International

Pak eyes record cotton year next See Page 12

Edu, provincial affair: Rabbani See Page 12

Stop barbarism, Gaddafi to West See Page 12

*Crude Oil (brent)$/bbl 114.85

*Crude Oil (WTI)$/bbl 104.10

*Cotton $/lb 196.90

*Gold $/ozs 1,420.80

*Silver $/ozs 37.00

Malaysian Palm $ 1,074

GOLD (NCEL) PKR 38,973

KHI Cotton 40Kg PKR 13,075

Yearly(Jul, 2010 up to 28-Mar-2011)

Monthly(Mar, 2011 up to28-Mar-2011)

Daily (28-Mar-2011)

Total Portfolio Invest (19-Mar-2011)

173.82

-22.13

1.70

2756

-3.51

3.39

0.26

-1.33

-0.10

1.15

0.15

SCRA(U.S $ in million)

Portfolio Investment

FIPI (29-Mar-2011)

Local Companies (29-Mar-2011)

Banks / DFI (29-Mar-2011)

Mutual Funds (29-Mar-2011)

NBFC (29-Mar-2011)

Local Investors (29-Mar-2011)

Other Organization (29-Mar-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (19-Mar-11)

Inflation CPI% (Jul 10-Feb 11)

Exports (Jul 10-Feb 11)

Imports (Jul 10-Feb 11)

Trade Balance (Jul 10-Feb 11)

Current A/C (Jul 10- Feb 11)

Remittances (Jul 10 - Feb 11)

Foreign Invest (Jul 10-Feb 11)

Revenue (Jul 10 Feb 11)

Foreign Debt (Dec 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Feb 11)

LSM Growth (Jan 11)

GDP Growth FY10EPer Capita Income FY10Population

$17.50bn

14.33%

$15.33bn

$25.60bn

$(10.27)bn

$(98)mn

$6.96bn

$1.23bn

Rs 875bn

$58.39bn

Rs 5497.4bn

$386.3mn

0.83%

4.10%

$1,051

175.59mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

13.94

2.00

2.30

10.92

PKR/Shares

110.87

118.89

42.64

49.04

37.25

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

09-Mar-2011

09-Mar-2011

09-Mar-2011

29-Nov-2010

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

29-Mar-2011

13.39%

13.69%

13.86%

14.00%

13.58%

13.52%

13.73%

14.12%

14.24%

13.93%

13.97%

14.00%

14.42%

14.65%

14.87%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 86.70 87.70

Canadian $ 86.60 87.60

Danish Krone 16.30 16.50

Euro 119.30 120.70

Hong Kong $ 10.50 11.00

Japanese Yen 1.040 1.066

Saudi Riyal 22.62 22.82

Singapore $ 66.90 67.90

Swedish Korona 13.60 13.90

Swiss Franc 93.10 94.10

U.A.E Dirham 23.15 23.35

UK Pound 136.30 137.70

US $ 85.15 85.50

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 87.27 87.47

Canadian $ 87.22 87.42

Danish Krone 16.09 16.13

Euro 119.99 120.27

Hong Kong $ 10.92 10.95

Japanese Yen 1.042 1.045

Saudi Riyal 22.72 22.77

Singapore $ 67.45 67.61

Swedish Korona 13.34 13.37

Swiss Franc 92.99 93.21

U.A.E Dirham 23.20 23.25

UK Pound 136.35 136.67

US $ 85.24 85.42

Inter-Bank Currency Rates

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NEW DELHI: Pakistan hasagreed to allow an Indian teamto question the 2008 Mumbaiterror attack suspects beingprosecuted there while Indiahas shared its findings ofSamjhota Express withPakistan as the interior secre-taries of the two countriesTuesday concluded their two-day talks on a positive note.

Interior Secretary QamarZaman met with his Indiancounterpart GK Pillai in whatis seen as a first step towardsadvancing the re-initiatedpeace process.

According to a joint state-ment issued at the end of thetwo-day talks, Pakistan hasagreed to allow a team ofIndian investigators to ques-tion some Lashkar-e-Taibamen who are presently lodgedin a jail in that country.

Modalities and compositionin this connection will beworked out through diplomaticchannels.

Dates for the visit of theJudicial Commission fromPakistan in connection with

Mumbai attack trial will beconveyed by India within four-six weeks.

NIA and FIA will continue tocooperate in the MumbaiTerror Attack investigations,according to the statement.

Among the issues the twosides discussed during thetalks were the trial of theMumbai terror suspects inPakistan, the SamjhotaExpress blasts probe, easing ofvisa norms, narcotics controland smuggling of fake Indiancurrency notes.

India provided details of theprobe into the SamjhotaExpress blasts to a team ofPakistani interior ministryofficials.

The two sides also agreed toset up a hot line to discuss ter-ror threats in "real time."

"Pakistan conveyed its readi-ness, in principle, based uponthe principle of comity andreciprocity, to entertain a com-mission from India withrespect to Mumbai terrorattack investigations," a jointstatement said.

Both sides reiterated theircommitment to fight terrorismin all its forms and manifesta-tions and reaffirmed the needto bring those responsible forsuch crimes to justice.

Both sides agreed on estab-lishing a hotline between theirInterior Secretaries and releaseof civilians and fishermen whohave completed their sentenceby April 15.

The Interior Secretaries ofPakistan and India agreed thatthe problem and issues of theinadvertent crossers should beviewed sympathetically, and ina focused and sensitive man-ner.

In this regard they agreed totask the Coast Guard of Indiaand Pakistan MaritimeSecurity Agency to work onsetting up a mechanism forrelease of inadvertent crossers(fishermen) and their boats onthe same lines as the inadver-tent crossers on land.

The next meeting of theJudicial Committee would beheld from April 19-23 inPakistan. -Agencies

Pak OKs Indiaprobe on 26/11

New Delhi shares Samjhota investigation with IsbEasing of visa, narcotics, fake currency discussed

ISLAMABAD: NationalElectric Power RegulatoryAuthority (NEPRA) hasapproved reduction in powertariff by 9 paisa per unit.

The reduction has beenapproved against fuel adjust-ment surcharge for the monthof February only.

As per media reports thereduction has been allowed topower distribution companies.The decision was taken during

hearing held here under Neprachairman Khalid Saeed.

WCB took the plea during thehearing that 42 per cent elec-tricity was generated throughthermosize during Februarywhich was recorded low by 6per cent as compared to the cor-responding period of last year.

The reduction in tariff will beapplicable to all consumersexcept life line consumers. -Agencies

Nepra approvespower tariff cut

ISLAMABAD: FederalMinister for Industries andProduction Mir Hazar KhanBijarani said Monday that therewould be dire requirement ofestablishing another urea fer-tiliser plant by 2014 to cater toincreasing demand of the fer-tiliser and avoid its import.

"At the moment we are self-sufficient till 2013 in urea pro-duction provided full gas issupplied to fertiliser plants, thefederal minister said while talk-ing to a two-member delegationof a German CompanyUhdeGmbH led by AsadullahKazmi.

Other member of the delega-tion was Lothar Jungemann,Member of the ExecutiveBoard of UhdeGmbH presented

company's profile book toMinister.

Another urea fertiliser pro-duction plant is must to beoperational in 2014 to avoidspending of huge foreignexchange on urea import, thefederal minister remarked.

The company delegation dis-cussed various aspects and pos-sibilities for establishment offertiliser plant in Kuwait andinformed the Minister that costof fertiliser production inKuwait could be cheaper andPakistan would have to beartransportation charges only.

The Minister while welcom-ing the move said that any pro-posal submitted to governmentwould be discussed in

See # 16 Page 11

New urea plantseen necessary

Current plants sufficient till 2014: Bijarani

ISLAMABAD: The Federalgovernment Tuesdayannounced half-day holiday(after 1200 noon) in all govern-ment departments on March 30(today) to facilitate masses towatch semi-final betweenPakistan and Indian cricketteams.

Talking to media here atShah Faisal Mosque afteroffering special prayer for suc-cess of Pakistani cricket teamagainst India, he said the half-day holiday has beenannounced on the directives ofPrime Minister Syed YousufRaza Gilani.

He said projectors and LCDshave been installed at differentplaces in the federal capital towatch the match live.

Special security arrange-ments have been finalized to

provide full protection andsecurity to the people.

Federal Minister said that thePrime Minister and other par-liamentarians including hehimself would go to India forsupporting Pakistani cricketteam.

To a question regardingthreats to Pakistani cricketteam, Malik said: "after thestatement of the Indian interiorminister, we expect foolproofsecurity arrangements."

To another question, he saidit is a game between the twocountries and game should betaken as game and not as a war.

Earlier, he offered Maghribprayer at Shah Faisal Mosqueand special prayer was alsooffered for the success ofPakistani cricket team. -Agencies

Half-day for govtemployees today

In Sindh, its full-day holiday

ISLAMABAD: Minister ofFinance Dr Hafeez Shaikh onTuesday informed the Senatethat at least 18 officers of BPS16 to 19 of CustomsCollectorate Karachi were fac-ing disciplinary proceedingsdue to their alleged involve-ment in corruption.

Talha Mahmood informedthat two Deputy CollectorsImran Sajjad Bukhari andJaved Sarwar Sheikh and oneAdditional Collector of BPS-19Syed Tanveer Ahmed and oneAssistant Collector of BPs-17Aamir Nawaz Hamid wereinvolved in the cases of BawanShah Group of Companiesregarding issuances of fake/fly-ing refunds.

The Minister informed theHouse in a written reply thatInquiries are underway againstthe officials.

He further said the other offi-cials include Deputy Collectorsof BPS-18 Habib Ahmad JawadZafar Malik, Salra Khan,Muhammad Saqif Saeed andNawabzadi Aliya Dilawar.

The other officials werePrincipal Appraisers of BPS-16Naimutullah Alvi, ShahidHussain Rizvi, QamaruddinSemajo, Irshad Khan, SyedHamid Umar and MehtabAhmed.

Answering another question,he informed that in December2008, huge quantity of tyreswere seized in two privategodowns of Junaid Brothersand Syed Brothers in Karachiby Directorate of I&I-FBRKarachi while suspecting thatthese goods were imported inAfghan Transit Trade (ATT)and were off loaded in these

See # 17 Page 11

18 Customs officerscharged with graftNSS

rates remainunchanged

ISLAMABAD: FederalGovernment here Tuesdayannounced that the rates ofreturn on National SavingsSchemes shall remainunchanged.

A statement of the CentralDirectorate of National Savings(CDNS) under the Ministry ofFinance said that the existingrates of return on differentNational Savings Schemes are13.55 per cent for DefenseSavings Certificates, 13.44 percent for Regular IncomeCertificates, 13.33 per cent forSpecial Savings Certificates/Account and 9 per cent forSavings Account.

The rate of return onPensioner's Benefit Account

See # 18 Page 11

Gilanileaves for

India todayISLAMABAD: PrimeMinister Syed Yousuf RazaGilani will leave forChandigarh today with a 45-member delegation to witnesssemi-final match betweenPakistan and India.

Well placed sources toldOnline that PM secretariat hadgiven final shape to the delega-tion which would accompanyPM Gilani.

17 members of personal staffof PM and 8 representatives ofmedia would be included in thedelegation.

Prime Minister's wife, ANPchief Asfandyar Wali., interiorminister Rehman Malik, infor-mation minister Dr FirdausAshiq Awan, MQM leader DrFarooq Sattar, foreign secretarySuleman Bashir would alsoaccompany PM.

Sources told that PM wouldhold talks with his Indian coun-terpart Manmohan Singh aheadof match and the latter wouldhost reception for his Pakistanicounterpart.

Later a joint press conference See # 19 Page 11

Raza namedas head ofNBP BoD

ISLAMABAD: Governmenthas decided to appoint Syed AliRaza as Chairman of Board ofDirectors of National Bank ofPakistan (NBP) who wasremoved as President of thisbank as per Supreme Courtdecision.

Well-placed sources toldOnline Tuesday governmenthad issued directives to respec-tive departments with respectto induction of former presi-dent NB as chairman of boardof directors of this bank.

Finance ministry has sentsummary to ministry of lawand justice in this respect.

When contacted, Syed AliRaza told Online that he couldnot confirm or contradict thereport.

Appointment of chairman ofboard of directors of any bankis legal requirement of StateBank of Pakistan while thispost is lying vacant in NB sincethe last several years. -Agencies

Lankaadvance toWorld Cup

finalCOLOMBO: Sri Lankaadvanced to the WorldCupfinal for the third time onTuesday after New Zealandthreatened their second upset ofthe tournament.

Sri Lanka, set a modest 218to win, were cruising at 160 forone but lost four quick wicketsbefore recovering to win byfive wickets with 13 balls tospare.

The 1996 champions willplay the winners ofWednesday's semi-finalbetween Pakistan and India inMumbai on Saturday.

New Zealand, who defeatedSouth Africa in a similar situa-tion in the quarter-finals, havenow reached the semi-finals sixtimes without advancing fur-ther. Tillakaratne Dilshan's dis-missal for 73 started a mini-col-lapse with MahelaJayawardene (1) and captainKumar Sangakkara (54) fallingin quick succession. AngeloMathews, batting with a runnerafter a thigh strain, relieved thetension with a huge six as SriLanka thankfully crossed thefinishing line. Scott Styrisanchored New Zealand's 217from 48.5 overs with a dogged57 from 77 balls, before he waslbw to the last ball of MuttiahMuralitharan's final match onhome soil. Muralitharan, 38,the world record holder for testand one-day wickets, will retireafter the tournament. -Reuters

NEW DELHI: Indian Home Secretary Gopal K Pillai shakes hands with his Pakistani counterpartChaudhary Qamar Zaman during a Indo-Pak meeting in New Delhi. Reuters

Pak-India PMs talksare futile: Qureshi

See Page 12

Secy-level talks end; setting up of hotline agreed

ISLAMABAD: The Senatewas informed Tuesday that bor-rowing from State Bank hasbeen restricted to Rs66 billionfor the current quarter, which isless as compared to the lastquarter.

Responding to a question inthe house, Minister of State forForeign Affairs Hina RabbaniKhar said as per an understand-ing between the SBP and thegovernment the borrowingwould be restricted to end-September level of 1290 billionrupees, which will help inrestraining the printing of newnotes and to reduce the curren-cy in circulation.

She said during the last finan-cial year currency notes valuingRs153.750 billion rupees wereprinted.

She said during the currentfinancial year so far the curren-cy in circulation has increasedby Rs263 billion, showing agrowth of 19 per cent on 15th

of February from 30th of Junelast year.

She further said that the rea-son behind the increase in cir-culated currency is a result oftaking excessive loans fromState Bank of Pakistan forpreparing budget. The result ofloans is Issuance of new notesand GDP.

The Minister of Stateinformed the house that theGovernment was compelled toborrow from the State Bankand resort to printing of newnotes due to huge requirementsof relief and rehabilitation inflood affected areas, subsidiesin power and other sectors andheavy expenditure on war onterror.

Chairman ImplementationCommission under 18th consti-tutional amendment Mian RazaRabbani told the house that aseparate division has been cre-ated to look after different

See # 15 Page 11

3Q's borrowingreaches Rs66bn

Loan from SBP to meet deficit: Hina

NWFP loans written off under PM scheme

Karachi, Wednesday, March 30, 2011, Rabi-us-Sani 24, Price Rs12 Pages 12

If Rain in Mohali match to be on Thursday

2 Wednesday, March 30, 2011

Staff ReporterKARACHI: Attock OilRefinery has once againincreased the prices of lubebase oil by Rs11 per litrewhich would result in sharpincrease in all the lubricat-ing oils.

Chairman, All PakistanLubricants ManufacturersAssociation (APLMA) MianZahid Husain while con-demning this arbitrary act ofrefinery warned the govern-ment for a significantincrease of Rs15 per litre inevery brand of lubricating oil.

Mian Zahid said thatAttock Refinery has so farincreased Rs30 per litre in

the last four months and thisis third announcement ofprice increase in lube baseoil during the period.

"The lubricating oil manufac-turers are constantly beingignored by the Attock Refineryand raising prices without anyconsultation with the stakehold-ers on vague pretexts", saidZahid while asking governmentto intervene into the matter andget the refinery's decisionreversed. He said that no gov-ernment functionary is takingnotice of the arbitrary increasesin the lube oil prices to the woesof lubricants manufacturers andthe motor vehicles' owners whohave been forced to buy expen-sive motor oils.

Automoible,engineering

sectors to suffer

Attock refinery increases lube base oil prices

Staff Correspondent

ISLAMABAD: PakistanTe l e c o m m u n i c a t i o nCompany Limited (PTCL)on Tuesday signed anagreement with ADG LDI(Pvt.) Ltd to promote itsWireless Local Loop serv-ices across Pakistan.

SEVP BusinessDevelopment PTCL HamidFarooq and Farooq Dar(CEO) ADG LDI(Pvt) Ltdsigned the agreement in aceremony held at the PTCLheadquarters, here today.

ADG LDI (Pvt.) Ltd, acompany of the Dollar EastGroup is a premiumprovider of telecom servic-es and solutions withexpertise in diverse areasand is operating a networkof voice and data serviceswith presence in majorcities of Pakistan.

PTCL is the largest inte-grated telecommunicationservices provider inPakistan and has beenoffering voice and datawholesale WLL services toprospective Virtual

Network Operators (VNO),said a press release issuedhere today.

These VNOs use thePTCL network infrastruc-ture for end to end serviceprovisioning and use theirown retail brand and salesand distribution channelsto market these services totheir target customer.

The resellers can cus-tomize their product-line tocater to very distinct seg-ments of the market.

Speaking on the occa-sion' SEVP BusinessDevelopment PTCL HamidFarooq said, "Wholesalepartnerships like thesemake a difference to ourbusiness. We are pleased tosign this agreement withADG LDI (Pvt.) Ltd whichwill strengthen our whole-sale product portfolio.

PTCL, being a leader inthe industry is committedto offer innovative businessopportunities for ourgrowth and success via ourpartners. We believe ADGwill be able to capitalise onthis opportunity to its

fullest potential and willprovide its customers valuethrough dedicated servic-es."CEO ADG LDI (Pvt.)Ltd Farooq Dar said.

Keeping in mind theneeds and requirements ofend users, ADG LDI (Pvt.)Ltd has joined hands withPTCL as a Partner in WLLOperations. I am sure bothcompanies can jointlymake Wireless Local Loopbusiness a success story interms of penetration andcustomer retention.

Penetration on the ADGside and retention throughQuality of Service provid-ed on the established WLLNetwork andInfrastructure provided byPTCL.

Apart from this project,ADG LDI (Pvt.) Ltd hasambitious plans for con-sumer telephony marketwith a number of unique andvalue added telephony serv-ices products to be launchedin due course. I hope thisventure will add valuableimpact on both entitiesreach and visibility."

PTCL to promotewireless services

of ADG LDI

ISLAMABAD: PresidentAsif Ali Zardari onTuesday said that Pakistandesired peace, security andstability in Bahrain andindeed in the whole of theMiddle East.

Spokesperson to thePresident FarhatullahBabar quoted the Presidentas saying that Pakistan andthe region was used to be avery stable region andwould not like its stabilityto be upset in any way.

Pakistan believes that itwill be dangerous forregional peace and stabilityif the system was destabi-lized one way or the other,the President said whiletalking to Bahrain'sForeign Minister SheikhKhaled bin Ahmed al-Khalifa who called on himat the Aiwan-e- Sadr.

Abdul Qadir and RashidSaad Dhaffer Al Doseri,ambassador also accompa-

nied the foreign minster.Those who attended the

meeting included M.Salman Faruqui, SecretaryGeneral to the President,Ms Hina Rabbani Khar,Minister of State forForeign Affairs, Malik AsifHayat, Secretary to thePresident, Salman Bashir,Foreign Secretary andSpokesperson to thePresident FarhatullahBabar.

Spokesperson to thePresident said that currentregional issues and Pak-Bahrain bilateral relations,current situation in Bahrainalso came under discus-sion.

The President said thatPakistan highly values itsrelations with the brotherlyMuslim country Bahrainand emphasized upon fur-ther enhancing relationsbetween the two countries.

abundant natural

resources yet relatively ithad a much higher percapita income largely dueto the political and socialstability that it has enjoyedunder its leadership.

The President said that itwas important that restraintwas exercised by all andviolence and conflictavoided. He expressed thehope that the governmentand the people of Bahrainwill soon be able to over-come all difficulties.Pakistan also welcomedthe steps being taken forreconciliation in Bahrain,the President said.

The President also laudedthe social and economicprogress made by Bahrainunder its leadership andsaid that Pakistan wishedcontinued prosperity andstability of Bahrain and itspeople.

The President said thatthe presence of a sizeable

Pakistani community liv-ing and working in Bahrainwas a manifestation ofclose bilateral ties betweenthe two countries.

The Spokesperson saidthat the President notedwith appreciation that thegovernment and the peopleof Bahrain have alwaysextended support toPakistan in every hour ofneed including the deadly2005 earthquake and therecent devastating floods inPakistan.

Sheikh Khaled binAhmed al-Khalifa,Bahrain's Foreign Minister,thanked the President formeeting and expressed thehope that the existing closecooperation between thetwo countries would con-tinue to grow. Bahrain'sForeign Minister SheikhKhaled also describedPakistan as "pillar of stabil-ity" in the region.-APP

We desire peace,stability in Bahrain,ME, says Pakistan

I S L A M A B A D :Ambassador of Norway toPakistan Robert Kvile hassaid that his country isholding an internationalconference in Oslo regard-ing business opportunitiesin Pakistan that will helpboost trade and attract newinvestments.

Telecom operatorTelenor was currently hir-ing best people available tomake this conference a suc-cess; he said adding thatworld needed to knowabout great business oppor-tunity that Pakistan offer.

The conference wouldhelp foreign investors toidentify business possibili-ties in Pakistan, he said.

Talking to ChairmanFPCCI StandingCommittee on TradeDelegations HumayunSayeed and ChairmanFPCCI StandingCommittee Media and PRMalik Sohail, theAmbassador said that aNorwegian delegationrecently visited Pakistanand decided to enhanceinvestments as well asimports.-NNI

Norway holdingint’l conference

ISLAMABAD: SecretaryCommunications AnwarAhmed Khan said Tuesdaythat the National Highwaysand Motorway Police is theonly department of thecountry, which can be com-pared with any policedepartment of the world andthe ministry would supportthem in provision of latesttechnical facilities.

While talking to journal-ists at NH&MP headquar-ters after attending a brief-ing, he said that the dedica-tion shown by the NH&MPhas full depth in spite of somany obstacles and bottle-necks.

He further said that the

NH&MP presented itself as arole model and other depart-ments should emulate it.

Earlier, while giving thebriefing to the SecretaryCommunications, InspectorGeneral, NH&MP Dr.Wasim Kausar said thatabout 1.2 million peopleannually lose their lives intraffic accidents all over theworld and the casualties inPakistan in traffic accidentsis also alarmingly high.

However, MotorwayPolice created a sense ofbetter discipline on roads,created awareness of RoadSafety and also succeededto lower the accident rate upto 74 per cent.-APP

Govt to equipNH&MP

Massesreject two

weekly offsISLAMABAD: Masseshave strongly denouncedthe government's consider-ation of two holiday's aweek as part of energy con-servation plan likely to beimplemented by mid ofnext month.

Masses were of the viewthat government was notfulfilling its responsibili-ties and it was trying todeviate people's attentionby announcing two holi-days in a week.

They said that neglectingthe core issues will notserve the purpose, addingthat the government shouldlook for alternate energysources as it was vital forboosting commercial activ-ities to stabilise the econo-my of the country.-INP

Futureof garrisonteachers injeopardy

ISLAMABAD: Future ofover 1300 teachers ofcantt and garrisonsschools has been put atstake due to reluctancebeing shown by govern-ment to regularise theirservices.

As per documents avail-able with Online whichhave been presented in theparliamentary committeeof defence ministry andGHQ, government wasnot ready to regularise theservices of over 1300 hon-orary teachers who wereemployed in variousgrades ranging between 9to 17.

Defence secretary AtharAli Khan has sent summa-ry in connection with reg-ularisation of their servic-es to prime minister secre-tariat, finance ministryand establishment divi-sion. Defence secretaryhas requested for genera-tion of 1300 new postsand provision of fundsamounting to over Rs129.50 million. Age relax-ation for one time has alsobeen sought.

Civil bureaucracy hasdeclared the appointmentof these teachers by GHQagainst the rules andprime minister has alsoagreed to it despite thefact NA defence commit-tee had asked on variousoccasions for regularisa-tion of the services ofthese teachers. -Online

Ufone gets BestCorporate

Sector AwardISLAMABAD: TheProfessional Accountantsin Business (PAIB)Committee-ICAP onTuesday conferred BestCorporate Sector ProjectAward to Ufone's "TelecomPassive InfrastructureSharing" project.

As part of the TelecomInfrastructure Sharing proj-ect, the mobile companyhas achieved highest towersharing ratio in telecomindustry through varioustypes of arrangements withother operators.

The TelecomInfrastructure Sharing proj-ect has resulted in manifoldincrease in mobile compa-ny's profitability, said apress release issued onWednesday.

It is pertinent to mentionhere that the ICAP was con-ducting the `FirstProfessional ExcellenceAwards' of the Institute aspart of its Golden Jubileecelebrations in order tohonor the outstanding contri-butions of its members.-APP

Publicspeaking

competitionKARACHI: The EnglishSpeaking Union of Pakistanheld its National PublicSpeaking Competition atKarachi recently in which twofinalists of each of the public-speaking competitions heldby its Karachi, Lahore andIslamabad Chapters, partici-pated. The students werebetween 16 to 20 years of age.

The two best speakers ofthis final round were selectedby an eminent panel of judgesto represent Pakistan at theInternational Public SpeakingCompetition to be held inLondon from May 23-27.-PR

Samsung’sGalaxy

smart-phonesTFD Report

KARACHI: SamsungElectronics Co., Ltd., aglobal leader in digitalmedia and digital conver-gence technologies and aleading mobile phoneprovider, recentlyannounced the SamsungGalaxy family: the SamsungGalaxy Ace, the SamsungGalaxy S and the SamsungGalaxy mini. All offer aunique take on the smart-phone experience, expand-ing the Android-poweredSamsung Galaxy smart-phone line-up.

Following the phenomenalglobal success of theSamsung Galaxy S, the newSamsung Galaxy smart-phones will meet the diversedemands of current andpotential smart-phone users.The Samsung Galaxy familyshows that smart-phones cancater to any lifestyle, withenhanced multimedia andapplication capabilities aswell as a social hub keepingusers in touch with friendsand family. Each device inthe Samsung Galaxy familyhas been created to meetunique needs and allowusers to share the fun andexcitement in their lives withfriends and family.

Hinaassures Paksupport to

BahrainISLAMABAD: Minister ofState for Foreign Affairs,Ms Hina Rabbani Khar, onTuesday, received HighnessSheikh Khalid Bin AhmedBin Mohamed Al-Khalifa,Foreign Minister of theKingdom of Bahrain, who ison a visit to Pakistan.

The two Ministers com-prehensively reviewed theclose, friendly and fraternalbilateral relations, holdingPakistan-Bahrain JMC,Strategic dialogue, and mat-ters relating to GCC includ-ing FTA. They alsoexchanged views on the sit-uation in the region. Safetyand security of Pakistanis inBahrain was also discussed.

Minister of State Ms HinaRabbani Khar expressed theconfidence that Bahrain willbe able to overcome thepresent difficulties in thespirit of security, peace andreconciliation. She addedthat Pakistan supported theBahraini process of recon-ciliation. Pakistan has wel-comed the initiative ofKing of Bahrain for aninclusive dialogue with allsegments of the society topromote harmony and rec-onciliation.

Foreign Minister ofBahrain invited the Ministerof State to visit Bahrainwhich she graciouslyaccepted.- NNI

ISLAMABAD: Syed Mahmood Hashmi, Chief Executive,

Orient Advertising receiving Special Business Performance

Award from President of Pakistan Asif Ali Zardari during 21st

APNS Advertising Award Ceremony.-APP

KARACHI: CEO Bank Alfalah Ltd, Sirajuddin Aziz receiving

a memento from the Consul General Suhail Bin Matar

Al-Ketbi of the UAE in Karachi, at the UAE companies

dinner.-Staff Photo

ISLAMABAD: President Asif Ali Zardari is seen awarding

SITARA-E-IMTIAZ to Siraj Kassam Teli, Chairman,

Businessmen Group (BMG) and former President, Karachi

Chamber of Commerce & Industry in recognition of his

mertiorious and exceptional services for promoting trade and

industry in Pakistan to strengthening the country economy and

progress.

ISLAMABAD: President Asif Ali Zardari in a meeting with Bahrain’s Foreign Minister Sheikh Khaled bin Ahmed

Al-Khalifa at Aiwan-e-Sadr.-APP

Business opportunities in Pakistan

EXTENSION OF TIME PERIODFOR SUBMISSION OF BIDS

Date of submission of tender notice publishedin press (NIR No.INF/KRY/948/11) regardingsupply of Equipment to Sindh Police is extendedfrom 07.04.2011 to 14.04.2011. Rest of instructionsof the subject tender would remain the same.

INF-KRY-1045

Sd/-AIGP/Logistics,

For Provincial Police Officer, Sindh, Karachi.

MUMBAI: The Indian rupeeclosed stronger on Tuesday onlocal share gains and dollarinflows from corporate bor-rowings ahead of the fiscalyear end on Thursday, but oilimport payments capped theup-tick.

The partially convertible rupeeended at 44.78/79 per dollar, 0.1per cent stronger than its44.83/84 close on Monday. Ithad traded in a range of 44.6650-44.8250 intraday.

Dollar inflows from overseascorporate borrowings usuallyrise towards the end of a finan-cial year as companies closetheir accounts.

"I do not expect the rupee toappreciate beyond 44.65 in thenear-term. Oil buying and othercorporate buying will restrict therupee's gains," said HariChandramgathan, a senior for-eign exchange dealer withFederal Bank, adding, he expectsthe rupee to trade in a range of44.65-45.05 in the near-term.

"But next month, some FPO(follow-on public offers) arelined up, which may cause therupee climb to 44.50 or 44.00."

Foreign funds have bought

shares worth $986.73 millionin the month to March 28, buthave sold a net $1.23 billion sofar in 2011.

The one-month onshore for-ward premium dropped 2points to 28, the three-monthpremium fell 2.5 points to 83and the one-year to 296.00points from 301.

The one-month offshore non-deliverable forward contractswere quoted at 45.07, weakerthan the onshore spot rate.

In the currency futures market,the most traded near-month dol-lar-rupee contracts on theNational Stock Exchange, theMCX-SX and the United StockExchange were all at 45.0700,with the total volume at about$4.5 billion. -Reuters

Indian rupee ends up

on local share gains

3Wednesday, March 30, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 29/03/2011

A USD GBP CAD EUR JPY

O/N 0.18900 0.55938 0.95650 0.55625 SN 0.11500

1WK 0.22700 0.57875 1.00100 0.76600 0.13000

2WK 0.23575 0.58625 1.03550 0.79975 0.14250

1MO 0.24615 0.61875 1.07767 0.89813 0.15188

2MO 0.28000 0.69188 1.13367 1.02188 0.16375

3MO 0.30700 0.81625 1.20167 1.16750 0.20000

4MO 0.34775 0.89875 1.27083 1.26313 0.24563

5MO 0.40600 1.00375 1.33317 1.36438 0.30000

6MO 0.46050 1.12375 1.39783 1.48500 0.34625

7MO 0.51150 1.20688 1.47833 1.55938 0.39625

8MO 0.56200 1.29438 1.55633 1.63500 0.44313

9MO 0.61575 1.37688 1.63817 1.71313 0.48750

10MO 0.67150 1.45750 1.72517 1.79000 0.51563

11MO 0.72250 1.52750 1.81317 1.86125 0.54250

12MO 0.77950 1.59625 1.90000 1.93188 0.56875

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

U.S.A. 85.40 85.20 84.98U.K. 136.67 136.35 135.99EURO 120.27 119.99 119.65CANADA 87.42 87.22 86.99SWITZERLAND 93.21 92.99 92.74AUSTRALIA 87.47 87.27 87.04SWEDEN 13.37 13.34 13.30JAPAN 1.04 1.04 1.04NORWAY 15.26 15.23 15.19SINGAPORE 67.61 67.45 67.27DENMARK 16.13 16.09 16.05SAUDI ARABIA 22.77 22.72 22.66HONG KONG 10.95 10.92 10.90CHINA 13.01 12.98 12.95KUWAIT 307.87 307.15 306.34MALAYSIA 28.19 28.12 28.05NEW ZEALAND 64.09 63.94 63.77QATAR 23.45 23.40 23.33U.A.E. 23.25 23.20 23.14KR WON 0.08 0.08 0.08THAILAND 2.82 2.81 2.80

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.4069 1.4072 1.4150 1.4050

USD-CHF 0.9200 0.9205 0.9222 0.9142

GBP-USD 1.5971 1.5976 1.6040 1.5944

USD-CAD 0.9761 0.9765 0.9783 0.9746

AUD-USD 1.0244 1.0249 1.0271 1.0207

EUR-JPY 115.8600 115.9000 116.0400 114.8400

EUR-GBP 0.8807 0.8811 0.8835 0.8801

EUR-CHF 1.2946 1.2950 1.2968 1.2887

GBP-JPY 131.5300 131.6200 131.6500 130.3600

CHF-JPY 89.4400 89.4900 89.5000 89.0300

Gold 1419.7300 1420.3000 1422.5500 1411.3000

As per 22.00 PST

Time Source Events Forecast Previous

2:45 NZD Building Consents m/m 9.6%

13:30 GBP Index of Services 3m/3m -0.6% -0.7%

14:30 CHF KOF Economic Barometer 2.16 2.18

15:00 GBP CBI Realized Sales -1 6

17:15 USD ADP Non-Farm Employment Change 205K 217K

17:30 CAD RMPI m/m 0.6% 0.3%

17:30 CAD IPPI m/m 0.4% 0.2%

19:30 USD Crude Oil Inventories 1.6M 2.1M

Source Events Actual Forecast Previous

NZD Trade Balance 194M 238M -3M

JPY Retail Sales y/y 0.1% -0.4% 0.1%

EUR GfK German Consumer Climate 5.9 5.9 6.0

EUR German Prelim CPI m/m 0.5% 0.4% 0.5%

GBP Current Account -10.5B -10.3B -8.7B

GBP Final GDP q/q -0.5% -0.6% -0.6%

GBP Net Lending to Individuals m/m 2.0B 1.2B 1.6B

USD S&P/CS Composite-20 HPI y/y -3.1% -3.1% -2.4%

USD CB Consumer Confidence 63.4 64.9 72.0

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

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

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

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

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

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

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

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

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, March 29,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

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

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

ASPK 13.25 13.75 13.15 13.65 13.15 13.65 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

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

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

FBPK 13.25 13.75 13.15 13.65 13.10 13.60 13.25 13.50 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 13.15 13.65 13.10 13.60 13.05 13.55 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 13.15 13.65 13.10 13.60 13.05 13.55 13.25 13.50 13.45 13.70 13.65 14.15 13.75 14.25 13.85 14.35

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

NIPK 13.20 13.70 13.20 13.70 13.35 13.85 13.45 13.70 13.50 13.75 13.60 14.10 13.65 14.15 13.75 14.25

HMBP 13.10 13.60 13.10 13.60 13.10 13.60 13.25 13.50 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

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

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

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

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

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

AVE 13.19 13.69 13.11 13.61 13.08 13.58 13.27 13.52 13.48 13.73 13.62 14.12 13.74 14.24 13.84 14.34

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)29/03/2011

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

1 week -0.45 -0.06 -0.14 0.74 0.42 -0.46 -0.33 -0.361 month 0.35 0.75 0.26 0.48 0.38 0.07 -0.45 0.053 months 0.25 0.70 0.53 0.90 0.90 -0.54 -0.69 -0.536 months 0.03 0.57 0.59 0.86 0.76 -0.15 -0.12 -0.241 year -0.02 0.68 0.68 0.30 -0.06 -0.13 -0.25 0.212 years -0.58 0.94 0.68 0.71 0.41 -0.52 0.60 0.39

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 13.40 13.40 13.50 13.50 13.50 13.50 13.47

8-15dys 13.40 13.45 13.35 13.35 13.35 13.35 13.38

16-30dys 13.35 13.32 13.28 13.30 13.30 13.33 13.31

31-60dys 13.30 13.35 13.30 13.30 13.20 13.30 13.29

61-90dys 13.30 13.25 13.31 13.28 13.18 13.30 13.27

91-120dys 13.40 13.34 13.42 13.38 13.40 13.45 13.40

121-180dys 13.60 13.55 13.59 13.58 13.55 13.59 13.58

181-270dys 13.65 13.62 13.66 13.64 13.60 13.67 13.64

271-365dys 13.78 13.77 13.77 13.78 13.70 13.73 13.76

2-- years 13.95 13.85 13.94 13.90 13.90 13.90 13.91

3-- years 14.00 14.02 13.98 13.97 13.90 13.92 13.97

4-- years 14.05 13.99 13.99 14.00 14.00 14.01 14.01

5-- years 14.05 14.03 14.00 14.00 14.00 14.00 14.01

6-- years 14.08 14.02 14.08 14.05 14.05 14.02 14.05

7-- years 14.08 14.04 14.09 14.05 14.06 14.03 14.06

8-- years 14.06 14.05 14.05 14.04 13.95 14.00 14.03

9-- years 14.07 14.05 14.06 14.03 14.00 14.02 14.04

10--years 14.07 14.08 14.08 14.04 14.06 14.07 14.07

15--years 14.40 14.40 14.45 14.50 14.35 14.40 14.42

20--years 14.60 14.65 14.70 14.80 14.55 14.60 14.65

30--years 14.80 14.85 14.90 15.00 14.80 14.85 14.87

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for March 29, 2011

NEW YORK: The dollar rose onTuesday after a top Federal Reserve offi-cial said the central bank's asset purchaseplan should be curtailed, but analysts saidthe dollar would remain under pressureon views the Fed would lag other mone-tary authorities in tightening policy.

The dollar was up sharply versus theyen, which retreated to post-interventionlows, and was trading little changedagainst the euro after initially rising oncomments by St. Louis Federal Reservebank President James Bullard.

Bullard told an audience in Praguethe US economy was strong enough tocurtail the Fed's $600 billion bond-buy-ing program by $100 billion.

The program, aimed at keeping inter-est rates low to bolster the economy,has been widely deemed a bane for the

dollar on views it is tantamount toprinting money.

The euro hit a session low of $1.4060on the EBStrading plat-form afterfalling throughreported bids at$1.4080. It lasttraded at$ 1 . 4 0 8 8 .Traders saidreported sovereign bids at $1.4050could limit losses in the single currency,however.

Views the European Central Bankwould tighten before the Fed also sup-ported the euro. The euro has retreatedfrom a 4 1/2-month high of $1.4249 hitlast week, but has been supported on the

view the ECB may raise interest rates atits next policy meeting on April 7.

The $1.40 level is supported by a

trendline drawn from the low below$1.30 hit in January, while the euro's21-day moving average stands justabove that level, at around $1.4006.

On the upside, heavy options-relatedbarriers around $1.4250 were expected tocap gains. A break of that level may see atest of the November high of $1.4283.

One-month euro/dollar implied voltraded around 9.9 per cent on Tuesday,near its lowest level in roughly a year.

Meanwhile, the dollar and euro bothreached their highest levels against theyen since March 18, when the Bank ofJapan and other major central banksintervened to stop runaway yen gains.

The dollar rose to high of 82.42 yenon trading platform EBS.

The rise in the US currency versus theyen has quelled speculation of furtherJapanese intervention. Many in themarket anticipate a fall to around 80yen or lower will be required for Tokyoto re-enter the market to sell theJapanese currency. The euro, mean-while, rose to 115.86 yen. It was oncourse to test 116.03, above whichwould mark a 10-month high. -Reuters

Dollar buoyed by Bullardcomments, yen sinks

SHANGHAI: The yuan closed atouch higher against the dollar onTuesday after the People's Bankof China fixed its daily mid-pointmarginally weaker, in a movetraders said signalled that thecentral bank wants a temporarypause in the yuan's recentstrength.

The PBOC-engineered pauseappeared to reflect caution not toattract attention to the Chinesecurrency ahead of a G20 seminarin the eastern Chinese city ofNanjing later this week aboutreform of the international mone-tary system.

The foreign ministry hasrepeatedly said that it will be apurely academic event, and theyuan's exchange rate will not be atopic at the seminar.

"Letting the yuan rise or fallsignificantly ahead of the eventwill surely attract attention to thecurrency, and that appears to bewhat the government doesn'twant to see," said a senior traderat a European bank in Shanghai.

"But when the seminar actuallystarts on Thursday, and if there iscertainty no one is focusing onthe yuan, the PBOC may let thecurrency resume appreciation latethis week or early next week."

The yuan finished at 6.5610versus the dollar compared withMonday's close of 6.5645. It has

now risen 4.05 per cent since itwas depegged in June 2010, and0.44 per cent so far this year.

Before trading began, thePBOC fixed the yuan's mid-pointat 6.5625, marginally weakerthan Monday's 6.5618. The pausecame after the central bank set arecord high fixing of 6.5580 lastFriday.

Despite the temporary pause,dealers said they retained theforecast for the yuan to appreci-ate 5 to 6 per cent in 2011.

China is under pressures fromthe United States and a few othercountries to let its currencyappreciate to help balance trade,and those nations have used inter-national events to highlight theneed for yuan revaluation.

"China has kept a low profileon the yuan issue," said a dealerat a Chinese commercial bank inShenzhen.

"It neither wants to fight withthe United States on the issue, norwants to let yuan appreciation runout of control to harm its ownexports and employment."

Offshore, benchmark one-yeardollar/yuan non-deliverable for-wards were bid at 6.4440 in latetrade, little changed from 6.4460at Monday's close. Their impliedyuan appreciation in a year's timeinched higher to 1.84 per centfrom 1.81 per cent. -Reuters

Yuan ends up aheadof G20 seminar

LONDON: Sterling fell to afive-month low versus the euroon Tuesday, on expectationsUK interest rate rises wouldlag those in the euro-zone, andhovered close to two-monthlows versus a firmer dollar.

Data showing the UK econo-my shrank slightly less thanfirst thought in the final quarterof 2010 had little currencyimpact. Analysts said the pre-

liminary estimate for the firstquarter of this year, due at theend of April, would be moresignificant.

Hawkish comments fromEuropean Central BankPresident Jean-Claude Tricheton Monday added to views thateuro-zone interest rates wouldrise as soon as April, whereasUK rates are not expected to goup until later in the year, withthe outlook for the UK econo-my uncertain.

The euro rose to 88.36 pence,accelerating after stop-lossorders were triggered on thebreak of Monday's high of

88.20. It eased back to 88.05pence in afternoon trade, closeto flat for the day.

"Expectations of the ECBtightening six months ahead ofthe BoE and concerns overtight UK fiscal policy havecombined to drive EUR/GBPhigher," said Chris Turner,head of fx strategy at ING.

"While it is difficult to ruleout further EUR/GBP strength

in the near term, we should notforget that these are historical-ly very high levels. Corporateslong EUR and short GBPshould consider undertakingsome longer-term hedges."

Sterling slipped against thedollar to trade at a session low of$1.5943, close to a two-monthtrough of $1.5937 hit onMonday. The greenback wasbroadly firmer after St LouisFederal Reserve President JamesBullard hinted at normalisingloose monetary policy.

It was last trading at $1.5968,down around 0.1 per cent onthe day. -Reuters

Stg hits 5mth low vseuro; trails firmer $

SINGAPORE: The SouthKorean won hit a seven-weekhigh and the Indian rupee roseon Tuesday, leading overallgains in Asian currencies, helpedby persistent equity inflows.

"From a sluggish USD andpositive risk mood, USD/Asia exJapan is going to stay heavy.There are good opportunities topick up positive carry from shortNDF (non-deliverable forward)positions," said Andy Ji, Asiancurrency strategist and econo-mist at Commonwealth Bank ofAustralia in Singapore.

Ji recommended being over-weight the won, Malaysia ring-git, Philippine peso andIndonesian rupiah.

He said the won and the pesowere fundamentally underval-ued, and added the ringgit andthe rupiah were less sensitive togeneral risk sentiment to equityflows. Malaysia and Indonesiaare also commodity exporters.

The won ended local tradingaround 1,110.0 per dollar, a leveltraders said monetary authoritieshad been defending since earlyFebruary. It later rose to around1,109.70.

Despite heightened cautionover possible intervention tocheck the speed of the won'srise, foreign exchange authori-ties were not spotted buying dol-lars, dealers said.

The peso erased most of its

earlier losses, tracking gains inits Asian peers and as dollar-shotcovering petered out.

"It looks like the short-cover-ing is over now. Now market isdoing a sell on rally (indollar/peso) move," said aManila-based dealer.

Earlier, dollar/peso rose to ashigh as 43.60 on dollar demandfrom importers and as investorscovered dollar-short positions.

Expectations for further policytightening by the central bankhas supported the peso so far thisyear. However, the central bankwas spotted buying dollars todefend 43.30 in March, dealershave said, triggering some dollarshort covering. -Reuters

Asian currencies

Won, rupee up onforeign fund flows

SYDNEY/WELLINGTON: The Australian dol-lar took a breather on Tuesday after striking a fresh29-year high overnight, as its recent rapid run leftit overbought in the short term and facing strongchart resistance against the yen.

The Australian dollar consolidated at around$1.0256, after hitting a peak of $1.0315 offshoreon Monday. The currency has benefited from con-siderable momentum, having gained nearly 6 centsin just 11 days, but lost some steam due to weakermetal prices and profit-taking, according to a trad-er. Some analysts said the Aussie could drift backtowards the $1.00-$1.02 range.

"Fundamental conditions and valuations are notstrong enough for the Australian dollar to extendhigher from here. Global conditions and risk fac-tors have in fact deteriorated somewhat over recentmonths," Greg Gibbs, strategist at RBS said. Fornow, support for the Aussie is seen at Monday'slow of $1.0225 with resistance at $1.0282, $1.0315and $1.0400.

In New Zealand, the kiwi firmed at around$0.7514 in late trade. It also made a fast recovery,

up four cents since its nosedive in the wake ofJapan's massive earthquake mid-March. Supportremained strong at the March 11 high of $0.7457while resistance was at $0.7583 ahead of $0.7607.

Similarly to the Aussie, analysts doubt the kiwi,which has gained 2 per cent in the past week, willbe able to go further.

"We find it difficult to identify a possible triggerto send the currency substantially higher," saidBank of New Zealand strategist Mike Jones. Healso said speculative positioning appeared morebalanced, with financial markets expecting onlyone rate hike by the Reserve Bank of New Zealandover the next 12 months.

The Antipodean currencies pulled back from amonth-high on the yen as some investors closedtheir positions for the Japanese year-end in March.The Aussie edged back to 83.73 yen, from a five-week high at 84.23 on Monday. The kiwi fell to61.38 yen, having gained a whopping 12 per centsince March 17. The Aussie ran out of puff againstthe kiwi at NZ$1.3639, off a two-week high ofNZ$1.3726 on Monday. -Reuters

Australia $ consolidates,faces yen barrier

Swiss francgains vs USDZURICH: The Swiss francfirmed against the dollar and wasflat against the euro on Tuesdayas continued fighting in Libyaand concerns over a damagednuclear plant in Japan held equi-ties in check and buoyed the safehaven franc.

German inflation data due laterin the morning could bolsterexpectations for a EuropeanCentral Bank interest rate hike,which have supported the euro inrecent sessions, although someanalysts said a rate rise seemlargely priced in.

"German inflation numbersmay have only a limited impact,since we have already had astrong signal of a near-term inter-est rate hike from the EuropeanCentral Bank," said bank Sarasincurrency strategist Ursina Kubli.

The franc was little changedagainst the euro compared to theNew York close, trading at1.2911 francs per euro at 0637GMT. The franc climbed 0.2 percent against the dollar to 0.9145francs per dollar.

"The euro-franc consolidatedbelow the 1.30 area, which is thenext barrier for another upmovewhile the dollar-franc was unableto push through the 0.92 resist-ance area," Credit Suisse analystssaid in a research note.

"We think both currency pairsare likely to consolidate in thenext few days ahead of the USnon-farm payrolls data onFriday," they said. -Reuters

SKorea FX authorities' dlr-buying not spotted

Yen hits post-intervention lows vs euro, dollar

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

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use of these reports and recommendations.

Can’t foolall the peopleall the times

According to media reports Ministry of Water &

Power has informed the National Assembly's Standing

Committee on Water and Power that power shortfall

would touch 3500MW in summer. It was also informed

that Pakistan Electric Power Company (Pepco) will

undertake up to twelve hours load shedding in rural

areas and eight hours in urban areas during the summer

mainly due to the inter-circular debt and water shortage.

Pepco has prepared an elaborate plan for energy conser-

vation that includes public awareness campaign to con-

serve energy, including campaign to keep AC thermo-

stat on 26° and to use energy savers instead of bulbs and

tube lights. Pepco would also set its own Police Stations

to punish those who steal power; losses are estimated

around 20 per cent.

To begin with it had been decided to wind up Pepco

and delay is beyond comprehension. Not only Pepco

has failed to meet its basic mandate, privatisation of cor-

poratised entities of power Wing of Water& Power

Authority but has also added to the burden of inter cor-

porate debt despite persistent increase in tariff in the

name of recovery of full cost. The estimated T&D loss-

es have been grossly understated. Therefore, if the gov-

ernment is serious in overcoming electricity crisis it

must wind up Pepco without further delay and let the

corporatize entities manage their own affairs. They are

no longer the toddlers, having been in operation since

mid nineties.

Let the policy planners understand that Pepco's stance

that country does not have enough power generation

capacity is totally incorrect. The aggregate power gen-

eration capacity in Pakistan comprising of hydel, power

plants operating under Pepco, IPPs, nuclear power

plants and KESC is around 20,00MW. However, actual

generation has been hovering between 10,000MW to

15,000MW. This clearly proves that either the plants are

out of operation due to improper maintenance or being

run at lower capacities to save fuel. Power sector

experts say that Pepco suffers only because of ineffi-

ciencies and lack of good governance. This could be

ascertained by going through annual accounts of the

corporatised entities.

National Assembly's Standing Committee on Water

and Power has already wasted a lot of time in listening

to Pepco's point of view and the time has come to pun-

ish all those who have been failing in discharge of their

duties. Ministry of Water & Power has failed in attract-

ing fresh investment in power generation, transmission

and distribution and rental power stories are hoax calls.

Its biggest failure is erratic operation of power plants,

failure in containing T&D losses and resolving inter

corporate debt issue.

The time has also come to evaluate performance of

National Electric power Regulatory Authority (Nepra).

Over the years it has done one thing most efficiently,

increasing power tariff, whereas it's prime responsibili-

ty is to ensure that consumers get uninterrupted supply

of electricity at affordable cost. It has been failing mis-

erably in protecting the rights of consumers but condon-

ing inefficiencies and lack of good governance of power

generation, transmission and distribution companies.

4Wednesday, March 30, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat SabirHead office

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 142

The scene is eerily similar, every-where you look in the MiddleEast. The physical geography

may be different but the political geog-raphy is the same.

Switch on any Arab satellite TV chan-nel and you can watch pro-democracydemonstrators openly defying the rulerswho have controlled their lives fordecades. But it may take more than amoment to figure out whether you areseeing Libya or Yemen, Egypt, Tunisiaor Syria, maybe Morocco, Bahrain orperhaps Oman.

The ground is shifting underneaththese ruling elites and few seem likelyto survive without undertaking majorchanges.

"You have a sense of empowerment,people feel emboldened. They realisethey can really change their govern-ments," said Fawaz Gerges, professorof Middle East politics at the LondonSchool of Economics. "That's whyalmost every Arab country is undergo-ing social upheaval. These are morethan protests.

"People want real change."The revolts have not just exposed the

vulnerability of Arab autocrats but haveextracted concessions from themunimaginable only a few months ago.The old ways no longer work.

"The whole system is changing," saidBeirut-based commentator RamiKhoury. "Arab leaders have to change.They can no longer use the same tech-niques they used before. Every singlecountry without exception has to makechanges."

Gerges said: "I think we have reacheda point of no return. I don't think theMiddle East will be the same. It is anew order in the making. It is revolu-tion in the making."

SPARKS OF REVOLTIn a region where opposition has

come in recent decades from militantIslam, the nature of the sparks that havetouched off explosive anger reveal amuch broader, less religious, movementintent on reclaiming a sense of personaldestiny and dignity.

The protesters are often young, butalways courageous and mostly deter-mined. No longer cowed by the arsenalof repression available to their rulers,these young Arabs have a sense ofclimbing out of a dungeon that has beentheir disfigured world.

In Tunisia, it all began with a slap anda slur hurled at a vegetable seller by a

policewoman in a rundown provincialcity. Mohamed Bouazizi set himselfalight in protest and, three months afterhis death, he would scarcely recognisethe region he knew.

In Egypt, it started with a march ofanger against police brutality and thebeating to death of an activist, KhaledSaid.

In Libya, the spark was the arrest ofa human rights lawyer in Benghazi.In Syria, peaceful protests began inthe border town of Deraa to demandthe release of 15 schoolchildren.They were jailed for daubing on

walls slogans about freedom whichthey had heard beamed in from Egypton satellite television.

The balance sheet so far is: two dicta-tors have gone, in Tunisia and Egypt;another is under siege in Libya; yetanother autocrat whose days in powerseem numbered in Yemen; and a host ofother Arab leaders whose thrones arebeginning to wobble.

COMMON THEMESWhat these states have in common is

not just socio-economic profiles -- plusor minus the ruler's ability to offer oilcash to appease citizens. It is also that acommon language and culture havehelped foster a thirst for emulating suc-cessful revolutions in neighbouringstates like Tunisia and Egypt.

Promises of prosperity have notdeflected calls for change. "It is not justabout bread and butter or jobs. It ismore than that. It is about freedom insociety. It is about having a representa-tive government. People want to beproud citizens. They want to have a sayin the way their countries are governedand how their society is managed,"Gerges said. Young people -- typicallyone in two or three of these fast-grow-

ing Arab populations -- have thrown offtraditions of deference to elders tospearhead a drive against an old, post-colonial order that is marked by tyran-ny and stagnation.

A generation or two ago, revolutions -- often military coups -- brought topower some of these men with promis-es of people power. Yet many ended upestablishing their own dynasties, shar-ing out their nations' wealth amongtheir families, clans, and loyalists in themilitary and business elites.

They held power through wholesalerepression, exercised by ubiquitous

secret police using torture, imprison-ment without trial and, on occasion,massacres. Promises of prosperity andeducation for all translated into very lit-tle for the majority.

PRESSURE FOR CHANGEFaced with the unprecedented

protests, many Arab leaders have madeconcessions in recent weeks that theyhad never contemplated in decades of

absolute power. Yet the wave of revoltkeeps on building among populationswho believe their countries will changeonly once the old order is pushed aside.

Syrian President Bashar al-Assad,who has joined the ranks of leaders fac-ing challenges, made a rare publicpledge to grant greater freedoms onThursday after attacks by securityforces on protesters in the southern cityof Deraa that left 44 dead.

Yet Friday saw more and more wide-spread protests, and more killings, in acountry at the heart of the Arab culturalworld.

The LSE's Gerges said many leadersin trouble have failed to understandtheir people: "They have been throw-ing money around but I don't thinkthey have grasped the depth or thelonging of people for a more opensociety, more freedoms, more repre-sentation in the government. This isacross the board."

For Khouri, changes will be deepand widespread: "Citizens have revolt-ed against their system," he said. "Notevery country wants to topple its rulerbut everybody wants significantchanges in the governance and theexercise of power, change in the roleof the security forces and the rights ofcitizens." Satellite television, mobilephones and social media have weak-ened leaders' ability to kill thousandswithout challenge, as for exampleEgypt's new deposed Hosni Mubarakdid in the 1990s or Assad's father didagainst Islamists in Hama in 1982.

When the forces of President AliAbdullah Saleh killed 52 unarmed pro-testers in the Yemeni capital Sanaa lastFriday, he lost the support of key fig-ures in the elite.

Division at the top has become a fea-ture of difficulties Arab leaders havefound themselves in. Some believeSyria could follow a similar pattern.One analyst familiar with the country'spower structures said the bloodshed inDeraa could show a rift betweenPresident Assad, who has spoken ofcautious reform, and his brotherMaher, who is seen as a hardliner.

"The killing in Deraa crosses a linewhich is very difficult to retract from.There is tremendous hate," the analystsaid. "Will the iron fist be met with theiron will of rebellion, as was the casein Tunisia and Egypt, and now Yemen?

"If they continue killing people, theyare in danger."-Reuters

Ground shifts as newMEast order takes shape

AU.S. "time out" on new trade agreements root-ed in the Democratic Party's battle for theWhite House in 2008 appears to be nearly

over as officials watch the European Union and othersstrike deals of their own.

Within months, free trade deals with South Korea,Panama and Colombia could be approved byCongress, ending years of frustrating delays for U.S.business and sending a signal of U.S. seriousness inother trade talks.

The turnaround bolsters the Obama administration'smoves to improve ties with business after a bumpyfirst two years, and its goal of doubling exports by theend of 2014 to propel U.S. economic growth.

Paving the way would be a deal to address long-standing U.S. concerns over labor rights and anti-union violence in Colombia, which many believe isnow within reach.

"When I'm president we'll have a time out to takestock of where we are on trade," then-Senator HillaryClinton told the United Auto Workers in November2007 in the midst of the Democratic Party's fiercepresidential nomination contest.

A few months later, Clinton and then-SenatorBarack Obama threatened to "opt out" of the NorthAmerican Free Trade Agreement as they vied forvotes in union-heavy Ohio.

Labor groups, who say trade deals make it easier forcompanies to move jobs abroad, fought formerPresident George W. Bush on a number of trade deals.

Congress has approved only one new free tradeagreement since Clinton called for the time out. Thatwas with Peru in December 2007, when Clinton andObama were still in the Senate. Neither voted on thepact.

Pending deals with Panama, Colombia and South

Korea negotiated and signed when Bush was in officehave languished. In contrast, the European Union,Canada and others have proceeded to nail down newtrade pacts.

Now, months after Republicans captured control ofthe U.S. House of Representatives and made gains inthe Senate, the Obama administration is pressingCongress to approve the deal with South Korea beforea competing agreement the European Union hasstruck goes into effect on July 1.

To reach this point, it had to renegotiate provisionsof the agreement to the satisfaction of the UAW andthe U.S. auto industry, which complained the originalpact failed to tear down barriers that have keptAmerican cars out of South Korea.

"VERY CONFIDENT"Under pressure from Republicans and Democrats,

including Senate Finance Committee Chairman MaxBaucus and Senate Foreign Relations CommitteeChairman John Kerry, the White House also is push-ing to resolve concerns with the Colombia andPanama deals so they can be brought for a vote.

"For the first time really in a long time, I am veryconfident we will see all agreements pass in relative-ly short order," said Brian Pomper, a partner at AkinGump Strauss Hauer & Feld and former senior aide toBaucus. The key to unblocking all three agreements isthe Colombia pact, which the 12.2 million-strongAFL-CIO labor federation vehemently opposes. Itargues Colombia has not done enough to protectworker rights, to stop killings of union leaders andother anti-union violence and to prosecute thoseresponsible. Meanwhile, Republicans have threatenedto hold up action on the Korea agreement unlessObama also submits the Colombia and Panama dealsfor a vote by July 1.

Having gotten that message, the White House hasbeen working in earnest to find a way forward on theColombia pact, even though it is unlikely to satisfy allof the AFL-CIO's concern, Pomper said.

U.S. businesses believe a vote on all three pacts islong overdue, even if that means one might fail, saidTerry McGraw, chairman of McGraw-Hill Companiesand the Emergency Committee for American Trade, abusiness coalition.

"It's extremely frustrating that this is 2011 andthey're still sitting on the table. There's a time to putthe pencils down and that time has long been past,"McGraw said. Approval of the Korea-U.S. agreement,known as KORUS, could help Obama's signaturetrade measure, the TransPacific Partnership withAustralia, Vietnam, Chile, Singapore, Brunei, NewZealand, Malaysia and Peru.

"I think all of Asia looks at the KORUS as the lit-mus test" of U.S. seriousness on trade, said ErnieBower, director of the Center for Strategic andInternational Studies' Southeast Asia Program.

Supporters see the TransPacific pact as crucial tomaking sure the United States is not put at a disadvan-tage by other countries increasingly linking theireconomies to China.

They hope it will become the basis for the AsiaPacific Economic Cooperation forum's long-term goalof creating a free trade pact covering all 21 members,including China. Obama will host the group's annualmeeting in November.

"If we can complete the TPP negotiations this year,so that President Obama goes to Hawaii in Novemberand joins hands with his fellow leaders in celebrationof strengthened ties, that would be a big developmentthat would strengthen our APEC relationships,"McGraw said.-Reuters

US "time out" on trade deals nears end

The protesters are often young, but

always courageous and mostly

determined. No longer cowed by

the arsenal of repression available

to their rulers, these young Arabs have

a sense of climbing out of a dungeon

that has been their disfigured world.

Cricket tours between India andPakistan are essentially over the year ofrival ship and had been and will beused as diplomatic initiatives to burymore than half a century of mutual hos-tilities resulting in declared wars in pastbeside all time existence of no confi-dence. India last Friday renewed itscricket diplomacy and took the initia-tive after a six year gap and invitedPakistani President Asif Ali Zardari andPrime Minister Yousuf Raza Gilani towatch the most debated and awaitedsemi final of its interesting kindbetween two countries at Mohali today.

Cricket diplomacy began when thethen President General Zia-ul-Haqintroduced cricket diplomacy between

India and Pakistan for the first timeeffectively and invited the Indian testcricket team to Pakistan in 1978.Exactly nine years later Zia had takenhis cricket-for-peace campaign to a newheight when he visited India andwatched a cricket match between thetwo nations in Jaipur along with thethen Indian Prime Minister RajivGandhi. This was significantly andimportant time when forces of twoneighbours were sitting eye ball to eyeball contact and a mere fire or singleshot might have changed the line ofcontrol into battlefield. Gen Zia,accompanied by a delegation of 68 gov-ernment officials, sportsmen and familymembers, had formal bilateral talks

with Gandhi in New Delhi after watch-ing the match. Negotiations and talksremained successful and confidencebuilt during cricket diplomacy averted awar. In 2005, Pakistani PresidentGeneral Pervez Musharraf had tried torevive cricket as a tool for diplomacybetween the two neighbors. He visitedIndia to watch a Test match betweenIndia and Pakistan in Delhi and lateralso had formal parleys withManmohan Singh.

In response to a lead taken up by Indiathis time, Pakistan's official announce-ment on Sunday that Prime MinisterYusuf Raza Gilani will visit India at theinvitation of his Indian counterpart Dr.Manmohan Singh to watch a cricket

match between the traditional rivalstoday is well received by the populationof both countries in normalising therelationship and building the confidencebetween two countries through "cricketdiplomacy". This is happening whenforeign offices of both countries arealready engaged in restoring connectiv-ity and eliminate mutual distrust ariseafter Indian continuous accusation ofPakistani involvement in sponsorship ofterrorist activities inside India. The suc-cess of diplomacy and restoration ofgood relations is essentially needed notonly for Pakistan but India too.

Fahim AkhtarKarachi

Cricket Diplomacy

The balance sheet so

far is: two dictators

have gone, in Tunisia

and Egypt; another is

under siege in Libya;

yet another autocrat

whose days in power

seem numbered in

Yemen; and a host

of other Arab leaders

whose thrones are

beginning to wobble.

LETTER TO EDITOR

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

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

Sales (July 10 to Jan 11) 45,113

Production (Jan 11) 6,698

Sales (Jan 11) 6,793

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

Sales (July 10 to Jan 11) 28,293

Production (Jan 11) 5,596

Sales (Jan 11) 5,885

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

Sales (July 10 to Jan 11) 8,779

Production (Jan 11) 1,511

Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORSProduction (July 10 to Jan 11) 186

Sales (July 10 to Jan 11) 113

Production (Jan 11) 0

Sales (Jan 11) 23

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

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

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

Spread (Feburay 4,11) 7.61%

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

MS (Dec 10) 188

Kerosene (Jul 10 to Dec 10) 81

Kerosene (Dec 10) 15

JP (Jul 10 to Dec 10) 727

JP (Dec 10) 138

HSD (Jul 10 to Dec 10) 3,426

HSD (Dec 10) 634

LDO (Jul 10 to Dec 10)) 32

LDO (Dec 10) 6

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

Fuel Oil (Dec 10) 690

Others (Jul 10 to Dec 10) 6

Others (Dec 10) 2

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

MS (1 Jan 11) 49.41

MS % Chg 4.72%

Kerosene (1 Feb 11) 58.28

Kerosene (1 Jan 11) 55.01

Kerosene % Chg 5.94%

JP-1 (1 Feb 11) 58.51

JP-1 (1 Jan 11) 55.24

JP-1 % Chg 5.92%

HSD (1 Feb 11) 61.80

HSD (1 Jan 11) 58.55

HSD % Chg 5.55%

LDO (1 Feb 11) 55.32

LDO (1 Jan 11) 53.46

LDO % Chg 3.48%

Fuel Oil (1 Feb 11) 47,931

Fuel Oil (1 Jan 11) 45,947

Sector Updates

Symbol Close Vol (mn)LOTPTA 16.17 18.85 BOP 5.97 8.02 LUCK 65.89 7.57 FFBL 41.49 7.46 AHCL 25.02 3.77

Symbol Close ChangeULEVER 4,904.86 116.03

NESTLE 3,289.65 65.69

NRL 296.38 12.07

EXIDE 199.94 7.79

APL 360.95 7.17

Symbol Close ChangeRMPL 2,300.95 -99.57SIEM 1,051.00 -23.75IDYM 301.23 -14.59SRVI 180.80 -9.51BATA 510.18 -8.11

Plus 171Minus 98Unchanged 88

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Wednesday, March 30, 2011 5

Dhiyan

The positive activities in the market are likely to continue inthe coming days and index can touch 12,000 levels. Investorcan take positions in oil and fertiliser sectors where my toppicks are POL and ENGRO. The upcoming corporate resultsseason and any positive political news on Pak-India relation-ship can trigger the market. Market would be dull today.

Samar Iqbal, Equity Dealer, Topline Securities

Khurram Schehzad, Head of Research, Invest CapIn the absence of positive triggers some range bound activi-

ties are expected in the short term with the index movingbetween 11,300- 11,900 range. Investors are advised to adopt'buy on dips' and 'sell on strength' stance and invest in stocksthat belonging to E&P, fertiliser, power, and cement sectors.Market is likely to remain dull today due to the cricket matchbetween Pakistan and India.

MARKET TO REMAIN LACKLUSTER

Opening 11,583.03

Closing 11,711.40

Change 128.37

% Change 1.11

Turnover (mn) 110.39

Opening 3,259.99

Closing 3,302.07

Change 42.08

% Change 1.29

Turnover (mn) 4.97

Opening 2,584.87

Closing 2,603.57

Change 18.70

% Change 0.72

Turnover (mn) 0.08

CAIRO: Traders sit under a screen at Egypt's stock exchange after nearly two-month closure.-Reuters

TOKYO: The Nikkei share aver-age fell slightly on Tuesday,bouncing from steep early lossesas investors bought futures in theafternoon when other Asianbourses rose, offsetting the impactof mounting worries about Japan'scrippled nuclear plant and thedamage to corporate earnings

from this month's earthquake.The benchmark had ended

the morning session down 1.5per cent before paring gainslater in the day, but analystssaid the futures buying may notbe strong enough to bolster themarket in the longer term.

See # 11 Page 11

Nikkei edges downFutures buying offsets nuclear woes

SHANGHAI/HONG KONG:Hong Kong stocks on Tuesdayended flat in low volume, withgains in energy shares offset bylosses in the financial sector inchoppy trading.

"Energy and commodities aresafer bets in this directionlessmarket," said Jackson Wong,vice president of TanrichSecurities. "Especially withJapan's situation still unre-solved."

Analysts said lackluster vol-umes would likely continueuntil late this week with therelease of key US economicdata likely to drive action at thestart of April.

The benchmark Hang SengIndex reversed midday gains,edging down 0.03 per cent tofinish at 23,060.36, with trad-ing volumes three-quarters ofthe 30-day average. The indexis 0.1 per cent higher on theyear so far.

The Shanghai Composite

Index closed down 0.9 per centto 2,958.1 points on Tuesday,after rising 0.2 per cent onMonday.

Property and financial stocksweighed on the Hong Kongbenchmark on Tuesday. Amongthe losers were Bank of China,down 0.5 per cent, and HSBCand ICBC, both off 0.6 percent.

But for the second consecu-tive day, the Shanghai-traded"A shares" of financial countersgenerally traded more positive-ly than counterpart "H shares inHong Kong. ICBC in Shanghai,for example, gained 0.2 percent.

"China banking A-shareswere boosted by the good earn-ings and expectation that macrotightening pace may slowdown," said May Yan, BarclaysCapital's head of research ofChina banks.

"The H-share market on theother hand was negatively

affected by the global environ-ment, such as Japan and US.Valuation-wise, A-shares aremuch cheaper and are morelikely to rally," Yan said.

Gains in CNOOC Ltd, ChinaShenhua Energy Co Ltd andPetroChina Co Ltd supportedthe index, as an anticipatedincrease in Japanese demandfor more traditional energy wasseen as favourable for somecompanies in the industry.

Meanwhile, large-scalereconstruction in the aftermathof the Japan earthquakeexpected to feed exports alsodrove steel makers to gains inChina where stocks largely fellon Tuesday.

Inner Mongolia Baotou SteelUnion, the most active shareson the Shanghai market, rose 5per cent. Hebei Iron and Steel,among the most active issue onthe Shenzhen market, finishedup 1.8 per cent.

See # 14 Page 11

HK, China sharesdown in choppy trade

Nawaz Ali

KARACHI: Despite selling byforeign investors, KarachiStock Exchange continued thebullish trend on Tuesday as itended more than one per centup above 11,700 points due tobuying on expectations of somegood news from PrimeMinister's visit to India.

The benchmark KSE-100index gained 128 points - 1.11per cent to close at 11,711points, KSE 30-index jumpedby 126 points - 1.12 per cent toclose at 11,429 points and KSEall-share index rose by 83points - 1.03 per cent to close at8,158 points.

"Buying seen ahead of meet-ing between Pakistani andIndian prime ministers duringin the cricket world cup matchposes hopes of breakthrough intrade and industrial exports",said Ahsan Mehanti, DirectorArif Habib Investments.

On the invitation of IndianPrime Minister, Pakistani PMGilani is visiting India onWednesday (today) to watchthe semi final match betweenthe two countries of ICCCricket World Cup 2011.

Bulls controlled the tradingfloor since the opening bells,

positive activities then man-aged to sustain throughout thesession on buying almostacross the board with cementstocks were in limelight overexpectations of some goodnews regarding the sectors dur-ing the meeting of Indo-Pakprime ministers

Murtaza Jafar, equity dealerat JS Global Capital said thatactive buying was witnessed inCement sector after APCMAsuggested PM Gilani to lobbyfor them in India, which hasimposed ban on import ofcement from Pakistan. Any liftin ban will help improve capac-ity utilisation levels for localmanufacturers which will bodewell for their profitability.

Further, buying interest alsoseen in refinery stocks after theyraised the price of locally blend-ed lube oil by Rs11/litre. Despiteselling by offshore investors theindex at a moment touched anintra-day high of 11,750 points(+ve 167). Though, some profittaking did reduced the intra-daygains but index managed to closethe day above 11,700 points.

According to NCCPL foreigninvestors did a net selling of$3.51 million. On the localside, companies and individual

See # 10 Page 11

Index up128 pointson activesupport

MUMBAI: Indian shares rosefor the sixth straight session onTuesday, their longest winningstreak in more than six months,closing 0.9 per cent higher asattractive valuations propelledbuying, especially in large capstocks, but dealers said therewas not much steam left in therally. Lenders and outsourcersled the charge.

The 30-share BSE indexclosed 0.94 per cent, or 177.66points, higher at 19,120.80points, with 26 componentsadvancing.

However, in the broader mar-ket, declining shares outnum-bered advancing ones in theratio of 1.6:1, on a volume of377 million shares on the BSE,higher than the 30-day dailyaverage volume of 275 millionshares.

"The buying interest is con-centrated towards large capstocks particularly indexheavyweights," said

Ambareesh Baliga, chief oper-ating officer of Way2WealthSecurities, referring to theweak market breadth. "But,what next from here on? Thereis no solid trigger around forthe gains to hold," he added

Foreign funds have pulled out$1.3 billion from Indian equi-ties, sending the benchmarkindex 6.8 per cent lower so farin the quarter. If the index endsthe quarter in the red, it will beits first quarterly decline in twoyears.

The index is already up 7.3 percent this month after declining2.8 per cent and 10.6 per cent inJanuary and February respec-tively, and looks to be on track topost its best monthly perform-ance since September 2010.

Expectations that India's eco-nomic growth story was intactand would in turn boostdemand for loans, pushedfinancials higher.

See # 13 Page 11

Indian sharesup 6th day

HBFC postsRs113mn

profitStaff Reporter

KARACHI: House BuildingFinance Corporation (HBFC)has posted Rs113 million prof-it. According to sources,HBFCL has posted operatingprofit for the first time in fouryears.

For the financial year 2007and 2008, HBF has posted loss-es of Rs959 million and Rs414million respectively. In 2009under the new management, thelosses were further reduced toRs109 million

HBFC, Pakistan's leadinghousing finance institution hassuccessfully reduced its lossesover the past 3 years and final-ly posted profit in 2010.

The steady turnaround in thefinancial results is the outcomeof a comprehensive transfor-mation strategy that HBFC hasbeen following to make theinstitution efficient, customer-focused and profitable.

See # 9 Page 11

Europe gloom hits banks

Range-bound

FTSE climbsLONDON: The FTSE 100 rosemoderately in light trade onTuesday with support from min-ers and upbeat results fromWolseley outpacing falls inbanks on European debt worries.The FTSE 100 climbed 27.68points, or 0.5 per cent, at5,932.17. The index regainedmore than 3 per cent the previousweek following losses sparkedby the earthquake in Japan.

"The fact that the FTSE hasremained at these levels show-ing little signs of weaknesswhen there is so much negativenews out there shows just howmuch underlying strength thereis in the market," AngusCampbell, head of sales atCapital Spreads, said.

Trading volumes were 77 percent of the index's average 90-day volume as investorsapproached the end of a tumul-tuous month cautiously, hopingjobs data from the

See # 12 Page 11

US stocks mid-morning

Wall Stgains on

tech strengthNEW YORK: US stocks roseon Tuesday on strength inlarge-cap tech shares, but con-tinuing global crises keptinvestors cautious before thequarter's end. The S&P 500index has risen 4.2 per cent inthe first quarter as of Monday.Investors were reluctant to riskgains with Japan's nuclearpower problems and the civilunrest in the Middle East andNorth Africa unresolved.Monday's trading volume wasthe lowest of the year.

"The quarter is ending with alot of uncertainties out there,resulting in messy intradaymoves at the same time thatnothing is really happening,"said Michael Shaoul, chairmanof the New York-basedMarketfield AssetManagement, which oversees$973 million.

"There's nothing obviousabout what investors need to doin this environment, and that'swhy you're seeing such lowvolume," he said. "No one hasany reason to recommit capi-tal."

See # 8 Page 11

Mostly low; demand in selected sectors

South East Asian stocks

European shares close flat;banks down, miners up

ANNOUNCEMENTS

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

Silver Star Ins. Yearly 15%(B) 37.201 1.47

Wyeth Pak Ltd.XD 1st Qtr - 32.83 23.09

Service Industustrie Yearly 75%(F)(D) 328.105 27.28

Reliance InsuranceXB Yearly 12.50(B) 51.934 2.06

6Wednesday, March 30, 2011

Note 2010 2009

Rupees Rupees

ASSETS

Cash and balances with SBP and NBP 8 2,771,317 12,809,350

Balances with other banks/NBFIs/MFBs 9 10,020,614 106,120,493

Lending to financial institutions

Investments-net of provisions 10 175,785,383 119,818,535

Advances-net of provisions 11 49,400,681 87,892,252

Operating fixed assets 12 10,263,892 16,273,358

Other assets 13 3,616,633 8,496,607

Deferred tax assets

Total assets 251,858,520 351,410,595

LIABILITIES

Deposits and other accounts 14 29,026,551 110,905,847

Borrowings

Subordinated debt

Other liabilities 15 2,708,102 1,917,433

Deferred tax liabilities

Total liabilities 31,734,653 112,823,280

NET ASSETS 220,123,867 238,587,315

REPRESENTED BY:

Share capital 16 300,000,000 300,000,000

Statutory and general reserves 50,011 50,011

Accumulated losses (79,926,144) (61,462,696)

220,123,867 238,587,315

Surplus / (deficit) on revaluation of assets

Deferred grants

220,123,867 238,587,315

MEMORANDUM / OFF-BALANCE SHEET ITEMS 17

The annexed notes 1 to 34 form an integral part of these accounts.

President / Chief Executive Chairman Director Director

Note 2010 2009Rupees Rupees

Mark-up/return/interest earned 18 48,870,597 49,855,431 Mark-up/return/interest expensed 19 (3,563,414) (4,409,739)Net mark-up/interest income 45,307,183 45,445,692

Provision against non performing loans and advances11.3 (19,245,461) (2,980,250)Provision for diminution in the value of investmentBad debts written off directly

(19,245,461) (2,980,250)Net mark-up/ interest income after provisions 26,061,722 42,465,442

Non-mark-up/non interest incomeFee, commission and brokerage income 20 740,535 1,821,158Recovery against written off advances 2,060,259 1,015,687Dividend incomeUnrealized gain / (loss) on revaluation of investments- held for trading security 1,296 (220)Other income 21 3,664,697 356,179Total non-markup/non interest income 32,528,509 3,192,804

Non mark-up/non interest expensesAdministrative expenses 22 (50,496,759) (45,137,615)Other provisions/write offsOther charges (10,413)Total non-markup/non interest expenses (50,496,759) (45,148,028)

(17,968,250) 510,218Extraordinary/unusual items(Loss) / profit before taxation (17,968,250) 510,218

Taxation - current 23 (495,198) (260,163)- prior years- deferred

(495,198) (260,163)(Loss) / profit after taxation (18,463,448) 250,055

Accumulated losses brought forward (61,462,696) (61,650,237)(79,926,144) (61,400,182)

AppropriationsTransfer to

Statutory reserve (50,011) Capital reserveContribution to MSDF / DPF / RMF (12,503) Revenue reserveProposed cash dividend Rs. Nil per share (2009: Rs. Nil per share)Others

(62,514)Accumulated losses carried forward (79,926,144) (61,462,696)Basic and diluted (loss) / earnings per share - Rupees 26 (0.62) 0.01

The annexed notes from 1 to 34 form an integral part of these financial statements.

President / Chief Executive Chairman Director Director

NETWORK MICROFINANCE BANK LIMITEDBALANCE SHEET

AS AT DECEMBER 31, 2010

2010 2009------Rupees------

(Loss) / Profit for the year (18,463,448) 250,055Other comprehensive income Total comprehensive (loss) / income for the year (18,463,448) 250,055

The annexed notes from 1 to 34 form an integral part of these financial statements.

President / Chief Executive Chairman Director Director

Note 2010 2009Rupees Rupees

Cash flow from operating activities(Loss) / Profit before taxation (17,968,250) 510,218Adjustment for non cash items

Depreciation 3,773,323 4,485,395Amortisation 1,291,752 1,162,381Provision against non-performing advances 19,245,461 2,980,250Unrealized (gain) / loss on revaluation of investments (1,296) 220(Gain) / loss on sale of fixed assets (3,303,765) 132,675

21,005,475 8,495,5713,037,225 9,005,789

Decrease / (Increase) in operating assetsAdvances 19,246,111 (27,981,308)Other assets 4,879,974 (3,038,943)

24,126,085 (31,020,251)

(Decrease) / Increase in operating liabilitiesDeposits and other accounts (81,879,296) 9,650,735Other liabilities (excluding current taxation) 790,668 (1,608,511)

(81,088,628) 8,042,224(53,925,318) (13,972,238)

Income tax paid (209,735) (256,911)Net cash flow used in operating activities (54,135,053) (14,229,149)Cash flow from investing activitiesNet investments in held-to-maturity securities (55,966,848) (109,991,385)Purchase of operating fixed assets (2,253,261) (6,033,731)Sale proceeds from disposal of operating fixed assets 6,217,250 1,769,308Net cash used in investing activities (52,002,859) (114,255,808)

Cash flow from financing activityIssue of share capital 150,000,000Net cash flow from financing activity 150,000,000(Decrease) / Increase in cash and cash equivalents (106,137,912) 21,515,043Cash and cash equivalents at the beginning of the year 118,929,843 97,414,800Cash and cash equivalents at the end of the year 27 12,791,931 118,929,843

The annexed notes from 1 to 34 form an integral part of these financial statements.

President / Chief Executive Chairman Director Director

NETWORK MICROFINANCE BANK LIMITEDSTATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED DECEMBER 31, 2010

NETWORK MICROFINANCE BANK LIMITEDPROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2010

NETWORK MICROFINANCE BANK LIMITEDCASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2010

NETWORK MICROFINANCE BANK LIMITEDSTATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2010

Share Statutory Accumulated Totalcapital Reserve Losses

----------------------- Rupees -----------------------

Balance as at January 01, 2009 150,000,000 (61,650,237) 88,349,763Net profit for the year 250,055 250,055Other comprehensive incomeTotal comprehensive income for the year 250,055 250,055Issue of right shares 150,000,000 150,000,000Transfer to statutory reserve 50,011 (50,011)Transfer to depositors' protection fund (12,503) (12,503)Balance as at December 31, 2009 300,000,000 50,011 (61,462,696) 238,587,315

Net loss for the year (18,463,448) (18,463,448)Other comprehensive incomeTotal comprehensive loss for the year (18,463,448) (18,463,448)

Balance as at December 31, 2010 300,000,000 50,011 (79,926,144) 220,123,867

The annexed notes from 1 to 34 form an integral part of these financial statements.

President / Chief Executive Chairman Director Director

1. STATUS AND NATURE OF BUSINESS

1.1 Network Microfinance Bank Limited (the Bank) was incorporated on May 08,2003 as a public limited company under the Companies Ordinance, 1984 and was grant-ed a certificate of commencement of business on December 28, 2004 and its operationsstarted from January 01, 2005. Its shares are listed on the Karachi Stock Exchange. TheBank's principal business is to provide microfinance services to the poor and underserved segment of the society as envisaged under the Microfinance InstitutionsOrdinance, 2001.

1.2 The Bank operates five branches (2009: five branches) and is licensed to operateon a district level. The Bank's registered office is situated at 202, Azayam Plaza,S.M.C.H.S., Shahrah-e-Faisal, Karachi.

2. BASIS OF PRESENTATION

These financial statements have been presented in accordance with BSD circularNo.11 dated December 30, 2003 issued by the State Bank of Pakistan (SBP).

3. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the approvedaccounting standards as applicable in Pakistan. The approved accounting standards com-prise of the International Financial Reporting Standards (IFRSs) issued by theInternational Accounting Standards Board (IASB) as are notified under the CompaniesOrdinance, 1984, the requirements of the Companies Ordinance, 1984, the MicrofinanceInstitution Ordinance, 2001, the Prudential Regulations for Microfinance Banks /Institutions and the directives issued by the Securities and Exchange Commission ofPakistan (SECP) and the State Bank of Pakistan (SBP). Wherever the requirements of theCompanies Ordinance, 1984, the Microfinance Institution Ordinance, 2001, thePrudential Regulations for Microfinance Banks / Institutions or the directives issued bythe SECP and the SBP differ with the requirements of the IFRSs, the requirements of theCompanies Ordinance, 1984, the Microfinance Institution Ordinance, 2001, thePrudential Regulations for Microfinance Banks / Institutions or the requirements of thesaid directives take precedence.

4. BASIS OF MEASUREMENT

These financial statements have been prepared under the historical cost conventionexcept for certain investments which are measured as per accounting policy 5.3.

5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

5.1 The accounting policies adopted in the preparation of these financial statementsare consistent with those of the previous financial year except as follows;

The Bank has adopted the following new and amended IFRS and related interpreta-tions and improvements which became effective during the year:

IFRS 2 - Share based Payments: Amendments relating to Group Cash-settled Sharebased Payment Transactions

IFRS 3 - Business Combinations (Revised)IAS 27 - Consolidated and Separate Financial Statements (Amendment)IAS 39 - Financial Instruments: Recognition and Measurement - Eligible hedged items

(Amendment)IFRIC 17 - Distributions of Non-cash Assets to owners

In May 2008 and April 2009, the IASB issued amendments to various standards pri-marily with a view to removing inconsistencies and clarifying wording. These improve-ments are listed below:

Issued in May 2008

IFRS 5 - Non-Current Assets Held for Sale and Discontinued OperationsIssued in April 2009

IFRS 2 - Share-based PaymentsIFRS 5 - Non-Current Assets Held for Sale and Discontinued OperationsIFRS 8 - Operating SegmentsIAS 1 - Presentation of Financial StatementsIAS 7 - Statement of Cash FlowsIAS 17 - LeasesIAS 36 - Impairment of AssetsIAS 38 - Intangible AssetsIAS 39 - Financial Instruments: Recognition and MeasurementIFRIC 9 - Reassessment of Embedded DerivativesIFRIC 16 - Hedges of a Net Investment in a Foreign OperationThe adoption of the above standards, amendments / improvements and interpretations

did not have any material effect on the financial statements.5.2 Cash and cash equivalents

Cash and cash equivalents comprises of cash in hand, balances with State Bank ofPakistan, balances held with other banks in current and investment in treasury bills hav-ing maturity of less than three months.

5.3 Investments

Investments in securities are classified as follows:Held-for-tradingThese represent securities, which are either acquired for the purpose of generating

profit from short-term fluctuations in prices or dealer's margin or are securities includedin the portfolio in which a pattern of short-term profit making exists.

Held-to-maturityThese are securities with fixed or determinable payments and maturity in respect of

which the Bank has the positive intent and ability to hold to maturity.Available-for-saleThese represent securities, which do not fall under the held for trading or held to matu-

rity categories.In accordance with the requirements of the SBP, quoted securities other than those

classified as held to maturity are carried at market value. Investments classified as heldto maturity are carried at amortised cost. Unquoted securities are valued at cost lessimpairment, if any.

Further, in accordance with the requirements of the SBP, surplus / (deficit) on revalu-ation of the Bank's held for trading investments is taken to the profit and loss account.The surplus / (deficit) on investments classified as available for sale is kept in a separateaccount shown in the balance sheet below equity.

Provision is made for impairment, if any, in the value of investments and charged tothe profit and loss account.

5.4 Advances

Advances are stated net of specific and general provisions. Specific provision againstadvances is determined on the basis of Prudential Regulations and other directives issuedby the SBP and charged to the profit and loss account. General provision againstadvances is made in accordance with the requirements of the Prudential Regulationsissued by the SBP. Advances are written off in accordance with the requirements of thePrudential Regulations.

5.5 Operating fixed assets and depreciation

Tangible

These are stated at cost less accumulated depreciation and impairment, if any.Depreciation is charged against income applying the straight line method using the ratesstated in note 12.1 to the financial statements. Depreciation on additions is charged fromthe month in which the asset is acquired and on disposals till the month in which assetsare sold.

Maintenance and repairs are charged against income as and when incurred. Majorrenewals and improvements are capitalized when it is probable that respective future eco-

nomic benefits will flow to the Bank.An item of fixed asset is derecognised upon disposal or when no future economic ben-

efits are expected from its use or disposal.The assets residual values, useful lives and methods are reviewed and adjusted, if

appropriate, at each financial year end.Gains and losses on disposals, if any, are determined by comparing the sale proceeds

with the carrying amount of asset and are included in income currently.The carrying values of tangible fixed assets are reviewed at each reporting date for

indication that an asset may be impaired and carrying values may not be recovered. If anysuch indication exits and where the carrying value exceed the estimated recoverableamount, the assets or cash generating units are written down to their recov erable amountand an impairment loss is recognized in the profit and loss account. The recoverableamount of property and equipment is greater of net selling price and value in use.

Intangible assets

These are stated at cost less accumulated amortization and impairment, if any.Amortisation is charged over the useful life of the asset on a systematic basis to incomeapplying the straight line method at the rate specified in note 12.2 to the financial state-ments.

Amortisation on additions is charged from the month in which the assets are put to usewhile no amortisation is charged in the month in which the assets are deleted.

Software and other development costs are only capitalised to the extent that future eco-nomic benefits are expected to be derived by the Bank.

The carrying amounts are reviewed at each balance sheet date to assess whether theyare recorded in excess of their recoverable amounts, and where carrying values exceedestimated recoverable amount, assets are written down to their estimated recoverableamount.

Capital work-in-progress

All expenditure connected with specific assets incurred during installation and con-struction period are carried under this head. These are transferred to specific assets as andwhen these assets are available for use. These are carried at cost less impairment loss, ifany.

5.6 Taxation

Current

Provision for current taxation is based on the expected taxable income for the yeardetermined in accordance with the prevailing laws for taxation on income. The charge fortax also includes adjustments, where considered necessary relating to prior years.

Deferred

Deferred tax is recognised using the balance sheet liability method, on all temporarydifferences arising at the balance sheet date between the tax bases of assets and liabilitiesand their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognised for all taxable temporary differences. Deferredtax assets are recognised for all deductible temporary differences to the extent that it isprobable that the future taxable profits will be available against which the assets may beutilised. Deferred tax assets are reduced to the extent that it is no longer probable that therelated tax benefit will be realised.

The carrying amount of deferred tax asset is reviewed at each balance sheet date andreduced to the extent that it is no longer probable that sufficient taxable profits will beavailable to allow all or part of the deferred tax asset to be recognised. Unrecogniseddeferred tax assets are reassessed at each balance sheet date and are recognised to theextent that it has become probable that future taxable profit will allow deferred tax assetto be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected toapply to the periods when the asset is utilised or the liability is settled, based on the taxrates (and tax laws) that have been enacted or substantively enacted at the balance sheetdate.

5.7 Provisions

Provisions are recognized when the Bank has a legal or constructive obligation as aresult of past events and it is probable that an outflow of resources will be required to set-tle the obligation and a reliable estimate of the amount can be made. Provisions arereviewed at each balance sheet date and are adjusted to reflect the current best estimate.

5.8 Staff retirement benefits

Defined contribution plan

The Bank operates an approved funded contributory provident fund for all its perma-nent employees to which equal monthly contributions are made both by the Bank and theemployees at the rate of 10% per annum of basic salary. The contributions made by theBank are recognized as employee benefit expense when they are due.

5.9 Revenue recognition

Markup on regular advances is recognised on accrual basis using effective interest ratemethod. Profit on classified advances is recognised on receipt basis.

Return on investment is recognised on accrual basis using effective interest ratemethod.

Income on net investment in micro lease is recognised over the term of the lease so asto reflect a constant periodic rate of return on the net investment outstanding in respectof the lease. Income on classified micro lease is recognised on receipt basis in compli-ance with the Prudential Regulations issued by SBP.

Fee, commission and brokerage income is recognised when earned.Dividend income from investments is recognised when Bank's right to receive the div-

idend is established.Gains and losses on sale of investments are included in income currently.All exchange differences are recognised in income.Income on balances with other banks is recognised in profit and loss account as it is

earned. 5.10 Financial instruments

Financial assets and financial liabilities are recognized at the time when the Bankbecomes a party to the contractual provisions of the instrument. Financial assets are de-recognised when the contractual right to future cash flows from the asset expire or istransferred along with the risk and reward of the asset. Financial liabilities are de-recog-nised when obligation specified in the contact is discharged, cancelled or expired. Anygain or loss on de-recognition of the financial asset and liabilities is recognised in theprofit and loss account of the current period.

5.11 Offsetting of financial assets and financial liabilities

Financial assets and financial liabilities are only off-set and the net amount is report-ed in the financial statements when there is a legally enforceable right to set-off therecognised amount and the Bank intends either to settle on a net basis, or to realize theassets and to settle the liabilities simultaneously. Income and expense items of such assetsand liabilities are also off-set and the net amount is reported in the financial statements.

5.12 Related party transactions

Prices for transactions with related parties are determined using the comparable uncon-trolled price method except for those transactions which in exceptional circumstances arespecifically approved by the Board.

5.13 Derivative financial instruments

Derivative financial instruments are initially recognised at fair value on the date onwhich the derivative contract is entered into and are subsequently re-measured at fairvalue using appropriate valuation techniques. All derivative financial instruments are car-ried as assets when fair value is positive and liabilities when fair value is negative. Anychange in the fair value of derivative financial instruments is taken to the profit and lossaccount.

5.14 Deposits

Deposits are initially recorded at the amount of proceeds received. Mark-up accrued

on deposits is recognised separately as part of other liabilities.5.15 Foreign currencies

Functional and presentation currency

Items included in the financial statements are measured usingthe currency of the primary economic environment in which theBank operates. The financial statements are presented in PakistaniRupees, which is the Bank's functional and presentation currency

Foreign currency transactions

Transactions in foreign currencies are translated into rupees atthe foreign exchange rates prevailing on the transaction date.Monetary assets and liabilities in foreign currencies are expressedin rupee terms at the rates of exchange ruling on the balance sheetdate. Forward foreign exchange promise / options are valued atforward rates applicable to their respective maturities.

Translation gains and lossesTranslation gains and losses are included in the profit and loss

account.5.16 Segment reporting

A segment is a distinguishable component of the Bank that isengaged either in providing products or services (business seg-ment), or in providing product or services within a particular eco-nomic environment (geographical segment), which is subject torisks and rewards that are different from those of other segments.

5.16.1 Business segments

Investment in Government Securities - Includes investment inmarket treasury bills

Retail banking - It includes retail deposits and banking servic-es.

Micro Finance Banking - Micro finance banking compriseadvances provided to customers on Micro Credit and Micro Leasebasis.

5.16.2 Geographical segment

The Bank has 5 branches as at December 31, 2010 (2009: 5branches) and operates only in the district of Karachi, Pakistan.

6. ACCOUNTING JUDGMENTS AND

ESTIMATES

The preparation of financial statements in conformity withapproved Accounting Standards requires the use of certain criticalaccounting estimates. It also requires management to exercise itsjudgment in the process of applying the Bank's accounting poli-cies. The estimates/judgments and associated assumptions used inthe preparation of the financial statements are based on historicalexperience and other factors, including expectations of futureevents that are believed to be reasonable under the circumstances.

The estimates/judgments and associated assumptions arereviewed on an ongoing basis. Revision to the accounting esti-mates are recognized in the period in which the estimate isrevised, if the revision affects only that period, or in the period ofrevision and future periods if the revision affects both current andfuture periods. The estimates, judgments and assumptions thathave significant effect on the financial statements are as follows:

NoteClassification and valuation of investments 5.3Provision against non-performing advances 5.4Useful lives of assets and methods of depreciation 5.57. ACCOUNTING STANDARDS NOT YET

EFFECTIVE

The following revised standards and interpretations with respectto approved accounting standards as applicable in Pakistan wouldbe effective from the dates mentioned below against the respec-tive standards or interpretations:

Standard or interpretation Effective date

(accounting periods

beginning on or after)

IAS 24 Related Party Disclosures (Revised) January 01, 2011IAS 32 Financial Instruments: Presentation - February 01, 2010

Classification of Rights Issues (Ammendment)IAS 12 Income Taxes: Deferred Tax Amendment January 01, 2012

- Recognition of Underlying AssetsIFRIC 14 IAS 19 - The Limit on a Defined Benefit January 01, 2011

Asset, Minimum Funding Requirements and their Interaction

IFRIC 19 Extinguishing Financial Liabilities with July 01, 2010

Equity Instruments

The Bank expects that the adoption of the above revisions,

amendments and interpretations of the standards will not materi-

ally affect the Bank's financial statements in the period of initial

application.

In addition to the above, amendments to various accounting

standards have also been issued by the IASB. Such improve-

ments are generally effective for accounting periods beginning

on or after 01 January 2011. The Bank expects that such

improvements to the standards will not have any material impact

on the Bank's financial statements in the period of initial applica-

tion.

AUDITOR’S REPORT TO THE MEMBERS

We have audited the annexed balance sheet of NETWORKMICROFINANCE BANK LIMITED (the Bank) as at 31December 2010, and the related profit and loss account, statementof comprehensive income, cash flow statement and statement ofchanges in equity together with the notes forming part thereof(here in after referred to as the 'financial statements'), for the yearthen ended. We state that we have obtained all the information andexplanations which, to the best of our knowledge and belief werenecessary for the purposes of our audit.

It is the responsibility of the Bank's management to establishand maintain a system of internal control, and prepare and presentthe financial statements in conformity with the approved account-ing standards, the requirements of the Companies Ordinance,1984 (XLVII of 1984), Microfinance Institutions Ordinance, 2001and the Prudential Regulations for Microfinance Banks. Ourresponsibility is to express an opinion on these statements basedon our audit.

We conducted our audit in accordance with the International

Standards on Auditing as applicable in Pakistan. These standards

require that we plan and perform the audit to obtain reasonable

assurance about whether the above said statements are free of any

material misstatement. An audit includes examining, on a test

basis, evidence supporting the amounts and disclosures in the

financial statements. An audit also includes assessing the account-

ing policies and significant estimates made by management, as

well as, evaluating the overall presentation of the financial state-

ments. We believe that our audit provides a reasonable basis for

our opinion and after due verification, we report that:

a)in our opinion, proper books of account have been kept by the

Bank as required by the Companies Ordinance, 1984 (XLVII of

1984);

b) in our opinion:

i)the balance sheet and profit and loss account together with the

notes thereon have been drawn up in conformity with the

Companies Ordinance, 1984 (XLVII of 1984), the Microfinance

Institution Ordinance, 2001 and the Prudential Regulations for

Microfinance Banks and are in agreement with the books of

account and are further in accordance with the accounting policies

consistently applied except 5.1;ii)the expenditure incurred during the year was for the purpose

of the Bank's business; andiii)the business conducted, investments made and the expendi-

ture incurred during the year were in accordance with the objectsof the Bank;

c)in our opinion and to the best of our information and accord-ing to the explanations given to us, the balance sheet, profit andloss account, statement of comprehensive income, cash flowstatement and statement of changes in equity together with thenotes forming part thereof conform with the approved accountingstandards as applicable in Pakistan, and give the informationrequired by the Companies Ordinance, 1984 (XLVII of 1984),Microfinance Institutions Ordinance, 2001 and the PrudentialRegulations for Microfinance Banks in the manner so requiredand respectively give a true and fair view of the state of the Bank'saffairs as at 31 December 2010, and its loss, its comprehensiveloss, its cash flows and changes in equity for the year then ended;and

d)in our opinion zakat deductible at source under the Zakat andUshr Ordinance, 1980, (XVIII of 1980), was deducted by theBank and deposited in the Central Zakat Fund established underSection 7 of that Ordinance.

Ernst & Young Ford Rhodes Sidat Hyder

Chartered Accountants

Audit Engagement Partner: Omer Chughtai

Date: February 24, 2011

Karachi

NETWORK MICROFINANCE BANK LIMITEDNOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2010

7Wednesday, March 30, 2011

2010 2009

Rupees Rupees

18. MARK-UP/RETURN/INTEREST EARNED

Mark-up on loans and advances 27,816,034 26,813,667

Mark-up on investments in government securities 12,883,142 8,094,554

Mark-up on deposit accounts 8,171,421 14,947,210

48,870,597 49,855,431

19. MARK-UP / RETURN / INTEREST EXPENSED

Mark-up on deposits 3,563,414 4,409,739

3,563,414 4,409,739

20. FEE,COMMISSION AND BROKERAGE INCOME

CIB report charges 91,308 261,708

Loan processing fee 649,227 1,559,450

740,535 1,821,158

21. OTHER INCOME

Gain on sale of investments - 184,438

Gain on disposal of fixed assets 3,569,598 132,675

Others 95,099 39,066

3,664,697 356,179

22. ADMINISTRATIVE EXPENSES Note

Salaries, allowances, etc. 27,909,364 23,722,782

Contribution to defined contribution plan 740,906 885,211

Rent, taxes, insurance, electricity, etc. 5,024,423 4,506,589

IT related expenses 2,141,167 1,948,500

Credit rating fees 275,000 250,000

Legal and professional charges 296,968 411,858

Security charges 1,411,150 910,815

Travelling 443,810 248,291

Fees and subscription 297,501 1,229,291

Communication 1,694,863 1,664,097

Fueling expense 546,001 327,376

Repair and maintenance 1,382,115 936,077

Stationery and printing 1,260,394 716,642

Advertisement and publicity 87,220 80,695

Auditors' remuneration 22.1 584,313 557,275

Depreciation 12.1 3,773,323 4,485,401

Amortization 12.2 1,291,752 1,162,382

Entertainment 795,660 685,026

Brokerage - 28,164

Credit verification expenses 248,997 262,068

Others 291,832 119,075

50,496,759 45,137,615

22.1 Auditors' remuneration

Audit fee 275,000 275,000

Half yearly review and other certifications 180,000 215,000

Out-of-pocket expenses 129,313 67,275

584,313 557,275

23. Taxation

23.1 The income of the Bank is exempt from tax under clause 66 (XVIII) of Part I of the Second

Schedule of the Income Tax Ordinance, 2001 (the Ordinance), for a period of five years starting

from first day of July 2007, subject to the condition that the Bank shall not distribute its profit to

its shareholders and that profits are utilized for microfinance operations only. However, section

113 "minimum tax on income of certain persons" of the Ordinance has been reintroduced for the

tax year 2010, therefore provision for minimum taxation amounting to Rs. 495,198 has been made

during the year end December 31, 2010.

23.2 Deferred tax asset has not been recognized in these financial statements as the company is of

the view that it is not probable that sufficient taxable profit will be available in the foreseeable

future against which deductible temporary differences, unused tax losses and unused tax credits

can be utilized. The accumulated loss as at 31 December 2010 amounts to Rs. 59,237,110/-.

22. NUMBER OF EMPLOYEES

2010 2009

Credit/sales Banking / Total Credit/ Banking / Total

staff Support sales staff Support

------------ Numbers ------------ ------------ Numbers ------------

Permanent 13 25 38 14 30 44

Daily wages 55 10 65 34 11 45

- 8 8 - 5 5

68 43 111 48 46 94

25. NUMBER OF BRANCHES

2010 2009

Number Number

Branches at the beginning and end of the year 5 4

Add: Opened during the year - 1

Total Branches at the end of year 5 5

26. BASIC AND DILUTED LOSS PER SHARE

2010 2009

Rupees Rupees

(Loss) / Profit after taxation for the year (Rupees) (18,463,448) 250,055

Weighted average number of ordinary shares

outstanding during the year Numbers 30,000,000 27,082,192

(loss) / Earning per share (Rupees) (0.62) (0.01)

26.1 There were no convertible dilutive potential ordinary shares outstanding as at year end.

2010 2009

Rupees Rupees

27. CASH AND CASH EQUIVALENTS

Cash and balances with SBP and NBP 2,771,317 12,809,350

Balances with other banks / NBFIs / MFBs 10,020,614 106,120,493

12,791,931 118,929,843

28. REMUNERATION OF DIRECTORS AND EXECUTIVES

The aggregate amount charged in the accounts for remuneration, including all benefits to

President/ Chief Executive of the Bank was as follows:

President/

Chief Executive Executive

2010 2009 2010 2009

--------- (Rupees) --------- ---- (Rupees) ----

Managerial remuneration 3,496,000 3,036,000 418,000 816,000

Rent and house maintenance 791,000 1,356,000 188,600 326,400

Utilities 519,157 720,598 128,724 426,456

Medical 48,560 47,461 - -

Contribution to provident fund 177,100 303,600 35,000 81,600

Leave fare allowance - 655,550 - 55,400

Others 198,065 50,000 154,570 50,000

5,229,882 6,169,209 924,894 1,755,856

Number of persons 2 1 2 1

The President/ Chief Executive and Executives are entitled to use company maintained cars and

perquisites in accordance with the terms of their employment.

29. MATURITIES OF ASSETS AND LIABILITIES2010

Upto one Over one Over 6 Over one

month month upto months Year

Total 6 months upto 1 yearupto 5 years

-------------------------------- (Rupees) -------------------------

Assets

Cash and balances with SBP and NBP 2,771,317 2,771,317

Balances with other 10,020,614 10,020,614

banks/NBFIs/MFBs

Investments 175,785,383 128,752,526 47,032,857

Advances 49,400,681 13,674,826 26,777,620 5,705,595 3,242,640

Operating fixed assets 10,263,892 10,263,892

Other assets 3,616,633 1,134,024 2,482,609

251,858,520 156,353,307 73,810,477 5,705,595 15,989,141

Liabilities

Deposits and other accounts 29,026,551 27,626,551 1,200,000 200,000

Other liabilities 2,708,102 2,708,102

31,734,653 30,334,653 1,200,000 200,000

Net assets 220,123,867 126,018,655 72,610,477 5,505,595 15,989,141

Represented by:

Share capital 300,000,000

Statutory reserves 50,011

Accumulated losses (79,926,144)

220,123,867

2009

Upto one Over one Over 6 Over one

monthmonth upto months Year

Total 6 months upto 1 year upto 5 years

------------------------- (Rupees) --------------------------------

Assets

Cash and balances with SBP and NBP 12,809,350 12,809,350

Balances with other banks/NBFIs/MFBs 106,120,493 106,120,493

Investments 119,818,535 94,818,535 25,000,000

Advances 87,892,252 1,451,404 9,437,000 31,401,000 45,603,000

Operating fixed assets 16,273,358 16,273,358

Other assets 8,496,607 5,554,765 2,941,841

351,410,595 125,936,012 104,255,535 56,401,000 64,818,199

Liabilities

Deposits and other accounts 110,905,847 83,866,000 26,450,000 590,000

Other liabilities 1,917,433 1,917,433

112,823,280 85,783,433 26,450,000 590,000

238,587,315 40,152,579 77,805,535 56,401,000 64,228,199

Represented by:

Share capital 300,000,000

Statutory reserves 50,011

Accumulated losses (61,462,696)

238,587,315

2010

Exposed to yield / interest riskEffective Total upto one One month over six Over one year

yield/ month to six month month to one year to five years

interest rate %

---------------------------------------- (Rupees) ----------------------------------------

Assets

Balances with other banks 5 - 22 10,020,614 10,020,614

Investment 12.75 - 13.42 175,785,383 128,752,526 47,032,857

Advances 33.48 49,400,681 13,674,826 26,777,620 5,705,595 3,242,640

235,206,678 152,447,966 73,810,477 5,705,595 3,242,640

Liabilities

Deposits 6.01 15,761,858 14,361,858 1,200,000 200,000

219,444,820 138,086,108 72,610,477 5,505,595 3,242,640

2009

Exposed to yield / interest risk

Effective Total upto one One month over six Over one year

yield/ month to six month month to one year to five years

interest rate %

---------------------------------------- (Rupees) ----------------------------------------

Assets

Balances with other banks 9 - 12.65 106,116,009 106,116,009

Investment 12.20 - 13. 10 119,818,535 94,818,535 25,000,000

Advances 28.9 87,892,252 1,451,404 9,437,000 31,401,000 45,603,000

313,826,796 107,567,413 104,255,535 56,401,000 45,603,000

Liabilities

Deposits 6.06 65,855,733 38,815,885 26,450,000 590,000

247,971,063 68,751,528 77,805,535 56,401,000 45,013,000

30. FINANCIAL RISK MANAGEMENT

30.1 Interest / mark-up rate risk

Interest rate risk is the risk that the value of the financial instrument will fluctuate due to changes in the market

interest rates. The Bank interest rate exposure is very low due to the short-term nature of the majority of business

transactions. Interest rate risk is also controlled through flexible credit pricing mechanism and variable deposit

rates. Optimization of yield is achieved through the Bank's investment strategy which aims on attaining a balance

between yield and liquidity under the strategic guidance of ALCO. The advances and deposits of the Bank are on

periodic basis based on interest rates scenario.

30.2 Credit risk

Credit risk is the risk that one party to a financial instrument will

fail to discharge an obligation and cause the other party to incur

a financial loss. The Bank's credit risk is primarily attributable to

its advances and balances at banks. The credit risk on liquid

funds is limited because the counter parties are banks with rea-

sonably high credit ratings. The Bank has an effective loan dis-

bursement and recovery monitoring system which allows it to

evaluate borrowers' credit worthiness and identify potential

problem loans. A provision for potential loan losses is main-

tained as required by the Prudential Regulations. Maximum

amount of financial assets which are subject to credit risk

amount to Rs. 60,555,319/- (2009: Rs. 194,012,745/-)

30.3 Liquidity risk

Liquidity risk is the risk that the Bank will not be able to raise

funds to meet its commitments. At present the Bank is not

exposed to this risk as there is sufficient cash placed with vari-

ous commercial banks at the year end.

30.4 Fair value of financial instruments

The carrying values of all financial assets and liabilities reflect-

ed in the financial statements approximate their fair value.

30.5 Capital management

Capital requirements applicable to the Bank are set out under

Microfinance Institution Ordinance, 2001. These requirements

are put in place to ensure sufficient solvency margins. The Bank

manages its capital requirement by assessing its capital structure

against required capital level on a regular basis. Currently the

Bank has a paid up capital (free of losses) of Rs.220.123 million.

The minimum paid up capital requirement free of losses applica-

ble to the Bank amounting to Rs. 100 million.

31. SEGMENT DETAILS WITH RESPECT TO BUSINESS

ACTIVITIES

Investment in Retail Micro

Government Banking Banking Total

Securities

----------------------------------Rupees----------------------------------

December 31, 2010

Total income 12,883,142 8,171,421 34,282,822 55,337,385Total expenses 16,187,604 57,613,229 73,800,833Net income / (loss) 12,883,142 (8,016,183) (23,330,408) (18,463,448)Segment assets (gross) 175,774,311 12,803,003 75,499,398 264,076,712Segment non performing loans 32,231,278 32,231,278Segment provision required 12,218,192 12,218,192Segment liabilities 30,009,677 1,724,975 31,734,653

December 31, 2009

Total income 8,094,554 14,940,348 29,822,033 52,856,935Total expenses 15,694,143 36,840,048 52,534,191Net income / (loss) 8,094,554 (753,796) (7,018,015) 322,744Segment assets (gross) 119,818,535 119,135,918 116,447,484 355,401,937Segment non performing loans 5,781,525 5,781,525Segment provision required 2,843,227 2,843,227Segment liabilities 112,290,239 519,889 112,810,127

32. RELATED PARTY TRANSACTIONS

Related parties of the Bank comprise group companies, staff retirement benefits, key management personnel and major shareholder of the Bank. The details of transaction with related parties other then those which have been disclosed elsewhere in thesefinancial statement are as follows:

2010 2009

Rupees Rupees

Balances as at year end

Associates:

Deposits 5,614,905 43,002,406

Key management personnel:

Deposits 667,160 270,665

Transactions for the period

Associates:

Underwritting commission 506,322

Right shares issued during the year 150,000,000

Deposits

Deposit Received 61,951,072 93,422,283

Withdrawals 65,083,624 96,456,658

Mark-up on deposit paid 1,018,734 1,063,006

Placements

Placements 624,300,152 938,153,778

Repayments 664,762,375 918,272,938

Mark-up on deposit earned 3,160,793 3,922,265

Other Related Parties:

Contributions to Staff Provident Fund 1,963,786

Interest / markup paid 402,048

Recovery from insurance claim 1,740,008

Key management personnel:

Remuneration to Chief Executive Officer 5,348,032 5,513,659

Remuneration to Executives 945,728 1,750,456

Deposits

Deposit Received 1,666,341 32,190,238

Withdrawals 1,000,006 32,632,928

Mark-up on deposit paid 31,583

33. DATE OF AUTHORIZATION

These financial statements were authorized for issue on February 24, 2011 by the Board of Directors of the Bank.

34. GENERAL

34.1 Account captions as prescribed by BSD Circular No. 11 dated December 30, 2003 issued by the State Bank of Pakistan, (in

respect of forms of financial statements for Microfinance Banks/Institutions) where there are no amounts have not been repro-

duced in these financial statements except for in the balance sheet and profit and loss account.

34.2 Figures have been rounded off to the nearest rupee.

President / Chief Executive Chairman Director Director

12.2 Intangible assets

COST DEPRECIATION Written down

Particular As at Additions As at Rate As at Charge for As at value as at

January December % January the year/ December December 31,

01, 2010 31, 2010 01, 2010 (adjustment) 31, 2010 2010

------------------ (Rupees) ---------------------- ---------------------------- (Rupees) ----------------------------

Computer software 2010 5,167,025 - 5,167,025 25 3,639,725 1,291,752 4,931,477 235,548

2009 4,477,025 690,000 5,167,025 25 2,477,344 1,162,381 3,639,725 1,527,300

12.3 Detail of disposal of fixed assets during the year ended December 31, 2010

Cost Accumulated Written Sale Mode of Particulars

depreciation down value proceeds disposal of buyers

-----------------------------(Rupees)------------------------------

Suzuki Shogan 4,700 4,073 627 15,000 Insurance claim EFU General

Insurance

Toyota Mark X 2,565,750 1,725,938 839,812 2,350,000 Quotation/bid Car Mate

Toyota Camry 2,811,600 1,124,640 1,686,960 2,750,000 Quotation/bid InterMarket

Securities Limited

Generator 95,000 68,083 26,917 31,000 Quotation/bid S.H Moon

Motor Cycles 330,247 282,245 48,002 146,250 Auction Nida Automobiles

Honda City 933,500 622,333 311,167 925,000 Quotation/bid Midway Motors

Suzuki Liana 775,000 490,833 284,167 550,000 Quotation/bid JS Bank Limited

(related party)

7,515,797 4,318,145 3,197,652 6,767,250

13. OTHER ASSETS

2010 2009

Rupees Rupees

Income/mark-up accrued 1,134,024 5,554,765

Advances, deposits, advance rent and other

prepayments 429,153 882,317

Tax deducted at source (net of provision) 1,003,261 1,233,973

Security deposits 484,284 373,684

Branch adjustment account 397,375

Insurance claim receivable 550,000

Others 15,911 54,493

3,616,633 8,496,607

14. DEPOSITS AND OTHER ACCOUNTS

2010 2009

Number Rupees Number Rupees

Fixed deposits 2 1,400,000 15 37,040,000

Saving deposits 1,761 14,361,858 1,694 28,815,732

Current deposits 13,459 13,264,693 9,744 45,050,115

15,222 29,026,551 11,453 110,905,847

14.1 Particulars of deposits by ownership

2010 2009

Number Rupees Number Rupees

Individual depositors 15,162 13,126,475 11369 56,455,033

Institutional depositors

- Corporation / firm 52 5,691,932 84 54,450,814

- Banks and financial institutions 8 10,208,144 - -

15,222 29,026,551 11453 110,905,847

15. OTHER LIABILITIES

Note 2010 2009

Rupees Rupees

Mark-up / return / interest payable 15.1 181,565 386,800

Bills payable 801,561 997,592

Accrued expenses 1,535,100 498,217

Payable to depositors' protection fund 15.2 12,503 12,503

Payable to workers' welfare fund 10,413

Security deposits against micro lease 9,456 9,441

Salary payable 84,263

Provident fund payable 77,572

EOBI contribution 5,880

Others 202 2,467

2,708,102 1,917,433

15.1 Includes Rs.3,011/- (2009: Rs.137,935/-) payable to related parties.

15.2 As per Prudential Regulations for Microfinance Banks, the Bank is required to establish and maintain Depositors' Protection Fund for the purpose

of mitigating risk of its depositors to which shall be credited not less than 5 percent of the annual profit after taxes.

16. SHARE CAPITAL

16.1 Authorized capital

No. of shares

2010 2009 2010 2009

No of Shares Rupees Rupees

50,000,000 50,000,000 Ordinary shares of Rs. 10/- each 500,000,000 500,000,000

16.2 Issued, subscribed and paid-up capital

No. of shares Ordinary shares of Rs. 10 each

2010 2009 fully paid in cash

30,000,000 15,000,000 Opening balance 300,000,000 150,000,000

15,000,000 Issued during the year 150,000,000

30,000,000 30,000,000 300,000,000 300,000,000

14.2 Includes deposits from related parties amounting to Rs. 10,161,003/- (2009: Rs.18,563,966/-).

Note 2010 2009

Rupees Rupees

8. CASH AND BALANCES WITH SBP AND NBP

Cash in hand - local currency 982,800 7,152,534

Balance with State Bank of Pakistan 8.1 1,788,517 5,656,816

2,771,317 12,809,350

8.1 Represents balance maintained in a current account with the State Bank of Pakistan to meet the requirements of

maintaining a minimum balance equivalent not less than 5% of the Bank's time and demand liabilities in accordance

with Regulation 6 of the Prudential Regulation.

Note 2010 2009

Rupees Rupees

9. BALANCES WITH OTHER BANKS/NBFIs/MFBs

In Pakistan

- on current account 4,484 4,484

- on deposit account 9.1 10,016,130 72,116,009

- on fixed deposit account - 34,000,000

10,020,614 106,120,493

9.1 These carry mark-up rates ranging from 5 to 12% percent (2009: 9 to 11.5 percent) per annum. Includes deposits

with related parties amounting to Rs. 5,614,905/- (2009: Rs. 43,002,406/-).

Note 2010 2009

Rupees Rupees

10. INVESTMENTS - net of provisions

Held for trading

Open ended mutual fund

- Pakistan Income Enhancement Fund 11,072 9,776

214.571 units (2009: 192.83 units)

Held-to-maturity

Federal Government Securities

- Market Treasury Bills 10.1 175,774,311 119,808,759

175,785,383 119,818,535

10.1 The effective yield of these Bills is from 12.75 to 13.42 percent (2009: 12.20 to 13.10 percent) per annum and has

a maturity ranging from January 2011 to June 2011.

11. ADVANCES - net of provisions2010 2009

NoteNumber Rupees Number Rupees

Micro credit 5717 60,820,140 3959 90,374,105Micro lease 11.1 17 798,732 41 1,699,833

61,618,872 92,073,938Less: Provision held:

- Specific 11,465,898 2,843,225- General 752,293 1,338,461

11.3 12,218,191 4,181,6865734 49,400,681 4000 87,892,252

11.1 Net investment in micro lease

2010 2009Not later Later than Over Total Not later Later than Over Total

than one year one and five than one year one and five

less than years less than years

five years five years

------------------------------------------------- (Rupees) -------------------------------------------------

Lease rentals receivable 215,062 765,426 - 980,488 928,572 1,274,954 - 2,203,526

Residual value 9,850 - 9,850 9,850 - 9,850

Minimum lease payments 224,912 765,426 - 990,338 928,572 1,284,804 - 2,213,376

Financial charges for future period (42,805) (148,801) - (191,606) (66,130) (447,413) - (513.543)

Present value of minimum lease

Payments 182,107 616,625 - 798,732 862,442 837,391 - 1,699,833

11.2 Particulars of non performing loan

Advances include Rs 32,231,278./- (2009: Rs. 19,325,763/-) which have been placed under non-performing status as

detailed below:

2010 2009

Amount Provision Provision Amount Provision Provision

outstanding required held outstanding required held

-------------------------------------------- (Rupees) --------------------------------------------------------

OAEM 7,971,759 13,544,237

Sub-standard 8,538,112 2,134,528 2,134,528 2,044,439 511,110 511,110

Doubtful 12,780,074 6,390,037 6,390,037 2,809,939 1,404,969 1,404,969

Loss 2,941,333 2,941,333 2,941,333 927,148 927,148 927,148

32,231,278 11,465,898 11,465,898 19,325,763 2,843,227 2,843,227

11.3 Particulars of provisions against non-performing advances

2010 2009

Specific General Total Specific General Total

------------------------------------------ (Rupees) ----------------------------------------------------

Opening balance 2,843,225 1,338,461 4,181,686 4,945,029 957,734 5,902,763

Charge/ (reversal) for the year 19,831,628 (586,168) 19,245,460 2,599,523 380,727 2,980,250

Amount written off 11.4 (11,208,955) (11,208,955) (4,701,327) (4,701,327)

11,465,898 752,293 12,218,191 2,843,225 1,338,461 4,181,686

2010 2009

Note -------------(Rupees)------------

11. 4 Particulars of write offs:

Against provision 11,208,955 4,701,327

12. OPERATING FIXED ASSETS

Property and equipments 12.1 10,028,344 14,746,058

Intangible assets 12.2 235,548 1,527,300

10,263,892 16,273,358

12.1 Property and equipments

2010

COST DEPRECIATION Written down

As at Additions/ As at Rate As at Charge for As at value as at

January (deletions) December % January the year/ December December 31,

01, 2010 31, 2010 01, 2010 (adjustment) 31, 2010 2010

------------------ (Rupees) ---------------------- ---------------------------- (Rupees) ----------------------------

Leasehold improvements 3,958,051 3,958,051 5 417,830 195,908 613,738 3,344,313

Furniture and fixtures 3,236,072 227,085 3,463,157 10 943,175 253,622 1,196,797 2,266,360

Electricity and office equipment 2,430,344 525,350 2,860,694 20 2,003,900 143,088 2,078,905 781,789

(95,000) (68,083)

Computer hardware 3,633,628 98,326 3,731,954 30 2,682,158 458,273 3,140,431 591,523

and peripheral

Motor vehicles 12,939,317 1,393,500 6,919,020 20 6,393,573 2,074,146 4,217,657 2,701,363

(7,420,797) (4,250,062)

Mobile bank vehicles 3,543,105 3,536,105 20 2,544,823 648,286 3,193,109 342,996

29,740,517 2,253,261 24,468,981 14,985,459 3,773,323 14,440,637 10,028,344

(7,515,797) (4,318,145)

2009

COST DEPRECIATION Written down

As at Additions/ As at Rate As at Charge for As at value as at

January (deletions) December % January the year) December December 31,

01, 2009 31, 2009 01, 2009 31, 2009 2009

------------------ (Rupees) ---------------------- ---------------------------- (Rupees) ----------------------------

Leasehold improvements 3,733,753 224,298 3,958,051 5 227,364 190,466 417,830 3,540,221

Furniture and fixtures 3,035,667 200,405 3,236,072 10 628,688 314,487 943,175 2,292,897

Electricity and 2,408,144 22,200 2,430,344 20 1,523,348 480,552 2,003,900 426,444

office equipment

Computer hardware 2,891,494 742,134 3,633,628 30 2,270,229 411,929 2,682,158 951,470

and peripheral

Motor vehicles 11,037,546 4,154,693 12,939,317 20 4,629,123 2,380,739 6,393,573 6,545,744

(2,252,922) (616,289)

Mobile bank vehicles 3,534,105 - 3,543,105 20 1,837,602 707,221 2,544,823 989,282

26,640,709 5,343,730 29,731,517 11,116,354 4,485,395 14,985,460 14,746,058

(2,252,922) (616,289)

17. MEMORANDUM / OFF- BALANCE SHEET ITEMS

There are no contingent liabilities at the year end.

LONDON: Oil prices turnedpositive on Tuesday asGaddafi's troops halted a rebeladvance, raising doubts amonginvestors over how quickly theconflict in OPEC memberLibya could be resolved.

Expectations of a relativelyswift restoration of Libyan oilto the market had been build-ing after the rebels mounted atwo-day charge westwards,retaking oil towns, but momen-tum stalled on Tuesday as theyhit fierce opposition aroundNawfaliyah, 120km (75 miles)east of Sirte.

Government forces in thewest launched fresh attacks on

rebels in Misrata, but USambassador to the UnitedNations Susan Rice said theObama administration had notruled out arming Libya's rebels.

Brent crude for May deliverywas 14 cents higher at $114.94by 1430 GMT, after earlierfalling more than a dollar. USlight crude was 11 cents up at$104.09.

In Japan, plutonium wasfound in soil at the Fuskushimanuclear complex, raising con-cerns it had breached the con-tainment system of reactor No.3, undermining hopes theworkers were getting the plantunder control.

Volume for US crude fell onMonday to the lowest this year,with trade limited in part, ana-lysts said, by concern about theprognosis for Japan.

To offset Libyan disruption,Saudi Arabia has increased out-put to around 9 million barrelsper day (bpd), around one mil-lion bpd more than its OPECtarget, which analysts have saidhas put a strain on its sparecapacity. As the kingdom scram-bled to maintain its 12.5 millionbpd oil capacity, specialist ener-gy bank Simmons & Co said onMonday Saudi Arabia plannedto expand its drilling rig countby 28 per cent. -Reuters

Oil turns positive on

Libya, Japan uncertainty

Cocoa pricesslide; Coffee

retreatsLONDON: Cocoa futures onICE fell to the lowest levels inmore than two months onTuesday as technically drivenselling overwhelmed supportprovided by the deepening con-flict in top grower Ivory Coast.

Arabica coffee futures alsoretreated further from a 34-yearhigh set earlier this month, butraw sugar futures rose as themarket eyed the outlook for theharvest in top producer Brazil.

May cocoa on ICE fell to$3,091 a tonne, its lowest levelsince Jan. 19, before recoveringslightly to $3,116 by 1426GMT, still down $132 or 4.1per cent on the day.

ABN AMRO/VM Group onTuesday maintained its forecastof a small global cocoa surplusin 2010/11 of 28,000 tonnesfollowing a deficit of 107,000tonnes in 2009/10.

Cocoa prices on Liffe alsotumbled, with July sliding to alow of 2,025 pounds beforeedging back up to 2,044pounds, still down 69 poundson the day.

Arabica coffee futures alsofell, with selling driven largelyby technical indicators againsta backdrop of supportive fun-damentals with supplies of highquality beans still tight.

May arabica coffee on ICEstood 1.95 cents or 0.7 per centlower at $2.62 per lb.

See # 20 Page 11

LONDON: Copper recoveredlosses on Tuesday from a one-week low, mirroring a rise inequities on improved riskappetite, but small gains werecapped by demand concerns,while aluminium hit a 2-1/2year high.

Three-month copper on theLondon Metal Exchangeclosed at $9,590 a tonne from$9,535 at the close on Monday.Earlier it touched a weekly lowof $9,429.50 per tonne.

Energy intensive aluminiumhit its loftiest levels sinceSeptember 2008 above $2,650a tonne, underpinned by unrestacross oil producing nationswhich has buoyed oil costs.

Global macro concerns haveresurfaced and along withexpected interest rate rises, are

weighing on the outlook forindustrial metals, said analystStephen Briggs of BNPParibas.

Aluminium hit a new 2-1/2year peak at $2,656. Inventoriesof copper at the London MetalExchange were down by 400tonnes to 439,500 tonnes, the lat-est data showed, however inven-tories have climbed over 25 percent since mid-December.

Tin, untraded in rings, waslast bid at $31,550 from a lastbid at $31,500 on Monday,while zinc closed at $2,375from $2,340.

Battery material lead endedat $2,685 from $2,628, and alu-minium finished at $2,648from a last bid at $2,615.

Nickel closed at $26,600from $26,220. -Reuters

Copper ends up but

demand worries weigh

Indian sugar

declinesMUMBAI: Indian spot sugarprices ended lower on subdueddemand but lesser supply bymills anticipating higher Aprilnon-levy quota after the gov-ernment eased exports, limitedthe fall, analysts and traderssaid.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety fell by14 rupees to 2,674 Indian rupees($59.68) per 100 kg.

Sugar contract for Aprildelivery on India's NationalCommodity and DerivativesExchange (NCDEX) closeddown 1.19 per cent at 2,718rupees per 100 kg. -Reuters

LONDON: Gold steadied near$1,420 an ounce on Tuesday asviolence in the Middle Eastboosted the metal's safe-havenappeal, but investors remain cau-tious towards the metal amidexpectations monetary policy isset to tighten.

Spot gold was bid at $1,418.22an ounce at 1444 GMT against$1,419.50 late in New York onMonday, having earlier fallen aslow as $1,410.85. US goldfutures for April delivery fell$1.50 an ounce to $1,418.40.

"I think the market is begin-ning to believe that there will beno QE3," said Saxo Bank seniormanager Ole Hansen. "We have

geopolitical unrest, rising infla-tion, weaker dollar and all ofthese have failed to make goldfly like last year."

St Louis Federal Reserve Bankpresident James Bullard said onTuesday the US economy wasstrong enough to curtail theFed's $600 billion bond-buyingprogram, while ECB chief Jean-Claude Trichet said on Mondaythe inflation rate in the euro-zone was "durably" above thebank's target.

Growing expectations US andeuro zone monetary policy maytighten have weighed on goldprices after unrest across theMiddle East and North Africa

pushed gold to a record$1,447.40 an ounce last week.

But the prospect of tighteningmonetary policy is casting ashadow over the gold outlook.

Holdings of the largest silverETF, the iShares Silver Trust, areon track for a small rise, howev-er, recovering after posting theirbiggest ever monthly outflow inJanuary. Silver slipped 0.5 percent, underperforming other pre-cious metals in its secondstraight session of losses, to$36.94 an ounce from $37.12.

Platinum was at $1,741.99 anounce against $1,745.70, whilepalladium was at $744.50against $742.03. -Reuters

Gold holds steady

KUALA LUMPUR: Malaysiancrude palm oil futures fell onTuesday as traders expect soyoilsupplies to swell on the incomingSouth American soy harvest.

Palm oil, which competes withsoyoil for use in food and fuel,could breach the 3,200 ringgitlevel although traders say thedownside is limited as priceshave become attractive for bigbuyers like China and India.

The benchmark June crude

palm oil contract on the BursaMalaysia Derivatives lost 0.9 percent to close at 3,252 ringgit($1,074.668) per tonne, aftergoing as low as 3,217 ringgit.

Overall trade stood at 25,926lots at 25 tonnes each, higherthan the usual 15,000 lots.

US soyoil for May deliveryrose 0.3 per cent despite recordParaguay soy crop expectationsahead of the US Department ofAgriculture's planting intentions

report due later this week. AReuters poll found US farmerswill plant fewer acres to soybeansthis year than they did last year,but seedings could be the thirdlargest ever. The most-active Sept2011 soyoil on China's DalianCommodity Exchange lost half aper cent on external markets withtraders saying the government'sreserve sale of over 91,000tonnes of rapeseed oil had littlemarket impact. -Reuters

Palm falls on ample soyoil

supply prospects

Wednesday, March 30, 20118

Volume 110,386,433

Value 5,399,632,518

Trades 64,548

Advanced 171

Declined 98

Unchanged 88

Total 357

Current 8,158.93

High 8,188.00

Low 8,075.59

Change h83.34

Current 11,711.40

High 11,750.75

Low 11,583.03

Change h128.37

Current 11,429.64

High 11,465.36

Low 11,303.08

Change h126.56

Market KSE 100 Index All Share Index KSE 30 Index

Current 19,840.28

High 19,908.34

Low 19,645.62

Change h194.66

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Maple Leaf Cement Factory Limited

MLCF closed up 0.02 at 2.36. Volume was 1,338 per cent above aver-

age (trending) and Bollinger Bands were 31 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs1.14 billion which

translates into a Loss Per Share of Rs2.40 for the half year of current

fiscal year (1HFY11).

MLCF is currently 19.6 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

very strong flows of volume into MLCF (bullish). Trend forecasting oscil-

lators are currently bullish on MLCF.

RSI (14-day) 51.21 Total Assets (Rs in mn) 26,094.94

MA (10-day) 2.32 Total Equity (Rs in mn) 4,134.21

MA (100-day) 2.68 Revenue (Rs in mn) 13,630.51

MA (200-day) 2.93 Interest Expense 2,059.48

1st Support 2.11 Loss after Taxation (2,583.96)

2nd Support 1.92 EPS 10 (Rs) (6.941)

1st Resistance 2.69 Book value / share (Rs) 11.11

2nd Resistance 3.08 PE 11 E (x) -

Pivot 2.50 PBV (x) 0.21

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

GHNL closed down -0.05 at 3.40. Volume was 437 per cent above

average (trending) and Bollinger Bands were 47 per cent narrower than

normal. The company's loss after taxation stood at Rs47.882 million

which translates into a Loss Per Share of Rs1.06 for the half year of

current fiscal year (1HFY11).

GHNL is currently 31.2 per cent below its 200-day moving average and

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

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

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

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

RSI (14-day) 40.31 Total Assets (Rs in mn) 3,360.48

MA (10-day) 3.43 Total Equity (Rs in mn) 633.20

MA (100-day) 4.47 Revenue (Rs in mn) 2,402.62

MA (200-day) 4.91 Interest Expense 147.33

1st Support 3.10 Loss after Taxation (88.89)

2nd Support 2.85 EPS 10 (Rs) (1.975)

1st Resistance 3.55 Book value / share (Rs) 14.07

2nd Resistance 3.75 PE 11 E (x) -

Pivot 3.30 PBV (x) 0.24

Ghandhara Nissan Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

MYBL closed down -0.04 at 1.99. Volume was 38 per cent below aver-

age and Bollinger Bands were 59 per cent narrower than normal. The

company's loss after taxation stood at Rs1.043 billion which translates

into a Loss Per Share of Rs1.97 for the year ended CY10.

MYBL is currently 17.4 per cent below its 200-day moving average and

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

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

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

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

RSI (14-day) 36.91 Total Assets (Rs in mn) 35,490.71

MA (10-day) 2.05 Total Equity (Rs in mn) 5,104.86

MA (100-day) 2.43 Revenue (Rs in mn) 3,368.22

MA (200-day) 2.41 Interest Expense 2,881.90

1st Support 1.90 Loss after Taxation (1,639.83)

2nd Support 1.75 EPS 09 (Rs) (3.092)

1st Resistance 2.20 Book value / share (Rs) 9.63

2nd Resistance 2.35 PE 10 E (x) -

Pivot 2.05 PBV (x) 0.21

Mybank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

PIOC closed up 0.05 at 5.98. Volume was 55 per cent below average(consolidating) and Bollinger Bands were 39 per cent narrower thannormal. The company's loss after taxation stood at Rs173.907 millionwhich translates into a Loss Per Share of Rs0.78 for the half year ofcurrent fiscal year (1HFY11).PIOC is currently 15.1 per cent below its 200-day moving average andis displaying an upward trend. Volatility is extremely low when com-pared to the average volatility over the last 10 trading sessions. Volumeindicators reflect moderate flows of volume into PIOC (mildly bullish).Trend forecasting oscillators are currently bullish on PIOC.

RSI (14-day) 48.83 Total Assets (Rs in mn) 10,325.49

MA (10-day) 5.99 Total Equity (Rs in mn) 2,218.22

MA (100-day) 6.71 Revenue (Rs in mn) 3,872.83

MA (200-day) 7.05 Interest Expense 392.66

1st Support 5.90 Loss after Taxation (590.93)

2nd Support 5.75 EPS 10 (Rs) (2.653)

1st Resistance 6.15 Book value / share (Rs) 9.96

2nd Resistance 6.25 PE 11 E (x) -

Pivot 6.00 PBV (x) 0.60

Pioneer Cement Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,413.83 1,441.64 1,415.33 1,427.86 14.03 0.99

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

8,480,375 12 - 65,194.15 mn 1,050,396.23 mn 1,427.86

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

9.81 3.19 32.54 55.94 5.70 1,408.98

Attock Petroleum 691 6.52 353.78 364.50 355.00 360.95 7.17 278042 401.00 321.00 300 20B115.00 -

Attock Refinery 853 5.09 119.80 125.50 120.00 125.07 5.27 2802310 146.90 98.25 - - - -

BYCO Petroleum 3921 - 9.13 9.47 9.22 9.27 0.14 733910 12.24 8.20 - - - -

Mari Gas Company XD 735 7.53 107.39 109.99 107.51 108.50 1.11 19835 141.65 99.46 31 - 23.43 -

National Refinery 800 6.15 284.31 298.52 285.30 296.38 12.07 590103 335.00 254.00 200 - - -

Oil & Gas Development 43009 9.26 136.02 139.00 135.90 136.93 0.91 1179697 185.00 134.85 55 - 15.00 -

Pak Petroleum 11950 7.57 205.77 208.15 206.11 206.96 1.19 470311 229.80 190.10 90 20B 50.00 -

Pak Oilfields 2365 7.52 321.04 327.97 322.16 326.16 5.12 2734067 341.50 277.09 255 -100.00 -

Pak Refinery Limited 350 - 93.97 98.00 94.94 97.03 3.06 110185 122.22 83.00 - - - -

P.S.O XD 1715 4.67 275.46 277.79 275.70 276.12 0.66 282738 317.79 265.00 80 - 50.00 -

Shell Gas LPG 226 - 27.06 26.50 26.25 26.36 -0.70 741 34.89 24.66 - - - -

Shell PakistanSPOT 685 11.03 212.19 215.60 214.00 215.02 2.83 12346 222.00 186.83 120 - - -

Paid up Last 60 days 2010 2011

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

970.71 989.68 968.35 977.01 6.30 0.65

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

5,541,700 211 73 47,070.70 mn 132,538.12 mn 977.01

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

6.69 0.58 8.64 16.68 2.49 970.71

Amtex Limited 2594 - 2.50 2.60 2.45 2.49 -0.01 98424 4.64 2.35 - 30B - -

Artistic Denim 840 7.19 20.00 20.00 19.25 20.00 0.00 13203 24.50 18.55 20 - - -

Azam Textile 133 0.44 2.87 2.84 2.72 2.73 -0.14 525 3.00 1.86 7.5 - - -

Azgard Nine 4493 - 8.61 8.81 8.65 8.69 0.08 1045790 12.84 8.05 - - - -

Babri Cotton 33 0.20 14.41 15.41 15.40 15.41 1.00 4810 16.60 9.50 - 15B - -

Bannu Woolen XD 76 0.60 20.12 21.12 20.80 21.12 1.00 52117 21.12 12.90 20 - - -

Bata (Pak) 76 4.43 518.29 537.70 505.00 510.18 -8.11 298 700.00 493.50 280 - - -

Bilal Fibres 141 0.72 1.03 1.00 1.00 0.95 -0.08 599 1.95 0.84 - - - -

Brothers Textile 98 - 0.59 0.59 0.50 0.59 0.00 150 1.31 0.13 - - - -

Crescent Jute 238 - 0.90 1.08 0.73 1.00 0.10 2130 1.43 0.32 - - - -

Crescent Textile 492 2.70 15.48 14.72 14.68 14.70 -0.78 2000 23.50 14.68 15 - - -

D M Textile 31 - 4.00 4.00 4.00 4.00 0.00 1500 4.00 1.99 - - - -

D S Ind Ltd 600 - 1.26 1.38 1.25 1.27 0.01 82937 1.96 1.03 - - - -

Dawood Lawrencepur 514 23.18 43.14 45.29 43.90 45.20 2.06 223949 49.05 35.00 5 15B - -

Dewan Khalid Textile 57 0.17 1.50 1.55 1.41 1.50 0.00 12009 3.10 1.41 - - - -

Din Textile 204 0.76 30.00 30.00 30.00 30.00 0.00 900 33.69 25.10 20 10B - -

Ellcot Spinning 110 0.60 26.73 26.99 26.05 26.56 -0.17 736 27.66 19.35 35 - - -

Faisal Spinning 100 0.73 35.00 36.75 36.75 36.75 1.75 500 36.76 32.50 50 - - -

Gadoon Textile XD 234 0.96 92.75 97.38 96.00 97.38 4.63 20622 97.38 65.00 70 - - -

Gillette Pakistan 192 22.85 53.58 56.25 52.66 56.21 2.63 1187 62.70 51.61 - - - -

Gul Ahmed Textile 635 3.07 41.75 43.83 42.05 43.83 2.08 1450 44.70 26.37 12.5 - - -

Gulshan Spinning 222 0.37 10.05 10.50 10.00 10.20 0.15 4692 11.00 6.56 10 20B - -

Hira Textile Mills Ltd. 716 0.89 4.47 4.45 4.42 4.42 -0.05 8800 5.20 3.31 10 - - -

Ibrahim Fibres 3105 3.54 47.28 49.44 46.50 48.98 1.70 117655 55.00 40.04 20 - - -

Idrees Textile 180 2.50 4.30 4.78 4.50 4.55 0.25 13500 4.95 3.01 10 - - -

Janana D Mal 48 0.33 14.40 15.40 14.00 15.40 1.00 17438 18.00 13.15 - - - -

Khalid Siraj 107 0.23 1.15 1.29 1.01 1.20 0.05 1004 1.69 0.25 - - - -

Kohinoor Ind 303 - 1.50 1.55 1.49 1.50 0.00 2781 1.98 0.75 - - - -

Kohinoor Mills 509 - 1.52 1.50 1.50 1.52 0.00 169 3.80 0.67 - - - -

Kohinoor Textile 1455 7.38 3.96 4.70 3.86 4.28 0.32 33247 5.95 3.60 - - - -

Mehmood Textile 150 1.04 59.00 59.00 59.00 59.00 0.00 450 70.30 53.68 60 - - -

Mohd Farooq 189 - 1.00 0.94 0.91 0.91 -0.09 2123 1.75 0.60 - - - -

Mukhtar Textile 145 - 0.43 0.44 0.24 0.40 -0.03 6242 0.84 0.13 - - - -

Nishat (Chunian) 1617 4.46 28.88 29.50 28.91 29.02 0.14 2111782 29.50 21.95 15 - - -

Nishat Mills 3516 5.77 64.72 65.55 64.85 65.00 0.28 1360788 71.89 57.20 25 45R - -

Pak Synthetic 560 3.15 19.78 20.00 18.78 19.74 -0.04 19136 20.00 8.90 - - - -

Prosperity 185 1.16 14.20 14.74 14.55 14.71 0.51 587 15.30 13.10 30 - - -

Quality Textile 160 2.26 13.75 14.00 14.00 14.00 0.25 500 14.25 12.25 15 - - -

Quetta Textile 130 0.92 51.00 53.55 52.99 51.00 0.00 222 54.10 37.98 20 - - -

Ravi Textile 250 - 1.01 1.10 0.94 1.00 -0.01 10749 1.70 0.40 - - - -

Regent Textile 48 86.62 23.70 22.52 22.52 22.52 -1.18 500 26.25 22.52 - - - -

Reliance Cotton 103 0.72 37.10 36.25 35.25 35.25 -1.85 21759 43.30 35.25 20 - - -

Reliance Weaving 308 0.65 12.25 12.90 12.50 12.50 0.25 1500 13.79 8.60 25SD - - -

Rupali Poly 341 3.97 42.49 43.00 42.60 42.69 0.20 1620 44.40 35.25 40 - - -

Saif Textile 264 0.44 9.32 9.60 8.80 9.00 -0.32 11504 11.50 3.90 - - - -

Sally Textile 88 0.27 7.02 7.76 7.10 7.15 0.13 23503 7.94 3.63 10 - - -

Sana Ind 55 2.94 38.85 40.79 40.00 38.85 0.00 212 49.66 38.00 60 - - -

Sargoda Spinning 312 1.33 4.58 5.00 4.35 4.40 -0.18 2500 5.00 2.25 5 - - -

Saritow Spinning 133 0.36 1.80 1.80 1.77 1.78 -0.02 55710 2.50 1.00 - - - -

Service Ind 120 6.63 190.31 198.00 180.80 180.80 -9.51 17486 253.00 180.80 75 - - -

Service Textile 44 0.48 0.40 0.50 0.50 0.50 0.10 500 0.60 0.40 - - - -

Shahpur Textile 140 0.63 0.45 0.45 0.45 0.45 0.00 1137 0.95 0.15 - - - -

Shahtaj Textile 97 1.39 22.50 22.00 22.00 22.00 -0.50 515 22.90 18.50 45 - - -

Thal Limited 307 5.30 105.67 108.50 105.00 106.78 1.11 32627 132.00 100.51 80 20B - -

Treet Corp 418 5.96 47.63 48.74 47.50 48.55 0.92 69272 62.40 44.10 - - - -

ZahidJee Textile 341 1.08 5.80 6.75 6.00 6.00 0.20 5010 6.80 2.27 - - - -

Zil Limited 53 4.77 66.57 68.00 65.00 65.30 -1.27 18278 87.90 50.50 35 - - -

Paid up Last 60 days 2010 2011

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,016.37 1,028.84 1,003.40 1,028.76 12.39 1.22

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

369,630 15 7 3,763.71 mn 4,912.52 mn 1,028.76

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

2.23 0.24 10.64 6.27 2.82 979.69

Diamond Ind 90 20.45 10.00 9.00 9.00 9.00 -1.00 1614 15.84 9.00 - - - -

Pak Elektron 1219 3.56 13.78 14.25 13.70 14.14 0.36 357294 15.88 12.07 - 10B - -

Singer Pak 341 21.35 19.00 18.30 18.30 19.00 0.00 146 24.09 17.55 - - - -

Tariq Glass Ind 231 1.70 12.80 13.00 12.86 12.89 0.09 10576 24.00 12.50 17.5 - - 200R

Paid up Last 60 days 2010 2011

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,952.94 2,012.09 1,962.68 1,983.96 31.02 1.59

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

207,169 61 16 11,335.33 mn 274,986.55 mn 1,983.96

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

45.59 13.81 30.30 30.57 0.67 1,898.27

AL-Noor Sugar 186 1.00 40.02 42.02 42.02 40.02 0.00 349 54.00 39.50 50 - - -

Chashma Sugar 287 3.42 8.50 8.75 8.75 8.75 0.25 500 13.00 8.00 10 - - -

Dewan Sugar 365 - 3.07 3.39 3.11 3.24 0.17 12162 4.10 2.52 - - - -

Faran Sugar 217 1.54 19.00 19.00 19.00 19.00 0.00 500 21.68 17.25 25 - - -

Habib Sugar 750 9.30 22.82 23.64 23.00 23.43 0.61 99349 33.55 20.25 25 25B - -

Habib-ADM Ltd 200 6.95 10.90 11.40 11.00 11.39 0.49 14240 12.60 10.80 40 - - -

Hussein Sugar 121 2.57 8.95 9.95 9.90 8.95 0.00 497 12.41 8.10 - - - -

J D W Sugar 539 1.30 73.88 75.55 73.60 73.60 -0.28 12742 92.50 68.00 7010B 12.5R - -

Kohinoor Sugar 109 - 3.00 3.89 3.88 3.00 0.00 102 5.95 2.45 - - - -

Mirza Sugar 141 - 3.35 3.31 3.20 3.20 -0.15 10000 6.70 2.65 10 - - -

National Foods 414 9.77 56.95 56.00 55.00 55.89 -1.06 3560 67.00 52.01 12 - - -

Noon Sugar 165 1.68 14.68 15.68 14.50 15.65 0.97 30315 15.68 9.00 - - - -

Pangrio Sugar 109 - 3.95 4.95 3.90 4.31 0.36 2575 6.75 3.00 10 - - -

S S Oil 57 0.26 4.05 4.25 4.20 4.20 0.15 14500 4.75 2.50 - - - -

Shahmurad Sugar 211 3.08 9.63 9.00 9.00 9.00 -0.63 2500 11.70 8.00 10 - - -

Shakarganj Mills 695 0.45 6.27 7.05 5.70 6.27 0.00 104 7.05 4.01 - - - -

Tandlianwala 1177 25.25 47.46 45.20 45.09 45.20 -2.26 2800 47.52 34.00 - - - -

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

1,110.07 1,134.32 1,102.81 1,116.59 6.52 0.59

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

300,071 19 4 6,768.53 mn 41,285.14 mn 1,116.59

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

3.79 0.96 25.35 20.42 5.38 1,086.10

Atlas Battery 101 5.53 206.91 213.89 207.05 208.22 1.31 18618 213.89 180.00 100 20B - -

Atlas Honda 626 9.72 142.52 144.00 137.00 139.92 -2.60 8027 144.00 118.74 50 15B - -

Dewan Motors 890 - 2.03 2.14 2.01 2.08 0.05 28500 2.54 1.50 - - - -

Exide (PAK) 56 4.90 192.15 201.75 199.00 199.94 7.79 4937 217.44 170.11 60 - - -

General Tyre 598 4.80 23.26 24.42 23.50 24.19 0.93 40227 26.74 21.08 20 - - -

Ghandhara Nissan 450 - 3.45 3.50 3.05 3.40 -0.05 128503 5.36 2.82 - - - -

Ghani Automobile Ind 200 5.94 3.99 4.28 4.00 4.28 0.29 9000 5.49 3.71 - - - -

Honda Atlas Cars 1428 - 10.00 10.40 10.00 10.00 0.00 7924 12.87 9.52 - - - -

Indus Motors XD 786 9.18 211.00 215.00 210.00 212.14 1.14 29590 309.73 207.00 150 - 50.00 -

Pak Suzuki 823 12.37 66.50 68.00 66.00 67.44 0.94 22906 74.80 60.00 5 - - -

Sazgar Engineering XD 150 4.24 23.40 24.35 23.50 23.50 0.10 1805 24.35 19.90 10 20B 10.00 -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,550.60 1,557.98 1,545.37 1,550.76 0.15 0.01

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

81,770 11 1 1,336.62 mn 30,929.64 mn 1,559.49

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

7.52 2.86 38.02 131.49 17.49 1,550.60

Ados Pak 66 6.74 9.01 9.02 8.50 8.90 -0.11 31767 17.70 8.50 - - - -

AL-Ghazi Tractor XD 215 4.56 202.85 203.80 201.00 202.68 -0.17 1011 244.95 199.05 400 - - -

Dewan Auto Engineering 214 - 1.40 1.40 1.25 1.25 -0.15 5012 2.00 0.74 - - - -

Ghandhara Ind 213 9.07 9.91 10.63 9.85 10.34 0.43 21285 13.50 8.25 - - - -

Hinopak Motor 124 - 106.00 106.50 102.00 105.00 -1.00 1267 138.00 102.00 - - - -

KSB Pumps 132 6.59 51.30 53.86 49.34 49.83 -1.47 2984 63.89 49.34 12.5 - - -

Millat Tractors 366 7.89 511.16 514.00 511.25 512.64 1.48 18136 568.40 466.27 650 25B325.00 -

Pak Engineering 57 - 119.91 114.00 113.92 113.92 -5.99 308 262.00 113.92 100 - - -

Paid up Last 60 days 2010 2011

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

962.51 965.94 945.99 959.35 -3.15 -0.33

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

292,468 13 2 3,043.31 mn 36,083.01 mn 962.51

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

2.72 1.20 43.91 15.55 5.71 918.40

Cherat Papersack 115 2.30 50.13 50.50 49.60 50.10 -0.03 4423 80.90 47.80 20 25B - 50R

ECOPACK Ltd 230 - 2.20 2.10 1.56 1.95 -0.25 170977 2.99 1.56 - - - -

Ghani Glass 1067 5.36 52.23 52.50 51.55 51.56 -0.67 1122 56.45 48.71 25 10B - -

MACPAC Films 389 2.56 9.78 10.09 9.40 9.41 -0.37 24001 10.40 2.50 - - - -

Packages Ltd 844 - 114.53 115.20 112.01 114.45 -0.08 6688 143.00 105.02 32.5 - - -

Tri-Pack Films XD 300 9.15 143.85 151.04 145.00 150.96 7.11 85184 151.04 119.10 100 - - -

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

844.38 882.52 846.54 866.07 21.69 2.57

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

16,102,330 37 6 54,792.74 mn 62,328.96 mn 866.07

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

6.18 0.44 7.10 19.04 3.08 842.59

Al-Abbas Cement 1828 - 2.50 2.81 2.55 2.60 0.10 9212 3.70 2.15 - 100R - -

Attock Cement 866 6.55 51.50 52.75 51.65 51.74 0.24 69565 63.35 48.50 50 - - -

Balochistan Glass Ltd 858 - 2.11 2.45 1.99 2.25 0.14 2014 3.19 1.99 - - - -

Berger Paints 182 - 16.47 16.70 16.05 16.21 -0.26 1563 23.25 14.72 - 122R - -

Cherat Cement 956 40.42 9.25 9.73 9.50 9.70 0.45 20485 11.50 8.00 - - - -

Dadabhoy Cement 982 12.69 1.69 1.79 1.51 1.65 -0.04 26003 2.05 1.50 - - - -

Dandot Cement 948 - 1.30 2.30 1.66 1.66 0.36 3169 3.39 1.25 - - - -

Dewan Cement 3891 - 1.64 1.79 1.65 1.69 0.05 209217 2.45 1.50 - - - -

DG Khan Cmt Ltd XR 3651 10.73 23.60 24.78 23.80 24.78 1.18 2717326 32.30 21.20 - 20R - 20R

Fauji Cement 6933 5.78 4.03 4.35 4.06 4.16 0.13 854798 5.35 3.97 - - - 92R

Fecto Cement 502 2.25 6.50 7.45 6.97 7.42 0.92 65371 8.00 6.30 - - - -

Flying Cement Ltd 1760 - 1.43 1.59 1.50 1.55 0.12 91200 1.95 1.30 - - - -

Frontier Ceramics 77 - 2.49 2.50 2.25 2.50 0.01 3515 3.40 0.71 - - - -

Gammon Pak 283 - 1.20 1.80 1.13 1.20 0.00 287 3.65 1.01 - - - -

Haydery Const 32 - 0.50 0.50 0.47 0.50 0.00 32000 0.99 0.25 - - - -

Javedan Cement 581 - 60.50 59.00 59.00 60.50 0.00 200 64.52 56.17 - - - -

Kohat Cement 1288 - 6.22 6.63 6.06 6.55 0.33 75122 6.95 5.11 - - - -

Lafarge Pakistan Cmt. 13126 - 3.03 3.31 3.10 3.21 0.18 734519 3.88 2.65 - - - -

Lucky Cement 3234 5.92 64.86 67.00 65.00 65.89 1.03 7572765 78.00 59.55 40 - - -

Maple Leaf Cement 5261 - 2.34 2.89 2.31 2.36 0.02 3492094 2.99 1.92 - - - -

Mustehkam Cement 417 - 11.46 11.00 10.46 10.48 -0.98 10300 15.35 10.46 - 210R - -

Pioneer Cement 2271 - 5.93 6.10 5.85 5.98 0.05 105000 7.45 5.17 - - - -

Safe Mix Concrete 200 - 5.36 5.66 5.01 5.02 -0.34 1523 7.95 4.41 - - - -

Thatta Cement 798 918.00 18.32 18.39 17.35 18.36 0.04 6601 19.19 16.20 - 50R - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

1,026.38 1,052.87 1,008.35 1,047.11 20.73 2.02

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

2,021,013 7 1 3,596.11 mn 9,896.80 mn 1,047.11

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

3.11 1.03 33.10 30.91 9.95 1,020.15

Crescent Steel XD 565 2.80 26.75 26.98 26.75 26.75 0.00 6925 31.00 25.67 30 - 10.00 -

Dost Steels Ltd 675 - 2.04 2.12 1.98 2.08 0.04 33508 2.98 1.80 - - - -

Huffaz Pipe XD 555 433.33 12.75 13.17 13.00 13.00 0.25 2387 16.51 12.26 - 25B 15.00 -

International Ind 1199 19.31 51.30 53.50 50.00 53.11 1.81 1978086 61.00 45.81 40 20B 15.00 -

Siddiqsons Tin 785 40.91 9.00 8.83 8.63 9.00 0.00 107 10.70 8.51 7.5 - - -

Paid up Last 60 days 2010 2011

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,072.13 1,085.51 1,066.96 1,075.32 3.19 0.30

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

21,286 4 1 1,186.83 mn 2,965.49 mn 1,075.32

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

5.52 0.41 7.47 25.28 4.58 1,063.38

Century Paper 707 - 16.40 16.95 16.52 16.78 0.38 10135 19.69 14.50 - - - -

Pak Paper Product 50 8.64 37.48 36.50 36.50 37.48 0.00 150 48.45 35.17 2533.33B - -

Security Paper 411 6.88 38.94 39.00 38.50 38.50 -0.44 11001 47.19 34.00 50 - - -

Paid up Last 60 days 2010 2011

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,792.60 1,825.52 1,791.26 1,812.36 19.76 1.10

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

38,085,018 36 6 52,251.88 mn 387,698.09 mn 1,812.36

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

8.76 3.07 35.00 48.81 5.57 1,749.74

Bawany Air 75 7.29 7.73 8.40 7.59 7.73 0.00 350 9.49 6.11 5 10R - -

BOC (Pak) 250 9.52 92.00 93.74 92.05 92.77 0.77 478 103.94 82.00 60 - - -

Clariant PakXDXB 341 5.10 141.27 143.00 141.00 142.41 1.14 8781 213.30 140.00 135 25B - -

Dawood HerculesXDXB 4813 4.12 73.47 74.89 73.01 73.63 0.16 252139 294.00 72.92 50 300B - -

Descon Chemical 1996 - 2.66 2.80 2.55 2.57 -0.09 83005 3.58 2.34 - - - -

Descon Oxychem Ltd. 1020 11.42 8.94 9.10 8.60 8.68 -0.26 1705980 9.60 6.00 - - - -

Dewan Salman 3663 - 2.83 2.95 2.77 2.81 -0.02 363719 3.45 2.26 - - - -

Engro Corp. LtdXDXB 3933 11.28 201.35 206.10 202.10 205.37 4.02 2922902 238.50 189.00 60 20B - -

Engro Polymer 6635 - 12.20 13.20 12.29 13.20 1.00 1799138 15.87 11.56 - 27.5R - -

Fatima Fertilizer 22000 - 13.31 13.55 13.15 13.22 -0.09 2115030 13.55 10.56 - - - -

Fauji Fertilizer 8482 8.19 132.40 133.79 132.01 133.02 0.62 1576399 157.90 108.00 130 25B - -

Fauji Fert.Bin Qasim XD 9341 7.83 41.25 41.89 41.30 41.49 0.24 7455831 43.99 34.75 65.5 - - -

Ghani Gases Ltd 725 10.15 11.06 11.84 11.24 11.57 0.51 251965 13.07 10.43 - - - -

ICI Pakistan 1388 9.44 160.18 167.45 160.15 165.18 5.00 654749 170.75 138.00 175 - - -

Leiner Gelatine 75 - 17.42 18.42 17.70 17.73 0.31 1241 18.42 9.15 - - - -

Lotte Pakistan XD 15142 5.94 15.90 16.31 15.93 16.17 0.27 18845692 16.80 13.24 5 - - -

Mandviwala 74 - 1.00 1.19 0.90 0.91 -0.09 8390 2.45 0.57 - - - -

Nimir Ind Chemical 1106 28.30 2.71 2.91 2.70 2.83 0.12 516973 3.34 1.62 - - - -

Shaffi Chemical 120 - 2.40 2.40 2.38 2.39 -0.01 2858 2.69 1.55 - - - -

Sitara Chem Ind 214 9.02 111.94 112.00 107.00 107.01 -4.93 1186 130.50 90.78 25 5B - -

Sitara Peroxide 551 8.00 18.98 19.65 18.25 18.57 -0.41 1712119 19.65 11.81 - - - -

United Distributors 92 - 14.10 14.89 13.10 14.87 0.77 3050 14.99 8.76 - - - -

Wah-Noble 90 5.69 36.50 37.00 36.50 37.00 0.50 4107 41.99 35.11 50 - - -

Paid up Last 60 days 2010 2011

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

926.14 959.78 926.01 952.62 26.48 2.86

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

593,001 9 - 3,904.20 mn 31,249.80 mn 952.62

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

7.07 1.58 22.31 44.54 6.30 906.14

Abbott (Lab) XD 979 7.15 84.98 86.79 83.05 85.90 0.92 5538 110.20 78.59 50 - - -

Ferozsons (Lab) XD 250 6.21 88.15 91.90 91.00 91.90 3.75 2338 98.00 85.00 - 20B 12.50 -

GlaxoSmithKline 1707 16.95 82.91 87.00 82.70 86.10 3.19 467320 88.00 68.00 40 15B - -

Highnoon (Lab) 165 6.91 28.04 29.44 29.44 29.44 1.40 1202 30.48 24.50 25 10B - -

IBL HealthCare Ltd 200 4.61 11.72 12.00 11.45 11.72 0.00 400 12.80 7.16 - - - -

Otsuka Pak 100 8.31 32.28 33.89 33.74 33.89 1.61 1800 35.70 29.50 - - 15 -

Searle Pak 306 5.68 63.00 66.15 64.35 65.00 2.00 114283 69.00 58.05 30 - - -

Paid up Last 60 days 2010 2011

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

677.34 704.11 674.19 702.49 25.15 3.71

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

48,193 4 2 3,242.17 mn 11,934.78 mn 702.49

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

5.06 1.29 25.53 11.08 2.19 672.04

Pak Int Cont.Terminal 1092 6.76 67.00 70.35 67.13 70.32 3.32 33498 75.72 63.00 40 - - -

PNSC 1321 8.52 31.00 31.00 30.00 30.67 -0.33 14695 38.90 29.35 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Picic Insurance # 30-Mar 05-Apr - - 05-Apr

Engro Polymer & Chemicals 31-Mar 14-Apr - 14-Apr

Saritow Spinning Mills # 31-Mar 06-Apr - - 31-Mar

Azam Textile Mills # 31-Mar 06-Apr - - 31-Mar

Sajjad Textile Mills # 01-Apr 08-Apr - - 08-Apr

Balochistan P Board # 01-Apr 08-Apr - - 08-Apr

Indus Dyeing & Mfg 01-Apr 07-Apr 50(I) - -

Yousuf Weaving Mills # 01-Apr 08-Apr - - 08-Apr

Kohinoor Spinning Mills # 01-Apr 08-Apr - - 08-Apr

Chakwal Spinning Mills # 01-Apr 08-Apr - - 08-Apr

IBL Healthcare # 02-Apr 08-Apr - - 08-Apr

First Credit & Investment Bank # 04-Apr 12-Apr - - 12-Apr

Ruby Textile Mills # 04-Apr 11-Apr - - 11-Apr

Hala Enterprises # 05-Apr 12-Apr - - 12-Apr

Shell Pakistan 05-Apr 19-Apr 80 (F) 28-Mar 19-Apr

BOC Pakistan 09-Apr 22-Apr 45 (F) 01-Apr 22-Apr

Pak Gum & Chemicals 11-Apr 18-Apr - 18-Apr

Philip Morris Pakistan 12-Apr 21-Apr 25 - 21-Apr

Pak Suzuki Motor 12-Apr 18-Apr 5 (F) - 18-Apr

Packages Ltd 12-Apr 20-Apr 32.5 - 20-Apr

Glaxosmithkline 13-Apr 20-Apr 40(F),15(B) - 20-Apr

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 8.57 8.2 7.8 7.93 -0.64 1299

Pakistan Cables 52 53.84 52 52.83 0.83 1496

TRG Pakistan Ltd. 2.97 3.09 2.98 3.01 0.04 515971

Murree Brewery Co. 100 103 99.25 100.7 0.7 9217

Shakarganj Food 1.5 1.5 1.5 1.5 0 5000

Shezan International 150 156 145 151.67 1.67 18731

Grays of Cambridge 46.48 47 45 45.93 -0.55 506

Pak Tobacco 93.02 95 93.02 93.04 0.02 1020

P.I.A.C.(A) 2.67 2.86 2.61 2.8 0.13 13742

AKD Capital Limited 39.35 40.3 39 40.13 0.78 702

Pace (Pak) Ltd. 3.06 3.19 3.01 3.05 -0.01 485202

Netsol Technologies 22.83 23.97 23.3 23.97 1.14 232146

Symbols Open High Low Close Change Vol

Wednesday, March 30, 20119

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 128.37 points at 11,711.40. Volume was

7 per cent below average and Bollinger Bands were 4 per cent nar-

rower than normal. As far as resistance level is concern, the market

will see major 1st resistance level at 11,780.45 and 2nd resistance

level at 11,849.45, while Index will continue to find its 1st support

level at 11,612.70 and 2nd support level at 11,514.00.

KSE 100 INDEX is currently 7.6 per cent above its 200-day mov-

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

as compared to the average volatility over the last 10 trading ses-

sions. Volume indicators reflect moderate flows of volume into

INDEX (mildly bullish). Trend forecasting oscillators are currently

bearish on INDEX.

RSI (14-day) 47.37 Support 1 11,612.70

MA (5-day) 11,579.77 Support 2 11,514.00

MA (10-day) 11,636.27 Resistance 1 11,780.45

MA (100-day) 11,769.52 Resistance 2 11,849.45

MA (200-day) 10,884.25 Pivot 11,681.75

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Target Price Recommendations

Technical Outlook

LUCK closed up 1.03 at 65.89. Volume was 457 per cent above

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

normal.

LUCK is currently 5.6 per cent below its 200-day moving average

and is displaying an upward trend. Volatility is high as compared to

the average volatility over the last 10 trading sessions. Volume indi-

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

Trend forecasting oscillators are currently bullish on LUCK.

Arif Habib Ltd 97.1 Buy

AKD Securities Ltd 87.61 Buy

TFD Research 86.15 Positive

RSI (14-day) 48.15 MTS Shares 305,800

MA (10-day) 65.28 MTS Rs 15,139,253

MA (100-day) 71.77 MTS Rate 16.82

MA (200-day) 69.80 ** NOI Rs (mn) 158.92

Free Float Shares (mn)129.35 Free Float Rs (mn) 8,522.87

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Target Price Recommendations

Technical Outlook

FFBL closed up 0.24 at 41.49. Volume was 15 per cent above average and

Bollinger Bands were 40 per cent wider than normal.

FFBL is currently 25.2 per cent above its 200-day moving average and is

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

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

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

tors are currently bearish on FFBL.

Arif Habib Ltd 37 Sell

AKD Securities Ltd 45.52 Accumulate

TFD Research 44.25 Neutral

RSI (14-day) 55.80 MTS Shares 421,000

MA (10-day) 39.64 MTS Rs 13,093,328

MA (100-day) 38.12 MTS Rate 16.90

MA (200-day) 33.14 ** NOI Rs (mn) 73.29

Free Float Shares (mn)326.94 Free Float Rs (mn) 13,564.68

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Target Price Recommendations

Technical Outlook

NBP closed up 0.20 at 56.90. Volume was 22 per cent below average and

Bollinger Bands were 285 per cent wider than normal.

NBP is currently 17.5 per cent below its 200-day moving average and is dis-

playing a downward trend. Volatility is extremely high when compared to the

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

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

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

ly indicating that NBP is currently in an oversold condition.

Arif Habib Ltd 68 Buy

AKD Securities Ltd 60.4 Accumulate

TFD Research 92.3 Positive

RSI (14-day) 24.46 MTS Shares 41,655

MA (10-day) 67.01 MTS Rs 1,778,573

MA (100-day) 72.27 MTS Rate 15.00

MA (200-day) 68.94 ** NOI Rs (mn) 78.46

Free Float Shares (mn)398.12 Free Float Rs (mn) 22,653.16

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Target Price Recommendations

Technical Outlook

ENGRO closed up 4.02 at 205.37. Volume was 10 per cent above average

and Bollinger Bands were 163 per cent wider than normal.

ENGRO is currently 8.1 per cent above its 200-day moving average and is

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

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

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

lators are currently bearish on ENGRO.

Arif Habib Ltd 224 Buy

AKD Securities Ltd 195.41 Neutral

TFD Research 245.4 Positive

RSI (14-day) 45.13 MTS Shares 736,000

MA (10-day) 202.21 MTS Rs 113,254,646

MA (100-day) 201.70 MTS Rate 16.95

MA (200-day) 189.97 ** NOI Rs (mn) 142.90

Free Float Shares (mn) 176.98 Free Float Rs (mn) 36,345.95

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Target Price Recommendations

Technical Outlook

POL closed up 5.12 at 326.16. Volume was 23 per cent above average

and Bollinger Bands were 56 per cent narrower than normal.

POL is currently 23.5 per cent above its 200-day moving average and is

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

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

reflect moderate flows of volume into POL (mildly bullish). Trend forecast-

ing oscillators are currently bullish on POL.

Arif Habib Ltd 359 Buy

AKD Securities Ltd 322.42 Neutral

TFD Research 363.65 Positive

RSI (14-day) 58.17 MTS Shares 172,900

MA (10-day) 318.08 MTS Rs 41,839,613

MA (100-day) 300.25 MTS Rate 17.68

MA (200-day) 264.06 ** NOI Rs (mn) 326.64

Free Float Shares (mn)107.94 Free Float Rs (mn) 35,206.68

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Target Price Recommendations

Technical Outlook

DGKC closed up 1.18 at 24.78. Volume was 30 per cent below average

and Bollinger Bands were 38 per cent narrower than normal.

DGKC is currently 7.2 per cent below its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bullish on DGKC.

Arif Habib Ltd 30.1 Buy

AKD Securities Ltd 28.72 Buy

TFD Research 36.45 Positive

RSI (14-day) 51.43 MTS Shares N/A

MA (10-day) 23.76 MTS Rs N/A

MA (100-day) 27.97 MTS Rate N/A

MA (200-day) 26.71 ** NOI Rs (mn) 79.93

Free Float Shares (mn)200.80 Free Float Rs (mn) 4,975.94

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 0.62 at 133.02. Volume was 31 per cent below average and

Bollinger Bands were 32 per cent narrower than normal.

FFC is currently 13.3 per cent above its 200-day moving average and is

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

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

reflect moderate flows of volume into FFC (mildly bullish). Trend forecast-

ing oscillators are currently bullish on FFC.

Arif Habib Ltd 144 Buy

AKD Securities Ltd 120.7 Reduce

TFD Research 129.4 Neutral

RSI (14-day) 53.42 MTS Shares 17,000

MA (10-day) 129.64 MTS Rs 1,689,533

MA (100-day) 128.18 MTS Rate 15.00

MA (200-day) 117.43 ** NOI Rs (mn) 39.22

Free Float Shares (mn)466.49 Free Float Rs (mn) 62,052.15

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

1,448.41 1,489.29 1,448.46 1,456.86 8.45 0.58

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

1,957,424 52 11 29,771.58 mn 18,694.75 mn 1,456.87

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

20.67 0.46 2.21 104.74 7.87 1,432.82

Allied Rental 600 3.94 17.19 17.74 17.74 17.74 0.55 500 17.74 15.00 22.5 - - -

AL-Meezan Mutual F. XD 1375 4.09 10.10 10.15 10.15 10.15 0.05 35046 11.50 8.06 18.5 - 5.00 -

AL-Noor Modaraba 210 1.89 3.50 3.25 3.25 3.25 -0.25 1425 3.50 2.85 5 - - -

Atlas Fund of Funds 525 1.82 6.85 6.90 6.80 6.85 0.00 1016234 6.97 4.25 2.2 - - -

B R R Guardian Mod. 780 1.84 1.68 1.70 1.69 1.69 0.01 3501 1.90 1.12 0 - - -

Crescent St Modaraba 200 1.16 0.56 0.58 0.42 0.51 -0.05 7517 0.80 0.40 1.2 - - -

Elite Cap Modaraba 113 3.35 3.00 2.75 2.75 2.75 -0.25 3142 3.49 2.12 5 - - -

Equity Modaraba 524 1.01 1.66 1.95 1.75 1.66 0.00 307 2.98 1.30 - - - -

First Dawood Mutual F. 581 0.72 2.16 2.11 2.09 2.10 -0.06 4000 2.57 1.61 - - - -

Golden Arrow 760 1.47 3.14 3.20 3.20 3.20 0.06 14086 3.89 2.92 17 - - -

H B L Modaraba 397 3.87 7.00 7.89 7.09 7.89 0.89 1992 9.00 6.81 11 - - -

Habib Modaraba 1008 6.27 7.47 7.59 7.27 7.27 -0.20 9020 7.79 6.65 21 - - -

JS Growth Fund 3180 2.39 6.01 6.34 6.20 6.21 0.20 89695 6.47 4.65 5 - - -

JS Value Fund 1186 1.30 5.35 5.50 5.39 5.40 0.05 90663 6.61 4.20 10 - - -

Meezan Balanced Fund 1200 2.69 9.16 9.39 9.13 9.35 0.19 304152 10.24 7.31 15.5 - - -

Nat Bank Modaraba 250 6.96 5.00 5.86 5.85 5.85 0.85 1000 7.58 4.80 10 - - -

Pak Modaraba 125 1.67 0.85 1.09 0.90 0.90 0.05 3007 1.49 0.85 3 - - -

PICIC Energy Fund XD 1000 3.03 7.29 7.45 7.25 7.33 0.04 42942 8.83 6.21 10 - 10.00 -

PICIC Growth Fund XD 2835 3.67 12.34 12.50 12.20 12.27 -0.07 52800 16.49 12.00 20 - 12.50 -

PICIC Inv Fund XD 2841 2.82 5.38 5.50 5.16 5.19 -0.19 70977 7.95 5.10 10 - 7.50 -

Prud Modaraba 1st 872 1.92 1.00 1.10 1.00 1.00 0.00 200002 1.20 0.80 3 - - -

Punjab Modaraba 340 - 1.36 1.03 1.03 1.36 0.00 499 1.99 0.85 1 - - -

Stand Chart Modaraba 454 4.90 9.75 9.75 9.53 9.60 -0.15 1423 10.63 9.20 17 - - -

Tri-Star Mutual 50 0.67 1.01 1.19 0.86 1.01 0.00 982 1.93 0.60 - - - -

Trust Modaraba 298 2.39 1.95 2.01 2.01 2.01 0.06 2454 2.49 1.16 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

329.01 339.48 327.74 331.38 2.36 0.72

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

1,884,351 41 6 30,336.44 mn 15,824.45 mn 335.95

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

11.49 0.21 0.91 99.56 4.30 329.01

AMZ Ventures 225 1.21 0.60 0.63 0.52 0.58 -0.02 17328 0.93 0.33 - - - -

Arif Habib Investments 360 3.91 22.68 23.79 22.30 23.00 0.32 2704 24.86 17.01 - 20B - -

Arif Habib Limited 450 16.62 20.76 20.80 20.13 20.28 -0.48 17110 28.00 18.31 - 20B - -

Arif Habib Corp 3750 4.89 24.93 25.45 24.80 25.02 0.09 3770056 30.20 18.75 30 - - -

Dawood Equities 250 506.67 1.69 1.65 1.52 1.52 -0.17 2221 2.75 1.06 - - - -

IGI Investment Bank 2121 9.09 2.01 2.19 2.00 2.00 -0.01 13001 3.90 1.90 - - - -

Invest Bank 2849 - 0.50 0.51 0.37 0.50 0.00 274 1.09 0.31 - - - -

Ist Cap Securities 3166 - 3.00 3.28 3.07 3.10 0.10 33975 3.79 2.90 - 10B - -

Ist Dawood Bank 626 0.84 1.50 1.60 1.60 1.60 0.10 1000 2.00 1.24 - - - -

Jah Siddiq Co 7633 - 8.52 8.75 8.51 8.60 0.08 1570083 12.80 8.01 10 - - -

JOV and CO 508 762.50 3.08 3.22 3.01 3.05 -0.03 77324 4.49 2.58 - - - -

JS Global Cap 500 6.33 22.36 22.65 22.00 22.03 -0.33 3972 31.50 20.80 - - - -

JS Investment 1000 - 5.87 6.00 5.76 5.80 -0.07 42867 7.40 5.00 - - - -

KASB Securities 1000 7.74 4.60 4.89 4.56 4.72 0.12 3955 5.43 3.75 - - - -

Orix Leasing 821 3.99 5.55 5.90 5.75 5.75 0.20 10712 6.75 5.25 - - - -

Pervez Ahmed Sec 775 3.83 1.85 1.94 1.82 1.84 -0.01 69305 2.49 1.21 - - - -

Trust Inv Bank 586 0.56 2.00 2.00 1.50 2.00 0.00 18500 2.00 0.61 - - - -

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

771.40 786.96 763.75 766.99 -4.42 -0.57

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

10,698 4 - 2,290.72 mn 8,976.17 mn 772.18

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

5.44 3.03 3.85 355.53 4.52 744.68

EFU Life Assurance 850 14.19 60.00 62.00 60.22 60.60 0.60 8335 79.80 51.31 50 - - -

New Jub Life Insurance XD627 20.11 49.00 48.90 47.01 47.05 -1.95 2363 49.00 39.05 15 - - -

Paid up Last 60 days 2010 2011

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,116.33 1,141.46 1,115.30 1,133.32 16.98 1.52

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

15,421,559 27 - 257,548.02 mn 665,805.70 mn 1,133.32

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

7.17 1.00 13.94 40.49 5.65 1,107.07

Allied Bank Ltd.XDXB 8603 5.75 59.51 61.00 58.98 60.93 1.42 77641 74.00 57.00 40 10B - -Askari Bank XB 7070 5.91 12.48 12.55 12.25 12.41 -0.07 212038 19.25 12.13 - 10B - -Bank Alfalah 13492 7.18 9.85 9.90 9.66 9.69 -0.16 282237 11.99 8.75 - - - -Bank AL-HabibXDXB 8786 5.97 29.15 29.50 28.75 29.36 0.21 141780 39.49 26.95 20 20B - -Bank Of Khyber 5004 3.69 4.15 4.20 4.15 4.17 0.02 15728 4.65 3.30 - - - -Bank Of Punjab 5288 - 6.19 6.30 5.95 5.97 -0.22 8016110 10.23 5.95 - - - -BankIslami Pak 5280 41.78 3.62 3.85 3.60 3.76 0.14 117600 4.50 3.06 - - - -Faysal Bank 7327 4.02 12.18 12.50 12.17 12.45 0.27 231031 16.40 10.69 - 20B - -Habib Bank LtdXDXB 11021 6.70 105.30 107.50 105.97 107.32 2.02 64672 131.00 104.16 65 10B - -Habib Metropolitan Bank XB 10478 5.88 18.66 19.30 18.60 19.23 0.57 15157 29.10 18.50 - 20B - -JS Bank Ltd 8150 - 2.72 2.80 2.70 2.75 0.03 104025 3.16 2.30 - 66R - -KASB Bank Ltd 9509 - 1.42 1.48 1.37 1.41 -0.01 88209 2.60 1.37 - - - -MCB Bank LtdXDXB 8362 9.07 197.03 202.00 197.80 201.38 4.35 809827 250.48 192.20 85 10B - -Meezan Bank XB 8030 7.18 16.51 17.15 16.70 16.95 0.44 26668 20.30 16.26 - 15B - -Mybank Ltd 5304 - 2.03 2.20 1.90 1.99 -0.04 117209 3.40 1.70 - - - -National BankXDXB 16818 4.97 56.70 57.70 56.61 56.90 0.20 3572648 81.78 54.85 75 25B - -Network Mic Bank 300 - 1.15 1.50 1.40 1.49 0.34 15000 2.65 0.76 - - - -NIB Bank 40437 - 2.05 2.08 2.04 2.07 0.02 326385 3.35 1.90 -154.79R - -Samba Bank 14335 - 1.65 1.72 1.64 1.64 -0.01 193015 2.12 1.50 -63.46R - -Silkbank Ltd 26716 - 2.09 2.14 2.05 2.08 -0.01 366627 3.05 2.02 - - - -Soneri Bank 6023 29.05 6.05 6.28 6.05 6.10 0.05 123140 8.30 5.00 - - - -Stand Chart Bank XD 38716 8.74 8.20 8.48 8.30 8.30 0.10 6606 9.90 6.28 6 - - -Summit Bank Ltd 7251 - 2.57 2.72 2.50 2.51 -0.06 201460 4.63 2.36 - - - -United Bank Ltd XD 12242 7.15 59.63 60.98 59.90 60.82 1.19 498206 70.39 56.70 50 - - -

Paid up Last 60 days 2010 2011

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

747.35 762.89 738.17 751.32 3.97 0.53

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

2,976,920 34 22 11,111.34 mn 48,059.53 mn 751.32

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

12.77 0.66 5.20 79.54 6.23 730.52

Adamjee Insurance 1237 17.54 72.15 73.75 71.00 73.51 1.36 1127362 96.40 68.92 25 - - -

Paid up Last 60 days 2010 2011

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,395.37 1,417.60 1,388.50 1,392.97 -2.39 -0.17

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

220,366 2 - 12,202.80 mn 31,190.11 mn 1,409.97

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

9.11 1.04 11.41 66.79 7.33 1,390.85

Sui North Gas 5491 11.60 19.56 19.97 19.60 19.72 0.16 154482 29.39 19.11 20 - - -Sui South Gas 8390 3.66 24.51 24.80 24.25 24.27 -0.24 65884 27.90 20.55 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

1,335.74 1,351.90 1,332.92 1,344.15 8.41 0.63

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

4,458,415 15 1 95,369.29 mn 104,001.28 mn 1,344.15

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

13.63 1.27 9.35 104.13 7.64 1,326.73

Genertech 198 - 0.65 0.75 0.55 0.65 0.00 26902 0.98 0.55 - - - -Hub Power XD 11572 6.82 37.05 37.38 36.92 37.25 0.20 927130 41.20 35.90 50 - 25.00 -Japan Power 1560 - 1.37 1.50 1.35 1.40 0.03 67450 1.89 1.25 - - - -KESC 7932 - 2.51 2.60 2.52 2.53 0.02 169992 3.55 2.31 - 7.8R - -Kohinoor Energy 1695 7.73 17.00 18.00 17.43 17.78 0.78 2656 22.85 16.00 15 - 10.00 -Kohinoor Power 126 2.34 3.25 3.69 3.00 3.00 -0.25 5667 5.38 2.45 - - - -Kot Addu Power XD 8803 5.27 41.00 41.25 40.82 41.05 0.05 1568520 45.85 39.80 50 - 30.00 -Nishat Chunian Power Ltd 3673 3.20 15.86 16.10 15.87 15.95 0.09 370375 18.01 14.05 - - - -Nishat Power Ltd 3541 2.52 16.90 17.30 17.01 17.25 0.35 1275194 18.70 14.85 - - - -Sitara Energy Ltd 191 5.18 17.01 17.00 16.81 17.00 -0.01 6353 19.25 16.40 20 - - -Southern Electric 1367 - 1.73 1.75 1.69 1.70 -0.03 34676 2.39 1.41 - - - -Tri-star Power XD 150 - 0.60 0.63 0.31 0.63 0.03 3500 1.31 0.31 - - - -

Paid up Last 60 days 2010 2011

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

994.86 1,010.60 993.27 1,003.36 8.50 0.85

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

2,215,528 5 - 50,077.79 mn 69,228.83 mn 1,003.36

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

5.44 0.70 12.84 62.56 11.51 994.28

Pak Datacom XD 78 5.22 48.00 49.88 48.00 48.00 0.00 269 82.39 45.05 80 - 15.00 -Pakistan Telecomm Co A 37740 11.34 16.89 17.10 16.90 17.01 0.12 1472486 20.65 16.61 17.5 - - -Telecard 3000 1.26 1.92 1.98 1.86 1.91 -0.01 143124 2.48 1.60 1 - - -WorldCall Tele 8606 - 2.51 2.63 2.47 2.60 0.09 599649 3.11 2.15 - - - -Wateen Telecom Ltd 6175 - 2.99 3.05 2.88 2.99 0.00 280300 4.65 2.65 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 255 4.72 11.00 11.01 11.00 11.00 0.00 2000 11.80 9.51 -10B 25R - -

Atlas InsuranceXDXB 443 4.22 27.73 28.00 27.61 27.75 0.02 4900 42.90 26.60 - 20B - -

Central Insurance XB 279 6.02 106.44 108.01 105.35 106.03 -0.41 12332 108.50 61.30 25 50B - -

Century Insurance 457 6.46 10.21 10.59 10.25 10.34 0.13 43303 11.99 8.90 - - - -

EFU General Insurance 1250 - 34.72 35.18 34.50 34.56 -0.16 10191 45.00 32.25 12.5 - - -

Habib Insurance 400 3.28 13.20 13.92 13.00 13.76 0.56 19900 15.50 11.72 - - - -

IGI Insurance 718 8.59 99.59 100.00 98.50 100.00 0.41 9271 102.44 88.11 30 55B - -

New Jub Insurance 791 11.96 67.35 70.70 68.00 68.04 0.69 4751 70.70 56.00 35 25B - -

Pak Reinsurance 3000 46.10 18.47 18.67 17.81 17.98 -0.49 1640010 19.40 13.80 - - - -

Pak Gen Insurance 250 2.13 8.65 9.00 8.93 9.00 0.35 6400 9.95 6.20 - - - -

Premier Insurance 303 6.66 11.61 12.47 11.87 12.32 0.71 32379 12.93 10.10 - - - -

Reliance Insurance XB 252 3.82 8.13 8.25 7.70 7.86 -0.27 13702 8.25 6.20 - 12.5B - -

Shaheen Insurance 200 - 11.06 12.06 11.00 12.06 1.00 13921 14.20 8.85 - - - 25R

Silver Star Insurance 253 4.61 7.00 7.49 6.75 6.77 -0.23 24323 8.20 6.01 - 15B - -

United Insurance XB 400 2.37 7.50 7.65 7.01 7.22 -0.28 12154 7.90 5.50 - - - -

UPTO 100 VOLUME

FECS 37.85 35.96 35.96 37.85 0.00 100

LEUL 2.10 1.97 1.97 2.10 0.00 100

NOPK 21.00 21.00 21.00 21.00 0.00 100

SAPL 150.00 150.00 150.00 150.00 0.00 100

SURC 37.50 37.50 37.50 37.50 0.00 65

SIEM 1074.75 1051.01 1051.00 1051.00 -23.75 60

NESTLE 3223.96 3385.15 3240.00 3289.65 65.69 55

MSOT 18.80 18.00 17.80 18.80 0.00 51

NBF 4.74 5.24 4.88 4.74 0.00 49

IDYM 315.82 310.01 300.03 301.23 -14.59 47

CML 2.48 2.74 2.20 2.48 0.00 41

AGIL 71.01 71.99 70.80 71.01 0.00 32

RMPL 2400.52 2380.00 2300.00 2300.95 -99.57 27

AGL 22.67 23.19 23.00 22.67 0.00 21

SHJS 65.56 68.83 68.78 65.56 0.00 21

ISIL 82.13 78.10 78.05 82.13 0.00 20

PRET 31.75 31.10 30.38 31.00 -0.75 20

WYETH 950.00 920.10 920.00 950.00 0.00 20

ULEVER 4788.83 4949.98 4850.00 4904.86 116.03 19

MERIT 29.48 29.80 28.61 29.48 0.00 13

AGSML 5.50 4.60 4.55 5.50 0.00 12

COLG 759.03 742.00 721.08 759.03 0.00 11

PIL 11.60 12.23 11.61 11.60 0.00 11

CSIL 4.24 3.50 3.50 4.24 0.00 10

MRNS 53.32 54.00 54.00 53.32 0.00 10

SPLC 0.94 0.68 0.68 0.94 0.00 10

IDSM 9.25 10.00 8.30 9.25 0.00 9

PMPK 245.19 237.00 237.00 245.19 0.00 6

SHFA 29.21 30.67 29.25 29.25 0.03 6

BAWS 5.54 6.45 5.42 5.54 0.00 5

MODAM 1.20 1.29 1.29 1.20 0.00 5

SCLL 2.50 2.93 2.93 2.50 0.00 5

SALT 64.50 65.49 65.49 64.50 0.00 4

YOUW 1.20 1.39 1.39 1.20 0.00 4

SCL 85.50 86.10 81.23 85.50 0.00 3

TSBL 3.02 4.00 2.31 3.02 0.00 3

DSML 2.55 3.00 2.03 2.55 0.00 2

FCONM 1.20 1.45 1.44 1.20 0.00 2

FFLM 1.41 1.70 1.70 1.41 0.00 2

ILTM 210.50 221.02 221.02 210.50 0.00 2

SAPT 111.52 114.00 114.00 111.52 0.00 2

SIBL 2.65 3.00 3.00 2.65 0.00 2

TREI 1.30 1.64 1.11 1.30 0.00 2

BAFS 58.00 55.10 55.10 58.00 0.00 1

BUXL 9.00 9.94 9.94 9.00 0.00 1

CHBL 2.58 2.78 2.78 2.58 0.00 1

CSMD 7.10 6.98 6.98 7.10 0.00 1

CSUML 3.01 2.80 2.80 3.01 0.00 1

DADX 17.77 18.67 18.67 17.77 0.00 1

EMCO 2.10 2.38 2.38 2.10 0.00 1

HAJT 0.50 0.90 0.90 0.50 0.00 1

HMIM 1.00 1.00 1.00 1.00 0.00 1

KCL 7.10 6.10 6.10 7.10 0.00 1

MIRKS 43.27 45.43 45.43 43.27 0.00 1

SANSM 12.20 11.85 11.85 12.20 0.00 1

SMTM 5.45 6.30 6.30 5.45 0.00 1

TRPOL 0.52 0.75 0.75 0.52 0.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFBL-APR 41.62 42.19 41.52 41.77 0.15 1538500

POL-APR 323.84 330.30 324.40 328.92 5.08 978000

DGKC-APR 23.83 25.02 24.00 25.02 1.19 553500

ENGRO-APR 203.47 208.00 203.70 207.43 3.96 546500

NBP-APR 57.32 58.10 57.18 57.54 0.22 545000

LUCK-APR 65.51 67.49 65.98 66.52 1.01 220000

FFC-APR 133.46 134.89 133.20 134.28 0.82 204000

MCB-APR 198.94 203.84 199.60 202.91 3.97 124000

ATRL-APR 121.17 126.50 121.00 125.65 4.48 91500

NML-APR 65.10 65.90 65.20 65.40 0.30 79000

PPL-APR 207.20 209.89 208.00 208.91 1.71 67000

UBL-APR 60.60 61.20 60.70 61.00 0.40 7000

PTC-APR 17.01 17.23 17.23 17.23 0.22 2500

Symbols Open High Low Close Change Vol

MTS LEVERAGE POSITIONSymbol Total Volume Total Value MTS Rate

AHCL 90,000 1,633,763 20.00

AICL 4,000 220,500 18.00

AKBL 12,000 111,720 -

ANL 101,100 661,903 18.00

ATRL 152,767 13,976,834 18.50

ENGRO 736,000 113,254,646 16.95

FFBL 421,000 13,093,328 16.90

FFC 17,000 1,689,533 15.00

LOTPTA 2,538,000 30,351,401 18.01

LUCK 305,800 15,139,253 16.82

MCB 23,000 3,484,500 16.19

NBP 41,655 1,778,573 15.00

NML 5,000 239,618 -

OGDC 500 50,738 -

PAKRI 1,000 12,773 -

POL 172,900 41,839,613 17.68

PPL 5,000 776,250 15.00

PSO 500 102,739 -

PTC 50 632 -

SSGC 90,000 1,671,075 -

TOTAL 4,717,272 240,089,387 17.07

Al-Abbas Cement 49.89 2.50 2.40 2.75 2.90 2.65

Allied Bank Limited 45.44 59.60 58.30 61.60 62.30 60.30

Attock Cement 49.97 51.35 50.95 52.45 53.15 52.05

Arif Habib Corp 60.47 24.75 24.45 25.40 25.75 25.10

Arif Habib Limited 41.11 20.00 19.75 20.65 21.05 20.40

Adamjee Insurance 38.79 71.75 70.00 74.50 75.50 72.75

Askari Bank 25.58 12.25 12.10 12.55 12.70 12.40

Azgard Nine 39.34 8.65 8.55 8.80 8.90 8.70

Attock Petroleum 53.57 355.80 350.65 365.30 369.65 360.15

Attock Refinery 58.76 121.55 118.00 127.05 129.00 123.50

Bank Alfalah 47.80 9.60 9.50 9.85 10.00 9.75

BankIslami Pak 58.98 3.65 3.50 3.90 4.00 3.75

Bank.Of.Punjab 23.40 5.85 5.70 6.20 6.40 6.05

Dewan Cement 42.70 1.65 1.55 1.75 1.85 1.70

D.G. K.Cement 51.34 24.10 23.45 25.10 25.45 24.45

Dewan Salman 50.22 2.75 2.65 2.90 3.00 2.85

Dost Steels Ltd 45.68 2.00 1.90 2.15 2.20 2.05

EFU General Insurance 38.54 34.30 34.05 35.00 35.45 34.75

EFU Life Assurance 52.40 59.90 59.15 61.65 62.70 60.95

Engro Corp 45.17 202.95 200.50 206.95 208.50 204.50

Faysal Bank 43.31 12.25 12.05 12.55 12.70 12.35

Fauji Cement 44.07 4.05 3.90 4.30 4.50 4.20

Fauji Fert Bin 55.82 41.25 40.95 41.80 42.15 41.55

Fauji Fertilizer 53.49 132.10 131.15 133.85 134.70 132.95

Habib Bank Ltd 35.89 106.35 105.40 107.90 108.45 106.95

Hub Power 42.41 37.00 36.70 37.45 37.65 37.20

ICI Pakistan 60.21 161.05 156.95 168.35 171.55 164.25

Indus Motors 24.63 209.75 207.40 214.75 217.40 212.40

J.O.V.and CO 41.08 2.95 2.90 3.15 3.30 3.10

Japan Power 45.71 1.35 1.25 1.50 1.55 1.40

JS Bank Ltd 49.16 2.70 2.65 2.80 2.85 2.75

Jah Siddiq Co 44.21 8.50 8.40 8.75 8.85 8.60

Kot Addu Power 42.18 40.85 40.60 41.25 41.45 41.05

K.E.S.C 42.18 2.50 2.45 2.60 2.65 2.55

Lotte Pakistan 58.43 15.95 15.75 16.35 16.50 16.15

Lucky Cement 48.04 64.90 63.95 66.90 67.95 65.95

MCB Bank Ltd 39.85 198.80 196.20 203.00 204.60 200.40

Maple Leaf Cement 51.20 2.15 1.95 2.75 3.10 2.50

National Bank 24.51 56.45 56.00 57.55 58.15 57.05

Nishat (Chunian) 65.09 28.80 28.55 29.35 29.75 29.15

Netsol Technologies 61.44 23.55 23.10 24.20 24.40 23.75

NIB Bank 37.69 2.00 1.95 2.10 2.15 2.05

Nimir Ind.Chemical 55.52 2.70 2.60 2.90 3.00 2.80

Nishat Mills 55.38 64.70 64.45 65.40 65.85 65.15

Oil & Gas Dev. XD 27.06 135.55 134.20 138.65 140.40 137.30

PACE (Pakistan) Ltd. 53.82 2.95 2.90 3.15 3.25 3.10

Pervez Ahmed Sec 45.02 1.80 1.75 1.90 2.00 1.85

P.I.A.C.(A) 53.45 2.65 2.50 2.90 3.00 2.75

Pioneer Cement 48.75 5.85 5.75 6.10 6.25 6.00

Pak Oilfields 58.12 322.90 319.60 328.70 331.25 325.45

Pak Petroleum 50.45 206.00 205.05 208.05 209.10 207.05

Pak Suzuki 61.20 66.30 65.15 68.30 69.15 67.15

P.S.O. XD 45.20 275.30 274.45 277.40 278.65 276.55

P.T.C.L.A 37.20 16.90 16.80 17.10 17.20 17.00

Shell Pakistan 65.84 214.15 213.25 215.75 216.45 214.85

Sui North Gas 32.99 19.55 19.40 19.90 20.15 19.75

Sitara Peroxide 70.32 18.00 17.40 19.40 20.20 18.80

Sui South Gas 48.28 24.10 23.90 24.65 25.00 24.45

Telecard 41.75 1.85 1.80 2.00 2.05 1.90

TRG Pakistan 46.32 2.95 2.90 3.10 3.15 3.05

United Bank Ltd 47.48 60.15 59.50 61.25 61.65 60.55

WorldCall Tele 53.19 2.50 2.40 2.65 2.75 2.55

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Habib Insur Co Ltd 30-Mar 12:00

Al Meezan Mutual Fund Ltd 30-Mar 9:30

Olympia Textile Mills Ltd 30-Mar 12:30

Ghani Value Glass Ltd 31-Mar 2:00

United Insur 31-Mar 10:00

Shahtaj Sugar Mills Ltd 31-Mar 11:30

Singer Pak Ltd 31-Mar 11:30

Crescent Star Insur Comp Ltd 31-Mar 11:30

BOARD MEETINGS

Company Date Time

Wednesday, March 30, 201110

Cricket fans pose as they engage in a tug-of-war for

a replica of the WC trophy using their teeth

SYDNEY: Ricky Ponting quitas Australian captain onTuesday with Cricket Australiascheduling a press conferencefor the major announcement. "Iwill give my full support to thenext Australian captain,"Ponting told a room full ofjournalists, bringing an end tohis nine year reign as the skip-per of the most successfulcricket team in the modern ver-sion of the game.

"This decision has been madeby me and no one has asked meto quit," Ponting said, dismiss-ing any rumours about himbeing pressured into quitting.

"I`ve had no tap on the shoul-der from anyone. This is a deci-sion wholly and solely fromme. I thought the timing wasspot on," Ponting said at apress conference in Sydney.

"All that being said, I`vemade it very clear to selectorsthat I`m available (to keepplaying Test and one-day crick-et for Australia)," he added.

Deputy Michael Clarke isexpected to replace Ponting asskipper of the Australian Testand one-day teams. The 36-year-old Tasmanian denied thathe was forced to take the deci-sion.

"I`ll have the opportunityover the next couple of days to

reflect on where things areheaded for me and certainlywhat direction I feel things areheading for the betterment ofAustralian cricket," Pontingsaid.

"I am very proud of what I`vebeen able to do as a leader ofthe Australian cricket team andI have never ever taken anyopportunity or any day forgranted as the captain."

"It`s a very prestigious joband one that comes with a lotof scrutiny and a lot of pressurebut that is all part of being aleader in any walk of life," hesaid.

"I still think I have a lot tooffer the team as a player andas a leader, with the changingface of the team in the past twoyears we have got a lot ofyoung faces around the team.Every decision I`ve ever madewas always with CricketAustralia`s thoughts at thefront of my mind - it`s alwaysbeen about putting the teambefore me," he said.

He has captained Australia in77 Test matches for 48 wins --the most of any Test skipper --16 losses and 13 draws.

In his 227 one-day matchesin charge, he returned 163wins, 50 losses and two WorldCups. -Online

Pontingsteps downas Aussie captain

COLOMBO: Sri Lanka's bowler Ajantha Mendis, left, is congratulated by fellow team memberRangana Herath after bowling out New Zealand's Andy McKay, foreground right, during the

Cricket World Cup semifinal match between Sri Lanka and New Zealand.-Reuters

Pak opensGaddafi

Stadium forIndia clash

LAHORE: Pakistan will openits Gaddafi stadium to thou-sands of fans to watchWednesday's high-voltageWorld Cup semi-final betweenPakistan and India on bigscreens for free.

India and Pakistan, the archrivals whose peace process col-lapsed after the 2008 Mumbaiattacks, will face off in Mohali,sparking a frenzy on both sidesof the border with both primeministers set to attend thematch.

The stadium is named afterthe Libyan leader, an interna-tional pariah whose military isbeing targeted by Western airstrikes as an armed insurrectionin the east poses the mostpotent threat to his 42-yearrule.

"As per the directive of thegovernment of Pakistan, we willbe setting up digital screensunder flood lights at the Gaddafistadium to facilitate cricket fansin Lahore to witness the semi-final," the Pakistan CricketBoard (PCB) said.

Entry to the stadium will befree, it added, and thousands offans are expected take up theinvitation.

The 30,000-capacity ground,formerly known as the LahoreStadium, was renamed in 1974after the Libyan leader whowas close to then prime minis-ter Zulfiqar Ali Bhutto.

Pakistan was one of the orig-inal hosts of the World Cup2011 but was stripped of itsmatches after gunmen attackedthe Sri Lankan team en route tothe Gaddafi stadium on March3, 2009.-Agencies

KARACHI: With the stage allset for their World Cup semi-final against India at Mohali,Pakistan`s chief selectorMohsin Khan has said thatinduction of young blood inthe squad has worked wondersfor the controversy-riddenteam in the ongoing tourna-ment.

Mohsin also expressed confi-dence that the Shahid Afridi-ledside can pull off a win in tomor-row`s much-anticipated match,which will be attended by thePrime Ministers of both Indiaand Pakistan. "I think this hasworked very well for us. Theseyoungsters have not only liftedthe fielding standards but alsobrought in energy into theteam," the former Test playersaid. Mohsin said giving newplayers a chance in the nationalteam by replacing some of theseniors was part of a well-thought out process for the bet-terment of Pakistan cricket.

"This is not to suggest any-one has not contributed to theteam but the introduction ofnew players has also broughtin an element of competitive-ness into the team for places

and that is always good for ateam," he stressed. He saidplaying the World Cup semi-final was by itself a bigachievement for the Pakistanteam considering the problemsthey had faced in the recentmonths.

"I don`t think this team willbow down without a fight inthe semi-final although it is ahigh pressure match. No oneexpected them to come this farand now they are just twomatches away from a remark-able achievement. I am confi-dent they will give their best inthe match," Mohsin said.

"I think the players are readyfor the match and the pressurethat comes with an Indo-Pakmatch specially in a WorldCup," he added. Mohsin alsodefended under-fire wicket-keeper Kamran Akmal but hint-ed a limited role for him in thefuture.

"I think it has been a lot ofpressure on him and that hasaffected his performances. Webrought him in for the WorldCup because we see him as atop one-day player," Mohsinsaid. -APP

Young-blood

energises team,

chief selector says

We willmiss Akthar’:

Azhar Ali ISLAMABAD: Pakistan crick-eter, Azhar Ali has said thatShoaib Akthar is a charismaticindividual saying the nationalteam will surely miss him afterthe World Cup.

Azhar and Akhtar bothplayed domestic cricket forKhan Research Laboratories(KRL) and were part of theODI squad for the seriesagainst England in 2010.

"I didn't know Akthar wasgoing to retire beforehand buton a personal level, I did have afeeling that this could be hislast World Cup. It is hard toimagine Pakistan cricket with-out the fastest bowler in the his-tory of the game." Azhar toldCricistan.com in an interview.

Azhar said that playing withShoaib for KRL was really avery positive influence.

"We really enjoyed havinghim at KRL and whenever heplays for us there is always anextra buzz about the team.When one of the best bowlersin the world is running in tobowl for your domestic team, itlifts everyone and makes youfeel invincible." Azhar said.

Azhar said that Akthar standsout even in international crick-et, where every player is a star.

"I was with the Pakistan teamduring the ODI series in Englandand even though it was anInternational cricket match,Shoaib still attracted a lot ofattention. What I liked aboutShoaib was that he had time foreveryone. He would come to meand the other players whoweren't getting a game and makeus feel part of the team. Iremember he told me that I had alot of potential and that as longas I worked hard I would play alot of games for Pakistan. Shoaibreally does have a big heart andhis retirement will be a big lossto Pakistan cricket." Azhar said.

Commenting on KRL pacereserves as now that Akhtar hadretired, Azhar said that they havevery good pace reserves. There'sthe 7 foot tall Mohammad Irfan,the promising Akhtar Ayub andthe veteran Yasir Ali. We alsohave a fast-medium young leftarm called Rahat Ali who is alsovery good," Azhar concluded.

Gul &Zaheer,

the silentdestroyers

NEW DELHI: Pakistanipaceman Umar Gul has so farwon just one man-of-the-match award and India seam-er Zaheer Khan none, butthey are their teams' silentWorld Cup destroyers.

The duo are expected tohave a huge impact whentheir teams clash in the block-buster World Cup semi-finalin Mohali on Wednesday,although they have beenlargely over-shadowed in thebuild-up to the match.

Currently in focus areIndian opener SachinTendulkar's much-anticipated100th international century,Pakistan captain ShahidAfridi's leadership skills,Indian Yuvraj Singh's all-round exploits and the matchpressure.

Gul and Zaheer will defi-nitely come into the picturewhen the ball is in theirhands, whether new or old,because they have consistent-ly provided crucial break-throughs to help their sidesseize the initiative.

Spinners and batsmen werein the news more than pace-men in previous matches, butZaheer and Gul managed toleave a mark with their disci-plined efforts.

Their main contribution totheir teams' victories is theyhave succeeded in overcom-ing unfriendly conditions --low, slow tracks -- with theirclever variations in pace.

Zaheer has so far bagged 17wickets, the second-highestin the tournament, and Gul 14in seven matches.

Gul's lone man-of-the-match award came atPallekele in Sri Lanka wherebe bagged 3-36 againstZimbabwe.

India and Pakistan haveoften changed their bowlingcombinations but alwaysrelied on Zaheer and Gul,who were instrumental in cre-ating pressure while theirspinners struck from the otherend.

Zaheer's ability to reverse-swing the ball has surprisedeven the best, as was seenduring the tied game againstEngland in Bangalore lastmonth when he removedwell-set skipper AndrewStrauss and Ian Bell.

"It's great to see howZaheer has also quietly goneabout doing his job for theteam," former Australianwicketkeeper-batsman AdamGilchrist wrote in his columnin an Indian newspaper.

"In almost every game hehas provided early break-throughs. He has come a longway in the last few years andhis ability to reverse (swing)the ball in the second spell issecond to none."

Gul's ability to extractbounce even on slow tracksand unsettle batsmen withyorkers and reverse-swinghas stood his team in goodstead.

He said he had been gettingused to open the bowling atthe urging of coach and for-mer paceman Waqar Younis.

"For the last two to threeyears, Waqar Younis has beentelling me to get prepared touse the new ball in the WorldCup. I have returned to mybest form by bowling with thenew ball again," said Gul.

Gul, who took four wicketsin the opening three matches,lifted his performance againstbig teams as he grabbed threewickets each against NewZealand and Australia.

Zaheer has so far taken 269wickets in 189 one-day inter-nationals and Gul 133 in 87matches.

ISLAMABAD: The PakistanBilliards and SnookerAssociation (PBSA) Tuesdaysaid that it has finalised allarrangements regarding thePakistan teams participation inthe Pakistan-Iran SnookerSeries from March 30 to April 6at Tehran, Iran.

The Pakistani Snooker Teamcomprising players ShahidAftab, Imran Shahzad,Muhammad Sajjad and teammanager Shahzad RiazChoudhry will be traveling toTehran on March 30.

"The format of the play will be3 players per team, 6 matchescomprising 3 singles 3 reversesingle of 7 frames each, 1 pointfor each frame won, 1 bonuspoint for break of 50, 2 bonuspoints for break of 100, pointswill be carried forward each day,on 6th and final day champi-onship will be awarded to teamwhose total is more than attain-able difference taking into con-sideration bonus points also," aPBSA official told APP.

The Format has been mutual-ly agreed by both counterparts.

Pak snooker teamleaves for Tehran

MOHALI: Pakistan weredealt with a major blow aheadof the all-important World Cupsemi-final against India asskipper Shahid Afridi wasplagued with injury issues withhis team. "Shoaib Akhtar is not100 per cent fit. Will take a calltomorrow," Afridi toldreporters.

On the other hand, Indiancaptain Mahendra Singh Dhoniwas confident of a good showwith all his players registeringfit. "All players fit for WorldCup semi-final match againstPakistan," he said.

Dhoni also asked his playersnot to get distracted by thehype surrounding the high-pro-file World Cup semi-final andadvised to concentrate on thegame only Pakistan captainShahid Afridi cracked jokesand tagged Mahendra SinghDhoni's men as favourites ashe attempted to deflect thepressure off his team ahead oftheir World Cup semi-finalagainst arch rivals India.

A day before Wednesday'shigh-profile match, Pakistandecided to skip practice whilethe skipper amused the mediawith his one-liners.

Asked why the team did nottrain, Afridi replied: "Why, youdidn't like it?"

After drawing hoots of laugh-ter, he added: "We have put in alot of effort and today's off wasabsolutely necessary to saveourselves for tomorrow. New

things should keep happening."The inspirational captain was

on a roll and ticked off theattributes of his team mates.

"Young team. Average age isless. This is a match which willincrease the average age,"Afridi quipped as the assem-bled audience once again burstinto laughter.

He soon turned more serious."The boys are really doing a

great job especially the young-sters. They are ready for thisgame," he said.

"We really worked hard atthe practice session and tookeverything very seriously andmade sure the boys are enjoy-ing. We are playing as a unitand I am very happy as a cap-tain." Although the two neigh-bours share an intense cricket-ing rivalry, Afridi, 31, labelledhis team the underdogs for thematch that is being billed as"the mother of all contests" inthe sub-continent.

PLAYED ABOVEEXPECTATIONS

"We are not the mostfavourite team for this compe-tition. I think India is the mostfavourite team. I think weplayed above our expectationsin this competition," he said.

The build-up to the matchhas dominated headlines inboth countries, especially as itwill be the first time Pakistanwill play in India since 166people were killed in the 2008Mumbai attacks. India blamed

Pakistan-based militants forthe carnage and political rela-tions between the countriesbecame tense. Formal peacetalks resumed on Monday.

"It's a big occasion for us thatwe are playing in India. Wealways dream of coming toIndia and playing here," Afridisaid about the match whichwill be attended by both theIndian and Pakistani primeministers.

"The people here want to seeus play and our people want tosee them playing.

"It's a great sign for bothcountries. I think cricketalways brings these two coun-tries together."

Afridi has led from the frontby claiming 21 scalps with hisleg spin, which has put him atthe top of the wicket-taker's listin this World Cup.

But he did not want to takecredit for leading his team,which had appeared to be indisarray less than two monthsago when they lost three oftheir top players to corruptionbans, to the semi-finals.

"I say and do some emotionalthings to motivate my boys. Weare an emotional country, in fact,both these nations are emotional.I don't think I have any credit intaking this team till here or theybeing so united," he said.

"When the team does well itis because of the 15 players init and it is only then that itplays as a team or a unit."

Rawalpindi Expressnot fit to run: Afridi

Afridi Tries To Calm Tensions

11Wednesday, March 30, 2011

International & Continuation

CONTINUATIONto include or exclude something new.

He further said that after abolition of concurrent list, it would

be violation of constitution if ministry of education is kept with

federation.

He said that some people outside the Parliament are hatching

conspiracies to stop implementation on 18th amendment but

their conspiracies would not be succeeded. -Agencies

Continued from page 12No #1

Nadra voters' lists, he stated.Federal minister Mian Raza Rabbani said election commission

had not been constituted so far.No meeting of parliamentary committee had taken place so far.

Its chairman had not been nominated and constitution was silentin this respect, he added. -Agencies

Continued from page 12No #2

meeting.

Rabbani endorsed the viewpoint of Chairman Senate that

Constitution is silent on the matter; however the Speaker may call

the meeting for the election of chairman.

Babar Awan told the House that main objective of the bill titled,

"The Election Laws (Amendment) Bill 2011" is to have strategy

to ensure fairness in upcoming elections.

Leader of the Opposition Wasim Sajjad said the Election

Commission is duty-bound to motivate people to get them regis-

tered for voting. Professor Khursheed Ahmed said the parliamen-

tary committee for Election Commission has not met even once

that is violation of the Constitution. -APP

Continued from page 12No #3

unsatisfactory law and order situation of Balochistan.Fauzia Fakharunnisa pointed out that a person took approval of

prohibited bore weapons from Prime Minister Secretariat whileusing her fake signatures and recommendation letter.

She said the matter was of serious concern and it must be dis-cussed in the House.

Leader of House Syed Nayyer Hussain Bokhari suggested thatshe must submit an adjournment motion on the issue for a debate.

Senator Khalid Soomro point out flood affected and deteriorat-ing communication infrastructure in Sindh and called for immedi-ate repair work on flood damaged roads.

Tariq Azeem said that Pakistanis are being recruited by differentrecruiting agencies for Bahrain so that they could be used as aforce against protesting citizens of the country.

He expressed concern and said that three Pakistanis werealready being killed by the protestors in Bahrain and the issueneeded serious consideration. -Agencies

Continued from page 12No #5

He said that independence movement for occupied Kashmir hastransferred to next generation and it has become very strong, thatis why the Indian troops have been failed to suppress the Kashmiripeople. -Agencies

Continued from page 12No #6

brought sectarian tensions in Syria out in the open for the first

time in decades, a taboo topic here because the country has a

Sunni majority ruled by minority Alawites, a branch of Shiite

Islam.

Assad has placed his fellow Alawites into most positions of

power in Syria.

Continued from page 12No #7

WASHINGTON: U.S. con-sumer confidence fell inMarch as households worriedabout inflation, while homeprices fell for the seventhstraight month in January,pointing to a loss in momen-tum in the economy.

While rising energy pricesand nervousness about theeffects of the earthquake andtsunami in Japan are erodingconsumer sentiment and chip-ping away at economicgrowth, the impact is expectedto be temporary. The recoveryremains on track, with thelabor market showing somevibrancy.

"Underlying economicgrowth appears to be good andthe job market has been pro-viding signs of furtherimprovement in recentmonths," said Jim Baird, apartner at Plante MoranFinancial AdvisorsKalamazoo, Michigan.

"We are likely looking at acontinuing pattern of 'twosteps forward, one step back'in terms of the collectivemood given the sources ofuncertainty and risk that willnot be easily resolved."

The Conference Board saidon Tuesday its overall indexof

consumer attitudes fell to63.4 in March from 72.0 inFebruary.

That was below economists'expectations for drop to 65.0.

Rising gasoline pricespushed consumer's one-yearinflation expectations to thehighest since October 2008,indicating households expectgeneral prices to continue ris-ing over the next 12 months.

The cutoff date for the con-sumer confidence survey wasMarch 16 and sentiment mighthave been impacted by Japan'sdevastating earthquake onMarch 11, which triggered atsunami and nuclear crisis androiled global financial mar-kets.

Separately, the S&P/Case-Shiller composite index ofhome prices in 20 metropoli-tan areas slipped 0.2 percentin January.

The fall was less than mar-ket expectations for a 0.4 per-cent drop. On a year agobasis, prices fell 3.1 percent.

January's fall home in pricesleft them just above the April2009 lows.

U.S. financial markets werelittle moved by the data.

Stocks on Wall Street roseon strength in large-cap techshares, while prices for gov-ernment debt fell. The U.S.dollar rose against a basket ofcurrencies.

"The housing market reces-sion is not yet over," saidDavid Blitzer, chairman of the

index committee at S&P. "Atmost, we have seen all statis-tics bounce along theirtroughs; at worst, the feareddouble-dip recession may bematerializing."

Eleven of the 20 cities fell tothe lowest levels since homeprices peaked in 2006 and2007, while the overall indexwas just 1.1 percent above theApril 2009 low, the reportshowed.

Unadjusted for seasonalimpact, home prices fell 1.0percent for the month. OnlySan Diego and Washington,D.C. showed annual priceincreases.

The Case-Shiller index lagsdata from the NationalAssociation of Realtors,which reported earlier thismonth U.S that the medianU.S. home price had hit a nineyear low in February as homesales volumes plunged 9.6percent.

In a separate report, theRealtors group on Mondaysaid the volume of contractsfor sales of previously ownedU.S. homes rose 2.1 percent inFebruary after two straightdeclines.

The pending contracts dataleads existing home sales by amonth or two and suggestssome of the recent weaknesswas due to unusually severewinter weather. -Reuters

US consumer moraleebbs, home prices

near 2009 lowsnOne-year inflation expectations highest since Oct 2008

LONDON: Britain's economysuffered its sharpest contrac-tion since mid-2009 late lastyear, despite shrinking slightlyless than previously estimated,according to figures that high-light the uncertain nature of itsrecovery.

Economists said Tuesday'sfinal estimate for fourth-quarterGDP data confirmed a weakstart point for Britain as the gov-ernment sets major spendingcuts in train and Bank ofEngland policymakers argueover whether to raise interestrates to tackle above-targetinflation.

However, it is first-quartereconomic data next month thatwill be key in clearing upwhether the fall in grossdomestic product was a one-off exacerbated by the coldestDecember in 100 years, or thestart of a longer period of sub-par growth.

The Office for NationalStatistics said GDP fell by 0.5percent in the last three monthsof 2010 -- the same as its ini-tial estimate in January but aslightly smaller fall than arevised estimate of 0.6 percentmade last month.

Heavy snow knocked 0.5percent off output, the ONSsaid, and some economists saythe looming public spendingcuts are already promptingretrenchment by householdsand businesses reliant on gov-ernment jobs and contracts.

The fourth-quarter economiccontraction makes Britain anoutlier among other majordeveloped economies, includ-ing those such as the UnitedStates, Germany and France

which also suffered harsh win-ter weather but managed togrow.

"It's still a pretty lacklustrebackdrop and that probablysets the tone for the first half ofthis year," said Ross Walker,an economist at Royal Bank ofScotland.

Year-on-year, fourth-quarterGDP growth was unrevised at1.5 percent, in line with econo-mists' forecasts.

Share prices pared lossesafter the data, but there was lit-tle reaction from sterling or thegovernment bond market.

"The figures generally haverelatively few implications formonetary policy," said PhilipShaw, an economist at Investec.

The weak data has cast doubton whether Britain's economicrecovery is back on track afterthe deepest recession since atleast World War Two, as undernormal circumstances GDPshould grow by just over 0.5percent a quarter.

With inflation more thandouble its target at 4.4 percent,three BoE policymakersargued last month that raterises were overdue, and thatdelaying risked creating awage-price spiral.

But the six other members ofthe BoE's Monetary PolicyCommittee were worried aboutdismal consumer morale andspending, and that wage growthwas likely to remain tepid.

Tuesday's GDP data showedthat household spending fellby 0.3 percent in real terms inthe last three months of 2010,its biggest drop since thedepths of the recession in2009. -Reuters

UK GDP less badthan forecastat end-2010

Fed shouldstart reversingpolicy BullardPRAGUE: St. Louis FederalReserve chief James Bullardurged the U.S. central bank onTuesday to begin reversing itscampaign of monetary easing,saying it could trim its $600billion bond-buying pro-gramme by $100 billion.

Bullard, who does not have avote on Fed policy this year,added that U.S. policymakersmay not be willing or able towait for all global uncertaintiesto be resolved before theybegin normalising their veryloose monetary policy.

"One of the things that I'mconcerned about is that policy isso easy right now that we haveto get started on the process ofgetting back to normal becauseit will take a long time," Bullardtold reporters on the sidelines ofan economic conference inPrague on Tuesday.

When asked if he thought thatprocess should begin now, hesaid: "Yes, we're still buyingtreasuries. We're feeding thefire at this moment."

Bullard, seen as a centrist onthe policy-setting committee,said the Fed could start taperingoff its asset purchases and thenpause for several policy meet-ings before taking further tight-ening steps.

His comments contrastedwith comments from other sen-ior Fed officials who have saidthis week only that they did notsee a need for another round ofasset buying.

Bullard's comments drove theeuro to a session low againstthe dollar. The single Europeancurrency was trading bid at1.4060 at 1315 GMT.

He added that there was a dif-ference of opinion on the speedof reversing monetary easingand cutting back the asset pur-chasing programme. -Reuters

Home Depot Inc said late on Monday it would buy back $1 billion of outstanding shares throughan accelerated programme. Its stock rose 2.8 percent to $37.67 and was the Dow's top percentagegainer.

The Dow Jones industrial average was up 26.04 points, or 0.21 per cent, at 12,223.92. TheStandard & Poor's 500 Index was up 0.23 of a point, or 0.02 per cent, at 1,310.42. The NasdaqComposite Index was up 10.08 points, or 0.37 per cent, at 2,740.73.

The Nasdaq was helped by strength in large-cap tech shares. Amazon.com Inc rose 2.2 per centto $173.12 after it introduced a service offering remote access to music.

Cisco Systems rose 1.6 per cent to $17.40 after it said it plans to buy newScale Inc for an undis-closed amount to boost its cloud computing services.

On the downside, Apollo Group fell 7.2 per cent to $39.30 after the education company said newenrollment fell 45 per cent in second quarter.

Shares of Lennar Corp, the third-largest US homebuilder, fell 2 per cent to $19.36 after the com-pany reported results swinging to a first-quarter profit, but a drop in revenue.

Wal-Mart Stores will urge the US Supreme Court on Tuesday to reject a case brought on behalfof female employees who allege the retailer gave women less pay and fewer promotions in thelargest, class-action sex-discrimination lawsuit ever. Wal-Mart, a Dow component, slipped 0.1 percent to $52.15.

On the economic front, US single-family home prices fell for the seventh straight month inJanuary, according to the S&P/Case-Shiller composite index of 20 metropolitan areas. However,the drop was not as much as expected.

After the market opened, data showed US consumer confidence fell in March as expectationsabout jobs and income growth worsened, according to the Conference Board, a private researchgroup.-Reuters

Continued from page 5No #8

investors did a net buying of $3.38 and $1.14 million respectively while mutual funds did a netselling of $1.33 million.

Investor participation too remained impressive as 110.3 million shares traded during the daywhich is 31.5 million shares more as compared to a turnover of 78.8 million shares a day earlier.

Lotte Pakistan stood as the volume leader with 18.85 million shares followed by Bank of Punjabwith 8.02 million shares and Lucky Cement with 7.57 million shares.

Out of total 357 active issues; 171 advanced and 98 declined while 88 issues remained unchanged.

Continued from page 5No #10

"Futures buying can be a short-term catalyst to help the market," said Hiroichi Nishi, general man-

ager at Nikko Cordial Securities.

"But this is not going to turn around the mood in the market and it doesn't mean that buyers will

return to the market."

Shares of Tokyo Electric Power tumbled 19 per cent to 566 yen after going untraded in a glut of

sell orders after the Yomiuri newspaper said the government would temporarily nationalise it and

help pay compensation for damage caused by its crippled Fukushima nuclear plant.

National Strategy Minister Koichiro Gemba said later that a discussion about bailing out Tokyo

Electric was possible. -Reuters

Continued from page 5No #11

United States on Friday will provide a catalyst for the index's next move."It's a big data week with the (US non-farm) payrolls on Friday and that could see us get more pos-

itive momentum," Steven Bell, director at the $600 million GLC hedge fund said.The FTSE remains in a range near its 50-day moving average of around 5,933 and above its 20-

day moving average of around 5,791. The index has traded below its 50-day moving average sinceMarch 4.-Reuters

Continued from page 5No #12

Leading lenders State Bank of India firmed 0.8 per cent andHDFC Bank gained 0.7 per cent. Top private lender ICICI Bankclosed barely changed.

Shares in real estate firm DB Realty jumped nearly 20 percent, after testing an all-time low earlier in the session. Thestock is still down nearly 49 per cent year to date.

Indian mobile carriers have seen call prices stabilising after avicious price war in late 2009 sent them tumbling. They are bet-ting on a pick up in premium third-generation data services,launched recently, to help grow their margins. -Reuters

Continued from page 5No #13

The Shanghai benchmark was weighed down by investors sell-ing small-cap shares while the index failed to breach the psycho-logical 3,000 resistance level. The small shares sub-index ofShanghai and Shenzhen shares dropped 1.7 per cent. -Reuters

Continued from page 5No #14

reliance on import to feed its textile industry. Annual consump-tion fluctuates between 14 million bales and 16 million bales.

Pakistan imported 1.45 million bales between July-February,nearly 40 per cent up from the same period last year, accordingto the official Federal Bureau of Statistics.

Industry officials say the total import would reach two millionbales by end-June, when supplies from the new domestic cropstart trickling in. -Reuters

Continued from page 12No #4

threadbare adding that if a proposal is viable, it would be sub-mitted to Cabinet for approval.

"Every step would be taken immediately provided it is in thebest interest of the both the investor and the country," the Ministeradded. -Agencies

Continued from page 1No #16

godowns by misusing facility.

He said the probe revealed that deliberate in-action in super-

vising and handling the whole operation to establish smug-

gling of tyres under the garb of ATT, adding that disciplinary

proceedings against the officials involved were initiated

under government servant rules 1973.

To another question of Maulana Gul Naseeb, he said out of

seven districts of Malakand Division bank loans of residents

of four districts that included Malakand, Swat, Buner and

Chitral have been written off under the Prime Minister's fiscal

relief package of KP, FATA and PATA.

He said the relief package was extended to only four dis-

tricts and division in pursuance of the recommendations final-

ized after consultation with all stakeholders including the

government of KP, Chamber of Commerce and industries of

KP and State Bank of Pakistan. -Agencies

Continued from page 1No #17

and Behbood Savings Certificates, the schemes exclusivelymeant for Pensioners, widows and senior citizens, shall continueto be 15.36 per cent. -APP

Continued from page 1No #18

would be held.Both the leaders would move to Mohali cricket stadium to

watch match after press conference. -Online

Continued from page 1No #19

departments and organizations of Islamabad CapitalTerritory following transfer of ministries and divisions toprovinces. -Online

Continued from page 1No #15

This transformation is holistic in its approach and aggressively seeks to bring reforms in almostevery section of the organization i.e. Audit, Legal, Human Resources, Finance, Credit &Recoveries, Business Development, Customer Services, Strategy, Marketing & PR, CorporateAffairs and Risk Management.

Speaking about the organization achieving a profit after several years, Managing Director andCEO, Azhar A. Jaffri stated, "HBFC has been a white elephant and a burden on the exchequer forfar too long alongside various negative perceptions associated with it in the past. The currentmanagement is determined to end the past era and re-build HBFC into a financially and opera-tionally strong institution that will play a leading role in tackling the huge housing shortage inPakistan which is, at present, estimated to be over 7.5 million housing units".-Reute

Continued from page 5No #9

But he also has used increased economic freedom and prosperity to win the allegiance of the

prosperous Sunni Muslim merchant classes, while punishing dissenters with arrest, imprisonment

and physical abuse. The unrest in the strategically important country could have implications well

beyond the country's borders given its role as Iran's top Arab ally and as a front line state against

Israel. Syria has long been viewed by the US as a potentially destabilizing force in the Mideast. An

ally of Iran and Hezbollah guerrillas in Lebanon, it has also provided a home for some radical

Palestinian groups. -Reuters

The contract has fallen about 12 per cent after peaking at$2.9665 on March 9.

May robustas on Liffe eased $26 or 1.0 per cent to $2,535 atonne.

May robusta's premium to July eased to around $137 a tonnefrom around $145-$160 on Monday, although it remained belowits peak of more than $200 made last week.

Raw sugar futures rose as dealers eyed harvest progress inBrazil, where the government is pressuring the milling industry toproduce sugar cane ethanol due to a shortage.

May raw sugar on ICE rose 0.35 cent or 1.3 per cent to 27.40cents a lb, while May whites on Liffe edged $2.90 higher to$704.50 per tonne. -Reuters

Continued from page 7No #20

Germaninflationsteady at2.1pc YoYin March

BERLIN: German annualinflation held steady at 2.1 per-cent in March despite falls incosts for fresh food, communi-cations and package vacations,data from the federal statisticsoffice showed on Tuesday.

Annual inflation stood at orabove 2 percent in five of thesix states that make up thenational index, showing pricechanges stayed well above theEuropean Central Bank's targetof close to, but below 2 percent.

The figure was in line withforecasts given by economistspolled by Reuters.

Markets expect the ECB toraise interest rates from a record-low 1.0 percent next month totackle inflationary pressures.

"In general, the inflation risksare rising because the priceincreases are spreading," saidUlrike Rondorf fromCommerzbank. "The ECB willprobably react to the higherinflation risks with an interestrate increase."

Earlier, state data showedinflation in North-RhineWestphalia (NRW) Germany'smost populous state eased atenth of a percentage pointfrom 2.1 percent in February.On the month, prices rose 0.5percent, after a 0.6 percentincrease last month.

The German figures are thefirst indication of price trendsacross the euro area, whereinflation jumped to 2.4 percentlast month but is seen easing atenth of a point this month.

Concerns about inflationacross the euro zone led theECB earlier this month to say itmay raise interest rates in April.-Reuters

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ISLAMABAD: Minister forLaw, Justice and ParliamentaryAffairs Dr Babar AwanTuesday revealed before Senatethat there is no mention ofmidterm polls in theConstitution; however it pro-vides for holding bye-polls.

Responding to the pointsraised by members from bothsides of the aisle prior to pas-sage of a bill to introducereforms in the election process,Babar Awan said there wouldbe no elections before 2013when the government wouldcomplete its five-year tenure.

However, members fromopposition parties opposed thepoint and said the constitutionallows mid-term polls if PrimeMinister calls it or if the Housedoes not elect the Leader of theHouse.

But the law minister reiterat-ed that there would be no mid-

term elections before 2013 andthe government would com-plete its five year term.

"Those who had missed thetrain of elections in 2008should have to wait till 2013,"he commented pointing out thepolitical parties who had boy-cotted February 18 electionsand now talking of mid-termelections.

Responding to a point, thelaw minister said the govern-ment has constituted the parlia-mentary committee for the con-stitution of ElectionCommission; however theNational Assembly Secretariathas been written to arrange itsmeeting.

Minister for Inter-provincialCoordination Mian RazaRabbani said as no one hasbeen elected as committeechairman, so one can call the

See # 3 Page 11

Midterm polls notin our Law: Awan

Elections only in 2013, Senate told

ISLAMABAD: FederalMinister for inter-provincialcontact and chairman 18thAmendment ImplementationCommission Senator RazaRabbani said that after 18thAmendment the ministry ofeducation cannot remain withCenter and the trust deficitwith provinces should end.

During question hour inSenate Tuesday, Rabbani saidthere is no need to be annoyedwith the provinces asprovinces would not makeeducation curriculum againstthe Center and country, and noone can stop the implementa-tion of 18th Amendmentthrough pressure.

He said provinces were feel-ing sense of deprivation due tothe attitude of Federation andanyone who talked aboutprovincial autonomy wasdubbed as a traitor, and nowprovinces are being accused ofpreparing education syllabuswhich is against the countryand federation. Why are we soannoyed with provinces, hequestioned.

He said that after the 18thAmendment separate divisionwould be set up for adminis-tration affairs of Islamabadwhile, the division would

work under Cabinet division.He said that affairs of feder-

al capital would be dealt bydistrict administration and notby federal govt whileParliament would make legis-lation.

He said that process of shift-ing of powers to provinceswould be completed till 30thJune while 5 ministries wouldbe devolved to provinces byend of the April.

On this juncture SenatorJaved Ali Shah said that ifdebate on 18th amendmenthad been held in Parliamentinstead of closed room thanthese issues would not beraised which are being raisedtoday.

On this Raza Rabbanireplied that if every clause ofconstitutional amendment hadbeen debated on then theamendment would never havepassed.

On the criticism of parlia-mentarians regarding shiftingof education ministry toprovinces and limiting role ofHigher EducationCommission (HEC) SenatorRabbani replied that after 18thamendment implementationcommission has no authority

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Edu, provincialaffair: Rabbani

No one can stop 18th-Amend implementation

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Tuesday again made itclear that we have come intopower with the sheer supportof masses as they voted infavor of us, added masses isour real strength and wealth.

Prime Minister Syed YousufRaza Gilani expressed theseviews while addressing a sim-ple but dignified ceremonyheld here at PM Secretariat.

Some people want to desta-bilise democracy but they willnever succeed, he said.

We will not allow doublestandards in the country, hesaid, added people who aretalking about deadline are notsupporters of Pakistan, he said.

PM said that government willcomplete full term of fiveyears.

He said that leadership arenot like film stars that we canchange their faces and get anew hero rather it takes ages tobecome a leader.

For ensuring democracy wemust defeat the militants whoare seeking to impose theirown political agenda on thepeople through gun and bul-lets', he said.

He was of a clear-cut viewthat people who hate him and

don't like him as PM ofPakistan can tabled 'NoConfidence Motion' againstme, hence can fulfill theirdesires.

People who are talking aboutaccountability must first bringMusharraf to Pakistan and tellhim to face courts, he stressed.

"I want to serve masseswhether as PM or by sitting inopposition", he argued.

Prime Minister Gilani saidsome elements were conspiringto create a clash between stateinstitutions, but vowed that hisgovernment would thwart suchdesigns through its commit-ment to democracy and consti-tutionalism.

Prime Minister cited that thePPP, during its 40 years ofstruggle, had stood for the pro-tection of state institutions and"will not, in any way, entangleand intrude in the ambit of anyother state institution".

PPP is a party of masses,ended dictatorship and raisedthe voice of truth, he conclud-ed.

Prime Minister asked thenation not to support the"unfortunate tradition" of dis-qualifying politicians to paveway for dictatorship.

Gilani quoted a para from his

book written in prison and saidthe dictators would continuemisleading the "silent majori-ty" unless it speaks up.

He said "power of the peopleis ultimate, if someone is tryingto take a shortcut, they shouldform a political party first."

Prime Minister denouncedthat even the comrades ofQuaid-e-Azam were disquali-fied on corruption charges,making it easy for the dictatorto take over.

He said Bhutto's 1973Constitution gave a bicameralsystem as a guarantee to thesmaller provinces to safeguardtheir rights.

Prime Minister also men-tioned the "double standard"of some and said "it is notright that first you elect peopleand then you say you don'tlike them... What if youremove them and they get re-elected."

He said elections were theonly democratic way for thegovernments to come in andgo.

He said it was Zulfiqar AliBhutto who gave the country aconstitution in 1973 that speltout Quaid-e-Azam MohammadAli Jinnah's vision for a demo-cratic country. -Agencies

Masses our realstrength: Gilani

SyrianCabinetresigns

DAMASCUS: Syria's Cabinetresigned Tuesday to help quella wave of popular fury thaterupted more than a week agoand is now threateningPresident Bashar Assad's 11-year rule in one of the mostauthoritarian and closed-offnations in the Middle East.

Assad, whose family has con-trolled Syria for four decades,is trying to calm the growingdissent with a string of conces-sions.

He is expected to address thenation in the next 24 hours tolift emergency laws in placesince 1963 and moving toannul other harsh restrictionson civil liberties and politicalfreedoms.

More than 60 people havedied since March 18 as securityforces cracked down on pro-testers, Human Rights Watchsaid.

State TV said Assad acceptedthe resignation of the 32-mem-ber Cabinet headed by Naji al-Otari, who has been in placesince September 23.

The Cabinet will continuerunning the country's affairsuntil the formation of a newgovernment.

The resignations will notaffect Assad, who holds thelion's share of power in theauthoritarian regime.

The announcement camehours after hundreds of thou-sands of supporters of Syria'shard-line regime poured intothe streets as the governmenttried to show it has mass sup-port. Protests that began March18 and ensuing violence has

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Pak-IndiaPMs talksare futile,

says QureshiISLAMABAD: FormerForeign Minister ShahMehmood Qureshi has saidthere is no expectation of anybreakthrough from the upcom-ing meeting between PrimeMinister Yousuf Raza Gilaniand his Indian counterpart DrManmohan Singh in India.

Talking to media personshere on Tuesday, Qureshi saidthe invitation of the Indianprime minister to his Pakistanicounterpart was a good gesture.

He said both the countrieswant to restore the talks whichwere stalled after the Mumbaiattacks and the secretary-levelmeetings between both thecountries were already sched-uled.

The former minister said it isa good beginning that the primeministers of both the countrieswill sit together and watch thecricket match.

To a question, Qureshi saidthat Pakistan and Indian pre-miers would discus a lot ofissues but any fruitful result isnot expected from the meeting.

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ElectionRules get

Upper Houseapproval

ISLAMABAD: Senate hasunanimously approvedElection Rules AmendmentBill-2011.

Speaking on the Bill inSenate Tuesday, oppositionleader Waseem Sajjad said mil-lions of people still don't haveNational Identity Cards (NIC)in the country.

Law Minister Babar Awansaid members should sit togeth-er and give names for ElectionCommission.

"We can not hold elections atsomeone's desire. The electionsbeing foreseen by the opposi-tion are local bodies' elections.General election will take placein 2013 and government willcomplete its tenure envisagedin the constitution", he held.

The process for evolvingvoter's lists was underway andat certain places one person hadtwo votes, he pointed out.Government was facing no dif-ficulty with reference to namesof committee members, hesaid.

Waseem Sajjad said we hadcommitted mistake by complet-ing 5 years tenure. Governmentshould not repeat this mistake.Elections could take placeahead of 5 years, he main-tained.

JUI-F senator Azam Swaticalled for immediate constitu-tion of election commission.

Professor Khursheed Ahmadsaid elections could be held atany time. Bogus entries of 37million voters were recorded in

See # 2 Page 11

PM says maligning politicians making way for dictator

TRIPOLI: Colonel Gaddafiurged world powers meetingTuesday in London to endtheir "barbaric" offensiveagainst his oil-rich countryas his forces beat back arebel push on his home townSirte.

The Libyan strongmanlikened the Nato-led airstrikes targeting his artilleryand ground forces to militarycampaigns launched byAdolf Hitler during WorldWar II.

"Stop your barbaric, unjustoffensive on Libya," Gaddafisaid in the letter published bythe state news agency Jana.

"Leave Libya for theLibyans; you are committing

genocide against a peacefulpeople and a developingnation," he said in the letterto the London meeting ofmore than 35 countries tomap out a post-Gaddafifuture for the North Africanstate.

"It seems that you inEurope and America don'trealise the hellish, barbaricmilitary offensive whichcompares to Hitler's cam-paigns," Gaddafi said.

The rebels were pummelledby loyalist forces Monday atthe village of Harawa, 60kilometers from Sirte andcame under sustained fireagain on Tuesday, which trig-gered a stampede of rebel

fighters, many fleeing aboardtheir pickup trucks.

Rebels told AFP theywould wait "for Sarkozyplanes to strike" beforeadvancing on Sirte -- a refer-ence to warplanes from theFrench government.

Hague's comments cameamid reports that a possibleexile plan could be dis-cussed. Britain, France,Germany and the UnitedStates have agreed that theLondon talks, due to start at1400 GMT, should aid "thepolitical transition in Libya,"said a French presidencystatement.

British Prime MinisterDavid Cameron and French

President Nicolas Sarkozysaid ahead of the meetingthat the current regime hadlost all legitimacy.

"Gaddafi must therefore goimmediately. We call on allhis followers to leave himbefore it is too late," a jointstatement said.

On the eve of the Londongathering, US PresidentBarack Obama Mondayurged the international com-munity to support "a transi-tion to the future that theLibyan people deserve."

Obama staunchly defendedhis decision to pound theGaddafi's troops in a UN-mandated bid to protect civil-ians. -Reuters

Stop genocide, Gaddafi tells West

ISLAMABAD: Minister forPower Naveed Qamar whileadmitting the load-shedding asa serious issue Tuesday saidthat 800 megawatts would beadded in national grid thatwould help improve situation inBalochistan and other parts ofthe country as well.

Responding to a point oforder of Abdul RahimMandokhel in Senate, he said"the parliamentarian had right-ly raised the issue which was aserious issue of the province."

However, he said sabotageactivities in Balochistan wereresulting in power outage forlong duration, adding anti-stateelements blew up the maintransmission lines in the

province.He said repair works required

time because whenever theteams were deployed to affect-ed areas for repair work theywere attacked by miscreants.

He said at present two trans-mission lines have beenrepaired and one more wouldbe repaired in next few days.

The Minister said that in nextthree to four days load-shed-ding would be reduced inQuetta city.

He said a number of electric-ity projects would be complet-ed by the end of this year andnew projects would be consid-ered to address the load-shed-ding problem permanently.

Senator Abdul Rahim

Mandokhel said that power out-age had badly affected normallife in Balochistan and peoplewere facing sever problems,government should take note ofit, he demanded.

He recommended that theload-shedding schedule mustbe observed properly andunscheduled load-sheddingshould be avoided.

He further suggested thatwork on electricity supply fromD I Khan to Zhob should be ini-tiated on war footing.

Senator Shahid Bugti on apoint of personnel explanationsaid that he had refused toreceive civil award fromPresident in protest against

See # 5 Page 11

800MW to quellB'stan power crisis

Qamar answers Senators queries

ISLAMABAD: Pakistan iseyeing record cotton produc-tion of over 15 million bales inthe 2011/12 crop year as farm-ers sow a wider area afterdomestic prices more than dou-bled from a year ago, govern-ment and industry officials saidon Tuesday.

Cotton and textile accountfor about two-thirds of thecountry's exports and a healthycotton crop is vital to econom-ic growth, which is expected toslip to around 2.75 per cent inthe current financial year toJune, because of flood dam-ages.

The world's fourth-largestcotton producer had hoped toproduce 14 million bales in the2010/11 crop year before thedevastated summer floods lastyear reduced the output toabout 11.70 million bales.

Pakistan achieved record cot-

ton production of 14.6 millionbales in 2004/05, but outputhas been falling since then.

"We are targeting cotton out-put this season between 15 and15.5 million bales this year,"Khalid Abdullah, CottonCommissioner at the food min-istry, told Reuters.

"Financial gains made thisyear are encouraging farmersto grow more cotton and wehave penetration even in non-traditional rain-fed areas thisseason."

Some US investors, however,expect cotton futures to declinein the weeks ahead with plant-ing of the fiber on the risearound the world.

Cotton spot-rates in Pakistanhave tracked US levels higher,touching a peak of 14,000rupees ($164) per 40 kg thisseason, from levels above6,000 rupees per 40 kg last

year, said Naseem Usman,chairman of the Karachi-basedCotton Brokers Forum.

A committee of the food min-istry tasked to increase outputis targeting a sowing area of8.01 million acres, up 8 percent from the last year, and isworking out a plan to preventpest and virus attacks andensure seed availability, offi-cials said.

Sowing has already started inthe main cotton growing areasof Sindh and Punjab provincesfor the new crop year that runsfrom April to March.

"More and more farmers areseen switching to cotton asboth domestic and globalprices remain high which is abig incentive for them," Usmansaid.

High cotton output this yearin Pakistan could help cut

See # 4 Page 11

Pak eyes recordcotton year next

Over 15mn bales expected during 2011-12

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at Pakistan Day, Nazria Pakistan Council

Seminar at the PM Secretariat Auditorium here on Tuesday. -APP