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International Karachi, Friday, October 8, 2010, Shawwal 28, Price Rs12 Pages 12

Our reply to Indian dossier, soon: Malik

SA series squad announced, captain not named

See on Page 10

No pact signed over drone attacks in Pak: FO

See on Page 12

PAC to audit transport in all govt depts

See on Page 12

See on Page 12 Economic Indicators $16.99bn 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 170.73mn Population

Forex Reserves (1-Oct-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)

Portfolio Investment SCRA(U.S $ in million)

45.86 -3.36 -0.69 2353

Yearly(Jul, 2010 up to 06-Oct-2010) Monthly(Oct, 2010 up to 06-Oct-2010) Daily (06-Oct-2010) Total Portfolio Invest (1 Oct-2010)

NCCPL (U.S $ in million)

FIPI (06-Oct-2010) Local Companies (06-Oct-2010) Banks / DFI (06-Oct-2010) Mutual Funds (06-Oct-2010) NBFC (06-Oct-2010) Local Investors (06-Oct-2010) Other Organization (06-Oct-2010)

0.38 -0.94 0.12 -0.29 0.23 0.71 -0.21

Global Indices Index Close KSE 100 10,191.68 Nikkei 225 9,684.81 Hang Seng 22,884.32 Sensex 30 20,315.32 ADX 2,685.30 SSE COMP. 2,655.66 FTSE 100 5,662.13 *Dow Jones 10,944.26 *Last Updated 20:00 PST

Change 162.32 6.62 3.91 227.76 7.77 44.98 19.26 23.39

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 2.60 111.62 18.00 154.55 2.00 42.93 1.70 36.49 9.61 33.00

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)

12.83% 13.07% 13.22% 13.50% 12.70% 13.00% 13.21% 13.60% 13.71% 13.83% 13.91% 13.99% 14.23% 14.38% 14.58%

06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010

Commodities *Crude Oil (brent)$/bbl 85.04 *Crude Oil (WTI)$/bbl 83.36 *Cotton $/lb 102.38 *Gold $/ozs 1,351.30 *Silver $/ozs 23.20 Malaysian Palm $ 901.30 GOLD (NCEL) PKR 37,306 KHI Cotton 40Kg PKR 7,502 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 83.30 Canadian $ 84.05 Danish Krone 14.90 Euro 118.00 Hong Kong $ 11.00 Japanese Yen 1.018 Saudi Riyal 22.85 Singapore $ 64.95 Swedish Korona 12.00 Swiss Franc 86.00 U.A.E Dirham 23.30 UK Pound 136.00 US $ 86.30

84.00 84.90 15.10 119.00 11.30 1.044 23.00 65.10 12.50 87.00 23.60 137.00 86.50

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 $

Buying TT Clean

Selling TT & OD

84.48 84.92 15.95 119.48 11.07 1.031 22.89 65.52 12.81 89.21 23.37 136.16 85.86

84.68 85.12 15.99 119.76 11.09 1.033 22.95 65.67 12.84 89.42 23.43 136.48 86.05

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

33°C 35°C 34°C 35°C 30°C 34°C

MIN

18°C 26°C 24°C 22°C 9°C 21°C

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Terror visits Abdullah Shah Ghazi shrine 2 blasts, 14 deaths, a conspiracy: Home Minister Staff Reporters / Agencies KARACHI: At least 14 people were killed and 70 others injured in two blasts at the shrine of Abdullah Shah Ghazi

in Clifton, police and witnesses said Thursday. The back-to-back blasts occurred within minutes at the shrine's gate at about 7:00 pm, witnesses said. The blasts caused a stampede among the crowds. The first blast hit the entrance of the shrine while the second one took place inside the shrine. Police suspect a suicide bomber blew himself up at

Suspension of duties available for next 3yrs

EU duty-frees 75 Pak import items BRUSSELS: The European Union on Thursday suspended duties on 75 Pakistani imports as part of an aid-linked package to help the country recover flood losses. The unilateral suspension of duties, available for the next three years, concerns imports accounting for 27 per cent of Pakistan's current imports to the EU. Lifting the duties on the products, which include textiles, would result in an estimated increase of EU imports from Pakistan to the tune of around 100 million euros, the EU said. The decision was taken in order to promote Pakistan's economic growth and recovery

in the aftermath of the terrible floods that made thousands of victims in the country. The range of products for liberalisation, which have been chosen according to the nature of Pakistan's industrial and export base, include textiles and other industrial products such as ethanol. "This proposal will offer a real boost to Pakistan's economic recovery while at the same time take into account sensitivities of EU industries," said EU Trade Commissioner Karel De Gucht, who also insisted on the EU capacity to offer critical assistance to global partners. The commission is expected See # 10 Page 11

Collection falls short of target by Rs5bn due to floods

FBR actualises Rs290bn in 1Q ISLAMABAD: Chairman Federal Bureau of Revenue (FBR), Sohail Ahmad said Thursday that during the first quarter of current financial year 2010-11, FBR has realised Rs290 billion against the set target of Rs295 billion. He was talking to media persons after a seminar on 'Protection against harassment of women at workplace' here at National Library Auditorium. The Chairman FBR said that the shortfall of Rs5 billion was due to the recent catastrophic

floods that have caused losses to the country's economy and tax collection process also affected. He said that the current collection of taxes was about 9 to 10 per cent higher when compared to same period of last fiscal year. He however expressed the hope the process of tax collection would increase after 3-4 month when the rehabilitation work in flood affected areas would be completed. Earlier addressing the See # 11 Page 11

Reserves hit all-time high of $16.99bn

FX reserves vault to $17bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves touched record $16.99 billion in the week ending October 1, up from $16.79 billion the previous week, the central bank said Thursday. Reserves held by State Bank of Pakistan (SBP) rose to a record $13.15 billion from $12.99 billion, while those held

by commercial banks jumped to $3.84 billion from $3.80 billion, said Syed Wasimuddin, chief spokesman of the SBP. "The rise is due to the continuously rising inflow of remittances, as well as the inflow of a grant of $16.6 million from the United Kingdom to be spent on education in the See # 12 Page 11

All Khi shrines sealed Staff Reporter KARACHI: Sindh Home Minister Dr. Zulfiqar Mirza told media men after the blast that all shrines in the metropolis have bean sealed. Meanwhile, Secretary Auqaf Sindh said that they have not received any security threat from the Interior Ministry and there were no security cameras installed inside the shrine. He also said that the Auqaf Department has deployed its own security guards which were killed in the attacks.

Interpol warrants arrests of 5 Pakistanis NEW DELHI: Interpol notified its members Thursday that India has issued arrest warrants for five Pakistani citizens, including two army officers, for alleged involvement in the 2008 Mumbai terror attacks, an official said. India asked Interpol to issue the so-called ''red corner notices'' for the five Pakistanis, said RK Gaur, a spokesman for India's Central Bureau of Investigation. The notices follow a probe by India's National Investigation Agency into the role of American David Coleman Headley, who pleaded guilty in the United States in March to participating in the planning of See # 15 Page 11

Top army brass looks into security RAWALPINDI: Military leadership has voiced full satisfaction over the professional preparedness of armed forces and professional matters and reiterated the resolve Pakistan would ensure its defence, sovereignty and security at every cost and army will continue its work on rehabilitation projects in flood hit areas. Monthly Corps Commanders Conference was held here Thursday under the Chief of Army Staff Gen Ashfaq Parvez See # 14 Page 11

No Flood Bonds on cards: CDNS ISLAMABAD: The Central Directorate of the National Savings said on Thursday that there is no plan under consideration or in process to issue "Flood Bonds" by the organisation. The news regarding the issuance of Flood Bonds are baseless, Director of CDNS Bonds Schemes, Tahir Ali Bajwa told APP here on Thursday.-APP

central gate of the shrine while the second attacker detonated the bomb in the premises of the shrine, damaging a number of shops. Rescue sources said dead bodies were shifted to Jinnah Medical Center where emergency had been declared. More than 50 injured people were shifted to Jinnah hospital, in-charge emergency ward Seemi Jamali told mediamen.

Eyewitnesses said subsequent stampede injured dozens of people including, women and children. Edhi and other rescue teams arrived at the scene and rushed the injured to hospitals. Heavy contingent of police and Rangers cordoned off the area. A large number of poor and deserving people as well as others gather at Abdullah Shah Ghazi's shrine everyday and See # 6 Page 11

NA passes Sacked Employees (Reinstatement) Bill

Restitution of fired workers to cost Rs17bn l Most employees dismissed during Sharif’s regime l If providing jobs is crime then I will repeat it: PM

ISLAMABAD: National Assembly on Thursday passed a bill named Sacked Employees (Reinstatement) Bill 2010 to provide relief to workers who were dismissed from services during second term of Nawaz Sharif government while Opposition in House said that this would burden treasury with Rs17 billion. Speaking on the floor of the House, Prime Minister Gilani congratulated entire nation on passing of Bill, and said that he is not afraid of anyone, and if providing employment to masses is a sheer crime then he will undoubtedly repeat the

crime on a number of occasions urging PPP manifesto is 'Roti Kapra and Makaan'. Providing employment is our sheer goal and mission, these views expressed by Prime Minister Syed Yousuf Raza

Last tranche worth $1.7bn after fifth review

IMF terms reforms as economy-saving Fund ready to discuss a new package WASHINGTON: Pakistan has made some progress in stabilising the economy in difficult circumstances but it needs to stick to bold reforms to strengthen the fundamentals of the economy, the International Monetary Fund said Thursday. The Fund also signaled its openness to negotiating another programme and said fifth review of the ongoing $11.3 billion programme is possible later this year if sufficient progress is made. The last tranche of $1.7 billion will be reimbursed to

Pakistan after the fifth review is completed. Adnan Mazarei, IMF Mission Chief to Pakistan, underlined the importance of keeping the inflation under check and pursuing tax reforms including general sales tax. He said all these decisions are for Pakistanis to make in their interest. "In the past couple of years Pakistan has had some success in stabilizing economy but these should not be temporary," Adnan Mazarei, IMF Mission Chief to Pakistan See # 18 Page 11

Oil consumption down 7pc in 1Q Ghulam Raza Rajani KARACHI: The consumption of petroleum products during July-September in the country depicted a decline of 7.1 per cent as unveiled by the OCAC numbers for 1QFY11. The total volume of the POL

products (ex non-energy) was recorded 4.68 million tonnes in 1QFY11 against 5.03 million in 1QFY10. This was mainly due to postflood effects which hampered consumption due to poor logistic. According to the data, sales See # 17 Page 11

Gilani in the National Assembly on Thursday. Government, he said has implemented 80 per cent of Charter of Democracy, adding we will make sure that See # 7 Page 11

Cement up by Rs10-15/bag Ahmed Siddique KARACHI: Cement manufacturers have recently raised cement prices by Rs 10-15 per bag in North. As per sources, cement-players have increased retail prices during last few days. Cement prices have jumped from Rs315 per bag to Rs330 per bag in recent days. Surprisingly, recent hike in cement prices came at a time when cement offtake hit 21month low in the month of September. See # 9 Page 11

Sept CPI may hit 17-mth peak ISLAMABAD: Pakistan's consumer price index (CPI) could reach 17-month high because of an increase in food prices following the country's massive floods, a Reuters poll shows. September consumer prices rose 14.95 per cent from last year, according to a survey of 12 analysts and economists. The CPI rose by 13.23 per cent in See # 8 Page 11

President says everyone knows about political actors and 'I am looking for a director'

Rightists wronging the govt: Zardari Special Correspondent / Agencies KARACHI: President Asif Ali Zardari has dismissed rumours about “change” as a negative campaign by some vested interests, emphasising that the right-wing elements were trying to destabilise the government. The President said in an

exclusive interview with a local magazine that the government and PPP had made tireless efforts to provide succour during the nationwide floods in the recent monsoon season. "That is a negative campaign to weaken our stance and democracy", he said in reply to a question about rumours of dissolution of the government

during the course of the interview carried in the prestigious monthly magazines's October issue. The interview, covering a wide range of topics, was conducted in the second half of last month and was available in the magazine's October issue a couple of days back. The President remarked that the right-wing elements in

society had got together to destabilise the government. "There is a challenge by the rightist forces to democracy. Democracy per se does not suit the rightists. And these forces get together and then there are interest groups. Pakistan Peoples Party and the political powers of the day cannot afford that any institution or individual or class of

media dictate to them, that tomorrow's prime minister will be made by them.” “If the ruling party had not been working in Sukkur or in Jacobabad, do you think these people would have been alive today?" he said in reply to the question about the flood-disaster management. President Zardari also deplored the unfounded specu-

lations concerning so-called civil-military disconnect in flood management when the natural disaster had hit large parts of the country. If at all there is a disconnect it is "between the media, the people and the pseudo-intellectuals", he said. He termed the military's antiTaliban campaigns in Swat and See # 13 Page 11


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Friday, October 8, 2010

CDGK seeks approval of Rs2bn projects KARACHI: City District Government Karachi (CDGK) has sought the approval for 12 new mega projects costing Rs2billion which will begin in the current financial year after approval from Sindh Government The projects include the construction of 4 new flyovers, 6 major road, installation of storm water drainage system and construction of causeway at Malir River. This was stated by Karachi Administrator Fazlur Rehman while addressing the meeting of officers of Works & Services Department in DCO Camp Office on Thursday. The meeting was called to review and discuss the ongoing development projects and start of new projects in the city. During a briefing on this occasion the EDO Works & Services said that all the ongoing projects will complete on time. Administrator Fazlur

Rehman directed the officers to ensure timely completion of development projects by accelerating the pace of work and to carry on the planning for new projects. He said that the city government will construct a flyover at Korangi Crossing with the cost of Rs350million in this year while another flyover will be built near Abbasi Shaheed Hospital in Nazimabad with the same estimated cost. "The flyover at Ibne-Sina Road, Korangi Nullah and Gujjar Nullah will have an estimated cost of Rs200million" he said. City Government will also construct many major roads including from Model Colony Avenue to Khokhrapar Malir with a cost of Rs100million, from Paracha Chowrangi to Northern Bypass Hub River Road Phase-I with a cost of Rs300million, from Mosamyat Chowrangi to

Superhighway (4.5km road) with a cost of Rs200million. Repair of flyover During the meeting Administrator Fazlur Rehman, while taking strict notice of the breaking of Sharae FaisalRashid Minhas Road Flyover directed EDO Works & Services to appoint the consultant without delay so that the repair of flyover, change of its roof or construction of new flyover could be decided. The EDO W&S on this occasion said that the bridge was not having any serious problem and it was only due to the plying of more heavy goods carrier and trailers on this bridge that has caused some problem and this will be solved with the change of slab of flyover. He further said that planning was underway in coordination with the traffic police to provide alternate way for heavy trailers and goods carriers.Agencies

PLGMEA welcomes TDAP’s new chief KARACHI: Fawad Ijaz Khan Chairman Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) felicitated the newly appointed Chief Executive of Trade Development Authority of Pakistan (TDAP) Tariq Iqbal Puri on his appointment. Tariq Puri is a seasoned Commerce Professional who has served as Vice Chairman Export Promotion Bureau (EPB). During his tenure as Vice Chairman EPB PLGMEA had active liaison with the EPB and our members were happy with his positive approach in solving the problems of Exporters. His experience as Trade Minister in Brussels, Commercial Counselor abroad and EPB has provided him valuable knowledge about the Export businesses and their problems. Fawad hoped that Tariq Puri's term as Chief Executive TDAP is more fruitful than the term of outgoing Chief Executive Syed Mohibullah Shah which was full of internal controversies and he hardly had any time to meet the representatives of the Export Associations.-PR

FBR continues zero-rating over exports

FRIDAY Time Programmes 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 14:05 15:00 15:15 16:00 16:05 16:30 17:00 17:05 18:00 18:15 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05

Pakistan Aaj Raat News Pehla Sauda News Bazaar News Ghar Ka Kharch News Akhri Suada News Islamabad Say News Sara Jahan (Rpt) News Power Lunch News Akhri Suada Uff Tv(Rpt) News Ghar Ka Kharch News Karobari Dunya Headlines Filmi Samaa (Rpt) Red Carpet(Rpt) Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu(Rpt)

TV PROGRAMMES FRIDAY Time Programmes

7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24

LCCI welcomes FBR’s decision LAHORE: The Lahore Chamber of Commerce and Industry has welcomed the Federal Board of Revenue decision to continue the zero-rating arrangement for exportoriented industries even after the imposition of Reformed General Sales Tax (RGST). In a statement issued here, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the zerorating facility was one of the major concessions for the exporting industry and if it was withdrawn, it could have an adverse impact on the export-oriented industry.

"It would be wiser on the part of the Finance Minister if he comes up with a package of incentives for the business community that is facing multiple internal and external challenges." The LCCI office-bearers, however, urged the government to keep the RGST pending till the time the trade and industry get back on its feet because in the present economic scenario the businesses can not afford any new tax measure. The LCCI office-bearers said that the present government would have to focus on implementation of home-grown policies instead of taking dictations from the IMF and the

World Bank because they have little understanding of the ground realities. They also suggested to the government to look at the markup figure (13.5 per cent) and fast going up energy tariff that were hitting the competitiveness of Pakistani merchandise in the international market the profit margin generally is not more than one per cent. "If the equity would not be made available to the business community at cheaper rates, how one would be able to initiate any new venture that is a must for breaking the vicious circle of poverty and for creating muchneeded job opportunities."-Agencies

President announces BB Journalism Card, plots for mediamen

Staff Reporter KARACHI: President Asif Ali Zardari has announced B.B (Benazir Bhutto)

Ufone launches youth offer ISLAMABAD: Ufone has once again taken a lead in offering this unique and most pocket friendly offer for its valued Uth customers and has broken the barrier towards the focus on friends and family offers by launching 'Uth Mufta Offer', said a handout issued here. Akbar Khan Chief Marketing Officer, while commenting at its launch said, "Ufone has been at the forefront of all pricing and VAS initiatives ever since its launch almost ten years ago years and shall remain the trendsetter in days to come". "This offer is sure to pull the youth from around the country to avail the best package in the industry", he added. While the rest of the industry is focusing on discounted or free calls to just 2 or 3 friends and family members, Ufone has allowed free calls to millions of customers on its Uth package. Calls from Uth to Uth between 12:00am to 9:00am are absolutely free and from 9:00am to 12:00am only the first minute is charged and the rest of the call is free thereafter.-PR

Malaysia supporting agri-sector

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah holding meeting with vice Chancellors of Medical Universities / Principals of Medical Colleges for Admission Policy for students at Chief Minister House.-APP

KU VC inspects Mass Comm Dept Tauseef Razi Mallick KARACHI: The Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui on Thursday visited the Department of Mass Communication and had an informal meeting with the teachers and students to inquire about the developmental activities at the department. At this occasion, Dr Pirzada Qasim asked Chairperson Dr Rafia Taj to provide all details of the lab development plan, so that the University may be able to make them available to

the students. He also visited the classrooms and asked about the teaching methodology and availability of digital modern equipment to the students. A student of the Mass Communication Department, Hina Mujeeb Alam, pointed out that due to lack of availability of digital modern cameras students face difficulties in performing their practicals. In response, the Vice Chancellor directed the Chairperson of the Department to discuss the matter so that urgent availability of the required equipment can be

made possible. The visit by Pirzada Qasim was basically a follow up to the suggestions made before Governor Sindh Ishrat-ul-Ebad last week, where the governor vowed to provide the basic educational facilities to the students and also to upgrade the outdated equipment in the department's TV lab. He said that we are trying to provide assistance to all the students, an evidence of which is the FM Radio setup in the Department which was imported from Germany despite the financial constraints.

ISLAMABAD: The Malaysian High Commissioner Dato Ahmad Anwar Bin Adnan reiterated his government's resolve to support for development of agriculture in Pakistan. A Malaysian delegation led by High Commissioner visited ZTBL and called on Muhammad Zaka Ashraf, President, Zarai Taraqiati Bank Limited here on Thursday. Zaka Ashraf explained the special role of the Bank in the agriculture sector, which was the only institution playing a vital role by providing a combination of technology along with credit for enhancing the agriculture productivity. The President informed that ZTBL has an extensive outreach through its country wide network of 353 branches and over 1300 MCOs contributing towards helping the small farmers even in the remote areas of Pakistan. The model of private public partnership and collaboration with international agencies was shared with the delegation.-PR

Journalism card, (life insurance and aid facilities for journalists) and plots for electronic media representatives. In a meeting with

journalists in Bilawal House on Thursday, he announced that Farzana Raja would issue directives in this regard. The President was told that

Marri condemns Karachi blasts Staff Reporter KARACHI: Provincial Minister for Tourism Sindh, Shazia Marri has strongly condemned the bomb blasts near the shrine of Sufi saint Abdullah Shah Ghazi in Clifton area of Karachi and expressed grief and sorrow over the loss of precious lives. While talking to The Financial Daily, Marri said such heinous acts of violence is a reflection of deranged minds of terrorists who have no regard for humanity. These elements do not believe in

any religion and only want to create disruption in the society. Tourism minister termed it a barbaric and shameful act of terrorism, saying the elements involved in such activities as the enemies of humanity and the country. She said such shameful acts could not deter the Government from its firm resolve to fight terrorism. Shazia Marri prayed to Almighty Allah to rest the departed souls in eternal peace and sympathised with bereaved families and prayed for early recovery of the injured.

Wi-tribe patrons P@SHA Awards KARACHI: In support of the growing ICT industry and the young entrepreneurs nationwide, wi-tribe is sponsoring P@SHA ICT Awards 2010 starting today, the flagship event of the Pakistan IT & ITES industry. It is held to recognise and celebrate the innovation that is taking place within the technology sector. In addition to the sponsorship, wi-tribe will offer Wi-Fi connectivity at the venue, as well as livestream the event, allowing millions of internet users to watch the P@SHA ICT Awards 2010 from any where.wi-tribe is proud of its association with P@SHA ICT Awards 2010 and truly appreciates the role that P@SHA has been playing in promoting Pakistan's ICT sector. Speaking about the sponsorship, wi-tribe

Pakistan's Director of Marketing, Ali Fahd said, "wi-tribe decided to support P@SHA because we feel that both organizations in their own sphere aim to make a notable contribution towards Pakistan's ICT industry. While P@SHA provides a platform for promoting, protecting and developing the software industry in Pakistan wi-tribe is focused towards taking convenient and reliable broadband services to the masses." Commenting on the collaboration, President P@SHA, Jehanara said, "I'm happy about the support wi-tribe is extending for our event. It is tremendous to see technology companies such as wi-tribe taking a keen interest in collaborating with IT Industry associations like P@SHA.-PR

directives had already been issued to CM Sindh, Qaim Ali Shah regarding plots for journalists of electronic media.

Dengue cases on the rise in metropolis KARACHI: Patients with dengue fever continued to visit frequently different hospitals in the city and 46 of them were admitted on Thursday due to their health status, said Dr Shakeel Mallick, Coordinator, Sindh Dengue Surveillance Cell. "These 46 fresh admissions has turned the total number of admitted patients to 153 as 97 people were already hospitalised," he said in a communication. He said the number of suspected patients since January one is 1740 and these include 1358 who had to be hospitalized at one or the other point of time. Dr Mallick said blood samples of 1740 people suspected to be suffering from dengue fever were tested at different private and public sector laboratories and 825 of them were found to be positive. The Dengue Surveillance Cell's Coordinator said 17 patients were admitted to Abbasi Shaheed Hospital on Thursday and five each at JPMC and Karachi Adventist Hospital, seven at Ziauddin Hospital, two each at Holy Family and Kutyana Memon Hospitals and one each at Liaqut National and Sindh Government Qatar Hospital respectively. He said five of the patients had died of the ailment during past few weeks in the city while 45 other are being presently transfused with mega platelet due to marked decline in blood cells.APP

Khi Chamber voices concerns over PATTA KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Saeed Shafiq and other senior leaders of the Karachi Chamber have cautioned that Pak-Afghan Transit Trade Agreement (PATTA) will be acceptable only when businessmen get assurance against misuse of transit facility by Afghan importers or exporters. In a joint statement through KCCI here on Thursday, the KCCI leaders who included Chairman Businessmen Group in KCCI and former president KCCI Siraj Kassam Teli,

and former presidents Tahir Khaliq, Zubair Motiwala, Haroon Farooki and Anjum Nisar , Senior Vice President Talat Mahmood, Vice President Junaid Esmail Makda re-iterated that ATTA would only be acceptable if KCCI's earlier suggestions safeguarding the interests of Pakistan's business and industrial community are included and executed under Afghan Transit Trade Agreement. The statement issued by Karachi Chamber of Commerce and Industry said the ATTA would only be beneficial for Pakistan if proper tariffs and duties are

imposed and effective monitoring of trucks is done. LCs should be imposed from Kabul to Wagah check point and proper implementation and documentation carried out. The IT based chip system for the proper tracking of trucks in transit stands as a mandatory requirement in this regard. Moreover, the lock and key should be made at entrance (Torkham border) with a seal from Government of Pakistan seal and be properly monitored on exit (Wahgah border) that the seal is stuck and not broken.-APP


3

Friday, October 8, 2010

Dollar sinks on prospect of more Fed stimulus ahead NEW YORK: The US dollar's downturn gathered pace on Thursday as it slid to a 15year low against the Japanese yen and an all-time low against the Swiss franc on the prospect of the US Federal Reserve printing more money. Broad US dollar selling pushed the euro to a more than eight-month high before investors bet that the rise was too far, too fast, while the Australian dollar surged to a 27-year high against its US counterpart after surprisingly strong Australian jobs data revived talk of a Reserve Bank of Australia rate hike. "The US dollar fell against

all the majors except the Canadian dollar as investors (and) traders try to get in front of the (quantitative easing) wave everyone expects," said T.J. Marta, chief market strategist at Marta on the Markets. The Bank of England and the European Central Bank both stood pat on their monetary policies on Thursday, reinforcing the notion the Fed is further along the path to another round of quantitative easing than many other central

banks, a move that would knock the dollar lower. The dollar was at 82.32 yen, down 0.7 per cent, after hitting a 15-year low at 82.11 yen on trading platform EBS. Traders

said there were options barriers at 82. The euro remained bid against the dollar after com-

Asian Currencies

Taiwan dollar, rupee up on inflows SEOUL: The Taiwan dollar and the Indian rupee hit their highest in over two years on Thursday, leading rises in Asian currencies on fund inflows into the region and expectations of the Federal Reserve's further easing. The regional authorities were estimated to have bought a combined $27.6 billion via intervention from last week until Wednesday, according to traders estimated compiled by IFR Markets. The Indian rupee strengthened to 44.115 per dollar, its strongest level in 25 months, probably on inflows related to a qualified institutional placement by a large automobile company, dealers said. The Taiwan dollar hit a 27month closing high, tracking gains in Asia as fund flows

chased yield, but central bank intervention pared its gains from earlier higher levels. The local currency ended up 0.3 per cent to T$31.042, its highest level since early August 2008, after being pulled back from a day high of T$30.675 or almost a 1.5 per cent gain. In addition to issuing verbal warnings, the bank was inspecting the currency forward business at local and foreign banks as part of its campaign against what it sees as destabilising "hot money" flows, a source with direct knowledge of the move said. The foreign exchange authorities were spotted buying dollars to check the won's strength, but the intervention was not as strong as in previous sessions, some dealers said. The local unit ended domes-

Stg rises on output data, BoE unchanged LONDON: Sterling rose above $1.60 for the first time in two months on Thursday, aided by firm factory output and as the Bank of England held back from taking any further easing measures at its policy meeting, as expected. But the pound gave up a large part of those gains by late afternoon as investors took profits on short dollar positions, and as

speculation about the possibility of more quantitative easing persisted. Many suspect the latest BoE decision was a compromise between a three-way policy split. Details of the vote will be released in two weeks' time. Technical analysts at Commerzbank said an upside bias would persist as long as the pound held the $1.5591 support line. However, "a close below here will suggest a return to $1.5355/$1.5296 (the 200-day moving average and recent low)," they said in a note.

By 1503 GMT, sterling was up 0.2 per cent to $1.5931, after rising as far as $1.6019, its highest since early February. Earlier, the pound was boosted as data showed British manufacturing output rose for a sixth consecutive month in August and by its fastest annual rate in over 15 years helped ease concerns about a faltering UK recovery.

A report in the Financial Times that Britain's coalition government could delay some of its planned public spending cuts until later in its five-year parliamentary term had weighed on sterling during the Asian session. The euro's earlier gains helped push trade-weighted sterling to a four-month low The European Central Bank left interest rates unchanged as expected. ECB President JeanClaude Trichet did not directly address the euro's recent rise but said excess currency volatility was best avoided. -Reuters

tic trade up 0.3 per cent at 1,114.5 versus the greenback from Wednesday's domestic close of 1,118.0. It hit a fresh five-month high of 1,113.5, but weakened to as soft as 1,121.2 as investors covered dollar-short positions. Thai baht scaled another 13year high at 29.78 per dollar, making it the second-best Asian performer in 2010 after the yen, with a 11.6 per cent gain so far this year. Its rise prompted central bank intervention, dealers said. "The baht's rise has been so fast that it is perceived by some as overdone. With the US non-farm data due tomorrow and US and Japanese holidays on Monday, people may play safe by quaring some positions," a Bangkok-based trader said. -Reuters

Swiss franc closes to record highs against dollar ZURICH: The Swiss franc hovered close to record highs against the dollar on Thursday as weak US labour market data made the prospects of quantitative easing by the US Federal Reserve more likely. The greenback has come under pressure against all major currencies on speculation the Fed could start a fresh round of printing money as early as next month. At 0710 GMT, the franc was trading 0.1 per cent higher against the dollar compared to the New York close at 0.9603 per dollar, after hitting an alltime high on Wednesday below 0.96, according to Reuters data. The franc is also close to a record high on the EBS trading platform. Against the euro, the franc was slightly weaker at 1.3420 per euro as markets await interest rate decisions from both the Bank of England and the European Central Bank later in the session. "If the Bank of England makes dovish comments this might have a positive impact on risk appetite, which could ultimately boost the euro against the franc," Schubert said. -Reuters

Australia $ near 27-yr peak on jobs surge, yields SYDNEY/WELLINGTON: The Australian dollar rallied on Thursday to be within a hair's breadth of 27-year highs after an impressive jump in domestic employment revived frenzied speculation that rate hikes may be in the offing. The Australian dollar hit stop-loss buy orders above $0.9791 to tear as high as $0.9847 after employment surged nearly 50,000 in September, more than twice what the market had forecast. The labour report was especially remarkable because the spike in employment was led entirely by growth in better-paying full-time jobs, as opposed to part-time employment. That led the market to bet the Reserve Bank of Australia (RBA) could raise interest rates in November, appearing to have gotten over its biting disappointment earlier this week when the RBA left rates unchanged despite expectations for it to hike. "The ongoing downward trend in the unemployment rate is likely to put pressure on wages and inflation next year, which in turn will prompt the RBA to lift rates," said Felicity

Emmett, an economist at RBS. Implied rates showed the chance of a November rate move spiked to 67 per cent, from 40 per cent seen on Wednesday. A break of $0.7640 would put the kiwi at levels last seen in July 2008, though any gains beyond this could prove a struggle for the currency. "On fundamentals the kiwi is starting to look fairly overstretched, with the economic environment still lacklustre," Jones said. The jobs figures saw the Aussie jump close to a cent on the kiwi cross to a session high of NZ$1.3080, before easing back to about NZ$1.3045. Data on Thursday confirmed the sluggish nature of the New Zealand housing market, with the annual pace of growth slipping for the fifth month a row, as buyers and sellers are wary about entering an uncertain market. NZ government bonds were generally stronger, tracking higher US Treasuries on the expectation of Federal Reserve asset buying, with yields down up to two basis points. -Reuters

ments from European Central Bank President Jean-Claude Trichet at a news conference after the rate decision, which investors took as indicating the euro zone would end stimulus measures sooner than the United States, a scenario already w i d e l y expected. The dollar's latest decline made traders nervous, as the US currency traded below the 82.87 yen level where Tokyo intervened for the first time in six years

Top Economic Events

on Sept. 15. The dollar fell to an all-time low versus the Swiss franc of $0.9555 on trading platform EBS. The Australian dollar surged to a 27-year high of $0.9918 on the back of surprisingly strong Australian data. Gains accelerated after the Australian currency triggered stops above its 2008 high of $0.9851 and option barriers at $0.9900. Sterling hit its highest since early February at $1.6019, rallying after the BoE rate decision. It recovered from a fivemonth low versus the euro. Reuters

Indian rupee hits 25-mth high on robust fund MUMBAI: The Indian rupee on Thursday hit a 25-month high propelled by robust foreign capital inflows into Asia's third-largest economy, with broad losses in the dollar versus major currencies also supporting sentiment. The partially convertible rupee closed at 44.1950/2050 per dollar, after hitting 44.1250, its strongest since Sept. 8, 2008 and 0.7 per cent stronger than 44.49/50 at close on Wednesday. "Rupee was strong tracking broad dollar losses, but there was some demand from importers as well," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank in Mumbai. "Rupee should trade in a 44.00-44.30 range tomorrow." After rallying to its highest level in more than two years, the rupee is probably near its peak, and is expected to close 2010 marginally below current levels, a Reuters poll of 42

economists showed on Thursday. The dollar's downtrend gathered pace on Thursday as it slid to a 15-year low versus the Japanese yen and an all-time low against the Swiss franc on the prospect of more moneyprinting by the US. Federal Reserve. The index of the dollar against six majors was down 0.5 per cent when the rupee market closed. Indian shares fell 1.1 per cent as investors locked in profits after a big rally that had taken the market to a 33-month high this week, but traders said the undertone was bullish on surging foreign interest. Foreign portfolio investments so far in 2010, have reached a record $20.9 billion, in addition to last year's $17.5 billion. Of the total in 2010, more than a third has come since the start of September. The rupee is now up more than 5 per cent on year. -Reuters

Taiwan dollar hits 27-mth closing high TAIPEI: The Taiwan dollar hit a 27-month closing high on Thursday, tracking gains in regional currencies as fund flows chased yield, but central bank intervention pared its gains from earlier higher levels. Taiwan's central bank has intervened in the market heavily in recent sessions as a surge in recent sessions threatened to hurt exporters. In addition to issuing verbal warnings, the bank was inspecting the currency forward businesses at local and foreign banks as part of its campaign against what it sees as destabilising "hot money" flows, a source with direct knowledge of the move said earlier in the day. "The central bank can only slow down gains of the Taiwan dollar, but not its rising trend," said an analyst at a local bank. The local currency ended up T$0.09, or 0.289 per cent to T$31.042, its highest level since early August 2008, after being pulled back from a day high of T$30.675 or almost a 1.5 per cent gain. Taiwan's central bank joins

other Asian emerging markets authorities in taking aim at fund flows as they seek to protect their exporters from rises in currencies. South Korea was seen intervening Wednesday as the won hit a five-month high against the US dollar. While the local currency extended its rally, Taiwan stocks took a breather from the previous session's nine-month closing high. The broader market ended flat to 8,282.92. Profit-taking sent the construction sub-index down 1.2 per cent. Smartphone maker HTC Corp topping the most active list by turnover, rose 1.1 per cent. HTC said its third-quarter net profit almost doubled. The financial sub-index gained 0.57 per cent.-Reuters

Time 0:00 4:50 4:50 4:50 7:30 10:00 10:45 11:00 11:45 13:30 13:30

Source USD JPY JPY JPY AUD JPY CHF EUR EUR GBP GBP

Events Consumer Credit m/m Monetary Policy Meeting Minutes Monetary Policy Meeting Minutes Current Account RBA Deputy Gov Battellino Speaks Economy Watchers Sentiment Unemployment Rate German Trade Balance French Gov Budget Balance PPI Input m/m PPI Output m/m

Forecast -2.9B

Previous -3.6B

1.09T

1.46T

44.8 3.7% 12.3B

45.1 3.8% 12.7B -93.1B -0.5% 0.0%

0.3% 0.2%

Previous Day Source

Events

AUD CNY AUD AUD JPY JPY EUR

AIG Construction Index Bank Holiday Employment Change Unemployment Rate Leading Indicators Prelim Machine Tool Orders y/y French Trade Balance

Actual

Forecast

Previous

40.8

43.2

49.5K 5.1% 99.1% 112.9% -4.9B

20.2K 5.1%

31.6K 5.1% 100.0% 170.0% -4.4B

-4.0B

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 High 1.3903 1.4030 0.8767 0.8805 1.3447 1.3492 114.53 115.66 0.9672 0.9698 1.0191 1.0209 1.5866 1.6017 130.69 131.85 0.9822 0.9897 1.4162 1.4173 85.19 86.33 1336.08 1364.13 22.00 0.00

Bid 1.3899 0.8764 1.3443 114.5 0.9668 1.0186 1.5861 130.63 0.9819 1.4157 85.13 1335.33 21.97

Low 1.3860 0.8737 1.3368 114.26 0.9557 1.008 1.5931 130.5 0.9760 1.4062 85.00 1325.68 0.00

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 07/10/2010 A USD GBP CAD EUR JPY O/N 0.22500 0.55000 1.05375 0.37250 SN 0.09750 1WK 0.25025 0.55500 1.07333 0.60875 0.10875 2WK 0.25169 0.56000 1.10333 0.63375 0.11625 1MO 0.25625 0.57125 1.12417 0.68969 0.13000 2MO 0.27297 0.62838 1.16750 0.75250 0.16000 3MO 0.28906 0.73881 1.23417 0.90313 0.20375 4MO 0.34375 0.82209 1.28750 0.97000 0.28938 5MO 0.40719 0.92500 1.34667 1.05688 0.34938 6MO 0.45875 1.02750 1.41000 1.16375 0.41000 7MO 0.50656 1.10350 1.47917 1.21000 0.47000 8MO 0.55806 1.18469 1.55667 1.25875 0.51938 9MO 0.60688 1.26625 1.62417 1.30625 0.56813 10MO 0.65988 1.34031 1.69250 1.35625 0.59813 11MO 0.71469 1.40781 1.77917 1.40250 0.62500 12MO 0.77150 1.47344 1.86000 1.44625 0.65313

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a

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

Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%

Division of National Bank of Pakistan (NBP) KARACHI, October 07,2010 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

86.05 136.48 119.76 85.12 89.42 84.68 12.84 1.04 14.81 65.67 15.99 22.95 11.09 12.86 303.47 27.85 64.41 23.64 23.43 0.08 2.87

85.85 136.16 119.48 84.92 89.21 84.48 12.81 1.04 14.78 65.52 15.95 22.89 11.07 12.83 302.77 27.79 64.26 23.58 23.37 0.08 2.86

85.66 135.85 119.20 84.70 88.97 84.26 12.78 1.03 14.74 65.34 15.91 22.83 11.04 12.80 301.97 27.71 64.09 23.52 23.31 0.08 2.86

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 07, 2010

CMKA

BMA

INVSR

GSL

ICSL

11.65 11.90 12.35 12.65 12.80 12.90 13.05 13.10 13.15 13.45 13.85 13.75 13.90 13.85 13.80 13.75 13.65 14.00 14.25 14.40

11.60 11.75 12.20 12.50 12.56 12.80 12.90 13.00 13.10 13.45 13.85 13.90 13.95 13.97 13.95 13.70 13.60 13.98 14.20 14.40

11.75 11.85 12.15 12.30 12.60 12.70 12.98 13.03 13.16 13.45 13.85 13.64 13.95 13.78 13.75 13.65 13.62 13.98 14.20 14.40

11.75 12.00 12.25 12.68 12.65 12.90 13.10 13.15 13.20 13.40 13.85 13.85 13.93 13.86 13.80 13.82 13.65 14.00 14.25 14.30

11.60 11.90 12.35 12.55 12.65 12.80 13.05 13.15 13.25 13.45 13.75 13.80 13.85 13.85 13.85 13.90 13.65 13.98 14.25 14.40

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years

JSCM AvgRate 11.65 11.75 12.25 12.60 12.63 12.83 12.98 13.03 13.16 13.45 13.85 13.65 13.90 13.80 13.75 13.65 13.62 13.97 14.20 14.40

11.67 11.86 12.26 12.55 12.65 12.82 13.01 13.08 13.17 13.44 13.83 13.77 13.91 13.85 13.82 13.75 13.63 13.99 14.23 14.38

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

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

week month months months year years

0.19 0.96 0.81 0.88 0.53 0.37

0.8 0.94 0.31 0.04 0.81 0.52

0.97 0.98 0.8 0.57 0.85 0.48

0.97 0.93 0.72 0.58 0.92 0.78

0.57 0.96 0.76 0.78 0.88 0.71

USD/CAD USD/CHF

0.96 0.87 0.81 0.76 0.59 0.39

-0.94 -0.8 -0.66 -0.64 0.26 -0.25

-0.65 -0.96 -0.67 -0.71 -0.66 -0.63

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)07/10/2010 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

ASK

ABPL 11.40

11.90

11.60

12.10

12.10

12.65

12.80

13.05

12.90

13.20

13.10

13.60

13.20

13.70

13.30

13.80

ABLN 11.25

11.75

11.70

12.20

12.10

12.60

12.75

13.00

12.95

13.20

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

11.60

12.10

11.80

12.30

12.25

12.75

12.75

13.00

13.10

13.35

13.10

13.60

13.15

13.65

13.50

14.00

ASPK 11.50

12.00

11.75

12.25

12.30

12.80

12.80

13.05

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

CIPK

11.40

11.90

11.75

12.25

12.25

12.75

12.75

13.00

13.05

13.30

13.10

13.60

13.20

13.70

13.30

13.80

DBPK 11.30

11.80

11.50

12.00

12.00

12.50

12.65

12.90

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.25

11.75

11.50

12.00

12.00

12.50

12.60

12.85

13.00

13.25

13.10

13.60

13.15

13.65

13.40

13.90

FLAH 11.30

11.80

11.70

12.20

12.20

12.70

12.80

13.05

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 11.40

11.90

11.70

12.20

12.35

12.85

12.75

13.00

13.00

13.25

13.10

13.60

13.20

13.70

13.35

13.85

HKBP 11.40

11.90

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

NIPK

11.25

11.75

11.75

12.25

12.55

13.05

12.80

13.05

13.00

13.25

13.05

13.55

13.10

13.60

13.20

13.70

HMBP 11.70

12.20

11.90

12.40

12.50

13.00

12.80

13.05

13.10

13.35

13.20

13.70

13.30

13.80

13.40

13.90

SAMB 11.40

11.90

11.60

12.10

12.00

12.50

12.75

13.00

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 11.25

11.75

11.50

12.00

12.25

12.75

12.70

12.95

12.95

13.20

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

11.40

11.90

11.60

12.10

12.15

12.65

12.65

12.90

12.90

13.15

13.10

13.60

13.20

13.70

13.35

13.85

UBPL 11.35

11.85

11.60

12.10

12.10

12.60

12.65

12.90

12.95

13.20

13.15

13.65

13.25

13.75

13.35

13.85

AVE

11.86

11.68

12.18

12.20

12.70

12.75

13.00

12.96

13.21

13.10

13.60

13.21

13.71

13.34

13.84

11.36


4 Friday, October 8, 2010

The Financial Daily International

The Cotton Country

Vol 4, Issue 64

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

SSGC, KESC slinging mud Of lately both Karachi Electric Supply Company (KESC) and Sui Southern Gas Company (SSGC) are trying to settle their scores by issuing lengthy press releases instead of trying to arrive at a mutually agreed amicable solution. Maybe it's because KESC management knows that the government gets jittery when load shedding spells grow longer in Karachi and SSGC also knows that telling the story of inching towards delinquency can help in getting the overdue amounts. At the best this battle could be termed as a 'futile stunt'. SSGC faces liquidity crunch and wants all its dues, including those of KESC to be cleared at the earliest to bring down its financial cost and undertake revamping of its network to bring down UFG percentage. If KESC clears all the outstanding dues and also pays its monthly bills in time most of the woes of SSGC can be resolved. The policy of withholding fuel suppliers' dues because KESC is not getting its receivables is highly illogical. It must approach the government for the recovery of dues rather than defaulting on payments. All and sundry knows that KESC's key problems are: 1) transmission and distribution (T&D) losses hovering around 40 per cent, 2) mounting receivables exceeding Rs40 billion, and 3) highly inadequate cash flow for settling liabilities arising from purchase of fuel and electricity. The new management has not been successful in overcoming these three contentious issues, despite injecting billion of rupees. However, the management alone can't be held responsible for the precarious situation because government is not extending the required support in recovering outstanding payments and removing kundas. KESC just can't settle its liabilities unless its cash flow improves and it is the collective responsibility of all the stakeholders that include government, fuel suppliers, creditors, and also the consumers. Unless a detailed strategy is formulated and necessary steps are taken no improvement in prevailing conditions could be expected. In fact the situation is deteriorating fast despite persistent increase in tariff. KESC is a compact utility involved in generation, transmission and distribution having a franchised area, which is ever bigger than many countries. Its entire generation system is thermal based as against some of the other distribution companies enjoying the benefit of low-cost hydel power. Its franchised area also has ethnic concentrations fully supported by the political parties, when it comes to removal of kundas. The country can't afford bankruptcy of KESC or SSGC. Hike in electricity tariff has failed in improving cash flow of KESC. The strategic investors of KESC may be the financial wizards but managing a utility is all together a different ballgame, especially in Pakistan. Power sector policies in the country are influenced by the vested interests. To save the system from total collapse intercorporate debt issue must be resolved at the earliest. The sooner the better.

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.

Mohammed Arifeen

C

otton is the mainstay of Pakistan economy. It is the livelihood of millions of people and provides large employment opportunities to the people of the country. It contributes sixty per cent of the foreign exchange earning and provides raw material to the textile mills. A good number of indigenous industries such as pharmaceuticals, soap, chemical and feed rely heavily on cotton by-products. Cotton accounts for 8.6 per cent of the value addition in agriculture and approximately 1.6 per cent to GDP. The province of Punjab occupies 80 per cent of total area of the land under cotton cultivation and has 78 per cent share in the total cotton produced in the country. Pakistan ranks fourth among the top ten cotton producing countries. The top ten cotton producing countries are China, United States and India accounting for about 70 per cent of the total production. United States occupies the top position accounting for 48 per cent of cotton exports from top ten exporting countries. China being ranked as number one cotton producer occupies the first position among the top ten importing countries. India has the distinction of having the largest area under cotton cultivation in the world ranging between 8.00 million to 10 million hectares constituting about 26 per cent of the world area under cotton cultivation. Though, Pakistan occupies fourth position, it is still far behind in productivity when compared with other

major cotton producing countries i.e. China, India and United States. The recent devastating flood in Pakistan have destroyed one fifth of the country's cotton crop. Punjab, produces 78 per cent of cotton crop in Pakistan has suffered the highest losses. Most affected districts include Muzaffargarh, Dera Ghazi Khan and Rajanpur and moderate losses have been witnessed in Bhakkar, Layyah, Jhang and Rahim Yar Khan. The Pakistan Ginners Association has estimated 15 to 20 per cent cotton crop in Punjab gushed by flood waters. Rough estimates shows that two million bales of cotton have been destroyed only in Punjab by floods. Cotton crop has

that Pakistan had missed the cotton production target by around 5 to 10 per cent in the last financial year 2009-10. The total demand for cotton was 14 million bales while domestic production was 12.7 million bales. The country imported 1.3 million bales from other countries to meet the domestic requirement. To meet the shortfall of cotton production in Pakistan the neighboring country India is looking for an opportunity of exporting cotton to Pakistan. About 400 cotton Indian growers, ginners and exporters have already expressed interest in exporting cotton to Pakistan. However some Indian expert fear a huge demand from Pakistan could send

India thru its research and development has been able to boost its cotton production and stands distinguished among the leading cotton producing countries. If similar measures are taken with resolve and sincerity Pakistan can earn $20bn from exports of cotton textiles.

been damaged in Sindh also. . The total consumption of cotton by local industry is about 15.5 million bales against targeted production of 14 million bales. After the devastating flood the shortfall is likely to rise to around 4.5 million bales. This shortfall will have to be met through import from other cotton producing countries. Due to import of cotton from other countries the cost of production of textile products would increase and may lead to losing country's share in the international market. In this context it may be mentioned

price soaring in India. It may be worth mentioning that Pakistan for the past several years had been one of the major importers of Indian cotton. Mr. I. G. Duria the Corporate General Manger with Punjab based Vardhman group, a leading mill says "India should export surplus. If the government does not regulate exports India can face serious repercussion." To keep Pakistan's textile sector vibrant the stakeholders will have to bear the burden of over US$ one billion on import of cotton. According to sources textile sector stakeholders

Pilgrim Tourism S

unshine all year round, a medley of multicoloured coral reefs beyond its sandy shores and the remains of an ancient desert city make an enticing tourist destination. But don't pull out your bikini yet. In Saudi Arabia there are no shorts, no mixing of unrelated men and women, and most significantly, no easy access into the country. Home to Islam's holiest cities of Mecca and Medina, Saudi Arabia regards itself as the guardian of Islam and is often closed off to foreigners. Even though it receives more than five million Muslim pilgrims a year, they are not allowed to travel within the country. Tourist visas are rarely issued and come with many restrictions but this is due to change as Saudi Arabia adopts a new strategy to tap into a niche market of conservative tourism. "It is about the kind of people that come to Saudi Arabia. It is an Islamic country that is home to Islam's holiest sites so most people who come here come for Umra and Haj (pilgrimage)," said Abdulla al-Jehani, an official at the Saudi Commission for tourism and Antiquities. For the past six years the tourism authorities focused their efforts on attracting more locals and Gulf nationals, who are allowed entry to Saudi Arabia without a visa. "We are working on a new program... called "Umra Plus", which means "Umra Plus tourism"," Jehani said, adding that visiting pilgrims will be allowed to extend their stay in the kingdom to visit certain areas that were previously inaccessible to them. With sites such as the ancient Nabatean city in Madaen Saleh; a 300-year old village of Rijal Alma; and the remains of a famous railway linking the Levant with the holy city of Medina, Saudi Arabia has a lot to offer. The leading oil exporter says it hopes to raise its tourism contribution to non-oil GDP to 11 per cent within the next 20 years from its current 6.5 per cent as it seeks to diversify away from oil and provide jobs for its 18 million local population.

TAPPING INTO NICHE MARKET Perched on the edge of one of Saudi Arabia's mountain's in the Western region, 1,800 kilometres above sea level, the Taif water park resort has become a hub for conservative Gulf tourists who want to have a little fun in the sun while still adhering to their religious principles. Wearing "Islamic" swimming trunks that cover the area from his belly button to his shins, Mishaal al-Azmi and his family merge well with their surroundings at the water park resort. His wife, clad in black and veiled, sits by his side.

that the country is and will remain conservative, having its own values and principles, and no one will change that," he added. Many Saudis choose to travel abroad for a change of scenery and cooler weather, but nearly 1.4 million residents of other Gulf countries visit the kingdom during summer, Jehani said. One Kuwaiti woman, shopping for herbs in an Al Taif bazaar, said she felt safe in Saudi Arabia, free from what she considered vulgar images seen when travelling abroad. In order for Saudi Arabia to expand its tourism industry as it aims to capitalise on pilgrim visitors it must first attract investors to build more hotels and facilities which tend to be overcrowded during peak summer times. LACK OF INVESTMENT Tourism's development is hampered, however, by lack of interest among investors worried about weak returns, causing a shortage of hotels and other facilities. "We do not find ourselves in a position to reach out more in terms of leisure tourism. We are not yet ready because of the standard of the industry in terms of the services, the ease of transport between cities in the kingdom. This all needs improvement," Jehani said. Even though Taif is one of the most popular summer destinations in the country, it only has 24 hotels and 450 serviced apartments while it receives about 2 million tourists a year, said Ahmad Aljuaid, a local tour guide. Investors' main concern is also to have a steady stream of tourist all year long, not just in the summer when more people pour into the country, said Abdulhamid alAmry, member of the Saudi Economic Association. Prices of lodging more than double during the summer and some hotels are only open for a few months a year. Jehani believes that the "Umra Plus" program will be one solution that will help increase demand for tourism throughout the year, and contribute to eliminating the seasonality problem.Reuters

It is about the kind of people that come to Saudi Arabia. It is an Islamic country that is home to Islam's holiest sites so most people who come here come for Umra and Haj (pilgrimage)," said Abdulla al-Jehani, an official at the Saudi Commission for tourism and Antiquities "Abroad they bother us. They look at us with discrimination ...because of our Islamic dress. Here we feel like we are free, no one bothers us. Everyone has the same values and traditions," he said. Taif, along with other mountaintop destinations in Saudi Arabia, have become alluring summer hot spots for conservative families from the Gulf who are looking to enjoy a holiday in keeping with Islamic values and traditions. Saudi Arabia follows an austere version of Sunni Islam and religious police patrol the streets to ensure adherence to Islamic Sharia, including a ban on alcohol and often music. Men must dress modestly and women cover their figures with a loose black garment, called the abaya, while restaurants segregate single men and families into separate sections. "Saudi Arabia is a conservative country that has its values and principles, making it different than other places, and that may attract some people," Jehani said. "Among the principles for the tourism vision for Saudi Arabia is

have already started negotiation with India and Brazil for importing one million bales of cotton while the negotiation for the remaining import of cotton will be held very soon. Cotton holds economic significance both in the global and national economy. It is very sad that despite cotton being the mainstay, Pakistan has criminally neglected cotton cultivation in the past five years. The depressed condition of cotton crop in this fiscal year is alarming due to floods, which must be improved at all cost. In the event of chaos in national economy and financial crunch due to flood the only source of comfort for Pakistan is to bring significant improvement in agriculture with greater improvement in the cotton cultivation. We must take a lesson from the neighbor country India which has recorded robust growth in the cotton production. The question Pakistan must ask, why with more or less similar climatic conditions with India Pakistan could not make a substantial progress in cotton production as well as yield. The natural calamity like the recent floods has given a genuine lesson to work with devotion to bring revolutionary changes for boosting cotton production. In order to avoid huge import of palm oil it should increase extraction of oil from cotton seeds and use it as edible oil extensively for the people. In many Western and African countries, cottonseed is used for oil and margarine and other products being the major source of fat and oil. Pakistan should invest in research and development for boosting cotton production. India through its research and development has been able to boost its cotton production and stands distinguished among the leading cotton producing countries. If similar measures are taken with resolve and sincerity Pakistan can earn $20bn from exports of cotton textiles.

A Setback for Obama

T

● The decision, if proshe Obama administration's prosecu- ecutors are unable to tion of terrorism overturn it, could make it suspects in US criminal harder for the administracourts could be hobbled tion to win approval from by a federal US prosecutors in judge's decision to bar a Manhattan are key government witness trying Ahmed from testifying in the Ghailani of Tanzania first trial of a on charges that he prisoner who was held by conspired with the military a t Islamic militants to Guantanamo bomb the US Bay, Cuba. ● US embassies in prosecutors i n Tanzania and Kenya Manhattan in which 224 people are trying A h m e d were killed. Ghailani's Ghailani of Tanzania on defence lawyers charges that he conspired argued he was coerced with Islamic in interrogations militants to bomb the US while in CIA custody. embassies in Tanzania and Kenya in the US Congress to proswhich 224 people were ecute terrorism suspects killed. Ghailani's defence in criminal courts. That lawyers argued he was effort was already facing coerced in interrogations challenges despite the fact that President while in CIA custody. Barack Obama's fellow ● Judge Lewis Kaplan refused to allow a wit- Democrats control both ness testify because he chambers. ● The ruling also was located as a result of testimony coerced from brings back headlines Ghailani, a setback for about the controversy at the Obama administra- a time when it had largely been relegated to the tion. back burner. The timing ● The Obama administration has repeatedly could also put Democrats said that US criminal who support criminal tricourts in the past have als in the United States handled prosecuting ter- on the defensive when rorism cases and have they are running for repressed to have detainees election. ● One civil liberties from Guantanamo tried that way despite criticism group hailed the decision because it upheld the from Republicans. principle that testimony ● The decision will likely provide additional from someone who was ammunition to coerced would not be Republicans who believe admitted into a US crimithat most terrorism sus- nal court. They also said pects should be labeled it was not the only evi"enemy combatants," dence against Ghailani tried in military tribunals and that others in the at Guantanamo and only case had been convicted afforded limited legal without the testimony of the witness.-Reuters rights.


5

Friday, October 8, 2010

Philippine stocks close at all-time high

Mexico stocks open lower after record high closes

KSE-100 Index Opening Closing Change % Change Turnover (mn)

Benchmark index up 1.6pc

10,029.36 10,191.68 162.32 1.62 148.22

Bulls cart KSE up to 2-month high

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

3,111.95 3,180.49 68.54 2.20 7.06

Nawaz Ali

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

KARACHI: Karachi Stock Exchange (KSE) Thursday gained more than 1.6 per cent to touch a two-month high primarily due to local/foreign institutions' buying in the wake of news that EU has eased its conditions for Pakistan exports, international oil prices have shot up, and US has apologised for Nato's friendly fire that killed Pakistani troops. The benchmark KSE 100index jumped by 162 points

2,559.23 2,597.91 38.68 1.51 0.56

Major Gainers

Symbol

Close

Change

ULEVER 3,993.29 MTL 442.52 NESTLE 1,927.53 LAKST 353.86 FZTM 345.00

43.29 16.95 15.98 8.72 7.01

Major Losers

Symbol RMPL DREL BHAT PAKD SIEM

Close

Change

1,246.91 699.99 159.00 102.46 1,150.00

-51.34 -10.01 -7.85 -5.39 -5

FTSE inches up as drug makers gain

Top 5 Volume Leaders

Symbol

Close Vol (mn)

JSCL NIB BAFL LOTPTA SNGP

9.16 3.04 9.02 8.73 32.75

9.52 9.26 9.03 8.32 7.85

Active Issues Plus Minus Unchanged

244 125 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

MUMBAI: Bollywood actor Shah Rukh Khan poses before hitting the ceremonial gong during his visit to the BSE building in Mumbai.-Reuters

HK shares flat before China markets reopen HONG KONG: Hong Kong shares closed little changed on Thursday, holding at an 11month high, as investors paused ahead of markets reopening in China and US jobs data on Friday. The benchmark Hang Seng Index ended flat at 22,884.3 with mainland banks outperforming for a second session, as investors hunted for value while other sectors succumbed to profit-taking.

The index is up 2.4 per cent this week, rising to a fresh 2010 high, as foreign investors poured money into the market as expectations grow that easing US monetary policy would keep money cheap. Meetings of the European Central Bank and Bank of England later on Thursday will be watched for any hint that, like the Federal Reserve and Bank of Japan, policymakers are warming up to using newly

printed money to buy assets. "Market sentiment turned buoyant quite rapidly and it is understandable if some investors are feeling a little uncomfortable at this point," said Ben Kwong, chief operating officer at KGI Asia in Hong Kong. "The index is quite overbought and we have China's markets reopening tomorrow after a long holiday as well as See # 4 Page 11

AKD Trade switches on state-of-the-art software Staff Reporter KARACHI: AKD Trade, the online division of AKD Securities has launched its new stock trading software, which is said to go a long way in improving online business. A large number of AKD Trade customers were also present on the occasion. In his message, the Chairman of AKD Group, Aqeel Karim Dhedhi said AKD Group had always been in the forefront, be it safeguarding the interests of general public or providing them with the best available opportunities in the market. He

LONDON : The top share index gained slightly by midday on Thursday as stronger pharmaceuticals outweighed falls in banks, with moves muted as the Bank of England left rates on hold as expected. By 1108 GMT, the FTSE 100 was 3.46 points or 0.1 per cent higher at 5,684.85 after rising 0.8 per cent on Wednesday to a five-month closing high. The Bank of England's Monetary Policy Committee held interest rates at 0.5 per cent and left its total 200 billion pounds of quantitative easing purchases unchanged, as widely expected. But the decision may have masked a three-way split among the nine-member committee, with Andrew Sentance likely to repeat his call for higher rates, while Adam Posen recently said he felt the central bank should inject more stimulus into the economy. "The decision was fully factored in. You're going to get more insight when the minutes are published in a couple of weeks' time, because there's absolutely no information in the statement to give us any insight as to what the Bank of England were thinking," Peter Dixon, UK economist at Commerzbank, said. The dollar fell to a 15-year low versus the yen and an See # 3 Page 11

(1.62 per cent) to close at 10,191 points, KSE 30-Index increased by 176 points (1.82 per cent) to close at 9,864 points, and KSE All Share index rose by 106 points (1.52 per cent) to close at 7,106 level. According to Samar Iqbal, equity dealer at Topline Securities, local bourse witnessed a very active session across the board as volumes scaled a 4-month high mainly led by local institutions and foreign fund managers buying. He went on to say enthusiasm

was further augmented due to inflow of foreign funds in the regional markets which pushed index up near 2-month high level. Also, positive news flow about local cement price increase, news of EU relaxations for Pakistani exports, and upsurge in the international oil prices had a healthy impact on trade today, he added. According to a news report, The European Union suspended duty on 75 Pakistani imports as part of an aid-linked package to See # 16 Page 11

Indian shares drop, but outlook bullish NEW DELHI: Indian shares fell 1.1 per cent on Thursday as investors locked in profits after a big rally that had taken the market to a 33-month high this week, but traders said the undertone was bullish on surging foreign interest. The 30-share BSE index closed down 1.11 per cent, or 227.76 points, at 20,315.32, with 23 of its components falling. The benchmark is up 16.3 per cent in 2010, and is about 900 points away from a

record high of 21,206.77. On Monday, the index had hit 20,706.74, its highest since January 2008. Outsourcers such as Infosys Technologies and Tata Consultancy, which get more than half of their revenue from the United States, led the losses after data showed private sector employment in the world's biggest economy surprisingly shrank in September. See # 1 Page 11

Nikkei falls on yen rise TOKYO: Japan's Nikkei average fell 0.2 per cent on Thursday as the yen's rise to a fresh 15-year high undermined sentiment, but it continued to see inflows into the real estate and financial sectors in the wake of Bank of Japan easing. The Nikkei was put under pressure as electronics slumped after US tech shares dropped the previous day hit by worries about demand for semiconductors and data storage. Weaker-than-expected thirdquarter earnings guidance for South Korea's Samsung Electronics also added bearishness to the sector, traders said.

"The yen's rise, falls in US tech shares and a weaker-thanconsensus results by Samsung weighed on the Nikkei, but sentiment is not all that weak," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management. "The effect of the BOJ easing is still in place as we are seeing inflows into the property, construction and financial sectors. I believe this trend will continue for a while." The benchmark Nikkei fell 16.41 points to 9,675.02, while the broader Topix rose 0.3 per cent to 847.39. See # 2 Page 11

Dhiyan

BUY; ORDER STOP LOSS AT 10,113PTS Mohammad Imran, AVP Research Arif Habib Limited Market is expected to move in a narrow band down the line days as upcoming inflation figures are likely to be higher. It is expected it would be moving in a range of 300-400 points. Investors are advised to venture in oil and textile sectors. Launch of Margin Trading System (MTS), positive outcome of the meeting with IMF, good corporate results, and a huge foreign aid may act as triggers the market is in dire need of. Bullish activities could be seen today.

added AKD had pioneered online stock trading facility in Pakistan with a mission to provide retail investors maxi-

mum access to Pakistan's capital markets as back as in 2002 before anyone else. See # 5 Page 11

ANNOUNCEMENTS Company Grays of Cambridge Gulshan Spinning Ist.Capital Sec. National Silk Sapphire Fiber Sapphire Textile Sitara Energy Arpak Int. Ashfaq Textile Asim Textile Bilal Fibres Data Agro EMCO Industries Equity Modaraba Grays Leasing J.A.Textile J.O.V.& CO. Jah.Sidd. Co. Mian Textile Olympia Spinning Pace (Pak) Ltd. Security Leasing Wateen Telecom Ltd Zephyr Textile Ltd

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

Div/Bon/Right 25%(D) 10%(D) 20%(B) 10%(B) 10%(D) 15%(D) 50%(D) 20%(D) -

PAT (Rs in mn) -18.260 101.798 699.221 0.864 723.768 1,015.544 107.195 11.073 12.751 26.289 -9.393 0.394 -71.744 -0.714 -101.478 -6.218 -111.311 -8,983.826 -37.445 -101.415 633.164 -273.953 -2.020 -63.153

EPS(Rs) -2.48 5.50 2.43 0.78 36.76 50.57 5.61 2.77 1.82 1.77 -0.67 0.10 -2.05 -0.01 -4.72 -0.49 -2.19 -11.77 -1.69 -8.45 2.37 -7.55 -4.43 -1.06

Syed Faizan Rizvi, Director SMH Financial Solution A breakout took place and benchmark KSE 100-Index was able to close above its major resistance level 10150 points. We are seeing the bull-run on the roll with a minor resistance at the level of 10240 points which will be absorbed during intra-day trade today. We recommend investors to buy and order stop loss at the level of 10,113 points. Market is likely to move both ways today.


6

Friday, October 8, 2010

Market

KSE 100 Index

Symbols

Volume

148,216,248

Value

4,198,289,032

Trades

62,704

Advanced Declined Unchanged Total

Current High Low Change

KSE 30 Index

7,106.90 7,114.10 7,000.21 h106.69

Current High Low Change

KMI 30 Index Current High Low Change

9,864.30 9,875.07 9,688.30 h176.00

16,020.08 16,032.86 15,756.61 h263.47

OIL AND GAS

INDUSTRIAL TRANSPORTATION Performance of SR Industrial Transportation Index

High Low 1,272.07 1,248.35 Total cos Defaulter cos P/BV (x) ROE (%) 4.01 37.01

Close Change 1,267.60 18.90 Listed cap Market cap 65,194.15 mn 1,022,602.27 mn Payout (%) Div Yield (%) 68.56 6.33

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

576 853 3921 735 800 Oil & Gas Development XD 43009 Pak Petroleum 11950 Pak Oilfields 2365 Pak Refinery Limited 350 PSO XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685

5.54 14.91 14.73 5.30 10.15 5.60 6.12 4.59 13.59 9.92

354.03 80.62 10.07 107.13 210.59 145.21 174.64 239.52 56.02 265.66 30.23 191.91

362.78 82.69 10.50 111.90 213.90 147.60 179.25 241.99 58.82 271.55 30.80 195.00

354.00 80.50 10.10 108.02 210.01 145.02 174.75 239.52 55.00 266.40 29.60 192.75

360.31 6.28 82.03 1.41 10.38 0.31 108.74 1.61 212.83 2.24 147.08 1.87 178.76 4.12 241.25 1.73 58.82 2.80 271.21 5.55 30.17 -0.06 193.45 1.54

369259 516538 1507112 73839 212011 727115 1589422 1059362 8411 510515 29944 19010

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery

All Share Index

10,191.68 10,200.66 10,029.36 h162.32

Performance of SR Oil and Gas Index Open 1,248.69 Turnover 5,115,426 P/E (x) 10.84 Company

Current High Low Change

244 125 25 394

Last 60 days High Low 362.78 93.60 12.96 138.45 213.90 153.00 214.10 241.99 82.00 289.45 40.10 244.00

% Change 1.51 5-Day High 1,267.60 5-Day Low 1,248.00

2009 Div BR (%) (%)

2010 Div BR (%) (%)

289.00 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -

300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Open 705.07 Turnover 40,163 P/E (x) 5.49 Company

Paid up Cap(mn)

Pak Int Cont.Terminal XD 1092 PNSC XD 1321

High Low 718.86 682.84 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53

Close 692.85 Listed cap 3,242.17 mn Payout (%) 11.08

Change -12.21 Market cap 12,299.38 mn Div Yield (%) 2.02

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.86 5.25

65.55 38.50

67.00 38.99

63.00 38.12

64.04 -1.51 38.50 0.00

38552 1611

87.86 41.00

62.75 34.50

Company

Paid up Cap(mn)

PE

Open

High

Low

Agritech Limited 3924 Bawany AirSPOT 68 1.46 BOC (Pak) 250 9.41 Clariant Pak 273 5.74 Dawood Hercules 1203 7.75 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corp. Ltd XD 3277 9.03 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 7.27 Fauji Fert. Bin Qasim 9341 7.22 Gatron IndSPOT 384 3.61 Ghani Gases Ltd 725 ICI Pakistan XD 1388 7.15 Lotte Pakistan 15142 3.03 Mandviwala 74 Nimir Ind Chemical 1106 66.50 Sitara Peroxide 551 Wah-Noble 90 4.99

23.49 10.90 73.21 162.51 165.50 2.02 3.90 1.34 173.94 14.34 10.37 105.70 27.60 38.71 12.18 117.25 8.45 1.50 1.34 8.07 42.00

23.39 11.90 74.50 164.00 171.90 2.50 4.10 1.45 176.95 15.20 10.45 107.49 28.47 39.00 13.18 120.90 8.82 2.48 1.39 8.90 43.48

22.54 11.40 72.00 162.00 165.00 2.01 3.92 1.35 174.12 14.55 10.01 105.50 27.57 38.65 12.10 117.49 8.44 1.40 1.30 8.23 42.00

Close Chg 23.37 11.40 73.95 163.04 168.02 2.11 3.98 1.37 176.05 14.73 10.35 106.87 28.36 38.66 13.18 120.02 8.73 1.58 1.33 8.49 42.10

-0.12 0.50 0.74 0.53 2.52 0.09 0.08 0.03 2.11 0.39 -0.02 1.17 0.76 -0.05 1.00 2.77 0.28 0.08 -0.01 0.42 0.10

Close 1,155.43 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 4100 155 5989 550 9785 25705 73015 155558 1063555 7346209 215496 655320 2941558 192 1079521 578161 8317729 36620 467306 245521 7886

Change 17.07 Market cap 262,544.16 mn Div Yield (%) 6.94

27.79 16.78 82.50 174.00 185.88 3.15 5.45 2.21 194.59 15.20 12.46 113.39 30.65 48.30 13.18 128.30 9.09 3.24 1.80 11.09 48.00

% Change 1.50 5-Day High 1,155.43 5-Day Low 1,135.34

2009 Div BR (%) (%)

2010 Div BR (%) (%)

21.15 10.00 66.90 90 153.50 125 155.38 40 10B 1.78 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 36.80 7.41 109.50 80 6.75 5 1.06 1.16 7.67 41.00 50 -

5 15 20 20 75 5 20 55 50

10R -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,142.91 Turnover 15,530 P/E (x) 5.87

High Low 1,158.30 1,123.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47

Close 1,150.62 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

4.22 4.68

18.70 40.84 39.80

19.20 41.50 39.90

18.20 40.50 39.40

19.14 0.44 40.51 -0.33 39.60 -0.20

12004 2044 1482

Company

Change 7.71 Market cap 3,192.72 mn Div Yield (%) 4.31

Last 60 days High Low 22.70 62.85 50.40

16.00 39.50 38.10

% Change 0.67 5-Day High 1,168.25 5-Day Low 1,142.91

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,055.73 Turnover 431,684 P/E (x) 3.88 Paid up Cap(mn)

Agriautos Ind 144 Atlas Battery 101 Atlas Honda 626 Baluchistan Wheels Ltd. 133 Dewan Motors 890 Exide (PAK) 56 General Tyre XD 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors XD 786 Pak Suzuki 823 Sazgar Engineering 125 Transmission 117

PE

Open

5.10 69.50 5.18 136.53 6.79 96.25 4.85 30.00 1.36 4.00 137.64 6.28 22.47 4.40 3.98 4.08 - 10.61 5.18 220.44 9.19 75.02 6.39 24.46 1.90 2.20

High

High Low 1,091.76 1,043.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low

Close 1,071.82 Listed cap 6,768.53 mn Payout (%) 20.42

Close Chg

Volume

70.40 68.11 69.77 0.27 137.94 136.40 137.27 0.74 97.50 97.50 97.50 1.25 30.50 29.00 30.43 0.43 1.48 1.35 1.39 0.03 140.00 136.00 139.74 2.10 22.93 22.47 22.93 0.46 4.60 4.08 4.16 -0.24 4.78 4.31 4.74 0.66 11.00 10.26 10.96 0.35 230.30 219.10 226.96 6.52 77.49 73.00 73.97 -1.05 24.80 24.15 24.59 0.13 2.43 1.75 1.90 -0.30

9384 151 500 101 27314 520 5456 51696 3473 23847 255457 15350 7690 30745

Open 1,450.02 Turnover 349,423 P/E (x) 30.55 Company

Paid up Cap(mn)

AL-Noor Sugar Ansari Sugar Clover PakistanSPOT Colony Sugar Mills Faran Sugar Habib Sugar Habib-ADM LtdSPOT Hussein Sugar Ismail IndSPOT J D W Sugar National Foods XD Noon Pakistan Premier Sugar Quice Food Rafhan Maize Shahmurad Sugar Shakarganj Mills UniLever Pakistan XD

Change 16.10 Market cap 38,713.50 mn Div Yield (%) 5.26

Last 60 days High Low

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

PE

Open

High

Low

565 3.39 675 555 5.50 1199 4.66 785 18.90

24.89 2.01 12.56 47.50 9.00

25.64 2.15 12.90 48.20 9.75

25.00 2.05 12.25 47.30 9.25

Close Chg 25.01 2.10 12.82 47.87 9.26

0.12 0.09 0.26 0.37 0.26

Change 9.81 Market cap 9,042.08 mn Div Yield (%) 10.37

Last 60 days High Low

Volume 19195 40298 10906 4751 6342

31.73 3.20 16.75 70.71 10.80

23.75 1.65 12.25 47.00 8.20

% Change 1.03 5-Day High 967.09 5-Day Low 953.31

2009 Div BR (%) (%) 10

30B -

186 244 94 990 217 600 200 121 505 490 414 48 38 107 92 211 695 665

PE

63.01 131.00 92.00 28.25 1.16 121.10 21.71 4.03 3.55 9.65 212.29 69.25 23.91 1.53

High

Low

Close Chg

Close 1,459.46 Listed cap 11,335.33 mn Payout (%) 30.57

Company

Paid up Cap(mn)

Al-Abbas Cement

PE

Open

High

High Low 926.98 891.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10 Low

Close Chg

Close 916.97 Listed cap 54,792.74 mn Payout (%) 19.04

Open 1,050.77 Turnover 527,074 P/E (x) 3.88

Volume

Last 60 days High Low

780 47.35 39.00 500 6.00 3.80 994 50.00 33.33 103576 4.49 2.40 998 23.50 15.90 7179 30.44 23.50 29396 16.98 13.00 450 14.00 4.22 1507 76.90 53.64 105 67.90 60.10 4761 65.29 40.05 856 33.06 21.00 201 43.60 34.00 162000 3.35 1.60 7714 1599.00 1214.24 6001 11.90 7.40 20485 5.16 3.02 1516 4200.00 3710.00

High Low 1,058.03 1,032.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 10.64

Last 60 days High Low

Volume

% Change 2.51 5-Day High 916.97 5-Day Low 894.50

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1828

-

2.96

3.33

2.82

3.11 0.15

11714

4.40

2.80

-

-

- 100R

866 182 14

5.10 6.09

63.00 14.61 10.85

65.00 14.99 10.90

63.75 14.25 10.89

64.04 1.04 14.52 -0.09 10.90 0.05

204532 2931 130

72.40 20.00 14.94

62.00 14.01 10.55

50 -

20B -

50 - 122R -

Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind

956 982 13.00 3574 3651 34.24 350 -

10.05 1.55 1.50 23.48 3.00

11.05 1.80 1.67 24.65 3.94

9.51 1.60 1.30 23.52 3.00

11.01 1.69 1.60 24.65 3.55

0.96 0.14 0.10 1.17 0.55

39277 2501 183625 7050480 520

12.50 2.74 2.20 28.74 5.15

8.90 1.30 1.30 23.02 2.11

-

20R -

-

20R -

Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement

6933 11.93 502 1760 2319 32 145 5.63 1288 13126 3234 6.51 3723 2228 361 798 -

4.60 4.90 1.86 3.49 0.72 5.20 5.70 2.75 70.60 2.70 7.60 8.37 19.60

4.95 5.60 1.93 3.60 0.96 4.85 5.99 3.00 72.69 2.97 8.12 9.30 19.80

4.52 5.00 1.85 3.30 0.80 4.80 5.85 2.83 70.55 2.75 7.75 7.56 19.00

4.77 5.00 1.90 3.32 0.95 4.84 5.85 2.85 72.49 2.87 8.10 8.15 19.01

0.17 0.10 0.04 -0.17 0.23 -0.36 0.15 0.10 1.89 0.17 0.50 -0.22 -0.59

469035 1010 42651 9402 1951 566 11836 1054363 1807186 249134 43645 1001 501

5.50 7.90 2.37 7.50 2.00 7.30 7.38 3.53 73.88 3.84 8.47 12.23 21.80

4.50 4.50 1.75 2.11 0.25 4.01 5.50 2.60 62.60 2.51 6.80 7.56 17.74

40 -

10B -

40 -

-

Attock Cement Berger Paints Buxly Paints

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 893.43 Turnover 258,843 P/E (x) 2.62 Company

Paid up Cap(mn)

Cherat PapersackSPOT ECOPACK Ltd Ghani GlassSPOT MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films

PE

Open

High

High Low 899.66 888.47 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low

Close Chg

92 4.49 46.51 47.79 46.75 47.06 0.55 230 1.99 2.13 1.90 2.00 0.01 970 6.16 60.00 60.20 59.50 60.20 0.20 389 2.94 3.45 2.70 2.98 0.04 47 - 16.40 16.00 16.00 16.00 -0.40 844 15.48 102.24 104.00 102.00 102.16 -0.08 82 10.25 1155.00 1150.00 1150.00 1150.00 -5.00 300 8.17 101.80 102.50 100.50 101.86 0.06

Close 892.91 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change -0.52 Market cap 33,112.68 mn Div Yield (%) 5.93

Last 60 days High Low

23119 51.05 34.00 10283 2.89 1.70 1000 61.99 54.65 1002 4.69 2.21 150 20.70 11.81 220837 125.96 98.00 1402 1299.75 1001.00 1050 105.00 91.00

% Change -0.06 5-Day High 898.72 5-Day Low 892.91

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 300 -

10B -

25B 10B -

PE

Open

High

Low

Close Chg

Volume

96 1174 231

3.04 2.94 2.84

29.84 13.86 16.90

31.30 14.15 17.50

31.25 13.62 16.00

31.30 1.46 13.77 -0.09 17.45 0.55

869 513200 12966

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

AL-Ghazi Tractor Bolan CastingSPOT

215 95

5.11 214.86 5.82 48.04

218.39 214.00 215.18 50.44 48.25 50.43

Ghandhara Ind Millat TractorsXDXB

213 366

2.08 14.25 5.67 425.57

14.25 13.25 13.25 -1.00 445.10 430.50 442.52 16.95

0.32 2.39

Close 1,444.75 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

Change 43.95 Market cap 30,666.46 mn Div Yield (%) 18.07

Last 60 days High Low

% Change 3.14 5-Day High 1,444.75 5-Day Low 1,349.49

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3835 41425

227.45 50.61

200.26 35.25

400 -

20B

150 25

10B

160556 254575

20.24 597.90

13.25 390.00

450

25B

650

25B

20B 20B -

2009 Div BR (%) (%) 40 17.5 35 40 15 40 30 900 15 458

25B 25B 10B -

% Change 0.65 5-Day High 1,462.19 5-Day Low 1,450.02 2010 Div BR (%) (%) 15 40 17.5 110R 0 12.5R 12 12 600 178 -

Change -5.69 Market cap 5,515.69 mn Div Yield (%) 1.62

Total Equity (Rs in mn)

208,118.96 41,643.27

MA (100-day)

3.03

Revenue (Rs in mn)

18,272.36 12,872.36

MA (200-day)

3.80

Interest Expense

1st Support

2.72

Profit after Taxation

2nd Support

2.35

EPS 09 (Rs)

0.171

1st Resistance

3.27

Book value / share (Rs)

10.30

2nd Resistance

3.45

PE 10 E (x)

Pivot

2.90

PBV (x)

691.05

0.30

NIB closed up 0.47 at 3.04. Volume was 715 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. The company's loss after taxation stood at Rs1.944 billion which translates into a Loss Per Share of Rs0.48 for the half year of current calendar year (1HCY10). NIB is currently 20.0 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 moderate flows of volume into NIB (mildly bullish). Trend forecasting oscillators are currently bullish on NIB.

PACE Pakistan Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

63.05

Total Assets (Rs in mn)

9,025.24

MA (10-day)

2.70

Total Equity (Rs in mn)

5,194.40

MA (100-day)

3.31

Revenue (Rs in mn)

1,261.81

MA (200-day)

4.51

Interest Expense

272.59

1st Support

2.81

Profit after Taxation

436.80

2nd Support

2.63

EPS 09 (Rs)

1.805

1st Resistance

3.18

Book value / share (Rs)

21.46

2nd Resistance

3.37

PE 10 E (x)

2.04

Pivot

3.00

PBV (x)

0.14

PACE closed up 0.12 at 3.02. Volume was 1,251 per cent above average (trending) and Bollinger Bands were 32 per cent narrower than normal. The company's profit after taxation stood at Rs293.733 million which translates into an Earning Per Share of Rs1.11 for the nine months of fiscal year (9MFY10). PACE is currently 33.1 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 PACE (bullish). Trend forecasting oscillators are currently bullish on PACE.

Last 60 days High Low 32.00 15.95 19.12

26.60 12.17 14.05

2009 Div BR (%) (%) 7.5 -

10B -

% Change -0.54 5-Day High 1,058.70 5-Day Low 1,045.08 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -

Open 915.38 Turnover 13,980,559 P/E (x) 5.76 Paid up Cap(mn)

PE

High Low 932.75 904.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 8.64

Open

High

Low

2415 3.26 12.67 840 5.06 19.66 70 2.20 4.00 152 1.41 2.50 133 0.50 2.10 4493 257.25 9.98 76 - 10.56 76 4.64 465.00 98 0.31 400 1.54 1.67 1150 3.25 316 15.14 700.00 2442 2.44 2.89 124 1.38 13.00 492 3.07 22.50 600 1.51 514 9.63 40.00 185 1.30 24.40 110 1.81 21.88 100 0.77 32.75 62 3.42 337.99 234 1.20 45.21 75 7.17 32.50 192 45.26 62.22 146 2.08 5.20 185 1.34 6.39 716 1.48 4.08 3105 3.32 35.79 180 2.42 4.30 181 2.88 218.54 32 5.28 9.00 43 24.85 18.95 303 1.33 509 3.57 1300 7.00 1.30 1455 2.86 5.06 60 1.50 600 1.00 20.50 150 1.64 64.00 221 0.53 187 1.26 16.70 1586 3.39 17.85 3516 5.72 46.99 560 5.82 5.50 158 2.12 8.90 62 0.95 29.35 250 4.62 1.79 213 4.00 0.93 308 1.19 10.53 264 4.36 88 0.33 4.09 134 7.01 55 4.48 30.45 201 2.15 110.25 312 0.52 2.38 133 0.54 2.35 120 4.79 186.48 97 1.74 19.06 86 1.16 16.63 180 1.31 35.13 173 0.65 15.64 256 3.95 103.17 418 7.76 38.48 400 1.48 1.25 594 2.85 53 6.68 40.19

13.00 20.19 4.00 2.50 2.78 10.39 10.70 471.00 1.00 1.80 3.60 735.00 2.99 13.00 21.51 1.55 40.50 25.59 21.65 34.00 350.00 46.00 33.00 65.30 6.20 7.39 4.20 35.89 4.24 217.99 9.98 19.95 1.50 3.00 1.19 6.06 2.50 20.00 65.50 0.65 16.75 18.45 48.90 5.60 9.74 29.48 1.99 1.20 10.50 4.44 4.34 8.00 30.75 115.76 2.28 2.39 189.00 19.50 17.63 36.88 16.64 106.00 39.50 1.20 2.83 40.00

12.05 19.75 3.00 2.50 2.10 10.00 9.75 470.00 0.50 1.20 3.30 696.02 2.61 12.00 21.51 1.46 39.00 23.75 20.85 31.12 325.00 44.35 32.50 60.00 6.09 6.70 4.05 35.00 4.05 210.00 9.98 19.79 1.32 2.57 0.71 4.51 1.50 19.49 61.50 0.15 16.69 18.02 47.31 5.30 8.00 29.45 1.75 1.20 9.60 3.54 4.00 6.50 29.25 104.74 2.00 2.11 183.00 19.16 15.75 35.25 16.64 103.01 37.25 1.08 2.60 39.00

Close Chg

Close 918.12 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 2.74 Market cap 112,637.19 mn Div Yield (%) 2.89

Last 60 days High Low

Amtex Limited XD Artistic Denim Ashfaq Textile Asim Textile Azam Textile Azgard Nine Bannu Woolen Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Textile D S Ind Ltd Dawood Lawrencepur Din TextileSPOT Ellcot Spinning Faisal Spinning Fazal Textile Gadoon Textile Ghani Value Glass Gillette Pakistan Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Int Knitwear XD Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Leather Up Masood Textile Mehmood Textile Mian Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Ravi Textile Redco Textile Reliance Weaving Saif Textile Sally Textile Samin TextileSPOT Sana Ind XD Sapphire Textile Sargoda Spinning Saritow Spinning Service Ind Shahtaj Textile Shams Textile Suraj Cotton Tata Textile XD Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited

12.20 20.15 4.00 2.50 2.12 10.29 10.45 470.11 0.50 1.56 3.53 705.00 2.90 12.29 21.51 1.50 40.24 25.32 21.25 31.15 345.00 44.66 32.50 61.10 6.13 7.39 4.13 35.89 4.24 217.99 9.98 19.88 1.36 3.00 1.19 5.46 1.50 19.50 63.41 0.43 16.70 18.32 48.58 5.35 9.17 29.45 1.80 1.20 9.64 4.06 4.10 7.54 30.00 108.80 2.00 2.37 185.96 19.42 17.63 36.88 16.64 105.49 37.66 1.08 2.75 39.02

-0.47 0.49 0.00 0.00 0.02 0.31 -0.11 5.11 0.19 -0.11 0.28 5.00 0.01 -0.71 -0.99 -0.01 0.24 0.92 -0.63 -1.60 7.01 -0.55 0.00 -1.12 0.93 1.00 0.05 0.10 -0.06 -0.55 0.98 0.93 0.03 -0.57 -0.11 0.40 0.00 -1.00 -0.59 -0.10 0.00 0.47 1.59 -0.15 0.27 0.10 0.01 0.27 -0.89 -0.30 0.01 0.53 -0.45 -1.45 -0.38 0.02 -0.52 0.36 1.00 1.75 1.00 2.32 -0.82 -0.17 -0.10 -1.17

260427 12612 11000 1000 5700 963640 1228 165 5002 28529 187172 215 37593 1718 500 135107 832 2474 2751 811 116 5252 1211 8612 1924 3852 166890 203700 4346 151 10000 5010 18020 103 601 176736 1301 11524 1561 10457 7950 3764520 6754696 5674 3281 105 522697 1000 15172 4079 23428 16773 6111 521 1010 1511 3583 15194 201 281879 120 30363 224597 1001 3602 1100

20.45 21.29 4.90 2.80 2.90 13.40 10.79 593.50 1.50 2.29 4.98 770.00 5.00 18.35 28.60 2.49 51.99 31.00 25.45 34.00 405.00 48.30 38.64 73.00 7.00 7.49 4.61 41.00 5.35 269.50 10.50 19.95 2.00 3.99 1.80 6.30 2.50 23.25 74.50 1.40 17.18 19.49 53.14 7.90 9.90 30.90 4.69 1.20 12.00 5.44 4.98 8.69 38.40 124.80 2.45 2.80 228.00 21.50 17.63 36.88 19.70 114.99 49.49 1.90 4.99 46.12

12.05 17.55 3.00 2.50 1.35 8.55 7.50 452.59 0.10 0.70 2.93 555.00 2.23 7.66 19.51 1.44 37.08 23.75 20.50 24.55 303.00 33.80 26.00 57.50 5.00 5.31 2.52 34.30 2.55 199.70 7.00 9.95 1.01 1.60 0.56 4.00 1.00 19.25 57.00 0.01 12.00 14.64 40.81 5.30 6.00 23.90 1.38 0.50 6.91 2.01 2.74 5.02 27.25 100.00 0.31 1.01 176.50 14.75 15.00 29.50 12.75 97.00 37.20 0.73 1.50 33.00

2009 Div BR (%) (%)

% Change 0.30 5-Day High 925.76 5-Day Low 915.38 2010 Div BR (%) (%)

30 20 20 120 115 15B 10 15 5 20 10B 7.5 35 7.5 50 15 - 100 70 8 400R 25 - 10B - 10B 10 20B 20 10 15 6 15 15 100R 4050.2257B 60 - 20SD - 50R 20 25 45R 12.5 - 10B 7.5 50 - 100R 35 60 50 5 200 20 45 20 15 50 25 20 20B 80 20B 40 10B 35 -

PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 822.98 Turnover 103,172 P/E (x) 6.59 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak Wyeth Pak

Paid up Cap(mn) 979 208 1707 165 200 100 306 142

PE

Open

8.01 89.87 7.19 111.00 12.13 66.54 6.59 23.90 17.80 7.25 4.32 28.00 5.40 62.00 109.32 944.33

High

High Low 840.99 822.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 22.31 Low

Close Chg

91.90 90.00 91.42 1.55 112.00 109.01 109.51 -1.49 68.20 66.50 67.20 0.66 24.25 24.00 24.24 0.34 8.25 7.25 8.01 0.76 28.50 28.44 28.47 0.47 63.00 62.00 62.95 0.95 962.00 950.00 950.00 5.67

Close 831.76 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 8359 4938 14707 2100 39819 500 32546 202

Change 8.79 Market cap 28,001.19 mn Div Yield (%) 6.76

Last 60 days High Low 95.50 124.00 83.77 25.79 8.66 34.99 64.19 1159.00

77.00 96.00 65.00 22.10 6.10 27.50 53.36 871.00

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

20B 15B -

% Change 1.07 5-Day High 831.76 5-Day Low 819.69 2010 Div BR (%) (%) 20 30 -

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

Performance of SR Personal Goods Index

Performance of SR Industrial Engineering Index High Low 1,452.84 1,413.38 Total cos Defaulter cos P/BV (x) ROE (%) 2.77 38.02

90 100 25 60 20 150 10 -

20B 30B 20B -

PERSONAL GOODS

INDUSTRIAL ENGINEERING Open 1,400.80 Turnover 460,505 P/E (x) 7.28

40 100 80 15 50 100 5 2

Total Assets (Rs in mn)

2.65

Royal Bank of Scotland Limited

Close 1,045.08 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

AL-Abid Silk Pak Elektron Tariq Glass Ind

Company

Change 22.46 Market cap 68,755.95 mn Div Yield (%) 2.66

2010 Div BR (%) (%)

Change 9.44 Market cap 187,090.96 mn Div Yield (%) 1.00

Performance of SR Construction and Materials Index Open 894.50 Turnover 11,144,456 P/E (x) 7.15

2009 Div BR (%) (%)

67.14

MA (10-day)

Performance of SR Household Goods Index

20B -

CONSTRUCTION AND MATERIALS

Open

High Low 1,478.03 1,446.40 Total cos Defaulter cos P/BV (x) ROE (%) 9.26 30.30

4.16 40.04 41.00 40.00 40.96 0.92 0.28 6.00 6.00 6.00 6.00 0.00 28.75 46.35 46.90 46.00 46.00 -0.35 3.90 4.00 3.90 3.98 0.08 3.00 18.67 18.55 18.55 18.55 -0.12 6.04 29.03 29.50 29.00 29.30 0.27 4.42 15.99 16.04 15.60 15.74 -0.25 - 12.88 13.50 12.00 13.50 0.62 12.74 74.00 75.00 70.50 74.90 0.90 2.21 65.60 66.00 65.99 66.00 0.40 19.34 41.24 42.00 40.05 40.43 -0.81 9.77 22.10 21.03 21.00 21.00 -1.10 6.24 34.97 36.50 34.00 34.01 -0.96 2.35 3.35 2.40 3.34 0.99 6.05 1298.25 1300.00 1233.34 1246.91 -51.34 16.65 11.00 11.50 11.15 11.49 0.49 3.75 4.25 3.85 4.09 0.34 22.36 3950.00 4016.00 3961.00 3993.29 43.29

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

78.39 209.00 127.99 33.47 2.24 177.99 28.80 6.50 5.70 14.50 287.00 89.99 27.85 3.25

% Change 1.52 5-Day High 1,071.82 5-Day Low 1,044.38

RSI (14-day)

HOUSEHOLD GOODS

Company

Close 963.12 Listed cap 3,596.11 mn Payout (%) 30.91

-

FOOD PRODUCERS

INDUSTRIAL METALS AND MINING High Low 981.65 955.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10

40 15

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

Performance of SR Food Producers Index

Performance of SR Industrial Metals and Mining Index Open 953.31 Turnover 81,492 P/E (x) 2.98

20B -

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

Company

High Low 1,164.15 1,137.60 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00

30

NIB Bank Limited

% Change -1.73 5-Day High 708.53 5-Day Low 692.85

Performance of SR Automobile and Parts Index

Performance of SR Chemicals Index Open 1,138.36 Turnover 22,988,752 P/E (x) 7.04

2009 Div BR (%) (%)

Alert ! Unusual Movements

38.41

Total Assets (Rs in mn)

MA (10-day)

6.01

Total Equity (Rs in mn)

MA (100-day)

10.22

MA (200-day)

13.57

93,437.66 6,936.51

Revenue (Rs in mn)

11,583.40

Interest Expense

6,385.85

1st Support

5.40

Loss after Taxation

2nd Support

4.85

EPS 09 (Rs)

(1,338.05)

1st Resistance

6.55

Book value / share (Rs)

2nd Resistance

7.15

PE 10 E (x)

Pivot

6.00

PBV (x)

(0.80) 4.04 1.46

RBS closed up 0.31 at 5.91. Volume was 573 per cent above average (trending) and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs2.073 billion which translates into a Loss Per Share of Rs1.21 for the half year of current calendar year (1HCY10). RBS is currently 56.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RBS at a relatively equal pace. Trend forecasting oscillators are currently bearish on RBS.

Kohinoor Textile Mills Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

49.21

Total Assets (Rs in mn)

11,821.52

MA (10-day)

5.44

Total Equity (Rs in mn)

1,605.33

MA (100-day)

5.75

Revenue (Rs in mn)

8,458.90

MA (200-day)

7.10

Interest Expense

1,260.23

1st Support

4.64

Loss after Taxation

(439.81)

2nd Support

3.80

EPS 09 (Rs)

1st Resistance

6.19

Book value / share (Rs)

(3.022) 11.03

2nd Resistance

6.90

PE 10 E (x)

2.86

Pivot

5.35

PBV (x)

0.49

KTML closed up 0.40 at 5.46. Volume was 119 per cent above average and Bollinger Bands were 19 per cent narrower than normal. The company's profit after taxation stood at Rs277.861 million which translates into an Earning Per Share of Rs1.91 for the year ended FY10. KTML is currently 23.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KTML (mildly bullish). Trend forecasting oscillators are currently bearish on KTML.

BOOK CLOSURES Company

From

To

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 Cherat Papersack Ecopack Ltd

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 13-Oct 13-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 27-Oct 26-Oct

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

Spot AGM/Date 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct 01-Oct 01-Oct 04-Oct 04-Oct 04-Oct 05-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 27-Oct 26-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Johnson & Philips Pakistan CablesXD TRG Pakistan Ltd Indus Fruit Murree Brewery Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int Hosp XD Eye Television Pak Hotels PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol

Open 9.5 54.48 4.27 0.8 92.3 94.05 57.8 345.14 111.03 31.7 22.06 62 2.07 54.31 2.9 17.51

High 10 53.5 4.44 1 93.96 98.75 58.75 362.39 114.5 31.7 23.16 58.98 2.22 57.02 3.19 17.85

Low Close 8.5 52 4.27 1 91 94.1 54.91 332.1 112.45 31.7 22.7 58.91 2 53 2.82 17.42

10 53.5 4.39 1 91.04 98.5 58.4 353.86 113.88 31.7 22.8 58.98 2.1 57.02 3.02 17.66

Change 0.5 -0.98 0.12 0.2 -1.26 4.45 0.6 8.72 2.85 0 0.74 -3.02 0.03 2.71 0.12 0.15

Vol 125 5025 4688938 1000 11231 1238 2874 8462 145482 812 1831 102 14485 41277 6440849 314839


7

Friday, October 8, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,097.44 Turnover 4,760,800 P/E (x) 6.10 Paid up Cap(mn)

Company

Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

PE

37740 3000 8606 6175

9.14 -

Open

High Low 1,117.09 1,093.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84

High

18.99 2.03 2.36 3.90

Low

19.25 2.19 2.55 3.93

18.94 1.97 2.40 3.60

Close Chg 19.19 2.11 2.45 3.81

Close 1,109.94 Listed cap 50,077.79 mn Payout (%) 62.56

Volume

0.20 0.08 0.09 -0.09

3374537 458248 927990 457164

Change 12.50 Market cap 78,320.41 mn Div Yield (%) 10.26

Last 60 days High Low 20.22 3.15 3.30 6.13

17.32 1.80 2.30 3.60

% Change 1.14 5-Day High 1,109.94 5-Day Low 1,090.38

2009 Div BR (%) (%) 15 -

-

Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance Pak Reinsurance Reliance Insurance XB Silver Star Insurance United Insurance XB

204 6.25 369 4.33 279 5.02 457 5.61 1250 28.72 400 7.36 3000 252 4.44 253 1.75 400 1.16

2010 Div BR (%) (%) 17.5 -

Paid up Cap(mn)

Close 1,141.17 Listed cap 95,369.29 mn Payout (%) 104.13

Change 4.04 Market cap 96,854.06 mn Div Yield (%) 8.34

-

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Genertech 198 Hub Power XD 11572 6.12 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 5.79 Kohinoor Power 126 3.06 Kot Addu Power 8803 7.16 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 88.71 Sitara Energy Ltd 191 3.86 Southern Electric 1367 5.64 Tri-star Power XD 150 -

0.80 33.12 1.35 2.06 23.00 5.25 41.15 10.93 11.79 22.80 2.20 0.70

0.79 33.25 1.55 2.15 23.75 5.50 41.85 11.55 12.57 22.00 2.25 0.95

0.70 32.96 1.40 2.00 23.50 4.90 41.25 11.00 11.90 21.66 2.15 0.70

0.75 -0.05 33.03 -0.09 1.51 0.16 2.08 0.02 23.50 0.50 5.50 0.25 41.36 0.21 11.50 0.57 12.42 0.63 21.66 -1.14 2.20 0.00 0.75 0.05

3471 4660866 162931 536958 16005 499 303263 1230792 5145643 88599 486714 4001

1.53 37.24 2.38 2.63 26.50 7.00 44.85 11.55 12.57 23.49 3.21 1.69

Company

0.51 32.75 0.70 1.92 23.00 3.90 39.51 9.50 9.25 20.00 2.10 0.33

% Change 0.36 5-Day High 1,141.17 5-Day Low 1,129.49

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

31R -

Open 815.77 Turnover 21,312 P/E (x) 74.05

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,677.57 Turnover 9,713,267 P/E (x) 12.47 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,713.03 1,669.05 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 11.41

Close 1,705.48 Listed cap 12,202.80 mn Payout (%) 66.79

Change 27.91 Market cap 37,984.20 mn Div Yield (%) 5.36

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 19.26 6712 4.55

31.21 29.86

32.77 30.00

31.25 29.60

32.75 1.54 29.80 -0.06

7850019 1863248

32.77 30.70

25.00 16.00

% Change 1.66 5-Day High 1,705.48 5-Day Low 1,651.65

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 15

25B

BANKS Performance of SR Banks Index Open 939.49 Turnover 29,072,368 P/E (x) 6.74 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.57 51.49 Askari Bank 6427 6.07 14.33 Atlas Bank 5001 2.34 Bank Alfalah 13492 12.03 8.34 Bank AL-Habib 7322 6.90 32.19 Bank Of Khyber 5004 3.06 3.15 Bank Of Punjab 5288 8.04 BankIslami Pak 5280 3.05 Faysal Bank 6091 3.12 13.32 Habib Bank Ltd 10019 6.12 93.51 Habib Metropolitan Bank 8732 5.60 18.65 JS Bank Ltd 6128 2.59 KASB Bank Ltd 9509 2.37 MCB Bank Ltd 7602 9.11 189.47 Meezan Bank 6983 7.20 14.52 Mybank Ltd 5304 2.24 National Bank 13455 5.40 62.77 NIB Bank 40437 2.57 Royal Bank Ltd 17180 5.60 Samba Bank 14335 1.90 Silkbank Ltd 26716 13.73 2.99 Soneri Bank 6023 5.60 Stand Chart Bank 38716 9.14 6.38 Summit Bank Ltd 5000 2.89 United Bank Ltd 12242 6.15 51.89

High

High Low Close 971.18 936.80 963.41 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.91 13.45 34.35 Low

Close Chg

Volume

52.00 50.80 51.55 0.06 14.70 14.30 14.69 0.36 2.48 2.22 2.30 -0.04 9.07 8.33 9.02 0.68 32.45 31.90 32.02 -0.17 3.20 3.01 3.06 -0.09 8.42 8.01 8.29 0.25 3.24 3.04 3.15 0.10 13.66 13.35 13.56 0.24 95.35 93.20 95.13 1.62 19.00 18.75 18.94 0.29 2.70 2.50 2.54 -0.05 2.89 2.35 2.39 0.02 196.64 189.50 195.38 5.91 14.85 14.51 14.84 0.32 2.37 2.16 2.33 0.09 64.60 62.83 64.33 1.56 3.08 2.53 3.04 0.47 6.60 5.45 5.91 0.31 2.05 1.87 1.88 -0.02 3.05 2.95 3.02 0.03 5.88 5.60 5.70 0.10 6.50 6.25 6.40 0.02 3.09 2.77 2.86 -0.03 52.35 51.56 52.26 0.37

Change 23.92 Market cap 591,830.64 mn Div Yield (%) 5.10

Last 60 days High Low

145844 59.70 72159 17.46 717409 2.84 9031833 10.25 1102214 34.00 4399 4.75 867903 11.24 17602 3.87 63295 15.95 110654 109.10 12662 23.75 63551 3.00 289278 3.75 1535809 214.99 2752 16.50 106144 3.28 1800163 73.89 9259730 3.50 177055 12.90 262651 2.90 3001504 3.30 104185 7.99 19578 8.50 115449 4.15 303994 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 5.20 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

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company

Adamjee Insurance XD

PE

1237 11.95

Open 63.43

High 66.60

High Low 625.07 602.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 5.20 Low 63.40

Close Chg 65.72 2.29

Close 619.76 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 414788

Change 15.10 Market cap 40,372.60 mn Div Yield (%) 8.93

Last 60 days High Low 89.90

63.05

2009 Div BR (%) (%) 30

10B

% Change 2.50 5-Day High 619.76 5-Day Low 603.62 2010 Div BR (%) (%) 10

-

-0.45 -0.62 0.50 0.46 0.67 0.30 0.78 0.22 0.04 -0.35

149 2280 200 1000 36681 3412 908365 584 686 650

11.89 31.00 64.90 11.95 55.20 13.89 19.40 7.25 10.00 7.15

8.45 27.10 47.37 9.00 34.76 10.10 12.50 6.02 6.00 4.02

40 20 40 35 30 -

10B 25B 8.7B 20B 16B

10 -

UPTO 100 VOLUME

10B -

High Low 825.55 814.13 Total cos Defaulter cos P/BV (x) ROE (%) 2.85 3.85

Close 823.69 Listed cap 2,290.72 mn Payout (%) 355.53

Change 7.92 Market cap 8,850.75 mn Div Yield (%) 4.80

Symbols

High

Low

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

EFU Life Assurance XB

850 33.05

58.99

61.25

58.61

60.82 1.83

11312

84.99

51.25

5513.33B

-

-

New Jub Life Insurance

627 52.50

42.00

42.00

42.00

42.00 0.00

10000

46.00

34.50

10

2010 Div BR (%) (%) -

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 338.99 Turnover 16,806,647 P/E (x) 0.42 Paid up Cap(mn)

Company

High Low 356.29 331.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

PE

Open

High

Low

225 360 6.53 450 6.52 3750 2.23 250 First Credit & Invest Bank Ltd 650 32.00 Grays Leasing 215 IGI Investment Bank 2121 Invest and Fin Sec 600 2.76 Invest Bank 2849 Ist Cap Securities 2878 1.75 Ist Dawood Bank 626 0.31 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 11.76 KASB Securities 1000 Orix Leasing 821 3.95 Pervez Ahmed Sec 775 Sec Inv Bank 514 Trust Inv Bank 586 -

0.58 14.00 25.03 21.53 1.65 3.93 1.80 1.78 7.50 0.55 4.01 1.77 9.13 2.10 28.43 5.31 3.85 4.91 1.45 2.00 2.00

0.65 14.40 26.28 22.60 1.95 4.00 1.50 1.90 8.24 0.73 4.75 1.95 9.45 2.29 29.85 5.49 4.39 5.10 1.59 2.00 2.00

0.47 13.60 24.62 21.40 1.78 3.11 1.50 1.75 7.50 0.50 4.15 1.65 8.81 1.96 27.01 5.10 3.55 4.85 1.41 1.65 1.26

AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Equities

Close Chg 0.55 13.97 26.16 22.54 1.89 3.84 1.50 1.90 7.93 0.66 4.26 1.85 9.16 2.21 27.07 5.29 3.63 5.02 1.51 1.95 1.87

-0.03 -0.03 1.13 1.01 0.24 -0.09 -0.30 0.12 0.43 0.11 0.25 0.08 0.03 0.11 -1.36 -0.02 -0.22 0.11 0.06 -0.05 -0.13

Close 346.24 Listed cap 30,336.44 mn Payout (%) 4.60

Volume 26272 5865 92636 3700481 4299 5078 401 1315 4132 294660 293081 72910 9516155 2133524 30056 329825 216555 38192 38766 5199 2288

Change 7.26 Market cap 25,260.06 mn Div Yield (%) 10.93

% Change 2.14 5-Day High 356.81 5-Day Low 338.99

Last 60 days High Low

2009 Div BR (%) (%)

1.15 20.99 50.12 35.65 3.36 4.33 4.00 2.43 9.00 1.23 5.40 2.84 15.47 6.48 42.00 8.65 5.49 5.95 2.89 3.80 4.25

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

0.42 13.00 24.62 20.90 1.55 2.00 0.32 1.17 6.90 0.44 2.54 1.17 8.80 1.96 27.01 5.10 3.20 3.66 1.35 1.65 1.26

Open

SHCM CHAS BWCL HINO JUBS TSML NSRM MRNS FCONM PRWM AGSML SHJS COTT DIIL MUKT ISTM PAKD DMTM SCLL MIRKS UDPL MOON SZTM RCML FNEL ADOS IGIIL NESTLE BFMOD NPSM SANSM FRCL SCL SGPL MFFL TOWL JKSM SJTM PTEC DREL GUTM CJPL KSBP TRSM ESBL DCM CSIL PIL PINL DATM MQTM SHTM BHAT GFIL HUSI BTL MUBT FECS SGMLPS SMCPL MDTL SAPL LPGL SITC

% Change 0.97 5-Day High 823.69 5-Day Low 815.77

Open

2010 Div BR (%) (%) 20B 20B 10B -

14.00 9.15 25.90 110.05 2.99 30.00 15.20 52.70 1.43 16.60 8.94 59.85 1.49 15.93 0.40 4.00 107.85 3.03 2.29 60.01 14.17 10.69 8.48 24.00 9.92 19.80 74.41 1911.55 4.09 20.98 13.90 3.10 53.69 0.35 62.00 20.00 6.25 1.05 1.94 710.00 20.45 0.85 81.01 2.20 2.65 1.25 4.68 1.85 9.24 0.57 7.00 0.85 166.85 3.83 10.27 49.99 0.80 38.00 3.50 6.79 55.10 119.00 9.01 121.33

Open 1,006.13 Turnover 4,282,990 P/E (x) 6.76 Paid up Cap(mn)

Company 1st Fid Leasing

PE

264

2.77 210 5.09 525 2.03 780 200 2.24 113 4.43 524 300 3.33 581 760 3.99 397 5.87 1008 4.51 30 6.14 3180 37.00 1186 1200 2.84 1000 2.90 250 6.71 125 0.99 1698 3.74 3000 5.47 1000 2.55 2835 2.31 2841 1.83 872 2.63 340 454 4.83 212 49.67 50 0.85 264 2.57 136 -

AL-Meezan Mutual F.SPOT 1375

AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba Imrooz Modaraba JS Growth Fund JS Value Fund Meezan Bal. FundSPOT NAMCO Bal. Fund Nat Bank Modaraba Pak Modaraba Pak Prem Fund Pak Strat Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Punjab Modaraba Stand Chart Mod. XD Tri-Star 1st Mod. Tri-Star Mutual U D L Modaraba UNICAP Modaraba

Open 1.25 6.89 2.60 3.26 1.29 0.56 2.51 1.05 3.24 1.55 3.66 6.31 6.00 61.52 2.89 2.85 5.90 2.99 7.08 0.50 7.72 6.91 4.58 8.01 3.54 1.00 1.09 8.50 2.30 1.10 6.25 0.27

High 1.25 7.20 2.70 3.60 1.15 0.72 2.88 1.19 3.10 1.64 3.75 6.80 6.00 58.45 3.00 3.01 5.95 2.90 7.08 0.80 7.85 7.00 4.79 8.55 3.65 1.00 1.26 8.50 3.25 1.60 6.51 0.13

High Low 1,033.10 998.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09 Low

Close Chg

1.25 6.91 2.50 3.51 1.10 0.46 2.64 0.90 3.10 1.42 3.65 6.35 5.94 58.45 2.77 2.85 5.75 2.50 7.02 0.60 7.71 6.88 4.56 8.16 3.55 0.92 0.98 8.50 1.30 1.01 6.27 0.10

1.25 7.17 2.70 3.59 1.10 0.56 2.88 0.93 3.10 1.55 3.67 6.63 6.00 58.45 2.96 3.00 5.87 2.90 7.05 0.80 7.85 7.00 4.79 8.40 3.63 1.00 1.26 8.50 1.49 1.40 6.45 0.13

0.00 0.28 0.10 0.33 -0.19 0.00 0.37 -0.12 -0.14 0.00 0.01 0.32 0.00 -3.07 0.07 0.15 -0.03 -0.09 -0.03 0.30 0.13 0.09 0.21 0.39 0.09 0.00 0.17 0.00 -0.81 0.30 0.20 -0.14

Close 1,025.13 Listed cap 29,771.58 mn Payout (%) 104.19

Change 19.00 Market cap 17,494.80 mn Div Yield (%) 27.11

Last 60 days High Low

Volume 3005 292461 1690 6076 162501 33909 3602 26602 45000 27620 174997 97697 103311 500 198409 2450746 16577 111 5000 7251 121177 130008 13999 121766 36603 100929 37675 27700 117 1303 33080 1500

2.24 7.25 3.44 4.20 2.43 0.90 3.49 1.50 3.80 2.09 3.88 6.80 7.49 69.95 4.39 3.98 7.49 3.70 8.45 1.07 9.86 8.10 6.49 10.55 5.00 1.20 2.00 10.99 7.12 2.99 6.51 0.35

1.01 6.35 2.10 2.53 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 43.00 2.70 2.31 5.75 2.25 6.10 0.25 7.00 6.01 4.00 7.60 3.50 0.70 0.57 7.75 1.11 0.95 5.00 0.05

High 15.00 9.14 25.80 115.55 2.50 29.20 16.20 53.40 1.98 16.80 8.95 62.50 2.00 16.92 0.53 4.50 102.46 3.04 2.29 57.05 13.17 11.12 9.48 24.00 10.00 20.65 73.99 1990.00 4.90 22.00 13.90 4.00 53.90 0.36 62.00 20.00 6.10 0.43 2.00 699.99 21.47 0.90 81.78 2.90 2.70 1.38 5.65 2.35 9.44 0.57 6.75 0.97 159.00 3.55 10.85 49.89 1.39 39.90 3.50 6.98 56.50 124.95 8.50 127.00

Low

Close

13.00 9.14 25.80 115.00 2.50 28.50 16.20 53.00 1.00 15.75 7.94 58.86 1.50 14.93 0.40 4.50 102.46 2.43 2.29 57.02 13.17 11.12 7.48 24.00 8.92 19.00 71.51 1911.01 4.13 22.00 13.90 3.00 51.05 0.35 62.00 20.00 5.60 0.43 1.25 674.50 19.50 0.90 81.78 2.90 2.65 1.38 5.45 2.35 9.39 0.57 6.75 0.94 159.00 3.55 10.00 49.89 1.39 39.89 3.50 6.88 56.50 121.99 8.25 125.95

14.00 9.14 25.80 115.55 2.50 29.20 16.20 53.00 1.49 16.80 8.38 60.90 1.53 16.03 0.47 4.50 102.46 2.51 2.29 57.04 13.17 11.12 7.48 24.00 10.00 20.65 73.99 1927.53 4.13 22.00 13.90 3.00 51.05 0.36 62.00 20.00 6.10 0.43 1.53 699.99 21.47 0.90 81.78 2.90 2.65 1.38 5.45 2.35 9.39 0.57 6.75 0.94 159.00 3.55 10.00 49.89 1.39 39.89 3.50 6.88 56.50 121.99 8.50 125.95

Change

Vol

0.00 -0.01 -0.10 5.50 -0.49 -0.80 1.00 0.30 0.06 0.20 -0.56 1.05 0.04 0.10 0.07 0.50 -5.39 -0.52 0.00 -2.97 -1.00 0.43 -1.00 0.00 0.08 0.85 -0.42 15.98 0.04 1.02 0.00 -0.10 -2.64 0.01 0.00 0.00 -0.15 -0.62 -0.41 -10.01 1.02 0.05 0.77 0.70 0.00 0.13 0.77 0.50 0.15 0.00 -0.25 0.09 -7.85 -0.28 -0.27 -0.10 0.59 1.89 0.00 0.09 1.40 2.99 -0.51 4.62

100 100 100 100 99 91 86 60 57 57 53 50 35 33 32 30 25 23 20 20 20 19 16 14 13 12 11 11 10 10 10 10 8 7 7 5 4 4 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS

High

Low

Close

NML-OCT

44.89

46.79

45.19

46.45

1.56

745500

% Change 1.89 5-Day High 1,025.13 5-Day Low 1,006.13

DGKC-OCT

23.57

24.74

23.60

24.74

1.17

493000

2010 Div BR (%) (%)

Performance of SR Equity Investment Instruments Index

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

11.00 29.38 48.50 9.98 36.19 10.60 13.86 6.48 7.04 4.65

PE

% Change 2.55 5-Day High 963.41 5-Day Low 938.12

NON LIFE INSURANCE Open 604.66 Turnover 1,368,809 P/E (x) 8.91

Paid up Cap(mn)

Company

2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -

11.00 29.11 48.50 9.98 35.00 10.50 13.10 6.48 7.01 4.60

LIFE INSURANCE

ELECTRICITY High Low 1,151.76 1,133.60 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35

11.00 29.49 49.00 10.00 36.50 10.60 14.05 6.48 7.94 4.65

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,137.13 Turnover 12,639,749 P/E (x) 12.48

11.45 30.00 48.00 9.52 35.52 10.30 13.08 6.26 7.00 5.00

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

- 18.5 5 0 1.2 5 17 11 21 76 5 10 - 15.5 15 10 - 18.6 - 11.53 5 20 10 3 17 -

-

Symbols

Open

Change

Vol

NBP-OCT

63.00

64.79

63.05

64.52

1.52

284000

MCB-OCT

189.32

195.55

189.10

194.32

5.00

229500

PSO-OCT

266.26

272.25

267.00

271.87

5.61

133500

PPL-OCT

174.83

179.02

175.50

178.62

3.79

128500

POL-OCT

239.70

242.00

239.50

241.68

1.98

122000

POL-OCTB

223.93

226.00

221.25

226.00

2.07

100500

ENGRO-OCT 174.47

177.70

174.31

176.79

2.32

94000

ANL-OCT

10.00

10.34

10.10

10.29

0.29

87000

AICL-OCT

63.68

66.85

64.30

65.69

2.01

63500

LUCK-OCT

66.90

PTC-OCT

68.69

1.79

48500

19.21

19.30

19.20

19.25

0.04

33000

OGDC-OCT 145.00

146.55

68.80

145.50

66.00

146.50

1.50

14500

FFC-OCT

106.92

106.92

106.92

106.92

0.00

5000

UBL-OCT

52.49

52.00

52.00

52.00

-0.49

AICL-COCT

64.13

0.00

0.00

66.36

2.23

0.00

ABL-COCT

52.06

0.00

0.00

52.05

-0.01

0.00

AKBL-COCT 14.49

0.00

0.00

14.83

0.34

0.00

ATRL-COCT

81.51

0.00

0.00

82.83

1.32

0.00

ANL-COCT

10.09

0.00

0.00

10.39

0.30

0.00

500

ZERO VOLUME Symbols

Open

High

Low

Close

AABS

96.75

93.00

93.00

93.00

-3.75

0.00

ALQT

3.25

3.75

3.75

3.75

0.50

0.00

ARPAK

7.00

8.00

8.00

8.00

1.00

ARUJ

4.49

4.72

4.72

4.72

0.23

0.00

ELCM

9.80

10.00

10.00

10.00

0.20

0.00

8.25

-0.50

GLAT

8.75

8.25

8.25

Change

Vol

0.00

0.00

IDEN

10.00

11.00

11.00

11.00

1.00

0.00

ILTM

90.00

90.29

90.29

90.29

0.29

0.00

KOHS

4.74

4.70

4.70

4.70

-0.04

0.00

MLCFPS MODAM

6.98

6.74

6.74

6.74

-0.24

0.00

1.00

0.98

0.98

0.98

-0.02

0.00

NAKI

16.25

16.00

16.00

16.00

-0.25

0.00

NONS

11.05

11.20

11.20

11.20

0.15

SERF

0.15

0.17

0.17

0.17

0.02

0.00

SHCI

2.75

2.60

2.60

2.60

-0.15

0.00

SHNI

13.40

13.38

13.38

13.38

-0.02

0.00

UVIC

3.00

3.10

3.10

3.10

0.10

0.00

0.00

BOARD MEETINGS

Bank Alfalah Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

65.25

Support 1

10,080.50

MA (5-day)

10,066.67

Support 2

9,969.25

MA (10-day)

10,023.74

Resistance 1

MA (100-day)

9,869.79

Resistance 2

Rs Recommendations

9,937.59

Pivot

Brokerage House

Fair Value

Brokerage House

46

Buy

TFD Research

TFD Research

Leverage Position

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

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

* 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)

Trend forecasting oscillators are currently bearish on DGKC.

Positive

AKD Securities Ltd

(trending) and Bollinger Bands were 60 per cent narrower than normal.

ing oscillators are currently bullish on NML.

Lucky Cement Ltd

Brokerage House

Fair Value

Rs Recommendations

33 32.87 29.1

Brokerage House

Buy

*Arif Habib Ltd

Accumulate Neutral

* 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)

57.96 27.39 27.71 29.30

Rs Recommendations Buy

AKD Securities Ltd

108.5

Buy

TFD Research

72.75

Neutral

Technical Outlook

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

Fair Value 83

Technical Outlook 584.63 11,219.14 7.46 19.09

175.80 8,540.36 28.65 47.95

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

Fauji Fertiliser Bin Qasim Ltd

*Arif Habib Ltd

Leverage Position

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

326.94 9,271.98 0.01 28.00

* 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)

63.32 70.26 66.65 69.93

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

129.35 9,376.58 3.70 71.58

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

HUBC closed down -0.09 at 33.03. Volume was 169 per cent above average PTC closed up 0.20 at 19.19. Volume was 73 per cent above average and FFBL closed up 0.76 at 28.36. Volume was 79 per cent above average and LUCK closed up 1.89 at 72.49. Volume was 61 per cent above average (trending) and Bollinger Bands were 40 per cent narrower than normal.

Bollinger Bands were 62 per cent narrower than normal.

Bollinger Bands were 25 per cent narrower than normal.

and Bollinger Bands were 42 per cent narrower than normal.

HUBC is currently 1.9 per cent below its 200-day moving average and is PTC is currently 2.0 per cent below its 200-day moving average and is dis- FFBL is currently 1.3 per cent below its 200-day moving average and is LUCK is currently 3.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators erate flows of volume out of HUBC (mildly bearish). Trend forecasting reflect volume flowing into and out of PTC at a relatively equal pace. Trend reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect volume flowing into and out of LUCK at a relatively equal pace. oscillators are currently bearish on HUBC.

forecasting oscillators are currently bullish on PTC.

ing oscillators are currently bullish on FFBL.

Trend forecasting oscillators are currently bullish on LUCK.

Time

08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct

10:00 11:00 10:00 5:00 3:30 3:30 3:30 11:00 11:00 10:00 11:30 4:30 11:00 11:00 4:00 10:00 5:00 12:00 3:00 3:00

Company

Leverage Position

60.91 47.03 46.36 53.04

Date

(Colony) Thal Textile Mills Ltd Ados Pakistan Ltd Ahmad Hassan Textile Mills Ltd AKD Capital Limited AKD Income Fund AKD Index Tracker Fund AKD Opportunity Fund Al-Qadir Textile Mills Ltd Ayesha Textile Mills Ltd Chakwal Spinning Mills Ltd Colony Mills Ltd D.S Industries Ltd Dar Es Salaam Textile Mills Ltd Diamond Industries Ltd Eye Television Network Limited First National Equities Ltd First Pak Modaraba Genertech Pakistan Ltd Ghani Gases Ltd Goodluck Industries Ltd

TECHNICAL LEVELS

Positive

reflect volume flowing into and out of DGKC at a relatively equal pace. reflect moderate flows of volume into NML (mildly bullish). Trend forecast-

Buy

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

74.2

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

Rs Recommendations

58.28 18.86 18.84 19.58

Buy

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

24.18

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

Buy

61.46

DGKC is currently 10.3 per cent below its 200-day moving average and is NML is currently 8.4 per cent below its 200-day moving average and is dis-

TFD Research

810.01 26,754.57 N/A 33.09

182.55 4,499.85 19.53 24.08

(trending) and Bollinger Bands were 13 per cent narrower than normal.

Fair Value

30.5

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

Rs Recommendations

65

Technical Outlook

Leverage Position

50.52 24.06 24.91 27.47

Fair Value

DGKC closed up 1.17 at 24.65. Volume was 155 per cent above average NML closed up 1.59 at 48.58. Volume was 200 per cent above average

Technical Outlook

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

Positive

Technical Outlook

Positive

Technical Outlook 38.47 33.10 33.95 33.68

36.85

Technical Outlook

AKD Securities Ltd

Technical Analysis

TFD Research

Positive

AKD Securities Ltd

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

AKD Securities Ltd

14.01

Buy

44.9

Buy

TFD Research

48

TFD Research

44.13

Buy

Pakistan Telecommunication Co Ltd

Rs Recommendations

AKD Securities Ltd

12.47

*Arif Habib Ltd

Brokerage House *Arif Habib Ltd

AKD Securities Ltd

10,140.55

Hub Power Co Ltd

Rs Recommendations Buy

*Arif Habib Ltd

Technical Analysis

Fair Value 44

Buy

RSI (14-day) 69.31 Free Float Shares (mn) 674.58 MA (10-day) 8.25 Free Float Rs (mn) 6,084.69 KSE 100 INDEX closed up 162.32 points at 10,191.68. Volume was MA (100-day) 8.88 ** NOI Rs (mn) N/A 121 per cent above average and Bollinger Bands were 61 per cent MA (200-day) 10.73 Mean 8.69 narrower than normal. As far as resistance level is concern, the * Target price for Dec-10 & **Net Open Interest in future market market will see major 1st resistance level at 10,251.80 and 2nd BAFL closed up 0.68 at 9.02. Volume was 512 per cent above average resistance level at 10,311.85, while Index will continue to find its 1st (trending) and Bollinger Bands were 17 per cent narrower than normal. support level at 10,080.50 and 2nd support level at 9,969.25. KSE 100 INDEX is currently 2.6 per cent above its 200-day moving BAFL is currently 15.9 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is low as com- displaying an upward trend. Volatility is extremely high when compared to pared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. bullish on INDEX. MA (200-day)

Brokerage House

14

10,251.80 10,311.85

Fair Value

*Arif Habib Ltd

Nishat Mills Ltd

Dera Ghazi Khan Cement Co Ltd

Company

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 Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGKCement 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 JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC 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 PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 42.21 2.85 2.60 48.31 50.90 50.25 38.96 63.50 63.00 34.51 25.10 24.05 42.80 21.75 21.00 40.53 63.90 62.05 50.87 14.40 14.15 50.94 10.05 9.85 79.45 355.30 350.25 51.53 80.80 79.55 69.31 8.55 8.05 50.60 3.05 2.95 49.36 8.05 7.85 56.15 1.35 1.15 50.52 23.90 23.15 41.86 1.35 1.30 48.78 2.05 2.00 35.46 35.30 34.40 50.30 59.20 57.60 51.20 174.45 172.90 48.59 13.40 13.20 45.31 4.55 4.30 57.96 27.80 27.25 56.68 105.75 104.65 47.55 93.75 92.40 38.47 32.90 32.80 52.10 118.05 116.05 51.91 220.60 214.25 24.91 2.00 1.80 51.14 1.45 1.35 56.31 2.45 2.40 44.21 8.85 8.50 48.88 41.15 40.90 50.64 2.00 1.95 63.32 71.15 69.75 59.31 191.05 186.70 43.27 2.75 2.65 51.92 63.25 62.15 65.61 18.05 17.85 34.07 17.45 17.20 67.14 2.70 2.35 39.37 1.30 1.25 60.91 47.60 46.65 58.28 145.55 144.00 63.05 2.85 2.65 44.36 1.40 1.30 45.31 2.00 1.90 57.48 7.85 7.60 67.89 239.85 238.45 40.27 175.95 173.10 46.86 72.15 70.35 60.14 267.90 264.55 58.28 19.00 18.80 41.26 192.45 191.50 76.36 31.75 30.75 49.39 8.20 7.85 77.75 29.60 29.40 45.07 2.00 1.85 65.58 4.30 4.20 45.33 51.75 51.25 47.11 2.40 2.30

1st 2nd Resistance 3.35 3.60 52.10 52.65 64.75 65.50 26.75 27.35 22.95 23.40 67.10 68.45 14.80 14.95 10.45 10.60 364.05 367.80 83.00 83.95 9.30 9.55 3.25 3.35 8.45 8.65 1.75 1.90 25.00 25.40 1.45 1.50 2.15 2.20 36.80 37.40 61.85 62.85 177.30 178.55 13.70 13.85 5.00 5.20 28.70 29.05 107.75 108.60 95.90 96.70 33.20 33.35 121.45 122.90 231.80 236.65 2.35 2.50 1.60 1.65 2.65 2.80 9.45 9.80 41.75 42.10 2.15 2.25 73.25 74.05 198.20 201.00 2.95 3.10 65.00 65.70 18.50 18.70 17.85 18.05 3.25 3.45 1.40 1.45 49.20 49.85 148.10 149.15 3.20 3.40 1.60 1.70 2.20 2.35 8.25 8.35 242.30 243.40 180.45 182.10 76.65 79.30 273.05 274.85 19.30 19.45 194.70 196.00 33.25 33.80 8.85 9.20 30.00 30.20 2.20 2.30 4.45 4.55 52.55 52.85 2.55 2.60

Pivot 3.10 51.45 64.25 25.70 22.20 65.25 14.55 10.25 359.05 81.75 8.80 3.15 8.25 1.50 24.25 1.40 2.10 35.90 60.25 175.70 13.50 4.75 28.15 106.60 94.55 33.10 119.45 225.45 2.15 1.50 2.60 9.15 41.50 2.10 71.90 193.85 2.85 63.90 18.25 17.65 2.90 1.35 48.25 146.55 3.00 1.50 2.10 8.00 240.90 177.60 74.80 269.70 19.15 193.75 32.25 8.55 29.80 2.10 4.35 52.05 2.45


8

Friday, October 8, 2010

Bank of England keeps rates at record low 0.5pc

US and Afghans at odds over Kabul Bank reform SBP Reviews 2Q Performance

Lenders’ deposits swell up to Rs5.12tn

DUBAI: A woman walks past a branch of Dubai's Islamic Bank in the Gulf emirate.-Reuters

EU executive lays out 25bn euro bank tax idea BRUSSELS: A European Union tax on bank profits and remuneration could raise as much as 25 billion euros ($34.97 billion) annually for cash-strapped governments to repair their economies, the bloc's executive said on Thursday. The European Commission was outlining its ideas for a Financial Activities Tax (FAT), saying banks were "under taxed" and should contribute to rebuilding economies they damaged. Tax is a matter for national governments in the EU and it is unclear if any activities tax will be introduced; talks between governments on any EU-wide tax could take years to bear fruit. The Commission also backed a tax on financial transactions such as stock and bond trades, as called for by Germany and France. The idea, often referred to as a "Tobin Tax" after the US economist James Tobin who proposed it in the 1970s, should only be introduced on a global basis so as to avoid

business shifting elsewhere, EU Tax Commissioner Algirdas Semeta said. Semeta said the impact of taxes, along with global moves to beef up bank capital and introduce a possible surcharge on big banks, should be studied for their cumulative impact first. EU states including Britain and Germany are planning a national levy on bank balance sheets to pay for future bailouts and Semeta said all the bloc's tax moves should be coordinated to avoid overlaps. "We have to be cautious and prudent in calibrating a proposal," Semeta told a news conference. EU finance ministers and leaders will discuss Semeta's ideas later this month ahead of "policy initiatives" next year. EU leaders agreed in June the bloc should lead efforts to set a global approach for introducing systems for levies and taxes on banks. Semeta said an activities tax would make the sector stabler, raise more revenue and tax financial services more fairly

as they are largely exempt from value added tax. An FAT on total remuneration and profit could raise 25 billion euros for a tax rate of 5 per cent, the Commission said. British Prime Minister David Cameron said on Wednesday the government was "sorting out the banks" to encourage lending to small businesses. A government source said this was a warning to banks that they should boost lending or face a tough response, possibly in the form of an FAT on profits and remuneration. The International Monetary Fund proposed a FAT earlier this year to the Group of 20 (G20) leading economies which has agreed in principle that banks, and not taxpayers, should pay for rescues in future. Kay Swinburne, a member of the European Parliament from Cameron's party, welcomed the Commission's view that a transaction tax should not be introduced unilaterally in the EU. -Reuters

Govts should not pay for stolen data: HSBC GENEVA: Tax authorities in Europe should not buy stolen data to help find tax evaders in offshore centers, a top HSBC private banker said. "It saddens me to think that any government would willingly pay for stolen information. No two wrongs ever made a right, at least that's how I was taught," HSBC Private Bank Chief Financial Officer Leigh Robertson told the Reuters Global Private Banking Summit on Wednesday. HSBC said earlier this year that a former IT employee at the bank had stolen data on up to 24,000 offshore client accounts in Switzerland, of which 15,000 were existing customers. The details have since found their way into the hands of a number of tax authorities in Europe and many have launched investigations into people they believe may have held

undeclared money in Swiss bank accounts at HSBC. Other investigations are underway in European countries after Germany bought stolen data from Leichtenstein's LGT and more recently from Credit Suisse. Robertson said HSBC lost private banking clients as a result of the theft, but had recovered much of the lost client assets this year. HSBC Private Bank, which manages about $445 billion of assets globally, attracted 4.9 billion Swiss francs of new client money at its Swiss operations in the first half of the year, earnings statements show. Robertson said the bank had put a lot of work into mollifying clients affected by the stolen data, some of which were difficult to track down since they had long left the bank. "It has forced us to engage our clients," he said. "The

reaction of the clients was mostly disappointed. Some just said fine, how did it happen, make sure it doesn't happen again." The thefts took place as countries around the developed world heightened efforts to claw back tax revenues lost to offshore banking. In a landmark case, US authorities forced Swiss bank giant UBS to pay a $780 million fine and disclose thousands of client account details. New legislation pending the United States aims to place the burden of disclosure of details of US account holders on foreign financial institutions, putting a 30 per cent tax on their investments in US assets if they do not comply. Robertson said the legislation was "incredible" and said the most likely outcome would be to make financial institutions turn away potential US clients. -Reuters

Two Dubai banks hold merger talks Monitoring Desk DUBAI: Emirates Islamic Bank and Dubai Bank are making considerable headway in their initiative to join forces following the successful completion of a merger between two other Dubai banks this year, banking sources said on Sunday. The two Dubai-based Islamic banks have been holding talks on the possibilities of either a takeover or a merger like the landmark marriage between Emirates Bank International and the National Bank of Dubai to create a banking giant known as Emirates NBD, the sources told. However, a spokesman of Emirates NBD, the parent bank of Emirates Islamic Bank, said he could neither confirm or deny the merger move as reported by the Arabic Press. Spokespersons for both Emirates Islamic Bank and Dubai Bank were not available for comments on Sunday. Another future scenario reportedly figuring in the negotiations is the possible acquisition of the cash-strapped Shariah-compliant mortgage company Amlak Finance by the newly merged Islamic banking entity, banking sources said. “As both Dubai Bank and Amlak face liquidity issues, a merger or takeover is an inevitable reality. [The] sooner, the better,” a banking source, who wants to remain unidentified, said.

Standard Chartered to start trading as an LME member LONDON: London-based bank Standard Chartered Bank is to begin trading and clearing as a member of the London Metal Exchange from Monday, Oct. 11, the LME said on Wednesday. The LME board of directors in late July approved the bank's application to become Associate Broker Clearing member, also known as Category 2 member. Associate Broker Clearing members have the ability to issue and clear LME contracts. They operate through the 24hour inter-office telephone market and also utilise the exchange's electronic trading platform, LMEselect, but are not permitted to trade in the Exchange's open outcry trading floor, the Ring. -Reuters

KARACHI: Pakistan's banking industry witnessed a 5.4 per cent growth in its asset base, which rised to Rs 6,782 billion during the April-June quarter of the 2009-2010 fiscal year (FY10) compared with a contraction of 1.4 per cent in the Jan-March quarter of FY10. According to State Bank of Pakistan's Quarterly Performance Review of the Banking System for the quarter ending on June 30, which was released here, the increase in asset base of the banking system , which was well supported by growth in deposits, mainly occurred in banks' balances, interbank lending, government papers and public sector commodity finance. Banking industry's deposits rose to Rs 5,128 billion in April-June quarter compared with overall deposits of Rs 4,774 billion in Jan-March quarter of FY10. The Report pointed out that the banking system witnessed a letup in the inflow of fresh non-performing loans (NPLs) during the quarter under review that has been a leading challenge for the last two years or so. The NPLs of banks registered a marginal growth of 0.6 per cent to Rs 460 billion in April-June 2010 quarter (Rs457 billion in March-10) as compared to last two years average quarterly growth of 9.7 per cent. Due to contained increase in NPLs that was adequately covered by loan loss provisioning, the provision coverage ratio of NPLs improved to 73.2 per cent

KARACHI: The Islamic Finance News Award Polls are the most transparent, definitive and competitive awards in the Islamic finance industry. Launched in 2005, Best Islamic Banks Poll grew rapidly to become widely recognized as the one to win. Each year new categories have been added reflecting the industry's growth. By 2009, the Poll recognized two very distinctive groups, the banks and the service providers. During the month of September Poll of global readership for the 2010 Islamic Finance news Service Providers was conducted. In 13 categories contested a total of 1,956 votes were cast. Following due diligence 450 votes were discarded leaving 1,506 votes counting for the final results. In addition to the 11 previ-

ABU DHABI: Islamic banking is growing at a fast pace and its size globally is expected to reach $2.7 trillion (Dh9.9 trillion) by 2015, up from an estimated $1 trillion at present, a senior executive of Abu Dhabi Islamic Bank (ADIB) said yesterday. "Globally, the industry is growing at a double digit rate (annually). Due to its transparency, trust and ethical practices, clients are increasingly looking at Islamic solutions for themselves," Malek Sarwar, Co-Head of Private Banking and Wealth Management Group, told reporters at a news conference. He said Islamic banking has seen a ten-fold increase over a ten-year period. Sarwar said at present, of the estimated Dh1.5 trillion worth of assets held by domestic and foreign banks in the UAE, 16 per cent was in Islamic banking. Separately, ADIB on Monday announced the launch of its wealth management service that will cater to the needs of mass, affluent and high net worth customers. ADIB Wealth Management offers a range of investment solutions such as sukuk, equity, treasuries, commodities, mutual funds, real estate advisory, trust, private equity and other Sharia-compliant opportunities worldwide. These cater to different risk and return levels and are based on financial objectives, risk tolerance and investment time horizons desired by clients. "Wealth management is central to our plans ...and we have allocated sufficient resources to let it spread its wings not only in the UAE but also globally. It is a step in the direction of making the bank a globally preferred Islamic finance solutions provider," ADIB quoted its chief executive Tirad Mahmoud as saying. -Agencies

(70.9 per cent in March-10) and net NPLs to Loans ratio declined to 3.8 per cent (4.2 per cent in March-10). The contained provisioning charges preserved the profitability of the system from any significant deterioration and earnings remained in satisfactory range with pre-tax Return on Assets of 1.8 per cent (1.3 per cent for CY09). The earnings of individual banks also showed some improvement as the number of lossmaking banks remained lower than CY09 statistics, the Report added. The SBP Report said that due to shift in asset-mix of banks towards less risky assets, the risk-based capital adequacy ratio of the system improved to 13.9 per cent (13.7 per cent in March-10) as compared to the minimum regulatory standard of 10 per cent. Moreover, due to contained growth in NPLs and improvement in provisioning coverage, the risk to banks' solvency from impairment in asset quality also lowered. Given the likely impact of recent floods, ongoing challenging economic environment, power shortage and security situation in the country, the increased portfolio of NPLs and heightened credit risk remain the major challenge for the banking system. However, the Report said that the results of the stress tests indicate banking system's adequate capacity to withstand unusual shocks in the major risk factors and avert the emergence of any systemic crisis from such SINGAPORE: Legions of newly wealthy are springing up shocks. -Agencies in Asia but private bankers scrambling to manage their money are struggling to cope. Faced with a 31 per cent surge in the investible income of the wealthy in Asia last year, private banks are increasingly poaching relationship managers (RMs), bankers who take their clients and their money wherously contested categories, ever they go, from rivals. It's a relatively easy way to two new classes were added this year. These were 'Most grow a business battered by the Outstanding Standard Setting financial downturn two years Body' and 'Best Interbroker ago, but costs are high and a for Islamic Transactions'. The predator can easily become a victim. winners were: "The one common thread that Accounting and Auditing Organization for Islamic everyone's complaining of is the RMs' musical chairs," Su Financial Institutions (AAOIFI), International Shan Tan, DBS group head of Shariah Research Academy wealth management, said at the (ISRA), Dar Al Sharia Legal Reuters Global Private Banking and Financial Consultancy, Summit. "We are all guilty to CIMB Islamic, HSBC some extent of poaching peoAmanah, Takaful Ikhlas, ple. We all agree that we Munich Re, Dow Jones shouldn't be doing it but we Islamic, DDCAP, Fitch have no choice so we do it," she Ratings, Norton Rose, Dar Al said. "The cost-income ratio is no longer sustainable in our Sharia Legal and Financial business because the cost of Consultancy, Path Solutions human beings has just gone Winners will receive the through the roof." While the awards during two gala ranks of wealthy in Europe and Awards Ceremonies taking the United States are stagnating place early 2011. The first or growing slowly, the number will take place on the evening of Asians with more than $1 of the 24th February in Kuala million to invest shot up 26 per Lumpur Malaysia and the cent to 3 million last year, second in Dubai on 2nd according to Capgemini and March. Merrill Lynch. -Reuters

IFN announces Best Service Providers’ Awards Shabbir Kazmi

Islamic banking size seen at $2.7tn

Staff poaching hurts Asia’s private bankers


9

Friday, October 8, 2010

Gold turns lower after hitting record high LONDON: Gold slid below $1,340 an ounce in its most volatile trading day in two months on Thursday, having earlier hit a record high on investor expectations for the Federal Reserve to support flagging US growth. Spot gold was last at $1,337.75 an ounce at 1451 GMT, up from $1,345.80 late on Wednesday, but down from an all-time peak of $1,364.60 struck earlier in the day as a rebound in the dollar against the euro dented gold. The Fed is still widely expected to resume quantitative easing -- in which the central bank would buy government bonds for example and pump extra cash into the financial system to keep interest rates low -- which has pushed the dollar down 7 per cent against a basket of currencies in the last month. Gold, which usually benefits from dollar weakness due to its inverse relation with the US currency, has gained nearly 10 per cent in the same period. US gold futures for December delivery hit a fresh record high at $1,366 an ounce, before easing to $1,350.40, up $2.4 an ounce on the day. Gold has gained more in dollars so far this month than in other currencies. In euros gold

is up just 0.6 per cent this month, compared to a 2.8 per cent gain in dollar-priced gold, while yen-priced and sterlingpriced gold are both up 1.3 per cent. Both the Bank of England and the European Central Bank left their benchmark rates unchanged, as expected. The ECB signalled it was happy

with the signs of normalisation in the money markets and said economic recovery in the euro zone would continue. Gold retreated from earlier highs after the world's thirdlargest producer of the metal, Anglogold Ashanti said it had completed the buy-back of its hedgebook, previously the largest in the industry. But on a supportive note for gold, state media in Vietnam reported that Asia's second largest bullion consumer after India would grant licences and quotas to import gold, which was banned in mid-2008 as policymakers attempted to tackle the country's trade deficit. Nervousness over the outlook for US growth was heightened on Wednesday after

a survey of private-sector employment showed a surprise contraction in September, which further unsettled investors ahead of Friday's key employment report. "With expectations for quantitative easing high, data monitoring between now and the Nov. 3 (Fed policy setting) meeting becomes even more significant," wrote UBS analyst Edel Tully in a note. "The shortterm direction of the US dollar, and therefore gold, will be influenced by tomorrow's US payrolls data: a positive or negative deviation from expectations will weigh heavily on market thinking about quantitative easing prospects." Spot silver hit a new 30-year high at $23.51 an ounce, but later eased to $23.02, down from $23.13 on Wednesday. Holdings in the iShares Silver Trust, the world's largest silver-backed, exchange-traded fund, rose to a fresh record high of 9,944.14 tonnes. The platinum group metals retained gains. Spot platinum rose to $1,723, its highest since mid-May and was last up 0.5 per cent on the day at $1,702.50, while palladium hit a new nine-year peak at $602.50 and was last up nearly 3 per cent at $592.00. -Reuters

Palm at 1-year top on strong demand hopes KUALA LUMPUR: Malaysian palm oil hit a near 17-month high on Thursday as traders bet the weak dollar may spur more demand for US priced vegetable oil from top buyers China and India. The dollar held near a 15-year low on expectations the US Federal Reserve will shift towards a looser monetary policy and spur another round of quantitative easing -- a scenario that has supported equity and commodity markets. Investors expect the world's top vegetable oil buyers China and India to restock after festival season ends, focusing on palm oil from Malaysia and Indonesia that will go through a seasonal upswing in production and soyoil from a bumper US crop. Benchmark Malaysian palm oil rose almost 2 per cent to 2,786 ringgit ($901.3) after touching an intraday high of 2,788 ringgit -- a level unseen since May 13 last year. "Palm oil is trading in a friendly mode as

worldwide commodities and regional equity markets are very supportive," said a trader with foreign brokerage in Kuala Lumpur. Reuters technical analysis showed Malaysian palm oil could trade at a bullish target of 2,750 ringgit. Market players await industry regulator Malaysian Palm Oil Board unveiling official data on October 11. October soyoil in Chicago inched up during Asian trade hours ahead of the USDA's agricultural supply and demand estimates due for release on Friday. Analysts said the USDA might pare its soy production estimate due to a downward adjustment in planted acreage in the US even though farmers have been reaping bumper yields. Asian traders are waiting for China's financial markets to open on Friday after oneweek holidays. China's Dalian soyoil and palm olein futures often give direction to other vegetable oil markets. -Reuters

Copper prices sag as dlr recovers versus euro LONDON: Copper tumbled on Thursday as the dollar recovered against the euro in a move that coincided with a World Bank warning currency tensions could lead to trouble. The metal used in power and construction hit $8,326 a tone on Wednesday, its highest since July 2008 on expectations the US Federal Reserve will print more money to help boost growth in the United States, the world's largest economy. Benchmark copper on the London Metal Exchange was trading at $8,155 a tonne at 1412 GMT compared with $8,259 at Wednesday's close. The dollar recovered after World Bank President Robert Zoellick said if currency tension slides into conflict there was a risk of repeating mistakes of the 1930s. Industrial metals markets immediately latched onto the idea of a depression such as that seen in the 1930s and

started fretting about demand prospects. Copper has risen nearly 40 per cent since hitting an eight-month low in June this year, at the forefront of a rise in metals prices which saw tin on Wednesday hit a record high. Overall the dollar's downtrend over the last month has been a source of strong support for commodities. A weaker US currency makes commodities priced in dollars cheaper for holders of other currencies. Focus will now shift to two key events on Friday - the return of Chinese players after a week-long holiday and US non-farm payrolls data for September. Thursday's data showed

LME stocks down 675 tonnes to 373,450 tonnes, the lowest since October 2009. Among other metals, tin was trading at $26,200 versus Wednesday's close at $26,300, short of the previous session's record peak at $26,790, underpinned by tight supply from top exporter Indonesia and low stocks. Stainless steel material nickel was at $24,270 a tonne from Wednesday's close of $24,800, while lead was at $2,255 a tone versus $2,316. Zinc was trading $2,285 a tonne versus Wednesday's close of $2,334. Aluminium was trading at $2,352 a tonne from $2,365 at the close on Wednesday.Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 06 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 06 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

2250 2260 2210 2220 2150 2160 2150 2160

2334 2335 2369.5 2370 2445 2450 2510 2515

8215 2293 8215.5 2293.5 8238 2321 8239 2321.5 8130 2327 8140 2332 7860 2305 7870 2310

24850 24875 24875 24880 24125 24225 23025 23125

TIN

ZINC NASAAC

26395 2297 26400 2298 26350 2326 26400 2326.5 25700 2372 25750 2377 2360 2365

2229 2230 2250 2260 2260 2270 2310 2320

European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL EU: Degummed euro tonne fob exmill Oct10 unq Nov10/Jan11775.00 Feb11/Apr11 780.00 RAPEOIL Dutch/EU: Euro tonne fob exmill Nov10/Jan11 785.00 +5.00 Feb11/Apr11 790.00+2.00 May11/Jul11 800.00+5.00 Aug11/Oct11 790.00+5.00 SUNOIL EU: Dlrs tonne extank six ports option Nov10/Dec10 1250.00+20.00 Jan11/Mar11 1205.00+20.00 Apr11/Jun11 1195.00+20.00 Jul11/Sep11 1215.00 LINOIL: any origin dlrs tonne extank Rotterdam Oct10/Nov10 1357.50+0.00 CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 955.00 +20.00 Nov10 952.50+20.00 Dec10 952.50+22.50 Jan11/Mar11 950.00 +20.00 PALMOIL RBD: Dlrs tonne fob Malaysia Nov10 945.00+20.00 Dec10 937.50+22.50 PALM OLEIN RBD: Dlrs tonne fob Malaysia Nov10 955.00+20.00 Dec10 947.50 +22.50 Jan11/Mar11 942.50+20.00 Apr11/Jun11 947.50+22.50 COCONUT OIL Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1390.00+15.00 Oct10/Nov10 1380.00+15.00 Nov10/Dec10 1380.00+20.00 Dec10/Jan11 1380.00 +20.00 Jan11/Feb11 1375.00+15.00 Feb11/Mar11 1375.00+15.00 TUNGOIL any origin dlrs tonne extank Rotterdam unq CASTOROIL any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00 Reuters

Tokyo rubber futures up again on tight supply BANGKOK: Tokyo rubber futures rose further on Thursday, hitting a five-month high on the back of tight supply in producing countries, but the gains were limited by the strength of the Japanese yen, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery rose 2.6 yen to settle at 324.3 yen ($3.91) per kg. It rose at one stage to 324.5 yen, the highest since late April. The dollar was around a 15year low against the yen. The global rubber market could see two years of tight supplies and rising prices as output sputters while producers replace ageing trees and as demand increases. Thailand and Indonesia, the world's top two producers of natural rubber, are likely to produce 9 per cent and 7.7 per cent less than previous estimates respectively due to excessive rain, a senior industry official said. Natural rubber output in Association of Natural Rubber Producing Countries (ANRPC) in 2011 is likely to be steady to lower than the current year, a senior ANRPC official said on Wednesday. -Reuters

MOSCOW: Grain combine harvesters mow wheat at Argostroy farm, some 450 km south of Barnaul city in the Altai region. Reuters

Oil slips after hitting 5-month high above $84 LONDON: Oil slipped from a five-month high above $84 a barrel on Thursday on concerns that a rally driven by a weakening dollar had run ahead of the market's fundamentals of supply and demand. A falling US dollar, linked to an expected inflow of fresh dollars into the economy, has spurred money flows into oil and other commodities. Oil reversed course as the dollar pared its losses and equities slipped.

A French oil port strike that has disrupted supplies limited the decline. Talks between strikers at the Fos Lavera port and management were in deadlock, the port said as the strike entered its 11th day. The dispute has blocked oil tankers, forced some oil refineries to reduce operations and driven up fuel prices in Europe -- supporting the wider oil market. "It will have a very strong impact on the supply of oil

"It highlights the nervousness in the market about underlying fundamentals and worry the rally may be getting ahead of them," said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. US crude for November fell 40 cents to $82.83 by 1431 GMT, after trading as high as $84.43, the highest intraday price for a nearby contract since May 4. ICE Brent slipped 50 cents to $84.56. "The market is very nervous and there was some profit-taking," said Christopher Bellew, an oil broker at Bache Commodities in London.

products," said Christophe Barret, an oil analyst at Credit Agricole. "I think it is one of the main factors supporting product and crude oil prices." The prospect of a second round of US quantitative easing, known as QE2, hangs in part on US employment reports. Closely watched monthly data are due on Friday. In a precursor of the monthly jobs figures, ADP's national employment report on Wednesday said private employers in the US cut 39,000 jobs in September, versus expectations for an increase. -Reuters

Sugar rallies as funds buy; arabicas rise LONDON: Raw sugar futures rallied four per cent on Thursday on investor and fund buying, closing in on a recent 7-month high and buoyed by a weaker dollar, while arabicas rose but remained far off a 13year high touched last month. Cocoa gained after an independent analyst talked of black pod disease harming West African new crops, on expectations of a slightly positive European Q3 grind to be released next week and due to nervousness over elections in Ivory Coast, dealers said. ICE March raw sugar futures were up 0.9 cent or 3.8 per cent at 24.44 cents a lb at 1145 GMT, having earlier surged over 4 per cent to a session high of 24.53 cents. The futures were in sight of a seven month peak of 27.17 cents touched on September 29. London December white sugar was up $17.50 or 2.8 per cent at $643.10 per tonne in slim volume of 1,222 lots. January robusta futures were up $5 or 0.3 per cent at $1,662 a tonne at 1207 GMT, far below last Friday's close of $1,750. Arabica coffee futures on ICE rose with the market looking to regain ground after a significant setback during the last couple of weeks. ICE December cocoa was up $47 or 1.7 per cent at $2,791 per tonne. Liffe secondmonth March cocoa was 16 pounds or 0.9 per cent higher at 1,885 pounds a tonne. -Reuters

NY cotton ends firmer as trade eyes USDA reports NEW YORK: Cotton futures closed firmer Wednesday on investor buying tied in part to the expectation a government report on Thursday will show strong US cotton export sales, brokers said. The market is also bracing for Friday's release of the monthly supply/demand report from the US Agriculture Department, they said. ICE Futures US benchmark December cotton contract rose 1.19 cents to finish at 99.75 cents per lb. The contract traded from 98.10 to $1.0014.

It is an inside day since the range is within Tuesday's 96.90 to $1.004 band. Total volume traded reached 11,478 lots at 1830 GMT, about a third below the 30-day average at 18,107 lots, preliminary Thomson Reuters data showed. Cotton brokers expect total US cotton sales to range from 300,000 to 500,000 running bales (RBs, 500-lbs each), from 842,400 RBs in last week's data. After the data goes out, Nelson said the focus will

quickly turn to the USDA's supply report. Traders said the focus will be on US cotton exports, and production numbers from China, India and Pakistan. Brokers Flanagan Trading Corp. sees resistance in the December cotton contract at $1.004 and $1.0135, with support to be found at 99.50 and 98.65 cents. Volume traded on Monday reached 28,039 lots, from the prior tally of 20,034 lots, data from ICE Futures US said. 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 84.37 85.02 85.72 23.44 23.46

75 37 6

07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-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

82.70 83.56 84.18 22.82 22.91

84.37 85.02 85.72 23.44 23.47

82.45 83.38 84.18 22.82 22.84

84.37 85.02 85.72 23.44 23.46

250 70 47

Price 83.54 84.24 85.02 23.36 23.38

07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-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

1345.40 1347.10 1346.50 1344.20 1345.50

1364.40 1365.30 1365.60 1361.40 1365.20

1344.00 1344.50 1346.10 1344.20 1345.20

1361.40 1362.30 1363.20 1361.40 1362.30

722 1,133 1,222 49

1354.30 1355.30 1356.20 1354.30 1355.30

1361.40 1362.30 1363.20 1361.40 1362.30

861 1,138 604 11

07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-Oct-2010 07-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

1346.10 37362.00 37311.00 37325.00 37300.00 43476.00 43476.00 38355.00 38394.00 38407.00 38329.00 38342.00 44068.00 2402.00

1362.30 37749.00 37728.00 37743.00 37794.00 43963.00 43963.00 38764.00 38802.00 38815.00 38827.00 38752.00 44546.00 2402.00

1346.10 37302.00 37311.00 37325.00 37274.00 43476.00 43476.00 38355.00 38394.00 38407.00 38329.00 38342.00 44068.00 3175.00

1362.30 37720.00 37728.00 37743.00 37692.00 43963.00 43963.00 38764.00 38802.00 38815.00 38827.00 38752.00 44546.00 3175.00

9 3 -

1356.20 37573.00 37582.00 37596.00 37545.00 43792.00 43792.00 38617.00 38656.00 38669.00 38682.00 38604.00 44373.00 3176.00

1363.20 37720.00 37728.00 37743.00 37692.00 43963.00 43963.00 38764.00 38802.00 38815.00 38827.00 38752.00 44546.00 3175.00

47 4 2 -

07-Oct-2010 07-Oct-2010 07-Oct-2010 07-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

3185.00 4168.00 86.69 86.13

3185.00 4211.00 86.69 86.13

3183.00 4168.00 86.64 85.65

3183.00 4211.00 86.64 85.65

-

3185.00 4168.00 86.69 85.65

3183.00 4211.00 86.64 85.65

-

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


Jamaica's Lerone celebrates after winning the men's 100 metre final during CWG

10

Friday, October 8, 2010

Intikhab appointed as manager KARACHI: The Pakistan Cricket Board has brought back former test captain, Intikhab Alam as the manager of the national team after the troubled tour to England. Sources in the Pakistan board told Reuters that the board would be making an official announcement soon on Alam's appointment. Alam, who was coach of the national team until early this year, replaces Yawar Saeed who stepped down as manager after the controversial England tour. Alam was coach between October 2008 to the shambolic tour to Australia early this year after which he was replaced as coach by Waqar Younis.Reuters

Olympic park to be named after queen LONDON: The Olympic park, which will be renamed the Queen Elizabeth Olympic Park after it reopens in 2013, will include family and social housing, new schools, nurseries, and health centres next to commercial businesses. The Olympic Park Legacy Company (OPLC) is waiting for this month's comprehensive spending review to find out how much money it will have to help transform the site. But it, and other interested parties including Mayor of London Boris Johnson and Bob Neill, at the department for Communities and Local Government, said they could leverage investment in the park from around the world. The economic climate was likely to improve, and the park would build on facilities already put in place for the 9.3 billion pound Olympics. "The vision has the potential to transform East London so that it grows and prospers with the rest of the capital," Neill told reporters. The park and its surrounding area will be transformed over the next 25 years from one of the most deprived parts of the country into a 600-acre site with 11,000 new homes, including the 2,800 flats in the Olympic Village. It is hoped up to 10,000 jobs will be created on the site, in addition to the 8,500 jobs in Westfield Stratford City, Europe's biggest indoor shopping centre, when it opens next year. The northern end of the park will focus on leisure activities with its waterways and green space, next to the Velopark and Eton Manor, housing hockey and tennis.-Reuters

Query ordered into CWG pool scare NEW DELHI: An urgent enquiry was ordered on Thursday into whether the Commonwealth Games swimming pool was responsible for a rash of "Delhi Belly" stomach complaints among swimmers at the troubled event. Reports in the British media said dozens of swimmers had been laid low by diarrhoea, another potential embarrassment to local organisers struggling to turn around the 12-day multisport event after a chaotic run-up. Health and security concerns caused several athletes to pull out of the Games. "We must handle this immediately," Games Federation chief Mike Fennell told a news conference. "If there is something that is unsafe, you can't swim in that water. We have to deal with it. It's a matter we have to deal with the greatest of urgency." Crowds were again sparse at most of the venues but local chief organiser Suresh Kalmadi said 125,000 tickets had been sold on Wednesday and was confident that empty stands would soon be a thing of the past at the Games, which close on October 14. Allegations of corruption, shoddy construction, a filthy athletes' village, security and health concerns blighted the preparations. Transport issues, technical malfunctions and problems with food have continued the trend into the Games. Kalmadi has taken most of the

blame for the chaos and was booed at the opening ceremony while the city's chief minister Sheila Dikshit has received a boost in popularity after stepping in to clean up the village. Dikshit was at the centre of a diplomatic row on Thursday when India summoned New Zealand's high commissioner to protest against what it said were "racial remarks" made about her in a television show. India says a popular TV host deliberately mispronounced and ridiculed Dikshit's name, despite being told by the lead anchor that it was pronounced "Dixit." New Zealand High Commissioner Rupert Holborow said in a statement the comments were "culturally insensitive, inappropriate and vulgar." Back in the village, thousands of flushed condoms threaten to choke the drainage system, according to local media reports. Distributing thousands of free condoms to athletes has been a tradition at multi-sports Games since the 1992 Barcelona Olympics. "If that is happening, it shows that there is use of condoms and I think that is a very positive story. Athletes are being responsible," Fennell said. "We all know that encouraging safe sex is a very important thing to do." An 100,000-strong security force has been deployed to avoid a repeat of the attack by militants that claimed more than 160 lives

NEW DELHI: The S P Mukherjee Aquatics Complex is pictured during a break in swimming competition at the Commonwealth Games.-Reuters in Mumbai in 2008 complicated logistics. India snared an early gold medal on the fourth day of competition as they continue their quest to finish second in the medal table with the shooting range continuing to be fruitful for the host nation. Australia's remorseless acquisition of titles on the cycling track also continued with Megan Dunn, who won gold for the second suc-

PCB names 15-member team for SA tour

Headless squad announced LAHORE: Pakistan Cricket Board on Thursday announced 15-member team, without naming captain, for One-day and Twenty-20 series against South Africa starting from October 26 at off shore venue, United Arab Emirates. "Captain will be named shortly and at this stage we have not decided who will lead the side," said a spokesman of PCB. Another important appointment made was of manager Intikhab Alam who is also working as director national cricket academy.

Intikhab has replaced aged Yawar Saeed who resigned after Pakistan teams troubled tour of England. Former test batsman Ijaz Ahmed who was team's batting coach was shown exit while Waqar Younis was retained as coach while Aqib Javed was given the responsibility of the bowling coach. Following is the squad,Imran Farhat,Mohammad Hafeez, Mohammad Hafeez, Mohammad Yousuf, Misbah ul Haq ,Umar Akmal Asad Shafiq ,Fawad Alam ,Shahid Afridi

,Abdur Razzaq ,Umar Gul Saeed Ajmal ,Abdur Rehman ,Shoaib Akhtar ,Tanveer Ahmad and Zulqarnain Haider, wicketkeeper. The spokesman did not give any reason regarding not appointing captain when his attention was drawn to the fact that all rounder Shahid Afridi was earlier named captain of one day and Twenty-20 matches. Keeper Zulqarnain replaced regular keeper Kamran Akmal who has been ruled out of action for few weeks following appendix surgery.-APP

Nadal, Roddick in Japan Open quarters TOKYO: World number one Rafael Nadal showed beat Canadian qualifier Milos Raonic on Thursday to join American second seed Andy Roddick in the quarter-finals of the Japan Open. The 24-year-old Spanish top seed, who completed a career Gland Slam by winning the US Open last month, faced 14 unstoppable aces but pulled off a break in each set to score a solid 6-4, 6-4 victory.

"For me today it was a very big victory, because I won two break points out of two under heavy pressure," said Nadal. "Because when you play a big server like today, you have to convert your chances. I had to do well to win the match today and I did. I had only two games that I didn't play well, but for the rest, I played well." "I know he is a young and dangerous player because of his

serve. He can be a very good player," added Nadal, who has won the French Open and Wimbledon before the US Open as well as the Australian Open last year. The 28-year-old Roddick, whose only title of the season came at Brisbane in January, needed just 91 minutes to secure a 6-4, 7-6 (7/4) victory over Jeremy Chardy of France in the second round.-Reuters

cessive day, giving an insight into the good spirit and fierce focus that exists inside the team. "Australia has had a dream run, everyone's in high spirits. We're like a big family and everyone's bouncing off each other," she said after winning the 10km scratch race. The 'friendly games' is not just about the medallists, however, and local synchronised swimmer Avani Dave received warm

Rooney a bit vulgar, says United mate ROME: Federico Macheda may be in line for a tricky return to Old Trafford after an indiscrete comment to Italian journalists about beleaguered Manchester United team mate Wayne Rooney. England forward Rooney, criticised in the past for swearing and spitting, was electric last season but struggled at the World Cup and has been in poor form this term while allegations about his private life have filled the tabloids. "Rooney is a really great person, he always gives me advice, but he's a bit working class and vulgar," Macheda told Thursday's Gazzetta dello Sport while in Italy with the Under-21 team. Roman Macheda, who himself hails from the inner city like Liverpool-born Rooney, is happy learning from the striker at United and dismissed speculation he might join former side Lazio on loan to gain more first team opportunities. "I want to improve in Manchester, when I'm more mature I'll be able to make choices.-Reuters

applause at the pool despite finishing last by some distance. The 19-year-old marched confidently on to the platform before performing her routine to a tune from popular Bollywood movie Bhool Bhulaiyaa, sometimes struggling to get her legs clear of the water but never losing her rictus grin. Her poor showing was not too much of a surprise as she has no proper coaching.-Reuters

Instrumental error injures Ugandans in Delhi Games NEW DELHI: Three Ugandan officials have been injured in a car accident at the gates of the Commonwealth Games village caused by a safety equipment malfunction, the Ugandan high commission said Thursday. The officials - Games chef de mission William Tumwine, press attachĂŠ Juliet Acom, and administrative officer Irene Matovu -- were travelling to the athletes' village Tuesday night when their car was struck by a "tyre killer." The underground "tyre killer" barrier is a sharpedged device that pops up to stop unauthorised cars. Ugandan minister counsellor Dora Kutesa told AFP the officials were hospitalised and two of them required stitches for facial injuries. "There were police there and no one came forward to help them," Kutesa said. "They had to call the ambulance themselves."

A Delhi police spokesman confirmed that the accident occurred because of a malfunctioning tyre killer which has since been disabled. The accident is the latest mishap to hit the Delhi Games, which have been dogged by corruption allegations, shambolic planning, delayed infrastructure and poor ticket sales. Kutesa expressed frustration at the inability of the embassy to contact the relevant Indian authorities about the accident. "We spent all day yesterday trying to reach someone... now we have given up," she said. "We are now concentrating on the well-being of our people." All three patients were discharged from hospital Wednesday. The Commonwealth Games, which runs to October 14, is a multi-sport event that brings together 71 countries and territoires mostly from the former British empire. -APP

WIndies has hit rock bottom, says Viv n

Richards wants mentoring role

NEW DELHI: Cricketing great Viv Richards feels the game has hit rock bottom in the West Indies and lashed out at the board for ostracising former players, preventing them from helping revive the Caribbean's glorious past. The West Indies Cricket Board (WICB) requires the "right opinion" from former cricketers to help cricket move forward in the West Indies, Richard told Reuters in an interview. "I think cricket is at its lowest tier at the moment in the Caribbean. It's not in a healthy state. Lots of work needs to be done to get it to the right prominence and to where folks

would believe where we should be at," Richards said. The West Indian, the most destructive batsman of his era, fumed when asked about the role of former players in cricket's revival. "I am not at all involved in West Indian cricket. Most of the former players have been ostracised. Constructive criticism is not much accepted in the Caribbean," the 58-year old said. "I would love to take a role like Greg Chappell did for Australia. I think I have a good eye for talent and this is something that we have never taken on board in the Caribbean." Former Australian captain

Chappell was the head coach at Australia's Centre of Excellence before taking on a new role as Australia's first full-time selector and national talent development head last month. "It doesn't smell that good when you have a board dictated to by the players' association. The future of West Indies cricket is certainly in doubt in my opinion," said Richards, who is in Delhi as an ambassador for the

n

Sachin best, Ponting most aggressive: Viv

Antigua and Barbuda delegation in the Commonwealth

Games. Richards, who hit 24 hundreds in 121 tests in the glory

days of Caribbean cricket, feels the longer version of the game still brings forth the best talent in the game. He was all praise for the quality of cricket played during India's thrilling win a g a i n s t Australia earlier this week. "The test match... and the finish ... that's cricket for me at its very best. This format sorts the good ones out from the bad

ones," he said. The West Indian, who had a strike rate of over 90 in one-day cricket, picked Australia captain Ricky Ponting as the most aggressive batsman in the current era but India's Sachin Tendulkar got his vote for the best batsman. "Ricky Ponting is the most aggressive for me ... I have always liked his aggression. But the role Sachin is playing for India ... that's batsmanship at its very best for me," he went on. "The things Sachin is doing now and the way he did them in the past are two completely different chapters in his career. He is the eldest statesman where batting is concerned."

SPOT FIXING

The former West Indian captain was clueless about how the spot fixing menace had made its way into modern day cricket. "I would like to think the salaries are good enough these days. If you get to a level and get recognised, you can play in tournaments like the Indian Premier League," Richards said, with a wry smile. Spot fixing has emerged as the latest threat to the integrity of cricket after the match-fixing scandal which rocked the game 10 years ago. He was dead serious when he said that no bookie could have approached him for throwing a match away.-Reuters


Irish sovereign debt riskier than Iraq’s

WASHINGTON: Hillary Clinton and Cherie Blair at the State Department.-Reuters.

Five unions back UK govt changes to redundancy pay LONDON: Five trade unions have agred to the British government's proposed changes to redundancy terms for civil servants, the Cabinet Office said on Thursday, but a sixth union plans to challenge their legality. The changes come as the government plans to slash public spending to tackle a huge budget deficit, a move expected to result in thousands of job losses. "The previous scheme was simply no longer fit for purpose and had to change," said Cabinet Office minister Francis Maude. "In today's tough economic climate, we would be failing in our duty to the tax-paying public if we had allowed its excesses, which saw some employees walking away with packages worth more than six years' pay, to continue." The new terms, which come after 18 months of negotiations, would see staff paid a month's salary for every year

of service, capped at 12 months for compulsory job losses and 21 months for voluntary redundancies. All civil servants would also be entitled to three months notice of redundancy, the Cabinet Office said. The plans have been agreed by the FDA, Prospect, Prison Officers' Association, GMB and Unite unions, which between them represent 180,000 staff. But the Public and Commercial Services (PCS) union, which has 270,000 members, has refused to back them, potentially paving the way for a legal battle. UNION VETO Earlier this year PCS members walked out on strike in protest at changes to the scheme proposed by the previous government, eventually succeeding in having them overturned after a legal challenge in the High Court. But along with the new terms, the government plans to

amend the law to remove the ability of a union to veto changes to redundancy compensation, a move backed by the five unions which could allow the reforms to go ahead without the PCS's approval. The PCS said it was disappointed other unions had accepted the plans and said it would demand further talks with Maude. Should such talks be refused or not have a successful outcome, the PCS said it would recommend its members reject the proposals and would consider further legal action. It also plans to challenge the plans under the Human Rights Act. "We remain committed to reaching an agreement, but we will not be bullied into agreeing massive cuts in redundancy terms simply because the government wants to lay waste to our members' jobs and livelihoods more cheaply," said PCS general secretary Mark Serwotka.-Reuters

LONDON: Ireland's country debt is at a greater risk of default than that of Iraq's and Romania's as its credit default swaps (CDS) saw the worst deterioration among its sovereign peers over the third quarter this year, CMA DataVision said on Thursday. The cost of insuring Irish debt against default or restructuring for five years leapt 72 per cent between July and September, above Portugal's 30-per cent jump and the 28 per cent increase seen for the US The credit data provider said Ireland entered into its ranks of the 10 riskiest sovereign debtors this quarter, coming in sixth, when ratings agency Standard & Poor's cut the euro zone member's credit ratings by a notch and CDS rose 200 bps in September alone. Ireland is grappling with debt that is set to 155 billion euros (135.6 billion pounds) this year as its wrestles with the cost of bailing its banks. Based on CMA's calculations which include the cumulative probability of default, Venezuela remains the world's riskiest sovereign debt issuer, followed by Greece, Argentina and Pakistan. Ukraine remains the fifth riskiest sovereign debtor. Dubai improved its standing one notch from the previous quarter, becoming the seventh riskiest followed by Iraq. Portugal was also a new entrant to CMA's riskiest list, coming in at ninth place while Romania's risk profile improved two notches to 10th place. Norway held onto the top position on the list of the world's safest sovereign debt issuers followed by Finland while Sweden improved its standing by three notches to third place. The debt risk profile of the US worsened, coming in at ninth position on the least risky list, down six notches from the previous quarterly ranking. "The US is the worst (CDS) performer in the top 19 widening by 8 bps as the world's fluctuates between growth and no growth scenarios, creating the 'double-dip' debate," CMA said in its statement.-Reuters

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Biocon Ltd rose 8.2 per cent to an all-time high after ET NOW television reported India's top listed biotechnology firm would outlicense its insulin portfolio for diabetes treatment to Pfizer. It ended up 5.7 per cent up at 402.25 rupees after hitting 412. "The opinions are sharply divided now. Some think the party will continue, while others think the party cannot continue when the market is approaching record high levels," said Gajendra Nagpal, CEO at Unicon Financial Intermediaries. "But I won't read too much into it beyond a small correction. Even if a correction happens, that is only going to be temporary," he said. The IMF said India's GDP would expand by 9.7 per cent in 2010, up from 9.4 per cent it had projected in July. "The IMF forecast was good news, and foreigners are more gung ho than the domestic guys," Nagpal said on the foreign fund inflows. -Reuters

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The Nikkei average gained more than 3 per cent over the last two sessions after the BOJ pledged on Tuesday that it would pump more funds into the struggling economy and to keep rates virtually at zero. Shares of the real estate sector stayed strong after the BOJ announced a plan to set up a 5 trillion yen ($60 billion) fund to buy a wide range of assets including Japanese real estate investment trust (J-REITs). Mitsubishi Estate rose 2.4 per cent to 1,511 yen, adding to gains of more than 4 per cent made on Wednesday, and Sumitomo Realty & Development climbed 2.7 per cent to 1,890 yen, after jumping about 5 per cent the previous day. The real estate subindex was up 2.5 per cent. Financials have also performed strongly since the BOJ rate cut, with the banking subindex rising 1.7 per cent and securities climbing 1.8 per cent. The market was closely watching moves in the yen, which jumped to a new 15-year high against the dollar the previous day on expectations the Federal Reserve will ease monetary policy to jump start a slumping US economy. -Reuters

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all-time low against the Swiss franc on the prospect of more money-printing by the US Federal Reserve. Risk-sensitive banks were the biggest drag on the index as investors rotated out of the sector after heavy buying in recent sessions. HSBC fell 0.3 per cent while Lloyds Banking Group fell 1.9 per cent. The European Central Bank will also give its latest interest rate decision at 12:45 p.m., although again no changes are expected to euro zone monetary policy. Moves are likely to be relatively limited ahead of US nonfarm payrolls on Friday. Economists forecast a fall of 54,000 jobs, but anything much higher than this could trigger a sell-off after recent hefty gains. Man Group was the top blue-chip performer, jumping almost 6 per cent, with traders citing talk of bid interest from a US investment bank. Its shares are more than 15 per cent higher this week. Defensive pharmaceuticals stocks were also higher with AstraZeneca up 0.9 per cent and GlaxoSmithKline up 0.7 per cent. -Reuters

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the US jobs report," said Kwong. The Hang Seng Index's more than 10 per cent rally over the past five weeks has taken it into technically overbought territory according to its relative strength index (RSI), currently at 76, and above or near the threshold level of 70 since mid-September. The last time the index's RSI held at around these levels for longer was in 2007, when it was trading at record highs. Trading activity slowed slightly from the high levels of recent sessions. Turnover fell about 8 per cent to the average turnover seen over the past 8 days. For the second day, mainland Chinese bank shares, which have large weightings on Hong Kong indexes and have underperformed this year, saw gains. Analysts at Bank of America Merrill Lynch in Hong Kong said in a note that when valuations for the Chinese banking sector were last this cheap, they outperformed regional shares over the following six months. Bank of Communications Co Ltd rose 1.4 per cent. Industrial & Commercial Bank of China Ltd rose 0.5 per cent. ICBC shares have fallen 8.2 per cent this year compared with a 4.6 per cent gain for the Hang Seng Index. Its shares trade at a 20 per cent discount to its 10-year median price-to-book ratio of 2.4, Thomson Reuters Starmine data showed. Bank of Communications trades at a 26 per cent discount. Hutchison Whampoa, the conglomerate controlled by billionaire Li Kashing, rose 4.6 per cent and was the biggest boost on the Hang Seng index.

11

International & Continuation

Friday, October 8, 2010

Hutchison shares, which are up about nearly 40 per cent this year, are still trading at a 28 per cent discount to their median 10-year forward price-to-earnings multiple. Weighing on the index, though, were shares of heavyweight HSBC, which fell 0.4 per cent, and Tencent, which closed 1.5 per cent lower following their 20 per cent gain since the end of August.Wharf Holdings, which owns malls in Hong Kong, rose 2.9 per cent on expectations that retail rents would remain strong as mainland shoppers continue to flock to stores in Hong Kong. UBS analysts, in a note to clients, cited the Hong Kong Tourism Board saying the first three days of the National Day Golden Week saw a 52 per cent surge in mainland tourist arrivals. -Reuters

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While addressing the ceremony, Muhammad Farid Alam, CEO of AKD Securities said the biggest asset of AKD Group was its clientele and the most important thing was to provide them with the best services. Alam pointed out that the new software has been developed using the latest technology and keeping in mind the growing requirements of the investors. It has no comparison with any of the software currently used in the industry and is highly compatible with the softwares used internationally. Muhammad Haris Aslam, GM - AKD Trade, highlighted the salient features of this new software which includes Mobile Trading, SMS Trading and a number of value added tools required to access all the necessary information essential for trading stocks such as Real-Time Graphs, RSS News Feed, Announcements, Tickers, Multiple Market Screens, Voice Alerts, Financial and Technical Data of listed companies etc.

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the number grows manifold, particularly, on Thursday. The shrine was fully packed with people at the time of blast as women and children usually come to visit the mausoleum on Thursday. The tomb of Abdullah Shah Ghazi is located at perched on a hilltop overlooking Clifton Beach, Karachi. Abdullah Shah Ghazi's tomb attracts a steady stream of devotees who shuffle forward to caress the silver railing around the burial place and drape it with garlands of flowers. Sindh Minister for Interior, Zulfikar Mirza termed the blasts on shrine a biggest conspiracy against the country. Talking to a private TV channels the minister said anti-country elements are trying to destabilize the country through their menace activities. He strongly condemned the twin suicide bomb blasts at the entrance of Abdullah Shah Ghazi's shrine in Clifton Karachi. He said that terrorists have no religion and county, adding they are biggest enemy of human beings. These elements are the killers of innocent people and no one can forgive them, he added. Commenting about security arrangements on shrine, Zulfikar Mirza said the massive security personals were alerted there. "We had also made all possible security arrangements on the shrine to prevent any menace activity, adding that's the reason that bomber exploded himself near the shrine." Sindh minister said all popular shrines of the province were under threats and still they are. However, he said the government had alerted high security including police and rangers over the shrines. "We have also been providing security to the religious scholars, those are under threats," he maintained.

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employees get their due rights thick and thin, PM told. Meanwhile, Leader of the Opposition in the National Assembly Chaudhry Nisar Ali Khan said the Sacked Employees (Reinstatement) Bill was passed by the National Assembly in violation of the understanding reached with the Opposition. Nisar Ali Khan said that the sacked employees' reinstatement bill would cost the national exchequer Rs 15-to-17 billion on an occasion when a single penny is of great importance in wake of flood devastation in the country. Rising a point of order, Chaudhry Nisar said this was a highly contentious bill which violated Articles 4, 25, 175 and 212 of the constitution and judgments of the courts. Responding to the point of order, the PPP's Syed Khurshid Shah pointed out that the bill was cleared by the standing committee unanimously and the opposition did not submitted amendments. Zahid Hamid of the PML-N pointed out that they were not opposed to provision of relief if injustice was done to someone but the opposition has conceptual objections to the bill which is violative of the constitutional and fundamental principles of independence of judiciary. -Agencies

Ex-Guantanamo detainee sues US for damages WASHINGTON: A Syrian man who was held at the US military prison at Guantanamo Bay, Cuba, has sued Defense Secretary Robert Gates and former military officers, seeking compensation for alleged torture and inhumane treatment during his nine years of detention. Abdul Rahim Abdul Razak al Janko, 32, was released from the prison last October after winning a court challenge to his detention despite the US government's contention that he had been part of the al Qaeda militant group in Afghanistan. Janko sued Gates and current and former officials under President George W. Bush and President Barack Obama, including former Defense Secretary Donald Rumsfeld. He accuses them of being responsible for his torture, as well as violating the Geneva Conventions. "The United States and its officials are responsible for the

human rights violations he has suffered," says the lawsuit made public on Thursday. He seeks unspecified damages and is now living abroad. Justice Department spokesman Dean Boyd said the agency was reviewing the lawsuit and will respond in court. Pentagon officials were not immediately available for comment. Janko went to Afghanistan after a family fight while he was living in the United Arab Emirates in 1999, and he hoped humanitarian groups would help him get to Europe. He fell into the hands of the Taliban, who accused him of being a spy. Janko was imprisoned and tortured by the Taliban in 2000 after he was forced to confess he was an American and Israeli spy, the lawsuit said. He was initially freed after the US-led invasion toppled the Taliban government in 2001. But in January 2002 US

Attorney General John Ashcroft and FBI Director Robert Mueller accused Janko of being tied to al Qaeda after a video of him was found. He was imprisoned briefly in Kandahar, Afghanistan, before being transferred to the Guantanamo prison. There, Janko accuses various US officials of orchestrating and overseeing his torture, from being urinated on to lengthy sleep deprivation, harsh interrogations and severe beatings. He tried to commit suicide 17 times, the lawsuit said. Obama has been trying to close the Guantanamo prison since he took office in 2009, arguing that harsh interrogations and other activities there have been used to recruit antiAmerican militants. However, the White House has run into fierce opposition from Republicans in the US Congress, who argue it is the best place to house and prosecute terrorism suspects.-Reuters

UN agency sees better foreign investment GENEVA: Governments are opening up to outside investment for funds to help their economies recover, with liberalising measures outnumbering those seeking to keep out foreign money, a UN report showed on Thursday. The survey of investment policy in 41 countries in the second and third quarters of this year by the United Nations Conference on Trade and Development (UNCTAD) showed the need for funds outweighed suspicion of foreign-

No #8

ers buying up businesses. At the same time many countries adopted policies to strengthen the role of the state in the economy, for instance through nationalisation in Latin America or stronger regulation of the financial sector, UNCTAD said. Protectionism remains a serious potential threat to the recovery of foreign direct investment flows on which many developing countries rely to fund their economies, the UN agency said in its latest

investment policy monitor. "The overall trend towards attracting more foreign investment can enhance the economic recovery in the aftermath of the financial crisis," UNCTAD, whose surveys of investment flows are highly regarded, said in the report. This was particularly the case now that public investment has run out of steam in many countries while private investment has yet to reassume its lead role in the global economy.-Reuters

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August, a four-month high. Federal Bureau of Statistics is due to release inflation data on or after Monday. The central bank has maintained a tight monetary policy and raised the key interest rate to 13.5 per cent from 13 per cent last week, its second consecutive hike, in a bid to curb the country's deepening fiscal deficit and combat rising inflation. The International Monetary Fund has projected that Pakistan's inflation will accelerate to 13.5 per cent this fiscal year. Analysts said the main reason for the rise would be an increase in food prices and that inflation is likely to rise further. "There seems to be little respite in store for proponents of interest rate decline and end-consumers in terms of inflation taking its foot off the accelerator," said Khalid Iqbal Siddiqui, Director at Invest and Finance Securities Ltd, referring to government plans to eliminate energy subsidies. "To add to these, international oil prices seem to have settled in a higherrange of $75-85 per barrel against $70-80 per barrel previously," said Siddiqui. -Reuters

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It looks that it would be mutual understanding among the cement manufacturers in the low demand period. It is worth mentioning here that total cement dispatches dipped 22.2 per cent at 2 million tonnes versus 2.57 million tonnes recorded in September 2009. Furthermore, local dispatches stood at 1.38 million tonnes while exports were at 0.62 million tonnes, representing fall of 21.1 per cent and 24.4 per cent respectively.

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to present its proposal to member states and European Parliament in the coming days. The EU will then have to submit a request for a World Trade Organization (WTO) waiver authorising the suspension of duties on important imports from Pakistan. -Agencies

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seminar, Sohail Ahmad said that women are the part and parcel of our society and the government is committed to empowering women in every field of life. "To implement the anti-harassment act passed by the government at workplaces we have also set up a committee which would be responsible for implementing the act in letter and spirit", he added. Maliha Husain, Programme Director, Mehergarh said that women in our country are being harassed everywhere. She said that the government has done an excellent job by passing the anti-harassment bill. -APP

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Khyber-Pakhtunkhwa province," said Wasimuddin. Pakistan's reserves were boosted last-month after the IMF sent $450 million and said that the money would go toward Pakistan's budget to help with additional spending for flood relief and immediate foreign exchange needs. This was separate from the $11 billion IMF bailout programme, agreedto in 2008. In May, Pakistan received $1.13 billion, the fifth tranche of the programme. The status of the release of the sixth tranche is unclear, however. It has been delayed until at least the release of the damages and assessment report, due in mid October.

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Waziristan "democratic dividends" and said: "We go in and fight where the army has never fought before in Waziristan. These are all democratic dividends. The government, he said, had got market access in the world and was able to convert relations with China and other countries into commercial relations. Meanwhile, President said that political actors visible to everybody and he does not need to inform anybody about them, however, he is looking for their director. "I have not given any guideline to the government on any legal decision including the NRO. Every institution has its own policy," President while responding to queries from the representatives of electronic media at the presidential camp office at Bilawal House here.

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Kayani. According to military sources, all Corps Commanders and Principal Staff Officers attended the meeting. The participants of the meeting were briefed at length on the geostrategic situation of the region and the matters related to regional situation. Sources told that participants of the meeting were briefed on post Nato, US forces border violations situation, apology offered by US and Nato, report of joint investigation team and matters related to prevention of such incidents in future.-APP

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the attacks, which killed 166 people. The five Pakistanis wanted by India are Maj Sameer Ali, Maj Iqbal, Ilyas Kashmiri, Abdul Rehman Hashim and Sajid Majid, Gaur said. Arrest warrants for the five were issued by a New Delhi court in July following a request by the National Investigation Agency. -Agencies

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help the country recover flood losses. Bulls were there since the start of the day as market opened the session with 11 green points. Then gains kept on increasing due to continued buying by the local and foreign institutional investors mainly in oils, banks, and cements over higher international oil prices and European Union news. On the other side, an apology by US authorities for Nato transgression too triggered buying activities. "Bulls drew strength from US apology which eased tension between Nato and Pakistan's Arm Forces", said Ahsan Mehanti, Director Arif Habib Investments. Thus index crossed triple digit gains and just near the closing bells touched a day-high of 10,200 points (+ive 170 points) and finally ended thereabouts. Investor participation remained impressive throughout the session as 148.2 million shares traded during the day, the highest since 8th June this year when 136.2 million shares were traded -- 88.6 million more as compared to a turnover of 59.6 million shares a day earlier. Out of total 394 active issues 244 advanced and 125 declined while 25 issues remained unchanged.

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of furnace oil have decreased by 8.5 per cent to 2.21 million tonnes in 1QFY11 from 2.42 million tonnes recorded in identical period last year due to supply problem to power companies along with temporary closure of some IPPs. Likewise, High Speed Diesel (HSD) showed a drop of 13.6 per cent with sales of 1.51 million tonnes against 1.75 million tonnes in 1QFY10 mainly due to lower agriculture activities. Similarly, Light Diesel Oil offtake slumped 5 per cent to 16k tonnes against 17k tonnes in the same period last year mainly due to flood devastation. However, Mogas consumption remained up 17 per cent at 548k tonnes against 468k tonnes in same period last year mainly due to decrease in petrol prices in last quarter and increase in CNG prices.

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said. He said the current Pakistani economic team is very much conscious of the importance of reforms for solid progress. In answer to a question about the possibility of discussing a new package for Pakistan, he said it could be discussed anytime if Pakistan wants such a package. Mazarei praised Islamabad's bringing down inflation down to single digits but noted lately it has crept back. Mazarei, who is meeting Pakistani Finance Minister Dr Abdul Hafeez Sheikh and his team during the IMF-World Bank meetings, also said he understands the combination of problems facing Pakistan (in the midst of anti-terror fight), which have been compounded by recent floods. "The problems are real but difficulties are an opportunity for building." The IMF official expressed support for assisting Pakistan with flood recovery and said the Fund will urge further world support for the country. He noted it will be helpful for the economy that Pakistan rationalise the prices of electricity without hurting the poor and said last year the country gave $2 in subsidies.


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Friday, October 8, 2010

No pact signed over drone attacks: FO

FoDP will moot early rehab plan 'No decision yet on restoration of Nato supplies'

RAWALPINDI: Chief of Army Staff, General Ashfaq Parvez Kayani presiding over the 134th Corps Commanders' Conference held at General Headquarters.-APP

US Chairman Joint Cheifs of Staff writes letter to Kayani

Mullen guarantees respect for borders Nato anticipates supply resumption after apology ISLAMABAD: US Navy Admiral Mike Mullen, Chairman of the Joint Chiefs of Staff, expressed his condolences over the deaths and injuries of Pakistani soldiers in Nato's attacks on the Pakistani side, adding that everything possible would be done to avoid recurrence of border incursion. According to US embassy spokesman, Admiral Mullen wrote a letter to Chief of Army Staff Gen Kayani and condoled the deaths and injuries of Pakistani soldiers involved in the September 30

border incident. Mullen wrote, "I wanted to send my most sincere condolences for the regrettable loss of your soldiers killed and wounded on 30 September near your border with Afghanistan. The death of our soldiers in combat is always tragic, but under these circumstances, it is even more difficult to accept. Furthermore, US apology has raised hopes of an end to a week-long blockade of a vital Nato-supply line, although the alliance said on Thursday it was not hin-

dering the war in Afghanistan. A joint Nato-Pakistani report released the same day said gunmen aboard the Apaches had likely mistaken warning shots from the border guards for an insurgent attack when they opened fire. Pakistan closed the supply route through its territory on Sept 30 after Nato helicopters strayed over the border several times, culminating in the shooting. "I think the US apology and Nato regrets should be more than enough and I don't

Crowley refuses to comment on Musharraf’s remarks

Pakistan, India can bury the hatchet: US WASHINGTON: The US said that Pakistan and India are capable of solving issues including Kashmir dispute through bilateral dialogues. "This is an issue that we hope two sides can address and resolve, but this is obviously an important bilateral issue between the two governments," state department spokesman PJ Crowley told reporters at his daily news briefing. "This is an issue between Pakistan and India. It is important. There have been successful discussions between Pakistan and India on this subject in recent years," he said. "Some of those very fruitful discussions occurred between the former governments of India and Pakistan," as he referred to the back channel

talks between New Delhi and Islamabad when the two countries, according to media reports, were on the verge of arriving at a negotiated settlement which could not take place due to the fall of the Musharraf regime. Asked to comment on Musharraf's statement that his regime trained militant groups to fight India in Kashmir, State Department spokesman Phillip Crowley responded with a plain "No" saying it was an issue between New Delhi and Islamabad. Asked if the statement of Musharraf, who was Pakistan president for ten years, could be considered a case of statesponsored terrorism, Crowley brushed aside the query, saying: "That's a very sweeping kind of question I just can't

address here." Asked how he saw the US working with Musharraf again as he planned to run for office in 2013, Crowley said: "Well, it's a long time between now and 2013. We are engaged deeply with the current civilian government." "We're working hard with this government to address the immediate aftermath of the flooding and the ongoing security challenge that affects Pakistan and the United States." Meanwhile, White House said that the deteriorating security situation in Pakistan or a recent flare-up of tensions between New Delhi and Islamabad would have no impact on US President Barack Obama's India trip in early November. -Online

LoI issued for 23MW biomass power plants ISLAMABAD: Alternative Energy Development Board (AEDB) has issued Letters of Intent (LoI) to Lumen Energia Private Limited and SSJD Group for setting up 11-MW and 12-MW biomass energy power plants in Punjab and Sindh respectively. The both plants would be based exclusively on agricultural waste including cotton stalk, rice husk, sugarcane trash, and wheat chaff, said sources in AEDB here Thursday. The plants would need about 90 to 110 thousands tonne of biomass fuel per

year for generating 11-MW and 12-MW. The total cost proposed for setting up 11-MW power plant at Jhang is $14.38 million and biomass supply and logistic agreements would be made with rice and sugar factories located in the vicinity of the proposed site. The AEDB is actively facilitating public and private sector organizations for establishing and promoting biomass to energy projects in the country. The AEDB is developing national strategy and plans for the utilization of biomass

to energy resources to achieve targets approved by the government. The sources said agricultural waste (biomass) is one of the most abundant indigenous fuel source in the country and biomass based alternative energy projects could play a vital role in overcoming the energy crisis. It merits mentioning here that almost all the agrarian countries in the world had worked on using biomass for power generation and Pakistan can benefit for being one of the largest agrarian countries in the world. -APP

believe that the issue of reopening of the route will drag on," said Mehmood Shah, former security chief of the Pakistani tribal areas bordering Afghanistan. "By closing the route, Pakistanis wanted to convey a message and I think they (NATO) have learnt the lesson." Nato has struggled with intermittent breaks in supply lines, and worked hard to build up alternative routes, to make the war effort less vulnerable, but for the long term, Pakistan is key. -Agencies

PAC to audit transport in all govt depts ISLAMABAD: The special meeting of Public Accounts Committee (PAC) has announced to audit the transport in all government departments to stop additional use of transport by ministers and government officials. A meeting was held under the aegis of Public Accounts Committee, presided by committee Chairman Zahid Hamid at Parliament House here Thursday During the meeting committee announced to audit additional transport in all government departments, being used by the ministers and government officials while federal secretaries of the concerned departments would be held responsible for use of additional transport. Audit authorities told Committee that in light of PAC, the expenditures over additional use of transport by ministers and officials in government departments would be recovered from secretary of concerned department. Audit officials further told the Committee that Federal Minister for Labor and Manpower appointed an MD in the Ministry for Labour for three years on contract base in 1989 against merit who embezzled Rs400,000. The ministry clarified that Establishment Division appointed him. Audit officials told the committee that Overseas Employment Corporation set up OEC Express agency in Karachi in 1981 to provide employment to Pakistanis overseas and the in charge of the Travel agency owes Rs 493,000. Online

ISLAMABAD: Third ministerial meeting of Friends of Democratic Pakistan, (FoDP) being held in Brussels on October 15, will discuss early recovery projects for the flood affected areas besides considering reconstruction plan. This was stated by Foreign Office spokesman Abdul Basit in weekly press briefing here at Foreign Office on Thursday. Giving details about the third ministerial meeting of FoDP, the spokesman said the meeting will also discuss the requirements and assessments being made by World Bank and Asian Development Bank in the flood affected areas for reconstruction projects. He said third ministerial FoDP will be jointly chaired by Foreign Minister Shah Mehmood Qureshi and European Commission Vice President/ EU High Representative for Foreign and Security Policy Catherine Ashton. The spokesman said the FoDP meeting will also discuss the Swat and Malakand projects and economic stability situation for Pakistan. The Ministerial FoDP meeting will be preceded by

senior officials meeting on October 14. Meanwhile, condemning the US drone attacks in Pakistan, Foreign Office said Pakistan has no agreement with the US over drone attacks; nor could such attacks be justified. The spokesman said that the US and the Nato forces assured that Pakistani border would not be violated in future. He said that the US has been primed of Pakistan's reservations over the drone attacks and it is expected that the policy in this regard would be reviewed. Spokesman further added that Pakistan has not yet decided when to reopen Torkham border crossing Nato uses to ship supplies to Afghanistan despite a US apology for a helicopter attack that killed two Pakistani soldiers. Talking about Dr Aafia he said Pakistan would leave no stone unturned to ensure release of Dr Aafia and a committee headed by Interior Minister Rehman Malik has been set up and all options for the release of Dr Aafia would be reviewed and a strategy would be devised. Agencies

During FY10

Parco PAT hits Rs7.9bn ISLAMABAD: The Pak Arab Refinery Limited (Parco) earned Rs7.9 billion profit after tax during the financial year, which ended on June 30, 2010, despite the difficult circumstances impacting the petroleum industry, particularly with regard to liquidity. This was disclosed in the 126th meeting of the Parco Board of Directors chaired by Minister for Petroleum and Natural Resources Syed Naveed Qamar on Thursday. Ongoing projects of the company, including the diesel hydro-desulphurisation project were also reviewed. This pioneering project, which is nearing completion, will enable Parco to produce

Euro-II diesel for the first time in the country by reducing the sulphur content in the fuel and making the environment cleaner. The Board thanked the Parco team for their efforts in protecting the mid-country refinery and the company's pipeline systems and stations from the impact of the flood and helping in restoring the road links to the refinery so that fuel supplies to the nation could be restarted as soon as possible. The minister appreciated the contribution of Rs40 million made by Parco, including oneday salary by its employees, to the Prime Minister's Flood relief account. -NNI

Thai white sugar steady

Indian sweetener cargoes keep rolling in ISLAMABAD: Thai white sugar premiums held near three-month lows on expectations of ample supplies, while more than 30,000 tonnes of the sweetener from India arrived in Pakistan as floods ravaged cane crops, dealers said Thursday. Thai white sugar for prompt delivery was offered at premiums of between $145 and $165 above London's December contract, slightly higher than last week's $120 a tonne, but there were no reports of any deals. Whites for next year's delivery were offered at much lower premiums. Thai sugar has been under pressure on the prospects of exports from India, the world's largest consumer, as adequate monsoon rains helped the cane crop bounce back after last year's drought. "We have some forward sales for next year but they are in tiny quantities and roughly at

$45 to $50 premiums free-onboard," said a dealer in Singapore. Thai premiums rose to an all time high of $250 in July for nearby shipment as tight supply forced buyers to pay up before crushing starts again later this year in Thailand -- the world's second-largest exporter after Brazil. Indian white sugar has been offered at much lower premiums to Thai origins, with Pakistan the main buyer. A ship carrying 7,000 tonnes of white sugar from India arrived last week while another ship with 30,000 tonnes was also scheduled to due to dock in Karachi last week, industry sources said. Pakistan last month allowed unlimited imports of raws after massive sugarcane crop losses caused by the country's worst floods raised fears of a shortfall of 1.2 million tonnes this crop season. -Reuters

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Pak-US strategic talks start from 22nd WASHINGTON: The third round of Pak-America strategic dialogue is going to start from 22 October in Washington. According to media reports, diplomatic sources told that third round of Pak-US strategic dialogue is going to start from 22 October in which issues related to power, agriculture, education and security would be discussed. Foreign Minister Shah Mehmood Qureshi would lead the Pakistani delegation while US Secretary of State Hillary Clinton would lead US delegation. Diplomatic sources further told that Chief of Pakistan Army General Kayani is also expected to attend the strategic dialogue. Philip Crowley US State Department Spokesman stated in a briefing that security issue would be center point of the discussion. -Online

Mufti Ameen's killing

Token strike in Karachi KARACHI: A token strike is being observed in Karachi on the call by Sunni Wahdat Council to protest the murder of Jamia Binoria's Mufti Ameen. According to private TV channels, furious mob hurled stones at cars and blocked the road after burning tyres in Site Town; however, heavy contingent of police rushed the area and managed to take the situation under control. All the arteries leading to Jamia Binoria have been barred for traffic to avert any untoward incident. Meanwhile, two persons have been shot dead in separate incidents of targeted killing in the metropolitan. -Online

Reply to Indian dossier, soon: Malik ISLAMABAD: Interior Minister Rehman Malik reiterating that Pakistan would not allow anyone to use its territory against any country, adding government is reviewing the Indian dossier. He stated that government is reviewing the Indian dossier and would respond to it soon. Talking to the media persons here Thursday outside the Parliament House Interior Minister said we are reviewing the new dossier given by India and we would respond, added if India has any intelligence information than it should share it with Pakistan. Malik further said that he telephoned his Indian counterpart Chidambaram the other day and congratulated him on hosting of Common Wealth Games and assured his cooperation. -Online

Army issues 315,808 Watan Cards so far ISLAMABAD: Army has issued 315,808 Watan Cards among the flood affected families of 19 districts of Punjab and 25 districts of Sindh with the respective breakup of 183,947 and 131,861, an ISPR news release on Thursday said. Army has entertained 23,000 flood affected people in Army Relief Camps in Sindh while 1.5 tons of dry rations has been distributed and treated 4,000 patients besides provided cooked food to 18,000 people in Sindh in last 24 hours. Chinese Army has established two Field Hospitals at Sehwan, Thatta and treated 29,000 patients. Four MI-17 Chinese helicopters are also working round the clock for relief operations in flood affected areas of Sindh while 14,220 stranded people of flood affected areas have returned to their homes. -APP

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 08-10-2010  

The Financial Daily Epaper 08-10-2010