International

Match pressure takes Liaquat Soldier's life See Page 12

Pak confirms arrest of Bali bombing suspect See Page 12

Britain expels 5 Libyan diplomats See Page 12

*Crude Oil (brent)$/bbl 115.27

*Crude Oil (WTI)$/bbl 104.70

*Cotton $/lb 194.96

*Gold $/ozs 1,429.70

*Silver $/ozs 37.69

Malaysian Palm $ 1,074

GOLD (NCEL) PKR 38,936

KHI Cotton 40Kg PKR 13,396

Yearly(Jul, 2010 up to 29-Mar-2011)

Monthly(Mar, 2011 up to29-Mar-2011)

Daily (29-Mar-2011)

Total Portfolio Invest (19-Mar-2011)

174.28

-21.67

0.46

2756

0.24

0.08

0.49

2.68

-0.29

-3.13

-0.06

SCRA(U.S $ in million)

Portfolio Investment

FIPI (30-Mar-2011)

Local Companies (30-Mar-2011)

Banks / DFI (30-Mar-2011)

Mutual Funds (30-Mar-2011)

NBFC (30-Mar-2011)

Local Investors (30-Mar-2011)

Other Organization (30-Mar-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (19-Mar-11)

Inflation CPI% (Jul 10-Feb 11)

Exports (Jul 10-Feb 11)

Imports (Jul 10-Feb 11)

Trade Balance (Jul 10-Feb 11)

Current A/C (Jul 10- Feb 11)

Remittances (Jul 10 - Feb 11)

Foreign Invest (Jul 10-Feb 11)

Revenue (Jul 10 Feb 11)

Foreign Debt (Dec 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Feb 11)

LSM Growth (Jan 11)

GDP Growth FY10EPer Capita Income FY10Population

$17.50bn

14.33%

$15.33bn

$25.60bn

$(10.27)bn

$(98)mn

$6.96bn

$1.23bn

Rs 875bn

$58.39bn

Rs 5497.4bn

$386.3mn

0.83%

4.10%

$1,051

175.59mn

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

13.74

2.00

2.35

11.14

PKR/Shares

110.87

117.18

42.64

50.11

38.00

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

09-Mar-2011

09-Mar-2011

09-Mar-2011

29-Nov-2010

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

30-Mar-2011

13.39%

13.69%

13.86%

14.00%

13.59%

13.52%

13.72%

14.12%

14.23%

13.97%

14.01%

14.07%

14.42%

14.65%

14.87%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 87.50 88.50

Canadian $ 87.05 88.05

Danish Krone 16.40 16.60

Euro 119.40 120.80

Hong Kong $ 10.50 11.00

Japanese Yen 1.040 1.066

Saudi Riyal 22.62 22.80

Singapore $ 67.00 68.00

Swedish Korona 13.70 14.00

Swiss Franc 93.20 94.20

U.A.E Dirham 23.15 23.35

UK Pound 135.80 137.80

US $ 85.15 85.50

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 87.27 87.47

Canadian $ 87.22 87.42

Danish Krone 16.09 16.13

Euro 119.99 120.27

Hong Kong $ 10.92 10.95

Japanese Yen 1.042 1.045

Saudi Riyal 22.72 22.77

Singapore $ 67.45 67.61

Swedish Korona 13.34 13.37

Swiss Franc 92.99 93.21

U.A.E Dirham 23.20 23.25

UK Pound 136.35 136.67

US $ 85.19 85.38

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

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ISLAMABAD: Food andAgriculture Organization(FAO) expected good wheatharvest to yield enough foodfor half a million poor ruralhouseholds.

"With an average family sizeof eight, this translates into aharvest large enough to feedfour million people for the nextsix months", said DanieleDonati, Chief, FAO EmergencyOperations Service.

FAO spent $54 million ofinternational donor fundingbuying and distributing qualitywheat seeds as part of its emer-gency intervention that beganlast August, he informed, said anews release received here.

Once the harvest is complet-ed, this donation will have pro-duced a crop worth almost$190 million in wheat flour, themain staple, at current localretail prices, he noted addingthe investment made by donorshas been quadrupled.

As part of its immediateresponse to the floods, FAO ledthe UN's Agriculture Cluster,comprised of over 200 organi-zations, reaching 1.4 millionfarming families across thecountry.

FAO received $92 million ofits $107 million appeal, whichhas enabled it to shore up thesmallholder agricultural systemin the four Pakistan provincesaffected by the flooding.

The donors were Australia,Belgium, Canada, the UNCentral Emergency ResponseFund (CERF), the EuropeanCommission, IFAD, Italy,Sweden, the United Kingdomand the United States ofAmerica.

As well as supporting the"Rabi" wheat planting season,it is estimated that FAO savedthe lives of almost a millionlivestock by supplying tempo-rary shelter and enough de-worming tablets and dry animalfeed for almost 290,000 fami-lies.

Green fodder is now becom-ing available as the harshPakistan winter turns to spring.

"The livestock interventionsreally paid off," Donati saidadding, it costs ten times moreto buy a new animal, whichoften represent a family's life-time savings.

The UN agency will shortlydistribute quality rice seeds to

See # 9 Page 11

Good wheat cropexpected this yr

Qutubuddin

KARACHI: Government isplanning to drop another petrolbomb on the masses today andis mulling to increase the priceof petroleum products by Rs6-12 from 1st April.

According to the sources inOil and Gas RegulatoryAuthority (OGRA) summary ofincrease in petroleum productswas forwarded to PrimeMinister Syed Yousuf RazaGilani for the approval.

PM Gilani was in India onWednesday but he as reaches

Capital today, after that hewould make some amendmentsin the summary before givingit's a final go-ahead.

It is the prerogative of PrimeMinister to amend the pricesmentioned in the summary afterconsultation with his economicadvisors and political partners.

The source told that due tonatural calamity in Japan andsituation took place in Libya,the increase in cost of petrole-um products has becomeinevitable.

It is expected that the price of See # 10 Page 11

POL price seenup Rs6-11/litre

PM Gilani to give final approval today

ISLAMABAD: The AsianDevelopment Bank (ADB) isextending $650 million inemergency assistance loans tohelp Pakistan rebuild vitalinfrastructure destroyed duringlast year's floods, while sepa-rately, the World Bank alsoapproved a $125 million loan.

The ADB Board of DirectorsWednesday approved the loanassistance, along with a sup-porting technical assistancegrant, for the Flood EmergencyReconstruction Project. Theloans will be used to recon-struct damaged roads, bridges,irrigation systems, as well asflood and drainage protectionworks in the worst affectedareas.

"This assistance comes indirect response to a requestfrom the Government ofPakistan and represents ADB'sstrong and continued commit-ment to the people of Pakistan,"said Juan Miranda, Director

General for ADB's Central andWest Asia Department.

"The outcome of the projectwill be the restoration of criti-cal infrastructure to restorelivelihoods and access to mar-kets which will support eco-nomic and social recovery."

The emergency loan willreconstruct over 790 km ofnational highways and 800 kmof provincial roads and bridgesto safer, higher standards.

It will also upgrade flood pro-tection embankments and otherdrainage infrastructure in 1.5million hectares of agriculturalland. Along with quicklyrestoring damaged infrastruc-ture, the project will aim tobuild back better.

The assistance will include$600 million to be taken fromOrdinary Capital Resourceswith a 32-year term, an eightyear grace period and interestset in accordance with ADB'sLIBOR-based lending facility.

Another $50 million equiva-lent will be tapped from ADB'sconcessional AsianDevelopment Fund, which willhave a repayment term of 40years, with a 10 year graceperiod, and interest charges at 1per cent per annum

Separately, the World Bankapproved a $125 million loan tohelp the government providecash transfers to more than amillion flood-affected house-holds, the bank said in a state-ment.

The World Bank loan isdirected towards the govern-ment's Citizen's DamageCompensation Program whichwas launched in 2010 and hasalready provided around 1.4million families with cashgrants of 20,000 rupees each($234) to cover their immediateneeds.

Millions remain displaced bythe floods and many who

See # 8 Page 11

WB, ADB approve$775mn as stopgap

Used carsdepreciation

cap raisesby 10pc

ISLAMABAD: Federal Boardof Revenue (FBR) hasenhanced the maximum limitof the depreciation from theexisting 50 per cent to 60 percent on the import of old, usedand second-hand cars, says apress release issuedWednesday.

The decision has been takenin line with a similar decisiontaken by the EconomicCoordination Committee(ECC) of the Cabinet in itsmeeting held on 01.03.2011when the apex body while con-sidering the summary regard-ing "Rationalizing the Prices ofLocally Manufactured Cars"

See # 12 Page 11

Obama

sets goal to

reduce oil

importsWASHINGTON: Seeking toshow the public he understandsthe burden of rising gas prices,President Barack Obama set anambitious goal of reducingU.S. oil imports by one-thirdby 2025, and vowed to breakthrough the political gridlockthat has stymied similar initia-tives for decades.

"Presidents and politicians ofevery stripe have promisedenergy independence but thatpromise has so far goneunmet," Obama saidWednesday during a speech onenergy at GeorgetownUniversity.

"That has to change. We can-not keep going from shock totrance on the issue of energysecurity, rushing to proposeaction when gas prices rise,then hitting the snooze buttonwhen they fall again," he said.

Obama touted a series of ini-tiatives — some new, but manyhe's previously announced —that he said would boostdomestic oil production,increase the use of biofuels andnatural gas, and make vehiclesmore energy efficient. And heembraced nuclear power as partof America's energy future,despite increased safety con-cerns following the earthquakeand tsunami in Japan thatseverely damaged a nuclearpower plant there.

Obama said he is determinedto ensure that nuclear plants inthe U.S. are safe, and hasordered a safety review of allfacilities that will incorporatelessons learned from the crisisin Japan.

The president spoke againstthe backdrop of rising gasprices following unrest in theoil-rich Middle East. Gas pricesin the U.S. have shot up 50cents a gallon this year, reach-ing a national average of $3.58a gallon last week, according toAAA's daily survey.

Republicans have blamedObama's policies for the rising

See # 11 Page 11

Kazmi jailed onjudicial remand

See Page 12

KARACHI: Federal Board ofRevenue (FBR) has decided tohold the operation of SRO231(1) 2011 of March 15 inabeyance to address the issue ofshortage of raw materials forexport sectors.

All import consignments willbe cleared according toSRO.509 (1) 2007 dated 09-06-2007 which was applicable upto 15-03-2011.

According to an FBR notifi-cation of March 29, 2011addressed to its ChiefCollectors Customs south andnorth regions which wasreceived by APP here onWednesday through PakistanHosiery Manufacturers andExporters Association

(PHMA), special excise dutyshall also not be charged on theconsignments stuck up withPakistan Customs at ports.

It said the government/ FBRhas decided to review the zero-rating scheme of SRO 509(1)2007 dated 09-06-2007 and newnotification in this regard will beissued shortly which will beeffective from 15-03-2011.However, the reduced tax rateswill continue to be effective.

Since most of the import con-signments lying at the ports areheld up due to application prob-lem of SRO 231(1) 2011, themanufacturers of five majorexport sectors are facing short-age of raw materials, the FBRcommuniqué said. -Agencies

FBR steps in to endraw material deficit

Already imported freights to be charged by old duty

Pakistan Rebuilding Damaged Infrastructure

MOHALI: Though Pakistancricket team lost its crucialmatch to India in the WorldCup semifinal Wednesday by29 runs, but on the politicalfront Prime Minister Gilani issaid to have gained with hisIndia visit, as it proved a thawin Indo-Pak frozen relations.

According to the media,Prime Minister Gilani termedhis talks with Indian counter-part as positive and said theytalked about the core issuesbetween the two nuclear rivals.

Prime Minister Gilani said heinvited the Indian PrimeMinister Manmohan Singh andCongress President SoniaGandhi to visit Pakistan.

Prime Minister Gilani saidthe semifinal between the

cricket teams of Pakistan andIndia is positive in bringing thetwo leadership and nationstogether, media quoted him assaying.

"This match brought the peo-ples and leadership of the twocountries together. This, Ibelieve is the positive outcomeof today's semi-final," Gilanisaid.

Gilani said winning or losinga game does not matter muchthan its quality and the teamspirit. He congratulated boththe teams for demonstratingsportsmanship and qualitygame.

He conveyed special felicita-tions to India's winning teamfor showing better performanceand determination. However he

said the Pakistan team did putup the resistance and playedwell but it was not their day.

He hoped that there would beother occasions when bothteams would play with eachother, both in India and

Pakistan.The Prime Minister conveyed

to the people of India thatPakistan desires good neigh-

borly relations with India."The resolution of all issues

through dialogue will bringpeace and prosperity to ourpeople," he said.

Meanwhile, Indian ForeignSecretary Nirupama Rao said

that the meeting of IndianPrime Minister ManmohanSingh and Pakistani PrimeMinister Yousuf Raza Gilaniwas "extremely positive andencouraging".

"I think every such meetingbetween the leaders of the twocountries generates an extreme-ly positive momentum," Raotold a news conference during

the match."I would like to emphasise

this is re-engagement betweenIndia and Pakistan."

Parliamentary leaders of vari-ous political parties and FederalMinisters accompanied withthe Prime Minister Gilani werealso present during the meet-ing. While Congress President

See # 7 Page 11

Pak gains in talks, loses semiMessage of Mohali: People of Indo-Pak want to live in peace and unanimity: Singh, Gilani

l Gilani terms talks positive l Singh says wanted permanent ties l Sonia, Singh invited toIsb l India reaches WC final, beat Pak by 29 runs l Afridi says 'sorry' to nation

US congratsPak, Indiaon CricketDiplomacy

ISLAMABAD: The UnitedStates Embassy congratulatedthe Pakistani and Indian cricketteams for their well-playedmatch on Wednesday.

The skill of both sides wasthrilling and the good sports-manship was inspiring to crick-et fans all over the world, said apress release of the embassyissued here.

The embassy also congratu-lated Prime Minister SyedYusuf Raza Gilani of Pakistanand Prime Minister ManmohanSingh of India for their leader-ship of "cricket diplomacy"between the two countries.

See # 6 Page 11

Karachi, Thursday, March 31, 2011, Rabi-us-Sani 25, Price Rs12 Pages 12

MOHALI: Prime Minister Yusuf Raza Gilani sits beside Chief of India's ruling Congress party

Sonia Gandhi at a dinner hosted by Indian Prime Minister Manmohan Singh in Mohali. Reuters

2 Thursday, March 31, 2011

Staff Reporter

KARACHI: The protectionof intellectual property (IP)in a country like Pakistanhas assumed paramountimportance as IP theft invarious forms has reachedstupendous heights, this wasstated by Kalim ASiddiqui, PresidentPetroleum MarketingBusiness, Byco PetroleumPakistan Limited.

He said this while deliver-ing his keynote address asguest of honour atInternational Conference onIntellectual Property Rights(IPR).

Siddiqui in his addresssaid the magnitude of the IPproblem could be judgedfrom the fact that the gov-

ernment is losing Rupeesnine billion annually orRs.25 million per daybecause counterfeiters donot pay general sales tax,excise duty, income tax, orany other income whosecollection is the due right ofthe government.

He said that Pakistan hassuffered $156 million tradelosses during the year 2009due to piracy in record andmusic, books and businesssoftware industry areas.

The Byco Petroleum chiefquoted the recent figures ofAnti CounterfeitingInfringement Forum (ACIF)according to which 60 per-cent of the consumer goodsin the country are substan-dard. Every year mostfamous brands lose seven to

20 percent sales.Figures of ACIF further

revealed that in oil andlubricant industry annualrevenue loss to governmentis Rs 1600 million; cigaretteindustry annual revenue lossto government is approxi-mately Rs 500 million andRs 800 million revenuelosses to companies; booksand publishing industry rev-enue loss to government isRs 40 million, said keynotespeaker of the moot.

The veteran of petroleumindustry said that inPakistan, piracy levels incable television, music andsoftware are more than90%, resulting in over US$1 billion loss in tax rev-enues.

He said that strong IP pro-

tection is needed in Pakistanto attract foreign invest-ments in the form of moneyand resources. Technologytransfer from other coun-tries to Pakistan alsorequires the formulation andenforcement of a stringentIP regime. Companiesabroad would seldom trans-fer advanced technology orinvest in production orresearch and developmentfacilities in countries wheretheir products are copied ortechnology is stolen, hesaid.

He said that protecting IPis crucial to the survival andlong-term growth of anybusiness enterprise or theoverall development of anation

Siddiqui said that coun-

terfeiting and piracy jeopar-dises healthy competition inan economy and distortseconomic growth. As ille-gitimate operators save mil-lions on research, develop-ment and marketing costs,legitimate companies strug-gle to compete with coun-terfeiters in price-sensitivemarkets. Moreover, there isa close nexus betweenincreased piracy and coun-terfeiting, and organisedcrime, opined KalimSiddiqui.

He was of the opinion thatIP theft smothers innovationand discourages sincereinvestors from investing inproduct and market develop-ment. The phenomenon alsodeeply affects the knowl-edge-based sectors, for

which IP is the essence oftheir success, survival, andgrowth. Counterfeiting andpiracy also affects a coun-try's exports and hampers thenational economy, he said.

Other speakers of theinternational conferencesaid that it is not merely thegovernment's action or leg-islations, which could pro-tect and promote productsand rights related to intel-lectual property but it is thepeople's mindset and atti-tude, which should bechanged for combating themenaces of counterfeitingand piracy.

The speakers said thatdrastic and revolutionarysteps are required in otherwalks of life too in order toreplace the rampant culture

of dependence on pirated andcounterfeit goods in the soci-ety. They said that by con-suming pirated goods, we asa nation are not doing justiceto creative and intellectualfraternity of the country.

They further said thatIPR-related law enforce-ment mechanism in thecountry should be re-designed in order to effec-tively combat the menace ofcounterfeiting and piracy inthe country.

Audience of the confer-ence was informed thatbefore April 2005 the man-agement of intellectualproperty in Pakistan wasfragmented between threegovernment ministries andthis division and fragmenta-tion detracted much from

the efficacy of the country'sIP system. As a result, the IPsituation in Pakistan,according to the internation-al perceptions, was con-stantly deteriorating. Inorder to correct this undesir-able situation, the govern-ment decided to establish anumbrella organization i.e.Intellectual PropertyOrganisation of Pakistan(IPO) to integrate, consoli-date, and upgrade the IPinfrastructure in Pakistan.

Participants of the mootwere further informed thatthe establishment of IPO-Pakistan was also aimed ataddressing the institutionalshortcomings that were pre-viously impeding efficientmanagement of intellectualproperty in Pakistan.

‘$156mn trade loss in 2009 due to piracy’Int'l Conf on Intellectual Property Rights told

Staff Correspondent

ISLAMABAD: Pakistanattaches great importanceto strengthening bonds offriendship and close collab-oration with Afghanistan.Since the present democrat-ic government has come topower significant progresshas been made to strength-en bilateral relationship.We strongly support thesovereignty, independenceand territorial integrity ofbrotherly country ofAfghanistan.

This was stated by theChairman Senate, Farooq H.Naek while talking to visit-ing Afghan Parliamentarydelegation who called onhim at the Parliament Househere on Wednesday.

The Chairman said terror-ism is a common threat andchallenge being faced byPakistan and Afghanistan.Pakistan is against terrorism

in all its forms and manifes-tations. We are biggest vic-tims of terrorism; we lostour great leader ShaheedMohtarma Benazir Bhuttoat the hands of terrorists. Wehave lost thousands of inno-cent civilians and valiantpersonnel of the armedforces. Terrorism has badlyaffected our economy andday to day lives, it is a com-mon threat that requires acommon response, headded.

The Chairman further said"peace, security and stabili-ty in Afghanistan has vitallink with peace and tran-quility in Pakistan", an inde-pendent, peaceful and stableAfghanistan is in the inter-est of Pakistan, region andthe world.

The Chairman called uponthe Government ofAfghanistan to share experi-ences and join hands withPakistan to eliminate terror-

ism not in Pakistan andAfghanistan but also theentire world to bring in eraof peace, security and sta-bility.

Sayed Ishaq Gailani,leader of the Afghan dele-gation, while reciprocatingthe gesture said they aretoo pleased to visit brother-ly country Pakistan andspecially Senate ofPakistan. He also thankedthe Chairman andMembers of the Senate fortheir hospitality. Whileexpressing their strongdesire and commitment tofurther enhance the broth-erly relations withPakistan, the members ofthe delegation said thatPakistan and Afghanistanwere brothers and neigh-bours. They will make allpossible efforts to furtherenhance the brotherly rela-tions between the twocountries.

Pak attaches greatimportance to relationswith Afghanistan: Naek

Staff Reporter

KARACHI: NationalBank of Pakistan held its62nd Annual GeneralMeeting at PearlContinental Hotel Karachion Wednesday. The meet-ing was well attended bythe share holders and thesenior executives from theBank.

The share holdersapproved dividend payoutof 75% cash dividend (Rs.7.50/- per share) and 25%Bonus shares as recom-mended in the Board ofDirector's meeting held onMarch 1, 2011.

Acting President of thebank, Qamar Hussain wel-comed the share holders tothe 62nd Annual GeneralMeeting of the Bank. Onbehalf of the bank's man-agement and the Board ofDirectors he appreciatedthe efforts and contributionmade by the formerPresident S. Ali Raza dur-ing his tenure of 10 1/2years as president ofNational Bank of Pakistan.He then requested thefinancial controller to givean overview of the bank's

financial performance of2010.

The Bank's FinancialController highlighted thekey successes that the bankhas achieved during theyear despite the variouschallenges that thePakistani economy had toface due to the devastatingfloods, growing inflation-ary pressure and wideningof fiscal deficit. Heinformed the share holdersthat NBP became the firstPakistani Bank to surpassthe 'Rs1 trillion benchmark'with an impressiveincrease in deposits ofRs105 billion or 14%.Advances remained at thesame level as year 2009and this is in line with theIndustry trend. The Bank 'sCapital and Reservesincreased from Rs119 bil-lion to Rs128 billion thehighest amongst allPakistani banks.

The Bank posted a Pre-tax profit of Rs24.4 billionwhich is 15% higher fromRs21.3 billion in 2009. Theincrease is owing to highercore revenues and lowerprovision charge. Net inter-est income increased by

15% from last year, whilefee income was up by 8%on account of higher tradefinance and general bank-ing income. After tax prof-it, remained at last yearlevel of Rs.17.6 billion dueto prior year's tax reversalof Rs4.1 billion in 2009.EPS for the year wasRs13.05 which is at thesame level as year 2009.

Financial Controller alsohighlighted the growth thatthe bank have achievedover the last five years interms of deposits,advances, assets and profit.He mentioned that com-pared to other banks inPakistan NBP is at numberone in terms of TotalAssets, Deposits, Capitaland Reserves and Aftertax Profit.

The Acting Presidenthighlighted the futurestrategies of the bankwhich include reduction inNPLs, focus on low costdeposits, increase in feebased income and technol-ogy up gradation. Heexplained that a number ofprojects are under way atthe bank to upgrade the I.T.infrastructure of the Bank.

NBP announcescash divided,bonus shares

ISLAMABAD: FederalMinister for Water andPower and Privatisation,Syed Naveed Qamar hassaid that clean environmentis priority of the govern-ment and the newly com-pleted low-sulphur contentpetroleum project of Pak-Arab Refinery Company(PARCO) will greatly con-tribute towards a greenerenvironment in the country.

He said this while presid-ing over 128th board meet-ing of Pak Arab Refinery

(PARCO) held here onWednesday.

Syed Naveed Qamar isChairman of the PARCOBoard and the meeting wasalso attended by theDirectors of theGovernment of Pakistanand Abu Dhabi.

He said that the govern-ment has planned environ-ment friendly petroleumproducts and all therefineries have been askedto meet the EURO-IIrequirements, which is an

International standard. Heappreciated the PARCO forcompleting this environ-ment friendly project.

The board reviewed theoperational, financial andHR progress of the compa-ny.

The managementannounced the successfulcommissioning of theDiesel HydroDesulphurisation (DHDS)project which was com-pleted well before time andwithin the allocated budg-

et. This pioneering project

will make PARCO the onlyrefinery in Pakistan pro-ducing environment friend-ly fuel.

It may be noted here thatthe DHDS project aims atmeeting the internationalstandards by reducing sul-phur content in High SpeedDiesel. The DHDS plant atMahmood Kot, MuzzafarGarh is equipped with amaximum capacity of26,000 barrels per day, and

reduces sulphur contents inHigh Speed Diesel from7,000 parts per million to500 parts per million whichis an EURO-II require-ment.

The future plans of thecompany were also dis-cussed and an update onthe new AsphaltProduction project present-ed. The meeting noted withsatisfaction the continuedprogress of the companyand appreciated thePARCO team.-APP

Govt planning eco-friendlypetroleum products: Qamar

TFD Report

KARACHI: The Union ofSmall and mediumEnterprises (UNISAME) hasadvised SME exporters toexercise caution in exports toLibya, Syria, Bahrain andYemen due to political unrestand to obtain insurancecover for loss due to strike,riot and civil commotion(SRCC) and also buyers fail-ure to pay the bills.

President UNISAMEZulfikar Thaver said theSME exporters are advisedin their own interest to onlyship goods against 100%advance payment to thesedestinations and if not thento get themselves indemni-fied against losses due toSRCC, says a press ofUNISAME.

He said it has been reported

that many SME exporters arefacing financial hardshipsdue to non payment of theirover due bills from thesecountries as the buyers areunable to remit the proceedsdue to closure of business andshort working hours of banksand also due to lack of funds.

He urged the SMEexporters to follow the prin-ciple of "Know YourCustomer" before shipmentsand gather all informationabout the customer in termsof credit worthiness, finan-cial strength and paymenthabits as experience tell usthat whatever the situation ifthe buyer is of good back-ground and standing the billis not dishonoured indefi-nitely and as soon as the sit-uation is under control theproceeds would be remittedby a reputable buyer.

SMES advisedcaution in shipmentto Gulf, Mideast

Economypositive forlast couple

of yearsISLAMABAD: Despite sev-eral domestic and internation-alchallenges, the country'seconomy is gradually movingtowards building basis onsound footings as suggestedby the economic indicators.

Not only the country's for-eign exchange reservesreached an all time high of$17.38 billion because ofhuge remittances sent byoverseas Pakistan, the othereconomic indicators haveshown positive growth dur-ing the period, sources in theMinistry of Finance saidwhile commenting on thethree-year performance ofthe current government.

The government has beenfocusing on `New GrowthStrategy' with an aim to raisegrowth above its historicalaverage of 4.9 percent,source said adding mainargument in the new growthframe work is that growthshould be market-led and notgovernment-led.-APP

SSGCL

working with

TGTDCL for

reducing UFGKARACHI: A team of SuiSouthern Gas CompanyLtd(SSGCL) is currently vis-iting Titas Gas Transmissionand DistributionCo Ltd(TGTDCL) of Bangladesh tofind out a mechanism forreducingunaccounted for gas(UFG) or transmission losses.

Deputy ManagingDirector SSGCL Azim IqbalSiddiqui, who is heading theteam, told APP on telephonefrom Dhaka on Wednesdaythat he had been holdingmeetings with TGTDCLofficials to find out the strat-egy for cutting UFG in SuiSouthern Gas.-APP

KASB Bankreleases

album ofFaiz's poetry

TFD ReportKARACHI: In order topay tribute to the legendarypoet Faiz Ahmed Faiz on his100th Birth Anniversary,KASB Bank Limited hastaken another initiative ofreleasing the second albumof his poetry. The firstalbum was released in 1975,about 36 years ago. The newalbum contains 17 ghazalsand poems of Faiz sung byfamous female vocalistNayyara Noor while famousmusician Arshad Mahmoodhas composed the music.Both artistes are alsofamous for rendering Faiz'spoetry in a befitting manner.A few ghazals and poems, inthe voice of Faiz Sahib arealso part of the album.

The ceremony was heldat Pearl Continental Hotel.Muneer Kamal, ViceChairman, KASB Financeand Mohammad AftabManzoor, President &CEO-KASB Bank, whohad also taken specialinterest in preparation ofthe album, were also pres-ent at the occasion. Bothalso expressed their confi-dence that the new albumwill receive an overwhelm-ing response from Faizlovers.

KASB Bank, which isknown to be active partnerin promotion of art, litera-ture, sports and other socialactivities throughout thecountry, is proud to be asso-ciated with celebrations ofFaiz Ahmed Faiz 100thBirth Anniversary. KASBBank is serving its clientsthrough 104 Branchesacross Pakistan.

KARACHI: Ateeq-ur-Rehman of KCCI felicitating Siraj

Kassim Teli, Chairman BMG, on getting Presidential Award

“Sitara-e-Imtiaz”.-Staff Photo

ISLAMABAD: A group photograph of Afghan Parliamentary Delegation with Deputy Chairman Senate, Jan Muhammad Khan

Jamali and Deputy Speaker National Assembly Faisal Karim Kundi at Parliament House.-APP

ISLAMABAD: Federal Minister for Water and Power privatisation, Syed Naveed Qamar presiding over 128th board meeting of Parco.-APP

Mobilinkrewardscricket

enthusiastsISLAMABAD: As thenation is gripped in cricketfrenzy, Mobilink,Pakistan's market leader incellular services and a partof Orascom TelecomHolding, rewards 30 crick-et enthusiasts with a roundtrip to Sri Lanka.

To tap into the pulse ofthe nation that is wired tothe game of cricket,Mobilink has announcedthe names of the luckywinners of the all-expenses paid trip to SriLanka under its prepaidbrand Mobilink Jazz andindigo, says a pressrelease issued here onWednesday.-PR

MUMBAI: The Indian rupeerose marginally onWednesday, but was stuck in anarrow band, as demand forthe dollar from oil importersoffset local share gains anddollar inflows.

The partially convertiblerupee closed at 44.745/755 perdollar, 0.1 per cent strongerthan its previous close of44.78/79. It had traded in arange of 44.7200-44.7950intraday.

"Tomorrow being themonth-end and the fiscal year-end, rupee might be a bitvolatile. Today not much ofactivity was seen," saidNaveen Raghuvanshi, an asso-ciate vice president atDevelopment Credit Bank.

"People will have to square-off," he said, adding the rupeeis expected to trade in a broadband of 44.50-45.00 per dollaron Thursday.

The one-month onshore for-ward premium was at 25.25points, down from 27.50, the

three-month premium at 78.25points versus 82.75 and theone-year at 288.00 pointsfrom 296.25.

The one-month offshorenon-deliverable forward con-tracts were quoted at 44.98,weaker than the onshore spotrate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange were at 44.9400,and on the MCX-SX and theUnited Stock Exchange at44.9450, with the total volumeat about $5.48 billion. -Reuters

Indian rupee up atad in narrow band

3Thursday, March 31, 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 30/03/2011

A USD GBP CAD EUR JPY

O/N 0.18550 0.55938 0.95383 0.54563 SN 0.11250

1WK 0.22430 0.58000 1.00167 0.75625 0.12875

2WK 0.23330 0.58750 1.03650 0.80538 0.14125

1MO 0.24380 0.61875 1.07833 0.90500 0.15063

2MO 0.27575 0.69188 1.13433 1.03000 0.16250

3MO 0.30450 0.81625 1.20083 1.17500 0.20000

4MO 0.34650 0.90000 1.27083 1.27063 0.24563

5MO 0.40600 1.00625 1.33583 1.37188 0.30000

6MO 0.46050 1.12500 1.39900 1.49250 0.34625

7MO 0.51150 1.20813 1.48283 1.56813 0.39625

8MO 0.56300 1.29563 1.56250 1.64250 0.44313

9MO 0.61625 1.37688 1.64267 1.71875 0.48750

10MO 0.67400 1.45813 1.73133 1.79875 0.51563

11MO 0.72500 1.52813 1.81933 1.86813 0.54250

12MO 0.78200 1.59688 1.90083 1.93938 0.56875

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

U.S.A. 85.30 85.10 84.88U.K. 136.44 136.12 135.75EURO 120.21 119.93 119.59CANADA 87.58 87.37 87.14SWITZERLAND 92.39 92.17 91.93AUSTRALIA 87.88 87.68 87.45SWEDEN 13.44 13.41 13.37JAPAN 1.03 1.03 1.02NORWAY 15.23 15.20 15.16SINGAPORE 67.54 67.38 67.21DENMARK 16.12 16.08 16.04SAUDI ARABIA 22.75 22.69 22.63HONG KONG 10.95 10.92 10.89CHINA 13.00 12.97 12.94KUWAIT 307.52 306.80 305.99MALAYSIA 28.19 28.12 28.05NEW ZEALAND 64.58 64.43 64.26QATAR 23.42 23.37 23.31U.A.E. 23.22 23.17 23.11KR WON 0.08 0.08 0.08THAILAND 2.81 2.80 2.80

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.4084 1.4087 1.4128 1.4056

USD-CHF 0.9227 0.9232 0.9273 0.9198

GBP-USD 1.6035 1.6039 1.6081 1.5980

USD-CAD 0.9716 0.9720 0.9751 0.9688

AUD-USD 1.0317 1.0320 1.0332 1.0272

EUR-JPY 116.9200 116.9700 117.2600 116.2400

EUR-GBP 0.8785 0.8788 0.8817 0.8755

EUR-CHF 1.2999 1.3003 1.3039 1.2964

GBP-JPY 133.0600 133.1400 133.6000 131.8700

CHF-JPY 89.9400 89.9900 90.2500 89.4900

Gold 1416.2000 1417.3000 1430.1500 1412.1600

As per 22.00 PST

Time Source Events Forecast Previous

4:01 GBP GfK Consumer Confidence -29 -28

5:30 AUD Building Approvals m/m 4.2% -15.9%

5:30 AUD Retail Sales m/m 0.4% 0.4%

11:00 EUR German Retail Sales m/m 0.4% 0.4%

11:00 GBP Nationwide HPI m/m -0.1% 0.3%

12:55 EUR German Unemployment Change -23K -52K

14:00 EUR CPI Flash Estimate y/y 2.4% 2.4%

17:30 CAD GDP m/m 0.5% 0.5%

17:30 USD Unemployment Claims 379K 382K

18:45 USD Chicago PMI 70.1 71.2

19:00 USD Factory Orders m/m 0.7% 3.1%

Source Events Actual Forecast Previous

NZD Building Consents m/m -9.7% 9.1%

JPY Prelim Industrial Production m/m 0.4% -0.1% 1.3%

CHF KOF Economic Barometer 2.24 2.16 2.19

GBP CBI Realized Sales 15 -1 6

USD Challenger Job Cuts y/y -38.6% 20.0%

USD ADP Non-Farm Employment Change 201K 205K 208K

CAD RMPI m/m 1.8% 0.6% 0.4%

USD Crude Oil Inventories 2.9M 1.6M 2.1M

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

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

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

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

European Central Bank April 7, 2011 May 7, 2009 1%

Federal Reserve April 27, 2011 December 16, 2008 0.25%

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

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, March 30,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

ABLN 13.15 13.65 13.00 13.50 13.00 13.50 13.35 13.60 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 13.20 13.70 13.25 13.75 13.20 13.70 13.30 13.55 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

ASPK 13.30 13.80 13.25 13.75 13.20 13.70 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

CIPK 13.20 13.70 13.10 13.60 13.00 13.50 13.15 13.40 13.35 13.60 13.50 14.00 13.70 14.20 13.80 14.30

DBPK 13.05 13.55 12.95 13.45 12.90 13.40 13.20 13.45 13.30 13.55 13.50 14.00 13.60 14.10 13.75 14.25

FBPK 13.25 13.75 13.25 13.75 13.10 13.60 13.25 13.50 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 13.20 13.70 13.15 13.65 13.10 13.60 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 13.30 13.80 13.20 13.70 13.10 13.60 13.25 13.50 13.45 13.70 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 13.15 13.65 13.10 13.60 13.10 13.60 13.25 13.50 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

NIPK 13.20 13.70 13.20 13.70 13.30 13.80 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.75 14.25

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

SAMB 13.10 13.60 13.10 13.60 13.05 13.55 13.20 13.45 13.40 13.65 13.65 14.15 13.75 14.25 13.85 14.35

MCBK 13.25 13.75 13.10 13.60 13.00 13.50 13.15 13.40 13.40 13.65 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 13.40 13.90 13.25 13.75 13.15 13.65 13.30 13.55 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

SCPK 13.25 13.75 13.10 13.60 13.10 13.60 13.25 13.50 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

UBPL 13.10 13.60 13.10 13.60 13.10 13.60 13.30 13.55 13.50 13.75 13.65 14.15 13.80 14.30 13.90 14.40

AVE 13.21 13.71 13.14 13.64 13.09 13.59 13.27 13.52 13.47 13.72 13.62 14.12 13.73 14.23 13.83 14.33

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)30/03/2011

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

1 week -1.00 -0.89 -0.95 0.20 0.90 -0.97 0.00 -0.971 month -0.04 -0.06 -0.42 0.29 0.17 -0.17 -0.25 -0.173 months 0.24 0.66 0.30 0.89 0.82 -0.51 -0.68 -0.476 months 0.39 0.27 0.20 0.76 0.76 0.08 -0.53 -0.451 year 0.86 -0.58 0.21 -0.05 0.86 0.81 -0.70 -0.912 years 0.26 0.21 0.13 0.42 0.81 0.30 -0.13 -0.52

Currencies CorrelationGBP/USD

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 13.40 13.50 13.60 13.50 13.50 13.50 13.50

8-15dys 13.40 13.55 13.37 13.35 13.35 13.35 13.40

16-30dys 13.35 13.35 13.30 13.30 13.30 13.33 13.32

31-60dys 13.30 13.38 13.30 13.30 13.20 13.30 13.30

61-90dys 13.30 13.27 13.31 13.28 13.18 13.30 13.27

91-120dys 13.40 13.36 13.42 13.38 13.40 13.45 13.40

121-180dys 13.60 13.58 13.59 13.58 13.55 13.59 13.58

181-270dys 13.65 13.64 13.66 13.64 13.60 13.67 13.64

271-365dys 13.78 13.77 13.77 13.78 13.70 13.73 13.76

2-- years 13.95 13.85 13.94 13.90 13.90 13.90 13.91

3-- years 14.00 14.03 13.99 13.97 13.90 13.92 13.97

4-- years 14.05 14.00 14.00 14.00 14.00 14.01 14.01

5-- years 14.05 14.04 14.01 14.00 14.00 14.00 14.02

6-- years 14.08 14.04 14.06 14.05 14.05 14.02 14.05

7-- years 14.08 14.05 14.07 14.05 14.06 14.03 14.06

8-- years 14.08 14.06 14.04 14.04 13.95 14.00 14.03

9-- years 14.09 14.06 14.05 14.06 14.00 14.02 14.05

10--years 14.09 14.08 14.07 14.08 14.06 14.07 14.08

15--years 14.45 14.40 14.45 14.50 14.35 14.40 14.43

20--years 14.60 14.65 14.70 14.80 14.55 14.60 14.65

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for March 30, 2011

NEW YORK: The yen weakenedacross the board on Wednesday, slidingto a 10-month low against the euro, asrecent hawkish comments from euro-zone and US officials contrasted withJapan's loose monetary policy.

The euro rose to around 117.28 yen onelectronic trading platform EBS, itsstrongest since May 2010, and was seenclimbing more on expectations theEuropean Central Bank will start raisinginterest rates as early as next month.

Rising risk appetite encouragedinvestors to seek higher-yielding assets,with the Australian dollar climbing to a29-year high over its US counterpart anda 10-month high against the yen.

"The new high in the Australian dollar,combined with weakness in yen, suggestthat the carry trade is building momen-tum," said Camilla Sutton, chief curren-

cy strategist at Scotia Capital in Toronto."This could put significant weakeningpressure on yen, but we would not besurprised to see some dollar/yen down-side (yen strength) on the back of ongo-ing repatriationin late in April."

The US dollarrose to around83.19 yen, alevel last seenon March 11,when the yeninitially fellafter Japan's earthquake. It last traded at82.98 yen, up 0.6 per cent.

Traders reported offers at 83.30/50,with orders said to be thin until moresupply placed at around 84.00.

Hawkish comments in recent daysfrom US Federal Reserve and European

Central Bank officials contrasted withthe stance taken by the Bank of Japan,which is set to leave interest rates nearzero for some time to support the world'sthird-largest economy as it recovers

from the effects of the earthquake.Dallas Fed President Richard Fisher

said on Tuesday he would vote againstfurther monetary easing after the FederalReserve's $600 billion bond-buying pro-gram ends in June. The euro was down0.1 per cent on the day at $1.4097 but up

0.5 per cent against the yen at 116.95yen on electronic trading platform EBS.

The euro is more than 5.0 per centhigher against the dollar this year, and itsapparent resilience to fiscal problemsfacing weak euro-zone countries has ledsome to nickname it the "Teflon euro."

Speculation that Japanese investors mayreduce dollar hedging positions related totheir overseas investments, and theabsence of huge repatriation flows follow-ing the quake, are shifting the focus backto economic fundamentals and reinforcingthe yen's status as a funding currency. Themarket's focus on rate differentials bene-fited higher-yielding currencies such asthe Australian dollar, which traded at$1.0322, near a 29-year high of $1.0334hit earlier in the global trading day.

The Aussie traded at 85.61 yen after ear-lier climbing to a 10-month high. -Reuters

Yen weakens; investorscontrast rate outlooks

SHANGHAI: The yuanclosed up against the dollarand approached its record trad-ing high on Wednesday afterthe People's Bank of Chinafixed its daily mid-point nearan all-time high.

The PBOC has fixed a slewof record high mid-pointssince the start of this year,indicating the governmentmay be allowing the yuan'sexchange rate to appreciate tohelp fight inflation, partly pro-pelled by high global com-modity prices.

China is also in the earlystages of an economic rebal-ancing act that makes astronger currency an almostinevitable part of the mix,implying sustained yuanappreciation may come farsooner than many foreignplayers are expecting.

"All signs point to moregains of the yuan's exchangerate in the coming months,although the PBOC appears toremain cautious and is control-ling the pace of appreciation,"said a dealer at a majorChinese state-owned bank inBeijing.

The trader and several othersexpected the PBOC to let itsfixing hit another record high

late this week or early week. The yuan closed at 6.5559

versus the dollar, up fromTuesday's close of 6.5610 andwithin arm's reach of its recordtrading high of 6.5549 hit lastFriday.

It has now risen 4.12 per centsince it was depegged in June2010, and 0.51 per cent so farthis year.

Before trading began, thePBOC fixed the yuan's mid-point at 6.5586, stronger thanTuesday's 6.5625 and only sixpips away from the fixing'srecord high of 6.5580.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards were bid at6.4380 in late trade, downfrom 6.4480 at Tuesday'sclose. Their implied yuanappreciation in a year's timeinched higher to 1.87 per centfrom 1.72 per cent.

Since the start of this year,NDF-implied yuan apprecia-tion has persistently laggedmarket expectations of a 5 to 6per cent rise in 2011 partlybecause hedge funds, the mainplayers in forwards, cut backexposure to Asian markets infavour of dollar assets as theUS economy recovers, traderssaid. -Reuters

Yuan near record high

on PBOC guidance

LONDON: Sterling bouncedfrom a five-month low versus theeuro on Wednesday, helped byworries over the euro-zone's debtcrisis, although expectations UKrates will rise later than those inEurope checked gains.

The pound also made gainsagainst the dollar, advancing to asession high of $1.6083 after datashowed British service sectoractivity rebounded in January to

grow at its fastest monthly pacesince July 2002.

Traders said stops above$1.6060 were tripped as modelfunds bought sterling with offerssaid to be above $1.6100 and$1.6115. The $1.6115 level is the38.2 per cent retracement of ster-ling's fall from its 14-month highof $1.6403 on March 22 to$1.5937 low struck on March 28.

"We are looking for the$1.6090/6140 area to providestrong resistance and the risks arefor the market to pull back to$1.5750/80 before basing signsemerge," said Phil Roberts tech-nical analyst at Barclays Capital.

Against the euro, sterling heldon to its earlier gains.

The euro was down 0.4 per centfor the day, at 87.77 pence,retreating from a five-month highof 88.365 pence struck onTuesday. Despite Wednesday'sdrop, the common currency is up2.3 per cent on the year, helped byexpectations that the EuropeanCentral Bank will raise rates muchbefore the Bank of England.

Traders said funds as well asEuropean and UK clearing hous-es sold the euro, pushing thecross to a low of 87.53 pence.Near term support for the pair isseen at its 10-day moving aver-age which comes in at 87.45pence. The pound also roseagainst the yen to its highest inmore than two weeks, at 133.65yen. The Japanese currency hascome under broad pressure, hit-ting 10-month lows against theeuro and touching its lowest levelin nearly three weeks versus thedollar as interest rate differentialswidened in favour of US andEuropean currencies. -Reuters

Stg off lows vs euro,

data helps gains

SINGAPORE: Hedge fundspiled into the won on Wednesday,lifting it to a seven-week highagainst the dollar and suggestingthe South Korean currency maylead other Asian currencies high-er in the second quarter with for-eign equity flows to the regionexpected to remain solid.

The won climbed to as highas 1,103.90 per dollar in localtrade as the surprising absenceof intervention by Koreanauthorities caused macro fundsand other investors to bail outof short won positions, acceler-ating the upward move.

The won's rise stood out on theday, with many other emergingAsian currencies relativelysteady. Yet with regional equitymarkets reflecting strength from

foreign inflows, other currenciesmay follow the won higher.

The won ended local trade at1,104.2, the strongest close sincelate April 2010. It is on track tobe the third-best performingemerging Asian currency in thefirst quarter, up 2.8 per cent.

After the local closed, itstrengthened further to 1,101.6,the firmest level in offshoretrade since Feb 9.

A lack of intervention boost-ed views that South Korea's for-eign exchange authorities mayallow more appreciation in thewon to fight inflation.

Indonesia's central bank wasagain spotted checking the rupi-ah's gains, dealers said, thoughupward pressure on the rupiahfrom offshore players may end

up dragging the pair toward8,705 in the medium term.

"It is stuck because the cen-tral bank keeps intervening tosupport USD/IDR, so it doesn'tbreak the 8,705 level. But flowsare coming, betting on theIDR's further strength due toinflows from commoditiesexports and lower inflation fig-ures for March," said a Jakarta-based dealer.

Standard Chartered recom-mended using the baht as afunding currency to buy otheremerging Asian currencies suchas the ringgit and rupiah.

The baht has lost 0.53 percent so far this year, becomingthe worst performing currencyamong emerging Asian units. -Reuters

Asian currencies

Won bolts to 7wk high onforeigners stock buying

SYDNEY/WELLINGTON: The Australian dollarscaled a 29-year peak against the greenback onWednesday, and raced to 10-month highs against abroadly weaker yen as risk sentiment stayedresilient with regional equities making solid gains.

The yen has come under broad pressure afterhawkish comments by Federal Reserve andEuropean Central Bank officials contrasted with thestance taken by the Bank of Japan, which is set toleave interest rates near zero for some time to sup-port a recovery from the March 11 earthquake.

"Japanese investors are eyeing (better) yields off-shore, whether it be in Australia or America or else-where, and that is what's pushing the yen down on abroad front," said Joseph Capurso, strategist atCommonwealth Bank. With the official cash rate at4.75 per cent, Australia has some of the most attrac-tive yields among developed nations.

Further supporting the Aussie was persistent talkof M&A flows, solid demand for higher-yieldingcurrencies and lofty commodity prices, traders said.

The Aussie rose as high as $1.0334 after stops

were triggered when it breached the previous peakaround $1.0315. It last traded at $1.0324.

It has gained about 6 cents in just under twoweeks, reaching the highest levels since it was float-ed in 1983. Against the yen, the Aussie jumped to a10-month high of 85.69 yen, a remarkable 14 percent turnaround from a low of 75.05 just two weeksago. The break of the 200-week moving average at84.17 was also seen bullish for further gains towardthe 2010 highs around 88.00.

Tracking the Aussie, the New Zealand dollar hit afive-week high of $0.7583, well up from $0.7514 inTuesday's late local trade.

Mike Jones, a strategist of Bank of New Zealand,said he expected some resistance around the currentlevel, with heavier selling interest seen near$0.7640. The kiwi has gained more than 2 per centin the past week, even as the latest slump in build-ing approvals data pointed to a hit to the economy inthe first quarter. The Aussie slightly outperformedits New Zealand counterpart, edging up toNZ$1.3600 from around NZ$1.3574. -Reuters

Aussie dlr scales 29yr peakvs dlr, rallies against yen

Swiss franc

ticks lowerZURICH: The Swiss francticked lower on Wednesday ashawkish central banker com-ments lifted euro and dollarwhile a Swiss policy makerstruck a more cautious tone.

The greenback got a boostfrom St. Louis Fed chief JamesBullard, who urged the US cen-tral bank to begin reversing itscampaign of monetary easingand the euro was lifted by com-ments that added to views thatthe European Central Bank wasabout to hike interest rates.

"He reminded markets that theSNB will have to hike eventual-ly, too, but not yet," InformaGlobal Markets analyst TonyNyman said, adding the SNBwas in no rush to move.

"I think the SNB has fairlyeasy decisions to make. At themoment there is no real inflation-ary pressure so they can afford tosit and wait and watch how cur-rent crises in the world play outbefore moving," he said.

The franc dipped against theeuro compared to the New Yorkclose, trading at 1.3001 per euroat 0649 GMT. Traders said thenext resistance level was at1.3030, while the euro saw goodsupport at 1.2930.

The franc also fell against thedollar to 0.9238 per dollar, butwas still not too far off the all-time high of 0.8963 hit in mid-March. -Reuters

Indonesia expected to defend level of 8,705 rupiah vs dlr

Asset managers go tentatively long carry trades

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Overcoming

gas shortage

in SindhSui Southern Gas Company (SSGC) has informed

the consumers that gas supply from Bhit field, sup-

plying 345 mmcfd would be curtailed up to 60 per

cent for 24 days, starting from April 11 to May 4

on account of its annual turn around. It has also

requested the consumer to contain usage and

wastages for avoiding prolonged hours of load

shedding. SSGC sought cooperation of consumers

as and when any of the field supplying gas closes

or curtails supplies during annual turn around.

Taking the consumers in confidence has kept con-

sumers' woes at the minimum and caused least dis-

ruption in economic activities.

Initially, ENI had planed complete shutdown of

the field but SSGC was able to persuade it to main-

tain supplies through at least one production train

thus ensuring at least 40 per cent supplies to which

ENI also agreed. Despite that SSGC would have to

undertake load shedding to meet the short fall of

more than 200mmcfd. The three bulk customers

which are likely to be most affected would be

WAPDA, Fauji Fertilizer Bin Qasim and KESC as

their gas supplies would be curtailed. SSGC has

already informed these customers well ahead to

make alternative arrangements.

However, one point must be kept in mind that

power generation companies have the second

option but fertilizer companies have no option but

to run the plant at lower capacity utilization. It must

also be kept in mind that any curtailment of gas

supply to fertilizer plants has two adverse out-

comes 1) no substantial increase in power genera-

tion is achieved and 2) waste of foreign exchange

on import of fertilizer and also payment of millions

of rupees subsidy. The cost of imported urea is

almost double the cost of indigenously produced

one.

Similarly, running of KESC's power plants on fur-

nace oil during reduced gas supply becomes puni-

tive for consumers. There can't be two opinions that

running thermal plants on furnace oil is more

expensive as compared to operating on gas.

Therefore, residents of Karachi will not be wrong

in demanding the federal and/or provincial govern-

ments to pay the difference between cost of furnace

oil and gas.

Some critics may oppose the idea but they must

take into account that one of the key reasons of

high pilferage of electricity in the country is high

electricity tariff. It is on record that persistent hike

in tariff has proliferated electricity theft. Therefore,

making the cost affordable will encourage the con-

sumers to get their connection regularised and also

pay the bills.

Consumers, in their own interest must also con-

serve gas to contain its load shedding. They must

also keep in mind that if they do not conserve gas

they could also face situation similar to the one

faced by the consumers in Punjab. Last but not the

least the government must finalize import of gas to

overcome the seasonal short supplies.

4Thursday, March 31, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

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The Financial Daily InternationalVol 4, Issue 143

People evacuated from a dangerzone around Japan's damaged

Fukushima nuclear plant may need tostay away for many months, butexperts say there are ways to maketheir return swifter and easier.Radiation levels in the area now arehigher than normal and could increaserisks to long-term health, but so-calledremediation methods, such as deep-ploughing the soil, removing topsoilaltogether and choosing crops andways of farming that don't pick upmuch radioactivity, can cut the risk ofharm.Tens of thousands of people, includingfarmers and their families, have beenevacuated from a 20-km (12-mile)exclusion zone around the strickenFukushima plant, and another 130,000who live in a 10 km (6-mile) bandbeyond the exclusion zone have beenadvised either to leave or stay indoors.Assuming no drastic worsening ofleaks from the tsunami- and quake-damaged plant, there will be no long-term exclusion zone like that aroundChernobyl in Ukraine, the site of theworld's worst nuclear disaster in 1986."The worst-case scenario in terms ofpeople re-occupying the area is thatpeople might be able to go back withinmonths," said Steve Jones, an inde-pendent nuclear and environmentalconsultant.

"There's likely to be an extended banon food production within the affectedsector -- of about 20 to 30 km out --that might persist for some time. Butthere is then also the option of applyingall sorts of remedial measures."Experts say the key to the future of thecurrent exclusion zone will be levels ofradioactive caesium 137, which has ahalf-life of 30 years. That means thatits radioactivity drops by 50 percentevery three decades.PRUSSIAN BLUEBoth caesium 137 and another radionu-clide, iodine 131, have been detected incrops, in the soil and in milk producedin the area close to the plant. Yetexperts say there is no reason thisshould make the area a no-go zone for-ever."The iodine problem will be over in acouple of months," said Astrid Lilandof the Norwegian Radiation ProtectionAuthority, explaining that since iodine131 has a half-life of eight days, it willquickly dissipate.That means that milk contaminatedwith iodine 131, for instance, can besafely made into long-life cheese.Consumers, however, may be reluctantto buy it.For caesium, which lingers far longerand may present a bigger problem --especially for farmers of grazing ani-mals -- both Liland and Nick

Beresford, a radioecologist at theLancaster Environment Centre inEngland, say the use of a chemicalcompound called Prussian blue is prob-ably the best option.Prussian Blue binds to caesium to pre-vent it from being taken up duringdigestion by cows, goats, sheep andother animals and was widely used inthe areas around Chernobyl."It is still used in Norway to counterthe effects of Chernobyl, largely forsheep and goats," said Liland.Other lessons learned from Chernobylinclude deep-ploughing the soil todrive the radiation further down intothe ground, and using potassium fer-tiliser, experts said.Potassium is vital for living cells andabsorbed by plants in a similar way tocaesium. Since plants prefer to absorbpotassium, overloading the soil withpotassium can limit the uptake of cae-sium."The activity at the moment will bepredominantly in the top few centime-tres of the soil profile, so if you're will-ing to spend an unlimited amount ofmoney you could simply remove allthat, take it somewhere else and buryit," added Jones.

LIKE CHERNOBYL AFTER 25 YEARS

Jim Smith, a specialist in environmen-tal physics at Britain's Portsmouth

University who has spent years study-ing the radiation effects fromChernobyl, said it was important not tooverplay the potential health and envi-ronmental impacts from the levels ofradiation seen around the Japaneseplant.Working from data from surveys con-ducted by teams from the United Statesenergy department and theInternational Atomic Energy Agency(IAEA), Smith said there were so farno areas in which radiation levels hadexceeded 300 microsieverts per hour."Now -- 25 years on -- at Chernobyl,I've worked in areas where we can stillhave readings of up to 300 microsiev-erts per hour," he said. "So whilst this isclearly a significant contamination ofthe terrestrial environment, I was quiterelieved to see these levels (in Japan)."For ordinary people faced with thedilemma of whether to return to theirhomes in the months ahead if the exclu-sion zone is lifted, Smith said keywould be to avoid unnecessary stress."We're in the range of dose rates wherewe should say... it's not going to killyou immediately, but you'd have anincreased risk -- just as many people dofrom natural radioactivity around theworld -- and it's your choice," he said."To me this is still a bigger social, eco-nomic and psychological problem thanit is a radiation problem."-Reuters

Radiation fixes in Fukushima

The fate of Syrian President Bashar al-Assad is one ofthose rare subjects where Israelis and Palestinians large-ly see eye to eye. They want him to survive.

There is no love lost between Israel and Damascus, andmany Palestinians are wary of Assad, whose administra-tion has tried to blame them for the unrest roiling Syria.

But he is a predictable partner and his ousting wouldlead inevitably to prolonged uncertainty.

"Both sides would prefer Assad to stay in power. It isa case of 'better the devil you know'," said Gabriel Ben-Dor, director of national security studies at HaifaUniversity. "Neither side thinks that anything better willnecessarily come out of these particular disturbances,and they fear that if Assad goes there would be a longperiod of instability." Israel has been forced to review itsstrategic options on a weekly basis this year. Havingseen the overthrow of its most trusted Middle East ally,Egypt's Hosni Mubarak, it now faces possible upheavalin its heavily armed northeastern neighbour.

Unlike Egypt, Syria never made peace with Israel fol-lowing a 1973 war, but it has stuck rigorously to its dis-engagement commitments, establishing a security statusquo that has suited both sides down the years.

Much less to Israel's liking is the fact that Syria backstwo of its most active enemies -- Lebanon's Hezbollahand the Palestinian Hamas Islamists -- and some ana-lysts suggest change in Damascus could eventually ben-efit the Jewish state. But others argue that should theprotests shaking Syria eventually lead to the ousting ofthe country's leadership, as has happened in Tunisia andEgypt, then Sunni Muslim extremists could fill the vac-uum and make Damascus much more radical.

"The idea that these regimes will be replaced by liber-al democracies is too good to be true," said MosheMa'oz, a Syria expert and professor at HebrewUniversity in Jerusalem.

INCUBATING FACTIONSJust as the Israelis are silently monitoring the situation

in Syria, so too are the Palestinians in Gaza, which is runby Hamas, and the West Bank, ruled by a pro-Westernadministration.

"What happens in Syria may have a greater importancefor Palestinians than events elsewhere for several reasons.Firstly, 400,000 Palestinians live there, and the offices ofmany factions are also there," said Waleed Al-Awad, aleader of the Palestinian People Party, a PLO faction. Syriahas been the incubator for several radical Palestiniangroups, and the political leaderships of both Hamas andIslamic Jihad, whose militants in Gaza regularly fire rock-ets into Israeli territory, are based in Damascus. Analystsbelieve neither group wants Assad unseated, and sayPalestinians could be acting as a buttress for his govern-ment, dismissing hints from Damascus that unnamed "for-eigners" might be orchestrating the discontent. "The pres-ence of the main Palestinian resistance factions givesSyria's regime some internal strength,"said Palestinianpolitical analyst Talal Okal, who lives in Gaza. Hamas andIslamic Jihad would almost certainly have to find newhomes should Assad fall and be replaced by any pro-Western government with ambitions to distance itself fromShi'ite Iran. That would be the best case scenario forIsrael, which fears Iran's nuclear ambitions and wants tosee it utterly isolated. "Syria plays an incredibly impor-tant role in Iran's effort to influence and control theregion," said Josh Block, a fellow with the ProgressivePolicy Institute in the United States.

"If Assad were to go it would severely weakenHamas, Hezbollah, Iran; all the forces that oppose thepeace process."

GOLAN HEIGHTSThe emergence of a less hostile administration in

Syria could also finally open the door to a long-elusive

peace deal with Israel, optimists say.All previous attempts to secure a negotiated settle-

ment between the old foes have failed -- most recent-ly in 2008 when indirect talks brokered by Turkeybroke down after Israel attacked Gaza in a bid to endHamas's repeated rocket strikes.

Israelis are sharply split over whether it is worthpursuing peace with Syria, which would inevitablyinvolve returning the Golan Heights, a border plateauseized by Israel in 1967 and later annexed, in a moverejected internationally.

Advocates of doing a deal say Israel has to nor-malise relations with all its neighbours if it wants asecure future. Opponents say Syria has nothing tooffer Israel that would justify the military, economicand psychological costs of giving up the Golan, hometo some 20,000 Israeli settlers. But any talk of apeace deal at present is absurd. Israel has said it needsa stable environment to talk peace and analysts doubtwhether successors to Assad would rush into negoti-ations, for fear of harming their credibility at homewith a domestic audience weaned on anti-Israeli rhet-oric.

"Any new regime is not going to be able to compro-mise its legitimacy by reaching any agreement withIsrael," said Haifa University's Ben-Dor.

However, should Assad hold on to power, he mightprove more flexible with the West in an effort tostrengthen Syria's economy and quell public angerover poverty and unemployment.

"If he stays he might prove more pragmatic," saidSyria expert Ma'oz, arguing that Assad wanted per-manent peace. "He wants the Golan Heights fromIsrael. His father lost it ... and the prestige involved isvery important to him."-Reuters

Syria status quo serves whom?

Egypt's politics have been trans-formed since Hosni Mubarak was top-pled on Feb. 11 but the prospect of elec-tions may put remnants of his rulingparty and an established Islamist groupin the driving seat for now.

Torn between the desire for stabilityand a full purge of the system whichcould extend turmoil that has cost theeconomy billions of dollars, manyEgyptians have opted for the former.

That was what a referendum held onMarch 19 suggested when 77 percent ofthe voters backed constitutional amend-ments drawn up by a committeeappointed by Egypt's ruling militarycouncil.

More radical reformers, includingyouth groups who led the uprising thaterupted on Jan. 25, wanted a 'No' voteand an entirely new constitution. Forthem, the revolution is still incomplete.

But the mere fact Egyptians took partin a vote in which the result was not aforegone conclusion before polling sta-tions opened is testimony to Egypt'stransformation from the 30 years ofMubarak's rigged voting, police repres-sion and corruption.

"There is no doubt there have beenmajor developments like changes in theconstitution, a new law for political par-ties, freedom of expression has beengranted but still more needs to be done,"said political scientist Mustapha al-Sayyid.

"The outcome of the revolution willappear after elections. We will see if thepeople behind the revolution succeededin reaching power to do what they want,or if it is remnants of the former regime,or if Islamists take power," said Sayyid.

Youth groups and other protest move-ments which had drawn millions ofEgyptians onto the streets, often usingthe Web and social media to mobilise,now have little time before a parliamen-tary election set for September to turnthemselves into more formal politicalparties.

The Muslim Brotherhood, with abroad base despite decades of repres-sion under Mubarak, is best placed tocapitalise. Remnants of Mubarak's oldparty network of notables in rural areas,local council officers and business exec-

utives are also well placed.Seeking to assuage fears, the

Brotherhood has said it will not seek aparliament majority this time or run forpresident.

"So far, the revolution is definitelyincomplete. It has only accomplished 10percent of its demands," Sayyid Abu ElEla from the January 25 YouthRevolutionaries told Reuters.

ROLE MODEL"Now the people have retreated and

their will has switched to a revolution ofreform, not of change. But the youthwill continue to push for change," hesaid.

How Egypt navigates the transitionwill have a wider impact.

Tunisia's revolt may have precededthe Egyptian protests and Libya may begrabbing headlines for the violencewrought, but developments in the Arabworld's most populous country willreverberate more profoundly across theMiddle East.

"What happens in Egypt is extremelyimportant for the region. If there is sta-bility in Egypt, then it rubs off on oth-ers. It is like a role model," said KamranBokhari, regional director for Stratfor.

The army has shown little interest instaying in government, even though allEgypt's presidents since the monarchywas overthrown in 1952 were officers.The army has pushed for swift elections.

But even when the officers return tobarracks, the military is expected toloom in the background. Bokhari said itcould take a behind-the-scenes politicalrole as Turkey's army did for decades oras Pakistan's military still does.

"The revolution that people talk aboutis a very incomplete one. They removedthe president and transferred power tothe armed forces," said one Westerndiplomat.

But the political changes are nonethe-less dramatic.

Mubarak and his family are underhouse arrest in the resort of Sharm el-Sheikh, the ruling National DemocraticParty is in tatters, the feared StateSecurity agency has been scrapped andthe cabinet contains no one unaccept-able to the revolutionaries.

Several former ministers and other top

party or government officials are indetention and others are being probedover their business dealings. New par-ties of many colours are taking shape,including one that will represent theBrotherhood.

Constitutional amendments approvedin the referendum may not go as far asradicals wanted, but still reshape thelandscape.

The amendments restrict the presidentto two four-year terms, make it easierfor independents to run for the presiden-cy and restore judicial supervision ofvotes, a guarantee against rigging prac-tised by the NDP and police in 2005 and2010.

ECONOMIC CHALLENGESRadicals still see more to be done. An

emergency law, introduced afterMubarak's predecessor was assassinatedby Islamists in 1981, has still not beenlifted. The army promised it would gobefore elections but has not been moreprecise.

Also raising concern is a law restrict-ing strikes by increasingly assertiveEgyptian workers. The government saysit is to stop a wave of protests over lowwages that have crippled the economy.Activists see it as an attack on newfound freedoms.

Getting the economy back on track isone of the biggest challenges for who-ever rules. Egypt's young populationwants both more political openness andnew economic opportunities, instead ofthe wealth divisions that grew widerunder Mubarak.

The new Manpower Minister AhmedEl Borai outlined the scale of challengein meeting that demand. He put unem-ployment at 19 percent, roughly doublethe figure Mubarak's cabinet declared.

Economic disruptions since Januarywill cut economic growth to 3.5 to 4percent of national output in the year toJune, from earlier estimates of 5.8 to 6percent. Analysts say Egypt needs atleast 6 percent simply to create enoughwork for new job entrants.

Tourism, which usuallly generatesover $10 billion a year, is only just start-ing to recover from January's mass exo-dus.

Many factories operated at well below

capacity in February because of curfewsand insecurity Foreign investors, whohad poured in billions of dollars, arenow keeping their distance until Egypt'spolitical future becomes clearer.

If they are to maintain their drive for adeeper political overhaul, new groups,mainly liberals and those opposed to theBrotherhood's Islamist agenda, needtime to organise and mobilise support-ers after decades in the wilderness.

Mubarak cracked down hard on liber-al challengers, partly so that he couldportray the Brotherhood as the onlyalternative to his own autocracy, achoice that helped secure him the sup-port of the West who have proved fear-ful of Islamists in power.

Analysis of the referendum resultsshow that the 'No' votes were concen-trated in urban areas with relatively highliteracy, suggesting that the argumentsof the young revolutionaries did nothave much impact in rural areas whereilliteracy is widespread and people takeless interest in public affairs.

Liberals were quick to blame their rel-atively poor showing on scare storiesspread by conservatives, along the linesthat voting 'No' would lead to prolongedchaos.

Many 'Yes' voters in the referendumsaid they were guided, not by Islamistsor other political forces, but by a desireto see a quick return to civilian govern-ment and more emphasis on law andorder and on stimulation of the econo-my.

Mohamed Mustafa, who voted 'Yes' inCairo's suburb of Maadi, said the callsfrom more radical reformers for writinga new constitution would take too muchtime. "So we should leave that till later.We need the country to move aheadnow," he added.

Mahmoud Salem, a liberal whoblogged against Mubarak for yearsunder the pseudonym Sandmonkey, saidthe protest movement had lost touchwith ordinary people's aspirations.

"You care about the revolution and thearrest of NDP figures and getting thecountry on the right track. They careabout economic security, the return ofstability and normalcy the fastest waypossible," he wrote.-Reuters

Egyptians grapple with political overhaul

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

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

Sales (July 10 to Jan 11) 45,113

Production (Jan 11) 6,698

Sales (Jan 11) 6,793

INDUS MOTOR COProduction (July 10 to Jan 11) 29,078

Sales (July 10 to Jan 11) 28,293

Production (Jan 11) 5,596

Sales (Jan 11) 5,885

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

Sales (July 10 to Jan 11) 8,779

Production (Jan 11) 1,511

Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 186

Sales (July 10 to Jan 11) 113

Production (Jan 11) 0

Sales (Jan 11) 23

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

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

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

Spread (Feburay 4,11) 7.61%

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

MS (Dec 10) 188

Kerosene (Jul 10 to Dec 10) 81

Kerosene (Dec 10) 15

JP (Jul 10 to Dec 10) 727

JP (Dec 10) 138

HSD (Jul 10 to Dec 10) 3,426

HSD (Dec 10) 634

LDO (Jul 10 to Dec 10)) 32

LDO (Dec 10) 6

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

Fuel Oil (Dec 10) 690

Others (Jul 10 to Dec 10) 6

Others (Dec 10) 2

PRICES (Ex-Refinery) RsMS (1 Feb 11) 51.74

MS (1 Jan 11) 49.41

MS % Chg 4.72%

Kerosene (1 Feb 11) 58.28

Kerosene (1 Jan 11) 55.01

Kerosene % Chg 5.94%

JP-1 (1 Feb 11) 58.51

JP-1 (1 Jan 11) 55.24

JP-1 % Chg 5.92%

HSD (1 Feb 11) 61.80

HSD (1 Jan 11) 58.55

HSD % Chg 5.55%

LDO (1 Feb 11) 55.32

LDO (1 Jan 11) 53.46

LDO % Chg 3.48%

Fuel Oil (1 Feb 11) 47,931

Fuel Oil (1 Jan 11) 45,947

Sector Updates

Symbol Close Vol (mn)LUCK 68.03 4.95 AHCL 25.82 4.78 FATIMA 13.43 3.21 EPCL 13.62 2.93 DGKC 25.80 2.77

Symbol Close ChangeRMPL 2,396.94 95.99

NESTLE 3,365.64 75.99

IDYM 314.00 12.77

NRL 305.87 9.49

PKGS 119.96 5.51

Symbol Close ChangeEXIDE 193.41 -6.53SHEZ 146.03 -5.64PECO 108.76 -5.16SRVI 177.82 -2.98INDU 210.35 -1.79

Plus 159Minus 74Unchanged 95

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Thursday, March 31, 2011 5

Dhiyan

Market outlook is positive but some selling pressure can beseen at 11,900 levels as market has been on the rise havingtouched 11,350 leves and some correction is due. Investors areadvice to take positions in blue chip belonging to cement,banks & insurance sectors for short term investments. Result ofthe match and a positive development during meeting of thetwo prime ministers can spark a new spirit. Market would bepositive today.

Muhammad Ahsan Rasheed, Director, Research & Marketing AMJ Growth

Mohammad Siddiq Dalal, Chairman, Dalal SecuritiesMarket likely to continue its positive activities during the

coming days and index may touch 12,000 levels. Investors areadvised to invest in oil, fertiliser and cement sectors. As far astriggers are concerned; improved law and order situation, suc-cessful meeting with IMF and good news from the politicalfront during the meeting of Indo-Pak prime ministers wouldtrigger the market. Market would be positive today.

CRICKET OVER SHADOWS TRADING

Opening 11,711.40

Closing 11,808.61

Change 97.21

% Change 0.83

Turnover (mn) 52.32

Opening 3,302.07

Closing 3,338.40

Change 36.33

% Change 1.10

Turnover (mn) 2.02

Opening 2,603.57

Closing 2,615.86

Change 12.29

% Change 0.47

Turnover (mn) 0.06

SHANGHAI/HONG KONG:Financial counters led a broadrebound in Hong Kong shareson Wednesday, as risk appetiteimproved with traders settlingtheir positions for the end of thefirst quarter.

Hutchison Whampoa Ltd ,billionaire Li Ka-shing's flag-ship ports-to-telecoms compa-ny, soared 5.1 per cent to a 3-week high after it posted a fore-cast-bearing 2010 earningspartly driven by a turnaround inits 3G telecommunicationsarm. It climbed as much as 5.4per cent in early trade.

All eleven financial countersin the benchmark Hang SengIndex gained, with ChinaConstruction Bank, Industrialand Commercial Bank ofChina, HSBC and Bank ofChina the leading lights. HongKong's main stock index fin-ished up 1.7 per cent to23,451.4, reversing two days oflosses after gaining 3.8 per centlast week. But analysts wereunsure whether this trendwould continue into April andthe second quarter, with Chinainflation particular concern.Risks in Japan, North Africa

and the Middle East alsoweigh.

This caution was evident onthe China markets, which alsofelt lingering worries over fur-ther monetary tightening, pos-sibly next month. The ShanghaiComposite Index closed downfor a second consecutive day,edging down 0.1 per cent to2,955.8 on Wednesday, follow-ing a 0.9 per cent dip onTuesday.

The official China SecuritiesJournal said on the front pagethat higher-than-expected liq-uidity was likely to push thePeople's Bank of China tocarry out more tightening poli-cies in April. Some analysts,however, said any furthertightening would benefitChinese banks. "Policy tight-ening is good for banks," saidMay Yan, Barclays Capital'shead of research for Chinabanks. "The more the Chinesecentral bank tightens, the morethe banks will charge becauseof tightening liquidity." Yansaid that Chinese banks willreport strong first-quarterearnings at the end of Apriland this would give some

upside for their Hong Kong-listed H-shares.

The Hang Seng Finance Sub-index, containing the 11finan-cial constituents of the bench-mark, is up 1.4 per cent for thequarter so far, underperformingthe 1.8 per cent uptick on HongKong's main stock index.

TIGHTENING FEARSWEIGH ON CHINA

In China, traders said liquid-ity conditions may not tightenin the coming weeks becausehundreds of billions of yuanworth of PBOC bills were setto mature and foreign capitalappeared to still be flowinginto China on a large scale.The Shanghai index is likelyto consolidate under the key3,000-point resistance level inthe short-term, said ZhangYanbin, an analyst atZheshang Securities inShanghai, adding that infla-tion and policy concerns "arealso keeping investors cau-tious." The Shanghai indexwas also weighed down byprofit-taking in some selectiveshares that had recently out-performed the market in spec-ulative trade.-Reuters

Hong Kong shares upPolicy tightening worries weigh on China

TOKYO: Japan's Nikkei stockaverage climbed 2.6 per cent,hitting its highest level since apost-quake panic sell-off as theyen softened against the dollar,but investors said the gains maybe short-lived as bargain-hunt-ing by foreigners' peters out.

Market players also said theBank of Japan's purchases ofexchange-traded funds underan asset purchase programmeadopted to bolster the economywas lending some support tothe market ahead of the busi-ness year-end on Thursday.

Inflows from passive fundsand year-end window dressingby institutional investors werealso cited as reasons thatpushed the Nikkei considerablyhigher in afternoon trade.

But now that the benchmarkhas regained more than half ofthe ground it lost in the post-quake rout, foreign funds arebuying less aggressively.

"Foreigners have stopped pil-ing into shares on dips, and arenow mostly sidelined, waitingfor more information on funda-mentals and further develop-ments at the nuclear plant," saidHideyuki Ishiguro, a supervisorat Okasan Securities in Tokyo.

The Nikkei ended the day up2.6 per cent, or 249.71 points,to 9,708.79. The broader Topixindex advanced 1.9 percent to866.09.

Tokyo Electric Powerdropped another 18 per cent,adding to a slide to a 47-yearlow a day earlier as the govern-ment pondered whether tonationalise the operator of astricken nuclear plant. "Webelieve the stock could go tozero, "an executive at a hedgefund with $1 billion invested inAsia told Reuters on conditionhe was not identified. His fundhe said has been buying TokyoElectric's debt because "wethink the Japanese governmentwill guarantee or nationaliseit". The utility's credit defaultswaps have fallen sharply in thepast few days, having hit arecord high around 475 basispoints on Monday. Still, thecost of insuring its debt againstdefault is around 378, com-pared to 40 basis points beforethe quake.

BANKS LOSE Banking stocks also felt

Tokyo Electric's pain, slump-ing on worries about theirloans to the company. "Youhave to look at all the banksthat are lending to the compa-ny. It's obvious that investorsare going to look at their situa-tion with a huge dose of skepti-cism," said Norihiro Fujito,senior investment strategist atMitsubishi UFJ MorganStanley Securities.

See # 4 Page 11

Nikkei hits two-week high

Weaker yen

Nawaz Ali

KARACHI: Bullish activi-ties continued at the KarachiStock Exchange onWednesday, driven by buyingin cement and fertiliserstocks. However, volumesremained low as investorspreferred to stay on the side-lines during a curtailed trad-ing session ahead of the crick-et world cup semi final.

The benchmark KSE-100index increased by 97 points -0.83 per cent to close at11,808 points, KSE-30 indexjumped by 113 points - 0.99

per cent to close at 11,542points ands KSE all-shareindex grew by 66 points - 0.82per cent to close at 8,225points.

"The cricket mania keptinvestors away from stockmarket", said Samar Iqbal,equity dealer at ToplineSecurities.

Just 52.3 million sharesexchanged hands during theday which was 58 millionshares less as compared to aturnover of 110.3 millionshares a day earlier.

The semi final of the ICCCricket World Cup 2011 was

played between the two archrivals India and Pakistan. Thegovernment announced a half-day off in the country, where-as Sindh provincial govern-ment announced holiday. Tofacilitate the investors to enjoythe hype trading time was cur-tailed by 90 minutes and mar-ket closed at 2:00 PST.

The day started on a posi-tive note with market up 24points. During the initial hourindex witnessed some mixactivities moving on bothsides and touched an intra-daylow of 11,683 points (-ve 28).However renewed buying

activities allowed the index tobounce back as investorshoped some break through intrade and industrial exports toIndia during visit of Pakistaniprime minister to India towatch the cricket match. Theindex remained in the positivezone till the closing bells rangdue to continued buying pri-marily in cement and fertiliserstocks. The index near the endof the trading session touchedits highest level of the day of11,822 points (+ve 111) andfinally ended the session nearthose levels.

"Cements and fertiliser

stocks remained in limelight.Investors accumulate cementsstocks due to increase incement prices. Fertiliserstocks remained in limelightin anticipation of excellentquarterly results", addedSamar Iqbal.

Lucky Cement was the vol-ume leader with 4.95 millionshares followed by Arif HabibCorporation by 4.78 millionshares and Fatima Fertiliserwith 3.21 million hares.

Out of total 328 activeissues; 159 advanced and 74declined while 95 issuesremained unchanged.

Volume down as cricket fever rises

MUMBAI: Indian sharesgained for the seventh day andwere on track for their bestmonthly performance since lastSeptember, closing 0.9 per centhigher on Wednesday, as worldequities gained on hopes theglobal economy is recoveringand crude oil prices eased.

Investors, however, wereskeptical about the momentumspilling over to the next monthafter the rally that has propelledIndian stocks to two-and-a-half-month closing highs.

Lenders led the charge onoptimism over loan demandoutlook on expectations theeconomy would continue togrow at a fast pace. The bank-ing sector index gained 1.7 percent.

The 30-share BSE index rose0.89 per cent, or 169.38 points,to 19,290.18 points, its highestclosing level since Jan. 12, with23 of its components closing inthe green. Market breadthpointed to a broad-based rally,with gainers beating losers in aratio of 2.6 to 1 in a volume of322 million shares on the BSE,higher than the 30-day dailyaverage of 278 million shares.

Foreign funds have pumpedin nearly $1 billion in Indianequities in March, driving thebenchmark index 8.1 per centhigher. "This rally is not likelyto last long. Earnings need to beeyed next," said Arun Kejriwal,director of research firm KRIS.

Indian companies are sched-uled to start reporting theirresults for the quarter and fiscalyear ending March from thesecond week of April.

"Margins for this quarter andfiscal year could be under pres-sure. Rising inflation, inputcosts could squeeze them,"

Kejriwal said.Headline inflation in India

tops 8 per cent despite eightinterest rate increases since lastMarch, with food prices a keyinflation driver.

The BSE index is down 5.9per cent year-to-date, making itthe worst performer amongmajor markets in Asia.

Top lender State Bank ofIndia jumped 3.3 per cent,while leading lenders ICICIBank and HDFC Bank firmed0.7 per cent and 1.4 per cent,respectively.

Paper producers soared afterU.S. paper and packaging com-pany International Paper Cosaid on Tuesday it intended tobuy a majority stake in India'sthird-largest paper companyAndhra Pradesh Paper Mills forabout $257 million in cash.

"The deal will give a boost tothe industry, which was not infocus for a while. It gives asense we could see more suchdeals in days to come," saidKejriwal.

Andhra Pradesh Paperjumped 20 percent, while rivalsWest Coast Paper Mills andBallarpur Industries gained17.1 per cent and 16.4 per cent,respectively.

Drug maker Cipla jumped 5.2per cent, catching up with theunderperformance, dealerssaid. The stock is still down11.4 per cent in 2011.

Real estate firm DB Realtyended up 18.8 per cent, extend-ing gains for a second day aftertouching a record low onTuesday. The stock is still downnearly 40 percent year-to-date.

The 50-share NSE indexgained 0.9 per cent to 5,787.65,closing above its 200-day movingaverage of 5,696 points.-Reuters

Indian shares at 2-½month closing high

US stocks mid-day

Wall Streetclimbs on jobexpectations

NEW YORK: US stocks roseon Wednesday, as a privateemployment report did little toshake up expectations forFriday's payrolls data whileinvestors positioned them-selves for the quarter's end.The US labour market showedsigns of further recovery inMarch, as private-sectoremployers added jobs andplanned layoffs fell, accordingto data released onWednesday.

While the report may nothold predictive value for thegovernment's broader non-farmpayrolls report due on Friday,the reading was largely in linewith expectations and failed toalarm investors. "At 200,000 orso, that number is not enoughto excite the market one way orthe other. If it indeed happensto be the number for payrollson Friday," said John Canally,and economist for LPLFinancial in Boston.

See # 2 Page 11

FTSE to beststreak in7-month

LONDON: The FTSE 100closed higher for a sixth con-secutive session on Wednesday,its best run since August 2010,as investors ditched retailersover earnings worries in favourof growth sectors such asindustrials and mining.

Dixons issued a profit warn-ing and gloomy outlook as asurvey from the Confederationof British Industry showed theunderlying trend for retail salesremained weak. Dixons,Britain's No.1 electrical retailerfell 18.3 per cent, while thecountry's biggest pizza deliveryfirm, Domino's Pizza UK &IRL Plc, fell 4.2 per cent as itreported a slowdown in salesgrowth.

Next shed 2.6 per cent andMarks & Spencer dropped 3per cent as MF Global initiatedits coverage on the latter with a"sell" rating, arguing it has a"history of boom and bust",while Oriel cut its earningsforecasts.

Traders said banks weighedon gains ahead of Irish bankingstress-test results on Thursday.

Barclays potentially dealt UKPlc a blow. It was reported to beconsidering moving its head-quarters to the United Statesdue to the UK threat of highercapital requirements.

Despite the retail gloom,London's blue-chip indexclosed up 16.13 points, or 0.3per cent, at 5,948.30. The indexhas risen 6 per cent since it'syear-low of 5,591.59 on March15, rebounding from sharp fallsafter Japan's earthquake, politi-cal trouble in the Arab worldand European debt worries.

See # 5 Page 11

Al Meezan

announces

dividend Shabbir Kazmi

KARACHI: Al MeezanInvestment Management (AlMeezan) has announced thethird interim dividends for itsthree fixed income funds name-ly Meezan Sovereign Fund(MSF), Meezan IslamicIncome Fund (MIIF) andMeezan Cash Fund (MCF).

The payouts are in the formof Bonus Units to the GrowthUnit holders and CashDividend to the Income Unitholders. A Growth Unit holderhaving 100 units of MSF as atMarch 28, 2011 will get 4.1992additional units at the ex-divi-dend NAV of Rs50.01 while anIncome Unit holder will getCash Dividend of Rs2.10 perunit. MSF is the first Shariahcompliant open end govern-ment securities fund inPakistan. The annualized returnfor the period from January 01to March 28, 2011 was 11.77per cent. The current net assetsof MSF are Rs10,159 million.

See # 3 Page 11

Earnings optimism liftsstocks; financials lead

South East Asian stocks

European shares hit3-week closing high

ANNOUNCEMENT

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

Faysal Bank Yearly - 1,190.33 1.63

Thursday, March 31, 20116

Volume 52,323,018

Value 3,022,558,462

Trades 41,619

Advanced 159

Declined 74

Unchanged 95

Total 328

Current 8,225.91

High 8,236.88

Low 8,141.84

Change h66.98

Current 11,808.61

High 11,822.93

Low 11,683.23

Change h97.21

Current 11,542.87

High 11,556.83

Low 11,420.53

Change h113.23

Market KSE 100 Index All Share Index KSE 30 Index

Current 20,040.19

High 20,072.10

Low 19,810.06

Change h199.91

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

NetSol Technologies Limited

NETSOL closed up 0.05 at 24.02. Volume was 48 per cent above aver-

age and Bollinger Bands were 34 per cent narrower than normal. The

company's profit after taxation stood at Rs417.574 million which trans-

lates into an Earning Per Share of Rs5.01 for the half year of current

fiscal year (1HFY11).

NETSOL is currently 10.0 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is low 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) 61.88 Total Assets (Rs in mn) 3,980.15

MA (10-day) 22.46 Total Equity (Rs in mn) 3,337.21

MA (100-day) 21.41 Revenue (Rs in mn) 1,845.02

MA (200-day) 21.83 Interest Expense 24.80

1st Support 23.51 Profit after Taxation 951.86

2nd Support 22.96 EPS 10 (Rs) 12.217

1st Resistance 24.80 Book value / share (Rs) 42.83

2nd Resistance 25.54 PE 11 E (x) 2.40

Pivot 24.25 PBV (x) 0.56

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

SPL closed down -0.03 at 18.54. Volume was 212 per cent above aver-

age (trending) and Bollinger Bands were 261 per cent wider than nor-

mal. The company's profit after taxation stood at Rs64.138 million which

translates into an Earning Per Share of Rs1.16 for the half year of cur-

rent fiscal year (1HFY11).

SPL is currently 58.6 per cent above its 200-day moving average and

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

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

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

oscillators are currently bullish on SPL.

RSI (14-day) 69.99 Total Assets (Rs in mn) 2,747.78

MA (10-day) 17.38 Total Equity (Rs in mn) 219.69

MA (100-day) 13.81 Revenue (Rs in mn) 727.02

MA (200-day) 11.45 Interest Expense 243.27

1st Support 18.25 Loss after Taxation (179.15)

2nd Support 17.95 EPS 10 (Rs) (3.251)

1st Resistance 18.90 Book value / share (Rs) 3.99

2nd Resistance 19.25 PE 11 E (x) 7.99

Pivot 18.60 PBV (x) 4.65

Sitara Peroxide Limited

Technical AnalysisFundamental Highlights

As on Dec 30, 2009

PAKRI closed up 0.48 at 18.46. Volume was 44 per cent above aver-

age and Bollinger Bands were 9 per cent wider than normal. The com-

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

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

endar year (9MCY10).

PAKRI is currently 13.5 per cent above its 200-day moving average and

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

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

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

oscillators are currently bullish on PAKRI.

RSI (14-day) 59.82 Total Assets (Rs in mn) 12,372.62

MA (10-day) 17.76 Total Equity (Rs in mn) 6,785.66

MA (100-day) 16.70 Revenue (Rs in mn) 2,170.95

MA (200-day) 16.27 Interest Expense 0.00

1st Support 18.02 Profit after Taxation 269.91

2nd Support 17.62 EPS 09 (Rs) 0.90

1st Resistance 18.70 Book value / share (Rs) 22.62

2nd Resistance 18.98 PE 10 E (x) 47.74

Pivot 18.30 PBV (x) 0.82

Pakistan Reinsurance Co Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

NIB closed down -0.04 at 2.03. Volume was 50 per cent below average(consolidating) and Bollinger Bands were 33 per cent narrower than nor-mal. The company's loss after taxation stood at Rs10.112 billion whichtranslates into a Loss Per Share of Rs2.50 for the year ended CY10.NIB is currently 27.8 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is extremely low when comparedto the average volatility over the last 10 trading sessions. Volume indi-cators reflect very strong flows of volume out of NIB (bearish). Trendforecasting oscillators are currently bearish on NIB.

RSI (14-day) 35.35 Total Assets (Rs in mn) 208,118.96

MA (10-day) 2.03 Total Equity (Rs in mn) 41,643.27

MA (100-day) 2.69 Revenue (Rs in mn) 18,272.36

MA (200-day) 2.81 Interest Expense 12,872.36

1st Support 2.01 Profit after Taxation 691.05

2nd Support 1.96 EPS 09 (Rs) 0.171

1st Resistance 2.10 Book value / share (Rs) 10.30

2nd Resistance 2.14 PE 10 E (x) -

Pivot 2.05 PBV (x) 0.20

NIB Bank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,427.86 1,443.43 1,416.08 1,435.92 8.06 0.56

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

4,527,092 12 - 65,194.15 mn 1,055,150.27 mn 1,435.92

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

9.79 3.19 32.54 55.94 5.71 1,413.83

Attock Petroleum 691 6.57 360.95 364.00 360.00 363.42 2.47 72489 401.00 321.00 300 20B115.00 -

Attock Refinery 853 5.09 125.07 126.00 123.46 124.96 -0.11 963139 146.90 98.25 - - - -

BYCO Petroleum 3921 - 9.27 9.68 9.25 9.36 0.09 1595288 12.24 8.20 - - - -

Mari Gas Company XD 735 7.57 108.50 109.00 108.00 108.96 0.46 5014 141.65 99.46 31 - 23.43 -

National Refinery 800 6.34 296.38 308.00 294.50 305.87 9.49 372231 335.00 254.00 200 - - -

Oil & Gas Development 43009 9.26 136.93 137.60 135.00 136.86 -0.07 541063 185.00 134.85 55 - 15.00 -

Pak Petroleum 11950 7.67 206.96 210.15 206.65 209.80 2.84 439870 229.80 190.10 90 20B 50.00 -

Pak Oilfields 2365 7.53 326.16 329.39 324.00 326.78 0.62 1238305 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 97.03 98.50 96.51 97.72 0.69 62921 122.22 83.00 - - - -

P.S.O XD 1715 4.72 276.12 281.00 274.45 278.71 2.59 822114 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 26.36 26.79 26.00 26.79 0.43 1551 34.89 24.66 - - - -

Shell PakistanSPOT 685 11.06 215.02 217.50 215.00 215.71 0.69 8395 222.00 186.83 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

977.01 985.39 963.79 977.27 0.27 0.03

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

2,318,857 211 73 47,070.70 mn 133,252.67 mn 977.27

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

6.56 0.57 8.64 16.68 2.54 970.71

(Colony) Thal 56 - 2.20 2.70 2.00 2.03 -0.17 3552 2.70 0.50 - - - -

AL-Qadir Textile 76 - 9.80 9.80 9.80 9.75 -0.05 537 10.80 5.61 10 - - -

Amtex Limited 2594 - 2.49 2.52 2.46 2.52 0.03 30610 4.64 2.35 - 30B - -

Artistic Denim 840 6.98 20.00 19.95 19.30 19.40 -0.60 2501 24.50 18.55 20 - - -

Azam Textile 133 0.39 2.73 2.50 2.41 2.41 -0.32 1500 3.00 1.86 7.5 - - -

Azgard Nine 4493 - 8.69 8.81 8.68 8.76 0.07 321494 12.84 8.05 - - - -

Babri Cotton 33 0.21 15.41 16.41 16.25 16.41 1.00 3400 16.60 9.50 - 15B - -

Bannu Woolen XD 76 0.63 21.12 22.17 21.50 22.17 1.05 34101 22.17 13.00 20 - - -

Bata (Pak) 76 4.43 510.18 518.00 501.55 510.00 -0.18 1272 687.00 493.50 280 - - -

Bilal Fibres 141 0.72 0.95 0.95 0.95 0.95 0.00 1200 1.95 0.84 - - - -

Blessed Tex Mills 64 0.79 58.00 60.90 60.00 60.90 2.90 3021 63.70 47.25 50 - - -

Crescent Jute 238 - 1.00 0.97 0.77 0.97 -0.03 1437 1.43 0.32 - - - -

D S Ind Ltd 600 - 1.27 1.37 1.28 1.35 0.08 2319 1.96 1.03 - - - -

Dar-es-Salaam 80 - 2.55 3.50 1.71 3.19 0.64 44589 4.00 1.20 - - - -

Dawood Lawrencepur 514 22.69 45.20 47.00 43.12 44.24 -0.96 109072 49.05 35.00 5 15B - -

Dewan Khalid Textile 57 0.20 1.50 1.79 1.43 1.79 0.29 5806 2.98 1.41 - - - -

Dewan Mushtaq Textile 34 0.14 3.88 4.29 4.00 4.00 0.12 6001 8.90 3.30 - - - -

Din Textile 204 0.80 30.00 31.50 30.00 31.49 1.49 2550 33.69 25.10 20 10B - -

Gadoon Textile XD 234 0.97 97.38 102.24 98.00 98.39 1.01 27369 102.24 65.25 70 - - -

Ghazi Fabrics 326 0.63 4.75 5.00 5.00 4.75 0.00 200 7.50 3.01 10 - - -

Gul Ahmed Textile 635 3.23 43.83 46.02 42.00 46.01 2.18 758 46.02 26.37 12.5 - - -

Gulistan Spinning 146 0.34 7.76 8.65 7.50 8.25 0.49 721 9.23 5.02 10 - - -

Gulshan Spinning 222 0.38 10.20 10.40 10.40 10.40 0.20 500 11.00 6.56 10 20B - -

Hira Textile Mills Ltd. 716 0.90 4.42 4.50 4.43 4.49 0.07 9799 5.20 3.31 10 - - -

Ibrahim Fibres 3105 3.55 48.98 49.00 47.85 49.00 0.02 1003 55.00 40.26 20 - - -

Idrees Textile 180 2.58 4.55 4.90 4.65 4.70 0.15 13011 4.95 3.01 10 - - -

Indus DyeingSPOT 181 2.71 301.23 316.28 311.80 314.00 12.77 169 327.80 188.01 50 - 50.00 -

Janana D Mal 48 0.35 15.40 16.40 16.39 16.40 1.00 2000 18.00 13.15 - - - -

Khalid Siraj 107 0.23 1.20 1.28 1.05 1.20 0.00 1504 1.69 0.25 - - - -

Kohinoor Ind 303 - 1.50 1.68 1.50 1.58 0.08 1502 1.98 0.75 - - - -

Kohinoor Textile 1455 7.84 4.28 4.70 4.00 4.55 0.27 27783 5.95 3.60 - - - -

Mukhtar Textile 145 - 0.40 0.55 0.26 0.40 0.00 3929 0.84 0.13 - - - -

Nishat (Chunian) 1617 4.43 29.02 29.25 28.75 28.81 -0.21 715487 29.50 22.30 15 - - -

Nishat Mills 3516 5.81 65.00 65.89 64.96 65.50 0.50 777697 71.89 57.20 25 45R - -

Pak Synthetic 560 3.12 19.74 20.49 19.00 19.55 -0.19 25503 20.49 8.90 - - - -

Prosperity 185 1.16 14.71 14.70 14.69 14.70 -0.01 995 15.30 13.10 30 - - -

Quetta Textile 130 0.92 51.00 53.00 51.50 51.00 0.00 144 54.10 38.01 20 - - -

Ravi Textile 250 - 1.00 1.01 0.92 1.00 0.00 23153 1.70 0.40 - - - -

Regent Textile 48 82.31 22.52 21.40 21.40 21.40 -1.12 500 26.25 21.40 - - - -

Reliance Weaving 308 0.66 12.50 12.80 12.30 12.80 0.30 1001 13.79 8.60 25SD - - -

Saif Textile 264 0.44 9.00 9.44 8.17 9.00 0.00 1200 11.50 3.90 - - - -

Sally Textile 88 0.27 7.15 7.26 7.00 7.03 -0.12 9004 7.94 3.63 10 - - -

Salman Noman 42 0.71 3.58 3.26 3.25 3.25 -0.33 1000 6.35 3.00 - 5B - -

Sana Ind 55 3.08 38.85 40.79 39.00 40.78 1.93 1000 49.66 38.00 60 - - -

Sargoda Spinning 312 1.34 4.40 4.93 3.85 4.45 0.05 2301 5.00 2.25 5 - - -

Saritow Spinning 133 0.37 1.78 1.99 1.80 1.82 0.04 1045 2.50 1.00 - - - -

Service Ind 120 6.52 180.80 179.90 171.76 177.82 -2.98 4640 253.00 171.76 75 - - -

Service Textile 44 0.48 0.50 0.50 0.50 0.50 0.00 1500 0.60 0.40 - - - -

Shahtaj Textile 97 1.42 22.00 22.50 21.51 22.50 0.50 1500 22.90 18.50 45 - - -

Suraj Cotton 180 0.77 37.50 39.37 38.90 39.26 1.76 6115 41.95 35.25 50 - - -

Thal Limited 307 5.32 106.78 107.89 107.00 107.34 0.56 1400 131.95 100.51 80 20B - -

Treet Corp 418 6.26 48.55 50.97 48.00 50.97 2.42 71713 62.40 44.10 - - - -

Tri-Star Poly 215 - 0.52 0.54 0.52 0.52 0.00 993 1.29 0.33 - - - -

Zil Limited 53 4.75 65.30 65.50 64.95 65.00 -0.30 5350 87.90 50.50 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,028.76 1,047.45 1,029.04 1,030.75 1.99 0.19

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

121,501 15 7 3,763.71 mn 4,917.46 mn 1,030.75

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

1.92 0.20 10.64 6.27 3.26 986.32

Pak Elektron 1219 3.57 14.14 14.47 14.11 14.19 0.05 107211 15.88 12.07 - 10B - -

Tariq Glass Ind 231 1.70 12.89 13.15 12.85 12.86 -0.03 14200 24.00 12.50 17.5 - - 200R

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,983.96 2,014.81 1,967.21 2,001.62 17.66 0.89

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

49,451 61 16 11,335.33 mn 279,441.20 mn 2,001.62

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

43.69 13.24 30.30 30.57 0.70 1,909.95

Adam Sugar 58 4.18 14.25 14.25 14.00 14.03 -0.22 2000 20.50 13.55 25 - - -

Bawany Sugar 87 - 5.54 6.54 6.38 6.54 1.00 12571 6.54 4.07 - - - -

Dewan Sugar 365 - 3.24 3.25 3.25 3.25 0.01 1000 4.10 2.52 - - - -

Habib Sugar 750 9.29 23.43 23.60 23.03 23.41 -0.02 18576 33.55 20.25 25 25B - -

Habib-ADM Ltd 200 7.07 11.39 11.60 11.45 11.60 0.21 3891 12.60 10.80 40 - - -

J D W Sugar 539 1.30 73.60 74.88 73.50 73.60 0.00 156 92.40 68.00 7010B 12.5R - -

Mirza Sugar 141 - 3.20 3.45 3.20 3.21 0.01 1330 6.50 2.65 10 - - -

National Foods 414 10.26 55.89 58.68 56.50 58.68 2.79 2635 67.00 52.01 12 - - -

Noon Sugar 165 1.63 15.65 15.21 15.21 15.21 -0.44 500 15.68 9.00 - - - -

Pangrio Sugar 109 - 4.31 4.40 4.01 4.31 0.00 244 6.40 3.00 10 - - -

Quice Food 107 6.52 2.85 3.20 2.85 2.87 0.02 6000 4.00 2.20 - - - -

Shakarganj Mills 695 0.45 6.27 6.60 6.28 6.27 0.00 299 7.05 4.01 - - - -

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

1,116.59 1,137.52 1,112.26 1,122.74 6.15 0.55

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

105,556 19 4 6,768.53 mn 41,565.36 mn 1,122.74

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

3.81 0.97 25.35 20.42 5.36 1,086.10

Atlas Battery 101 5.58 208.22 212.00 208.00 210.00 1.78 6755 213.89 180.00 100 20B - -

Atlas Honda 626 9.86 139.92 142.00 140.00 142.00 2.08 1416 144.00 120.30 50 15B - -

Dewan Motors 890 - 2.08 2.13 2.07 2.07 -0.01 13500 2.54 1.50 - - - -

Exide (PAK) 56 4.74 199.94 199.00 193.00 193.41 -6.53 1852 217.44 170.11 60 - - -

General Tyre 598 4.85 24.19 24.50 24.25 24.46 0.27 1650 26.74 21.08 20 - - -

Ghandhara Nissan 450 - 3.40 3.50 3.40 3.50 0.10 16500 5.36 2.82 - - - -

Ghani Automobile Ind 200 5.83 4.28 4.20 4.20 4.20 -0.08 1002 5.49 3.71 - - - -

Honda Atlas Cars 1428 - 10.00 10.10 10.10 10.10 0.10 2000 12.87 9.52 - - - -

Indus Motors 786 9.11 212.14 214.98 209.99 210.35 -1.79 21337 309.73 207.00 150 - 50.00 -

Pak Suzuki 823 12.99 67.44 70.81 67.10 70.81 3.37 39349 74.80 60.00 5 - - -

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

1,550.76 1,563.10 1,544.28 1,546.64 -4.12 -0.27

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

25,315 11 1 1,336.62 mn 30,929.29 mn 1,559.49

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

7.58 2.88 38.02 131.49 17.35 1,546.64

Ados Pak 66 6.67 8.90 8.80 8.80 8.80 -0.10 501 17.70 8.50 - - - -

Dewan Auto Engineering 214 - 1.25 1.40 1.25 1.26 0.01 6825 2.00 0.74 - - - -

Ghandhara Ind 213 9.21 10.34 10.50 10.50 10.50 0.16 7085 13.50 8.25 - - - -

Hinopak Motor 124 - 105.00 110.25 107.69 110.20 5.20 772 138.00 102.00 - - - -

KSB Pumps 132 6.59 49.83 50.05 49.00 49.83 0.00 261 63.89 49.00 12.5 - - -

Millat Tractors 366 7.88 512.64 515.99 511.00 511.59 -1.05 9456 568.40 466.27 650 25B325.00 -

Pak Engineering 57 - 113.92 118.23 108.23 108.76 -5.16 315 255.00 108.23 100 - - -

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

959.35 997.60 971.79 980.19 20.83 2.17

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

157,653 13 2 3,043.31 mn 36,741.03 mn 980.19

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

2.36 1.04 43.91 15.55 6.59 934.40

Cherat Papersack 115 2.37 50.10 52.50 50.00 51.69 1.59 18470 80.90 47.80 20 25B - 50R

ECOPACK Ltd 230 - 1.95 2.35 1.83 2.00 0.05 19682 2.99 1.56 - - - -

MACPAC Films 389 2.73 9.41 10.40 9.27 10.03 0.62 93986 10.40 2.50 - - - -

Merit Pack 47 15.71 29.48 29.99 29.00 28.28 -1.20 1902 33.80 22.00 - - - -

Packages Ltd 844 - 114.45 120.17 114.00 119.96 5.51 11162 143.00 105.02 32.5 - - -

Tri-Pack Films XD 300 9.40 150.96 156.50 151.50 154.99 4.03 12448 156.50 120.70 100 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

866.07 898.55 865.02 888.55 22.48 2.60

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

8,508,694 37 6 54,792.74 mn 63,664.02 mn 888.55

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

6.38 0.45 7.10 19.04 2.98 844.38

Al-Abbas Cement 1828 - 2.60 2.75 2.53 2.68 0.08 2028 3.70 2.15 - 100R - -

Attock Cement 866 6.62 51.74 52.40 51.70 52.28 0.54 9814 63.35 48.50 50 - - -

Balochistan Glass Ltd 858 - 2.25 2.40 2.05 2.10 -0.15 3012 3.19 1.99 - - - -

Berger Paints 182 - 16.21 16.69 16.00 16.35 0.14 747 23.25 14.72 - 122R - -

Cherat Cement 956 41.08 9.70 10.00 9.71 9.86 0.16 7301 11.50 8.00 - - - -

Dewan Cement 3891 - 1.69 1.74 1.68 1.70 0.01 69357 2.45 1.50 - - - -

DG Khan Cmt. Ltd XR 3651 11.17 24.78 25.95 24.92 25.80 1.02 2767259 32.30 21.20 - 20R - 20R

EMCO Ind 350 - 2.10 2.30 2.30 2.30 0.20 25000 4.00 1.70 - - - -

Fauji Cement 6933 5.88 4.16 4.25 4.17 4.23 0.07 58125 5.35 3.97 - - - 92R

Fecto Cement 502 2.43 7.42 8.42 7.15 8.01 0.59 62862 8.42 6.30 - - - -

Flying Cement Ltd 1760 - 1.55 1.59 1.46 1.52 -0.03 9002 1.95 1.30 - - - -

Gharibwal Cement 4003 - 6.03 6.00 6.00 6.00 -0.03 2500 8.40 4.70 - - - -

Javedan Cement 581 - 60.50 60.95 60.95 60.50 0.00 200 64.52 56.17 - - - -

Kohat Cement 1288 - 6.55 7.24 6.52 7.00 0.45 62412 7.24 5.11 - - - -

Lafarge Pakistan Cement13126 - 3.21 3.30 3.16 3.24 0.03 266670 3.88 2.65 - - - -

Lucky Cement 3234 6.11 65.89 68.78 65.81 68.03 2.14 4951635 78.00 59.55 40 - - -

Maple Leaf Cement 5261 - 2.36 2.49 2.40 2.40 0.04 116677 2.99 1.92 - - - -

Pioneer Cement 2271 - 5.98 6.34 5.75 6.06 0.08 89031 7.45 5.17 - - - -

Thatta Cement 798 915.50 18.36 18.34 17.99 18.31 -0.05 5000 19.19 16.20 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,047.11 1,058.05 1,032.89 1,051.76 4.64 0.44

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

116,383 7 1 3,596.11 mn 9,933.09 mn 1,051.76

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

3.19 1.05 33.10 30.91 9.70 1,026.38

Crescent Steel XD 565 2.82 26.75 27.00 26.90 27.00 0.25 20583 31.00 25.67 30 - 10.00 -

Dost Steels Ltd 675 - 2.08 2.15 1.95 2.00 -0.08 12002 2.98 1.80 - - - -

Huffaz Pipe XD 555 433.33 13.00 13.00 12.78 13.00 0.00 200 16.51 12.26 - 25B 15.00 -

International Ind 1199 19.40 53.11 54.00 52.00 53.34 0.23 83510 61.00 45.81 40 20B 15.00 -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,075.32 1,083.30 1,054.13 1,059.50 -15.82 -1.47

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

8,007 4 1 1,186.83 mn 2,921.85 mn 1,075.32

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

5.46 0.41 7.47 25.28 4.63 1,059.50

Century Paper 707 - 16.78 17.00 16.60 16.78 0.00 386 19.69 14.50 - - - -

Pak Paper Product 50 8.50 37.48 38.84 36.55 36.90 -0.58 1624 47.98 35.17 2533.33B - -

Security Paper 411 6.70 38.50 38.50 37.50 37.51 -0.99 5997 47.19 34.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,812.36 1,837.50 1,807.47 1,829.24 16.88 0.93

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

11,107,969 36 6 52,251.88 mn 391,775.23 mn 1,829.24

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

8.84 3.09 35.00 48.81 5.52 1,764.99

Agritech Limited 3924 22.67 22.67 22.10 22.02 22.67 0.00 101 26.73 21.25 - - - -

BOC (Pak) 250 9.57 92.77 93.25 93.00 93.20 0.43 464 103.94 82.00 60 - - -

Clariant PakXDXB 341 5.08 142.41 142.50 141.00 141.82 -0.59 2827 213.30 140.00 135 25B - -

Dawood HerculesXDXB 4813 4.21 73.63 76.31 73.11 75.20 1.57 235139 294.00 72.92 50 300B - -

Descon Chemical 1996 - 2.57 2.70 2.61 2.68 0.11 18852 3.58 2.34 - - - -

Descon Oxychem Ltd. 1020 11.47 8.68 8.83 8.66 8.72 0.04 470977 9.60 6.00 - - - -

Dewan Salman 3663 - 2.81 2.90 2.75 2.77 -0.04 157629 3.45 2.26 - - - -

Engro Corp.LtdXDXB 3933 11.31 205.37 206.74 204.61 205.76 0.39 1028152 238.50 189.00 60 20B - -

Engro Polymer 6635 - 13.20 13.95 13.55 13.62 0.42 2934721 15.87 11.56 - 27.5R - -

Fatima Fertilizer 22000 - 13.22 13.60 13.00 13.43 0.21 3212165 13.60 10.60 - - - -

Fauji Fertilizer 8482 8.32 133.02 135.70 132.85 135.28 2.26 1713648 157.90 108.00 130 25B - -

Fauji Fert.Bin Qasim XD 9341 7.85 41.49 41.75 41.31 41.62 0.13 1529616 43.99 35.28 65.5 - - -

Ghani Gases Ltd 725 10.09 11.57 11.80 11.44 11.50 -0.07 30751 13.07 10.43 - - - -

ICI Pakistan 1388 9.50 165.18 166.74 164.51 166.24 1.06 419236 170.75 138.00 175 - - -

Leiner Gelatine 75 - 17.73 18.40 17.80 18.21 0.48 1030 18.42 9.15 - - - -

Lotte Pakistan XD 15142 5.94 16.17 16.25 16.10 16.17 0.00 1418504 16.80 13.40 5 - - -

Mandviwala 74 - 0.91 1.20 0.89 1.00 0.09 3049 2.45 0.57 - - - -

Nimir Ind Chemical 1106 27.60 2.83 2.85 2.75 2.76 -0.07 110825 3.34 1.62 - - - -

Shaffi Chemical 120 - 2.39 2.40 2.38 2.39 0.00 500 2.69 1.55 - - - -

Sitara Peroxide 551 7.99 18.57 18.95 18.30 18.54 -0.03 1050352 19.65 11.81 - - - -

Wah-Noble 90 5.69 37.00 37.00 37.00 37.00 0.00 393 41.99 35.11 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

952.62 971.94 946.50 965.43 12.82 1.35

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

646,897 9 - 3,904.20 mn 31,680.53 mn 965.43

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

6.79 1.51 22.31 44.54 6.56 910.15

Abbott (Lab) XD 979 7.15 85.90 86.79 85.00 85.94 0.04 2046 110.20 78.59 50 - - -

GlaxoSmithKline 1707 17.42 86.10 89.00 86.10 88.50 2.40 488915 89.00 68.00 40 15B - -

Highnoon (Lab) 165 7.26 29.44 30.91 30.10 30.91 1.47 71234 30.91 24.50 25 10B - -

IBL HealthCare Ltd 200 4.65 11.72 11.90 11.80 11.80 0.08 2001 12.80 7.16 - - - -

Sanofi-Aventis XD 96 6.42 150.00 150.00 148.25 149.13 -0.87 200 174.00 134.00 100 - - -

Searle Pak 306 5.68 65.00 65.03 63.00 64.99 -0.01 82427 69.00 58.05 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

702.49 733.80 692.90 730.54 28.05 3.99

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

230,324 4 2 3,242.17 mn 12,317.91 mn 730.54

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

5.21 1.33 25.53 11.08 2.13 673.61

Pak Int Cont.Terminal 1092 7.10 70.32 73.83 69.00 73.83 3.51 229859 75.72 63.00 40 - - -

PNSC 1321 8.52 30.67 31.45 30.90 30.67 0.00 465 38.90 29.35 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Engro Polymer & Chemicals 31-Mar 14-Apr - 14-AprSaritow Spinning Mills # 31-Mar 06-Apr - - 31-MarAzam Textile Mills # 31-Mar 06-Apr - - 31-MarSajjad Textile Mills # 01-Apr 08-Apr - - 08-AprBalochistan P Board # 01-Apr 08-Apr - - 08-AprIndus Dyeing & Mfg 01-Apr 07-Apr 50(I) - -Yousuf Weaving Mills # 01-Apr 08-Apr - - 08-AprKohinoor Spinning Mills # 01-Apr 08-Apr - - 08-AprChakwal Spinning Mills # 01-Apr 08-Apr - - 08-AprIBL Healthcare # 02-Apr 08-Apr - - 08-AprFirst Credit & Investment Bank # 04-Apr 12-Apr - - 12-AprRuby Textile Mills # 04-Apr 11-Apr - - 11-AprHala Enterprises # 05-Apr 12-Apr - - 12-AprShell Pakistan 05-Apr 19-Apr 80 (F) 28-Mar 19-AprBOC Pakistan 09-Apr 22-Apr 45 (F) 01-Apr 22-AprPak Gum & Chemicals 11-Apr 18-Apr - 18-AprPhilip Morris Pakistan 12-Apr 21-Apr 25 - 21-AprPak Suzuki Motor 12-Apr 18-Apr 5 (F) - 18-AprPackages Ltd 12-Apr 20-Apr 32.5 - 20-AprGlaxosmithkline 13-Apr 20-Apr 40(F),15(B) - 20-AprAskari General Insurance 14-Apr 20-Apr 10(B) - 20-AprIGI Insurance 15-Apr 26-Apr 20, 35 (B) - -Bata Pakistan 15-Apr 21-Apr 280 (F) - 21-Apr

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

TRG Pakistan Ltd. 3.01 3.04 2.95 3.01 0 81984

Murree Brewery Co. 100.7 102.99 98 101 0.3 52033

Shezan International 151.67 154.48 146 146.03 -5.64 1012

Pak Tobacco 93.04 95.5 93.01 93.04 0 136

P.I.A.C.(A) 2.8 2.88 2.55 2.57 -0.23 97986

AKD Capital Limited 40.13 42.13 39.5 39.63 -0.5 1230

Pace (Pak) Ltd. 3.05 3.24 3.05 3.19 0.14 375102

Netsol Technologies 23.97 24.99 23.7 24.02 0.05 965065

Symbols Open High Low Close Change Vol

Thursday, March 31, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 97.21 points at 11,808.61. Volume was

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

5 per cent narrower than normal. As far as resistance level is con-

cern, the market will see major 1st resistance level at 11,859.95 and

2nd resistance level at 11,911.30, while Index will continue to find its

1st support level at 11,720.25 and 2nd support level at 11,631.90.

KSE 100 INDEX is currently 8.4 per cent above 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 into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 50.93 Support 1 11,720.25

MA (5-day) 11,643.88 Support 2 11,631.90

MA (10-day) 11,634.21 Resistance 1 11,859.95

MA (100-day) 11,781.62 Resistance 2 11,911.30

MA (200-day) 10,894.90 Pivot 11,771.60

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Target Price Recommendations

Technical Outlook

LUCK closed up 2.14 at 68.03. Volume was 255 per cent above

average (trending) and Bollinger Bands were 1 per cent wider than

normal.

LUCK is currently 2.6 per cent below 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 indi-

cators reflect moderate flows of volume into LUCK (mildly bullish).

Trend forecasting oscillators are currently bullish on LUCK.

Arif Habib Ltd 97.1 Buy

AKD Securities Ltd 87.61 Buy

TFD Research 86.15 Positive

RSI (14-day) 55.70 MTS Shares 202,300

MA (10-day) 65.40 MTS Rs 10,021,391

MA (100-day) 71.72 MTS Rate -

MA (200-day) 69.82 ** NOI Rs (mn) 162.37

Free Float Shares (mn)129.35 Free Float Rs (mn) 8,799.68

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

DGKC closed up 1.02 at 25.80. Volume was 29 per cent below average

and Bollinger Bands were 32 per cent narrower than normal.

DGKC is currently 3.5 per cent below 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 DGKC at a relatively equal pace.

Trend forecasting oscillators are currently bullish on DGKC.

Arif Habib Ltd 30.1 Buy

AKD Securities Ltd 28.72 Buy

TFD Research 36.45 Positive

RSI (14-day) 58.94 MTS Shares N/A

MA (10-day) 23.91 MTS Rs N/A

MA (100-day) 27.96 MTS Rate N/A

MA (200-day) 26.72 ** NOI Rs (mn) 90.38

Free Float Shares (mn)200.80 Free Float Rs (mn) 5,180.76

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Target Price Recommendations

Technical Outlook

NBP closed up 0.46 at 57.36. Volume was 40 per cent below average and

Bollinger Bands were 294 per cent wider than normal.

NBP is currently 16.8 per cent below its 200-day moving average and is dis-

playing a downward trend. Volatility is extremely high when 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 forecast-

ing oscillators are currently bearish on NBP. Momentum oscillator is currently

indicating that NBP is currently in an oversold condition.

Arif Habib Ltd 68 Buy

AKD Securities Ltd 60.4 Accumulate

TFD Research 92.3 Positive

RSI (14-day) 25.77 MTS Shares 31,905

MA (10-day) 64.94 MTS Rs 1,366,120

MA (100-day) 72.20 MTS Rate 17.97

MA (200-day) 68.90 ** NOI Rs (mn) 94.68

Free Float Shares (mn)398.12 Free Float Rs (mn) 22,836.30

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Target Price Recommendations

Technical Outlook

FFC closed up 2.26 at 135.28. Volume was 26 per cent below average and

Bollinger Bands were 37 per cent narrower than normal.

FFC is currently 15.1 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 moderate flows of volume into FFC (mildly bullish). Trend forecast-

ing oscillators are currently bullish on FFC.

Arif Habib Ltd 144 Buy

AKD Securities Ltd 120.7 Reduce

TFD Research 129.4 Neutral

RSI (14-day) 56.70 MTS Shares 21,500

MA (10-day) 130.11 MTS Rs 2,145,495

MA (100-day) 128.47 MTS Rate 21.00

MA (200-day) 117.58 ** NOI Rs (mn) 43.41

Free Float Shares (mn)466.49 Free Float Rs (mn) 63,106.41

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed up 0.13 at 41.62. Volume was 76 per cent below average

(consolidating) and Bollinger Bands were 39 per cent wider than normal.

FFBL is currently 25.3 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bearish on FFBL.

Arif Habib Ltd 37 Sell

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 56.50 MTS Shares 421,000

MA (10-day) 39.95 MTS Rs 13,093,328

MA (100-day) 38.22 MTS Rate -

MA (200-day) 33.21 ** NOI Rs (mn) 71.85

Free Float Shares (mn)326.94 Free Float Rs (mn) 13,607.18

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Target Price Recommendations

Technical Outlook

POL closed up 0.62 at 326.78. Volume was 44 per cent below average and

Bollinger Bands were 60 per cent narrower than normal.

POL is currently 23.5 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 moderate flows of volume into POL (mildly bullish). Trend forecast-

ing oscillators are currently bullish on POL.

Arif Habib Ltd 359 Buy

AKD Securities Ltd 322.42 Neutral

TFD Research 363.65 Positive

RSI (14-day) 58.61 MTS Shares 175,400

MA (10-day) 319.73 MTS Rs 42,453,656

MA (100-day) 301.10 MTS Rate 18.41

MA (200-day) 264.60 ** NOI Rs (mn) 342.08

Free Float Shares (mn)107.94 Free Float Rs (mn) 35,273.60

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Target Price Recommendations

Technical Outlook

ENGRO closed up 0.39 at 205.76. Volume was 61 per cent below average

(consolidating) and Bollinger Bands were 158 per cent wider than normal.

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

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

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

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

lators are currently bearish on ENGRO.

Arif Habib Ltd 224 Buy

AKD Securities Ltd 195.41 Neutral

TFD Research 245.4 Positive

RSI (14-day) 45.52 MTS Shares 651,000

MA (10-day) 199.81 MTS Rs 100,155,296

MA (100-day) 202.01 MTS Rate -

MA (200-day) 190.10 ** NOI Rs (mn) 156.10

Free Float Shares (mn)176.98 Free Float Rs (mn) 36,414.97

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,456.86 1,480.34 1,448.64 1,467.91 11.05 0.76

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

399,705 52 11 29,771.58 mn 18,869.54 mn 1,467.91

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

20.92 0.46 2.21 104.74 7.78 1,445.01

Allied Rental 600 4.04 17.74 18.19 18.19 18.19 0.45 500 18.19 15.00 22.5 - - -

AL-Meezan Mutual F.XD 1375 4.13 10.15 10.29 10.10 10.25 0.10 8075 11.50 8.21 18.5 - 5.00 -

AL-Noor Modaraba 210 1.89 3.25 3.50 3.50 3.25 0.00 190 3.50 2.85 5 - - -

Atlas Fund of Funds 525 1.81 6.85 6.80 6.75 6.79 -0.06 176500 6.97 4.25 2.2 - - -

B R R Guardian Mod. 780 2.03 1.69 1.88 1.87 1.87 0.18 5002 1.90 1.12 0 - - -

Crescent St Modaraba 200 1.18 0.51 0.52 0.48 0.52 0.01 10511 0.80 0.40 1.2 - - -

Equity Modaraba 524 1.10 1.66 1.95 1.66 1.80 0.14 12102 2.98 1.44 - - - -

Golden Arrow 760 1.51 3.20 3.29 3.11 3.29 0.09 2936 3.89 2.92 17 - - -

H B L Modaraba 397 3.88 7.89 7.92 7.92 7.92 0.03 600 9.00 6.81 11 - - -

Habib Modaraba 1008 6.49 7.27 7.60 7.50 7.53 0.26 2607 7.79 6.65 21 - - -

JS Growth Fund 3180 2.33 6.21 6.28 6.00 6.06 -0.15 9302 6.47 4.65 5 - - -

JS Value Fund 1186 1.32 5.40 5.50 5.40 5.50 0.10 28341 6.61 4.20 10 - - -

Meezan Balanced Fund 1200 2.63 9.35 9.16 9.16 9.16 -0.19 2000 10.24 7.31 15.5 - - -

Mod Al-Mali 184 13.00 1.20 1.40 1.22 1.30 0.10 2002 2.50 1.00 - - - -

Nat Bank Modaraba 250 7.06 5.85 5.93 5.92 5.93 0.08 600 7.00 4.80 10 - - -

PICIC Energy Fund XD 1000 3.04 7.33 7.35 7.34 7.35 0.02 10150 8.83 6.37 10 - 10.00 -

PICIC Growth Fund XD 2835 3.71 12.27 12.48 12.20 12.40 0.13 18200 16.49 12.00 20 - 12.50 -

PICIC Inv Fund XD 2841 2.93 5.19 5.50 5.15 5.39 0.20 2606 7.95 5.10 10 - 7.50 -

Prud Modaraba 1st 872 1.92 1.00 1.00 1.00 1.00 0.00 105500 1.20 0.80 3 - - -

Stand Chart Modaraba 454 5.08 9.60 10.15 9.95 9.95 0.35 501 10.63 9.21 17 - - -

Tri-Star 1st Modaraba 212 22.50 1.30 0.90 0.76 0.90 -0.40 578 2.25 0.61 - - - -

Trust Modaraba 298 2.39 2.01 2.20 2.20 2.01 0.00 400 2.49 1.16 5 - - -

U D L Modaraba XD 264 2.34 6.50 6.65 6.65 6.50 0.00 450 7.25 5.67 12.5 - 7.50 -

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

331.38 339.97 331.82 334.83 3.45 1.04

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

865,419 41 6 30,336.44 mn 16,003.56 mn 334.83

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

11.50 0.22 0.91 99.56 4.08 329.01

AMZ Ventures 225 1.25 0.58 0.61 0.57 0.60 0.02 22528 0.93 0.33 - - - -

Arif Habib Investments 360 3.99 23.00 23.68 23.20 23.49 0.49 13300 24.86 17.01 - 20B - -

Arif Habib Limited 450 17.11 20.28 20.88 20.15 20.87 0.59 8210 28.00 18.31 - 20B - -

Arif Habib Corp 3750 5.04 25.02 26.14 25.15 25.82 0.80 4784380 30.20 18.75 30 - - -

First Credit & Invest Bank Ltd 650 - 3.33 3.26 3.25 3.25 -0.08 25000 4.45 2.30 - - - -

IGI Investment Bank 2121 9.09 2.00 2.25 2.00 2.00 0.00 46971 2.99 1.90 - - - -

Invest Bank 2849 - 0.50 0.50 0.50 0.50 0.00 3500 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.10 3.10 3.09 3.09 -0.01 3068 3.79 2.90 - 10B - -

Ist Dawood Bank 626 0.80 1.60 1.70 1.50 1.52 -0.08 11112 2.00 1.24 - - - -

Jah Siddiq Co 7633 - 8.60 8.76 8.57 8.72 0.12 683233 12.80 8.01 10 - - -

JOV and CO 508 775.00 3.05 3.29 3.01 3.10 0.05 23639 4.49 2.58 - - - -

JS Investment 1000 - 5.80 6.00 5.82 5.85 0.05 1520 7.40 5.00 - - - -

KASB Securities 1000 7.66 4.72 4.89 4.52 4.67 -0.05 13821 5.43 3.75 - - - -

Orix Leasing 821 4.10 5.75 5.90 5.89 5.90 0.15 1502 6.75 5.25 - - - -

Pervez Ahmed Sec 775 3.83 1.84 1.89 1.82 1.84 0.00 31760 2.49 1.21 - - - -

Stand Chart Leasing 978 3.88 2.50 2.94 2.65 2.87 0.37 1221 3.00 1.67 - - - -

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

766.99 774.21 748.47 769.04 2.05 0.27

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

13,113 4 - 2,290.72 mn 9,008.45 mn 772.18

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

5.45 2.95 3.85 355.53 4.63 744.68

EFU Life Assurance 850 14.14 60.60 61.00 59.50 60.36 -0.24 11658 79.80 51.31 50 - - -

New Jub Life Insurance XD627 20.47 47.05 47.90 45.00 47.89 0.84 1455 49.00 39.05 15 - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,133.32 1,155.29 1,128.46 1,146.38 13.07 1.15

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

7,279,381 27 - 257,548.02 mn 673,048.46 mn 1,146.38

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

7.24 1.01 13.94 40.49 5.59 1,111.46

Allied Bank Ltd.XDXB 8603 5.73 60.93 62.00 60.11 60.74 -0.19 9526 74.00 57.00 40 10B - -

Askari Bank XB 7070 5.87 12.41 12.47 12.30 12.33 -0.08 35034 19.25 12.13 - 10B - -

Bank Alfalah 13492 7.30 9.69 9.99 9.55 9.85 0.16 775357 11.99 8.75 - - - -

Bank AL-HabibXDXB 8786 5.96 29.36 29.70 29.10 29.32 -0.04 77669 39.49 26.95 20 20B - -

Bank Of Khyber 5004 3.74 4.17 4.25 4.16 4.23 0.06 46185 4.65 3.30 - - - -

Bank Of Punjab 5288 - 5.97 6.15 5.95 5.99 0.02 1334063 10.23 5.95 - - - -

BankIslami Pak 5280 41.89 3.76 3.82 3.62 3.77 0.01 28081 4.50 3.06 - - - -

Faysal Bank 7327 7.06 12.45 12.40 11.45 11.50 -0.95 287047 16.40 10.69 - 20B - -

Habib Bank LtdXDXB 11021 6.82 107.32 110.00 107.11 109.13 1.81 80757 131.00 104.16 65 10B - -

Habib Metropolitan Bank XB 10478 6.02 19.23 19.85 19.00 19.67 0.44 30878 29.10 18.50 - 20B - -

JS Bank Ltd 8150 - 2.75 2.82 2.68 2.72 -0.03 32502 3.16 2.30 - 66R - -

KASB Bank Ltd 9509 - 1.41 1.45 1.36 1.45 0.04 22272 2.60 1.36 - - - -

MCB Bank LtdXDXB 8362 9.27 201.38 206.25 202.00 205.71 4.33 651624 250.48 192.20 85 10B - -

Meezan Bank XB 8030 7.20 16.95 17.00 17.00 17.00 0.05 750 20.30 16.26 - 15B - -

Mybank Ltd 5304 - 1.99 2.20 1.91 1.91 -0.08 1005 3.40 1.70 - - - -

National BankXDXB 16818 5.01 56.90 57.50 56.96 57.36 0.46 2741050 81.78 54.85 75 25B - -

NIB Bank 40437 - 2.07 2.09 2.00 2.03 -0.04 874964 3.35 1.90 -154.79R - -

Samba Bank 14335 - 1.64 2.04 1.67 1.67 0.03 32965 2.12 1.50 -63.46R - -

Silkbank Ltd 26716 - 2.08 2.14 2.05 2.11 0.03 56966 3.05 2.02 - - - -

Soneri Bank 6023 28.67 6.10 6.02 6.00 6.02 -0.08 18224 8.30 5.00 - - - -

Stand Chart Bank XD 38716 8.91 8.30 8.49 8.12 8.46 0.16 20143 9.90 6.28 6 - - -

Summit Bank Ltd 7251 - 2.51 2.75 2.50 2.55 0.04 46988 4.63 2.36 - - - -

United Bank Ltd XD 12242 7.20 60.82 61.29 60.50 61.24 0.42 122319 70.39 56.70 50 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

751.32 767.60 749.48 760.20 8.88 1.18

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

1,707,460 34 22 11,111.34 mn 48,532.54 mn 760.20

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

12.94 0.67 5.20 79.54 6.15 730.52

Adamjee Insurance 1237 17.79 73.51 74.75 73.30 74.55 1.04 267526 96.40 68.92 25 - - -

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

1,392.97 1,420.31 1,389.78 1,409.30 16.33 1.17

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

125,167 2 - 12,202.80 mn 31,478.85 mn 1,409.97

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

9.12 1.04 11.41 66.79 7.33 1,392.97

Sui North Gas 5491 11.88 19.72 20.25 19.64 20.20 0.48 116043 29.39 19.11 20 - - -Sui South Gas 8390 3.66 24.27 24.60 24.25 24.30 0.03 9124 27.90 20.95 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

1,344.15 1,370.92 1,337.38 1,358.10 13.95 1.04

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

2,174,978 15 1 95,369.29 mn 104,720.46 mn 1,358.10

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

13.65 1.28 9.35 104.13 7.63 1,330.34

Genertech 198 - 0.65 0.69 0.60 0.65 0.00 111 0.98 0.55 - - - -Hub Power XD 11572 6.93 37.25 38.14 37.05 37.83 0.58 760065 41.20 35.90 50 - 25.00 -Japan Power 1560 - 1.40 1.42 1.30 1.37 -0.03 11105 1.89 1.25 - - - -KESC 7932 - 2.53 2.62 2.51 2.53 0.00 103661 3.55 2.31 - 7.8R - -Kohinoor Energy 1695 7.79 17.78 17.92 17.89 17.92 0.14 600 21.00 16.00 15 - 10.00 -Kot Addu Power XD 8803 5.28 41.05 41.19 40.97 41.10 0.05 359766 45.85 40.26 50 - 30.00 -Nishat Chunian Power Ltd 3673 3.21 15.95 16.35 15.81 15.99 0.04 669432 18.01 14.05 - - - -Nishat Power Ltd 3541 2.51 17.25 17.46 17.10 17.17 -0.08 233209 18.70 14.85 - - - -Sitara Energy Ltd 191 5.18 17.00 17.00 16.90 17.00 0.00 11000 19.25 16.40 20 - - -Southern Electric 1367 - 1.70 1.75 1.67 1.68 -0.02 21129 2.39 1.41 - - - -Tri-star Power XD 150 - 0.63 0.72 0.72 0.72 0.09 4900 1.31 0.31 - - - -

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

1,003.36 1,011.67 997.43 1,002.28 -1.08 -0.11

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

492,515 5 - 50,077.79 mn 69,169.51 mn 1,003.36

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

5.46 0.70 12.84 62.56 11.47 994.86

Pak Datacom XD 78 5.38 48.00 49.75 49.40 49.45 1.45 1056 82.39 45.05 80 - 15.00 -Pakistan Telecomm Co A 37740 11.33 17.01 17.15 16.95 17.00 -0.01 259621 20.65 16.61 17.5 - - -Telecard 3000 1.23 1.91 1.94 1.85 1.87 -0.04 31764 2.48 1.60 1 - - -WorldCall Tele 8606 - 2.60 2.60 2.52 2.59 -0.01 200074 3.11 2.15 - - - -Wateen Telecom Ltd 6175 - 2.99 2.99 2.85 2.97 -0.02 16058 4.65 2.65 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 255 4.72 11.00 11.50 11.00 11.00 0.00 1195 11.80 9.51 -10B 25R - -

Atlas InsuranceXDXB 443 4.28 27.75 28.80 27.75 28.14 0.39 2054 42.90 26.60 - 20B - -

Central Insurance XB 279 6.30 106.03 111.33 105.00 110.86 4.83 184300 111.33 61.30 25 50B - -

Century Insurance 457 6.44 10.34 10.60 10.15 10.30 -0.04 27357 11.99 8.90 - - - -

EFU General Insurance 1250 - 34.56 35.09 34.60 34.92 0.36 20337 45.00 32.25 12.5 - - -

Habib Insurance 400 3.32 13.76 13.95 13.45 13.93 0.17 50851 15.50 11.72 - - - -

IGI Insurance 718 8.59 100.00 100.00 99.00 100.00 0.00 3620 102.44 88.11 30 55B - -

New Jub Insurance 791 11.96 68.04 69.99 69.98 68.04 0.00 101 70.70 56.00 35 25B - -

Pak Reinsurance 3000 47.33 17.98 18.58 17.90 18.46 0.48 1081100 19.40 13.80 - - - -

Premier Insurance 303 6.48 12.32 13.27 11.66 11.99 -0.33 12246 13.27 10.10 - - - -

Reliance Insurance XB 252 3.88 7.86 8.05 7.80 8.00 0.14 6822 8.25 6.20 - 12.5B - -

Shaheen Insurance 200 - 12.06 13.06 11.75 12.99 0.93 17414 14.20 8.85 - - - 25R

Silver Star Insurance 253 4.88 6.77 7.19 6.81 7.17 0.40 31751 8.20 6.01 - 15B - -

United Insurance XB 400 2.20 7.22 6.70 6.70 6.70 -0.52 665 7.90 5.50 - - - -

UPTO 100 VOLUME

PKGI 9.00 10.00 10.00 9.00 0.00 100

KOSM 1.19 1.30 1.30 1.19 0.00 100

AGTL 202.68 204.00 204.00 202.68 0.00 100

AGIL 71.01 72.20 72.20 71.01 0.00 100

LEUL 2.10 1.99 1.99 2.10 0.00 100

CLOV 59.03 61.95 61.95 59.03 0.00 98

SAZEW 23.50 23.70 23.70 23.50 0.00 95

DIIL 9.00 9.49 9.45 9.00 0.00 90

NESTLE 3289.65 3400.00 3126.15 3365.64 75.99 89

STPL 9.00 8.80 8.80 9.00 0.00 88

PMPK 245.19 233.01 233.01 245.19 0.00 84

SAPT 111.52 110.88 106.00 111.52 0.00 80

FEROZ 91.90 93.90 91.50 91.90 0.00 74

PASM 13.35 14.24 14.24 13.35 0.00 60

BAPL 7.73 8.50 8.40 7.73 0.00 50

BUXL 9.00 9.99 9.99 9.00 0.00 50

RMPL 2300.95 2410.00 2375.00 2396.94 95.99 31

PIL 11.60 12.25 11.65 11.60 0.00 21

IDSM 9.25 9.69 8.26 9.25 0.00 18

WAZIR 6.14 5.50 5.50 6.14 0.00 15

SMTM 5.45 6.29 5.55 5.45 0.00 12

IFSL 6.40 6.50 6.45 6.40 0.00 11

SMBLR 0.01 0.01 0.01 0.01 0.00 11

SHJS 65.56 68.83 68.83 65.56 0.00 11

DBCI 1.65 1.85 1.65 1.65 0.00 11

NBF 4.74 4.10 4.10 4.74 0.00 10

TSMF 1.01 1.64 1.64 1.01 0.00 10

PAKMI 0.90 1.10 1.10 0.90 0.00 10

GLPL 56.21 57.50 57.50 56.21 0.00 10

GRAYS 45.93 46.00 46.00 45.93 0.00 10

FECM 2.75 3.25 2.65 2.75 0.00 9

FNEL 4.45 5.24 5.24 4.45 0.00 9

JSGCL 22.03 22.35 22.10 22.03 0.00 9

SMCPL 5.02 5.84 5.01 5.02 0.00 7

COLG 759.03 721.08 721.08 759.03 0.00 6

FCONM 1.20 1.89 1.89 1.20 0.00 5

FFLM 1.41 1.75 1.75 1.41 0.00 5

ELSM 26.56 27.74 27.74 26.56 0.00 5

MTIL 0.40 0.59 0.59 0.40 0.00 5

SHFA 29.25 30.70 30.70 29.25 0.00 5

SIBL 2.65 3.00 2.99 2.65 0.00 3

SIEM 1051.00 1103.54 1103.50 1051.00 0.00 3

SITC 107.01 108.90 107.00 107.01 0.00 3

FDMF 2.10 2.19 2.19 2.10 0.00 2

FZTM 389.44 369.97 369.97 389.44 0.00 2

ILTM 210.50 221.02 221.02 210.50 0.00 2

SHTM 0.45 0.35 0.35 0.45 0.00 2

JOPP 7.93 7.20 7.15 7.93 0.00 2

ULEVER 4904.86 4920.00 4920.00 4904.86 0.00 2

UDPL 14.87 14.70 13.87 14.87 0.00 2

FIBLM 1.62 1.50 1.50 1.62 0.00 1

DCM 1.29 1.60 1.60 1.29 0.00 1

DEL 1.52 1.69 1.69 1.52 0.00 1

CWSM 1.30 1.69 1.69 1.30 0.00 1

HMIM 1.00 1.00 1.00 1.00 0.00 1

SHCM 13.90 14.90 14.90 13.90 0.00 1

YOUW 1.20 1.39 1.39 1.20 0.00 1

ALNRS 40.02 42.02 42.02 40.02 0.00 1

SASML 8.00 9.00 9.00 8.00 0.00 1

MFFL 69.00 72.40 72.40 69.00 0.00 1

HADC 0.50 0.59 0.59 0.50 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-APR 57.54 58.09 57.45 57.96 0.42 628000

DGKC-APR 25.02 26.20 25.11 26.05 1.03 600500

POL-APR 328.92 331.40 326.50 329.41 0.49 468000

FFBL-APR 41.77 41.99 41.59 41.88 0.11 235000

FFC-APR 134.28 136.70 133.60 136.39 2.11 234000

ENGRO-APR 207.43 208.50 206.60 208.03 0.60 224000

LUCK-APR 66.52 69.45 66.16 68.82 2.30 215500

MCB-APR 202.91 207.95 203.54 207.13 4.22 189500

NML-APR 65.40 66.40 65.50 66.02 0.62 67000

PPL-APR 208.91 211.40 208.00 210.71 1.80 63500

ATRL-APR 125.65 126.70 124.55 126.18 0.53 62000

HUBC-APR 37.84 37.84 37.84 37.84 0.00 9000

UBL-APR 61.00 61.50 60.50 61.50 0.50 4000

PTC-APR 17.23 17.20 17.17 17.20 -0.03 2000

ABL-CMAY 62.69 0.00 0.00 62.47 -0.22 0.00

HBL-CMAY 110.41 0.00 0.00 112.23 1.82 0.00

AICL-CMAY 75.63 0.00 0.00 76.67 1.04 0.00

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITIONSymbol Total Volume Total Value MTS Rate

AHCL 80,000 1,445,513 -

AICL 4,000 220,500 -

AKBL 12,000 111,720 -

ANL 101,100 661,903 -

ATRL 146,267 13,365,044 22

ENGRO 651,000 100,155,296 -

FFBL 421,000 13,093,328 -

FFC 21,500 2,145,495 21

LOTPTA 2,639,000 31,574,763 18

LUCK 202,300 10,021,391 -

MCB 13,000 1,978,500 18

NBP 31,905 1,366,120 18

NML 5,000 239,618 -

OGDC 500 50,738 -

PAKRI 1,000 12,773 -

POL 175,400 42,453,656 18

PPL 5,000 776,250 -

PSO 500 102,739 -

PTC 50 632 -

SSGC 90,000 1,638,225 -

TOTAL 4,600,522 221,414,201 18.72

Adamjee Insurance 41.67 73.65 72.75 75.10 75.65 74.20

Al-Abbas Cement 53.09 2.55 2.45 2.75 2.85 2.65

Allied Bank Limited 44.90 59.90 59.05 61.80 62.85 60.95

Arif Habib Corp 64.63 25.25 24.70 26.25 26.70 25.70

Arif Habib Limited 45.71 20.40 19.90 21.10 21.35 20.65

Askari Bank 24.93 12.25 12.20 12.45 12.55 12.35

Attock Cement 54.18 51.85 51.45 52.55 52.85 52.15

Attock Petroleum 55.35 360.95 358.45 364.95 366.45 362.45

Attock Refinery 58.56 123.60 122.25 126.15 127.35 124.80

Azgard Nine 40.92 8.70 8.60 8.80 8.90 8.75

Bank Alfalah 51.10 9.60 9.35 10.05 10.25 9.80

Bank.Of.Punjab 24.14 5.90 5.85 6.10 6.25 6.05

BankIslami Pak 59.43 3.65 3.55 3.85 3.95 3.75

D.G.K.Cement 58.82 25.15 24.55 26.20 26.60 25.55

Dewan Cement 43.63 1.70 1.65 1.75 1.80 1.70

Dewan Salman 48.31 2.70 2.65 2.85 2.95 2.80

Dost Steels Ltd 40.01 1.90 1.85 2.10 2.25 2.05

EFU General Insurance 41.04 34.65 34.40 35.15 35.35 34.85

EFU Life Assurance 51.63 59.60 58.80 61.10 61.80 60.30

Engro Corp 45.56 204.65 203.55 206.80 207.85 205.70

Fauji Cement 49.18 4.20 4.15 4.25 4.30 4.20

Fauji Fert Bin 56.51 41.35 41.10 41.80 42.00 41.55

Fauji Fertilizer 56.77 133.50 131.75 136.35 137.45 134.60

Faysal Bank 34.26 11.15 10.85 12.10 12.75 11.80

Habib Bank Ltd 39.84 107.50 105.85 110.40 111.65 108.75

Hub Power 47.88 37.20 36.60 38.30 38.75 37.65

ICI Pakistan 61.53 164.90 163.60 167.15 168.05 165.85

Indus Motors 23.37 208.55 206.80 213.55 216.75 211.75

J.O.V.and CO 43.58 2.95 2.85 3.25 3.40 3.15

Jah Siddiq Co 44.21 8.60 8.50 8.80 8.85 8.70

Japan Power 43.14 1.30 1.25 1.40 1.50 1.35

JS Bank Ltd 47.79 2.65 2.60 2.80 2.90 2.75

K.E.S.C 42.18 2.50 2.45 2.60 2.65 2.55

Kot Addu Power 42.77 41.00 40.85 41.20 41.30 41.10

Lotte Pakistan 58.43 16.10 16.00 16.25 16.30 16.15

Lucky Cement 55.55 66.30 64.55 69.25 70.50 67.55

Maple Leaf Cement 54.17 2.35 2.30 2.50 2.55 2.45

MCB Bank Ltd 44.95 203.05 200.40 207.30 208.90 204.65

National Bank 25.81 57.05 56.75 57.60 57.80 57.25

Netsol Technologies 61.76 23.50 22.95 24.80 25.55 24.25

NIB Bank 35.38 2.00 1.95 2.10 2.15 2.05

Nimir Ind.Chemical 52.46 2.75 2.70 2.85 2.90 2.80

Nishat (Chunian) 62.88 28.65 28.45 29.15 29.45 28.95

Nishat Mills 57.46 65.00 64.50 65.95 66.40 65.45

Oil & Gas Dev. XD 26.99 135.40 133.90 138.00 139.10 136.50

P.I.A.C.(A) 44.65 2.45 2.35 2.80 3.00 2.65

P.S.O. XD 48.77 275.10 271.50 281.65 284.60 278.05

P.T.C.L.A 37.04 16.90 16.85 17.10 17.25 17.05

PACE (Pakistan) Ltd. 59.07 3.10 2.95 3.25 3.35 3.15

Pak Oilfields 58.55 324.05 321.35 329.45 332.10 326.70

Pak Petroleum 54.65 207.60 205.35 211.10 212.35 208.85

Pak Suzuki 68.20 68.35 65.85 72.05 73.30 69.55

Pervez Ahmed Sec 45.02 1.80 1.70 1.90 1.95 1.85

Pioneer Cement 51.64 5.75 5.45 6.35 6.65 6.05

Shell Pakistan 66.76 214.65 213.55 217.15 218.55 216.05

Sitara Peroxide 70.03 18.25 17.95 18.90 19.25 18.60

Sui North Gas 39.59 19.80 19.40 20.40 20.65 20.05

Sui South Gas 48.54 24.15 24.05 24.50 24.75 24.40

Telecard 38.53 1.85 1.80 1.95 2.00 1.90

TRG Pakistan 46.32 2.95 2.90 3.05 3.10 3.00

United Bank Ltd 49.28 60.75 60.20 61.50 61.80 61.00

WorldCall Tele 52.57 2.55 2.50 2.60 2.65 2.55

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Ghani Value Glass Ltd 31-Mar 2:00

United Insur 31-Mar 10:00

Shahtaj Sugar Mills Ltd 31-Mar 11:30

Singer Pak Ltd 31-Mar 11:30

Crescent Star Insur Comp Ltd 31-Mar 11:30

Premier Insur Ltd 01-Apr 11:00

Pak Reinsur Comp Ltd 02-Apr 2:00

The Universal Insur Co Ltd 02-Apr 11:30

Asian Insur Comp Ltd 04-Apr 11:00

Salman Noman Ltd 04-Apr 2:30

Kasb Bank Ltd 04-Apr 11:30

BMA Savings Fund 05-Apr 11:30

BMA Cash Fund 05-Apr 11:30

Pak Oman Advantage 05-Apr 12:15

Pak Oman Advantage 05-Apr 12:15

Pak Oman Advantage 05-Apr 12:15

Pak Oman Advantage Fund 05-Apr 12:15

Kot Addu Power Comp Ltd 20-Apr 12:30

Unilever Pak Ltd 22-Apr 10:00

BOC Pak Ltd 22-Apr -

BOARD MEETINGS

Company Date Time

Thursday, March 31, 2011 8

ISLAMABAD: The SaudiGovernment will issue 2 millionvisas during the ongoing Umrahseason and in this context 1.2million Umrah visas have beenissued so far.

This is an increase of 237,681visas, or 32 per cent, comparedwith the same period last year,said Isa Rawas, Undersecretaryat the Saudi Ministry of Hajj forUmrah Affairs.

Meanwhile the Ministry ofHajj has directed all licensedUmrah service-providing com-panies and establishments toensure that pilgrims in MakkahMukarrmah and MadinahMunawarah are accommodatedin hotels and furnished apart-ments approved by the SaudiCommission for Tourism andAntiquities (SCTA).

According to a press releasereceived here, there were 71,000rooms in Makkah Mukarrmahthat could accommodate up to900,000 pilgrims every month,while there were more than30,000 rooms in MadinahMunawarah that could accom-modate more than 365,000 pil-grims monthly.

He said the accommodationcapacity in Makkah Mukarrmahto exceed a million pilgrims nextweek, while it will 400,000 inMadinah Munawarah.

The SCTA had closed down 36tourist accommodation facilitiesin Makkah Mukarrmah andJeddah, while 40 others mayface the same fate if they do nottake action to rectify their viola-tions.

The facilities were closeddown for failure to obtain formallicenses from the Civil Defenseand the municipalities after fail-

ing to match the set standards.Prince Naif Bin Abdul Aziz,

Second Deputy Premier andInterior Minister, has set up aministerial committee to overseethe issuing of licenses to Umrahcompanies, said Isa Rawas,Undersecretary at the SaudiMinistry of Hajj for UmrahAffairs.

The body will consist ofexperts from the Saudi ministriesof Interior and Hajj to ensurequality service provision togrowing numbers of Umrah pil-grims and prevent overstaying.

He said the chairman andmembers of the NationalCommittee for Umrah and Hajjat the Makkah Chamber ofCommerce and Industry wantthe number of Umrah companiesto be increased. The existing 51companies are not able to meetthe demand, which is likely toincrease to 11 million in future,he said. A total of 547,496Umrah pilgrims have arrived inSaudi Arabia so far, said Rawas.He said the ministry is keeping aclose eye on services provided topilgrims.

Rawas said that the ministrydistributes a questionnaire toUmrah pilgrims asking themabout the quality of services, sothat any company that violatesany contractual agreements canbe punished.

He said 65 people who camethrough Umrah companies thisyear have overstayed, which isan insignificant number com-pared to the number of incomingpilgrims.

He urged the authorities to liftthe ban on 16 Umrah companiesbecause the market needs theirservices. APP

2mn Umrahvisas to beissued this

season

ChinaSouthernAirlines

earns hugenet profit

BEIJING: China SouthernAirlines Company Limited ChinaSouthern) posted an upsurge inprofits in 2010 from the low basein the previous year due torebounding demand.

In its annual business reportfiled with the Shanghai StockExchange, China Southern saidits net profit increased 1,423.62percent to 5.8 billion yuan (885million U.S. dollars) last yearcompared with 381 million yuanin 2009.

China Southern, the nation'slargest carrier by passenger trans-port capacity, said its earnings pershare jumped to 0.70 yuan lastyear, compared with 0.05 yuan for2009. The company reported a lossof 0.74 yuan per share in 2008.

The Guangzhou-based compa-ny attributed its profit upsurge in2010 to rapid domestic economyexpansion, consumption upgradeand China's successful hosting ofShanghai Expo and the AsianGames. APP

BahrainAirline

starts Geneva-

Manama route GENEVA: Bahrain nationalairline Gulf Air on Tuesdayopened a new service betweenGeneva and Manama, sayingthe move was aimed at help-ing boost the island kingdom'slinks to key financial markets.

The service, operating threetimes a week, will be flown byBoeing 737-700 extended-range aircraft.

The launch of the new routecomes at a difficult time forthe aviation industry. Protestsand government crackdownsin the Middle East, includingBahrain, and north Africa sti-fled air passenger traffic inFebruary, International AirTransport Association figuresreleased on Tuesday showed.

"The political unrest in theMiddle East and North Africaduring February is estimatedto have cut international traf-fic by about 1 percent," IATAsaid.

"Demand growth across theregion is taking a step back,"IATA Chief ExecutiveGiovanni Bisignani said in astatement.

IATA represents 240 airlinesoperating 94 percent of allinternational traffic.

Gulf Air Chief ExecutiveOfficer Samer Majali toldguests at a ceremony to launchthe new route it was hoped toattract business and leisure trav-ellers from the Middle East andfrom Switzerland. -Reuters

BA cabin crewvote for fresh

strike action LONDON: British Airwayscabin crew on Monday voted infavour of taking fresh strikeaction in a dispute that has so farcost the airline more than 150million pounds.

The Unite union, which repre-sents 90 percent of IAG(ICAG.L)-owned BA's 12,000cabin crew, said 83 percent of the6,981 BA cabin crew whoreturned valid voting papersvoted in favour of taking industri-al action.

"We urge BA's boardroom tosee this as a clear message thatthey must think again about howto regain the trust and confidenceof a significant part of their cabincrew operation," LenMcCluskey, Unite's general sec-retary said in a statement.

"We continue to be in discus-sions with the company to find asolution to this long-running dis-pute." The dispute, which beganin November 2009 when BAannounced it was cutting crewpay and reducing staffing, nowcentres on issues including theremoval of travel concessionsfrom crew members who tookpart in earlier strikes.

Unite polled just under 10,000BAcrew, 5,811 voted in favour ofstrike action, while 1,170 votedagainst.

BA declined to comment whencontacted by Reuters.

Unite now has 28 days withinwhich to announce strike datesand must BA at least a week'snotice before it does so.

Shares in IAG in London,formed by the merger of BA andIberia, were 0.2 percent down at228.45 pence by 1320 GMT.-Reuters

Emiratesrepays $500mn

bond DUBAI: Emirates, one of theArab world's largest carriers,said on Sunday that it hadrepaid a $500 million bondthat was due this month and itis on course for a "recordbreaking" financial year.

The bond, listed on theLuxembourg Stock Exchange,was originally issued in 2004with a seven year term.

"The repayment of this bondis part of Emirates overallfinancing strategy," the air-line's chairman and chiefexecutive Sheikh Ahmed binSaeed al-Maktoum said in astatement.

He said the airline wouldcontinue to use normaldiverse range of options avail-able to finance its growth.

Emirates dropped plans fora bond to finance expansionafter the uprisings in NorthAfrica made rates moreexpensive, its president TimClark said earlier this month.

The carrier is on track foranother record breakingfinancial year, the companysaid in a statement.

"The results for the first halfof the 2010-11 financial yearare incredibly robust," saidSheikh Ahmed.

"We continue to invest ourprofits in growing the busi-ness and our healthy financialposition enables us to suc-cessfully meet all of ourfinancial commitments andraise financing for future air-craft deliveries."

He said that the 62 new air-crafts ordered in the first halfof 2010 will help the airlinecapitalise on its growth plans.

The Dubai-based airline lastyear announced a multi-bil-lion dollar increase in its fleetto include 120 Airbus A380superjumbos.

Emirates is Dubai's flagshipcompany and one of thebiggest contributors to a localeconomy hit hard by a proper-ty crisis. The government-owned airline rivals longerestablished names for trafficbetween Europe and eastAsia. -Reuters

ISTANBUL: Turkish Airlineslaunched the first nonstop flightfrom Los Angeles' LAX Airportto Atatürk Airport in Istanbul.To celebrate the new route,Turkish Airlines and globalbrand ambassador Kobe Bryantheld a gala event at ParamountStudios.

Attended by over 500 guests,the event included traditionalTurkish dances led by Turkishpop musician Kenan Doguluand actress Sonya Macari.Outfitted with plush loungeseating and intimate tables, theevent transported guests to anevening in the cosmopolitan cityof Istanbul. In addition to tradi-tional Turkish dishes by the air-lines' award-winning in-flightcatering company Do&Co,attendees enjoyed entrees byPatina Catering.

Following speeches by

Turkish Airlines' ChairmanHamdi Topcu, Consul GeneralHakan Tekin, and TurkishAirlines' General Manager,Western USA, Fatma Yuceler,Kobe Bryant commanded thestage with a captivating drumperformance. In keeping withTurkish custom, an exchange ofgifts took place between KobeBryant and Chairman Topcu;Mr. Bryant presented theChairman with his Lakers jerseyand limited edition Nike sneak-ers in Lakers colors, while Mr.Topcu extended a modelTurkish Airlines plane.

In addition to the gala event,earlier in the day TurkishAirlines welcomed the firstarrival flight from Istanbul witha water canon salute and ribboncutting ceremony at LAXAirport. Speeches were made byHamdi Topcu, LAWA Executive

Director Gina Marie Lindsey,Ms. Yuceler and Mr. Tekin.Passengers and guests wereoffered cake and sparkling juiceto commemorate the event. Theflights from Los Angeles toIstanbul are scheduled to departfour times per week (Tuesday,Thursday, Saturday andSunday) aboard the brand-newBoeing 777-300ER aircraft.

To encourage U.S. travelers totake advantage of the new LAgateway, Turkish Airlines isoffering an exceptionally dis-counted rate on all flights fromLos Angeles to Istanbul pur-chased on or before April 30,2011. Round-trip flights areavailable for $752.00 includingall taxes and fees. Passengerscan book their travel onTurkishAirlines.com, call 1-800-874-8875 or work withtheir preferred travel agent.

Turkish Airlines celebratesLos Angeles gateway launch

PESHAWAR: President,Sarhad Chamber of Commerce& Industry (SCCI), UsmanBashir Bilour on Monday saidthat the trade body has preparedvision documents for the devel-opment of industrial andtourism sectors in KhyberPakhtunkhwa.

Speaking in Guest HourProgramme of the PeshawarPress Club (PPC) here, he saidthat the vision documents havebeen prepared in consultationwith the stakeholders in theprovince. The document, he saidwould be very soon resented toboth federal and provincial gov-ernments, saying he is confidentthat the implementations of thedocuments would help theprovincial economy stabilized.

Terrorism and militancy, hesaid badly affected the economyof the province while industrialand trade activities have cometo standstill position.

Usman Bilour said that the

trading community of Peshawarhave rendered the sacrifices ofboth life and properties and forthis purpose, he has contactedsenior Minister KhyberPakhtunkhwa, Bashir AhmadBilour and requested him forhalting 25 per cent increase inthe rent of the properties of thedistrict overnment for a periodof three years and added that theprovincial government acceptedthe request.

Usman Bilour said that afterassuming charge of the office ofthe president of the chamber, heselected some targets for him-self, which, he said have beenachieved under the guidance ofthe later and support of the busi-ness community.

The top most target, he saidwas the financial assistance ofthe terrorism affected tradersand shopkeepers, which wasprovided for first time in the his-tory of Pakistan. Furthermore,he said Prime Minister Syed

Yusuf Raza Gilani on thedemand of the chamber haddeclared Khyber Pakhtunkhwaas war affected area andannounced a special financialpackage.

The financial relief package,he said though was comprisingof financial assistance for thevictims of the bomb blasts, but itwas declined citing resourceconstraints. He said that a dele-gation led by him took up thematter with Chief Minister,Ameer Haider Khan Hoti, whoapproved the release of Rs.160million, the amount was distrib-uted among the affectees ofbomb blasts through bankcheques.

The president of SarhadChamber said that for theforst time in the history of thebody a three years plan wasmade that have been sent tofederal government and otherrelevant agencies of the gov-ernment. -APP

SCCI writes industrial,tourism sectors policies

HONG KONG: The world'shighest hotel opened its doors inHong Kong, housed in the city'stallest skyscraper and offeringunrivalled panoramic views of theworld famous Victoria Harbour.

Towering some 490 metres(1,600 feet) above the bustling,chaotic streets of the SouthernChinese city, the Ritz-CarltonHotel is making a grand comebackafter temporarily closing in 2008.

Visitors peered out of thefloor-to-ceiling windows of the118th floor of the InternationalCommerce Centre, which hous-es the hotel, for a 360 degreeview of the glitzy financial huband the South China Sea.

"We're opening an iconic hotel

which took us about 10 years tobuild," president and chiefoperations officer HerveHumler told reporters.

The Ritz-Carlton howeverwill likely lose the world's high-est hotel title in 2014, accordingto media reports, when the J-Hotel opens near the top of theover 600-metre Shanghai Towerin mainland China.

"People compete all aroundthe world about everything --I'm sure someone somewhere isbuilding an even taller buildingas we speak," Humler said. "Weemphasis service."

The Ritz-Carlton Hong Kongalso will be one of the mostexpensive places to stay in a city

already packed with luxuryhotels, with the rack rate startingat HK$ 6,000 (US$770) a nightfor a deluxe room.

A presidential suite is going forHK$100,000. Inside, the Ritz-Carlton Hong Kong exudes achic, modern vibe in therestaurants and lobby areas, witha lot of sparkling decor and chan-deliers, the main colour themesbeing black, brown and beige.

Visitors can expect to findfacilities that include the highestbar in the world, and a top-floorpool that will feature a 19-metreceiling-mounted LCD screenwhich swimmers can watchwhile enjoying the warmth ofthe heated water.-Reuters

World’s highest hotelopens door for business

KARACHI: Utku Yazan, Country Manager Turkish Airlines presentingsouviner to Saifuddin Zoomkawala, Chairman PGBF, and Chairman EFU

during meeting at EFU head office. -Staff Photo

ISLAMABAD: The project ofRehabilitation and CultureTourism at Moenjodaro(RCTM) would protect thearchaeological site ofMoenjodaro and it will be com-pleted by June 2012.

Talking to APP Monday, anofficial of cultural ministry toldthat steps would be taken for theconservation, restoration, preser-vation and development ofarchaeological remains underthe RCTM.

To a question, he said Rs.55.953 million were allocatedfor these protect and Rs.36.3million have been released.

He said the historic sites ofTaxila is being preserved under

the scheme "Development andRestoration of ArchaeologicalSites from Taxila to Swat and itsapproved cost was Rs.200 mil-lion and so far Rs.75.6 millionhave been released and utilizedfor the purpose and the pro-gramme is expected to be com-pleted by 2014.

He said the archaeological siteof Harappa is being preservedand maintained under the Annualand special repair programme.To a question he said due toefforts of ministry for culture thesite of Harappa has been placedon tentative list of the WorldHeritage by UNESCO and hope-fully it will be declared as WorldHeritage in near future. APP

Moenjodaro rehabproject kicks off

LONDON: Copper fell onWednesday to its lowest innearly two weeks, as investorsworried about a lack ofdemand from top global metalsbuyer China.

Benchmark copper on theLondon Metal Exchangeclosed at $9,381 a tonne from$9,590 a tonne at Tuesday'sclose, on track for a 5-per centfall in March, its first monthlydecline since June 2010.

It earlier hit its lowest sinceMarch 17, at $9,341 a tonne,some 8 per cent below a recordhigh of $10,190 hit on Feb. 15.

"All the bets were put onChina," said Eugen Weinberg,an analyst at Commerzbank."Sentiment in China is not asrosy and not as upbeat as senti-ment in Europe or the US," headded.

China has been absent fromthe copper market for somemonths now, and analysts andtraders are beginning to ques-tion whether it will come backbefore prices fall further.

Analysts also pointed to anabundance of copper stocks inChina. "We are cautious oncopper's outlook ... It could bejust be monetary tightening

impacting on the copper mar-ket," said Nic Brown, an ana-lyst at Natixis. "It could be areflection of copper stockpilesbuilt up in 2009 and now beingrun down."

China's State ReservesBureau and consumers areexpected by analysts to havebuilt up large stocks of copperin 2009, when prices rangedbetween $3,000 and $7,500 atonne.

"The market is nervous,watching and waiting, not sureChina is in the market for cop-per this year," a trader said.

He added: "The crisis inJapan and the Middle East is

keeping investors away. Theyare waiting to see the impacton growth overall from what'sgoing on in these places."

Also in the spotlight arestocks of copper in LondonMetal Exchange warehouses,which are near 440,000 tonnes,up more than 25 per cent sinceearly December and at theirhighest since July last year.

Zinc closed at $2,338 a tonnefrom $2,375 and lead, untradedat the close, was last bid at$2,655 a tonne from $2,685.

Tin closed at $31,250 a tonnefrom Tuesday's last bid at$31,550 and stainless steelingredient nickel was at$26,030 a tonne from $26,600.

Aluminium hit a high of$2,654 a tonne from $2,648 onTuesday when it saw $2,656 atonne, its highest sinceSeptember 2008. The metalused in transport, packagingand construction closed at$2,629 a tonne. -Reuters

Copper eases, doubts about

China demand dominates

9Thursday, March 31, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1255

December (3rd Wednesday) 1310 1260

January (3rd Wednesday) 1310 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for March 29 2011

LME Official Prices, US$ per tonne for March 29 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2365 2591 9449 2665 26225 31350 2316.5 2528

Cash seller 2375 2592 9450 2670 26250 31400 2317 2530

3-months buyer 2360 2625 9455 2620 26290 31300 2332.5 2555

3-months seller 2365 2626 9455.5 2621 26300 31400 2333 2560

15-months buyer 2350 2700 9445 2558 25745 31205 2392 2610

15-months seller 2360 2705 9455 2563 25845 31255 2397 2620

27-months buyer 2350 2760 9220 2508 24845 2413 2670

27-months seller 2360 2765 9230 2513 24945 2418 2680

LONDON METAL EXCHANGE (METALS)

LONDON: Oil fell onWednesday, weighed down byswelling crude inventories inthe United States, whilePresident Barack Obama wasexpected to set an ambitiouslong-term goal to cut oilimports.

Crude oil stocks at Cushingin Oklahoma, the deliverypoint of US crude, rose to arecord high, dragging USfutures priceslower by morethan $1 at onepoint.

By 1501 GMT,US crude slippedby 71 cents to$104.08 a barrelwhile North SeaBrent crude fell 9 cents to$115.07 a barrel.

Domestic crude stocks rose2.95 million barrels in theweek to March 25, the reportshowed, well above expecta-tions for a 1.8 million barrelbuild.

Crude oil stored at theNYMEX Cushing, Oklahoma,delivery hub rose 1.69 millionbarrel to record high of 41.89million barrels.

Gasoline inventories fell

more than expected, but ana-lysts attributed a part of the fallto exports.

Ahead of the weekly oil data,US crude nearly pared lossesand Brent turned positive asUS ADP employment datashowed the private sectoradded 201,000 jobs in March.

While the high stocks atland-locked Cushing providedsome buffer to US crude from

international geo-political risksthe civil unrest in North Africaand the Middle East limitedlosses in Brent crude prices.

In Libya, rebels pulled out ofthe oil town of Ras Lanuf onWednesday under heavy bom-bardment from MuammarGaddafi's forces, showing theirweakness without Western airstrikes to tip the scales in theirfavour. A conference of 40governments and internationalbodies on Tuesday agreed to

press on with a NATO-led aer-ial bombardment of Libyanforces until Gaddafi complieswith a UN resolution to endviolence against civilians.

In the long term, USPresident Obama will outline astrategy to cut oil imports by athird over 10 years, focusingon energy security at a timehigh gasoline prices could stallUS economic recovery.

The WhiteHouse saysthis is a delib-erate turntoward energysecurity byObama andwill be fol-lowed by

other events to highlight hisstrategy. But the immediatemarket reaction was limited.

"It sounds like a very ambi-tious target indeed," saidCarsten Fritsch, analyst atCommerzbank.

"It will be difficult toachieve. Perhaps there will belarge energy, fuel saving meas-ures or they would need toallow more oil drilling, butafter the Gulf of Mexico (spill)it could be difficult." -Reuters

Oil falls on high US inventory;

unrest supports Brent

European

vegetable

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

SOYOIL: EU degummedeuro tonne fob exmill Apr11925.00+3.00, May11/Jul11928.00+3.00, Aug11/Oct11933.00+3.00, Nov11/Jan12938.00+3.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111005.00+5.00, Aug11/Oct11955.00-2.00, Nov11/Jan12960.00+0.00, Feb12/Apr12965.00+0.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1355.00-5.00,Jul11/Sep11 1360.00+0.00,Oct11/Dec11 1335.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamApr11/May11 1500.00+0.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Apr111140.00+10.00, May11/Jun111140.00+10.00, Jul11/Sep111137.50+15.00, Oct11/Dec111132.50+15.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Apr11 1222.50,May11/Jun11 1200.00.

PALMOIL: RBD dlrs tonnefob Malaysia Apr11 1167.50,May11/Jun11 1145.00+15.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Apr111175.00, May11/Jun111152.50+12.50, Jul11/Sep111132.50+12.50, Oct11/Dec111125.00+10.00.

PALM STEARIN: Dlrs tonnefob Malaysia Apr111135.00+10.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Apr11 820.00-25.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamMar11/Apr11 1950.00+25.00,pr11/May11 1900.00+20.00,May11/Jun11 1875.00+15.00,Jun11/Jul11 1850.00+20.00.

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

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

March 30, 2011 CRUDE100 MY11 US$ Per Barrel 103.22 104.96 103.10 104.35 258 104.50 104.35 125

March 30, 2011 CRUDE100 JU11 US$ Per Barrel 103.81 105.45 103.74 104.88 37 105.04 104.88 12

March 30, 2011 CRUDE100 JY11 US$ Per Barrel 104.26 105.38 104.26 105.38 - 105.55 105.38 -

March 30, 2011 SILVER - 500oz MY11 US$ Per Troy Ounce 36.71 37.64 36.66 37.59 317 37.08 37.59 32

March 30, 2011 SILVER - 500oz JY11 US$ Per Troy Ounce 36.81 37.63 36.71 37.61 10 37.10 37.61 3

March 30, 2011 GOLD 01oz MY11 US$ Per Troy Ounce 1414.90 1424.00 1413.70 1423.00 1,970 1419.00 1423.00 2,738

March 30, 2011 GOLD 01oz JU11 US$ Per Troy Ounce 1415.60 1424.70 1414.60 1423.70 1,119 1419.70 1423.70 1,904

March 30, 2011 GOLD 01oz JY11 US$ Per Troy Ounce 1421.00 1424.40 1414.70 1424.40 83 1420.40 1424.40 41

March 30, 2011 GOLD 100oz MY11 US$ Per Troy Ounce 1417.00 1423.00 1417.00 1423.00 15 1419.00 1423.00 5

March 30, 2011 GOLD 100oz JU11 US$ Per Troy Ounce 1418.00 1423.70 1414.70 1423.70 8 1419.70 1423.70 4

March 30, 2011 GOLD 100oz JY11 US$ Per Troy Ounce 1414.70 1423.70 1414.70 1423.70 - 1420.40 1424.40 -

March 30, 2011 GOLD AP11 Per 10 grms 38904.00 39026.00 38804.00 39026.00 6 38927.00 39026.00 107

March 30, 2011 GOLD MY11 Per 10 grms 38765.00 39035.00 38765.00 39035.00 9 38936.00 39035.00 7

March 30, 2011 GOLD JU11 Per 10 grms 39004.00 39051.00 38829.00 39051.00 18 38952.00 39051.00 -

March 30, 2011 KILOGOLD AP11 Per 10 grms 38776.00 38999.00 38776.00 38999.00 - 38899.00 38999.00 -

March 30, 2011 KILOGOLD MY11 Per 10 grms 38786.00 39008.00 38786.00 39008.00 - 38909.00 39008.00 -

March 30, 2011 TOLAGOLD50 AP11 Per Tola 45228.00 45487.00 45228.00 45487.00 - 45372.00 45487.00 -

March 30, 2011 TOLAGOLD100 AP11 Per Tola 45228.00 45487.00 45228.00 45487.00 - 45372.00 45487.00 -

March 30, 2011 MINIGOLD MON Per 10 grms 39884.00 40094.00 39884.00 40094.00 - 39994.00 40094.00 -

March 30, 2011 MINIGOLD TUE Per 10 grms 39929.00 40140.00 39929.00 40140.00 - 40039.00 40140.00 -

March 30, 2011 MINIGOLD WED Per 10 grms 39840.00 40155.00 39840.00 40155.00 - 40054.00 40155.00 -

March 30, 2011 MINIGOLD THU Per 10 grms 39854.00 40064.00 39854.00 40064.00 - 39964.00 40064.00 -

March 30, 2011 MINIGOLD FRI Per 10 grms 39869.00 40079.00 39869.00 40079.00 - 39979.00 40079.00 -

March 30, 2011 TOLAGOLD MON Per Tola 46809.00 46809.00 45858.00 46104.00 1 45987.00 46104.00 2

March 30, 2011 TOLAGOLD TUE Per Tola 46853.00 46853.00 45910.00 46156.00 6 46039.00 46156.00 16

March 30, 2011 TOLAGOLD WED Per Tola 45807.00 46173.00 45807.00 46173.00 - 46056.00 46173.00 -

March 30, 2011 TOLAGOLD THU Per Tola 46877.00 46877.00 45824.00 46069.00 9 45952.00 46069.00 6

March 30, 2011 TOLAGOLD FRI Per Tola 45841.00 46086.00 45841.00 46086.00 - 45969.00 46086.00 8

March 30, 2011 IRRI6W 31MA11 Per 100 kg 3292.00 3292.00 3291.00 3291.00 - 3292.00 3291.00 -

March 30, 2011 RICEIRRI - 6 AP11 Per 100 kg 3311.00 3311.00 3310.00 3310.00 - 3311.00 3310.00 -

March 30, 2011RBD PALMOLEIN AP11 Per Maund 5193.00 5206.00 5193.00 5206.00 - 5193.00 5206.00 -

March 30, 2011 KIBOR3M 11-Mar Per Rs. 100 86.48 86.48 86.48 86.48 - 86.48 86.48 -

March 30, 2011 KIBOR3M 11-Jun Per Rs. 100 86.05 86.08 86.05 86.08 - 86.05 86.08 -

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

Tokyo rubber

up 3pc, may

rise furtherBANGKOK: Tokyo rubberfutures rose 3 per cent onWednesday as funds resumedbuying, while technical senti-ment improved after prices brokeabove key resistance of 430 yen.

Further gains, however, werelikely to be limited, dealers said.

The benchmark rubber contracton the Tokyo CommodityExchange for September deliveryrose 12.9 yen, or 3 per cent, tosettle at 430.1 yen ($5.22) per kg.

The most active rubber con-tract on Shanghai rubber futuresfor September delivery rose 785yuan to finish at 35,100 yuan($5,350) per tonne.

"The market was overboughtand funds got back and startedbuying again, but it's sill notclear whether TOCOM couldrise further to test the new resist-ance of 440 yen as the market isvery volatile," one dealer said.TOCOM rubber was expected torise further on Thursday afterprices finished above 430 yen,the key psychological resist-ance, but gains were likely to becapped by profit-taking, dealerssaid. -Reuters

NEW YORK: Traders of crude oil and natural gas react during early trading at the New York

Mercantile Exchange. -Agencies

KUALA LUMPUR/JAKAR-TA: Malaysian palm oil futuresrose nearly 2 per cent onWednesday on market views fora smaller US soy acreage thisyear that could lead to less com-petition with soyoil and boostdemand for the tropical oil.

Palm oil traders are waitingfor the US plantings report dueon Thursday, which may helpreverse the market's 13 per centdecline so far this year. Higherpalm oil output and the currentdip in demand have pressuredprices.

"Local sentiment is gettingdriven by overseas markets. Theplanting of soybeans is veryimportant to the palm oil mar-ket," said a trader with foreignbrokerage in Kuala Lumpur.

The benchmark June crudepalm oil contract on BursaMalaysia Derivatives closed up1.9 per cent at 3,312 ringgit($1,093) a tonne. The contracttouched a high of 3,323 ringgitearlier, its highest since March25.

Traded volume stood at19,561 lots of 25 tonnes each,

up from 18,442 lots on Tuesday. Technical charts showed

Malaysian palm oil couldrevisit its February high of3,967 ringgit over the nextthree months, based on itswave pattern.

But palm oil's Malaysian fun-damentals remain bearish.Output is moving into a highercycle from the first quarter of2011 after two years of weakyields and erratic weather.

Cargo surveyors are due toissue Malaysia's March exportson Thursday and traders expectvolumes to reach 1.15 milliontonnes, a tad higher than the 1.1million tonne levels seen inFebruary and hastening a build-up in inventories.

ICDX's June CPO futurescontract was at 9,605 rupiah perkg, compared to 9,460 rupiahper kg when it opened. Marketvolume was 1,510 lots of 10tonnes each.

The most active Septembersoyoil in China's DalianCommodity Exchange rose to10,100 yuan versus 10,086 yuanat the open. -Reuters

Palm jumps 2pc onsoyoil supply outlook

Indian sugar

edges up, eye

April quotaMUMBAI: Indian spot sugarprices edged up in low volumetrade on Wednesday as millers,cautiously waiting for Aprilnon-levy quota, held suppliesand low demand from con-sumers limited the gains, ana-lysts and traders said.

"Millers are supplying less,waiting for the April quota anddemand is yet to pick up becauseof delayed summer in northIndia," said a dealer from theVashi spot market near Mumbai.

Traders are expecting pricesto rise in near future as India islikely to export 500,000 tonnesof sugar in April and risingtemperature will create ademand for sweetener.

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety edgedup by 6 rupees to 2,680 Indianrupees ($59.969) per 100 kg.

Sugar contract for Aprildelivery on India's NationalCommodity and DerivativesExchange (NCDEX) closeddown 0.73 per cent at 2,698rupees per 100 kg. -Reuters

LONDON: Gold prices rose 1per cent on Wednesday amidbroad support from unrest inthe Middle East and NorthAfrica, with investors cheeredby the metal's early recoveryfrom four straight sessions oflosses.

Gains were capped by expec-tations monetary policy in keyregions may tighten, however,analysts said.

Spot gold was bid at$1,424.70 an ounce at 1407GMT against $1,415.95 late inNew York on Tuesday, havingearlier touched a high of$1,430.00. US gold futures forApril delivery rose $8.30 anounce to $1,425.40.

"(Gold) held well technically(over) the last couple of daysand there has been reasonablephysical support around aswell," said Simon Weeks, headof precious metals at the Bankof Nova Scotia. "Overall it isstill rangebound, but dips arethere to be bought."

The precious metal hit arecord $1,447.40 an ounce lastweek after months of unrestacross North Africa and the

Middle East, with violencecontinuing to simmer in Libya,Bahrain, Syria and Yemen.

"Gold players are anxiouslywaiting for policy signals fromthe US and to see what theECB (European Central Bank)actually does next week in itsmonthly meeting," said CreditAgricole analyst Robin Bhar.

"It would take an extraordi-nary event for the ECB not to

hike, and in the US tighteningrather than keeping this accom-modative bias (is likely). Thosetwo factors do put a non-inter-est bearing asset like gold at adisadvantage."

"Geopolitical (risks), elevatedoil prices, the debt situation inthe euro-zone will continue toprovide support, so there is afloor for gold," he added. "(But)unless any or all of those factorsincrease in gravity, it is difficultto see what trigger from the buyside will push gold back tohighs." Silver was bid at $37.55an ounce against $37.07.Platinum was at $1,755.24 anounce against $1,734.45, whilepalladium was at $752.72against $748.28. -Reuters

Gold rises, Mideastunrest lends support

Cocoa hits2-1/2 mth

low; sugarslips

LONDON: Cocoa prices fell

to the lowest in over two

months on Wednesday as

investors eyed increased

prospects for a resolution to

the prolonged conflict in

Ivory Coast, which could

free up exports from the

world's top grower.

Arabica coffee futures were

higher as the market staged a

modest rebound following a

prolonged slide while sugar

prices fell on prospects for a

large crop in top producer

Brazil.

May cocoa on ICE was off

$51 or 1.7 per cent at $3,006

a tonne at 1405 GMT after

earlier hitting $2,982, its

lowest level since mid-

January.

July cocoa on Liffe stood

25 pounds lower at 1,969

pounds a tonne after earlier

slipping to 1,957 pounds,

also the lowest level for the

contract since mid-January.

Arabica coffee futures on

ICE were higher with the

market finally beginning to

rebound following a pro-

longed slide driven mainly

by bearish technical indica-

tors.

May arabica coffee rose

1.75 cent or 0.7 per cent to

$2.6320 per lb. The contract

remained, however, about 11

per cent below its peak of

$2.9665 set on March 9.

May robusta coffee on

Liffe fell $17 or 0.7 per cent

to $2,493 a tonne.

Raw sugar futures were

lower as the market's focus

remained on the harvest out-

look for top producer Brazil.

"With the looming

Brazilian crop on the horizon

it seems safer to sell a rally

than buy a dip intraday,"

Sucden Financial said in a

market report on Wednesday.

May raw sugar fell 1.6 per

cent to 26.60 per lb while

May whites in Liffe slid

$9.50 to $693.00 per tonne. -

Reuters

NEW YORK: US cottonfutures ended lower Tuesdayon investor sales as the marketdropped for the third straightsession, with most playerswaiting for release of a keygovernment plantings reportthis week, analysts said.

The key May cotton contracton ICE Futures US fell 2.61cents to end at $1.9488 per lb,dealing from $1.941 to $2.01.

'We're just marking time tillthe numbers go out,' said KeithBrown, president of commodi-ty firm Keith Brown and Co inMoultrie, Georgia.

Total volume traded in thecotton market was around14,200 lots, almost 50 per centbelow the 30-day norm,Thomson Reuters preliminary

data showed. The level of investor interest

remained near a six-week highas open interest stood at180,249 lots as of March 28,ICE Futures US data showed.

A Thomson Reuters surveyshowed US cotton sowings areexpected to reach a five-yearhigh of around 13.21 million to13.24 million acres, up almost20 per cent from the 11.04 mil-lion acres planted in 2010.

The recent rally in cottonprices to record highs may notbe enough to push US cottonsowings beyond a five-yearhigh set in 2006.

The USDA report is the firstgovernment survey of likelyplantings for major row cropsin 2011. -Reuters

US cotton slips as

USDA report in sight

Shanghai copper gainsThree-month copper on the

London Metal Exchangeedged down $4.5 to $9,585.50a tonne by 0701 GMT.Shanghai's most-active copperfutures contract gained 0.7 percent to 71,300 yuan ($10,868).

Obama says US to reduce oil imports by 1/3 in 10 years

Thursday, March 31, 201110

Mario Gomez (L), striker of the German national football

team, celebrates with midfielder Lukas Podolski during

the friendly football match Germany vs Australia in the

western German city of Moenchengladbach

Clarkeappointed as

Aussie skipperof Test, ODI

teams MELBOURNE MichaelClarke was Wednesday appoint-ed as captain of Australia's Testand one-day cricket teams, aday after embattled RickyPonting stepped down after theteam's unceremonious exit fromthe ongoing World Cup.

Clarke, nicknamed 'Pup', whobecame Australia's 43rd Testcaptain, will lead the team in itstour of Bangladesh.ShaneWatson was named as Clarke'sdeputy, while Cameron Whitewould continue as the Twenty20skipper.

The 29-year-old batsman,widely tipped to lead the team,will immediately takecharges.Ricky Ponting had yes-terday stepped down from thecaptaincy after the former worldchampions crashed out of theWorld Cup after the quarter-final defeat against India.Ponting was also named in thesquad which will leave for theBangladesh tour.

"First of all I can say what anhonour it is to be named cap-tain and also a huge surprise tosee Ricky stand down," Clarkesaid at a press conference inSydney. -Online

Pak booterswill appear

in UAE's WCU17 Qualifier

LAHORE: Pakistan will makeattempt to earn slot in UAE's15th World U17 Cup 2013when they will face Asianteams in 15th AFC U16Championship this year. Theplayers born on or after 1January 1996 will be eligible toplay in the event, slated to runfrom 10-25 September 2011.North Korea will defend title inAsian Youth beatingUzbekistan 2-0 in last editionfinal on 7 November 2010 atPakhtakor Stadium, Tashkent

Pakistan Football Federation(PFF)'s President MakhdoomSyed Faisal Saleh Hayat hasasked Operation Wing to call asmany teams as they could from8th National U16 Championship(1-15 May) to get the abundanceof talented players of requiredage-limit for coming 15th AFCU16 Championship.

The AFC U16 Championshiphas been the launching pad formany of football' present starsincluding Muhammad Ahmed,Abbas Ali, Ahsan Ullah, FahadUllah Khan who joinedNational team after playing in2005 edition. The 2007 editionproduced players like FaisalIqbal, Muhammad Adil, SaqibHanif while KPT's first choicekeeper Ehsan Ullah for PPFL isproduct of 2009 edition.

The AFC U16 show - whichis held every two years - alsoacts as a qualifying tournamentfor the FIFA U17 World Cup atwhich the Asia is given fourberths. Founded as the FIFAU16 World Championship, laterchanged to the FIFA U17 WorldChampionship and known byits current name since 2007, isthe world championship formale players under the age of17 organized by FédérationInternationale de FootballAssociation (FIFA). In the 13tournaments held so far, Braziland Nigeria are the most suc-cessful nations in the tourna-ment's history with three winseach. Ghana has won the tour-nament twice. Soviet Union,Saudi Arabia, France, Mexico,Switzerland won the title once.

With the late inclusion ofCambodia, total 40 teams haveentered the fray for 15th AFCU16 Championship and havebeen divided into two zones -West (22) and East (18).

The teams will be dividedinto seven groups of six andfive teams each. West Zone willhave two groups of six and twoof five teams while East willhave three groups of six teamseach. Top two teams from eachof the groups and third bestteam from West and East zoneswill qualify for the tournamentproper.-Agencies

ISLAMABAD: A large numbre of people gathered at Fatima Jinnah Park and watching thesecond semi-finals of ICC World Cup on big screen between Pakistan and India. -APP

KARACHI: Girls Flashing victory signs as they watch the semi final of cricketworld cup between Pakistan and India. on big screen. -Online

KARACHI: Cricket fans celebrating an Indian wicket during the semi final matchbetween Pakistan and India. Online

PESHAWAR: Cricket fans dancing as they celebrate an Indian wicket during thesemi final match between Pakistan and India. -Online

PESHAWAR: Cricket fans celebrate an Indian wicket during the semifinal matchbetween Pakistan and India. -Online

MOHALI: Indian Cricket play-er Sachin Tendulkar will have towait until India's next one-dayinternational to try and recordhis hundredth 100 after beingdismissed for 85 in the semi-final contest with Pakistan.

Sachin Tendulkar wascaught by Shahid Afridi on 85leaving him still chasing that100th international

Tendulkar appeared to beliving a charmed life afterbeing dropped four times andseemed destined to record the

landmark century in a matchthat has sparked the imagina-tion more than any other dur-ing these finals, reported TheTelegraph.

The 'Little Master' - who has51 Test centuries and 48 inone-day internationals - alsosaw an lbw decision over-turned in his favour when hewas on 23 before poorPakistan fielding saw himreprieved on 27, 45, 70 and 81.

He was finally out caughtby Pakistan captain Shahid

Afridi off Saeed Ajmal in the37th over.

Tendulkar, with his 95thone-day international 50,anchored the Indian inningsafter a blistering start hadthreatened to unravel.

Virat Kohli (9) and YuvrajSingh (0) fell to the swing ofWahab Riaz in successiveballs, with the Pakistanibowler coming close to find-ing the edge of MahendraSingh Dhoni's bat for a hat-trick. -Online

Sachin falls shyof record centuries

LAHORE: An all importantgoal by Somalia-born AbdulQadir helped Raiders FC toclinch title of All PunjabRaiders Football Cup 2011 atRaiders Football ClubGround, Faisal Town.They cut Model Town FC to

size with 1-0 win, keepingtheir 17th minute goal alivetill full time. Raiders led 1-0at interval and had three surechances to level the issue inthe second session but greatgoal keeping by Raiders FC'sMuzammil Hussain cametheir way. The chief guest

Malik Muhammad AfzalKhokhar (MNA) awardedRaiders FC SkipperMuhammad Asif the winnerCup while MTFC's skipperUmar Khan, also Man of theFinal, gathered the Runners-Up Trophy. Bata FC pocketedFair Play Trophy

The match was supervisedby Referee Afzal Bari, ARsShams Pervez, LiaquatShah, 4th Official YounusAnthony under MatchCommissioner Anees Javedand Referee AssessorMasood Khawaja. -Online

Raiders Club clinchRaiders Football Cup

City roadsdeserted

during Mohali

combatLAHORE: The city roads, com-mercial centres and marketswore a deserted look during the2nd semi-final of cricket worldcup 2011 between Pakistan andIndia in Mohali as peopleremained watching match atTVs engrossly.

All the government offices,banks, schools and universitieswere closed due to the HalfHoliday announcement by thegovernment while public andpolitical activities also came to agrinding halt as all eyes zoomedin on the cricket match.

The traders of Hall Road andData Dardbar Market alsodis-tributed cooked food amongpeople hours before the matchwhile special prayers also wereoffered during the Fajar, Zuharand Asar prayers for Pakistan'svictory in the World Cup. TheMall, Jail Road, Canal Road,Davis Road, Mcload Road andFerozepur Road besides weregiving deserted look. All whole-sale markets were remainedworking with very low rate ofconsumers as most of them werebusy in looking match.Meanwhile, a large number ofpeople also gathered at selectedpublic points in city where bigprojection TVs and LED screenswere installed to see live match.

At the Hall road commercialcentres, well-known for bigoutlets of electronics appliancesmany dealers availed the oppor-tunity to exhibit the picturequality of the big screen televi-sion sets they put on display formarketing. -APP

MOHALI: Pakistan fastbowler Wahab Riaz emergedfrom the shadows with acareer-best five for 46 inWednesday's World Cup semi-final as India made 260 fornine.

The 25-year-old left-armer,who comes from the Pakistanside of the border state ofPunjab, has often only playedwhen others were injured, andall eyes focused on the likes ofreverse-swing specialist UmarGul and express quick ShoaibAkhtar.

However, Pakistan's deci-sion to keep the 35-year-oldAkhtar on the sidelines putRiaz in the spotlight, especial-ly as he would have been theman dropped if the'Rawalpindi Express' had beenrecalled.

The pressure on Riaz wasintensified further when thenormally reliable Gul saw 21runs struck off his second over

during a flurry of boundariesfrom Virender Sehwag.

Riaz, on as first change,stopped the rot when withonly his fifth ball he had thedangerous Sehwag lbw.

The paceman, who made hisdebut three years ago andwhose previous best was threefor 22 against Bangladesh inDhaka in 2008, later strucktwice in two balls to get rid ofVirat Kohli and dangermanYuvraj Singh.

When he bowled Yuvraj,man-of-the-match in India'squarter-final win over champi-ons Australia, for a first ballnought, an elated Riaz sprint-ed away from the pitch in asemi-circle of delight.

And his joy was there forall in a capacity crowd to seeagain when he kissed thepitch after having ZaheerKhan caught behind to com-plete his maiden five-wickethaul. -APP

Wahab Riaz grabschance to shine

KARACHI: Young cricket fans flashing victory signs as they watch the cricket matchbetween Pakistan and India on the big screen. -Online

Cricket fever across Pakistan

NEW YORK: US privateemployers added more than200,000 jobs in March whileplanned layoffs fell, under-scoring expectations thatmomentum in the labor marketwill help underpin the eco-nomic recovery.

The ADP Employer Servicesreport on Wednesday showedthat U.S. private employersadded 201,000 jobs in March,largely in line with expectationsfor a gain of 203,000 jobs.

The ADP report, which isjointly developed withMacroeconomic AdvisersLLC, did little to changeexpectations of the govern-ment's much more comprehen-sive labor market report dueout on Friday, which includesboth public and private sectoremployment.

"While a touch softer thanFebruary's, this is a strongreport that indicates continuedmomentum in the pace of labormarket recovery," BarclaysCapital wrote in a note.Barclays said it was maintain-ing its expectation for Friday'sreport to show an increase of175,000 jobs in March.

A Reuters poll of analystsshows a median forecast fornonfarm payrolls to rise byabout 190,000 jobs in March,with private payrolls forecastto rise by 200,000.

The slow recovery in thejobs market has been one of

the biggest hurdles to a sus-tainable economic recovery,but recent data has raised opti-mism that improvement inemployment is strengthening.

A survey of U.S. chief exec-utives by the BusinessRoundtable released onWednesday underscored thegrowing optimism. More thanhalf of the CEOs surveyed saidthey are looking to add jobsover the next six months andtheir view of the economybrightened in the first quarter.

ADP said the job gains inMarch showed good breadth,with small businesses adding102,000 jobs and medium-sized and large businessesgaining 82,000 and 17,000jobs, respectively.

ADP also downwardlyrevised its February's figure to208,000 from 217,000.

"It looks like the U.S. eco-nomic recovery continues, andthe improving labor marketshould be a buffer againstweak areas like real estate,"said David Katz, chief invest-ment officer at Matrix AssetAdvisors in New York.

Housing has remained out-side of the broader recoveryand consumer sentiment hasweakened as food and gasolineprices jumped, adding to signsthe economy lost momentumin early 2011. Analysts, how-ever, expect the improvinglabor market should offset

that. Separate data on Wednesday

showed applications for U.S.home mortgages tumbled lastweek as higher interest ratessapped demand for loan refi-nancing.

Another report showed thenumber of planned layoffs atU.S. firms fell in March afterspiking up the month before.Employers announced 41,528planned job cuts this month,down 18 percent fromFebruary, according to thereport from consultantsChallenger, Gray &Christmas, Inc. For details, see

Overall, 130,749 job cutswere announced in the firstthree months of the year, thelowest rate of downsizingsince 1995.

However, the Challengerreport said the highest level ofjob reductions this year hasbeen seen in the governmentsector. Losses are expected togrow as cash-strapped stateand local governments dealwith budget problems.

U.S. Treasury prices rosemodestly immediately after theADP report as traders said therewas relief the number wasslightly below the consensus,while U.S. stocks were tradinghigher in the late morning.

Policymakers at the FederalReserve have ramped updebate on whether the econo.-Reuters

11Thursday, March 31, 2011

Economy & Continuation

CONTINUATION

US private sector

adds jobs; planned

layoffs fallnPrivate employers add 201,000 jobs in March

LONDON: Britain's servicesector rebounded in Januaryafter a snow-hit December andretail sales rose unexpectedly inMarch, data showed onWednesday, raising hope of adecent pick-up in first-quarterGDP.

The pound rose and gilts fellon the data, as investors movedto price a more than 50 percentchance that the Bank of Englandwould raise interest rates inMay.

Investors believe the strengthof first-quarter GDP data, dueon April 27, will be crucial indetermining the speed withwhich the Bank of England rais-es interest rates from their cur-rent historic low of 0.5 percent.

Services output grew by 1.3percent on the month -- itsfastest monthly expansion sinceJuly 2002 -- following a 1.1 per-cent decline in December,according to the Office forNational Statistics.

All five sub-sectors con-tributed to the recovery, withhotels and restaurants up 4.4percent on the month, transportup 1.7 percent, distribution up1.4 percent, business services up1.4 percent and governmentservices up 0.7 percent.

The figures offer the first offi-cial glimpse of how the sector,which accounts for more thanthree-quarters of the Britain'seconomy, fared in the first quar-ter of the year.

"At face value it is quiterobust," said Alan Clarke, UKeconomist at BNP Paribas."Growth in January has made upfor the terrible December, but itis still early days to gauge thestrength of first-quarter growth."

GAUGING THEUNDERLYING TREND

Gauging the strength of therecovery has been complicatedby weather distortions followingBritain's coldest December in acentury.

UK economy showstentative signs of Q1 recovery

China tells

banks to cut

dlr shorts,

foreign debtBEIJING: Chinese banksmust cut their short dollarpositions and also reducetheir short-term foreign debtholdings, the currency regula-tor said on Wednesday.

The tightening of existingrestrictions is the latest stepby China to cut the scope forcapital inflows betting onfaster yuan appreciation.

In a short statement on itswebsite, the StateAdministration of ForeignExchange (SAFE) said itwanted to prevent illegalinflows and protect nationalfinancial security.

"SAFE is taking variousmeasures to repel potentialspeculative inflows and Ithink the recent steps willdefinitely show someresults," said E Yongjian, aneconomist at Bank ofCommunications.

China already has strictcontrols in place to blockspeculative inflows and regu-larly tries to reinforce them,an objective that has becomemore important in recentmonths as yuan appreciationhas edged up.

"It will also help reduce theforeign exchange purchases,which could ease pressure onthe central bank to sterilise inthe money market," EYongjian said.

To keep the yuan from ris-ing too quickly against thedollar, China buys most of theforeign exchange that entersthe country and must thenmop up -- or sterilise -- theyuan that is created in theprocess to guard againstinflation. -Reuters

ECB, Japan, NAfrica hit eurozone March

sentimentBRUSSELS: Euro zone eco-nomic sentiment fell more thanexpected in March, data showedon Wednesday, and may ease fur-ther on the prospect of aEuropean Central Bank rate rise,the disaster in Japan and turmoilin North Africa.

The European Commission'smonthly survey showed eco-nomic sentiment in the 17 coun-tries using the euro fell to 107.3points from a revised 107.9 inFebruary with declines in allcomponents except industry.

Economists polled by Reutershad expected an easing to 107.5points.

"We believe that euphoric busi-ness sentiment in the euro areawill deteriorate somewhat in thenext few months on the back ofthe imminent turnaround in ratepolicy, uncertainty triggered bythe disaster in Japan and the tur-moil in the Arab countries andmixed signals from the globaleconomy," said Christoph Weil,economist at Commerzbank.

unfortunately still exists somewhat between the people ofthe two countries.

The two sides agreed to hold their next meeting in Kabul inMay this year.

Head of Afghan delegation Syed Ishaq Gilani addressing apress conference on the conclusion of talks said the problemof terrorism could be curbed with the joint efforts ofAfghanistan and Pakistan while USA and Pakistan shouldadopt a joint strategy to steer out a way for termination ofdrone attacks.

He said that Afghanistan is very keen to keep firm ties withPakistan.

During recent years the level of confidence between twocountries was raised due to which both the nation came clos-er to each other.

He said that both Pakistan and Afghanistan are in the stateof war against mutual enemy and the two could succeedagainst menace of terrorism, if they joined hands and strive tocooperate with each other.

"Neither the land of Afghanistan was used against Pakistanin the past nor anyone would be allowed to exploit it in thefuture as Pakistan and Afghanistan are the Islamic brothercountries and the relation between the two counties are splen-did", he added.

He told the journalist that the matters regarding trade, fight-ing against terrorism and abolishing the smuggling were dis-cussed during the talks of parliamentarians of two sides.

He said that meeting of Afghan delegation with PresidentZardari was quite fruitful in which he assured to take step forpulling out Afghan containers , which has been entangled atKarachi.

He said that a misperception was being proliferating inPakistan that India was making its place by making so manyconsulates in Afghanistan. As a matter of fact she wasallowed to construct only those consulates which weredeemed as necessary.

On the occasion Senator Salim Saifullah Khan said that thevisit of Afghan parliamentarians would not only help inbringing the people of both the countries closer but also causeto strong the ties between Pakistan and Afghanistan.

He told the reporters that the trade volume between twocountries has been touched the figures of $2billion. He said a20 member delegation of Pakistani parliamentarians wouldvisit Afghanistan in May. -Online

Continued from page 12No #1

"You need well below that to get people worried about a dou-ble-dip (recession) and well above that to get people too wor-ried that the Fed is going to tighten."

Stocks also advanced as investors re-allocated positions forthe end of the quarter, with the S&P 500 up 5.5 per cent.

"They are selling commodities, they are moving back intoindustrials you've got a mini-market rotation coming intoyour final couple of days of the quarter, and that is the way thewindow dressing takes place. It's also how the pre-positioningtakes place for the start of the quarter," said Paul Mendelsohn,chief investment strategist at Windham Financial Services inCharlotte, Vermont.

The Dow Jones industrial average gained 73.42 points, or0.60 per cent, to 12,352.43. The Standard & Poor's 500 Indexadded 8.67 points, or 0.66 per cent, to 1,328.11. The NasdaqComposite Index rose 15.24 points, or 0.55 per cent, to2,772.12.

Investors also were eyeing the 1,330 level as a possibleresistance point for stocks, with the benchmark S&P unable tohold gains above that mark in its three previous attempts.

In the latest on the M&A front, Canadian drug maker ValeantPharmaceuticals International on Tuesday made an unsolicitedbid to buy Cephalon Inc for $5.7 billion, driving Cephalon'sstock up 28.1 per cent to $75.25 while Valeant's US-listedshares shot up 10.4 per cent to $49.-Reuters

Continued from page 5No #2

A Growth Unit holder having 100 units of MIIF as at March 28,2011 will get 3.486 additional units at the ex-dividend NAV ofRs50.20 while an Income Unit holder will get Cash Dividend ofRs1.75 per unit. MIIF is the first and the largest Shariah compli-ant open end income fund in Pakistan. The annualized return forthe period from January 01 to March 28, 2011 was 13.69 per cent.The current net assets of MIIF are Rs2,792 million.

A Growth Unit holder having 100 units of MCF as at March 28,2011 will get 2.699 additional units at the ex-dividend NAV ofRs50.02 while an Income Unit holder will get Cash Dividend ofRs1.35 per unit. MCF is the first Shariah compliant open endmoney market fund in Pakistan. The annualized return for theperiod from January 01 to March 28, 2011 was 11.43 per cent. Thecurrent net assets of MCF are Rs6,357 million.

Al Meezan is the largest private sector asset management com-pany in Pakistan, with AM2 Management Quality Rating. It hasRs29 billion assets under management. Due to its prudent fundmanagement, Al Meezan has not only been able to retain its exist-ing investors but also managed to increase the investor base. Thissuccess is reflective of the confidence and trust of both individualand institutional investors.

Continued from page 5No #3

The banking sector, down 12.3 per cent since the quake, was thesecond weakest performer on Wednesday, losing 0.6 percent.Mizuho Financial Group, also facing an inspection by financialauthorities after it suffered computer system troubles, fell 2.1 per-cent to 137 yen.

Japanese shares have shed about 7 per cent since the March 11earthquake and tsunami, and a subsequent nuclear safety crisis,triggered the biggest two-day rout in the market since 1987. Incontrast, the MSCI index of Asian shares outside Japan has gained4.7 per cent.

Domestic fund managers warned the Nikkei faced more down-side risk around May.

"This is when firms will publish their earnings forecasts whichwill seriously sour the market's mood," said Hiroaki Osakabe, afund manager at Chibagin Asset Management.

"Analysts may put out reports beforehand, but it will be veryhard to fully rely on them and price in the quake damage, so thepotential declines could be very big."-Reuters

Continued from page 5No #4

Miners, which now trade above their 20- and 50-day movingaverage, led the gains as investors refocused on stocks that pro-vide hopes for earnings growth.

INDUSTRIAL SUPPORT

Rolls Royce gained 1.7 per cent after HSBC upgraded theaerospace and defence firm to "overweight", citing growthprospects and shrugging off concerns over the impact of high oilprices. Rolls Royce shares are flat on the year but trade justabove their 50-day moving average of around 619 pence, on aforward price-earnings ratio of 13.8 times compared with a sec-tor average of 10.4, Thomson Reuters data showed.

"The updates companies have been giving investors since theoil price picked up have indicated that price can be passed on andthat demand is holding up," Colin McLean, managing director atthe 650 million pound ($1.04 billion) Scottish ValueManagement in Edinburgh, said.

He said industrials; tech stocks and chemicals producers lookwell placed. Industrials such as IMI and Weir Group, up 1.9 and1.2 per cent respectively, benefitted from an upbeat note on thesector from RBC Capital Markets. IMI was RBC's top pick but itsaid Invensys and Smiths Group, down 2.3 and 1.1 per centrespectively, may underperform UK peers.

Smiths, Anglo American, British Land, British SkyBroadcasting, Eurasian Natural Resources and Prudential alltraded without their dividend attractions. Traders said bid talkboosted Centrica, up 2.5 per cent on strong volume, with tradersciting talk that Spanish peer Iberdrola was set to make a bid.Traders also cited talk of bid interest in fashion group Burberry,which added 2 per cent.-Reuters

Continued from page 5No #5

"We wish both nations continued success in expanding dialogue, mutual understanding and coop-eration. We believe continued visionary diplomacy of this sort will lead both countries and theregion as a whole to winning results for all sides," the press release added. -APP

Continued from page 1No #6

Sonia Gandhi his son Rahul Gandhi and Indian Parliamentarians also joined the two leaders dur-ing talks.

Prime Minister Gilani and his delegation attended a lunch hosted by Indian Prime Minister DrManmohan Singh as the semi-final between their cricket-teams continued late night.

Gilani and Manmohan who witnessed the semi-final match between the cricket teams of Pakistanand India also spent time together at dinner at the premises of Mohali Stadium.

The two prime ministers have been together since noon after Gilani arrived in Chandigarh on theinvitation of his Indian counterpart to see together the 'clash of their teams'.

Furthermore, India beat Pakistan by 29 runs in the second World Cup semi-final Wednesday andwill take on Sri Lanka in Saturday's final in Mumbai.

The 1983 champions posted 260-9 and then returned to bowl out their neighbors for 231 in 49.5overs to spark jubilant celebrations at the Punjab Cricket Association Stadium.

Opting to bat first, India got off to a rollicking start and Sachin Tendulkar(85) got a series of let-offs as well but Wahab Riaz's (5-46) five-wicket haul restricted the co-hosts to a rather modest total.

Pakistan got off to a decent start too but losing wickets at regular intervals denied them any sig-nificant partnerships and batsmen such as Mohammad Hafeez (43) and Asad Shafiq (30) were guiltyof throwing away their wickets at the most inopportune time.

Misbahul Haq (56) offered some late resistance but it was not enough in the end.For India, Yuvraj Singh (2-57) made amends for his batting failure, while Harbhajan Singh

(2-43), Ashish Nehra (2-33), Zaheer Khan (2-58) and Munaf Patel (2-40) also shone with theball. -Agencies

Continued from page 1No #7

managed to return to their villages have few ways of making money to rebuild homes or resumetheir children's education, depending mostly on aid groups.

Pakistan has received more than $1.3 billion out of almost $2 billion needed in humanitarian aidsince last year's floods, according to the United Nations' Office for the Coordination ofHumanitarian Affairs.

Continued from page 1No #8

almost 25,000 families in Sindh for the upcoming planning season, but over 700,000 families willrequire assistance over the coming months.

FAO, in partnership with the government of Pakistan has identified recovery priorities for the nexttwo years. These are increasing crop, livestock, fishery and agro-forestry production, improvingdiets and nutrition and boosting agriculture extension services to offer advice to landless and small-holder farmers.

"Pursuit of these core objectives will significantly reduce the vulnerability of the populations inquestion, improve food production and income generation, and increase affected communities'resilience to future shocks," said Donati.

FAO expects its recovery program to cost $94 million, enough to assist 430000 families in 24 dis-tricts. An Early Recovery Working Group, co-chaired by the Pakistan Government's NationalDisaster Management Authority and the United Nations Development Program has been set up witheight sectors covered including one on Agriculture and Food Security, co-chaired by FAO, the WorldFood Program and the Ministry of Food and Agriculture. -APP

Continued from page 1No #9

JP1 could be enhanced by Rs10.55 whereas the cost of JP4 could be raised by Rs9.45, similarlythe price of JP8 could be increased by Rs11.65.

The price of premium motor oil may also be increased by Rs11.5 while the cost of HOBC may beincreased by Rs12.

The new prices would be announced on 31st March which would be implemented on 1 April.It merits mentioning that in February Ogra had raised the petroleum prices with increase of Rs6.10

per liter in petrol price, Rs7.41 per liter in HOBC, Rs2.97 per liter in light diesel and Rs3.32 per literin kerosene oil prices.

However upon pressure from opposition parties Prime Minister had reduced the prices by 50 percent.

Continued from page 1No #10

gas prices, pointing to the slow pace of issuing permits for new offshore oil wells in the wake oflast summer's massive Gulf of Mexico spill and an Obama-imposed moratorium on new deep-waterexploration.

The president struck back at that criticism Wednesday, saying his administration has approved 39shallow water drilling permits since new standards were put in place last year, and seven new deep-water drilling permits in recent weeks.

"So any claim that my administration is responsible for gas prices because we've shut down oilproduction might make for a useful political sound bite, but doesn't track with reality," Obama said.

Obama said a significant part of his plans to cut U.S. oil imports would depend on further increas-es in domestic production, and he pledged to develop new incentives for companies to speed up oiland gas production on current and future leases. An Interior Department report released Tuesdaysaid more than two-thirds of offshore leases in the Gulf of Mexico are sitting idle, neither produc-ing oil and gas nor being actively explored by the companies who hold the leases. The departmentsaid those leases could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feetof natural gas. Even if Obama's efforts can reduce U.S. demand for foreign oil, experts say that'sunlikely to bring down the cost of gasoline, since oil is priced globally and increased demand fromChina and other developing nations continues to push prices up. A longer-term energy strategy, hesaid, would also depend on boosting the use of alternative energy sources, including natural gas andbiofuels. "We have to discover and produce cleaner, renewable sources of energy," Obama said."And we have to do it quickly."

Obama called for the construction of four new advanced biofuel plants in the U.S. within the nexttwo years. However, advanced biofuels — fuels made from non-food sources such as wood chips,switch grass or plant waste — are still in their infancy and cannot yet be made in amounts similarto corn ethanol. Congress has directed more money to research and development of those fuels inrecent years as some critics of corn ethanol have linked the diversion of corn for fuel to rising foodprices. The president also ordered government agencies to ensure that by 2015, all new vehicles theypurchase are alternative-fuel vehicles, including hybrid and electric. Obama has previously set agoal of putting 1 million electric vehicles on U.S. roads by 2015.

Continued from page 1No #11

decided to enhance the maximum limit of the depreciation to 60 per cent on the import of cars.

In order to implement the FCC's decision, the Revenue Division, Federal Board of Revenue issued

Customs Notification No SRO 275(1)/2011 dated 26th June, 2011 amending the parent notification

No SRO 577(1)/2005 dated 6th June, 2005. Customs General Order No 02/2011 dated 26th June,

2011 has also been issued to modify Customs General Order No 14/2005, dated 6th June, 2005.

Accordingly, the maximum limit of the depreciation has been enhanced to 60 per cent from exist-

ing 50 per cent on the import of old, used and second hand cars. -Agencies

Continued from page 1No #12

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ISLAMABAD: The senatebody on railways has beenassigned to probe into allegedsale of railway-tracks by irriga-tion department in Punjab onthrowaway prices and reportwithin a week.As per commitment, the matterwas taken up even before startof question hour. Leader of theHouse in Senate NayyarHussain Bukhari informed theHouse that according to therailways ministry report, themater had nothing to do with itrather the irrigation departmentowned it.Senator Muhammad AliDurrani had raised the matteron Tuesday saying that railtrack stretching over 40 kilo-meters has been sold at justRs90 million against the realvalue of Rs3 billion.The statement by NayyarBukhari drew criticism bymembers who questioned ashow railway ministry can beirrelevant from rail track as theirrigation department has noth-ing to do with the tracks."This track was laid back in1927. It has never been in usefor public transportation. If it issold, it would have been doneby the government of Punjab,"Nayyar Bukhari told the House.Professor Khursheed ques-

tioned as how irrigation depart-ment can lay the railway track.Senator Durrani observed thatthe statement shows some scambehind curtain and termed it asdubious.He also quoted two letters byrailways ministry asking theirrigation department not to digout rail track linking AhmedpurEast with Panjnad Headworksthat had also the provision forconnection with Muzaffargarhand Dera Ghazi Khan.He was of the view that the railwas laid in 1927 when therewas no irrigation department.The track, he said was laid byowned by State of Bahawalpurand the facility was providedby All India authorities.Durrani said track had beenused for transportation ofdefense equipment till 1970 butnow it was being sold outspeedily. He requested the chairto refer the matter to standingcommittee concerned for inter-rogation and that a stay ordershould be issued to suspend theactivity at the spot. The chair-man referred the matter to thestanding committee on railwaysand sought inquiry report with-in a week; however he declinedto give stay order contendingthat it did not fall under hispurview. -Agencies

Body probes saleof tracks as trash

Pakistan Railway's deficit

ISLAMABAD: Oppositionhas staged walk out fromSenate in protest againstabsence of federal ministersfrom House.

The ministers were not pres-ent during the question hourwhen the Senate session start-ed Wednesday.

Senators raised objectionover absence of the ministerssaying who would give replyto the questions when the min-isters were not present.

Opposition parties' senatorsincluding PML-Q, PML-N,Jamat-e-Islami and JUI-Fstaged walk out from theHouse in protest.

PML-N Senator Syed ZafarAli Shah said the Speakershould take notice of lack ofinterest on the part of minis-ters in Senate proceedings,leader of the House Nayyar

Bokhari be made minister sothat we could say one ministerwas present in the House.

Expressing wonder overabsence of federal ministersSenate chairman Farooq Naeksaid where all the ministershad gone to.

If all the ministers had goneto India to witness match thanwhat was the fault of membersof Senate, adding PrimeMinister should have takenthem to India to watch match.

Chairman Senate inquiredfrom Nayyar Bokhari if all theministers had gone to India towitness match.

Nayyar Bokhari told only afew ministers had left forIndia.

Senator Shahid Bugti saidthe remaining ministers weremaking preparations to watchmatch here. -Online

SWABI: At least eight per-sons were killed and dozensinjured when a motorcyclistentered in the JUI-F caravanpassing by Swabi interchangeand blew himself up, luckilyJUI Ameer Fazlur Rehmanremained safe in the attackhereon the other day.

As per media reports, thesuicide attack took placewhen a caravan of JUI (F) wasgoing to be a part of a wel-come demo in Anbaar(Swabi).

DPO Provincial Ejaz Shahhad confirmed that the attackwas suicide.

He added that in charge ofSwabi check post ASI SardarAli Khan embraced Shahdatalong with seven other per-sons, while dozens sustainedinjuries.

The injured were taken tothe nearby hospital and sever-al were in critical condition.

Sources added the suicidebomber tried to target JUI(F)'s Ameer Maulana FazlurRehman.

Security sources said thatcaravan had passed by beforethe suicide attack. Evidenceshave been collected by theforces from the place of inci-dent.

JUI (F)'s Ameer MaulanaFazlur Rehman expressedgreat sorrow at this incidentand appealed to his workers tostay calm.

While talking to MaulanaRasheed Ludhyanwi, JUI (F)'sAmeer Maulana FazlurRehman told him that terroristtried to target JUI's leadershipactually but Allah Almightykept us all safe in the attack.He added that the attack took

place a few furlongs away.President Asif Ali Zardari,

Prime Minister Yousuf RazaGilani, Chief Ministers andpolitical leaders have con-demned the suicide attack onMaulana Fazlur Rehman.

President Asif Ali Zardarisaid that such incidents arecarried out only to scarepoliticians but terrorist won'tsucceed in their heinous activ-ities. -Agencies

Bomber hits JUI-Fconvoy, eight dead

Britain

expels

5 Libyan

diplomatsLONDON: Britain hasexpelled five Libyan diplomatsto protest at the Libyan govern-ment's actions and becausethey could pose a threat tonational security, ForeignSecretary William Hague saidon Wednesday.

"To underline our grave con-cern at the regime's behaviour,... we have today taken steps toexpel five diplomats at theLibyan embassy in London,including the military attache,"Hague told parliament.

"The government also judgedthat, were those individuals toremain in Britain, they couldpose a threat to our security."

The diplomats, believed to besupporters of Libyan leaderMuammar Gaddafi, have beengiven seven days to leave, agovernment source said.

Britain hosted an internation-al conference on Tuesday thatpiled pressure on Gaddafi toquit and pledged to continuemilitary action against hisforces until he complies with aU.N. resolution to protectcivilians. [ID:nLDE72S00I]

Britain long treated Libya asa rogue state. The 1984 shoot-ing of a London policewomanfrom inside the Libyanembassy, the Libyan arming ofIRA guerrillas in NorthernIreland and the 1988 Lockerbieairline bombing over Scotland,for which a Libyan was con-victed, contributed to Gaddafibeing branded a pariah.

After Gaddafi agreed in 2003to abandon efforts to acquirechemical, biological andnuclear weapons, then PrimeMinister Tony Blair helpedlead him back into the interna-tional fold, opening the wayfor lucrative business deals. -Reuters

Matchpressure

takes LiaquatSoldier’s life

ISLAMABAD: Renownedcomedian Liaquat Soldierpassed away after he suffered afatal heart attack during livetelevision show in Karachi onWednesday.

According to a private TVchannel, Liaquat Soldier wastaking part in a live televisionshow in a special transmissionfor the World Cup semi-finalbetween Pakistan and Indiawhen he suffered a heart attack.He was rushed but passed awayon way to a hospital.

Liaquat Soldier started hisacting career in 1973 and per-formed with all major actors inmore than 250 television playsand shows.

Several television celebrities,including Moin Akhtar,Shahzad Raza, Rauf Lala,Ismail Tara and Zeba Shahnaz,expressed grief over his deathand said Liaquat was one of thegreat stage comedians of thecountry. -Agencies

Pak confirmsarrest of

Bali bombingsuspect

ISLAMABAD: A Pakistanisecurity official saidWednesday that Umar Patek,an alleged mastermind of the2002 Bali bombing, has beenarrested by Pakistani securityagencies.

The official would not saywhen and where he was arrest-ed.

“Yes it is confirmed we havearrested him, he is in Pakistan,”the official told.

Asked if he was linked to anymilitant group in Pakistan hesaid they were investigating.

“Right now he is being inter-rogated,” the official, speakingon condition of anonymity,said.

Indonesian security officialswill be given access to him, headded. “The Indonesians wantaccess to him and they are com-ing,” he said.

Patek, who has a $1millionbounty on his head, was thealleged field coordinator for theattacks on night clubs on Bali,which placed mainly MuslimIndonesia on the front lines ofthe global battle against mili-tancy. -Agencies

BREGA, Libya: Rebelsretreated Wednesday from thekey Libyan oil port of RasLanouf along the coastal roadleading to the capital Tripoliafter they came under heavyshelling from ground forcesloyal to leader MoammarGaddafi.

Nato planes flew over thezone where the heaviest fight-ing was under way and foreignmedia reported explosions,indicating a new wave ofairstrikes against Gaddafi'sforces.

Nato has intervened in theLibyan conflict with near dailyairstrikes to weaken theregime's superior militarypower vis-à-vis the poorlytrained and badly equipped rag-tag rebel army.

A rebel near the front linestold the AP that the oppositionfighters withdrew from RasLanouf rather than fighting theregime forces who were closing

in on them.US Marine Corps Capt Clint

Gebke, a spokesman for theNATO operation aboard theUSS Mount Whitney, said hecould not confirm any specificstrikes but said that western air-craft were engaging pro-Gaddafi forces.

"The joint task force is stillsupporting the civilians on theground via sorties," he said in atelephone interview.

With the help of Natoairstrikes earlier in the week,rebel who control the easternhalf of Libya rapidly advancedwestward on the main coastalhighway that leads to Gaddafi'sstronghold in the capital.

The got within 60 miles of thecity of Sirte, Gaddafi's home-town and a bastion of supportfor the longtime leader with amajor military base.

At that point, they cameunder heavy bombardments byGaddafi's ground forces, who

outgun the rebels in every way- in numbers, equipment andtraining.

On the offensive, governmenttanks and artillery haveunleashed a fierce bombard-ment on towns and cities whichhas usually forced rebels toswiftly flee. That tactic appearsto have worked once again inRas Lanuf, an oil terminaltown, 375-km east of the capi-tal Tripoli.

The Pentagon said 115 strikesorties had been flown againstGaddafi's forces in the previ-ous 24 hours, and 22Tomahawk cruise missiles hadbeen fired.

Britain said two of itsTornado fighter-bombers hadattacked a governmentarmored vehicle and twoartillery pieces outside thebesieged western town ofMisrata.

Libya's official Jana officialnews agency said air strikes by

forces of "the crusader colonialaggression" hit residentialareas in the town of Garyan,about 100 km (60 miles) southof Tripoli.

UN Security CouncilResolution 1973 sanctions airpower to protect Libyan civil-ians, not to provide close airsupport to rebel forces. Thatwould also require troops onthe ground to guide in thebombs, especially in such arapidly changing war.

United States and Francehave raised the possibility ofarming the rebels, though bothstressed no decision had yetbeen taken. "I'm not ruling itin, I'm not ruling it out," U.S.President Barack Obama toldNBC. Aid agencies are increas-ingly worried about a lack offood and medicines, especiallyin towns such as Misrata wherea siege by Gaddafi's forcesdeprives them of access. -Agencies

Rebels retreat from Ras Lanouf

ISLAMABAD: Former minis-ter for religious affairs HamidSaeed Kazmi has been sent tojail on 14 days judicial remandin Hajj corruption case.

FIA in its investigation reportpresented before the court hassaid Hamid Saeed Kazmi hasconsiderably increased hisassets during the period heremained minister.

As per media reports HamidSaeed Kazmi was produced inthe court of senior civil judgeIslamabad Muhammad AslamGondal on Wednesday.

FIA said in its report on theoccasion that more 14 plotsmeasuring 86 marla owned by

Hamid Saeed Kazmi had beentraced. These plots were pur-chased at the cost of Rs4 mil-

lion in 2008.FIA had told in its report that

assets of Hamid Saeed Kazmihad been remarkably increasedand former minister for reli-gious affairs had hand behindthe appointment of AhmadFaiz.

Hamid Saeed Kazmi is alsodeclared to have been foundinvolved in the embezzlementof Rs200 million.

FIA also told that evidence ofinvolvement of Hamid SaeedKazmi in another case of Rs200million-corruption has beenfound.

The hearing has beenadjourned till April 18. -Online

Kazmi jailed onjudicial remand

Hajj corruption case

ISLAMABAD: Pakistan andAfghanistan laying greatemphasis on joint efforts totackle terrorism have stressedon the need of establishing ajoint commission to identifyproblems between them.

According to the joint state-ment released at the end oftwo days talks between theparliamentarians fromPakistan and Afghanistan,delegates from the two sideslaid great emphasis on jointefforts to tackle the problemof terrorism which has notonly caused death anddestruction in the region buthas been the major impedi-ment in the development ofboth Afghanistan andPakistan.

They urged cooperation of

each other's Parliament tobring to the notice of theirrespective Governments prob-lems identified by the otherside for immediate remedialaction.

This, they thought, wouldgreatly help in bringing thetwo countries further closer toeach other.

The two sides felt the needof establishing a JointCommission, establishedalready, to identify problemsbetween them.

The task of the Commissionwould be to find solutions tothese problems which willhelp in cementing brotherlyrelations between the twoneighbors.

The intelligence agencies ofthe two countries,

Parliamentarians felt, werepursuing their own individualinterest whereas terrorismwas a common enemydemanding collective actionby the agencies of the twocountries.

Parliamentarians expressedconcern on longer delays forclearance of goods underAfghan Transit Trade whichwas causing huge financialloss. They agreed on finding asolution to this long over-dueproblem for streamliningbusiness relation between thetwo countries.

Parliamentarians felt theneed and importance of mediain molding public opinion. Itcan play a positive role inbridging the trust deficit that

See # 1 Page 11

AfPak Commission toidentify shared woes

Pak-Afghan MPs negotiations end

Rawalpindi: Students shout as they watch the Cricket World Cup 2011 semi-final match between Pakistan and India. Reuters

Senate approvesresolution against attack ISLAMABAD: Senate condemned and approved a consensusresolution against the suicide attack on Fazal-ur-Rehman’s car-avan. They urged from government to convict the culpritsinvolved in such a heinous act.

Members Senate condemned the suicide attack on Fazal-ur-Rehman’s caravan and named it failure of intelligence agen-cies and the culprits be brought to justice.

The resolution was tabled by Azam Swati, which wasapproved unanimously.

During Senate session, on Wednesday, Ismail Baledi con-demned suicide attack on Fazal-ur-Rehman’s caravan. Headded that at least eight persons including an SHO and foursecurity men of Fazal-ur-Rehman killed yet. He said that theacting regime has failed to secure public. If these attackswon’t be controlled then supreme politicians may face suchattacks. He demanded for the arrests of the culprits involved insuch a heinous act. -Agencies

Fazl says he might be the target

Ministers absenceappalls Senators

Cricket fever grips lawmakers