profit.com.pk Saturday, 16 June, 2012

wAll Street GAinS AheAD oF Greek electionS

Govt’s PSDP reserves massive sharesfor agri, food sectors Page 2

kArACHI

ISMAIL DILAWAR

P AKISTAN’S endeavours to create a soft and in-vestors-friendly image abroad seem to have beenless effective as the profit-conscious foreign in-

vestors continue to remain risk-averse towards thepolitico-strategically-embattled country. According to cen-tral bank, the first 11 months of the outgoing fiscal year,July-May FY12, saw the flow of foreign investment intoPakistan shrinking by an alarming 62.5percent. In monetary termsthis amounts toover $ 1.1131billion. Duringthe review pe-riod the inter-n a t i o n a linvestors in-vested only $678.9 million inthe troubledcountry com-pared to $ 1. 810billion they hadinvested in thec o r r e s p o n d i n gmonths of FY11.Foreign Portfolio In-vestment (FPI) at thecountry’s bourses appeared tobe the worst hit and dropped by 109.5 percent or $ 402.8million to stand at $ 35 million against 367.9 million of lastfiscal year. According to market observers, the ongoing im-passe in the Pak-US stratego-diplomatic relations happensto be a major reason for declining portfolio investment inPakistan. Washington, being the largest provider of civiland military aid to Islamabad, plays a key role in decidingPakistan’s economic health, a major concern of the localand private investors intending to invest in the country.Also, the current politico-judicial hustle and bustle in Pak-istan is playing havoc with the investors’ sentiments, espe-cially at the bourses. “Hopes for improvement in Pak-USties affected the investor sentiments despite concerns for

present judicial crises in the country,” viewed AshenMehanti, a senior analyst at Arif Habib Securities. The an-alyst said on Friday the equity investors’ mixed views onfuture the country’s economic and political outlook kepttheir activity limited at the Karachi Stock Exchange. No ex-ception is the Foreign Direct Investment (FDI) that con-tracted to $ 756.4 million from July-May FY11’s $ 1.463billion, registering a sharp decrease of $ 707.5 million or48.3 percent. Since 2008 the FDI under the head of priva-

tization proceeds has beenzero as the government has

by and large been failedto find a local or interna-

tional buyer for itsloss-making PublicSector Enter-prises (PSEs).The overall for-

eign private andpublic investmentdeclined, respec-tively, by 60.6percent to $ 721.4million and 101percent to nega-tive $ 42.5 million

from FY11’s $ 1.831billion and negative

$ 21.1 million. The for-eign public investment

against the debt securities,showing the net sale/purchase of special US$ bonds, Eu-robonds, FEBC, DBC, treasury bills and Pakistan Invest-ment Bonds, was however an exception by marking anegative growth of 101 percent to $ 42.5 million. The eco-nomic observers dubbed the ongoing downward trend inforeign investment as critical for the resource-constrainedPakistan. They say increased dollar inflows were the onlypermanent factor that could rid the debt-laden country ofits Balance of Payment woes. Exacerbated by the ongoingdiplomatic cold war between the Washington and Islam-abad, investment climate in the terror-stricken Pakistanhas been un-conducive, thanks to a deteriorating law andorder and ever-present political instability.

g only $678.9m flew into country against $1.810b in July-MayFY12 g FDi depletes by 48pc to$756m from $ 1.463b of FY11 g FPi shrinks by 109pc to $35m against $367.9m of last year

New York

AGENCIES

The news offset the latest round of weakU.S. economic data, which pointed tosluggish growth domestically.

Officials of the Group of 20 leadingindustrialized nations told Reuters thatcentral banks of major economies wouldtake steps to stabilize markets and pre-vent a credit squeeze, if necessary.

That spurred sharp gains late inThursday's session, erasing the S&P's de-cline for the week. The benchmark indexis now up 0.9 percent on the week, evenas uncertainties persist over the eurozone. But some market participants wereskeptical.

"Ahead of Sunday's election inGreece, central bankers stand ready,again. With all the water central bankshave expended out of their fire hoses overthe past few years in their attempt to 'dosomething,' I can only think of magic can-dles. Those candles you blow out that onlyflare up again immediately after," saidPeter Boockvar, equity strategist Miller

Tabak + Co in New York.The Dow Jones industrial average

.DJI was up 70.34 points, or 0.56 percent,at 12,722.25. The Standard & Poor's 500Index .SPX was up 8.54 points, or 0.64percent, at 1,337.64. The Nasdaq Compos-ite Index .IXIC was up 22.04 points, or0.78 percent, at 2,858.37.

Material .GSPM and energy .GSPEshares were among the biggest gainers ofthe day, with the two closely tied to eco-nomic growth prospects. Cabot Oil & Gas(COG.N) rose 1.5 percent to $35.55 andAlcoa Inc (AA.N) was up 1.2 percent at$8.75.

But the market's fear gauge remainedelevated. Investors fear the Sunday elec-tions in Greece may set the nation on apath to an exit from the euro zone. Thatpossibility, along with questions about theeffectiveness of a bank bailout plan inSpain, has spurred volatility in a thinlytraded week. The CBOE Volatility IndexVIX .VIX was trading near 21 in middaytrade, after rising above 23.

A gauge of manufacturing in NewYork state fell sharply in June, though it

still showed growth, while a read on con-sumer sentiment was also below consen-sus forecasts.

"What's shocking is how disappoint-ing the data is still," said Lawrence Glazer,

managing partner at Mayflower Advisorsin Boston. "It reflects the general malaiseon Main Street right now. Consumers andinvestors have been hit with a wave of un-certainty."

Recent economic indicators, includ-ing Thursday's unexpected rise in joblessclaims, have pointed to sluggish growth inthe U.S. economy. However, U.S. equitieshave largely tracked European develop-ments in recent months, and shrugged offweak domestic data on occasion.

Some investors think the lacklusterU.S. data increases the chances that theFederal Reserve will signal more easymoney to counter slowing growth when itreleases its policy statement nextWednesday at the close of a two-daymeeting.

The Wall Street Journal reported lateThursday Microsoft Corp (MSFT.O)would buy business software companyYammer Inc for $1.2 billion, citing a per-son familiar with the matter. Microsoftrose 2 percent to $29.92.

Diamond Foods Inc (DMND.O) lateThursday said it had received a letter fromNasdaq saying it had missed the deadlinefor filing its already-delayed quarterly re-port, a fact which could lead to the com-pany's delisting from the stock exchange.The stock dropped 1.2 percent to $18.41.

international investors stayaloof… and who’d blame them?

Stocks rose on Friday on optimism major world central banks will take coordinated actionif the closely watched election in Greece this weekend results in market turmoil

Another brick in the wAll

LONDON: The Euro-pean Parliament votedoverwhelmingly tosupport a new EUtrade preferencescheme for developingcountries as of 1 Janu-ary 2014. The updatedgeneralised system ofpreferences (GSP) al-lows countries such asPakistan to pay loweror zero import tariffson their goods sold tothe EU. British Conser-vative MEP and LegalAffairs spokesperson,Sajjad Karim LLB(Hons), said: "Trade isthe engine of growth.And now the new EUtrade scheme is morepredictable and moregenerous to countriesthat are more de-served. The newscheme will allow Pak-istan to apply for zeroEU duties to becharged on their ex-ports if they recipro-cate by abiding by 27international conven-tions in the field ofhuman rights." Thenew EU trade schemewill reduce the number of countries that enjoy preferential access to EU marketsfrom 176 to around 75 thus creating room to increase preferences for the remainingbeneficiaries. Furthermore the GSP+ scheme will contribute to the promotion ofhuman rights, democracy and freedom of speech in the developing world. SajjadKarim, the Chairman of the European Parliament Friends of Pakistan Group, hasbeen a long term advocate for stronger ties between the EU and Pakistan: "The Eu-ropean Parliament Friends of Pakistan group has been campaigning to increase thethreshold of the GSP+ scheme to allow Pakistan to enjoy more trade with the EU."He also dismissed the few MEPs who called for Pakistan not to be included in thetrade scheme in a European Parliament debate on Monday: "The clear long termstrategy is for the EU and Pakistan to cooperate on a wide range of issues includingtrade, security and policy. The EU-Pakistan Five Year Engagement Plan and the re-cent successful launch of the first Strategic Dialogue in Islamabad this month withBaroness Ashton is clear evidence of that." ONLINE

EU to increase

trade with Pakistan

Layout 3 pages_Layout 1 6/16/2012 5:05 AM Page 1

news02Saturday, 16 June, 2012

ISLAMABAD

ONLINE

The government has admitted that Balance of pay-ments will remain under pressure in next financial year2012-13 due to external debt repayments including re-payments to International Monetary Fund(IMF),saysources. Sources familure with the development told“Online” here on Friday that declining trend of exportquantum, rising international oil prices and weak fi-nancial inflows will also lead the country’s balance of

payments situation under pressure. The overall balance is likely to be in deficit by $ 1.7

billion in 2012-13 and gross aid disbursements during2012-13 are expected to remain at the level of $ 2.7 bil-lion against $ 2.3 billion estimated for 2011-12.The cur-rent account is targeted to be in deficit by $ 4.8 billionas against a deficit of $ 4.0 billion estimated for currentfinancial year ending June 30, 2012.

On account of the energy shortages and securitysituation, exports for 2012-13 are projected to grow by4 per cent to $ 25.8 billion from $ 24.8 billion esti-

mated for 2011-12. Imports during 2012-13 are pro-jected to increase by 6.8 per cent to$ 42.9 billion from$ 40.2 billion estimated for 2011-12. Hence, the tradeaccounts is Projected to be in deficit by $ 17.1 billion in2012-13. Pakistan had already repaid $1.2 billion to theInternational Monetary Fund in current financial year2012-13 from foreign currency reserves held by theState Bank of Pakistan (SBP).

According to the repayment schedule agreed be-tween Pakistan and IMF, Pakistan will repay its obtain$7.6 billion to the IMF till the end of fiscal year 2014-

15. The $11.3 billion SBA program had expired on Sep-tember 30, 2011 and the last two tranches of $3.7 bil-lion could not pay to Pakistan by IMF followingIslamabad’s failure to pursue key reforms as well as theemergence of the revenue figures fiasco.

Pakistan had enter into a $11.3 billion programmein 2008 with IMF and got disbursements of about $7.6billion, but failed to get the remaining $3.7 billion dueto slippages in performance criteria, leading to suspen-sion of the programme in May 2010 and was ended un-successfully on September 30,2011.

ISLAMABAD

APP

T HE Federal Government in thePublic Sector Development Pro-gramme 2012-13, has allocated Rs

495 million for ongoing and new projectsof the of the Ministry of National Food Se-curity Research and Rs 250 million foragriculture related projects being handledby Commerce and Ports and Shipping di-visions. According to the government'sannual plan 2012-13, the Higher Educa-tion Commission, Industries Division,Science and Technological Research Di-vision and Water & Power Division havevarious agriculture related projects.

Some of the projects of agriculturesector included in PSDP 2012-13 underministries of National Food Security &Research, Commerce and Ports & Ship-ping are National Zero Hunger ActionProgramme, Research for AgricultureDevelopment Programme, National In-stitute of Genomic and Advanced Bio-Technology, Pak-China Cooperation forAgriculture Research and Development,Indigenization of Hybrid Seed Produc-tion for Enhanced Crop Production, Na-tional Bio Saline Agriculture Programme,

Under the National Zero Hunger Ac-tion Programme, the Ministry of Na-tional Food Security and Research haslaunched "National Zero Hunger ActionProgramme". The programme launchedin collaboration with World Food Pro-gramme is aimed at attaining food secu-rity and reduce malnutrition in thecountry. The programme implies coordi-nated approach with several ministries toachieve its targets and will reach to 12million food insecure people in one year(20% of total affected population) with acost of $ 1.04 billion, of which 200 mil-lion is sanctioned by government of Pak-istan while rest will be contributed bydonors and other sources of funding. A

total of 61 million people will be reachedwith total cost of us $ 16 billion dollars infive years time. For the programme a Na-tional Council for Food Security compris-ing of representatives of federal andprovincial governments, private sectorand civil society will be established. Aconsultative workshop has already beenheld in March 2012 to produce a set ofguidelines and frameworks for NationalZero Hunger Action Programme and theoperational strategy. Under another proj-ect of Research for Agriculture Develop-ment Programme which is beingimplemented since 2007-08 by PARCand aims at developing demand drivenresearch solutions and innovations basedon various themes in different sectors likeCrop Sciences, Natural Resources, Ani-mal Sciences and Social Sciences.

Out of total 91 development projectsapproved for financing under this proj-ect, 45 have been completed while theremaining 46 are under implementa-tion. The capacity of 510 scientists has

been built through local and foreigntrainings. More than 10,000 local & ex-otic germ plasm lines were acquired,evaluated and distributed as well as re-search laboratories at NARC beingstrengthened through procurements oflatest scientific equipments. Due to fi-nancial constraints the estimated expen-diture up till 2011-12 was around Rs1070 million which is 36% of the totalcost (Rs 2.97 billion) of the project. Theallocation for 2012-13 is Rs 170 million.In the National Institute of Genomic andAdvanced Bio-Technology project withpurpose of establishing this Institute atNARC campus is to support researchand development activities by providingavailable techniques in genomics andbiotechnology to the scientists.

Constructions of office building andlaboratories are almost complete. DNAfinger printing work on rice, grapes andgroundnut have been established whichwill help in developing molecular pass-port of our verities.

Govt’s PSDP reserves massiveshares for agri, food sectors

icci laudsfuel price cut

ISLAMABAD

APP

Islamabad Chamber of Commerce and In-dustry (ICCI) appreciated the govern-ment's decision of reduction in Petroleumand CNG prices and termed it a positivestep in the larger interest of trade, indus-try and masses as well.Asad Farid, Acting President ICCI presid-ing over a meeting here on Friday, saidthat the withdrawal in prices of petroleumproducts and CNG would not only givesome relief to the masses but it would alsobenefit all sectors of the economy. He wasof the view that reduction in the prices ofpetrol by Rs.10 per litre and CNG by Rs. 6per kg would go a long way for the revivalof economic activities in the country.Asad Farid said that such positive deci-sions of the Government would accelerateexport oriented activities and would helpexporters to compete more effectively inthe international market.

kSe board clearsnew free-float index

kArACHI

STAFF REPORT

The Governing Board of Directors of theKarachi Stock Exchange (KSE) has de-cided to introduce a new 100-index freefloat benchmark that would run parallelwith the existing full capitalizationindex at the bourse. The Board, in itsApril 24 meeting, decided to approvethe recommendation of the KSE IndexCommittee to introduce the new index.This methodology is a variation of themarket capitalization method used forour current (KSE-100) Index, said Ha-roon Askari, deputy managing directorKSE, in a statement issued on Friday.

PSo receivables swellto rs 215 billion

ISLAMABAD

ONLINE

Pakistan State Oil (PSO) total receivableshave been increased to 215 billion due tonon-payments from the power sector,which may lead to an inevitable break-down in the supply chain resulting in fuelshortage. According to official documentsPSO receivables have been swelled to 215billion while PSO payables to local and in-ternational refineries have been increasedto more than 179 billion. Power sector isthe main defaulter of PSO as receivablefrom WAPDA are 54,817 million, fromHUBCO 102 , 854 million and receivablesfrom KAPCO are 29,896 million. Officialdocuments further revealed that PIA hasto pay Rs 2,855 million, Oil and Gas de-velopment company (OGDCL) Rs 404million, KESC has to pay Rs 6, 973mil-lion, Pakistan Railway Rs 1,357 million. PSO has to receive Rs 1,382 million on

Audited Price Differential Claim (HSD),Rs 3,407 million on Price Differential onLSFO/HSFO and price differentialunder GLAMP & NDTC –KESC are Rs8,612 million.

wb finally digsout financialcrisis solutiong ‘removing restrictions on

human mobility may reduceglobal financial crisis’

ISLAMABAD

ONLINE

Removing restrictions on human mobil-ity may help enhance financial flowsamong nations and alleviate some of theadverse effect of the global financial cri-sis 2008-9, says Word Bank (WB).According to a new book on migrationand remittances, published by the Bank,with migrant workers projected to remitabout $399 billion to their home coun-tries during 2012, compared to $372 bil-lion in 2011, remittances are the mosttangible link between migration and de-velopment.“Despite worsening employmentprospects and anti-immigration rhetoricin some destination countries, the globalfinancial crisis of 2008-09 has not sentmigrant workers streaming back home,”says the Book.In fact, migrants may have mitigatedsome of the pain of the crisis as theytend to work for lower wages, receivefewer benefits and rely relatively little onthe state, says the ‘Migration and Remit-tances during the Global Financial Crisisand Beyond’ book.

inflation hikes upover the week

ISLAMABAD

APP

The Sensitive Price Indicator (SPI) forthe week ended on June 14, for the low-est income group up to Rs.8,000, regis-tered increase of 0.64 per cent ascompared to the previous week. The SPIfor the week under review in the abovementioned group was recorded at 177.12points against 175.99 points registeredin the previous week, according to provi-sional figures of Pakistan Bureau of Sta-tistics (FBS).The weekly SPI has been computed withbase 2007-2008=100, covering 17 urbancenters and 53 essential items for all in-come groups and combined.The SPI for the combined group in-creased by 0.72 per cent as it went upfrom 187.19 points in the previous weekto 188.54 points in the week under re-view.As compared to the corresponding weekof last year, the SPI for the combinedgroup in the week under review wit-nessed increase of 12.25 percent. Ascompared to the last week, the SPI forthe income groups from Rs.8001-12,000, 12,001-18,000, 18001-35,000and above Rs.35,000 increased by 0.69,0.74, 0.76 and 0.71 respectively.During the week under review averageprices of 10 items registered decrease,while that of 18 items increase with theremaining 25 items' prices unchanged.

LAHore

STAFF REPORT

Turkish businessmen are ready to initiate joint ventureswith their Pakistani counterparts as they are convinced thatample opportunities exist in a number of sectors in Pakistanincluding Energy, Textiles and Construction.

This was stated by President Foreign Economic Rela-tions Board (DEIK) Dr Akkan Suver and President TurkishIndustrial Association TUMSIAD Mr. Ersin CENTIN whiletalking to a 37-member LCCI delegation headed by LCCIPresident Irfan Qaiser Sheikh. The LCCI former Senior VicePresidents Engineer Sohail Lashari and Tahir Javaid Malikalso spoke on the occasion.

Dr Akkan said that the foremost purpose of the ForeignEconomic Relations Board of Turkey (DEİK) is to pave theway for economic, commercial, industrial and financial re-lations with foreign countries as well as international busi-ness communities.

“DEİK believes that increasing industrial cooperation,widening the foreign trade network and opening the Turk-ish service sector up to the global economy are essential inachieving this target.”

The President Foreign Economic Relations Board saidthat Turkey for being second fastest growing economy ofthe world after China and first in the European Union has

a lot to offer to their Pakistani counterparts and they shouldavail the available opportunities.

They also called for more frequent exchange of businessdelegations so that both the sides could have first handknowledge of the available opportunities in Pakistan andTurkey. They said that both the countries have marvelousuntapped business potential that needs to be realized bymaximizing the involvement of private sectors of the twocountries. He hoped that the economic relation between thetwo countries would strengthen further to create a win-winsituation for Pakistan and Turkey.

Speaking on the occasion, the LCCI President IrfanQaiser Sheikh said the time has come that the businessmenof both the countries should enhance their bilateral rela-tions which will be beneficial for the people of both thecountries. He said that in 1980 the Turkish exports were $4 billion while Pakistan’s were $3.81 billion and todayTurkey is exporting goods worth $114 billion while Pak-istan’s total exports are just $25 billion and Turkey has be-come 16th strongest economy of the world. He said, “Wecan strengthen our economy by adopting the developmentand progress of Turkey as model.”

“Since energy is an important issue for Pakistan’s eco-nomic growth and Turkey has vast experience of exploitinghydro and other energy sources, both the countries shouldcooperate in this area on priority basis.”

Turkish delight for LCCI

Failing to strike a balanceg balance of payments to remain under pressure due to repayments to iMF in FY 12-13

Layout 3 pages_Layout 1 6/16/2012 5:05 AM Page 2

news

Saturday, 16 June, 2012

03

SoMeone SPilt honeY on the reD rAG

PePco accords supply agreement of 20million energy savers with M/S Philips LAHORE: Taking unprecedented initiative to bridgesupply and demand gap by implementing energy con-servation policy during the ongoing energy crisis in thecountry, Pakistan Electric Power Company (PEPCO)carried out supply contract of 20 million Compact Flu-orescent Lamps (CFL) on cost insurance and place ofdestination (CIP) under the “National CFL Project-Prime Minister Energy Saver Programme” with M/sPhilips Electrical Industries of Pakistan. Mr Khalid Hus-sain Rai Project Director PMU PEPCO and Mr Asad. S.Jaffer Chairman and CEO Philips signed the contractdeed, here today at Wapda House Lahore. Thespokesman of PEPCO said this project started on the di-rective of Prime Minister Syed Yousaf Raza Gilani dulyapproved from Cabinet as well as ECNEC. Under thecontract the first consignment of CFLs (Energy Savers)will be delivered to 36 warehouses all over the countrywithin 12 weeks and free distribution of energy savers toconsumers will start soon after the delivery. The totalcost of this project (20 million CFLs) is Rs 2.8 billionand is being funded by ADB and AFD of France. Min-istry of Water and Power will carry out overall projectmanagement and PEPCO will act as project coordinatorwhereas DISCOs and KESC act as executers, he added.

ntDcl signs agreement of constructionof 500 kV Grid Station with china

KARACHI: National Transmission and DespatchCompany Limited (NTDCL) has signed an agreementof construction of New Lahore 500 Kv Grid Station aspart of joint venture with Chinese companies. ChiefEngineer EHV-I NTDCL Muhammad Amin Khalid onbehalf of NTDCL Management and President of ChinaNational Electric Equipment Corporation (CNEEC)Mr Zhau Ruolin signed the agreement, during a cere-mony held at Avari Hotel Lahore, today. Mr ZhauRuolin, president of CNEEC While singing the agree-ment ceremony said that his company is known to beone of the professional company which has achievedremarkable success in the various power projects allover the world. CNEEC is also interested in investingThermal and Hydle projects of Pakistan and takes

pleasure to work with NTDCL in various projects oftransmission networking which will prove anothercorner stone in the Pak-China friendship, he added.

DS-concept makes lDP moreconvenient for textile industryKARACHI: Pakistan is the world’s 4th largest pro-ducer and 3rd largest consumer of cotton. The textileindustry has been the main driver of the economy forthe last 50 years in terms of foreign currency earnings.The textile sector enjoys a pivotal position in the ex-ports of Pakistan. In Asia, Pakistan is the 8th largestexporter of textile products. Pakistan’s Textile Indus-try has proved its strength in global market in the pastdecades and DS-Concept believes that the textile in-dustry is the only industry in Pakistan that has the po-tential to benefit the economy with foreign currencyearnings. The big buyers in textiles around the globenow asking for Landed Duty Paid (LDP) shipmentsfrom the suppliers, and the suppliers felt bumpy as nofinancial institution provided satisfactory solution forsuch shipments earlier. DS Concept Pakistan knowingthe potential of the textile sector came up with a Sup-ply Chain Funding (SCF) solution to facilitate Pak-istani suppliers in their LDP shipments.

Javed Miandad will Grace nit - All karachiinter rover cricket final as chief guestKARACHI: The final of NIT – All Karachi InterRover Cricket Tournament will be played on 17thJune, 2012 at 3pm on Aga Khan School Ground,Karachi. Cricket Legend Javed Miandad, DirectorGeneral / member of the Board of Governors of Pak-istan Cricket Board has consented to grace the oc-casion as chief guest. Mr. Wazir Ali KhojaChairman/MD of NIT and senior member of theBoard of Governors of PCB will also witness theevent. Many former cricket legends are invited onthis occasion. A colorful closing ceremony will beheld after the finals, which includes a PT show anddisplay of flute band by school children. A goodnumber of cricket fans, NIT families will be presentin this sports gala besides representatives of printand electronic media. NIT had sponsored this eventin February last year also in its endeavor to engageour youth in the healthy activities of sports.

Standard chartered awarded best Globalretail bank, best online banking StrategyKARACHI: Standard Chartered Bank has wonawards of “Best Global Retail Bank” and “Best On-line Banking Strategy” at The Retail Banker Inter-

national’s Awards, its 27th annual event. The acco-lades recognise the Bank’s strong progress in deliv-ering consistent results amidst the industry’schanging climate and regulatory environment. Theyalso reflect the Bank’s leadership in demonstratinginnovation and cost effective deployment, whileachieving growth, operational efficiencies and highlevels of customer satisfaction. Douglas Blakey, ed-itor of Retail Banker International, said “StandardChartered was a worthy winner of the awards as ithas posted record profits for the ninth successiveyear, while driving to continuously deliver highlydifferentiated and innovative products, services andsuperior online consumer experiences.”

Mastercard cardholders toexperience emirates’ top serviceKARACHI: Emirates airline, largest operator of thedouble-decker A380, and MasterCard announce theirjoint collaboration to offer top-notch packages for Emi-rates First Class and Emirates Business Class passen-gers who use their MasterCard cards to purchase flightson www.emirates.com before 30 September 2012. Forevery Emirates top class round-trip ticket they pur-chase, MasterCard cardholders visiting Dubai fromaround the world will receive complimentary stays atDubai’s top hotels, in addition to complimentary visasand tickets to ‘At The Top’ in the Burj Khalifa.

Ubl declared ‘best Domestic bank –Pakistan’ for 2012 by Asiamoney MagazineKARACHI: UBL has once again been declared the“Best Domestic Bank” of Pakistan for 2012, by Asia-money Magazine in its latest edition. This prestigiousannual award recognizes the best domestic bank whichstands out based on its outstanding performance anddistinctive initiatives. This year they have adjudgedUBL as winner in the “Domestic Bank” category as thebank which has shown the most initiative.

Master Paints – inspire to changeKARACHI: Master Paints in collaboration with thestudents of National College of Arts (NCA) are organ-izing an activity at the SOS Village, Ferozepur road,Lahore. This project, with far reaching and sustainablebenefits for the children of the village is wholly fi-nanced by Master Paints, with the students of NCA astheir implementation partner. Through the activitybasic facilities as per the recommendation of SOS ad-ministration and faculty will be provided for the chil-dren. Moreover, they will be provided with toys,clothes and books to make them feel that they are nodifferent than the other kids of their age. However,

the major part of the project will revolve around refur-nishing their study area. According to the administra-tion, there are 18 houses each divided into a livingspace, two rooms, a kitchen and a veranda, whichserves as the kids’ study area. This is the place whichthe NCA students have chosen to give a makeover to.

kFc celebrates 15 years in Pakistan KARACHI: KFC has successfully completed its 15years of operations in Pakistan this June, therefore, tocelebrate the landmark KFC has launched a festivecampaign by offering meal boxes at competitive pricesand instant prizes to its customers. Marketing Managerfor Cupola Group Fuad Hameed said 'KFC is proud toacknowledge the support of its loyal customers in com-pleting 15 years in Pakistan. And to celebrate the event,KFC has launched the celebrations meal box at a com-petitive price, that not only provides the customer witha high value meal but also a scratch card that guaran-tees a prize to each customer at the time of purchase.”He went on explaining 'till date we have had over100,000 winners who have received gifts ranging fromflash drive USBs to Television sets, which have beenprovided by KFC as well as partnering brands such asQubee, Pepsi, Unilever Food Solutions, K&N’s, AfeefGroup, Waqas Advertisers, EFU and Advance Telecom.'

FDAc re-launched at ZamzamaKARACHI: The premises of the Fomma-DHA Art Cen-tre (FDAC) in Zamzama Park (DHA-5), which has beenunder repairs by DHA for sometime, is now available forvarious art activities and projects. The entire mezzaninewooden floor has been replaced with a strongly re-setconcrete one, the winding staircases have been suitablystrengthened, and work is under way to install an im-proved lighting system. The historic 19th century Rajstructure (originally an army barrack), which houses theFDAC, would still need additional restoration work suchas damp-proofing of the walls, replacement of damagedtiles on the roof, tackling the endemic problems of risingdamp and seepage etc. But meanwhile the Fomma Trustis going ahead with plans to re-activate the FDAC.

First ever Solar AtM launched by nbPKARACHI: First ever Solar ATM is launched by NBPat Defence Housing Society Branch, Korangi RoadKarachi. This ATM functions with solar energy withoutits much dependence on generated electricity. NBP fur-ther intends to install ATMs on solar energy so as to usenatural resources without misuse of generated electric-ity and fuel. Seen in the picture are Mr. NausherwanAdil, SEVP / Group Chief Operations Group, Mr. ZubairAhmed, SEVP/ Group Chief, Logistic Support & Engi-neering Group and Mr. Samar Abbas Jafri, SVP/Re-gional Head South and others inaugurating Solar ATM.

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Nestle Pakistan Ltd. 4016.28 4099.00 4027.00 4074.85 58.57 45Siemens Pakistan 680.38 714.39 670.00 701.27 20.89 4,702Wyeth Pak Limited 839.09 860.00 831.00 850.56 11.47 64Island Textile 212.14 222.74 210.00 221.42 9.28 1,473Philip Morris Pak. 173.57 182.24 175.00 178.76 5.19 5,450

Major Losers

UniLever Pak 7380.00 7310.00 7251.00 7251.67 -128.33 16Rafhan Maize Prod. 3250.09 3235.00 3088.00 3139.85 -110.24 81Unilever Food 2762.50 2900.62 2670.01 2670.21 -92.29 80Colgate Palmolive 974.00 990.00 950.00 950.00 -24.00 105Mithchells Fruit 344.39 344.39 327.18 327.18 -17.21 334

Volume Leaders

Jah.Sidd. Co. 14.01 14.74 13.85 14.20 0.19 16,148,881Azgard Nine 5.90 6.90 5.87 6.90 1.00 11,638,753D.G.K.Cement 41.63 42.01 41.02 41.22 -0.41 8,220,815Escorts Bank 2.05 2.74 1.90 2.01 -0.04 4,985,225Fauji Fert Bin 40.12 41.24 40.11 40.80 0.68 4,628,117

Interbank RatesUS Dollar 94.4126UK Pound 146.5661Japanese Yen 1.1892Euro 118.6388

Dollar EastBuy Sell

US Dollar 95.60 96.30Euro 119.38 120.88Great Britain Pound 147.91 149.72Japanese Yen 1.1965 1.2110Canadian Dollar 92.20 93.84Hong Kong Dollar 12.10 12.30UAE Dirham 25.80 26.09Saudi Riyal 25.30 25.55Australian Dollar 94.70 97.32

FPcci buttersup world bank

kArACHI

APP

President FPCCI Haji Fazal Kadir Khan Sheranihas acknowledged World Bank's contribution insocial and economic development of Pakistan.FPCCI is establishing Professional DevelopmentInstitute. This apex trade body of the countrywould highly appreciate any support or sugges-tions from World Bank to make the institute moreeffective tool of a change in the country, he said.FPCCI President was speaking in a meeting withDan Biller, Lead Economist South Asia Sustain-able Development Department of World Bank(WB) here at Federation House , said a releasefrom Federation of Pakistan Chambers of Com-merce and Industry (FPCCI) here on Friday. ThePresident FPCCI noted that World Bank is Pak-istan's strong partner in the development. He alsomentioned World Bank support at the time of dis-asters like earth quakes, floods, World Bank'sLead Economist, Dan Biller , on this occasion,gave a presentation on World Bank's internationalexperience of industrial development and Pak-istan's industrial competitiveness. He informedthat WB was working with Ministry of Industriessince 2009 and has conducted various studies torecommend industrial policy in Pakistan. Heshowed the trends in the economic growth ofSouth Asian countries specially in China and thecomparison of other countries. While appreciatingWorld Bank's projects for economic sustainability, poverty alleviation, education, income support,trade expansion and facilitation, reduction in costof doing business, Haji Fazal Kadir Khan Sheranisuggested that policies or models should be com-patible to the existing conditions of Pakistan.That, all factors of proposed model should per-form to contribute to the industrial growth.

kArACHI

STAFF REPORT

T HE bulls kept dominating Karachistocks market on last working day ofthe week Friday with benchmark,

KSE 100-share index gained 09.60 points.The day saw the index closing up by

0.07 percent at 13,665.80 points against13,656.20 points of Thursday.

Pakistan stocks closed higher on insti-tutional support after global stocks andcommodities recover. This was opined byAhsan Mehanti, Director at Arif Habib In-vestments Limited.

On Friday, the trading volumes at theready-counter were recorded lower at109.142 million shares against 114.327 mil-lion shares of the previous day. The trad-ing value too decreased to Rs 3.792 billioncompared to Rs 4.303 billion of the previ-ous session. The intraday high and low, re-spectively, stood at 13,753.09 and13,616.87 points.

He added that the hopes for improve-ment in Pak-US ties affected the investorsentiments despite concerns for presentjudicial crises in the country. The market

capitalization increased to Rs 3.490 tril-lion from Rs 3.486 trillion a day earlier. Ofthe total 342 traded scrips, 137 gained, 121lost and 84 finished as unchanged.

The free-float KSE-30 index declinedto 13.60 points to close at 11,786.87 pointsagainst the previous 11,800.47 points. Ja-hangir Siddiqui Company was the day’svolume leader counting its traded shares at16.148 million with the opening and clos-ing rates standing at Rs 14.01 and Rs14.20, followed by Azgard Nine, D.G.K Ce-ment, Escorts Bank and Fauji FertilizerBin with turnover of 11.638 million, 8.220million, 4.985 million and 4.628 millionshares respectively. According to analystthe mixed views on future economic andpolitical outlook kept investors activitylimited.

On the future market, the turnover de-creased by over four million shares to8.126 million against 12.949 million sharesof Thursday. The Nestle Pakistan Limitedand Siemens Pakistan, up Rs 58.57 and Rs20.89, led highest price gainers while,UniLever Pakistan and Rafhan Maize Prod,down Rs 128.33 and Rs 110.24 respec-tively, led the losers.

bears open their arms butthe bulls were underhanded g index gains merely 9.60 points after global stocks and

commodities left their respective waking up acts to the 11th hour.the bulls were late and the bears were left with arms wide open…

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