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International Karachi, Wednesday, December 8, 2010, Muharram-ul-Haram 1, Price Rs12 Pages 12

South Waziristan Agency declared militant-free

Pak, Turk vow to take ties to new heights

See on Page 12

Temple blast in India kills one

See on Page 12

Raisani says he's marked for death

See on Page 12

See on Page 12

Shaikh chairs Economic Coordination Committee meet Gas load management, KP & Fata economic revival mooted

Economic Indicators Forex Reserves (27-Nov-10) Inflation CPI% (Jul 10-Oct 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.74bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.25mn

Private wheat export ban off

Portfolio Investment

SBP, FBR & MoC to monitor 1mn T wheat export process 0.255mn tonne of urea import also gets approval

SCRA(U.S $ in million)

172.41 9.68 8.76 2632

Yearly(Jul, 2010 up to 3-Dec-2010) Monthly(Nov, 2010 up to 3-Dec-2010) Daily (3-Dec-2010) Total Portfolio Invest (26 Nov-2010)

Special Correspondent

NCCPL (U.S $ in million)

FIPI (7-Dec-2010) Local Companies (7-Dec-2010) Banks / DFI (7-Dec-2010) Mutual Funds (7-Dec-2010) NBFC (7-Dec-2010) Local Investors (7-Dec-2010) Other Organization (7-Dec-2010)

4.41 1.41 -5.48 0.48 -0.25 -0.55 -0.02

Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones

Close 11,431.01 10,141.10 23,428.15 19,934.64 2,740.11 2,875.86 5,845.58 11,448.09

Change 9.06 26.13 190.46 46.67 9.31 18.68 75.30 85.90

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 111.33 19.98 171.11 2.00 42.82 1.70 36.40 10.57 36.21

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

01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010 07-Dec-2010

13.16% 13.39% 13.67% 14.00% 13.22% 13.36% 13.59% 13.94% 14.09% 13.75% 13.86% 14.12% 14.42% 14.55% 14.75%

Commodities *Crude Oil (brent)$/bbl 92.22 *Crude Oil (WTI)$/bbl 90.10 *Cotton $/lb 132.00 *Gold $/ozs 1,428.50 *Silver $/ozs 30.59 Malaysian Palm $ 1,150 GOLD (NCEL) PKR 39,244 KHI Cotton 40Kg PKR 9,860

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 84.40 Canadian $ 84.65 Danish Krone 15.00 Euro 113.60 Hong Kong $ 10.90 Japanese Yen 1.026 Saudi Riyal 22.70 Singapore $ 65.10 Swedish Korona 12.10 Swiss Franc 86.75 U.A.E Dirham 23.20 UK Pound 133.20 US $ 85.60

Sell (Rs)

85.40 85.65 15.10 115.50 11.00 1.052 22.90 66.10 12.20 86.85 23.30 134.50 85.90

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying TT Clean

Selling TT & OD

84.91 85.26 15.34 114.32 11.04 1.039 22.85 65.71 12.55 87.40 23.33 134.93 85.64

85.11 85.46 15.37 114.59 11.06 1.041 22.90 65.87 12.58 87.61 23.39 135.25 85.83

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

22°C 27°C 23°C 22°C 13°C 23°C

MIN

3°C 14°C 5°C 6°C -6°C 4°C

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ANKARA: Prime Minister Syed Yousuf Raza Gilani talking to Turkish Prime Minster Recep Tayyip Erdogan here on Tuesday.-APP

SC assured thar remaining amount be paid in 24hr

Annual BoD Meet

Co told to return RPPs advance

SBP urges IBIs to let in Shariah Advisors

ISLAMABAD: Supreme Court of Pakistan ordered to take back the amount worth over $21 million along with markup paid in advance for two rental power projects, media reported Tuesday. Supreme Court asked counsels for Walters Power International to consult the concerned authorities and record a statement on Wednesday (today) about return of total amount along with mark up which they had taken as advance payment over Naudero-II and Guddu power projects. A three-member bench consisting of Chief Justice Iftikhar

Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday took up a suo moto case identical with the main case over the issue of Rental Power Plants (RPPs). The Court has taken notice on a newspaper story saying that Nepra detected irregularities in advance payment to Naudero-II and Guddu Projects. The story further claimed that Nepra declined to approve tariff for Naudero-II after discovering that projects equipment belonged to Guddu Rental Power Project. The Walters Power See # 7 Page 11

Govt plans to seek IMF’s extension till March

Timeout over RGST sought ISLAMABAD/ KARACHI: Pakistan plans to seek an extension of an $11 billion International Monetary Fund loan programme to win more time to implement the tax reforms needed to secure the next tranche, a Finance Ministry official said. The IMF's programme, agreed in November 2008, has kept the US ally's fragile economy afloat, and is increasingly critical for Pakistan as it grapples with a widening fiscal deficit and summer flood devastation. Finance Ministry Secretary Salman Siddiqui said Pakistan

will seek a three-month extension of the programme, due to expire on December 30. The main issue, he said, was Pakistan's slow implementation of a reformed general sales tax (RGST), a key condition for the possible release of the sixth tranche of the IMF programme. "It's all linked to how the Reformed-GST goes and obviously we have a plan to seek an extension," said Siddiqui, without elaborating. Pakistan needs all the financial support it can get, especially after summer floods which inflicted $10 billion in losses. It See # 8 Page 11

Nov cement sales decline 2.5pc YoY Ahmed Siddique KARACHI: After witnessing massive decline in August sales and devastating floods in the country, cement sector managed to improve its performance in the month of November despite a 2.5 per cent decline in sales on YoY basis. The reason behind improvement was surge in local cement dispatches by 1.2 per cent to 1.73 million tonnes against 1.71 million tonnes previously,

according to the data released by All Pakistan Cement Manufacturers Association (APCMA). While, exports figure considerably fall by 10.7 per cent to 685k tonnes against 767k witnessed in November 2009 mainly due to lower cement prices globally at around $48 per tonne. Total cement dispatches dropped 2.5 per cent to 2.41 million tonnes against 2.48 See # 9 Page 11

During first four month of current fiscal

Domestic debt up at record Rs5.2tn Aamir Abidi KARACHI: Pakistan outstanding stock of domestic debt and liabilities has soared by 6.5 per cent or Rs341.6 billion during the first four months of cur-

rent fiscal year (4MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical level of Rs5.23 trillion during See # 13 Page 11

Staff Reporter KARACHI: The State Bank of Pakistan has urged all Islamic Banking Institutions (IBIs) to include their respective Shariah Advisors for discussion on the Shariah Compliance Report in their Board of Directors' meetings in which annual audited accounts and Shariah Advisor's report are discussed and approved. SBP issued this instruction with a view to providing an opportunity to the Shariah Advisor to present the report, prepared in compliance with SBP instructions, to the Board of Directors (BoD) and apprise the BoD about his assessment on the overall Shariah compliance levels and environment in respective IBIs. It may be recalled that the SBP had issued instructions for Shariah compliance for IBIs on March 28, 2008, wherein the Shariah Advisor is required to prepare a report regarding Shariah compliance, which is published in the IBIs annual report.

WikiLeaks head hands himself to UK police LONDON: WikiLeaks founder Julian Assange has surrendered to police in London in connection with a Swedish sex-crime investigation, London's Metropolitan Police said on Tuesday. Swedish prosecutors issued the arrest order for the 39-yearold Australian who is wanted in Sweden on suspicion of committing sexual crimes, which he denies. A court in Stockholm issued an arrest warrant for Assange on November 18 for questioning on suspicion of "rape, sexual molestation and unlawful coercion" in Sweden in August. See # 10 Page 11

NA body mulls RGST on zero-rated sectors ISLAMBAD: A meeting of the subcommittee of the National Assembly Standing Committee on Finance and Revenue chaired by Shahnaz Wazir Ali, MNA and Special Advisor to the Prime Minister held here. The meeting was attended See # 11 Page 11

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet decided Tuesday to allow the private sector to export one million tonne of wheat -- lifting a three-year ban -- after a bumper crop led to a market surplus. The Economic Coordination Committee of the Cabinet met here with the Federal Minister for Finance, Dr Abdul Hafeez Shaikh in the chair. Government in August deferred earlier plans to export 2 million tonnes of surplus wheat after summer floods washed away at least 725,000 tonnes of the grain and raised concern about the next crop. The other items that were deliberated in the meeting were natural gas load-management programme for the winter 2010-

11, issues relating to revival of economy in KP/ Fata and import of up to 0.225 million tonnes of urea for the coming rabbi crops. After much deliberation on the prevailing prices in the domestic and international market, the Coordination Committee approved the Ministry of Food and Agriculture's summary with State Bank of Pakistan, FBR and Ministry of Commerce to monitor the export process. On the summary submitted to the ECC by the Ministry of Industries and Production requesting for import of up to 0.225 million tones of urea, the ECC approved the import. However, a subcommittee was constituted under the chair of Kamal Majidullah, Advisor to Prime Minister on Agriculture & Water with

OGDCL bid for BP Pak delayed by legal hitch

SC summons DG MoP for contempt ISLAMABAD: The Supreme Court of Pakistan Tuesday issued contempt of court notice to Director General (DG) Petroleum Concession (PC) Shair Muhammad Khan for use of contemptuous language against Sindh High Court and the apex court in his written reply submitted over the issue

of purchase of sold-out shares of British Petroleum Ltd at inflated rates. The official authorities could not be allowed to say such things, the bench ruled and said the statement made by Director General was to undermine the authority of the high court and See # 5 Page 11

Governor State Bank, Deputy Chairman Planning Commission, Secretary Finance and representatives of Ministries of Industries & MINFA to work out the modalities of import. Federal Board of Revenue had moved a summary for the grant of fiscal relief to rehabilitate the economic life in Khyber-Pakhtunkhwa, Fata and Pata requesting Duty & Tax Remission for Exports (DTRE) may be allowed for manufacture and export of ghee only. DTRE facility be subjected to provision of average export made by the manufacture-cumexporters during the last four years plus enhancement up to 20 per cent and the facility be provided on the basis of industries track record and performance. Time limit will be ninety See # 12 Page 11

NA panel rejects Ogra Amend Bill '09 ISLAMABAD: NA standing committee on cabinet division has rejected Oil and Gas Regulatory Authority (OGRA) Amendment Bill-2009. The committee met here Tuesday under Dewan Ashiq Hussain Bokhari and reviewed the OGRA amendment bill-2009 moved by Humayun Saifullah See # 6 Page 11


2 Govt doing its best for people, says Qaim SUKKUR: Chief Minister Sindh, Syed Qaim Ali Shah said that the present government is trying its best for welfare of the people of the country and province. He said that more than 50,000 jobs on merit have been provided to the capable youth of the province and more than 70,000 youth have been trained in different departments along with the provision of stipend and such training make them able to find permanent jobs within the country and abroad. He was talking to a number of delegations at Jillani house Khairpur on Tuesday morning. Sindh Chief Minister said that the process of rehabilitation for the flood victims has been expedited and also the seeds and fertiliser have been provided to the flood affected growers. Before leaving Sukkur airport the chief minister met with different delegation of the people at Jillani house and received application from the people and put forward to the concerned officials for the solutions of their problems. He also directed the concerned officials for the solutions of the problems of the people of Khairpur. The officials of the district government, police and information department accompanied with Sindh Chief Minister during his visit to Khairpur.APP

Wednesday, December 8, 2010

Port Qasim gets P&G production facility

Munter lauds US cos role in Pakistan facility will be sourced from within Pakistan and this factory may eventually export products out of Pakistan. Referring to P & G expansion, he said that this is only part of a much broader commitment on behalf of the United States to contribute to Pakistan's economic development. We in the US Government, in close collaboration with American firms, strive every day to support new areas of comKARACHI: Acting Governor Sindh, Nisar Ahmed Khoro Inauguration the Aril Palnt at Port Qasim. US mercial cooperation. Just Ambassador Cameroon Munter and his wife Marliyn Wyatt also present on the occasion.-APP two days ago I was in Lahore participating in the inauguration of a new Apple Computer store. "These commercial ventures are a clear indication of our commitment to work with Pakistan to forge stronger bilateral Staff Reporter external threats will be Even if Pakistan's total commercial ties and to much easier to handle and value added exports to actively facilitate mutually KARACHI: Public Pakistan win, which will be benefi- USA gets doubled due to beneficial business ven- KARACHI: Accounts Committee (PAC) needs greater trade access cial for the whole world. this, from $4 billion to tures", he observed. of Sindh Assembly on in USA and EU markets in He said that the pro- $8.00, which is highly Tuesday directed the viceorder to fight against ter- gramme for skill training unlikely in the short run as chancellors of all state-run rorism, joblessness and of garment units' workers we neither have the capacuniversities to strictly avoid corruption, which eventu- by USAID would be a ities to make it nor the getting over drafts (OD) ally results into a war milestone towards getting trained human resource to from the commercial banks against terror, this was better price and quality of handle it, the total duty in future and limit their stated by Chairman, Pakistan products in the impact to USA would be expenses as per their budget Pakistan Readymade world markets. only $640 million. This is and make a uniform fiscal Garments Manufacturers He argued that small much less as compared to policy with the co-ordination and Exporters Association steps such as EU's diluted what it is already spending of Provincial Finance (PRGMEA), Javed Duty free access or the on military and economic Department in order to manChinoy. ROZ scheme will not be aid to Pakistan. age the financial issues of Speaking on the inaugu- sufficient. These ROZs are The Chief of Party of varsities by merging the ration of Career designated in areas where USAID, Mark Nolan who provincial financial policy, Development Centre for even the senior govt. offi- inaugurated the prouniversity code and Public garment industry at cials and ministers are not gramme said on the occaProcurement Regularity Pakistan Readymade willing to go. sion that USIAD aimed at Authority (PPRA) rules. Garments Technical What we need is to bring providing every possible The meeting of Public Training Institute (PRGT- these ROZs and trade and assistance to Pakistan's Accounts Committee (PAC) TI) facilitated by USAID duty concessions that go workforce to brighten up to review the audit reports the other day, the along with it to the cities, their skills. He lauded the of current four years of LARKANA: Sindh Chief Minister Syed Qaim Ali Shah adressing on the PRGMEA chief said that if where these unemployed efforts of PRGTTI for state-run universities was we can overcome and win and trained youth will be imparting training courses occasion dinner hosted in honour on late Monday night by Chamber of here at the committee room these internal wars, the available. for the last 13 years. Commerce abnd industries .-APP of Sindh Assembly.-APP M Imran Sharif

KARACHI: US Ambassador Cameron Munter said Tuesday that American companies were not only bringing prosperity and development in Pakistan, but also contributing as good corporate citizens. He was speaking at the inauguration of new Proctor & Gamble production facility at Port Qasim. "For the last 20 years, the company has not only offered quality products to enhance the lives of Pakistanis, but has also created thousands of jobs and invested Rs 6 billion in Pakistan's economy", he added. He noted that P & G has done its part to support Pakistani government. Last year alone, the company paid Rs 4 billion in taxes. These are substantial

contributions to the economy of Pakistan and demonstrate a serious commitment on behalf of P & G. Beyond these important commercial activities, it is worth highlighting P&G's strong social development efforts. P &G setup a preschool for underprivileged children within Port Qasim Authority in cooperation with the NGO Health Education Literacy Program, he added. Munter said that an investment of $ 40 million is expected to create about 3,500 direct and indirect jobs over 10 years. This investment will also generate hundreds of millions of dollars in local economic activity and spur the development of new businesses that will act as suppliers to this plant. He noted that 40 per cent of the raw and packing materials to be used by this

Pak need access in US markets: PRGMEA

Varsities asked to form fiscal policy

New Sacked Employees Bill 2010

Sharmila vows job security for workers

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

KARACHI: Masood Hashmi, CEO of Orientm McCann, awarding SH Hashmi Gold Medal to a position holder at Annual Convocation of Institute of Bussiness Management.-Staff Photo

KARACHI: Adviser to Chief Minister Sindh on Information Sharmila Farooqui said on Tuesday that the new Sacked E m p l o y e e s (Reinstatement) Bill 2010 will provide greater job security and rights to workers who are the backbone of country's economy. In a statement, she said that the honor and job security is important factor and that is why President Asif Ali Zardari has fulfilled another commitment

WEDNESDAY

Mohtarma Benazir Bhutto had promised the sacked employees that they will be reinstated. Hence, we have fulfilled it now, she added. Sharmila said that the new bill would boost the workers' confidence in the government and provide relief to their affected families, adding the government is striving to create new jobs for education youths in the country and abroad by initiating various projects.-APP

KARACHI: Provincial Information Advisor Sharmeela Farooqi giving shield to President Karachi Press Club Imtiaz Faran and A H Khanzada during a family gala organized by Karachi Union of Journalist.-Online

PMN holds post-flood development moot TFD Report

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

of securing workers by signing the bill into the law, which is also according to the vision of Shaheed Zulfikar Ali Bhutto and the promise of Shaheed Benazir Bhutto made with laborers and workers. Sharmila said workers are the asset of the nation and the country, so the PPP is committed to provide all rights to them at any cost because it is the party of workers and poor masses. She stated that Shaheed

KARACHI: The Pakistan Microfinance Network (PMN) held a one-day Workshop on Post-Flood Microfinance Product Development at the National Institute of Banking and Finance as part of it flood management initiative. The workshop was conducted in collaboration with Grameen Foundation

USA and the International Finance Corporation (IFC), and was funded by CITI Foundation and UKAID. The workshop was designed to help participants plan for post disaster situations given the magnitude and diversity of calamities that have affected Pakistan in recent years, such as the 2005 earthquake and the recent floods. The floods of 2010,

which have deeply impacted the entire economy of Pakistan, with over 20 million people affected of which 6 million dependent on food aid and over 1.7 million homes damaged or destroyed. Given that the microfinance sector seeks to serve the low income and vulnerable population, which is also the hardest hit by this disaster, the sector has seen adverse effects as well.

Germans generate funds for victims Staff Reporter KARACHI: The German Consulate in Karachi organised a musical concert to help the flood victims by collecting funds and donating the proceeds for rehabilitation of families affected by the recent calamity. The acting German Consul General Dieter Freund, said that this is a token of their concern that they undertaken to help those in need due to the floods. The participating artists had gladly handed

over their fee as a donation, while many philanthropists had provided monetary and material assistance. The fund so collected will be handed over to the association for human development, and Indus resource center for tents, blankets and children's winter clothing. The musical evening was a cultural fusion of classical and modern music as well as a geographical fusion between Germany and Pakistan. The well renowned Germany pianist Andreas

Kern and our very own Amir Zaki on the guitar made the evening a wonderful one. Andreas Keen and Amir Zaki presented solo and joint pieces which were a Unique blend and fusion of the best that east and west has to offer Andreas Kern is an accomplished Pianist who has given solo performances as well as part of chamber music orchestras in Africa, Canada, China, Europe, India and Japan. Beside this he has dealt with different forms of visual arts and Contemporary dance.

KARACHI: Chairman PRGMEA Javed Chinoy inaugurates Career Development Centre at PRGTTI facilitated by USAID.-Staff Photo

KARACHI: NAtional Saving Centre inaugurates new branch in Malir Cantoment.-Staff Photo

KARACHI: The acting Consul General of Germany Dieter Freund, PGBF President Saifuddin Zoomkawala, Qatar Airways Country Manager Pakistan Ajmal Zahidi, Finance Manager Rizwan Marchant, BASF MD, Qazi Sajid Ali, with other prominent guests at German Consulate Charity evening for flood victims.-Reuters


3

Wednesday, December 8, 2010 Top Economic Events

Euro surrenders gains; market looks beyond Ireland NEW YORK: The euro surrendered earlier gains against the dollar on Tuesday as earlier optimism about an Irish budget was overshadowed by broader worries about the European Union's ability to stem debt problems from spreading. Expectations that Ireland would pass a new budget on Tuesday helped lift the euro overnight, though its failure to break above its session high around $1.34 started it on a slow but steady decline during New York trade. It was last at $1.3307, little changed from late Monday. "If the Irish pass an austerity budget, it alleviates some political uncertainty, but EU finance ministers provided no signals for additional steps to help stabilize European credit markets," said Omer Esiner of Commonwealth Foreign Exchange in Washington. "It looks like we're back to the status quo, which means sell the euro on contagion fears." He said a pullback in stocks and commodities also contributed to "a heavier tone for risk assets in general."

The benchmark 10-year note's yield touched 3.064 per cent, the highest level since mid-July. Analysts said the rise in Treasury yields followed President Obama's agreement with Republican leaders in Congress on a broad tax package that would extend the B u s h - e r a income tax cuts for two years. That further shored up nearterm confidence in fiscal responses to a sluggish US economy. The dollar hit an intraday high of Y83.20 late Tuesday morning, reversing course after the dollar fell to a three-week low against the yen Tuesday in Asia. ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, also changed direction and rose to positive gains on the day. The dollar was at Y83.16 from

Y82.62, while the euro was at Y110.78 from Y110.08. The UK pound was at $1.5804 from $1.5716. The dollar was at 0.9836 Swiss franc--also hitting an intraday high--from 0.9814. The Dollar Index was at 79.645 from

79.573. The euro overnight made decent gains against the dollar on market expectations that Ireland's 2011 budget would pass, alleviating one stress point in the euro-zone sovereign debt crisis. Ireland's budgetary process has been closely watched because the debt-laden nation's EUR67.5 billion rescue package with the European Union and

Asian currencies

Taiwan dollar hit fresh 3-wk high; Won turns up Seen staying firm; euro woes may cap gains to add long positions in Asian currency more aggressively on the lingering euro-zone woes," said Jeong My-young, a currency strategist at Samsung Futures Inc. Financial markets in Malaysia and Indonesia were closed for holidays. The Taiwan dollar hit a fresh high against the dollar in over three weeks on sustained offshore fund inflows, but the central bank was spotted intervening again to curb its strength. The local currency strengthened to as firm as 30.080 per dollar, the strongest since Nov. 12. The dollar/Taiwan dollar returned to above 30.10 by the central bank's activity. The won hit a two-week high

against the dollar as exporters chased it for settlements and as a rebound in the euro prompted investors to clear long-dollar positions to stop losses. Foreign investors turned to net buyers of local shares, further supporting the won. The local currency failed to strengthen past a psychological resistance line of 1,130 per dollar on caution over possible intervention by South Korea's foreign exchange authorities. The won is expected to stay in a tight range despite strong investor appetite for the country's assets as the euro is seen vulnerable with European policymakers bickering over how to tackle the region's debt crisis. -Reuters

Stg rallies vs dlr, helped by UK data

Swiss franc eyes 4-wk peak vs USD

slightly by a fall in the wider industrial output measure. Sterling was up 0.6 per cent at $1.5806, having hit $1.5823, its strongest since Nov. 24 and taking it well above its 100-day moving average at $1.5732. Technical analysts said its next target was 1.5895, around the 50 per cent retracement of the move down from $1.63 in early November to last week's

ZURICH: The Swiss franc eyed the previous day's near four-week peak against the dollar on Tuesday and inched up against the euro, with broad weakness in the greenback driving the Swiss unit. The euro, which has been dogged by worries about sovereign debts in the euro-zone, on Tuesday received some support from hopes Ireland will pass an austerity budget. Yet its upside was limited due to divisions between European policymakers over how to tackle the region's debt crisis. "Euro/Swiss seems in range, 1.2980 to 1.3180 for time being," a trader in Zurich said. "Dollar/franc has dominated." The Swiss franc, which investors regard as a safe haven, has risen some 12 per cent against the euro so far this year, and in June the Swiss National Bank dropped its pledge to cap a rise in the franc against the common currency. The franc was up 0.1 per cent against the euro compared to the New York close, trading at 1.3054 per euro at 0740 GMT. The franc was up 0.2 per cent against the dollar at 0.9796 per dollar. -Reuters

SEOUL: The Taiwan dollar and the Indian rupee rose against the US dollar on Tuesday amid continuous foreign fund inflows, leading overall gains in Asian currencies. The South Korean won also turned higher to hit a two-week high on exporters' demand for settlements and as investors cleared dollar-long positions to stop losses. Asian currencies are expected to remain firm as investors hunt for more assets in the region, although sustained worries about the euro-zone's debt problems may limit the gains, analysts and dealers said. "An overall bullish trend remains intact. But it is not a time

LONDON: Sterling rose to its highest in nearly two weeks against the dollar on Tuesday, helped by above-forecast UK manufacturing data which pointed to continued economic recovery. Further support came as the National Institute of Economic and Social Research estimated the UK economy grew 0.6 per cent in the three months to

November, which it said weakened the case for more quantitative easing (QE) by the Bank of England. "There are signs some of this better data can continue into Q4. That risk of QE and the BoE pulling the rug from under sterling is fading, so sterling can derive a bit more support that way," said Chris Turner, head of currency strategy at ING. Figures showed manufacturing output rose 0.6 per cent in October, twice as fast as forecast, though this was tempered

low just below $1.55. The euro was down 0.4 per cent to 84.30 pence, though staying well above last week's low of 83.34 pence, its lowest in more than two months, with the focus on whether Ireland's parliament would pass austerity measures. "We're in something of a holding pattern in euro/dollar, so by extension there's a holding pattern in euro/sterling," said Daragh Maher, deputy head of global foreign exchange research at Credit Agricole. -Reuters

Australian dollar outshines euro, USD post RBA WELLINGTON/SYDNEY: The Australian dollar held firm on Tuesday after the Reserve Bank of Australia (RBA) kept its cash rate steady at a level well above the rest of the developed world, helping underpin a fresh record high on the euro. The Australian dollar stood at $0.9910, up from a $0.9847 low on Monday. Investors had priced in absolutely no chance of a hike in the 4.75 per cent as RBA chief Glenn Stevens had already said it was reasonable to assume the next hike might not come until the middle of 2011. Interbank futures only show a 36 per cent chance of a move by June, though most analysts tip a hike sometime in the second quarter. Markets imply just 26 basis-points of tightening over the next 12-months , in part because commercial banks have done some of the heavy lifting by raising mortgage rates by more than the rise in the cash rate. All eyes will now focus on November jobs data to be released on Thursday. Australia's employ-

ment is expected to have been strong again, driving the jobless rate down to 5.2 per cent. "It's the problems in Europe that make the Australian dollar look good," said Peter Jolly, head of research at National Australia Bank (NAB). The inability of Euro-zone countries to come up with a common solution sent the euro to a fresh record low against the Aussie at around A$1.3415. NAB's Jolly sees the Aussie above $1.00 in the New Year and at A$1.05 by the second quarter. In the meantime, it faces major resistance at about $0.9955 which marked a peak back on November 22, with support from $0.9850 below which $0.9823. The New Zealand dollar was little changed on the day at $0.7622. Still, it was well supported above $0.7575 said Tim Kelleher, CBA vice president of institutional banking and markets. "It's risk-on again as we head in to the evening, possibly helped by more short-covering in euro," Kelleher said. Resistance for the kiwi starts at $0.7665 ahead of $0.77. -Reuters

Time 4:50 4:50 4:50 10:00 12:00 8th-9th 16:00 16:00 18:15

International Monetary Fund is contingent on passing the budget. If the budget is passed, that would avoid a scenario where Ireland's government would face a no-confidence vote and be forced to call an early general election, fears of which have contributed to the euro's sell off from $1.4283 on Nov. 4. While providing temporary relief, approval of the Irish budget is unlikely to put to rest lingering fears concerning the euro-zone and investors will immediately turn their attention to other stress points, said analysts. The dollar fell against the yen Tuesday in Asia as investors sought the safe-haven Japanese unit after a report that China may hike interest rates soon, but that movement proved fleeting and the dollar rallied back. Separately, the Australian dollar managed to rally closer to parity against the US dollar even though the Reserve Bank of Australia left rates unchanged at 4.75 per cent earlier in the day. -Agencies

Yuan ends up, trades above mid-point SHANGHAI: China's yuan ended up against the dollar on Tuesday, and traded firmer than the mid-point set by the People's Bank of China due to dollar weakness and as the market eyes yuan appreciation ahead of the US-China meeting. A bipartisan group of 32 senators on Monday pressed China to let the yuan appreciate meaningfully in advance of President Hu Jintao's visit to the United States, which is expected Jan. 17-20. Before Hu's visit, a meeting of the US-China Joint Commission on Commerce and Trade will be held on Dec. 14-15, which also adds pressure on the yuan to rise. Dealers said political pressure was mounting and China could let the yuan gradually appreciate to create a favourable environment for US-China talks. "During this period, the yuan may rise, but we don't think

the central bank is likely to let it rise much," said a dealer at a Chinese bank in Shenzhen. Spot yuan closed at 6.6446 versus the dollar, little changed from Monday's close of 6.6484 and was up 2.73 per cent since the PBOC announced a depegging in mid-June. It moved in a range of 6.6435 to 6.6517, trading around the day's mid-point of 6.6565, which was stronger than Monday's 6.6515. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The yuan hit a record high in early November, but after that it remained stable for a month. Offshore, one-year NDFs was at 6.4910 bid late on Tuesday, little changed from Monday's close of 6.5020, with implied yuan appreciation in a year's time rising to 2.55 per cent from 2.30 per cent on Monday. -Reuters

Indian rupee at over 3-wk peak on $ losses MUMBAI: The Indian rupee gained for a sixth straight session on Tuesday, rising to its highest level in more than three weeks, on the back of broad losses in the dollar versus majors, while some corporate dollar sales also aided. The partially convertible rupee closed at the day's high of 44.64/65 per dollar, its strongest since Nov. 12, and 0.7 per cent above 44.95/96 at close on Monday. "Today's rally was quite a surprise really but there was a foreign bank selling large amount of dollars, likely for some big corporate client," said Naveen Raghuvanshi, group associate vice president and senior forex dealer at Development Credit Bank. "There is no real reason for being a rupee bull, but now that we have seen so much of a rally, 44.50-55 levels could be a strong support for the dollar, while on the top-side at 45.2025 there could be some resistance," Raghuvanshi added. Some traders see the local unit heading towards 44.5044.20 levels and then weakening back towards 45. They also added one large corporate was

unwinding long dollar positions on back of the rupee's recent rally. India's central bank may intervene in the foreign exchange markets if the rise in the rupee is sharp and volatile, Kaushik Basu, chief economic adviser to the finance ministry, said on Tuesday. One-month offshore nondeliverable forward contracts were quoted at 44.8, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.8375, 44.8325 and 44.84 respectively, with total traded volume on the three exchanges at a low $5.8 billion. -Reuters

Source JPY JPY JPY JPY EUR GBP EUR GBP CAD

Events Core Machinery Orders m/m Bank Lending y/y Current Account Economy Watchers Sentiment German Trade Balance Halifax HPI m/m German Industrial Production m/m CBI Industrial Order Expectations Housing Starts

Forecast -0.5% 1.55T 42.1 15.1B 0.3% 1.1% -12 174K

Previous -10.3% -1.9% 1.66T 40.2 15.6B 1.8% -0.8% -15 168K

Previous

Previous Day Source

Events

Actual

Forecast

GBP AUD GBP GBP EUR CAD GBP USD

BRC Retail Sales Monitor y/y Cash Rate Manufacturing Production m/m Industrial Production m/m German Factory Orders m/m Overnight Rate NIESR GDP Estimate IBD/TIPP Economic Optimism

0.7% 4.75% 0.6% -0.2% 1.6% 1.00%

4.75% 0.4% 0.3% 1.9% 1.00%

0.8% 4.75% 0.2% 0.4% -4.0% 1.00% 0.5% 46.7

48.3

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

As per 22.00 PST Ask High 1.3360 1.3401 0.9816 0.9831 1.5805 1.5823 1.0061 1.0068 0.9916 0.9965 110.9900 111.0300 0.8452 0.8479 1.3112 1.3117 131.3200 131.3300 84.6400 84.8000 0.9763 0.9773 1413.5000 1430.9000 30.0000 29.9600

Bid 1.3358 0.9811 1.5802 1.0056 0.9913 110.9500 0.8450 1.3108 131.2600 84.5900 0.9755 1412.5400 29.9500

Low 1.3276 0.9758 1.5704 1.0014 0.9876 109.5900 0.8448 1.3045 129.5800 83.9600 0.9733 1411.8000 29.9400

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 07/12/2010 A USD GBP CAD EUR JPY O/N 0.24156 0.55563 0.97667 0.72000 SN 0.09188 1WK 0.25500 0.56188 1.02667 0.67900 0.10250 2WK 0.25625 0.56625 1.05750 0.69725 0.10750 1MO 0.26375 0.57813 1.09833 0.76625 0.11875 2MO 0.28125 0.63313 1.15000 0.85625 0.14625 3MO 0.30219 0.74375 1.22667 0.97250 0.18250 4MO 0.34875 0.82625 1.29750 1.03500 0.24250 5MO 0.40438 0.93500 1.35833 1.11625 0.30250 6MO 0.45719 1.04063 1.43667 1.20500 0.35063 7MO 0.51125 1.11688 1.50333 1.25125 0.40375 8MO 0.56500 1.20188 1.57917 1.30250 0.44938 9MO 0.61531 1.28438 1.64667 1.35000 0.49625 10MO 0.66625 1.35938 1.71500 1.40000 0.52125 11MO 0.72000 1.42813 1.80333 1.44500 0.54750 12MO 0.78125 1.49625 1.88500 1.48875 0.57625

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Dec 09 2010 Dec 21 2010 Jan 13 2011 Dec 14 2010 Dec 16 2010 Feb 01 2011 n/a

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, December 07,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.90 135.25 114.60 85.44 87.61 85.11 12.58 1.04 14.36 65.86 15.38 22.90 11.06 12.92 305.91 27.31 65.46 23.59 23.39 0.08 2.86

85.70 134.93 114.33 85.24 87.41 84.92 12.55 1.04 14.33 65.71 15.34 22.85 11.04 12.89 305.20 27.25 65.30 23.53 23.33 0.08 2.86

85.51 134.63 114.07 85.02 87.18 84.69 12.52 1.04 14.29 65.53 15.30 22.79 11.01 12.86 304.40 27.18 65.13 23.47 23.27 0.08 2.85

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 07, 2010

KASB

BMA

ELXIR

GSL

ICSL

12.50 12.65 12.80 12.90 13.02 13.20 13.27 13.45 13.60 13.70 13.75 13.85 13.87 13.88 13.90 13.95 13.95 14.10 14.55 14.65

12.45 12.60 12.72 12.80 13.04 13.15 13.29 13.40 13.62 13.55 13.80 13.85 13.95 13.85 14.00 13.92 13.91 14.11 14.40 14.50

12.50 12.65 12.85 12.90 13.04 13.15 13.29 13.45 13.63 13.68 13.75 13.77 13.78 13.82 13.88 13.94 14.00 14.12 14.40 14.50

12.40 12.50 12.80 12.88 13.05 13.18 13.32 13.50 13.65 13.70 13.75 13.78 13.80 13.88 13.95 14.00 14.10 14.20 14.40 14.65

12.50 12.65 12.75 12.85 13.05 13.20 13.30 13.50 13.60 13.60 13.70 13.90 13.90 13.95 14.00 14.00 14.05 14.10 14.35 14.50

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

JSCM AvgRate 12.45 12.55 12.80 12.85 13.05 13.10 13.30 13.35 13.64 13.70 13.75 13.81 13.85 13.90 13.95 13.95 13.95 14.11 14.40 14.50

12.47 12.60 12.79 12.86 13.04 13.16 13.30 13.44 13.62 13.66 13.75 13.83 13.86 13.88 13.95 13.96 13.99 14.12 14.42 14.55

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

0.55 0.63 0.69 0.50 -0.02 -0.21

0.39 0.95 0.72 0.59 0.90 0.86

0.87 0.74 0.75 0.70 0.82 0.53

0.71 0.86 0.83 0.65 0.73 0.74

0.50 0.85 0.74 0.47 0.37 0.45

USD/CAD USD/CHF

0.61 0.85 0.45 0.55 -0.10 -0.18

-0.60 -0.20 -0.49 -0.65 0.05 0.26

-0.47 -0.44 -0.75 -0.35 0.05 0.06

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)07/12/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

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

AB L N 12.35

12.85

12.40

12.90

13.00

13.50

13.15

13.40

13.40

13.65

13.45

13.95

13.60

14.10

13.70

14.20

J S B L 12.50

13.00

12.60

13.10

12.85

13.35

13.45

13.70

13.50

13.75

1345

13.95

13.70

14.20

14.00

14.50

ASPK 12.40

12.90

12.50

13.00

12.80

13.30

13.10

13.35

13.30

13.55

1345

13.95

13.60

14.10

13.70

14.20

CIPK

12.30

12.80

12.35

12.85

12.65

13.15

13.10

13.35

13.35

13.60

1350

14.00

13.60

14.10

13.70

14.20

DBPK 12.30

12.80

12.35

12.85

12.50

13.00

12.90

13.15

13.20

13.45

1335

13.85

13.40

13.90

13.60

14.10

FBPK 12.25

12.75

12.40

12.90

12.70

13.20

13.15

13.40

13.40

13.65

1355

14.05

13.65

14.15

13.85

14.35

FLAH 12.35

12.85

12.50

13.00

12.65

13.15

13.15

13.40

13.35

13.60

1345

13.95

13.60

14.10

13.70

14.20

HBPK 12.35

12.85

12.45

12.95

12.75

13.25

13.10

13.35

13.35

13.60

1345

13.95

13.60

14.10

13.70

14.20

H KB P 12.35

12.85

12.45

12.95

12.75

13.25

13.10

13.35

13.30

13.55

1340

13.90

13.60

14.10

13.65

14.15

N I PK 12.40

12.90

12.50

13.00

12.80

13.30

13.15

13.40

13.35

13.60

1340

13.90

13.45

13.95

13.50

14.00

HMBP 12.50

13.00

12.55

13.05

12.90

13.40

13.10

13.35

13.35

13.60

1350

14.00

13.60

14.10

13.70

14.20

SAMB 12.30

12.80

12.40

12.90

12.70

13.20

13.10

13.35

13.35

13.60

1345

13.95

13.65

14.15

13.75

14.25

MCBK 12.10

12.60

12.30

12.80

12.60

13.10

13.00

13.25

13.30

13.55

1340

13.90

13.50

14.00

13.75

14.25

NBPK 12.35

12.85

12.40

12.90

12.70

13.20

13.10

13.35

13.25

13.50

1340

13.90

13.60

14.10

13.70

14.20

S CP K 12.25

12.75

12.35

12.85

12.55

13.05

13.00

13.25

13.25

13.50

1345

13.95

13.50

14.00

13.70

14.20

UBPL 12.25

12.75

12.40

12.90

12.65

13.15

13.10

13.35

13.35

13.60

1345

13.95

13.60

14.10

13.70

14.20

AVE

12.83

12.43

12.93

12.72

13.22

13.11

13.36

13.34

13.59

1344

13.94

13.59

14.09

13.71

14.21

ABPL

12.33

ASK


4 Wednesday, December 8, 2010

The Financial Daily International Vol 4, Issue 121

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

We merit facilitation, not dictation According to newspaper reports USAID has accused ministry of water and power and some other offices of 'non-cooperation'. Since the entity offering financial assistance and technical support has raised the issue of non-cooperation the matter requires probe to identify the factor forcing the UASAID to level the allegation. Let this point be made very clear that it is country's prerogative to decide the projects to be undertaken with the foreign assistance and the financier has the right to suggest some changes, if necessary, it can approve or reject it. In no way any project should be imposed on a country. Similarly asking for a particular consultant/contractor infringes the rights of the borrower. Pakistan is thankful to the US administration for the willingness to help Pakistan in overcoming power sector woes. However, USAID should allow Pakistan to set its own priorities, select mode of generation and revamp transmission and distribution (T&D) networks to contain line losses and pilferage. Let it be very clear to all the stakeholders that the worst problem faced by Pakistan is an acute shortage of power generation and needs to add another 10,000MW on priority basis. It has to select the mode of generation which could help in generating electricity at the lowest possible cost. In terms of priority nuclear energy comes on the top followed by hydel and thermal. If the US is really serious in helping Pakistan it should supply Pakistan the technology it is supplying to India. The second best option is hydel power generation of 5,000MW as it helps overcome two problems: 1) electricity generation at a very low cost and 2) storage facilities to ensure round the year supply of irrigation water. Thermal generation should be a standby facility to meet the shortfall arising due to water shortage in the reservoirs. Thermal power plants must have dual-fire system capable of using furnace oil as well as gas. However, a minimum of 5,000MW should be based on Thar coal capable of running throughout the year. Another 5,000MW should be based on windmills to be installed in the coastal areas. Establishing such facilities would help in power generation close to the point of use and minimise T&D losses. Let it also be very clear that the US decision to help Pakistan in overcoming power sector woes has come very late. In the meantime China has already agreed to fund as well as provide technical support for nuclear and coalbased power generation. This leaves limited space for the US to match China has to offer. The area is still wide open for the US suppliers is revamping of T&D network. However, the real concern is that equipment of US origin is very expensive as compared to those of Japanese and Chinese. Can the US come up with a cheaper offer?

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.

Nine hurdles to Glory of Pakistan Tarique Khan Javed

O

verseas Pakistani Investors Forum (OPIF) recommended investment and settlement in Pakistan since its inception in 1988. Its research and long term studies indicate that Indo Pakistan was the Second biggest economy commanding 24% share in World GDP in 1750. China at that time was the biggest economy of the world commanding 30% share in World GDP. Both the first and second biggest economies became the poorest in the world by 1950s due to massive exploitation and transfer of wealth to the west by force. Chine has reemerged the second biggest economy. We believe Indo Pakistan will also reemerge as one of the biggest economy of the World in coming years. Like Overseas Chinese, Overseas Pakistani can play a major role. With their US$1,000 billion savings, experience and connection they have the power to rapidly transform the country beyond recognition. Given the economic weakness emerging in western countries and adverse political and social conditions developing after 9/11; increasing number of Overseas Pakistanis are inclined to return back if conducive atmosphere is created. Present examples are South Korea, Malaysia and colonial powers like British, French, Dutch are before them. These nations came out to fight poverty in their countries and returned back after making enough and creating jobs for themselves in their own countries instead of continuing painful existence in an alien land. The nine hurdles mentioned below are man-made and mostly remnants of colonial era. These can be easily removed in a proper functioning democracy as needs of people cannot be ignored for long in a system where political parties compete for votes. Sami colonial rule with the help of Armed forces, always try to discredit democratic rule, is reason why these anti people hurdles have not been removed upto now. With a vibrant Media, independent Judiciary has been restored and one can hope that things will change for better in coming years. We recommend that existing political parties adopt some of the solution we mentioned below as part of their manifesto or else a new party can emerge with above 9 point manifesto and sweep the next election. OPIF will lend full support to such a party. If no one adopts our recommendations we will consider launching our own Political Party. OPIF recommends following solutions to economic problems of Pakistan. In our opinion following are the factors which has made Pakistan an unsafe and unattractive destination for migration and investment. LACK OF LAND REFORMS Lack of Land Reforms; as already undertaken in most of the neighboring countries is the main cause of unrest and tension in Pakistan. About 60 per cent poor live in Rural Areas. All rural poor are landless peasants. Even those owning just 600 sq. yd plot are not poor as they can grow enough food and vegetable on such plot. Recently MQM has proposed 36 acres irrigated and 54 acres un-irrigated as optimal economic unit for land holding. PPP in 1977 envisaged 100 acres irrigated and 200 acres un irrigated as the ideal maximum land holding and a bill was passed on that basis but was not implemented following a Supreme Court ruling declaring all land reforms as Un-Islamic. In China, after the revolution land was redistributed on the basis of 6.5 hectares (16 acres) per family against a 30 years lease on the condition that family stays and cultivates the land themselves. In case they move to Town they lose the land. In Iran following the Islamic revolution during 1979-88 land was redistributed on the basis of maximum 20 acres for land lords and 5 acres for common farmers. The Islamic revolution justified the redistribution on the ground that the land belongs to Allah and in an Islamic society a neighbor cannot be allowed to go hungry while others have too much. The provision of Khums (1/5 contribution for the community) under Shia value system was also invoked to takeover land from big land lords often holding up to 10,000 Acres land. It was demonstrated mathematically that if the Khums was paid over generations such accumulation of land and wealth was not possible.

Given the very large number of land less peasant in the country and considering the high fertility of the land, OPIF recommendation for Pakistan is, maximum ceiling of 20 acres and 2 Acres for common farmer family given on 30 years leases, on the condition that 80% of the allotee's family members stay on land & cultivates, if more than that leave; the land is resumed by the State. KATCHI ABADIES & GOTHS MIS-TREATMENT Non -regularisation of Katchi Abadies and Goths in towns and cities of Pakistan is a major cause of crime and unrest. Nearly 40 per cent poor live in cities and towns. All poor are landless. Even those owning just a 30 sq. yd plot/house are not considered poor. About 80 per cent resident of cities like Karachi live in Katchi Abadis and Goths. They occupy just 10 per cent area of the city yet the live in constant tension of being bull dozed. In Iran right of every city dweller to a house was recognised after the revolution. State brought for land lords owning more than one house and distributed it among those who owned no house in town and cities. In the same spirit we recommend that for every family that has lived in a city for more than 10 years regularly a right to own a 60 yards plot/house may be recognised. If such a family has developed a waste land into a rentable property, Government may issue title deeds after reimbursing say Rs 2000 per yards as development expenses by the family before getting entitled to annual lease payment say at the rate of Rs. 20 per yard. Such lease should be of 99 years. To get a reasonable lease income, the State may link annual lease payment to Inflation index with 1st year as 100. To curb corruption, all property data must be computerised and all title deed to include a Google search print out highlighting the plot concerned. WORST REGRESSIVE TAXATION SYSTEM IN THE WORLD Pakistan has the most regressive taxation system in the World, where by 80 per cent taxes are collected from Poor, while the Rich are not taxed like in all civilised countries. To bring justice in the country indirect taxes should not exceed 20 per cent of total taxes while 80 per cent taxes should be recovered from direct taxes on Income, Wealth tax, tax on Agriculture Income and Inheritance tax as is the common practice all over the World. If Wealth tax of 2 per cent on wealth over Rs5 crore is introduced; Rs 65 billion can be raised and need for introducing RGST will be eliminated. If like Iran and UK Inheritance tax of 40 per cent is introduced all indirect taxes on: Petrol (Rs 25 per liter), Edible Oil (Rs 25 per liter) and 17 per cent GST on electricity, telephone and gas and other items used by common man, can be removed to bring a major immediate relief to common men. This will also rapidly reduce income and wealth disparity in the Country. EXCESSIVE CURRENCY IN CIRCULATION Resorting to printing of notes to meet payment requirements of the government contributes to higher inflation in the Country. Leading to decline in purchasing power and thus rapidly increasing poverty. Econometric models on data produced by GOP indicate up to 80 per cent co-relation between money supply and general prices in the country. In 1972 the total money supply of United Pakistan was Rs 14 billion. After separation of East Pakistan money supply was not reduced, in subsequent two years additional 8 billion notes were pumped into the economy leading to general price increase of all goods and services by 150 % by year 1975. Now the currency in circulation has reached Rs 1,300 billion out of which Rs 1,200 billion is doled out to Government as loan.(This was Rs 700 billion in Nov 2008 and Rs 350 billion in March 2009). The extra 1,200 billion currencies when circulated through the economy will become Rs 6,000 billion given the velocity of money being almost 5 at present. This additional purchasing power in the market will lead to a general increase in price of all goods and services over the next one year. All prices will be adjusted upwards without any relation with actual demand and supply of the goods and services. Such upward movement of prices crushes the fixed income group like the salaried class

and the poor. This mode of taxation does not discriminates between rich and poor thus is most damaging for the poorest segment of the society. We recommend a truly independent SBP which will act as custodian of "peoples" purchasing power and not accept Government order to print extra notes. Governor of State Bank should be a Japanese or German Ex Central Banker who will allow extra printing of notes only over his dead body based on his training and experience. OVER-REGULATION & CONTROL Over regulation and control by the federal and provincial governments are responsible for strangulating business enterprise and creating man-made shortages. Power crises, sugar crises or atta crises are all man-made by Government. TCP's monopoly over import and export of many items is responsible for ongoing Sugar crisis. If free import of sugar was allowed sugar could have been imported at less than Rs30/kg while TCP was quoting Rs70 as international price in March 2010. Atta crisis was created by Government's decision to buy wheat at the rate of Rs 24/kg at the same time insisting on shops in cities to sell atta at Rs 25 per kg. Power crisis is mainly due to central government's insistence on permission for putting any power plant above 50MW. If such permission is not required many plants could have come in response to the shortages. The other factor is granting of very large monopoly like KESC which is finding it impossible to manage. If say 10 companies existed things would be much better. Recommend elimination of 50% Ministries, Dept and Corporations like TCP. All functioning department other than Defense, Communication, Foreign Affairs and SBP should be transferred to provinces and provinces may be encouraged to create conducive atmosphere for investment in their province by offering incentives like lower taxation, free hand etc. One measure which provinces may adopt for immediate result is by following the Chinese model create Free Economic Zones. Overseas Pakistani and other Investors will flock is these Zones to take advantage of low labor cost in the Country. This will end unemployment and poverty within a sphere of 10-15 years. INEFFICIENT & DISCRIMINATORY LEGAL SYSTEM Slow and expensive Legal System which is beyond the reach of common man and which favors the rich against the poor is a major source of injustice and also hindrance to Economic growth. With 1.9 million cases' pending for 2000 judges to clear the situation is impossible within the existing British system and this is a big hindrance in the economic progress of the Country. The wheels of economy are jammed due to the jamming of legal process. Following example of Nigeria we propose setting up of rudimentary Courts manned by Islamic Scholars having equivalent of Masters Degree who would decree on the basis of existing Pakistani Laws. These Courts will start 1 hour after Fajar prayers and continue up to Asar prayer with a break of one and half an hour for Zohar and lunch break. Such Courts which may be called Awami Adalat to hear the same case three times on their Date for expeditious settlement of disputes ranging from Divorce, Dowry, Over due rents, Eviction, Bounced cheques, Inheritance, other financial disputes such courts to be restricted to handling cases of disputes with financial implications of not more than Rs2 million. Such Court to clear all cases within four months and with the appeal process to be restricted as in the Banking Courts, such courts also to use simultaneous service procedures as applicable in Banking Courts. Institutions of such courts can go along way in clearing the huge backlog of 1.9 million cases in the legal system at present. Even after the independence of Judiciary no significant improvement in the backlog has been seen so far. The other suggestion to improve the situation would be to make the regular courts work three shifts till such time that the backlog is cleared. For this appointment of thousands of Judges on one or two years contract is suggested. We also suggest that Banking Courts

may be asked to take up others financial dispute involving implication of more than Rs 2 millions, including Rent and Eviction cases even if no Bank is involved in the case. A premium Court fee may be charged by these Courts for such cases. If Banking Courts can not do this, Special Financial Dispute Courts may be established on the line of Banking Court with a Dead Line to decide any case with in 4 months. Appeal against such decision should be restricted and again bond by 4 month rule, as in Banking Courts. The above three measures will help the Nation get rid of the Legal grid lock in which we find our selves for the last 50 years. This will also solve the unemployment problem of graduates of Islamic Schools and Lawyers. LACK OF FREEDOM TO CHOOSE LIFESTYLE Missing freedoms as available elsewhere in the world, including Muslim countries like Malaysia, Egypt, UAE, Bahrain etc. is responsible for tension in Pakistan. We consider the Black Laws of Zia-ul-Haq era particularly Hudood Ordinance, to be major contributor of tension within the Society since 1978. A return of pre 1978 Pakistan will help in its pacification. Staffs of Multinational Cos, Businessmen, Tourists and many Overseas Pakistanis find it difficult to stay in Pakistan due to restrictions applied in the Country towards Night life and other freedom of life style which is standard all over the World. Given a choice they do not come to Pakistan and in the process we lose billion of potential investment and technology transfer. We recommend relaxing the society by removing these restrictions which will also help us attract investment. Such relaxing will make Pakistan a happier place even with current poverty. Since 1988 successive democratic governments have come and gone but they have not reversed the damaging legislations by Zai ul Haq including ones curtailing the Sovereignty of the Parliament. Time has come to take bold and decisive actions against these laws. RELATIONS WITH NEIGHBOURS Continued tension with India and Afghanistan not only means huge Military expenditure but also loss of huge business due to security threats and uncertainty. Our ambition to get the remaining part of Kashmir from India and rule over Afghanistan with the help of proxies like Taliban has kept us at constant war and tension with these Countries. In the process we have lost East Pakistan and invited three million Afghanis in our Cities. We have spent some US$450 billion on these efforts so far. The massive drain on resources goes on without any hope of achieving our target. Time has come to abundant this unrealistic dream and pulls back all initiatives aimed at that achieving these targets. After making peace with the neighbors, massive mutual reduction in Arms, Number of Defense Personnel and general Defense Infrastructure may be negotiated. We also feel that rapid stride in implementation of SAARC Charter and SAFTA Agreement may be initiated aiming at creation of a common market for SAARC stretching from Afghanistan to Burma. This will create the largest market of the World comprising 1.4 billion people and may become the most important factor in rapid reduction in poverty in the Region. This will also help the region reemerge as the most prosperous region of the World as it was prior to colonisation. NON CREATION OF NEW PROVINCES Very large Provinces are responsible for lack of government writ in many parts of the Country and separatist tendencies. We recommend that like our neighbors we need to create many more provinces to better manage the Country. More provinces will also help end the current polarisation among provinces and end the current separatist movement in Balochistan. We recommend breaking Balochistan in to 4 provinces, Punjab into 3 provinces, Sindh into 2 provinces and KP into 2 provinces. We also recommend relocation of Capital from Islamabad to a Central point in the Country like Dera Ghazi Khan. Writer is President, Overseas Pakistani Investors Forum

Reko Diq Project: The FDI Goldmine

T

he media is suddenly alive with the story of the Reko Diq project in Balochistan. As a concerned citizen I have followed this story and I have come to understand that there is a controversy around this project's estimated value, and share of the Balochistan government. There is a lot of hue and cry around this project but these two elements are core to the issue as I see it. Tethyan Copper Company that has explored the Reko Diq deposits claims to have spent over $220 million on the drilling and technical studies of the project. The bankable feasibility report of the project has been already submitted to the government of Balochistan. To me, the solution is very simple.

Have the feasibility study submitted by the company vetted by a credible and neutral expert in a transparent fashion and settle the matter of the value of the resource at Reko Diq. As for the share in the contract, well that is done and settled to me. If every new government is going to scrap contracts made by previous governments; given that there is not a bigger guarantor in a state than the government itself, then no contract will realise into a productive project and no new investors will come to our country to risk their money. Moreover from what I understand the Balochistan Mineral Rules allow an investor to have exclusive rights of exploration and issuance of mining lease upon exploring

a viable resource. There is no role of state except for collecting taxes and royalties. To me it seems an added advantage that government has an extra 25 per cent share in profits in this project. So, why are we behaving in a manner that could make investors think twice before coming to a country which does not even respect its own laws.? So the major aspect missing in the entire debate is that no one is talking about the financial state of Pakistan. How much investment has come into the country? The State Bank of Pakistan's most recent figures reveal significant decline in FDI . The foreign investment inflows into Pakistan in FY10 had dropped down to $2150 mil-

lion as compared to $5139 million in 2006-07. A staggering 42 per cent decline!!! Does it mean that nations of the world do not want to work with us? Along with billions in FDI are also lost the opportunities to learn from technologically advanced countries about their systems, processes, industrial expertise, technology transfer and much much more. I implore the media, fellow countrymen, the federal and provincial governments, and all those who love this country to please set the focus right, to welcome FDI in this cash strapped country, to honor our commitments. Prof Nasrullah Malik


5

Wednesday, December 8, 2010

South East Asian stocks

Europe shares hit 4-wk closing high on US tax cut KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,440.07 11,431.01 9.06 0.08 118.30

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

3,604.28 3,595.99 8.29 0.23 6.23

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

2,902.98 2,906.50 3.52 0.12 0.25

Major Gainers

Symbol

Close

Change

COLG 885.00 ULEVER 4,099.68 ILTM 144.01 SFL 117.60 SHEZ 102.46

35.00 14.18 6.25 5.60 4.87

Major Losers

Symbol RMPL UPFL FZTM SRVI SIEM

Close

Change

1,950.00 1,060.00 395.63 246.14 1,295.00

-51.65 -40.99 -17.04 -12.95 -12.1

Top 5 Volume Leaders

Symbol

Close Vol (mn)

BAFL NCPL NML LOTPTA DSFL

10.22 15.27 62.19 12.63 2.63

8.02 7.97 7.48 6.48 5.76

Active Issues Plus Minus Unchanged

153 216 23

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

186 70 0 18

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

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

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

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

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

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

Mixed; energy shares push Thailand to 4-week high US stocks mid-day

Ropy-close for KSE as fears tie traders’ hands Nawaz Ali KARACHI: Shares at Karachi Stock Exchange (KSE) ended with marginal losses in a dull trade on Tuesday as investors preferred to stay on the sidelines over uncertainty regarding IMF's next tranche and RGST. The benchmark KSE 100Index lost 9 points to close at 11,431 points while KSE 30-

Index went down by 5 points and KSE All Share Index fell by 8 points to close at 11,056 and 7,947 points respectively. "Dull activities were witnessed in overbought market as uncertainty looms over release of next IMF tranche and political consensus over RGST approval", said Ahsan Mehanti, Director Arif Habib Investments.

Financials bring India mkts down MUMBAI: Indian shares dropped 0.2 per cent on Tuesday, weighed down by global macro-economic worries, while banks stocks fell on concerns rising interest rates would hit demand for loans. Shares in ICICI Bank , the No. 2 lender, led the losses falling for a second day after it raised lending rates by 50 basis points. The stock fell 3.5 per cent at 1,110.30 rupees, taking the fall over two days to 6 per cent. Top lender State Bank of India shed nearly 3 per cent to 2,865.40 rupees on worries that its net interest margin, a key gauge of profitability, could come under pressure after it raised deposit rates by up to 150 basis points. Macquarie said the "clear asymmetric" rate increases the banks were witnessing are bound to exert pressure on margins, particularly for staterun banks. It expected earnings downgrade in the state-run banks in the near term due to margin pressure. The banking sector index ended 2.9 per cent lower. The euro zone's debt crisis and speculation over a possible interest rate rise in China also weighed on investor sentiment, traders said. China's central bank may raise rates again this weekend as it tries to contain inflationary pressures, official newspaper the China Securities Journal reported on Tuesday. The main 30-share BSE index shed 0.23 per cent to 19,934.64, with 19 of its com-

ponents declining. "In the very short term, there is still some downside left because confidence has been shaken after the scams," Rajesh Agarwal, head of research at Eastern Financiers, said referring to recent corruption scandals that have hit the country. Foreign funds have invested more than $29 billion in Indian equities so far this year, driving the benchmark BSE index about 14 per cent higher. India's economy could grow by nine per cent this fiscal year, the highest in three years, according to a review of the economy by the finance ministry, highlighting how the economy is recovering fast from the global downturn. "The market trend in the near term will be determined by the corporate earnings, which are expected to be good for most sectors," Neeraj Dewan, director at brokerage Quantum Securities, said. Shares in Tata Steel closed up 0.7 per cent at 639.60 rupees amid speculation over its future course of action after Rio Tinto made a $3.5 billion bid approach for Africafocused Riversdale Mining. Tata Steel, the world's seventh-largest steelmaker by output, is the biggest shareholder in Riversdale. In the broader market, losers were 2.4 times the number of gainers on volume of 338 million shares. The broader 50-share NSE index ended 0.26 per cent lower at 5,976.55.-Reuters

After a slight positive opening market remained dull throughout the day moving on both sides of the index with low volumes as investors --mainly locals-- preferred to stay off trade due to uncertainty over clearance of sixth International Monetary Fund (IMF) tranche of $11 billion loan programme. According to analysts the tranche is linked to the implementation of some

FTSE at above 3-wk peak LONDON: Britain's top shares closed at their highest level in over three weeks on Tuesday, lifted by commodity markers and retailers as equities remained the preferred asset class among investors despite macro concerns. The FTSE 100 ended up 38.17 points, or 0.7 per cent, at 5,808.45, having closed 0.4 per cent higher on Monday and 7.3 per cent ahead from the start of 2010. "There's very little evidence out there as to why we should neglect equities for the time being," said David Buik, senior partner at BGC Capital. "Despite concerns over sovereign debt, it appears equities have declared UDI from economic reality, which is perfectly sensible bearing in mind corporate results are better than they have been, companies are now mean and lean and they're paying dividends." Retailers received a boost from Tesco, up 2.4 per cent, after Britain's biggest retailer posted a 7.2 per cent rise in third-quarter sales. Peer Sainsbury was 4.3 per cent firmer as traders cited market talk of renewed interest from Qatar. A trader said he was "hearing talk of Qataris bidding 450 pence (per share) for Sainsbury" but added the stock could be gaining on the back of Tesco's strong quarterly figures. Mining stocks added the most points to the blue-chip index, as metals prices rose, with copper rallying to a new record of $9,000 a tonne on tight supply See # 14 Page 11

HK, China stocks up on easing cash crunch HONG KONG/SHANGHAI: Hong Kong shares recouped early losses on Tuesday as a rally in shares of large cap commercial property plays and a recovery in Shanghai markets pushed the benchmark Hang Seng index up 0.8 per cent. Shanghai's key stock index ended the day up 0.7 per cent, shrugging off talk of another rate hike in China, as a plunge in short-term money market rates suggested major Chinese banks had started to lend again. Money market rates had jumped last week in the face of a cash crunch, which forced financial institutions and banks to sell shares to raise cash ahead of further tightening measures expected from Beijing. "There's a rumour about rate hikes almost every week," said an equity trader at a Korean bank in Hong Kong. "Also, I think another rate hike is within market expectations right now and with fundamentals, especially for commodities, looking strong at the moment, we're optimistic," said the trader.

Conglomerate Wharf Holdings jumped 5.8 per cent, just shy of a record high, with traders citing strong retail sales at its key malls in Hong Kong. Wharf shares, which Credit Suisse rates as one of its top six picks for 2011, also benefited from a shift among investors to commercial property companies from residential developers as pressure on the government to clamp down on surging home prices intensifies. The Hang Seng index, which ended at 23,428 points on Tuesday, has fallen some 6 per cent since mid-November but is still up 7.1 per cent so far this year. Investors have used the latest worries over euro zone sovereign debt and China policy rightening to book profits after a 10-week rally since the end of August took the index to technically overbought levels. Among other active counters, shares of Foxconn jumped 3 per cent on over 5 times their average 30-day volume after the electronics giant told

Reuters it was planning a major push for its retail business in China. Foxconn shares are the benchmark's worst performers this year, down about 38 per cent, as labour issues, escalating costs and dwindling demand spooked investors earlier in 2010. SHANGHAI RECOVERS The Shanghai Composite Index ended at 2,876.4 points in thin trade, closing above its 250-day moving average, a level around which analysts had expected the index to stabilise. "Everyone is waiting for the inflation figures due next Monday," said Cheng Yi, an analyst from Xiangcai Securities in Shanghai. The China Securities Journal said that this weekend offered a "sensitive window" for a rate rise, which would be the country's second in its current tightening cycle. "If there is no rate rise this weekend, I think the chances of a rate rise this year are slim. This would help the market warm up again," said Cheng.-Reuters

reforms but the government is facing strong resistance on the approval of RGST. On the other side some of the investors booked profits as according to some pundits market is now in an overbought region. Therefore index moved in a limited range of 11,476 points (+ve 36) and 11,406 points (-ve 33) and finally closed with some marginal losses.

Wall St at 2-yr high after tax cut deal

Foreigners however continued with their buying as NCCPL data showed a net-buying of $4.41 million on Tuesday. Volumes further reduced as 118.2 million shares traded in the overall market which is 52.3 million shares less as compared to a turnover of 170.5 million on Monday. See # 16 Page 11

Nikkei edges lower; yen spurs profiting TOKYO: Japan's Nikkei average ended 0.3 per cent lower on Tuesday as renewed yen strength encouraged profit-taking but market players said underlying sentiment that took the benchmark to six-month highs last week remained bullish. M&A news saw airconditioner maker Daikin slide almost 4 per cent after Bloomberg news said it was in talks to buy US rival Goodman Global Group in a deal that could be worth more than $3.6 billion. But chip equipment maker Advantest jumped 3.7 per cent after it made a $729 million buyout offer for US rival Verigy Ltd. The Japanese currency has more risen than one yen to 82.62 yen per dollar since disappointing US jobs data last week and a suggestion from the Federal Reserve that it could expand its bond buying if needed to help the economy. The euro, weighed down by concerns about euro zone debt, has also eased against the yen. The Nikkei closed the day down 26.13 points at 10,141.10 in light trade, but remains not too far from a six-month high of 10,254.00 hit last week. The broader Topix index also shed 0.3 per cent to 879.10.

The official China Securities Journal reported that China's central bank may tighten credit which weighed on Chinese shares and in turn Tokyo equities in early trade. But both markets later appeared to have shrugged off those concerns in a sign that investors were getting used to the idea that China may raise rates. "Traders in Tokyo looked at China and thought that if those markets aren't that worried, then we don't need to worry either," said Shoji Yoshigoe, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. Advantest, which counts Intel Corp as a customer for its memory testing equipment, climbed to 1,866 yen, with Nomura Securities analyst Tetsuya Wadaki saying that it was a sensible move given the lack of growth opportunities in the tester market and Advantest's ability to fund such a deal. The rising yen has helped reignite a push by Japanese companies to snap up overseas assets and secure growth outside their sluggish domestic market. Outbound M&A doubled in the first nine months of 2010 to a total $31.5 billion.-Reuters

ANNOUNCEMENTS Company Mehran Sugar

Period Yearly

Div/Bon/Right PAT (Rs in mn) 10%(D) 10%(B) 241.99

EPS(Rs) 16.93

NEW YORK: US stocks climbed to a fresh two-year intraday high on Tuesday as investors bet a deal to extend tax breaks will prompt increased spending and buoy the economy while preserving returns for shareholders. Investors have said the tax cuts were necessary to keep the fragile recovery on track and could lead to more spending and investing. Increasing capital gains and dividends taxes would hurt shareholder returns. US President Barack Obama forged a deal with Republicans to renew Bush-era tax cuts for wealthier Americans as well as the middle class. The deal was expected to extend breaks on dividends and capital gains. Optimism over the agreement sent the S&P 500 to a new twoyear high and above the 61.8 per cent Fibonacci retracement of the 2007-2009 bear market slide, a level closely followed by traders. The Dow Jones select dividend index, which measures top dividend-paying companies, rose 0.6 per cent. "There should be no hesitation on the part of the market that from an investor's perspective tax cuts are always an unambiguously good thing," said Kevin Caron, market strategist at Stifel, Nicolaus & Co in Florham Park, New Jersey. The Dow Jones industrial average gained 49.61 points, or 0.44 per cent, to 11,411.80. The Standard & Poor's 500 Index rose 6.17 points, or 0.50 per cent, to 1,229.29. The Nasdaq Composite Index added 15.75 points, or 0.61 per cent, to 2,610.67. The US government sold its remaining stake in Citigroup Inc, a move that could lift the S&P 500 as the company moves to a 100 per cent float, according to Credit Suisse. See # 15 Page 11

Dhiyan

MIXED-TO-NEGATIVE TRADE SCENE SEEN Salman Naqvi, Head of Sales Aba Ali Habib Securities Despite a bullish mood, market is witnessing some dull activities mainly due to liquidity shortage therefore there is an acute need of leverage product. However due to continued foreign buying and rising international oil prices market would show some positive activities with index moving between 11,200 to 11,600 points. Moreover, if the liquidity situation improves, might see more bullishness. Investors are advised to 'buy on dips' and invest in oil, bank, fertiliser, and selective cement scrips. Settlement of Reformed GST and release of IMF tranche would trigger the market. Market would be mixed to positive today.

Mohammad Imran, AVP Research Arif Habib Limited Market is likely to see some bearish activities this week and can decline by 200-250 points due to lack of positive corporate news and profit-taking activity by the large institutions. However, valuations are still attractive and any big dip should be taken as an opportunity to accumulate fundamentally strong scrips in banking, E&P and power sectors. Our top picks for investment are NBP, UBL, AKBL, POL, PPL, HUBCO, KAPCO and NPL. Market would be negative today.


6

Wednesday, December 8, 2010

Market Volume

118,299,968

Value

4,030,272,318

Trades

65,857

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

153 216 23 392

All Share Index

11431.01 11481.79 11408.05 i9.06

Current High Low Change

KSE 30 Index

7947.34 7984.02 7934.02 i8.32

Current High Low Change

KMI 30 Index Current High Low Change

11056 11097.53 11018.44 i5.17

18102.49 18183.32 18044.25 i4.72

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,475.03 Turnover 7,115,880 P/E (x) 10.95 Company

KSE 100 Index

Symbols

PE

High Low 1,487.88 1,470.32 Total cos Defaulter cos P/BV (x) ROE (%) 3.56 32.54

Open

High

Low

691 5.62 323.36 853 6.61 118.10 3921 - 11.89 735 16.20 119.96 800 3.89 264.11 Oil & Gas DevelopmentSPOT 43009 11.30 166.49 Pak Petroleum 11950 8.23 202.02 Pak Oilfields 2365 6.52 273.73 Pak Refinery Limited 350 - 97.09 PSO 1715 4.83 284.15 Shell Gas LPG 226 - 36.55 Shell Pakistan 685 10.17 199.79

325.00 120.60 11.99 121.45 267.00 167.40 204.80 277.00 101.94 285.99 37.49 200.00

322.00 115.25 11.72 119.40 259.01 166.40 201.50 272.20 99.74 282.51 34.86 197.80

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery

Close Chg 324.34 117.96 11.77 119.58 262.25 167.02 202.45 276.01 101.94 285.13 36.50 198.31

0.98 -0.14 -0.12 -0.38 -1.86 0.53 0.43 2.28 4.85 0.98 -0.05 -1.48

Close Change 1,480.02 4.98 Listed cap Market cap 65,194.15 mn 1,159,289.88 mn Payout (%) Div Yield (%) 55.94 5.11 Last 60 days High Low

Volume 254257 4137530 958012 20890 116867 266536 700144 1259113 84023 269213 2627 4680

374.20 137.20 12.49 128.90 275.40 167.40 214.10 277.90 101.94 292.15 40.28 204.40

% Change 0.34 5-Day High 1,480.02 5-Day Low 1,457.31

2009 Div BR (%) (%)

287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 141.60 82.5 168.70 130 20B 221.21 180 48.26 244.00 50 28.05 182.05 330 -

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

20 20B -

CHEMICALS

Open 727.84 Turnover 35,121 P/E (x) 5.50 Company

Paid up Cap(mn)

Pak Int Container Terminal 1092 PNSC 1321

High Low 744.47 723.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53

PE

Open

High

Low

7.30 38.03

71.50 34.00

73.00 35.10

71.05 33.76

Close Chg 73.00 34.99

1.50 0.99

Close 744.01 Listed cap 3,242.17 mn Payout (%) 11.08

Change 16.17 Market cap 12,842.83 mn Div Yield (%) 2.01

Volume

Last 60 days High Low

34064 1057

77.77 41.00

60.05 33.06

Company

Paid up Cap(mn)

PE

Open

High

Low

Bawany Air 68 73.33 Biafo Ind 200 5.06 BOC (Pak) 250 11.54 Clariant Pak 273 5.99 Dawood Hercules XD 1203 7.16 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 10.21 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 8.27 Fauji Fert. Bin QasimSPOT 9341 6.75 Gatron Ind 384 2.20 Ghani Gases Ltd 725 8.80 ICI Pakistan 1388 7.69 Lotte Pakistan 15142 4.51 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 10.24 Sitara Peroxide 551 14.63 United Distributors 92 Wah-Noble 90 6.90

9.80 46.35 85.44 157.72 172.85 2.84 8.21 2.77 10.70 186.80 14.16 9.47 114.35 35.71 41.90 11.48 137.03 12.78 1.55 2.39 126.86 13.49 9.68 34.16

10.50 46.55 85.40 158.00 174.10 2.90 8.48 2.92 10.70 187.89 14.25 9.80 114.70 36.18 41.75 12.00 137.70 12.87 1.60 2.40 126.00 13.69 9.50 35.86

8.80 46.50 84.00 155.00 172.20 2.68 8.00 2.60 10.22 185.21 14.00 9.60 113.90 35.53 40.00 11.45 136.50 12.56 1.53 2.40 121.00 13.25 9.00 34.75

Close Chg 8.80 46.55 84.00 156.57 172.76 2.68 8.08 2.63 10.70 185.75 14.19 9.65 114.16 35.75 41.00 11.61 136.58 12.63 1.54 2.40 124.98 13.46 9.00 35.86

-1.00 0.20 -1.44 -1.15 -0.09 -0.16 -0.13 -0.14 0.00 -1.05 0.03 0.18 -0.19 0.04 -0.90 0.13 -0.45 -0.15 -0.01 0.01 -1.88 -0.03 -0.68 1.70

Close 1,295.33 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 3518 697 938 18180 9817 133057 555997 5761785 1618 755170 360438 823205 1405928 2532746 502 185818 18625 6478814 95011 101 281 42447 105 18943

Change -4.28 Market cap 286,176.34 mn Div Yield (%) 5.99

13.99 49.75 87.99 164.89 185.00 2.90 8.48 3.01 13.79 189.47 15.20 11.74 115.35 36.18 46.59 13.85 139.99 13.05 1.72 3.40 139.40 14.69 17.80 46.25

% Change -0.33 5-Day High 1,299.62 5-Day Low 1,278.79

2009 Div BR (%) (%)

2010 Div BR (%) (%)

7.73 5 31.64 40 45 66.90 90 15 149.72 125 163.51 40 10B 40 1.78 3.20 1.28 9.15 15 15 168.65 6010B 40R 40 11.61 - 27.5R 9.11 103.21 131.5 10B 95 26.59 40 - 17.5 37.00 20 7.41 116.00 80 55 7.85 5 1.16 1.80 101.00 75 25 7.67 9.00 10 10B 32.00 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,135.87 Turnover 76,961 P/E (x) 5.88 Company

Paid up Cap(mn)

Century Paper Pak Paper Product Security Paper

707 50 411

PE 8.81 6.67

Open 16.43 43.65 42.79

High 16.83 45.83 44.92

High Low 1,181.57 1,142.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47 Low 16.45 45.47 43.01

Close Chg 16.64 0.21 45.81 2.16 43.25 0.46

Close 1,151.78 Listed cap 1,186.83 mn Payout (%) 25.28

Last 60 days High Low

Volume 11258 38611 27092

Change 15.90 Market cap 3,192.71 mn Div Yield (%) 4.30

21.80 62.85 44.92

15.28 38.61 38.00

% Change 1.40 5-Day High 1,151.78 5-Day Low 1,083.91

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,161.28 Turnover 113,516 P/E (x) 4.11 Paid up Cap(mn)

PE

Atlas Battery Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission

Open

101 4.75 160.13 626 7.90 109.44 890 1.72 598 18.92 22.50 450 3.40 4.65 1428 - 11.49 786 5.90 254.24 823 11.50 72.82 150 3.66 19.50 117 1.97

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe

565 675 555

International Ind Siddiqsons Tin

PE

Open

High

Low

Close Chg

Close 975.60 Listed cap 3,596.11 mn Payout (%) 30.91

Change -3.47 Market cap 9,480.91 mn Div Yield (%) 10.01

Last 60 days High Low

Volume

% Change -0.35 5-Day High 979.07 5-Day Low 967.95

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3.91 9.06

25.27 2.93 14.51

25.35 3.09 14.74

25.00 2.85 14.25

25.00 -0.27 2.98 0.05 14.50 -0.01

62104 15300 1618

25.98 3.39 16.75

23.75 1.65 12.25

-

30B

30 -

-

1199 10.61 785 10.22

50.80 9.10

51.40 8.99

50.70 8.51

50.93 0.13 8.99 -0.11

21203 6950

54.00 10.80

44.00 8.00

10

-

40 7.5

20B -

High

High Low 1,175.42 1,159.52 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 25.35 Low

Close Chg

Close 1,168.08 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 6.81 Market cap 42,319.61 mn Div Yield (%) 4.97

Last 60 days High Low

Change -17.33 Market cap 73,319.74 mn Div Yield (%) 2.58

% Change -1.68 5-Day High 1,030.67 5-Day Low 1,001.77

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.60 -

3.35 63.99 1.69

3.34 64.40 1.74

3.25 62.70 1.46

3.25 -0.10 62.74 -1.25 1.50 -0.19

10017 166713 7002

4.00 69.86 2.05

2.80 57.60 1.01

50 -

20B -

- 100R 50 -

182 956 26.23 982 13.46

19.15 11.90 1.75

19.49 12.00 1.80

18.33 11.50 1.66

18.70 -0.45 11.54 -0.36 1.75 0.00

7092 3091 11060

20.45 12.75 2.20

14.01 9.51 1.30

-

-

- 122R -

Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd

3574 3651 128.29 6933 14.85 502 3.65 1760 -

2.12 31.45 4.92 7.20 1.79

2.18 31.40 5.00 7.01 1.81

1.95 30.60 4.90 7.01 1.75

1.99 30.79 4.90 7.01 1.75

494683 5658384 170345 200 73879

2.22 31.95 5.50 8.20 2.20

1.30 23.40 4.52 4.25 1.70

-

20R 10B -

-

20R -

Frontier Ceramics Gharibwal Cement Kohat Cement

77 2319 1288

-

2.13 8.40 7.15

2.25 8.19 7.23

1.35 7.90 7.10

2.00 -0.13 7.90 -0.50 7.10 -0.05

5.00 8.70 8.70

1.18 2.11 5.50

-

-

-

-

13126 3234

6.84

3.05 77.46

3.27 77.74

3.02 75.50

3.17 0.12 76.14 -1.32

3396637 1596810

3.65 79.98

2.71 67.70

40

-

40

-

5261 541 2228

1.35 3.01 -

2.87 4.20 7.07

2.98 4.35 7.19

2.87 4.10 6.99

2.90 0.03 4.10 -0.10 7.12 0.05

132203 236 237051

3.40 8.89 8.58

2.51 3.51 6.56

9.75 -

-

-

-

361 798 479.25

8.50 20.17

8.50 19.20

8.12 19.17

8.25 -0.25 19.17 -1.00

11.00 22.24

6.30 18.00

-

-

-

50R

Company

Paid up Cap(mn)

Close 1,013.34 Listed cap 54,792.74 mn Payout (%) 19.04

Al-Abbas Cement Attock Cement Balochistan Glass Ltd

1828 866 858

Berger Paints Cherat Cement Dadabhoy Cement

Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Shabbir Tiles Thatta Cement

-0.13 -0.66 -0.02 -0.19 -0.04

183 8155 52424

405 1199

2009 Div BR (%) (%)

2010 Div BR (%) (%)

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 955.45 Turnover 310,954 P/E (x) 2.72 Company

Paid up Cap(mn)

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

PE

Open

115 2.88 78.81 230 2.43 1067 4.53 47.09 389 2.50 47 50.63 19.25 844 54.46 106.00 300 8.21 113.91

High

High Low 966.57 949.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91 Low

Close Chg

82.75 79.50 80.85 2.49 2.30 2.34 49.25 47.26 49.25 2.92 2.56 2.92 20.25 19.70 20.25 106.50 105.50 106.20 114.00 112.00 112.50

2.04 -0.09 2.16 0.42 1.00 0.20 -1.41

Close 960.50 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 262101 22009 5418 1110 5525 2802 11901

Change 5.05 Market cap 35,878.18 mn Div Yield (%) 5.71

Last 60 days High Low 82.75 3.13 61.99 3.84 20.25 111.88 115.00

34.00 1.70 45.75 1.60 11.81 98.00 96.01

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

10B -

% Change 0.53 5-Day High 967.66 5-Day Low 955.45 2010 Div BR (%) (%) 20 25 -

25B 10B -

PE

Open

High

Low

Abdullah Shah Ghazi Sugar793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas Sugar 70 Mirza Sugar 141 Mithchells Fruit 50 National Foods 414 Noon Pakistan 48 Pangrio Sugar 109 Premier Sugar 38 Punjab Oil XD 38 Quice Food 107 Sanghar Sugar 119 Shahmurad Sugar 211 Shak(RCPf)8.5 Perc 346 Shakarganj Mills 695 Tandlianwala 1177

11.54 0.85 5.01 1.03 11.76 3.41 6.98 11.57 33.01 2.87 3.69 5.26 0.39 8.96 16.19 3.42 0.49 8.99 3.09 0.96 18.39 318.18

5.00 16.49 50.01 12.40 70.74 3.90 2.88 21.39 33.87 12.20 72.28 87.00 65.67 63.84 6.35 71.00 42.83 23.03 6.00 49.99 39.23 2.06 13.80 13.11 3.64 7.19 34.00

6.00 16.03 50.00 13.00 74.27 3.80 3.19 21.24 34.20 12.50 74.00 88.00 66.00 64.98 6.35 74.25 44.35 24.00 6.25 52.25 41.19 2.29 13.80 13.10 4.64 7.88 35.00

6.00 16.02 49.25 12.30 67.21 3.40 2.80 20.35 33.53 12.25 68.67 83.50 62.39 63.00 6.01 73.00 43.00 21.88 6.00 48.02 41.19 2.06 13.10 12.60 3.78 6.75 34.00

Company

Paid up Cap(mn)

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

PE

Open

66 0.98 15.60 215 5.22 218.48 104 - 45.48 214 0.65 213 10.65 11.22 132 8.37 70.00 366 6.49 494.79

High

Low

Close Chg

15.20 15.06 15.15 218.90 217.01 218.00 44.60 43.50 44.08 0.82 0.60 0.67 11.90 11.20 11.50 70.80 69.50 69.90 499.00 495.00 495.79

-0.45 -0.48 -1.40 0.02 0.28 -0.10 1.00

Close 1,550.41 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 500 212 777 604 98892 178 36872

Change -1.03 Market cap 32,556.08 mn Div Yield (%) 15.79

Last 60 days High Low 21.72 227.45 51.99 1.00 18.80 88.00 597.90

14.12 200.00 40.50 0.21 10.55 68.81 390.00

Open 1,079.90 Turnover 108,704 P/E (x) 2.59 Company

Paid up Cap(mn)

Pak Elektron Singer Pak Tariq Glass Ind

Close Chg 6.00 16.02 49.25 12.76 71.96 3.40 2.90 21.13 33.86 12.50 73.94 85.80 62.39 63.01 6.25 73.71 43.39 23.91 6.00 49.01 41.19 2.07 13.39 12.69 3.78 6.85 35.00

1.00 -0.47 -0.76 0.36 1.22 -0.50 0.02 -0.26 -0.01 0.30 1.66 -1.20 -3.28 -0.83 -0.10 2.71 0.56 0.88 0.00 -0.98 1.96 0.01 -0.41 -0.42 0.14 -0.34 1.00

Close 1,591.04 Listed cap 11,335.33 mn Payout (%) 30.57

Volume 278 400 603 10000 403 101 87970 254 27364 1806 110 813 37987 1227 17081 385 8049 605 2101 308 500 7000 11190 14755 501 8737 860

High Low 1,087.93 1,068.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64

100 80 100 5 2

100 20 150 10 -

20B 30B 20B -

Change 2.88 Market cap 209,799.89 mn Div Yield (%) 0.86

20B 20B -

Total Assets (Rs in mn)

2.31

Total Equity (Rs in mn)

MA (100-day)

2.18

Revenue (Rs in mn)

MA (200-day)

2.46

Interest Expense

1st Support

2.44

Loss after Taxation

2nd Support

2.29

EPS 10 (Rs)

1st Resistance

2.70

Book value / share (Rs)

2nd Resistance

2.81

PE 11 E (x)

Pivot

2.55

PBV (x)

207,629.50 (525.11) 70,508.12 6,823.64 (14,641.22) (0.740) (0.02) (103.20)

KESC closed up 0.11 at 2.53. Volume was 860 per cent above average (trending) and Bollinger Bands were 59 per cent wider than normal. The company's loss after taxation stood at Rs1.728 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 2.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KESC (mildly bullish). Trend forecasting oscillators are currently bullish on KESC. Momentum oscillator is currently indicating that KESC is currently in an overbought condition.

Lafarge Pakistan Cement Ltd

% Change 0.18 5-Day High 1,593.94 5-Day Low 1,587.52

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

11.70 16.90 52.00 15.47 74.27 4.00 3.19 21.39 36.00 16.98 77.70 88.00 68.49 67.00 6.48 74.25 57.00 27.30 6.50 53.81 41.29 3.40 14.90 13.50 7.00 7.88 35.50

10 40 17.5 35 40 15 40 35 25 20 30 15 10 15 -

15 40 17.5 110R 0 12.5R 35 20B 15 20B 12 12 15 28R -

3.97 11.00 39.25 8.50 33.50 2.54 1.11 16.01 26.26 11.90 66.25 63.00 48.50 53.64 4.20 61.50 39.01 17.51 4.00 32.50 34.00 1.60 13.00 8.31 2.36 3.21 27.50

Close 1,076.79 Listed cap 3,763.71 mn Payout (%) 6.27

PE

Open

High

Low

Close Chg

Volume

1174 3.41 341 21.87 231 2.00

13.69 18.80 16.31

13.64 19.80 16.90

13.45 19.00 16.00

13.54 -0.15 19.46 0.66 16.69 0.38

49737 1586 57368

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

Change -3.12 Market cap 5,043.91 mn Div Yield (%) 2.42

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

60.75

Total Assets (Rs in mn)

19,704.24

MA (10-day)

3.02

Total Equity (Rs in mn)

9,763.73

MA (100-day)

2.98

Revenue (Rs in mn)

8,129.96

MA (200-day)

3.30

Interest Expense

1st Support

3.03

Loss after Taxation

2nd Support

2.90

EPS 09 (Rs)

1,230.81

1st Resistance

3.28

Book value / share (Rs)

2nd Resistance

3.40

PE 10 E (x)

Pivot

3.15

PBV (x)

(1,278.96) (0.974) 7.44 0.43

LPCL closed up 0.12 at 3.17. Volume was 229 per cent above average (trending) and Bollinger Bands were 52 per cent narrower than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 3.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LPCL (mildly bullish). Trend forecasting oscillators are currently bearish on LPCL.

Sui Southern Gas Company Limited

Last 60 days High Low 15.43 23.50 18.80

12.82 16.51 14.60

2009 Div BR (%) (%) -

10B 10B -

% Change -0.29 5-Day High 1,096.91 5-Day Low 1,076.79 2010 Div BR (%) (%) 17.5

10B -

Performance of SR Personal Goods Index Open 979.06 Turnover 16,188,828 P/E (x) 6.93 Company

Paid up Cap(mn)

Amtex Limited XD Artistic Denim Aruj Garments Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile J K Spinning Jubilee Spinning Khalid Siraj Kohinoor Ind Kohinoor Textile Leather Up Mehmood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Prosperity Ravi Textile Redco Textile Reliance Weaving Sally Textile Sana Ind Sargoda Spinning Saritow Spinning Service Ind Shadab Textile Shadman Cot Shahpur Textile Shield Corp Sunrays Textile Suraj Cotton Taj Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited

2415 840 62 133 4493 33 76 76 400 1150 316 2442 600 514 57 34 110 188 234 635 222 716 3105 100 99 180 184 325 107 303 1455 60 150 145 187 1596 3516 560 62 185 250 213 308 88 55 312 133 120 30 176 140 39 69 180 334 307 418 215 400 53

Company

20 400 35 450

150 25 650

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

High

Low

Close Chg

Volume

10.43 5.76 2.97 0.33 0.40 0.45 5.26 0.54 33.22 3.89 44.82 0.18 0.14 0.63 1.01 0.55 3.59 0.85 0.79 3.05 0.44 3.22 1.17 3.79 2.70 0.69 0.87 1.85 5.34 2.35 0.44 1.07 0.60 0.21 3.10 0.41 0.38 8.43 0.39 1.65 0.63 10.91 0.55 0.77 4.43 8.71 0.46 3.48

4.61 21.06 4.10 2.45 11.02 10.73 12.72 640.35 1.10 3.19 850.00 2.41 1.91 38.75 2.45 5.25 20.30 51.40 49.89 24.88 7.63 4.15 39.70 1.01 4.52 3.10 6.82 2.97 0.74 1.46 5.76 1.70 57.00 0.40 17.00 22.39 61.04 7.12 28.00 14.00 1.52 0.70 9.09 4.25 39.00 2.30 2.20 259.09 13.11 10.00 0.40 90.00 36.00 35.05 0.39 103.88 56.15 0.60 1.38 52.51

4.80 21.84 4.75 2.75 11.00 10.00 13.30 655.00 1.80 3.55 885.00 2.49 2.00 40.68 3.45 4.51 20.95 53.97 51.49 25.00 7.49 4.39 39.50 1.70 5.52 3.10 7.76 3.97 0.70 1.69 5.44 2.48 56.00 0.41 16.98 22.75 62.65 7.39 27.60 14.00 1.66 1.45 8.90 4.50 40.95 2.24 2.64 263.99 13.96 10.00 0.45 90.00 36.06 35.00 0.56 104.80 56.50 1.00 1.90 52.60

4.56 20.30 4.40 2.01 10.50 9.75 12.74 626.00 1.10 3.15 850.00 2.35 1.86 38.10 2.25 4.25 20.00 53.96 49.95 24.25 7.01 4.02 38.11 1.09 3.80 2.82 7.00 3.17 0.60 1.50 5.10 1.71 55.00 0.33 16.97 21.90 60.20 6.85 27.50 13.35 1.50 0.90 8.53 4.00 39.25 2.10 1.61 246.14 13.49 9.05 0.45 85.50 36.00 34.12 0.56 103.10 54.50 1.00 1.05 50.76

4.59 -0.02 20.73 -0.33 4.40 0.30 2.40 -0.05 10.67 -0.35 9.75 -0.98 12.74 0.02 634.00 -6.35 1.24 0.14 3.35 0.16 885.00 35.00 2.49 0.08 1.95 0.04 38.10 -0.65 2.35 -0.10 4.51 -0.74 20.92 0.62 53.97 2.57 50.50 0.61 25.00 0.12 7.03 -0.60 4.21 0.06 38.83 -0.87 1.60 0.59 5.20 0.68 2.96 -0.14 7.66 0.84 3.31 0.34 0.69 -0.05 1.50 0.04 5.30 -0.46 2.27 0.57 56.00 -1.00 0.40 0.00 16.97 -0.03 22.25 -0.14 62.19 1.15 6.97 -0.15 27.52 -0.48 13.97 -0.03 1.64 0.12 0.90 0.20 8.61 -0.48 4.19 -0.06 40.76 1.76 2.10 -0.20 2.31 0.11 246.14-12.95 13.96 0.85 9.05 -0.95 0.45 0.05 88.57 -1.43 36.00 0.00 34.12 -0.93 0.56 0.17 103.74 -0.14 54.70 -1.45 1.00 0.40 1.32 -0.06 52.03 -0.48

470098 6853 1100 10109 4800840 509 201 223 7170 24483 280 1652 2550 2203 1048 1016 5117 609 21461 897 161 179950 3651 46629 87988 4002 19055 237951 16282 4050 27468 6020 211 633 9000 2148332 7476740 10927 3200 19347 214331 2500 24610 826 16275 1001 32500 40537 200 101 2000 230 2000 604 1000 35379 62168 408 91126 581

Change -5.42 Market cap 129,261.83 mn Div Yield (%) 2.41

Last 60 days High Low 18.65 24.05 6.00 3.45 12.32 18.75 14.50 747.48 2.59 3.95 930.00 3.33 2.37 44.50 3.45 6.88 25.45 56.90 52.50 25.96 10.30 4.88 40.41 1.85 5.52 5.35 9.90 3.97 1.20 1.94 6.30 3.00 68.80 0.95 17.50 25.14 63.18 7.48 31.03 20.50 2.38 1.45 12.00 6.20 40.95 2.50 2.99 276.50 15.09 15.00 1.90 95.55 36.70 37.50 0.60 112.80 60.50 1.50 2.00 55.00

4.40 18.00 3.50 1.39 9.02 9.50 7.80 436.00 0.56 3.00 628.00 2.26 1.44 36.10 0.26 1.60 17.21 41.00 34.65 19.99 5.51 3.35 34.05 0.30 2.02 2.60 4.05 1.99 0.25 1.01 4.51 1.10 51.46 0.14 12.22 15.66 42.69 5.16 25.71 12.51 1.29 0.61 8.01 3.30 27.50 0.50 1.10 169.00 7.56 8.00 0.18 43.29 30.03 29.00 0.25 86.50 37.20 0.26 0.86 33.00

2009 Div BR (%) (%)

% Change -0.55 5-Day High 980.94 5-Day Low 972.02 2010 Div BR (%) (%)

30 20 20 7.5 20 120 5 115 15B 5 7.5 35 -100SD 70 5 - 12.5 - 10B 10 10 20 10 20 4050.2257B 60 - 20SD - 50R 15 20 25 12.5 7.5 50 20 30 - 25SD 10 35 60 5 200 10 - 30B 10 10 15 50 20 20B 80 4 40 10B 35

15B 20B 5B 45R 20B -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

31.22

Total Assets (Rs in mn)

MA (10-day)

22.40

Total Equity (Rs in mn)

MA (100-day)

22.35

Revenue (Rs in mn)

110,759.62 14,072.35 127,613.53

MA (200-day)

20.60

Interest Expense

5,015.89

1st Support

20.45

Profit after Taxation

4,399.15

2nd Support

20.00

EPS 10 (Rs)

6.554

1st Resistance

21.65

Book value / share (Rs)

20.97

2nd Resistance

22.40

PE 11 E (x)

3.14

Pivot

21.20

PBV (x)

0.99

SSGC closed down -0.55 at 20.83. Volume was 35 per cent above average and Bollinger Bands were 33 per cent narrower than normal. The company's profit after taxation stood at Rs1.113 billion which translates into an Earning Per Share of Rs1.66 for the 1st quarter of current fiscal year (1QFY11). SSGC is currently 1.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SSGC at a relatively equal pace. Trend forecasting oscillators are currently bearish on SSGC.

JS Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

46.10

Total Assets (Rs in mn)

32,894.92

MA (10-day)

2.73

Total Equity (Rs in mn)

5,654.56

MA (100-day)

2.53

Revenue (Rs in mn)

2,527.30

MA (200-day)

3.03

Interest Expense

1,806.71

1st Support

2.60

Loss after Taxation

(594.94)

2nd Support

2.55

EPS 09 (Rs)

1st Resistance

2.70

Book value / share (Rs)

2nd Resistance

2.75

PE 10 E (x)

Pivot

2.65

PBV (x)

(0.98) 9.23 0.28

JSBL closed down -0.06 at 2.61. Volume was 34 per cent below average and Bollinger Bands were 21 per cent narrower than normal. The company's loss after taxation stood at Rs404.872 million which translates into a Loss Per Share of Rs0.66 for the nine months of current calendar year (9MCY10). JSBL is currently 13.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of JSBL (mildly bearish). Trend forecasting oscillators are currently bearish on JSBL.

BOOK CLOSURES Company

From

To

Fauji Fertiliser Bin Qasim

14-Dec

20-Dec

12.50(iii)

6-Dec

-

Oil and Gas Development Co

14-Dec

21-Dec

15(i)

6-Dec

-

Mirpurkhas Sugar Mills

16-Dec

30-Dec

15.20(B)

-

30-Dec

Siemens Pakistan

20-Dec

29-Dec

600

8-Dec

29-Dec

JS Investment #

21-Dec

27-Dec

-

-

27-Dec

PHARMA AND BIO TECH

Asian Stocks Fund #

22-Dec

28-Dec

-

-

27-Dec

Safeway Mutnal Fund #

22-Dec

28-Dec

-

-

27-Dec

Performance of SR Pharma and Bio Tech Index

Maple Leaf Cement #

22-Dec

29-Dec

-

-

Descon Chemicals #

24-Dec

30-Dec

-

-

30-Dec

BOC Pakistan #

11-Jan

17-Jan

-

-

17-Jan

Paid up Cap(mn) 979 250 1707 165 200 306 142

Close 973.64 Listed cap 47,070.70 mn Payout (%) 16.68

Open

Open 911.55 Turnover 94,617 P/E (x) 7.04

2010 Div BR (%) (%)

High Low 990.76 968.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64

PE

% Change -0.07 5-Day High 1,555.48 5-Day Low 1,541.15

10B 25B

2010 Div BR (%) (%)

PERSONAL GOODS

2009 Div BR (%) (%) 20B 25B

2009 Div BR (%) (%)

73.56

MA (10-day)

Performance of SR Household Goods Index

Performance of SR Industrial Engineering Index High Low 1,560.11 1,547.23 Total cos Defaulter cos P/BV (x) ROE (%) 3.16 38.02

131.00 92.50 1.20 21.00 4.03 9.65 215.99 69.25 17.92 1.53

% Change 0.59 5-Day High 1,179.26 5-Day Low 1,161.28

RSI (14-day)

HOUSEHOLD GOODS

INDUSTRIAL ENGINEERING Open 1,551.44 Turnover 138,038 P/E (x) 8.33

4703 187.90 455 122.51 227757 1.88 1523 26.70 50960 6.09 12546 13.40 5311 282.45 18295 79.50 3668 27.58 15903 3.25

High Low 1,621.96 1,560.57 Total cos Defaulter cos P/BV (x) ROE (%) 10.71 30.30

Paid up Cap(mn)

Company

Performance of SR Construction and Materials Index High Low 1,032.59 1,005.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10

160.60 159.00 159.00 -1.13 109.50 107.50 109.00 -0.44 1.79 1.55 1.59 -0.13 22.45 21.95 21.95 -0.55 4.95 4.65 4.89 0.24 11.67 11.50 11.50 0.01 259.50 256.00 258.56 4.32 73.22 72.00 72.25 -0.57 20.48 19.00 19.60 0.10 1.95 1.80 1.82 -0.15

Open 1,588.17 Turnover 241,667 P/E (x) 35.34

CONSTRUCTION AND MATERIALS Open 1,030.67 Turnover 12,027,849 P/E (x) 7.37

-

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 986.15 965.82 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 33.10

40 15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 979.07 Turnover 107,175 P/E (x) 3.09

20B -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,307.01 1,290.49 Total cos Defaulter cos P/BV (x) ROE (%) 2.85 35.00

30

Karachi Electric Supply Corp Ltd

% Change 2.22 5-Day High 744.01 5-Day Low 727.84

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,299.62 Turnover 18,247,491 P/E (x) 8.14

2009 Div BR (%) (%)

Alert ! Unusual Movements

PE

Open

High

High Low 912.49 902.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.57 22.31 Low

Close Chg

8.70 100.11 99.31 99.05 99.29 6.34 84.80 85.00 83.50 84.00 13.51 75.50 75.74 74.70 75.14 7.32 26.15 26.50 25.62 26.41 6.21 8.25 8.65 7.70 7.70 5.51 61.51 61.50 61.25 61.25 120.83 1049.00 1060.00 1040.00 1050.00

-0.82 -0.80 -0.36 0.26 -0.55 -0.26 1.00

Close 906.88 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 266 2292 6384 68606 7903 9042 123

Change -4.67 Market cap 30,216.95 mn Div Yield (%) 6.32

Last 60 days High Low 104.00 118.00 76.00 26.98 9.00 64.50 1060.00

78.99 82.20 65.00 22.60 6.81 57.05 761.00

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

20B 15B -

% Change -0.51 5-Day High 911.55 5-Day Low 896.94 2010 Div BR (%) (%) 20 30 -

20B -

D/B/R

Spot AGM/Date

29-Dec

INDICATIONS # Extraordinary General Meeting

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

Open 52.39 3.87 83.62 97.59 300.52 116.9 29.15 2.2 48.53 2.93 19.13

High 54 3.95 84.48 102.46 315.54 114.5 29.49 2.25 49.25 3.09 19.24

Low Close 53 3.74 81.01 92.72 285.51 114 29 2.16 46.65 2.9 18.8

53.5 3.78 83.58 102.46 295.67 114 29 2.25 46.76 2.93 18.84

Change 1.11 -0.09 -0.04 4.87 -4.85 -2.9 -0.15 0.05 -1.77 0 -0.29

Vol 5120 2122242 3040 3566 3023 14747 202 86857 2261 849852 161360


7

Wednesday, December 8, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,146.39 Turnover 978,781 P/E (x) 6.20 Paid up Cap(mn)

Company

Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd

High Low 1,154.51 1,132.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84

PE

Open

High

Low

Close Chg

37740 12.87 3000 0.65 8606 6175 -

19.51 2.18 2.66 3.47

19.60 2.24 2.74 3.58

19.26 2.18 2.61 3.47

19.30 2.19 2.63 3.50

-0.21 0.01 -0.03 0.03

Close 1,135.08 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 143724 318941 516016 96851

Change -11.32 Market cap 78,546.93 mn Div Yield (%) 10.09

Last 60 days High Low 20.12 2.69 2.98 4.50

17.70 1.80 2.31 3.35

% Change -0.99 5-Day High 1,158.93 5-Day Low 1,128.56

2009 Div BR (%) (%) 15 -

2010 Div BR (%) (%)

-

17.5 1 -

Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Silver Star Insurance

204 6.96 369 5.95 279 6.67 457 6.88 1250 400 3.05 791 15.69 3000 41.59 350 253 4.19

Paid up Cap(mn)

Company

PE

Genertech 198 Hub Power 11572 6.64 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.58 Kohinoor Power 126 2.60 Kot Addu Power 8803 4.87 Nishat Chunian Power Ltd 3673 3.35 Nishat Power Ltd 3541 25.81 Sitara Energy Ltd 191 3.50 Southern Electric 1367 Tri-star Power XD 150 -

Open

High

0.90 36.47 1.81 2.42 19.48 4.24 39.60 15.51 16.30 18.46 2.12 1.03

0.95 36.50 1.82 2.66 19.50 4.50 40.30 15.71 16.40 18.77 2.20 1.11

Low 0.80 36.02 1.73 2.40 19.00 4.08 39.60 15.15 15.85 18.15 2.09 1.00

Close Chg 0.90 36.25 1.75 2.53 19.04 4.26 40.10 15.27 16.00 18.75 2.10 1.11

0.00 -0.22 -0.06 0.11 -0.44 0.02 0.50 -0.24 -0.30 0.29 -0.02 0.08

Close 1,248.96 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 12405 811116 43671 4225239 5602 778 1101383 7967854 4484075 2649 258694 1100

Change -1.50 Market cap 102,337.81 mn Div Yield (%) 7.61

Last 60 days High Low 1.45 37.05 2.25 2.66 26.50 6.10 42.95 15.80 16.70 23.49 2.90 1.75

0.51 32.75 1.20 1.94 17.95 4.08 38.35 10.00 9.75 17.98 2.05 0.33

% Change -0.12 5-Day High 1,250.46 5-Day Low 1,239.12

2009 Div BR (%) (%) 33.5 45 64.5 20 3

Open 953.66 Turnover 4,236 P/E (x) 105.38

50 - 7.8R 15 50 20 -

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,527.97 Turnover 1,017,930 P/E (x) 9.68 Company Sui North Gas XD Sui South Gas

High Low 1,566.94 1,503.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 11.41

Close 1,507.88 Listed cap 12,202.80 mn Payout (%) 66.79

Change -20.09 Market cap 32,301.55 mn Div Yield (%) 6.90

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.04 3.14

26.86 21.38

27.50 21.95

26.96 20.75

27.00 0.14 20.83 -0.55

270487 747443

34.75 30.70

26.05 20.00

% Change -1.31 5-Day High 1,625.54 5-Day Low 1,507.88

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

20 15

25B

BANKS Performance of SR Banks Index Open 1,114.76 Turnover 23,698,880 P/E (x) 7.97 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 6.22 62.93 Askari Bank 6427 7.89 16.89 Atlas Bank 5001 1.66 Bank Alfalah 13492 13.10 10.07 Bank AL-Habib 7322 7.44 34.35 Bank Of Khyber 5004 5.47 4.18 Bank Of Punjab 5288 - 10.03 BankIslami Pak 5280 827.50 3.37 Faysal Bank XB 7309 4.76 15.00 Habib Bank Ltd 10019 7.04 114.13 Habib Metropolitan Bank 8732 7.68 25.01 JS Bank Ltd 6128 2.67 KASB Bank Ltd 9509 2.65 MCB Bank Ltd XD 7602 9.63 217.27 Meezan Bank 6983 8.41 15.99 Mybank Ltd 5304 2.45 National Bank 13455 6.00 69.32 NIB Bank 40437 2.93 Royal Bank Ltd 17180 4.67 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.70 Soneri Bank 6023 7.35 Stand Chart Bank 38716 12.32 8.25 Summit Bank Ltd 5000 3.32 United Bank Ltd 12242 7.38 63.00

High

High Low Close 1,123.90 1,100.30 1,111.48 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.11 13.94 40.49 Low

Close Chg

64.05 61.60 63.98 1.05 17.00 16.50 16.56 -0.33 1.67 1.60 1.61 -0.05 10.55 10.02 10.22 0.15 34.65 34.26 34.51 0.16 4.29 4.10 4.10 -0.08 10.38 9.95 10.08 0.05 3.50 3.22 3.31 -0.06 15.13 14.70 14.75 -0.25 114.30 112.13 112.76 -1.37 25.60 24.50 25.11 0.10 2.70 2.60 2.61 -0.06 2.70 2.26 2.68 0.03 218.20 215.30 217.18 -0.09 15.99 15.90 15.90 -0.09 2.55 2.32 2.36 -0.09 69.65 68.30 68.72 -0.60 2.95 2.91 2.92 -0.01 4.71 4.61 4.66 -0.01 1.85 1.79 1.80 0.00 2.75 2.64 2.66 -0.04 7.40 7.06 7.10 -0.25 8.39 8.00 8.01 -0.24 3.49 3.20 3.40 0.08 63.15 62.01 62.79 -0.21

Volume

Change -3.28 Market cap 673,011.18 mn Div Yield (%) 5.08

Last 60 days High Low

662821 64.05 857663 17.20 22801 2.55 8018165 10.55 107458 34.65 18819 4.70 4342062 10.59 11029 3.88 60345 17.10 154012 115.95 2417537 26.74 113380 3.00 59860 2.90 1103509 218.20 5000 16.32 30002 2.69 3892918 70.75 496467 3.18 50420 8.10 110413 2.65 587059 3.08 34223 8.00 35059 8.80 85303 3.80 507858 63.50

48.51 14.10 1.50 7.65 29.30 2.50 7.56 2.70 12.85 92.55 18.02 2.00 2.10 182.61 14.05 1.81 61.99 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90

% Change -0.29 5-Day High 1,114.76 5-Day Low 1,058.88

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

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

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

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company Adamjee Insurance

High Low 763.52 744.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20

Close 748.94 Listed cap 11,111.34 mn Payout (%) 79.54

Change -6.58 Market cap 46,528.41 mn Div Yield (%) 6.42

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.58

81.93

82.49

81.07

81.34 -0.59

343539

84.45

63.05

% Change -0.87 5-Day High 760.08 5-Day Low 746.44

2009 Div BR (%) (%) 30

2010 Div BR (%) (%)

10B

10

-

11.49 37.45 58.72 11.00 45.12 12.80 58.21 16.22 6.11 6.75

0.04 0.21 -1.27 -0.32 -0.47 0.19 0.03 -0.21 -0.24 -0.02

747 1989 1766 4500 22944 7650 1506 338147 1385 1000

12.75 37.95 64.80 12.00 48.63 13.00 60.90 17.20 8.30 8.17

8.45 27.37 47.37 9.42 34.76 10.04 52.25 12.50 1.66 6.01

East West Life EFU Life Assurance

High Low 945.73 942.30 Total cos Defaulter cos P/BV (x) ROE (%) 4.06 3.85

Close 945.23 Listed cap 2,290.72 mn Payout (%) 355.53

40 20 40 35 30 30 -

10B 25B 8.7B 20B 20B

Change -8.43 Market cap 10,887.47 mn Div Yield (%) 3.37

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

455 850 46.52

2.90 82.01

2.85 82.00

2.85 81.21

2.85 -0.05 81.88 -0.13

2500 1735

4.62 86.95

10 -

UPTO 100 VOLUME

25R 10B -

Symbols FANM IDYM ILTM STJT BWHL PAKD SIEM RMPL GAMON BAFS SHJS EXIDE RICL UPFL PASM NESTLE FFLM PINL KML RUPL FZTM ETNL MSOT ULEVER MWMP UNIC CRTM ISTM DIIL SMTMR BILF HWQS FIBLM SCLL GLPL EMCO CSIL ASHT AASM SMCPL HINO FPJM FCIBL IGIIL DATM GUSM SAIF SFL ALTN JOPP PTEC GVGL ATFF ALICO AATM BROT GUTM JDMT KOSM GFIL FECS TICL SAPL BUXL ICL HADC GRAYS

% Change -0.88 5-Day High 963.51 5-Day Low 935.87

2009 Div BR (%) (%)

2.05 52.00

2010 Div BR (%) (%)

- 10R 5513.33B

-

20R -

FINANCIAL SERVICES Performance of SR Financial Services Index Open 438.28 Turnover 4,573,606 P/E (x) 10.17

High Low 442.03 427.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 0.91

Close 431.60 Listed cap 30,336.44 mn Payout (%) 99.56

Change -6.68 Market cap 29,837.61 mn Div Yield (%) 3.09

PE

AMZ Ventures

225

1.32

0.58

0.58

0.58

0.58 0.00

4000

0.95

0.42

-

-

-

-

Arif Habib Investments Arif Habib Limited

360 3.52 450 13.33

17.79 26.41

18.29 26.41

17.70 26.00

17.90 0.11 26.12 -0.29

5944 17359

19.98 34.00

13.00 24.40

15

25B

-

20B 20B

Arif Habib Corp Dawood Equities First National Equity Grays Leasing IGI Investment Bank Invest and Fin Sec

Open

High

Low

Close Chg

Last 60 days High Low

% Change -1.52 5-Day High 441.03 5-Day Low 428.77

Paid up Cap(mn)

Company

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3750 250

4.67 -

25.76 1.92

25.95 2.05

25.25 1.83

25.38 -0.38 1.84 -0.08

1605891 5899

27.02 2.70

20.90 1.51

-

-

30 -

-

575

-

8.93

8.95

8.01

8.91 -0.02

1171

11.75

6.84

-

-

-

-

215

-

1.51

2.50

0.82

1.15 -0.36

5295

2.90

0.18

-

-

-

-

2121 16.06

2.59

2.65

2.57

2.57 -0.02

37118

2.90

1.17

-

-

-

-

600 687.00

6.96

6.89

6.50

6.87 -0.09

2000

9.00

6.16

-

-

11.5

Invest Bank

2849

-

0.61

0.70

0.56

0.62 0.01

10226

1.00

0.44

-

-

-

-

Ist Cap Securities Ist Dawood Bank

3166 626

0.66

3.50 1.87

3.60 1.90

3.41 1.82

3.52 0.02 1.85 -0.02

13809 10149

4.80 2.84

2.54 1.32

-

10B -

-

10B -

Jah Siddiq Co

7633

-

13.09

13.17

12.58

12.66 -0.43

3848636

JOV and CO

508

-

4.13

4.34

4.01

4.03 -0.10

191826

JS Global Cap

500

7.85

29.80

29.99

29.01

29.20 -0.60

JS Investment

1000 28.96

6.92

6.97

6.81

6.95 0.03

KASB Securities

4.41

4.50

4.40

4.47 0.06

14.05

7572

-243.778B 10

-

5.38

1.96

-

-

-

-

40.00

24.25

150

-

-

-

7.59

5.10

-

-

-

-

298064 23145

8.80

-

1000

-

3.32

-

-

-

-

Orix Leasing

821

5.13

6.80

6.98

6.50

6.98 0.18

1665

7.29

4.50

-

-

-

-

Pervez Ahmed Sec

775

-

2.24

2.40

2.18

2.21 -0.03

89723

2.70

1.35

-231.08R

-

4.70

-

EQUITY INVESTMENT INSTRUMENTS

Open

Open 1,206.69 Turnover 6,090,567 P/E (x) 18.57 Company

Paid up Cap(mn)

AL-Meezan Mutual F. B F Modaraba XB B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced F. Mod Al-Mali NAMCO Balanced F. Pak Modaraba Pak Prem Fund Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba

PE

1375 75 780 65 200 113 524 581 760 397 1008 3180 1186 1200 184 1000 125 1698 59 1000 2835 2841 872 454 212 50 264

6.08 2.14 3.77 3.11 1.50 3.56 10.13 0.64 2.18 2.13 5.74 56.63 16.07 6.13 10.50 5.63 4.80 12.42 6.64 1.80 7.06 6.16 2.07 4.29 3.83 1.64

Open 7.19 3.89 1.78 1.50 0.60 2.97 1.69 2.01 3.04 6.60 6.69 4.60 4.46 6.25 1.00 3.60 1.00 8.87 8.50 6.34 10.90 5.38 0.91 8.92 1.30 1.02 5.79

High 7.34 3.89 1.92 1.55 0.60 3.00 1.65 2.08 3.10 6.50 6.78 4.89 4.69 6.39 1.24 3.60 1.00 9.04 8.50 6.30 11.06 5.52 0.91 8.99 1.30 1.68 5.79

High Low 1,230.59 1,194.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 2.21 Low 7.20 2.89 1.66 1.16 0.56 2.85 1.56 2.00 3.00 6.40 6.66 4.40 4.40 6.00 1.01 3.55 0.94 8.76 8.50 6.10 10.90 5.25 0.81 8.75 1.30 0.90 5.79

Close Chg 7.30 3.25 1.66 1.37 0.60 2.85 1.62 2.01 3.05 6.40 6.66 4.53 4.50 6.38 1.05 3.60 0.96 8.94 8.50 6.20 11.02 5.42 0.91 8.75 1.30 1.38 5.79

0.11 -0.64 -0.12 -0.13 0.00 -0.12 -0.07 0.00 0.01 -0.20 -0.03 -0.07 0.04 0.13 0.05 0.00 -0.04 0.07 0.00 -0.14 0.12 0.04 0.00 -0.17 0.00 0.36 0.00

Close 1,211.70 Listed cap 29,771.58 mn Payout (%) 104.74

Volume 147598 10063 507 1164 17003 52025 15166 31513 174822 37500 8042 2788877 97042 30794 55632 39400 1525 751668 1025 13111 54336 1655226 54755 30110 13429 101 8000

7.34 4.90 2.37 2.99 1.10 3.09 2.37 2.24 3.88 7.00 6.79 4.89 4.73 6.64 2.18 3.70 1.40 9.39 9.45 6.45 11.20 5.52 1.20 10.99 5.80 2.87 6.99

5.85 2.89 0.90 0.90 0.25 1.73 0.76 1.30 2.56 5.11 5.70 2.65 2.31 5.15 0.56 2.25 0.30 7.00 7.11 4.33 7.90 3.50 0.76 7.75 0.50 0.86 4.71

3.00 279.90 144.64 18.26 31.90 80.00 1305.00 2074.96 2.45 60.00 94.51 186.50 6.51 1060.00 10.25 2274.00 1.63 10.60 2.95 36.29 419.00 21.50 19.20 4124.00 1.72 6.01 18.50 6.49 11.24 0.04 1.87 22.78 2.95 2.70 62.00 3.25 5.00 4.00 23.55 6.25 134.49 1.45 3.05 90.90 0.35 6.90 5.00 117.60 10.70 7.82 2.20 37.50 4.48 17.01 1.05 0.69 27.00 15.14 1.24 3.76 44.00 69.85 132.00 9.00 27.25 0.69 54.10

Low

Close

3.00 278.00 144.00 18.00 31.90 79.99 1293.00 1950.00 1.99 57.00 94.50 180.70 6.51 1046.00 10.00 2115.00 1.63 10.10 2.30 36.29 392.04 20.60 18.50 4011.01 1.46 6.01 18.50 6.49 9.28 0.03 1.25 22.78 2.95 2.65 62.00 3.25 3.27 3.00 23.25 6.25 133.41 1.43 3.05 88.02 0.30 6.17 4.98 117.60 10.70 7.81 1.90 34.68 4.48 16.95 0.99 0.69 27.00 15.14 1.24 3.76 44.00 69.85 132.00 8.41 27.25 0.69 53.75

3.00 278.63 144.01 18.00 31.90 80.00 1295.00 1950.00 1.99 60.00 94.51 185.84 6.51 1060.00 10.25 2170.00 1.63 10.55 2.95 36.29 395.63 21.18 18.55 4099.68 1.69 6.01 18.50 6.49 9.35 0.03 1.35 22.78 2.95 2.65 62.00 3.25 4.25 4.00 23.55 6.25 133.41 1.43 3.05 88.02 0.30 6.54 4.98 117.60 10.70 7.81 2.20 37.50 4.48 17.01 0.99 0.69 27.00 15.14 1.24 3.76 44.00 69.85 132.00 9.00 27.25 0.69 53.75

Change

Vol

0.00 -0.29 6.25 0.64 -1.25 0.66 -12.10 -51.65 0.49 0.00 -4.49 -0.16 0.00 -40.99 -0.51 3.25 0.13 0.01 -0.01 0.99 -17.04 -0.32 -0.20 14.18 0.05 -0.39 -0.12 0.00 -0.90 0.02 -0.17 1.00 0.42 0.15 -0.50 -0.13 0.00 0.00 -0.63 0.19 0.35 0.05 -0.75 -2.10 -0.05 -0.61 0.63 5.60 0.01 0.15 -0.05 1.00 0.28 -0.92 -0.09 0.11 -1.26 0.39 0.27 -0.99 2.00 3.32 1.03 -0.25 -0.16 0.00 2.20

100 100 100 100 100 100 88 77 73 68 60 52 38 28 27 26 25 16 15 15 14 14 13 12 11 10 10 10 10 9 7 6 5 5 5 5 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

Change 5.00 Market cap 17,615.36 mn Div Yield (%) 8.77

Last 60 days High Low

High

3.00 278.92 137.76 17.36 33.15 79.34 1307.10 2001.65 1.50 60.00 99.00 186.00 6.51 1100.99 10.76 2166.75 1.50 10.54 2.96 35.30 412.67 21.50 18.75 4085.50 1.64 6.40 18.62 6.49 10.25 0.01 1.52 21.78 2.53 2.50 62.50 3.38 4.25 4.00 24.18 6.06 133.06 1.38 3.80 90.12 0.35 7.15 4.35 112.00 10.69 7.66 2.25 36.50 4.20 17.93 1.08 0.58 28.26 14.75 0.97 4.75 42.00 66.53 130.97 9.25 27.41 0.69 51.55

Performance of SR Equity Investment Instruments Index

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 755.52 Turnover 725,242 P/E (x) 12.40

Paid up Cap(mn)

Company

2010 Div BR (%) (%)

31R -

10.51 37.00 58.51 10.80 45.01 12.60 56.60 16.15 6.11 6.75

Performance of SR Life Insurance Index

Performance of SR Electricity Index High Low 1,262.93 1,236.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.28 9.35

11.49 37.45 60.90 11.31 45.99 12.85 60.90 16.60 6.49 6.79

LIFE INSURANCE

-

ELECTRICITY Open 1,250.46 Turnover 18,914,568 P/E (x) 13.69

11.45 37.24 59.99 11.32 45.59 12.61 58.18 16.43 6.35 6.77

% Change 0.41 5-Day High 1,211.70 5-Day Low 1,184.07

Symbols

Open

High

Low

Close

NML-DEC

61.54

62.99

60.66

62.57

DGKC-DEC

31.57

31.45

30.80

30.93

Change -0.64

670500

Vol

1.03 2171000

NBP-DEC

69.88

70.00

68.90

69.20

-0.68

266500

POL-DEC

275.75

278.60

274.05

277.36

1.61

257000

MCB-DEC

217.38

218.00

215.50

217.34

-0.04

238500

2009 Div BR (%) (%)

2010 Div BR (%) (%)

PPL-DEC

202.34

204.60

202.35

203.34

1.00

ANL-DEC

11.10

11.05

10.65

10.78

-0.32

163000

FFBL-DEC

34.73

35.11

34.65

34.75

0.02

142000

4.5 5 20 10 5 15 16.5 10

18.5 0 1.2 5 17 11 21 5 10 15.5 15 3 18.6 18 10 20 10 3 17 12.5

ENGRO-DEC 187.96

188.89

186.65

187.06

-0.90

PSO-DEC

-

10B -

175500

93500

286.73

287.00

284.35

286.47

-0.26

86000

LUCK-DEC

77.78

77.70

76.00

76.59

-1.19

57500

BOP-DEC

10.10

10.40

10.10

10.15

0.05

39500

AICL-DEC

82.56

83.00

81.76

81.94

-0.62

18500

PTC-DEC

19.60

19.70

19.40

19.55

-0.05

13000

UBL-DEC

63.35

63.20

62.50

62.99

-0.36

11000

OGDC-DEC 164.50

165.00

164.50

164.50

0.00

10000

FFC-DEC

115.80

114.75

114.75

114.75

-1.05

2000

NCL-DEC

22.85

22.72

22.60

22.72

-0.13

1000

Symbols

Open

ZERO VOLUME AASMR

High

Low

Close

Change

Vol

0.45

0.38

0.38

0.38

-0.07

0.00

AGL

23.25

23.00

23.00

23.00

-0.25

0.00

ASFL

2.61

2.81

2.81

2.81

0.20

COTT

0.81

0.86

0.86

0.86

0.05

0.00

CPAL

2.40

2.20

2.20

2.20

-0.20

0.00

CSMD

5.00

5.25

5.25

5.25

0.25

0.00

0.00

ESBL

2.84

2.79

2.79

2.79

-0.05

0.00

IDEN

11.70

11.50

11.50

11.50

-0.20

0.00

JVDC

59.98

58.00

58.00

58.00

-1.98

0.00

KCL

9.45

9.00

9.00

9.00

-0.45

0.00

MFTM

1.25

1.10

1.10

1.10

-0.15

MQTM

7.29

7.52

7.52

7.52

0.23

0.00

NJLIC

47.50

47.00

47.00

47.00

-0.50

0.00

PECO

285.00

280.00

280.00

280.00

-5.00

0.00

0.00

PHDL

34.65

35.01

35.01

35.01

0.36

0.00

QUET

43.04

43.00

43.00

43.00

-0.04

0.00

BOARD MEETINGS

Bank Alfalah Ltd

KSE 100 INDEX

Dera Ghazi Khan Cement Co Ltd

Nishat Mills Ltd

Company

Date

Time

Hala Enterprises Ltd Sigma Leasing Corporation Ltd Mehran Sugar Mills Mirza Sugar Mills Limited Pangrio Sugar Mills Limited KASB Securities Limited Fauji Fertiliser Bin Qasim Ltd

08-Dec 08-Dec 09-Dec 09-Dec 09-Dec 09-Dec 23-Dec

10:30 11:00 10:30 10:30 12:00 10:00 10:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

78.91

MA (5-day)

Leverage Position Support 1

11,368.62

Brokerage House

11,398.75

Support 2

*Arif Habib Ltd

11,267.65

Resistance 1

11,472.50

MA (100-day)

10,328.12

Resistance 2

11,514.00

TFD Research

10,154.68

Pivot

resistance level at 11,472.50 and 2nd resistance level at 11,514.00, while

10.25

Brokerage House AKD Securities Ltd

Accumulate

Rs Recommendations

59.97

Buy

TFD Research

Technical Outlook 68.29 9.75 9.01 9.93

Fair Value

74.2

Positive

674.58 6,894.19 N/A 10.22

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

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

71.10 59.74 49.82 50.87

175.80 10,933.00 206.68 61.52

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

BAFL closed up 0.15 at 10.22. Volume was 275 per cent above average NML closed up 1.15 at 62.19. Volume was 102 per cent above average Index will continue to find its 1st support level at 11,398.75 and 2nd sup(trending) and Bollinger Bands were 45 per cent narrower than normal. and Bollinger Bands were 48 per cent wider than normal. port level at 11,366.55. KSE 100 INDEX is currently 12.6 per cent above its 200-day moving average BAFL is currently 3.0 per cent above its 200-day moving average and is NML is currently 22.2 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is extremely low when compared displaying a downward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators strong flows of volume into NML (bullish). Trend forecasting oscillators are 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 BAFL (mildly bullish). Trend forecast- currently bullish on NML. Momentum oscillator is currently indicating that ing oscillators are currently bearish on BAFL.

indicating that INDEX is currently in an overbought condition.

Brokerage House

AKD Securities Ltd

Brokerage House

Fair Value

Rs Recommendations

82.1

Buy

*Arif Habib Ltd

Neutral

AKD Securities Ltd

*Arif Habib Ltd

61.96

TFD Research

92.3

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

61.19 67.08 66.16 69.90

Sell

*Arif Habib Ltd

Accumulate

AKD Securities Ltd

29.1

Negative

Brokerage House

TFD Research

Technical Outlook

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

Rs Recommendations

34.7 32.06

318.37 21,878.18 93.94 69.00

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

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

79.76 34.68 29.79 29.73

326.94 11,688.05 18.80 35.79

43.29

Buy

36.85

Positive

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

64.63 29.43 26.53 26.87

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

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

182.55 5,620.70 40.62 31.06

* Target price for Dec-10 & **Net Open Interest in future market DGKC closed down -0.66 at 30.79. Volume was 40 per cent above aver-

Bollinger Bands were 21 per cent wider than normal.

62.35

60.75

64.80

65.65

63.20

49.85

62.15

61.60

63.85

65.00

63.30

Arif Habib Corp

52.60

25.10

24.85

25.80

26.25

25.55

Arif Habib Limited

45.07

25.95

25.75

26.35

26.60

26.20

Adamjee Insurance

60.13

80.75

80.20

82.20

83.05

81.65

Askari Bank

61.30

16.40

16.20

16.90

17.20

16.70

Azgard Nine

44.97

10.45

10.20

10.95

11.20

10.70

Attock Petroleum

56.37

322.55

320.80

325.55 326.80 323.80

Attock Refinery

50.04

115.30

112.60

120.65 123.30 117.95

Bank Alfalah

68.29

9.95

9.75

BankIslami Pak

49.89

3.20

3.05

3.45

3.60

3.35

Bank Of Punjab

62.78

9.90

9.70

10.35

10.55

10.15

Dewan Cement

63.36

1.90

1.80

2.15

2.25

2.05

DGK Cement

64.63

30.45

30.15

31.25

31.75

30.95

Dewan Salman

73.40

2.50

2.40

2.85

3.05

Dost Steels Ltd

10.50

10.80

10.25

2.70

60.21

2.85

2.75

3.10

3.20

2.95

EFU General Insurance 52.20

44.75

44.40

45.75

46.35

45.35

EFU Life Assurance

61.00

81.40

80.90

82.20

82.50

81.70

Engro Chemical

60.04

184.65

183.60

Faysal Bank

49.32

14.60

14.45

Fauji Cement

44.55

4.90

4.85

5.00

5.05

4.95

displaying an upward trend. Volatility is high as compared to the average

Fauji Fert Bin

79.76

35.45

35.15

36.10

36.45

35.80

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

Fauji Fertilizer

68.54

113.80

113.45

Habib Bank Ltd

71.71

Hub Power

62.45

36.00

35.80

ICI Pakistan

62.50

136.15

135.75

137.35 138.15 136.95

Indus Motors

56.28

256.55

254.50

260.05 261.50 258.00

JOV and CO

52.28

3.90

3.80

4.25

4.45

Japan Power

57.66

1.70

1.65

1.80

1.85

JS Bank Ltd

46.10

2.60

2.55

2.70

2.75

2.65

Jah Siddiq Co

44.21

12.45

12.20

13.00

13.40

12.80

Kot Addu Power

55.16

39.70

39.30

40.40

40.70

40.00

KESC

73.56

2.40

2.25

2.65

2.80

2.55

Lotte Pakistan

71.71

12.50

12.40

12.80

13.00

12.70

Lucky Cement

55.94

75.20

74.20

77.40

78.70

76.45

MCB Bank Ltd

72.10

215.60

214.00

Maple Leaf Cement

49.41

2.85

2.80

2.95

3.05

2.90

National Bank

61.19

68.15

67.55

69.50

70.25

68.90

Nishat (Chunian)

49.34

21.85

21.45

22.70

23.15

22.30

Netsol Technologies

46.61

18.70

18.50

19.10

19.40

18.95

NIB Bank

56.17

2.80

2.70

3.00

3.05

Nimir Ind.Chemical

54.06

1.50

1.45

1.60

1.65

1.55

63.15

64.15

61.70

erate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.

Fauji Fertiliser Co

110.90

15.00

15.30

14.85

114.60 115.05 114.25 114.00 115.25 113.05 36.50

36.75

36.25

4.15 1.75

218.50 219.80 216.90

Fair Value

Rs Recommendations

Buy

*Arif Habib Ltd

127.8

Buy

105.2

Buy

AKD Securities Ltd

122.1

Accumulate

Nishat Mills

71.10

60.70

59.25

Neutral

Oil & Gas Dev XD

74.67

166.50

165.95

PACE (Pakistan) Ltd.

54.08

2.85

2.80

3.05

3.15

2.95

Pervez Ahmed Sec

51.30

2.10

2.05

2.35

2.50

2.25

PIAC(A)

50.79

2.15

2.10

2.25

2.30

2.20

Pioneer Cement

42.32

7.00

6.90

7.20

7.30

7.10

Pak Oilfields

68.70

273.15

270.25

277.95 279.85 275.05

Pak Petroleum

63.22

201.05

199.60

204.35 206.20 202.90

Pak Suzuki

39.27

71.75

71.25

PSO XD

57.04

283.10

281.05

PTCLA

49.52

19.20

19.05

Shell Pakistan

53.09

197.40

196.50

Sui North Gas

30.65

26.80

26.60

27.35

27.70

27.15

Sitara Peroxide

58.67

13.25

13.05

13.70

13.90

13.45

Sui South Gas

31.22

20.40

20.00

21.60

22.40

21.20

Telecard

42.40

2.15

2.10

2.25

2.30

average volatility over the last 10 trading sessions. Volume indicators

TRG Pakistan

33.05

3.70

3.60

3.90

4.05

3.80

reflect very strong flows of volume into FFC (bullish). Trend forecasting

United Bank Ltd

76.18

62.15

61.50

63.30

63.80

62.65

WorldCall Tele

51.77

2.60

2.55

2.70

2.80

2.65

72.75

Brokerage House

111.80

187.35 188.95 186.30

Rs Recommendations

TFD Research

Neutral

55.94 75.45 70.52 70.86

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

114.33

Technical Outlook 129.35 9,848.71 15.75 76.71

* Target price for Dec-10 & **Net Open Interest in future market and Bollinger Bands were 4 per cent narrower than normal.

FFBL is currently 20.9 per cent above its 200-day moving average and is LUCK is currently 7.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the volatility over the last 10 trading sessions. Volume indicators reflect modvolatility over the last 10 trading sessions. Volume indicators reflect modaverage volatility over the last 10 trading sessions. Volume indicators erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillareflect moderate flows of volume into NBP (mildly bullish). Trend forecast- tors are currently bullish on FFBL. Momentum oscillator is currently indicat- erate flows of volume into LUCK (mildly bullish). Trend forecasting oscillaing that FFBL is currently in an overbought condition.

83.24

Attock Cement

93.9

NBP is currently 2.1 per cent above its 200-day moving average and is dis-

ing oscillators are currently bullish on NBP.

Allied Bank Limited

DGKC is currently 14.6 per cent above its 200-day moving average and is

age and Bollinger Bands were 8 per cent wider than normal.

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

68.54 112.71 108.15 108.31

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

373.19 42,603.36 2.51 114.28

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

NBP closed down -0.60 at 68.72. Volume was 36 per cent above average FFBL closed up 0.04 at 35.75. Volume was 32 per cent above average and LUCK closed down -1.32 at 76.14. Volume was 8 per cent above average FFC closed down -0.19 at 114.16. Volume was 141 per cent above averand Bollinger Bands were 39 per cent narrower than normal.

1st 2nd Pivot Resistance 3.35 3.40 3.30

Fair Value

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

Buy

TFD Research

Technical Outlook

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

42

Lucky Cement Ltd

Fair Value

TFD Research

Positive

Technical Outlook Technical Analysis

NML is currently in an overbought condition.

Fauji Fertiliser Bin Qasim Ltd

National Bank of Pakistan

Rs Recommendations

Technical Outlook

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

Fair Value

AKD Securities Ltd

Technical Outlook

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

Brokerage House *Arif Habib Ltd

Positive

Technical Analysis

11,440.30

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

Buy

14.01

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -9.06 points at 11,431.01. Volume was 25 MA (100-day) per cent above average and Bollinger Bands were 7 per cent wider than MA (200-day) MA (200-day)

Rs Recommendations

13

AKD Securities Ltd

11,366.55

MA (10-day)

Fair Value

RSI 1st 2nd (14-day) Support 51.48 3.25 3.20

tors are currently bullish on LUCK.

age and Bollinger Bands were 19 per cent wider than normal. FFC is currently 5.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the

oscillators are currently bullish on FFC.

2.90

167.50 167.95 166.95

73.00

73.70

72.50

286.55 288.00 284.55 19.50

19.75

19.40

199.60 200.90 198.70

2.20


8

Wednesday, December 8, 2010

Pak Society for Biochemistry, Molecular Biology moot

Steady funds sought for varsities, research KARACHI: Vice Chancellor Hamdard University Nasim A Khan giving away his book titled "Energy Resources & Utilisation in Pakistan" to Sheikh Mohammad Afzal, Minister for Environment and Alternative Energy, Govt of Sindh at book launching Ceremony.-Staff Photo

Irregularities in collection of registration fees

Watchdog aimed for KP’s private schools PESHAWAR: Khyber Pakhtunkhwa Minister for Elementary & Secondary Education, Sardar Hussein Babak has said that the government has proposed to set up a regulatory authority to monitor private educational institutes. Speaking in response to a question in Provincial Assembly regarding the registration of private schools in the province, he said that the proposed authority besides keeping check on the fees and curriculum will also monitor the qualification of the teachers in the private schools. Earlier, Mohammad Zamin Khan, a PPP legislator from Dir Lower severely criticised the Department of Elementary & Secondary

Education for its poor reply to his question regarding the total number of private schools and fees collected through their registration. He was critical that Board of Intermediate and Secondary Education has registered 1598 and has collected Rs0.0981 million while BISE, Mardan with just 945 schools had collected Rs0.834 million. He said that a total amounting Rs9.6 million has been collected from the registration of 5581 schools. However, he said that the data show that the factual collection figure is Rs7.1 million. Mohammad Zamin Khan said that the lack of interest, incompetency and corruption has inflicted a loss of more than 12 million rupees on the

province. He requested the chair for referring the matter to the Public Accounts Committee (PAC) to hold inquiry and halt corrupt practices in the department. Hafiz Akhtar Ali of JUI-F, Maulana Obaidullah, Habib-urRehman Tanoli and Abdul Akbar Khan also pinpointed variation in the statistics given by the department in the matter. They called for referring the question to the committee concerned to probe the matter of variation. The chair put the matter to vote, but no clear division was witnessed amongst the legislators. The minister assured the house that he is ready to satisfy the concerned members.-APP

Education to get 7pc of GDP by 2015 ISLAMABAD: The government is working on a long-term strategy for promotion of education and upgradation of its standard by allocating 7 per cent of GDP for the sector by 2015. The government will also make necessary legislation in this regard to achieve the objectives. To meet Millennium

Development Goals on education, a number of projects have been launched throughout the country not only to promote education at higher level but increase literacy rate at the lower level also. The National Education Foundation is working on a project worth Rs7 billion to set up special education centers in the far-flung areas of the coun-

try to promote education through informal ways. Under this programme, 13306 informal schools besides 696 new literacy centers have been set up throughout the country. Under President's Education Sector Reform Programme, work is underway to provide missing facilities in the schools. -NNI

HEC, CSF, CIIT, NUST join hands

Business incubation workshop kicks off ISLAMABAD: A three-day international training workshop for Business Incubation in Pakistan started at the Higher Education Commission (HEC) here to spread awareness among youth and other stakeholders who are interested in business activities. The workshop has been organised by the HEC, Competitiveness Support Fund (CSF), COMSATS Institute of Information Technology (CIIT) and National University of Sciences and Technology (NUST). HEC Executive Director Dr Sohail Naqvi was the chief guest at the inaugural ceremony. CSF is a joint initiative of the Ministry of Finance and USAID. The incubation centres will be a step towards commer-

cialisation of universities' research and development activities and will lead towards indigenous production and provision of quality jobs to intelligentsia and also help reduce the brain drain. A business incubator is an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services. A business incubator's main goal is to produce successful companies that will leave the programme financially viable and freestanding. The first incubation center has been established at University of Agriculture, Faisalabad where 16 companies with university faculty / researchers and industrial partners have been inducted to

pilot their projects. Speaking on the occasion, Dr Naqvi said business incubation and industrial linkage is the route towards economic development. He stressed on the role of universities to initiate productive viable projects for maximum utilisation of these resources. Admiral (R) Mohammad Mushtaq, Pro-Rector, NUST shared his experience of NUST Technology Incubation Centre and stressed on the significance of incubation centres. The HEC has taken the initiative to bring university experts closer to industry for knowledge transfer with the help of available expertise at universities, which will pave way for innovation in Pakistani industrial production ensuring its competitiveness in global market.-APP

Schooling programme for domestic ‘child labour’ ISLAMABAD: The Ministry of Social Welfare and Special Education has launched a project to provide non-formal educational facilities to domestic child labour in the twin cities of Rawalpindi and Islamabad. The 'Basic Education Enabling Programme' (BEEP) aims to protect about 1000 children working as domestic servants through skill development. The target of this project is to set up 10 centers under BEEP including five each in Islamabad and Rawalpindi. The project would ensure mainstreaming of the targeted children in the formal education system and alternative non-exploitative livelihoods, said a news release issued here on Tuesday. Under the project, launched in collaboration with a NonGovernment Organisation Idara Taleem-o-Agahi, linkages among Pakistan Bait-ul-Maal, Child Protection and Welfare Bureau (Punjab) and Social Services Medical Projects of the Ministry of Social Welfare and Special Education would be built. Under the programme a provision of monthly stipend of Rs250 would be granted to the targeted children besides provision of recreational facilities to them. It is worthy to mention here that currently eight centers are working in the twin cities of Rawalpindi and Islamabad in which 763 students have been enrolled.-APP

ISESCO to attend global event ISLAMABAD: The Islamic Educational, Scientific and Cultural Organization (ISESCO) will take part in the second edition of the World Innovation Summit for Education (WISE), to be held in Doha from December 7 to 9. The Summit will focus on improving educational systems and exploring innovative trends, said a press release. It will also seek to address the major challenges in education and examine the means to fund education in the 21st century. ISESCO will contribute a paper to the Summit on its efforts in developing education. The Summit will bring together the representatives of international organizations concerned with education issues, international thought leaders, politicians and experts in the area of education, as well as the representatives of the public and private sectors in some countries across the world.-APP

KARACHI: The participants of 10th Biennial Conference of Pakistan Society for Biochemistry and Molecular Biology (PSBMB) called for unhindered support to research activities in the universities across country. The 5-day conference concluded here at the Dr AQ Khan Institute of Biotechnology and Genetic Engineering at University of Karachi. The conference urged the authorities that the resources for higher education should not only be continued unhindered but further enhanced to ensure the growth and quality of scientific research which is vital for the development and improving the quality of life of the commonman in the country. Prof Jawaid Altaf Baig, President PSBMB, Prof M Waheed Akhtar General Secretary PSBMB, Prof Pervaiz Iqbal of the Aga Khan University, Prof Muhammad

Dr Shaikh graces IoBM’s convocation Staff Reporter KARACHI: Federal Finance Minister Dr Hafeez Shaikh, and Dr Javaid R Laghari, Chairman HEC attended the Convocation 2010 of the Institute of Business Management (IoBM). As many as about 700 degrees were conferred in business management and allied disciplines at the Convocation. Dr Hafiz Shaikh said that with the unity of purpose the nation has been able to face many challenges positively and practically. He referred to the nation uniting amid recent devastating floods in Pakistan and the catastrophic earthquake that shook the country not long ago. There are many challenges posed to the national economy which are being confronted with the unity of purpose, Shiakh said.

lshaq of Sir Syed Medical College and Dr Younus Barozai of Balochistan University addressed the general body of PSBMB and acknowledged the healthier funding for science and research activities in recent years. However, they were of the opinion that there was need to enhance the resources and encourage the healthy trend to meet the challenges faced by the country. During the conference, about 150 research papers were presented from throughout Pakistan in the form of talks and posters. The papers covered a vast spectrum of biochemistry and molecular biology, including, agriculture, health and medicine, biotechnology, drug design. The 11th Biennial Conference of PSBMB will be HUNZA: Examination held in Khyber-Pakhtunkhwa Department of the Karakorum in 2012. -PPI International University (KIU) has announced annual results of BA/ BSc, and BCom. According to details, only 4 per cent candidates, appeared in BA/BSc, managed to pass the examination while 59 per cent in BCom remained successful. ties and the expenditure Vice Chancellor Dr Najma incurred. congratulated the successful The Committee discussed the candidates and urged them to Compulsory School continue hard work in future as Attendance Bill, 2008 and well.-APP showed its concern on the dilapidated condition of certain schools in different parts of the country. It was decided to obtain the details, from all the four provinces, regarding the number of male/female primary/secondary schools and the number of students studying there. The committee also KHANEWAL: Twenty-two discussed the status of different students of Khanewal district have qualified for the provinBills. The body meeting was held cial level literary contest. District focal person Malik under the Chairmanship of Ch Abid Sher Ali, which was Ameer Hussain said that stuattended by Shamshad Sattar dents of private and governBachoni, Mamoona Hashmi, ment schools of Khanewal parRana Afzaal Hussain, Tasneem ticipated in the divisional level Siddiqui, Begum Nuzhat Sadiq, essay writing, art and speech Mehboob Ullah Jan, Shakeela contests in Multan and 22 of Khanarn Rashid, Rubina Saadat them qualified for the next Qaim Khani, and Dr stage. EDO Education Mohammad "Nadeem Ehsan, MNAs, Secretary, Joint Secretary, Iqbal Naveed Khan said that Ministry of Education, extracurricular activities polish Director Genera, Federal students' talent and improve Directorate of Education and their expression and personality.-APP other officers.-APP

KIU outs BA, BSc, BCom results

One edu policy in country called for ISLAMABAD: The National Assembly Standing Committee on Education here urged that it is against the spirit of national integrity and harmony that there are different policies and system of education across the country, the education policy should be uniform all over the country. The Committee also discussed the impact of devolution of education ministry to the provinces, a press release issued here said. The body showed the consensus that this subject should remain with the federal government. It was also decided that the Standing Committee will meet the Constitutional Reform Committee and Parliamentary/Implementation Committee and apprised them the apprehension of the Committee on the subject. The Committee showed its displeasure on the enhancement of bus charges of the federal colleges from Rs2000 to Rs5000 and directed the Ministry to give the details of students availing the bus facili-

Khanewal's 22 students enter essay competition

KU organises short course on fisheries KARACHI: A short training course on Fisheries Management and Conservation is being organised by the Centre of Excellence in Marine Biology (CEMB), University of Karachi. This was stated on Monday by Director CEMB and chief organiser Prof Jamal Siddiqui. He said that the course is designed with a view to train research students in this very important field of Marine Sciences. Jamal pointed out that the course will cover different aspects of fisheries conservation, modeling, management, field surveys and laboratory exercises. He stated that the course is coordinated by Lecturer CEMB Sher Khan Panhwar. Prof Qun Liu from Ocean University of China is the

course leader and will deliver the bulk of lectures in the course. Dr Liu's visit is supported by Higher Education Commission under its Visiting Scholar Programme. During his stay at the University of Karachi, he will take part in field surveys and discuss the data with research students. Dr Liu at the inauguration session expressed his gratitude for HEC and CEMB,

University of Karachi. Pro Vice Chancellor Prof Dr Shahana Urooj Kazmi of the Karachi University inaugurated the course and appreciated the organisers for conducting a course on fisheries which is the backbone of country's economy. Dr Kazmi also said that Karachi University wants to develop further collaboration with China in the field of fisheries and marine biology.-APP


9

Wednesday, December 8, 2010

European vegetable oil prices

HYDERABAD - INDIA: A woman tries on a gold necklace inside a jewellery shop in the southern Indian city of Hyderabad. -Reuters

Cocoa hits 4-month high; Sugar flats

Gold off highs but debt woes support

LONDON: ICE cocoa rallied to a four-month high on Tuesday on concerns over risks to future supplies due to uncertainty in top producer Ivory Coast after disputed polls, while sugar and coffee were little changed. ICE second-month cocoa hit a four-month high of $3,140 per tonne before losing some ground to stand at $3,111 per tonne, up $46 or 1.5 per cent, at 1604 GMT. Liffe second-month cocoa hit a four-month peak of 2,081 pounds per tonne, before edging back to stand at 2,046 pounds, up 1 pound, in brisk volume of 15,745 lots. Uncertainties over possible disruptions to cocoa supplies in Ivory Coast following the disputed election there have many analysts eyeing the futures market as a near-term buy. ICE raw sugar was steady, underpinned by adverse weather in key producers such as Australia and Brazil. Uncertainty over key producer India's exports continued to underpin the market. A news report quoting two government officials saying India can easily export up to 1 million tonnes of sugar, did not drive the rally because it was in line with market expectations, an analyst said. ICE March raw sugar was unchanged at 29.01 cents a lb at 1622 GMT. Liffe March white sugar reversed earlier gains to stand down $3.70 or 0.5 per cent to $740.10 per tonne in thin volume of 2,123 lots. ICE arabica coffee futures were little changed, supported by concerns over tight supplies. ICE March arabicas were down 0.2 cent or 0.1 per cent at $2.0875 per lb, while Liffe March robusta coffee futures were up $11 or 0.6 per cent at $1,871 a tonne in modest volume of 5,842 lots. -Reuters

LONDON: Gold hit record highs for a second successive day on Tuesday, driven by fund buying ahead of the end of the year, the prospect of more US monetary easing and investor nervousness over the European debt crisis. The metal later retreated back below $1,420 an ounce as its run higher lost traction, but remains well supported as the investment community push into commodities ahead of the year-end, analysts said.

Bangladesh tea falls on lower demand DHAKA: The average price of Bangladeshi teas fell 2.55 per cent to 199.24 taka ($2.82) per kg at the weekly auction on Tuesday, brokers said. Some 1.52 million kg were sold at the sale, leaving 7.52 per cent of the offer to be carried back. Bangladeshi buyers including exporters mainly to the Commonwealth of Independent States and Pakistan participated in the auction, held in the country's lone auction centre in the main port city Chittagong. "The sale saw a lower demand for plainer varieties, resulting in a decline in the average price," said an executive of the National Brokers Limited, the largest tea broking firm in the country. Different grades were sold for between 175 taka and 240 taka per kg in the auction. But in an exclusive sale, some 500 kg of well made Red Dust realised the highest price of 247 taka. The next auction will be held on Tuesday, Dec. 14, with some 1.75 million kg on offer. -Reuters

Spot gold hit a record high at $1,430.95 an ounce before easing back to $1,419.45 at 1458 GMT, against $1,422.85 late on Monday. Gold priced in euros also hit a record high at 1,072.03 euros an ounce. US gold futures for February delivery were up $5.40 an ounce at $1,421.50. Germany and other eurozone states have resisted calls from the International Monetary Fund to do more to quell the bloc's debt crisis, although the euro firmed on optimism that Ireland would pass an austerity budget. With the US dollar set to come under more pressure from the prospect of rising

money supply, gold should reap the benefits of investors seeking an alternative to volatile currencies, analysts said. However, the end of the year traditionally brings with it less liquidity and greater potential for rapid shifts in price direction, meaning that gold could see more setbacks before resuming its uptrend. Holdings of gold in the SPDR Gold Trust, the world's largest gold-backed ETF, were unchanged on Tuesday,

having risen by over 11 tonnes so far this month, compared with a one tonne increase over the same period last month.. Silver rallied to fresh 30year highs at $30.68 an ounce and were later trading at $30.27, up from $30.14. The world's largest silver-backed exchange-traded fund, iShares Silver Trust, said its holdings rose to 10,816.69 tonnes by Dec. 6 from 10,778.68 on Dec. 2. The holdings jumped to an alltime high of 10,893.68 tonnes on Nov. 23. Platinum inched down to $1,717.24 an ounce, while palladium was up 0.75 per cent at $761.22. -Reuters

US cotton easier on spec sales, consolidates NEW YORK: US cotton futures settled easier on Monday on speculative sales as the market fell for the first time in four sessions, but volumes remained modest as the trade looked toward release of a government crop report by the end of the week, brokers said. The benchmark March cotton contract on ICE Futures US fell 1.91 cents to conclude at $1.3043 per lb, dealing from $1.2803 to $1.3534. After rallying the past three sessions by ending limit up, cotton is the second best performer on the Reuters-Jefferies commodity index, having risen around 72 per cent year-to-date. The volume traded since Monday of last week has been running at about 50 per cent below the 30-day average. Dealings were higher this week, with volume around 25,600 lots, about 30 per cent below the 30-day average of 36,000 lots, Thomson Reuters preliminary data showed. 'We're in the process of consolidating,' said Ron Lawson,

cotton specialist at logicadvisors.com in Sonoma, California. He said there appeared to be a paucity of drivers for the cotton market this week, with most of the attention in the trade turning to the monthly supply/demand report from the US Agriculture Department due out on Friday. There was little inspiration to be derived from China's cotton market. Key May cotton futures on the Zhengzhou Commodity Exchange was last done at 26,910 yuan per tonne on Monday, up 205 yuan on the day. The high price regime turns the focus of market players to prospective spring 2011 cotton plantings in countries such as the United States and in China to see if producers will be able to churn out more cotton given. Analytical firm Informa Economics upped its US cotton plantings forecast in 2011 to 12.2 million acres, a 4-year high and nearly 12 per cent higher than 2010 cotton sowings of 10.909 million acres. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 06 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1320

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 06 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2220 2221 2185 2195 2140 2150 2140 2150

2278 2278.5 2297.5 2298 2358 2363 2393 2398

8775 2320 8780 2320.5 8729 2335 8729.5 2337 8465 2293 8475 2298 8075 2252 8085 2257

23445 23450 23395 23400 22875 22975 22255 22355

TIN

ZINC NASAAC

25455 2204 25460 2204.5 25540 2216 25545 2217 25110 2252 25160 2257 2225 2230

2220 2221 2245 2255 2265 2275 2315 2325

ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 973.00, Feb11/Apr11 979.00, May11/Jul11 980.00-8.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1005.00+10.00, May11/Jul11 1000.00+5.00, Aug11/Oct11 955.00+0.00, Nov11/Jan12 960.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1435.00+15.00, Apr11/Jun11 1395.00+10.00, Jul11/Sep11 1410.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1272.50-7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1205.00+7.50, Jan11 1205.00+7.50, Feb11/Mar11 1205.00+12.50, Apr11/Jun11 1187.50+10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11/Jun11 1175.00+15.00, Jul11/Sep11 1155.00+12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1620.00+10.00, Jan11/Feb11 1620.00+10.00, Feb11/Mar11 1620.00+10.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1700.00-10.00, Jan11/Feb11 1700.00-10.00, Feb11/Mar11 1700.00-10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters

Tokyo rubber dips on profit-taking TOKYO: Key Tokyo rubber futures dipped 1.2 per cent on Tuesday after the yen's rise to a three-week high prompted profit-taking. The key Tokyo Commodity Exchange rubber contract for May delivery fell 4.6 yen to 373.4 yen per kg as of 0127 GMT after climbing to a threeweek high on Monday. The most active Shanghai rubber futures for May delivery fell 435 yuan to 32,400 yuan per tonne. Volume was thin at 0.14 million lots. US crude futures eased on Tuesday after hitting a 26month high the previous session as concerns about eurozone debt lifted the dollar. Bridgestone Corp said it will raise prices for truck and bus tyres by an average 7 per cent effective March 1 to offset higher natural rubber prices, Jiji reported. It will be the first price increase since September 2008, Jiji said. Indian tyre makers have stopped signing new natural rubber import deals as they are getting the raw material more than 15 per cent cheaper in the local market, dealers said. India, the world's fourthbiggest rubber producer, imports mainly from Thailand, Malaysia and Indonesia. Reuters

Freeze pushes oil to 2-year high near $90 Freezing temperatures, weak dollar boost prices LONDON: Oil pared gains on Tuesday after earlier touching a more than two-year high above $90 a barrel as the dollar fell and the freeze in Europe and the United States stoked fuel demand. Temperatures in Europe's main heating hub of the northwest were expected to stay below seasonal norms over the next 10 days, according to private forecaster D T N Meteorlogix, boosting gas oil demand and prompting utilities to switch on oil-fired power plants. Heating demand in the United States was expected to be 16.3 per cent above normal in the week to Dec. 11, according to the US National Weather Service. US crude prices for January rose for the fifth consecutive day and by 1500 GMT were up 25 cents at $89.63 a barrel. Prices earlier touched $90.76 a barrel, the highest since October 2008.

ICE Brent rose 40 cents to $91.85 a barrel by the same time. "The market is reacting to the very cold weather in Europe and it's expecting to see an impact on heating oil....it's a knee-jerk reaction," said Roy Jordan, oil analyst at Facts Global Energy.

The US dollar index also fell by around 0.3 per cent on Tuesday in a move that also boosted oil prices since it makes the dollar-denominated commodity more affordable for holders of other currencies. News that German manufacturing orders rose in 1.6 per cent in October and a European share price rally helped keep positive sentiment intact. As well as stoking demand, freezing temperatures could tighten oil market fundamen-

Copper eases from record but supply worries support LONDON: Copper retreated from a record high above $9,000 a tonne on Tuesday as its run higher lost some traction but rising demand expectations for 2011 against a backdrop of tight supply firmly underpinned the market. In a move seen supporting prices, ETF Securities said it would launch the first exchangetraded commodity products backed by industrial metals from Dec. 10. Copper on the London Metal Exchange was untraded at the close but bid at $8,880 a tonne, paring gains after hitting a peak of $9,044. The metal used in power and construction has jumped almost 20 per cent this year. It finished at $8,770 a tonne on Monday. Supply shortages have been a major factor behind the surge in copper prices, due to a combination of falling ore grades, labour problems and project delays. ETF Securities, which owns some of the world's largest exchange-traded products backed by precious metals, said it would initially offer products backed by physical copper, nickel and tin. Talk that physically backed exchange-traded products in industrial metals are imminent has generated speculation about their effect on prices and demand. "Copper is in deficit next year, we can't say for certain (what the impact will be) because you need to see what the interest from the investment community will be," VTB Capital analyst Andrey Kryuchenkov said. Apart from the potential launch of ETPs, which could remove some 180,000 tonnes of refined metal from the market,

prospects are for higher copper prices when consumers need to restock early next year, analysts

Shanghai copper climbs 1.6pc The benchmark third month contract in Shanghai closed 1.6 per cent higher at 66,480 yuan, some 3,000 yuan shy of the highs of early November. said. "The deficit (is seen) increasing by varying estimates of between 200,000 and 400,000 tons during 2011 and 2012 at a time when consumers are still operating low inventory levels," Sucden Financial said in a research note. Analysts and traders said short-covering had also provided fuel for the rally. Short sellers sell material they do not own, on expectations they can buy it back more cheaply in future. Copper's advance had also fuelled momentum across other metals, before they also pared gains as the euro reliquinshed its gains versus the dollar. After having rallied some 5 per cent earlier, zinc closed at $2,305, up from $2,220 a tonne. The latest LME data showed that copper stocks at exchange fell by 1,000 tonnes to 351,375 tonnes, now down by 37 per cent since February, when stockpiles at LME warehouses stood at 555,075, the highest level since October 2003. Lead ended at $2,398 a tonne from $2,353, while nickel at $24,095 a tonne advanced from its $23,600 close. Aluminium closed flat at 2,305 a tonne. Tin closed lower at $25,100 from $25,450. -Reuters

tals by draining US inventories. A preliminary Reuters poll of analysts showed US crude oil stockpiles fell 1.5 million barrels last week and distillates used for heating dropped 400,000 barrels. The American Petroleum Institute will publish late on Tuesday industry data on inventories, which will be followed by government statistics from the Energy Information Administration on Wednesday. The Organization of the Petroleum Exporting Countries meets on Dec. 11. Rather than raise output to curb prices, OPEC is likely to roll over existing policy, ministers have said. Iran's OPEC governor described the world oil market as balanced, with the current price of around $90 a barrel a result of supply being in line with demand, the Oil Ministry news agency Shana reported on Tuesday. -Reuters

Indian sugar rises on export hopes MUMBAI: India's spot sugar rose on Tuesday on an improvement in retail demand due to wedding season and on hopes the government will soon allow exports of the sweetener, dealers said. "Certainly the government will allow exports, but market wanted to how much quantity it will allow and when," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. India, the world's number 2 sugar producer after Brazil, could approve "open general licence" sugar exports in three tranches of 500,000 tonnes each in December, January and February, a senior industry official told Reuters last month. The country can easily export up to 1 million tonnes of sugar, two government officials said on Tuesday, as prospects of high output following good rains this year have made traders seek access to foreign markets. In Kolhapur, a key market in topproducing Maharashtra state, the most traded S-variety rose by 0.54 per cent to 2,789 rupees ($62.46) per 100 kg. Sugar prices fell last week due to higher availability of non-levy sugar. The country has made available 1.5 million tonnes of non-levy sugar for December, higher than 1.4 million tonnes it had released for November, the government said in a statement. Non-levy, or free-sale, sugar is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. Sugar output in Maharashtra rose by 11 per cent to 1.21 million tonnes so far in the 2010/11 season that began on Oct. 1, due to higher cane crushing, a senior industry official told Reuters. -Reuters

National Commodity Exchange Ltd Trading Summary Date

7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010 7-Dec-2010

Commodity

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

Contract Date

Price Quotation

Open

High

Low

Close

JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 09DE10 DE10 DE10 10-Dec 11-Mar

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

89.19 89.44 89.91 29.80 29.81 1415.10 1416.00 1416.30 1415.40 1413.00 1417.00 39006.00 39100.00 39037.00 38983.00 38994.00 45482.00 45482.00 40111.00 40055.00 40069.00 40083.00 40097.00 46100.00 46314.00 46000.00 46087.00 45805.00 2402.00 3310.00 4890.00 86.53 85.52

90.40 90.80 90.96 30.55 30.49 1429.00 1429.40 1430.60 1427.20 1429.00 1427.70 39313.00 39415.00 39340.00 39285.00 39285.00 45835.00 45835.00 40403.00 40446.00 40361.00 40375.00 40389.00 46461.00 46510.00 46412.00 46429.00 46445.00 2402.00 3310.00 4914.00 86.53 85.95

88.80 89.23 89.91 29.61 29.81 1411.00 1411.50 1412.80 1415.40 1413.00 1417.00 38971.00 38950.00 39037.00 38983.00 38994.00 45482.00 45482.00 40111.00 40055.00 40069.00 40083.00 40097.00 46100.00 46055.00 46000.00 46087.00 45800.00 3302.00 3309.00 4890.00 86.53 85.52

90.27 90.67 90.96 30.48 30.49 1427.20 1427.70 1428.80 1427.20 1427.70 1427.70 39313.00 39324.00 39340.00 39285.00 39285.00 45835.00 45835.00 40403.00 40446.00 40361.00 40375.00 40389.00 46461.00 46510.00 46412.00 46429.00 46445.00 3302.00 3309.00 4914.00 86.53 85.95

Traded Volume in lots 156 90 220 1,502 1,305 1,112 38 45 23 2 1 5 9 -

Previous Settlement Price 89.19 89.57 89.86 30.24 30.24 1423.30 1423.80 1424.90 1423.30 1423.80 1424.90 39244.00 39256.00 39271.00 39217.00 39228.00 45755.00 45755.00 40334.00 40376.00 40292.00 40306.00 40320.00 46380.00 46428.00 46331.00 46347.00 46363.00 3303.00 3310.00 4890.00 86.53 85.94

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 90.27 107 90.67 35 90.96 30.48 48 30.49 1427.20 1,056 1427.70 911 1428.80 611 1427.20 1427.70 6 1428.80 39313.00 5 39324.00 31 39340.00 39285.00 39297.00 45835.00 45835.00 40403.00 40446.00 40361.00 3 40375.00 40389.00 46461.00 46510.00 1 46412.00 3 46429.00 10 46445.00 9 3302.00 3309.00 4914.00 86.53 85.95 -


Kiwis's captain Vettori is bowled out by India's Pathan as Patel watches in Bangalore

10

Wednesday, December 8, 2010

Ahmadinejad approves Maradona to coach Iranian team Monitoring Desk KARACHI: The former Argentinean soccer maestro is all set to coach the Islamic country after getting nod from Iran's President Mahmoud Ahmadinejad. An Iranian newspaper reported that the Iranian president has put his weight behind Maradona to coach his soccer players. "President Ahmadinejad; Maradona might be head coach of the national team," read the headline splashed across the front page of Iranian daily Ebtekar on Monday, along with a large photograph of the World Cup winner. Iran have lost some sheen and luster in the recent years, having qualified for the FIFA World Cup in 2006 the last time and if Maradona does join them, this could be the trigger Iran needed to revive the game in the country. Diego Maradona coached his national side during the latest edition of the FIFA World Cup 2010 and took his side into the Quarter Finals stage. Mahmoud Ahmadinejad told Chinese media during a medal honouring ceremony that the Argentinean champion soccer player is due to visit the Islamic country. "When asked about reports of Maradona becoming Iran's new head coach, he nodded his head," the newspaper reported. Maradona is a staunch supporter of Cuban President Fidel Castro and Venezuela President Hugo Chavez, who are at odds with the United States and are close allies of Iran, and he recently told an Iranian soccer fan while putting his autograph on his shirt, "I've already met Fidel and Chavez and now I need to meet your president. I'd like to meet Ahmadinejad".

IPL yet to decide on Pak players MUMBAI: The Indian Premier League (IPL) Governing Council has not taken any decision on whether to include or exclude players from Pakistan for the Indian Premier League's players' auction scheduled for January 8-9 next year, a member of the Twenty20 League's ruling body said. "Anyone can write anything sitting in their room, but no such decision was taken at the meeting," a member of the IPL GC, who did not wish to be named, told PTI reacting to news reports that Pakistani players would be sidelined for the second year running. Reports quoting a top but unnamed official of the Cricket Board, that owns the cash-rich Twenty20 League, indicated that the IPL GC, which met here on December 5, decided to leave out Pakistan players from the auction in the wake of the International Cricket Council's probe into the match-fixing allegations against some Pakistan cricketers. Prior to IPL-3 no franchise showed any interest in picking up Pakistan players at the auction held in January. Eleven Pakistani cricketers were to go under the hammer but there were no takers for any of them. The unsold players were Shahid Afridi, Misbah-ulHaq, Umar Gul, Imran Nazir, Rana Naved-ul-Hasan, Mohammad Aamer, Abdul Razzaq, Kamran Akmal, Umar Akmal, Saeed Ajmal and Sohail Tanvir.-Online

Biggest Ashes victory in 24 years

England humiliate Aussies in Ashes ADELAIDE: England completed a ruthless humiliation of Australia with their biggest Ashes victory in 24 years on Tuesday, routing their hosts by an innings and 71 runs to take a firm grip on the five-test series. The tourists skittled Australia's last six batsmen for 66 runs on a sunny Adelaide morning and were already celebrating the second test triumph in the dressing room when the huge rainstorm that the locals had been praying for finally broke. It was England's first test victory on Australian soil since the 2002-03 tour and a first series lead in Australia since 1986-87 -- the last time the side returned home with the urn. England have clearly lost the fear of playing Australians in Australia but the mantra of this touring party is "no complacency" and skipper Andrews Strauss was barely off the pitch before he was warning against it. "We need to enjoy this and savour it, because it was a special victory for us," he said. "But we need to make sure that we don't take our foot off the pedal because we know Australia are going to come back at us hard and if we give them any way back into the series, they'll take it. "We've got to be prepared for a scrap in these last three test matches."

Every part of the England machine functioned smoothly. The bowlers dismissed Australia out for 245 on a flat track on the first day, the batsmen accumulated 620-5 declared to capitalise on that, and spinner Graeme Swann

bit better than we have the last test match and a half," he said. "They've outbatted us, outbowled us, and outfielded us this entire game... We're going to have to be at our very best if we're going to work our way back into this series."

With Clarke, his team's best player of spin, back in the pavilion, the Australians were always going to struggle on a fifth-day pitch providing turn for Swann. Any hopes of a gritty fight back to salvage a draw were

ADELAIDE: England's Graeme Swann celebrates with teammates after dismissing the final wicket of Australia's Peter Siddle during the final day of the second Ashes cricket test.-Reuters

mopped up on the last day. Australia have nine days to get their act together before the third test starts in Perth on December 16 but look bereft of options, particularly in the

Media responsible for failed English 2018 bid: JFA chief TOKYO: England's bid to host the 2018 World Cup was compromised by media allegations of corruption against FIFA executive committee members, according to Japanese soccer chief Junji Ogura. Ogura, the head of Japan's failed bid to land the 2022 World Cup and a member of FIFA's executive committee, said on Tuesday that allegations by the Sunday Times newspaper and BBC had left members "furious" and threatening to sue. England's bid to stage the World Cup for the first time in more than half a century ended in a humiliating first-round defeat when they collected just two votes from the 22-man FIFA executive committee. One of those votes was from England's representative Geoff Thompson, the other is believed to have come from Ogura. Russia was awarded hosting rights for the 2018 soccer showpiece. "The African members of the

bowling unit after their overhauled attack managed just five wickets in Adelaide. KEY WICKET Ricky Ponting, facing the prospect of becoming the first Australia captain to lose three Ashes series, was reduced to

executive committee were furious over the Sunday Times report," Ogura said at the Japan Football Association headquarters. "They even suggested suing the paper at the executive committee meeting," Kyodo News quoted him as saying. The JFA president was bewildered at the timing of the stories in the English media. "If the reports are true then that would be sad. But until they can present the evidence, then it's hard for any of us to definitively say anything. "But what I can say is that the reports definitely had an impact on the England bid. There's no mistake about that. "I have a hard time understanding why a network as prestigious as the BBC would go with a story like that at that particular time." Ogura did not reveal which of the 2018 bids he voted for but said the four "Asian" bidders (Japan, South Korea, Australia and Qatar) backed Qatar in the last round for 2022 as had been agreed.-Reuters

simply exhorting his players to up their game. "It's pretty simple, we need to win two of the next three games if we want to win the Ashes but we've got to play a

PCB vetoed five cricketers to go abroad ISLAMABAD: Five players of national cricket team were not cleared by PCB to go abroad for the shoot of a private advertisement, a local media channel reported on Tuesday. Sources said that Shahid Afridi, Younis Khan, Umar Gul, Shoaib Akhtar and Abdul Razzaq had applied for permission from the board for the commercial shoot in Malaysia, but PCB refused to give clearence to these players It has been learnt that the blockage was laid probably due to the start of training camp of national team for the preparations of New Zealand tour on Wednesday (Today). National Team would begin its tour of New Zealand on December 26. National team will play three T20, Two tests and six One-day matches against New Zealand during the tour. According to spokesperson of Pakistan Cricket Board (PCB), the basic purpose of training camp is to control over the mistakes and improvement in fielding of players.-Online

ISLAMABAD: Federal Minister/Chairperson Income Support Program Farzana Raja giving trophy to the students after Federal Board Inter Collegiate Basketball Championship, at Bahria College.-Online

Australia had resumed on 238 for four, having lost the key wicket of Michael Clarke to part-time spinner Kevin Pietersen on the last ball of day four.

extinguished quickly when Mike Hussey, who had been the pick of Australia's batsmen in the series to date, attempted a rash pull shot off the bowling of England quick Steve Finn.

Anderson took the easiest of catches at mid-on to remove Hussey for 52, then struck with his own bowling, dispensing with Brad Haddin courtesy of an outside edge for 12. Anderson then trapped Ryan Harris lbw for his second golden duck of the match on the next ball, though he was denied a hat-trick when Xavier Doherty fended off a shortpitched delivery on the first ball of his next over. BARMY ARMY In between, Swann had accounted for the out-of-form Marcus North with a plumb lbw, although he was forced to call for the TV umpire after his appeal was refused, to give England three wickets in four deliveries. The spinner then delivered the coup de grace, clinching a comprehensive victory by bowling both Doherty for five and Peter Siddle for six to finish with five for 91 and the Australians all out for 304. The final dismissal prompted wild celebrations on the pitch as the players rushed to embrace as England's "Barmy Army" of cricket fans roared with delight. Pietersen, who played in the 2006 defeat in Adelaide when England declared on 551 but were skittled to defeat on the final day, was awarded man of the match honours, mainly for his careerbest innings of 227.-Reuters

ICC likely to life-ban Pak’s tainted trio KARACHI: Pakistan's suspended trio of Salman Butt, Mohammad Asif and Mohammad Aamer face an uphill task at next month's full hearing to be conducted by an independent tribunal appointed by the International Cricket Council (ICC). Sources in the Pakistan Cricket Board (PCB) told IANS that the three players will most likely be found guilty of association with match-fixers and face life bans. A recent statement by ICC chief executive Haroon Lorgat suggested that the game's governing body will seal the case in its favour and also indicated that the ICC has gathered solid proof against the trio, who will face the tribunal in Doha January 6. According to sources, most

of the evidence gathered against the players is in the form of recorded telephone calls and text messages through which ICC believes it will prove their association with match-fixers. Salman, Asif and Amir were provisionally suspended last September after allegations of corruption were hurled at them by News of The World. The British tabloid alleged that Asif and Aamer bowled deliberate no-balls on the instructions of m a t c h - f i x e r s . We l l - p l a c e d sources said that Salman and Asif will be handed life bans if proved guilty but the tribunal could show some mercy for 18-year-old Amir and he could walk away with a ban of two to five years. The ICC, which suspended the players when the allega-

Sajjad, Imran notch triumphs in World Snooker KARACHI: Pakistan cueists Muhammad Sajjad and Imran Shehzad notched-up their second win in IBSF World Snooker Championship after impressive victories over their respective opponents in Damascus (Syria), according to a message received here on Tuesday. Asian number two Sajjad showed another brilliant cue control as he overcame Alain Vandersteen of Belgium 4-2. Sajjad after winning the opening frame in a commanding fashion, faced strong resistance from his opponent. Sajjad, who had the honor of registering century break in his opening match, last year lost in the last 32 of the world championship in Hyderabad (India). Belgian Vandersteen potting smartly levelled the

terms 2-2. However, Sajjad proved too good in the last two frames to carve out 12904, 29-76, 86-09, 42-73, 8320, 81-33 victory. Pakistan number one Imran Shahzad dropped the third frame before out-potting Faaris Khan of South Africa 4-1. Imran appearing in his second global event kept his rival under pressure with tactical potting and smart snookers to register 67-40, 95-08, 46-60, 109-60, 89-18 win. In the meantime, IBSF has made some changes in the schedule of the competition. As per the new programme Muhammad Sajjad will meet Janne Hakkinen (Finland),Sohail Shahzad take on Lin Tan Ho (Hong Kong) and Imran Shahzad vs Franz Stahli (Switzerland) on Thursday.-APP

tions were first made by the British tabloid, also held a hearing against the players' provisional suspensions in Dubai in October that was rejected by the one-man tribunal that comprised Michael Beloff. While Salman and Amir had appealed against their provisional suspension, Asif chose not to and instead opted for a full hearing. The hearing rejected appeals against the suspension, creating a ruckus between Salman's lawyers, who said that the tribunal was biased. Beloff will also head January's full hearing against the trio along with fellow code of conduct commissioners Justice Albie Sachs of South Africa and Kenya's Sharad Rao.-Online

Chappell comes to blows with Botham LONDON: Feuding for the past 30 years, former Australia captain Ian Chappell and legendary England all-rounder Ian Botham reportedly came to blows during an angry showdown on the fourth day of the just-concluded second Ashes Test in Adelaide. According to the 'Daily Mail', Botham and Chappell "had to be pulled apart after a furious bustup in the car park after the end of play on the fourth day in the Adelaide Test." While Botham is employed with the Sky network, Chappell is working with Channel 9. The two former cricketers were in the parking area when "Chappell muttered something highly provocative as he went past. A surprised Botham turned around to retort: 'What did you say?' And after Chappell made another incendiary remark, both of them dropped their bags and were at each others' throats before being quickly separated.�-Agencies


UK Oct factory output at 7-mth high, risks seen

IMF critical of euro zone crisis management BRUSSELS: The head of the International Monetary Fund criticised Europe's piecemeal response to the euro zone debt crisis on Tuesday after Germany and other states resisted his calls for firmer action. IMF Managing Director Dominique Strauss-Kahn failed to persuade finance ministers of the 16-nation single currency area on Monday to increase the size of their financial safety net or the European Central Bank to step up government bond purchases. "The euro zone has to provide a comprehensive solution to this problem," Strauss-Kahn told reporters after meeting Greek Prime Minister George Papandreou in Athens. "The piecemeal approach is not a good one." Tension persisted on European bond markets after euro zone ministers said they would take no new measures to tackle the risk of contagion spreading from Greece and Ireland, which have got EU/IMF bailouts, to Portugal and perhaps Spain and Italy. Some central bankers and market participants say it would have been better to have put Portugal protectively under the EU/IMF financial umbrella last week at the same time as Ireland rather than dealing with one country after another. EU finance ministers did agree on Tuesday to conduct a new round of more rigorous bank stress tests in February after doubts about last July's first panEuropean examination of their ability to withstand financial shocks sapped market confidence. EU Monetary Affairs Commissioner Olli Rehn said the new survey would be based on

new financial architecture after just seven out of 91 European banks failed the previous health check. "We need to opt for fullest possible transparency when conducting the bank stress test," he told a news conference. EU paymaster Germany took the lead in arguing the existing safety net was sufficient, and ministers said they had not even broached a proposal for issuing joint bonds, opposed by Berlin. The premium investors demand to hold the bonds of Portugal and Spain rose in response to the ministers' inaction. Traders said the ECB, which engineered a fall in both countries' borrowing costs last week by stepping up its purchases of government debt, was staying on the sidelines. "Ministers left the ball with the ECB," said Carsten Brzeski, senior economist at ING in Brussels. "Currently, the ECB is buying time for politicians. However, the ECB will not want to remain the only crisis manager and is eager to play the ball back to politicians." An ECB source, speaking on condition of anonymity, said the central bank did not want to take on all the risk of supporting euro zone debtors by massive bondbuying, and wanted governments to take additional measures such as increasing the rescue fund. Luxembourg Finance Minister Luc Frieden summed up the ministers' approach, telling Reuters Insider television: "We have all the tools to make sure that despite the temporary turbulence, financial markets should understand that there is no major risk for the stability of the euro zone." The European Financial Stability Facility (EFSF) has the

11 German industry powers ahead, pulls away from peers

International & Continuation

Wednesday, December 8, 2010

capacity to issue bonds worth up to 440 billion euros to help out troubled euro zone member states, as part of an overall EU/IMF rescue fund of 750 billion euros ($1 trillion). Belgian Finance Minister Didier Reynders, who had proposed doubling the rescue fund, said he expected more discussion in the coming weeks about the size of the mechanism. But economist Chris Scicluna of Daiwa Capital Markets said: "Anyone in the market who is expecting someone, somewhere to fund more support for the periphery, whether it be the EFSF or the ECB -- they're going to be disappointed." All 27 European Union finance ministers formally endorsed an 85 billion euro EU/IMF assistance package for Ireland, clearing the way for the first loans to flow to Dublin once a tough austerity budget passes parliament. The budget, including pay and unemployment benefit cuts and tax rises, is expected to be approved later on Tuesday after a key independent lawmaker promised to vote for it, ensuring battered Prime Minister Brian Cowen a slim majority. At Monday's meeting, the IMF chief also suggested the ECB step up purchases of government bonds, effectively becoming a buyer of last resort for euro zone sovereign debt. But ECB executive board member Juergen Stark, a renowned hawk, dismissed calls for the bank to accelerate its bond buying programme. He also rejected the idea of a common European sovereign bond, which would bring down the borrowing costs of weaker nations, but could raise those of Germany.-Reuters

LONDON: British manufacturing output rose twice as fast as expected in October, but an unexpected drop in wider industrial production suggests the economy made a slow start to the final quarter of this year. Although the pick-up in manufacturing raised hopes the sector can continue to buoy the economy, the overall weakness in industry suggests heady pace of growth recorded between April and September may not be sustained. Manufacturing output rose 0.6 per cent in October, according to figures from the Office for National Statistics on Tuesday, treble September's gain and the biggest monthly rise since March. However, sharp falls in mining, utilities and oil and gas extraction pushed industrial output down 0.2 per cent on the month after September's 0.4 per cent rise, confounding expectations for a 0.3 per cent increase. The decline was partly due to seasonal adjustments and analysts said this traditionally volatile component did not alter the broader picture of an economy that is slowly becoming more balanced. Exports have helped boost growth in the last two quarters. Even so, financial turbulence in the euro zone, Britain's main trading partner, and signs of slowdown elsewhere, pose risks to the recovery. "Manufacturers have largely benefited through 2010 from healthier demand both at home and overseas, improved competitiveness in both domestic and foreign markets stemming from the weak pound and a major rebuilding of stocks," said Howard Archer, economist at IHS Global Insight.-Reuters

CONTINUATION

BERLIN: German manufacturing orders rose in October, rebounding despite a fall in euro zone demand as Europe's largest economy pulls further away from its peers. Seasonally and price-adjusted orders rose 1.6 per cent on the month, the Economy Ministry said on Tuesday, just missing the mid-range forecast in a Reuters poll for a 2.0-per cent rise. The gain suggested orders were back on track after plunging 4 per cent in September, their steepest fall since the start of 2009. "The manufacturing sector is back in the fast lane even though it wasn't quite able to make up entirely for the strong drop in the previous month," Rainer Sartoris at HSBC Trinkaus said. "The upturn has solidified, companies are investing more again and consumers are getting into a spending mood. "There's been a slight shift towards domestic-driven growth," he added. The focus of concern for the global economic outlook has shifted in recent months from the United States, which seems to have emerged from its summer soft patch, towards the

euro zone, mired in a sovereign debt crisis. Germany would be particularly vulnerable to a slowdown in euro zone growth because it exports most of its goods to other countries in the 16nation currency area. However, it is increasingly shifting its focus to emerging markets. The October figures showed domestic orders jumped 2.4 per cent. Orders from abroad rose just 0.8 per cent, with orders from the euro area down 0.9 per cent. "New orders from other euro zone countries dropped for the second consecutive month, reflecting the two-speed recovery," said Carsten Brzeski at ING Financial Markets. But "even if demand for German products were to slow down in the near future, German companies have piled up enough backlogs to keep production running smoothly throughout 2011." Germany suffered its biggest post-war recession in 2009 when its economy contracted 4.7 per cent. However, it has emerged faster than expected from the slump, driven by exports and stronger-thanexpected domestic demand, and left most other countries in

the euro zone trailing in its wake. Austerity measures to reduce public sector deficits are squeezing activity in a number of European states. But Germany's economy is proving more resilient so far to budget cuts, a subdued global trade environment and a strong euro. Manufacturing output in Britain, outside the euro zone, also proved robust in October, rising twice as fast as expected, although an unexpected drop in wider industrial production suggested the economy made a slow start to the final quarter of this year. Gerd Hassel at BHF-Bank said Tuesday's figures for German industrial orders confirmed the previous month's drop shouldn't be seen as the end of the upswing: "Growth in the fourth quarter will likely be a bit less than in the summer. But we'll still be above the longterm average of 0.3 per cent. "The outlook for next year is also favourable," he added. A purchasing managers' survey showed last week that Germany's manufacturing sector accelerated in November on strong growth in new orders, spurring the fastest job creation since March 2008.Reuters

China rate rise talk builds as loans and inflation rise BEIJING : China is likely to raise interest rates in the coming days in a demonstration of the government's resolve to tame inflation, an official newspaper said on Tuesday. In a banner headline across its front page, the China Securities Journal said this weekend offered a "sensitive window" for a rate rise, which would be the country's second after a surprise increase in October, the central bank's first rate hike since 2007. An increase in rates would also put flesh on the bones of Beijing's announcement late last week that it was switching to a "prudent" monetary policy from the "appropriately loose" stance of the past two years. The report weighed on Asian stock markets in early trade, though the country's main index in Shanghai later pared losses. Chinese asset markets have tumbled in recent weeks as investors have priced in more tightening. The newspaper said the timing was right for a rate rise with

official monthly economic indicators, notably the consumer price index (CPI), likely to show an increase in inflationary pressure when released on Monday, December 13. "With reference to the central bank's record of raising interest rates just ahead of the release of CPI, this weekend will provide a window for a possible policy change," the newspaper said, without citing any source. China's CPI in November may have accelerated to a 27month high of 4.7 per cent from a year earlier, according to a Reuters poll, up from a 4.4 per cent pace in October. "The general trend of China's monetary policy is appropriate tightening on the basis of the previous extremely loose stance," said Chen Jiagui, a senior government economist. GETTING READY Traders in China's interbank market said big lenders have already prepared enough money for another 50 basis point increase in banks' required reserves, which are already at a

record high for big banks. So far, the People's Bank of China has relied primarily on reserve requirements to mop up excess cash in the economy, officially ordering lenders to lock up more of their deposits five times this year. Banks had also been holding back from lending in anticipation of more government moves to curb inflation, driving up short-term money market rates. But these rates tumbled on Tuesday after large banks caved into pressure from smaller institutions which had refused to borrow at the higher rates. But concern over further hot money inflows could make Beijing hesitate before raising interest rates aggressively. Comments from Chairman Ben Bernanke that the Federal Reserve could increase its commitment to buy $600 billion in US government bonds has reinforced fears in Beijing that money printed in the United States will compound the inflationary headache in China.Reuters

expected to cost about $70 million and produce 110MW. The Chief Justice told him to consult his client and make statement about return of the amount along with bank interest. The counsel of Guddu Rental Plant's Pakistan Power Resource (PPR), Dr Pervaiz Hasan said matter relating the revocation of plant was in pipeline for a year now, adding Company returned over Rs400 million received in advance and will pay back the remaining Rs300 million by December 11. Heading a three-member bench hearing rental power project case, Chief Justice of Pakistan Justice Iftikhar Muhammed Chaudhry said reports being divulged by WikiLeaks are quite disparaging, urging all and sundry to Continued from page 12 No #2 respect country and its solidarity. -Agencies Yousuf Raza Gilani, in recognition of his services for furthering "ever-growing" bilateral relations between Pakistan and Turkey. Continued from page 1 No #8 The Turkish President decorated Prime Minister Gilani with the is waging a costly war against Pakistani Taliban insurgents and award at a special investiture ceremony held at the presidential needs to invest heavily in the energy industry to ease frustrations Cankaya Palace followed by talks between the two leaders. over power cuts. Pakistan's political and economic stability is The event was attended by senior officials of Turkish govern- vital for the United States, which sees it as a crucial ally in its war ment and the visiting ministers from Pakistan. Commerce against militancy in the region. In order to secure the remaining Minister Makhdoom Amin Fahim, Petroleum Minister Syed tranches, the sixth and seventh, Pakistan has to implement the Naveed Qamar, Minister for Water and Power Raja Pervaiz reforms demanded by the IMF before the programme expires. Ashraf, Minister for Railways Haji Ghulam Ahmed Bilour and Pakistan has already missed several IMF deadlines. Failing to Foreign Secretary Salman Bashir attended the ceremony.Begum live up to its agreement with the IMF would make it harder for the Fauzia Gilani and wife of Turkish Prime Minister Emine Erdogan South Asian country to secure international financial support and were present during the ceremony. -Agencies affect its sovereign ratings, analysts say. Another official in the Finance Ministry confirmed that Pakistan plans to ask the IMF for Continued from page 12 No #3 and to be attended by Indian and French business leaders. -Agencies an extension. Both officials said a decision on when to submit the request had not been made. Pakistan is struggling to secure the Continued from page 12 No #4 sixth tranche, which was originally scheduled for release in tax net in the next meeting to help the sub-committee firm up its views. -Online Jamil Fakhri son's death confirmed in US August but has been delayed due to the RGST issue. -Reuters Continued from page 1 No #12 Furthermore, Pakistani high commission has confirmed the days for utilising the imported palm oil under DTRE scheme.This period will be counted from the date Continued from page 1 No #9 death of Ali Ayaz Fakhri, son of actor Jamil Fakhri who was missmillion tonnes in same period last year. On the other hand, cumu- of Import General Manifest (IGM) to export date of the consignment. Export will be allowed in foreign ing for the past 22 months. Jamil Fakhri told the media that the exchange only. Earlier ECC obtained a detailed report from the various Ministries on the progress of the Pakistani high commission has confirmed the death of his son lative cement dispatches decreased 12.1 per cent to 12.24 million decisions taken in the previous meetings, and a presentation on the state of the economy. who was missing for the past 22 months, he informed that his son tonnes in 5MFY11 as against 13.92 million tonnes in same period Continued from page 1 No #13 was murdered, he had no personal rivalry, and for the past 22 last year. Furthermore, local dispatches declined 8.9 per cent to the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. months the Pakistani high commission was not even willing to 8.32 million tonnes in 5MFY11 against 9.14 million tonnes in Similarly, domestic debt alone rose by Rs354.7 billion at Rs5.01 trillion in 4MFY11 as against take his calls and after contacting the media they became active 5MFY10.While exports massively declined 18.1 per cent to 3.92 million tonnes compared with 4.78 million tonnes in 5MFY10. Rs4.65 trillion in June 2010. The floating debt during the period under review rose by Rs304 billion and probed into the case and within days came out with the report. to Rs2.70 trillion during the 4MFY11 compared with Rs2.39 trillion in June 2010, while the unfundContinued from page 1 The actor who seemed very disturbed requested the parents No #10 never to send their children abroad. He appealed the government Assange has denied any wrongdoing and has not been formally ed debt increased by Rs45.4 billion to Rs1.501 trillion as compared to Rs1.45 trillion. Furthermore, to bring the body of his son back home. -Agencies charged. WikiLeaks itself continued to be chased around the globe permanent debt up by Rs6.4 billion in 4MFY11 to Rs794.3 billion during the period under following its release of thousands of US diplomatic cables, with review.Within the floating debt category, the highest enhance was seen in borrowing through marContinued from page 1 No #5 ket treasury bills.The government borrowed Rs 166.4 billion through this instrument. Similarly, it this court, therefore, he was issued a notice under section 3 of Swiss authorities shutting down one of Assange's bank accounts further borrows Rs 137.7 billion through MTBs for replenishment. on Monday. -Agencies the Contempt of Court Act to explain on Wednesday as to why he

No #1

Continued from page 12

history of the organization. He said the occasion reminds us to renew our commitment to the Saarc Charter and its objectives. Pakistan believes that SAARC should actively promote regional cooperation in all important fields. "Saarc has emerged as a mature organization. It deals with multi-dimensional issues such as Poverty Alleviation, Education, Trade and Commerce, Energy Cooperation and Human Resource Development," he commented. -Agencies

should not be proceeded against accordingly. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday expressed its displeasure over the written version and told the official that they were tired of such things, now the officials responsible for such illegal acts would have to go to jail. The OGDCL official said the company asked for an extension of the bid after a Supreme Court hearing in the case late on Monday. The court took up the case again on Tuesday and fixed the next hearing for Wednesday. "Our management decided to delay the bid and asked for an extension, pending the outcome of the court decision," said one official, who asked not to be named. -Agencies

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by two other MNAs namely Kashmala Tariq and Rashid Godil, Gohar Ejaz, Chairman APTMA, Zubair Motiwala, Chairman CAPTA, representatives of several textile sector associations, Chairman FBR and FBR officers. Several issues relating to the five zero-rated sectors (textile, leather, carpets, surgical goods and sports) and RGST were discussed extensively. The associations presented their point of view and requested that zero-rating be continued under the existing sales tax regime since removing zero-rating would lead to liquidity issues for these sectors. They requested that the intermediary stages be not taxed and some other mechanism may be devised to collect taxes on the domestic sales of these sectors preferably at the retail stage. There was a consensus that the exports of these five Continued from page 1 No #6 sectors should remain zero-rated whereas the domestic sales Khan from PML. The bill was aimed at further amending need to be taxed. The sub-committee appreciated the concerns ORGRA ordinance-2002 where in was stressed that all the of the textile associations and the need to facilitate the sector provinces be given proper representation in board of directors of since it represented a major share of Pakistan's exports. OGDCL.Salim Saifullah and Marvi Memon supported the bill but The discussions of the sub-committee with the representatives it was dismissed being opposed by the majority vote. -Online of these sectors shall continue in the next meeting of the subContinued from page 1 committee scheduled on 11th December, 2010. Shahnaz Wazir No #7 International had entered into contract for completion of $52 Ali requested FBR and the representatives of the associations to present definite proposals on how the exports of these sectors million natural gas-fired 51 megawatts power plant in Naudero-II, while working upon a second project in Guddu, which was could be facilitated and the local consumption brought into the

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and rising demand expectations, as well as short covering. Analysts said sentiment was also helped by M&A activity, after Rio Tinto, which rose 1.1 per cent, made a $3.5 billion bid approach for Africa-focused Riversdale Mining on Monday. However, gains may be capped by concern over a possible Chinese rate hike. China is likely to raise interest rates in the coming days in a demonstration of the government's resolve to tame inflation, an official newspaper said. Energy stocks rose as crude prices hovered near $90 a barrel, supported by freezing conditions in Europe and the United States. Unilever added 2.7 per cent, buoyed by a Morgan Stanley double upgrade. Banks, which are sensitive to economic worries in the euro zone, rallied marginally after the Irish government urged parliament to approve a tough 2011 austerity budget.Gains were underpinned as US stocks jumped to a fresh two-year intraday high on Tuesday as investors bet that a deal to extend tax breaks will prompt increased spending and buoy the economy.-Reuters

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Credit Suisse estimated that portfolios following the S&P may need to buy up to 375 million Citigroup shares, although the timing of the purchases was uncertain. Citigroup rose 3.7 per cent to $4.61. Many top dividend-rich shares outperformed the wider market, with Dow Chemical Co up 1.1 per cent to $33.89 and AT&T Inc adding 0.9 per cent to $28.56. Nicor Inc climbed 4.9 per cent to $49.05 after natural gas distributor AGL Resources Inc agreed to buy Nicor, a peer. AGL shed 5 per cent to $35.25.-Reuters

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Bank Al-Falah stood as the top traded stock with 8.02 million shares followed by Nishat Chunian Paper with 7.97 million shares and Nishat Mills with 7.48 million shares. Out of total 392 active issues 216 declined and 153 advanced while 23 issues remained unchanged.


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Turkey confers highest civil order on Gilani

Pak, Turkey vow to push ties forward

MAKEEN: Chief of Army Staff General Ashfaq Kayani and Chief of Air Staff Air Chief Marshal Rao Qamar arrive at Makeen for the launching ceremony of the reconstruction of Government Higher School Ashkarkot. Online

Gen Kayani inaugurates Army-built school

SWA declared militant-free WANA: Chief of the Army Staff General Ashfaq Parvez Kayani Tuesday made it clear that undoubtedly 100 per cent area of South Waziristan has been virtually cleared from militants. According to media reports, these views were expressed by Chief of the Army Staff General Kayani during his visit to South Waziristan along with Air Chief Marshall Rao Qamar Suleman. He hoped that expansion of the road would usher in

Afghan Transit Trade. They inaugurated a school in Makeen that was constructed by Pakistan Army. During a quick chat, General Kayani underlined that undoubtedly SWA is cleared from militants, adding some 200 families have returned back to the area. He said that rehabilitation and reconstruction is underway in the area. He further said that a double-road is being constructed in Tank, Jandola, Makeen, and Wana areas. He further added that work is

underway on approximately 14 billion rupees various projects. Furthermore, spokesman of the Pakistan Army Major General Athar Abbas on Tuesday made it clear that no rocket attack occurred in the area of South Waziristan. The spokesman in his statement on Tuesday said that that an operation is being carried out against militants in the area of Shawal in which helicopters are being used to destroy the whereabouts of militants tooth and nail. -Agencies

CM B’stan says knows persons involved in attack

Raisani says he's marked for death QUETTA: Chief Minister Balochistan Nawab Aslam Raisani has said that he has become the target of terrorist attacks, adding he knows who are behind the attack and involvement of foreign hands cannot be ruled out. Talking exclusively to Online, Chief Minister Balochistan has said that he is aware of who is involved in the attack, he even knows where they live but the involvement of foreign hands can not be ruled out. They want to take Balochistan towards civil war but we will not let them be successful in their nefari-

FO confirms Ali Fakhri's death ISLAMABAD/LAHORE: Foreign office spokesperson condoling the death of the legendary actor Jamil Fakhri's son, assured the family of full investigation of the case. Talking to a private TV channel Abdul Basit said he is not fully satisfied on the preliminary investigation report of Ayaz Ali Fakhri's murder and the Pakistan embassy in US has been asked to further investigate the matter. He said that if Jamil Fakhri wants to visit US that can also be considered because he himself is not satisfied with the investigation report. The spokesperson condoled with the bereaved family and assured that all necessary measures will be taken to get to the root of the matter and all information regarding the murder case will be shared with the family. He stressed that the culprits will be brought to justice and all possible steps will be taken to solve the mystery. See # 4 Page 11

ous designs. He said without the inside help this could not have taken place and we will follow them and hunt them down, they think they can get away with it, but they don't know what they are dealing with. He said that we will sit with the tribal people and moderate political leaders to discuss the future plan of action. Answering to a question the chief minister informed that missing persons' case is also being methodically reviewed, these elements do not want to see anyone pow-

erful. Meanwhile, CCPO Quetta Abid Notakani has said that the attack on Chief Minister of Balochistan was a suicide attack however further investigations are continuing. He said according to an estimate about 3 to 4 kilogram explosive material was used in the attack and further investigation is in progress. He said that Police officials and other law and forces agencies are investigating the incident and in this connection public and media will be informed soon. -Online

Pak needs to be resolute against terrorism: Sarkozy

Terror from Pak soil unacceptable: France MUMBAI: Promising to be with India to ensure justice in 26/11, French President Nicolas Sarkozy Tuesday said New Delhi had shown remarkable restraint after the attack. He emphasised it was unacceptable for terror to originate from Pakistan. "I want to tell you that we will never forget the terrorist attack on Mumbai and will be with India so that justice is rendered," he said at a 26/11 commemorative function in Oberoi-Trident Hotel here. Speaking at a special memorial service, Sarkozy said that terrorism should be outlawed universally, added true international cooperation is needed to combat terrorism and he counts on Pakistani authorities to show they are resolute in combating terrorism. Sarkozy said, "We know of the price the Pakistan population is paying for terrorism but it is not acceptable for the world that terrorist attacks originate from or terrorists are trained in Pakistan." He also

praised Prime Minister Manmohan Singh for showing restraint after the Mumbai strike. "The Indian prime minister has shown remarkable restraint following the attack and is continuing the dialogue with Pakistan and has tenaciously created the politics of dialogue, which France supports," said Sarkozy. He paid tributes to the victims of the 26/11 terror attacks in the city and said that his country will stand by India till justice is delivered Sarkozy, who along with his wife Carla Bruni arrived here on the last leg of his four-day India visit, first paid his respects at the Police Memorial on Marine Drive, dedicated to security men killed in fighting terrorists, before proceeding to the Oberoi. The final programme in Sarkozy's Mumbai itinerary will be an address to business leaders jointly organised by industry bodies CII and FICCI See # 3 Page 11

UK PM hints at Afghan exit from next yr KABUL: British Prime Minister David Cameron has revived the prospect of beginning the phased withdrawal of British troops in Afghanistan from next year, after flying into Helmand province for a preChristmas visit to the troops. The prime minister declared himself "cautiously optimistic" about progress against the Taliban in Afghanistan, claiming that security had improved, and preparations for the Afghan army to take control by 2014 were ahead of schedule. General Sir David Richards, the chief of defence staff, described progress in the last three months as "astronomical". Cameron insisted that his overall aim was still a complete withdrawal of combat forces by 2015, rather than rushing to get troops out in the next year, but it is now a possibility that some could come home next year. Addressing an impromptu press conference from within the camp, Cameron said that his visits to patrol bases had left him "cautiously optimistic". Asked whether some British troops could go home next year, he said: "The key word is do-able. I think it is eminently do-able. There will be ups and downs but I've been coming here for five years; for the first time, in the last three to four months, I can sense we can do it. At last we've got the resources." Online

200 suspects arrested in Khi search operation KARACHI: More than 200 people have been arrested in a joint search operation of Rangers and Karachi police in the area of Mangu Pir Karachi here on Tuesday. As per details, Rangers and police jointly operated in different areas of Karachi including Kanwari Colony, Mian Wali Colony and Awan Colony and arrested more than 200 suspects during door-to-door search operation. Sources added that during the search operation news about the presence of the office of banned organisation was also disclosed, over that police operated in the area and arrested eminent member Sadiq Masood along with 13 companions including Raheel Masood, Fakhar Masood and Gola. Large amount of explosives has been recovered from the office. It is to be mentioned that two Taliban Commander have also been arrested during search operation along with 2 companions and explosives. The arrested were shifted to unknown place for interrogation. -Online

ANKARA: Prime Minister Syed Yousuf Raza Gilani called on Turkish President Abdullah Gul here Tuesday and discussed ways to reinvigorate and deepen PakistanTurkey ties by widening cooperation in all spheres. Prime Minister Gilani, who arrived here on a three-day official visit, met the Turkish President at his Cankaya Presidential Palace, and focused on deepening the "time tested and deep-rooted relations" that Pakistan enjoys with Turkey. Mentioning the two countries' age-old brotherly relations the Prime Minister said that Pakistan cherished the fraternal bonds with Turkey and accorded the highest priority to nurture them further. He said the affinity between Pakistan and Turkey drew strength from the infinite reservoirs of mutual goodwill and appreciation that had always been expressed by the two governments and the peoples. Gilani said Turkey and Pakistan had a commonality of interest and expressed the confidence that his visit would prove instrumental in further advancing the common goals. President Gul said Turkey and Pakistan always sided and supported each other, added Turkey considered Pakistan as its friend and felt its' problems as its' own and said the two countries shared commonality

Gilani says committed to Saarc charter ISLAMABAD: Pakistan is committed to the principles of South Asian Association of Regional Cooperation (SAARC) charter and we shall continue to play our role in furthering the objectives of Saarc for the benefit of the peoples of South Asia, Prime Minister Syed Yousuf Raza Gilani said. In his massage on Silver Jubilee of Saarc which falls on December 8, 2010, he said, "It is a great pleasure for me to extend our very felicitations, on behalf of the people of Pakistan and my own behalf to the people and the governments of the Saarc Member States on the Silver Jubilee Year of Saarc".He said Pakistan joins other Saarc Member States in celebrating this important landmark in the See # 1 Page 11 of views on regional and international issues. Gilani said Pakistan appreciated Turkey's support and solidarity in difficult times; be it the 2005 earthquake or the recent floods. He said the high-level cooperation council would enable the two counties to fast track inter-governmental cooperation and hoped that Pakistan would benefit fully from Turkey's experience in reforms. Gul said the two countries had successfully passed the test of history and had ties that have continued to grow over the years as the two sides supported each other through thick and thin. He hoped that relations

Temple blast in India kills one LUCKNOW: A blast outside a temple in the northern Indian town of Varanasi killed at least one person and injured several people, police said on Tuesday. At least three Indian TV stations, citing "reports", said some 20 people had been injured, including several foreign tourists. "It was a low intensity blast," said Prem Prakash, a senior police official speaking on CNN-IBN television channel, without elaborating what caused it. "It is difficult to say whether it was an explosive." Prakash said "four to five" people had been injured and did not say if anyone had been killed or whether foreigners were among the injured. TV images showed bloodsoaked debris scattered out-

side a temple by the Ganges river in Varanasi city, considered holy by Hindus. "We heard a very massive blow immediately. I saw people running," Devendra Singh told NDTV television channel. "I have seen the police, ambulance and the police vehicles coming in. They have asked us to move and I am moving out from that place and going back to the hotel," he said. In 2006, three blasts in Varanasi killed at least 15 people and wounded 60 people. India remains jittery about the threat of militant strikes, especially since the Mumbai attacks in November 2008 which killed 166 people and raised tensions between India and Pakistan. -Reuters

‘N’ urges govt to come out of comfort zones

Sharif asks govt to act, not talk GOJAR KHAN: PML-N Chief Mian Nawaz Sharif Tuesday again made it clear that country cannot progress while taking decisions merely in the Presidency and Prime Minister House stressing the need to come out for prosperity and development and urged government to act for the progress of the country. While talking to host of journalists, after condoling the death of mother of Chaudhry Ejaz here on Tuesday, PML-N Chief Nawaz Sharif went on to say that there is gigantic difference between democracy and martial law, adding a dictator completely destroyed the infrastructure and economy of the country. "I am feeling happy that Parliament is growing stronger and all the decisions are being

taken inside the parliament, he said. Decisions being taken in parliament would strengthen institutions, he hoped. When the institutions are fortified then the democracy will become robust, he underscored. Sharif said that there is sheer need for an economical revival in the country, adding the incumbents sitting in the Presidency and PM House must think positive for the national interests of the country as inflation, poverty and unemployment is getting out of every one's control. He further opine that if he gets another opportunity to rule the country he will bring revolutionary changes and will start from where he left the development work in this regard. -Online

between the two countries would further strengthen in the days ahead and extended full support to the fight against terrorism and extremism. President Gul noted that the democratic institutions were getting full support of all the institutions. He said it was satisfying to note that Pakistan can resolve its problems through democratic processes. The two leaders wished each other prosperity and progress of their peoples and vowed to strengthen deep friendship between their countries. Furthermore, President Abdullah Gul conferred Turkey's country's prestigious Jamhuriyat Nishan (Republic Order) on Prime Minister Syed See # 2 Page 11

China and Nobel panel at odds over award boycott BEIJING: China said Tuesday the "vast majority" of nations would boycott this week's Nobel Peace Prize ceremony for jailed dissident Liu Xiaobo, but the Norwegian award committee said two-thirds of those invited would attend. China said the granting of the prize to "a criminal" was an affront to its "legal sovereignty" and would not affect its policies. "We will not change because of some wind blowing the grass and because of the interference of some clowns who are anti-China," Foreign Ministry spokeswoman Jiang Yu said. The Norwegian Nobel Committee offered a picture very different from that presented by Jiang. Geir Lundestad, the executive secretary of the Nobel Committee, told Reuters the Chinese contention that most nations would stay away was "a very curious way of stating things" because only the 65 countries with embassies in Norway were invited, and 44 of those had accepted. The committee has said China has mounted an unprecedented campaign to keep envoys from attending. China has denounced the awarding of the accolade to pro-democracy activist Liu as an "obscenity" and has unleashed a torrent of diplomatic scorn towards host nation Norway, while exerting pressure on diplomats to boycott Friday's ceremony. "As far as I know, at present, more than 100 countries and organizations have expressed explicit support for China opposing the Nobel Peace Prize, which fully shows that the international community does not accept the decision of the Nobel Committee," the Foreign Ministry spokeswoman told a regular news briefing. Reuters

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The Financial Daily-Epaper-08-12-2010