Page 1

International Karachi, Friday, September 24, 2010, Shawwal 14, Price Rs12 Pages 12

Ahmadinejad softening Tehran’s nuclear stance

Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.63bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.61mn

Total Portfolio Invest (9 Sep-2010)

ISLAMABAD: President Asif Zardari and PM Yousuf Gilani sitting on the stage during meeting of PPP Central Executive Committee. -APP

PSDP maybe slashed by up to 50pc: Hina

NCCPL (U.S $ in million)

FIPI (23-Sep-2010) Local Companies (23-Sept-2010) Banks / DFI (23-Sept-2010) Mutual Funds (23-Sept-2010) NBFC (23-Sept-2010) Local Investors (23-Sept-2010) Other Organization (23-Sept-2010)

0.67 0.19 0.36 -0.64 -0.03 -1.07 0.52

Re-budgeting afoot, NA told

ISLAMABAD: The National Assembly has been informed that governIndex Close Change ment is in process to KSE 100 9,866.80 79.62 reshape the federal budget Nikkei 225 9,566.32 35.79 in view of the unprecedentHang Seng 22,047.71 45.12 Sensex 30 19,861.01 80.71 ed catastrophe by floods. ADX 2,639.33 8.24 Minister of State for SSE COMP. 2,591.55 2.84 Finance Hina Rabbani FTSE 100 5,547.08 4.83 Khar informed the House *Dow Jones 10,741.70 2.39 during question hour that *Last Updated 20:00 PST unexpected and unpreceGDR update dented floods resulted in $.Price PKR/Shares huge infrastructure loss that Symbols 111.57 has created enormous chalMCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 17.25 148.04 lenges for the country's UBL (1 GDR= 4 Shares) 2.00 42.91 economy. Global Indices

LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 9.64

36.47 33.09

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% 12.70% 12.82% 12.96% 13.27% 13.34% 13.40% 13.48% 13.60% 13.74% 13.86% 14.08%

22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010

Commodities *Crude Oil (brent)$/bbl 77.10 *Crude Oil (WTI)$/bbl 74.03 *Cotton $/lb 98.43 *Gold $/ozs 1,292.70 *Silver $/ozs 21.03 Malaysian Palm $ 864.70 GOLD (NCEL) PKR 35,794 KHI Cotton 40Kg PKR 7,770 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 81.25 Canadian $ 82.50 Danish Krone 15.00 Euro 114.00 Hong Kong $ 11.00 Japanese Yen 0.998 Saudi Riyal 22.70 Singapore $ 63.95 Swedish Korona 12.10 Swiss Franc 84.90 U.A.E Dirham 23.20 UK Pound 134.04 US $ 85.85

82.25 83.50 15.40 115.50 11.40 1.023 22.90 64.95 12.60 85.90 23.40 135.50 86.15

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

81.94 83.28 15.41 114.79 11.05 1.010 22.85 64.63 12.50 86.79 23.33 134.19 85.82

82.13 83.48 15.44 115.05 11.07 1.013 22.90 64.78 12.53 87.00 23.39 134.51 86.00

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

33°C 34°C 31°C 33°C 29°C 33°C

MIN

23°C 26°C 23°C 25°C 6°C 24°C

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See on Page 12

Committed to ensure transparency in aid outlay: govt

SCRA(U.S $ in million)

42.86 -43.01 -0.20 2337

See on Page 12

Seven LHC-CJ murder plotters released

Reformed GST from October 1

Portfolio Investment Yearly(Jul, 2010 up to 21-Sep-2010) Monthly(Sep, 2010 up to 21-Sep- 2010) Daily (21-Sep-2010)

FRB reviews tax reforms

Transparency Int’l holds seminar on ‘Rehab in Pakistan’

Economic Indicators 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)

SC puts Faisal Saleh Hayat, three RPPs on notice

National Assembly was also informed that PSDP may be cut by 30 per cent to 50 per cent in view of recent floods to divert resources for rehabilitation and reconstruction of affected areas. Minister of State for Economic Affairs and Statistics, Hina Rabbani Khar told the House that total external debt has risen to $55 billion and is well within the limits of Fiscal Limitation Act. See # 11 Page 11

Universities’ financing crisis resolved

HEC strikes Rs15bn at last Govt also okays 50pc pay-raise, 15pc medical allowance

ISLAMABAD: The federal government has agreed to release Rs15 billion in the initial phase to the Higher Education Commission (HEC) to resolve the paucity of funds being faced by 72 universities of the country, media reported Thursday. The release of funds is said to be a formula which has reportedly been agreed by the Ministry of Finance and the HEC. The Committee formed

by Prime Minister for the resolution of budgetary crisis in the higher education sector has settled on three points. The other points that have been agreed upon include fifty per cent increase in the salaries and payment of 15 per cent medical allowance to universities as additional recurring grant. It has been agreed that all foreign and local See # 10 Page 11

PPP says wants no showdown with judges ISLAMABAD: Pakistan Peoples Party during its Central Executive Committee meeting agreed that the party wants no confrontation with the judiciary and that it will continue to

Govt to complete its term despite odds: Zardari

Dr Aafia handed 86-year jail term

US asks world to tend to Pakistan

2M services trade deficit swells 18pc

NA passes bill to re-found CCP

Staff Reporter KARACHI: Country's foreign exchange reserves rose to $16.63 billion in the week ending on September 17, from $16.07 billion the previous week, the central bank said Thursday. Reserves held by State Bank of See # 16 Page 11

ISLAMABAD: Finance Minister Hafeez Shaikh Thursday said reformed general sales tax (GST) will be levied from October 1, adding specific lobbies are opposing withdrawal of concessions from the privileged class. Finance minister said this while addressing the inaugural session of workshop organised by Transparency International on transparency in rehabilitation of the flood affectees and reconstruction of flood ravaged

ISLAMABAD: Senator Safdar Abbasi has been been barred from Central Executive Committee's (CEC) meeting held Thursday because he gave statements See # 14 Page 11

areas. He told Pakistan has the lowest tax to GDP ratio of 9 per cent among world countries in the perspective of tax paying culture. Provision of education, potable water and health facilities to the common man was the top priority of the government, he pointed out. Over 20 million people have been marooned by the flooding waters and most of them are from poor segments of society. Large-sum loans may not be disbursed among the affectees as their payback would become difficult for them, he stressed. Responding to a question he said

government was passing through difficult economic situation. He ruled out possibility of any minibudget, but added it would be approved from the parliament if needed. Transparency International is monitoring utilisation of funds released under Kerry-Lugar bill, he indicated. He went on to say government was taking steps to ensure transparent utilisation of funds in all three phases of rehabilitation, reconstruction and settlement of flood affectees. Prime Minister has set up National Disaster Management Council for transparent use of relief See # 7 Page 11

Govt presents its stance in Supreme Court today

Swiss cases’ summary sent to PM

ISLAMABAD: Federal law ministry has forwarded a summary to Prime Minister Yousuf Raza Gilani pursue the policy of rec- regarding reopening of Swiss cases. Confirming the forwarding of sumonciliation. This was stated by PPP mary, senior officials of Law leader Jehangir Badar while briefing the media following the party's CEC meeting here on Thursday. He said balance of power between the See # 9 Page 11

KARACHI: Dr Aafia Siddiqui has been sentenced to 86 years of imprisonment by the US federal court in Manhattan Thursday, for allegedly firing at US troops in Afghanistan. Obama pushes Israel on settlements, Arabs on ties A jury found Aafia guilty in February of trying to kill US agents, after Afghan police detained her in 2008. During Siddiqui's three-week trial, FBI See # 17 Page 11 UNITED NATIONS: US President Barack Obama on Thursday called for world support for Pakistan's recovery from devastating floods, which have severely hit the agriAamir Abidi cultural economy and afflicted around 21 million KARACHI: Country's people with misery. services trade deficit Obama made the appeal increased by 17.9 per cent to assist Pakistan's flood the UN General Assembly in the first two month of recovery in his address to See # 12 Page 11 fiscal year 2011 over the same period of previous year. Trade gap in services reached to $567 million in July-August 2010 against $481 million in the corresponding period of previISLAMABAD: National Finance and Economic ous fiscal, according to Assembly Thursday unani- Affairs, Hina Rabbani Khar State Bank of Pakistan mously passed the bill for tabled Competition Bill- (SBP) data. See # 13 Page 11 constitution of Competition 2009 and bill on steps for Commission (CC) while open competition in all secAbbasi PML-N legislator Zahid tors of trade and economic along with Hamid withdrew his activities debarred amendment with reference amendments approved by from PPP to government sponsored the Senate in National Assembly. bill. CEC meeting See # 15 Page 11 Minster of State for

FX reserves up at $16.63bn

Finance Minister rules out fiscal emergency

Ministry told that ministry has clarified its position in the summary regarding reopening of cases that no action can be taken against President and no case can be opened against him as he enjoys immunity under

article 248. Sources told that summary further says that President is the supreme commander of the armed forces and part of the parliament and law See # 8 Page 11


2

Friday, September 24, 2010

KCCI & CIPE holds seminar

Good governance in family-owned cos crucial Jamil Siddiqui KARACHI: Promoting basic principles of good governance for 90 per cent local family owned companies is crucial in supporting the development of strong economic sector and sustainable growth, said speakers of a workshop here on Thursday. The workshop titled "Sustainability and Wealth Creation Through Corporate Governance in family owned Companies", was organised jointly by the Standing committee of Banking and Insurance for Karachi Chamber of

Commerce & Industry (KCCI) and Center for International Private Enterprise (CIPE). Speakers said that family owned companies are the backbone of Pakistan's economy. However these companies are traditionally either unaware of the general principles of good corporate governance or work in a relatively less transparent and documented environment. Participants agreed that, it is necessary that the private owned companies should be run by the principles of good governance and management, and bad governance and unprofessional conduct are

amongst the major causes of business failure. A group discussion was also held among the participants to highlight the strong and weak points of the family owned companies and how to overcome the shortcomings of family-owned businesses. In his opening remarks, Senior Program Manager CIPE Hammad Siddiqui observed that CIPE's primary role in Pakistan is to support its local partners' efforts to improve the business environment through advocacy and policy dialogue. He marked that one of the core area that CIPE has specific interest is the

promotion of the culture of good corporate governance, adding CIPE has formed partnership with the various chambers to organize workshop in this regard. Various workshops are also planned in future by CIPE to further this cause, he added. At the occasion President, KCCI Abdul Majid Haji Mohammed also announced the formal inauguration of its digital library on September 29, 2010, and it would become the first chamber in Pakistan to have such a digital library, which is being established through CIPE grant funds and technical facilitation.

InfoTech to back P@SHA ICT awards Staff Correspondent KARACHI: InfoTech, Pakistan's leading System Integrator is extending its support to the P@SHA ICT Awards for the second year running. Joining the event as the Platinum Sponsor, InfoTech affirms its commitment to growing businesses in the domestic market. Now in its 7th year, the P@SHA ICT awards 2010 is a key event that attracts IT companies that highlights software excellence in the domestic market, taking winners to compete in the APICTA awards thereby showcasing local products into a regional landscape. Lahore will play host to the Awards for the first time. Commenting on the Awards, Naseer Akhtar, President and CEO of InfoTech Group said, "The P@SHA ICT Awards have been P@SHA's flagship event and as an organization, it is our commitment to supporting such a showcase. We look forward to a successful event and hopefully have a greater number of products and services highlighted."

KARACHI: Program Manager CIPE Hammad Siddiqui, Ateeq-ur-Rehman, Chairman, Banking & Insurance Sub-Committee of Karachi Chamber of Commerce & Industry along with participants of ‘Good Governance’ seminar at a local hotel here.-Photo by S Imran Ali

Another feather in Etihad’s cap

Mobilink chips in Rs236mn relief KARACHI: Mobilink has committed more than Rs236 million for flood relief in addition to contributing thousands of volunteer hours. This to date is one of the largest relief initiatives from the private sector. Besides the distribution of healthy food, hygiene kits and essential items, Mobilink has donated prefabricated sheets worth Rs140 million to be used as Health Units across Pakistan, said an announcement here on Thursday. The shelters will be used by renowned NGOs including the World Health Organization (WHO) and Thardeep Rural Support Program (TRDP) to establish health units to meet the medical needs of the flood victims across Pakistan. The shelters are made of pre-fabricated sheets making them easy to assemble, transport and store as per requirements. Made of durable material, these shelters will not only be useful during the current relief efforts but are a long term donation for future use as schools and dispensaries in coming months and years particularly in areas where rehabilitation will be a slow and lengthy process.-PR

KARACHI: Sindh Minister for Social Welfare Nargis ND Khan and Chief Field Officer UNICEF Sindh ANdro Shailakaddze singing the agreement.-APP

PCC-USA to attract investment in coal sector ISLAMABAD: President Pakistan Chamber of Commerce & IndustryUSA, Abdul Qayyum Khan Kundi informed that a forum on "Coal; Lucrative Business Opportunities in Pakistan" will be held in Houston, Texas on November 18-19 to give awareness to the international community about the huge potential of coal and opportunities of investment in Pakistan. Pakistan has 185 billion tonnes of estimated coal reserves and single Thar coal reserves are more than the oil reserves of Saudi Arabia and Iran. These reserves estimated at 850 trillion cubic feet (TCF) of gas, about 30 times higher than Pakistan's proven gas

reserves of 28 TCF, said Abdul Qayyum Khan Kundi, President PCCUSA while meeting with Zahid Maqbool, President of Islamabad Chamber of Commerce & Industry. Waseem Raheem, Chairman Standing Committee Coal PCCUSA said that these Coal reserves, worth $25 trillion, can cater to not only the electricity requirements of the country for next 100 years but also save more than four billion dollars per year in oil import bill. Despite having these vast reserves of Coal, Pakistan today meets less than 1 per cent of its electricity needs from coal power generation. Instead it meets almost 35 per cent of its needs from the

KUTS guts govt over budget-cuts

ICC to carry out Incoterms workshops

Tauseef Razi Mallick

be impossible to run the state affairs of universities. Prof Dr Abid Hasnain also showed strong disagreement over the statement of Education Advisor, Shehnaz Wazir Ali, who asked universities to sell their land for the sake of generating funds. KUTS also demanded that the advisor should apologise to the teacher community over her statement. Teachers society also called for the dissolution of Higher Education Commission (HEC) and to hand over the respective authorities back to the universities. The briefing was intended to tell the government that any cut in university budget will not be tolerated and any such act will generate strong reaction.

KARACHI: Etihad Airways has won the 2010 Avion Award for "best single achievement in inflight entertainment" for its innovative "E-BOX" system at the Airline Passenger Experience Association's (APEX) Annual Conference and Exhibition held in California, said a press release issued here. APEX (formerly the World Airline Entertainment Association) showcases new industry products and innovations at the annual exhibition as well as recognising success within the industry every year. E-BOX was first introduced across the airline's fleet in August 2009.-PR

KARACHI: Karachi University Teachers Society (KUTS) slammed the government over recent cut in the educational budget of public sector universities and has demanded a complete end to the anti-educational policy adopted by the govt on the directives of IMF and World Bank. This was stated by President KUTS, Prof Dr Abid Hasnain while talking to media representatives here at the Karachi University on Thursday. KUTS urged the government to reinstate the university grants but also to enhance it in order to carry out better education and research facilities for the students, otherwise it will

Samsung head visits flood-hit areas

KESC starts zero-kunda culture drive

KARACHI: Samsung team headed by Managing Director Steve Han and the Senior Manager Injae Lee personally visited Muzaffargarh, which is among the areas facing the worst flood disasters in Pakistan. Speaking on the occasion Steve Han said; "It is really painful to see such a large number of Pakistanis, facing such a massive disaster, where they have lost their homes, livelihood, properties, valuables and lives. Samsung is fully committed to help in the revival of a normal healthy life for these fellow citizens." During this visit the Samsung team personally ensured the fair distribution of 2 truck loads of relief goods. The DCO of Muzaffargarh briefed them about the extent of devastation in the area. About 2.1 million people among the total population of 3.5 million living in and around Muzaffargarh have been affected by the floods.-PR

KARACHI: The Karachi Electric Supply Company has identified Kunda and meter tempered localities in eight zones falling in the Region No 3 of the utility and has announced that a full scale drive to remove illegal connections and tempered meters in full swing. These areas fed by 80 feeders where electricity loss is as high as up to 76 per cent. KESC has divided the city into four regions to manage its power distribution system. The information given here only pertains to utility's region 3. Information

regarding other regions will also be revealed in the coming days said a press release by the Company. The release further said that it is time to recognise the fact that the uninterrupted electricity supply to any locality is directly related with honest usage of electricity and timely payment of bills by the customers. Those areas where electricity theft is on a lower side and bills are paid on time will get efficient and effective service as compared to those areas where theft and non payment of bills is on a higher side.-PR

KARACHI: Group photo of Managing Director & CEO, Hinopak Motors Hideya Iijima, Deputy Managing Director Takeshi Ito, Director Sales & Marketing, Mohammad Irfan Shaikh with Hinopak Dealers and Marketing Staffs taken at Dealers Meeting.-PR

Staff Correspondent KARACHI: International Chamber of commerce (ICC) Pakistan chapter has announced conducting awareness workshops at Karachi and Lahore on 2nd and 4th December 2010 with key note speaker Vincent O'Brien. In a handout emailed to The Financial Daily the spokesman of ICC Pakistan said that continuing a long tradition of providing the global trading community with the most up to date trade tools, ICC has launched today the latest revision of its internationally recognized trade terms Incoterms 2010. The rules used by companies in countless business transactions all over the world, will come into effect on 1st January 2011.

Tuwairqi sets up relief camp Staff Reporter KARACHI: Tuwairqi Steel Mills Limited (TSML) has set up relief camps for the flood-affected people in Thatta district. Abdul Aziz Ibrahim Al Ghadeer, Saudi Ambassador to Pakistan recently visited the camps and specifically remarked the enthusiasm of company's volunteers and appreciated the quality of relief efforts extended to the flood-affectees. Around 60 relief camps have been established by the company, where in addition to the basic necessities of life, medical facilities are also being provided to more than 350 people. On an average 100 patients are being examined and have been provided with free medicines as well. Facility is also being extended to other camps in the vicinity.

more expensive oil based thermal power plants. Compare this to other developing countries in the region China and India, which meet 70 and 57 per cent respectively of their energy needs from coal, said Kundi. He said that the purpose of the two-day forum was to convince the foreign investors to take advantage of investment in this sector and also to meet the energy demands of Pakistan. President of PCC-USA said that teams of technical experts from other counties will also be invited and forum will provide an opportunity to American businesses to interact and network with the decision makers from Pakistan attending this Forum.-APP

FRIDAY Time Programmes 8:00 Pakistan Aaj Raat 9:00 News 9:02 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:05 Akhri Suada 12:30 Mang Raha Hay Pakistan 13:02 Islamabad Say 14:05 Sara Jahan 14:30 Dilkash Pakistan 15:00 News 15:15 Power Hour 16:02 Awam Ki Awaz 17:00 News 17:05 Ghar Ka Kharch 18:05 Pegham-e-Islam 19:00 News 19:05 Islam Aur Karobar 19:30 Karobari Dunya 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:05 Doosra Pehlu 22:02 Doosra Pehlu 23:30 Islam Aur Karobar

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


3

Friday, September 24, 2010 Top Economic Events

Growth worries hurt euro; dollar falls on mixed data less claims, while another release showed existing home sales rose in August. "Overall the sentiment is pretty negative today, with several pieces of data in Europe, such as the Irish GDP data hurting the euro," said Matthew Strauss, a senior currency strategist at RBC Capital Markets in Toronto. "It will be hard to see a sustained push above 1.34 in euro/dollar with that type of data and concerns over the euro-zone periphery looming," he added. "But with weak data in the US as well and the possibility of further quantitative easing by the Fed looming, it will be also

hard to justify pushing the dollar much higher now." Uncertainty over the cost of propping up its banking sector has triggered concerns Ireland is on the tip of a debt crisis that could drag down other peripher-

al euro-zone economies. On Wednesday, Ireland said there was no chance it or its ailing banks would default on its debt. The government has extended a guarantee for the short-term liabilities of its

Asian currencies

Mostly retreat on intervention concerns SINGAPORE: Asian currencies fell for the first time in six days, with Malaysia's ringgit and the Thai baht retreating from 13-year highs, on concern recent gains were too rapid and central banks may intervene to protect exporters. Ringgit declined 0.2 per cent to 3.0940 per dollar as of 4:34 p.m. in Kuala Lumpur. The baht dropped 0.1 per cent to 30.68. Financial markets were shut for holidays in China, Japan, Hong Kong and South Korea. Asian economies are grappling with fund inflows as the Federal Reserve this week pledged to keep its benchmark interest rate near zero for "an

extended period" to secure a stronger economic rebound. Stock markets in India, South Korea and Taiwan have attracted more than $9 billion from abroad this month alone, exchange data show. The ringgit snapped a two-day advance as a technical indicator traders use to predict price swings shows the currency was poised to fall after it reached the strongest level since October 1997 this week. A similar gauge showed the baht has been overbought since Aug. 5. Thailand's currency has gained 5.6 per cent this quarter, Asia's best performance, as overseas investors pumped more

than $1.4 billion into the nation's shares. Taiwan's dollar rose 0.5 per cent to close at NT$31.60, earlier touching a four-month high of NT$31.52. Taipei's financial markets reopened after a holiday yesterday. Government reports today showed growth factory output rose 23.4 per cent from a year earlier in August, following a 20.9 per cent increase the previous month, and the unemployment rate fell to 5.11 per cent, the lowest level since 2008. Elsewhere, the Indonesian rupiah weakened 0.2 per cent to 8,966 per dollar and the Singapore dollar slipped 0.1 per cent to S$1.3274. -Agencies

Stg up vs euro; hits 6-wk high vs USD

Swiss franc hovers near 2-1/2 yr high against dollar

LONDON: Sterling rose against the euro on Thursday, pulling away from a four-month low as weaker than forecast euro-zone data cast doubt over the region's recovery, and pushed the single currency lower. A survey of purchasing managers showed growth in the euro-zone slowed in September while euro-zone peripheral bond yield spreads widened against their German counterparts.

Traders also cited euro/sterling selling related to a UK farm subsidies rebate from the European Union due at the end of the month. They reported buyers of short-term downside euro/sterling options, possibly in connection with such flows. But analysts said sterling remained vulnerable after Wednesday's Bank of England minutes showed policymakers felt the case for more monetary easing had strengthened. "Sterling had been sold quite heavily on Wednesday and there has been a bit of a corrective

move, but I think sterling will remain vulnerable with the market now speculating there may be more quantitative easing," said Geraldine Concagh, economist at AIB Group Treasury. At 1535 GMT, the euro was down 0.77 per cent at 84.87 pence, off a four-month high of 85.77 pence and its 200-day moving average, currently at 85.95 pence. Against the dollar sterling was

higher at $1.5721, having risen to a six-week high of $1.5741 on demand for the pound ahead of the London fix, traders said. A break above $1.5730, the 61.8 per cent retracement of the pound's move down from a high of $1.5998 on Aug 9 to a low of $1.5296 on Sept 7, pointed to a bullish streak for sterling. The UK currency's tradeweighted index stood at 81, pulling away from a two-month low of 80.4 hit on Wednesday due to the pound's gains versus the euro. -Reuters

ZURICH: The Swiss franc hovered near a 2-1/2-year high against the dollar on Thursday as markets settled a day after comments from the Federal Reserve sent the greenback into a tailspin against major currencies. The franc had spiked to its highest level against the dollar since March 2008 at 0.9834 francs per dollar after Wednesday's US Federal Open Market Committee meeting raised the prospect of more quantitative easing in the United States. The franc edged down around 0.1 per cent against the dollar on Thursday compared to the New York close, trading at 0.9874 per dollar at 0713 GMT. The franc also edged lower against the euro at 1.3221 per euro. The risk of the Swiss National Bank hiking rates in December had diminished significantly and the euro-franc cross would remain in the 1.30 to 1.33 range over the next 12 months, he said. The Swiss National Bank kept its interest rate target steady last week, predicting a significant slowdown as the strength of the Swiss franc and the cooling of the global economy hit the country's exporters. -Reuters

NZ$ dives on dour GDP; Aussie hits 5-mth high vs kiwi SYDNEY/WELLINGTON: The New Zealand dollar was thumped on Thursday and swap rates fell after surprisingly weak economic growth affirmed bets that domestic interest rates were unlikely to head any higher this year. The New Zealand dollar slid over half a cent to as low as $0.7307 after data showed the domestic economy grew just 0.2 per cent in the second quarter, far weaker than forecasts for a 0.8 per cent expansion. Losses in the New Zealand dollar were further exacerbated by stop-loss selling below $0.7360 and $0.7340, pushing the currency a good way under an eight-month high of $0.7417 hit offshore. With the economy sluggish, many investors saw little chance of the Reserve Bank of New Zealand (RBNZ) lifting rates from 3.0 per cent this year, especially since some thought the near-term outlook was marred by this month's

earthquake in Christchurch. Most analysts in a Reuters poll expect the RBNZ to next raise the benchmark rate in the first quarter of 2011. "The RBNZ is unlikely to deliver anything more than one more rate hike this year," said Roland Randall, a strategist at TD Securities. The Australian dollar leapt to a new fivemonth high of NZ$1.3073, helped by stop-loss buying above NZ$1.2975 and NZ$1.2990. Against the US dollar, the Aussie dollar was also strong near two-year highs at $0.9557. The buoyant Aussie dollar undoubtedly got a lift from its hawkish rate outlook. Implied rates showed investors saw a 61 per cent chance of Australian rates rising to 4.75 per cent as soon as next month, from 4.5 per cent now, owing to a robust domestic economy. In contrast, the market sees no chance at all of a rate rise in New Zealand next month. -Reuters

banks, while withdrawing guarantees on some types of bank debt at the end of the month. By late morning trading in New York, the euro was down 0.4 per cent on the day at $1.3345, off $1.3441 hit on Wednesday, its highest since April, when the dollar came under broad selling pressure on speculation the F e d e r a l Reserve will implement more monetary easing soon. A euro rise above $1.3400 in early European trade triggered selling from Asian accounts, traders said, but it hovered above its 200-day moving aver-

age around $1.3208. The euro also fell versus the yen, the Swiss franc and sterling. The dollar fell versus the yen to its lowest level since the Bank of Japan intervened on Sept. 15 to weaken the Japanese currency. The dollar was last down 0.2 per cent at 84.31 yen, but earlier it slid as low as 84.26 on EBS trading platform. Markets in Tokyo were closed on Thursday for a national holiday, but Japanese Prime Minister Naoto Kan was set to meet US President Barack Obama on Thursday. Obama will also meet Chinese Premier Wen Jiabao, who pushed back against pressure to revalue the yuan as US lawmakers threatened to penalize China. -Reuters

Indian rupee weakens on share losses MUMBAI: The Indian rupee edged lower on Thursday weighed by a second consecutive daily loss in domestic shares and broad gains in the US unit versus major currencies, but dollar sales by a private bank helped limit the downside. The partially convertible rupee closed at 45.64/65 per dollar, off the day's low of 45.72, but still weaker than its 45.58/59 close on Wednesday, when it had risen to 45.44 during trade, its strongest since May 14. "Rupee has stabilised a bit as there is some support seen for the dollar at 45.50 levels. Even stocks seem to be correcting a bit, so we may well be around 46 levels by month-end," said Sudarshana Bhat, chief of foreign exchange trading at staterun Corporation Bank. "Flows are likely to continue, but there seems to be good demand from importers, including oil. So as long as there is demand for dollars, we will not see runaway gains in the rupee. If demand wanes, then we could head to sub-45 levels," he said. Foreigners have pumped in $4.4 billion so far this month, taking net investments in 2010

to $17.3 billion, just short of the record $17.5 billion purchases seen in 2009. Dealers said the rupee was pulled off the day's lows as a large private-sector bank sold dollars on behalf of its corporate client. However, the greenback's gains versus majors weighed. "The market was relatively quieter today but given the sharpness of the move in the last few days, we could see some sharp moves yet to come. Think by December we'll be around 4545.50, but we could move towards 44 in March," said Ananth Narayan G., head of fixed income, currencies and commodities, South Asia, at Standard Chartered Bank in Mumbai. One-month offshore non-deliverable forward contracts were quoted at 45.86, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6875, 45.6925 and 45.6875 respectively, with the total traded volume on the three exchanges at an average $8.8 billion. -Reuters

Taiwan $ climbs; USD sinks after Fed meet TAIPEI: The Taiwan dollar rose to its highest level in nearly 4-½ months on Thursday against the US currency, which fell broadly after the Federal Reserve said it was ready to provide more support to bolster a sluggish US recovery. The Taiwan dollar ended at T$31.6 against the US dollar, its highest close since May 10 and compared with Tuesday's final price of T$31.765. The forex market was closed on Wednesday for a public holiday. The US dollar saw sharp selling after the Federal Reserve on Tuesday opened the door wider to pumping new dollars into the economy in a second round of quantitative easing. Investors took that as a hint that the US economic situation was eroding. "Generally the dollar is weaker against Asian currencies, and yes I see that going on for a while," said Thio Chin Loo, forex strategist with BNP Paribas in Singapore. Investors have also been keen on Asian forex markets in recent weeks due to strong fun-

Source CNY EUR EUR EUR USD USD USD

Events 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

Forecast

Previous

Source

Events

Actual

Forecast

Previous

NZD EUR EUR EUR EUR EUR EUR GBP USD USD

GDP q/q French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI BBA Mortgage Approvals Unemployment Claims Existing Home Sales

0.2% 55.4 58.8 55.3 54.6 53.6 53.6 31.8K 465K 4.13M

0.8% 55.0 60.1 57.7 57.2 54.6 55.5 32.3K 451K 4.11M

0.5% 55.1 60.4 58.2 57.2 55.1 55.9 34.2K 453K 3.84M

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

-0.2% 106.7 0.3% -3.7% 0.4% 276K

Previous Day

Euro stung by Ireland bank woes, weak economic data

NEW YORK: The euro fell from a five-month high versus the dollar on Thursday, weighed by worries over Ireland's economy and banking sector, which underlined concern over the euro-zone periphery. Other data suggesting growth in the euro-zone slowed in September also contributed to the declines in the single currency as it raised concerns about the region's recovery. A 1.2 per cent fall in second quarter Irish GDP from the first quarter confounded forecasts for a 0.5 per cent rise and highlighted the struggles facing Ireland as it tries to shore up its banking sector. In the United States, data was mixed. The dollar fell versus the yen after a report showed an unexpected rise in weekly job-

Time All Day 11:00 13:00 13:00 17:30 17:30 19:00

damentals and upbeat data from across the region, currency strategists say. A suspected move by Taiwan's central bank to control market volatility pared some of the day's gains. Upbeat economic data or earnings from the United States, Taiwan's No.2 export market, would support the local currency as investors favour growth-linked assets. 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

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

As per 22.00 PST Ask 1.3344 0.8500 1.3141 112.62 0.9844 1.0309 1.5718 132.6 0.9540 1.3766 85.74 1294.38 21.22

Bid 1.3342 0.8496 1.3136 112.59 0.9839 1.0305 1.5715 132.54 0.9537 1.3761 85.69 1293.63 21.19

High 1.3416 0.8565 1.3246 113.40 0.9897 1.0377 1.5741 132.76 0.9575 1.3865 85.93 1295.33 21.24

Low 1.3307 0.8475 1.3104 112.18 0.9808 1.0289 1.5614 131.85 0.9470 1.3752 85.39 1286.88 20.88

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 23/09/2010 A USD GBP CAD EUR JPY O/N 0.22663 0.54875 1.04083 0.38000 SN 0.10500 1WK 0.25025 0.55078 1.05500 0.47000 0.11750 2WK 0.25181 0.55563 1.08500 0.51000 0.12625 1MO 0.25625 0.56875 1.11083 0.57438 0.14000 2MO 0.27297 0.62281 1.17750 0.67250 0.17313 3MO 0.28938 0.73188 1.24083 0.82375 0.21938 4MO 0.34281 0.81734 1.29917 0.91375 0.30875 5MO 0.40625 0.92234 1.35500 1.00688 0.36750 6MO 0.46281 1.02438 1.41833 1.10813 0.42750 7MO 0.51344 1.10094 1.48333 1.15688 0.48438 8MO 0.56444 1.18094 1.56333 1.20688 0.53125 9MO 0.61469 1.26281 1.64667 1.25500 0.58063 10MO 0.66713 1.33500 1.71750 1.30500 0.60750 11MO 0.72031 1.40375 1.82500 1.35375 0.63188 12MO 0.78125 1.46938 1.92667 1.39875 0.66125

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 23,2010 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

85.90 134.51 115.05 83.48 87.00 82.13 12.53 1.02 14.58 64.78 15.44 22.90 11.07 12.81 300.82 27.79 62.93 23.61 23.39 0.07 2.80

85.70 134.19 114.79 83.28 86.79 81.94 12.50 1.01 14.55 64.63 15.41 22.85 11.05 12.78 300.12 27.73 62.78 23.55 23.33 0.07 2.79

85.52 133.89 114.53 83.07 86.57 81.73 12.46 1.01 14.51 64.46 15.37 22.79 11.02 12.75 299.33 27.65 62.62 23.49 23.27 0.07 2.79

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 23, 2010

CMKA

BMA

INVSR

GSL

ICSL

11.85 12.05 12.35 12.55 12.70 12.75 12.85 12.90 12.95 13.30 13.40 13.45 13.45 13.50 13.50 13.55 13.55 13.55 13.75 13.85

11.60 11.80 12.30 12.65 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

11.80 11.75 12.20 12.60 12.65 12.75 12.80 12.90 12.99 13.32 13.37 13.44 13.50 13.52 13.54 13.55 13.60 13.63 13.70 13.80

11.50 11.80 12.30 12.65 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

11.70 11.90 12.20 12.48 12.70 12.75 12.85 12.90 12.95 13.35 13.42 13.45 13.50 13.55 13.57 13.57 13.60 13.62 13.65 13.80

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

JSCM AvgRate 11.75 11.95 12.30 12.60 12.70 12.80 12.90 12.95 12.99 13.35 13.40 13.45 13.50 13.52 13.54 13.55 13.60 13.62 13.70 13.80

11.70 11.88 12.28 12.59 12.69 12.78 12.86 12.92 12.98 13.32 13.40 13.45 13.48 13.51 13.52 13.55 13.58 13.60 13.74 13.86

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

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

week month months months year years

0.88 0.82 0.18 0.34 0.36 -0.04

0.13 0.31 0.30 0.80 0.91 0.35

0.32 0.68 0.60 0.90 0.91 0.21

0.81 0.89 0.51 0.62 0.86 0.42

-0.57 0.27 -0.01 -0.18 0.52 -0.36

USD/CAD USD/CHF

0.31 0.71 0.44 0.01 0.34 -0.14

-0.19 -0.73 -0.28 -0.58 0.17 0.20

-0.53 -0.84 -0.17 0.16 -0.37 -0.15

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)23/09/2010 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 11.50

12.00

11.60

12.10

12.10

12.60

12.45

12.70

12.50

12.75

12.75

13.25

12.90

13.40

13.25

13.75

ABLN 11.50

12.00

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

13.00

13.50

ASPK 11.40

11.90

11.75

12.25

12.15

12.65

12.45

12.70

12.60

12.85

12.70

13.20

12.75

13.25

12.90

13.40

CIPK

12.25

12.10

12.60

12.55

12.80

12.70

12.95

12.80

13.30

12.95

13.45

13.00

13.50

11.90

11.80

12.30

12.25

12.75

12.75

13.00

12.85

13.10

12.90

13.40

13.00

13.50

13.15

13.65

DBPK 11.45

11.95

11.60

12.10

12.10

12.60

12.40

12.65

12.60

12.85

12.65

13.15

12.70

13.20

12.80

13.30

FBPK

11.50

12.00

11.75

12.25

12.20

12.70

12.60

12.85

12.75

13.00

12.75

13.25

12.75

13.25

12.95

13.45

FLAH 11.50

12.00

11.80

12.30

12.20

12.70

12.50

12.75

12.65

12.90

12.70

13.20

12.80

13.30

12.95

13.45

HBPK

11.40

11.75

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

HKBP 11.60

12.10

11.90

12.40

12.20

12.70

12.65

12.90

12.70

12.95

12.75

13.25

12.80

13.30

12.90

13.40

N I PK 11.65

12.15

12.00

12.50

12.70

13.20

12.80

13.05

12.95

13.20

13.00

13.50

13.10

13.60

13.20

13.70

HMBP 11.45

11.95

11.75

12.25

12.30

12.80

12.65

12.90

12.80

13.05

12.85

13.35

12.85

13.35

12.90

13.40

SAMB 11.50

12.00

11.80

12.30

12.30

12.80

12.75

13.00

12.95

13.20

12.90

13.40

12.95

13.45

13.05

13.55

MCBK 11.60

12.10

11.90

12.40

12.25

12.75

12.40

12.65

12.55

12.80

12.60

13.10

12.70

13.20

12.95

13.45

NBPK 11.50

12.00

11.85

12.35

12.20

12.70

12.60

12.85

12.75

13.00

12.80

13.30

12.85

13.35

13.00

13.50

SCPK

11.60

12.10

11.80

12.30

12.15

12.65

12.40

12.65

12.55

12.80

12.60

13.10

12.70

13.20

12.90

13.40

UBPL 11.65

12.15

11.80

12.30

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

12.03

11.79

12.29

12.20

12.70

12.57

12.82

12.71

12.96

12.77

13.27

12.84

13.34

12.97

13.47

11.53

0.00


4

Friday, September 24, 2010

To Nato, or Not to Nato

The Financial Daily International Vol 4, Issue 51

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

Anum Fayyaz

N

ato emerged after World Honorary Advisory Board War II and its primary S. Muneer Hussain Rizvi Haseeb Khan, FCA purpose was the collecKhurram Shehzad, CFA Asim Abbas Ashary, CPA tive defence of the Western European countries against a Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA possible ground attack by the Zahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA erstwhile Union of Soviet Ismat Sabir Muhammad Arif Socialist Republics (USSR). An Head office attack on one member state was to be considered an attack on all 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Nato members. The economic Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com reconstruction of the post-WWEmail Address: editor@thefinancialdaily.com II Europe was expected by this collective security system. Lahore office As a result of the Berlin block24- Peshawar Block, Fortress Stadium, Lahore ade in 1948, which led to negotiTelephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com ations between Western Europe, Canada and the United States, North Atlantic Treaty was signed on 4 April 1949. Nato was created through the North Atlantic Treaty. With the end of Cold War, the role of Nato had undergone a drastic transformation from providing collective defence to Western Europe against a possible ground attack by former Soviet Union to dealing with threats like those originating from global terrorism and milibecause after the formal The worst hit from torrential rains and subse- tancy end of Cold War in 1991, the quent floods has been the agriculture and live- original purpose for the creation stock sectors of Pakistan. People evacuated of Nato, the protection of territofrom areas being inundated by gushing water are rial boundaries, practically ceased to exist. Today, many reluctant to go back. The rehabilitation task is diverse issues like energy securienormous but scarcity of field workforce is like- ty and climate change are in the ly to delay sowing of wheat, scheduled to begin Nato agenda. The driving force

Let’s set agriculture priorities right

in September and to be completed before November ends. Pakistan can't afford to miss wheat sowing target. The prospects of supplementary income generated from cultivation of vegetables have also been marred. Farmers face three immediate problems that are: 1) re-demarcation of lands; 2) preparing fields for cultivation and 3) construction of water courses. Once these three crucial issues are resolved then will come procurement of certified seeds and fertilizers, which can't be arranged without lending by the financial institutions. Though everyone and their wife are demanding extension of credit on softer terms, but no one knows how to secure these loans, which have to be collateralised as well as insured to save the growers as well as the financial institution. Around this time farmers need two types of loans namely production and development. Historically, lack of clean title has been the major impediment and only the large farmers have benefited from agriculture sector lending. Millions of small farmers have been forced to acquire loans from informal sector and pay colossal interest rate. It is feared that agriculture implements and tubewells must have been damaged severely and farmers need substantial amounts of cash for their repair and/or replacement. The State Bank of Pakistan (SBP) has asked the banks to come up with a comprehensive plan to facilitate flood-hit growers across the country, especially for the Rabi season. It will be a test case for the newly appointed Governor, Shahid Kardar to come up with an omnibus scheme envisaging huge quantum of funds at softer terms. Experts stress the banks must extend larger crop loans at cheaper interest rates but the banks will not be able to do this in the absence of a credible disbursement mechanism and credit insurance system. One of the recommendations is free-of-cost provision of seeds and fertilisers to affected farmers. However, avoiding misappropriations is easier said than done. The country has ample stock of fertilisers but ensuring availability of certified seeds is a difficult job. It is encouraging that the United Nations Food and Agriculture Organisation (FAO) plans to supply seeds for the coming Rabi season to 200,000 farming families with a commitment for additional funding. It is, at the moment, soliciting for funds to double the number of beneficiaries. The growing fear is that farmers may miss one crop if land is not prepared for sowing. Therefore, the job has to be completed on war-footing. Experts also fear lasting and significant change in the demographic profile of the country as those moved to urban areas may not go back. Such unplanned and sudden demographic changes would not bode well for the agriculture sector. Policymakers, while chalking out new gameschemes, must not let these new demographic developments go unaccounted for, for these could make a big difference.

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.

of the Organisation has become more global. In mid 1990s Nato and the United States made serious efforts to end the war in Bosnia, which finally led to Dayton Peace Accord 1995. It deployed its troops and it was its first ever out of area deployment. Later in March 1999, its forces moved to end the ethnic cleansing of Kosovo in Yugoslavia. All these developments signified transformation from being a deterrent force to actually using its military capabilities to achieve different humanitarian goals. In this way, a ground was thus laid for other intrusions. The September 11, 2001 attack on US territory was thought to be the work of al Qaeda, which was deemed to be based in Afghanistan. In this way, Nato forces were deployed in Afghanistan and are still there todate. All these developments and Nato deployment in Afghanistan had negative impact on Pakistan because the province of Balochistan and Khyber Pakhtunkhwa, share a border with Afghanistan.

Appointment of new military commanders, troop-surge and formulation of AfPak policy in March 2009 was aimed at crushing Taliban in their stronghold but within matters of six months

“

wanted it to dismantle all militant networks in North Waziristan (NW) to ease his Kandahar venture. Pakistan Army's hands were already full and hence it could not oblige him. Finding himself in a logjam and seeing little scope for victory, he had the choices of either going ahead head-on, irrespective of the consequences, or resigning on grounds of ill-health, or needling US hierarchy and impelling Obama to remove him from command. He chose the 'Rolling Stone' option and offered himself as a sacrificial lamb. He has quietly heaped all his problems on the shoulders of his successor, General David Patraeus. Notwithstanding that Taliban have an influence over more than 70 per cent of territory in Afghanistan, yet they are far from taking over the reins of country. Until they capture Kabul and dismantle US bases in Baghram and Kandahar, which are the main power centers of coalition forces and Karzai regime, victory will remain illusive. There is a growing skepticism among policymakers in USA. The critics say that US military and civil officials associated with Afghanistan lack clarity, vision

There is general perception in Pakistan that no good has ever come out of the collaboration between US and Pakistan's military as a result of Nato's counterterrorism presence in Afghanistan. the situation deteriorated instead of improving. In response to Helmand offensive, Taliban had struck back ferociously dealing heavy casualties to the coalition troops. Battle losses in Helmand panicked Gen McChrystal propelling him to send a signal to dispatch 40,000 additional troops to save the situation. He hurriedly pulled back troops from forward areas to fortified major cities to avoid fatalities. While reluctantly ceding to his request for more troops in December 2009, Obama diluted the impact by ordering withdrawal starting July 2011. He also began to lean heavily upon Pakistan Army and

and have no set goals. It's time USA and Nato members launched an inquest into their nine-year performance as to why, today, they find themselves in such a sorry state desperately needing Pakistan's support. US Central Command chief Gen David Patraeus paid a visit to Islamabad to allay Pakistan's concerns that the military buildup in Afghanistan by the United States would add to its woes. US had very few options other than to increase the number of troops in Afghanistan and all these developments would have bad side-effects on Pakistan's stability. There is general perception in Pakistan that no good has ever come out of the collaboration between US and Pakistan's military as a result of Nato's counterterrorism presence in Afghanistan. This much has been gained from its military association with the most powerful member of Nato, the United States. Pakistan's citizens for long have been facing the fallouts of escalating violence as a result of US and Nato activities in the neighboring Afghanistan. The Nato forces are encountered with a different terrain and culture of surrounding countries, in the war-theatre of Afghanistan. But, still, the purpose and intent of Nato intervention in Afghanistan is dubious and not clear.

A Status-quoist Mug’s Game T

he Commonwealth Games fiasco opens a weakened Indian Prime Minister Manmohan Singh to dissent within his government and may add to a policy drift over issues from economic reforms to dealing with a Kashmir revolt. Singh's Congress-party led coalition will likely stay in power to the end of its term in 2014. But a perception of a floundering and out-of touch leadership may bolster the rise of a more leftist inner circle led by family scion Rahul Gandhi. The Games were meant to show India's global clout, but filthy venues, a bridge collapse and a suspected militant attack have added to a sense the 77-yearold, increasingly overshadowed by Rahul, doesn't control the reins of power 6 years in office. An increasingly influential Rahul could push Congress to the left on policies ranging from social programs to stricter controls for industrial projects to protect farmers, overshadowing Singh's attempts to liberalise Asia's third biggest economy. For the moment, Games criticism is being heaped on officials underneath Singh, such as its organiser and Congress party lawmaker Suresh Kalmadi. But this week Singh was forced to enter the fray, with growing calls for India to get its act together. "Multiple centres of power are emerging," said political analyst

Swapan Dasgupta. "They've always existed but this time they are becoming more public and the Games will only exacerbate that. Succession is always on the back of people's minds." Many politicians may use a national embarrassment to juggle for influence. Rahul, son of the country's most influential politician Sonia Gandhi, is thought by many in India to be waiting in the wings to succeed Singh. This week, in the middle of the Games controversy, the prime minister's own press spokesman made headlines when he appeared to criticise the government's lack of vision. He said the comments were taken out of context, but the damage was done. "Congress is by nature a status-quoist, pragmatic party," Harish Khare, was reported by local newspapers as saying on Tuesday. "It does not believe in any conviction. (It's) only conviction is to win elections." Those criticisms are rising in tone. Rahul also made headlines recently by effectively telling Singh to pass a land bill to help farmers.

Other politicians, like Environment Minister Jairam Ramesh seen close to Rahul, have appeared on a different page to Singh on how to enforce environmental rules for industrial projects. No one is doubting the government's stability. The main Hindu nationalist opposition, the Bharatiya Janata Party, is in disarray. The ruling coalition will likely survive until 2014, or when and if it calls early elections. But Singh appears unable to take advantage of near doubledigit growth, stocks at more than

investors, company executives say. CONTRAST WITH ASIAN GAMES In India's last major sports event, then Prime Minister Indira Gandhi put her son Rajiv to run the 1982 Asian Games, a job that helped usher him into succeeding her as prime minister before he was assassinated in 1991. But Indira was an autocratic and charismatic leader once labelled "the only man in her cabinet." Singh, by contrast, is an unassuming politician never directly elected to office.

Singh's Congress-party led coalition will likely stay in power to the end of its term in 2014. But a perception of a floundering and out-of touch leadership may bolster the rise of a more leftist inner circle led by family scion Rahul Gandhi. a two year-high and strong capital inflows. And frustration among Rahul's followers, who want to target more funds to social programs, may be growing. Many foreign investors have priced in the slow pace of India's drive to open up the $1 trillion economy, with any surprise reform a upside for

This time round, both Sonia and Rahul have been markedly distant from the Games. Singh left it to middle-ranking leaders like Kalmadi, a decision that has boomeranged. "Singh's authority is increasingly coming under question and there will be some hardthinking within Congress," said

political analyst Mahesh Rangarajan. "What we are seeing in India is a succession is slow motion. Few would dare to push out Singh, widely seen as India's most honest politician. But widespread reports of corruption at the $6 billion Games, where costs ballooned more than 17 times, can hardly help the leftist Congress party with its pro-poor image. While it relies mainly on support of poor farmers, who account for half of India's 1.2 billion plus population, 24-hour news cycles mean these controversies have longer tentacles. The reports may alienate a middle class, and millions more voters with middle class aspirations. Congress in part won the 2009 vote due to this vote bloc drifting from the BJP. "The middle class votes more on issues than regional and caste politics," said Yashwant Deshmukh, head of C-Voter Polling Agency . "They are more fickle and we may see a reaction." But as rumblings surface around Singh, other commentators say there is still a long way to go before his rule is history. "People have always underestimated Singh," said Jahangir Aziz, chief India economist at JP Morgan, referring to Singh's ability to survive six years in government. "People mistake his soft-spokenness for weakness. That weakness is simply not there.-Reuters

A friend in need Pakistan faced a worst crisis in its history in the form of unprecedented floods. The world understood the problem and offered help. The far-flung areas like GilgitBaltistan were also affected and due to land slides all the transportation and communication system broke down. Pakistan asked China for help as a neighbour. It was not an easy task but due to closeness of border they were more equipped to reach the disastrous areas. But the other neighbour who at this hour of calamity despite the tremendity of humanitarian crisis started its propaganding that Chinese military has landed in Gilgit-Baltistan in order to occupy it. Why India's vision is so myopic? Why does it convert everything into negative propaganda without finding out the facts and reality. What is wrong with the Indian mindset who forgets the ethics of humanity? China is a friend of Pakistan. It has proved in times of need that we can depend on it. The changing global scenarios and pressures had no effect on this sincere mutual relationship. During flood catastrophe the Chinese on one call rushed to help in a much organised way. As they have an effective disaster management system they mobilised all related units in the adjoining areas. The Chinese engineers who are considered the best in the world repaired the roads and restored electricity. They immediately rescued people to safer places and provided food and water. Their doctors and paramedical staff looked after the health issues of the flood affectees. They monitored their relief efforts so that no one was left helpless and isolated. The swift, responsible and caring response as well as attitude of the Chinese is exemplary. It proved that neighbours who are sensitive to the needs of others, come out and help at the stake of their own lives are true friends indeed. Anwar Parveen, Rawalpindi

The Bleeding Ulcer Afghanistan has been serving as an experimental base for testing various US strategies in the form of global war on terror. Since 2005, the Taliban have recuperated and regrouped, and presented an existential threat to the current Karzai-led Afghan Administration with every passing year. The Taliban that had maintained permanent presence over 54 percent of the Afghan territory in 2007, according to a report, increased it to 80 percent respectively in 2009, while spreading its tentacles to peaceful parts of northern and western Afghanistan. Another survey reveals that 85 percent of respondents regarded the Taliban as "our Afghan brothers." and were against the "Cooperation for Kandahar" mission. Prior to the Marjah offensive launched in February 2009, the US and allied forces were brimming with confidence that the 15,000-strong invasion force would make short work of a relatively small Taliban presence in a matter of days if not hours. When the overnight invasion began, commanders promised the residents would "wake up to a new tomorrow." But that quick and decisive victory has been anything but. Numerous civilians have been killed in the invasion, the Taliban are still there despite heavy loss of civilian lives. The battle for Marjah was to be the first demonstration of Gen. McChrystal's warfighting doctrine for Afghanistan as it was supposed to be the showpiece of the clear, hold and build strategy. After months of fighting Time magazine wrote "they're obviously not gone, and they're not going to be gone." Gen David Petraeus inherited what Gen. Stanley McChrystal famously called "a bleeding ulcer" - the Taliban stronghold in the Helmend province. In this backdrop, aiding the reconciliation process would have been a much wiser move on the part of mighty US. It adopts a paradoxical stance once again where it lauds Karzai's initiatives to conduct peace talks while launching the Kandahar offensive to break the Taliban network simultaneously gives rise to ambiguity. Kandahar has political rather than operational significance and time constraint is a tremendous pressure on the alliance and if Patraeus fails to nail success it would be tantamount to failure for the US. But success in Kandahar does not guarantee a complete success in the war. In an interview, the top US military official in southern Afghanistan was once again boasting increased security in Kandahar city and government influence in some areas outside it. But it is unclear whether the achievements of allied forces are more significant than that of the Taliban, whose leader has declared that his movement is winning as it will take some time before the dust settles. Lubna Umar, Islamabad


5

Friday, September 24, 2010

FTSE upgrades Turkey, Czech, Malaysia stock markets

SEAsian stocks mostly down; Thailand, Philippines buck trend

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

KSE gives up gains dreading minibudget

9,946.42 9,866.80 79.62 0.80 39.41

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

3,110.47 3,083.87 26.60 0.86 2.20

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

2,554.21 2,529.63 24.58 0.96 0.06

Nawaz Ali

Major Gainers

Symbol

Close

Change

WYETH BATA COLG PSEL SAPL

952.00 500.00 693.00 152.62 121.95

11.95 10.00 8.00 4.89 4.85

Major Losers

Symbol RMPL ULEVER FZTM UPFL NESTLE

Close

Change

1,292.08 3,981.00 315.50 1,020.00 1,851.86

-60.27 -19 -15.77 -13 -8.14

Top 5 Volume Leaders

Symbol

Close Vol (mn)

PTC DGKC LOTPTA HUBC ANL

18.51 23.73 8.40 33.14 10.39

2.99 2.76 2.48 2.03 2.00

Active Issues Plus Minus Unchanged

131 215 18

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

NEW YORK: Traders in the 10-year bond options pit signal orders at the Chicago Board of Trade. The S&P 500 held an important support level on Thursday after coming under pressure from more weak economic data in the United States and Europe. -Reuters

US stocks mid-day

Market little up NEW YORK: The S&P 500 held an important support level on Thursday after coming under pressure from more weak economic data in the United States and Europe, a sign the recent stocks breakout could hold. The Dow Jones industrial average gained 9.77 points, or 0.09 per cent, to 10,749.08. The Standard & Poor's 500 Index inched up 0.70 of a point, or 0.06 per cent, to 1,134.98. The Nasdaq Composite Index added 16.24 points, or 0.70 per cent, to 2,350.79. Hard selling at the open pushed the broad-based index down almost one per cent and below the key 1,130 mark - a level that it blew past on Monday - before it recovered to post moderate gains helped by technology stocks. "It's a hodgepodge of data." said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati. Stocks have traded above major technical lines this week. But with persistently low trading volume at levels about 20 per cent less compared with last year's average, some investors have been doubtful of the recent rally's sustainability. Helping the technology sector, software maker Red Hat Inc jumped more than 11 per cent after posting earnings that beat Wall Street's estimates, while Bed Bath & Beyond buoyed the Nasdaq, rising nearly four per cent, a day after its earnings also exceeded forecasts. The S&P 500 has rallied nearly nine per cent in the first three weeks of September as fears of a double-dip recession subside. Weekly claims for jobless insurance jumped unexpectedly, highlighting continued weakness in the labor market, while existing home sales rose in August, but from severely depressed levels. "It is in line with expectations but keep in mind that this number is disastrously low," said Chad Morganlander, portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey, referring to the housing data. "Anyone that would think See # 21 Page 11

Stocks in India hit by profit-booking MUMBAI: Indian shares closed down for the second successive session on Thursday as investors continued to lock in profits following a 10.5-per cent rally in the market this month. The 30-share BSE index dropped 0.4 per cent to 19,861.01, with 17 of its components closing in the red and one ending flat. The index briefly rose as much as 0.3 per cent in early trade. In the broader market, losers outnumbered gainers by a ratio of 1.1-to-1 on volume of 463 million shares. The 50-share NSE index fell 0.5 per cent to 5,959.55 points. Traders said weakness in the European and the US equities markets weighed on domestic investors' sentiments, while trade across Asia was thin with Japan, China, Hong Kong and South Korea closed for a holiday. Reliance Industries fell 2.1 per cent, as there were no immediate positive triggers in sight, dealers said. "We have been expecting a correction for sometime. It has

come now. One should take it in stride as one did the rise," said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries. "This is part of the consolidation process. The market will find support sooner rather than later, maybe in 10 sessions." Domestic institutions and retail investors were taking advantage of these high levels to book profits, he added. The benchmark index scaled 20,000 points on Tuesday, for the first time in 32 months, and had begun to show signs of fatigue in the past two sessions as investors look to book profits. Optimism over India's growth has seen overseas investors pouring in $4.4 billion in September alone. "When will the foreign money stop coming in? That's the big question," said Ambareesh Baliga, vice president at Karvy stock Broking. "It is like a self fulfilling prophecy -- because the money is coming in, the market is going up and because the See # 19 Page 11

Australian shares fall in thin volumes MELBOURNE: Australian shares rose 0.2 per cent on Thursday in quiet trade as holidays in key Asian markets minimized activity, still higher metal prices pushed Rio Tinto to a 5-month high. Australia's benchmark S&P/ASX 200 index gained 8.4 points to 4,633.6, according to the latest available data, after also edging up 0.2 per cent on Wednesday. New Zealand's benchmark NZX 50 index fell 0.3 per cent to 3,228.03. The resource-heavy market was helped as copper hit a fivemonth high and gold continued its record-breaking run. Rio rose 1.5 per cent to A$76.04, its highest close since April 27, while gold producer Newcrest Mining gained one per cent to A$40.94. Overall volumes were below average though, as markets in Japan, China, Hong Kong and

South Korea were closed for public holidays. "We saw a lot of foreign currency moving into our market during the afternoon. The closure of exchanges in China, Hong Kong and Japan created a bit of a black hole," said Matt Lewis, head of sales trading at CMC Markets. New Zealand's economy grew just 0.2 per cent last quarter, far below expectations, dragging the kiwi dollar lower and reinforcing views that rates will stay on hold into next year. Low-cost airline Virgin Blue rose 1.1 per cent to A$0.445 after Australia's competition regulator gave interim approval to an alliance with Abu Dhabi's Etihad Airways. Earlier this month, the regulator blocked an alliance between Virgin Blue and Air New Zealand on flights between Australia and New Zealand. See # 20 Page 11

ANNOUNCEMENTS Company Bolan Casting Ghani Value Glass Bal.Wheels Ltd. IBL HealthCare Ltd Mari Gas Shabbir Tiles

Period Yearly Yearly Yearly Yearly Yearly Yearly

Div/Bon/Right 25%(D) 10%(B) 25%(D) 12.5%(D) -

PAT (Rs in mn) 82.157 34.170 83.657 9.093 1185.954 -49.610

EPS(Rs) 8.66 4.53 6.27 0.45 4.58 -0.69

FTSE-100 ends lower LONDON: Britain's leading share index ended slightly lower on Thursday, rallying late on in tandem with a turnaround on Wall Street after US existing home sales data, with firmer oils offset by weak drugmakers and banks. By the close, the FTSE 100 was down 4.83 points or 0.1 per cent at 5,547.08, its third consecutive session of losses since hitting its highest close since late April on Monday. "If you look at the charts, it does still look like it is forming an upward channel, so whether this is a little blip with the market wearing bad days for a while ... but generally it looks well supported, although low volumes remain a concern," said Phil Gillette, a senior trader at Spreadex. Weak drugmakers were the main drag for the blue chips, with AstraZeneca and Shire down 1.1 and 0.8 per cent, respectively, after Exane BNP Paribas cut ratings for both in a sector review. The broker upgraded its See # 18 Page 11

KARACHI: Fears of new taxes in the minibudget ignited the negative activities at the Karachi Stock Exchange (KSE) for the third day that saw low volumes on Thursday. Investors also waited for the monetary policy which is expected to announce interest rate hike. The benchmark KSE 100index dropped 79 points to 9,866 points, KSE 30-index skidded 69 points to 9,564 points and KSE all-share index dipped 49 points to 6,896 points. Samar Iqbal, equity dealer at Topline Securities said that another dull session was witnessed amid apprehension of minibudget in which probably new taxes would be imposed on the corporate sector to likely mar profitability. "News regarding increase of cement prices in northern Pakistan also failed to create any rally in cement stocks. Some interest was however seen in high dividend yielding stocks," he said. According to a news report, International Monetary Fund (IMF) said Pakistan has decided to introduce a temporary 10 per cent income tax surcharge, following the floods, which could generate up to 0.4 per cent of GDP. After a positive start of one point up, market showed some mix activities during the first one and a half hours of the session moving on both sides of the index and at about 10:05 am it touched an intraday high of 9,982 points (+ve

36 points). However, then some selling pressure arrived since investors feared some new taxes in the minibudget. Investors were also cautious over expected increase in the interest rates and on rapidly changing political situation in the county which kept the volumes on the lower side. Therefore, index during the last half an hour of the session touched its lowest level of the day of 9,861 points (-ve 85 points) and ended the session just near those levels. "Rising political uncertainty, uncertainty over monetary policy announcement next week and investor concerns about government-judiciary conflicts played a catalyst role in negative activity in the earnings session at KSE," said a stock market expert. Despite continued bearish activities, a positive sign is that foreigners are still on the buying side. According to NCCPL, they did a net buying of $0.67 million on Thursday. On the local side, individual investors and mutual funds did a net selling of $1.06 and $0.63 million respectively while other organizations and banks did a net buying of $0.51 and $0.35 million respectively. Volumes too remained on the lower side as 39.4 million shares traded in the overall market were 11.4 million shares less as compared to a turnover of 50.8 million shares a day earlier. Out of total 364 active issues, 215 declined and 131 advanced while 18 issues remained unchanged.

Dhiyan

TAKE AN EXIT OR BUY ON DIPS Amir Motiwala, Hum Securities There are many things on the radar including fear about rise in interest rates, minibudget, unavailability of leverage product, and political uncertainty due to which market will see a decline of about 500 points in the short term. Investors are therefore advised to take an exit from the market. They are also recommended to reduce their equity exposures and move to fixed income. Market will be range bound today and pressure will continue.

Mohsin Adhi, Alfa Adhi Securities Bearish activities are likely to be continued because of expectations about increase in the key discount rate by State Bank of Pakistan. Therefore, index may fall further 300-500 points in the coming days. Investors are advised to adopt 'buy on dips' and 'sell on strength' strategies and they can invest in oil and power sector stocks. Market will remain bearish today.


6

Friday, September 24, 2010

Market Volume

39,406,231

Value

1,171,215,340

Trades

30,352

Paid up Cap(mn)

Attock Petroleum Attock Refinery BYCO Petroleum

Advanced Declined Unchanged Total

Current High Low Change

131 215 18 364

9,866.80 9,982.63 9,860.59 i79.62

PE

Open

High

High Low 1,244.39 1,221.72 Total cos Defaulter cos P/BV (x) ROE (%) 3.95 37.01 Low

Close Chg

319.90 314.50 315.06 -2.98

Close 1,226.06 Listed cap 65,194.15 mn Payout (%) 68.56

Last 60 days High Low

Volume 45746

Change -12.45 Market cap 993,789.67 mn Div Yield (%) 6.42

% Change -1.01 5-Day High 1,248.72 5-Day Low 1,226.06

2009 Div BR (%) (%)

2010 Div BR (%) (%)

250

100

576

5.68 318.04

330.51

281.00

853

9.18

83.62

84.50

81.50

81.93 -1.69

285197

93.60

73.47

-

-

-

-

3921

-

10.36

10.46

10.21

10.27 -0.09

287093

13.05

9.62

-

-

-

-

-

-

31

-

78809

138.45

112.80 32.17 100B

National Refinery

800

5.95 199.03

201.00 189.08 195.17 -3.86

95879

207.00

182.01

125

-

-

-

Oil & Gas Development XD 43009

9.98 146.07

146.80 144.12 144.57 -1.50

154034

153.00

133.00

82.5

-

55

20B

11950

5.33 171.80

172.30 169.75 170.26 -1.54

2365

6.83 232.83

233.50 231.00 231.46 -1.37

350

P.S.O XD

1715

-

66.17

4.39 261.46

Shell Gas LPGSPOT

226 13.74

Shell Pakistan XD

685

30.83

9.85 192.51

66.16

62.87

62.91 -3.26

262.90 258.62 259.19 -2.27 31.28

29.51

330696

214.10

169.75

130

20B

90

234107

240.01

209.99

180

-

80

-

82.00

48.26

-

-

-

-

9209 170093

289.45

233.10

50

-

80

2232

40.10

27.32

-

-

-

-

4204

244.00

190.00

330

-

40

-

Paid up Cap(mn)

Agritech Limited Bawany Air BOC (Pak) XD

PE

Open

3924

-

68

1.22 9.67

76.00

250

Dawood Hercules

1203

Descon Chemical

1996

High Low 1,137.30 1,123.05 Total cos Defaulter cos P/BV (x) ROE (%) 2.43 35.00

Close 1,125.67 Listed cap 52,251.88 mn Payout (%) 48.81

Change -6.50 Market cap 256,647.80 mn Div Yield (%) 7.02

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

66.00 34.50

30

20B -

40 15

-

AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,065.19 Turnover 86,131 P/E (x) 3.84 Company

High Low 1,075.20 1,034.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35

Close 1,043.84 Listed cap 6,768.53 mn Payout (%) 20.42

Change -21.35 Market cap 37,658.31 mn Div Yield (%) 5.31

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

144

5.09

69.82

70.50

69.50

69.62 -0.20

8447

78.39

63.01

40

-

90

-

5.07 138.20

100

20B

100

20B

- 100R

-

-

Atlas BatteryXDXB

101

Atlas Engineering Ltd

247 11.64

16.73

138.89 134.00 134.53 -3.67 17.00

17.00

17.00

Atlas Honda

0.27

Last 60 days High Low

% Change -2.00 5-Day High 1,075.22 5-Day Low 1,043.84

2385

209.00

134.00

501

19.80

15.90

2009 Div BR (%) (%)

2010 Div BR (%) (%)

626

6.62

97.61

97.05

95.04

95.04 -2.57

1098

127.99

92.00

80

30B

-

Baluchistan Wheels Ltd.

133

4.69

29.10

30.55

28.25

29.40

0.30

3229

33.47

28.25

15

-

25

-

Dewan Motors

890

-

1.32

1.48

1.33

1.47

0.15

20801

2.24

1.16

-

-

-

-

177.99

Exide (PAK)

56

4.02 147.06

146.00 140.00 140.41 -6.65

485

121.10

50

-

60

-

Ghandhara Nissan

450

-

4.78

4.80

4.26

4.47 -0.31

26525

6.60

4.26

-

-

-

-

Ghani Automobile Ind

200 10.00

4.28

4.79

4.25

4.40

0.12

1501

5.70

3.65

-

-

-

-

11.05

0.09

2000

14.50

10.05

-

-

-

21.15

-

-

-

-

Indus Motors XD

786

4.94 222.48

15289

287.00

212.29

100

-

150

-

-

-

-

-

Pak Suzuki

823

9.09

75.00

74.00

71.57

73.16 -1.84

2164

89.99

71.57

5

-

-

-

76.98

76.00

76.00 0.00

-

Sazgar Engineering

125

5.05

26.52

27.58

26.70

26.80

1673

27.85

23.91

-

20B

-

-

168.11 167.00 167.21 -2.69 2.13

2.00

2.00 -0.12

16419

82.50

66.90

90

-

15

1687

185.88

155.38

40

10B

20

-

3.15

1.78

-

-

-

-

33010 58919

5.45

3.20

-

-

-

-

2.21

1.40

-

-

-

-

4.29

11.40

11.50

11.00

11.50 0.10

15

-

8.80 174.02

174.95 171.00 171.55 -2.47

13.60

10.85

366279

2223

194.59

165.60

6010B 40R

15

-

20

-

6635

-

12.12

12.15

12.00

12.02 -0.10

101900

12.75

9.57

- 27.5R

-

-

22000

-

10.22

11.00

9.91

10.76 0.54

1276184

12.70

9.02

-

-

-

-

102.75 131.5

-

178179

113.39

10B

75

6.85

7.11 104.52 27.00

27.19

26.90

26.93 -0.07

90299

30.65

25.80

40

-

5

-

-

10.78

11.10

10.25

10.73 -0.05

353761

11.45

7.41

-

-

-

-

37696

128.30

109.50

80

-

55

-

7.09 120.40

104.85 104.35 104.51 -0.01

120.50 119.00 119.00 -1.40

15142

2.92

8.58

8.70

8.38

8.40 -0.18

2478236

9.09

6.75

5

-

-

-

74

-

1.45

2.30

1.40

1.78 0.33

25144

3.24

1.05

-

-

-

-

Honda Atlas Cars

1428

-

10.96

11.30

10.60

225.80 216.00 216.63 -5.85 0.28

Performance of SR Food Producers Index Open 1,443.41 Turnover 83,610 P/E (x) 30.03 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 Chashma Sugar

287

PE

Open

High

High Low 1,455.88 1,409.71 Total cos Defaulter cos P/BV (x) ROE (%) 9.10 30.30 Low

Close Chg

Volume

Change -7.73 Market cap 183,942.60 mn Div Yield (%) 1.02

Last 60 days High Low

2009 Div BR (%) (%)

4.75

Profit after Taxation

4.41

EPS 09 (Rs)

0.290

5.69

Book value / share (Rs)

15.55

2nd Resistance

6.29

PE 10 E (x)

Pivot

5.35

PBV (x)

15.77

8.25

9.25

7.25

8.20

-0.05

3542

9.25

1.12

-

-

-

-

0.81

10.15

10.00

10.00

10.00

-0.15

6033

11.40

8.00

-

-

-

-

Colony Sugar Mills

990

-

3.47

3.40

3.30

3.30

-0.17

15010

5.00

2.40

-

-

-

-

-

-

-

Habib Sugar

600

6.10

29.81

30.44

29.53

29.60

-0.21

10826

30.44

22.50

35

25B

-

-

-

-

Habib-ADM Ltd

200

4.36

15.95

16.40

15.50

15.52

-0.43

3800

16.98

13.00

40

-

40

-

Sitara Peroxide

551

-

8.58

8.80

8.45

8.51 -0.07

14645

11.09

8.22

-

-

-

-

Hussein Sugar

121

-

10.05

11.00

10.50

10.50

0.45

760

11.00

4.22

-

-

-

-

Ismail Ind

505

12.35

72.90

72.60

72.55

72.60

-0.30

172

76.90

53.64

15

-

Paid up Cap(mn)

Century Paper Pak Paper Product Security Paper

707 38 411

PE 6.24 4.73

Open 19.60 59.86 38.55

High 20.24 62.85 40.47

Low 19.85 59.20 39.10

Close Chg 20.00 0.40 59.96 0.10 40.00 1.45

Last 60 days High Low

Volume 157284 3483 16831

22.70 62.85 50.40

15.80 41.21 38.10

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Mehran Sugar

143

2.97

52.99

53.70

50.35

52.95

-0.04

142

58.74

50.07

35

30B

25

10

414

22.71

49.96

49.40

47.47

47.47

-2.49

3493

65.29

41.35

-

25B

12

-

Noon Pakistan

48

5.70

22.56

23.65

22.01

23.64

1.08

852

33.06

22.01

-

10B

-

-

Noon Sugar

165

-

11.12

11.00

11.00

11.00

-0.12

400

14.35

10.00

50

10B

-

-

Quice Food

107

-

2.17

2.39

2.20

2.39

0.22

16000

2.97

1.60

-

-

-

-

6.26 1352.35 1330.00 1284.74 1292.08

-60.27

209

1599.00 1100.00

900

-

600

-

-

-

Tandlianwala UniLever Pakistan XD

211

15.42

10.71

10.76

10.50

10.64

-0.07

4905

1177

276.09

31.95

33.00

30.36

30.37

-1.58

16703

22.29 4000.00 4019.99 3900.00 3981.00

-19.00

207

0.00

416

665

Wazir Ali

80

-

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd Huffaz Pipe International IndXDXB Siddiqsons Tin

PE

Open

High

Low

Close Chg

Close 971.15 Listed cap 3,596.11 mn Payout (%) 30.91

Change 4.30 Market cap 9,184.86 mn Div Yield (%) 10.16

Last 60 days High Low

Volume

% Change 0.44 5-Day High 1,022.93 5-Day Low 966.85

2009 Div BR (%) (%)

2010 Div BR (%) (%)

565 675

3.32 -

24.70 2.03

24.75 2.20

24.50 1.91

24.52 -0.18 1.98 -0.05

5669 7511

31.73 3.20

24.30 1.90

-

-

30 -

-

555 1199 785

5.77 4.69 7.06

13.20 48.49 9.30

13.99 48.95 9.95

13.79 48.00 9.95

13.79 0.59 48.20 -0.29 9.95 0.65

495 5753 300

16.00 70.71 11.25

13.00 48.00 8.20

10

30B -

40 -

20B -

Open 1,011.35 Turnover 57,613 P/E (x) 2.81 Company

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles

1828 866 858 182 3257 956

PE

Open

High

Low

4.74 -

3.28 68.05 1.84 16.96 26.20 10.90

3.40 68.00 1.85 17.40 27.51 11.19

3.21 64.70 1.49 16.05 24.90 10.20

Close 900.98 Listed cap 54,792.74 mn Payout (%) 19.04

Change -10.83 Market cap 67,421.40 mn Div Yield (%) 2.49

Close Chg

Volume

Last 60 days High Low

3.38 66.90 1.85 16.58 24.90 10.75

35006 47329 12340 9881 401 2301

4.69 72.40 2.00 20.00 27.51 12.50

0.10 -1.15 0.01 -0.38 -1.30 -0.15

50 -

20B -

2010 Div BR (%) (%) 17.5 - 122R -

982 13.00

1.60

1.80

1.52

2.74

1.30

-

-

-

-

1.45 24.28 4.95 1.90 2.80 1.48 2.91 1.10 6.15 2.82

1.49 24.55 5.10 1.95 2.45 1.45 3.25 1.39 6.19 2.90

1.35 23.65 4.95 1.86 2.40 1.45 2.50 0.93 5.80 2.75

1.47 23.73 4.99 1.89 2.40 1.45 3.07 1.00 6.15 2.84

0.02 -0.55 0.04 -0.01 -0.40 -0.03 0.16 -0.10 0.00 0.02

93608 2761323 137126 8660 1010 1000 164607 142 27303 101326

2.20 28.74 5.50 2.37 4.69 3.59 7.50 2.00 7.38 3.53

1.30 23.02 4.50 1.75 1.55 0.98 2.11 0.85 5.70 2.60

-

20R -

-

20R -

69.84 3.00 8.00 10.01

70.70 3.06 8.23 10.00

68.74 2.88 7.76 9.31

69.01 2.90 8.00 9.77

-0.83 -0.10 0.00 -0.24

747184 128595 13041 6114

73.88 3.84 8.47 12.23

61.29 2.88 5.60 8.10

40 -

-

40 -

-

6.20 -

706

2009 Div BR (%) (%)

3574 3651 32.96 6933 12.48 1760 77 283 2319 32 1288 13126 3234 3723 2228 361

1.69 0.09

2.82 63.00 1.01 15.42 10.50 8.90

% Change -1.19 5-Day High 930.60 5-Day Low 900.98

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 893.30 Turnover 87,607 P/E (x) 2.57

High Low 900.14 873.14 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91

Close 876.66 Listed cap 3,043.31 mn Payout (%) 15.55

Change -16.64 Market cap 32,520.69 mn Div Yield (%) 6.06

% Change -1.86 5-Day High 905.68 5-Day Low 876.66

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Cherat Papersack ECOPACK Ltd

92 230

4.36 -

46.35 1.94

47.50 2.00

45.30 1.80

45.78 -0.57 1.89 -0.05

26278 7106

51.05 2.89

29.10 1.80

-

-

20 -

25B -

Ghani Glass Merit Pack Packages Ltd Tri-Pack Films

970 6.09 59.50 47 - 14.45 844 15.31 105.59 300 7.79 98.00

59.88 59.00 59.51 0.01 13.75 13.55 13.70 -0.75 107.99 100.50 101.02 -4.57 98.99 97.00 97.01 -0.99

8155 29400 13527 3141

61.50 20.70 125.96 105.00

54.65 11.81 100.50 91.00

30 32.5 100

10B -

25 -

10B -

Company

2009 Div BR (%) (%)

2010 Div BR (%) (%)

Company

Paid up Cap(mn)

AL-Ghazi Tractor XD Bolan Casting Ghandhara Ind Millat Tractors

215 95 213 293

PE

Open

4.94 209.51 5.09 46.33 2.22 16.79 7.51 582.51

High

Low

Close Chg

212.95 206.00 208.15 -1.36 48.19 44.02 44.04 -2.29 17.50 15.79 15.79 -1.00 589.89 583.00 585.93 3.42

1614 37599 86504 92087

Change 4.64 Market cap 31,302.28 mn Div Yield (%) 14.91

Last 60 days High Low 226.10 48.50 20.24 597.90

-

-

-

-

-

178

-

-

-

-

-

6.40

195.51 35.25 15.26 475.61

% Change 0.33 5-Day High 1,434.71 5-Day Low 1,412.20

2009 Div BR (%) (%)

2010 Div BR (%) (%)

400 450

150 25 650

20B 25B

10B 25B

0.33

SNBL closed down -0.36 at 5.14. Volume was 86 per cent above average and Bollinger Bands were 21 per cent narrower than normal. The company's loss after taxation stood at Rs186.353 million which translates into a Loss Per Share of Rs0.32 for the half year of current calendar year (1HCY10). SNBL is currently 39.0 per cent below its 200-day moving average and is displaying a downward 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 SNBL (mildly bearish). Trend forecasting oscillators are currently bearish on SNBL. Momentum oscillator is currently indicating that SNBL is currently in an oversold condition.

Telecard Limited

-

Close 1,036.15 Listed cap 3,763.71 mn Payout (%) 6.27

Low

Close Chg

Volume

1174 231

2.94 2.71

13.68 16.97

14.19 17.19

13.60 16.65

13.74 0.06 16.65 -0.32

57032 559

Pak Elektron Tariq Glass Ind XD

Change 24.79 Market cap 5,481.99 mn Div Yield (%) 2.23

Last 60 days High Low 15.95 19.12

11.20 13.50

% Change 2.45 5-Day High 1,069.25 5-Day Low 1,011.35

2009 Div BR (%) (%) -

10B -

2010 Div BR (%) (%) 17.5

10B -

PERSONAL GOODS Performance of SR Personal Goods Index Open 909.68 Turnover 6,018,095 P/E (x) 5.73 Company

Paid up Cap(mn)

Accord Textile Ali Asghar Textile Al-Qaim Textile

Azgard Nine Babri Cotton

Open

High

Low

Close Chg

Close 904.74 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -4.94 Market cap 112,902.46 mn Div Yield (%) 2.91

Last 60 days High Low

% Change -0.54 5-Day High 927.26 5-Day Low 904.74

2009 Div BR (%) (%)

2010 Div BR (%) (%)

93

-

0.50

0.34

0.34

0.34 -0.16

1000

0.50

0.34

-

-

-

-

222

-

1.70

2.00

1.21

1.74 0.04

4600

2.21

0.20

-

-

-

-

75

Amtex Limited Azam Textile

PE

High Low 917.01 897.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 8.64

-

0.50

0.90

0.90

0.90 0.40

2415

4.63

17.49

17.70

16.82

17.33 -0.16

133

0.42

1.99

1.80

1.60

1.80 -0.19

4493 259.75

10.25

10.74

10.25

10.39 0.14

29

500

0.90

0.50

-

-

20.45

11.25

-

-

30

-

2.89

1.31

-

-

-

-

2002768

13.40

8.55

-

-

-

-

309980 8831

-

3.42

14.49

14.75

14.75

14.75 0.26

6500

16.75

9.50

-

Blessed Tex Mills

64

1.01

42.93

42.49

40.80

40.80 -2.13

1601

49.40

36.15

7.5

-

-

-

Chakwal Spinning

400

0.99

1.29

2.29

0.88

1.00 -0.29

42750

2.30

0.61

-

-

-

-

Colony Mills Ltd

2442

2.18

2.87

2.87

2.50

2.60 -0.27

1202

5.00

2.23

-

-

-

-

D S Ind Ltd

600

63914

-

-

-

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

33.82

Total Assets (Rs in mn)

MA (10-day)

2.20

Total Equity (Rs in mn)

2,838.82

MA (100-day)

2.76

Revenue (Rs in mn)

3,791.47

MA (200-day)

2.96

Interest Expense

1st Support

1.80

Profit after Taxation

44.07

2nd Support

1.65

EPS 09 (Rs)

0.147

1st Resistance

2.10

Book value / share (Rs)

2nd Resistance

2.25

PE 10 E (x)

Pivot

1.95

PBV (x)

9,719.17

494.14

9.46 0.21

TELE closed down -0.02 at 2.00. Volume was 18 per cent below average and Bollinger Bands were 45 per cent narrower than normal. The company's loss after taxation stood at Rs311.564 million which translates into a Loss Per Share of Rs1.04 for the nine months of fiscal year (9MFY10). TELE is currently 32.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of TELE (mildly bearish). Trend forecasting oscillators are currently bearish on TELE.

NIB Bank Limited

-

-

-

Fundamental Highlights As on Dec 31, 2009

-

1.59

1.78

1.45

1.52 -0.07

2.65

1.45

-

-

Dawood Lawrencepur

514

9.58

40.83

42.52

40.05

40.05 -0.78

504

51.99

37.08

-

-

5

-

Dewan Farooque Spin.

600

2.13

3.00

3.00

3.00

3.00 0.00

500

4.00

2.05

-

-

-

-

RSI (14-day)

44.03

Total Assets (Rs in mn)

Technical Analysis

208,118.96

Din Textile

185

1.78

30.25

28.75

28.74

28.74 -1.51

501

32.30

24.00

-

-

-

-

MA (10-day)

2.69

Total Equity (Rs in mn)

41,643.27

Gadoon Textile

234

1.38

38.10

38.50

37.50

37.50 -0.60

1197

44.50

32.11

-

-

-

-

MA (100-day)

3.16

Revenue (Rs in mn)

18,272.36

Ghani Value Glass

75

7.73

36.10

36.10

35.00

35.00 -1.10

7004

38.64

26.00

8 400R

25

-

MA (200-day)

3.91

Interest Expense

12,872.36

Gulshan Spinning

185

6.01

5.75

6.00 -0.75

4675

-

4.20

4.00

4.00 -0.14

1.95

6.75

Hira Textile Mills Ltd.

716

1.43

4.14

Indus Dyeing

181

3.34 250.01

J K SpinningXDXB

175

0.44

6.90

7.07

5.91

Kohinoor Ind

303

-

1.57

1.63

1300

6.47

1.39

1.10

Kohinoor Spinning Kohinoor Textile

3.58

5.66

1st Support

2.51

Profit after Taxation

2.52

-

-

-

-

2nd Support

2.37

EPS 09 (Rs)

0.171

269.50

5.97

185.38

15

-

-

-

1st Resistance

2.74

Book value / share (Rs)

10.30

6.50 -0.40

1069

10.30

4.31

-

-

20

5B

2nd Resistance

2.83

PE 10 E (x)

1.40

1.56 -0.01

159

2.00

1.10

-

-

-

-

Pivot

2.60

PBV (x)

0.89

1.10 -0.29

300

1.78

0.56

-

-

-

-

NIB closed down -0.01 at 2.65. Volume was 32 per cent below average and Bollinger Bands were 47 per cent narrower than normal. The company's loss after taxation stood at Rs1.944 billion which translates into a Loss Per Share of Rs0.48 for the half year of current calendar year (1HCY10). NIB is currently 32.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NIB at a relatively equal pace. Trend forecasting oscillators are currently bullish on NIB.

5.50

5.76 0.10

7.89

40900

53570

5.31

6.30

-

10B

4.00

-

600

1.02

21.50

21.69

21.10

21.69 0.19

5132

23.25

19.20

15

-

Nishat (Chunian)

1586

2.92

15.97

16.32

15.70

15.76 -0.21

922983

19.49

14.64

-

50R

-

-

Nishat Mills

3516

5.51

46.77

47.40

46.61

46.80 0.03

53.14

40.81

20

-

25

45R

Masood Textile

1455

-

4.61

2006

262.51 237.65 252.50 2.49

1869804

-

-

-

- 100R

Ravi Textile

250

3.87

1.59

1.78

1.49

1.51 -0.08

425793

5.90

1.49

-

-

-

Reliance Weaving

308

1.17

9.44

9.50

9.05

9.50 0.06

59503

10.68

6.91

-

-

-

-

Ruby Textile

392

45.45

5.95

5.00

5.00

5.00 -0.95

500

0.00

0.00

-

-

-

-

-

Rupali Poly

341

5.42

33.11

33.98

33.00

33.05 -0.06

6689

36.35

31.35

40

-

40

-

Safa Textile

40

5.08

3.00

3.00

3.00

3.00 0.00

200

3.50

3.00

-

-

-

-

Sana Ind

55

5.30

35.33

35.50

35.11

35.49 0.16

1782

38.00

27.25

35

-

60

-

571

124.80

100.03

-

-

-

-

5583

240.99

176.50

Sapphire Textile Service Ind

201 120

2.36 105.29

100.03 100.03 100.03 -5.26

4.71 187.98

188.50 183.00 183.05 -4.93

200

-

Shield Corp

39

9.51

54.00

54.00

51.30

54.00 0.00

505

59.99

41.56

-

30B

10

-

Tata Textile

173

0.66

17.50

16.80

16.50

16.80 -0.70

1110

19.70

12.35

-

-

25

-

40356

114.99

20B

20

5.14 104.76

105.65 103.05 103.88 -0.88

92.50

20

-

-

Thal Limited XD

256

Treet Corp

418

0.50

38.99

40.89

38.15

39.42 0.43

118683

49.49

37.20

-

-

-

-

Zil Limited

53

8.95

40.54

41.00

40.05

40.88 0.34

2501

46.12

33.00

40

10B

-

-

-

PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index

Close 1,432.45 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

High Low 1,054.51 1,032.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 10.64

High

Open 823.20 Turnover 117,091 P/E (x) 6.51

Performance of SR Industrial Engineering Index High Low 1,444.54 1,425.73 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 38.02

15 458

9.00

Open

INDUSTRIAL ENGINEERING Open 1,427.80 Turnover 217,973 P/E (x) 8.82

7.00

PE

CONSTRUCTION AND MATERIALS High Low 924.42 890.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 7.10

6.41

Paid up Cap(mn)

Performance of SR Construction and Materials Index Open 911.80 Turnover 4,299,075 P/E (x) 7.66

7.00

7.40 20.44

145.35

Performance of SR Household Goods Index

Performance of SR Industrial Metals and Mining Index High Low 983.66 968.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 33.10

7.00

11.00 35.50

4200.00 3710.00

95,310.27

HOUSEHOLD GOODS

INDUSTRIAL METALS AND MINING Open 966.85 Turnover 19,728 P/E (x) 3.04

17.5 110R

National Foods

Shahmurad Sugar

Fundamental Highlights As on Dec 31, 2009

1st Resistance

-

Company

Soneri Bank Limited

2nd Support

-

92

-

IGIBL closed down -0.02 at 1.57. Volume was 606 per cent above average (trending) and Bollinger Bands were 40 per cent narrower than normal. The company's loss after taxation stood at Rs199.37 million which translates into a Loss Per Share of Rs0.94 the year ended FY10. IGIBL is currently 41.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bearish on IGIBL.

1st Support

-

Rafhan Maize

8.81 0.18

2010 Div BR (%) (%)

1.50

% Change 2.71 5-Day High 1,213.46 5-Day Low 1,151.61

PE 10 E (x) PBV (x)

7,803.20

2.00

Change 31.22 Market cap 3,292.27 mn Div Yield (%) 4.06

Book value / share (Rs)

1.77 1.60

6,602.78

5.95

Close 1,182.83 Listed cap 1,186.83 mn Payout (%) 25.28

1.69

2nd Resistance Pivot

9,337.28

3.80

High Low 1,200.44 1,164.75 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47

1st Resistance

643.35 (1.768)

Interest Expense

301

Open 1,151.61 Turnover 177,598 P/E (x) 6.22

EPS 09 (Rs)

8.43

387

FORESTRY AND PAPER

1.43

MA (200-day)

1.50 -0.75

Performance of SR Forestry & Paper Index

2nd Support

799.60 (375.09)

Revenue (Rs in mn)

2.60 0.00

-

Loss after Taxation

Total Equity (Rs in mn)

1.50

-

1.52

6.93

2.60

-

1st Support

5.75

1.50

-

Interest Expense

MA (100-day)

2.95

1.16

2.67

MA (10-day)

2.25

1.81

MA (200-day)

Total Assets (Rs in mn)

2.60

124814

1,869.23

Revenue (Rs in mn)

22.65

-

1.46 0.01

6,548.65

Total Equity (Rs in mn)

2.16

RSI (14-day)

1.24

1.43

Total Assets (Rs in mn)

1.73

MA (100-day)

% Change -0.54 5-Day High 1,451.41 5-Day Low 1,435.68

150

1.52

38.02

MA (10-day)

Technical Analysis

Close 1,435.68 Listed cap 11,335.33 mn Payout (%) 30.57

120

1.45

RSI (14-day)

FOOD PRODUCERS

Pak PVC SPOT

1106 73.00

Fundamental Highlights As on Jun 30, 2009

Technical Analysis

-

Shaffi Chemical

Nimir Ind Chemical

IGI Investment Bank Ltd

-

10.06

101305

Mandviwala

87.86 41.74

27.79

4.09 0.14

Lotte Pakistan

3031 505

16.78

1.41 -0.05

1388

0.60 0.40

46601

3.95

ICI Pakistan XD

68.00 38.50

2010 Div BR (%) (%)

626

1.40

725

67.25 38.00

2009 Div BR (%) (%)

11.98 0.45

4.13

6785

68.00 38.50

Last 60 days High Low

24.46 0.49

1.50

Fauji Fert.Bin Qasim XD 9341

67.40 38.10

Volume

11.05

3.95

Ghani Gases Ltd

8.34 5.25

Close Chg

23.00

1.46

Fauji Fertilizer

Low

24.48

-

Fatima Fertilizer

High

Alert ! Unusual Movements

% Change 0.91 5-Day High 714.08 5-Day Low 692.27

12.39

-

Engro Polymer

Open

Change 6.30 Market cap 12,760.60 mn Div Yield (%) 1.96

11.53

1020 94

Pak Int Cont.Terminal XD 1092 PNSC 1321

PE

Close 698.57 Listed cap 3,242.17 mn Payout (%) 11.08

23.97

3663 3277

Paid up Cap(mn)

High Low 698.57 690.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53

Close Chg

Descon Oxychem Ltd. Dynea Pak

15,442.28 15,645.77 15,435.58 i150.72

Low

2.12

Volume

% Change -0.57 5-Day High 1,151.55 5-Day Low 1,125.67

Dewan Salman Engro Corp. Ltd XD

Current High Low Change

9,564.72 9,667.79 9,553.26 i69.95

High

7.71 169.90 -

Company

Agriautos Ind

Performance of SR Chemicals Index Open 1,132.17 Turnover 3,999,489 P/E (x) 6.96

Open 692.27 Turnover 3,536 P/E (x) 5.66

-

30.50 -0.33

194.90 191.50 192.02 -0.49

CHEMICALS

Company

Current High Low Change

INDUSTRIAL TRANSPORTATION

123.75 116.02 116.02 -6.10

Pak PetroleumXDXB

6,896.12 6,971.65 6,891.40 i49.68

KMI 30 Index

Performance of SR Industrial Transportation Index

735 15.72 122.12

Pak Oilfields

Current High Low Change

KSE 30 Index

OIL AND GAS

Mari Gas Company

Pak Refinery Limited

All Share Index

Performance of SR Oil and Gas Index Open 1,238.51 Turnover 1,407,974 P/E (x) 10.68 Company

KSE 100 Index

Symbols

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

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

PE

Open

7.76 89.40 6.87 108.41 11.97 67.44 6.37 23.75 15.64 7.73 5.74 61.86

High

High Low 825.78 811.10 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 22.31 Low

Close Chg

89.20 88.50 88.58 -0.82 108.00 104.50 104.77 -3.64 67.50 66.00 66.29 -1.15 23.50 23.40 23.43 -0.32 8.66 7.00 7.04 -0.69 62.00 61.27 61.98 0.12

Close 814.24 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 10055 637 10015 1075 4579 90669

Change -8.96 Market cap 27,426.16 mn Div Yield (%) 6.84

Last 60 days High Low 95.50 124.00 84.27 25.79 8.66 64.05

77.00 96.00 65.40 22.10 6.10 53.36

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

20B 15B

% Change -1.09 5-Day High 828.45 5-Day Low 814.24 2010 Div BR (%) (%) 20 -

20B -

691.05

0.26

BOOK CLOSURES Company

From

To

Indus Motor Ittehad Chemical 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 Clover Pakistan

24-Sep 24-Sep 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 12-Oct

30-Sep 30-Sep 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 18-Oct

D/B/R 100(F) 5 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) 15(F)

Spot AGM/Date 16-Sep 16-Sep 17-Sep 21-Sep 21-Sep 22-Sep 30-Sep -

30-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 18-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Lakson Tobacco P.I.A.C.(A) Pak Services AKD Capital Pace (Pak) Ltd. Netsol Technol. Pak Telephone

Open 53.95 3.41 231.61 2.14 147.73 39.48 2.5 18.67 3

High 55 3.5 243.19 2.15 155.11 39.3 2.52 18.69 3.1

Low Close 52 3.27 222 1.95 148 37.51 2.42 18.2 2

52.19 3.33 230.08 2.05 152.62 38.63 2.48 18.22 2.49

Change -1.76 -0.08 -1.53 -0.09 4.89 -0.85 -0.02 -0.45 -0.51

Vol 54069 733481 3092 11788 182 2533 67312 156349 608


7

Friday, September 24, 2010 Ask Gen Insurance

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,085.59 Turnover 3,884,330 P/E (x) 5.95

High Low 1,097.72 1,067.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 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

8.81 -

18.71 2.02 2.39 4.02

18.90 2.10 2.43 4.50

18.46 1.80 2.35 3.90

18.51 -0.20 2.00 -0.02 2.41 0.02 4.30 0.28

Company

Close 1,075.49 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 2987056 564116 333158 545048

Change -10.10 Market cap 76,079.71 mn Div Yield (%) 10.52

Last 60 days High Low 20.22 3.18 3.30 6.49

17.20 1.80 2.30 3.80

% Change -0.93 5-Day High 1,110.71 5-Day Low 1,075.49

2009 Div BR (%) (%) 15 -

-

2010 Div BR (%) (%) 17.5 -

-

204

5.57

Company

Hub Power XD Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric

PE

Open

High

Low

33.56 1.49 2.01 25.36 41.71 10.42 11.13 2.60

33.78 1.58 2.00 25.99 41.95 10.65 11.29 2.69

33.00 1.36 1.94 24.60 41.05 10.40 11.10 2.42

Close 1,139.11 Listed cap 95,369.29 mn Payout (%) 104.13

Change -11.11 Market cap 96,288.56 mn Div Yield (%) 8.41

Close Chg

Volume

Last 60 days High Low

33.14 1.43 1.99 25.82 41.22 10.59 11.15 2.50

2026498 5010 213599 95502 76187 720001 422598 82176

37.24 2.38 2.63 26.65 44.85 10.90 11.85 3.21

-0.42 -0.06 -0.02 0.46 -0.49 0.17 0.02 -0.10

Sui North Gas Sui South Gas

High Low 1,522.11 1,465.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 11.41

31.50 0.70 1.92 23.00 39.51 8.60 9.25 2.21

Close 1,479.70 Listed cap 12,202.80 mn Payout (%) 66.79

% Change -0.97 5-Day High 1,155.55 5-Day Low 1,139.11

2009 Div BR (%) (%) 33.5 45 64.5 -

31R -

Change -33.99 Market cap 33,245.81 mn Div Yield (%) 6.02

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 17.65 6712 -

30.44 25.70

30.45 25.93

29.71 24.76

30.00 -0.44 24.99 -0.71

269358 152892

30.90 26.11

2010 Div BR (%) (%)

25.00 15.80

% Change -2.25 5-Day High 1,513.69 5-Day Low 1,372.22

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

-

-

BANKS

Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.58 51.40 Askari Bank 6427 6.07 14.50 Atlas Bank 5001 1.88 Bank Alfalah 13492 10.32 7.81 Bank AL-Habib 7322 6.69 31.01 Bank Of Khyber 5004 3.20 3.03 Bank Of Punjab 5288 8.38 BankIslami Pak 5280 3.09 Faysal Bank 6091 3.11 13.55 Habib Bank Ltd 10019 6.04 93.82 Habib Metropolitan Bank 8732 5.63 19.25 JS Bank Ltd 6128 2.39 KASB Bank Ltd 9509 2.44 MCB Bank Ltd XD 7602 8.56 183.17 Meezan Bank 6983 7.25 14.96 Mybank Ltd 5304 1.95 National Bank 13455 5.29 63.50 NIB Bank 40437 2.66 Royal Bank Ltd 17180 6.25 Samba Bank 14335 1.88 Silkbank Ltd 9003 12.14 2.65 Soneri Bank 6023 5.50 Stand Chart Bank 38716 9.43 6.80 Summit Bank Ltd 5000 2.57 United Bank Ltd 12242 5.95 50.60

High

Volume

51.99 51.10 51.64 0.24 14.77 14.25 14.69 0.19 1.89 1.67 1.85 -0.03 7.96 7.66 7.74 -0.07 31.34 30.60 31.03 0.02 3.20 2.90 3.20 0.17 8.65 8.30 8.39 0.01 3.28 3.03 3.24 0.15 13.88 13.25 13.49 -0.06 94.00 92.55 93.92 0.10 20.00 19.00 19.04 -0.21 2.39 2.26 2.30 -0.09 2.55 2.20 2.41 -0.03 184.68 183.00 183.43 0.26 15.09 14.61 14.94 -0.02 2.17 1.81 2.01 0.06 63.85 62.85 63.06 -0.44 2.69 2.46 2.65 -0.01 6.40 5.86 6.09 -0.16 1.99 1.79 1.81 -0.07 2.72 2.60 2.67 0.02 5.95 5.01 5.14 -0.36 6.93 6.52 6.60 -0.20 2.50 2.40 2.50 -0.07 51.00 49.90 50.56 -0.04

Change -1.59 Market cap 568,268.73 mn Div Yield (%) 5.18

Last 60 days High Low

6671 59.70 47486 17.46 201 3.00 531984 10.25 45385 34.00 24636 4.75 602999 11.24 13751 3.90 7361 15.95 51695 109.10 7126 24.25 32615 3.00 18583 4.40 395990 214.99 2039 16.50 28412 3.28 899406 73.89 959411 3.50 5617 13.71 3297 2.90 1067680 3.30 135346 8.50 21590 8.50 11904 4.38 584422 60.20

48.51 13.99 1.52 7.32 29.10 2.90 7.35 2.31 12.75 92.00 18.70 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.01 6.05 2.40 49.90

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

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

% Change -0.17 5-Day High 962.94 5-Day Low 920.82 2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 626.82 Turnover 419,005 P/E (x) 10.32 Paid up Cap(mn)

Company

PE

Adamjee InsuranceSPOT 1237 12.19

Open 69.16

High 68.85

High Low 630.72 610.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 5.20 Low 66.90

Close Chg 67.06 -2.10

-

40

10B

-

-

20

25B

10

10B

Century Insurance

457

EFU General Ins. XB IGI Insurance Pak Reinsurance

UPTO 100 VOLUME

-

27.10 47.37

5.68

10.85

10.11

10.11

10.11 -0.74

200

11.95

8.30

-

-

-

-

1250 30.00

38.15

38.30

37.00

37.80 -0.35

6895

55.20

35.52

40

8.7B

-

-

718 12.74

71.86

73.25

68.27

72.09 0.23

123612

79.10

66.02

35

-

10

20B

13.49

13.60

13.05

13.24 -0.25

102169

19.40

-

-

3000

-

12.50

30

-

Pak Gen Insurance

250

1.60

6.97

6.99

6.75

6.75 -0.22

2713

8.20

5.50

5

25B

-

-

PICIC Ins Ltd

350 54.75

2.23

2.19

1.77

2.19 -0.04

8184

4.16

1.66

-

-

-

-

Premier Insurance

303

4.42

8.64

8.49

8.20

8.49 -0.15

1190

10.60

8.11

20

15B

-

-

Reliance Insurance XB

252

4.45

6.48

6.80

6.50

6.50 0.02

3004

6.90

6.00

-

-

-

-

Silver Star Insurance

253

1.59

7.00

8.00

6.40

6.40 -0.60

849

10.00

6.00

-

20B

-

-

LIFE INSURANCE Open 820.88 Turnover 25,484 P/E (x) 72.70 Paid up Cap(mn)

Company

EFU Life Assurance XB New Jub Life Insurance

Close 618.82 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 167067

Change -8.00 Market cap 40,428.82 mn Div Yield (%) 7.70

Last 60 days High Low 89.90

64.00

2009 Div BR (%) (%) 30

10B

% Change -1.28 5-Day High 646.71 5-Day Low 618.82 2010 Div BR (%) (%) 10

-

High Low 825.35 788.11 Total cos Defaulter cos P/BV (x) ROE (%) 2.80 3.85

Close 815.25 Listed cap 2,290.72 mn Payout (%) 355.53

Change -5.63 Market cap 8,715.63 mn Div Yield (%) 4.89

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 32.07 627 52.29

60.50 41.76

60.85 42.00

58.84 39.68

59.00 -1.50 41.83 0.07

3602 21882

84.99 46.00

% Change -0.69 5-Day High 843.84 5-Day Low 815.25

2009 Div BR (%) (%)

51.25 34.50

2010 Div BR (%) (%)

5513.33B 10 -

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 349.67 Turnover 5,036,463 P/E (x) 0.44 Paid up Cap(mn)

PE

Low

40601

1.19

0.42

-

2010 Div BR (%) (%)

6.78

14.68

15.00

14.35

14.50 -0.18

7797

20.99

14.26

-

-

-

20B

7.90

31.80

31.97

30.25

31.68 -0.12

75047

50.12

26.80

15

25B

-

20B

2.22

22.24

22.69

22.18

22.51 0.27

1997313

35.65

21.76

-

30

Invest and Fin Sec

0.60 0.00

2009 Div BR (%) (%)

225

3750

0.58

Last 60 days High Low

Volume

% Change 0.44 5-Day High 376.60 5-Day Low 349.67

360

Dawood Equities

0.60

Close Chg

Change 1.55 Market cap 25,911.36 mn Div Yield (%) 10.42

AMZ Ventures

IGI Investment Bank

0.60

High

Close 351.22 Listed cap 30,336.44 mn Payout (%) 4.60

Arif Habib Invest. XB Arif Habib Securities

-

Open

High Low 358.19 344.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

Arif Habib LimitedSPOT 375

-

-

-

-

-

250

-

1.88

1.86

1.85

1.86 -0.02

506

3.36

1.55

-

-

-

-

2121

-

1.59

1.68

1.51

1.57 -0.02

401120

2.98

1.17

-

-

-

-

600

2.80

7.99

8.89

8.00

8.05 0.06

1503

8.89

6.90

-

11.5

-

-

Invest Bank

2849

-

0.52

0.70

0.50

0.59 0.07

128

1.23

0.50

-

-

-

-

Ist Cap Securities

2878

-

3.03

3.25

3.03

3.18 0.15

54109

5.90

3.00

-

10B

-

-

Ist Dawood Bank

Close Chg

-

31.00 64.90

165992

1.95

9.85

9.99

9.64

9.80 -0.05

1798097

15.47

9.36

-243.778B 10

-

JOV and CO

508

626

-

2.84

2.89

2.72

2.81 -0.03

160709

6.48

2.72

-

-

-

-

JS Global Cap

500

-

35.58

37.00

35.10

36.00 0.42

42.40

33.33

150

-

-

-

Jah Siddiq Co

High Low Close 933.84 911.43 920.82 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.89 13.45 34.35 Low

-

2703 208

50 - 7.8R 50 -

Performance of SR Banks Index Open 922.41 Turnover 5,493,704 P/E (x) 6.63

8.45

28.47 -0.68 48.00 -1.02

Company

Paid up Cap(mn)

11.95

27.95 47.37

GAS WATER AND MULTIUTILITIES

Company

200

29.98 50.50

Performance of SR Gas Water and Multiutilities Index Open 1,513.69 Turnover 422,250 P/E (x) 11.09

9.80 -0.90

29.15 49.02

Performance of SR Life Insurance Index

High Low 1,158.64 1,130.39 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35

11572 6.14 1560 7932 1695 5.02 8803 7.13 3673 3541 79.64 1367 1.20

9.80

4.20 4.97

ELECTRICITY

Paid up Cap(mn)

9.80

369 279

Performance of SR Electricity Index Open 1,150.21 Turnover 3,641,590 P/E (x) 12.39

10.70

Atlas Insurance Central Insurance XB

-

7633 14.20

1.45

1.32

5.70

5.86 0.07

483 37232

1.17

8.65

-

5.40

-

-

-

-

-

-

JS Investment

1000 13.02 1000

-

3.70

3.90

3.41

3.60 -0.10

11401

5.49

3.20

-

-

-

-

821

3.75

4.90

5.10

4.70

4.76 -0.14

57416

5.95

3.66

-

-

-

-

1.48

1.48

1.37

1.41 -0.07

217281

2.89

Pervez Ahmed Sec

5.90

1.58 0.13

KASB Securities Orix Leasing

5.79

1.75

-

775

-

1.35

-231.08R

-

-

Stand Chart Leasing

978

5.25

2.38

2.39

2.15

2.31 -0.07

206

3.89

1.41

-

-

-

-

Trust Inv Bank

586

-

2.50

2.50

2.50

2.50 0.00

9500

4.25

1.55

-

-

-

-

Symbols

Open

CRTM HINO COLG KSBP WAHN MUREB WYETH CLOV IBFL DNCC FCIBL CSMD ETNL OLSM SALT NAKI GTYR SHFA FNEL NESTLE GENP EMCO MDTL PECO TREI FANM NJICL JDMT SUTM FRSM SANSM PAKT ADOS FZTM ELSM PRWM CJPL UPFL FFLM GUTM SMTM MTIL SURC BATA YOUW CHBL MIRKS DADX SITC PHDL ZTL MOON CPL DIIL PIF TSMF FECM KASBM GRYL SPLC NMBL ESBL HICL ALQT DATM HAJT KSTM MQTM MUKT ADMM INKL BNWM

20.53 120 685 80.33 45.15 87.89 940.05 38.74 36.2 1.65 3.02 6.5 20.88 1.73 25 14.64 22.77 34.29 8.75 1860 0.84 2.76 59.95 299.98 2 3 53.59 14.48 33.25 17.05 13.9 113.18 20 331.27 23.69 18.95 0.98 1033 1.12 21 5.51 0.46 34.49 490 1.05 3.44 60.7 23.52 117.09 58 2.6 12.5 162 18.39 3.81 1.5 2.2 1.35 1 0.6 1.14 2.75 10.8 3.49 0.66 0.35 0.75 8.84 0.5 19.24 8.02 10

EQUITY INVESTMENT INSTRUMENTS

Paid up Cap(mn)

Company Allied Rental

600

AL-Meezan Mutual F. Atlas Fund of Funds

High Low 1,017.69 999.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 4.09

PE

Open

High

Low

Close Chg

3.37

16.00

15.60

15.60

15.60 -0.40

Close 1,005.00 Listed cap 29,771.58 mn Payout (%) 104.19

Symbols

Change -6.13 Market cap 17,133.10 mn Div Yield (%) 27.53

Volume

Last 60 days High Low

5000

16.23

2009 Div BR (%) (%)

12.50

15

2010 Div BR (%) (%)

-

22.5

1375

2.67

6.99

7.04

6.91

6.92 -0.07

46538

7.25

6.35

-

-

18.5

-

525

1.71

3.76

3.24

3.00

3.03 -0.73

22026

4.99

2.53

-

-

-

-

-

-

-

-

-

B R R Guardian Mod.

780

-

1.16

1.35

1.11

1.13 -0.03

611

2.43

0.90

200

1.67

0.45

0.76

0.38

0.45 0.00

6598

0.90

0.16

-

-

-

Equity Modaraba

524

7.69

1.02

1.19

1.00

1.00 -0.02

406

1.68

0.76

-

-

-

-

First Capital Mutual Fund 300

2.82

2.70

2.80

2.45

2.62 -0.08

2503

3.00

0.99

-

-

-

-

-

760

3.89

3.55

3.59

3.55

3.58 0.03

65574

3.74

2.32

-

-

17

-

H B L Modaraba

397

4.58

5.89

5.55

5.50

5.50 -0.39

10000

6.49

4.80

5

-

-

-

Habib Modaraba

1008

4.51

6.04

6.05

5.99

6.00 -0.04

148973

7.49

5.56

20

-

21

JS Growth Fund

3180 39.25

3.18

3.15

3.14

3.14 -0.04

875

4.39

2.70

-

-

5

-

JS Value Fund

1186

2.95

3.00

2.85

2.91 -0.04

15308

3.98

2.31

10

-

10

-

Meezan Balanced Fund

-

1200

2.95

6.20

6.10

6.10

6.10 -0.10

495

7.49

6.00

-

-

15.5

Open

NML-SEP 46.73 ANL-SEP 10.22 ANL-OCT 10.35 ENGRO-SEP 173.87 ENGRO-OCT 173.3 NBP-SEP 63.53 DGKC-OCT 24.55 DGKC-SEP 24.3 OGDC-OCT 143.51 POL-SEP 232.98 OGDC-SEP 145.88 PSO-SEP 261.5 MCB-SEP 183.5 MCB-OCT 183.01 NML-OCT 45.1 NBP-OCT 63.9 POL-OCT 233.03 LUCK-SEP 69.85 PPL-SEP 171.9 PSO-OCT 260.43 AICL-OCT 67 PTC-OCT 18.9 PPL-OCT 171.33 AICL-SEP 68.83 LUCK-OCT 65.6 NETSOL-SEP 18.7 PTC-SEP 18.73

% Change -0.61 5-Day High 1,013.04 5-Day Low 1,000.53

Crescent St Modaraba

Golden Arrow

-

-

Nat Bank Modaraba

250

7.18

7.60

7.75

7.75

7.75 0.15

500

8.45

6.10

-

-

-

-

Pak Prem Fund XD

1698

3.54

7.17

7.50

7.25

7.43 0.26

53879

9.86

7.00

-

-

18.6

-

Pak Strat Fund

3000

5.22

6.69

6.75

6.61

6.68 -0.01

63393

8.10

6.01

-

- 11.53

-

Symbols

Open

BFMOD FCONM MODAM PAKMI FPJM UVIC

3.7 2.77 1.17 0.84 1.2 4

PICIC Energy Fund

1000

2.40

4.60

4.51

4.51

4.51 -0.09

8010

6.49

4.00

-

-

5

-

PICIC Growth Fund

2835

2.30

8.60

8.56

8.30

8.39 -0.21

22501

10.55

7.60

-

-

20

-

872

2.13

0.80

0.84

0.81

0.81 0.01

10500

1.20

0.70

-

-

3

-

Stand Chart Modaraba XD 454

4.69

8.26

8.55

8.25

8.26 0.00

7461

10.99

8.25

16.5

-

17

-

Prud Modaraba 1st XD

Low

Close

19.61 120 660 80.3 45.5 87 952 40.67 35 1.2 2.77 6.05 21.8 2.04 25 15.59 22.3 34.9 9 1785 0.7 2.11 56.96 299 1.85 3.2 55.74 15.45 31.59 18.04 13.9 112.96 19.9 315.5 24.25 17.95 0.75 985 1.12 20.5 5.02 0.01 35 476.53 1.2 3.22 62.77 24.69 119 55.1 2.02 12.89 162.9 17.39 3.9 1.95 2.65 1.19 1.79 0.68 0.71 2.95 11.46 2.5 0.68 0.82 0.89 9.82 0.57 20 9 10

19.61 120 693 80.5 45.5 87.05 952 40.67 35.98 1.93 2.77 6.05 21.8 2.04 25 15.6 22.3 34.9 9 1851.86 0.78 3.35 57.97 299.55 2.08 3.2 55.74 15.45 31.59 18.04 13.9 112.96 19.9 315.5 24.25 18.99 1 1020 1.12 20.5 5.76 0.35 35 500 1.2 3.43 62.77 24.69 119 55.1 2.35 12.89 162.9 17.39 3.9 1.95 2.65 1.19 1.79 0.68 0.71 2.95 11.46 2.6 0.68 0.82 0.89 9.82 0.57 20 9 10

Change

Vol

-0.92 0 8 0.17 0.35 -0.84 11.95 1.93 -0.22 0.28 -0.25 -0.45 0.92 0.31 0 0.96 -0.47 0.61 0.25 -8.14 -0.06 0.59 -1.98 -0.43 0.08 0.2 2.15 0.97 -1.66 0.99 0 -0.22 -0.1 -15.77 0.56 0.04 0.02 -13 0 -0.5 0.25 -0.11 0.51 10 0.15 -0.01 2.07 1.17 1.91 -2.9 -0.25 0.39 0.9 -1 0.09 0.45 0.45 -0.16 0.79 0.08 -0.43 0.2 0.66 -0.89 0.02 0.47 0.14 0.98 0.07 0.76 0.98 0

99 83 81 62 60 60 59 59 56 52 50 30 21 20 20 20 20 20 19 19 18 16 15 14 13 10 10 10 10 10 10 10 10 8 7 7 7 6 5 5 5 5 5 4 3 3 3 3 3 3 2 2 2 2 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 Open 1,011.14 Turnover 491,170 P/E (x) 6.65

High 19.62 120.01 703 80.5 45.5 87.3 961 40.67 37.75 2.59 2.99 6.05 21.89 2.04 25 15.6 22.8 34.9 9 1900 0.9 3.6 58.95 299.97 2.2 3.2 55.74 15.47 31.59 18.04 13.9 115.65 19.9 347.83 24.25 19.9 1.2 1050 1.12 20.5 6.49 0.7 35 500 1.2 3.49 62.77 24.69 122.94 60.89 2.65 13.45 164.89 19.39 3.96 1.95 2.65 1.19 1.79 0.77 0.71 2.95 11.46 2.6 0.68 0.82 0.89 9.82 0.57 20 9 10

High 47.39 10.59 10.59 174.05 173.5 63.8 24.65 24.55 144.1 233.25 145.99 262.46 184.69 183.99 45.74 64 234.1 70.5 172.1 261 68 19 172.37 68.74 66.4 18.7 18.61

Low

Close

46.6 10.22 10.3 171 170.32 62.9 23.8 23.63 142.15 231.25 144.15 259 183 182.35 44.68 63 231.5 68.9 169.3 257.01 65 18.8 169.67 67 66 18.7 18.5

46.78 10.43 10.42 171.48 171.18 63.07 23.92 23.7 142.37 232 144.45 259.51 183.67 182.96 44.74 63.36 232.02 69.07 169.77 257.76 66.11 18.8 170.18 67.1 66.13 18.7 18.6

Change 0.05 0.21 0.07 -2.39 -2.12 -0.46 -0.63 -0.6 -1.14 -0.98 -1.43 -1.99 0.17 -0.05 -0.36 -0.54 -1.01 -0.78 -2.13 -2.67 -0.89 -0.1 -1.15 -1.73 0.53 0 -0.13

Vol 318000 264000 237500 228000 189500 184500 159500 152500 149000 144500 127000 124000 104500 104500 94000 91000 90000 82500 59500 46500 43000 42000 35500 23000 22500 20000 5500

ZERO VOLUME High

Low

Close

3.72 2.5 1.13 0.8 1.19 3.65

3.72 2.5 1.13 0.8 1.19 3.65

3.72 2.5 1.13 0.8 1.19 3.65

Change

Vol

0.02 -0.27 -0.04 -0.04 -0.01 -0.35

0 0 0 0 0 0

BOARD MEETINGS

Pakistan Telecommunication Co Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

48.04

Support 1

9,824.05

MA (5-day)

9,984.45

Support 2

9,781.30

MA (10-day)

9,984.77

Resistance 1

9,946.10

MA (100-day)

9,895.14

Resistance 2

10,025.40

AKD Securities Ltd

9,895.00

Pivot

cent narrower than normal. As far as resistance level is concern, the mar-

Buy

*Arif Habib Ltd

Positive

Brokerage House

Technical Analysis

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

AKD Securities Ltd

44.13

Buy

AKD Securities Ltd

TFD Research

36.85

Positive

TFD Research

Free Float Shares (mn) 584.63 Free Float Rs (mn) 10,821.59 ** NOI Rs (mn) 8.68 Mean 18.65

* 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

37.96 25.39 25.14 27.69

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

Fair Value

Rs Recommendations

48

Buy

46

Buy

44.9

182.55 4,331.90 30.12 24.05

* 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)

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

810.01 26,843.67 0.68 33.37

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

at 10,025.40, while Index will continue to find its 1st support level at

PTC closed down -0.20 at 18.51. Volume was 37 per cent above average DGKC closed down -0.55 at 23.73. Volume was 1 per cent below average HUBC closed down -0.42 at 33.14. Volume was 18 per cent above average

9,824.05 and 2nd support level at 9,781.30.

and Bollinger Bands were 17 per cent narrower than normal.

and Bollinger Bands were 25 per cent narrower than normal.

and Bollinger Bands were 83 per cent wider than normal.

KSE 100 INDEX is currently 0.2 per cent below its 200-day moving PTC is currently 5.0 per cent below its 200-day moving average and is dis- DGKC is currently 14.3 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is extremely low playing an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to when compared to the average volatility over the last 10 trading sesvolatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators sions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently flowing into and out of PTC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace. oscillators are currently bullish on PTC.

bullish on INDEX.

National Bank of Pakistan

Nishat Mills Ltd

Brokerage House

Fair Value

AKD Securities Ltd

Rs Recommendations

Brokerage House

65

Buy

*Arif Habib Ltd

61.46

Buy

AKD Securities Ltd

Positive

TFD Research

*Arif Habib Ltd

TFD Research

74.2

Technical Analysis 53.58 47.06 47.12 54.10

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

Fair Value

Rs Recommendations

78

175.80 8,227.44 28.95 46.90

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

displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HUBC at a relatively equal pace. Trend forecasting oscillators are currently bearish on HUBC.

United Bank Ltd

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Buy

*Arif Habib Ltd

83

Buy

*Arif Habib Ltd

77

Buy

64.64

Neutral

AKD Securities Ltd

108.5

Buy

AKD Securities Ltd

63

Accumulate

92.3

Positive

TFD Research

72.75

Neutral

TFD Research

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

HUBC is currently 1.3 per cent below its 200-day moving average and is

Lucky Cement Ltd

Technical Outlook

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

Trend forecasting oscillators are currently bullish on DGKC.

42.43 65.04 66.19 73.07

318.37 20,076.22 38.64 63.32

* 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)

49.95 70.99 66.62 69.55

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

Positive

Technical Outlook

Technical Outlook

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

78.44

129.35 8,926.44 7.55 69.57

* 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)

30.14 53.35 54.91 58.66

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

306.04 15,473.63 1.10 50.52

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

NML closed up 0.03 at 46.80. Volume was 19 per cent below average and NBP closed down -0.44 at 63.06. Volume was 57 per cent below average (con- LUCK closed down -0.83 at 69.01. Volume was 35 per cent below average UBL closed down -0.04 at 50.56. Volume was 25 per cent below average Bollinger Bands were 10 per cent narrower than normal.

solidating) and Bollinger Bands were 16 per cent narrower than normal.

and Bollinger Bands were 2 per cent wider than normal.

and Bollinger Bands were 7 per cent narrower than normal.

NML is currently 13.5 per cent below its 200-day moving average and is NBP is currently 3.5 per cent below its 200-day moving average and is dis- LUCK is currently 0.8 per cent below its 200-day moving average and is UBL is currently 13.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect volume flowing into and out of LUCK at a relatively equal pace. erate flows of volume out of UBL (mildly bearish). Trend forecasting oscilforecasting oscillators are currently bullish on NML.

forecasting oscillators are currently bullish on NBP.

Trend forecasting oscillators are currently bullish on LUCK.

lators are currently bearish on UBL.

Time

24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 24-Sep 25-Sep 25-Sep

10:00 11:00 12:00 10:00 10:00 11:00 10:30 10:00 9:30 10:30 10:30 10:30 4:00 5:00 10:00 12:00 12:00 10:00 12:00 11:00

Company

Leverage Position

33.90 33.78 34.07 33.59

Date

Bhanero Textile Mills Ltd Blessed Textiles Ltd Faisal Spinning Mills Ltd Fauji Cement Co Ltd Fazal Textile Mills Ltd First Habib Bank Modaraba First Imrooz Modaraba Ghazi Fabrics International Ltd Haydari Construction Co Ltd NAMCO Balanced Fund NAMCO Income Fund Sazgar Engineering Works Ltd Sitara Chemical Industries Ltd Sitara Peroxide Ltd Southern Electric Power Ltd Trust Modaraba Unicap Modaraba ZIL Limited D M Textile Mills Ltd Pakistan Engineering Co Ltd

TECHNICAL LEVELS

Positive

Technical Outlook

Technical Outlook

Leverage Position

48.31 18.83 19.07 19.49

Fair Value 44

Technical Outlook

9,903.35

ket will see major 1st resistance level at 9,946.10 and 2nd resistance level

Rs Recommendations

24.18 30.5

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -79.62 points at 9,866.80. Volume was 49 MA (100-day) per cent below average (consolidating) and Bollinger Bands were 18 per MA (200-day) MA (200-day)

Fair Value

TFD Research

Hub Power Co Ltd

Dera Ghazi Khan Cement Co Ltd

Company

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank 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 45.13 3.25 3.15 45.31 51.15 50.70 46.32 65.05 63.25 45.61 30.65 29.60 37.16 22.25 21.95 35.82 66.35 65.65 48.60 14.35 14.05 51.60 10.20 9.95 50.08 313.10 311.10 48.99 80.80 79.65 33.08 7.60 7.50 53.78 3.10 2.95 48.57 8.25 8.10 44.82 1.40 1.30 37.96 23.40 23.10 37.68 1.40 1.35 37.65 1.85 1.75 36.07 37.10 36.40 39.78 58.25 57.55 43.54 170.05 168.55 44.16 13.20 12.90 47.74 4.90 4.85 38.37 26.85 26.70 44.36 104.30 104.05 40.06 93.00 92.05 33.90 32.85 32.55 46.66 118.50 118.00 34.76 213.15 209.70 26.73 2.75 2.65 41.38 1.35 1.25 50.89 2.25 2.20 44.21 9.65 9.45 45.52 40.85 40.50 40.70 1.95 1.90 49.95 68.25 67.50 40.31 182.70 182.00 33.63 2.85 2.75 42.43 62.65 62.25 43.04 15.55 15.30 33.42 18.05 17.90 44.03 2.50 2.35 49.57 1.40 1.35 53.58 46.50 46.15 51.28 143.50 142.50 38.16 2.40 2.35 32.96 1.35 1.30 39.18 1.95 1.85 58.12 7.75 7.55 55.68 230.50 229.50 21.79 169.25 168.20 33.71 71.80 70.50 50.13 257.60 255.95 48.31 18.35 18.20 33.12 190.70 189.40 66.83 29.65 29.30 42.47 8.40 8.25 75.74 24.55 24.05 33.82 1.85 1.65 43.85 3.25 3.15 30.14 50.00 49.40 40.69 2.35 2.30

1st

2nd

Resistance 3.45 3.50 52.05 52.45 68.35 69.85 32.35 33.00 22.75 22.95 68.30 69.55 14.90 15.10 10.65 10.95 318.50 321.90 83.80 85.65 7.90 8.10 3.35 3.45 8.60 8.80 1.55 1.60 24.30 24.90 1.50 1.55 2.15 2.30 38.40 39.00 60.30 61.55 174.00 176.45 13.85 14.15 5.05 5.15 27.10 27.30 104.80 105.05 94.45 94.95 33.60 34.10 120.00 121.00 222.95 229.30 2.90 3.00 1.55 1.70 2.40 2.45 10.00 10.15 41.75 42.30 2.05 2.10 70.20 71.45 184.40 185.40 3.00 3.15 63.65 64.25 16.15 16.55 18.55 18.85 2.75 2.85 1.50 1.55 47.25 47.75 146.20 147.85 2.50 2.55 1.45 1.55 2.15 2.25 8.25 8.45 233.00 234.50 171.80 173.30 74.25 75.35 261.85 264.50 18.80 19.05 194.10 196.20 30.40 30.80 8.75 8.95 25.70 26.40 2.15 2.25 3.45 3.60 51.10 51.60 2.45 2.50

Pivot 3.35 51.60 66.55 31.30 22.45 67.60 14.55 10.45 316.50 82.65 7.80 3.20 8.45 1.45 24.00 1.45 2.05 37.70 59.55 172.50 13.55 5.00 27.00 104.55 93.50 33.30 119.50 219.50 2.80 1.45 2.30 9.80 41.40 2.00 69.50 183.70 2.95 63.25 15.95 18.35 2.60 1.45 46.95 145.15 2.45 1.40 2.05 8.00 232.00 170.75 72.90 260.25 18.60 192.80 30.05 8.60 25.25 1.95 3.35 50.50 2.40


8

Friday, September 24, 2010

Wellink says on track for surcharges on top banks

RHB Islamic credit card-i offers RM50 cash back

HSBC puts a new head on its world credit trade Barclays official defends bank risk-taking

HONG KONG: Logos of HSBC and Standard Chartered Bank are seen at their headquarters in Hong Kong. -Reuters

SCB , ACBL, NBP ink pact to boost Pak-China trade KARACHI: Standard Chartered Bank (SCB) announced Thursday that it has signed Renminbi (RMB) Cross Border Trade Settlement Account Agreements with Askari Bank and National Bank of Pakistan to facilitate trade activities between Pakistan and China The move will allow these banks to open RMB nostro accounts at Standard Chartered Bank (China) Limited and facilitate trade activities between Pakistan and China. These will be the first RMB nostro accounts opened for

Pakistani Banks. With these RMB nostro accounts, Standard Chartered will be able to help their clients to settle cross-border trade between China and Pakistan. As the trade volumes between China and Pakistan continue to grow significantly year on year showing an increase of over 50 per cent from 2006/2007 to 2009/2010, there are many opportunities presented to banks in Pakistan. Corporate entities can now request settlement of invoices in Renminbi and the Bank feels that it is well prepared to meet

the increasing requirement for Renminbi trade related settlements in the market. Standard Chartered Pakistan has developed its franchise to the point where it is now a top local player. Euromoney has awarded Standard Chartered the prestigious "Best Bank in Pakistan" in the Awards for Excellence 2010. Its journey of transformation in Pakistan has seen it grow from 115 branches and 22 cities in January 2007 to 162 branches in 41 cities of the country in 2010, employing a workforce of more than 5,000 people.-PR

UBS Americas backs US infrastructure bank Says bank should be capitalised by Treasury Dept WA S H I N G T O N : U B S Americas threw support behind the Obama administration's proposal for a US infrastructure bank on Tuesday, but warned against creating a quasi-government agency like housing finance enterprises Fannie Mae and Freddie Mac. "Creating a national infrastructure bank is an idea whose time has come," Robert Wolf, chief executive of UBS Americas, told a Senate Banking Committee hearing called to explore alternatives for financing infrastructure projects. Wolf said Congress should establish an institution that would leverage private investment to finance transportation and other big-ticket projects like rail, road, water, broadband or airport upgrades. He recommended that it not

have private shareholders. Rather, Wolf said, it should be capitalized through the U.S. Treasury to avoid the problems experienced by hybrids Fannie Mae and Freddie Mac that were held by private shareholders but benefited from government sponsorship. Fannie and Freddie were seized by Treasury two years ago after losses during the U.S. housing market collapse and recession. Taxpayers have poured $150 billion into the lenders to keep them afloat. Obama proposed a $50 billion infrastructure spending program earlier this month to rev up the economy and create jobs. The bank, Obama said, could be one way of financing the highest-priority projects through grants and loans. Wolf favors a loan-focused arm.

Obama envisions creating the bank as part of long-term infrastructure spending legislation expected to take shape in 2011. Presidential advisers have suggested capitalizing the bank at $25 billion. Obama, many in Congress and transportation experts acknowledge that present infrastructure funding mechanisms that leverage gas taxes and other user fees cannot keep pace with necessity and demand and that other options are necessary. Last year, the federal highway trust fund nearly ran dry before Congress rescued it with emergency cash. Public investment in transportation infrastructure in 2006 was about $140 billion, split between the federal government and state and local governments. -Reuters

ATHENS: A woman makes a transaction at an automated teller machine at a branch of the National Bank of Greece in Athens. Reuters

Q3 loss of Deutsche Bank fazes whole sector FRANKFURT: Deutsche Bank AG said sales and trading activity during July and August was weaker than a year ago, providing a warning shot that third-quarter investment banking earnings could be weak across the board. In a trading update on Tuesday provided as part of the prospectus for Deutsche Bank's planned 10.2 billion euros ($13.4 billion) capital increase, Germany's flagship lender said it expects to post a loss during the third quarter thanks to a one-off charge and weaker trading. The main reason for the loss is a 2.3 billion euro ($3 billion) revaluation charge for the bank's stake in Deutsche Postbank , but news of weak trading over the summer months sent jitters across the sector. Deutsche Bank shares closed down 4.5 percent, helping send the STOXX Europe 600 banking index down 0.8 percent lower as Deutsche Bank's rivals UBS, Credit Suisse and HSBC closed down 1 percent or more. Deutsche Bank said sales and trading revenues at its corporate banking and securities (CB&S) businesses suffered seasonal reductions in July and August that were "more marked than in the comparable third quarter of 2009". Third-quarter pretax profit in the CB&S businesses, traditionally Deutsche Bank's cash cow, may be "substantially below the level of the prioryear quarter", it said.

IFSB holds awareness moots in Oct KARACHI: The Islamic Financial Services Board, the body mandated to develop international prudential standards for the Islamic financial services industry, will be organizing three awareness programs in October 2010. The three programs, two seminars and one roundtable, will focus on Islamic capital markets, business models in Islamic finance and issues related to effective insolvency regimes. The three programs are open for participation by the IFSB member organizations, which currently stand at 195 organizations from 40 countries. The seminars are, however, also open to the public and registration is free of charge. -PR

LONDON: HSBC has appointed Niall Cameron as global head of credit trading, a role that includes controlling strategy on providing technology solutions for the bank's clients, the bank said on Thursday. Cameron joins from Markit, the financial data information services company, but is a credit market veteran who ran various traded markets at ABN Amro until 2007. Before ABN Amro Cameron also worked in debt syndicate at Merrill Lynch. He replaces Ken O'Brien who recently retired. Meanwhile, Barclays PLC's (BARC.L) next chief executive defended the industry's risk-taking on Wednesday, telling a conference audience that banks "must take risks" to be successful. Every bank "has made mistakes" during the financial crisis, Barclays' Robert Diamond said during a panel discussion. The British bank said this month that Diamond, current-

ly head of its investment and wealth management business Barclays Capital, will become its CEO in March. Diamond said he welcomed increased regulation of the banking industry, including new global capital requirements and the new U.S. regulatory reform law. "We've learned a lot in the past couple of years, and banks have changed," he said. "Strong banks want strong regulation." But Diamond also raised a few complaints, saying "it's been tough" for strong banks such as his to have their reputations tarnished during the financial crisis by the failures and mistakes of weaker banks. He finished his remarks by calling for "more fact-based debates" in the UK, the United States and other areas of the world. Diamond spoke during a panel discussion on "marketbased solutions" at the Clinton Global Initiative conference in New York. -Reuters

Qatar Islamic plans first sale of Dollar Islamic Debt LONDON: Qatar Islamic Bank SAQ plans to sell its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe from tomorrow, according to a statement from the Gulf state’s biggest Shariah-compliant lender. “The sukuk is expected to be launched, subject to market conditions” and Credit Suisse Group AG, HSBC Holdings Plc and Qatari investment bank QInvest have been hired to manage the issuance, said the statement posted on the Qatar Exchange website today. Chief Executive Officer Salah Mohammed Jaidah said on May 19 the company may issue up to $750 million of the notes that comply with the religion’s ban on interest. Sales of Islamic bonds are picking up in the Persian Gulf after Dubai World reached an agreement with 99 percent of its creditors this month to change terms on $24.9 billion of debt. Banks and companies in the Middle East may sell $5.5 billion of sukuk in the fourth quarter, the most since the three months ended September 2007, according to data compiled by Bloomberg. “There will be huge support” for the debt, Hang Tuah Amin Tajudin, assistant vice president at OCBC Bank Malaysia Bhd.’s Global Treasury Division, said in an interview from Kuala Lumpur today. “Market sentiment has improved and the restructuring in the Gulf region will help create more certainty.” Albaraka Banking Group, the largest publicly traded Islamic bank in Bahrain, plans to sell

$200 million of sukuk by the end of the year and appointed Standard Chartered Plc as a manager for the sale, Chief Executive Officer Adnan Ahmed Yousif said yesterday. The Islamic Development Bank, a Jeddah-based multilateral lender, said on Aug. 24 it would raise $1 billion selling Shariah-compliant debt. Global sales of sukuk dropped 24 percent to $10.7 billion so far this year, compared with $14 billion in the same period a year ago, according to data compiled by Bloomberg. Issuance from the six-member Gulf Cooperation Council, which includes the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, has declined 22 percent to $2.5 billion. “Risk perception in the region is far more constructive, not only due to the apparent resolution of the restructurings taking place in Dubai, but also helped by the solid regional economic landscape,” Rafael Dalmau, director of Islamic investment at BNP Paribas Investment Partners in Singapore, said in an e-mailed response to questions today. Malaysia raised $1.25 billion from sukuk in May, the country’s first overseas debt offering in eight years, and received bids for more than five times the initial $1 billion sought. The yield on Malaysia’s 3.928 percent Islamic note due June 2015 was little changed at 2.65 percent today, according to prices from Royal Bank of Scotland Group Plc. The debt was sold to yield 180 basis points more than Treasuries. Agencies

Aussie ANZ faces $48mn class action over bank fees SYDNEY: Australia and New Zealand Banking Group faces a A$50 million ($47.66 million) class-action suit by customers for recovery of bank fees, with up to 11 other lenders at risk of similar suits in future. Class-action law firm Maurice Blackburn said on Wednesday it would file the suit against ANZ, Australia's fourth-largest bank, with the Federal Court later in the day, adding that it would be the first of possibly a dozen such legal actions. The law firm, which represented consumers in suits against Esso after the 1998 Longford gas plant explosion and insurer GIO shareholders in a governance case, is backed in the ANZ suit by the country's biggest litigation funder, IMF Australia. IMF Australia said in a joint statement with Maurice Blackburn that banks had charged as much as A$1.2 billion a year in unfair "exception" fees. Exception fees include charges for insufficient funds, overdrawn bank or credit card accounts and late credit card payments, according to the Australian Bankers' Association. Most banks stopped charging the fees in the past few months after a public outcry. An ANZ spokesman said the bank had yet to be served with any documents and would respond in due course. The suit is to be filed on behalf of three lead applicants and 27,199 individuals and businesses holding 40,000 accounts. They are claiming refunds for exception fees paid since 2004, along with interest, the joint statement said. "We will argue that fees charged were unjust within the meaning of the Consumer Credit Code," Maurice Blackburn Chairman Bernard Murphy said in the statement. The statement said other major banks could face similar suits, including National Australia Bank, Commonwealth Bank of Australia, Westpac Banking Corp, Citigroup, HSBC , Bank of Queensland, Bendigo and Adelaide Bank and Suncorp Metway.-Reuters

Kuwait's Burgan Bank raises $400mn from bond sale KUWAIT: Kuwait's Burgan Bank raised $400 million in a 10-year bond sale on Thursday, at a coupon rate of 7.875 percent. The dollar-denominated bond sale attracted a final book size of $1.5 billion, one source with a lead bank said, signalling the issue was oversubscribed nearly four times by investors. Burgan Bank is the commercial banking arm of Kuwait Projects Co, the country's largest investment company by assets, which priced a $500 million 10-year bond in July at 9.5 percent. Joint lead managers on the issue are Morgan Stanley, JP Morgan and Standard Chartered. Kuwaiti investment firms have been badly hit by the financial crisis and some have said they would sell down international assets. There is a pipeline of Gulf Arab bond sales waiting to come to market but volatility due to Europe's debt crisis has slowed issuance from the region, with issuers wary of higher pricing and jittery global investors. -Reuters


9

Friday, September 24, 2010

Gold holds near record high on currency fears

European vegetable oil prices

Gold-silver ratio remains near lowest since January LONDON: Gold held near record highs on Thursday, eyeing a breach of $1,300 an ounce, while silver flirted with 30-year peaks as the threat of currency devaluation lifted interest in the metals as a safe store of value. Spot gold was bid at $1,290.10 an ounce at 1412 GMT, against $1,289.60 late in New York on Wednesday. US gold futures for December delivery slid 70 cents to $1,291.40. Silver rose to a 2-1/2 year high at $21.21 an ounce -within a few cents of its highest since 1980 -- and was later bid at $20.96 an ounce against $21.11. Gold prices were lifted to a record $1,296.10 on Wednesday after the US Federal Reserve indicated it was open to reintroducing quantitative easing to tackle sluggish US economic growth, knocking the dollar. The precious metal's rally, which has lifted prices some 3.5 per cent so far this month, is

EU wheat extends losses MADRID: Wheat prices in leading western European markets mostly extended falls on Thursday amid a technical retreat by France, the continent's biggest producer. Milling wheat futures in Paris sagged after benchmark prices failed to hold on to a contract high reached earlier this week, traders said. End-of-quarter profit-taking was also weighing but strong export demand still underpinned the market, they added. The benchmark November wheat contract on Euronext was down 4.50 euros ($6.03) or 1.98 per cent at 223.25 euros by 1602 GMT. US wheat markets were also lower with frontmonth December down 2.19 per cent at $7.04 a bushel. In Spain, prompt feed wheat in key grain port Tarragona was quoted at 225 euros/tonne, up 10 euros from Monday and its highest level since June 2008. Germany's market fell, pushed down by the fall in Paris, concern about the strengthening euro and restrained buying interest. Feed wheat futures in London fell 3.75 pounds or 2.3 per cent to 162.50 pounds ($254.5) a tonne. The contract rose to 171.50 pounds on Monday, the highest level for the front month since April 2008. -Reuters

showing few signs of running out of steam. "Once we touch $1,300 it will probably stall there and there will be some profit-taking, but it won't be extensive," said Andrey Krychenkov, an analyst at VTB Capital. "All the technical indicators are flashing completely over-

bought, but that doesn't mean anything when you're in an uptrend." From a technical perspective, gold remains firm after hitting record highs for five consecutive sessions to Wednesday. High prices curbed some physical buying, however. Indian gold demand remained weak for a second day as prices traded near all-time highs, though dealers said underlying buying was strong on expecta-

tions of higher festive demand. On the supply side of the market, South Africa's Gold Fields, the world's fourth-largest gold miner, said it expects attributable gold output for the September quarter to rise 0.9 per cent to 906,000 ounces compared with the previous quarter. It added that it was on track to achieve its annual production guidance of 3.5-3.8 million ounces. A m o n g other precious metals, silver remained well supported after hitting another 2-1/2 year high overnight in Asia. The gold-silver ratio -- the number of ounces of silver needed to buy an ounce of gold -- was at 61.25 on Wednesday, having hit its lowest since January in the previous session. Platinum was at $1,626 an ounce against $1,627.10, while palladium was at $535.50 against $538.25. -Reuters

NY cotton ends down from new 15-yr high NEW YORK: Cotton futures ended down for the first time in five sessions on Wednesday, as investment and mill buying momentum slowed and analysts looked for prices to correct further after setting yet another new 15-year high earlier in the session. "I think the market is starting to run out of gas up here.. the market is a little top-heavy," said Keith Brown of Keith Brown and Co. in Moultrie, Georgia. "Today's retreat has been pretty orderly. We have been leaking lower all day and the market has run a long way, so this is going to be very healthy for the market later on," he said, putting near-term support at the 95.00-cent level. ICE Futures US key December cotton contract ended down 1.17 cents at 99.62 cents, after hitting a new 15-year peak of $1.0334 per lb. The low for the day was at 99.55 cents. Most of the push toward the highs came from speculative funds who feel cotton prices could go higher if bad harvest weather hits top producers like China, India and the US, analysts said. There was also some mill buy-

ing coming in. Futures volume remained relatively healthy at 25,283 lots by 3:22 p.m., against the 30-

NY cotton early-trade 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. ICE Futures US key 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. day average at 15,071 lots, according to preliminary Thomson Reuters data. Analysts were uncertain if the market is indeed getting close to topping out its rally or whether another leg up is in store for fiber contracts, especially after China comes back from its long holiday break. Cotton brokers believe total US cotton sales may range from 300,000 to 400,000 running bales (RBs, 500-lbs each), from 844,200 RBs in last week's report. -Reuters

Copper hits 5-mth highs on strong fundamentals LONDON: Base metals scaled multi-month peaks on Thursday as investors bet fundamentals would continue to improve through the year end, with copper a particular favourite giving dwindling supplies. Benchmark copper on the London Metal Exchange ended at $7,885 a tonne from Wednesday's close of $7,840 per tonne. The metal, used in power and construction, earlier hit a five-month high at $7,909 per tonne. Three-month aluminium hit $2,298 a tonne for the first time since April, zinc hit its highest level since the start of May at $2,252, while lead hit its highest since late April at $2,285.50. "Copper in the short, medium and long term is supported, even if we get poor data, $7,100 is maximum downside retracement (because) despite everything we're still seeing consistent stock draws," said Andrey Kryuchenkov, analyst at VTB Capital.

Latest LME data showed copper stocks fell by 1,975 tonnes to 380,125 tonnes, remaining close to their lowest since last November. Inventories have fallen by one third since mid-February, when they stood at six-year highs of 555,075 tonnes. Also, the global market deficit for refined copper widened in the first half to 281,000 tonnes from 125,000 tonnes the year before, the International Copper Study Group said this week. Inventories fell across four of the six major metals contracts on Thursday, highlighting a pick up in demand post summer. "Chinese metal import demand is picking up as per the latest data," said MF Global in a note.

Nevertheless, analysts remain upbeat on metals, with Barclays Capital saying earlier copper and tin could hit record high annual average prices in 2011 on the back of a strong consumption outlook and supply tightness. Also, independent investor Dennis Gartman said on Thursday he has recently turned bullish on copper based upon growth expectations in Asian economies and a tightening global supply base. Across other metals, aluminium ended at $2,292 a tonne versus $2,235, zinc was last bid at $2,250 against $2,192 and lead ended at $2,275 versus $2,223.50. Nickel was last bid at $22,700 from $22,560, while tin ended at $23,600 from $23,300. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 22 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash Buyer

1240

1120

March (3rd Wednesday)

1240

1090

April (3rd Wednesday)

1240

1090

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 22 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

2140 2150 2100 2110 2045 2055 2045 2055

2158 2158.5 2188 2190 2268 2273 2338 2343

7705 2159.5 7705.5 2160.5 7705 2185 7710 2188 7655 2207 7665 2212 7385 2187 7395 2192

22295 22300 22270 22300 21900 22000 21075 21175

TIN

ZINC NASAAC

23170 2128.5 23175 2129 23125 2155 23175 2156 22675 2218 22725 2223 2218 2223

2095 2100 2120 2125 2120 2130 2170 2180

MEXICO CITY: A scientist walks in a field of maize plants at the International Maize and Wheat Improvement Center (CIMMYT) in El Batan on the outskirts of Mexico City. -Reuters

Sugar near 7-mth high on supply tightness LONDON: ICE raw sugar futures erased early losses on Thursday within sight of a seven-month peak, supported by concerns over global supply tightness, while arabica coffee and cocoa edged higher. Raw sugar futures remained below Monday's seven-month high of 25.60 cents a lb, basis front month. ICE October raw sugar futures were up 0.19 cent or 0.8 per cent at 24.50 cents a lb at 1509 GMT. March was up 0.23 cent or 1 per cent to 23.42 cents a lb. "We seem rangebound on March between 22.50 and 23.50 cents until we get a close above or below these levels," said Thomas Kujawa of Sucden Financial Sugar. "We may continue along sideways until we get a little closer to the October expiry (on Sept. 30)." London December white sugar was up $7.80 or 1.3 per cent at $614.80 per tonne in thin volume of 1,663 lots. Some dealers said concerns over flooding in India helped to underpin the market, but others said the affected areas covered only a small proportion of the total sugar area in India. The raw sugar market is focused on the October expiry next Thursday, with some dealers anticipating a large delivery tonnage although it is still early to forecast accurately. Coffee markets were higher as tight nearby supplies underpinned prices. Number one robusta coffee grower Vietnam is running down stocks in the lead up to its harvest. ICE December arabica coffee futures traded up 0.35 cent or 0.2 per cent at $1.8030 a lb. Liffe November robusta futures were up $15 or 0.9 per cent at $1,711 a tonne. ICE cocoa inched up, consolidating recent gains as dealers eyed the coming West African crop. ICE December cocoa was up $17 or 0.6 per cent at $2,779 per tonne. Liffe December cocoa was 2 pounds lower at 1,884 pounds a tonne in thin turnover of 2,843 lots. Liffe cocoa prices have fallen over 20 per cent on improved supply prospects since hitting a 32-year peak in July, and dealers said any problems with disease or delays to the harvest could spark a rally. -Reuters

Oil falls to around $74 after US data

ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 800.00, Feb11/Apr11 803.00-3.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 787.00+0.00, Feb11/Apr11 795.00+3.00, May11/Jul11 800.00+3.00, Aug11/Oct11 790.00. SUNOIL: EU dlrs tonne extank six ports option Oct10/Dec10 1170.00+5.00, Jan11/Mar11 1160.00+0.00, Apr11/Jun11 1165.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Sep10/Oct10 1282.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 920.00-2.50, Oct10 920.002.50, Nov10 910.00-5.00, Dec10 907.50-5.00, Jan11/Mar11 905.00-2.50. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 942.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 895.00+0.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 905.00+0.00, Jan11/Mar11 900.00+0.00, Apr11/Jun11 902.50+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Oct10 890.00+0.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Oct10 695.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1325.00+0.00, Nov10/Dec10 1325.00+0.00, Dec10/Jan11 1325.00+0.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2100.00+0.00. Reuters

LONDON: Oil fell to around $74 a barrel on Thursday after US data showed continued labour market weakness in the world's biggest oil user, where fuel inventories have swollen to record levels. US jobless benefit claims rose to 465,000 last week, more than the consensus expectation for claims to be 450,000. The data came after figures showing the pace of growth in

pressure to the market." US existing home sales rose in August as housing markets struggled to stand unaided after the expiration of a popular tax credit for home buyers, but activity remained severely depressed from levels preceding the country's most severe downturn in modern history. Oil investors, as with their counterparts in other commodities markets, have had to deal with worries about a slow-

the euro-zone's services and manufacturing sectors slowed much more than expected this month. Front-month US crude for November fell 71 cents to $74 a barrel by 1420 GMT, having earlier hit a session low of $73.58. November ICE Brent fell 77 cents to $77.18. "(The jobless claims) were a bit on the weak side," said Rob Montefusco, an oil trader at Sucden Financial. "It does (put) a little bit of

ing recovery pace in the United States. Government data on Wednesday showed an unexpected increase in US crude and gasoline stockpiles. The inventory increase last week, despite the eight-day shutdown of the biggest pipeline shipping Canadian crude to the US, reaffirmed views that prices would mostly remain rangebound for the rest of the year between $70 and $80, the preferred level for MUMBAI: India's spot sugar OPEC producers. -Reuters fell on Thursday on a likely rise in production in the next season beginning from October and weak demand from bulk consumers, dealers said. "Cold drink makers usually increase purchases in September, but this year the world's No. 2 vegetable oil because of rains they are buybuyer, China, when a cargo ing lower than normal," said a surveyor unveils Malaysian dealer based in Satara, palm oil exports over the week- Maharashtra. The country is expected to end. In Indonesia, Jakarta-based produce 26 million tonnes in PT KBN Nusantara, formerly the new season that begins on known as the state marketing Oct. 1, up from previous forecentre, sold 4,000 tonnes of casts of 25 million tonnes, crude palm oil at a top price of Prakash Naiknavare, managing 8,107 rupiah ($0.906) per kg director of Maharashtra State on Thursday, against 8,119 Cooperative Sugar Factories Federation, told Reuters in an rupiah on the previous day. interview. Producers in Medan, home to In Kolhapur, a key market in Indonesia's main palm oil top producing Maharashtra export port of Belawan, sold state, the most traded S-variety crude palm oil at a top price of fell 0.5 per cent to 2,509 rupees 8,140 rupiah per kg. ($55) per 100 kg. Refiners in Jakarta offered New York raw sugar futures refined, bleached, deodorised erased early losses on (RBD) palm olein -- used as Thursday, supported by concooking oil -- at 8,550 rupiah cerns over global supply tightper kg, compared to 8,750 ness, while arabica coffee and rupiah per kg on the previous cocoa edged higher in light volumes. -Reuters day. -Reuters

India sugar drops on weak demand

Palm oil surges on adverse weather KUALA LUMPUR: Global vegetable oil markets made a little headway on Thursday on concerns over erratic weather curbing grain harvests across the globe. Traders are shifting their focus to a strengthening weather formation known as La Nina, which may affect the upcoming South American growing season for wheat, corn and soybeans. China's financial markets were shut this week for the Mid-Autumn festival, giving few cues for vegetable markets. Chicago soyoil for October climbed 0.6 per cent in tandem with gains in the soy complex during Asian hours. Malaysia's benchmark palm oil futures barely moved in thin trade on Thursday, as traders awaited signs of demand from

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract

Price

Date

Quotation

Open

High

Low

Close

Traded Volume

Previous

Current

Open Interest

in lots

Settlement

Settlement

in Lots

Price 73.93 75.40 76.65 21.04 21.05

88 17 38

23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500

NO10 DE10 JA11 NO10 DE10

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

75.80 77.30 78.46 21.10 21.16

75.94 77.30 78.46 21.10 21.20

73.67 75.41 76.65 21.04 20.97

73.93 75.40 76.65 21.04 21.05

202 50 161

Price 74.76 76.28 77.55 21.20 21.20

23-Sep-2010 23-Sep-2010 23-Sep-2010

GOLD 01oz GOLD 01oz GOLD 01oz

OC10 NO10 DE10

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

1296.00 1295.00 1296.80

1296.00 1297.50 1297.00

1287.20 1288.00 1288.80

1291.70 1292.50 1293.30

354 571 801

1292.90 1293.70 1294.50

1291.70 1292.50 1293.30

407 1,709 716

23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010

GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD

OC10 NO10 DE10 OC10 NO10 DE10 OC10

US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms

1290.40 1294.70 1295.40 35680.00 35834.00 35848.00 35797.00

1294.00 1294.70 1297.00 35825.00 35834.00 35848.00 35797.00

1289.00 1292.50 1289.00 35590.00 35763.00 35778.00 35727.00

1291.70 1292.50 1292.50 35754.00 35763.00 35778.00 35727.00

5 141 35 -

1292.90 1293.70 1294.50 35794.00 35803.00 35818.00 35766.00

1291.70 1292.50 1293.30 35754.00 35763.00 35778.00 35727.00

4 7 44 -

23-Sep-2010

Tola Gold50

OC10

Per Tola

41753.00

41753.00 41671.00

41671.00

-

41717.00

41671.00

-

23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010

Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold

OC10 1-Aug 2-Aug 3-Aug 4-Aug

Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms

41753.00 36855.00 36891.00 36903.00 36830.00

41753.00 36855.00 36891.00 36903.00 36832.00

41671.00 36772.00 36808.00 36820.00 36830.00

41671.00 36772.00 36808.00 36820.00 36832.00

-

41717.00 36812.00 36848.00 36860.00 36873.00

41671.00 36772.00 36808.00 36820.00 36832.00

-

23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010 23-Sep-2010

Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein

5-Aug 1-Sep 23SE10 OC10 OC10

Per 10 grms Per Tola Per 100 kg Per 100 kg Per Maund

36843.00 41750.00 2402.00 3225.00 4158.00

36843.00 36760.00 42319.00 41750.00 2402.00 3175.00 3225.00 3199.00 4171.00 4158.00

36760.00 42209.00 3175.00 3199.00 4171.00

2 -

36800.00 42269.00 3201.00 3225.00 4158.00

36760.00 42209.00 3175.00 3199.00 4171.00

1 -

23-Sep-2010 23-Sep-2010

KIBOR3M KIBOR3M

10-Sep 10-Dec

Per Rs. 100 Per Rs. 100

87.18 86.87

87.12 86.83

-

87.18 86.87

87.12 86.83

-

87.18 86.87

87.12 86.83

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


AESJ's Fabiola Molina starts the women's 50 meters backstroke semi-finals at the Brazilian Swimming Championships in Rio de Janeiro

10

Friday, September 24, 2010

Eng tour was most difficult of my career, says Afridi KARACHI: Pakistan's oneday captain, Shahid Afridi has described the tour to England that ended on Wednesday as one of the most difficult of his cricket career. "It was one of the most difficult tours of my 14-year career. It was difficult to even venture out of the hotel, there were people hooting at us and there was lot of pressure on the players," Afridi told Geo News. 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 Aug. 28 that the players had deliberately bowled no balls in the fourth test against England at Lords. Afridi who had stepped down as test captain after Pakistan lost the first test to Australia in July returned to take charge of the team for the limited over matches. "It was a difficult tour because of the allegations. Players were not comfortable even venturing out of the hotel, they were so many negative reports about the team, there was lot of stress on us," he said. The all-rounder said that he gave lot of credit to his players for still leveling the one-day series at 2-2 despite the pressures before eventually losing it 3-2 with defeat on Wednesday in Southampton. "The players were down and it was not easy lifting them up. It was very difficult but they responded well." Afridi also called for the introduction of the umpires decision referral system in ODI cricket.-Reuters

ECB demand apology for fixing allegations

SOUTHAMPTON: England’s captain Strauss holds the Natwest Series Trophy after his team defeated Pakistan in fifth one-day international cricket match.-Reuters

58th nat’l cycling championship starts tomorrow LAHORE: Muhammad Junaid Qureshi, President of Pakistan Railways Sports Board (PRSB), approved Pakistan Railway cycling team which will take part in 58th National Cycling Championship at Cycling Velodrome near Gaddafi Stadium, Lahore PRSB is hosting the 9-team event from 25-28 Sep 2010 with the coordination of Pakistan Cycling Federation," said Junaid also working as General Manager (Operations) for Pakistan Railways, Junaid took over the prestigious seat of famous organization from Farooq Aziz. PRSB, PCF has completed all the arrangements for organising the showpiece event of PCF in a befitting manner.All the affiliated units of the federation i.e. Army, Railways, Wapda, Sui Southern Gas Company and all the four provinces including FATA will appear in four-day show. The participating teams will reach Lahore on Friday, September 24 and managers' meeting will be held in the afternoon at 06.30 PM at the Punjab

Stadium Lahore," added Junaid, brother-in-law of Syed Akber Ali Wahidi, currently working for Pakistan Football Federation (PFF) as Media Manager. Pakistan Railways Cycling Team will be comprised of Manager Nayyar Javed Mufti, Coach Nazakat Ali, Assistant Coach Muhamad Akram and seven cyclists Sohail, Wazir, Ahmad, Naseer, Ramzan, Allah Ditta and Asif. Junaid also praised Governor Khyber Pakhtunkhwa Owais Ahmad Ghani under whose the directives it was decided to provide sports equipments and uniform to the players of FATA and the Directorate of Sports Fata handed over sports cycles to a five-member cycling team. He said the Pakistan is full of talent in cycling and other all games but due to lack of infrastructure and playing facilities such talent was wasted. "Sports higher must work hard on that to identify that talent and polish them so that they could compete at national and international levels," concluded Junaid.-Online

Blind cricket tourney from Oct 9 PESHAWAR: All Pakistan Blind Cricket Tournament will be held from October 9 here at Arbab Niaz Cricket Stadium with teams from all across the country. This was stated by DCO Peshawar Siraj Ahmad Khan while talking to APP soon after presiding over the meeting of the Peshawar District Sports Committee called to review and finalize the Annual Sports Calender-2010-11 here on Thursday. District Sports Officer Arbab Asad Khan, Acting Director Sports Khyber Pakhtunkhwa Mir Bashar Khan, member technical committee Olympian Qazi Salauddin were also present. He said the meeting in detail discussed and reviewed the annual calendar. He also appreciated DSO for including key events in the calendar. He said that besides holding AllPakistan Blind Cricket Tournament events like weightlifting, hockey, kabaddi, taekowondo, football, gymnastic, badminton, swimming, volleyball, basketball, and snooker will also be organized. Flank by former world record holder Mehsood Jan, DCO Siraj said the White Cane Day will be observing every time on October 15, 2010 so we have decided to evolve the blink cricketers in the national event.-APP

SOUTHAMPTON: The England and Wales Cricket Board demanded on Thursday a "full and unreserved apology" from Pakistan Cricket Board chairman Ijaz Butt for his allegations that England players had engaged in match-fixing. "Mr Butt has been advised that if a satisfactory response is not received, legal proceedings will be commenced against him without further notice," an ECB statement said. The threat follows an interview given by Butt to a Pakistan television channel after England lost the third oneday international against Pakistan at the Oval last Friday. Butt said there had been

"loud and clear talk in bookies' circles that some English players were paid enormous amounts of money to lose (Friday's) match". In a BBC radio interview before Monday's fourth match at Lord's, Butt said he had been merely repeating information he had received from bookmakers. His comments came after the International Cricket Council said it was launching an inquiry into Pakistan's scoring pattern at the Oval after receiving information from a British newspaper. Thursday's ECB statement said a letter from the board and the Professional Cricketers'

Association had been sent to Butt. "The letter seeks a full and unreserved apology," the statement said. Pakistan's acrimonious tour of England and Wales concluded on Wednesday when England clinched the fivematch 50 overs series at the Rose Bowl in Southampton. Pakistan test captain Salman Butt and his team mates Mohammad Amir and Mohammad Asif had been suspended after an investigation into a newspaper report that they had arranged for no-balls to be deliberately delivered in the fourth test at Lord's.Reuters

Liverpool reeling after league embarrassment LONDON: Defeat at home by a fourth-tier team, Anfield halfempty, the players booed off the pitch and a manager apologising for his and their performance -welcome to Liverpool 2011style. Liverpool were by no means alone in playing a side full of reserves and youth-teamers in the League Cup but their lineup still contained five internationals and millions of pounds worth of "talent". All should be hanging their heads in shame on Thursday after their penalty shoot-out defeat by a Northampton side 17th in League Two. Such a defeat in a competition they have won a record seven times would be bad enough if Northampton had survived a 120-minute siege to scrape through on a shoot-out. But that was far from the case as the hosts needed David Ngog's 116th minute goal to make it 2-2 four minutes from the end of injury time. The Midlands side played neat football, virtually matched the hosts for possession and had more efforts at goal -- not too much of an ask as Liverpool

mustered only four in normal time. Having missed out on the Champions League this season and already looking out of the running for the Premier League after a start that has garnered five points from five games, Liverpool are hardly in a position to pick and choose their trophies. Roy Hodgson, who had a close-up view of the demands of the Europa League after taking Fulham through 19 games to the final last season, perhaps has targeted that competition as his new club's best hope of silverware. That would explain his decision to change his entire lineup from those on duty in Sunday's 3-2 defeat by Manchester United. The home fans must have known what was coming, with only 22,577 rattling round Anfield's 45,200 capacity ground and 4,000 of those coming from Northampton. "I can only apologise to the fans who expected better and expected to see us win," Hodgson said. "The fact is the players have to accept responsibility. I accept responsibility for making so

many changes but I thought we should still have been good enough to win. "It's a major setback for the club as a whole, but we will survive it and get better." Hodgson will hope his first team, who have looked flat in an admittedly tough start to the Premier League season, get things back on track at home to Sunderland at the weekend. Chelsea also suffered a surprise home defeat but their coach Carlo Ancelotti had the air of a proud father after their 4-3 loss to Newcastle United. Both teams were unrecognisable from their Premier League personas and Ancelotti was delighted with the character shown by his youngsters. Down to 10 men for the last half-hour through injury, they fought back from 3-1 down to level at 3-3, only for Shola Ameobi to head a last-minute winner for the visitors. A man who has a Premier League and FA Cup double already in his pocket and knows, along with every Chelsea fan, that the Champions League is his number one goal, can afford to toss a lesser pot aside.-Reuters

More nations postpone arrivals

Commonwealth games sinking deep NEW DELHI: More nations delayed their teams' arrivals for the Commonwealth Games in India as organisers raced against time to address security and health concerns that have already led several top athletes to pull out. New Zealand joined Canada and Scotland in delaying its arrival in New Delhi due to poor accommodation for athletes, compounded by heavy monsoon rains and a dengue epidemic. Australian Prime Minister Julia Gillard highlighted security fears surrounding the Games and said athletes should decide for themselves whether or not to attend. Two foreign visitors were shot and wounded by suspected militants in the city on Sunday. "There is obviously widespread concern about the Commonwealth Games," Gillard told reporters in Canberra. Commonwealth Games Federation president Michael Fennell has asked for an emergency meeting, expected this evening, with Prime Minister Manmohan Singh to evaluate the Games in what is being seen as last ditch attempt to avoid national withdrawals. The Games, held every four years for members of the organisation of mostly former British colonies, are estimated

to have cost $3 (1.9 billion pounds)-6 billion. India had hoped to use them to display its growing global economic and political clout, rivalling China. Instead, they have snowballed into a major embarrassment for the government, having to fend off criticism of shoddy construction, inadequate security and unfit accommodation. In a sign of desperation, the federal government ordered the organising committee to hand over management of the Games Village, which will house 6,500 athletes, to the government. In contrast, preparations for the Asian Games in China in November are on track, with organisers in Guangzhou handing the athletes' village over to the Asian Games authorities for sign-off earlier this week. PRE-GAMES GLITCHES Many sporting events have suffered glitches in the run-up to the opening ceremony, such as the 2004 Athens Olympics, and some infrastructure projects, like a new metro and international airport in Delhi, are widely praised. But polls in the Times of India and Hindustan Times newspapers showed that a vast majority of Indians were ashamed by the state of the Games. Leading personalities have also criticised the government

NEW DELHI: A Sikh man walks past boards advertising the Commonwealth Games.-Reuters

and labelled organisers "buffoons" who had sullied India's image abroad as the country gains respectability on the world stage. Singh has been accused of being out-of-touch and failing to recognise that events like the Games carry huge international prestige. Much of the Congress-led government remains focussed on its rural vote, which has little interest in the Games. "I genuinely feel sorry for what has happened and would

like to apologise not only on my behalf and on behalf of the organising committee, but for everyone connected," A.K. Mattoo, Organising Committee Secretary General, told NDTV broadcaster. "This is a collective failure," Mattoo said, in a rare admission of failure by the organisers. The government and organisers have promised a prompt clean up. Teams start arriving this weekend for the October 3 official start and so far no one

has said the Games will be cancelled or delayed. ATHLETES PULL OUT World discus champion Dani Samuels of Australia has pulled out of the Games because of security and health concerns, as did England's world triple jump champion Phillips Idowu. Four other champions have quit due to various reasons, including injuries. Triple Olympic sprint champion Usain Bolt of Jamaica is the highest profile athlete to skip the event.

A dengue epidemic has spread through the Indian capital, sending thousands of people to hospital. "They (athletes who compete in numerous competitions) may not be able to sustain their performance so they find out some reason or other why they are not participating, but these things happen in every game, every competition," Lalit Bhanot, secretary general of the Delhi organising committee, told CNN IBN. Scotland and Canada had already announced they were delaying sending athletes to New Delhi and Wales said it had sought guarantees that venues and athletes' accommodation were safe. Other nations have also threatened to stay home. On Thursday, the New Zealand Olympic Committee (NZOC) told their athletes to delay their arrival until at least next Tuesday, just 5 days before the showpiece event is due to open. New Zealand's lawn bowls, hockey and badminton teams, and officials from cycling and athletics, were all scheduled to begin arriving in Delhi from Saturday. However, after an inspection by NZOC President Mike Stanley and Secretary General Barry Maister on Wednesday, they pushed back their arrival

dates. "It is tremendously disappointing," Stanley said in a statement. "The long list of outstanding issues has made it clear the village will now not be ready for New Zealand athletes to move in as planned." Images of stray dogs, stagnant water, workers urinating in public, and human faeces found at the unfinished athletes' village in central Delhi have overshadowed the successes of the Games -- the main stadium and other sporting venues. 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. "People from my place are not coming here for the Games. It is for Delhi and the people here," said Mohammad Tahir, working at the stadium but from Azamgath in the poor Uttar Pradesh state. The event has also been plagued by security concerns. Two foreign tourists were shot and wounded at the weekend by unknown assailants in Delhi and Australian TV broadcast how a reporter bought bomb-making devices to smuggle through security points. Indian police have denied he ever crossed a checkpoint.Reuters


International & Continuation

Friday, September 24, 2010

Euro zone growth slows more than forecast - PMIs LONDON: Growth rates in the euro zone's services and manufacturing sectors slowed more than forecast this month as firms hired fewer new workers, surveys showed, offering fresh signs the region's economy recovery is losing momentum. Markit said on Thursday its flash purchasing managers' index (PMI) data for September pointed to economic growth of 0.6 per cent in the third quarter, down from the 1.0 per cent pace in April-June that surprised markets when reported last month. The Eurozone Flash Services PMI, compiled from surveys of around 2,000 businesses ranging from banks to restaurants, fell to 53.6 in September from 55.9 in August, its lowest reading since February. The index, which has been above the 50.0 mark that divides growth in business activity from contraction for just over a year, came in well below the consensus forecast in a Reuters poll for 55.5, giving a boost to safehaven German government bond prices. But the service sector's business expectations index -which gives an indication of how firms think the situation will be in a year's time -- rose to 68.1 this month from August's 67.1, its highest reading since April. Economists were debating how worrisome the decline in the September figures was for the overall health of the 16nation bloc of countries that use the euro. The fall was driven by a slowdown in Germany even as French growth bucked the trend by holding strong. "September's plunge in the euro zone PMI provides the

strongest signs yet that the euro zone recovery is rapidly losing momentum," said Ben May at Capital Economics, who thought the figures pointed to a slower 0.4 per cent growth pace in the third quarter. Growth in the manufacturing sector, which drove a large part of the economy's revival in the third quarter of last year, eased to its slowest since January. The manufacturing PMI fell to 53.6 from 55.1, missing forecasts for 54.5. The composite PMI, made up from the services and manufacturing sectors and often used to predict overall growth, sank to 53.8 this month from 56.2 in August, well short of expectations for 55.7. Earlier data from Germany showed its pace of growth slowed much faster than expected. In neighbouring France the service sector also grew slightly more slowly than expected but manufacturing surprised markets by growing at a faster pace than had been predicted. Figures released on Thursday by the national statistics institute INSEE showed morale in French industry picked up slightly in September as foreign orders improved, inventories rose and the general business outlook brightened. NEW ORDERS SLOWING The euro zone manufacturers' new orders index slumped from 55.3 in August to 52.8 in September, its lowest in a year, reflecting a slowdown in global trade in recent months. The service sector's new business index fell by a similar margin. "New orders have fallen very sharply and in particular when you look at export orders, which are also moving down to the 50 level, the forward-look-

ing elements of the survey are on the weaker side," said Ben Matthews at RBS. Official data on Wednesday showed industrial new orders fell more than twice as much as expected month-on-month in July, pulled down by a slump in demand for capital and durable consumer goods. The euro has also made steady gains against the dollar as fears about a slowdown in United States weigh on the greenback, making the bloc's exports more expensive. Thursday's bullish service sector's business expectations index offered a sharp contrast to Germany's ZEW economic think tank's monthly poll which showed economic sentiment fell much more than forecast in September, suggesting the recovery in Europe's largest economy will lose momentum. Worryingly for policymakers, the composite employment index, which dropped to 51.3 this month from 51.7, suggests that firms took on fewer workers than they did in August. Unemployment held at 10 per cent of the workforce for the fifth month running in July, near a 12-year high, and undermining household demand. The euro zone escaped from its deepest recession in postwar history in the third quarter of last year but economists in a Reuters poll expect economic growth to slow to a crawl over coming quarters as austerity packages begin to bite, though the chances of the bloc slipping back into recession remain slim. Median forecasts from the poll of around 70 economists predict the 16-nation bloc will grow by 0.2 to 0.4 per cent each quarter through to the end of next year.-Reuters

Philippine cbank says inflows will impact economy MANILA: Capital flows to the Philippines, which have driven the currency to two-year highs, are manageable but pose risks to the economy's balance that authorities are watching, the central bank deputy governor said on Thursday. The peso is up about 5 per cent in 2010, supported by portfolio inflows and remittances from overseas workers. The stock market, which hit a record high on Tuesday, is leading Southeast Asia with a gain of more than 33 per cent this year. "I think the issue is that we are seeing strong inflows of capital and definitely this will have some impact on macroeconomic variables," Diwa Guinigundo told reporters on Thursday. There were positives from this -- a stronger currency that mitigated inflation and higher foreign exchange reserves which reassured investors -- but it could also increase liquidity and lead to rising asset prices and inflation pressures, he said. "What is important is that we maintain the fundamental strength of the domestic economy so that you avoid and minimise those very disruptive reversal of capital flows," he said. Foreign portfolio fund flows to the Philippines hit a 15month high in August, central bank data showed, with nearly three-quarters going to the stock market. "That's part of risk management. If these large capital inflows should continue, what do we need do? Right now we are saying it is still OK," Guinigundo said, pointing to moderate growth of liquidity and on-target inflation. "It is the exchange rate that is now absorbing large capital inflows, but there are limits to those movements."-Reuters

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Interior Minister Rehman Malik made it clear that conspiracy to 1000 megawatts of electricity by Iran for Balochistan and 100 assassinate Chief Justice Lahore High Court will be exposed thick megawatts of electricity for Gwadar. and thin stressing all facts will be made public. The two foreign ministers agreed to hold the next meeting of the He was talking to host of journalists outside Parliament House Joint Economic Commission (JEC) in Islamabad this year. Foreign on Thursday. -Online Minister Mottaki will lead the Iranian delegation. They also agreed to convene the Sixth Joint Trade Committee meeting at an early Continued from page 12 No #2 date. The foreign ministers agreed to further improve the existing further deliberations, as early as possible. -APP cooperation on security/counterterrorism and border control. The Japanese Foreign Minister, Seiji Maehara recounted the Continued from page 12 No #3 Kashmir... An all party delegation has just gone back to Delhi assistance Japan has extended in the flood-affected areas of and they have had wide ranging discussions across the board from Pakistan. He said Japan has also sent two medical teams to provide healthcare in the affected areas. On bilateral relations, the two forall shades of opinion." "So, government of India is fully conscious of its responsibili- eign ministers agreed to further enhance the existing trade and ecoties... institutional mechanism and individual mechanism will be nomic relations. Foreign Minister Qureshi invited Japanese investput in place so that the genuine grievances of Kashmir and the ments in agriculture, manufacturing and agro-based industry. He also sought progress on quarantine regulations to facilitate people of Kashmir will be addressed squarely and directly," the export of Pakistani fruits to Japan. Foreign Minster Seiji Maehara external affairs minister told TV news channel. -INP assured high-level participation from Japan in the Friends of Continued from page 12 No #4 Democratic Pakistan meeting in Brussels in October 2010. The to Pakistan under UN Convention for exchange of prisoners on two foreign ministers also reviewed existing levels of cooperahumanitarian grounds. He said that President Asif Ali Zardari and tion between the two countries in the United Nations and other Prime Minister Syed Yousuf Raza Gilani have discussed the issue International fora. with all the delegations who had visited Pakistan from time to time. In his meeting with Foreign Minister George Yong-Boon Yeo of The minister said the government and opposition is also consid- Singapore, Foreign Minister Qureshi discussed prospects of ering to bring joint resolution on the issue of Dr Afia in the upgrading relations between Pakistan and the Association of Parliament. To a question, he said the government had ordered an Southeast Asian Nations (Asean). The Foreign Minister welinquiry that from where Dr Afia was lifted by US and even if she comed investments from Singapore and sought progress on instihad been lifted from Afghanistan, under the international law, the tutionalising arrangements for expanding bilateral economic relacountry is bound to hand her over to the concerned country. tions. Foreign Minister Yong-Boon Yeo urged early negotiations The minister said that people who did not contest the general on Free Trade Arrangements between the two countries. elections should avoid hatching conspiracy against the governHe briefed the Foreign Minister on economic scenario in East ment. He said, "Everyday such news come the government will Asia. The two foreign ministers also exchanged views on situation fall, but we will complete the constitutional term." To a question, in Afghanistan, Pakistan-India bilateral relations and ongoing Rehman Malik said that democracy was functioning in the coun- cooperation between the two countries in the United Nations and try and many governments were derailed in the past on the allega- other International fora. -Online tion of corruption but nothing was proved. Continued from page 1 No #7 Appreciating the role of media in war against terrorism, he said aid. People of good repute had been taken in the council from it should not give any attention to rumors as people of the counall the four provinces, he added. try have elected PPP and other political parties for five years. Federal Minister quashed the rumors of imposing any financial The minister said he was the first man who reacted to the murder plot of Chief Justice of Lahore High Court and people emergency saying that "No financial emergency is being imposed or needed in the country". Talking to journalists after attending a involved in the incident would be taken to task, he said and added workshop he said that financial managers of the country keep on that committee has been constituted to probe the issue. -APP reviewing the economic policies year according to the requireContinued from page 12 No #5 ments of the country. outstrip production, maize stocks at the end of 2010/11 are fore"Elite class in the country is not paying its due taxes", he cast to decline for a second consecutive year." remarked and called upon them to pay their taxes properly for the US corn (maize) futures has been rising strongly this month socioeconomic prosperity of the country and for lessening reliawith the rise fuelled largely by reports of lower-than-expected bility on the foreign/ assistance. Finance Minister termed the yields in the US, by far the world's leading producer. recent floods as the biggest catastrophe in the history of the counThe IGC cut its forecast for the US maize crop by four million try which has severely damaged houses, farm lands, crops, livetonnes to 334 million, still marginally above the prior season's 333 stock, roads and other infrastructures and displaced millions of million.Global wheat production in 2010/11 was kept at 644 mil- people in the country. lion tonnes, down from 677 million in the prior season. He said that government has already imposed Capital Gain Tax "Reduced prospects for Russia and Pakistan are offset by on those who can afford it adding that government wanted to put improved prospects in Australia," the IGC said. less tax burden on poor segment of the society and those who can Russia's wheat crop was cut by two million tonnes to 42 million afford are being taxed. He appreciated the Europeans Union (EU) and Pakistan's to 22.6 million from 23 million. The impact was for increasing market access for Pakistani goods with duty concesoffset by a rise of 2.5 million tonnes in its forecast for Australia's sions to help Pakistan in the wake of devastating flood situation. wheat crop to 24 million tonnes. The IGC raised its forecast for To another question, he said that government accords top priorUS wheat exports in 2010/11 to 33.7 million tones from a previ- ity to higher education and had enhanced the allocations in budgous forecast of 33 million and the prior season's 23 million. et 2010-11 for Higher Education Commission (HEC) by 8 per Australian wheat exports were also upwardly revised to 16 mil- cent. -Agencies lion versus a previous forecast of 15 million and the prior season's Continued from page 1 No #8 13.8 million. There was, however, a downward revision for the ministry cannot write a letter to another country to take action European Union to 19.2 million from a previously seen 20.2 against the president as that would be a violation of the constitumillion and the prior season's 21 million. Reuters

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tion but also against the sovereignty of the country. Sources said that PM Gilani himself on several occasions said that president is part of parliament and he enjoys immunity under the constitution. -Agencies

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Parliament and other institutions must be maintained. To a question, he said President has transferred his powers to the Parliament through 18th amendment of the constitution whose decisions will be acceptable to PPP. When asked to make comment on conspiracies to destabilise the country and role of military and intelligence agencies in it, Jehangir Badar rubbished the same, saying: "It's nothing more than rumours." He said PPP will continue to struggle towards strengthening the democratic process in the country. "The party will continue to carry forward the journey from dictatorship to democracy." When Jehangir Badar was asked as to why Safdar Abbasi was prevented from participating in PPP CEC meeting, he said no such directives were issued by co-chairman PPP Asif Ali Zardari and that this must have happened due to miscommunication from either side. "The Government has many achievements to its credit during first half of its tenure and declared amidst thunderous applause that it will complete its term," the President said while speaking at meeting of the Central Executive Committee of the Party at Aiwan- e-Sadr. -Agencies

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scholars will be funded till the completion of their studies, while all approved scholarships which are built within projects will be withheld till the improvement of the country's financial health. Furthermore, all projects, or component of projects, that are in advanced stages of completion, will be funded. No new contractual liabilities will be created until the economic situation of the country improves. While talking to journalists Chairman of the HEC Dr Javed Leghari said that we will never allow education to suffer at any cost. He said after the agreement to issue funds the educational activities would be restarted. He said that we will summon all the vice chancellors of the universities across the country to take them into confidence.

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"I cannot give the exact figure about cut in PSDP. But, it may be between 30-to-50 per cent. We are reprioritising and if we shall not do it, we shall be the one to lose," she said replying a question during the Question Hour. The austerity plan approved by the Cabinet is under consideration. She admitted delay in implementation of the decision for restructuring and said, it was due to essence of certain issues with the PSEs of certain institutions ranging from tens of billions to hundreds of billions. To another question, she said, Planning Commission will not be executing any projects instead of those already under implementation while the matter regarding cutting the Cabinet size was with the Implementation Committee. -Agencies

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while citing America's leadership role in natural disasters. "America has also embraced unique responsibilities that come with our power. Since the rains came and the floodwaters rose in Pakistan, we have pledged our assistance, and we should all support the Pakistani people as they recover and rebuild," he stated at the annual of world leaders. Meanwhile, Israel should extend its settlement building moratorium and Arab states should move towards normal ties with the Jewish state to promote fledgling peace talks. Obama said all sides should look beyond decades of mistrust and bloodshed and resist pessimism in support of talks between the parties aimed at creating a Palestinian state living alongside Israel in peace and security. In addition to Obama, the leaders of China, Iran and Turkey will take a turn at centre stage at the United Nations on Thursday amid global disputes over currency rates and nuclear proliferation. Obama told Iran the door remains open to diplomacy to resolve concerns about its nuclear program, which Washington believes is designed to develop weapons but Tehran says is for solely peaceful purposes. Obama delivered his global message from the U.N. podium at a time when Americans are fixated by the sluggish US economy ahead of November 2 congressional elections, in which voters are expected to punish his Democrats and reward Republicans. Speaking in unusually blunt terms, Obama specifically urged countries that have pledged support for the Palestinians to meet their obligations for both political and financial support and said they "must stop trying to tear Israel down." Israeli Prime Minister Benjamin Netanyahu, whose coalition government is dominated by pro-settler parties, has said he will not extend the construction moratorium but could limit the scope of further building in some settlements.Obama, who brought the two sides together in Washington on September 2 to restart direct talks after a 20-month hiatus, spelled out that Arab states must show Israel how much it has to gain from seeking peace. "Those who have signed on to the Arab Peace Initiative should seize this opportunity to make it real by taking tangible steps towards the normalization that it promises Israel," he said, while also asking Arab states to support the Palestinian Authority politically and financially.

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The main reasons of increase in service deficit were higher payments of transportation and travel services and this could be seen by the fact that imports of only transportation services is greater than total services exports of country during the period, according to the TFD analyst. Services export increased by 4.8 per cent to $589 million in July-August 2010 period over $562 million in the identical period same period. The imports of services hiked 10.8 per cent to $1.15 billion in the said period against $1.04 billion. During the period, country has generated through services export worth of $206 million on account of transportation services, $50 million from travel, $23 million from communication services and $30 million from computer & information services.On the flip side, Pakistanis paid $654 million for transportation, $215 million for other business services, $118 million for travel, $21 million for communication services, $30 million for insurance services and $20 million for computer & information services.

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against the party leadership. Sources told this news agency that Senator Safdar Abbasi clearly violated the party policy that's why he was barred to attend CEC meeting as punishment. -Online

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Zahid Hamid opposed them on technical grounds. But he took back his amendment proposed in article 46 of the bill after the clarification was made by Senator Raza Rabbani.Speaker sought approval from the House para-wise on the bill and House passed it with consensus. -Online

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Pakistan (SBP) rose to $12.79 billion from $12.34 billion, while those held by commercial banks also hiked to $3.84 billion from $3.73 billion, said Syed Wasimuddin, chief spokesman of the SBP. "The State Bank of Pakistan's reserves includes $451 million received from the IMF (International Monetary Fund)," said Wasimuddin.

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agents and US soldiers testified that when they went to interrogate Siddiqui, she snatched an unattended assault rifle.They claimed that the neuroscientist allegedly shot at them after abusing America. -Agencies

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stance on GlaxoSmithKline but the stock still fell one per cent on concerns that US and European regulators were set to pull its controversial diabetes drug Avandia off the market. Banks were also big blue chip fallers, with Lloyds Banking Group and Barclays off 1.0 and 0.3 per cent, respectively, as uncertainty over what steps governments will need to take to sustain the economic recovery weighed. US blue chips were 0.1 per cent higher by London's close as disappointing weekly jobless numbers were countered by a recovery in US existing home sales in August. The dollar retreated helping commodity prices extend recent gains as the prospect of extensions to quantitative easing programmes fuelled demand for metals and crude oil. Integrated oils were the best blue chip performers, with BG Group adding 1.8 per cent and Royal Dutch Shell ahead 0.2 per cent. Miners saw some support led by Randgold Resources, up 1.1 per cent, while Xstrata and Vedanta Resources both took on 0.9 per cent. Also among the blue chip gainers, oil services stocks stood out after recent bid activity in the sector, supported by a bullish note from JP Morgan Cazenove.The broker said it sees signs of a broad and sustainable earnings upgrade trend for pan-European oilfield services. Despite the recent retreat, the FTSE 100 remains up around 400 points since its late September low of 5,109.40, and 700 points higher than its 2010 low in early July."Technical factors ensure equities are supported even if like Wile E Coyote they are pedaling furiously in mid-air having run of the end of a cliff," Jeremy Batstone-Carr, head of research at Charles Stanley, said. -Reuters

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market is going up, the money is coming in." HDFC Bank and Housing Development Finance lost 0.6 per cent. However, Oil and Natural Gas Corp rose 1.5 per cent after the state-run explorer said it had begun shale gas exploration by drilling the first well in eastern India. Ranbaxy Laboratories firmed 1.5 per cent after the Mint newspaper reported the drugmaker has won a court battle to sell its copy of US-based Bristol-Myers Squibb Co's anti-hepatitis B drug, baraclude. Mahindra Satyam continued to rally and rose as much as 5.7 per cent ahead of the firm's audited financial results review for fiscal years 2009 and 2010 on Sept 29. But, the stock gave up gains to close 1.1 per cent lower at 106.50 rupees. Parent Tech Mahindra gained 1.6 per cent to end at 800.10 rupees. Shares of PBA Infrastructure Ltd gained over 8 per cent after the company said it had secured a road contract worth 2.52 billion rupees. ($55 million) Shares of KPIT Cummins Infosystems Ltd gained 7.5 per cent after the technology firm said its board will meet on Sept 27 to consider acquisition of a US-based firm. Mahindra Satyam was the volume leader with 27.5 million shares, followed by Ispat Industries with 12.4 million shares, and Development Credit Bank with 9.3 million shares. Elsewhere, the FTSEurofirst 300 index dipped 0.7 per cent by 1205 GMT. ($1=45.6 rupees) -Reuters

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Bank stocks ended mostly higher after early weakness, with Westpac Banking Corp gaining 0.7 per cent to A$23.72. BHP Billiton gained 0.8 per cent to A$39.22. BHP said a lawsuit filed by Potash Corp seeking to block BHP's $39 billion hostile takeover bid was without merit. AXA Asia Pacific fell 1.9 per cent to A$5.19. Overnight two sources said rival could take at least a month, if not more, to revive a bid for the wealth manager pointing to more delays in the second-largest financial services deal in the country. -Reuters

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this is a positive number is woefully confused." European stocks fell after data showed the pace of growth in the euro zone's services and manufacturing sectors slowed more than expected this month, rekindling worries about economic recovery in the region. Big technology companies also helped the Nasdaq. Apple Inc rose 1.3 per cent to $291.56, and was the biggest boost to the index, while Intel Corp added 1.2 per cent to $19.24. The S&P technology index rose 0.8 per cent. Bionovo Inc shares soared 54 per cent to $1.88 after the US health regulators accepted the chemistry, manufacturing and controls plan for its lead drug candidate, Menerba, an experimental treatment for hot flashes related to menopause. The stock climbed 10.5 per cent to $40.58. Bed Bath & Beyond Inc also reported results that beat quarterly profit and sales estimates. It boosted its full-year forecast, sending the stock up 3.7 per cent to $43.62. -Reuters


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Friday, September 24, 2010

Nat’l growth rides on B’stan uplift: Gilani ISLAMABAD: President Asif Ali Zardari met with Chief Minister Balochistan Nawab Muhammad Aslam Raisani and took his inputs about the ongoing flood rehabilitation activities. During a meeting on Thursday at Aiwan-e-Sadr, they also discussed matters related to law and order and political situations and development proj-

ects in the province. In a separate meeting with Prime Minister Syed Yousuf Raza Gilani at Prime Minister House, Chief minister Balochistan lauded the recent developments including Agahz-e-Hooqooq-eBalochistan package, passage of 18th amendment, and 7th NFC Award, which, he said had win the hearts and minds

of people of Balochistan. Prime Minister assured him of equitable distribution of funds among provinces for upcoming phase of reconstructions and present rehabilitations of flood affectees. He emphasised the need for joint efforts of the federal and provincial governments to deal with this onerous task. The scale of devastation, he added,

Capital has no extralegal housing society: Malik ISLAMABAD: The National Assembly was informed today that no fake cooperative housing society is functioning in Islamabad without registration with the Cooperative Societies Department Islamabad Capital Territory (ICT). Minister for Interior Rehman Malik informed the House during question hour that there are forty-seven registered cooperative housing societies in Islamabad which are being monitored properly. He said out of these 13 societies are working in Zone-II, one in Zone-IV, ten in Zone-V, seventeen in Rawalpindi area and six are non-functional. He said it is responsibility of the CDA to take steps against the fake housing societies in ICT. Answering another question Rehman Malik said the

KP seeks 80pc funds to come under KL Bill ISLAMABAD: Khyber Pakhtunkhwa Minister of Information Mian Iftikhar Hussain has said that the province required 80 per cent funds from KerryLugar bill to overcome the huge devastation caused by the floods. Talking to Radio Mashaal, he said that Economic Affairs Division has made aid distribution according to its own will without any consultation with KP government and US aid under Kerry-Lugar bill was for terrorism hit areas. To a question, he said that Kerry-Lugar bill was meant for militancy hit areas and it was approved for KP, Fata and Balochistan but authorities are trying to make hurdles in this regard. "We reject 11 per cent share in Kerry-Lugar fund because it was 15 per cent in the original document," he added. Iftikhar said that Senator Kerry himself visited KP and told that huge share of funds would be allocated for KP and Fata. He said that if Economic Affairs Division distributes aid according to its own wishes then it would impact both KP and federal government. -APP

Pledge to bring Dr Afia back ISLAMABAD: Minister for Interior Rehman Malik said on Thursday that all out efforts would be made to bring back Dr Afia back to Pakistan. Talking to media at Parliament House he said, "Dr Afia is daughter of the nation and the government is utilising all possible channels to bring her to back to Pakistan." He added that a letter has been dispatched to US for the repatriation of Dr Afia Siddiqui and that she should be deported See # 4 Page 11 National Assembly Cooperative Housing Society

has 230 kanals land in possession in village Chocha while the remaining land is in under possession of different locals. He said the District Administration Islamabad is providing assistance to the society to get the land of society vacated from illegal occupants. To another question the Interior Minister said there are five mineral water companies working in the industrial area of Islamabad and their water samples are collected regularly and checked by the National Institute of Health. He said, according to Food Department of ICT, a case of one mineral factory "Valley Mineral Water" was registered last month for not operating according to set procedures for production of quality mineral water. -INP

was huge and beyond the capacity of government. The prime minister said that development of Balochistan is directly linked to the progress and prosperity of the country. The strategic location of the province could serve as a hub for economic activities for ensuring a better quality of life to the people of Balochistan, he added. Prime Minister Gilani told

India asks Pakistan to leave Kashmir NEW YORK: Claiming that Jammu and Kashmir is an internal matter of India, external affairs minister SM Krishna has asked Pakistan to end its illegal occupation of some parts of the state before advising New Delhi. "Kashmir is an internal matter of India," said Krishna, who is here on a 10-day visit to attend the annual UN General Assembly meeting. Pointing out that Pakistan is in "illegal occupation of some parts of Jammu and Kashmir", Krishna said, "it is desirable that they vacate that and then start advising India as to how to go about doing things in Kashmir." "We have taken certain actions in terms of assisting what needs to be done in See # 3 Page 11

the chief minister that keeping in view the flood situation in Balochistan he had already directed the Chairman National Highway Authority to reconstruct immediately roads and bridges on top priority basis in Balochistan to help people return to their homes. The prime minister also issued instructions for dispatching of more field hospi-

tals and mobile medical teams in the flood battered areas of Balochistan to carry out medical activities. On Thursday, Prime Minister also met with MNAs Sardar Muhammad Jaffar Khan Leghari and Meena Leghari and urged them to keep surveillance on utilisation of funds for the rehabilitations and reconstructions. -Agencies

FRB critiques tax reforms process ISLAMABAD: The Reforms Coordination Group of Federal Board of Revenue (FBR) met here on Thursday to discuss and review the pace of ongoing tax reforms. The coordination group has been set up in FBR to spearhead the ongoing reforms process, said FBR press statement issued here. The meeting was chaired by Vakil Ahmed Khan and attended by Asrar Raouf, Member Policy (Direct Taxes), tax expert Shabar Zaidi, Muhammad Arshad Chaudhry, representative of the business community as well as officers of the Policy Wing. Progress and general direction of tax reforms in the light of reforms objectives were discussed in detail, the press statement adding it was observed that reform objectives were needed to be disseminated to

all the stakeholders in a more elaborate manner for a proper and better understanding of the reforms initiatives. The meeting also felt the need for establishment of a core unit at FBR Headquarters to gather and use data on income, expenses and assets of persons from different sources, laying emphasis on utilisation of the same for ensuring correct filing of Income Tax returns for the Tax Year 2010 and tracing the non- filers for further necessary action under the law. The coordination group recommended that updated data of electricity consumers and the data collected as per survey forms in 2001 shall be utilised to enforce the Income Tax Returns. The group decided to present its topic-wise reports after See # 2 Page 11

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PSO buys gasoline at low premiums SINGAPORE: Pakistan State Oil (PSO) bought a total of 160,000 tonnes of gasoline for fourth quarter delivery at a time when ample supplies rule in its favour, traders said on Thursday. The state-owned refiner bought four cargoes, each at 40,000 tonnes, at premiums of $38.41-$45.41 a tonne to Middle East naphtha quotes on a cost-and-freight (C&F) basis. These premiums were down by around 30-35 per cent from a previous purchase for up to 210,000 tonnes for SeptemberOctober delivery. -Reuters

Court frees 7 LHC CJ murder plotters LAHORE: Lahore High Court (LHC) has released seven alleged murder plotters of LHC Chief Justice Khawaja Sharif. It has been reported that law enforcement and intelligence agencies had arrested eight persons who were said to be involved in plotting to kill LHC CJ. However, after investigation the court has released seven persons including Khawaja Farooq, Rana Sami, Kashif Kalia, Iqbal Mir, Ch Babar, Nadeem Chauhan, and Humayun Butt due to lack of evidence. The 8th alleged plotter Khurram Gujara is still in the custody of police. See # 1 Page 11

MQM leader’s widow appeals help nab killer LONDON: Widow of Dr Imran Farooq, the MQM leader assassinated in London, has pealed for help to find her husband's killer, media reports. Dr Imran Farooq, a founding member of the Muttahida Qaumi Movement (MQM), was attacked by a lone Asian man last Thursday in Edgware. Detectives are investigating whether the father-of-two was the victim of a political assassination after his party claimed the Taliban had threatened to kill MQM leaders over their opposition to Islamic fundamentalism in Pakistan. Shaumaila Imran made a personal appeal to catch those responsible for her husband's death. She burst into tears and said: "My husband was on his way home from work when he was set upon and attacked.

"I want to appeal for anyone who has any information about the attack on Imran to come forward and tell the police what they know." Dr Farooq applied for asylum in Britain in 1999 after spending seven years in hiding in Pakistan. -Agencies

IGC crops Pakistan wheat yield forecast LONDON: The International Grains Council on Thursday trimmed its forecast for global maize production in 2010/11, largely reflecting diminished prospects for the crop in the United States. The IGC, in a monthly report, also left unchanged its forecast for the global wheat crop in 2010/11 with cuts for drought-hit Russia and Pakistan, which has suffered devastating floods, offset by a higher forecast for Australia. Global maize production was seen at a still record 824 million tonnes in 2010/11, down from a previous forecast

of 829 million but still above the prior season's 810 million. World maize consumption was maintained at a record 837 million, up from 822 million in the prior season, with stocks seen falling to 131 million by the end of the 2010/11 season, a drop of 12 million tonnes from a year earlier. "Comparatively higher prices of feed grade wheat and barley are expected to shift some demand to imported maize, especially in South Korea, the Philippines and Israel," the IGC said. "With world demand expected to See # 5 Page 11

Pakistan, Iran go over gas pipeline progress NEW YORK: Foreign Minister Makhdoom Shah Mahmood Qureshi met with the foreign ministers of Iran, Japan and Singapore on the sidelines of the 65th UN General Assembly Session in New York. The meetings provided an opportunity to review bilateral relations as well as exchange views on issues of mutual interest. According to Foreign Office, all

the foreign ministers expressed sympathies on the tragic loss of life and extensive devastation caused by the recent floods in Pakistan and reiterated their support to the government and the people of Pakistan. The foreign ministers also assured their continuous support to Pakistan during rehabilitation and reconstruction phases in the flood-affected areas. Foreign Minister Manouchehr

Mottaki of Iran referred to close personal engagement of the top Iranian leadership in providing relief assistance to the flood victims in Pakistan. He said that it was a reflection of close fraternal relations between the two countries. On bilateral relations, the two foreign ministers reviewed progress on Iran-Pakistan Gas Pipeline Project, supply of See # 6 Page 11

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

The Financial Daily Epaper 24-09-2010  

The Financial Daily Epaper

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