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International Karachi, Tuesday, October 5, 2010, Shawwal 25, Price Rs12 Pages 12

Gilani takes notice of C’wealth Games flag-grab

Edwards wins Nobel for medicine Europe woos Asia to up global role

See on Page 12 See on Page 12

Musharraf, now history, says Kaira

See on Page 12

See on Page 12

President approves flood tax surcharge in high-level meet

Economic Indicators $16.79bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 3.05% LSM Growth (Jul 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.70mn Population

Forex Reserves (24-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)

Sindh will pay 1-time flood tax

l Tax to be enforced on agri-lands, new vehicles, houses l Flood tax would not burden masses, says Bengali l MQM opposes, says not taken into confidence

Portfolio Investment SCRA(U.S $ in million)

49.23 -36.65 3.73 2311

Yearly(Jul, 2010 up to 30-Sep-2010) Monthly(Sep, 2010 up to 30-Sep- 2010) Daily (30-Sep-2010) Total Portfolio Invest (23 Sep-2010)

Staff Reporter/ Agencies

NCCPL (U.S $ in million)

FIPI (04-Oct-2010) Local Companies (04-Oct-2010) Banks / DFI (04-Oct-2010) Mutual Funds (04-Oct-2010) NBFC (04-Oct-2010) Local Investors (04-Oct-2010) Other Organization (04-Oct-2010)

14.68 -10.26 0.86 1.30 -0.02 -6.56 0.005

Global Indices Index Close KSE 100 10,045.03 Nikkei 225 9,381.06 Hang Seng 22,618.66 Sensex 30 20,475.73 ADX 2,664.23 SSE COMP. 2,655.66 FTSE 100 5,555.97 *Dow Jones 10,738.33 *Last Updated 20:00 PST

Change 2.59 23.17 260.49 30.69 10.47 44.98 36.93 91.35

GDR update 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 PKR/Shares 2.60 112.01 17.50 150.78 2.00 43.08 1.70 36.62 9.57 32.98

Money Market Update 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)

12.69% 12.82% 12.79% 13.50% 12.77% 13.04% 13.20% 13.62% 13.72% 13.85% 13.91% 14.01% 14.23% 14.35% 14.55%

22-Sep-2010 22-Sep-2010 22-Sep-2010 29-Sep-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010

Commodities *Crude Oil (brent)$/bbl 83.71 *Crude Oil (WTI)$/bbl 81.78 *Cotton $/lb 96.48 *Gold $/ozs 1,315.30 *Silver $/ozs 21.99 Malaysian Palm $ 864.20 GOLD (NCEL) PKR 36,466 KHI Cotton 40Kg PKR 7,609 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 82.80 Canadian $ 83.90 Danish Krone 15.10 Euro 117.80 Hong Kong $ 11.10 Japanese Yen 1.018 Saudi Riyal 22.88 Singapore $ 65.00 Swedish Korona 12.20 Swiss Franc 85.00 U.A.E Dirham 23.38 UK Pound 135.80 US $ 86.35

83.80 84.90 15.50 119.00 11.50 1.044 23.05 66.00 12.70 86.00 23.55 137.20 86.65

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

Selling TT & OD

83.55 84.56 15.91 118.56 11.10 1.031 22.97 65.60 12.81 88.14 23.46 136.17 86.16

83.74 84.76 15.95 118.84 11.13 1.034 23.02 65.76 12.84 88.35 23.51 136.48 86.35

MAX-TEMP

33°C 39°C 36°C 36°C 32°C 34°C

Reaction against the transfer of Justice Zawar

Punjab judges resign en bloc LAHORE: The ongoing dispute between Lahore Bar Association (LBA) and judges of Punjab over transfer of session judge Zawar A Sheikh turned to worst as almost all the civil judges resigned in protest and expressed solidarity with Justice Zawar Shaikh. The lawyers have been demanding the transfer of session judge Zawar A Sheikh for several months now accusing him of irrational behaviour. Amidst all this controversy, Sheikh has gone on a weeklong leave to stay away from the scene as efforts are underway to resolve the crisis.

MIN

18°C 24°C 24°C 19°C 12°C 19°C

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LHC CJ rejects resignations LAHORE: Lahore High Court Chief Justice Khawaja Muhammad Sharif on Monday rejected resignations of civil and additional district and sessions judges of Punjab. CJ directed all judicial officers to fulfil their constitutional responsibilities and mitigate the suffering of litigants. As per details, more than 1300 civil judges submitted their resignations to district See # 8 Page 11

Circular debt reaches Rs235bn

PSO fears fuel crisis ISLAMABAD: Managing Director Pakistan State Oil (PSO) Irfan Qureshi said that rising circular debt could hit supply as it was seriously affecting the PSO functionality. He informed this during a briefing to Senate standing committee on Petroleum and Natural Resources on Monday. He told the committee that company's receivables had soared to Rs144 billion including Rs130 from the power sec-

tor while payables had swelled to Rs122 billion including Rs89 billion to refineries and Rs33 billion to international oil suppliers. Committee expressed serious concern at the rising trend of circular debt amounting to over Rs235 billion of the ministry and forcing oil refineries to produce as low as at 60 per cent of their capacity. "After all, the government has to put in place a plan to See # 10 Page 11

Offshorers invest $14.68mn

Biggest one-day net-inflow of year Ghulam Raza Rajani

Buying TT Clean

Weather Forecast CITIES

BRUSSELS: Minister of Foreign Affairs of Pakistan Shah Mehmood Qureshi shaking hands with Nato Secretary-General, Anders Fogh Rasmussen -Online

KARACHI: Capital markets in Pakistan witnessed the biggest net inflow of the year 2010 Monday as the offshorers invested $14.68 million on a single day as per the National Clearing Company of Pakistan Limited (NCCPL) data. Foreign investors opted for buying fresh position as foreigners bought shares worth

$16.48 million and sold $1.80 million, resulting in net buying of $14.68 million. Foreign corporate companies made most of the buying worth $14.65 million worth. Similarly, foreign individual and overseas Pakistani net bought worth of 16.5 thousand dollars and 5.53 thousand dollars respectively. As per the details available, See # 11 Page 11

Ogra raises Bobi field wellhead gas prices Ahmed Siddique KARACHI: Oil and Gas Regulatory Authority (OGRA) has announced the wellhead gas price of Bobi field on a retrospective basis for the period covering January 1, 2007 to December 31, 2010. According to a notice issued by OGDCL, Ogra has notified prices for Bobi field for the period 1HFY11 at Rs382.008 per mmbtu. Upside to price revision ranges from 97 per cent to 306 per cent during the period. Bobi field See # 13 Page 11

Malik denies NRO deal between BB, Musharraf ISLAMABAD: Federal Minister for Interior, Senator A Rehman Malik has said Benazir Bhutto Shaheed struck no deal with Pervez Musharraf on NRO and the Benazir Bhutto had rejected the dates of her return given by Musharraf. In a statement issued Monday, the Interior Minister said that all discussions held between Benazir and Musharraf were on transition to democracy. Mohtarma had refused to meet their two senior leaders who wanted to talk on NRO sent by General Pervez Musharraf. He said he has all the record of all the meetings between Shaheed Mohtarma Benazir Bhutto and General Musharraf. There was no deal when we came we had all the cases intact. He said General Pervez Musharraf should swear on Holy Quran that did Shaheed See # 9 Page 11

KARACHI: President Asif Ali Zardari Monday approved the imposition of flood-tax in Sindh during a high-level meeting held here in Bilawal House. The new tax will be imposed on agricultural lands, registration of new vehicles, arms licenses and houses. The meeting was also attended by CM Sindh Syed Qaim Ali Shah, Senior Provincial Minister Pir Mazharul Haq, Provincial Finance Minister Murad Shah, Jam Mehtab, Manzoor Wasan, Ayaz Soomro, Qaiser Bengali, Ali Nawaz Shah, and Chairman of National and Provincial

Disaster Management Authorities (NDMA). President Asif Ali Zardari was briefed by the authorities concerned regarding damages caused by recent floods to agriculture sector, loss of Rs450 billion, rehabilitation plans, relief operation and about Rabi crops. The meeting decided to impose taxes by adding one time flood surcharge, which would be inflicted with the approval of provincial assembly. Meanwhile, Sindh government has approved the imposition of one-time flood tax in the province, Pakistan Peoples Party (PPP) Information

Secretary Fauzia Wahab said Monday, added that party was least afraid of lawyers and military elements, and pledged that the government would complete its tenure. She said that Sindh Assembly had already approved the enforcement of the flood-tax, and stressed that using own resources for restructuring and rehabilitation of flood victims had become imperative. Speaking on the occasion, the advisor to Chief Minister, Qaisar Bengali categorically assured that the tax would not burden the masses, but would rather be implemented on rich and influential, since the global See # 6 Page 11

FM Qureshi meets Nato Secy-Gen Fogh

Regretful Nato urges reopening of supply line Taliban vows to continue attacks BRUSSELS: Nato SecretaryGeneral Anders Fogh Rasmussen expressed regret Monday for the deaths of Pakistani soldiers last week and

said he hoped Pakistan's border would reopen for Nato-supplies to Afghanistan as soon as possible. Fogh further said that we do not want to lose an important ally Pakistan and Pakistan's cooperation and support is inevitable in winning the war

on terror and for peace and stability in Afghanistan. "I expressed my regret for the incident last week in which Pakistani soldiers lost their lives," Rasmussen said during a meeting with Pakistani Foreign Minister Shah Mehmood See # 7 Page 11

Pepco dismissal challenged in Lahore HC LAHORE: Wapda Hydro Electronic Union has challenged the dissolution of Pakistan Electric Power Company (PEPCO), saying its disbanding will make electricity even more expensive. The petition termed Pepco’s dissolution unconstitutional, as it said, the step was taken as a result of pressure from International Monetary Fund (IMF). This will not only make the electricity more expensive but also render thousands of people jobless. It has been prayed to the court to declare Pepco’s disbanding as unconstitutional and against country’s interest. Agencies

HEC receives Rs1.2bn more ISLAMABAD: Finance Division (FD) has released Rs1.1 billion to Higher Education Commission (HEC) Monday to increase the salaries of universities employees after the recommendation of special committee formed on the directives of Prime Minister Syed Yousuf Raza Gilani. According to details FD has released Rs1.1 billion to Higher Education Commission for the recurring expenditures and to See # 12 Page 11

Available Now


2

Monday, October 4, 2010

EPZA approves Rs26mn for victims

KARACHI: Newly appointed swiss Consull GEneral Didier Boschung called on Sindh Governer Dr.Ishratul Ebad Khan at Governer House.-APP

Dawlance announces price cut KARACHI: Dawlance has reduced prices on its entire range of Aero Design Refrigerator series by Rs3,000. This step has been taken to support Dawlance customers during this tough time. It has not only facilitated the consumers but has also set a trend in the market. Hasan Jameel, Head of Marketing in an announcement made here said, "This initiative has been taken to fulfill Dawlance vision to be a Reliable and caring brand which is willing to support its consumers through good and bad times. -PR

PQFTL, FWU sign strategic agreement KARACHI: Pak-Qatar Family Takaful Limited (PQFTL), Dawood Islamic Bank Limited and FWU AG have signed a strategic cooperation agreement according to which Dawood Islamic Bank would distribute Shariah compliant Banc assurance (BancaTakaful) products across its branch network. The agreement was signed by CEO Pak-Qatar Family Takaful P. Ahmed and Pervez Said, President and CEO, Dawood Islamic Bank at DIB's Head Office on Monday. These products will provide DIB's customers with

Malaysians to build 1k shelter homes TUESDAY Time Programmes 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 15:15 14:00 14:30 15:05 15:30 16:05 (Rpt) 17:05 18:15 19:00 19:05 20:00 20:05 21:00 22:00 22:05 23:00 23:15

Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para News Power Lunch News Mang Raha Hay Pakistan Akhri Sauda Tax Time Islamabad Say Ghar Ka Kharch Karobari Dunya News Kamyab (Rpt) News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Karobari Dunya

TV PROGRAMMES TUESDAY Time 7:00 8:00 9:05 11:00 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:30 20:03 21:00 22:03 23:00 23:30

Programmes News News Subah Savere Maya ke Sath News News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Samaa Sports Crime Scene Newsbeat News Tonight With Jasmeen News 24

KUALA LUMPUR: The Malaysia Relief Agency (MRA) which had earlier sent three relief teams for flood victims to Pakistan is planning to build one thousand(1000) low cost housing units costing Rs83.4 million in various flood affected areas to provide shelters to homeless flood victims. This was stated by Dato' Dr Abdul Razak Bin Kechik, President of MRA, during the launch of a twoday charity bazaar held in a high-end shopping complex, in Kuala Lumpur.-PR

KCCI condoles Jameel Siddiqui KARACHI: President KCCI Mohammad Saeed Shafiq, Chairman Businessmen Group and former President KCCI Siraj Kassam Teli and other leaders of Karachi Chamber have condoled the sudden demise of senior journalist of The Financial Daily, Jameel Siddiqui. Other leaders included former presidents KCCI Tahir Khaliq, Zubair Motiwala, Haroon Farooki, Anjum Nisar, Senior Vice President Talat Mahmood and Vice President Junaid Ismail Makda, Managing Committee Members, Secretary General KCCI ,SMH Rizvi, Public Relations Officer of KCCI Muhammad Shafiq Baig , said a condolence message issued by Karachi Chamber of Commerce and Industry here on Monday. They expressed their sincere and deepest condolences on the sudden death of senior journalist, Jameel Siddiqui. They prayed that Almighty Allah may place the departed soul in eternal peace, and give courage and fortitude the grieved family to face such a colossal loss.-APP

Long term Savings plans specifically catered to fulfill their future financial needs. In addition, the Takaful cover will offer financial protection to the families by addressing their future financial needs in the unfortunate case of the breadwinner's untimely death. Speaking on the occasion CEO Pak-Qatar Family Takaful P Ahmed said that his company is establishing alliances with organisations that have vast distribution network and trained human resource in order to reach out to maximum number of customers.

He said that Pak-Qatar Family Takaful is always looking for ways to provide value added products to the people of Pakistan. Joining hands with Dawood Islamic Bank is testimony of our vision to spread the reach of Takaful products to a large number of people who would benefit from a customer centric and Shariah compliant risk mitigation tool." Dawood Islamic Bank is a fast-growing dedicated Islamic Bank with 50 online branches nationwide. Its largest shareholder is Unicorn Investment Bank of Bahrain.-Online

KARACHI: The Board of Directors of Export processing Zone Authority (EPZA) in its 96th meeting held under the Chairmanship of Aftab Ahmed Memon, Chairman Export Processing Zones Authority has approved Rs26 million for flood affected areas in Pakistan. The distribution is for Rs10 million for Prime Minister's Fund and Rs4 million each province (Chief Minister's fund). Rs6.5 million was also reserved for the Corporate Social Responsibility of EPZA i.e. SIUT, LRBT, Fatmid Foundation, Skin Hospital, Shaukat Khanum Hospital, Scholarship for bonafide students of all provinces, special attention is given to remote areas of Pakistan and also scholarship reserved for disable bonafide students. Furthermore the Board has appreciated the progress report during the period 2009-10. The net profit for the year 2009-10 is Rs.146.490 million i.e. increase of 38 per cent as compared to previous years. The Board was informed that EPZA is only public sector organization for putting up its Budget on the website and also posting quarterly / six monthly income and expenditure statement on website to meet with the high standard of transparency. The Board appreciated EPZA management for this act.-PR

KCCI vows to keep economy as top concern ISLAMABAD: Siraj Kassam Teli, Chairman BMG and Former President KCCI at the occasion of Annual General Meeting 2010 congratulated the incoming office bearers of KCCI for the year 201011, President Muhammad Saeed Shafiq, Talat Mahmood, Senior Vice President and Junaid Esmail Makda as Vice President. On devising the policies Teli said the upcoming year would be the post-flood era and requires intelligent strategy for surmounting increasing economic challenges and these would remain on top for the newly posted incumbents. The year 2009-10 was the year of Corporate Social Responsibility which started with the sad boulton market fire incident and ended with the involvement of KCCI in flood relief activities. Siraj Kassam Teli commented that outgoing President, Abdul Majid Haji Muhammad is lucky to have blessings of several peo-

ple out of the relief activities which KCCI endeavored. Giving the reference of BMG's longstanding lead, not just at KCCI but at other platforms like SITE, PHMA, Dyes association, Teli remarked that Public service is the motto of BMG and is responsible to every Karachiite and tax payer and because of this stance BMG enjoyed a dominant stature. Abdul Majid Haji Muhammad, outgoing president thanked the leadership and member managing committee for supporting throughout the year. He said around 25 ambassadors and several consul generals and commercial counselors visited KCCI during his tenure. Abdul Majid elaborated on bringing in new traditions and cementing relationships through other than formal meetings like the friendly bowling matches with EU, CIS and ASEAN dignitaries.-APP

SME role in nation building discussed KARACHI: The conference delegates of 4th Pakistan SME Conference 2010 organised by Shamrock Conferences International supported the idea of bringing social transformation to enable self-reliance in rehabilitation and restructuring of this nation hit by severe flooding. The conference discussed the role and contribution of SME's in nationbuilding. The forum was

supported by the IFC/World Bank, SME Business Support Fund (BSF), Ministry of Finance and the Small & Medium Enterprise Authority (SMEDA). A special panel discussion highlighted the postfloods situation and the scope for rebuilding devastated areas and the rehabilitation of displaced people. About 200 delegates representing; State Bank

of Pakistan, SMEDA, UNISAME, Government departments, commercial banks, trade associations, chambers of commerce & industry, academia and the media attended the fullday's proceeding which included three sessions and an interactive panel discussion. The theme of the conference was 'Rebuilding and Rehabilitation - The Task, Responsibility and Opportunity'.-PR

Russians to explore aluminum in Pak ISLAMABAD: Saleem H Mandviwalla Minister of State/Chairman Board of Investment (BoI) during his recent visit to Russia had fruitful discussions with Russian officials on ways and means to boost bilateral trade and investment and explore opportunities for the benefit of the people of the two countries. BoI sources told APP that Saleem H Mandviwalla visited Russia from September 28 to October 4 where he met world's biggest aluminum producer who showed interest in exploring Aluminum in Pakistan.

Mandviwalla told the company officials that in Punjab, Khushab is bestowed with extensive aluminum reserves and investment in our natural resources Pakistan can meet its domestic requirements. A Meeting with VTB Capital was also held in Moscow. VTB Capital is the investment arm of VTB banking Group, an international financial group. MOS/Chairman BOI had a detailed discussion about financial arrangements in acquiring investment in certain areas with immediate investment demands.

The bank assured the Minister of timely finances to Pakistan in the field of hydro power and other areas. Meeting with Gazprom Zarybezhneftgaz for oil and gas exploration in Pakistan was also meaningful. G a z p r o m Zarybezhneftgaz is a leading Russian company featuring major business lines; geological exploration, production, transportation, storage, processing and marketing of hydrocarbons as well as generation and marketing of heat and electric power.-PR

Teli urges proper post-flood strategy KARACHI: The postflood era requires intelligent strategy for surmounting increasing economic challenges and these would remain on top for the new office-bearers of the Karachi Chamber of Commerce and Industry (KCCI). Siraj Kassam Teli, chairman of BMG and former president KCCI stated this on the occasion of annual general meeting 2010 of KCCI. He congratulated KCCI President Muhammad Saeed Shafiq, Senior Vice President Talat

Mahmood and Vice President Junaid Esmail Makda and the officebearers of KCCI elected for the year 2010-11. Teli said the year 200910 was the year of Corporate Social Responsibility, which started with the sad Bolton Market fire incident and ended with the involvement of KCCI in flood relief activities. He said that outgoing President Abdul Majid Haji Muhammad is lucky to have blessings of several people for the relief activi-

ties which KCCI carried out. Giving the reference of BMG's longstanding lead, not just at KCCI but at other platforms like SITE, PHMA, Dyes Association, etc., Teli said that public service is the motto of BMG that is responsible to every Karachiite and taxpayer and because of this stance enjoyed a dominant stature. Abdul Majid Haji Muhammad thanked the leadership and member managing committee for supporting throughout the year.-APP

ISLAMABAD: Ambassador Usiad Robin Raphil, Former President of Supreme Court Bar Association Barrister Aitzaz Ahsan Chaudry, Former Senator and State Minister for Interior Dr Shahzad Waseem, Former Country Director of UNHCR Guenet and other pose for a group during reception hosted by Dr Shahzad Waseem.-ONLINE

KARACHI: The Consul General of the Federal Republic of Germany Dr Christian Brecht, hosted a dinner reception to Celebrate the 20th Day of German Unity at German Consulate. Picture shows Chief Minister of Sindh Syed Qaim Ali Shah, Speaker Sindh Assembly Nisar Ahmed Khouro, Arif Balagamwala, Junaid and Samina Seidler, diplomats from America, Sri Lanka and Bahrain with other prominent guests.-PR

PNSC salaries up 40pc KARACHI: Federal Minister for Ports and Shipping Babar Khan Ghauri has announced forty per cent increase in salaries of Pakistan National Shipping Corporation (PNSC) employees including bonus as corporation is running in profit despite global recession. Talking to media after addressing a ceremony organised by PNSC staff, minister said that five new ships will join the PNSC fleet within few months time after which number of ships will increase to fifteen. Federal Minister said that Gawadar port has been fully operational however importers and exporters are facing difficulty in movement of goods as M-8 has not yet been completed by ministry of communication. For this reason significant increase has not been seen in cargo handling on Gawadar port. Babar Khan Ghauri further said that M-8 is supposed to be complete till 2006 but ministry of communication could only complete fifty per cent work on the project. He said that number of notices have been sent to ministry of communication after which CM Balochistan, National finance council and standing committee on communication have been asked to use their influence for early completion of the project.-Online

NOTICE INVITING TENDER (ON ITEM RATE BASIS)

Sealed tender is invited under SPPRA Rules Rules 2010 for the work below: PROVINDING LAYING BROKEN BOUNDRY WALL AT COD FILTER PLANT KW&SB Eligibility of Tender will issue to the contractor who Contracts are currently registered in relevant category of PEC C-6. Tenders can be Office of the Accounts Officer (Revenue) purchased at Civic Centre Annexe Building and C.E (BT&D) & DMD (TS) office at Block-B 9th Mile Shahra-e-Faisal, Karsaz, Karachi. Earnest money 2% of Quoted amount in shape of Pay Order/ Bank Draft in favour of Karachi Water & Sewerage Board Rs1,000/= Non refundable in shape of Tender fee pay order in favour of Karachi Water & Sewerage Board Source of Funding KW&SB Date of Issuing From date of Publication to 22-10-2010 Date of Receiving 25-10-2010 at 2.00 P.M Opening of Tenders 25-10-2010 at 2.30 P.M Place of Opening Tender will be opened in the office of Chief Engineer (BT&D), in the presence of High Power Tender Opening Committee and Tender or their authorised representative. Purpose Scope of Work To improve the Water Supply of the city

1. Name of Work

2.

3.

4.

5. 6. 7. 8. 9.

10.

NOTE i. Tender can be seen on SPPRA Authority website www.spprasindh.gov.pk and CDGK website master@karachicity.gov.pk ii. No tender will be issued on the date of opening of tender, tenders will be issued only on production of original "Current Registration of PEC" iii. The procurement agency reserve the right to accept any or reject any or all tenders subject to relevant provision of SPPRA Rules 2010.

Karachi Water & Sewerage Board

CDGK/KW&SB -675/10

KWSB D.P.R 2010/99


3

Tuesday, October 5, 2010 Top Economic Events

US dollar rebounds on euro-zone worries lators trimmed long positions after the single currency hit a 6-1/2-month high above $1.38 on electronic trading platform EBS, analysts said. Against the yen, the dollar hovered near a 15-year low, fuelling speculation Japan may reenter the market to weaken its currency. "The euro has come a very long way in a very short period of time and certainly Ireland and the peripheral euro-zone country issues have not gone away," said Omer Esiner, chief market analyst at Commonwealth Foreign

Exchange Inc in Washington. When those issues "come back in the spotlight, they are used to take some profits on the

euro." The euro was down 0.8 per cent to $1.3681, retreating from a high of $1.3809 on EBS with stop-loss selling triggered around $1.3675 on to the session low of $1.3666 on EBS. Good-sized bids were lined up

Asian currencies rise despite intervention SEOUL: Asian currencies rose on Monday with the South Korean won hitting a fivemonth high and the Thai baht touching a 13-year peak, and analysts expect efforts by foreign exchange authorities to cap currency gains will have limited impact. The authorities in the region were estimated to have bought $18.8 billion through intervention last week, according to trader estimates compiled by IFR Markets. Still, the authorities are likely to only slow currency gains rather than halting them amid sustained appetite for assets in the region, analysts and dealers said. "The regional intervention is just smoothing the pace of rises in their currencies, not

a meaningful move to reverse a direction," said Kim Jae-eun, an economist at Hyundai Securities in Seoul. "Demand for Asia remains strong, given strong economic fundamentals. And global funds still needs to add Asian assets to their portfolio," Kim said. The won hit a five-month high against the dollar on foreign investors' continued stock purchases and despite suspected intervention by the foreign exchange authorities to check the currency's gains. The authorities were seen trying to defend the 1,123 per dollar line but mounting demand from offshore helped the won strengthen past the line, dealers said.

The local currency ended domestic trade up 0.7 per cent at 1,122.3 versus the greenback from Friday's domestic close of 1,130.4. It strengthened to as firm as 1,122.2, the strongest since May 4. Foreign investors bought a net 460.3 billion won worth of stocks on the main exchange after purchasing a combined net 4.24 trillion won during the previous 13 consecutive sessions. The peso rose 0.4 per cent to 43.71 per dollar as the central bank appeared to give up defence of 43.88, where it has intervened for past two weeks. Traders are wary of further central bank action, but they are unsure if the authorities will defend the next rounded level of 43.70 as resolutely. -Reuters

Sterling bounces as investors trim euro

Swissie bounces off 7-wk low against euro

LONDON: Sterling rose against the euro on Monday as concerns about the health of peripheral euro-zone countries weighed on the single currency, prompting investors to trim long euro positions. Better-than-expected construction sector activity data also helped sterling, but analysts said the possibility of additional monetary easing

ZURICH: The Swiss franc bounced off seven-week lows against the euro, benefiting from risk aversion as lingering concerns about the pace of global recovery sent European equity markets to one-month lows. Some analysts expected the Swiss franc, which earlier hit seven-week lows versus the euro, to dip further against the single currency in the near term. The franc was up 0.3 per cent against the euro compared to the New York close, trading at 1.3379 per euro at 0758 GMT. The Swissie fell to its lowest since Aug. 13 earlier in the session, but Ronald Plasser of Bankhaus Schelhammer & Schattera said it clawed back some of those losses once equities slipped into the red. The franc was near flat against the dollar at 0.9737 per dollar. Switzerland's global banks, UBS and Credit Suisse, must hold capital well in excess of new international standards, a Swiss government commission said on Monday, to lessen the risk that a bank failure could ever drag down the whole economy. The commission's plan is a blueprint for Swiss legislators. -Reuters

measures to support the UK economy left the pound vulnerable to further falls. Investors remained nervous ahead of Thursday's Bank of England policy decision after policymaker Adam Posen last week advocated a further bout of quantitative easing, although few expect any change as early as this month. "This is mainly a corrective move, with the bigger move in euro/sterling. The euro has rallied quite strongly recently and euro long positions were starting to extend again quite significantly," said Ian Stannard,

currency strategist at BNP Paribas. By 1517 GMT, the euro was down 0.8 per cent versus sterling at 86.43 pence. The euro reversed gains during Asian trade which took it as high as 87.58 pence, its highest level since May 21, helped by Asian reserve manager demand. Sterling was up around 0.15 per cent versus the dollar at

$1.5840 though it stayed below last week's high of $1.5924, its strongest since early August. The latest positioning data from the Commodity Futures Trading Commission showed speculators' bets in favour of the euro increased nearly sevenfold in the week to Sept. 28, while sterling short positions were also reduced. Data showed activity in Britain's construction sector picked up in September, but firms' confidence about the future fell to an 18-month low on worries about government spending cuts. -Reuters

Aussie, NZ$ off multi-mth highs; RBA hike seen SYDNEY/WELLINGTON: The Australian and New Zealand dollars eased from multimonth highs on Monday after running into profit-taking, but some market players thought the pull-back was temporary especially if Australia sees a rate rise this week. The Australian dollar eased to $0.9695, off the day's high of $0.9737 and Friday's two-year peak of $0.9751. Support was seen at $0.9688, then $0.9659, and resistance at Friday's high of $0.9751, followed by the 2008 peak of $0.9851. The New Zealand dollar was also slightly weaker at $0.7423, down from a near 11-month high of $0.7464 hit offshore on Friday. Although trade was thinned by a holiday in several parts of Australia including New South Wales state, there was no missing the market's growing anticipation the Reserve Bank of Australia could lift rates to 4.75 per cent at its policy meeting on Tuesday. Rates stand at 4.5 per cent, and the market is priced for a 73 per cent chance of a move on the

RBA's recent hawkish remarks. Most analysts thought rates would rise too. The kiwi dollar was also seen likely to push higher, especially after it broke through the $0.7400 barrier which had hindered it last week. Despite a weak domestic outlook, Derek Rankin from Rankin Treasury said the kiwi story was all about investors fleeing the US dollar, a trend which shows no sign of abating. A pull-back in the Aussie dollar against the kiwi to NZ$1.3039, from last week's five-month peak of NZ$1.3176, also offered some support for the New Zealand dollar. It also helped that the euro managed to slip from a four-month high against the kiwi to NZ$1.8522, from Friday's NZ$1.8602. In a generally quiet week for data in New Zealand, local analysts would be watching the NZ Institute of Economic Research's quarterly survey of business opinion on Tuesday for clues on whether the soft run in economic data would persist. -Reuters

above $1.3650 and likely to support, traders said. Portugal's Finance Minister Fernando Teixeira dos Santos said on Monday the country has to consolidate its finances swiftly and in a sustainable manner and all political parties have to act together to approve new austerity measures and avert a debt crisis. The euro declines helped push the dollar up against a currency basket. The dollar index rose 0.5 per cent to

78.443, up from 78.029 on Friday, its weakest since January. The euro briefly extended losses against the dollar after data showed pending sales of previously owned US homes rose to a four-month high, indicating the housing market was regaining some stability. The dollar fell to its lowest in 2-1/2 years against the Swiss franc, falling to 0.9705 francs before recovering to 0.9730 francs, little changed on the day. The dollar traded at 83.35 yen, up 0.2 per cent, but retreating from 83.88 yen hit in Asian time on EBS. Traders said stop-loss orders were suspected under 83.00 yen. -Reuters

Indian rupee bounces off 5-½ month high tracking euro MUMBAI: The rupee on Monday bounced off a fiveand-half month high on dollar short-covering as local shares retreated from the day's high and as the euro dropped sharply against the US unit. The partially convertible rupee closed at 44.57/58 per dollar, after hitting 44.2525 early in the session, its strongest since April 15 and 0.2 per cent weaker than its 44.47/48 close last Friday. "There was a lot of profittaking seen today by everyone who had been sitting short dollar. 44.40 was the target, but the momentum took it to 44.25, so profit-taking was obvious," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank. "Plus equities and the euro helped the dollar too. I think the 44.25-45.25 range should hold for this week," Raina said. Dealers said there was no central bank intervention in the Indian foreign exchange market. "Since morning, there was good dollar buying seen. Staterun banks were seen buying all throughout. There was some

corporate demand at 44.28-35 levels," said Hari Chandramgathan, a forex trader at Federal Bank. "Euro too came down by 100 pips (basis points) and stocks too were down from their highs, together which contributed to the rupee's fall. I still feel 44.20 should hold on the downside for the dollar with a maximum downside in the short term seen at 43.90. So we will see a range of 44.2045.20 this week." The rupee had posted its best weekly gain in nearly nine months last week. Net foreign equity inflows so far this year reached a record $19.7 billion, above last year's $17.5 billion. One-month offshore nondeliverable forward contracts were quoted at 44.74, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.7550, 44.7525 and 44.7575 respectively with the total traded volume on the three exchanges at about $8.3 billion. -Reuters

Taiwan inches higher; intervention seen TAIPEI: The Taiwan dollar rose slightly on Monday after suspected central bank intervention in the final minutes of trading brought the currency back from a two-year intraday high amid rising foreign fund flows into Asia. Foreign funds have been flowing to Asia because of higher interest rates and expectations of a rising Chinese yuan, putting pressure on regional central banks to step up intervention to limit the inflow of speculative "hot money" and to support their export-oriented economies. "Taiwan's central bank has been stepping in at late trading for a period of time, and did so again today," said a dealer at a major local bank. The Taiwan dollar closed up T$0.06 or 0.192 per cent at T$31.250, pulling back from a high of T$30.976. The foreign exchange authorities in the region were estimated to have bought $18.8 billion through intervention

Source CNY AUD AUD JPY AUD GBP GBP EUR USD

Events Bank Holiday Retail Sales m/m Trade Balance Overnight Call Rate Cash Rate Halifax HPI m/m Services PMI Retail Sales m/m ISM Non-Manufacturing PMI

Source

Events

JPY EUR GBP EUR USD USD

Average Cash Earnings y/y Sentix Investor Confidence Construction PMI PPI m/m Pending Home Sales m/m Factory Orders m/m

Forecast

Previous

0.5% 2.31B 0.10% 4.75% 0.6% 51.1 0.2% 52.1

0.7% 1.89B 0.10% 4.50% 0.2% 51.3 0.1% 51.5

Previous Day

USD/yen nears pre-intervention levels, BOJ awaited NEW YORK: The US dollar rebounded on Monday, recovering from early declines, as renewed concerns about the financial stability of peripheral euro-zone countries hit the European single currency. Bad news from Ireland, Portugal and Greece overshadowed concerns the Federal Reserve may further ease US monetary policy, a move that would hurt the US currency. Ireland's economy will crawl to a virtual halt this year, defying government hopes of modest growth, the Irish central bank said on Monday, underlining the challenge the country's leaders face to revive its fortunes.. Investors and specu-

Time All Day 5:30 5:30 Tentative 8:30 5th-7th 13:30 14:00 19:00

last week, according to trader estimated compiled by the IFR Markets. The Taiwan dollar is expected to rise further along with other units in the region, although at a slower pace. "It's a trend that Asian currencies are strengthening. Taiwan's central bank can only make the Taiwan dollar rise at a slower pace, but not reverse the rise," said the dealer. In the near term, the local currency is expected to remain above T$31 for closing, as the central bank wants to keep exporters competitive against those in South Korea and other regional peers. -Reuters

Actual

Forecast

0.0% 8.8 53.8 0.1% 4.3% -0.5%

0.8% 8.3 51.6 0.2% 2.8% -0.3%

Previous

1.4% 7.6 52.1 0.2% 4.5% 0.5%

Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver

As per 22.00 PST Ask 1.3692 0.864 1.3323 114.12 0.973 1.0234 1.5851 132.03 0.9666 1.4007 85.73 1314.98 22.00

Bid 1.3689 0.8637 1.3318 114.09 0.9727 1.0228 1.5847 132.01 0.9662 1.4004 85.67 1314.11 21.97

High 1.3808 0.8737 1.3467 115.27 0.9787 1.0241 1.5868 132.36 0.9732 1.4068 85.74 1319.23 21.97

Low 1.3667 0.8639 1.3297 113.76 0.9706 1.0182 1.5752 131.18 0.9656 1.3981 85.18 1312.18 21.91

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 04/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55000 1.05333 0.59000 SN 0.10500 1WK 0.25025 0.55453 1.06833 0.61375 0.11750 2WK 0.25219 0.55938 1.09667 0.63875 0.12625 1MO 0.25688 0.57094 1.11667 0.67750 0.14000 2MO 0.27359 0.62681 1.16667 0.73625 0.17125 3MO 0.29063 0.73663 1.23667 0.89250 0.21500 4MO 0.34469 0.82022 1.29000 0.96375 0.30875 5MO 0.40813 0.92500 1.34667 1.05500 0.36625 6MO 0.46313 1.02766 1.41000 1.16188 0.42625 7MO 0.51344 1.10359 1.48000 1.21500 0.48313 8MO 0.56375 1.18359 1.56083 1.26000 0.53125 9MO 0.61203 1.26609 1.63000 1.30813 0.58063 10MO 0.66531 1.33891 1.69833 1.35750 0.60750 11MO 0.71844 1.40766 1.79167 1.40000 0.63063 12MO 0.77700 1.47328 1.86917 1.44875 0.66000

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia

Oct 19 2010 Oct 07 2010 Oct 05 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 Oct 05 2010

Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010

Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.50%

Division of National Bank of Pakistan (NBP) KARACHI, October 04,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

86.35 136.48 118.84 84.76 88.35 83.74 12.84 1.03 14.78 65.76 15.95 23.02 11.13 12.91 304.75 27.99 64.17 23.71 23.51 0.08 2.86

86.15 136.17 118.56 84.56 88.14 83.55 12.81 1.03 14.75 65.60 15.91 22.97 11.10 12.88 304.04 27.92 64.02 23.66 23.46 0.08 2.86

85.96 135.86 118.29 84.34 87.91 83.33 12.78 1.03 14.71 65.43 15.87 22.91 11.07 12.84 303.24 27.85 63.85 23.59 23.39 0.08 2.85

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 04, 2010

CMKA

BMA

INVSR

GSL

ICSL

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys

11.75 12.15 12.40 12.60 12.80 12.90

11.70 12.10 12.30 12.50 12.65 12.90

11.60 11.95 12.30 12.50 12.70 12.85

11.75 12.00 12.40 12.65 12.90 13.00

11.75 12.10 12.40 12.70 12.75 12.85

JSCM AvgRate 11.60 12.00 12.30 12.55 12.68 12.85

11.69 12.05 12.35 12.58 12.75 12.89

121-180dys 181-270dys 271-365dys

13.00 13.05 13.15

13.00 13.15 13.15

12.95 13.05 13.15

13.00 13.05 13.25

12.90 13.05 13.15

12.95 13.00 13.15

12.97 13.06 13.17

2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years

13.50 13.85 13.80 13.90 13.85 13.90 13.80 13.80 14.05 14.25 14.20

13.50 13.85 13.90 13.90 13.98 14.00 13.70 13.60 14.00 14.15 14.30

13.45 13.85 13.60 13.90 13.70 13.75 13.65 13.60 13.99 14.20 14.40

13.40 13.85 13.80 13.90 13.92 13.95 13.95 13.99 14.00 14.25 14.30

13.45 13.85 13.90 13.95 14.00 13.90 13.90 13.65 14.00 14.30 14.50

13.45 13.85 13.60 13.90 13.70 13.75 13.65 13.60 13.99 14.20 14.40

13.46 13.85 13.77 13.91 13.86 13.88 13.78 13.71 14.01 14.23 14.35

Currencies Correlation USD/JPY Period 1 1 3 6 1 2

AUD/USD EUR/CHF EUR/GBP EUR/JPY

week month months months year years

-0.95 -0.15 -0.70 -0.27 -0.14 -0.58

-0.89 0.07 0.55 0.88 0.57 0.64

-0.97 -0.28 -0.08 0.58 0.44 -0.05

-0.81 0.18 0.39 0.71 0.52 0.61

EUR/USD GBP/USD -0.96 -0.18 -0.39 -0.13 0.15 -0.03

0.64 -0.02 -0.49 -0.61 -0.16 0.03

NZD/USD USD/CAD -0.85 -0.33 -0.34 -0.40 -0.17 -0.55

0.21 -0.01 0.09 -0.39 -0.23 0.53

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)04/10/2010 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

ABP L 11.75

12.25

11.80

12.30

12.10

12.60

12.75

13.00

12.85

13.10

12.95

13.45

13.00

13.50

13.15

13.65

ABLN 11.50

12.00

11.85

12.35

12.25

12.75

12.75

13.00

12.85

13.10

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

ASK

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ASPK 11.30

11.80

11.70

12.20

12.15

12.65

12.70

12.95

12.95

13.20

13.10

13.60

13.20

13.70

13.25

13.75

CIPK

11.50

12.00

11.70

12.20

12.20

12.70

12.80

13.05

12.95

13.20

13.15

13.65

13.25

13.75

13.30

13.80

DBPK 11.60

12.10

11.75

12.25

12.05

12.55

12.75

13.00

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.45

11.95

11.75

12.25

12.10

12.60

12.75

13.00

13.00

13.25

13.10

13.60

13.15

13.65

13.40

13.90

FLAH 11.50

12.00

12.00

12.50

12.25

12.75

12.80

13.05

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

H B P K11.45

11.95

11.80

12.30

12.35

12.85

12.85

13.10

13.05

13.30

13.15

13.65

13.20

13.70

13.30

13.80

HKBP 11.50

12.00

11.80

12.30

12.30

12.80

12.80

13.05

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

N I PK 11.50

12.00

11.85

12.35

12.65

13.15

12.95

13.20

13.10

13.35

13.20

13.70

13.30

13.80

13.45

13.95

HMBP 11.65

12.15

12.00

12.50

12.50

13.00

12.85

13.10

13.10

13.35

13.20

13.70

13.30

13.80

13.40

13.90

SAMB 11.40

11.90

11.80

12.30

12.40

12.90

12.85

13.10

13-00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 11.70

12.20

12.15

12.65

12.45

12.95

12.75

13.00

12.90

13.15

13.10

13.60

13.20

13.70

13.40

13.90

NBPK 11.40

11.90

11.75

12.25

12.20

12.70

12.75

13.00

12.80

13.05

13.10

13.60

13.20

13.70

13.30

13.80

SCPK

12.00

11.75

12.25

12.20

12.70

12.75

13.00

12.90

13.15

13.00

13.50

13.10

13.60

13.20

13.70

11.50

UBPL 11.50

12.00

11.90

12.40

12.35

12.85

12.85

13.10

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

AVE

12.00

11.81

12.31

12.27

12.77

12.79

13.04

12.95

13.20

13.12

13.62

13.22

13.72

13.33

13.83

11.50


4 Tuesday, October 5, 2010

The Financial Daily International Vol 4, Issue 61

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

SBP could have done better

Honorary Advisory Board Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

Power tariff going out of reach The unprecedented hike in electricity tariff is becoming unaffordable to all and sundry, except for those who are barefaced pilferers. It is painful for those who pay their bills but also have to endure extended hours of load shedding, make alternate supply arrangements and also bear the additional cost. The role of National Electric Power Regulatory Authority (NEPRA) has been the most disappointing. The Authority was established to protect the interest of all the stakeholders but it has been protecting only one, electric utilities. The Power Policy being followed by the government for the last three decades is far from sensible. It will not be wrong to say that the Policy has put the cart before the horse. The real cause of poor cash flow of electric utilities was huge transmission and distribution (T&D) losses but the government put an embargo on setting up of generation plants in the public sector. On top of this government allowed private sector to establish thermal power plants, mostly based on fossil fuels, rather than encouraging coal-based or hydel power plants. The result is a manifold increase in tariff, hardly any increase in generation capacity but electricity outages. While utilities have been failing in bringing down T&D losses, Nepra has been persistently condoning the blatant theft. The last Power Policy was unsuccessful in attracting new investment in power generation and Pakistan Electric Power Company (PEPCO) also failed in achieving its basic mandate, which was privatisation of corporatised entities. These entities were created out of the Power Wing of Wapda. Though, the government has finally decided to wrap up Pepco, its inefficiency and mismanagement over the years has rendered the entire energy chain virtually bankrupt. It may take years and billions of rupees investment to make Pakistan's energy sector vibrant once again. Since the damage is too extensive, piecemeal policy just can't work. The proposed policy should include the following: boosting cash flow of distribution companies through reduction in T&D losses, improving efficiency of generation companies by optimising cost of generation and adding new generation capacities based on indigenous fuel. Pakistan has not been able to exploit the potential of sugar mills capable of generating low cost electricity. All the pieces of jigsaw puzzle are available but only a sensible approach can help in completing the picture. However, it must be kept in mind that unless groups having vested interest prevail, a vibrant power sector can't be ensured in the country. Energy is the lifeline of economy and electricity is the most important component.

Disclaimer:

All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.

T

h e State Bank of Pakistan (SBP) has announced the Monetary Policy statement for the next two months, October and November 2010. As anticipated the central bank raised the discount rate by 50bps raising it 13.5 per cent. This has been done in spite of market apprehensions and flood devastations. National consensus was that the discount should be held unchanged for the next two months when actual estimates losses could be quantified more realistically. The increase in discount rate has brought it closer to 15 per cent registered at end 2008 and 14 percent in 2001. In middle of 1990 the rate had touched 20 per cent but for different reason, to provide opportunity to the commercial banks to bringing more foreign exchange into Pakistan under FE 45 and on surrender to SBP getting Pak rupees that were invested in T-bill at higher rates. In an attempt to attract foreign exchange, the discount rate was kept at the higher notch but the conditions are not same at present. This was the first test case for Shahid Hafiz Karadr, the newly appointed Governor of the central bank. One may have full sympathies with him for making this decision but he was hostage to the board and foreign returned staff of the SBP. Most of them are not familiar with the real sector providing employment to the majority of people in Pakistan. Most of the central banks around the world care more for inflationary pressures rather than moving towards growth oriented policy. So in that respect, dogmatically, SBP is right in making such decision. However recent examples of Federal Reserve, Bank of England, European Central Bank and Bank of Japan are different in this respect. In this regard one can quote comments of Chairman AKD Group, Aqeel Karim Dhedhi who said "these people (sitting in the SBP) don't have any long term plan, and the members of SBP Board have conflict of interest as they have savings in their accounts on which they want to earn interest that's 'why they are making such decisions and also they are incomMuhammad Arif

petent people to look after the affairs of SBP". Keeping his words in mind the rate hike can be termed spot or game fixing by some analysts. Now coming to the current monetary policy statement, the first objection is on its cycles of announcements. The foreign-returned members of SBP have started this new two-monthly MPS. In Pakistan our market through which monetary policy is implemented is small, not efficient and is at infancy. So keeping it at its toes and changing the stance at each two month is not the right approach. Particularly in a country which is agro based and divided in two seasons in a year, accessing the short term cycles can bring more harm than any stability. In Pakistan OctoberMarch is considered credit off take season whereas April- September period is considered credit repayment period. Therefore, raising interest rate particularly during credit off take period has never been considered a prudent approach. Secondly, in the Statement (3rd paragraph) it has been admitted that "Given the scale of devastation caused by the recent calamity it is difficult to fully and accurately determine the damage to the economy". With such a clear admission it is not understandable that why SBP chose to rate hike. They should have waited at least for another two months in the current exceptional situation. Thirdly, objective of any monetary policy is to contain aggregate demand keeping factors of inflation and growth rate (projected at 2.5 per cent for this year) in view. As regards aggregate demand, it originates from government and private sector borrowings. Let us assume that inflation is on move towards higher side say within 14-16 per cent on average for this year. Now to contain this upward move increase in discount rate looks logical but on analysis it transpires that reason for increase in Net Domestic Asset is mainly coming from the Federal Government and the private

period. A question arises that with hike in discount rate whether SBP would be able to contain aggregate demand. The answer to this is obvious as there is no restriction on federal Government to borrow from SBP to the extent of any amount and secondly if they pay some thing to the SBP against this borrowing is repatriated back to the government in form of profit because in SBP government enjoys 100 per cent stake. In the past such moves have failed miserably and this time it is also likely to meet the same fate. Now coming to the increase in taxes and implementation of new GST where services, whole sale and retail sector would come under tax net it was overdue since long because our tax recovery is at the bottom (less than 10 per cent of GDP) and in the aftermath of flood it is likely to come down further. The target set by the government to enhance tax recovery by 25 per cent in FY2011 is not achievable, most likely.

“

the tax money or borrowed money would come in use as being done in case of PIA, Pakistan Steel, Pepco and other public sector enterprises. These numbers would elevate further adding to unemployment i.e. already in double digit. These figures and estimates reflect situation prevailing in 50 per cent of the economy as remaining 50 per cent of economy is un-documented and the situation on ground cold is highly adverse. Now what was required to be done? The average headline inflation for FY10 was 11.7 per cent. Till September the rate had gone up to 12.8 per cent, at an average. Core inflation on non-food non-energy (NFNE) and calculated on trimmed basis stands as of September, 2010 at 10 per cent and 13.8 per cent against 11 percent and 10.8 per cent respectively as of FY2010 on average. This shows an upward trend leaving only core inflation on NFNE at low (CPI also requires review as in this basket food items and housing constitute more than 70 per cent of entire basket). This obviously does not favor any decline in discount rate. However keeping view low growth prospects at 2.5 per cent this year, it could have been held constant for the time being. People at SBP may argue that this increase is just indicative and not substantial and holding discount rate unchanged would have given wrong signal. This is not right to say as at this point when some causative factors are pushing the economy to move forward such an instance was required. Apart from flood devastation, Pakistan is already engulfed in war against terror, energy crisis, fragile infrastructure and precarious law and order situation. This has become a hurdle in the inflow of foreign investment into Pakistan, which can be the only way to repay our foreign debt that has gone up by $55 billion. Academically high interest rate attracts foreign investment but this is not the case for Pakistan. The other element could have been trade surplus, which is also not possible. The only remaining side is to provide support to the domestic market both from supply and demand side. Government is responsible for the supply side, whereas SBP responsibility remains managing demand side. Both have to be compassionate at least for the coming two years for the consolidation of economy, highly desired in the best interest of people of Pakistan. The writer is visiting lecturer at Sheikh Zayed Sultan Institute University of Karachi and BIZTEK. E-mail: arifsbp@hotmail.com

The foreign-returned members of SBP have started this “two-monthly� MPS. This kind of format mostly suits those countries where markets are efficient and are able to grasp the signals with maturity For stabilization i.e. plugging budgetary deficit, such steps are necessary in addition to levy of wealth, agriculture and capital gain tax that are non existent right now. However, such steps would obviously enhance inflationary pressure but this does not mean that the pressure can be released by raising discount rate. On one hand people would have to bear the burnt of increase in taxes and on the other hand cost of doing business would escalate with the increase in discount rate. This could lead to closure of businesses and decline in exports. Rate hike was justified had growth rate was more than 5 per cent and private sector off take was above Rs200 billion. With rate hike, 6-month KIBOR, the benchmark for corporate lending is now hovering around 13.5-14 per cent which means that blue chip clients would be able to borrow at 17-18 per cent. Other segments (SMEs and personal loans) would have to pay higher interest rate. In case of subsidized schemes like Export Refinance or LTF

On one hand people would have to bear the burnt of increase in taxes and on the other cost of doing business would escalate with the increase in discount rate sector which is the main custodian of real sector is in negative. Figures up to September 2010 indicate that the federal Government has borrowed more than Rs200 billion against a target of zero borrowings whereas borrowings by the private sector has remained in negative, posting a decline by Rs67 billion during this

Oil Reserves Declining, But How Fast? I

raq's declaration on Monday that its proven recoverable reserves have risen by 25 per cent to 143 billion barrels is likely to revive debate on how much oil and gas the world really has left. In July, Venezuela said it hoped soon to overtake Saudi Arabia as the country with the biggest oil reserves. Also in July, Opec said its proven crude oil reserves rose 4 per cent in 2009 to 1.06 trillion barrels, led by an increase in Venezuela. BP estimates total global oil reserves are over 1.33 trillion barrels -equivalent to more than 40 years of consumption at current rates. But many industry analysts have cast doubt on these figures, saying estimates may be inflated for a variety of reasons. Following are some of the key issues involved: CLASSIFICATIONThe Society of Petroleum Engineers has a committee for its Petroleum Resources Management System (PRMS), which has drawn up a set of standards to measure petroleum reserves to which companies are expected to conform. The PRMS divides recoverable oil and gas into proved (1P), proved and probable (2P) proved, probable and possible (3P). The "best estimate" is normally taken as 2P. The definitions are on an ascending scale of the "chance of commerciality". On Jan. 1, 2010, the US Securities and Exchange Commission (SEC) updated its

rules for oil and natural gas reserves reporting. The SEC rules largely follow the PRMS, but it bases its guidelines on "economic producibility" while the PRMS uses "commerciality" as a measure. The SEC's classification of reserves also excludes oil from bitumen and other "non-traditional" resources. Companies must disclose proved reserves -- oil that can be expected to be produced under current economic and technological conditions. CORPORATE MISREPORTING- The SEC move this year is the latest attempt to standardise oil and gas reserves reporting to try to help investors make reasonable assessments of the assets held by oil companies and their likely future production. In the past some oil companies have inflated estimates of their oil reserves or sought to massage their figures to impress shareholders or reassure them over their long-term prospects. In some parts of the world oil reserves may be taxed, encouraging companies to report lower figures. In the United States, oil companies can under some circumstances reduce tax to reflect depletion of oil reserves, which may also encourage underreporting, analysts say. In 2004, Royal Dutch Shell, the world's third largest oil company, slashed its proven oil and gas reserves by a fifth, or 4.47 billion barrels, prompting an investigation by the SEC and Britain's Financial Services

Authority (FSA) industry watchdog. It subsequently downgraded its reserves even further. Several top Shell executives lost their jobs in the wake of what the FSA called Shell's "reserves scandal". Shell agreed to pay a record 17 million pounds ($31 million) to the FSA for breaching market-abuse provisions and listing rules, and a civil penalty of $120 million to the SEC for violation of US laws and SEC rules. RESERVES ARE POLITICAL - Members of the Organisation of the Petroleum Exporting Countries face pressures which may affect their reporting of oil and gas reserves. Since the early 1980s, OPEC members have operated a system of production targets in an attempt to influence oil prices and their quotas have at times broadly reflected the size of their official reserves. The reserves of some countries, including Kuwait, the United Arab Emirates and Nigeria, have not changed for several years according to OPEC, a trend that for some observers makes the figures questionable. In January 2006, leading industry newsletter Petroleum Intelligence Weekly (PIW) said it had seen internal Kuwaiti records showing that Kuwait's actual oil reserves, which were officially stated at around 99 billion barrels, were in fact much lower. PIW said it had seen evidence that Kuwait had only 24 billion

barrels of fully proven reserves and another 24 billion barrels of non-proven reserves. If PIW's figures were correct, it would have meant Kuwait was only sure of having around another nine years of production left at the output rate of the time -around 2.7 million barrels per day (bpd). Kuwaiti officials dismissed the PIW story. Several Opec members have made substantial revisions to their reserves data over the last 25 years. In 1985, Kuwait announced an increase in its reported reserves to 90 billion barrels from 64 billion, despite saying nothing radical had changed in the oilfields. By 1989, Kuwait was saying it had around 97 billion barrels and these had grown to over 101 billion by the end of last year. In 1988, Abu Dhabi raised its reserves estimate to 92 billion barrels of reserves from 31 billion. Other countries have also raised their reserve estimates sharply: Iran raised its reserves to 93 billion barrels, up from 49 billion. * Iraq moved its reserves estimate up to 100 billion barrels from 47 billion and on Oct 4 said they were 143 billion. Venezuela's reserves jumped to 56 billion barrels from 25 billion including heavy oils not previously counted. The government of Venezuelan President Hugo Chavez said in July it hoped to end 2010 with the incorporation of another 105 billion barrels of proven oil reserves, giving it 316 billion

barrels, making it "the country with the biggest certified crude reserves on the planet". Saudi Arabia has reported official oil reserves of around 260 billion barrels for the last 20 years, despite pumping as much as 4 billion barrels a year from its maturing oilfields. ALTERNATIVE ESTIMATES - Analysts who support the "peak oil" supply theory, arguing world oil production has already passed its peak, say some Opec countries may be reporting total oil found and producible to 2100, not the amount remaining in the ground. That could explain the PIW figures for Kuwait and the lack of change in Saudi reserves data (see above). If some countries, including some OPEC members, are in fact reporting total oil reserves discovered instead of oil still to be extracted, remaining global oil reserves could be much lower than official figures imply. BP's latest annual Statistical Review of World Energy estimates the global Reserves-toProduction (R/P) ratio at almost 46 years, but the usefulness of this ratio has been questioned. The R/P equation -- official total remaining reserves divided by current annual production -assumes dwindling oil reserves can all be extracted at the same rate as they were while oilfields were young. In fact, geologists say, production will decline slowly but over a much longer period.-Reuters


5

Tuesday, October 5, 2010

South East Asian stocks

European shares fall for 6th day on growth worries KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,042.44 10,045.03 2.59 0.03 53.28

LSE-25 Index Opening Closing Change % Change Turnover (mn)

3,129.82 3,138.39 8.57 0.27 2.59

ISE-10 Index Opening Closing Change % Change Turnover (mn)

2,566.34 2,567.86 1.52 0.06 0.04

Major Gainers

Symbol

Close

Change

RMPL DREL COLG LAKST FZTM

1,364.97 690.00 718.61 313.06 318.99

64.97 30.00 25.61 14.90 13.81

Major Losers

Symbol

Close

Change

WYETH 906.55 MTL 404.25 SIEM 1,161.48 NESTLE 1,890.00 PSEL 152.24

-35.37 -21.27 -15.49 -14.75 -8.01

Top 5 Volume Leaders

Symbol TRG JSCL BAFL DFML SILK

Close Vol (mn) 4.28 9.62 8.45 1.55 2.98

4.83 3.85 3.08 2.78 2.44

Active Issues Plus Minus Unchanged

158 211 25

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503

INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999

HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272

DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%

OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)

PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)

1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1

Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723

Jakarta, Manila set new records; others mixed

KSE remains 2-dimensional Nawaz Ali KARACHI: In a lackluster session shares ended tad higher at Karachi Stock Exchange on Monday as investors preferred to perch on the sidelines in the absence of triggers. The benchmark KSE 100index closed 2 points up at 10,045 points, KSE 30-Index increased by 13 points to close at 9,699 points while KSE AllShares Index was down by 2 points to close at 7,014 points. Samar Iqbal, equity dealer at Topline Securities said the

market took a breather after gaining above 1 per cent last week and remained range bound throughout the day in the absence of any trigger. He went on to say that volumes remained on the lower side while investors kept their focus on side board stocks as TRG and JSCL led the volumes. The day started on a positive note with index having 7 points up its sleeve; thereafter market showed some rangebound activities throughout the day moving between 10,072

India shares test new 33-mth high MUMBAI: Indian shares rose for a third straight session and scaled a fresh 33-month peak on Monday, propelled by robust foreign fund inflows, but closed off highs as weak European equities prompted traders to book profits. Foreign funds have pumped $19.2 billion into Indian equities so far in 2010 and the country looks set to surpass last year's record $17.5 billion net inflows. India does not yet see the need to cap inflows from foreign institutional investors, Finance Minister Pranab Mukherjee told ET Now television channel. The 30-share BSE index rose 0.15 per cent or 30.69 points to 20,475.73, with 16 components closing in the red. The benchmark rose as much as 1.3 per cent on the day and hit 20,706.74 points, its highest since January 2008, and is only around 700 points short of its all-time high. It has gained 17.2 per cent in 2010. It is purely a liquidity play. With developed economies not doing great, emerging markets like India are receiving good inflow," said Sandeep Singal, co-head of institutional equities at Emkay Global Financial Services. "It looks like asset managers are increasing their weight for Asia-Pacific markets or emerging markets. So, enjoy the party while it lasts."

Soaring share prices and rising risk appetite boosted inflows into global equity funds in the last week of the third quarter, keeping emerging markets funds on track for a record-setting year, fund tracker EPFR Global said last Friday. Mahindra Satyam, earlier known as Satyam Computer Services, shed 2.4 per cent after the outsourcer said late Friday it had received a notice from the US Securities and Exchange Commission saying the market regulator may file a civil suit alleging fraud. Automakers rose as car sales in India raced ahead in September helped by strong economic growth, while demand in the United States, Europe and Japan stayed stuck in low gear. "With the buoyant economy, this festival season could remain strong across the twowheeler and passenger car segments," Edelweiss said in a note, adding Mahindra & Mahindra and Tata Motors were its top sectoral picks. Bajaj Auto rallied nearly 3 per cent to an all-time high of 1,589.90 rupees after the No. 2 motorcycle maker said September sales rose 26 per cent. Tata Motors and Mahindra & Mahindra gained 1.9 per cent and 2.5 per cent respectively. See # 17 Page 11

(+ve 30 points) and 10,034 points (-ve 8 points), it however, stayed in the green zone during the major part of the session. Investor's held on to the sidelines lines as there were no major triggers to be found anywhere. They are also waiting for the resumption of hearings on National Reconciliation Ordinance (NRO) on Oct 13. However, some buying was witnessed in selective textile, fertiliser and banking stocks. Finally, the session ended with a paltry gain of 2 points.

US stocks mid-day

Wall St falls on MS, Swiss bank rules NEW YORK: US stocks fell about 1 per cent on Monday after a brokerage downgrade of Microsoft and new capital rules set by Switzerland revived worries about the European banking system. Swiss regulators will require global banks UBS AG and Credit Suisse to hold far more capital than their international rivals to prevent a crisis. The new rules could crimp corporate profits. "It is an overhanging issue of uncertainty out there that certainly has been weighing on the financial sector in general, which has been weak," said Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York. The Dow Jones industrial average dropped 103.27 points, or 0.95 per cent, to 10,726.41. The Standard & Poor's 500 Index fell 12.82 points, or 1.12 per cent, to 1,133.42. The Nasdaq Composite Index lost 34.80 points, or 1.47 per cent, to 2,335.95. The S&P 500 recently finished its best quarter in a year, with September boasting a gain of nearly 9 per cent for the index, although the S&P has been struggling to break out of the 1,130-1,150 range. Concerns about Europe's banking system have been a See # 16 Page 11

HK stocks climb to 10-mth closing high HONG KONG: Hong Kong shares closed at a more than 10-month high on Monday as a weak dollar boosted appetites for equities and oil stocks soared on the back of stronger crude prices. The benchmark Hang Seng Index finished up 1.17 per cent or 260.49 points at 22,618.66. Earlier in the session, it had gained as much as 1.7 per cent to an intraday high of 22,734.88. Turnover rose to a near onemonth high of HK$96 billion ($12.37 billion). Dealers said Chinese retail investors were flocking to Hong Kong stocks as China's stock, money, foreign exchange and commodity

futures markets are closed from Oct. 1-7 for the National Day holiday. Trading will resume on Friday, Oct. 8. "Investors think the quantitative easing policy will continue," said Steven Lam, vicepresident at Karl-Thomson Securities. "The US economy is recovering at a very slow pace and it will need monetary policy to stimulate the economy." Economists at Bank of America Merrill Lynch expect the US Federal Reserve to expand its quantitative easing programme by $500 billion to $750 billion as early as the first quarter of 2011, underscoring a favourable environment for investors.

"It will require very significant negative news now to change the appetite of investors," said Jackson Wong, investment manager at Tanrich Securities. "The US dollar is so weak that investors have no better way to invest than in equities, which are still relatively cheap." Karl-Thomson's Lam said he saw a return to the carry trade, in which the low-yielding Japanese yen and US dollar are used as cheap sources of funds to buy higher-yielding equities. But the charts show that gains in the index, which recorded its strongest quarterly performance in a year on Thursday and is up about See # 18 Page 11

ANNOUNCEMENTS Company Wah-Noble Punjab Oil Mills Nakshbandi Ibrahim Fibres AL-Abid Silk Mills Crescent Textile Punjab Oil Mills Dawood Equities Escorts Bank MACPAC Films B.P.Board Karim Cotton Apollo TextileXD Kohinoor Mills(Consolidated) Kohinoor Mills Sardar Chemical Samin Textile SPOT AL-Khair Gadoon Huffaz Pipe Dost Steels Ltd.

Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly

Div/Bon/Right 50%(D) 28%(R) 20%(D) 20%(D) 20%(B) 20%(R) 15%(D) 15%(D) -

PAT (Rs in mn) 75.991 143.305 3,360.113 98.629 344.670 50.319 -45.698 -79.430 -27.685 0.934 -0.247 1.760 -1,168.992 -1,136.512 1.754 -29.468 8.506 129.068 -10.786

EPS(Rs) 8.44 1.20 10.82 10.30 7.00 13.14 -1.83 -1.80 -0.71 0.16 -0.21 0.21 -22.96 -22.32 0.29 -2.21 1.29 2.33 -10.16

"The needed follow-up support never showed up, however activity in selected textile, fertiliser and banking stocks did provide resident participants, mainly the proprietary traders, some reason to trade for short-term primarily spurred by the snap rallies, while over all stagnation kept the "sell on strength" stance alive", said an equity dealer. Foreign investors however did a heavy buying as according to NCCPL there was a netbuying of $14.67 million by the foreigners on Monday. On

the local side, companies and individual investors did a net selling of $10.26 and $6.56 million respectively while mutual funds net-bought shares worth $1.29 million. Investor participation remained on the lower side as 53.2 million shares traded in the overall market which is 10.6 million less as compared to a turnover of 63.8 million shares on Friday. Out of total 394 active issues; 211 declined and 158 advanced while 25 issues remained unchanged.

Nikkei falls; awaits BOJ, US data TOKYO: Japan's Nikkei fell 0.3 per cent on Monday, taking its cues from the currency markets ahead of a Bank of Japan policy decision the next day with the market expecting further easing, albeit a minor move. Former BOJ Deputy Governor Toshiro Muto said on Friday the central bank may ease policy as inaction would run the risk of spurring further yen gains, given the prospects for easing by the US Federal Reserve. The policy move expected most by economists polled by Reuters was yet another expansion of a cheap fund-supply tool that the BOJ set up in December and expanded in March and August. "It is difficult to move actively before seeing the outcome of the BOJ's monetary policy, although the market is not expecting to see any big surprises," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. "Reflecting the mood in the afternoon in which the Nikkei drifted down, it's more likely the market will test the downside after confirming the outcome of the BOJ meeting." Trade is likely to remain nervous throughout the week, traders said. "Nervous trade will likely continue this week, even after tomorrow's event, as US jobs data is also set to be released later in the week," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo

Securities. The benchmark Nikkei eased 23.17 points to 9,381.06, while the broader Topix fell 7.23 points, or 0.9 per cent, to 822.74. The Nikkei average briefly ventured into positive territory in the morning, reaching a session high of 9,508.36 as the dollar rebounded against the yen on short-covering. But the Nikkei ran out of steam in the afternoon as the US currency erased early gains, limiting active followthrough moves in the stock market. In Asian trade, the dollar traded at 83.40 yen, having risen as high as 83.88 yen. Yet the US currency was 0.3 per cent higher against the yen after it found support at 83.15/16 last week, above its 15-year low of 82.87 yen set just before Japan intervened for the first time in six years on Sept. 15. "The market has largely factored in the possibility of further easing at the (BOJ) meeting, but at this point it needs to see the actual content of the decision," said Masayuki Otani, chief market analyst at Securities Japan, Inc. "With the yen staying on the strong side, investors are also waiting to see if there will be another round of intervention. If the BOJ eases and this is combined with intervention, that could have a bigger impact." Market players see solid support for the Nikkei around 9,360, near its 13-week moving See # 15 Page 11

FTSE ends lower in thin trade LONDON: Britain's top share index closed lower in thin volumes on Monday, ahead of key macroeconomic data later in the week, with BP hit after issuing a 2 billion euro bond to help pay for the Gulf of Mexico oil spill. The FTSE 100 ended down 0.7 per cent at 5,555.97 points, after closing up 44.28 points, or 0.8 per cent, at 5,592.90 on Friday. Volumes were thin at just 63.8 per cent of the index's 90-day average. "It has been an uneventful start to the week, with a lack of major economic news giving investors nothing to latch on to," said Will Hedden, sales trader at IG Index, citing the release of a Bank of England rate decision and US non-farm payrolls later this week as key. The broader market remained firmly stuck in its recent threeweek range, he added, and "there was definitely little appetite for ratcheting up portfolio risk." BP fell around 2 per cent, leading the energy sector lower, after issuing the bond, although the cost of the deal was substantially less than it would have been prior to the capping of the Macondo well. The oil major's fall weighed on the integrated oil sector and dragged BG Group and Royal Dutch Shell down around 1.5 per cent. Looking ahead on the macro front, the US non-farm payrolls data on Friday would be "likely to dominate the week" said James Goldstone, UK equity sales at Execution Noble, while corporate newsflow is also expected to pick up with Alcoa kicking off the third-quarter US earnings season on Thursday. By the close in London, the Dow Jones industrial average was trading down 0.6 per cent, led by Microsoft on a Goldman Sachs downgrade, after earlier trading flat on the release of upbeat US housing data. METALS HIT, BANKS SLIP Elsewhere on the downside in London, miners took a hit from weaker metals prices, with three-months copper, nickel and zinc all off by session-end and weighing on base metalsheavy stocks Kazakhmys and Xstrata. Separately, Xstrata was also hit by a report in the Australian Financial Review that it may See # 14 Page 11

Dhiyan

DON’T LET GO OF SIDELINES

Mohsin Adhi, Director Alfa Adhi Securities Due to uncertainties on the political and economic fronts, market is likely to witness dull activities in the shortterm. Investors are therefore suggested to remain on the sidelines. Economic turnaround in the country and launch of Margin Trading System (MTS) are the likely market triggers. In the absence of any positive news market is expected remain lackluster today.

Hamad Aslam, Head of Research BMA Capital Market is likely to witness subdued activity till 13th October when hearings on National Reconciliation Ordinance (NRO) will resume. The index will remain range bond between 10,200 and 9,800 levels. If 9,800 level is breached further decline can't be ruled out. Investors are advised to accumulate dividend yielding stocks at dips like HUBC, KAPCO, and FFBL while they should avoid buying growth oriented stocks and those scrips which are directly linked with the economy. Market may remain devoid of positive sentiments today.


6

Tuesday, October 5, 2010

Market 53,278,409

Value

1,518,418,331

Trades

33,360

Paid up Cap(mn)

PE

576

Open

5.36 341.34 -

High

High Low 1,258.55 1,244.26 Total cos Defaulter cos P/BV (x) ROE (%) 4.02 37.01 Low

Close Chg

349.50 341.50 348.25

Close Change 1,250.41 2.41 Listed cap Market cap 65,194.15 mn 1,010,496.82 mn Payout (%) Div Yield (%) 68.56 6.32 Last 60 days High Low

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%)

6.91

264314

350.00

289.00

250

-

300

20

80.34

81.33

80.11

80.32 -0.02

332938

93.60

73.47

-

-

-

-

10.25

10.40

10.07

10.14 -0.11

254261

13.05

9.62

-

-

-

-

735 14.73 109.05

109.50 108.00 108.73 -0.32

8141

138.45

106.00 32.17 100B

National Refinery

800

203.25 200.00 201.92

28387

208.49

183.25

125

5.03 200.59

Oil & Gas Development XD 43009 10.11 146.70

Pak PetroleumXDXB

P.S.O XD

1.33

31

-

-

200

-

148.00 146.25 146.52 -0.18

159471

153.00

133.00

82.5

-

55

-

11950

5.44 173.10

173.90 172.50 173.50

0.40

151681

214.10

168.70

130

20B

90

20B

2365

6.02 234.64

237.30 234.55 237.09

2.45

1121512 240.01

213.17

180

-

255

-

48.26

-

-

-

-

350 1715

-

58.50

4.53 267.45

Shell Gas LPG

226 14.38

Shell Pakistan XD

685

30.49

9.89 193.17

59.00

56.10

57.00 -1.50

268.65 266.52 267.95 32.01

29.51

31.92

0.50 1.43

195.50 192.10 192.92 -0.25

9566

82.00

238847

50

-

80

-

40.10

27.32

-

-

-

-

244.00

289.45

188.00

330

-

40

-

388320 5769

233.10

CHEMICALS Performance of SR Chemicals Index Open 1,135.34 Turnover 6,763,479 P/E (x) 7.06 Company

Paid up Cap(mn)

Agritech Limited

High Low 1,145.73 1,133.88 Total cos Defaulter cos P/BV (x) ROE (%) 2.47 35.00

Close 1,139.85 Listed cap 52,251.88 mn Payout (%) 48.81

Change 4.51 Market cap 259,678.69 mn Div Yield (%) 6.91

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

23.00

% Change 0.40 5-Day High 1,149.48 5-Day Low 1,131.65

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3924

-

23.01

23.00

23.00 -0.01

601

27.79

21.15

-

-

-

-

Bawany Air

68

1.41

12.00

12.75

11.00

11.00 -1.00

11251

16.78

10.06

-

-

5

10R

BOC (Pak)

250

9.59

75.32

78.00

75.36

75.40 0.08

2684

82.50

66.90

90

-

15

-

161.00 157.16 157.33 -4.16 165.10 165.00 165.10 0.35

1213 2999

174.00 185.88

150.00 155.38

125 40

10B

20

-

3.15 5.45

1.78 3.20

-

-

-

-

-

-

Clariant Pak Dawood Hercules

273 1203

Descon Chemical Descon Oxychem Ltd.

1996 1020

Dewan Salman

3663

Engro Corp. Ltd XD

3277

Engro Polymer

6635

Fatima Fertilizer

22000

Fauji Fertilizer Fauji Fert. Bin Qasim

6785 9341

Ghani Gases Ltd

725

ICI Pakistan XD

1388

Ittehad Chemical XD Lotte Pakistan

360 15142

Nimir Ind Chemical Sitara Chem Ind Sitara Peroxide Wah-Noble

5.54 161.49 7.62 164.75 -

2.10 4.17

-

1.38

8.99 175.50 -

14.03

-

11.02

7.18 105.07 7.04 27.15 -

11.37

6.95 116.93 5.27 2.97

22.92 8.46

1106 67.50

1.34

204 551 90

5.34 120.54 8.03 5.20

45.20

2.10 4.20

1.90 4.00

1.94 -0.16 4.00 -0.17

30009 31246

1.47

1.32

1.37 -0.01

163470

2.21

1.28

176.25 174.65 175.33 -0.17

138016

194.59

165.60 9.57

- 27.5R

9.02

-

102.96 131.5 26.59 40

14.69

14.10

14.14 0.11

1285604

14.69

11.20

10.70

10.75 -0.27

134162

12.46

105.70 105.05 105.51 0.44 27.99 27.30 27.67 0.52 12.09

11.33

11.90 0.53

117.45 116.40 116.60 -0.33

133631 113.39 1911742 30.65

-

-

-

55

-

-

5 -

-

1.16

-

-

-

-

110.03 7.67

75 -

-

25 -

5B -

50

-

50

-

1.35 0.01

65118

1.81

2010 78272

138.00 11.09

43448

48.00

41.20

46.25

42.94

43.89 -1.31

Adam Sugar AL-Abbas Sugar AL-Noor Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Faran Sugar Habib Sugar Habib-ADM LtdSPOT J D W Sugar National FoodsSPOT Noon Sugar Punjab Oil Quice Food Shahtaj Sugar

-

High Low 1,182.10 1,158.53 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47

Close 1,160.60 Listed cap 1,186.83 mn Payout (%) 25.28

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

4.22 4.70

19.55 41.30 39.99

19.89 42.50 40.20

19.40 39.50 39.80

19.41 -0.14 40.57 -0.73 39.80 -0.19

9350 3635 6780

Change -7.65 Market cap 3,220.34 mn Div Yield (%) 4.16

Last 60 days High Low 22.70 62.85 50.40

15.90 39.50 38.10

% Change -0.65 5-Day High 1,179.91 5-Day Low 1,160.60

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

2533.33B 50 -

Performance of SR Industrial Metals and Mining Index Open 967.09 Turnover 75,654 P/E (x) 2.98

High Low 970.54 951.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10

PE

Open

High

Low

565 3.35 675 555 6.15 1199 4.70 785 17.90

24.75 2.04 15.33 48.27 8.91

24.70 2.13 15.00 48.30 9.23

24.40 1.93 14.33 47.70 8.77

Close Chg 24.69 2.10 14.33 48.25 8.77

-0.06 0.06 -1.00 -0.02 -0.14

Close 961.97 Listed cap 3,596.11 mn Payout (%) 30.91

Change -5.13 Market cap 9,145.86 mn Div Yield (%) 10.38

Last 60 days High Low

Volume 1829 44332 19283 9108 1102

31.73 3.20 16.75 70.71 11.25

23.75 1.65 13.00 47.50 8.20

% Change -0.53 5-Day High 977.29 5-Day Low 961.97

2009 Div BR (%) (%) 10

30B -

Close Chg

Volume

Last 60 days High Low

8.33 5.47

66.30 40.68

69.00 41.00

66.20 40.00

67.87 40.07

5766 2186

87.86 41.74

PE

Paid up Cap(mn) 58 174 186 287 990 214 217 600 200 490 414 165 38 107 120

PE 0.60 7.54 4.17 0.77 11.32 3.07 6.08 4.52 2.18 20.55 2.70 -

20B -

62.75 34.50

Open

High

High Low 1,067.15 1,037.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low

Close Chg

69.89 69.89 69.89 -0.01 140.00 136.50 138.00 -0.29 17.01 17.00 17.00 -0.50 99.00 98.00 98.00 -0.40 31.10 29.60 30.00 -0.60 1.65 1.30 1.55 0.17 146.99 144.00 144.00 -4.49 22.25 21.78 22.00 -0.10 4.35 4.15 4.30 0.07 4.89 4.11 4.16 -0.58 10.50 10.15 10.20 -0.37 222.00 217.00 219.93 3.44 75.60 71.58 73.30 0.55 25.25 24.44 24.85 0.47 2.15 1.90 2.10 -0.10

Close 1,051.86 Listed cap 6,768.53 mn Payout (%) 20.42

Open 912.37 Turnover 3,189,250 P/E (x) 7.68 Company

Paid up Cap(mn)

Al-Abbas Cement

PE

Open

High

High Low 920.54 898.71 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10 Low

Close Chg

Close 906.33 Listed cap 54,792.74 mn Payout (%) 19.04

Change -6.04 Market cap 67,943.43 mn Div Yield (%) 2.48

Last 60 days High Low

Volume

% Change -0.66 5-Day High 912.37 5-Day Low 902.96

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1828

-

3.24

3.39

3.11

3.12 -0.12

43752

4.40

2.82

-

-

- 100R

866 182 956

5.02 -

63.89 15.19 10.99

63.90 15.49 11.20

63.00 14.52 10.20

63.05 -0.84 14.53 -0.66 10.23 -0.76

11865 9783 56435

72.40 20.00 12.50

63.00 14.50 8.90

50 -

20B -

50 - 122R -

Dadabhoy Cement Dewan Cement DG Khan Cement Ltd

982 11.62 3574 3651 33.01

1.55 1.48 24.03

1.55 1.53 24.15

1.50 1.41 23.70

1.51 -0.04 1.50 0.02 23.77 -0.26

2500 45403 1951921

2.74 2.20 28.74

1.30 1.30 23.02

-

20R

-

20R

Fauji Cement Flying Cement Ltd Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt.

6933 11.85 1760 2319 1288 13126 -

4.77 1.90 3.84 6.00 2.83

4.87 1.90 3.72 6.10 2.93

4.69 1.86 3.45 5.90 2.78

4.74 1.90 3.72 6.05 2.80

-0.03 0.00 -0.12 0.05 -0.03

63289 23347 892 9558 314508

5.50 2.37 7.50 7.38 3.53

4.50 1.75 2.11 5.70 2.60

-

-

-

-

70.77 2.81 7.69 6.34 19.27

71.79 2.90 7.80 6.45 19.80

70.43 2.73 7.20 6.01 19.01

71.25 2.75 7.38 6.08 19.66

0.48 -0.06 -0.31 -0.26 0.39

523801 125168 6342 1501 637

73.88 3.84 8.47 9.47 21.80

62.60 2.73 6.31 5.50 17.74

40 -

-

40 -

-

Attock Cement Berger Paints Cherat Cement

Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement

3234 3723 2228 200 798

6.40 -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 898.72 Turnover 33,912 P/E (x) 2.61 Company

Paid up Cap(mn)

Cherat Papersack Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films

PE

Open

High

Low

Close Chg

92 4.50 46.80 47.32 47.00 47.25 0.45 970 6.13 60.29 60.00 59.90 59.90 -0.39 389 3.10 3.10 2.70 3.10 0.00 47 - 15.00 15.85 15.00 15.01 0.01 844 15.45 101.85 102.50 101.25 102.00 0.15 82 10.35 1176.97 1169.95 1150.00 1161.48-15.49 300 8.19 101.95 103.10 98.15 102.10 0.15

Volume 3001 1422 1051 101 302 2780962 160 7484 12455 6042 58373 3210 2299 5501 5002

Last 60 days High Low 78.39 209.00 19.80 127.99 33.47 2.24 177.99 28.80 6.60 5.70 14.50 287.00 89.99 27.85 3.25

63.01 131.00 15.90 92.00 28.25 1.16 121.10 21.71 4.15 3.55 10.05 212.29 69.25 23.91 1.53

Open 12.00 89.00 42.50 9.88 3.70 6.59 18.50 29.41 16.02 65.73 44.10 11.26 37.15 2.21 52.19

High 12.00 92.95 42.68 9.55 3.94 6.00 19.00 29.99 16.50 65.40 43.95 11.26 35.50 2.30 54.79

High Low 1,465.85 1,451.80 Total cos Defaulter cos P/BV (x) ROE (%) 9.59 30.30 Low 11.25 91.99 40.38 9.55 3.40 6.00 18.50 29.35 15.90 64.61 41.90 11.05 35.50 2.30 52.00

Close Chg 11.25 92.00 41.00 9.55 3.87 6.00 19.00 29.50 16.09 65.25 42.94 11.05 35.50 2.30 54.79

-0.75 3.00 -1.50 -0.33 0.17 -0.59 0.50 0.09 0.07 -0.48 -1.16 -0.21 -1.65 0.09 2.60

Close 1,459.61 Listed cap 11,335.33 mn Payout (%) 30.57

Close 894.73 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 19093 1477 2002 1373 1160 125 8681

Change -3.99 Market cap 33,164.49 mn Div Yield (%) 5.95

Last 60 days High Low 51.05 61.99 4.69 20.70 125.96 1299.75 105.00

34.00 54.65 2.21 11.81 98.00 995.00 91.00

% Change -0.44 5-Day High 898.72 5-Day Low 887.03

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 300 -

10B -

25B 10B -

Volume 2075 288 2104 12000 3027 600 521 12590 10306 1047 4407 2000 1000 2500 301

Last 60 days High Low 14.75 95.00 47.35 11.40 4.49 7.80 23.50 30.44 16.98 67.90 65.29 14.35 38.95 2.80 93.98

10.50 73.66 37.62 8.00 2.40 5.01 15.90 23.04 13.00 60.10 41.90 10.00 32.80 1.60 44.50

Open 1,058.70 Turnover 86,762 P/E (x) 2.57 Paid up Cap(mn)

AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Tariq Glass Ind XD

High Low 1,064.59 1,048.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64

PE

Open

High

Low

96 2.67 90 21.44 106 1174 2.92 231 2.85

27.97 17.94 9.59 13.82 17.58

29.36 17.98 10.59 13.95 17.50

27.31 16.94 9.89 13.55 17.40

Close Chg 27.47 16.94 10.26 13.68 17.47

-0.50 -1.00 0.67 -0.14 -0.11

Close 1,052.67 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 1858 1101 10023 69280 4500

Last 60 days High Low 32.00 19.70 10.59 15.95 19.12

26.60 8.12 7.11 12.00 13.50

Paid up Cap(mn)

PE

Open

Ados Pak AL-Ghazi Tractor

66 215

3.07 20.82 5.04 213.92

Bolan Casting Ghandhara Ind KSB Pumps

95 213 132

5.49 2.21 8.17

Millat TractorsXDXB

366

5.18 425.52

49.47 13.90 82.00

High

Low

Close Chg

20.75 20.64 20.72 -0.10 214.00 212.25 212.25 -1.67 48.00 14.40 82.00

47.26 14.00 78.10

47.51 -1.96 14.07 0.17 82.00 0.00

423.30 404.25 404.25 -21.27

Volume 326 403

Last 60 days High Low

Open 923.69 Turnover 6,800,018 P/E (x) 5.99 Company

Paid up Cap(mn)

PE

High Low 931.58 919.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 8.64

Open

High

Low

Amtex LimitedSPOT Artistic Denim Aruj Garments Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Chakwal Spinning Chenab Limited Colgate Palm Crescent Jute D S Ind Ltd Dawood Lawrencepur Din Textile Ellcot Spinning Gadoon Textile Ghani Value Glass Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing J A Textile J K SpinningXDXB Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mehmood Textile Mian Textile Mubarak Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Prosperity Ravi Textile Reliance Weaving Safa Textile Saif Textile Salfi TextileSPOT Samin TextileSPOT Sana Ind XD Sapphire Fibre Service Ind Shadman Cot Shahpur Textile Shahtaj Textile Shield Corp Suraj Cotton Tata TextileSPOT Thal Limited Treet Corp Tri-Star Poly Zil Limited

2415 4.47 16.92 840 5.89 20.00 62 7.02 3.65 4493 253.75 10.20 29 3.89 15.75 76 - 10.40 76 4.88 490.00 400 1.29 1.30 1150 3.05 316 15.43 693.00 238 0.68 600 1.82 514 10.14 42.49 185 1.34 25.83 110 1.87 21.91 234 1.21 46.06 75 7.29 32.45 185 2.07 6.00 716 1.41 3.95 3105 3.34 36.22 180 2.48 4.58 181 3.04 234.20 126 0.82 2.10 175 0.41 6.00 303 1.51 1300 6.76 1.75 1455 2.82 5.50 150 2.54 62.80 221 0.54 54 6.15 1.25 145 0.45 187 1.23 16.55 1586 3.19 17.08 3516 5.55 47.17 34 1.65 185 2.36 16.50 250 5.00 2.08 308 1.36 11.88 40 5.08 3.00 264 4.44 33 0.30 25.79 134 7.13 55 4.29 30.23 197 4.04 99.28 120 4.74 186.00 176 2.19 11.00 140 1.21 0.93 97 1.70 18.93 39 9.17 54.82 180 1.57 34.93 173 0.64 15.30 256 3.94 105.78 418 0.54 43.42 215 0.55 53 6.70 39.64

17.21 20.20 4.00 10.38 16.75 10.70 494.00 1.30 3.42 727.65 0.94 1.80 42.40 26.99 22.00 48.30 33.50 6.38 4.07 36.10 4.65 230.00 3.10 6.50 1.59 1.24 5.59 65.94 0.66 0.80 0.54 16.80 17.65 47.90 1.65 16.80 2.30 11.80 3.00 5.44 27.07 8.13 30.00 99.00 189.50 12.00 0.87 19.20 55.00 35.25 16.28 106.50 44.00 0.70 39.89

16.45 20.15 4.00 10.10 16.75 9.55 494.00 1.20 3.10 685.00 0.67 1.50 42.00 26.00 22.00 45.00 33.00 5.51 3.82 35.00 4.34 222.57 3.10 6.00 1.13 0.80 5.10 65.50 0.16 0.80 0.34 16.01 17.11 46.96 1.65 16.15 1.90 11.01 3.00 4.00 26.05 7.00 28.72 99.00 184.00 12.00 0.87 18.95 52.08 34.10 15.25 105.00 41.90 0.51 39.01

Open 824.06 Turnover 260,259 P/E (x) 6.20

% Change -3.86 5-Day High 1,431.11 5-Day Low 1,349.49

2009 Div BR (%) (%)

2010 Div BR (%) (%)

22.69 227.45

18.90 200.26

20 400

-

150

-

14669 5482 187

50.61 20.24 91.00

35.25 13.78 68.50

35

20B -

25 -

10B -

135450

597.90

404.25

450

25B

650

25B

40 100 20B - 100R 80 30B 15 50 100 5 - 20B 2 -

90 100 25 60 20 150 10 -

20B 20B -

2009 Div BR (%) (%) 10 40 40 17.5 35 40 40 50 15 100

25B 25B 10B 25B -

% Change -0.18 5-Day High 1,462.19 5-Day Low 1,449.99

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

46.81

Total Assets (Rs in mn)

MA (10-day)

16.25

Total Equity (Rs in mn)

MA (100-day)

15.13

Revenue (Rs in mn)

3,783.11 306.35 2,683.13

MA (200-day)

14.72

Interest Expense

1st Support

15.52

Loss after Taxation

(231.21)

2nd Support

14.87

EPS 09 (Rs)

(13.346)

1st Resistance

16.55

326.38

Book value / share (Rs)

17.68

2nd Resistance

16.93

PE 10 E (x)

0.64

Pivot

15.90

PBV (x)

0.91

TATM closed up 0.85 at 16.15. Volume was 5,006 per cent above average (trending) and Bollinger Bands were 16 per cent wider than normal. The company's profit after taxation stood at Rs440.600 million which translates into an Earning Per Share of Rs25.43 for the year ended FY10. TATM is currently 16.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into TATM (bullish). Trend forecasting oscillators are currently bearish on TATM.

Dewan Farooque Motors Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

54.46

Total Assets (Rs in mn)

MA (10-day)

1.38

Total Equity (Rs in mn)

(471.36)

MA (100-day)

1.70

Revenue (Rs in mn)

1,557.02

2010 Div BR (%) (%)

MA (200-day)

1.86

Interest Expense

1st Support

1.35

Loss after Taxation

2nd Support

1.15

EPS 09 (Rs)

40 0 12.5R 12 15 28R -

1st Resistance

1.70

Book value / share (Rs)

2nd Resistance

1.85

PE 10 E (x)

Pivot

1.50

PBV (x)

4,496.92

105.73 (1,390.03) (15.623) (5.30) (0.29)

DFML closed up 0.17 at 1.55. Volume was 2,744 per cent above average (trending) and Bollinger Bands were 40 per cent narrower than normal. The company's loss after taxation stood at Rs474.316 million which translates into a Loss Per Share of Rs5.33 for the nine months of fiscal year (9MFY10). DFML is currently 16.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DFML (bullish). Trend forecasting oscillators are currently bullish on DFML.

D. S. Industries Limited

2009 Div BR (%) (%) 7.5 -

10B -

% Change -0.57 5-Day High 1,058.70 5-Day Low 1,025.75 2010 Div BR (%) (%) - 20B 20R - 10B 17.5 -

PERSONAL GOODS

Close Chg

Close 925.76 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 2.07 Market cap 114,546.83 mn Div Yield (%) 2.79

Last 60 days High Low

16.72 20.20 4.00 10.15 16.75 10.25 494.00 1.30 3.25 718.61 0.68 1.53 42.40 26.00 22.00 45.14 33.04 6.38 3.95 36.10 4.34 230.00 3.10 6.18 1.54 1.15 5.38 65.50 0.55 0.80 0.34 16.40 17.24 47.19 1.65 16.27 1.95 11.05 3.00 4.56 27.07 7.03 28.77 99.00 184.09 12.00 0.87 18.97 52.11 35.24 16.15 105.27 42.63 0.70 39.11

-0.20 0.20 0.35 -0.05 1.00 -0.15 4.00 0.00 0.20 25.61 0.00 -0.29 -0.09 0.17 0.09 -0.92 0.59 0.38 0.00 -0.12 -0.24 -4.20 1.00 0.18 0.03 -0.60 -0.12 2.70 0.01 -0.45 -0.11 -0.15 0.16 0.02 0.00 -0.23 -0.13 -0.83 0.00 0.12 1.28 -0.10 -1.46 -0.28 -1.91 1.00 -0.06 0.04 -2.71 0.31 0.85 -0.51 -0.79 0.15 -0.53

148149 765 1000 506969 898 1076 200 11203 100521 513 10300 273360 236 406 1000 3581 101 849 8311 2551 2600 551 500 1211 6411 1600 6097 1953 5200 1000 2073 4327 2278313 1781001 3500 6005 873952 27050 102 24778 2017 23502 9385 337 2159 998 1500 22590 130 11410 454226 19044 146223 3708 1970

20.45 21.29 6.80 13.40 16.75 10.79 597.42 2.30 4.98 770.00 2.25 2.49 51.99 32.30 25.45 48.30 38.64 7.49 4.61 41.00 5.35 269.50 3.50 10.30 2.00 1.80 6.30 74.50 1.40 2.35 0.99 17.18 19.49 53.14 3.88 21.47 4.79 12.00 4.00 5.44 27.15 8.40 38.40 105.00 236.61 12.00 2.26 21.50 59.99 36.20 19.70 114.99 49.49 1.36 46.12

14.61 17.55 3.50 8.55 9.50 7.50 452.59 0.70 2.93 550.00 0.48 1.45 37.08 24.00 20.50 33.80 26.00 5.31 2.52 34.30 2.55 185.38 2.00 4.75 1.01 0.56 4.00 50.25 0.01 0.80 0.25 12.00 14.64 40.81 1.45 16.15 1.38 6.91 3.00 2.01 17.25 5.02 27.25 91.50 176.50 7.00 0.25 14.75 49.60 29.50 12.75 96.00 37.20 0.30 33.00

PHARMA AND BIO TECH Change -54.11 Market cap 29,136.90 mn Div Yield (%) 18.55

% Change 0.72 5-Day High 1,051.86 5-Day Low 1,032.73

Performance of SR Personal Goods Index

Performance of SR Pharma and Bio Tech Index

Close 1,349.49 Listed cap 1,336.62 mn Payout (%) 131.49

-

2010 Div BR (%) (%)

Change -6.03 Market cap 5,507.11 mn Div Yield (%) 2.44

INDUSTRIAL ENGINEERING High Low 1,397.16 1,346.17 Total cos Defaulter cos P/BV (x) ROE (%) 2.69 38.02

40 15

2009 Div BR (%) (%)

Change -2.58 Market cap 187,377.47 mn Div Yield (%) 0.97

Performance of SR Industrial Engineering Index Open 1,403.60 Turnover 156,597 P/E (x) 7.09 Company

High Low 899.67 885.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91

20B -

Change 7.48 Market cap 38,016.62 mn Div Yield (%) 5.30

CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index

30

2010 Div BR (%) (%)

Performance of SR Household Goods Index

2010 Div BR (%) (%) 30 40 7.5

1.57 -0.61

2009 Div BR (%) (%)

% Change 1.41 5-Day High 703.95 5-Day Low 677.22

HOUSEHOLD GOODS

Company

INDUSTRIAL METALS AND MINING

Low

Open 1,462.19 Turnover 55,298 P/E (x) 31.64 Company

-

High

Tata Textile Mills Limited

FOOD PRODUCERS

-

15 5

Change 9.76 Market cap 12,933.95 mn Div Yield (%) 1.92

Alert ! Unusual Movements

Performance of SR Food Producers Index

-

80

Close 703.95 Listed cap 3,242.17 mn Payout (%) 11.08

Open

Agriautos Ind 144 5.11 69.90 Atlas BatteryXDXB 101 5.20 138.29 Atlas Engineering Ltd 247 11.64 17.50 Atlas Honda 626 6.82 98.40 Baluchistan Wheels Ltd. 133 4.78 30.60 Dewan Motors 890 1.38 Exide (PAK) 56 4.12 148.49 General Tyre XD 598 6.03 22.10 Ghandhara Nissan 450 4.23 Ghani Automobile Ind 200 3.50 4.74 Honda Atlas Cars 1428 - 10.57 Indus Motors XD 786 5.02 216.49 Pak Suzuki 823 9.11 72.75 Sazgar Engineering 125 6.45 24.38 Transmission 117 2.10 2.20

-

7.41

1.33

Paid up Cap(mn)

75 5

21.00 6.75

1.39

Company

-

109.50

High Low 716.54 690.64 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 25.53

PE

Open 1,044.38 Turnover 2,887,365 P/E (x) 3.85

10B -

37.80 9.09

490 2429864

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

15,738.11 15,752.91 15,697.48 h39.18

AUTOMOBILE AND PARTS

-

12.09

122.00 120.00 121.11 0.57 8.25 8.02 8.20 0.17

Open 1,168.25 Turnover 19,765 P/E (x) 6.08

Paid up Cap(mn)

KMI 30 Index Current High Low Change

9,699.38 9,721.77 9,672.92 h13.62

Performance of SR Automobile and Parts Index

-

128.30

22.25 -0.67 8.55 0.09

Pak Int Cont.Terminal XD 1092 PNSCSPOT 1321

-

41849

21.80 8.45

Paid up Cap(mn)

-

419957

22.25 8.57

Company

-

Performance of SR Forestry & Paper Index

Company

Current High Low Change

Open 694.19 Turnover 7,952 P/E (x) 5.76

20

6010B 40R

FORESTRY AND PAPER

Company

KSE 30 Index

7,014.22 7,037.62 7,009.20 i2.60

% Change 0.19 5-Day High 1,250.41 5-Day Low 1,236.76

Mari Gas Company

Pak Refinery Limited

Current High Low Change

INDUSTRIAL TRANSPORTATION

853 14.60

Pak Oilfields

All Share Index

10,045.03 10,072.99 10,034.08 h2.59

Performance of SR Industrial Transportation Index

Attock Petroleum

3921

Current High Low Change

158 211 25 394

OIL AND GAS

Attock Refinery BYCO Petroleum

Advanced Declined Unchanged Total

Performance of SR Oil and Gas Index Open 1,248.00 Turnover 2,708,946 P/E (x) 10.85 Company

KSE 100 Index

Symbols

Volume

Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak

Paid up Cap(mn) 979 208 1707 165 200 100 306

PE

Open

7.76 88.29 7.26 106.11 12.17 68.50 6.41 23.75 16.42 7.05 4.25 27.52 5.32 62.14

High

High Low 830.90 812.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 22.31 Low

Close Chg

88.50 88.00 88.50 0.21 111.00 106.30 110.59 4.48 67.99 67.20 67.40 -1.10 23.60 23.60 23.60 -0.15 7.40 7.25 7.39 0.34 28.10 27.90 28.00 0.48 63.50 60.60 62.00 -0.14

Close 821.59 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 4435 20217 2400 161 18632 300 214090

77.00 96.00 65.00 22.10 6.10 27.50 53.36

2010 Div BR (%) (%)

30 20 120 115 15B 5 20 10B 7.5 35 70 8 400R 25 - 10B 20 10 15 20 5B 4050.2257B - 20SD - 50R 20 25 45R 20 30 25 - 100R 35 60 200 20 45 - 30B 10 15 25 20 20B 80 20B 4 40 10B 35 -

Change -2.47 Market cap 27,643.87 mn Div Yield (%) 7.19

Last 60 days High Low 95.50 124.00 83.77 25.79 8.66 34.99 64.05

2009 Div BR (%) (%)

% Change 0.22 5-Day High 925.76 5-Day Low 917.23

2009 Div BR (%) (%) 120 10 50 25 15 15

20B 15B

% Change -0.30 5-Day High 824.06 5-Day Low 816.14 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

39.97

Total Assets (Rs in mn)

838.18

MA (10-day)

1.64

Total Equity (Rs in mn)

(298.62)

MA (100-day)

2.11

Revenue (Rs in mn)

653.74

MA (200-day)

2.67

Interest Expense

1st Support

1.40

Loss after Taxation

(984.14)

2nd Support

1.30

EPS 09 (Rs)

(16.402)

130.20

1st Resistance

1.70

Book value / share (Rs)

2nd Resistance

1.90

PE 10 E (x)

Pivot

1.60

PBV (x)

(4.98) (0.31)

DSIL closed down -0.29 at 1.53. Volume was 290 per cent above average (trending) and Bollinger Bands were 39 per cent narrower than normal. The company's loss after taxation stood at Rs30.829 million which translates into a Loss Per Share of Rs0.51 for the nine months of fiscal year (9MFY10). DSIL is currently 42.8 per cent below its 200-day moving average and is displaying an upward 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 DSIL at a relatively equal pace. Trend forecasting oscillators are currently bullish on DSIL.

TRG Pakistan Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

63.54

Total Assets (Rs in mn)

2,549.61

MA (10-day)

3.93

Total Equity (Rs in mn)

2,509.06

MA (100-day)

4.16

Revenue (Rs in mn)

28.92

MA (200-day)

3.92

Interest Expense

1st Support

4.15

Profit after Taxation

0.10

2nd Support

4.08

EPS 09 (Rs)

1st Resistance

4.37

Book value / share (Rs)

2nd Resistance

4.52

PE 10 E (x)

Pivot

4.30

PBV (x)

766.33 1.988 6.51 0.66

TRG closed up 0.01 at 4.28. Volume was 77 per cent above average and Bollinger Bands were 45 per cent wider than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 9.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into TRG (bullish). Trend forecasting oscillators are currently bullish on TRG.

BOOK CLOSURES Company

From

To

Atlas Engineering Descon Chemicals Pak Int Cont Terminal Descon Oxychem National Foods Pak National Shipping Corp Amtex Ltd Island Tex Mills JS Global Capital Otsuka Pakistan Salfi Tex Mills Tata Tex Mills Merit Packaging Al-Meezan Mutual Fund Ghandhara Industries Habib ADM Meezan Balanced Fund Bolan Castings Cherat Cement Clover Pakistan Gatron (Industries) Ismail Industries

05-Oct 06-Oct 06-Oct 07-Oct 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 09-Oct 11-Oct 11-Oct 11-Oct 11-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct

11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 19-Oct 20-Oct 19-Oct 25-Oct 26-Oct 18-Oct 18-Oct 19-Oct

D/B/R 12 15 30 50 50 25 25 8.5(F) 40 5.5(F) 25,10(B) 15(F) 20 17.5

Spot AGM/Date 29-Oct 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct 01-Oct 01-Oct 04-Oct 04-Oct 04-Oct

11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 20-Oct 25-Oct 26-Oct 18-Oct 18-Oct 18-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hosp.XD P.I.A.C.(A) AKD Capital Pace (Pak) Ltd. Netsol Technol.

Open 59.45 4.27 92.08 95.26 60 298.16 112 33.46 2.2 46.93 2.72 17.8

High 57 4.45 93.99 99.99 62.9 313.06 114 35 2.25 49.27 2.85 18

Low Close 56.48 4.23 91.11 95.7 60 313.06 108.9 34.98 2.09 44.7 2.62 17.51

56.58 4.28 91.23 95.75 60.1 313.06 109.73 34.98 2.1 49.27 2.75 17.6

Change -2.87 0.01 -0.85 0.49 0.1 14.9 -2.27 1.52 -0.1 2.34 0.03 -0.2

Vol 991 4825022 6502 237 1505 1470 4584 400 52420 27681 419947 100712


7

Tuesday, October 5, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,090.38 Turnover 989,529 P/E (x) 6.01 Paid up Cap(mn)

Company

Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

PE

37740 3000 8606 6175

9.01 -

Open

High Low 1,109.54 1,081.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84

High

18.75 2.13 2.41 4.09

Low

19.10 2.19 2.44 4.10

18.65 2.09 2.35 3.95

Close Chg 18.93 2.10 2.39 3.97

0.18 -0.03 -0.02 -0.12

Close 1,097.91 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 257052 210726 521731 110010

Change 7.53 Market cap 77,465.97 mn Div Yield (%) 10.41

Last 60 days High Low 20.22 3.18 3.30 6.29

17.32 1.80 2.30 3.80

% Change 0.69 5-Day High 1,104.91 5-Day Low 1,090.38

2009 Div BR (%) (%) 15 -

-

Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance

279 4.99 457 5.51 1250 29.40 400 7.33 718 13.05 791 9.22 3000 250 1.32 350 47.50 303 4.53

-

Open 819.71 Turnover 7,302 P/E (x) 47.66

ELECTRICITY

Paid up Cap(mn)

Company

Genertech Hub Power XD Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD

High Low 1,151.20 1,131.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35

PE

Open

High

Low

198 11572 6.12 1560 7932 1695 5.68 126 2.92 8803 7.11 3673 3541 84.14 191 3.76 1367 5.74 150 -

0.84 33.19 1.39 2.11 23.62 5.00 41.11 10.83 11.68 22.75 2.29 0.90

0.86 33.49 1.48 2.14 23.90 5.60 41.28 11.01 11.99 22.96 2.30 0.95

0.74 33.00 1.39 2.05 23.00 5.00 40.62 10.95 11.75 21.80 2.23 0.70

Close 1,136.03 Listed cap 95,369.29 mn Payout (%) 104.13

Change -4.71 Market cap 96,144.10 mn Div Yield (%) 8.35

Close Chg

Volume

Last 60 days High Low

0.82 33.03 1.46 2.08 23.05 5.25 41.11 11.00 11.78 22.38 2.24 0.95

219 716215 8006 167934 10201 509 169987 252097 962819 2100 26368 2001

1.53 37.24 2.38 2.63 26.50 7.00 44.85 11.01 11.99 23.49 3.21 1.69

-0.02 -0.16 0.07 -0.03 -0.57 0.25 0.00 0.17 0.10 -0.37 -0.05 0.05

0.51 32.77 0.70 1.92 23.00 3.90 39.51 9.26 9.25 20.00 2.21 0.33

% Change -0.41 5-Day High 1,149.42 5-Day Low 1,136.03

2009 Div BR (%) (%) 33.5 45 64.5 20 3

31R -

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,651.65 Turnover 3,439,260 P/E (x) 12.33 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,688.37 1,652.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 11.41

Close 1,674.65 Listed cap 12,202.80 mn Payout (%) 66.79

Change 23.00 Market cap 37,076.35 mn Div Yield (%) 5.42

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 18.21 6712 4.57

30.67 29.43

31.25 30.14

30.60 29.49

30.95 0.28 29.92 0.49

1490635 1948625

31.90 30.70

25.00 16.00

% Change 1.39 5-Day High 1,685.77 5-Day Low 1,642.57

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 15

25B

BANKS Performance of SR Banks Index Open 938.12 Turnover 10,154,521 P/E (x) 6.69 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.51 51.05 Askari Bank 6427 5.99 14.49 Atlas Bank 5001 1.81 Bank Alfalah 13492 11.27 8.29 Bank AL-Habib 7322 6.68 31.09 Bank Of Khyber 5004 3.07 3.27 Bank Of Punjab 5288 8.21 BankIslami Pak 5280 3.23 Faysal Bank 6091 3.10 13.38 Habib Bank Ltd 10019 6.02 94.50 Habib Metropolitan Bank 8732 5.59 19.20 JS Bank Ltd 6128 2.33 KASB Bank Ltd 9509 2.35 MCB Bank Ltd 7602 8.89 188.39 Meezan Bank 6983 7.16 14.95 Mybank Ltd 5304 2.12 National Bank 13455 5.27 63.36 NIB Bank 40437 2.65 Royal Bank Ltd 17180 5.78 Samba Bank 14335 1.91 Silkbank Ltd 26716 13.55 3.01 Soneri Bank 6023 5.60 Stand Chart Bank 38716 9.07 6.50 Summit Bank Ltd 5000 2.50 United Bank Ltd 12242 6.10 51.95

High Low Close 948.51 927.84 938.97 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35

High

Low

Close Chg

51.80 50.01 51.00 -0.05 14.70 14.44 14.49 0.00 1.80 1.61 1.61 -0.20 8.55 8.20 8.45 0.16 31.08 30.80 31.01 -0.08 3.21 2.91 3.07 -0.20 8.37 8.10 8.14 -0.07 3.25 3.00 3.02 -0.21 13.70 13.30 13.46 0.08 94.60 93.10 93.52 -0.98 19.20 18.65 18.90 -0.30 2.68 2.30 2.60 0.27 2.50 2.30 2.40 0.05 190.99 187.63 190.62 2.23 14.95 14.75 14.75 -0.20 2.08 2.00 2.02 -0.10 63.59 62.63 62.78 -0.58 2.70 2.55 2.56 -0.09 6.10 5.45 5.74 -0.04 1.95 1.70 1.80 -0.11 3.08 2.95 2.98 -0.03 5.94 5.50 5.52 -0.08 6.55 6.25 6.35 -0.15 2.50 2.41 2.50 0.00 52.08 51.50 51.83 -0.12

Volume

Change 0.85 Market cap 578,174.61 mn Div Yield (%) 5.13

Last 60 days High Low

15867 59.70 84573 17.46 46605 2.87 3080993 10.25 48007 34.00 37584 4.75 492534 11.24 94769 3.90 28364 15.95 23486 109.10 1753 23.75 797570 3.00 6922 4.00 529146 214.99 6159 16.50 51907 3.28 1163824 73.89 513691 3.50 33909 13.29 42583 2.90 2436644 3.30 19097 8.24 14167 8.50 48485 4.23 584365 60.20

48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.10 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.45 1.55 2.15 5.01 6.00 2.30 49.90

2009 Div BR (%) (%) 40 8 20 60 10 110 75 25

10B 20B 20B 10B 16B 26B 10B 5B 25B 10B

% Change 0.09 5-Day High 941.49 5-Day Low 936.24

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 616.99 Turnover 198,318 P/E (x) 10.22 Paid up Cap(mn)

Company

Adamjee Insurance XD Ask Gen Insurance

High Low 624.34 608.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 5.20

Close 615.35 Listed cap 11,111.34 mn Payout (%) 79.54

Change -1.64 Market cap 40,118.07 mn Div Yield (%) 7.78

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 11.89 204 6.25

65.26 11.54

66.50 11.00

64.51 10.54

65.40 0.14 11.00 -0.54

44642 2351

89.90 11.95

64.00 8.45

2009 Div BR (%) (%) 30 -

10B -

% Change -0.27 5-Day High 626.35 5-Day Low 615.35 2010 Div BR (%) (%) 10 -

-

-0.01 -0.69 -0.29 0.04 1.87 -0.37 -0.16 -0.46 -0.32 -0.50

1000 1138 19589 1500 55549 2000 56388 201 12730 1205

64.90 11.95 55.20 13.89 79.10 62.50 19.40 8.20 4.16 10.60

47.37 8.35 35.52 10.10 66.02 52.21 12.50 5.06 1.66 8.11

High Low 821.82 815.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.83 3.85

Close 818.27 Listed cap 2,290.72 mn Payout (%) 355.53

20 40 35 35 30 30 5 20

25B 8.7B 20B 25B 15B

Change -1.44 Market cap 8,741.84 mn Div Yield (%) 7.46

PE

East West Life

455

-

2.74

2.80

2.40

2.80 0.06

4800

3.15

2.05

EFU Life Assurance XB

850 32.24

59.70

60.15

59.00

59.33 -0.37

2502

84.99

51.25

10 10 -

UPTO 100 VOLUME

10B 20B -

Symbols SPLC SUTM COTT SHSML ETNL ISIL HUSS FECS NOPK DMTM HINO LEUL FNBM BTL LIBM FUDLM TRSM PRET BUXL SLYT SSIC AGSML WYETH BHAT CRTM PAKD NESTLE PMRS MSOT DEL GLPL ILTM SANSM PTEC FRCL PGCL FCONM FECTC GAMON GRYL JDMT MQTM QUET UPFL PHDL NMBL BROT SAPT GATI DWAE SHCI UDPL FDMF TSMF FPJM SIBL CFL DATM FZTM KSTM SZTM ZTL CML NCLNCP JUBS ZAHT PASM PSYL SGML TSML DNCC PICTPS MDTL LPGL

Open

High

Low

Close Chg

Last 60 days High Low

Volume

% Change -0.18 5-Day High 824.93 5-Day Low 811.13

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

10R

-

10R

5513.33B

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 356.81 Turnover 6,091,999 P/E (x) 0.44 Paid up Cap(mn)

Company

High Low 364.47 341.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

PE

Open

High

Low

225 360 6.72 450 6.47 3750 2.15 150 7.53 441 First Credit & Invest Bank Ltd 650 27.92 First National Equity 575 IGI Investment Bank 2121 Invest and Fin Sec 600 2.74 Invest Bank 2849 Ist Cap Securities 2878 Ist Dawood Bank 626 0.30 Jah Siddiq Co 7633 13.94 JOV and CO 508 JS Global CapSPOT 500 JS Investment 1000 12.33 KASB Securities 1000 Orix Leasing 821 3.94 Pervez Ahmed Sec 775 Stand Chart Leasing 978 4.70 Trust Brokerage 100 Trust Inv Bank 586 -

0.59 14.50 26.00 22.60 1.44 2.80 3.44 9.86 1.78 7.86 0.53 4.12 1.88 9.79 2.64 33.60 5.73 3.94 5.00 1.61 2.24 2.00 2.00

0.63 14.39 26.49 22.79 1.43 2.11 3.49 10.00 1.90 7.93 0.58 4.74 1.98 9.89 2.69 34.90 5.80 4.22 5.29 1.68 2.25 2.44 2.00

0.53 13.80 25.66 21.60 1.43 2.11 3.00 8.86 1.61 7.21 0.44 3.32 1.80 9.55 2.52 33.55 5.51 3.71 5.00 1.55 2.05 2.44 2.00

AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Cap Mangt. XB Escorts Bank

Close Chg 0.59 14.38 25.94 21.78 1.43 2.11 3.35 9.92 1.63 7.86 0.57 4.14 1.80 9.62 2.56 34.17 5.55 3.83 5.00 1.61 2.07 2.44 2.00

0.00 -0.12 -0.06 -0.82 -0.01 -0.69 -0.09 0.06 -0.15 0.00 0.04 0.02 -0.08 -0.17 -0.08 0.57 -0.18 -0.11 0.00 0.00 -0.17 0.44 0.00

Close 349.81 Listed cap 30,336.44 mn Payout (%) 4.60

Volume 7511 686 14026 1673024 934 6989 12058 204 12565 1701 32483 43335 67164 3853687 200910 10198 87925 2424 9500 64552 1066 500 500

Change -6.99 Market cap 25,633.45 mn Div Yield (%) 10.53

% Change -1.96 5-Day High 358.69 5-Day Low 349.81

Last 60 days High Low

2009 Div BR (%) (%)

1.19 20.99 50.12 35.65 2.90 3.20 3.98 12.70 2.43 9.00 1.23 5.40 2.84 15.47 6.48 42.00 8.65 5.49 5.95 2.89 3.89 2.44 4.25

15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -

0.42 13.75 25.66 21.60 0.50 2.01 2.00 6.86 1.17 6.90 0.44 2.54 1.17 9.36 2.31 33.01 5.40 3.20 3.66 1.35 1.50 1.25 1.50

2010 Div BR (%) (%) 20B 20B -

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -

48.25 9.81 37.05 10.55 73.87 54.00 13.40 5.60 1.90 8.70

Paid up Cap(mn)

Company

2010 Div BR (%) (%) 50 - 7.8R 15 50 -

47.50 9.80 37.01 10.55 70.30 54.00 13.36 5.50 1.90 8.60

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,140.74 Turnover 2,318,456 P/E (x) 12.48

48.25 10.49 38.00 10.60 74.00 54.00 13.65 5.60 2.00 9.10

LIFE INSURANCE

2010 Div BR (%) (%) 17.5 -

48.26 10.50 37.34 10.51 72.00 54.37 13.56 6.06 2.22 9.20

Open 1,025.02 Turnover 597,885 P/E (x) 6.87 Paid up Cap(mn)

Company

High Low 1,036.62 998.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09

PE

Open

High

Low

1st Fid Leasing 264 AL-Meezan Mutual F.SPOT 1375 2.68 AL-Noor Modaraba 210 4.91 B R R Guardian Mod. 780 Crescent St Modaraba 200 1.89 Elite Cap Modaraba 113 4.29 Equity Modaraba 524 8.08 First Capital Mutual F. 300 3.23 Golden Arrow 760 4.02 H B L Modaraba 397 5.75 Habib Modaraba 1008 4.51 Imrooz Modaraba 30 6.94 JS Growth Fund 3180 39.88 JS Value Fund 1186 Meezan Bal. FundSPOT 1200 2.85 NAMCO Bal. Fund 1000 2.99 Pak Prem Fund XD 1698 3.68 Pak Strat Fund 3000 5.37 Paramount Mod. XD 59 3.11 PICIC Energy Fund 1000 2.54 PICIC Growth Fund 2835 2.23 PICIC Inv Fund XD 2841 1.79 Prud Modaraba 1st XD 872 2.29 Stand Chart Mod. XD 454 4.88 Tri-Star 1st Modaraba 212 83.33

1.37 6.96 3.25 1.30 0.50 2.25 0.97 3.25 3.70 6.49 6.00 67.08 3.00 2.93 5.90 3.23 7.74 6.99 8.40 4.55 8.14 3.60 1.00 8.40 3.44

1.40 6.95 2.60 1.25 0.56 2.84 1.10 3.25 3.88 6.69 6.00 69.95 3.19 2.95 6.37 2.99 7.95 7.00 8.45 4.78 8.22 3.70 0.91 8.80 4.39

1.13 6.87 2.60 1.25 0.45 2.79 1.05 2.76 3.66 6.43 6.00 65.00 2.92 2.75 5.85 2.26 7.72 6.86 8.45 4.52 8.10 3.50 0.87 8.25 2.44

Close 1,017.20 Listed cap 29,771.58 mn Payout (%) 104.19

Change -7.82 Market cap 17,331.33 mn Div Yield (%) 26.66

Close Chg

Volume

Last 60 days High Low

1.23 6.95 2.60 1.25 0.51 2.79 1.05 3.00 3.70 6.50 6.00 66.03 3.19 2.77 5.90 2.99 7.72 6.87 8.45 4.78 8.11 3.55 0.87 8.59 2.50

2705 16383 300 880 5105 170 8005 38240 208698 37543 66986 216 4762 3993 551 22667 46030 20496 1000 6001 57250 33724 6383 7424 2207

2.24 7.25 3.44 2.43 0.90 3.49 1.64 3.80 3.88 6.69 7.49 69.95 4.39 3.98 7.49 3.70 9.86 8.10 8.68 6.49 10.55 5.00 1.20 10.99 7.12

-0.14 -0.01 -0.65 -0.05 0.01 0.54 0.08 -0.25 0.00 0.01 0.00 -1.05 0.19 -0.16 0.00 -0.24 -0.02 -0.12 0.05 0.23 -0.03 -0.05 -0.13 0.19 -0.94

1.01 6.35 2.10 0.90 0.16 1.65 0.76 0.99 2.32 4.80 5.56 43.00 2.70 2.31 5.85 2.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 7.75 0.70

% Change -0.76 5-Day High 1,029.98 5-Day Low 1,017.20

2009 Div BR (%) (%) 4.5 5 20 63 10 5 15 16.5 -

0.66 32.03 1.26 11.20 21.31 75.00 13.17 36.75 25.76 2.99 120.00 2.50 7.50 50.57 54.65 6.10 2.40 29.47 12.26 4.00 7.18 10.67 941.92 187.10 21.64 115.00 1904.75 36.68 21.46 2.14 66.38 82.36 13.90 1.85 4.00 20.41 1.91 5.43 1.45 2.35 17.20 8.00 32.30 1030.00 57.57 1.17 0.33 100.00 39.50 0.72 2.50 15.21 1.70 1.99 1.24 2.12 14.99 0.49 305.18 0.55 7.18 2.60 2.82 21.95 2.49 3.25 8.00 6.61 4.13 31.99 2.22 9.90 58.45 8.51

High 0.60 33.63 1.78 10.65 20.25 74.90 14.00 38.40 24.48 2.99 116.00 1.50 7.45 51.45 55.25 6.10 2.50 29.00 11.50 4.00 8.14 9.67 970.00 180.00 22.72 113.00 1899.00 38.00 22.24 2.38 69.50 86.47 13.90 2.19 4.50 19.40 2.34 5.80 1.51 2.49 18.20 8.98 33.91 1040.00 60.44 1.22 0.73 105.00 41.47 0.76 2.70 16.17 1.75 1.99 1.94 2.90 13.99 0.26 320.00 0.85 8.18 2.30 2.89 22.39 2.49 3.75 8.75 6.95 4.36 30.60 1.80 8.90 58.90 8.01

Low

Close

0.55 33.63 1.78 10.60 20.25 74.00 13.70 36.50 24.48 2.99 115.00 1.50 7.45 49.05 54.60 6.10 1.75 28.11 11.32 3.52 7.30 9.67 896.00 177.90 22.72 109.25 1866.00 34.85 20.52 1.92 63.07 86.47 13.90 1.25 3.25 19.39 1.99 5.70 1.50 1.36 18.00 7.10 33.91 1040.00 54.70 0.74 0.12 105.00 41.00 0.75 2.64 16.17 1.75 1.74 1.22 2.90 13.99 0.05 318.99 0.80 8.18 2.30 2.89 22.39 2.49 3.75 8.70 6.50 4.30 30.60 1.71 8.90 58.90 8.00

0.55 33.63 1.78 10.65 20.25 74.90 13.70 36.50 24.48 2.99 115.19 1.50 7.45 51.40 55.25 6.10 2.50 29.00 11.50 4.00 7.30 9.67 906.55 180.00 22.72 113.00 1890.00 36.79 22.24 1.92 68.92 86.47 13.90 1.68 3.25 19.40 1.99 5.70 1.51 1.75 18.00 8.35 33.91 1040.00 60.44 0.74 0.73 105.00 41.00 0.76 2.64 16.17 1.75 1.74 1.22 2.90 13.99 0.26 318.99 0.80 8.18 2.30 2.89 22.39 2.49 3.75 8.70 6.50 4.30 30.60 1.80 8.90 58.90 8.01

Change

Vol

-0.11 1.60 0.52 -0.55 -1.06 -0.10 0.53 -0.25 -1.28 0.00 -4.81 -1.00 -0.05 0.83 0.60 0.00 0.10 -0.47 -0.76 0.00 0.12 -1.00 -35.37 -7.10 1.08 -2.00 -14.75 0.11 0.78 -0.22 2.54 4.11 0.00 -0.17 -0.75 -1.01 0.08 0.27 0.06 -0.60 0.80 0.35 1.61 10.00 2.87 -0.43 0.40 5.00 1.50 0.04 0.14 0.96 0.05 -0.25 -0.02 0.78 -1.00 -0.23 13.81 0.25 1.00 -0.30 0.07 0.44 0.00 0.50 0.70 -0.11 0.17 -1.39 -0.42 -1.00 0.45 -0.50

100 100 100 100 100 98 95 84 81 79 77 70 61 54 51 50 47 28 28 27 25 25 24 20 20 20 16 15 12 11 11 10 10 10 10 6 5 5 4 3 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

DGKC-OCT 24.13 NBP-OCT 63.69 POL-OCT 235.50 MCB-OCT 188.51 NML-OCT 45.09 ANL-OCT 10.25 ENGRO-OCT 175.79 LUCK-OCT 67.57 PSO-OCT 267.94 PPL-OCT 173.28 AICL-OCT 65.64 POL-OCTB 218.00 OGDC-OCT 145.70 FFBL-OCT 27.50 POL-COCTW1234.53

2010 Div BR (%) (%)

- 18.5 5 5 17 11 21 76 5 10 - 15.5 15 - 18.6 - 11.53 5 20 10 3 17 -

Open

-

High 24.20 63.65 237.81 190.99 45.70 10.30 176.60 68.19 269.25 173.90 66.47 228.90 145.75 27.75 234.53

Low

Close

23.81 62.90 235.25 187.65 45.01 10.10 175.00 67.06 267.11 171.50 65.60 221.00 145.75 27.75 234.53

23.88 63.08 237.44 190.65 45.24 10.20 175.84 67.90 268.49 173.80 65.68 225.74 145.75 27.75 237.64

Change -0.25 -0.61 1.94 2.14 0.15 -0.05 0.05 0.33 0.55 0.52 0.04 7.74 0.05 0.25 3.11

Vol 213000 187500 162000 161500 137500 50000 45000 40500 40000 9500 8000 5000 500 500 0.00

ZERO VOLUME Symbols ALQT ANNT ARPAK ASFL ATIL BWCL CPAL CSIL DWSM DYNO FTHM GAEL HAJT JVDC MFFL MFTM MIRKS

Open 2.60 13.00 4.00 4.80 28.72 27.20 2.99 5.22 1.64 11.04 115.00 0.16 0.74 61.28 65.72 0.99 60.50

High 2.70 12.95 5.00 4.00 28.76 26.00 1.99 5.08 1.50 11.08 115.25 0.20 0.69 61.00 65.00 0.98 60.01

Low

Close

2.70 12.95 5.00 4.00 28.76 26.00 1.99 5.08 1.50 11.08 115.25 0.20 0.69 61.00 65.00 0.98 60.01

2.70 12.95 5.00 4.00 28.76 26.00 1.99 5.08 1.50 11.08 115.25 0.20 0.69 61.00 65.00 0.98 60.01

Change

Vol

0.10 -0.05 1.00 -0.80 0.04 -1.20 -1.00 -0.14 -0.14 0.04 0.25 0.04 -0.05 -0.28 -0.72 -0.01 -0.49

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Bank Al-Falah Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

57.37

Support 1

10,028.40

MA (5-day)

10,029.06

Support 2

10,011.80

MA (10-day)

9,979.72

Resistance 1

10,067.30

MA (100-day)

9,871.21

Resistance 2

10,089.60

Fair Value

*Arif Habib Ltd

Dera Ghazi Khan Cement Co Ltd

Rs Recommendations Buy

12.47

Buy

AKD Securities Ltd

TFD Research

14.01

Positive

TFD Research

9,925.11

Pivot

Technical Outlook Technical Analysis

Brokerage House

Fair Value

Leverage Position

AKD Securities Ltd

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

61.46

Buy

AKD Securities Ltd

Positive

TFD Research

TFD Research

74.2

Technical Analysis 54.71 46.87 46.52 53.37

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

175.80 8,296.00 18.00 47.31

* Target price for Dec-10 & **Net Open Interest in future market

Positive

TFD Research

182.55 4,339.20 18.69 23.91

age and Bollinger Bands were 23 per cent narrower than normal.

29.1

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Brokerage House

92.3

Positive

TFD Research

* Target price for Dec-10 & **Net Open Interest in future market

Bollinger Bands were 25 per cent narrower than normal.

casting oscillators are currently bullish on FFBL.

Hub Power Co Ltd

Brokerage House

Rs Recommendations

Rs Recommendations

261

Buy

*Arif Habib Ltd

48

Buy

305.7

Buy

AKD Securities Ltd

46

Buy

Positive

TFD Research

281.35

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Fair Value

Fair Value

62.06 234.45 224.53 231.04

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

44.9

Positive

Technical Outlook

Technical Outlook

* Target price for Dec-10 & **Net Open Interest in future market

326.94 9,046.39 0.01 27.53

reflect volume flowing into and out of DGKC at a relatively equal pace. volume flowing into and out of FFBL at a relatively equal pace. Trend fore-

AKD Securities Ltd

318.37 19,987.08 37.19 63.09

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

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

Trend forecasting oscillators are currently bullish on DGKC.

107.94 25,590.72 115.99 235.90

* Target price for Dec-10 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

36.89 33.22 33.98 33.66

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

810.01 26,754.57 N/A 33.18

* Target price for Dec-10 & **Net Open Interest in future market

NML closed up 0.02 at 47.19. Volume was 20 per cent below average and NBP closed down -0.58 at 62.78. Volume was 42 per cent below average POL closed up 2.45 at 237.09. Volume was 5 per cent below average and HUBC closed down -0.16 at 33.03. Volume was 58 per cent below average Bollinger Bands were 36 per cent narrower than normal.

and Bollinger Bands were 27 per cent narrower than normal.

Bollinger Bands were 9 per cent narrower than normal.

(consolidating) and Bollinger Bands were 50 per cent wider than normal.

NML is currently 11.6 per cent below its 200-day moving average and is NBP is currently 4.6 per cent below its 200-day moving average and is dis- POL is currently 2.6 per cent above its 200-day moving average and is dis- HUBC is currently 1.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the displaying a downward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect moderate flows of volume into POL (mildly bullish). Trend forecast- flowing into and out of HUBC at a relatively equal pace. Trend forecasting forecasting oscillators are currently bullish on NML.

forecasting oscillators are currently bullish on NBP.

ing oscillators are currently bullish on POL.

3:00 12:30 12:30 10:30 3:30 3:00 4:00 11:30 11:00 11:00 1:00 11:00 11:30 11:00 12:30 3:00 11:00 4:00 3:00 10:00

Company

Leverage Position

50.19 27.14 27.74 29.25

Time

05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 05-Oct 06-Oct 06-Oct 06-Oct 06-Oct 07-Oct

TECHNICAL LEVELS

Neutral

DGKC is currently 13.7 per cent below its 200-day moving average and is FFBL is currently 3.5 per cent below its 200-day moving average and is dis-

Neutral

Leverage Position

Buy

Date

Artistic Denim Mills Ltd B.R.R Guardian Modaraba Crescent Standarad Modaraba First Paramount Modaraba Gillette Pakistan Ltd Ideal Spinning Mills Ltd International Knitwear Ltd Javed Omer Vohra & Co Ltd Liberty Mills Ltd Mahmood Textile Mills Ltd Mandviwalla mauser Plastic Industries Pakistan Telephone Cables Ltd Sajjad Textile Mills Ltd Shams Textile Mills Ltd Suraj Cotton Mills Ltd First Capital Securities Corp Ltd Saudi Pak Leasing Co Ltd Sitara Energy Ltd Zephyr Textiles Ltd Jahangir Siddiqui & Co Ltd

Accumulate

Technical Outlook

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Rs Recommendations

32.87

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

64.64

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

36.85

* Target price for Dec-10 & **Net Open Interest in future market

*Arif Habib Ltd

41.06 63.43 65.57 72.82

Buy

40.21 24.19 24.96 27.54

Buy

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

44.13

Fair Value 33

Pakistan Oilfields Ltd

Rs Recommendations

78

*Arif Habib Ltd AKD Securities Ltd

DGKC closed down -0.26 at 23.77. Volume was 28 per cent below aver- FFBL closed up 0.52 at 27.67. Volume was 17 per cent above average and

Technical Outlook

Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Fair Value

Brokerage House

Buy

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

National Bank of Pakistan

65

*Arif Habib Ltd

Rs Recommendations

44

Technical Outlook

10,050.70

Nishat Mills Ltd

Fair Value

*Arif Habib Ltd

RSI (14-day) 58.46 Free Float Shares (mn) 674.58 MA (10-day) 8.03 Free Float Rs (mn) 5,700.19 KSE 100 INDEX closed up 2.59 points at 10,045.03. Volume was 31 MA (100-day) 8.94 ** NOI Rs (mn) N/A per cent below average and Bollinger Bands were 45 per cent narrow- MA (200-day) 10.81 Mean 8.37 er than normal. As far as resistance level is concern, the market will * Target price for Dec-10 & **Net Open Interest in future market see major 1st resistance level at 10,067.30 and 2nd resistance level at BAFL closed up 0.16 at 8.45. Volume was 123 per cent above average 10,089.60, while Index will continue to find its 1st support level at and Bollinger Bands were 46 per cent narrower than normal. 10,028.40 and 2nd support level at 10,011.80. KSE 100 INDEX is currently 1.3 per cent above its 200-day moving BAFL is currently 21.9 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is extremely displaying an upward trend. Volatility is relatively normal as compared to low when compared to the average volatility over the last 10 tradthe average volatility over the last 10 trading sessions. Volume indicators ing sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. are currently bullish on INDEX. MA (200-day)

Brokerage House

14

AKD Securities Ltd

Fauji Fertiliser Bin Qasim Ltd

Company

oscillators are currently bearish on HUBC.

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Kot Addu Power K.E.S.C Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele Jah Siddiq Co

RSI 1st 2nd (14-day) Support 39.24 3.05 2.95 42.53 50.10 49.15 31.00 62.75 62.40 28.66 25.55 25.20 34.22 21.35 20.85 33.68 64.45 63.50 45.14 14.40 14.30 47.73 10.05 9.95 74.22 343.35 338.40 45.00 79.85 79.35 58.46 8.25 8.05 46.31 2.95 2.85 44.08 8.05 7.95 48.51 1.45 1.35 40.21 23.60 23.40 40.41 1.30 1.25 47.65 1.95 1.85 35.55 36.70 36.35 44.04 58.85 58.35 49.55 174.55 173.80 45.22 13.30 13.10 41.27 4.65 4.60 50.19 27.30 26.95 49.51 105.15 104.75 40.18 92.90 92.25 36.89 32.85 32.70 41.08 116.20 115.75 41.59 217.30 214.65 26.55 2.50 2.40 47.41 1.40 1.35 62.25 2.40 2.15 45.42 40.70 40.35 50.13 2.05 2.00 59.54 70.55 69.80 52.11 188.50 186.40 31.59 2.70 2.60 41.06 62.40 62.05 58.62 17.00 16.80 31.06 17.40 17.20 40.67 2.50 2.45 40.10 1.30 1.25 54.71 46.80 46.40 57.59 145.85 145.15 54.04 2.65 2.50 48.24 1.55 1.50 44.18 2.05 2.00 42.95 7.10 6.85 62.06 235.30 233.55 30.01 172.70 171.90 43.63 71.40 69.45 57.24 266.75 265.60 54.18 18.70 18.45 38.20 191.50 190.10 66.15 30.60 30.30 40.17 8.05 7.95 80.36 29.55 29.20 42.75 2.10 2.05 63.54 4.20 4.10 41.60 51.50 51.20 40.43 2.35 2.30 44.21 9.50 9.35

1st 2nd Resistance 3.30 3.50 51.85 52.75 63.65 64.20 26.40 26.85 22.50 23.25 66.45 67.45 14.65 14.80 10.30 10.50 351.35 354.40 81.05 81.80 8.60 8.75 3.20 3.35 8.30 8.45 1.55 1.60 24.05 24.30 1.45 1.55 2.15 2.25 37.70 38.35 60.00 60.65 176.15 177.00 13.70 13.90 4.85 4.95 28.00 28.35 105.80 106.05 94.40 95.25 33.35 33.65 117.25 117.85 222.30 224.65 2.65 2.75 1.50 1.55 2.75 2.90 41.40 41.65 2.15 2.20 71.90 72.50 191.85 193.10 2.85 2.95 63.35 63.95 17.55 17.85 17.90 18.20 2.65 2.75 1.40 1.45 47.75 48.30 147.60 148.65 2.85 2.95 1.65 1.75 2.20 2.30 7.70 8.05 238.05 239.05 174.10 174.70 75.40 77.50 268.90 269.85 19.15 19.35 194.90 196.90 31.25 31.60 8.30 8.40 30.20 30.50 2.20 2.25 4.40 4.55 52.10 52.40 2.45 2.50 9.85 10.05

Pivot 3.20 50.95 63.30 26.05 22.05 65.45 14.55 10.20 346.40 80.60 8.40 3.10 8.20 1.50 23.85 1.40 2.05 37.35 59.50 175.40 13.50 4.75 27.65 105.40 93.75 33.15 116.80 219.65 2.60 1.45 2.55 41.00 2.10 71.15 189.75 2.80 63.00 17.35 17.70 2.60 1.35 47.35 146.90 2.75 1.60 2.15 7.45 236.30 173.30 73.50 267.70 18.90 193.50 30.95 8.15 29.85 2.15 4.30 51.80 2.40 9.70


8

Tuesday, October 5, 2010

PM felicitates PTA

PTA China Telecom pushes user-base to outward Hong Kong reaches 100mn mark

ISLAMABAD: Chairman, PTA Dr Mohammad Yaseen presenting 100 Millionth Mobile Phone SIM to the Prime Minister Syed Yusuf Raza Gilani at PM’s Chamber in Parliament House. -PR

Cabinet body discusses PTCL property issue ISLAMABAD: The Cabinet Ministerial Committee here on Thursday reviewed progress on US $ 800 million PTCL proceeds-auction of 3G spectrum-LDI licenses and underlined the need to take coherent approach keeping in view legal position for the transfer of shares to close the transaction to the satisfaction of all stakeholders. The second round of Cabinet Ministerial Committee for examining the matter concerning the Share Purchase Agreement of Pakistan Telecommunication Company Limited (PTCL) with M/s Etisalat and auction of 3G Spectrum, LDI licenses met under the chairmanship of Senator Waqar Ahmed Khan Federal Minister for

Privatization. A presentation was made to the Committee regarding the contractual obligations and the efforts made so far to amicably resolve the outstanding US $ 800 million proceeds and PTCL property issues, says a statement issued by the Privatization Commission here. The Committee expressed its satisfaction over the assistance extended to PTCL regarding the transfer of property and directed the concerned officials to continue support in this regard on fast track basis. The Committee underlined the need to take coherent approach keeping in view legal position for the transfer of shares to close the transac-

tion to the satisfaction of all stakeholders. The meeting also discussed matters pertaining to the issuance of LDI License to CM Pakistan, auction of 3G Spectrum and directed the Ministry of Information Technology to take necessary steps as per prevailing provisions of the procedure in a fair, open and transparent manner. A. Rehman Malik Minister for Interior, the Advisor to the Prime Minister on Information Technology & Telecom Senator Sardar Latif Khosa, senior officials of Ministry for Finance, Revenue & Economic Affairs and Privatization Commission attended the meeting. -APP

Reliance Comm in talks to sell tower unit stake MUMBAI: Reliance Communications is again in talks with investors for a sale of stake in its telecom tower unit, Chairman Anil Ambani said on Tuesday, after a deal fell through this month. "We are in discussions with strategic and financial investors to unlock value," he told the company's shareholders at their annual general meeting, referring to Reliance Infratel. "The transaction structure of such a deal will comprise a combination of cash and stock, which will substantially bring down our debt," the billionaire chairman of India's No. 2 mobile operator said. "We also have the possibility ... of combining such a transaction with a possible IPO."

An agreement to spin off Reliance Infratel into a venture with GTL Infrastructure had fallen apart earlier this month, dealing an unexpected blow to the company. That deal, announced in June, would have cut debt by about $3.9 billion, or more than half. A plan to sell up to 26 per cent in Reliance Communications, announced in June, has not yet yielded any takers, but Ambani said there was interest for minority participation and the company expected to become debt free in about three years. "There is substantial interest in the market for such an offering given we are now the only telecom operator in the country without a foreign partner," he said.

Etisalat, the only carrier to have expressed interest in a possible investment, has said no deal will happen this year, and has not ruled out investing in rival Indian operator Idea Cellular. Reliance Comm has seen its profit fall in four straight quarters to June, with a cutthroat price war in a crowded market taking a toll. Heavy spending is also weighing. Reliance Comm, predominantly a CDMA operator, last year completed the expansion of its smaller GSM business with a $2 billion investment. On the top of that, the company spent about $1.9 billion in an auction this year to win rights to provide high-speed third-generation services. Reuters

Everything Everywhere Q2 sales down 5pc LONDON: Everything Everywhere, the new joint venture of mobile operators Orange and T-Mobile, said second-quarter revenue fell 4.8 per cent as regulators cut the fees it charges rival carriers. Reporting its first consolidated quarterly figures ahead of an investor day on Tuesday, Everything Everywhere said underlying revenue, excluding the effect of regulation, rose 1 per cent and it improved its rate of retaining customers. The overall customer base rose 3.4 per cent to 27.9 million in the second quarter, cementing its position as largest mobile operator ahead of Telefonica's O2, Vodafone, and Hutchison Whampoa's Three UK. "We are well on our way," chief executive Tom Alexander said, confirming the company's synergy target of at least 3.5 billion pounds and ambition for double-digit cashflow growth from 2010-14. Deutsche Telecom and France Telecom agreed last year to merge their British mobile units to compete better in Britain's cutthroat market. The merger took effect in July. Everything Everywhere's second-quarter revenue was 1.72 billion pounds. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 18 per cent to 305 million pounds. The company said both sales and EBITDA had been hurt by lower regulatory caps on mobile termination rates -- the charges operators pay for call traffic across each other's networks-- and said the impact on its revenue was 101 million pounds. Average monthly churn -- the rate at which customers leave -- fell to 2.2 per cent from 2.5 per cent. Average revenue per user (ARPU) fell 7.7 per cent to 19.2 pounds per month. -Reuters

ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has congratulated the P a k i s t a n Te l e c o m m u n i c a t i o n Authority (PTA) for achieving the mark of 100 million of subscribers. The Prime Minister was talking to the Chairman PTA Dr. Mohammed Yaseen who presented him SIMS of five operators to commemorate the 100 millionth subscriptions here today at PM’s chamber in the Parliament House. The Prime Minister expressed his satisfaction on the extraordinary growth of cellular mobile industry in Pakistan. He said that Pakistan offered immense investment opportunities while the government formulated policies to create a business friendly environment. He further said that Pakistan has moved from comparative advantage to competitive advantage in the global market. The Chairman PTA briefed the Prime Minister about the latest developments taking place in the telecom industry of Pakistan. He said healthy competi-

tion introduced by the government has encouraged operators to go an extra mile for making a strong subscriber base. Therefore, the predictions, estimates and forecasts made for Pakistan mobile industry proved to be counterfactual and the subscriber base proceeded with growth higher than the forecasted one, he added. He also said that the regulator's compliance with the government policies gave boost to the subscriber base. Meanwhile, Regional General Manager Pakistan Telecom Corporation Limited Rao Aftab Ahmad said that the staff was working on emergency basis to restore telecom services in the region. In a statement, he said that staffers were working round-the-clock to restore telecom services,adding that the department had restored 23,000 connections after the PTCL workers strike. He visited central exchange, Gulgasht, New Multan and Mumtazabad exchanges and monitored the restoration work. He directed staff to immediately respond to public complaints. -Agencies

LAHORE: ZONG's Keep Phone On (KPO) reward programme’s lucky draw was held recently in which one lucky winner from Faisalabad received a car for keeping his phone on. Berkatullah, Regional Director handing over the car to lucky winner Muzammal Hussain of Faisalabad.-PR

iPhone 4 orders exceed 200,000 in China HONG KONG: Pre-orders for Apple Inc's iPhone 4 in China have exceeded 200,000 units since the handsets went on sale on Saturday, China Unicom said, adding that it has stopped taking online orders because of strong demand. About 60,000 buyers had received phones through China Unicom so far, the mobile operator said in a statement. By comparison, it took about six weeks to sell 100,000 iPhone 3GS handsets in 2009. The iPhone 4 is being offered through China Unicom on a twoyear mobile subscription contract and also through Apple retail stores in China, the world's largest mobile phone market with more than 800 million subscribers. -Reuters

HONG KONG: China Telecom Corp Ltd, the smallest of China's three wireless operators, will invest 200 million yuan ($30 million) to build data centres in Hong Kong and Singapore, as it takes tentative steps out of its home market and diversifies its business. The company would also look to other markets including Japan and Australia to build more data centres, Deng Xiaofeng, chief executive officer of China Telecom's international arm, told Reuters in an interview. He said the data centre push was aimed in part at attracting more clients outside China, and the operator would offer its services to Chinese- and foreign-owned companies. Data centres are increasingly popular among companies looking to outsource data storage and take advantage of cloud computing systems that use offsite computing power to perform many traditional software functions. "Our focus will really be on corporate clients here," Deng said. "We're looking for markets that are open to external investment and where there'll be a lot of interest from our corporate clients, which is why Singapore and Hong Kong were picked." China Telecom competes with China Unicom and China Mobile Ltd in the world's largest mobile market with more than 800 million users. Slowing growth and cut-throat competition has led to all three players looking for new revenue sources to fuel future growth. China Mobile has so far been the most active of the three in moving outside of its core home market, having offered to buy a stake in Taiwan's Far EasTone Telecommunications Ltd and owning a Pakistani carriern. However, concerns over security and motives behind such investments have limited their number so far, causing some to fail and others to become tangled in bureaucratic red tape. China Telecom shares were down about 2.5 per cent in afternoon trading, worse than the 0.4 per cent decline on the benchmark Hang Seng Index. "Data centres are completely different from a direct investment in a pure telecoms infrastructure," Deng said. "We're just building infrastructure that is fairly commonplace to provide services to companies who need it." The company had no plans to use the new data centres as a stepping stone to introduce a complete range of telecommunications services such as mobile line operations overseas, Deng said. "For mobile or fixed-line services, we're still working with our partners in those countries to provide services to our clients," he said. "We've got no plans to go there." -Reuters

Thailand to upgrade 3G service on existing networks BANGKOK: Thailand's telecoms regulator said on Thursday it had asked two state-run companies to make progress on plans to help private operators develop thirdgeneration mobile services on existing networks. The National Te l e c o m m u n i c a t i o n s Commission (NTC) has sent letters to TOT Pcl and CAT Telecom Pcl urging them to act after the courts suspended an auction of 3G licences that would have allowed companies to set up their own network. "The NTC has approved this

since 2008," Natee Sukonrat, an NTC board member, told Reuters. "Since we don't have the auction, the NTC isn't standing still: we are finding other ways for Thai people to have 3G services," he said, adding the delay to the auction would affect the growth of high-speed broadband Internet in Thailand. However, under this fallback solution, the private operators will only be able to offer 3G to limited numbers of subscribers, and they will still be stuck with a concession-based regulatory system that has

been discarded elsewhere in Asia. The auction had promised to transform the $4.7 billion sector, with telecom firms no longer operating under fixedterm concessions granted by state firms, and free to build up their own networks, with foreign entrants perhaps entering the fray. Under the current system, companies pay about 25-30 per cent of their revenue to state firms in return for the right to operate networks the companies have built and paid for. These networks go to the state once concessions end. Under

the 3G licence system, private operators would have owned their networks outright and paid a fee of 6 per cent of revenue. The delay to the auction has prompted operators to look for ways to upgrade their networks to get more revenue in a saturated market where almost everyone has a mobile phone. The 3G services will enable users to download data and surf the Internet via mobile phones at much higher speeds than now. On Wednesday, market leader Advanced Info Service Pcl (AIS) said it would join

with TOT to launch a 3G service on TOT's 1900 MHz frequency, which is part of the 2.1 GHz spectrum for the 3G technology. AIS, 21 per cent owned by Singapore Telecommunications Ltd, has a 25-year concession contract from TOT to run its mobile network until 2015. The market leader also planned to upgrade a limited 3G service on its 900MHz frequency. It currently offers 3G mobile services on this network in big towns, using HSPA (high speed packet access) technology. Second-ranked Total Access

Communication Plc (TAC) and number three operator True Move, a subsidiary of True Corp Pcl, have concessions from CAT. Natee said TOT had asked the regulator to allow AIS to install 1,885 base stations, but only 133 were installed, while CAT had planned for True Move to install 656 base stations and 193 were built, with 1,220 planned for TAC and only 54 installed. TAC, controlled by Norway's Telenor, is expected to provide 3G service on the 850MHz spectrum by 2011, analysts said.

CAT has said it planned to allow TAC and True Move to launch 3G services commercially on the 850MHz spectrum soon. But some analysts say upgrading the existing spectrum may not be profitable for operators, given the limited capacity available, especially on the 900MHz spectrum, which may not be able to support heavy data traffic. At 0740 GMT, AIS was down 0.8 per cent, while the broader market was 0.52 per cent higher. TAC rose 0.6 per cent, while True Corp was 0.98 per cent up. -Reuters


9

Tuesday, October 5, 2010

Gold eases as dollar rises on euro-zone worries

European vegetable oil prices

WGC says Russia, China, others may lift gold reserves

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 783.00-18.00, Feb11/Apr11 788.00-18.00, May11/Jul11 790.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 773.00-9.00, Feb11/Apr11 780.00-10.00, May11/Jul11 786.00-9.00, Aug11/Oct11 775.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1190.00+10.00, Jan11/Mar11 1175.00+0.00, Apr11/Jun11 1175.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1335.00-7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 925.00-10.00, Nov10/Dec10 917.50-10.00, Jan11/Mar11 915.00-7.50. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 952.50, Dec10 947.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10 905.00, Dec10 900.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 915.00, Dec10 910.00, Jan11/Mar11 905.00-15.00, Apr11/Jun11 907.50-15.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 895.005.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1360.00-10.00, Nov10/Dec10 1360.00-10.00, Dec10/Jan11 1355.00-15.00, Jan11/Feb11 1355.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2025.00+0.00. Reuters

NEW YORK/LONDON: Gold eased on Monday as the dollar rose on promising US existing home sales data, but renewed worries about financial stability in some euro-zone countries kept the metal from falling further. Bullion came under pressure as the dollar rebounded against the euro on renewed concerns about the financial stability of peripheral euro-zone countries. Wall Street stock indexes also fell more than 1 per cent. "Gold is holding up comparatively well considering the rebound in the US dollar. Friday's highs were tested, and the price has come in for light profit-taking," said David Thurtell, an analyst at Citigroup. A report showing pending sales of previously owned US homes rose to a four-month high in August also boosted the dollar and took some steam out of bullion. The usual inverse relationship between gold and dollar has showed signs of strengthening

Tokyo rubber off highs on profit-taking BANGKOK: Key Tokyo rubber futures contract ended lower on Monday, retreating from a fresh 5-month high as profit-taking set in while weak oil prices weighed, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery fell 0.2 yen to settle at 315.6 yen ($3.79) per kg. It rose to an intra-day high of 318.2 yen per kg, the highest since April 26, before succumbing to profit-taking, dealers said. "TOCOM lack of momentum to rise further as sentiment become poor due to weak oil prices encouraged players to take profit to avoid risk," a Japanese dealer said. Oil edged lower on Monday but stayed above $81 a barrel, near its highest levels in almost two months, helped as the dollar stayed near a six-month low against the euro. Dealers said they expected TOCOM prices to rise further on Tuesday after prices finished above the key resistance of 300 yen. However, the strong Japanese yen could limited rises. -Reuters

of late. The 25-day simple correlation between the metal and the US currency has increased to a negative 1. Spot gold eased 0.2 per cent at $1,313.60 an ounce at 1624 GMT. It hit a record at $1,320.80 an ounce on Friday. US gold futures for December delivery dropped $3.20 to $1,314.60.

Gold rose to a series of record highs last week after a string of unimpressive US data reports and comments from Federal Reserve officials reinforced expectations of further monetary easing. Analysts are now eyeing key US non-farm payrolls data due on Friday for clues as to the next direction of the dollar. Rick Bensignor, chief market strategist at investment banking group Execution Noble, said

gold could head for a $50-75 short-term pullback as upward technical momentum was fading in an overly bullish market. Concerns about the stability of the euro-zone have again come to the forefront, increasing gold's appeal as a hedge against economic uncertainty. A Reuters poll of analysts last week found most felt gold's run to record highs is likely to continue for the rest of 2010, with two out of three seeing prices above $1,350 by year-end. A senior official at the World Gold Council told Reuters that central banks in Russia, China and the Philippines are expected to continue raising their gold holdings to balance their reserves, a potentially significant demand driver. Silver was trading up 0.2 per cent at $22 an ounce. Platinum slipped 0.5 per cent at $1,667.50 an ounce, and palladium was trading down 1.5 per cent at $560.78. -Reuters

EU wheat falls over corn, euro weighs PARIS: European wheat markets fell sharply on Monday under pressure from a corn-led sell-off in Chicago, with Paris futures hitting a two-month low, before regaining some ground later in the day as US prices steadied. Last Thursday's US Department of Agriculture estimate of US corn stocks, put at a four-year high, had triggered a sharp pullback in corn futures, dragging down wheat prices in their wake. European wheat faced additional pressure from a surge in the euro against the dollar. But a slight rebound in corn in early US trading on Monday gave some respite to European grains as the market awaited further direction from this Friday's world supply and demand report from the USDA. Benchmark November milling wheat in Paris sank to its lowest level since July 30 at 196.25 euros a tonne, having breached psychological support at 200 euros and a techni-

cal floor at 198 euros, with technical pressure from an unfilled chart gap between 198 and 195 euros. The contract closed down 4.00 euros or 1.97 per cent at 199.25 euros. Feed wheat futures in London fell to the lowest level in more than five weeks, weighed by losses in Paris and Chicago. November feed wheat futures fell to as low as 148.25 pounds a tonne, the lowest level for the contract since Aug. 26, before recouping some ground to trade at 149.65 pounds. Cash market activity in France and Germany was subdued, with traders saying operators were disoriented by the price swings since last week. Standard new crop breadquality wheat for October delivery in Hamburg was offered for sale down four euros at 203 euros a tonne with buyers at 201 euros but with prices difficult to assess in thin trade. -Reuters

Copper eases on firmer dollar, US data LONDON: Copper eased on Monday, after touching a more than two-year peak in the previous session, as the dollar extended gains against the euro following better than expected US home sales data in the world's largest economy. Benchmark copper for threemonths delivery on London Metal Exchange ended at $8,064 a tonne from a close of $8,095 on Friday, when it hit a 26-month peak of $8,178. "The dollar has risen a lot and that's really hurt base metals today ... Dollar tracking continues," David Thurtell at Citigroup said. "(The data) wasn't disastrous, it wasn't phenomenal either." Pending sales of previously owned US homes rose to a four-month high, indicating the housing market was regaining some stability after recent steep declines. Other data showed new orders received by US factories fell by 0.5 per cent in August, resuming a downtrend as demand for transportation equipment fell sharply, according to a

Commerce Department report. Copper rose on Friday after strong manufacturing data from China reinforced a healthier demand outlook from the world's largest consumer of industrial metals. "Copper has a lot going for it. The supply dynamic is supportive, but I think people are underestimating the demand from reconstruction projects after recent disasters too," said Jonathan Barratt, managing director of Commodity Broking Services, while on a visit to Singapore. Backing this view, the International Copper Study Group raised its 2011 deficit forecast for the global refined copper market to 400,000 tonnes from an April estimate of a 240,000 tonne surplus. Market balances in copper have been tightening for many

months now, with stocks in LME warehouses tumbling more than 30 per cent since the middle of February, while Shanghai inventories have halved to 87,447 tonnes since early February. Among other metals, battery material lead ended at $2,277 versus Friday's close of $2,295. Aluminium ended at $2,363 versus Friday's close of $2,360. Stainless steel ingredient nickel ended at $24,140 versus $23,800. Tin closed at $25,200 versus $24,900. Concern about supplies in the near term have pushed the metal into a $7 a tonne backwardation -- premium for cash material over the three-month contract -- compared with a discount of $36 a tonne in early September. Zinc closed at $2,230 from $2,229. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 01 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1300

1165

October (3rd Wednesday)

1305

1150

November (3rd Wednesday)

1315

1160

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 01 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2240 2250 2240 2241 2170 2180 2170 2180

2344 2345 2373 2374 2448 2453 2507 2512

8114 2276 8115 2276.5 8131 2301 8132 2302 8025 2315 8035 2320 7765 2290 7775 2295

23750 23775 23800 23825 23075 23175 22150 22250

TIN

ZINC NASAAC

25045 2192.5 25050 2193 25045 2222.5 25050 2223 24375 2277 24425 2282 2275 2280

2279 2281 2300 2305 2305 2315 2355 2365

Indian sugar edges up on lower Oct quota MUMBAI: India's spot sugar price edged up on Monday due to a slight improvement in demand from stockists and lower non-levy sugar quota announced for October, dealers said. A likely rise in output, however, weighed on sentiment. India, the world's biggest consumer, has made available 1.75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released during the same month a year ago, the government said in a statement earlier this week. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety rose 0.39 per cent to 2,560 rupees ($57.42) per 100 kg. India will take a decision on allowing sugar exports after the Diwali festival, Farm Minister Sharad Pawar had told reporters last month. The country is expected to produce 26 million tonnes of the sweetener in 2010/11, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, had told Reuters in an interview. -Reuters

KARBALA - IRAQ: Iraqi farmers sort through a pile of date fruit, during the harvest at a palm grove some 10 kilometers east of the southern city of Karbala. -Reuters

Oil choppy; Houston, French port snarls support NEW YORK: US oil prices seesawed on Monday, supported by a strike at France's top oil port and disruptions to Houston petrochemical shipping, while a dollar bounce and Wall Street weakness kept gains in check.

cent to $83.59 a barrel. "The Houston Ship Channel problem seems to be the main reason crude is higher. Traders are pricing in that import disruption and the French port strike is also supporting," said Phil Flynn, analyst at PFGBest

The strike at French port FosLavera entered its eighth day, blocking dozens of oil tankers, trimming some refinery output and firming European fuel prices. The Houston Ship Channel will not reopen until Tuesday night at the earliest after a barge struck an electrical tower early on Sunday, the US Coast Guard said. US crude for November delivery rose 10 cents or 0.12 per cent to $81.68 per barrel by 1634 GMT, after reaching a nearly two-month high at $82.38. Strong US gasoline futures, reacting to the problems at the French and Houston ports, also supported crude prices. ICE Brent November crude slipped 16 cents or 0.19 per

Research in Chicago. Sunday's accident downed a power line across part of the channel leading to Houston's port. The Coast Guard said four refineries were affected, but Exxon's huge, 565,500 barrel-per-day Baytown, Texas, refinery suffered no impact. Oil gained support early on Monday after a Sunday report from Chinese state television that China's gross domestic product is forecast to rise 9.5 per cent in 2010, accelerating from 9.1 per cent in 2009. That followed strong manufacturing data from China and an upward revision to US economic and jobs data last week, helping US crude oil jump 6.65 per cent for the week, the best weekly gain in nearly 7-1/2 months. -Reuters

Dollar rebound weighs on sugar, coffee prices LONDON: Robusta coffee fell sharply as technical selling triggered stops on Monday, while sugar and cocoa also traded lower due to a stronger dollar that weighed on commodity markets. "A lot of people have been waiting for a (commodities) selloff," said fund manager Romain Lathiere of Diapason Commodities Management, adding the decline was linked to an expected rebound in the value of the dollar against the euro. Liffe January robusta coffee fell over 6 per cent to hit a 21/2 week low of $1,645 a tonne after selling on the New York arabica market triggered a slide in London. Liffe November robusta coffee traded down $70 or 4.0 per cent at $1,680 per tonne, at 1442 GMT. Arabica coffee futures on ICE were also lower, weighed partly by the stronger dollar. ICE March arabica coffee futures were off 5.30 cent at $1.7750 a lb. ICE March raw sugar futures were down 0.52 cent at 22.84 cents a lb, while Liffe December white sugar was down $15.90 or 2.6 per cent at $604.20 per tonne. Cocoa futures on ICE also fell, joining a broad-based decline in agricultural commodity markets linked to the improved performance of the dollar. ICE December cocoa was off $17 at $2,791 per tonne, while Liffe March cocoa was up 1 pound at 1,887 pounds a tonne. -Reuters

Weak grain mkts drag palm oil to 2-wk lows KUALA LUMPUR: Global vegetable oil markets fell sharply on Monday, infected by a sell-off in grains markets after a report of larger-thanexpected US corn stockpiles. US Department of Agriculture (USDA) said last week the US corn stockpile hit its largest level in four years as the autumn harvest opened in September. And this week the grains markets continued their selloff, dragging on Malaysia's benchmark palm oil prices which dropped 2.5 per cent to close at

2,666 ringgit ($864.2) after touching a two-week low. US October soyoil dropped 0.8 per cent. "The drop in Malaysia palm oil could be a one day effect as the market is still supportive," said a trader with foreign brokerage in Kuala Lumpur. Malaysian palm oil stocks now stand at around 1.7 million tonnes, Commodities Minister Bernard Dompok said on Monday. That represents a 1.3 per cent drop from August levels probably due in part to strong

exports outpacing a seasonal rise in output in the world's No. 2 producer of the vegetable oil. Malaysia's second-largest planter IOI Corp said benchmark palm oil prices could hit 3,000 ringgit if the La Nina phenomenon spins out of control. A trader pegged Malaysian palm oil to trade between 2,650 to 2,700 ringgit on Monday. A Reuters analysis forecast the market to retrace to between 2,600 ringgit and 2,588 ringgit per tonne. China's financial markets remain closed until Friday for National Day break. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract

Price

Date

Quotation

Open

High

Low

Close

Traded Volume

Previous

Current

Open Interest

in lots

Settlement

Settlement

in Lots

Price 81.52 82.40 83.18 21.98 22.00

94 45 24

04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500

NO10 DE10 JA11 NO10 DE10

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce

81.20 82.35 83.20 21.97 22.00

81.71 82.55 83.20 21.98 22.14

80.48 81.50 83.18 21.97 21.99

81.52 82.40 83.18 21.98 22.00

270 91 24

Price 81.58 82.57 83.40 22.10 22.11

04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010

GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz

NO10 DE10 JA11 NO10 DE10

US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce

1316.70 1317.50 1318.00 1317.50 1320.00

1321.00 1321.70 1322.40 1317.50 1320.70

1313.00 1314.00 1315.00 1314.00 1313.80

1314.00 1314.70 1315.60 1314.00 1314.70

684 561 348 41

1317.00 1317.70 1318.60 1317.00 1317.70

1314.00 1314.70 1315.60 1314.00 1314.70

1,362 1,050 216 8

04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010

GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W

JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 07OC10

US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg

1319.20 36648.00 36685.00 36699.00 36628.00 42745.00 42745.00 37697.00 37735.00 37747.00 37760.00 37772.00 43298.00 2402.00

1319.20 36740.00 36685.00 36699.00 36648.00 42745.00 42745.00 37697.00 37735.00 37747.00 37760.00 37772.00 43298.00 2402.00

1314.70 36532.00 36533.00 36547.00 36628.00 42568.00 42568.00 37593.00 37544.00 37556.00 37568.00 37581.00 43177.00 3203.00

1314.70 36524.00 36533.00 36547.00 36496.00 42568.00 42568.00 37593.00 37544.00 37556.00 37568.00 37581.00 43177.00 3203.00

20 1 -

1318.60 36647.00 36656.00 36670.00 36619.00 42712.00 42712.00 37719.00 37669.00 37681.00 37694.00 37707.00 43323.00 3206.00

1315.60 36524.00 36533.00 36547.00 36496.00 42568.00 42568.00 37593.00 37544.00 37556.00 37568.00 37581.00 43177.00 3203.00

8 50 3 -

04-Oct-2010 04-Oct-2010 04-Oct-2010 04-Oct-2010

Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

OC10 OC10 10-Dec 11-Mar

Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

3215.00 4190.00 86.61 86.14

3215.00 4190.00 86.67 86.14

3212.00 4115.00 86.61 85.56

3212.00 4115.00 86.67 85.56

-

3215.00 4190.00 86.61 85.60

3212.00 4115.00 86.67 85.56

-

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day


Canada's Robert Watson competes in floor exercise during gymnastics at the Commonwealth Games in New Delhi

10

Tuesday, October 5, 2010

Aisam opens victory counter for Pak at CWG NEW DELHI: Pakistan started with victories at the Commonwealth Games Delhi, India, on Monday after winning the matches of tennis and squash, local media reported. Pakistani players played one match of Tennis and three matches of Squash and got success in all four matches in the 19th Commonwealth Games scheduled on Oct 3-14. Pakistani tennis star Aisamul-Haq Qureshi got off to a flying start at the Games after defeating Mugabe Duncan Kasumba of Uganda in straight sets 2-0. Qureshi stormed into the lead in the first set of first round of Men's single, taking it easily with a 6-2 victory. The second set proved to be a much sterner test for Qureshi as his opponent matched him stride for stride and set eventually went to a tie break. Qureshi eventually won the second set to secure a 6-2, 7-6 victory. The Indo-Pakistan pair of tennis players Qureshi and Rohan Bopanna (Indian) secured the number 6th spot in Association of Tennis Professionals World Rankings, after losing the final of the US Open men's doubles against the Bryan brothers in September this year.-NNI

David Beckham sued LONDON: Irma Nici, who claimed she had sex with David Beckham, has sued the soccer ace for causing her "emotional and physical injuries". Beckham, who denied the sex claims, had earlier sued Nici for a whopping $8.2 million in damages. The 26-yearold former prostitute is now hitting back at the father-ofthree, reports dailymail. Nici's attorney, Paul Rolf Jensen, filed a suit at the Los Angeles County Superior Court. She is said to be claiming for the injuries received when a process server arrived at her New York hotel to deliver Beckham's $25.26m lawsuit last week. The Bosnian-born claims she was hounded by officials and was hospitalised afterwards. She is holding Beckham responsible for her troubles. "Beckham is responsible for his goon's conduct, and we will hold him liable for it," said Jenson. "California law does not allow public figures like David Beckham to stifle free speech. Maybe he didn't live here in Los Angeles long enough to learn how precious we here consider our rights to tell the truth in print."-Online

Delhi basks in ceremony afterglow NEW DELHI: Swimming heats got the Commonwealth Games underway in earnest on Monday morning with Delhi still basking in the afterglow of a successful opening ceremony that bucked the trend of bad news surrounding the event. After weeks of negative stories about the 12-day Games for mostly former British colonies, Indian media, which has been unusually harsh on officials, lavished praise on Sunday night's pageant. "Nation silences naysayers with a spellbinding Commonwealth Games opening ceremony," was the Mail Today splash, "Finally Delhi dazzles," trumpeted the Times of India, while the Hindustan Times front page hailed "A spectacular start." India had hoped the $6 billion (3.8 billion pounds) Games would showcase its growing economic power in the same way as China displayed its soft power through the 2008 Beijing Olympics. Corruption, shoddy con-

struction, health and security issues blighted the build-up, however, bringing into question India's ability to host a world class event and forcing the government to step in to ensure everything was ready on time. "The show did more than just entertain those present," influential daily The Hindu said on its front page. "It left the audience upbeat and restored the country's pride that has been so badly bruised in the weeks gone by." Newspapers also reported long delays for dignitaries getting into the stadium, a result of the huge security operation that surrounded the event. SECURITY CONCERNS Some athletes withdrew from the Games because of concerns about security in India, which have been particularly acute after the militant attacks on Mumbai which killed more than 100 people in November 2008. Spectators were thin on the

ground at the SP Mukherjee Aquatics complex for the first swimming action but the failure of several top names to make it through the heats emphasised the depth of quality in the pool at the Games. Gold medal favourite Nick D'Arcy, the Australian swimmer who missed the Beijing Olympics after being banned for punching a team mate, finished ninth in qualification for the 200 metres butterfly and will miss the final. "It's pretty tough. I didn't go as well as I wanted," said D'Arcy, who finished second behind Michael Phelps at the Pan Pacific Games earlier this year. "I've worked hard for this. It's a big international event so it hurts, but there are bigger and better things in the coming years." Other early casualties were New Zealand's defending champion in the same event Moss Burmester and women's 200m freestyle holder Caitlin McClatchey of Scotland.Reuters

Sports contest held at DHA club

Azhar says he is available for country

Staff Reporter KARACHI: The Annual Prize Distribution Ceremony of Defence Authority Beach View Club was held at the Club's Sport Complex here. Moin Khan, the legendary wicket keeper batsman and former Captain of Pakistan Cricket team was the chief guest on the occasion. National tennis champion of yester years Saeed Mir also attended the function. Addressing the gathering Moin Khan underscored the significance of sport in making a healthy, vibrant and tolerant society. He said that a healthy body had a healthy mind and added that sports go a long way in enhancing team spirit, self esteem, confidence and discipline in an individual. He said that DHA provided tremendous sports facilities to its residents and its different

clubs were playing a pivotal role in not only promoting sports but also in enhancing healthy attitudes and positive thinking among the members. Earlier the Secretary DA Beach View Club Lt Col (Retd) Tahir in his welcome address reiterated that sports in addition to enhancing mental and physical development of body also helped in producing skills, perseverance, enterprises and agility in human personality which is the cornerstone of success in life. He said that the members of the club of all ages enthusiastically participated in various sports competition held form 20 July to 15 August 2010 which was a positive sign for developing a healthy society. He added that the annual sport competitions which included swimming, squash, tennis table tennis and badminton were held on knock out basis.

KARACHI: Mr Moin Khan giving a shield to a winner of a competition at a conclusion of Annual Sports Competition held at Defence Authority Beach View Club.

ISLAMABAD: Test allrounder Azhar Mehmood has expressed the wish to represent the country in international matches saying, "my services are available for the country." "I regularly play county cricket in England and feel myself fully fit for international cricket," he said talking to media here on Monday. The Pakistan Cricket Board (PCB) had banned its players who appeared in the rebel Indian Cricket League (ICL) in 2007. Former Pakistan captain Inzamamul-Haq, Shabbir Ahmed, Abdul Razzaq, Imran Farhat, Taufiq Umar and Azhar Mahmood -- all test players -- were banned to represent for any type of cricket. The PCB however later lifted the ban, but Azhar remained unable to make a comeback in the national side. Azhar said that when Wasim Akram was leading the national side there was four all-rounders playing for Pakistan and they were a tough team. "I think there is still a great room for all-rounders in the national outfit and if I am considered for that I will happily join the team," he said.-APP

NEW DELHI: Sandhya Rani Devi Atom of India competes in the women’s 48kg weightlifting competition at the Commonwealth Games.-Reuters

Dr Shah claims to sort out flag matter ISLAMABAD: Pakistan's chef de mission for Commonwealth Games Mohammad Ali Shah has said that the matter of carrying national flag at the opening ceremony of games' grand gala at Jawahar Lal Nehru Stadium New Delhi has been sorted out and the whole concentration was on better performance now. Earlier, reports said that Pakistan's weightlifters had threatened to pull out of the event after Shah carried the national flag at lastnight's opening ceremony because

Melbourne Commonwealth Games gold medallist Shujauddin Malik was originally supposed to carry it. "The reports were just rumours. There was a misunderstanding which has been sorted out after a meeting this morning. The matter is closed and all lifters are training now," Shah told a private TV channel on Monday. He said he did know that Shujauddin Malik would be carrying the flag. "Neither the Pakistan Olympic Association (POA) nor the Pakistan Sports Board (PSB) had informed me

about that. Had I been told about it I would definitely had handed over the flag to Shujauddin," he said. "As I had no verbal or written instructions about that. Besides, I had to take a decision on the spot. So I thought that being a senior member of our contingent I should carry the flag," he said. He said he had a meeting with POA President Lt General (Retd) Arif Hassan and the focus of the entire Pakistan contingent, including the weightlifting team was on better performance.-APP

Hilfenhaus gives Oz a slight chance of victory * India stutter in chasing 216 to win first test MOHALI: Ben Hilfenhaus took three wickets in the final session on the fourth day to leave India reeling at 55 for four in pursuit of 216 to win the first test against Australia on Mondasy. Hilfenhaus dismissed Gautam Gambhir, Virender Sehwag and Suresh Raina in taking three for 22 in seven overs to turn the match on its head after Indian pacers Ishant Sharma and Zaheer Khan skittled the tourists for 192 in their second innings. Australia, who had a slender 23-run first innings lead, resumed on a positive note but Sharma removed three top

order batsmen in the morning and Khan, who took five wickets in the first innings, mowed down the lower order to put India in command. Shane Watson top-scored for Australia with a 59-ball 56 but only three of his compatriots managed double digit scores. Sharma and Khan got three wickets apiece, while spinner Harbhajan Singh and Pragyan Ojha shared the rest. Watson dominated an 87-run opening partnership with Simon Katich (37) before Sharma, who missed much of the first innings action with a troubled knee, struck.

In his eventful third over, Sharma removed Watson with his first delivery, had Ricky Ponting (4) caught at square leg off his fifth ball and Michael Clarke dismissed with the next, though umpire Billy Bowden ruled the latter a no-ball after consulting the third umpire. The lanky paceman returned to send down a sharp bouncer in his next over which an evasive Clarke (4) could only glove to fall caught behind. India's Vangipurappu Laxman may be forced to bat lower down the order again after he came in at number 10 in the first innings because of a bad back.-Reuters

Drogba leaves Arsenal in blues; Liverpool humbled LONDON: Chelsea's Didier Drogba proved Arsenal's nemesis again as he inspired the champions to a 2-0 win over their London rivals and Blackpool pulled off a stunning 2-1 victory at Liverpool in the Premier League on Sunday. Chelsea bounced back from defeat at Manchester City to overpower Arsenal at Stamford Bridge and move four points clear at the top as Liverpool slumped into the relegation zone following Blackpool's triumph on their first league visit to Anfield since 1971. Liverpool's day started badly when more than 2,000 fans marched from the city centre to protest against the ownership of Americans Tom Hicks and George Gillett and the defeat left new manager Roy

Hodgson with just one league victory in seven matches. Manchester City beat Newcastle United 2-1 to leapfrog Manchester United and Arsenal and move into second place. Chelsea, who have beaten Arsenal in their last four league matches, top the table with 18 points, followed by City on 14, United on 13 and Arsenal on 11. The victory was Chelsea's sixth in seven league games and Drogba again proved an unstoppable force against Arsenal, giving his side the lead with a stunning flick on the turn after 40 minutes to notch up his 13th goal in 13 appearances against Arsene Wenger's team. Defender Alex sealed victory with an unstoppable free kick

after 85 minutes, ending a difficult week for Chelsea, during which manager Carlo Ancelotti's father died, on a high. "For the last two days the players have trained exceptionally well -- the day after Carlo's father's death was a bit lacklustre," Chelsea assistant coach Ray Wilkins told a news conference. "We were disappointing against Manchester City last week and we did not perform all that well today. You saw not a fantastic performance but a different performance in that we ground out a win. The three points was what we went for and that's what we got." Wenger said he was pleased with Arsenal's performance. "I just want to say that the

game demonstrates how you can play well and lose the game," he said. "We had the chances to score today, two in the first two minutes, but when you have the chances you have to score. We need to be more clinical offensively -- and defensively." Blackpool stunned Liverpool with a 29th-minute penalty from Charlie Adam after Glen Johnson's foul on Luke Varney who struck again for the visitors before halftime. Defender Sotirios Kyrgiakos pulled one back for Liverpool after 53 minutes when he headed home a Steven Gerrard free kick, but the home side, who lost Spain striker striker Fernando Torres with an injury after nine minutes, were unable to fight back.-Reuters

LONDON: Chelsea's Didier Drogba celebrates after scoring against Arsenal during their English Premier League soccer match at Stamford Bridge.-Reuters


International & Continuation

Tuesday, October 5, 2010

US housing gets stable, factory orders fall WASHINGTON: Pending sales of previously owned US homes rose to a four-month high in August, implying the housing market was regaining some stability after recent steep declines following the end of a home-buyer tax credit. Another report on Monday showed new orders received by domestic factories fell 0.5 per cent in August as demand for transportation equipment fell sharply. Analysts had forecast a drop of 0.4 per cent in August. However, excluding the transportation segment, factory orders rose 0.9 per cent. The data offered few fresh clues on whether the Federal Reserve would embark on a new round of monetary policy easing next month, as widely anticipated by financial markets.

"Sales have stabilized at very, very low levels after the expiration of the federal tax credits. At these low levels, you could see some good per centage increases in sales, but it doesn't show any sustainable uptrend in housing conditions," said Ryan Wang, an economist at HSBC Securities in New York. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in August, increased 4.3 per cent to 82.3 from July. Economists polled by Reuters forecast the index, which leads existing home sales by a month or two, rising 3 per cent in August from July. Compared to the August last year, pending home sales were down 20.1 per cent. Major US stock indexes were

trading flat to marginally lower as a ratings downgrade weighed on Microsoft Corp and new Swiss banking rules raised fears of smaller bank profits. Prices for US government debt were mostly up, while the dollar rose against the euro. "It's fair to say the market is mainly trading on expectations of what the Fed will do regarding easing," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. The US central bank last month signaled it was ready to inject more money into the economy to shore up a sluggish recovery from the worst downturn since the 1930s and prevent damaging phase of deflation.-Reuters

Euro zone PPI up but inflation pressure small BRUSSELS: Euro zone producer prices rose as expected in August, data showed on Monday, signalling muted inflationary pressures and reinforcing market expectations of unchanged ECB interest rates well into 2011. The European Union's statistics office Eurostat said industrial producer prices rose 0.1 per cent month-on-month in August after a 0.2 per cent gain in July, for a 3.6 per cent yearon-year gain, exactly as expected by economists. "I think we can still say that the underlying pressure on prices remains subdued," said Martin van Vliet, euro zone economist at ING. "The increase in actual prices is mainly related to food and energy effects. Oil prices have

increased compared to a year ago, and the surge in wheat prices has started to feed through into producer and consumer food prices," he said. Eurostat data showed that a 0.4 per cent fall in prices of energy and a 0.1 per cent decrease in the prices of capital goods were the two main factors capping producer prices increases. In year-on-year terms, however, energy prices rose 7.5 per cent and intermediate goods 4.7 per cent. "If we look at the underlying price situation, there's still a lot of spare capacity in the euro zone economy. The economic recovery is still fragile, so from an underlying point of view, inflationary pressures remained subdued. So this temporary

price shock will be just that -temporary," van Vliet said. Producer prices play an important role for rate-setters as a precursor to consumer price developments. The European Central Bank wants to keep consumer inflation below, but close to 2 per cent over the medium term. Euro zone consumer inflation was 1.8 per cent year-on-year in September, Eurostat has estimated. "The largely benign August producer price inflation is likely to reassure the ECB that underlying inflationary pressures remain muted in the euro zone and that consumer price inflation will be subdued over the two-year policy horizon," said Howard Archer, economist at IHS Global Insight.-Reuters

China rebuffs EU call for rapid yuan appreciation BRUSSELS: China politely rebuffed European calls on Monday for a faster revaluation of its yuan currency, telling a European Union-Asia summit that its goal was to maintain foreign exchange stability. Prime Minister Wen Jiabao, addressing the opening session of a 48-nation summit representing more than half of the world's population and economy, said: "We must work together to... keep exchange rates of major reserve currencies relatively stable." The United States and the EU accuse Beijing of keeping its currency artificially weak to promote exports, undermining jobs and economic competitiveness in advanced Western economies. "We do believe that the yuan is totally undervalued," a spokesman for Jean-Claude Juncker, chairman of the 16member euro zone's finance ministers, told Reuters. China holds the world's biggest foreign currency reserves, having accumulated vast amounts of US dollars and euro assets. Juncker, European Central Bank President Jean-Claude Trichet and EU Economic and Monetary Affairs Commissioner Olli Rehn were to press the Chinese finance minister and central bank governor in private talks later on Monday to allow the currency to appreciate faster. Since Beijing scrapped a peg to the dollar on June 19 and decided to make its exchange rate more flexible, the renminbi has gained 2.15 per cent against the dollar but weakened 9.4 per cent against the euro.-Reuters

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Watan Cards could reach to only deserving families, saying that the system does not allow any human intervention giving space to corruption. He said the requests of the applicants, who do not belong to the notified calamity-hit areas, are not being processed by the computerized system due to strong checks in the software prepared for the Watan Cards. "Address of applicant is checked automatically by the NADRA software and if the area of residence of applicant is not notified by Provincial government under the Calamity Act, the application is immediately rejected." He said such people are blaming NADRA staff for corruption and creating rush and law and order situation at the centres. The deputy chairman said local district coordination officers and administrations are supposed to guide the flood victims to their concerned centres which will not only avoid influx of irrelevant people at these points but also ensure security of staff, enabling them to perform their duties in a more effective manner. He said Nadra has so far processed approximately 135,000 applications of the flood victims for fresh and duplicate computerized national identity cards free of cost. The deputy chairman brushed aside the impression that people are not being provided free of cost ID cards in Punjab, saying that 65 per cent Watan Cards were issued to the families residing in Punjab. -NNI

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the gross mistreatment of the Burmese people." "Burma's military regime should know that, until it satisfies international demands, it will meet the same disapproval whether it looks East or West," he wrote in the International Herald Tribune. The summit is also expected to urge Israelis and Palestinians to keep peace talks alive despite the end of a moratorium on Israeli settlement construction. ASEM, which meets every two years, groups the EU, the 10member Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, India, Pakistan and Mongolia, and new members Australia, New Zealand and Russia. On the economic front, reform of the IMF will feature high on the agenda after the EU last week signaled its willingness to cede some power at the international lender to emerging nations, which say Europe is over-represented. Europe has been under pressure to offer a deal ahead of the November 11 start of the G-20 meeting of economic powers in Seoul and is ready to discuss giving up two of its nine seats while rotating others on the 24-member board. Australian Prime Minister Julia Gillard said after talks with EU Commission President Jose Manuel Barroso that her country wanted "to see progress" on IMF reform at the G20. On climate change, ASEM leaders will share the goal "of reaching urgently a fair, effective and comprehensive legally binding outcome" and agree on the need for "deep cuts" in global emissions, according to the draft statement. -Agencies

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community had demanded/ objected about Pakistan wanting Rashid Mehmood, an official of weightlifting team was of the more donations, instead of raising its own revenue. view that Dr Shah has threatened to send the squad back home. He also informed that federal government owned 90 per cent Thus taking immediate notice of the entire scenario, Prime Minister Syed Yousuf Raza Gilani has asked Ministry of Sports to taxation, while provinces had a small share; reminding that Sindh had only an income of Rs33 billion-tax revenue, out of which probe the matter in depth. -NNI Rs25 billion recoveries would be an agreeable and good performContinued from page 12 No #3 ance. Meanwhile, MQM, a coalition partner of PPP-led governThe meetings were attended by the Chief Minister Sindh Syed ment, has condemned the unilateral decision. Qaim Ali Shah, federal agriculture minister Nazar Gondal, Sindh Health Minister Dr Saghir Ahmed and Youth Affairs Special Assistant on Water Kamal Majidullah, concerned provin- Minister Faisal Sabzwari said that their party was not taken into cial ministers and officials of Sindh and Baluchistan as well as the confidence. Muttahida Qaumi Movement (MQM) had rejected federal government. and vehemently criticised the imposition of 'flood surcharge', sayBriefing the media after the meeting, the spokesperson to ing it would further burden the salaried class while asking the President, Farhatullah Babar said that the President also asked the government to impose the new tax on the agricultural income of provincial government to encourage sunflower cultivation in the feudal lords. affected districts of Sindh and to launch an awareness drive to Continued from page 1 No #7 educate the growers about the benefits of sunflower cultivation in Qureshi. "I expressed my hope the border will be open for supthe post flood scenario and provide them incentives in the form of plies as soon as possible; the foreign minister committed work on free seed and fertilizer. The meeting was informed that the federal government had that for which I am very grateful." Foreign Minister Qureshi and already decided to provide assistance on area of 3.5 million acres Nato chief Anders Fogh Rasmussen discussed the recent operafor wheat sowing throughout the century. Around 0.8 million tions of ISAF helicopters in Pakistani territory. According to Pakistan embassy sources in Brussels, FM preacres of damaged land in Sindh will be brought under wheat cultivation and another 0.4 million acres will be brought under culti- sented the stance of the Pakistani govt and people before the Nato Secretary-General and emphasised that if Pakistan's national vation with other Rabi crops. -Agencies interest and geographical borders are not respected than this war Continued from page 12 No #4 would never reach its logical end. power shortage has put devastated impacts on the country's He said that in order to win war on terror we need to win the economy. He further said that war against terrorism and econom- hearts and minds of the people. He said that Pakistan has made ic crunch has started to put the country on back track. He said that enormous sacrifices in this war we have lost more than 2000 solpower crisis is increasing day by day and we have to take imme- diers as well as have to deal with civilian casualties. diate steps to tackle the deteriorating situation. -Online Sources told that Nato Secretary General admitted to border violation and regretted the loss of Pakistani soldiers. Continued from page 12 No #5 Sources told that both sides agreed to wipe off the menace of support the euro and maintain European bonds that are part of militancy tooth and nail adding with the sheer support and coopChinese foreign exchange reserves, the world's biggest. eration of both sides, we cannot establish peace in the entire South Economic issues are expected to dominate the meeting of ASEM nations, which represent 60 percent of the world's popula- Asia. Meanwhile, Taliban vowed more attacks on tankers transporting fuel to Nato troops in Afghanistan, a move likely to protion and global trade. But the informal talks, accompanied by a slew of bilateral, par- long the closure of a vital supply route and further strain ties with allel visits to NATO headquarters and contacts between business ally Washington. "Our Mujahideen have carried out this attack. leaders, will also touch on piracy at sea, terrorism, nuclear We will continue such attacks all over the country to avenge drone attacks and attacks by foreign forces inside Pakistani territory," weapons, human rights and climate change. British Deputy Prime Minister Nick Clegg, who was attending Taliban spokesman Azam Tariq told Reuters by telephone from an the summit, urged ASEM leaders to "speak with one voice against undisclosed location. -Agencies

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and session judge here Monday to express solidarity with Justice Zawar Shaikh. The resigned judges said that they would not come to courts until restoration of Justice Zawar Shaikh on his previous post. Justice retired Wajihuddin said in this regard that the issue should be resolved through discussion because some elements could take advantage of the dispute. -Online

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Mohtarma Benazir Bhutto not tell him that she will choose her time for return to Pak and she declined Gen Pervez offer to return on 31st Dec 2007 after the elections and celebrate New Year 2008 but she declined his offer in my presence and other two persons. He said he was ready to confront Gen Musharraf on TV about the about stated truth. -Online

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resolve the issue of circular debt, enabling the entities of the petroleum sector to perform at full capacity and cater to the needs of the national requirements", Sabir Ali Baloch, chairman of the committee said. However, the committee could not reach a consensus note featuring any remedy to the circular debt, piling up over the years. Senator Safdar Abbasi suggested a joint meeting of ministry of water and power, ministry of petroleum and natural resources and ministry of finance be convened to thrash out a quick solution to the circular debt. -Agencies

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foreigner corporate bought share in off market. As per the sources, Suroor Investments bought Atlas Bank shares of 292 million shares. Overall the market remained range bound with the KSE 100-Index surged 2.59 points on Monday.

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increase the salaries of public sector universities employees. Finance Division has released total Rs4.3 billion to HEC till date after the recommendation of special committee formed on the direction of Prime Minister Syed Yousuf Raza Gillani to resolve the issue of funding to Higher Education Commission. However HEC and all 72 Public sector Universities had demanded the early release of Rs. seven billion to reduce the economic crunch that has badly affected the HEC and Public sector Universities development projects. -Online

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is operated by OGDCL's in which company hold 100 per cent stake. After assuming new rate, we expect that one time EPS surge of 0.40 per share which would increase our estimated EPS to Rs14.78/share from Rs 14.38/share for FY2011. Furthermore, increase in well head gas prices would enhance annualised earning impact of Rs0.8/share on OGDC's FY12 earning and beyond.

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face competition in the race to acquire Sphere Minerals. Heavyweight banking stocks ended in the red on regulatory concerns after trading higher for most of the day on finance minister George Osborne's rejection of a think-tank report the sector may need a second bailout next year. By the close, HSBC was down 0.3 per cent while state-backed Lloyds Banking Group and Royal Bank of Scotland were both down 0.2 per cent. "The sector still feels slightly dogged by uncertainty," said Execution Noble's Goldstone. "We've been arguing for a little while that the market's effectively discounting the likely shape of regulation and what that means for capital and return on capital."-Reuters

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average. The 38.2 per cent retracement of the Nikkei's move from 8,796 to the peak of its September rally at 9,704 also falls near that level. Further support is expected around 9,344 yen, the Nikkei's 55-day moving average. One analyst said the 25-day moving average, which has been steadily moving upward and is now at 9,307, is another point of support for the index. Resistance likely looms around 9,530, the upper level of the Nikkei's daily Ichimoku cloud on charts. Wall Street rose on Friday, led by gains in resource stocks after data in China showed a pick-up in manufacturing activity. SUMITOMO METAL JUMPS, DAIKIN FALLS Exporters rose, with Sony Corp up 1.1 per cent at 2,565 yen and Kyocera Corp advancing 1.4 per cent to 8,110 yen. Shares of Ricoh gained 2.9 per cent to 1,218 yen after Credit Suisse upgraded the copier and printer maker's rating to "outperform" from "neutral" and raised its target share price to 1,450 yen from 1,300 yen. Sumitomo Metal Mining shares climbed 3.3 per cent to 1,317 yen after a jump in metals prices, with gold near a record high hit on Friday and copper prices at a two-year peak. Credit Suisse said it had raised its forecasts to reflect Shinsei's amended medium-term business plan released last week, which included steps to cut expenses and lower credit costs. But Daikin Industries slid 1.3 per cent to 3,075 yen after the air conditioner maker said its firsthalf net profit would likely be 74 per cent lower than its previous forecast due to losses on its stocking holdings. Shares of Eisai dropped 3 per cent to 2,853 yen after Morgan Stanley MUFG on Friday downgraded the drugmaker's stock rating to 'underweight' from 'equal-weight' and lowered its target stock price to 2,500 yen from 3,000 yen.-Reuters

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sore spot for US stocks in recent months, even as some improving domestic data showed a stabilizing economy and reduced worries about a double-dip recession. Microsoft Corp was among the top drags on both the Dow and Nasdaq 100, dropping 2.1 per cent to $23.88 after Goldman Sachs downgraded the stock to "neutral," citing competition from tablet computers. The solid third-quarter showing for markets may have prompted some profit-taking as investors reallocated their holdings. "It could easily be some profit-taking after one of the best months on record in the stock market. Admittedly it was off a depressed base, but some profit-taking after that big run-up would not be unexpected," added Solaris' Ghriskey. Pending home sales rose more than expected in August, indicating the US housing market was regaining some stability, but August factory orders fell slightly more than forecast. Stocks were largely unmoved by the data. This week marks the unofficial start of the third-quarter earnings season, with Alcoa Inc due to report on Thursday. Micron Technology Inc, PepsiCo Inc and Monsanto Co are all set to report this week.

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Energy major Reliance Industries rose 1.1 per cent, as it played catch up with the broader market rally. The stock which has the highest weight on the Sensex, is still down 6.6 per cent so far in 2010. Financials closed mixed reflecting both investor optimism on loan demand outlook in an expanding economy and fear of further increase in key interest rates. Leading private-sector lender ICICI Bank climbed 2 per cent, while top lender State Bank of India and HDFC Bank each shed 0.2 per cent. Mortgage lender Housing Development Finance Corp gained 2.4 per cent. Cigarette-to-hotel business ITC shed 1.9 per cent after gaining nearly 3 per cent over the two previous sessions. Declining shares led advancing ones in a ratio of 1.1:1 on a relatively moderate volume of 488 million shares. The 50-share NSE index gained 0.3 per cent at 6,159.45 points. The pan-European FTSEurofirst 300 was down 0.5 per cent at 1028 GMT. The broader MSCI's all-country world equity index dropped 0.2 per cent while emerging markets index rose 0.4 per cent. STOCKS THAT MOVED Sun Pharmaceutical Industries firmed 1.7 per cent to 2,064.30 rupees after the drugmaker said late Friday it got tentative US FDA approval for generic Stalevo tablets. Jaiprakash Associates rose 2.1 per cent to 126.55 rupees as the engineering and construction firm said after market hours last Friday its cement shipments in September jumped 61 per cent from a year ago. SKS Microfinance dropped 5.8 per cent to 1,276.50 rupees, after the largest microlender said it had terminated the appointment of its chief executive. Prime Focus gained 4.7 per cent to 736.80 rupees, as the special-effects firm said it had won orders totalling $11 million for 2-dimensional to 3-dimensional stereoscopic conversion work from two Hollywood studios.-ReuterS

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3.4 per cent so far this year, may slow in the near term. The index's 14-day Relative Strength Index has risen to 74, a level that indicates the market is now overbought, while Hong Kong stocks are trading at 13-14 times on a price-earnings basis -- nearly touching the 14-15 times that dealers find expensive. But even with the gains on the relative strength index, Hong Kong is only Asia's fourth-most overbought market, with Indonesian stocks the most overbought. Wong said the index could face resistance at 23,000, a level that was last hit in November 2009. Oil producers gained after oil prices touched a two-month high near $82 on expectations that the slow pace of the US economic recovery would prompt a monetary boost that would spur energy consumption. PetroChina Co Ltd added 5.5 per cent to a more than five-month high, CNOOC Ltd advanced 4.9 per cent to a more than two-year high. Macau casino operators soared on hopes the enclave will report strong gambling revenue for September. Sands China Ltd, the Macau unit of US casino operator Las Vegas Sands Corp and SJM Holdings Ltd Macau gambling tycoon Stanley Ho's flagship company, both climbed to record levels. Sands China rose 6 per cent, while SJM was up 6.9 per cent. Strong Chinese manufacturing data reassured investors about the strength of China's economic growth. China's manufacturing sector picked up steam in September after a mid-year lull, easing concerns of a renewed downturn in global growth.-Reuters


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Brown moves Scots for Pakistan rehab

KARACHI: Speaker Balochistan Assembly Muhammad Aslam Bhootani called on President Asif Ali Zardari at Bilawal House.-APP

President directs steps for protection to dykes from erosion

C' wealth Games

B'stan getting special attention: President

PM takes notice of flag-grabbing

KARACHI: President Asif Ali Zardari said Monday that the present government gave special attention to resolve the issues of Balochistan on priority basis and was focusing on welfare of Baloch people. He was talking to Speaker Balochistan Assembly Sardar Aslam Bhutani who called on him here at Bilawal House. Sindh Chief Minister Syed Qaim Ali Shah was present on the occasion. He said the large allocation of funds for Balochistan in NFC Award is the proof of government's special interest in this province. Increased allocation under gas development surcharge for Balochistan is another example in this regard, he added.

Edwards wins Nobel for medicine

STOCKHOLM: British physiologist Robert Edwards, whose work led to the first "test-tube baby", won the 2010 Nobel Prize for medicine or physiology, the prize-awarding institute said on Monday. "His achievements have made it possible to treat infertility, a medical condition afflicting a large proportion of humanity including more than 10 percent of all couples worldwide," the institute said in a statement.-Agencies

Fake degree issue

2 MNAs appear before EC body ISLAMABAD: Out of six members of the Parliament -who were summoned to appear before a special committee of the Election Commission of Pakistan (ECP) -- two appeared, three sent their representatives and one remained absent. The sixth hearing of the ECP regarding fake degree cases was held here on Monday. Election Commission during sixth hearing summoned KP Assembly's Kishwar Kumar, Member Punjab Assembly Samina Khawar Hayat, Sufia Siama, MNAs Nasir Ali Shah, Maulvi Haji and Amir Ejaz Respectively. Kishwar Kumar and Sofia Siama appeared before the Committee while Samina Khawar Hayat, Maulvi Haji and Amir Ejaz sent their representatives. It is worthwhile mentioning that MNA Nasir Ali Shah was formally summoned by the ECP but failed to appear. ECP has now set October 11 as the next date for fake degree case hearing. -Online

He said that the construction of Winder and Hangol dams will facilitate the cultivation of 70,000 acres of additional land in Balochistan. Earlier, Aslam Bhutani requested the President for the construction of bypass on RCD Highway near Hub in Lasbela district to ease traffic congestion. He also sought the support of President Zardari in the construction of Winder and Hangol dams to boost agricultural production in Balochistan. Speaker Balochistan Assembly thanked the President for taking personal interest in the development of the province and the welfare of people of Balochistan. Meanwhile, President Asif

Ali Zardari directed the Sindh government to consider reserving a one-kilometer wide belt of land on kutcha side of the river Indus for forests to provide protection to dykes from erosion. He also advised the government to consider procuring agriculture and earth moving machinery from cheaper international sources and place them under one government department for post flood rehabilitation of agricultural assets. He made these suggestions during two separate meetings at Bilawal House to review damages caused by recent floods to agriculture, housing and infrastructure in Sindh and Balochistan. See # 3 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani taking notice of flag controversy at Commonwealth Games in New Delhi has asked Ministry of Sports to probe the matter. Pakistan Commonwealth Games squad was hit by a controversy over leadership of the squad during the march-past at the opening ceremony. Gold Medalist weightlifter Shujauddin Malik was to lead the squad but at the last moment Chief de Mission Dr Mohammad Ali Shah took the flag. During live broadcast of the ceremony, name of Shujauddin Malik was also displayed as the leader of the contingent. See # 2 Page 11

SCOTTISH VALLEY: Former British Prime Minister Gordon Brown Monday launched the latest phase of the Scottish appeal to build disaster-relief villages in Pakistan, the Herald Scotland reported Monday. The 100 homes, to be known as Fife Village, also joined similarly sized new communities Edinburgh Village and Scottish Valley, as well as another, double that size, to be named Glasgow Village. It is all part of the Pakistan's Flood: Scotland's Response appeal, launched in August by Glasgow Central MP Anas Sarwar and Lord Provost Bob Winter. It reached its £500,000 target within a fortnight and has since passed £750,000. The focus moves to Fife,

where Sarwar will join Brown in Kirkcaldy for the launch. Brown said: "The Pakistan floods are the world's biggest emergency - 60,000 square miles under water, 20 million people displaced, 14 million in need of emergency health care, six million short of food, two and a half million homeless." He added: "Our efforts, within Fife, to help the Pakistani nation are to be recognised in a new settlement to be called the Fife Village. It will be constructed in Pakistan to recall the fundraising efforts of Fife people through the Pakistan Floods Appeal - but this new initiative to permanently thank Fife's people for their help still needs more support. "I have no doubt Fifers, who

have done so much, will again show their generosity and ensure that this vital project is a success." Sarwar said: "I'm delighted that Gordon Brown is backing the Pakistan Flood: Scotland's Response appeal. The former Prime Minister is a man of international standing who has demonstrated his commitment to humanitarian causes time and again. "The people of Pakistan have shown resilience and strength by refusing to give up in the face of unthinkable adversity. "I would like to thank the people of Fife for their generosity thus far and encourage them to dig deep to ensure Fife Village can help ease the suffering of so many people." -NNI

0.225mn families draw Rs2.5bn: Nadra

0.3mn Watan Cards distributed so far ISLAMABAD: National Database and Registration Authority (NADRA) has so far issued 300,000 Watan Cards to flood affected families to ensure disbursement of Rs20,000 among each victim family in a transparent manner. Under the scheme, 225,000 families have so far drawn more than Rs2.5 billion, Deputy Chairman of the Authority Tariq

Malik said on Monday. He said NADRA staff is consistently serving the people in the affected areas through 45 centres in Punjab, KhyberPakhtunkhwa and Sindh, while the similar efforts are likely to be initiated in the remaining areas by the end of this week, he said in a statement issued here. Tariq said the authority's role at these centres is restricted

only to verify the affected people according to the lists and data provided and notified by the provincial governments, adding "Ensuring law and order and providing security at these centres is the responsibility of local administration and respective provincial governments." He said NADRA is following "Zero Error" policy so that the See # 1 Page 11

Bar-Bench issue to be resolved thru talks

Musharraf, now history, says Kaira ISLAMABAD: The Federal Minister for Information Qamar Zaman Kaira has said that former president Pervez Musharraf is history and any topic regarding him was stale and useless issue to be discussed. Talking to media outside the Parliament House, the minister said that the democratic government would take all political forces in the mainstream along and requested that Federation should not be held responsible for every deed, as that would not help solve the crisis.

He especially derided the blame on Federation over the Lahore issue, as sheer idiocy, and challenged for any proofs to be presented in this regard. He termed the clash of institutions as quite harmful. Replying to a question, he said that issues were rather handled through dialogue than blame game, which was an outdated factor, and while referring to Nato tankers' attacks, he said that investigations were being carried out, while foreign office had also clarified its stance. -Online

Pakistan cannot afford Rs250bn annual loss

Power reforms essential: Ashraf ISLAMABAD: Federal Minister for Water and Power Raja Pervaiz Ashraf said that reforms in power sector are essential and the country cannot afford annual loss of Rs250 billion. Addressing to two-day workshop on "Power Sector and Reforms", Federal Minister for Water and Power Raja Pervaiz Ashraf said that reforms are very essential in structure of power sector. He said that the government would protect the employees who are working under the distribution companies. He said that we need 100,000-MW for next ten years while the tariff increased artificially from 2003 to 2007 and if

power tariff would have to be increased further, it would be our compulsion. He said that more than 100,000 Wapda employees are being supplied free 28 megawatt power. He said that performance of power distribution companies is poor except Iesco, Lesco, Fesco and Gepco. He said that reforms are being introduced in power sector to improve power supply system; we do not have any alternate source. He said that Pepco has been given full authority to make the power distribution companies independent. He said that See # 4 Page 11

Asia bigs’ greater global role sought BRUSSELS: Europe sought a heightened global role with Asia's emerging giants Monday at talks ranging from trade to climate change between nations representing more than half the world's population. The two-day Asia-Europe Meeting (ASEM) of 46 nations, followed by separate EU summits with China and South Korea on Wednesday, opens amid renewed tension between Beijing and Tokyo over disputed islands in the East China Sea. Chinese Premier Wen Jiabao, indisputably star guest of the talks, could hold a face-to-face meeting with Japanese Prime Minister Naoto Kan to ease the dispute, diplomats said.

For the European Union, the gettogether of dozens of heads of state and government in the gilded Goya-hung halls of the Belgian royal palace opens a window of opportunity to strengthen ties with the Asia region at a time of fast global change. "I am convinced that a strong Europe is irreplaceable," Wen told the Greek parliament on the eve of his arrival in Brussels. "China wants to promote and strengthen strategic links with the European Union." During his visit to debt-crippled EU member Greece, the Chinese leader held out proof of willingness to work with the 27-nation union -- pledging to See # 5 Page 11

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

The Financial Daily Epaper 05-10-2010  

The Financial Daily Epaper 05-10-2010

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