International

Egypt mily rulers dissove parliament See Page 12

Pak backs Afghan led peace process See Page 12

10k Indian troops to leave Kashmir See Page 12

Crude Oil (brent)$/bbl 100.94

Crude Oil (WTI)$/bbl 85.58

Cotton $/lb 189.97

Gold $/ozs 1,360.40

Silver $/ozs 30.00

Malaysian Palm $ 1,299

GOLD (NCEL) PKR 37,488

KHI Cotton 40Kg PKR 12,325

Yearly(Jul, 2010 up to 11-Feb-2011)

Monthly(Feb, 2010 up to-11-Feb-2011)

Daily (11-Feb-2011)

Total Portfolio Invest (5 Jan-2011)

197.27

-3.48

0.37

3093

-1.08

-1.16

-2.74

1.04

0.80

1.90

1.24

SCRA(U.S $ in million)

Portfolio Investment

FIPI (11-Feb-2011)

Local Companies (11-Feb-2011)

Banks / DFI (11-Feb-2011)

Mutual Funds (11-Feb-2011)

NBFC (11-Feb-2011)

Local Investors (11-Feb-2011)

Other Organization (11-Feb-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Jan-11)

Inflation CPI% (Jul 10-Jan 11)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Jan 11)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.31bn

14.55%

$13.23bn

$22.55bn

$(9.32)bn

$26mn

$6.12bn

$1.05bn

Rs 765bn

$58.41bn

Rs 5497.4bn

$323.6mn

-4.69%

4.10%

$1,051

175.15mn

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

17.48

2.00

1.70

10.92

PKR/Shares

110.32

148.33

42.43

36.06

37.05

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

09-Feb-2011

09-Feb-2011

09-Feb-2011

29-Nov-2010

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

12-Feb-2011

13.53%

13.69%

13.86%

14.00%

13.35%

13.62%

13.77%

14.14%

14.26%

14.21%

14.24%

14.26%

14.61%

14.78%

14.97%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.80 85.03

Canadian $ 85.25 85.44

Danish Krone 15.48 15.49

Euro 115.23 115.50

Hong Kong $ 10.89 10.92

Japanese Yen 1.006 1.031

Saudi Riyal 22.65 22.68

Singapore $ 66.26 66.42

Swedish Korona 13.08 13.16

Swiss Franc 87.58 87.79

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UK Pound 136.29 136.59

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Japanese Yen 1.017 1.019

Saudi Riyal 22.58 22.64

Singapore $ 66.02 66.17

Swedish Korona 13.06 13.09

Swiss Franc 87.04 87.25

U.A.E Dirham 23.06 23.11

UK Pound 135.65 135.95

US $ 84.77 84.96

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LAHORE: Woman selecting gifts for her loved-ones

ahead of Valentine’s Day in Lahore. -Online

See on Page 2

ISLAMBAD: In a series of shocksAmericans are giving to Pakistan forRaymond Davis, head of USAID hasgiven another unpleasant surprise bydiverting his scheduled visit here toIndia well-placed sources told Onlineon Sunday.

According to the sources, chief ofparties or commonly known as headsof the projects being funded or initiat-ed by the USAID have arrived here formaking presentations, briefings andupdates to the USAID AdministratorRajiv Shah scheduled to visit here.

On the contrary the person awaitedhere has diverted his visit to India, thesources added.

Last time he had visited Pakistan in

August 2010 for a review of projectsdue by then, however, working on andrelevant to unprecedented floods lastyear consumed his entire time inPakistan.

Therefore, the sources said, projectsand decisions seeking his node are stillpending looking forward to his visitthat has again been diverted to India.

"There was no announcement of thePakistan visit scheduled of the USAIDhead," said an official spokesperson ofthe US Embassy in Islamabad.

Asked whether Shah was in India atpresent, she said, "I don't know that I'dhave to check about. He could havegiven indication at any level that hemight visit here at an appropriate time,

But I am sure that much for that therewas no schedule was cancelled ordiverted," she added. Meanwhile Foreign Office has cate-gorically resisted any external pres-sure over the issue of Americannational Raymond Davis case.

Private TV channels have quotedsources, reporting that the name ofkiller American responsible forkillings is not included in diplomaticstatus, as he was in Pakistan on busi-ness visa.

Foreign Office had also askedAmerican embassy to clarify the issueof Raymond Davis visa extension, butthe American embassy had failed to

See # 7 Page 11

USAID headbypasses PakFO resists pressure on Raymon Davis issue

ISLAMABAD: ThePlanning Commissionhas raised a number ofobjections over the pro-cedure adopted by themanagement of PakistanInternational Airlines(PIA) to purchase 8Boeing-777, worth mil-lions of dollars for thenational carrier.

According to sourcesof the PlanningCommission, theCommission has raised anumber of objectionsover the procedureincluding non-availabili-ty of the feasibility forthe project even it wasnot carried out beside

See # 11 Page 11

PIA pushes rulesaside in buyings

Imran saysrevolution

comingJHANG: Tehreek-e-InsafChairman Imran KhanSunday said governmentis finding ways to provideimmunity to RaymondDavis, whereas corrup-tion is abutting its heights.

Addressing to a publicgathering, Imran Khansaid revolution in countryis on the verge, which willbring change.

Announcing to instigatelong march against gov-ernment on 25th of nextmonth, he said PresidentZardari pays zero tax. Hesaid if President won'thold his own accountabil-ity, public will do.

"This long-marchwouldn't return fromGujranwala", Imran Khanclaimed. While comment-ing on corruption, he toldRs80 billions in PIAwhereas Rs30 billions inSteel Mills was plun-dered. Tehreek-e-Insafwill recover this lootedmoney and written offloans after coming intopower. -Online

'Q', MQMagree oncoaction

against issuesLAHORE: PML-Q andMQM have agreed tojointly struggle for thesolution of masses' prob-lems, country's security,solidarity and ending ofinflation and poverty.

PML-Q and MQMleaders stated during thejoint gathering at PML-QHouse on Sunday.

Former Punjab ChiefMinister ChaudhryPervaiz Elahi and PML-Qleaders warmly wel-comed MQM's 40-mem-ber delegation led by DrFarooq Sattar on hisarrival.

On this occasion, PML-Q President ChaudhryShujaat Hussain pointedout that they decided tojointly work on nationalagenda, adding that theydid not sign Charter ofDemocracy like others.

PML-Q and MQMwould jointly work forthe security of country,welfare of the people anderadication of poverty,Chaudhry Shujaat added.

He said that ShahbazSharif was talking aboutrevolution but their revo-lution for the national sol-idarity and solution ofmasses' issues. Hedemanded for immediate-ly holding of LocalGovernment elections inthe country.

While addressing thegathering, Dr FarooqSattar clarified that theyhave united for the

See # 12 Page 11

Rajiv Shah makes stop over in India

Planning Comm objects purchasing procedure

ISLAMABAD: Formerforeign minister ShahMehmood Qureshi islikely to face action fromthe party for violatingparty discipline.

Senior leaders of theruling party said theleadership is annoyedover refusal by ShahMehmood Qureshi toaccept the Ministry ofWater and Power insteadof Foreign Affairs.

One senior leader said

that if Qureshi did notexplain the reasons forhis nonacceptance of theWater and PowerMinistry to the Presidentand Party co-ChairmanAsif Ali Zardari, appro-priate disciplinary actionwould be taken againsthim.

He said some partyleaders have suggested tothe President to summonShah Mehmood Qureshi

See # 10 Page 11

Upset Qureshiset to face music

Firdaus ties decision with Musharraf warrant

LAHORE: Federal LawMinister Babar Awansaid on Sunday that therewas no concept of victo-ry or defeat in democra-cy, nor was there anyroom for confrontationalpolitics, instead democ-racy requires reconcilia-tion and understanding.

After nine years of dic-tatorship, it was neces-sary that all institutionsunderstood and respect-ed the limits of eachother, Awan said.

Addressing lawyers atthe Punjab Bar Councilin Lahore, Awan said that

the government willensure the implementa-tion of a court order onformer president PervezMusharraf. He said thatnobody could pressurisethe government on suchissues.

Awan has said thatarrest warrants ofMusharraf have beenissued by none other thanthe courts.

According to mediareports, while addressingthe Punjab Bar Council,in Lahore, he said thatsome circles were pained

See # 9 Page 11

Awan vows fairMusharraf trial

Minister says no to any pressure

Ghulam Raza Rajani

KARACHI: Offshoreinvestors remained cau-tion as they net investedmarginal $0.16 millionin Pakistan equity marketdue to global marketremained depressed andconcerns regarding Pak-US relations on Davisissue, as per NationalClearing Company ofPakistan Limited(NCCPL) data.

On the other hand,KSE ended lower lastweek as investors pre-ferred to offload theirpositions due to fears

that Moody's mightdowngrade Pakistancredit ratings if govern-ment fails to implementreforms to cut growingfiscal deficit.

KSE 100-Index closeddown 3.8 per cent or472.01 points at11,943.34. Weekly aver-age volume witnesseddecreased by 18.8% to95.44 million sharesagainst 117.52 millionshares traded weekbefore last.

During the week, for-eign investor's activityremained mixed as they

See # 8 Page 11

Foreign inflowsremain modest

KSE Last Week: Offshorers invest $0.16mn

Karachi, Monday, February 14, 2011, Rabi-ul-Awwal 10, Price Rs12 Pages 12

Nation remembersFaiz birth centenary

Rahat halted at Delhi airport NEW DELHI: World renowned Pakistani singer Rahat Fateh Ali Khan has been appre-hended at IGI airport New Delhi by revenue intelligence personnel Sunday. Rahat FatehAli Khan along with two other men was detained for carrying a huge amount of unde-clared foreign currency. According to the media reports, Rahat Fateh was detained at theAirport under Foreign Currency Act. According to the Act, anyone intent to leave Indiamay carry with him only 5,000 dollars, whereas Rahat was carrying over 100,000 dol-lars. Pak FO says it is in contact with Pakistani High Commission in India over the issue.

Violation of Party Discipline

2 Monday, February 14, 2011

ISLAMABAD: Businessexperts have stressed theneed for enhancing tax toGDP ratio to help sustain-able economic develop-ment and poverty reduc-tion in the country.

"There is need toenhance overall produc-tivity growth and ofcourse tax to GDP ratiomust be increased whichis the lowest in the regionto develop the country'seconomy on sound foot-ings and enhance theincome of the people,"they believe.

Talking to APP,President IslamabadChamber of Commerceand Industry, MehfoozElahi said that there wasdire need to enhance taxto GDP ratio for the bet-terment of the country,particularly the businesscommunity.

He said that if the tax to

GDP was not enhanced, itwould impact directly tothe business community.

Talking about the over-all productivity growth,the ICCI President saidthat Pakistan has only0.78 percent productivitygrowth since two decadesagainst 4.07 in China,1.34 in India, 4.02 inThailand and 1.50 inVietnam.

However, anotherexpert in the Federal TaxOmbudsman was of theview that enhancing thetax to GDP ratio was notonly solution for eco-nomic development asthere was dire need toexploit the true tax poten-tial of the country.

"Tax collection poten-tial of Pakistan is aboutRs 4 to 5 trillion" an FTOofficial said adding thatthere was a pilferage inthe taxation system and

resultantly we are onlycollecting one third of thetax potential.

The government envis-ages increase of up to 15per cent in tax-to-GDPratio in next couple ofyears by bringing abouttax reforms to bring moresectors of economy intothe tax net.

The tax to GDP ratio ofthe country stands atabout 10 per cent current-ly which is believed to beone of the lowest in theregion.

It is pertinent to men-tion here that the govern-ment and PakistanMuslim League havebeen engaged in negotia-tions to form a nationaleconomic agenda to leadthe country towards bet-ter future.

Reducing the fiscaldeficit is one of the maintops. -APP

Experts emphasiseraising tax revenue

ISLAMABAD: Thecoalition parties of thegovernment, welcomingthe new cabinet in linewith the 18th amendmentof the constitution, saidit will led to bringingdown unnecessaryexpenditure and enhancepeople trust on demo-cratic institutions.

Talking to APP, theAwami National PartyInformation SecretarySenator Zahid Khan saidthat the government hasrespected the peoples'demand by reshaping thesize of the cabinet.

"The reforms in thecabinet will enhancerespect of democraticinstitutions and also a

positive impact on econ-omy", he said.

He said that terrorismis hurdle in way of eco-nomic prosperity and allpolitical parties shouldjointly fight the menace.

Parliamentary leader ofFata MNA, MunirOrakzai said the govern-ment has given priorityto national interest bycutting the size of thecabinet.

He said small cabinetwill save over Rs3 bil-lion to national excheq-uer.

Munir Orakzai said thatthey have given sugges-tion not to increase sizeof the cabinet in futurekeeping in view expecta-

tion of people from dem-ocratic government.

Muttahida QaumiMovement (MQM)MNA Asif Hasnainwhile appreciating thedown sizing of the feder-al cabinet; said theMQM was optimisticthat its other demandswould also be acceptedby the government.

To a question, he saidthat MQM would rejointhe federal cabinet, if thegovernment fulfills itsdemands.

"We support democra-cy and believe that thegovernment should com-plete its five-year term asper constitution," headded. -APP

Coalitions welcomeCabinet reshaping

ISLAMABAD: Speaker of theNational Assembly Dr FehmidaMirza called on President of SriLanka Mahinda Rajapakse atTemple Trees Sunday andexchanged views on Pakistan-SriLanka bilateral relations andemphasised the need for exchangeof parliamentary delegationbetween the two countries.

She was accompanied by MirJan Muhammad Jamali, DeputyChairman Senate and a parliamen-tary delegation comprising ofSenators, MNAs and Speakers ofProvincial Assemblies, says amessage here.

Dr Fehmida Mirza is inColombo along with a parliamen-tary delegation to participate in

the Commonwealth ParliamentaryAssociation's 3rd Asia RegionConference.

The speaker while talking to theSri Lankan President said thatPakistan attaches great importanceto its relations with Sri Lankawhich are embedded in bonds offriendship, history and culture.

She said that Pakistan wants totake Pak-Sri Lankan relationshipto new heights through collabora-tion in diverse fields, people topeople and parliamentary con-tacts.

She thanked for the Sri Lankansupport to the government ofPakistan in turbulent times and onissues at various regional andinternational forums.

Sri Lankan President said thathis country considers Pakistan atrusted friend and a strategic part-ner. He said that the initiativestaken by leadership of Sri Lankaand Pakistan would further con-solidate the ties and cooperationbetween both the nations.

He also discussed strengtheningof parliamentary contacts betweenPakistan and Sri Lanka amongother matters of bilateral interest.

Both the leaders talked about theongoing CPA's 3rd Asia RegionConference in Colombo. Theytermed the conference a way for-ward to consolidate and enhanceparliamentary ties betweenCommonwealth States in theregion. -INP

Low tax to GDP affecting economy: ICCI

Pak, Lanka vow toup ties at all levels

ISLAMABAD: Chairman of AllPakistan Textile Mills Association(APTMA) Gohar Ejaz appreciatingthe President for declaring 2011`textile year' to promote industryvowed to bring Pakistan's tradedeficit to zero "if support and own-ership be given to the industry".

"We want support, ownership,facilitation and implementation ofthe policies regarding the sector,we assured the government thattextile sector alone has the potentialto bring trade deficit to zero in ashort period of time", Gogar Ejaztold APP.

He said that last year the textileexports stood at $10.5 billion andduring the current financial year wewant to add $4 billion bringing thetotal exports of the sector to $14.5billion.

The Chairman APTMA regrettedthat Pakistan's share in the total

exports of the world is only 1.3 per-cent while textile export potential isvery high in the country.

"We don't want subsidy or con-cessions but support and ownershipand facilitation from the govern-ment to achieve our goals and tar-gets", he remarked.

It may be mentioned here thatPresident Asif Ali Zardari onFriday called for declaring 2011 as"Textile Year" to substantiallyincrease cotton cultivation, developnew and high yielding varieties ofcotton and attract robust investmentto promote textile industry in thecountry.

During the "textile year" the stateland in the command area of newdams being built in Sindh andBalochistan be distributed freeamong the poor women of the areafor growing cotton.

The President said this while

addressing the All Pakistan TextileMills Association (APTMA)'sAnnual Dinner here at the Aiwan-e-Sadr on Friday night, which wasattended among others byChairman APTMA, Ministers,Members' of Parliament, represen-tatives of APTMA and businessdelegates.

The President said that the gov-ernment adopted the policy of pub-lic-private partnership for rapiddevelopment, reduction in povertyand employment opportunities inthe country.

The President also highlightedthe importance of textile sector inthe economic development ofPakistan and said that the setting upof garment cities in Karachi,Lahore and Faisalabad is recogni-tion of the importance the govern-ment accords to the textile sector. -APP

2011 declared as 'textile year'

Textilers vow toend trade deficit

ISLAMABAD: A revolutionary Poet, Journalist, Faiz Ahmed Faizbirthday celebrated on Sunday in various parts of the country. He wasborn in (1911) Kala Kader village, Sialkot at Punjab.

People of the country rendered glorious tribute to renowned poetthrough reading his unforgettable verses. In his remem-brance Mehfil-e-Mushaira was held in different cities.

He was the one of great poet who has given remark-able literally collections in the shape of many bookssuch as Noskha-hai-Wafa, Naqsh-e-Faryadi, Dast-e-Saba, Zindan-Nama, Dast-e-Tah-e-Sang etc.

Faiz Ahmed Faiz was the first Asian poet who wasawarded with Lenin Peace Prize, by the Soviet Union in1963. He was also nominated for the Nobel Prize short-ly before his death in 1984. A poet, Wahid Bux Othosaid that Lovers of Faiz poetry are present in the entireprovinces of Pakistan. His chronological work willremain for the centuries, he added. Furthermore, AirUniversity Cultural Society observed the 'Faiz Day,'here at the University Campus, organized in connectionwith the centennial celebration of the renowned Urdupoet, Faiz Ahmad Faiz.

The aim of observing the day was to pay homage toone of the most outstanding Urdu poet of 20th century,introduce his work amongst the younger generation andto spread his message against tyranny, injustice,parochialism and other narrow identities.

The programme, largely attended by the faculty members and stu-dents from various departments, was presided over by Amar Masood,the popular short story writer. A large number of students, both maleand female, highlighted the life and work of Faiz. They were of theconsidered opinion that his poetry has layers and is not very easy to

understand.All of poetry was written in a certain perspective; all of them were

written for that time but are still relevant and would remain so as thesocieties are facing the same political, social and human rights issues

as during his days.The students paid rich tributes to Faiz in the backdrop of recent

uprising in Tunisia and Egypt, and observed that his words "AajaoAfirica" came true today. Besides speeches, a documentary on life andworks of Faiz was shown and a drama on his poetry was staged. The

students also recited one of his most famous poems, "Hum Dekhenge.In his speech, Amar Masood shared information on Faiz's personal-

ity and work in a lighter mood. He recalled that Faiz had mostly anadversarial relationship with the Pakistan governments since his arrest

in the 1951 Rawalpindi conspiracycase and spent some time in jail.

In the next two decades, he spent alot of time in exile. He further recalledthat most of his works remainedbanned during the military rule of1977-88. These included "HumDekhenge", an anthem for libertyfrom tyranny, with its lines "Sab TaajUchale Jayenge, Sab Takht GirayeJayenge (all crowns will be tossed up,all thrones will be brought down)".However, defying the dictator, famoussinger, Iqbal Bano recited the poem inLahore in a program attended by a50,000-strong crowd, which took upthe chant, "Hum Dekhenge."

His speech was so interesting thateven the hard core engineering stu-dents appreciated and understoodFaiz's message. Faiz's major worksinclude "Naqsh-e-Faryadi", "Dast-e-

Saba" and "Zindan-Nama". Faiz's poetry has been translated intomany languages, including English and Russian.

This was yet another successful event organized by the CulturalSociety of the Air University which was appreciated in the thank younote delivered by Prof Abida Hasan.-Agencies

Admirers remember Faiz birth centenary

TV PROGRAMMES

MONDAY

Time Programmes7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 Headlines

11:10 The Reema Show (Rpt)

12:00 News

13:10 Faisla Aap Ka (Rpt)

14:10 Crime Week (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Aap Ki Baat

19:00 News

19:05 Hal Kya Hai

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With Jasmeen

23:00 News

23:30 24

Valentine Day

Flowerssale in

full bloomISLAMABAD: Theflower sellers of capital hasdecorated their outlets withvariety of fresh and import-ed flowers especially redroses and are anxiouslywaiting for customers onValentine Day (Monday).

The flower sellers usual-ly stock tons of flowersspecially the beautiful fra-grant roses and illuminatetheir shops before the day.

"We are expecting a hugerush of people thisValentine Day and a boomin business. The rainyweather would prove as ablessing for us attractingmore romantic souls",Ibrahim, a flower seller atSuper Market said whiletalking to APP.

The price of a singleflower would raise fromRs30 to Rs100 on the dayand many people don't hes-itate to pay such high priceto express their love.

Some of the flower sell-ers place order to nurseriesfor fresh stocks of red rosesat the start of the monthand some store flowers indeep freezers a week aheadto keep them fresh andavoid shortage.

On the Valentine Day, theflower sellers in the capitalearn a huge amount by sell-ing colorful bouquets andflowers as it is an opportu-nity to make grand saleseven more than any otherevent like New Year andEid occasions.

From the start ofFebruary, the shopkeepersstart decorating their placeswith the stuff mostly redincluding balloons, teddybears, cards, romantic poet-ry books and colorful orna-ments and they keepchocolates and other itemscarved with the picture ofheart and beautiful mes-sages for the loved ones.

Although young lot cele-brate this event enthusiasti-cally but the celebrations ofValentine Day are not lim-ited to any specific genera-tion rather it is celebratedby all irrespective of age.

People exchange lovegreetings on the day andgive each other flowers,chocolates and gifts.

A flower seller at anotherFlower Market in the capitalsaid it is our biggest occa-sion from the business pointof view. The best thing isthat people who are in love,they don't argue to reducethe price and willingly paythe amount without inquir-ing. The Valentine's Day iscelebrated with couples inlove exchanging candies,flowers, or other gifts. Theevent has its origins in 5thCentury Rome and is cele-brated as a tribute to StValentine, a Catholic bishop.

It is believed thatValentine was put in jailwhere he fell in love withthe blind daughter of hisjailer. His love for her andhis great faith; managed tomiraculously heal herbefore his death andrestored her vision. -APP

LAHORE: Vendor displays gifts prepared in connection withValetine’s Day in Lahore.-Online

Fehmida meets Lankan President

3Monday, February 14, 2011

NEW YORK: US oil prices fellto a 10-week low on Friday afterEgyptian President HosniMubarak stepped down andhanded over power to the army.

Mubarak's departure cameafter 18 days of mass proteststhat had raised concern aboutpotential for supply disruptionsand a spread of the turmoil tomajor oil producers in the regionand had helped push ICE Brentcrude futures above $100 a bar-rel for the first time since 2008.

Front-month ICE Brent crudefor March delivery expired onFriday, holding on to some gainsafter the Mubarak departure, butBrent contracts for nearbymonths were lower.

Brent's premium to US crudereached a record $16.24 a barrelas US prices fell sharply on theEgyptian developments. But thespread between April contractswas only around $12 a barrel.

US crude futures for Marchdelivery fell $1.15 to settle at$85.58 a barrel, the lowest closein 10 weeks and off 3.89 per centon the week, the biggest weeklypercentage loss since the week toNov. 19. Expiring March ICEBrent crude rose 56 cents to settleat $101.43 a barrel, off its $102.03intraday peak. The more activelytraded April contract fell 50 centsto settle at $100.94 a barrel.

Analysts and brokers remainedcautious about the implicationsof Egypt's political transition forthe broader region, where pro-testers also have called forchanges in Jordan and Yemen.

Money managers increasedtheir net long crude futures posi-tions on the New York MercantileExchange in the week toTuesday, as Egypt's protestsraged, according to a CommodityFutures Trading Commissionreport released late on Friday.

In addition to the unrest in theregion, OPEC producers havebeen subject to calls to boostproduction on concerns that oilprices above $100 a barrel willstifle the global economic recov-ery. But, so far, OPEC officialshave resisted calls for an emer-gency meeting to address highprices and output targets.

Monthly reports from both theInternational Energy Agencyand OPEC this week showedhigher production from theOPEC nations, but they expect-ed global demand to keep rising.

US consumer sentiment rose toits highest level in eight monthsin early February, according tothe Thomson Reuters/Universityof Michigan Surveys ofConsumers and in a separate sur-vey, the US economy and jobsmarket were seen growing morestrongly in the first quarter thanpreviously expected.-Reuters

US oil falls to 10-wk lowas Egypt sees big change

NEW YORK: The US dollar isdestined to continue gainingagainst the euro this week as thesingle currency enters a periodfilled with obstacles, from widen-ing peripheral sovereign bondspreads to a hefty funding sched-ule and an abundance of key eco-nomic data.

While the euro hit a three-weeklow against the dollar on Fridayand breached a widely perceivedpivotal level of $1.35, it ended theweek nearly unchanged.Technical analysts eyed a closebelow its 100-day moving aver-age at $1.3542, for the first timesince Jan. 17, which would indi-cate the single euro-zone curren-cy should see further downside.

"An abundance of factorsshould work against the euro thisweek," said Omer Esiner, chiefmarket analyst at CommonwealthForeign Exchange in Washington.

Euro-zone debt marketsbecame increasingly unsettled inrecent days as Portuguese 10-yearbond yields reached record highs,sparking fresh concerns aboutfunding costs in peripheral euro-zone economies.

"Concerns about Europe's debtproblems have moved back to theforefront and should cause thedollar to appreciate gradually," hesaid.

Uncertainty surrounding theEuropean Central Bank's policyshould also weigh on the euro.Bundesbank chief Axel Weber, aknown policy hawk, will not suc-ceed Jean-Claude Trichet as pres-

ident of the ECB, according toreports last week, adding todoubts that euro-zone rates wouldrise in the near future.

"We see the euro as entering amore uncertain period ahead ofthe euro-zone leaders' summit inmid-March and the heavier sover-eign funding schedule forPortugal and Spain in the comingmonths," said Vassili Serebriakov,currency strategist at Wells Fargoin New York.

The euro this week could breakthrough the technical supportlevel of $1.35 and trade in themid- to lower-$1.34 range, Esinersaid.

Economic data is plentiful thisweek and many euro-areaeconomies will release their pre-liminary estimates of fourth quar-ter GDP growth.

Part the dollar's strength thispast week could be attributed toshort-covering and data indicatesmore upside potential.

The value of currency specula-tors' bets against the US dollarrose to its highest level sinceOctober, Commodity FuturesTrading Commission datashowed on Friday, the fourthstraight weekly increase.

In the US, the economic calen-dar is full of important indicatorswith an emphasis on inflation,manufacturing activity and retailsales.

The dollar has smartly benefit-ed from a spate of US economicdata reflecting a recovery wellunder way and most strategists

are looking for more outperfor-mance on the dollar.

In late afternoon New Yorktrading, the euro was down 0.3per cent to trade at $1.3547, afterearlier hitting $1.3497 -- its low-est since Jan. 21. Key support forthe euro lies at $1.3500, a pointthat traders cited as an optionsbarrier, with reports of strong bidsahead of that level.

Regular sovereign debt auctionactivity will come to the forefrontagain this week, with some 17-21billion euros worth of Europeangovernment bond supply out ofItaly, Germany, Spain, and Franceexpected.

The euro briefly pared losses onFriday after Egyptian PresidentHosni Mubarak stepped downand handed power over to theSupreme Council of the ArmedForces.

"This is probably a beginningrather than an end to the MiddleEast turmoil and its consequencescould cause uprisings in otherArab nations," Commonwealth'sEsiner said.

The dollar's outperperformanceagainst the yen has been strongerthan the euro. The greenback,which gained versus the yen foreight straight sessions, is on trackfor a weekly gain of 1.5 per cent,its best performance in more thana month.

The dollar touched its highestlevel in a month at 83.68 yen, andwas last up 0.2 per cent at 83.46yen, boosted by the rising trend inUS Treasury yields. -Reuters

Greenback destined to gain versus euro this week

US dollar weekly outlook

Euro seen pressured by widening sovereign spreads

Robust economic data schedule could sway sentiment

BANKOK: Asian currenciesdropped this previous week, ledby South Korea's won, as globalfunds trimmed holdings ofregional shares on concern eco-nomic growth and corporateearnings will be hurt by interest-rate increases.

Overseas investors pulled $3.8billion from stock markets inSouth Korea, Taiwan andThailand during the week,exchange data show. China'scentral bank raised interest ratesfor the third time in four months,joining India, Indonesia, SouthKorea and Thailand in havingboosted borrowing costs thisyear to tame inflation. Vietnamdevalued the dong by about 7per cent, the most since at least1993, to help rein in the nation'strade deficit.

"What's been driving curren-cies lower in Asia is a bit of asell-off in equity markets,reflecting concerns of tighteningpolicy and rising inflation," saidBrian Jackson, a Hong Kong-

based senior strategist at RoyalBank of Canada. "People arefocusing on higher interest ratesmaking it difficult for somecompanies to borrow and thisleads to lower equities and aweaker currency."

The won slumped 2.2 per centto 1,128.47 per dollar and theSingapore dollar slid 0.9 percent to S$1.2851. Malaysia'sringgit slipped 0.9 per cent to3.0575.

Vietnam's dong slid to a recordlow against the US dollar afterthe central bank devalued thecurrency for the fourth time in15 months. The dong dropped6.6 per cent to 20,875 per dollaron Friday. The State Bank ofVietnam said that it will fix thereference rate for the currency at20,693 versus 18,932 on Feb.10. It also narrowed the tradingband to 1 per cent on either sideof the rate from 3 per centbefore.

The won touched a one-monthlow of 1,128.70 after the Bank

of Korea reported producer-price inflation accelerated to atwo-year high of 6.2 per cent inJanuary and unexpectedly heldoff from raising interest rates.

The ringgit retreated from a13-year high of 3.0290 per dol-lar recorded on Feb. 4 as govern-ment data showed industrial out-put moderated in December.Production gained 4.2 per centfrom a year earlier, comparedwith a revised 5.4 per cent theprevious month.

Indonesia's rupiah strengthened0.5 per cent this past week to8,948 per dollar after the govern-ment reported the fastest econom-ic growth in six years. Grossdomestic product rose 6.9 per centfrom a year earlier in the fourthquarter, the most since 2004.

Elsewhere, the Philippine pesoslid 0.1 per cent to 43.815 per dol-lar and India's rupee lost 0.2 percent to 45.69. Taiwan's dollardeclined 0.1 per cent to NT$29.23,while China's yuan was littlechanged at 6.5919. -Agencies

Mostly post weeklylosses on growth worries

Asian currencies

TORONTO: The Canadiandollar rallied against the green-back on Friday, shrugging off adrop in oil prices after EgyptianPresident Hosni Mubarakstepped down and handed overpower to the army.

The Canadian dollar andother risk-sensitive assets roseon news of Mubarak's depar-ture as hopes rose that theEgyptian crisis has beendefused.

The currency broke through aseries of US dollar support lev-els and climbed as high asC$0.9863, or $1.0139, in theaftermath of Mubarak's resig-nation. It also outperformedagainst other currencies.

"Ultimately the market has

managed to digest the newscoming out of Egypt, and froma Canada perspective theCanadian dollar is trading evenstronger, despite the downturnin crude pricing," said JackSpitz, managing director of for-eign exchange at National BankFinancial, noting that the nor-mal correlation between theCanadian dollar and commodi-ty prices has broken downrecently.

"All things being equal, theinability of dollar/Canada tobreach parity from a technicalperspective has opened up amove down to test supportthrough C$0.9915, throughC$0.9900 and now throughC$0.9870," he said. "So ulti-

mately the proof will bewhether or not this (Canadian)currency has legs to go throughthe calendar bottom ofC$0.9832."

Before the Mubarak news,the Canadian dollar wasalready on better footing afterdata showed Canada's tradebalance unexpectedly returnedto surplus in December afternine months of deficits, fuelinghopes of an export recovery.

The currency closed theNorth American session atC$0.9868 to the US dollar,or $1.0134, up fromThursday's finish ofC$0.9958 to the US dollar,or $1.0042. It was up 0.2 percent on the week. -Reuters

C$ rises on Mubarakdeparture, trade data

NEW YORK: US cotton futuresfinished at their highest level everon Friday on relentless trade andspeculator buying, while the tightsupply picture is expected to pushprices above the unheard of levelof $2 a lb next week, analystssaid.

The key March cotton contracton ICE Futures US rose to$1.9455 per lb, exceeding the pre-vious record price for cotton,which historians estimated wasaround $1.89 during the US CivilWar between 1861 and 65.

Profit-taking later in the day cutgains a bit and March settled at$1.8997 per lb, up 2.4 per cent.For the week, cotton climbed

13.17 per cent, the biggest week-ly gain since early December.

Since the beginning of the year,cotton has climbed over 35 percent in the second wave of a rallythat began in August 2010.

"There's nothing magical about($2 cotton), but it looks like it'sgoing to hit it," Mike Stevens, anindependent cotton analyst inMandeville, Louisiana, said.

"There are no supplies avail-able," said Lou Barbera, cottonanalyst at brokerage VIPCommodities. He said buyers,faced with a dearth of physicalcotton, were being forced to payup to get any material.

Since the benchmark March

cotton contract could only rise the7-cent daily limit, which wouldhave maxed Friday's move at$1.9458, attempts to hit $2 per lbmust wait for next week.

The cotton trade estimates thatmore than 95 per cent of the UScrop of 18.32 million (480-lb)bales has been sold.

Analysts said talk of a dry spellin China, the top producer andNo. 1 consumer of cotton, helpedfuel the rally.

The September cotton contracton the Zhengzhou CommodityExchange hit a record 34,390yuan per tonne on Friday and waslast done at 33,795 yuan, up 145yuan. -Reuters

US cotton ends at newrecord as $2/lb looms

NEW YORK: Gold retreatedbelow $1,360 an ounce on Fridayafter the resignation of EgyptianPresident Hosni Mubarak follow-ing weeks of protest took some heatout of risk aversion.

Despite the decline, bullion post-ed its second consecutive weeklygain as fears that Egypt's unrestwould spread across the Arab worldhad put a floor on gold prices,traders said.

"The geopolitical risk and theincentive to buy gold on the back ofthat are probably reduced," saidHayden Atkins, an analyst atMacquarie. "Tension will still besimmering, but it won't be as big anews story for people to trade off."

Spot gold fell 0.4 per cent to$1,357.95 an ounce by 1952 GMT,having earlier risen to a three-weekhigh of $1,368.16. US gold futuresfor April delivery settled down $2.1at $1,360.4.

Futures trading volume was 40

per cent below its 30-day average,in line with lower turnover duringthe week. Some traders said dwin-dling volume could signal waninginvestor interest in gold.

Other market watchers, however,said gold remained well supportedby underlying safe-haven demandafter Mubarak's resignation and theTunisian uprising that toppledPresident Zine al-Abidine Ben Aliin January, starting a chain reactionacross the Arab world.

Gold was weakened further afterdata showed stronger-than-expect-ed US consumer sentiment, whichrose to an eight-month high in earlyFebruary.

Investment demand for goldremained soft, with holdings of theworld's largest gold-backedexchange-traded fund, New York'sSPDR Gold Trust, easing nearly atonne on Thursday. They are downjust over 55 tonnes so far this year.In the same period of 2010, they fell

around 27 tonnes.Premiums for gold bars were

steady in Hong Kong andSingapore, with no signs of buyinginterest from China after the LunarNew Year celebration. There washardly any physical buying in Asiarelated to unrest in Egypt, dealerssaid.

Silver slipped 0.8 per cent to$29.96 an ounce.

The tightest physical supplies infour years have tipped the US silverfutures market into backwardationthis week, making near-term pricesmore expensive than more distantmonths.

Holdings in the world's largestsilver ETF, the iShares Silver Trust,rose around 18 tonnes to 10,388.45tonnes on Thursday, their firstincrease since Jan. 24.

Platinum dropped 1.2 per centto $1,802.74 an ounce, while pal-ladium lost 1.1 per cent to$811.47. -Reuters

Gold follows Mubarak;support seen

NEW YORK/LONDON: Softcommodity futures slippedFriday on broad-based profit-taking as the market seeminglypaused to catch its breath aftersurging strongly this week, ana-lysts said.

Arabica coffee pulled backfrom near a 14-year top, UScocoa eased from a year high andraw sugar lost ground in a chop-py week.

The resignation of EgyptianPresident Hosni Mubarak barelyregistered on the softs complex,even though Egypt is a largeimporter of sugar.

"I think it's mainly profit-tak-ing. Nothing has fundamentallychanged in all these markets,"said James Cordier, senior ana-lyst at brokers optionsellers.comin Florida.

The key May raw sugar con-tract on ICE Futures US lost 0.80cent to finish at 29.39 cents perlb. London's March white sugarfutures fell $11.60 to end at$773.80 per tonne.

The May cocoa contract inNew York eased $2 to end at$3,371 per tonne, but London'sMay cocoa contract was the onlywinner by adding 23 pounds toend at 2,199 pounds per tonne.

New York's May arabica cof-fee futures fell 2.90 cents toclose at $2.5495 per lb and

London's May robusta coffeecontract shed $4 to end at $2,255per tonne.

Coffee prices have ralliedsharply since mid-2010, under-pinned by tight supplies ofhigh-quality washed arabicabeans, attracting heavy fundbuying.

Analysts do not expect therally to reverse any time soon, asColombia, the top producer ofwashed arabicas, is entering itsthird straight year of below-aver-age harvest and Brazil is in anoff-year in its crop cycle.

Brenda Sullivan, technicalanalyst at Sucden in London,said $2.88 a lb was a long-termtarget for arabicas.

"I think there may be potential,an opportunity to take a little bitof profit out of this market, justknowing that all longs need to befirmed up by the time first noticeday takes," said Brian Booth,senior market strategist at MFGlobal Ltd.'s Lind-Waldockdivision in Chicago, said of ara-bica coffee.

Cocoa futures are seen stayingfirm as investors ponderedwhether presidential claimantAlassane Ouattara would extendhis Jan. 23 call for a month-longexport ban in Ivory Coast to fur-ther starve funds from his rival,Laurent Gbagbo. -Reuters

Coffee, cocoa down;sugar loses ground

Copper upon Cairodictatorouster

NEW YORK/LONDON:Copper bounced from a neartwo-week low to end a shadehigher on Friday, as broadermarket sentiment graduallyimproved after news of the res-ignation of Egyptian PresidentHosni Mubarak.

"Now that the risk of a violenttransition in Egypt has abated,this gives room for the globaleconomy to continue toexpand," said Ralph Preston,futures analyst withHeritageWestFutures.com inSan Diego, California.

"The markets are saying Egyptmay not be as big a risk at thispoint." London Metal Exchange(LME) copper for three-monthdelivery ended $10 higher at$9,961 a tonne, up from an ear-lier session low at $9,838, itslowest level since Feb. 1.

As a result, the price now sitsjust $100 below Monday'srecord peak at $10,160.

COMEX March copper eased0.75 cent to settle at $4.5360 perlb, near the upper end of its$4.4810 to $4.5795 sessionrange, and about 10 cents belowits own record peak at $4.6375.

But worries about the near-term demand outlook in Chinalingered after the world's topcopper consumer raised interestrates on Tuesday in an effort torein in inflation. Underscoringcopper's demand worries,Shanghai stockpiles rose nearly10,000 tonnes to 144,197 tonnes,latest weekly data showed.

Stocks of copper in LMEwarehouses fell 225 tonnes to396,725 tonnes, but a recenttrend of rising stocks has raisedsome concerns about thedemand outlook.

Stocks of aluminium fell2,325 tonnes but were just41,300 tonnes off a record highof 4,640,750 tonnes hit on Jan.20, 2010. Aluminium shed $41to end at $2,496 a tonne.

In other metals, three-monthtin hit a new record at $31,800 atonne, before ending up $275 at$31,775. -Reuters

Soybeansretreat;

corn turns upCHICAGO: US soybeanfutures fell for a second day onFriday, retreating from 2-1/2-year highs on fears importerscould cancel purchases of USsupplies in favor of soybeansfrom Brazil, which is harvest-ing a bumper crop.

Nearby soybean futures post-ed the day's biggest move, withfront-month March down 17cents, or 1.2 per cent, at $14.16per bushel.

New-crop November soy-beans ended down 6 cents at$13.791/2.

Wheat rallied, led by highercorn, along with news thatEgypt had bought 170,000tonnes of soft wheat, including55,000 tonnes of US soft redwinter wheat. CBOT Marchwheat settled up 4-1/4 cents at$8.67 a bushel.

Corn rallied from earlydeclines, extending its 31-month high above $7 a bushelthis week after the USDepartment of Agricultureslashed its forecast of US cornstockpiles. Front-month Marchsettled up 8 cents at $7.06-1/2,after pushing its peak price to$7.06-3/4. -Reuters

Specs raise bets against USD: CFTCNEW YORK: Currency speculators' bets against the US dollar rose to the biggest level sinceOctober, data from the Commodity Futures Trading Commission showed on Friday, the fourthstraight weekly increase.

The value of the dollar's net short position rose to $26.3 billion in the week ended Feb. 8, up from$24.9 billion in the prior week, according to CFTC and Reuters calculations. That was the biggestsince it swelled to $30.5 billion in the week ended Oct. 5. Speculators increased bets in favor of theAustralian dollar to the most since April 2010. Long euro and yen positions were trimmed slightlybut remained elevated. The Reuters calculation for the aggregate US dollar position is derived fromthe net positions of International Monetary Market speculators in the yen, euro, British pound, Swissfranc, Canadian dollar and Australian dollar. -Reuters

Sterling fallsin week

against USDLONDON: Sterling weakenedagainst the dollar on concernthis year's gains were overdoneafter the Bank of England leftinterest rates at a record lo,dimming speculation that ratesmay rise later in the year.

Sterling traded weakeragainst 13 of its 16 most-tradedpeers. The UK central bankkept its key rate unchanged at0.5 per cent.

"The argument for a muchstronger pound is not a goodone based on current rates poli-cy," saidSteve Barrow, theLondon- based head of researchfor Group-of-10 currencies atStandard Bank Plc. "At themoment the economy is stillsufficiently vulnerable forinflation to come down. On thatbasis, one would tend to favor ascenario where rates only go uptowards the back end of theyear."

The pound lost 0.6 per cent to$1.6002 at 4:45 p.m. inLondon. Sterling declined 0.7per cent last week, though it hasstill advanced 2.5 per cent thisyear. Britain's currency depreci-ated 0.1 per cent to 84.61 penceper euro.

The Bank of England hasfaced mounting pressure toraise borrowing costs for thefirst time since July 2007 tohelp curb inflation, which hasexceeded its target for morethan a year. Inflation accelerat-ed to 3.7 per cent in December,equalling an April reading thatwas the highest sinceNovember 2008.

Former Bank of England pol-icy maker Kate Barker saidofficials may be wary ofincreasing rates if it risks stok-ing gains in the pound thatwould undermine the economicrecovery.

Governor Mervyn King hasdismissed inflation risks astemporary, saying governmentspending cuts and slower-than- estimated economicgrowth will curb price pres-sures. -Agencies

Brent premium to US crude hits record above $16/bbl

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Textiles need

more than thatPresident Asif Ali Zardari has called for declar-

ing 2011 ‘Textile Year’ while addressing annualdinner of All Pakistan Textile Mills Association(APTMA).

The President highlighted the importance oftextile sector in the economic development ofPakistan and said that the setting up of garmentcities in Karachi, Lahore and Faisalabad wasrecognition of the importance the governmentaccorded to the textile sector. He also assuredAPTMA members of fullest support.

In a letter sent to the President, CentralChairman Pakistan Hosiery Manufacturers andExporters Association, Saleem Parekh,Chairman Pakistan Apparel Forum, JavedBilwani and Chairman Value Added TextileForum, Rana Mushtaq have demanded early res-olution of the problems facing members. Theyalso seek a meeting with the President to apprisehim about the sector's roadmap to achieve objec-tives as laid down in the maiden Textile Policy.

Two-fold increase in textile exports is possibleif the government opts for the policies suggestedby the value added sector. The sector has termedTextile Policy launched by the government forfive years revolutionary and demanded its imme-diate implementation. Apparel sector has alsoappreciated President Zardari's announcement todeclare 2011 as ‘Textile Year’. Apparel sector'srepresentatives hope declaration of 2011 ‘TextileYear’ can usher growth of textiles and clothingindustry and enhance textile exports fromPakistan.

Since all the sector leaders have consensus onstrengthening textiles and clothing industry andenhancing its exports it is necessary to clear cer-tain perceptions that have often led to givingspinners the status of 'real textile industry' andmanufacturers of value-added products 'ancillaryunits'. The fact is contrary because around theworld value adding units are given the status oftextiles and clothing industry.

According to Pakistani classification the value-added sector comprises over 50,000 manufactur-ing units whereas APTMA represents 360 mem-bers mostly in the spinning business. Share ofvalue added sector is over 80 per cent as com-pared to APTMA's share of less than 20 per centin Pakistan's total textile exports. On top of thisvalue added textile sector employs 18 millionworkers whereas spinning sector employs lessthan 0.3 million workers.

Providing details is in no way aimed atundermining the role of spinners but certainlyto highlight the importance of value addingunits to help the government make a policydecision regarding imposing quantitativerestriction on the export of raw cotton, yarnand unprocessed cloth. According to the cardi-nal principal 'value adding sector has the pre-emptive right on locally produced raw materi-als'. Besides, buyers of cotton, yarn, andunprocessed cloth ultimately becomePakistan's competitor in the madeups’ marketsaround the world.

The government should also complete thework on textile cities. Making clusters will helpin ensuring uninterrupted supply of electricityand gas at affordable cost. Textiles and clothingindustry is a continuous process industry andany disruption in electricity and gas supply canlead to millions of rupees of losses, failure inmeeting orders and above all allowing competi-tors to snatch Pakistan's share in global mar-kets.

4Monday, February 14, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

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Dr. A. Hadi Shahid, FCA

Muhammad Arif

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Zahid Bukhari SVP HBL (retd)

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The Financial Daily InternationalVol 4, Issue 182

Aboy who killed 31 army cadetsprobably had all the character-istics that make Pakistan's

young suicide bombers so dangerous -- they are thoroughly brainwashed,poor, disciplined and hard to detect.

Police officials are running DNAtests on what is left of the young holywarrior's legs and scalp to determinehis background and age, but they sus-pect he could be between 12 and 15.

Pakistan, a strate-gic US ally, facesruthless and cun-ning Taliban mili-tants determined todestabilize the gov-ernment. Youngsuicide bombersare one of theirmost chillingweapons.

"We are alarmed. We plan to beef upour security even more to avert suchattacks," said Zeeshan Khan, a seniorpolice official in Mardan, the townwhere the cadets were killed onThursday.

"If incidents like this happen --involving a child who is clad in aschool uniform -- the implications arewider now. We have to look into thisaspect."

Al Qaeda-linked Taliban movement,which remains a major threat toPakistan's security despite militaryoffensives against it, wasted no time inclaiming responsibility for the attackon an army recruitment center.

What makes a Pakistani child tradein his school books for a suicide vest?Experts say it's a combination of fac-tors but the common denominator ispoverty in the South Asian country.

Many can't afford to send their chil-dren to good schools.

So they are enrolled in extremist reli-

gious seminaries that first beganchurning out youngsters eager forjihad in the 1980s to help the Afghanmujahideen fight Soviet occupation.

They are instilled with the disciplineof a soldier in the schools, known asmadrassas, and guided by shrewd cler-ics who persuade them they are on aglorious path to heaven.

"The 12-year-old boy (suicidebomber) was probably inducted into a

madrassa for the last five to 10 years,"said psychiatrist Razwan Taj, who hastreated young boys militants tried torecruit.

"That means he (a cleric) has plentyof time to mold him to his way ofthinking. The child sees no life outsidethe madrassa.It is every-thing. It is theprovider offood, of aneducation, ofsocial securi-ty. It's theworld heknows."

More andmore youngP a k i s t a n i swill study atthose seminaries unless the govern-ment invests in the country's crum-bling education system and createsmore jobs.

That is unlikely to happen anytimesoon because the government has lim-ited resources. The stagnant economyis being kept afloat by an $11 billionInternational Monetary Fund (IMF)emergency loan.

The stakes are high. The UnitedStates sees nuclear-armed Pakistan as acritical ally in its global war on terror,so a growing threat from young suicidebombers is alarming for policy-makers

in Washington.Once children

graduate from theseminaries, theyare mentallyprimed to join mili-tant groups, whogive them rigoroustraining.

"They keep themin isolation, seclud-

ed from other people like foot soldiers.Only three to four people are allowedto meet them," said Abdul Basit, anexpert on suicide bombings at the PakInstitute for Peace Studies inIslamabad.

"They are told they are God's chosen

people who have been selected to thisholy and sacred job of waging a holywar for the glory of the religion."

Most Pakistanis reject the Taliban's

version of Islam which allows for pub-lic beheadings and lashings for thosedeemed immoral. The Taliban oftenblow up girls' schools.

But Pakistanis understand that open-ly challenging their ideology can berisky. Parents who oppose recruitmentof their children for jihad sometimespay a heavy price.

"If someone does not send their childfor training, jihad, then they would bereprimanded. They are forced to leavethe region or their houses are bombedor one of their relatives is killed," saidBasit.

"They can also bomb their homes."After years of indoctrination, carry-

ing out the actual suicide attack seemslike the easy part. The Mardan bomberwas likely pretending to be student onhis way to class at a school located inthe military compound.

To get a uniform, all he had to dowas walk through the bustle of themain market past fish vendors, restau-rants and electronics joints and pur-chase the outfit at a shop.

Until the government offers impov-erished Pakistanis a brighter future, the

cycle that leads someyoung people to blowthemselves up won't letup.

"A lot of girls and boystend to want to leave(madrassas) and whentheir families refuse totake them back or can'tafford to take them backthen they react in differ-ent ways," said Taj.

"We are presented withodd behavior such as

strange talking or they become mute.Or they start to have histrionic fitswhich appear like epilepsy but arenot."-Reuters

Beware of Brainwashers

Hundreds of thousands of pro-testers have thronged publicsquares; slogans have been

chanted, banners waved and securityforces cowed into inaction; the revileddespot has stepped down or fledabroad.

Now what?It's a question not just for Egyptians

who toppled President Hosni Mubarakon Friday. It has confronted thosebehind people's revolutions that haveoverthrown tyrannical regimes indozens of countries in recent decades.

The euphoria seldom lasts long. It isreplaced by the challenge of building afair and democratic society and meet-ing the expectations of supporters whomay be motivated as much by eco-nomic hardship as by love of politicalfreedom.

Studies show a decidedly mixedrecord of long-term success for popu-lar uprisings like those that have justconvulsed the Arab states of Egyptand Tunisia.

"Many transitions from authoritarianrule do not lead to freedom," said a2005 report by Washington-basedhuman rights group Freedom House,entitled "How Freedom is Won: FromCivic Resistance to DurableDemocracy."

"The opportunity for freedom after apolitical opening represented by thefall of an authoritarian (leader) is byitself not a guarantee of an optimaloutcome for freedom in the longterm."

Of 67 countries the report looked atwhere there had been transitions fromautocratic rule over the preceding gen-eration, 35 were "free," 23 were "part-ly free" and nine were "not free" at thetime of publication, it said.

Factors likely to contribute to lastingdemocracy included a strong, cohe-sive civic coalition before the change,and pursuit of nonviolent tactics bythe opposition, it said.

Conversely, analysts say, chances of

building a stable democracy can bedamaged if the opposition cuts a dealwith security forces to overthrow aruler -- as some suspect might havehappened in Egypt.

Daniel Serwer, a former US StateDepartment official, said that inSerbia, demonstrators promised secu-rity services they would not be heldaccountable for past actions if theyhelped oust Yugoslav PresidentSlobodan Milosevic in 2000.

"That deal has plagued Serbia'sdemocratic transition, which neverthe-less has gone a long way in the rightdirection," said Serwer, now with theJohns Hopkins School of AdvancedInternational Studies.

"The Egyptians are likely to face asimilar problem: they have relied onthe armed forces to evict Mubarak.The question now will be whether thearmed forces will permit a thoroughgoing revolution," he added.

DEMOCRATIC BACKGROUNDSome analysts believe chances of

lasting change are boosted if a countryhas at least some history of democra-cy.

This was the case with thePhilippines, where dictator FerdinandMarcos, toppled by mass unrest in1986, had started off as elected presi-dent; and with most of the WarsawPact states that threw off Soviet-ledcommunist rule in 1989 and later

joined the European Union.SERIOUS VIOLENCE ERUPTED

IN ONLY ONE, ROMANIAThe exception that proves the rule

among the European states of the for-mer Soviet bloc is Belarus, a countrywith its own language but little histo-ry as an independent nation and longdominated by Moscow.

While the neighboring Baltic statesof Latvia, Lithuania and Estonia, geo-graphically and culturally close toScandinavia, are held up as models ofdemocratisation, Belarus' presidentsince 1994, Alexander Lukashenko,has been branded by Western leadersas Europe's last dictator.

Iran had been ruled by monarchsuntil it ousted the last shah,Mohammad Reza Pahlavi, in 1979 inan Islamic revolution. By coincidence,the royal regime fell on Feb. 11, exact-ly 32 years before Mubarak was eject-ed in Egypt.

With violence employed by bothsides in Iran, it fell into FreedomHouse's category of countries at riskof forfeiting their democratic gains.Islamic moderates were soon elbowedaside by hardliners to form a theocrat-ic state effectively led by unelectedclerics.

But David Cortright of the KrocInstitute for International PeaceStudies at Notre Dame, Indiana, sayseven Iran had democratic elections --at least until 2009, when oppositiondemonstrators charged that a presiden-tial poll was rigged. -Reuters

Revolution & Democracy

An t i - g o v e r n m e n tprotests by Bahrain'smarginalised Shi'ite

majority on Monday are notlikely to rival the Egyptianrevolt, but will add to the pres-sure on the king to make moreconcessions to his people.

Gulf states are not expectedto face full-scale revolts thanksto a golden bargain underwhich their rulers trade a shareof their oil wealth for politicalquiescence, but Bahrain isamong the most vulnerable topopular pressure.

"There's a deep sense of frus-tration among large segmentsof Bahraini society," said TobyJones, professor of MiddleEastern studies at US-basedRutgers University.

"If there was one place in theGulf that I was going to predictthat there would be somethingsimilar (to Egypt), it would beBahrain," he said.

Bahrain is a small oil produc-er with a majority Shi'ite popu-lation that has long complainedof discrimination by the rulingSunni al-Khalifa family, wellbefore popular uprisings inTunisia and Egypt emboldenedactivists across the region.

Across their island country,

Bahrainis sounded car hornsand waved Egyptian flags onFriday night when news brokethat Egyptian President Hosni

Mubarak had stepped down.The first protests in Bahrain

since the events in Egypt andTunisia unfolded are expectedto take place on Monday.

King Hamad bin Isa AlKhalifa, trying to defuse thetension, said he would give1,000 dinars ($2,650) to eachlocal family, and the govern-ment has indicated that it mayfree minors arrested under asecurity crackdown last year.

"I think it is no coincidencethat the government has chosenthis time to announce newgrants to all Bahraini families,"said Jane Kinninmont, analystat the Economist IntelligenceUnit, who expected Mubarak'sfall to strengthen protesters in

Bahrain.Diplomats said the early con-

cessions could blunt the scaleof the protest.

SECTARIAN DIVIDENon-Opec Bahrain, which

unlike its Gulf Arab peers haslittle spare cash to throw atsocial problems, said last weekit would spend an extra $417million on social items, includ-ing food subsidies -- a reversalof attempts to prepare the pub-lic for cuts in subsidies.

Shadi Hamid, analyst at theBrookings Centre in Doha,said protests in Bahrain wereunlikely to draw support fromacross sectarian lines, and thiscould limit the size of demon-strations in a country with justover half a million Bahrainis.

"Not everyone in Bahrainagrees that democracy is agood thing because that will

put the Sunni minority's powerat risk," he said.

Villages in Bahrain regularlysee night-time clashes between

security forcesand Shi'iteyouths erectingbarricades andattacking policewith firebombs.

The govern-ment launcheda securitycrackdown last

August against some Shi'itegroups to stop this, but it hasloosened its grip since therevolts in Egypt and Tunisia.

The trial of 25 Shi'ite menarrested in the crackdown andcharged with inciting violenceto topple the government hasremained the main bone ofcontention. The trial is stalledafter a series of lawyersresigned, and observers arewondering whether the kingmight pardon some of thedetainees. Bahrain, home to theUS Navy's Fifth Fleet, is one ofa string of Sunni-led US alliesin the region that Washingtondepends on to curtail theregional influence of Shi'iteIran.

Top oil exporter SaudiArabia, which has a sizeableShi'ite population in its easternprovinces adjacent to Bahrain,is worried it might lose allies tocounter Iran.

Bahrain's main Shi'ite oppo-sition group, Wefaq, will play adecisive role in Monday'sprotests as it could quicklymobilise tens of thousands ofsupporters and send them intothe streets.

But observers and analystssay Wefaq is a cautious groupthat will not join street protestson a large scale but will wait tosee how many more conces-sions the government willmake.

The group has taken part inparliamentary elections intro-duced as part of politicalreforms launched by the kingin the early 2000s to drawShi'ites into the political sys-tem and quell the large-scalestreet protests of the 1990s.

"Wefaq is fundamentallyconstrained by the position itput itself in, it's decided towork within the system, it'sdecided not to provoke theSunni regime so they're stuckin that paradigm right now,"Hamid said.-Reuters

Bahrain Boiling?

What makes a Pakistani child tradein his school books for a suicide

vest? Experts say it's a combination offactors but the common denominator is

poverty in the South Asian country.“

"That means he (a cleric) has plenty oftime to mold him to his way of thinking.

The child sees no life outside themadrassa. It is everything. It is the

provider of food, of an education, ofsocial security. It's the world he knows."

"There's a deep sense offrustration among large segments of

Bahraini society," said Toby Jones,professor of Middle Eastern studies at

US-based Rutgers University.“

It's a question not just for Egyptians

who toppled President Hosni Mubarak

on Friday. It has confronted those

behind people's revolutions that have

overthrown tyrannical regimes in

dozens of countries in recent decades.

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

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

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

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

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

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

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

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

Spread (October 10) 7.49%

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

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

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

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

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

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 15.93 55.50NICL 2.53 51.48SSGC 25.85 30.08ANL 10.32 19.44DSFL 2.98 17.00

Symbol Close ChangeRMPL 2,873.23 452.93

UPFL 1,340.32 235.23

WYETH 1,065.00 65.01

IDYM 300.00 37.51

ILTM 127.61 23.06

Symbol Close ChangeULEVER 4,145.50 -240.15COLG 900.00 -60.00NESTLE 3,351.10 -54.34LAKST 240.01 -37.74SHEZ 166.92 -31.13

Plus 159Minus 250Unchanged 8

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Monday, February 14, 2011 5

Dhiyan

Selling is likely to continue and we still recommend traders to sellparticularly in oil and refinery sector stocks. Index can thus comedown to 11,540 points in the coming days while there might be aminor support at the level of 11761 points. Investors are advised tobuy near 11540 points level in highly oversold stocks. Launchingof Margin Trading System (MTS) and a rally in foreign investors'confidence will support the market in future. Market would remainbearish today.

Syed Faran Rizvi, Technical Analyst Invisor Securities

Salman Naqvi, Head of Sales Aba Ali Habib SecuritiesThe tone of market performance will be set by the developments on

the ongoing tension between Pakistan and US. If any major negative

news arrives then we might see some more unwholesome activities in

the coming days. It is being feared that inflow of foreign funds through

IMF, Kerry-Lugar Bill, and Coalition Support Fund might delay.

Investors are therefore advised to stay on the sidelines and adopt 'wait

& watch' stance. Market would show mixed performance today.

360-DEGREE TRADE

Opening 12,415.35Closing 11,943.34Change 472.01% Change 3.80Turnover (mn) 477.24

Opening 3,791.92Closing 3,565.28Change 226.64% Change 5.98Turnover (mn) 19.67

Opening 3,056.41Closing 2,931.08Change 125.33% Change 4.10Turnover (mn) 0.35

NEW YORK: Traders and guests gather at the New York Stock Exchange.-Reuters

Weekly Review

NEW YORK: The newnational pastimes are call-ing the top of the stock mar-ket, commenting on MiddleEastern affairs and -- buyingdips.

Stocks have shownremarkable resilience asinvestors snap up any dropin prices, even in the face ofwhat seem like considerablerisks -- an overbought mar-ket and a still potentiallyexplosive situation in theMiddle East.

Confidence in the econo-my, strong earnings, andinflows into equities frombond funds have beenenough to push indexes tonew highs on an almostdaily basis even if light vol-ume and slight gains showinvestors are not makingaggressive moves.

Robert Auer, a fund man-ager at SBAuer Funds inIndianapolis said that aftereight months of outflows hisAuer Growth Fund hadstarted to see inflows.

"I'm wondering if this ishappening at AmericanFunds and Fidelity andeveryone else," he said. "I'mhaving to put it to workbecause we typically don'thold any cash, so it is caus-ing me to do buying."

Bond funds have seenthree months of outflows,the longest streak in morethan 2 years.

Over that period $23 bil-lion has moved out of bondfunds while $16 billion hasflowed into equity funds,according to data from theInvestment CompanyInstitute.

A rise in market interestrates has hit bond pricesrecently and is helping tospur those outflows. Duringthe week the yield on the10-year Treasury note rose

to its highest level sinceApril.

Rising yields have accom-panied increasing optimismover the economy that willagain be tested with retailsales and industrial outputdata during the week.

"Investors right now thinkthe pullback is already hereand they're not buyingstocks - and not selling butnot buying at a time ofinflows is forcing the mar-ket to drift higher," saidThomas Lee, US equitystrategist at JPMorgan inNew York.

Volume hit its lowest lev-els so far this year onTuesday with just over 7billion shares traded on theNYSE, Amex and Nasdaqcompared to last year'saverage of around 8.5 bil-lion.

Lee is expecting a pull-back in the March and Apriltime frame, with the S&P500 rising to 1,333 beforefalling to around 1,250, tak-ing the market back towhere it was in lateDecember.

"You really need to startbuying at the 1,270 level,"he said. "You need to beselective and getting readyto buy that dip."

The 1,333 level is the dou-ble-your-money mark fromthe bear market intradaylow of 666.79 in March2009 and is seen as a signif-icant level by someinvestors.

Even though the CBOEVolatility Index remainslow, options investors arewilling to pay more for pro-tection against declines,which suggests concernabout the market's direction,according to analysts atCredit Suisse.

Credit Suisse Fear

Barometer Index, a meas-urement of how muchinvestors are paying for putoptions compared with calloptions, hit new highs onThursday due to continuedput buying in S&P 500options.

"While options prices aredeflating overall, S&P 500index traders are willing topay handsomely for protec-tion," said Jason Goepfertwho publishesSentimenTrader.com aninvestor sentiment website.

The Market Vectors EgyptIndex exchange traded fundjumped as much as 8.7 percent after news broke thatEgypt's President HosniMubarak would give in todemonstrators demands andstep down after 30 years inpower.

The ETF tracks underlyingshares in Egyptian compa-nies and is still 9 per centunder its pre-crisis high.

Markets gave a cautiouswelcome to Mubarak'sdeparture. Stocks roseand NYMEX crude oilfutures fell to near $85dollars a barrel , 8 percent below their crisishigh over $92.

For the week the S&P 500and the Nasdaq rose 1.4 percent and the Dow gained 1.5per cent.

But the implications of thepower shift were still uncer-tain and investors wonderedabout the longer-term out-look for Egypt and thewider region.

"Clearly oil is in thebiggest play here. Thinkabout if they decide to shutdown the Suez Canal," saidCliff Draughn,chief invest-ment officer at ExcelsiaInvestment Advisors inSavannah, Georgia. -Reuters

Buy that dip, baby!Wall Street weekly outlook

Nawaz Ali

KARACHI: Rising tensionbetween Pakistan and UnitedStates on the issue of release ofRaymond Davis, reduced foreigninterest and likely downgradingof country's ratings kept KarachiStock Exchange (KSE) undersevere selling pressure last week.

Benchmark index lost 3.8 percent to end under the psycholog-ical level of 12,000 after amonth.

The benchmark KSE 100-Index dropped 472 points --3.8per cent-- to close at 11,943points, KSE 30-index by 560points --4.63 per cent-- to closeat 11,535 points and KSE AllShare Index decreased by 307points --3.58 per cent-- to closeat 8,296 points.

Asad Siddiqui, analyst atInvest Cap said that bearish sen-timents prevailed in the marketthroughout the week on the backof the 'Raymond Davis' issue,where mounting US pressure isdeteriorating long-standingPakistan-US relationship.

Furthermore, tensions in Egyptforced foreign investors to pullout their investments from theEmerging and Middle Easternmarkets. Pakistan being one ofthe growing regional marketsalso started feeling this heat evi-dent from the massive decline inforeign inflows, he added.

According to NCCPL data, off-shore investors did a net-buying ofjust $0.16 million last week. Theweek began with some dull activi-ties on Monday where investorspreferred to stay on the sidelines inthe absence of triggers and waitedfor the confirmation regarding thelaunch of Margin Trading system(MTS). Therefore index endedwith a minor gain of 12 points onMonday.

Thereafter concerns on Pak-US relations over RaymondDavis kept the market in thebearish territory in the rest of theweekdays despite assurance byapex regulator on leverage prod-uct launch. Therefore index lost

66, 61 and 111 points respective-ly during the next three days.

Chairman Securities &Exchange Commission ofPakistan (SECP) Mohammad Aliduring his visit to Karachi StockExchange on Monday assuredthe general body of the exchangethat the much-awaited leverageproduct would be available forinvestors by Feb 28.

The selling pressure intensifiedon Friday mainly due to newsabout threat to remove Pakistanienvoy from Washington if Davisis not released which was lateron clarified by the US Embassyas groundless. On the other side,likely downgrading of country'sratings by Moody's dampenedsentiments. Therefore index lost244 points on the last day of theweek to close below 12,000points. Index at one moment dur-ing intraday traded touched thelowest level of the week at11,938 points.

Pakistan could face the risk ofa ratings downgrade if it fails toquickly implement reforms toaddress a growing fiscal deficit,Moody's Investors Service saidon Friday. Moody's current rat-ing for Pakistan is B3.

Corporate results failed to pro-vide support to the market wherekey result announcements duringthe week included Pakistan StateOil, MCB Bank and Allied Bank.According to experts results ofPSO and ABL were above mar-ket consensus while MCBannounced below expectationresults.

Investor participation tooremained low throughout theweek as 477 million sharesexchanged hands during the week--110 million less than a turnoverof 587 million shares a week ear-lier. Average daily turnover stoodat 95 million shares down by 22million shares from an averagevolume of 117 million shares.

Out of total 417 active issues0250 declined and 159 advancedwhile 8 issues remainedunchanged.

Davis shootsa big hole inKSE’s chestduring week

Gulf stocks mkt

Emaar up;crude fallweighs on

Saudi indexDUBAI: Saudi BasicIndustries Corp (SABIC) fallsas oil price declines weigh onSaudi Arabia's index, with littleincentive to push stocks higheras investors wait on develop-ments in Egypt.

SABIC, the kingdom's largestlisted company, falls 0.7 percent. Banks also slip. BanqueSaudi Fransi drops 1.2 per centand Arab Bank loses 1.1 percent.

The main index dips 0.1 percent to 6,627 points, its firstdecline in three sessions.

"There's no incentive for themarket to move higher, with oilprices down and companies'financial statements behindus," says Youssef Kassantini, aSaudi-based financial analyst.

"The market will consolidatearound current levels and it hasstrong support at 6,450 points.

"The market has accepted thepeaceful transfer of authority inEgypt, but there are worries asto how fast the Egyptian econ-omy can stabilise."

Emaar Properties ends high-er, shrugging off a 62 per centdecline in fourth-quarter profit,to lift Dubai's index.

Emaar climbs 0.3 per centafter being up as much as 2.8per cent intraday. The develop-er made a quarterly profit of274 million dirhams ($74.62million), down from 720 mil-lion in the year-earlier periodafter it took 417 milliondirhams in impairments andprovisions. These impairmentswere likely to have come frommortgage affiliate Amlak andDubai Bank, analysts say.

Dubai's index climbs 0.4 percent to 1,604 points, its firstrise in three sessions.

In Abu Dhabi, RAKProperties adds 2.4 per cent andDana Gas gains 4.5 per cent.

Abu Dhabi's benchmark rises0.6 per cent to 2,728 points.

Kuwait banks are mixed as thecountry's index slumps to a 23-week low, with little buying inter-est amid a lack of market-movingnews. National Bank of Kuwaitfalls 1.4 per cent, but Ahli UnitedBank rises 2.4 per cent.

The bank index climbs 0.4per cent, taking its gains overthe past 12 month to 45 percent.-Reuters

Egypt stock exchange delaysreopening till Wednesday

European stocks gain for 2ndweek as earnings top estimates

Monday, February 14, 20116

Volume 477,238,022

Value 15,450,022,114

Trades 270,526

Advanced 159

Declined 250

Unchanged 8

Total 417

Current 8,296.13

High 8,633.57

Low 8,292.52

Change i307.80

Current 11,943.34

High 12,454.68

Low 11,938.24

Change i472.01

Current 11,535.33

High 12,130.66

Low 11,487.82

Change i560.03

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

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Nishat Power Limited

NPL closed down -1.02 at 16.79. Volume was 87 per cent above aver-

age and Bollinger Bands were 47 per cent narrower than normal. The

company's profit after taxation stood at Rs55.365 million which trans-

lates into an Earning Per Share of Rs0.156 for the 1st quarter of cur-

rent fiscal year (1QFY11).

NPL is currently 33.5 per cent above its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

indicators reflect volume flowing into and out of NPL at a relatively

equal pace. Trend forecasting oscillators are currently bearish on NPL.

RSI (14-day) 42.55 Total Assets (Rs in mn) 22,436.60

MA (10-day) 17.43 Total Equity (Rs in mn) 3,615.26

MA (100-day) 15.11 Revenue (Rs in mn) 1,018.36

MA (200-day) 12.58 Interest Expense 185.49

1st Support 16.30 Profit after Taxation 47.18

2nd Support 15.85 EPS 10 (Rs) 0.133

1st Resistance 17.40 Book value / share (Rs) 10.21

2nd Resistance 18.05 PE 11 E (x) 26.91

Pivot 16.95 PBV (x) 1.64

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

KESC closed unchanged at 2.70. Volume was 75 per cent below aver-

age (consolidating) and Bollinger Bands were 15 per cent wider than

normal. The company's loss after taxation stood at Rs1.782 billion

which translates into a Loss Per Share of Rs0.09 for the 1st quarter of

current fiscal year (1QFY11).

KESC is currently 11.1 per cent above its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

indicators reflect volume flowing into and out of KESC at a relatively

equal pace. Trend forecasting oscillators are currently bearish on

KESC.

RSI (14-day) 44.05 Total Assets (Rs in mn) 130,784.14

MA (10-day) 2.74 Total Equity (Rs in mn) (8,737.47)

MA (100-day) 2.49 Revenue (Rs in mn) 85,224.08

MA (200-day) 2.43 Interest Expense 5,619.80

1st Support 2.65 Loss after Taxation (15,484.94)

2nd Support 2.55 EPS 10 (Rs) (1.176)

1st Resistance 2.85 Book value / share (Rs) (0.66)

2nd Resistance 2.95 PE 11 E (x) -

Pivot 2.75 PBV (x) (4.07)

Karachi Electric Supply Corp Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SILK closed down -0.05 at 2.43. Volume was 37 per cent below aver-

age and Bollinger Bands were 12 per cent wider than normal. The com-

pany's loss after taxation stood at Rs700.335 million which translates

into a Loss Per Share of Rs0.32 for the nine months of current calen-

dar year (9MCY10).

SILK is currently 13.8 per cent below its 200-day moving average and

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

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

indicators reflect moderate flows of volume out of SILK (mildly bearish).

Trend forecasting oscillators are currently bearish on SILK.

RSI (14-day) 33.86 Total Assets (Rs in mn) 68,664.34

MA (10-day) 2.51 Total Equity (Rs in mn) 196.91

MA (100-day) 2.71 Revenue (Rs in mn) 5,913.32

MA (200-day) 2.82 Interest Expense 5,855.52

1st Support 2.38 Loss after Taxation (2,902.91)

2nd Support 2.32 EPS 09 (Rs) (3.224)

1st Resistance 2.51 Book value / share (Rs) 0.22

2nd Resistance 2.58 PE 10 E (x) -

Pivot 2.45 PBV (x) 11.11

Silkbank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

SEPCO closed down -0.14 at 2.01. Volume was 36 per cent below

average and Bollinger Bands were 30 per cent narrower than normal.

The company's loss after taxation stood at Rs86.56 million which trans-

lates into a Loss Per Share of Rs0.63 for the 1st quarter of current fis-

cal year (1QFY11).

SEPCO is currently 26.8 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

indicators reflect moderate flows of volume out of SEPCO (mildly bear-

ish). Trend forecasting oscillators are currently bearish on SEPCO.

RSI (14-day) 35.86 Total Assets (Rs in mn) 9,248.54

MA (10-day) 2.11 Total Equity (Rs in mn) 2,028.39

MA (100-day) 2.24 Revenue (Rs in mn) 1,911.24

MA (200-day) 2.75 Interest Expense 766.96

1st Support 1.92 Profit after Taxation 146.76

2nd Support 1.82 EPS 10 (Rs) 1.074

1st Resistance 2.10 Book value / share (Rs) 14.84

2nd Resistance 2.18 PE 11 E (x) -

Pivot 2.00 PBV (x) 0.14

Southern Electric Power Co Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,582.88 1,590.10 1,496.88 1,513.52 -69.36 -4.38

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

20,133,911 - - 65,194.15 mn 1,170,839.27 mn -

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

11.01 3.58 32.54 55.94 5.08 -

Attock Petroleum 691 6.66 387.43 391.50 365.06 368.79 -18.64 522241 401.00 302.25 300 20B115.00 -

Attock Refinery 853 4.65 121.05 125.40 113.17 114.06 -6.99 4501526 146.90 113.17 - - - -

Mari Gas Company 735 16.43 129.56 130.75 120.00 121.25 -8.31 117288 141.65 117.00 31 - - -

National Refinery 800 5.54 283.58 291.99 265.05 267.19 -16.39 1238237 335.00 251.80 200 - - -

Oil & Gas Development 43009 11.29 172.70 173.25 165.00 166.83 -5.87 993892 185.00 157.56 55 - 15.00 -

Pak Petroleum 11950 7.49 215.18 215.90 202.50 204.98 -10.20 2827644 229.80 191.10 90 20B 50.00 -

Pak Oilfields 2365 7.20 331.78 332.50 310.50 312.30 -19.48 5664254 341.50 250.20 255 -100.00 -

Pak Refinery Limited 350 - 97.98 110.50 95.01 100.37 2.39 822762 122.22 81.01 - - - -

P.S.O 1715 4.63 289.31 291.80 268.00 273.47 -15.84 3341541 317.79 268.00 80 - 50.00 -

Shell Gas LPG 226 - 31.60 32.92 30.35 30.50 -1.10 5604 39.89 30.35 - - - -

Shell Pakistan 685 10.63 215.11 218.00 206.00 207.27 -7.84 98922 222.00 194.00 40 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

990.01 1,003.23 981.15 985.16 -4.85 -0.49

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

49,973,009 - - 47,070.70 mn 136,253.28 mn -

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

6.98 0.60 8.64 16.68 2.39 -

(Colony) Thal 56 - 1.31 1.40 1.25 1.25 -0.06 12231 1.50 0.61 - - - -

Amtex Limited 2594 8.48 3.76 4.24 3.70 3.73 -0.03 2378813 5.28 3.65 30 - - -

Artistic Denim 840 6.11 22.05 23.28 21.60 22.00 -0.05 13232 24.59 19.40 20 - - -

Azam Textile 133 0.28 2.50 2.64 2.00 2.00 -0.50 10495 3.00 1.32 7.5 - - -

Azgard Nine 4493 - 11.28 11.81 10.12 10.32 -0.96 19439797 12.84 9.20 - - - -

Babri Cotton 33 0.47 10.95 12.41 10.01 11.47 0.52 51944 15.25 8.10 - 15B - -

Bannu Woolen XD 76 0.49 13.76 14.60 13.40 13.99 0.23 39853 15.10 12.40 20 - - -

Chenab Limited 1150 - 2.86 3.19 2.60 2.70 -0.16 104067 3.76 2.60 - - - -

Colony Mills Ltd 2442 3.84 2.49 2.85 2.06 2.46 -0.03 86080 2.97 2.06 - - - -

Crescent Textile 492 3.41 17.10 18.69 16.45 17.72 0.62 37737 23.99 16.45 15 - - -

D S Ind Ltd 600 - 1.72 1.87 1.55 1.60 -0.12 354484 2.10 1.55 - - - -

Dawood Lawrencepur 514 42.95 35.59 38.00 35.00 36.51 0.92 148140 47.00 35.00 5 - - -

Dewan Mushtaq Textile 34 0.14 5.40 6.00 3.60 4.49 -0.91 80712 8.90 2.90 - - - -

Din Textile 204 0.61 27.00 29.94 27.00 28.41 1.41 7833 29.94 24.02 20 10B - -

Gadoon Textile XD 234 0.82 70.51 77.40 72.01 75.50 4.99 23185 77.40 47.00 70 - - -

Ghazi Fabrics 326 1.06 3.90 6.50 4.50 6.50 2.60 12055 6.50 2.99 10 - - -

Gillette Pakistan 192 - 58.19 61.09 55.29 55.99 -2.20 6567 66.48 55.29 - - - -

Gul Ahmed Textile 635 4.17 30.00 29.50 28.01 29.05 -0.95 9705 33.19 24.00 12.5 - - -

Gulistan Spinning 146 1.08 5.96 6.89 5.32 5.66 -0.30 70271 8.86 5.26 10 - - -

Gulshan Spinning 222 0.88 7.10 7.74 7.02 7.26 0.16 7913 8.50 6.30 10 20B - -

Hira Textile Mills Ltd. 716 0.70 3.99 4.05 3.70 3.71 -0.28 199843 4.47 3.31 10 - - -

Ibrahim Fibres 3105 3.95 53.75 54.22 49.77 50.20 -3.55 112645 55.00 36.26 20 - - -

Idrees Textile 180 3.42 3.60 3.60 3.15 3.15 -0.45 27411 3.90 2.70 10 - - -

J K Spinning 184 1.10 6.80 8.80 6.80 7.24 0.44 17002 9.50 4.05 20 5B - -

Jubilee Spinning 325 - 3.20 3.20 2.25 2.45 -0.75 20304 5.50 2.25 - - - -

Khurshid Spinning 132 - 1.50 1.50 1.00 1.00 -0.50 6000 3.00 1.00 - - - -

Kohinoor Ind 303 - 1.50 1.66 1.32 1.43 -0.07 93505 2.00 0.75 - - - -

Kohinoor Textile 1455 3.57 5.01 5.25 4.95 5.00 -0.01 21776 5.95 4.81 - - - -

Masood Textile 600 1.99 18.05 19.40 17.10 18.82 0.77 11074 20.74 17.10 15 100R - -

Moonlite (PAK) 22 - 14.29 17.00 14.45 17.00 2.71 37300 17.00 4.50 - - - -

Nishat (Chunian) 1614 2.11 25.79 26.58 24.60 25.45 -0.34 16905247 26.58 21.15 15 - - -

Nishat Mills 3516 5.49 66.87 67.29 62.57 63.91 -2.96 7709420 71.89 52.80 25 45R - -

Pak Synthetic 560 4.24 13.50 14.45 12.50 12.55 -0.95 492872 14.45 6.21 - - - -

Paramount Spinning 174 0.88 11.50 12.40 11.95 12.05 0.55 10216 12.40 8.25 10 10B - -

Premium Textile 62 0.48 30.25 34.40 28.21 30.30 0.05 13012 34.40 25.00 50 - - -

Ravi Textile 250 - 1.35 1.46 1.21 1.27 -0.08 271285 1.98 0.65 - - - -

Reliance Weaving 308 0.67 9.27 9.90 9.31 9.58 0.31 67506 10.34 8.50 25SD - - -

Rupali Poly 341 5.03 38.39 42.70 38.00 40.01 1.62 174167 42.70 34.70 40 - - -

Saif Textile 264 0.49 5.49 6.14 5.00 6.04 0.55 26419 6.85 3.90 - - - -

Sajjad Textile 213 - 0.32 0.42 0.32 0.42 0.10 50000 3.74 0.15 - - - -

Sally Textile 88 0.21 4.39 4.60 4.00 4.25 -0.14 6043 4.65 3.61 10 - - -

Salman Noman 42 2.07 4.90 5.75 4.00 4.88 -0.02 5020 6.35 2.01 - 5B - -

Samin Textile 267 5.00 6.49 6.88 5.70 6.00 -0.49 14389 7.00 5.11 - 100R - -

Saritow Spinning 133 0.25 2.25 2.35 1.40 1.55 -0.70 13400 2.89 1.00 - - - -

Service Ind 120 7.26 221.57 227.00 210.01 212.00 -9.57 119106 276.50 195.00 - - - -

Shadman CotSPOT 176 2.79 13.70 16.95 14.65 15.30 1.60 17730 16.95 7.00 - - - -

Shahtaj Textile 97 - 18.50 20.05 19.00 19.05 0.55 8173 20.29 16.35 45 - - -

Suraj Cotton 180 0.83 39.50 39.10 37.01 37.01 -2.49 9170 41.95 32.60 50 - - -

Tata Textile 173 0.40 40.50 42.00 38.00 41.00 0.50 7259 42.00 30.00 25 - - -

Thal Limited 307 5.05 121.53 122.00 116.02 118.10 -3.43 23006 132.00 96.30 80 20B - -

Treet Corp 418 8.58 57.68 59.90 53.89 53.89 -3.79 270489 63.30 50.76 - - - -

Zephyr Textile Ltd 594 3.42 3.98 4.09 2.60 2.60 -1.38 20523 4.65 2.60 - - - -

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

1,112.44 1,147.01 1,043.56 1,062.77 -49.67 -4.47

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

496,973 - - 3,763.71 mn 5,116.34 mn -

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

2.80 0.30 10.64 6.27 2.24 -

Gauhar Engineering Ltd 22 - 0.75 0.75 0.60 0.60 -0.15 16000 1.65 0.45 - - - -

Hussain Industries 106 - 6.88 7.12 5.75 6.39 -0.49 28104 11.49 4.60 - - - -

Pak Elektron 1219 3.37 14.18 14.59 13.00 13.36 -0.82 252983 15.88 13.00 - 10B - -

Singer Pak 341 26.18 20.00 23.62 20.50 23.30 3.30 17753 23.62 17.55 - - - -

Tariq Glass Ind 231 2.30 22.30 22.70 19.05 19.20 -3.10 181332 24.00 15.90 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

1,819.97 1,880.83 1,769.12 1,783.06 -36.91 -2.03

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

1,063,110 - - 11,335.33 mn 273,060.05 mn -

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

47.22 14.31 30.30 30.57 0.65 -

AL-Abbas Sugar XD 174 7.03 97.87 101.79 92.15 93.06 -4.81 50050 102.89 89.78 50 - - -

AL-Noor Sugar 186 1.08 42.99 42.97 40.85 42.97 -0.02 14231 54.00 40.85 50 - - -

Crescent Sugar 214 0.63 6.01 6.95 6.00 6.26 0.25 25555 7.15 5.00 - - - -

Dewan Sugar 365 - 2.79 3.25 2.70 3.00 0.21 69759 5.59 1.60 - - - -

Habib Sugar 750 8.73 22.23 23.80 21.61 21.99 -0.24 499143 36.50 21.35 25 25B - -

Habib-ADM Ltd 200 7.44 12.30 12.51 12.00 12.20 -0.10 7111 12.95 11.50 40 - - -

J D WSugar 539 1.29 69.25 75.75 69.00 72.84 3.59 38652 92.50 68.00 7010B 12.5R - -

Mehran SugarXDXB 157 1.84 55.06 56.50 55.00 56.50 1.44 24452 68.49 52.60 35 20B 7.50 -

Mirza Sugar XD 141 - 4.63 4.60 4.05 4.20 -0.43 15460 7.18 4.01 10 - - -

National Foods 414 21.27 56.00 57.00 54.80 57.00 1.00 5970 75.50 41.52 12 - - -

Noon Sugar 165 1.17 10.25 11.25 10.76 10.86 0.61 5827 14.84 9.00 - - - -

Pangrio Sugar XD 109 - 4.05 4.89 3.10 4.47 0.42 32952 6.99 3.10 10 - - -

Premier Sugar XD 38 - 41.53 43.94 39.46 43.94 2.41 13115 53.81 38.50 10 - - -

Quice Food 107 8.09 3.30 4.00 3.10 3.56 0.26 66000 4.00 2.05 - - - -

S S Oil 57 0.25 2.90 3.12 2.90 2.95 0.05 17500 3.85 2.50 - - - -

Sanghar Sugar 119 2.23 12.01 12.30 11.60 12.15 0.14 6042 15.01 11.35 15 - - -

Shahmurad Sugar XD 211 2.84 9.50 9.89 8.30 8.30 -1.20 21361 13.50 8.30 10 - - -

Shahtaj Sugar 120 4.09 53.53 62.04 50.93 61.09 7.56 14914 100.26 50.93 - - - -

Shakarganj Mills 695 0.33 4.81 6.00 4.61 4.65 -0.16 67437 7.88 4.46 - - - -

Tandlianwala 1177 14.99 41.00 43.00 39.20 41.97 0.97 33280 43.00 31.50 - - - -

Paid up Last 60 days 2010 2011

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,271.70 1,289.03 1,247.82 1,260.30 -11.40 -0.90

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

1,144,842 - - 6,768.53 mn 46,745.78 mn -

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

4.69 1.19 25.35 20.42 4.36 -

Atlas Battery 101 5.77 198.76 202.80 190.90 193.32 -5.44 17348 205.00 155.26 100 20B - -

Atlas Engineering Ltd 247 36.19 37.78 43.26 35.90 40.53 2.75 38910 43.26 15.00 - - - -

Atlas Honda 626 9.48 135.00 140.00 130.00 136.55 1.55 6605 143.80 96.90 - - - -

Dewan Motors 890 - 2.11 2.32 1.78 1.96 -0.15 639816 2.89 1.40 - - - -

General Tyre 598 19.94 23.97 25.21 22.80 23.13 -0.84 25609 26.74 21.00 20 - - -

Ghandhara Nissan 450 3.13 4.43 4.99 4.33 4.50 0.07 182166 5.36 4.33 - - - -

Ghani Automobile Ind 200 7.03 4.32 4.50 4.20 4.50 0.18 27501 5.75 4.01 - - - -

Honda Atlas Cars 1428 - 10.88 11.55 10.75 10.90 0.02 52060 13.40 10.60 - - - -

Indus Motors 786 6.60 290.00 293.00 288.00 289.00 -1.00 69505 309.73 248.00 150 - - -

Pak Suzuki 823 10.00 65.39 67.90 62.50 62.79 -2.60 39292 77.90 62.50 - - - -

Sazgar Engineering 150 4.34 23.35 24.00 22.55 23.25 -0.10 38069 24.00 18.80 10 20B - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,597.08 1,613.60 1,554.63 1,559.03 -38.05 -2.38

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

404,848 - - 1,336.62 mn 33,600.86 mn -

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

8.32 3.16 38.02 131.49 15.81 -

AL-Ghazi Tractor 215 5.49 239.75 240.00 222.56 229.07 -10.68 10712 244.95 206.00 150 - - -

Dewan Auto Engineering 214 - 1.33 1.43 1.01 1.04 -0.29 111684 2.40 0.21 - - - -

Ghandhara Ind 213 9.81 11.34 11.90 10.51 10.59 -0.75 104152 13.50 10.51 - - - -

Millat Tractors XB 366 8.29 551.40 556.97 538.00 538.28 -13.12 166368 568.40 482.00 650 25B325.00 -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

1,013.42 1,024.88 960.96 982.03 -31.40 -3.10

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

1,049,749 - - 3,043.31 mn 36,944.37 mn -

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

2.69 1.18 43.91 15.55 5.77 -

Cherat Papersack 115 2.77 72.76 73.45 60.41 60.41-12.35 386717 83.23 52.50 20 25B - 50R

ECOPACK Ltd 230 - 2.53 2.69 2.41 2.60 0.07 44556 3.30 1.82 - - - -

Ghani Glass 1067 4.81 52.55 55.25 52.00 52.32 -0.23 62951 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.24 4.14 3.15 3.75 0.51 136248 4.14 2.43 - - - -

Merit Pack 47 17.81 32.11 33.80 30.31 32.06 -0.05 266380 33.80 17.10 - - - -

Packages Ltd 844 61.82 128.03 130.49 120.00 120.54 -7.49 182256 143.00 103.52 - - - -

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

944.70 955.58 878.85 897.24 -47.46 -5.02

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

14,065,476 - - 54,792.74 mn 64,553.15 mn -

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

6.52 0.46 7.10 19.04 2.92 -

Al-Abbas Cement 1828 - 2.94 3.25 2.81 2.82 -0.12 138607 3.98 2.75 - 100R - -

Attock Cement 866 6.38 52.00 52.75 49.16 50.43 -1.57 226828 65.99 49.16 50 - - -

Balochistan Glass Ltd 858 - 2.66 2.80 2.25 2.25 -0.41 12800 4.24 1.10 - - - -

Berger Paints 182 - 20.40 20.62 18.20 18.60 -1.80 176713 24.16 17.10 - 122R - -

Cherat Cement 956 41.25 10.40 10.25 9.55 9.90 -0.50 45576 12.59 9.55 - - - -

Dandot Cement 948 - 2.06 2.60 1.70 2.00 -0.06 10703 3.49 1.60 - - - -

Dewan Cement 3891 - 1.90 2.24 1.85 1.90 0.00 870020 3.10 1.58 - - - -

DG Khan Cement Ltd 3651 112.50 29.18 29.50 26.92 27.00 -2.18 4235415 32.30 26.92 - 20R - -

EMCO Ind 350 3.43 2.85 3.05 2.15 2.88 0.03 7443 4.00 2.15 - - - -

Fauji Cement 6933 6.24 4.63 4.77 4.45 4.49 -0.14 1723772 5.55 4.45 - - - 92R

Fecto Cement 502 3.65 7.44 7.44 7.00 7.00 -0.44 14302 8.20 6.95 - - - -

Flying Cement Ltd 1760 - 1.70 1.87 1.62 1.65 -0.05 237282 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.86 2.95 1.74 2.93 1.07 34537 3.00 1.29 - - - -

Haydery Const 32 - 0.48 0.69 0.50 0.61 0.13 23695 0.99 0.25 - - - -

Kohat Cement 1288 - 6.30 6.30 5.99 6.00 -0.30 122400 8.70 5.99 - - - -

Lucky Cement 3234 6.08 71.40 71.75 66.00 67.67 -3.73 1796976 78.44 66.00 40 - - -

Maple Leaf Cement 5261 1.20 2.63 2.70 2.51 2.57 -0.06 552266 3.30 2.51 - - - -

Pioneer Cement 2228 - 6.90 6.96 6.11 6.26 -0.64 69164 8.20 6.11 - - - -

Safe Mix Concrete 200 - 6.81 7.23 6.50 6.50 -0.31 49028 7.95 5.30 - - - -

Thatta Cement 798 458.50 18.20 18.39 17.00 18.34 0.14 25681 20.44 16.75 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,034.93 1,053.25 998.87 1,011.09 -23.84 -2.30

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

454,444 - - 3,596.11 mn 9,718.95 mn -

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

3.16 1.05 33.10 30.91 9.77 -

Crescent Steel 565 3.02 29.55 29.80 28.50 28.90 -0.65 77611 31.00 24.01 30 - 10.00 -

Dost Steels Ltd 675 - 2.55 2.95 2.35 2.35 -0.20 165783 3.29 2.35 - - - -

Huffaz Pipe 555 8.99 14.41 14.50 13.81 14.38 -0.03 38005 16.51 13.81 - - - -

International IndSPOT 1199 18.22 51.51 52.89 49.50 50.10 -1.41 155505 62.20 44.75 55 20B - -

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

1,058.58 1,086.29 1,016.86 1,051.92 -6.66 -0.63

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

184,191 - - 1,186.83 mn 2,916.35 mn -

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

5.24 0.39 7.47 25.28 4.82 -

Century Paper 707 - 16.05 16.44 15.13 15.95 -0.10 139747 19.69 14.95 - - - -

Security Paper 411 6.79 38.40 39.50 37.25 38.00 -0.40 43514 47.70 37.25 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

1,604.98 1,619.27 1,557.63 1,568.42 -36.57 -2.28

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

167,403,382 - - 52,251.88 mn 345,076.58 mn -

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

9.57 3.35 35.00 48.81 5.10 -

Agritech Limited 3924 8.09 24.22 24.50 22.33 22.34 -1.88 135850 26.73 20.91 - - - -

BOC (Pak) 250 12.54 94.43 97.95 89.85 91.27 -3.16 19144 103.94 77.05 15 - - -

Clariant Pak 273 7.06 200.64 203.75 196.00 197.25 -3.39 102103 213.30 151.55 135 25B - -

Dawood Hercules 1203 7.98 205.98 207.00 192.00 192.53-13.45 91582 215.00 165.73 40 - - -

Dewan Salman 3663 - 2.92 3.39 2.86 2.98 0.06 16997568 4.24 1.52 - - - -

Dynea Pak 94 - 11.00 11.50 10.41 11.22 0.22 8500 11.98 9.15 15 - - -

Engro Corporation Ltd 3277 11.54 221.05 221.35 208.10 210.07-10.98 4511781 222.80 178.21 40 - - -

Fatima Fertilizer 22000 - 11.98 12.15 11.70 11.75 -0.23 4139299 12.64 9.16 - - - -

Fauji Fertilizer 6785 9.18 150.38 152.87 148.60 149.24 -1.14 7052211 157.90 108.80 130 25B - -

Fauji Fert.Bin Qasim 9341 7.71 41.36 41.90 40.50 40.85 -0.51 16761357 43.99 33.05 52.5 - - -

ICI Pakistan 1388 8.21 145.78 152.48 145.00 145.78 0.00 2545411 158.49 132.70 55 - - -

Lotte Pakistan 15142 5.86 16.38 16.80 15.77 15.93 -0.45 55495990 16.80 11.70 5 - - -

Mandviwala 74 - 1.17 1.74 1.20 1.40 0.23 28254 2.45 1.01 - - - -

Nimir Ind Chemical 1106 - 2.21 3.17 2.28 2.53 0.32 51476885 3.17 1.40 - - - -

Shaffi Chemical 120 - 2.40 2.40 2.02 2.20 -0.20 44237 3.10 2.02 - - - -

Sitara Chem Ind 214 8.72 112.56 117.00 104.00 106.33 -6.23 9628 139.40 104.00 25 5B - -

Sitara Peroxide 551 14.76 13.19 14.50 13.10 13.58 0.39 1505193 14.69 12.70 - - - -

Wah-Noble 90 6.94 36.93 38.34 36.01 36.10 -0.83 7818 41.99 32.22 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

905.71 923.78 890.72 892.42 -13.29 -1.47

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

232,383 - - 3,904.20 mn 29,828.40 mn -

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

6.53 1.46 22.31 44.54 6.82 -

Abbott (Lab) 979 8.25 95.31 97.99 94.00 94.08 -1.23 21515 112.50 94.00 20 - - -

Ferozsons (Lab) 250 6.88 89.00 98.00 88.00 91.11 2.11 48322 98.00 82.50 - 20B - -

GlaxoSmithKline 1707 13.14 76.24 77.90 73.00 73.06 -3.18 30408 89.98 70.00 - - - -

Highnoon (Lab) 165 7.25 28.00 27.50 26.13 26.16 -1.84 11783 30.48 24.15 - - - -

Sanofi-Aventis 96 12.89 153.50 174.00 153.00 161.98 8.48 99970 174.00 116.00 - - - -

Searle Pak 306 5.40 60.54 61.79 60.00 60.00 -0.54 7318 69.00 58.70 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

717.52 758.47 712.26 719.80 2.28 0.32

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

1,134,694 - - 3,242.17 mn 12,341.59 mn -

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

5.44 1.39 25.53 11.08 2.04 -

Pak Int Cont.Terminal 1092 6.85 69.97 74.90 69.51 71.24 1.27 1088344 76.65 68.00 40 - - -

PNSC 1321 35.92 34.93 35.30 32.89 33.05 -1.88 46350 39.45 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Dewan Farooque Motors 14-Feb 21-Feb - - 21-Feb

(TFC) Allied Bank 14-Feb 27-Feb - - -

(TFC) Pakarab Fertilizers 15-Feb 28-Feb - - -

Int. Ind (Consolidated) 16-Feb 24-Feb 15(I) 08-Feb -

KASB Cash Fund 17-Feb - - - -

Kohinoor Mills # 17-Feb 24-Feb - - 24-Feb

Ideal Energy # 18-Feb 26-Feb - - 26-Feb

Olympia Spng & Weaving Mills # 18-Feb 26-Feb - - 26-Feb

Millat Tractors 18-Feb 24-Feb 325(I) 09-Feb -

Faysal Balanced Growth Fund 18-Feb 19-Feb - - -

Faysal Income & Growth Fund 18-Feb 19-Feb - - -

Faysal Savings Growth Fund 18-Feb 19-Feb - - -

Faysal Islamic Savings Fund 18-Feb 19-Feb - - -

Faysal Money Market Fund 18-Feb 19-Feb - - -

Shadman Cotton Mills 19-Feb 26-Feb 5 10-Feb 26-Feb

Reliance Cotton Spng Mills # 19-Feb 26-Feb - - 26-Feb

Mehran Sugar Mills 21-Feb 28-Feb 7.5(I) 10-Feb -

Frontier Ceramics 21-Feb 28-Feb - - 28-Feb

Gharibwal Cement 21-Feb 28-Feb - - 28-Feb

Ansari Sugar Mills 21-Feb 28-Feb - - 28-Feb

Tandlianwala Sugar Mills 21-Feb 28-Feb - - 28-Feb

Zeal Pak Cement - - - - 28-Feb

Descon Oxychem # 21-Feb 28-Feb - - 28-Feb

Int. Industries # - - - - 24-Feb

Pakistan Oilfields 22-Feb 01-Mar 100(I) 11-Feb -

Fauji Fertiliser 23-Feb 01-Mar 35(F),25(B) 14-Feb 1-Mar

(TFC) NIB Bank 23-Feb 05-Mar - - -

INDICATIONS

# Extraordinary General Meeting

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

Monday, February 14, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -472.01 points at 11,943.34. Volume

was 23 per cent below average and Bollinger Bands were 17 per

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

market will see major 1st resistance level at 12,140.80 and 2nd

resistance level at 12,338.25, while Index will continue to find its 1st

support level at 11,842.05 and 2nd support level at 11,740.75.

KSE 100 INDEX is currently 12.5 per cent above its 200-day moving

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

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

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

relatively equal pace. Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 35.53 Support 1 11,842.05

MA (5-day) 12,243.68 Support 2 11,740.75

MA (10-day) 12,286.79 Resistance 1 12,140.80

MA (100-day) 11,315.57 Resistance 2 12,338.25

MA (200-day) 10,617.04 Pivot 12,039.50

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.51 at 40.85. Volume was 0.01 per cent above aver-

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

FFBL is currently 30.6 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely low when compared to

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

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

Trend forecasting oscillators are currently bullish on FFBL.

*Invest Cap 39 Hold

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 54.97 Free Float Shares (mn) 326.94

MA (10-day) 41.11 Free Float Rs (mn) 13,355.44

MA (100-day) 34.48 CFS Shares (mn) N/A

MA (200-day) 31.30 CFS Rs (mn) N/A

Mean 41.30 CFS Rate N/A

Median 41.20 ** NOI Rs (mn) 78.36

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -2.96 at 63.91. Volume was 39 per cent below average

and Bollinger Bands were 13 per cent narrower than normal.

NML is currently 20.9 per cent above its 200-day moving average and is

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

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

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

forecasting oscillators are currently bearish on NML.

*Invest Cap 77 Buy

AKD Securities Ltd 71.45 Accumulate

TFD Research 78.6 Positive

RSI (14-day) 42.08 Free Float Shares (mn) 175.80

MA (10-day) 65.64 Free Float Rs (mn) 11,235.37

MA (100-day) 58.22 CFS Shares (mn) N/A

MA (200-day) 52.86 CFS Rs (mn) N/A

Mean 65.50 CFS Rate N/A

Median 64.93 ** NOI Rs (mn) 70.55

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed down -1.14 at 149.24. Volume was 86 per cent above average

and Bollinger Bands were 38 per cent narrower than normal.

FFC is currently 30.4 per cent above its 200-day moving average and is

displaying an upward trend. Volatility is extremely low when compared to

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

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

forecasting oscillators are currently bullish on FFC.

*Invest Cap 149 Hold

AKD Securities Ltd 145 Reduce

TFD Research 139.5 Neutral

RSI (14-day) 58.56 Free Float Shares (mn) 373.19

MA (10-day) 150.29 Free Float Rs (mn) 55,694.86

MA (100-day) 121.31 CFS Shares (mn) N/A

MA (200-day) 114.40 CFS Rs (mn) N/A

Mean 150.56 CFS Rate N/A

Median 150.74 ** NOI Rs (mn) 37.25

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed down -19.48 at 312.30. Volume was 7 per cent below average

and Bollinger Bands were 34 per cent narrower than normal.

POL is currently 24.1 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bearish on POL.

*Invest Cap 360 Hold

AKD Securities Ltd 322.42 Neutral

TFD Research 381.35 Positive

RSI (14-day) 39.52 Free Float Shares (mn) 107.94

MA (10-day) 325.78 Free Float Rs (mn) 33,710.59

MA (100-day) 278.30 CFS Shares (mn) N/A

MA (200-day) 251.74 CFS Rs (mn) N/A

Mean 323.69 CFS Rate N/A

Median 321.50 ** NOI Rs (mn) 151.62

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.94 at 17.95. Volume was 12 per cent below average

and Bollinger Bands were 96 per cent wider than normal.

PTC is currently 6.4 per cent below its 200-day moving average and is dis-

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

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

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

oscillators are currently bearish on PTC. Momentum oscillator is currently

indicating that PTC is currently in an oversold condition.

*Invest Cap 25 Buy

AKD Securities Ltd 23.91 Buy

TFD Research 25.8 Positive

RSI (14-day) 29.20 Free Float Shares (mn) 585.02

MA (10-day) 18.65 Free Float Rs (mn) 10,501.17

MA (100-day) 19.18 CFS Shares (mn) N/A

MA (200-day) 19.19 CFS Rs (mn) N/A

Mean 18.54 CFS Rate N/A

Median 18.50 ** NOI Rs (mn) 7.75

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -3.39 at 74.13. Volume was 50 per cent below average (con-

solidating) and Bollinger Bands were 32 per cent narrower than normal.

NBP is currently 8.4 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on NBP.

*Invest Cap 52.4 Sell

AKD Securities Ltd 75.5 Neutral

TFD Research 92.3 Positive

RSI (14-day) 38.35 Free Float Shares (mn) 318.50

MA (10-day) 76.51 Free Float Rs (mn) 23,610.25

MA (100-day) 70.05 CFS Shares (mn) N/A

MA (200-day) 68.36 CFS Rs (mn) N/A

Mean 76.15 CFS Rate N/A

Median 75.75 ** NOI Rs (mn) 124.63

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed down -2.41 at 37.11. Volume was 47 per cent above aver-

age and Bollinger Bands were 27 per cent wider than normal.

HUBC is currently 5.8 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 out of HUBC (mildly bearish). Trend forecasting

oscillators are currently bearish on HUBC.

*Invest Cap 47 Buy

AKD Securities Ltd 42.1 Accumulate

TFD Research 50.3 Positive

RSI (14-day) 41.18 Free Float Shares (mn) 810.01

MA (10-day) 38.37 Free Float Rs (mn) 30,059.40

MA (100-day) 35.98 CFS Shares (mn) N/A

MA (200-day) 35.06 CFS Rs (mn) N/A

Mean 38.32 CFS Rate N/A

Median 38.20 ** NOI Rs (mn) 1.13

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,425.90 1,574.28 1,389.93 1,466.95 41.05 2.88

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

40,093,149 - - 29,771.58 mn 19,759.21 mn -

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

20.34 0.45 2.21 104.74 8.00 -

1st Fid Leasing 264 12.50 1.52 2.00 1.35 2.00 0.48 20087 2.34 1.16 - - - -

AL-Meezan Mutual F. 1375 8.93 9.95 11.50 9.70 10.72 0.77 7176882 11.50 6.20 18.5 - - -

Atlas Fund of Funds 525 2.38 4.80 6.40 4.52 5.90 1.10 1594384 6.40 3.51 2.2 - - -

B F Modaraba 75 2.19 3.31 4.00 3.31 3.33 0.02 20646 4.00 2.89 - 10B - -

B R R Guardian Mod. 780 3.27 1.54 1.70 1.40 1.44 -0.10 30225 2.79 1.30 0 - - -

Constellation Modaraba 65 3.36 1.21 1.99 1.02 1.48 0.27 9712 1.99 1.00 - - - -

Crescent St Modaraba 200 1.65 0.71 0.74 0.52 0.66 -0.05 41844 0.87 0.16 1.2 - - -

Elite Cap Modaraba 113 3.13 3.00 3.15 2.12 2.50 -0.50 5422 3.49 2.10 5 - - -

Equity Modaraba 524 12.50 1.85 2.38 1.80 2.00 0.15 72228 2.98 1.15 - - - -

First Capital Mutual F. 300 9.93 3.50 4.19 3.50 3.97 0.47 7450 5.44 2.55 - - - -

First Dawood Mutual F. 581 0.71 1.89 2.57 1.85 2.25 0.36 185509 2.57 1.61 - - - -

Golden Arrow 760 2.37 3.28 3.89 3.05 3.32 0.04 3238520 3.89 2.67 17 - - -

H B L Modaraba 397 2.47 8.15 8.00 7.39 7.40 -0.75 9693 9.00 6.25 11 - - -

Habib Modaraba 1008 6.12 6.97 7.25 7.00 7.10 0.13 32200 7.30 6.20 21 - - -

JS Growth Fund 3180 72.50 5.68 6.17 5.31 5.80 0.12 3337582 6.17 3.20 5 - - -

JS Value Fund 1186 1.33 5.61 6.61 5.27 5.53 -0.08 4099278 6.61 3.10 10 - - -

KASB Modaraba 283 1.47 2.81 3.00 2.00 2.00 -0.81 9003 3.50 1.26 2.8 - - -

Meezan Balanced Fund 1200 2.72 9.05 10.24 8.60 9.47 0.42 5831249 10.24 5.18 15.5 - - -

Mod Al-Mali 184 13.10 1.75 1.76 1.29 1.31 -0.44 16830 2.50 0.92 - - - -

NAMCO Balanced Fund 1000 6.25 4.00 4.73 3.86 4.00 0.00 97498 4.73 2.92 15 - - -

Nat Bank Modaraba 250 5.94 6.00 6.50 6.01 6.42 0.42 7500 7.74 4.50 10 - - -

PICIC Energy Fund 1000 3.36 7.21 8.83 6.81 8.12 0.91 4155781 8.83 5.31 10 - 10.00 -

PICIC Growth Fund 2835 4.39 14.50 16.49 13.90 14.66 0.16 4775393 16.49 8.82 20 - 12.50 -

PICIC Inv Fund 2841 3.72 6.62 7.95 6.50 6.84 0.22 5191497 7.95 4.27 10 - 7.50 -

Prud Modaraba 1st 872 2.27 1.00 1.10 0.90 1.00 0.00 38094 1.20 0.81 3 - - -

Punjab Modaraba 340 - 1.40 1.98 1.02 1.47 0.07 15763 2.54 0.50 1 - - -

Safeway Mutual Fund 545 7.53 7.89 8.00 7.52 7.53 -0.36 15806 9.00 5.01 18.2 - - -

Stand Chart Modaraba 454 4.75 9.52 10.15 9.50 9.70 0.18 41377 10.29 8.51 17 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

409.09 421.56 368.82 381.69 -27.40 -6.70

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

17,026,325 - - 30,336.44 mn 17,890.74 mn -

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

11.66 0.25 0.91 99.56 3.64 -

AMZ Ventures 225 1.39 0.63 0.70 0.55 0.61 -0.02 112728 0.95 0.33 - - - -

Arif Habib Limited 450 12.14 25.51 25.77 23.75 23.79 -1.72 202627 28.00 23.75 - 20B - -

Dawood Cap Mangt. XB 150 1.43 1.40 1.75 1.21 1.60 0.20 49586 2.14 1.15 - - - -

Dawood Equities 250 - 1.81 2.04 1.62 1.86 0.05 80209 2.75 1.28 - - - -

Grays Leasing 215 - 2.95 3.00 2.10 2.10 -0.85 12003 3.00 0.18 - - - -

IGI Investment Bank 2121 10.73 2.35 2.65 2.27 2.36 0.01 45836 3.90 2.26 - - - -

Invest and Fin Sec 600 769.00 7.51 7.99 7.15 7.69 0.18 22243 8.98 6.22 11.5 - - -

Invest Bank 2849 - 0.65 0.79 0.50 0.58 -0.07 21296 1.09 0.46 - - - -

Ist Cap Securities 3166 - 3.13 3.74 2.98 3.26 0.13 818916 3.95 2.95 - 10B - -

Ist Dawood Bank 626 0.61 1.68 1.83 1.60 1.70 0.02 51673 2.14 1.05 - - - -

Jah Siddiq Co 7633 - 11.59 11.95 10.05 10.39 -1.20 12659728 14.05 10.05 10 - - -

JOV and CO 508 - 3.56 4.00 3.20 3.60 0.04 944081 4.60 3.20 - - - -

JS Global Cap 500 6.92 26.44 26.95 25.45 25.76 -0.68 20596 32.00 25.00 - - - -

JS Investment 1000 26.63 6.67 6.90 6.32 6.39 -0.28 507574 7.59 6.20 - - - -

Orix Leasing 821 4.54 6.11 6.50 5.91 6.18 0.07 23190 7.29 5.70 - - - -

Pervez Ahmed Sec 775 - 1.88 2.02 1.81 1.86 -0.02 244971 2.50 1.81 - - - -

Stand Chart Leasing 978 4.79 2.64 2.70 2.21 2.30 -0.34 48374 3.00 2.21 - - - -

Trust Brokerage 100 - 3.02 4.40 3.00 3.89 0.87 43345 4.40 1.42 - - - -

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

773.50 799.35 721.57 734.27 -39.23 -5.07

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

176,940 - - 2,290.72 mn 8,646.71 mn -

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

5.41 3.21 3.85 355.53 4.27 -

EFU Life Assurance 850 34.15 63.12 65.49 58.50 60.10 -3.02 148093 86.95 58.50 - - - -

New Jub Life Insurance 627 28.12 43.95 46.14 39.05 41.90 -2.05 23247 49.31 39.05 - - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,178.22 1,187.61 1,097.53 1,106.15 -72.07 -6.12

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

43,244,767 - - 257,548.02 mn 674,688.62 mn -

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

8.00 1.12 13.94 40.49 5.06 -

Allied Bank Limited 7821 6.49 72.82 73.50 68.50 68.79 -4.03 545981 74.00 57.15 40 10B - -Askari Bank 6427 7.61 17.20 17.40 15.90 15.98 -1.22 2506311 19.25 15.55 - - - -Bank Alfalah 13492 13.82 11.37 11.54 10.70 10.78 -0.59 2389652 11.99 9.50 - - - -Bank AL-Habib 7322 7.70 36.11 36.70 35.50 35.73 -0.38 810772 39.49 32.75 - - - -Bank Of Khyber 5004 5.47 4.00 4.31 3.75 4.10 0.10 105134 4.70 3.62 - - - -Bank Of Punjab 5288 - 8.36 8.68 7.95 8.05 -0.31 15312291 10.59 7.95 - - - -BankIslami Pak 5280 925.00 3.83 3.99 3.62 3.70 -0.13 187896 4.50 3.00 - - - -Faysal Bank 7327 4.43 14.27 14.70 13.50 13.74 -0.53 230302 17.05 13.50 - 20B - -Habib Bank Ltd 10019 7.63 124.37 125.75 121.70 122.15 -2.22 679758 128.97 102.55 - - - -Habib Metropolitan Bank 8732 7.65 25.95 26.40 24.90 25.00 -0.95 44078 29.28 20.66 - - - -JS Bank Ltd 8150 - 2.42 2.85 2.35 2.64 0.22 2650084 2.95 2.30 - 66R - -KASB Bank Ltd 9509 - 1.66 1.79 1.60 1.61 -0.05 617280 2.80 1.49 - - - -MCB Bank Ltd 7602 9.35 229.83 230.70 206.50 207.65 -22.18 3413216 250.48 199.00 85 10B - -Meezan Bank 6983 9.60 18.65 19.05 18.15 18.15 -0.50 249491 20.30 14.80 - - - -Mybank Ltd 5304 - 2.57 3.22 2.55 2.55 -0.02 241678 3.40 1.90 - - - -National Bank 13455 6.47 77.52 77.89 73.61 74.13 -3.39 5403399 80.61 65.26 - - - -Network Mic Bank 300 - 1.50 2.00 1.30 1.41 -0.09 9612 2.65 1.06 - - - -NIB Bank 40437 - 2.74 2.82 2.60 2.62 -0.12 1848911 3.35 2.60 - - - -Samba Bank 14335 - 1.94 1.92 1.75 1.81 -0.13 193230 2.17 1.70 -63.46R - -Silkbank Ltd 26716 - 2.48 2.61 2.39 2.43 -0.05 4135713 3.05 2.39 - - - -Soneri Bank 6023 - 6.92 7.37 6.62 6.70 -0.22 198496 8.48 6.62 - - - -Stand Chart Bank 38716 10.94 7.50 7.59 7.02 7.11 -0.39 67640 9.04 7.00 - - - -United Bank Ltd 12242 7.49 67.24 67.39 62.50 63.78 -3.46 1403842 70.65 57.51 10 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

792.74 806.85 747.74 758.48 -34.25 -4.32

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

3,597,224 - - 11,111.34 mn 47,248.90 mn -

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

12.57 0.65 5.20 79.54 6.33 -

Adamjee Insurance 1237 24.48 91.30 92.50 84.32 84.45 -6.85 1293492 96.40 78.53 10 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,643.21 1,726.68 1,581.49 1,597.66 -45.55 -2.77

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

33,052,425 - - 12,202.80 mn 35,173.35 mn -

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

10.28 1.17 11.41 66.79 6.50 -

Sui North Gas 5491 7.31 26.90 27.25 24.30 24.56 -2.34 2969020 33.40 24.30 20 - - -

Sui South Gas 8390 3.89 24.91 27.90 25.20 25.85 0.94 30083405 27.90 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,350.66 1,367.92 1,268.04 1,282.44 -68.22 -5.05

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

28,836,835 - - 95,369.29 mn 105,326.96 mn -

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

13.84 1.29 9.35 104.13 7.52 -

Altern Energy 3426 24.98 11.40 11.35 10.35 10.99 -0.41 6963 11.45 9.00 - - - -Genertech 198 - 0.72 0.86 0.65 0.66 -0.06 193918 1.18 0.65 - - - -Hub Power 11572 6.80 39.52 39.69 36.70 37.11 -2.41 4898755 41.20 34.16 50 - - -Japan Power 1560 - 1.59 1.75 1.51 1.57 -0.02 644649 2.15 1.50 - - - -KESC 7932 - 2.70 2.99 2.65 2.70 0.00 5176396 3.55 2.15 - 7.8R - -Kohinoor Energy 1695 9.84 18.18 19.10 17.25 17.71 -0.47 67925 22.85 17.25 15 - - -Kot Addu Power 8803 5.04 43.04 43.50 41.11 41.49 -1.55 714901 45.85 39.00 50 - - -Nishat Chunian Power Ltd 3673 3.55 16.77 17.00 15.98 16.20 -0.57 5042460 18.01 13.32 - - - -Nishat Power Ltd 3541 2.45 17.81 17.95 16.50 16.79 -1.02 8123979 18.70 14.25 - - - -S G Power 178 - 1.20 1.80 0.43 1.10 -0.10 12802 2.10 0.43 - - - -Sitara Energy Ltd 191 3.27 17.03 18.50 17.00 17.52 0.49 577613 19.35 16.50 20 - - -Southern Electric 1367 - 2.15 2.22 1.90 2.01 -0.14 3362840 2.80 1.90 - - - -Tri-star Power XD 150 - 0.97 1.02 0.77 1.00 0.03 9035 1.49 0.70 - - - -

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

1,112.45 1,133.84 1,051.96 1,062.26 -50.19 -4.51

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

7,198,562 - - 50,077.79 mn 73,287.89 mn -

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

5.74 0.74 12.84 62.56 10.91 -

Pak Datacom 78 4.85 78.99 79.90 77.01 78.50 -0.49 6616 82.99 76.50 80 - - -

Pakistan Telecomm Co A 37740 11.97 18.89 19.20 17.80 17.95 -0.94 5439418 20.65 17.80 17.5 - - -

Telecard 3000 0.61 2.06 2.24 2.01 2.06 0.00 683938 2.67 2.01 1 - - -

WorldCall Tele 8606 - 2.65 2.75 2.51 2.57 -0.08 1294580 3.45 2.51 - - - -

Paid up Last 60 days 2010 2011

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

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

Atlas Insurance 369 5.98 37.45 37.88 36.51 37.59 0.14 17253 40.00 34.00 - - - -

Central Insurance XB 279 7.67 69.49 74.69 67.50 67.51 -1.98 11559 83.00 56.01 10 10B - -

Century Insurance 457 5.99 10.68 10.80 9.50 9.58 -1.10 91641 11.99 9.50 - - - -

Crescent Star Insurance 121 - 4.63 5.94 3.63 4.30 -0.33 36181 6.30 3.11 - - - -

EFU General Insurance 1250 - 41.08 42.99 37.50 38.65 -2.43 206007 47.90 37.50 - - - -

Habib Insurance 400 3.10 13.50 13.50 12.80 13.00 -0.50 18582 15.50 11.01 - - - -

IGI Insurance 718 8.32 92.53 96.81 92.10 96.81 4.28 69616 99.88 81.10 30 55B - -

New Jub Insurance 791 15.85 58.41 60.25 57.50 58.81 0.40 12363 61.80 55.10 - - - -

Pak Reinsurance 3000 42.87 17.91 18.27 16.50 16.72 -1.19 1753381 19.40 15.49 - - - -

PICIC Ins Ltd 350 - 9.00 9.00 8.20 8.99 -0.01 13024 10.75 6.00 - - - -

Premier Insurance 303 5.99 11.70 11.51 11.00 11.08 -0.62 40652 12.93 9.60 - - - -

Reliance Insurance XB 252 4.23 6.61 7.00 6.61 6.90 0.29 11486 7.10 6.40 - - - -

Silver Star Insurance 253 4.17 7.34 7.50 6.66 6.71 -0.63 7014 8.20 6.01 - - - -

UP TO 5000 VOLUME

HAJT 0.49 0.50 0.49 0.50 0.01 5000TRPOL 0.53 1.29 0.52 0.56 0.03 4971ULEVER 4385.65 4544.99 4125.02 4145.50 -240.15 4962DBCI 1.68 2.00 1.60 1.84 0.16 4960AGIC 10.89 10.89 10.20 10.34 -0.55 4900KSBP 61.26 62.75 59.50 60.60 -0.66 4676KOHP 4.25 4.65 4.00 4.50 0.25 4598PAKMI 1.08 1.49 0.92 0.92 -0.16 4576EXIDE 197.00 199.74 188.01 194.83 -2.17 4432FUDLM 6.25 6.34 6.12 6.22 -0.03 4405SRSM 3.63 4.25 3.44 4.04 0.41 4087SIBL 3.40 3.30 2.60 2.75 -0.65 4069GWLC 6.98 6.85 4.70 6.85 -0.13 3786PKGI 7.98 8.50 7.50 7.71 -0.27 3725ADOS 16.43 16.25 15.05 15.05 -1.38 3714ALQT 9.00 9.00 7.80 7.80 -1.20 3501TRSM 2.00 2.00 1.50 1.50 -0.50 3500UNIC 6.74 7.00 6.70 7.00 0.26 3412JDMT 14.99 15.40 13.50 13.51 -1.48 3337KOSM 1.40 1.50 0.97 1.25 -0.15 3285MLCFPS 4.17 4.50 4.15 4.31 0.14 3113MTIL 0.47 0.60 0.31 0.43 -0.04 3006SZTM 7.00 7.00 6.00 7.00 0.00 2900NOPK 23.36 24.40 22.00 23.55 0.19 2813RCML 41.00 43.00 40.00 42.00 1.00 2760SNAI 43.50 45.15 41.25 41.25 -2.25 2595BCL 44.48 48.63 43.10 46.15 1.67 2545TSMF 1.15 1.57 1.19 1.29 0.14 2507DMTX 2.90 2.80 2.80 2.80 -0.10 2500ZAHT 2.74 3.50 3.25 3.27 0.53 2468AGIL 71.10 74.97 69.25 70.15 -0.95 2387JVDC 61.45 64.52 59.70 59.70 -1.75 2342DADX 22.00 21.00 18.06 19.96 -2.04 2254BAWS 5.05 5.50 5.05 5.49 0.44 2110ALICO 17.50 18.50 16.50 16.60 -0.90 2024YOUW 1.38 1.49 1.39 1.45 0.07 2010ANSS 5.55 5.55 5.00 5.10 -0.45 2000HWQS 19.70 18.70 14.71 16.71 -2.99 1981STCL 8.76 8.60 7.00 8.40 -0.36 1971NESTLE 3405.44 3580.00 3335.00 3351.10 -54.34 1868BWCL 12.54 12.71 11.03 12.67 0.13 1815WAZIR 7.01 7.95 7.50 7.50 0.49 1805FNEL 7.07 6.11 4.10 5.76 -1.31 1740SHNI 10.99 11.40 10.41 10.41 -0.58 1528PRWM 13.50 14.90 13.75 14.00 0.50 1522BATA 642.11 672.00 621.00 625.25 -16.86 1512DFSM 3.97 4.20 3.40 4.20 0.23 1501UVIC 2.50 3.11 1.68 2.70 0.20 1408BILF 1.75 1.84 0.95 1.69 -0.06 1211RMPL 2420.30 2925.00 2300.00 2873.23 452.93 1208MIRKS 50.69 53.00 48.16 50.49 -0.20 1204FECS 33.61 36.97 31.95 35.97 2.36 1195SLCL 1.20 1.50 1.20 1.50 0.30 1187FZCM 59.68 59.53 51.60 52.49 -7.19 1141TREI 2.00 1.99 1.30 1.30 -0.70 1140ELSM 20.36 22.45 20.90 22.45 2.09 1126GATI 46.74 49.20 44.75 49.00 2.26 1119ISIL 76.95 80.50 73.11 79.42 2.47 1085NAGC 16.38 16.45 16.10 16.24 -0.14 1002CLIM 4.00 4.99 4.00 4.90 0.90 1000INDF 1.12 1.12 0.15 0.45 -0.67 1000DSML 1.20 2.50 2.20 2.50 1.30 1000DKTM 1.99 2.10 1.99 2.10 0.11 1000OTSU 33.00 34.00 32.00 33.99 0.99 994FASM 34.67 35.10 34.70 35.01 0.34 993PPP 42.40 46.20 41.80 43.50 1.10 930IDYM 262.49 302.00 256.70 300.00 37.51 917BUXL 11.61 12.19 10.00 10.10 -1.51 898TRIBL 1.24 1.91 1.24 1.28 0.04 856LPGL 14.60 13.60 10.15 10.15 -4.45 774GRAYS 48.50 49.00 47.00 48.00 -0.50 708MQTM 8.30 8.42 7.85 7.85 -0.45 701ARUJ 4.50 4.60 4.50 4.60 0.10 700CHAS 9.40 10.40 9.00 9.65 0.25 656PECO 144.33 149.99 135.85 138.00 -6.33 645PGCL 22.85 21.75 19.62 19.63 -3.22 575DIIL 11.91 11.94 9.25 10.11 -1.80 521CWSM 1.35 2.00 1.30 1.95 0.60 521CFL 15.00 15.10 14.10 14.10 -0.90 519FZTM 420.00 429.50 400.91 419.00 -1.00 516SHTM 0.30 0.49 0.34 0.37 0.07 515SFL 108.21 108.21 102.80 102.87 -5.34 500KSTM 0.74 0.84 0.50 0.67 -0.07 447ISTM 8.00 8.00 7.50 7.90 -0.10 440HINO 122.21 135.00 120.55 128.00 5.79 352ICCT 1.42 1.84 0.65 1.49 0.07 350GAMON 1.29 3.65 1.50 1.70 0.41 309FANM 3.35 3.30 3.00 3.00 -0.35 300CLOV 62.49 62.49 56.41 56.41 -6.08 283ARM 16.00 16.00 15.01 15.30 -0.70 280HUSS 11.29 11.50 10.49 10.99 -0.30 245BTL 58.02 60.90 56.30 58.01 -0.01 244SIEM 1091.06 1102.00 1035.99 1095.90 4.84 242TOWL 10.01 11.30 8.08 8.08 -1.93 235COLG 960.00 945.00 891.01 900.00 -60.00 217CJPL 0.90 1.18 0.53 0.99 0.09 209ADAMS 15.50 16.25 15.20 15.39 -0.11 204BROT 0.60 0.89 0.44 0.89 0.29 202ILTM 104.55 127.61 99.33 127.61 23.06 116LEUL 1.01 1.80 1.00 1.00 -0.01 105FTSM 1.24 1.45 0.99 1.45 0.21 104BIFO 44.20 45.95 42.90 45.95 1.75 102SCL 88.00 92.00 90.00 90.00 2.00 100SUTM 33.85 34.25 33.01 33.01 -0.84 80PTEC 2.00 2.68 2.00 2.68 0.68 76KML 2.48 3.75 1.51 2.89 0.41 72UPFL 1105.09 1340.33 1107.09 1340.32 235.23 71LAKST 277.75 280.00 240.01 240.01 -37.74 68MUKT 0.46 0.74 0.28 0.44 -0.02 65MFFL 79.00 82.30 69.25 72.12 -6.88 62DATM 0.35 0.84 0.35 0.84 0.49 53BAPL 8.21 9.21 7.36 8.40 0.19 49AASM 27.25 28.50 24.52 24.52 -2.73 45ICL 26.32 25.02 23.07 23.07 -3.25 40IDSM 7.45 9.20 6.81 8.10 0.65 36SPLC 0.74 0.74 0.62 0.63 -0.11 32FRSM 17.98 18.40 17.50 17.96 -0.02 25MEHT 61.75 64.50 57.95 58.95 -2.80 25GUTM 19.66 20.30 19.29 19.29 -0.37 22ESBL 2.35 3.00 1.55 2.39 0.04 20PIAB 3.11 4.25 1.54 4.25 1.14 19FIBLM 1.52 2.44 1.50 1.62 0.10 13JOPP 12.50 13.50 11.50 12.50 0.00 12SASML 9.50 9.50 8.50 8.50 -1.00 10TICL 62.38 62.44 56.31 56.50 -5.88 10NATM 15.00 19.00 16.00 19.00 4.00 10FIMM 62.99 62.95 60.20 60.20 -2.79 10SALT 69.24 74.74 65.78 71.01 1.77 7MSCL 13.00 13.69 12.00 12.85 -0.15 2BWHL 32.50 35.59 33.90 35.59 3.09 2BAFS 56.96 60.00 56.96 58.00 1.04 2CLCPS 2.45 3.99 2.99 2.99 0.54 2LATM 8.00 10.00 8.00 9.99 1.99 2SFAT 6.26 6.48 5.99 5.99 -0.27 2

Symbols Open High Low Close Change Vol

Al-Abbas Cement 36.92 2.75 2.65 3.00 3.20 2.90

Allied Bank Limited 43.17 67.60 66.40 70.90 73.00 69.70

Attock Cement 10.74 48.90 47.40 52.15 53.90 50.65

Arif Habib Corp 37.01 23.40 22.80 24.95 25.85 24.30

Arif Habib Limited 30.38 23.30 22.85 24.70 25.65 24.25

Adamjee Insurance 35.96 82.70 80.95 87.80 91.20 86.05

Askari Bank 31.17 15.65 15.30 16.60 17.15 16.25

Azgard Nine 42.77 9.90 9.50 10.90 11.55 10.50

Attock Petroleum 46.24 362.55 356.35 377.50 386.20 371.30

Attock Refinery 32.09 111.55 109.00 118.20 122.35 115.70

Bank Al-Falah 39.86 10.55 10.35 11.15 11.50 10.90

BankIslami Pak 43.83 3.65 3.55 3.75 3.85 3.70

Bank.Of.Punjab 29.63 7.85 7.70 8.30 8.60 8.15

Dewan Cement 41.41 1.75 1.65 2.10 2.30 2.00

D.G.K.Cement 30.52 26.40 25.85 28.10 29.20 27.50

Dewan Salman 49.08 2.80 2.65 3.20 3.40 3.05

Dost Steels Ltd 31.68 2.30 2.25 2.45 2.55 2.40

EFU General Insurance 36.44 37.60 36.55 39.60 40.55 38.55

EFU Life Assurance 21.42 58.75 57.35 61.25 62.35 59.85

Engro Chemical 49.25 206.95 203.80 214.35 218.60 211.20

Faysal Bank 34.30 13.30 12.90 14.30 14.90 13.90

Fauji Cement 30.37 4.40 4.30 4.60 4.75 4.55

Fauji Fert Bin 55.21 40.35 39.80 41.55 42.20 41.00

Fauji Fertilizer 59.36 147.60 145.95 151.90 154.50 150.25

Habib Bank Ltd 47.32 121.30 120.50 123.35 124.60 122.55

Hub Power 41.46 36.45 35.80 38.00 38.90 37.35

ICI Pakistan 47.57 144.15 142.55 148.25 150.75 146.65

Indus Motors 57.52 288.15 287.35 289.90 290.85 289.10

J.O.V.and CO 40.22 3.25 2.90 3.90 4.20 3.55

Japan Power 42.10 1.50 1.40 1.65 1.80 1.60

JS Bank Ltd 57.86 2.50 2.40 2.80 2.95 2.70

Jah Siddiq Co 44.21 9.90 9.40 11.05 11.65 10.55

Kot Addu Power 39.27 40.90 40.30 42.30 43.10 41.70

K.E.S.C 44.00 2.60 2.55 2.80 2.95 2.75

Lotte Pakistan 57.60 15.65 15.40 16.35 16.70 16.05

Lucky Cement 30.82 66.00 64.35 69.30 70.95 67.65

MCB Bank Ltd 29.74 204.05 200.45 213.70 219.80 210.10

Maple Leaf Cement 35.63 2.50 2.40 2.65 2.75 2.60

National Bank 38.81 73.10 72.10 75.60 77.10 74.60

Nishat (Chunian) 62.44 24.85 24.25 26.20 27.00 25.60

Netsol Technologies 45.26 22.50 22.00 24.00 25.00 23.50

NIB Bank 33.85 2.55 2.50 2.70 2.85 2.65

Nimir Ind.Chemical 59.49 2.35 2.15 2.75 3.00 2.60

Nishat Mills 42.36 62.35 60.80 65.70 67.45 64.15

Oil & Gas Dev. XD 34.81 164.40 161.95 169.90 172.95 167.45

PACE (Pakistan) Ltd. 53.17 3.00 2.90 3.15 3.25 3.05

Pervez Ahmed Sec 39.91 1.80 1.75 1.95 2.05 1.90

P.I.A.C.(A) 51.13 2.40 2.30 2.70 2.85 2.60

Pioneer Cement 34.36 6.00 5.75 6.60 6.95 6.35

Pak Oilfields 40.03 307.95 303.60 319.20 326.10 314.85

Pak Petroleum 36.01 201.20 197.40 210.10 215.15 206.30

Pak Suzuki 31.95 61.55 60.35 64.95 67.10 63.75

P.S.O. XD 30.50 266.85 260.20 281.25 289.05 274.65

P.T.C.L.A 29.64 17.60 17.25 18.50 19.10 18.15

Shell Pakistan 44.25 203.85 200.40 212.85 218.40 209.40

Sui North Gas 28.87 23.95 23.35 25.50 26.45 24.90

Sitara Peroxide 52.52 13.30 13.05 14.00 14.45 13.75

Sui South Gas 66.47 25.25 24.60 26.85 27.80 26.20

Telecard 40.64 2.00 1.90 2.15 2.25 2.10

TRG Pakistan 38.19 3.00 2.95 3.20 3.25 3.10

United Bank Ltd 36.67 62.45 61.10 65.20 66.60 63.85

WorldCall Tele 39.95 2.50 2.40 2.65 2.75 2.60

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Al-Ghazi Tractors Limited 14-Feb 3:00

Rafhan Maize Products 14-Feb 11:30

Nestle Pakistan Limited 14-Feb 9:30

Central Forest Products Ltd 14-Feb 10:00

Sitara Chemical Industries Ltd 14-Feb 11:00

Pakistan Paper Products Ltd 14-Feb 11:30

Unilever Pakistan Limited 14-Feb 2:30

Engro Corporation Limited 14-Feb 9:30

Pakistan Refinery Ltd 14-Feb 10:30

Otsuka Pakistan Limited. 15-Feb 10:30

Kohinoor Energy Limited 15-Feb 12:00

BOARD MEETINGS

Company Date Time

Monday, February 14, 2011 8

AIG, Mitsui expandin Malaysia

KBC mayexit Chinafund JV

SHANGHAI: Belgian finan-

cial group KBC plans to exit its

loss-making China fund ven-

ture, part of the company's

strategy to scale back its global

presence after being hit by the

financial crisis, two people with

direct knowledge of the plans

told Reuters.

KBC has been actively look-

ing for buyers for its 49 per cent

stake in Shanghai-based KBC

Goldstate Fund Management

Co, said the sources, who

declined to be identified

because they are not authorised

to speak to the media.

KBC, which received 7 bil-

lion euros ($9.5 billion) in gov-

ernment aid during the finan-

cial crisis, adopted a new strat-

egy in 2009 of significantly

reducing its business outside its

home markets in Belgium as

well as Central and Eastern

Europe.

The banking and insurance

group is exiting the project

finance business in several

regions around the world

including Asia, Basis Point, a

unit of Thomson Reuters,

reported in January. KBC also

closed a representative office in

Shanghai in 2009.

KBC's decision to exit KBC

Goldstate was also fuelled by

the lacklustre performance of

the four-year-old venture with

China's Goldstate Securities

Co.

Founded in 2006, KBC

Goldstate's assets under man-

agement slumped 60 per cent

last year to 1.3 billion yuan,

making it the second-smallest

among China's 60 mutual fund

managers.

A KBC spokeswoman

declined to comment, while a

spokesman at KBC Goldstate

said he was not aware of the

plan.

Some analysts said the tiny

market share and consecutive

years of losses would make

KBC Goldstate's stake a hard

sell, even as many foreign

investors are seeking to enter

China's $364 billion mutual

fund industry. -Reuters

China barsinsurers from

providing debtguarantees

BEIJING: The Chinese insur-ance regulator has bannedinsurance firms from providingguarantees for debt incurred byother companies, in a bid toreduce operational risks.

The China InsuranceRegulatory Commission(CIRC) said that all insurersmust submit reports on whetherthey have engaged in suchpractices by the end of March,according to new rules pub-lished on its website(www.circ.gov.cn) last week.

Insurance firms that haveprovided guarantees for othercompanies' debts must termi-nate the arrangements beforeJune 30, 2011, it added.

The move aims to curb oper-ational risks and close the loop-holes for fund embezzlementfollowing a rise in businessirregularities related to debtguarantees, analysts said.

The agency said the new ruledoes not apply to guaranteesfor export credit insurancecompanies.

CIRC's chairman Wu Dingfusaid earlier that insurance firmsmust strengthen managementof their insurance funds toensure that their capital will notbe misappropriated.-Reuters

BRUSSELS: The KBC logo is seen at the entrance the Belgian banking and insurance group in Brussels.-Reuters

I S L A M A B A D : N a t i o n a lAssembly StandingCommittee of Commerce hasexpressed concern over thecorruption scandal charges inNational Insurance CompanyLimited (NICL).

Although the matter is sub-judice in the Supreme Court,however meeting of the com-mittee was convened to getupdates on the issue and takeremedial measures.

The committee, chaired byMNA Engineer KhurramDastigir Khan, was concernedthat there was no institutionalchannels in Ministry ofCommerce and NICL to checkthe corruption and accounta-bility as scandal of about Rs 5billion was pointed out there.

The committee questionedwhy the matter had to be tri-aled in the Honorable SupremeCourt and why not concernedofficials in the ministry andNICL pointed out and investi-gated the matter.

The committee was of theview that the concerned offi-cers failed to check the corrup-tion and the Internal AuditTeams also did not point outthe issues.

Furthermore, the committeerecommended that evaluationshould be made carefully andadvised the ministry and NICLto constitute BoDs in such away that no corruption couldbe carried out. The relevantrules and procedures should berevised after thorough work bythe professionals and experts

otherwise the committee willpropose stern action.

The committee hoped thatPresent Acting Chairman,NICL will act with full respon-sibility as NICL is still intact,earning premium of Rs6 bil-lion and profit of Rs2 billionannually. The committee notedwith concern that MohammadElahi, Manager of Chaudhryfamilies transferred Rs22 croreto Moonis Ellahi and desiredthat the matter should belooked in depth.

The committee expressedconcern that neither ministernor secretary commerce werepresent in the meeting andadvised in future thatSecretary should be present inthe meeting. Nawab AbdulGhani Talpur, MNA, YasmeenRehman, MNA, Ch IftikharNazir, MNA, Haji MuhammadAkram Ansari, MNA,Kashmala Tariq, MNA,Jamila Gilani, MNA, ShireenArshad Khan, MNA, HamidYar Hiraj, MNA, ShahidSheikh, Additional SecretaryCommerce, Tariq Puri, ActingChairman, NICL and otherOfficers of related depart-ments attended the meeting.

Meanwhile, an additionaldistrict and sessions judgeissued notices to FIA forFebruary 12 on an applicationagainst the impugned orders ofa judicial magistrate to initiateproceedings to declare theaccused Moonis Elahi as aproclaimed offender in NICLscam. -APP

NICL graftgives NAbody badheadaches

TFD Report

KARACHI: Tracking theoverall bearish trend, insurancestocks too weakened last weekat the Karachi Stock Exchange(KSE) with low investor par-ticipation as around 3.8 millionshares traded together in lifeand non-life stocks.

Pak Reinsurance was the vol-ume leader with 1.75 millionshares followed by Adamjee

Insurance with 1.29 millionshares.

Adamjee Insurance droppedRs6.85 to close at Rs84.45 andEFU Life Assurance by Rs3.02to close at Rs60.1 to be the majorlosers of the week.

Moreover, IGI Insuranceincreased by Rs4.28 to close atRs96.81 and New JubileeInsurance by Rs0.4 to close atRs58.81 to be the major gainersof the week.

Insurers at KSE trackbroader trend last wk

LAHORE: A full bench ofthe Supreme Court headed byJustice MA Shahid Siddiquihas directed State LifeInsurance Corporation (SLIC)to give the benefit of revisedpay scale to its 273 officers.

The bench also warned therespondent SLIC corporationof strict action if needful wasnot done in line with the modealready laid down by theFederal Service Tribunal in2004.

The bench disposed of theappeals moved by MuhammadIslam and others, after SLIClegal advisor undertook tocomply with the Tribunal'sorder with respect to revisingsalaries on the basis of pay-scale of 1998.

Earlier petitioner's counselAK Dogar pointed out beforethe court that under the

revised salaries the appellantswere to get raise in differentratio starting from 25 per centof the basic.

According to this calcula-tion employees had to takebenefit of 'next stage' whichwas being denied to them byway of working out theirrevised salaries below thisbottom line, the counsel sub-mitted.

He said that despite the factthis issue was settled by theTribunal, it remained unim-plemented for one pretext orthe other by the SLIC.

The bench took a very seri-ous view that the petitionershad been running from pillarto post over the last sevenyears but the Corporation didnot bother to act upon theTribunal's decision which hadno ambiguity. -APP

SLIC directed to raise273 employees salaries

W A S H I N G T O N : U SPresident Barack Obama'shousing revamp options to beunveiled on Friday include cre-ating an insurance fund formortgage-backed securitiesthat is similar to the FederalDeposit Insurance Corp,sources familiar with the docu-ment told Reuters.

The paper lays out three leg-islative choices for makinglong-term changes to the UShousing finance system, whilealso taking near-term steps toslowly lessen the government'srole in the mortgage marketnow dominated by Fannie Maeand Freddie Mac.

The paper separately backs agradual wind-down of the twofirms by increasing the feesthey charge, making it easierfor privately backed loans tocompete. That could be donewithout Congress.

Another alternative in thedocument includes leaving theFederal HousingAdministration as the solemechanism for government-

backed mortgages, leavingmost of the market to the pri-vate sector.

Newly empoweredRepublicans in the US Houseof Representatives andDemocrats in the Senate wouldhave to come to agreement onwhich course to follow.

Having taken more than$150 billion in direct taxpayerfunds since being seized by thegovernment more than twoyears ago, Fannie Mae andFreddie Mac are the largestrecipients of bailout assistancestemming from the financialcrisis of 2007-2009.

Policymakers have deliber-ately delayed decisions onwhat to do about Fannie Maeand Freddie Mac while the UShousing market remains frag-ile.

By not presenting a singleconcrete legislative proposal,the administration has shiftedpressure to House Republicansto make the next move.

Texas Representative JebHensarling, the fourth highest

ranking Republican, has a planto wind-down Fannie Mae andFreddie Mac within five yearsand let the private market filltheir role.

Hensarling, however, has notyet introduced his plan and it isunclear when Republican lead-ers may begin to take action onthat bill.

A middle course would be toset up a system that wouldallow the government to back-stop a substantial number ofmortgages only during times ofcrisis.

The most governmentinvolvement would involvecreation of an insurance systemthat would provide "cata-strophic coverage" for mort-gage bond investors.

The government, however,would only be on the hook as alast resort because the privatefirms creating the mortgagebonds would be the first to takelosses if borrowers defaulted.Only if those firms went underwould the government pay thebondholder. -Reuters

Obama housing paperincludes govt insurance fund

K A R A C H I : S t a n d a r dChartered Bank (Pakistan)Limited - SCBPL- and TPLDirect Insurance Ltd (TDI)signed an agreement thatallows all Standard Charteredaccount and credit card hold-ers to be eligible for an exclu-sive discount on TDI AutoInsurance Products. This willenable SCBPL customers toget the most competitive autoinsurance rates in the market.Standard Chartered isPakistan's largest internation-al Bank. The bank is keen onbuilding longterm partner-

ships with its clients by offer-ing banking solutions thathelp add value to their busi-nesses.Commenting on this agree-ment, Aalishaan Zaidi, Headof Consumer Banking said,"We are extremely pleased tolaunch another enhancementto our Retail Products. This agreement is a goodexample of StandardChartered living up to itsbrand promise. It's here forgood, and reflects our ongo-ing commitment towardsbringing new and innovative

customer solutions to the mar-ket."Saad Nissar, CEO, TDI said,"TPL Direct Insurance andStandard Chartered Bankshare a common vision ofcustomer convenience andgiving something extra to cre-ate the right value for theircustomers."TDI is the first DirectInsurance Company ofPakistan offering 24/7 servic-es, with fastest insuranceclaim lodging, processing andsettlement times in the localindustry.-Agencies

SCBPL customers to getdiscounted auto insurance

Max India seesinsurance edgeto consolidatedprofit in FY11

NEW DELHI: Insurer and hos-

pital operator Max India Ltd

expects to be in the black in

2010-11 on a consolidated

basis as its life insurance busi-

ness turns around, a top execu-

tive said .

A combination of change in

product mix, volume and cost

rationalisation has made the

life insurance business prof-

itable in Oct-Dec, Mohit

Talwar, director, corporate

development, told Reuters by

telephone.

Max India, which draws about

85 per cent of its revenue from

life insurance business, has a

74:26 joint venture with New

York Life International. Max

should turn profit for the entire

fiscal even though first nine

months have ended in losses,

Talwar said.

"We made a dramatic switch

from ULIPs (mutual fund like

products) to traditional prod-

ucts because our strength clear-

ly lies in the traditional prod-

ucts," Talwar said, adding the

quick change in product mix

helped drive sales.

ULIPs share has now fallen to

about 20 per cent of its offering

from 70 per cent before August

2010 after regulatory restric-

tions squeezed margins on

ULIPs and prompted most

insurers to shift to traditional

products, Talwar said.

The company shut some

branches and reduced its

agents' strength to 55,000 from

75,000 but benefitted from a

distribution tie-up with Axis

Bank.

Talwar said the life insurance

business will be self-sustaining

going forward and would need

no further capital.

New insurance business at Max

would be flat or grow by about

10 per cent in 2011/12, while

the private insurance sector

will 'probably be negative' as

insurers adjust to the changed

regulations, Talwar said.

Max India had reported a con-

solidated profit before tax of

380 million rupees against a

loss of 940 million rupees in

the year ago period.

Consolidated operating rev-

enue grew 16 per cent to 16.78

billion rupees.

During the quarter, gross pre-

mium income grew 15 per cent

to 14.65 billion rupees.-Reuters

LONDON: Chartis Inc, aproperty insurance unit ofAmerican International Group(AIG.N), said it would make atender offer to buy the rest ofFuji Fire and Marine (8763.T)for about 47 billion yen ($571million) to revamp theJapanese insurer's operations. Chartis, which already owns54.7 per cent of the mid-sizedinsurer, is offering to buy Fuji

shares at 146 yen per sharebetween February 14 andMarch 24, representing a 25.9per cent premium toThursday's closing shareprice. Japan's 8 trillion yen property-casualty insurance market hasbeen in a steady decline as thecountry's aging populationbuys fewer cars and buildsfewer homes. The trend has

triggered a major industryconsolidation in recent yearswith the formation of threeleading companies, MS&ADInsurance 8275.T, TokioMarine Holdings and NKSJHoldings. Chartis said it andFuji had decided the buyoutwould allow swift and drasticrestructuring of the companyin the current business envi-ronment. -Reuters

AIG’s Chartis offers $571mnbuyout for Fuji Fire

9Monday, February 14, 2011

Lindsey, Elisabeth and Maria celebrate onpodium during winner's presentation at

Alpine Ski World Championships

Rooneystunner

seals derbywin for UtdLONDON: Wayne Rooneyproduced a moment of match-winning magic as his stunningoverhead kick gaveManchester United a crucial 2-1 victory over Manchester Cityin Saturday's derby at OldTrafford.

United had seen Nani's first-half opener cancelled out afterthe break when David Silvadeflected in an Edin Dzekoshot, but Rooney's spectacularlate strike ensured Sir AlexFerguson's side hold the brag-ging rights over their bitterrivals.

Rooney's sixth goal of theseason lifted league leadersUnited seven points clear ofsecond placed Arsenal, whohost Wolves later onSaturday, and eight ahead ofthird placed City.

Ferguson saluted Rooney'swinner as the best he had everseen at Old Trafford.

"It was stunning," he said."We've had some fantasticgoals here - Rooney hit a vol-ley against Newcastle someyears ago - but in terms of exe-cution you'll never see that.

"Nani's opener was an unbe-lievable goal, but nobody intheir right sense will even talkabout it. All the talk will beabout that winning goal.Unbelievable."

Silva had a golden chance toput City ahead in the fourthminute after a one-two withCarlos Tevez, but the Spainwinger poked wide from close-range.

City controlled possessionfor long spells in the first halfwithout turning their domi-nance into further opportuni-ties, although they had a penal-ty appeal for handball byPatrice Evra rejected by refer-ee Andre Marriner.

Ferguson's side made thempay in the 41st minute as Naniopened the scoring in sublimefashion.

The move began in directfashion as Rooney flicked onEdwin van der Sar's huge puntto Ryan Giggs. The Welshmidfielder played a superbpass through to Nani, who pro-duced a fine first touch beforesurging clear of Pablo Zabaletato shoot low beyond Joe Hart.

City levelled in the 65thminute thanks to a moment ofextreme good fortune.-Agencies

KARACHI: The PakistanCricket Board (PCB) has dis-missed reports that it had filedany appeal on behalf of bannedPakistani pacer MohammadAamer with the InternationalCricket Council.

"We have filed no formalappeal as such. Yes we havewritten to the ICC about thecase in light of the observationsmade by the ICC anti-corrup-tion tribunal regarding theexisting anti-corruption code ofconduct laws under which

Salman Butt, Mohammad Asifand Aamer have beenpenalised," a official said.

The official made it clear thatthe right to appeal against theirbans only rested with the threeplayers not with the board.

"The PCB has nothing to dowith the due process of law thatwill follow after the ICC tribu-nal banned them," he said.

He also said that the PCB hadsimply asked the ICC to havethe observations of the ICCanti-corruption tribunal regard-

ing the existing code of conductlaws discussed at the executiveboard meeting due to be heldfrom February 14.

"Like the PCB chairman hasalready said that the board wastrying to get the ICC to reviewthe five-year ban on 18-yearAamer in light of the observa-tions of the ICC tribunal thattoo because of his age but knewtheir was a one in a millionchance of the ICC executiveboard agreeing to this," theofficial said.-Agencies

PCB denies appealagainst Aamer’s ban

BANGALORE: Virat Kohli,who is expected to play avital role in India`s middle-order in the upcoming WorldCup, said after realising hisimportance in the team he hasbecome a more matured bats-man and is confident of hisgood showing in the ICC`sshowpiece event, startingFebruary 19.

The 22-year-old Delhi ladsaid he has worked a lot onthe mental aspect of the gameand is more focused now ascompared to when he firstcame into limelight in the2008 Under-19 World Cup inMalaysia, where he leadIndia to the title.

"I have made a few changesin my game in the recent past.I am just trying not to commitunnecessary mistakes, learnfrom my mistakes. I am try-ing to use most of the oppor-

tunity that is coming my way.I am focusing on applyingmyself and play long andcontrolled innings, avoidplaying rash shots and workon mistakes," Kohli said dur-ing an open media session.

"When I got out playing arash shot in the past peopletold me you could haveplayed a better shot and youwill learn with time. I learnthow to be mentally tough, notto be bogged down by theopposition. I feel much morefocused. I am confident of myabilities," he added.

The right-handed batsmanalso said the re-invented calmand focused attitude on thefield has brought aboutchanges in him as a person.

"If you bring changes toyour cricket it reflects onyour individuality."

The cash-rich Indian

Premier League (IPL)brought about a lot of instantfame and money for theyoung Indian cricketers andKohli said it is important toremain grounded and in thesurroundings of senior pros,who have already tasted thesame.

"It is important to remainfocused. The moment youstart to think I have hadenough practice and I don`tneed any more you will belost. It is important to beeager to practice every dayand be involved with thegame. Be there with the peo-ple who has been there forlong and have handled thissituation before," he said.

With the World Cup beingheld in the sub-continent,expectations are high on theMahendra Singh Dhoni-ledside to break the 28-year-old

title jinx and Kohli said he isfeeling pressure of expecta-tions of millions of cricket-loving Indian fans.

"I was feeling lot of pres-sure before the camp startedbut after arriving inBangalore I am more relaxed.I am just focusing on mytraining. Just being aroundthe team and teammatescalmed me down," he said.

Kohli already has a WorldCup trophy under his belt butthe youngster said his Under-19 experience will be of littlehelp during the upcomingcricketing extravaganza,which will commence inDhaka.

"It (the World Cup) is a dif-ferent level altogether. It issuperior and for a cricketerthere is nothing as big ascompared to the World Cup. Idon`t think my Under-19

World Cup experience willhelp in any way. But I ammore confident going into themega-event," he said.

Kohli was one-of the starperformers for India with thebat in the ODI series in SouthAfrica and he said the experi-ence will be of great help tohim in the World Cup.

"I had some things in mind(in South Africa). I thoughtwe would have to play as ateam going into the WorldCup. It was a really goodexperience to play and scoreruns in different conditionsagainst different and worldclass bowlers," he said.

"I didn`t have added pres-sure. I was just looking toenjoy."

There is huge hype aroundSachin Tendulkar, who in allprobability will play hisswansong World Cup but

Kohli said the upcomingtournament is of equal impor-tance for the entire countrynation as it is for the battingmaestro.

"Definitely, it matters forhim (Tendulkar) but it alsomatters for the country aswell as the team."

An agile Kohli, who is alsoan important cog in India`sfielding department and usu-ally fields in the close posi-tion inside the circle, whenasked if he ever felt nervouswhile fielding, he said: "Wejust look to enjoy every ses-sion. I try to bring out mybest while fielding withouttaking any pressure."

"The kind of position I fieldin is all about anticipation. Ifyou are nervous you can`tanticipate. It`s more aboutbeing relaxed," said Kohli.-Online

India’s Kohli claims a “cricketory” change

BANGALORE: India beatAustralia in warm up match.

Brett Lee grabbed threewickets in a superb display offast bowling to help Australiarestrict hosts India to a modest214 in a World Cup warm-upmatch on Sunday.

Lee finished with 3/35 off10 impressive overs as Indiawere dismissed in the 45thover after electing to bat in aday-night match before a size-able crowd at theChinnaswamy Stadium inBangalore.

The paceman had SureshRaina (12) caught behind forhis first victim and thenbowled Harbhajan Singh and

Piyush Chawla to prove he isbang in form for the WorldCup, which starts February 19.

Lee was backed by JohnHastings (2/24). Australia'sonly concern was 25 runs theyconceded in wides, with off-song paceman MitchellJohnson giving away 10.

Opener Virender Sehwaggave a good account of him-self in India's below-par bat-ting performance, top-scoringwith a 56-ball 54 with one sixand eight fours.

He fell soon after reachinghis half-century with a six overlong-off, inside-edging off-spinner Jason Krejza's deliveryon to his stumps. -Agencies

India beat Aussiein Warm-uper

KARACHI: Captain ShahidAfridi has said that no team canunderestimate Pakistan in theupcoming Cricket World Cup.“We are most dangerous sidewith mix of youth and experi-ence that has drawn parallels,however tenuous, with the sidethat won the tournament almost19 years ago,” he told reportersin his opening press conferencein Mirpur (Bangladesh) onSaturday, reports cricinfo.com.

“We all know how importantthe competition is for my coun-try. This is a message for theother teams: No one can under-estimate us. “And when I saiddangerous, I meant don’tunderestimate the Pakistanteam,” he said. “We are with avery good bunch of youngstersand experienced players. It isgood to see Kamran Akmalback in the team, Misbah ul-Haq too is in good form and sois Younis Khan,” Afridi com-mented.

“We also have two genuinespinners and a fast bowler likeShoaib Akhtar. “They are highon confidence and team spirit.“Pitches around the world arevery similar. I think as we per-formed well in New Zealandconditions, we’ll feel moreconfident on Asian tracks,”Pakistan skipper playing histhird World Cup. “We’ve gonethrough a very tough situation.As a captain I’m very happybecause we were trying torebuild the team and boost itsmorale. The team has gelledup,” he said.

“We keep these (controver-sial) issues out of the team andwe are focused on the cricket.We played well in New Zealandand the boys are united and theyfeel hungry,” he maintained.Afridi also offered praise for thejob done by the team’s coach,Waqar Younis, and manager,Intikhab Alam, in keepingeveryone together.-Agencies

Afridi saysall rivalswary ofPakistan

Pak-Malaysiafootball clashat Shah Alam

Stadium soonLAHORE: Shah Alam

Stadium, a multi-purpose

stadium located in Shah

Alam, will host first leg of

Pakistan-Malaysia clash on

23 February 2011 (8.45 PM

Kick Off) in Olympic foot-

ball Asian qualifying tourna-

ment. It replaced Kuala

Lumpur Football Association

(KLFA) Stadium in Cheras.

It will be second time the

capacity 69,372 will be used

for Pakistan's match after

14th Asian U16 Football

Championship two years ago

when Muhammad Habib-

coached Pakistan faced

Uzbekistan, Kuwait, Saudi

Arabia and Afghanistan.

Selangor State's largest

Alam Stadium, which con-

sists of huge six level semi-

enclosed spaces, is also the

home stadium for Selangor

FA, champion of Astro

Malaysia Super League.

It will be seventh meeting

between the two sides and

first-ever meeting between

the two countries at age-limit

Olympic level.-Online

Clijstersregainsworld

top spotPARIS: Kim Clijsters becamethe first mother to be crownedworld number one on Fridaywhen she battled back from 3-0down to defeat Australia’sJelena Dokic 6-3, 6-0 in theParis Open quarter-finals. The27-year-old reigning US andAustralian Open champion hasnow reached the top spot for thefourth time in her career.

The Belgian first hit theheights in 2003, when she wasnumber one for 12 weeks overtwo separate spells, and thenagain in 2006, spending sevenweeks at the head of the rank-ings. Clijsters, who was also USOpen champion in 2005 and2009, will officially knockDenmark’s Caroline Wozniacki,who has yet to win a GrandSlam title, from the number oneslot when the new WTA rank-ings are released on Monday.

Clijsters’s return to the topwill bring a little respect backto the position which has lostsome of its lustre in recentyears. The retirements of GrandSlam winners Martina Hingis,Lindsay Davenport, AmelieMauresmo and Justine Heninhave damaged the top ranking’scredibility while Serena andVenus Williams are playing lessand less.-Reuters

DHAKA: Pakistan's experi-enced Shoaib Akthar onSunday brushed aside the sus-pension of two of his partnersin the Pakistan pace attack,predicting they still had morethan enough variety to succeedin the World Cup.

Mohammad Asif andMohammad Amir, werebanned for at least five yearsalong with batsman SalmanButt earlier this month afterthey were found guilty of cor-

ruption by an InternationalCricket Council (ICC) tribunalin Doha.

"Obviously, we are unfortu-nate that they are not there. Butstill whatever the pace attackwe have is good enough to winmatches," Shoaib told a newsconference in Dhaka ahead ofnext Saturday's World Cupopening in the sub-continent.

He said Umar Gul, WahabRiaz and himself along withJunaid Khan could still restrict

any side in the world."We have the best combina-

tion for the new ball andreverse with the older. I thinkwe can manage to put it right."

Shoaib said the strength ofhis team lay in swing bowling,especially reverse swing withthe more battered, older ball.

The 35-year old pace bowlerhinted this was going to be hislast World Cupand he wasready to take whatever camehis way.-Online

Akthar says squad canbeat ‘suspensions blow’

KARACHI: Group photo on the occasion of MinorityNetball Tournament shows Deputy Director Sports Shehzad

Pervaiz, as Chief Guest, Eren Parera, Julian Parera, FRCaris, Mudasir Arain, Ejazul Haq, Naheed withwinner team Trinity Girls College.-Staff Photo

RolandGarros to

be venue forFrench OpenPARIS: Tradition won the

day on Sunday when the

French tennis federation

decided to keep the French

Open at a renovated Roland

Garros and rejected plans to

move the tournament to the

Paris suburbs from 2016.

A federation statement said

delegates had opted for the

"enlargement and modernisa-

tion of the historic site at

Porte d' Auteuil for the new

Roland Garros".

Versailles, Gonesse and a

site in Marne-la-Vallee close

to Disneyland Paris had bid to

take the only clay court grand

slam out of the French capital

and offer more space.

However, in a federation

ballot on Sunday, Gonesse lost

in the first round, Versailles in

the second with Paris then tak-

ing 70 percent of the vote in

the final round against Marne-

la-Vallee.

Although, the ageing and

cramped Roland Garros in

the west of Paris near the

Bois de Boulogne will now

be redeveloped it is still like-

ly to be the smallest grand

slam venue.-Agencies

BANGALORE: Australia's Doug Bollinger, center, appeals unsuccessfully for the wicket ofIndia's Virat Kohli, left, as his teammate Virender Sehwag, right, walks past during a warm

up match of International Cricket Council (ICC) Cricket World Cup.-Reuters

10Monday, February 14, 2011

International

An t i - g o v e r n m e n tprotests byBahrain's margin-alised Shi'ite

majority on Monday are notlikely to rival the Egyptianrevolt, but will add to thepressure on the king to makemore concessions to his peo-ple.

Gulf states are not expectedto face full-scale revoltsthanks to a golden bargainunder which their rulers tradea share of their oil wealth forpolitical quiescence, butBahrain is among the mostvulnerable to popular pres-sure.

"There's a deep sense offrustration among large seg-ments of Bahraini society,"said Toby Jones, professor ofMiddle Eastern studies atU.S.-based RutgersUniversity.

"If there was one place inthe Gulf that I was going topredict that there would besomething similar (toEgypt), it would beBahrain," he said.

Bahrain is a small oil pro-ducer with a majority Shi'itepopulation that has longcomplained of discriminationby the ruling Sunni al-Khalifa family, well beforepopular uprisings in Tunisiaand Egypt emboldenedactivists across the region.

Across their island country,

Bahrainis sounded car hornsand waved Egyptian flags onFriday night when newsbroke that EgyptianPresident Hosni Mubarakhad stepped down.

The first protests inBahrain since the events inEgypt and Tunisia unfoldedare expected to take place onMonday.

King Hamad bin Isa AlKhalifa, trying to defuse thetension, said he would give1,000 dinars ($2,650) to eachlocal family, and the govern-ment has indicated that itmay free minors arrestedunder a security crackdownlast year.

"I think it is no coincidencethat the government has cho-sen this time to announcenew grants to all Bahrainifamilies," said JaneKinninmont, analyst at theEconomist Intelligence Unit,who expected Mubarak's fallto strengthen protesters inBahrain.

Diplomats said the earlyconcessions could blunt thescale of the protest.

SECTARIAN DIVIDENon-OPEC Bahrain, which

unlike its Gulf Arab peershas little spare cash to throwat social problems, said lastweek it would spend an extra$417 million on social items,including food subsidies -- areversal of attempts to pre-

pare the public for cuts insubsidies.

Shadi Hamid, analyst at theBrookings Centre in Doha,said protests in Bahrain wereunlikely to draw supportfrom across sectarian lines,and this could limit the sizeof demonstrations in a coun-try with just over half a mil-lion Bahrainis.

"Not everyone in Bahrainagrees that democracy is agood thing because that willput the Sunni minority'spower at risk," he said.

Villages in Bahrain regu-larly see night-time clashesbetween security forces andShi'ite youths erecting barri-cades and attacking policewith fire bombs.

The government launched asecurity crackdown lastAugust against some Shi'itegroups to stop this, but it hasloosened its grip since therevolts in Egypt and Tunisia.

The trial of 25 Shi'ite menarrested in the crackdownand charged with incitingviolence to topple the gov-ernment has remained themain bone of contention. Thetrial is stalled after a series oflawyers resigned, andobservers are wonderingwhether the king might par-don some of the detainees.Bahrain, home to the U.S.Navy's Fifth Fleet, is one of astring of Sunni-led U.S.

allies in the region thatWashington depends on tocurtail the regional influenceof Shi'ite Iran.

Top oil exporter SaudiArabia, which has a sizeableShi'ite population in its east-ern provinces adjacent toBahrain, is worried it mightlose allies to counter Iran.

Bahrain's main Shi'iteopposition group, Wefaq,will play a decisive role inMonday's protests as it couldquickly mobilise tens ofthousands of supporters andsend them into the streets.

But observers and analystssay Wefaq is a cautiousgroup that will not join street

protests on a large scale butwill wait to see how manymore concessions the gov-ernment will make.

The group has taken part inparliamentary electionsintroduced as part of politicalreforms launched by the kingin the early 2000s to drawShi'ites into the political sys-

tem and quell the large-scalestreet protests of the 1990s.

"Wefaq is fundamentallyconstrained by the position itput itself in, it's decided towork within the system, it'sdecided not to provoke theSunni regime so they're stuckin that paradigm right now,"Hamid said.-Reuters

BAHRAIN PROTESTS TO ADD

TO PRESSURE ON GOVT* KING TRIES TO APPEASE OPPOSITION AFTER EGYPT, TUNISIA * FIRST PROTESTS

PLANNED FOR FEB 14 * MAIN SHI'ITE OPPOSITION GROUP HOLDING ITS CARDS

Egypt's military councilfaces a daunting chal-lenge to stabilise the

economy after 18 days ofprotests which may cutgrowth this year in half andhave left regulators nervousabout the reopening of itscapital markets.

In the short-run, analystshope that there will be anorderly transition to democ-racy and that may halt out-flows of capital which havereached as much as $1 bil-lion per day at the height ofthe revolt.

Many investors are alsooptimistic about the broaderchanges to business and pol-icy that may follow under afreely-elected governmentbut there is little prospect ofa step change in the nearterm.

"In terms of the economy,Egypt has been run by thesame technocrats for the last

30 years," said Tim Ash,head of emerging marketsresearch at RBS. "I don'tthink you're going to see toomuch of a change."

"The establishment arestill around. Their real agen-da is no change untilSeptember," he said.

Egypt's economy wasworth an estimated $217 bil-lion last year, half of oilgiant Saudi Arabia, andrelies on foreign invest-ments, tourism and feesfrom the Suez Canal

A month before theprotests erupted on Jan. 25,analysts polled by Reutershad expected growth of 5.4per cent in the fiscal yearending in June, second in theGulf Arab region only toQatar. The government hadforecast 6 per cent expan-sion.

But while banks and someshops are reopening, tourists

-- who account for between5 and 11 per cent of econom-ic output -- are still shunningthe popular holiday hub,making the growth predic-tions look optimistic.

Said Hirsch, Middle Easteconomist at CapitalEconomics, said the mainpriority would be bringingsociety back to normal andget people working again.

"The military's role will beto stabilise the economic sit-uation," he said.

MARKET NERVESOfficials on Saturday

pushed back the opening ofthe stock market for a sec-ond time, from Sunday tonext Wednesday, and theEgyptian pound had to bepropped up by interventionby the central bank lastweek.

At the peak of the unrest,some analysts speculated thebank would have to make an

emergency rise in interestrates to aid the pound.

Optimism over HosniMubarek's departure --which has helped emergingmarkets globally -- makethat move less likely, but thecurrency's weakness alsoadds to the likelihood ofhigher inflation and an even-tual rise in rates.

Ratings agencies alsodowngraded Egypt's sover-eign ratings by one notch asprotests intensified, citingpossible damage to alreadyweak state finances.

"We believe the centralbank will hike rates by 100basis points in an emergencymeeting this month as infla-tion is likely to surge on theback of a weaker pound,"said Dina Ahmad, CEEMEAstrategist at BNP Paribas.

Lower private consump-tion, which accounts foraround 70 per cent of GDP, a

drop in foreign investmentsand higher unemploymentare also expected to hurteconomic performance.

Although Mubarak's prom-ise of a double-digit salaryraise for public sector work-ers will now likely bescrapped, the transitionalgovernment is likely to keepup spending.

Lower taxes, higher subsi-dies and pressures to givemore money to unemployedmay also undermine thecrude oil-importer's fiscalhealth, with the budget gaplikely to balloon towards 10per cent of GDP this year,according to BNP Paribas.

"First we need to see areturn to normality," saidLars Christensen, senioremerging markets analyst atDanske Bank. "Then I thinkthe recovery could be rela-tively short."

SPENDING VS INFLA-

TIONLong-term, the outlook is

cloudier.If the economy worsens,

any resulting social instabil-ity could become a gravergeopolitical concern and toprevent that, Egypt may alsobe well-positions to receivea boost in foreign aid.

"I think it's the case thatthe United States and theGulf (countries) could bringmore aid to Egypt," saidHirsch. "A lot of moneycould come from the Gulf.

Gulf Arab rulers, as well asthe United States, see Egyptas a key ally to counter Iran'sgrowing influence in theregion, and will want to keepthe country economicallyhealthy and stable.

Among Gulf countries,Yemen, Bahrain and Kuwaithave already offered cash orconcessions, eyeing similaryoung populations and sim-

mering discontent.Beyond that, the prospect

of a freer and more trans-parent economy under newregime could draw substan-tial inflows of investmentlooking to grab marketshare in the country of 80million.

"When you have less than,say, 10 per cent of the popu-lation with checkingaccounts, there is potentialfor growth," said KarimBaghdady, managing direc-tor of Egyptian-basedinvestment bank Beltone inNew York.

"When you have a grayeconomy that is almost aslarge as the official GDP, ifyou are able to institution-alise that economy, thenpeople will start securitisingtheir debts, able to borrowmore, buy more. So there isa big domino effect." -Reuters

Egypt economy faces rocky road after protests* Sentiment on army's side for now, but big challenges loom * Growth may fall to as low

as 1-2 per cent - analysts * Loose fiscal policy, weak currency to fuel inflation

Microsoft Corp has yetto persuade investorsthat a deal to put its

Windows software on NokiaCorp phones is not just twolosers hoping to combine intoone winner.

The financial benefits forMicrosoft are not clear. By thetime new phones born out oftheir alliance hit the market,both may have ceded moremarket share to Apple Inc'siPhone and Google Inc'sAndroid system.

And some point out the riskthat Nokia's full-scale endorse-ment may alienate rival phonemakers such as SamsungElectronics Co Ltd and LGElectronics Inc, now support-ers of Microsoft's fledglingPhone 7 platform.

"They do have to actually putsome phones out there in themarket and, as best I can tell,that's easily six months down

the road," said Al Hilwa, ananalyst at tech research firmIDC. "The Android market ismoving really fast. They've gottheir work cut out."

The deal is a "an opportunity,rather than a slam-dunk," headded. "We'll have to wait andsee how this works out."

Most industry-watchersagree Microsoft's tie-up is aneffective way for the softwarecompany to get its operatingsystem on some 30 millionphones a quarter without acostly and disruptive acquisi-tion, putting it back on thesmartphone playing field.

But its shares fell as much as1.6 per cent as investors wor-ried how it would work inpractice.

"It's a great arrangementfrom Microsoft's standpoint,"said Sid Parakh, an analyst atMcAdams Wright Ragen. "Butit's very hard to model these

things out, given we don'tknow what the financial termsare, we don't know what thetimelines are, and we don'tknow what kind of monetisa-tion to expect."

Microsoft and Nokia arehammering out the financialdetails of their "broad strategicpartnership" to make WindowsPhone 7 the primary operatingsystem for Nokia phones.

But broadly, Nokia will payroyalties for licensing thephone software and in returnMicrosoft will invest in mar-keting and developing thephones, but it isn't clear whichwill be the greater sum.

BATTLE OF

ECOSYSTEMS

Analysts said the licensingagreement is complicated bythe fact some of Nokia's tech-nology will be included in thephones, such as mapping andnavigation. The Finnish

phone-maker may also get acut of the revenue Microsoftgets from putting its Bingsearch engine on the devices.

That alone could be worth$1.25 billion a year toMicrosoft, estimates RichardWilliams at Cross Research.

"What's really going to proveimportant is whether they getenough of a strong ecosystemout there in terms of develop-ers, applications, advertisingmonetisation, relationshipswith carriers," Hilwa said.

Nokia failed to generatedeveloper excitement with itsSymbian system and Microsoftis only just beginning to makeits mark on the burgeoning appmarkets, where users candownload a variety of usefultools and games to theirdevices. Microsoft has onlyabout 8,000 apps for WindowsPhone 7, compared with some15,000 for Research in Motion

Ltd's BlackBerry, more than100,000 for Google's Androidsystem and more than 300,000for Apple's iOS on iPhones andiPads.

"Microsoft is still in develop-ment mode really," said AviGreengart, research directorfor consumer devices atCurrent Analysis. "There arecore features that aren't thereyet, things as simple as cut andpaste."

Analysts are hoping for moredetails on Microsoft's technicalplans for Windows Phone 7 atthe annual Mobile WorldCongress in Barcelona nextweek. There are questionsabout how much Microsoftwill allow Nokia to customiseits software and whether itsagreement with Nokia will dis-courage handset makers suchas Samsung Electronics, LGand HTC Corp -- currently thechief supporters of Windows

Phone 7 in the United States.That is a risk Microsoft is

willing to take, said NPDGroup's consumer electronicsand wireless industry analystRoss Rubin, given it gets alarge, dedicated phone design-er committed primarily to itssoftware rather than Android.

"By focusing primarily onWindows Phone 7, Nokia willbe creating more competitivehandsets for that operating sys-tem, as opposed to other man-ufacturers that are focusingprimarily on Android," saidRubin. Microsoft only had a4.2 per cent share of the globalsmartphone market last year,according to research firmGartner, trailing Apple with15.7 per cent, Research inMotion with 16 per cent andGoogle's Android with 22.7per cent. Despite steadily los-ing share, Nokia's Symbianwas still the leader last year,

with 37.6 per cent of the smart-phone market. But most ofthose were lower-end devicescompared with the likes of theiPhone. The question now ishow much, and how fast,Microsoft can capitalise onthat market share.

"Nokia has a tremendousbrand presence, not in NorthAmerica, but pretty mucheverywhere else in the world,and a reputation for hardwarequality that's second to none,"said Greengart. "But Microsoftand Nokia are going to havetremendous execution risk."

The coming together of twoslow-moving titans may notultimately pay off, warnedPierre Ferragu, an analyst atSanford C. Bernstein inLondon.

"A partnership with anotherheavy giant doesn't sound likethe right remedy," he added. -Reuters

Microsoft's Nokia deal leaves investors cold

11Monday, February 14, 2011

International & Continuation

CONTINUATION

CAIRO: Hundreds ofEgyptian soldiers shoved pro-democracy protesters aside toforce a path for traffic to startflowing through centralCairo's Tahrir Square onSunday for the first time inmore than two weeks.

Protesters chanted "peace-fully, peacefully" as the sol-diers and military police in redberets moved in to dispersethem. Scuffles broke out andsome soldiers lashed out withsticks.

The military police chief toldprotesters to clear tents fromthe square and not to disrupttraffic.

"We do not want any protest-ers to sit in the square aftertoday," Mohamed IbrahimMoustafa Ali, the head of mil-itary police, told protesters andreporters as soldiers removedtents from the square.

The army has said it respectsthe demands of protesters,whose mass action droveHosni Mubarak from power. Ithas also called on them to gohome and let normal liferesume.

Protests erupted on Jan. 25and traffic stopped flowingthrough Tahrir after Jan. 28.The square became the epicen-tre of nationwide demonstra-tions, with many protesterscamping there.

"I will not leave the square.

Over my dead body. I trust thearmy but I don't trust thosecontrolling the army behindthe scenes," Mohamed Salah,27, a protester who was refus-ing to take down his tent in thesquare.

Faten Hassan, another pro-tester, said it was time to letthe army do its job. "If theyfail to fulfil our demands, weknow the way back to thesquare. Egyptians know theroad to any uprising they wishto hold again," she said.

The early morning violencedid not last long, but the armyaction, backed by dozens ofmilitary police, split demon-strators who had previouslycontrolled the square intosmaller groups.

"In the square, in the square,we demand our rights in thesquare," some chanted as sol-diers corralled the crowd.

Although Mubarak's resig-nation on Friday met the pro-testers' main demand, manysaid they planned to stay in thesquare to ensure the militarycouncil now in charge ofEgypt made way for civilianrule and democracy as it hadpromised.

Protesters demand the aboli-tion of emergency law that hasbeen used to stifle dissent forthree decades, the release of allpolitical prisoners, and freeand fair elections.

"The army is the backboneof Egypt. The solution is not toremove us from the square.They must respond to ourdemands," said a protesterover loudspeakers.

Atteya Mohamed, 32, alawyer and a member of a"people's defence committee",said the army's action wasunacceptable.

"The exact tactics used bypolice we see the army usingon protesters. We refuse thisand demand our friends arereleased."

Protesters said soldiers haddetained about 50 people sinceSaturday night. The army hadno immediate comment.

Troops were ordered on tothe streets on Jan. 28 afterpolice fought street battles totry to contain protests but lostcontrol. The army has taken alargely neutral role, but hasdetained some protesters andjournalists, often briefly.

"There is no enmity betweenthe people and armed forces ...We ask you not to attack oursons. This is not the (behav-iour) of the armed forces. Thisis a peaceful protest," one pro-tester said on loudspeakers."We demand that the armedforces release all our sons thathave been arrested in Tahrir."

Some passers-by felt thetime for protests was over.-Reuters

Egyptian armycorrals protestersto reopen Tahrir

LONDON: A British gov-ernment minister said onSunday there should be aninternational approach todealing with the overseasassets of deposed Egyptianpresident Hosni Mubarak andhis family.

Britain's Serious FraudOffice (SFO), which investi-gates financial crime, haslaunched a hunt for cash andassets linked to Mubarak, theSunday Times reported, with-out citing sources.

So far only Switzerland hasannounced a freeze on assetsthat might belong toMubarak, who stood down onFriday after 30 years of rule.

British business ministerVince Cable said countriesneed to work together onMubarak's assets, reported tobe worth at least millions ofdollars and held secretlyaround the world.

Asked if Britain would fol-low Switzerland's lead,Cable told BBC television: "Iwas not aware that he hadenormous assets here, butthere clearly needs to be aconcerted internationalaction on this.

"There is no point one gov-

ernment acting in isolation,but certainly we need to lookat it.It depends also whetherhis funds are illegally orimproperly obtained," Cableadded.

Britain could lock down anyassets linked to Mubarak atthe request of the EuropeanUnion or United Nations, or ifasked directly by Egypt, agovernment official said.

Egypt's ambassador toLondon, Hatem Seif el Nasr,said he had no informationabout any of Mubarak'sassets. "Truly, about themoney I have absolutely noknowledge," he told BBC TV.

Switzerland has also frozenassets belonging to Tunisia'sformer president Zine al-Abidine Ben Ali, who wasousted by a popular uprisinglast month. SFO head RichardAlderman, asked aboutreports that assets weresecretly held in London byMubarak and Ben Ali's fami-lies, told the Sunday Times:"The public would expect usto be looking for some of thismoney if we became aware ofit, and to try to repatriate itfor the benefit of the peopleof these countries."-Reuters

UK callsfor int’l

action onMubarak assets

LONDON: Prime MinisterDavid Cameron will relaunchhis faltering "Big Society" pro-gramme after a series of damag-ing blows to the plan for volun-teers to take over local services,Sunday's Observer said.

Cameron has identified him-self closely with the flagshippolicy, which builds on hisConservative party's belief insmaller government by devolv-ing power to local people.

But Cameron's 8-month-oldcoalition with the smallerLiberal Democrat party hasstruggled to explain the strategyto the public, undermining hisauthority and exposing him toridicule.

People still have little under-standing of the policy, with halfbelieving it is a "gimmick" and

40 percent saying it is a coverfor spending cuts, according toa ComRes opinion survey forthe Sunday Mirror andIndependent on Sunday.Cameron and his ministers willspend the coming week defend-ing the programme and detail-ing 100 million pounds of fund-ing to help charities and volun-teer groups compete for govern-ment contracts for the first time,the Observer said.

Cameron will also announcein the coming weeks plans for a"Big Society university,"backed by a multi-millionpound endowment, to traincommunity workers.

"The big society is aboutchanging the way our country isrun... This is not another gov-ernment initiative -- it's about

giving you the initiative to takecontrol of your life and workwith those around you toimprove things," Cameronwrote in the Observer.

"People have the compassion,flexibility and local knowledgeto help their neighbours andcommunities. Our approachwill not merely enable them tobuild a stronger society, it willactively help them to do so," hesaid.

Elisabeth Hoodless, head ofBritain's largest volunteeringcharity, Community ServiceVolunteers, said last week theBig Society scheme was beingundermined by the coalition'splan to cut more than 80 billionpounds of state spending overfour years to tackle a recordbudget deficit.-Reuters

Camerondefends faltering

"Big Society" plan

Sri Lankaflood

damage$600 mln

COLOMBO: The damagefrom monsoon flooding in SriLanka over the last six weeksis estimated at $600 million,a government minister saidSunday amid a slow responseto an international appeal forhelp. Disaster ManagementMinister MahindaAmaraweera said the govern-ment would spend 33 billionrupees ($300 million) tocarry out urgent repairs to50,000 homes damaged bythe flooding.

"The total flood damage billis estimated at twice as much,"Amaraweera told AFP. "Therice crop damage alone isabout 13 billion rupees."

The unusually heavy mon-soon rains left at least 64 peo-ple dead and drove more thanone million people out of theirhomes.

Most of them have returnedas rains subsided, but 130,000people still remain in state-runwelfare camps, the disastermanagement centre saidSunday.

The United Nations issuedan appeal for $51 million toaddress immediate needs afterthe first round of flooding, butreceived only about 20 per-cent.

It plans a fresh appeal afterthe second wave of floods hitthe northern, central and east-ern parts of the island.-APP

Yemeniprotestersmarch on

palaceSANAA: Anti-governmentprotesters clashed with policetrying to prevent them frommarching towards Yemen'spresidential palace in Sanaa onSunday, witnesses said.

Shortly before the clashes,the opposition agreed to entertalks with President AliAbdullah Saleh, who is keen toavert an Egypt-style revolt inthe country, a U.S. ally againstal Qaeda.

"The Yemeni people want thefall of the regime," protestersshouted during the demonstra-tion attended by about 1,000people, before dozens broke offto march to the palace. "AYemeni revolution after theEgyptian revolution."

Sporadic anti-governmentprotests have gathered momen-tum in Yemen. Earlier thismonth, tens of thousands tookpart in an opposition-led "Dayof Rage" to demand a change ofgovernment, inspired by popu-lar protests in Tunisia andEgypt.

Pro- and anti-governmentprotesters have clashed inrecent days.

Opposition officials said 10protesters were detained inSanaa and 120 were taken intocustody overnight in the city ofTaiz, where authorities brokeup a demonstration onSaturday.

Four people were hurt in theSanaa clashes, in which policehit protesters with batons anddemonstrators threw rocks atpolice, witnesses said.

Saleh, in power for more thanthree decades and concernedabout unrest in some parts ofthe Arab world, has said he willstep down in 2013 and pledgedhis son will not take over thereins of government. He invitedthe opposition for talks.

"The opposition does notreject what came in the invi-tation by the president and isready to sign an agreement inno more than a week," saidformer Foreign MinisterMohammed Basindwa, nowan opposition politician,adding that the talks shouldinclude Western or Gulfobservers.

"Past experience is what hasspurred us to request that repre-sentatives of the Friends ofYemen (donor countries) be inobservance," he said.

Instability in Yemen wouldpresent serious political andsecurity risks for Gulf states.The United States relies heavilyon Saleh to help combat alQaeda's Yemen-based arm,which also carries out attacks inneighbouring Saudi Arabia.-Reuters

CAIRO: An Egyptian policeman (C) is hugged by two opposition supporters outside theInterior Ministry near Tahrir Square. Thousands of protesters streamed back into Cairo's

Tahrir Square on Sunday after the army tried to disperse them and gunfire was heard nearthe Interior Ministry where police were demonstrating over wages.-Reuters

and December were heavily rigged by the ruling party, virtuallyshutting out opposition representation. The caretaker Cabinet,which was appointed by Mubarak shortly after the pro-democra-cy protests began on Jan. 25, will remain in place until a newCabinet is formed — a step that is not expected to happen untilafter elections. The ruling military council reiterated that it wouldabide by all of Egypt's international treaties agreed in theMubarak era, most importantly the peace treaty with Israel. Thecaretaker government met for the first time since Mubarakstepped down. "Our concern now in the Cabinet is security, tobring security back to the Egyptian citizen," Prime MinisterAhmed Shafiq told a news conference after the meeting. "In acountry like Egypt, with a pharaonic legacy, having no presidentand no head of state is not easy," said Amr el-Shobaky, a memberof the Committee of Wise Men — a self-appointed group ofprominent figures who are allied with the protesters.

Continued from page 12No #1

This year, Minister for Religious Affairs Syed Khurshid AhmedShah would supervise the entire Hajj operation to ensure transpar-ent and smooth conduct of the pilgrimage. No application formwithout having number of machine readable passport (MRP)would be entertained, advising the intending pilgrims to get theirMRPs ready at the earliest to avoid any inconvenience. In 2010,the bank branches were directed to accept requests along withphotocopies of the receipts from those aspirants who had appliedfor MRPs due to low turn out of the applicants.-APP

Continued from page 12No #2

There were thousands of troops in Afghanistan and they muststop militants from fleeing into the Pakistani territory. Pakistanhas more than 800 mile-long-border with Afghanistan and it wasdifficult to seal it. After all, he pointed out, the United States, withall its resources and infrastructure, had not able to establish muchcontrol over its border with Mexico.

Earlier, the Afghan Ambassador also spoke of Afghanistan'sexcellent relations with Pakistan's civilian government, led byPresident Asif Ali Zardari. Ambassador Tanin said his governmentstood for national reconciliation provided the opposition groupsrenounce violence and agree to respect the country's constitution."We want to end the war in Afghanistan," he told the gathering.Ambassador Finn, who was posted to Afghanistan soon after thecollapse of the Taliban government, noted the resurgence of themilitant group. He said that necessary attention was not given toimproving the country's governance, rebuilding infrastructure and

Continued from page 12No #3

Three trials are still under proceedings, report added. Report alsoincluded that NAB is currently inquiring about 578 cases.

As per the details, 15 of them were completed, seven were called offwhereas against 13 accused, go ahead was signaled for formal investiga-tions, which include Mir Baz Khaitran, former Federal SecretaryPetroleum and Natural Resources, Kamran Lashari, as well as former IGFrontier Core, Malik Naveed. Progress report issued by NAB also told dur-ing the same period, NAB completed investigations on 30 cases whereby15 were government employees, nine businessmen and six miscellaneouspeople. Investigations pertaining to three other were voided.-Agencies

Continued from page 12No #4

Anwar Lutfullah - SEVP/ Group Head Consumer Banking, SummitBank Limited and Asghar Rangoonwala - Chief Executive Officer, ABBRecreations (Pvt) Limited signed the agreement on behalf of their respec-tive organization in a simple but impressive ceremony held at The RoyalRodale Club. The ceremony was also attended by senior managementfrom both the organizations.-Online

Continued from page 12No #5

Media reports had stated that a recently-released declaration by somecountries said most of UN member nations supported enlarging the coun-cil with new permanent and non-permanent members, and insisted tangi-ble results be achieved in this regard during the Current Session of the UNGeneral Assembly. Ma said China held that UN member nations shouldseek for a package of solutions for the reform, on the basis of broad anddemocratic consultation among member nations to accommodate interestsand concerns of all parties. He said though some positive progress hadbeen made since inter-government negotiations regarding the reform ofthe UN Security Council were launched, there were still serious differ-ences within all parties over certain important issues about the reform.China advocated that the more differences the member countries had onthe reform, the more necessary for UN member nations to enhance dia-logue and consultation, he said. -APP

Continued from page 12No #6

strengthening security forces, the factors that have led to the pre-vailing difficult situation.-APP

provide any satisfactory and credible reports regarding the issue; fol-lowing which the interior ministry, ignoring any further official assistanceof FO, extended Raymond Davis's visa on its own. Meanwhile, Pakistanidiplomats in America have informed that there was intense pressure ofWashington regime for the release of Davis. -Agencies

Continued from page 1No #7

bought shares worth $7.79 million and sold share valuing $7.63 million.Furthermore, other organization, mutual funds NBFC and local individualsremained on the buying side with shares worth $4.08 million, $1.27 million,$0.97 million and $0.36 million respectively.

On the other hand, biggest weekly selling were witnessed from local compa-

Continued from page 1No #8

at the news of arrest warrants for Musharraf, but the government would not bow to any external pressure and allowthe use of the issue as a springboard to heroics. Awan said that the PPP-led government did not have any personal agen-das but instead would work towards ensuring the fulfillment of the national agenda. He said that lawyers were impor-tant members of society and the government was bringing an amendment to the constitution to ensure that federal andprovincial governments allocate separate budgets for lawyers. He cited the 18th amendment, which had erected a strongresistance against any further dictatorships and said that government strictly eschewed any political vendettas. He heldlawyers as a part of strong pillar of Pakistani democracy, which has been declared a source of strength in constitution,and also denied any pending issue of increase in governmental salaries; also cautioning that government would be car-rying out strict monitoring of federal ministers. -Agencies

Continued from page 1No #9

to Aiwan-e-Sadr for an explanation. They said that Shah Mehmood Qureshi did not attend a meeting between PresidentZardari and US Congressional delegation and when he was asked for his absence, the former Foreign Minister said he didnot receive an invitation. The sources said it was because of Shah Mehmood Qureshi that the oath taking ceremony of thenew cabinet was delayed for 25 minutes and later he told the party leadership that he has no interest in the Ministry beingoffered to him. Some insiders say that the portfolio of Foreign Ministry would be retained by the Prime Minister for theremaining two years of the present government and Hina Rabbani Khar would be asked to run the affairs of the ministry.

Meanwhile thousands of people from the constituency of Shah Mehmood Qureshi staged a protest demonstration inMultan on Sunday against non-inclusion of their elected member in the new Cabinet. The protestors blocked the mainMultan highway for some time. The participants on the occasion said that Qureshi adopted a principled stand againstthe US national Raymond Davis and this was the reason that he was not included in the cabinet as Foreign Minister.Meanwhile, Federal Information Minister Dr Firdaus Ashiq Awan has expressed her mystery over Shah MehmoodQureshi's dissent/ desertion from Cabinet, coinciding with that of former president Musharraf's arrest warrants.-Online

Continued from page 1No #10

other objections. "Whether the bids to acquire used aircraft were invited, was competitive climate ensured and air-bus offer was received or not?" these objections were also raised by the Planning Commission. Planning Commissionalso questioned that had the Engineering Department of the PIA evaluated other options or confirmed to new Boeing777 against used-ones. It may be mentioned here that PIA operates a range of advanced aircraft, ranging from theworld's preferred Boeing-777 airplane to the super-quiet Airbus A-310. According to the details; of the Boeing 777 air-craft, the Boeing 777 family comprises of long-range, wide-body twin-engine airplanes. PIA was the first airline in theworld to operate all the three variants of the 777 family including 777-200LR, 777-200ER and 777-300ER, all of themare appreciated by PIA's travelers.

PIA also holds the privilege of being the launch customer for 777-200LR, one of PIA's aircraft holds the record forthe longest commercial jet flight in aviation history. At present PIA is serving destinations in USA, Canada, UK andEurope through its 777 fleet. PIA also has the Boeing 747, often referred to as "Jumbo Jet", is amongst the world's mosticonic and recognisable jet airplanes. This 4-engine long haul wide-body airplane has a two-deck configuration.

PIA operates two variants of 747 families which includes 747-300 and 747-200 Combi. At present due to its capacity,747-300 fleet is mostly deployed to cater high density requirements like carrying intending pilgrims to and from SaudiArabia. The Airbus A310 is a medium to long range wide-body airplane providing a spacious interior to its travelers. -APP

Continued from page 1No #11

welfare of the masses not for the power, adding the MQM has no enmity and differences with any one. He said thatthey vowed they would unconditionally cooperate with each other for the elimination of the terrorism and extremismand he also demanded of the holding LG polls in the country. Their struggle is peaceful and we believe in peaceful strug-gle through vote, he added. He warned that they have right to come out on roads like people of Egypt and Tunisia if anyone tries to create hurdle in their struggle. Dr Farooq Sattar said that MQM Quaid Altaf Husian invited PML-Q leader-ship and workers to attend the public gathering of the MQM at Minar-e-Pakistan on April 10. Welcoming the MQM del-egation, Ch. Pervaiz Elahi said that the PML-Q agreed with MQM over new working relationship. He said that theiragenda is to jointly work for the welfare of the masses and development of the country. -Online

Continued from page 1No #12

nies which bought $89.46 million of shares in the local bourse against the selling of $94.21 million, thus turning the netselling worth of $4.74 million. Similarly, banks offloaded shares worth of $2.10 million in the market during the last week.

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CAIRO: Egypt's military leaders dis-solved parliament and suspended theconstitution Sunday, meeting two keydemands of protesters who have beenkeeping up pressure for immediate stepsto transition to democratic, civilian ruleafter forcing Hosni Mubarak out ofpower.

The military rulers that took overwhen Mubarak stepped down Fridayand the caretaker government also set asa top priority the restoration of security,which collapsed during the 18 days ofprotests that toppled the regime.

The protesters had been pressing theruling military council to immediatelymove forward with the transitionprocess by appointing a presidentialcouncil, dissolving the parliament andreleasing detainees.

"They have definitely started to offerus what we wanted," said activist SallyTouma, reflecting a mix of caution andoptimism among protesters who want tosee even more change, including repealof the repressive emergency law.

Judge Hisham Bastawisi, a reformist

judge, said the actions "should open thedoor for free formation of political par-ties and open the way for any Egyptianto run for presidential elections."

Hossam Bahgat, director of the non-governmental Egyptian Initiative forPersonal Rights, said the military's stepswere positive but warned that Egypt wason uncharted legal ground.

"In the absence of a constitution, wehave entered a sort of 'twilight zone' interms of rules, so we are concerned," hesaid. "We are clearly monitoring the sit-uation and will attempt to influence thetransitional phase so as to respect humanrights."

The military ruling council said it willrun the country for six months, or untilpresidential and parliament elections canbe held. It said it was forming a commit-tee to amend the constitution and set therules for a popular referendum toendorse the amendments.

Both the lower and upper houses ofparliament are being dissolved. The lastparliamentary elections in November

See # 1 Page 11

Egypt mily rulersdissolve Parliament

NEW DELHI: India plans to with-draw 10,000 paramilitary troopsfrom Kashmir in 2011 and renewefforts to hold talks in the rebellion-hit Himalayan region, a top govern-ment official said Sunday.

A separatist insurgency has ragedin Indian-administered Kashmir, aMuslim-majority state, for 20 yearsand at least 114 people died in streetprotests last summer in pitched bat-tles with security forces.

"I think this year we can easilytake out 10 battalions (10,000 per-

sonnel), if not more," Indian HomeSecretary Gopal Pillai told the PressTrust of India news agency.

"Irrespective of the situation, I cantake out 10 battalions and it wouldnot have any impact."

There are currently 70,000 para-military troops in Indian-adminis-tered Kashmir plus 100,000-150,000 army soldiers.

Many state politicians in Kashmirbelieve their huge presence hasfuelled recent deadly violence.

"There are more than adequate

forces in Kashmir and it can do withless central forces," Pillai, the homeministry's top civil servant, said.

"You have to start talking to otherpeople and get fresh ideas so I thinkwe have to reach out to the peopleof Kashmir."

Security forces opening fire atseparatist demonstrations have trig-gered a cycle of violence inKashmir over recent summers, andthe government in New Delhi iskeen to calm tensions in the yearahead. -Reuters

10k Indian troops to leave Kashmir

ISLAMABAD: Pakistanexpressed the hope Sunday that itsgrowing row with the UnitedStates over a jailed US embassyemployee will not scuttle its cru-cial talks with Washington andKabul on efforts to stabiliseAfghanistan.

Tensions have been risingbetween Pakistan and the UnitedStates over the case of RaymondDavis, a US consular employeewho shot dead two Pakistanis lastmonth in what he said was anattempted robbery.

US State Department Saturdaysaid a meeting scheduled thismonth in Washington among US,Afghan and Pakistani officials hadbeen postponed, citing "politicalchanges" in Pakistan. PakistanPrime Minister announced a new,smaller cabinet last week, drop-ping Shah Mehmood Qureshi asforeign minister.

Neither Pakistan nor the United

States has linked the postpone-ment of the trilateral meeting tothe detained consular employee,but diplomats have saidWashington had put many high-level dealings, including officialvisits to Pakistan, on hold becauseof the standoff.

Pakistani Foreign Ministryspokesman Abdul Basit saidIslamabad was looking forward tothe rescheduling of the trilateralmeeting as soon as possible as"such meetings yield positiveresults for peace and security".

"We hope one person would notdrive Pakistan-US relations andwe hope we would not be losingsight of the strategic imperative ofour relations," Basit told Reuters.

The trilateral meetings havebeen held periodically to fosterstability in Afghanistan, wherearound 100,000 US troops arefighting Taliban militants, and inPakistan, where a fragile govern-

ment battles an insurgency on itsown.

The controversy over Davis isthe latest issue pitting Pakistaniofficials against their US counter-parts even as they struggle to proj-ect an image of cooperation onsecurity.

The United States says Davis'sarrest is a violation of internation-al conventions because he hasdiplomatic immunity, whileIslamabad says the matter will bedecided by its courts.

The shootings have taken anti-Americanism in the mainlyMuslim nation to new heights assupporters of the slain men haveheld several protests and burnedUS flags.

In addition to the two men shotand killed by Davis, a third manwas killed when a vehicle fromthe US consulate, apparently enroute to rescue Davis, struck andkilled a passerby. -Reuters

‘Davis row won'thit Pak-USA ties’

UNITED NATIONS: Pakistan sup-ports an Afghan-led and inclusive rec-onciliation process in Afghanistan topave the way for durable peace and sta-bility in the war-torn country, PakistaniAmbassador Abdullah Hussain Haroonhas said.

"We have a stake in a peaceful and sta-ble Afghanistan," he said while partici-pating in a discussion panel at the UnitedNations on the subject of "Afghanistan:Is a Negotiated Settlement Possible?"The well-attended event was organizedby the Century Foundation and Mid-Atlantic region of the United NationsAssociation of the United States.

Other participants were Robert Finn, aformer United States to Afghanistan andZahir Tanin, Afghanistan's UNAmbassador. Jaffrey Laurentia, seniorfellow in international affairs at TheCentury Foundation, was the moderator.

Elaborating his remarks on theAfghan reconciliation process,Ambassador Haroon said Pakistan had

welcomed the establishment of "theHigh-level Peace Council" inAfghanistan and its head BurhanuddinRabbani visited Islamabad last month.

"Pakistan wants durable peace andstability in Afghanistan, stability anddevelopment in Afghanistan is in ournational interest", he said, adding thatthe safe return of more than 1.5 millionregistered Afghan refugees living inPakistan was only possible in a peace-ful and stable Afghanistan.

The quest for peace and stability inAfghanistan was driving bilateral rela-tions into long-term cooperative part-nership, he said.

Close cooperative relationship existsbetween the leadership of the twocountries at all levels. Replying to aquestion, Ambassador Haroon saidPakistan was doing everything possi-ble to get rid of the militants who havetaken refuge on its soil, but US-ledcoalition forces must do their part.

See # 3 Page 11

Pak backs Afghanled peace process

ISLAMABAD: Ministry of ReligiousAffairs is making all-out efforts toensure maximum facilities to intendingHujjaj by reducing Hajj expenses foryear 2011 by Rs. 36,000 per pilgrim.

"Efforts are on to curtail Hajj expens-es from Rs236,000 to Rs200,000 perpilgrim, under the government scheme,"sources in the Ministry told APP.

The ministry is taking a number ofsteps to ensure provision of maximumfacilities to pilgrims, keeping in viewdifficulties faced by Hujjaj during pre-vious years.

The services of those Pakistanis, whoare already in Saudi Arabia would behired as Khuddam-ul-Hujjaj and theirnumber would be increased from 400to 800.

Previously Khuddam were paid 70Saudi riyals for their services but nowthey will get 100 riyals. We have

formed a committee to conduct inter-views from those Pakistanis who arealready present at the Holy Land.

Besides, services of Urdu speaking driv-ers would be hired to resolve transporta-tion problems of Hujjaj in Saudi Arabia.

The Ministry would start receivingHajj applications from April 10 with arenewed pledge to provide maximumfacilities to intending pilgrims and ensureflawless arrangements for Hajj-2011.

The applications are being soughtalmost six months before the com-mencement of pre-Hajj flight opera-tion, which would be receivedthrough designated bank branches ofAllied Bank Limited, Habib BankLimited, Muslim Commercial Bank,National Bank of Pakistan, UnitedBank Limited and Zarai TaraqiatiBank Limited.

See # 2 Page 11

Hajj 2011 to gocheaper by Rs36k

NABhead turns ablind eye topoliticians

ISLAMABAD: Chairman NAB,Justice (Retd) Deedar HussainShah has voided 2808 cases rea-soning insufficient evidenceswhereas recovered Rs39 millionsfrom defaulters during the firstthree months of his appointment.

NAB issued the performanceof its chairman from October toDecember 2010, on Sunday,wherein it is learnt DeedarHussain Shah has not regis-tered a single case against anypolitical figure despite the fact,he directed to hold inquiriesagainst 45 government employ-ees and businessmen.

According to other detailsgiven in the quarterly progressreport contain that 32 petitionswere registered with accounta-bility courts, 19 accused weresentenced with different penal-ties whereas 11 were released.

See # 4 Page 11

SBL, ABBink deal

for RoyalRodale ClubKARACHI: Summit BankLimited (SBL) (Formerly ArifHabib Bank Limited) hasentered into an agreement withABB Recreations (Pvt)Limited; owners & operators ofThe Royal Rodale Club; to offerits club membership to potentialcustomers through a convenient& affordable financing plan.

The most exciting feature ofthis financing plan is "0 per centmark-up" which will enablepotential customers to get theclub membership through stag-gered membership fee paymentwithout any additional cost.

See # 5 Page 11

China urgesconsensus on

UN reformsBEIJING: China called uponmembers of the United Nationsthat they should work for a broad-based consensus on the reform ofthe UN Security Council.

"Experience has proven thatpresetting results for the reformor forcing premature reformplans will not only underminethe unity of UN member nations,but also harm the reformprocess, which will not be in linewith any party's interests," theXinhua news agency quoted for-eign ministry spokesman MaZhaoxu who made the remarksin response to a relevant ques-tion last Saturday.

China is ready to maintaincontact with all relevant par-ties, and make joint efforts withother member nations to pushforward the reform in a waywhich can be conducive tosafeguarding the overall inter-ests of UN and the unity of themember nations, said Ma.

See # 6 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani meeting with President Zardari at Aiwan-e-Sadr.-APP

FO says trilateral talks important for peace