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International Karachi, Saturday, September 25, 2010, Shawwal 15, Price Rs12 Pages 12

Nisar raises concern over aid stats hold-up $16.63bn 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) 4.55% LSM Growth (Jul 09 - Jun 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.62mn Population

Forex Reserves (17-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)

41.98 -43.90 0.78 2389

NCCPL (U.S $ in million)

1.64 -6.17 1.26 -1.06 -1.14 4.17 1.30

Global Indices Index Close KSE 100 9,909.45 Nikkei 225 9,471.67 Hang Seng 22,119.43 Sensex 30 20,045.18 ADX 2,639.33 SSE COMP. 2,591.55 FTSE 100 5,598.48 *Dow Jones 10,847.69 *Last Updated 20:00 PST

Change 42.65 94.65 71.72 184.17 8.24 2.84 51.4 185.27

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 2.60 111.61 17.30 148.52 2.00 42.93 1.70 36.49 9.58 32.90

Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)

12.69% 12.82% 12.79% 13.00% 12.67% 12.82% 12.96% 13.28% 13.35% 13.42% 13.50% 13.63% 13.78% 13.88% 14.10%

22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010

Commodities *Crude Oil (brent)$/bbl 79.35 *Crude Oil (WTI)$/bbl 76.54 *Cotton $/lb 99.47 *Gold $/ozs 1,297.70 *Silver $/ozs 21.38 Malaysian Palm $ 864.70 GOLD (NCEL) PKR 35,815 KHI Cotton 40Kg PKR 7,502 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 80.60 Canadian $ 82.30 Danish Krone 14.90 Euro 113.60 Hong Kong $ 10.90 Japanese Yen 0.998 Saudi Riyal 22.70 Singapore $ 63.85 Swedish Korona 12.00 Swiss Franc 84.80 U.A.E Dirham 23.20 UK Pound 134.20 US $ 85.95

81.60 83.40 15.30 115.20 11.30 1.023 22.90 64.85 12.50 85.80 23.40 135.80 86.25

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

81.63 83.07 15.38 114.57 11.06 1.015 22.88 64.61 12.46 87.11 23.36 134.64 85.85

81.82 83.26 15.41 114.84 11.08 1.017 22.93 64.76 12.49 87.31 23.41 134.95 86.03

Weather Forecast CITIES

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MAX-TEMP

31°C 34°C 33°C 33°C 29°C 33°C

MIN

17°C 25°C 23°C 23°C 6°C 24°C

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See on Page 12

PM nodded summary regarding Swiss cases, court learns

SCRA(U.S $ in million)

FIPI (24-Sep-2010) Local Companies (24-Sept-2010) Banks / DFI (24-Sept-2010) Mutual Funds (24-Sept-2010) NBFC (24-Sept-2010) Local Investors (24-Sept-2010) Other Organization (24-Sept-2010)

See on Page 12

Pak to appeal UN for $2bn: Secy EAD

SC warns PM against defiance

Portfolio Investment

Total Portfolio Invest (17 Sep-2010)

Kashmiris caught in cycle of curfews, strikes

NRO cases: Apex court seeks list of beneficiaries

Economic Indicators

Yearly(Jul, 2010 up to 23-Sep-2010) Monthly(Sep, 2010 up to 23-Sep- 2010) Daily (23-Sep-2010)

India’s Prithvi-II missile fails to take off in user's trial

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addresses Senate Session held at Parliament House. -APP

Beijing asks Pak to review port deal with S'pore

18th Amendment case in SC

China sets eyes on Gwadar Port

Rabbani gets JC powers

ISLAMABAD: Pakistan should review a deal with a Singaporean company to run a strategic shipping port Gwadar Port-- the Navy chief said, amid speculation the contract may go to key ally China. Pakistan is keen to become a conduit for trade to landlocked Afghanistan and Central Asia and now has three major ports -- Gwadar in Balochistan province and two at Karachi. Admiral Noman Bashir, also government adviser for maritime development, was quoted by Pakistan media calling for a review of the contract to run Gwadar with Singapore's PSA

International Ltd because the port was not operating to expectations. "I'm saying this with great concern that the purpose for which the Gwadar port was built is not being achieved," Bashir told reporters in a news briefing shown on television on Friday. "We have given them a lot of concessions and no commitment was taken from them in return. That's why this agreement should be reviewed." PSA, which runs ports around the world and is owned by state wealth fund Temasek See # 13 page 11

Speculations surround SBP key Rates on 29th

SBP rate seen status-quoing ISLAMABAD: State Bank of Pakistan (SBP) reviews interest rates in a policy meeting on September 29. A poll found 6 out of 10 analysts expected the SBP to keep its policy rate unchanged at 13 per cent when it sets monetary policy for the next two months, as they expect the SBP to wait for the release of an assessment of the damage from devastating floods that began in late July, which is due to be issued in mid-October. "It's too soon to react to the

devastation caused by the floods, plus the central bank already pre-empted in July by hiking the policy rate to enforce fiscal discipline," said a treasurer at a Pakistani bank. SBP raised its key policy rate by 50 basis points to 13 per cent in July, before the floods. Following the floods, the International Monetary Fund (IMF) forecast inflation to rise to 13.5 per cent for the 2010/11 fiscal year (July-June) compared with an earlier projection See # 14 Page 11

Millers oppose unlimited raw sugar import ISLAMABAD: Pakistani millers oppose a government decision to allow unlimited imports of raw sugar after massive sugarcane crop losses, an industry official said Friday, adding the shortfall would be smaller than expected. The government this week waived a 25 per cent regulatory duty and allowed millers

and traders to import raw sugar at will after estimates the 2010/11 crop would produce about 3 million tonnes of refined sugar against an annual demand of 4.2 million tonnes. Millers estimate output at 3.6 million tonnes and say the government should set a limit in line with total demand. See # 15 Page 11

ISLAMABAD: Parliamentary Commission established for the implementation of the 18th Amendment has handed over all its powers to Chairman of the Commission, Mian Raza Rabbani to defend the amendment in the Supreme Court. The constitutional commission met here Friday under the chairmanship of Mian Raza Rabbani, reviewed the matter pertaining to the 18th Amendment and formed a strategy to defend the 18th amendment in the apex court. All the members participated in the meeting giving their powers to Chairman, assured their complete support in this regard. Talking to the media persons after the meeting, Rabbani said that the strategy has been formulated to defend the amendment in the Supreme Court however the Parliament is independent and sovereign institution. He said that all the political parities decided to implement the 18th amendment which is owned by the parliament and provinces. -Agencies

Shujaat says Pagara will woo Sharif to join APML ISLAMABAD: Chaudhry Shujaat Hussain, President of Pakistan Muslim League Quaid-e-Azam, said Pir Pagara will invite Nawaz Sharif to join All Pakistan Muslim League (APML). In a brief interview with a private TV channel, Chaudhry Shujaat said some members of Pakistan Muslim League (N) didn't want unification with APML and they would stop Nawaz Sharif from this merger. Earlier, Chaudhry Shujaat and Pir Pagara had announced merger of PML-Q and PMLFunctional after both the leaders met in Karachi on September 18. -Online

ISLAMABAD: AttorneyGeneral Pakistan Anwar-ul Haq Friday informed the Supreme Court that Prime Minister Yousuf Raza Gilani had approved the summary regarding the reopening of Swiss cases against President Zardari. However, the summary's contents could not be disclosed. Supreme Court has asked the Attorney General to present the summary on Monday, besides directing Additional Prosecutor General NAB, Raja Aamir to present the list of NAB-benefited government employees in the court. These directives were issued by a 3-memebr bench of SC during the course of hearing of NRO verdict implementation case here Friday. Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry led the bench while the other members of bench were Justice Tariq Parvez and Justice Ghulam Rabbani. During the hearing Attorney General told the court that the contents of the summary sent by Secretary Law to Prime Minister, which had come in media, were not based on facts

AG rejects resignation reports ISLAMABAD: Attorney General of Pakistan Maulvi Anwar-ul Haq Friday vehemently rejected certain media reports about his resignation. Talking to a group of journalists in his office, he maintained that there was no truth in such stories. "It appears ridiculous that I am opting for resignation. A threemember bench granted time on my request that I will submit till Monday an approved summary over implementation of National Reconciliation Ordinance which has been approved by the Prime Minister," he added. See # 20 Page 11 and the Prime Minister had approved the summary. CJP inquired the summary had become a public document after it was sent to Prime Minister and then as to why "you have not presented it in the court. "Summary will not remain secret after being approved by the Prime Minister. The documents are made public after the Prime Minister approves them", Justice Tariq Pervez remarked. AG Maulvi Anwar-ul Haq said summary related to Swiss cases along with the orders of Prime Minister would be presented in the court. CJP remarked government

Govt to reprioritise budgetary allocations

NRO-benefited urged to resign Dr Aafia's case to be raised on political level ISLAMABAD: Reaffirming to maintain supremacy of the Constitution and the Parliament, Prime Minister Gilani Friday said, his government respects the courts and will implement their decisions. But, he underlined the need for all institutions to work within their constitutional limits and said respect of every institution is obligatory including the Parliament. "All powers are derived through the Parliament and the Parliament has to decide which institution should enjoy what powers." "The Parliament has also

granted powers to all institutions as well as immunity to the President through the Constitution. If the Parliament desires to withdraw any powers from any institution including the immunity, it can," he added. Prime Minister said one week earlier he had sought the list of NRO beneficiaries and asked the Attorney General and the Law Ministry to scrutinise, authenticate and certify the list so no name is leftover and status of each case has been clearly indicated. "I would also ask all NRO See # 17 Page 11

Qureshi speaks to Asia Society, says US must give mkt access

WoT undamped despite flood: FM NEW YORK: Foreign Minister Shah Mehmood Qureshi has said that though floods have increased difficulties of Pakistan manifold, its society and economy were under severe strain, there should be no doubt that it will lose focus on the War on Terrorism (WoT).

Speaking at the Asia Society here Friday, Shah Mehmood Qureshi said the democratic government has invested huge political capital in this war. Its exceptional achievement was to forge a broad-based national consensus against terrorism and violent extremism. See # 16 Page 11

would have to inform if the court's decision had been implemented or otherwise. "The court will have to see government decision in regard to Swiss cases is in conformity with the court's decision or not. We have to ensure the rule of law. This system has been restored after too many difficulties. It is imperative that this is implemented for the sake of rule of law lest some IG or a criminal should refuse to accept the court's decision in future, he said. CJP further observed if government does not implement court decision then more decision will have to be given. See # 19 Page 11

Anti-MQM forces up against my life: Altaf Monitoring Desk KARACHI: Muttaheda Qaumi Movement (MQM) Chief Altaf Hussain said Friday if MQM were in power it would have break up relations with United States of America. He said this while expressing his reaction over Dr Aafia's verdict, who was being sentenced for 86 years in prison in New York on Thursday. Altaf Hussain said that anti-MQM forces are up and against his life but he was not afraid of anyone but, Allah, added that he would like to sacrifice his life instead of bowing down to nefarious forces. Altaf Hussain urged to masses to comprehend the conspiracies being hatched out against the countries lest it would prove damaging to the country.

Mega protests cry doom to US for Aafia verdict Staff Reporter/ Agencies KARACHI: Pakistani activists poured into the streets Friday shouting "Death to America" and burning effigies of President See # 18 Page 11

Leave Zardari immunity to SC: Sharif LAHORE: PML-N Quaid Mian Nawaz Sharif has said that matter of immunity to president has to be decided by the Supreme Court (SC) besides asking the government to implement apex court verdicts rather than browbeating the court. "Supreme Court will decide about immunity to President. We are with the SC, not with government on the matter of NRO", Sharif said this while

addressing a press conference in Chief Minister House Friday. Musharraf should also be investigated for undoing Swiss cases, he said. Peace will not prevail in Balochistan unless the murderers of Akbar Bugti are brought to justice, he remarked. To a question Nawaz Sharif said murder of Akbar Bugti was a heinous crime of Pervez Musharraf. It was a conspira-

cy to dismember the country, he added. "We can not tolerate corruption under the cloak of democracy. When change is destined to come then it comes, he added. Change does not mean we welcome a new dictator, this joke should not be repeated in the country, he held. To a question he said conviction of Dr Aafia was sorrowful. The matter was raised

in the meeting with Holbrooke and a letter was also sent to Prime Minister in November last year on this count. Whatever was possible we did being opposition, he said. "I demand of federal government and government of Punjab to pay compensation at least Rs100,000 in connection with rehabilitation of flood affectees, he said. Online


2

Saturday, September 25, 2010

Govt urged to go after good governance Jamil Siddiqui

Revenue which is still not been address by the concerned authorities in the greater interest of the public. He said that through good management practices government could save unto Rs100 billion and the defecting institutions should be the top priority for reducing the current deficit to save Pakistan from IMF. He also said that the payment of KARACHI:Turkish doctors delegation engaged in relief work in the flood hit areascalled on interest on IMF $8 billion loan is Governor Sindh Dr Ishratul Ebad Khan at Goverment House.-APP challenging task for ailing and week economy of Pakistan. Mian Zahid Hussain speaking on the occasion added that due to shortage of natural gas the energy sectors facing a tough time and the Government should immediately address the problems related to the energy sector for the betterment of the economy and industrial growth. He also said that the Governor state Staff Correspondent bank of Pakistan should bring the interest rate to single in the new Staff Correspondent Industry Zone Le Zihen Sindh and Pakistan KARACHI: Sajjad H monitory policy and that they conConservative sult the stakeholders in the greater Hua, MD Piangin Yibo Chinese companies can Karim, interest of the economic growth and KARACHI: A Steel Making Company reap the immense bene- Member and founder industry. Memorandum of Yo Sheng Tong, Director fits with pouring in their Chairman of the Friends of Understanding (MoU) Royal wood Factory Yu investments and assured Pakistan Committee in the have been signed Yong Chao, Chief full protection and coop- European Parliament, reafbetween Steel giant Executive of Tong Tai eration from the firmed his continued support for helping Pakistan Manufacturing company Industrial Trading Government. Piangin Yibo Steel and Zhhang Junxue called on Rauf said that gain greater market access Pakistani Siddique Sons to the Sindh Minister for Government is taking to the EU. He made these Group of companies for Commerce and Industry concrete measures to comments on Thursday joint venture of expand- M A Rauf Siddiqui at his control law and order while speaking at a lunching steel production in office on Friday where situation in Karachi eon meeting hosted in his Pakistan. the Minister welcoming which is bearing fruitful honor by the Pakistan The MOU was signed them said that since results and urged Business Council a private between The Managing China and Pakistan have Chinese Companies to sector business policy Director of Piangin Yibo a very long lasting establish Technical think-tank funded by 28 of and Chairman friendship more Chinese Training Centers to pro- Pakistan's leading business Siddiqsons Group of investment in Pakistan duce skilled labour and groups including multinaCompanies Abdullah will have far reaching boost capacity according tionals. Karim highlighted the Rafi. benefits for the people to the Chinese requireoptions that were being Earlier the Chinese of both countries. ments. delegation led by He urged that owing to The Chinese delega- debated in Brussels for Director of Xiqim dis- the best investment tion thanking the granting Pakistan a one off, trict Piangin city of opportunities and vast Minister assured further time bound access to the EU markets for its textiles. China Yang Leng Shen, market available in all huge investment in sindh THATTA: Tuwairqi Steel Mills Limited has set up relief camps for This onetime concession Director of Xiqim the industrial sectors in and Pakistan. was being given to help the flood-affected people in Thatta district. Abdul Aziz Ibrahim Al mitigate the colossal losses Ghadeer, Saudi Ambassador to Pakistan visits the place to distribute which have been caused by relief goods among the flood affectees.-PR the recent floods and is part of the EU's efforts to help rehabilitate the flood ravaged economy. Replying to a query regarding the possibility of converting this one time wavier into a longer term measure, Karim was of the opinion that though this looked difficult at the moment, it Staff Correspondent eral water, milk packs, bisStaff Correspondent Maqsood Ahmed are good officers they Staff Reporter could be achieved if cuits, grams, flour and rice should ensure foolproof Police System Pakistan continued to build KARACHI: The NIB etc Considering the plight KARACHI: Trade KARACHI: Salim Parekh, Chairman, to operate in the area and crimes are on the groundwork done by Bank in collaboration with of the villagers who lost all Development Authority of SITE Association of Industry has curbed under all circumstances. It may the Pakistani delegation an NGO Serving Hands the household in the floods, strongly condemned the dacoity at the be noted that the SITE industrial area Organisation (SHO), the bank officials and NGO Pakistan (TDAP) partici- factory of its Former Chairman, was with SP for one and a half month headed by the Foreign Pakistan Navy and Sindh volunteers pledge to con- pated in Automechanika Former President KCCI and CEO of in the recent past and nobody in SITE Minister which recently Fair held from 14 to 19 visited some important Rangers conducted a day duct more relief camps in 2010, at Ecko Textiles (Pvt) Limited, Haroon Town Police was ready to take any European Capitals. He also long relief operation in next few days in Sehwan September Farooki. responsibility or answerable to the appreciated the analytical Sehwan taluka in Dadu and Sujjawal in close coop- Frankfurt, Germany. Taking serious notice of deteriorating authorities concerned and SITE work done by members of This is world's leading District. eration with Pakistan Navy, law and order situation in SITE area he Association. the PBC who accompanied According to a statement the statement added. international trade fair for said that the crime is increasing due to Former President KCCI and of the NGO issued here President of the NGO, Dr the automotive industry. negligence of the police of the area. If Chairman of SITE Association of the Pakistani delegation namely Bashir Ali Friday, the Pakistan Navy Sikandar Ali Shaikh, About 4,486 exhibitors the police had been alert it would not Industry Zubair Motiwala Advisor to Mohammad and Shabbir and Sindh Rangers posted appealed that all Pakistani from 76 countries partici- happen. Chief Minister Sindh also took a seri- Diwan and urged Pakistan for the rescue operation in should come forward for pated in this event. Out of Further adding he said that this news ous note of it and condemned the to continue to take a proacSehwan facilitated the the help of flood affectees these eighty per cent came came while an Emergent Meeting of dacoity at Ecko Industries and tive result oriented NGO volunteers to visit who are living in a pathetic from abroad. The event the General Body of SITE Association expressed much concern over worsen- approach when dealing the marooned people at condition beyond our imag- was attended by 150,000 was going on in its office on the issue ing law and order situation in the SITE with the EU. inaccessible villages. The ination. He said the NGO is visitors from 140 countries. of notices being issued by SEPA and area. He directed the police officials Pakistan has regularly been volunteers doctors treated serving the flood victims SITE Ltd to industries for closure of concerned to take a note of it appreover 500 patients, particu- with the help of a group of participating in this fair for factories for not doing social compli- hend the culprits and give them exemlarly, female and children dedicated doctors and para- last many years. For this ance. plary punishment because this area is infected with various water medical staff. Gastro event, TDAP reserved 200 He stated that the crime rate is on rise the highest revenue paying area. It is borne diseases including (Diarrhea), Malaria, SQM space in which 16 and such incidents are occurring every the duty of the police officials to prodiarrhea and malaria. Typhoid, Snake bites, (Sixteen) companies dis- day in SITE area. He disclosed that tect life of industrialists who are good The villagers were pro- Dehydration and skin dis- played a wide range of prod- efforts are under way to revamp police tax payers and are contributing 30 pervided medicines and flood eases are common in the ucts which included Hand department and overcome on short- cent in national exchequer and providBrakes, Silencer, Oil Pump relief items including min- flood hit areas, he said. Gears, Tube Connectors, comings. It is responsibility of the ing employment to over five lacs peopolice to protect life and property of ple. He said that he would bring this KARACHI: A team of E-filing of Income tax returns Suspension Parts, Engine the citizen. He said that existing SP Dr. into the knowledge of Chief Minister Haier Pakistan staff and Mounting, Automotive Zain Ali Sheikh and DSP Malik and Home Minister Sindh. dealers recently visited Rubber Hoses, Gears, Shafts, areas of DG Khan and Condensers, Radiators, Door Jampur to distribute food Moldings, Aluminum Parts, items among people who Tractor Parts, Hydraulic have been affected by the Lifts, Engine Casings, Hub KARACHI: Taxpayers valued taxpayers. This devastating floods lately. Facilitation Division of kiosk is manned by a well- Sets, etc. The Haier team is perPakistan Pavilion was Large Taxpayers Unit, trained team and is commitsonally visiting floodKarachi has updated its ted to provide support to located at a prime location. affected areas and spending A large number of buyers funds so far donated by visited Pakistan Pavilion. Haier China and Haier They took keen interest in Pakistan, pledging as the products put on display always to stand by their there and appreciated their Pakistani brothers and sishigh quality and also negoters in this hour of need. tiated business deals with Haier Pakistan has the exhibitors. The always been in the forePakistani exhibitors front to help and support front desk with a facilita- the taxpayers and handle expressed their satisfaction such members of society tion kiosk to assist the tax- queries relating to e-filing on the arrangements made who are underprivileged. payers in case they are fac- of returns and payment of by TDAP and our Mission. The humanitarian role of It is hoped that participaing any difficulty in e-filing taxes. Haier Pakistan has also Taxpayers are encour- tion in this event will go a of Income Tax Returns. KARACHI: Saqib Masood, President, Institute of Chartered Accountants of been recognized and appreThis initiative is taken as aged to visit Taxpayers long way in promoting Pakistan, Fuad Azim Hashimi, President, Pakistan Institute of Corporate ciated by the public, and it part of FBR's advertise- Facilitation Division, LTU, exports of automotive parts Governance, Ebrahim Yacoob Sidat, FCA, Country Managing Partner Ernst not only to Europe but to hopes to continue such ment campaign to ensure Karachi in case they need & Young Ford Rhodes Sidat Hyder and others at the seminar on “Code of other regions of the world. philanthropic activities.-PR high-quality service to its any assistance. Corporate Governance & Way Forward” at ICAP House, Clifton.-PR

KARACHI: Former Minister of Finance Shaukat Tareen has urged the Government to immediately cut down its spending and also to take corrective measures to stop Rs400 billion loss incurred by ailing and poorly managed Government institutions. While speaking at a luncheon meeting held in his honor given by Sheikh Amjad Rasheed, Chairman FPCCI Standing Committee on Industries in a local hotel during which S. M. Muneer, President PakIndia Chamber of the Commerce, PBIF, President Mian Zahid Hussain, FPCCI President Sultan A. Chawla, Vice President Mansha Churra, Senator Abdul Haseeb Khan, Khalid Tawab, Sardar Yasin Malik, Razzak Hashim Paracha, Johar Ali Qandhari, Mehtabudin Chawla, Gulzar Firoz and other prominent personalities of the business community were present. Shaukat Tareen said that the

BAHL promotes saving habits KARACHI: Bank AL Habib (BAHL) Monthly Saver Account is geared towards promoting the habit of saving in people. BAHL saving account offers monthly returns and freedom to withdraw money to its customers, said a pres release issued here on Friday. The profit is calculated at 8 per cent per annum on balances of Rs100,000 & above and at 5 at per annum on balances below Rs100,000 based on minimum monthly balance. Moreover, customer also gets free ATM/Debit Card and may avail up to 90 per cent financing against deposit at competitive rates. The nationwide network of Bank AL Habib provides accessibility and facilitation to all its valued customers. At present, Bank AL Habib has a network of 271 branches and 21 subbranches in 86 cities and towns of Pakistan, including a wholesale branch in the Kingdom of Bahrain.-PR

TV PROGRAMMES SATURDAY Time

Programmes

7:00 News 8:00 News 9:05 Best of Subah Savere 11:05 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:05 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:03 The Anchor 21:00 News 22:05 Manzil 23:05 Faisla Aap Ka

instead of imposing double taxes on the private sector the Government should increase the tax net by adding new sectors, because the industries are already under the pressure of the taxes and by working according to the nine point agenda the government could boost the economy. Refereeing to the losses of Rs200 billion by PEPCO he regretted that still corrective actions are still awaited. He further added that the Government should consider the stakeholders demands and suggestion in formulating Tax plan and now is the time for real action and not just words and commitments. S M Muneer said that Pakistan is going through a very difficult period due the devastation of the Torrential Rains, Floods, increasing interest rates, and the constantly increasing prices of petrol, gas and electricity has further added to the misery of the consumers. He also pointed the corruption of Rs700 billion in the Federal Board of

NIB conducts relief work in Sehwan

China company signs MoU with Siddique sons

TDAP takes part in int’l trade expo

EU MP reaffirms support for Pakistan

SITE voices concerns over law & order

Haier distributes help goods to affected

Taxpayer facilitation Kiosk established


3 Saturday, September 25, 2010

Euro rallies, helped by Ifo; dollar falls broadly

Previous Day

August were considered soft and reinforced the view the Federal Reserve may provide additional monetary easing to help the economy. "Overall, both durables and housing numbers suggest the economy is still weak and that the Federal Reserve is still on track for a second round of quantitative easing," said Nick Bennenbroek, head of FX strategy at Wells Fargo in New York. "And this is negative for the dollar and as a result we have seen it fall against the euro." Alan Ruskin, Deutsche Bank's global head of G10 FX strategy,

added the euro was also helped by the "clean out" of shorterterm euro long positions on Thursday and subsequent rebound.

In late morning trading in New York, the euro was up more than 1 per cent against the dollar and hit a session high of $1.3476. The dollar index, which tracks the performance of the greenback against a basket of currencies,

slid 0.8 per cent to 79.397, its lowest level since February. The euro proved resilient to euro-zone debt worries and record highs in the spreads of Irish and Portuguese bond yields over their German counterparts. "The Ifo data reversed some of the euro negativity," said Jeremy Stretch, head of currency strategy at CIBC in London. Against the yen, the dollar was 0.2 per cent lower at 84.16 yen. It fell to 84.12 yen according to Reuters data, its lowest since Sept. 15, when Japanese

authorities confirmed they had intervened to sell yen in the currency market. The dollar also hit a two-anda-half year low of 0.9780 Swiss francs, below a reported barrier at 0.9800 francs, with the Swiss currency helped by safe haven buying as equity markets fell. The euro also gained 1 per cent to 113.52 yen, having earlier jumped to 113.73 in tandem with the spike in dollar/yen. Japanese officials stayed silent on whether they had intervened. Top currency diplomat Rintaro Tamaki declined to comment, Jiji news agency reported, and the Bank of Japan and the government also had no comment. -Reuters

Indian rupee posts

Asian currencies

Peso leads Asia up, baht biggest weekly rise down on profit-taking in over 3-mths BANGKOK: The Philippine peso outperformed Asian peers and the Korean won hit a fourmonth high on Friday as the dollar came under fresh pressure and the Bank of Japan (BOJ) was suspected of stepping again in to curb the yen's strength. The Philippine peso outperformed Asian peers, gaining nearly a quarter per cent to around 44.03 per dollar, but any further rally was expected to run into strong resistance at 43.88 which the central bank has defended in the past two days. "The dollar selling today is probably part of weekend flows. Asia is persistently strong despite all the negativity

in the markets like sovereign risk from Ireland and the mixed stock performance. BSP has not been spotted today and I think the peso's bullish tone will continue next week," a Manila-based trader said. Spot dollar/peso was bid at 44.02 at 0613 GMT against 44.12 late on Thursday. Spot peso has gained 3.0 per cent against the dollar in the past month and 5.0 per cent this year. Short-end dollar/peso NDFs of up to six-month maturities were down, with the most liquid one-month NDFs falling to 44.16, some 9 points lower than the spot and implying a 0.3 per cent peso fall from the spot.

Sterling hits 6-wk high vs struggling $ LONDON: Sterling rallied to a six-week high against the dollar on Friday as the US currency came under broad selling pressure after weak US housing market data highlighted weakness in the economy. Weak new home sales helped push the pound up more than 1 per cent on the day versus the dollar. But sterling slipped

The euro rose to a session high of 85.45 pence, before pulling back slightly to 85.24 pence in late London trade, around 0.4 per cent higher on the day. Having hit a four-month high of 85.77 pence earlier this week, the euro is poised to end the week around 2 per cent higher, its best weekly per-

against the euro after a surprising rise in German business sentiment eased concerns about the euro-zone economy. By 1535 GMT, sterling traded 1.05 per cent higher on the day at $1.5832, its highest since early August. Following a break of $1.5730, the pound was expected to rise toward the August high of $1.5999, UBS analysts said in a note. Data showing new US home sales were unchanged in August, following a sharp decline in July, drove the dollar lower across the board.

formance since February, as the single currency has been a major beneficiary of dollar weakness. A forecast-beating rise in the German Ifo business climate index to 106.8 boosted the euro. The pound traded 0.7 per cent higher at 133.30 yen. In early trade it bounced to 133.74 yen, dragged up as talk of yen-selling intervention by Japanese authorities pushed the dollar higher against the yen. The dollar later fell against the yen. -Reuters

The South Korean won rose to a four-month high against the dollar as the US currency remained under pressure from market expectations that the Federal Reserve might resort to monetary easing. The won rose as high as 1,154.2 per dollar, a high since its highest level of 1,145.7 on May 18. Its domestic close on Monday was 1,161.3. The Seoul foreign exchange market resumed trading on Friday after three-days of public holidays. Dollar/baht was bid at 30.75 at 0613 GMT against 30.67 late on Thursday. The baht has gained 8.4 per cent against the dollar this year, the third-best Asian performer after the ringgit and yen. -Reuters

Swiss franc eyes 2 1/2-yr peak vs $ ZURICH: The Swiss franc eyed the 30-month peak it hit against the dollar a day earlier, as investors remained nervous about the pace of economic recovery following weak employment data in the United States. At 0649 GMT, the franc rose 0.3 per cent compared to the New York close to 0.9827 per dollar. The franc rose 0.3 per cent against the euro to trade at 1.3089 per euro. Meanwhile, talk Japanese authorities were buying dollars for yen in their second intervention this month kept the euro-Swiss cross in focus. Philipp Baertschi, strategist at Sarasin, said the Swiss National Bank, which in June dropped its pledge to intervene after selling francs for euros during the financial crisis, said the SNB might only step in at around 1.25 francs per euro. The Swissie, which investors regard as a safe haven, soared to an all-time high of 1.2763 per euro on Sept. 8. But since then it has been weakening. At its policy review last week, the Swiss National Bank adopted a dovish stance, keeping rates ultra-low and said it saw a marked slowdown in growth next year. -Reuters

Aussie, kiwi jumps vs yen on talk of interventiona SYDNEY/WELLINGTON: The Australian and New Zealand dollars jumped against the yen on Friday amid speculation Tokyo had intervened again, while expectations of rate hikes in Australia kept the Aussie buoyant on the US currency. Talk of intervention swirled in the market after the Japanese currency bolted nearly a yen against the US dollar in just one minute in the early afternoon. Although Tokyo did not confirm it had intervened, the size and speed of the move convinced many it had. Traders are wary of any large yen sell order after Tokyo intervened last week by selling the yen in waves to knock it off a 15-year peak. Fears that Tokyo would launch another bout of yen-selling helped the Australian dollar to jump as far as 81.10, from Thursday's 80.29. By late trade, it had retreated to 80.67. The New Zealand dollar also climbed as far as 62.12, from 61.62 earlier in the day, before easing to 61.74 in late session. Indeed, a robust domestic economy and

expectations Australian interest rates could rise as soon as next month helped the Aussie dollar to hold ground at $0.9507, in sight of a two-year high. It was up 1.3 per cent for the week and 6.8 per cent for the month. It predicted the Aussie dollar could hit parity, or one-to-one against the US dollar, by March. Just a month ago, many investors thought the currency looked pricey at $0.90 given fears of a second US recession. The rates market was equally caught out by the turnaround in the mood in Australia in the past month. Investors have swung from betting on a rate cut in Australia this year to pricing in a 50-50 chance of a rate rise in October. In contrast, the New Zealand dollar has fared less well. Dismal growth data this week has all but quashed any chance of a rise in rates from their current 3.0 per cent this year. That held the New Zealand dollar down at $0.7290, a good way from an eight-month high of $0.7417 hit on Wednesday, but still up 0.3 per cent for the week. -Reuters

MUMBAI: The Indian rupee posted its best weekly gain in three months on Friday and rose to a four-month peak, boosted by robust foreign capital inflows into Asia's thirdlargest economy on the back of strong growth prospects. The partially convertible rupee closed at 45.25/26 a dollar, after rising to a high of 45.25, its strongest since May 14, and 0.9 per cent stronger than Thursday's 45.64/65 close. It traded in a wide band of 45.25 to 45.60 during the session. The unit gained 1.3 per cent on the week, its best weekly rise since the week to June 20, according to Thomson Reuters data. "Once the INR broke below 45.45, it triggered a lot of stops." Traders said a railway finance company which had raised money through external commercial borrowing was also seen selling dollars in the market. They estimate the company to have sold between

$300-$400 million during the session. Foreigners have moved $4.5 billion into Indian shares this month, taking net investment so far in 2010 to $17.4 billion and helping the index gain 14.8 per cent. Portfolio investments are now just shy of the record $17.5 billion inflows last year. The rupee had gained 4.7 per cent on year in 2009, and is up 2.8 per cent so far this year. One-month offshore nondeliverable forward contracts were quoted at 45.44, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange were closed at 45.27, 45.2675 and 45.2175 respectively, with the total traded volume on the three exchanges at a little over average $9.9 billion. -Reuters

Taiwan $ slips on suspected cbank move TAIPEI: The Taiwan dollar pulled back on Friday from a near 4-½ month high on suspected central bank intervention after gaining earlier as problems in the world's No.1 economy pushed the US currency globally weaker. The Taiwan dollar ended at T$31.62 to the US dollar compared with its Thursday close of T$31.60 after the central bank apparently sold local currency to control market volatility. It had risen earlier in the session to a more than fourmonth intraday high as the US dollar came under new pressure over resurgent economic issues that could lead the Federal Reserve to a new round of quantitative easing. Investors have favoured growth-linked Asian forex markets such as Taiwan's for most of September because of strong fundamentals and upbeat data from across the

Events

CNY EUR EUR EUR USD USD USD

Bank Holiday German Import Prices m/m German Ifo Business Climate Italian Retail Sales m/m Core Durable Goods Orders m/m Durable Goods Orders m/m New Home Sales

Actual

Forecast

0.2% 106.8 0.0% 2.0% -1.3% 288K

0.3% 106.3 -0.4% 0.9% -0.9% 292K

Previous

-0.2% 106.7 0.5% -2.8% 0.7% 288K

Currencies Rate

Traders cite intervention talk, which is not confirmed NEW YORK: The dollar fell against a basket of currencies on Friday to its lowest level since February as stronger-thanexpected data in Europe and a drop in US durable goods orders hurt demand for the greenback. The dollar also fell to its lowest in more than a week against the yen, reversing earlier gains, as doubts crept in about whether Japanese authorities, keen to stem yen gains, were responsible for an earlier spike. An unexpected rise in the German Ifo business climate index to its highest level in more than three years lifted the euro after a sell-off on Thursday. In the United States, reports on durable goods orders and new single home sales for

Source

region, currency strategists say. Solid economic data or earnings from the United States, Taiwan's No.2 export market, would support the local currency as investors favour growthlinked assets. More signs of weakness in the US economy could pressure the local forex market. Taiwan's currency will track gains in the yuan as a proxy for the non-convertible Chinese unit because of the island's strong trade ties with China.-Reuters

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

As per 22.00 PST Ask 1.3481 0.8511 1.3256 113.64 0.9835 1.0265 1.5838 133.5 0.9586 1.3835 85.75 1294.98 21.40

Bid 1.3479 0.8508 1.3253 113.62 0.9381 1.0262 1.5834 133.45 0.9583 1.3832 85.70 1294.18 21.37

High 1.3492 0.8542 1.3265 113.74 0.9880 1.0354 1.5844 133.75 0.9614 1.3860 86.49 1299.13 21.45

Low 1.3288 0.8486 1.3075 112.33 0.9781 1.0228 1.5462 132.32 0.9466 1.3753 85.64 1291.13 21.12

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 24/09/2010 A USD GBP CAD EUR JPY O/N 0.22538 0.54875 1.04167 0.37750 SN 0.10500 1WK 0.25025 0.55078 1.05500 0.47000 0.11875 2WK 0.25181 0.55563 1.08250 0.51125 0.12625 1MO 0.25625 0.56813 1.11083 0.57375 0.14000 2MO 0.27297 0.62281 1.17667 0.67250 0.17313 3MO 0.28938 0.73175 1.24000 0.82375 0.21938 4MO 0.34281 0.81734 1.29917 0.91375 0.31125 5MO 0.40625 0.92234 1.35750 1.00688 0.36750 6MO 0.46406 1.02438 1.42000 1.11063 0.42875 7MO 0.51438 1.10094 1.48333 1.15938 0.48438 8MO 0.56538 1.18094 1.56417 1.20813 0.53125 9MO 0.61422 1.26281 1.64917 1.25875 0.58063 10MO 0.66681 1.33625 1.72000 1.30688 0.60750 11MO 0.71969 1.40500 1.82750 1.35438 0.63063 12MO 0.78063 1.47063 1.92417 1.39813 0.66000

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Oct 19 2010 Oct 07 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 n/a n/a

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

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

Division of National Bank of Pakistan (NBP) KARACHI, September 24,2010 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

86.00 134.95 114.84 83.26 87.31 81.82 12.49 1.02 14.49 64.76 15.41 22.93 11.08 12.83 301.70 27.77 62.72 23.64 23.41 0.07 2.80

85.80 134.64 114.57 83.07 87.11 81.63 12.46 1.01 14.45 64.61 15.38 22.88 11.06 12.80 301.00 27.71 62.57 23.58 23.36 0.07 2.79

85.61 134.33 114.31 82.85 86.88 81.41 12.42 1.01 14.42 64.44 15.34 22.82 11.03 12.77 300.21 27.64 62.41 23.52 23.30 0.07 2.78

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 24, 2010

CMKA 0-7days 11.75 8-15dys 12.00 16-30dys 12.30 31-60dys 12.60 61-90dys 12.70 91-120dys 12.75 121-180dys 12.85 181-270dys 12.90 271-365dys 12.95 2-- years 13.30 3-- years 13.40 4-- years 13.45 5-- years 13.50 6-- years 13.50 7-- years 13.50 8-- years 13.55 9-- years 13.60 10--years 13.60 15--years 13.75 20--years 13.85 30--years 14.10

BMA 11.70 11.90 12.20 12.70 12.68 12.75 12.84 12.94 12.97 13.28 13.40 13.45 13.45 13.50 13.50 13.60 13.60 13.62 13.75 13.90 14.25

INVSR 11.75 11.90 12.20 12.50 12.65 12.75 12.91 12.93 12.97 13.32 13.43 13.47 13.50 13.52 13.54 13.58 13.60 13.67 13.75 13.85 14.00

GSL 11.70 12.00 12.35 12.80 12.70 12.85 12.90 12.95 13.05 13.30 13.40 13.44 13.47 13.48 13.49 13.50 13.52 13.55 13.90 14.00 14.25

ICSL 11.70 11.90 12.20 12.48 12.65 12.75 12.82 12.90 12.95 13.38 13.45 13.48 13.55 13.59 13.62 13.62 13.64 13.66 13.75 13.85 13.95

JSCM AvgRate 11.75 11.73 11.95 11.94 12.30 12.26 12.70 12.63 12.75 12.69 12.85 12.78 12.91 12.87 12.92 12.92 12.97 12.98 13.35 13.32 13.45 13.42 13.48 13.46 13.52 13.50 13.54 13.52 13.58 13.54 13.65 13.58 13.66 13.60 13.70 13.63 13.75 13.78 13.85 13.88 14.05 14.10

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

0.89 0.80 0.69 0.84 0.51 0.38

0.43 0.70 0.40 0.28 0.85 0.55

0.96 0.92 0.54 0.62 0.86 0.42

0.95 0.93 0.58 0.72 0.93 0.78

0.32 0.77 0.84 0.67 0.88 0.70

0.96 0.64 0.76 0.63 0.60 0.40

USD/CAD USD/CHF -0.52 -0.70 -0.59 -0.70 0.33 -0.27

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)24/09/2010 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 11.70

12.20

11.80

12.30

12.10

12.60

12.45

12.70

12.50

12.75

12.75

13.25

12.90

13.40

1325

13.75

ABLN 11.80

12.30

11.90

12.40

12.15

12.65

12.55

12.80

12.70

12.95

12.80

13.30

12.95

13.45

1300

13.50

JSBL

11.60

12.10

11.80

12.30

12.25

12.75

12.75

13.00

12.85

13.10

12.90

13.40

12.90

13.40

1300

13.50

ASPK 11.50

12.00

11.70

12.20

12.10

12.60

12.50

12.75

12.60

12.85

12.70

13.20

12.75

13.25

1290

13.40

CIPK

11.75

12.25

11.90

12.40

12.20

12.70

12.65

12.90

12.80

13.05

12.90

13.40

13.00

13.50

1320

13.70

DBPK 11.65

12.15

11.80

12.30

12.10

12.60

12.40

12.65

12.60

12.85

12.65

13.15

12.70

13.20

1280

13.30

FBPK

11.50

12.00

11.70

12.20

12.20

12.70

12.60

12.85

12.75

13.00

12.75

13.25

12.75

13.25

1295

13.45

F LAH 11.50

12.00

11.75

12.25

12.10

12.60

12.55

12.80

12.70

12.95

12.70

13.20

12.80

13.30

1295

13.45

HBPK 11.50

12.00

11.75

12.25

12.15

12.65

12.55

12.80

12.70

12.95

12.75

13.25

12.85

13.35

1295

13.45

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

N I PK 11.25

11.75

12.00

12.50

12.60

13.10

12.75

13.00

12.85

13.10

12.90

13.40

13.00

13.50

1310

13.60

HMBP 11.55

12.05

11.80

12.30

12.25

12.75

12.65

12.90

12.80

13.05

12.85

13.35

12.85

13.35

1290

13.40

SAMB 11.25

11.75

11.70

12.20

12.20

12.70

12.75

13.00

12.95

13.20

12.90

13.40

12.95

13.45

1305

13.55

MCBK 11.65

12.15

11.90

12.40

12.25

12.75

12.40

12.65

12.55

12.80

12.60

13.10

12.70

13.20

1295

13.45

NBPK 11.50

12.00

11.75

12.25

12.00

12.50

12.60

12.85

12.75

13.00

12.80

13.30

12.85

13.35

1300

13.50

SCPK

11.50

12.00

11.75

12.25

12.15

12.65

12.50

12.75

12.65

12.90

12.75

13.25

12.85

13.35

12.95

13.45

UBPL 11.50

12.00

11.75

12.25

12.15

12.65

12.50

12.75

12.65

12.90

12.70

13.20

12.80

13.30

12.95

13.45

AVE

12.05

11.79

12.29

12.17

12.67

12.57

12.82

12.71

12.96

12.78

13.28

12.85

13.35

12.98

13.48

HKBP

0.00

11.55

-0.94 -0.79 -0.51 -0.59 -0.70 -0.64


4

Saturday, September 25, 2010

Lawbreakers Win Afghan Poll?

The Financial Daily International Vol 4, Issue 52

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board S. Muneer Hussain Rizvi

Haseeb Khan, FCA 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

Lessons in sugarnomics It is the ripe time to come up with comprehensive sugar policy envisaging 4.5 million tonne production through enhanced production of sugarcane and overcoming the shortfall through import of raw sugar. Over the last many years the resistance against import of raw sugar through imposition of 25 per cent regulatory duty on its import has created havoc. Attempts to import refined sugar at wrong time not only eroded foreign exchange reserves but also forced the government to pay heavy subsidy. It is on record that Pakistan suffers from an acute shortage of sugarcane enabling the millers to produce around 4 million tonne sugar against an installed capacity of 9 million tonne. While the government has been increasing support price, limited availability of sugarcane forced the millers to pay higher price to keep their plants running at minimum capacity utilisation. Since sugarcane growers enjoy access to power corridors they managed to bulldoze import of raw sugar. Ironically involvement of many federal and provincial ministries 'spoils the curry'. While a few feudal lords befit from the absurd policy most of the growers, millers and on top of all the consumers emerge as losers. Enhancing sugarcane production by achieving higher yield can not only help in bringing down cost of production but also increase indigenous production of sugar and molasses, which can help earn extra foreign exchange through export of these products. Achieving economy of scale can make made-in-Pakistan sugar competitive in the global markets. Pakistan needs to increase sugarcane production not only for producing higher sugar but higher molasses production to facilitate production but to produce E-10 --petrol blended with alcohol. Keeping in view rising POL bill, it is necessary that E-10 becomes a norm. E-10 is not only low cost but also less polluting. This year Pakistan should allow the mills to import about one million tonne raw sugar, with a condition that half of the quantity will have to be exported. This policy is not anti-farmer because millers will be able to continue crushing for a longer season. The added advantage of higher sugarcane crushing will be availability of more bagasse to be burnt in the power plant standing next to sugar mill. Pakistan suffers from twin problems of shortfall of electricity and higher cost of generation. Sugar mills can collectively produce 3,000MW at nearly one-third of the cost incurred by furnace oil generation. It goes without saying that sugar industry is the driving engine of rural economy. It the country succeeds in doubling sugarcane production the added benefits will be optimisation of cost of production of sugar, potential for earning foreign exchange from export of refined sugar, molasses and ethyl alcohol and above all generation of low cost electricity.

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.

F

aint hopes that Afghanistan's fledgling parliament would hold President Hamid Karzai to account are evaporating after another violent, fraud-tainted election likely to produce an assembly as ineffective as its predecessor. Without any need to court parliament or worry that it will present a challenge to him, Karzai will again be able to essentially rule as he pleases, analysts say. The stench of graft and votebuying surrounding the Sept 18 poll is not likely to help perceptions of the Afghan government, either among Karzai's Western backers or the millions of Afghans who have tired of corruption and politicians they see as out only for themselves. The 2009 presidential poll helped reinforce that perception. "It's no question a few democrats ran, men and women, but I am sure most of them will not win. A few of them, maybe they will win to make a showcase of democracy," former parliamentarian Malalai Joya said. "The same like the last parliament, most of them will be lawbreakers not lawmakers," said Joya, whose vocal criticism of former warlords in the parlia-

ment led to physical attacks and eventually a three-year suspension from the legislature in 2007. Counting is still under way after the election to decide the 249 seats of the wolesi jirga, or lower house of parliament, after nearly 2,500 candidates competed in a poll beset by Taliban violence and complaints of election violations of every stripe. The final result is not expected until at least Oct. 30, but analysts expect a familiar pattern to last year's presidential election, which Karzai won despite having more than a third of his votes thrown out as fake. Washington considers curbing corruption in Karzai's administration integral to plans to eventually withdraw troops, the speed and scope of which is expected to be examined in US President Barack Obama's strategy review in December. Analysts say graft brews public disdain that favours the

Taliban, weakens Karzai's legitimacy and crimps the government's ability to build up the institutions it needs to rule the country effectively, especially its security forces. "These parliamentary elections were more or less like a non-event and nothing is going to change, at least structurally," Eurasia group analyst Maria Kuusisto told Reuters.

flexing by the assembly, but there is no real bloc to present a united front against Karzai. "The parliament has, in its own sort of random way, been a body that hasn't been fully controlled, and sometimes that's meant it's a check and sometimes it has complicated things," said Martine Van Bijlert, co-director of the Afghan Analysts Network, told

The stench of graft and vote-buying surrounding the Sept 18 poll is not likely to help perceptions of the Afghan government, either among Karzai's Western backers or the millions of Afghans who have tired of corruption and politicians they see as out only for themselves. GRAFT, PATRONAGE Parliament's normal modus operandi, as a body more rooted in traditional Afghan politicking than its modern legal structure suggests, is one where ethnicity, religion, patronage and ideology create ad hoc alliances. This allows for some muscle-

Reuters. "I expect that to continue, because Afghan politics are so complicated and negotiations are constantly ongoing," she said. The wolesi jirga has stood up to Karzai before, first by rejecting a host of his cabinet nominees in December and January,

then in March by voting against his decree removing one foreign observer from the Electoral Complaints Commission. But Wahid Mujdah, an Afghan writer and analyst who served in the foreign ministry under the Taliban, said the outgoing parliament had a bit more teeth than the incoming one, because the previous parliamentary election hadn't been as bad. "This was not a very fair and good election, because some people thought of the previous election, and thought of fraud and that the ballot boxes will be stolen. With the insecurity, that meant it was not worth the risk," he said. The poll is likely to have had the lowest turnout of the four national votes since US-backed Afghan forces ousted the Taliban in 2001, with a total of about 4.3 million votes cast. There was more room for intimidation, vote-buying and misconduct by election officials in this vote versus the 2005 parliamentary poll, Mujdah said, because poor security meant fewer international observers. "I think the first parliament was better than the second will be. The quality of people won't be as good," he added.-Reuters

‘Maybe-Mega’ Global Glitches I

n a world of proliferating threats and assertive emerging powers, what kind of global security system can best tackle increasingly complex trans-national crises? One way of answering that is to examine possible future disasters and their likely results. Below is a scenario devised by Chung Min Lee, a South Korean scholar and senior fellow at London's International Institute for Strategic Studies, and edited excerpts from the US National Intelligence Council's (NIC) "Global Scenarios to 2025". HORMUZ/MALACCA A political crisis snowballs into a catastrophic crisis in the vicinity of the Strait of Hormuz or Strait of Malacca with a dirty nuclear bomb attack; passage of oil tankers is frozen with immediate repercussions for global commerce and navigation. Highly oil dependent economies such as Japan, South Korea and other Asian economies would have to rely on their limited strategic petroleum reserves. Financial markets worldwide would tumble, which could trigger another global financial crisis. Governments would face two mega-crises: fallout from a nuclear terrorist attack compounded by an international eco-

nomic crisis that could result in a global depression. Cascading Crises Already overdrawn and overstretched capacities would be totally saturated so that emergency responses would be practically meaningless. Concerted international actions would take months even years to return the world to normality although by that time the world will live with an entirely "new normal." Vulnerabilities, contagions, disruptions and severe dislocations would be beyond effective control. A crisis would feed off and trigger secondary and tertiary crises. (Chung Min Lee) EXCERPTS FROM NIC’S FRAGMENTED WORLD SCENARIOS De-globalisation This is a world in which parochial interests take priority over sustainable economic growth. Three forces are apparent -- a

decline in the power of the nation states, a collapse in the effectiveness of international institutions, and the rise of alter-

stagflation, governments, while not indifferent, are simply unable to pull off the process of continued globalisation. A wave of de-globalisation begins towash over the West. Volatile fuel costs encourage a contraction of globalisation. Nuclear states refuse to consider reductions in the face of growing demands from nonnuclear states. Iran maintains ambiguity over its nuclear development, but it is generally assumed that it now has atomic bomb technology. Perhaps encouraged by Iran's success, other states in the region step up their nuclear energy programmes. The Saudi king announces a multi-billion dollar assistance plan for Pakistan, citing hardship suffered by Pakistan because of high oil prices. Suspicions grow that the help is a quid pro quo for Pakistani help with the Saudis' nuclear technology programme. European Tensions Growing unemployment in Europe and the United States means that both regions rescind visas for not only unskilled but

This is a scenario devised by Chung Min Lee, a South Korean scholar and senior fellow at London's International Institute for Strategic Studies, and edited excerpts from the US National Intelligence Council's (NIC) "Global Scenarios to 2025". native power sources. These alternative power actors run the gamut from NGOs and philanthropists to Islamic groups ... to criminal and terrorist networks. The effectiveness of the influence of major powers is weakened and the power of large scale actors is constrained. The global economy suffers prolonged slowdown with high inflation, relatively high levels of unemployment and low growth. Swathed in a blanket of

also skilled workers. Replacing those skilled workers from the domestic talent pool is a great challenge, particularly if there was a dearth of qualified candidates in the first place. As a result, in Europe recent Muslim migrants are separated from their families. Riots erupt in French cities once again. Al Qaeda in the Islamic Maghreb announces a new campaign to retake Andalucia in Spain. A dirty bomb attack occurs in Granada, injuring a group of Norwegian tourists and damaging the Alhambra. Cyclone Ten per cent of Bangladesh is submerged under water following a devastating cyclone. Millions are at risk of serious health problems. The growing numbers of climate refugees to India intensifies border tension. At the United Nations, squabbling occurs over whether to label the migrants climate refugees, which would give them enhanced rights to assistance, or whether they are migrants using the cover of the disaster to flee a deteriorating economy in Bangladesh. Meanwhile, millions of refugees remain in limbo as victims of both extreme weather and a disjointed response from global leadership.-Reuters

The American Dream in Reverse Brend Debusman "It's like the American dream in reverse." That's how President Barack Obama, ten days after taking office last year, described the plight of Americans hit by the faltering economy. His catchy description fell short - the dream has turned into a nightmare for tens of millions. So much so that an opinion poll this week showed that 43 per cent of those surveyed thought that "the American Dream" is a thing of the past. It "once held true" but no longer does. Only half the country believes the dream "still exists," according to the poll, commissioned by ABC News and Yahoo against a background of dismal statistics on growing poverty, inequality, unemployment, and Americans without health insurance. Before turning to the gloomy numbers, a brief detour to the meaning of the phrase "the American Dream," long a familiar part of the US (and international) lexicon. The survey defined it as "if you work hard, you get ahead." That's neat shorthand for the concept that

the American social, economic and political system makes success possible for everyone. More expansive definitions of the American Dream invariably feature home ownership, and there the dream went into reverse on a particularly large scale, with the subprime mortgage boom and subsequent housing bust. Last year alone, there were 2.8 million foreclosures - 7,700 a day - on homes whose owners could no longer afford their mortgages. The statistic that best explains growing doubts over the achievability of the American Dream was released by the Census Bureau in mid-September. In 2009, the Bureau said, 3.8 million people joined the ranks of the poor by falling below the poverty line, defined by the government as an annual income of below $22,000 for a family of four. In contrast, the net worth of the 400 richest Americans rose by a healthy eight per cent in the year to August, according to a list by the business magazine Forbes published a week after the poverty figures. That perpetuated a rich-poor gap of proportions similar to the 1920s,

before the Great Depression. For most of the past four decades, the annual incomes of the bottom 90 per cent have changed relatively little while those of the top 1 per cent have tripled. In terms of equitable distribution of income and wealth, the US is closer to Iran, Argentina or Mexico than to Canada or Germany. (That is according to the Gini index, a complex statistical measure of inequality named after Corrado Gini, the Italian economist who devised it in 1912.) THIRD WORLD AMERICA In this context, unflattering comparisons are inevitable. Arianna Huffington, co-founder of the left-leaning website The Huffington Post, just published a book entitled Third World America. "It's a jarring phrase, I know," she says, "but if we don't change course - and quickly that could very well be our future." As things stand, she writes on her website, "the fix is in. The game is rigged. The dice are loaded. And it starts in Washington, where special interests run the show - and

where lobbyists outnumber elected officials 26 to 1. Unfortunately, there are no lobbyists for the American Dream." The new census figures translate into the highest poverty rate since 1994, or one out of seven (43.6 million) ranked as poor. The annual census report covers both poverty and health insurance and on the latter, too, the figure provided reason to doubt the American dream. More than 4.4 million lost health insurance, usually along with their jobs, and the army of uninsured now numbers more than 50 million. It would have been even worse, Obama said, without additional unemployment payments and other programmes providing tax relief and income support. The data showed that the Great Recession hit people at the lowest income levels the hardest and even for those who kept their jobs, the statistics were bleak: earnings of working men fell by 4.1 per cent and of working women by 2.8 per cent. The minimum wage in the US stands at $7.25 an hour, less than it was (adjusted for inflation) half a century ago.

For those on the lower ranks of the economic ladder it came as cold comfort that, technically, the recession ended more than a year ago. This is according to the National Bureau of Economic Research, which said in September that the recession began in December 2007, under the administration of President George W, Bush, and ended in June 2009, the longest downturn since World War II. The bureau measures a combination of macroeconomic indicators but not how people are affected personally. Reaction to the poverty numbers has been relatively "muted" among the people's representatives in Congress, as a perceptive article in the Washington Post noted. An explanation came from Deborah Weinstein, who heads the advocacy group Coalition on Human Needs and calls the increase in poverty a national emergency. The problem of the poor is that they are not a powerful constituency. They don't vote in great numbers and they don't make contributions to re-election campaigns. Unlike the top 1 per cent.-Reuters


5

Saturday, September 25, 2010

Indonesia at record high, other SEAsian stocks mostly firm

Europe stocks end higher as US data reassures

KSE rallies ahead of monetary policy release

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

9,866.80 9,909.45 42.65 0.43 48.58

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

3,083.87 3,096.26 12.39 0.40 3.16

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

2,529.63 2,540.08 10.45 0.41 0.05

Major Gainers

Symbol

DUBAI: Investors look at stock exchange information at the Dubai Financial Market. -Reuters

Close

Change

DREL 525.50 ULEVER 3,998.98 FZTM 329.25 LAKST 241.58 PSEL 160.25

25.00 17.98 13.75 11.50 7.63

Major Losers

Symbol

Close

Change

NESTLE 1,833.75 BHAT 190.25 RMPL 1,285.29 MARI 110.34 SFL 99.28

-18.11 -9.75 -6.79 -5.68 -5.22

Top 5 Volume Leaders

Symbol

Close Vol (mn)

TRG LOTPTA FATIMA AHSL DGKC

3.86 8.58 11.68 23.18 24.20

7.06 3.64 2.84 2.59 2.24

Active Issues Plus Minus Unchanged

211 136 20

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)

Nawaz Ali

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

US data lift Britain top index up LONDON: Reassuring data from the United States sparked a rally in banks and energy stocks on Friday to push Britain's top share index firmly higher by the close on Friday, while Burberry jumped on takeover talk. The FTSE 100 was down for much of the day, but the US data helped it end up 51.40 points, or 0.9 per cent, at 5,598.48. It has risen 7.1 per cent so far this month, on track for the best monthly performance since August 2009. A rebound in US business spending and steady home sales in August gave Friday trading an upbeat feel, while German business sentiment rose unexpectedly in September, also supporting the view that the global economy is on a steady path to recovery. This boosted risk-sensitive banks and energy stocks with HSBC, Barclays and Royal Dutch Shell rising 0.4 to 1.8 per cent. "There were a number of people who were looking for the US data to disappoint," said

Steven Bell, director at hedge fund GLC. "Growth (in the United States) seems to be struggling in a 1.5 per cent to two per cent range, and I do think we'll break through the top of this." Bid speculation was also a factor supporting the index. Fashion group Burberry gained six per cent, with traders citing talk of bid interest from a US private equity firm. Burberry declined to comment. ARM holdings was the top gainer, up 6.1 per cent after bid speculation for the chip designer was revived by comments from the chief executive of US software giant Oracle Corp. Larry Ellison said on Thursday that he was keen to make more acquisitions to bolster Oracle's technology, and a microchip company could be a good fit. Hammerson was another strong performer, adding 4.4 per cent as Credit Suisse named it and British Land as its top picks among real estate investment companies. See # 8 Page 11

Nikkei slides 1pc on irresolute yen talks TOKYO: Tokyo stocks lost one per cent on Friday, failing to stay in positive territory as momentum gained from talk of fresh intervention by Japanese authorities to weaken the yen petered out when no confirmation emerged. The benchmark Nikkei fell 94.65 points to 9,471.67 after turning positive on the intervention talk. Prior to the dollar spiking, it fell as much as 1.6 per cent. Trade picked up, with 1.9 billion shares changing hands on the Tokyo exchange's first section, the highest since Sept 15 - the day Japan intervened. Declining shares beat advancing ones by more than 4 to 1. The Nikkei lost 1.6 per cent on the week but is still up some 7 per cent for the month. It hit a seven-week high just above 9,700 on Tuesday as the yen retreated against the dollar in the wake of yen-selling intervention by Japanese authorities last week. The broader Topix shed one per cent to 838.41. It is supported around 9,400, which is right around the bottom of its daily Ichimoku cloud. Rising diplomatic tensions between Japan and China

regarding a feud over disputed islets in the East China Sea were also weighing on the benchmark, they added. But in a possible a step towards resolving the dispute, Japanese media said before the close of trade that Japan had decided to release the captain of a Chinese fishing boat at the centre of the spat. "The Nikkei was only briefly helped by the talk of intervention, especially since it's hard to tell if any such move actually took place," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "There's a lot of risk factors that have suddenly emerged, such as the situation with China, and this is making it very hard for the Nikkei to rise." There was no immediate confirmation from authorities that they had intervened but the dollar rose to 85.40 yen from about 84.55 yen in a matter of minutes. It later fell back below 85 yen again. Market players said the impact for the Nikkei would be more limited than on September 15, when Japanese authorities intervened See # 9 Page 11

US stocks mid-day

Market extends rise for 4th week NEW YORK: US stocks were on course for four weeks of gains on Friday as traders put the September rally firmly back on track after three down days for equities. The economic data was mixed, but traders latched on to a rise in business spending in August as the latest sign the recovery is on firmer ground. That appeared to trump data that showed new US singlefamily home sales were flat in August. Buying was broad across multiple sectors but early indications were that volume was on course for another moderate day despite the near two per cent rise in major indexes. Around 3.5 billion shares had traded shortly after midday. "The volume is somewhat light," said Jim Maguire, Jr, a floor trader on the New York Stock Exchange at EH Smith Jacobs. "It is not as if we are seeing new capital coming into the market. It is again a trader's market." Maguire added that a short bias going into the open this morning had been chased out when the market held its gains after the uninspiring housing data. "It's a classic bull and bear struggle," he said. The Dow Jones industrial average gained 176.11 points, or 1.65 per cent, to 10,838.69. The Standard & Poor's 500 Index rose 21.15 points, or 1.88 per cent, to 1,145.98. The Nasdaq Composite Index added 44.22 points, or 1.90 per cent, to 2,371.32. The S&P 500 also retook its 61.8 per cent retracement of its April-to-July fall at 1,140, which can be an important level for traders. For September, the S&P 500 is up 9.2 per cent after rallying since the start of the month as data suggested the economy was not on the verge of sliding back into recession as some had feared. The broad-based index crossed a major resistance level at 1,130 on Monday, but its close below that mark in the last session and light trading volumes have caused some investors to question the move's sustainability. "The volume isn't indicative of people piling in, there's no mad rush to buy," said Joseph Greco, managing director at Meridian Equity Partners in New York. "We're coming See # 10 Page 11

ANNOUNCEMENTS Company Din Textile Mills Ltd Sazgar Engineering Works Ltd Bhanero Textile Mills Ltd Fazal Textile Mills Ltd First Imrooz Modaraba Blessed Textiles Ltd Faisal Spinning Mills Ltd ZIL Limited Safeway Mutual Fund Ltd Trust Modaraba Fauji Cement Co Ltd Haydari Construction Co. Ltd NAMCO Balanced Fund NAMCO Income Fund Safe Mix Concrete Products Ltd Southern Electric Power Co. Ltd Unicap Modaraba

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

Div/Bon/Right 20% 10% B 10% 20%B 200% 100% 76% 50% 50% 35% 18.20% 5% -

PAT (Rs in mn) 359.879 47.993 421.836 624.583 28.569 423.522 402.630 31.086 109.535 23.396 250.179 -0.236 100.156 21.111 -11.538 52.682 -0.456

EPS(Rs) 19.42 3.85 140.61 100.94 9.52 65.85 40.26 5.84 2.01 0.79 0.31 -0.04 1.00 -0.96 0.39

KARACHI: On last trading day of the week improved sentiments prevailed over the Karachi Stock exchange (KSE). The three indices closed higher though insignificantly. The benchmark KSE-100 index closed at 9,909 with a gain of 42.65 points or 0.43 per cent. KSE-30 index closed up 46.96 points, or 0.49 per cent, at 9,611. KMI-30 rose 82.15 points, or 0.53 per cent, to 15,524 points. All share index also gained 42.65 points to close at 6,930. Improved sentiments were evident from 211 scrips registering price increase, 136 witnessing decline and 20 seeing no change in price. Trading volume improved on Friday to 48 million shares as compared to 39 million shares changing hands on Thursday.

"Even though volume is higher than yesterday's, confidence is still shaky and investors prefer to stay on the sidelines until the monetary policy is announced," said Sajid Bhanji, a dealer at Arif Habib Ltd. According to NCCPL, foreigners were net buyers with $1.63 million on Friday. On the local side, individual investors and mutual funds were net buyers with $4.17 million and mutual funds net sellers with $1.05 million. Organisations and banks did a net buying of $1.30 million and $1.26 million respectively "Prevailing political uncertainty, ambiguity about monetary policy to be announced next week, and potential turmoil in the cities in retaliation of the US court judgment in Dr Afia Siddiqui case are likely to make investors jittery," said a stock market expert.

Lotpta plans expansion KARACHI: The maker of terephthalic acid in the country is intending to expand its production in order to meet the mounting demands of chemical. According to media reports, the lone producer of commodity chemical terephthalic acid which is used to manufacture polyester, Lotte Pakistan PTA Ltd, is weighing options to make heavy investments for expansion in Pakistan. "The investment may be in another plant producing the same product," a foreign news agency cited Asif Saad, chief executive officer of the company as saying. The timeframe is yet to be decided, he said. The investment may be to the tune of 500 million dollar, according to a report. Polyester is an alternative to cotton used as the important input for making cloths. It is also used to manufacture plastic bottles. Lotte Pakistan's shares, which have climbed 7.9 per cent this year, rose 0.6 per cent to 8.58 at the closure of Karachi Stock Exchange on Friday. The company is 75 per cent owned by South Korea's Lotte Group which bought a majority stake in Pakistan PTA Ltd in September 2009. -Agencies

Financials lead gains in BSE-30 MUMBAI: Robust foreign fund inflows more than offset a two-session profit sales-triggered fall in Indian shares, powering them 0.9 per cent higher on Friday to their fourth straight weekly gain. Financials led the rise. The 30-share BSE index firmed 0.93 per cent or 184.17 points at 20,0045.18, taking gains this week to 2.3 per cent, with 25 of its components closing in the green. Advancing shares outnumbered declining ones in a ratio of 1.6:1 on a relatively higher volume of 501 million shares. The 50-share NSE index closed nearly one per cent higher at 6,018.30 points. Foreign funds have pumped in $17.3 billion into Indian shares, helping the index gain 14.8 per cent so far this year. Of this, $4.4 billion inflows were received in the current month, driving the benchmark up 11.5 per cent. "The sentiment is positive as

India is outperforming its peers and is therefore, attracting huge foreign money," said Nandip Vaidya, president of brokerage IIFL. Emerging market equity funds had more than $1 billion in inflows in the week to Sept 22, bringing year-to-date inflows to about $45 billion, data from EPFR Global showed. New money heading to India equity funds reached their highest level in nearly three years, the fund tracker said. "The situation globally is better than what it was six months ago. So, there is no big risk to the market right now." Financials marched ahead of optimism that loan demand would rise in the world's second-fastest growing major economy. State Bank of India, ICICI Bank, and HDFC Bank rose between 0.1 per cent and 1.3 per cent. Telecom stocks gained with leading operators Bharti Airtel and Reliance Communications

rising 3.6 per cent and 1.1 per cent respectively, picking up after being the only two Sensex stocks which declined in 2009. Idea Cellular climbed 1.2 per cent. "We believe valuation multiple for the telcos would expand in light of the improving pricing environment and robust volume growth," Indiabulls Securities said in a note. "Being a time-critical development, we thought we should highlight it immediately so that investors can act while we upgrade our estimates and target prices." The brokerage reiterated "outperform" on Bharti, "neutral" on Idea and "underperform" on Reliance Communications. Cigarette-to-hotel business ITC and India's largest household products maker Hindustan Unilever logged gains riding on the strong domestic consumption story. ITC rose as much as 2.3 See # 11 Page 11

HK closes 5-mth higher on developers HONG KONG: Hong Kong shares closed at their highest level in five months on Friday as property plays extended their recent strong run and new issues posted solid first-day gains. The rally in Hong Kong developers lifted the benchmark Hang Seng index by 0.3 per cent to its fourth successive weekly gain. For the week, the index advanced 0.7 per cent. The benchmark has surged nearly eight per cent this month, but analysts believe further upside may be limited in the short term, noting it is now in overbought territory with its relative strength index (RSI) at 73. "It looks like we're going to consolidate around these levels at the moment after a strong bounce this month," said Daniel So, an analyst at Sun Hung Kai Financial in Hong Kong, adding that property shares would continue to out-

perform. Developers have rallied in recent sessions with the sector sub-index enjoying its best week this year, up 3.8 per cent, amid robust demand for property and sustained investor interest in Asian stocks. Low interest rates and expectations of further appreciation in the Chinese yuan, which make Hong Kong dollardenominated assets cheaper for mainlanders, were likely to continue attracting funds into the local housing market, So said. Asia ex-Japan equity funds had their best week of inflows in more than 15 months for the week ended Sept 22, driven mainly by interest in India and China, EPFR Global said in a note. Cheung Kong (Holdings) Ltd, controlled by billionaire Li Ka-shing, rose 1.4 per cent, building on gains after a technical breakout above its

October 2009 peak. Hong Kong Exchanges & Clearing Ltd rose 3.8 per cent, bringing its gains for the month to over 21 per cent, as turnover recovered in September and IPO activity in Hong Kong picked up. Turnover on the exchange was relatively healthy at about HK$70 billion, over 16 per cent higher than the daily average seen this year despite holidays on the mainland, and contrasted with the dull trading volume seen in developed markets. New listings had a strong day and largely held onto those gains by the close. Magic Holdings rose as much as 38 per cent on its trading debut. The company, a maker of Chinese facial masks, had said in a statement that its Hong Kong IPO was subscribed to 768 times and priced at the top of the indicative r a n g e . See # 12 Page 11


6

Saturday, September 25, 2010

Market

KSE 100 Index

Symbols

Volume

48,579,492

Value

1,536,076,749

Trades

32,420

Advanced Declined Unchanged Total

Current High Low Change

211 136 20 367

All Share Index

9,909.45 9,927.93 9,813.66 h42.65

Current High Low Change

6,930.43 6,937.97 6,862.89 h34.31

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

PE

Open

High

High Low 1,240.02 1,210.42 Total cos Defaulter cos P/BV (x) ROE (%) 3.91 37.01 Low

Close Chg

320.00 314.51 317.93

2.87

Last 60 days High Low

Volume 70506

Change 5.79 Market cap 997,905.97 mn Div Yield (%) 6.49

% Change 0.47 5-Day High 1,248.72 5-Day Low 1,226.06

2009 Div BR (%) (%)

2010 Div BR (%) (%)

250

100

576

5.74 315.06

330.51

281.00

853

9.17

81.93

82.49

81.12

81.82 -0.11

177799

93.60

73.47

-

-

-

-

-

10.27

10.55

10.14

10.39

0.12

589574

13.05

9.62

-

-

-

-

-

31

-

-

-

Mari Gas Company

735 14.95 116.02

112.40 110.22 110.34 -5.68

148715

138.45

110.22 32.17 100B

National Refinery

800

197.95 193.00 193.58 -1.59

4500

207.00

183.25

125

133.00

Oil & Gas Development XD 43009 10.01 144.57 Pak PetroleumXDXB Pak Oilfields Pak Refinery Limited

82.5

-

55

-

5.38 170.26

172.14 168.70 171.65

1.39

495828

214.10

168.70

130

20B

90

20B

2365

6.85 231.46

233.70 230.05 232.11

0.65

418932

240.01

209.99

180

-

80

-

P.S.O XD

1715

-

62.91

4.47 259.19

Shell Gas LPGSPOT

226 13.89

Shell Pakistan XD

685

30.50

9.81 192.02

65.40

60.21

60.88 -2.03

265.25 258.00 264.22 31.49

29.05

0.44

30.84

5.03

1408460 153.00

-

-

11950 350

145.98 142.05 145.01

3554 587489

82.00

48.26

-

-

-

-

289.45

233.10

50

-

80

-

0.34

6173

40.10

27.32

-

-

-

-

194.50 190.60 191.31 -0.71

1700

244.00

190.00

330

-

40

-

CHEMICALS Performance of SR Chemicals Index Open 1,125.67 Turnover 5,832,704 P/E (x) 7.04 Company

High Low 1,138.86 1,121.49 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00

Close 1,132.48 Listed cap 52,251.88 mn Payout (%) 48.81

Change 6.81 Market cap 259,784.13 mn Div Yield (%) 6.93

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

3924

-

24.46

24.40

23.25

23.94 -0.52

4554

27.79

1.26

11.98

12.90

12.00

12.40 0.42

Agritech Limited

% Change 0.60 5-Day High 1,151.51 5-Day Low 1,125.67

2009 Div BR (%) (%)

21.15

-

2010 Div BR (%) (%)

-

-

68

504

16.78

10.06

-

-

-

-

273

5.65 162.90

162.75 157.00 160.70 -2.20

1515

174.00

146.00

125

-

-

-

1203

7.74 167.21

168.00 165.50 167.90 0.69

2192

185.88

155.38

40

10B

20

-

Descon Chemical

1996

-

2.00

2.48

2.15

2.34 0.34

642

3.15

1.78

-

-

-

1020

-

4.09

3.91

3.70

3.89 -0.20

133018

5.45

3.20

-

-

-

-

3663

-

1.41

1.49

1.32

1.38 -0.03

281754

2.21

1.32

-

-

-

-

4.38

11.50

12.39

11.50

11.75 0.25

15

-

Dynea Pak

94 3277

Engro Polymer Fatima Fertilizer Fauji Fertilizer

165.60

6010B 40R

15

-

20

-

12.02

12.35

11.90

12.08 0.06

30611

12.75

9.57

- 27.5R

-

-

10.76

11.74

10.70

11.68 0.92

2844262

12.70

9.02

-

-

-

-

485020

113.39

102.75 131.5

10B

75

-

464138

30.65

-

5

-

384 725 1388

7.14 104.51 6.81

26.93

3.83

40.00

-

10.73

7.09 119.00 8.40

105.25 104.25 105.02 0.51 27.14

26.70

26.77 -0.16

41.00

41.00 1.00

11.20

10.35

10.79 0.06

153032

11.45

7.41

-

-

-

-

194451

128.30

109.50

80

-

55

-

9.09

6.75

5

-

-

-

8.58 0.18

-

-

20

-

2.98

74

-

1.78

1.99

1.16

1.85 0.07

1011

3.24

1.05

-

-

-

-

1106 72.50

1.46

1.53

1.41

1.45 -0.01

69440

1.81

1.16

-

-

-

-

138.00

111.50

Sitara Chem Ind

204 551

-

8.51

8.60

8.24

8.30 -0.21

92

3.62

17.13

123.95 121.90 121.90 2.90 16.93

16.40

16.81 -0.32

3635069

36.80

15142

4.93 119.00

8.40

48.30

40

41.80

8.66

302

25.80

119.90 118.55 119.01 0.01

Sitara Peroxide United Distributors

10.85

194.59

-

Ghani Gases Ltd

Mandviwala

7112

-

ICI Pakistan XD

Nimir Ind Chemical

13.60

353495

6635 6785

Lotte Pakistan

174.90 171.54 174.00 2.45

22000

Fauji Fert.Bin Qasim XD 9341 Gatron Ind

8.92 171.55

2273

75

-

-

-

12924

11.09

8.22

-

-

-

-

159

17.99

15.00

10

10B

-

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,182.83 Turnover 32,828 P/E (x) 6.19 Company

High Low 1,204.42 1,161.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47

Close 1,174.55 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 38 411

6.24 4.73

20.00 59.96 40.00

20.69 60.40 40.25

19.35 57.15 39.95

19.67 -0.33 59.93 -0.03 40.00 0.00

19109 5455 8264

Century Paper Pak Paper Product Security Paper

Change -8.29 Market cap 3,268.83 mn Div Yield (%) 4.08

Last 60 days High Low 22.70 62.85 50.40

15.80 41.21 38.10

% Change -0.70 5-Day High 1,197.89 5-Day Low 1,151.61

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Performance of SR Industrial Metals and Mining Index

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd International IndXDXB Siddiqsons Tin

565 675 1199 785

PE 3.32 4.74 6.89

Open 24.52 1.98 48.20 9.95

High 24.70 2.15 49.00 9.80

High Low 983.28 947.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10 Low 23.75 1.65 48.10 9.31

Close Chg 24.50 2.00 48.64 9.71

-0.02 0.02 0.44 -0.24

Close 972.56 Listed cap 3,596.11 mn Payout (%) 30.91

Change 1.42 Market cap 9,230.64 mn Div Yield (%) 10.34

Last 60 days High Low

Volume 9851 10738 27695 3507

31.73 3.20 70.71 11.25

23.75 1.65 48.00 8.20

% Change 0.15 5-Day High 1,003.06 5-Day Low 966.85

2009 Div BR (%) (%) 10

-

Paid up Cap(mn)

Pak Int Cont.Terminal XD 1092 PNSC 1321

15,524.43 15,536.38 15,373.33 h82.15

PE 8.42 5.21

68.00 38.50

High 69.00 38.40

Low 64.62 37.51

Close Chg 68.59 38.20

0.59 -0.30

Close 701.95 Listed cap 3,242.17 mn Payout (%) 11.08

Volume

Change 3.38 Market cap 12,785.39 mn Div Yield (%) 2.01

Last 60 days High Low

2045 407

87.86 41.74

64.62 34.50

Open 1,043.84 Turnover 175,635 P/E (x) 3.78 Company

Paid up Cap(mn)

Agriautos Ind Atlas BatteryXDXB Atlas Engineering Ltd Dewan Motors Exide (PAK) General Tyre XD Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering

PE

Open

144 5.15 69.62 101 5.03 134.53 247 11.58 17.00 890 1.47 56 4.01 140.41 598 6.35 22.30 450 4.47 200 3.57 4.40 1428 - 11.05 786 4.97 216.63 823 8.91 73.16 125 6.61 26.80

High

High Low 1,060.73 1,026.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 25.35 Low

Close Chg

71.90 66.50 70.50 0.88 133.90 131.00 133.35 -1.18 16.90 16.90 16.90 -0.10 1.50 1.28 1.35 -0.12 144.00 140.00 140.02 -0.39 23.20 23.09 23.16 0.86 4.74 4.15 4.73 0.26 4.50 3.55 4.25 -0.15 11.25 11.00 11.00 -0.05 220.00 216.00 217.90 1.27 72.85 70.50 71.71 -1.45 27.00 25.46 25.46 -1.34

Close 1,046.68 Listed cap 6,768.53 mn Payout (%) 20.42

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Berger Paints Bestway Cement Cherat Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement

PE

Open

High

Low

1828 866 4.68 182 3257 956 3574 3651 33.61 350 6933 12.00 1760 77 2319 1288 13126 3234 6.19 3723 2228 200 361 798 -

3.38 66.90 16.58 24.90 10.75 1.47 23.73 3.35 4.99 1.89 2.40 3.07 6.15 2.84 69.01 2.90 8.00 7.39 9.77 19.16

3.58 67.00 17.00 26.14 11.15 1.49 24.32 3.70 5.08 1.99 2.70 3.43 6.17 2.95 69.40 3.10 8.19 7.44 9.99 20.00

3.40 65.15 16.30 26.00 10.25 1.40 23.60 2.38 4.76 1.90 2.70 2.80 5.98 2.79 68.26 2.95 8.00 6.39 9.10 19.90

Close 907.19 Listed cap 54,792.74 mn Payout (%) 19.04

Change 6.21 Market cap 68,188.43 mn Div Yield (%) 2.64

Close Chg

Volume

Last 60 days High Low

3.50 66.00 16.55 26.14 10.85 1.47 24.20 3.46 4.80 1.94 2.70 3.00 6.14 2.90 68.85 3.05 8.19 7.06 9.99 19.99

705 42425 1742 985 203 30216 2240424 833 661819 26186 2502 48085 4541 105724 586233 84868 14011 4017 4015 1001

4.69 72.40 20.00 27.51 12.50 2.20 28.74 5.15 5.50 2.37 4.69 7.50 7.38 3.53 73.88 3.84 8.47 9.47 12.23 21.80

0.12 -0.90 -0.03 1.24 0.10 0.00 0.47 0.11 -0.19 0.05 0.30 -0.07 -0.01 0.06 -0.16 0.15 0.19 -0.33 0.22 0.83

2.82 63.00 15.42 10.50 8.90 1.30 23.02 2.11 4.50 1.75 1.55 2.11 5.70 2.60 61.29 2.88 5.60 5.50 8.10 17.74

2009 Div BR (%) (%) 50 40 -

20B 20R -

% Change 0.69 5-Day High 919.77 5-Day Low 900.98 2010 Div BR (%) (%) 17.5 - 122R - 20R 40 -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 876.66 Turnover 42,248 P/E (x) 1.63 Company

Paid up Cap(mn)

Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Tri-Pack Films

PE

Open

92 4.46 45.78 230 1.89 970 6.14 59.51 389 2.70 844 15.15 101.02 300 7.87 97.01

High

High Low 884.94 874.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.72 43.91 Low

Close Chg

47.25 44.65 46.78 1.00 1.95 1.80 1.85 -0.04 60.50 59.80 60.00 0.49 3.14 2.35 3.14 0.44 102.00 100.00 100.00 -1.02 98.00 98.00 98.00 0.99

Close 877.03 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 28926 6498 2284 986 2512 1000

Change 0.37 Market cap 32,713.50 mn Div Yield (%) 9.51

Last 60 days High Low 51.05 2.89 61.50 4.69 125.96 105.00

31.00 1.80 54.65 2.21 100.00 91.00

2009 Div BR (%) (%) 30 32.5 100

10B -

% Change 0.04 5-Day High 905.68 5-Day Low 876.66 2010 Div BR (%) (%) 20 25 -

25B 10B -

Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 Ansari Sugar 244 Chashma Sugar 287 Fecto Sugar 146 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Ismail Ind 505 J D W Sugar 490 National Foods 414 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Rafhan Maize 92 Shahmurad Sugar 211 Tandlianwala 1177

Company

Paid up Cap(mn)

AL-Ghazi Tractor XD Bolan Casting Ghandhara Ind Millat Tractors Pak Engineering

PE

Open

215 4.96 208.15 95 5.30 44.04 213 2.33 15.79 293 7.49 585.93 57 14.47 299.55

High

Low

Volume

Last 60 days High Low

5021 78.39 2363 209.00 400 19.80 9577 2.24 266 177.99 3110 28.80 24144 6.60 8530 5.70 3050 14.50 3998 287.00 1526 89.99 113550 27.85

63.01 131.00 15.90 1.16 121.10 21.71 4.15 3.55 10.05 212.29 70.50 23.91

Volume

217.00 206.00 208.95 0.80 46.08 44.20 45.93 1.89 16.35 14.79 14.79 -1.00 589.50 581.06 584.23 -1.70 305.23 284.95 305.00 5.45

15140 8121 305375 63266 118

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 100 20B - 100R 50 100 5 - 20B

90 100 60 20 150 10

20B 20B

PE

Open

High

High Low 1,452.46 1,408.61 Total cos Defaulter cos P/BV (x) ROE (%) 8.77 30.30 Low

Close Chg

15.56 8.20 8.36 7.20 8.09 0.63 11.52 11.80 11.80 11.80 0.28 6.00 6.00 6.00 6.00 0.81 10.00 10.00 10.00 10.00 32.95 34.25 34.20 34.21 6.04 29.60 29.50 29.00 29.30 4.52 15.52 16.09 16.00 16.09 10.50 11.49 10.66 11.48 12.41 72.60 73.00 72.99 73.00 2.18 66.70 66.00 65.00 65.15 22.49 47.47 48.95 45.10 47.00 0.41 5.00 5.00 5.00 5.00 6.51 36.60 35.50 35.00 35.48 2.39 2.20 2.20 2.20 6.23 1292.08 1325.00 1229.00 1285.29 15.38 10.64 10.61 10.60 10.61 263.64 30.37 31.79 28.86 29.00

-0.11 0.28 0.00 0.00 1.26 -0.30 0.57 0.98 0.40 -1.55 -0.47 0.00 -1.12 -0.19 -6.79 -0.03 -1.37

Close 1,438.44 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 2.77 Market cap 183,093.93 mn Div Yield (%) 1.06

Last 60 days High Low

2404 9.25 1.12 400 14.75 10.50 1000 6.00 3.80 1000 11.40 8.00 639 35.75 12.26 14468 30.44 22.50 2500 16.98 13.00 636 11.49 4.22 203 76.90 53.64 5032 67.90 60.10 7596 65.29 41.35 10000 7.00 4.25 1712 43.60 35.00 7000 2.80 1.60 189 1599.00 1100.00 1045 11.00 7.40 1686 35.50 20.44

2009 Div BR (%) (%) 10 35 40 15 40 30 900 15 -

25B 25B -

% Change 0.19 5-Day High 1,451.41 5-Day Low 1,435.68 2010 Div BR (%) (%) 40 17.5 110R 0 12.5R 12 600 -

Open 1,036.15 Turnover 97,046 P/E (x) 2.57 Paid up Cap(mn)

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

High Low 1,048.80 1,030.97 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64

Close 1,041.08 Listed cap 3,763.71 mn Payout (%) 6.27

PE

Open

High

Low

Close Chg

Volume

96 1.15 90 22.15 1174 2.96 231 2.77

28.25 17.39 13.74 16.65

28.90 18.38 13.99 17.49

27.50 16.39 13.65 16.80

28.67 0.42 17.50 0.11 13.86 0.12 17.00 0.35

599 500 40862 55085

Change 4.93 Market cap 5,509.07 mn Div Yield (%) 2.44

Last 60 days High Low 32.00 19.70 15.95 19.12

27.50 7.17 11.41 13.50

2009 Div BR (%) (%)

197.30 35.25 14.79 475.61 283.00

2010 Div BR (%) (%)

400 450 125

150 25 650 50

20B 25B -

10B 25B -

1.59

Total Equity (Rs in mn)

MA (100-day)

1.66

Revenue (Rs in mn)

MA (200-day)

2.03

Interest Expense

1st Support

1.66

Loss after Taxation

2nd Support

1.31

EPS 09 (Rs)

1st Resistance

2.25

Book value / share (Rs)

2nd Resistance

2.49

PE 10 E (x)

Pivot

1.90

PBV (x)

5,136.42 (403.25) 235.22 1,108.27 (1,791.42) (28.594) (6.44) (0.30)

FDIBL closed up 0.36 at 1.94. Volume was 2,829 per cent above average (trending) and Bollinger Bands were 22 per cent wider than normal. The company's loss after taxation stood at Rs54.31 million which translates into a Loss Per Share of Rs0.87 for the nine months of fiscal year (9MFY10). FDIBL is currently 4.6 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 FDIBL (bullish). Trend forecasting oscillators are currently bullish on FDIBL.

Ghandhara Industries Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

38.17

Total Assets (Rs in mn)

MA (10-day)

16.64

Total Equity (Rs in mn)

MA (100-day)

17.28

Revenue (Rs in mn)

1,923.44 83.73 1,313.81

MA (200-day)

12.81

Interest Expense

1st Support

14.25

Loss after Taxation

2nd Support

13.74

EPS 09 (Rs)

1st Resistance

15.81

Book value / share (Rs)

2nd Resistance

16.86

PE 10 E (x)

2.08

Pivot

15.30

PBV (x)

3.76

83.51 (137.49) (6.453) 3.93

GHNI closed down -1.00 at 14.79. Volume was 392 per cent above average (trending) and Bollinger Bands were 23 per cent narrower than normal. The company's profit after taxation stood at Rs113.674 million which translates into an Earning Per Share of Rs5.34 for the nine months of fiscal year (9MFY10). GHNI is currently 15.4 per cent above 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 out of GHNI (mildly bearish). Trend forecasting oscillators are currently bullish on GHNI.

JS Bank Limited

7.5 -

10B -

2010 Div BR (%) (%) 17.5

10B -

PERSONAL GOODS Performance of SR Personal Goods Index Open 904.74 Turnover 4,170,302 P/E (x) 4.49 Paid up Cap(mn)

(Colony) Thal Ali Asghar Textile Al-Qaim Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Din Textile Ellcot Spinning Faisal Spinning Fazal Textile Gadoon Textile Ghani Value Glass Gillette Pakistan Hira Textile Mills Ltd. Idrees Textile Indus Dyeing Int Knitwear XD Island Textile J K SpinningXDXB Janana D Mal Khalid Siraj Kohinoor Mills Kohinoor Textile Masood Textile Mohd Farooq Nagina Cotton Nishat (Chunian) Nishat Mills Premium Textile Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sajjad Textile Salfi Textile Sana Ind Service Ind Shahtaj Textile Suraj Cotton Tata Textile Thal Limited XD Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited

PE

High Low 919.12 899.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 8.64

Open

High

Low

56 1.49 222 1.74 75 0.90 2415 4.54 17.33 840 5.56 20.00 133 0.45 1.80 4493 261.25 10.39 29 3.65 14.75 76 - 10.00 64 0.65 40.80 1150 3.43 2442 2.11 2.60 238 1.00 600 1.52 80 3.30 514 9.67 40.05 185 1.49 28.74 110 1.74 24.25 100 0.65 25.00 62 3.26 315.50 234 1.44 37.50 75 7.73 35.00 192 32.51 66.00 716 1.43 4.00 180 2.20 3.98 181 3.35 252.50 32 4.67 9.00 5 0.21 79.69 175 0.46 6.50 43 20.50 15.45 107 0.89 509 2.75 1455 3.59 5.76 600 1.01 21.69 189 1.00 187 1.75 14.75 1586 2.96 15.76 3516 5.50 46.80 62 1.36 29.00 130 1.58 32.75 250 3.67 1.51 308 1.20 9.50 341 5.69 33.05 264 2.94 213 0.27 1.30 33 0.26 25.00 55 5.30 35.49 120 4.71 183.05 97 2.78 18.00 180 1.60 35.00 173 0.62 16.80 256 5.32 103.88 418 0.50 39.42 400 1.51 1.20 594 2.35 53 6.86 40.88

1.97 1.96 1.20 17.77 19.55 2.00 10.59 15.75 10.00 42.84 3.70 2.90 1.20 1.70 4.30 41.25 30.17 25.45 26.25 331.27 39.29 35.00 68.00 4.00 4.44 260.00 9.95 77.23 6.85 16.45 1.14 3.73 5.95 22.59 1.39 15.25 16.10 47.40 29.49 34.38 1.55 9.90 34.70 3.00 1.30 23.75 35.90 190.00 18.00 36.00 15.82 109.00 39.48 1.10 2.05 42.00

1.97 1.95 1.00 16.85 19.06 1.50 10.35 15.75 9.05 41.00 3.27 2.30 0.75 1.50 2.50 40.00 28.98 24.00 25.00 305.00 37.25 35.00 66.00 3.79 3.60 239.91 9.95 75.71 5.61 14.46 0.80 1.77 5.52 21.50 0.35 15.00 15.75 46.40 29.49 34.30 1.38 9.50 33.97 2.01 1.30 23.75 35.26 181.00 17.80 35.70 15.80 103.00 38.99 1.02 1.50 40.00

Open 814.24 Turnover 94,125 P/E (x) 5.63

% Change -0.02 5-Day High 1,434.71 5-Day Low 1,418.67

2009 Div BR (%) (%)

MA (10-day)

% Change 0.48 5-Day High 1,041.08 5-Day Low 1,011.35

Close Chg

Close 910.01 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 5.27 Market cap 113,105.24 mn Div Yield (%) 3.72

1.97 1.96 1.16 16.99 19.06 1.90 10.45 15.75 10.00 42.84 3.32 2.51 1.10 1.60 4.16 40.42 28.99 25.43 26.25 329.25 39.28 35.00 66.00 4.00 3.60 253.67 9.95 75.76 6.85 16.40 0.80 2.75 5.78 21.50 0.97 15.08 15.99 46.77 29.49 34.38 1.43 9.79 34.70 2.52 1.30 23.75 35.50 183.00 17.81 35.94 15.81 107.39 39.16 1.10 1.97 40.05

0.48 0.22 0.26 -0.34 -0.94 0.10 0.06 1.00 0.00 2.04 -0.11 -0.09 0.10 0.08 0.86 0.37 0.25 1.18 1.25 13.75 1.78 0.00 0.00 0.00 -0.38 1.17 0.95 -3.93 0.35 0.95 -0.09 0.00 0.02 -0.19 -0.03 0.33 0.23 -0.03 0.49 1.63 -0.08 0.29 1.65 -0.42 0.00 -1.25 0.01 -0.05 -0.19 0.94 -0.99 3.51 -0.26 -0.10 -0.38 -0.83

200 500 23000 209338 1450 10002 520794 300 961 6002 14004 3301 14306 61136 4100 402 30211 7150 1001 156 5503 124 301 34500 3003 2321 10000 103 586 140 35001 1000 6013 2079 7504 3000 604161 1653609 371 5701 355402 75820 9889 169 10000 1100 12398 588 105 1502 500 98448 19260 402 295481 5589

Last 60 days High Low 2.00 2.21 1.20 20.45 21.59 2.89 13.40 16.75 10.50 49.40 5.10 5.00 2.25 2.65 4.30 51.99 32.30 25.45 29.60 410.00 44.50 38.64 71.00 4.61 4.58 269.50 10.50 83.12 10.30 16.45 1.99 3.99 6.30 23.25 1.82 16.50 19.49 53.14 29.49 52.29 4.90 10.68 36.35 4.64 4.19 27.15 38.00 240.99 21.50 36.20 19.70 114.99 49.49 1.90 4.99 46.12

0.93 0.30 0.50 11.45 17.55 1.35 8.55 9.50 7.50 36.15 2.93 2.23 0.48 1.45 2.20 37.08 24.00 19.35 24.55 305.00 33.66 26.00 57.50 2.52 2.55 185.38 7.00 70.14 4.75 9.95 0.10 1.60 4.00 19.25 0.35 11.29 14.64 40.81 22.77 22.76 1.38 6.91 31.35 2.01 0.16 17.10 27.25 176.50 14.75 29.50 12.35 93.50 37.20 0.73 1.50 33.00

% Change 0.58 5-Day High 925.75 5-Day Low 904.74

2009 Div BR (%) (%)

2010 Div BR (%) (%)

20 7.5 7.5 7.5 15 8 400R 15 15 - 50R 20 7.5 - 632R 40 35 200 20 15 20 20B 40 10B

30 50 5 20 10B 50 100 25 50 20 5B - 100R 25 45R 40 25 60 25 20 35 -

Performance of SR Pharma and Bio Tech Index

Change -0.32 Market cap 31,320.99 mn Div Yield (%) 15.61

Last 60 days High Low 226.10 48.50 20.24 597.90 305.23

% Change 0.27 5-Day High 1,075.22 5-Day Low 1,043.84

PHARMA AND BIO TECH

Close 1,432.12 Listed cap 1,336.62 mn Payout (%) 131.49

Close Chg

-

Total Assets (Rs in mn)

Performance of SR Household Goods Index

INDUSTRIAL ENGINEERING High Low 1,445.72 1,415.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 38.02

40 15

65.16

HOUSEHOLD GOODS

Performance of SR Industrial Engineering Index Open 1,432.45 Turnover 392,112 P/E (x) 8.42

20B -

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

FOOD PRODUCERS Open 1,435.68 Turnover 57,747 P/E (x) 28.93

Company

High Low 917.36 893.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10

30

2010 Div BR (%) (%)

Performance of SR Food Producers Index

20B -

Performance of SR Construction and Materials Index

2009 Div BR (%) (%)

Change 2.84 Market cap 37,887.75 mn Div Yield (%) 5.41

CONSTRUCTION AND MATERIALS Open 900.98 Turnover 3,856,542 P/E (x) 7.22

First Dawood Investment Bank Limited

% Change 0.48 5-Day High 708.70 5-Day Low 692.27

Performance of SR Automobile and Parts Index

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

Open

High Low 705.96 668.20 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53

AUTOMOBILE AND PARTS

Company

INDUSTRIAL METALS AND MINING Open 971.15 Turnover 51,797 P/E (x) 2.99

Company

-

Descon Oxychem Ltd. Dewan Salman Engro Corp. Ltd XD

Open 698.57 Turnover 2,452 P/E (x) 5.51

-

Bawany Air Clariant Pak Dawood Hercules

Current High Low Change

9,611.68 9,626.04 9,519.80 h46.96

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close 1,231.85 Listed cap 65,194.15 mn Payout (%) 68.56

3921

5.90 195.17

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,226.06 Turnover 3,323,656 P/E (x) 10.56

KSE 30 Index

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

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

PE

Open

7.70 88.58 6.77 104.77 12.17 66.29 15.58 7.04 4.40 30.18 5.76 61.98

High

High Low 826.87 801.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 22.31 Low

Close Chg

88.26 87.01 87.80 -0.78 106.90 102.50 103.19 -1.58 68.49 65.00 67.40 1.11 7.72 7.00 7.01 -0.03 29.00 28.76 29.00 -1.18 62.70 61.50 62.17 0.19

Close 816.20 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 1276 697 1656 1523 510 88463

Change 1.96 Market cap 27,499.74 mn Div Yield (%) 7.91

Last 60 days High Low 95.50 124.00 83.77 8.66 34.99 64.05

77.00 96.00 65.00 6.10 28.53 53.36

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

20B 15B

% Change 0.24 5-Day High 828.45 5-Day Low 814.24 2010 Div BR (%) (%) 20 -

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

55.85

Total Assets (Rs in mn)

MA (10-day)

2.26

Total Equity (Rs in mn)

5,654.56

MA (100-day)

2.67

Revenue (Rs in mn)

2,527.30

MA (200-day)

3.61

Interest Expense

32,894.92

1,806.71

1st Support

2.30

Loss after Taxation

(594.94)

2nd Support

2.19

EPS 09 (Rs)

1st Resistance

2.51

Book value / share (Rs)

2nd Resistance

2.61

PE 10 E (x)

Pivot

2.40

PBV (x)

(0.980) 9.23 0.26

JSBL closed up 0.10 at 2.40. Volume was 250 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs337.047 million which translates into a Loss Per Share of Rs0.55 for the half year of current calendar year (1HCY10). JSBL is currently 33.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JSBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on JSBL.

TRG Pakistan Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

58.50

Total Assets (Rs in mn)

2,549.61

MA (10-day)

3.62

Total Equity (Rs in mn)

2,509.06

MA (100-day)

4.22

Revenue (Rs in mn)

28.92

MA (200-day)

3.87

Interest Expense

1st Support

3.48

Profit after Taxation

2nd Support

3.03

EPS 09 (Rs)

1st Resistance

4.15

Book value / share (Rs)

2nd Resistance

4.37

PE 10 E (x)

Pivot

3.70

PBV (x)

0.10 766.33 1.988 6.51 0.59

TRG closed up 0.53 at 3.86. Volume was 173 per cent above average (trending) and Bollinger Bands were 4 per cent narrower than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 0.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into TRG (bullish). Trend forecasting oscillators are currently bullish on TRG.

BOOK CLOSURES Company

From

To

Arif Habib Cap Asst Leasing Corp Eye Television Network # Kohinoor Power # Pak Int Cont Terminal Pak Int Cont Terminal (Pref) Adamjee Insurance Shifa Int Hospitals Sana Industries Millat Tractors Atlas Engineering Descon Chemicals Descon Oxychem Pak National Shipping Corp Amtex Ltd JS Global Capital Otsuka Pakistan Merit Packaging Al-Meezan Mutual Fund Habib ADM Meezan Balanced Fund Cherat Cement

25-Sep 26-Sep 29-Sep 29-Sep 29-Sep 29-Sep 30-Sep 1-Oct 2-Oct 4-Oct 5-Oct 6-Oct 7-Oct 7-Oct 8-Oct 8-Oct 8-Oct 9-Oct 11-Oct 11-Oct 11-Oct 12-Oct

2-Oct 2-Oct 5-Oct 5-Oct 6-Oct 6-Oct 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 19-Oct 20-Oct 19-Oct 26-Oct

D/B/R 20(B) 25(F) 10(F) 10(I) 15(F) 60 350(F),25(B) 15 30 50 8.5(F) 40 5.5(F) -

Spot AGM/Date 17-Sep 21-Sep 21-Sep 22-Sep 30-Sep -

2-Oct 2-Oct 30-Sep 29-Sep 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 20-Oct 26-Oct

INDICATIONS # Extraordinary General Meeting

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

Open 52.19 3.33 87.05 58 230.08 34.9 55.1 2.05 38.63 2.48 18.22 2.49

High 52.5 3.92 88 60.8 241.58 35.6 57.85 2.15 40.56 2.57 18.75 3.2

Low Close 52 3.25 85.5 56 225 34.89 52.35 2.03 38 2.31 18.06 1.55

52.5 3.86 85.52 56.01 241.58 34.94 55.1 2.1 40.56 2.47 18.34 1.68

Change 0.31 0.53 -1.53 -1.99 11.5 0.04 0 0.05 1.93 -0.01 0.12 -0.81

Vol 4444 7056245 2182 231 2787 1350 3633 42549 4730 85856 558650 293


7

Saturday, September 25, 2010 Central Insurance XB

FIXED LINE TELECOMMUNICATION

Century Insurance

Performance of SR Fixed Line Telecommunication Index Open 1,075.49 Turnover 3,161,124 P/E (x) 5.85

High Low 1,090.59 1,054.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.75 12.84

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606 Wateen Telecom Ltd 6175

8.78 -

18.51 2.00 2.41 4.30

18.74 2.08 2.44 4.35

18.15 1.96 2.34 4.05

18.44 -0.07 2.07 0.07 2.42 0.01 4.10 -0.20

Company

Close 1,073.74 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 2040927 514886 605291 170543

Last 60 days High Low 20.22 3.18 3.30 6.49

EFU General Ins. XB

Change -1.74 Market cap 75,729.48 mn Div Yield (%) 10.69

17.20 1.80 2.30 3.80

% Change -0.16 5-Day High 1,100.44 5-Day Low 1,073.74

2009 Div BR (%) (%) 15 -

-

2010 Div BR (%) (%) 17.5 -

IGI Insurance Pak Reinsurance

279

4.98

457

6.15

Premier Insurance

-

-

2716

55.20

35.52

40

8.7B

-

-

10003

79.10

66.02

35

-

10

20B

-

13.24

13.40

13.16

13.24 0.00

66044

19.40

12.50

30

-

-

-

350 74.00

2.19

2.96

1.80

2.96 0.77

1102

4.16

1.66

-

-

-

-

8.11

20

Paid up Cap(mn)

Company

PE

Open

High

Low

Genertech 198 Hub Power XD 11572 6.09 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 4.83 Kot Addu Power 8803 7.11 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 80.64 Sitara Energy Ltd 191 3.62 Southern Electric 1367 1.22

0.78 33.14 1.43 1.99 25.82 41.22 10.59 11.15 22.25 2.50

0.89 33.20 1.50 2.07 26.50 41.60 10.75 11.47 21.60 2.80

0.85 32.77 1.40 1.96 24.66 41.00 10.60 11.19 21.14 2.50

Close 1,132.01 Listed cap 95,369.29 mn Payout (%) 104.13

Change -7.09 Market cap 95,798.88 mn Div Yield (%) 8.41

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

0.85 32.86 1.50 2.00 24.85 41.12 10.61 11.29 21.60 2.53

501 1529678 7509 108008 77613 98413 36906 855031 2100 26514

1.53 37.24 2.38 2.63 26.50 44.85 10.90 11.85 23.48 3.21

33.5 45 64.5 20 -

0.07 -0.28 0.07 0.01 -0.97 -0.10 0.02 0.14 -0.65 0.03

0.51 31.50 0.70 1.92 23.00 39.51 8.60 9.25 20.00 2.21

31R -

2010 Div BR (%) (%)

Open 1,479.70 Turnover 1,289,897 P/E (x) 11.14 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,546.51 1,474.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 11.41

Close 1,543.39 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 18.23 6712 -

30.00 24.99

31.15 26.23

29.51 25.11

30.99 0.99 26.23 1.24

751724 538173

31.15 26.23

% Change 4.30 5-Day High 1,543.39 5-Day Low 1,424.20

2009 Div BR (%) (%)

25.00 15.80

-

2010 Div BR (%) (%)

-

-

-

BANKS Performance of SR Banks Index Open 920.82 Turnover 5,010,433 P/E (x) 6.65 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.60 51.64 Askari Bank 6427 6.07 14.69 Atlas Bank 5001 1.85 Bank Alfalah 13492 10.35 7.74 Bank AL-Habib 7322 6.68 31.03 Bank Of Khyber 5004 3.10 3.20 Bank Of Punjab 5288 8.39 BankIslami Pak 5280 3.24 Faysal Bank 6091 3.09 13.49 Habib Bank Ltd 10019 6.05 93.92 Habib Metropolitan Bank 8732 5.58 19.04 JS Bank Ltd 6128 2.30 KASB Bank Ltd 9509 2.41 MCB Bank Ltd XD 7602 8.66 183.43 Meezan Bank 6983 7.27 14.94 Mybank Ltd 5304 2.01 National Bank 13455 5.30 63.06 NIB Bank 40437 2.65 Royal Bank Ltd 17180 6.09 Samba Bank 14335 1.81 Silkbank Ltd 9003 12.23 2.67 Soneri Bank 6023 5.14 Stand Chart Bank 38716 9.31 6.60 Summit Bank Ltd 5000 2.50 United Bank Ltd 12242 5.98 50.56

High

High Low Close 937.07 914.12 926.50 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.89 13.45 34.35 Low

Close Chg

52.00 51.48 51.90 0.26 14.75 14.43 14.70 0.01 1.98 1.65 1.65 -0.20 7.90 7.71 7.76 0.02 31.25 30.75 31.00 -0.03 3.24 3.00 3.10 -0.10 8.58 8.15 8.33 -0.06 3.37 2.74 3.24 0.00 13.88 13.30 13.39 -0.10 94.95 93.01 93.97 0.05 19.98 18.15 18.85 -0.19 2.50 2.29 2.40 0.10 2.90 2.21 2.21 -0.20 186.40 183.50 185.75 2.32 15.00 14.41 14.98 0.04 2.39 1.85 1.96 -0.05 63.40 63.00 63.09 0.03 2.70 2.55 2.66 0.01 7.00 6.05 6.47 0.38 1.98 1.70 1.83 0.02 2.70 2.63 2.69 0.02 5.60 5.40 5.50 0.36 6.90 6.50 6.52 -0.08 2.55 2.37 2.43 -0.07 51.25 50.02 50.80 0.24

Volume

Change 5.68 Market cap 570,761.71 mn Div Yield (%) 5.16

Last 60 days High Low

31407 59.70 35228 17.46 1009 3.00 324426 10.25 68653 34.00 13349 4.75 447104 11.24 15540 3.90 15056 15.95 18447 109.10 44751 24.25 627002 3.00 704 4.40 480778 214.99 104830 16.50 75244 3.28 627588 73.89 324125 3.50 11505 13.71 88868 2.90 1292088 3.30 64071 8.50 15418 8.50 44116 4.38 283232 60.20

48.51 13.99 1.52 7.32 29.10 2.90 7.35 2.31 12.75 92.00 18.15 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.01 6.05 2.37 49.90

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

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

% Change 0.62 5-Day High 955.14 5-Day Low 920.82

6.50

6.50

6.50

6.50 0.00

1535

6.90

6.00

-

-

-

-

6.40

6.40

6.40

6.40 0.00

201

10.00

6.00

-

20B

-

-

United Insurance XB

400

1.13

5.49

4.50

4.49

4.50 -0.99

2335

7.15

4.02

-

16B

-

-

LIFE INSURANCE Performance of SR Life Insurance Index Open 815.25 Turnover 4,702 P/E (x) 71.85

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 618.82 Turnover 193,565 P/E (x) 9.89 Paid up Cap(mn)

Company Adamjee Ins. SPOT Atlas Insurance

PE

1237 12.30 369

4.04

Open

High

High Low 630.04 608.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 5.20 Low

Close Chg

Close 625.21 Listed cap 11,111.34 mn Payout (%) 79.54

Volume

Paid up Cap(mn)

Last 60 days High Low

2009 Div BR (%) (%)

% Change 1.03 5-Day High 646.71 5-Day Low 618.82 2010 Div BR (%) (%)

Close 822.59 Listed cap 2,290.72 mn Payout (%) 355.53

Change 7.34 Market cap 8,843.68 mn Div Yield (%) 4.95

% Change 0.90 5-Day High 843.84 5-Day Low 815.25

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 32.85

59.00

61.95

57.50

60.44 1.44

4179

84.99

51.25

5513.33B

-

-

New Jub Life Insurance

627 52.40

41.83

2009 Div BR (%) (%)

2010 Div BR (%) (%)

42.98

40.00

41.92 0.09

523

46.00

34.50

10

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 351.22 Turnover 6,006,698 P/E (x) 0.44

High Low 363.96 344.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22

Close 359.11 Listed cap 30,336.44 mn Payout (%) 4.60

Change 7.89 Market cap 26,493.81 mn Div Yield (%) 10.35

PE

Open

High

Low

Close Chg

225

-

0.60

0.69

0.55

0.60 0.00

12954

1.19

0.42

-

-

Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Cap Mang.XB Dawood Equities Invest Bank Ist Cap Securities Ist Dawood Bank

Last 60 days High Low

% Change 2.25 5-Day High 373.07 5-Day Low 349.67

Paid up Cap(mn)

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%) -

-

360 450

6.68 6.81

14.50 26.40

14.37 27.49

14.30 26.40

14.30 -0.20 27.32 0.92

1331 43792

20.99 50.12

14.26 26.40

15

25B

-

20B 20B

3750

2.29

22.51

23.29

22.52

23.18 0.67

2592254

35.65

21.76

-

-

30

150

5.53

1.00

1.05

1.05

1.05 0.05

2494

3.30

0.50

-

-

-

-

250 2849

-

1.86 0.59

2.25 0.69

2.00 0.51

2.13 0.27 0.55 -0.04

4497 13138

3.36 1.23

1.55 0.50

-

-

-

-

-

10B

-

-

-

-

-

-

2878

-

3.18

3.35

3.27 0.09

16912

626

-

1.58 9.80 2.81 36.00

2.14

1.55

1.94 0.36

1.17

9.70 2.75 35.00

9.94 0.14 2.80 -0.01 35.04 -0.96

1184090 1397077 287182 6890

2.14

10.00 2.88 37.65

15.47 6.48 42.40

9.36 2.72 33.33

5.86 3.60 4.76 1.41 0.68 2.31 2.50

5.88 4.09 5.20 1.54 0.86 2.13 2.50

5.70 3.32 4.50 1.36 0.50 2.13 1.50

49883 141946 231817 12604 2502 300 5006

8.65 5.49 5.95 2.89 1.83 3.89 4.25

5.40 3.20 3.66 1.35 0.15 1.41 1.50

Jah Siddiq Co JOV and CO JS Global Cap

7633 14.41 508 500 -

JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Inv Bank

1000 12.84 1000 821 3.94 775 452 978 4.84 586 -

2.54

5.78 4.00 5.00 1.49 0.78 2.13 2.50

-0.08 0.40 0.24 0.08 0.10 -0.18 0.00

5.90

2.54

-243.778B 10 150 -231.08R -

-

-

-

EQUITY INVESTMENT INSTRUMENTS Open 1,005.00 Turnover 560,359 P/E (x) 7.72 Paid up Cap(mn)

Company

High Low 1,044.96 1,005.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 4.09

Close 1,029.92 Listed cap 29,771.58 mn Payout (%) 183.19

Change 24.92 Market cap 17,564.04 mn Div Yield (%) 23.72

Last 60 days High Low

% Change 2.48 5-Day High 1,029.92 5-Day Low 1,003.17

2009 Div BR (%) (%)

2010 Div BR (%) (%)

PE

Open

High

Low

Close Chg

AL-Meezan Mutual F.

1375

2.66

6.92

7.05

6.90

6.90 -0.02

31233

7.25

6.35

Crescent St Modaraba

200

1.96

0.45

0.60

0.40

0.53 0.08

16234

0.90

Elite Cap Modaraba

113

4.00

2.65

2.84

2.84

2.84 0.19

273

3.59

Equity Modaraba

524

8.85

1.00

1.18

1.15

1.15 0.15

479

1.68

0.76

-

-

-

First Capital Mutual F.

300

2.77

2.62

2.99

2.25

2.58 -0.04

1279

3.00

0.99

-

-

-

-

First Dawood Mutual F.

581

-

1.80

1.72

1.66

1.66 -0.14

1001

2.09

1.00

-

-

-

-

Golden Arrow

760

3.86

3.58

3.60

3.50

3.55 -0.03

80018

3.74

2.32

-

-

17

-

H B L Modaraba

397

5.08

5.50

6.50

5.75

6.10 0.60

19003

6.50

4.80

5

-

-

-

Habib Modaraba

1008

4.50

6.00

6.00

5.97

5.98 -0.02

5600

7.49

5.56

20

-

21

-

30

6.46

60.99

64.00

61.50

61.50 0.51

802

64.00

43.00

63

-

76

-

3180 40.50

3.14

3.24

3.16

3.24 0.10

4.39

2.70

-

-

5

-

2.31

10

Imrooz Modaraba JS Growth Fund

-

0.16

-

-

-

-

1.60

4.5

-

-

-

1186

-

2.94 0.03

9903

-

10

2.92

6.10

6.15

6.01

6.05 -0.05

38696

7.49

6.00

-

-

15.5

-

-

1.13

1.18

0.65

0.99 -0.14

5702

1.75

0.56

-

-

-

-

3.12

3.25

3.24

2.25

3.12 -0.13

24500

3.70

2.25

5

-

15

-

6.97

7.75

7.60

6.75

7.53 -0.22

1501

8.45

6.10

-

-

-

-

1698

3.62

7.43

7.69

7.40

7.60 0.17

19436

9.86

7.00

-

-

18.6

Pak Strat Fund

3000

5.35

6.68

6.90

6.70

6.85 0.17

191537

8.10

6.01

-

- 11.53

-

PICIC Energy Fund

1000

2.49

4.51

4.68

4.51

4.68 0.17

2002

6.49

4.00

-

-

-

Nat Bank Modaraba

250

Pak Prem Fund XD

3.98

18.5

1200 184

2.90

-

JS Value Fund

1000

3.15

36877

-

Meezan Balanced F. NAMCO Balanced F.

2.91

Volume

Open 5.89 120.00 3981.00 95.04 2.60 1.95 104.50 76.00 200.00 51.50 52.95 13.70 2.08 1.00 693.00 70.00 114.00 1851.86 9.00 3.90 9.00 5.35 1.56 1.69 55.74 18.04 19.90 0.71 3.25 13.90 10.00 21.80 1.57 23.64 1.12 13.79 0.57 18.99 112.96 6.50 0.80 13.84 54.00 1.19 1.35 5.89 8.05 5.40 5.01 40.67 3.03 9.06 3.20 15.60 1.13 2.50 2.00 0.80 8.10 4.60 1.79 2.77 2.89 2.60 1.10 60.50 1.45 64.00 1.93

High 5.70 120.00 4007.99 98.50 2.75 2.87 99.28 76.80 210.00 48.93 53.70 14.44 2.90 1.69 713.00 70.22 117.99 1889.99 10.00 4.38 9.50 5.69 1.65 1.79 56.73 19.04 20.90 1.19 4.25 14.00 10.99 21.00 1.85 24.82 1.40 14.75 0.74 19.44 112.99 7.50 0.96 14.32 51.40 1.70 2.05 6.00 8.90 6.00 6.00 42.00 3.88 10.06 3.44 16.60 1.29 2.01 2.89 1.00 8.00 4.30 2.70 3.44 3.75 2.60 1.80 62.50 1.74 67.20 2.49

Low

Close

5.70 120.00 3900.02 95.02 2.75 0.95 99.28 75.50 190.10 48.93 50.35 13.01 1.53 1.35 658.36 66.51 115.00 1785.01 8.00 4.09 8.00 5.60 1.21 1.43 53.19 18.49 20.89 0.65 4.25 14.00 10.99 21.00 1.52 22.46 1.39 13.52 0.67 19.44 109.25 5.62 0.96 14.22 51.40 1.11 1.50 5.99 8.65 4.40 6.00 42.00 3.88 10.06 3.44 16.60 1.29 2.01 2.89 1.00 8.00 4.30 2.69 3.44 3.75 2.60 1.80 62.50 1.74 67.20 2.49

5.70 120.00 3998.98 98.48 2.75 1.99 99.28 75.53 190.25 48.93 50.52 13.01 2.03 1.38 694.75 70.22 115.00 1833.75 8.00 4.09 9.50 5.60 1.60 1.65 56.20 18.49 20.89 1.00 4.25 14.00 10.99 21.00 1.70 24.79 1.39 14.00 0.72 19.44 109.25 7.50 0.96 14.22 51.40 1.41 1.78 6.00 8.65 6.00 6.00 42.00 3.88 10.06 3.44 16.60 1.29 2.01 2.89 1.00 8.00 4.30 2.69 3.44 3.75 2.60 1.80 62.50 1.74 67.20 2.49

5

-

-

Symbols

Open

DGKC-SEP 23.70 NML-SEP 46.78 ANL-SEP 10.43 DGKC-OCT 23.92 PSO-OCT 257.76 NBP-SEP 63.07 ENGRO-OCT 171.18 NBP-OCT 63.36 NML-OCT 44.74 MCB-OCT 182.96 POL-OCT 232.02 ENGRO-SEP 171.48 PSO-SEP 259.51 OGDC-SEP 144.45 ANL-OCT 10.42 POL-SEP 232.00 MCB-SEP 183.67 OGDC-OCT 142.37 PTC-OCT 18.80 PPL-OCT 170.18 AICL-OCT 66.11 LUCK-SEP 69.07 PPL-SEP 169.77 AICL-SEP 67.10 PTC-SEP 18.60 LUCK-OCT 66.13 FFBL-SEP 26.94 UBL-OCT 51.39 UBL-SEP 50.58 BOP-SEP 8.39 NETSOL-SEP 18.70 BOP-OCT 8.53

High 24.30 47.30 10.60 24.50 263.05 63.44 173.40 63.75 45.20 185.70 234.00 174.50 265.40 148.30 10.55 233.85 186.51 144.50 18.60 171.99 67.50 69.30 171.50 67.80 18.45 66.45 27.00 51.00 50.40 8.30 18.70 8.60

Low

Close

23.51 46.41 10.26 23.90 257.15 62.80 171.25 63.25 44.16 182.70 231.00 172.00 260.00 144.21 10.40 231.00 183.40 142.20 18.51 169.50 65.60 68.50 169.00 66.00 18.40 65.40 26.50 51.00 50.35 8.30 18.70 8.60

23.80 46.86 10.51 24.35 262.51 63.04 172.68 63.45 44.75 185.24 232.72 173.58 264.31 145.21 10.48 231.87 185.45 144.16 18.60 170.86 66.85 69.00 171.07 67.75 18.40 65.84 26.80 51.00 50.35 8.30 18.70 8.60

PICIC Growth Fund

2835

2.28

8.39

8.66

8.26

8.31 -0.08

38695

10.55

7.60

-

-

20

-

PICIC Inv Fund XD

2841

1.98

3.90

3.94

3.72

3.93 0.03

8351

5.00

3.70

-

-

10

-

Prud Modaraba 1st XD

872

2.11

0.81

0.84

0.80

0.80 -0.01

15112

1.20

0.70

-

-

3

-

Symbols

Open

High

Low

Close

340

-

1.19

1.08

0.82

1.02 -0.17

5938

2.00

0.57

-

-

-

-

454

4.87

8.26

8.68

8.50

8.57 0.31

6106

10.99

8.25

16.5

-

17

-

ESBL CFL HUSI

2.95 16.99 9.80

2.89 16.95 9.79

2.89 16.95 9.79

2.89 16.95 9.79

67.06

67.90

66.20

67.67 0.61

100418

89.90

64.00

30

10B

10

-

Punjab Modaraba

28.47

29.48

27.37

27.39 -1.08

124

31.00

27.10

40

10B

-

-

Stand Chart Mod. XD

Change

Vol

-0.19 0.00 17.98 3.44 0.15 0.04 -5.22 -0.47 -9.75 -2.57 -2.43 -0.69 -0.05 0.38 1.75 0.22 1.00 -18.11 -1.00 0.19 0.50 0.25 0.04 -0.04 0.46 0.45 0.99 0.29 1.00 0.10 0.99 -0.80 0.13 1.15 0.27 0.21 0.15 0.45 -3.71 1.00 0.16 0.38 -2.60 0.22 0.43 0.11 0.60 0.60 0.99 1.33 0.85 1.00 0.24 1.00 0.16 -0.49 0.89 0.20 -0.10 -0.30 0.90 0.67 0.86 0.00 0.70 2.00 0.29 3.20 0.56

100 81 74 66 57 56 54 51 47 45 45 42 34 28 26 21 20 19 18 17 15 15 14 14 12 11 11 10 10 10 10 10 9 8 6 6 5 5 5 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

Performance of SR Equity Investment Instruments Index

Mod Al-Mali

Change 6.39 Market cap 40,668.38 mn Div Yield (%) 8.04

High Low 842.16 786.25 Total cos Defaulter cos P/BV (x) ROE (%) 2.77 3.85

EFU Life Assurance XB

Company

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

Symbols GUSM HINO ULEVER ATLH SHCI TSMF SFL BOC BHAT BAFS MRNS MERIT TREI CWSM COLG MFFL PAKD NESTLE LPGL SLYT FNEL KOHP KOIL DBCI NJICL FRSM ADOS NMBL SZTM SANSM JOPP ETNL IGIBL NOPK FFLM HSPI MUKT PRWM PAKT SFWF SHTM BUXL SCL KASBM TRSM FUDLM IFSL CSIL FECTC CLOV ATFF POAF FANM ARM BRR FCONM FIBLM PAKMI FPRM FTSM GRYL FCIBL SIBL ALQT KOSM MEHT DWSM TICL DNCC

-

4.45 1.59

AMZ Ventures

Change 63.69 Market cap 34,621.68 mn Div Yield (%) 6.00

-

252 253

Company

GAS WATER AND MULTIUTILITIES

15B

-

Silver Star Insurance

50 - 7.8R 50 -

Performance of SR Gas Water and Multiutilities Index

-

Reliance Insurance XB

-

% Change -0.62 5-Day High 1,155.55 5-Day Low 1,132.01

10.60

UPTO 100 VOLUME

10B

38.95 1.15

ELECTRICITY High Low 1,146.13 1,127.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35

10

71.50 -0.59

3088

8.30

25B

37.00

9.00 0.51

11.95

20

70.16

8.50

3946

47.37

39.48

9.00

10.94 0.83

64.90

71.50

8.49

9.90

2039

37.80

4.69

10.96

48.10 0.10

72.09

Performance of SR Electricity Index Open 1,139.11 Turnover 2,643,875 P/E (x) 12.38

48.01

718 12.63

303

10.11

50.15

1250 30.91 3000

PICIC Ins Ltd

48.00

Change 0.10 0.08 0.08 0.43 4.75 -0.03 1.50 0.09 0.01 2.28 0.70 2.10 4.80 0.76 0.06 -0.13 1.78 1.79 -0.20 0.68 0.74 -0.07 1.30 0.65 -0.20 -0.29 -0.14 -0.39 -0.23 -0.09 0.00 0.07

Vol 446,000 276,000 256,500 220,000 202,000 177,500 171,500 147,000 140,500 133,500 129,000 125,000 123,000 116,500 111,000 101,000 98,000 93,500 70,000 52,500 46,500 44,500 44,000 32,000 27,000 23,000 5,500 5,000 2,500 1,000 1,000 500

ZERO VOLUME Change

Vol

-0.06 -0.04 -0.01

0 0 0

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

50.34

Support 1

9,839.45

MA (5-day)

9,955.75

Support 2

9,769.40

MA (10-day)

9,986.60

Resistance 1

9,953.70

MA (100-day)

9,888.62

Resistance 2

9,997.95

9,900.02

Pivot

normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 9,839.45 and 2nd support level at 9,769.40.

Brokerage House

Buy

AKD Securities Ltd

44.13

Buy

TFD Research

TFD Research

36.85

Positive

Technical Analysis

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

Rs Recommendations

24.18

Buy

*Arif Habib Ltd

Positive

AKD Securities Ltd

30.5

182.55 4,417.70 26.15 23.96

* 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)

Leverage Position

47.34 18.81 19.04 19.50

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

584.63 10,780.67 9.70 18.46

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

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

oscillators are currently bullish on PTC.

Oil & Gas Development Co Ltd

average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bullish on NML.

National Bank of Pakistan

Fauji Cement Co Ltd

Fair Value

Rs Recommendations

48

Buy

*Arif Habib Ltd

120

Sell

Buy

AKD Securities Ltd

135

Neutral

AKD Securities Ltd

Positive

TFD Research

Negative

TFD Research

TFD Research

44.9

Brokerage House

NML is currently 13.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the

46

Rs Recommendations

32.17 33.63 34.04 33.60

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

126.33

Brokerage House

810.01 26,616.87 0.68 32.99

* 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)

52.69 146.18 140.35 130.75

Rs Recommendations

8.5

Brokerage House

630.05 91,363.68 76.99 144.40

* 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)

41.61 5.13 5.02 5.70

Rs Recommendations

78

Buy

64.64

Neutral

92.3

Positive

Technical Outlook

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

Fair Value

*Arif Habib Ltd

Positive

Technical Outlook

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

Fair Value

TFD Research

Technical Outlook

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

175.80 8,222.16 28.17 46.84

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

*Arif Habib Ltd

Fair Value

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

381.31 1,830.28 N/A 4.91

* 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)

42.58 65.00 66.07 73.05

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

318.37 20,085.77 36.62 63.14

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

HUBC closed down -0.28 at 32.86. Volume was 11 per cent below aver- OGDC closed up 0.44 at 145.01. Volume was 16 per cent above average FCCL closed down -0.19 at 4.80. Volume was 21 per cent above average NBP closed up 0.03 at 63.09. Volume was 70 per cent below average (conage and Bollinger Bands were 91 per cent wider than normal.

and Bollinger Bands were 17 per cent narrower than normal.

and Bollinger Bands were 34 per cent narrower than normal.

solidating) and Bollinger Bands were 19 per cent narrower than normal.

HUBC is currently 2.2 per cent below its 200-day moving average and is OGDC is currently 10.9 per cent above its 200-day moving average and is FCCL is currently 15.7 per cent below its 200-day moving average and is NBP is currently 3.6 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely low when compared to the volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators flowing into and out of HUBC at a relatively equal pace. Trend forecasting flowing into and out of OGDC at a relatively equal pace. Trend forecasting reflect moderate flows of volume into FCCL (mildly bullish). Trend forecast- reflect moderate flows of volume into NBP (mildly bullish). Trend forecastoscillators are currently bearish on HUBC.

oscillators are currently bullish on OGDC.

ing oscillators are currently bullish on FCCL.

ing oscillators are currently bullish on NBP.

Date

Time

D M Textile Mills Ltd Pakistan Engineering Co Ltd Pakistan PVC Ltd Thal Limited Pakistan Services Ltd Fateh Sports Wear Ltd Fecto Cement Ltd Gadoon Textile Mills Ltd Idrees Textile Mills Ltd KASB Modaraba Siddiqsons Tin Plate Ltd Fateh Industries Ltd Meezan Capital Protected Fund -I Meezan Islamic Fund Meezan Islamic Income Fund Murree Brewery Co Ltd Attock Petroleum Ltd Attock Refinery Ltd Bawany Air Products Ltd Pakistan Oilfields Ltd

25-Sep 25-Sep 25-Sep 25-Sep 26-Sep 27-Sep 27-Sep 27-Sep 27-Sep 27-Sep 27-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 29-Sep 29-Sep 30-Sep 30-Sep

12:00 11:00 9:30 10:30 11:00 10:00 11:30 11:30 11:30 10:00 11:00 10:00 4:00 4:00 4:00 10:30 1:30 2:15 3:00 1:00

Company

Leverage Position

53.44 47.20 47.01 54.01

Company

TECHNICAL LEVELS

Positive

Technical Analysis

AKD Securities Ltd

Brokerage House

Buy Buy

DGKC closed up 0.47 at 24.20. Volume was 20 per cent below average PTC closed down -0.07 at 18.44. Volume was 4 per cent below average NML closed down -0.03 at 46.77. Volume was 29 per cent below average and Bollinger Bands were 25 per cent narrower than normal. and Bollinger Bands were 18 per cent narrower than normal. and Bollinger Bands were 11 per cent narrower than normal.

Trend forecasting oscillators are currently bullish on DGKC.

Hub Power Co Ltd

Rs Recommendations

65 61.46

Technical Outlook

KSE 100 INDEX is currently 0.1 per cent above its 200-day moving DGKC is currently 12.5 per cent below its 200-day moving average and is PTC is currently 5.4 per cent below its 200-day moving average and is disaverage and is displaying an upward trend. Volatility is extremely low displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is high as compared to the average when compared to the average volatility over the last 10 trading sesthe average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume sions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently reflect volume flowing into and out of DGKC at a relatively equal pace. flowing into and out of PTC at a relatively equal pace. Trend forecasting bullish on INDEX.

Fair Value

74.2

Technical Outlook

Leverage Position

42.38 25.15 25.11 27.67

Brokerage House

Fair Value

TFD Research

Technical Outlook

9,883.70

resistance level at 9,953.70 and 2nd resistance level at 9,997.95, while

Rs Recommendations

44

AKD Securities Ltd

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 42.65 points at 9,909.45. Volume was 36 per MA (100-day) cent below average and Bollinger Bands were 23 per cent narrower than MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd

Nishat Mills Ltd

Pakistan Telecommunication Co Ltd

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

RSI 1st 2nd (14-day) Support 48.70 3.40 3.30 47.23 51.60 51.25 42.13 65.10 64.20 31.96 26.65 26.00 41.67 22.70 22.25 38.50 66.60 65.55 48.80 14.50 14.30 52.32 10.35 10.20 53.10 314.95 312.00 48.71 81.15 80.45 33.97 7.70 7.60 53.78 2.85 2.50 47.29 8.10 7.90 44.82 1.40 1.35 42.38 23.75 23.30 35.69 1.30 1.25 39.01 1.70 1.45 43.66 37.50 36.00 44.76 57.95 55.50 47.73 172.05 170.10 42.49 13.15 12.95 41.61 4.70 4.55 37.04 26.60 26.45 46.84 104.45 103.85 40.24 93.00 92.05 32.17 32.70 32.50 46.69 118.40 117.80 36.34 215.95 213.95 26.60 2.75 2.70 46.03 1.40 1.35 55.85 2.30 2.20 44.21 9.75 9.60 44.69 40.90 40.65 41.69 1.95 1.90 49.26 68.30 67.70 44.19 184.05 182.30 44.45 2.95 2.90 42.58 62.90 62.75 45.69 15.80 15.60 34.93 18.00 17.70 44.76 2.60 2.50 48.63 1.40 1.35 53.44 46.30 45.85 52.69 142.70 140.40 37.77 2.35 2.20 38.19 1.40 1.30 42.88 2.05 1.95 61.91 8.05 7.95 56.71 230.20 228.30 24.01 169.50 167.40 30.44 70.55 69.35 54.72 259.75 255.25 47.34 18.15 17.85 32.26 189.80 188.25 72.33 29.95 28.90 38.82 8.15 8.00 79.20 25.50 24.75 38.89 2.00 1.90 58.50 3.45 3.00 31.98 50.15 49.45 41.46 2.35 2.30

1st

2nd

Resistance 3.60 3.65 52.10 52.30 66.95 67.90 27.75 28.15 23.50 23.75 68.30 68.95 14.85 14.95 10.55 10.70 320.45 322.95 82.50 83.20 7.85 8.00 3.50 3.75 8.55 8.80 1.50 1.55 24.50 24.75 1.50 1.55 2.20 2.45 39.95 40.95 62.40 64.40 175.40 176.85 13.75 14.10 5.00 5.20 27.05 27.30 105.45 105.85 94.95 95.90 33.10 33.35 119.75 120.50 219.95 221.95 2.85 2.95 1.50 1.55 2.50 2.60 10.05 10.20 41.50 41.85 2.05 2.10 69.40 70.00 186.95 188.10 3.10 3.20 63.30 63.55 16.15 16.30 18.70 19.05 2.75 2.80 1.50 1.60 47.30 47.85 146.65 148.30 2.60 2.70 1.55 1.65 2.15 2.20 8.25 8.30 233.85 235.60 172.95 174.25 72.90 74.05 267.00 269.75 18.75 19.05 193.70 196.05 31.60 32.20 8.50 8.75 26.60 27.00 2.10 2.15 4.10 4.35 51.35 51.90 2.45 2.50

Pivot 3.50 51.80 66.05 27.05 23.00 67.25 14.65 10.45 317.50 81.80 7.80 3.10 8.35 1.45 24.05 1.40 1.95 38.50 59.95 173.50 13.50 4.90 26.85 104.85 94.00 32.95 119.15 217.95 2.80 1.45 2.40 9.90 41.25 2.00 68.85 185.20 3.05 63.15 15.95 18.40 2.65 1.45 46.85 144.35 2.45 1.45 2.10 8.15 231.95 170.85 71.70 262.50 18.45 192.15 30.55 8.40 25.85 2.05 3.70 50.70 2.40


8

Saturday, September 24, 2010

Zandu wins a balmy, ‘Dabangg’ settlement

T

MUMBAI: Rani Mukharjee and Preity Zinta attend Indian designer Manish Malhotra's show during the fourth day of the Lakme Fashion Week (LFW) 2010.-Reuters

Govindian blood to do a boiling debut

G

ovinda’s daughter Narmmadaa Ahuja is all set to make her Bollywood debut. Narmmadaa has completed her acting course from Kishore Namit Kapoor Institute and later went to London Film Institute. Rumor sparked that Narmmadaa would enter Bollywood when she accompanied Salman Khan at IIFA in 2007 but nothing as such happened. Before entering Bollywood, Narmmada (21) wants to polish her acting skill because she wants to give her audience cent percent. She wants her acting to have a long lasting impact in people’s mind. Apart from acting she is also polishing her dancing skill, practicing for two hours every day. She says “I don’t want to make debut unpolished or imperfect because being a star kid expectations are always high from you.” Offers are coming her way from every side but she is waiting for her dream role to debut in Bollywood. According to Narmmada, the advantage of being a star kid is "Without much struggle you get offers." Hope, Narmmadaa becomes lucky like Sonakshi Sinha and she becomes an established actor like many star kids.

Neil out of The Italian Job of India? Lafangey Parindey has indeed given Nitin Neil Mukesh a bad reputation. A few days ago, Abbas Mustan and Studio 18 supposedly had a meeting to drop the actor from The Italian Job. Worse still, Neil himself is unaware of this. Reacting to our text regarding this, Neil shot back, "LOL. Get your facts right." The Italian Job film stars Abhishek Bachchan, Sonam Kapoor, Omi Vaidya and Bobby Deol. Neil was supposed to play the role essayed by Edward Norton in the original. A source close to the film disclosed to Mumbai Mirror, "The Italian Job is a very big and prestigious film for Abbas Mustan. They have been working at it for a long time now. They don't want to take any chances. Neil's recent films (Aa Dekhen Zara, Lafangey Parindey) have not done well. Hence they are contemplating not to retain him in the film. However, Neil has not been informed as yet." Added the source, "Abbas Mustan took some time to grapple with the modalities of The Italian Job, but now everything has fallen in place. As of now, they are location scouting in the North Pole.

Re-actioning Khiladi Kumar

F

or all those of you who are eager to see Akshay Kumar doing an action film again, here's some good news. Khiladi Kumar, (he got this name due to his action films) who was once synonymous for his hardcore action capabilities, is back with an action film. The film will be directed by Prabhu Deva and produced by Sanjay Leela

Bhansali. Khiladi Kumar back in 'action' A close hand reveals, "Contrary to reports, it's an action film

and not a dance film. Akshay will be seen doing a lot of action stunts in it." The close hand further adds, "Prabhu Deva was a hot property after the success of WANTED. Even DABANGG was made after WANTED's success. Many people wanted to make films with him. Sanjay Leela Bhansali has finally got him on board."

he week-long tussle between the producers of 'Dabangg' and Zandu Balm over the use of Main Zandu Balm Hui in the lyrics of 'Munni Badnaam' has finally been sorted out. Arbaaz Khan Productions will now get into tie-ups with the balm company. And believe it or not, Malaika Arora Khan will be the balm's brand ambassador! Said Arbaaz, "Yes, it's all been amicably sorted out, thanks to the intervention of Prahlad Kakar. He knew both parties very well, so he initiated the discussions." The legal notice sent by the balm company to the film's producers will be now be withdrawn and the two sides have agreed to work together. Adds Arbaaz, "It was always a win-win situation for both sides. Zandu and our company will now be tying up for various things. And yes, Malaika will be their official brand ambassador." Prahlad Kakar is expected to shoot the first ad with Malaika for the balm. It has also emerged that apparently, the Khans were willing to go all the way in their fight with the balm company and had decided to go to court if the other party so wished. Says a source, "We were in consultation with lawyers all day. If the balm company desired, we were ready to take them on. This was nothing but an attempt to jump on to the success of 'Dabangg'." Before the film's release too, there was previous legal wrangle when someone had objected to the use of the word 'Hindustan' in the song. "We all panicked because we had a delivery date staring us in the face. We changed the word to 'gulistan'. But this time, we were not pressurised by deadlines. We were ready go to court if that's what the other party wanted," adds the source. The source further reveals, "They never realized the song would become such a rage. According to statistics, the business for the balm company has multiplied substantially since the song came out. We are not saying it.

Chopra lends no flesh to Kareena’s “size-zero” statement

Big B gets to be Varmaic gangster

R

am Gopal Varma has once again teamed up with Amitabh Bachchan for Department and says the film will see the megastar playing a gangster-turned-politician. He also clarified that his next directorial venture is neither a sequel to Company nor a prequel to Ab Tak Chhappan. "All I can tell you at the moment is that Mr. Bachchan plays a gangster-turned-politician in Department. Whom he's modelled on is open to conjecture and I am certainly not telling," said Varma whose last film with Big B was Rann. "There are too many misconceptions floating around about the project. Mr. Bachchan is not playing a cop in Department. It is not a sequel to Company nor a prequel to Ab Tak Chhappan," he added. The film, said to be the most expensive project of Varma, is being feverishly scripted. Details are being kept desperately under wraps since it involves some volatile characters. In the film, Varma wants Big B's character to be a kind of grassroot-level superhero. "I've always seen Mr.

P

riyanka Chopra doesn't concur with Kareena Kapoor's size zero ideology. Priyanka was the showstopper for Manish Malhotra's fashion show at DHL's 3rd Rock Fashion Fiesta. When asked what she thought about the size zero funda, she said, 'I'm not the (size) zero kinds. I can't be zero. I think Indian girls are always meant to be curvaceous. And I was born like that.' Manish is the costume designer for ANJAANA ANJAANI. 'All the outfits that you saw on the ramp were worn in the film. Looking at the models, I was remembering all the scenes from the film in which we wore them. Even the ghagra choli, jacket and sneakers that I'm wearing now are from a scene in the film in which I'm running and have to reach somewhere,' said the vivacious actress. Priyanka had butterflies in her stomach before she walked the ramp. 'I was extremely nervous. Ramp is something else only. Everyone was guiding me about it. But we had a ball on the ramp.' ANJAANA ANJAANI, which also stars Ranbir Kapoor releases on October 1.

Bachchan as a hero of the masses. I want him to be cast as larger-than-life hero in Department," he said. Interestingly, Varma who has cast Amitabh and Abhishek in father-son role in Sarkar and Sarkar Raj, has not cast them in the same role in Department. "No, Mr. Bachchan and Abhishek are not father and son in Department. Abhishek and Sanjay Dutt are cops. They share a pupil-mentor relationship." In real-life too Abhishek looks up to Dutt. "That's why I cast them as mentor and pupil," said Varma. When asked about playing a gangster-turned-politician in Department, Big B said: "Oh, is that what Ramu has cast me as in Department? I've not yet discussed the antecedents of my role with him."

ARR to sing Jai Ho at C’wealth Games

M

usic maestro A R Rahman is all set to rock the inaugural ceremony of the Commonwealth Games with his chart burster Jai Ho and Maa Tujhe Salam numbers. As a tribute to the Father of the Nation, Rahman will also sing the Mahatma's favourite hymn Vaishnava Jan To for the 60,000-strong audience at the inaugural ceremony of the Games at Jawaharlal Nehru Stadium. Besides, the audio-video presentation of Yaro India Bula Liya, the theme song of the Games on 16 large screens, the audience would be treated to the Chhaiya Chhaiya dance sequence mounted on a Human Train conceived by a creative team involving 1,500 artistes. Human Train is part of a 12minute 'Great Indian Journey' dance sequence showcasing rural and small town India with the popular Hindi song Chhaiya Chhaiya from the film

Dil Se as a background score. 'Rhythm of India' involving 900 drummers followed by Swagatam song by Hariharan are the other attractions of the inaugural show. The 45-minute cultural extravaganza conceived by a creative team comprising Shyam Benegal, Prasoon Joshi, Javed Akhtar and Bharat Bala among others is now being finalised with stage rehearsal going on in full scale. "We have worked for 14 months to present a contemporary image of India during the inaugural and closure ceremony," said Bala, the director of the creative team. The theme song of the Games, rendered by Rahman, has been made into a video featuring Sania Nehwal, Milkha Singh, Samresh Jung and other sport personalities. The opening and closing ceremony of the Games is estimated to cost Rs 300 crores involving about 10,000 artistes and state-of-the-art equipment.

MUMBAI: Bollywood film actress Juhi Chawla arrives prior to designer Neeta Lulla's show on the final day of Lakme Fashion Week 2010.

A Walk to Shower

W

alk in showers are in. In fact some homeowners prefer the invigorating experience of a walk in shower as compared to a slow soak in a bathtub. This should not come as a surprise as home owners today are looking for both space saving functionality and stylish innovation. Walk in shower enclosures are not only trendy, but because you can purchase small corner models, these walk in units also offer the bathroom renovator more options for placement and design. This is increasingly important in power rooms or second bathrooms where families now have the option to add a shower in the basement or attic. And walk in showers don’t just have to be small corner units either, in Europe a popular concept in bathroom enclosure design is the wet room or open bathroom layout in which there are no barriers separating the different stations in the bathroom. This open air walk in shower concept gives your bathroom a more spacious feel and is best suited for couples who don’t mind shar-

ing the space or single owner homes where there is no privacy issues or need to schedule bathroom usage times. In fact in some households walk in showers have become so popular that they have replaced the bathtub altogether. When it comes to walk in shower design, the simplicity of the bath enclosure creates a fresh and open feel in your

bathroom. For large family baths walk in showers offer a spacious showering design with ample room for couples or children that like to bathe together to save both time and water in the process. Frameless or framed, partially enclosed or fully enclosed these walk in shower designs all have a place in the modern bathroom. A frameless walk in shower adds

spaciousness and contemporary beauty to your bathing area, whereas a framed walkin model can be made to match the other finishes in your bathroom for visual integration. And if privacy in your bathroom is an issue, then frosted glass can be used to discretely seclude the bather from the rest of the room. Fully enclosed walk in showers gives the bather the ability to transforming their shower into an invigorating steam shower, thereby eliminating to need to go to a spa to enjoy the luxuries of a steam bath. Add a removable shower stool or chair and you have a relaxing place to blow off some steam after a hard days work. And to accentuate the spa like feel even further, augment your shower with a multi-head shower panel that offers both versatility and relaxation from the massaging multi-functional shower jets. Or how about indulging in a ten jet body spa, which can aim steam or streams of jetted water to cover the entire length of your body for an all-encompassing hydromassage to lift your senses.


9

Saturday, September 25, 2010

European vegetable oil prices

JAKARTA: Farmers in Indonesia started this year's pineapple harvest. Indonesia exports more pineapples every year with exports worth some USD 204 million and a volume of 270 thousand tons. -Agencies

Robustas firm, sugar near 7-mth peak

Oil surges to $76 on QE expectations

LONDON: Robusta coffee futures edged up on Friday, consolidating recent gains, underpinned by short supply of fresh beans in the lead up to Vietnam's harvest. ICE sugar and cocoa also rose, supported by a weaker dollar. Liffe coffee received a boost on Thursday when Vietnam Coffee and Cocoa Association Chairman Luong Van Tu suggested Vietnam's harvest could be delayed due to adverse weather. However, traders said on Friday the harvest would start in November as usual. Tight nearby supplies underpinned the arabicas market, which rose and were in sight of 13-year highs. ICE December arabica coffee futures were up 0.55 cent or 0.30 per cent at $1.8220 a lb in choppy trade at 1451 GMT. Liffe November robusta coffee erased earlier gains and was up $1 or 0.06 per cent at $1,738 per tonne in moderate turnover of 5,497 lots. Raw sugar rose to trade at near Monday's seven-month peak at 25.60 cents a lb. ICE October raw sugar futures were up 0.47 cent or 1.9 per cent at 25.17 cents a lb at 1431 GMT. London December white sugar was up $11.90 or 1.9 per cent at $630.30 per tonne in slim volume of 3,516 lots. A European broker noted talk that Mexican authorities could approve additional import quotas. ICE December cocoa was up $39 or 1.4 per cent at $2,819 per tonne. Liffe December cocoa traded up 14 pounds or 0.75 per cent at 1,893 pounds a tonne in low volume of 2,345 lots. -Reuters

LONDON: Oil surged in US morning trading on continued expectations that the country's central bank will intervene to support economic growth through a second round of quantitative easing (QE). The sharp rise in the price of oil came despite mixed data, which included a fall in US durable goods orders and flat figures for US new home sales, but also a surprise rise

in Germany's Ifo index of business sentiment. Analysts attributed the rise in the oil price to continued high expectations of quantitative easing by the US Federal Reserve, rather than to strong underlying economic data. "I think quantitative easing could have an impact on oil prices, but I'm not sure this would last", said Christophe Barret, oil analyst at Credit Agricole-CIB in London. Barret said the impact of QE might only be short-term because it "has nothing to do with (oil) fundamentals. It's just a monetary phenomenon." However, he said that weak US economic data could

counter-intuitively help the oil price in the short term, by increasing expectations of QE. US crude for November rose $1.26 cents to $76.44 a barrel at 1450 GMT. ICE Brent crude rose $1.16 cents to $79.27. The recovery from the US economy's longest recession since the 1930s has fizzled in the second quarter, and

growth remains sluggish with unemployment stubbornly high, dampening expectations for a recovery in oil demand. US petroleum stockpiles last week reached their highest since weekly records began in 1990. Tropical Storm Matthew strengthened over the western Caribbean on Friday and was expected to hit Nicaragua and Honduras later in the day, the US National Hurricane Center said. It was expected to shift north after this toward the Yucatan Peninsula, and lose force before reaching the Gulf of Mexico, where most of Mexico's oil wells are located. -Reuters

Copper eyes $8,000/T on demand prospects LONDON: Copper inched closer to the psychological $8,000 a tonne level on Friday, as a weak dollar and seasonally strong fourthquarter demand offset mixed economic data in the United States. Benchmark copper on the London Metal Exchange closed at $7,945 a tonne from a close of $7,885 on Thursday. Copper, used in power and construction, earlier hit a new five-month peak at $7,990 a tonne. Copper gained late on Friday, after a drop in US durable goods orders, seen as a key indicator of manufacturing, hurt demand for the dollar. "It shows a mixed picture that we've been alerted to," said Robin Bhar, analyst at Credit Agricole. "Growth is faltering -- it is very mixed -and that will be the trend that we continue to see." US homes sales numbers were unchanged. "An all-time high (in copper) won't be this year but certainly early next," added Bhar on copper. "$8,000 -- we'll see that push through." A break above $8,043.75

would open the way to prices last seen in August 2008. Aluminium, zinc and lead all climbed to new highs in around five months, while tin touched $23,950, its highest since May 2008. But volumes were slender, with the world's top metals consumer China on holiday for the Mid-Autumn Festival. It will only reopen on Monday and national holidays resume on Oct. 1-7. Copper stocks in LME warehouses rose by a scant 100 tonnes, to 380,225 tonnes, the latest LME data showed, but as a general trend have been in decline, falling counter cycle over summer. They have dropped by around one third since February, when stocks stood at 555,075 tonnes, the highest level since October 2003. The market is already seeing pressure this year, with global

demand outpacing supply. The International Copper Study Group said this week that the global market for refined copper was in a 281,000 tonne deficit in the first half. Aluminium ended at $2,317 a tonne from $2,292, having reached $2,336.25 earlier, a new five-month peak. Lead closed at $2,296 versus Thursday's $2,275 close. It touched $2,321 earlier its highest since late April. Zinc ended at $2,248 against a final bid at $2,250 on Thursday, having earlier hit its most expensive since early May at $2,284.75. Steel ingredient nickel closed at $22,875 from a last bid at $22,700 on Thursday -- below last week's multi-month highs above $23,570. Tin ended unchanged at $23,600, on the back of ongoing supply constraints from Indonesia. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 23 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash Buyer

1240

1120

March (3rd Wednesday)

1240

1110

April (3rd Wednesday)

1240

1120

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 23 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

2200 2210 2150 2160 2095 2105 2095 2105

2233 2233.5 2266 2266.5 2343 2348 2410 2415

7876 2217 7876.5 2217.5 7883 2245 7885 2245.5 7825 2265 7835 2270 7580 2243 7590 2248

22665 22670 22675 22700 22225 22325 21375 21475

TIN

ZINC NASAAC

23640 2205.5 2190 23645 2206 2190.5 23630 2235.5 2195 23635 2236 2205 23175 2293 2195 23225 2298 2205 2293 2245 2298 2255

ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 809.00+9.00, Feb11/Apr11 817.00+14.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 795.00+8.00, Feb11/Apr11 805.00+10.00, May11/Jul11 811.00+11.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1180.00, Jan11/Mar11 1180.00+20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Sep10/Oct10 1295.00+12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 940.00+20.00, Oct10 940.00+20.00, Nov10/Dec10 930.00, Jan11/Mar11 925.00+20.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 962.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 915.00+20.00. PALM STEARIN: Dlrs tonne fob Malaysia Oct10 905.00+15.00, Nov10 895.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Oct10 695.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1365.00+40.00, Nov10/Dec10 1365.00+40.00, Dec10/Jan11 1365.00+40.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2100.00+0.00. Reuters

EU wheat extends fall on firm euro PARIS: Major European wheat markets extended a pullback on Friday as technical factors and currency strength against the dollar encouraged more selling, but a slight rebound in Chicago helped limit losses. Milling wheat futures in Paris dropped to their lowest level in nearly a month as technicals remained bearish after the market twice failed to break a 238 euro high in the past week, and as the euro surged above $1.34, eroding the export competitiveness of French wheat, traders said. November milling wheat was down 3.25 euros at 220 euros by 1508 GMT, having earlier touched 218 euros, its lowest level since Aug. 27. The market has now given up 18 euros or 7.6 per cent since equalling a contract high of 238 euros on Monday. Standard new crop breadquality wheat for September delivery in Hamburg was offered for sale down one euro at 227 euros a tonne with buyers at 223 euros. German prices have fallen by some 13 euros a tonne from Monday after starting the week close to 28-month highs reached in late August. Feed wheat prices remained well under milling wheat, with feed wheat for OctoberDecember delivery in South Oldenburg offered for sale at 191 euros a tonne with buyers at 189 euros. -Reuters

Gold hits record, silver reaches 30-yr peak Dollar weakness seen leading to further gains LONDON: Gold rallied to record highs in Europe on Friday, with spot prices knocking on the door of $1,300 an ounce, as expectations grew that further quantitative easing may lead to increased volatility in the currency markets. Spot gold hit an all-time high of $1,299.95 an ounce and was bid at $1,298.30 an ounce at 1416 GMT, against $1,293.50 late in New York on Thursday. US gold futures for December delivery hit a record $1,301.60 an ounce and were later at $1,299.60 an ounce, up $3.30. Silver also reached its strongest in 30 years at $21.45 an ounce, tracking gains in gold. Spot gold prices are struggling to take out resistance at the $1,300 an ounce level, but remain firmly underpinned by expectations of further weakness in the dollar, which slipped 1 per cent versus the

euro on Friday. "With the dollar getting definitely weaker with the pass of every session, gold has little work to do other than to head higher to compensate for dollar's slide," said Pradeep Unni, senior analyst at Richcomm Global Services. "Most of the market focus has

been the extreme dollar weakness and possible impact on the currency as the market encounters weaker economic data." Gold has risen more than 4 per cent so far this month and hit record highs for five consecutive sessions to Wednesday, extending gains after the Federal Reserve indicated it may consider further quantitative easing, undermining the dollar.

Palm oil surges on overseas demand KUALA LUMPUR: Global vegetable oil futures rose on Friday as traders took positions hoping for a revival in overseas demand ahead of a key industry conference. Prospects for record vegetable oil imports by India and the impact on the international price of vegetable oil will be key themes at an international conference in Mumbai that begins later on Friday. India, which overtook China as the world's No. 1 edible oil importer in 2009, is likely to buy a record 9 million tonnes of the commodity, used mainly to cook food, in the year to October, up from 8.7 million tonnes in the previous year. "Trade volume picked up in the afternoon trading session of palm oil, it could be related to the international oil conference in Mumbai," said a trader in Kuala Lumpur. Malaysia's benchmark palm

oil futures rose by more than 1 per cent to close at 2,701 ringgit ($871.8), while US soyoil rose 0.7 per cent. Industry analysts Dorab Mistry from Godrej International, Oil World's editor in chief Thomas Mielke and LMC International's James Fry will present their views at the meet. Traders are also awaiting a cargo surveyor to release Malaysian palm oil exports data for Sept. 1 to 25 over the weekend. In Indonesia, Jakarta-based PT KBN Nusantara, formerly known as the state marketing centre, sold 5,500 tonnes of crude palm oil at top price of 8,141 rupiah ($0.910) per kg on Friday, against 8,107 rupiah on Thursday. Refiners in Jakarta offered refined, bleached, deodorised (RBD) palm olein -used as cooking oil -- at 8,600 rupiah per kg, compared to 8,550 rupiah per kg on the previous day. -Reuters

From a technical perspective, gold is poised for further gains after an 18 per cent rally so far this year. Reuters' technical analyst Wang Tao said the metal could reach $1,539 an ounce by the end of the year, based on technical indicators. Silver prices are also well positioned after breaking through technical resistance at $21.20 and $21.35 to rally to their highest since 1980. It was later at $21.34 an ounce against $21.14. The metal has seen strong investor interest as gold has rallied, with holdings of the world's largest silver-backed exchange-traded fund, the iShares Silver Trust, rising to an all-time high of 9,582.59 tonnes on Thursday. Platinum was at $1,642.75 an ounce against $1,638.10, while palladium was at $561 against $550.95. -Reuters

Tokyo rubber slips on profit-taking BANGKOK: Tokyo rubber futures ended lower on Friday on profit taking but were expected to rebound next week as technical sentiment improved after prices finished above a key psychological level of 300 yen, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for February delivery fell 0.5 yen to settle at 309.2 yen ($3.63) per kg. On Wednesday, it rose to an intraday peak of 311.5 yen, the highest for any benchmark since April 28, on speculative buying backed by firm oil prices and improving technical sentiment after the benchmark broke above 300 yen. But profit-taking capped gains, dealers said. The front-month September contract, which expires later on Friday, inched up on lastminute position adjustments. Reuters

NY cotton drops as China takes holiday NEW YORK: Cotton futures slipped on Thursday, with investors taking profits in modest volume during a holiday in China, the world's No. 1 cotton consumer, which should keep dealings subdued until next week, analysts said. "This thing has had a dramatic run (so) people are taking a breather here," said Bill Raffety, an analyst at commodities futures brokerage Penson GHCO. Cotton prices had hit 15-year highs the last three sessions, trading over $1/lb each day. Strong demand from Asia, tight stocks and investment fund buying propelled the rally. ICE Futures US key

NY cotton early-trade Cotton futures climbed Friday on investor short-covering and mill buying, but dealings were on the light side as the trade awaited the return from holiday by top consumer China next week, analysts said. ICE Futures US key December cotton contract gained 1.94 cents to 99.11 cents per lb at 1433 GMT, moving from 96.53 to 99.31 cents. December cotton contract dropped 1.37 cents to 98.25 cents per lb at 1449 GMT, in a band from 98.24 to 99.71 cents. Volume stood at 10,723 lots at 10:50 a.m., off the 30-day average at 15,517 lots, accord-

ing to preliminary Thomson Reuters data. The market has been waiting to see whether No. 2 producer India will export more than the 5.5 million bales (480-lb) the government has said it will allow, and whether those exports would start from Oct. 1 or on Jan. 1, 2011. Open interest rose 2,298 lots to 237,218 lots as of Wednesday. The market took note of the US Agriculture Department's weekly export sales which showed total US cotton sales at 571,700 running bales (RBS, 500-lbs each), above trade belief it would range from 300,000 to 400,000 RBs. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract

Price

Date

Quotation

Open

High

Low

Close

Traded Volume in lots

Previous

Current

Open Interest

Settlement

Settlement

in Lots

Price

Price

24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz

NO10 DE10 JA11 NO10 DE10 OC10 NO10 DE10

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

73.88 75.55 76.65 21.04 21.04 1291.90 1293.00 1294.00

76.00 77.22 78.19 21.37 21.41 1299.20 1300.20 1301.50

73.84 75.40 76.65 21.04 21.04 1288.00 1289.50 1289.50

75.79 77.12 78.19 21.37 21.38 1298.10 1298.90 1299.80

200 40 56 243 678 1,077

74.98 76.29 77.43 21.16 21.18 1293.10 1293.90 1294.70

75.79 77.12 78.19 21.37 21.38 1298.10 1298.90 1299.80

50 10 56 357 1,800 981

24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010

GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

OC10 NO10 DE10 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 23SE10 OC10 OC10 10-Sep 10-Dec

US$ Per Troy Ounce US$ Per Troy Ounce 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 Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

1292.00 1292.50 1291.90 35656.00 35763.00 35778.00 35916.00 41671.00 41671.00 36772.00 36808.00 36820.00 36832.00 36760.00 42101.00 2402.00 3199.00 4171.00 87.12 86.83

1299.00 1298.90 1300.70 35980.00 35988.00 36003.00 35952.00 41934.00 41934.00 36988.00 37025.00 37037.00 37049.00 37062.00 42475.00 2402.00 3199.00 4180.00 87.13 86.84

1290.90 1292.50 1290.50 35656.00 35763.00 35778.00 35727.00 41671.00 41671.00 36772.00 36808.00 36820.00 36832.00 36760.00 42101.00 3175.00 3198.00 4171.00 87.12 86.83

1298.10 1298.90 1298.90 35980.00 35988.00 36003.00 35952.00 41934.00 41934.00 36988.00 37025.00 37037.00 37049.00 37062.00 42475.00 3181.00 3198.00 4180.00 87.13 86.84

14 109 14 1 1 -

1293.10 1293.90 1294.70 35815.00 35824.00 35838.00 35787.00 41741.00 41741.00 36821.00 36858.00 36870.00 36882.00 36894.00 42280.00 3175.00 3199.00 4171.00 87.12 86.83

1298.10 1298.90 1299.80 35980.00 35988.00 36003.00 35952.00 41934.00 41934.00 36988.00 37025.00 37037.00 37049.00 37062.00 42475.00 3181.00 3198.00 4180.00 87.13 86.84

4 12 46 1 1 -

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


Handlers put a crocodile on the back of a pick-up truck in La Antigua

10

Saturday, September 25, 2010

Kiwi cyclist pulls out of C’wealth Games ISLAMABAD: New Zealand road cyclist Greg Henderson has pulled out of the Commonwealth Games in Delhi, citing health and security fears, a New Zealand website 3news.co.nz reported on Friday Henderson, a gold medallist in the 2002 Games is the first selected New Zealand athlete to withdraw from the event, with photos of the squalid conditions in the athletes' village proving to be the final straw. He had flagged his concerns with a short entry on his Twitter page this morning. "Seriously starting to reconsider my Commonwealth Games participation," Henderson wrote. Henderson started reconsidering his position on a flight home with his wife from Europe to Melbourne, where he is competing in the road cycling world championships next week. "It's about my family; it's not just about Greg Henderson any more. I've got to think about my wife (former Australian Olympic cyclist medallist Katie Mactier) and little girl Charlie and they don't want me going to the Commonwealth Games," he said. "There are just too many risks and in this situation the cons outweigh the pros. Who knows exactly what's gone on there?" said Henderson.-APP

Pakistan routs Libya in Chess Olympiad KARACHI: Pakistan players produced their best when they routed strong Libyan team 4-0 to chalk out their second win in third round of 39th Chess Olympiad in Khanty Mansiyk (Russia) on Thursday. Pakistan quartet led by International Master Mahmood Lodhi, Aamir Karim, Wasim Akram and Tanvir Gilani forced their opponents to resign with their tactical and cerebral play. Mahmood Lodhi beat Ghattour Mosab, Aamir overpowered Shahrani Ibrahim, Wasim defeated El Sabri and Tanvir edged past Naser Khalid. Pakistan which lost their opening game against Chile and beat Haiti got eight points to the credit from 12 games so far. Over 100-nations from all over the globe are featuring in the 19-day championship.-APP

Embattled cricket-men return home KARACHI: Coach Waqar Younis stressed the need to educate Pakistan's players in avoiding controversy after his embattled team arrived home from their tour of England to a quiet reception in the early hours of Friday. Pakistan lost the test, Twenty20 and one-day series to England and the team was rocked by allegations of fixing parts of matches against some of its players. Test captain, Salman Butt and pace bowlers, Mohammad Asif, Mohammad Amir and Wahab Riaz were all questioned by Scotland yard over the allegations with the first three also suspended by the International Cricket Council after the News of the World

newspaper broke a story on August 28 that the players had deliberately bowled no balls in the fourth test against England at Lords. Waqar told reporters at Lahore airport that the Pakistan Cricket Board needed to start educating players from the under-17 and under-19 age groups on how to conduct themselves while in the senior national team. "We need to educate our players on how to carry themselves, on how to avoid controversies and not get entangled with shady characters," he said. Waqar said the tour had been a testing and difficult one for him and his team. "It was not an easy tour at all

in cricketing terms and also because of the off the field controversies. But we have learnt a lot from it," he said. The former test captain said that the team had done well to win matches in difficult circumstances but there was still a need for the selectors and coaching staff to reassess the team. "Hopefully before our next series against South Africa we will know the fate of the three players and the situation would be clearer, but we need more young blood for the team," he said. Pakistan play a test series against South Africa in the United Arab Emirates in October and November.Reuters

ODI skipper hints return to Tests SEVILLE: Sevilla’s Tiberio Guarente heads the ball next to Racing Santander’s Manuel Arana during their Spanish First Division soccer match.-Reuters

Plane crashes at Indonesia air show

Clarke worried of Zaheer, Bhajji

INDONESIA: A pilot was seriously injured when he crashed a plane while performing a lowaltitude stunt at an air show in Indonesia on Friday, officials and witnesses said. Thousands of people including children from local kindergartens watched on in horror as the Super Decathlon plane smashed into the ground and burst into flames at Husein Sastranegara Air Base in Bandung city. "The pilot failed to control the aircraft during an aerobatic

CHANDIGARH: Australia will require a proper plan to negate the threat posed by India's left-arm pace bowler Zaheer Khan and off-spinner Harbhajan Singh in the forthcoming two-test series, vicecaptain Michael Clarke said on Thursday. "Zaheer Khan is a wonderful bowler with the new ball and he can reverse it with the old ball," Clarke was quoted as saying by the Press Trust of India (PTI) news agency. "Harbhajan Singh too has had a lot of success in test cricket, against Australia in particular. Both are probably two of India's best bowlers who have had the experience of playing a lot against Australia. "We have to come up with a plan to combat these two." His views found support in team mate Shane Watson, who reckoned Zaheer's grasp over swing makes the Indian a difficult bowler. "It is always the hardest thing facing the new ball that swings. It had a huge impact on (an earlier) series (with India)," said Watson.-Reuters

manoeuvre at low altitude. The plane hit the ground and caught fire," Air Force spokesman Bambang Samudro told AFP. "The pilot is in intensive care at a hospital with serious injuries." The single-prop plane belonged to the Indonesian Aero Sports Federation and the pilot had won second place at an international aerobatics championship in Australia in 1997. The air show was being held to celebrate the city's 200th anniversary.-APP

INDONESIA: A Super Decathlon airplane bursts into flames during the Bandung Air Show in Indonesia's West Java province.-Reuters

Afridi may eat his words again KARACHI: Pakistan Captain Shahid Afridi Friday hinted of return to Test cricket if needed in the Test series against South Africa to be played in United Arab Emirates next month. "I will think about it and if the team needs me, I may consider playing the Test series against South Africa," he told reporters on his return from London with team-mates Shahzaib Hasan, Asad Shafiq and Fawad Alam. He described the marathon England as the most difficult of his career."It was the most

difficult tour of my long cricket career," he said. Pakistan played six Test during in England. Played 1-1 draw with Australia and lost the 4-match Test series against England 3-1. Pakistan also lost the 5-day ODI series to England 3-2. "We faced a lot of problem because of the controversies and became very difficult to cope with, because every time we went out people passed remarks against us," he said. Accusation of spot or players fixing in the Lord's Test

against England surrounding Test captain Salman Butt along with pacers Muhammad Aamir and Muhammad Asif marred the tour. All were interrogated by British police and returned home early to Pakistan. "Team remained united despite the storm of controversy," he said. "The best part of the whole tour was that the players showed unity even in difficult times and gave a good fight in the one-day series against England," he said.-APP

NA summons PKF secy ISLAMABAD: The National Assembly Standing Committee on Sports has summoned the Pakistan Kabaddi Federation (PKF) on October 2 to get information about the country's Kabaddi team currently touring India, Sectary PKF said on Friday. The Secretary, Rana Muhammad Sarwar, told APP on Friday that a team has left for India without making any contact with them and without any permission by the Ministry of Sports. "I don't know, how they have

gone for this tour, we had written to Ministry of Sports and Indian authorities through Ministry of Foreign Affairs that national federation does not recognise this team but even then they have been issued visas," said Sarwar. He said that "the National Assembly has called us on October 2 to take our view relating to the other fake Circle Kabaddi Federation that is touring India". He said that he was even unaware about the event for which they have gone to India.

"I don't know about their office-bearers, I have heard that an MNA is leading them, but there is no official existence of any other kabaddi federation in the country," said Sarwar. The sources in ministry of sports said that the team, touring India, had obtained an NOC (Non-objection certificate) from Ministry of Interior to get the visas from Indian High Commission. Meanwhile, ministry of sports also announced their ignorance about this team.-APP

Athletes start arriving at Commonwealth Games NEW DELHI: The first batch of athletes arrived in India for the Commonwealth Games on Friday, opting to stay at a hotel instead of unfinished, filthy accommodation as the future of the showcase event still hung in the balance. Twenty-two members of the English men's hockey team arrived at New Delhi's new $2 billion international airport, ushered in by dozens of armed police. They will stay at a hotel until at least Saturday before moving to the athletes village which, along with a bridge collapse and a suspected militant attack on two foreign visitors, have thrown the Games into crisis and proved a setback for India's efforts to showcase its modernity to the world. Commonwealth Games Federation President Michael

Fennell, who flew to Delhi to inspect venues, gave an initial thumbs up for accommodation improvements but said work still needed to be done before the October 3 start of the twoweek long event. "Considerable improvements have been made within the Village," Fennell said in a statement before the inspection. "It is vital that all remedial work that has already started continues with the greatest urgency." The New Zealand Olympic Committee, one of the most vocal critics of the Games, planned to send a team to Delhi but warned "the clock was ticking" for organisers to get things in order. One of India's powerful cabinet ministers complained about the organisation of the Games, echoing a chorus of international criticism that has seen many top sports stars boycott the

Games due to shoddy construction, filth and fears of militant attacks. "I think our international image has taken a beating and I hope we come out of it very quickly," Environment Minister Jairam Ramesh told Headlines Today in New York on Friday. "We could have done without the embarrassment of this Commonwealth Games. It's embarrassing for our global image." Australia's Olympic chief said the Games should never have been awarded to India. "I don't think it is a cultural thing. When you agree to host (a Games) you are required to provide the basics in terms of health and hygiene for the athletes," Australian Olympic Committee President John Coates said. Cyclist Greg Henderson became the first New Zealand

athlete to withdraw over concerns about health and security. A dengue fever epidemic has hit Delhi and two tourists were shot and wounded by suspected militants in the city on Sunday. Olympic cycling champion Geraint Thomas, two English riders and one Isle of Man rider also opted out of the Games, due to start on October 3. India had hoped to use the Games to display its growing global economic and political influence, rivalling China. Instead, they have become a major embarrassment for the world's largest democracy where infrastructure projects have remained slow paces and a drag on economic growth. Reuters reporters have also seen children working at Games construction sites, despite it being illegal to employ minors. "SECURITY IN PLACE"

The Games, held every four years for mostly former British colonies, are estimated to have cost $6 billion. Asia's third largest economy, was awarded them in 2003 but did not begin proper preparations until two years ago. The Delhi Games may turn out to be the most compromised since a 1986 boycott of the Games in Britain, when 32 nations stayed away because of then Prime Minister Margaret Thatcher's government's position over apartheid South Africa. The Australian and New Zealand prime ministers said they understood if their athletes decided not to take part. But England said it would send 551 athletes to the Games because there were signs of improvement on the ground. Kenya said it would send a 240-strong team after receiving

security assurances from India, officials said, though several of its top athletes have withdrawn because of illness or fatigue. Wales also gave its team the all-clear to go. New Zealand, Canada and Scotland have delayed their arrivals. Commonwealth Games Federation CEO Mike Hooper said he was hopeful the Games would get off the ground, given a new sense of urgency among Indian officials. Prime Minister Manmohan Singh reviewed preparations with senior ministers, an official in his office said. Suresh Kalmadi, chairman of the Delhi organising committee, said no team would pull out. "I can assure you that security is well in place. Now if some people have their own conception (of security), I can't help," he told reporters.

The federal government ordered the organising committee to hand over management of the Games Village, which will house 6,500 athletes. More than 1,000 workers were sent to clean apartments. By contrast, preparations for November's Asian Games in China, which held a successful Olympics in 2008, are on track, with organisers in Guangzhou handing over the athletes' village to the Asian Games authorities for sign-off this week. Many sporting events have hit trouble before opening, such as the 2004 Athens Olympics, and some of Delhi's infrastructure projects, including a new metro and airport, have won praise. A portion of false ceiling in the weightlifting venue caved in on Wednesday, a day after the collapse of a footbridge by the main stadium, injuring 27 workers.-Reuters


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International & Continuation

Saturday, September 25, 2010

keeping German business US durable orders BoC close watch on any moves ex-transportation by Fed morale still up but outlook dims rise in August WASHINGTON: New orders for a wide range of long-lasting US manufactured goods rose in August and business spending surged, further signs of an improvement in the economy after a recent setback. However, other data on Friday showed new home sales were flat in August after sharp declines in July, indicating the recovery still faced headwinds. The durable goods report diminished concerns of a double-dip recession and implied a modest pick-up in the growth pace in the third quarter after the economy expanded at a 1.6 percentage annualized pace in the April-June period. "We added two tenths of a percentageage point to our estimate of third-quarter GDP growth after the (durable goods) report," said Zach Pandl, an economist at Nomura Securities International in New York. "Growth does seem to remain slow... but the fears of a double dip keep dissipating." Durable goods orders excluding transportation rose 2.0 percentage after falling by 2.8 percentage in July, the Commerce Department said, the largest increase since March. The rise was above market expectations for a 1.0 percentage gain. Overall orders dropped 1.3

percentage, the largest decline in a year, after a 0.7 percentage increase in July. The decline reflected a 40.2 percentage plunge in nondefense aircraft orders after a 69.1 percentage surge in July. Markets had expected orders to fall 1.0 percentage. In a second report, the department reported new single family home sales at a 288,000 unit annual rate, unchanged from July's rate, which was revised up from a previously reported 276,000 unit pace. However, the supply of houses on the market tumbled was the lowest in 42 years. US stock indexes held gains, while Treasury debt prices trimmed losses. The US dollar was little changed. Data for August such as private sector employment, retail sales and home sales have also suggested an easing of the harsh conditions that gripped the economy in the second quarter. But domestic demand remains lackluster as households struggle with high unemployment and shrinking wealth. The Federal Reserve this week said it was prepared to pump more money into the economy if needed to stimulate the recovery and avert a damaging downward spiral

in prices. Although business are reluctant to hire new workers, they continue to invest heavily on capital. Last month, non-defense capital goods orders excluding aircraft rebounded 4.1 percentage in August after a 5.3 percentage drop in July. Markets had expected a 2.0 percentage rise. "Capital equipment spending remains one of the stronger sectors of the economy, and one of the bulwarks against a double dip," said Nigel Gault, chief US economist at IHS Global Insight in Lexington, Massachusetts. Boeing Co received only 10 orders for civilian aircraft in August, a sharp slowdown from 130 bookings in July, according to information posted on the plane maker's website. Orders were also weighed down by bookings for defense aircraft, which fell 2.7 percentage, and a 4.4 percentage drop in motor vehicle orders. Durable goods inventories rose 0.4 percentage after increasing 0.6 percentage in July. Shipments, which go into the calculation of gross domestic product, declined 1.5 percentage last month, while unfilled orders dropped for a second straight month.-Reuters

NEW YORK: Canada's central bank is worried the Federal Reserve may be forced to take further steps to support the struggling US economy, which is being pressured by very low inflation and high debt levels. Bank of Canada Governor Mark Carney also said he was concerned the global monetary system was not functioning properly, with possibly toxic consequences for the United States, and therefore Canada, which relies heavily on exports to its neighbor. "Because of the fact currencies are not moving, you're going to get a real adjustment. That means higher inflation in emerging markets, lower inflation in industrialized economies, most importantly the US," he said in an interview with US television channel CNBC. "Given the debt overhanging the US, that is pushing inflation to very low levels and it may necessitate a Fed response." On Tuesday, the Fed inched closer to fresh steps to bolster a sluggish US recovery, opening the door wider to pumping hundreds of billions of dollars into the economy, although it kept overnight interest rates near zero. The impact on Canada of any further quantitative easing from the Fed will depend on the reasoning behind it, Carney said.-Reuters

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animals from the country might cause irreparable loss to leather industry as floods have devastated livestock sector on a massive scale. To a question, he said livestock ministry has failed to reply on the proposal so far, adding that trade ministry is not authorised to place bar on export of cattle without a summary from livestock ministry. -Agencies

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matter thoroughly, they said. The last four user's trials of the surface-to-surface missile were successfully conducted during about one year period, from the same site in the ITR. The last trial was conducted on June 18, this year. The test firing of the state-of-the-art missile, which has already been inducted into armed forces, was planned as users' trial by the specially formed 'Strategic Force Command' (SFC), the sources said. Prithvi, the first ballistic missile developed under the country's prestigious Integrated Guided Missile Development Program, is propelled by liquid propulsion twin engine, they said. With a length of nine metres and one-metre diameter, Prithvi-II uses an advanced inertial guidance system with maneuvering trajectory. -NNI

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accumulate the efforts against the menace of terrorism but the authority has not been provided with manpower and legibility to deliver well as expected. Responding to a point of order in here on Friday, he said that NCTA was established in 2009-10 and it was tasked to monitor efforts of antiterrorism agencies against the menace of terrorism and to make coordination among all the antiterrorists agencies against the terrorism in the country and to implement national strategy against the terrorism. State Minister said that owing to scarcity of funds and insufficient manpower NCTA has not performed well. Responding to a question in the House, State Minister on Interior said that Nadra during last five years has earned Rs6.38 billion by issuing CNICs and the earned amount was on the services of Nadra and other relevant projects.Responding to another question, he said that approved manpower for Islamabad Police was also insufficient for the security of the capital city and to tackle criminal activities. -Online

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can check and investigate by themselves and report back. If anybody is found guilty we shall initiate action." In Karachi, he said, store in charge and area manager have been suspended. Regional Manager has been issued show cause notice and action has also been taken against the General Manager Operations. The minister said vigilance teams continue checking the functioning of stores and the government is ensuring quality goods at subsidised rates. -APP

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appointments in Nadra, PIA, Safron and 2400 in ministry of railways. Members of ANP and JUI walked out from the Senate against unmerited appointments. Senator Talha Mehmood said that PIA is appointing the new pilots on heavy salary packages and ignoring the experienced pilots. -Online

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vehicles would be deployed to ferry students and teachers to school, residents said. Earlier Geelani said that unbroken curfew imposed by the government had deprived people of the reprieve offered in the Hurriyat calendar, and that acute shortages in essentials, particularly milk for children and life-saving drugs had put the public to great hardships. "We had given periodic breaks in shutdowns and asked people to carry on business during the night so that public needs were met alongside carrying the movement forward. But the government imposed a harsh curfew, depriving people of these facilities and putting them to great hardships," Geelani said. "India does not care if Kashmiris die of hunger or thirst, but we have to keep the difficulties of the people in mind while running the movement," he said. -NNI

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through telethon, PTV Managing Director Arshad Khan said that Rs250 million have been collected out of total pledges of Rs470 million made by the people during the transmission. Committee members Riaz Ftayana, Nadeem Afzal Chan and Saeed Ahmad Zafar, Secretary Information and Broadcasting, Secretary Economic Affairs Division, MD APP Muhammad Riaz Khan, MD PTV Arshad Khan, senior officials of the ministries and the Director General Audit attended the meeting. -APP

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British Land gained 1.7 per cent. The broker upgraded the sector to "benchmark" from "underweight". Miners were among the biggest fallers, weighed on by a research note from UBS. The note said: "Unexpected government rulings on minerals leases and taxation in many national jurisdictions ... (are) challenging many sustainable corporate growth strategies." Anglo American, Kazakhmys and Antofagasta, which were all downgraded by the broker, shed 0.5 to 2.5 per cent. -Reuters

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repeatedly through the Asian, European and US trading day and spending an estimated 2 trillion yen ($23 billion) to drive the dollar up from a 15-year low. "Given that this would be the second time (for intervention) and not as much of a surprise, I think the impact will be pretty limited at best," said Masayoshi Okamoto, head of dealing at Jujiya Securities. "Even now, it seems tough for the dollar to hang onto the 85 yen level, and this will make it hard for the Nikkei to rise substantially in turn."Amid rising Japan-China tensions, Tokyo has also heard that rare earth exports to Japan from China have been blocked, although Japan's trade minister said that China has told Japan that there was no ban. Glass makers lost ground on the news. Some glass makers use abrasive that contains a rare earth element called cerium, whose supply was already tight after the Chinese government cut rare earth exports for 2010 by 40 per cent. China dominates the global supply of rare earths. Asahi Glass fell three per cent to 872 yen, and Nippon Sheet Glass fell 1.6 per cent to 184 yen. Hoya, which makes glass memory disks for hard disk drives, dropped 1.9 per cent to 2,061 yen. Sony Corp and other exporters slipped, with Sony losing 0.1 per cent to 2,585 yen, Honda Motor Co shedding 0.8 per cent to 2,931 yen and Advantest falling 1.6 per cent to 1,708 yen. -Reuters

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into the end of the quarter and no one wants to get caught short." Shares of builder KB Home rose 2.9 per cent to $12.05 after the fifth-largest US home builder posted a smaller-than-expected thirdquarter loss. The Dow Jones home construction index rose 2.3 per cent. Nike Corp rose 4.2 per cent to $80.91 after the company reported stronger-than-expected orders and profit late on Thursday. On the Nasdaq, Apple Inc shares rose 1.2 per cent to $292.49 and options trading was also brisk on the stock. Apple trades as of Thursday's close were double the stock's daily trading volume, according to Jocelynn Drake at Schaeffer's Investment Research. Boosting investor sentiment was the share offering of Brazilian state oil company, Petrobras. The sale of nearly $70 billion in shares surpassed expectations, erasing concerns that stocks were less attractive assets. US gold futures surged to an all-time high at $1,300 an ounce in European trading on Friday as investors turned to the precious metal as a refuge from volatility in the currency markets. -Reuters

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per cent to its all-time high of 180.70 rupees while Hindustan Unilever surged 4.8 per cent to 317.25 rupees, its highest in a decade. The stocks later closed 1.3 per cent and 3.9 per cent higher respectively. Outsourcer Mahindra Satyam, which was earlier known as Satyam Computer Services, declined six per cent. Investors await their first peek into the audited financial results at the firm that was hit by India's biggest corporate scandal nearly two years ago. The company will review its earnings for fiscal years 2009 and 2010 on Sept 29. "Optimism in Satyam's growth prospects is being driven by overall buoyancy in demand seen in the Indian IT sector," CLSA said in a note on Thursday. "However, we do not expect Satyam's growth to follow the sector prospects in FY11 or even in FY12." Oil and Natural Gas Corp gained 1.1 per cent to 1,437.35 rupees, after it said on Thursday two exploration discoveries have been notified to Directorate General of Hydrocarbons. Sun Pharmaceutical rose 1.7 per cent to 1,920.55 rupees, as the drugmaker's board approved a 5-for-1 stock split. Mahindra Satyam was the volume leader with 16.8 million shares, followed by Ispat Industries with 13.1 million rupees and South Indian Bank with 10.4 million shares. -Reuters

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HSBC Holdings, which has a 15 per cent weighting on the benchmark index, fell 0.6 per cent, capping the Hang Seng's gains. HSBC, which opened 1.4 per cent lower, is in focus amid talk of a management shakeup, with the Financial Times saying Chief Executive Michael Geoghegan may step down by the end of the year. China's financial markets were closed for a long holiday and will reopen on Monday. -Reuters

BERLIN: German business sentiment rose unexpectedly in September to its highest since June 2007, though a growth slowdown in Europe's dominant economy risks piling more pressure on its struggling euro zone peers in coming months. The Munich-based Ifo think tank's business climate index, based on a monthly survey of some 7,000 firms, rose for a fourth consecutive month to 106.8 from 106.7 in August, data showed on Friday. The surprise uptick helped push the euro to session highs against the dollar and sterling,

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while European shares pared losses and Bund futures turned negative. The mid-range forecast in a Reuters poll of 48 economists had been for a fall in sentiment to 106.2. "Today's Ifo defies any double dip concerns for the German economy," said ING Financial Markets economist Carsten Brzeski. Ifo economist Klaus Abberger said the survey also showed Germany's economic rebound was entering a new phase and losing some pace, with exporters somewhat sceptical over developments

in the United States and China. That slowdown will likely fuel concerns in other parts of the euro zone, notably struggling peripheral economies such as Ireland which have been heavily reliant on 'growth engines' like Germany to help compensate for their own weak domestic demand, crushed by austerity measures. Some recent indicators have strengthened the impression the German recovery is slowing after stellar 2.2 per cent growth in April-June, the fastest quarterly growth in reunified Germany.-Reuters

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Holdings, declined to comment. Bashir's comments came on the heels of a media report last week saying the project may be given to China, which provided 80 per cent of its initial $248 million development costs. China is already involved in engineering, mining, nuclear energy and construction projects in the country, and has invested in Pakistan's transport and mobile communication sectors. -Reuters

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of 11.5 per cent.The government's domestic net financing needs will increase after the floods and about 2 trillion rupees ($23.28 billion) in treasury bills will need to be rolled over this fiscal year, the IMF said, while domestic private demand will soften and undermine the already weak recovery in private sector growth.The remaining four analysts expect a rise in the policy rate as the risk of inflation is increasing and government expenditure will increase because of flood relief, rehabilitation and reconstruction. Analysts said it was important to assess whether the larger than expected jump in inflation was temporary and linked to supply shortages and transport disruptions. -Agencies

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"We are telling the government that there should be a limit on the import of raw sugar. It should not be more than 500,000 tonnes," Iskandar Khan, chairman of the Pakistan Sugar Mills Association (PSMA), told Reuters. "We are expecting 3.6 million tonnes of sugar output after flood damage and together with raw sugar import and purchases being made by the TCP, the availability will be according to our consumption," he said.While Khan frames the issue in terms of protecting local farmers and even health issues surrounding unprocessed sugar, unlimited sugar imports would drive down domestic prices and cut into industry profits.Khan said the government should specify a limit and it should be channeled through the Industry Ministry to millers according to their production last year. Khan said raw sugar should reach the country within three months to enable millers to refine it by the end of February, the end of the crushing season, which starts in late November this year. -Reuters

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"Today, there is no doubt in the minds of Pakistani people that it is our war. We will not let the gains slip through our hands" Qureshi declared.Foreign Minister said Pakistan is fully aware of its responsibility as a front-line state in this global struggle."The price of losing this war is far too dangerous to imagine. Our way of life is at stake; our very survival is at stake". He declared that Pakistan will leave no stone unturned to protect its society, protect its ethos, and protect the world at large, from this menace.Referring to the unprecedented floods in Pakistan, he told the audience that the challenge is too huge for any one country to handle. Pakistan has sought support from its international partners and it is grateful they came forth immediately.He said Pakistan does not want to burden its international partners indefinitely and the country needs trade not aid. He therefore impressed upon international partners that enhanced access for Pakistani products should be seen as a strategic imperative. He said the European Union has taken the first step in this direction."Opening up markets to Pakistani products will help in creating new jobs. It would dry up the supply of recruits for terrorists. This would send a loud and clear message: the world cares for the people of Pakistan. This will be an important and perhaps decisive step in the struggle to win the hearts and minds in Pakistan" he elaborated. Foreign Minister said Pakistan and the US enjoy a robust and multi-dimensional relationship. "We believe now our partnership is based on shared values, common goals and common interests". He said Pakistan has legitimate stakes in Afghanistan's peace, security and stability and believes that there is no military solution to the conflict in Afghanistan. It is hosting over 3 million Afghan refugees and their presence on our soil translates into a security linkage. Turning to relations between Pakistan and India, the Foreign Minister said realization of durable peace in South Asia will remain elusive without a just solution of Jammu and Kashmir dispute. -Agencies

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beneficiaries holding the government position and assignments to voluntarily resign from their positions. I have also directed the Law Ministry to furnish its views and recommendations on the matter," the Prime Minister said.Gilani said, two and half years have already passed and if the Parliament wants to decide on withdrawal of immunity, it should go ahead. "We should give respect to institutions. But, giving respect to institutions does not mean to respect only the judiciary. What about the Parliament and other institutions? Therefore, we respect all institutions but under the ambit of Constitution.""We have been facing courts earlier and shall face again. But, you do not ridicule your own class and institutions," he said and mentioned to a cartoon depicting some politicians and media searching a change that is even invisible. "For this invisible, we are running after a black cat in the darkroom." Gilani complimented the Parliament for achieving milestones like NFC Award, 18th Constitutional Amendment and restoration of 1973 Constitution."We also need an Award from the nation. But, when we shall be criticized severely, people may think we have not delivered," he said. Furthermore, Prime Minister Gilani assured the Senate that the government would take up Dr Aafia's case on political level with the United States, following her conviction by a US court, sentencing her for 86-year imprisonment."We will take up Dr Aafia's case with the US administration on political level as was done with Saudi Arabia. We will use all channels for her repatriation," said the Prime Minister addressing the Upper House of Parliament. Earlier, while speaking at the first meeting of the newly constituted National Oversight Disaster Management Council PM Gilani has declared that Government will reprioritise budgetary allocations and redirect resources for reconstruction of flood affected areas.Prime Minister said government is seriously thinking to mobilise additional tax revenues to fund reconstruction phase. Prime Minister expressed the confidence that the international community understands its responsibility and will stand with us as we move forward into recovery and reconstruction phase.

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Obama after a US court jailed Dr Aafia Siddiqui for 86 years. In a case that has been condemned across the Pakistan, the government said it would petition Washington to secure the repatriation of the mother of three on humanitarian grounds. A New York court found Aafia Siddiqui, guilty of the attempted murder of US military officers in Afghanistan in 2008 -- five years after she disappeared.In Karachi, police fired tear gas shells to prevent scores of people from marching on the US consulate at the behest of the youth wing of Islamic party Jamaat-e-Islami (JI). The protestors shouted "Death to America," "Free Aafia Siddiqui" and "Down with the US system of justice".Hundreds of anti-riot police deployed on the main Shahra-e-Faisal road to stop protesters from marching toward the US mission. Police official Javed Akbar Qazi said police arrested at least 14 people for creating a disturbance. At a small protest outside the Karachi press club, JI activists burnt a crudely made Obama effigy, condemning US policies as antiMuslim.Hundreds more took to the streets in Lahore. Cricket hero-turned-politician Imran Khan led a rally to condemn the verdict as "unethical and inhuman," media reported. In Islamabad, police stopped dozens of Islamic students from marching on the US embassy to hand over a protest note.The crowd shouted "Crush America," "Siddiqui is our sister" and "We will bring her back." Dozens of lawyers and activists blocked traffic in the central city of Multan, shouting "Down with America" and setting fire to an effigy of Obama and former Pakistani president Pervez Musharraf, an AFP reporter said. Prime Minister Gilani told the Upper House of Parliament: "We will use every means to bring her back. Dr Aafia is the daughter of the nation. We fought for her and we will fight politically to bring her back."Interior Minister Rehman Malik said the government would petition the US administration to review the sentence on a "humanitarian basis" and request that Siddiqui be handed over to Pakistan and dealt with under Pakistani law.

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Judicial decisions leave no room for any difference. Prime Minister is a wise man and he understands it well that non acceptance of judicial verdicts would lead to what outcome. It depends on the prime minister what decision he takes, CJP observed. The hearing of the case has been adjourned till September, 27. Earlier on Thursday, the law ministry had sent the five-point summary to the prime minister on the court's directives. Sources said the summary suggested that no cases could be initiated against President Zardari in the Swiss courts.

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He categorically stated that there was no possibility of his resignation. -APP


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Joint resolution to be tabled for Dr Afia: Malik

SRINAGAR: A general view of a curfew bound street in Srinagar.-Reuters

USC Srinagar made Corrupt officers to be dealt with, “curfew-country� NA assured SRINAGAR: Kashmiris appeared to have been caught in a brewing battle of curbs between the government and the pro-freedom alliance as authorities continued with curfew in the valley for the 13th day running on Friday. Although Syed Ali Shah Geelani, who is spearheading the ongoing movement since mid-June, had announced a normal working day, the decision to neutralise Geelani's "off" in strike is the government's first overt bid to deny the pro-freedom leader the free run of the Kashmir valley he has been enjoying for the past three months during which 109 Kashmiris, mostly youth, have been killed in firing on protestors by the Indian forces. Earlier, the government would usually not resort to curfew on the occasions the Hurriyat gave a reprieve in its strikes, but obviously it has decided not to be taken for granted any longer.

The government's new experiment of fighting fire with fire had begun to become evident a few days ago when it clamped curfew on top of a break in strike, and was more or less confirmed today when curfew continued despite Geelani's announcement of a normal working day. The decision to continue with curfew was learnt to have been taken at a high-level meeting here chaired by the chief minister, Omar Abdullah, with sources saying that the government would take recourse of restrictions whenever Geelani gave a respite in his strikes, for the time being at least. To give the devil his due, the government did temper its strategy by providing for some measure of relief by relaxing curfew for some hours in the afternoon on Thursday and Friday. But a decision was said to have been taken to re-impose

curfew after 11 pm again. Apparently, the government has put together a strategy of some sort to save itself the mortification of being a helpless bystander as Geelani calls the shots in the valley. On Thursday, the divisional administration came out with an announcement that schools and colleges, which have been closed since the Hurriyat began its protest calendar in June, would begin functioning again from Monday. It had directed district authorities to ensure the safety of students attending schools, and said that children in uniform would be allowed to move out in case of curfew or restrictions. Reports from Kupwara said the Army has stepped in and was making rounds of villages asking them to keep schools open. In certain cases they have even said that the army See # 6 Page 11

Pakistan to ask UN for $2bn rehab aid ISLAMABAD: Secretary Economic Affairs Division Sibtain Fazal Halim on Friday told Special Committee of Public Account Committee that Pakistan would appeal to the United Nations for US$2 billion for the reconstruction and rehabilitation of flood affected areas and victims of the devastating floods in the country. The special committee, which met with Riaz Peerzada in the chair at the Parliament House, reviewed the audit objections on the monetary matters of the Information Ministry and Economic Affairs Division (EAD) for the year of 1994 and 1995. To a question of Riaz Fatyana, the EAD Secretary told the committee that the United Nations had committed

$459.7 million flood relief funds out of which $412 million have been received. Pakistan would appeal to the UN for further $2 billion donations. He said of the commitments of $1.4 billion by different countries, $338 million have been received. Halim further stated that the Asian Devolvement Bank had committed $2 billion, the World Bank $1 billion and the Islamic Development Bank $730 million for the reconstruction and rehabilitation of flood affected areas. Regarding the objections from Audit Department, the PAC directed the EAD Secretary to settle the objection within a month. The committee also reviewed the audit objections of the

Ministry of Information and Broadcasting and subordinate organisations including Pakistan Television (PTV) and Pakistan Broadcasting Corporation (PBC) and directed the Information Secretary to settle all these paras. Chairman of Special Committee -III Riaz Peerzada appreciated President Asif Ali Zardari and Prime Minster Syed Yousuf Raza Gilani for their liberal policy towards PTV and Associated Press of Pakistan (APP). He said the PTV was doing impartial and fair reporting of every event and it was not projecting the foreign agenda as some media groups were doing. Replying to a query of Riaz Fatyana about fund raising See # 7 Page 11

ISLAMABAD: Minister for Industries Mir Hazar Khan Bijarani Friday assured National Assembly of an action against the corrupt officials of Utility Stores Corporation (USC). "Action has already been taken against officials in Karachi for selling expired goods and charging higher rates at defence Phase-1 store," he informed the House in response to a point of order. Referring to utility store in Jhelum, the minister said, investigation was carried out and no corruption or evidence of charging higher rates was found. "Even then the members See # 4 Page 11

Senate orders investigation into unlawful appointments ISLAMABAD: Chairman Senate Farooq H Naik has directed to the leader of the house Syed Nayyar Bukhari to constitute a committee and investigate the illegal appointments in PIA, Nadra, Safron and ministry of Railways. Before it, members of senate took up the issue and observed the protest and walked out against the illegal appointments on Friday from running session of Senate. According to the details, members of senate raised the issue of 1865 illegal See # 5 Page 11

NCTA lacks manpower, says minister ISLAMABAD: State Minister for Interior Tasneem Ahmed Qureshi said that National Counter Terrorism Authority (NCTA) was tasked to maintain coordination among the antiterrorism agencies and to See # 3 Page 11

ISLAMABAD: Minister for Interior Rehman A Malik said on Friday that a joint resolution would be tabled in the parliament on the issue of Dr Afia Siddiqui and the government would initiate every possible stance for repatriation of Dr Aafia on receiving copy of court's verdict. Talking to media outside the Parliament he said, "Talks are underway with other political parties for tabling a joint resolution in the Parliament on the issue of Dr Siddiqui." The minister said all possible channels and options would be utilised to bring back Dr Afia to Pakistan. "Dr Afia is a daughter of the nation and the government is utilising all possible channels and options for her return." He added the government was also planning to write another letter to the United States for repatriation of Dr Afia Siddiqui adding that she should be deported to Pakistan under UN Convention for exchange of

prisoners on humanitarian grounds. He said President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani have discussed the issue with all the US delegations which had visited Pakistan from time to time. To a question, he said Dr Afia was lifted in the Musharraf regime and due to efforts of the PPP government her two children had been recovered. "It was our government which registered FIR of Dr Afia Siddiqui's case," he added. The minister said that the government had paid about $2 million to Dr Afia's lawyers. Rehman Malik urged politicians not to use this sensitive issue for getting political mileage. To another query, he said he had talked to Pakistan's Ambassador in the United States on the issue and asked him to utilise all possible options for her repatriation. Responding to another question Rehman Malik

brushed aside the rumors that Pakistan had written a letter to the US government requesting it to proceed cases against Dr Afia. According to a press release issued here on Friday, Interior Minister also phoned to the family of Dr Aafia and expressed his sympathies with the Dr's family and reiterated the family that even after court's verdict the government would try its best to retrieve Dr Aafia from American detention. Interior Ministry at the directives of President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani recovered two children of Dr Aafia and handed them over to the Aafia's family. He also said that the government had hired services of a notable lawyer by disbursing millions of dollars to pursue Dr Aafia's case in America but the family of Dr Aafia refused to take the services of lawyer at the second phase of the case. -Agencies

Germany, Pakistan ally for EU-mkts bid NEW YORK: Germany and Pakistan will work out a joint strategy to seek the necessary waivers from the World Trade Organisation that would ease its access to European markets, an official statement said Thursday. The statement was issued after a meeting between Foreign Minister Shah Mahmood Qureshi and his German counterpart Guido Westerwelle on the sidelines of the 65th UN General Assembly Session in New York. Westerwelle appreciated the personal initiative of the Pakistani Foreign Minister to get market access for Pakistani products in the European Union (EU). He assured Germany's sup-

port on this issue. The two foreign ministers also discussed the Friends of Democratic Pakistan (FoDP) process with a view to enhancing its effectiveness. The German minister said his government's would actively participate in the FoDP deliberations. He will lead the German delegation in forthcoming meeting of the FoDP in Brussels. Qureshi thanked Germany for relief assistance to the flood affected people of Pakistan with special reference to the donations collected by the people of Germany. The foreign minister stated that close personal engagement by German Chancellor Angela Merkel in providing relief

Indian missile test-fire tanks NEW DELHI: India's indigenously developed nuclear capable Prithvi-II ballistic missile failed to take off during a user trial from the Integrated Test Range (ITR) at Chandipur off the Orissa coast on Friday apparently due to a technical problem, defence sources said. Though the ITR authorities were not immediately available for comment, defence sources said the sophisticated missile could not take off during the planned trial from the launch complex-III of the test range due to some 'technical snag', PTI reported.

'The failure to lift Prithvi-II was due to a snag either in the main missile or the sub-system, including the launcher,' they said, adding the test-fire was slated to be held as part of user's trial by the armed forces. During Friday's planned trial, a noise could be heard as smoke billowed from the launch site around the time of the blasting. Efforts were on to ascertain the exact reason behind the failure on the part of the missile to take off and defence scientists were examining the See # 2 Page 11

assistance has touched the hearts of Pakistani people. He appreciated the role of Germany as the largest economy in the EU as well as one of leading economic powers of the world. He also expressed desire to establish strategic partnership with Germany. The two foreign ministers also discussed the relief work being undertaken by the United Nations in Pakistan and stressed the need for increasing its efficiency and coordination with the government of Pakistan. Foreign Minister Guido Westerwelle accepted the invitation extended by his Pakistani counterpart to visit Pakistan, the statement said. APP

Trade ministry calls for ban on cattle exports ISLAMABAD: Federal Ministry for Trade has forwarded a proposal to Livestock Ministry, seeking ban on export of cattle from the country, a private TV channel reported. Secretary Trade Zafar Mehmood said floods have wreaked devastations with farm animals on a great scale, prompting trade ministry to propose government for a ban on the export of cattle from the country. He said export of livestock See # 1 Page 11

New envoy to Pakistan awaiting US Senate OK WASHINGTON: The US Senate Committee on foreign relations held a hearing on the nomination of AmbassadorDesignate Cameron Munter to be the next US Ambassador to Pakistan. Munter's nomination now will be submitted to the US Senate for approval. In his testimony before the Committee AmbassadorDesignate Cameron Munter said success will come in Pakistan by building confidence in and working with a strong civilian government. He said it will be result of patient efforts on the part of the US to define and address areas of

interest that America and Pakistan share. "Our counterinsurgency against violent extremists, Pakistan's ability to achieve its full economic potential, our commitment to social development" are the key areas of interest, Munter said. We can only achieve this common success with a strong partner in Pakistan's democratically elected civilian government. The Enhanced Partnership Act with Pakistan of 2009, which we've referred to as Kerry-Lugar-Berman, has demonstrated that Congress supports this approach, provid-

ing generously for our efforts to build a long-term partnership between the people of the United States and Pakistan. He however said the flood waters that struck Pakistan have made the challenge more difficult. As Senator Kerry pointed out after his recent trip, the devastation created by the floods is gut-wrenching; 1,700 Pakistanis have died, 20 million have been affected. He said the US was the first and the most in responding to this crisis and providing more than $345 million with relief and recovery efforts so far, not

to mention $50 million worth of in-kind assistance from the US military, including evacuating more than 15,000 people, delivering more than 7 million pounds of relief supplies. Ambassador designate Munter said Pakistan needs US support to overcome this terrible tragedy, and the United States will be a source of support in the years to come. He said the key point in Pak-US relationship is "We're in this for the long haul, as all of you have emphasised". He said the US will not only supply immediate

humanitarian help, it will also help Pakistani institutions so they will serve Pakistan well in years to come. The US will do all it can to increase transparency of the relief and recovery effort. He said while the US and international community will help, Pakistan must raise its revenues internally to pay for the needs of its people. Munter said while the strategic dialogue addresses energy issues, defense and counterterrorism cooperation, nonproliferation, water management and more, the USPak partnership has a crucial

security element. Pakistan's security is vital for us and for the region. A secure and stable Pakistan will strengthen security globally. . He said there is need to overcome historical skepticism among Pakistanis about American motives in South Asia, and this will require ceaseless engagement, energy and outreach. It will require wisdom and the ability to listen. "Pakistanis and Americans are natural friends and natural partners, we must work together and we must talk openly," he said. -INP

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The Financial Daily E-Paper 25-09-2010