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International Karachi, Thursday, December 2, 2010, Zil Hajj 25, Price Rs12 Pages 12

Mirza finalises security plan for Moharram Economic Indicators

SCRA(U.S $ in million)

7.78

Local Companies (1-Dec-2010)

-2.53

Banks / DFI (1-Dec-2010)

-0.73

Mutual Funds (1-Dec-2010)

-3.07

NBFC (1-Dec-2010)

-0.98

Local Investors (1-Dec-2010)

-0.26

Other Organization (1-Dec-2010)

-0.21

Global Indices Close

Change

KSE 100

Index

11,221.81

12.95

Nikkei 225

9,988.05

51.01

Hang Seng

23,249.80

241.81

Sensex 30

19,850.00

328.75

ADX

2,745.58

SSE COMP.

2,823.45

3.27

FTSE 100

5,637.46

109.19

*Dow Jones

11,198.41

192.39

15.71

*Last Updated 20:00 PST

GDR update Symbols

$.Price PKR/Shares 111.32

MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 17.05

146.00

UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70

42.82

HUBC (1 GDR= 25 Shares) 10.66

36.51

36.39

Money Market Update T-Bills (3 Mths) 01-Dec-2010

13.16%

T-Bills (6 Mths) 01-Dec-2010

13.39%

T-Bills (12 Mths) 01-Dec-2010

13.67%

Discount Rate

29-Nov-2010

14.00%

Kibor (1 Mth)

01-Dec-2010

13.34%

Kibor (3 Mths)

01-Dec-2010

13.34%

Kibor (6 Mths)

01-Dec-2010

13.59%

Kibor ( 9 Mths)

01-Dec-2010

13.96%

Kibor (1Yr)

01-Dec-2010

14.09%

P.I.B ( 3 Yrs)

01-Dec-2010

13.75%

P.I.B (5 Yrs)

01-Dec-2010

13.80%

P.I.B (10 Yrs)

01-Dec-2010

14.08%

P.I.B (15 Yrs)

01-Dec-2010

14.34%

P.I.B (20 Yrs)

01-Dec-2010

14.48%

P.I.B (30 Yrs)

01-Dec-2010

14.70%

Commodities *Crude Oil (brent)$/bbl 87.54 *Crude Oil (WTI)$/bbl 85.64 *Cotton $/lb 118.92 *Gold $/ozs 1,391.90 *Silver $/ozs 28.55 Malaysian Palm $ 1,097 GOLD (NCEL) PKR 38,129 KHI Cotton 40Kg PKR 9,431 *Last Updated 20:00 PST

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $

82.50

82.60

Canadian $

83.90

84.00

Danish Krone 14.50

15.00

Euro

112.50

113.00

Hong Kong $ 10.90

11.00

Japanese Yen 1.011

1.037

Saudi Riyal

22.70

22.80

Singapore $

64.70

64.80

Swedish Korona 12.55

12.65

Swiss Franc

86.95

86.85

U.A.E Dirham 23.00

23.10

UK Pound

133.20

133.30

US $

85.50

85.70

Inter-Bank Currency Rates Symbols

Buying TT Clean Australian $ 81.91 Canadian $ 83.51 Danish Krone 14.93 Euro 111.28 Hong Kong $ 11.02 Japanese Yen 1.024 Saudi Riyal 22.82 Singapore $ 64.91 Swedish Korona 12.19 Swiss Franc 85.45 U.A.E Dirham 23.31 UK Pound 133.34 US $ 85.63

Selling TT & OD 82.10 83.71 14.96 111.54 11.05 1.026 22.88 65.06 12.22 85.65 23.36 133.65 85.82

Weather Forecast CITIES MAX-TEMP ISLAMABAD 24°C

MIN 4°C

KARACHI LAHORE FAISALABAD

30°C 25°C 26°C

13°C 8°C 6°C

QUETTA RAWALPINDI

16°C 24°C

-7°C 5°C

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See on Page 12

Cabinet also OKs transit pact with Afghanistan

Portfolio Investment

(U.S $ in million) FIPI (1-Dec-2010)

See on Page 12

Toyota sues GM on plant closure

Ministries’ shift gets Cabinet nod

$58.41bn Foreign Debt (Sep 10) Rs 4863bn Domestic Debt (Aug 10) Repatriated Profit (Jul- Oct 10) $203.80mn -3.85% LSM Growth (Aug 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.20mn Population

NCCPL

WoT, an uphill task, says PM

Youth, Population, Zakat-Ushr, Rural Dev, & Special Initiatives

$16.85bn Forex Reserves (19-Nov-10) 14.17% Inflation CPI% (Jul 10-Nov 10) $7.17bn Exports (Jul 10-Nov 10) $12.25bn Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) $(5.08)bn $(533)mn Current A/C (Jul 10- Oct 10) $3.50bn Remittances (Jul 10-Nov 10) $569mn Foreign Invest (Jul 10-Oct 10) Rs 411bn Revenue (Jul 10-Oct 10)

162.73 Yearly(Jul, 2010--30-Nov-2010) Monthly(Nov, 2010--30-Nov-2010) 58.01 -1.43 Daily (30-Nov-2010) 3796 Total Portfolio Inv (19 Nov-2010)

7 Pakistanis held in Spain over 26/11 link

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the Implementation Commission meeting at PM Secretariat. -APP

Pak to start repaying loan from 2012

IMF may give 3mth breather KARACHI: Pakistan's slow implementation of key reforms may again delay the release of the sixth tranche of an $11 billion International Monetary Fund loan, a source involved with the IMF talks said on Wednesday. The government hinted Tuesday at seeking a threemonth extension in standby arrangement because of legislative delays. An IMF mission came to Pakistan last month to review the country's performance and was due to present the country's case to

its board in mid-December. Pakistan was hoping to secure the sixth tranche then. The seven-tranche programme has kept Pakistan's economy afloat since it was agreed in November 2008. The sixth tranche had originally been scheduled for release in August. "It is unlikely the case will be presented on Dec 17 as there are still things in the process which won't be finalised until then," said the source. One of them is implementation of a See # 5 Page 11

India denies visa to Musharraf NEW DELHI: The Indian Government on Wednesday rejected the visa application of former Pakistan presi-

dent Pervez Musharraf. Musharraf was to visit India for a conference of Young Presidents Organisation (YPO), an the representatives of oil international outfit involvseed extracting companies ing influential business who were also accompany- leaders. -APP ing him. Besides facilitating the farmers, the enhancement in support price is also aimed at encouraging the balanced crop system which was affected after the ISLAMABAD: The increase in wheat support Securities and Exchange price that had attracted Commission of Pakistan farmers towards enhancing (SECP) has extended the wheat cultivation area. Companies Regularization He said that the enhanceScheme (CRS) and ment in sunflower support Companies Easy Exit price would not only help Scheme (CEES), to See # 6 Page 11 December 31. The schemes were initially operative for three months, from July to See # 7 Page 11

SECP extends CRS, CEES schemes

Pak books 1mn India cotton bales ISLAMABAD: Pakistani traders have inked fresh contracts on new rates to import 1 million cotton bales from India, after Indian exporters delivered little under previous deals on lower prices, industry officials said on Wednesday. Textile firms in the world's third-largest cotton consumer have banked on neighbouring India to meet demand after massive summer floods damage to the

domestic crop caused an estimated shortfall of about 4 million tonnes. Pakistan's textile industry accounts for about 60 per cent of the country's total exports. "Traders here have signed new contracts between $1.33 and $1.50 per lb and about 60,000 bales have already arrived," Naseem Usman, chairman of the Karachi-based Cotton See # 9 Page 11

Yields up on all T-bills Ghulam Raza Rajani KARACHI: The State Bank of Pakistan Wednesday surged the cutoff yields on all the treasury bills. SBP accepted bids worth Rs117.19 billion in T-bills auctions against the target of Rs110 billion, receiving bid worth of Rs193 billion. See # 10 Page 11

WikiLeaks

Govt greenlit drone hits l Zardari names Talpur as President if assassinated l Kayani mulled ousting Zardari l FO dismisses N-fears l Shahbaz tips off JuD on UN curbs l Top spy met Israelis to stop India attack l US disappointed on Dr Khan release ISLAMABAD: Documents released by Wikileaks indicate that Pakistan's political leadership has allegedly been in agreement with US drone attacks. The leaked cables quote former US Ambassador to Pakistan Anne W Patterson

as saying that the country's political leadership approved the strikes in Pakistan's tribal regions. Patterson's cable states: Malik suggested we hold off alleged predator attacks until after the Bajaur operation. The PM brushed aside

ISLAMABAD: Federal Cabinet Wednesday gave the final approval for the shifting of federal ministries to the provinces, under the devolution plan laid out in the 18th Amendment. The session was chaired by Prime Minister Gilani at the Prime Minister Secretariat in Islamabad, while chief ministers of all four provinces and all members of the Parliamentary Implementation Commission attend-

Rehman's remarks and said "I don't care if they do it as long as they get the right people. We'll protest in the National Assembly and then ignore it." Although publicly Pakistani officials oppose See # 8 Page 11

today is an historic day in the history of Pakistan. This is the first step in the journey of devolution and making Pakistan a true federation. He said five ministries being devolved are Population, Youth Affairs, Local Government and Rural Development, Special Initiatives and Zakat and Ushr. He said the cabinet decided that the employees working in various field offices of these ministries will be transferred to the respective administration of the provinces, Islamabad Capital Territory, Fata and GilgitBaltistan under civil servants act 1973 pending a new law on the subject. Employees working in any See # 3 Page 11

PM positive on RSGT approval ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday claimed that like other gigantic hurdles which government has accomplished thick and thin, it will also get RGST approved from National Assembly hence would achieve

Govt to buy 40kg sunflower at Rs2k ISLAMABAD: The government, with the support of oil extracting companies, on Wednesday announced increase in the sunflower support price from the existing Rs1600 to Rs2000 per 40 kilogram. "The oil seed companies have assured that they would purchase sunflower from the farmers at Rs2000 per 40 kilogram," Federal Minister for Food and Agriculture, Nazar Muhammad Gondal said while addressing a press conference after meeting

Special Correspondent/ Agencies

ed the meeting. Ministries of Youth Affairs, Population and Welfare, Special Initiatives, Zakat and Usher, and Rural Development will be transferred to provinces. Later, briefing newsmen along with Chairman Implementation Commission of 18th Amendment Mian Raza Rabbani and several other ministers, Information Minister Qamar Zaman Kaira said the special meeting of the cabinet unanimously approved recommendations of the Commission. The Cabinet also gave a go-ahead to the Ministry of Commerce for Transit Trade Agreement with Afghanistan. Chairman of Implementation Committee, Raza Rabbani said that

another benchmark. He was of the view that we will get RGST approval from National Assembly like we did from Senate stressing undoubtedly MQM and JUI-F are our coalition partners hence we will ensure that they are

convinced with the passage of time. Regarding PML-N, Gilani said that they are our friends and not foes adding we respect their sentiments as every party has reservations on RGST. Prime Minister Yousuf Raza See # 4 Page 11


2

Thursday, December 2, 2010

KESC to import oil, LNG on its own Staff Reporter KARACHI:The Karachi Electric Supply Company (KESC) has decided to import oil and Liquefied Natural Gas (LNG) to end its dependence on the government for fuel supply to run its power generation units, CEO KESC, Tabish Gohar informed business community here. Speaking at a meeting of Korangi Association of Trade and Industry (KATI), he said the company was negotiating terms and condition for import of oil and LNG with two companies. The utility will have its own oil terminal. Gohar further said that KESC converting its two power generation units having

1000 mw capacity at Bin Qasim on coal at a cost of $120 million with the assistance of china, which may reduce power tariff by re one per unit. Referring to load shedding in the residential and commercial areas of the city, he said in explicit term that there was no issue of supply and demand gap in the city. Paucity of funds and nonsupply of required quota of gas are the main reasons behind the load shedding in the city, he added. He noted that KESC was getting only 75 mmcfd gas against its quota of 276 mmcfd. Oil prices are about 2.5 times higher as compared to gas, yet the utility is running its units on oil for

the sake of general public. He expressed fears that KESC may not be able to keep its power generating units operational in case gas supply to the utility was as further curtailed. Gohar said that there were around 5000 kundas in city and efforts were underway to remove them. However, he said, it is not an easy job due to political and other interference. Tabish Gohar said that KESC had spent around 210 million dollars for improving its system and a 560 mw power units was under construction in bin Qasim. Referring to industrial areas, he said that KESC had faced lot of criticism from different quarters for exempting industries from load shedding.

JUP imperils Sherry Rehman Monitoring Desk KARACHI: Jamiat-eUlema-e-Pakistan has announced to stage protest demonstrations across the country on December 3 against the bid to repeal blasphemy law and in this connection a forum Tahfuz-e-Namoos-e-Risalt - headed by Sahibzada Abul Khair has been formed to monitor the situation with special reference to protecting the blasphemy law. The announcement was made at an all parties conference (APC) held on Tuesday under the auspices of Jamiat-e-Ulema-ePakistan with Sahibzada Abul Khair in the chair. Others who attended the meeting included Syed Munawar Hasan, Ameer Jamat-e-Islami; Abdul Ghafoor Hyderi, General Secretary JUI(F); Mufti Muneeb-ur-Rehman, President Tanzeem-ulMadaris Ahle Sunday; Pir Mian Abdul Khaliq of Bhar Chowndi and PML leaders.

Greenomics sets green management standards

KARACHI: Group picture shows Najm-us-Saqib Shabbir, Head PRI and Jauhar Ali, Director IBP with participants and speakers of the workshop on Remittance Call Centre.-Staff Photo

US delegation visits OICCI TV PROGRAMMES THURSDAY 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 Tonight With Jasmeen 23:00 News 23:30 24

TFD Report KARACHI: A high profile US delegation recently visited the Overseas Investors Chamber of Commerce & Industry (OICCI) to discuss ways to identify and promote foreign investment opportunities in Pakistan as well as to best utilise the aid for economic development in the country. The delegation which comprised Ambassador Robin Raphel Special Coordinator for Economic & Development Assistance; William Martin Consul General; Joe Bergen Assistant to Coordinator for Economic Development Assistance; Julie Koenen Karachi Director for USAID and Bo Palmer Economic Officer was received and welcomed by Naved A Khan Vice President OICCI.

Raphel discussed the current economic situation, energy crisis, law and order and the infrastructure of Pakistan. The delegation also discussed issues hampering foreign direct investment (FDI) in Pakistan and what role and steps could be taken by the US government and OICCI to overcome them. Speaking on the occasion, Naved A Khan Vice President of OICCI said "The OICCI, a premier body of multinationals in the country is playing a significant role in increasing investment and economic growth despite challenging times. Pakistan offers excellent investment opportunities and a close liaison and collaboration between the government and the investor community can make the country an investment-friendly destination."

KARACHI: Setting the corporate direction for green initiatives in manufacturing, Greenomics presents solutions, in the third conference, that propel firm sustainable practices, said a handout issued here on Wednesday. Contributing to the nation's vision for green policies, Greenomics 2010 offers a solid platform where public and private entities unite to determine environmental corporate responsibility. As in the previous two years, this year saw the UAE Ministry of Environment and Water (MoEW), LG Electronics and the United Nations Industrial Development Organisation (UNIDO) join forces to create an open discussion around environmental threats and issues arising from the practical implementation of organisational eco strategy. The launch of Greenomics, now in its third year, was born out of LG Electronics determination to ignite a positive change across all aspects of life. It aims to find innovative yet practical solutions for the challenges facing the environment and support governments, environmental experts, businesses and individuals in becoming more environmentally responsible.-PR

KARACHI: A group of Sweden trade delegation led by Minister for Trade (Sweden) Ewa Bjorling with Sindh Finance Minister Syed Murad Ali Shah at CM House.-APP

Message from CG UAE

UAE observes 39th National Day

O

n this auspicious occasion of 39th National day of United Arab Emirates, the Counsel General of UAE Sohail Bin Matar Al-Ketbi wishes his fellow country men in Pakistan and the people of Pakistan a very H a p p y National Day. Sohail Bin Matar AlKetbi also gave the following message on the occasion: "Pakistan culturally, geographically and strategically enjoys very strong ties with the UAE, which has flourished since decades and have since developed into wide-ranging co-operation in various fields. The emerging economic relations between Pakistan and United Arab Emirates is not only paving way for further strengthening the economy but would also leading towards economic cooperation amongst

the Islamic world. It is due to strong relations between the two countries & its people that today we see major economic growth and development. On the cultural front too both nations share mutual interest.

It is evident that their bonding is a big stepping stone towards the betterment of the entire Muslim Nation, as it has existed from the early times and we still have ample of opportunities to extend bilateral ties. As we celebrate this National day , I would like us to celebrate the successes of the deep

Staff Reporter

KARACHI: US delegation recently visited the Overseas Investors Chamber of Commerce & Industry (OICCI). Picture shows Naved A Khan Vice President OICCI welcoming the delegation at OICCI office.-Staff Photo

Industrial Growth discussed at LCCI Staff Correspondent

KARACHI: Telenor Regional Director Sales and Distribution, South-1 Ahmed Nadeem Pasha along with winners of “Malaamal Campaign� Abdul Hameed (Hafsa Communication, left), and Adil Khan (Adil Communication).-Staff Photo

KARACHI: Institute of Bankers Pakistan in collaboration with Pakistan Remittance Initiative - PRI (A joint initiative of State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance) organised one-day workshop on Remittance Call Centre, recently. The call centre personnel from Commercial Banks, Islamic Banks as well as Microfinance Banks participated in the workshop. Over the past few years, the call center has emerged as the essential component of the Customer Relationship Management (CRM) strategy now widespread among financial sector globally. More than ever, the remitters and beneficiaries are expecting more value from the products and services being offered and are quickly adopting the communication channels made possible by advances in telecommunication and the internet. Keeping in view the above, The Institute of Bankers Pakistan in collaboration with PRI conducted a oneday workshop on the subject 'Remittance Call Center: Scope and Objective' to provide in-depth information about the Remittance Call Center and the various processes involved in it.-PR

PICG holds Auditing moot

THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Agri Business 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News

rooted human ties that bind us, and the endless opportunities that will continue to keep us connected and also resolve that that we shall spare no efforts to further strengthen the fraternal ties between our two countries through mutual cooperation in all fields I as the representative UAE has been appreciative of Pakistan's contribution to the evolution of key institutions in the Emirates such as armed forces, police, health and education, and has reciprocated in the same friendly manner to the full satisfaction of Pakistan. We have seen many meetings and delegations between the leaders and high officials of the two counties whose main focus too is on encouraging public and private investment in joint ventures in the fields of energy, agriculture, construction and infrastructure development.

Workshop on remittance call centre

LAHORE: A seminar, jointly organised by Lahore Chamber of Commerce & Industry (LCCI) and Pakistan Institute of Cost & Contracts (PICC), on KARACHI: Chairman KATI Syed Johar Ali Qandhari Growth of Construction presenting KATI shield to Christopher H Johnson Industry and Contribution American Consult on investment, Vice Charimen of related Manufacturing Saleem-uz-Zaman and Shahid Jawed Qureshi, Industries was held in Immediate Past Chairman KATI Razzak Hashim Ameen Hall of LCCI, it Paracha and Gulzar Feroze.-Staff Photo has been learnt. The seminar was attended by a large number of stakeholders from various institutions and Government Departments related to construction industry. The Chief Guest, Prof Dr Saleem Shuja, Reactor University of Lahore, thanked participants and expressed his satisfaction over the success of the KARACHI: Patren-in Chief S M Munner and seminar. He highlighted the core aspects involved Chairman KATI Syed Jogar Ali Qandhari presenting in growth of construction a KATI shield to Tabish Gauhar, CEO KESC, Vice industry and the contribu- Chairmen Saleem Javed Qureshi, Chairman KESC standing Committee KATI Najmul Arfeen seen in tion of related manufacpicture are Mian Zahid hussain.-Staff Photo turing industries.

KARACHI: Pakistan Institute of Corporate Governance (PICG) recently organized a full-day conference on the 'Role of the Audit Committee' at Karachi Marriott hotel. With a brief introduction by Fuad A Hashimi (President & CEO, PICG) the conference was focused on the changing perspective and challenges associated with this signal board committee. Historically, the audit committee has always had the role of oversight and monitoring management and the external auditor. Consequent to the global economic crisis and the continuing uncertainty, the focus of the committee has intensified on all financial communications - from guidance to press releases to other disclosures. Timothy Copnell, Associate Partner, Audit Committee Institute, KPMG

LLP (UK), delivered the key note address on 'International Best Practices' pertaining to changing role of the Audit Committee globally. It was followed by the contrasting experiences from different Pakistani business segments presented by Kamran Mirza (Chief Executive, PBC). Copnell also discussed role of external auditor keeping experiences from Pakistan in context. The session was concluded with an enlightening discussion forum, where discussants deliberated further on the critical issues. The discussants on the panel, Abdullah Yusuf (Council Member & Vice President (North), ICAP), Hasan A. Bilgrami (President, ICMAP) and Arif Masud Mirza (Head, ACCA Pakistan) elaborated further on how Independence of committee may be ensured and what could be different alternatives available to enhance their performance and contribution overall.

Chairman EOBI to represent Pak at ILO forum Staff Reporter KARACHI: Chairman EOBI, Zafar Iqbal Gondal left for Philippines to attend ILO Conference on "Labour Market stakeholders" for a better understanding of policy dynamics regarding home based worker" arrange by International Labour Organisation. Chairman will brief the participants about the performance about EOBI and its ongoing projects and future planning of EOBI.

On the basis of lesson learnt at the conference EOBI will take initiative of coverage of workers in Pakistan specially in Sialkot where a large number of home based workers are engaged in football, surgical instrument and garment industries. After attending the ILO Conference the Chairman will have also meeting with the officials of Philippine Security institutions. The Chairman will return to Pakistan on 13th December.


3

Thursday, December 2, 2010

Taiwan dollar gives up gains TAIPEI: The Taiwan dollar gained briefly on Wednesday before concerns over Europe's debt crisis and a move by the island's central bank cut its rise. Taiwan's currency rose to as high as T$30.411 before ending at T$30.852 against US dollar, versus the close of T$30.85 in the prior session. The central bank has stepped in to keep the Taiwan dollar's rises in check. The currency has gained about 3 per cent since late September, reflecting expectations that US monetary easing would attract foreign fund inflows to Asia. The euro dropped to $1.2969 in early Asia trade, a level not seen since midSeptember, as markets waited to see if other fiscally weak euro-zone countries could avoid the debt crises that have engulfed Greece and Ireland. Reuters

Euro rises, broad selling momentum cools for now Focus on ECB meet, liquidity policy, possible bond buys NEW YORK: The euro rebounded on Wednesday on hopes the European Central Bank may take bold steps to ease the region's debt crisis and on news the United States could back the effort through higher IMF commitments. The single euro-zone currency remained vulnerable given persistent fears about Europe's fiscal problems but the US pledge on International Monetary Fund support pushed the euro to session highs at $1.3183. Traders in general were happy to keep the euro within a tight range ahead of Thursday's ECB meeting. The ECB is expected to keep interest rates unchanged and possibly announce the extension of crisis support measures beyond their expiration in midJanuary. "I personally think the market

will be disappointed tomorrow because the lack of a consensus within the ECB about bond purchases will cause it to deliver less than what the market is hoping for," said Aston Chan, port-

folio manager at GLC, a $1.2 billion London-based global macro hedge fund. Chan added that the euro-zone crisis has morphed into a political problem given Germany's doubts about funding more bailouts. Germany is the eurozone's largest economy and its de facto lender of last resort. In midday New York trading,

Asian currencies

Baht rises after rate hike; rupiah edges up Rupiah edges up, supported by talk of fund inflows SINGAPORE: The Thai baht edged higher against the dollar on Wednesday after the Bank of Thailand surprised markets with an interest rate rise and said rates would rise further. The baht last stood at 30.02/05 to the dollar, up from around 30.09/14 just ahead of the decision. The Bank of Thailand raised interest rates by a quarter-point to 2 per cent on Wednesday, surprising many economists. Most analysts had expected no change this week because of the uncertainty about the global economy plus the likelihood of the currency being pushed

higher at a time when exporters were already complaining about its surge this year. The baht had been rising in the run up to the rate decision, buoyed by gains in the Thai stock market. Elsewhere in the region, the Indonesian rupiah edged higher, having found support near 9,050 to the dollar. Exporters led the selling in the dollar-baht pair earlier on Wednesday. Gains in the stock market also helped push the Thai baht higher. The rupiah gained slightly earlier in the day after Moody's Investors Service placed on review for upgrade the

Stg cedes ground to euro; supported vs $ LONDON: Sterling slipped against a firmer euro on Wednesday as investors pared short positions in the single currency ahead of an ECB policy meeting, while strong UK manufacturing data supported the pound versus the dollar. "I think this may just be a short squeeze in the euro ahead of the ECB," said Michael Hewson, analyst at CMC Markets.

"But overall the trend is still down and while (euro/sterling stays) under 84.50 pence I expect further gains for sterling over the euro, possibly down to 81.00," he said. The euro traded at 84.05 pence, up around 0.7 per cent on the day. It had fallen to as low as 83.34 earlier in the session, which was its lowest since Sept. 20. Sterling traded virtually flat versus the dollar at $1.5555 after rising to a session high of $1.5649 as data showed UK

Top Economic Events

manufacturing unexpectedly expanding to a 16-year high last month. The pound had fallen to a two-month low of $1.5485 on Tuesday as the dollar made broad gains on increasing risk aversion. "I think this bounce can see it rise to $1.57-1.58 levels where it could run into renewed selling." said Ian Stannard, senior currency strategist at BNP Paribas. The UK manufacturing PMI

headline index rose to 58.0 in November, from 55.4 in October and way above forecasts of 54.6. The index also showed the fastest employment growth since the survey began in 1992. Other data showed British house prices fell for the fourth month in five in November. Consumer confidence weakened more than expected in November and people were the most downbeat about prospects for personal finances in almost two years. -Reuters

Indonesian government's Ba2 foreign and local-currency bond ratings. A trader for a European bank in Indonesia said the dollar ran into resistance near 9,050 to the rupiah, adding that the rupiah was also supported by talk of fresh fund inflows into the region. The peso opened lower than expected at 44.10 to the dollar, down from Tuesday's close at 44.00. Traders seized the opportunity to sell the dollar at higher levels. Coupled with good selling in the NDFs, funds and interbank speculators sent the dollar lower. -Reuters

Swiss franc off highs against euro ZURICH: The Swiss franc pulled back from 10-week highs against the euro on Wednesday as traders waited to see if policymakers will take further action to contain euro-zone debt concerns. The bounce in the euro came after three days of sustained losses which on Tuesday saw the franc push through the 1.30 mark for the first time since Sept. 16 to 1.2930 francs to the euro. But analysts said the respite may be only temporary, as concerns over single currency weakness have not gone away. "The euro is recovering slightly after the sharp drop in the past days but it could go down further until year end and into the early part of next year," said Sarasin currency strategist Ursina Kubli. "The main doubts about sovereign debt will continue to weigh on the euro, and as long as the high risk of contagion remains, the single currency is likely to weaken both against the dollar and the franc," Kubli said. The franc was 0.3 per cent lower against the euro compared to the New York close, trading at 1.3078 francs per euro at 0744 GMT. The franc was up 0.1 per cent against the dollar at 1.0028 per dollar. -Reuters

Aussie at 2-1/2-mth low as growth ebbs, for now SYDNEY: The Australian dollar hit a 2-1/2month low on Wednesday after disappointing third-quarter growth data led investors to sell more of the currency that was already entrenched in a downtrend. The Australian dollar slumped over half a cent to a low of $0.9536 after data showed the economy grew a meagre 0.2 per cent in the third quarter, short of forecasts for 0.5 per cent growth. Although it crawled off lows by late trade to stand at $0.9586, helped in part by firm Chinese manufacturing data, it was still some 5 per cent under a 28-year high of $1.0085 hit on Nov 5. The spill in the Aussie dollar took a toll on the New Zealand dollar. It was briefly dragged to support levels around $0.7400, but rebounded in late trade to $0.7439. While most analysts said Australia's economy would soon re-accelerate as consumption and business investment pick up, some thought the soft data would at least affirm bets Australia would not get an interest rate hike before mid-

2011. "The risk is our first-half 2011 rate hikes are now more likely a second-half 2011 event, providing the economy (and profits) more time to strengthen," said Scott Haslem, an economist at UBS. That it could be some time yet before a rate hike, gave investors more reason to sell riskier currencies for now, especially with the market on edge over Europe's debt problems. Rate investors agreed there was little chance of a rate hike any time soon. Interbank futures implied no move to 5 per cent until November 2011, from 4.75 per cent now. Westpac predicts the currency could scale new 28-year peaks of $1.02 by June 2011. "The Aussie dollar has been very resilient to the current bout of risk aversion, reflecting its outstanding relative fundamentals despite today's sell off," it said. Underscoring the Aussie dollar's bright outlook, the euro struggled at A$1.3578 in late trade, within spitting distance of a record low of A$1.3515 hit earlier in the day. -Reuters

the euro was up 1.3 per cent at $1.3147, pulling away from Tuesday's 2-1/2-month low at $1.2969, but off the day's highs at $1.3183. Depending on what the ECB

announces on Thursday, traders are still targeting $1.2794, a level representing the 61.8 per cent retracement of the June to November rally. A breach of that should bring the August lows around $1.2600 in sight. Analysts and traders said the euro's 9 per cent fall from its Nov. 4 high of $1.4283 to

Tuesday's low left many feeling it was a good time to take profits on short euros. Overall though, concerns remain that other countries may follow Ireland and Greece in asking for bailouts, with Portugal widely seen as next in line, especially after ratings agency Standard & Poor's on Tuesday put its A- rating on review for downgrade. The euro's rise lifted other currencies that thrive in times of global expansions and increased risk-taking. The Australian dollar rose 0.7 per cent to US$0.9645. The greenback slipped 0.2 per cent versus a currency basket to 80.998, but stayed near a 2 1/2month high hit on Tuesday as the currency, the most liquid and therefore considered safe, has benefited from the euro's problems. -Reuters

Yuan up in narrow range, tracks dlr fall SHANGHAI: China's yuan ended slightly higher against the dollar on Wednesday, as the dollar index fell slightly in early European trade. But dealers said the dollar had potential to rise as European debt worries lingered, which could add downward pressure on the yuan in coming days. Spot yuan ended at 6.6634 versus the dollar, up slightly from Tuesday's close of 6.6670 and was up 2.44 per cent since the PBOC announced a depegging of the Chinese currency from the dollar in mid-June. It moved in a small range of 6.6647 to 6.6774, trading firmer than the central bank's daily mid-point of 6.6786, the weakest level since Nov. 3 and down from Tuesday's 6.6762. The 24-pip fall in the PBOC's mid-point on Wednesday, which lagged the dollar's gains, showed the Chinese central bank's appar-

ent intention to keep the yuan in a tight range. "We are focused on the dollar index performance for now," said a dealer at an European bank in Shanghai. "And the stable fixing gives us a signal that the central bank has no intention to let the yuan move too much." Dealers said that in the long term, the yuan's appreciation was an inevitable trend as China needs to fight against imported inflation. China's official purchasing managers' index (PMI) rose to a seven-month high of 55.2 in November from 54.7 in October, while HSBC's China Purchasing Managers' Index rose in November to an eightmonth high at 55.3. Offshore, one-year NDFs fell slightly to 6.5183 bid from Tuesday's close of 6.5410, with implied yuan appreciation in a year's time rising to 2.46 per cent from 2.07 per cent shown on Tuesday. -Reuters

Indian rupee logs best one-day gain in 2-mth MUMBAI: The Indian rupee posted its biggest single-day gain in two months on Wednesday tracking a sharp rebound in the euro, while dollar sales by exporters and a couple of large corporates also helped. The partially convertible rupee closed at 45.37/38 per dollar, after hitting 45.3350, its highest since Nov. 22. The unit closed at 45.88/89 on Tuesday, when it had dipped to 46.12, its weakest since Sept. 17. On the day, the rupee rose 1.1 per cent, its biggest single-day rise since Oct. 1. "Positive equities and a pullback in the euro helped the rupee. Exporters too sold dollars, there were also two large corporates selling," said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank in Mumbai. "There was a lot of selling in the market towards close, as the market was stuck long dollar. So most were stopping out," said Ashtosh Raina, head of foreign exchange trading at

HDFC Bank. "What happens tomorrow will depend on the balance initial public offering flows. 45.20 is the next support for the dollar". One-month offshore nondeliverable forward contracts were at 45.61, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded nearmonth dollar-rupee contract on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6175, 45.62 and 45.62 respectively, with the total traded volume on the three exchanges at an average $6.5 billion. -Reuters

Time 4:50 5:30 5:30 2nd-7th 14:30 15:00 15:00 17:45 18:30 20:00

Source JPY AUD AUD GBP GBP EUR EUR EUR USD USD

Source

Events

AUD CNY EUR GBP EUR GBP USD USD

Events Monetary Base y/y Retail Sales m/m Trade Balance Halifax HPI m/m Construction PMI PPI m/m Revised GDP q/q Minimum Bid Rate Unemployment Claims Pending Home Sales m/m

Forecast 6.9% 0.4% 2.07B 0.3% 51.1 0.4% 0.4% 1.00% 425K -0.7%

Previous 6.4% 0.3% 1.76B 1.8% 51.6 0.3% 0.4% 1.00% 407K -1.8%

Actual

Forecast

Previous

GDP q/q 0.2% Manufacturing PMI 55.2 German Retail Sales m/m 2.3% Nationwide HPI m/m -0.3% Final Manufacturing PMI 55.3 Manufacturing PMI 58.0 Challenger Job Cuts y/y -3.3% ADP Non-Farm Employment Change 93K

0.5% 54.8 1.3% -0.3% 55.5 54.8

Previous Day

70K

1.1% 54.7 -1.8% -0.7% 55.5 55.4 -31.8% 82K

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

As per 22.00 PST Ask High 1.3131 1.3178 1.0021 1.0064 1.5618 1.5646 1.0167 1.0268 0.9675 0.9694 110.4600 110.6600 0.8408 0.8436 1.3158 1.3184 131.3800 131.5200 83.9500 84.1000 0.9863 0.9877 1392.5000 1396.5800 28.6400 28.7900

Bid 1.3128 1.0017 1.5615 1.0163 0.9672 110.4100 0.8405 1.3154 131.3300 83.8800 0.9856 1391.6500 28.5700

Low 1.2972 0.9988 1.5548 1.0153 0.9544 108.4500 0.8337 1.3015 129.9500 83.1400 0.9765 1382.2100 27.9900

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 01/12/2010 A USD GBP CAD EUR JPY O/N 0.24000 0.55563 0.97500 0.41125 SN 0.08938 1WK 0.25375 0.56188 1.02000 0.54750 0.10063 2WK 0.25625 0.56625 1.05250 0.63250 0.10563 1MO 0.26531 0.57813 1.09167 0.75375 0.11875 2MO 0.28250 0.63063 1.15083 0.85125 0.14500 3MO 0.30344 0.74125 1.22583 0.96875 0.18375 4MO 0.35031 0.82500 1.30000 1.03125 0.24625 5MO 0.41094 0.93125 1.36667 1.11125 0.30438 6MO 0.46656 1.03625 1.44000 1.20500 0.35438 7MO 0.51875 1.11375 1.50667 1.24875 0.40625 8MO 0.57125 1.19750 1.57583 1.30000 0.45375 9MO 0.62156 1.28000 1.64417 1.34750 0.49625 10MO 0.67313 1.35625 1.71583 1.39750 0.52500 11MO 0.72906 1.42375 1.79750 1.44375 0.55375 12MO 0.79000 1.49188 1.88250 1.48750 0.58375

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010

Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010

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

Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%

Division of National Bank of Pakistan (NBP) KARACHI, December 01,2010 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

85.80 133.65 111.54 83.71 85.65 82.10 12.22 1.03 13.84 65.06 14.96 22.88 11.05 12.87 303.93 27.16 63.68 23.56 23.36 0.07 2.85

85.60 133.34 111.28 83.51 85.45 81.91 12.19 1.02 13.80 64.91 14.93 22.82 11.02 12.84 303.22 27.10 63.53 23.51 23.31 0.07 2.84

85.42 133.04 111.02 83.29 85.22 81.69 12.26 1.02 13.77 64.74 14.89 22.76 10.99 12.81 302.43 27.03 63.36 23.44 23.24 0.07 2.83

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 01, 2010

KASB

BMA

ELXIR

GSL

ICSL

12.90 12.85 12.85 12.90 13.05 13.30 13.30 13.50 13.55 13.70 13.80 13.82 13.85 13.85 13.88 13.90 13.90 13.95 14.40 14.50

12.70 12.80 12.85 12.85 12.90 13.10 13.25 13.30 13.40 13.55 13.75 13.75 13.80 13.80 13.85 13.90 13.92 14.05 14.35 14.50

12.60 12.70 12.85 12.90 13.00 13.15 13.30 13.40 13.55 13.60 13.72 13.75 13.77 13.77 13.79 13.82 13.92 14.07 14.30 14.40

12.65 12.75 12.90 13.00 13.10 13.20 13.40 13.50 13.65 13.70 13.75 13.78 13.80 13.88 13.95 14.00 14.10 14.20 14.40 14.65

13.00 12.85 12.85 12.85 13.00 13.15 13.35 13.45 13.55 13.60 13.70 13.75 13.75 13.80 13.80 13.80 13.90 14.10 14.30 14.40

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

JSCM AvgRate 12.80 12.90 12.85 12.90 13.05 13.15 13.35 13.45 13.50 13.70 13.75 13.79 13.81 13.83 13.84 13.86 13.88 14.08 14.30 14.40

12.78 12.81 12.86 12.90 13.02 13.18 13.33 13.43 13.53 13.64 13.75 13.77 13.80 13.82 13.85 13.88 13.94 14.08 14.34 14.48

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

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

week month months months year years

0.95 0.86 0.91 0.88 0.59 0.59

0.86 0.55 0.78 -0.22 0.17 0.11

0.07 0.60 0.61 0.59 0.33 -0.18

EUR/USD NZD/USD

0.81 0.76 0.78 0.47 0.41 0.46

0.96 0.89 0.86 0.91 0.83 0.78

USD/CAD USD/CHF

1.00 0.90 0.89 0.87 0.64 0.62

-0.32 -0.70 -0.86 -0.64 -0.01 -0.51

-0.96 -0.87 -0.76 -0.91 -0.79 -0.71

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)01/12/2010 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

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 12.90

13.40

12.90

13.40

13.00

13.50

13.10

13.35

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

J S B L 12.60

13.10

12.70

13.20

12.90

13.40

13.25

13.50

1340

13.65

1345

13.95

13.70

14.20

14.00

14.50

ASPK 12.50

13.00

12.60

13.10

12.65

13.15

12.90

13.15

1325

13.50

1335

13.85

13.40

13.90

13.60

14.10

CIPK

12.40

12.90

12.50

13.00

12.75

13.25

13.15

13.40

1340

13.65

1350

14.00

13.60

14.10

13.65

14.15

DBPK 12.20

12.70

12.30

12.80

12.35

12.85

12.80

13.05

1290

13.15

1315

13.65

13.25

13.75

13.35

13.85

FBPK 12.75

13.25

12.80

13.30

12.95

13.45

13.10

13.35

1340

13.65

1360

14.10

13.70

14.20

13.90

14.40

FLAH 12.75

13.25

12.75

13.25

12.75

13.25

13.10

13.35

1340

13.65

1345

13.95

13.60

14.10

13.70

14.20

HBPK 12.75

13.25

12.75

13.25

12.80

13.30

12.95

13.20

1330

13.55

1345

13.95

13.55

14.05

13.65

14.15

HKBP 12.50

13.00

12.50

13.00

12.80

13.30

13.05

13.30

1330

13.55

1340

13.90

13.55

14.05

13.70

14.20

N I PK 12.60

13.10

12.85

13.35

13.20

13.70

13.50

13.75

1370

13.95

1385

14.35

14.00

14.50

14.10

14.60

HMBP 12.65

13.15

12.75

13.25

13.00

13.50

13.30

13.55

1350

13.75

1380

14.30

13.85

14.35

13.90

14.40

SAMB 12.75

13.25

12.75

13.25

12.80

13.30

13.15

13.40

1335

13.60

1360

14.10

13.70

14.20

13.85

14.35

MCBK 12.50

13.00

12.65

13.15

12.90

13.40

13.05

13.30

1330

13.55

1340

13.90

13.50

14.00

13.75

14.25

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

SCPK 12.60

13.10

12.60

13.10

12.75

13.25

13.00

13.25

1320

13.45

1345

13.95

13.50

14.00

13.60

14.10

UBPL 12.70

13.20

12.80

13.30

12.90

13.40

13.10

13.35

1330

13.55

1340

13.90

13.50

14.00

13.65

14.15

AVE

13.13

12.71

13.21

12.84

13.34

13.09

13.34

1334

13.59

1346

13.96

13.59

14.09

13.73

14.23

ABPL

NBPK

12.63


4 Wednesday, December 2, 2010

Hidden Gulf views on Iran exposed

The Financial Daily International Vol 4, Issue 115

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

Damage has been done big time The latest sets of documents released by Wikileaks have brought much disgrace to the US administration, which willingly or negligently let sensitive documents land in the hands of Wikileaks. The documents released mostly pertain to the countries where either the regime is not liked by the US or it has little control over. The documents have little to say about India and Israel, the two blue-eyed boys of the US administration. The US regret on release of documents is just not acceptable because of the colossal damaged caused to the countries and the citizens of those countries. Since the documents have been released to 'media favourites' one is forced to draw the inference that the documents have been released with the consent of the US administration. If not, the questions which come to minds are: Is wikileaks stronger than the superpower? What are the motives of owners of Wikileaks? Does the release aim at weakening the Muslims further through fragmentation? Ironically the response of the Muslim countries has been conspicuous by its absence, either they chose to keep quiet to avoid disclosure of their 'misdeeds' or are simply the hostages of Zionist media. It also shows that Zionists have been using rulers of Muslim countries to fulfill their ulterior motives as they used Iraq and Saudi Aria to weaken Iran, used Saddam Hussain and Osama bin Laden to pave way for attacks on Iraq and Afghanistan and installed Hamid Karzai (an employee of oil company Unocal owned by George Bush and his associates) as President of Afghanistan to facilitate presence of the US forces in Afghanistan for undertaking cross border attacks on China, Iran and Pakistan. There is no need to confirm or deny the validity of the released documents but vigilance must certainly be enhanced. There is a need to protect the Muslim countries from Zionist attacks be it the attack of Fortune 500 companies to take control of the resources or the internal disturbances caused in the name of restoration of democracy, protecting human rights, and ushering in economic revolution. These documents specifically maligned Presidents Asif Zardari and PML-N leader Nawaz Sharif by attributing a few quotes to Middle Eastern rulers. While opposition leaders, who have stayed in Saudi Arabia for a while preferred to remain silent, President Zardari, categorically denounced the move and termed it an attempt to spoil relationship between the two brotherly countries. Still, it would have been better had the clarification come from the Saudi government. There is also a lesson for the political leaders of Pakistan to maintain distance with the representatives of the US governments because whatever they say can be used against them. At times when these representatives come to Pakistan they behave like viceroys of the superpower and instruct Pakistan government to do certain things and abstain from some others. Pakistani leadership should protect sovereignty of the country rather than begging a few petty gains.

Disclaimer:

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

T

he disclosure in leaked US cables that Gulf Arab leaders want Washington to destroy Iran's nuclear programme exposes long-hidden views that will kill any chance of detente with Tehran. From Saudi Arabia, the world's biggest oil exporter, to tiny Bahrain, Gulf Arab rulers revealed a reality they had spent years trying to hide publicly. The views in the cables released by are in contrast with the public stance of those Sunni rulers whose statements on their religious rivals in Shi'ite Iran and its nuclear programme have until now been far more conciliatory. The revelations, however, do confirm the depth of suspicion and hatred of the Shi'ites among Sunni Arab leaders, especially in Saudi Arabia, the leading Sunni power and which regards Iran as an existential threat. That concern was intensified by the rise of the Shi'ites in Iraq after the USled invasion of 2003 - the first time the Shi'ites controlled an Arab heartland country for nearly a millennium. For Sunni Gulf rulers, seeing Iraq fall under Shi'ite influence was shocking enough, but the fear of a nuclear Iran is something they find even more alarming. According to the leaked cables, Saudi Arabia's King Abdullah repeatedly exhorted the United States to "cut off the head of the snake" by launching military strikes to destroy Iran's nuclear programme. He has never publicly called on Washington to use force against Iran. The Bahraini king also said Iran's nuclear programme should be halted by any means, and the crown prince of

the emirate of Abu Dhabi saw "the logic of war dominating" when it comes to dealing with the Iranian

take note of the distress that its nuclear programme is causing in the region this is not something that should be

“

The views in the cables released by are in contrast with the public stance of those Sunni rulers whose statements on their religious rivals in Shi'ite Iran and its nuclear programme have until now been far more conciliatory.

threat. "I think it confirms that the GCC (Gulf Cooperation Council) states are all more united on the antiIranian front than previously disclosed," said Theodore Karasik, a Dubaibased analyst. DEEP MISTRUST Saudi analyst Khaled al-Dakhil said the cables were a reminder of the deep mistrust between Iran and Saudi Arabia as well as other Gulf Arab states. "I don't think Iran takes at face value public declarations coming from the Gulf, whether for a war or not just as Gulf leaders do not believe declarations about how peaceful the Iranian nuclear programme is," he said. The leaks show the extent of the worry that Iran's nuclear programme is causing in the region. "Iran should

ignored," said Salman Shaikh, director of the Brookings Doha Center. Iran denies its nuclear programme is

The United States has repeatedly said the military option to halt the Iranian nuclear programme is on the table, but US military chiefs have also made clear it is a last resort, fearing it could ignite wider conflict in the Middle East a cover to build a nuclear bomb and says it is purely for peaceful purposes. President Mahmoud Ahmadinejad on Monday appeared to play down the impact the WikiLeaks disclosures, saying they would not hurt Tehran's rela-

tions with its Gulf neighbours. The United States has repeatedly said the military option to halt the Iranian nuclear programme is on the table, but US military chiefs have also made clear it is a last resort, fearing it could ignite wider conflict in the Middle East. "These revelations show that the Gulf Arab region is concentrating on Iran to the level that we want a war with Iran," said Sami AlFaraj, head of the Kuwait Centre for Strategic Studies. Analysts say the Gulf rulers' desire for military action against Iran could add to wider SunniShi'ite tensions and undermine Saudi Arabia's efforts to mediate with Iran to ease sectarian tensions in Iraq and Lebanon. "It depends how people receive this. If they play it up and manipulate it, in terms of Sunni-Shi'ite relations it could find some fertile ground," Shaikh said. "But in terms of policy I don't think it's going to have great impact they are dominated by other interests," he added, echoing comments by Dakhil who saw limited implications. Animosity between Sunnis and Shi'ite goes back to a centuries-old religious schism that still poisons relations. Hardliner Sunnis regard Shi'ites as "rejectionists" who strayed from true Islam. Until recently Gulf states banned Shi'ites from performing religious rituals in public. In some countries they are denied government and security jobs. No Gulf Arab government has commented on the Gulf leaks, which had on Monday not been widely covered by local media.-Reuters

Peace with Israel

Hamas to honor referendum T

he Islamist Hamas movement, whose charter advocates the elimination of Israel, would accept the outcome of a Palestinian referendum on a future peace treaty with the Jewish state, its Gaza leader said on Wednesday. Ismail Haniyeh, addressing a rare news conference in the Israeli-blockaded enclave, signaled a softening of Hamas's long-standing position prohibiting the ceding of any part of the land of what was British-mandated Palestine until 1948. "We accept a Palestinian state on the borders of 1967, with Jerusalem as its capital, the release of Palestinian prisoners, and the resolution of the issue of refugees," Haniyeh said, referring to the year of Middle East war in which Israel captured East

Jerusalem and the Palestinian territories. "Hamas will respect the results (of a referendum) regardless of whether it differs with its ideology and principles," he said, provided it included all Palestinians in Gaza, the West Bank and the Diaspora. The Hamas charter, drafted in 1988, regards all of the land of Palestine, including what is now Israel, as the heritage of Muslims. The idea of a referendum on a future peace accord with Israel was rejected by some Hamas leaders when it was proposed by Palestinian

President Mahmoud Abbas several months ago. Negotiations between Abbas and Israel have since faltered over Israel's refusal to halt settlement building in

willing to give the Palestinians a fully sovereign state and he therefore had no hope the fragile US- brokered attempts to revive peacemaking would succeed. He said his movement was willing to cooperate with Western and European countries "who want to help the Palestinian people regain their rights." The United States and European Union shun Hamas as a terrorist organization and do not recognize its Gaza authority. "We urge European foreign ministers to revise their position regarding meetings with the elected government," Haniyeh said, adding that

Haniyeh said Israel was not willing to give the Palestinians a fully sovereign state and he therefore had no hope the fragile US- brokered attempts to revive peacemaking would succeed the West Bank, including East Jerusalem. NO AL QAEDA HERE Haniyeh said Israel was not

contacts were being made with United Nations officials in the Gaza Strip in this regard. Haniyeh denied Israel's claim to have killed three members of the al Qaeda organization in Gaza in the past month. Israel said two of three militants it killed in November were planning attacks against Israeli and western tourists in the Egyptian territory of Sinai. He said a priority of his government was to avoid a military escalation with Israel by persuading other militant factions to preserve a de facto ceasefire. Hamas had repeatedly distanced itself from al Qaeda and had not hesitated to condemn al Qaeda-claimed attacks in some Arab and western capitals, he noted.Reuters

Euro crisis worries spread G

lobal concern about the debt crisis rocking the euro zone mounted on Wednesday, with Washington sending a top US Treasury envoy to Europe and G-20 officials discussing the turmoil in a conference call. A day after investors pushed the risk premiums on Spanish and Italian government debt to new highs, the bond spreads of countries on Europe's southern periphery narrowed and the euro steadied on speculation that the European Central Bank could unveil new anti-crisis steps at a meeting on Thursday. But calmer markets failed to remove deep worries about contagion in the 16-nation euro bloc that has pushed European policymakers onto the defensive and forced them to search for new ways to stabilise their 12-yearold currency project. An 85 billion euro ($110.7 billion) EU/IMF rescue of Ireland last weekend and public reassurances from European politicians and central bankers have been largely ignored by investors, who have targeted Portugal, Spain and Italy, intent on testing the EU's resolve and crisis-fighting resources. "You may think and you sometimes read that Europe is in chaos, disintegrating, and the euro about to disappear. This is wrong," Klaus Regling, the head of the EU's temporary rescue mechanism, said in a speech in Singapore. Reflecting global concerns about the euro zone crisis, the US Treasury announced late on Tuesday that it would dispatch Undersecretary for International Affairs Lael Brainard to

Europe this week to discuss the turmoil. Brainard will visit Madrid, Berlin and Paris to discuss "economic developments in Europe" and the "shared agenda on strong and sustainable growth," the Treasury said in a brief statement. G-20 sources told Reuters that deputy finance ministers from the group of major rich and developing

the "opening act" of a global sovereign debt crisis that could soon infect the United States and Japan. EU plans to make private bond holders shoulder some of the pain from any sovereign debt restructuring after mid2013 have led investors to reassess the risk of putting their money in the government bonds of high-deficit countries. European Central Bank President

Citigroup Chief Economist Willem Buiter warned in a research note this week that the euro zone turmoil may be the "opening act" of a global sovereign debt crisis that could soon infect the United States and Japan. EU plans to make private bond holders shoulder some of the pain from any sovereign debt restructuring after mid-2013 have led investors to reassess the risk of putting their money in the government bonds of high-deficit countries nations had discussed the financial situation in Europe on Monday in a previously arranged conference call, although they described the call as routine. GLOBAL RISK Citigroup Chief Economist Willem Buiter warned in a research note this week that the euro zone turmoil may be

Jean-Claude Trichet warned markets on Tuesday against underestimating the determination of policymakers to stabilise the euro zone, but their options for stopping the rot appear limited. The ECB could decide to increase the scale of its bond purchase program at its Thursday meeting, but resistance to such a step is high on the bank's

Governing Council, with some members instead advocating an end to extraordinary crisis measures. Meanwhile, Germany has resisted pressure from countries such as France to turn the euro zone into a "fiscal union" in which member states sacrifice sovereignty over economic policy for the good of the group. Chancellor Angela Merkel is also skeptical about putting up more funds for bailouts, concerned that German taxpayers would end up shouldering the lion's share of a string of rescues of countries which Berlin believes have made themselves vulnerable through economic mismanagement. Peter Bofinger, a member of the "wisemen" panel of economic advisers to the German government, said the risks to the euro were "enormously large" and Germany needed to decide whether it wanted to let the currency fail or do more to save it. "For me it is decisive that we ask ourselves in Germany whether we want to continue to have the euro or not," Bofinger told Germany's NTV television late on Tuesday. "We must have this discussion because we must ask ourselves whether we find it worth it to stand up for it." The euro edged higher on Wednesday, trading at $1.3060 after dipping to a 10-week low against the dollar on Tuesday. The premium investors demand to hold Portuguese, Spanish and Italian bonds instead of German benchmarks fell on speculation the ECB could take new anti-crisis steps on Thursday. European bank stocks also rebounded strongly after losses on Tuesday.Reuters


5

Thursday, December 2, 2010

South East Asian stocks

European shares post biggest gain in three months

Mostly up on bargain-hunting; Jakarta outperforms

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

Ogra’s move marginalises 100-Index to a dull red end

11,234.76 11,221.81 12.95 0.12 157.97

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

3,502.97 3,502.73 0.24 0.01 6.84

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

2,862.06 2,863.70 1.64 0.06 0.33

Nawaz Ali

Major Gainers

Symbol

Close

Change

NESTLE 2,152.51 WYETH 913.50 ULEVER 4,137.01 EXIDE 188.64 SRVI 247.38

102.50 43.50 13.01 8.98 7.95

Major Losers

Symbol UPFL RMPL FZTM NRL APL

Close

Change

1,050.00 1,800.00 393.59 258.36 317.25

-43.24 -25.36 -18.6 -13.27 -7.13

Top 5 Volume Leaders

Symbol

Close Vol (mn)

DGKC NML LOTPTA NIB NBP

29.62 59.13 12.17 2.87 66.63

25.84 20.89 10.29 7.64 6.83

Active Issues Plus Minus Unchanged

152 222 22

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459

INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830

HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)

5,481 5,172 1,514 1,340

DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)

186 70 0 18

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)

4,729,932 3,011,868 1,897,426 7.57%

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

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

744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1

Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276

NEW YORK: Traders work on the floor of the New York Stock Exchange.-Reuters

HK, Shanghai stocks move up in thin trade and political tensions on the Korean peninsula. Volume was thin with 1.6 billion shares changing hands, about a fifth lower than the average turnover of 1.9 billion shares seen in November as funds consolidated their positions ahead of the year-end. The spread between the lower and upper Bollinger Bands also hovered around one-year highs, pointing to a period of high volatility that could attract options and implied volatility trades. MINISCULE VOLUME IN SHANGHAI The Shanghai Composite Index closed up 0.1 per cent at 2,823.4 after slumping on Tuesday, with a liquidity crunch in the domestic money market weighing on the stock market. The index dropped more than 5 per cent in November, compared with a 12 per cent gain in October. Analysts said the index had

solid support at its 125-day moving average at 2,698 points. Firm resistance was seen at the 250-day moving average at 2,877 points, a mark the index plunged from on Tuesday. Speculative retail investors, who make up two-thirds of turnover, continued to focus on policy measures, avoiding active buying of heavily weighted commodity, banking and transportation issues, sectors considered vulnerable in a policy tightening environment. Volume slumped back to levels seen in November's lacklustre trading month. Turnover of Shanghai A shares dropped to 104 billion yuan ($15.60 billion) from 172 billion yuan on Tuesday. Oil major Sinopec , the biggest weight in the index, dropped 0.6 per cent. SAIC Motor fell 1.2 per cent. China Shenhua Energy , the world's most valuable coal producer, dropped 0.3 per cent.-Reuters

Nikkei up after slide, sets eyes on China, US data

US stocks morning-trade

TOKYO: Japan's Nikkei average edged up 0.5 per cent Wednesday after falling nearly 2 per cent the previous day when a liquidity squeeze hit Chinese shares, and market players said they would continue looking to Chinese equities and US economic data for direction. The Nikkei gained 8 per cent in November, however, and analysts said recent yen weakness and expectations of a further recovery in the US economy would continue to lend support, although Japanese shares will be weighed down by worries that the euro zone's credit crisis may spread. "Investors were worried over interest hikes in China and the euro zone yesterday and are now waiting for this Friday's US employment figures and Christmas sales figures to trade on," said Fumiyuki Takahashi, equity strategist for Barclays Capital Japan. "So investors want to watch the market a bit more closely with so many uncertainties around. But the long-term view is rather positive with high expectations for Japanese companies to do well this financial year," he said. The Nikkei ended the day up 51.01 points at 9,988.05, above support at the 200-day moving average, now at 9,911.59. The broader Topix index added 0.6 per cent to 866.07. Trade was light on the Tokyo

NEW YORK: US stocks rallied on Wednesday as upbeat US and Chinese data lifted investor confidence about a global economic recovery. The US private sector posted its largest jobs gain in three years and manufacturing grew for a 16th month running, while China posted strong factory production data. "Manufacturing data shows a continuation of the positive trend and new orders were pretty strong and employment has been improving," said Zahid Siddique, associate portfolio manager at Gabelli Equity Trust in Rye, New York, noting overseas data was also supportive of stocks. "Overall, the combination of that data is driving the market higher," he said. The Dow Jones industrial average jumped 186.71 points, or 1.70 per cent, to 11,192.73. The Standard & Poor's 500 Index rose 19.03 points, or 1.61 per cent, to 1,199.58. The Nasdaq Composite Index added 46.57 points, or 1.86 per cent, to 2,544.80. The S&P 500 traded above its 14-day moving average for the first time in eleven sessions and was having its best day in almost a month, but still faced strong resistance at 1,200. "If we close above 1,200, the next stop is 1,225 to 1,230," said Tom Alexander, head of Alexander Trading in Savannah, Georgia. See # 14 Page 11

HONG KONG/SHANGHAI: Shares in Shanghai and Hong Kong rose in thin trade on Wednesday, with a cash squeeze in China and fund flows out of the territory prompting risk adverse investors to avoid taking large positions. The benchmark Hang Seng Index closed up 1.05 per cent at 23,249, while the China Enterprise Index of top locally listed mainland stocks closed 1.03 per cent higher at 12,949. "We're probably beginning to attract some bargain hunters now," said Patrick Yiu, an associate director at CASH Asset Management. "The Hong Kong dollar's weakness points to capital outflows, but this may improve as the index is now trading above its 10-day moving average." The Hong Kong dollar hovered around two-month lows on Wednesday, as investor worries about the European debt crisis, China's plans to curb inflation,

exchange's first section, with 1.71 billion shares changing hands, its lowest volume this week. Advancing stocks outnumbered declining issues, 861. EUROPE AT CENTER STAGE But market players in Tokyo said the impact on Japan's economic fundamentals would likely be limited and Japanese stocks would likely continue to move higher. "Europe's credit problems are now taking the center stage, even though they have always existed, as debate about the US QE2 have calmed down and tightening worries in China haven't become an obvious, big trading factor yet," said Masaru Hamasaki, senior strategist at Toyota Asset Management. "Once the problems in Europe are taken care of to a certain degree, we can expect to see a rebound in the euro. Assuming dollar/yen remains stable, the Japanese market will likely start seeking higher ground again." Shares of exporters were mixed, with Honda Motor Co rising 2.3 per cent to 3,080 yen and Kyocera Corp down 1.6 per cent at 8,400 yen. One trader cited buying of autorelated stocks by overseas investors. Toyota Motor Corp was also up 2.8 per cent at 3,310 yen.Reuters

Wall Street recoups on strong jobs, factory data

KARACHI: Shares ended lower at Karachi Stock Exchange (KSE) on Wednesday due to selling spurred by reduction in refineries/OMCs margins and profit booking by the local institutions. The benchmark KSE 100Index lost 12 points to close at 11,221 points while KSE 30Index was down by 19 points to close at 10,818 points and KSE All Share Index fell by 6 points to close at 7,811 points. "Bearish activity was witnessed after Ogra notified reduction in refineries & OMCs margins to 3% on petroleum products", said Ahsan Mehanti, Director Arif Habib Investments. Market started the day on a positive note and soon after the opening bells touched an

intraday high of 11,325 points (+ve 90 points) due to buying in main board stocks. Thereafter market remained in the green zone during the major part of the session. But the news of reduction in margins of oil marketing companies and refineries to 3 per cent --from 4 per cent -- on different petroleum products invited intraday correction and relevant stocks witnessed heavy battering while local institutional investors too booked gains therefore index went down in the negative zone touching a lowest level of 11,218 points (-ve 16 points). Refinery and oil marketing stocks witnessed heavy selling by the investors where Attock Refinery and National Refinery closed at its lower circuits while Pakistan State Oil ended 1 per cent down. See # 11 Page 11

India shares rise 1.7pc on economic boost MUMBAI: The BSE Sensex rose 1.7 per cent on Wednesday to its best close in nearly two weeks as hopes of strong economic and corporate earnings growth triggered bargain hunting, after the market had fallen 2.6 per cent in November. The manufacturing sector in Asia's third-largest economy expanded at its fastest pace in six months in November on the back of robust new business and a sharp rise in export orders, a survey showed on Wednesday. This came a day after data showed the Indian economy grew more than expected in the September quarter, defying weakness elsewhere. Shares in state-run Indian Oil Corp (IOC.BO) rose as much

as 14 per cent during the day, after its chairman said the fuel retailer would sell shares in January at a 30 per cent premium to its close on Tuesday. The main 30-share BSE index ended up 1.68 per cent at 19,850 points, after having risen as much as 1.9 per cent earlier, with 24 of its components advancing. "The comfort has been provided by the strong economic data and people are now buying in anticipation of strong earnings growth next month," said K.K. Mital, head of portfolio management services at Globe Capital. He said the buying sentiment should continue in the near term unless there was any See # 12 Page 11

NBP launches cash, cheque mgmt system Staff Reporter KARACHI: According to press statement issued here the Financial Institutions and Cash Management Division, Overseas Banking Group, National Bank of Pakistan has successfully launched Cash & Cheque Management system (CCMS). Its' introduction is aimed at providing Cash Management Solutions to financial institutions and corporate customers on real time basis. CCMS is a web based application designed to facilitate end to end users and to cater their needs related cash management services. This service will be available at all the NBP branches countrywide. Ali Raza, President National Bank of Pakistan inaugurated the Project.

Commods, banks help FTSE snap losing streak LONDON: Britain's leading share index rose on Wednesday, clawing back some of the losses made in the past three sessions, with commodities boosted by upbeat Chinese data and banks rallying after being hit by sovereign debt concerns. The FTSE 100 index gained 114.23 points, or 2.1 per cent, to 5,642.50, having ended November back at levels not seen since mid-September. "There has been good news consistently across the globe, starting with the Chinese PMIs. UK manufacturing data was also much better than expected and the US figures were good," Mike Lenhoff, chief strategist at Brewin Dolphin, said. China's official purchasing managers' index (PMI) climbed to a seven-month high in November, while British manufacturing activity last month unexpectedly rose to a 16-year high. In the US, manufacturing grew for a 16th month and the private sector posted its largest jobs gain in three years. "What it tells us is the corporate sector is taking a very See # 13 Page 11

Dhiyan

IT COULD BE MIXED, OR DULL Mohammad Azam Khan, CEO Sunrise Capital

Market would be volatile but the overall outlook is bullish. The index can touch 12,000 points in the coming days. Day-traders are recommended to stay away from the market while investors can invest in blue chip stocks like DGKC, POL. Good upcoming corporate results and government/foreign institutional buying would be the factors that will trigger the market. Market would be mixed today.

Mohsin Adhi, Director Alfa Adhi Securities Market seems bearish and as a result index could come down to 10,800 points levels in the short-term. Investors are therefore advised to stay on the sidelines and wait for the announcement of Decemberend corporate results. If good banking stocks are available at discounts they can be invested in. Approval of RGST would hurt the market while good corporate results and peaceful law and order situation in Moharram would support it. Market would be dull today.


6

Thursday, December 2, 2010

Market 157,973,037

Value

7,487,772,690

Trades

78,106

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

152 222 22 396

All Share Index

11,221.81 11,329.06 11,213.29 i12.95

Current High Low Change

KSE 30 Index

7,811.46 7,881.60 7,804.58 i6.64

Current High Low Change

KMI 30 Index Current High Low Change

10,818.90 10,938.60 10,799.44 i19.25

17,907.60 18,174.09 17,903.71 i91.73

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,463.52 Turnover 13,934,394 P/E (x) 10.80 Company

KSE 100 Index

Symbols

Volume

High Low 1,484.22 1,450.29 Total cos Defaulter cos P/BV (x) ROE (%) 3.52 32.54

Close Change 1,457.31 -6.20 Listed cap Market cap 65,194.15 mn 1,142,125.19 mn Payout (%) Div Yield (%) 55.94 5.18

PE

Open

High

Low

Close Chg

Volume

Attock Petroleum 691 5.50 Attock Refinery 853 7.18 BYCO Petroleum 3921 Mari Gas Company 735 16.12 National Refinery 800 3.83 Oil & Gas Development 43009 11.10 Pak Petroleum 11950 8.20 Pak Oilfields 2365 6.31 Pak Refinery Limited 350 P.S.O 1715 4.76 Shell Gas LPG 226 Shell Pakistan 685 10.04

324.38 134.75 12.01 119.72 271.63 162.87 203.77 270.17 83.99 284.40 39.16 202.53

326.45 137.20 12.14 122.00 275.40 165.20 206.00 274.20 88.18 289.50 39.89 204.40

316.81 128.02 11.65 118.80 258.05 162.90 201.00 266.50 85.50 281.01 38.00 194.00

317.25 -7.13 128.02 -6.73 11.73 -0.28 118.95 -0.77 258.36 -13.27 164.03 1.16 201.62 -2.15 267.38 -2.79 88.18 4.19 281.40 -3.00 38.01 -1.15 195.69 -6.84

428928 6750810 2734205 80960 708378 1119138 835336 2216541 100145 1600676 4490 88992

Last 60 days High Low 374.20 137.20 12.49 128.90 275.40 167.00 214.10 274.20 88.18 292.15 40.28 204.40

% Change -0.42 5-Day High 1,463.52 5-Day Low 1,452.52

2009 Div BR (%) (%)

287.99 250 78.05 10.00 106.00 32.17 100B 189.08 125 140.05 82.5 168.70 130 20B 219.05 180 48.26 243.55 50 28.05 182.05 330 -

2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Open 736.32 Turnover 44,700 P/E (x) 5.50 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

High Low 745.34 722.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53

Close 733.37 Listed cap 3,242.17 mn Payout (%) 11.08

Change -2.96 Market cap 12,623.67 mn Div Yield (%) 2.01

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.22 36.96

72.00 35.07

72.90 35.50

71.07 33.65

72.19 0.19 34.00 -1.07

2795 41905

77.77 41.00

60.05 33.65

Company

Paid up Cap(mn)

Open

High

Low

Agritech Limited 3924 8.29 21.98 Bawany Air 68 75.00 9.50 BOC (Pak) 250 11.49 83.97 Clariant Pak 273 5.96 157.00 Dawood Hercules XD 1203 7.24 175.45 Descon Chemical 1996 2.54 Descon Oxychem Ltd. 1020 7.27 Dewan Salman 3663 2.14 Engro Corp. LtdSPOT 3277 10.20 182.61 Engro Polymer 6635 - 13.50 Fatima Fertilizer 22000 9.71 Fauji Fertilizer XD 6785 8.19 112.87 Fauji Fert. Bin Qasim 9341 6.51 34.65 Ghani Gases Ltd 725 8.73 11.65 ICI Pakistan 1388 7.75 137.41 Ittehad Chemical 360 10.26 28.75 Lotte Pakistan 15142 4.35 12.36 Nimir Ind Chemical 1106 1.64 Shaffi Chemical 120 2.35 Sitara Chem Ind 214 10.96 129.75 Sitara Peroxide 551 14.48 13.37 Wah-Noble 90 6.25 33.26

PE

23.05 10.48 84.25 157.00 178.50 2.61 7.48 2.18 186.25 13.85 10.24 114.40 34.90 11.92 139.99 27.75 12.48 1.67 2.75 136.20 13.60 33.50

20.95 8.52 83.67 155.75 174.00 2.48 7.10 1.95 183.25 13.25 9.65 112.60 34.40 11.49 137.05 27.32 12.10 1.48 2.26 125.00 13.30 32.40

Close Chg 22.87 9.00 83.68 156.00 174.68 2.59 7.18 1.98 185.71 13.34 10.18 113.03 34.51 11.52 137.53 27.49 12.17 1.51 2.41 133.75 13.32 32.52

0.89 -0.50 -0.29 -1.00 -0.77 0.05 -0.09 -0.16 3.10 -0.16 0.47 0.16 -0.14 -0.13 0.12 -1.26 -0.19 -0.13 0.06 4.00 -0.05 -0.74

Close 1,278.79 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 29600 308 3181 7254 30993 10784 212597 2612635 2233351 568423 3133262 1178128 2090809 45004 440671 1109 10291667 530956 1004 19738 33999 7398

Change 3.35 Market cap 284,265.26 mn Div Yield (%) 6.10

25.38 13.99 87.99 164.89 185.00 2.90 8.27 2.30 186.74 15.20 11.74 114.40 34.90 13.85 139.99 28.85 12.48 1.72 3.40 136.20 14.69 46.25

% Change 0.26 5-Day High 1,278.79 5-Day Low 1,255.59

2009 Div BR (%) (%)

2010 Div BR (%) (%)

20.26 7.73 5 66.90 90 15 149.72 125 159.01 40 10B 40 1.78 3.20 1.28 168.65 6010B 40R 40 11.20 - 27.5R 9.11 102.96 131.5 10B 95 26.59 40 - 17.5 7.41 116.00 80 55 21.00 15 5 7.85 5 1.16 1.80 101.00 75 25 7.67 32.00 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,091.55 Turnover 41,036 P/E (x) 5.58 Company

High Low 1,112.89 1,079.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47

Close 1,083.91 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.01 6.10

16.72 42.06 39.50

16.89 44.16 40.40

16.40 41.20 39.31

16.45 -0.27 41.63 -0.43 39.50 0.00

17689 15281 8066

Century Paper Pak Paper Product Security Paper

Change -7.64 Market cap 3,004.07 mn Div Yield (%) 4.53

Last 60 days High Low 21.80 62.85 41.50

15.28 38.61 38.00

% Change -0.70 5-Day High 1,091.55 5-Day Low 1,065.20

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,178.67 Turnover 1,093,089 P/E (x) 4.33 Paid up Cap(mn)

PE

High Low 1,190.74 1,164.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35

Open

High

Low

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

144 5.30 70.00 101 4.78 160.73 247 13.39 16.00 626 7.68 105.00 890 1.52 56 4.46 179.66 598 18.63 22.01 450 3.37 4.89 1428 - 11.99 786 5.91 262.09 823 11.74 74.08 150 3.59 19.75

71.05 161.80 15.00 106.50 1.59 188.64 22.49 4.88 12.00 264.99 74.25 19.50

70.01 160.00 15.00 104.52 1.40 180.01 21.51 4.60 11.75 258.12 73.60 19.25

Company

Paid up Cap(mn)

Crescent Steel

565

Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

PE

Open

High

Low

Close Chg

Close 974.60 Listed cap 3,596.11 mn Payout (%) 30.91

Change -4.39 Market cap 9,471.97 mn Div Yield (%) 9.52

Last 60 days High Low

Volume

% Change -0.45 5-Day High 979.00 5-Day Low 973.16

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3.89

24.93

25.15

24.80

24.89 -0.04

8801

25.98

23.75

-

-

30

-

675 555 8.96 1199 10.61

2.90 14.80 51.50

2.90 14.85 51.78

2.76 14.25 50.90

2.85 -0.05 14.34 -0.46 50.93 -0.57

103483 12650 20855

3.39 16.75 63.95

1.65 12.25 44.00

-

30B -

40

20B

785 10.43

9.09

9.18

8.82

9.18 0.09

1202

10.80

8.00

10

-

7.5

-

Open 1,572.34 Turnover 660,376 P/E (x) 34.68 Company

Paid up Cap(mn)

Adam Sugar AL-Noor Sugar Ansari Sugar Bawany Sugar Chashma Sugar Clover Pakistan Dewan Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar Mithchells Fruit National Foods Nestle Pakistan XD Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Quice Food Shahmurad Sugar Shakarganj Mills Tandlianwala

58 186 244 87 287 94 365 600 200 505 490 143 70 141 50 414 453 48 165 109 38 107 211 695 1177

PE

Close Chg

Close 1,169.19 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -9.47 Market cap 42,308.95 mn Div Yield (%) 4.72

Last 60 days High Low

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete

PE

Open

High

Low

1828 866 6.43 858 182 956 26.77 982 13.00 3574 3651 123.42 6933 15.00 502 3.78 1760 283 2319 32 1288 13126 3234 6.69 5261 1.36 2228 200 -

3.20 62.37 1.51 19.93 12.06 1.69 1.88 28.25 5.00 7.20 1.76 1.51 6.70 0.67 7.15 3.00 75.08 2.99 6.86 5.89

3.44 63.00 1.70 19.98 12.24 1.70 2.05 29.66 5.10 7.25 1.88 2.40 7.50 0.75 7.30 3.15 76.44 3.04 7.12 6.00

3.20 61.01 1.69 19.11 11.70 1.50 1.65 28.26 4.95 7.20 1.75 1.60 6.26 0.65 7.10 2.99 74.00 2.90 6.76 5.65

Close 1,001.77 Listed cap 54,792.74 mn Payout (%) 19.04

Change 2.44 Market cap 72,175.69 mn Div Yield (%) 2.88

Close Chg

Volume

Last 60 days High Low

3.30 61.13 1.69 19.49 11.78 1.69 1.87 29.62 4.95 7.25 1.79 2.24 7.39 0.68 7.19 3.01 74.44 2.92 6.93 5.97

71943 39681 200 21311 24723 5014 573287 25839938 707678 3000 193423 102 5792 42589 60524 1084119 4704439 344287 644743 18671

4.20 69.86 2.05 20.45 12.75 2.20 2.05 31.05 5.50 8.20 2.20 2.90 7.50 1.48 8.70 3.65 79.98 3.40 8.58 9.47

0.10 -1.24 0.18 -0.44 -0.28 0.00 -0.01 1.37 -0.05 0.05 0.03 0.73 0.69 0.01 0.04 0.01 -0.64 -0.07 0.07 0.08

2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.40 4.52 4.25 1.70 0.98 2.11 0.25 5.50 2.71 67.15 2.51 6.56 5.25

% Change 0.24 5-Day High 1,001.77 5-Day Low 992.46

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

20B 20R 10B -

2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 957.48 Turnover 256,588 P/E (x) 2.75 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Siemens Engineering Tri-Pack Films

Paid up Cap(mn)

PE

Open

High

High Low 969.42 954.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 43.91 Low

Close Chg

115 2.55 71.67 74.99 70.50 71.60 230 2.20 2.25 2.11 2.13 1067 4.59 49.98 49.90 49.90 49.90 389 2.80 3.00 2.50 2.67 844 54.41 105.69 106.97 105.50 106.10 82 10.79 1301.35 1320.00 1305.10 1307.93 300 8.28 113.05 115.00 111.25 113.49

-0.07 -0.07 -0.08 -0.13 0.41 6.58 0.44

Close 960.00 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 2.52 Market cap 35,798.98 mn Div Yield (%) 5.66

Last 60 days High Low

184974 74.99 34.00 31710 2.64 1.70 415 61.99 45.75 4300 3.84 1.60 5248 112.75 98.00 134 1381.00 1068.75 29804 115.00 94.00

% Change 0.26 5-Day High 960.00 5-Day Low 948.86

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 900 -

10B -

25B 10B -

Company Ados Pak

Paid up Cap(mn)

PE

Open

66

0.97

14.87

High

Low

15.00

14.12

Close Chg 0.13

180

63.01 131.00 15.00 92.50 1.16 121.10 21.00 4.03 9.65 215.99 69.25 17.92

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

90 100 60 20 150 10

20B 20B

High

High Low 1,596.81 1,562.62 Total cos Defaulter cos P/BV (x) ROE (%) 10.51 30.30 Low

Close Chg

Close 1,590.07 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 17.73 Market cap 207,449.65 mn Div Yield (%) 0.88

Last 60 days High Low

1602 16.90 10.50 315 52.00 39.25 2500 6.50 4.03 4100 3.49 0.85 29773 15.47 8.50 373 61.41 33.33 10100 3.15 1.11 519447 36.00 26.05 1291 16.98 11.90 118 77.70 66.25 16731 85.00 62.00 14997 64.25 48.50 16863 64.10 53.64 2347 6.48 4.20 120 74.00 61.50 300 57.00 39.01 1188 2152.51 1710.00 1495 27.30 17.51 2013 14.84 10.20 16202 6.50 4.00 1431 51.25 32.50 2500 3.40 1.60 1529 13.20 8.31 11828 7.50 3.21 900 35.50 27.50

2009 Div BR (%) (%) 10 40 35 40 15 40 35 25 20 600 50 30 15 -

25B 30B 10B 25B 10B 10B -

% Change 1.13 5-Day High 1,590.07 5-Day Low 1,554.54 2010 Div BR (%) (%) 15 40 17.5 110R 0 12.5R 25 10B 15 20B 12 450 12 -

Company

Paid up Cap(mn)

PE

Open

High

Low

115 90 1174 231

2.77 3.57 1.95

26.18 12.71 14.14 16.35

26.89 13.66 14.40 16.84

25.75 11.80 14.00 16.25

AL-Abid Silk Diamond Ind Pak Elektron Tariq Glass Ind

Change -1.16 Market cap 32,301.56 mn Div Yield (%) 15.92

Last 60 days High Low

Paid up Cap(mn)

Al-Qaim Textile Amtex Limited XD Annoor Textile Artistic Denim Ashfaq Textile Azam Textile XD Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute D S Ind Ltd Data Textile Dawood Lawrencepur Ellcot Spinning Fazal Textile Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulistan Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Paramount Spinning Prosperity Quetta Textile XD Ravi Textile Saif Textile Samin Textile Sana Ind Sargoda Spinning Service Ind Service Textile Shadab Textile Shahtaj Textile Thal Limited Treet Corp Yousuf Weaving Zil Limited

2010 Div BR (%) (%)

21.89

14.12

20

-

-

-

215 5.14 213.71 104 - 44.55 213 10.09 11.10

215.25 213.50 214.51 0.80 44.60 42.90 44.60 0.05 11.05 10.90 10.90 -0.20

8167 2002 12100

227.45 51.99 18.80

200.00 40.40 10.55

400 -

20B -

150 25 -

10B -

Millat Tractors XB

366

495.70 491.50 491.98 -0.47

54035

597.90

390.00

450

25B

650

25B

5,548.30

Total Equity (Rs in mn)

1,598.52

MA (100-day)

1.98

Revenue (Rs in mn)

80.62

MA (200-day)

2.30

Interest Expense

1st Support

1.72

Loss after Taxation

2nd Support

1.67

EPS 10 (Rs)

28.12

1st Resistance

1.85

Book value / share (Rs)

2nd Resistance

1.93

PE 11 E (x)

Pivot

1.80

PBV (x)

(172.17) (0.978) 9.08 0.20

FLYNG closed up 0.03 at 1.79. Volume was 390 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs28.864 million which translates into a Loss Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11). FLYNG is currently 22.2 per cent below its 200-day moving average and is 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 FLYNG at a relatively equal pace. Trend forecasting oscillators are currently bearish on FLYNG.

NetSol Technologies Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

53.41

Total Assets (Rs in mn)

2,916.67

MA (10-day)

19.31

Total Equity (Rs in mn)

2,378.92

MA (100-day)

20.92

Revenue (Rs in mn)

1,081.40

MA (200-day)

24.78

Interest Expense

1st Support

18.95

Profit after Taxation

2nd Support

18.65

EPS 09 (Rs)

3.775

1st Resistance

19.65

Book value / share (Rs)

30.53

2nd Resistance

20.05

PE 10 E (x)

1.82

Pivot

19.35

PBV (x)

0.63

19.53 294.11

NETSOL closed up 0.10 at 19.22. Volume was 123 per cent above average and Bollinger Bands were 63 per cent narrower than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11). NETSOL is currently 22.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.

Lafarge Pakistan Cement Ltd

75 2415 9 840 70 133 4493 76 76 64 400 1150 2442 124 238 600 99 514 110 62 234 192 635 146 190 222 716 3105 99 180 43 303 509 1455 600 145 187 1586 3516 174 185 130 250 264 134 55 312 120 44 30 97 307 418 400 53

Close Chg 25.75 11.81 14.19 16.34

-0.43 -0.90 0.05 -0.01

Close 1,096.91 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 101 202 123848 15335

Change -3.50 Market cap 5,135.69 mn Div Yield (%) 2.18

Last 60 days High Low 35.00 19.70 15.43 18.80

25.00 7.80 12.82 14.50

2009 Div BR (%) (%) 7.5 -

10B -

% Change -0.32 5-Day High 1,100.42 5-Day Low 1,090.21 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -

Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak Searle Pak

Paid up Cap(mn) 979 250 1707 165 100 306

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

50.49

Total Assets (Rs in mn)

19,704.24

MA (10-day)

3.01

Total Equity (Rs in mn)

9,763.73

MA (100-day)

2.97

Revenue (Rs in mn)

8,129.96

MA (200-day)

3.32

Interest Expense

1st Support

2.95

Loss after Taxation

Performance of SR Personal Goods Index

2nd Support

2.89

EPS 09 (Rs)

1st Resistance

3.11

Book value / share (Rs)

2nd Resistance

3.21

PE 10 E (x)

Pivot

3.05

PBV (x)

High Low 983.56 963.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64

PE

Open

High

Low

Close Chg

10.52 5.96 3.26 0.30 0.46 5.17 0.70 0.48 3.73 0.57 47.04 0.59 3.14 0.52 3.45 1.36 1.62 0.87 0.75 3.04 0.33 3.32 0.23 3.93 2.01 0.80 1.83 5.08 0.68 1.10 0.74 0.40 5.20 2.92 0.39 8.47 0.39 4.33 9.34 0.52 3.59

1.50 4.72 13.00 21.56 4.00 2.48 11.15 13.10 618.49 46.99 1.10 3.23 2.62 11.30 0.78 1.91 0.49 40.00 19.95 412.19 47.95 62.00 25.10 7.97 25.94 7.08 3.91 39.55 3.49 3.20 15.21 1.62 2.49 5.62 19.05 0.50 15.50 22.77 59.61 8.30 13.77 45.30 1.56 4.80 5.72 38.29 1.90 239.43 0.50 12.69 17.70 101.79 56.99 1.40 51.71

2.00 4.80 13.00 21.50 5.00 2.84 11.37 14.10 639.50 47.49 1.82 3.30 2.59 12.30 0.84 1.97 0.74 40.50 20.00 428.50 49.70 63.00 24.03 8.40 27.19 7.50 4.00 38.99 4.39 3.05 16.20 1.68 3.45 5.88 19.05 0.50 15.68 23.22 60.43 9.30 14.35 45.30 1.64 5.40 6.24 39.39 2.20 250.50 0.50 13.69 17.75 103.80 59.83 1.57 54.29

1.50 4.60 13.00 21.00 3.00 1.48 10.91 13.10 609.50 46.50 1.10 3.10 2.39 11.30 0.63 1.80 0.50 39.98 19.50 392.00 48.00 62.00 24.01 7.00 25.01 7.10 3.75 37.70 3.00 2.71 14.21 1.53 1.60 5.50 19.05 0.34 15.68 21.91 58.55 8.89 13.05 45.30 1.54 4.61 5.76 37.57 2.00 244.00 0.50 12.59 17.35 101.01 57.83 1.25 52.00

1.50 0.00 4.63 -0.09 13.00 0.00 21.44 -0.12 3.00 -1.00 2.19 -0.29 11.01 -0.14 13.17 0.07 623.94 5.45 46.75 -0.24 1.10 0.00 3.10 -0.13 2.39 -0.23 12.30 1.00 0.70 -0.08 1.85 -0.06 0.67 0.18 39.98 -0.02 19.50 -0.45 393.59-18.60 48.00 0.05 63.00 1.00 24.01 -1.09 7.13 -0.84 26.93 0.99 7.14 0.06 3.98 0.07 38.70 -0.85 3.85 0.36 3.05 -0.15 14.23 -0.98 1.58 -0.04 3.00 0.51 5.50 -0.12 19.05 0.00 0.48 -0.02 15.68 0.18 22.02 -0.75 59.13 -0.48 9.30 1.00 14.35 0.58 45.30 0.00 1.55 -0.01 4.99 0.19 6.24 0.52 38.48 0.19 2.00 0.10 247.38 7.95 0.50 0.00 13.68 0.99 17.67 -0.03 101.43 -0.36 58.64 1.65 1.50 0.10 53.62 1.91

Open 894.83 Turnover 35,809 P/E (x) 7.03

% Change -0.08 5-Day High 1,547.41 5-Day Low 1,539.82

2009 Div BR (%) (%)

Total Assets (Rs in mn)

1.83

PERSONAL GOODS Open 970.48 Turnover 28,384,689 P/E (x) 6.91 Company

High Low 1,112.01 1,091.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.31 10.64

Close 972.02 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 1.54 Market cap 128,373.53 mn Div Yield (%) 2.41

Last 60 days High Low

500 2.00 280833 18.88 500 13.00 611 24.05 1002 5.00 748 3.45 1084663 12.32 2005 14.50 2459 747.48 605 52.05 6002 2.59 99100 3.95 84855 3.40 4001 18.35 1201 1.49 87463 2.37 400 0.96 336 44.50 551 25.45 289 490.05 2451 52.50 105 73.00 10000 25.96 9601 8.86 1004 27.19 6830 10.30 83502 4.88 9105 40.41 57965 4.79 4502 5.35 8039 20.50 63464 1.94 1057 3.79 4473 6.30 1000 22.59 6282 0.95 1000 17.50 4956976 25.14 20886819 60.43 38854 11.25 1001 20.50 150 47.00 37012 2.38 201 6.85 501 8.69 3500 39.39 1369 2.50 35320 255.29 5000 0.75 312 13.69 360 21.90 51364 112.80 421931 59.83 2652 2.00 12260 54.29

0.50 4.40 12.80 18.00 3.00 1.35 9.01 7.50 436.00 40.80 0.56 3.00 2.26 8.41 0.16 1.44 0.02 36.10 17.21 303.00 34.65 58.05 19.99 5.01 17.57 5.51 3.35 34.05 2.02 2.60 9.95 1.01 1.52 4.51 18.01 0.16 12.00 15.66 42.55 6.00 12.51 25.80 1.38 2.01 5.02 27.50 0.50 169.00 0.14 7.56 15.61 86.50 37.20 0.73 33.00

2009 Div BR (%) (%)

% Change 0.16 5-Day High 972.02 5-Day Low 964.36 2010 Div BR (%) (%)

30 20 20 7.5 20 120 7.5 50 5 10 5 7.5 35 15 - 100 70 5 - 12.5 - 10B 10 - 10B 10 - 10B 10 20B 10 20 10 15 15 100R - 20SD - 50R 15 20 25 45R - 10B 10 10B 20 30 - 632R 20 - 100R 35 60 5 200 10 20 45 20 20B 80 20B 40 10B 35 -

Performance of SR Pharma and Bio Tech Index

AL-Ghazi Tractor Bolan Casting Ghandhara Ind

6.44 492.45

15.00

72.99 187.90 19.88 122.51 1.80 188.64 26.70 6.09 13.40 282.45 79.50 27.58

2010 Div BR (%) (%)

PHARMA AND BIO TECH

Close 1,541.15 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

Open

Open 1,100.42 Turnover 139,487 P/E (x) 2.88

Performance of SR Industrial Engineering Index High Low 1,550.95 1,538.46 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02

1137 8023 500 1375 1037064 4285 1203 8347 7091 8216 7603 8242

2009 Div BR (%) (%)

45.30

MA (10-day)

HOUSEHOLD GOODS

INDUSTRIAL ENGINEERING Open 1,542.31 Turnover 76,525 P/E (x) 8.26

0.01 -0.59 -1.00 1.02 -0.07 8.98 -0.40 -0.04 -0.19 -3.21 -0.37 -0.49

% Change -0.80 5-Day High 1,196.95 5-Day Low 1,169.19

RSI (14-day)

Performance of SR Household Goods Index

CONSTRUCTION AND MATERIALS High Low 1,022.20 987.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10

70.01 160.14 15.00 106.02 1.45 188.64 21.61 4.85 11.80 258.88 73.71 19.26

0.88 16.87 16.88 16.60 16.60 -0.27 5.17 49.21 51.49 49.55 50.85 1.64 0.30 6.00 6.50 6.39 6.39 0.39 2.85 3.00 2.25 2.50 -0.35 1.04 13.00 13.44 12.61 12.85 -0.15 9.99 58.49 61.41 60.55 61.13 2.64 3.00 2.94 2.50 2.51 -0.49 7.05 33.45 34.95 33.75 34.19 0.74 11.49 12.27 12.50 12.40 12.41 0.14 31.04 73.00 72.49 69.35 69.54 -3.46 2.81 80.96 85.00 81.00 83.89 2.93 3.50 63.13 64.25 62.00 62.39 -0.74 5.35 61.05 64.10 64.10 64.10 3.05 0.37 5.99 6.00 5.97 5.97 -0.02 8.42 72.90 69.30 69.30 69.30 -3.60 15.94 43.53 42.72 42.35 42.72 -0.81 23.64 2050.01 2152.51 2050.00 2152.51 102.50 3.45 24.71 24.88 23.48 24.16 -0.55 - 13.58 14.25 13.75 13.96 0.38 0.44 5.60 5.79 5.30 5.41 -0.19 9.40 48.81 51.25 51.25 51.25 2.44 2.35 2.10 2.06 2.06 -0.29 18.30 12.63 12.85 12.60 12.63 0.00 6.52 7.50 6.26 6.40 -0.12 317.27 34.00 34.90 34.00 34.90 0.90

Performance of SR Construction and Materials Index Open 999.33 Turnover 34,366,861 P/E (x) 6.62

-

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 985.94 967.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 33.10

40 15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 979.00 Turnover 134,342 P/E (x) 3.25

20B -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,294.44 1,269.80 Total cos Defaulter cos P/BV (x) ROE (%) 2.80 35.00

30

Flying Cement Limited

% Change -0.40 5-Day High 736.32 5-Day Low 731.63

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,275.44 Turnover 20,338,903 P/E (x) 8.00

2009 Div BR (%) (%)

Alert ! Unusual Movements

PE

Open

High

8.76 100.06 6.42 84.00 13.29 74.27 7.29 26.00 7.54 33.90 5.53 61.90

100.50 85.00 75.89 26.50 35.00 61.99

High Low 909.37 887.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.57 22.31 Low

Close Chg

99.00 100.00 -0.06 84.30 84.99 0.99 73.50 73.89 -0.38 25.82 26.30 0.30 33.74 33.79 -0.11 60.75 61.50 -0.40

Close 896.94 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 2133 423 14816 6511 153 11722

Change 2.11 Market cap 29,926.04 mn Div Yield (%) 6.34

Last 60 days High Low 104.00 124.00 76.00 26.98 35.00 64.50

78.00 82.20 65.00 22.60 27.50 57.00

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

20B 15B

% Change 0.24 5-Day High 896.94 5-Day Low 882.69 2010 Div BR (%) (%) 20 30

20B -

1,230.81 (1,278.96) (0.974) 7.44 0.40

LPCL closed up 0.01 at 3.01. Volume was 9 per cent above average and Bollinger Bands were 56 per cent narrower than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 9.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL.

PACE Pakistan Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

44.48

Total Assets (Rs in mn)

10,559.36

MA (10-day)

2.84

Total Equity (Rs in mn)

6,486.15

MA (100-day)

2.98

Revenue (Rs in mn)

1,649.34

MA (200-day)

3.97

Interest Expense

211.21

1st Support

2.75

Profit after Taxation

633.16

2nd Support

2.68

EPS 10 (Rs)

2.370

1st Resistance

2.92

Book value / share (Rs)

23.26

2nd Resistance

3.02

PE 11 E (x)

Pivot

2.85

PBV (x)

0.12

PACE closed down -0.04 at 2.80. Volume was 47 per cent below average and Bollinger Bands were 56 per cent narrower than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 29.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PACE at a relatively equal pace. Trend forecasting oscillators are currently bearish on PACE.

BOOK CLOSURES Company

From

To

Dawood Hercules Chemicals #

2-Dec

8-Dec

-

-

Askari Gen Insurance

2-Dec

8-Dec

25(R)

-

-

Dawood Hercules

2-Dec

8-Dec

-

-

-

MCB Bank

3-Dec

10-Dec

30(iii)

25-Nov

-

Dawood Hercules Chemicals

7-Dec

13-Dec

20(ii)

29-Nov

-

Pakistan Premier Fund

7-Dec

14-Dec

-

-

Engro Corporation (Standalone)

7-Dec

21-Dec

20(ii)

29-Nov

-

Fauji Fertilizer Bin Qasim

14-Dec

20-Dec

12.50(iii)

-

-

Oil and Gas Development Co

14-Dec

21-Dec

15(i)

-

-

20-Dec

29-Dec

600

-

29-Dec

Siemens Pakistan

D/B/R

Spot AGM/Date 8-Dec

14-Dec

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Johnson & Philips TRG Pakistan Ltd. Murree Brewery Co Grays of Cambr XD Pak Tobacco Shifa Int.Hospitals PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies Pak Telephone

Open 9 4.2 78.3 50.08 119.13 27.86 2.27 52 2.84 19.12 2

High 9.89 4.35 79.1 52.27 119.5 29.05 2.3 51.99 2.95 19.75 2.3

Low Close 8.02 4.13 78.25 48.75 113.18 28 2.21 50.01 2.78 19.05 1.91

8.92 4.16 79 49.09 113.92 28.96 2.21 50.53 2.8 19.22 2

Change -0.08 -0.04 0.7 -0.99 -5.21 1.1 -0.06 -1.47 -0.04 0.1 0

Vol 1605 1305935 971 161 79337 5242 27408 2402 380787 1209668 5581


7

Thursday, December 2, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,133.85 Turnover 2,411,935 P/E (x) 6.16 Paid up Cap(mn)

Company

Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd

PE

37740 12.78 3000 0.65 8606 6175 -

Open

High Low 1,149.65 1,125.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

High

19.27 2.20 2.63 3.67

Low

19.50 2.27 2.70 3.75

19.12 2.17 2.60 3.50

Close Chg 19.17 2.19 2.61 3.50

-0.10 -0.01 -0.02 -0.17

Close 1,128.56 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1820600 318941 272368 158931

Change -5.29 Market cap 78,059.87 mn Div Yield (%) 10.16

Last 60 days High Low 20.12 2.69 2.98 4.50

% Change -0.47 5-Day High 1,153.22 5-Day Low 1,128.56

2009 Div BR (%) (%)

17.55 1.80 2.31 3.35

15 -

-

2010 Div BR (%) (%) 17.5 1 -

-

Ask Gen Insurance XR

204

6.40

11.47

11.95

10.56

10.56 -0.91

2378

12.75

8.45

-

-

Atlas Insurance

369

5.78

36.48

36.95

36.11

36.33 -0.15

10120

36.95

27.10

40

10B

-

-

Central Insurance XB

279

7.03

60.50

62.90

61.45

61.85 1.35

501

62.90

47.37

20

25B

10

10B

Century Insurance

457

6.81

11.35

11.40

10.85

10.89 -0.46

3400

12.00

9.42

-

-

-

-

1250

-

46.38

47.50

45.00

45.39 -0.99

28511

48.63

34.76

40

8.7B

-

-

Habib Insurance

400

3.00

12.54

12.90

12.59

12.59 0.05

551

12.90

10.04

35

-

-

-

IGI Insurance

718 16.82

90.00

91.00

88.00

90.67 0.67

10012

92.00

66.41

35

-

10

20B

3000 41.03

16.35

16.56

15.95

16.00 -0.35

368194

17.20

12.50

30

EFU General Insurance

Pak Reinsurance

Paid up Cap(mn)

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

Open

High

Low

198 11572 6.70 1560 7932 126 2.59 8803 4.82 3673 3.18 3541 24.98 191 3.48 1367 150 -

0.94 36.49 1.71 2.31 4.47 39.58 14.28 15.49 18.61 2.19 1.01

1.04 37.00 1.70 2.33 4.25 39.78 14.60 15.94 19.15 2.20 1.00

0.86 36.40 1.62 2.25 4.25 39.50 14.21 15.26 18.50 2.13 0.96

-

7.17

7.09

6.72

6.85 -0.32

1902

8.30

1.66

-

-

-

-

5.52

10.10

10.25

10.02

10.21 0.11

17700

10.30

8.00

20

15B

-

-

Silver Star Insurance

253

4.11

7.00

7.06

6.60

6.62 -0.38

7894

8.17

6.00

-

20B

-

-

United Insurance XB

400

2.10

6.26

6.69

6.10

6.40 0.14

2382

7.20

4.03

-

16B

-

-

Universal Insurance

210

-

3.19

2.70

2.70

2.70 -0.49

1000

4.00

1.77

-

-

-

-

Change 0.33 Market cap 100,980.12 mn Div Yield (%) 7.98

Volume

Last 60 days High Low

2009 Div BR (%) (%)

0.97 36.57 1.65 2.30 4.25 39.64 14.48 15.49 18.64 2.16 0.96

15811 2405342 60335 81111 1000 99125 2243441 6724843 6791 69203 18180

1.45 37.24 2.25 2.50 6.10 42.95 14.85 16.10 23.49 2.90 1.75

33.5 64.5 20 3

0.51 32.75 1.20 1.94 4.09 38.35 9.80 9.60 17.98 2.05 0.33

Open 951.41 Turnover 4,154 P/E (x) 104.91

% Change 0.03 5-Day High 1,241.10 5-Day Low 1,224.99

31R -

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

Company Sui North Gas XD Sui South Gas

Close 1,621.69 Listed cap 12,202.80 mn Payout (%) 66.79

Change -15.61 Market cap 34,691.18 mn Div Yield (%) 6.43

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.49 3.42

28.69 22.96

29.22 23.01

28.50 22.62

28.51 -0.18 22.69 -0.27

591698 52005

34.75 30.70

% Change -0.95 5-Day High 1,637.30 5-Day Low 1,602.60

2009 Div BR (%) (%)

25.55 19.60

-

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,064.10 Turnover 20,347,651 P/E (x) 7.68 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.90 61.52 Askari Bank 6427 7.58 16.07 Atlas Bank 5001 1.66 Bank Alfalah 13492 12.21 9.59 Bank AL-Habib 7322 7.30 33.98 Bank Of Khyber 5004 5.49 4.29 Bank Of Punjab 5288 9.67 BankIslami Pak 5280 812.50 3.32 Faysal Bank XB 7309 4.60 14.23 Habib Bank Ltd 10019 6.63 106.11 Habib Metropolitan Bank 8732 7.48 25.56 JS Bank Ltd 6128 2.89 KASB Bank Ltd 9509 2.59 MCB Bank LtdSPOT 7602 9.15 206.33 Meezan Bank 6983 8.20 15.60 Mybank Ltd 5304 2.26 National Bank 13455 5.82 67.19 Network Mic Bank 300 1.21 NIB Bank 40437 2.87 Royal Bank Ltd 17180 5.02 Samba Bank 14335 1.86 Silkbank Ltd 26716 2.76 Soneri Bank 6023 7.09 Stand Chart Bank 38716 11.85 7.74 Summit Bank Ltd 5000 3.21 United Bank Ltd 12242 6.99 59.69

High

High Low Close 1,076.84 1,053.29 1,058.88 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.07 13.94 40.49 Low

Close Chg

62.00 60.70 60.76 -0.76 16.19 15.90 15.91 -0.16 1.67 1.56 1.60 -0.06 9.79 9.51 9.52 -0.07 34.49 33.50 33.85 -0.13 4.29 4.07 4.12 -0.17 9.80 9.40 9.44 -0.23 3.48 3.25 3.25 -0.07 14.40 14.08 14.25 0.02 107.40 106.00 106.12 0.01 25.50 24.30 24.46 -1.10 2.84 2.65 2.66 -0.23 2.69 2.56 2.60 0.01 208.00 205.50 206.52 0.19 15.90 15.45 15.50 -0.10 2.33 2.10 2.30 0.04 67.95 66.50 66.63 -0.56 1.45 1.06 1.45 0.24 3.00 2.85 2.87 0.00 5.20 4.86 4.97 -0.05 1.87 1.80 1.81 -0.05 2.79 2.70 2.74 -0.02 7.40 7.01 7.05 -0.04 7.87 7.56 7.70 -0.04 3.40 3.10 3.10 -0.11 60.70 59.15 59.51 -0.18

Volume

Change -5.22 Market cap 644,585.40 mn Div Yield (%) 5.27

Last 60 days High Low

348651 62.00 398648 16.65 25401 2.55 317088 10.19 416909 34.49 32172 4.70 1141238 10.59 149593 3.88 28410 17.10 176061 108.79 124869 26.74 96560 3.00 18410 2.90 413539 210.00 4002 16.32 49516 2.75 6834347 70.75 1100 1.69 7642000 3.25 90775 8.18 44282 2.65 690453 3.08 65924 8.00 6758 8.00 94854 3.80 1230945 60.70

48.51 14.05 1.50 7.65 29.10 2.50 7.56 2.70 12.85 92.55 18.02 2.00 2.03 182.61 14.05 1.66 61.50 0.62 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90

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

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

% Change -0.49 5-Day High 1,064.10 5-Day Low 1,048.08 2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 752.95 Turnover 886,387 P/E (x) 10.96 Paid up Cap(mn)

Company Adamjee Insurance

PE

1237 23.19

Open 80.52

High 81.39

High Low 762.60 740.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 5.20 Low 79.50

Close Chg 80.01 -0.51

Close 746.44 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 431822

Change -6.51 Market cap 46,613.49 mn Div Yield (%) 7.25

Last 60 days High Low 84.45

2009 Div BR (%) (%)

63.05

30

10B

% Change -0.86 5-Day High 752.95 5-Day Low 746.44 2010 Div BR (%) (%) 10

-

Close 935.87 Listed cap 2,290.72 mn Payout (%) 355.53

Change -15.54 Market cap 10,943.43 mn Div Yield (%) 3.39

PE

American Life

500

5.72

17.95

17.11

17.11

17.11 -0.84

701

20.45

17.01

EFU Life Assurance New Jub Life Insurance

850 47.39 627 30.62

83.22 46.80

86.95 49.14

81.60 45.60

83.41 0.19 45.63 -1.17

1752 1700

86.95 49.14

51.25 39.68

Open

High

Low

Close Chg

Last 60 days High Low

Volume

% Change -1.63 5-Day High 961.55 5-Day Low 935.87

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

-

-

5513.33B 10 -

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 438.66 Turnover 6,860,176 P/E (x) 10.04

GAS WATER AND MULTIUTILITIES High Low 1,651.68 1,618.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 11.41

High Low 993.28 927.91 Total cos Defaulter cos P/BV (x) ROE (%) 4.04 3.85

Paid up Cap(mn)

Company

Performance of SR Gas Water and Multiutilities Index Open 1,637.30 Turnover 643,703 P/E (x) 10.39

-

350 303

High Low 443.28 426.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 0.91

Paid up Cap(mn)

PE

Open

High

Low

AMZ Ventures 225 Arif Habib Investments 360 Arif Habib Limited 450 Arif Habib Corp 3750 Dawood Cap Mngt. XB 150 Dawood Equities 250 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 JS Investment 1000 KASB Securities 1000 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 Stand Chart Leasing 978

1.27 3.58 13.32 4.63 1.26 12.50 16.25 0.64 8.14 28.50 11.76 5.21

0.55 18.35 26.64 25.97 1.26 2.23 3.25 2.60 0.70 3.62 1.97 13.03 4.18 30.04 6.87 4.40 2.21 0.61 2.00 2.50

0.59 18.40 26.90 26.20 1.80 2.40 3.35 2.65 0.85 3.65 1.94 13.16 4.35 31.40 7.00 4.49 2.29 0.68 3.00 2.89

0.53 18.01 26.03 25.15 1.25 1.91 3.00 2.60 0.60 3.50 1.72 12.45 3.93 29.03 6.80 4.40 2.16 0.64 2.74 2.28

Company

Close Chg 0.56 18.20 26.11 25.20 1.41 1.96 3.00 2.60 0.60 3.56 1.80 12.52 4.02 30.27 6.84 4.44 2.17 0.64 2.94 2.50

0.01 -0.15 -0.53 -0.77 0.15 -0.27 -0.25 0.00 -0.10 -0.06 -0.17 -0.51 -0.16 0.23 -0.03 0.04 -0.04 0.03 0.94 0.00

Close 429.28 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 24528 4506 35457 3944158 142483 6034 7290 81152 19013 17401 62380 6088326 144675 21873 105989 5223 59625 107 40797 506

Change -9.38 Market cap 29,688.70 mn Div Yield (%) 3.11

% Change -2.14 5-Day High 442.65 5-Day Low 429.28

Last 60 days High Low

2009 Div BR (%) (%)

1.10 19.98 34.00 27.02 2.14 2.70 4.50 2.88 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 2.70 0.86 3.90 2.95

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

0.42 13.00 24.40 20.90 0.86 1.51 2.00 1.17 0.44 2.54 1.31 8.80 1.96 24.25 5.10 3.20 1.35 0.42 1.65 1.95

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,182.21 Turnover 2,452,904 P/E (x) 17.63 Company

Paid up Cap(mn)

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Constellation Mod. Crescent St Mod. XD Elite Cap Mod. XD First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba Pak Prem Fund PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Trust Modaraba

264 1375 525 780 65 200 113 300 581 760 397 1008 3180 1186 283 1200 184 125 1698 1000 2835 2841 872 340 454 298

High Low 1,207.06 1,167.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 2.21

PE

Open

High

Low

9.44 5.83 1.62 4.20 3.41 1.48 3.25 10.13 0.66 2.09 2.29 5.77 54.63 15.11 1.04 5.91 11.00 5.05 12.15 1.80 7.02 6.00 2.20 4.23 2.42

1.41 6.90 4.00 1.89 1.50 0.54 2.59 4.05 2.08 3.01 6.89 6.62 4.44 4.56 1.85 6.06 1.09 1.00 8.75 5.95 10.64 5.29 0.97 1.45 8.97 1.75

1.64 7.10 4.05 1.95 1.70 0.60 2.60 4.06 2.14 3.10 6.87 6.70 4.50 4.56 1.82 6.25 1.16 1.08 8.80 6.29 11.20 5.48 0.97 1.89 9.90 1.26

1.41 6.90 3.65 1.81 1.50 0.51 2.60 4.05 2.00 2.92 6.87 6.60 4.30 4.20 1.40 5.92 1.00 1.01 8.72 6.00 10.71 5.20 0.90 1.55 8.52 1.25

Close 1,184.07 Listed cap 29,771.58 mn Payout (%) 104.74

Change 1.86 Market cap 17,246.26 mn Div Yield (%) 9.23

% Change 0.16 5-Day High 1,184.07 5-Day Low 1,130.49

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1.51 7.00 4.02 1.85 1.50 0.59 2.60 4.05 2.10 2.93 6.87 6.69 4.37 4.23 1.42 6.15 1.10 1.01 8.75 6.18 10.95 5.28 0.97 1.60 8.63 1.26

12020 169000 9511 9013 501 12530 600 1000 63913 255492 500 6941 260012 598590 7964 22100 4307 171 169700 397262 343710 88253 1500 10005 5144 3047

2.24 7.20 4.50 2.37 2.99 1.10 3.09 5.50 2.14 3.88 6.91 6.70 4.50 4.73 2.23 6.69 2.18 1.40 9.39 6.29 11.20 5.48 1.20 2.54 10.99 4.40

4.5 5 20 10 16.5 -

18.5 2.2 0 1.2 5 17 11 21 5 10 2.8 15.5 3 18.6 10 20 10 3 1 17 5

0.10 0.10 0.02 -0.04 0.00 0.05 0.01 0.00 0.02 -0.08 -0.02 0.07 -0.07 -0.33 -0.43 0.09 0.01 0.01 0.00 0.23 0.31 -0.01 0.00 0.15 -0.34 -0.49

1.01 5.85 2.63 0.90 0.90 0.20 1.65 1.94 1.30 2.32 4.80 5.56 2.65 2.31 0.52 5.15 0.56 0.30 7.00 4.20 7.90 3.50 0.76 0.50 7.75 1.00

-

-

Open

FANM HAJT SHCM SANSM JKSM OLPL COLG MWMP SCL SALT SHJS ULEVER BAFS RMPL HINO FRCL WYETH SLYT PAKD SHEZ KOSM REWM MLCFPS PKGI IBLHL DMTM FIBLM HWQS ALQT DNCC UDPL PHDL GATI UPFL FEM FNEL ZTL ETNL LEUL BROT EMCO IFSL FZCM FASM LAKST MERIT GRYL TRIBL DINT HMIM CRTM KOHE GAIL TSMF FUDLM CSIL EWLA IDYM KSTM MQTM TATM ARUJ COTT STML SAPT LIBM NSRM MSCL DWAE TREI SING SAPL PGCL ARPAK PSEL

Performance of SR Life Insurance Index

Close 1,241.10 Listed cap 95,369.29 mn Payout (%) 104.13

Close Chg 0.03 0.08 -0.06 -0.01 -0.22 0.06 0.20 0.00 0.03 -0.03 -0.05

Symbols

LIFE INSURANCE

High Low 1,255.79 1,233.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 9.35

PE

-

PICIC Ins Ltd

Performance of SR Electricity Index

Company

UPTO 100 VOLUME

25R

Premier Insurance

ELECTRICITY Open 1,240.77 Turnover 11,725,184 P/E (x) 13.05

-

-

High

3.09 0.50 9.90 13.69 4.57 6.99 899.34 1.61 87.15 52.72 91.22 4124.00 65.01 1825.36 137.51 2.24 870.00 4.25 80.50 95.00 1.05 9.20 5.59 7.00 8.00 5.20 2.00 17.75 6.30 2.90 10.00 37.05 42.80 1093.24 1.60 8.91 3.53 22.35 2.00 0.70 3.45 6.80 44.58 33.25 332.99 18.25 1.15 2.00 26.44 0.80 20.98 19.68 4.40 1.39 5.65 4.00 3.29 274.22 0.56 7.35 32.27 4.50 1.10 21.90 102.30 58.95 12.17 7.23 0.50 1.98 18.80 128.00 20.98 14.25 163.67

2.85 0.42 10.90 13.74 5.20 6.60 900.00 1.69 91.00 55.00 95.49 4158.00 62.00 1800.00 139.40 2.25 913.50 4.05 82.90 98.00 1.19 9.95 6.20 7.49 8.91 5.00 2.50 18.75 5.35 2.50 9.68 38.90 43.95 1050.00 1.70 9.00 4.40 21.50 1.75 0.73 3.98 7.29 46.80 34.75 334.50 17.31 2.10 1.52 26.75 0.98 21.90 19.67 5.00 1.50 5.90 4.01 3.25 277.35 0.78 6.76 33.75 4.10 0.91 21.90 103.95 56.50 11.17 7.50 0.50 1.90 18.80 132.99 21.43 15.00 169.35

Low

Close

2.85 0.40 10.90 13.35 4.10 6.60 894.50 1.34 82.80 50.25 95.49 4081.00 62.00 1800.00 137.50 1.40 870.00 3.81 82.65 92.30 0.87 9.20 4.60 6.07 7.55 5.00 1.52 18.75 5.35 2.50 9.68 35.20 43.76 1050.00 1.68 9.00 3.35 21.50 1.75 0.15 3.40 7.00 42.40 31.60 334.00 17.31 1.12 1.52 26.75 0.39 21.00 18.80 4.36 1.44 5.79 4.01 3.00 277.35 0.72 6.76 33.00 4.10 0.88 21.90 103.95 56.50 11.17 7.50 0.50 1.90 18.80 132.90 21.40 15.00 169.35

2.85 0.42 10.90 13.74 5.05 6.60 894.50 1.50 91.00 50.25 95.49 4137.01 62.00 1800.00 137.50 2.12 913.50 4.05 82.65 97.33 1.09 9.20 5.05 7.40 8.19 5.00 2.24 18.75 5.35 2.50 9.68 35.51 43.95 1050.00 1.68 9.00 3.80 21.50 1.75 0.35 3.40 7.00 46.70 34.50 334.00 17.31 1.12 1.52 26.75 0.39 21.45 18.80 4.36 1.44 5.79 4.01 3.00 277.35 0.72 6.76 33.00 4.10 0.91 21.90 103.95 56.50 11.17 7.50 0.50 1.90 18.80 132.90 21.40 15.00 169.35

Change

Vol

-0.24 -0.08 1.00 0.05 0.48 -0.39 -4.84 -0.11 3.85 -2.47 4.27 13.01 -3.01 -25.36 -0.01 -0.12 43.50 -0.20 2.15 2.33 0.04 0.00 -0.54 0.40 0.19 -0.20 0.24 1.00 -0.95 -0.40 -0.32 -1.54 1.15 -43.24 0.08 0.09 0.27 -0.85 -0.25 -0.35 -0.05 0.20 2.12 1.25 1.01 -0.94 -0.03 -0.48 0.31 -0.41 0.47 -0.88 -0.04 0.05 0.14 0.01 -0.29 3.13 0.16 -0.59 0.73 -0.40 -0.19 0.00 1.65 -2.45 -1.00 0.27 0.00 -0.08 0.00 4.90 0.42 0.75 5.68

100 100 100 100 98 88 65 60 53 51 51 51 50 43 40 34 33 26 26 25 24 24 20 19 17 16 11 11 10 10 10 8 7 7 5 5 5 5 5 4 4 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

DGKC-DEC NML-DEC POL-DEC NBP-DEC ENGRO-DEC PSO-DEC LUCK-DEC PPL-DEC MCB-DEC FFBL-DEC AICL-DEC PTC-DEC ANL-DEC NCL-DEC BOP-DEC FFC-DEC UBL-DEC OGDC-DEC

High

28.55 59.81 272.67 67.78 182.15 286.94 75.81 203.72 205.06 33.67 81.20 19.50 11.26 23.02 9.82 113.90 60.61 162.04

29.97 60.40 275.50 68.46 185.90 291.00 76.56 205.85 206.88 34.08 81.70 19.60 11.28 22.81 9.51 114.00 61.10 162.50

Low

Close

28.50 58.77 269.05 67.10 183.50 283.75 74.51 201.50 204.25 33.53 80.25 19.31 11.05 22.10 9.50 114.00 60.00 161.02

29.84 59.11 269.81 67.35 185.46 284.05 75.02 201.84 204.73 33.59 80.40 19.33 11.10 22.81 9.50 114.00 60.01 162.48

Change

Vol

1.29 7049500 -0.70 1683500 -2.86 571000 -0.43 369000 3.31 333000 -2.89 236000 -0.79 179500 -1.88 77500 -0.33 73500 -0.08 57500 -0.80 44000 -0.17 34000 -0.16 30500 -0.21 11500 -0.32 11000 0.10 10000 -0.60 8000 0.44 6500

ZERO VOLUME Symbols

Open

High

Low

Close

AATM

1.09

1.08

1.08

1.08

-0.01

AGSML

5.00

5.05

5.05

5.05

Change 0.05

Vol 0.00

BHAT

256.20

249.79

249.79

249.79

-6.41

0.00

DYNO

10.94

10.80

10.80

10.80

-0.14

0.00

FRSM

20.50

20.76

20.76

0.00

20.76

0.26

0.00

FTSM

1.65

1.55

1.55

1.55

-0.10

0.00

HUSI

10.48

9.70

9.70

9.70

-0.78

0.00

ICCT

0.99

0.90

0.90

0.90

-0.09

0.00

ILTM

119.01

124.96

124.96

124.96

5.95

KCL

9.50

9.45

9.45

9.45

-0.05

0.00

KSBP

69.99

69.98

69.98

69.98

-0.01

0.00

LPGL

19.91

18.91

18.91

18.91

-1.00

0.00

0.00

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

National Bank of Pakistan

Nishat Mills Ltd

Company

Date

Time

TRG Pakistan Ltd ICC Textiles Ltd JS Investment Ltd

3-Dec 4-Dec 6-Dec

7:00 11:00 10:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

73.51

Support 1

11,180.40

MA (5-day)

11,180.07

Support 2

11,138.95

MA (10-day)

11,130.78

Resistance 1

11,296.15

MA (100-day) MA (200-day)

10,267.95

Resistance 2

10,123.72

11,370.50

Pivot

11,254.70

Fair Value

*Arif Habib Ltd

Rs Recommendations

Brokerage House

42

Buy

*Arif Habib Ltd

AKD Securities Ltd

43.29

Buy

AKD Securities Ltd

TFD Research

36.85

Positive

TFD Research

Technical Outlook 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

Rs Recommendations

65 59.97 74.2

Brokerage House

Buy

*Arif Habib Ltd

Buy

AKD Securities Ltd

Positive

TFD Research

182.55 5,407.12 84.56 28.95

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

Leverage Position

68.89 57.09 49.17 50.80

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

175.80 10,395.05 115.17 59.43

73.90

60.30

59.85

61.60

62.45

61.15

Attock Cement

44.25

60.40

59.70

62.40

63.70

61.70

Arif Habib Corp

52.02

24.85

24.45

25.90

26.55

25.50

Arif Habib Limited

44.52

25.80

25.50

26.65

27.20

26.35

Adamjee Insurance

58.55

79.20

78.40

81.10

82.20

80.30

Askari Bank

53.93

15.80

15.70

16.10

16.30

16.00

Azgard Nine

50.45

10.85

10.65

11.30

11.55

11.10

Attock Petroleum

51.42

313.90

310.55

323.55 329.80 320.15

Buy

Attock Refinery

66.34

124.95

121.90

134.15 140.25 131.10

61.96

Neutral

Bank Alfalah

50.71

9.45

9.35

9.70

9.90

9.60

92.3

Positive

BankIslami Pak

46.95

3.20

3.10

3.40

3.55

3.35

BankOf Punjab

51.68

9.30

9.15

9.70

9.95

Dewan Cement

63.71

1.65

1.45

2.05

2.25

1.85

DGK Cement

62.35

28.70

27.80

30.10

30.60

29.20

Dewan Salman

63.64

1.90

1.80

2.15

2.25

Dost Steels Ltd

Fair Value 84

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

1st 2nd Pivot Resistance 3.40 3.55 3.30

Allied Bank Limited

Rs Recommendations

Technical Outlook

Technical Outlook

Leverage Position

62.35 28.65 26.33 26.83

Fair Value

RSI 1st 2nd (14-day) Support 56.91 3.20 3.05

Leverage Position

53.61 66.36 66.03 70.17

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

318.37 21,212.79 55.66 67.07

9.55

2.05

52.41

2.80

2.70

2.90

3.00

2.85

EFU General Insurance 54.95

44.40

43.45

46.90

48.45

45.95

EFU Life Assurance

66.24

81.05

78.65

86.40

89.35

84.00

Engro Chemical

63.87

183.90

182.05

Faysal Bank

41.56

14.10

13.90

Fauji Cement

48.50

4.90

4.85

5.05

5.15

5.00

Fauji Fert Bin

73.32

34.30

34.10

34.80

35.10

34.60

Fauji Fertilizer

66.04

112.30

111.55

114.10 115.15 113.35

displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average

Habib Bank Ltd

61.05

105.60

105.10

107.00 107.90 106.50

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

Hub Power

68.85

36.30

36.05

flowing into and out of DGKC at a relatively equal pace. Trend forecasting reflect very strong flows of volume into NML (bullish). Trend forecasting flowing into and out of NBP at a relatively equal pace. Trend forecasting

ICI Pakistan

68.55

136.40

135.25

139.35 141.15 138.20

oscillators are currently bullish on DGKC

Indus Motors

59.63

256.35

253.80

263.20 267.55 260.65

JOV and CO

53.36

3.85

3.70

4.25

4.50

Japan Power

55.27

1.60

1.55

1.70

1.75

JS Bank Ltd

47.72

2.60

2.55

2.80

2.90

2.70

Jah Siddiq Co

44.21

12.25

12.00

12.95

13.40

12.70

Kot Addu Power

46.65

39.50

39.35

39.80

39.90

39.65

KESC

59.81

2.25

Lotte Pakistan

71.02

12.00

11.85

12.40

12.65

12.25

Lucky Cement

52.13

73.50

72.50

75.90

77.40

74.95

MCB Bank Ltd

58.25

205.35

204.15

Maple Leaf Cement

50.06

2.85

2.80

3.00

3.10

2.95

National Bank

53.61

66.10

65.60

67.55

68.50

67.05

Nishat (Chunian)

48.38

21.55

21.05

22.85

23.70

22.40

Netsol Technologies

53.41

18.95

18.65

19.65

20.05

19.35

NIB Bank

53.70

2.80

2.75

2.95

3.05

Nimir Ind Chemical

52.31

1.45

1.35

1.60

1.75

1.55

Nishat Mills

68.89

58.30

57.50

60.20

61.25

59.35

Oil & Gas Dev XD

69.11

162.90

161.75

PACE (Pakistan) Limited 44.48

2.75

2.65

2.90

3.00

2.85

Pervez Ahmed Sec

50.29

2.15

2.10

2.25

2.35

2.20

PIAC(A)

46.40

2.20

2.15

2.30

2.35

2.25

Pioneer Cement

36.64

6.75

6.60

7.10

7.30

6.95

Pak Oilfields

63.60

264.50

261.65

272.20 277.05 269.35

Pak Petroleum

62.96

199.75

197.85

204.75 207.85 202.85

Pak Suzuki

46.97

73.45

73.20

PSO XD

53.83

278.45

275.50

PTCLA

48.08

19.00

18.90

Shell Pakistan

49.00

191.65

187.65

Sui North Gas

36.49

28.25

28.00

29.00

29.45

28.75

Sitara Peroxide

57.95

13.20

13.10

13.50

13.70

13.40

Sui South Gas

40.75

22.55

22.40

22.90

23.15

22.75

Telecard

40.67

2.15

2.10

2.25

2.30

volatility over the last 10 trading sessions. Volume indicators reflect mod- the 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 mod-

TRG Pakistan

48.60

4.05

4.00

4.30

4.45

4.20

erate flows of volume into LUCK (mildly bullish). Trend forecasting oscilla- reflect very strong flows of volume into HUBC (bullish). Trend forecasting reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- erate flows of volume into POL (mildly bullish). Trend forecasting oscilla-

United Bank Ltd

65.87

58.90

58.25

60.45

61.35

59.80

WorldCall Tele

50.36

2.60

2.55

2.70

2.75

2.65

KSE 100 INDEX closed down -12.95 points at 11,221.81. Volume was 99 per cent above average and Bollinger Bands were 16 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,296.15 and 2nd resistance level at 11,370.50, while Index will continue to find its 1st support level at 11,180.40 and 2nd support level at 11,138.95. KSE 100 INDEX is currently 10.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.

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

Brokerage House

Fair Value 97

Brokerage House

47

AKD Securities Ltd

105.2

Buy

AKD Securities Ltd

TFD Research

72.75

Neutral

TFD Research

52.13 74.75 70.09 70.75

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

Rs Recommendations Buy

44 44.9

129.35 9,628.81 16.90 74.99

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

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

68.85 36.22 34.66 34.13

oscillators are currently bullish on NBP.

Pakistan Oilfields Ltd

Engro Corporation

Brokerage House

Rs Recommendations

184

Buy

AKD Securities Ltd

Positive

TFD Research

238.8 208.75

Brokerage House

810.01 29,622.00 N/A 36.62

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

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

63.87 182.82 178.96 184.38

Buy

AKD Securities Ltd

Positive

TFD Research

Rs Recommendations

301

Buy

296.6 281.35

Buy Neutral

Technical Outlook

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

Fair Value

*Arif Habib Ltd

Hold

Technical Outlook

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

Fair Value

*Arif Habib Ltd

Technical Outlook

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

Fair Value

*Arif Habib Ltd

Buy

Technical Analysis

oscillators are currently bullish on NML.

Hub Power Co Ltd

Rs Recommendations

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

DGKC is currently 10.4 per cent above its 200-day moving average and is NML is currently 16.4 per cent above its 200-day moving average and is NBP is currently 0.8 per cent below its 200-day moving average and is dis-

Lucky Cement Ltd

*Arif Habib Ltd

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

DGKC closed up 1.37 at 29.62. Volume was 613 per cent above average NML closed down -0.48 at 59.13. Volume was 517 per cent above aver- NBP closed down -0.56 at 66.63. Volume was 160 per cent above average (trending) and Bollinger Bands were 14 per cent narrower than normal. age (trending) and Bollinger Bands were 31 per cent wider than normal. (trending) and Bollinger Bands were 46 per cent narrower than normal.

131.09 24,345.60 66.31 184.46

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

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

63.60 264.69 236.20 233.68

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

107.94 28,860.12 265.44 269.56

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

LUCK closed down -0.64 at 74.44. Volume was 246 per cent above aver- HUBC closed up 0.08 at 36.57. Volume was 22 per cent above average ENGRO closed up 3.10 at 185.71. Volume was 131 per cent above aver- POL closed down -2.79 at 267.38. Volume was 73 per cent above average age (trending) and Bollinger Bands were 2 per cent wider than normal.

and Bollinger Bands were 73 per cent wider than normal.

age and Bollinger Bands were 17 per cent narrower than normal.

and Bollinger Bands were 61 per cent wider than normal.

LUCK is currently 5.2 per cent above its 200-day moving average and is HUBC is currently 7.1 per cent above its 200-day moving average and is ENGRO is currently 0.7 per cent above its 200-day moving average and is POL is currently 14.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average

tors are currently bullish on LUCK.

oscillators are currently bullish on HUBC.

casting oscillators are currently bullish on ENGRO.

tors are currently bullish on POL.

2.20

186.90 188.05 185.05 14.40

36.90

2.35

14.55

37.25

2.40

14.25

36.65

4.10 1.65

2.30

207.85 209.15 206.65

2.90

165.20 166.35 164.05

74.10

74.50

73.85

286.95 292.45 283.95 19.40

19.65

19.25

202.05 208.45 198.05

2.20


8

Thursday, December 2, 2010

Flybe is after Etihad earnings better in CY10 THY initiates 60mn pounds new Dhaka London listing flights via LONDON: Budget airline Flybe plans to raise 60 million pounds through a London initial public offering (IPO) in December, the company said here. Flybe said it would use half of the proceeds of the offering, which will be made up of new shares, to fund its aircraft fleet expansion, and the other half to strengthen its cash position. "A listing will assist Flybe in achieving the next stage in its exciting strategy for growth," the airline's chief executive Jim French said in a statement. British Airways said it planned to subscribe for enough shares in the offer to maintain its existing 15 percent stake in Flybe. Flybe acquired BA Connect, the former regional airline business of British Airways, in 2007, making it Europe's largest regional airline. The carrier, which focuses on niche UK routes, has tried to float several times but has been forced to shelve plans because of tough market conditions. "We are delighted to participate in the Flybe IPO," BA Chief Executive Willie Walsh said in a statement. "We are committed to supporting Flybe in its listing and capital raising." Bank of America Merrill Lynch is the sole global coordinator and bookrunner on the offer.-Reuters LONDON: This image released by British Airways, shows David Beckham signing a British Airways plane before his departure to Zurich, Switzerland.-Reuters

Emergency-landing plane had a faulty past: Cathay HONG KONG: A Cathay Pacific plane that made an emergency landing in Kazakhstan on Monday was forced to turn back to London during a flight in September, the airline said Wednesday. The Boeing 747-400 returned to Heathrow airport an hour into a flight on September 11, when cockpit crew discovered a malfunction in an air pressure valve, a company spokeswoman told AFP. The emergency landing this week in the Kazakh city of Karaganda, about six hours

after the plane's take-off from Amsterdam, was also caused by a faulty air-pressure component, she confirmed. But the earlier flight from London bound for Hong Kong involved a problem with a different component in a separate section of the aircraft, the spokeswoman added. "The two incidents were totally unrelated," she said. "They involved different valves. September's incident was not an emergency landing. No oxygen masks were deployed," she added.

A valve in the tail of the plane which regulates cabin pressure was replaced after the September flight returned to Heathrow and the plane took off again for Hong Kong without incident. The plane remained in service before it was forced to make an emergency landing in Kazakhstan after the failure of a back-up device designed to prevent the aircraft from becoming over-pressurised. There were no injuries on either flight, Cathay said.Agencies

British Airways cabin crew may strike again LONDON: British Airways cabin crew are to be balloted on whether to hold further strikes in a long-running dispute which has already cost the airline some 150 million pounds ($234 million), their union said. Cabin crew have already staged a series of walkouts over the disagreement which began in November last year when BA announced it was cutting crew pay and reducing staffing. "BA's continued hounding of union members leaves us no other option but to conduct a new industrial action ballot,"

said Tony Woodley, joint general secretary of the Unite union, which represents 90 percent of BA's 12,000 cabin crew. The union said any strike would not be over Christmas. Last week, Len McCluskey, who will take over as head of the Unite in the new year, said he expected there would be an overwhelming "yes" vote in favour of further industrial action. There had been hopes that a deal could be reached to break the deadlock after union leaders said they would ballot members

on a new deal which addressed one of the main sticking points, the removal of travel perks from staff that had gone on strike. But earlier this month, the union said it could not recommend the offer to workers because a number of cabin crew representatives said they could not support it. Strikes earlier this year severely disrupted short-haul services although a majority of long-haul flights did operate from London's Heathrow airport.-Reuters

Vietnam Airlines to fly between HCMC-Beijing HANOI: Vietnam's national carrier will fly directly between the country's business hub, Ho Chi Minh City (HCMC), and Beijing starting mid-December, the airline said Wednesday. China is Vietnam's biggest trading partner and Vietnam Airlines already flies between the capital cities of the two communist neighbours. But the state-owned carrier will now "become the first airline to fly non-stop between Ho Chi Minh City and Beijing", Vietnam Airlines said in a statement. There will be three flights a week from December 16, it said. Vietnam Airlines -- a member of the SkyTeam airline alliance that includes Air France and America's Delta Airlines -- has set out to become one of Southeast Asia's leading carriers. It aims to transport 12 million passengers this year and to boost its fleet from 70 to 115 aircraft by 2015.-Agencies

Court nods Japan Airlines rehab plan TOKYO: Struggling Japan Airlines (JAL) has said it had won approval from the Tokyo district court for a rehabilitation plan that will see thousands of job cuts, route closures and a debt waiver.-Agencies

Etihad, Asiana to share code

KARACHI: Etihad Airways has announced a codeshare agreement with Asiana Airlines, the major airline of South Korea, complementing Etihad's own daily return service to Seoul, which commences on December 10, it was announced here. The new cooperative relationship will see flights between Etihad's home-base Abu Dhabi, Seoul and beyond, operating under an EY (Etihad) and OZ (Asiana) code. This will also facilitate Pakistani passengers travelling to South Korea, by providing additional options for convenient connecting flights from Abu Dhabi to Seoul and beyond. The codeshare fares were made available for purchase from mid-November. The carriers also intend to commence reciprocal rewards programmes, where members of each airline's frequent-flyer programme can earn and redeem points on the codeshared flights. The codeshare agreement will expand, with time, to add new territories across Europe, Middle East, Africa and Korea. Furthermore Etihad Airways has reported profitable earnings before interest, taxation, depreciation, amortization and

rentals (EBITDAR) for 2010, said Chief Executive Officer James Hogan, marking an important step forward in the airline's journey towards full break-even in 2011 and profitability in 2012. This will be achieved despite heavy investment in new routes, fleet and infrastructure. All indicators show that these targets are in sight. Hogan was speaking at a financial road-show event in London, attended by more than 170 representatives of banks and other financial institutions. This road-show was a part of the airline's regular interactions with the international financial community. Etihad laid out its business strategy for the future highlighting its commercial performance since its inception seven years ago. Amer N Khan, Country Manager, Etihad Airways Pakistan added that; "Our team in Pakistan is proud to play a vital role in the overall development and ensuring healthy profit for Etihad Airways. He further added that the growth of Abu Dhabi, both as a global tourist and business destination, is playing a critical role in our development. Our shareholders expect a return and we will deliver that return."-NNI

Khi to host Indonesia “solo expo� KARACHI: The second Indonesia "Solo Exhibition" would be organized at a local hotel from December 3 under the auspices of the Consulate General of Indonesia in Karachi. This was announced by the Consul General of Indonesia in Karachi, Rossalis R Adenan. Addressing a news conference on Tuesday, he said that the two-day event would focus on promoting Indonesia tourism and will also display Indonesian products such as spices, textiles, paper products, and consumers goods. Cultural events as well as seminars would also be organised during the exhibition, it was further stated. It was pointed out that there is a lot of potential of economic collaboration between Indonesia and Pakistan.

Adenan emphasised the role of tourism towards the economic growth and pointed out that the target for the tourist arrival in Indonesia for the year 2011 has been set as seven million. He said that Indonesia and Pakistan enjoy excellent political relations but stressed that these should also be reflected in other fields such as economy and tourism etc. Adenan said that in the year 2009 the economic growth rate of Indonesia remained at 4.6 per cent and in 2010 it would be between six to seven per cent. He pointed out that the culture of Indonesia is diverse and there are 300 ethnic groups with the country's population of 230 million. `Although we are diverse, we are united', he added.-APP

Emirates to fly to Iraq in Feb 2011 DUBAI: Dubai carrier Emirates, the largest Arab airline, said it will launch flights to Iraq's city of Basra starting February 2, 2011 to tap growing demand for the destination. Basra will be Emirates' first Iraq route after the airline postponed the launch of flights to Baghdad earlier this year citing "operational reasons". "The city's recent growth has paved the way for numerous multinational companies and industries to invest in infrastructure and we have seen strong potential from a number of our markets," Chairman and Chief Executive Sheikh Ahmed bin Saeed Al-Maktoum said in a statement.

"Since the 2009 oilfield bid, traffic from the US and Europe into Basra has increased significantly and we are ready to capitalise on this growth," he added. Iraq's Shi'ite south, where Basra is located, has been relatively peaceful in recent months in comparison to Baghdad and the north where devastating assaults and bombings by Sunni Islamist insurgents remain common. Emirates expects its outbound traffic from Basra to be skewed towards local Iraqis, who are expected to travel more as the economy recovers. The airline expects to handle around 10-12 tonnes of cargo per flight.-Reuters

Karachi Staff Reporter KARACHI: Turkish Airlines' four times a week service from Istanbul to Dhaka via Karachi will commence on 26 December 2010 and will be operated on Mondays, Wednesdays, Fridays and Sundays. Meanwhile the airline will start connecting flights via Bangkok to Ho Chi Minh City (Saigon) into Vietnam from 29 December 2010 with four times a week service departing from Istanbul on Mondays, Wednesdays, Friday sand Saturdays. Roundtrip airfares begin from 590 euros (including all taxes) from Istanbul to Dhaka, within the term of 26th December 2010- 31st March 2011, also the tickets to Ho Chi Minh City will be on sale with the reduced prices starting from 623 euros as roundtrip travels including taxes/fees for the travels between 29th December 201031st March 2011. Star Alliance member Turkish Airlines is the fourth biggest network carrier in Europe, the airline currently flies to 167 destinations, including 128 international and 39 domestic lines, with joining the new routes to its flight network, the airline will reach to 169 destination worldwide.

Finnair in fat trouble HELSINKI: Finnair, Finland's flag carrier, said it would cancel more than 100 flights and make a loss this year because of a strike its cabin crews planned to start at 1100 GMT. Finnair shares were down 3.5 percent by 0920 GMT, having recovered from a 6.5 percent fall to a two-month low, while shares in Nordic carrier SAS, whose Blue1 unit would also be affected, lost 2.2 percent. Finnair will likely have to cancel a large proportion of its flights as most of its 2,000 cabin crew employees were expected to strike, spokeswoman Hanna-Kaisa Nurmi said. According to Finnair's website, it had cancelled 112 flights after 1100 GMT, or nearly all connections for the rest of the day. Finnair said it would lose 22.5 million euros for each day of the work stoppage and now expected a full-year operating loss. It previously expected to be in the black on the operating level in the fourth quarter and in all of 2010, compared with a 1.7 million euro loss in 2009. Analysts said the profit warning indicated Finnair was expecting the dispute with its flight attendants could last for an extended period, with most of its planes grounded. "The profit warning seems to be a way to pressure the opponent for an agreement," said Nordea Bank analyst Pasi Vaisanen. "If Finnair gives up here, it would be more difficult to make a good agreement with its pilots next year, which is crucial for the company's competitiveness." A legal adviser for the employers' union, which is representing Finnair in the negotiations, told Reuters no further talks were scheduled. Finnair, whose mechanics held a one-day strike last month, is one of several European airlines facing strike threats.-Reuters


9

Thursday, December 2, 2010

European vegetable oil prices

MUMBAI - INDIA: SFarmers sit on a heap of sugarcanes loaded on a tractor outside of a sugar mill at Morinda in the northern Indian state of Punjab. -Reuters

Sugar rises, mk eyes India crop LONDON: Sugar futures rose sharply on Wednesday with the market keeping close watch on the situation in top consumer India where there have been harvest delays and approval for unrestricted exports is still awaited. Cocoa futures eased with the focus on delayed election results in key grower Ivory Coast while coffee futures were slightly lower. The possibility that India's production could fall short of earlier expectations as heavy rainfall threatens to reduce sucrose levels has also raised questions about the extent to which the world's number two producer will export. "Lingering uncertainty surrounding the timing and level of Indian exports remains," Barclays Capital said in a market note on Wednesday. March raw sugar futures on ICE rose 0.73 cent or 2.65 per cent to 28.28 cents a lb by 1545 GMT while March white sugar futures on Liffe climbed $15.00 to $725.00 per tonne. Cocoa futures fell back after rallying on Tuesday on fund buying fuelled by growing tensions in Ivory Coast. March cocoa on Liffe stood 41 pounds or 2.15 per cent lower at 1,863 pounds a tonne. The contract rose to a peak of 1,919 pounds a tonne on Tuesday as tensions in the Ivory Coast began to build. March cocoa on ICE fell $54 to $2,753 a tonne. Robusta coffee futures on Liffe were slightly lower, weighed by hedge selling linked to a pick-up in the harvest in top producer Vietnam. March robusta coffee fell $9 to $1,800 a tonne while March arabica coffee futures on ICE eased 0.50 cent or 0.25 per cent to $2.0070 per lb. -Reuters

Indian sugar drops for second day MUMBAI: India's spot sugar price dropped for a second consecutive day on Wednesday, hammered by higher supplies amid weak demand, though export prospects limited the downside, dealers said. The country has made available 1.5 million tonnes of nonlevy sugar for December, higher than 1.4 million tonnes it had released for November, the government said in a statement on Tuesday. Non-levy, or free-sale, sugar is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. "This month we have higher supplies than demand. Millers have lowered prices in tender to sell the allocated quantity," said a sugar dealer based at the Vashi spot market near Mumbai. In Kolhapur, a key market in topproducing Maharashtra state, the most traded S-variety fell by 0.95 per cent to 2,823 rupees ($62.18) per 100 kg. -Reuters

Copper hits 2-wk high, Chinese data supports LONDON: Copper rose to its highest level in two weeks on Wednesday on data that showed growth in top consumer China as well as on a weak dollar. Benchmark three-month copper on the London Metal Exchange closed at $8,585 a tonne, extending gains made on Tuesday, when it closed at $8,360. The metal used in power and construction earlier touched a session high of $8,630. Boosting sentiment was betterthan-expected Chinese factory data in November, with the official Chinese purchasing managers' index (PMI) rising to a seven-month high. Following this, an industry report showed that the pace of growth in US manufacturing tapered off slightly in November, though the sector still posted its 16th consecutive month of expansion. At around the same time, construction spending in the world's largest economy posted a surprisingly robust 0.7 per cent gain in October. "It is part of a general improvement in manufacturing globally," said Daniel Smith, an analyst at Standard Chartered. "Even in the US, I would argue the data has either bottomed or improved marginally." "This is consistent with a general picking up in the macro environment," he added. "It looks like copper is going to have another go at $9,000." Worries about nearby copper supplies have pushed the premium for cash material over the three-month contract to around $62 a tonne -- its widest backwardation since October 2008. A looming deficit in the copper market is expected to push copper prices next year above the

record high of $8,966 hit in early November. Bolstering this outlook, LME copper stocks have fallen steadily since February, last down 900 tonnes to 354,850 tonnes -- their lowest since October 2009. Investors also kept close tabs

Shanghai copper strengthens Copper rose on Wednesday, with London extending gains of almost 2 per cent and Shanghai adding 1.6 per cent, buoyed by optimistic data, but Portugal's placement on negative credit watch by rating agency Standard & Poor's may weigh on sentiment. Three-month copper on the London Metal Exchange rose $60 to $8,420 a tonne at 0729 GMT. Copper rose $140 in the previous session. Shanghai's benchmark third month copper contract rose 1.6 per cent to 63,540 yuan. on a dominant position controlling 50-80 per cent of cash warrants for copper, subject to LME lending guidance. Among other metals, steelmaking ingredient nickel ended at $23,500 a tonne versus $23,050, having earlier touched $23,570, its highest in nearly three weeks. Aluminium closed at $2,340 versus $2,275 a tonne. The metal, used in transport and packaging, earlier hit $2,352, its highest since Nov. 16. Battery material lead was untraded at the close but last bid at $2,265 versus $2,230 a tonne while zinc ended at $2,160 versus $2,112 a tonne. Tin, used in electrical solder, hit a one-week high at $25,200 but closed at $24,700 from $24,495 a tonne. Reuters

Palm oil climbs on weather, agri commods KUALA LUMPUR: Malaysian crude palm oil futures hit a fresh 28-month high on Wednesday, extending gains for a third day, driven by concerns over lower output in the monsoon season and firmer overseas agricultural commodity markets. Heavy rains caused by seasonal monsoon that usually happens from November to February the next year tends to curb palm fruit harvest and make transport difficult in Malaysia's major palm oil producing states, including Southern state of Johor and Sabah in Borneo island. "Traders expect the market to be bullish since palm oil is moving into a low production period now," said a trader in Kuala Lumpur. "I believe supply is going to be distracted by weather and make palm oil prices supportive, although demand is still good." The benchmark

Malaysia crude palm oil futures on Bursa Malaysia Derivatives were trading up 2.2 per cent at 3,486 ringgit ($1,100.552) per tonne, after touching an intraday high of 3,500 ringgit -- a level unseen since July 15, 2008. Overall traded volume more than doubled to 20,240 lots of 25 tonnes each ahead of a key industry conference set to start on Wednesday in Indonesia. A Reuters technical analysis showed palm oil contract is likely to rise to 3,625 ringgit a tonne. Persistent dry weather in Argentina, the world's No. 3 soybean supplier, has helped push US soy futures higher in Chicago in recent days. Firmer US soy futures have buoyed December soyoil to trade above $51, while the most active September 2011 soyoil contract on China's Dalian Commodities Exchange jumped 2 per cent. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for Novemeber 30 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1320

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for Novemeber 30 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2200 2220 2175 2185 2130 2140 2130 2140

2244.5 2245 2265 2268 2328 2333 2385 2390

8370 8375 8285 8286 8085 8095 7715 7725

2209 2210 2224 2225 2190 2195 2153 2158

22590 22595 22620 22625 22275 22375 21700 21800

TIN

ZINC NASAAC

24130 2096 24135 2097 24100 2101.5 24125 2102 23775 2143 23825 2148 2123 2128

2195 2200 2215 2220 2230 2240 2280 2290

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 961.00, Mar11/Apr11 964.00, May11/Jul11 965.00+20.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 975.00+25.00, May11/Jul11 980.00+20.00, Aug11/Oct11 940.00+13.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1420.00+0.00, Apr11/Jun11 1380.00+0.00, Jul11/Sep11 1395.00-10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1267.50+2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1170.00, Jan11/Mar11 1165.00+30.00, Apr11/Jun11 1140.00+17.50, Jul11/Sep11 1130.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11 1185.00, Feb11/Mar11 1175.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11 1140.00+22.50, Feb11/Mar11 1130.00+17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1150.00+22.50, Feb11/Mar11 1140.00+17.50, Apr11/Jun11 1125.00+27.50, Jul11/Sep11 1110.00+32.50. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1120.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1010.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1575.00+25.00, Jan11/Feb11 1570.00+20.00, Feb11/Mar11 1570.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1695.00+10.00, Dec10/Jan11 1695.00+15.00, Jan11/Feb11 1695.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00. Reuters

Tokyo rubber inches higher BANGKOK: Tokyo rubber futures inched higher on Wednesday, recovering from previous losses on the back of firmer oil prices and limited supply, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for May delivery rose 3.3 yen, or about 1 per cent, to settle at 363.5 yen ($4.35) per kg. "Rubber got support from higher oil prices and it should rise further as supply is still limited," one dealer said. Oil rose on Wednesday on data showing factories in China revved up output in November, while Europe's debt problems and signs of rising US fuel inventories capped gains. The most active Shanghai rubber futures contract for May delivery rose 280 yuan to finish at 31,160 yuan ($4,672) per tonne on Wednesday. Dealers said rubber futures could rise further on Thursday, receiving support from firmer oil prices and limited supply in Thailand, the world's biggest producer. -Reuters

Oil rallies above $85 on China manufacturing, US jobs EIA says US crude inventories unexpectedly rise LONDON: Oil rose to above $85 a barrel on Wednesday as positive data from the United States and China, the world's top two oil consumers, boosted investor confidence about economic recovery. China's official purchasing managers' index (PMI) climbed to a seven-month high in November. The US private sector posted its largest jobs gain in three years and manufacturing also grew. US crude for January gained $1.45 to $85.56 a barrel by 1607 GMT after tumbling almost 2 per cent on Tuesday. Brent crude was up $1.70 at $87.62. "From the depths of despair yesterday that resulted in a sell-off, there is a rash of positive economic data everywhere you look today, and that pulled

prices up," said Phil Flynn, an analyst at PFGBest Research in Chicago. The upbeat economic data countered lingering concern about Europe's debt problems and a weekly US crude supply report. US crude oil inventories last week rose unexpectedly, while distillates stocks fell less than forecast, the Energy

Information Administration said in a report released at 1530 GMT showed. Crude had gained a lift earlier from industry group the American Petroleum Institute's report released on Tuesday showing a bigger decline in

crude stocks than expected. Oil also rose as the US dollar weakened against a basket of currencies. Oil and dollardenominated commodities often move inversely to the dollar. The euro rose on Wednesday as a three-day selling spree lost steam. Doubts whether the euro-zone can contain debt problems facing some members kept the single currency within range of a 21/2-month low versus the dollar. Analysts said the market was looking for more pre-emptive action by policymakers following a rescue package for Ireland as pressure in the eurozone bond market was widening to more countries including Belgium. -Reuters

NY cotton settles up on short-covering NEW YORK: The US cotton market closed higher Tuesday on end-of-the-month investor short-covering as the market ended November well below the all-time highs hit earlier in the month, although analysts said market fundamentals remained bullish. The key March cotton contract rose 1.58 cents to end at $1.1734 per lb, dealing from $1.1376 to $1.189. The contract was down 2.58 per cent on the month, its biggest monthly decline since May, Thomson Reuters preliminary data showed.

Spot December rose 3.72 cents to close at $1.2623, and ended the month up 0.77 per cent. The price of cotton on ICE Futures US stormed to an alltime peak of $1.5723 per lb on November 10, up more than 115 per cent since July as strong mill demand from China, tight stocks and insatiable fund buying powered fiber contracts to their highest level since the US Civil War. Keith Brown, president of commodity firm Keith Brown and Co in Moultrie, Georgia, said fiber contracts moved up

Tuesday mainly due to "end-ofthe-month short-covering." "In the near-term, we may be choppy. In the longer-term, we may move higher," he said, predicting tight cotton supplies in the first quarter of 2011 while mill demand from countries like China remains strong. The market may have also received a boost from steadier Chinese cotton futures. The May cotton contract on the Zengzhou Commodity Exchange was last done on Tuesday at 25,375 yuan per tonne, up 585 yuan on the day. -Reuter

Gold retreats but euro debt woes underpin LONDON: Gold eased back towards $1,380 an ounce on Wednesday as some appetite for risk returned to the European equity, debt and currency markets, but remained firmly underpinned by persistent concerns over euro-zone debt levels. The precious metal also gave up gains in euro and sterling terms, after hitting record highs in both currencies as investors bought the metal as a safe store of value. Spot gold was bid at $1,384.30 an ounce at 1604 GMT, against $1,384.94 late in New York on Tuesday. US gold futures for December delivery eased 30 cents to $1,385.00. Euro-priced gold retreated after earlier hitting a peak of 1,070.11 euros an ounce, an alltime high, while gold in sterling also pared gains after touching a record 895.49 pounds an ounce. The precious metal has made good gains this week in all three

currencies as investors fret over the chances of debt problems that have afflicted Ireland and Greece this year spreading to other parts of the euro-zone, like Portugal. These concerns have led to a broad-based move higher in

gold in a number of major currencies. "Gold is like a see-saw on a hot air balloon," said Mitsubishi Corp analyst Matthew Turner. "Sometimes the euro end is rising relative to the dollar end, at other times the dollar end is rising relative to the euro end, but if you look around you realise that most of the time both ends are rising in absolute terms." Better-than-anticipated economic data in China, Europe

and the United States lifted world stocks, while bets the European Central Bank could step up its bond buying program partially offset fears about the euro-zone debt crisis. Holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, rose 1.5 tonnes on Tuesday to 1,286.603 tonnes. They dipped slightly in the month of November, however. Meanwhile gold imports into Turkey slipped to just over 3 tonnes in November from around 9 tonnes in October, the Istanbul Gold Exchange reported. Among other precious metals, silver was at $28.29 an ounce against $28.05, while platinum was at $1,674.24 an ounce versus $1,656. Palladium was the biggest gainer, up more than 3 per cent to $722 versus $696. -Reuters

National Commodity Exchange Ltd Trading Summary Date

1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010 1-Dec-2010

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 02DE10 DE10 DE10 10-Dec 11-Mar

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

85.09 85.45 86.04 27.06 27.02 1372.80 1373.80 1380.00 1371.70 1373.90 1373.40 38191.00 38200.00 37795.00 37741.00 37752.00 44034.00 44034.00 38839.00 38882.00 38797.00 38811.00 38825.00 44637.00 44686.00 44588.00 44916.00 44931.00 2402.00 3298.00 4751.00 86.59 85.64

85.60 86.05 86.41 28.77 28.70 1397.00 1397.50 1398.50 1393.70 1395.20 1394.40 38394.00 38388.00 38403.00 38349.00 38349.00 44742.00 44742.00 39440.00 39482.00 39496.00 39411.00 39425.00 45338.00 45387.00 45403.00 45305.00 45321.00 2402.00 3317.00 4794.00 86.60 85.84

83.65 84.11 86.04 27.01 27.02 1371.70 1372.40 1373.40 1371.70 1372.40 1373.40 37769.00 37780.00 37795.00 37741.00 37752.00 44034.00 44034.00 38839.00 38882.00 38797.00 38811.00 38825.00 44637.00 44686.00 44588.00 44605.00 44621.00 3282.00 3298.00 4751.00 86.59 85.64

85.45 85.99 86.41 28.69 28.70 1393.70 1394.40 1395.50 1393.70 1394.40 1394.40 38376.00 38388.00 38403.00 38349.00 38349.00 44742.00 44742.00 39440.00 39482.00 39496.00 39411.00 39425.00 45338.00 45387.00 45403.00 45305.00 45321.00 3301.00 3317.00 4794.00 86.60 85.84

Traded Volume in lots 246 106 199 2,109 2,226 396 26 15 3 2 1 -

Previous Settlement Price 84.16 84.72 85.17 28.10 28.11 1385.90 1386.60 1387.70 1385.90 1386.60 1387.70 38129.00 38140.00 38155.00 38101.00 38113.00 44454.00 44454.00 39190.00 39233.00 39247.00 39161.00 39176.00 45046.00 45096.00 45112.00 45013.00 45030.00 3282.00 3298.00 4751.00 86.59 85.81

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

Current Open Interest Settlement in Lots Price 85.45 72 85.99 17 86.41 28.69 53 28.70 1393.70 969 1394.40 968 1395.50 160 1393.70 1394.40 1 1395.50 38376.00 4 38388.00 22 38403.00 38349.00 38360.00 44742.00 44742.00 39440.00 39482.00 39496.00 39411.00 6 39425.00 45338.00 80 45387.00 2 45403.00 45305.00 4 45321.00 4 3301.00 3317.00 4794.00 86.60 85.84 -


A statue of football legend Bobby Moore is seen outside Wembley Stadium in London

10

Wednesday, December 2, 2010

Sharapova to lead Russia’s Fed Cup squad MOSCOW: Maria Sharapova will lead Russia in their Fed Cup first-round tie against France next year, the country's tennis chief said on Tuesday. "Sharapova has agreed to play the first round," Shamil Tarpishchev, president of the Russian Tennis Federation and their Fed Cup captain, told reporters. "She is now fully recovered from the problems with her shoulder and again could challenge for the number one spot." Former world number one Sharapova has struggled to regain her best form after a nine-month lay-off following shoulder surgery at the end of 2008. The Florida-based Russian finished this year ranked 18 in the world. Sharapova made her first and only other Fed Cup appearance for Russia in a 4-1 victory over Israel in February 2008. Tarpishchev said 2009 French Open champion Svetlana Kuznetsova, former world number one Dinara Safina, and up-and-coming Anastasia Pavlyuchenkova will complete Russia's line-up for the tie against France in Moscow on Feb. 5-6.-Reuters

Rossi hopeful for in time recovery MILAN: Former MotoGP world champion Valentino Rossi is hopeful of being fit for the first test of the 2011 season in Malaysia after having stitches removed following shoulder surgery. The Italian underwent surgery on his right shoulder two weeks ago for a long-standing injury and had 10 stitches removed on Tuesday, with his doctor predicting the Ducati rider would be able to start training in 15 days. "In about two weeks I will begin to work actively in the pool and gym to be ready for the three days of testing in February (1-3)," Rossi said on his website. "We must make haste, but we hope to be fit for the first test with Ducati in 2011 in Sepang." Rossi will ride for Ducati this season after switching from Yamaha.-Reuters

KPK games conclude PESHAWAR: The first Khyber Pakhtunkhwa Games concluded amidst colourful event at Qayyum Sports Complex, the main venue for the closing ceremony. Provincial Minister for Informational Mian Iftikhar Hussain, Provincial Sports Minister Syed Aqil Shah, Secretary Sports and Culture Azam Khan, Secretary Information Azmat Hanif Orakzai, Organizing Secretary of the 31st National Games, Organizing Secretary Masood Ahmad, position holders' players and officials were also present and enjoyed the thrilling event. A total of 24 male events including 12 specified for female were part of the Khyber Pakhtunkhwa Games held after a lapse of 29-years. The first edition of the Games with the Names of Khyber was held way back in 1980-81. The aim and objective of the Games is to select and shortlist probables through competition for the forthcoming 31st National Games.-APP

Future Tours for 2012-2020

ICC moves ahead on Test, ODI leagues DUBAI: Taking another step forward in finalising a new Future Tours Programme for the 2012-2020 period, ICC's Chief Executive Committee has begun the process of drawing up rules and regulations for the Test and ODI leagues. The Committee also agreed to reconstitute its working group comprising David Collier (ECB), Nishantha Ranatunga (SLC), N Srinivasan (BCCI), James Sutherland (CA) and David Richardson (ICC General Manager-Cricket) to consider rules, regulations and points system for the leagues. The working group, which previously made recommendations on the leagues and ICC global event calendar, will also have top statistician and ICC Cricket Committee member, David Kendix. The group will report back in January next year. "With the ODI league commencing immediately after the ICC Cricket World Cup 2011, the ICC Board will need to confirm the rules and regulations at its February meeting. There was noticeable excitement during the CEC meeting when we

realised the interest which these leagues will create," ICC Chief Executive Haroon Lorgat said in the statement. With the ICC Board having already approved the use of the Decision Review System in the 2011 Cricket World Cup in Bangladesh, India and Sri Lanka, the CEC "agreed to afford members the opportunity to use the DRS in bilateral One-Day Internationals prior to the CWC". "This will provide further opportunities for players, match officials and the technology suppliers to experience the use of the system. The longterm use of DRS in ODIs will, however, be considered by the ICC Cricket Committee at its meeting following the CWC," the ICC statement said. The CEC also received an update on the Anti Corruption and Security Unit review and Lorgat said, "Although the ACSU is regarded as the world leader in its field of work the ICC is keen to review all its procedures and structures to make improvements where possible.-APP

Mazhar Majeed discloses four more names Monitoring Desk KARACHI: Pakistan's preparations for the World Cup were further jolted when Mazhar Majeed, the alleged bookmaker at the centre of the spot-fixing allegations, revealed names of four more players involved with him. Kamran Akmal, Umar Akmal, Wahab Riaz and Imran Farhat were named in a secretly-filmed video aired by a private TV channel last night. The video comprised Majeed boasting of connections with the four cricketers. This was after an earlier video, released by the News of The World, forced the International Cricket Council (ICC) to suspend Salman Butt, Mohammad Amir and Mohammad Asif with Scotland Yard calling the trio in for questioning. Kamran was overlooked for

Pakistan's recently-concluded series in the UAE and has, together with Farhat, been omitted from the Twenty20 and Test squad for New Zealand that was announced yesterday. Umar and Riaz, however, have been included by the Pakistan Cricket Board (PCB). Majeed, after naming the four, denied having any links with Shahid Afridi, Younus Khan, Abdul Razzaq and a 'religious' Saeed Ajmal in the video. The PCB has been under immense pressure from the ICC to set its house in order following the earlier allegations. A special 'task team' was handed the job of cleaning up Pakistani cricket; to devise and implement anti-corruption measures. They were to also have a new code of conduct to be signed by all players.

ISLAMABAD: Players of Pakistan Hockey team which won gold medal in Asian Games 2010, pose for a group photo along with President Pakistan Hockey Federation (PHF) Qasim Zia during a reception hosted by RISJA and NPC Sports Commiittee at National Press Club .-Online

Bravo lifts WIndies at rain-hit first day KANDY: West Indian Darren Bravo lifted a rain-hit opening day of the third and final test against Sri Lanka with a fluent, unbeaten 63, his third half-century of the series, on Wednesday. Bravo's knock, which included nine fours, enabled West Indies to recover to 134 for two after the exit of Chris Gayle for a duck from the first ball of the game. Bravo put on 115 with Devon Smith who scored 55 off 100 balls (seven fours). Shivnarine Chanderpaul was unbeaten on 11 when bad light ended play 45 minutes before the scheduled close. Sri Lanka missed chances by Smith and Bravo off the luckless Dilhara Fernando who ended up wicketless and conceding 50 runs. Fernando had replaced injured Nuwan Kulsekara in the home team. Thilan Samaraweera failed to cling on to a difficult chance at gully offered by Smith at 45. Mahela Jayawardene, one of the safest slip fielders in the Sri Lanka side, dropped a sitter at third slip when Bravo was on 56. Only 8.3 overs were possible in the afternoon session before rain forced an early tea. Young fast bowler Suranga Lakmal had baptised international cricket's newest test venue, the Pallakele Stadium, by dismissing Gayle, trapped lbw.-Reuters

IPL franchise terminating issue

RR gets 6-wk interim relief MUMBAI: Rajasthan Royals received an unexpected lease of life on Tuesday, with the independent arbitrator appointed to look into the Indian cricket board's decision to terminate the franchise from the IPL giving them interim relief for six weeks. What's more, he even allowed them to participate in the January 8-9 player auctions in Mumbai. The BCCI, which smugly believed that it had left no loose ends, will see this as a major setback to its plans. It had already announced that IPL-IV

would be an eight-team affair, assuming that the Kochi franchise would either sort out its internal conflicts or make way for a new team. The Royals had been given a termination notice on Oct 10, along with King's XI, following its governing council meeting. They approached the HC against the move and, on its recommendation, agreed to take the matter into arbitration along with the BCCI for an outof-court settlement. The court appointed Justice Srikrishna as the independent arbitrator.

According to sources, the team can not only participate in the January auctions but also retain players (if it wants to) just like the other teams unless there is a further stay. "We have received the interim order and we're in the process of reviewing it. We are very grateful for the speed and urgency shown. However, we must recognise that the full arbitration process still needs to be completed," Raghu Iyer, the chief marketing officer and spokesperson for Rajasthan Royals, said.Agencies

Ponting slams TV referral system SYDNEY: Australian skipper Ricky Ponting has branded the TV referral system as 'a blight on the game' after being denied what he considered was a fair catch in the drawn first Test of the Ashes series. The bone of contention was the decision to give England double centurion Alastair Cook not-out after being caught by Ponting. Cook's chipped shot, on 209, off the bowling of Xavier Doherty ended up in the hands of Ponting, who dived forward at short mid-wicket to take the

catch, but both the batsman and the umpires were not convinced. The decision was referred to the third umpire, but the TV replays were not conclusive and the decision was tossed back to the on-field umpires who decided that the batsman could not be given out. "I do get a little bit annoyed with it because I actually think it is a blight on the game, trusting in technology which is not good enough. I could have got that ball and tossed it up straight away and no-one would have asked a

question of it," a sports website quoted Ponting, as saying."I said to the umpire straight away that I was pretty sure I caught the ball. That was about all I could do. Quite a few of the boys ran to me straight away and said, 'You caught it'. I wanted to see how they got to the not out decision." "What they said to me was that it wasn't 100 per cent clear on the replays, they found it hard to give it out," he added. The Australian captain has long campaigned for the fieldsman's word to be trusted in such incidents.�-APP

Man Utd dumped out of League Cup LONDON: West Ham United humbled holders Manchester United 4-0 on Tuesday to reach the League Cup semi-finals with Old Trafford reject Jonathan Spector scoring twice in the swirling snow at Upton Park. With the crowd scarcely believing their eyes, striker Carlton Cole added two second half goals as the Premier League's bottom team blew away United's 29-match unbeaten run in all competitions. Arsenal overcame Wigan Athletic 2-0 at the Emirates Stadium in the other allPremier League quarter-final clash on a freezing night in the capital. Birmingham City host top flight rivals Aston Villa, last season's losing finalists, in a Midlands derby on Wednesday when Roy Keane's struggling Championship (second division) side Ipswich Town are at home to West Bromwich Albion. Manchester United, top of the league and winners of the

League Cup for the past two United States defender Spector, starts before moving to played for West Ham when seasons, made wholesale playing in a central midfield Charlton Athletic on loan and they lost to United in August, changes from the side that blew role, ripped up the script with then joining West Ham in 2006, made it 2-0 in the 37th when aside Blackburn Rovers 7-1 at his first goals in English soccer. opened the scoring with a loop- Obinna again caused mayhem in the area and the weekend Spector lashed and were given a loose ball a taste of their home at the own medicine. near post. "To perform West Ham like this against thought they the best team had scored today in the after 17 mincountry... what utes when more could I Obinna's shot ask for?," West was deflected Ham manager into the net off Avram Grant Spector, who told Sky Sports was belatedly television after but correctly steering the club ruled offside into the last four by referee for the first time M a r k in 20 years. Clattenburg. "I thought we Ferguson could win but said his side, not by this d e s p i t e score." F I R S T LONDON: West Ham United's Cole shoots to score his second goal and the team's fourth i n c l u d i n g goal against Man Utd during their English League Cup soccer match at Upton Park.-Reuters experienced GOALS players like Even with a Spector, who spent three ing 22nd minute header off a Ryan Giggs and Darren young side, Alex Ferguson's Fletcher, had let in some "terrimen were still fancied to see off years on Manchester United's Victor Obinna cross. The 24-year-old, who last ble goals" and been punished, the league's tail-enders but books and made just eight

even if they would learn from the mistakes. "Too many younger players who made real errors in their goals... really you can't give away goals like that even though they are young," he told Sky Sports. "Today West Ham approached it as more of a cup tie, they got stuck in with a lot of late challenges and things like that but they got the crowd up for them. But the game was about the goals we gave away really." Arsenal, making nine changes from the side that beat Aston Villa 4-2 away in the league on Saturday, started slowly but took the lead three minutes before the break through an own goal by captain Antolin Alcaraz. The Gunners made it 2-0 in the 67th when Nicklas Bendtner bundled the ball in at the far post but they missed plenty more chances. Wigan had forward Victor Moses carried off on a stretcher in the first half with a suspected broken wrist.-Reuters


US private employers add jobs, manufacturing grows NEW YORK: US private sector payrolls rose by the biggest amount in three years in November, lifting optimism about the job market ahead of Friday's key employment report, while manufacturing data showed growth was intact. US private employers added a stronger-than-forecast 93,000 jobs in November, the biggest rise since November 2007, after an upwardly revised gain of 82,000 the month before, data by ADP Employer Services, which jointly developed the report with Macroeconomic Advisers LLC, showed Wednesday. In a separate report, the Institute for Supply Management said its index of national factory activity dipped to 56.6 last month from 56.9 in October, in line with expectations and well above the 50 level which indicates expansion. The report also showed employment plans were steady with the prior month. The labor market has been among the weakest parts of the US economy, and economists see gains in that area as strong evidence that the recovery is

picking up steam. Manufacturing, on the other hand, has led the recovery. The private payrolls rise "is just another sign of re-acceleration in the labor market. Some of the details suggest that there is a 60 per cent chance that the government's payroll number could beat consensus," said John Canally, Investment Strategist at LPL Financial in Boston. The US government's monthly employment report on Friday is forecast to show another month of job gains in both the private and public sectors. In a Reuters poll, nonfarm payrolls are seen up 140,000 in November while private payrolls are seen up 153,000. US stocks were up more than 1 per cent, helped by signs in the data that the recovery was taking hold but also supported by speculation the European Central Bank would take measures to address the euro zone debt crisis. The price of benchmark 10year notes was down, and the US dollar was also lower against major currencies after a week of gains. Even though economists cheered the job gains, they

noted that the labor market still has a long way to go. Friday's jobs report is forecast to show the US unemployment rate remained at 9.6 per cent in November. Also, the number of planned layoffs in November by US employers rose to the highest since March, according to a report by consultants Challenger, Gray & Christmas, Inc. Employers announced 48,711 planned job cuts last month, up 28 per cent from 37,986 in October, with the government and nonprofit sector leading the rise, the report showed. Providing a more upbeat view of the economy was a government report showing construction spending posted a 0.7 per cent gain in October. Expectations had been for a 0.4 per cent decline in spending, a Reuters poll showed. In another report. nonfarm productivity grew faster than previously estimated in the third quarter. According to the government data, productivity increased at an annual rate of 2.3 per cent rather than the 1.9 per cent pace reported last month, as employers squeezed more output from workers and kept costs down.-Reuters

can no longer compete. The central bank said the economy was expected to grow next year due to robust domestic demand, and repeated that keeping rates low for too long would cause problems. Economists said its statement was surprisingly hawkish and they expected rates to rise to 2.75 per cent by the end of 2011, according to a Reuters snap poll.. Many of them saw another quarter-point rise in January. "We keep our forecast of fur-

ther rate rises, it's just a matter of time. If the baht is not too strong and capital inflows are not heavy, we think they may gradually increase rates next year by at least another 75 basis points," said Thanomsri Fongarunrung, an economist at Phatra Securities. In an annual report on the Thai economy compiled in September but published on Wednesday after the rate decision, the International Monetary Fund said policy

LONDON: British house prices fell for the fourth month in five in November, a survey showed on Wednesday, in a sign the downturn in the country's property market is becoming more entrenched. Mortgage lender Nationwide said the average price of a property fell 0.3 per cent in November, a slightly bigger drop than the 0.2 per cent fall forecast by analysts. The annual rate of growth fell to 0.4 per cent, its weakest since September 2009. However, Nationwide chief economist Martin Gahbauer said supply pressures were starting to ease and there was little to suggest house price declines would accelerate in the months ahead. "There are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture," he said. Nationwide's figures tally with a raft of data showing last year's property market rebound has gone into reverse as Britons prepare for the toughest government spending squeeze in generations. Banks, wary of an escalation in the euro zone's debt crisis, have also reined in lending to all but the safest of borrowers.Reuters

rates were far from neutral and significant adjustments would eventually be needed. "Given the high degree of uncertainty about the outlook, staff agree that interest rate normalisation should nonetheless proceed gradually, as evidence accumulates that the recovery is truly becoming entrenched," it said. The baht rose to 30.02 per dollar after the rate decision, against 30.09/14 just before.Reuters

CONTINUATION No #1

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No #6

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encourage balanced crop system but would also help increase edible oil production to reduce dependence on the imports and thereby save billions of rupees. "Pakistan has been importing edible oil of worth $1.7 billion annually and the figure may go up to $2 billion owing to price fluctuation," the minister said adding that with the increase in production, the country would definitely reduce dependency on Continued from page 12 No #2 imports. He said that the cultivation areas for the sunflower crop of disruptions of the international uranium enrichment services would also be increased from last year's 872,000 acres to market. LEU is used by most of today's civilian nuclear power 1,145,000 acres this year to enhance production from 51,300 metplants. The creation of the bank was first proposed in September ric tons to 71,100 metric tons respectively. 2007 by Russia, which fears nuclear fuel supply cutoffs being He said that the government with the support of USAID has used by developed nations for political purposes. -Reuters been providing hybrid seed and fertilizer to the farmers adding Continued from page 1 No #3 that the farmers have already been supported in cultivating the ministry being abolished and working in ICT will be adjusted in canola crop. To a question, the federal minister said that governthe ministries and divisions in Islamabad. ment would export the surplus wheat likely before the new wheat Rabbani categorically stated that none of the employee would crop. To another question, the federal minister did not support the be retrenched or laid off and there was also no proposal of golden idea of utilizing organic fertilizer for crop cultivation saying that handshake for them. He said it would be ensured that their terms the countries like Pakistan could not afford it owing to increasing and conditions of service are not detrimental to their interests. A demand of food. -Agencies new law, in consultation with the provinces, would be introduced Continued from page 1 No #7 to safeguard their service conditions. Replying to a question September 30. On public demand, these schemes were initially Rabbani said the process of devolution would be completed in the constitutional defined deadline of 30th of June next year. The extended to October 31 and then to November 30. Upon receipt of further demand for extension from the corporate Information Minister told a question that the President and the Prime Minister would decide about the fate of the Ministers being consultants, associations and relevant quarters, the SECP has further extended the schemes for another month, says a press release devolved to the provinces. About induction of two more ministers in the federal cabinet, he issued here on Wednesday. The companies are advised to take said in coalition set up, partners are to be adjusted as per their pro- advantage of the schemes within the extended time, by either regportion and the same principle is being followed. ularising through filing of their overdue returns under the CRS or strike their companies off the register under the CEES. "This is Continued from page 1 No #4 the last extension and any requests for further extension shall not Gilani said that Pakistan Army has been given the nod to launch be granted", the press release added. -APP an offensive in North Waziristan but the decision to when to launch the operation lies with the army. PM said that there is no Continued from page 1 No #8 pressure on us regarding launching an offensive in NWA stressing the attacks, this particular cable shows they allegedly back them the government had given permission to launch the offensive in private. Pakistan's Foreign Office has repeatedly said there is before hand. The army first launched offensive in Malakand and no justification for the drone strikes, describing them as "counterSouth Waziristan. He said public apprehensions on RGST would productive" and a violation of the country's sovereignty. be removed. -Agencies The embassy cables also revealed that small teams of US Special Forces soldiers were allegedly secretly embedded with Continued from page 1 No #5 Pakistan's military forces in the tribal regions, helping to hunt reformed general sales tax (RGST), a key condition for the down Taliban and al Qaeda fighters and co-ordinate drone strikes release of the sixth tranche. To do that it would have to implement in the area. "The Pakistani Army has for just the second time fiscal reforms such as eliminating electricity tariffs and introduc- approved deployment of US special operation elements to support ing the RGST, which could deepen public frustrations with an Pakistani military operations. Previously, the Pakistani military unpopular government. Pakistan is likely to seek an extension of leadership adamantly opposed letting us embed our special operthe IMF programme as it is scheduled to end this year. However ations personnel with their military forces," one of the cables' the source said no formal request had been sent. summary stated. Further, Pakistan Army Chief General Ashfaq Pakistan is scheduled to begin paying back the loan elicited Parvez Kayani, told the US ambassador in March 2009 he'd be from International Monetary Fund (IMF) in 2012, for which the prepared to force out President Zardari to safeguard political stagovernment needs to scramble for more debts right now, media bility, according to a diplomatic cable provided to the Guardian reported. Meanwhile, talking to media, renowned economist Dr newspaper by Wikileaks.org. Ashfaq Hasan said Pakistan's economy has been dragged to the Kayani said he would stop short of a coup and keep the governbrink where nation could not do away with loans. He stressed the ment led by Prime Minister Syed Yousuf Raza Gilani in place, new relations fostered with the IMF will now last longer. according to the cable, which said he made the comment during a Expressing concerns that the country has to pay back IMF loans fourth meeting with the ambassador in a week. from 2012, the economist said Pakistan would have to pay nearly He mentioned Asfandyar Wali Khan, leader of the Awami three billion dollars to IMF alone; hence, the government would National League Party, as a possible replacement for Zardari, it have to take recourse to large-scale borrowings in future as well. said. The meeting occurred amid a stand-off between Zardari and

50-billion-dollar government bailout. After government backed restructuring GM, the largest US automaker, recently launched a massive 23 billion dollar share offering in a dramatic turnaround for the embattled company. The IPO lowered the government stake in the company below 50 per cent and recouped 11.7 billion dollars for US taxpayers. -Reuters

Germans spend, factories hum in robust recovery

UK house prices fall again in November

Bank of Thailand surprises with rate rise; baht up BANGKOK: Thailand's central bank surprised financial markets on Wednesday by raising its benchmark interest rate 25 basis points to 2.0 per cent and made it clear there would be further tightening to curb inflation, pushing up the baht. Most economists had expected no change because of uncertainty about the global economy and the likelihood of higher rates making the currency even stronger, when exporters are already complaining they

11

International & Continuation

Thursday, December 2, 2010

BERLIN: German retail sales rose strongly in October and the manufacturing sector accelerated last month, suggesting Europe's dominant economy has enough momentum going into next year to ride out the debt crisis engulfing much of the region. Retail sales rose by 2.3 per cent, the Federal Statistics Office said, recording their biggest monthly gain since January 2008 and surpassing all forecasts in a Reuters poll of economists. The figures added to other data pointing to a robust upswing in Germany. A survey also released on Wednesday showed the manufacturing sector accelerated in November, spurring the fastest job creation since March 2008. "We're quite positive about next year," said Juergen Michels at Citigroup. "We're expecting private consumption to rise by more than two per cent. That would be the strongest in 10 years." "The upturn is not only being driven by export growth but rather it's being supported by a strong recovery of domestic demand," he added. German business morale improved in November to its strongest level since 1991, and

unemployment fell in November for a 16th straight month. On Tuesday, German steelmaker ThyssenKrupp gave an upbeat outlook for 2011. German firms are profiting from growth in emerging markets. Germany's strong recovery has helped pull the euro zone to improved growth in recent quarters, but there are concerns it may be leaving other struggling economies behind - particularly those on the euro zone periphery fighting a debt crisis. On an annual basis, retail sales were down 0.7 per cent in real terms, the Federal Statistics Office said. But in the year through October, they rose by 2.0 per cent in nominal terms and by 1.0 per cent in real terms from the same period last year. "The conditions for a lasting upturn in domestic demand haven't been this good in a long time," said UniCredit economist Alexander Koch. "There's a lot suggesting that the fourth quarter will be good and Christmas-season business will be quite good as well." On Sunday, Germany's HDE retail industry association reported a strong first weekend

of pre-Christmas shopping. The group expects overall Christmas sales to rise 2.5 per cent from 2009, and spending to grow by 1 per cent at least in 2011. Underlining the importance of the two-month holiday season for the German market, HDE says that retailers garner around one-fifth of their annual sales from November and December. This year, it expects growth in online business to outpace the rest of the sector considerably, with sales growing by around 8 per cent to almost 6 billion euros. The pick-up is also filtering through at more traditional retailers. Germany's Metro, the world's No 4 retailer, raised its 2010 profit forecast last month, saying its cost-cutting efforts were ahead of plan and that eastern Europe and Asia were giving the strongest signs of economic recovery. "We are experiencing a significant pickup of business in all regions," said Chief Executive Eckhard Cordes, who also noted particular difficulties, saying: "Let's be honest, the German consumer is, and remains, a difficult animal."-Reuters

opposition leader Nawaz Sharif over the reinstatement of judges fired under military rule in 2007. Six days after the meeting, Zardari agreed to reinstate Pakistan's chief justice, who had been the focal point of sometimes violent street protests. Gilani's government extended Kayani's term for an additional three years in July to help in the fight against Taliban factions close to the border with Afghanistan. Further, Pakistan Wednesday dismissed American and British fears that its nuclear weapons programme could fall into hands of terrorists as stated in leaked American diplomatic cables. Memos obtained by whistleblower site WikiLeaks and reported by the Guardian and The New York Times suggested that United States was more concerned than it let on publicly about Pakistan's nuclear arsenal. "Their fears are misplaced and doubtless fall in the realm of condescension," foreign office spokesman Abdul Basit told foreign media. "There has not been a single incident involving our fissile material, which clearly reflects how strong our controls and mechanisms are." "It is time they part with their historical biases against Pakistan," Basit said, referring to Britain and the United States. Further, Interpol on Wednesday issued a global arrest warrant for the shadowy founder of WikiLeaks, as the chaos from its massive dump of secret US cables spread from governments to financial markets. "Zardari said that Pakistani Muslim League-Nawaz Chief Minister Shahbaz Sharif had tipped off the JUD about the UNSCR 1267 mandated asset freeze, resulting in almost empty bank accounts," said the State Department cable. The UN Security Council sanctions that came roughly two months after the Mumbai terrorist attack had made it obligatory on Pakistan to implement its provisions. Another US cable coming out of Islamabad on March 7, 2007, reveals that the American Embassy in Pakistan had requested Washington to delay the imposition of UN Security Council resolution against JuD by two weeks, so as to protect US personnel in the region.

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Brokers Forum, told Reuters. "Very little has come from the previous contracts signed earlier, after a slight upward adjustment between the parties." Traders had booked about 1 million bales in the August-September period for delivery from October to January from India, the world's second largest producer, industry officials said. India suspended the online process of registering cotton exports in early October after receiving applications equal to the stipulated exportable surplus of 5.5 million cotton bales. Most Pakistani dealers alleged Indian exporters used registration suspensions as an "excuse" to escape their contracts because of rising international cotton prices in recent months. "We have received less than 10 per cent from nearly one million bales contracted from India earlier on lower prices," Yasin Siddik, vice chairman of private All Pakistan Textile Mills Association (APTMA) said. "But new contracts are being signed with Indian dealers on new rates and that cotton is coming," he added. -Reuters

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Central bank increased the cut-off yield on 3-month T-bill by 31bps to 13.16 per cent and raised amount of Rs63.28 billion. Similarly, cut-off yield on 6-month T-bill hiked up by 19bps to 13.39 per cent and raised amount Rs48.81 billion. Likewise, 12-month T-bill increased by 37bps to 13.67 per cent and raised amount Rs5.1 billion.

No #11

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According to NCCPL data, local funds and companies did a net-selling of $3.06 million and $2.53 million respectively while foreign investors mainly remained on the buying side as they did a netbuying of $7.78 million.Losses however remained restricted owing to a continued support by the foreign investors therefore index ended the session with a minor decline. Volumes remained healthier on Wednesday also mainly led by Mansha stocks, but witnessed a minor decline on day-to-day basis as 157.9 million shares traded during the day which is 7.2 million shares less as compared to a turnover of 165.1 million shares on Tuesday. DGKC stood as the volume leader with 25.84 million shares followed by Nishat Mills with 20.89 million shares and Lotte Pakistan with 10.29 million shares. Out of total 396 active issues 222 declined, 152 advanced, and 22 held status quo.

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negative news on euro zone debt. "Local developments also need to be watched out for," Mital said. The market is, however, up nearly 14 per cent so far this year bolstered by overseas portfolio investments worth a record $28.7 billion in 2010. Indian Oil Corp closed 11 per cent higher at 384.10 rupees. Its chairman said the company aims to raise $4.4 billion in January through a followon share sale and that the pricing for offer was likely to be at 450 rupees apiece. The Indian government is selling a 10 per cent stake, while the company will offer an equal number of new shares to raise 20 billion rupees, making the sale the biggest-ever share offering in the Indian market. Shares in top lender State Bank of India rose 3.7 per cent to 3,105.10 rupees and No. 2 ICICI Bank gained 2 per cent to 1,166.95 rupees on hopes that a fast-growing economy and pickup in industrial activity would boost demand for credit. The banking sector index rose nearly 3 per cent and the real estate sector index closed up 3 per cent.-Reuters

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positive outlook and that has got to be good for equities," Lenhoff said. Commodity stocks were big movers on the index, tracking firmer metal and crude CLc1 prices after the Chinese data suggested demand was robust. Miners Kazakhmys, Antofagasta and BHP Billiton gained 3.4 to 5.3 per cent, while Xstrata jumped 5.8 per cent, also buoyed by a bullish note from Barclays Capital. Oil stocks BG Group, BP and Royal Dutch Shell rose 0.9 to 2.7 per cent. Among individual risers, Sage Group was 5.3 per cent higher after the British accountancy software company's results beat full-year expectations. Though the market moved higher, some traders were cautious. "It certainly looks like there has been a base put under the market. Ultimately I think the stage has been set for the market to move higher, although uncertainty will keep something of a lid on it," said Yusef Heusen, senior sales trader at IG Index. BAE Systems slipped 1 per cent, knocked by a bearish sector note by Goldman Sachs, with the broker reiterating its "conviction sell" on the company. Exdividend factors accounted for the two heaviest FTSE 100 fallers, Severn Trent and National Grid, while Land Securities and Johnson Matthey lost their payout attractions on Wednesday.-Reuters

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That target area coincides with a recent two-year high and the 61.8 per cent Fibonacci retracement of the benchmark's slide from October 2007 to March 2009, a key technical indicator. United Technologies Inc jumped 3 per cent to $77.46. Shares of the diversified manufacturer were also boosted by European planemaker Airbus' plans to upgrade its best-selling A320 medium-haul jets from 2016 with new engines. The S&P energy index rose 2.2 per cent, leading gains on the S&P 500 on expectations that a stronger Chinese economy would mean increased demand for energy. In a development closely watched by investors, US President Barack Obama named Treasury Secretary Tim Geithner and budget director Jack Lew to work with congressional Republicans and Democrats to break a logjam over the fate of Bush-era tax cuts.-Reuters


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US envoy Munter calls on PM Gilani

WoT, an uphill task, says PM National interest never be compromised by misleading WikiLeaks

KATHMANDU: HIV-infected people hold placards during a programme organized to mark World AIDS Day. Reuters

Toyota sues GM on plant closure TOKYO: Toyota Motor said Wednesday it has filed a lawsuit with a US court for damages against General Motors' bankruptcy estate over the closure of their joint manufacturing plant in California. The Japanese firm claims GM Motors Liquidation Company (MLC) should pay 73 million dollars for breach of contract over the closure of the New United Motor Manufacturing Inc. (NUMMI) plant this year, said Toyota spokesman Paul Nolasco. GM pulled out of the venture last year as it restructured under governmentbacked bankruptcy protection. Toyota closed the plant earlier this year after reaching a deal with the plant's 4,500 unionised workers. "We've been discussing how to pay costs of winding down NUMMI for more than a year, but as the US court recommended us to file a lawsuit, we

iled the suit on November 24," said Nolasco. Toyota sold the factory to Tesla Motors in May as the Japanese automaker bought a 50 million dollar stake in the US electric vehicle maker. Separately, NUMMI has also filed a suit against MLC, seeking about 360 million dollars in damages stemming from the dissolution of the joint venture, Nolasco said. MLC, responsible for the discarded assets of the former auto giant, chose "to end its active participation in NUMMI," which "breached MLC's commitments to NUMMI and sounded its death knell," the statement said. Toyota eclipsed the former GM as the world's top automaker in 2008. Amid skyrocketing debt and plummeting sales, GM was forced into bankruptcy protection in June 2009, as it got a See # 1 Page 11

Pensioners get peanuts

Explanation sought from Fed, provinces ISLAMABAD: Supreme Court of Pakistan while issuing notices to the federation and provinces has sought reply on the petition filed against less increase in the pension of the retired employees as compared to enhancement in the salaries of the government employees. A 3-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry took up the petition for hearing on Wednesday which had been filed by Abdul Ghafoor Dogar. The petitioner took the plea that government had increased the salaries of its employees by 50 per cent during the cur-

rent financial year budget while the pension in respect of retired employees had been enhanced only by 26 per cent. It was sheer discrimination and violation of articles 9, 14 and 25 of the constitution. "The pension has been less increased probably for the reason that the retired employees have reached such stage of age where they eat bread less", justice Khalil-ur Rehman remarked. The court after brief hearing the petition has issued notices to the federation and all the four provinces and sought replies from them within 3 weeks. Online

Justice Ejaz now new CJ of LHC ISLAMABAD: President Asif Ali Zardari while accepting the recommendations of the parliamentary and judicial commission has appointed Justice Ejaz Chaudhry as new chief justice of Lahore High Court (LHC). Justice Ejaz Chaudhry will assume the office of chief justice of LHC on December 8 following the retirement of sitting chief justice Khawaja Muhammad Sharif. Law ministry has issued notification about appointment of Justice Ejaz Chaudhry as chief justice of LHC.

This is the first high-profile appointment in judiciary in consonance with the new procedure after the passage of 18th amendment which has been made in the light of the recommendations of the judicial commission and parliamentary commission. Following the approval of name of Justice Ejaz Chaudhry by parliamentary commission Prime Minister Syed Yousuf Raza Gilani had sent the summary to the president Asif Ali Zardari who has appointed Justice Ejaz Chaudhry as new chief justice of LHC. -Online

3M budget deficit at 1.6pc of GDP KARACHI: Pakistan's budget deficit for the first three months of the 2010/11 fiscal year was 1.6 per cent of gross domestic product, Finance Ministry said on its web site Wednesday. This compared with a fiscal deficit of 1.5 per cent in the same period last year. Pakistan announced last month a fiscal deficit of 4.7 per cent of GDP, agreed with the International Monetary Fund for fiscal year 2010/11 as part of an $11 billion bailout programme.

The original target of 4 per cent of GDP was revised following the devastating summer floods which cost around $10 billion in damages. A widening in the fiscal deficit to 1.6 per cent of GDP in the first quarter, which ended Sept 30, was a warning that Pakistan would likely overshoot the deficit target by the end of the fiscal year in June, analysts said. They forecast a budget deficit of at least 6 per cent of GDP. -Reuters

Hajj Scam

FIA to broaden probe circle ISLAMABAD: Federal Investigation Agency (FIA) has decided to widen its circle of investigation, seek permission for further arrests from the relevant agencies. According to media reports, FIA has asked for the arrest of the senior joint secretary Hajj Raja Aftab-ul Islam for the irregularities in the Hajj scam, more information has been gathered from a deputy secretary and two section officers in this regard. It has been revealed that Raja Aftab-ul Islam was the first one to sign the authorisation for the purchase of 82 buildings for the hajjis and he was formally involved in the scam. Former DG Hajj Rao Shakil has already been arrested by the FIA according to sources he is in Adiala jail for further investigation. -Online

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said Wednesday that his government would continue to fight against terrorism despite economic challenges posed by the recent flood and the impact of global recession. Prime Minister while talking to Cameron Munter, Ambassador of the USA, who called on him at the PM House, said the terrorism was a common threat which called for developing a joint strategy to compliment each other efforts. He further added that war on terror has had seriously implications for Pakistan's economy. While the Government of Pakistan, he said, was taking some unpopular decisions through reforms and restructuring of economy. "It is the responsibility of the international community to assist Pakistan in gaining higher market

access to the developed world to ease its economic difficulties particularly the unemployment pressures", he said. The improved economic conditions, he added, would also help to address the root causes of extremism and terrorism. Prime Minister emphasised that Pakistan firmly believes that it was part of solution for Afghanistan's peace and security. Pakistan, he added, was willing to contribute towards that end by helping Afghan Government in training its National Army, Police and developing bureaucratic institutions. While commenting on the misleading WikiLeaks, Prime Minister mentioned that government of Pakistan has already released its reaction on the subject and would ensure that Pakistan's national interests would not be compromised by

such mischief in any manner. The US Ambassador stated that the malicious WikiLeaks would not have any affect on the strong, strategic partnership between Pakistan and the USA, as both sides were resolute to address the misperceptions in the interest of long term cordial bilateral relations. He further said that the US desired to strengthen mutual cooperation in various fields and focus on concrete projects of development in Pakistan as well as establish better business relations between the two countries. The US Ambassador while acknowledging Pakistan's contribution in helping to bring about peace in the region said that Pakistan has a legitimate role in the future of Afghanistan. Salman Bashir, Secretary Foreign Affairs was also present in the meeting. -NNI

Russians concerned about nuclear infiltration

Pak rejects fears over N-arms ISLAMABAD: Pakistan on Wednesday dismissed Western concerns over the security of its nuclear weapons programme following the publication of more U.S. State Department cables by anti-secrecy organisation WikiLeaks. A fresh cache of U.S. diplomatic cables released Tuesday and Wednesday show widespread concern about the safety of Pakistan's nuclear weapons with worries stretching from Washington to Riyadh to Moscow. A senior Pakistani government official familiar with his country's nuclear weapons programme waved off Western handwringing. "They (the weapons) are secured. That's it. No matter whatever point of view any-

body else has," he said. A senior official in Pakistan's Inter-Services Intelligences spy agency said the country's nuclear weapons were "the safest," and that spent fuel rods in the nuclear reactors were "safe and secure." "Your planes have had accidents and lost nuclear bombs at sea," he said. "I think it is the Bible that says:'Physician, heal thyself first.'" PM Gilani's office, in a statement issued after a meeting with the new US ambassador, Craig Munter, said the revelations would not " have any effect on the strong, strategic partnership between Pakistan and the USA, as both sides were resolute to address the misperceptions in the interest of long-term cordial bilateral relations". -Reuters

Senate body meeting put off ISLAMABAD: Meeting of senate standing committee for law and justice has been postponed due to the absence of federal law minister Dr Babar Awan and law secretary. On Wednesday, the chairman of the committee Kazim Khan along with other members came to the room to proceed the session but on the protest of the members saying that without the presence of federal law minister Dr Babar Awan and law secretary the session can not take place. Senator Kazim Khan had to postpone the session, committee emphasized that the federal law minister and secretary should respect the committees and make sure of their attendance in such committees. Online

Russia sets up first nuclear fuel bank MOSCOW: Russia has successfully completed the creation of the world's first international nuclear fuel bank under an agreement with the IAEA, the Rosatom state atomic energy corporation said Wednesday. The fuel bank now stores 120 tonnes of low-enriched uranium (LEU) in the Siberian city of Angarsk, the Russian agency said in a statement. "This is enough to complete two refuels of the world's most commonly-used light-water reactors with a capacity of 1000MW," the Rosatom statement said. The fuel has been enriched to between 2 and 4.95 per cent and is being kept under the auspices of the International Atomic Energy Agency (IAEA). The IAEA approved the reserve's creation at a two-day meeting in November. It is meant to ensure stable fuel supplies to partner nations in case See # 2 Page 11

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