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International Karachi, Thursday, January 6, 2011, Safar-ul-Muzaffar 1, Price Rs12 Pages 12

'Q' not ready to extend hand to government

FPRC urges rescheduling of gas cuts

See on Page 12

Bhutto anniversary marked

See on Page 12

PCO judges: Hearing put off till 10th

See on Page 12

See on Page 12

Governor Punjab laid to rest with full state honors

Economic Indicators $16.42bn Forex Reserves (27-Dec-10) 14.44% Inflation CPI% (Jul 10-Nov 10) $8.88bn Exports (Jul 10-Nov 10) $15.37bn Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) $(6.49)bn Current A/C (Jul 10- Nov 10) $(504)mn $4.43bn Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Nov 10) $746mn Rs 495bn Revenue (Jul 10-Nov 10)

Taseer murder a ‘politi-kill’: Awan

$58.41bn Foreign Debt (Sep 10) Rs 5348.6bn Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.81% LSM Growth (Oct 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.45mn Population

FIR registered; court grants remand of Taseer's killer

Portfolio Investment SCRA(U.S $ in million)

Special Correspondent

203.87 Yearly(Jul, 2010--4-Jan-2011) 8.48 Monthly(Dec, 2010--4-Jan-2011) 4.90 Daily (4-Dec-2011) 2878 Total Portfolio Inv (24 Dec-2010)

NCCPL (U.S $ in million) FIPI (5-Jan-2011)

2.11

Local Companies (5-Jan-2011)

-1.01 1.74

Banks / DFI (5-Jan-2011)

-1.54

Mutual Funds (5-Jan-2011)

0.39

NBFC (5-Jan-2011)

-0.67

Local Investors (5-Jan-2011)

-1.03

Other Organization (5-Jan-2011)

Global Indices Index

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36.38

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Money Market Update T-Bills (3 Mths) 29-Dec-2010

13.20%

T-Bills (6 Mths) 29-Dec-2010

13.41%

T-Bills (12 Mths) 29-Dec-2010

13.73%

Discount Rate

29-Nov-2010

14.00%

Kibor (1 Mth)

05-Jan-2011

13.29%

Kibor (3 Mths)

05-Jan-2011

13.46%

Kibor (6 Mths)

05-Jan-2011

13.64%

Kibor ( 9 Mths)

05-Jan-2011

14.00%

Kibor (1Yr)

05-Jan-2011

14.15%

P.I.B ( 3 Yrs)

05-Jan-2011

14.31%

P.I.B (5 Yrs)

05-Jan-2011

14.32%

P.I.B (10 Yrs)

05-Jan-2011

14.41%

P.I.B (15 Yrs)

05-Jan-2011

14.60%

P.I.B (20 Yrs)

05-Jan-2011

14.78%

P.I.B (30 Yrs)

05-Jan-2011

14.98%

Commodities *Crude Oil (brent)$/bbl 92.98 *Crude Oil (WTI)$/bbl 88.62 *Cotton $/lb 143.92 *Gold $/ozs 1,370.10 *Silver $/ozs 29.23 Malaysian Palm $ 1,243 GOLD (NCEL) PKR 38,157 KHI Cotton 40Kg PKR 9,645 *Last Updated 20:00 PST

Open Mkt Currency Rates Symbols

Buy (Rs)

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Australian $

85.20

86.30

Canadian $

85.10

86.10

Danish Krone 15.00

15.10

Euro

113.30

115.20

Hong Kong $ 10.60

10.70

Japanese Yen 1.030

1.056

Saudi Riyal

22.65

22.80

Singapore $

65.40

66.40

Swedish Korona 12.00

12.70

Swiss Franc

86.80

87.00

U.A.E Dirham 23.25

23.45

UK Pound

133.10

134.70

US $

85.65

85.95

Inter-Bank Currency Rates Symbols Buying TT Clean Australian $ 85.91 Canadian $ 85.67 Danish Krone 15.26 Euro 113.72 Hong Kong $ 11.02 Japanese Yen 1.043 Saudi Riyal 22.83 Singapore $ 66.38 Swedish Korona 12.70 Swiss Franc 90.16 U.A.E Dirham 23.31 UK Pound 133.29 US $ 85.61

Selling TT & OD 86.11 85.87 15.29 113.99 11.04 1.045 22.88 66.54 12.73 90.37 23.36 133.60 85.79

Weather Forecast CITIES MAX-TEMP ISLAMABAD 14°C KARACHI 24°C LAHORE 12°C FAISALABAD 10°C QUETTA 14°C RAWALPINDI 14°C

MIN 04°C 10°C 04°C 05°C -08°C 05°C

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LAHORE: Prime Minister Syed Yousuf Raza Gilani at the funeral of late Governor Salman Taseer with the deceased’s family. -APP

Moody's sees next 12-18mth vital for Pak

Political chaos to hit credit ratings SINGAPORE: The flareup in political turmoil in Pakistan following the assassination of a key ally of President Asif Ali Zardari won't have an immediate impact on the nation's credit ratings, Moody's Investors Service said Wednesday, but it warned that prolonged political instability and economic stagnation could lead to a banking crisis in the

strife-torn South Asian nation. "The prolonged stagnation of Pakistan's economic growth and the high political risk will be the large risks for Pakistan over the next 12 to 18 months," said Aninda Mitra, Vice President and Senior Analyst at Moody's Sovereign Risk Group. If the economic stagnation and political instability

ADB, IFC, Citibank, and MCB Bank

4 banks link up to help textilers ISLAMABAD: The Asian Development Bank (ADB), International Finance Corp (IFC), Citibank, and Pakistan's MCB Bank announced on Wednesday that they have completed a landmark trade transaction that will help boost the textile industry in Pakistan, a sector that accounts for over 60 per cent of the country's industrial activity. The four banks provided trade finance coverage of up to Euros 110 million for

Ibrahim Fibers Limited to import state-of-the-art German machinery to produce polyester staple fiber and polyester chips. The additional 650 tonnes-per-day capacity made possible by the transaction will more than double Ibrahim Fiber's polyester production, already one of Pakistan's highest, to 1,250 tonnes per day, said an ADB press statement received on Wednesday. See # 14 Page 11

50pc cut in POL prices hike also under review

PM may undo POL price hike ISLAMABAD: After loosing the main coalition partners in the House, and drawing severe criticism over the rise in petroleum, Federal Government finally bowed down to the pressure and set to withdraw the raise in POL prices. According to the media report, Prime Minister Syed Yousuf Raza Gilani would announce the withdrawing of raise in petroleum prices in the House today

Sindh told to improve law &order KARACHI: President Asif Ali Zardari has advised to appoint MPA from Larkana Ghulam Sarwar Sayal as provincial minister and added that assassination of Punjab Governor Salman Taseer is an attempt to terrorise democratic powers and vowed to continue war on terror. He stated this during his address to PPP four districts including Larkana, Nawabshah, Khairpur and Naushehro Feroz MPAs meeting at Bilawal House on Wednesday. The MPAs condoled over killing of Salman Taseer and prayed for him. During the meeting, the MPAs complained about law and order situation and kidnapping for ransom incidents in these districts. President Zardari advised Sindh provincial government and Home Minister to take measures for the improvement of law and See # 15 Page 11

(Thursday), whereas it is also likely that Prime Minister Gilani would slash the recent hike by 50 per cent. Sources added that prior to the National Assembly session Prime Minister Gilani would take all the parliamentary leaders on the board during the meeting, which would held here in Islamabad. ISLAMABAD: Federal According to the political Interior Minister, Rehman. See # 16 Page 11 Wednesday appealed of the entire nation particularly the Ulema not to further promote religious intolerance as enemies wanted to make the country as a fail state through exploiting sectarianism. ing the Executive Board Talking to the media perMeeting (EBM) held here sons here in the Governor on Wednesday in which House, the Interior Minister four references were stated that the culprits approved to be filed in would bring before the justice, adding that a commitaccountability courts. These include references tee comprised of all securiagainst Noor Jamal of Pak ty agencies are probing the PWD for assets incident. See # 18 Page 11 See # 17 Page 11

FBR advocates graft-free Pak ISLAMABAD: The corruption overwhelms whole fabric of society and is a serious menace to be dealt with iron hands so as to create a corruption free culture in the society, Chairman NAB, Justice (Retd) Syed Deedar Hussain Shah said. He said this while chair-

continue, "it could either cause a sovereign debt restructuring or a banking crisis to occur in Pakistan," Mitra told Dow Jones Newswires in a telephone interview. "The staying of the government for implementing tough economic reforms is currently under pressure," Mitra said. Mitra said the Salman See # 13 Page 11

Malik appeals for tolerance

LAHORE: Federal Law Minister Babar Awan has declared the murder of Salman Taseer as a politicalkilling, and urged that it should be investigated. Talking to media at the Lahore's Defence residence of President Asif Ali Zardari's media advisor, Chaudhry Munawwar Anjum, Babar Awan termed the daylight murder of provincial head of 800 million as a major security lapse of the highest criminal order, having few historical parallels. He demanded an explanation over the fact that how as a person, declared as ineligible, ever appointed over VIP security, terming the issue as an endeavor to break the Federation apart. He said that it was essential to find out that whether this murder was an individual act or a deep-rooted conspiracy, as most VIPs were provided maximum security; something that was lacking in this case. The law minister reminded that the

deceased Governor had a political background, and such persons were not murdered, as they had few enmities. He cited much such kind of murders, which could be termed as political murders, and said that PPP had already tolerated many such murders of its leaders with utmost patient for the sake of Federation. He said that all realised as to who entailed what kind of responsibilities, and demanded an immediate enquiry into the fact that who appointed murderers as guards of a VIP person, without proper verification. He said that even he and his colleagues had to take care of their own security on the funeral as the official security only prevented others to offer funeral prayers. Meanwhile, Governor Punjab Salman Taseer was laid to rest at Cavalry grave yard with full state honors amidst tears and sorrows of his loved ones. Governor Taseer was assassinated Tuesday by one of his own security guards in Kohsar Market Islamabad.

The killer named Mumtaz Qadri has confessed that he killed the Governor due to his open support for blasphemy convict Aasia Bibi. On Tuesday night, his dead body was brought to Lahore on a C-130 airplane, and shifted to his residence at Cavalry Ground. Salman Taseer's body wrapped in National Flag was laid to rest with full state honour. Earlier the funeral ceremony of Governor Salman Taseer has been held at Governor House, Lahore. The funeral prayers were led by Allama Afzal Chishti, General Secretary Ulema wing of PPP's Punjab chapter. Prime Minister Yousuf Raza Gilani, Foreign Minister Shah Mehmood Qureshi, Defence Minister Ahmed Mukhtar, Railway Minister Ghulam Ahmed Bilour, Senate Chairman Farooq H Naek, Federal Interior Minister Rehman Malik, Water & Power Minister Raja Pervez Ashraf, Information Minister Qamaruz Zaman Kaira, Makhdoom Amin See # 12 Page 11


2 40mn people to shift to urban areas by 2025 I S L A M A B A D : Pakistan is facing a rapid shift from a rural to more urbanized housing culture and over 40 million additional people are expected to live in towns and cities by 2025. An increase in demand for power generation has drastically reduced the supply available to the masses. The need fueled by the harsh winters and hot summers has left millions living in agonizing conditions. To address to this need of the nation, UNHABITAT, in partnership with the Ministry of Environment, ENER-

CON, and the Capital Development Authority, under the flag of delivering as ONE UN Pakistan Joint Program for the environment initiated a project in April 2010, to demonstrate and test measures to improve the thermal performance of housing while specifically improving re-enforced Cement Concrete (RC) flat roofing, said a UNHABITAT release. Applications of this project have been carried out on single story government houses from a selected area in Islamabad in partnership with CDA. Based

on research conducted by the UN-HABITAT, 19 different improvement products and techniques were selected and installed on the roofs in coordination with manufacturers. Nine of the 19 roofs reduced indoor temperatures by 4 degrees on average without the use of fans or air-conditioning. The success of this project in the future is expected to address the ongoing energy crisis in the country by providing affordable, sustainable, energy efficient housing solutions to the masses, release concluded.-PPI

Thursday, January 6, 2011

KESC gets 10,000 power theft complaints KARACHI: The Karachi Electric Supply Company has claimed it received over 10,000 complaints from citizens under its "Speak Up" campaign against illegal use of electricity of which 80 per cent were found genuine on checking. The KESC has appreciated the citizens' participation in the campaign with interest and responsibility as reflected from the success rate of raids on these complaints. The identity of the complainants was kept confidential all the time, it claimed. Citizens used all channels of communication as were announced by KESC during its theft specific media drive. Maximum complaints came through telephone calls, emails, SMSs and fax.-PPI

APNS condemns killing of Salman Taseer

LAHORE: Shops on The Mall seen closed due to mourning of Punjab Governor Salman Taseer who was gunned down by his guard in Islamabad.-Online

TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24

THURSDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 (Rpt) 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00

Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Mang Raha Hay Pakistan (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Siyasat Mana Hai News

TDAP reduces fee for GSP Certificate KARACHI: The Trade Development Authority of Pakistan (TDAP) has announced to reduce the fee of Certificate of Origin for acquiring GSP facility on exports to European Union from Rs1,000 to Rs100. This was disclosed by the Chairman, Korangi Association of Trade and Industry, Syed Johar Ali Qandhari on Wednesday after a meeting with the Chief executive of TDAP, Tariq Puri in his office wherein the issue of steep rise in issuance of GSP certificate was discussed. The exporters had also raised the issue of phenomenal rise of fee from Rs25 to Rs1,000

announced by TDAP about a few days back and TDAP chief had promised to the exporters in a luncheon meeting with the office bearers and members of KATI on Tuesday and assured to revise his decision in this regard. In the meeting with the KATI chief Wednesday at TDAP office Tariq Puri intimated the decision to reduce the fee of GSP certificate with immediate effect. KATI Chief, Johar Qandhari, business leader, S M Muneer while welcoming the decision said that it is good gesture as the TDAP has realized the situation and reversed the fee increase.-PR

KARACHI: The All Pakistan Newspapers Society (APNS) has expressed profound grief over the assassination of Salman Taseer, Governor Punjab and publisher of Daily Times and Daily AajKal. Hameed Haroon, President, and Sarmad Ali, Secretary General have stated that the unfortunate murder of Taseer is an attack on the freedom of expression and reflects the growing trend of intolerance in the society. They called upon the democratic forces to unitedly check the trend as it is highly dangerous and alarming for the growth of democratic values in the country. The APNS office-bearers condoled with the family and the fraternity on the demise.PR

KARACHI: National flag on Supreme Court Registry building hoisted half-mast during 3-day mourning announced on the death of Punjab Governor Salman Taseer.-Online

SHC notices to Defense Secy, DG CAA

Untrained officials heading crash probe bodies KARACHI: Sindh High Court has issued notice to Defense Secretary, Director General Civil Aviation Authority and others on a petition challenging alleged appointment of unqualified aviation officers as President and member of committee investigating three plane crashes occurred in Islamabad and Karachi. A division bench, comprising Chief Justice Sarmad Jalal Osmany and Justice Munib Akhtar also issued notice to Deputy Attorney General for January 13. Petitioner Syed Naseem Ahmed, aircraft accident specialist, challenged appointment of Air Commodore Khwaja A Majeed and Group Captain Sardar Ilyas as President and

Technical Investigator of Safety and Investigation Board of CAA, respectively. He impleaded Secretary Defense, DG Civil Aviation Authority, Air Commodore (retd) Junaid Ameen and AVM (retd) Mohammad Safdar as respondents. He submitted in July 2010 Airblue plane crashed at Margalla Hills in Islamabad, killing all 152 passengers and crew members on board. A petition was filed in SHC seeking independent investigation into this accident. SHC on October 25, 2010 disposed off petition with direction to government to institute board of inquiry comprising independent persons as per international standards. Meanwhile, two more

accidents, including a Russian cargo plane crash, took place in Karachi in November 2010. He submitted CAA Director General ordered inquiry into three plane crash incidents. He formed 'Safety and Investigation Board'. Air Commodore Khwaja A Majeed was appointed as President Group Captain Sardar Ilyas appointed as Technical Investigator of board. He contended both officials lacked mandatory training, education, skills and experience. Investigation into three crash incidents were leading to nowhere because evidence was destroyed due to nonexistence of coordinated mechanism among concerned departments.-PPI

Demo against Pak Post selloff plan

Moot told

90pc research done on diseases of wealthy KARACHI: Jinnah University for Women (JUW) organized a 3-day International Conference of Chemistry and its role in Science from Jan 3-5 under the auspices of its department of Chemistry. Addressing the conference, Dr Rafia Azmat said that it was the first international conference in which 220 abstracts were received from various countries. She thanked all those who supported and contributed for the event. She paid great tributes to Prof. Ataur Rehman, Prof. Dr. M. Iqbal Choudhary and the chairman of HEC for extending all-out support for the conference. She also thanked to the Vice Chancellor Prof. Dr. Riaz Ahmed Hashmi and the member of the governing body for their all possible support. Chief guest, Prof. Dr. Manzoor Hussain Soomro, said in his massage that the year 2011 has been declared as the International Year of Chemistry (IYC 2001) by the International Union of Pure and Applied Chemistry and UNESCO. Prof Dr Riaz Ahmed Hashmi, VC JUW, in his address said that it was really a matter of pride that the first conference IYC 2011 was being held in JUW. He appreciated the efforts of the organizers of this conference in which more than 20 delegates from abroad and around 50 from Pakistan presented their research papers. Prof. Dr M. Iqbal Choudhary, Director HEJ Research Institute of Chemistry delivering his lecture said that since the research on medicine for diseases involve a lot of money more than 90% research is done on disease of wealthy persons, like obesity, blood pressure, etc., because the return is quick and with profit.-PPI

KARACHI: A large num- Committee plans more this department but later ber of postal employees such demonstrations. restored it to its original Wednesday staged demonSyed Akhtar Ahmed and position as the post office stration on I.I.Chundrigar Syed Qamar Abbas Zaidi, department was profitRoad here to protest central leaders of Postal earning and being a saving against government's Action Committee, bank and life insurance reported move of privatiz- addressing the agitating department the people had ing Pakistan Post Office employees termed the pri- deposited billions of Department. vatization move as eco- rupees in it. Besides it was Postal Action Committee nomic genocide of 47000 cheapest means of postal for Anti-Privatization employees of the depart- services, they added. (alliance of Collective ment. They alleged that the priBargaining Unions) had The trade union leaders vatization move was organized the demonstra- said that in 1992 the then aimed to appease IMF and tion as a part of protest government had accorded World Bank and vowed to I S L A M A B A D : movement. The Action status of corporation to foil such designs.-PPI Government has appointed Managing Director of National Police Foundation Javed Iqbal as Inspector General of Punjab. According to details, Javed Iqbal of police group grade-22 has been appointed IG Punjab in place of former IG Punjab Tariq Saleem Dogar who has completed his service on Dec 31. Sources say that Punjab government has shown willingness and approved the appointment of Javed HYDERABAD: PPP Ladies Wing workers reciting Holy Quran during Quran Iqbal as the next IG of Khawani for Punjab Governor Salman Taseer and on the birthday of Punjab. Shaheed Zulfikar Ali Bhutto at District Council.-APP It is pertinent to mention that Javed Iqbal has performed his duties as IG Police Azad Kashmir, DIG Karachi and in different fields. He is considered an honest and devoted officer.-Online KARACHI: A swine flu patient was found in KARACHI: The Pakistan and no pricing policy and finding hard to stay afloat. Karachi Tuesday. Swine Pharmaceutical manufac- price increase for last 10 The increasing cost of pro- Flu Surveillance Cell turers Association showed years. Pharma industry is duction would further Incharge Dr Suresh its serious concerns about already crippling and with deteriorate the present Kumar sai that 42-year the notification of increase this petrol price increase level of unemployment old Robina had been in petrol price issued by there is no doubt that phar- and export and will create admitted to a private hosOil and Gas Regulatory ma industry will be at a hindrance in achieving pital with swine flu export target as well, he symptoms three days great loss. Authority (OGRA). Pharma industry is added. In a Statement Haroon back and on Tuesday KARACHI: The Qassim, Chairman, PPMA already facing high cost of Haroon Qassim said that report of her blood test Management of Karachi said this step is another doing business and due to our economy is worsening confirmed presence of Marriott Hotel has nail in PPMA's coffin, the further increase in the day by day because of con- swine flu virus. announced that its regional pharma industry is already petrol price, the industry tinuous increase in petroleHe said she was the first food festival will now be suffering due to price con- has further been under um, gas and electricity swine flu patient in Sindh held on Jan 22-23.-PR trol by minister of health immense pressure and is prices.-PPI of current year.-PPI

Javed Iqbal is new IG Punjab

Marriott Food Festival now on 22

PPMA resents oil price hike

First Swine flu patient of 2011 in Sindh


3

Thursday, January 6, 2011 Top Economic Events

Dollar bounces on upbeat US jobs, services data US private sector jobs rise; services index up NEW YORK: The dollar jumped on Wednesday and may continue to extend gains after a batch of upbeat US data affirmed the view that the world's largest economy was on a steady path to recovery. The greenback was on pace for its biggest one-day gain against the yen in more than three months and more than two weeks against the euro. The ADP Employer Services report, which showed US private employers added 297,000 jobs in December, further propelled an already rising dollar. The ADP number was the largest increase on record, with data going back to 2000, and far exceeded market expectations for a gain of 100,000. A separate report showing the US services sector expanded as well in December also lifted the dollar. "If, in fact, employment is kicking in,

then that would set the tone for self-sustained growth, underpin interest rates, and very much underpin the dollar," said Bob Sinche, global head of FX strategy at RBS Global Banking and Markets in Stamford, Connecticut. Analysts said the private sector employment report bodes well for Friday's US nonfarm payrolls number, which is expected to show gains of 140,000 overall jobs -- and 145,000 private-sector jobs -- last month. The ADP jobs data followed a series of upbeat economic reports this week suggesting the US recovery seems real and not merely due to short-term government

stimulus measures. Earlier this week US factory orders,

construction spending and a manufacturing index showed stronger readings as well. As a result, Sinche said, RBS is "pretty constructive on the dollar this year." He expects the euro to fall into the low $1.20s against the dollar by mid-year, while dollar/yen could rise above 85. In midday New York trading, the dollar index, which measures the greenback's value against six other major currencies,

was up 0.91 per cent at 80.167. The dollar surged 1.5 per cent against the yen to 83.23 yen. Traders are now focused on taking out an exotic option barrier at $1.3125 in euro/dollar, a bet that the euro-zone single currency will not fall below that level by 1500 GMT on Thursday. Consequently, there has been some buying of the euro in efforts to defend that number. The euro fell 1.1 per cent to $1.3157, touching the barrier at $1.3125 with a reportedly $15-$20 million payout. Traders said the seller of the option, who is on the hook for the payout, has bought a substantial amount of euros to try to keep it above $1.3125. "We're definitely back to a 'buy dollar' mentality and the market is looking to take out key support levels for the euro," said Dean Popplewell, chief currency strategist at OANDA in Toronto. -Reuters

Yuan slips as cbank

Asian currencies

Won, rupee down as firm sets lower mid-point dlr spurs short-covering SKorea not to use FX policy to tame inflation: Official SEOUL: The South Korean won and the Indian rupee fell against the dollar on Wednesday, leading overall declines in Asian currencies as investors covered dollar-short positions amid the greenback's strength and on importers' deals. The yuan also fell after China's central bank pulled the mid-point back from a record high, affirming market expectations the authorities will likely keep the currency stable for now. "I am still bullish on Asian currencies but their recent gains seem too fast. We need to book profits or adjust positions a bit before going further," said a Kuala Lumpur-based dealer.

"We are firmly in the camp that stronger US growth will be a positive for emerging Asia economies and in turn this should help maintain pressure for further Asian currency appreciation," said Jonathan Cavenagh, senior FX strategist at Westpac Institutional Bank in Singapore. The won fell on importers' dollar demand and heightened caution over possible dollarbuying intervention after a senior official at the foreign exchange authority said the country will not use FX policy to curb inflation. The remarks will not reverse the won's strengthening trend although the authorities may

Stg hit by weak UK data, dollar’s rebound LONDON: Sterling lost ground against a resurgent dollar on Wednesday, after data showed US companies were hiring at a much faster pace than expected while activity in the UK construction sector contracted last month. The jobs report brightened the outlook for the US economy, while a monthly construction index suggested Britain's econo-

my was on shaky ground and backed expectations that domestic interest rates are likely to remain on hold despite sticky inflation. US private employers added 297,000 jobs in December, three times economists' median estimate and up from a gain of 92,000 in November, an ADP Employer Services report showed. "Those ADP numbers led to an acceleration in the dollar's rebound," said Ian Stannard, senior currency strategist at BNP Paribas. "Despite sterling

holding well on the crosses, it has lost ground against the dollar and it can head back towards the $1.5370 level in the coming days." Sterling was down 0.6 per cent at $1.5487, having fallen to $1.5478 after the US data. It was an outperformer on Tuesday, rising as high as $1.5646 after UK manufacturing sector PMI surprised on the

upside. But Wednesday's monthly Markit/CIPS purchasing managers construction index fell to 49.1 from November's unrevised reading of 51.8, and a much sharper decline than economists' forecasts of a reading of 50.9. Traders noted steady buying of the pound earlier by Middle Eastern and Asian central banks. That saw the euro/sterling pair lose ground, dropping 0.6 per cent to 84.86 pence. Traders said stops were triggered when the pair fell below the 84.80 level. -Reuters

continue to slow down its gains, analysts and dealers said. Foreign investors bought a net 123.6 billion won worth of stocks on the main exchange after having purchased a net 848.6 billion won during the previous two consecutive sessions. The Taiwan dollar rose over 3 per cent against the US dollar but it cut gains on importers' dollar demand and as investors covered dollar-short positions. The Taiwan dollar rose to as firm as T$29.15 on early trading, compared with its previous close of T$30.201. Authorities have been intervening late in the day over recent weeks to curb the currency's gains. -Reuters

Swiss franc stays flat vs euro ZURICH: The Swiss franc was near flat against the euro on Wednesday and with risk aversion limited several analysts saw the franc falling as traders capitalised on its record rise against the common currency. With economic worries taking a back seat, the safehaven franc, which rose about 16 per cent against the euro last year due to concerns about debt in the euro-zone, has eased somewhat from the all-time peak of 1.24 per euro on Dec. 30, according to Reuters data. Yet it is still "significantly" overvalued, analysts at Credit Suisse said. "A rise of euro/Swiss above 1.2690 would give more evidence of a short-term stabilization," they said, adding that favourable Spanish jobless data had been supportive of the euro. The franc was near flat against the euro compared to the New York close, trading at 1.2613 per euro at 0751 GMT. The franc fell 0.4 per cent against the dollar at 0.9517 per dollar. -Reuters

Aussie, NZ $ hit 1wk lows vs firmer USD SYDNEY/WELLINGTON: The Australian dollar fell to one-week lows on Wednesday and came within striking distance of parity against a broadly stronger greenback, hit by profit taking and falling commodity prices. But the Aussie looked supported at the session lows with buying interest seen just below parity, which could help stem the 2-per cent slide seen so far this year. That made the currency one of the worst performers over the past three sessions, although the decline followed a 6 per cent rally in December, which took the Aussie to a 28-year high at around $1.0257 last Friday. Traders said this week's fall was triggered by news about the floods affecting the country's coal and wheat areas, giving the market an excuse to book profits. The Aussie last traded at $1.0022, near the session low of $1.0011. Immediate support was seen at $0.9987, its December 27 low, followed by $0.9918. Analysts said the impact of the flood is likely to be spread over the fourth quarter of 2010 and first quarter of 2011, but then

growth should pick up, as exports come back on line backed by reconstruction and rebuilding. This means the longer-term Australian growth story and the Reserve Bank of Australia's tightening bias remain intact. The New Zealand dollar fell to one-week lows around $0.7629 and was down about 2 per cent so far this year as well, having closed out 2010 near a two-week high of $0.7815. But trading has been quiet, with financial markets there reopening on Wednesday after the new year holidays. Traders said some short kiwi positions were established after the currency rallied over 4 per cent last week, in line with the broad gains in commodities. The kiwi was last at $0.7637. Initial support kiwi was seen currently at around $0.7614, while resistance was around $0.7779. The Aussie fell to around NZ$1.3057, from this week's high of NZ$1.3163, having shed more than 2 per cent in two weeks. It hit a 10year high of NZ$1.3505 on Dec. 23 as the thriving Australian economy and higher interest rates lured traders to its currency. -Reuters

SHANGHAI: The yuan closed down against the dollar on Wednesday after China's central bank pulled the mid-point back from a record high, affirming market expectations the authorities will likely keep the currency stable for now. The People's Bank of China has so far refrained from letting the yuan's mid-point breach the psychologically important 6.60 level, suggesting it may not be ready to let the yuan rise significantly, traders said. Dealers said the yuan had the potential to appreciate as China was facing political pressure and ahead of Chinese President Hu Jintao's visit to the United States in mid-January. "The yuan may correct for now," said a dealer at an Asian bank in Shanghai. "There is a great probability that it will rise around the period of the visit." The yuan had been overly active in recent days and gains were likely to be tempered for a while, dealers said, but a slow and steady appreciation could be expected. Before trade began, the PBOC fixed the yuan's mid-

point versus the dollar at 6.6295, weaker than Tuesday's 6.6215 -- a record high for the third straight trading day. Spot yuan finished at 6.6190 versus the dollar, down from Tuesday's close of 6.6088. It hit a record high of 6.5896 last week. The official China Securities Journal said in a front-page editorial on Wednesday that the yuan will rise some 5 per cent in 2011 against the dollar as Beijing needs a stronger currency to combat inflation and possible asset bubbles, while a former central bank adviser said China needed to free up the currency. The appreciation of the yuan would be particularly strong in the first half of this year, the newspaper said. Most Chinabased traders expect the yuan to appreciate about 2 per cent in the first quarter of 2011. Benchmark one-year nondeliverable dollar/yuan forwards were bid at 6.4400 late on Wednesday, up from Tuesday's close of 6.4350. Their implied yuan appreciation in a year's time fell slightly to 2.94 per cent from 3.02 per cent. -Reuters

Indian rupee weakens, dollar demand weighs MUMBAI: The Indian rupee declined for the second day to end at two-week lows on Wednesday on persistent importer dollar demand, weak shares and broad dollar strength. The partially convertible rupee ended at 45.33/34 per dollar, after hitting 45.33, its weakest since Dec. 21 and below its close of 44.98/99 on Tuesday. Dealers expect the rupee to move in 44.90-45.50 band rest of the week. "Rupee may move with a weakening bias rest of this week on lack of fresh dollar supply due to weak shares, strong importer dollar demand and broad dollar strength, with the dollar index rising since last three sessions," said Rohan Naik, head of forex trading at Standard Chartered Bank. Oil importers stepped up their purchase of the US unit on concerns of any possible supply disruption from Iran amid a payment dispute between India and the Islamic Republic, dealers said. Foreign investors bought a

record net $29.3 billion worth of shares in 2010, compared with the $17.5 billion net inflow in 2009. In the first two trading sessions of 2011, foreign funds bought $269.5 million of shares. One-month offshore nondeliverable forward contracts were quoted at 45.59, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, and MCX-SX closed at 45.5225 and 45.5200 respectively, with the total traded volume on the two exchanges at $6.6 billion. Reuters

Time 4:30am 4:30am 4:30am 5:00am 5:00am 4:45pm 4:45pm 6:30pm 6:50pm 6:50pm 7:01pm

Source GBP GBP GBP EUR EUR NZD NZD AUD JPY JPY GBP

Events CPI y/y Core CPI y/y RPI y/y German ZEW Economic Sentiment ZEW Economic Sentiment PPI Input q/q PPI Output q/q WMI Consumer Sentiment m/m CGPI y/y Current Account RICS House Price Balance

Source

Events

EUR EUR GBP GBP GBP GBP CAD

French Industrial Production m/m Italian Industrial Production m/m PPI Input m/m Trade Balance DCLG House Price Index y/y PPI Output m/m New Housing Price Index m/m

Forecast 2.30% 1.50% 4.10% -45 -43 1.00% -10.00% 2.70% 1.90T -52.00%

Previous 2.10% 1.40% 4.00% -41.6 -41.7 2.30% 1.60% -8.30% 2.60% 2.16T -49.10%

Actual

Forecast

Previous

0.70% -0.50% 2.60% -7.6B 9.10% 1.00% 0.10%

0.70% 0.50% 1.00% -7.4B 8.00% 0.50% 0.30%

-1.70% -1.10% 1.40% -7.9B 9.70% 0.40% 0.50%

Previous Day

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

As per 22.00 PST Ask High 1.3160 1.3321 0.9657 0.9653 1.5499 1.5623 0.9968 1.0020 0.9982 1.0078 109.3400 109.4400 0.8482 0.8540 1.2709 1.2711 128.8500 128.9900 85.9700 86.6900 0.9707 0.9701 1368.7500 1385.3000 28.9000 29.8300

Bid 1.3157 0.9653 1.5496 0.9965 0.9979 109.2800 0.8480 1.2705 128.8000 85.9100 0.9700 1368.0000 28.8300

Low 1.3136 0.9474 1.5478 0.9955 0.9965 108.5700 0.8475 1.2573 127.4900 85.9600 0.9484 1364.6000 28.5900

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 05/01/2011 A USD GBP CAD EUR JPY O/N 0.24375 0.55813 0.92000 0.34750 SN 0.09438 1WK 0.25438 0.57063 0.98667 0.50250 0.10288 2WK 0.25656 0.57438 1.04417 0.56000 0.10938 1MO 0.26125 0.58875 1.09667 0.69375 0.12250 2MO 0.28250 0.64625 1.15167 0.81000 0.15000 3MO 0.30281 0.76000 1.23500 0.93438 0.18688 4MO 0.34500 0.84125 1.30667 0.99813 0.24288 5MO 0.40125 0.94625 1.36833 1.08250 0.30000 6MO 0.45456 1.05188 1.44500 1.17813 0.34750 7MO 0.50813 1.12750 1.51167 1.22813 0.39750 8MO 0.56063 1.21313 1.59000 1.28438 0.44188 9MO 0.61375 1.29500 1.65500 1.33313 0.48750 10MO 0.66625 1.37438 1.73000 1.38313 0.51313 11MO 0.72063 1.44313 1.81333 1.42438 0.53750 12MO 0.78094 1.51000 1.90000 1.46688 0.56625

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

Next Meeting

Last Change

January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a

March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008

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

Division of National Bank of Pakistan (NBP) KARACHI, January 05,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.80 133.60 113.99 85.87 90.37 86.11 12.73 1.05 14.60 66.54 15.29 22.88 11.04 12.96 305.07 27.97 65.59 23.56 23.36 0.08 2.85

85.60 133.29 113.72 85.67 90.16 85.91 12.70 1.04 14.57 66.38 15.26 22.83 11.02 12.93 304.36 27.90 65.44 23.51 23.31 0.08 2.84

85.42 132.99 113.46 85.45 89.92 85.69 12.67 1.04 14.53 66.21 15.22 22.77 10.99 12.90 303.56 27.83 65.27 23.44 23.24 0.08 2.83

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 05, 2011

KASB

BMA

ELXIR

GSL

ICSL

12.90 12.95 13.00 13.06 13.20 13.32 13.35 13.50 13.68 14.00 14.20 14.20 14.25 14.30 14.33 14.35 14.35 14.40 14.55 14.70

13.05 12.95 12.95 13.10 13.25 13.35 13.42 13.47 13.70 14.00 14.32 14.25 14.38 14.38 14.35 14.10 14.12 14.40 14.60 14.75

13.00 12.95 13.00 13.10 13.22 13.31 13.40 13.53 13.69 14.12 14.32 14.34 14.35 14.37 14.45 14.25 14.12 14.40 14.55 14.75

12.90 12.90 12.95 13.15 13.33 13.40 13.50 13.70 13.80 14.00 14.30 14.33 14.35 14.38 14.40 14.38 14.12 14.43 14.65 14.90

12.90 12.90 12.95 13.05 13.15 13.25 13.30 13.45 13.65 13.95 14.35 14.22 14.23 14.30 14.35 14.15 14.20 14.40 14.55 14.75

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 13.00 12.95 13.00 13.10 13.27 13.35 13.40 13.60 13.75 14.00 14.34 14.25 14.36 14.30 14.42 14.10 14.12 14.40 14.70 14.85

12.96 12.93 12.98 13.09 13.24 13.33 13.40 13.54 13.71 14.01 14.31 14.27 14.32 14.34 14.38 14.22 14.17 14.41 14.60 14.78

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

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

week month months months year years

0.17 -0.87 -0.25 0.24 -0.09 -0.29

0.53 0.83 0.85 0.70 0.86 0.89

0.50 -0.73 0.60 0.60 0.78 0.57

0.51 0.24 0.85 0.68 0.63 0.73

0.41 0.75 0.81 0.59 0.19 0.44

USD/CAD USD/CHF

0.16 -0.54 0.28 0.39 -0.18 -0.24

-0.11 0.50 0.30 -0.33 -0.04 0.31

-0.24 0.76 0.20 -0.14 0.21 0.17

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)05/01/2011 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

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 12.60

13.10

12.60

13.10

12.70

13.25

13.20

13.45

13.40

13.70

13.50

14.05

13.65

14.15

13.70

14.20

JSBL

12.75

13.25

12.80

13.30

12.80

13.35

13.25

13.50

13.40

13.70

13.50

14.00

13.70

14.20

14.00

14.50

ASPK 12.70 CIPK

ABPL

ASK

13.20

12.75

13.25

12.85

13.35

13.20

13.45

13.40

13.65

13.50

14.00

13.65

14.15

13.75

14.25

12.75

13.25

12.85

13.35

12.85

13.35

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.90

14.40

DBPK 12.50

13.00

12.60

13.10

12.70

13.20

13.00

13.25

13.15

13.40

13.30

13.80

13.50

14.00

13.60

14.10

FBPK 12.65

13.15

12.70

13.20

12.75

13.25

13.25

13.50

13.45

13.70

13.55

14.05

13.75

14.25

13.90

14.40

FLAH 12.75

13.25

12.75

13.25

12.75

13.25

13.20

13.45

13.40

13.65

13.50

14.00

13.65

14.15

13.75

14.25

HBPK 12.70

13.20

12.75

13.25

12.80

13.30

13.20

13.45

13.40

13.65

13.50

14.00

13.60

14.10

13.75

HKBP 12.60

13.10

12.65

13.15

12.70

13.20

13.10

13.35

13.30

13.55

13.30

13.85

13.60

14.10

13.70

14.20

13.00

3.50

13.00

13.50

13.30

3.80

3.50

3.75

3.60

13.85

13.70

4.20

13.75

14.25

13.80

14.30

HMBP 12.75

13.25

12.75

13.25

12.85

13.35

13.25

13.50

13.35

13.60

13.50

14.00

13.60

14.10

13.70

14.20

SAMB 12.75

13.25

12.85

13.35

12.95

13.45

13.30

13.55

13.50

13.75

13.50

14.00

13.65

14.15

13.75

14.25

MCBK 12.70

13.20

12.70

13.20

12.70

13.25

13.15

13.40

13.30

13.55

13.40

13.90

13.50

14.00

13.75

14.25

NBPK 12.75

13.25

12.80

13.30

12.80

13.30

13.20

13.45

13.30

13.55

13.50

14.00

13.65

14.15

13.75

14.25

SCPK 12.60

13.10

12.65

13.15

12.70

13.20

13.10

13.35

13.25

13.50

13.45

13.95

13.50

14.00

13.70

14.20

UBPL 12.70

13.20

12.70

13.20

12.70

13.20

13.20

13.45

13.40

13.65

13.50

14.00

13.70

14.20

13.70

14.20

AVE

13.21

12.74

13.24

12.79

13.29

13.21

13.46

13.39

13.64

13.50

14.00

13.65

14.15

13.74

14.24

NIPK

12.71

14.25


4 Thursday, January 6, 2011

The Financial Daily International Vol 4, Issue 145

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

Haseeb Khan, FCA Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 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

Shifting banking paradigm Pakistan's commercial banks are going through transition partly on their own and partly because of a change in the policy stance of central bank. Fixation of minimum paidup capital for commercial banks is forcing smaller banks to opt for mergers to make larger banks. However, robust foreign investment in listed Pakistani banks and the lust of local banks to takeover Pakistan operations of foreign banks is likely to add a new chapter in the banking history of Pakistan. Sale of 20 per cent of its holding in United Bank Ltd by Abu Dhabi Group to Bestway Group, also the part of the consortium is being termed a strategic move to retain the management control of the bank. At one stage it looked most probable that Nishat Group may succeed in acquiring the stake being offered for sale by the Abu Dhabi Group. However, exercising of preemptive right by Bestway Group frustrated Nishat Group's efforts to take its control. Acquiring of Pakistan operations of The Royal Bank of Scotland (RBS) by Faysal Bank is also an interesting story to follow. The RBS became operative in Pakistan after it took over ABN Amro Bank globally. However, selling the stake became bit of a problem for RBS but active persuasion by Faysal Bank made the difference. Apparently Faysal bank was eyeing strength of RBS as regards clientele of large net worth depositors. The point to follow is: will Faysal Bank succeed in retaining these large net worth depositors? There seems no threat, but retaining depositors/accountholders may pose some problem at the initial stage. The amalgamation poses one serious challenge because employees of the two banks have relative different mindset. A similar challenge was faced by Standard Chartered Bank when it took over Union Bank. Summit Bank is trying to consolidate its position by acquiring smaller banks. It has already acquired Atlas Bank and is now working on completing legal requirements for the acquisition of Mybank. Summit Bank, headed by Hussain Lawai --enjoying support of overseas investors-- is likely to become a major player in Pakistan's commercial banking sector. Meezan Bank, have attained the status of largest Islamic bank by having a branch network of 222 branches and total deposits set to exceed Rs100 billion at the end of 2010. However, the growing concern is mounting accumulated losses of BankIslami, which has lately acquired the housing finance business of Citibank. The two apprehensions are how an interest based operation will be transformed into Shariah compliant business and how delinquencies will be contained in the rising interest rate scenario.

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.

Ex-Clinton Aide on Obama’s Ark? A

trusted aide with first-hand experience negotiating with Republicans has emerged as the favorite to become President Barack Obama's new top economic policy adviser, Democratic sources said on Monday. Several sources close to the deliberations said Gene Sperling, a Clinton administration veteran, has gained traction in the last few weeks as a potential successor to Larry Summers, who is departing as director of the National Economic Council. Sperling is seen as having an edge over two other leading contenders, investment banker Roger Altman and Yale University President Richard Levin. A source familiar with the matter also said Obama is considering tapping J.P. Morgan Chase executive William Daley for a senior role within the White House, possibly as chief of staff. Sperling, 52, brings a unique characteristic to the table: he has actually done the NEC job, a role that coordinates economic advice throughout the administration. Sperling, who serves as counselor to Treasury Secretary Timothy Geithner, has a reputation as a savvy political and economic expert and is known for his tireless work ethic. "The president is considering a number of qualified candidates and he has not made a decision or offered a job,"

White House deputy communications director Jen Psaki said. "The most important qualification is finding the right person for the job, who can lead the team at this pivotal time in recovery." Psaki declined to say whether Sperling had emerged as the leading candidate. Some liberal Democrats see Sperling as too close to Wall Street because of work he has done as a consultant and because he was at the NEC during a period of financial deregulation under former President Bill Clinton. Sperling helped put together the $858 billion tax-cut deal hammered out late last year and has helped focus attention on small-business issues within the administration. Some in the White House were initially hesitant about tapping an administration insider for the NEC job. After crushing losses by Obama's Democrats in the November congressional elections, the White House was intrigued by the idea of filling the role with a business executive, a move that would signal a fresh policy course. Critics have accused the administration of being too insular. If Daley ends up moving into a White House job, that would ease some of that criticism. "What the White House has got to look at is: Who is going to have the best economic plan?" said Julian Zelizer, a history professor at Princeton University.

"Two years from now, they're going to want the person who brought the jobs back and I think that's what makes Sperling attractive. He's very wellrespected and his economic advice is well thought out," Zelizer said. Obama, whose chances of re-election in 2012 may hinge on bringing down the 9.8 per cent unemployment rate, is expected to make an announcement soon on the NEC job. Clashes are looming this year between the White House and newly empowered Republicans over issues including the budget, the economy and regulatory issues. Republicans will take control of the House of Representatives this week, and following the November elections, will have strengthened numbers in the U.S. Senate, though not a majority. Not only has Sperling run the NEC but he did so during a time when Clinton, a Democrat, had to contend with a Republican-led Congress. "You couldn't find a person who has more hands-on experience navigating difficult economic issues for a Democratic president dealing with a Republican House," said Neera Tanden, a former policy aide to both Obama and Clinton who has worked closely with Sperling. "He has an experience that few others have," said Tanden, who is now with the Center for American Progress.

A native of Ann Arbor, Michigan, Sperling graduated from the University of Minnesota and Yale Law School and attended Wharton Business School. He was named head of the NEC in December 1996, coordinating economic policy during a period marked by budget battles and an economic boom. The biggest drawback for Altman, currently the chairman of Evercore Partners, is a perception among some that he would be too sympathetic toward Wall Street. Some have criticized Sperling on the same grounds based on consulting work he did for Goldman Sachs and for some hedge funds. Those who have worked with Sperling dismiss such criticisms. They note that he championed a proposal that Obama unveiled last year to slap a fee on the nation's banks and has been a voice for small businesses within the administration. Some in the business community were disappointed that Obama seemed to be moving away from naming a CEO to the NEC. "Sperling is a Washington insider par excellence. I think the hope among some quarters was that someone with more experience in areas that would create jobs -- the private sector -- would have been a really nice thing to have," said Michael Holland, founder of the investment firm Holland & Co.-Reuters

Return of the Cleric R

adical Shi'ite cleric Moqtada alSadr, who fled Iraq some time in 2006 or 2007 after an arrest warrant was issued for him, has returned from self-imposed exile in Iran for the first time, after his movement struck a deal to join the next Iraqi government. Following are key facts about Sadr, an important supporter of Shi'ite Prime Minister Nuri al-Maliki as he establishes his second government, and the Mehdi Army. * Washington used to call the Mehdi Army, a Shi'ite militia loyal to Sadr, the biggest threat to Iraq's security and still regards it with suspicion although the militia says it has laid down its arms.

Iraqi and US forces crushed the militia in 2008. US officials and Sunni Arab leaders accused the Mehdi Army of being behind many of the sectarian killings that ravaged Iraq after the 2003 US-led invasion. Sadr has disavowed violence against fellow Iraqis and in 2008 ordered his militia to become a humanitarian group. * Sadr, whose stronghold is Baghdad's sprawling Sadr City slum, led two uprisings against US forces in 2004. The US occupation authority issued an arrest warrant for him for his alleged role in the murder of a rival cleric. The arrest was never carried out but the warrant may still be valid.

* Sadr's political group was instrumental in appointing Maliki, a fellow Shi'ite from the Dawa party, as prime minister for the first time in May 2006. Sadr again became a crucial supporter of Maliki as he tried to retain his position after the election last March. The Sadrist movement has 39 seats in the new parliament and will have seven ministries in Maliki's new government, which won parliamentary approval last month. * Sadr, a fiery nationalist who demanded a speedier US withdrawal than the end-2011 deadline set in a security pact between Iraq and the United States, derives much of his authority

from his family. His father, highly respected Grand Ayatollah Mohammed Sadeq al-Sadr, was murdered in 1999 for defying Saddam Hussein. His father's cousin, Mohammed Baqir, was killed by Saddam in 1980. * Sadr, in his 30s, has a zealous following among the young, poor and dispossessed. His power, though diminished, has unsettled Shi'ite religious elders in the holy city of Najaf, many of whom see the junior cleric as a dangerous upstart. He has spent the past 3 years in the Iranian city of Qom, a centre of Shi'ite learning, where he is said to have been studying.-Reuters

De-globalisation in 2011

T

he forces of globalisation have been challenged by new global market barriers in the Great Recession. In 2011, the de-globalisation process even could gather pace if commodity prices continue their surge or if there is another financial crisis. The globalisation of the last 20 years has been partly due to technology. The Internet and cellphones enabled companies to construct global supply, manufacturing and distribution networks not previously feasible. China, India and other emerging markets became integrated into the global economy, reducing costs for consumers and creating new demand.

Since the formation of NAFTA and the World Trade Organisation in 1994 and 1995, regulation has played only a minor role in greasing the process. Conversely, expansive monetary policies - which have reduced risk premiums for emerging market debt and produced pools of risk-seeking equity capital - have been critical. The technology is not going away, although the cost advantages of global sourcing decline as emerging market wages rise. But the recent crisis has brought a rise in anti-dumping actions and other limited tariff barriers. In addition, the disruptions from continued high

global liquidity have led to currency manipulation by China, capital inflow taxes in Brazil and Thailand, and a general reduction in global economic cooperation, with the Free Trade Agreement between the European Union and Korea the notable exception. The crisis may have passed its moment of greatest intensity. But political pressures in Western countries beset by prolonged high unemployment should continue these trends in 2011, counteracting technology's encouragement of further globalisation. There is an additional risk. A new financial crisis, or an inflation surge,

Shame for Indian Army

Are Stock Markets Casinos?

This is an apropos to the corruption in Indian army and recent Indian Army Chief Statement that "scam brought a degree of disrepute to the Army but these are aberrations and Indian army will continue to render yeoman's service." How easy it is for army chief of one of the world's largest army to let down the sentiments and expectations of war veterans and their families I am student of Defence and Strategic Studies and during review of literature; I went through to "Indian Army Doctrine" released in October 2004 by Indian Headquarters Army Training Command. This well documented doctrine describes something contrary to the views of Indian military leadership. According to the doctrine: "High morale stems from sound training, confidence in equipment and good administration as well as confidence in commanders… leading soldiers in pursuit of causes that they don't understand is a daunting task…military leadership is the projection of personality and character by the leader to get soldiers to do what is required of them." General V. K. Singh could find a better way to avoid embarrassment rather then letting the culprits go scot-free. His recent statement has added insult to the injuries of war veterans. It seems very difficult that Indian Army Chief can save the pride of the army, which is termed as net of scams. Hamid Rajput, Islamabad

I regularly get services from a saloon for last many years located near my residence and owned by a gentleman from the province of Punjab. We all call him Raja Sahib. He is a nice person and developed his saloon with more than ten persons and working in cozy airconditioned environment. The man is less educated but quite humble in nature. Raja Sahib always welcome his clients with great familiarity and ask many time for tea or cold drink even when one is being served by his staff. Last week when I thanked and paid him for the services he came to see me off for the first time outside his place towards my car. I was apprehensive for the difference in him and his attitude. I told him that he looked worried to me to inquire what he was interested to get out of me. He replied that he was planning to arrange wedding of his daughter. I said that was really good to know and asked him what assistance I can do. Raja Sahib told me he knows I am a stock trader and I can help him. I inquired astonishingly how. Raja sahib shared with me that he had some saving of three hundred thousand and interested to buy some stock which should multiply two to three times. I asked him who told him that stock market is such an easy earning place and what did he know about stocks and market mechanism. Raja replied giving intellectual look "Sirjee dunia kee khabar hammen bhee hay". I told him that stock market trade need education and connectivity in different regards and in the absence of this one may loose his/her hard earned money. I also added that buying stocks is not buying some day to day consumables. It is establishing relationship with company's performance as a shareholder. I also cautioned him that if you invest in stock market merely on intuition you may loose within no time. Raja sahib was now disappointed and looked towards me calling a mean person from his eyes and said in low tone" sir thuadi marzi hay waisi tusi das daity tu changa hota" In every booming market, many fresh investors enter to multiply their wealth but they loose mostly. The story is well remembered when a chicken seller in Karachi lost his capital in stock market. Stories are many but the theme is conclusive that capital market is there with great opportunities which can only be explored and exploited after education in same filed. Fahim Akhtar, Karachi

could lead to sharply higher real interest rates, reducing the funds available for emerging market investment and raising risk premiums. China and other east Asian countries with high savings rates might have little difficulty in such a scenario, but India, with middling savings rates and an excessive budget deficit, could suffer from scarce capital availability. For the duration of the tight money period, globalisation could grind to a halt, or worse. Globalisation is mostly economically beneficial, but by no means inevitable. In the next few years it may even reverse.Reuters

Pen or gun Setting up a cadet college at Sui Cantonment is a welcome step. It is a fact that Balochistan could not get much attention in the past which created sense of deprivation there. Every government claimed for removing grievances of the people but they all proved just a hollow bell. In Musharraf era, the trust deficit declined sharply. Consequently, some hidden forces while exploiting woes and miseries of the people further fueled the fire. They supplied weapons and resources to create unrest in the province. They have succeeded to an extent in achieving their objectives with the help of some local elements. Target killing is a routine matter there. Many Punjabis have been forced to leave the province. Many Balochs themselves acknowledge services rendered by the Pubjabis in the field of education and other areas. Unfortunately, the provincial government also failed to deliver. Police and other provincial institutions are not working well. In this situation, they called in army and FC. Army in the leadership of General Kayani is trying hard to remove the grievances of the locals. They are not only trying to maintain law and order but also taking part in development and relief projects. The Chamalangh coal mine project is being supervised by army. Local people are getting benefits in the shape of money, development and education vis-à-vis employment. Trust deficit is declining rapidly. Army has very much turned the tide there. In the history of Balochsitan for the first time about four thousand young Balochs have joined Pakistan army to serve the nation and efforts are being made to induct more and more. Similarly, many education and development projects have been completed with the help of army. 3,500 Baloch youth are being imparted technical training while another 1700 are being trained by the army. Chief Minister Raisani rightly said that not gun, but pen could remove prevailing trust deficit. The establishment of Cadet College is another step in this regard. Ibne Shamsi, Rawalpindi


5

Thursday, January 6, 2011

South East Asian stocks

US jobs creation cuts losses for European shares KSE-100 Index Opening Closing Change % Change Turnover (mn)

KSE braves out major political assassination

12,110.26 12,140.84 30.58 0.25 168.22

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

3,747.41 3,746.99 0.42 0.01 6.15

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

3,038.03 3,054.38 16.35 0.54 0.35

Major Gainers

Symbol

Close

Change

EXIDE ATLH PSEL SHEZ INDU

196.50 132.37 168.00 119.80 256.98

6.52 6.30 6.00 3.79 3.48

Major Losers

Symbol

Close

Change

WYETH 1,046.01 ULEVER 4,342.50 COLG 934.98 IDYM 281.50 SIEM 1,210.00

-53.99 -35.5 -19.05 -14.81 -14.49

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA AHCL FFBL NCPL KESC

14.54 26.30 37.02 16.29 3.30

23.07 15.31 11.04 9.87 6.82

Active Issues Plus Minus Unchanged

170 224 11

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)

33,929 32,092 7,087 6,813

INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753

HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%

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

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

932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1

Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046

Mostly extend gains; Malaysia scales new record

Nawaz Ali KARACHI: Despite tense security situation in the country, shares ended higher at the Karachi Stock Exchange (KSE) on Wednesday as foreign and local institutional investors took positions on hopes of strong corporate earnings. The benchmark KSE 100Index ended 30 points up at 12,140 points, KSE 30-Index gained 16 points and KSE All Share Index grew by 14 points to close at 11,717 and 8,428 points respectively.

"Financial institutions were active on lower levels amid hope that the upcoming results and payouts would be better than expected", said Samar Iqbal equity dealer at Topline Securities. Following the assassination of governor of the biggest province of the country, market started the day with a heavy loss of 83 points and within a couple of minutes touched an intra-day low of 12,024 points (-ve 86 points). However, buying by foreigners and local banks mainly in oil, banking,

India shares down; banks, L&T slump MUMBAI: The BSE Sensex its components closing in declined for the second day, the red. closing nearly 1 per cent Volume was low with only lower on Wednesday, with 308 million shares changing financials leading the fall on hands on the BSE, where concerns their margins declining shares were nearly could shrink in the near double the advancing ones. term. The benchmark index Weak world markets also climbed 17.4 per cent in kept the sentiment subdued. 2010, backed by record forBanks have been raising eign fund investment of their deposit rates to fend $29.3 billion. off tight cash conditions, Leading lenders State while building inflation Bank of India, ICICI Bank pressure is expected to trig- and HDFC Bank shed ger a hawkish monetary between 1.3 per cent and 3.1 stance by the central bank, a per cent. move that could douse Larsen & Toubro erased demand for loans. early gains and shed 2.1 per "Deposit rates are shooting cent. An Economic Times up and it doesn't look like report said the engineering lending rates will keep pace and construction conglomerwith them. This will impact ate may be split into nine banks' net interest margins," independent companies. Ambareesh Baliga, viceEnergy giant Reliance president of Karvy Stock Industries, which has the Broking, said. highest weighting on the "Also, asset quality is a main index, slipped 0.3 per big concern. And the RBI cent. (Reserve Bank of India) may CLSA said industry also hike rates to contain growth for motorcycles and inflation." scooters would moderate The Reserve Bank of over FY12-13, while compeIndia, which had raised rates tition would intensify. six times in 2010 before The 50-share NSE index pausing in December, is declined 1.1 per cent to widely expected to hike key close at 6,079.80 points. rates at its policy review World stocks as measured scheduled for Jan. 25. by MSCI were down 0.5 per The 30-share BSE index cent, while its measure of closed 0.96 per cent, or emerging markets' equities 197.62 points, lower at dropped 0.6 per cent.20,301.10 points, with 24 of Reuters ANNOUNCEMENT Company Baba Farid

Period Yearly

Div/Bon/Right PAT (Rs in mn) -318.78

EPS(Rs) -33.73

and fertiliser stocks allowed index to soon bounce into the green zone while buying interest was also seen in textile stocks over higher international cotton prices. Therefore index at abut 10:16 a.m. managed to touch its highest level of the day of 12,211 points (+ve 100 points). Ahsan Mehanti, Director at Arif Habib Investments said hopes of strong result announcements kept investors bullish despite Governor Punjab's assassination on Tuesday, rising political uncer-

FTSE rebounds on US data LONDON: Britain's top shares rallied on Wednesday after employment data from the US showed the economic recovery was picking up steam, which helped miners and oil stocks pare losses and banks rally. The FTSE 100 closed up 29.99 points, or 0.5 per cent, at 6,043.86, bouncing off a session low of 5,964.43. Miners pared losses and oil stocks rebounded, helping the FTSE 100 into positive territory after US private sector payrolls rose by the most in three years in November , lifting optimism about the job market ahead of Friday's government employment report. "The employment numbers were better than expected, welcome news and have provided a bit more confidence," Martin Dobson, head of trading at Westhouse Securities, said. "The market's holding above 6,000 which is encouraging. It still feels as if it could push better. There's not a lot of avenues other than equities where investors are getting a return on their money." Dobson said the boost to the economic outlook provided by the payroll figures also aided the banks . The sector had earlier received a shot in the arm after the Portugal saw solid demand at a sale of six-month t-bills, a sign that some investors still had confidence in the Portuguese economy. UK retailers were mixed after Next, HMV.L and Games Workshop all reported that Britain's arctic blast in the lead up to Christmas had hit trading.Reuters

Shanghai shares slip as fear rally eases; HK up HONG KONG/SHANGHAI: Shanghai shares slipped on Wednesday on profit taking in resource stocks after commodities such as oil and copper retreated from multi-year highs. Hong Kong's Hang Seng, however, eked modest gains to close 0.4 per cent higher following a rally in local developers and a rise in heavyweight HSBC that helped offset a weak performance of resource shares. HSBC rose 2.4 per cent tracking gains in its Londonlisted shares. Shanghai's key stock index eased 0.5 per cent. "The technical correction is natural due to profit-taking after rapid gains," said Li Huiyong, analyst at Shenyin Wanguo Securities Co. "The market is not yet clear in its direction and some people are worried about signs of

slowing economic growth." While commodity related stocks fell on Wednesday, most analysts believe an improving outlook for the global economy will support commodity prices presenting "buy on dips" opportunities for related stocks. Coking coal producers in particular saw another day of gains and outperformed other commodity-related peers as well as the broader market as floods in Australia kept supply tight and prices high. Xishan Coal, the listed arm of China's top coking coal producer, rose 4 per cent. Fushan Energy rose 1.2 per cent and Hidili Industry rose 3.5 per cent with shares poised for further gains. Wei Ouyang, a basic resources analyst at Standard Chartered in Hong Kong, has a "outperform" rating on listed coking coal producers. Chinese coking coal prices

tainty and international oil prices falling back to $88. According ton NCCPL data, foreign investors did a net buying of $2.11 million on Wednesday. On the local side banks did a net buying of $1.73 million while mutual funds, other organisations and companies did a net-selling of $1.53, $1.02 and $1.01 million respectively. Though, index was mainly in the positive zone till the end of the session but some profit-taking at higher levels reduced green numbers.

Investor participation remained on the higher side, however, it declined on day-onday basis as 168.2 million shares traded during the day which is 51.3 million shares less as compared to a turnover of 219.5 million shares a day earlier. Lotte Pakistan stood as the volume leader with 23.07 million shares due to rise in international PTA prices, improved margins and news of an expected decrease in its freight cost. Other volume leaders include Arif Habib Corporation with See # 11 Page 11

Nikkei lower after commodity sell-off TOKYO: Japan's Nikkei average inched down 0.2 per cent after moving in a tight range on Wednesday, with a broad commodities sell-off prompting investors to take profits after it hit a near eight-month closing high the previous day. But data showing US factory orders made their largest gain in eight months in November supported shares and bolstered hopes for a sustainable US economic recovery ahead of closely watched December payroll figures out on Friday. The strong factory orders also lent support to the dollar, helping it stay firm around 82 yen and buoying currency-sensitive exporters. The fall in commodities to their lowest level in seven weeks weighed on shares of resource companies such as nonferrous metals smelter Sumitomo Metal Mining Co, which lost 1.8 per cent, although market analysts said it was likely to have only a limited impact. "The Nikkei slid only a notch today and it's not a very important negative move as the general positive trend remains

intact, with high expectations for the US economy to pick up steam this year," said Fumiyuki Takahashi, an equity strategist for Barclays Capital Japan. "Despite consolidation around new levels today, the increased global appetite for risky assets among market players is what's really driving the market. Investors keep selling bonds and tap into stocks, lifting them higher," Takahashi said. With rising expectations for the world's largest economy to recover, market players are aggressively buying lagging Tokyo equities with high exposure to the US market and low price-to-book ratios, such as automakers, he said. The Nikkei moved in and out of positive territory before closing the day down 0.2 per cent or 17.33 points at 10,380.77. Long-term resistance, which could be tested if Friday's US jobs data for December comes in better than expected, is looming at 10,638, an intraday level hit last May 13, when the fiscal crisis in Greece rocked markets across the world. See # 10 Page 11

US stocks mid-day

Wall Street gains on payroll numbers NEW YORK: US stocks rose on Wednesday as much stronger-than-expected jobs data boosted optimism about the labor market and the economic recovery. The jump in private payrolls, nearly triple forecasts, comes two days ahead of the government's more comprehensive labor report, one of the most widely watched pieces of economic data. Financials led gains, with the S&P financial index up nearly 1 per cent, while the Nasdaq was the strongest among the three major stock indexes. US private employers added 297,000 jobs in December, a report by the ADP payrolls processor showed, about three times more than what economists forecast. "We've been building toward a big number ... That's pointing to a big payroll number ahead, and I think we'll get a big healthy report on Friday," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group in Greenwich, Connecticut. The Dow Jones industrial average gained 25.89 points, or 0.22 per cent, to 11,717.07. The Standard & Poor's 500 Index added 3.94 points, or 0.31 per cent, to 1,274.14. The Nasdaq Composite Index advanced 13.30 points, or 0.50 per cent, to 2,694.55. American Express Co was up 2.5 per cent at $44.86, leading the Dow higher. In other economic data, the Institute for Supply Management reported the services sector grew in December at its fastest pace in more than four years. For details, see Housing stocks jumped following the data. The PHLX housing index .HGX rose 1.5 per cent. The government's Friday report is expected to show the economy created 140,000 non-farm jobs last month, and a rise in private payrolls of 145,000.-Reuters

Dhiyan

TWO-TREND TRADE TODAY Iqbal Ismail, Chairman ACE Securities

Market outlook is still bullish and I see the index touching 13,000 level in the short-term where oil sector would lead the rally on the back of rising global oil prices and foreign interest in the sector. Investors are therefore advised to park money in oil and fertiliser sectors. Scrip-wise speaking they can go for LOTPTA, ICI, and MCB. Moreover, upcoming better than expected corporate results would have risen by 5 per cent to 12 spark up more bullishness. It would be positive today.

per cent across the regions since the bank's last update in early October according to Standard Chartered. "The large magnitude signalled not only a catch-up but also anticipation of a strong price outlook," said Wei. A rally in shares of HSBC, which has a nearly 15 per cent weight in the benchmark Hang Seng, helped the index end the trade in positive territory. The bank's London-listed shares rose amid a broad rally in European banking stocks. Hong Kong property developers led by Sun Hung Kai Properties Sino Land also underpinned the broader market on expectations that strong capital inflows into the territory and sustained strength in rental income would support prices.Reuters

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Current political instability, disturbance on the law & order front, and Moody's threatening of downgrading Pakistan's ratings triggered profit taking. In the coming days a technical correction is expected where index can fall to 11,980 level but that would be an opportunity for investment as foreign interest is still intact. Bluechips are overbought therefore investors should shift their portfolios to 3rd tier stocks and textile/chemical scrips. Adopt 'sell on strength' strategy and buy on attractive levels. Market outlook is mixed. Profit-taking is also expected today .


6

Thursday, January 6, 2011

Market

KSE 100 Index

Symbols

Volume

168,224,158

Value

7,890,248,914

Trades

83,080

Advanced Declined Unchanged Total

Current High Low Change

170 224 11 405

All Share Index

12,140.84 12,213.66 12,026.22 h30.58

Current High Low Change

8,428.86 8,483.01 8,359.79 h14.78

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,587.25 1,547.96 Total cos Defaulter cos P/BV (x) ROE (%) 3.69 32.54

Open

High

Low

Attock Petroleum 691 5.91 338.12 Attock Refinery 853 7.22 125.44 BYCO Petroleum 3921 - 11.21 Mari Gas Company 735 16.56 123.07 National Refinery 800 4.10 278.99 Oil & Gas Development XD 43009 11.69 171.28 Pak Petroleum 11950 9.00 219.83 Pak Oilfields 2365 7.25 307.65 Pak Refinery Limited 350 - 107.81 P.S.O 1715 4.99 296.75 Shell Gas LPG 226 - 33.51 Shell Pakistan 685 10.54 206.95

344.89 130.60 11.39 123.00 282.00 173.00 225.48 310.98 108.20 300.53 34.00 208.00

336.00 124.50 11.03 117.00 276.00 169.35 217.00 305.52 103.10 294.05 33.10 204.75

Close Chg 340.90 128.83 11.16 122.23 276.73 172.81 221.25 306.94 106.22 294.83 33.48 205.55

2.78 3.39 -0.05 -0.84 -2.26 1.53 1.42 -0.71 -1.59 -1.92 -0.03 -1.40

Current High Low Change

KMI 30 Index Current High Low Change

11,717.28 11,826.24 11,645.29 h16.95

19,399.95 19,554.88 19,299.61 h29.36

Last 60 days High Low

Volume 425526 4469474 614791 48349 399953 601639 2553194 1737260 20816 1550626 3532 16937

374.20 137.20 12.49 128.90 282.00 173.00 225.48 310.98 114.50 300.53 40.28 209.89

287.99 79.23 10.05 107.00 203.00 144.61 173.45 231.01 55.00 262.00 29.10 182.05

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

% Change 0.47 5-Day High 1,572.55 5-Day Low 1,535.69 2011 Div BR (%) (%)

20B - 15.00 20B -

-

CHEMICALS

Company

Paid up Cap(mn)

Open 737.35 Turnover 173,527 P/E (x) 5.64 Company

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

1092 1321

High Low 768.83 722.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53

Close 731.22 Listed cap 3,242.17 mn Payout (%) 11.08

Change -6.14 Market cap 12,857.38 mn Div Yield (%) 1.97

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.05 40.38

71.58 36.59

75.15 37.29

70.00 36.15

70.52 -1.06 37.15 0.56

168522 5005

77.77 40.42

60.05 32.36

PE

Open

High

Low

24.59 8.69 97.00 183.49 197.99 2.99 8.64 3.45 197.99 14.58 11.30 133.50 37.72 11.45 149.89 33.00 14.83 2.10 2.49 128.45 13.40 37.00

23.00 7.41 93.15 179.17 192.00 2.80 8.12 3.10 193.40 14.26 10.95 128.50 36.73 11.00 145.01 32.64 14.41 1.96 2.10 124.30 13.01 36.42

Close Chg 23.00 8.55 95.47 181.65 193.89 2.84 8.58 3.30 194.17 14.27 10.97 129.44 37.02 11.27 148.41 33.00 14.54 1.98 2.44 128.45 13.15 36.42

-0.70 0.57 1.24 1.95 -3.47 -0.05 0.34 0.14 -1.93 -0.16 -0.21 -0.23 0.19 -0.15 2.19 -1.35 0.15 -0.04 0.13 -0.67 -0.06 -0.33

Close 1,427.62 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 4502 1106 31215 17856 55270 99784 448750 6096079 2265755 179382 1764468 4243654 11040225 25451 814994 1990 23067643 355772 510 2507 214647 700

Change -3.18 Market cap 322,061.84 mn Div Yield (%) 5.53

24.85 12.75 97.00 185.95 200.99 3.74 9.25 4.24 200.88 15.20 11.39 133.50 38.05 13.85 149.89 36.00 14.83 2.74 3.40 139.40 14.69 43.75

20.26 7.16 72.00 149.72 163.55 1.99 3.41 1.32 173.30 12.90 9.16 105.35 27.51 11.00 116.95 21.39 8.39 1.30 1.80 101.00 8.04 32.00

2010 Div BR (%) (%) 5 15 40 40 95 17.5 55 5 25 50

10R 5B -

% Change -0.22 5-Day High 1,430.81 5-Day Low 1,372.62 2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,212.48 Turnover 357,828 P/E (x) 6.17 Company

High Low 1,236.22 1,193.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47

Close 1,229.51 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.83 6.94

17.68 47.00 45.40

18.68 45.90 45.40

17.90 45.00 44.01

18.68 1.00 45.90 -1.10 44.95 -0.45

333750 9775 14303

Century Paper Pak Paper Product Security Paper

Change 17.03 Market cap 3,407.31 mn Div Yield (%) 4.10

Last 60 days High Low 19.49 48.90 47.70

15.28 38.61 38.00

2010 Div BR (%) (%) 2533.33B 50 -

% Change 1.40 5-Day High 1,229.51 5-Day Low 1,161.02 2011 Div BR (%) (%) -

Open 1,195.54 Turnover 577,207 P/E (x) 4.29 Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission

PE

Open

144 5.64 75.20 101 5.79 194.68 247 14.46 17.20 626 9.59 126.07 890 2.40 598 19.77 22.76 450 3.38 4.92 200 6.72 4.43 1428 - 11.30 786 5.87 253.50 823 11.46 69.26 150 3.87 20.64 117 2.00

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

PE

Open

High

Low

565 4.22 675 555 9.63 1199 12.18 785 11.36

27.15 2.65 15.52 58.08 10.00

27.50 2.78 15.59 59.35 10.70

27.00 2.62 15.40 58.10 9.75

Close Chg 27.01 2.63 15.40 58.47 10.00

-0.14 -0.02 -0.12 0.39 0.00

Close 1,084.51 Listed cap 3,596.11 mn Payout (%) 30.91

Change 0.93 Market cap 10,604.02 mn Div Yield (%) 8.88

Last 60 days High Low

Volume 4201 11101 18395 63820 1050

28.45 3.39 16.05 62.20 10.70

24.00 2.00 12.25 44.00 8.00

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

20B -

2011 Div BR (%) (%) -

-

High

High Low 1,230.95 1,184.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 25.35 Low

Close Chg

Company

Paid up Cap(mn)

Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Clover Pakistan 94 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Sind Abadgar 104 Wazir Ali 80

PE

Close 1,213.07 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 17.53 Market cap 44,306.30 mn Div Yield (%) 4.76

Last 60 days High Low

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy 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 6.53 858 182 14 956 24.89 982 14.23 3574 3651 125.58 6933 15.15 502 3.65 1760 77 2319 32 1288 13126 3234 6.75 5261 1.34 541 4.26 2228 200 798 450.00

3.19 62.50 2.98 21.94 14.00 10.80 1.71 2.12 30.13 5.00 7.20 1.76 2.00 7.81 0.78 6.49 3.23 75.57 2.81 5.13 6.80 7.15 18.02

3.46 62.60 3.19 22.45 13.60 11.00 1.90 2.34 30.49 5.05 7.00 1.86 3.00 8.00 0.84 6.60 3.26 76.25 2.99 5.89 6.94 7.19 18.01

3.15 62.01 2.80 21.47 13.00 10.50 1.85 2.19 29.80 4.95 7.00 1.73 1.75 7.10 0.61 6.30 3.12 74.60 2.83 5.00 6.75 7.00 18.00

Close 1,004.34 Listed cap 54,792.74 mn Payout (%) 19.04

Change -2.62 Market cap 72,051.33 mn Div Yield (%) 2.35

Close Chg

Volume

Last 60 days High Low

3.16 62.02 2.99 21.96 13.60 10.95 1.85 2.24 30.14 5.00 7.00 1.75 2.00 7.97 0.70 6.38 3.20 75.11 2.88 5.80 6.90 7.00 18.00

19502 2394 10811 21163 7190 17112 800 297530 5226658 344119 1090 39550 24872 21669 118 6495 200766 1679231 50086 16792 227705 35745 360

3.98 65.99 4.24 24.16 15.50 12.75 2.49 3.10 32.10 5.55 8.20 2.25 5.00 9.19 1.08 8.70 3.79 79.98 3.30 8.89 8.58 7.50 22.24

-0.03 -0.48 0.01 0.02 -0.40 0.15 0.14 0.12 0.01 0.00 -0.20 -0.01 0.00 0.16 -0.08 -0.11 -0.03 -0.46 0.07 0.67 0.10 -0.15 -0.02

2.80 57.60 1.10 14.05 7.91 9.51 1.31 1.30 23.40 4.52 4.25 1.60 1.18 2.70 0.42 5.54 2.71 69.20 2.51 3.21 6.52 5.25 17.51

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

% Change -0.26 5-Day High 1,010.11 5-Day Low 983.81 2011 Div BR (%) (%) -

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,033.38 Turnover 961,925 P/E (x) 2.88 Company

Paid up Cap(mn)

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

PE

Open

115 2.71 75.19 230 2.50 1067 4.53 49.58 389 3.20 844 66.65 129.25 300 9.04 123.24

High

High Low 1,037.33 1,023.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 43.91 Low

Close Chg

77.50 75.37 76.12 2.99 2.46 2.78 49.55 49.30 49.30 3.50 2.52 3.37 130.65 128.00 129.96 125.00 123.00 124.00

0.93 0.28 -0.28 0.17 0.71 0.76

Close 1,032.36 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 62147 420796 1871 19830 402327 54944

Change -1.02 Market cap 39,008.60 mn Div Yield (%) 5.41

Last 60 days High Low 83.23 3.30 61.10 4.05 136.74 128.70

34.00 1.82 45.30 1.60 100.11 98.10

2010 Div BR (%) (%) 20 25 -

25B 10B -

% Change -0.10 5-Day High 1,038.51 5-Day Low 1,019.70 2011 Div BR (%) (%) -

-

INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,536.59 Turnover 27,814 P/E (x) 7.52 Company

Paid up Cap(mn)

Ados Pak AL-Khair Gadoon AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB

PE

Open

66 1.07 16.40 100 6.39 215 5.65 235.98 104 - 43.76 214 1.46 213 10.65 11.31 132 7.35 61.06 366 6.66 508.65

High

High Low 1,540.07 1,535.14 Total cos Defaulter cos P/BV (x) ROE (%) 2.86 38.02 Low

Close Chg

16.70 16.55 16.58 0.18 6.50 5.39 5.43 -0.96 239.89 235.00 236.03 0.05 45.50 43.77 44.97 1.21 1.75 1.11 1.59 0.13 11.70 11.45 11.50 0.19 61.80 60.02 61.36 0.30 514.07 508.00 509.46 0.81

Close 1,537.55 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 1310 1501 9873 699 1017 11703 1711 73744

Change 0.96 Market cap 33,462.49 mn Div Yield (%) 17.50

Last 60 days High Low 20.65 6.50 239.89 51.99 2.40 14.80 82.75 516.00

14.12 3.50 200.00 41.50 0.21 10.55 58.81 409.06

2010 Div BR (%) (%) 150 25 650

10B 25B

Open

High

-

65.75 136.10 15.00 94.00 1.20 21.00 4.03 4.00 9.65 218.00 66.75 17.92 1.56

2010 Div BR (%) (%) 90 100 20 150 10 -

% Change 1.47 5-Day High 1,213.07 5-Day Low 1,182.04 2011 Div BR (%) (%)

20B 20B -

-

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

67.06

Total Assets (Rs in mn)

MA (10-day)

40.42

Total Equity (Rs in mn)

15,238.10

MA (100-day)

37.54

Revenue (Rs in mn)

27,016.93 27,123.87

MA (200-day)

36.99

Interest Expense

1,262.09

1st Support

41.77

Profit after Taxation

3,360.11

2nd Support

40.17

EPS 10 (Rs)

1st Resistance

44.20

Book value / share (Rs)

2nd Resistance

45.03

PE 11 E (x)

3.41

Pivot

42.60

PBV (x)

0.88

10.821 49.07

IBFL closed up 2.03 at 43.40. Volume was 2,224 per cent above average (trending) and Bollinger Bands were 94 per cent wider than normal. The company's profit after taxation stood at Rs988.932 million which translates into an Earning Per Share of Rs3.18 for the 1st quarter of current fiscal year (1QFY11). IBFL is currently 17.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into IBFL (mildly bullish). Trend forecasting oscillators are currently bullish on IBFL.

Pioneer Cement Limited

Low

Close Chg -0.38 -0.56 0.30 -2.42 -0.12 -0.56 -0.08 -0.13 1.25 -0.60 2.24 -0.19 -2.95 -8.99 -0.80 -0.81 -0.03 0.31 -0.05 0.26 -0.15 -0.19 0.01 -0.47 0.07

Close 1,691.69 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -15.95 Market cap 228,172.19 mn Div Yield (%) 0.83

Last 60 days High Low

2739 20.50 11.15 210 53.02 39.25 5623 15.47 8.50 288 78.22 42.61 24760 5.59 1.25 990 21.73 18.30 54100 36.50 28.50 7055 16.08 11.69 15253 92.50 65.50 1537 68.49 50.50 478 68.22 48.11 5003 7.18 4.20 5976 75.50 39.01 673 2550.00 1820.02 2350 27.30 17.51 11704 14.84 11.00 7634 6.99 4.25 45000 3.40 2.02 3000 3.89 3.00 500 3.90 2.11 4888 15.00 13.00 11769 13.50 9.85 114 7.88 3.75 104 11.20 4.75 460 8.89 4.75

2010 Div BR (%) (%)

% Change -0.93 5-Day High 1,708.83 5-Day Low 1,689.40 2011 Div BR (%) (%)

25 50 15 25 25 25B 40 7010B 12.5R 35 20B 15 20B 10 12 450 12 10 15 10 10 -

-

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

47.56

Total Assets (Rs in mn)

MA (10-day)

6.74

Total Equity (Rs in mn)

2,218.22

MA (100-day)

7.50

Revenue (Rs in mn)

3,872.83

MA (200-day)

7.87

Interest Expense

10,325.49

1st Support

6.76

Loss after Taxation

2nd Support

6.66

EPS 10 (Rs)

1st Resistance

6.95

Book value / share (Rs)

2nd Resistance

7.04

PE 11 E (x)

Pivot

6.85

PBV (x)

392.66 (590.93) (2.87) 9.96 0.69

PIOC closed up 0.10 at 6.90. Volume was 4 per cent below average and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs86.285 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PIOC is currently 12.3 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 PIOC (bullish). Trend forecasting oscillators are currently bearish on PIOC.

PACE Pakistan Limited

HOUSEHOLD GOODS Open 1,136.90 Turnover 141,162 P/E (x) 3.26

High Low 1,146.08 1,130.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.35 10.64

Paid up Cap(mn)

PE

Open

High

Low

Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1174 Tariq Glass Ind 231

3.53 2.46

0.65 7.35 14.08 21.00

0.65 7.90 14.10 21.00

0.65 6.37 14.00 20.40

Company

Paid up Cap(mn)

(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Crescent Jute D S Ind Ltd Dar-es-Salaam Data Textile Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ghani Value Glass Ghazi Fabrics Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Mills Kohinoor Spinning Kohinoor Textile Masood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Quality Textile Ravi Textile Rupali Poly Sally Textile Sana Ind Sargoda Spinning Service Ind Shahpur Textile Shams Textile Suraj Cotton Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd

56 2594 840 133 4493 33 76 98 400 1150 238 600 80 99 514 57 34 75 326 716 3105 180 97 184 43 107 208 509 1300 1455 600 145 187 1596 3516 560 174 62 185 160 250 341 88 55 312 120 140 86 180 307 418 400 594

0.65 6.50 14.00 20.60

0.00 -0.85 -0.08 -0.40

Volume 20000 14505 100232 6323

Change -5.19 Market cap 5,153.12 mn Div Yield (%) 1.92

Last 60 days High Low

2010 Div BR (%) (%)

0.90 11.49 15.09 21.40

17.5

0.20 6.10 12.90 15.90

10B -

% Change -0.46 5-Day High 1,136.90 5-Day Low 1,121.80 2011 Div BR (%) (%) -

-

6,486.15

MA (100-day)

2.81

Revenue (Rs in mn)

10,559.36 1,649.34

MA (200-day)

3.65

Interest Expense

211.21

1st Support

633.16

Profit after Taxation EPS 10 (Rs)

2.370

2.59

Book value / share (Rs)

23.26

Performance of SR Personal Goods Index

2nd Resistance

2.70

PE 11 E (x)

Pivot

2.55

PBV (x)

PE

Open

High

High Low 1,021.28 1,001.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 8.64 Low

Close Chg

1.00 1.00 1.00 0.00 4.64 4.07 4.36 0.25 23.90 23.01 23.44 0.23 2.78 2.20 2.61 0.38 9.65 9.38 9.45 0.12 10.52 10.45 10.50 -0.93 680.00 655.00 656.66-13.34 0.49 0.49 0.49 0.06 1.37 1.02 1.17 -0.10 3.19 3.03 3.05 -0.03 1.00 0.80 0.94 0.09 1.80 1.68 1.68 -0.08 2.75 2.75 2.75 0.25 0.57 0.54 0.54 0.04 44.20 41.50 41.97 -0.19 2.50 2.25 2.28 -0.70 5.40 4.90 5.01 -0.78 28.70 26.60 26.70 -1.30 5.05 3.52 4.00 -0.05 4.00 3.93 3.93 -0.09 43.43 41.00 43.40 2.03 3.55 3.50 3.50 -0.15 7.70 6.75 7.25 -0.24 6.75 6.45 6.45 0.10 13.96 13.90 13.95 -0.95 0.95 0.94 0.95 0.05 1.05 1.05 1.05 -0.20 3.72 2.05 2.07 -0.85 1.15 1.15 1.15 0.25 5.38 5.15 5.35 0.07 19.50 19.30 19.50 -0.75 0.77 0.51 0.51 0.02 16.85 16.70 16.70 0.70 23.80 22.90 23.49 0.29 68.00 65.20 66.94 1.41 9.50 9.00 9.11 0.21 10.25 10.00 10.00 -0.24 28.90 28.90 28.90 -0.84 14.80 14.20 14.27 -0.18 13.50 13.50 13.50 0.05 1.47 1.40 1.45 0.05 38.00 36.50 37.65 0.97 4.02 4.02 4.02 -0.37 47.00 43.60 46.17 1.11 2.70 2.45 2.46 -0.19 234.50 230.00 230.22 -5.11 0.50 0.34 0.35 -0.09 22.60 22.60 22.60 -1.15 37.80 36.75 37.80 1.80 131.95 125.50 127.92 0.68 60.84 59.05 59.28 -0.33 1.65 1.40 1.65 0.15 4.00 4.00 4.00 0.20

Open 994.18 Turnover 73,082 P/E (x) 7.72

979 250 1707 165 200 306

Total Equity (Rs in mn)

2.40

Close 1,007.63 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -2.74 Market cap 136,142.72 mn Div Yield (%) 2.30

Last 60 days High Low

10000 2.00 1432135 16.50 15611 24.59 10002 3.45 3983132 12.32 28200 18.75 259 747.48 101 1.49 533 2.59 23791 3.90 7514 1.38 53312 2.37 5000 4.50 500 0.90 42698 47.00 11007 3.75 886 7.44 106 41.20 3001 5.05 13000 4.88 658816 43.43 5000 4.50 201 7.70 210 9.50 1114 20.50 413 1.25 199 1.50 2664 3.72 5500 2.00 1602 6.06 1500 21.40 4012 0.95 1000 17.50 2274707 25.14 6434088 68.00 27101 10.45 1035 11.25 111 31.03 2006 19.25 1000 13.50 34527 1.99 3288 38.10 215 6.20 116 48.95 2448 3.43 4874 276.50 590 1.01 5572 25.00 40348 38.52 125902 132.00 87845 63.30 212 2.00 500 4.90

2010 Div BR (%) (%)

0.52 4.00 30 19.10 20 1.32 7.5 9.20 8.10 - 15B 436.00 0.15 0.56 5 3.00 0.16 1.44 1.75 0.11 36.10 5 0.26 1.80 26.50 25 2.55 10 3.35 10 34.05 20 2.60 10 4.00 8 4.05 20 5B 13.25 0.28 0.51 1.52 0.16 5 4.51 18.01 15 100R 0.14 12.80 20SD 16.91 15 46.80 25 45R 5.16 7.65 10 10B 25.00 50 12.51 30 7.51 15 1.29 31.25 40 3.57 10 28.31 60 1.50 5 169.00 0.18 15.75 20 29.00 50 86.50 80 20B 37.25 0.86 2.35 -

% Change -0.27 5-Day High 1,011.79 5-Day Low 1,002.30 2011 Div BR (%) (%) -

-

PHARMA AND BIO TECH

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

Total Assets (Rs in mn)

2.76

2.44

1.00 9.91 4.11 6.51 23.21 0.36 2.23 9.33 0.43 11.43 5.44 670.00 0.43 0.51 1.27 3.08 0.85 1.76 2.50 0.50 49.38 42.16 0.18 2.98 0.15 5.79 7.03 28.00 0.65 4.05 0.74 4.02 3.41 41.37 3.80 3.65 1.30 7.49 0.98 6.35 0.23 14.90 0.90 0.56 1.25 2.92 0.42 0.90 3.82 5.28 2.06 20.25 0.49 0.86 16.00 1.95 23.20 5.75 65.53 3.08 8.90 0.73 10.24 0.46 29.74 1.09 14.45 0.81 13.45 1.40 4.73 36.68 0.20 4.39 3.51 45.06 0.48 2.65 7.88 235.33 0.49 0.44 0.75 23.75 0.85 36.00 5.47 127.24 9.44 59.61 0.57 1.50 5.26 3.80

Paid up Cap(mn)

32.22

MA (10-day)

1st Resistance

Performance of SR Pharma and Bio Tech Index

Company

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

2nd Support

Open 1,010.37 Turnover 15,370,083 P/E (x) 7.25 Company

Close Chg

Close 1,131.71 Listed cap 3,763.71 mn Payout (%) 6.27

PERSONAL GOODS

2011 Div BR (%) (%) -

-

Performance of SR Household Goods Index

% Change 0.06 5-Day High 1,547.84 5-Day Low 1,536.55

-

5094 77.25 4809 196.00 101 19.88 7715 132.37 353673 2.89 3801 25.24 30303 5.67 12010 5.75 29131 13.40 30368 282.45 96370 77.90 1230 26.00 2600 3.00

High Low 1,717.75 1,638.01 Total cos Defaulter cos P/BV (x) ROE (%) 11.11 30.30

1.20 19.78 20.50 19.40 19.40 3.72 51.55 50.99 50.00 50.99 1.00 12.10 12.50 12.00 12.40 12.01 75.93 78.00 72.14 73.51 3.78 3.90 3.66 3.66 3.93 20.15 20.45 19.51 19.59 7.50 33.46 33.50 33.31 33.38 11.31 12.35 12.48 12.16 12.22 3.18 88.54 90.80 88.55 89.79 3.48 59.49 59.85 56.55 58.89 4.21 48.25 50.66 50.00 50.49 0.63 6.39 6.40 6.10 6.20 23.55 66.06 64.97 62.80 63.11 26.87 2455.00 2460.00 2332.50 2446.01 3.42 24.75 23.95 23.95 23.95 - 11.84 12.00 11.00 11.03 0.91 6.27 6.40 6.06 6.24 2.58 2.98 2.60 2.89 0.28 3.30 3.25 3.20 3.25 3.00 3.26 3.26 3.26 1.27 14.40 14.75 14.08 14.25 6.58 10.25 10.45 9.85 10.06 5.99 6.40 6.00 6.00 5.06 10.99 10.94 10.50 10.52 8.49 8.89 8.55 8.56

CONSTRUCTION AND MATERIALS High Low 1,016.65 994.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 7.10

77.25 74.20 74.50 -0.70 196.00 193.10 193.71 -0.97 16.50 16.20 16.20 -1.00 132.37 121.00 132.37 6.30 2.54 2.32 2.35 -0.05 23.78 22.76 22.93 0.17 5.25 4.85 4.86 -0.06 4.79 4.05 4.30 -0.13 11.55 11.22 11.28 -0.02 259.80 251.00 256.98 3.48 72.50 70.00 72.00 2.74 20.75 20.07 20.75 0.11 1.90 1.85 1.90 -0.10

Open 1,707.64 Turnover 212,423 P/E (x) 36.66

Performance of SR Construction and Materials Index Open 1,006.96 Turnover 8,216,114 P/E (x) 8.11

2011 Div BR (%) (%)

-

FOOD PRODUCERS

-

% Change 0.09 5-Day High 1,094.17 5-Day Low 1,055.58

40 15

Performance of SR Food Producers Index

Performance of SR Industrial Metals and Mining Index High Low 1,109.40 1,078.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 33.10

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

INDUSTRIAL METALS AND MINING Open 1,083.58 Turnover 98,567 P/E (x) 3.48

% Change -0.83 5-Day High 754.98 5-Day Low 729.62

AUTOMOBILE AND PARTS

Company

High Low 1,462.61 1,415.76 Total cos Defaulter cos P/BV (x) ROE (%) 3.09 35.00

Agritech Limited 3924 8.33 23.70 Bawany Air 68 71.25 7.98 BOC (Pak) 250 13.11 94.23 Clariant Pak 273 6.94 179.70 Dawood Hercules 1203 8.04 197.36 Descon Chemical 1996 2.89 Descon Oxychem Ltd. 1020 8.24 Dewan Salman 3663 3.16 Engro Corporation Ltd 3277 10.67 196.10 Engro Polymer 6635 - 14.43 Fatima Fertilizer 22000 - 11.18 Fauji Fertilizer 6785 9.38 129.67 Fauji Fert.Bin Qasim 9341 6.98 36.83 Ghani Gases Ltd 725 8.54 11.42 ICI Pakistan 1388 8.36 146.22 Ittehad Chemical 360 12.31 34.35 Lotte Pakistan 15142 5.19 14.39 Nimir Ind Chemical 1106 2.02 Shaffi Chemical 120 2.31 Sitara Chem Ind 214 10.53 129.12 Sitara Peroxide 551 14.29 13.21 Wah-Noble 90 7.00 36.75

Ibrahim Fibres Limited

Performance of SR Industrial Transportation Index

Close Change 1,572.55 7.28 Listed cap Market cap 65,194.15 mn 1,219,400.50 mn Payout (%) Div Yield (%) 55.94 4.93

Performance of SR Chemicals Index Open 1,430.81 Turnover 48,868,028 P/E (x) 8.83

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,565.27 Turnover 11,827,306 P/E (x) 11.34

KSE 30 Index

PE

Open

9.53 109.00 6.57 87.50 15.30 86.91 8.04 29.68 6.45 8.24 5.36 60.39

High

High Low 995.21 975.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.72 22.31 Low

Close Chg

109.40 108.00 108.69 -0.31 87.95 87.00 87.04 -0.46 86.99 85.00 85.05 -1.86 30.00 29.00 29.02 -0.66 8.89 7.60 8.00 -0.24 60.84 59.00 59.63 -0.76

Close 979.33 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 4234 235 38256 18047 2103 10203

Change -14.84 Market cap 33,008.01 mn Div Yield (%) 5.77

Last 60 days High Low 112.50 113.00 89.98 30.25 9.00 64.50

88.50 82.20 66.50 23.50 7.16 59.00

2010 Div BR (%) (%) 20 30

20B -

% Change -1.49 5-Day High 1,003.31 5-Day Low 975.33 2011 Div BR (%) (%) -

-

0.11

PACE closed down -0.22 at 2.54. Volume was 113 per cent above average and Bollinger Bands were 4 per cent narrower than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 30.4 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 volume flowing into and out of PACE at a relatively equal pace. Trend forecasting oscillators are currently bearish on PACE.

EcoPack Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

57.30

Total Assets (Rs in mn)

MA (10-day)

2.55

Total Equity (Rs in mn)

MA (100-day)

2.22

Revenue (Rs in mn)

1,676.73 180.46 1,742.07

MA (200-day)

2.61

Interest Expense

138.59

1st Support

2.51

Loss after Taxation

(18.39)

2nd Support

2.22

EPS 10 (Rs)

1st Resistance

3.04

Book value / share (Rs)

2nd Resistance

3.28

PE 11 E (x)

Pivot

2.75

PBV (x)

(0.80) 7.85 0.35

ECOP closed up 0.28 at 2.78. Volume was 380 per cent above average (trending) and Bollinger Bands were 34 per cent wider 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 6.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ECOP (bullish). Trend forecasting oscillators are currently bullish on ECOP.

BOOK CLOSURES Company

From

To

BOC Pakistan Buxly Paints # TRG Pakistan Shadman Cotton Mills # Kohinoor Mills # Mybank Ltd. # Summit Bank # Ellcot Spng Mills # Prosperity Weaving Mills # Mehran Sugar Mills Dawood Lawrencepur # Habib Sugar Mills Lakson Tobacco # Nagina Cotton Mills # Sindh Abadgar's Sugar Mills Shahtaj Sugar Mills Fecto Sugar Mills Al-Noor Sugar Mills Pangrio Sugar Mills Thal Ind Corp Mirza Sugar Mills

11-Jan 11-Jan 12-Jan 12-Jan 13-Jan 13-Jan 13-Jan 14-Jan 14-Jan 14-Jan 15-Jan 15-Jan 18-Jan 19-Jan 19-Jan 20-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan

17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 19-Jan 19-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 01-Feb 29-Jan 02-Feb 31-Jan 28-Jan 31-Jan

D/B/R 25.25(B) 10 50 10 15 10

Spot AGM/Date 07-Jan 14-Jan 14-Jan

17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 20-Jan 20-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 27-Jan 29-Jan 28-Jan 31-Jan 28-Jan 31-Jan

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shezan International Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television Media Times Ltd P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies

Open 3.48 92.7 116.01 294 116.02 29.9 23.8 51.43 2.43 48.46 2.76 19.5

High 3.5 95 121.81 302 121.82 31.39 23.98 48.86 2.48 48.8 2.66 19.61

Low Close 3.35 91 119 290 116.5 29.9 22.94 48.86 2.32 47.15 2.51 19.2

3.38 92 119.8 292.8 119 30.07 23.89 48.86 2.38 47.35 2.54 19.28

Change -0.1 -0.7 3.79 -1.2 2.98 0.17 0.09 -2.57 -0.05 -1.11 -0.22 -0.22

Vol 901644 1400 1121 829 18355 10662 213 489 273608 2405 1754512 393023


7

Thursday, January 6, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,150.11 Turnover 3,134,668 P/E (x) 6.17 Paid up Cap(mn)

Company

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

High Low 1,155.21 1,125.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

PE

Open

High

Low

Close Chg

78 4.94 37740 12.89 3000 0.64 8606 6175 -

79.00 19.50 2.20 2.78 3.59

80.00 19.60 2.28 2.71 3.69

79.90 19.16 2.15 2.54 3.55

80.00 19.33 2.16 2.61 3.65

1.00 -0.17 -0.04 -0.17 0.06

Close 1,136.29 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 1650 564462 285445 2283111 138650

Change -13.83 Market cap 78,726.56 mn Div Yield (%) 10.15

107.85 20.12 2.69 3.45 4.25

76.50 18.21 1.97 2.33 3.35

% Change -1.20 5-Day High 1,151.74 5-Day Low 1,136.04

2010 Div BR (%) (%) 80 17.5 1 -

Ask Gen Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB

204 6.52 279 7.95 457 7.08 1250 400 3.49 3000 41.85 350 303 6.34 253 4.41 400 2.30

2011 Div BR (%) (%)

-

-

10.65 68.35 11.16 43.75 15.00 16.56 8.84 11.63 7.05 7.40

Paid up Cap(mn)

Company

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

PE

Open

High

Low

198 11572 6.95 80 1560 7932 1695 11.51 8803 5.11 3673 3.57 3541 27.44 191 3.41 1367 150 -

0.87 37.98 12.00 1.71 3.38 21.00 42.26 16.63 16.92 18.99 2.26 0.99

0.89 38.25 13.00 1.75 3.52 20.99 42.68 16.92 17.20 18.61 2.32 1.15

0.89 37.35 12.75 1.66 3.26 20.70 41.80 15.95 16.60 18.25 2.15 0.91

Close 1,323.38 Listed cap 95,369.29 mn Payout (%) 104.13

Change -7.98 Market cap 108,280.24 mn Div Yield (%) 6.76

Close Chg

Volume

Last 60 days High Low

0.89 37.97 12.88 1.71 3.30 20.71 42.06 16.29 17.01 18.26 2.19 1.05

401 726852 1925 103228 6822869 2437 749343 9870040 2901941 6000 279573 3002

1.45 38.25 13.00 2.25 3.55 25.25 42.68 16.92 17.20 23.00 2.80 1.75

0.02 -0.01 0.88 0.00 -0.08 -0.29 -0.20 -0.34 0.09 -0.73 -0.07 0.06

0.60 32.90 9.00 1.20 2.00 17.95 38.35 10.88 11.56 17.98 2.05 0.65

% Change -0.60 5-Day High 1,331.36 5-Day Low 1,277.14

2010 Div BR (%) (%) 50 2 15 50 20 -

-

-

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,555.84 Turnover 168,840 P/E (x) 9.76 Company

High Low 1,552.68 1,519.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 11.41

Close 1,537.18 Listed cap 12,202.80 mn Payout (%) 66.79

Change -18.66 Market cap 32,883.03 mn Div Yield (%) 6.84

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.04 3.24

27.24 21.83

27.25 21.75

26.91 21.16

27.02 -0.22 21.51 -0.32

70551 98289

34.75 30.23

Sui North Gas Sui South Gas

25.71 19.95

% Change -1.20 5-Day High 1,555.84 5-Day Low 1,486.21

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,187.68 Turnover 24,704,607 P/E (x) 8.44 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 6.98 70.77 Askari Bank 6427 8.26 17.32 Bank Alfalah 13492 14.33 11.24 Bank AL-Habib 7322 8.07 37.50 Bank Of Khyber 5004 5.48 4.17 Bank Of Punjab 5288 9.65 BankIslami Pak 5280 920.00 3.66 Faysal Bank 7309 4.95 15.51 Habib Bank Ltd 10019 7.80 121.87 Habib Metropolitan Bank 8732 8.56 28.14 JS Bank Ltd 8150 2.52 KASB Bank Ltd 9509 2.59 MCB Bank Ltd 7602 10.03 227.97 Meezan Bank 6983 9.86 17.70 Mybank Ltd 5304 2.87 National Bank 13455 6.70 76.51 NIB Bank 40437 2.95 Samba Bank 14335 1.98 Silkbank Ltd 26716 2.64 Soneri Bank 6023 8.01 Stand Chart Bank 38716 13.08 8.60 Summit Bank Ltd 5000 3.65 United Bank Ltd 12242 7.75 66.61

High

High Low Close 1,208.76 1,173.33 1,184.74 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.18 13.94 40.49 Low

Close Chg

72.99 70.01 71.82 1.05 17.50 17.07 17.34 0.02 11.40 11.11 11.18 -0.06 37.70 37.00 37.45 -0.05 4.19 4.00 4.11 -0.06 10.06 9.61 9.84 0.19 3.70 3.56 3.68 0.02 15.85 15.25 15.34 -0.17 126.45 121.40 124.93 3.06 28.60 27.80 28.00 -0.14 2.59 2.46 2.50 -0.02 2.54 2.40 2.41 -0.18 232.00 225.60 226.27 -1.70 18.70 17.44 18.64 0.94 2.95 2.61 2.69 -0.18 77.50 75.76 76.66 0.15 3.06 2.86 2.96 0.01 1.98 1.93 1.95 -0.03 2.73 2.58 2.60 -0.04 8.00 7.87 7.90 -0.11 8.65 8.25 8.50 -0.10 3.75 3.55 3.68 0.03 67.70 65.75 65.99 -0.62

Volume

Change -2.94 Market cap 716,848.73 mn Div Yield (%) 4.80

Last 60 days High Low

1200042 72.99 325699 18.10 2439352 11.50 129156 37.72 15303 4.70 2712097 10.59 115877 3.88 455987 17.10 1506848 126.45 40255 29.28 106121 3.00 5142 2.90 2181684 232.00 1771449 18.70 31570 3.10 5010381 77.97 1219186 3.18 28564 2.65 2383389 3.05 48862 8.48 30567 9.04 73678 4.23 2947076 70.65

50.64 14.25 8.30 30.86 2.57 8.00 2.77 13.10 93.10 18.02 2.25 2.16 189.10 14.05 1.90 62.65 2.52 1.51 2.50 5.05 6.15 2.60 51.56

% Change -0.25 5-Day High 1,191.64 5-Day Low 1,158.84

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

-

-

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company Adamjee Insurance

High Low 791.17 773.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.68 5.20

Close 777.95 Listed cap 11,111.34 mn Payout (%) 79.54

Change -1.37 Market cap 48,256.24 mn Div Yield (%) 6.11

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 25.08

85.94

87.90

85.60

86.52 0.58

1107193

91.75

63.05

% Change -0.18 5-Day High 784.13 5-Day Low 757.87

2010 Div BR (%) (%) 10

Paid up Cap(mn)

2011 Div BR (%) (%)

-

-

-

0.10 1.65 0.17 -0.66 -0.33 -0.24 0.43 0.10 0.05 -0.40

1653 2731 1700 32236 10599 637320 83758 2075 4000 1002

American Life East West Life EFU Life Assurance New Jub Life Insurance

High Low 885.96 843.09 Total cos Defaulter cos P/BV (x) ROE (%) 3.67 3.85

PE

Open

High

Low

500 6.03 455 850 41.80 627 28.74

18.00 2.76 73.90 43.70

18.10 3.74 74.00 44.44

18.00 2.72 72.53 41.60

12.75 70.75 12.00 48.63 15.39 17.20 9.50 12.00 8.17 7.40

10.00 47.51 9.42 34.76 10.04 12.86 1.85 8.00 6.01 4.55

10 -

25R 10B -

-

UPTO 100 VOLUME

-

Symbols FUDLM ATIL LIBM BWCL DIIL IDYM REWM KOIL SHCM SCLL SHNI GATM ULEVER MFTM RMPL FPJM JOPP SUTM FECS BAFS COLG FZTM SFL GATI CSUML KOHS MFFL AGSML CFL MOON CSMD HWQS HUSS SHJS TSML SIEM PMRS NSRM GLPL SFWF SPLC IGIIL SSML MWMP PHDL GADT IDSM PGCL GUSM GSPM SMTM ALTN EXIDE SAPL WYETH DREL TSMF DEL SIBL UVIC ELSM FZCM GUTM SANE TATM ICCT MEHT MTIL TOWL AASM TRPOL BAWS TICL PCAL SING DYNO ZIL STCL GRAYS PSEL

Close 862.73 Listed cap 2,290.72 mn Payout (%) 355.53

Change -11.28 Market cap 9,975.42 mn Div Yield (%) 3.72

Close Chg

Volume

Last 60 days High Low

18.02 3.00 73.56 42.82

2500 56336 104130 2781

19.85 4.62 86.95 49.31

0.02 0.24 -0.34 -0.88

% Change -1.29 5-Day High 913.19 5-Day Low 862.73

2010 Div BR (%) (%)

16.03 2.08 58.00 39.95

-

20R -

2011 Div BR (%) (%) -

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 405.88 Turnover 5,824,962 P/E (x) 11.45 Company

Paid up Cap(mn)

High Low 412.72 397.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91

PE

Open

High

Low

AMZ Ventures 225 1.48 Arif Habib Investments 360 3.59 Arif Habib Limited 450 13.35 Arif Habib Corp 3750 4.83 Dawood Cap Mangt. XB 150 1.34 First Credit & Invest Bank Ltd 650 13.33 First National Equity 575 Grays Leasing 215 IGI Investment Bank 2121 17.56 Invest and Fin Sec 600 700.00 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.63 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 7.52 JS Investment 1000 27.83 KASB Securities 1000 Orix Leasing 821 4.84 Pervez Ahmed Sec 775 Trust Inv Bank 586 2.73

0.66 17.61 25.73 25.12 1.50 3.26 8.75 2.44 2.95 7.02 0.70 3.33 1.80 11.05 3.89 27.62 6.69 4.52 6.60 2.08 1.76

0.75 18.39 26.50 26.37 1.79 3.40 9.00 2.00 2.90 7.26 0.77 3.47 1.89 11.27 4.05 27.99 6.80 5.43 6.70 2.19 1.75

0.33 17.79 25.55 24.81 1.50 3.00 9.00 1.90 2.75 6.91 0.62 3.00 1.75 10.76 3.81 27.65 6.60 4.40 6.53 2.01 1.75

Close Chg 0.65 18.25 26.16 26.30 1.50 3.20 9.00 1.90 2.81 7.00 0.75 3.09 1.75 11.02 3.98 27.96 6.68 4.74 6.58 2.02 1.75

-0.01 0.64 0.43 1.18 0.00 -0.06 0.25 -0.54 -0.14 -0.02 0.05 -0.24 -0.05 -0.03 0.09 0.34 -0.01 0.22 -0.02 -0.06 -0.01

Close 404.48 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 3418 36455 162676 15308359 510 15005 125 160 4306 10271 18754 142500 5011 4757858 174614 550 119547 304628 37502 21020 25000

Change -1.40 Market cap 18,941.42 mn Div Yield (%) 3.38

% Change -0.35 5-Day High 409.82 5-Day Low 394.04

Last 60 days High Low

2010 Div BR (%) (%)

0.95 19.98 28.95 27.02 2.14 4.50 10.70 2.90 3.90 8.88 0.97 4.80 2.40 14.05 5.38 33.85 7.59 5.43 7.29 2.70 2.98

30 11.5 10 -

0.33 13.00 24.40 20.90 1.05 2.15 6.84 0.18 1.50 6.16 0.50 3.00 1.05 8.80 1.96 24.25 5.10 3.50 4.70 1.41 1.24

20B 20B 10B -

2011 Div BR (%) (%) -

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

2011 Div BR (%) (%)

NON LIFE INSURANCE Open 779.32 Turnover 1,884,422 P/E (x) 13.02

Company

2011 Div BR (%) (%)

7.8R -

10.75 70.00 11.33 43.09 14.67 16.32 9.27 11.73 7.10 7.00

LIFE INSURANCE Open 874.01 Turnover 165,747 P/E (x) 6.45

ELECTRICITY High Low 1,342.43 1,304.93 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 9.35

10.70 68.50 11.33 43.00 14.60 16.28 9.00 11.56 7.09 6.53

Performance of SR Life Insurance Index

-

Performance of SR Electricity Index Open 1,331.36 Turnover 21,467,613 P/E (x) 15.40

11.00 70.00 11.47 44.40 14.98 16.75 9.50 11.80 7.15 7.00

Open 1,343.21 Turnover 2,302,944 P/E (x) 20.47 Company

Paid up Cap(mn)

1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow Imrooz Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced F. Nat Bank Modaraba Pak Modaraba Pak Oman Advantage PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba

264 1375 210 525 780 65 200 113 524 300 581 760 30 3180 1186 283 1200 184 1000 250 125 1000 1000 2835 2841 872 454

High Low 1,366.18 1,320.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21

PE

Open

High

Low

8.75 7.23 5.00 1.81 3.98 2.61 1.60 3.46 9.69 7.75 0.66 2.28 10.78 70.25 17.82 1.18 7.53 13.10 5.66 5.70 5.10 1.96 8.35 7.38 2.43 4.56

1.74 8.21 2.90 4.75 1.82 1.14 0.61 2.80 1.65 4.00 2.08 3.15 56.50 5.60 4.95 1.31 7.71 1.49 3.75 6.50 1.16 8.78 6.78 13.17 6.48 1.04 9.35

1.60 8.99 3.25 4.70 1.75 1.59 0.64 3.49 1.67 3.10 2.08 3.23 59.30 5.65 5.00 1.60 7.90 1.50 3.88 6.16 1.19 8.05 6.84 13.18 6.60 1.07 10.29

1.40 8.26 3.00 4.50 1.61 1.11 0.57 2.77 1.44 3.10 2.00 3.19 59.00 5.37 4.72 1.60 7.43 1.31 3.50 6.15 1.00 8.00 6.60 13.00 6.43 1.03 9.31

Close 1,346.06 Listed cap 29,771.58 mn Payout (%) 104.74

Change 2.85 Market cap 18,012.47 mn Div Yield (%) 7.95

% Change 0.21 5-Day High 1,350.17 5-Day Low 1,322.98

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

1.40 8.68 3.00 4.50 1.75 1.15 0.64 2.77 1.55 3.10 2.08 3.19 59.10 5.62 4.99 1.60 7.83 1.31 3.62 6.16 1.02 8.03 6.74 13.03 6.49 1.07 9.31

1400 162472 600 549 1610 15819 26001 405 683 1000 100229 1034 803 483310 854496 2500 94461 510 10016 7500 553 150 80031 203829 241603 10500 750

2.00 8.99 3.80 4.80 2.79 1.99 1.10 3.49 2.37 5.50 2.28 3.80 64.90 5.69 5.00 2.23 8.25 2.18 4.24 7.74 2.00 13.98 7.18 13.40 6.74 1.19 10.29

18.5 5 2.2 0 1.2 5 17 76 5 10 2.8 15.5 15 10 3 1.04 10 20 10 3 17

-0.34 0.47 0.10 -0.25 -0.07 0.01 0.03 -0.03 -0.10 -0.90 0.00 0.04 2.60 0.02 0.04 0.29 0.12 -0.18 -0.13 -0.34 -0.14 -0.75 -0.04 -0.14 0.01 0.03 -0.04

1.05 5.85 2.10 2.70 0.90 0.90 0.16 1.73 0.90 2.55 1.30 2.56 42.90 2.65 2.31 1.26 5.15 0.56 2.40 4.50 0.30 8.00 4.56 7.90 3.50 0.81 7.81

-

2011 Div BR (%) (%) -

Open 6.14 38.19 65.95 21.10 14.88 296.31 9.39 1.68 8.05 2.89 13.01 30.44 4378.00 1.02 2126.99 1.40 9.30 36.11 49.39 58.95 954.03 404.00 129.10 43.50 3.50 4.13 78.52 5.60 14.50 7.39 6.75 20.13 10.99 72.35 34.00 1224.49 45.90 13.17 62.70 5.31 0.58 94.49 2.08 1.82 35.66 68.25 6.36 22.00 6.82 7.30 6.49 10.04 189.98 141.24 1100.00 610.00 1.39 1.78 3.99 3.49 20.80 73.48 19.00 4.50 35.49 1.78 59.24 0.60 6.03 37.01 0.67 5.00 73.34 53.48 19.50 11.00 54.40 8.70 50.00 162.00

High 6.15 38.12 65.00 20.05 15.84 302.00 9.49 1.72 9.05 2.85 13.49 30.00 4399.99 1.18 2226.95 1.39 10.20 37.00 49.24 61.00 948.94 410.00 122.72 44.93 3.69 5.03 81.95 6.00 13.61 8.39 6.90 21.00 11.00 68.74 35.50 1210.01 48.19 14.00 59.70 5.01 0.63 96.00 2.29 1.86 37.44 68.20 5.75 22.99 6.50 7.80 6.40 9.10 196.50 144.00 1046.01 609.99 1.44 1.94 4.00 3.70 21.00 75.98 20.00 5.45 36.00 1.99 60.00 0.51 5.21 38.69 0.71 5.90 69.68 53.48 20.24 11.80 54.95 8.70 50.45 168.00

Low

Close

6.14 38.12 65.00 20.05 13.88 281.50 9.48 1.61 9.04 2.58 13.40 30.00 4165.66 1.18 2080.03 1.39 8.41 37.00 46.93 58.50 920.00 399.50 122.67 43.49 3.50 3.41 80.00 5.01 13.61 8.39 6.90 21.00 11.00 68.74 35.50 1210.00 44.52 14.00 59.69 5.01 0.62 94.24 1.85 1.01 33.88 66.00 5.50 21.00 6.00 7.01 6.40 9.10 194.99 143.00 1046.01 580.00 1.38 1.90 4.00 3.70 21.00 75.98 20.00 5.44 36.00 1.74 60.00 0.51 5.21 38.60 0.71 5.48 69.68 53.48 20.00 11.34 54.95 8.70 50.45 168.00

6.14 38.12 65.00 20.05 13.88 281.50 9.49 1.69 9.05 2.85 13.42 30.00 4342.50 1.18 2125.39 1.39 9.66 37.00 46.93 58.50 934.98 399.50 122.71 43.49 3.53 3.41 80.76 5.01 13.61 8.39 6.90 21.00 11.00 68.74 35.50 1210.00 46.47 14.00 59.70 5.01 0.62 94.24 1.85 1.85 35.01 67.47 5.75 22.99 6.25 7.03 6.40 9.10 196.50 143.00 1046.01 609.99 1.38 1.90 4.00 3.70 21.00 75.98 20.00 5.44 36.00 1.74 60.00 0.51 5.21 38.60 0.71 5.48 69.68 53.48 20.00 11.34 54.95 8.70 50.45 168.00

Change

Vol

0.00 -0.07 -0.95 -1.05 -1.00 -14.81 0.10 0.01 1.00 -0.04 0.41 -0.44 -35.50 0.16 -1.60 -0.01 0.36 0.89 -2.46 -0.45 -19.05 -4.50 -6.39 -0.01 0.03 -0.72 2.24 -0.59 -0.89 1.00 0.15 0.87 0.01 -3.61 1.50 -14.49 0.57 0.83 -3.00 -0.30 0.04 -0.25 -0.23 0.03 -0.65 -0.78 -0.61 0.99 -0.57 -0.27 -0.09 -0.94 6.52 1.76 -53.99 -0.01 -0.01 0.12 0.01 0.21 0.20 2.50 1.00 0.94 0.51 -0.04 0.76 -0.09 -0.82 1.59 0.04 0.48 -3.66 0.00 0.50 0.34 0.55 0.00 0.45 6.00

100 100 100 100 99 76 70 69 56 51 50 50 50 43 27 25 23 20 16 15 13 12 12 12 12 12 12 11 10 10 10 10 10 10 10 10 8 7 5 4 4 4 4 4 4 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 1 1 1

FUTURE CONTRACTS Symbols

-

Open

FFBL-JAN

37.06

NML-JAN

65.95

High 37.85

Low 37.00

67.90

65.50

Close

Change

37.23

Vol

0.17 1625000

66.83

0.88 1498500

NBP-JAN

76.89

77.89

76.25

77.14

0.25

862500

POL-JAN

308.66

311.25

306.00

308.22

-0.44

570000

PPL-JAN

219.98

225.35

220.00

221.88

1.90

381000

30.29

30.50

30.00

30.30

0.01

335500

ENGRO-JAN 197.42

198.95

194.95

195.36

-2.06

275000

9.69

9.45

9.50

0.09

250000

228.34

231.50

226.20

226.82

-1.52

225500

FFC-JAN

130.20

133.50

129.40

130.10

-0.10

166500

PSO-JAN

298.26

302.00

295.50

296.43

-1.83

152500

UBL-JAN

67.09

67.88

66.26

66.47

-0.62

146500

AICL-JAN

86.46

88.13

86.40

87.17

0.71

116500

PTC-JAN

19.59

19.65

19.40

19.40

-0.19

30500

OGDC-JAN

170.80

172.25

170.70

171.66

0.86

24500

LUCK-JAN

75.72

76.50

75.45

76.00

0.28

21000

BOP-JAN

9.72

10.35

9.95

9.99

0.27

7500

NCL-JAN

23.15

23.15

23.15

23.15

0.00

6500

19.55

19.40

19.48

-0.17

5000

DGKC-JAN ANL-JAN

9.41

MCB-JAN

NETSOL-JAN 19.65

ZERO VOLUME Symbols

Open

High

Low

Close

AABS BFMOD BNWM CLIM DADX DINT

94.80 3.21 13.50 5.50 19.50 26.70

94.79 3.26 13.45 5.00 19.51 26.50

94.79 3.26 13.45 5.00 19.51 26.50

94.79 3.26 13.45 5.00 19.51 26.50

Change

Vol

-0.01 0.05 -0.05 -0.50 0.01 -0.20

0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

72.79

Support 1

12,040.15

MA (5-day)

12,030.90

Support 2

11,939.45

MA (10-day)

11,944.93

Resistance 1

12,227.60

MA (100-day)

10,612.53

Resistance 2

12,314.35

10,350.33

Pivot

normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 12,040.15 and 2nd support level at 11,939.45.

32.06

TFD Research

29.1

Brokerage House

Sell

AKD Securities Ltd

Accumulate

TFD Research

Technical Analysis 61.18 36.41 31.05 30.14

Fair Value

Rs Recommendations

59.97 74.2

Free Float Shares (mn) 326.94 Free Float Rs (mn) 12,103.26 ** NOI Rs (mn) 78.48 Mean 37.08

* Target price for Jun-11 & **Net Open Interest in future market

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

69.06 63.47 52.08 51.43

Buy Buy

TFD Research

36.85

Positive

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

175.80 11,768.05 86.53 66.42

* Target price for Jun-11 & **Net Open Interest in future market

Brokerage House

AKD Securities Ltd

ing oscillators are currently bullish on FFBL.

Rs Recommendations

82.1

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

52.40 29.94 27.07 26.92

Brokerage House

Fair Value

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

Pakistan Petroleum Ltd

United Bank Ltd

Rs Recommendations

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

*Arif Habib Ltd

127.8

Hold

*Arif Habib Ltd

Buy

*Arif Habib Ltd

235.3

Neutral

AKD Securities Ltd

122.1

Accumulate

AKD Securities Ltd

56.82

Accumulate

TFD Research

239.15

92.3

Positive

TFD Research

Negative

TFD Research

78.44

Positive

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

114.33

Technical Outlook

Technical Outlook 68.91 74.29 66.60 67.96

318.44 24,411.93 89.73 76.61

* Target price for Jun-11 & **Net Open Interest in future market

182.55 5,502.05 26.10 30.14

DGKC is currently 11.9 per cent above its 200-day moving average and is

Buy

Technical Analysis

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

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

73.02 124.74 110.25 109.84

373.19 48,305.70 28.64 130.28

* Target price for Jun-11 & **Net Open Interest in future market

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

57.39 66.25 57.30 57.07

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

Rs Recommendations Hold Neutral

Technical Outlook

Technical Outlook

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

72.5

306.04 20,195.90 18.18 66.51

* Target price for Jun-11 & **Net Open Interest in future market

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

68.97 215.96 197.39 195.52

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

247.57 54,774.90 0.0000 220.89

* Target price for Jun-11 & **Net Open Interest in future market

NBP closed up 0.15 at 76.66. Volume was 31 per cent above average and FFC closed down -0.23 at 129.44. Volume was 417 per cent above aver- UBL closed down -0.62 at 65.99. Volume was 135 per cent above average PPL closed up 1.42 at 221.25. Volume was 166 per cent above average age (trending) and Bollinger Bands were 185 per cent wider than normal. and Bollinger Bands were 8 per cent narrower than normal. FFC is currently 17.8 per cent above its 200-day moving average and is UBL is currently 15.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- oscillators are currently bullish on FFC. Momentum oscillator is currently reflect moderate flows of volume into UBL (mildly bullish). Trend forecastBollinger Bands were 27 per cent wider than normal.

(trending) and Bollinger Bands were 27 per cent narrower than normal.

NBP is currently 13.2 per cent above its 200-day moving average and is

PPL is currently 13.2 per cent above its 200-day moving average and is

ing oscillators are currently bullish on NBP.

indicating that FFC is currently in an overbought condition.

ing oscillators are currently bullish on UBL.

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 PPL (mildly bullish). Trend forecasting oscillators are currently bullish on PPL.

Time

06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 07-Jan 07-Jan 07-Jan 07-Jan 07-Jan 08-Jan 08-Jan 08-Jan 10-Jan 10-Jan 14-Feb

11.00 4.00 4.00 12.30 11.00 12.30 11.00 12.00 10.30 10.00 11.00 11.30 4.00 11.30 10.00 11.00 4.30 5.00 4.00 2.30

TECHNICAL LEVELS

* Target price for Jun-11 & **Net Open Interest in future market

61.96

TFD Research

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

ing oscillators are currently bullish on NML.

Fauji Fertiliser Co

Fair Value

Technical Analysis

Date

Quice Food Industries Ltd Alfalah GHP Principal Protected Fund Alfalah GHP Principal Protected Fund II Noon Sugar Mills Ltd Mitchell's Fruit Farms Limited Shakarganj Mills Limited Premier Sugar Mills Chashma Sugar Mills Ltd. Crescent Sugar Mills Mubarak Textile Mills Ltd Quetta Textile Mills Ltd Colony Sugar Mills Ltd Sakrand Sugar Mills Ltd BMA Chundrigar Road Savings Fund J.K. Spinning Mills Ltd Punjab Oil Mills Limited Dandot Cement Company Ltd Tandlianwala Sugar Mills Ltd Abdullah Shah Ghazi Sugar Unilever Pakistan Limited

Company

Technical Outlook

FFBL closed up 0.19 at 37.02. Volume was 345 per cent above average NML closed up 1.41 at 66.94. Volume was 54 per cent above average and DGKC closed up 0.01 at 30.14. Volume was 25 per cent above average (trending) and Bollinger Bands were 18 per cent narrower than normal. Bollinger Bands were 3 per cent wider than normal. and Bollinger Bands were 38 per cent narrower than normal.

National Bank of Pakistan

*Arif Habib Ltd

Rs Recommendations

42 43.29

Technical Outlook

Leverage Position

Fair Value

*Arif Habib Ltd AKD Securities Ltd

KSE 100 INDEX is currently 17.3 per cent above its 200-day moving average FFBL is currently 22.9 per cent above its 200-day moving average and is NML is currently 30.1 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect moderate flows of volume into NML (mildly bullish). Trend forecastindicating that INDEX is currently in an overbought condition.

Brokerage House

Buy Positive

Negative

Technical Outlook

12,126.90

resistance level at 12,227.60 and 2nd resistance level at 12,314.35, while

Rs Recommendations

34.7

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 30.58 points at 12,140.84. Volume was 73 per MA (100-day) cent above average and Bollinger Bands were 5 per cent narrower than MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd AKD Securities Ltd

Dera Ghazi Khan Cement Co Ltd

Nishat Mills Ltd

Company

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

RSI 1st 2nd (14-day) Support 44.30 3.05 2.95 73.23 70.25 68.65 43.82 61.80 61.60 60.97 25.30 24.25 49.22 25.65 25.10 55.24 85.45 84.35 56.68 17.10 16.85 36.38 9.35 9.20 67.03 336.30 331.70 62.57 125.35 121.90 60.63 11.05 10.95 65.45 3.60 3.50 53.00 9.60 9.40 53.62 2.20 2.10 52.40 29.80 29.45 62.20 3.10 2.95 37.71 2.60 2.50 44.68 42.60 42.10 42.25 72.70 71.90 55.69 192.40 190.60 55.75 15.10 14.90 46.53 4.95 4.90 61.18 36.60 36.15 73.02 127.45 125.50 67.48 122.05 119.20 65.33 37.45 36.95 69.06 145.65 142.90 54.71 252.05 247.15 50.52 3.85 3.70 49.64 1.65 1.60 43.07 2.45 2.40 44.21 10.75 10.50 69.12 41.70 41.30 73.41 3.20 3.10 71.55 14.35 14.15 49.04 74.40 73.65 61.51 223.90 221.55 47.00 2.80 2.75 68.91 75.80 74.90 59.07 23.00 22.50 58.50 19.10 18.95 52.50 2.85 2.75 54.12 1.90 1.85 69.06 65.40 63.90 69.75 170.45 168.05 32.22 2.50 2.40 39.08 1.95 1.90 54.28 2.30 2.25 47.56 6.80 6.65 71.84 304.65 302.35 68.97 217.00 212.75 55.48 70.50 69.00 60.25 292.40 290.00 50.12 19.10 18.90 54.42 204.20 202.85 44.24 26.85 26.70 45.87 13.00 12.80 49.85 21.20 20.90 40.73 2.10 2.05 27.95 3.30 3.25 57.39 65.25 64.55 39.99 2.55 2.45

1st

2nd

Resistance 3.35 3.55 73.20 74.60 62.40 62.80 26.85 27.40 26.60 27.00 87.75 88.95 17.55 17.75 9.60 9.75 345.20 349.50 131.45 134.10 11.35 11.50 3.75 3.80 10.05 10.30 2.35 2.40 30.50 30.85 3.45 3.65 2.75 2.85 44.00 44.90 74.20 74.85 197.00 199.80 15.70 16.10 5.05 5.10 37.60 38.15 132.45 135.50 127.10 129.30 38.35 38.75 150.55 152.65 260.85 264.75 4.10 4.20 1.75 1.80 2.60 2.65 11.30 11.55 42.55 43.05 3.45 3.60 14.75 15.00 76.05 76.95 230.30 234.35 2.95 3.05 77.50 78.40 23.90 24.30 19.50 19.75 3.05 3.15 2.05 2.15 68.20 69.50 174.10 175.35 2.65 2.70 2.15 2.25 2.45 2.55 6.95 7.05 310.10 313.25 225.50 229.70 73.00 74.00 298.90 302.95 19.55 19.80 207.45 209.35 27.20 27.40 13.35 13.60 21.80 22.05 2.25 2.35 3.45 3.55 67.20 68.45 2.70 2.80

Pivot 3.25 71.60 62.20 25.85 26.05 86.65 17.30 9.50 340.60 128.00 11.25 3.65 9.85 2.25 30.15 3.30 2.70 43.50 73.35 195.20 15.50 5.00 37.15 130.50 124.25 37.85 147.75 255.95 3.95 1.70 2.50 11.00 42.20 3.35 14.60 75.30 227.95 2.90 76.65 23.40 19.35 2.95 2.00 66.70 171.70 2.55 2.05 2.40 6.85 307.80 221.25 71.50 296.45 19.35 206.10 27.05 13.20 21.45 2.20 3.40 66.50 2.60


8

Thursday, January 6, 2011

China Eastern sees 2010 profit on brisk traffic

KARACHI: Etihad Airways staff donates funds to Emirates International Mobile Humanitarian Hospital in Pakistan who have been working on various projects since the floods hit the country last year. (L-R) Peter Baumgartner, Chief Commercial Officer - Etihad Airways, Dr Adel Al Shamry, Chief Executive - Emirates International Mobile Humanitarian Hospital.-Staff Photo

Air China offers transit tourism to Pakistan flyers BEIJING: Air China, the country's largest carrier has decided to provide Transit Tourism Services including discount tours and free dining coupons to Pakistani passengers passing through Chengdu, the capital city of southwest China's Sichuan province. The Air China, according to an announcement has launched its first transit tourism services for international travelers, giving those with time to kill transiting through Chengdu Shuangliu Airport, a chance to experience a fascinating part of China. The flight transit services will initially be available on international routes between China and Karachi from up to March 31, 2011.Meanwhile, Pakistan's

Ambassador to China Masood Khan while talking to APP said that as both Pakistan and China are set to celebrate 2011 as year of friendship, the step taken by Air China will help promote friendship as well as tourism. He said that the Consulate General of Pakistan at Chengdu will provide all assistance to the Pakistani passengers staying in Chengdu or intend to visit tourist destinations there. The Sichuan Giant Panda Sanctuaries are home to 30 per cent of the species remaining world population and is the prime location to catch the giant pandas in their natural habitat. Made up of 7 Nature Reserves and 9 Scenic Parks, this habitat is not only known for the preservation of the

endangered giant pandas, but it also serves to protect many other species such as the snow leopard, red pandas, and clouded leopards. Spanning over 9245 km, the Sichuan Giant Panda Sanctuaries is the largest remaining contiguous habitat for the giant panda bear. The most popular parks to see the giant pandas within the Sichuan Giant Panda Sanctuaries is in the Wolong Panda Reserve, located in Wenchuan County. "Passengers can enjoy numerous benefits including tourist information, advice on cultural experiences and discounts on tailored city tours, as well as free dining coupons and airport resting areas", the said announcement. -APP

HONG KONG: China Eastern Airlines, the country's third-most valuable airline, expects its 2010 net profit to be around 10 times that of 2009 due to brisk air travel in China, it said earlier. "The air transportation market has been recovering rapidly and continued to grow in 2010. In particular, the air transportation market of the People's Republic of China has continued to grow rapidly," the airline said in a statement. China Eastern also attributed the profit surge to its acquisition of smaller rival Shanghai Airlines and the World Expo in Shanghai, which boosted air passenger travel, it said in a filing to the Hong Kong stock exchange. "The net profit attributable to the equity holders of China Eastern Airlines Corporation Limited for 2010 is expected to be around 10 times compared with ... 2009," it said in a statement. For 2009 the airline reported net profit of 540 million yuan ($81.73 million). China's air traffic has been a bright spot in the global airline industry, benefitting domestic airlines such as Air China, and which foreign aircraft makers like Airbus and Bombardier Inc hope to tap.Reuters

Tasting Peshawar's Salt P

resenting a unique blend of taste and recipe to attract customers especially in winter season, `Namak Mandi' has become an exceptional food centre, where a visitor can hardly resist the aroma of Balti, locally known as Tikka Karahi to enjoy their favourite cuisine. Located near Shuba Bazaar in City, Namak Mandi is a joyous place and people use it for a few moments of respite away from their routine activities, with the aim to taste Tikkas variety here at numerous shops. The recent National Games at Peshawar has given further impetus to business activities as sports lovers visited this food centre and enjoyed the traditional food. "People often visit five star hotels to enjoy their favorite cuisine, but those who once taste 'Tikka Karahi' in Namak Mandi, will hardly go to other place," said Khurshid Khan, who visited Namak Mandi recently. "Whenever I come to Peshawar, I visit Namak Mandi because the mutton cooked here is tasty and cholesterolfree. However, he saw rise in Tikka Karai prices as compared to previous years, which he feels, need to be checked. Namak Mandi had lasted 50

years to develop to the present day status, and its traditional and delicious Tikka Karahi attracts both foreign and local tourists, fond of traditional places and local food specialty. Sitting at the carpeted floor or on charpoys (cots) at any restaurant, one can see slaughtered lambs hanging on racks, and black metal pots shaped like deep bowls set above burning charcoal. The butcher or the cook prepares meat as desired by the customers' and puts it in the cooking pot, along with tomatoes, chilies and garlic. On boiling, the fat and vegetables form thick gravy in which the meat is cooked. People then eat the Tikka Karahi with flat bread and several cups of Qahwa (green tea). Whether the tikkas are fried in a metal bowl (Karahi) or barbecued on charcoal, the food is rarely found in any other part of the province. Famous Tikka seller in Namak Mandi, Nisar alias Charsi says, he had started from selling mutton at a small outlet after his father's death. After 30 years of hard work and commitment to this business, Nisar is no longer running an out let but has now established a restaurant named "Sheesh Mahal. He says the cooking technique is of para-

mount importance that he had inherited from his forefathers. Nisar said large number of local and foreign tourists/visitors. "We don't use ghee and excessive spices but instead cook the mutton in its own fat that makes it delicious," he said and claimed to sell 130 to 150 lambs a day as visitors increase everyday. Another restaurant owner recalls the days when his father started business there 50 years back. "My father, Muhammad Mashooq Qureshi, had started Tikka Karahi in 50s, when there were only three shops, and now there are 30," said Haji Maqsood Qureshi. There are around 30 Tikka shops in Namak Mandi and famous among them are Charsi Tikka, Khan Tikka, and Mehran Tikka. People throng the bazaar, especially the famous Tikka shops, at lunch and dinner. Tikka Shops Association President Khan Baz said, around 2,000 families were attached to the mutton selling business, which, he added, had got international fame. Baz said, despite local and foreign tourists' arrival at Namak Mandi, the authorities concerned were not paying heed towards cleanliness of the bazaar. He said area shopkeepers

were seeking assistance of the provincial government to make Namak Mandi a food street of international standard. Baz demanded the setting up of a full-fledged market in Namak Mandi on the pattern of Gawalmandi in Lahore where people find a variety of food items like milk, fish, chicken, mutton and beef. He stressed the need of highlighting Namak Mandi at regional and international level "to promote a soft image of Pakistan." Namak Mandi attracts numerous tourists due to its unique and delicious tikkas. The Sarhad Tourism give maximum space to Namak Mandi in the publicity brochures to raise awareness among local and foreign tourists. The residents urged Government to work for repair and widening the Namak Mandi road. The also urged for renovation of streetlights besides removing waste and garbage from the bazaar. The customers also complained about high prices of mutton that keep the salaried and common men away from it. Numerous people are involved in income-generating activities at Namak Mandi that will be converted into a fullfledged food street in due course. -APP

Court stops dead PIAC union funds Amir Shah barred from acting as the union president LAHORE: The Lahore High Court has ordered the Pakistan International Airline Corporation (PIAC) management not to release union funds deducted from the wages of the workers. The court also barred Amir Shah from acting as president of the PIAC employees union (CBA). Justice Ijaz-ul-Ahsan passed the order on the petition of Peoples Unity of PIA Employees (CBA) through its General Secretary Muhammad Ashraf Bhulloo challenging a parallel cabinet of the CBA union allegedly elected in violation of the constitution of the union and approved by Chairman NIRC. He submitted that senator Faisal Raza Abdi was appointed as political in charge of PIA employees by Co-chairperson

Pakistan People's Party through a notification issued on August 16, 2010. The petitioner alleged that Abdi taking advantage of the notification with the connivance of PIA management ousted the duly elected office bearers of CBA union at the Karachi Airport and through so-called polls at Lahore Airport on November 5, 2010 announced a new cabinet of the CBA union in violation of the constitution of the union and got the same cabinet approved by the chairman NIRC on December 30, 2010. The petitioner contended that impugned order by the Chairman NIRC was void ab initio because the NIRC had no jurisdiction in respect of industrywise Trade union after 18th Amendment. The petitioner further contended that non-workers could not be the office bearers and further election could not be held before expiry of three-year tenure. After hearing arguments, the court barred Amir Shah from acting as president of union and issued notices to the respondents. -APP

Etihad loyalists to get plush goes KARACHI: Etihad Airways, the national airline of the United Arab Emirates, is rewarding its premium guests who book Diamond First or Pearl Business class tickets between now and January 31, 2011, with a complimentary stopover and stay at either the luxurious Qasr Al Sarab Desert Resort or the Yas Hotel in the UAE, a handout issued here said. According to statement you can experience the full five-star treatment from journey to destination, with Diamond First Class guests being able to choose from three nights' free accommodation at either the Qasr Al Sarab Desert Resort or two nights' free at The Yas Hotel including limousine transfers. In addition to that,

Pearl Business class guests can opt for either two nights' complimentary accommodation at the Qasr Al Sarab Desert Resort or one night at The Yas Hotel including limousine transfers, including limousine transfers for Pearl Business class guests. Etihad said the guests will experience premium travel in the world's leading airline first class or the World's Best Business Class with the awardwinning flat bed, enjoying a personal food and beverage manager and over 600 hours of entertainment on some of the widest screens in the sky. Once tickets have been purchased, guests or travel agents can contact the preferred hotel to book the complimentary stopover in Abu Dhabi, it added. -PR

Funds must visit Fort Monroe: secy LAHORE: The Punjab government has yet not provided last fiscal year's grant of Rs7 million for the upgradation of TDCP Motel at Fort Monroe and due to lack of facilities the number of tourists is falling at an alarming rate. The Parliamentary Secretary for Tourism, Rana Muhammad Arshad told Punjab Assembly in its 22nd session during Question Hour. He said the government had committed the grant following keen interest of the tourists in this historic site, adding that 40,000 tourists visited the site during 2006-07, which generated huge revenue for Punjab Tourism Development Corporation (PTDC) Motel.

Rana Arshad said that tourists visit the Fort Monroe during April-August, and during rest of the months, only a watchman looks after the motel building. To a question by MPA Khadija Umar, the secretary said the PTDC could not construct a resort at Wagah Border so far, as the Pakistan Army has to issue an NoC in this regard. Responding to various question of the members, the Parliamentary Secretary on Transport, Khurram Gulfam said that no bus-stands near Lahore Railway Station has been leased out, however, the Transport Department had allotted the Parking Depot to the transport companies on franchise basis. -APP

THY takes aim at $8bn sales in 2011 ISTANBUL: Turkish Airlines , Turkey's national carrier, plans to boost its sales to $8 billion this year, and raise passenger numbers to 35 million, Dunya newspaper reported. "We will operate 180-200 planes by the end of 2011. We target 27 per cent growth, $8 billion revenue," Turkish Airlines chairman Hamdi Topcu told the newspaper. The company's nine-month 2010 sales were 6.28 billion liras ($4.06 billion), after fullyear sales of 7.04 billion liras in 2009, according to income statements posted on the website of the Istanbul Stock exchange. Turkish Airlines, Europe's fourth-largest airline, was not immediately available for comment. Turkish Airlines carried 30 million passengers in 2010, undershooting the management guidance of 31 million passengers, Tera Brokers said. "Our assumption is 33 million passengers and $7 billion revenues for 2011. Overall, Turkish Airlines' 2011 targets are well above our assumptions," it said. According to Turkish Airlines' most recent data, passenger numbers rose 17 per cent to 26.9 million in the first 11 months of 2010. -Reuters

Boeing with QA on Pakistan relief mission KARACHI: Boeing has again partnered with Qatar Airways and AmeriCares, a non-profit global health and disaster relief organisation, to deliver a second consignment of relief supplies to Pakistan that is still recovering from the aftermath of massive floods in August last year. A consignment of about 35,000 pounds of medical supplies was loaded into the cargo hold of the new Boeing 777-300ER delivered to Qatar Airways. The airline will subsequently ship the relief goods from Doha to Pakistan. The first shipment was delivered in September 2010, according to a Boeing spokesman. "This is the second time this year that Boeing is partnering with Qatar Airways and AmeriCares to bring relief to the people who are still suffering from the aftereffects of the floods," said Liz Warman, director of Global Corporate Citizenship (Northwest Region), Boeing. Providing timely medical care is critical; though the floods have receded, the aftereffects such as sickness and disease continue to affect the people in these disaster zones, the official added. Over the years, Boeing and airline partners as well as non-profit partners in the Humanitarian Delivery Flights programme have collaborated on many humanitarian missions and the Boeing 777-300ER was used on a number of those missions.-PR

AJK tourism boost mulled MIRPUR: Azad Jammu and Kashmir government is evolving a plan to develop and improve the conditions of ancient forts in Mirpur division in order to promote tourism industry in picturesque areas. Official sources told APP here that installation of chair lifts and tourist huts at the centuries' old fort are being reviewed by the Tourism

Department. It may be added that there are many natural resources and historic resorts available in AJK to promote the tourism sector in the liberated area. Highlighting another plan in the city, the sources said a grand gymnasium is being constructed at Mirpur Club which would provide various indoor games facilities.

The grand gymnasium hall would have the seating capacity for 650 spectators. The pillar-less hall is being constructed on an area of 2925 square feet comprising 65 feet long and 45 feet wide in size. The sources said that similar gymnasiums would also be constructed at other district headquarters of AKJ under the phased program. -APP


9

Thursday, January 6, 2011

European vegetable oil prices

ALJUSTREL, Portugal: Miners ride on vehicles to enter the copper mine of Aljustrel. The mine, closed for years, was reopened in the summer in light of increasing copper prices. -Reuters

Sugar erases losses; cocoa down LONDON: ICE raw sugar futures on Wednesday reversed early losses in choppy dealings and kept sights on last week's 30year peak, while cocoa fell as concerns over risks to supplies from Ivory Coast eased despite a political impasse. Erasing earlier losses, ICE March raw sugar was up 0.40 cent or 1.3 per cent to 31.40 cents a lb at 1507 GMT, while London March white sugar was up $8.20 or 1.1 per cent to $769.00 per tonne in slim volume of 2,213 lots. Cocoa futures fell as talks to end the post-election crisis in top producer Ivory Coast gave hope to a peaceful resolution and as dealers noted that ample supplies were reaching the international market. ICE March cocoa traded down $74 or 2.5 per cent at $2,858 a tonne in modest volume of 9,026 lots at 1510 GMT. London second-month cocoa was down 34 pounds or 1.7 per cent to 1,941 pounds per tonne in modest turnover of 3,286 lots. London robusta coffee futures were lower, while ICE Arabica coffee eased to trade below December's 13-1/2-year peak, on the strong dollar. London March robustas were down $84 at $1,988 per tonne in moderate volume of 9,084 lots at 1514 GMT. ICE March arabicas were down 1.7 cent or 0.7 per cent at $2.3325 a lb in moderate turnover of 5,353 lots. -Reuters

Gold slides towards $1,360/oz as dlr climbs LONDON: Gold extended losses on Wednesday, continuing its biggest three-day slide since mid-November, after surprisingly strong US jobs data buoyed the dollar and encouraged investors to buy into riskier assets. Spot gold was bid at $1,369.80 an ounce at 1539 GMT, against $1,379.73 late in New York on Tuesday. Earlier it fell more than 1 per cent to session lows at $1,363.80, a day after having posted its largest one-day loss

risk, threats to US economic stability and the prospect of rising inflation in the fast-growing developing world, analysts said. "The big risk for gold, from my perspective, (is that) some of the major hedge funds, which are long in physical gold or ETFs, start to take profits," said Peter Fertig, a consultant for Quantitative Commodity Research. Reflecting waning investor appetite for gold, holdings of the world's largest gold exchange

Indian sugar extends losses since Nov. 12. US February gold futures fell $7.40 to $1,371.40. The precious metal came under heavy pressure, along with other commodities, as the dollar rose more than 1 per cent against the euro after ADP Employer Services data showed strong growth in private sector jobs. Strength in the dollar curbs gold's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. But gold still looks likely to be firmly underpinned by factors such as concerns over sovereign

traded fund, the SPDR Gold Trust, fell to a seven-month low, reversing most of the inflows that followed the euro zone debt crisis. Silver fell for a third consecutive session, under pressure from the strength in the dollar and a decline in other growth-linked assets such as base metals. Spot silver was last down by 2.7 per cent at $28.96 an ounce. Spot platinum fell to a one-week low at $1,701.40 before recovering to $1,709.90, still down 2.5 per cent on the day, while palladium fell by 2.6 per cent to $754.98. -Reuters

Copper eases on firm $; US data controls losses LONDON: Copper eased on Wednesday, weighed down by a firmer dollar, but strong economic data out of the United States boosted risk appetite and helped to pare losses. Copper for three-month delivery on the London Metal Exchange closed at $9,540 a tonne from $9,580 at Tuesday's close. The metal, used in power and construction, touched a record high at $9,754 on Tuesday before starting to soften. "The strong US data has been very supportive, it gives an added feeling that there is recovery momentum," Societe Generale analyst David Wilson said. "We've seen things come off because of a slightly firmer dollar earlier on but that's definitely been reversed. The good US data has been the key." Low interest rates and ample liquidity continued to attract investors to hard assets, RBC Capital analyst Alex Heath

said. Investors have sought com-

Shanghai copper declines Shanghai copper shed 1.5 per cent on Wednesday, part of a market-wide spasm of risk aversion that on Tuesday saw commodities score their biggest daily fall in seven weeks. Shanghai's third month contract fell 1.4 per cent to 70,820 yuan, having touched a 43month high of 72,460 yuan on Tuesday. modities to conserve value and also as a play on emerging market growth and a recovery in the West. "There is plenty of room still on the upside ... but sentiment

can change quickly," he said. Looking ahead, Standard Bank said the two key events likely to govern base metals price behaviour over the coming weeks were the index rebalancing period, due to start at the end of this week, and the Feb. 2-8 Chinese New Year holiday. "As a result, the market is likely to be quite erratic over the next month or so, with an episode of potentially quite intense activity likely giving way to a period of Chinese reticence," it said in a research note. "The potential for significant price volatility therefore looks like hanging over the market until mid-February, when conditions should start to normalise."-Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 04 2011 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 January 04 2011

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

2300 2310 2255 2265 2210 2220 2210 2220

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1023.00, Mar11 1023.00, Apr11 1031.00, May11/Jul11 1031.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1110.00+10.00, May11/Jul11 1090.00+5.00, Aug11/Oct11 1015.00+5.00, Nov11/Jan12 1020.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1500.00-5.00, Apr11/Jun11 1460.00-5.00, Jul11/Sep11 1490.00-5.00, Oct11/Dec11 1390.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jan11/Feb11 1362.50-15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1295.00-15.00, Feb11 1290.0015.00, Mar11 1285.00-20.00, Apr11/Jun11 1260.00-15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1305.00, Apr11/Jun11 1295.00. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1260.002.50, Apr11/Jun11 1250.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1270.00-2.50, Apr11/Jun11 1260.00-2.50, Jul11/Sep11 1240.00+0.00, Oct11/Dec11 1230.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1230.0010.00, Feb11 1230.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jan11 1045.00-15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 1860.00-25.00, Mar11/Apr11 1860.00-15.00, Apr11/May11 1850.00, May11/Jun11 1845.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1995.00+70.00. Reuters

2471 2472 2475 2476 2532 2537 2558 2563

9750 9754 9714.5 9715.5 9385 9395 8920 8930

2590 2593 2571 2572 2510 2515 2465 2470

25170 25175 25150 25200 24665 24765 23875 23975

TIN

27150 27200 27000 27025 26500 26550

ZINC NASAAC

2470 2471 2478 2479 2503 2508 2475 2480

2335 2345 2360 2370 2385 2395 2430 2440

MUMBAI: Sugar prices in India extended the previous session's losses on Wednesday, hammered by sluggish demand, weakness in overseas markets and as cane crushing gained momentum in key producing states, dealers said. "Crushing has picked up in Maharashtra and Uttar Pradesh. Inventory level is rising every day," said a dealer based in Vashi spot market near Mumbai. Sugar output in India's top producing Maharashtra state rose by 10.9 per cent to 2.45 million tonnes in the first three months of 2010/11 season that began on Oct.1, a government official told Reuters on Monday. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased 0.46 per cent to 2,816 rupees ($62.16) per 100 kg. The most-traded M grade sugar contract for January delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended 0.41 per cent lower at 2,925 rupees per 100 kg, after hitting a contract low of 2,916 rupees earlier in the day. -Reuters

Crude oil falls below $89 on dollar strength EIA data shows 4.16 million barrel drop in crude stocks LONDON: Oil prices fell fur- January. Losses on Wednesday came ther from 27-month highs on ICE Brent for February fell despite a more than 4 million Wednesday as a strong dollar 44 cents to $93.09 a barrel but barrel drop in US crude oil sapped investor appetite for was still well supported relative inventories in the final week of commodities, despite signs of to the US crude benchmark and 2010, according to the Energy Information Administration tighter oil supply fundamentals held a near $4 premium. in top consumer the United "The price had gone up too (EIA). Still, US crude futures States. high. There was quite a flow of for February held around $1 Oil staged a sharp rally in late funds coming in, and people below March prices in a strucDecember, helping to make have been taking profits. It's not ture known as contango, which commodities the top is associated with comUS mid-day trade performing asset class fortable supplies. Oil turns higher, US data supports in 2010, but prices have The potential bullish since retreated as part of Oil prices rose 1 per cent to over $90 a barrel on impact of the EIA data a wider commodities Wednesday, reversing early losses as strong US was also tempered by jobs data lifted the equities and commodities mar- bigger-than-expected sell-off. The US dollar index kets. Oil's rally was led by London Brent crude, builds in distillate and rose by more than 1 per with traders citing a fire at a chemical plant at the gasoline stocks, analysts cent on Wednesday, Dutch Moerdijk industrial zone. said. making oil more expen- By 1737 GMT, ICE Brent February crude rose Analysts at MF Global sive for non-dollar buy- $1.83 to $95.36 a barrel. NYMEX February crude saw the chance of a deepers and pushing US gained 92 cents to $90.30 a barrel. er correction for oil, crude futures to an intra- Market players said crude also found support although technical anaday trough of $88.16 a after US oil failed to break below $88 a barrel, lysts pointed to immedibarrel and the lowest after falling as low as $88.10 a barrel in early trade. ate price support at $88$89 a barrel. since Dec. 20. Oil prices pared losses after unexpected -- we've got all that One fundamental factor other stronger-than-expected US jobs spare capacity upstream and than falling stocks that could data for December. downstream and still high help limit downside on oil By 1536 GMT, US crude was stocks even though there have prices is strong demand due to down 88 cents at $88.50 a bar- been some draws," said Roy cold weather in the northern rel and around 4 per cent below Jordan, an analyst at Facts hemisphere, according to JBC Energy. -Reuters the 27-month peak hit in early Global Energy.

Palm falls on firm dlr; weather eyed KUALA LUMPUR: Malaysian crude palm oil futures fell more than 2 per cent on Wednesday after a strong New Year rally driven partly by weather concerns lost some steam because of a stronger dollar. But traders said steep losses were unlikely as vegetable oil markets were eyeing heavy rains that can slow oil palm harvesting in Southeast Asia and drier weather stalling soybean plantings in Argentina. Commodities may generally see some further losses as investors seek to rebalance their portfolios after the asset class made the strongest gains last year. "But for palm oil, profit-taking may only be a one-day affair. Investors cannot afford to ignore the weather-market play going on," said a trader with a foreign commodities brokerage. The benchmark March 2011 crude palm oil contract on Bursa Malaysia Derivatives lost

80 ringgit to trade at 3,808 ringgit ($1,242.617) per tonne after hitting a 33-month high the previous day. Traded volumes rose to 22,852 lots of 25 tonnes each, compared to the usual 15,000 lots. Other traders expect palm oil to resume its climb in the coming days as the US dollar weakens and demand for cooking oil grows. Signalling a supply squeeze, industry regulator Malaysian Palm Oil Board will order firms to bring forward deliveries meant for next month to boost cooking oil supplies by 20 per cent to 84,000 tonnes in January, local media reported. Oil's second-day fall also weighed on sentiment across the vegetable oil complex. US soyoil for January delivery edged 0.4 per cent lower in Asian trade hours. The most active Sept 2011 soyoil on China's Dalian Commodity Exchange dropped 0.7 per cent. -Reuters

Tokyo rubber hits new record high BANGKOK: Tokyo rubber futures hit another record high on Wednesday on the back of strong demand and tight supply, but weaker oil prices and profit-taking limited gains, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 1.9 yen to settle at 428.2 yen ($5.22) per kg. It went as high as 429.4 yen, breaking the previous record of 426.6 yen set on Tuesday. "The rubber trend is still bullish, but technical sentiment was not so good as players took profits from the recent rally, especially when they saw oil prices drop," one dealer said. Oil fell for a second day on Wednesday, extending the previous session's 2.4 per cent drop, as investors' enthusiasm for commodities waned with a stronger dollar, following a sharp year-end rally in raw material prices. -Reuters

US cotton ends up on supply worries NEW YORK: US cotton futures settled with healthy gains on Tuesday, reversing small losses in the last minutes of trade, as investors saw an opportunity to buy in a tight market when prices fell briefly before the close. Concerns about global cotton supplies kept prices propped up for most of the session, as some investors focused on flooded cotton crops in Australia and dry conditions in Texas growing regions, among other concerns, brokers said. Benchmark March cotton contracts on ICE Futures US finished with 1.11 per cent gains at

$1.4378 per lb, up 1.58 cents. The contract advanced to a high at $1.45 shortly before the close, up from the day's low at $1.3980, last seen Dec. 30. Volume firmed to 8,818 for the March contract, greater than the 6,823 contracts traded on Monday. Monday's total tally came to 11,541 lots, according to ICE data. May cotton also rallied to close 1.59 cents, or 1.17 per cent, higher at $1.3789 per lb. Cotton stood its ground for most of the day, unlike other commodities prices, which fell sharply as sellers felt the thin preholiday trade had taken the com-

plex up too far, too fast. But, late in the day, cotton prices, too, succumbed to the downdraft among most other commodities, as investors sorted out the impact of a rebalancing of major commodity market indexes with the start of a new trading year. Once cotton prices slipped, however, some speculators swept in and snapped up March and May contracts, sending them to new session highs shortly before the close. Cotton growers are holding their annual Beltwide Conference in Atlanta, Georgia from Jan. 4 through Jan. 7. -Reuters

National Commodity Exchange Ltd Trading Summary Date

5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011 5-Jan-2011

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

FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 06JA11 JA11 JA11 11-Mar 11-Jun

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

91.67 92.50 92.50 30.79 30.77 1406.00 1409.90 1410.90 1403.00 1409.90 1411.00 38006.00 38700.00 38100.00 38183.00 38865.00 45320.00 45320.00 39968.00 40011.00 39925.00 39939.00 39954.00 46000.00 45303.00 45903.00 46174.00 45700.00 3427.00 3441.00 5425.00 86.21 85.34

91.91 92.80 93.52 30.79 30.77 1408.80 1409.90 1411.00 1408.80 1409.90 1411.00 38883.00 38892.00 38907.00 38855.00 38865.00 45320.00 45320.00 39968.00 40011.00 39925.00 39939.00 39954.00 46000.00 46001.00 45903.00 46174.00 45935.00 3427.00 3441.00 5425.00 86.22 85.34

88.12 89.09 91.40 29.21 29.26 1375.50 1376.40 1377.60 1377.20 1378.40 1378.40 38006.00 38000.00 38100.00 38183.00 38023.00 44339.00 44339.00 39103.00 39146.00 39160.00 39075.00 39089.00 44943.00 44992.00 45008.00 44911.00 44927.00 3426.00 3440.00 5323.00 86.21 85.32

88.17 89.19 90.07 29.24 29.26 1377.50 1378.40 1379.40 1377.50 1378.40 1378.40 38042.00 38051.00 38065.00 38014.00 38023.00 44339.00 44339.00 39103.00 39146.00 39160.00 39075.00 39089.00 44943.00 44992.00 45008.00 44911.00 44927.00 3426.00 3440.00 5323.00 86.22 85.32

Traded Volume in lots 393 126 3 320 2,818 2,954 1,646 38 7 19 1 1 3 2 16 8 -

Previous Settlement Price 89.24 90.27 91.18 29.72 29.75 1382.90 1383.90 1384.90 1382.90 1383.90 1384.90 38157.00 38166.00 38181.00 38130.00 38139.00 44474.00 44474.00 39219.00 39261.00 39275.00 39192.00 39206.00 45079.00 45127.00 45144.00 45047.00 45063.00 3427.00 3441.00 5425.00 86.21 85.34

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 88.17 116 89.19 55 90.07 3 29.24 94 29.26 1377.50 1,059 1378.40 1,442 1379.40 1,070 1377.50 12 1378.40 1379.40 38042.00 30 38051.00 13 38065.00 1 38014.00 1 38023.00 44339.00 44339.00 39103.00 39146.00 39160.00 39075.00 39089.00 44943.00 1 44992.00 1 45008.00 44911.00 12 44927.00 12 3426.00 3440.00 5323.00 86.22 85.32 -


FIFA President Sepp Blatter speaks at a news conference at Club World Cup in Abu Dhabi

10

Thursday, January 6, 2011

Sharapova avoids upset AUCKLAND: The top two seeds Maria Sharapova and Yanina Wickmayer were both made to battle their way into the quarter-finals of the Auckland Classic Wednesday while other seeds crashed around them. Third seed Svetlana Kuznetsova and the seventh to ninth seeds Elena Vesnina, Sofia Arvidsson and Carla Suarez Navarro all went out in the second round following sixth seed Kimiko DateKrumm who lost her first match. Sharapova had been expected to despatch Renata Voracova with ease but dropped her serve early to trail 1-3 before finding her rhythm to take out the first set 6-3. A series of double faults in the second set saw her drop serve twice to be down 3-4; however her experience showed as she rallied again to take the set and the match 7-5. "I'll definitely have to improve for the next one," said Sharapova who will play Greta Arn in the quarterfinals. Arn dropped the first set in her second round match against Arvidsson but fought back for a 4-6, 7-5, 7-5 victory. Wickmayer, the tournament defending champion, was also stretched to three sets to dispose of Sabine Lisicki 6-2, 3-6, 6-2. At one-set all, Wickmayer said she knew she had to lift her game and after securing a service break early in the decider she was not troubled again. "After the second set I knew I had to do something more to win the match otherwise I knew it was going to go the other way," Wickmayer said. "I tried to be a lot more aggressive and lift my game, it wasn't that easy with the wind and maybe a risk in making more mistakes, but that's the game I wanted to play and I'm so happy now." -APP

McCullum optimistic ahead of Friday's clash WHANGAREI: The Blackcaps two test-match series against Pakistan gets underway on Friday with both teams having had a good look at each other in the three-day warm up match in Whangarei. Brendon McCullum is hoping to bring Pakistan to their knees again on Friday. "I got a good knock, a good hit out the other day in Whangerei. Now I'm incredibly determined to go out and perform well in this test series," he says. McCullum showed he is over the back injury that kept him out of the Twenty20 series, smashing a double century in the three-day warm up match. A hit out he believes was crucial as part of the preparation for the test series. "With it being a three-day game it took the result aspect out of the game and made guys try and get the most preparations for themselves out of the game," he says. Pakistan's stand out performer in Whangerei was pace man Umar Gul, and McCullum expects nothing to change come Friday. "He's a good bowler, he's one of the best going round the world - he's proven that time and time again and we've got to come up with some plans to counter him." One of those plans could be the Hamilton pitch. "Hopefully the wickets will be conducive to some big scores in the 1st innings at least‌ But they've got a good line-up and we've just got to make sure we counter that to get the result that we want." If the result doesn't go their way, McCullum doesn't want to see the blame aimed at new coach John Wright.-Online

ICC tribunal hearing today

Britain PM’s bro to champion Asif LONDON: Prime Minister David Cameron's barrister brother will lead the defence of suspended Pakistani cricketer Mohammad Asif when the fast bowler, his team-mate Mohammad Amir and former national captain Salman Butt face corruption charges at an International Cricket Council disciplinary hearing in Qatar, starting on Thursday. Alexander Cameron, three years the Prime Minister's senior at 47, is a Queen's Counsel with extensive criminal case experience. His most high-profile clients so far have been disgraced Conservative ministers Jonathan Aitken and Lord Archer, both of whom were convicted of perjury following trials in which he appeared in their defence. This week he will appear behind closed doors in Doha in the most significant corruption hearing in cricket since Hansie Cronje admitted match-fixing before the King Commission in

South Africa a decade ago, reported The Telegraph. The outcome of the case, scheduled to last until next Tuesday, has huge implications for the viability of Pakistan cricket, the integrity of the wider game, and the ICC's credibility as a regulator. If found guilty the players, who deny the charges, could face bans of between five years and life. ICC sources said this week that it will press for the harshest possible penalties, matching the life bans handed down to Cronje, Mohammad Azharuddin and Salim Malik. This week, the ICC will attempt to restore faith in the game's ability to police itself at an independent anti-corruption hearing chaired by Michael Beloff QC. The ICC's case is based mainly on the News of the World evidence, and will be supported by witness statements and personal testimony from Pakistan coach Waqar

Younis, one-day captain Shahid Afridi and the team's former security manager, Major Khawaja Najam Javed. The PCB has given clearance for Waqar, currently with the Test match side in New Zealand, and Afridi to appear before the tribunal, either in person or by video link. Representatives of the News of the World are also expected to give evidence. Majeed, who is facing a money laundering investigation by the Inland Revenue as well as the Metropolitan Police inquiry, is understood to have declined to co-operate with the ICC inquiry and will not appear. Major Najam's witness statement, leaked to the Pakistani media, could be central to the ICC case. In it the security manager claimed that Majeed was in regular contact with the squad, often at the team hotel, during the tour of England.BRISBANE: Iveta Benesova of the Czech Republic plays a backhand during her third round Online match against Marion Bartoli of France during day four of the Brisbane International at Queensland Tennis Centre.-Reuters

Spot fixing Scandal

ICC briefs media DOHA: The Chairman of the independent Anti-Corruption Tribunal Mr Michael Beloff QC briefed the Media about the procedure of hearing regarding the spot fixing scandal on Wednesday at the Qatar Financial Centre Civil and Commercial Court. In the briefing, he explained the procedures that will be adopted at the full hearing, scheduled to take place from January 06 to January 11 to adjudicate upon the alleged breaches of the ICC's AntiCorruption Code for Players and Player Support Personnel by three Pakistan players including Salman Butt, Mohammad Amir

and Mohammad Asif. "Following an investigation by the ICC Anti-Corruption and Safety Unit (ACSU) and the publication of an article in the News of the World newspaper on 29 August 2010, the International Cricket Council charged three Pakistan cricketers ; Salman Butt, Mohammad Amir and Mohammad Asif with various offences under Article 2 of the code. In accordance with the provisions of the code, they were provisionally suspended with immediate effect, preventing them from participating in all cricket and related activities until the case has

been concluded", said Michael Beloff QC. "Salman Butt and Mohammad Amir exercised their right to challenge the imposition of the provisional suspension and therefore a two-day hearing was held in Dubai on 30 and 31 October 2011. That challenge was rejected. Subsequently, in accordance with the Anti-Corruption Code, a three-member independent AntiCorruption Tribunal has been appointed to determine the charges at the full hearing. That tribunal comprises Justice Albie Sachs, Mr Sharad Rao and I as chairman", he added.-Online

Delhi games chief quizzed by police NEW DELHI: Indian police on Wednesday questioned the top organiser of the Delhi Commonwealth Games as part of a widening corruption probe into the tainted October event. Suresh Kalmadi arrived midmorning at the headquarters of the Central Bureau of Investigation (CBI) in New Delhi, where detectives quizzed him over suspect contracts for most of the day. The Games, which were marred by venue delays and poor organisation, were also hit by claims of massive financial irregularities as the budget ballooned

to an estimated six billion dollars. In late December police raided several residences used by Kalmadi, leading to criticism that the CBI had waited too long to gather evidence. The CBI has also complained to the government that Kalmadi and his closest aide, Lalit Bhanot, were obstructing their investigation. Kalmadi, a 66-year-old former air force pilot with powerful political connections, has consistently protested his innocence in the face of fierce attacks from the media and political critics. He was booed at the opening and closing ceremonies of the Games

after becoming the public face for the organisational fiasco that caused India acute embarrassment on the international stage. "I am ready for any investigation on any issue," he said after his homes were raided on December 24. "I am not running away. I am innocent till proven guilty." Neither the police nor those close to Kalmadi would comment to AFP on Wednesday on his lengthy interview with the CBI. Police have questioned a number of senior Games officials, including Bhanot and have charged three lower-ranking officials.-AFP

Akmal delighted with comeback

All eyes on Qatar ahead of Asian Cup

LAHORE: Pakistan's wicketkeeper batsman, Kamran Akmal has vowed to put up his best show in the World Cup and in the tour of New Zealand to celebrate his come back in international cricket after getting clearance from Pakistan Cricket Board's integrity Committee. "I am relieved and happy that I am back to cricket and I am eager to take over from where I left and to produce my best performance in World Cup and rest of the tour of New Zealand", he told reporters here on Wednesday. Kamran was in the list of thirty probable players announced by PCB's selection committee for next month's World Cup. He, along with former captain Shoaib Malik and leg spinner Danish Kaneria was left out of the recent Pakistan squads on the suspicion of spot fixing. The trio has not participated for Pakistan in any format since the summer tour to England. " I feel good as my name is in the preliminary squad for the World Cup, I am thankful to Allah Almighty and it is the result of prayers of my parents and wife that I am back to cricket ",he said.-APP

DOHA: When Joseph Blatter, president of football's controlling body FIFA, announced in Zurich that Qatar would host the 2022 World Cup finals, many eyebrows were raised. Not only will the oil-rich Gulf state become the smallest-ever country to showcase the world's biggest sporting event, but Qatar's national team has played only a minor role in world football. Starting Friday through January 29, Qatar will have an early opportunity to convince at least some of the sceptics that FIFA made a wise choice when picking Qatar over the US and Australia as they host the Asian Cup for the second time in their history. Prior to the announcement in Zurich, the showpiece of Asian international football would have generated very little interest outside the region - that is apart from the usual irritation that a tournament like the Asian Cup generates from European coaches who lose some of their regular players for a long period of time. However, all of that has changed, and suddenly the Asian Cup will be closely followed by

the worldwide football community. Four years ago, Iraq caused a sensation when they beat Saudi Arabia 1-0 in a tense final in Jakarta. Tens of thousands in the war-ravaged Middle Eastern country took to the streets to celebrate a historic victory that brought a respite - however short - from the troubles brought unleashed by the 2003 US-led invasion and the civil war that followed. This time, the Iraqis have received a very difficult draw and will be hard-pressed to repeat their success, as they have to face local rivals Iran, World Cup finalists North Korea and the United Arab Emirates in Group D. The hosts Qatar will face Uzbekistan, China and Kuwait in Group A. Former China coach Bora Milutinovic who is now employed by the Qatar Football Association, believes that the hosts and China will advance from the group. "Normally in the first group the favourites would be, for me, China and Qatar. These teams have more of a chance of going through for me," he said.-Online

Mighty Kallis gives India 340 to chase on the final day South Africa 362 and 341 (Kallis 109*, Boucher 55, Harbhajan 7-120) lead India 364 by 339 run Monitoring Desk

CAPE TOWN: India's Rahul Dravid, Sachin Tendulkar, Murali Vijay and Harbhajan Singh celebrate the wicket of Hashim Amla (not in picture) during the fourth day of their third test cricket match against South Africa.-Reuters

CAPE TOWN: Jacques Kallis was immense, for the second time in this deciding Test, and his strength of will and mastery of technique dragged South Africa out of danger and then gave them the strongest advantage enjoyed by either team in this gripping contest. Kallis battled the challenges posed by India's bowlers on a wearing pitch, and the constraints and pain of strained side, to become the only South African to score two centuries in a home Test. His partnerships of 103 with Mark Boucher, who

was also under pressure to perform, and 54 with Dale Steyn came after India were rampant, and they put South Africa in pole position to win the series. The stand of 46 with Morne Morkel simply poured acid into India's gaping wounds. India's performance during the first session of this pivotal day was aggressive, but they couldn't have been more listless in the second and third. On a pitch with cracks that were widening, rough areas that were worsening and bounce that was becoming increasingly variable, India took three wickets and conceded only 69

runs before lunch. They even picked up a sixth wicket soon after the break, when South Africa's lead was only 128. And then they went to pot, largely due to Kallis' skill and Boucher's grit, but also because Harbhajan Singh ran out of ideas, Zaheer Khan's pace and fitness levels plummeted, and Ishant Sharma's lines and lengths were atrocious. South Africa added 91 for 1 in the second session, and 129 for 3 in the last. Harbhajan finished with 7 for 120 but only after South Africa's tailenders, Lonwabo Tsotsobe included, hit him around.


International & Continuation

Thursday, January 6, 2011

US economy picking up; EU growth mixed NEW YORK: The US services sector grew last month at its quickest pace since mid2006 and private-sector hiring was triple forecasts, boosting optimism the world's biggest economy was picking up speed though recovery in Europe remained mixed. Chinese service sector firms also continued to grow in December even as the government announced a series of measures to tamp down rising inflation. In the United States, the Institute for Supply Management said Wednesday its non-manufacturing sector index for December rose to 57.1, the highest since May 2006, for its 12th straight month of expansion. The report comprises mainly service sector firms.

A separate report showing a surprise surge in private US employment in December extended a run of strong economic data over the last few months, which economists said bodes well for a more comprehensive government jobs report due on Friday. "The key from all the releases today is that small and mid-sized (US) businesses have picked up hiring," said Charlie Smith, chief investment officer at Fort Pitt Capital Group in Pittsburgh. Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York, called the data "further indication that the economy continues to slowly but surely improve." Economic recovery in Europe, however, looks increasingly lopsided, with

Youngest son of ex Shah of Iran commits suicide

Germany and France spearheading growth while Spain and Ireland struggle. The Markit Eurozone Services purchasing managers' index fell in December to 54.2 from 55.4, though the sector did manage to expand for a 16th straight month. PMIs measure the activities of thousands of businesses. "There is some optimism with regards to the US economy, but that is mixed with concerns over where Europe is going in the short- to medium-term," said Keith Bowman, equity analyst at Hargreaves Lansdown. There remain some concerns on the US side, though, with the jobless rate at 9.8 per cent through November and only expected to have slipped to 9.7 per cent in December.Reuters

WASHINGTON: The youngest son of the late shah of Iran has committed suicide in Boston, weighed down by sorrow at the loss of his father and the upheaval in his homeland, his family said Tuesday. "It is with immense grief that we would like to inform our compatriots of the passing away of Prince Ali Reza Pahlavi," Reza Pahlavi, the shah's oldest son, said on his website. He said his brother, 44, who was studying at Harvard University, had struggled to come to terms with the political troubles in his native Iran. "Like millions of young Iranians, he too was deeply disturbed by all the ills fallen upon his beloved homeland, as well as carrying the burden of losing a father and a sister in his young life," Reza Pahlavi wrote. "Although he had struggled for years to overcome his sorrow, he finally succumbed, and during the night of the 4th of January 2011, in his Boston residence, took his own life, plunging his family and friends into great sorrow." Police could not officially confirm the prince's death. But a law enforcement source said: "I can confirm that an adult male in his mid-40s was found at 141 West Newton Street in Boston. "He died from a fatal gunshot wound. While the manner of death is being investigated is is not believed to be a homicide."-Reuters

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Some of the important amendments include representation of independent and executive directors, roles of chairman and CEO, number of total directorships in listed companies held by an individual, self-evaluation of the boards; directors' education, training and remuneration, additional committees of the board. The SECP has launched a consultation process among stakeholders to reform the Code and received substantive feedback. The SECP will undertake another round of consultations with major stakeholders on the final revised Code. The Senate committee will again be briefed on final revised Code before its implementation. -Online

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regarding above mentioned both recommendations has been prepared and sent to Prime Minister for approval. With the approval and implementation on both recommendations, about 2 lac tons of urea would be produced locally within 15 days. Moreover a two member delegation comprising Federal Secretary Industries & Production and Federal Secretary Food & Agriculture has been tasked to negotiate summarily with the concerned Saudi Authorities for an immediate import of 2 lac 25 thousand tons of urea through SABIC facility. The delegation is going to negotiate with them in a day or two. Delegation of Fertilizer Manufacturers led by CEO ENGRO, Asad Umar attended FPRC meeting and assured that they would reduce recently increased prices of urea (Rs. 190 per 50 kg bag) with the same per centage, the government reduces gas load shedding to their plants. Federal Minister for Industries & Production Mir Hazar Khan Bijarani chaired Fertilizer Price Review Committee meeting to review prices increased by the Fertilizer Manufacturers of urea and its availability. Federal Minister for Food and Agriculture Nazar Muhammad Gondal, Provincial Ministers for Food and Agriculture and all other stake holders at Federal and Provincials level and heads of all Fertilizer Manufacturing Companies attended FPRC meeting.-Online

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He said that the NA has set new trends by giving the chairmanship of Standing Committees to members of the opposition. He further added that the NA Public Accounts Committee is performing well under the chairmanship of the Opposition Leader. Faisal Kundi said that a dedicated TV Channel would be launched to telecast the parliamentary proceedings conducted in the assembly to enhance transparency. He informed that members would soon be able to submit their questions electronically through e-mails. The deputy speaker said that the capacity of the National Assembly Secretariat would be enhanced to assist the MNAs in formulating agenda. He also acknowledged many of the recommendations made by the FAFEN Parliament Monitor Report and other participants. MNA Marvi Memon of the views that the points of order provision was badly misused and therefore a point of public interest should be added to the Rules of Business. She also suggested that the proceedings of the House be made public through video links. This is an obligation for access to information clause of the Constitution. She said that the agenda of the House should be run according to rules.-APP

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our history too", justice Jawad S Khawaja remarked. "The lawyers movement and civil society forced Nawaz Sharif to come on the street for restoration of judiciary", justice MA Shahid Siddiqui observed. Chief justice Iftikhar Muhammad Chaudhry had separated him from the bench on his own, which had heard the case against Pervez Musharraf, Naeem Bokhari contended. November 3 judgment was also given on a miscellaneous petition, he added. History of the country tells only those stayed as judges who took oath under PCO and the remaining did not stay judges, Naeem Bokhari said. -Online

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- DR. Aminullah Jan's entitled facility was a 2- bed room house but he availed hiring facility of 3 bed rooms. - Sher Muhammad, HOC, was entitled for a 2-3 bed room house but he availed hiring of 5-bed room facility. - Tariq Ali, V.C's entitled facility was 2 bed rooms but he availed the facility of 3-bed room house. - Rana Abdul Baqi, (Consul Passport) was entitled for 2-3 bed rooms but details were not found in the available record. - Nasir Mahmood, Consul's entitled facility was 2-3 beds but he availed hiring facility of 7 bed rooms. -APP

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He advised the PML-Q leadership to support the PML-N if it table no-confidence motion against Prime Minister and the party should issue statement in this regard as it would boost image of Ch. Shujaat among masses. PML-Q leader Amir Muqam said that the government has lost sample majority in the National Assembly and suggested new elections. During the CEC meeting, unanimous resolutions were adopted against inflation, price hike of petroleum products and drone attacks. The participants of meeting expressed deep grief and sorrow over the assassination of Punjab Governor Salman Taseer. -Online

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leave for Lahore to attend the funeral of late Governor of the Punjab Salman Taseer. Extending warm welcome to delegation, he Minister of State for Foreign Affairs said that relations between

the two brotherly countries had come a long way, especially in the last two years. "There was complete harmony of views between the two countries. Ties were expanding in all areas to their mutual benefit. Implementation of the Afghanistan-Pakistan Transit Trade Agreement would bolster bilateral commercial ties," he added. Minister of State underlined that the destinies of Pakistan and Afghanistan were intertwined. He wished success to the High Peace Council in its efforts towards promoting peace in Afghanistan and assured Pakistan's full support to Afghanistan-driven efforts in this regard.-APP

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Shaheed Mir Murtaza Bhutto, Shaheed Shahnawaz Bhutto and late Ameer Begum and laid floral wreaths on the Mazar of Shuhada. The PPP Leaders also visited 3 Day Free Eye Camp established by Peoples Doctors Forum District Larkana under the supervision of Dr Karim Khawaja and Dr Shaukat Abro at Garhi Khuda Bux Bhutto, in the camp 110 eye patients were operated and provided lenses, besides 700 eye patients were checked and provided free treatment to the patients.-Online

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John Gerspach and chief operating officer Douglas Peterson. Local commentators said they did not expect the senior US executives to face prosecution. "It is a local case with a very little chance of the main office or top executives of the bank being directly or indirectly involved in the scam," D.H.P Panandiker, an independent economist in New Delhi, told media. Earlier this week, police arrested Sanjay Gupta, a senior manager at India's biggest motorcycle maker, Hero on charges of criminal conspiracy in the fraud case.-Agencies

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"The Nikkei is on an upward trend, and once it breaches the December futures settlement price of 10,420 it may rise that high," said Hiroyuki Fukunaga, chief executive of research firm Investrust.-Reuters

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15.31 million shares and Fauji Fertiliser Bin Qasim with 11.04 million shares. Out of total 405 active issues 224 declined and 170 advanced while 11 issues remained unchanged.

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Fahim, Sindh CM Qaim Ali Shah, Law Minister Babar Awan, Barrister Aitzaz Ahsan, State Minister Samsam Bukhari, Latif Khosa advocate, and a large number of PPP followers attended the funeral. Others include: 6 members of MQM including Babar Ghauri, Haider Abbas Rizvi; Manzoor Wattoo, PMLQ's Chaudhry Zaheerudddin and PML-N's Nadeem Kamran and ANP delegation led by Federal Minister Ghulam Bilour. Intellectuals, businessmen and city elite were also among the attendees of the ceremony. President Asif Ali Zardari was represented by his sister Faryal Talpur. While Chief Minister Shahbaz Sharif did not attend the funeral ceremony as he was stopped by PPP senior Minister Raja Riaz on security grounds.

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Taseer assassination was "symptomatic of the high political risk in Pakistan" but wouldn't impact the country's sovereign credit ratings just yet. Ali said that the nation's dollar-denominated government bonds have already priced in the political turmoil, but any sovereign rating downgrade will push up yields. "The risks for a sovereign downgrade are rising. The five top banks in Pakistan were recently downgraded by Standard and Poor's and if the IMF program gets derailed, it could hurt the sovereign (rating) too," he said. -Agencies

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By providing guarantees that cover the payment risk in trade transactions, ADB's Trade Finance Program and IFC's Global Trade Finance Program help increase trade finance and the flow of goods to and from emerging market countries. For this transaction, IFC assumed 30 per cent of MCB Bank's risk, and ADB 19 per cent. Citibank managed the balance against the original letter of credit established by MCB Bank. Last year, ADB's Trade Finance Program supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors. -Agencies

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order situation. He advised to appoint Larkana's MPA Ghulam Sarwar Sayal as minister in the Sindh cabinet. The killing of Taseer is series of attacks against PPP leadership and the incident is an attempt to scare the political powers, the president underlined. President Zardari said that the terrorism would be competed with full force and vowed the country would be purged from the terrorists. He pointed out that every incident of the terrorism could not terrorize them and vowed that they would continue their struggle against the terrorism. The president advised to the MPAs to make preparations for the Local Governments elections as the next year is the year of the polls. He advised the MPAs to continue contacts with masses and register the names of the people in the voter lists.

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analysts, this would be a sever blow for the Prime Minister, who already under pressure after MQM announced to sit on Opposition Benches, and Pakistan Muslim League-N (PML-N) gave PM Gilani 6 days on reforms and 45 days to implement its 11-point agenda. -Agencies

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beyond means, Gulraiz Ahmed Raza and others of FBR for the bogus sales tax refunds amounting to Rs30 million, Munshi Sheruddin Lashari former tapedar of Malir, Karachi for depriving Pak Ideal Housing Society by transferring 35 acres of land by bogus entries in revenue records and Muhammad Nadeem Khan for misappropriating Rs26 million from ABL Quetta.-NNI

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He further said that he would refrain from giving statement over the interrogation that may affect probe, adding that judicial inquiry could be started if family was not satisfied.-Agencies

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China cbank chief warns of inflation risk BEIJING: China's central bank governor Zhou Xiaochuan warned that inflation was mounting and that more could be done to guide the growth of money, an indication that price pressures still top the list of official concerns. In an interview with a magazine run by the People's Bank of China, Zhou spoke confidently of the country's economic growth prospects, but sounded a more cautious note on inflation, which is running at its fastest in over two years. "China's economy is continuing steady and relatively fast growth. The recovery trend has been further strengthened and growth

momentum is relatively strong," Zhou said. "But our country is also facing rising inflationary pressure and expectations," he said. Zhou's warning on price pressures is the latest from officials in China, where 28month high inflation and record house prices have sown public discontent, a concern for the government. In keeping with recent vows to use a slew of monetary policy tools, Zhou said Chinese lenders could be ordered to lock up differentsized portions of their deposits at the central bank, an administrative measure that limits lending. Of late, Chinese central bank officials have repeat-

edly floated the idea of using such differentiated reserve requirements. Shanghai Securities News, an official paper, said on Wednesday that requirements will be based on a bank's role in the economy, citing unnamed sources. Zhou said such a measure would help ensure reasonable money growth in the world's second-largest economy and should fall under the aegis of an overall policy that is designed to be "counter-cyclical". Without elaborating, he said the central bank was also considering raising capital requirements for "systematically important" Chinese banks to cut risks in the banking sector.-Reuters


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Code of Corporate Governance

Senate body learns about SECP reforms

ISLAMABAD: PML-Q President Chaudhry Shujjat Hussain offering Fateha for late Punjab Governor Salman Taseer during PML-Q Central Executive Committee meeting.-APP

Foreign missions told to adopt rules ISLAMABAD: The Special Committee of Public Accounts Committee (PAC) has directed the Secretary of Ministry of Foreign Affairs to ensure that foreign missions are complying with the rules and regulations for hiring of residences. The special committee that met at the Parliament House with Riaz Peerzada in chair on Wednesday, reviewed audit reports of the Ministry of Foreign Affairs for the fiscal year 1995-97. The Audit Department apprised the committee that in 22 cases, expenditure of Rs12,802,392 was incurred by the missions uneconomically on hiring of residences for the

Bhutto’s 83rd birth anniversary observed LARKANA: The 83rd Birth Day Anniversary of Shaheed Zulfiqar Ali Bhutto was celebrated in a simple manner , Quran Khwani was held at Garhi Khuda Bux Bhutto, besides Lungar was also distributed among the people who were present at Garhi Khuda Bux Bhutto here on Wednesday. The Quran Khwani was largely attended by the PPP leaders Khair Muhammad Shaikh, Abdul Fattah Bhutto, GhulamAllah Mahoto, Abdul Gani Jatoi, Aijaz Laghari, Aftab Bhutto, Salim Soomro, Kamran Odhano, Ghulam Mustafa Agham, Asghar Shaikh, Barkat Shaikh, Niaz Laghari, besides the leaders of PPP Ladies wing including Aapa Husna Abro, Dr Sakina Gaad workers of ladies wing, large number of PPP Leaders and workers of Larkana District participated in the Quran Khwani. DCO Larkana Abdul Aleem Lashari, EDO Revenue Asadullah Abro and other officials of different departments also participated in the Quran Khawani. The PPP Leaders earlier offered Fateha at the Mazar of Shaheed Zulfiqar Ali Bhutto, Shaheed Benazir Bhutto, See # 8 Page 11

officials posted in their respective countries during 1995-97. The committee was told that accommodations were hired beyond their entitlement in disregard to the instructions contained in the Ministry of Foreign Affairs letter No.MB3/8/88, dated 16.11.1978, which had set detailed guidelines for hiring of residences by foreign missions. The Audit Department apprised the committee that in following cases houses were hired in excess of the entitlement of space of officers/ officials. - Arif Kamal, Consul General, who had actual entitlement of hiring a 3-bed room

house, availed hiring facility with eight rooms. Ashfaqullah, Consul Welfare was entitled a 2-3 bed room house but availed hiring facility with 7 bed rooms. - The entitlement of Abdul Mateen Khan, HOC, was a 2-3 bed house but he availed hiring facility of 5 bed rooms. - Muhammad Haq Haqqani, a Counsel Education, was entitled only a 2-3 bed room house but he availed the hiring facility for 4 bed rooms. - Chiragh Ali Anjum, (Press) Counsel, was entitled a 2-3 bed room house but description of facility availed was not available in the record. See # 5 Page 11

PCO judges

Hearing put off till 10th ISLAMABAD: Supreme Court has adjourned the hearing of PCO judges' contempt of court case till January, 10. A 4-member larger bench of SC led by Justice MA Shahid Siddiqui resumed the hearing of the case Wednesday. Naeem Bokhari counsel for PCO judge Justice Jehanzeb Rahim argued that November, 3 SC 7-member larger bench verdict was announced without hearing and issuing any notice which was not a right step. According to Wikileaks, other factors beside lawyers had also worked in the restoration of judiciary. "You are making mention of other factors. Keep a look on See # 4 Page 11

attracting foreign investment and enhance companies' access to capital." The 2002 Code of Corporate Governance was the first ever institutional effort to prescribe enhanced disclosure and corporate governance standards. The Code, applicable to all listed companies, is a compilation of best international practices, tailored to local conditions and provides a framework for efficient control and management of listed companies. The SECP, being the apex regulator of the capital markets, oversees the enforcement and implementation of the Code while the stock exchanges are primarily responsible for its enforcement.

The SECP is empowered to approve any amendments to the Code and to allow any relaxation from the provisions of the code subject to fulfillment of necessary conditions. The SECP initiated review of the Code taking into account the lessons learned from practical issues and considerations relevant to listed companies. The SECP released the revised draft of the Code for public consultation in October 2010, proposing amendments to evolve the governance requirements according to the changing business concerns and practices and to adopt international corporate governance standards. See # 1 Page 11

MNAs unanimous on House reforms

FPRC urges rescheduling of gas-cuts

ISLAMABAD: The Securities and Exchange Commission of Pakistan briefed the Senate Standing Committee on Finance, Revenue and Planning and Development and Economic Affairs and Statistics, chaired by Senator Ahmed Ali, on the proposed amendments to the 2002 Code of Corporate Governance. Muhammad Ali, the SECP Chairman, gave a detailed presentation to the committee. The Corporate Governance is imperative to ensure transparency and accountability in the corporate sector and safeguarding the interest of all stakeholders, said Ali. "Good corporate governance practices serve as incentive for

ISLAMABAD: Speakers have suggested unanimously that the National Assembly's Rules of Procedure and Conduct of Business should be amended to enhance the performance of the Lower House of the Parliament. They expressed these views at the launch of FAFEN's Parliament Monitor, an Annual Performance Appraisal of the 13th National Assembly during the Second Parliamentary Year, organised by Free and Fair Election Network here. They said that such amendments are essential to make assembly proceedings more

open to citizens and to make the tracking of the assembly business and executive assurances to parliament possible. Speaking on the occasion, Deputy Speaker National Assembly Faisal Karim Kundi emphasized on performance of the current assembly stating it was relatively more transparent than the previous assemblies. He said that the parliamentary parties of the incumbent NA had shown maturity, which was reflected during the passage of constitutional amendments and consensus on various legislation. See # 3 Page 11

ISLAMABAD: Fertilizer Price Review Committee (FPRC) has recommended to Prime Minister that Gas Load Management may be curtailed to 30 days instead of 45 days as per practice of previous years. Further, decision of gas diversion to Fertilizer Manufacturing Companies from Mari Gas Station, already taken by the FPRC and ECC as well, may be got implemented immediately. Under the directives of the Chairman of FPRC Mir Hazar Khan Bijarani, a summary See # 2 Page 11

PML-Q not ready to extend hand to govt ISLAMABAD: PML-Q President Chaudhry Shujaat Hussain has said that the PML-Q will not support the sinking boat of government. Addressing to the Central Executive Committee meeting on Wednesday, Chaudhry Shujaat went on to say that the corruption is on top in the government of PPP, adding that Prime Minister Syed Yousuf Raza Gilani and ministers invited the PML-Q to join the government but after the party meeting, the PML-Q told them that they would not support sinking boat of the government.

He suggested that the government should not bring any change in the blasphemy law but it should consult with all political parties and civil society to stop misuse of the law. He warned that the situation would become out of control if the government does not demonstrate seriousness. On this occasion, Senator SM Zafar said that the masses should not hope for roti, kapra and makan but they should expect more problems during the PPP government. See # 6 Page 11

25-man Afghan delegation reaches Pak

‘Isb, Kabul share mutual destiny’ Pak believes sovereign Afghanistan: Malik ISLAMABAD: Minister of State for Foreign Affairs Nawabzada Malik Amad Khan on Wednesday said dream of shared progress could only be attained through joint efforts, added Pakistan believes in the sovereignty and territorial integrity of Afghanistan and committed to help Afghanistan build its institutions. The Minister of State for Foreign Affairs expressed these view during a meeting with a 25-member delegation of the High Council for Peace in

Afghanistan, led by its Chairman, Professor Burhanuddin Rabbani here on Wednesday. The delegation is visiting Pakistan at the invitation of Prime Minister Syed Yousuf Raza Gilani. The invitation was extended to Rabbani during the Prime Minister's visit to Afghanistan on December 4-5, 2010. The delegation was originally scheduled to meet Foreign Minister Shah Mehmood Qureshi who had to See # 7 Page 11

Fraud-case against India Citigroup execs registered NEW DELHI: Indian police said Wednesday they had registered a case against the chief executive of US banking giant Citigroup and other board members over claims of fraud at a local Indian branch. The case was registered after an Indian businessman who had lost money in the fraud filed a complaint against Citigroup's Indian-born CEO Vikram Pandit and 10 other senior managers of the global financial services group. "Falsification of accounts, breach of trust and criminal conspiracy are the key charges leveled against the 11 bank officials," senior police officer

SS Deswal told foreign media. Under Indian criminal law, police register a case to start an investigation before deciding whether to press charges. Last week, police arrested Shivraj Puri, a bank employee in a Citibank branch in Gurgaon, a satellite city outside New Delhi, who is accused of duping investors and diverting more than four billion rupees (88 million dollars). The businessman who filed the complaint against the Citigroup executives, Sanjeev Aggarwal, claims that the fraud "points to a systemic failure" in the company.

"The entire organisation is responsible, hence I have named (chief executive) Pandit," Aggarwal, who says he has lost his life savings, told The Indian Express newspaper. Responding to Aggarwal's complaint, Citibank in an emailed statement said that "claims against senior executives are completely without basis and we intend to contest them vigorously." It added: "Citi will continue to work with the authorities on this investigation." The US-based executives named include Pandit, Chairman William R Rhodes, chief financial officer See # 9 Page 11

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The Financial Daily-Epaper-06-01-2011