profit.com.pk

Bears forestall bull run atthe 11th hour Page 03

Thursday, 22 March, 2012

ISLAMABAD

AMER SIAL

IN a major development, the WorldBank on Wednesday approved twoprojects totaling $1.09 billion toboost Pakistan’s electricity supply

and irrigation sectors. The first project, the Tarbela IV hy-

dropower Project will cost $ 840 millionand will help increase the country’s hy-dropower generation capacity while thesecond project, the Punjab Irrigated Agri-culture Productivity Improvement Pro-gram worth $ 250 million is geared towardmaximizing water use efficiency for in-creased yield per unit of water.

Availability of electricity is crucial forPakistan’s economic growth and develop-ment, while the challenges in the watersector are equally daunting with shrinkingwater resources and growing demand, thebank noted. This is first major financial as-sistance from an international financial in-stitution after the suspension of $ 11.3billion standby arrangement facility fromthe International Monetary Fund (IMF) inMay 2010. After the suspension of the IMFprogramme only project assistance fromdonors was possible as for budgetary sup-port a letter of support from IMF is re-quired that means an assurance in themacro economic stability of the country.

The hydropower project will enhancePakistan’s energy security, said RachidBenmessaoud, the bank’s country director.he pointed out that the direct beneficiarieswould be millions of energy users, includ-ing industry, households and farmers whowould get more electricity at a lower costand suffer fewer blackouts.

The World Bank’s Board of executiveDirectors approved two projects totaling$1.09 billion aimed at supporting Pak-

istan’s growth agenda for re-ducing poverty. The TarbelaIV extension hydropowerProject will add power gener-ation capacity of 1,410megawatts, and the Punjab Ir-rigated Agriculture Productiv-ity Improvement Project isgeared toward maximizing water use effi-ciency for increased yield per unit of water.Availability of electricity is of crucial im-portance for the economic growth, aswidespread load shedding is disruptinglives of Pakistanis and the economic im-pact of energy shortages is estimated atupward of 2 percent of GDP. By develop-ing its vast hydropower potential of whichonly 15 percent has been developed Pak-istan can significantly reverse the situationand reduce the cost of energy supply mix.The $ 840 million Tarbela IV extensionhydropower Project will use the existingdam, tunnel, roads and transmission linefor generating additional electricity insummer months when demand for elec-tricity and river flows are high. The TarbelaIV hydropower Project will enhance Pak-istan’s energy security by adding low-car-bon, least-cost and renewable hydel powerto its energy portfolio, said Rachid Ben-messaoud. The project will help reduce thegap between supply and demand of elec-tricity by maximizing the benefits of exist-ing infrastructure of Tarbela Dam withoutrequiring any land acquisition or reloca-tion of population. The direct beneficiarieswill be millions of energy users, includingindustry, households and farmers whowould get more electricity at a lower costand suffer fewer blackouts. The challengesin the water sector are equally daunting.Pakistan’s water availability is shrinkingwhile demand is increasing. Vast amountsof water are lost due to deteriorating wa-

tercourses and wasteful on-farm water use. Improvedwater use efficiency and newtechnology that promotescrop diversification will becritical going forward.

World Bank’s Lead WaterSpecialist. Masood Ahmad said the secondproject would promote water conservationand increase crop yields. The $250 millionPunjab Irrigated Agriculture ProductivityImprovement Program Project is aimed atgetting maximum productivity out of everydrop of irrigation water by weaning farm-ers away from the traditional and wastefulflood irrigation to more modern methodslike drip and sprinkler irrigation systems,which in turn will encourage crop diversi-fication. high efficiency systems to be in-stalled over 120,000 acres of irrigatedlands in Punjab would promote water con-servation and increase crop yields, he said.This would have demonstrative effect andlocal industry would develop for installa-tion of such systems as it happened in caseof ground water development over the lastthree decades after installation of ground-water wells by the Government for con-trolling water logging and salinity.

Tarbela IV extension hydropowerProject includes $ 400 million loan fromthe International Bank of Reconstructionand Development (IBRD). It is a fixedspread loan with a maturity of 21 years, in-cluding a grace period of 6 years. The re-maining $ 440 million of Tarbela Projectand US $ 250 million for Punjab IrrigatedAgriculture Productivity ImprovementProject are credits from the InternationalDevelopment Association (IDA), thebank’s concessionary lending arm. Thesecarry a 0.75 percent service charge, and1.25 percent interest rate, 5 years of graceperiod and a maturity of 25 years.

NEW DELHI

INP

AFTeR fuel, India is offering toexport natural gas to Pakistan tohelp the neighbouring countrytide over its gas crisis.

India’s state-owned GAIL’s justcommissioned natural gas pipeline fromwest coast to Bhatinda in Punjab wasbarely 25 kilometres away from thePakistani border and the gas utility wasproposing that the line can be extended toLahore in no time, the PTI quoted sourcesprivy to the development as saying. GAIL

plans to import LNG, a natural gas that hasbeen liquefied at sub-zero temperature andshipped in cryogenic vessels, at Dahej orhazira import terminals in Gujarat. Itplans to move this gas through the Dahej-Vijaipur-Dadri-Bawana-Nangal-Bhatindapipeline to Punjab and then into Pakistan.But before a formal proposal is made to thePakistani side, it needs the blessing of theMinistry of external Affairs, sources said.Pakistan may experience its worst gascrisis in 2016 when shortfall is expected tohit 3.021 billion cubic feet per day assupply-demand position deteriorates, theState Bank of Pakistan had said inDecember last year. Unlike India, Pakistanhas till now not built an LNG importterminal and so buying gas from GAILpipeline may make economic sense forPakistan. Gas supply in Pakistan at around5.497 bcfd in the year to June 30, 2012 isshort of demand by 2.458 bcfd. Supplies,according to the State Bank of Pakistan,are likely to increase to 6.354 bcfd in 2015-16 but the deficit will expand further to3.021 bcfd. Sources said an LNG terminalwill take a minimum of four years to buildwhile the GAIL pipeline can be expandedinto Lahore within months.

ISLAMABAD

GNI

The Special Audit of PakistanTelecommunication Authority (PTA)has termed the expenditure of

Rs.521.128 million during 2010-11 asirregular on the basis that the concurrence ofMember Finance was not obtained asrequired in approved delegation of powers of2009. According to details the expenditureincurred during fiscal year 2010-11 includeRs.2,412,580 development budget,Rs.18,841,940 Current Asset, Rs.375,348,755on Salaries and Allowances and Rs.24,028,426 on Welfare. Similarly, theexpenditure incurred on repair andmaintenance stood at Rs.8,226,071 whileRs.7,850,965 on General and Administrativeexpenditures. The report also termed the actof revision of delegated powers of membersof the PTA by the Chairman PTA as violation

of the Pakistan Telecommunication (Re-organization) Act 1996 (amended 2006). Thereport has also raised objection over the actof PTA Chairman who withdrew the powersdelegated and role assigned to the membersof the Authority without the approval of allthe members of the Authority. All theDirectors General were made to reportdirectly to the Chairman. The report saysthat the role of Member (Finance) wasdiminished in violation of the Act which says“the Authority shall consist of three (3)members one of whom shall be professionaltelecom engineer and other shall be afinancial expert,” The PTA accountingmanual also restricts drawl of money withoutthe written permission of Member Finance.The report says that the revision of delegatedpowers by the Chairman is violation of theprovisions of the Act. Further, retrenchmentof powers of Member Finance was alsofinancial indiscipline.

Irregularitiesgalore!

India conjures up neighbourly love,offers natural gas to Pakistan

Irregular expenditure of Rs521 million in PTA

Assistance to

boost electricity

supply, improve

irrigatedagriculture

Need gas?

PRO 22-03-2012_Layout 1 3/22/2012 12:58 AM Page 1

news02Thursday, 22 March, 2012

LAHORE

IMRAN ADNAN

H UNDReDS of livestockfarmers have lodged theirstrong protest againststoppage of payment of

mark-up by the Pakistan DairyDevelopment Company (PDDC)against loans obtained by thesegrowers from different commercialbanks under a tripartite agreementbetween the PDDC, growers andthe Banks.Some 415 farmers were registered inthe PDDC project ‘Doodh Darya’ andas per the tripartite legal agreementswith the dairy farmers and thefinancial institutions, the Companyhad to bear the mark-up on the loanstaken by dairy farmers from financialinstitutions for five years. While onsuccessful implementation of DairyFarm practices for three years thesefarmers also become entitled to 50per cent grant of the total loans.During this period all these dairyinterventions has to be fullysupervised by the field staff of DairyPakistan as per agreement terms.Nevertheless PDDC which gotextension for two years on August 16,2011 after remaining in darknessabout its fate when agriculture,livestock and food ministry wasdevolved to provinces under 18thamendment is yet to be issued fundsto meet the obligations andcommitments made by it with thegrowers and financial institutionsunder its loaning projects.

It may be recalledthat

PDDC was established in 2005 as aSpecial Initiative of the PrimeMinister and is registered undersection 42 of the Company’sOrdinance 1984. The Company waslater transferred under the MINFAwhen the devolution process started.The objective of the Company was tointroduce best dairy practices ofleading dairy countries of the worldwith a view to bring “The WhiteRevolution – Doodh Darya” inPakistan. The White Revolution –Dood Darya’ project worth Rs 2.654billion was approved by eCNeC inyear 2007. At the moment six activeDairy Development Programs, ModelFarm Program, Cooling TankProgram, Community Farm Program,Bio Gas Program, Rural ServicesProvider Program and Training &extension Programs are underimplementation.PDDC entered into tripartite legalagreements with the dairy farmersand the financial institutions, underwhich the Company would bear themarkup on the loans taken by dairyfarmers from financial institutions for5 years. While on successfulimplementation of Dairy Farmpractices for three years these farmerswill also be entitled to 50 percentgrant of the total loans. During thisperiod all these dairy interventionshas to be fully supervised by the fieldstaff of Dairy Pakistan as peragreement terms.Total loans availed by dairy farmersunder this programme were Rs 553million, while the total markup to bepaid by PDDC up till June 2014 is Rs214 million. Similarly in Bio

Gas

Program and Rural Service ProviderProgram grants are also due. Thetotal grants payable up till June 2014are Rs 83 million, sources added.Sources said that the Companyrepresents a very substantialinvestment by the Government ofPakistan for the development of dairysector, which is now approximatelyRs 1.20 billion for horizon One andhorizon Two Projects andabandoning these projects at thisstage will result in wastage of all theinvestments made so far. PDDC dairyinitiatives have also stimulatedconfidence in rural lendinginstitution, which in the past haveavoided lending in livestock and dairysector. There are also zero defaultsand failures under this programme,the sources claimed.The sources said that winding up ofPDDC at this stage will result intermination of 200 trained work forceof the Company, which is in violationof the government policy ofprotecting employments of all thestaff of ministries/autonomousbodies, being devolved. Talking aboutthe financial implications of windingup of PDDC by June 30, 2011, thesources said that it wouldimmediately require a total of Rs 447million to clear the all the dues,including Rs 214 million under thehead of markup, Rs 83 million asgrants to dairy farmers as pertripartite agreements and operationalexpenses (payable/winding upprocess) that amounts to Rs 150million. Citing all these facts, theMinistry in its summary had askedthe government to allow PDDC tocontinue implementation of itsproject till its natural age, sources

concluded.

ISLAMABAD

STAFF REPORT

T he Securities and exchange Commissionof Pakistan (SeCP) has made electronicfiling of statutory returns mandatory forcompanies to be incorporated through

eServices from May 16, 2012 onwards.SeCP has taken a “once online forever online” approach to fully harness thereal benefits of the online filing facility and toinvoke the true spirit of the eServices regime.SRO No. 266(I)/2012 dated March 15, 2012 hasbeen issued.Most of applicants get their companiesregistered online through eServices, butsubsequently file returns physically. Filingreturns through eServices, and sometimesphysically, results in delayed document

processing as well as requiring additionalresources to maintain physical and electronic record.Moreover, conversion of physically filed formsin e-documents also requires extra time, effortand human resources. This affects the essenceof eServices, which aims to provide a moretransparent, accurate and accessible user-system interface to ensure that the extra effortand time spent on physical submissions areminimized at both the user’s and theregulator’s end.SeCP had successfully launched the eServicesproject in August 2008. eServices provides foronline incorporation of companies and filing ofstatutory returns and documents. To encourageand facilitate e-filing, the SeCP has prescribedlesser fees for e-filing compared to higher feesfor physical submissions.

KARACHI

STAFF REPORT

A GRICULTURAL credit disbursement bythe banks surged by 19 percent on year-on-year basis to Rs 172.563 billion in thefirst eight months, July-February, of the

current fiscal year (2011-12).In absolute terms, disbursement of credit to theagriculture sector increased by over Rs 27.124billion in the review period when compared withtotal disbursement of Rs 145.439 billion in thecorresponding period of last year.Overall credit disbursement by five majorcommercial banks, including Allied Bank, habibBank, MCB Bank, National Bank of Pakistan andUnited Bank, stood at Rs 94.595 billion in thesaid months compared to Rs 80.415 billiondisbursed in FY2011. This depicts an increase ofRs 14.180 billion or 17.63 percent, reported thecentral bank Wednesday. The Zarai TaraqiatiBank, the largest specialized bank, disbursed a

total of Rs 31.652 billion, up by 1.18 percent whencompared with Rs 31.282 billion disbursement oflast fiscal year. The Punjab Provincial Co-operative Bank disbursed Rs 5.549 billion, up by33.13 percent compared to last year’s Rs 4.168billion. The 14 domestic private banks also loaneda combined amount of Rs 32.910 billion duringthe review period that registered an increase of11.28 percent compared to Rs 29.574 billion ofFY11. The five microfinance banks, KhushhaliBank, NRSP Microfinance Bank, The FirstMicrofinance Bank, Pak Oman Microfinance Bankand Tameer Microfinance Bank, disbursementstotaled at Rs 7.856 billion during the period.It may be pointed out that the State Bank for thefirst time has given an indicative target of Rs12.20 billion to microfinance banks fordisbursement of credit to agriculture sectorduring the current fiscal year. It may be recalledthat the State Bank has set an indicativeagricultural credit disbursement target of Rs 285billion for the current fiscal year.

Banks agri credit disbursement up by19pc to Rs172.563b during July-Feb FY12

SECP makes e-filing of returns mandatoryfor companies incorporated online

LAHORE

STAFF REPORT

AT a time when the State Bank ofPakistan has already admittedthat climate in Pakistan is notconducive for investment, the

government is making the operations ofeven existing industries impossible byjacking up the input cost like the recentmassive increase of Rs 6.39 per unit in theelectricity tariff, the single largest raise inthe country’s history, under monthly fueladjustment mechanism.In a statement issued here, the LCCIPresident Irfan Qaiser Sheikh opined thatonly because of the ongoing energy crisisthe country had lost three per cent of itsGDP while it is facing a serious lack ofinvestment from both internal andexternal front for the last four years.The LCCI president said that thegovernment decision to raise electricity

prices is bound to hit investments,manufacturing, exports, trade besidesincreasing the incidence of electricitypilferage that already is 25 per cent of the22 per cent line losses and eating up Rs50-75 billion. The LCCI President saidthat how the industry would remaincompetitive at such a high price ofelectricity which is one of the basicindustrial raw materials. We already havethe highest tariff in our region as in India,the electricity tariff for industry is 10.5cents, in Bangladesh 10.75 cents and inSri Lanka it is again 10.75 cent whereas inPakistan tariff is already 15 cents meaningthat 45 percent higher as compared to theregion. With this proposed massive andunprecedented increase, we will havedouble the tariff of electricity what theregional countries are offering to theirtrade and industries leaving Pakistantotally uncompetitive and unviable in theinternational market place.

LAHORE: Pakistan hardware MerchantsAssociation (PhA) has urged the SupremeCourt of Pakistan to take suo moto notice ofthe ongoing energy crisis as daily over 12hours load shedding has badly destroyed theeconomic fabric of the country. In a statementissued here on Wednesday, Central Chairmanof Pakistan hardware Merchants Association(PhA) Sardar Usman Ghani, Central Vicechairman Tariq Rasheed and Zonal ChairmanSheikh Ahmad Dawood said unannouncedprolonged load shedding and repeatedincreases in power tariff killing the economicactivities thus causing unrest among thebusiness doing people. They suggested to thegovernment to put off the decision to increasepower tariff as both the industry and tradewere passing through very critical times. Theysaid that at the moment when the industrialproduction was at its lowest and the businesscommunity was facing difficulties in dealingwith banks in respect of their outstandingdues, the increase in power tariff would crushthem like anything. The PhA office-bearerssaid that due to long power outages only intextile sector as many as 40 to 50 per centindustrial units had already closed down theiroperations and if the situation remains thesame many more would not be able to survive.They said that the government would have toreset its priorities to cope with this crisis likesituation as not only masses but the businesscommunity was on the verge of losing thetempers that was not a good omen at all. Theyalso demanded of the government to ensureearly payments to the IPPs and PSO toovercome the ongoing electricity crisis that isdeepening with every passing day. STAFF REPORT

LCCI not best pleasedby electricity tariff hike

PHA wants SC to hammerenergy crisis

LAHORE: The women entrepreneurs ofsouth Punjab have appreciated Small andMedium enterprises DevelopmentAuthority for enhancing its businessdevelopment activities in the region. Itwas disclosed by the Womenentrepreneurship Development team ofSMeDA that returned back from Multanthis evening after holding a two-daytraining workshop on “exhibition Skills”.The team informed that the said trainingprogram was held by SMeDA at MultanChamber of Commerce and Industryyesterday, in which Mian Anees,President MCCI, Ms. Masooma Sabtain,President South Punjab-WCCI and therenowned women entrepreneur Ms.Rumana Tanveer participated as guestsof honor. Whereas, Mr. Khurram Agha,Commissioner Multan attended theconcluding ceremony of this workshop asChief Guest. It is notable that the womentraders who attended this workshop willapply the skills of arranging world classdisplay stalls by participating in thenational level exhibitions to be held atLahore and Islamabad. SMeDA Womenentrepreneurship Development teamfurther informed that SMeDA hadlaunched a special move to promoteentrepreneurship among womenpopulation of the country, under whichthe Women Chambers of Commerce andIndustry were being provided with expertassistance in arranging training andexhibitions. SMeDA collaboration in the11th Women Lifestyle exhibition held lastweek by CNP-WCCI at Lahore was also apart of this move. STAFF REPORT

SMEDA team talks up Multanese expedition

Livestock farmers scream bloodymurder…and with reasonLodge protest against stoppage of payment of mark-up by PDDC

It’s all moo

g Takes ‘once online forever online’ approach g eServices had been launched in Aug 08

PRO 22-03-2012_Layout 1 3/22/2012 12:58 AM Page 2

Samsung Galaxy Note brings a fascinating event at Mall of LahoreLAHORE: Samsung electronics Co. Ltd. is a globalleader and award winning innovator in digital tech-nology and telecommunications, which has recentlylaunched Samsung Galaxy Note - The first tabletand smart-phone hybrid. In continuation of the suc-cessful activities at the global level, Samsung GalaxyNote Studio is now being organized in Pakistan,where the enthusiasts can experience its fascinatingfeatures. The lively, colorful event will continue atthe Mall of Lahore from 23rd to 25th March, 2012and at Park Towers Karachi from 30th March to 1stApril 2012. PRESS RELEASE

KSE notifies holiday on March 23KARACHI: The Karachi Stock exchange Wednesdayinformed the stock members and other concernedthat the exchange would remain closed on Friday,March 23, on account of Pakistan Day. STAFF REPORT

‘PTCL’s pursuit of innovation gives itan edge over other players’

KARACHI: Pakistan Telecommunication CompanyLimited (PTCL) Senior executive Vice PresidentCommercial, Naveed Saeed has said that his com-pany’s sustained pursuance of innovation has broughtit closer to its consumers and given it a remarkablecompetitive edge over other market players. “Ourjourney over the last five years has had a profound im-pact on how businesses deal with people and howpeople evolve their businesses,” said Mr. Saeed during

his remarks delivered at the one-day Marketing Con-ference (MarCon) 2012 organized by the MarketingAssociation of Pakistan in Karachi. PRESS RELEASE

MARCON calls for adopting advancedmarketing strategies

KARACHI: The development in the world is so fast thatmarketers need to catch its pace with advance tools, inte-grated strategy and proper planning for making differencein increasing sales of their products. These views were ex-pressed by TarekMiknas, CeO Middle east and Africawhile, Promoseven Group while addressing MARCON2012 titled ‘New Trends & Insights in creating & sustainingCompetitive Advantage’ held today at a local hotel here inKarachi. The conference was organized by Marketing As-sociation of Pakistan in collaboration with Unilever Pak-istan and managed by TerraBiz Group. PRESS RELEASE

NUST International Seminar on ‘RainWater Harvesting and Conservation’ISLAMABAD: To celebrate World Water Day 2012and highlight the importance of water conservation washeld today at NUST arranged by earthquake Recon-struction and Rehabilitation Authority eRRA in collab-oration with National University of Science andTechnology Islamabad. Ambassador of Cuba, represen-tatives of US embassy, Dr. Shehbaz from UNeSCOParis and other delegates attended the seminar, whileLt Gen Sardar Mahmood Ali Khan was the Chief Guest.Management of scarcity of water and exploring avenuesfor the effective implementation of water conservationstrategy in Pakistan was the main focus where interna-tional and national experts, discussed rainwater har-vesting as one of the most important and effective

system of water conservation. eRRA introduced RainWater harvesting Program under its Water and Sani-tation Program while rebuilding the destroyed areas ofKP and AJK after earthquake 2005.

Omar Manzur takes over as Lead Business Partner at MobilinkLAHORE: Mobilink has announced that Omar Manzur,formerly Director Public Relations and Corporate SocialResponsibility has been appointed to a new portfolio, asthe head of the newly established “Business Partners” de-partment within Mobilink human Resource division. Asthe Lead hR Business Partner, Omar will serve as abridge between the hR functions and various businessstreams, to ensure timely and customized solutions to thenationwide hR needs of the business. Jahanzeb Taj, Mo-bilink’s Vice President Marketing, highlighted “Over thelast many years, Omar has grown his department to be-come the telecom industry leader, ensuring the continuedprogress of our PR & CSR needs. I wish Omar the bestwith his new responsibilities, and I am sure he would per-form exceptionally well in this new role.” PRESS RELEASE

Plan celebrates 75 years of commitment to childrenISLAMABAD: Plan International has marked its 75years of commitment to children today, 20th March 2012,with a series of unique global celebrations. In this regard,Plan International Pakistan organized a birthday party atPakistan National Council of Arts (PNCA) in Islamabadto mark its 75th global anniversary and its 15t years of op-erations in Pakistan. PRESS RELEASE

PC decides to accelerate privitisation processISLAMABAD: The Privatisation Commission Boardmet here today under the Chairmanship of the FederalMinister for Privatisation Mr. Ghous Bux Khan Maher.PC Board took review of implementation of Board’s de-cision of last two years and showed concern over um-implemented decisions and directed to expedite theimplementation. The board also directed PrivatisationCommission to overcome the operational deficiencies ifany to speed up the privatisation process. PRESS RELEASE

SBP allows Bank of Tokyo-Mitsubishi to work as NMIKARACHI: The State Bank of Pakistan (SBP) hasallowed the Bank of Tokyo-Mitsubishi UFJ to con-duct derivatives business (FX Options only) as Non-Market Maker Financial Institution (NMI), says thecentral bank Wednesday. It may be pointed out thatsix banks, including Citibank, Deutsche Bank,Faysal Bank Limited, habib Bank Limited, StandardChartered Bank (Pakistan) Limited and the UnitedBank Limited are already allowed to conduct finan-cial derivatives business as Authorized DerivativesDealers (ADDs) in Pakistan, the SBP said in a circu-lar issued on Wednesday. STAFF REPORT

4th International CSR Summit &Award on March 28LAHORE: National Forum for environment andhealth (NFeh) in collaboration with IntellectualProperty Rights Organization (IPO)and United Na-tions environment Programme (UNeP), organizing4th International Summit on Corporate Social Re-sponsibility on March 28, 2012 at local hotel at La-hore. Theme of Conference is the “SustainableFuture through CSR Initiatives”. The objective ofconference is to promote corporate image throughCSR, Compliance with environmental standards,and Promotion of best practice of CSR, Recognitionof CSR initiative and Strengthen role of Public & Pri-vate sector in CSR practices. STAFF REPORT

news

Thursday, 22 March, 2012

03

ISLAMABAD: Chief Executive Murree Brewery CompanyMr. Isphanyar Bhandara signs the memorandum ofunderstanding with Chairman, Biochemistry DepartmentQuaid-e-Azam University Dr. Salman. PRESS RELEASE

CORPORATE CORNER

Major Gainers

Company Open High Low Close Change Turnover

Unilever Food XD 1751.00 1838.00 1801.00 1801.00 50.00 104Wyeth Pak Ltd.XD 705.96 741.25 690.00 718.20 12.24 69Mithchells Fruit 175.26 184.02 175.26 184.00 8.74 997Tri-Pack Films XD 188.00 195.00 190.00 195.00 7.00 7,866Nestle PakXD 4402.61 4495.00 4353.01 4408.50 5.89 31

Major Losers

Rafhan MaizeXD 2774.57 2642.00 2635.85 2635.85 -138.72 67UniLever Pak LtdXD 5817.78 5799.00 5701.00 5701.00 -116.78 14Linde Pakistan Ltd. 98.00 93.80 93.51 93.51 -4.49 499Packages Limited 85.00 86.90 80.75 80.78 -4.22 79,062Clariant Pak XD 151.83 153.90 148.30 148.32 -3.51 5,513

Volume Leaders

Jah.Sidd. Co. 17.96 18.88 17.60 18.58 0.62 30,206,950TRG Pakistan Ltd. 3.63 4.33 3.66 4.08 0.45 27,394,585JS Bank Ltd 6.78 7.25 6.61 6.94 0.16 13,959,648NIB Bank Limited 2.41 2.89 2.40 2.69 0.28 10,865,187Bankislami Pakistan 6.64 6.91 5.75 6.07 -0.57 9,413,082

Interbank RatesUS Dollar 90.7654UK Pound 144.3080Japanese Yen 1.0818Euro 120.4094

Dollar EastBuy Sell

US Dollar 90.80 91.30Euro 119.28 120.66Great Britain Pound 142.88 144.49Japanese Yen 1.0710 1.0831Canadian Dollar 90.58 92.10Hong Kong Dollar 11.52 11.72UAE Dirham 24.60 24.85Saudi Riyal 24.08 24.34Australian Dollar 93.68 96.20

KARACHI

STAFF REPORT

The day saw the bench-mark 100-share index de-creasing by 10.21 points to13,293.12 points against

13,303.33 points of Tuesday. AbdulAzeem, an analyst at InvestCap, saidthat the KSe 100 index was able toclimb and sustain above the identi-fied pivot level of 13,223pts, whichwas as per expectations but closedlittle negative.

Total numbers of Shares of 387companies were traded on Wednes-

day, and at the end of the day total159 stocks closed higher, total 137 aredeclined while 91 remained flat. Theoverall value of shares traded duringthe day was Rs2.660 billion.

Azeem added that the marketagain attracted liquidation interest atthe high levels. The trading volumesat the ready-counter were recordedhigher at 266,068 million sharesagainst 247.813 million shares of theprevious day. The trading value de-creasing to Rs 4, 593 billion com-pared to Rs 5.140 billion of theprevious session. The intraday highand low, respectively, stood at

13,399.39 and 13, 265.30 points.Market capitalization declined to3.410 trillion from 3.428 trillion.

The market below 13,135 indi-cates further selling pressure towards12,900pts levels. On the flip sidemarket again needs to climb above13,390pts level to attract buying in-terest again, viewed Azeem.

KSe All share-index ended theday at 9,305.31 points, down 2.00points or 0.02 percent, KSe 30-indexstopped the day at 11,630.49 points,down 109.94 points or 0.94 percentwhile the KMI 30-index slumped by119.13 points or 0.52 percent to end

the day at 22, 700.76. Jahangir Sid-diqui Company was volume leader ofthe day, 30.206 million shares andgained Rs 1.38 to close at Rs 18.58,followed by TRG Pakistan, JahangirSiddiqui Bank Limited and NIB BankLimited with turnover of 27.394 mil-lion, 13.959 million and 10.865 mil-lion shares respectively.

The UniLever Food XD andWyeth Pakistan Limited XD, up Rs50.00 and Rs 12.24, led highestprice gainers while, Rafhan MaizeXD and UniLever Pakistan LimitedXD, down Rs 138.72 and Rs 116.78respectively, led the losers.

Bears forestall bull run at the 11th hour

KARACHI

STAFF REPORT

AL Meezan InvestmentManagement Limited(Al Meezan) Wednesdayannounced interim

dividend payout of Rs 2, Rs 0.40and Rs 1.30 per unit for MeezanIslamic Income Fund (MIIF),Meezan Cash Fund and MeezanSovereign Fund (MSF),respectively.

The payouts are in the form ofbonus units to the growth unitholders and cash dividend to theincome unit holders, said AlMeezan in a statement.A growth unit holder having 100units of MIIF as at March 20 willget 3.9912 additional units at theex-dividend NAV of Rs. 50.11while an Income Unit holder willget Cash Dividend of Rs. 2.00 perunit. A Growth Unit holder having100 units of MCF as at March 20,

2012 will get 0.7998 additionalunits at the ex-dividend NAV ofRs. 50.01 while an Income Unitholder will get Cash Dividend ofRs. 0.40 per unit.A Growth Unit holder having 100units of MSF as at March 20, 2012will get 2.5912 additional units atthe ex-dividend NAV of Rs. 50.17while an Income Unit holder willget Cash Dividend of Rs.1.30 perunit. MIIF is the first Shariahcompliant open-end income fund

in Pakistan. At the close of theperiod March 20, 2012, the netassets of MIIF were Rs 1.284billion. MCF is the largest Shariahcompliant open-end moneymarket fund with its net assets, byMarch 20, standing at Rs 7.703billion. MSF is the largest Shariahcompliant open-end governmentsecurities fund which’s, at theclose of the period March 20, sawits net assets accumulating to Rs19.918 billion.

Al Meezan announces Rs0.40 to Rs2 dividend for Meezan funds

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