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International Pak, US in pursuits to normalise ties See on Page 12 Japan auto firm to install $150mn plant See on Page 12 Malik hints at operation in metropolis See on Page 12 *Crude Oil (brent)$/bbl 116.52 *Crude Oil (WTI)$/bbl 94.55 *Cotton $/lb 103.71 *Gold $/ozs 1,640.70 *Silver $/ozs 40.27 Malaysian Palm $ 1,049 GOLD (NCEL) PKR 45,158 KHI Cotton 40Kg PKR 5,894 Yearly(Jul, 2011 up to 29-Jul-2011) Monthly(Jun, 2011 up to 29-Jul-2011) Daily (29-Jul-2011) Total Portfolio Invest (16-Jul-2011) -46.49 -46.49 -3.90 2768 0.59 -2.17 1.35 0.49 0.18 -0.97 0.53 SCRA(U.S $ in million) Portfolio Investment FIPI (02-Aug-2011) Local Companies (02-Aug-2011) Banks / DFI (02-Aug-2011) Mutual Funds (02-Aug-2011) NBFC (02-Aug-2011) Local Investors (02-Aug-2011) Other Organization (02-Aug-2011) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (23-July-11) Inflation CPI% (Jul 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (Jun 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11) GDP Growth FY12E Per Capita Income FY10 Population $18.30bn 13.77% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5957bn $758mn -2.28% 4.20% $1,051 176.81mn 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 17.46 2.00 1.70 11.42 PKR/Shares 112.46 151.05 43.26 36.77 39.52 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 (1 Yr) 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) 27-Jul-2011 27-Jul-2011 27-Jul-2011 30-Jul-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 01-Aug-2011 13.53% 13.78% 13.92% 13.50% 13.41% 13.26% 13.37% 13.66% 13.73% 13.45% 13.51% 13.59% 13.83% 13.95% 14.04% Money Market Update Index Close Change KSE 100 12,226.33 27.06 Nikkei 225 9,844.59 120.42 Hang Seng 22,421.46 241.91 Sensex 30 18,109.89 204.44 ADX 2,645.81 7.93 SSE COMP. 2,679.26 24.52 FTSE 100 5,739.20 35.23 *Dow Jones 12,072.10 60.39 Global Indices Symbols Buy (Rs) Sell (Rs) Australian $ 93.20 94.20 Canadian $ 89.50 91.00 Danish Krone 16.15 16.50 Euro 122.00 124.00 Hong Kong $ 10.75 10.90 Japanese Yen 1.100 1.128 Saudi Riyal 22.88 23.08 Singapore $ 71.00 72.00 Swedish Korona 13.30 13.50 Swiss Franc 99.90 100.90 U.A.E Dirham 23.38 23.58 UK Pound 140.20 141.50 US $ 85.95 86.25 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 95.45 95.68 Canadian $ 90.74 90.95 Danish Krone 16.68 16.72 Euro 124.26 124.55 Hong Kong $ 11.09 11.11 Japanese Yen 1.116 1.119 Saudi Riyal 23.04 23.09 Singapore $ 71.93 72.10 Swedish Korona 13.78 13.81 Swiss Franc 109.09 109.34 U.A.E Dirham 23.52 23.58 UK Pound 142.11 142.44 US $ 86.51 86.71 Inter-Bank Currency Rates Subscribe now Tel: 92-21-35311893-6 Fax: 92-21-35388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com Cities Max-Temp Min-Temp Islamabad 35°C 20°C Karachi 35°C 29°C Lahore 33°C 29°C Faisalabad 34°C 30°C Quetta 37°C 15°C Rawalpindi 36°C 20°C Weather Forecast Karachi, Wednesday, August 3, 2011, Ramadan-ul-Mubarak 2, Pages 12 Vol No 5 Issue 2 Price Rs 12 Sassui takes notice of delay in maintenance of dykes See on Page 2 BEIJING: Federal Minister for Water and Power, Syed Naveed Qamar said Tuesday that the growing energy demand in Pakistan is a challenge for the government, yet it provides immense opportunities for Chinese investors to contribute towards reducing energy short- age in the country while shar- ing the benefits. Leading the Pakistani delega- tion in the 1st China-Pakistan Joint Energy Working Group (JEWG) meeting here, the Minister thanked the Chinese government "for extending every possible support to Pakistan at all times, especially in the hours of need." Qian Zhimin, Deputy Administrator of National Energy Administration (NEA) of the National Development Reform Commission of China led the Chinese side in the largely attended JEWG meet- ing. The Federal Minister said that Pakistan has always been proud of having extremely friendly and strong ties with China. He said the signing of a Memorandum of Understanding (MoU) on 17th December 2010, "pursuant to which we are conducting the 1st China-Pakistan JEWG meeting, is a clear evidence of the brotherly relationship between the two neighbouring countries." Pakistan, the Minister said, is currently faced with energy demand-supply gap, yet the government is fully committed to resolve the prevalent energy shortages and achieving energy security objectives on sustain- able basis with active support of friendly countries, especially China. "As per estimates of Pakistan Electric Power Company (PEPCO), there is a deficit of around 5,000 MW in our sys- tem, which could further grow in future due to rapidly increas- ing growth in power demand," the Minister observed. Syed Naveed Qamar said the government of Pakistan has always encouraged and wel- comed participation of Chinese entrepreneurs, investors, and manufacturing companies to participate in the development of all sectors of the country's economy especially in the power sector. The Minister pointed out that Pakistan's power sector has never been a new area for Chinese entrepreneurs, investors and power sector companies, as there are already many leading companies actively engaged in various energy projects in Pakistan in different capacities. Pakistan, the Minister further said, is endowed with abundant See # 6 Page 11 Qamar invites Chinese investors For investment in energy sector ISLAMABAD: Dr Samar Mubarakmand member Science and Technology Planning Commission on Tuesday said that Thar coal project will be operational from December 2013 that will bring prosperity in country. Talking to PTV, he said that electricity generated through Thar coal gasified plant would cost below rupees two and Pakistan has had enough coal reservoirs that can provide electricity to country for more than 500 years. He further said that work on the projects was in progress and the first 50MW gasifying project has almost been com- pleted. He said the project to cost Rs8,898.7 million, with a for- eign exchange component of Rs5,847.3 million that has been approved by the Executive Committee of National Economic Council last year. Finance minister had now accepted the demand of Rs900 million for machinery and equipment keeping in view project's importance and finan- cial viability, he added. Dr Samar assured that suc- cess of the Thar coal project would encourage global invest- ment by leading international companies dealing with devel- opment of underground coal. See # 5 Page 11 Thar coal project to work by Dec ‘13 ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) Tuesday approved Rs1.04 per unit hike in power tariffs. The hike was approved under monthly fuel adjustment for the month of June. According to Nepra sources, tariffs raise will be applicable to all the consumers other than lifeline consumers. It should be mentioned here that Central Power Purchasing Agency (CPPA) pleaded Nepra for an increase of Rs1.13 per unit. A total of 8, 798 gigawatt electricity was sold to distribu- tion companies during month of June. Electricity sold in June was worth Rs 55.95 billion, according to Nepra. Nepra sources said transmis- sion losses accounted for 4.24 per cent of electricity in the same month. National power grid received 35.92 percent electricity from wind power, 34.15 per cent from furnace oil and gas was employed to generate 25.05 per cent of electricity, according to Nepra. As much as 3.96 per cent electricity was produced from nuclear source, 0.11 per cent from coal and 0.15 per cent power was incorporated from national power grid with the help of high speed diesel. As much as 0.24 per cent electricity was imported from Iran as well. - NNI Nepra raises power tariffs by Rs1.04/unit TFD Monitoring WASHINGTON: The US Senate emphatically passed emergency legislation Tuesday to avoid a first-ever govern- ment default, rushing the legis- lation to President Barack Obama for his signature just hours before the deadline. The vote was 74-26. Obama planned to sign the bill promptly and also was making remarks at the White House. Tuesday's vote capped an extraordinarily difficult Washington battle pitting tea party Republican forces in the House against Obama and Democrats controlling the Senate. The resulting compro- mise paired an essential increase in the government's borrowing cap with promises of more than $2 trillion of budget cuts over the next decade. Much of the measure, which the House passed Monday night, was negotiated on terms set by House Speaker John Boehner, including a demand that any increase in the nation's borrowing cap be matched by spending cuts. But the legisla- tion also meets demands made by Obama, including debt-limit increases large enough to keep the government funded into 2013 and curbs on growth of the Pentagon budget. "We've had to settle for less than we wanted, but what we've achieved is in no way insignifi- cant," said Senate GOP leader Mitch McConnell of Kentucky. "But I think it was the view of those in my party that we'd try to get as much spending cuts as we could from a government we didn't control. And that's what we've done with this bipartisan agreement." Many supporters of the legis- lation lamented what they saw as flaws and the intense See # 9 Page 11 US averts debt default TFD Report KARACHI: The government's decision to slash sales tax on auto industry brought on no impact on auto prices and man- ufacturers are the sole benefit of the reduced tax rate. According to a report, auto- mobile sellers are also not deducting depreciation on used cars and are selling them on higher prices. Many auto consumers say that owing to monopolistic competition in auto industry prices are at standstill while in most of the developing coun- tries auto prices are quite com- petitive and revised sharply in previous few years. Auto industry analysts say that as per accounting rules a used cars value should be slashed by 15 to 20 per cent against depreciation in its value. However, no such rule is followed in used car market and such cars are being sold at quite higher prices. It may be recalled that in cur- rent fiscal year's budget the rate of sales tax on auto industry was reduced by one per cent and afterwards it was expected that auto prices would eventu- ally come down. However, during first one month of the new fiscal year no any auto manufacturer has announced any cut in prices of any of its brands and most of the brands are being sold on same prices which confirms that instead of consumers, dealers are the sole beneficiary of slashed sales tax rate. No sales tax benefit to auto consumers Ahmed Siddiqui KARACHI: Consumer price index (CPI) rose to 13.77 per cent in July 2011 from a year ago, the Federal Bureau of Statistics said on Tuesday. On the other hand, monthly Consumer Price Index (CPI) during the month of July regis- tered increase of 1.80 per cent as compared to previous month. Higher food inflation and upward power tariff revision were the main reasons of hike in year on year (YoY) while higher food inflation was the key factor to month on month (MoM) surge. As per the detail available, in July 2011, the CPI and SPI increased by 1.80 per cent and 2.22 per cent respectively while WPI decreased by 0.64 per cent over June 2011. On the other hand, compared to July 2010, CPI increased by 13.77 per cent, SPI 17.34 per cent and WPI 21.13 per cent. The main commodities, which showed an increase in their prices during the month See # 4 Page 11 Inflation up 13.8pc in previous month KARACHI: After limiting borrowing from the central bank to zero, the government has increased reliance on commercial banks by borrow- ing Rs28.64 billion during first 23 days of the current fis- cal year. In the same period last year, the banks received a deposit of Rs6.69 billion, according to data released by State Bank of Pakistan (SBP) on Monday. The government after an agreement with the central bank had retired borrowings to both the end-June 2010 level as well as the limit of end- September 2010 level. The government has expressed its commitment to continue with the stance of zero-borrowing from the SBP in yearly flow terms during FY12," according to the Monetary Policy Statement (MPS) released last Saturday. The government aggressively borrowed from the commercial banks during the last fiscal year, taking the total to Rs616.74 billion in FY11 from Rs309 billion in the previous fiscal year. In the MPS, the central bank said that the borrowing from scheduled banks will need to be monitored closely to assess potential risks for macroeco- nomic stability. The commercial banks thirst for investment in government papers also raised concerns about fall in credit to private sector. The SBP said that an increase in private sector credit during first half of FY11 was primarily due to working capi- tal requirement, which is expected to decline in the sec- ond half, once the final figures are released. The net government sector borrowing during first 23 days of current fiscal year, however, eased to Rs27.7 billion as against Rs42.50 billion. During the period, the government restricted its borrowing from the central bank and, on the contrary, deposited a huge sum of Rs44 billion. The government borrowing from the central bank has been widely criticised by all seg- ments of the society for fuelling inflation. The total government borrowing from the SBP during FY11 was at Rs98 billion as against Rs30.13 billion in the previous fiscal year. The stock of government borrowing from the central bank stood at Rs1.239 trillion by end-June 2011. - INP Govt borrows Rs28bn from banks in July No respite in Karachi violence KARACHI: There is no respite in ethnic and political violence in the commercial center of Karachi and nearly 35 people lost lives over the past 24 hours, police sources and media reported on Tuesday. Five people died in attacks late Monday night and early Tuesday morning, police sources said. Police said that unidentified people torched dozens of motorcycles outside a factory. The motorcycles belonged to workers of the fac- tory. According to police data, a total of 305 people had been killed in the month of July as the result of ethnic, political, sectarian and targeted attacks . The Human Rights Commission of Pakistan has issued a latest report which said that Karachi is in the grip of a multi-sided wave of insecurity- driven political, ethnic and sec- tarian polarization that has greatly undermined its tradition of tolerance and good-neigh- bourliness. - NNI President for speedy lineup of KKH ISLAMABAD: President Asia Alia Zardari Tuesday directed the concerned authorities to expedite the re-alignment of the submerged portion of Karakoram Highway (KKH) due to landsliding in Hunza valley. The observations came at a high level meeting at the Presidency to review progress on lowering of water level at the Attabad lake and recon- struction and realignment of the section of damaged KKH in January last year. The meeting was also informed that the proposal of China Reconstruction Bridges Corporation (CRBC) for con- struction of 13 km new road and rehabilitation of 22 km of existing section of KKH by lowering the water level of Attabad lake has been accepted and National Highway Authority had signed a contract with CRBC in this regard. The meeting was chaired by President Asia Alia Zardari and Prime Minister Syed Yousuf Raza Gilani. The participants included Minister for Defence Ch Ahmed Mukhtar, Minister for Communication Dr Arbab Alamgir Khan, Minister for Finance Dr Abdul Hafeez Sheikh, Minister for Kashmir Affairs and Gilgit-Baltistan Mian Manzoor Ahmad Wattoo, Secretary General to the See # 3 Page 11 KARACHI: Iftari (breaking fast meal) being prepared for worshippers at Memon Mosque on the first day of holy month of Ramazan-ul-Mubarak.-Online

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Page 1: thefinancialdaily-epaper-3-08-2011

International

Pak, US in pursuits to normalise ties See on Page 12

Japan auto firm to install $150mn plant See on Page 12

Malik hints at operation in metropolis See on Page 12

*Crude Oil (brent)$/bbl 116.52

*Crude Oil (WTI)$/bbl 94.55

*Cotton $/lb 103.71

*Gold $/ozs 1,640.70

*Silver $/ozs 40.27

Malaysian Palm $ 1,049

GOLD (NCEL) PKR 45,158

KHI Cotton 40Kg PKR 5,894

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

Monthly(Jun, 2011 up to 29-Jul-2011)

Daily (29-Jul-2011)

Total Portfolio Invest (16-Jul-2011)

-46.49

-46.49

-3.90

2768

0.59

-2.17

1.35

0.49

0.18

-0.97

0.53

SCRA(U.S $ in million)

Portfolio Investment

FIPI (02-Aug-2011)

Local Companies (02-Aug-2011)

Banks / DFI (02-Aug-2011)

Mutual Funds (02-Aug-2011)

NBFC (02-Aug-2011)

Local Investors (02-Aug-2011)

Other Organization (02-Aug-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (23-July-11)

Inflation CPI% (Jul 11)

Exports (Jul 10-Jun 11)

Imports (Jul 10-Jun 11)

Trade Balance (Jul 10-Jun 11)

Current A/C (Jul 10-Jun 11)

Remittances (Jul 10-Jun 11)

Foreign Invest (Jul 10-Jun 11)

Revenue (Jul 10-Jun 11)

Foreign Debt (Mar 11)

Domestic Debt (Jun 11)

Repatriated Profit (Jul 10 - Jun 11)

LSM Growth (May 11)

GDP Growth FY12EPer Capita Income FY10Population

$18.30bn

13.77%

$24.83bn

$40.41bn

$(15.59)bn

$542mn

$11.20bn

$1.92bn

Rs 1598bn

$59.54bn

Rs 5957bn

$758mn

-2.28%

4.20%

$1,051

176.81mn

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

17.46

2.00

1.70

11.42

PKR/Shares

112.46

151.05

43.26

36.77

39.52

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 (1 Yr)

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)

27-Jul-2011

27-Jul-2011

27-Jul-2011

30-Jul-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

01-Aug-2011

13.53%

13.78%

13.92%

13.50%

13.41%

13.26%

13.37%

13.66%

13.73%

13.45%

13.51%

13.59%

13.83%

13.95%

14.04%

Money Market Update

Index Close Change

KSE 100 12,226.33 27.06

Nikkei 225 9,844.59 120.42

Hang Seng 22,421.46 241.91

Sensex 30 18,109.89 204.44

ADX 2,645.81 7.93

SSE COMP. 2,679.26 24.52

FTSE 100 5,739.20 35.23

*Dow Jones 12,072.10 60.39

Global Indices

Symbols Buy (Rs) Sell (Rs)

Australian $ 93.20 94.20

Canadian $ 89.50 91.00

Danish Krone 16.15 16.50

Euro 122.00 124.00

Hong Kong $ 10.75 10.90

Japanese Yen 1.100 1.128

Saudi Riyal 22.88 23.08

Singapore $ 71.00 72.00

Swedish Korona 13.30 13.50

Swiss Franc 99.90 100.90

U.A.E Dirham 23.38 23.58

UK Pound 140.20 141.50

US $ 85.95 86.25

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 95.45 95.68

Canadian $ 90.74 90.95

Danish Krone 16.68 16.72

Euro 124.26 124.55

Hong Kong $ 11.09 11.11

Japanese Yen 1.116 1.119

Saudi Riyal 23.04 23.09

Singapore $ 71.93 72.10

Swedish Korona 13.78 13.81

Swiss Franc 109.09 109.34

U.A.E Dirham 23.52 23.58

UK Pound 142.11 142.44

US $ 86.51 86.71

Inter-Bank Currency Rates

Subscribe now Tel: 92-21-35311893-6

Fax: 92-21-35388428

Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

Cities Max-Temp Min-Temp

Islamabad 35°C 20°C

Karachi 35°C 29°C

Lahore 33°C 29°C

Faisalabad 34°C 30°C

Quetta 37°C 15°C

Rawalpindi 36°C 20°C

Weather Forecast

Karachi, Wednesday, August 3, 2011, Ramadan-ul-Mubarak 2, Pages 12 Vol No 5 Issue 2 Price Rs 12

Sassui takes notice of delay

in maintenance of dykes See on Page 2

BEIJING: Federal Minister forWater and Power, Syed NaveedQamar said Tuesday that thegrowing energy demand inPakistan is a challenge for thegovernment, yet it providesimmense opportunities forChinese investors to contributetowards reducing energy short-age in the country while shar-ing the benefits.

Leading the Pakistani delega-tion in the 1st China-PakistanJoint Energy Working Group(JEWG) meeting here, theMinister thanked the Chinesegovernment "for extendingevery possible support toPakistan at all times, especiallyin the hours of need."

Qian Zhimin, DeputyAdministrator of NationalEnergy Administration (NEA)of the National DevelopmentReform Commission of Chinaled the Chinese side in thelargely attended JEWG meet-ing.

The Federal Minister saidthat Pakistan has always beenproud of having extremelyfriendly and strong ties withChina.

He said the signing of aMemorandum ofUnderstanding (MoU) on 17thDecember 2010, "pursuant towhich we are conducting the1st China-Pakistan JEWGmeeting, is a clear evidence ofthe brotherly relationshipbetween the two neighbouringcountries."

Pakistan, the Minister said, iscurrently faced with energydemand-supply gap, yet thegovernment is fully committedto resolve the prevalent energyshortages and achieving energysecurity objectives on sustain-able basis with active supportof friendly countries, especiallyChina.

"As per estimates of PakistanElectric Power Company(PEPCO), there is a deficit of

around 5,000 MW in our sys-tem, which could further growin future due to rapidly increas-ing growth in power demand,"the Minister observed.

Syed Naveed Qamar said thegovernment of Pakistan hasalways encouraged and wel-comed participation of Chineseentrepreneurs, investors, andmanufacturing companies toparticipate in the developmentof all sectors of the country'seconomy especially in thepower sector.

The Minister pointed out thatPakistan's power sector hasnever been a new area forChinese entrepreneurs,investors and power sectorcompanies, as there are alreadymany leading companiesactively engaged in variousenergy projects in Pakistan indifferent capacities.

Pakistan, the Minister furthersaid, is endowed with abundant

See # 6 Page 11

Qamar invitesChinese investors

For investment in energy sector

ISLAMABAD: Dr SamarMubarakmand memberScience and TechnologyPlanning Commission onTuesday said that Thar coalproject will be operational fromDecember 2013 that will bringprosperity in country.

Talking to PTV, he said thatelectricity generated throughThar coal gasified plant wouldcost below rupees two andPakistan has had enough coalreservoirs that can provideelectricity to country for morethan 500 years.

He further said that work onthe projects was in progressand the first 50MW gasifyingproject has almost been com-pleted.

He said the project to costRs8,898.7 million, with a for-eign

exchange component ofRs5,847.3 million that has beenapproved by the ExecutiveCommittee of NationalEconomic Council last year.

Finance minister had nowaccepted the demand of Rs900million for machinery andequipment keeping in viewproject's importance and finan-cial viability, he added.

Dr Samar assured that suc-cess of the Thar coal projectwould encourage global invest-ment by leading internationalcompanies dealing with devel-opment of underground coal.

See # 5 Page 11

Thar coal projectto work by Dec ‘13

ISLAMABAD: NationalElectric Power RegulatoryAuthority (NEPRA) Tuesdayapproved Rs1.04 per unit hikein power tariffs.

The hike was approved undermonthly fuel adjustment for themonth of June.

According to Nepra sources,tariffs raise will be applicableto all the consumers other thanlifeline consumers.

It should be mentioned herethat Central Power PurchasingAgency (CPPA) pleaded Nepra

for an increase of Rs1.13 perunit.

A total of 8, 798 gigawattelectricity was sold to distribu-tion companies during monthof June. Electricity sold in Junewas worth Rs 55.95 billion,according to Nepra.

Nepra sources said transmis-sion losses accounted for 4.24per cent of electricity in thesame month.

National power grid received35.92 percent electricity fromwind power, 34.15 per cent

from furnace oil and gas wasemployed to generate 25.05 percent of electricity, according toNepra.

As much as 3.96 per centelectricity was producedfrom nuclear source, 0.11 percent from coal and 0.15 percent power was incorporatedfrom national power gridwith the help of high speeddiesel.

As much as 0.24 per centelectricity was imported fromIran as well. - NNI

Nepra raises powertariffs by Rs1.04/unit

TFD Monitoring

WASHINGTON: The USSenate emphatically passedemergency legislation Tuesdayto avoid a first-ever govern-ment default, rushing the legis-lation to President BarackObama for his signature justhours before the deadline. Thevote was 74-26.

Obama planned to sign thebill promptly and also wasmaking remarks at the WhiteHouse.

Tuesday's vote capped anextraordinarily difficultWashington battle pitting teaparty Republican forces in the

House against Obama andDemocrats controlling theSenate. The resulting compro-mise paired an essentialincrease in the government'sborrowing cap with promises ofmore than $2 trillion of budgetcuts over the next decade.

Much of the measure, whichthe House passed Mondaynight, was negotiated on termsset by House Speaker JohnBoehner, including a demandthat any increase in the nation'sborrowing cap be matched byspending cuts. But the legisla-tion also meets demands madeby Obama, including debt-limitincreases large enough to keep

the government funded into2013 and curbs on growth ofthe Pentagon budget.

"We've had to settle for lessthan we wanted, but what we'veachieved is in no way insignifi-cant," said Senate GOP leaderMitch McConnell of Kentucky."But I think it was the view ofthose in my party that we'd tryto get as much spending cuts aswe could from a governmentwe didn't control. And that'swhat we've done with thisbipartisan agreement."

Many supporters of the legis-lation lamented what they sawas flaws and the intense

See # 9 Page 11

US avertsdebt default

TFD Report

KARACHI: The government'sdecision to slash sales tax onauto industry brought on noimpact on auto prices and man-ufacturers are the sole benefitof the reduced tax rate.

According to a report, auto-mobile sellers are also notdeducting depreciation on usedcars and are selling them onhigher prices.

Many auto consumers saythat owing to monopolisticcompetition in auto industryprices are at standstill while inmost of the developing coun-tries auto prices are quite com-petitive and revised sharply inprevious few years.

Auto industry analysts saythat as per accounting rules aused cars value should be

slashed by 15 to 20 per centagainst depreciation in itsvalue. However, no such rule isfollowed in used car marketand such cars are being sold atquite higher prices.

It may be recalled that in cur-rent fiscal year's budget the rateof sales tax on auto industrywas reduced by one per centand afterwards it was expectedthat auto prices would eventu-ally come down.

However, during first onemonth of the new fiscal yearno any auto manufacturerhas announced any cut inprices of any of its brandsand most of the brands arebeing sold on same priceswhich confirms that insteadof consumers, dealers are thesole beneficiary of slashedsales tax rate.

No sales taxbenefit to auto

consumers

Ahmed Siddiqui

KARACHI: Consumer priceindex (CPI) rose to 13.77 percent in July 2011 from a yearago, the Federal Bureau ofStatistics said on Tuesday.

On the other hand, monthlyConsumer Price Index (CPI)during the month of July regis-tered increase of 1.80 per centas compared to previousmonth.

Higher food inflation andupward power tariff revisionwere the main reasons of hikein year on year (YoY) while

higher food inflation was thekey factor to month on month(MoM) surge.

As per the detail available, inJuly 2011, the CPI and SPIincreased by 1.80 per cent and2.22 per cent respectively whileWPI decreased by 0.64 per centover June 2011.

On the other hand, comparedto July 2010, CPI increased by13.77 per cent, SPI 17.34 percent and WPI 21.13 per cent.

The main commodities,which showed an increase intheir prices during the month

See # 4 Page 11

Inflation up 13.8pcin previous month

KARACHI: After limitingborrowing from the centralbank to zero, the governmenthas increased reliance oncommercial banks by borrow-ing Rs28.64 billion duringfirst 23 days of the current fis-cal year.

In the same period last year,the banks received a deposit ofRs6.69 billion, according todata released by State Bank ofPakistan (SBP) on Monday.

The government after anagreement with the centralbank had retired borrowings toboth the end-June 2010 level aswell as the limit of end-September 2010 level.

The government hasexpressed its commitment tocontinue with the stance ofzero-borrowing from the SBPin yearly flow terms duringFY12," according to the

Monetary Policy Statement(MPS) released last Saturday.

The government aggressivelyborrowed from the commercialbanks during the last fiscalyear, taking the total toRs616.74 billion in FY11 fromRs309 billion in the previousfiscal year.

In the MPS, the central banksaid that the borrowing fromscheduled banks will need to bemonitored closely to assesspotential risks for macroeco-nomic stability.

The commercial banks thirstfor investment in governmentpapers also raised concernsabout fall in credit to privatesector. The SBP said that anincrease in private sector creditduring first half of FY11 wasprimarily due to working capi-tal requirement, which isexpected to decline in the sec-

ond half, once the final figuresare released.

The net government sectorborrowing during first 23 daysof current fiscal year, however,eased to Rs27.7 billion asagainst Rs42.50 billion. Duringthe period, the governmentrestricted its borrowing fromthe central bank and, on thecontrary, deposited a huge sumof Rs44 billion.

The government borrowingfrom the central bank has beenwidely criticised by all seg-ments of the society for fuellinginflation. The total governmentborrowing from the SBP duringFY11 was at Rs98 billion asagainst Rs30.13 billion in theprevious fiscal year. The stockof government borrowing fromthe central bank stood atRs1.239 trillion by end-June2011. - INP

Govt borrows Rs28bnfrom banks in July

No respitein Karachiviolence

KARACHI: There is norespite in ethnic and politicalviolence in the commercialcenter of Karachi and nearly 35people lost lives over the past24 hours, police sources andmedia reported on Tuesday.

Five people died in attackslate Monday night and earlyTuesday morning, policesources said. Police said thatunidentified people torcheddozens of motorcycles outsidea factory. The motorcyclesbelonged to workers of the fac-tory.

According to police data, atotal of 305 people had beenkilled in the month of July asthe result of ethnic, political,sectarian and targeted attacks .

The Human RightsCommission of Pakistan hasissued a latest report which saidthat Karachi is in the grip of amulti-sided wave of insecurity-driven political, ethnic and sec-tarian polarization that hasgreatly undermined its traditionof tolerance and good-neigh-bourliness. - NNI

President forspeedy lineup

of KKHISLAMABAD: President AsiaAlia Zardari Tuesday directedthe concerned authorities toexpedite the re-alignment ofthe submerged portion ofKarakoram Highway (KKH)due to landsliding in Hunzavalley.

The observations came at ahigh level meeting at thePresidency to review progresson lowering of water level atthe Attabad lake and recon-struction and realignment ofthe section of damaged KKH inJanuary last year.

The meeting was alsoinformed that the proposal ofChina Reconstruction BridgesCorporation (CRBC) for con-struction of 13 km new roadand rehabilitation of 22 km ofexisting section of KKH bylowering the water level ofAttabad lake has been acceptedand National HighwayAuthority had signed a contractwith CRBC in this regard.

The meeting was chaired byPresident Asia Alia Zardari andPrime Minister Syed YousufRaza Gilani. The participantsincluded Minister for DefenceCh Ahmed Mukhtar, Ministerfor Communication Dr ArbabAlamgir Khan, Minister forFinance Dr Abdul HafeezSheikh, Minister for KashmirAffairs and Gilgit-BaltistanMian Manzoor Ahmad Wattoo,Secretary General to the

See # 3 Page 11

KARACHI: Iftari (breaking fast meal) being prepared for worshippers at Memon Mosque

on the first day of holy month of Ramazan-ul-Mubarak.-Online

Page 2: thefinancialdaily-epaper-3-08-2011

2 Wednesday, August 3, 2011

TV PROGRAMMES

TUESDAY

Time Programmes

3:05 Subah Sehri Maya ke Sath

5:00 News

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9:05 Subah Sehri Maya ke Sath (Rpt)

11:00 News

11:05 Tafteesh (Rpt)

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14:00 News

14:05 Tonight With Jasmeen (Rpt)

15:00 News

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17:30 Aap Ki Baat

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18:30 Iftaar Ka Samaa

19:30 Crime Scene

20:03 Newsbeat

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22:03 Tonight With Jasmeen

23:00 News

23:05 Mutsareen

ISLAMABAD: ACCAPakistan has beenawarded 'Brand of theYear' award in the cate-gory of ProfessionalAccountancy pro-gramme 2010 for thethird time consecutively.The award ceremonywas organized by theIntellectual PropertyAssociation and theBrands Foundation, saidACCA press statementissued here on Tuesday.ACCA Head ofM a r k e t i n g ,Communications andMedia Relations,Shamez Mukhi receivedthe Award on behalf ofACCA Pakistan fromthe chief guest, PrimeMinister Yousuf RazaGilani in presence ofChairman IPO,Hamidullah Jan Afridi,Governor Sindh, DrIshrat-ul Ebad and ChiefMinister, Syed Qaim Ali

Shah, said the state-ment.While receiving theaward Mukhi comment-ed that, "It is an honorfor ACCA Pakistan to beacknowledged as a win-ning brand at the nation-al level for the thirdtime consecutively.While brand visibility isimportant, it is moresignificant to live thebrand values, he saidadding "ACCA's imagereally comes from theACCA community whoare ambassadors of our5 values; opportunity,accountability, integrity,diversity and innova-tion."On this occasion, headof ACCA Pakistan, ArifMasud Mirza said "thisis a competitive processand relies upon theviews of the public andother third party fac-tors." -APP

ACCA receivesBrand Awardfor third time

KARACHI: Citi Pakistanon Tuesday announcedthat it has won BestCorporate/ InstitutionalInternet Bank Award byGlobal Finance for 2011.Winners were chosenamong entries evaluatedby a world-class panel ofjudges at Infosys.Global Finance editorswere responsible for thefinal selection of winnersin the First Round.Arif Usmani, CitiCountry Officer forPakistan said, 'Thisaward is a reiteration ofour commitment to intro-ducing innovative, state-of-the-art online bankingproducts and services tothe local market."As we celebrate our 50th

year in Pakistan (1961-2011), we continue toinvest in our e-bankingplatform, with the objec-tive of providing a vastarray of online paymentsolutions and maximiz-ing customer conven-ience, he added.Citi has been at the fore-front of developingInternet-based deliverycapabilities for bothretail customers(Citibank Online) andcorporate clients(CitiDirect) in theMiddle East, NorthAfrica and Pakistanregion, in addition toother B2B e-commerceinitiatives that provideclients with full procure-ment solutions. -PR

Citi wins BestInternet Bank

Award

ISLAMABAD: PrimeMinister Syed YousufRaza Gilani Monday saidhealth and education aretop priorities of the gov-ernment. Talking to MubasharRiaz Shaikh, ExecutiveDirector of GlobalHealth WorkforceAlliance at WHO HQs,Geneva who called onhim at PM House, PrimeMinister said althoughthe education and healthsubjects have been trans-ferred to the provincesbut the FederalGovernment will remainengaged with theprovinces to improvefacilities in these areas inthe country.He appreciated the coop-eration of World Health

Organization for womenand child health pro-grams.He also appreciated therole of WHO in vaccina-tion and training of doc-tors and nurses pro-grams.The Prime Ministeracknowledged the contri-bution of Shaikh inlaunching Lady HealthWorkers Programme dur-ing Mohtarma BenazirBhutto Shaheed's gov-ernment in Pakistanwhich has earned inter-national recognition.The Prime Ministerapproved his candidaturefor the position ofWHO's RegionalDirector, EasternMediterranean RegionOrganization (EMRO).

Govt givespriority to

healthcare: PM

THATTA: SindhMinister for CultureSassui Palijo has takenserious notice of delay inthe completion of protec-tive bunds/ dykes of riverIndus and in the de-silt-ing work of canals andother distributaries ofirrigation system andwarned the officers con-cerned of stern action ifthey failed to achievedtask before the arrival ofcoming monsoon/Abkalani season.

This she said in a meet-ing which was called byDeputy CommissionerThatta Mr. MuhammadJaffer Abbasi at DarbarHall Makli, here today toreview flood threats incoming monsoon season.

The meeting which wasattended by Heer SohuMPA, Arbab WazirAhmed Memon President

PPP District Thatta,Ghulam Qadir Palijo andofficers of Revenue.

Irrigation and othergovernment departmentsalso reviewed the con-struction of protectivebunds of river Induswhich were destroyed inlast year's devastatedfloods.

Sassui Palijo stressedupon the need of comple-tion work on protectivebunds as well as the com-pletion of de-silting ofdistributaries, watercourses and canals of thedistrict, before the arrivalof floodwater of riverIndus which passesthrough the district andfalls into sea borderingthe province of theSindh.

In the meeting, HeerSohu MPA, Arbab WazirAhmed and Muhammad

Jaffer Abbasi DeputyCommissioner Thattaalso pointed out that theZamindari Bunds andillegal pipes beinginstalled unauthorized byland owners of Kachchaarea of the belt of riverIndus, are also causingproblems and raisingthreats of flood in thecoming monsoon sea-sons.

The meeting decided toremove all suchZaminadari Bunds estab-lished and pipes installedin the bed of river Industo minimize the threats offlood.

The meeting constitutedvigilance comities at Sub-Division level to monitorthe Abkalani monsoonseason and chalk outstrategy to face any unto-ward situation in comingmonsoon days. -NNI

Sassui takes noticeof delay in dykes

maintenance

ISLAMABAD: A delegation of businessman fromPoland visited Islamabad Chamber of Commerce &Industry (ICCI) for B2B meetings with Pakistanientrepreneurs having common interest in variousfields. The delegation visit was arranged with theassistance of BOI.

The delegation comprising of Piotr Ciecwierz,Deputy Director, Department of EconomicDiplomacy, Mariusz Kremplewski, Export Manager,LUBAWA SA, Piotr Szewczyk, Director General,Zbigniew Wyszomirski, Counselor and WaldemarBak, Deputy Director, Polish Oil & Gas Company.The delegation was on visit to Pakistan along withPolish Foreign Minister, Rodoslaw Sirkorski, aimedto improve bilateral trade between the two coun-tries.

Mehfooz Elahi, President, ICCI expressing hisviews, said that Pakistan considers Poland animportant place in European Union but due to lackof exchange of business delegations and interactionbetween the private sectors, the trade was muchbelow the potential. He highlighted textile, agri-based and defense industry in which companiescould collaborate for joint venture investment.

President ICCI said that diversification of exportsboth in terms of markets and goods were essential

for enhancing bilateral trade. Thus, there was a direneed to broaden the export spectrum beyond tradi-tional exports to include non-traditional items. Hewas of the opinion that both countries should go forjoint ventures and also study each other market tolook at the possibilities of joining hands in differentsectors. The Polish delegates have expressed inter-est in promoting trade and economic relations. Thedelegation stressed the need for close cooperationand showed interest in putting a sizable investmentin Pakistan.

Piotr Ciecwierz, Deputy Director, Department ofEconomic Diplomacy, Ministry of Foreign Affairssaid that Poland sees Pakistan as an important part-ner in Southeast Asia. He said that Polish business-men were interested to support the private sectordevelopment by promoting economic co-operationbetween the business sectors of the two countries.

Waldemar Bak, Deputy Director, Polish Oil & GasCompany said that several Polish companies in thegas and oil sectors have already been renderingtheir services in Pakistan.

He said that the aim of their visit to ICCI was toexplore the possibilities of investment potential inthe fields of oil and gas, steel, infrastructure, engi-neering and agro-food sectors.

Delegation Visits ICCI

Polish investors eyevarious Pak sectors

PESHAWAR: Small and MediumEnterprises DevelopmentAuthority (Smeda) will providebusiness appraisal training to theofficials of the Bank of Khyber onPakhtunkhwa Hunarmand RozgarScheme of the provincial govern-ment.

This was stated by ProvincialChief, Smeda, KhyberPakhtunkhwa, Javed Iqbal Khattakwhile talking to APP on Tuesday.

He termed the initiating of thescheme an important step towardssustainable entrepreneurshipdevelopment and a positive stepfor promotion of business activi-ties and provision of employmentopportunities in the province.

He said that the authority will notonly provide training to the bankofficials, but, will also impart busi-

ness management skills who are tak-ing benefits of the scheme. The train-ing, he said will go long way in min-imizing drop outs in businesses andsustainable entrepreneurships devel-opment in Khyber-Pakhtunkhwa.

The launching of PakhtunkhwaHunarmand Rozgar Scheme is aspecial initiative and pro-poorwelfare scheme announced in theannual budget for financial year2011-12. The scheme is aimed atprovision of employment opportu-nities to skilled youth, reduction ofpoverty and promotion of incomegenerating economic activities inthe province.

The scheme will be executedthrough the Bank of Khyber withcoordination of the Smeda andDirectorate of TechnicalEducation. An amount of Rs.1300

million has been allocated for thepurpose in the budget.

Under the scheme loan in therange of 50 to 300 thousandsrupees will be granted to diplo-ma/certificate holders from voca-tional or skill development centresat very soft term of 5 per centmark-up only.

The loan facility will be avail-able for business activity in thefields of marble, gem stones, min-erals, handicrafts, automobilesrepairing, plumbing, electrician,furniture, light engineering, gar-ments, embroidery, hair dressingand beauty saloons, leave, prod-ucts, information technology andall such subjects leading to eco-nomic stabilization. 30% of thefund has been reserved forwomen. -APP

Smeda to impart businesstraining to BoK officials

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MCB openscounterat KU

KARACHI: A counter ofMCB Bank has been set upat the University ofKarachi.

Pro Vice Chancellor ofKarachi University, ProfDr Nasiruddin Khan, per-formed the inauguration ofthe counter. Speaking onthe occasion, he said that itis the endeavor of theUniversity administrationto provide every possiblefacility to its students.

Nasiruddin Khan said thatthis counter of the MCBBank would enable the stu-dents to submit their formsand fee with ease and inminimum time. -APP

SindhPolice to

get Rs39mnthis monthKARACHI: Sindh

Government has planned toinitially give Rs 39 millionto the Police Departmentthis month, Sindh HomeMinister Manzoor HussainWassan said.

He said President Asif AliZardari has approved apackage amounting Rs 5billion for the PoliceDepartment of Karachi.

"President has ordered theSindh Government toarrange the finance toPolice Department and thismonth initially we have pro-grammed to give Rs 39 mil-lion to the PoliceDepartment," he said whileaddressing a press confer-ence here after presiding ameeting over law andorder.-Agencies

KARACHI: Ejaz Ahmed, Senior Executive, CorporateQuality and Process Excellence Management Siemens

receiving Environment Excellence Awards fromHameedullah Jan Afridi former federal minister for

environment and President Intellectual PropertyRights Organization, also in the picture President

NFEH Naeem Qureshi. -Staff Photo

RAWALPINDI: Secretary Defence Lt General (R)Syed Athar Ali, presenting a shield to Captain (N)

Levent Kerim the out Defence Attache of the TurkishEmbassy at Ministry of Defence. -INP

ISLAMABAD: Saleem H Mandviwalla, ChairmanBoard of Investment in a group photo with the mem-

bers delegation of Yamaha. -INP

SchneiderDelivers

StruxureWareKARACHI: : SchneiderElectric, a global spe-cialist in energy man-agement, recently intro-duced StruxureWare™for Data Centres, a man-agement software suitedesigned to maximizeavailability and efficien-cy of the data centre'sphysical infrastructure.

StruxureWare™ forData Centres combinesthe software tools ofSchneider Electric'smarket leading DataCentre InfrastructureManagement (DCIM)and Data Centre FacilityManagement (DCFM) toprovide data gathering,monitoring, automation,planning and implemen-tation functionalities forenabling an integratedand multifaceted viewof mission-critical phys-ical systems of the datacentre, thus empoweringoperations managerswith tools that are morereliable, efficient, pro-ductive, secure andgreen. -PR

KHAIRPUR: Sindh Chief Minister Syed Qaim Ali Shahvisiting various stalls organized on the occasion of 3rd

Dates Exhibition and Seminar Khairpur 2011 at ShaheedBenazir Bhutto Open Air Theater. -APP

Page 3: thefinancialdaily-epaper-3-08-2011

LONDON: Sterling hit a two-month high against the euro onTuesday as the single currencysuffered broadly due torenewed worries about euro-zone debt and the risks of con-tagion to countries like Spainand Italy.

Despite its gains versus theeuro, the pound slipped againsta stronger dollar, failing to gaintraction despite better-than-expected UK constructionactivity data.

The euro fell to 86.99 pence,

a level last struck on May 31,but found support from Asianbuying and corporate bidsaround 87.00, traders said. Ittraded at 87.45 pence in lateLondon trade, down slightly onthe day.

Analysts said rising costs toinsure against a default in euro-zone countries includingPortugal, Spain and Italy hadstung the euro in early trade, ben-efiting the pound even as a run ofweak UK economic data show asluggish economic recovery.

"However bad the UK is, therate at which risk premiums arerising in Europe ... is faster andthat's why sterling is strongeragainst the euro and the dollar,"said KiranKowshik, currencystrategist at BNP Paribas.

"That will continue for sometime yet," he said, adding thathe saw a slide to the mid-86pence region very soon, whilea break through 86.00 pence inthe coming weeks was possi-ble. Such a move would take

the euro to its weakest sinceMarch.

The euro trimmed losses, butstayed on the back-foot onrenewed fears over the euro-zone's debt burden as focusshifted away from the US debtcrisis after lawmakers thereclinched a last-minute deal tolift the debt ceiling.

It hovered in range of keytechnical support at 87.02pence, its 100-week movingaverage which has broadlyheld since March. Kowshik

said a weekly close below thatlevel would signal more losses.

Below that, technical ana-lysts saw support for the euroat 86.65 pence, the single cur-rency's 200-day moving aver-age. Sterling was down 0.1 percent at $1.6270 versus the dol-lar. It fell as low as $1.6244,but demand from Europeannames helped to lift it, prop-ping the pound just above keytechnical support at $1.6257,the 100-day moving average.

Some traders said sterlingcould find support from thenews Hong Kong's CKI hasagreed to buy NorthumbrianWater Group in what could bethe biggest takeover this yearof a British-listed company.

UK construction PMI datafor July beat expectations witha reading of 53.5, compared toa forecast of 53.0, but the posi-tive impact on sterling waslimited as construction makesup less than 10 per cent of theeconomy. -Reuters

Sterling hits 2-mthhigh vs weak euro,

slips againstdlr

3Wednesday, August 3, 2011

Currencies Rate

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A 86.60 86.40 86.18

U.K 142.44 142.11 141.72

EURO 124.55 124.26 123.90

CANADA 90.95 90.74 90.50

SWITZERLAND 109.34 109.09 108.80

AUSTRALIA 95.68 95.45 95.20

SWEDEN 13.81 13.78 13.74

JAPAN 1.12 1.11 1.11

NORWAY 16.10 16.07 16.02

SINGAPORE 72.10 71.93 71.74

DENMARK 16.72 16.68 16.64

SAUDI ARABIA 23.09 23.04 22.98

HONGKONG 11.11 11.09 11.06

KUWAIT 317.48 316.75 315.92

MALAYSIA 29.42 29.35 29.28

NEWZEALAND 76.44 76.26 76.06

QATAR 23.78 23.73 23.67

U.A.E 23.58 23.52 23.46

KR. WON 0.08 0.08 0.08

THAILAND 2.91 2.90 2.90

Name Bid Ask High Low

EUR-USD 1.4225 1.2270 1.4284 1.4154

USD-CHF 0.7772 0.7776 0.7854 0.7760

GBP-USD 1.6265 1.6269 1.6325 1.6227

USD-CAD 0.9589 0.9593 0.9616 0.9549

AUD-USD 1.0853 1.0857 1.1005 1.0826

EUR-JPY 109.85 109.90 110.99 109.31

EUR-GBP 0.8743 0.8747 0.8757 0.8702

EUR-CHF 1.1057 1.1061 1.1205 1.0991

GBP-JPY 125.60 125.69 126.95 125.59

CHF-JPY 99.36 99.41 99.48 98.55

Gold 1636.04 1636.55 1640.69 1616.20

As per 22.00 PST

Time Source Events Forecast Previous

4:00am EUR Final Services PMI 51.4 51.4

4:30am GBP Services PMI 53.3 53.9

5:00am EUR Retail Sales m/m 0.5% -1.1%

7:30am USD Challenger Job Cuts y/y 5.3%

8:15am USD ADP Non-Farm Employment Change 101K 157K

10:00am USD ISM Non-Manufacturing PMI 53.8 53.3

10:00am USD Factory Orders m/m -0.4% 0.8%

10:30am USD Crude Oil Inventories 1.3M 2.3M

6:45pm NZD Employment Change q/q 0.1% 1.4%

6:45pm NZD Unemployment Rate 6.5% 6.6%

Source Events Actual Forecast Previous

AUD Cash Rate 4.75% 4.75% 4.75%

AUD RBA Rate Statement

AUD Commodity Prices y/y 27.6% 28.2%

CHF Retail Sales y/y 7.4% 1.6% -3.9%

CHF SVME PMI 53.5 52.3 53.4

GBP Construction PMI 53.5 53.2 53.6

EUR PPI m/m 0.0% 0.1% -0.2%

USD Core PCE Price Index m/m 0.1% 0.2% 0.2%

USD Personal Spending m/m -0.2% 0.2% 0.1%

USD Personal Income m/m 0.1% 0.3% 0.2%

USD Total Vehicle Sales 11.9M 11.5M

USD President Obama Speaks

GBP BRC Shop Price Index y/y 2.9%

AUD AIG Services Index 48.5

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 9/7/2011 9/8/2010 1%

Bank of England 8/4/2011 3/5/2009 0.50%

Bank of Japan 8/5/2011 12/19/2008 0.10%

European Central Bank 8/4/2011 7/7/2011 1.50%

Federal Reserve 8/9/2011 12/16/2008 0.25%

Swiss National Bank 9/15/2011 3/12/2009 0.25%

The Reserve Bank of Australia 9/6/2011 11/2/2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, August 1,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

NEW YORK: The Swiss franc vaultedtorecord highs against the dollar and euroon Tuesday as sluggishglobal growth,fresh concerns about the euro-zone debtcrisisand fears about the United States'coveted triple-A rating ledinvestors to betin favor of the safe-haven currency.

New evidence that the US economy hashit a rough patchemerged via a report thatshowed consumer spending, whichac-counts for about 70 per cent of economicactivity,unexpectedly fell in June to showthe first decline in nearlytwo years.

The report came a day after data showedsluggish US andglobal manufacturing.

Congress was poised to grant finalapproval to adeficit-cutting package thatwill avert a US debt default butmay notbe enough to prevent a damaging down-grade of thetop-notch American creditrating.

"A US credit rating downgrade isstrangely enoughsupportive of Treasury

debt in the longer term," saidChristopherSebald, chief investment officer atAdvantusCapital Management in St.Paul, Minnesota.

A downgrade would reflect poorly onthe US's fiscalposition, meaning steps toreclaim a top-notch rating alikelydrag on USe c o n o m i cgrowth, andmaking safe-h a v e nTr e a s u r y d e b tmore appealing.

"It is moreabout the economy's trajectory and lessaboutthe risk premium associated withthe perceived credit quality,"he said."While good for Treasuries, a downgradeis bad for thedollar simply because slow-er growth will keep rates low for alongerperiod of time."

The dollar fell to 0.77199 Swiss francson electronictrading platform EBS, itsseventh straight intraday record low.

Support levels few and far between,chartists at Barclayshighlighted a 33-yeartrendline which comes in around 0.7580.

The euro was last down 0.3 per cent at$1.4212 after havingslumped to$1.41576, its weakest since July 21.

Sebald, who oversees $22 billion inassets undermanagement, said while hehas been buying Treasuries he remain-sunderweighted the sector, favoring US

investment gradeindustrial and utilitycorporate bonds given expectationsofoutperformance.

"If there is a US credit rating down-grade, the immediatereaction will berisk-off, but I fully expect the markettoswiftly come back," he said.

Concerns that Spain and Italy will bethe next victimsof the euro-zone crisisdrove benchmark government bondyieldsin those countries to 14-yearhighs. Meanwhile, the yen's strengthdrew warnings from Japaneseofficials ofpossible action to stem its rise andnudged theBank of Japan closer to a fur-ther easing in monetary policy.

The dollar was down 0.1 per cent at77.14 yen, not far froma four-monthlow of 76.29 yen hit on Monday onEBS, which wasonly just shy of itstrough of 76.25 hit after the March11earthquake and tsunami in Japan. -Reuters

Swiss franc rallies on fearsof global slowdown

BEIJING: The yuan closeddown slightly versus the dollaron Tuesday after the People'sBank of China set a weakermid-point, following a slightrebound in the dollar indexafter the passage of a last-minute deal to raise the USborrowing limit.

Traders said yuan apprecia-tion appears to be still on thecards, although some narrow-band fluctuations may be seenin the near term, due to themovements of global curren-cies.

"It is only a short-term cor-rection, as the yuan hasclimbed relatively fast overthe past month, and the cur-rency will continue on itsascending path for the rest ofthis year," said a trader at amedium-sized bank inShenzhen.

Spot yuan closed at 6.4382,weaker than Monday's close of6.4340. It has now appreciated6.03 per cent since it wasdepegged from the dollar inJune 2010 and 2.35 per cent sofar this year.

Before trade began thePBOC fixed the yuan's mid-point at 6.4419 against thedollar, weaker than Monday'srecord high of 6.4399.

Dealers said a weaker-than-expected recovery in the US

economy and lingering fearsover a US credit downgradecould drag on the dollar in thefuture.

"The deal having beenstruck does not represent thatthe US debt issue has beensolved thoroughly," said atrader in a state bank inShanghai.

"And a weakening dollarmay add fuel for yuan appreci-ation in coming months," headded.

Initial euphoria about the USCongress agreeing on a deal toraise the government's statuto-ry borrowing limit faded asinvestors worried that thecountry might still lose itstriple-A credit rating eventhough the risk of a defaultappeared to be off the table.

Chinese economists also saidUS debt woes still threaten theglobal economy despite a last-minute deal struck by the WhiteHouse and political party lead-ers, China's main official news-paper reported on Tuesday.

Offshore, benchmark one-year dollar/yuan non-deliver-able forwards (NDFs) werebid at 6.3670 in late trade,weaker than 6.3600 at the pre-vious day's close. Theirimplied yuan appreciation in ayear's time fell to 1.18 per centfrom 1.26 per cent. -Reuters

Yuan ends lower,but furthergains seenSINGAPORE: The Malaysian

ringgit and the Philippine pesoslipped on Tuesday in thin trad-ing as interbank speculatorsreduced exposure to emergingAsian currencies on concernsover a weak global economicrecovery.

However, major funds andlarge investors have stayed onthe sidelines so far, helpingemerging Asian currencies limitdownside, dealers said. Someinvestors appeared to be chang-ing their bullish views on theregional units, but very slowly,they added.

Global growth worries maycause more position adjustmentin emerging Asian currencies,but demand for the region'shigher-yielding currencies willstay strong as long as Asia's eco-nomic growth remains strongerthan other developed marketsand policymakers keep focusingon inflation fighting, analystsand dealers said.

"It's all about growth andinflation trade-offs now forAsian central banks. Some havethe tools to use admin measuresto keep inflation at bay whilstsome do not," said SaktiandiSupaat, head of FX Research at

Maybank in Singapore."Downside risks to growth

remain, but intra-regional trademay support AXJs in terms ofreal flows if we exclude all theflows from G7."

Asian economies have shownresilience while growth in theUS and Europe has slowed. Tofight inflation, some Asiannations have raised interest ratesand let their currencies appreci-ate.

That allowed higher-yieldhunting investors to keep thebullish outlook for emergingAsian currencies.

The regional units may seemore corrections amid risk aver-sion, but profit-taking wouldprovide chances to buy some ofthem on dips, analysts said.

"The best risk-adjusted playsin Asia at the moment are China,Indonesia and India from a cur-rency perspective," RichardYetsenga, Global Head of FXStrategy at ANZ Research, toldReuters TV.

"Indonesia and India offersome reasonable yields.Indonesia is likely to be upgrad-ed to investment grade, and in aworld where we think aboutcountries more often being

downgraded, I think the upgradestory across an investment gradethreshold is quite powerful,"Yetsenga said.

The ringgit fell against the dol-lar as interbank speculators cov-ered dollar short-positions.

Dollar/ringgit rose 0.9 per centto 2.9625 before easing.

But the pair is seen having aresistance around 2.9690, highof July 29, while the 14-dayRelative Strength Index (RSI)stood at 40.4, above the thresh-old 30, indicating dollar/ringgitis not in oversold territory yet.

The brighter outlook for over-all emerging Asian currencies isexpected to relive the Malaysiancurrency, dealers said, addingmajor funds or big players havenot appeared to cover dollar-short positions yet.

A dealer in Kuala Lumpur saida weaker ringgit is natural, givena softer euro. But he said thefalls were "not much" adding"USD/Asia is still very heavy asAsian currencies are a kind ofsafe haven now."

Dollar-short squeezes prompt-ed the peso to weaken past 42.00per dollar, which the Philippinecurrency breached stronger onMonday. -Reuters

Ringgit, peso lead Asian FXfalls; specs cover dlr shorts

SYDNEY/WELLINGTON: The Aussie skid-ded on Tuesday after the Australian central bankheld off from raising interest rates because ofacute global uncertainty, leading some investorsto wager it could actually be forced to cut incoming months.

The Aussie fell as low as $1.0919, down half acent from New York. The Reserve Bank ofAustralia (RBA) cited uncertainty in global mar-kets, a cautious consumer, weak credit growthand a high local dollar as some reasons for hold-ing fire on rates.

Until recently, investors had seen more risk ofa cut than a rise, but a surprisingly high readingfor core inflation last week had put tighteningback on the agenda.

"Some market analysts had expected a ratehike today but given the global uncertainties, webelieve the RBA won't hike before the fourthquarter. Markets are now unwinding positions,"said Nick Socratous, head of global foreignexchange at HSBC.

Rates have been on hold at 4.75 percent sincethe last hike in November 2010.

Futures markets rallied by as much as 20 basispoints as investors priced out any chance of ahike. Instead, markets now imply an easing of40 basis points over the next 12 months, from 27bps before the RBA decision.

Strong support for the Aussie is seen at$1.0910 and resistance at $1.1008, ahead ofmajor barriers at $1.1029 with traders citing

stops below $1.0900.The Aussie last stood at $1.0929, well-off last

week's 29-year peak of $1.1081.It also neared a two-year trough on the Swiss

franc at around 0.8531 francs. It also sank toone-year lows against the kiwi at NZ$1.2440,down 0.6 percent on the day, on diverging inter-est rate bets between the two nations.

Markets are pricing in some 70 percent chanceof a 50 bps hike in September in New Zealand.

Against the greenback, the New Zealand dol-lar edged up to $0.8775, from $0.8760 in NewYork.

The kiwi, which has risen some 12 percent thisyear, looked to be consolidating after its recentheady run to a 30-year high of $0.8842 touchedon Monday.

The latest wage and partial job data pointed toan improving labour market, but posing noimmediate threat to the country's wage and pricepressures.

"The improving domestic economic and labourmarket is now providing grounds for the centralbank to remove the insurance cut," said ANZ-National head of markets economics Khoon Goh.The Reserve Bank of New Zealand cut its key ratesby 50 bps to 2.50 percent in March after theChristchurch earthquake. Since then, the economyhas grown better than expected.

Full employment numbers will be released onThursday with expectations for the jobless rateto stay static at 6.6 percent. -Reuters

Aussie skids as global concernsrestrain RBA; NZD firm

ZURICH: The Swiss francrose to record highs against theeuro on Tuesday, breaching the1.10 per euro barrier for thefirst time amid persistentuncertainties over the US debtoutlook.

By mid-morning, the eurowas quoted at 1.0987 francs,breaking the previous record of1.1026 francs, before easingback.

The Swiss currency was alsostrong against the US currency,at 0.7758 francs per dollar,slightly off the record 0.7729set Monday.

"With fears that ... the USmight get a (ratings) down-grade, investors are buyingSwiss francs," considered asafe haven, analysts fromPictet bank said.

"The markets did not appre-

ciate the deal" to raise the USdebt ceiling, analysts from theZurich Cantonal Bank (ZKB)said, adding that the US toprating of AAA could be down-graded as budget cuts weredeemed insufficient.

The US agreement, approvedby the House ofRepresentatives late Monday,is expected to pass in theSenate on Tuesday. -Reuters

Swiss franc rises torecord high against euro

MUMBAI: The Indian rupeeweakened to its lowest level ina week on Tuesday, as oilimporters bought dollars to set-tle dues to Iran and tracking theeuro that fell after investorfocus returned to euro-zonedebt problems and the globaleconomic recovery.

The partially convertiblerupee ended at 44.27/28 perdollar, 0.5 per cent weakerfrom Monday's close of44.07/08. Intraday, rupee hadweakened to 44.2950 -- itslowest since July 26 -- and hadmoved in a thin band of44.1800 to 44.2950.

India owes Iran around $5billion for its oil imports andboth countries have struggledto find ways to settle the pay-ments after the RBI halted aclearing mechanism under USpressure.

Tehran is now receiving thepayments for its oil exports toIndia through a Turkish bank toget around US-led moves to iso-late the Islamic Republic, indus-try sources said on Monday.

"The Iran oil bill is huge anddollar buying on that accounthas been happening sinceMonday. The dollar purchase isexpected to continue in bits andpieces for this week at least andwill keep rupee under pres-sure," said Pramod Patil, a sen-ior forex dealer at State Bankof Mauritius.

Indian shares, which fell

more than 1 per cent to theirlowest close in nearly sixweeks, and weak Asian curren-cies also hurt the local curren-cy. .

However, the rupee hasfound support from the robustoutlook on inflows.

"Rupee could have easilybreached 45.50 by now consid-ering the dollar buying we haveseen. But this has not happenedbecause people are betting oninflows staying strong," saidHari Chandramgathan, a seniorforeign exchange dealer withFederal Bank.

In July, foreign funds boughtmore than $500 million ofIndian debt, data from theSecurities and Exchange Boardof India showed.

The one-month onshore for-ward premium was at 22.25points from 23.75 on Monday,while the three-month was at64.75 points from 66.50 andthe one-year was at 219.00points from 220.50.

One-month offshore non-deliverable forward contractswere quoted at 44.47, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange andthe MCX-SX were both at44.4500, while on the UnitedStock Exchange at 44.4550. Thetotal volume stood at $14.48 bil-lion. -Reuters

Indian rupee hits1-week low on

Iran oil bill

Peso hit by short squeezes; won steady on exporters

Wariness of BOJ intervention limits dollar's falls vs yen

Page 4: thefinancialdaily-epaper-3-08-2011

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

only. Summary and Analysis are not recommendation to buy or sell. This

information should only be used by investors who are aware of the risk inher-

ent in securities trading. The facts, information, data, indicators and charts

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

No ease inload-shedding

in RamadanBefore commencement of Ramadan, tall claims

were made that load shedding would be contained

to the minimum possible. The Karachi Electric

Supply Company (KESC) also promised in reduc-

tion in outages if gas supply was restored at the full

requirement. However, there seems no reduction in

load shedding despite KESC getting 180mmcfd gas

from Sui Southern Company (SSGC).

Many critics have been alleging that despite get-

ting agreed supply from Pepco, furnace oil at dis-

counted rate and gas above the agreed quantity the

KESC management has not been able to increase

electricity supply. Some of the critics even go to the

extent that the KESC management is utilizing the

fuel supplied to it. While the KESC management

may have all the reasons to show that the best

efforts are made to improve the supply, the experi-

ence is completely contradictory.

It is amazing that all and sundry talk about the

importance of Karachi and some of the commenta-

tors have even started calling it Pakistan, upgrading

from mini Pakistan. However, it may not be wrong

to say it they are adamant at destroying Karachi,

they are destroying Pakistan.

According to some sector experts KESC now has

around 2000MW dependable capacity but runs the

power plants at far lesser capacity utilization. It

seems certain that the management is not ready to

operate power plants on furnace oil. It has been

demanding gas supply at 350mmcfd without the

least realization that curtailing gas supply of fertil-

izer plants is costing a fortune to the country.

Reportedly, some of the quarters have been insist-

ing on stopping payment of Rs5 billion to the

KESC by the federal government. They say if

KESC can't improve supply it does not deserve any

subsidy from the federal government. Their point is

partly right but first the T&D losses of KESC have

to be reduced.

Now residents of Karachi have openly started

demanding that the federal government pay the

subsidy to KESC because it is responsible for sup-

plying electricity to the city that contributes nearly

75 per cent to the national exchequer. They also say

that if residents of some of the parts of the country

have been enjoying cost-free electricity since inde-

pendence the federal government should also pro-

vide subsidy to the KESC.

It is often said that Karachi was a dormant vol-

cano but now it has become fully alive. Killing of

nearly two dozen people daily and killing of over

300 people in July has virtually pushed the people

to wall. And it is feared that energy related demon-

stration could turn violent any time and it will be

very difficult to restore peace in the city once the

situation goes out of control.

4

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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

URL: www.thefinancialdaily.comEmail Address: [email protected]

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: [email protected]

The Financial Daily International

Pakistan's quick response to charges by Chinathat militants involved in attacks in Xinjiangwere trained on its soil shows the importance

of its ties with Beijing, but it could be a mistake forIslamabad if it relies too much on China.

Pakistan immediately dispatched Lieutenant-General Ahmed Shuja Pasha; Director General ofPakistan's powerful Inter-Services Intelligence (ISI)spy agency, to Beijing after Islamic militants mount-ed a weekend attack that left 11 people dead in thewestern region of Xinjiang, according to mediareports.

While the ISI declined to confirm the trip, Westerndiplomats and Pakistani analysts agreed that theattacks would likely be at the top of any agenda.

"We cannot allow Pakistani territory to be used forany activities against any neighbour, especially aclose ally like China," said Mushahid HussainSayed, Chairman of the Pakistan-China Institute.

"There are strong ties between Pakistan and China,and we are cooperating closely on this issue."

Pasha's speedy trip was a clear sign of Pakistan'spriorities. The United States rarely gets that level ofcooperation when it presses Pakistan on militantsoperating in its border regions. American officialsfor years said al Qaeda leader Osama bin Laden,killed in a US raid in Pakistan in May was hiding inthe country. Pakistan often responded with demandsfor specific, actionable intelligence before it wouldconsider investigating.

Islamabad makes no secret of its preference forChina over the United States as a military patron,calling Beijing an "all-weather" ally in contrast to

Washington's supposedly fickle friendship.The Pakistani foreign ministry issued a statement

on Monday extending "full support" to China.China is a major investor in predominantly Muslim

Pakistan in areas such as telecommunications, portsand infrastructure. The countries are linked by aChinese-built road pushed through Pakistan's north-ern mountains.

Trade with Pakistan is worth almost $9 billion ayear for Pakistan, and China is its top arms supplier.

But all that matters only up to a point."Pakistan wants to play its own game by creating a

front against the United States," said Hasan AskariRizvi, an independent political analyst.

"That will not happen. ... Now China has the samecomplaint which the United States had withPakistan."

Barry Sautman, a professor at Hong KongUniversity of Science and Technology, said thatChina, like the United States, wanted Pakistan tohelp it control Islamist militancy. But it is frustratedby the chaotic nature of Pakistani governance, and itsinability to control militants or militant-friendly ele-ments in its security agencies. "I would think theChinese government would want to have its militaryand security apparatus liaise with Pakistani authori-ties to come up with a common plan, but the USfound that very difficult to do," he said. "And I amsure China will find it difficult as well."

Furthermore, Pakistan's usefulness to China is onlyin South Asia, where it competes with India. ButChina has global ambitions; it is unlikely to sacrificethem for an ally that has proved a headache to the

United States, which has its own deep relationshipwith China.

"Being seen to take a provocative stand alongsidePakistan comes at a substantial cost, but provides lit-tle strategic benefit," Urmila Venugopalan, an inde-pendent analyst and former Asia editor at Jane'sIntelligence Review, wrote last month in ForeignPolicy. China, he wrote, does not want to push Indiadeeper into the American orbit.

"An escalation in Chinese aid to Pakistan wouldsurely antagonise India, creating a new point of fric-tion in the triangular relationship between Beijing,New Delhi, and Washington."

China has also shown no sign that it is willing toshoulder some of the financial burden of propping upPakistan that the United States has so far been will-ing to bear. In 2008, when Pakistan was suffering abalance of payments crisis and sought China's sup-port to avoid turning to the International MonetaryFund and its restrictive terms on a $7.5 billion loan,China provided only $500 million.

China may share concerns over Pakistan's stability,Venugopalan writes, "but it has preferred to letAmericans bear the costs of improving the country'ssecurity". Pakistan's attempts to play China off theUnited States will ultimately backfire, analysts say.Although important, Pakistan is not the most impor-tant issue for Beijing and Washington.

"It is our misunderstanding if we think that we willteam up with China if we are pressed by the UnitedStates," Rizvi said. "China and the United Stateshave their own relations and they cannot compro-mise them for the sake of Pakistan." -Reuters

Banking too much on China

Wednesday, August 3, 2011

Zahid Bukhari

On last Saturday (30th July 2011)the Acting Governor of StateBank of Pakistan (SBP)

unveiled the monetary policy at a pressconference. He announced cut of halfa percent in the discount rate to 13.5per cent. After a long period of main-taining high discount rate a cut of 50basis points is being termed a goodomen. The decision was contrary tothe expectations of most of the ana-lysts. They were of the view that inter-est rate will remain unchanged as 14per cent.

It was not understandable that theActing Governor specifically stated atthe press conference, that the reductionin rate of interest has not been underGovernment pressure and no questionin this respect was asked from any side.He further said that "Our board is inde-pendent and we took this decision withthe consensus of members".

The central bank revises its monetary

policy every two months, declaring thepercentage of its discount rate, whichmeans the rate of interest charged by itfor lending money to the scheduledbanks. As such any increase ordecrease in the rate of interest of thecentral bank makes a hell of differenceon the monetary state of being in thecountry. If the rate of interest of centralbank is on the higher side, it tightensthe monetary system, or lesser avail-ability of money in the market. It isalso taken as one of the measures tobeat inflation to some extent.

The Acting Governor while replyingto a question said "We do not see anyimmediate worry over the rise in infla-tion". He added "The average inflationis expected to remain within the limitof announced target of 11 to 12 per centduring fiscal year 2012". But here theacting Governor of SBP Yasin Anwerignored the previous trends of inflationfor about four and half years, whereinflation rate remained higher despitehigh discount rate. It is a general viewof some of the analysts that during thecurrent fiscal year the inflation rate willhover between 16 to 17 per cent.

It has been assured that theGovernment of Pakistan will not bor-row from SBP, but what about thescheduled banks? Other reason ofhigher rate of inflation are shortage ofpower, meeting budget deficit, higherrate of growth in population, shyness of

foreign and local investors due to waron terror and growing feeling of inse-curity specially in Karachi. Other rea-sons may be government's favour offeudal lords, not bringing agriculture,the largest segment of the economyinto the tax net and heavy expenditureson non-productive activities and ignor-ing land reforms.

However, the SBP's decision toreduce the discount rate will definitelyattract some investments and if otherthings remain positive, it shall providesome strength to the economy of thecountry. The decision of SBP has beenhailed and appreciated by stock brokersand some upward trends will be wit-nessed in stock exchanges of Pakistan.

Actually speaking economy is a high-ly complex field, which demands shortterm and long term planning by highlyexperts, experienced, honest and rela-tively intelligent persons. Further, itdemands corrective interrelated posi-tive links among the country's variousavenues. The felling of security mustprevail through out the country, andtreatment of all must be the same, irre-spective of cast, creed, colour, religion,language, richness and power.

In my opinion the following actionsshould be taken with immediate effect interms of short planning which are beingmentioned in briefest brief as follows: 1. Corruption should be handled withiron hand.

2. Federal as well as provincial govern-ments must reduce their non-produc-tive and lavish expenditures.3. All efforts should be made to boostexports. In this respects the commer-cial secretaries at Pakistan Embassiesshould be given export target.4. Foreign investments should bebrought into Pakistan.5. Local investors should be encour-aged.6. All efforts should be made to restorepeace in the country7. Importance should be given toimprove literacy.8. Family planning divisions should betransferred to federal government andall out efforts should be made to reducethe birth rate. 9. All provincial governments shouldbe strictly advised to bring agriculturalincome into income tax net.10. The SBP must advise scheduledbank to raise their rate of interest ondeposits to encourage savings.11. SBP should also advise the sched-uled bank to extend loans to businesshouses on softer terms. At presentscheduled banks demand more then 100per cent securities against their lending.

The subject matter demands time andspace, as things in our trade, business,industry and finance are in some whatbad state, if not on topsy-turvy. Theright person at the right job should beour motto.

Reducing discount rate, a good omen

Shabbir H. Kazmi

Contribution of agriculture isoften reported around 25% inPakistan's GDP. This is a grossly

understated number because many ofthe products are not accounted for. Atthe best earnings from major crops arerecorded, that too at discounted value.Though, the experts are never tired ofsaying that Pakistan is an agrariancountry, least attention is being paid toresolve the woes of farmers. Ironically,the feudal lords have remained thebiggest beneficiaries of the governmentpolicies. These feudal lords enjoymajority in the national and provincialassemblies as well as senate and influ-ence policies of the Government ofPakistan (GoP).

Small farmers are the backbone, be itthe small landholders or working on thelands of absentee land lords. The keyissues facing them include: 1) non-availability of credit, 2) their share ofwater often stolen of the feudal lords, 3)use of ages-old technology and aboveall 4) blatant exploitation of the farmworkers.

Agriculture sector produce staplefood, provide employment to the ruralpopulation, supply raw material for thetwo agro-based industries - textiles andclothing and sugar. Export of productsmade from cotton is the largest sourceof export earnings, contributing nearlytwo-thirds to the total export earningsof Pakistan.

Pakistan suffers from disappointinglylow crop yield reasons being: farmersstill using primitive agriculture imple-ments, less focus of sowing certifiedand high yielding varieties, inefficientuse of irrigation water, cultivable land

suffer from deficiency of nutrients, lackof crop rotation, growing crops in areasnot suitable and fertile land being erod-ed by the menace of water logging andsalinity.

Major crops of Pakistan are wheat,rice, sugarcane, cotton and edible oil.While the country has been exportingrice for decades, it has also attained thestatus of wheat exporting country lately.Cotton production has remained erraticbut mostly falls short of local demand,mainly because of unchecked export ofraw cotton, yarn and unprocessed cloth.A complete ban on export of raw cottonand yarn can help in boosting export ofvalue added products. However, thiscan't be achieved because spinnerslobby has tons of money and enjoyaccess to the power corridors and great-ly influence the GoP policies. Asagainst this manufacturers of valueadded goods are too small and frag-mented.

Over the years Pakistan has beenexporting rice in bulk and little atten-tion has been paid on marketing underregistered brand names. This hasallowed many countries to marketPakistani rice under their brand nameand earn huge premium. One can stillrecall that 'Basmati' brand was regis-tered globally as an Indian product. Ittook REAP years to prove that premiumquality Basmati is produced in Pakistanand not in India. However, enoughdamage has been caused to Pakistan inthe mean time.

Sugar industry of Pakistan is capableof producing around 9 million ton sugarannually but actual output hoversaround 3.5 million tons. This grossunderutilization of capacity adds to thecost of production. The main reason for

poor capacity utilization is acute short-age of sugarcane. Despite persistenthike in its support price there is hardlyany improvement in the production,yield and recovery.

Keeping in view the huge installedsugar production capacity the govern-ment must announce a comprehensivesugar policy allowing export of surplussugar. The benchmark should be 4.25million tons. Allowing export of sugarwill encourage the millers to producemore sugar, bringing down cost of pro-duction and above all increasing avail-ability of molasses for producing ethylalcohol and baggase for power genera-tion.

Higher demand for sugarcane willencourage the farmers to produce moresugarcane. Experts are of the consensusthat higher sugarcane production can beachieved without increasing area undersugarcane cultivation. The availableoptions are: 1) growing high yieldingvarieties, 2) improving crop manage-ment and 3) banning sugarcane cultiva-tion in the cotton growing belt.

Sugar industry can provide the twomost needed and value added products:1) electricity up to 3,000MW and 2)bio-fuel (E-10). Power plants attachedwith sugar mills burn baggase as fuel.Using these facilities can help in reduc-ing average cost of power generationand containing furnace oil import bill.The added advantage is production ofelectricity close to the point of con-sumption will help in containing trans-mission and distribution losses also.The biggest incentive for the millerswill be to crush more and more sugar-cane to get larger quantity of baggase.This will automatically enhanceexportable surplus sugar in the country,

which can be exported as raw or refinedsugar help the country in earning hugeforeign exchange. Many of the millshave attached distilleries capable ofproducing huge quantity of ethyl alco-hol. Production bio-fuel (E-10) can helpin containing import of gasoline andsaving billions of dollars spent on itsimport.

At present Pakistan spends aboutUS$2 billion on the import of edible oil.This waste of precious foreignexchange can be contained by enhanc-ing production of three oil seeds,canola, sunflower and corn oil. Pakistanhas been producing these oilseeds,though in smaller quantities. A littlefocus can help in increasing productionof these oilseeds, without having anyadverse impact of any other crop. Thelevel of inefficiency prevalent in thecountry can be gauged that globallycanola and corn oils are added in dieselto produce bio-diesel. This just can't bedone in Pakistan because canola andcorn oils around three times expensiveas compared to diesel. For enhancingagriculture output commercial banks,seed and fertilizer companies and agri-culture research institutes will have towork harder and maintain close liaisonwith each other. Focusing on agricul-ture will help in attaining food security;contain migration of people from ruralto urban area and above all alleviatingpoverty. Pakistan has enormous poten-tial but needs to work on specific plans.

A point is encouraging that banks andinsurance companies are trying the bestto minimize the adverse impact of natu-ral calamities on the farmers. Let all thestakeholders work together to achievefood security and other benefits willcome automatically.

Agriculture backbone of Pakistan

Page 5: thefinancialdaily-epaper-3-08-2011

Wednesday, August 3, 2011 5

European shares hit 11-monthclosing low; banks, miners fall

Pull back; Indonesia,Philippines fall despite inflows

South East Asian stocks

Symbol Close Vol (mn)ENGRO 141.78 1.27 JSCL 6.73 1.03 KAPCO 42.89 0.95 FFC 162.85 0.82 ANL 5.97 0.74

Symbol Close ChangeULEVER 5,996.83 67.13

EXIDE 198.51 9.45

SAPL 152.26 7.25

TRIPF 187.25 3.67

BATA 640.00 3.29

Symbol Close ChangeSHEL 215.47 -4.51PSO 241.31 -4.43PMPK 149.44 -4.11MTL 586.25 -3.06CPL 152.28 -2.96

Plus 71Minus 117Unchanged 102

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Opening 12,253.39

Closing 12,226.33

Change 27.06

% Change 0.22

Turnover (mn) 14.94

Opening 3,085.28

Closing 3,065.26

Change 20.02

% Change 0.65

Turnover (mn) 0.58

Opening 2,745.85

Closing 2,765.15

Change 19.30

% Change 0.70

Turnover (mn) 0.05

HONG KONG: Hong Kongshares closed broadly loweron Tuesday following slug-gish global manufacturingdata that renewed growth con-cerns, which crimpedturnover and could limit anylift from coming first-halfearnings reports.

The slowdown in the US fac-tory sector added to data fromEurope and China showingmanufacturing activity expand-ed at its weakest rate in twoyears. Meanwhile, the nearly-in-hand US debt ceiling dealoffered scant relief.

The Hang Seng Index closeddown 1.1 per cent at 22,421.5points, dragged by Chinesenames listed in Hong Kong alsoknown as H-shares. The ChinaEnterprise Index slumped 2.1per cent.

Near-term resistance on theHang Seng is seen at a down-ward trend line connecting thehighs from its April peak, withthe June low of 21,508 seenoffering support.

Chinese banks suffered amidthe broader pessimism. First-half earnings reports, due out inmid-August and expected to begood, are unlikely to push upstock prices given the uncertaingrowth outlook but should forma steady base for full-year per-formance, analysts said.

"Unfortunately the wholeworld hates bank stocks rightnow," said Jim Antos, MizuhoSecurities' ex-Japan bank ana-lyst.

"Even though Chinese banksmay have quite okay resultscompared to its peers else-where, these sentiment issues isa big problem this year."

Helping limit losses on theday was HSBC Holdings Plc ,gaining for a second-straightsession after it reported first-half profits that were betterthan expected and announced itwould axe 30,000 jobs.

Europe's largest bank and theHang Seng's biggest singleweight gained 1.2 per cent involumes more than double its

30-day average as turnoverstayed thin in the broader mar-ket. After the bank's Kongshare price hit a one-year lowin mid-July, it has reboundedmore than 4 per cent.

FEARS HIT SHANGHAIThe Shanghai Composite

Index hit its lowest in almostsix weeks on Tuesday, closingdown 0.9 per cent at 2,679.3points as A-share turnoverstayed low, totalling almost 25per cent below its 20-day aver-age.

Sluggish global manufactur-ing data on Monday reignitedgrowth concerns in the world'ssecond-largest economy evenas the Chinese central bank saidinflation remained stubbornlystuck near a three-year high.

Oil giants PetroChina Coand Sinopec Corp were amongthe biggest benchmark drags.The Shanghai energy sectorindex gained 0.7 per centlargely on the back of surgingcoal plays on anticipated high-er demand.-Reuters

Hong Kong,China shares down

Nawaz Ali

KARACHI: Dreary activitieswere observed at the KarachiStock Exchange (KSE) on thefirst day of Holy month ofRamadan. Tense security situa-tion in the country's financialhub on Tuesday, kept the senti-ments bearish shrinking tradingvolume to 13 month low asinvestors preferred to stay onthe sidelines.

The benchmark KSE-100index was down by 27 pointsto close at 12,226 points,KSE-30 index lost 21 points toclose at 11,589 points andKSE all-share index was down

by 18 points to close at 8,472points.

"With the advent of the Holymonth of Ramadan, equitiesdisplayed a dull session", saidZoheb Zaheer, analyst at AbaAli Habib Securities.

Only 14.9 million shareswere traded during the daywhich was lowest in the last 13months and were 24 millionshares less as compared to aturnover of 38.9 million sharesa day earlier.

Ramadan is traditionallybilled as a month of low vol-umes where there is a sheerlack of interest in the market,added Zoheb.

The day started on negativenote after which the market sawsome range bound activitieswith low investors' participa-tion moving the index between12,279 points (+ve 26) and12,194 points (-ve 58). Somebuying activity was witness infertilizer stocks on hopes ofresolution of gas supply issuewhile oil stocks except PakistanPetroleum remained underpressure.

Director Karachi StockExchange Mohammad Sohailsaid that reduced trading tim-ings also affected volumes.Further fall in global marketskept local institutions on the

sidelines.It should be noted that the

normal trading timings at thestock market from Monday toThursday are 9:30 to 3:30PST. However, on account ofRamadan the trading hoursare reduced to 9:15 to 2:00PST.

Apart from it, investorsstayed cautious due to precari-ous law and order situation inthe city where about 26 peoplewere killed in the city duringlast 24 hours.

The day was also the bankholiday, for the deduction ofZakat from the bank accounts,which also kept investors' par-

ticipation low.Though foreigners were

mainly on the buying side, theirparticipation was low.According to NCCPL data, off-shore investors did a net buyingworth $0.58 million onTuesday.

Engro Corporation was thetop traded scrip with 1.27 mil-lion shares followed byJahangir Siddiqui & Co. with1.02 million shares and KotAddu Power Co. with 0.95 mil-lion shares.

Out of total 290 active issues;117 declined and 71 advancedwhile 102 issues remainedunchanged.

Volume shrinks to13-mnth low at KSE

TOKYO: The Nikkei averagefell 1.2 per cent after weak USmanufacturing data fanned fearsabout the health of the globaleconomy and pushed the dollarlower, although the heightenedrisk of intervention in currencymarkets by Japanese authoritieslent support.

Data showed the US manufac-turing sector grew at the slowestpace in two years in July, fol-lowing similarly weak reportsfrom much of Asia and Europe.This has made investors particu-larly jittery, especially ahead ofUS unemployment data onFriday.

"Investors are concerned aboutthe yen's rise but what worriesthem more is whether demandfor global cyclical companies'goods will stay intact or not,"said Masanaga Kono, chiefstrategist at Amundi Japan.

Japan primed markets onTuesday for currency interven-tion after the yen tested recordhighs overnight, signalling itmay try to tame the unit with acombination of yen-selling andeasier central bank monetarypolicy.

"If there is intervention thisweek, sentiment for companiesmay be lifted," said FumiyukiTakahashi, managing director atBarclays Capital.

He added that as long as thedollar trades around 77-78 yen,companies would probably notcut their full-year outlooks asmost have assumed a rate of 80yen to the dollar and could fillthe gap with cost cuts.

"But if the yen's weakness is

short-lived and the dollar tradesbelow 77 yen again, we may notbe able to avoid a sell-off," hesaid.

The benchmark Nikkei fin-ished at 9,844.59, erasing mostof the gains it made the previousday. The next support level isseen at 9,750, which is seen as apotential strike price for Nikkei225 options.

The broader Topix index fell0.9 per cent to 843.96.

The dollar last traded at 77.25yen.

Chip-related stocks underper-formed as earnings underscoredfears that a recovery in the chip-making equipment market mightcome later than expected.

Tokyo Electron fell 6.2 percent to 3,940 yen after theworld's No.2 supplier of chip-making equipment cut its annualforecast by half on Monday, hitby slowing investment by mak-ers of chips used in PCs, smart-phones and tablets. NomuraSecurities cut its rating to "neu-tral" from "buy".

The same fears also hitDainippon ScreenManufacturing which dropped6.2 per cent to 579 yen afterNomura similarly lowered itsrating on the chipmaking equip-ment producer to "neutral" from"buy".

But Kirin Holdings Co outper-formed the market, falling only0.3 per cent to 1,148 yen after itsaid will spend $2.6 billion totake a controlling stake in majorBrazilian beer and soft drinksmaker Schincariol to expand its

See # 8 Page 11

Nikkei fallson US woes

MUMBAI: Indian shares fellmore than one per cent onTuesday to their lowest close innearly six weeks, as renewedworries about the health of theglobal economy and local con-cerns on rising borrowing costsrattled investors.

Financials dropped the mostas slowing economic growthwas seen dampening demandfor loans.

"The desire for exposure toIndia is muted for the moment.

Caution is the word. It is hardto form a concrete view," saidShankar Char, vice-presidentand head of sales trading atICICI Securities.

Asia's third-largest economyshowed further signs of slow-down on Monday, when a sur-vey showed July factory expan-sion the weakest in 20 months,while a top government panelcut its growth forecasts for thecurrent fiscal year

Private-sector economistsexpect a sharper slowdownafter the central bank raisedinterest rates last week, forthe 11th time since March2010.

Morgan Stanley became thelatest bank to cut its outlook foron Asia's second-fastest grow-ing major economy, predicting2011/12 growth at 7.2 per centfrom 7.7 per cent earlier.

The 30-share BSE mainindex shed 1.12 per cent or204.44 points to 18,109.89, itslowest close since June 23.

Twenty-three of its compo-nents lost ground.

The benchmark is down morethan 11 per cent year-to-dateand has underperformed itsemerging market peers andworld equities in 2011.

"There are concerns ondomestic front as well as globalfront," Char said. "People areopting for safer bets such asgold."

Foreign funds' interestwavered in the second half ofJuly, paring net inflows overthe past five weeks to $2.8 bil-lion.

Leading lenders State Bankof India ICICI Bank and HDFCBank dropped between 1.1 percent and 2.9 per cent.

Export-focused softwarefirms fell following sluggishmanufacturing data from theUnited States, their largest mar-ket.

Sector leader TataConsultancy Services shed 0.4per cent while smaller rivalsInfosys and Wipro fell 2.3 percent and 2.2 per cent respec-tively.

The 50-share NSE index shed1.1 per cent to 5,456.55.

See # 7 Page 11

Indian shares at6-wk closing low

US stocks late-morning

Wall Streetfalls as debt

worriesweigh

NEW YORK: US stocksdeclined on Tuesday, puttingthe S&P 500 on track for itslongest down streak sinceOctober 2008, on worries overthe United States' debt and eco-nomic outlook.

The deliberations have taken atoll on stocks. The S&P 500 isdown for its seventh straight ses-sion. Last week, the market suf-fered its worst week in a year.

Even with the deal, analystssay it is possible the UnitedStates top credit rating couldstill be cut.

In the latest economic data,US consumer spending fellunexpectedly in June to postthe first decline in nearly twoyears as incomes barely rose,the government reported.

Among the day's weakestsectors was consumer discre-tionaries, with the S&P sectorindex down 1.6 per cent.

See # 10 Page 11

LSE sheds14.34 points

LAHORE: The Lahore StockExchange shed 14.34 points onTuesday as the LSE-25 indexopened with 3085.28 andclosed at 3070.94 points.

The market's overall situationalso did not correspond to anupward trend as it remained at584,389 shares to close againstthe previous turnover of 1.442million shares, showing a differ-ence of 858,370 shares. Whileout of the total 110 active scrips11 moved up, 78 remained equaland 21 shed values.

MCB Bank, AdamjeeInsurance Company and FaujiFertilizer Company were majorgainer of the day by recordingincrease in their per share valueby Rs 2.70, Rs1.75 and Rs0.95respectively.

Attock Refinery Limited,Netsol Technologies and D. G.Khan Cement Company losttheir per share value by Rs1.38,Rs0.33 and Rs0.26 respectively.

The volume leader of the dayincluded NIB Bank (Right)with turnover of 100,080shares, Silkbank with 80,109share and NIB Bank with61,740 shares.-APP

Dhiyan

We might see some selling in the market moving forward while vol-umes would also remain low as investors would prefer to stay on thesidelines due to tense security situation in the city and if foreignersoffload their holdings. The index can see strong support at 12,041 lev-els. Investors are recommended to take positions in FFC, MCB, andPPL with stop losses. They are advised to invest with at least a threemonths horizon and do not to take extra exposure. Market would bemixed today and will trade between 12,331 and 12,130 points.

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth

Samar Iqbal, equity dealer Topline SecuritiesOn the back of corporate results season and recent reduction in discount rate, mar-

ket is expected to stabilise but range bound activities will keep the index between

12,500 and 11,900 points. Volumes are expected to remain low during Ramadan

where historically we have seen low participation from the investors. Any negative

development on the political front can hurt the sentiments. Investors are advised to

take positions in Attock group companies on expected dividend announcements.

Market would show improved performance today as compared to a day earlier.

RANGE BOUND ACTIVITIES LIKELY

FERTILISER000 tonnesUrea Offtake (Jan to Apr 11) 1,714

Urea Offtake (Apr 11) 487

Urea Price (Rs/50 kg) 1,234

DAP Offtake (Jan to Apr 11) 215

DAP Offtake (Apr 11) 55

DAP Price (Rs/50 kg) 4,050

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Apr 11) 71,096

Sales (July 10 to Apr 11) 69,203

Production (Apr 11) 7,220

Sales (Apr 11) 7,510

INDUS MOTOR COProduction (July 10 to Apr 11) 42,670

Sales (July 10 to Apr 11) 41,940

Production (Apr 11) 4,219

Sales (Apr 11) 4,681

HONDA ATLAS CARProduction (July 10 to Apr 11) 14,062

Sales (July 10 to Apr 11) 13,754

Production (Apr 11) 1,582

Sales (Apr 11) 1,640

DEWAN FAROOQ MOTORSProduction (July 10 to Apr 11) 186

Sales (July 10 to Apr 11) 203

Production (Apr 11) -

Sales (Apr 11) -

BANKING SECTORScheduled bank (Rs in mn)Deposit (May 27,11) 5,220,669

Advances (May 27,11) 3,087,531

Investments (May 27,11) 2,341,433

Spread (April 11) 7.52%

OIL MARKETING CO(000 tons)MS (Jul 10 to Apr 11) 1,867

MS (Apr 11) 196

Kerosene (Jul 10 to Apr 11) 134

Kerosene (Apr 11) 14

JP (Jul 10 to Apr 11) 1,148

JP (Apr 11) 117

HSD (Jul 10 to Apr 11) 5,719

HSD (Apr 11) 567

LDO (Jul 10 to Apr 11)) 44

LDO (Apr 11) 2

Fuel Oil (Jul 10 to Apr 11) 7,252

Fuel Oil (Apr 11) 739

Others (Jul 10 to Apr 11) 143

Others (Apr 11) 15

PRICES (Ex-Refinery) RsMS (1 May 11) 62.83

MS (1 Apr 11) 59.35

MS % Chg 5.86%

Kerosene (1 May 11) 73.63

Kerosene (1 Apr 11) 68.95

Kerosene % Chg 6.79%

JP-1 (1 May 11) 73.86

JP-1 (1 Apr 11) 70.88

JP-1 % Chg 4.20%

HSD (1 May 11) 78.79

HSD (1 Apr 11) 75.02

HSD % Chg 5.03%

LDO (1 May 11) 71.55

LDO (1 Apr 11) 65.27

LDO % Chg 9.62%

Fuel Oil (1 May 11) 57,253

Fuel Oil (1 Apr 11) 56,777

Sector Updates

FTSE at 5-weel low

LONDON: The top shareindex sank to a five-week clos-ing low on Tuesday as investorconfidence was further under-mined by the uncertain globaleconomic outlook, with minersbearing the brunt of the sell-off.

The FTSE 100 fell for a thirdday in a row and ended down56.04 points, or one per cent, at5,718.39, its lowest closinglevel since June 24.

Miners dropped along withmetals prices after data showedconsumer spending in theUnited States fell unexpectedlyin June to show the first declinein nearly two years.

Gold, however, rallied to itsninth record high this year asinvestors moved into perceivedsafe-haven assets, helping pro-pel Fresnillo to the top of theblue-chip leader board.

The precious metals minerrose 4.6 per cent as it unveiled a92 per cent surge in first-halfcore profit and raised its divi-dend by 128 per cent.

Randgold Resources, mean-while, climbed 0.5 per cent.

"A very tough start of themonth with a lot of people posi-tioned for a relief rally pre-empting a US debt ceilingdeal," said Lex van Dam, hedgefund manager at HampsteadCapital, which has about $500million of assets under manage-ment.

"But negative economic dataaround the world are the newfocus now. Nowhere to hidereally with people's favouritestocks all getting crushed...Gold is king again."

See # 11 Page 11

Page 6: thefinancialdaily-epaper-3-08-2011

Wednesday, August 3, 20116Volume 14,941,552

Value 932,189,219

Trades 16,644

Advanced 71

Declined 117

Unchanged 102

Total 290

Current 8,472.09

High 8,508.98

Low 8,451.04

Change i18.29

Current 12,226.33

High 12,280.27

Low 12,194.85

Change i27.06

Current 11,589.64

High 11,633.61

Low 11,579.36

Change i21.44

Market KSE 100 Index All Share Index KSE 30 Index

Current 21,308.28

High 21,374.22

Low 21,261.45

Change i56.36

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 30, 2010

Faysal Bank Limited

FABL closed up 0.08 at 9.73. Volume was 174 per cent above average

(trending) and Bollinger Bands were 27 per cent narrower than normal.

The company's profit after taxation stood at Rs793.748 million which

translates into an Earning Per Share of Rs1.08 for the half year of cur-

rent calendar year (1HCY11).

FABL is currently 21.1 per cent below its 200-day moving average and

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

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

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

oscillators are currently bullish on FABL.

RSI (14-day) 50.00 Total Assets (Rs in mn) 267,320.92

MA (10-day) 9.94 Total Equity (Rs in mn) 16,642.88

MA (100-day) 10.16 Revenue (Rs in mn) 23,722.80

MA (200-day) 12.34 Interest Expense 0.00

1st Support 9.52 Profit after Taxation 1,190.33

2nd Support 9.37 EPS 10 (Rs) 1.629

1st Resistance 9.90 Book value / share (Rs) 22.77

2nd Resistance 10.13 PE 11 E (x) 4.50

Pivot 9.75 PBV (x) 0.43

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

DSFL closed up 0.05 at 2.24. Volume was 75 per cent below average

(consolidating) and Bollinger Bands were 22 per cent wider than nor-

mal. The company's loss after taxation stood at Rs738.311 million

which translates into a Loss Per Share of Rs2.02 for the nine months of

fiscal year (9MFY11).

DSFL is currently 13.8 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 volume flowing into and out of DSFL at a relatively

equal pace. Trend forecasting oscillators are currently bearish on

DSFL.

RSI (14-day) 32.03 Total Assets (Rs in mn) 15,343.38

MA (10-day) 2.32 Total Equity (Rs in mn) (7,218.97)

MA (100-day) 2.62 Revenue (Rs in mn) 137.50

MA (200-day) 2.60 Interest Expense 125.73

1st Support 2.21 Loss after Taxation (1,529.67)

2nd Support 2.16 EPS 10 (Rs) (4.176)

1st Resistance 2.30 Book value / share (Rs) (19.71)

2nd Resistance 2.34 PE 11 E (x) -

Pivot 2.25 PBV (x) (0.11)

Dewan Salman Fibre Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2010

LOTPTA closed down -0.20 at 12.11. Volume was 90 per cent below

average (consolidating) and Bollinger Bands were 3 per cent wider than

normal The company's profit after taxation stood at Rs2.488 billion

which translates into an Earning Per Share of Rs1.64 for the 1st quar-

ter of current calendar year (1QCY11).

LOTPTA is currently 14.9 per cent below its 200-day moving average

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

average volatility over the last 10 trading sessions. Volume indicators

reflect volume flowing into and out of LOTPTA at a relatively equal

pace. Trend forecasting oscillators are currently bearish on LOTPTA.

RSI (14-day) 30.08 Total Assets (Rs in mn) 22,896.03

MA (10-day) 12.52 Total Equity (Rs in mn) 9,602.39

MA (100-day) 14.77 Revenue (Rs in mn) 42,401.59

MA (200-day) 14.21 Interest Expense 229.23

1st Support 12.01 Profit after Taxation 4,527.77

2nd Support 11.88 EPS 10 (Rs) 2.99

1st Resistance 12.28 Book value / share (Rs) 6.34

2nd Resistance 12.42 PE 11 E (x) 1.85

Pivot 12.15 PBV (x) 1.91

Lotte Pakistan PTA Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

ANL closed down -0.08 at 5.97. Volume was 73 per cent below aver-

age (consolidating) and Bollinger Bands were 71 per cent narrower

than normal. The company's loss after taxation stood at Rs2.155 billion

which translates into a Loss Per Share of Rs4.80 for the 1st quarter of

current calendar year (1QCY11).

ANL is currently 30.0 per cent below its 200-day moving average and

is displaying an upward 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 into ANL (mildly bullish).

Trend forecasting oscillators are currently bullish on ANL.

RSI (14-day) 46.99 Total Assets (Rs in mn) 38,525.22

MA (10-day) 6.12 Total Equity (Rs in mn) 18,469.71

MA (100-day) 6.60 Revenue (Rs in mn) 11,737.86

MA (200-day) 8.53 Interest Expense 2,424.42

1st Support 5.85 Profit after Taxation 60.53

2nd Support 5.75 EPS 09 (Rs) 0.003

1st Resistance 6.10 Book value / share (Rs) 37.85

2nd Resistance 6.25 PE 10 E (x) -

Pivot 6.00 PBV (x) 0.16

Azgard Nine Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,551.67 1,558.58 1,535.95 1,545.99 -5.68 -0.37

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

1,071,306 12 - 65,194.15 mn 1,140,388.96 mn 1,551.67

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

10.67 3.47 32.54 55.94 5.24 1,527.26

Attock Petroleum 691 6.56 364.41 363.00 362.00 362.87 -1.54 4871 394.90 362.00 300 20B115.00 -

Attock Refinery 853 4.11 126.53 126.89 124.95 125.23 -1.30 124790 143.50 120.40 - - - -

BYCO Petroleum 3921 - 8.74 8.78 8.65 8.67 -0.07 33530 10.10 8.00 - - - -

Mari Gas Company 735 4.13 102.00 101.99 101.00 101.00 -1.00 503 113.75 98.76 31 - 23.43 -

National Refinery 800 5.07 366.72 367.99 361.15 366.99 0.27 67991 390.00 323.50 200 - - -

Oil & Gas Development 43009 10.48 155.46 156.50 154.00 154.84 -0.62 92000 157.51 145.21 55 - 30.00 -

Pak Petroleum 11950 7.76 211.65 212.95 210.11 212.31 0.66 306074 219.70 202.50 90 20B100.00 -

Pak Oilfields 2365 7.97 362.99 363.50 360.11 361.46 -1.53 221526 391.69 324.03 255 -100.00 -

Pak Refinery Limited 350 41.44 74.00 75.01 73.00 74.18 0.18 2744 89.25 73.00 - - - -

P.S.O 1715 3.45 245.74 245.50 240.11 241.31 -4.43 235737 291.50 240.11 80 - 80.00 -

Shell Pakistan 685 7.66 219.98 218.50 215.00 215.47 -4.51 15070 233.00 208.00 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

957.27 965.34 955.95 959.05 1.79 0.19

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

1,526,071 211 73 47,070.70 mn 119,300.54 mn 963.58

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

4.95 0.43 8.64 16.68 3.37 954.27

Amtex Limited 2594 - 2.58 2.63 2.45 2.47 -0.11 36438 3.76 1.85 - 30B - -

Azgard Nine 4493 - 6.05 6.15 5.90 5.97 -0.08 744831 7.09 5.20 - - - -

Chenab Limited 1150 - 1.56 1.85 1.55 1.55 -0.01 2498 2.44 1.55 - - - -

Colony Mills Ltd 2442 1.67 1.55 1.68 1.55 1.60 0.05 11461 2.64 1.32 - - - -

Crescent Textile 492 4.23 15.75 14.75 14.75 15.75 0.00 110 16.87 12.50 15 - - -

D S Ind Ltd 600 - 1.03 1.04 0.85 0.97 -0.06 4553 1.39 0.80 - - - -

Din Textile 204 0.70 34.50 35.26 35.00 35.00 0.50 522 39.70 26.35 20 10B - -

Ellcot Spinning 110 0.57 23.25 24.00 23.75 23.95 0.70 2409 27.30 22.65 35 - - -

Faisal Spinning 100 0.72 50.00 52.50 52.50 52.50 2.50 500 52.50 40.25 50 - - -

Gadoon Textile XD 234 0.59 61.00 61.19 61.19 61.19 0.19 1600 79.50 61.00 70 - - -

Ghazi Fabrics 326 0.37 4.14 3.80 3.80 3.66 -0.48 700 8.00 3.80 10 - - -

Hira Textile Mills Ltd. 716 0.75 3.60 3.78 3.78 3.78 0.18 21000 4.45 3.55 10 - - -

Ibrahim Fibres 3105 2.64 36.52 37.00 36.99 36.99 0.47 550 47.25 36.00 20 - - -

ICC Textile 300 - 0.84 0.91 0.85 0.88 0.04 1110 1.45 0.60 - - - -

Idrees Textile 180 1.70 4.55 4.45 4.45 4.45 -0.10 1524 5.74 3.80 10 - - -

Kohinoor Ind 303 - 1.05 1.08 1.01 1.07 0.02 1400 1.64 0.75 - - - -

Kohinoor Mills 509 - 1.40 1.35 1.35 1.35 -0.05 4518 2.83 0.71 - - - -

Kohinoor Textile 2455 3.69 3.21 3.60 2.87 3.21 0.00 122 5.00 2.80 - - - -

Liberty Mills 231 3.86 54.00 54.00 54.00 54.00 0.00 929 67.00 51.67 30 - - -

Masood Textile 600 1.74 18.80 19.00 18.75 18.80 0.00 3000 20.59 17.00 15 100R - -

Mukhtar Textile 145 - 0.46 0.48 0.31 0.48 0.02 2458 1.39 0.16 - - - -

Nadeem Textile 120 2.55 44.25 46.46 46.46 46.46 2.21 1000 46.46 18.96 20 - - -

Nishat (Chunian) 1621 3.00 19.79 20.00 19.43 19.50 -0.29 46791 26.45 19.20 15 - - -

Nishat Mills 3516 4.11 46.35 46.74 46.06 46.35 0.00 516835 61.99 45.90 25 45R - -

Pak Synthetic 560 2.46 19.73 20.45 18.73 19.73 0.00 103 20.90 17.26 - - - -

Prosperity 185 0.92 13.24 14.24 14.20 14.24 1.00 2011 15.45 13.00 30 - - -

Ravi Textile 250 - 0.90 0.94 0.80 0.89 -0.01 3515 1.30 0.36 - - - -

Saif Textile 264 0.26 7.60 8.10 7.50 7.50 -0.10 5050 9.25 7.00 - - - -

Salman Noman 42 0.43 2.20 2.10 2.02 2.07 -0.13 65032 3.75 2.02 - 5B - -

Sana Ind 55 2.95 39.00 39.00 39.00 39.00 0.00 2000 41.48 36.50 60 - - -

Service Ind 120 3.28 193.06 192.01 190.51 191.95 -1.11 1150 214.95 170.00 75 - - -

Shadman Cot 176 18.46 20.98 19.94 19.94 19.94 -1.04 1000 23.94 12.90 5 - - -

Shahpur Textile 140 0.49 0.29 0.35 0.35 0.35 0.06 5000 0.90 0.15 - - - -

Thal Ltd 307 - 101.08 101.50 99.71 100.01 -1.07 23354 108.00 97.00 80 20B - -

Treet Corp 418 6.41 51.37 51.96 51.00 51.28 -0.09 8621 59.20 50.00 50 900B - -

Tri-Star Poly 215 - 0.76 0.89 0.80 0.88 0.12 1260 1.58 0.49 - - - -

Zil Limited 53 6.01 57.45 57.49 55.06 55.50 -1.95 553 67.00 55.00 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

618.60 626.48 604.60 613.01 -5.60 -0.90

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

39,430 15 7 3,763.71 mn 4,192.67 mn 632.60

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

1.14 0.12 10.64 6.27 5.48 613.01

Hussain Industries 106 - 2.71 3.00 2.50 2.50 -0.21 1000 4.70 1.82 - - - -

Pak Elektron 1219 - 6.08 6.30 6.00 6.02 -0.06 35376 8.60 6.00 - 10B - -

Singer Pak 375 113.69 14.78 13.91 13.91 14.78 0.00 343 20.13 13.10 - 10B - -

Tariq Glass Ind 693 1.27 9.94 10.48 9.60 9.65 -0.29 2711 13.33 9.60 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

2,359.99 2,399.16 2,309.95 2,373.17 13.18 0.56

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

95,122 61 16 11,335.33 mn 340,190.70 mn 2,373.17

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

- 14.94 30.30 30.57 0.62 2,289.97

Adam Sugar 58 1.05 17.08 17.25 17.25 17.25 0.17 500 19.24 12.50 25 - - -

Bawany Sugar 87 - 9.00 8.90 8.90 9.00 0.00 200 9.80 7.50 - - - -

Chashma Sugar 287 6.58 9.90 10.00 10.00 10.00 0.10 500 11.75 8.00 10 - - -

Habib Sugar 750 5.30 26.30 26.73 26.49 26.50 0.20 14030 28.00 23.30 25 25B - -

Haseeb Waqas 324 - 8.28 9.28 9.28 9.25 0.97 503 12.50 8.25 10 - - -

Hussein Sugar 121 0.95 11.65 11.65 11.65 11.65 0.00 300 12.56 9.00 - - -40.49R

J D W Sugar 539 2.69 82.30 82.49 79.00 82.08 -0.22 2989 90.49 74.00 7010B 12.5R - 10R

Mirza Sugar 141 0.56 2.47 2.59 2.59 2.47 0.00 110 3.50 2.30 10 - - -

Nestle Pakistan 453 31.88 4201.13 4225.00 3993.00 4199.14 -1.99 130 5675.00 3299.00 750 - - -

Quice Food 107 11.41 5.00 6.00 4.87 5.02 0.02 63587 6.00 1.81 - - - -

Shahmurad Sugar 211 1.33 10.00 10.00 9.80 10.00 0.00 11500 11.40 7.91 10 - - -

Shahtaj Sugar 120 2.69 67.53 70.80 64.20 67.53 0.00 213 71.50 60.00 - - - -

Shakarganj Mills 695 2.12 5.00 5.97 5.00 5.00 0.00 229 6.99 4.57 - - - -

UniLever Pakistan 665 22.18 5929.70 6090.00 5850.00 5996.83 67.13 108 6135.00 4915.70 492 - - -

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

1,113.21 1,119.02 1,108.42 1,114.75 1.54 0.14

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

91,735 19 4 6,768.53 mn 41,270.24 mn 1,117.67

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

1.15 0.29 25.35 20.42 17.73 1,112.93

Atlas Battery 101 6.35 239.40 240.00 237.51 239.13 -0.27 8971 241.50 208.00 100 20B - -

Atlas Honda 719 7.42 126.45 127.00 123.75 123.98 -2.47 437 160.00 112.10 50 15B 65.00 15B

Dewan Motors 1087 - 2.70 2.79 2.55 2.75 0.05 51052 3.46 1.50 - - - -

Exide (PAK)XDXB 71 2.73 189.06 198.51 191.50 198.51 9.45 21030 235.00 163.10 60 - 60.00 25B

General Tyre 598 4.50 22.53 23.65 22.15 23.60 1.07 5200 24.85 22.00 20 - - -

Honda Atlas Cars 1428 - 10.06 9.71 9.50 9.54 -0.52 500 11.58 9.00 - - - -

Pak Suzuki 823 14.52 63.75 64.83 64.00 64.49 0.74 4545 72.50 61.35 5 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,719.65 1,731.43 1,707.18 1,711.58 -8.07 -0.47

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

7,331 11 1 1,336.62 mn 33,897.99 mn 1,744.54

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

7.93 3.02 38.02 131.49 16.58 1,711.58

AL-Ghazi Tractor 215 3.84 222.27 224.00 221.00 222.27 0.00 111 244.00 217.00 400 - - -

KSB Pumps 132 - 31.75 31.50 31.00 31.75 0.00 122 40.44 30.30 12.5 - - -

Millat Tractors 366 8.91 589.31 593.95 585.25 586.25 -3.06 7029 625.80 514.00 650 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

966.71 981.85 970.63 977.68 10.97 1.13

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

186,347 13 2 3,043.31 mn 36,415.47 mn 977.68

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

1.91 0.84 43.91 15.55 8.15 960.07

Cherat Packagin 172 2.27 47.00 47.45 46.01 46.26 -0.74 2513 54.48 46.00 20 25B - 50R

ECOPACK Ltd 230 - 1.42 1.48 1.30 1.45 0.03 34499 1.80 1.10 - - - -

Ghani Glass 1067 5.56 52.96 55.60 54.00 54.68 1.72 45164 58.50 51.00 25 10B - -

MACPAC Films 389 2.18 11.48 11.35 10.90 10.90 -0.58 2000 14.50 9.78 - - - -

Packages Ltd 844 17.48 104.00 105.15 104.00 104.86 0.86 101982 118.00 101.75 32.5 - - -

Tri-Pack Films 300 7.30 183.58 187.25 185.25 187.25 3.67 2700 187.25 161.00 100 - - -

Paid up Last 60 days 2010 2011

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

856.79 858.98 844.19 847.90 -8.89 -1.04

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

1,070,846 37 6 54,792.74 mn 68,976.35 mn 857.06

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

6.20 0.44 7.10 19.04 3.07 847.90

Attock Cement 866 5.95 48.00 47.70 47.00 47.00 -1.00 1615 56.01 45.65 50 - - -

Cherat Cement 956 41.43 8.75 8.71 8.70 8.70 -0.05 5000 10.60 8.50 - - - -

Dewan Cement 3891 - 1.51 1.54 1.47 1.47 -0.04 19090 2.67 1.36 - - - -

DG Khan Cement Ltd 4381 30.01 22.88 22.97 22.50 22.51 -0.37 550995 25.85 21.31 - 20R - 20R

Fauji Cement 13311 6.64 3.95 3.97 3.82 3.85 -0.10 76697 5.04 3.82 - - - 92R

Flying Cement Ltd 1760 - 1.21 1.30 1.23 1.23 0.02 11200 1.95 1.17 - - - -

Gammon Pak 283 - 1.00 1.45 1.45 1.00 0.00 450 2.49 0.55 - - - -

Gharibwal Cement 4003 - 5.10 6.00 5.00 5.02 -0.08 662 9.15 4.25 - - - -

Kohat Cement 1288 - 5.81 5.80 5.80 5.80 -0.01 756 7.60 5.80 - - - -

Lafarge Pakistan Cmt. 13126 60.00 2.40 2.44 2.37 2.40 0.00 61931 3.35 2.35 - - - -

Lucky Cement 3234 4.82 73.40 73.49 72.56 72.70 -0.70 206710 77.43 69.36 40 - 40.00 -

Maple Leaf Cement 5267 - 2.03 2.07 2.00 2.05 0.02 128326 3.05 1.99 - - - -

Pioneer Cement 2271 - 4.80 4.89 4.70 4.70 -0.10 4800 6.34 4.50 - - - -

Safe Mix Concrete 200 - 4.33 4.94 4.94 4.33 0.00 285 5.79 4.17 - - - -

Shabbir Tiles 721 - 6.70 7.00 6.95 6.99 0.29 2501 7.49 5.37 - - - 100R

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

1,016.83 1,021.21 1,010.24 1,012.24 -4.60 -0.45

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

33,088 7 1 3,596.11 mn 15,184.20 mn 1,035.21

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

2.67 0.88 33.10 30.91 11.57 1,012.24

Crescent Steel 565 3.44 26.50 26.79 26.30 26.32 -0.18 8505 29.25 25.70 30 - 35.00 -

Dost Steels Ltd 675 - 2.35 2.31 2.12 2.20 -0.15 16233 3.10 1.62 - - - -

Inter.Steel Ltd. 4350 - 13.66 13.55 13.48 13.48 -0.18 1786 15.06 0.00 - - - -

International Ind 1199 9.03 50.62 50.75 50.40 50.50 -0.12 8300 52.75 48.52 40 20B 15 -

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

1,121.05 1,144.49 1,109.91 1,126.76 5.71 0.51

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

168,875 4 1 1,186.83 mn 3,108.57 mn 1,128.35

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

5.69 0.43 7.47 25.28 4.44 1,121.05

Century Paper 707 78.81 16.13 16.89 16.25 16.55 0.42 159295 18.00 14.66 - - - -

Security Paper 411 5.44 42.04 42.21 41.00 41.70 -0.34 9530 43.55 37.50 50 - 50.00 -

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

1,858.54 1,870.79 1,849.53 1,857.50 -1.03 -0.06

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

3,929,471 36 6 52,251.88 mn 377,760.97 mn 1,860.78

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

8.65 3.03 35.00 48.81 5.65 1,826.59

Agritech Limited 3924 - 18.05 18.39 18.39 18.39 0.34 500 20.94 16.60 - - - -

Clariant Pak 341 6.19 155.24 154.00 151.05 152.28 -2.96 216 167.00 148.50 135 25B - -

Dawood Hercules 4813 3.02 53.59 53.80 52.00 52.09 -1.50 27537 66.00 52.00 50 300B - -

Descon Chemical 1996 - 1.90 1.96 1.95 1.95 0.05 19000 2.79 1.83 - - - -

Descon Oxychem Ltd. 1020 9.15 6.27 6.35 6.20 6.22 -0.05 10876 8.40 5.60 - - - -

Dewan Salman 3663 - 2.19 2.29 2.20 2.24 0.05 310659 3.65 2.07 - - - -

Engro Corporation Ltd 3933 6.34 141.75 143.50 141.51 141.78 0.03 1273661 199.65 139.20 60 20B - -

Engro Polymer 6635 - 9.61 9.69 9.37 9.45 -0.16 42736 12.67 9.37 - 27.5R - -

Fatima Fertilizer 22000 - 16.34 16.40 16.21 16.32 -0.02 361020 17.60 12.10 - - - -

Fauji Fertilizer 8482 8.46 162.32 163.50 161.90 162.85 0.53 816763 172.97 138.50 130 25B 92.50 -

Fauji Fert.Bin Qasim 9341 6.17 46.99 47.00 46.70 46.81 -0.18 658912 48.05 41.26 65.5 - 35.00 -

Ghani Gases Ltd 725 9.93 12.00 12.10 11.80 11.82 -0.18 1510 13.90 11.40 - - - -

ICI Pakistan 1388 8.50 154.51 155.00 153.00 153.08 -1.43 8130 160.00 148.02 175 - - -

Lotte Pakistan 15142 3.38 12.31 12.29 12.02 12.11 -0.20 561893 15.94 11.85 5 - - -

Nimir Ind Chemical 1106 13.17 3.06 3.16 3.00 3.03 -0.03 162510 3.30 2.26 - - - -

Sitara Peroxide 551 4.94 16.13 16.15 15.90 15.96 -0.17 53531 19.12 15.90 - - - -

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

983.64 990.58 980.09 983.01 -0.62 -0.06

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

54,677 9 - 3,904.20 mn 32,165.32 mn 987.21

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

6.54 1.46 22.31 44.54 6.81 974.10

Abbott (Lab) 979 5.85 96.61 97.00 95.40 95.50 -1.11 1364 97.80 88.75 50 - - -

GlaxoSmithKline 2019 10.42 73.10 73.00 72.51 72.96 -0.14 509 79.99 71.53 40 15B - -

Highnoon (Lab) 182 6.77 28.99 29.75 28.75 29.25 0.26 14157 33.45 25.35 25 10B - -

IBL HealthCare Ltd 200 3.89 9.50 9.50 9.50 9.50 0.00 30000 10.99 9.00 - - - -

Sanofi-Aventis 96 - 145.01 152.26 146.00 152.26 7.25 3380 155.00 142.50 100 - - -

Searle Pak 306 5.95 60.60 61.00 60.40 61.00 0.40 5265 62.80 54.00 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

771.26 789.46 772.77 789.20 17.95 2.33

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

8,346 4 2 3,242.17 mn 12,053.02 mn 789.20

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

3.31 0.84 25.53 11.08 3.35 750.24

Pak Int Cont.Terminal 1092 7.36 77.84 80.00 78.02 79.97 2.13 8346 91.20 70.00 40 - 50SD -

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

Silkbank Limited # 03-Aug 10-Aug - - 10-Aug

KASB Bank 03-Aug 06-Aug 105.16(R) 26-Jul -

Glamour Textile Mills # 03-Aug 10-Aug - - 10-Aug

Trust Investment Bank # 05-Aug 12-Aug - - 12-Aug

General Tyre & Rubber # 07-Aug 18-Aug - - 18-Aug

Nishat Power # 08-Aug 22-Aug - - 22-Aug

(TFC) Allied Bank 13-Aug 26-Aug - - -

Nishat Chunian Power # 16-Aug 22-Aug - - 22-Aug

First Habib Modaraba 25-Aug 31-Aug 22 - -

Fauji Fertiliser 29-Aug 04-Sep - - -

MCB Bank 02-Sep 09-Sep 30(III) - -

Husein Industries 28-Oct 03-Nov - - -

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 9 8.15 8.15 9 0 316

TRG Pakistan Ltd. 2.3 2.35 2.24 2.25 -0.05 66910

Murree Brewery Co. 110 107.01 107 110 0 200

Shakarganj Food 6.25 6.1 5.8 5.8 -0.45 1500

Pak Tobacco Co. 87.52 91.89 90 90 2.48 750

P.I.A.C.(A) 2.13 2.2 2.06 2.12 -0.01 21023

AKD Capital Limited 31.69 33.24 31 31.69 0 332

Pace (Pak) Ltd. 1.94 2 1.94 1.97 0.03 95415

Netsol Technologies 20.63 20.7 20.25 20.38 -0.25 411514

Symbols Open High Low Close Change Vol

Page 7: thefinancialdaily-epaper-3-08-2011

Wednesday, August 3, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -27.06 points at 12,226.33. Volume was

75 per cent below average (consolidating) and Bollinger Bands were 9

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

market will see major 1st resistance level at 12,272.80 and 2nd resist-

ance level at 12,319.25, while Index will continue to find its 1st support

level at 12,187.35 and 2nd support level at 12,148.40.

KSE 100 INDEX is currently 3.0 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

INDEX at a relatively equal pace. Trend forecasting oscillators are

currently bearish on INDEX.

RSI (14-day) 44.43 Support 1 12,187.35

MA (5-day) 12,206.73 Support 2 12,148.40

MA (10-day) 12,317.69 Resistance 1 12,272.80

MA (100-day) 12,086.73 Resistance 2 12,319.25

MA (200-day) 11,875.21 Pivot 12,233.80

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Target Price Recommendations

Technical Outlook

ENGRO closed up 0.03 at 141.78. Volume was 30 per cent below average

and Bollinger Bands were 14 per cent wider than normal.

ENGRO is currently 25.9 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is low as compared to the aver-

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

moderate flows of volume out of ENGRO (mildly bearish). Trend forecast-

ing oscillators are currently bearish on ENGRO. Momentum oscillator is

currently indicating that ENGRO is currently in an oversold condition.

Arif Habib Ltd 224 Buy

AKD Securities Ltd 195.41 Buy

TFD Research 245.95 Positive

RSI (14-day) 19.89 MTS Shares `000 103.997

MA (10-day) 146.42 MTS Rs `000 11,138.19

MA (100-day) 183.53 MTS Rate 18.77

MA (200-day) 191.33 ** NOI Rs (mn) 294.61

Free Float Shares (mn) 176.98 Free Float Rs (mn) 25,091.92

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

Technical Analysis Leverage Position

Kot Addu Power Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

KAPCO closed down -0.07 at 42.89. Volume was 336 per cent above average

(trending) and Bollinger Bands were 64 per cent narrower than normal.

KAPCO is currently 2.1 per cent above its 200-day moving average and is

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

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

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

lators are currently bullish on KAPCO.

Arif Habib Ltd 51.4 Buy

AKD Securities Ltd 47.6 Accumulate

TFD Research 49.7 Positive

RSI (14-day) 53.04 MTS Shares `000 18.125

MA (10-day) 42.80 MTS Rs `000 586.24

MA (100-day) 42.49 MTS Rate -

MA (200-day) 42.01 ** NOI Rs (mn) N/A

Free Float Shares (mn) 176.05 Free Float Rs (mn) 7,550.81

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Target Price Recommendations

Technical Outlook

FFC closed up 0.53 at 162.85. Volume was 55 per cent below average

(consolidating) and Bollinger Bands were 60 per cent wider than normal.

FFC is currently 20.2 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on FFC.

Arif Habib Ltd 194 Buy

TFD Research 164.95 Neutral

RSI (14-day) 58.10 MTS Shares `000 66.175

MA (10-day) 162.32 MTS Rs `000 7,940.72

MA (100-day) 144.85 MTS Rate 15.36

MA (200-day) 135.44 ** NOI Rs (mn) 155.52

Free Float Shares (mn) 466.49 Free Float Rs (mn) 75,967.47

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed down -0.18 at 46.81. Volume was 73 per cent below average

(consolidating) and Bollinger Bands were 59 per cent wider than normal.

FFBL is currently 17.3 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on FFBL.

Arif Habib Ltd 49 Hold

AKD Securities Ltd 45.52 Neutral

TFD Research 47.75 Neutral

RSI (14-day) 64.25 MTS Shares `000 106.25

MA (10-day) 46.97 MTS Rs `000 3,516.57

MA (100-day) 42.65 MTS Rate 16.00

MA (200-day) 39.91 ** NOI Rs (mn) 80.24

Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,303.99

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

DGKC closed down -0.37 at 22.51. Volume was 74 per cent below average

(consolidating) and Bollinger Bands were 36 per cent narrower than normal.

DGKC is currently 13.1 per cent below 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 DGKC at a relatively equal pace.

Trend forecasting oscillators are currently bearish on DGKC.

Arif Habib Ltd 29 Buy

AKD Securities Ltd 28.72 Buy

TFD Research 30.6 Positive

RSI (14-day) 40.82 MTS Shares `000 465.32

MA (10-day) 23.11 MTS Rs `000 7,932.58

MA (100-day) 23.52 MTS Rate 17.87

MA (200-day) 25.91 ** NOI Rs (mn) 77.78

Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,520.11

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Target Price Recommendations

Technical Outlook

NML closed unchanged at 46.35. Volume was 60 per cent below average

(consolidating) and Bollinger Bands were 24 per cent wider than normal.

NML is currently 22.2 per cent below its 200-day moving average and is

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

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

erate flows of volume out of NML (mildly bearish). Trend forecasting oscil-

lators are currently bearish on NML. Momentum oscillator is currently indi-

cating that NML is currently in an oversold condition.

AKD Securities Ltd 68.95 Buy

RSI (14-day) 26.93 MTS Shares `000 294.499

MA (10-day) 49.53 MTS Rs `000 10,347.20

MA (100-day) 58.01 MTS Rate 17.56

MA (200-day) 59.60 ** NOI Rs (mn) 60.04

Free Float Shares (mn) 175.80 Free Float Rs (mn) 8,148.33

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

Technical Analysis Leverage Position

MCB Bank Ltd

Brokerage House Target Price Recommendations

Technical Outlook

MCB closed up 2.32 at 187.36. Volume was 21 per cent above average

and Bollinger Bands were 44 per cent wider than normal.

MCB is currently 10.8 per cent below 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 MCB (mildly bearish). Trend fore-

casting oscillators are currently bearish on MCB.

Arif Habib Ltd 217.1 Buy

AKD Securities Ltd 209.89 Accumulate

RSI (14-day) 32.79 MTS Shares `000 24.732

MA (10-day) 191.98 MTS Rs `000 3,461.24

MA (100-day) 202.86 MTS Rate 20.00

MA (200-day) 209.98 ** NOI Rs (mn) 70.37

Free Float Shares (mn) 334.49 Free Float Rs (mn) 62,670.91

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,528.89 1,537.77 1,529.73 1,530.61 1.71 0.11

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

126,441 52 11 29,771.58 mn 19,410.54 mn 1,537.42

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

13.08 0.29 2.21 104.74 12.44 1,528.89

1st Fid Leasing 264 - 1.40 1.50 1.41 1.40 0.00 203 2.00 1.25 - - - -

B R R Guardian Modaraba780 2.41 2.35 2.31 2.31 2.31 -0.04 500 2.90 1.41 0 - - -

Elite Cap Modaraba 113 4.11 2.59 3.58 2.31 2.96 0.37 3940 3.89 2.10 5 - - -

Golden Arrow 760 2.19 3.34 3.40 3.28 3.30 -0.04 26055 3.72 3.11 17 - - -

H B L Modaraba 397 3.59 7.32 7.25 7.25 7.32 0.00 107 8.44 7.01 11 - - -

Habib Modaraba 1008 5.76 7.91 8.10 7.95 7.95 0.04 36800 8.50 7.32 21 - 22 -

I B L Modaraba 202 1.69 1.15 1.12 1.12 1.15 0.00 300 2.45 1.06 3 - - -

JS Value Fund 1186 0.53 5.00 5.00 5.00 5.00 0.00 19000 6.10 4.91 10 - 5.00 -

PICIC Growth Fund 2835 2.66 13.00 13.05 12.97 12.97 -0.03 10875 13.84 12.55 20 - 12.50 -

PICIC Inv Fund 2841 2.37 5.92 6.00 5.97 6.00 0.08 1999 6.95 5.45 10 - 7.50 -

Prud Modaraba 1st 872 1.64 0.98 0.99 0.90 0.90 -0.08 25200 1.05 0.75 3 - - -

Punjab Modaraba 340 - 1.00 1.00 1.00 1.00 0.00 1000 1.50 0.26 1 - - -

Trust Modaraba 298 2.90 2.00 1.50 1.50 2.00 0.00 310 3.00 1.50 5 - - -

Paid up Last 60 days 2010 2011

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

274.59 279.28 269.07 272.82 -1.77 -0.65

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

1,291,670 41 6 30,336.44 mn 13,511.46 mn 277.79

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

11.47 0.18 0.91 99.56 5.07 272.82

AMZ Ventures 225 0.90 0.40 0.43 0.40 0.43 0.03 3071 0.64 0.26 - - - -

Arif Habib Investments 360 4.96 19.45 18.52 18.51 19.45 0.00 349 23.25 18.00 - 20B - -

Arif Habib Limited 450 18.21 17.30 17.11 17.10 17.30 0.00 120 20.20 14.00 - 20B - -

Arif Habib Corp 3750 3.60 27.12 27.34 26.76 26.89 -0.23 158610 29.24 20.53 30 - - -

Dawood Equities 250 - 1.20 1.20 1.20 1.20 0.00 5895 1.80 1.01 - - - -

First National Equity 575 - 2.01 2.01 2.00 2.00 -0.01 13518 3.55 1.02 - - - 140R

IGI Investment Bank 2121 7.89 1.45 1.55 1.35 1.50 0.05 55503 1.99 1.05 - - - -

Invest and Fin Sec 600 18.92 7.00 7.00 7.00 7.00 0.00 500 9.29 6.55 11.5 - - -

Invest Bank 2849 - 0.38 0.40 0.26 0.32 -0.06 20441 0.74 0.22 - - - -

Ist Dawood Bank 626 0.70 1.44 1.55 1.42 1.55 0.11 5181 1.96 1.30 - - - -

Jah Siddiq Co 7633 - 6.78 6.93 6.65 6.73 -0.05 1028164 8.34 6.11 10 - - -

JOV and CO 508 - 2.54 2.60 2.51 2.52 -0.02 48377 3.38 2.45 - - - -

JS Investment 1000 39.17 4.80 4.89 4.65 4.70 -0.10 66553 6.43 4.10 - - - -

KASB Securities 1000 - 3.50 3.49 3.20 3.48 -0.02 10156 4.79 2.65 - - - -

Orix Leasing 821 3.42 6.01 6.00 5.50 5.64 -0.37 701 6.45 5.25 - - - -

Pervez Ahmed Sec 775 5.07 1.44 1.46 1.41 1.42 -0.02 6463 1.99 1.32 - - - -

Sec Inv Bank 514 3.13 1.30 1.25 1.25 1.25 -0.05 20000 2.99 1.25 - - - -

Security Leasing 363 - 2.04 2.25 2.05 2.25 0.21 3001 2.25 1.50 - - - -

Trust Inv Bank 586 0.30 1.12 1.20 1.10 1.20 0.08 3600 2.29 0.83 - - - -

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

884.18 910.60 907.53 885.90 1.72 0.19

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

4,813 4 - 2,290.72 mn 9,850.35 mn 902.35

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

5.22 2.09 3.85 355.53 6.56 884.18

East West Life 500 8.75 1.02 1.76 1.10 1.40 0.38 4801 2.24 1.02 - 10R - -

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

1,094.89 1,108.30 1,084.63 1,095.18 0.29 0.03

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

2,215,477 27 - 257,548.02 mn 656,406.31 mn 1,121.39

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

7.10 0.99 13.94 40.49 5.70 1,094.89

Allied Bank Limited 8603 5.39 63.90 64.00 63.90 63.93 0.03 14804 68.99 60.50 40 10B 25.00 -

Askari Bank XB 7070 4.97 10.98 11.10 10.90 10.93 -0.05 22432 12.35 10.79 - 10B - -

Bank Alfalah 13492 5.34 10.21 10.23 10.02 10.15 -0.06 93607 11.02 9.42 - - - -

Bank AL-Habib 8786 6.10 28.76 29.00 28.62 28.79 0.03 68988 29.75 28.25 20 20B - -

Bank Of Khyber 5004 1.96 4.40 4.40 4.16 4.39 -0.01 4424 6.20 3.75 - - -64.41R

Bank Of Punjab 5288 - 6.35 6.39 6.22 6.24 -0.11 190036 7.35 5.00 - - - -

BankIslami Pak 5280 10.35 3.70 3.90 3.65 3.83 0.13 29800 4.09 3.25 - - - -

Faysal Bank 7327 4.50 9.65 9.98 9.60 9.73 0.08 313623 10.73 9.00 - 20B - -

Habib Bank Ltd 11021 7.49 121.09 121.04 119.50 119.90 -1.19 8390 122.99 114.10 65 10B - -

Habib Metropolitan Bank XB 10478 5.31 18.67 18.58 18.40 18.49 -0.18 40906 22.45 17.00 - 20B - -

JS Bank Ltd 8150 44.00 2.30 2.34 2.20 2.20 -0.10 46079 3.00 2.05 - 33R - -

KASB Bank Ltd XR 9509 - 1.38 1.45 1.32 1.40 0.02 23507 1.77 1.25 -105.16R - -

MCB Bank Ltd 8362 7.41 185.04 189.00 184.50 187.36 2.32 495838 210.95 182.55 115 10B 60.00 -

Meezan Bank XB 8030 5.58 19.00 19.84 19.17 19.21 0.21 42808 19.84 16.60 - 15B - -

National Bank 16818 4.20 53.65 53.99 53.25 53.45 -0.20 411825 55.80 49.51 75 25B - -

NIB Bank 40437 - 1.38 1.44 1.37 1.38 0.00 156765 1.89 1.37 -154.79R - -

Samba Bank 14335 21.25 1.71 1.70 1.69 1.70 -0.01 4999 2.18 1.62 -63.46R - -

Silkbank Ltd 26716 14.38 2.35 2.39 2.29 2.30 -0.05 83566 3.06 2.26 - 311R - -

Soneri Bank 8026 2.42 4.82 4.98 4.80 4.83 0.01 23385 6.69 4.80 - - - -

Summit Bank Ltd 8701 - 3.10 3.11 3.07 3.11 0.01 7834 4.75 2.67 - - - 20R

United Bank Ltd 12242 5.30 60.84 60.65 59.20 59.38 -1.46 139692 65.01 59.20 50 - 15.00 -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

687.46 694.79 679.99 684.57 -2.89 -0.42

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

77,973 34 22 11,111.34 mn 43,431.84 mn 696.75

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

9.39 0.49 5.20 79.54 8.47 684.57

Adamjee Insurance XD 1237 6.05 56.75 57.79 56.20 56.34 -0.41 16467 69.90 56.02 25 - - -

Atlas Insurance 443 3.61 29.06 29.20 29.00 29.05 -0.01 3120 29.68 26.00 40 20B - -

Central Insurance 391 1.20 58.16 55.50 55.26 55.26 -2.90 3095 75.00 55.26 25 50B - -

Century Insurance 457 4.28 7.66 7.99 7.65 7.70 0.04 5402 8.85 7.50 10 - - -

EFU General Insurance 1250 11.76 31.32 31.74 30.11 31.53 0.21 1000 39.65 30.11 12.5 - - -

IGI Insurance 970 5.96 72.00 72.00 72.00 72.00 0.00 2628 76.12 67.00 30 55B 10.00 -

Pak Reinsurance 3000 5.33 15.49 15.78 15.30 15.34 -0.15 40263 18.30 14.96 30 - - -

Reliance Insurance 284 5.46 9.02 9.00 8.25 8.95 -0.07 2956 9.13 6.50 - 12.5B - -

United Insurance 496 1.56 4.66 4.50 4.50 4.50 -0.16 3000 6.00 4.15 - 24B - -

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

1,258.65 1,260.22 1,235.27 1,248.82 -9.83 -0.78

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

79,705 2 - 12,202.80 mn 27,449.40 mn 1,264.21

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

8.02 0.91 11.41 66.79 8.33 1,248.82

Sui North Gas 5491 13.81 19.50 19.50 19.25 19.34 -0.16 11270 23.60 18.15 20 - - -Sui South Gas 8390 4.53 20.21 20.26 19.72 20.06 -0.15 68435 23.75 19.72 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

1,385.48 1,387.27 1,375.65 1,383.47 -2.00 -0.14

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

1,224,134 15 1 95,369.29 mn 112,500.93 mn 1,385.48

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

13.24 1.24 9.35 104.13 7.87 1,366.36

Genertech 198 - 0.49 0.48 0.44 0.49 0.00 202 0.75 0.16 - - - -

Hub Power 11572 7.96 39.65 39.65 39.40 39.63 -0.02 179546 40.00 36.70 50 - 25.00 -

KESC 7932 - 2.19 2.19 2.16 2.16 -0.03 1000 2.57 2.03 - 7.8R - -

Kot Addu Power 8803 5.51 42.96 43.15 42.60 42.89 -0.07 953067 44.19 41.75 50 - 30.00 -

Nishat Chunian Power Ltd 3673 2.48 13.80 13.80 13.71 13.80 0.00 35250 17.25 13.47 - - 10.00 -

Nishat Power Ltd 3541 2.22 15.69 15.89 15.50 15.59 -0.10 21641 17.70 15.39 - - - -

Southern Electric 1367 - 1.28 1.35 1.22 1.28 0.00 28374 1.69 1.20 - - - -

Tri-star Power XD 150 - 0.74 0.78 0.72 0.72 -0.02 5000 1.27 0.36 - - - -

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

798.66 805.16 784.62 787.93 -10.72 -1.34

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

335,618 5 - 50,077.79 mn 49,579.68 mn 812.30

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

3.93 0.50 12.84 62.56 15.92 787.93

Pak Datacom 78 27.38 28.48 28.00 28.00 28.48 0.00 300 36.70 28.00 80 - 15.00 -

Pak.Telecomm Co A 37740 10.08 12.46 12.53 12.25 12.30 -0.16 130835 17.70 12.25 17.5 - - -

Telecard 3000 2.20 1.35 1.38 1.30 1.30 -0.05 70612 1.94 1.30 1 - - -

WorldCall Tele 8606 - 1.68 1.75 1.65 1.66 -0.02 133871 2.50 1.61 - - - -

Wateen Telecom Ltd 6175 - 1.86 2.00 1.80 1.81 -0.05 40912 2.97 1.80 - - - -

Paid up Last 60 days 2010 2011

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

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

UPTO 100 VOLUME

GRAYS 39.78 40.00 40.00 39.78 0.00 100

JVDC 61.37 58.98 58.98 61.37 0.00 100

PNGRS 3.22 3.65 3.65 3.22 0.00 100

RCML 26.00 24.70 24.70 26.00 0.00 100

SANSM 12.23 12.40 12.40 12.23 0.00 100

SSML 1.42 1.50 1.50 1.42 0.00 100

YOUW 1.15 1.20 1.20 1.15 0.00 100

FCSC 2.76 2.80 2.79 2.76 0.00 72

SCM 10.02 10.06 10.06 10.02 0.00 57

COLG 750.00 750.00 749.98 749.98 -0.02 55

SURC 35.10 35.00 34.50 35.10 0.00 52

BTL 101.67 104.00 104.00 101.67 0.00 50

HSPI 11.80 11.80 11.80 11.80 0.00 50

PEF 7.24 7.25 7.15 7.24 0.00 50

PPP 43.01 43.80 43.80 43.01 0.00 50

SEL 18.99 18.97 18.97 18.99 0.00 50

DWAE 1.12 1.24 1.24 1.12 0.00 49

PCAL 45.00 46.99 46.99 45.00 0.00 47

ILTM 223.25 220.00 219.99 223.25 0.00 45

BOC 102.15 103.00 103.00 102.15 0.00 36

HINO 111.27 106.05 105.95 111.27 0.00 20

UVIC 1.61 1.70 1.70 1.61 0.00 20

AGSML 4.61 4.65 4.00 4.61 0.00 18

BATA 636.71 662.00 640.00 640.00 3.29 12

EFUL 65.27 68.00 67.99 65.27 0.00 12

NJICL 55.02 56.00 56.00 55.02 0.00 12

FECTC 4.95 4.65 4.65 4.95 0.00 10

FTSM 0.55 1.55 1.55 0.55 0.00 10

PAKMI 1.00 1.44 1.44 1.00 0.00 10

SSIC 4.90 4.26 4.06 4.90 0.00 10

TATM 28.50 29.30 29.30 28.50 0.00 10

TSMF 1.00 1.43 1.43 1.00 0.00 10

FZTM 305.00 298.99 289.75 305.00 0.00 7

JDMT 12.10 11.25 11.17 12.10 0.00 6

BROT 0.25 0.35 0.35 0.25 0.00 5

FEM 1.24 1.38 1.38 1.24 0.00 5

KOSM 1.20 1.70 1.70 1.20 0.00 5

MODAM 0.65 0.97 0.97 0.65 0.00 5

MUBT 1.00 1.29 1.29 1.00 0.00 5

OLTM 0.78 0.80 0.80 0.78 0.00 5

JPGL 1.15 1.19 1.12 1.15 0.00 3

JSGCL 19.25 19.00 19.00 19.25 0.00 3

SCBPL 7.70 8.10 7.53 7.70 0.00 3

DWSM 2.35 2.99 2.50 2.35 0.00 2

FCONM 1.27 1.87 1.87 1.27 0.00 2

FDMF 2.23 2.30 2.30 2.23 0.00 2

FEROZ 92.00 94.99 94.99 92.00 0.00 2

MERIT 27.57 26.40 26.40 27.57 0.00 2

REWM 11.00 11.91 11.91 11.00 0.00 2

SCLL 2.21 2.74 2.74 2.21 0.00 2

BAPL 8.79 7.79 7.79 8.79 0.00 1

BNWM 15.40 15.50 15.50 15.40 0.00 1

CJPL 1.18 0.79 0.79 1.18 0.00 1

CSM 0.53 0.54 0.54 0.53 0.00 1

CSUML 1.90 2.10 2.10 1.90 0.00 1

DBCI 2.20 2.15 2.15 2.20 0.00 1

FRCL 2.56 2.10 2.10 2.56 0.00 1

HADC 0.55 0.70 0.70 0.55 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

DGKC-AUG 23.08 23.18 22.70 22.73 -0.35 152000

ENGRO-AUG 143.09 144.65 142.75 143.07 -0.02 138500

NML-AUG 46.68 46.94 46.20 46.73 0.05 113000

FFC-AUG 163.76 164.40 163.00 164.06 0.30 97000

MCB-AUG 186.64 189.85 186.10 188.77 2.13 94000

POL-AUG 365.32 364.50 362.50 363.96 -1.36 88500

NBP-AUG 54.14 54.05 53.70 53.94 -0.20 63000

ATRL-AUG 127.70 127.00 126.00 126.54 -1.16 54500

FFBL-AUG 47.13 47.25 47.00 47.06 -0.07 46500

LUCK-AUG 73.92 73.50 72.75 73.10 -0.82 22000

PPL-AUG 213.07 214.00 212.00 213.82 0.75 10500

PTC-AUG 12.55 11.95 11.95 11.95 -0.60 1500

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITION

Symbol Total Volume Total Value MTS Rate

AHCL 796,627 15,663,234 20.90 AICL 14,610 627,254 - AKBL 328,832 2,734,990 - ANL 220,850 975,264 21.41 ATRL 36,000 3,383,232 18.72 BAFL 921,000 6,971,320 19.91 DGKC 465,320 7,932,584 17.87 ENGRO 103,997 11,138,190 18.77 FFBL 106,250 3,516,565 16.00 FFC 66,175 7,940,719 15.36 HUBC 77,000 2,257,452 - KAPCO 18,125 586,243 - LOTPTA 2,246,700 20,617,075 17.65 LUCK 390,000 21,301,935 18.04 MCB 24,732 3,461,239 20.00 NBP 529,206 20,941,218 17.24 NCL 210,413 3,109,271 20.00 NML 294,499 10,347,196 17.56 OGDC 500 56,951 - PAKRI 251,160 2,940,754 19.00 POL 9,000 2,434,825 18.00 PPL 3,475 548,973 18.38 PSO 24,459 4,520,753 17.49 PTC 29,430 277,093 - SSGC 3,000 45,065 - UBL 107,000 4,877,697 17.00 TOTAL 7,278,360 159,207,091 18.05

Allied Bank Limited 52.58 63.90 63.85 64.00 64.05 63.95

Attock Cement 36.74 46.75 46.55 47.45 47.95 47.25

Arif Habib Corp 53.50 26.65 26.40 27.25 27.60 27.00

Arif Habib Limited 42.59 17.10 17.05 17.20 17.25 17.15

Adamjee Insurance 16.02 55.75 55.20 57.35 58.35 56.80

Askari Bank 39.61 10.85 10.80 11.05 11.20 11.00

Azgard Nine 46.97 5.85 5.75 6.10 6.25 6.00

Attock Petroleum 26.72 362.25 361.60 363.25 363.60 362.60

Attock Refinery 44.60 124.50 123.75 126.45 127.65 125.70

Bank Al-Falah 46.38 10.05 9.90 10.25 10.35 10.15

BankIslami Pak 53.65 3.70 3.55 3.95 4.05 3.80

Bank.Of.Punjab 41.20 6.15 6.10 6.35 6.45 6.30

Dewan Cement 36.13 1.45 1.40 1.55 1.60 1.50

D.G.K.Cement 40.81 22.35 22.20 22.80 23.15 22.65

Dewan Salman 31.98 2.20 2.15 2.30 2.35 2.25

Dost Steels Ltd 42.96 2.10 2.00 2.30 2.40 2.20

EFU General Insurance 29.57 30.50 29.50 32.15 32.75 31.15

Engro Corp 19.92 141.00 140.25 143.00 144.25 142.25

Faysal Bank 49.97 9.55 9.40 9.95 10.15 9.75

Fauji Cement 29.76 3.80 3.75 3.95 4.05 3.90

Fauji Fert Bin 64.24 46.70 46.55 47.00 47.15 46.85

Fauji Fertilizer 58.10 162.00 161.15 163.60 164.35 162.75

Habib Bank Ltd 53.00 119.25 118.60 120.80 121.70 120.15

Hub Power 62.20 39.45 39.30 39.70 39.80 39.55

ICI Pakistan 42.75 152.40 151.70 154.40 155.70 153.70

J.O.V.and CO 40.89 2.50 2.45 2.60 2.65 2.55

Japan Power 47.08 1.10 1.05 1.20 1.25 1.15

JS Bank Ltd 43.22 2.15 2.10 2.30 2.40 2.25

Jah Siddiq Co 44.21 6.60 6.50 6.90 7.05 6.75

Kot Addu Power 53.03 42.60 42.35 43.15 43.45 42.90

K.E.S.C 47.75 2.10 2.05 2.20 2.25 2.15

Lotte Pakistan 30.09 12.00 11.85 12.25 12.40 12.15

Lucky Cement 51.45 72.35 72.00 73.30 73.85 72.90

MCB Bank Ltd 32.82 184.90 182.45 189.40 191.45 186.95

Maple Leaf Cement 45.15 2.00 1.95 2.10 2.15 2.05

National Bank 50.57 53.15 52.80 53.85 54.30 53.55

Nishat (Chunian) 25.93 19.30 19.05 19.85 20.20 19.65

Netsol Technologies 40.59 20.20 20.00 20.65 20.90 20.45

NIB Bank 32.38 1.35 1.30 1.45 1.50 1.40

Nimir Ind.Chemical 52.47 2.95 2.90 3.10 3.20 3.05

Nishat Mills 26.94 46.00 45.70 46.70 47.05 46.40

Oil & Gas Dev. XD 54.76 153.70 152.60 156.20 157.60 155.10

PACE (Pakistan) Ltd. 35.91 1.90 1.85 2.00 2.05 1.95

Pervez Ahmed Sec 43.82 1.40 1.35 1.50 1.55 1.45

P.I.A.C.(A) 43.33 2.05 2.00 2.20 2.25 2.15

Pioneer Cement 33.82 4.65 4.55 4.80 4.95 4.75

Pak Oilfields 42.81 359.90 358.30 363.25 365.10 361.70

Pak Petroleum 52.62 210.65 208.95 213.45 214.65 211.80

Pak Suzuki 51.74 64.05 63.60 64.90 65.25 64.45

P.S.O. XD 22.63 239.10 236.90 244.50 247.70 242.30

P.T.C.L.A 21.85 12.20 12.10 12.45 12.65 12.35

Shell Pakistan 30.88 214.15 212.80 217.65 219.80 216.30

Sui North Gas 36.78 19.20 19.10 19.45 19.60 19.35

Sitara Peroxide 35.78 15.85 15.75 16.10 16.25 16.00

Sui South Gas 38.00 19.75 19.45 20.30 20.55 20.00

Telecard 29.40 1.30 1.25 1.40 1.45 1.35

TRG Pakistan 27.03 2.25 2.20 2.35 2.40 2.30

United Bank Ltd 33.04 58.85 58.30 60.30 61.20 59.75

WorldCall Tele 26.69 1.65 1.60 1.75 1.80 1.70

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Engro Foods Ltd 03-Aug 9:00

Nestle Pakistan Ltd 03-Aug 10:00

Leather up Ltd 03-Aug 12:30

Rafhan Maize Products Ltd 03-Aug 2:00

Singer Pakistan Ltd 04-Aug 11:00

Engro Poly & Chemicals Ltd 05-Aug 9:00

Bank Alfalah Ltd 07-Aug 9:30

International Steels Ltd 08-Aug 10:00

Pakistan Petroleum Ltd 08-Aug 10:30

Pakistan State Oil Comp Ltd 09-Aug 10:00

Unilever Pakistan Ltd 09-Aug 10:30

International Industries Ltd 11-Aug 10:00

Unilever Pakistan Foods Ltd 11-Aug 2:30

BOC Pakistan Ltd 12-Aug -

Pakgen Power Ltd 12-Aug 10:00

Bata Pakistan Ltd 18-Aug 11:00

Tri-Pack Films Ltd 22-Aug 11:30

Packages Ltd 23-Aug 11:30

Indus Motor Comp Ltd 24-Aug 10:00

Kot Addu Power Comp Ltd 05-Sep 1:00

BOARD MEETINGS

Company Date Time

Page 8: thefinancialdaily-epaper-3-08-2011

Wednesday, August 3, 2011 8

KARACHI: Girls out-shined boys by clinch-ing first, second andthird positions in theSecondary SchoolCertificate (SSC), Part-II(Class X), Science group,annual examinations-2011 whose results wereannounced by the Boardof Secondary EducationKarachi.

The overall pass per-centage stood at73.92per cent.

The results have beendeclared 14 days earlierbefore the deadlinefixed by the Sindh edu-cation department`ssteering committee.

Hira Shaikh (Roll No429659), daughter ofMuhammad IqbalShaikh1, belonging tothe Usman PublicSchool (Campus VI) inNorth Nazimabad,bagged first position bysecuring 803 (94.47 percent) out of 850 markswhile Ammara (RollNo.437747), daughterof Iqbal Ahmed, gotsecond position with799 (94pc) marks. She isa student of theProgressive PublicSecondary School,Faran Society.

Third position wassecured by Samar Sajid(Roll No 438423),

daughter of SajidHasan, who got 796(93.65pc) marks. Shebelonged to theShaheen Public School,Gulshan-i-Iqbal.

Results statisticsshowed that of the total126,556 candidates(71,866 boys and 54,690girls) appeared in theexaminations, 93,545candidates (52,228 boysand 41,317 girls) weredeclared pass in differ-ent grades.

A total of 13,626 can-didates (5,181 boys and8,444 girls) obtainedGrade A-1, 23,282 can-didates (11,416 boysand 11,866 girls)secured Grade A, 27,960candidates (15,660 boysand 12,300 girls) gotGrade B, 21,578 candi-dates (14,299 boys and7,279 girls) securedGrade C, 6,636 candi-dates (5,292 boys and1,344 girls) securedGrade D while 105 can-didates (96 boys andnine girls) got Grade E.

In Lahore too, girlsclinched all top positionsin the Board ofIntermediate and sec-ondary Education exam-ination (BISE) Lahorematric examination 2011,except a boy who sharedonly a third position.

Girls clinchtop ranks inKhi, LahoreSSC Exams

PESHAWAR: GovernorKhyber PakhtunkhwaBarrister MasoodKausar on Tuesday saidpromotion of educationand health facilities andcreation of employmentopportunities for theyouth of Fata were thethree basic priority areasof the government in Fata.

"The Youth of Fata isthe focus of our attentionas well because beingcustodian of our future,they are the most valu-able national asset andwe have to provide thembetter environment andbright future prospects,"added the Governor.

He was addressingawards and prize distri-bution ceremony forSecondary SchoolCertificate (SSC) andIntermediate examina-tions 2011 positionholders from KhyberAgency here atGovernor's House.

Parents, teachers ofthe respective educa-tional institutions andposition holder's stu-dents attended themeeting besides thePolitical AgentMotahhar Zeb and offi-cials of education

department Fata.The Governor earlier

distributed cash prizesamongst the boys andgirls students whoclinched 1st, 2nd and3rd positions amongstthe students of KhyberAgency in theSecondary SchoolCertificate andIntermediate annualexamination 2011.

In SSC examinationsFauzia and SundasAfridi of GGHS Jamrudand Hajira Asghar ofGGHS Karigar GarhiBara stood first, secondand third respectively infemale candidateswhereas in male candi-dates Abdul Baseer Khanof GHS No 2 Jamrud,Haider Ali of GHSSJamrud and HamidNawaz of GHS PaindiLalma Jamrud clinchedfirst, second and thirdposition respectively.

Similarly in theIntermediate examina-tion 2011 in the femalecandidates of KhyberAgency Miss Salma ofGGDC Jamrud stoodfirst, Hina Nawab andLaiba of GGHSSLandikotal jointly stoodsecond and Zara Zaman

of GGDC Jamrud stoodthird whereas Sabir Khanof Bara, Rashideen ofLandikotal and Sufyanhof Bara were awardedprizes for winning first,second and third positionsamongst the students ofKhyber Agency who hadappeared in theIntermediate examination.

The Governor congrat-ulated the awardees stu-dents, their parents andteachers and said thatsuch ceremonies encour-aged the students towork hard and win dis-tinctions. "This creates aspirit of competitionamong the students,which finally results intothe consistency of educa-tion that benefits the stu-dents in their futurecareer and life", he said.

The Governordescribes sports and extraand co-curricular activi-ties as equally importantfor the physical and men-tal nourishment of thestudents, adding that hehad issued directives forholding regular sportscompetitions and provid-ing better sports atmos-phere to the students aswell as youth of Fata.-APP

Fata education toppriority: Governor

KARACHI: TheShaheed Zulfikar AliBhutto Institute ofScience and Technology(SZABIST) organisedan "orientation 2011"for the new entrants ofthe academic year.

An official of theinstitution said onMonday that the newlyenrolled youngsterswere introduced to thefaculty and the staffbesides the facilitiesavailable.

President ofSZABIST, Dr. SaqibRizavi, in his welcomenote congratulated thenew comers to theSZABIST.

Chairman FederalPublic ServiceCommission ofPakistan, Justice (Retd)Rana Bhagwandas,was the chief guest atthe ceremony.

He shared his viewsand opinion about edu-cation and its impor-tance in today's world.

Justice RanaBhagwandas alsoappreciated SZABIST'sefforts in bringing bestquality education andproviding the industrywith good humanresource.

A large number ofpeople attended theceremony includingstudents and their par-ents, corporate dele-gates, civil society rep-resentatives, and facul-ty and staff ofSZABIST.

More than 5,000 stu-dents applied toSZABIST for admissionto its various facultiesthis year.Approximately 20% ofthe students had beenable to meet the toughcriteria for admissionto its multi-discipli-nary faculties in under-graduate, graduate andpost graduate pro-grammes.

To live up to thedream of its foundingChancellor and to paceup with the competi-tive environment,SZABIST has investedin significant resourcesin its cutting edgeresearch which willenrich both the qualityof teaching and deliv-ery of education.

The institution hasestablished very goodindustry liaison withmultinationals and wellplaced alumni network.-Agencies

Orientation of

SZABIST held

ISLAMABAD: Oneweek workshop on"communication skillsand teaching practices"concluded here atCOMSATS Institute ofI n f o r m a t i o nTechnology.The workshop wasorganized by therecently establishedH u m a n i t i e sDepartment of COM-SATS Institute ofI n f o r m a t i o nTechnology (HUM-CIIT) in collaborationwith LearningInnovation Division(LID) and HigherEducation Commission.The main purpose ofthis workshop was toenhance the teachingskills through which

they can perform dutiesas professional teachersand practice them suc-cessfully in their teach-ing-learning situations.The workshop wasfully funded by LID,Higher EducationCommission (HEC) and29 participants wereawarded with the cer-tificates in the closingceremony.The Resource Person ofthe workshop, Prof.Abida Hassan (AirUniversity), helped tomake the young teach-ers the professionalcommunicators by pro-viding them exclusivetraining onCommunication Skillsand Teaching Practices.-Agencies

1-wk workshopconcluded atCOMSATS

ISLAMABAD: Educationistsfrom across the country onMonday called for major changesin syllabus and a uniformity todivert young minds fromextremism and help them focustowards building a tolerant soci-ety.

The Vice Chancellors of topuniversities and academiciansvowed to extend full support tothe government in rooting outextremism, at a consultativemeeting with Prime MinisterYousuf Raza Gilani, here at theCabinet's meeting room in thePM Secretariat.

The meeting, third in a row,and part of 'Prime Minister'sDialogue on the Nation' series,was aimed at gaining an insightinto their vision and to use it forgiving a definite direction to thenation.

The participants said they canhelp the government by encour-aging the youth engage in health-ier activities and to fight illiteracyand intolerance in the society.

Prime Minister Gilani said thegovernment was fully engagedin rooting out extremism and ter-rorism from the country andsought the assistance of educa-tionists in devising a nationalpolicy in this regard.

He termed illiteracy the root causeof extremism and terrorism andsaid when combined with emotion-alism, it becomes more lethal.

He said serious measures needto be taken in this regard, in con-sultation with the key segmentsof society.

Gilani announced setting up ofpublic libraries across the coun-try, with the first one to be set upin Islamabad and setting up of

Media University, with a pilotproject to be launched from theBahauddin Zakaria University.

He said it would be followedby strengthening of Departmentsof Mass Communication in eightuniversities and said it would goa long way in the capacity-build-ing of the media and improve-ment of their professional capa-bilities.

Gilani also agreed with the pro-posal of bringing about uniformi-ty in education system and syl-labus and said a meeting of theCouncil of Common Interestswould be convened soon to dis-cuss the issue of funding andprovision of more resources forthis vital sector.

He said education was now aprovincial subject after the pas-sage of the 18th Amendment, buthe assured that the Federal

Government would extend fullsupport to the provinces inimproving the education stan-dards in the country.

He lauded the role of ViceChancellors of the country andmedia and said both the educa-tionists and the media played akey role in ridding the country ofthe ills, it was afflicted with.

Gilani said keeping in view thesuggestions from the previoustwo sessions a number of deci-sions had already been taken,while more would be taken at theconclusion of the four-part dia-logue series, and would beannounced on August 14.

Prime Minister Gilani said hisheart always swayed with joywith the sight of children goingto schools and saddened whenhe saw them working at work-shops or toiling at other jobs. He

regretted that dropout fromschools was making the youngminds vulnerable to falling preyto terrorists.

Gilani said he was looking for-ward to the suggestions thatwould be made forth at theforum so that a positive change isbrought about at the nationallevel. He said education wasimportant in formulating policiesthat bring in a positive develop-ment of personalities and eventu-ally prosperity to the nation.

The Prime Minister saidimparting education was agigantic task and needed the helpof private, government and phi-lanthropists to work together forthe cause.

Gilani pointed out that differ-ent education systems runningparallel in the country, and saidthere was a need to bring cohe-

sion and uniformity so that theeducation sector can cater for theneeds of the modern society.

He also mentioned his recentvisit to the UK during which hewas assured that an assistance ofUK 650 million pounds wasbeing provided for reforming theeducation sector in Pakistan.

Gilani said there was a need tonot only encourage regional lan-guages, but also to learn thenational and a foreign languageto be acceptable at national andinternational level.

He said 65 per cent of country'syouth need to be given propereducation at formal and voca-tional levels so that they turnoutto be useful citizens of the coun-try. He said in Gilgit-Baltistan theliteracy rate was over 80 per centand appreciated the role of AgaKhan Foundation. -APP

Educationists Demand Syllabus Reforms

KARACHI: (Left) Hira Shaikh who secured first position in MatricExams while (Centre) Ammara got second and (Right) Samar Sajid

secured third position.-Staff Photo

LAHORE: Punjab Minister for Education Mian Mujtaba Shuja-ur-Rehman posing

for a group photo with the position holders during the result declaration ceremony of

Board of Intermediate & Secondary Education. -Online

MULTAN: Provincial Minister Auqaf Haji Ehsan posing for a group photo with the

position holders of Matric Annual Examination. -Online

RAWALPINDI: Muhammad Hanif Abbasi, MNA in a group photograph with

position holder students of Matric examination in Rawalpindi Board. -APP

Gilaniassures

executionof new edu

policyI S L A M A B A D :Educationalist FarzanaFeroz said that thePrime Minister YusufRaza Gilani in a meet-ing with educationistsand Vice Chancellors ofuniversities has paidmeticulous to all theirproposals and assuredthat their proposalswould be implemented.

Talking to a privatenews channel onTuesday, Farzana saidthat she felt PrimeMinister's desire to dosomething positive andbenefit from the experi-ences of the partici-pants.

She maintained thatthe situation wouldimprove due to this pos-itive endeavor.

She added that it wasthe third meeting underthe initiative launchedby the prime minister toformulate a nationalpolicy to counter thegrowing trend of intol-erance by enhancing thelevel of understandingamong the masses. -APP

Page 9: thefinancialdaily-epaper-3-08-2011

LONDON: Copper inched upon Tuesday as supply worries-fuelled by a strike at theworld's biggest copper mineoffset concerns aboutdemandgrowth, after data showedweaker manufacturing activityand consumerspending in theUnited States and poorer facto-ry activity in top consumerChina.

Benchmark copper on theLondon Metal Exchangeclosed at $9,680 a

tonne from $9,650 at theclose on Monday.

The metal used in power andconstruction dipped to a low of$9,615.50 atonne, its lowestsince July 25 after US con-sumer spending unexpectedlyfellin June to post the firstdecline in nearly two years.

"The latest data is not pointingto a particular bright picture...thehealthof the underlying globaleconomy is still struggling," saidanalyst LeonWestgate atStandard Bank. "Disappointingmacro data is shifting focusaway from supply issues.Theseissues are lending supportbut are not driving prices higher;people look atissues not only inthe EU but also in the US andthis weighs on sentiment."

Data on Monday showed USmanufacturing grew at itsslowest pace in twoyears inJuly, while China's factoriesstruggled with their weakest

activity in28 months in July,prompting concerns aboutdemand for base metals.

China is the world's largestconsumer of copper, account-ing for nearly 40per cent ofglobal demand estimated thisyear at about 20 milliontonnes.

Supporting copper were wor-ries about supply as a strike atthe Escondidamine in Chile,which produces 7 per cent ofthe world's copper, enters its

12thday. Workers at the minehave lowered their bonusdemands, raising expectation-sthat a solution could soon bereached.

Also helping to supportprices are stocks of copper inLME approvedwarehouses,which at 465,625 tonnes aredown more than 8,000 tonnessince July20.

Expectations that Chinawould soon return to the inter-national copper marketafter along absence were reinforcedby Mick Davis, chief executiveatAnglo-Swiss Xstrata. Davis

said the copper stock overhangin China hasgone, and that sup-ply tightness is likely to beseen by the fourthquarter.

"Together with falling inven-tories and the ongoing strike inthe Chileancopper industry, wethink industrial metals shouldbe well supported on thedown-side," Credit Suisse said in anote.

"We expect renewed priceincreases before too long andsee the currentweakness as abuying opportunity. Our pre-ferred markets are aluminiumandcopper."

A further boost to the mar-kets came from receding wor-ries about the USdebt crisisafter an 11th-hour deal to raisethe US debt ceiling cleared its-biggest hurdle in the House ofRepresentatives, staving offthe prospect of adebt default.The deal is widely expected topass in the Democratic-controlledSenate when it voteson the bill later on Tuesday.

"As it leads to cuts in spend-ing in the US over time it willmean thatmarkets could comeunder some pressure," aLondon-based commoditytrader said. Aluminium,untraded in rings, was bid at$2,583 a tonne from $2,585.

Some analysts were bullishon aluminium prices given astrong outlook for demand-from China. -Reuters

Copper edges up, supplyworries support

9Wednesday, August 3, 2011

LONDON: Brent crude oilfutures rose on Tuesday, shed-ding earlier losses, as the dollarindex turned negative ahead ofan imminent deal to avert a USdebt default.

Oil gained despite worriesabout the growth prospects ofthe United States, the world'slargest crude consumer, afterweak global manufacturingand consumerspending data.

Brent was $1.33higher at $118.14a barrel by 1424GMT, havingslipped as low as$115.53 a barrelearlier in the ses-sion. US crude was 77 cents upat $95.66 after trading as lowas $93.42 on Monday, its low-est since late June, on newsthat the world's manufacturingexpanded at its weakest pace intwo years last month.

In Washington, investorsbriefly found relief in newsthat a $2.1 trillion deficit-cut-ting plan is expected to beapproved in a vote on Tuesday,the deadline to lift the nation'sdebt limit. The dollar indexagainst a basket of major cur-rencies turned negative, down0.04 per cent and reversingearlier gains ahead of a state-ment from President Obamafollowing the vote.

But analysts do not expect arelief rally in oil and commod-ity markets despite the last-

minute deal, as US andEuropean debt problems con-tinue to loom large.

Market sentiment is likely toremain negative after the lastdisappointing manufacturingfigures globally and weak USgross domestic product (GDP)data, they argue, as well asfears of a potential creditdowngrade.

Fresh data showed that USconsumer spending in June fellfor the first time in nearly twoyears as incomes barely rose,suggesting economic growthcould remain subdued in thethird quarter. "Positive SpinEconomics do not work anymoreas the economic realities haveturned too negative toignore...the problem is the manu-facturing indices across the globeare disappointing", Olivier Jakobfrom Petromatrix said in a note.

"Buying crude at $120knowing that it is a level thatdestroys demand takes evengreater faith than before whenthe PMIs (purchasing man-agers' indexes) and GDPs areunder attack."

Commerzbank's CarstenFritsch said the focus had moved

beyond the US debt negotiatingdebacle and on to weak interna-tional data indicators.

"We have growth concernscoming back after the very dis-appointing GDP report onFriday and yesterday's ISMnumbers, which were prettydismal," Fritsch said.

"This is weighing on generalsentiment and on crude in par-

ticular sincethe US is thelargest oilconsumer," hesaid.

The USInstitute forS u p p l yManagement

manufacturing report, a gauge offactory activity in the world'slargest economy, fell to its low-est since July 2009, data showedMonday. "Whilst the world hasbeen focused on financialcrises the global manufactur-ing sector has been windingdown rather than up," PVM'sDavid Hufton said. "Withoutgrowth the euro-zone solutionis doomed. Without growth theUS debt problem looms largerand will overwhelm $2 trillionof cuts in the blink of eye."

US crude oil inventoriesprobably rose by 1.2 millionbarrels last week as increasedsupplies from the StrategicPetroleum Reserve offset loss-es due to Tropical Storm Don,a Reuters poll showed onMonday. -Reuters

Crude turns higheras dollar weakens

Sugar, cocoa

dip on

economic

growth worriesLONDON: ICE sugar andcocoa futures fell on Tuesday,weighed by a firmer dollar andweak global growth prospectsthat helped send world stocksto a one-month low.

Coffee prices were higher,with arabicas underpinned by atight physical market.

Raw sugar futures fell as themarket retreated further fromcontract highs set early lastweek.

"With the macro picture nothelping, sugar is in correctionmode," Nick Penney at broker-age Sucden said.

"We expect liquidation ofsome of the fund long positionsoon in the absence of upwardmomentum."

Continued uncertainty on thesize of top producer Brazil'scrop helped underpin prices.

Dealers said there was stillpotential for Brazil's cane cropto be revised lower, noting thelowest predictions were for acane crop below 500 milliontonnes.

"If that number came truesugar is going to be way above30 cents," a London-based fundanalyst said.

October raw sugar on ICEwas off 0.36 cent or 1.2 percent at 28.62 cents a lb at 1500GMT, well below a contracthigh of 31.68 cents touchedearly last week.

"Volume has been prettysmall, we've been going up onspeculator money coming inand no one selling, but now itseems to have turned," the ana-lyst said. Dealers said the mar-ket was weighed by sluggishdemand in the physical marketand a firmer dollar.

October white sugar on Liffefell $12.90 or 1.7 per cent to$757.10 per tonne. Cocoafutures on ICE fell to the lowestlevel in more than six weeks, asplentiful supplies following alarge 2010/11 crop in WestAfrica weighed. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

2-Aug-2011 Crude10 SE11 US$ Per Barrel 96.72 98.53 93.50 94.06 1,904 96.82 94.06 706

2-Aug-2011 Crude10 OC11 US$ Per Barrel 97.68 98.90 93.96 94.48 883 97.24 94.48 364

2-Aug-2011 Crude10 NO11 US$ Per Barrel 97.68 97.68 94.94 94.94 - 97.68 94.94 -

2-Aug-2011 Crude100 SE11 US$ Per Barrel 96.70 98.53 93.60 94.06 388 96.82 94.06 127

2-Aug-2011 Crude100 OC11 US$ Per Barrel 97.52 98.60 94.56 94.48 48 97.24 94.48 36

2-Aug-2011 Crude100 NO11 US$ Per Barrel 97.68 97.68 94.94 94.94 - 97.68 94.94 -

2-Aug-2011 SL100OZ SE11 US$ Per Ounce 39.40 40.03 39.05 39.59 225 39.44 39.59 119

2-Aug-2011 SL100OZ OC11 US$ Per Ounce 41.50 41.50 36.51 39.60 3 39.45 39.60 1

2-Aug-2011 SL100OZ NO11 US$ Per Ounce 39.46 39.61 39.46 39.61 - 39.46 39.61 -

2-Aug-2011 SL100OZ DE11 US$ Per Ounce 39.40 40.07 39.10 39.61 68 39.46 39.61 10

2-Aug-2011 SL500OZ SE11 US$ Per Ounce 39.32 39.95 39.08 39.59 47 39.44 39.59 -

2-Aug-2011 SL500OZ OC11 US$ Per Ounce 39.45 39.60 39.45 39.60 - 39.45 39.60 36

2-Aug-2011 SL500OZ NO11 US$ Per Ounce 39.90 39.90 39.20 39.61 2 39.46 39.61 1

2-Aug-2011 SL500OZ DE11 US$ Per Ounce 39.35 39.75 39.29 39.61 32 39.46 39.61 1

2-Aug-2011 GO1OZ SE11 US$ Per Ounce 1620.00 1632.00 1610.30 1626.10 3,373 1619.60 1626.10 2,878

2-Aug-2011 GO1OZ OC11 US$ Per Ounce 1619.30 1633.00 1611.20 1626.90 3,384 1620.40 1626.90 4,014

2-Aug-2011 GO1OZ NO11 US$ Per Ounce 1620.00 1633.00 1611.00 1627.50 794 1621.00 1627.50 189

2-Aug-2011 GO100OZ SE11 US$ Per Ounce 1619.60 1626.10 1619.60 1626.10 - 1619.60 1626.10 -

2-Aug-2011 GO100OZ OC11 US$ Per Ounce 1619.80 1631.00 1610.90 1626.90 20 1620.40 1626.90 14

2-Aug-2011 GO100OZ NO11 US$ Per Ounce 1621.00 1626.90 1621.00 1626.90 - 1621.00 1627.50 -

2-Aug-2011 GO100OZ DE11 US$ Per Ounce 1614.50 45024.00 1614.50 45024.00 17 1621.70 1628.20 3

2-Aug-2011 GOLD AU11 Per 10 grms 44910.00 45200.00 44894.00 45042.00 8 44894.00 45042.00 4

2-Aug-2011 GOLD SE11 Per 10 grms 44929.00 45200.00 44899.00 45052.00 4 44904.00 45052.00 5

2-Aug-2011 GOLD OC11 Per 10 grms 44917.00 45065.00 44917.00 45065.00 - 44917.00 45065.00 -

2-Aug-2011 GOLDKILO AU11 Per 10 grms 44866.00 45014.00 44866.00 45014.00 - 44866.00 45014.00 -

2-Aug-2011 GOLDKILO SE11 Per 10 grms 44876.00 45024.00 44876.00 45024.00 - 44876.00 45024.00 -

2-Aug-2011 TGOLD50 AU11 Per Tola 52331.00 52504.00 52331.00 52504.00 - 52331.00 52504.00 -

2-Aug-2011 TGOLD100 AU11 Per Tola 52331.00 52504.00 52331.00 52504.00 - 52331.00 52504.00 -

2-Aug-2011 MINIGOLD MON Per 10 grms 46075.00 46208.00 46075.00 46208.00 - 46075.00 46208.00 -

2-Aug-2011 MINIGOLD TUE Per 10 grms 46007.00 46259.00 46007.00 46259.00 - 46007.00 46259.00 -

2-Aug-2011 MINIGOLD WED Per 10 grms 46024.00 46157.00 46024.00 46157.00 - 46024.00 46157.00 -

2-Aug-2011 MINIGOLD THU Per 10 grms 46041.00 46174.00 46041.00 46174.00 - 46041.00 46174.00 -

2-Aug-2011 MINIGOLD FRI Per 10 grms 46,058 46,191 46,058 46,191 - 46,058 46,191 -

2-Aug-2011 TOLAGOLD MON Per Tola 53,050 53,348 52,850 53,227 11 53,072 53,227 9

2-Aug-2011 TOLAGOLD TUE Per Tola 52,994 53,286 52,994 53,286 - 52,994 53,286 -

2-Aug-2011 TOLAGOLD WED Per Tola 53,235 53,235 53,013 53,169 2 53,013 53,169 3

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

edges down,

strong yen hurtsTOKYO: Key Tokyo rubberfutures settled down 0.6 per centon Tuesday with commoditiesfalling and the yen remainingstrong against the dollar on wor-ries about the global economy,even as the US looked to haveaverted a debt default.

The key Tokyo CommodityExchange rubber contract forJanuary delivery settled down0.6 per cent, or 2.5 yen, at387.2 yen. The most activeShanghai rubber contract forJanuary delivery fell 1.3 percent to 35,725 yuan per tonne.Volume stood at 447,532 lots.

"The strong yen and lowershare prices weighed on themarket, which could sag furtherdue to growing worries about aslowdown in the US economy,"said Kazuhiko Saito, chiefcommodities analyst at tradingcompany Fujitomi Co.

India's natural rubber importsin the 2011/12 financial yearare likely to climb 12.6 per centto a record 200,000 tonnes astyre makers raise overseas pur-chases to cash in on lowerimport duty, the head of a tradebody said on Tuesday. -Reuters

Rice and crab farmer Pi Xiaozhen (front) ,wearing a traditional cone-shaped Chinese farming

hat. -Reuters

JAKARTA: Malaysian palmoil futures ended slightlyloweron Tuesday, as worriesabout the global economy andlower crude prices wereoffsetby expectations of lower pro-duction and improving demandin thenear-term.

The benchmark October con-tract on the Bursa MalaysiaDerivativesExchange closed0.3 percent down at 3,113 ring-git ($1,059) per tonne aftergoingas high as 3,130.

Traded volumes for the con-tract were 11,213 lots of 25tonnes each, comparedwith11,313 lots on Monday.

"The market is waiting fornew news," an Indonesia-based trader said. "Palmoilfundamentals are supportivewith good exports and lowerproduction."

"But again, crude oil andother external factors areimpacting."On Monday,benchmark prices hit a peak at3,136, buoyed by exportdata

and as risk aversion eased afterWashington reached a last-minute deal toraise the US debtlimit and escape default.

Exports of Malaysian palmoil products for July jumped13.5 percent to1,628,688tonnes, cargo surveyorSocieteGenerale deSurveillance said.

"The pulse of the market isinvariably bullish," said aKuala Lumpur-basedtrader."Exports are getting better,output lower and grains aresupportive."

"It is the fasting month,therefore we anticipate outputto remain paltrythis month," headded. Concerns about thehealth of the global economyresurfaced however, afterdatashowed that US manufacturinggrew at its slowest pace in twoyears inJuly.

On Friday, benchmark priceshit 3,080 ringgit -- a levelunseen since July19.

"In the second half of 2011,

CPO prices will level off," saidLinda Lauwira,a research ana-lyst at eTrading Securities inJakarta. "As well as increased-production in both Indonesia andMalaysia, crude price oil hasbeen decliningthus pulling downdemand for bio desel fuel."

In related markets, crude oilfell on continued worries aboutthe growthprospects of theUnited States, the world'slargest crude consumer, afterweakglobal manufacturingdata that overshadowed a dealto avert a US debt default.

US Soybeans for Novemberdelivery, , the most activelytradedcontract, eased, whilethe most active May 2012 soy-oil on China'sDalianCommodity Exchangewas steady.

Reuters analyst Wang Taosaid Malaysian palm oilremained neutral as it isstilltrapped in a range of 3,083 to3,138 ringgit per tonne. -Reuters

Palm oil dips as crude slips;near-term output seen down

Shanghai copper lowerThe most-active October

copper contract on the

Shanghai Futures Exchange

fell less than 2 percent to

close at 72,010 yuan per

tonne, after rising 1.1 percent

in the previous session.

NEW YORK: Gold prices hit anew record high and riskier assetslike stocks fell further on Tuesdayas investors focused on slowingglobal economic growth and theeuro-zone's spreading creditproblems.

Markets moved on from theapproval of a rise in the US statu-tory borrowing limit by the

House of Representatives onMonday night. The US Senate isexpected to pass the measure lateron Tuesday, but fear that theUnited States could still lose itstriple-A credit rating persisted.

In economic data on Tuesday,US consumer spending droppedin June for the first time in nearlytwo years, adding to worries theworld's largest economy wouldremain stagnant in the third quar-ter.

"With the debt ceiling almost inthe rear view mirror, the markethas turned its attention to periph-eral spreads in Europe which arewidening despite efforts by the(European Union) to contain the

crisis," said Steve Van Order,fixed income strategist withBethesda, Maryland-basedCalvert Investment ManagementInc, which has more than $14.5billion in assets under manage-ment. The preference for safehaven assets helped lift gold to itsninth record high this year. Spotgold was up at $1,635.66 an

ounce by 1400 GMT, havingtouched an all-time high of$1,640.39 earlier in the day.

"There's been no clear directiongiven about how these issues willultimately be resolved, which isanother reason the market is con-cerned," said Kenneth Buckfire,chief executive officer at MillerBuckfire in New York. "Thegrowth prospects of the US arelimited." "The fear of the marketis that the world is going intorecession again... and in the euro-zone the peripheral markets arethe ones that will suffer most,"said Alessandro Giansanti, strate-gist at ING in Amsterdam. -Reuters

Gold at record,stocks off on

growth, credit fear

NEW YORK:US cottonfutures ended mixed onMonday, with the keyDecember contract eking out again after hitting its 5-centdaily downside limit, as buyersmoved in after enduring an ear-lier rout stemming from weak-er overseas markets.

The key December cottoncontract on ICE Futures USended up 0.07 cent at $1.2199per lb, recovering from its 5-cent downside limit at$1.1692. The session peak wasat $1.2358.

Total market volumes tradedstood at almost 15,000 lots,about a third below the 30-daynorm, Thomson Reuters pre-

liminary data showed.Losses in China's cotton

futures were partly to blamefor the weaker ICE futuresopen, analysts said.

Zhengzhou CommodityExchange January cottonfutures fell 5 per cent to a lowof 22,200 yuan per tonne, thelowest since October, afterBeijing announced a cut inimport tariffs on some cottonproducts such as cotton cloth to6 per cent from 12 per cent,effective July 1.

"These guys are sitting oncotton they bought at $2, andspinning it into yarn that theycan't sell," Jobe Moss of MCMInc in Lubbock, Texas, said.

"We are now seeing thepush-back," he said.

But prices bounced back ontechnical considerations afterthe limit-down move, marketplayers said.

Mike Stevens, an independ-ent cotton analyst inMandeville, Louisiana, saidDecember buy stops orderswere triggered above Friday'ssession peak at $1.2274, the 9-day moving average at$1.2265, and Thursday's ses-sion high at $1.2302.

Open interest in the ICEfutures cotton market grew to132,526 lots as of June 24, ICEFutures US data showed. -Reuters

NY cotton ends up in recoveryfrom downside limit

India sugar

climbs; spot

down on supplyMUMBAI: India's sugarfutures edged higher onTuesday on hopes demand willimprove during the ongoingfestive season, while spot mar-ket eased on higher non-levysugar quota for August, dealersand analysts said.

"In spot market demand wasquite good. Millers were hold-ing prices at higher leveldespite higher quota," said amember of Bombay SugarMerchants Association.

India has made available 1.703million tonnes of non-levy sugarquota for August, higher than1.56 million tonnes it hadreleased for the previous month,the consumer affairs ministrysaid in a statement on Aug 1.

In Kolhapur, a key market intop producer Maharashtra, themost traded S-variety eased0.57 percent to 2,626 rupees($59.3) per 100 kg.

India should churn out 24.2million tonnes in the current2010/11 season and output mayjump to 26.5 million tonnes in2011/12, higher than the coun-try's estimated consumption ofaround 22 million tonnes, esti-mates the industry.

India can export 3 milliontonnes of the sweetener in the2011/12 season beginningOctober as it is likely to pro-duce a surplus for the secondyear in a row, a senior officialfrom trade house ED & F Mansaid on July 21. -Reuters

Focus on weak economic indicators worldwide, dollar falls

Page 10: thefinancialdaily-epaper-3-08-2011

Wednesday, August 3, 201110

LONDON: Andrew Strausshopes that MS Dhoni's gestureto allow Ian Bell to resume hisinnings following the controver-sial run-out, at tea on the thirdday at Trent Bridge, will promptother captains to uphold thespirit of cricket.

The series threatened todescend into acrimony whenBell was given out the last ballbefore the interval, when hestarted to walk off the fieldbefore 'over' was called havingthought he'd scored a boundary.He admitted to being naive andstupid, but India themselves hadconcerns about the situation asthey met in the dressing roomand were in deep discussionbefore Strauss and Andy Flowerasked them to reconsider.

"It was very commendablethat they changed their mind andtook back the appeal," Strausssaid. "It's one of those circum-stances where there are alwaysshades of grey but I think it wasgood for the game of cricket. Inyears to come it will be lookedupon as a step in the right direc-tion for the game of cricket andhopefully other people will fol-

low those decisions."I think one of the things that

has set the game of cricketslightly apart from other sportsis that you have the opportunityto show some spirit. It's goodfor the game of cricket goingforward and therefore the gameof cricket is the better for it."

Strauss has been involved inrecalling a batsman to the creasewhen he allowed AngeloMathews to resume after he wasgiven run-out following a colli-sion during a ChampionsTrophy match in 2009. Heagreed that, by the Laws, Bellwas run-out although he felt thatthe fact that he wasn't trying totake another run was a factor inhis defence.

"When it first happened therewas a lot of confusion, andmyself and Andy went down tothe umpire's room as we justwanted to clarify the situation asregards to the Laws of thegame," Strauss said. "We wereentirely comfortable that in thestrict rules of the game Ian wasout. [But] we felt that it waspretty clear that he was justwalking off for tea and wasn't

attempting a run and so weasked India to reconsider theirappeal and then left it at that."

Dhoni confirmed that theIndians had reservations aboutthe dismissal which "didn't feelright" and took the chance to saythat more could be done by thegame as a whole to uphold thespirit of cricket which he feltwasn't being applied consistent-ly.

"We weren't feeling good atheart," he said. "A similar kindof incident happened in WestIndies when VVS Laxman gotstumped. After we took the deci-sion we were really satisfied.There are a lot of things wherespirit of cricket should be fol-lowed. It needs to be equal butit's about what we feel as a teamis important.

"If a fielder takes a one-bounce catch he's called a cheatbut if a batsman stands afternicking it he isn't," Dhoni added."Going up to a batsman andswearing isn't in the spirit ofcricket. We've seen quite a fewthings happen. If you want tofollow you should follow it100%." -Online

Dhoni’s move should set an example: Strauss

HARARE: Zimbabwe captainBrendan Taylor believes histeam could spring a few sur-prises on Bangladesh in theone-off Test which starts onThursday, and also suggestedthat conditions in Harare wouldsuit the Zimbabweans.

"It is great that we are comingback to play Tests and as we gointo our first match the goodthing is that our opponentsdon't quite know what to expectfrom us and we have a few sur-prises for them," said Taylor.

Zimbabwe have played 33ODIs against Bangladesh sincetheir Test suspension - includ-ing 14 in 2009 alone - withBangladesh having dominatedthose games, winning 24 ofthem. Mohammad Ashraful isthe only member ofBangladesh's squad to haveplayed a Test againstZimbabwe, however, a situa-tion Taylor is hoping work outin his team's favour.

"They have been playingover the years and they havealways been improving, sohave we behind the scenes," hesaid. "They know an awful lotabout us in the one-day formatof the game but they may nothave the information theywould have wanted as far asTest cricket is concerned, andwe are looking to make gooduse of that."

Despite Bangladesh'ssupremacy over Zimbabwe inrecent times, Taylor insistedthere was little to separate theteams going into the Test, say-ing: "We will take each sessionas it comes and play positivelywith a winning mindset. Weknow they will be up for it andso will we and we are confidentthat if we play our best cricketthis is a winnable match.

"They are a strong side espe-cially when they are playing athome, but we are at homewhere we will make sure we

put our conditions to good use.We should just make sure theyare not as comfortable as theywould want to be. We have aplan and if we stick to it weshould win."

Zimbabwe will also be bol-stered by the return of wicket-keeper Tatenda Taibu, one oftheir most experienced playersand one of only two currentZimbabwe cricketers to haverecorded a Test century. Taibuhas not quite fully recoveredfrom the thumb injury thatkept him out of cricket sincethe World Cup earlier thisyear, but said he was fitenough to play in both the Testand the limited-overs seriesthat follows.

"It's not fully healed but it iscomfortable enough for me toplay in the Test match and theODIs as well," said Taibu. "Itis a very important match andwe will need all the resourceswe can get." -Online

We have surprises for

BDesh: Taylor

ISLAMABAD: The trainingcamp of national junior hock-ey team for the series againstEgypt's senior team will con-clude on Wednesday atNational Stadium Lahore.

Pakistan outfit will play fivematches in Egypt against thesenior team of that countryfrom August 6-12.

Chief Coach and Manager ofJunior team Rana Mujahid saidthat the boys were full ofpotential and talent, adding,"they will display fine per-formance against Egypt."

He said that the players wereselected purely on merit keep-ing in view their performanceduring the camp and trials.

The team will comprise ofMazhar Abbas, MuhammadKhalid, Aleem Bilal,Muhammad Mushtaq, WaseemAbbas, Mohammad KashifJaved, Muhammad Rizwan(Vice Captain), TasawwarAbbas, Muhammad Suleman,Zohaib Ashraf, MohammadIrfan, Mohammad UmarBhutta (Captain), Arslan Qadir,Ali Shan, Muhammad AdnanAnwar, Rana Umair,Mohammad Dilber and AhmedZubair.

The officials of the team are:Rana Mujahid Ali, Coaches:Danish Kaleem and AnjumSaeed, Team Doctor: AsadAbbas Shah. -APP

Junior hockeytraining camp

concludes today

ISLAMABAD, Aug 2 (APP):Pakistan National Boxing teamwill depart for South Koreafrom Karachi on Wednesday toparticipate in the 26th AsianConfederation BoxingChampionship scheduled totake place from August 5 to 12in Incheon city of Korea.

Secretary Pakistan BoxingFederation Muhammad Akramtold APP on Tuesday that sixPakistan pugilists would com-pete in different weight cate-gories. Muhammad Wasim willfeature in 52 kg event, whileUsman Butt (56 kg) Amir Khan(64 kg), Arshad Khan (69 kg),Nisar (75 kg) and Yasir Javed(91 kg). "Qadir Khan, who wasto compete in the 60 kg event is

not leaving with the team dueto illness", Akram informed.

He said the federation wassending an increased number ofboxers to the championshipsince it would be the last inter-national assignment before theWorld Championship thatwould serve as the Olympicqualifiers. "We have decided togive maximum exposure to our

boys ahead of WorldChampionship. The event willhelp give them some experi-ence for that," he added.

Over 150 boxers from 24countries of Asia will be com-peting on the ring of Incheoncity to get the medals andawards of the ContinentalChampionships. -APP

Pak boxing outfitleaves for SKorea

England'hunger'

impressesWarne

LONDON: Shane Warne haslikened England to the suc-cessful Australia side ofwhich he was a key memberafter seeing Andrew Strauss'smen thrash India in the sec-ond Test.

England crushed theiropponents by 319 runs withmore than a day to spare atTrent Bridge on Monday totake a 2-0 lead in the four-match series following a 196-run first Test triumph atLord's.

If England at the very leastmaintain that advantage overthe next two Tests they willreplace India as leaders of theICC's Test Championshiptable and leg-spin greatWarne is an admirer of the'Poms' recent performances.

"England are improving andhave a hunger for victory,"Warne, 41, wrote in Tuesday'sedition of The DailyTelegraph.

"They have a good teamspirit and, as Andrew Strausssays, they can still improve.Don't forget they were 124for eight on day one of thisgame.

"But most impressive aboutEngland was how aggressive-ly they approached the situa-tion," he added.

"When Australia were ontop and dominating worldcricket, the things we wantedto do were score fast, take thegame away from the opposi-tion and intimidate the tail.

"England are doing allthose and showing qualitiesthat will make them numberone if they continue to playlike this.

"At times the pitch lookedflat when India were bowlingbut, by showing intensity,aggression and a lot of hungerto be the best in the world,England demonstrated whatcould be achieved."

Meanwhile former Englandcaptain Nasser Hussain wasin no doubt about the qualityof the current side, proclaim-ing in the Daily Mail: "Theyare the best England team Ihave ever seen."

Hussain cited Tim Bresnan,only called up at Trent Bridgeafter fast bowler ChrisTremlett was injured, as proofof England's progress. -APP

IndependenceDay Jr Tennis

ChampionshipLAHORE: Independence DayJunior Tennis Championshipwill be played here fromAugust 10-13 at hard courts ofa local club in Model town.

Boys singles U10,U13, andU15 and U17 and girls U15 andU17 will be organised in addi-tion to boys doubles in U17.

A members of the organisingcommittee of the tournamentsaid here on Tuesday that inorder to promote tennis amongyouth, inter school tennis com-petition will be held in Octoberand twenty-five schools partic-ipating. -APP

OHIO: Tiger Woods of the U.S. hits on the eighth fairway during his practiceround for the WCG Bridgestone Invitational PGA golf tournament in Akron. -Reuters

Punjab to holdAzadi Cup Volleyball

LAHORE: The Punjab Volleyball Association in collab-oration with Punjab Olympic Association will organiseAzadi Cup one day Women Volleyball Tournament hereon August 4 at Govt. Technical College for Womenground. Major (R) Muhammad Afzal, Secretary,PakistanVolleyball Federation will be the Chief Guest on theOccasion.

Ch. Muhammad Tariq, (National Referee), Malik BashirAhmed, Muhammad Yasin are the technical officials of theevent whose organising secretary is Muhammad BukshJaved. -APP

No house inPK-4 to lack

essentialfacilities:Aqil Shah

PESHAWAR: KhyberPakhtunkhwa Minister forSports and Tourism, Syed AqilShah Tuesday said that nohouse in his constituency PK-4will be left deprived of essen-tial facilities including Sui gas,potable water and electricity.

Talking to a gathering afterinauguration of water supplyscheme at Baghbanan, the min-ister said the politics of ANPwas to serve the people withoutany discrimination and hisdoors were open for all.

He said during last threeyears development work worthRs 240 million was carried outin his constituency PK-4.

He claimed that in next gen-eral election ANP would wineven with greater majority andcarry on its mission of welfareof Pakhtun nation. -APP

Taufel torun first

TV umpiretechnology

trainingcourse

ISLAMABAD: Australianumpire and member of theEmirates International CricketCouncil (ICC) Elite Umpirespanel Simon Taufel will run thefirst simulated TV umpire tech-nology training course at Galle,Sri Lanka, starting from August30.

The ICC has joined handswith Ten Sports and Sri LankaCricket to deliver the course.

Taufel, who has been namedUmpire of the Year at the LGICC Awards on five occasionssaid, "This is a great initiativewhich will benefit the elitepanel umpires and also theinternational panel umpiresfrom Sri Lanka", said a newsrelease issued here on Tuesday.

"The decision-making mod-ule will involve training on runout, stumping, clean catches,bump ball, lbw (DecisionReview System), caught(DRS), boundaries and front-foot no-balls. While workingthrough the various decision-making elements, there willalso be a focus on effectivecommunication skills," he said.

ICC Referees' and Umpires'Manager Vince van der Bijlsaid, "We would like to thankour partners, Sri LankaCricket and Ten Sports, inhelping us develop this TVumpire simulation pro-gramme, that will be run bySimon. This is the first simu-lated training course we haverun and we are delighted withthe extension of our trainingprogramme aimed at develop-ing the world's best matchofficials."-Reuters

KARACHI: Shahzad Maliksmashed a whirlwind 75 topower Omer Cricket Club toan impressive 69 runs victoryover star-studded

Dollar East CC in the open-ing match of 26th KarachiGymkhana Baharia Town T20Ramzan Cricket Tournamentat KG Ground here onTuesday.

Aggressive right handedbatsman Shahzad blasted asmany as seven sixes and fourboundaries in his 33-ballknock of 75 as batting first,Omer CC raced to 200 for theloss of six wickets in their 20overs.

Shahzad punished thebowlers at will and his cleanhitting and hoisting the ballupset Younis Khan led DollarEast team plans. Ali Khancontributed 44. Naumanullah,known more as a batsmanchipped in with three wicketsfor 55 runs.

Dollar East in reply wererestricted to 131 for the loss ofeight wickets in 30 overs.

Talented slow left arm spinbowler Raza Hasan caused themain trouble in Dollar EastCC batting by taking threewickets for 19 in an econom-ical spell including the wicketof Younis Khan for 12. Adnan

Baig hit a defiant 50 with fiveboundaries and ShahzaibHasan, a member of 2009Pakistan's World T20 winningteam made 23.

Advance Telecom will takeon Karachi Star in the secondmatch of Rs 824,000 prizemoney event on Wednesday.

Summarised scores:Omer CC 200-6 in 20 overs

(Shahzad Malik 75, Ali Khan44, Naumanullah 3-55, HasanRaza 2-35) Dollar East 131-8 in 20 overs (Adnan Baig50, Shahzaib Hasan 23,Younis Khan 12, RazaHasan 3-19, Adnan Kalim 2-27, Asif Raza 2-30). -APP

Shahzad 75 powers OmerCC to impressive victory

Page 11: thefinancialdaily-epaper-3-08-2011

11Wednesday, August 3, 2011

International & Continuations

WASHINGTON: Congresswas poised on Tuesday to grantfinal approval to a deficit-cut-ting package that will avert adebt default but may not beenough to prevent a damagingdowngrade of the top-notchAmerican credit rating.

Just hours before theTreasury's authority to borrowfunds runs out, the Senate andPresident Barack Obama wereexpected to seal the deal to liftthe government's $14.3 trilliondebt ceiling enough to lastbeyond the November 2012elections.

The bill overcame its biggesthurdle late on Monday whenthe Republican-led House ofRepresentatives passed the $2.1trillion deficit-reduction plandespite resistance from recalci-trant Tea Party conservativesand disappointed liberalDemocrats.

There was little suspenseabout the outcome of the votein the Democratic-controlled

Senate set for noon EDT, andObama -- due to deliver a state-ment shortly afterward

-- was expected to quicklysign it into law without a WhiteHouse ceremony.

That would mark the end ofan acrimonious partisan stale-mate in Washington that threat-ened chaos in global financialmarkets and dented America'sstature as the world's economicsuperpower.

But deep uncertaintyremained over whether thebudget deal goes far enough inreining in deficits to satisfymajor ratings agencies, whichhave threatened to downgradethe United States' AAA creditrating. Such a move would raiseborrowing costs and act asanother drag on the stumblingeconomy.

Treasury Secretary TimothyGeithner said he expected theratings agencies to take a "care-ful look" at the situation but thathe was not sure whether the

United States would be sparedfrom a downgrade.

"I don't know. It's hard to tell,"he told ABC News.

Initial relief in financial mar-kets over an end to the gridlockquickly turned to concern onTuesday about risk of a U.S. rat-ings cut as well concerns basedon recent economic data thatgrowth could remain subdued.The major U.S. stock exchangeswere all down about half a per-cent in early trading, and goldprices hit a new record high.

The plan calls for $2.1 trillionin spending cuts spread over 10years and creates a congression-al committee to recommend adeficit-reduction package bylate November. That appears tofall short of rating agencyStandard & Poor's assertionthat $4 trillion in deficit-reduc-tion measures would be neededavoid a downgrade by showingthat Washington was puttingthe country's finances inorder.- Reuters

Debt fight nears end; downgrade threat remains

AMMAN: The death toll inSyria's violent crackdownon opposition to PresidentBashar al-Assad in the cityof Hama and elsewhereclimbed on Tuesday,spurring Western efforts topile diplomatic pressure onDamascus.

Three more civilianswere killed in Hama,including two brothers,Khaled and Fateh Kanil,who died when pro-Assad"shabbiha" militiamenfired at their food-ladencar, two residents, one ofthem a doctor, told Reutersby telephone.

They said a brief riotappeared to have brokenout late on Monday atHama's main prison. Twoshabbiha militia buseswere seen heading there atnight and smoke rose fromthe compound as the militi-amen shouted "God, Syria,Bashar, only" from inside.

"There is damage to thenorthern section of the jailand some say burned bod-ies of prisoners were takenout of the complex," one ofthe residents said.

Tanks pounded residen-tial neighborhoods acrossHama, the scene of a 1982massacre, after eveningprayers on Monday, thefirst day of Ramadan, theMuslim fasting month, wit-nesses said.

State news agency SANAsaid "hundreds of maskedgunmen on motorbikes" hadset fire to the main lawcourt in Hama on Mondayafternoon and had also van-dalized much of the build-ing.

Human rights campaign-ers said assaults by Assad'sforces across Syria onMonday and Tuesday hadkilled at least 27 civilians,including 13 in Hama,where troops and tanksbegan a violent operation toregain control on Sunday.

That brought the total to

about 137 dead throughoutSyria in the past three days,93 of them in Hama,according to witnesses, res-idents and rights campaign-ers.

Syria's state news agencysaid "armed terroristgroups" had killed eightpolicemen in Hama. Thegovernment blames suchgroups for most killings inthe five-month-old revolt,saying more than 500 sol-diers and security personnelhave died.

The plight of Hama hasprompted many Syrians tostage solidarity marchessince the start of Ramadan,but Assad's tough responsesuggests he will resist callsfor change that have sweptSyria and much of the Arabworld this year.

Syria has incurred inter-national opprobrium for itsharsh measures, but neednot fear the kind of foreignmilitary intervention thatNATO launched to backrebels in Libya.

The top U.S. military offi-cer called for a swift end toviolence in Syria, but onlydiplomatic pressure was inview. "There's no indicationwhatsoever that theAmericans are, that wewould get involved directlywith respect to this,"Admiral Mike Mullen,chairman of the JointChiefs of Staff, toldreporters at the end of avisit to Iraq.

NO AGREEMENT

Consultations at theSecurity Council onMonday failed to produceagreement on adopting aWestern-backed draft reso-lution condemning Syria orsettling for a less bindingstatement.

European countries firstcirculated the draft resolu-tion two months ago butRussia and China, bothallies of Damascus, wereopposed to it. Temporary

council members Brazil,India, Lebanon and SouthAfrica also said they didnot support it.

Syrian Deputy ForeignMinister Faisal Mekdadurged India to ignoreWestern "propaganda" dur-ing its month-long presi-dency of the SecurityCouncil, which began onMonday.

"What we expect India todo is not to allow Westerncountries to use the U.N. asa forum to support terror-ism, to support extremismand to support the killingsof innocent people,"Mekdad said in an inter-view with India's CNN-IBNtelevision channel during avisit to the Asian country.

Italy recalled its ambassa-dor from Syria on Tuesdayin protest at the "horriblerepression of the civilianpopulation" and urged otherEuropean Union membersto do the same.

The EU formally addedfive more Syrian officialsto an existing list of 29individuals headed byAssad, whom the 27-nationbloc has targeted with assetfreezes and travel bans. Thefive include DefenseMinister Ali Habib, thehead of internal securityand the intelligence chief inHama, which the EU sayswas the scene of a civilian"massacre" at the weekend.

"Today further EU target-ed sanctions on Syria comeinto force. The message isclear and unambiguous:those responsible for therepression will be singledout and held accountable,"British Foreign SecretaryWilliam Hague said.

Apart from the 13 deathsin the latest Hama violence,two civilians were killed inthe town of Albu Kamal onthe Iraqi border, three in thecity of Homs, two in theport city of Latakia and sixin the Damascus suburb of

Erbin after protests follow-ing night-time Ramadanprayers, rights activistssaid.

A score of tanks and troopcarriers entered the town ofZabadani near the borderwith Lebanon after peopledemonstrated in support ofHama following eveningprayers, residents said. Atleast three protesters werewounded by machinegunfire.

STARK MEMORIESThe attack on Hama has

evoked memories of abloody 1982 confrontationwhen Assad's father Hafezal-Assad crushed an armedIslamist revolt, killingmany thousands of people.

"The shells are fallingonce every 10 seconds," awitness in Hama toldReuters by telephone onMonday. The thump ofartillery and explosionscould be heard in the back-ground.

YouTube footage, pur-portedly from Hama,showed tanks and smoke,with the sound of explo-sions and shouts of "AllahuAkbar (God is great)...Weare witnessing the reformsof Bashar".

Another video shows aman lying on a street withhis head sliced off byshrapnel. With most foreignreporters barred from Syria,it was impossible to verifythe content of the clips.

Nor was it possible to ver-ify footage shown onSyrian state television, alsosaid to be from Hama,which showed gunmen fir-ing at the military fromstreets and rooftops. It alsoshows scenes of dead sol-diers being thrown into ariver. Security forces, dom-inated by Assad's minorityAlawite sect, had besiegedHama, a mainly SunniMuslim city of 700,000, fornearly a month before theassault. - Reuters

Syria death toll rises, Italy recalls envoy

WASHINGTON: The US Capitol dome is seen atop a nearby reflecting pool inWashington. The United States is poised to step back from the brink of economic disaster

on Tuesday when a bitterly fought deal to cut the budget deficit is expected to clear itsfinal hurdles in the US Senate. - Reuters

The meeting was told that some criminal elements were work-ing under the patronage of various political parties. It asked thepolice to initiate probe against them and get their credentials ver-ified from the concerned political parties.

Moreover, police was asked to concentrate on fieldwork to fightcrime. In this regard it was decided that every DIG/SSP wouldvisit police stations at least twice a week. They would scrutinizethe performance of every SHO and submit report to the IGP. Thisreport would be submitted to the IGP and Home Secretary onevery fortnight.

The meeting decided to award Rs5 million cash reward to anyperson who provided police information about any target killer. Ifphotographs or video of a target killer provided to the police, thecash award would be Rs10mn. Moreover, the identity of theinformer would be kept secret.

Syed Qaim Ali Shah and Abdul Rehman Malik urged the lawenforcing officers to improve their performance and get Karachirid of violence and targeted killings.

Sindh Home Minister Manzoor Wassan, acting DG Rangers,Additional Chief Secretary (Home) and senior police officersattended the meeting.

Continued from page 12No #1

The meeting was attended by Acting Director General Rangers(Sindh), Brig Zafar Iqbal, IGP Sindh Wajid Ali Khan Durrani andHome Minister Manzoor Wassan. Rehman Malik said that 26people were killed in various parts of the city on Monday by ter-rorists who targeted all including Urdu, Pushto and Seraikispeaking people. "We are committed to take action with forceagainst the law breakers," he maintained.

Malik said that government will not allow anti-state elementsto destabilise the country and added that 'people know who themiscreants are'. "Now even our children and mothers are beingtargeted," he pointed out. The Minister said that a strategy hasbeen prepared to take action against 90,000 Afghanis living inKarachi with fake documents and also government will check theillegal Bengali immigrants as well.

"We will bring peace in Karachi at all cost and no one will beallowed to make the city hostage at gun point," he added. - NNI

Continued from page 12No #2

President M Salman Farooqui, CM Gilgit Baltistan Syed MehdiShah, Chief of the Army Staff General Ashfaq Parvez Kayani,Senator Syeda Sughra Imam, senior officials and representatives ofChinese embassy. The meeting also reviewed the progress on deci-sions taken at an earlier meeting at the Presidency in July last year.

DG FWO Maj Gen Najib Ullah Khan briefed the meeting ofmeasures to lower the lake level through controlled blasting andmechanical excavation. They were informed that Phase-1 of theproject of digging of the spillway up to 24 meter was done, whilework on phase 2 of the project was underway.

The meeting decided to make resources available for furtherexpediting the lowering of water level of Attabad lake. ThePresident directed to expedite the realignment of the submergedportion of KKH for which funds have been made available byChina. - APP

Continued from page 1No #3

of July 2011 compared to July 2010 are tomatoes (85.34 percent), chicken (18.65 per cent), eggs (14.65 per cent), vegeta-bles (14.38 per cent), potatoes (12.10 per cent), onions (9.55per cent), gram whole (7.02 per cent), pulse gram (5.25 percent), gur (3.91 per cent), besan (3.75 per cent), sugar (3.07 percent), wheat (3.06 per cent), cigarettes (3.00 per cent), rice(2.94 per cent), wheat flour (2.74 per cent), fresh fruits (2.21per cent), maida (1.60 per cent), milk products (1.44 per cent),beverages (1.28 per cent), milk fresh (1.20 per cent) and sweet-meat & nimco (1.01 per cent).

Continued from page 1No #4

He said several foreign companies want to participate in theproject and had shown their interest in investing the project alongwith providing their expertise.

These companies are just waiting the results of maiden 50MW pilotproject. If this pilot project remained successful, a barrage of invest-ment would automatically pour in the country, he added. - APP

Continued from page 1No #5

natural resources like hydel, gas, coal, and renewable energy thatcan be used for power generation purposes. He pointed out thatPakistan has enormous potential for small to medium-sized andlarge hydro power projects. He told the gathering: "You will bepleased to note that the identified hydropower potential in the coun-try is around 60,000 MW, majority of which is economicallyexploitable. In contrast, the existing installed hydel capacity is lessthan 20 per cent of the total potential." He said during the visit ofChinese Premier Wen Jiabao to Pakistan in December last year, var-ious important decisions were taken to enhance cooperation betweenthe two countries. Premier Wen on the occasion assured full supportof the government of China especially with regards to the provisionof financing for conventional (Hydel, Thermal and Coal Fired),renewable (Solar, Wind), and civil nuclear energy projects.

The meeting deliberated upon possible avenues of Pakistan-China cooperation in following projects: Neelum Jehlum, KhanKhwar, Debai Khwar, Allai Khwar, Jinnah, Satpara, Darawat,Kohala, Gomalzam, Bunji, raising of Mangla Dam, Ghabir, NaiGaj, Naulong, Diamer-Bhasha, Matiltan, Suki Kinari, Kotli,Madian, Sindh-Engro Coal Mining and Power Project, SondaJherruk Coal project, AES import and coal project, Nandipur ther-mal power and Chichuki Malian thermal project, besides a host ofalternate energy projects. The Pakistani delegation comprisedAmbassador Masood Khan, Chairman Wapda, Shakeel Durrani;MD Pepco, Rasool Khan Mahsud; CEO Alternate EnergyDevelopment Board, Arif Allauddin; MD Thar Coal & EnergyBoard, Aijaz Ali Khan; DG Geological Survey of Pakistan, ImranAhmed; MD Private Power Infrastructure Board, N A Zubairi andCEO Sindh-Engro Coal Mining Company, Khalid Mansoor.

Later, while addressing a press conference at the Pakistanembassy, Federal Minister for Water and Power, Syed NaveedQamar said that to remove bottlenecks and for the implementationof energy projects on fast-track basis a "Green Channel" would beintroduced specifically for the Chinese companies.

He said that the 1st JEWG meeting was very successful and itwill be held periodically in both the countries. He said if theimplementation of any projects faced bottlenecks these would beremoved by streamlining official channels. - NNI

Continued from page 1No #6

In the broader market, there were more than three losers for every share that gained.Around 503 million shares were dealt on the NSE, lower than the 90-day daily average volume of

588 million shares. MSCI world equity index was down 0.7 per cent by 1004 GMT, while emerg-ing equities slipped 1.2 per cent.-Reuters

Continued from page 5No #7

market share in the fast-growing South American economy. Volume was thin, with 1.6 billion shareschanging hands on the Tokyo stock exchange's main board, slightly lower than last week's daily aver-age of 1.7 billion yen.-Reuters

Continued from page 5No #8

partisanship from which it was forged. In the end, it was a lowest-common-denominators approachthat puts off tough decisions on tax increases and cuts to entitlement programs like Medicare.

"What troubles me about it is that the bipartisan compromise also represents a kind of bipartisanagreement by each party to yield to the other party's most politically and ideologically sensitive pri-ority," said Joseph Lieberman, I-Conn. "In the case of Democrats, it's to protect entitlement spend-ing. In the case of Republicans, it's to not raise taxes." The measure would provide an immediate$400 billion increase in the $14.3 trillion US borrowing cap, with $500 billion more assured this fall.That $900 billion would be matched by cuts to agency budgets over the next 10 years.

The Senate vote was never in doubt after Majority Leader Harry Reid, D-Nev, and McConnell signedon. But like Monday's House vote, defections came from liberal Democrats unhappy that Obama gavetoo much ground in the talks, as well as from conservative Republicans who said the measure wouldbarely dent deficits that require the government to borrow more than 40 cents of every dollar it spends.

Continued from page 1No #9

A weak reading on manufacturing on Monday underscored growing concerns about the economy'sstrength."I think people are worried about a double-dip recession and the softening economic statis-tics," said Jeffrey Saut, Raymond James Financial chief investment strategist, in St. Petersburg,Florida. But he said, "it's not the snake you see that bites you, and these figures are so well adver-tised." Saut sees the market bottoming in the weeks ahead, especially if the S&P 500 trades between1,220 and 1,250. The Dow Jones industrial average was down 98.61 points, or 0.81 per cent, at12,033.88. The Standard & Poor's 500 Index was down 13.48 points, or 1.05 per cent, at 1,273.46.The Nasdaq Composite Index was down 22.50 points, or 0.82 per cent, at 2,722.11. European debtproblems returned to the forefront after French bank BNP Paribas SA took a $768.3 million write-down linked to Greece's debt woes.-Reuters

Continued from page 5No #10

The US consumer report followed sluggish US and global manufacturing data on Monday whichshifted investors firmly into "risk-off" mode, ahead of Friday's key US jobs report.

"Because of the non-farm payrolls on Friday, investors are taking any underperforming data in therun up to that as a double negative really and keeping sensitivity high," Joshua Raymond, marketstrategist at City Index, said. The downbeat data overshadowed the approval of a rise in the US statu-tory borrowing limit by the House of Representatives on Monday night. The US Senate is expectedto pass the measure later on Tuesday.

Banks were broadly weaker. Barclays slipped 0.1 per cent after posting results, which traders saidwere mixed but better than expected.

HSBC, however, edged up 0.4 per cent, building on gains made in the previous session followingits better than expected first half numbers.

Lloyds Banking Group shed 3 per cent and Royal Bank of Scotland fell 2.2 per cent, ahead ofresults on Thursday and Friday respectively.-Reuters

Continued from page 5No #11

Page 12: thefinancialdaily-epaper-3-08-2011

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Wednesday, August 3, 201112

ISLAMABAD: Trilateral meeting of Pakistan, United States and Afghanistan led by foreign secretarySalman Bashir, US Ambassador Marc Grossman and Afghan Deputy Foreign Minister Jaweed Ludin

respectively at Foreign Office.-APP

PARIS: Inflation in advancedeconomies eased to 3.1 percent in the 12 months to theend of June from 3.2 per centto the end of May as a rise inenergy prices slowed, theOECD said on Tuesday.

This was the first slowing ofinflation in OECD countriessince November 2010, theOrganisation for EconomicCooperation andDevelopment (OECD) said.

In June, energy prices rose13.6 per cent, down from 14.2per cent in May but food wasup 4.0 per cent after a gain of3.9 per cent in May.

Inflation was steady in theUnited States at 3.6 per cent

and in Germany at 2.3 percent but in Japan it fell to 0.2per cent from 0.3 per cent. Forthe 17 countries in the euro-zone, the figure was steady at2.7 per cent.

Inflation in China, which isnot a member of the OECD,accelerated to 6.4 per centfrom 5.5 per cent to set thehighest figure since June2008.

In Canada inflation slowedto 3.1 per cent from 3.7 percent and in Britain to 4.2 percent from 4.5 per cent.

In June compared with May,prices in the OECD area fellby 0.1 per cent.

The highest 12-month infla-

tion figure for the membercountries listed by the OECDwas 6.2 per cent in Turkey,unchanged from the figure forMay. The lowest figure wasthe 0.2 per cent in Japan.

In advanced economies,inflation of 2.0 per cent ormore is considered to generateanticipation of further infla-tion, causing a so-called sec-ond-round of inflationarypressures which can snowball.

But inflation of less than1.0 per cent is considered tosignal that the economycould be slipping dangerous-ly close to deflation whichcan also snowball into reces-sion. - APP

Richer the countrylesser the inflation

ISLAMABAD: Yamaha aJapanese auto companywould invest $150 million toestablish manufacturingplant of motorcycles inPakistan.

This was revealed at ameeting by visiting three-member delegation ofYamaha comprisingSumioka RyouichiExecutive Officer, ItoYasushi General Managerand Highuchi YakeshiSenior Manager who calledon chairman Board ofInvestment, Saleem HMandviwalla here onTuesday.

Later talking to media,chairman BOI informed thatYamaha Japan hasapproached Board ofInvestment through our mis-sion in Japan with the pro-posal to manufactureYamaha Motorcycle inPakistan.

He said that Yamahawould like to invest $150million to establish theirmanufacturing facility ofworld renowned motorcyclein National Industrial Park,Bin Qasim, Karachi byacquiring 50 acre of land.

The motorcycle manufac-

turer will have EFI engine,automatic transmission,water cool and environmentfriendly exhaust systemmeeting European standardin this plant.

It will not only meet thedemand of Pakistani marketbut will also enable them toexport their models to vari-ous CIS countries, he said.

The Chairman BOIinformed that keeping inview the current fuel andenergy situation in Pakistan,Yahama will produce thestate of the art motorcycleswith less fuel consumptionof Rs10 per 30-minute drivewhich covers the distance of40-50km.

He stated that President ofPakistan during his visit toJapan on February 21-23,2011 also held meeting withYamaha officials andensured that government hasframed the rules and proce-dure for the foreigninvestors in the auto sector.

The BOI is working toframe a policy on produc-tion of high technologyproducts with environmentand consumer satisfying fea-tures.

The Board of Investment

being facilitator of invest-ment in the country stronglyfeels that the new entrantpolicy of automobile shouldfocus on considerable inter-est of important internation-al auto manufacturers inPakistan market and to meetthe local demand and supplygap of various sectors.

Recognising that theexisting assemblers/manu-facturers of vehicles haveover the years developedmany parts and componentslocally and the factor thatauto industry is yet heavilyimport dependent for vari-ous materials and compo-nents, with marginalexports, an import dutyexemption of 5 years willsupport to increase the com-pany's marginal profits insome extent till 2020, saidby Sumioka Ryouichi.

He further said that theYamaha investment inPakistan will create 45,000jobs for locals and with thetransfer of technology inmanufacturing of motorcy-cle, vendor skill capabilityand capacity will also bedeveloped with exclusivetraining institutes being runby the company. - APP

Japan auto firm toinstall $150mn plant

ISLAMABAD: The UnitedStates and Pakistan were work-ing to smooth over curbs ondiplomats' travels in the coun-try on Tuesday, officials fromboth sides said, as US,Pakistani and Afghan officialsmet to coordinate efforts to endviolence in Afghanistan.

The latest spat that involvesPakistan's recent restrictions onthe movements of US diplo-mats inside the country couldstrain already prickly ties, vitalto Washington's efforts todefeat al Qaeda and stabiliseAfghanistan.

The foreign ministry says themeasure is for their safety but asenior US official said itsmacked of "harassment."

US embassy spokesmanAlberto Rodriguez tried to playdown the dispute, saying muchof the ire over diplomats' travelwas a "misunderstanding"blown up by the vocal Pakistanimedia.

"We're working with the

Pakistan government to resolvethe issue," he said.

A Pakistani foreign ministryofficial also confirmed thatefforts were underway to"address" the matter.

Foreign ministry officials saythe restrictions - requiringdiplomats get no objectionscertificates (NoCs), fromauthorities before leavingIslamabad - are neither new norspecific to US officials. Rather,they were meant to ensure thesecurity of diplomats in a coun-try where Islamist militantshave unleashed a campaign ofbomb and suicide attacks.

The United States, however,says the Vienna Conventionallows freedom of movementfor diplomats, especially whentravelling to its consulates inLahore, Karachi and Peshawar.

NoCs have always beenrequired for certain areas of thecountry and the United Statesacknowledges that, a US sourcefamiliar with the talks between

the two countries said.What is new is a requirement

for diplomats to apply for aNoC to leave the capital, espe-cially to travel to consulates,the source said, adding: "We'regetting to an agreement thatgives us what we want, andsomething everyone can livewith."

Pakistan is a strategic ally forthe United States, but relationshave been on downward spiralsince the killing of al Qaedachief Osama bin Laden inPakistan by US forces withoutinforming Islamabad before-hand.

Pakistan reacted with fury tothe May 2 raid, which it saw asa breach of its sovereignty, cut-ting back on US trainers in thecountry and placing limits onCIA activities. The latest travelcurbs seem to be part of samepunitive measures.

In a show of displeasure, theUnited States last month sus-pended about a third of its $2.7

billion defence aid to Pakistan.Marc Grossman, US special

envoy for Afghanistan andPakistan, was in Islamabad onTuesday for a trilateral meetingwith Pakistani and Afghan offi-cials to coordinate efforts toend violence in Afghanistan.

But President Asif AliZardari's remarks at a meetingwith Grossman on Monday,calling for the United Statesand his country to agree on"clear terms of engagement",reflected troubles in their rela-tionship.

"In the absence of well-defined and documented termsof engagements, wrong plugsmay be pulled at the wrongtimes by any side that couldundermine the bilateral rela-tions," Zardari's office said in astatement after the meeting onMonday.

Despite the tensions, howev-er, both sides have tried to pre-vent a breakdown of relations. -Reuters

Pak, US in pursuitsto normalise ties

ISLAMABAD: Minister forInterior Rehman Malik onTuesday urged citizens ofKarachi to remain calm and thegovernment would not disap-point them.

He said that government isfully determined to take sternaction against miscreants andoutlaws who want to destabilisethe country.

The federal minister said thegovernment would not back offto undertake a grand operationin the city for peace here.

Malik informed the newsmenthat he has issued directivesregarding aerial surveillance ofthe city. Those impacting lawand order in the city cannot be

rescued from the hand of law,he added.

Rahman Malik, who wasasked to rush to Karachi on itsgetting out of control, onarrival ordered for the aerialsurveillance over the city forlocating and flushing out thetarget killers, who thus farmade the city a killing field.

"Everything has a limit,enough is enough, we are goingto take extra-ordinary measuresto restore peace and normalcy inKarachi," he said while talkingto media persons after presidinga high level meeting at theNational Crisis ManagementCell (NCMC) here on Tuesday.

See # 2 Page 11

Malik hints atoperation inmetropolis

Officers promoted

in grade 22ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani chaired the meeting ofPromotion Board at PM Househere on Tuesday and approvedthe promotion of officers ofvarious groups to grade 22.

In Accounts Group,Muhammad Akhtar BulandRana (Punjab), Shah NawazKhattak (KhyberPakhtunkhwa) and SyedAhmed Phanwar (Sindh Rural)were promoted.

In Secretariat Group, MajorHaroon Rashid (Balochistan),Sarshar Ahmed Khan (Punjab)and Ghulam Rasool Aphan(Sindh Rural) got the promo-tion while Aftab Sultan(Punjab) and Zafarullah Khan(Khyber Pakhtunkhwa) inPolice Group were promoted inGrade 22. - NNI

Roadsidebomb kills2 soldiers

DERA ISMAIL KHAN:Intelligence officials say aroadside bomb has hit a vehiclecarrying Pakistani soldiers nearthe Afghan border, killing twoof them.

According to foreign media,officials say the soldiers werepatrolling near Ladha town inthe South Waziristan tribal areaon Tuesday when the attackoccurred.

The officials spoke on condi-tion of anonymity because theyare not authorised to talk to themedia.

South Waziristan was themain sanctuary for thePakistani Taliban before thearmy launched a large groundoffensive in 2009. Thousandsof soldiers are still based in thearea, and violence still occursfrequently. - Online

FC given police powersTFD Monitoring

KARACHI: After the Rangers, the Frontier Constabulary (FC) have also been given police powers in the city, while the Rangers havebeen directed to take action in troubled areas, said a notification issued by Sindh government on Tuesday.

The decision was taken during a meeting on the law and order situation in the city held at the Chief Minister House. The meetingwas jointly chaired by Chief Minister Qaim Ali Shah and Interior Minister Rehman Malik.

A statement issued by the CM house read that Rangers and police had also been directed to take immediate action against miscre-ants and this action would continue until these elements were eliminated. Participants of the meeting appealed to residents, religiousand political parties to play their part in restoring and maintaining peace in the city.

Inspector General of Police Sindh Wajid Ali Durrani told the meeting that the police have so far arrested 91 alleged target killerswho have confessed of killing about 161 people. He said more arrests are also on the cards and investigators of hopeful of extractinguseful information from them to nab the criminal networks involved in the Karachi carnage. See # 1 Page 11


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