Page 1

International Karachi, Friday, December 3, 2010, Zil Hajj 26, Price Rs12 Pages 12

Rs45bn allocated for rehab of Sindh schools: Sharmila Economic Indicators

SCRA(U.S $ in million)

162.58 Yearly(Jul, 2010--1-Dec-2010) Monthly(Dec, 2010--1-Dec-2010) -0.15 -0.15 Daily (1-Dec-2010) 3796 Total Portfolio Inv (19 Nov-2010)

ZURICH: FIFA President Joseph Blatter, is flanked by Russian Deputy PM Igor Shuvalov and Sheikh Hamad bin Khalifa Al-Thani of Qatar -Reuters 2.55 0.01 -3.65

Banks / DFI (2-Dec-2010)

3.80

Mutual Funds (2-Dec-2010) NBFC (2-Dec-2010)

-1.45

Local Investors (2-Dec-2010)

-1.08

Other Organization (2-Dec-2010)

-0.19

Global Indices Close

Change

KSE 100

Index

11,343.55

121.74

Nikkei 225

10,168.52

180.47

Hang Seng

23,448.78

198.98

Sensex 30

19,992.70

142.70

ADX

2,745.58

15.71

SSE COMP.

2,843.61

20.16

FTSE 100

5,701.15

58.65

*Dow Jones

11,291.95

36.17

*Last Updated 20:00 PST

GDR update Symbols

$.Price PKR/Shares 111.25

MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 19.00

162.60

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

42.79

HUBC (1 GDR= 25 Shares) 10.63

36.39

36.37

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)$/bbl 89.15 *Crude Oil (WTI)$/bbl 86.65 *Cotton $/lb 125.93 *Gold $/ozs 1,388.60 *Silver $/ozs 28.51 Malaysian Palm $ 1,110 GOLD (NCEL) PKR 38,269 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

113.00

112.00

Hong Kong $ 10.90

11.00

Japanese Yen 1.011

1.037

Saudi Riyal

22.80

22.90

Singapore $

64.70

64.80

Swedish Korona 12.65

12.75

Swiss Franc

86.95

87.05

U.A.E Dirham 23.20

23.30

UK Pound

129.00

130.00

US $

85.50

85.70

Inter-Bank Currency Rates Symbols

Buying TT Clean Australian $ 82.49 Canadian $ 84.09 Danish Krone 15.06 Euro 112.23 Hong Kong $ 11.01 Japanese Yen 1.024 Saudi Riyal 22.81 Singapore $ 65.13 Swedish Korona 12.27 Swiss Franc 85.26 U.A.E Dirham 23.29 UK Pound 133.59 US $ 85.58

Selling TT & OD 82.68 84.29 15.09 112.50 11.04 1.026 22.86 65.28 12.30 85.46 23.35 133.91 85.77

Weather Forecast CITIES MAX-TEMP ISLAMABAD 23°C

MIN 3°C

KARACHI LAHORE FAISALABAD

30°C 24°C 25°C

13°C 8°C 5°C

QUETTA RAWALPINDI

17°C 23°C

-7°C 5°C

Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

See on Page 12

Terrorists under govt radar: Malik

See on Page 12

China to extend grant of $250mn under PDRG: Shaikh

Portfolio Investment

Local Companies (2-Dec-2010)

EU urged to spend more against terror

Sino-Pak 5-year uplift plan OKed

$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

(U.S $ in million) FIPI (2-Dec-2010)

See on Page 12

Proposals of over $13bn projects also approved

$16.74bn Forex Reserves (27-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)

NCCPL

Pillion riding banned again in Khi, Hyd

WikiLeaks

WikiLeaks keeps raising hackles l Zardari against back channel talks with India l Benazir Bhutto returned to Pak after USA clearance l Musharraf thought Osama was in Bajaur l India, UAE behind Balochistan unrest l US mulled Sharif as potential partner ISLAMABAD: While the Bush administration remained silent amid rumours that Pakistan was about to release disgraced nuclear scientist Dr Abdul Qadeer Khan from house arrest, a top US official urged Washington to 'strongly oppose' the move, a diplomatic cable unveiled by WikiLeaks has revealed. The Bush administration stayed silent over the rumours, as struggling to

l Clinton phones Zardari, discusses wikiLeaks l Army decides not to show any immediate reaction over Wiki Leaks cables l PM summons defence body meeting

get Pakistan's help in the war against al Qaeda, it could not risk reminding the world of a case, which Pakistani officials kept saying was closed, The New York Times reported. In private, it was a different story altogether, as

NA committee debates RGST

FBR sees Rs128bn from textilers only

Richard Boucher, the top US State Department official for South Asia, urged the United States to oppose the scientist's release by the Pakistan government. According to a leaked cable, on April 10, 2008, See # 8 Page 11

Judges can be put to trial: SC

ISLAMABAD: Justice Jawad Khawaja has maintained that judge cannot be distinguished from an individual in anyway and he can be put to trial, adding if judge is separated from individual then it will ensue a new debate. He gave these remarks during the course of hearing of contempt of court case against the PCO judges here Thursday. A 5-member SC larger bench presided over by Justice Sair Ali heard the case. During the course of Innovative Investment Bank misappropriation hearing, the arguments advanced by SM Zafar See # 10 Page 11

ISLAMABAD: The representatives of textile and agriculture sectors and stationery business have rejected Reformed General Sales Tax (RGST) Bill during the NA standing committee on finance meeting saying imposition of RGST will open flood gate of inflation in the country. All other parties except PPP termed the RGST a tyrannical law during the standing committee meeting which was held here

Thursday under its chairperson Fauzia Wahab. Ejaz Gohar, chairman All Pakistan Textile Mills Association (APTMA) said tax should be levied on the textile products only. The common man would have to bear the burden of Rs40 billion due to increase in the cost of clothes with the imposition of RGST, he cautioned. Chairman FBR Sohail Ahmad said only additional See # 9 Page 11

B’stan MPs ask Fed to intervene

QUETTA: The lawmakers of the Balochistan Assembly during Thursday session passed resolution against misappropriation of Innovative Investment Bank and urged Federation to intervene into the issue. The assembly session started with Deputy Speaker Matiullah Agha in chair. Health Minister and Jamiat Ulema-e-Islam (JUI) leader Aainullah Shams

moved the resolution which reads that Innovative Investment Bank, a branch of Crescent Investment Bank has established its offices in Karachi, Lahore and Islamabad respectively. A large number of persons from Balochistan had invested in the projects of the bank. Now the bank had not been returning invested amount and profit to the See # 11 Page 11

Govt set to take NAB Ord back ISLAMABAD: Attorney General (AG) told the Supreme Court of Pakistan (SC) that government has agreed to withdraw NAB Ordinance-2010. A 3-member bench of SC comprising Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani

and justice Khalil-ur Rehman Ramday heard the case Thursday. During the course of hearing of case AG Maulvi Anwar-ul Haq informed the court the government had finally decided to take back the ordinance. "If government has taken See # 13 Page 11

FX reserves shrink to $16.74bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell to $16.74 billion in the week ending Nov 27, down from $16.85 billion the previous week, the central bank said Thursday. Reserves held by the State Bank of Pakistan (SBP) eased to $12.97 billion from $13.11 billion in See # 12 Page 11

LPG up Rs14/kg ISLAMABAD: The prices of LPG have been increased by Rs14 per kilogramme without taking permission from the government and Oil and Gas Regulatory Authority (OGRA) while rates of commercial and domestic cylinders have See # 14 Page 11

ISLAMABAD: Pakistan and China here Thursday agreed to launch New Five Year Development Plan (FYDP) besides approving the proposals for 36 projects worth $13.28 billion in various fields of economy to further boost bilateral economic cooperation. The Pak-China Joint Committee on Economic, Trade Scientific and Technical Cooperation (JEC) held its 14th session here under the co-chairmanship of Finance Minister Dr

Hafiz Shaikh and visiting China International Trade Representative, Ministry of Commerce, Gao Hucheng. The proposals of the projects the JEC agreed upon are related to development of industry, water and energy, agriculture, fisheries and communication. The JEC also agreed to boost exports from Pakistan to China by providing tariff relaxation through Free Trade Agreement, Dr Shaikh and Hucheng said while addressing a joint press conference here after JEC session. Dr Shaikh said China would also send purchasing missions to Pakistan to book orders for exports and facili-

tates Pakistani exporters to visit China and participate in trade fairs to explore markets for their products besides building capacity of the exporters. Finance Minister Sheikh said China will extend grant of 250 million dollars to Pakistan under Post Disaster Relief Grant (PDRG) for reconstruction of flood ravaged areas and development of energy, agriculture, transport, mining, infrastructure and other sectors. In addition, the JEC agreed to enhance Chinese investment in various sectors of country's economy including agriculture, electricity, finance, mining and infrastructure, See # 6 Page 11

Tourism, Social Progress, Special Education, Culture, Health

5 more ministries’ shift in Feb'11 ISLAMABAD: Parliamentary Commission on implementation of 18th amendment has decided for devolution of five more ministries to the provinces till February, 2011 in the second phase.

Sources told Online the commission met here Thursday under its chairman senator Mian Raza Rabbani. Senator Ishaq Dar, Senator Afrasyab Khattak, Senator Haji Adeel, Senator Waseem Sajjad, Dr

Farooq Sattar and other members attended the meeting. The participants expressed satisfaction over the step taken for transferring 5 ministries to the provinces See # 7 Page 11


2

Friday, December 3, 2010

Sindh, land of peace & fraternity: Marri Staff Reporter KARACHI: Sindh is centre of great Indus civilisation which is believed as one of the greatest civilisations of the world and the people of this land are proud of their heritage as the Sufis and Saints have always given to world, the message of peace and brotherhood. These were the views of the acting Governor Sindh Nisar Ahmed Khuhro, Sindh Minister Power Shazia Marri and Deputy Speaker Sindh Assembly Shehla Raza who addressed to a program in connection with the celebrations of Sindhi Culture Day, at historical NJVHigh School, here, today. Acting Governor Sindh Nisar Ahmed Khuhro in his keynote speech, said that Sindh the province which

took initiative in the foundations of Pakistan and the credit also goes to a Sindhi Zulfiqar Ali Bhutto who not only saved a broken Pakistan but took it to the new heights. He said that Shaheed Mohtarma Benazir Bhutto also sacrificed her life for this country and today a son of Sindh is leading Pakistan with the politics of reconciliation. Khuhro further said that every son of Sindh loves to the culture, heritage and language of this land as we believe that if a person who is not loyal to his land, he than can not be loyal to anybody. He quoted the heroic characters of Sindh and said that from this land, Shah Abdul Latif Bhitai, Sachal Sarmast, Shaheed Zulfiqar Ali Bhutto, Shaheed Mohtarma Benazir Bhutto and many

KARACHI: Acting Governor Sindh Nisar Ahmad Khoro and Provincial Minister Shazia Marri enjoying the performances during a cultural show in Karachi.-Online

others gave world the message of peace and brotherhood. He said that President Asif Ali Zardari is also fol-

lowing these characters of this land and called upon the people living in the province to promote their

LCCI to hold entrepreneur moot on Saturday Staff Correspondent

KARACHI: Ambassador of Republic of Korea Choong Joo Chai & Consul General In Kilee called on Information Advisor Sindh Sharmila Farooqui Chief Secretary office.-Staff Photo

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

FRIDAY 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

SBI inks deal with Malaysian Halal Authority KARACHI: Sindh Board of Investment (SBI) achieved a historic milestone in its progress towards development of Halal sector in Pakistan by signing a Memorandum of Understanding with Halal Industry Development Corporation (HDC) which is the premier agency for development of Halal Industry in Malaysia. According to SBI here on Thursday, the MOU was signed in HDC's

Kuala Lumpur office between Mohammad Younus Dagha, Secretary Investment Department and Director General Sindh Board of Investment (SBI) and Jamil Bidin, the Chairman and CEO of HDC in the presence of Advisor to CM Sindh on Investment Zubair Motiwala and the High Commissioner of Pakistan for Malaysia Masood Khalid and the officials of HDC.-PPI

Dawlance oven goes healthy KARACHI: Dawlance, the no. 1 home appliances brand of Pakistan launched a new range of Microwave Ovens with health benefits, here at a local hotel today. As part of the new range of Microwave Ovens, three ovens were announced in the H-Zone category. An independent research revealed that 7 out of 10 microwave ovens sold are Dawlance microwave ovens. The research results concluded that Dawlance

is the most trusted consumer appliances brand and majority of Pakistani women rely on Dawlance microwave ovens for their cooking needs. The new range of Dawlance Microwave Ovens is meant to alleviate healthy living. With its healthy cooking options like calorie indicator and deodoriser, Pakistani women can now truly enjoy the art of cooking while taking care of all their health needs at the same time.-PR

KARACHI: Hasan Jamil, Head of Marketing and Ammar Hakhdoo, Category Manager Micarowave Ovens presents at the launch of new H-Zone Microwave Ovens range from Dawlance. These ovens are meant for meant for healthy cooking with calorie indicator and deodorizer feature.-Staff Photo

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) will be holding Pakistan Entrepreneurship Summit 2010 on December 4 (Saturday) at a local hotel here. The summit to be addressed by leading economists, top-notch entrepreneurs, the CEOs of multinationals and successful businessmen would continue from 9am to 6pm. The President Lahore Chamber of Commerce and Industry Shahzad Ali Malik will be Chief Guest while the Chief Executive Officer Bank Alfalah Sirajuddin Aziz would be the Guest of Honor. The other key speakers included CEO SMEDA Anwaar A Khan, CEO TUSDEC Sohail Ahmad Khan, Chairman Pakistan Tobacco Moeen Afzal, Rector UMT Hassan Sohaib Murad and Chairman Skill Development Council Pakistan Rehmatullah Javaid. The Summit has been designed to accelerate economic activity in the country that has gone down due multiple internal and external challenges. The programme includes Business Idea Competition and Introduction of 15 Role Model Entrepreneurs.

CDGK performing up to mark: IT minister KARACHI: Provincial Minister for Information Technology Raza Haroon has said that city government Karachi and town administration were giving better performance despite of financial constraints and shortage of funds. He expressed these views during a visit of the Jaffer Tayyar Society and while attending a meeting at Malir Town Office on Thursday. Raza Haroon said that the some of the areas in Malir Town were facing shortage of water supply but now necessary measures were taken to solve these problems. Water tankers were being used to supply water in more affected areas. Member provincial assembly Waseem Ahmed, Town Administrator Mukhtar Palejo, EDO Municipal Services Masood Alm and officers of city government and water board were also present on this occasion while a large number of people gathered in Jaffer Tayyar Society during the visit of provincial minister.-NNI

culture and heritage. Sindh Minister for Power Shazia Marri in her speech as chief guest, said that the

Sindhi Cap and Ajrak are the identity of this province and these are the symbols of dignity and respect. She

said that we have been empowered by the constitution of Pakistan to promote our language and culture, therefore we have to tell our young generation that we are the heirs of great heritage and colourful culture of the world. Shazia Marri strongly criticised certain private Schools of Karachi and said that some schools, though are charging high fees and proudly teaching French and Spanish languages but these schools feel shame to impart teaching about Sindhi language which even is language of this province. She said that China though, depends on its own Chinese language but nowadays it is taken as a threat to the economy of world's super power and suggested that we have to promote our cultures and regional languages through

which Pakistan will be stronger. Shehla Raza the acting Speaker of the Assembly of Sindh being another chief guest, said in her speech that Sindh is known as a centre of Indus civilisation which is believed as greatest civilisation of the world. She said that the people of this province are proud that the heroes of this land have sacrificed their lives for peace and humanity. Among others, senior journalist Zulfiqar Wahoocho, EDO Education Karachi Ibrahim Kumbhar and G Rasool Bhand also spoke to the gathering. On this occasion, the children of NJV High School and its Primary section presented colourful Tablaus and performed on songs on which audiences also danced.

NCEL trade booms in Nov KARACHI: Trading volumes at National Commodity Exchange Limited (NCEL) reached new record levels during November with total traded value amounting to Rs35 billion. Total number of contracts traded crossed the 100,000 per month level for the first time. In addition, a record number of brokers were active during the month with the Clearinghouse Settlement Guarantee Fund crossing the Rs300 million mark. This rise in activity amounts to 44 per cent growth over the previous month and over 1,150 per cent from the same month of previous year. Over the current calendar year, NCEL volume growth so far equates to 500 per cent while in the five month of the current financial year, the actual increase in activity is close to 200 per cent.

Samir Ahmed, Managing Director, NCEL said, "NCEL's continued growth is the result of rising interest from diverse range of investors with increasing institutional participation. In addition to a wide range of contracts in gold, trading volumes have picked up significantly in silver and crude oil futures as well." In addition to these IRRI rice, Palm Olein and Kibor interest rate futures are also listed and traded on NCEL. The Exchange is well on its way to achieving its target of listing new products in the current financial year including cotton, sugar, wheat, maize and basmati rice along with currency futures. NCEL is Pakistan's first and only commodity and futures exchange. It is also Pakistan's first and only demutualised exchange with 100 per cent institutional shareholders.-PR

KESC sets up business centre in Korangi KARACHI: The Karachi Electric Supply Company has launched its Integrated Business Centre at Qayyumabad, Korangi, which is fully equipped with modern facilities. This one-window operation centre provides prompt action on complaints, resolution of the customers' issues in the best possible manner and offers all other electricity related services under one roof. S M Munir, Patron in Chief of Karachi Association of Trade and Industry, was the chief guest at the inaugural ceremony of the IBC. Tabish Gauhar, CEO of KESC, also participated. The facilities available at Korangi Industrial Model

Zone Integrated Business Centre were introduced to the participants of the ceremony. Over 8,000 industrial and around 34,000 residential customers would be able to benefit from this centre. About 100 KESC employees are busy working on customer care, customer accounts, revenue protection and recovery, network, and, complaints sections at the place. Munir, in his address, appreciated non-stop electricity supply to all industrial areas of Karachi by KESC, including the Korangi zone, and welcomed the commencement of the IBC in the locality. He assured KESC of all support on behalf of his Association.-PPI

KARACHI: Consul General of the Republic of Korea, In Ki Lee, hosted luncheon in honour of Ambassador of Korea Choong Joo Choi, at local hotel. Picture shows Chairman PKB&FC, Ahsan Mukhtar Zubeiri, Iqbal Mangrani, President KCCI Talat Mahmood and Jeon Changhyon along with other guests.-Staff Photo

KARACHI: Muhammad Ali Zeb CEO Adamjee Insurance, Fredrik De Beer CEO Adamjee Life, Ahmed Abdual Bari, Vice Presedent KGC, Munsif Raza, Parveez Ansari with participants of Adamjee Insurance Golf Tournament 2010 at Karachi Golf Club.-Staff Photo

KARACHI: Muhammad Ali Zeb CEO Adamjee Insurance, Fredrik De Beer CEO Adamjee Life, Ahmed Abdual Bari, Vice Presedent KGC, Munsif Raza, Parveez Ansari with participants of Adamjee Insurance Golf Tournament 2010 at Karachi Golf Club.-Staff Photo

LG unveils USB modem KARACHI: LG Electronics (LG) today announced the launch of the LG VL600, the first LTE (Long Term Evolution) USB modem for Verizon Wireless, the largest wireless service provider in the United States. Ideal for business professionals on-the-go, the LG VL600 features high-speed 4G internet connectivity, a lightweight design with a flip USB cover and sleek outer finish that makes traveling a streamlined, enjoyable experience. By just connecting with the LG VL600, customers in the 4G LTE service area can expect high speeds of 5 to 12 Mbps (megabits

per second) on download and 2 to 5 Mbps on upload KARACHI: Vice Chancellor Hamdard University for high quality multimedia content, more than 10 Nasim A Khan giving away his book entitle "Energy Resources & Utilisation in Pakistan" to Sheikh times faster than 3G. Mohammad Afzal, Minister for Environment and "It is really exciting for us to be releasing the first Alternative Energy, Govt of Sindh at book launching Ceremony.-Staff Photo LTE USB modem with Verizon Wireless, who is aggressively leading the commercialization of LTE services in the world," said Jeff Hwang, President of LG Electronics MobileComm USA, Inc "And for LG, this is just the first step. Along with Verizon, we're committed to making LTE products faster and ever-more innovative, ensuring that LG KARACHI: International President lions club Sid L Scruggs with Loin Malik Khuda Bukhas, Huma stays at the forefront of developments in LTE tech- Bukhari and others delegates at introduction session nology."-PR isaame forum Pakistan 2010 Dubai.-Staff Photo


3

Friday, December 3, 2010

Reports of ECB bond buying lift euro vs dollar

Swiss franc stays flat against euro

Trichet gives no guidance on bond buying NEW YORK: The euro rose in volatile trading on Thursday, boosted by reports the ECB was buying euro-zone bonds after its president Jean-Claude Trichet disappointed investors by not announcing an aggressive bondbuying program. The common currency, however, should remain under pressure due to uncertainty about the outlook for euro-zone peripheral countries given the debt crisis in the 16-member grouping. In tandem with the euro's rise, the premium that investors demand to buy Portuguese and Irish debt over German benchmarks fell on Thursday, with traders saying the European Central Bank had been buying the two countries' bonds. That caused the euro to recover from losses triggered after Trichet's remarks. Market participants had been

expecting the ECB to unveil an aggressive new bond buying program. Instead the ECB extended nonstandard provisions, committing to provide unlimited one-week, one-month

and three-month funding for vulnerable euro-zone banks until at least April, a move viewed by the market as too soft. "People were geared up to hear about new extraordinary measures. What they didn't want to see was any talk at all about an exit strategy." said Boris Schlossberg, director of research at GFT Forex in New York.

"The market is starting to fear not only that they're not doing anything to help the current crisis, but may actually be exacerbating it. That caused the euro to dip lower."

In midmorning New York trading, the euro was up 0.3 per cent at $1.3187, with session lows at $1.3060 in the wake of Trichet's remarks. Overall, the intraday bias in euro/dollar remains neutral for now as the currency consolidates from lows at $1.2969 earlier this week, traders said. Another rise cannot be ruled out, according to

Asian currencies

SKorean won rises as risky assets bounce Indonesian rupiah bounces off support at 200-day MA SINGAPORE: The South Korean won edged higher on Thursday, reflecting increased appetite for risky assets on the back of market speculation that the European Central Bank may take steps to quell the euro-zone's debt crisis. With the very fate of the euro-zone being questioned by some investors, the ECB is under pressure to take steps to contain the debt crisis at its policy meeting later on Thursday. The dollar dipped against the

South Korean won to 1149.3, down 0.2 per cent from Wednesday's South Korean domestic close. South Korean shares rose 1.1 per cent to 1,950.26, supported by foreign investors' buying. The dollar dipped 0.1 per cent against the rupiah to 9,008. Its rise the previous day had stalled at 9,040, right near resistance at the 200-day moving average. Foreign banks were dollar sellers early, but ran into state bank bids.

Bullish stocks and bond markets should spur renewed dollar selling pressure against the rupiah, and support at 9,000 could give away in the near term. The dollar rose 0.1 per cent against the Singapore dollar to 1.3102, as short-covering set in after the dollar fell 0.9 per cent against the Singapore dollar the previous day. The dollar rose to as high as 1.3145 earlier, after stops were taken out above 1.3130. Reuters

Stg slips versus euro; Taiwan dlr consolidates against $ edges higher LONDON: Sterling slipped against a firmer euro on Thursday as traders cited the ECB buying Portuguese and Irish debt, helping to calm jitters over the eurozone periphery and lend support the ailing single currency. Traders said sterling price action continued to be driven by euro-zone sovereign risk sentiment. The premium investors demand

to buy Portuguese and Irish debt over German benchmarks fell on Thursday with traders saying the European Central Bank had been buying the two countries' bonds. ECB President Jean-Claude Trichet earlier gave no indication the central bank was considering escalating its sovereign bond buying scheme, which initially dented the euro. "The ECB have reportedly been buying Portuguese debt and the spreads have come in, which is why the euro has rallied against sterling and other currencies," said Adrian Schmidt, currency

strategist at Lloyds Banking Group. The euro traded at 84.70 pence, close to a session high and up around 0.7 per cent on the day. It had fallen to a two-month low on Wednesday of 83.34 as the euro came under broad selling pressure. Versus the dollar, sterling traded down around 0.4 per cent at $1.5565, having slipped to a two-month low of $1.5485 on

Tuesday, but traders said focus was very much on the euro. "Sterling against the dollar is very much a sideshow at the moment but it should be well supported in the $1.5500 area," said Schmidt at Lloyds. Technically however, a break of $1.5500 would be the trigger for further weakness. "Given broader USD bullish signals, we are ultimately looking for a break below 1.5500 to trigger weakness to 1.5300/50 before potential basing signs," said Phil Roberts, technical analyst at Barclays. -Reuters

TAIPEI: The Taiwan dollar ended slightly higher on Thursday as foreign buying of shares helped drive the main stock index to a two-and-halfa-year closing high for a second day, though a move by the island's central bank cut its gain. The currency climbed to as high as T$30.325 before ending at T$30.788 versus the US dollar. It closed at T$30.852 in the prior session. The central bank regularly steps in to keep the Taiwan dollar's rises in check and protect exporters. The currency has gained about 3 per cent since late September, reflecting expectations that US monetary easing would attract foreign fund inflows to Asia. Taiwan's share market closed up 0.77 per cent on Thursday, extending gains from a two-and-half-a-year closing high in previous session. Net buying by foreign investors of Taiwan stocks stood at T$10 billion on Thursday, as buoyant economic data in the United States and China have improved the global economic outlook for next year and whet appetites for risky assets. -Reuters

Australian dollar tumbles on weak data, NZ$ firm SYDNEY/WELLINGTON: The Australian dollar lost about a third of a US cent on Thursday after October retail sales unexpectedly fell, denting hopes for a strong economic revival in the fourth quarter. The Australian dollar was soft at $0.9637, after falling as far as $0.9621. It had traded at $0.9666 before the data. Support is at the 2-1/2month low of $0.9536 hit on Wednesday. Data showed retail sales in October dropped 1.1 per cent, the biggest fall in 15 months. That was far weaker than forecasts for a 0.3 per cent rise, with some analysts saying the fall was in part due to higher interest rates. "We'll see more softer data until the end of the year. It goes hand in hand with the November rate hike. I think it's a case of a softer Aussie into the end of the year," said Robert Rennie, chief currency strategist at Westpac Bank. The Reserve Bank of Australia had raised rates by 25 basis points to 4.75 per cent in November, as a pre-emptive strike against inflation. Given household consumption accounts for

about 55 per cent of Australia's economy, disappointing retail sales cast doubts over whether the economy could re-accelarate in the fourth quarter, although it did not alter rate hike bets. After the RBA's comments last week that investors were not unreasonable to expect the next rate hike to come in mid-2011, investors have been priced for no change in rates before June. Underscoring the Australian dollar's solid fundamentals, Rennie said the currency would be a good buy if it falls further to around 93 cents. The New Zealand dollar fared better, holding its ground at $0.7510 to be steady from the local open, and about half a cent above late Wednesday levels. After the solid bout of global data overnight lifted growth-sensitive currencies, consolidation was likely with the closelywatched US payrolls report due on Friday. The kiwi was seen with a strong base at Tuesday's two-month low of $0.7398, while resistance started from $0.7540. The retreat in the Aussie pulled it down against the kiwi to NZ$1.2826, from NZ$1.2901 seen here late Wednesday. -Reuters

ActionForex.com analysts, at the hourly 55-day exponential moving average around $1.3279. But they said strong resistance is expected at $1.3447. "So unless the now highly politicized situation is resolved, the euro is likely to continue to be under pressure in the near term, which is our expectation because a lack of consensus in the ECB and EU would make credible and substantial responses hard to come by," said Aston Chan, portfolio manager at global macro hedge fund GLC in London. GLC has assets under management of around $1.2 billion. The dollar was down 0.3 per cent against the yen at 84.20 after a rise in the latest US weekly jobless claims. Robust US data and higher US bond yields have been supportive of the greenback of late. -Reuters

ZURICH: The Swiss franc trod water versus the euro on Thursday, off the multi-week peak hit earlier this week with market participants slightly less risk averse ahead of a European Central Bank meeting. Worries about sovereign debts in the European periphery have been lifting the franc against the euro of late, helping it rise as high as 1.2930 on Tuesday, its strongest in nearly 11 weeks, according to Reuters data. At 0755 GMT the Swiss franc was virtually flat against the euro, compared to the New York close, trading at 1.3171 per euro. Against the greenback it was up 0.2 per cent at 1.0005 per dollar. Meanwhile, the Swiss economy, which weathered the global downturn better than many of its peers, expanded 0.7 per cent in the third quarter versus the previous quarter, lifted by strong domestic demand. -Reuters

Yuan closes up on China's cbank guidance SHANGHAI: China's yuan closed up slightly against the dollar on Thursday after the People's Bank of China set a higher mid-point, indicating the central bank was letting the dollar's performance guide the Chinese currency's movements. The PBOC appears to be letting the currency move inversely to the US dollar index, but confining trade to a small range, partly to calm domestic opposition to the yuan's steeper-than-expected rise since its mid-June depegging. Dealers widely expect the yuan will remain stable for the rest of this year but that the PBOC will let it rise slightly before the US-China Joint Commission on Commerce and Trade meeting on Dec. 14-15. "It may let the yuan inch up during this period of time," said a dealer at an Asian bank in Shanghai. "But relatively

stable yuan trade may not change around year-end." In the long term, however, appreciation appears likely to continue as China needs to fight against imported inflation. Spot yuan finished at 6.6613 versus the dollar, up slightly from Wednesday's close of 6.6634, and was up 2.48 per cent since the PBOC announced a depegging in midJune. Before the beginning of trade, the PBOC set the midpoint at 6.6691, which was stronger than Wednesday's 6.6786. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Offshore, one-year NDFs rose slightly to 6.5080 bid from Wednesday's close of 6.4920, with implied yuan appreciation in a year's time falling to 2.48 per cent from 2.87 per cent shown on Wednesday. -Reuters

Indian rupee gains as stocks, euro rises MUMBAI: The Indian rupee edged higher on Thursday, a day after it posted its best single-day rise in two months, as gains in local shares and the euro were offset by demand for the US unit from importers, including oil firms. The partially convertible rupee ended at 45.2750/2850 per dollar, 0.2 per cent above its 45.37/38 close on Wednesday. In early deals, the unit had risen as high as 45.21, its strongest since Nov. 22. "After yesterday's dollar selloff, some rest today. There weren't too many flows seen in the market today, so demandsupply was evenly matched," said Hari Chandramgathan, a foreign exchange dealer with Federal Bank. "Heard there was some corporate buying around 45.25 levels, oil demand too was seen in the market," he added. Traders said gains in shares helped the rupee and fuelled hopes for sustained foreign capital inflows. Foreign funds have bought $415.63 million worth of shares in the last three trading sessions until Wednesday, latest data shows, taking net

investments to a record of around $29.1 billion in 2010, on top of the $17.5 billion purchased last year. Capital inflows towards the series of public issues should also keep the Indian unit supported, dealers said. The one-year onshore dollar premium shot up to a high of 223.75 points from Wednesday's close of 210 points, reflecting a outright rate of around 47.50, while the one-year NDF was at 47.46. 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 45.50, 45.5025 and 45.4975 respectively, with the total traded volume on the three exchanges at a low $5.6 billion. -Reuters

Top Economic Events Time 14:00 3rd-7th 14:30 15:00 17:00 17:00 18:30 18:30 18:30 20:00 20:00

Source EUR GBP GBP EUR CAD CAD USD USD USD USD USD

Events Final Services PMI Halifax HPI m/m Services PMI Retail Sales m/m Employment Change Unemployment Rate Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m ISM Non-Manufacturing PMI Factory Orders m/m

Source

Events

JPY AUD AUD CHF GBP EUR EUR

Monetary Base y/y Retail Sales m/m Trade Balance GDP q/q Construction PMI PPI m/m Revised GDP q/q

Forecast 55.2 0.3% 53.2 0.4% 17.9K 7.9% 143K 9.6% 0.2% 54.7 -0.7%

Previous 55.2 1.8% 53.2 -0.2% 3.0K 7.9% 151K 9.6% 0.2% 54.3 2.1%

Actual

Forecast

Previous

7.6% -1.1% 2.63B 0.7% 51.8 0.4% 0.4%

6.9% 0.4% 2.07B 0.5% 51.1 0.4% 0.4%

Previous Day 6.4% 0.1% 1.81B 0.8% 51.6 0.3% 0.4%

Currency Rates 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 1.3205 1.3244 0.9918 1.0052 1.5598 1.5665 1.0049 1.0185 0.9760 0.9778 110.5400 111.1600 0.8467 0.8488 1.3091 1.3204 130.5700 131.7400 84.4800 84.6000 0.9870 0.9929 1389.5400 1398.5800 28.6200 28.9800

Bid 1.3202 0.9913 1.5594 1.0044 0.9756 110.5000 0.8463 1.3087 130.5200 84.4000 0.9864 1389.0000 28.5500

Low 1.3060 0.9890 1.5512 1.0032 0.9628 109.9900 0.8391 1.3072 130.2300 83.6600 0.9842 1384.6600 28.3100

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 02/12/2010 A USD GBP CAD EUR JPY O/N 0.23969 0.55563 0.98000 0.41000 SN 0.08938 1WK 0.25375 0.56188 1.02417 0.57875 0.10063 2WK 0.25625 0.56625 1.05667 0.64500 0.10563 1MO 0.26563 0.57813 1.09417 0.75875 0.11875 2MO 0.28250 0.63188 1.15333 0.85250 0.14500 3MO 0.30344 0.74250 1.22750 0.96875 0.18250 4MO 0.35031 0.82625 1.30500 1.03250 0.24375 5MO 0.41094 0.93250 1.36833 1.11250 0.30313 6MO 0.46531 1.03750 1.44333 1.20625 0.35188 7MO 0.51875 1.11375 1.51167 1.25000 0.40500 8MO 0.57125 1.19875 1.58000 1.30000 0.45125 9MO 0.62125 1.28125 1.64833 1.34875 0.49625 10MO 0.67313 1.35625 1.71667 1.39875 0.52125 11MO 0.72875 1.42500 1.80000 1.44500 0.55250 12MO 0.79000 1.49313 1.88500 1.48750 0.58000

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Dec 07 2010 Dec 09 2010 Dec 21 2010 Jan 13 2011 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 02,2010 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

85.75 133.91 112.50 84.29 85.46 82.68 12.30 1.02 13.94 65.28 15.09 22.86 11.04 12.88 303.52 27.21 64.42 23.55 23.35 0.07 2.86

85.55 133.59 112.23 84.09 85.26 82.49 12.27 1.02 13.91 65.13 15.06 22.81 11.01 12.85 302.81 27.15 64.27 23.49 23.29 0.07 2.85

85.37 133.29 111.97 83.87 85.04 82.27 12.24 1.01 13.87 64.96 15.02 22.75 10.99 12.81 302.01 27.08 64.10 23.43 23.23 0.07 2.84

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 02, 2010

KASB

BMA

ELXIR

GSL

ICSL

12.50 12.50 12.65 12.85 13.05 13.30 13.30 13.50 13.60 13.70 13.80 13.82 13.85 13.85 13.88 13.90 13.92 14.05 14.50 14.60

12.10 12.65 12.85 12.85 13.03 13.15 13.32 13.40 13.63 13.55 13.75 13.75 13.80 13.80 13.85 13.97 13.97 14.10 14.35 14.50

12.50 12.65 12.75 12.85 13.02 13.18 13.30 13.45 13.60 13.68 13.75 13.77 13.78 13.79 13.84 13.88 13.93 14.08 14.40 14.50

12.40 12.65 12.75 12.85 13.05 13.18 13.33 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

12.55 12.65 12.70 12.75 12.90 13.10 13.25 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 12.55 12.60 12.70 12.85 13.05 13.15 13.32 13.45 13.55 13.70 13.75 13.79 13.81 13.83 13.84 13.86 13.87 14.08 14.30 14.40

12.43 12.62 12.73 12.83 13.02 13.18 13.30 13.46 13.60 13.66 13.75 13.78 13.80 13.83 13.86 13.90 13.95 14.10 14.38 14.51

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

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

week month months months year years

0.14 0.78 0.76 0.80 0.26 -0.36

0.82 0.81 0.80 0.15 0.76 0.63

0.86 0.63 0.77 0.71 0.83 0.52

0.59 0.90 0.93 0.87 0.79 0.47

0.12 0.65 0.60 0.59 0.32 -0.18

USD/CAD USD/CHF

0.27 0.66 0.48 0.74 0.07 -0.36

-0.02 -0.59 -0.56 -0.69 -0.10 0.44

0.43 -0.67 -0.87 -0.71 -0.17 0.12

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)02/12/2010 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 12.25

12.75

12.45

12.95

13.00

13.50

13.15

13.40

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

JSBL

12.40

12.90

12.60

13.10

12.80

13.30

13.25

13.50

13.40

13.65

1345

13.95

1370

14.20

14.00

14.50

ASPK 12.40

12.90

12.50

13.00

12.70

13.20

13.00

13.25

13.25

13.50

1340

13.90

1350

14.00

13.65

14.15

CIPK

12.10

12.60

12.30

12.80

12.50

13.00

13.15

13.40

13.30

13.55

1340

13.90

1360

14.10

13.65

14.15

DBPK 12.10

12.60

12.20

12.70

12.30

12.80

12.80

13.05

12.90

13.15

1315

13.65

1325

13.75

13.35

13.85

FBPK 12.10

12.60

12.40

12.90

12.85

13.35

13.15

13.40

13.40

13.65

1360

14.10

1370

14.20

13.90

14.40

FLAH 12.25

12.75

12.50

13.00

12.60

13.10

13.15

13.40

13.40

13.65

1345

13.95

1360

14.10

13.70

14.20

HBPK 12.15

12.65

12.45

12.95

12.75

13.25

13.05

13.30

13.35

13.60

1345

13.95

1360

14.10

13.65

14.15

HKBP 12.00

12.50

12.20

12.70

12.70

13.20

13.05

13.30

13.55

13.80

1340

13.90

1360

14.10

13.65

14.15

N I PK 12.25

12.75

12.50

13.00

12.90

13.40

13.20

13.45

13.30

13.55

1340

13.90

1350

14.00

13.55

14.05

HMBP 12.50

13.00

12.65

13.15

12.95

13.45

13.20

13.45

13.40

13.65

1350

14.00

1375

14.25

13.85

14.35

SAMB 12.25

12.75

12.40

12.90

12.80

13.30

13.10

13.35

13.35

13.60

1355

14.05

1370

14.20

13.80

14.30

MCBK 12.25

12.75

12.50

13.00

12.80

13.30

13.10

13.35

13.30

13.55

1340

13.90

1350

14.00

13.75

14.25

NBPK 12.20

12.70

12.50

13.00

12.70

13.20

13.10

13.35

13.25

13.50

1340

13.90

1360

14.10

13.70

14.20

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

UBPL 12.35

12.85

12.65

13.15

12.75

13.25

13.10

13.35

13.35

13.60

13.45

13.95

13.60

14.10

13.70

14.20

AVE

12.73

12.47

12.97

12.76

13.26

13.12

13.37

13.35

13.60

1343

13.93

1360

14.10

13.70

14.20

ABPL

SCPK

12.23


4 Wednesday, December 2, 2010

The Financial Daily International Vol 4, Issue 116

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

Self reliance in edible oil Despite being an agrarian country Pakistan has remained heavily dependent on imported edible oil. Thanks to palm oil exporters, need was hardly felt to focus on enhancing indigenous production of edible oil. In 2010 Pakistan made two policy initiates: 1) increase in support price of canola and sunflower and 2) disbursement of loans to canola and sunflower farmers at concessional rates. However, experts are of the opinion that without concerted efforts the objective of achieving self sufficiency in edible oil production will remain a far cry. The failure to enhance local production of edible oil over the years can be attributed to unattractive support prices and inadequate financing facilities. Since the two issues have been addressed, the farmers should have no reasons for abstaining from cultivating canola and sunflower in the country. However, it's feared that certain elements within the ministry of agriculture and food are against bringing more area under canola and sunflower. They fear that farmers will switch over to these crops from wheat. They have also expressed apprehensions that farmers do not have the required expertise and the attempt to cultivate these two edible oil seeds may not yield the desired results. Many experts are of the opinion that ministry's fears are unfounded because farmers are being advised to grow oilseeds in addition to wheat. As regards any switchover the ministry itself has forced farmers to look for other options. Farmers had demanded increase in wheat support price to Rs1000 from Rs950 per 40 kg, which was denied. This increase was suggested keeping in view the high inflation in the country as well as spiraling price of wheat in the international markets. Some of the quarters have opposed increase in wheat support price on the pretext that it would increase the wheat flour price but didn't take into account the fact that average inflation rate in the country is hovering around 15 per cent and increase in wheat support price was justified, mainly to provide incentive to farmers to give more attention to wheat crop. It is also necessary to point out that ministry of agriculture hardly bothers to address problems being faced by the farmers. Over the years it has failed in maintaining the DAP price at affordable levels. This year DAP price has gone up and there is an urgent need for the government to announce Rs1000 per bag subsidy. Lately, some of the experts have demanded keeping DAP prices around Rs1500 per bag to enable the farmers to ensure balanced used of nutrients. The optimum utilisation of resources demand enhancing yield through application of appropriate dosage of nutrients, rather than attempting to bring more area under wheat cultivation. Achieving self sufficiency in edible oil production just can't be delayed because it erodes country's foreign exchange reserves by $2 billion annually.

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.

The Un-handicapped Resolve Nisar Ahmed

I

nternational Day of Persons with Disabilities (PWDs) is celebrated on 3rd December every year around the world. This year the day is being celebrated under the theme "Keeping the promise: Mainstreaming Disability in the Millennium Development Goals towards 2015 and beyond". The background of the day is that annual observance of the International Day on 3rd December was established at the occasion of an International Year for Disabled Persons (1981) by the United Nations. The day aims at promoting a better understanding on disability issues with a focus on the rights of persons with disabilities and mainstreaming PWDs in every spheres of the political, economic and cultural life of their communities. The goal of full and effective participation of PWDs, in society and development was establish by the world programme of action concerning disabled persons adopted by the United Nations General Assembly in 1982. Throughout the world programme concerning disabled persons (1982) and the standard Rules on equalization of opportunities for Persons with Disabilities (1993), the well being and rights of PWD's are promoted. These commitments provide an international policy framework, which has been further strengthened by the newly adopted Convention on the Rights of PWDs adopted in 2006. The convention provides an impetus and unique platform for advancement of the international disability rights agenda in development from which to engage the wider global development community. Work within this global

community is framed by the millennium development goals (MDGs) and other internationally agreed development goals. The objective of this year's theme is inclusion of PWDs in all development activities is essential for realizing the MDGs and other development goals. The Day serve as a reminder to governments, global leaders, policy makers, opinion leaders, decision makers and other stakeholders to keep up their efforts on behalf of disability inclusive development. The theme further stresses upon ensuring that disability and the concerns of PWDs

“

In this regard, National Policy for Persons with Disabilities (2002) and National Plan of Action for Persons with Disabilities (2006) have been approved by the government and many projects have been implemented in Pakistan under the policy by the Directorate General of Special Education, Ministry of Social Welfare & Special Education with funding support on behalf of the Planning Commission & Finance Division. The National Education Policy also stresses initiatives for inclusive education. In spite of all, the serious and concerted efforts for the inclusion of PWDs

Although, governments, global leaders, policy-makers and other stakeholders acknowledge the need for disability-inclusive development, they must be supported in their efforts and be reminded to keep their promises

are included in the commitments to end global poverty made by the international community. It is responsibility of the society to help PWDs in making them integral part of the society. It has been observed that the society has to pay high cost of excluding PWDs from the mainstream. In context of the macro economic losses related to exclusion of people with disabilities from work places, the economic losses related to disability are large and measurable, ranging from 3 to 7 per cent of GDP. Therefore, the political, economic and social actors are required to play their due role for inclusion in health, education, employment, skills training and other community services. In Pakistan, many steps have been taken by the government for the inclusion of the PWDs in the society.

are needed. Many commitments and promises have been made by the international community under the inclusive MDGs to promote the inclusion of PWDs in all spheres of development. However, the gap between policy and practice continues. While the MDGs cannot be fully achieved without the inclusion of PWDs, the track record of the achievement of the MDGs may further increase their marginalization. Furthermore, the persistent and cumulative impact of the multiple global crises threatens the progress made towards achieving the MDGs that have a disproportionate and negative impact on persons with disabilities. Persons with disabilities represent key target groups in all the MDGs, yet disability and the concerns of persons

with disabilities still remains to be included in MDG processes and mechanisms. Their lack of representation could negatively impact on progress in the achievement of the MDGs. Although, governments, global leaders, policy-makers and other stakeholders acknowledge the need for disability-inclusive development, they must be supported in their efforts and be reminded to keep their promises. The International Day of Persons with Disabilities needs to be celebrated enthusiastically for this purpose to further ensure the full and effective participation of persons with disability in all aspects of societal life and development. Observing the Day provides opportunities for participation to all the stakeholders - governments, civil society and organizations of persons with disabilities - to focus on issues related to the inclusion of persons with disabilities in the MDGs. On the Day, forums, public discussions and information campaigns in support of the disability issues and development, finding innovative ways and means by which persons with disabilities and their families can be further integrated into the development agenda. The celebration can be organized to showcase the contributions made by the persons with disabilities to the communities in which they live, as agents of development and change. The action can be taken by having major focus of the Day by taking action to for the inclusion of PWDs in all aspects of development, as well as to further their participation in social life and development on the basis of equality. (The writer is the Deputy Chief of Planning and Development Division, GOP)

Northern Europe Faces Costly Freeze H

eavy snow caused travel chaos across much of northern Europe on Thursday, keeping London's Gatwick airport closed for a second day and disrupting road and rail travel in France, Germany and Switzerland. Days of sub-zero temperatures and snow in Britain, beginning in Scotland and northern England and moving south, have halted flights and trains and could be costing the economy 1.2 billion pounds ($1.87 billion) a day, according to insurer RSA. Commuters struggled to get to work as Britain's worst early winter weather in almost two decades showed no sign of easing. Gatwick, Britain's second busiest airport, said it would remain closed until at least 0600 GMT on Friday. Edinburgh airport, operated by BAA, was expected to reopen by 1600 GMT on

Thursday after closing all day on Wednesday. Amid widespread criticism of Britain's inability to cope with bad weather, Transport Secretary Philip Hammond ordered a review of how transport operators had responded this week. "Complacency is not an option. There are lessons to be learned from our performance in every bout of bad weather and it is important that we learn those now," Hammond said. British wholesale gas prices rose to their highest level since early 2009 on Thursday on high demand for heating which is draining limited stocks and increasing fears over supplies for the rest of winter. Last winter was the coldest in Britain for three decades and the authorities had hoped to avoid a repeat of the disruption to travel and businesses that had caused.

EUROSTAR DELAYS Eurostar, which runs train services connecting Britain to France and Belgium, said it would be operating a "significantly reduced timetable on Thursday." Services would be subject to delays of up to 90 minutes and some would be canceled, it said. France's SNCF state rail company told travelers to expect delays of an hour or so on many services and cancellation of two in 10 trains between Paris and the south-east. In Germany, scores of flights were canceled and many delayed at airports in Frankfurt, Munich and Berlin. Berlin suffered road and rail disruptions and temperatures were forecast to fall as far as -20 degrees Celsius in parts of the country on Thursday. Motorists were stranded for several hours on one motorway in the western state of Hesse overnight.

Geneva's Cointrin airport reopened on Thursday after the heaviest snowfall in decades closed its only runway for nearly 36 hours. Hundreds of stranded passengers spent a second night in the airport or in civil protection shelters. An airport spokesman said losses were running at about 500,000 Swiss francs a day during the closure. The heaviest snowfall was in western Switzerland, which disrupted rail and road traffic, creating chaos for commuters. The Interior Ministry said 18 people had died in Poland over the past two days due to the severe weather, which has also disrupted air, road and rail traffic. Wintry weather kills dozens of homeless or drunk people in Poland each year. A power plant broke down in Leszno near Warsaw on Thursday, depriving some

20,000 people of heating and hot water. Some flights to and from Warsaw were canceled but the airport remained open. An official of the main opposition Law and Justice Party, Jacek Sasin, criticized local councils for not being better prepared to deal with the harsh winter conditions. "Are we not able to predict that there will be wintry conditions in December?" he said on TOK FM radio. Poland holds a second round of municipal and regional elections on Sunday. About 30cm of snow fell in the Czech capital Prague, snarling transport and shutting the international airport. Seven flights were canceled and 40 delayed, officials said. The main links between the Czech Republic and Germany and between Prague and the second largest city of Brno in the east were clogged with traffic.-Reuters

Iran’s Africa Quest Under Cloud T

he seizure of weapons from Iran in a Nigerian port, a stand-off with suspects holed up in an embassy and a paper trail leading to the farm of a West African leader bear the hallmarks of a great thriller. But the still-unfolding incident also raising troubling questions about the way Iran does business in Africa and could scare nations away from its quest for closer trade ties and for allies in the international dispute over its nuclear programme. "I think this will make some countries quite wary ... of strong relations with Iran," said Sanam Vakil, an Iran expert and adjunct professor at Johns Hopkins University. "It is only just going to increase pressure on them," she said of efforts within the U.N. Security Council to curtail Iranian nuclear work seen in the West as a bid to acquire the atom bomb, and broader concern over Iran's international role. Those concerns came to the fore in Africa last year when Israel bombed a convoy of Iranian weapons in Sudan which, according to media reports citing US officials, were destined for Palestinian group Hamas in Gaza. The October seizure in Lagos port of 13 containers full of weapons prompted two Iranians to seek refuge in Iran's embassy in the capital Abuja. Diplomats and security sources identified the two as members of Iran's al Quds force, the part

of its Revolutionary Guard charged with foreign operations. Analysts have long suspected an al Quds presence alongside public Iranian activities but evidence of state involvement in arms shipments is likely to unnerve many in a region seeking stability and investment after years of chaos and conflict. "It is very worrying for Africa. I think governments will become very much more circumspect with Iranian activities," said Rolake Akinola, Africa analyst at Eurasia Group. OPERATING PLATFORM Tehran, which sent its foreign minister to Nigeria over the matter, put the incident down to a misunderstanding. The arms -- which included 107-mm rockets -belonged to a private firm making a legitimate shipment to a West African nation, it said. But that did not stop Nigeria reporting Iran to the United Nations Security Council for a possible violation of a U.N. arms embargo and charging one of the men, whom court papers identified as a member of the Revolutionary Guard. Gambia -- the next country of destination for the arms -- abruptly severed all ties with Iran. No reason was given but foreign ministry officials said it was linked to the shipment. A tiny country reliant on tourism, Gambia has hosted President Mahmoud Ahmadinejad on a number of visits. It had a programme of eco-

nomic, agricultural and security ties with Tehran mirrored by other nations in the region. "It (the seizure) has taken out one of Iran's main operating platforms in West Africa. For them it is a pretty big loss," said one source with knowledge of al Quds. The source suggested that, in return for receiving training for its presidential guard, Gambia allowed al Quds to operate out of the country, perhaps also to take advantage of a weak banking system and ties with Lebanese networks in West Africa. Gambian opposition lawmakers have called for clarification on the issue but so far there has been none from the government. Diplomats say one of the al Quds force officers has managed to return to Iran while the other remains in Nigeria. Iran's embassy in Senegal oversees Gambia but didn't respond to requests for comment. Iranian websites quoted leading parliamentarian Alaeddin Boroujerdi saying Gambia had been pressured by a US wary of Iran's growing influence in Africa. Vakil noted that Washington has said very little publicly but the incident was likely to banked by foes of Iran seeking further evidence of the Islamic Republic's untrustworthiness. COST OF BUSINESS There has been no confirmation of who the final intended user but a shipping document seen by Reuters named the farm of Gambian

President Yahya Jammeh as the delivery address. The shipping company would not comment and a Gambian presidency spokesman also declined to comment. Underlining how the seizure has unnerved many in the region, one Senegalese security source said the weapons could have been destined for Senegalese rebels which Banjul has been accused of backing during years of prickly relations between the nations. Other possible recipients include Nigerian militants. Israeli officials also said that Iran may have been testing out a new smuggling route to get weapons to Hamas Islamists in Gaza. Another theory is that Iran may be stockpiling weapons for an asymmetrical strike on Western targets if it is attacked. While the Gambian and Nigerian reactions underscore the concerns raised by the incident, some analysts doubt whether it will fundamentally change Iran's tactics for winning influence abroad. "African nations will learn that doing business with Iran will not bring benefits and comes with high costs," said Mike Singh, a fellow at Harvard University. "It certainly is embarrassing. But there aren't sufficient consequences for them to change what they are doing."-Reuters


5

Friday, December 3, 2010

South East Asian stocks

Europe shares hit 2-wk closing high on data, bonds KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,221.81 11,343.55 121.74 1.08 134.80

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

3,502.73 3,541.89 39.16 1.12 6.59

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

2,863.70 2,893.18 29.48 1.03 0.40

Major Gainers

Symbol RMPL WYETH NESTLE UPFL SIEM

Close

Change

1,879.33 958.46 2,196.78 1,065.00 1,321.63

79.33 44.96 44.27 15.00 13.70

Major Losers

Symbol

Close

Change

ULEVER 4,109.60 IDYM 266.00 SHJS 91.12 TICL 69.48 SITC 130.17

-27.41 -11.35 -4.37 -3.65 -3.58

Top 5 Volume Leaders

Symbol LOTPTA DGKC NML ATRL NPL

Close Vol (mn) 12.59 30.42 61.98 129.61 15.60

25.82 17.37 9.20 6.32 5.12

Active Issues Plus Minus Unchanged

215 151 23

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

Manila outperforms as foreign money flows in

Bulls again befall KSE, make big recovery sure Nawaz Ali KARACHI: Bulls made a strong comeback at Karachi Stock Exchange (KSE) on Thursday to hoist it above 11,300 points --near 29 months high-- after gaining more than 1 per cent due to continued foreign interest and buying on rising international oil prices. The benchmark KSE 100Index gained 121 points -1.08 per cent to close at 11,343 points - highest ever closing since July 11, 2008.

KSE 30-Index jumped by 100 points - 0.93 per cent to close at 10,919 points and KSE All-Share Index rose by 76 points - 0.98 per cent to close at 7,888 points. "Business turned bullish across the board and was mainly led by foreign interest in oil & gas, banking, & fertilizer scrips after international oil prices rose to near $87", said Ahsan Mehanti, Director Arif Habib Investments. According to NCCPL data, foreign investors did a net-

Nikkei jumps on US data, yen, Europe steps hopes TOKYO: Japan's Nikkei average jumped almost 2 per cent and at one point hit a fresh five-month high on Thursday, encouraged by strong US economic data, a softer yen and hopes of steps in Europe to ease the sovereign debt crisis. US private-sector payrolls achieved their biggest gain in three years, according to ADP data, while global manufacturing picked up speed, boosted by China and Germany. "Foreign funds came back today and are the driving force behind this jump, as expectations for the US economy to pick up speed are high after yesterday's data," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities. A Goldman Sachs prediction that the Nikkei will gain about 20 per cent in the next year also boosted sentiment. "We view conditions as ripe for a repeat of Japan's outperformance in early 2010, including: a stronger US economy, inflation concerns in emerging Asia, the yen's reversal, a continued earnings expansion, supportive valuations," a report from the brokerage said. Speculation that the European Central Bank could step up its purchases of government debt also supported sentiment, although currency market analysts were skeptical. A US official told Reuters Washington

would support boosting an EU rescue facility via IMF funds, lifting US stocks on Wednesday. Blue chips exporters led the Nikkei's advance with construction machinery maker Komatsu Ltd jumping 4.6 per cent but Toyota Motor Corp fared badly, one of the weakest Nikkei 225 component in per centage terms, after a dismal US sales performance in November. "If the rally continues like this the Nikkei could finish this year around 10,500," said Kuramochi, adding that immediate resistance lies at its June 21 high of 10,251.90 and which may be pierced later in the week. The Nikkei made its biggest daily gain in two weeks, adding 1.8 per cent or 180.47 points to 10,168.52. At one stage it jumped 2 per cent, hitting a fresh fivemonth intraday high of 10,187.59. The broader Topix index was 1.3 per cent higher at 877.21. Some 1.9 billion shares changed hands on the Tokyo exchange's first section, on par with last week's closing average. Advancing stocks outnumbered declining ones by more than 5 to 1. The yen fell across the board on Wednesday as the euro and higher yielding currencies staged a sharp rebound and the dollar also gained on the Japanese currency.-Reuters

buying of $2.54 million on Thursday. Institutional interest in blue chip scrips continued throughout the session after global stocks rallied despite concerns over rise in T-bills yields, dicey next IMF tranche & row on RGST approval, added Ahsan. Bulls were there since the opening bells as market opened with a gain of 28 points. Gains then kept on multiplying as investors took positions in main board stocks

FTSE hops as Europe debt fears come down LONDON: Banks and commodity stocks powered strong gains for Britain's top share index by close on Thursday, on increasing optimism about the global economy and investor confidence that the euro zone debt crisis would be contained. The FTSE 100 index ended up 125.06 points, or 2.2 per cent, at 5,767.56, a second straight session of strong gains. It was its highest close since Nov. 22 and the biggest daily gain since the start of September. Shares initially trimmed gains as comments from European Central Bank President Jean-Claude Trichet suggested it would resist pressure for a major bond buying programme, but confidence returned that the authorities would do what was needed to prevent contagion from the crisis that engulfed Ireland last month. "There's more confidence than there has been that (euro zone debt) problems can be contained than there has been since the Ireland news started to emerge about two weeks ago," said Giles Watts, head of equities at City Index. Commodity stocks extended gains from Wednesday, tracking firmer metal and crude prices on recovery expectations and as upbeat economic data out of the United States pointed to a brighter demand outlook. BP added 2.6 per cent, while oil services firm Petrofac gained 3 per cent after Goldman Sachs upgraded it to "buy" from "neutral". See # 17 Page 11

Shanghai, HK up as China cash crunch eases HONG KONG/SHANGHAI: Shares in Shanghai and Hong Kong rose on Thursday, tracking gains in other Asian markets after a spate of encouraging global economic data and as a funding squeeze in China eased. Strong manufacturing reports from China and the United States on Wednesday helped to ease worries about potential wider fallout from Europe's debt crisis, inspiring some bargain-hunting in Asia, with investors chasing Chinese financials and automakers. China's central bank will refrain from draining funds from the money market on Thursday, helping to ease a shortage of funds that had prompted some investors to sell shares earlier in the week. The Shanghai Composite

Index closed up 0.7 at 2,843.6 points, though off the day's highs. The index had plunged far below the closely watched 250-day moving average earlier this week, weighed down mainly by a liquidity squeeze in the domestic money market. Hong Kong's Hang Seng Index was up 0.9 per cent at 23,458.74, after falling near technically oversold territory in recent sessions. "The market is reacting to large gains in foreign markets, particularly Wall Street. On the domestic policy front, officials have said they will ensure a stable and healthy stock market," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. Financials were the biggest gainers, dominating Shanghai's most actively traded list. Volume rebounded from very

thin levels on Wednesday as investors bought back into trades they had avoided over the past few weeks. Turnover of Shanghai A shares rose to 132 billion yuan ($19.81 billion) from 104 billion yuan on Wednesday. Coal producers retreated after media reports that Beijing had ordered a freeze on coal prices in 2011. China Shenhua Energy Co Ltd slumped 5.1 per cent, the biggest per centage loser on the HIS. Huaneng Power International Inc surged 6.8 per cent. The Chinese power producer said it would buy a 50 per cent interest in Shanghai Time Shipping for 1.06 billion yuan, and a 30 per cent interest in Hainan Nuclear Power Co Ltd for 174 million yuan. The deals will be funded by internal cash.-Reuters

mainly the energy stocks on higher international oil prices which crossed $86 a barrel. Further, the rumors --saying negotiations with Ogra are underway to revise the refining margins-- and a rise in regional stock markets too triggered the buying spree. Therefore index just near the end of the session touched an intra-day high of 11,360 points (+ve 139 points) and finally closed near it. Investor participation however witnessed some decline as

134.7 million shares traded in the overall market which is 23.2 million shares less as compared to a turnover of 157.9 million shares a day earlier. Lotte Pakistan was the top traded stock of the day with 25.82 million shares followed by DGKC with 17.37 million shares and Nishat Mills with 9.2 million shares. Out of total 389 active issues 215 advanced and 151 declined while 23 issues remained unchanged.

BSE up for 4th day; financials climb BANGALORE: Shares climbed 0.7 per cent on Thursday, extending gains to a fourth day, on hopes robust economic growth would boost corporate earnings. Firm global markets also helped the upbeat sentiment. Financials rallied after the Indian cabinet decided to pump an additional 60 billion rupees ($1.3 billion) into state-run banks to improve their capital adequacy and to lift the government's stake in them. "The bounce back over the past few sessions has happened because of a lot of stocks being over sold. We are seeing a lot of follow-on buying happening," said Neeraj Dewan, director at Quantum Securities . The 30-share BSE index closed up 142.7 points, at 19,992.7, with 17 components gaining ground. The benchmark had fallen 2.6 per cent in November, its biggest monthly loss since May, battered by a series of scandals that most hurt stocks in financial, telecom and real estate sectors. The scandals -- which include issue of telecom licenses at low prices and a bribes-for-loans scam that saw eight financial industry executives arrested last week -- will continue to be an overhang for the markets in the near term, analysts said.

The market is, however, up 14.5 per cent so far this year bolstered by overseas portfolio investments worth about $29 billion. The banking sector index firmed 1.2 per cent, also supported by hopes a fast-growing economy and pickup in industrial activity would boost demand for loans. ICICI Bank and HDFC Bank gained 2 and 1.2 per cent respectively. "India is a compelling story for foreign investors as it is looking at a 9 per cent economic growth. Consumption is growing, rural economy is also buoyant," said Deven Choksey, managing director of KR Choksey . On Wednesday, a survey showed 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. Official data earlier showed the Indian economy grew a better-than- expected 8.9 per cent in the September quarter, boosted by robust farm output and manufacturing.. Explorer Oil and Natural Gas Corp (ONGC) trimmed gains to 1.9 per cent at 1,313.05 rupees by close, after rallying as much See # 16 Page 11

US stocks morning-trade

Wall St rises on upbeat housing, retail data NEW YORK: Wall Street rose on Thursday after upbeat data on housing and retail sales and as European officials extended a liquidity safety net for vulnerable banks, soothing investor anxiety about the region's debt crisis. US retailers reported higherthan-forecast sales for November, while pending home sales unexpectedly surged in October, hinting the economic recovery has legs. Also, the four-week moving average for jobless claims fell to a fresh two-year low, though new claims were higher for the week. "Fear is evaporating ever so slightly. The economy is not falling off a cliff, giving investors a glimmer of hope," said Kim Caughey Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. The Dow Jones industrial average gained 74.73 points, or 0.66 per cent, to 11,330.51. The Standard & Poor's 500 Index rose 8.96 points, or 0.74 per cent, to 1,215.03. The Nasdaq Composite Index added 16.07 points, or 0.63 per cent, to 2,565.50. Financial shares led gains, with the KBW bank index up 3.1 per cent. Wells Fargo & Co added 3.5 per cent to $28.49. "The ECB and Federal Reserve have implied they are not going to let that segment fail," said Forrest. "They are allowing years for banks to work out the problems that they are in." Further supporting stocks, the euro rose against the US dollar on talk the European Central Bank had been buying government bonds of so-called peripheral euro-zone nations. The euro has recently traded in the same direction as US equities. The Dow and the S&P 500 scored their biggest gains in three months on Wednesday as optimism over efforts to resolve the EU's debt crisis helped push the S&P above 1,200. If the S&P 500 continues to hold above that level, the market uptrend will see strong resistance at 1,225-1,230, which coincides with a recent two-year high and the 61.8 per cent Fibonacci retracement of See # 15 Page 11

Dhiyan

DAY DIAGNOSED TRADE-POSITIVE Muzammil Aslam, EVP JS Global Capital The short-term outlook of the market is bullish as at present foreigners hold 32 per cent of the free-float which is an all-time high. In addition to that there is a valuation gap of 42 per cent as compared to regional markets and liquidity situation is improving. Therefore the advice is to invest in fundamentally strong stocks where our top picks are POL, DGKC, LUCK, HUBC, PTCL, PSO and NML. Approval of IMF loan and RGST would trigger the market. Positive activities are likely to continue today.

Farhan Mansuri, VP Capital Markets Arif Habib Limited Overall expectations about market are bullish however we might see some technical correction where the bottom level maybe 11,100 points and upper 11,600 points. Investors are recommended to invest in fertiliser and cement stocks. Continued buying by the foreign/local institutional investors, high-net-worth individuals and launch of Margin Trading System (MTS) would spark off a bullish spell in the market. There might be some correction in the first half today, however market may recover in the second half and end positive.


6

Friday, December 3, 2010

Market 134,797,715

Value

6,036,690,798

Trades

68,681

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

215 151 23 389

All Share Index

11,343.55 11,361.41 11,221.81 h121.74

Current High Low Change

KSE 30 Index

7,888.07 7,902.18 7,811.46 h76.61

Current High Low Change

KMI 30 Index Current High Low Change

10,919.44 10,931.60 10,798.55 h100.54

18,136.36 18,154.53 17,907.60 h228.76

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,457.31 Turnover 13,309,630 P/E (x) 10.81 Company

KSE 100 Index

Symbols

Volume

High Low 1,484.21 1,451.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.52 32.54

Close Change 1,475.73 18.42 Listed cap Market cap 65,194.15 mn 1,154,431.59 mn Payout (%) Div Yield (%) 55.94 5.18

PE

Open

High

Low

Close Chg

Volume

Attock Petroleum 691 5.58 Attock Refinery 853 7.27 BYCO Petroleum 3921 Mari Gas Company 735 16.21 National Refinery 800 4.01 Oil & Gas Development 43009 11.21 Pak Petroleum 11950 8.25 Pak Oilfields 2365 6.45 Pak Refinery Limited 350 PSO 1715 4.84 Shell Gas LPG 226 Shell Pakistan 685 10.09

317.25 128.02 11.73 118.95 258.36 164.03 201.62 267.38 88.18 281.40 38.01 195.69

323.05 130.90 11.89 120.49 271.27 166.95 203.75 273.85 92.58 286.50 38.80 198.90

317.50 125.25 11.56 118.81 251.99 163.15 201.15 268.70 87.56 281.30 36.12 195.00

322.04 4.79 129.61 1.59 11.80 0.07 119.66 0.71 270.86 12.50 165.66 1.63 202.84 1.22 273.17 5.79 90.83 2.65 285.95 4.55 36.71 -1.30 196.84 1.15

400429 6317772 1953233 35508 1026551 1593709 660821 2310143 263059 669527 7287 24824

Last 60 days High Low 374.20 137.20 12.49 128.90 275.40 167.00 214.10 274.20 92.58 292.15 40.28 204.40

% Change 1.26 5-Day High 1,475.73 5-Day Low 1,455.22

2009 Div BR (%) (%)

287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 141.31 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 733.37 Turnover 8,970 P/E (x) 5.52 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

High Low 735.79 723.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53

Close 728.57 Listed cap 3,242.17 mn Payout (%) 11.08

Change -4.80 Market cap 12,598.93 mn Div Yield (%) 2.01

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.13 37.54

72.19 34.00

71.97 35.00

71.00 34.00

71.31 -0.88 34.54 0.54

3263 5707

77.77 41.00

60.05 33.65

Company

Paid up Cap(mn)

PE

Open

High

Low

Agritech Limited 3924 8.08 BOC (Pak) 250 11.61 Clariant Pak 273 6.00 Dawood Hercules XD 1203 7.23 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. LtdSPOT 3277 10.33 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 8.26 Fauji Fert. Bin Qasim 9341 6.60 Ghani Gases Ltd 725 8.79 ICI Pakistan 1388 7.78 Lotte Pakistan 15142 4.50 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 10.67 Sitara Peroxide 551 14.18 Wah-Noble 90 6.38

22.87 83.68 156.00 174.68 2.59 7.18 1.98 10.80 185.71 13.34 10.18 113.03 34.51 11.52 137.53 12.17 1.50 1.51 2.41 133.75 13.32 32.52

23.00 86.99 160.00 177.90 2.60 7.30 2.04 11.00 188.80 13.66 10.05 114.10 35.08 11.75 139.90 12.67 1.79 1.60 2.75 139.40 13.70 33.78

21.82 83.70 156.90 174.00 2.50 6.90 1.92 10.70 185.35 13.35 9.91 112.50 34.50 11.56 137.50 12.16 1.34 1.55 2.26 129.75 13.00 32.27

Close Chg 22.29 84.50 156.90 174.45 2.57 7.23 1.97 11.00 188.09 13.64 10.00 114.00 35.00 11.60 138.15 12.59 1.58 1.55 2.43 130.17 13.05 33.15

-0.58 0.82 0.90 -0.23 -0.02 0.05 -0.01 0.20 2.38 0.30 -0.18 0.97 0.49 0.08 0.62 0.42 0.08 0.04 0.02 -3.58 -0.27 0.63

Close 1,291.30 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 9300 3906 9176 10265 50194 157561 1976332 5478 1726644 322904 283814 1017988 2884714 11500 469268 25820692 38014 106209 39027 42940 152327 4785

Change 12.51 Market cap 286,393.34 mn Div Yield (%) 6.05

25.38 87.99 164.89 185.00 2.90 8.27 2.30 13.79 188.80 15.20 11.74 114.40 35.08 13.85 139.99 12.67 2.99 1.72 3.40 139.40 14.69 46.25

% Change 0.98 5-Day High 1,291.30 5-Day Low 1,255.59

2009 Div BR (%) (%)

2010 Div BR (%) (%)

20.26 66.90 90 15 149.72 125 162.00 40 10B 40 1.78 3.20 1.28 9.15 15 15 168.65 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 7.85 5 0.80 1.16 1.80 101.00 75 25 7.67 32.00 50 50

5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,083.91 Turnover 47,061 P/E (x) 5.60 Company

High Low 1,111.06 1,084.42 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47

Close 1,094.37 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.08 6.21

16.45 41.63 39.50

16.79 43.71 40.50

16.30 42.00 39.75

16.39 -0.06 42.02 0.39 40.26 0.76

35651 1613 9797

Century Paper Pak Paper Product Security Paper

Change 10.46 Market cap 3,033.05 mn Div Yield (%) 4.51

Last 60 days High Low 21.80 62.85 41.50

15.28 38.61 38.00

% Change 0.96 5-Day High 1,094.37 5-Day Low 1,065.20

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,169.19 Turnover 334,720 P/E (x) 4.39 Paid up Cap(mn)

High Low 1,184.39 1,162.84 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 25.35

Close 1,177.03 Listed cap 6,768.53 mn Payout (%) 20.42

PE

Open

High

Low

Close Chg

Volume

Agriautos Ind 144 5.39 Atlas Battery 101 4.85 Atlas Honda 626 7.75 Baluchistan Wheels Ltd. 133 6.23 Dewan Motors 890 Exide (PAK) 56 4.60 General Tyre 598 19.16 Ghandhara Nissan 450 3.26 Ghani Automobile Ind 200 7.13 Honda Atlas Cars 1428 Indus Motors 786 5.94 Pak Suzuki 823 11.79 Sazgar Engineering 150 3.69

70.01 160.14 106.02 34.89 1.45 188.64 21.61 4.85 4.36 11.80 258.88 73.71 19.26

71.25 165.00 109.00 35.10 1.54 198.07 22.69 4.84 4.56 11.90 260.45 74.48 20.25

70.01 160.60 105.15 33.15 1.42 186.10 21.99 4.68 4.53 11.60 257.01 73.55 19.80

71.19 1.18 162.50 2.36 106.93 0.91 33.15 -1.74 1.50 0.05 194.87 6.23 22.22 0.61 4.70 -0.15 4.56 0.20 11.71 -0.09 260.15 1.27 74.05 0.34 19.80 0.54

5370 16888 1253 103 227285 6618 49049 6001 2502 9728 3816 5799 306

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind

PE

565 3.86 675 555 9.06 1199 10.54

Metro Steel

310

-

Open

High

Low

24.89 2.85 14.34 50.93

25.14 2.89 14.75 51.50

24.30 2.82 14.50 50.01

7.50

7.50

7.50

Close Chg 24.71 2.87 14.50 50.61

-0.18 0.02 0.16 -0.32

7.50 0.00

Close 967.95 Listed cap 3,596.11 mn Payout (%) 30.91

Change -6.65 Market cap 9,420.32 mn Div Yield (%) 9.62

Last 60 days High Low

Volume

% Change -0.68 5-Day High 979.00 5-Day Low 967.95

2009 Div BR (%) (%)

2010 Div BR (%) (%)

50251 11707 2948 12483

25.98 3.39 16.75 63.95

23.75 1.65 12.25 44.00

-

30B -

30 40

20B

200

10.45

6.11

-

-

-

-

Open 1,590.07 Turnover 443,292 P/E (x) 35.59 Company

Paid up Cap(mn)

AL-Noor Sugar Chashma Sugar Clover Pakistan Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Rafhan Maize S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala Thal Industries UniLever Pakistan Wazir Ali

186 287 94 214 365 600 200 490 143 70 141 414 48 165 109 38 92 57 223 119 211 120 695 1177 150 665 80

PE

Change 7.83 Market cap 42,597.64 mn Div Yield (%) 4.65

Last 60 days High Low

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Thatta Cement

PE

Open

High

Low

1828 866 6.63 858 182 956 26.93 3574 3651 126.75 6933 15.06 502 3.85 1760 77 2319 32 1288 13126 3234 6.80 5261 1.33 541 3.47 2228 200 798 462.50

3.30 61.13 1.69 19.49 11.78 1.87 29.62 4.95 7.25 1.79 2.12 7.39 0.68 7.19 3.01 74.44 2.92 5.05 6.93 5.97 19.50

3.23 63.00 1.69 19.90 12.00 1.99 30.64 5.08 7.40 1.82 2.25 7.98 0.79 7.43 3.11 75.90 2.97 5.58 7.18 5.89 18.50

3.21 61.50 1.59 19.18 11.85 1.81 29.51 4.95 7.39 1.73 2.00 7.40 0.62 7.10 3.01 74.67 2.84 4.08 6.81 5.75 18.50

Close 1,012.57 Listed cap 54,792.74 mn Payout (%) 19.04

Change 10.79 Market cap 72,983.93 mn Div Yield (%) 2.82

Close Chg

Volume

Last 60 days High Low

3.21 62.96 1.69 19.45 11.85 1.85 30.42 4.97 7.40 1.75 2.25 7.94 0.70 7.15 3.01 75.67 2.85 4.72 7.03 5.81 18.50

7499 50090 1290 9851 2550 319430 17366757 275729 1500 94451 1011 1002 8012 45423 273342 2858449 115628 259 471109 5105 500

4.20 69.86 2.05 20.45 12.75 2.05 31.05 5.50 8.20 2.20 5.00 7.98 1.48 8.70 3.65 79.98 3.40 8.89 8.58 9.47 22.24

-0.09 1.83 0.00 -0.04 0.07 -0.02 0.80 0.02 0.15 -0.04 0.13 0.55 0.02 -0.04 0.00 1.23 -0.07 -0.33 0.10 -0.16 -1.00

2.80 57.60 1.01 14.01 9.51 1.30 23.40 4.52 4.25 1.70 1.18 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 18.00

% Change 1.08 5-Day High 1,012.57 5-Day Low 992.46

2009 Div BR (%) (%) 50 40 9.75 -

20B 20R 10B -

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

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 960.00 Turnover 698,707 P/E (x) 2.76 Company Cherat Papersack ECOPACK Ltd Ghani Glass Packages Ltd Siemens Engineering Tri-Pack Films

Paid up Cap(mn)

PE

Open

High

High Low 974.12 957.72 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 43.91 Low

Close Chg

115 2.66 71.60 75.18 71.60 74.70 230 2.13 3.13 2.19 2.45 1067 4.59 49.90 50.00 49.25 49.89 844 54.62 106.10 107.00 105.20 106.50 82 10.91 1307.93 1333.49 1320.01 1321.63 300 8.32 113.49 114.50 112.30 114.05

3.10 0.32 -0.01 0.40 13.70 0.56

Close 967.66 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 7.66 Market cap 36,158.01 mn Div Yield (%) 5.64

Last 60 days High Low

196790 75.18 34.00 477743 3.13 1.70 2055 61.99 45.75 12500 112.75 98.00 446 1381.00 1068.75 9159 115.00 94.00

% Change 0.80 5-Day High 967.66 5-Day Low 949.56

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 900 -

10B -

25B 10B -

Company Ados Pak AL-Ghazi Tractor

Paid up Cap(mn) 66 215

PE

0.97 15.00 5.19 214.51

Bolan Casting 104 Dewan Auto Engineering 214 Ghandhara Ind 213 10.19 KSB Pumps Millat Tractors XB

132 366

Open

44.60 0.50 10.90

8.38 69.98 6.47 491.98

High

Low

Close Chg

15.00 15.00 15.00 216.95 214.05 216.57 45.60 0.83 11.29

44.50 0.78 10.91

0.00 2.06

44.55 -0.05 0.78 0.28 11.00 0.10

70.00 69.75 70.00 496.75 492.50 494.91

0.02 2.93

2010 Div BR (%) (%)

40 100 80 15 50 100 5 -

90 100 25 60 20 150 10

20B 30B 20B

20B 20B

Low

Close Chg

Close 1,587.52 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -2.55 Market cap 209,950.53 mn Div Yield (%) 0.86

Last 60 days High Low

600 52.00 39.25 1944 15.47 8.50 250 64.18 33.33 44000 6.95 5.50 18356 3.15 1.11 149609 36.00 26.05 1100 16.98 11.90 2937 86.40 63.00 15741 65.00 48.50 12086 67.00 53.64 7110 6.48 4.20 2810 57.00 39.01 1857 27.30 17.51 1669 14.84 10.20 10026 6.50 4.00 67197 53.81 32.50 132 2095.00 1229.00 2000 3.89 3.00 18000 3.50 2.11 435 14.90 13.00 2001 13.20 8.31 103 100.26 44.50 74840 7.50 3.21 1500 35.50 27.50 746 81.02 61.00 269 4345.00 3775.00 5799 7.96 4.75

% Change -0.16 5-Day High 1,590.07 5-Day Low 1,554.54

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 35 40 40 35 25 50 30 900 10 15 100 20 458 -

15 40 0 12.5R 25 10B 15 20B 12 12 600 178 -

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

Company

Paid up Cap(mn)

Diamond Ind Pak Elektron Singer Pak Tariq Glass Ind

High Low 1,105.12 1,079.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64

PE

Open

High

Low

90 1174 3.47 341 21.12 231 1.93

11.81 14.19 18.80 16.34

12.77 14.30 18.80 16.74

10.81 13.75 18.40 16.15

Close Chg 10.85 13.78 18.80 16.15

-0.96 -0.41 0.00 -0.19

Close 1,082.58 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 385 434692 1099 6393

Change -14.34 Market cap 5,088.55 mn Div Yield (%) 2.10

Last 60 days High Low 19.70 15.43 24.14 18.80

7.80 12.82 16.51 14.50

2009 Div BR (%) (%)

Last 60 days High Low

-

10B 10B -

17.5

10B -

PERSONAL GOODS Performance of SR Personal Goods Index Open 972.02 Turnover 18,780,221 P/E (x) 6.42 Company

Paid up Cap(mn)

Ali Asghar Textile Amtex Limited XD Artistic Denim Azam Textile XD Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Brothers Textile Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Fazal Textile Gadoon Textile XD Gul Ahmed Textile Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mehmood Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Leather Paramount Spinning Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Salman Noman XB Samin Textile Sana Ind Sargoda Spinning Service Ind Shadab Textile Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited

222 2415 840 133 4493 33 76 76 141 98 1150 2442 238 600 80 514 600 110 62 234 635 138 716 3105 184 107 303 509 1455 600 150 145 1586 3516 34 174 250 308 341 264 33 88 42 134 55 312 120 30 307 418 594 53

High Low 987.51 965.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64

PE

Open

High

Low

27.00 10.68 5.84 0.32 0.48 0.46 5.18 0.52 3.73 46.48 4.12 0.61 3.11 0.52 3.45 0.73 3.03 0.75 4.10 1.98 0.70 1.90 5.32 0.71 0.63 4.57 0.36 0.24 0.20 1.26 5.25 2.85 0.42 8.89 0.41 4.43 9.23 5.01 3.55

1.08 4.63 21.44 2.19 11.01 12.40 13.17 623.94 1.65 0.35 3.10 2.39 0.70 1.85 2.80 39.98 5.99 19.50 393.59 48.00 24.01 0.42 3.98 38.70 5.05 0.72 1.58 3.00 5.50 19.05 56.75 0.48 22.02 59.13 2.50 9.30 1.55 9.20 35.80 4.99 50.25 4.05 2.06 6.24 38.48 2.00 247.38 13.68 101.43 58.64 3.80 53.62

1.08 4.85 21.05 2.49 11.49 11.75 13.68 635.00 1.92 0.35 3.30 2.60 0.78 1.98 3.40 41.00 5.11 20.10 413.26 50.18 24.02 0.50 4.00 40.00 5.49 0.72 1.59 2.50 5.79 19.10 59.00 0.49 22.95 62.08 2.84 9.69 1.60 9.00 36.40 5.40 52.76 4.25 2.99 6.30 38.49 2.50 259.74 14.68 105.00 58.79 4.65 55.00

1.08 4.60 21.00 2.00 11.01 11.40 13.18 615.00 1.35 0.35 3.10 2.37 0.70 1.80 2.90 39.11 5.11 19.00 380.00 47.75 24.00 0.42 3.90 37.01 4.05 0.60 1.46 2.10 5.40 18.75 57.00 0.40 22.15 59.49 2.20 9.65 1.44 9.00 35.00 4.41 48.00 3.75 2.95 5.85 37.00 2.00 243.50 14.60 101.42 57.25 3.51 52.00

Open 896.94 Turnover 43,666 P/E (x) 7.06

% Change 0.49 5-Day High 1,548.75 5-Day Low 1,539.82

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1000 6363

21.89 227.45

14.12 200.00

20 400

-

150

-

5942 5001 14620

51.99 1.00 18.80

40.40 0.21 10.55

-

20B -

25 -

10B -

288 68588

88.00 597.90

68.81 390.00

35 450

25B

650

25B

Total Equity (Rs in mn)

2.17

Revenue (Rs in mn)

1,676.73 180.46 1,742.07

MA (200-day)

2.77

Interest Expense

138.59

1st Support

2.07

Loss after Taxation

(18.39)

2nd Support

1.66

EPS 10 (Rs)

1st Resistance

3.01

Book value / share (Rs)

2nd Resistance

3.54

PE 11 E (x)

Pivot

2.60

PBV (x)

(0.80) 7.85 0.31

ECOP closed up 0.32 at 2.45. Volume was 1,448 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. The company's loss after taxation stood at Rs17.193 million which translates into a Loss Per Share of Rs0.75 for the 1st quarter of current fiscal year (1QFY11). ECOP is currently 11.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ECOP (bullish). Trend forecasting oscillators are currently bearish on ECOP.

Colony Mills Limited

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

38.25

Total Assets (Rs in mn)

14,268.70

MA (10-day)

2.53

Total Equity (Rs in mn)

2,675.44

MA (100-day)

3.09

Revenue (Rs in mn)

7,526.91

MA (200-day)

4.31

Interest Expense

1,021.08

1st Support

2.30

Loss after Taxation

(228.25)

2nd Support

2.22

EPS 09 (Rs)

1st Resistance

2.53

Book value / share (Rs)

2nd Resistance

2.68

PE 10 E (x)

3.73

Pivot

2.45

PBV (x)

0.22

(0.935) 10.96

CML closed unchanged at 2.39. Volume was 1,046 per cent above average (trending) and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs39.568 million which translates into an Earning Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11). CML is currently 45.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of CML (bearish). Trend forecasting oscillators are currently bearish on CML.

IGI Investment Bank Ltd

2010 Div BR (%) (%)

Close Chg 1.08 4.70 21.03 2.30 11.27 11.73 13.18 625.34 1.92 0.35 3.30 2.39 0.78 1.90 3.40 39.51 5.11 20.09 390.29 47.99 24.00 0.50 3.90 38.52 4.95 0.60 1.53 2.49 5.74 18.75 57.00 0.40 22.87 61.98 2.82 9.65 1.50 9.00 36.40 4.45 52.76 3.99 2.97 6.30 37.52 2.18 259.74 14.60 103.76 57.94 3.81 53.00

0.00 0.07 -0.41 0.11 0.26 -0.67 0.01 1.40 0.27 0.00 0.20 0.00 0.08 0.05 0.60 -0.47 -0.88 0.59 -3.30 -0.01 -0.01 0.08 -0.08 -0.18 -0.10 -0.12 -0.05 -0.51 0.24 -0.30 0.25 -0.08 0.85 2.85 0.32 0.35 -0.05 -0.20 0.60 -0.54 2.51 -0.06 0.91 0.06 -0.96 0.18 12.36 0.92 2.33 -0.70 0.01 -0.62

Close 979.10 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 500 442520 1100 2602 4675003 210 6403 2385 195 350 11160 377713 1211 79806 528 1504 1000 4409 171 389 1985 3992 10301 3504 104 5001 2534 2756 2015 9000 21164 3797 3372292 9201186 4500 456 129176 840 180 51064 962 15252 1700 8548 1137 29939 30871 200 139026 53723 52504 10893

Change 7.08 Market cap 129,316.89 mn Div Yield (%) 2.60

Last 60 days High Low 2.21 18.74 24.05 3.45 12.32 18.75 14.50 747.48 2.80 1.50 3.95 3.33 1.49 2.37 4.50 44.50 8.00 25.45 490.05 52.50 25.96 0.99 4.88 40.41 9.90 1.20 1.94 3.79 6.30 22.59 68.80 0.95 25.14 62.08 5.95 11.25 2.38 12.00 37.25 6.85 55.00 6.20 3.11 8.69 39.39 2.50 259.74 14.68 112.80 59.83 4.90 55.00

0.61 4.40 18.00 1.35 9.02 9.50 7.50 436.00 0.55 0.12 3.00 2.26 0.16 1.44 1.75 36.10 2.05 17.21 303.00 34.65 19.99 0.13 3.35 34.05 4.05 0.25 1.01 1.52 4.51 18.01 51.46 0.16 15.66 42.55 1.55 6.00 1.38 8.01 31.25 2.01 20.50 3.30 1.30 5.02 27.50 0.50 169.00 7.56 86.50 37.20 1.50 33.00

2009 Div BR (%) (%)

% Change 0.73 5-Day High 979.10 5-Day Low 964.36 2010 Div BR (%) (%)

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

Performance of SR Pharma and Bio Tech Index

Change 7.60 Market cap 32,523.44 mn Div Yield (%) 15.88

Total Assets (Rs in mn)

2.11

MA (100-day)

% Change -1.31 5-Day High 1,100.42 5-Day Low 1,082.58

PHARMA AND BIO TECH

Close 1,548.75 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

High

Open 1,096.91 Turnover 442,571 P/E (x) 2.98

Performance of SR Industrial Engineering Index High Low 1,554.25 1,542.19 Total cos Defaulter cos P/BV (x) ROE (%) 3.15 38.02

63.01 131.00 92.50 28.25 1.16 121.10 21.00 4.03 3.55 9.65 215.99 69.25 17.92

2009 Div BR (%) (%)

62.17

MA (10-day)

Performance of SR Household Goods Index

INDUSTRIAL ENGINEERING Open 1,541.15 Turnover 95,494 P/E (x) 8.28

72.99 187.90 122.51 36.72 1.80 198.07 26.70 6.09 5.75 13.40 282.45 79.50 27.58

% Change 0.67 5-Day High 1,182.56 5-Day Low 1,169.19

RSI (14-day)

HOUSEHOLD GOODS

Performance of SR Construction and Materials Index High Low 1,021.67 998.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10

Open

High Low 1,621.93 1,562.21 Total cos Defaulter cos P/BV (x) ROE (%) 10.79 30.30

5.09 50.85 50.75 50.01 50.10 -0.75 1.04 12.85 12.85 12.85 12.85 0.00 10.49 61.13 64.18 62.00 64.18 3.05 10.81 6.44 6.10 5.60 5.73 -0.71 2.51 2.80 2.50 2.50 -0.01 7.06 34.19 34.85 33.90 34.26 0.07 11.57 12.41 12.50 12.50 12.50 0.09 2.88 83.89 86.40 85.00 86.05 2.16 3.62 62.39 65.00 63.40 64.53 2.14 5.34 64.10 67.00 63.10 64.05 -0.05 0.37 5.97 6.00 6.00 6.00 0.03 16.10 42.72 43.60 42.30 43.14 0.42 3.53 24.16 24.95 24.49 24.70 0.54 - 13.96 14.45 14.00 14.43 0.47 0.48 5.41 6.00 5.46 5.85 0.44 8.94 51.25 53.81 48.69 48.73 -2.52 2.98 1800.00 1890.00 1850.00 1879.33 79.33 0.29 3.60 3.35 3.35 3.35 -0.25 2.90 2.89 2.30 2.83 -0.07 0.98 13.74 13.70 13.69 13.70 -0.04 18.55 12.63 13.15 12.80 12.80 0.17 - 95.49 100.26 90.72 91.12 -4.37 6.40 6.75 6.00 6.20 -0.20 309.09 34.90 34.00 34.00 34.00 -0.90 10.20 73.13 76.78 69.48 69.48 -3.65 19.18 4137.01 4164.00 4011.00 4109.60 -27.41 7.50 7.60 7.60 7.60 0.10

CONSTRUCTION AND MATERIALS Open 1,001.77 Turnover 21,903,896 P/E (x) 6.75

-

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 985.34 956.71 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 33.10

40 15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 974.60 Turnover 77,593 P/E (x) 3.21

20B -

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

Company

High Low 1,298.44 1,273.98 Total cos Defaulter cos P/BV (x) ROE (%) 2.82 35.00

30

EcoPack Limited

% Change -0.65 5-Day High 736.32 5-Day Low 728.57

Performance of SR Automobile and Parts Index

Performance of SR Chemicals Index Open 1,278.79 Turnover 34,809,130 P/E (x) 8.06

2009 Div BR (%) (%)

Alert ! Unusual Movements

Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak Sanofi-Aventis Searle Pak Wyeth Pak

Paid up Cap(mn) 979 250 1707 165 100 96 306 142

PE

Open

8.85 100.00 6.44 84.99 13.46 73.89 7.31 26.30 7.66 33.79 10.57 132.90 5.50 61.50 110.29 913.50

High

High Low 910.96 892.82 Total cos Defaulter cos P/BV (x) ROE (%) 1.57 22.31 Low

Close Chg

101.00 99.10 100.96 0.96 85.40 84.45 85.30 0.31 75.00 73.52 74.81 0.92 26.75 25.70 26.40 0.10 34.49 34.30 34.30 0.51 132.90 129.01 132.85 -0.05 62.99 61.05 61.20 -0.30 959.17 957.99 958.46 44.96

Close 905.79 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 5568 539 9870 14928 241 308 11719 493

Change 8.85 Market cap 30,245.79 mn Div Yield (%) 6.31

Last 60 days High Low 104.00 124.00 76.00 26.98 35.00 139.50 64.50 997.00

78.50 82.20 65.00 22.60 27.50 115.90 57.05 761.00

2009 Div BR (%) (%) 120 10 50 25 15 70 15 -

20B 15B -

% Change 0.99 5-Day High 905.79 5-Day Low 882.69 2010 Div BR (%) (%) 20 30 -

20B -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

61.18

Total Assets (Rs in mn)

8,260.69

MA (10-day)

2.65

Total Equity (Rs in mn)

1,669.86

MA (100-day)

2.07

Revenue (Rs in mn)

MA (200-day)

2.39

Interest Expense

1st Support

2.51

Loss after Taxation

2nd Support

2.46

EPS 10 (Rs)

1st Resistance

2.70

Book value / share (Rs)

2nd Resistance

2.84

PE 11 E (x)

Pivot

2.65

PBV (x)

844.20 667.45 (199.37) (0.94) 7.87 16.44 0.33

IGIBL closed up 0.03 at 2.63. Volume was 383 per cent above average (trending) and Bollinger Bands were 48 per cent wider than normal. The company's profit after taxation stood at Rs8.928 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current fiscal year (1QFY11). IGIBL is currently 10.0 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 very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bullish on IGIBL.

Meezan Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

54.05

Total Assets (Rs in mn)

MA (10-day)

15.41

Total Equity (Rs in mn)

MA (100-day)

14.98

Revenue (Rs in mn)

124,181.73 9,184.46 10,102.06

MA (200-day)

15.57

Interest Expense

4,969.92

1st Support

15.31

Profit after Taxation

1,025.35

2nd Support

15.06

EPS 09 (Rs)

1.710

1st Resistance

15.90

Book value / share (Rs)

13.81

2nd Resistance

16.24

PE 10 E (x)

8.19

Pivot

15.65

PBV (x)

1.12

MEBL closed unchanged at 15.50. Volume was 14 per cent above average and Bollinger Bands were 2 per cent wider than normal. The company's profit after taxation stood at Rs994.738 million which translates into an Earning Per Share of Rs1.42 for the nine months of current calendar year (9MCY10). MEBL is currently 0.5 per cent below 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 MEBL (mildly bullish). Trend forecasting oscillators are currently bullish on MEBL.

BOOK CLOSURES Company

From

To

MCB Bank

3-Dec

10-Dec

30(iii)

25-Nov

-

Dawood Hercules Chemicals

7-Dec

13-Dec

D/B/R 20(ii)

29Nov

Spot AGM/Date -

Pakistan Premier Fund

7-Dec

14-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)

06Dec

-

Oil and Gas Development Co

14-Dec

21-Dec

15(i)

06Dec

-

Mirpurkhas Sugar Mills

16-Dec

30-Dec

15.20(B)

-

Siemens Pakistan

20-Dec

29-Dec

600

8-Dec

29Dec

JS Investment #

21-Dec

27-Dec

-

-

27Dec

30Dec

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco Shifa Int Hospitals PIAC(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies

Open 55 4.16 79 1.05 97.33 49.09 113.92 28.96 2.21 50.53 2.8 19.22

High 57.25 4.33 81 1 95 51.54 117.98 29.98 2.3 52.49 2.9 19.4

Low Close 54.98 4.16 78.26 1 92.51 50.99 117 27.6 2.14 50.5 2.8 19.17

54.98 4.19 79.99 1 94.78 51.54 117.62 28.26 2.21 52.03 2.83 19.27

Change -0.02 0.03 0.99 -0.05 -2.55 2.45 3.7 -0.7 0 1.5 0.03 0.05

Vol 105 1702325 15549 1000 188 1422 1151 106 129439 1880 198966 57609


7

Friday, December 3, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,128.56 Turnover 4,507,004 P/E (x) 6.15 Paid up Cap(mn)

Company

Pak Datacom Pakistan Telecom Co A Telecard XD WorldCall Tele Wateen Telecom Ltd

High Low 1,164.52 1,124.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

PE

Open

High

Low

Close Chg

78 4.92 37740 13.07 3000 0.68 8606 6175 -

82.65 19.17 2.19 2.61 3.50

81.00 19.78 2.39 2.65 3.60

79.00 19.11 2.21 2.60 3.45

79.71 19.61 2.28 2.60 3.50

-2.94 0.44 0.09 -0.01 0.00

Close 1,151.95 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 5759 3609921 445599 445725 224721

Change 23.38 Market cap 79,715.78 mn Div Yield (%) 10.17

117.99 20.12 2.69 2.98 4.50

78.00 17.55 1.80 2.31 3.35

% Change 2.07 5-Day High 1,151.95 5-Day Low 1,128.56

2009 Div BR (%) (%) 70 15 -

2010 Div BR (%) (%)

-

80 17.5 1 -

Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance Universal Insurance

369 5.88 279 7.10 457 7.11 121 1250 400 2.98 718 16.77 791 15.61 3000 42.03 350 303 5.41 200 253 4.35 210 -

-

Paid up Cap(mn)

Company

PE

Genertech 198 Hub Power 11572 6.68 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 10.50 Kohinoor Power 126 2.92 Kot Addu Power 8803 4.82 Nishat Chunian Power Ltd 3673 3.24 Nishat Power Ltd 3541 25.16 Southern Electric 1367 Tri-star Power XD 150 -

Open

High

0.97 36.57 1.65 2.30 18.80 4.25 39.64 14.48 15.49 2.16 0.96

1.00 36.88 1.90 2.45 19.00 4.81 39.85 15.05 15.90 2.20 1.20

Low 0.82 36.05 1.72 2.27 17.95 4.26 39.51 14.45 15.40 2.14 1.00

Close Chg 0.83 -0.14 36.49 -0.08 1.85 0.20 2.33 0.03 18.90 0.10 4.79 0.54 39.65 0.01 14.79 0.31 15.60 0.11 2.17 0.01 1.07 0.11

Close 1,239.12 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 13986 3004828 326163 2701714 29263 1057 218388 3118083 5117158 190150 32715

Change -1.98 Market cap 100,826.62 mn Div Yield (%) 7.78

Last 60 days High Low 1.45 37.24 2.25 2.50 26.50 6.10 42.95 15.05 16.10 2.90 1.75

0.51 32.75 1.20 1.94 17.95 4.09 38.35 9.80 9.69 2.05 0.33

% Change -0.16 5-Day High 1,241.10 5-Day Low 1,227.47

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

2010 Div BR (%) (%)

31R -

Open 935.87 Turnover 8,440 P/E (x) 98.26

Open 1,621.69 Turnover 1,008,594 P/E (x) 10.15 Company Sui North Gas XD Sui South Gas

High Low 1,644.47 1,580.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 11.41

Close 1,625.54 Listed cap 12,202.80 mn Payout (%) 66.79

Change 3.86 Market cap 34,769.28 mn Div Yield (%) 6.58

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.49 3.43

28.51 22.69

29.00 22.96

28.00 22.00

28.53 0.02 22.77 0.08

537186 471408

34.75 30.70

25.55 19.60

% Change 0.24 5-Day High 1,637.30 5-Day Low 1,602.60

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

20 15

25B

BANKS Performance of SR Banks Index Open 1,058.88 Turnover 8,114,525 P/E (x) 7.69 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 6.02 60.76 Askari Bank 6427 7.67 15.91 Atlas Bank 5001 1.60 Bank Alfalah 13492 12.27 9.52 Bank AL-Habib 7322 7.33 33.85 Bank Of Khyber 5004 5.53 4.12 Bank Of Punjab 5288 9.44 BankIslami Pak 5280 817.50 3.25 Faysal Bank XB 7309 4.58 14.25 Habib Bank Ltd 10019 6.75 106.12 Habib Metropolitan Bank 8732 7.41 24.46 JS Bank Ltd 6128 2.66 KASB Bank Ltd 9509 2.60 MCB Bank Ltd XD 7602 9.11 203.52 Meezan Bank 6983 8.20 15.50 Mybank Ltd 5304 2.30 National Bank 13455 5.87 66.63 NIB Bank 40437 2.87 Royal Bank Ltd 17180 4.97 Samba Bank 14335 1.81 Silkbank Ltd 26716 2.74 Soneri Bank 6023 7.05 Stand Chart Bank 38716 12.18 7.70 Summit Bank Ltd 5000 3.10 United Bank Ltd 12242 7.11 59.51

High

High Low Close 1,075.99 1,058.49 1,068.52 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 61.00 61.94 1.18 16.15 15.95 16.10 0.19 1.67 1.61 1.65 0.05 9.68 9.53 9.57 0.05 34.10 33.61 34.00 0.15 4.34 4.12 4.15 0.03 9.67 9.45 9.55 0.11 3.43 3.25 3.27 0.02 14.40 14.08 14.19 -0.06 108.45 106.37 108.03 1.91 24.79 24.07 24.24 -0.22 2.75 2.69 2.70 0.04 2.66 2.60 2.66 0.06 206.50 203.99 205.44 1.92 15.99 15.40 15.50 0.00 2.42 2.26 2.29 -0.01 67.39 66.72 67.19 0.56 2.92 2.85 2.85 -0.02 5.04 4.90 4.91 -0.06 1.83 1.75 1.79 -0.02 2.77 2.65 2.70 -0.04 7.25 7.05 7.19 0.14 7.98 7.66 7.92 0.22 3.48 3.15 3.23 0.13 60.75 59.60 60.48 0.97

Volume

Change 9.65 Market cap 649,492.59 mn Div Yield (%) 5.27

Last 60 days High Low

380783 62.00 202328 16.65 24107 2.55 566671 10.19 179943 34.49 6088 4.70 440077 10.59 18985 3.88 40621 17.10 167824 108.79 21652 26.74 132848 3.00 73334 2.90 665428 210.00 149155 16.32 27646 2.75 2027625 70.75 354636 3.18 36682 8.18 91291 2.65 897023 3.08 10113 8.00 18016 8.00 42047 3.80 1581649 60.75

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 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90

% Change 0.91 5-Day High 1,068.52 5-Day Low 1,048.08

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

20 - 20B - 66R 55 -63.46R 10 -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 746.44 Turnover 2,078,489 P/E (x) 12.45 Paid up Cap(mn)

Company Adamjee Insurance

High Low 767.27 742.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20

Close 755.96 Listed cap 11,111.34 mn Payout (%) 79.54

Change 9.52 Market cap 46,991.23 mn Div Yield (%) 6.39

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.75

80.01

82.80

80.35

81.95 1.94

1438165

84.45

63.05

% Change 1.27 5-Day High 755.96 5-Day Low 746.44

2009 Div BR (%) (%) 30

2010 Div BR (%) (%)

10B

10

-

0.67 0.65 0.49 0.00 0.45 -0.09 -0.26 -1.10 0.39 -0.03 -0.20 0.00 0.38 0.69

1511 7002 570 200 51063 11787 55238 610 484689 5637 6301 500 15100 103

37.89 64.80 12.00 7.90 48.63 12.90 92.89 60.50 17.20 8.30 10.50 15.03 8.17 4.00

27.10 47.37 9.42 3.10 34.76 10.04 68.01 52.21 12.50 1.66 8.00 11.51 6.00 1.77

40 10B 20 25B 40 8.7B 35 35 30 20B 30 20 15B -14.28B - 20B -

10 10 -

UPTO 100 VOLUME

10B 20B -

PE

Open

High

High Low 977.63 956.63 Total cos Defaulter cos P/BV (x) ROE (%) 3.78 3.85 Low

Close Chg

Close 963.51 Listed cap 2,290.72 mn Payout (%) 355.53

Change 27.63 Market cap 11,105.36 mn Div Yield (%) 3.62

Symbols MBF KASBM SHTM ISIL FCONM PGCL SPLC COLG HINO CFL CRTM PRWM KOSM UPFL NESTLE LAKST MODAM GSPM TRIBL ISTM CWSM DINT BAPL IFSL DMTM BIFO ILTM MACFL GAMON JDMT GATI AGIC PKGI FIBLM ALQT FRSM PHDL MERIT STCL STPL EWLA TATM AGSML SCL ESBL GUSM NAGC MFTM HWQS SEL TREI JOPP TSMF FIMM SIBL DMTX ELCM IDYM ASHT ICCT MTIL STML SURC TOWL FASM AASM BAFS CSUML DNCC ALTN ICL GLPL MFFL

Volume

Last 60 days High Low

% Change 2.95 5-Day High 963.51 5-Day Low 935.87

2009 Div BR (%) (%)

2010 Div BR (%) (%)

850 47.36

83.41

86.49

82.66

83.36 -0.05

926

86.95

51.25

5513.33B

-

-

New Jub Life Insurance

627 32.10

45.63

47.91

47.50

47.83 2.20

7511

49.14

39.68

10

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 429.28 Turnover 6,312,576 P/E (x) 10.07

High Low 436.34 423.95 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 First National Equity 575 Grays Leasing 215 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 Orix Leasing 821 Pervez Ahmed Sec 775 Stand Chart Leasing 978

1.25 3.54 13.29 4.66 1.34 13.83 16.44 0.69 8.06 28.67 4.90 4.81

0.56 18.20 26.11 25.20 1.41 1.96 3.00 9.00 1.12 2.60 0.60 3.56 1.80 12.52 4.02 30.27 6.84 4.44 6.60 2.17 2.50

0.60 18.04 26.50 25.59 1.50 2.32 4.00 9.00 1.75 2.79 0.79 3.51 1.95 12.76 4.39 30.49 6.95 4.58 6.75 2.30 2.88

0.52 18.00 26.00 25.25 1.50 1.90 3.13 8.02 1.05 2.60 0.60 3.50 1.80 12.32 3.96 29.48 6.83 4.30 6.50 2.15 2.30

Close Chg 0.55 18.00 26.04 25.36 1.50 2.00 3.32 8.13 1.39 2.63 0.60 3.50 1.92 12.50 4.21 30.00 6.88 4.54 6.66 2.23 2.31

-0.01 -0.20 -0.07 0.16 0.09 0.04 0.32 -0.87 0.27 0.03 0.00 -0.06 0.12 -0.02 0.19 -0.27 0.04 0.10 0.06 0.06 -0.19

Close 428.77 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 61726 2519 38103 959161 1012 3100 1009 59494 2507 575148 6393 34810 23068 4602637 663108 7521 89523 18423 2833 120316 237

Change -0.51 Market cap 29,673.17 mn Div Yield (%) 3.10

% Change -0.12 5-Day High 438.66 5-Day Low 428.77

Last 60 days High Low

2009 Div BR (%) (%)

1.10 19.98 34.00 27.02 2.14 2.70 4.50 11.75 2.90 2.88 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 7.29 2.70 2.95

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

0.42 13.00 24.40 20.90 0.86 1.51 2.40 6.84 0.18 1.17 0.44 2.54 1.31 8.80 1.96 24.25 5.10 3.20 4.03 1.35 1.95

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

2010 Div BR (%) (%)

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

37.00 62.50 11.38 4.01 45.84 12.50 90.41 57.90 16.39 6.82 10.01 13.00 7.00 3.39

EFU Life Assurance

Company

Performance of SR Gas Water and Multiutilities Index

Paid up Cap(mn)

Company

50 - 7.8R 15 50 -

GAS WATER AND MULTIUTILITIES

36.31 61.40 11.38 4.01 45.31 12.37 89.50 57.50 15.70 6.56 10.01 13.00 7.00 3.39

LIFE INSURANCE

ELECTRICITY High Low 1,254.29 1,223.12 Total cos Defaulter cos P/BV (x) ROE (%) 1.25 9.35

37.89 64.80 11.40 4.01 46.50 12.80 92.89 57.90 16.70 7.34 10.50 13.00 7.00 3.39

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,241.10 Turnover 14,753,508 P/E (x) 13.38

36.33 61.85 10.89 4.01 45.39 12.59 90.67 59.00 16.00 6.85 10.21 13.00 6.62 2.70

Open 1,184.07 Turnover 1,384,208 P/E (x) 19.58 Company

Paid up Cap(mn)

1st Fid Leasing Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Crescent St Mod. XD Elite Cap Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund NAMCO Balanced Fund Pak Modaraba Pak Prem Fund PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Punjab Modaraba XD Stand Chart Modaraba Tri-Star 1st Modaraba Trust Modaraba U D L Modaraba XD

PE

264 600 1375 210 525 780 200 113 524 300 581 760 397 1008 3180 1186 1000 125 1698 1000 2835 2841 340 454 212 298 264

9.56 3.28 5.79 5.12 1.69 4.07 1.48 3.49 9.88 11.10 0.64 2.16 2.30 5.73 56.63 16.00 4.69 5.00 12.17 1.75 7.04 6.15 4.30 3.02 1.61

Open 1.51 14.50 7.00 2.85 4.02 1.85 0.59 2.60 1.68 4.05 2.10 2.93 6.87 6.69 4.37 4.23 3.00 1.01 8.75 6.18 10.95 5.28 1.60 8.63 1.55 1.26 5.79

High 1.60 15.50 6.95 3.10 4.20 1.99 0.60 2.80 1.70 4.44 2.24 3.05 6.89 6.74 4.55 4.57 3.00 1.13 8.80 6.29 11.04 5.41 1.50 8.80 1.30 1.88 5.79

High Low 1,203.74 1,180.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21 Low 1.53 15.50 6.95 2.65 4.20 1.71 0.45 2.36 1.54 3.85 2.00 2.95 6.60 6.65 4.41 4.25 2.95 1.00 8.75 6.00 10.83 5.16 1.50 8.65 1.15 1.50 5.55

Close Chg 1.53 15.50 6.95 3.07 4.20 1.79 0.59 2.79 1.58 4.44 2.02 3.03 6.89 6.65 4.53 4.48 3.00 1.00 8.76 6.02 10.98 5.41 1.50 8.78 1.30 1.57 5.65

0.02 1.00 -0.05 0.22 0.18 -0.06 0.00 0.19 -0.10 0.39 -0.08 0.10 0.02 -0.04 0.16 0.25 0.00 -0.01 0.01 -0.16 0.03 0.13 -0.10 0.15 -0.25 0.31 -0.14

Close 1,195.13 Listed cap 29,771.58 mn Payout (%) 104.74

Change 11.06 Market cap 17,461.91 mn Div Yield (%) 8.31

Last 60 days High Low

Volume 348 11000 1000 107 1500 24831 1367 113000 14042 1227 47058 6982 16417 5002 402825 156608 111006 9123 243107 18100 133828 55112 5000 2153 865 766 1504

2.24 17.00 7.20 3.80 4.50 2.37 1.10 3.09 2.37 5.50 2.24 3.88 6.91 6.74 4.55 4.73 3.70 1.40 9.39 6.29 11.20 5.48 2.54 10.99 5.80 4.40 6.99

1.01 13.50 5.85 2.10 2.70 0.90 0.25 1.65 0.76 1.94 1.30 2.32 4.80 5.65 2.65 2.31 2.25 0.30 7.00 4.20 7.90 3.50 0.50 7.75 0.50 1.00 4.71

% Change 0.93 5-Day High 1,195.13 5-Day Low 1,147.82

2009 Div BR (%) (%)

2010 Div BR (%) (%)

15 4.5 5 20 10 5 16.5 10

22.5 18.5 5 2.2 0 1.2 5 17 11 21 5 10 15 3 18.6 10 20 10 1 17 5 12.5

-

-

Open 6.15 1.42 0.50 69.54 1.50 21.40 0.64 894.50 137.50 12.30 21.45 14.35 1.09 1050.00 2152.51 334.00 1.10 7.14 1.52 5.94 1.10 26.75 9.00 7.00 5.00 47.49 124.96 2.67 2.24 14.23 43.95 10.56 7.40 2.24 5.35 20.76 35.51 17.31 9.00 9.18 3.00 33.00 5.05 91.00 2.70 7.13 15.68 1.07 18.75 18.64 1.90 8.92 1.44 50.50 2.94 1.45 3.00 277.35 3.00 0.90 0.62 21.90 35.74 11.90 34.50 25.75 62.00 3.41 2.50 10.10 27.49 63.00 69.30

High 6.15 1.90 0.52 70.94 1.69 22.29 0.59 893.96 140.01 12.01 20.40 14.98 1.45 1101.99 2240.00 349.00 1.12 7.62 1.61 5.98 1.80 26.99 9.90 6.99 5.00 45.50 131.20 2.95 1.55 13.41 43.99 11.20 8.30 3.00 4.65 20.10 34.01 17.25 8.85 9.25 3.63 33.00 6.05 95.55 2.85 7.94 16.49 1.20 19.75 18.89 2.21 8.02 1.40 51.50 2.90 2.39 2.00 266.00 4.00 0.89 0.62 22.50 36.20 12.90 36.20 25.50 65.00 4.00 2.50 9.10 28.85 64.19 71.00

Low

Close

6.15 1.90 0.50 70.94 1.10 20.33 0.52 849.80 137.00 12.00 20.40 13.51 0.56 1010.00 2173.00 330.20 1.09 7.38 1.61 5.98 1.10 25.51 8.11 6.36 4.10 45.12 131.20 2.95 1.53 13.40 43.00 11.01 6.41 2.70 4.65 20.08 33.74 17.25 8.36 9.01 3.62 33.00 4.06 86.46 2.80 6.16 16.49 1.09 19.75 18.51 1.97 8.01 1.40 51.50 2.90 2.39 2.00 266.00 4.00 0.89 0.62 22.50 35.99 12.90 35.99 25.01 58.90 3.80 2.50 9.10 28.60 62.50 71.00

6.15 1.90 0.50 70.94 1.64 20.36 0.52 893.96 139.00 12.01 20.40 13.97 0.96 1065.00 2196.78 331.21 1.09 7.38 1.61 5.98 1.29 25.92 8.83 6.99 5.00 45.12 131.20 2.95 1.53 13.40 43.00 11.01 7.08 2.70 4.65 20.10 34.01 17.25 8.85 9.01 3.62 33.00 4.78 91.78 2.80 6.16 16.49 1.09 19.75 18.51 1.97 8.02 1.40 51.50 2.90 2.39 2.00 266.00 4.00 0.89 0.62 22.50 35.99 12.90 35.99 25.50 58.90 3.80 2.50 9.10 28.60 62.50 71.00

Change

Vol

0.00 0.48 0.00 1.40 0.14 -1.04 -0.12 -0.54 1.50 -0.29 -1.05 -0.38 -0.13 15.00 44.27 -2.79 -0.01 0.24 0.09 0.04 0.19 -0.83 -0.17 -0.01 0.00 -2.37 6.24 0.28 -0.71 -0.83 -0.95 0.45 -0.32 0.46 -0.70 -0.66 -1.50 -0.06 -0.15 -0.17 0.62 0.00 -0.27 0.78 0.10 -0.97 0.81 0.02 1.00 -0.13 0.07 -0.90 -0.04 1.00 -0.04 0.94 -1.00 -11.35 1.00 -0.01 0.00 0.60 0.25 1.00 1.49 -0.25 -3.10 0.39 0.00 -1.00 1.11 -0.50 1.70

100 100 100 100 98 68 64 57 55 54 50 40 37 32 30 26 25 21 20 20 13 12 12 11 11 11 10 10 9 8 8 7 6 5 5 5 5 4 4 4 3 3 3 3 2 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

FUTURE CONTRACTS Symbols

Open

High

Low

Close

DGKC-DEC

29.84

30.69

29.63

30.52

0.68 3656000

NML-DEC

59.11

62.06

59.71

62.06

2.95 2568000

POL-DEC

269.81

276

271

275.22

5.41

520500

NBP-DEC

67.35

68

67.15

67.83

0.48

253500

FFBL-DEC

33.59

34.21

33.7

34.16

0.57

219500

ENGRO-DEC 185.46

188.45

185.16

187.93

2.47

11.1

11.52

10.9

11.39

0.29

201000

75.02

76.51

75.25

76.43

1.41

158000

PSO-DEC

284.05

288.79

283.57

288.02

3.97

134000

MCB-DEC

204.73

206.5

204.65

206.12

1.39

PPL-DEC

201.84

204

201.51

203.61

1.77

58500

80.4

83.25

81.25

82.62

2.22

51000

OGDC-DEC 162.48

165.4

162.5

164.2

1.72

47500

ANL-DEC LUCK-DEC

AICL-DEC

Change

Vol

208500

77000

PTC-DEC

19.33

19.8

19.4

19.75

0.42

30000

UBL-DEC

60.01

61.1

60.5

60.65

0.64

9000

HUBC-DEC

37.13

37

37

37

-0.13

5000

NCL-DEC

22.81

23.15

22.75

22.95

0.14

2000

ZERO VOLUME Symbols

Open

AASMR DATM EMCO HAFT HMIM MQTM PECO PMI QUET SASML SGPL SLCL SMTMR TRPOL

0.55 0.67 3.4 17 0.39 6.76 280 0.97 45.3 4.75 1.04 2.64 0.04 1.2

High 0.5 0.64 3 18 0.51 6.8 279.95 0.96 43.04 5 1 2.49 0.01 1

Low

Close

0.5 0.64 3 18 0.51 6.8 279.95 0.96 43.04 5 1 2.49 0.01 1

0.5 0.64 3 18 0.51 6.8 279.95 0.96 43.04 5 1 2.49 0.01 1

Change

Vol

-0.05 -0.03 -0.4 1 0.12 0.04 -0.05 -0.01 -2.26 0.25 -0.04 -0.15 -0.03 -0.2

0 0 0 0 0 0 0 0 0 0 0 0 0 0

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Pakistan Telecommunication Co Ltd

Nishat Mills Ltd

Company

Date

Time

TRG Pakistan Ltd ICC Textiles Ltd JS Investment Ltd Mehran Sugar Mills Byco Petroleum Limited Hala Enterprises Ltd Sigma Leasing Corporation Ltd Fauji Fertiliser Bin Qasim Ltd

3-Dec 4-Dec 6-Dec 7-Dec 7-Dec 8-Dec 8-Dec 23-Dec

7:00 11:00 10:30 11:00 1:00 10:30 11:00 10:30

TECHNICAL LEVELS Company

RSI 1st 2nd (14-day) Support 50.35 3.15 3.10 Allied Bank Limited 77.93 61.30 60.65 Attock Cement 50.96 62.00 61.00 Arif Habib Corp 53.39 25.20 25.05 Arif Habib Limited 43.93 25.85 25.70 Adamjee Insurance 63.00 80.60 79.25 Askari Bank 57.83 16.00 15.85 Azgard Nine 54.16 11.05 10.80 Attock Petroleum 54.79 318.65 315.30 Attock Refinery 67.79 126.30 122.95 Bank Alfalah 52.40 9.50 9.45 BankIslami Pak 48.15 3.20 3.15 Bank Of Punjab 53.80 9.45 9.35 Dewan Cement 62.04 1.75 1.70 DGK Cement 66.33 29.75 29.05 Dewan Salman 63.05 1.90 1.85 Dost Steels Ltd 53.64 2.80 2.75 EFU General Insurance 56.91 45.25 44.70 EFU Life Assurance 66.08 81.85 80.35 Engro Chemical 67.88 186.00 183.95 Faysal Bank 40.87 14.05 13.90 Fauji Cement 50.09 4.90 4.85 Fauji Fert Bin 76.10 34.65 34.30 Fauji Fertilizer 69.07 112.95 111.95 Habib Bank Ltd 66.75 106.80 105.55 Hub Power 67.47 36.05 35.65 ICI Pakistan 69.77 137.15 136.10 Indus Motors 60.85 257.95 255.75 JOV and CO 57.36 4.00 3.75 Japan Power 65.99 1.75 1.65 JS Bank Ltd 49.34 2.65 2.60 Jah Siddiq Co 44.21 12.30 12.10 Kot Addu Power 46.84 39.50 39.35 KESC 62.00 2.25 2.15 Lotte Pakistan 75.50 12.25 11.95 Lucky Cement 56.19 74.90 74.20 MCB Bank Ltd 55.40 204.10 202.80 Maple Leaf Cement 45.28 2.80 2.75 National Bank 56.35 66.80 66.45 Nishat (Chunian) 53.93 22.35 21.85 Netsol Technologies 54.14 19.15 19.05 NIB Bank 52.09 2.80 2.75 Nimir Ind.Chemical 55.02 1.50 1.45 Nishat Mills 75.00 60.30 58.60 Oil & Gas Dev XD 72.20 163.55 161.45 PACE (Pakistan) Ltd. 46.84 2.80 2.75 Pervez Ahmed Sec 53.24 2.15 2.10 PIAC(A) 46.40 2.15 2.05 Pioneer Cement 39.42 6.85 6.65 Pak Oilfields 67.87 269.95 266.75 Pak Petroleum 64.56 201.40 200.00 Pak Suzuki 49.11 73.60 73.10 PSO XD 58.98 282.65 279.40 PTCLA 56.98 19.20 18.85 Shell Pakistan 51.04 194.90 193.00 Sui North Gas 36.66 28.00 27.50 Sitara Peroxide 53.35 12.80 12.55 Sui South Gas 41.45 22.20 21.60 Telecard 48.29 2.20 2.10 TRG Pakistan 50.35 4.15 4.05 United Bank Ltd 70.15 59.80 59.15 WorldCall Tele 49.50 2.55 2.50 Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day) MA (5-day)

Brokerage House

Leverage Position

77.31

Support 1

11,256.45

11,221.71

Support 2

11,169.30

MA (10-day)

11,174.17

Resistance 1

11,396.05

MA (100-day)

10,283.49

Resistance 2

11,448.50

10,131.59

Pivot

resistance level at 11,396.05 and 2nd resistance level at 11,448.50, while

Brokerage House

Buy

*Arif Habib Ltd

AKD Securities Ltd

43.29

Buy

AKD Securities Ltd

TFD Research

36.85

Positive

TFD Research

Technical Outlook Technical Analysis

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

Fair Value

Rs Recommendations

Brokerage House

65

Buy

AKD Securities Ltd

59.97

Buy

TFD Research

74.2

182.55 5,553.16 39.19 30.05

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

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

Rs Recommendations

24.04

Buy

30.5

Positive

Technical Outlook

Leverage Position

75.00 57.95 49.35 50.82

Fair Value

Positive

Technical Outlook

Leverage Position

66.33 28.82 26.39 26.83

11,308.90

mal. As far as resistance level is concern, the market will see major 1st

Rs Recommendations

42

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 121.74 points at 11,343.55. Volume was 73 per MA (100-day) cent above average and Bollinger Bands were 16 per cent wider than nor- MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd

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

175.80 10,896.08 170.25 60.67

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

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

Leverage Position

56.98 19.53 18.93 19.59

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

584.63 11,464.69 5.59 19.42

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

DGKC closed up 0.80 at 30.42. Volume was 359 per cent above average NML closed up 2.85 at 61.98. Volume was 166 per cent above average PTC closed up 0.44 at 19.61. Volume was 109 per cent above average and Index will continue to find its 1st support level at 11,256.45 and 2nd sup(trending) and Bollinger Bands were 8 per cent narrower than normal. (trending) and Bollinger Bands were 44 per cent wider than normal. port level at 11,169.30. Bollinger Bands were 12 per cent narrower than normal. KSE 100 INDEX is currently 12.0 per cent above its 200-day moving aver- DGKC is currently 13.4 per cent above its 200-day moving average and is NML is currently 22.0 per cent above its 200-day moving average and is PTC is currently 0.1 per cent above its 200-day moving average and is disage and is displaying an upward trend. Volatility is relatively normal as com- displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the volatility over the last 10 trading sessions. Volume indicators reflect very pared to the average volatility over the last 10 trading sessions. Volume indivolatility over the last 10 trading sessions. Volume indicators reflect modaverage volatility over the last 10 trading sessions. Volume indicators cators reflect moderate flows of volume into INDEX (mildly bullish). Trend strong flows of volume into NML (bullish). Trend forecasting oscillators are forecasting oscillators are currently bullish on INDEX. Momentum oscillator erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla- currently bullish on NML. Momentum oscillator is currently indicating that reflect moderate flows of volume into PTC (mildly bullish). Trend forecastis currently indicating that INDEX is currently in an overbought condition.

Fair Value

Rs Recommendations

Brokerage House

*Arif Habib Ltd

47

Buy

*Arif Habib Ltd

AKD Securities Ltd

44

Buy

AKD Securities Ltd

Positive

TFD Research

TFD Research

44.9

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

67.47 36.36 34.70 34.16

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

35 32.06 29.1

810.01 29,557.19 0.19 36.50

* 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)

76.10 34.22 29.56 29.68

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

Accumulate Negative

Fair Value

Rs Recommendations

Brokerage House

97

Buy

*Arif Habib Ltd

AKD Securities Ltd

105.2

Buy

AKD Securities Ltd

TFD Research

72.75

Neutral

TFD Research

326.94 11,442.85 14.78 34.77

* 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)

56.19 75.04 70.21 70.78

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

Fair Value

Rs Recommendations

301

Buy

296.6

Buy

281.35

Neutral

Technical Outlook

Technical Outlook

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

Pakistan Oilfields Ltd

Lucky Cement Ltd

Technical Outlook

Technical Outlook Technical Analysis

Fair Value

ing oscillators are currently bullish on PTC.

NML is currently in an overbought condition.

Fauji Fertiliser Bin Qasim Ltd

Hub Power Co Ltd

Brokerage House

tors are currently bullish on DGKC.

129.35 9,787.91 25.41 75.17

* 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)

67.87 266.56 236.78 233.91

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

107.94 29,485.07 248.41 270.78

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

HUBC closed down -0.08 at 36.49. Volume was 52 per cent above aver- FFBL closed up 0.49 at 35.00. Volume was 52 per cent above average and LUCK closed up 1.23 at 75.67. Volume was 107 per cent above average POL closed up 5.79 at 273.17. Volume was 79 per cent above average age and Bollinger Bands were 70 per cent wider than normal. HUBC is currently 6.8 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

Bollinger Bands were 30 per cent wider than normal.

and Bollinger Bands were 3 per cent wider than normal.

and Bollinger Bands were 61 per cent wider than normal.

FFBL is currently 18.7 per cent above its 200-day moving average and is LUCK is currently 6.9 per cent above its 200-day moving average and is POL is currently 16.8 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 FFBL (mildly bullish). Trend forecast-

displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect mod-

reflect moderate flows of volume into HUBC (mildly bullish). Trend fore- ing oscillators are currently bullish on FFBL. Momentum oscillator is cur- erate flows of volume into LUCK (mildly bullish). Trend forecasting oscilla- erate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL. tors are currently bullish on LUCK. casting oscillators are currently bullish on HUBC. rently indicating that FFBL is currently in an overbought condition.

1st 2nd Resistance 3.25 3.30 62.30 62.65 63.50 64.00 25.55 25.75 26.35 26.70 83.05 84.15 16.20 16.25 11.50 11.75 324.20 326.40 131.95 134.25 9.65 9.75 3.40 3.50 9.65 9.80 1.95 2.05 30.85 31.30 2.05 2.10 2.90 2.95 46.45 47.05 85.70 88.00 189.45 190.85 14.35 14.55 5.05 5.15 35.20 35.45 114.55 115.15 108.85 109.70 36.90 37.30 139.55 140.90 261.40 262.65 4.40 4.60 1.90 2.00 2.75 2.80 12.75 12.95 39.85 40.00 2.45 2.55 12.80 13.00 76.15 76.65 206.65 207.80 2.95 3.00 67.50 67.75 23.15 23.45 19.40 19.50 2.90 2.95 1.60 1.65 62.85 63.75 167.35 169.05 2.90 2.95 2.30 2.40 2.30 2.40 7.20 7.40 275.10 277.05 204.00 205.20 74.50 74.95 287.85 289.80 19.90 20.15 198.80 200.80 29.00 29.50 13.50 13.95 23.15 23.55 2.35 2.45 4.30 4.40 60.95 61.45 2.65 2.70

Pivot 3.20 61.65 62.50 25.40 26.20 81.70 16.05 11.25 320.85 128.60 9.60 3.30 9.55 1.90 30.20 2.00 2.85 45.90 84.15 187.40 14.20 5.00 34.85 113.55 107.60 36.45 138.50 259.20 4.20 1.80 2.70 12.55 39.65 2.35 12.45 75.40 205.30 2.90 67.10 22.65 19.30 2.85 1.55 61.20 165.25 2.85 2.25 2.20 7.00 271.90 202.60 74.05 284.60 19.50 196.90 28.50 13.25 22.60 2.30 4.25 60.30 2.60


8

Friday, December 3, 2010

FSA clears ex-RBS chief Goodwin of wrongdoing

HSBC, ESML in derivatives deal SBP ups key rate by 50bps to 14pc

Inflation re-incurs monetary tightening Special Correspondent

KARACHI: Mohammad Sboaib Ibrahim, CEO, First Habib Modaraba (FHM) receiving Corporate Excellence Certificate from Dr Ishrat Husain, Dean, Institute of Business Administration.-Staff Photo

Microfinance Framework

Int’l advisory stands Pakistan at the top KARACHI: Pakistan has topped the ranking in the microfinance regulatory framework category released by the Economist Intelligence Unit (EIU), a business information arm of the Economist Group - the publisher of the world renowned magazine, The Economist. The EIU Report provides annual ranking and in-depth analysis of the microfinance business environment in 54 countries. It evaluated the countries on three distinct microfinance criteria: (1) the regulatory framework, including official legal recognition, interest rate restrictions, market distortions, capital requirements and regulatory capacity; (2) the general investment climate for microfinance providers, especially accounting standards, governance tendencies and transparency requirements; and (3) the level of microfinance institutional development, as measured by market concentration, the range of services provided beyond credit and the quality of bor-

rower information. A marked improvement in rankings is the result of the State Bank of Pakistan's proactive approach to microfinance regulations. SBP revisited a number of microfinance regulations amending rules to support microfinance banks (MFBs), such as lifting regulations that prevented them from accepting foreign currency loans from international investors and relaxing the limits on borrowers' annual income upward from Rs150,000 to Rs300,000 for general loans, and Rs600,000 for housing loans. Also, the loan classification criteria for MFBs were aligned with international best practices and industry norms. The EIU Report has validated the SBP's approach to microfinance development in Pakistan. SBP has adopted a five-year Microfinance Strategic Framework that is not only focused on policy, legal and regulatory framework for the microfinance industry, but

also, strengthening the necessary infrastructure and supporting mechanisms to promote diversity and sustainability in the microfinance business. Under the Strategic Framework, SBP raised Minimum Capital Requirements for Microfinance Banks (MFBs) to ensure that only such sponsors venture to establish MFBs which have adequate financial resources to meet the present and future capital requirements. Moreover, the increased share capital will facilitate MFBs to meet the growing demand for investments in technology intensive infrastructure and information systems to deploy mobile banking services. Also, SBP will soon be launching the Financial Innovation Fund to support alternative delivery channels such as delivery of financial services through mobile phones etc. to bring down costs and improve microfinance viability. -Online

More & more non-Muslims seen embracing family takaful KUALA LUMPUR: The family takaful industry will grow five folds to account for about a 10th of the overall life insurance sector within the next decade, as Islamic insurance attracts more non-Muslim demand, Shariah insurer FWU said. Family takaful now has a market share of about 2.5 per cent of the overall life insurance industry, and this was expected to rise to as high as 10 per cent over the next 10 years. "The Muslim population is more than a billion now but I don't think that this is really the market," Manfred Dirrheimer, managing director of FWU Global Takaful Dubai, said on the sidelines of a conference in the Malaysian capital. Takaful premiums are expected to grow to around $8.8 billion globally by the end of 2010, compared with $3.4 billion in 2007, according to Ernst & Young. Islamic insurance has struggled to take off in some Muslim countries. Takaful assets accounted for about 8 per cent of the insurance industry's assets, below Shariah banking's 20 per cent share of the Malaysian banking sector, industry data showed.Reuters

LAHORE: State Bank of Pakistan (SBP) has raised its policy rate by 50 basis points to 14 per cent with effect Nov 30 because of persistent inflation due to government borrowing from the central bank. This decision was taken at SBP's Central Board of Directors meeting held in Lahore with SBP Governor Shahid H Kardar in chair. This was the central bank's third consecutive hike in the past six months. The last one was on September 29 when it raised the rate, its overnight reverse repo, by 50 basis points to 13.5 per cent. SBP's efforts to counterbalance the rapid expansion in reserve money and arrest the rising inflation expectations would require an increase in the policy rate, State Bank of Pakistan said in its Monetary Policy Statement for the next two months while explaining the rationale behind the increase in policy rate. The statement said inflation is rising and showing persistence because of relentless government borrowing from the SBP. The rising Net Domestic Assets (NDA) to Net Foreign Assets (NFA) ratio of SBP balancesheet and its strong association with CPI inflation also suggest that double-digit inflation is likely to persist during much of FY11 and possibly in FY12. "Inflation is rising and showing persistence because of relentless government borrowing from the SBP," the central bank said in a statement, adding that it expects inflation to remain in the

double digits through fiscal year 2010-11 and possibly into fiscal year 2011-12. Inflation rose 15.33 per cent in October from a year ago and the central bank forecasts average inflation for fiscal year 2010-11 to be between 13.5 per cent and 14.5 per cent, while the International Monetary Fund expects it to average 14 per cent. The government's original target was 9.5 per cent. The central bank added that it understood that burden of the constant monetary tightening was being borne largely by the private sector, therefore it was going to "strictly implement" the revised limits on government borrowing from the SBP as it believes that "the entire responsibility of tackling macroeconomic problems has been unfairly placed on monetary policy only." This meant it would also stop payments to the provincial governments. A principled decision has also been taken by the Central Board to strictly implement the revised limits on borrowings of the provinces from the SBP, even if it involves stopping payments to the provincial governments, SBP believes that the entire responsibility of tackling macroeconomic problems has been unfairly placed on monetary policy only. SBP also understands that the burden of this monetary tightening is being borne largely by the private sector, as it gets crowded out by the excesses of government borrowing for budgetary purposes and commodity operations, with all its adverse implications for sustainable economic growth according to Monetary Policy Decision.

President NBP submits compliance report to SC

NBP launches CCMS KARACHI: National Bank of Pakistan (NBP) has successfully launched Cash & Cheque Management System (CCMS) to provide cash management solutions to financial institutions and corporate customers on real time basis. According to NBP announcement here on Wednesday, President NBP Syed Ali Raza has inaugurated 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. Meanwhile in pursuance of the judgment of the Supreme Court regarding the payment of provident fund to the employees of the National Bank of Pakistan (NBP) See # 1 Page 11

SA Standard Bank profit likely to fall JOHANNESBURG: South Africa's Standard Bank warned on Thursday it expects full-year profit to drop by up to 12 per cent, hit by lower revenue and the cost of recent job cuts. "The pressures on banking revenue evident in the first six months of 2010 have intensified in the second half," the bank said in a statement, adding it would be hit by "substantial" costs related to wide jobs cut announced in October. Standard Bank, which is 20 per cent owned by Industrial and Commercial Bank of China, has been bruised as demand for credit in Africa's largest economy remains weak. "It points to a very weak second half for Standard Bank," said one analyst, who declined to be identified because he was not authorised to speak to the media. "I think a lot of it has to do with their London operation seeing quite a sharp downturn in risk appetite and in revenue." Africa's largest lender said in October it would shed more than 2,000 jobs in Johannesburg and London, citing continued pressure on revenue. In London the cuts came to 160 permanent positions, or 13 per cent of its workforce, and 110 contractors. The bank expects to save about 2.3 billion rand ($326.7 million) from the job cuts, but will be hit by a onetime charge of 490 million rand. Standard Bank said in a statement on Thursday it expects headline earnings per share for the year to endDecember to drop by 3 to 12 per cent from the previous year. The bank reported a normalised headline EPS of 757 cents in the year to endDecember 2009. Headline EPS is the main gauge of profit in South Africa and strips out certain one-time and non-trading items. Shares of the bank were down 0.71 per cent at 102.71 rand by 0845 GMT, underperforming a 0.3 per cent rise in Johannesburg's blue-chip Top-40 index.-Reuters

Gulf Islamic finance needs regulation boost F

rom Australia to South Africa, governments are scrambling to change the law to accommodate the $1 trillion Islamic finance industry, whose avoidance of toxic debt has looked increasingly attractive since the global crisis. But in the Gulf Arab region, birthplace of Islam and cradle of Islamic finance, governments have taken a more passive approach, which experts say is slowing the industry's growth. "Aside from Malaysia, Sudan and Iran, no government has really owned the Islamic finance project," Humayon Dar, chief executive of London-based Shariah advisory and structuring firm BMB Islamic, said. In Malaysia, there is a national Shariah council that sets rules for Islamic financial institutions. Rules are standardised under the central bank, which has made an active push towards supporting Islamic finance. In the first three quarters of

2010, the Malaysian government accounted for 62.5 per cent of all Islamic bonds, or sukuk, issuances globally, valued at $18.4 billion, according to Thomson Reuters data. By comparison, not one sovereign sukuk came out of the Gulf Arab region during the same period. Saudi Arabia's laws, by definition, require organisations to adhere to Shariah, a set of Islamic legal principles that include a ban on interest. Its central bank does not even differentiate between conventional and Islamic banking. Yet the growth of Islamic banking in the kingdom, the Gulf Arab region's biggest market, is hindered by the lack of clear laws, a 2009 report by Blominvest Bank, the investment banking arm of Lebanon's Blom Bank Group, said. Many Islamic lenders, for instance, are wary of providing mortgages given the lack of clarity in Saudi Arabia over their ability to foreclose on properties in default.

Lawyers and bankers say these concerns are putting pressure on Saudi housing demand and prices. A Saudi mortgage law has been in the works for over a decade but it's still unclear when it will come to pass. LAND LAWS Even in the United Arab Emirates, lawyers say some of the government's laws effectively work against Islamic financial transactions, especially those related to ijara sukuk, one of the most common forms of Islamic financing. Ijara sukuk involves a transfer of tangible assets -- most commonly real estate -- from one party to the next as Islamic law does not allow for debt or interest payments. It can best be described as an operating lease in which the owner leases an asset to the client. "The issue lies with the high fees related to the transfer of land in an ijara and investors wonder if the cost is going to be significant enough to hurt their potential returns," Nabil Issa,

partner at international law firm King and Spalding, said. "The UK and France have encouraged Shariah -compliant transactions. The UAE must waive the fees to make Islamic finance easier." The financial crisis, which caused a rash of corporate defaults, disputes and insolvencies in Dubai, exposed weaknesses in regulation and resulted in a loss of faith among businesses. That has prompted some companies to register in the Dubai International Financial Centre despite the higher costs because the financial free zone has been allowed to self-legislate. DIFC has created a legal framework that blends the best practices of leading jurisdictions, reassuring companies in case of default or business disputes. "There's no doubt in my mind that if the UAE made a push to change its current laws to be more transparent and accommodating, especially when it

comes to land registration fees, we would see more Islamic finance growth and more sukuk here," said one attorney, who asked to remain anonymous. "There's so much pride in the industry that the rest of the world is making changes, but not enough work at home to support the needs of Islamic finance." BAHRAIN -- ISLAMIC FINANCE HUB Bahrain, to its credit, has positioned itself as a hub for Islamic finance in the region and the central bank provides a regulatory framework for Islamic financial institutions, based on the guidelines issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Bahrain-based AAOIFI is the closest thing Islamic finance has to an international independent regulator to set standards. The central bank also has rules covering capitalisation, risk management, financial

crime and disclosure and is pushing to train Islamic scholars to help the industry grow faster. But Islamic finance faces hurdles in other markets in the Middle East and North Africa, where barriers to entry remain. In Oman, home to about 3.4 million Muslims, the central bank's policies discourage the establishment and expansion of Islamic financial institutions. Egypt is another case in point. It is the sixth-biggest Muslim nation with 80 million people, but only 3 to 4 per cent of its $193 billion banking industry is Islamic. While Egypt's financial regulator sees the implementation of sukuk rules by the first quarter of 2011, some analysts say it is too early to call how it will help Islamic finance grow. Part of the blame lies with 1980s ponzi schemes that claimed to be Islamic and left millions of Egyptians wary of Islamic banking. After the exposure of the schemes,

Egypt's foremost Muslim cleric, Sheikh Mohammed Sayed Tantawi, issued a controversial ruling allowing for interest, as long as it was not excessive, which essentially sidelined the need for Islamic finance. Analysts say fears that the Muslim Brotherhood, which believes in creating an Islamic state, could use Islamic finance for political gain have discouraged the government from adopting laws to foster the sector. By contrast, Australia's national taxation board is planning to meet in November to revamp its laws to get rid of double stamp duties. In South Africa, the government is looking to amend its tax laws to help grow the industry, even though Muslims only make up 2 per cent of the population. "The Muslim community in South Africa was at a disadvantage," Amman Muhammad, managing director at Absa Islamic banking, said. "We have gotten regulators to understand our plight."-Reuters


9

Friday, December 3, 2010

Oil dips after US jobless data; ECB rate steady

European vegetable oil prices

China official signals monetary tightening next year LONDON: Oil prices inched down on Thursday following an increase in new US claims for unemployment benefits and after the ECB kept its interest rate unchanged, and made no commitments to ramp-up its bond purchasing programme. Front-month US crude oil prices fell by 20 cents to $86.55 a barrel by 1431 GMT, still within sight of threeweek highs of $87. ICE Brent futures rose 15 cents to $89.02. Despite the increase in new weekly unemployment benefit claims, a drop in the underlying trend suggested an improvement. This is in line with data on Wednesday showing private employers added 93,000 new staff in November, the biggest rise in three years. Friday's comprehensive nonfarm payrolls data is expected to show a rise in overall nonfarm payrolls of 140,000 last month, based on a Reuters poll of analysts. In Europe, the ECB kept its key interest rate at record lows of one per cent and pledged to extend its liquidity safety net for banks at least until April next

year on continued fears about the health of some euro-zone members. The central bank said its bond purchasing programme was ongoing, but made no commitment to increase the pace despite expectations of further measures to fight the debt crisis. "Oil prices are lower because

of the stronger US dollar related to Trichet's comments. Some markets expected he would say something about increased bond purchases, and that has not happened, at least in the way market participants had expected," Commerzbank analyst Carsten Fritsch said. "Apart from that, prices are still showing remarkable signs of strength," Fritsch said, noting that the cold spell in Europe was supporting Brent prices, widening the differential between WTI and Brent. Prices dipped earlier in the

session after a Chinese central bank adviser said that the country's monetary policy will tighten steadily next year to counter inflation and excessive global liquidity. US crude oil prices are currently less than $2 away from a 25-month peak of $88.63 reached on Nov. 11, while Brent prices are shy of the $89 a barrel mark. "We seem to be close to the top of the trading range, so we will need something to push it through $90 and cold weather may not be enough," Christopher Bellew from Bache Commodities said. Investment bank Goldman Sachs said US crude prices are likely to average $100 a barrel in 2011 and $110 a barrel in 2012 on the back of a "new structural bull market". "We expect in 2011 and 2012 that the transition from a cyclical recovery to a new structural bull market will lead to new record annual average prices above the 2008 high of just under of $100 a barrel," Goldman said in a Dec. 1 report. -Reuters

Tokyo rubber up 2pc, may rise further

US cotton limits up on tight supplies

BANGKOK: Tokyo rubber futures rose more than 2 per cent to the highest in nearly two weeks on Thursday, tracking gains on stock markets, with positive global economic data providing additional support, dealers said. The benchmark contract on the Tokyo Commodity Exchange for May delivery rose 8.2 yen, or 2.2 per cent, to settle at 371.7 yen ($4.42) per kg, the highest since Nov. 22. TOCOM rubber was expected to rise further to test resistance at 380 yen on Friday after prices finished above the psychological level of 370 yen, dealers said. The most active Shanghai rubber futures contract for May delivery rose 540 yuan to settle at 31,700 yuan ($4,758) per tonne. A rally in commodities on Wednesday helped spur followthrough buying, with sharp gains in US wheat and gasoline futures after positive economic data from the United States and China and a stronger euro boosted investor confidence about demand. -Reuters

The volume traded though NEW YORK: US cotton futures finished Wednesday the was light, with the total standdaily limit up on speculative ing at around 13,500 lots, twofund buying inspired in part by thirds below the 30-day avertight supplies that could boost age of about 36,700 lots, values in the coming sessions, Thomson Reuters preliminary data showed. analysts said. The key March cotton conChinese cotton prices tract rose the 4-cent limit to US cotton early-trade finish at $1.2134 per lb, with the session low at $1.169. It Key March cotton rose its 5was the highest close for the cent limit to $1.2634 per lb, with second-position cotton con- the session low at $1.2234. tract in over a week, according to Thomson Reuters data. remained firm, with the May cotSupplies of cotton remain ton futures on the Zhengzhou tight while demand should Commodity Exchange last tradremain strong going forward, ed on Wednesday at 25,300 yuan said Ron Lawson, cotton spe- per tonne, up 395 yuan for the cialist at logicadvisors.com in session. Traders said market Sonoma, California. participants will now look 'The pipeline is so empty toward the US Agriculture there is no buffer,' he said. 'It's Department's weekly export tighter now than it was (in the) sales report on Thursday. summer.' Technically, he said Cotton brokers said they cotton futures have recovered expect total US cotton sales to after falling sharply from the reach around 200,000 to highs seen last month when the 300,000 running bales (RBs, spot cotton contract hit an all- 500-lbs each), from 311,800 time record of $1.5723 on Nov. RBs in last week's USDA 10. report. -Reuters

Copper hits 3-week high on US data LONDON: Copper rose to three-week highs on Thursday, as upbeat US homes sales numbers stoked optimism after a recent raft of bullish data, and as the dollar fell versus the euro. Supply concerns also boosted copper prices. Three-month copper on the London Metal Exchange closed at $8,720 a tonne, from $8,585 on Wednesday. The metal used in power and construction earlier hit a peak of $8,750 a tonne, up nearly 2 per cent and its highest since Nov. 12, within reach of the record $8,966 touched last month. Lead and zinc both rose about 5 per cent. "We've had some good data out over the last couple of days," David Wilson, an analyst at Societe Generale, said. "There seems to be firmer ground for more optimism globally." Boosting base metals, data showed pending sales of existing US homes unexpectedly surged in October. This came after data on Wednesday showed US private

sector payrolls rose by the most in three years in November, and its manufacturing sector showed growth was intact. It also followed a slew of strong manufacturing data

Shanghai copper climbs Shanghai's benchmark third-month copper climbed 2.6 per cent to close at 65,200 yuan per tonne, after touching a two-week peak of 65,250 yuan. The most active fourth-month contract closed up 2.7 per cent at 65,380 yuan a tonne. from China, India and European economies. A looming deficit in the copper market is expected to push copper prices next year to new record highs. Bolstering this outlook, LME copper stocks have

fallen steadily since February, last down 2,425 tonnes to 352,425 tonnes -- their lowest since October 2009. Aluminium closed at $2,355 a tonne versus $2,340 a tonne, having earlier hit $2,387.50, its highest since Nov. 16. Battery material lead was at $2,374 from $2,265 a tonne, having touched its highest since Nov.16, at $2,385. Zinc closed at $2,260 from $2,160 a tonne, earlier reaching $2,265 a tonne, its highest since Nov.16. Traders said speculative buying was pushing up zinc prices. Steel-making ingredient nickel was at $23,700 from $23,500 a tonne. Tin, used in electrical solder, was not traded in rings but was last quoted at $25,500/25,575 from $24,700. It hit a two-week high at $25,543 a tonne. -Reuters

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

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2190 2200 2160 2170 2115 2125 2115 2125

2289.5 2290 2309 2309.5 2370 2375 2420 2425

8539 8540 8498 8499 8270 8280 7885 7895

2260 2265 2280 2283 2230 2235 2192 2197

23300 23305 23350 23375 22975 23075 22400 22500

TIN

ZINC NASAAC

25100 2141 25125 2142 25050 2144 25055 2144.5 24600 2182 24650 2187 2162 2167

2215 2220 2240 2250 2260 2270 2310 2320

GAZA STRIP - PALESTINE: A Palestinian farmer picks strawberries for export at a farm in Beit Lahia, in the northern Gaza Strip. -Agencies

Sugar holds Gold rebounds off lows flat, robustas as debt fears linger LONDON: Gold bounced linger which will sustain those surges back above $1,390 an ounce on inflows into ETFs (exchange

LONDON: Sugar futures consolidated below recent 30year highs in choppy trade featuring system fund selling on Thursday, while rains in Vietnam supported robustas and cocoa firmed with attention centred on Ivory Coast polls. ICE benchmark frontmonth raw sugar futures were little changed after a bout of system fund selling cancelled earlier gains driven by fund and investor buying, dealers said. "We've seen profit taking by algorithmic traders," one London-based dealer said. ICE front-month raw sugar was up 0.01 cent or 0.04 per cent to 28.38 cents a lb at 1525 GMT. ICE raw sugar touched a 30-year high of 33.39 cents a lb on Nov. 11. In a reference to tight global sugar supplies, Nick Penney of broker Sucden Financial said, "We continue to favour the upside, although we expect resistance at 29 cents and 29.30. We expect buy stops to be lurking above this, which could take March New York straight through 30 cents." Liffe March white sugar was down 40 cents or 0.06 per cent to $724.90 per tonne in thin volume of 1,540 lots. In coffee, continued rainfall in top producer Vietnam supported robusta futures, and dealers said the market was closely tracking the weather. ICE second-month arabica coffee futures were down 0.05 cent or 0.02 per cent to $2.0350 per lb at 1527 GMT, while Liffe second-month robustas were up $16 or 0.9 per cent to $1,832 per tonne in modest volume of 3,238 lots. Cocoa futures rose, supported by a softer dollar against a basket of currencies, with the focus on the election process in top grower Ivory Coast. ICE second-month cocoa was up $88 or 3.2 per cent to $2,846 per tonne at 1530 GMT, while Liffe secondmonth cocoa was up 64 pounds or 3.4 per cent to 1,927 pounds per tonne in reasonable volume of 9,341 lots. -Reuters

Thursday, helped by gains in the euro and safe-haven buying as investors continued to fret about the outlook for the eurozone debt crisis. European Central Bank President Jean-Claude Trichet said the ECB would keep giving banks unlimited liquidity well into next year as the euro-

traded funds)," said Michael Lewis, analyst at Deutsche Bank. The ECB left its key interest rate unchanged at a record low 1.0 per cent, as expected. Gold has made solid gains this week, currently up more than 2 per cent, amid investor jitters that the crisis could

zone debt crisis rages unabated, but it made no commitment to ramp up its government bond buying. Spot gold was up 0.3 per cent to $1,391.71 an ounce at 1551 GMT. In the immediate aftermath of Trichet's comments it had touched a session low of $1,383.79 an ounce, tracking the euro lower. US gold futures for February were up $4.40 an ounce to at $1,391.70 an ounce. "There's obviously been a bit of ECB: 'what will they do/how will it help sovereign risk fears in Europe', but we've still got concerns on Portugal and Spain and I think those will

spread. Meanwhile, the chairman of the Shanghai Gold Exchange said on Thursday that China's gold imports soared in the first 10 months of the year to 209.72 tonnes. The country was the world's second biggest gold consumer last year. In the rest of the precious metals complex, palladium was the star performer, jumping to more than nine-year highs at $756.50 an ounce. It was later up 2.9 per cent at $750.40. Silver erased early losses to trade up around 1 per cent at $28.71 an ounce, while platinum rose 1.5 per cent to $1,711.24. -Reuters

Palm at new 28-mth highs weather concerns KUALA LUMPUR: Malaysian palm oil futures hit a fresh 28-month high on Thursday, tracking firmer global commodity markets and concerns over low production during the monsoon season. The benchmark crude palm oil futures on Bursa Malaysia rose 0.4 per cent to settle at 3,500 ringgit ($1,110.406) a tonne, after touching an intraday high of 3,540 ringgit -- a level unseen since July 15, 2008. "Palm oil is up mainly on overseas factors, especially the stronger grain and soy complex," said a trader with a foreign brokerage in Kuala Lumpur. "Production has started to decline and the low output will stay till February next year." Heavy rains due to seasonal monsoon rains in major plant-

ing regions, including the southern state of Johor and Sabah on Borneo island, usually curb palm fruit harvesting and make transport difficult. A bullish target at 3,625 ringgit per tonne for Malaysian palm oil remains unchanged, based on a double-bottom pattern forming around 3,100 ringgit. US soyoil for December delivery inched down on technical correction during Asian trading hours after touching a two-week high on Thursday. The most active September 2011 soyoil on China's Dalian Commodity Exchange climbed 1.5 per cent on Thursday, all thanks to supply concerns due to dry weather in Argentina. But gains were capped by the Chinese government's inflation controls. -Reuters

ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 968.00, May11/Jul11 971.00+6.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 980.00+5.00, May11/Jul11 982.00+2.00, Aug11/Oct11 945.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1420.00, Feb11/Mar11 1415.00-5.00, Apr11/Jun11 1370.00-10.00, Jul11/Sep11 1390.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1275.00+7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1172.50, Jan11 1172.50, Feb11/Mar11 1165.00, Apr11/Jun11 1145.00+5.00, Jul11/Sep11 1140.00+10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11/Mar11 1192.50. PALMOIL: RBD dlrs tonne fob Malaysia Jan11/Mar11 1147.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1157.50, Apr11/Jun11 1132.50+7.50, Jul11/Sep11 1117.50+7.50. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1115.005.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1005.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1590.00+15.00, Jan11/Feb11 1590.00+20.00, Feb11/Mar11 1590.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters

Indian sugar down for third day MUMBAI: India's spot sugar price fell for a third straight day on Thursday on higher-thanexpected supplies and as demand remained weak, 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. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety fell by 0.96 per cent to 2,796 rupees ($61.72) per 100 kg. India, the world's number 2 sugar producer after Brazil, could approve "open general licence" sugar exports in three tranches of 500,000 tonnes each in December, January and February, Vivek Saraogi, president of the Indian Sugar Mills Association (ISMA), told Reuters on Tuesday. -Reuters

National Commodity Exchange Ltd Trading Summary Date

2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-Dec-2010 2-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

85.44 86.27 86.41 28.70 28.70 1393.00 1393.60 1394.00 1393.70 1392.50 1395.50 38246.00 38173.00 38403.00 38349.00 38360.00 44742.00 44742.00 39440.00 39482.00 39496.00 39411.00 39425.00 45338.00 45387.00 45099.00 45305.00 45321.00 2402.00 3317.00 4794.00 86.60 85.60

87.02 87.43 87.60 28.70 28.70 1395.50 1395.30 1397.00 1393.70 1395.40 1395.50 38376.00 38388.00 38403.00 38349.00 38360.00 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 4822.00 86.60 85.91

85.42 85.99 86.41 28.13 28.38 1382.90 1383.50 1384.90 1388.30 1386.00 1388.90 38190.00 38173.00 38315.00 38261.00 38261.00 44640.00 44640.00 39338.00 39379.00 39393.00 39406.00 39324.00 45218.00 45266.00 44874.00 45297.00 45202.00 3300.00 3315.00 4794.00 86.53 85.60

86.75 87.22 87.60 28.37 28.38 1388.30 1388.90 1389.90 1388.30 1388.90 1388.90 38289.00 38300.00 38315.00 38261.00 38261.00 44640.00 44640.00 39338.00 39379.00 39393.00 39406.00 39324.00 45218.00 45266.00 45281.00 45297.00 45202.00 3300.00 3315.00 4822.00 86.53 85.91

Traded Volume in lots 181 43 150 1,092 1,171 681 39 21 6 5 -

Previous Settlement Price 86.54 87.03 87.41 28.54 28.55 1390.40 1391.00 1392.10 1390.40 1391.00 1392.10 38269.00 38280.00 38295.00 38241.00 38252.00 44617.00 44617.00 39317.00 39359.00 39374.00 39388.00 39303.00 45195.00 45244.00 45260.00 45276.00 45179.00 3301.00 3317.00 4794.00 86.60 85.84

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 86.75 108 87.22 26 87.60 28.37 66 28.38 1388.30 1,075 1388.90 1,202 1389.90 228 1388.30 1388.90 7 1389.90 38289.00 11 38300.00 25 38315.00 38261.00 38272.00 44640.00 44640.00 39338.00 39379.00 39393.00 39406.00 39324.00 45218.00 40 45266.00 1 45281.00 1 45297.00 45202.00 2 3300.00 3315.00 4822.00 86.53 85.91 -


A swimmer dives into the Serpentine lake in Hyde Park in central London

10

Friday, December 3, 2010

Clijsters grabs WTA player of the year award LONDON: Belgian Kim Clijsters sealed a glittering comeback with the Women's Tennis Association award for player of the year and swiftly paid tribute to her fellow competitors, the WTA announced on Wednesday. "This year I met a lot of new girls and it was very nice that so many of them had positive reactions to my daughter Jada as well," the 27-year-old, who took two years off to start a family, said after scooping the prize for the second time. "I want to thank my fellow players and the media who voted for me and I look forward to seeing everyone again in Australia," the US Open champion added. In 2010 Clijsters won her third title at Flushing Meadows in New York and another four tournaments, including the season-ending championships in Doha. Compatriot Justine Henin, who followed Clijsters by returning to competitive tennis in January after a similar length break, won comeback player of the year after reaching the Australian Open final. Russians Elena Dementieva and Maria Sharapova were also rewarded, the former for her conduct, attitude and fair play after she announced her retirement from the sport at the WTA Championships in late October, and Sharapova for her role as a United Nations Goodwill Ambassador.

Afridi focused for WC amid controversies Monitoring Desk KARACHI: Pakistan cricket may be in turmoil due to unending controversies but it would not affect the morale of the players and the team would still be one of the favourites in the upcoming World Cup, said skipper Shahid Afridi on Thursday. Pakistan cricket has been rocked by a series of controversies, the latest being the spot-fixing allegations against seven top players. Three players have been suspended by the ICC and four more are under the scanner but Afridi said the team is determined to do well in the World Cup. "I strongly believe that Pakistan will be among the top contenders. There have been many controversies recently but we will leave them behind to concentrate on World Cup. We have good batting line up and talented bowlers. All of them are confident of good show," the flamboyant all-rounder said. Afridi counted India as one of the strong contenders in the World Cup, to be held in sub-continent from February 19 next year. "I think India, Pakistan, Australia and Sri Lanka will be in the semifinals. India and Sri Lanka will face additional pressure as they will be playing on home turf," Afridi said. He also praised the current Indian team under Mahendra Singh Dhoni. "India is continuously playing well since Dhoni has taken over. The confidence level of the team is amazing and I think it will be an exciting contest," said the veteran, who has scored 6371 runs in 303 ODIs for Pakistan.

Mourinho banned, Real fined over red-card probe ZURICH: Real Madrid coach Jose Mourinho has been given a two-match ban for improper conduct by UEFA after allegations that two of his players deliberately got sent off in a Champions League match against Ajax Amsterdam. UEFA on Tuesday also handed out fines related to events in the Nov 23 Group G game including 120,000 euros ($156,300) for Real, 40,000 for Mourinho and lower amounts for players Xabi Alonso, Sergio Ramos, Iker Casillas and Jerzy Dudek. The second match of Mourinho's European ban has been deferred for a probationary period of three years. The latest setback for Real and Mourinho followed the Madrid side's embarrassing 50 defeat by their arch-rivals Barcelona in El Clasico at the Nou Camp on Monday. Real have three days to appeal against UEFA's punishment.

ZURICH: Britain's PM Cameron is welcomed by FIFA's Secretary-General Valcke at his arrival for the final presentations for the 2018 and 2022 FIFA World Cup host nations bids.-Reuters

Gambhir leads India to win over Kiwis JAIPUR: India's stand-in captain Gautam Gambhir cracked an unbeaten 138 off 116 balls to lift the hosts to an eightwicket win over New Zealand in the second One-Day International (ODI). The left-hander's eighth oneday century enabled India to surpass New Zealand's challenging 258 for eight with seven overs to spare in the day-night match. The emphatic victory gave India a 2-0 lead in the five-

match series after the hosts had won the first game in Guwahati on Sunday by 40 runs. Gambhir put on 87 for the opening wicket with Murali Vijay (33) and 116 for the second with Virat Kohli, who followed up his century in Guwahati with a fluent 64. The captain hit 18 boundaries in his fluent knock as regular captain MS Dhoni was rested for the series. "It was important," said Gambhir. "Getting a century as

captain is special, and winning the game was more special. I always felt the pitch was going to improve. I was looking to time the ball and it worked." Shanthakumaran Sreesanth set up the win by grabbing four wickets and duly received praised from the captain. "Sreesanth has got his Test rhythm in ODI cricket as well, and he's had two really good games this series," said Gambhir.-Agencies

PESHAWAR: Students performing in different skids during the Annual Sports Day of the Khyber Pakhtunkhwa Inter-School (Girls) Games.-APP

Ronaldo injures his achilles tendon MADRID: Real Madrid's Portuguese international Cristiano Ronaldo, who missed a training session on Wednesday, is suffering from an ankle injury, the Spanish club said. "Cristiano Ronaldo was subjected to a medical check before today's training session. Results show an inflamed tendon on his right ankle," it said. "The player will follow a medical treatment and have physiotherapy, and will be monitored for the next 24-48 hours," it added. The 25-year-old striker took part in Real's humiliating 5-0 loss away to archrivals Barcelona on Monday. The injury means he may be forced to miss Real's next league match on Saturday against Valencia. Ronaldo, the 2008 FIFA World Player of the Year, has started in all 13 league matches this season as well as all five Champions League matches, having scored a total of 18 goals. Real are in second place in the league with 32 points, two fewer than Barcelona, following their loss to the Catalan side.-Agencies

Spain internationals Ramos and Alonso were dismissed late in Real's 4-0 win in the Dutch capital after picking up second yellow cards for timewasting. The sendings-off meant they would serve automatic onematch suspensions in the final group game against Auxerre, which is a dead match for Real as they are assured of first place in Group G and qualification for the last 16. Both players had accumulated two yellow cards in the group stage before they were sent off and a further yellow card in a subsequent game would have meant a onematch suspension during the knockout rounds. UEFA said the red cards given to Alonso and Ramos would stand and they have been suspended for one match. The pair will start the knockout stage with one yellow card each against their names as the cards picked up before the

Ajax game still stood. Spanish media reports said the players were acting on instructions from Mourinho. They said the message was passed by reserve goalkeeper Dudek during a conversation with first-choice keeper Casillas. Spanish television repeatedly replayed a moment during the match when the pair were seen talking with their hands over the mouths. Mourinho was also filmed with his hand over his mouth. Two years ago, UEFA fined Olympique Lyon players Cris and Juninho 15,000 and 10,000 euros respectively for getting deliberately booked in a Champions League match against Fiorentina. UEFA's disciplinary panel decided the pair had committed fouls in order to serve a one-match ban during their team's meaningless final group stage match against Bayern Munich.-Reuters

Five arrested after crowd trouble in League Cup LONDON: Less than an hour before the final presentation of England's 2018 World Cup bid in Zurich, police announced five people were arrested after Wednesday's pitch invasion in the Birmingham City v Aston Villa League Cup tie. In televised scenes reminiscent of the dark days of English soccer hooliganism, hundreds of City fans invaded the pitch to taunt their local rivals after Birmingham's 2-1 quarter-final win at St Andrew's. Villa supporters reacted by hurling pieces of broken plastic seating and other missiles while both sets of fans threw flares. West Midlands police issued a statement on Thursday saying five people had been arrested following "sporadic outbreaks of disorder. "In addition to the damage caused inside the stadium, a pub near to St Andrew's was also damaged as were several parked cars," the statement read. "Fourteen people, including four police officers, received minor injuries which required hospital treatment. Two police dogs were also hurt after they were struck by missiles." Superintendent Steve Graham, responsible for policing the game, said: "This incident must have been very frightening for the vast majority of

spectators who enjoyed the match and did not cause any problems. "I'm sure football fans everywhere will join with me in condemning the illegal actions of those who have brought shame on themselves, their clubs and our city. "An investigation into the disorder has now begun and we will be using CCTV footage to identify those who were responsible." Earlier this week West Midlands police arrested seven men in a series of co-ordinated dawn raids on the homes of those suspected of violence at the Villa v Birmingham Premier League derby on October 31. That game ended in a 0-0 draw. The English FA condemned the violence which could not have come at a worse time for the country's World Cup bid. With the decision on the 2018 hosts coming later on Thursday, nobody from the bid party was available for comment. Birmingham issued a statement, saying: "The club does not tolerate the breaking of any stadium rules and will conduct a full investigation in conjunction with the FA and police and take appropriate action. "A meeting will be held at St Andrew's on Thursday to investigate the matter further."-Reuters

Eng, Aussies ready for 2nd Ashes encounter ADELAIDE: England march into the second battle of their Ashes campaign at another bastion of Australian cricket on Friday buoyed by the knowledge they have already spiked one of the enemy's big guns. While Mitchell Johnson's replacement could hardly prove less effective than the paceman was in the first test, Australia's decision to drop the 2009 ICC Cricketer of the Year can only count as another major blow from the tourists. Their first blow was delivered at the Gabba earlier this week, when England's top order batted for two days to steer the side to the safety of a

draw at a ground where Australians have long taken Ashes victories, and England collapses, for granted. The hosts have almost as good a record at the Adelaide Oval where they secured one of the great Ashes victories four years ago, crushing the spirit of an England team who were subsequently routed 5-0. England declared after making a first-innings total of 551 on the usually batting-friendly Adelaide pitch only to be skittled out for 129 in the second innings. Andrew Strauss believes this is a very different England team, one that learns its lessons and exhibits none of the fragility that charac-

terised previous touring sides since their last series victory in Australia 24 years ago. "What it proved to us is that anything is possible in the game of cricket," the England captain recalled of the Adelaide collapse on Thursday. "Australia sniffed that chance and took that chance. We conspired in our own downfall. You need to learn from those experiences and I think we have. "To expect the match to go the same way would be wrong. It's a very different set of players and once you've been through that you make sure you never go through it again.

"It was a long time ago, it was obviously a big kick in the teeth then but a lot of things have moved on since then." PACE PROBLEMS Australia captain Ricky Ponting was Man of the Match in the 2006 test and could be forgiven for wishing not so much had "moved on" with his side since that famous day. "The last Ashes series here was probably the best test win I've been involved with, it was an amazing game of cricket," he said. "We just managed to grab the initiative late in the game and were just good enough to get over the line. "There's a few of our guys who were in that team so

hopefully some of those good memories will work for us this week." Shane Warne and Glenn McGrath were instrumental in Australia's victory in 2006 and replacing the pair continues to be at the heart of the hosts' problems. Before the first test it was which of the nine spinbowlers who have tried to replace Warne would play which caused the controversy. This week, after their bowlers managed just one wicket in England's second innings in Brisbane, it is McGrath's inheritors in the pace unit who have been under scrutiny. With Johnson out of the

equation, Doug Bollinger is likely to partner Peter Siddle and Ben Hilfenhaus on Friday, although the latter's place is also under threat from Ryan Harris. The under-fire Australia captain made it clear he had no vote on the selection panel, and perhaps a diminishing influence. "When it's big decisions like this one that are to be made it's wholly and solely made by the selection panel," he said. "Of course they ask for my input and the coach's input but they're the ones that make the decisions. "Sometimes it doesn't matter what I think," he added.Reuters


ECB keeps liquidity taps on, says bond buying ongoing FRANKFURT: The European Central Bank said on Thursday it would keep giving banks unlimited liquidity well into next year as the euro zone debt crisis rages unabated, but it made no commitment to step up the pace of bond-buying. The lack of a more aggressive policy response to the debt crisis disappointed investors but the euro nonetheless rose on reports the ECB was buying Portuguese and Irish debt. President Jean-Claude Trichet said the ECB decided to conduct three month liquidity operations in January, February and March "with full allotment". Until recently it had been expected to phase out unlimited liquidity measures. He made no firm pledge to ramp up buying of government bonds to support the likes of Portugal and Spain despite growing speculation that it could rush through new anti-crisis measures, including government bond buying on a much larger scale. "It's a huge disappointment," said Klaus Baader at Societe Generale. "There's no quantum leap, that's for sure. There's not even a little hop." The ECB started purchasing bonds through the SMP in May and has so far spent 67 billion euros ($88 billion), most of it during the first three weeks of the programme. "The Securities Market Programme (SMP) is ongoing, I repeat ... ongoing," Trichet told a news conference after the ECB's monthly policy meeting left interest rates at 1.0 per cent. "I won't comment on the observations of market participants," he said, adding that he had never given a limit for the programme's size. As Trichet spoke, the premium investors demand to buy

Portuguese and Irish debt over German benchmarks fell with traders saying the ECB had been buying the two countries' bonds at a modestly higher rate than of late. Speculation was rife in the run-up to the meeting that the ECB could rush through new anti-crisis measures to respond to the debt crisis with some analysts talking of trillions being spent to support peripheral euro zone debt. Instead, Trichet urged euro zone governments to act, saying their actions would be of "decisive importance". The ECB was in permanent contact with governments, Trichet said, adding that it was "for them to demonstrate as clearly as possible that they are up to their responsibility". EU leaders have responded to the debt crisis with 85 billion euros in aid for Ireland and plans for a permanent bailout facility. But the response has failed to calm markets and some economists say the future of the euro is in doubt without more integrated fiscal policies within the bloc. Some analysts also say the ECB may have to escalate its bond buying programme soon if the euro zone debt crisis threatens to push Portugal and Spain to seek bailouts, as Ireland and Greece already have. "Mr Trichet left the door open to further purchases of government bonds," said Marie Diron at Ernst & Young. "However, the ECB will likely decide on these as and when it sees fit rather than by planning a much more substantial bond purchase programme," she said. Debate will have been heated in the policy meeting. Governing Council member Axel Weber has made his distaste for the programme clear and called for it to be

scrapped in October, saying it had failed to calm bond markets. Trichet said there had been a consensus within the ECB to keep liquidity flowing and that an "overwhelming majority" were in favour of the bond-buying programme. There was no mention of unanimity. The ECB's decision to keep its main refinancing rate on hold at 1.0 per cent was widely expected. All 74 economists in a Reuters poll predicted that this month, and expect on average for them to be raised late next year. And in a Reuters poll on Tuesday, 13 of 22 traders said they expected the ECB to continue offering unlimited amounts of cash to banks. But Trichet's failure to promise a ramp-up in bond buying disappointed investors. "One can only expect that the market will not find hoped-for reassurances or policy initiatives in today's comments," said Carl Weinberg at High Frequency Economics. "Indeed, Mr. Trichet emphasized in his Q&A session that what the ECB is doing is not quantitative easing. He said it twice!" Markets are already discounting an eventual rescue of Portugal. While that would be manageable, assistance for its neighbour Spain would sorely test EU resources and raise deeper questions about the integrity of the 12-yearold currency area. The 16-country region's central bank also nudged up its growth forecast for 2010 on Thursday but left the midpoint prediction for 2011 unchanged. "Recent economic data are consistent with the positive underlying momentum of the recovery while uncertainty is elevated," Trichet said.Reuters

BOJ moves slowly to expand growth area scheme TOKYO: The Bank of Japan needs more time to assess the effect of its loan scheme targeting growth industries, its deputy governor said, a day after a fellow board member signalled that it could be expanded as the bank battles Japan's entrenched deflation. Some BOJ officials do not rule out boosting the loan scheme if it continues to draw strong demand, given that nearly half of the 3 trillion yen ($36 billion) set aside will be disbursed this year -- well before its expiration in 2012. But recent comments from BOJ policymakers show the central bank has yet to reach a consensus on how soon to expand the scheme, put in place in June as a long-term means of stimulating domestic demand, which has lagged in Japan's anaemic recovery. "The support scheme has only just started. The time is not yet ripe to evaluate its effects in a comprehensive manner," Kiyohiko Nishimura, one of the BOJ's two deputy governors, told a seminar on Thursday. BOJ board member Miyako Suda sounded more eager to boost the scheme on Wednesday, when she said there was room to make it more attractive, perhaps by increasing its size or reviewing the conditions for extending loans. "At present, money does not flow into risk (assets) unless the BOJ steps in, so we need to step in," Suda told a news conference in Yamagata, northern Japan. "It's not simply about the volume (of money). I hope to make the scheme more effective in supporting growth industries by thinking of whether there are some ways to improve it and, if so, how." With interest rates already effectively at zero, the BOJ has launched various measures aimed at funneling money into the fragile economy and pulling it out of deflation.Reuters

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the President National Bank of Pakistan submitted compliance report to registrar Supreme Court. The apex court in its decision was directed NBP to do the needful within a period of six weeks and submit compliance report to the Registrar of this Court. The President NBP complying with the order of the Court has submitted his report stating therein that an advertisement was placed in the national press on October 8, 9 asking all eligible employees/exemployees to submit applications for payment in accordance with the order of the Court. He said that nearly 9,500 applications have been received so far and payment has been made as per direction of the Court. Applications continue to be received even after the cut-off date given in the advertisement, he said. In some cases, the legal heirs and succession certificates require verification. All such applications shall be processed and payment will be made after scrutiny, he added. It is pertinent to mention here that the case was heard by a three member bench headed by the Chief Justice of Pakistan and comprising other two members namely Justice Tariq Pervez andJustice Ghulam Rabbani on October 20 and directions were issued to the President National Bank for compliance.-APP

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said, is the best forum to discuss and debate upon issues concerning the people. The members of the Fata delegation lauded the leadership qualities of the Prime Minister and appreciated the support being given by the Government for the uplift of Fata region. Furthermore, Prime Minister Gilani is leaving for two day visit of Kabul on Saturday. During his visit besides meeting Afghan president Hamid Karzai he would also be meeting for the first time anti Pakistan Afghan leaders. According to sources PM would be holding a one on one meeting with Afghan President Hamid Karzai at the Presidential Palace and than later a delegation level talks would be held. -Agencies

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million pounds of relief goods to the people. Munter said that America is fulfilling all its promises to Pakistan and US-Pak will continue intelligence sharing. On this occasion Corps Commander Peshawar Lt Gen Asif Yasin Ali said that Pakistan army has proved that it can overcome and fight any disaster along with any army of the world, Pak-US relations are very strong and no misunderstanding can affect its relation. -Online

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International & Continuation

Friday, December 3, 2010

Terrorists want to divide the country, we have to work together in fighting terrorism and we shall win this war.On this occasion gold medals and degrees were distributed amongst the BA, BSc and master level students of the MAJU.-Online

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he added. Shaikh said that bilateral trade between the two countries was $6.2 billion that has been witnessing 30 per cent increase on yearly basis, adding that the JEC agreed to help boost balanced trade between the two countries. Speaking on the occasion, Hucheng said that Pakistan and China were enjoying all weather friendship and the increasing economic and trade relations between the two countries were the proof of this. He appreciated the ongoing economic and trade cooperation between Pakistan and China and noted that significant progress has been made in the fields of economy and trade cooperation since holding of 13th JEC in April 2007.Chinese minister for international trade told during the current fiscal year the trade volume between Pakistan and China would surpass 7 billion dollars, he pointed out. Besides scaling up its investment, China was providing assistance to Pakistan in different sectors under Financial Investment Corporation.

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in the first phase.The matters related to five ministries to be transferred to the provinces in the second phase were reviewed. They include ministry of tourism, ministry of social welfare and special education, culture, education and health. It was decided these ministries would be devolved to the provinces till February, 2011. The participants were informed that overall 44001 federal government employees would be affected in the second phase of devolution of ministries. They include 1022 employees of ministry of tourism and its allied departments, 4855 employees of ministry of social welfare and special education, 1581 employees of ministry of culture, 23579 employees of education ministry and its allied departments and 12964 employees of ministry of health and its subordinate departments. -Online

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Boucher wrote that the embassy in Islamabad should "express Washington's strong opposition to the release of Dr Khan and urge the Pakistan government to continue holding him under house arrest." Army Chief General Kayani told a top American diplomat that his establishment wanted resumption of back channel talks with India, but President Asif Ali Zardari was Continued from page 12 No #4 against it, according to a secret US cable leaked by WikiLeaks. planned to release tens of thousands of internal documents from During the meeting, Ms Patterson asked Gen. Kayani about the a major US bank early next year, according to an interview pub- likelihood for restarting the back-channel talks with India, noting lished by Forbes Magazine. Hrafnsson, speaking at an event in that the USA had received a good readout from former foreign London, confirmed that the website had information about the minister Qasuri, who was enthusiastic about the appointment of operations of a US bank, but declined to identify it. "We usually former foreign secretary Riaz Khan as the back-channel negotiadon't comment on the projects that are ongoing. We take our time tor. ISI chief Ahmed Shuja Pasha also attended the meeting. in scrutinising the material before we release it and that applies to India, Russia and the United Arab Emirates (UAE) are this material as well," he said. -APP involved in the insurgency in Balochistan, revealed a WikiLeaks cable. According to cable, India has established nine training Continued from page 12 No #5 Khan said that students are the essence of the progress of any camps along the Afghan border, where they were training members of the Balochistan Liberation Army (BLA), and the UAE country, its education which can help in prevailing peace. He further said that Pakistan has been fighting terrorism for the was supporting the insurgency in opposition to the construction past three years, in order to save the country we have to have tol- of Gwadar port.The cable said that US interests are best served by preventing another cycle of military rule. The cable also said erance along with education. Terrorists who were behind the killings of innocent people in US Vice President Joe Biden had noted that Pakistan's ties with Swat, Data Durbar, and Rehman Baba in Peshawar and Shah the US had been transactional in nature and were based on Abdullah Ghazi in Karachi had no educational background. "mutual mistrust". -Agencies

US jobless claims rise, underlying trend upbeat WASHINGTON: A closely watched gauge of US jobless benefits touched a fresh twoyear low last week and pending sales of previously owned homes unexpectedly surged in October, signs the economy had broken out of its summer soft patch. Initial claims for state unemployment benefits increased 26,000 to a seasonally adjusted 436,000, the Labor Department said on Thursday. However, a fourweek moving average -- a better gauge of underlying labor trends -- fell to its lowest level since the week ending Aug 2, 2008. Economists had forecast claims rising to 425,000. Although claims bounced off recent two-year lows last week, they remained firmly in ranges considered by economists as consistent with an improving labor market. "If it continues, we should expect to see better payroll numbers over the next few months," said Ian

Shepherdson, chief US economist at High Frequency Economics in Valhalla, New York. "The core story here is that firmer demand and easing credit conditions for smaller firms are allowing them to hang on to people who might otherwise have been let go." In a second report, the National Association of Realtors said its Pending Home Sales Index, based on contracts signed in October, jumped 10.4 per cent to 89.3. Economists had expected a decline of 0.5 per cent. US stocks rose as investors cheered the unexpected rise in pending home sales. Treasury debt prices fell, with the benchmark 10-year notes yield rising over 3 per cent for the first time since July. The claims data has little bearing on Friday's employment report for November as it falls outside the survey period."Taken together, today's number is a reminder that even in a labor market that is gradually healing, the

improvement won't happen in a straight line," said Michael Feroli, an economist at JP Morgan in New York. Anecdotal evidence points to a strengthening in the labor market and the government is expected to report that nonfarm payrolls rose 140,000 last month after increasing 151,000 in October. Other data also continue to indicate a pick-up in economic activity during the fourth quarter. US retailers reported stronger-than-expected sales for November as shoppers flocked to stores and spent more during the annual discount bonanza known as Black Friday, reports showed on Thursday. Despite signs of improvement, strains remain in the labor market. The number of people still receiving benefits under regular state programs after an initial week of aid rose 53,000 to 4.27 million in the week ended Nov. 20, above expectations for 4.21 million.-Reuters

Eurozone Q3 GDP up on household, govt demand BRUSSELS: Household, government spending and exports drove euro zone economic growth in the July- September period, official data showed on Thursday, confirming earlier estimates of a third quarter slow down. European Union statistics agency Eurostat said gross domestic product in the 16nation currency area grew 0.4 per cent quarter-on-quarter in JulySeptember, after a 1 per cent jump in the second quarter. This is in line with its earlier estimate. "Looking through the volatility

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of quarterly data, the overall picture is one of ongoing moderate recovery of domestic demand, with easing support from global trade and the inventory cycle," said Marco Valli, euro zone economist at Unicredit. "Despite recent financial market turmoil, the recovery remains on track," he added. Financial markets have been in turmoil because of euro zone sovereign debt problems, with concerns that this could lead to Portugal or even Spain being forced to ask for EU financial aid after Greece and Ireland.

Eurostat data showed that growth was driven by very strong figures in Germany, the currency area's biggest economy, which expanded 0.7 per cent in the third quarter, for a 3.9 per cent year-on-year rise. Crisis-hit Greece contracted 1.1 per cent on the quarter for a 4.5 per cent annual fall; third quarter figures for Ireland were not available. "The positive underlying momentum of the recovery seems to remain in place," said Clemente de Lucia, economist at BNP Paribas. -Reuters

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revenue of Rs128 bill would be generated in textile sector after RGST was slapped. He refuted the charges that corruption amounting to Rs500 billion per annum was being committed in FBR. How could be FBR blamed if people did not pay taxes, he questioned. The incumbent government has no right to impose tax when million of people are spending their day and night without a loaf of bread. -Agencies

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counsel for justice Zahid Hussain kicked off new debate when he said judge were not individuals but they were court, therefore, contempt of court proceedings could not be initiated against them. -Agencies

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investors on the pre-text that it would do so after its merger with the National Bank. The resolution further said, the Balochistan Assembly recommended the provincial government to approach the federal government particularly President and Prime Minister of the country to take notice of the fraud besides directing chairman SECP and the relevant bank to return the invested amount back to the investors of Balochistan.-Agencies

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the week ending Nov 27, while those held by commercial banks rose to $3.77 billion from $3.74 billion, said the State Bank of Pakistan."State Bank of Pakistan's reserves fell due to debt payments," said Syed Wasimuddin, chief spokesman of the central bank.

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back the Ordinance then its notification be presented in the court" CJP remarked.The AG said some time be allowed so that the notification could be submitted. The petitioner Shahid Orakzai said prima facie article 47 of the constitution has been violated in this ordinance. "If this ordinance is withdrawn even then my petition does not stand infructuous", he added. "Whether it is job of SC to impeach if any violation has been committed", Justice Ramday observed. It makes no difference if this ordinance is retracted as it has no legal standing", the petitioner advocate Zafar Ali Shah said. "If ordinance is withdrawn then the court will review these petitions", CJP remarked.The hearing of the case has been adjourned till December, 7. -Online

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also been increased.Talking to state-owned TV channel here Thursday Chairman LPG Distributor, Irfan Khokhar confirmed that prices of LPG have been increased by Rs14 per kilogram, rates of domestic cylinder increased by Rs165 and rates of commercial cylinder has been increased by Rs635 per kilogram without taking permission from the government and Ogra. He further said that the prices of LPG and gas cylinders have been increased in collusion with gas mafia and LPG Marketing companies.He said that the sudden increase in prices of LPG and cylinders would bring gas crisis in the country and residents of cold areas would have to face difficulties. He demanded to withdraw the increase in rates of LPG and cylinders as soon as possible.- Online

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the benchmark's slide from October 2007 to March 2009, a key technical indicator. Goldman Sachs forecast on Thursday that the S&P 500 will close 2011 at 1,450, boosted by positive earnings amid a steadily improving US economy. It also upgraded the financials, energy and consumer discretionary sectors. US President Barack Obama's top economic advisers were to resume negotiations Thursday with congressional leaders, hoping to break a deadlock over expiring tax cuts. In company news, PepsiCo Inc agreed to buy Russian juice and dairy producer Wimm-BillDann. Wimm-Bill-Dann US-traded shares jumped 28.1 per cent to $31.38..American International Group Inc shares edged up 0.6 per cent to $42.54 after Reuters reported the insurer could receive at least three separate bids for its Taiwan unit. AIG rose 1.3 per cent to $42.84.-Reuters

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as 5.1 per cent early after the cabinet approved the state-run firm's proposal for a stock split and a one-for-one bonus issue.. Wipro, the No. 3 outsourcer, ended up 2.6 per cent after the company said its billionaire chairman Azim Premji would transfer 8.7 per cent holding to an irrevocable trust. Dealers said this would likely help improve liquidity in the stock. Metal counters Tata Steel , Hindalco and Sterlite Industries rose 1.4 to 3.1 per cent, tracking bullish metal prices in the world markets. Hero Honda fell 7.3 per cent after the Business Standard reported the motorcycle maker has agreed to increase its royalty payments to Honda Motor Co to 8 per cent of annual sales in return for a technology makeover and a stake sale by the Japanese firm in the venture. In the broader market, gainers outpaced losers by a ratio of 1.8-to-1 on volume of about 415 million shares. The broader 50-share NSE index gained 0.9 per cent to 6,011.7.-Reuters

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Miners Rio Tinto, Anglo American and BHP Billiton were 2.7-4.2 per cent higher. Stronger than forecast housing and retail data from the United States also lifted investors' spirits. Fashion group Burberry, up 6.5 per cent, was among the top beneficiaries of the improved sentiment, traders said. Banks were also in demand, as fears that the sector could face more setbacks as a result of the euro zone debt crisis began to fade.Traders were cautious on whether the gains could be sustained, with volumes not much above the 90 day trading average cited as evidence that there is not huge enthusiasm for the rally. "While the market is trading strongly higher today, volume is hardly spectacular, indicating that even fund managers may just be dipping their toes," said Manoj Ladwa, senior trader at ETX Capital.-Reuters


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EU urged to spend more against terror

KARACHI: Sindh Syed Qaim Ali Shah and Interior Minister Senator A Rehman Malik chairing law and order meeting at CM House. -APP

Militants kill Nato truck driver PESHAWAR: Taliban militants attacked a Nato-supply truck before dawn Thursday, killing the driver and damaging the vehicle, police said. The militants opened fire on the vehicle with assault rifles in Suki village in Mardan. As a result, the driver died on the spot. The accused have managed to escape from the scene. The driver's assistant told police they had loaded the truck in Karachi destined for Nato troops and were en route to Kabul. "The driver was killed on the spot. It was a Nato-supply truck and was carrying a 10-wheel vehicle for NATO in Afghanistan," Iftikhar Khan, a police official in Mardan said. There was no claim of responsibility for the attack but intelligence officials blamed the Taliban.-NNI

Terrorists want chaos in Pak: Dr Khan ISLAMABAD: Renowned scientist Dr Abdul Qadir Khan has said terrorists want to destabilise the country and we have to wage a joint war against terrorists. Addressing the 7th convocation of Mohammad Ali Jinnah University (MAJU) Dr Abdul Qadir Khan said that students play an important role in the progress of the country; it is knowledge that enables man to recognise God; it is knowledge that makes a person accomplish any thing. Dr Khan said private schools have played a very important role in dispersion of education and today education seems to be spreading. On this occasion federal minister for education Sardar Asif Ahmed Ali See # 5 Page 11

Punjab gas break halts industries FAISALABAD: The weekly gas break has halted thousands of industries of Punjab on Thursday and deprived more than a million labourers of their three days' daily wages in many industrial zones. According to Sui Northern Gas Company sources, under National Energy Saving scheme Faislabad, Multan, Islamabad and Bahawalpur industrial zones' gas supply has been suspended and it will be resumed on December 5. The annoyed and irritated industrialists of Faisalabad have rejected this weekly gas break; they have also announced to take out protesting rallies against the long breaks of gas, from December 04. -NNI

Full security arrangements to be made for Muharram

Terrorists under govt radar: Malik Staff Reporter KARACHI: Interior Minister Rehman Malik has said that complete security arrangements would be made for Muharram and we are monitoring the activities of terrorists. Talking to media men at Karachi airport he said that government will continue the operation against the terrorists and trace them irrespective of what sort of latest satellite telephone they use. He said security forces arrested the leadership of terrorists. Federal minister said that previous government ignored Balochistan and its people. He said Prime Minister announced the Balochistan package for the betterment of people and present government provided the jobs to youth and awarded the NFC award to province.

Pillion riding banned again in Khi, Hyd KARACHI: The provincial government has banned pillion riding in Karachi and Hyderabad in the wake of Muharam-ul Haram. According to the media reports, the pillion riding has been banned in Karachi and Hyderabad till Muharram 12th. The notification has been issued in this regard and would be enforced by midnight tonight. The provincial government also banned wall chalking, distribution of pamphlets, banners and flyers in the city. The decision was taken in the wake of Muharam-ul Haram to avoid any untoward incident. -Agencies Malik said he is ready to accept all demands of Balochistan people and holding dialogue with those who are raising the National flag but no talks would be held with those who disgrace the national flag. He requested to people of Balochistan that they should help the security forces for arrest of terror-

ists. Malik said that Muttahida Qaumi Movement (MQM) is not part of the Pakistan Peoples Party (PPP) and it has own manifesto. He said that government is not angry with MQM at RGST issue. Interior Minister said that MQM Chief Altaf Hussain is his good friend.

PM leaves for Kabul tomorrow

Rs1 billion for Fata gas supply granted ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani announced Rs one billion for supply of gas to all the agencies of Fata. The infrastructural details will be prepared by the concerned organisations. He also sanctioned 2000 turbans for all the agencies of Fata. The procedural details in this regard would be finalised by the elected representatives and the political agents. He further announced establishment of IT University in Fata to cater for the needs of the

students of the region. Prime Minister made the above announcements during meeting the delegation of MNAs from Fata who called on him at the Prime Minister House here on Thursday. Prime Minister appreciated the courage and commitment of the people of Fata in facing the challenge of terrorism and the support extended to the armed forces in curbing militancy. The sacrifices made by the people of Fata, he said, are duly recognised by the entire nation.

US-Pak cooperation to continue: Munter

Leaks will soon be history: USA GHAZI AIR BASE: American ambassador to Pakistan Cameron Munter has said that Wikileaks will not affect the Pak-US relations, whole world has rejected the Wikileaks and soon it will be a part of history. US ambassador Cameron Munter addressing the people present on the occasion of completion of flood relief operation of the American army at Ghazi Air base said that Wikileaks have been rejected by the US and it will not create any misunderstanding between Pak and US. He further said that US army has worked shoulderto-shoulder with the Pak army in the Khyber-

Pakhtunkhwa for rehabilitation of the flood affectees and US will continue its support to Pakistan and wants to see the democratic institutions of the country strong. He said mutual cooperation will further strengthen the friendly relationship between the two countries and both are fighting the war for the salvation of humanity and this war should be won at any cost. He said 35 helicopters took part in the rehabilitation work of the flood stricken areas and through which more than 40 thousand people were shifted to safe areas; US army has distributed more than 16 See # 3 Page 11

Prime Minister assured the delegation that development works in Fata would be accelerated and preference would be given to the ongoing projects for early completion. He also assured that the Ministry of Interior will be directed to facilitate the people of Fata region in preparation of readable passports and ID cards. Prime Minister said that the Government would continue to pursue the policy of reconciliation and consensus building on all national matters. The Parliament, he See # 2 Page 11

Will turn to big cos soon: Wikileaks WASHINGTON:Whistlebl ower website WikiLeaks, which is causing an international storm over its release of confidential diplomatic cables, said it would also publish disclosures from the corporate world. "I believe that in the future we are going to have more material that is pertaining to the corporate community," WikiLeaks spokesman Kristinn Hrafnsson said late on Wednesday. Shares in Bank of America fell 3 percent on Tuesday amid investor fears that the largest U.S. bank by assets might be at the centre of WikiLeaks' next document release. WikiLeaks founder Julian Assange said his group See # 4 Page 11

BRUSSELS: The European Union is spending too little on fighting terrorism at a time when its transport network is insufficiently protected, the EU's counter-terrorism coordinator said Thursday. Gilles de Kerchove urged the 27-member bloc to increase development aid to areas where militant groups are known to operate such as Yemen, Pakistan or sub-Saharan Africa, and to spend more on helping their governments to tackle militancy. "There needs to be a step-change in the amount

Gen Wyne calls on Gilani ISLAMABAD: Chairman Joint Chiefs of Staff Committee, General Khalid Shamim Wyne called on PM Yousuf Raza Gilani at PM House here Thursday and briefed him about his recent visit to Poland and Bosnia. According to PM House spokesman the CJCSC also apprised the PM about the professional matters pertaining to the three armed forces of Pakistan. They also discussed the ongoing campaign against the militants in the troubled areas of Pakistan. According to sources, PM Yousuf Raza Gilani praised the Pak Army and said the sacrifices of the armed forces are apparent to everyone and the world acknowledges the efforts, the fight against terror will be achieved successfully and terrorism will be eliminated completely. PM assured that despite the limited resources all requirements of the armed forces would be met, as no compromises would be made on the sovereignty of Pakistan. PM Gilani commended the Pak army and said that the army accomplished their targets in the war against terrorism, which is their biggest achievement. -Online

which the EU devotes to counter-terrorism assistance," Kerchove said in a written presentation to EU interior or home affairs ministers, which they were to debate Thursday. "If the EU is to be a serious actor in promoting global stability it needs to put proper resources behind this." At a meeting in Brussels, ministers were also due to discuss ways of increasing air cargo security after bombs were found on USbound planes in October, as well as the sharing of passenger data with

Washington in pursuit of suspects. The bombs, as well as a recent spate of arrests of people suspected of planning Islamist attacks in Europe and travel warnings in the EU, have highlighted growing security concerns. In his presentation, Kerchove said aviation remained a high priority target for Islamist militants, and that Europe's land transport networks were inadequately protected from attack. "We need to further analyse gaps in the protec-

tion of major components of land transport infrastructure," he said. "There is an obvious risk that, as aviation becomes increasingly secure; terrorists might switch to targeting land transport." At the same time, he said, the bloc needed a comprehensive strategy to address the phenomenon of Europeans travelling to remote war zones to attend militant training camps. "The majority of plots detected over the last few years have involved such 'foreign fighters'," Kerchove said. -Reuters

Qatar to host Fifa WC 2022; Russia 2018 ZURICH: Russia and the tiny Gulf state of Qatar were awarded the 2018 and 2022 World Cups Thursday after an acrimonious bidding war marred by allegations of corruption and illegal deal-making. The bombshell conclusion to two years of frenzied lobbying saw world football supremo Sepp Blatter reveal the winners following a secret ballot of 22 FIFA executive committee members in Zurich. The announcement means the World Cup will be staged in two countries which have never hosted the event before following the 2014 tournament in Brazil. Russia prevailed in the 2018 race, upsetting England and joint bids from Spain and Portugal and Belgium and the Netherlands. The outcome represented a stunning comeback for Russia, whose campaign had believed to be in trouble after Prime Minister Vladimir Putin declined to join the lobbying effort in Zurich. Putin had also launched a stinging attack on England's bid on the eve of the vote, accusing the country's media of "smearing" officials. But the shock of the day came in the 2022 race, where Qatar beat off stiff competition from the United States, Australia and Asian rivals South Korea and Japan in a remarkable result. Qatar 2022 bid president Mohammed bin Hamad Al-Thani promised: "We won't let you down. You will be proud of us, proud of the Middle East." Qatar's win came despite serious reservations being raised about the logistical

problems of staging the football tournament in the Gulf during the searing heat of the summer months. Although the Qataris have promised to build an array of state of the art stadia which are climate-controlled, the technology has never been tested on a large-scale before. The results brought the curtain down on the most controversial World Cup votes in years, with FIFA facing myriad allegations of corruption which led to two executive commitee members being suspended. FIFA president Blatter has acknowledged that the decision to stage votes for two tournaments at the same time was a mistake, making illegal horse-trading between bids inevitable. An increasingly acrimonious climax to the campaign saw Spanish and Russian officials issue veiled attacks earlier Thursday as the respective bids made their final presentations to FIFA voters. Spanish FIFA member Angel Villar Llona hit out at British media reports which exposed corruption within the organisation, describing them as "slander." Meanwhile in Moscow, Russian Foreign Minister Sergei Lavrov also hit out at perceived "intrigue and blackmail" surrounding the vote. "We stand for world sport developing according to its own laws, independent of the political environment," Lavrov said. "And it should especially not be subject to intrigue and blackmail." -Reuters

OPIC mission calls on Qamar ISLAMABAD: A United States delegation headed by Robert B Drumheller, Vice President of the Overseas Private Investment Corporation (OPIC), a US government agency, along with John Simmons the US Commercial Counselor in Pakistan on Thursday called on the Federal Minister of Petroleum and Natural Resources, Syed Naveed Qamar here. Investment opportunities in various projects in energy as well as other fields such as information technology and computer hardware, in the country , including Pakistan's first Liquefied Natural Gas import project with reference to financing services of OPIC were discussed in meeting, said a press release issued here. Syed Naveed Qamar said that in view of the paucity of energy in the country there was a need to exploit all alternatives to meet energy needs, and gas import and other projects should avail from all opportunities at their disposal including the services of OPIC. -APP

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The Financial Daily-Epaper-03-12-2010  

The Financial Daily Epaper