are specu-lating that Davis, beyondsimple spying, may havebeen involved in subversiveactivities in the country, pos-sibly linked to the wave ofterror bombings that havebeen destabilizing the cen-

tral government. They note that both ofthe slain motorcyclists (the third deadman appears to have been an innocentvictim of the incident) were themselvesarmed with pistols, though neither hadapparently drawn his weapon.

A State Department official, contactedby us, refused to provide any detailsabout the nature of Davis' employment,or to offer an explanation for HyperionProtective Consultants LLC's fictitiousaddress, and its lack of registration withthe Florida Secretary of State's office.

Davis is currently scheduled for acourt date on Feb. 11 to consider theissue of whether or not he has immunityfrom prosecution.

Courtesy: Counterpunch

The Mozang Mystery

Surrendering Kurram to Taliban?

The TTP has not only welcomed theFebruary 8 Kurram AgencyAgreement, but has also announced topunish the violators - both Shias andSunnis, that too in accordance withthe Taliban-brand Sunni-led Shariah.Question is how the Taliban-brand ofShariah would be acceptable for theShia community? Does it mean theShia community, which is predomi-nantly in majority in the area fromHangu to Parachinar, has virtuallysurrendered to the Taliban? Does itmean that the powerful Shia commu-nity, which had so far been a majorblock in the strategically importantway of the Taliban, has not been pro-vided protection from the governmentof Pakistan? Has the government alsosurrendered to the rising power of theTaliban who would be practicallycontrolling the area from now

onwards? Question is, have the gov-ernments of Pakistan, and Iran abehind-the-scene role in the agree-ment, as it is believed, and widelypropagated by the western media, thatthe Haqqani-led Taliban group enjoysthe backing of Islamabad; andTehran's now lenient tilt towards theTaliban fighting the anti-Iran foreignoccupation in Afghanistan is alsounderstandable. Question is, whyIslamabad has not claimed to havebrokered this agreement, which is of amajor significance and of a greatfuture impact?

For the last three-four years thearea had been hostage to the fightingbetween Shia and Sunni factions,which claimed lives of hundreds. Theroad - a strategic route fromPeshawar/Rawalpindi-Kohat- toHnagu-Sadda-Parachinar and short-

cut to Jalalabad via Jaji - was virtual-ly closed. Even the military convoyshad to move under tight security. Itwas terrible to see even the wagonstands identifying "Specific for Shia"or "Special for Sunni travelers";some markets were out of bound forSunnis and some for Shias. The eth-nic and factional divide was so tensethat any outside administrative helphad become impossible. There hadbeen impression that the Shia com-munity had the support of Iraniangovernment, but if it is so, thenTehran has wisely realized and time-ly intervened to help resolve the mat-ter. Credit also goes to Islamabad andthe military leadership to let the dealdone. But much of the credit goes tothe locals - either Shias or Sunnis -who have realized that such a pro-longed feud was not in their interest.

The economy, business and trade,was suffering and the country's mostrich and scenic Hangu had turnedinto a dull and non-visited area. Atthe sunset till dawn the "daku-Taliban" (what the locals call them)had the rule over the road and no onewas safe from their hands.

Such an agreement was long desiredand the locals have not only wel-comed it, but have also proved thatthe locals of other agencies and areaswhere Shia-Sunni sectarian divide hascaused unrest, like Orakzai andGilgit, can follow similar deals tomonitor peace and join hands with thegovernment as well as the securityforces, because the four-year longsectarian battle has the only message:that it has no end, only peaceful polit-ical settlement is the answer.

Eschmall Sardar, Peshawar

Under Pakistani law, only actualconsular functionaries, not service

workers at embassy and consulate, havediplomatic status. Furthermore, noimmunity would apply in the caseof "serious" crimes--and certainly

murder is as serious as it gets

“

Section II, Article 41 of the Viennatreaty, in its first paragraph regardingthe "Personal inviolability of consular

officers," states: "Consular officersshall not be liable to arrest or detention

pending trial, except in the case of agrave crime and pursuant to a decisionby the competent judicial authority."

FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

HONDA ATLAS CARProduction (July 10 to Nov 10)6,626

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464

Advances (December 3,10) 3,050,639

Investments (December 3,10) 1,916,917

Spread (October 10) 7.49%

OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

Fuel Oil (Jul 10 to Nov 10) 3,641

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)NICL 2.78 7.19 SSGC 26.20 6.94 BOP 8.44 6.08 LOTPTA 16.25 5.03 ANL 11.00 2.50

Symbol Close ChangeRMPL 2,790.83 123.18

UPFL 1,215.73 57.89

WYETH 1,030.00 30.01

SIEM 1,100.00 8.94

SAPL 167.29 7.96

Symbol Close ChangeULEVER 4,372.00 -33.94NESTLE 3,420.19 -29.56COLG 915.00 -10.03SHEZ 184.82 -8.08NRL 276.93 -6.26

Plus 156Minus 206Unchanged 23

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Thursday, February 10, 2011 5

Dhiyan

The outlook is mixed but a rebound is expected at 12,230, how-ever breaking 12,172 level can take the index down to 12,000 markwhere it has a strong support at 12,020 points. The launch ofMargin Trading System (MTS) and foreign investment would trig-ger the market in the coming days but if Raymond Davis issueworsens it might kick up a major correction. It's better for theinvestors to wait for dips and buy with stop loss focusing on dis-counted bluechips rather than index. Today market would lack theneeded lustre.

Muhammad Ahsan Rasheed , Director Research & Marketing AMJ Growth

Imran Abdul Aziz, Manager Equities Foundation SecuritiesRangebound activities are expected to persist between 12,000 and 12,500

points till the Raymond Davis issue settles and Margin Trading System (MTS)launches. A rise in Pak-US tension owing to the said issue can send the indexdown to 11,700 points. Investors better adopt 'sell on strength' stance and waitfor dips in valued stocks. We might see some positive activities in the bank-ing sector on the announcement of their corporate results. Market would bedull today and investors should do trading.

NOT MUCH TRADE IN STOCK

Opening 12,360.94

Closing 12,299.28

Change 61.66

% Change 0.50

Turnover (mn) 72.28

Opening 3,753.20

Closing 3,723.52

Change 29.68

% Change 0.79

Turnover (mn) 2.84

Opening 3,033.15

Closing 3,025.10

Change 8.05

% Change 0.27

Turnover (mn) 0.03

Nawaz Ali

KARACHI: Continued sell-ing on worries regardingPak-US ties over RaymondDavis issue and uncertaintyon Margin Trading System(MTS) allowed bears sinktheir teeth deeper intoKarachi Stock Exchange(KSE) on Wednesday.

The apex stock marketended below 12,300 pointslevel with volumes reducingto a 10-month low.

The benchmark KSE 100-Index fell by 61 points toclose at 12,299 points, KSE30-Index dropped by 73

points to close at 11,930points and KSE All SharesIndex lost 39 points to closeat 8,532 points.

"The ongoing tension onRaymond Davis issuebetween Pakistan and USkept investors sidelined asUS have threatened to haltits assistance programme",said Samar Iqbal, equitydealer at Topline Securities.

After some mixed activi-ties during the first few min-utes, market stayed in thebearish zone particularlyover concerns on Pak-USrelations after the US gov-ernment mounted pressure to

release Raymond Davis whowas arrested after killing twopeople in Lahore on Jan 27.

According to NCCPL for-eigners did a net-buying ofjust $0.67 million. Investorsare pulling money out ofemerging markets, followingprotests and riots in Egypt,Tunisia, Algeria, Jordan,Yemen and Lebanon.

Therefore continued sell-ing by the local investorsbrought the index below12,300 points level and neararound midday it touched anintraday low at 12,258points (-ve 102 points).Further, uncertainty regard-

ing launch of MarginTrading System (MTS) wasthe factor that kept theinvestors worried despitegood corporate resultannouncement by PakistanState Oil. Finally, some sup-port at lower levels allowedthe index to reduce red num-bers but it failed to close thesession above 12,300 points.

Pakistan State Oilannounced a profit after taxof Rs7.13 billion with anearning per share of Rs41.58for the half year ended Dec31,2010. The company alsoannounced an interim cashdividend of 50 per cent.

According to experts theresults were better-than-expected.

Volumes shrank to 72.2million which is 22.1 millionshares less as compared to aturnover of 94.3 million aday earlier.

Nimir Industrial Chemicalwas the top traded stock with7.19 million shares followedby Sui Southern Gas with6.94 million and Bank ofPunjab with 6.08 millionshares.

Out of total 385 activeissues 206 declined, 156advanced, and 23 did noth-ing.

Bears claim more KSE gains

HONG KONG: Hong Kongshares slid on Wednesday, withthe benchmark index fallingbelow its 100-day moving aver-age after China's second inter-est rate rise in just over sixweeks prompted a selloff indevelopers and energy coun-ters.

The Hang Seng Index fell 1.4per cent to its lowest close thisyear while Shanghai's mainstock index closed 0.9 per centlower after mainland marketsreopened after a week-longbreak for Lunar New Year.

China's central bank raisedinterest rates on the last day ofthe holiday and set the yuanmid-point for the day's tradingin the currency against the USdollar at a record high as itbattles stubbornly high infla-tion.

"We expect further interestrate tightening from China foras long as they need to curbinflation, cool off asset mar-kets, while at the same timemaintaining a slow apprecia-tion of the RMB," said WilfredSit, Head of Asia PacificInvestment Strategy at MiraeAsset Global Investments inHong Kong.

"The recent moves by Chinawill give more room for other

Asian countries to raise ratesand regional equity marketswill react negatively to this."

Property, commodity-relatedand financial firms led the sell-off in Shanghai on worries thathigher borrowing costs couldcurb consumer demand forhomes and new loans. Theproperty sub-index fell 2.1 percent.

That weighed on developersin Hong Kong which havelagged the broader market thisyear after a strong second-halfrally in 2010.

Hong Kong's property sub-index fell 2.4 per cent and isdown 2.7 per cent this yearcompared with the Hang Seng'smild 0.6 per cent gain.

Chinese developers in HongKong were hit the hardest withNew World Development down4.2 per cent, while Sino LandCo slumped 4 per cent. Localbellwether Sun Hung KaiProperties Ltd fell 2.4 per cent.

In a rare divergence frombroader market trends, HSBCshares, which have a near 15per cent weighting on thebenchmark, gained 1 per cent,bringing their gains for the yearto over 12 per cent.

Expectations of strongresults, due on February 28,and recovery from last year'sunderperformance againstrivals as well as broader mar-kets, are keeping buyers inter-ested.-Reuters

HK at 2011-low onrate rise; China dips

MUMBAI: Indian sharesdropped 1 per cent to freshseven-month closing lowson Wednesday, dragged by asharp late selloff in compa-nies controlled by billion-aire Anil Ambani.

World stocks also weresubdued as investors digest-ed China's interest rate hikeon Tuesday, it's second injust over six weeks, as itintensified its battle againstinflation.

Reliance Infrastructureplunged the most and eroded18.8 per cent, with morethan 4 million shares tradedon the BSE, which is nearly12 times the average 30-dayvolume.

Reliance Communicationstumbled as much as nearly18 per cent to an all-timelow of 90.80 rupees. It laterrecovered some losses andclosed down 14.3 per cent.Around 6 million sharesexchanged hands, which ismore than four times theiraverage 30-day volume.

Other group companiesReliance Capital, RelianceMediaWorld, ReliancePower dropped between 8.9per cent and 16.1 per cent.

Reliance ADA Groupblamed the sharp drop in itsstocks on what it said was aseries of "baseless and moti-vated rumors" spread by

rivals, and said it had com-plained to the market regula-tor.

"We are as it is goingthrough a phase of majorcrisis of confidence," saidPrakash Diwan, head ofinstitutional business atNetworth Stock Broking,pointing to the weakness inthe stock market.

"Rumors like these add topanic and are absorbed morefaster in current situationwhen we are facing issueslike corporate governance inthe industry," he said, refer-ring to the selloff in AnilAmbani stocks.

India has been rocked by aspate of corruption scandalsin the last few months, hurt-ing its image as an invest-ment destination.

The 30-share BSE indexended down 1.03 per cent,or 182.93 points, to17,592.77 points, its lowestclose since early July.Twenty two of its compo-nents closed in the red.

"Things are very uncertainright now. Investors do notlike this," said GajendraNagpal, CEO of UniconFinancial.

"We may some bounce-back in the market aftersteep declines, but a sus-tained recovery is not likelyany time soon."-Reuters

Indian mkts loses;'Anil Ambanis' fall

TOKYO: Japan's Nikkei stockaverage edged lower to comeoff a nine-month high onWednesday, as profit-taking inbank shares erased earliergains made on upbeat earningsguidance from Toyota MotorCorp.

Weakness in Shanghai sharesafter a rate hike from China, itssecond move in six weeks torein in surging inflation,helped dampen sentimentwhile investors also grew cau-tious before the settlement ofNikkei 225 February optionson Thursday.

The Nikkei has gained about15 per cent on foreign buyingsince November, with thebenchmark in the last fewweeks benefiting from a shiftin market focus to developedmarkets from emergingeconomies, which are seen asbeing at greater risk frominflation.

"Things have moved in astraight line for the past threemonths, so now they are com-ing off," said MattiaCiancaleoni, director of equitysales at Citigroup.

"A switch to Japan may beover."

Futures were also hit by sell-ing but shares in Toyotajumped after it raised its full-

year outlook beyond marketforecasts and as a US govern-ment panel cleared the compa-ny's electronics of causingunintended acceleration.

The benchmark Nikkei wasdown 0.2 per cent, or 18.15points, at 10,617.83 after risingas high as 10,701.92, its high-est level since May 6.

The broader Topix was flat at944.02.

"Investors started sellingfutures as they wanted to takeprofits from recent gainsbefore tomorrow," saidHiroichi Nishi, general manag-er at Nikko Cordial Securities.

"When you bear in mind thatautos, and Toyota is a largepart of that, have accounted forover a half of Japan's GDPgrowth over the period 2002 to2008, you realise how signifi-cant yesterday's strong earn-ings are," said Nicholas Smith,director of equity research atMF Global FXA Securities inTokyo.

"The stock is trading barelyover its price-to-book ratio,and on those present numbers,it stays on a lower price tobook than the Topix itself so itsvaluations seem pretty attrac-tive," he said.

Toyota rose 5.2 per cent to3,670 yen.-Reuters

Nikkei descendson profit-taking

FTSEreduced

by minersex-dividends LONDON: Britain's top shareindex closed down onWednesday, hurt by heavy-weight stocks trading ex-divi-dend and miners followingmetals prices lower.

The FTSE 100 closed down39.04 points, or 0.6 per cent, at6,052.29, having closed up 0.7per cent on Tuesday at its bestlevel since May 2008.

"You have to consider (theFTSE 100) lost 20 points on(companies trading) ex-divi-dend. The market's just havinga bit of a respite while we waitfor further direction," said MicMills, head of electronic trad-ing at ETX Capital.

Stocks that lost the attractionof their next dividend paymentincluded BP, GlaxoSmithKlineand Royal Dutch Shell .

Miners weakened after a laterally on Tuesday as copper fell,hurt by questions over demandafter top consumer Chinaraised interest rates onTuesday.

Elsewhere, Reckitt Benckiserwas among the top blue chipfallers, down 5.1 per cent aftermissing forecasts for fourth-quarter earnings.

Market watchers saidinvestors were keeping theirpowder dry ahead ofThursday's Bank of Englandinterest rate decision.

See # 7 Page 11

US stocks late-morning

Mkt down,but profitssignal an

“upmove”NEW YORK: Wall Streetedged lower on Wednesday asinvestors booked profits afterstocks hit new 2 1/2-year highs,but strong earnings made itlikely the market would contin-ue an upward trend.

Federal Reserve ChairmanBen Bernanke told a congres-sional committee that the labormarket remains sluggish and hecontinues to believe that infla-tion will remain subdued. WallStreet's reaction to Bernanke'scomments was muted.

Shares of Dow componentsCoca Cola Co and Walt DisneyCo jumped after both reportedstrong results, helping theindex outperform the broadmarket.

"Investors at this point knowthat they are not going to get abouquet of flowers from theFed. His (Bernanke's) languagewas cautionary as usual," saidJoseph Greco, managing direc-tor at Meridian Equity Partnersin New York.

"The primary trend (in themarket) is that we are movingup on solid earnings, and a lit-tle bit of profit-taking on asmall volume only means newbids are coming up."

The Dow Jones industrialaverage was down 14.98points, or 0.12 per cent, at12,218.17. The Standard &Poor's 500 Index was down5.53 points, or 0.42 per cent, at1,319.04. The NasdaqComposite Index was down8.18 points, or 0.29 per cent, at2,788.87.

The market opened lower onprofit-taking after the Dowlogged its seventh consecutivepositive finish and reachedanother multiyear high abovethe 12,200 level.

Shares of NYSE Euronextand Deutsche Boerse, two ofthe world's biggest exchangeoperators, were both haltedamid speculation of a tie-up.Shares of rival exchanges rose,including The Nasdaq OMXGroup up 4.6 per cent at $27.02and the CME Group up 2.7 percent to $309.23.

If the New York and Germanexchanges were to merge it"will be good for both of them.We saw from NYSE earnings

See # 6 Page 11

China rate hike sparks selling

Middle East stocks

European shares retreat further from 29-mth highs

ANNOUNCEMENTS

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

P.S.O. Half Yearly 50%(i)(D) 7,130.95 41.58

Shifa Int.Hospitals Half Yearly - 105.738 2.09

Thursday, February 10, 20116

Volume 72,275,775

Value 2,565,457,433

Trades 46,125

Advanced 156

Declined 206

Unchanged 23

Total 385

Current 8,532.08

High 8,583.42

Low 8,502.74

Change i39.47

Current 12,299.28

High 12,377.22

Low 12,257.36

Change i61.66

Current 11,930.39

High 12,009.51

Low 11,906.06

Change i73.88

Market KSE 100 Index All Share Index KSE 30 Index

Current 19,898.58

High 20,019.94

Low 19,851.26

Change i109.09

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Japan Power Generation Limited

JPGL closed down -0.11 at 1.59. Volume was 52 per cent below aver-

age (consolidating) and Bollinger Bands were 13 per cent narrower

than normal. The company's loss after taxation stood at Rs403.263 mil-

lion which translates into a Loss Per Share of Rs2.58 for the 1st quar-

ter of current fiscal year (1QFY11).

JPGL is currently 12.1 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is extremely high when com-

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

indicators reflect very strong flows of volume into JPGL (bullish). Trend

forecasting oscillators are currently bearish on JPGL.

RSI (14-day) 43.38 Total Assets (Rs in mn) 7,598.16

MA (10-day) 1.63 Total Equity (Rs in mn) (1,042.83)

MA (100-day) 1.63 Revenue (Rs in mn) 2,731.94

MA (200-day) 1.81 Interest Expense 691.43

1st Support 1.55 Loss after Taxation (452.35)

2nd Support 1.45 EPS 10 (Rs) (2.899)

1st Resistance 1.75 Book value / share (Rs) (6.68)

2nd Resistance 1.85 PE 11 E (x) -

Pivot 1.65 PBV (x) (0.24)

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

NETSOL closed down -0.73 at 25.44. Volume was 123 per cent above

average and Bollinger Bands were 44 per cent wider than normal. The

company's profit after taxation stood at Rs194.76 million which trans-

lates into an Earning Per Share of Rs2.64 for the 1st quarter of current

fiscal year (1QFY11).

NETSOL is currently 11.4 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 moderate flows of volume into NETSOL (mildly bullish). Trend

forecasting oscillators are currently bullish on NETSOL.

RSI (14-day) 58.51 Total Assets (Rs in mn) 3,980.15

MA (10-day) 25.74 Total Equity (Rs in mn) 3,337.21

MA (100-day) 20.05 Revenue (Rs in mn) 1,845.02

MA (200-day) 22.82 Interest Expense 24.80

1st Support 24.95 Profit after Taxation 951.86

2nd Support 24.46 EPS 10 (Rs) 12.217

1st Resistance 26.24 Book value / share (Rs) 42.83

2nd Resistance 27.04 PE 11 E (x) 2.41

Pivot 25.75 PBV (x) 0.59

NetSol Technologies Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SILK closed down -0.04 at 2.50. Volume was 44 per cent below average and

Bollinger Bands were 17 per cent wider than normal. The company's loss

after taxation stood at Rs700.335 million which translates into a Loss Per

Share of Rs0.32 for the nine months of current calendar year (9MCY10).

SILK is currently 11.7 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is extremely low when compared to

the average volatility over the last 10 trading sessions. Volume indicators

reflect moderate flows of volume out of SILK (mildly bearish). Trend fore-

casting oscillators are currently bearish on SILK.

RSI (14-day) 38.81 Total Assets (Rs in mn) 68,664.34

MA (10-day) 2.54 Total Equity (Rs in mn) 196.91

MA (100-day) 2.72 Revenue (Rs in mn) 5,913.32

MA (200-day) 2.83 Interest Expense 5,855.52

1st Support 2.52 Loss after Taxation (2,902.91)

2nd Support 2.47 EPS 09 (Rs) (3.224)

1st Resistance 2.60 Book value / share (Rs) 0.22

2nd Resistance 2.63 PE 10 E (x) -

Pivot 2.55 PBV (x) 11.43

Silkbank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

PACE closed up 0.06 at 3.13. Volume was 51 per cent above average andBollinger Bands were 38 per cent wider than normal. The company's lossafter taxation stood at Rs108.886 million which translates into a Loss PerShare of Rs0.39 for the 1st quarter of current fiscal year (1QFY11).PACE is currently 5.5 per cent below its 200-day moving average andis displaying an upward trend. Volatility is high as compared to the aver-age volatility over the last 10 trading sessions. Volume indicators reflectmoderate flows of volume into PACE (mildly bullish). Trend forecastingoscillators are currently bullish on PACE.

RSI (14-day) 54.13 Total Assets (Rs in mn) 10,559.36

MA (10-day) 3.05 Total Equity (Rs in mn) 6,486.15

MA (100-day) 2.87 Revenue (Rs in mn) 1,649.34

MA (200-day) 3.32 Interest Expense 211.21

1st Support 3.02 Profit after Taxation 633.16

2nd Support 2.89 EPS 10 (Rs) 2.27

1st Resistance 3.28 Book value / share (Rs) 23.26

2nd Resistance 3.41 PE 11 E (x) -

Pivot 3.15 PBV (x) 0.13

PACE Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,573.11 1,578.20 1,551.82 1,567.81 -5.30 -0.34

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

4,328,189 - - 65,194.15 mn 1,208,863.23 mn 1,583.28

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

11.36 3.70 32.54 55.94 4.92 1,567.81

Attock Petroleum 691 6.99 386.59 389.00 384.50 386.67 0.08 73991 401.00 301.00 300 20B115.00 -

Attock Refinery 853 4.93 123.17 123.50 120.70 121.11 -2.06 510618 146.90 115.25 - - - -

BYCO Petroleum 3921 - 9.91 10.00 9.80 9.84 -0.07 295871 12.49 9.80 - - - -

Mari Gas Company 735 16.96 126.76 128.00 125.05 125.17 -1.59 14551 141.65 117.00 31 - - -

National Refinery 800 5.74 283.19 283.70 276.00 276.93 -6.26 181763 335.00 251.80 200 - - -

Oil & Gas Development 43009 11.58 171.49 171.95 169.25 171.13 -0.36 235233 185.00 157.00 55 - 15.00 -

Pak Petroleum 11950 7.80 212.97 213.99 210.30 213.25 0.28 704099 229.80 190.50 90 20B 50.00 -

Pak Oilfields 2365 7.50 329.21 328.96 324.00 325.23 -3.98 1579138 341.50 249.25 255 -100.00 -

Pak Refinery Limited 350 - 102.33 107.44 100.00 107.44 5.11 164225 122.22 80.61 - - - -

P.S.O 1715 4.90 290.01 291.00 287.00 289.44 -0.57 853183 317.79 277.52 80 - 50.00 -

Shell Pakistan 685 11.00 214.52 217.99 210.25 214.58 0.06 11385 222.00 194.00 40 - - -

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

991.54 1,001.83 984.58 994.19 2.65 0.27

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

5,999,961 - - 47,070.70 mn 139,116.73 mn 994.19

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

7.08 0.61 8.64 16.68 2.36 989.30

(Colony) Thal 56 - 1.33 1.35 1.30 1.35 0.02 6576 1.50 0.56 - - - -

Amtex Limited 2594 8.89 4.04 4.10 3.88 3.91 -0.13 231453 5.28 3.65 30 - - -

Aruj Garments 62 3.11 4.50 4.60 4.60 4.60 0.10 500 5.50 4.10 - - - -

Azam Textile 133 0.35 2.41 2.60 2.50 2.50 0.09 343 3.00 1.32 7.5 - - -

Azgard Nine 4493 - 11.29 11.38 10.92 11.00 -0.29 2500858 12.84 9.20 - - - -

Babri Cotton 33 0.47 11.69 11.88 11.40 11.49 -0.20 6200 16.00 8.10 - 15B - -

Bannu Woolen XD 76 0.47 13.78 14.00 13.50 13.50 -0.28 6337 15.10 12.30 20 - - -

Bata (Pak) 76 5.31 642.17 650.00 625.00 640.00 -2.17 143 710.00 580.00 - - - -

Brothers Textile 98 - 0.46 0.44 0.44 0.44 -0.02 192 1.49 0.15 - - - -

Chenab Limited 1150 - 2.95 3.19 2.80 2.97 0.02 2302 3.76 2.80 - - - -

Colony Mills Ltd 2442 3.78 2.48 2.60 2.35 2.42 -0.06 8504 2.97 2.11 - - - -

Crescent Textile 492 3.43 17.78 18.69 17.11 17.83 0.05 4226 23.99 16.86 15 - - -

D S Ind Ltd 600 - 1.73 1.79 1.71 1.71 -0.02 7900 2.10 1.55 - - - -

Dawood Lawrencepur 514 42.59 35.50 37.00 35.50 36.20 0.70 1102 47.00 35.00 5 - - -

Dewan Khalid Textile 57 0.16 1.99 2.10 2.10 2.10 0.11 1000 3.75 1.50 - - - -

Dewan Mushtaq Textile 34 0.14 5.40 6.00 4.40 4.46 -0.94 73579 8.90 2.90 - - - -

Din Textile 204 0.61 27.50 28.87 27.75 28.57 1.07 1332 28.87 24.02 20 10B - -

Ellcot Spinning 110 0.63 21.00 21.50 20.90 20.91 -0.09 480 21.78 18.51 35 - - -

Gadoon Textile XD 234 0.83 75.71 76.70 74.05 75.76 0.05 1306 76.80 47.00 70 - - -

Gulistan Spinning 146 1.16 6.01 6.20 6.00 6.10 0.09 1003 8.86 5.26 10 - - -

Gulshan Spinning 222 0.89 7.68 7.50 7.20 7.34 -0.34 472 8.50 6.30 10 20B - -

Hajra Textile 138 - 0.49 0.50 0.50 0.50 0.01 5000 1.10 0.31 - - - -

Hira Textile Mills Ltd. 716 0.72 3.97 4.05 3.85 3.85 -0.12 5002 4.47 3.31 10 - - -

Ibrahim Fibres 3105 4.16 53.03 53.94 51.50 52.90 -0.13 5851 55.00 36.26 20 - - -

Idrees Textile 180 3.80 3.35 3.50 3.35 3.50 0.15 5611 3.90 2.70 10 - - -

J K Spinning 184 1.21 7.80 8.80 7.80 7.94 0.14 8500 9.50 4.05 20 5B - -

Janana D Mal 43 0.24 14.00 14.45 14.00 14.45 0.45 167 18.00 13.40 - - - -

Jubilee Spinning 325 - 3.20 2.70 2.25 2.65 -0.55 16004 5.50 2.25 - - - -

Khalid Siraj 107 - 0.81 0.70 0.61 0.65 -0.16 201 1.25 0.25 - - - -

Kohinoor Ind 303 - 1.53 1.60 1.44 1.54 0.01 2924 2.00 0.75 - - - -

Maqbool Textile 168 2.19 8.42 8.00 7.85 7.90 -0.52 700 9.89 6.10 22.5 - - -

Masood Textile 600 1.80 18.10 17.15 17.10 17.10 -1.00 6147 20.74 17.10 15 100R - -

Mian Textile 221 - 0.44 0.55 0.32 0.40 -0.04 3000 0.75 0.25 - - - -

Moonlite (PAK) 22 - 15.40 16.20 14.50 16.05 0.65 20103 16.20 4.50 - - - -

Nishat (Chunian) 1614 2.12 25.33 25.80 25.15 25.53 0.20 1343904 26.58 21.15 15 - - -

Nishat Mills 3516 5.64 65.98 66.25 65.25 65.76 -0.22 1517305 71.89 52.80 25 45R - -

Pak Synthetic 560 4.45 13.32 13.24 12.88 13.18 -0.14 4007 14.45 6.21 - - - -

Premium Textile 62 0.50 32.89 34.40 31.25 31.25 -1.64 506 34.40 25.00 50 - - -

Prosperity 185 1.14 14.50 14.90 14.48 14.90 0.40 1510 15.50 13.00 30 - - -

Ravi Textile 250 - 1.38 1.38 1.21 1.24 -0.14 114887 1.98 0.65 - - - -

Reliance Weaving 308 0.66 9.87 9.90 9.52 9.52 -0.35 5769 10.34 8.50 25SD - - -

Rupali Poly 341 5.28 41.88 42.70 41.05 42.04 0.16 8029 42.70 33.25 40 - - -

Saif Textile 264 0.48 5.50 6.00 5.50 6.00 0.50 1791 6.85 3.90 - - - -

Samin Textile 267 4.80 5.76 6.70 5.75 5.76 0.00 1127 7.00 5.11 - 100R - -

Sana Ind 55 3.27 43.45 43.10 43.00 43.01 -0.44 700 49.66 31.56 60 - - -

Service Ind 120 7.54 221.43 223.48 210.50 220.10 -1.33 6220 276.50 180.11 - - - -

Shadman Cot 176 2.76 15.65 16.65 14.65 15.15 -0.50 6450 16.65 7.00 - - - -

Shahtaj Textile 97 - 19.50 20.00 19.00 20.00 0.50 6773 20.29 16.35 45 - - -

Suraj Cotton 180 0.85 38.00 38.00 37.50 38.00 0.00 2772 41.95 32.60 50 - - -

Tata Textile 173 0.40 39.63 41.50 39.10 41.50 1.87 502 42.00 28.34 25 - - -

Thal Limited 307 5.14 120.00 120.99 118.00 120.25 0.25 9091 132.00 95.10 80 20B - -

Treet Corp 418 9.13 57.71 58.25 57.29 57.31 -0.40 11364 63.30 50.50 - - - -

Yousuf Weaving 400 0.48 1.40 1.42 1.39 1.39 -0.01 2002 2.00 1.00 - - - -

Zil Limited 53 4.69 69.80 72.49 67.01 70.00 0.20 19644 72.49 42.30 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

1,106.84 1,115.37 1,088.38 1,097.73 -9.11 -0.82

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

41,643 - - 3,763.71 mn 5,231.85 mn 1,112.44

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

3.14 0.33 10.64 6.27 2.00 1,097.73

Diamond Ind 90 - 10.22 11.22 9.25 10.73 0.51 511 15.84 7.55 - - - -

Pak Elektron 1219 3.49 13.92 14.00 13.80 13.84 -0.08 14803 15.88 13.25 - 10B - -

Singer Pak 341 25.28 22.04 23.00 22.50 22.50 0.46 416 23.00 17.55 - - - -

Tariq Glass Ind 231 2.52 22.20 21.51 21.09 21.09 -1.11 25711 24.00 15.90 17.5 - - 200R

Towellers Ltd 170 - 9.34 9.02 9.01 9.01 -0.33 139 15.00 3.52 - - - -

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

1,837.00 1,880.83 1,804.14 1,831.84 -5.16 -0.28

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

116,190 - - 11,335.33 mn 277,801.39 mn 1,837.00

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

47.71 14.46 30.30 30.57 0.64 1,809.74

Abdullah Shah Ghazi Sugar 793 0.91 5.63 6.30 5.50 5.51 -0.12 970 7.20 4.06 - - - -

Adam Sugar XD 58 4.64 15.50 16.25 15.45 15.60 0.10 102 20.50 14.10 25 - - -

AL-Noor Sugar XD 186 1.02 40.93 40.93 40.93 40.93 0.00 2350 54.00 40.85 50 - - -

Colony Sugar Mills 990 6.33 2.81 3.14 2.50 2.53 -0.28 106 5.70 2.50 - - - -

Crescent Sugar 214 0.61 6.25 6.50 6.00 6.03 -0.22 13314 7.15 5.00 - - - -

Dewan Sugar 365 - 2.90 3.19 2.90 2.98 0.08 1207 5.59 1.60 - - - -

Habib Sugar 750 9.12 23.06 23.50 22.90 22.99 -0.07 48425 36.50 21.35 25 25B - -

Habib-ADM Ltd 200 7.41 12.20 12.15 12.15 12.15 -0.05 300 12.96 11.50 40 - - -

Haseeb Waqas XD 324 - 17.71 18.70 16.71 16.71 -1.00 560 23.62 16.50 10 - - -

Hussein Sugar 121 3.16 11.49 10.99 10.49 10.99 -0.50 175 13.65 9.00 - - - -

J D W Sugar 539 1.27 72.30 73.80 70.70 71.99 -0.31 15184 92.50 68.00 7010B 12.5R - -

Mehran SugarXDXB 157 1.84 55.96 56.50 55.00 56.43 0.47 3520 68.49 52.60 35 20B 7.50 -

Mirpurkhas Sugar 84 3.22 51.49 53.00 48.92 51.49 0.00 424 68.22 44.13 15 20B - -

Mirza Sugar XD 141 - 4.50 4.59 4.05 4.23 -0.27 5005 7.18 4.01 10 - - -

Nestle Pakistan 453 37.57 3449.75 3498.00 3400.00 3420.19 -29.56 311 3570.00 1830.00 450 - - -

Noon Sugar 165 1.18 11.00 10.96 10.76 10.96 -0.04 150 14.84 9.00 - - - -

Quice Food 107 7.50 3.13 3.39 3.25 3.30 0.17 1500 3.70 2.05 - - - -

Rafhan Maize 92 4.42 2667.65 2801.03 2701.00 2790.83 123.18 136 2801.03 1800.00 600 - - -

S S Oil 57 0.26 2.91 3.00 2.99 3.00 0.09 11000 3.85 2.50 - - - -

Shahtaj Sugar 120 3.77 53.60 56.28 50.93 56.28 2.68 427 100.26 50.93 - - - -

Shakarganj Mills 695 0.39 5.43 5.49 5.10 5.49 0.06 210 7.88 4.46 - - - -

Tandlianwala 1177 15.00 41.11 42.50 39.20 42.00 0.89 10113 42.52 30.50 - - - -

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

1,271.48 1,281.99 1,261.52 1,271.01 -0.47 -0.04

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

80,230 - - 6,768.53 mn 47,133.16 mn 1,280.19

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

4.65 1.18 25.35 20.42 4.39 1,271.01

Atlas Battery 101 5.87 198.61 199.00 192.50 196.52 -2.09 2488 205.00 155.25 100 20B - -

Atlas Engineering Ltd 247 36.79 40.89 42.00 39.35 41.20 0.31 102 42.00 15.00 - - - -

Atlas Honda 626 9.51 136.98 138.00 136.50 136.95 -0.03 505 143.80 96.00 - - - -

Dewan Motors 890 - 2.12 2.19 2.05 2.05 -0.07 51905 2.89 1.20 - - - -

Exide (PAK) 56 4.77 190.12 194.85 190.00 194.60 4.48 1550 217.44 150.00 60 - - -

General Tyre 598 20.69 24.69 24.20 24.00 24.00 -0.69 1690 26.74 21.00 20 - - -

Ghandhara Nissan 450 3.10 4.50 4.99 4.45 4.46 -0.04 2104 5.36 4.40 - - - -

Ghani Automobile Ind 200 6.72 4.30 4.30 4.30 4.30 0.00 500 5.75 4.01 - - - -

Honda Atlas Cars 1428 - 10.92 11.15 10.91 11.00 0.08 5100 13.40 10.60 - - - -

Indus Motors 786 6.63 289.88 291.99 288.00 290.61 0.73 5700 309.73 243.50 150 - - -

Pak Suzuki 823 10.25 65.00 65.90 64.30 64.40 -0.60 8061 77.90 63.30 - - - -

Sazgar Engineering 150 4.34 23.45 23.35 23.10 23.25 -0.20 525 24.00 18.70 10 20B - -

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

1,582.04 1,594.18 1,571.73 1,582.00 -0.04 0.00

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

43,539 - - 1,336.62 mn 34,270.77 mn 1,597.08

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

8.54 3.25 38.02 131.49 15.40 1,579.15

AL-Ghazi Tractor 215 5.68 235.42 237.50 235.00 237.00 1.58 705 244.95 206.00 150 - - -

Bolan Casting 104 - 44.99 46.55 46.20 46.32 1.33 500 46.75 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.21 1.40 1.01 1.23 0.02 10002 2.40 0.21 - - - -

Ghandhara Ind 213 10.26 11.28 11.55 10.51 11.08 -0.20 14010 13.50 10.51 - - - -

KSB Pumps 132 7.42 61.99 62.69 60.19 61.92 -0.07 1003 72.00 58.55 - - - -

Millat Tractors XB 366 8.39 545.46 548.00 543.00 545.01 -0.45 16882 568.40 480.00 650 25B325.00 -

Pak Engineering 57 397.75 143.00 149.99 135.85 143.19 0.19 436 301.84 135.85 100 - - -

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

1,009.96 1,019.09 1,001.21 1,011.19 1.22 0.12

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

285,845 - - 3,043.31 mn 37,961.99 mn 1,021.92

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

2.81 1.24 43.91 15.55 5.52 1,009.96

Cherat Papersack 115 2.38 67.34 67.97 64.10 66.92 -0.42 87514 83.23 52.50 20 25B - -

ECOPACK Ltd 230 - 2.63 2.68 2.48 2.65 0.02 6298 3.30 1.82 - - - -

Ghani Glass 1067 4.85 53.00 53.00 52.00 52.75 -0.25 3110 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.71 4.14 3.51 4.08 0.37 91012 4.14 2.40 - - - -

Merit Pack 47 17.99 30.91 32.45 30.90 32.39 1.48 79628 33.71 17.10 - - - -

Packages Ltd 844 65.49 127.85 129.73 127.00 127.71 -0.14 14753 143.00 103.52 - - - -

Tri-Pack Films 300 9.52 130.96 131.00 130.00 130.50 -0.46 3440 144.50 102.51 - - - -

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

939.48 943.94 925.29 931.08 -8.40 -0.89

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

1,433,726 - - 54,792.74 mn 66,031.92 mn 944.70

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

7.33 0.52 7.10 19.04 2.60 931.08

Al-Abbas Cement 1828 - 3.00 3.25 2.98 2.98 -0.02 15615 3.98 2.75 - 100R - -

Attock Cement 866 6.54 51.52 51.95 51.52 51.63 0.11 4139 65.99 51.38 50 - - -

Balochistan Glass Ltd 858 - 2.78 2.80 2.42 2.80 0.02 419 4.24 1.10 - - - -

Berger Paints 182 - 20.19 20.10 19.19 19.19 -1.00 70855 24.16 16.55 - 122R - -

Cherat Cement 956 22.61 9.88 10.00 9.80 9.95 0.07 2935 12.65 9.71 - - - -

Dadabhoy Cement 982 13.85 1.70 1.85 1.70 1.80 0.10 1200 2.49 1.50 - - - -

Dadex Eternit 108 - 20.90 20.01 19.89 20.00 -0.90 562 25.75 18.51 - - - -

Dewan Cement 3891 - 2.07 2.18 1.91 1.99 -0.08 169950 3.10 1.48 - - - -

DG Khan Cement Ltd 3651 119.29 28.92 29.00 28.57 28.63 -0.29 347517 32.30 27.67 - 20R - -

EMCO Ind 350 3.04 2.88 2.94 2.27 2.55 -0.33 2792 4.00 2.21 - - - -

Fauji Cement 6933 6.43 4.63 4.65 4.60 4.63 0.00 106299 5.55 4.56 - - - 92R

Fecto Cement 502 3.83 7.37 7.35 7.00 7.35 -0.02 1001 8.20 6.52 - - - -

Flying Cement Ltd 1760 - 1.74 1.80 1.67 1.69 -0.05 47486 2.25 1.60 - - - -

Gharibwal Cement 4003 - 6.35 6.35 5.41 5.47 -0.88 894 9.19 3.06 - - - -

Kohat Cement 1288 - 6.18 6.16 6.02 6.16 -0.02 1462 8.70 6.00 - - - -

Lafarge Pakistan Cmt. 13126 - 3.23 3.28 3.13 3.15 -0.08 551385 3.88 2.95 - - - -

Lucky Cement 3234 6.35 71.39 71.50 70.50 70.67 -0.72 47635 79.98 69.35 40 - - -

Maple Leaf Cement 5261 1.23 2.61 2.69 2.59 2.65 0.04 117728 3.30 2.56 - - - -

Pioneer Cement 2228 - 6.58 6.89 6.50 6.75 0.17 3556 8.20 6.50 - - - -

Safe Mix Concrete 200 - 6.94 7.23 6.50 7.00 0.06 6791 7.95 5.25 - - - -

Thatta Cement 798 445.50 17.37 17.90 17.00 17.82 0.45 11020 20.44 16.75 - 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

1,028.32 1,037.18 1,025.74 1,030.08 1.76 0.17

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

54,681 - - 3,596.11 mn 9,906.11 mn 1,037.55

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

3.24 1.07 33.10 30.91 9.53 1,028.32

Crescent Steel 565 3.04 29.00 29.25 29.05 29.05 0.05 7601 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.60 2.75 2.52 2.55 -0.05 25207 3.29 2.43 - - - -

Huffaz Pipe 555 8.69 14.06 14.01 13.90 13.90 -0.16 650 16.51 13.81 - - - -

International IndSPOT 1199 18.80 51.51 51.99 51.45 51.70 0.19 19300 62.20 44.53 55 20B - -

Siddiqsons Tin 785 10.23 9.00 9.00 8.86 9.00 0.00 1923 10.70 8.51 7.5 - - -

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

1,047.32 1,060.16 1,042.60 1,053.07 5.75 0.55

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

3,594 - - 1,186.83 mn 2,919.52 mn 1,059.35

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

5.39 0.40 7.47 25.28 4.69 1,047.32

Century Paper 707 - 15.86 16.10 16.00 16.00 0.14 110 19.69 14.95 - - - -

Pak Paper Product 50 8.37 43.90 46.09 43.40 43.51 -0.39 219 48.90 39.00 2533.33B - -

Security Paper 411 6.78 37.80 38.00 37.30 37.99 0.19 3265 47.70 37.30 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

1,605.40 1,612.81 1,588.78 1,595.20 -10.20 -0.64

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

19,975,883 - - 52,251.88 mn 351,854.92 mn 1,607.80

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

9.84 3.45 35.00 48.81 4.96 1,595.20

Agritech Limited 3924 8.73 24.09 24.50 24.00 24.09 0.00 7228 26.73 20.26 - - - -

BOC (Pak) 250 12.84 93.51 96.00 92.11 93.51 0.00 4813 103.94 75.95 15 - - -

Clariant Pak 273 7.19 201.16 202.46 200.27 200.84 -0.32 17593 213.30 151.55 135 25B - -

Dawood Hercules 1203 8.35 202.22 203.00 201.00 201.32 -0.90 6238 215.00 165.73 40 - - -

Descon Chemical 1996 - 3.01 3.19 3.03 3.05 0.04 959859 3.74 2.37 - - - -

Descon Oxychem Limited1020 - 7.52 7.80 7.36 7.66 0.14 272676 9.25 6.61 - - - -

Dewan Salman 3663 - 3.23 3.34 3.10 3.13 -0.10 1762554 4.24 1.52 - - - -

Dynea Pak 94 - 11.46 11.30 11.25 11.27 -0.19 300 11.98 9.15 15 - - -

Engro Corporation Ltd 3277 11.83 218.18 218.35 214.80 215.38 -2.80 706633 222.80 177.80 40 - - -

Engro Polymer 6635 - 13.02 13.65 12.98 13.09 0.07 1346417 15.87 12.51 - - - -

Fatima Fertilizer 22000 - 12.02 12.05 11.90 11.91 -0.11 1851377 12.64 9.16 - - - -

Fauji Fertilizer 6785 9.27 151.09 151.50 150.00 150.59 -0.50 570629 157.90 108.80 130 25B - -

Fauji Fertilizer Bin Qasim9341 7.82 41.50 41.90 41.30 41.46 -0.04 2294456 43.99 32.50 52.5 - - -

Ghani Gases Ltd 725 8.68 11.50 11.50 11.42 11.46 -0.04 18370 13.07 11.00 - - - -

ICI Pakistan 1388 8.41 150.06 152.48 148.55 149.26 -0.80 387381 158.49 132.00 55 - - -

Lotte Pakistan 15142 5.97 16.49 16.55 16.15 16.25 -0.24 5026985 16.80 11.55 5 - - -

Nimir Ind Chemical 1106 - 2.70 3.08 2.65 2.78 0.08 7190838 3.17 1.40 - - - -

Sitara Chem Ind 214 8.77 111.90 109.00 106.50 107.03 -4.87 4048 139.40 106.50 25 5B - -

Sitara Peroxide 551 15.25 14.05 14.50 13.92 14.03 -0.02 358099 14.69 12.70 - - - -

Wah-Noble 90 7.26 37.80 37.84 36.15 37.75 -0.05 402 41.99 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

910.44 923.78 891.15 906.45 -3.98 -0.44

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

87,949 - - 3,904.20 mn 30,404.63 mn 910.44

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

6.96 1.55 22.31 44.54 6.40 903.11

Abbott (Lab) 979 8.47 95.99 96.70 95.22 96.60 0.61 2071 112.50 94.00 20 - - -

GlaxoSmithKline 1707 13.49 76.68 77.89 73.00 74.99 -1.69 11302 89.98 70.00 - - - -

Highnoon (Lab) 165 7.35 27.00 26.90 26.50 26.53 -0.47 1002 30.48 24.15 - - - -

IBL HealthCare Ltd 200 7.26 8.93 9.00 8.70 9.00 0.07 522 9.99 7.16 - - - -

Sanofi-Aventis 96 13.31 159.33 167.29 159.00 167.29 7.96 67192 167.29 116.00 - - - -

Searle Pak 306 5.40 60.21 61.05 60.00 60.00 -0.21 5762 69.00 58.70 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

754.58 757.21 729.59 745.25 -9.33 -1.24

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

25,990 - - 3,242.17 mn 12,847.83 mn 754.58

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

5.60 1.43 25.53 11.08 1.98 717.52

Pak Int Cont.Terminal 1092 7.07 74.57 74.90 71.60 73.56 -1.01 19505 76.65 68.00 40 - - -

PNSC 1321 37.72 35.00 35.00 34.70 34.70 -0.30 6485 39.45 32.36 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

(TFC) Saudi Pak Leasing 10-Feb - - - -Dewan Farooque Motors # 14-Feb 21-Feb - - 21-Feb(TFC) Allied Bank 14-Feb 27-Feb - - -(TFC) Pakarab Fertilizers 15-Feb 28-Feb - - -Int Ind (Consolidated) 16-Feb 24-Feb 15(I) 08-Feb -KASB Cash Fund 16-Feb - - - -Kohinoor Mills # 17-Feb 24-Feb - - 24-Feb Ideal Energy # 18-Feb 26-Feb - - 26-Feb Olympia Spng & Weaving Mills # 18-Feb 26-Feb - - 26-FebMillat Tractors 18-Feb 24-Feb 325(I) 09-Feb -Shadman Cotton Mills 19-Feb 26-Feb 5 10-Feb 26-FebReliance Cotton Spng Mills # 19-Feb 26-Feb - - 26-Feb Mehran Sugar Mills 21-Feb 28-Feb 7.5(I) 10-Feb -Frontier Ceramics 21-Feb 28-Feb - - 28-FebGharibwal Cement 21-Feb 28-Feb - - 28-FebDescon Oxychem # 21-Feb 28-Feb - - 28-Feb Int Industries # - - - - 24-Feb Pakistan Oilfields 22-Feb 01-Mar 100(I) 11-Feb -Fauji Fertilizer 23-Feb 01-Mar 35(F) 25(B) 14-Feb 01-MarAttock Petroleum 24-Feb 04-Mar 115(I) 15-Feb -(TFC) Searle Pakistan 24-Feb 09-Mar - - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Climax Eng. 4 4.99 4.8 4.9 0.9 1000Pakistan Cables 54.26 54.01 54 54 -0.26 2300TRG Pakistan Ltd. 3.31 3.38 3.17 3.19 -0.12 383585Murree Brewery Co. 99.04 102.99 94.5 96.92 -2.12 7758Shezan International 192.9 195 183.56 184.82 -8.08 60321Pak Tobacco 109.03 109 108.9 109 -0.03 110Shifa Int.Hospitals 31.25 31.95 31.95 31.95 0.7 500Eye Television 19.7 20.2 19.45 19.69 -0.01 7511Media Times LtdXR 16.67 17.4 15.8 17.21 0.54 3036P.I.A.C.(A) 2.72 2.84 2.57 2.78 0.06 482495AKD Capital Limited 43.94 44.44 43.5 43.5 -0.44 775Pace (Pak) Ltd. 3.07 3.28 3.02 3.13 0.06 2005183Netsol Technologies 26.17 26.55 25.26 25.44 -0.73 1439798

Symbols Open High Low Close Change Vol

Thursday, February 10, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -61.66 points at 12,299.28. Volume was

55 per cent below average (consolidating) and Bollinger Bands were 42

per cent narrower than normal. As far as resistance level is concern, the

market will see major 1st resistance level at 12,365.20 and 2nd resist-

ance level at 12,431.15, while Index will continue to find its 1st support

level at 12,245.35 and 2nd support level at 12,191.45.

KSE 100 INDEX is currently 16.1 per cent above its 200-day moving

average and is displaying a downward trend. Volatility is low as com-

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

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

relatively equal pace. Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 50.82 Support 1 12,245.35

MA (5-day) 12,372.40 Support 2 12,191.45

MA (10-day) 12,367.68 Resistance 1 12,365.20

MA (100-day) 11,274.90 Resistance 2 12,431.15

MA (200-day) 10,601.95 Pivot 12,311.30

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.04 at 41.46. Volume was 59 per cent below average

(consolidating) and Bollinger Bands were 30 per cent narrower than normal.

FFBL is currently 32.9 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on FFBL.

*Invest Cap 39 Hold

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 61.29 Free Float Shares (mn) 326.94

MA (10-day) 41.09 Free Float Rs (mn) 13,554.87

MA (100-day) 34.21 ** NOI Rs (mn) 70.79

MA (200-day) 31.21 Mean 41.54

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed down -3.98 at 325.23. Volume was 22 per cent below average

and Bollinger Bands were 55 per cent narrower than normal.

POL is currently 29.6 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely low when 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.

*Invest Cap 360 Hold

AKD Securities Ltd 322.42 Neutral

TFD Research 381.35 Positive

RSI (14-day) 54.26 Free Float Shares (mn) 107.94

MA (10-day) 328.28 Free Float Rs (mn) 35,106.29

MA (100-day) 276.66 ** NOI Rs (mn) 193.92

MA (200-day) 251.02 Mean 326.85

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.22 at 65.76. Volume was 67 per cent below average

(consolidating) and Bollinger Bands were 6 per cent narrower than normal.

NML is currently 24.6 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is relatively normal as compared to

the average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on NML.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate

TFD Research 78.6 Positive

RSI (14-day) 49.09 Free Float Shares (mn) 175.80

MA (10-day) 66.05 Free Float Rs (mn) 11,560.60

MA (100-day) 57.87 ** NOI Rs (mn) 69.21

MA (200-day) 52.79 Mean 65.81

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

Technical Analysis Leverage Position

Pakistan State Oil Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PSO closed down -0.57 at 289.44. Volume was 19 per cent below average

and Bollinger Bands were 56 per cent wider than normal.

PSO is currently 4.3 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 PSO at a relatively equal pace. Trend forecasting

oscillators are currently bearish on PSO.

*Invest Cap 402 Buy

AKD Securities Ltd 301.82 Neutral

TFD Research 354.2 Positive

RSI (14-day) 43.06 Free Float Shares (mn) 77.49

MA (10-day) 292.42 Free Float Rs (mn) 22,429.85

MA (100-day) 283.20 ** NOI Rs (mn) 147.12

MA (200-day) 277.57 Mean 289.36

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -2.80 at 215.38. Volume was 66 per cent below average

(consolidating) and Bollinger Bands were 10 per cent narrower than normal.

ENGRO is currently 15.6 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 mod-

erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil-

lators are currently bullish on ENGRO.

*Invest Cap 210 Hold

AKD Securities Ltd 229.9 Accumulate

TFD Research 245.4 Positive

RSI (14-day) 57.95 Free Float Shares (mn) 147.48

MA (10-day) 215.87 Free Float Rs (mn) 31,764.58

MA (100-day) 189.72 ** NOI Rs (mn) 189.65

MA (200-day) 186.49 Mean 216.68

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

Technical Analysis Leverage Position

Pakistan Petroleum Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PPL closed up 0.28 at 213.25. Volume was 38 per cent below average and

Bollinger Bands were 12 per cent narrower than normal.

PPL is currently 7.8 per cent above its 200-day moving average and is dis-

playing a downward trend. Volatility is relatively normal as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on PPL.

*Invest Cap 244 Hold

TFD Research 248.5 Positive

RSI (14-day) 46.93 Free Float Shares (mn) 247.66

MA (10-day) 212.28 Free Float Rs (mn) 52,814.41

MA (100-day) 200.82 ** NOI Rs (mn) 55.56

MA (200-day) 197.81 Mean 212.63

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -0.78 at 76.26. Volume was 86 per cent below average (con-

solidating) and Bollinger Bands were 44 per cent narrower than normal.

NBP is currently 11.6 per cent above its 200-day moving average and is

displaying a downward trend. Volatility is low 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 bearish on NBP.

*Invest Cap 52.4 Sell

AKD Securities Ltd 75.5 Neutral

TFD Research 92.3 Positive

RSI (14-day) 48.99 Free Float Shares (mn) 318.50

MA (10-day) 77.13 Free Float Rs (mn) 24,288.65

MA (100-day) 69.89 ** NOI Rs (mn) 116.52

MA (200-day) 68.35 Mean 76.60

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,404.52 1,452.89 1,389.93 1,436.07 31.55 2.25

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

4,109,912 - - 29,771.58 mn 19,435.45 mn 1,436.07

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

20.18 0.45 2.21 104.74 8.06 1,390.96

1st Fid Leasing 264 9.69 1.59 1.60 1.50 1.55 -0.04 517 2.34 1.16 - - - -

AL-Meezan Mutual F. 1375 9.00 9.80 10.80 9.70 10.80 1.00 2109734 10.80 6.15 18.5 - - -

Atlas Fund of Funds 525 2.01 4.80 4.99 4.62 4.98 0.18 5069 5.47 3.51 2.2 - - -

B R R Guardian Mod. 780 3.32 1.44 1.55 1.45 1.46 0.02 7866 2.79 1.20 0 - - -

Constellation Modaraba 65 2.75 1.45 1.50 1.02 1.21 -0.24 8555 1.99 1.00 - - - -

Crescent St Modaraba 200 1.35 0.66 0.67 0.54 0.54 -0.12 39731 0.87 0.16 1.2 - - -

Equity Modaraba 524 12.19 1.95 2.00 1.95 1.95 0.00 22010 2.98 1.06 - - - -

First Dawood Mutual F. 581 0.65 2.03 2.10 1.90 2.04 0.01 188 2.39 1.61 - - - -

Golden Arrow 760 2.28 3.26 3.26 3.05 3.19 -0.07 75533 3.60 2.56 17 - - -

H B L Modaraba 397 2.46 7.44 7.93 7.39 7.39 -0.05 1001 9.00 6.13 11 - - -

Habib Modaraba 1008 6.08 7.08 7.05 7.05 7.05 -0.03 400 7.30 6.10 21 - - -

JS Growth Fund 3180 68.75 5.36 5.50 5.35 5.50 0.14 39104 6.10 3.06 5 - - -

JS Value Fund 1186 1.35 5.45 5.69 5.35 5.62 0.17 135789 6.20 3.00 10 - - -

KASB Modaraba 283 1.62 2.35 2.90 2.20 2.20 -0.15 501 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.75 8.70 9.70 8.60 9.57 0.87 1172524 9.70 5.16 15.5 - - -

Mod Al-Mali 184 16.70 1.69 1.68 1.31 1.67 -0.02 315 2.50 0.92 - - - -

NAMCO Balanced Fund 1000 6.25 4.09 4.00 4.00 4.00 -0.09 48796 4.24 2.71 15 - - -

Nat Bank Modaraba 250 5.94 6.06 6.50 6.05 6.42 0.36 6000 7.74 4.50 10 - - -

PICIC Energy Fund 1000 2.13 6.90 7.50 6.81 7.33 0.43 44826 7.80 5.31 10 - - -

PICIC Growth Fund 2835 9.29 14.06 14.69 13.90 14.49 0.43 341209 15.06 8.75 20 - - -

PICIC Inv Fund 2841 7.61 6.55 6.74 6.50 6.70 0.15 42274 7.14 4.15 10 - - -

Prud Modaraba 1st 872 2.39 1.08 1.10 1.00 1.05 -0.03 1503 1.20 0.81 3 - - -

Punjab Modaraba 340 - 1.40 1.39 1.07 1.15 -0.25 2261 2.54 0.50 1 - - -

Stand Chart Modaraba 454 4.79 9.57 9.79 9.78 9.78 0.21 1000 10.29 8.51 17 - - -

U D L Modaraba 264 1.74 6.30 6.13 6.12 6.12 -0.18 3200 6.55 5.30 12.5 - - -

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

402.64 411.29 393.32 399.08 -3.56 -0.88

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

1,787,247 - - 30,336.44 mn 18,608.67 mn 411.21

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

11.72 0.27 0.91 99.56 3.39 399.08

AMZ Ventures 225 1.27 0.61 0.68 0.56 0.56 -0.05 21604 0.95 0.33 - - - -

Arif Habib Investments 360 4.09 21.00 21.00 20.00 20.80 -0.20 15677 22.40 16.80 - 20B - -

Arif Habib Limited 450 12.92 25.20 25.49 24.80 25.33 0.13 23008 28.00 24.76 - 20B - -

Arif Habib Corp 3750 4.60 25.58 25.80 25.01 25.05 -0.53 1145241 30.20 23.35 30 - - -

Dawood Cap Mangt. XB 150 1.16 1.40 1.40 1.30 1.30 -0.10 5167 2.14 1.15 - - - -

Dawood Equities 250 - 1.85 1.93 1.92 1.92 0.07 101 2.75 1.28 - - - -

Grays Leasing 215 - 2.22 2.50 2.50 2.50 0.28 500 3.00 0.18 - - - -

IGI Investment Bank 2121 15.00 2.41 2.40 2.32 2.40 -0.01 20708 3.90 2.26 - - - -

Invest and Fin Sec 600 773.00 7.27 7.99 7.36 7.73 0.46 2502 8.98 6.22 11.5 - - -

Invest Bank 2849 - 0.65 0.65 0.60 0.65 0.00 1503 1.09 0.46 - - - -

Ist Cap Securities 3166 - 3.03 3.74 3.10 3.41 0.38 516310 3.95 2.95 - 10B - -

Ist Dawood Bank 626 0.61 1.72 1.73 1.70 1.70 -0.02 2492 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 11.33 11.40 11.01 11.04 -0.29 921497 14.05 10.36 10 - - -

JOV and CO 508 - 3.83 3.91 3.62 3.68 -0.15 96910 4.60 3.51 - - - -

JS Global Cap 500 7.15 26.84 26.79 26.25 26.60 -0.24 3435 32.34 25.00 - - - -

JS Investment 1000 27.33 6.67 6.82 6.55 6.56 -0.11 38103 7.59 6.20 - - - -

KASB Securities 1000 - 4.41 4.69 4.42 4.58 0.17 2473 5.43 3.80 - - - -

Orix Leasing 821 4.78 6.40 6.50 6.20 6.50 0.10 2325 7.29 5.51 - - - -

Pervez Ahmed Sec 775 - 1.96 2.02 1.89 1.99 0.03 90178 2.50 1.84 - - - -

Sec Inv Bank 514 10.40 2.95 2.60 2.60 2.60 -0.35 1332 4.99 2.00 - - - -

Stand Chart Leasing 978 5.54 2.64 2.66 2.21 2.66 0.02 21363 3.00 2.21 - - - -

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

747.31 756.34 737.58 750.29 2.98 0.40

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

26,456 - - 2,290.72 mn 8,822.69 mn 773.50

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

5.46 3.26 3.85 355.53 4.19 747.31

EFU Life Assurance 850 35.25 61.43 62.30 61.00 62.04 0.61 15934 86.95 61.00 - - - -

New Jub Life Insurance 627 27.52 42.00 41.85 40.05 41.00 -1.00 10520 49.31 40.05 - - - -

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

1,163.53 1,169.00 1,148.96 1,153.63 -9.90 -0.85

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

10,187,941 - - 257,548.02 mn 698,847.19 mn 1,178.22

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

8.31 1.16 13.94 40.49 4.87 1,153.63

Allied Bank Limited 7821 6.89 72.00 71.80 70.50 70.94 -1.06 43369 74.00 56.60 20 - - -Askari Bank 6427 7.85 16.63 16.70 16.45 16.49 -0.14 246467 19.25 15.53 - - - -Bank Alfalah 13492 14.37 11.30 11.40 11.13 11.21 -0.09 312833 11.99 9.48 - - - -Bank AL-Habib 7322 7.78 36.20 36.35 35.95 36.09 -0.11 211357 39.49 31.65 - - - -Bank Of Khyber 5004 5.53 4.15 4.17 4.13 4.15 0.00 19923 4.70 3.62 - - - -Bank Of Punjab 5288 - 8.58 8.68 8.35 8.44 -0.14 6084581 10.59 7.98 - - - -BankIslami Pak 5280 950.00 3.78 3.88 3.70 3.80 0.02 34481 4.50 3.00 - - - -Faysal Bank 7327 4.58 14.25 14.38 14.15 14.21 -0.04 30588 17.05 13.55 - 20B - -Habib Bank Ltd 10019 7.71 124.93 124.80 123.25 123.48 -1.45 22308 128.97 102.55 - - - -Habib Metropolitan Bank 8732 7.83 25.69 26.40 25.40 25.60 -0.09 5257 29.28 20.40 - - - -JS Bank Ltd 8150 - 2.65 2.65 2.50 2.52 -0.13 461550 2.95 2.30 - 66R - -KASB Bank Ltd 9509 - 1.70 1.79 1.64 1.65 -0.05 144851 2.80 1.49 - - - -MCB Bank Ltd 7602 9.87 224.97 225.10 222.04 222.58 -2.39 335173 250.48 199.00 55 - - -Meezan Bank 6983 10.05 18.46 19.00 18.50 18.99 0.53 67483 20.30 14.52 - - - -Mybank Ltd 5304 - 2.64 2.70 2.60 2.60 -0.04 6110 3.40 1.90 - - - -National Bank 13455 6.66 77.04 77.01 76.10 76.26 -0.78 612382 80.61 65.26 - - - -Network Mic Bank 300 - 1.89 1.49 1.30 1.39 -0.50 9609 2.65 1.06 - - - -NIB Bank 40437 - 2.75 2.79 2.70 2.74 -0.01 206736 3.35 2.63 - - - -Samba Bank 14335 - 1.89 1.90 1.78 1.89 0.00 53071 2.17 1.70 -63.46R - -Silkbank Ltd 26716 - 2.54 2.58 2.50 2.50 -0.04 974244 3.05 2.44 - - - -Soneri Bank 6023 - 6.82 7.37 6.82 6.90 0.08 7826 8.48 6.80 - - - -Stand Chart Bank 38716 11.52 7.46 7.50 7.40 7.49 0.03 27873 9.04 7.00 - - - -Summit Bank Ltd XR 7251 - 3.51 3.55 3.29 3.32 -0.19 544329 4.63 2.74 - - - -United Bank Ltd 12242 7.67 65.71 65.82 65.00 65.23 -0.48 269869 70.65 57.05 10 - - -

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

795.43 801.35 779.72 785.76 -9.68 -1.22

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

460,574 - - 11,111.34 mn 48,331.41 mn 799.80

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

12.79 0.66 5.20 79.54 6.22 782.20

Adamjee Insurance 1237 26.23 92.10 92.45 90.11 90.50 -1.60 221673 96.40 77.50 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

1,700.89 1,726.68 1,648.45 1,657.68 -43.21 -2.54

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

7,121,201 - - 12,202.80 mn 36,307.12 mn 1,700.89

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

10.69 1.22 11.41 66.79 6.25 1,608.02

Sui North Gas 5491 7.76 26.46 26.58 25.90 26.09 -0.37 179843 34.15 25.71 20 - - -Sui South Gas 8390 3.95 27.20 27.90 26.10 26.20 -1.00 6941358 27.90 19.95 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

1,340.60 1,342.24 1,313.97 1,324.49 -16.11 -1.20

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

6,224,145 - - 95,369.29 mn 108,617.33 mn 1,350.84

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

14.76 1.38 9.35 104.13 7.05 1,324.20

Altern Energy 3426 24.98 11.35 10.99 10.35 10.99 -0.36 1962 11.45 9.00 - - - -Genertech 198 - 0.75 0.80 0.65 0.70 -0.05 6000 1.18 0.65 - - - -Hub Power 11572 7.05 39.00 38.99 38.25 38.47 -0.53 258330 41.20 33.40 50 - - -Japan Power 1560 - 1.70 1.75 1.55 1.59 -0.11 197401 2.15 1.50 - - - -KESC 7932 - 2.89 2.85 2.73 2.76 -0.13 511585 3.55 2.11 - 7.8R - -Kohinoor Energy 1695 10.13 17.70 18.50 17.75 18.24 0.54 10691 22.85 17.25 15 - - -Kohinoor Power 126 2.51 4.44 4.50 4.00 4.11 -0.33 501 5.39 3.85 - - - -Kot Addu Power 8803 5.20 42.82 43.00 42.70 42.80 -0.02 38628 45.85 39.00 50 - - -Nishat Chunian Power Ltd 3673 3.60 16.54 16.70 16.08 16.43 -0.11 1990333 18.01 13.32 - - - -Nishat Power Ltd 3541 28.27 17.48 17.70 17.50 17.53 0.05 686254 18.70 14.25 - - - -Sitara Energy Ltd 191 3.26 17.01 17.95 17.00 17.50 0.49 102915 19.35 16.50 20 - - -Southern Electric 1367 - 2.12 2.12 1.97 2.00 -0.12 2419494 2.80 1.97 - - - -

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

1,101.23 1,111.56 1,093.16 1,103.93 2.70 0.24

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

605,180 - - 50,077.79 mn 76,312.03 mn 1,117.64

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

5.96 0.77 12.84 62.56 10.49 1,101.23

Pak Datacom 78 4.83 79.46 79.00 78.30 78.31 -1.15 2200 82.99 76.50 80 - - -Pakistan Telecomm Co A 37740 12.47 18.64 18.80 18.51 18.71 0.07 412453 20.65 18.19 17.5 - - -Telecard 3000 0.63 2.11 2.17 2.10 2.12 0.01 68202 2.67 2.01 1 - - -WorldCall Tele 8606 - 2.64 2.68 2.61 2.61 -0.03 122325 3.45 2.49 - - - -Wateen Telecom Ltd 6175 - 3.53 3.65 3.53 3.57 0.04 6962 4.65 3.40 - - - -

Paid up Last 60 days 2010 2011

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

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

Atlas Insurance 369 5.95 37.48 37.45 37.45 37.45 -0.03 1000 40.00 33.11 - - - -

Century Insurance 457 6.49 10.25 10.80 10.25 10.38 0.13 2527 11.99 10.00 - - - -

EFU General Insurance 1250 - 41.43 42.50 40.30 40.67 -0.76 19494 47.90 38.50 - - - -

Habib Insurance 400 3.10 13.21 13.01 13.00 13.00 -0.21 5722 15.50 11.01 - - - -

IGI Insurance 718 17.18 94.84 94.89 92.10 92.60 -2.24 3105 99.88 81.10 10 20B - -

New Jub Insurance 791 15.63 58.68 58.00 57.50 58.00 -0.68 7335 61.80 55.10 - - - -

Pak Reinsurance 3000 45.21 17.64 17.90 17.30 17.63 -0.01 196713 19.40 15.36 - - - -

PICIC Ins Ltd 350 - 8.99 9.00 8.20 8.99 0.00 1500 10.75 5.00 - - - -

Shaheen Insurance XR 200 - 11.00 11.00 11.00 11.00 0.00 500 14.53 10.05 - - - 25R

Silver Star Insurance 253 4.41 7.45 7.48 7.10 7.10 -0.35 1001 8.20 6.01 - - - -

UP TO 100 VOLUME

SCL 91.50 92.00 90.00 90.00 -1.50 100

UDPL 14.00 14.10 14.10 14.10 0.10 100

MWMP 1.26 1.74 1.28 1.28 0.02 99

FEROZ 91.00 92.25 90.00 91.00 0.00 97

SIEM 1091.06 1100.00 1092.00 1100.00 8.94 90

ULEVER 4405.94 4544.99 4291.01 4372.00 -33.94 82

HADC 0.69 0.67 0.52 0.53 -0.16 81

RCML 41.87 43.00 41.10 43.00 1.13 79

PASM 12.00 12.40 12.40 12.40 0.40 64

HUSI 6.38 6.70 5.75 6.17 -0.21 52

FNEL 5.36 5.25 5.20 5.21 -0.15 51

TSPL 0.82 0.99 0.93 0.93 0.11 51

AABS 96.95 101.79 101.79 101.79 4.84 50

FZCM 58.96 56.10 56.10 56.10 -2.86 50

DATM 0.54 0.47 0.40 0.45 -0.09 46

SLYT 4.30 4.00 4.00 4.00 -0.30 38

ICCT 0.81 1.35 1.32 1.32 0.51 35

MUKT 0.46 0.40 0.32 0.33 -0.13 32

CHAS 9.01 9.00 9.00 9.00 -0.01 30

GRAYS 49.00 47.01 47.01 47.01 -1.99 29

CJPL 1.01 1.14 0.83 1.01 0.00 25

JVDC 62.85 62.50 62.50 62.50 -0.35 20

CFL 15.00 15.10 15.10 15.10 0.10 19

ADMM 22.21 23.28 22.22 22.75 0.54 17

BUXL 11.24 11.65 10.26 11.65 0.41 16

SRSM 3.88 3.88 3.88 3.88 0.00 15

SHTM 0.35 0.37 0.36 0.37 0.02 14

UPFL 1157.84 1215.73 1200.00 1215.73 57.89 13

GATI 46.98 49.20 44.75 46.98 0.00 12

AASM 27.16 26.13 26.02 26.13 -1.03 11

IDYM 277.73 291.00 270.01 284.00 6.27 11

PTEC 2.00 2.50 2.00 2.38 0.38 11

FRCL 1.84 2.06 1.90 2.06 0.22 10

ICL 24.07 23.07 23.07 23.07 -1.00 10

MEHT 63.50 61.00 61.00 61.00 -2.50 10

NATM 17.00 18.00 16.00 18.00 1.00 10

SANSM 12.00 12.20 12.20 12.20 0.20 10

NATF 56.70 56.70 55.00 56.70 0.00 8

FIBLM 1.62 2.40 1.57 1.57 -0.05 5

KTML 5.14 5.25 5.18 5.18 0.04 5

MFFL 76.01 79.78 72.30 72.30 -3.71 5

CWSM 1.30 1.58 1.45 1.45 0.15 4

IDSM 8.15 9.15 7.70 9.15 1.00 4

TRIBL 1.50 1.91 1.91 1.91 0.41 4

COLG 925.03 938.99 891.01 915.00 -10.03 3

SGLL 31.62 32.92 31.95 31.95 0.33 3

TSBL 3.89 3.94 3.00 3.94 0.05 3

BWCL 12.63 11.75 11.75 11.75 -0.88 2

CICL 69.23 72.34 71.00 71.00 1.77 2

ILTM 110.25 115.76 115.76 115.76 5.51 2

SALT 71.99 74.74 68.40 74.74 2.75 2

ALICO 16.51 17.50 17.50 17.50 0.99 1

BAFS 56.96 59.80 59.00 59.00 2.04 1

CSIL 4.25 4.98 4.98 4.98 0.73 1

ESBL 2.40 2.90 2.49 2.49 0.09 1

EWLA 2.15 2.06 2.06 2.06 -0.09 1

FTSM 1.22 0.99 0.99 0.99 -0.23 1

GAMON 2.14 3.09 2.70 2.70 0.56 1

GATM 29.50 29.00 29.00 29.00 -0.50 1

HINO 128.75 134.00 129.00 129.00 0.25 1

KML 2.78 3.60 2.85 2.85 0.07 1

KOSM 1.19 1.40 1.25 1.25 0.06 1

LAKST 266.52 261.01 261.01 261.01 -5.51 1

LATM 8.00 9.00 9.00 9.00 1.00 1

LPGL 12.60 11.61 11.61 11.61 -0.99 1

MUCL 12.48 13.48 13.48 13.48 1.00 1

NOPK 23.74 23.05 23.05 23.05 -0.69 1

NSRM 15.00 16.00 16.00 16.00 1.00 1

PIAB 3.26 4.25 4.25 4.25 0.99 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

LUCK-FEB 71.50 71.48 71.00 71.09 -0.41 592500

POL-FEBB 320.01 320.50 316.50 318.33 -1.68 346000

ANL-FEB 11.38 11.31 11.00 11.07 -0.31 304500

POL-FEB 329.75 329.50 325.00 325.99 -3.76 294500

PSO-FEB 290.81 291.60 288.15 290.86 0.05 184500

ENGRO-FEB 219.44 219.30 216.25 216.95 -2.49 173500

FFBL-FEB 41.76 41.99 41.58 41.76 0.00 162500

NBP-FEB 77.51 77.30 76.60 76.80 -0.71 150500

NML-FEB 66.31 66.49 65.50 66.11 -0.20 150000

MCB-FEB 226.35 225.49 223.75 224.13 -2.22 137000

NETSOL-FEB 26.35 26.60 25.50 25.53 -0.82 122500

BOP-FEB 8.57 8.75 8.47 8.50 -0.07 77500

PPL-FEB 214.05 214.50 211.05 213.84 -0.21 69500

DGKC-FEB 29.07 29.00 28.80 28.85 -0.22 49000

FFC-FEBB 119.99 119.75 119.00 119.54 -0.45 38000

FFC-FEB 151.18 151.45 150.26 150.84 -0.34 35500

AICL-FEB 92.23 92.02 91.00 91.12 -1.11 30500

OGDC-FEB 170.98 171.00 170.00 170.67 -0.31 10500

NCL-FEB 25.50 25.85 25.35 25.63 0.13 7500

UBL-FEB 66.13 65.80 65.50 65.62 -0.51 6500

PTC-FEB 18.85 18.80 18.80 18.80 -0.05 2000

HUBC-FEB 39.02 39.49 39.49 39.49 0.47 500

AICL-CAPR 95.61 0.00 0.00 93.91 -1.70 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

ACCM 0.89 0.79 0.79 0.79 -0.10 0.00

AGIC 10.24 10.25 10.25 10.25 0.01 0.00

AGIL 70.00 70.25 70.25 70.25 0.25 0.00

AWTX 92.00 90.00 90.00 90.00 -2.00 0.00

BAPL 8.20 8.00 8.00 8.00 -0.20 0.00

BIFO 44.90 44.00 44.00 44.00 -0.90 0.00

BILF 1.66 1.50 1.50 1.50 -0.16 0.00

FECS 33.54 35.21 35.21 35.21 1.67 0.00

ISTM 8.00 7.95 7.95 7.95 -0.05 0.00

KOHTM 1.50 1.48 1.48 1.48 -0.02 0.00

LIBM 67.10 68.00 68.00 68.00 0.90 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 43.72 2.90 2.80 3.15 3.35 3.05

Allied Bank Limited 51.21 70.35 69.80 71.65 72.40 71.10

Attock Cement 12.53 51.45 51.25 51.90 52.15 51.70

Arif Habib Corp 42.71 24.80 24.50 25.55 26.10 25.30

Arif Habib Limited 42.43 24.95 24.50 25.60 25.90 25.20

Adamjee Insurance 49.01 89.60 88.70 91.95 93.35 91.00

Askari Bank 35.60 16.40 16.30 16.65 16.80 16.55

Azgard Nine 50.14 10.80 10.65 11.30 11.55 11.10

Attock Petroleum 63.31 384.45 382.20 388.95 391.20 386.70

Attock Refinery 38.56 120.05 118.95 122.85 124.55 121.75

Bank Al-Falah 49.06 11.10 11.00 11.35 11.50 11.25

BankIslami Pak 48.65 3.70 3.60 3.90 3.95 3.80

Bank.Of.Punjab 35.87 8.30 8.15 8.65 8.80 8.50

Dewan Cement 45.39 1.90 1.75 2.15 2.30 2.05

D.G.K.Cement 40.51 28.45 28.30 28.90 29.15 28.75

Dewan Salman 55.01 3.05 2.95 3.30 3.45 3.20

Dost Steels Ltd 42.80 2.45 2.40 2.70 2.85 2.60

EFU General Insurance 44.55 39.80 38.95 42.00 43.35 41.15

EFU Life Assurance 24.64 61.25 60.50 62.55 63.10 61.80

Engro Chemical 57.95 214.00 212.65 217.55 219.75 216.20

Faysal Bank 40.01 14.10 14.00 14.35 14.50 14.25

Fauji Cement 35.74 4.60 4.55 4.70 4.75 4.65

Fauji Fert Bin 61.29 41.20 40.95 41.80 42.15 41.55

Fauji Fertilizer 62.90 149.90 149.20 151.40 152.20 150.70

Habib Bank Ltd 52.00 122.90 122.30 124.45 125.40 123.85

Hub Power 49.94 38.15 37.85 38.90 39.30 38.55

ICI Pakistan 53.55 147.70 146.15 151.65 154.05 150.10

Indus Motors 60.72 288.40 286.20 292.40 294.20 290.20

J.O.V.and CO 42.82 3.55 3.45 3.85 4.05 3.75

Japan Power 43.38 1.50 1.45 1.70 1.85 1.65

JS Bank Ltd 51.92 2.45 2.40 2.60 2.70 2.55

Jah Siddiq Co 44.21 10.90 10.75 11.30 11.55 11.15

Kot Addu Power 49.32 42.65 42.55 42.95 43.15 42.85

K.E.S.C 46.41 2.70 2.65 2.85 2.90 2.80

Lotte Pakistan 62.24 16.10 15.90 16.50 16.70 16.30

Lucky Cement 39.25 70.30 69.90 71.30 71.90 70.90

MCB Bank Ltd 42.04 221.40 220.20 224.45 226.30 223.25

Maple Leaf Cement 42.37 2.60 2.55 2.70 2.75 2.65

National Bank 48.99 75.90 75.55 76.80 77.35 76.45

Nishat (Chunian) 63.30 25.20 24.85 25.85 26.15 25.50

Netsol Technologies 58.51 24.95 24.45 26.25 27.05 25.75

NIB Bank 40.37 2.70 2.65 2.80 2.85 2.75

Nimir Ind.Chemical 66.78 2.60 2.40 3.05 3.25 2.85

Nishat Mills 49.09 65.25 64.75 66.25 66.75 65.75

Oil & Gas Dev. XD 46.32 169.60 168.10 172.30 173.50 170.80

PACE (Pakistan) Ltd. 54.13 3.00 2.90 3.25 3.40 3.15

Pervez Ahmed Sec 49.53 1.90 1.85 2.05 2.10 1.95

P.I.A.C.(A) 65.62 2.60 2.45 2.90 3.00 2.75

Pioneer Cement 46.87 6.55 6.30 6.90 7.10 6.70

Pak Oilfields 54.26 323.15 321.10 328.10 331.00 326.05

Pak Petroleum 46.93 211.05 208.80 214.70 216.20 212.50

Pak Suzuki 36.33 63.85 63.25 65.45 66.45 64.85

P.S.O. XD 43.06 287.30 285.15 291.30 293.15 289.15

P.T.C.L.A 40.26 18.55 18.40 18.85 18.95 18.65

Shell Pakistan 57.57 210.55 206.55 218.30 222.00 214.25

Sui North Gas 38.02 25.80 25.50 26.50 26.85 26.20

Sitara Peroxide 64.97 13.80 13.55 14.40 14.75 14.15

Sui South Gas 69.59 25.55 24.95 27.35 28.55 26.75

Telecard 45.48 2.10 2.05 2.20 2.25 2.15

TRG Pakistan 42.28 3.10 3.05 3.35 3.45 3.25

United Bank Ltd 42.12 64.90 64.55 65.70 66.15 65.35

WorldCall Tele 42.07 2.60 2.55 2.70 2.75 2.65

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Sigma Leasing Corporation Ltd 10-Feb 5:30

Pioneer Cement Ltd 10-Feb 12:30

MCB Bank Limited 10-Feb 10:30

IGI Investment Bank 10-Feb 2:00

PICIC Growth Fund 11-Feb 10:30

PICIC Investment Fund 11-Feb 10:30

PICIC Energy Fund 11-Feb 10:30

Meezan bank Limited 11-Feb 9:30

Allied Bank Limited 11-Feb 11:00

Cherat Cement Company Ltd 11-Feb 3:00

Sanofi Aventis Pakistan Ltd 11-Feb 3:30

Nishat Power Limited 11-Feb 11:00

Ferozsons (Lab) Pakistan 11-Feb 2:30

Pakistan PVC Limited 12-Feb 9:30

Tri-Pack Films Ltd 12-Feb 11:00

First Prudential Modaraba 12-Feb 11:30

Engro Corporation Ltd 14-Feb 9:30

Pakistan Refinery Ltd 14-Feb 10:30

Al-Ghazi Tractors Limited 14-Feb 3:00

Rafhan Maize Products Company Ltd 14-Feb 11:30

BOARD MEETINGS

Company Date Time

Thursday, February 10, 2011 8

ISLAMABAD: A family leaves after their flight was canceled due to a strike ofthe employees of Pakistan International Airlines at Benazir Bhutto airport.-Reuters

BANGKOK: Flight attendants Nathatai Sukkaset, Dissanai Chitpraphachin, ChayathisaNakmai, and Phuntakarn Sringern, pose for photographers at PC Air office.-Reuters

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Wednesday asked theDefence Minister to urgentlyresolve matters concerning PIAemployees' strike.

He further directed that nego-tiations should be held with thespirit to conclude an under-standing acceptable to theemployees and management inthe larger interest of the nation-al flag carrier.

The Prime Minister gavethese directions during a meet-ing with the Minister forDefence Ch Ahmad Mukhtarwho called on him at the PrimeMinister's Secretariat here.

During the meeting, theDefence Minister apprised thePrime Minister of the details ofthe issues which led to this sit-uation. He assured PrimeMinister that the matter will besettled at the earliest.

A spokesman of Ministry ofDefence has said that no airlinecan enter into negotiation withforeign countries without theapproval of Ministry ofDefence.

Commenting on the reportsabout a deal between PIA andTurkish Airlines, thespokesman clarified that aRecord of Discussions, whichwas signed between PIAManagement and CEO ofTurkish Airline on 29th Dec2010, PIA's Headquarters atKarachi, cannot be termed as aMemorandum ofUnderstanding (MoU), whichis only the prerogative of thegovernment to negotiate. Hesaid that the discussions that

included points on traffic rightsand commercial and technicalarrangements was in factbeyond the purview of the air-line to discuss.

He said that the Ministry hadmade it clear to all concernedthat the RoD does not have anylegal validity as its name sug-gests and is subject to approvalof the competent authority. TheRoD is being evaluated in all itsdimensions to determine theimplications, in order for theGovernment to arrive at anappropriate decision. Thisentails a comprehensive analy-sis, which is presently beingdone by the Ministry. Afterevaluating the pros and cons ofthe RoD, the Ministry would bein a position to determinethe appropriate course of actionto be taken vis-à-vis futurebilateral talks and conclusion ofa mutually beneficial agree-ment. It will be ensured that theinterests of the Aviation sectorof Pakistan are secured.

The spokesman further clari-fied that the recent tusslebetween various associations ofPIA vis-à-vis the Management,is an internal matter as the asso-ciations have disagreementwith Management over thefinancial and commercialaspects of the Record ofDiscussion. He said it shouldnot reflect in any way the veryclose and brotherly tiesbetween the Pakistani andTurkish peoples and ourrespective governments. As themutually, phrased saying goes.'We are two countries, but onenation'.-Online

PM seeksPIA offthe sore,

on the soar

LONDON: British airlines donot want the government toreduce its dominant stake in thecountry's air-traffic control sys-tem below 25 per cent, a con-sortium of carriers which joint-ly owns the system has said.

The government is consider-ing reducing its 49 per centstake in the air-traffic controlsystem NATS as part of meas-ures to pay off Britain's bal-looning public debt.

But the Airline Group, a con-sortium of airlines which owns42 per cent of NATS, said areduced government stakewould weaken national influ-ence over European Union airtraffic policy.

"The main point is that the 25per cent minimum governmentshareholding is on the basis thatNATS needs to have a highdegree of influence in Europe,"Airline Group Chairman PeterRead told Reuters.

In a letter to transport minis-ter Philip Hammond, Read saidreducing NATS' weight in

Europe would free France,Germany and Spain to decidethe future of the air traffic con-trol industry, and would behighly damaging.

A Department for Transportspokesman said the govern-ment was still weighing alter-natives to a sale. "We haven'ttaken any decision to sell andwe are reviewing the options,"he said.

The government will decidewhether to proceed with a saleby the time of its budget, set forMarch 23.

The Observer newspaper saidpotential bidders for the stakeincluded British services com-pany Serco (SRP.L), the ownerof London's Gatwick airportGlobal Infrastructure Partnersand US defence companyLockheed Martin (LMT.N).

Airlines which own a stake inNATS include British Airways,Virgin, Lufthansa (LHAG.DE)-owned bmi, Monarch Airlines,Thomas Cook (TCG.L) and TuiTravel (TT.L).-Reuters

Aircos unbuy UKATC system selloff

KARACHI: Pakistan AirlinesPilots Association (PALPA) hassaid that it was ready for negoti-ations but would not succumb toany pressure for the rights of itsmembers or any financial loss tothe national carrier. "Our Association welcomes thedecision of Prime MinisterYousuf Raza Gilani to probe intothe issues related to PIA, but wewill not bow to any pressure,"said PALPA President, SohailBaloch here on Wednesday.

Addressing a press conferencehere at the PALPA office, he alsodemanded the removal of theMD PIA and said that he hasfailed to run the affairs of thenational carrier. Referring to the proposedaccord of PIA with the TurkishAirline, Sohail Baloch said thatthe accord, denied by PIA offi-cially, would create inconven-ience for the Pakistanis visitingEurope and other destinations.-APP

Palpa pledges tofight ‘pinioning’

‘No airline can negotiate with a foreign country’

Etihad, AirNZ joinwings

WELLINGTON: NewZealand national carrier AirNew Zealand has signed a codeshare agreement with AbuDhabi-based airline EtihadAirways, the airline said.

The two airlines will codeshare on services to and frombetween New Zealand throughAustralia and Abu Dhabi toLondon.

"This arrangement withEtihad Airways further extendsconnectivity options for our cus-tomers through to Europe aswell as providing opportunitiesto further grow passenger num-bers for our trans-Tasman anddomestic services," said AirNew Zealand Chief ExecutiveOfficer Rob Fyfe.

The link up follows Air NewZealand's code share and com-mercial alliance with Australia'sVirgin Blue, which also has acode sharer agreement withEtihad.

Shares in Air New Zealand,around three-quarters owned bythe New Zealand government,last traded steady at NZ$1.40.-Reuters

GB to legislate

tourism,

mineral

mining HUNZA: The Gilgit-BaltistanLegislative Assembly (GBLA)is all set to legislate tourism andmineral deposits as the GBCouncil had finalised its recom-mendations for awarding bothsectors the status of corpora-tions, Assistant DirectorTourism Iqbal said.

Talking to APP on Wednesdayhe said, "Various laws regardingminerals and tourism in otherprovinces are being studied byGB authorities with an aim toreplicate successful models inthe region."

Iqbal said the managing com-mittee of the GB Council haddiscussed and prepared its rec-ommendations, adding, the lawswould be incorporated soon.

The legislation, if passed,would increase revenue collec-tion as rules and regulationswould be formulated fortourists, individuals and corpo-rations visiting or investing inthe region, he said.

The laws in place inBalochistan could be extendedto GB as suggested by a mem-ber of the GB CouncilMuhammad Ibrahim, he added.-APP

Canada letsflyers carrymore items

OTTAWA: Canada has easedrestrictions on items that can bebrought aboard airline flights inan effort to improve security andspeed up passenger screeningtimes, the transport departmentsaid last week.Passengers will now be allowedto board with small scissors andtools, such as eyeglass screw-drivers, that are under 6 centime-ters (2.4 inches) in length,Minister of State for TransportRob Merrifield said.Merrifield said the revised listwill allow security to focus onmore serious threats, such asexplosives, and bring Canada'sbanned item list in line with thoseof other countries.Airports will be also expand useof lines for pre-approved passen-gers with a NEXUS card andlines designated for families. Thefamily lines will have equipmentdesigned for bigger items, such asstrollers. "Some of the specificchanges may go unnoticed bypassengers, but something theywill notice is lines will be movingmuch faster," Merrifield said.He estimated the measures couldimprove passenger screeningtimes by 30 percent.Passenger screenings at airportshave become increasingly con-troversial, particularly in theUnited States, where some pas-sengers have objected to the useof revealing full-body scannersand extra-thorough pat downs.-Reuters

Specialsafaritrains

on rails ISLAMABAD: The PakistanRailways and the PakistanRailways Advisory andConsultancy Services (PRACS)have decided to operate specialsafari trains in Khewra, Kalabaghand Changa Manga besides otherplaces in connection with the150th anniversary of the corpora-tion. According to PRACS chiefPublic Relations Officer, ShahidSalim, Pakistan Railways andPRACS would jointly operate thespecial safari trains fromFebruary 20 from Rawalpindi toTaxila and from Lahore toChanga Manga.He said that the initiative wasbeing taken on the special direc-tives of PRACS ManagingDirector, Imtiaz Hussain, for pro-motion of tourism in the countryand to facilitate the domestictourists on this special occasion.Hussain said that similar safaritrains would also operate onFebruary 27 for Chary and onMarch 12 for Kalabagh.-APP

ISLAMABAD: Tourists fromacross the country flockedGaliyat after yesterday's snow-fall made the hill stations ahighly attractive choice forrecreation. Roads leading toMurree and onward to Ayubiaremained packed with traffic asthe motorists hurriedly tookover each other to reach thefinal destination.

Enjoying the most of all werechildren, students, youth andcouples, who built differentobjects with snow, trod thesnow-covered tracks and threwsnow-balls at each other. It's acommon way to celebrate snow-fall elsewhere in the world.

Cheers and laughter wereeverywhere and on everybody'sface. Parents apparently seemedworried about their children,fearing they might not catchcold, but they let it go. Someelderly opted not to venture into

the snow for obvious reasons. Sitting beside the luggage or in

cars, they witnessed and wavedto their near and dear ones from a'safe distance' - no compromiseon health. Festivities in the snowdid not just end up as the dusksets in. Some daredevils bravedthe freezing temperature in thenight to have Bar BQs, musicand dance etc. Youths' yellingscould be heard far and wide assilence engulfed the valley anddarkness blanketed the moun-tains in night. Fire and smokecould be seen around whilestanding on the roads that madeone to believe there must be aparty. Galiyat and Murree offeras tremendous tourism opportu-nities in winter as they do insummer.

The resorts including KashmirPoint, Pindi Point, Mall Roadand Ayubia turned out to be fab-ulous attraction for tourists.

Malka-i-Kohasar, anotherenchanting site presented apanoramic view of Kashmirhills. Authorities concerned,which often appear complainingof declining tourism could seizethis opportunity to promote tradeand travel.

Countries that are registeringrecord highs in either tourists'inflow or revenue generationmight not necessarily haverecord tourism potential, butthey certainly have tremendousfacilities for the customers.Pakistan's tourism beingblessed with record potential,which is a rare phenomenon tohave in any country of theworld, desperately needs facili-ties for tourists.

Pakistan could emerge as ahotly sought after tourism des-tination in the world if author-ities give it s serious consider-ation.

Iced with snow, Galiyatnow casting a cool spell

KARACHI: A General AviationConference on "ContinuousImprovement in Safety ofAircraft Operations" was organ-ised under Regulatory Divisionof Head Quarters, CivilAviation Authority of Pakistan. A spokesman of the CAA saidthat all General AviationOrganisations, which constituteoperators other than Airlines,were invited to share andexchange views on enhancingair operations' safety inPakistan.

Addressing the opening ses-sion, Director General CivilAviation Authority, NadeemKhan Yousafzai, reminded thatthere is a tremendous responsi-bility on all of us especiallyafter the recent aircraft crashes.He emphasised a proactivemaintenance culture, constantlyupgraded training, considera-tions for human factor and strictadherence to operating limits,regulations and procedures.Speaking on the occasion, hereiterated that in aviation safety

we must never compromiseunder time constraints, scarcityof spares, inadequate expertise,and unfriendly ambient condi-tions. He further hoped that theoutcome of conference wouldbe beneficial for all stakehold-ers and bring about improve-ment in our general aviationoperations. DG CAA advisedall aviation experts to probe thegrey areas, seek clarificationand follow regulations on allissues in true letter and spirit.-APP

CAA puts up moot on aircraft ops safety

LONDON: Copper slipped onWednesday, as worries higherinterest rates in China coulddampen industrial demandwashed through the market,although a softer dollar lentsupport.

Three-month copper on theLondon Metal Exchange was$9,925 a tonne from the clos-ing $10,059 bid on Tuesday.The metal, used in power andconstruction, touched a recordhigh of $10,160 at the start ofthe week.

Tin also matched Tuesday'srecord high at $31,650 amidongoing supply concerns fromtop exporter Indonesia.

"You've had the potentialimplications of the rate hikefeeding through the market,"said analyst Daniel Major ofRBS. Asian trading desksreturned to full strength onWednesday following theweek-long Lunar New Yearholidays.

Comments by FederalReserve Chairman BenBernanke also weighed on thedollar and on metals, said ana-lyst Leon Westgate of StandardBank. Bernanke said USunemployment remained toohigh, suggesting the Fed wouldpush on with its $600 billionstimulus programme.

The longer-term outlook forcopper remained positive,

underpinned by the risk of achronic supply shortage devel-oping through 2011 as growthand rising demand in China,outstrip miners' ability to sup-ply the 21 million tonne market

by 800,000 tonnes or more.But traders also said that

lacklustre physical demandfrom China where consumers,reluctant to chase prices atrecord levels, could erode pricesupport.

The amount of copper held toback the physical copper ETPhas dropped by one third oraround 720 tonnes so far inFebruary, while physical nickel

ETP stocks also plunged, to 78tonnes from 402 tonnes.

However, demand for physi-cal tin more than doubled to405 tonnes from 180 tonnes atthe end of January.

Aluminium ended at $2,546a tonne from a close of $2,565a tonne on Tuesday.

Large deliveries of alumini-um have appeared in LMEwarehouses this year and, with39,225 tonnes having beendelivered into storage onTuesday, total inventories arejust 40,100 tonnes short of arecord high of 4,640,750tonnes hit on Jan. 20, 2010.

Supporting prices, however,owners of the aluminium arekeeping metal tightly held, atrader said. "They will sell it,but only when they get theirnumber," he said.

Battery material lead closedat $2,520 from $2,569 a tonne.

Nickel was untraded on theclose, but bid at$28,375/28,400 from $28,390a tonne. Zinc ended at $2,458 atonne from $2,511 on Tuesday.

Tin turned negative to closeat $31,255 a tonne. -Reuters

Copper slips; upsidecapped by China act

9Thursday, February 10, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1250

January (3rd Wednesday) 1310 1255

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for February 08 2011

LME Official Prices, US$ per tonne for February 08 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2315 2519 9930 2566 27850 31245 2463 2460

Cash seller 2325 2520 9930.5 2568 27855 31250 2464 2470

3-months buyer 2285 2540 9920 2525 27895 31245 2483 2485

3-months seller 2295 2541 9925 2527 27900 31250 2483.5 2495

15-months buyer 2215 2602 9705 2473 26685 30735 2503 2530

15-months seller 2225 2607 9715 2478 26785 30785 2508 2540

27-months buyer 2215 2643 9275 2418 25300 2470 2585

27-months seller 2225 2648 9285 2423 25400 2475 2595

LONDON METAL EXCHANGE (METALS)

LONDON: US crude dentedearlier gains on Wednesday asofficial oil data showedincreases in oil inventories inthe United States, while Brenttraded over $100, supported byunrest in Egypt.

In a choppy trading, UScrude futures turned negativeoccasionally, having initiallyreacted positive-ly to the US gov-ernment data. By1613 GMT, itwas trading up23 cents at$87.17 a barrel.

North SeaBrent crudefutures were up 97 cents at$100.89. The US governmentEnergy InformationAdministration (EIA) showeddomestic crude stocks rose 1.9million barrels in the week toFeb. 4, an increase smaller thanan analyst forecast of a 2.4 mil-lion barrel build.

Refined oil product invento-ries rose. Gasoline increased

by 4.66 million barrels com-pared with forecasts for a 2.5million barrel gain, while dis-tillates rose 288,000 barrelsdespite the cold weather versusexpectations for a 1.2 millionbarrel drawdown, data showed.Distillates includes heating oiland diesel.

Some analysts saw the data

as bearish, especially com-pared with a separate set ofdata from the industry groupAmerican Petroleum Institute(API) on Tuesday, whichshowed a drop in crude inven-tories for the same week.

"Despite the initial reaction,the report is bearish," JohnKilduff, partner at AgainCapital in New York, said.

"Especially as it relates torefined products. Gasolinecontinues to build remarkably,even with low refinery operat-ing rates. The fall in demandspeaks to consumer resistanceat the pump due to price."

Brent crude futures' premiumto US crude touched a recordhigh of $13.78 a barrel earlier.

"Brent is stillreflecting themarket concernabout Egyptand the SuezCanal," saidTony Nunan,assistant gener-al manager with

Mitsubishi Corp in Tokyo. "Oilsupply to Europe via the canalwould have more impact than tothe US"

The canal was operating nor-mally on Tuesday despitestrike action by 3,000 workersin companies owned by theSuez Canal authorities inIsmailia and Suez over pay andconditions. -Reuters

Oil trims gains onUS inventory increase

Europeanvegetableoil prices

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

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111045.00+10.00, Aug11/Oct111010.00+10.00, Nov11/Jan121020.00+15.00, Feb12/Apr121025.00+15.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1480.00+5.00,Jul11/Sep11 1495.00+10.00,Oct11/Dec11 1420.00+10.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1587.50+0.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Feb111335.00+15.00, Mar111335.00+15.00, Apr11/Jun111322.50+22.50, Jul11/Sep111300.00+22.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Mar11 1377.50,Apr11/Jun11 1352.50.

PALMOIL: RBD dlrs tonnefob Malaysia Mar111322.50+20.00, Apr11/Jun111297.50+22.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Mar111330.00+20.00, Apr11/Jun111305.00+22.50, Jul11/Sep111270.00+20.00, Oct11/Dec111250.00.

PALM STEARIN: Dlrs tonnefob Malaysia Feb111295.00+15.00, Mar111295.00+20.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamFeb11/Mar11 2295.00+15.00,Mar11/Apr11 2275.00+25.00,Apr11/May11 2250.00+30.00.-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

9-Feb-2011 CRUDE100 MA11 US$ Per Barrel 86.18 88.03 86.18 87.38 458 87.27 87.38 134

9-Feb-2011 CRUDE100 AP11 US$ Per Barrel 89.66 91.10 89.35 90.54 53 90.42 90.54 38

9-Feb-2011 CRUDE100 MY11 US$ Per Barrel 91.94 93.31 91.94 93.31 - 93.22 93.31 3

9-Feb-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 29.32 30.32 29.32 30.30 234 30.09 30.30 70

9-Feb-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 29.34 30.30 29.34 30.30 - 30.10 30.30 1

9-Feb-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1350.40 1368.00 1350.30 1365.10 1,368 1362.60 1365.10 1,386

9-Feb-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1351.00 1368.50 1350.50 1365.60 2,300 1363.00 1365.60 1,467

9-Feb-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1351.00 1369.00 1351.00 1366.30 1,390 1363.70 1366.30 971

9-Feb-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1350.80 1365.10 1350.80 1365.10 - 1362.60 1365.10 -

9-Feb-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1351.00 1368.00 1351.00 1365.60 80 1363.00 1365.60 6

9-Feb-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1351.90 1365.60 1351.90 1365.60 - 1363.70 1366.30 -

9-Feb-2011 GOLD FE11 Per 10 grms 37542.00 37700.00 37257.00 37593.00 13 37579.00 37593.00 14

9-Feb-2011 GOLD MA11 Per 10 grms 37266.00 37602.00 37266.00 37602.00 - 37588.00 37602.00 1

9-Feb-2011 GOLD AP11 Per 10 grms 37500.00 37650.00 37282.00 37618.00 6 37604.00 37618.00 80

9-Feb-2011 KILOGOLD FE11 Per 10 grms 37229.00 37566.00 37229.00 37566.00 - 37552.00 37566.00 1

9-Feb-2011 KILOGOLD MA11 Per 10 grms 37238.00 37574.00 37238.00 37574.00 - 37560.00 37574.00 -

9-Feb-2011 TOLAGOLD50 FE11 Per Tola 43424.00 43816.00 43424.00 43816.00 - 43799.00 43816.00 -

9-Feb-2011 TOLAGOLD100 FE11 Per Tola 43424.00 43816.00 43424.00 43816.00 - 43799.00 43816.00 -

9-Feb-2011 MINIGOLD MON Per 10 grms 38322.00 38648.00 38322.00 38648.00 - 38635.00 38648.00 -

9-Feb-2011 MINIGOLD TUE Per 10 grms 38361.00 38689.00 38361.00 38689.00 - 38675.00 38689.00 -

9-Feb-2011 MINIGOLD WED Per 10 grms 38282.00 38703.00 38282.00 38703.00 - 38688.00 38703.00 -

9-Feb-2011 MINIGOLD THU Per 10 grms 38295.00 38621.00 38295.00 38621.00 - 38608.00 38621.00 -

9-Feb-2011 MINIGOLD FRI Per 10 grms 38309.00 38635.00 38309.00 38635.00 - 38622.00 38635.00 -

9-Feb-2011 TOLAGOLD MON Per Tola 44929.00 45023.00 44033.00 44415.00 2 44398.00 44415.00 2

9-Feb-2011 TOLAGOLD TUE Per Tola 44873.00 45075.00 44078.00 44462.00 5 44444.00 44462.00 11

9-Feb-2011 TOLAGOLD WED Per Tola 43987.00 44478.00 43987.00 44478.00 - 44459.00 44478.00 -

9-Feb-2011 TOLAGOLD THU Per Tola 45000.00 45000.00 44002.00 44384.00 1 44367.00 44384.00 2

9-Feb-2011 TOLAGOLD FRI Per Tola 44983.00 45029.00 44017.00 44400.00 2 44383.00 44400.00 33

9-Feb-2011 IRRI6W 10FE11 Per 100 kg 3172.00 3172.00 3171.00 3171.00 - 3172.00 3171.00 -

9-Feb-2011 RICEIRRI - 6 FE11 Per 100 kg 3178.00 3178.00 3177.00 3177.00 - 3178.00 3177.00 -

9-Feb-2011 RBD PALMOLEIN FE11 Per Maund 5463.00 5512.00 5463.00 5512.00 - 5463.00 5512.00 -

9-Feb-2011 KIBOR3M 11-Mar Per Rs. 100 86.18 86.18 86.18 86.18 - 86.18 86.18 -

9-Feb-2011 KIBOR3M 11-Jun Per Rs. 100 85.51 85.56 85.51 85.56 - 85.51 85.56 -

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

Indian sugar

extends lossesMUMBAI: Indian sugar pricesextended previous session'slosses on Wednesday, ham-mered by weak demand, highersupplies and as the global mar-kets fell, dealers said.

"Higher supply wasn't allow-ing prices to recover. Demandfrom bulk consumers was alsoweak. In the short term, we cansee further correction in themarket," said a member ofBombay Sugar MerchantsAssociation (BSMA).

India has made available 1.62million tonnes of non-levysugar for February, including300,000 tonnes unsold stocksof January. Non-levy, or free-sale sugar, is sold by millers inthe open market, but the quan-tity each mill can sell is fixedby the federal government on amonthly basis.

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyfell by 0.63 per cent to 2,663rupees ($58.5) per 100 kg.

Sugar contract for Marchdelivery on India's NationalCommodity and DerivativesExchange (NCDEX) endeddown 0.18 per cent at 2,771rupees per 100 kg. New York rawsugar was down 0.46 cent or 1.5per cent to 30.70 cents per lb at1304 GMT, remaining below the30-year peak of 36.08 centstouched last Wednesday.

The government indecisionover exports of 500,000 tonnessugar also weighed on senti-ment, dealers said. -Reuters

RAYONG, Thailand: Thongshin Klaharn, 49 hangs sheets of rubber

just processed on a drying rack at the rubber workshop.-Reuters

LONDON: Gold nudgedthree-week highs onWednesday, supported by anincreased focus on inflationafter China's second interestrate hike in six weeks andresidual interest in the metal asa haven.

Spot gold was bid at$1,363.20 an ounce at 1612GMT, against $1,363.59 late inNew York on Tuesday. US gold

futures for April delivery rose0.1 per cent to $1,365.50.

A change in previously lack-lustre sentiment towards theprecious metal on Tuesday as itheld its ground after China'srate hike prompted a scrambleamong speculative investors tocover short positions, liftingprices more than 1 per cent.

A run of well-received eco-nomic data in January hadtaken the wind out of gold'ssails and increased speculationa correction was due, pushingprices back towards $1,300 anounce.

"A lot of speculative(investors) that had gone in atthe end of last year clearly sawgrowth being reignited andthey got scared," said London& Capital portfolio managerPau Morilla Giner. "Theythought that gold would lose itsappeal."

"But the long-term money ingold is still there," he said."The realisation is that eco-nomic news has been betterthan expected because thestimulus that has been appliedhas been extraordinary."

Holdings of the world'slargest gold-backed exchange-traded fund, the SPDR GoldTrust, dipped to 1,228.56tonnes on Tuesday from

1,228.864 tonnes the previousday, although the hefty out-flows seen in January haveapparently been staunched.

The SPDR fund saw its sec-ond-biggest monthly outflowand the main silver ETF, theiShares Silver Trust, its biggestever outflow last month,adding downward momentumto precious metal prices.

Silver was bid at $30.34 anounce against $30.31, afterreaching its highest price sinceJan. 4 on Tuesday at $30.84 anounce.

The gold:silver ratio -- thenumber of silver ounces neededto buy an ounce of gold --recovered from the near five-year low below 45 it reached onTuesday to just above that level.Platinum was at $1,850.30 anounce against $1,855.24, whilepalladium was at $828.35 ver-sus $835.72. -Reuters

Gold holds firm,China inflation eyed

KUALA LUMPUR: Malaysian palm oilfutures jumped to a fresh three-year high onWednesday as traders bet on further tighteningof supplies and strong economic growth under-scored by China's surprise rate move.

"Theoretically market should fall afterChinese government increased bank interest ratebut traders think the other way round. They seeit as a hint of strong economic growth within 3to 6 months," said a trader in Kuala Lumpur.

The benchmark April crude palm oil contracton the Bursa Malaysia Derivatives Exchangerose half a per cent. Earlier in the day the con-tract hit a three-year high of 3,948 ringgit($1,301) a tonne.

Overall volumes shot up to 28,604 lots at 25

tonnes each, compared to the usual 15,000 lotsPalm oil also drew support from concerns that

the recent heavy rains and floods would have animpact on yields in Malaysia.

A Reuters survey showed Malaysia's Januarypalm oil stocks could fall to a six-month low of1.45 million tonnes ahead of official govern-ment release due on Thursday.

The most active Sept. soyoil contract onChina's Dalian Commodity Exchange hit two-week highs, playing catch up with overseas mar-kets that gained when the country's financialmarket were closed for one-week Lunar NewYear holiday. US soyoil for March deliveryclimbed 0.7 per cent in Asian trade hours aheadof the data. -Reuters

Palm surges on tightsupply, China move

Arabicas at

13-1/2-yr peak;

sugar fallsLONDON/NEW YORK: Arabicacoffee rallied to a 13-1/2-year highon Wednesday, buoyed by tightsupplies of high-quality beans,while sugar fell as the market triedto re-connect with cash buyers, andcocoa firmed in thin volumes.

Arabica coffee hit a 13-1/2 yearpeak on heavy spread dealing,fund buying and a lack of originselling, supported by a shortageof high-quality beans.

ICE March arabicas traded up5.55 cent or 2.2 per cent at$2.5315 per lb at 1619 GMT, hav-ing earlier touched $2.5395 perlb, the highest level for the spotcontract since June 1997.

Liffe May robusta coffee,infected by the surge in arabicas,was up $20 or 0.9 per cent at$2,245 per tonne.

Sugar futures fell as the marketresponded to a lack of physicalofftake. ICE March raw sugar wasdown 0.40 cent or 1.2 per cent to30.76 cents per lb at 1615 GMT,remaining below the 30-year peakof 36.08 cents touched lastWednesday. London March whitesugar fell $12.70 or 1.7 per cent at$756.00 per tonne, below lastweek's record high of $857.00 pertonne. Sugar market fundamen-tals remained bullish with a tight-ening supply outlook followinglast week's cyclone in Australia.

Cocoa firmed, consolidatingafter sharp losses last week, asconcerns over the political stand-off in top producer Ivory Coastsupported the market. ICE bench-mark May cocoa futures rose $36or 1.1 per cent to $3,296 per tonne,while London May cocoa edgedup 15 pounds or 0.7 per cent to2,138 pounds a tonne. -Reuters

NEW YORK: US cottonfutures closed higherTuesday on investment fundbuying as tight stocks andbrisk mill demand trumpedan initial selling spree trig-gered by a rate increase inChina, analysts said.

Cotton futures stumbledearlier in the session afterChina increased interestrates for the second time inover a month to cool off itssurging economy.

But analysts said Chinawill not turn off the spigot inpowering economic growthso the potential threat to cot-ton consumption from aneconomic slowdown maynot materialize at all, theysaid.

'The increase just showshow strong the Chineseeconomy is,' said KeithBrown, president of com-modity firm Keith Brownand Co in Moultrie, Georgia.

He said that after every

rate rise by Beijing, the mar-ket would initially sell offknee-jerk style and thencome roaring back becauseChinese cotton demandwould remain strong.

The key March cotton con-tract on ICE Futures USincreased 0.78 cent to con-clude at $1.7529 per lb, deal-ing from $1.7294 to$1.7816.

Total volume hit some45,500 lots, more than dou-ble the 30-day norm,Thomson Reuters prelimi-nary data showed.

Cotton is the best perform-ing commodity so far in 2011in the Reuters-Jefferies com-modity index. In 2010, cottonwas also the star performer,rising about 90 per cent.Analysts said the market'sattention will now turn to thefresh numbers from the USAgriculture Department'smonthly supply report dueout Wednesday. -Reuters

US cotton bucks Chinatightening to go higher

Tokyo rubber

hits new high,

but gains cappedBANGKOK: Tokyo rubberfutures rose to a new recordhigh on Wednesday on specula-tive buying backed by tightsupply in producing countries,but China's move to curb infla-tion prevented prices from ris-ing sharply further.

The benchmark rubber con-tract on the Tokyo CommodityExchange rose 5.1 yen to settleat 504.4 yen per kg. It jumpedas high as 508.3 yen, the high-est ever. In Shanghai, whichreopened on Wednesday after aweek-long holiday, the keycontract for May delivery roseto a record high of 43,500 yuan($6,639) per tonne immediatelyafter the opening, above theprevious high of 41,850 yuanhit on Jan. 31. It settled at42,215 yuan per tonne.

"Rubber prices should risemuch further, but the rises arecapped by fears of fallingdemand after China raised inter-est rates to cool down its econo-my," one dealer said.-Reuters

Shanghai copper

holds flatShanghai copper futures

were steady on Wednesday,after week-long holidayswhich saw London metal hit arecord high and Beijing raiseinterest rates for the secondtime in six weeks.

Most active futures inShanghai fell 40 yuan to75,540 yuan. Earlier pricespushed to 76,440 yuan, a near-four-year high.

EIA data shows smaller-than-forecast rise in crude stocks

10Thursday, February 10, 2011

Innerhofer of Italy competes during the men'sSuper-G race at the Alpine Ski World

Championship in Garmisch-Partenkirchen

SohailTanveer

off WorldCup squad

KARACHI: Pakistan'salready depleted bowlingattack suffered a furtherblow when left-arm pacemanSohail Tanveer was ruled outof the World Cup because ofa knee injury.

"The medical panel thinksthat though the recovery wasgood, it still thought Tanveerneeds time to get fully fitbefore competing at interna-tional level," the PakistanCricket Board said in a state-ment.

Pakistan will replaceTanveer with left-arm pace-man Junaid Khan, 21, whostarted with the under-19salongside promising teenagequick Mohammad Aamer,who was this week handed afive year ban from cricket forspot-fixing.

It is Khan's first call-up tothe senior squad, earned withan impressive haul of 167wickets in just 35 first-classmatches.

Pakistan's World Cuphopes have already beendented by InternationalCricket Council (ICC) bansagainst three key players -opener Salman Butt and pacebowlers Aamer andMohammad Asif - on corrup-tion charges.

Pakistan team managerIntikhab Alam said therecould be no place for anyhalf-fit player.

"We don't want to take anyplayer who is not fully fit sowe had to take this decision.Khan can bowl fast and cansurprise other teams if hegets to play matches," Alamtold reporters in the easterncity of Lahore.

The 14-team World Cupwill be hosted jointly byBangladesh, India and SriLanka between February 19to April 2.

Tanveer featured in the six-match one-day series againstNew Zealand which finishedlast week, but pulled out ofthe preceding Test seriesbecause of poor fitness.

The 26-year-old suffered aback injury in 2009 and wasout of action last yearbecause of knee surgery. -Agencies

ISLAMABAD: A 15-playerPakistan Cricket squad willleave the country on Friday totake part in 10th ICC WorldCup, starting from 19February in India, Bangladeshand Sri Lanka, PakistanCricket Board SpokesmanNadeem Sarwar told APP onWednesday.

The team include ShahidAfridi (Captain), Misbah-ul-Haq (Vice Captain),Mohammad Hafeez, KamranAkmal (Wicketkeeper),Younis Khan, Asad Shafiq,Umar Akmal, Abdul Razzaq,Abdur Rehman, Saeed Ajmal,Shoaib Akhtar, Umar Gul,Wahab Riaz, Sohail Tanvir andAhmed Shehzad.

A total of 14 teams are tak-ing part in the 43-day long

mega event, which includefour times winner Australia,two times winners WestIndies, South Africa, India,Pakistan, Sri Lanka,Zimbabwe, New Zealand,Netherlands, Canada, Ireland,England and Kenya.

Groups in which CricketWorld Cup 2011 teams aredivided:

Group A: Australia,Pakistan, New Zealand, SriLanka, Zimbabwe, Canadaand Kenya.

Group B: India, SouthAfrica, England, Bangladesh,West Indies, Netherlands andIreland.

Pakistan are scheduled toplay their first World Cup poolfixture against Kenya atHambantota, Sri Lanka. But

prior to that they will play twowarm up matches againstBangladesh and England onFebruary 15 and 18, respec-tively at Mirpur,Bangladesh.Barring the warmup matches, their all fixtureswill be held in Sri Lanka.

Pakistan will play their sec-ond World Cup match againstSri Lanka on February 26 atColombo and third on March 3against Canada at the samevenue. In their fourth and fifthmatch Pakistan will take onNew Zealand and Zimbabweon March 8 and 14 at Kandy,Sri Lanka. Pakistan will playtheir last group match againstdefending champion Australiaon March 19 at Colombo.

The formerly announcedtime-table of 2011 world cup

also included Pakistan as a co-hosting nation but the 2009attack on Sri Lankan cricketteam at Lahore, the world cupgoverning body (ICC) strippedoff Pakistan of its co-hostingrights on Apr 17, 2009.

Now India will host 29 ofthe total 49 planned matchesincluding the all importantgrand final at Wankhede stadi-um in Mumbai and one semi-final as well. Sri Lanka willhost 12 matches while the firsttime nation Bangladesh hasbeen given the opportunity tohost the tournament openeralong with eight other match-es. Since India has been allot-ted the highest number ofmatches, the ICC has movedits headquarters to Mumbai toensure smooth and timely

preparations for the event. As far as Pakistan chances in

the quadrennial spectacle areconcerned, although theirthree key players Slaman Butt,Moahmmad Asif andMohammad Aamer werebanned for spot-fixing. AndPakistan at present is also ano-go zone for internationalcricket, former cricket greatsbelieve that current outfit aretalented enough to pose chal-lenge to any best side.

Imrna Khan, the legendarycaptain who led Pakistan totheir only World Cup title in1992 believes Pakistan cansurprise provided they playabove their potential."Pakistan are a very unpre-dictable side. They will haveto play out of the ordinary to

make a mark at the megaevent," he said.

Former Chief Selector andspinner Iqbal Qasim alsobelieves that Pakistan have thepotential to shake up the wholeevent. "Pakistan are the onlyteam in the world who can doanything. The can shake up thewhole tournament by beatingany top side," he remarked.

Former skipper WasimAkram who played a key rolein Pakistan's 1992 World Cupvictory said: "Pakistan are avery dangerous side. No onecan altogether write offPakistan's chances in the megaevent. After the first stage, it'sanybody's game and when itcomes to knock-out matches,they (Pakistan) can knock outany team," he said.-APP

Pakistan to fly for WC amid high hopes

NEW DELHI: With Pakistanscratched from the itineraryand peace descending on SriLanka, there is a growing feel-ing that the spectre of terror isno longer stalking the WorldCup in the subcontinent like itdid 15 years ago.

In 1996, the last time theregion hosted the event,Australia and New Zealandpreferred forfeiting prelimi-nary matches to playing inColombo barely a week after amassive blast had killed 80people in the Sri Lankan capi-tal.

Since then, bombs have goneoff claiming lives in Colombo,Karachiand Mumbai thoughnothing shook the cricketingfraternity more than the 2009attack on the visiting SriLankan players in Lahore,killing five police and injuringsix cricketers.

The Lahore incident prompt-ed the International CricketCouncil (ICC) to shift WorldCup matches out of Pakistan,while Sri Lanka's three-decade

civil war ended in 2009 withthe defeat of the separatistLiberation Tigers of TamilEelam (LTTE).

Both augur well for the Feb.19-April 2 World Cup, accord-ing to columnist Ashok Malik.

"In such a situation, I don'tsee any extraordinary securitythreat to the World Cup,"Malik told Reuters.

"In today's world, everysports event in every countryfaces these issues. Have no illu-sion, the 2012 LondonOlympics would be under simi-lar threat as well. But to be fair,I don't think there is any specif-ic threat to the World Cup."

"There are no matches inPakistan and I would say SriLanka is at its peaceful best in30 years because the LTTE isnow virtually non-existent."

ICC chief executive HaroonLorgat shared Malik's optimism.

"With the (peaceful) situa-tion in Sri Lanka and the factthat we got (World Cup match-es) now in three countries, Ibelieve it will be a major suc-

cess," Lorgat said on Tuesday."Those are realities beyond

our control. Those are notissues that we can foresee ordictate

"We've got, I believe, ade-quate security measures inplace. We are now a lot moremature and have got theexpertise to prepare adequatelyon security arrangements. Soit's not an issue that troublesme as much as it did in thepast."

Tournament DirectorRatnakar Shetty also spokepositively.

"Security is not at all a con-cern. Now that all the govern-ments have extended full sup-port, everything is in place,"Shetty told Reuters.

"Most countries bring theirown security advisors thoughit's not mandatory. Countrieslike Australia, England andNew Zealand bring their secu-rity advisor even during bilat-eral series. But there is noworry, everything is beingtaken care of."-Reuters

Fingerscrossed for

a peaceful WC

ISLAMABAD: Pakistan'scricket coach, Waqar Younison Wednesday said the WorldCup provides the team a goodplatform to make a fresh start.

Pakistan had gained momen-tum for the World Cup at theright time and the team hadplenty of experience and talentto do well at the event beinghosted by India, Sri Lanka andBangladesh.

He said the team has gotback its confidence after themorale boosting wins in NewZealand, but "we know ourstrengths and weaknesses andwe are constantly working onthem. I am pretty confident ofthe future."

Pakistan are in Group A withAustralia, New Zealand, SriLanka, Zimbabwe, Canada

and Kenya and plays all theirgroup matches in Sri Lanka.

Talking to a private newschannel ahead of the Feb 19-

April 2 event, Waqar Younisasked players to do well at theWorld Cup so that the nation'sdented pride can be healed.

He said good performances inthe tournament will allow peo-ple to focus back on cricket.

"I am just happy it is all overnow because these controver-sies all did affect the perform-ances of the players," he added.

Answering a question, hesaid the positive thing is thatthe players did manage tofocus back on the game inNew Zealand and do well inthe test and one-day serieswhich is a big confidencebuilder ahead of the WorldCup.-APP

It’s an opportunityfor fresh start: Waqar

BRISBANE: Wracked byinjuries, memories of a sting-ing Ashes loss and playerselection debates, Australia'scricket team a month ago wasset to go into the limited-oversWorld Cup in a predictablemess.

But six wins out of sevenagainst England in a limited-overs series and the returnfrom injury of captain RickyPonting have the winners ofthe past three World Cup tour-naments feeling upbeat for afourth in a row and fifth over-all.

Ponting's return was tem-pered, however, by news on the

eve of Australia's departure forIndia that both Mike Husseyand Nathan Hauritz had beenruled out with injuries.

Veteran middle-order bats-man Hussey and first-choicespinner Hauritz failed to over-come hamstring and shoulderinjuries, leaving Australianselectors with no choice but tomake replacements.

The loss of 35-year-oldHussey is a big blow, consider-ing he was one of only twobatsmen in form during theAshes series loss to Englandand averages almost 52 in 151ODIs, regularly forced into therole of salvaging an innings.

Australia won the World Cupfor the first time 1987, beatingEngland in the final atCalcutta, then reached the finalin 1996 before losing to SriLanka at Lahore.

Since then, the Australianshave won the title at all threeWorld Cups - in 1999 inEngland, 2003 in South Africaand 2007 in the Caribbean.

Despite the loss to retirementof some of the games greats -including Glenn McGrath,Adam Gilchrist and MattHayden, all stars of recentWorld Cups - Australia is stillNo. 1 in the ODI rankings.-Reuters

Aussies upbeat on WCsuccess despite Ashes

LONDON: Eoin Morgan,England's star one-day bats-man, has been ruled out of theWorld Cup due to a brokenmiddle finger on his left hand,and Ravi Bopara has beenbrought into the squad in hisplace.

England's coach AndyFlower announced the news ata press conference at HeathrowAirport on England's returnfrom Australia, and confirmedthat Morgan would undergosurgery that would keep himout of the entire tournament.

"His [Morgan's] finger needsto be operated on, so that's aserious loss to us," Flower said."He's been a very influentiallimited-overs performer for ussince he joined the Englandteam. Ravi Bopara, who is avery exciting young cricketerin his own right, is going to bejoining us and is flying backfrom the West Indies where heis playing with the EnglandLions. He'll be arriving in thecountry tomorrow and joiningus on the flight to Dhaka."

The news of Morgan'sunavailability comes as a seri-ous blow to England as he has

been one of their most valuableplayers in ODIs over the pasttwo years, something his cap-tain Andrew Strauss recog-nised. "For the last 12 to 18months, he's been the stand-outbatsman for us in one-daycricket," Strauss told the pressat Heathrow. "We all see theWorld Cup as a forum forshowcasing your skills, so he'sbitterly disappointed to bemissing out. But that's thenature of the beast: you aregoing to get injuries.Unfortunately, his has comealong at a bad time, but thank-fully he's a young bloke and isgoing to get opportunities inthe future. For the time beingwe will have to make do with-out him, but it's something weare prepared for and I'm surewe'll be able to do."

Flower tried putting a posi-tive spin on events, mentioninghow Bopara's bowling mightbe an asset. "No-one is irre-placeable and Ravi is a verytalented and exciting player,and brings a bit of medium-pace bowling to help the cap-tain in those middle overs,"Flower said.-Reuters

Eng batsmanMorgan willmiss the boat

Nadal,Federer

era is over,says Tsonga

ROTTERDAM: FrenchmanJo-Wilfried Tsonga saun-tered into the second roundof the ATP Rotterdam Openafter a 6-4, 6-4 defeat ofBulgarian Grigor Dimitrovand declared the era of dom-ination from Roger Federerand Rafael Nadal is over.

The eighth-seed who lostthe 2008 Australian Openfinal to Novak Djokovicsaid that the Serb's victoryin Melbourne little morethan a week ago over AndyMurray marked a gate-crashing of the private partyenjoyed by the Swiss andSpaniard for the last half-decade.

"Federer and Nadal are notalone (at the top of the rank-ings) any more," saidTsonga, who fired 11 aces inhis 75-minute win over the19-year-old Dimitrov.

"Maybe on clay, things(Nadal's victories) are stillthe same, but not on othersurfaces.

"Djokovic and Murray arebeating Nadal and Federervery often, all the playersare improving their games.It's not just about Nadal andFederer any more."-Reuters

NZ offersFranklinBennett

new dealsWELLINGTON: Allrounder James Frankin andfast bowler Hamish Bennetthave both earned elevatedcontracts from New ZealandCricket after regular appear-ances in the national team.

Franklin, 30, has threehalf-centuries in one-dayersin his past six innings, andalso took three wickets withhis medium-pace in the con-solation victory overPakistan on Saturday. In asquad filled with all-rounders, Franklin hascemented a starting placeedging ahead of the likes ofGrant Elliott.

Bennett, 23, impressed theteam management with hispace and was picked inevery match of the six-ODIseries against Pakistan, inwhich he was the highestwicket-taker, finishing with11 at 20.90.

Players who have notreceived central contractsfrom NZC get an elevatedcontract after they play aspecified number of match-es for the national team.-Agencies

PARIS: Andrea Petkovic of Germany returns a shot to her compatriot Angelique Kerberduring their Paris Open tennis tournament at the Coubertin stadium.-Reuters

11Thursday, February 10, 2011

International & Continuation

CONTINUATION

WASHINGTON: US unem-ployment remains too highdespite increasing signs ofeconomic strength, FederalReserve Chairman BenBernanke told Congress onWednesday, suggesting thecentral bank would push onwith its $600 billion stimulusprogram.

In testimony to the USHouse of Representatives'Budget Committee that large-ly echoed a speech he deliv-ered last week, Bernanke alsowarned about the dangers ofunsustainable budget deficits.

He acknowledged fresh datashowing a drop in the joblessrate to 9 per cent in Januaryfrom 9.8 per cent inNovember, the biggest two-month drop since 1958, call-ing it "grounds for optimism."

However, Bernanke reiterat-ed concern about the anemicpace of hiring.

"The job market hasimproved only slowly," hesaid, noting the economy hadonly made up just over 1 mil-lion of the more than 8 mil-lion jobs lost during the deep-est recession in generations.

"This gain was barely suffi-cient to accommodate theinflow of recent graduates andother new entrants into the

labor force and, therefore, notenough to significantly erodethe wide margin of slack thatremains in our labor market."

In November, the Fedlaunched a plan to buy $600billion in government debt tokeep a lid on long-term bor-rowing costs.

That program drew ire frommany policy-makers inemerging markets, whoaccused the United States ofunfairly driving down thevalue of the US dollar toboost exports. At home, manyRepublican lawmakers inCongress attacked the pro-gram as potentially sowingthe seeds of inflation.

Bernanke said inflationremains quite low in theUnited States, a tough mes-sage to deliver amid headlinesof rising food and commoditycosts across the globe.

He also said expectations offuture inflation had remained"stable," suggesting littleworry an inflationary psy-chology was building despiterising gasoline costs.

"Inflation is expected topersist below the levels thatFederal Reserve policymakershave judged to be consistent"with their mandate, Bernankerepeated.

The chairman of the com-mittee, Republican Rep. PaulRyan of Wisconsin, took issuewith that view. In his openingcomments, he criticized theFed's policies as providing thefuel for future bubbles andinflation, suggesting the Fed'sbond purchases were erodingthe US dollar's value.

"There is nothing moreinsidious that a country cando to its citizens than debaseits currency," Ryan said.

Bernanke was sure to bepeppered with questions onboth Fed policy and the budg-et by a Republican-ledCongress that has becomeincreasingly impatient withthe Fed.

Preemptively, the Fed chair-man had much the same mes-sage that he has offeredrepeatedly: either legislatorsbring the budget under controlor the markets will force theminto it.

"Creditors would never bewilling to lend to a govern-ment with debt, relative tonational income, that is risingwithout limit," he said. Ifunheeded, the adjustmentcould "come as a rapid andpainful response to a loomingor actual fiscal crisis."-Reuters

Bernanke saysUS job growth,

inflation still low

TOKYO: Moody's InvestorsService warned on Wednesdaythat a lack of success on fiscalreform would have a negativeimpact on Japan's credit rating,adding pressure on the govern-ment to produce a credible planto curb public debt.

The warning followsStandard & Poor's downgradeof its rating on Japanese debtlast month, its first cut in nineyears that exposed the coun-try's dire financial condition tocloser market scrutiny.

Moody's Investors Serviceon Wednesday affirmed itssovereign rating for Japan atAa2 with a stable outlook, say-ing it signified a very lowprobability of default.

But Tom Byrne, senior vicepresident and regional creditofficer at Moody's, toldReuters that Japan could notachieve its goal of a primarybudget balance with economicgrowth alone and fiscalreforms were also needed.

Political developments couldalso be negative for Moody'srating on Japanese debt if theyhampered reforms, he said.

"There's a long fuse beforeJapan's fiscal problems blowup into a crisis, but the gov-ernment will eventually haveto take measures to cut itsdeficit," Byrne said.

"You have to get bills in andout of parliament. If politicaldevelopments impede that, thatwould not be a credit-positivedevelopment."

Last month, Standard &Poor's cut Japan's rating by onenotch to AA minus, three levels

below the top grade, sayingTokyo lacked a coherent planto tackle mounting debt.

S&P's downgrade puts itscredit rating on Japan onenotch below Moody's but atthe same level as Fitch, anoth-er ratings agency.

UPHILL BATTLE Byrne told a media briefing

that Moody's was waiting forthe government to outline bythe end of April changes in thepension and healthcare systemsand then produce a fiscalreform roadmap, due by June.

Delays in implementingbudget reforms could eitherlead to a rating downgrade, anegative outlook or a steptowards a negative outlookdepending on the situation,Byrne said.

Byrne's comments indicateMoody's is willing to wait forthe results of the legislativeprocess.

S&P was more pessimistic,justifying its downgrade with alow chance that plannedchanges would reduce debt andwarning that bills needed toimplement next fiscal year'sbudget may not pass a splitparliament.

An number of factors stillwork in Japan's favour andexplain markets' muted reac-tion to the latest spate of warn-ings: the fact that most of itsdebt is held by local investors,its strong international pay-ments position, the depth of thedomestic market and highnational savings.

But economists and ratingagencies have long warned that

Japan will have no choice butto reduce its debt burdenwhich, at twice the size of its$5 trillion economy, is theworst among industrialisednations.

"I can't tell whether Moody'swill downgrade or not. Butthere are enough reasons for itto do so as Japan's fiscal con-dition has been deterioratingevery year," said ChotaroMorita, head of Japan fixedincome research at BarclaysCapital in Tokyo.

Japan is not alone in thescrutiny of its public finances.Euro zone members Greeceand Ireland have ratios of debtto gross domestic productabove 100 per cent. Spain,Portugal, the United States andBritain aren't far behind.

Many countries need tolower debt but still harboureconomic problems that makedrastic spending cuts difficultto stomach.

Prime Minister Naoto Kanhas staked his career on over-hauling the social security sys-tem and raising the sales tax,but he faces a divided parlia-ment in which opposition par-ties threaten to block budget-related bills in an attempt toforce Kan to resign or call asnap election.

In May 2009, Moody's cutJapan's foreign currency rat-ing to Aa2 from AAA, butraised the domestic debt ratingto Aa2 from Aa3. The outlookin both cases is stable. Moody'slast lowered Japan's local cur-rency bond rating in May2002.-Reuters

Moody's warns onJapan debt, urges

fiscal reform

BERLIN: German exportsrose modestly in Decemberwhile imports unexpectedlydropped, a sign the recovery inEurope's largest economy islosing some steam and may notoffer much support to its peersin 2011.

Germany last year staged astrong, broad-based recoveryfrom its deepest post-warrecession, fanning hopes that apickup in domestic consumerspending could raise importsand benefit its euro zone trad-ing partners.

But data this week showedindustrial orders and output

unexpectedly sliding into nega-tive territory in December, andanalysts see the recovery los-ing momentum in 2011.

"The dip in growth world-wide in the fourth quarterseems to have hit Germany,"said Andreas Scheuerle atDekabank.

"One has to keep in mind thatno one can expect to see thehigh growth rates seen in2010," he added.

Seasonally adjusted exportsrose 0.5 percent for the sec-ond month in a row inDecember, while imports fell2.3 percent, the Federal

Statistics Office said, broad-ening the trade balance to14.0 billion euros.

Economists in a Reuters pollhad expected the balance torise to 12.1 billion euros andimports to gain 0.5 percent.Exports were forecast to gain1.0 percent.

"The pickup is more damp-ened than expected," saidAlexander Koch at Unicredit."But if you look at the entirefinal quarter, there was a con-siderable increase overall.Exports likely contributedsignificantly to growth."-Reuters

German imports drop;less support for Europe

India cbank:hard to ease

liquidityamid highinflation

BHOPAL: The Reserve Bankof India faces a challenge ineasing liquidity without sig-nalling that it is loosening itsanti-inflationary monetarypolicy stance, DuvvuriSubbarao, governor of thecentral bank said onWednesday.

Liquidity in India's financialsystem has been tight over thelast few months, largely due tolower-than-expected govern-ment spending, forcing banksto borrow an average a net ofaround 850 billion rupees($18.72 billion) a day from thecentral bank at its repo win-dow from November throughJanuary.

The figure has in Februarydropped to around 720 billionrupees on the back of somepickup in government spend-ing but advance tax outflowsin March are expected again totighten cash conditions.

India at the same time is alsobattling stubbornly high infla-tion, standing at 8.43 per centin December, and easy cashconditions could furtheraggravate the inflationarypressures.

"The dilemma is how tomanage liquidity, ease liquidi-ty without giving the message,indication, impression that weare loosening our anti-infla-tionary stance," Subbarao said.

"We do it either by CRR(cash reserve ratio) or byOMO (open market operation)but the question is if wereduce the CRR or do OMO ina situation, in a context whenwe are trying to signal an anti-inflationary stance, the fear isthe market gets mixed sig-nals," he said while speakingin central India.-Reuters

Operating expenses declined 8.5 per cent to Rs4.62 billion com-pared to Rs5.05 billion mainly due to negligible exchange lossesduring the period. While, financial expenses hiked 55.91 per cent toRs6.04 billion from Rs3.87 billion during period under review.

Continued from page 12No #1

He called upon Pakistani community to try to gain more seats inParliament and also harness support to strengthen democracy inthe country of their origin. Earlier Pakistan's High Commissionerto UK Wajid Shams-ul Hasan welcomed the chairman Senate andapprised the role of Senate in the national politics.-APP

Continued from page 12No #2

As per further details, four flights from Benazir InternationalAirport to Lahore, Gilgit, and Chitral have also been canceledhere on Wednesday morning due the strike. PIA sources told thatPk-538 from Karachi to Sukkur and Pk-539 from Sukkur toKarachi has been canceled as well, wherein flights Pk-3002 fromKarachi to Islamabad and Pk-385 from Islamabad to Lahore havealso been canceled in this regard. PIA sources added the flightsfrom Quetta to other cities of the country have been canceled dueto the operational fault and passengers are in great trouble due tothe cancellation of flights. The protesters said that they would bewilling to rejoin their duties when Managing Director PIA resignsfrom his post and the agreement with Turkish airline is canceled.

Beside this PIA joint action committee has demanded that thecourt proceeding would be taken against women violence inIslamabad and Karachi. Talking to a private TV channel, thespokesperson of action committee told that they were appealing toMD PIA about negotiations for last month, however MD himselfcanceled two meeting and they also said ,he is deceiving govern-ment and people through his wrong statements.

Continued from page 12No #3

The incident has set off protests in Pakistan, where anti-US sen-timent already runs high. Shumaila Faheem, the wife of one of thetwo men who was gunned down, committed suicide on Sunday bytaking poison pills. Many observers have questioned whetherDavis was an ordinary diplomat. Pakistani police said he traveledaround with loaded weapons and a GPS navigation system.

"This case exposes a kind of dark side of this relationshipbetween Pakistan and the US, which is what feeds a lot of the sus-picions," said Shuja Nawaz, director of the South Asia Center atthe Atlantic Council think tank. Nawaz was not surprised by USofficials' adamance on freeing the American, saying: "There are somany layers to this story, on who he was and what he was doing,so clearly they don't want him out of their sight."

Secretary of State Hillary Clinton declined to meet Pakistan'sForeign Minister Shah Mehmood Qureshi at a weekend confer-ence in Munich, in a show of displeasure over the case, foreigndiplomats in Washington said. US officials have told Pakistan thatthe Davis case "has to be resolved before we can move to a high-er level of discussion," one diplomat told media on condition ofanonymity. Officials stressed that the United States has not sus-pended contact with Pakistan, a key partner in the US war effortin Afghanistan and international campaign against extremism."We continue to engage the Pakistani government at the highestlevels to seek resolution of this case," State Departmentspokesman Philip Crowley told media.

"We continue to stress that the US diplomat has diplomaticimmunity and should be released," he said.-Agencies

Continued from page 12No #4

"The president welcomed the national consensus, confirmingwe are on the right path to getting out of the current crisis," saidVice President Suleiman, whom many now see as the powerbehind the throne. "A clear road map has been put in place with aset timetable to realise a peaceful and organised transfer ofpower," he said in a televised address.

US Vice President Joe Biden renewed an appeal for "immedi-ate" and "irreversible" political change in a phone call toSuleiman, including a wider national dialogue with the opposi-

Continued from page 12No #5

tion, a White House statement said. He also renewed US calls forEgypt to immediately rescind an emergency law, renewed for twoyears last May, which Washington says gives the governmentsweeping powers to restrict basic freedoms.

But Suleiman, speaking to local editors, warned against hastyreforms and said only dialogue and "a programme of continuoussteps" could lead to change. "The second, alternative way, wouldbe a coup -- and we want to avoid that -- meaning uncalculatedand hasty steps that produce more irrationality," he said, accord-ing to the official MENA news agency.

Suleiman said the government would continue talking withpolitical factions and youth who spearheaded the protests,"affirming there will be no ending of the regime, nor a coup,because that means chaos", MENA reported.

UN chief Ban Ki-moon said the Egyptian people were frustrat-ed and demanding "bold reforms" -- but pulled back from previ-ous calls for an immediate transition by Mubarak.

While larger crowds gather daily to protest, several thousandoccupy Tahrir Square day and night, sleeping under plastic sheetsor army tanks. "Patriotic songs about the country used to soundexaggerated, but we own the country now," said 34-year-old doc-tor Issam Shebana, who came back from Sharjah in the UnitedArab Emirates to staff a makeshift clinic in the square. -Reuters

that while the earnings were good, trading volume was a bit off, soa consolidation is a natural course at this point," Greco said.-Reuters

Continued from page 5No #6

"Because expectations are for a (rate hike) at some point overthe next few months, there is certainly a risk that there could beone tomorrow, so investors as a result are finding ... an excuse topull back a bit," said Angus Campbell, head of sales at CapitalSpreads. Among midcaps, London Stock Exchange rose 3.1 percent after saying it was buying Canada's stock market operatorTMX. Following the news of the LSE-Toronto bourse merger,Deutsche Boerse and NYSE Euronext confirmed they were inadvanced merger discussions.

Prudential gained 2.2 per cent as Societe Generale upgraded thelife insurer -- which replaces Aviva, off 0.3 per cent, as the bro-ker's preferred stock in the sector -- to "buy" from "hold".

Aerospace and defence companies were aided by a note fromNomura that said it expected commercial aerospace stocks to per-form well against the backdrop of an improving cycle.

BAE Systems and Rolls Royce climbed 1.4 per cent and 0.2 percent, respectively, while GKN rose 2.7 per cent, extending itsgains from the previous session.-Reuters

Continued from page 5No #7

Gilani mentioned that the Council of Common Interests alsotook historic decisions such as the 18th amendment and restora-tion of the 1973 Constitution to its original form as presented byShaheed Zulfiqar Ali Bhutto. He thanked the Cabinet for resolute-ly standing by the leadership. He also prayed to Allah Almighty tohelp the government succeed in all areas and to take it "out oftroubled waters." Meanwhile, Farahnaz Isphahani, a spokes-woman for the ruling party, said the dissolution of cabinet wasmade "to deal with the economic reality of Pakistan."

"It's necessary to have a smaller cabinet at this time," she added.Pakistan's already feeble economy was battered by floods last

year that inflicted $10 billion in damage.Foreign aid has been slow in coming, in part because of concern

about the government's ability and willingness to implementfinancial reform. Political stability in Pakistan, a vital US ally, iscrucial to the war effort in neighboring Afghanistan and to com-bating militancy in Pakistan's northwestern ethnic Pashtun landsalong the Afghan border. Analysts, however, said the cabinetrevamp would do little to address the structural problems that theeconomy faced. "This move may be good for politics or to makeheadlines but not really for the economy as the government has tomake a more concerted effort in order to build up its credibility,"said Asif Qureshi, director at Invisor Securities Ltd. "Its' an eyewash, we actually need to see something, as in what and who is

Continued from page 1No #8

During the meeting, President Zardari assured Maulana Fazlur Rehman that his all reservationswould be removed and he would be taken into confidence about all-important national matters in thefuture. The PPP respects the mandate of JUI-F and we want the JUI-F should part of the ruling coali-tion in the future like the past and it should has representative in the cabinet, President Zardariunderlined. The sources added that Maulana Fazlur Rehman submitted some conditions for rejoin-ing of the ruling coalition and said that he would join the new cabinet when these conditions are ful-filled. On this occasion, the president assured the JUI-F Amir that the government has no plan ofamendment in blasphemy law and Prime Minister Syed Yousuf Raza Gilani had repeatedly assuredit. The spokesman of the President said that President Zardari and Maulana Fazlur Rehmanexchanged views about political situation. While the President hosted banquet in the honor of JUI-F Amir. -Online

Continued from page 1No #9

$19.31 billion recorded during the same period of last year, showing growth of 16.8 per cent.On the other hand, the exports from the country surged by 23.3 per cent by increasing from $10.78

billion 7MFY10 to $13.3 billion in 7MFY11.

Continued from page 1No #10

president."This is an incredibly exciting merger with considerable growth opportunities," saidRolet in the statement. "We are creating the world's largest listings venue for the commodities, ener-gy and natural resources sectors, as well as the premium market for small, mid-size and growth com-panies," added Rolet, who became LSE boss in 2009.

The group, provisionally called LSEG-TMX, will be the world's largest exchange in terms of thenumber of companies traded, with a total of more than 6,700 listings. -APP

Continued from page 1No #11

moving courts against LPG corrupt elements and above all, the media rightly brought anti-con-sumers practices in LPG sector to limelight", the chairman of LPG distributors association said.

Moreover, he said the Saudi CP has decreased by $112 per metric ton, or 12 percent, from $926per metric ton in January to $814 per metric ton for February, adding one could expect convenient-ly that the retail prices would reflect the decrease. He said some parties within the sector were lob-bying for locally produced LPG to be sold at prices far above the Saudi export price.

He said such measures would be detrimental to the consumers' interest therefore the governmentwas needed to discourage such overtures and expose the elements.He said the association wouldcontinue to work with all stakeholders in the LPG sector, government and media to ensure that con-sumers nationwide are empowered through awareness of pricing across the LPG value chain.OnFebruary 3, the LPG prices witnessed the decrease of Rs 15 per kg while the prices of domestic andcommercial cylinders were slashed by Rs 177 and Rs 681, respectively. -APP

Continued from page 1No #12

Employees Trust (PTET) regarding increase in pension and medical allowance of retired employ-ees of PTCL would be also discussed at the meeting. -Agencies

Continued from page 1No #13

under Coalition Support Fund and Kerry Lugar Act. They added government of Pakistan couldalso ask to the American bipartisan Congressional quarters seeking Davis's release for early legisla-tion of Reconstruction Opportunity zones. However, the officials underlined that this bargainingcould as dangerous as lethal for incumbent regime in Pakistan. Meanwhile a spokesperson to USEmbassy in Islamabad told this scribe, "we are continuing to take this issue (of Raymond Davis) upwith authorities at the highest-level. We are expressing the need to resolve this issue at the earliestso that we could move on to more important issues of bilateral relations."

Asked whether the resolution of Davis' issue was a pre-condition for the US to move on to thebilateral issues like strategic dialogue, the spokesman said, "do not try to put words in my mouth."This scribe had approached the spokesperson for rebuttal or confirmation of the reports in Americanmedia that the Davis issue could put the bilateral relations at stake.

Asked whether the Embassy issued any statement ensuring that the American national's issuewould not affect the bilateral relations, the spokesperson said, "There was no such statement I justanswered the questions I was asked as you are asking now."

The spokesperson's deliberate efforts to avoid confirmation or even contradiction of the reports inthe American media claiming potential of this case to hurt bilateral relations clearly indicated grav-ity of the matter especially for the US Administration. -Agencies

Continued from page 1No #14

being inducted." -Agencies

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SECP issues11 warning

lettersISLAMABAD: As a part ofsurveillance and monitoringactivities, in January theSecurities Market Division(SMD) of the Securities andExchange Commission ofPakistan issued two warningletters to noncompliant mem-bers of the stock exchange forexecution of blank sales andwash trades.

Owing to the regulatory non-compliance, nine warning let-ters were issued to the benefi-cial owners of 3 listed compa-nies for late filing of returns ofbeneficial ownership.

Furthermore, as part of con-tinuous process of the securi-ties market progression in linewith the international practices,12 amendments were approvedto the regulations of the stockexchanges.

In addition, ten investors'complaints were resolved dur-ing the month. -APP

Quartet ofblasts rock

GujranwalaGUJRANWALA: The back-to-back four bombs explodedhere in different areas ofGujranwala on Wednesday cre-ated panic among the residentswhile the security has beenhigh alerted in the area.

According to details, twoconsecutive bomb explodednear CIA Headquarter Centerpolice.

When rescue teams andpolice rushed at the site sud-denly after 20 minutes the thirdbomb blast in Regional office'slawn, luckily no loss of life hasbeen reported. The bomb par-tially damaged the police build-ings.

Unfortunately when theteams of rescue 1122, bombdisposal squads and policerushed at regional office to takereview of the site and damageloss, the fourth bomb explodedin police rest house adjacent toCPO office badly damaging thebuilding of the police resthouse and injuring the passer-by.

SP Civil line MubashirMaskeen said that the two-bomb blast in CIA and specialbranch office due to plantedexplosive material.

It is relevant to mention herethat bomb disposal squads havedefused the bomb planted out-side CIA's building.

In wake of further terror inci-dents, the security has beenhigh alerted in the city and thechildren have been stoppedfrom going to schools.

Talking to media CPOGujranwala said that the bombblast was tactic of the terroristto create panic in the city butthe situation is completelyunder control.

The police have cordoned offthe area and started searchoperation. -Online

Ahmed Siddique

KARACHI: Pakistan State OilCompany announced its financialresults for July-December period(1HFY11), posting profit after taxationamounted to Rs7.13 billion comparedto Rs5.08 billion over the correspon-ding period of last year, which trans-lates into earning per share of Rs41.58against Rs29.64 during the same periodlast year, according to financial resultsent by the company to KSE.

The Board of Directors of the compa-ny also approved distribution of Rs5 pershare interim dividend along with

results.Government of Pakistan, in an SRO

issued on Nov 30, 2010 reducedturnover tax rate on OMCs & refineriesto 0.5 per cent form 1 per cent whichrevert PSO to normal tax regime.

With the lower turnover tax companyposts EPS of Rs41.58 per share in1HFY11 incorporating reversal of taxof around Rs23.46 per share.

Despite that volumetric sales declined8 per cent, top line for the period slight-ly rose 3 per cent to Rs360 billion fromRs350 billion mainly due to increase inproduct prices.

Prices of JP, HSD, MS and furnace oil

increased 17.3 per cent, 15.3 per cent,10.3 per cent & 11.1 per cent respec-tively.

On the other hand, volumetric salesdropped 8 per cent mainly driven byfurnace oil and High Speed Diesel(HSD) which shows declining trend by13 per cent and 11 per cent respectivelyin 1HFY11.

Whereas the cost of sales also rose2.8 per cent to Rs346 billion.Similarly, gross profit surged 3.1 percent to Rs13.94 billion againstRs13.52 billion posted in the preced-ing year of same period.

See # 1, Page 11

PSO 1H profit reaches Rs7.1bn

ISLAMABAD: Pakistan is againstall forms of terrorism and its mani-festations, as this menace poses seri-ous threat not only to the security ofthe country but to the world at largeand the country was extending fullsupport and active cooperation tothe fight against terrorism.

Addressing to PakistaniCommunity at Pakistan HighCommission in London, ChairmanSenate Farooq Naek said "Our mes-sage to terrorists is clear and equiv-ocal", said in a press releasereceived here Wednesday.

Chairman Senate said "We wouldnot allow our territory to be used byterrorists and we will not be dauntedby terrorist threats."

The community meeting was attend-ed by a large number of Pakistanis set-tled in UK, representing political, aca-demic, business, and media.

Serving and former MPs, mayors

and councilors particularly dis-cussed with him, matters pertainingto Pakistani community, Pakistan-UK bilateral relations and role ofPakistan in the context of regionaland international political scenario.

Chairman Senate reiteratedPakistan's stand for its sovereigntysaying that "while Pakistan isextending cooperation to eliminateterrorism, it will not allow foreigntroops to operate inside its territory.

Action in Pakistan's territory is thesole prerogative of Pakistani armedforces, he asserted.

Reposing his confidence in thePakistan community residing in theUK, he said that we were proud tohave such forward looking and pro-ductive Pakistani community thatcontributes about 20 per cent to thenational economy through their for-eign exchange and remittances.

Referring to Pakistani expatriates as

one of the most valuable asset, he saidPakistanis living abroad have alwaysstood by the country through thick andthin, and came up to expectations andaspirations in most difficult times.

"You really and sincerely serve asthe true ambassadors of Pakistan" headded.

He called upon British Pakistanisto continue their support for therehabilitation of flood victims as $2billion were required for relief andearly recovery phase.

The Chairman Senate lauded theachievements of Pakistani communityon the political scene of Britain sayingthat presence of 7 members ofParliament of Pakistani origin, fourmembers of House of Lords and largenumber of Mayors and Councilors andrise of Baroness Sayeeda Warsi as thechair of ruling conservative party werehighly commendable achievements.

See # 2, Page 11

Pak shows terrorits iron fist: Naek

WASHINGTON: US lawmakersthreatened Tuesday to cut aid toPakistan unless it freed an Americandetained in a murder case, asWashington intensified pressure on itsuneasy war partner.

The United States has already warnedthat high-level dialogue would be atrisk unless Pakistan releases US diplo-matic employee Raymond Davis, whosaid he was acting in self-defense whenhe shot dead two men in Lahore lastmonth. Three members of the House ofRepresentatives drove home the pointon a visit to Pakistan, telling PrimeMinister Yousuf Raza Gilani starklythat the US Congress was working onits budget and looking for areas to cut.

"It is imperative that they release himand there is certainly the possibilitythat there would be repercussions ifthey don't," Representative John Kline,a Republican from Minnesota, told

reporters on his return."It's entirely possible that a member

of Congress would come down andoffer an amendment to cut funding forPakistan based on their detainingDavis," Kline said.

"My guess is there would be a lot ofsupport for such an amendment, frankly,because of the outrage of detaining anAmerican with diplomatic immunity,"he said. Asked if aid would be at risk ifDavis stayed behind bars,Representative Buck McKeon, whoheads the House Armed ServicesCommittee, said: "It very well could be."

Davis was arrested on January 27after shooting the two Pakistanis, say-ing he feared they would rob him. Athird Pakistani was run over and killedby a US consulate vehicle that hadcome to assist Davis, according topolice.

See # 4 Page 11

US aid conditionedupon Davis release

Staff Reporter

KARACHI: Pakistan InternationalAirline (PIA) workers and employeesacross the country including Karachi,Lahore, Quetta, and other cities of thecountry continued their protest forthird consecutive day here onWednesday.

PIA workers and employees stagedprotest demonstrations against thePIA-Turkish Airline agreement andsacking of Pakistan Air line PilotsAssociation president Sohail Balochand others pilots.

In this connection several flightshave been canceled all over the countrydue to the strike and protest of PIAemployees.

The process of strike and protestagainst the Managing Director of PIAand for the approval of their demandscontinued for third consecutive day.

The international and national flightsremained suspended all over the coun-try including Islamabad, Faisalabad,Karachi, and Lahore and other majorcities.

PIA staff, Ranger and police did notallow PIA employees to enter in thepremises of Benazir InternationalAirport Islamabad, so they stagedprotest outside the Airport.

The protesters warned to the authori-ty that they would continue theirprotest till the approval of theirdemands.

The PIA flight Pk-308 was to flyfrom Islamabad to Karachi, howeverdue to the protest of PIA employees,the flight has been canceled, and in thisconnection, new boarding cards for Pk-3092 have been issued to the passen-gers, but Pk-3092 as well could not flyfor Karachi from Islamabad Airport.

See # 3, page 11

Strike keeps PIAplanes grounded

CAIRO: United States urged Egyptto immediately lift an emergency lawand launch democratic reforms asprotestors staged the biggest show ofdefiance against President HosniMubarak in a three-week-old revolt.

But Mubarak's newly appointeddeputy, Vice President OmarSuleiman, warned that hasty reformscould spell "chaos" in the Arabworld's most populous nation.

In Cairo, hundreds of thousandsflooded the now iconic TahrirSquare, hailing a charismaticcyberactivist and Google executivewhose Facebook site helped kick-start the unprecedented protests onJanuary 25.

Many carried banners praising theInternet social networks Facebookand Twitter, which have become vital

mobilising tools for the opposition,thanks to online campaigners like theGoogle executive, Wael Ghonim.

Ghonim, who was freed after beingdetained and blindfolded for 12 days,told an adoring crowd: "Egyptiansdeserve a better life."

"Today one of those dreams hasactually come true, which is actuallyputting all of us together and as onehand believing in something.

"I'm not a hero, you are the heroes,you're the ones who stayed on thissquare," said Ghonim, who onMonday had tearfully described hisordeal at the hands of state security.

Earlier, the regime had issued adecree forming a committee to over-see constitutional changes ahead ofelections due in September.

See # 5 Page 11

Egypt rejectsrapid reforms

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the Federal Cabinetmeeting at Prime Minister Secretariat here on Wednesday. -Onlne

Employees' protest enters third day Rs5 per share interim dividend approved

Chairman Senate addresses Pak community in UK