Page 1

International Karachi, Thursday, November 11, 2010, Zil Hajj 4, Price Rs12 Pages 12

Sharmila lauds media’s role in shaping opinion

Prime Miniter terms edu a key to progress

See on Page 12

President urges expiditing Thar coal gasification

See on Page 12

Pak expresses concern over US-India UNSC bid

See on Page 12

See on Page 2 Economic Indicators

Flood-surcharge also approved by Fed Cabinet

$16.96bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.02mn

Forex Reserves (29-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

Cabinet passes Reformed GST New taxes to unleash tsunamis of inflation: MQM

Portfolio Investment SCRA(U.S $ in million)

88.44 -16.29 -18.57 2532

Yearly(Jul, 2010 up to 8-Nov-2010) Monthly(Nov, 2010 up to 8-Nov-2010) Daily (8-Nov-2010) Total Portfolio Invest (22 Oct-2010)

NCCPL (U.S $ in million)

FIPI (10-Nov-2010) Local Companies (10-Nov-2010) Banks / DFI (10-Nov-2010) Mutual Funds (10-Nov-2010) NBFC (10-Nov-2010) Local Investors (10-Nov-2010) Other Organization (10-Nov-2010)

2.93 0.15 -2.09 -0.07 -0.33 0.06 -0.66

Global Indices Index Close KSE 100 10,941.94 Nikkei 225 9,830.52 Hang Seng 24,500.61 Sensex 30 20,875.71 ADX 2,761.66 SSE COMP. 3,115.36 FTSE 100 5,816.94 *Dow Jones 11,332.22 *Last Updated 20:00 PST

Change 50.34 136.03 209.99 56.77 6.36 19.64 58.25 14.53

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 2.60 110.95 19.20 163.86 2.00 42.67 1.70 36.27 9.806 33.48

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)

03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010

12.75% 13.11% 13.24% 13.50% 12.81% 12.98% 13.24% 13.63% 13.71% 13.65% 13.74% 13.85% 14.21% 14.34% 14.50%

Commodities *Crude Oil (brent)$/bbl 88.85 *Crude Oil (WTI)$/bbl 87.23 *Cotton $/lb 148.75 *Gold $/ozs 1,403.30 *Silver $/ozs 27.91 Malaysian Palm $ 1,089.00 GOLD (NCEL) PKR 38,270 KHI Cotton 40Kg PKR 11,253 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 85.67 Canadian $ 84.70 Danish Krone 16.00 Euro 118.50 Hong Kong $ 10.95 Japanese Yen 1.031 Saudi Riyal 22.90 Singapore $ 65.73 Swedish Korona 12.85 Swiss Franc 87.00 U.A.E Dirham 23.10 UK Pound 136.50 US $ 85.90

85.80 85.75 16.50 119.00 11.15 1.057 23.00 65.83 13.00 88.00 23.20 137.00 86.10

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

85.47 84.74 15.74 117.34 11.00 1.044 22.75 66.19 12.59 88.00 23.23 136.40 85.34

85.68 84.94 15.78 117.61 11.03 1.047 22.80 66.34 12.62 88.21 23.28 136.72 85.53

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

29°C 34°C 30°C 29°C 23°C 29°C

MIN

9°C 18°C 13°C 12°C 2°C 10°C

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Special Correspondent/ Agencies

ISLAMABAD: Federal Minister for Information Qamar Zaman Kaira speaks during a press conference at PM Secretariat. Federal Minister for Finance Abdul Hafeez Sheikh are also seen in the picture.-Online

UNESCAP delegation calls on President

Zardari highlights economic potential ISLAMABAD: President Asif Ali Zardari Wednesday said that Pakistan has great potential to achieve a much higher economic growth dramatically on a sustained basis. For this purpose innovative ideas are needed and international assistance in areas of trans-regional connectivity and infrastructure development which will open up Pakistan to Central Asia, China and countries in the region, on one hand, and with Turkey and the

Middle Eastern region, on the other. These remarks were made by the President in his meeting with Dr Noeleen Hevzer Executive Secretary United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), who called on him here in Aiwan-eSadr. Executive Secretary UN ESCAP Dr. Noeleen Hevzer was accompanied by Timo Pakkala, Resident Coordinator

Musharraf spells political strategy NEW YORK: Musharraf, who plans to return home and head a new political party, brought the case for his political revival to some of the most influential figures in US foreign policy. Musharraf told the Council on Foreign Relations in New York he believed he had "an even chance" of returning to political power in his country's 2013 general election and would seek to attract support of those who do not normally vote. The former military chief, who came to power in a bloodless military coup in 1999, announced last month in London that he had created a new party, the All Pakistan Muslim League. He has lived in self-imposed exile since he stepped down under threat of impeachment in 2008.

Pakistan was facing a leadership crisis and "no political party (there) today can handle the situation," he said. Agencies Meanwhile, while talking to the media former president Pervez Musharraf said missile tests of Ghauri I and Ghauri II failed and Dr Qadeer Khan is well aware of all this. He said those goods, which Dr Qadeer would import or export, would be exempted from checking at customs therefore none dared to touch them. Only Dr Qadeer Khan is responsible for nuclear proliferation. He was allowed to go anywhere upon informing the government officials when I was on charge being president of Pakistan, Musharraf said, See # 15 Page 11

Qamar stresses need for raising oil, gas production

New gas policy on launch-pad ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Syed Naveed Qamar, has underlined the need for accelerating indigenous oil and gas production while keeping the untapped, unconventional reservoirs of tight, shale and low btu gases in the spotlight. Syed Naveed Qamar was addressing a large audience of experts from the petroleum industry, corporate heads, delegates from the ministry and university students on the occasion of the Annual Technical Conference of the Society of Petroleum Engineers (SPE) and Pakistan Association of Petroleum Geoscientists (PAPG) 2010 here Wednesday. Syed Naveed Qamar announced, on the occasion,

that the Tight Gas Policy had been formulated by the Ministry and was ready to be tabled before the Council of Common Interests, in its forthcoming meeting to be held within a months time, adding that he looked for to the petroleum industry that as soon as the Tight Gas Policy was approved and announced, it would avail the opportunity from that resource, so far left underground, while every unrecovered, unexploited hydrocarbon molecule was adding to the overall budgetary deficit in a big way. He said that the demand, particularly for hydrocarbon energy, was increasing year by year, outpacing the growth in economy and population by leaps and bounds.-Agencies

UN to Pakistan, Adnan H Aliani, Chief Sustainable Urban Development Unit ESCAP, Xuan Zongpei, Director ICT and Disaster Risk Reduction Division UNESCAP. From Pakistan side those who attended the meeting included Salman Faruqui, Secretary General to the President, Begum Shahnaz Wazir Ali, Special Assistant to the Prime Minister, federal secretaries of See # 11 Page 11

Sugar price hike challenged in court LAHORE: A petition was filed in the Lahore High Court (LHC) challenging sugar's recent price hike. The petition also requested the court to direct the government to take all sugar mills in its custody, according to media reports. Filed by Azhar Siddique at the LHC, the petition said Prime Minister Yousuf Raza Gilani See # 13 Page 11

Jamali meets Sharif today ISLAMABAD: Former prime minister Mir Zafarullah Jamali will meet PML-N Chief Mian Nawaz Sharif in Raiwind on Thursday (today). It has been told that PML-N will be given a formal invitation to join United Muslim League. Jamali personally requested Nawaz Sharif to meet him and See # 14 Page 11

ISLAMABAD: The Federal Cabinet in its meeting on Wednesday accorded approval to the Reformed General Sales Tax (RGST) bill which would be presented in the current session of the National Assembly. Prime Minister Syed Yousuf Raza Gilani chaired the cabinet meeting. The Cabinet also approved flood surcharge -- to be imposed for six months from January 2011 -- on persons having income more than Rs300000. Finance Minister Senator Abdul Hafiz Shaikh gave detailed briefing to members of Cabinet about the outlines of RGST Bill and preconditions slapped by International Monetary Fund (IMF) in terms of the bill. The coalition partners of the government had already expressed their reservations

RGST to be brought at uniform 15pc: Shaikh ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh said Wednesday that the Federal Cabinet has approved the Reformed General Sales Tax (RGST). Federal Cabinet has approved the RGST bill under which a flat rate of 15 per cent GST will be levied in reformed form with no new taxes, he said while briefing the newsmen after Cabinet meeting. Dr Shaikh was flanked by Federal Minister for Information and Broadcasting Qamar Zaman Kaira and See # 6 Page 11 over the RGST and a hot debate was expected on the RGST issue in the National Assembly. The decision to take up the RGST in the cabinet meeting and subsequently to introduce it in the National Assembly was taken during the meeting of the Council of Common Interest (CCI) that was chaired by Prime Minister Syed Yousuf Raza Gilani. Besides the RGST bill, the cabinet also discussed the issue of availability of sugar in the

Let's talk issues, Isb urges Delhi

country focusing at implementing the CCI decision. The available stocks of 350,000 metric ton of sugar with TCP will be sent in the open market. "Let it come to parliament and they can apprise the standing committee of their concerns", PM Gilani said. Passage of RGST Bill was must for the recovery of economy as the pledges made by us with the international fiscal institutions would be affected if it was not done so by us, he added. See # 7 Page 11

President leaves for China today

a while in which both stressed the need to solve lingering Kashmir dispute in an amicable manner. Foreign office spokesman urged upon India to give up its unrealistic stance on Kashmir and take steps to resolve the dispute in accordance with the Kashmiris' aspirations. He said that due to Kashmir dispute the region is facing instability and is leaving a negative impact on economic development. See # 8 Page 11

ISLAMABAD: President Asif Ali Zardari will embark on a visit to China on Thursday in view to participate in 16th Asian Games inaugural ceremony besides meeting his Chinese counterpart and host of other Chinese dignitaries during his short stay. According to diplomatic sources, President Zardari was cordially invited to participate in the simple but dignified 16th Asian Games inaugural ceremony during his short stay of three days in China. See # 9 Page 11

Oil consumption up 33.5pc in Oct

Senate passes employees restoration bill 2010

ISLAMABAD: Foreign office spokesman Abdul Basit Wednesday urged New Delhi to come to the table to discuss issues, added Kashmir dispute should be settled according to the wishes of the Kashmiris. He expressed these views while talking to AJK Minister Information, Environment and Overseas Kashmiris Mehmood Riaz who called on him in his office. According to details issued by AJK PID meeting lasted for quite

Ahmed Siddique KARACHI: Petroleum product consumption recorded a double-digit growth as it increased 33.5 per cent on Month-on-Month basis in October, mainly due to robust HSD and FO sales, as unfolded by the latest OCAC data for the fourth month of FY11. The total volume of the POL products (ex non-energy) was recorded 1.86 million tonnes in

October 2010 against 1.39 million tones in the same period last year. All major categories including HSD, furnace oil, gasoline, kerosene, LDO and JP showed a surge in consumption in the range of 6.7 per cent to 59 per cent. According to data, high speed diesel (HSD) showed a hike of 58.7 per cent MoM with sales of 664 thousand tonnes See # 10 Page 11

ISLAMABAD: The Senate on Wednesday passed "The Sacked Employees Reinstatement Bill 2010" with majority. Nawabzada Ghazanfar Ali Gul, Advisor to the Prime Minister moved the bill to provide relief to persons in corporation service or autonomous or semi autonomous bodies or in government service who were See # 12 Page 11


2

Thursday, November 11, 2010

Dell demos smart-homes technology

KARACHI: Advisor to CM Farooqi administrates polio drops to school children during third day of Polio Immunization campaign at Polio Camp arranged by Cantt Traffic Police Section in Karachi.-PPI

PDF-2010 from 14th ISLAMABAD: Pakistan Development Forum (PDF) 2010 would be held here on November 14-15, a senior government official told APP Monday. "We are holding the Forum in 2010, as the last PDF was held in 2007", he said and explained the forum would provide opportunity to have comprehensive dialogue with our development partners on government's strategic direction, priorities and policies. He further said that deliberations of the PDF influence forthcoming the country Partnership Programs/Strategies of the Donors adding that in addition, feedback from the development community facilitates alignment of government policy with international best practices.

Advisor to CM vows to wipe out child labour

Sharmila lauds media role in shaping opinion Tauseef Razi Mallick KARACHI: The media has a very important and responsible up its sleeves to ensure that correct information is circulated and the government's considerable specific legislative, policy and programmes pertaining to the eradication of the scourge of child labour from the country and within the frameworks of education for all, poverty reduction etc are duly communicated to the public. The Advisor to Chief Minister on Information and Archives, Sharmila Faruqui expressed this while addressing a seminar on "Activating Media in Combating Child Labour" at Arts Auditorium, Karachi University. The oneday seminar was organised was the Department of Mass Communication, University of Karachi in collaboration with International Labour Organisation (ILO). Sharmila highlighted the influence of the media for shaping public opinion on mat-

ters of social issues. "From the perspective of various social problems prevailing in the country, the mass media have a decisive role to play in mobilising the people for exploiting the children and forcing them clandestinely into labour", she added. She referred to a report according to which about 220 million children aged 5 to 17 are engaged in child labour, excluding child domestic labour around the world. About 10 million children are engaged in child labour in Pakistan out of which 50 per cent are between 5 to 7 years of age, she added, whereas in Province of Sindh about 300,000 children are subjected to labour. "Child Labour is an international evil. It requires cumulative efforts to wipe it out. The need of the hour is to expand the machinery for enforcing the various laws on child labour", she maintained. The Advisor Information linked this issue mainly to the lack of proper awareness, poverty and low level of parental education.

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

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

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

KARACHI: Taken a group of Participants of Water Experts (Engineers) along with Prof Dr Nasim A Khan, VC, Hamdard University on the occasion of visit of varsity.-Staff Photo

PTCL eases its corporate clients ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company Ltd (PTCL) in order to keep its corporate customers connected regardless of time and space provides a converged communication platform for all their business applications. PTCL Unified Communication service is a comprehensive solution for the corporate customer and SMEs that combines sophisticated voice and data connectivity and aims at satisfying the essential needs of customer's telephony/voice, data and collaboration needs. It gives users a richer environment where they not only have audio but also video capabilities, they are able to share files and work of documents together regardless of their physical locations, which empowers them to truly start to work as one cohesive group, and not as partially connected entities. Built on Microsoft Exchange Server, Windows SharePoint Services, and Microsoft Office Communication Server, Microsoft Hosted Messaging and Collaboration (HMC) 4.5 sets the standard for security, reliability, and scalability.-APP

Tapal launches new flavours KARACHI: Tapal expanded its green tea range by introducing the new Mint Green Tea flavour on the shelf. The launch of the new 'shade' in the Shades of Green portfolio was held with

the objective of getting the key stakeholders and field force acquainted with the new flavour. The event spanned over a briefing session for the Sales Team and Distributors highlighting the core objectives and the benefits of mint green tea

along with an array of speeches by the key note speakers. The presentation was followed by an extravagant hi-tea after which Mint green tea was served for sampling. It was estab-

lished that the new Mint flavour pleased the guests' palates at the event as it was remarkably appreciated. Tapal Shades of Green being the market leader in the green tea category intends to further strengthen its portfolio with the new flavour.-PR

MARDAN: Lucky winner of ZONG’S “Keep Phone On” reward program receiving motorcycle for keeping his phone on. Picture shows Mian Muhammad Imran Khan, Manager CSC Mardan handing over the key.-Staff Photo

KARACHI: Dell recently arranged an exciting technology event in Singapore, to showcase its wide range of innovations in computers and multi-media products for creating SmartHomes for modern families, said a handout released here. Notable Blogging enthusiasts, Techies and media buffs from numerous countries gathered in Singapore to participate. The Asia-Pacific Regional Director at Dell Consumer Marketing, Dolly Chin, explained to the media how Dell has consistently worked over several years to introduce a number of new consumer electronics. As a result, Dell has successfully created more than 30 products within a short period of 2 years, which are now available in 60,000 stores worldwide. Dell had invited one Pakistani blogger to the event with a media representative to cover the same. -PR

Stern action ordered against hoaredrs

Qaim takes notice of sugar price hike KARACHI: Chief Minister Sindh Syed Qaim Ali Shah today presided a high level meeting at Chief Minister House regarding controlling the prices of essential commodities including sugar in Sindh. Chief Minister Sindh took serious notice of hoarding, black marketing and illegal profiteering of sugar and directed all District Coordination officers to take Stern action against those involved in such acts. Chief Minister Sindh warned that it is responsibility of all DCO's and his sub-ordinate officers and staff to be vigilant and careful about price hike and illegal profiteering so that common man is not

looted. Syed Qaim Ali Shah added that DCO's are incharge of their respective districts as far as price control cells are concerned. He further said that it is prime duty of government and its agencies to ensure proper and prompt control of prices of essential commodities. Chief Minister Sindh strictly directed the DCO's to take prompt action against persons, involved in hoarding, black-marketing and profiteering. He further directed to challan those hoarders, black-marketers and profiteers and be apprehended under price control act and hoarding and profiteering law, for which EDO's / DDO's and inspectors will

launch action with immediate effect. Chief Minister Sindh also directed that all DCO's should remain present tomorrow in their offices at 2 pm where as he will hold video conference meeting with them to enquire for action so far taken in this regard. The meeting discussed various measures for controlling the price of Sugar and make arrangements of supply of the same in markets. It was decided that Sindh Government will take 70 thousand tones of Sugar from Trading Corporation of Pakistan on emergent basis and will be brought in the markets through genuine dealers to consumers at the rate of Rs61-00 per Kg.-Online

Nando’s presents Peri Mic night LAHORE: Nando's and Origami Entertainment organized the first of their Peri Mic nights at Nando's outlet here recently, said a statement issued. The events are focused on youth talent mobilization and offering the Lahore version to the Open Mic College Nights a phenomenon well recognised abroad. The events are to be organised fortnightly at Nando's MM alam Gulberg, Lahore and are aimed at bringing out amateur artists, musicians, comedians and raw talent. The event showcased some of the best known Lahore talents alongside new and upcoming amateur artists. Musicians including Farhad Humayun of Overlaod, Coven Band's Hamza Jaffery, Taimur Rehman of Laal and Sarah Waqar were present and performed.-PR

Cloths expo at Grandeur KARACHI: CEO Grandeur Nashmia Ahmed organised a Stitch & Crafts exhibition at Asian Institute of Fashion Design (AIFD) featuring cloths and accessories, said a statement issued here. "Primary reason to organise this event was to provide the highly-skilled and talented designers the opportunity to first-hand experience the feeling of how affairs of marketing their own brand is handled out there in the real world," said Sanober Ahsan, CEO of Asian Institute of Fashion Design (AIFD).-PR

US envoy celebrates Iqbal Day KARACHI: US Consul General in Karachi William Martin celebrated Iqbal Day with KASB Foundation and children from FATA. KASB Foundation is supporting 207 children from FATA with scholarships to elementary and secondary schools. The children performed poetry and tableaus for Consul General Martin to celebrate Iqbal Day. Martin spoke to the children saying that "receiving an education not only benefits you, but benefits the community and the country of Pakistan. Never be deterred in finding opportunities to learn and pursue education."-APP

KARACHI: Speakers at Iqbal Day functrion held at Defence Authority Degree College; Barrister Shahida Jamil was the Chief Guest. Also seen in the picture are renowned intellectual scholar Mr Obaidullah Baig, Principal DA Degrees College Commodore (R) Imran Ansari and Brig (R) Iftikhar Arshad Khan, Director Education DHA.-Staff Photo

Complete home insurance offered

HSBC, Chartis enter into pact Staff reporter KARACHI: Chartis, a world leading property and general insurance company, today signed an agreement with HSBC to offer a complete home and contents insurance solution, designed specifically for HSBC customers in Pakistan. 'HSBC SecureHome' is a comprehensive home insurance plan, underwritten by Chartis' Pakistan operations, New Hampshire Insurance Company. The plan has

been designed to cover damage to buildings, contents at home, including personal and prized possessions against fire, theft, burglary, storm/flood, earthquakes, riots and civil disturbances to name a few. An added feature, Lost Wallet, is also provided as part of the insurance solution. At the signing of the agreement Maddock commented, 'HSBC always strives to introduce products and services that complement our traditional financial services offer-

AAP holds 1-day creative workshop KARACHI: Advertising Association of Pakistan (AAP), in collaboration with Revelation Inc, recently held a one-day creative workshop, titled 'The Method to the Madness' at the Avari Towers, Karachi. The workshop was the first in a series of four workshops planned by AAP to be held in the next financial year. Designed for young advertising professionals and students, the workshop presented the creative process the top creative directors put into practice in the development of strategies and concepts for clients. It was originally planned for only 30 people but due to the overwhelming response from the ad agencies, the number of

participants was increased to 47. The day started with the welcome speech by Shahnoor Ahmed, Chairman, AAP, who thanked the members of AAP for their enthusiastic response. He was followed by presentations by the top 5 creative directors from various agencies of Pakistan on different aspects of "The Big Idea". Speakers present at the occasion were Farah Naz Haider, Former Executive Creative Director, JWT, Shoaib Qureshi, Chief Strategy Officer, Bulls Eye, Neil Chirsty, Creative Director & CEO, Headlion Group, Zohra Yusuf, Creative Director, Spectrum YR and Saman Shadab, Creative Manager, Lowe-Rauf.

KARACHI: Chef Gulzar, Brand Ambassador of Dawlance Mivrowave Oven range explains the healthy and easy-to-use features of the new Dawlance H-Zone Microwave Oven for cooking of delicious recipes at a local exhibition.-Staff Photo

ing, and importantly fit the needs of our customers. 'SecureHome' is a testament to our commitment to our customers.' Khan added, 'SecureHome is an example of our commitment to provide innovative solutions that meet specific customer needs. SecureHome has been tailored specifically for HSBC customers, offering protection against unforeseen and unfortunate events such as burglary, theft and natural disasters.'

Allied Bank relaunches 3 branches Staff Reporter KARACHI: "Focus on customer service, standardised branch ambience and the use of modern technology are the key contributors to Allied Bank's phenomenal success over the last six years" said Khalid Sherwani, CEO, Allied Bank, while inaugurating a newly renovated branch in Karachi. The Bank made a launch Wednesday of its three renovated branches in Karachi Finance & Trade Center branch, Khayaban-e-Ittehad branch and Merewether Tower branch. Also present on the occasion were Waseem Mukhtar, Director, Allied Bank, Zia Ijaz, Group Chief, CRBG and other members of the senior management of the Bank. In addition to the Bank staff, a number of individual and corporate customers also attended the inauguration ceremonies. So far out of the total 789 branches, 400 branches have been renovated while 100 more renovations are planned for the year 2011. All renovated branches offer easy access, spacious seating area for customers and ATM machines. Customer Services Officers (CSOs) have been inducted in most of these branches to facilitate walk-in clients and prospective customers.


3

Thursday, November 11, 2010

Swiss franc slips versus dollar, euro ZURICH: The Swiss franc traded lower against the dollar and the franc on Wednesday, giving back some of the previous session's gains as higher US bond yields buoyed the dollar and the single currency came off week lows. The franc was 0.4 per cent lower against the euro compared to the New York close, trading at 1.3381 francs per euro at 0725 GMT. The franc slipped 0.2 per cent against the dollar at 0.9702 francs per dollar. "Concerns over the euro-zone periphery are once again building. Even though a bailout mechanism is now in place, investors have become nervous over German calls to involve bondholders and impose haircuts," said UBS analysts in a note. Sarasin foreign exchange analyst Ursina Kubli agreed, adding that the Swiss franc's uptrend remained intact. Reuters

Greenback soars to 1-mth high against yen, euro US data adds to upward pressure on dollar, yields NEW YORK: The dollar hit a one-month high against the euro and yen on Wednesday as higher US bond yields prompted traders to cut extended bets against the greenback. The euro fell below $1.37, its fourth straight daily decline, with traders chalking up some weakness to fear about the ability of some euro-zone countries to finance deficits. Also, more strong US economic data, including a decline in initial jobless claims, had some analysts suggesting the US economy was starting to gain traction after months of frustratingly slow growth. Data last week showed surprisingly strong US payroll growth in October and improvement in the services sector. Investors had been dollar sellers in recent months and

bet that Federal Reserve plans to pump more money into the economy to boost growth would drive already low US rates even lower. So far, those expectations have been frus-

trated. "The US yield curve has steepened, and since the whole world has had the same position on, we've got a lot of endof-the-year, risk management going on," said Sebastien Galy, senior currency strategist at BNP Paribas. He said the euro, which hit a 9-1/2-month high near $1.43

Asian currencies

Stronger on yuan fix, authorities check gains again SINGAPORE: Expectations for further appreciation in China's yuan helped most emerging Asian currencies rebound against the dollar on Wednesday, but gains were capped by suspected central bank interventions ahead of a contentious Group of 20 summit. Authorities around Asia, including China, have been taking more aggressive steps to prevent a wave of capital flows from rapidly pushing up their currencies and creating potentially destabilising asset bubbles. Many have managed to slow, though not stop, appreciation in recent months. Central banks in the

Philippines and Malaysia aggressively bought dollars on Wednesday, trying to take advantage of overnight dollar strength against the peso and ringgit, traders said. However, market watchers said the longer-term trend in emerging Asian currencies in general was still upward, a belief that was underscored after China's central bank fixed the yuan's mid-point of its daily trading range at a record high, while also raising bank reserve requirements. "I think these are all significant efforts from the central banks to smoothen out or perhaps slow down the appreciation of their respective curren-

cies," said a Manila-based trader. "But in the long run, they are probably aware or agree that Asian currencies will continue to appreciate." The won also found support from a weaker euro amid worries about euro-zone sovereign risk and as spot yuan rose. But the currency failed to break through 1,110 per dollar on growing caution over that authorities will take further steps to curb hot money inflows, including further dollar-buying intervention and other measures. The South Korean unit ended local trade up 0.3 per cent at 1,110.2 versus the US dollar. Reuters

Sterling surges on BoE inflation report

Cbank shrinks Taiwan $ gains

LONDON: Sterling rose on Wednesday as speculation of near-term quantitative easing by the Bank of England receded, following the central bank's forecast that inflation would rise above target next year. The near-term inflation profile was revised higher because of a planned VAT sales tax rise and higher import costs. "The inflation outlook is set

to remain firmly tilted to the upside in the near term, making a resumption of further easing fraught with difficulty in the near term," said Michael Hewson, analyst at CMC Markets. Sterling extended gains to hit the day's high of $1.6100, helped by buying from an Asian sovereign account, traders said. By 1200 GMT it was around $1.6087, up 0.6 per cent on the day. But it remains well below last week's peak of

Top Economic Events

$1.6300, its highest since late January. Many said the door for more monetary easing remained open, as the BoE forecast inflation to fall below its target in two-years' time, which was more relevant for policy decisions. The BoE also said the outlook was highly uncertain and it stood ready to change policy

in either direction. The euro fell to a six-week low of 85.59 pence, extending losses due to ongoing debt concerns in peripheral euro-zone countries. Bids were seen around 85.60 pence, traders said. Technical analysts said a close below the 200-day moving average around 85.70 and the 55-day moving average at 85.69 would increase the bearish tone for the currency pair. Reuters

TAIPEI: Central bank intervention erased most Taiwan dollar gains on Wednesday, though the currency edged up on the residual global impacts of last week's US monetary easing decision. Taiwan's currency ended at T$30.6 per US dollar versus Tuesday's close of T$30.63 after the apparent central bank move to control six weeks of sharp volatility. Taiwan authorities, like those in other emerging Asian markets, worry that hot money generated by monetary easing in the United States will drive up currency rates and hurt export competitiveness. Super-loose US monetary policy has driven investors to seek higher yields in emerging markets such as Taiwan. That sparked the central bank to buy just under $7 billion in US dollars between Sept. 27 and Nov. 8, an IFR Markets survey of traders found. The island's currency rose about 3 per cent in anticipation of US easing geared to jumpstart stubborn economic recovery, and Wednesday's modest rise was an extension of that trend. But euro weakness fuelled by concerns about finances in fringe European economies set back Taiwan's currency by supporting the safer US dollar. -Reuters

NZ$ hit by dovish RBNZ; China move hurts Aussie SYDNEY/WELLINGTON: The New Zealand dollar shed nearly 1 per cent on Wednesday after the central bank warned the currency's strength might limit future rate rises and that financial markets had likely read too much into recent data. The New Zealand dollar fell as far as $0.7738 on the central bank's remarks, from $0.7830 before. It recouped some losses by late trade and stood at $0.7792. Reserve Bank of New Zealand (RBNZ) Governor Alan Bollard used a briefing on the sixmonthly financial stability report to curb market expectations on rate rises and talk down the currency. "The currency was looking fragile this morning and he has added another weight to the kiwi," said Bank of New Zealand strategist Mike Jones. The kiwi last week stormed to a high of $0.7976, its highest since May 2008. Bollard said the rise was being driven by broader global forces such as the US Federal Reserve's pump priming, which was "problematic" and unable to be resisted by the RBNZ.

However, he said this appreciation might limit future rate rises and markets were over-estimating the strength of recent data, given the economic recovery had slowed. A trader at a major Australian bank said hedge funds and foreign funds were kiwi sellers after Bollard's dovish remarks, with stop-loss sell orders kicking in under $0.7800 and further sell orders lined up under Nov. 2 low of $0.7644. The softer New Zealand dollar helped the Australian dollar to rise as far as NZ$1.2956, with many traders betting it could hit NZ$1.3000 soon. It pulled back in late trade however to NZ$1.2863 as the New Zealand dollar recouped losses. In late trade, the Aussie dollar was a touch softer at $1.0029, off the day's high of $1.0069 and New York's $1.0034. Charts suggest the Aussie's recent rally might be running out of steam for now. It has had four daily highs in the $1.0175/85 area, so a convincing break of $0.9975 could herald a deeper correction back towards October lows of $0.9650/80. -Reuters

last week, had probably peaked for the year and that the Australian dollar also would fail this year to retest last week's 28-year high of $1.0183. The Australian dollar

was last down 0.2 per cent at $1.0005. The dollar was up 0.6 per cent at 82.28 yen, near a onemonth high of 82.65 yen. The dollar/yen exchange rate is particularly sensitive to movements in the difference between US and Japanese bond yields. The dollar's rise accelerated after it triggered

automatic stop-loss orders around 82 yen. The euro was down 0.6 per cent to $1.3694, near the day's $1.3671 low. Sterling rose 0.4 per cent to $1.6041 after a Bank of England inflation report made further monetary easing in the UK look less likely. The euro fell 1 per cent to 85.33 pence. An auction of Portuguese government bonds, at which borrowing costs rose compared with a previous auction, weighed on the euro. Some analysts said euro losses would be limited, as the European Central Bank has signaled plans to stick to a tighter monetary policy than the Fed, which plans to pump more money into the US economy over the next eight months. -Reuters

Events Core Machinery Orders m/m MI Inflation Expectations Employment Change Unemployment Rate CPI y/y Industrial Production y/y PPI y/y Retail Sales y/y

Source

Events

AUD CNY JPY EUR EUR EUR EUR CAD USD USD

Home Loans m/m Trade Balance Household Confidence French CPI m/m German WPI m/m French Industrial Production m/m Italian Industrial Production m/m Trade Balance Trade Balance Unemployment Claims

Forecast -9.5% 20.2K 5.0% 4.1% 13.6% 4.5% 18.8%

Previous 10.1% 3.8% 49.5K 5.1% 3.6% 13.3% 4.3% 18.8%

Actual

Forecast

Previous

1.3% 27.2B 40.9 0.1% -0.3% 0.1% -2.1% -2.5B -44.0B 435K

1.1% 25.3B 40.9 0.2% 0.7% 0.2% -0.5% -1.4B -45.0B 451K

1.1% 16.9B 41.2 -0.1% 1.0% 0.0% 1.6% -1.5B -46.5B 459K

Currency Rates Name EUR-USD ESD-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 1.3725 0.9754 1.6095 1.0028 1.0015 113.42 0.8532 1.3388 132.9500 84.7500 0.97 1396.03 26.91

Bid 1.3725 0.975 1.609 1.0022 1.001 113.38 0.8528 1.3383 132.9000 84.6900 0.97 1395.08 26.84

High 1.3822 0.9755 1.6113 1.009 1.0071 113.77 0.8637 1.3427 132.9300 85.0000 0.97 1409.91 28.18

Low 1.3675 0.9675 1.5965 0.99996 0.9979 112.23 0.8525 1.3279 130.3800 84.0500 0.96 1384.33 26.54

London Inter Bank Offered Rates (LIBOR)

dollar in mid-June. It closed near the peak at 6.6337. The PBOC fixed the yuan's daily mid-point versus the dollar at a record high of 6.6450 on Wednesday, much stronger than Tuesday's 6.6580, brushing aside a dollar rebound. One-year dollar/yuan nondeliverable forwards (NDFs) fell to 6.4429 bid from 6.4450 at Tuesday's close, with their implied 12-month yuan appreciation rising to 3.14 per cent from 3.10 per cent based on Wednesday's PBOC fixing. "There is definitely something cooking at the G20 for China to do this," said a trader at a European Bank in Hong Kong, referring to the stronger fixing. The spot market was settling down from confusion over new forex rules that caused the yuan to experience its most volatile day of trading on Tuesday since the revaluation. China's State Administration of Foreign Exchange (SAFE) tightened rules on Tuesday that require banks participating in the currency market to hold a minimum amount of forex overnight. -Reuters

Indian rupee off lows on share sale inflows MUMBAI: The Indian rupee fluctuated on Wednesday as a strong dollar overseas and choppy domestic shares offset large dollar inflows entering the country for Power Grid Corp's ongoing $1.7 billion share sale. The partially convertible rupee closed at 44.30/31 per dollar, little changed from 44.31/32 at close on Tuesday. The unit traded in a range of 44.26-44.45 during the session. "Rupee gained mostly because of the dollar inflows for the Power Grid issue, but most inflows have come in by now. Leftovers could come until tomorrow noon at the latest. I expect the pair to hold in 44.25-44.45 band tomorrow," analysts said. Traders expect inflows towards the share sale to limit the rupee's downside at around 44.50 in the near term. Mild losses in shares also weighed as that failed to provide clarity on the direction of foreign fund flows, which have

Source JPY AUD AUD AUD CNY CNY CNY CNY

Previous Day

Yuan up on PBOC fixing ahead of G20 SHANGHAI/HONG KONG: Spot yuan rose against the dollar on Wednesday to its highest level since the currency's landmark revaluation in July 2005 after the People's Bank of China fixed a record yuan mid-point. The yuan's spurt was seen signalling a willingness by the central bank for another round of appreciation ahead of the Group of 20 summit in Seoul this week. Chinese President Hu Jintao and his US counterpart Barack Obama will meet to discuss issues including global trade and the yuan before the summit ends on Friday. News that the PBOC had ordered some banks to raise their reserve ratios had no impact on the currency market as the move was viewed more as a drain of excess liquidity rather than monetary tightening, such as from an interest rate hike, traders said. Spot yuan traded as high as 6.6325 versus the dollar in the late session, up from Tuesday's close of 6.6440. At the high, the currency has risen 2.92 per cent since its depegging to the

Time 4:50 5:00 5:30 5:30 7:00 7:00 7:00 7:00

a large influence on the rupee's fortunes. So far this year, foreigners have bought shares worth a record $28.3 billion. One-month offshore nondeliverable forward contracts were at 44.62, weaker than the onshore spot rate. 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 44.51, 44.5075 and 44.5050 respectively, with the total traded volume on the three exchanges at about a low $5.8 billion. -Reuters

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 10/11/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55250 1.01167 0.74500 SN 0.09563 1WK 0.24828 0.55563 1.04833 0.76000 0.10688 2WK 0.25000 0.56000 1.07250 0.76750 0.11375 1MO 0.25344 0.56938 1.10000 0.81000 0.12250 2MO 0.26828 0.62813 1.14500 0.87750 0.15000 3MO 0.28563 0.73850 1.20333 0.99375 0.19438 4MO 0.33250 0.82163 1.26250 1.05188 0.27625 5MO 0.39250 0.92538 1.32833 1.13250 0.33563 6MO 0.44281 1.02813 1.40167 1.23125 0.39625 7MO 0.49094 1.10288 1.46167 1.28125 0.45625 8MO 0.54156 1.18538 1.54333 1.32875 0.50250 9MO 0.59281 1.26563 1.60333 1.37875 0.54750 10MO 0.64844 1.34250 1.68167 1.42250 0.57625 11MO 0.70125 1.41000 1.76333 1.46500 0.60500 12MO 0.75906 1.48038 1.85000 1.51375 0.63250

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, November 10,2010 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

85.50 136.72 117.61 84.94 88.21 85.68 12.62 1.05 14.58 66.34 15.78 22.80 11.03 12.88 304.38 27.60 66.38 23.48 23.28 0.08 2.89

85.30 136.40 117.34 84.74 88.00 85.47 12.59 1.04 14.54 66.19 15.74 22.75 11.00 12.85 303.67 27.54 66.23 23.43 23.23 0.08 2.89

85.12 136.09 117.06 84.52 87.77 85.25 12.56 1.04 14.51 66.01 15.70 22.69 10.97 12.82 302.87 27.47 66.05 23.37 23.16 0.08 2.88

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 10, 2010

CMKA

BMA

INVSR

GSL

ICSL

12.20 12.25 12.30 12.35 12.68 12.85 13.00 13.05 13.20 13.35 13.65 13.72 13.74 13.75 13.75 13.78 13.80 13.82 14.20 14.35

12.50 12.50 12.25 12.35 12.69 12.85 13.05 13.10 13.20 13.30 13.65 13.70 13.75 13.75 13.75 13.85 13.85 13.80 14.20 14.35

12.55 12.40 12.40 12.60 12.74 12.82 13.05 13.12 13.20 13.40 13.67 13.72 13.75 13.75 13.75 13.77 13.77 13.80 14.20 14.30

12.15 12.20 12.25 12.40 12.72 12.82 13.05 13.14 13.24 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35

12.30 12.20 12.25 12.45 12.75 12.85 12.95 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.80 13.85 14.20 14.30

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 12.40 12.40 12.35 12.50 12.70 12.82 13.05 13.10 13.22 13.40 13.70 13.73 13.74 13.75 13.75 13.85 13.85 13.85 14.25 14.35

12.35 12.33 12.30 12.44 12.71 12.84 13.03 13.10 13.21 13.38 13.65 13.71 13.75 13.75 13.75 13.80 13.79 13.84 14.21 14.33

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

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

week month months months year years

0.92 0.77 0.86 0.87 0.54 0.58

-0.65 0.15 0.79 -0.55 0.36 0.13

-0.14 -0.81 0.77 0.32 0.43 -0.15

EUR/USD NZD/USD

0.87 0.29 0.85 0.22 0.55 0.49

0.61 0.62 0.90 0.88 0.87 0.78

USD/CAD USD/CHF

0.95 0.89 0.88 0.88 0.63 0.62

-0.86 -0.81 -0.86 -0.62 0.16 -0.51

-0.97 -0.18 -0.75 -0.93 -0.77 -0.69

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)10/11/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 12.20

12.70

12.20

12.70

12.30

12.80

12.65

12.90

12.90

13.15

12.95

13.45

13.20

13.70

13.30

13.80

J S B L 12.30

12.80

12.30

12.80

12.35

12.85

12.70

12.95

13.05

13.30

13.20

13.70

13.30

13.80

13.50

14.00

ASPK 12.25

12.75

12.30

12.80

12.35

12.85

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

C I P K 12.35

12.85

12.40

12.90

12.40

12.90

12.60

12.85

13.10

13.35

13.20

13.70

13.30

13.80

13.40

13.90

DBPK 12.10

12.60

12.15

12.65

12.05

12.55

12.70

12.95

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK 12.30

12.80

12.20

12.70

12.15

12.65

12.65

12.90

13.05

13.30

13.15

13.65

13.15

13.65

13.40

13.90

FLAH 12.25

12.75

12.25

12.75

12.30

12.80

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 12.20

12.70

12.20

12.70

12.25

12.75

12.75

13.00

13.00

13.25

13.10

13.60

13.20

13.70

13.35

13.85

HKBP 12.25

12.75

12.25

12.75

12.30

12.80

12.70

12.95

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

N I PK 12.10

12.60

12.30

12.80

12.60

13.10

12.85

13.10

13.00

13.25

13.10

13.60

13.20

13.70

13.30

13.80

HMBP 12.25

12.75

12.25

12.75

12.40

12.90

12.80

13.05

13.00

13.25

13.15

13.65

13.20

13.70

13.30

13.80

SAMB 12.10

12.60

12.15

12.65

12.35

12.85

12.85

13.10

13.10

13.35

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 12.20

12.70

12.30

12.80

12.35

12.85

12.80

13.05

13.05

13.30

13.20

13.70

13.30

13.80

13.60

14.10

NBPK 12.10

12.60

12.10

12.60

12.20

12.70

12.70

12.95

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

SCPK 12.10

12.60

12.10

12.60

12.15

12.65

12.70

12.95

12.95

13.20

13.10

13.60

13.15

13.65

13.30

13.80

UBPL 12.30

12.80

12.20

12.70

12.30

12.80

12.70

12.95

13.00

13.25

13.15

13.65

13.20

13.70

13.35

13.85

AVE

12.71

12.23

12.73

12.31

12.81

12.73

12.98

12.99

13.24

13.13

13.63

13.21

13.71

13.33

13.83

ABPL

12.21


4 Thursday, November 11, 2010

Riddles of Power

The Financial Daily International Vol 4, Issue 96

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

N

ame a company which spends millions of rupees on its advertising campaign every month urging its consumers to use its product as minimum as possible. Puzzled? Are you confused? Believe me it is one of foremost consumerbased company which does not encourage you to use its product more and instead requests you to keep its use to a minimal level. Still no idea about this big advertiser which never encourages use of its product but rather persuade you to keep the use at the lowest ebb. One more tip, it costs you more as you increase its usage. The company

has over 2.2 million consumers only in and around Karachi city and is one of the largest utility concerns with which 99 percent of its consumers are unhappy, most of the time. The company more in limelight in the past two years is none other than Karachi Electric Supply Company (KESC) which has raised its tariff 20 times in two years and has almost doubled it. While the power supply is curtailed up to 8 to 10 hours a day due to shortage, the monthly bill of an average household, industry and trade has doubled. Go to any home, shop, bazaar, office or shopping centre, people are discussing only one point, prolonged outages and highly inflated bills of electricity. To make more money, the KESC avoids using furnace oil for power

generation and instead prefers to maximize generation on gas-fired plants, which costs Rs. 4.5 per unit but ultimately sold to consumers at Rs. 13 per unit. Yet, the KESC continues to raise hue and cry about its financial condition out rightly accusing the citizen of rampant theft. While KESC has failed in controlling its own line losses due to outdated distribution network, since its privatization, some two years back, has always been covering up its losses by sending inflated bills to its domestic and industrial consumers and forcing them to pay by hook or crook because you cannot afford to do without electricity, an act which tantamount to blackmailing. On top of this, there is an appeal against all the wrongs done to you but

in case of a KESC bill there is no such room and you are plainly told first to pay the bill and then see what could be done. And in 90 per cent cases, nothing is done. Due to heavy dependence on gas supply and otherwise, the KESC owes over 22 billions rupees to the Sui Southern Gas Company (SSGC) alone, 50 billions to Pepco and another few billions to PSO for furnace oil purchase. While the KESC continues to be a major defaulter of its main gas, furnace oil and private power suppliers (IPPs), they still can't discontinue supply to KESC because the whole city of Karachi would plunge into darkness. Against this your home electricity can be cut off only if you have not paid a small bill of Rs. 400 for a month. What logic, KESC style!

Concerns of those with Can China Save the World? T no crude The recent hike in crude oil prices has become a serious cause of concern for non-oil producing countries, particularly the developing economies. On top of this the suggestion of IEA to withdraw subsidies for capping fossil oil use will push the POL prices to new highs. The worst impact of stimulus packages introduced by the US is unprecedented hike in commodity prices i.e. crude oil, fertilizer, wheat and sugar. Hike in the prices of different commodities is not the result of any short supply but over indulgence of hedge funds in commodities. In fact crude oil demand is on the decline, despite being highly inelastic. Experts often fail to understand hike in crude oil prices because inventories are at record high. They also say that fossil oil prices are being kept at record high to create a justification for the development of alternate energy sources. The world has already witnessed enhanced use of biofuels, solar and wind power and even nuclear power plants. It is feared if prices of crude oil plunge below $50/barrel consumers will revert back to using fossil oil and bid farewell to most of the alternate sources of energy. IEA report suggests withdrawing subsidies on fossil fuels would enhance energy security, reduce emissions of greenhouse gases and bring economic benefits. However, experts have the consensus that developed countries have polluted this planet the most and are still not willing to cut down carbon emission in their own countries but preaching the poor countries to switchover to cleaner fuels, which are prohibitively expensive. Most of the developed countries can be termed the worst polluters because running hundreds and thousands of power generation plants on coal. High carbon emission, greenhouse gases and air pollution are the issues of developed countries, not the developing countries. They are completely misleading the world by forcing the developing economies to spend money on an issue, which they themselves have created. Though, IEA has forecast crude oil prices will be $100/barrel by 2015, the situation seems more alarming because the commodity is inching towards the forecast price and likely to touch this level by end 2010. This should be the wakeup call for Pakistan's policy planners. To achieve a minimum GDP growth target of 5 per cent per annum Pakistan will have to add 10,000MW power generation capacity over the next decade. Within rising crude oil prices there may be hidden two eminent threats for Pakistan which are: 1) erosion of limited foreign exchange reserves at an accelerated rate. and 2) eventual default because of no foreign exchange for debt servicing and importation. Electricity and gas tariffs have already skyrocketed but consumers continue to face extended outages due to planned and unplanned load shedding. Pakistan has no option but to exploit Thar coal potential and construct mega hydro electricity projects on war footing. Keeping in view the non-committed attitude of elected representatives and myopic vision of policy planners, private sector has no option but to do things on its own. The work must start today as we don't have another day.

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.

he giant fiscal stimulus and bank lending spree that China launched two years ago saved the world from recession. What can Beijing do for a follow-up act? Internationally, the success of the unprecedented pumppriming has accelerated a shift in economic influence that has put Beijing front and center of policymaking, as this week's summit of the G20 major economies in Seoul is likely to show. Domestically, the 4 trillion yuan ($600 billion) package announced on November 9, 2008, put a floor under an economy that was in free fall due to the global financial crisis. More than 20 million migrant workers who lost their jobs were quickly absorbed as the government started an array of public works projects. Two years on, China can boast, among other things, the world's biggest high-speed rail network, which is doing wonders for the country's reputation. "China's self-confidence got a big boost from the fiscal programme which goes beyond the immediate economic effects," said Jonathan Fenby, head of China research at Trusted Sources, an emerging markets consultancy. Fenby said the tangible results of the spending splurge can only increase China's pride in its ability to raise its game. "One cannot help making comparisons with infrastructure in the US and UK," he said. "I am sure the Chinese do." Success, however, heightens expectations. China, now the world's second-largest economy, is under pressure to shoulder more responsibility for everything from curtailing carbon emissions to reducing global economic imbalances.

Beijing's response to date has been to toss the ball back into the court of developed countries, particularly the United States, which it holds responsible for the world's economic woes. "We came through the financial crisis test very well. We got full marks, 100 per cent, but we're being criticised by those who failed to pass the exam," said Li Daokui, an economics professor who advises China's central bank. "REVOLUTIONARY" CHANGE Chinese leaders for decades have deliberately kept a low foreign policy profile to concentrate on maintaining economic growth and political stability at home. But Elizabeth Economy, director for Asia Studies at the Council on Foreign Relations in New York, argues that China has come to realise that achieving those goals today requires actively managing events beyond its borders. In the financial sphere, for example, China has successfully pushed for g r e a t e r power at the International Monetary Fund (IMF), becoming its third-biggest shareholder. "China is transforming the world as it transforms itself. Never mind notions of a responsible stakeholder; China has become a revolutionary power," Economy writes in

the latest edition of Foreign Affairs. Revolutionary is an evocative word. But is it too strong to describe the impact that China's economic rise, sustained by the two-year fiscal programme, is having on the rest of the world? According to the IMF, the global economy grew just 0.19 per cent last year, measured in terms of purchasing power parity.

the contribution is even larger," said Vivek Arora, assistant director of the IMF's Asia-Pacific Department. BRAZIL, GERMANY GIVE THANKS Looking at it in another way, China contributed a whopping 46 per cent of global domestic demand in 2009, more than double the average of 22 per cent from 20002009, according to Goldman Sachs.

“

Internationally, the success of the unprecedented pump-priming has accelerated a shift in economic influence that has put Beijing front and center of policymaking, as this week's summit of the G20 major economies in Seoul is likely to show China, expanding nearly 10 times faster, contributed 1.19 percentage points to that growth. In short, it really did save the world from recession. And that is without accounting for knock-on effects, such as bolstered business confidence, higher commodity prices and lower global interest rates, that researchers

"Suffice it to say, without the support of the infrastructure package, China's growth would have been much smaller and the global contraction substantially larger," said Ivailo Izvorski, lead AsiaPacific economist for the World Bank. (At market exchange rates, world gross domestic product shrank 5.46 per cent in 2009, despite a positive contribution from China of 0.76 percentage p o i n t , according to the IMF.) On top of China's 9.1 per cent GDP growth last year, Yolanda FernandezLommen with the Asian Development Bank in Beijing stresses the role Beijing played in shoring up financial stability during the crisis.

"China is transforming the world as it transforms itself. Never mind notions of a responsible stakeholder; China has become a revolutionary power," Economy writes in the latest edition of Foreign Affairs trace back to China. "Clearly it made a significant contribution. It's there in the numbers. But beyond the arithmetic impact, if you take into account spillover effects,

Beauty lies in the eyes of the beholder Our society follows traditions strictly. The opinion and standards are made in our minds which makes everything rigid in the society. Idealism is another craze which drifts us away from the actual facts. We see things from above and ignore the inner side of the picture. Beauty of any girl in our society is defined as fair, tall and slim. We do not include girls with little dark complexion but attractive features. We also never include girls as beautiful who are chubby. Why we have a rigid thinking and particular mind set about the things? Why we have set beauty standards as fair, tall and slim? Females go out in search of a perfect bride by judging these things as beauty in a girl. Other qualities, skills, nice behaviour and attitude are left unseen. This has created a fuss and complex among girls which do not have these qualities. They feel guilty and complex of being rejected so many times. They are tired to be shown as a nice decoration piece in front of others. But still people see and reject them due to colour, height or weight. This dilemma in our society is increasing day by day. Even when our society is changing, somewhat from traditional one to modern then why are we not trying to bring positive changes instead of following those old tradition?. We females have to change our attitude and guide our brothers and sons that beauty does not just lie in physique, colour or height. It is much more than that. Skilful, active, well qualified and smart girls are more successful wives and mothers. There is beauty in a pretty smile and caring eyes. No matter the physique is chubby or slim. Abundant beauty is in this spectacular world and dazzling life but the true beauty lies in the eyes of the beholder. Sarah Muzamil, Jinnah University for Women, Karachi.

Beijing has purchased $50 billion of IMF bonds, established $95 billion in bilateral currency swaps with a clutch of countries and provided a third of the funds for a regional financial fall-back mechanism, she noted. Exporters of natural resources, from Australia to Africa and Latin America, have been stand-out beneficiaries of the stimulus. China's share of global demand for industrial commodities jumped to 46 per cent in 2009 from 31 per cent in 2008, Richard Cookson and Alexander Godwin at Citi Private Bank said in a report. In 1999, the figure was just 7 per cent. "China's development boosts commodity prices and maintains demand in a context where demand has decreased in our traditional major markets in Europe and Japan," said Clodoaldo Hugueney, Brazil's ambassador to Beijing. But the benefits of the stimulus are not limited to emerging markets. Germany is enjoying a mini-boom in large part due to insatiable Chinese demand for the highend machinery, chemicals and cars it manufactures. China's total imports in the first nine months were $300 billion more than in the same period last year. "At the current pace, in another 12-18 months, German trade with China could be as big as German trade with France," said Jim O'Neill, chairman of Goldman Sachs Asset Management. "If you are doing business in Munich, what is happening in China is more important than what is happening in the rest of Europe -- and possibly in the rest of Germany," O'Neill told Reuters during a visit to Beijing.-Reuters

Dangerous Nexus for Peace Current Indo-US strategic dialogues held to discuss Pak-Afghan situation and bilateral counter-terrorism cooperation are seen critically in China and other South Asian countries. The prevailing scenario is significant as the world geopolitical environment is changing rapidly. Indo-china and US-Pak relations are in turmoil. Stories about Indo-China border clash are hitting news headlines. The obstacles faced by the US in handling the foreign policy with Pakistan are also in focus. India seems to grasp the natural resources of Pakistan especially of water. Kashmiris are as usual fighting for the freedom and on Human rights issues while the US according to India's wishes has lately said that Kashmir issue should be solved bilaterally between Pakistan and India and US will not intervene. Drone attacks on Pakistani territory are increasing but the US is still not satisfied with Pakistan's role in war on terror because US wants its force in Pakistani territory to weed out terrorist. US who remained confused and failed in Afghanistan, is seeking Russian help in Afghanistan, bad news for Pakistan and China. Moreover India has recently got the opportunity to intervene in the matters of Afghanistan on the name of development, though she was already using the Afghanistan land for sponsoring terrorism in Pakistan. So the current Indo-US strategic talks have further escalated the problems for Pakistan. Israel is as usual busy in slaughtering Palestinians in Gaza; it is having bitter relations with Turkey, blaming Mossad for sponsoring terrorism in the country. While Mossad with India and CIA is already poking its nose in order to destabilize Pakistan, Iran and China. Latest information reveals that Indian Army is now revising its five year old doctrine to effectively meet the challenges of war with China and Pakistan. News about Israel attack on Iranian nuclear installations is already in focus and if it happens, India is likely to provide airbases for refueling and other administrative support to Israel. Furthermore recently the news about US attack in 2012 came up. The US, Israel and India seems to form a deadly nexus which can turn the worlds security environment into a hell. They are playing double game with Pakistan, Russia and even with some western countries. There actions especially in South Asia can drag the world into nuclear war. Currently the main target seems to be Pakistan due to its geo-strategic and nuclear status. Well Pakistani nation is not sleeping, they know all these realities and understands that it needs high level of alertness especially on diplomatic level, moreover there are still many in Pakistan who knows very well that how to wipe out the traitors and troika boot lickers from their country. Maimuna Ashraf, Rawalpindi


5

Thursday, November 11, 2010

South East Asian stocks

Europe shares slip from 2-year high on debt fears KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,992.28 10,941.94 50.34 0.46 221.29

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

3,441.01 3,411.91 29.10 0.85 10.86

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

2,796.28 2,778.74 17.54 0.63 0.60

Major Gainers

Symbol RMPL COLG DREL BHAT INDU

Close

Change

2,000.04 891.87 718.00 208.00 243.73

50.04 41.87 24.50 9.88 9.63

Major Losers

Symbol

Close

Change

BATA 676.30 ULEVER 4,060.01 WYETH 821.00 NESTLE 1,960.50 SIEM 1,300.00

-35.59 -28.98 -28.38 -27.51 -20.36

Top 5 Volume Leaders

Symbol

Close Vol (mn)

JSCL LOTPTA DGKC LUCK NML

12.02 11.84 29.13 78.99 55.77

35.03 31.59 19.99 10.01 9.81

Active Issues Plus Minus Unchanged

162 220 17

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

Malaysia, Indonesia hit all-time highs

RGST, inflation concerns, profit-lust go against KSE Nawaz Ali KARACHI: Profit taking by local institutions and selling on fears of rise in inflation numbers lassoed bears back into Karachi Stock Exchange (KSE) on Wednesday which kissed the red despite offshore buying. The benchmark KSE 100index fell by 50 points to close at 10,941 points, KSE 30-Index lost 66 points to close at 10,534 points, and KSE All Share Index down by 34 points closed

at 7,605 points. Mujtaba Barakzai, equity dealer at JS Global Capital said, "Expected rise in the inflation figures dampened investor sentiments throughout the day, and profit taking was witnessed at inflated levels weighed on the market." Market started the day on a positive note and after few minutes apex index touched an intra-day high of 11,047 points (+ve 55 points). After continuous bullish activ-

Nikkei at 4-mth high as banks shine TOKYO: Japan's Nikkei rose more than 1 per cent to its highest close in more than four months on Wednesday, buoyed by financial shares after a report that most major Asian banks may be exempt from planned new global rules. Relatively large stop-loss and options-related purchases from domestic and foreign players were triggered as the Japanese equities market surprisingly outperformed other markets such as the United States, Hong Kong and Shanghai. "Many players who bet the Nikkei would drop are being forced to buy back Japanese shares," said Ryosuke Okazaki, chief investment officer at ITC Investment Partners. "It appears that even Japanese institutional investors are looking for chances to buy to meet their targets for OctoberDecember as they are believed to have kept their positions uncovered because domestic shares have underperformed for a while," he said.

The benchmark Nikkei closed up 1.4 per cent or 136.03 points at 9,830.52, its highest close since June 24. Trade picked up on the Tokyo exchange's first section, with 2.21 billion shares changing hands, its highest volume in a month. Advancing stocks outnumbered decliners by nearly 4 to 1. The Nikkei touched an intraday high of 9,842.90 -- also the high since June 24, when the Nikkei last rose above the closely watched 10,000 threshold. But profit-taking curtailed further gains in the afternoon. The Nikkei's advance also slowed as Hong Kong and Shanghai shares fell after industry sources told Reuters that China's central bank has ordered some banks to lift their reserve ratios by 0.5 percentage points. Underlying sentiment for the Nikkei remained bullish as many participants expected it to See # 16 Page 11

NIM students take a KSE tour Staff Reporter KARACHI: A 22-member National Institute of Management (NIM) course participants from Quetta Wednesday visited the Karachi Stock Exchange (KSE). The delegation was welcomed by Haroon Askari, Acting Managing Director KSE, Sani-e-Mahmood, General Manager KSE and Muhammad Hussain, Sr Manager Research KSE. A comprehensive presenta-

tion was given to the delegation, highlighting the growth and development of the KSE. Askari briefed the guests about the working of the Exchange. The visiting delegates thanked the KSE team for an impressive presentation and hospitality. They appreciated the development and progress made by the KSE. The delegation also visited the trading floor of the Exchange to witness live trading.

ities for last few sessions, investors opted to book profits as according to analysts market is in overbought region and a technical correction was overdue. It should be noted that the benchmark index closed at its highest level of 26 and a half month at 10,992 points in the last trading session on Monday. Selling mainly in oil, banking and some cement stocks ejected all the gains. Thereafter index showed some mixed activity for few hours moving on both

FTSE falls to 1-wk low, miners hurt

benchmarks recouped some of their earlier losses as investors scooped up laggards. "Rumours about a rate increase or a rise in reserve requirements were doing the rounds earlier today," said Mark To, head of research at Wing Fung Financial Group in Hong Kong. "Further tightening is possible and that's going to keep bank shares under pressure and cause some pain for the broader market." The targets of the latest 0.5 percentage point rise in reserve requirement included Bank of China Ltd and Bank of Communications Co Ltd, sources told Reuters. BoComm and Bank of China both closed 2.9 per cent lower in Hong Kong and were the top losers among large cap banks.

there was a net foreign buying of $2.93 million on Wednesday while local banks and other organisations did a net-selling of $2.09 million and $0.65 million respectively. Volumes however remained impressive as 221.1 million shares traded in overall market --0.7 million shares more compared to a turnover o f 220.5 million on Monday. Out of total 399 active issues 220 declined, 162 advanced, and 17 remained unchanged.

Indian shares fall; Tata at record high

Wall St falls as dollar, EU debt weigh NEW YORK: US stocks fell on Wednesday, hit by a strengthening dollar and new worries about European sovereign debt. The dollar jumped against the euro after Ireland's central bank decided to take a closer look at residential mortgages as concern mounted about the country's finances. The dollar and equities have traded in an inverse relationship recently. Stocks and other riskier assets have turned volatile in recent sessions in a market ripe for profit-taking. The biggest negatives were sudden declines in the euro and in metal prices as well as a late-day sell-off in the Treasury market. Chad Morganlander, portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey, said concerns about the implications of the US Federal Reserve's decision to buy more mortgage bonds was replacing the euphoria that has lifted the S&P 500 by 16 per cent over the last two months. See # 17 Page 11

So far in 2010, foreign funds MUMBAI: Indian shares shed LONDON: Britain's top share 0.3 per cent on Wednesday, have pumped in $28.3 billion index fell to a one-week closing shrugging off Tata Motors that into Indian equities, helping low on Wednesday, pressured zoomed to a record high after the benchmark index gain 19.5 by miners on fears over soften- its quarterly results beat fore- per cent. ing demand from China after casts as weak world peers and India's Sensex has been the downbeat import data, with a mixed bag of corporate earn- best performer among its BRIC worries about Ireland's debt ings weighed. peers for the year to date, with also darkening the mood. Bank of America Merrill- Brazil's Bovespa and Russia The FTSE 100 closed down Lynch, Citigroup, Credit RTS Index rising 4.5 per cent 58.25 points, or 1 per cent, at Suisse and RBS cheered Tata and 14.3 per cent respectively. 5,816.94. The index ended up Motors's earnings and raised China's Shanghai Composite 0.4 per cent on Tuesday at their target prices on the vehi- Index is still down 4.9 per cent 5,875.19, having briefly broken since January. through the 5,900 level for the cle maker. Tata Motors rose as much as The 30-share BSE index first time since June 2008 earliclosed 0.27 per cent or 56.77 6.3 per cent to 1,350 rupees as er in the session. it posted surging quarterly points lower at 20,875.71, with Miners retreated after a recent advance sparked by the 19 of its components declining. profit, on demand in India and ISLAMABAD: The Securities "I believe the market will improved performance by its Federal Reserve's decision to and Exchange Commission of pump more cheap money into trade in a narrow range for a Jaguar and Land Rover unit. Pakistan has registered 18 comBharti Airtel shed 1.8 per panies having foreign investthe economy, led down by plat- while as it digests the recent inum miner Lonmin off 4.7 per events," said Sandip Raichura, cent as the top mobile operator ment in October besides regiscent, as metals prices fell. business head at PINC Money reported a bigger-than-expect- tering three foreign companies Sentiment surrounding the Wealth Management. ed 27-per cent drop in quarter- during the month said a statesector was soured after data "Most key events such as the ly profit after being squeezed ment issued here on showed October import growth Fed (US Federal Reserve) by a price war, but said it con- Wednesday. in China, the world's biggest meet, earnings -- except for tinued to generate healthy free Foreign nationals from consumer of metals, was slow- G20 -- are now over. So, there cashflow. Kenya invested in six compaer than expected. Investors is no other trigger in sight. Advancing shares outpaced nies whereas foreign investors were looking ahead to Chinese Market will resume an uptrend declining ones in a ratio of from the UK, the US, South CPI data, due to be released 1.5:1 on a heavy volume of 592 Korea and Afghanistan investin some time." overnight. ed in two companies each, Raichura ruled out any big million shares. Oil stocks and banks also fell The 50-share NSE index SECP statement said. downside as robust foreign back after recent gains. The statement added the "(Investors are) uneasy given fund interest provided a huge dropped 0.4 per cent to remaining four companies hav6,275.70 points.-Reuters ongoing concerns over... boost to the market. ing investment by foreign Ireland, and there is also some ANNOUNCEMENTS nationals are from China, weakness in metals pulling the Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) Norway, Thailand and Egypt. FTSE back," Mic Mills, head Nadeem Textile Yearly 20%(D) 183.874 15.3 Fifteen companies were reg1st Qtr -246.014 -0.67 of electronic trading at ETX Dewan Salman istered in Islamabad, two in Yearly -602.456 -7.02 Capital, said. "The downward Bal.Glass Karachi and one in Lahore, it Bal.Glass 1st Qtr -68.083 -0.79 momentum from yesterday Ravi Textile Yearly -36.139 -1.45 added.-APP appears to be still in evidence this afternoon as investors look to take some profit from the recent rally," he said. Borrowing costs in Ireland have reached record highs this week as Dublin plans to push through hefty spending cuts Muhammad Ahsan Rasheed, Director Research AMJ Growth and tax hikes in an effort to Market outlook is negative whereas approval of Reformed GST bill convince investors it is not on the verge of financial melt- will put a negative impact on it. Market would see support at 10,882 down.-Reuter points and a strong support at 10,735 points, but if market comes

28 cos with foreign outlay registered

Dhiyan

ALL KINDS OF MOVEMENTS LIKELY

Monetary tightening weighs on HK, China HONG KONG/SHANGHAI: Hong Kong and Shanghai stock markets extended this week's retreat on Wednesday on signs that China is tightening monetary policy to curb inflation and mop up some of the speculative money that is flowing into the country. China increased reserve ratios for some of its biggest banks, sources told Reuters earlier in the day, its third policy move in two days. On Tuesday, the central bank unexpectedly raised one-year bill yields at an auction and authorities tightened rules for banks participating in currency markets. Hong Kong's Hang Seng index fell 0.9 per cent and the Shanghai Composite lost 0.6 per cent, with Chinese banks the biggest drag, although both

sides. But continued selling pressure kept the index in the red zone during the last one and a half hours. Therefore near the closing bell index touched a lowest level of the day of 10,930 points (-ve 62 points). Secondly, experts also said that investors were cautious ahead of the RGST approval by Cabinet. Though market ended on a negative note, but foreigners stayed mainly on the buying side as according to NCCPL

US stocks mid-morning

Chinese banks have put in a strong performance over the past six weeks, leading a market rally, as investor appetite for the sector rebounded on strong lending growth, attractive valuations and sustained strength in the economy. Traders had already been expecting a pullback in Hong Kong and Shanghai as both indexes looked overbought on a technical basis, leaving them susceptible to profit taking. Analysts said the Shanghai index would likely consolidate for a while before resuming its uptrend. It has surged 17 per cent since the start of October. "Right now, investors' biggest worry is rising inflation," said Ren Chengde, analyst at Galaxy Securities in Shanghai.-Reuters

down with heavy volumes then it can also break 10,735 levels. Investors are recommended to avail the trading opportunities in third tier stocks with stop losses. The launch of Margin Trading System (MTS) would be the only factor that would trigger the market in the coming days. Market may remain bearish today.

Zia Shaafi, Senior equity dealer & Technical analyst Pearl Securities Market is likely to be dull this week. We can see a major correction as market is in overbought region and the same is highly overdue. Investors are therefore advised to book profits. The launch of Margin trading System (MTS) and anticipation of good results and payouts of the banking stocks would support the market. Some mixed activities are expected today in the market.


6

Thursday, November 11, 2010

Market 221,287,208

Value

8,028,412,860

Trades

98,586

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

162 220 17 399

All Share Index

10,941.94 11,047.30 10,929.50 i50.34

Current High Low Change

KSE 30 Index

7,605.22 7,677.98 7,598.68 i34.36

Current High Low Change

KMI 30 Index Current High Low Change

10,534.35 10,662.92 10,523.54 i66.74

17,518.44 17,694.13 17,499.04 i77.78

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,415.31 Turnover 6,812,531 P/E (x) 10.49 Company

KSE 100 Index

Symbols

Volume

PE

High Low 1,426.10 1,403.51 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 32.54

Open

High

Low

Attock PetroleumXDXB 691 5.41 319.58 Attock Refinery 853 7.03 125.58 BYCO Petroleum 3921 - 11.74 Mari Gas Company 735 16.53 122.88 National Refinery XD 800 3.78 246.59 Oil & Gas Development 43009 10.72 158.68 Pak Petroleum 11950 7.87 194.80 Pak Oilfields XD 2365 5.99 259.44 Pak Refinery Limited 350 - 83.40 PSO 1715 4.77 284.35 Shell Gas LPG 226 - 36.95 Shell Pakistan 685 10.12 198.76

322.75 129.70 11.95 123.97 258.91 159.50 196.44 261.00 87.39 286.97 36.82 199.51

311.00 120.10 11.40 121.02 248.55 157.51 192.71 252.96 82.00 280.51 36.00 197.00

Close Chg 312.22 125.39 11.49 121.99 255.15 158.45 193.44 253.48 82.28 281.83 36.26 197.29

-7.36 -0.19 -0.25 -0.89 8.56 -0.23 -1.36 -5.96 -1.12 -2.52 -0.69 -1.47

Close Change 1,411.67 -3.64 Listed cap Market cap 65,194.15 mn 1,104,300.97 mn Payout (%) Div Yield (%) 55.94 5.33 Last 60 days High Low

Volume 589802 3391648 3968897 28003 416178 467895 855052 2282979 74911 955387 3850 29805

374.20 129.70 12.10 128.90 258.91 160.20 214.10 262.40 87.39 286.97 40.28 228.00

2009 Div BR (%) (%)

287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -

% Change -0.26 5-Day High 1,415.31 5-Day Low 1,353.23 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Open 766.72 Turnover 71,118 P/E (x) 5.81 Company

Paid up Cap(mn)

Pak Int Cont.Terminal XD 1092 PNSC XD 1321

High Low 783.58 748.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53

Close 765.07 Listed cap 3,242.17 mn Payout (%) 11.08

Change -1.65 Market cap 13,298.61 mn Div Yield (%) 1.91

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.45 40.34

74.13 38.25

76.50 37.74

72.50 37.10

74.52 0.39 37.11 -1.14

50226 20892

80.00 41.00

60.05 34.50

Company

Paid up Cap(mn)

Agritech Limited Bawany Air XD BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji FertilizerSPOT Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Ittehad Chemical Leiner Gelatine Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD

3924 68 250 273 1203 1996 1020 3663 94 3277 6635 22000 6785 9341 725 1388 360 75 15142 74 1106 120 214 551 92 90

PE

Open

High

Low

7.52 67.67 10.44 5.89 7.13 10.00 8.05 6.17 9.19 7.50 9.62 4.23 9.05 15.41 6.55

21.49 8.58 76.65 155.50 173.14 2.41 6.77 1.65 11.80 181.85 13.81 9.78 109.95 33.58 12.31 136.29 25.80 19.56 11.65 1.79 1.44 2.49 106.09 13.69 10.23 34.50

20.75 8.89 76.75 156.00 175.00 2.90 7.77 1.72 11.25 185.59 14.10 9.95 111.49 33.57 12.50 138.00 27.09 20.56 12.18 1.97 1.62 2.74 111.00 14.45 10.00 35.00

20.60 8.05 75.02 153.80 171.51 2.50 7.15 1.58 10.90 181.45 13.65 9.75 109.80 32.61 12.11 132.53 25.60 20.56 11.78 1.52 1.48 2.30 105.00 13.55 9.50 34.00

Close Chg 20.75 8.12 75.99 153.99 171.96 2.75 7.62 1.65 10.97 181.97 13.72 9.90 111.10 32.72 12.13 133.18 25.78 20.56 11.84 1.88 1.50 2.50 110.39 14.18 9.53 34.06

-0.74 -0.46 -0.66 -1.51 -1.18 0.34 0.85 0.00 -0.83 0.12 -0.09 0.12 1.15 -0.86 -0.18 -3.11 -0.02 1.00 0.19 0.09 0.06 0.01 4.30 0.49 -0.70 -0.44

Close 1,235.94 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 1991 553 5112 15041 22127 1128796 4998881 416840 1758 3175812 391170 678781 1659303 3019733 222239 691603 530 204 31588054 43034 533672 542 4671 1579952 1138 10600

Change 1.82 Market cap 276,701.77 mn Div Yield (%) 6.28

25.38 13.99 87.99 164.89 182.00 2.98 7.77 1.82 13.79 185.59 15.20 11.74 111.49 33.70 13.85 138.00 33.00 24.00 12.18 3.00 1.65 3.40 127.20 14.45 17.88 46.25

2009 Div BR (%) (%)

% Change 0.15 5-Day High 1,235.94 5-Day Low 1,191.98 2010 Div BR (%) (%)

20.60 7.73 5 66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 10.21 15 15 165.60 6010B 40R 40 10.62 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 7.41 109.50 80 55 21.00 15 5 6.20 12 6.75 5 0.80 1.16 1.80 101.00 75 25 7.67 9.22 10 10B 33.50 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,083.53 Turnover 35,152 P/E (x) 5.54

High Low 1,100.75 1,070.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47

Close 1,083.30 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

7.54 6.09

16.61 39.61 39.43

17.19 40.39 39.50

16.25 39.01 39.25

16.61 0.00 39.21 -0.40 39.46 0.03

31517 1277 2358

Company

Change -0.23 Market cap 3,001.63 mn Div Yield (%) 4.56

Last 60 days High Low 21.80 62.85 48.00

15.28 38.61 38.10

% Change -0.02 5-Day High 1,087.09 5-Day Low 1,073.20

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,100.67 Turnover 719,234 P/E (x) 4.05 Paid up Cap(mn)

PE

High Low 1,143.53 1,087.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 25.35

Open

High

Low

Agriautos Ind XD 144 5.08 67.40 Atlas Battery 101 4.66 157.72 Atlas Engineering Ltd 247 14.38 17.00 Atlas Honda 626 6.96 103.06 Baluchistan Wheels Ltd. XD 133 6.32 33.62 Dewan Motors 890 1.42 Exide (PAK) 56 4.38 152.99 General Tyre 598 19.53 21.80 Ghandhara Nissan 450 3.46 5.17 Ghani Automobile Ind 200 6.72 4.50 Honda Atlas Cars 1428 - 11.93 Indus Motors 786 5.56 234.10 Pak Suzuki 823 11.87 73.02 Sazgar EngineeringXDXB 150 3.58 19.18

69.00 158.90 18.00 107.00 35.00 1.48 154.00 22.89 5.20 4.63 12.93 244.98 74.99 19.40

67.00 155.80 16.10 100.00 31.95 1.37 152.79 22.17 4.86 4.30 11.50 231.00 73.00 19.20

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Metro Steel Siddiqsons Tin XD

PE

565 3.88 675 555 9.19 1199 9.39 310 785 10.24

Open 25.02 3.00 14.62 45.19 7.13 9.26

High 25.45 3.09 15.00 46.49 6.15 9.38

Low 24.75 2.81 14.30 44.82 6.15 8.95

Close Chg 24.81 3.00 14.70 45.08 6.15 9.01

-0.21 0.00 0.08 -0.11 -0.98 -0.25

Close 918.79 Listed cap 3,596.11 mn Payout (%) 30.91

Change -8.19 Market cap 8,741.01 mn Div Yield (%) 10.26

Last 60 days High Low

Volume 37288 41522 22672 103443 250 13130

27.90 3.39 16.75 67.00 10.45 10.80

23.75 1.65 12.25 44.00 6.15 8.00

2009 Div BR (%) (%) 10

30B -

% Change -0.88 5-Day High 927.30 5-Day Low 902.09 2010 Div BR (%) (%) 30 40 7.5

Open 1,521.66 Turnover 621,608 P/E (x) 33.47 Company Adam Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mehran Sugar Mirza Sugar Mithchells Fruit National Foods XD Nestle PakistanSPOT Noon Sugar Pangrio Sugar Premier Sugar Punjab OilXDXR Rafhan Maize S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills

Paid up Cap(mn) 58 186 87 287 990 365 600 200 490 143 141 50 414 453 165 109 38 38 92 57 223 119 211 695

PE

Close Chg

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement XD Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement

PE

Open

High

Low

1828 866 6.61 182 14 956 27.32 982 12.31 948 3574 3651 121.38 6933 15.18 502 3.67 1760 77 2319 1288 13126 3234 7.10 5261 1.37 2228 200 361 798 505.00

3.09 63.96 18.35 12.29 12.20 1.56 2.44 1.60 30.48 5.18 7.36 1.89 2.85 3.39 6.22 3.18 76.83 2.97 7.95 6.01 8.10 19.62

3.35 64.84 19.20 11.31 12.75 1.64 1.90 1.65 31.05 5.35 7.80 1.94 3.00 3.59 6.47 3.27 79.88 3.00 8.15 6.37 8.70 20.20

3.05 62.50 17.50 11.30 12.01 1.51 1.50 1.51 28.96 4.98 7.01 1.80 2.07 3.20 6.20 3.02 76.83 2.90 7.50 5.82 8.01 19.10

Close 1,021.50 Listed cap 54,792.74 mn Payout (%) 19.04

Change -2.44 Market cap 72,955.37 mn Div Yield (%) 2.34

Close Chg

Volume

Last 60 days High Low

3.11 62.82 17.82 11.31 12.02 1.60 1.83 1.60 29.13 5.01 7.05 1.92 2.15 3.46 6.20 3.05 78.99 2.94 7.56 6.09 8.70 20.20

42001 52231 21436 600 153994 7002 1912 102406 19992365 1648816 11685 108280 5052 262 65916 1474888 10007309 317968 63332 1442 201 501

4.20 69.86 19.20 14.89 12.75 2.20 3.12 1.99 31.05 5.50 7.94 2.20 5.00 7.25 6.50 3.65 79.88 3.40 8.58 9.47 11.00 22.24

0.02 -1.14 -0.53 -0.98 -0.18 0.04 -0.61 0.00 -1.35 -0.17 -0.31 0.03 -0.70 0.07 -0.02 -0.13 2.16 -0.03 -0.39 0.08 0.60 0.58

2.80 57.60 14.01 10.00 9.45 1.30 1.02 1.30 23.02 4.51 4.25 1.74 1.91 2.11 5.50 2.60 64.02 2.51 6.90 5.50 6.30 17.74

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

20B 20R 10B -

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

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 947.54 Turnover 232,188 P/E (x) 2.69 Company

Paid up Cap(mn)

PE

Open

High

High Low 952.38 932.80 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 43.91 Low

Close Chg

Cherat PapersackXDXB 115 1.93 53.59 55.00 52.50 54.08 0.49 ECOPACK Ltd 230 2.00 2.25 1.91 2.18 0.18 Ghani GlassXDXB 1067 4.52 49.15 49.50 48.85 49.20 0.05 MACPAC Films 389 2.85 3.05 2.70 2.98 0.13 Packages Ltd 844 54.36 107.97 107.90 106.00 106.01 -1.96 Siemens Engineering 82 10.73 1320.36 1325.00 1296.00 1300.00-20.36 Tri-Pack Films 300 7.52 104.00 105.50 103.00 103.11 -0.89

Close 936.68 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change -10.86 Market cap 34,858.24 mn Div Yield (%) 5.78

Last 60 days High Low

107997 55.00 34.00 25519 2.64 1.70 3462 61.99 45.75 2199 3.99 1.60 63401 122.99 98.00 557 1363.11 1068.75 29053 106.00 91.00

% Change -1.15 5-Day High 947.54 5-Day Low 926.47

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 900 -

10B -

25B 10B -

INDUSTRIAL ENGINEERING

Company Ados Pak AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB

Paid up Cap(mn)

PE

Open

66 1.02 16.00 215 5.04 210.75 104 - 44.50 213 10.19 11.27 124 - 123.32 132 8.52 70.00 366 6.42 484.85

High

High Low 1,564.83 1,517.18 Total cos Defaulter cos P/BV (x) ROE (%) 3.08 38.02 Low

Close Chg

16.90 15.70 15.86 -0.14 214.00 210.00 210.50 -0.25 46.40 44.85 46.35 1.85 11.73 11.00 11.00 -0.27 124.00 123.85 123.85 0.53 72.55 71.00 71.12 1.12 499.10 483.00 490.71 5.86

Close 1,537.17 Listed cap 1,336.62 mn Payout (%) 131.49

Change 25.29 Market cap 40,641.55 mn Div Yield (%) 5.04

Last 60 days High Low

Volume 6302 12905 8258 39116 163 2881 301330

21.96 227.45 51.99 18.80 143.41 88.15 597.90

72.99 195.80 19.88 122.51 35.69 1.95 155.99 26.70 6.09 5.55 12.93 258.00 82.00 27.58

63.01 131.00 16.10 92.00 28.25 1.16 121.10 21.00 4.03 3.55 9.65 212.29 69.25 17.92

% Change 2.30 5-Day High 1,125.96 5-Day Low 1,096.90

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 100 20B - 100R 80 30B 15 50 100 5 - 20B

90 100 25 60 20 150 10

20B 20B

High

High Low 1,536.08 1,503.04 Total cos Defaulter cos P/BV (x) ROE (%) 10.14 30.30 Low

Close Chg

Close 1,515.22 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -6.44 Market cap 198,318.50 mn Div Yield (%) 0.91

Last 60 days High Low

300 15.75 10.50 18404 46.30 39.25 2400 2.70 0.85 73975 12.71 8.00 1006 4.00 2.54 4504 2.90 1.11 250349 33.03 25.06 20462 16.98 11.90 1900 81.95 60.10 25409 60.99 48.50 13205 6.20 4.20 2166 74.00 61.50 1118 62.50 39.01 139 2057.99 1641.00 40171 14.60 10.20 9303 6.50 4.00 6583 41.52 32.50 77500 39.33 32.80 176 2047.45 1229.00 500 3.89 2.51 7500 3.50 2.12 13650 14.90 11.50 26891 12.59 8.00 16798 6.40 3.02

2009 Div BR (%) (%) 10 40 35 40 40 35 20 600 50 30 15 900 10 15 -

25B 30B 25B 10B 25B -

% Change -0.42 5-Day High 1,521.66 5-Day Low 1,506.47 2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 450 15 28R 600 -

Company AL-Abid Silk XB Pak Elektron Singer Pak Tariq Glass Ind

Paid up Cap(mn)

High Low 1,134.49 1,100.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64

PE

Open

High

Low

115 2.77 1174 3.59 341 20.83 231 2.01

25.25 13.27 18.05 16.98

25.88 14.27 18.75 17.00

25.70 13.30 18.42 16.75

Close Chg 25.70 14.27 18.54 16.77

0.45 1.00 0.49 -0.21

Close 1,126.60 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 200 1458975 150 24916

Change 24.78 Market cap 5,307.73 mn Div Yield (%) 2.08

2009 Div BR (%) (%)

14.62 20 200.00 400 39.00 10.55 108.11 17.15 70.00 35 390.00 450

20B 25B

Last 60 days High Low 35.00 15.43 24.14 18.80

25.03 12.17 16.51 14.50

2009 Div BR (%) (%) 7.5 -

10B 10B -

2010 Div BR (%) (%) -20B 20R - 10B 17.5 -

PERSONAL GOODS Performance of SR Personal Goods Index Open 960.61 Turnover 21,656,608 P/E (x) 6.55 Company

Paid up Cap(mn)

(Colony) Thal 56 Amtex Limited XD 2415 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Bilal Fibres 141 Chenab Limited 1150 Chenab Ltd Pref 800 Colgate Palm 316 Colony Mills Ltd 2442 Crescent Fibres Ltd XD 124 D S Ind Ltd 600 Data Textile 99 Dawood Lawrencepur 514 Dewan Farooque Spin. 600 Din TextileXDXB 204 Ellcot Spinning XD 110 Fazal Cloth 188 Gadoon Textile XD 234 Ghazi Fabrics XD 326 Gillette Pakistan 192 Gulistan Textile XD 190 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Ideal Spinning 99 J K Spinning 179 Khalid Siraj 107 Kohinoor Ind 303 Kohinoor Textile 1455 Leather Up 60 Masood Textile XD 600 Mian Textile 221 Mubarak Textile 54 Mukhtar Textile 145 N P Spinning XD 147 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Quetta Textile XD 130 Ravi Textile 250 Reliance Weaving 308 Salfi Textile 33 Sally Textile XD 88 Salman Noman XB 42 Samin Textile 134 Sana Ind XD 55 Service Ind 120 Shahpur Textile 140 Shahtaj Textile XD 97 Shams Textile XD 86 Suraj Cotton XD 180 Tata Textile 173 Thal Limited 307 Treet Corp 418 Yousuf Weaving 400 Zil Limited XD 53

% Change 0.55 5-Day High 1,537.17 5-Day Low 1,509.67

PE

Open

0.99 10.91 4.89 0.33 2.30 - 11.48 0.45 13.09 5.61 711.89 0.47 1.29 3.33 2.00 33.48 850.00 4.44 2.78 0.51 12.00 1.96 0.20 44.38 38.63 5.16 6.79 0.57 25.50 0.59 20.15 1.07 54.58 0.54 47.26 0.63 3.11 - 63.42 1.21 19.20 0.87 7.53 0.73 3.86 3.00 37.05 0.30 3.47 0.98 7.15 0.79 1.64 3.79 5.50 2.38 2.18 1.97 19.00 0.47 30.00 0.60 0.57 7.39 20.00 2.01 24.12 4.79 56.04 2.27 6.33 0.55 32.53 1.68 0.64 9.40 0.18 37.72 0.21 4.01 1.23 2.43 5.15 6.35 2.48 32.30 6.56 187.12 0.63 0.48 - 17.66 0.59 17.20 0.79 33.56 0.26 25.72 4.13 97.87 8.31 53.71 0.37 1.34 3.01 45.50

High

High Low 981.57 948.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 8.64 Low

Close Chg

1.10 1.00 1.10 0.11 5.08 4.75 4.80 -0.09 2.62 2.24 2.39 0.09 11.70 11.00 11.05 -0.43 13.40 12.78 12.79 -0.30 747.48 676.30 676.30-35.59 2.00 1.11 1.73 0.44 3.60 3.30 3.35 0.02 2.32 1.75 2.00 0.00 892.50 840.00 891.87 41.87 2.90 2.50 2.84 0.06 13.00 11.00 11.00 -1.00 2.07 1.90 1.92 -0.04 0.21 0.21 0.21 0.01 40.00 36.70 37.72 -0.91 7.29 6.00 6.40 -0.39 26.77 25.99 26.65 1.15 19.90 19.25 19.53 -0.62 56.90 53.90 56.90 2.32 49.62 47.70 49.62 2.36 3.90 3.88 3.88 0.77 64.75 60.25 63.00 -0.42 20.20 20.15 20.20 1.00 8.50 7.12 7.14 -0.39 4.09 3.85 3.90 0.04 38.50 36.00 38.17 1.12 4.38 3.48 3.48 0.01 6.75 6.15 6.43 -0.72 0.80 0.42 0.75 -0.04 1.64 1.50 1.55 -0.09 5.64 5.30 5.31 -0.19 2.00 2.00 2.00 -0.18 18.70 18.70 18.70 -0.30 0.59 0.34 0.59 0.12 1.25 1.00 1.20 0.60 0.52 0.40 0.42 -0.15 21.00 20.00 21.00 1.00 25.10 23.90 24.20 0.08 57.65 55.10 55.77 -0.27 6.75 6.55 6.72 0.39 34.15 34.00 34.15 1.62 1.76 1.50 1.61 -0.07 9.59 9.10 9.10 -0.30 39.60 39.00 39.60 1.88 4.89 3.71 4.20 0.19 2.90 2.90 2.90 0.47 6.25 6.01 6.18 -0.17 32.74 32.50 32.64 0.34 196.47 185.00 191.51 4.39 0.60 0.45 0.45 -0.03 17.25 17.10 17.25 -0.41 18.00 18.00 18.00 0.80 35.23 33.50 35.23 1.67 27.00 25.50 27.00 1.28 102.75 95.50 96.59 -1.28 54.00 52.00 52.18 -1.53 1.35 1.05 1.07 -0.27 47.30 43.23 45.00 -0.50

Close 958.16 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 1106 853409 2015 4175858 7251 3755 10540 77326 20504 2510 2883 1379 62610 500 1677 72481 100600 2502 896 14500 500 4632 223 7307 34201 83702 400 2100 806 9191 6701 500 200 5201 2500 5411 1101 4978869 9814507 51207 818 203210 11506 2597 744 300 3020 2506 121918 53501 2100 403 30000 2556 701208 86686 7114 555

Change -2.45 Market cap 125,598.41 mn Div Yield (%) 2.55

Last 60 days High Low 2.00 20.45 3.45 12.32 14.50 747.48 2.00 3.95 2.61 892.50 3.45 18.35 2.49 0.96 47.00 7.29 30.90 25.45 56.90 51.50 5.00 73.00 24.84 10.30 4.88 40.30 4.79 10.00 1.99 1.93 6.30 2.50 22.88 0.98 1.50 0.98 24.66 25.10 57.65 7.49 52.29 3.08 12.00 39.60 6.20 3.11 8.69 38.40 255.29 1.90 21.90 18.99 37.50 27.00 112.80 55.25 1.80 48.75

0.52 4.40 1.35 8.55 7.50 436.00 0.55 2.93 1.21 615.00 2.23 7.66 1.44 0.02 36.29 2.05 20.80 17.21 41.00 33.80 1.11 57.50 17.57 5.31 2.52 34.05 2.02 5.12 0.25 1.01 4.00 1.10 18.01 0.01 0.60 0.16 18.30 14.64 40.81 5.16 25.80 1.38 6.91 20.50 2.74 1.30 5.02 27.50 169.00 0.18 14.75 15.00 29.00 14.02 86.50 37.20 0.73 33.00

2009 Div BR (%) (%)

% Change -0.26 5-Day High 960.61 5-Day Low 940.46 2010 Div BR (%) (%)

30 7.5 20 120 115 15B 10 5 20 10B 7.5 35 -100SD 70 10 - 10B 10 - 10B 10 20B 10 20 20 5B 15 15 100R 20 - 50R 15 20 25 45R 12.5 - 632R 20 - 25SD 25 10 5B - 100R 35 60 200 20 45 20 15 50 25 20 20B 80 20B 40 10B 35 -

Performance of SR Pharma and Bio Tech Index Open 870.44 Turnover 82,322 P/E (x) 6.73

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

10B 25B

Total Equity (Rs in mn)

MA (100-day)

11.96

Revenue (Rs in mn)

14.00

7,485.06 3,321.26 13,747.82

Interest Expense

251.78

1st Support

11.67

Profit after Taxation

224.32

2nd Support

10.87

EPS 09 (Rs)

4.742

1st Resistance

13.10

Book value / share (Rs)

70.22

2nd Resistance

13.73

PE 10 E (x)

Pivot

12.30

PBV (x)

0.18

HCAR closed up 0.48 at 12.41. Volume was 737 per cent above average (trending) and Bollinger Bands were 10 per cent wider than normal. The company's loss after taxation stood at Rs100.884 million which translates into a Loss Per Share of Rs0.71 for the 1st quarter of current fiscal year (1QFY11). HCAR is currently 11.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into HCAR (bullish). Trend forecasting oscillators are currently bullish on HCAR.

Standard Chartered Bank (Pakistan) Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

61.62

Total Assets (Rs in mn)

312,874.21

MA (10-day)

6.74

Total Equity (Rs in mn)

44,665.57

MA (100-day)

7.06

Revenue (Rs in mn)

26,653.24 10,369.33

MA (200-day)

7.60

Interest Expense

1st Support

6.50

Profit after Taxation

2nd Support

6.00

EPS 09 (Rs)

1st Resistance

7.75

Book value / share (Rs)

11.70 10.81

2nd Resistance

8.50

PE 10 E (x)

Pivot

7.25

PBV (x)

669.37 0.170

0.60

SCBPL closed up 0.06 at 7.06. Volume was 1,245 per cent above average (trending) and Bollinger Bands were 31 per cent narrower than normal. The company's profit after taxation stood at Rs1.907 billion which translates into an Earning Per Share of Rs0.49 for the nine months of current calendar year (9MCY10). SCBPL is currently 7.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SCBPL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SCBPL.

IGI Investment Bank Ltd

% Change 2.25 5-Day High 1,147.34 5-Day Low 1,101.81

PHARMA AND BIO TECH

Change 8.40 Market cap 31,968.50 mn Div Yield (%) 16.21

Last 60 days High Low

Open

Open 1,101.81 Turnover 1,484,258 P/E (x) 3.01

Performance of SR Industrial Engineering Index Open 1,528.77 Turnover 371,007 P/E (x) 8.11

276179 3334 3602 8203 720 67506 845 3221 48190 118 126288 97590 82989 448

Total Assets (Rs in mn)

11.67

HOUSEHOLD GOODS

20B -a

% Change -0.24 5-Day High 1,023.94 5-Day Low 959.46

-0.40 -1.70 -0.90 -3.06 0.01 -0.02 -0.03 0.85 -0.19 -0.20 0.48 9.63 1.52 0.03

65.27

MA (10-day) MA (200-day)

Close 1,125.96 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

RSI (14-day)

Performance of SR Household Goods Index

CONSTRUCTION AND MATERIALS High Low 1,052.96 1,002.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 7.10

67.00 156.02 16.10 100.00 33.63 1.40 152.96 22.65 4.98 4.30 12.41 243.73 74.54 19.21

0.84 14.99 15.75 15.00 15.75 0.76 4.63 45.00 46.30 45.00 45.51 0.51 2.69 2.00 1.69 1.70 -0.99 1.03 11.71 12.71 12.71 12.71 1.00 3.28 3.77 3.38 3.42 0.14 1.70 1.88 1.69 1.70 0.00 6.81 31.46 33.03 31.03 33.03 1.57 11.63 12.51 13.00 12.20 12.56 0.05 2.68 80.00 81.95 79.99 80.00 0.00 3.34 58.89 60.99 58.99 59.70 0.81 0.37 5.60 6.20 5.00 5.99 0.39 8.57 67.85 71.24 65.00 70.54 2.69 15.86 42.10 43.25 42.00 42.50 0.40 21.53 1988.01 2016.50 1960.00 1960.50 -27.51 - 13.60 14.60 13.90 14.53 0.93 0.53 5.99 6.50 6.00 6.48 0.49 7.11 36.93 38.77 36.99 38.77 1.84 2.95 37.46 39.33 39.00 39.33 1.87 3.17 1950.00 2047.45 1870.00 2000.04 50.04 0.30 3.65 3.50 3.50 3.50 -0.15 3.00 3.40 3.00 3.19 0.19 1.00 13.99 14.00 13.60 13.99 0.00 18.25 11.59 12.59 11.75 12.59 1.00 5.06 5.69 4.06 5.10 0.04

Performance of SR Construction and Materials Index Open 1,023.94 Turnover 34,078,378 P/E (x) 8.14

-

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 945.85 912.08 Total cos Defaulter cos P/BV (x) ROE (%) 1.00 33.10

40 15

Fundamental Highlights As on Mar 31, 2009

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 926.98 Turnover 218,305 P/E (x) 3.01

20B -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,253.57 1,225.83 Total cos Defaulter cos P/BV (x) ROE (%) 2.72 35.00

30

Honda Atlas Cars Pakistan Limited

% Change -0.21 5-Day High 766.72 5-Day Low 741.85

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,234.12 Turnover 48,384,589 P/E (x) 7.77

2009 Div BR (%) (%)

Alert ! Unusual Movements

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

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

High Low 879.72 866.14 Total cos Defaulter cos P/BV (x) ROE (%) 1.50 22.31

Close 871.95 Listed cap 3,904.20 mn Payout (%) 44.54

PE

Open

High

Low

Close Chg

Volume

8.62 6.43 12.73 6.84 6.85 5.62

98.14 85.04 69.79 24.83 8.49 63.38

99.00 87.00 71.47 24.80 8.75 63.00

98.02 85.00 69.85 24.60 8.00 62.50

98.30 0.16 85.17 0.13 70.80 1.01 24.70 -0.13 8.49 0.00 62.52 -0.86

4040 1736 10869 3894 5040 56644

104.00 124.00 78.15 25.79 9.00 64.50

77.00 83.00 65.00 22.10 6.10 53.36

RSI (14-day)

71.39

Total Assets (Rs in mn)

8,260.69

MA (10-day)

2.23

Total Equity (Rs in mn)

1,669.86

MA (100-day)

2.01

Revenue (Rs in mn)

844.20

MA (200-day)

2.42

Interest Expense

1st Support

2.36

Loss after Taxation

2nd Support

2.19

EPS 10 (Rs)

667.45

1st Resistance

2.67

Book value / share (Rs)

2nd Resistance

2.81

PE 11 E (x)

Pivot

2.50

PBV (x)

(199.37) (0.94) 7.87 15.63 0.32

IGIBL closed down -0.07 at 2.50. Volume was 1,741 per cent above average (trending) and Bollinger Bands were 59 per cent wider than normal. The company's profit after taxation stood at Rs8.928 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current fiscal year (1QFY11). IGIBL is currently 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 very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bullish on IGIBL. Momentum oscillator is currently indicating that IGIBL is currently in an overbought condition.

Flying Cement Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

52.07

Total Assets (Rs in mn)

5,548.30

MA (10-day)

1.85

Total Equity (Rs in mn)

1,598.52

MA (100-day)

2.01

Revenue (Rs in mn)

MA (200-day)

2.37

Interest Expense

1st Support

1.86

Loss after Taxation

2nd Support

1.76

EPS 10 (Rs)

1st Resistance

2.00

Book value / share (Rs)

2nd Resistance

2.04

PE 11 E (x)

Pivot

1.90

PBV (x)

80.62 28.12 (172.17) (0.98) 9.08 0.21

FLYNG closed up 0.03 at 1.92. Volume was 192 per cent above average (trending) and Bollinger Bands were 13 per cent wider than normal. The company's loss after taxation stood at Rs28.864 million which translates into a Loss Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11). FLYNG is currently 19.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FLYNG at a relatively equal pace. Trend forecasting oscillators are currently bearish on FLYNG.

BOOK CLOSURES Company

From

To

Amtex Limited Karachi Electric Supply Corp East West Life Assurance Nestle Pakistan (TFC) Engro Fertiliser Co. 1st IBL Modaraba United Bank Fauji Fertiliser Co. (TFC) Telecard Faysal Bank (TFC) Allied Bank PICIC Energy Fund Thal Limited Sui Southern Gas Pipelines Fazal Cloth Mills Sana Industries East West Insurance Co. MCB Bank Dawood Hercules Chemicals Engro Corporation (Standalone)

12-Nov 15-Nov 15-Nov 16-Nov 17-Nov 17-Nov 18-Nov 21-Nov 21-Nov 22-Nov 22-Nov 23-Nov 23-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec 07-Dec 07-Dec

23-Nov 28-Nov 23-Nov 22-Nov 30-Nov 25-Nov 25-Nov 27-Nov 27-Nov 30-Nov 05-Dec 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec 13-Dec 21-Dec

D/B/R 7.80(R) 10R 250(ii) 3(F) 20(iii) 20(B) 5 20 100SD 10(B) 30(iii) 20(ii) 20(ii)

Spot AGM/Date 04-Nov 04-Nov 05-Nov 10-Nov -

23-Nov 25-Nov 25-Nov 30-Nov 30-Nov 30-Nov 29-Nov 03-Dec -

INDICATIONS

Change 1.51 Market cap 29,011.79 mn Div Yield (%) 6.62

Last 60 days High Low

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

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

20B 15B

% Change 0.17 5-Day High 872.50 5-Day Low 870.08 2010 Div BR (%) (%) 20 30

20B -

# Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Pakistan Cables TRG Pakistan Ltd. Murree BreweryXDXB Shezan Internat XD Lakson Tobacco Pak Tobacco Shifa Int Hospitals Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol XD Pak Telephone

53.99 4.27 74.03 92 335 112.5 28.14 20.85 2.28 58.56 2.96 19.12 2

High 56 4.49 76.9 92.5 339 112.75 29.54 21.87 2.35 61.44 3.09 19.26 2.39

Low Close 51.8 4.19 72.01 90.09 318.53 112.5 26.75 20.5 2.15 56.32 2.85 18.7 1.85

51.8 4.39 75.25 90.09 321.03 112.5 26.75 21 2.24 56.99 2.88 18.75 2.2

Change -2.19 0.12 1.22 -1.91 -13.97 0 -1.39 0.15 -0.04 -1.57 -0.08 -0.37 0.2

Vol 299 7971237 19953 126 430 3749 201 1949 270103 5617 396185 580369 513


7

Thursday, November 11, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,140.19 Turnover 2,736,589 P/E (x) 6.16 Paid up Cap(mn)

Company

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

High Low 1,150.59 1,123.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84

PE

Open

High

Low

Close Chg

78 4.88 37740 12.84 3000 0.69 8606 6175 -

80.00 19.44 2.29 2.48 3.53

80.00 19.57 2.40 2.54 3.65

79.00 19.15 2.29 2.41 3.35

79.02 19.26 2.31 2.43 3.43

-0.98 -0.18 0.02 -0.05 -0.10

Close 1,129.61 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 914 1485499 478652 771524 163496

Change -10.58 Market cap 78,208.95 mn Div Yield (%) 10.16

120.61 19.76 2.69 2.98 5.00

78.00 17.32 1.80 2.30 3.35

% Change -0.93 5-Day High 1,140.19 5-Day Low 1,109.83

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

-

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

-

Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Universal Insurance

204 6.67 369 5.29 279 6.38 457 6.63 1250 400 2.72 718 15.43 791 15.36 3000 40.87 250 1.59 350 303 5.15 252 3.79 210 -

11.01 33.88 56.95 10.64 46.43 11.28 85.89 58.00 16.74 6.24 3.64 9.46 6.73 2.45

Company

High Low 1,191.97 1,164.93 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35

PE

Open

High

Low

Genertech 198 Hub Power 11572 6.15 Japan Power 1560 KESCSPOT 7932 Kot Addu Power XD 8803 4.89 Nishat Chunian Power Ltd3673 3.07 Nishat Power Ltd 3541 24.34 Sitara Energy Ltd XD 191 3.47 Southern Electric 1367 Tri-star Power XD 150 -

0.90 34.23 1.59 2.19 40.48 14.52 15.73 19.10 2.15 1.10

0.91 34.20 1.62 2.23 40.55 14.60 15.90 19.00 2.20 1.08

0.84 33.51 1.54 2.13 40.05 13.90 14.90 18.60 2.11 1.00

Close 1,169.35 Listed cap 95,369.29 mn Payout (%) 104.13

Change -19.65 Market cap 97,237.37 mn Div Yield (%) 8.31

Close Chg

Volume

Last 60 days High Low

0.90 33.57 1.54 2.15 40.23 13.99 15.09 18.60 2.12 1.00

1503 1463848 31303 269852 212180 1078343 4233961 6500 259010 10001

1.45 37.24 2.25 2.50 42.95 14.85 16.10 23.49 2.90 1.75

0.00 -0.66 -0.05 -0.04 -0.25 -0.53 -0.64 -0.50 -0.03 -0.10

0.51 32.75 0.70 1.92 38.35 9.50 9.25 18.26 2.05 0.33

% Change -1.65 5-Day High 1,189.01 5-Day Low 1,159.67

Open 863.23 Turnover 54,929 P/E (x) 94.92

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

31R -

2010 Div BR (%) (%)

Paid up Cap(mn)

Sui North Gas Sui South GasXDXB

High Low 1,862.82 1,813.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 11.41

Close 1,821.79 Listed cap 12,202.80 mn Payout (%) 66.79

Change -28.16 Market cap 39,156.42 mn Div Yield (%) 5.68

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 10.06 8390 3.70

34.23 24.98

34.75 25.00

33.71 24.41

50 - 7.8R 50 20 -

33.80 -0.43 24.55 -0.43

1120592 489659

34.75 30.70

25.00 16.00

% Change -1.52 5-Day High 1,849.95 5-Day Low 1,745.19

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,049.15 Turnover 24,446,863 P/E (x) 7.50 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.54 57.01 Askari Bank 6427 7.57 16.03 Atlas Bank 5001 1.56 Bank Alfalah 13492 12.51 9.86 Bank AL-Habib 7322 6.80 31.98 Bank Of Khyber 5004 5.17 4.18 Bank Of Punjab 5288 9.90 BankIslami Pak 5280 802.50 3.26 Faysal BankSPOT 6091 5.40 16.58 Habib Bank Ltd 10019 6.55 104.48 Habib Metropolitan Bank 8732 6.34 20.99 JS Bank Ltd 6128 2.89 KASB Bank Ltd 9509 2.33 MCB Bank Ltd 7602 9.06 207.17 Meezan Bank 6983 7.76 15.60 Mybank Ltd 5304 2.05 National Bank 13455 5.83 67.63 Network Mic Bank 300 1.20 NIB Bank 40437 2.76 Royal Bank Ltd 17180 6.16 Samba Bank 14335 1.90 Silkbank Ltd 26716 2.67 Soneri Bank 6023 7.79 Stand Chart Bank 38716 10.86 7.00 Summit Bank Ltd 5000 2.96 United Bank Ltd 12242 6.76 58.04

High

High Low Close 1,062.30 1,031.65 1,036.71 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low

Close Chg

57.24 56.75 56.98 -0.03 16.50 15.81 15.89 -0.14 1.65 1.51 1.61 0.05 10.11 9.65 9.76 -0.10 32.50 31.50 31.56 -0.42 4.25 3.88 3.88 -0.30 10.06 9.70 9.73 -0.17 3.35 3.15 3.21 -0.05 17.10 16.58 16.74 0.16 106.50 104.00 104.88 0.40 21.00 20.40 20.74 -0.25 3.00 2.79 2.84 -0.05 2.50 2.30 2.50 0.17 208.50 204.00 204.35 -2.82 15.24 14.60 14.67 -0.93 2.09 1.96 2.00 -0.05 68.50 66.53 66.79 -0.84 1.25 1.15 1.16 -0.04 2.85 2.71 2.75 -0.01 6.13 6.07 6.10 -0.06 2.00 1.80 1.86 -0.04 2.75 2.65 2.67 0.00 7.78 7.25 7.34 -0.45 8.00 6.75 7.06 0.06 3.00 2.70 2.81 -0.15 58.65 57.40 57.53 -0.51

Volume

Change -12.44 Market cap 629,872.79 mn Div Yield (%) 5.39

Last 60 days High Low

219859 57.60 1322823 16.65 88603 2.84 4651512 10.19 308741 33.75 58079 4.50 2006587 10.50 202126 3.69 497642 17.10 356304 107.15 14503 23.30 222328 3.00 19531 3.22 1815086 209.75 48957 15.95 74247 2.75 6225340 70.75 5502 1.90 612150 3.25 73682 10.00 999337 2.65 1026647 3.30 97222 8.00 248613 8.00 26530 3.49 3251442 59.24

48.51 13.99 1.51 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.51 2.15 5.01 6.00 2.30 49.90

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

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

% Change -1.19 5-Day High 1,049.15 5-Day Low 1,017.60 2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 745.77 Turnover 4,347,554 P/E (x) 11.93 Paid up Cap(mn)

Company Adamjee Insurance

258 1667 229 6700 79200 15578 802 1190 2732222 2005 130549 2005 1430 1595

12.25 35.00 59.99 12.00 49.14 12.39 86.69 60.50 17.05 7.04 4.64 9.91 7.70 4.00

8.45 27.10 47.37 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 6.05 1.77

40 20 40 35 35 30 30 5 20 -

10B 25B 8.7B 20B 25B 15B -

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

High Low 759.90 715.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 5.20

Close 728.31 Listed cap 11,111.34 mn Payout (%) 79.54

Change -17.46 Market cap 45,275.00 mn Div Yield (%) 6.67

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.12

81.45

84.15

77.65

79.77 -1.68

1372087

84.15

63.05

2009 Div BR (%) (%) 30

10B

% Change -2.34 5-Day High 745.77 5-Day Low 683.15 2010 Div BR (%) (%) 10

-

High Low 861.32 845.13 Total cos Defaulter cos P/BV (x) ROE (%) 3.65 3.85

Close 850.10 Listed cap 2,290.72 mn Payout (%) 355.53

Change -13.13 Market cap 9,841.91 mn Div Yield (%) 3.75

Symbols

East West LifeSPOT

455

-

2.90

2.50

2.18

2.48 -0.42

49001

3.00

2.05

10R

-

20R

EFU Life Assurance XB

850 41.67

76.08

76.00

72.34

73.34 -2.74

5333

82.99

51.25

5513.33B

-

-

New Jub Life Insurance

627 28.26

42.00

42.10

42.10

42.10 0.10

500

45.20

34.50

10

-

-

Open

High

Low

Close Chg

Last 60 days High Low

Volume

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 417.15 Turnover 46,977,197 P/E (x) 47.40 Company

Paid up Cap(mn)

High Low 434.70 406.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 0.91

PE

Open

High

Low

AMZ Ventures 225 1.32 Arif Habib Investments 360 3.74 Arif Habib Limited XB 450 13.31 Arif Habib Securities 3750 4.49 Dawood Cap Mngt. XB 150 1.13 Dawood Equities 250 First Credit & Invest Bank Ltd 650 12.50 IGI Investment Bank 2121 15.63 Invest and Fin Sec XD 600 678.00 Invest Bank 2849 Ist Cap Securities XB 3166 Ist Dawood Bank 626 0.65 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 8.42 JS Investment 1000 29.42 KASB Securities 1000 Orix Leasing 821 4.43 Pervez Ahmed Sec 775 Stand Chart Leasing 978 4.79 Trust Inv Bank 586 2.97

0.59 18.01 26.28 24.95 1.78 2.02 3.00 2.57 6.75 0.64 3.80 1.86 11.79 4.47 30.83 7.04 4.03 6.10 2.54 2.69 2.80

0.70 19.01 26.60 25.31 1.27 1.93 3.00 2.64 6.94 0.76 3.95 1.95 12.58 4.75 32.37 7.44 4.24 6.39 2.65 2.84 2.00

0.55 17.76 25.81 24.31 1.27 1.92 3.00 2.33 6.42 0.56 3.67 1.83 11.60 4.15 31.05 6.95 3.90 5.60 2.26 2.30 1.86

Close Chg 0.58 18.98 26.09 24.42 1.27 1.93 3.00 2.50 6.78 0.62 3.70 1.83 12.02 4.22 31.32 7.06 3.95 6.02 2.32 2.30 1.90

-0.01 0.97 -0.19 -0.53 -0.51 -0.09 0.00 -0.07 0.03 -0.02 -0.10 -0.03 0.23 -0.25 0.49 0.02 -0.08 -0.08 -0.22 -0.39 -0.90

Close 416.19 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 40693 290798 107949 5985018 500 20052 95000 1925608 1521 30576 19437 27650 35025979 1658842 61510 1449766 66270 6961 252631 1505 3917

Change -0.95 Market cap 29,078.29 mn Div Yield (%) 2.10

% Change -0.23 5-Day High 417.15 5-Day Low 374.37

Last 60 days High Low

2009 Div BR (%) (%)

1.10 19.01 36.70 26.75 2.25 2.70 4.50 2.64 9.00 1.00 5.29 2.84 12.58 5.38 40.30 7.44 4.75 6.45 2.70 2.95 3.04

15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -

0.42 13.00 24.40 20.90 0.50 1.51 2.00 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 1.50 1.24

Open

RCML ISTM BTL MEHT FASM BWCL NAGC SAPL ALICO GATM HADC BHAT KOHP ARM FHBM ULEVER PECO BAFS CLOV UNIC EMCO GATI MIRKS FRSM PAKL TOWL MDTL SSML FCONM FNEL DWAE SSIC KOHE GVGL DREL FDMF ZTL KML TRSM UPFL ESBL JOPP DIIL PHDL UBDL ASFL POAF TSMF GRYL KOSM MQTM SMTMR NCLNCP MFTM RUPL AGSML FECS HWQS HUSS KOHS MLCFPS TREI WYETH PGCL SCL ARPAK GRAYS PSEL

% Change -1.52 5-Day High 863.23 5-Day Low 835.12

PE

GAS WATER AND MULTIUTILITIES

Company

-0.01 -0.58 -0.85 -0.04 -1.69 0.15 -2.70 -1.01 -0.80 0.50 1.00 0.06 -0.56 0.58

Paid up Cap(mn)

Company

Performance of SR Gas Water and Multiutilities Index Open 1,849.95 Turnover 1,610,251 P/E (x) 11.75

11.00 33.30 56.10 10.60 44.74 11.43 83.19 56.99 15.94 6.74 4.64 9.52 6.17 3.03

LIFE INSURANCE

Performance of SR Electricity Index

Paid up Cap(mn)

11.00 33.26 54.57 9.65 44.50 11.31 83.00 55.50 15.80 6.20 3.10 9.40 6.15 2.90

Performance of SR Life Insurance Index

ELECTRICITY Open 1,189.01 Turnover 7,566,573 P/E (x) 12.54

11.40 33.31 56.99 10.60 46.96 11.50 85.79 57.90 17.05 6.74 4.64 9.84 6.17 3.40

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

Open 1,079.68 Turnover 1,183,274 P/E (x) 17.43

High Low 1,078.51 1,053.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 2.21

Paid up Cap(mn)

PE

Open

High

Low

1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 AL-Noor Modaraba XD 210 B R R Guardian Mod. 780 Crescent St Mod.XD 200 Elite Cap Mod.XD 113 Equity Modaraba 524 Golden Arrow XD 760 Habib Modaraba 1008 JS Growth Fund 3180 JS Value Fund 1186 Meezan Bal. Fund XD 1200 Mod Al-Mali 184 Nat Bank Modaraba XD 250 Pak Prem Fund 1698 Paramount Modaraba XD 59 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Prud Modaraba 1st 872 Punjab Modaraba XD 340 Stand Chart Modaraba 454 U D L Modaraba XD 264

9.50 5.26 4.75 3.18 1.50 2.56 7.44 1.93 5.23 39.50 10.93 5.28 10.00 5.83 11.60 6.29 1.70 5.79 4.73 2.07 7.14 4.36 1.58

1.40 6.35 2.88 1.30 0.62 2.10 1.20 2.72 6.05 3.25 3.09 5.16 0.97 6.89 8.40 8.38 5.80 8.75 4.21 0.91 1.60 8.95 5.66

1.55 6.40 3.00 1.45 0.77 2.06 1.40 2.78 6.07 3.25 3.14 5.49 1.18 6.30 8.45 8.40 5.85 9.13 4.28 0.91 1.94 8.90 5.63

1.43 6.30 2.85 1.23 0.57 2.05 1.19 2.70 6.00 3.05 3.00 5.15 1.00 6.30 8.20 8.00 5.75 8.88 4.10 0.91 1.50 8.70 5.40

Company

Close Chg 1.52 6.31 2.85 1.40 0.60 2.05 1.19 2.70 6.07 3.16 3.06 5.49 1.00 6.30 8.35 8.05 5.84 9.04 4.16 0.91 1.50 8.90 5.55

0.12 -0.04 -0.03 0.10 -0.02 -0.05 -0.01 -0.02 0.02 -0.09 -0.03 0.33 0.03 -0.59 -0.05 -0.33 0.04 0.29 -0.05 0.00 -0.10 -0.05 -0.11

Close 1,066.52 Listed cap 29,771.58 mn Payout (%) 104.74

Change -13.16 Market cap 15,283.82 mn Div Yield (%) 9.34

Low

Close

32.75 5.5 47.9 58.9 31.5 21.85 14.75 122.2 17.1 24.5 0.69 200 4.35 14.5 6.35 4040 282.09 53.7 48.76 5.4 2.5 42.3 60.8 20.8 1.96 16 53.2 1.71 1.21 9.89 0.79 6.8 19.55 32.7 675 1.93 3.75 2.06 1.7 1045.95 2.88 8 9.49 34.73 32.91 2.9 8.4 1.65 1.05 1.14 6.63 0.08 22.05 0.57 32.5 6.44 40.95 22 12.65 4 5.79 2.1 821 19.49 59.32 13.8 53.44 156

32.75 5.5 47.9 58.9 31.5 24 14.75 122.6 17.1 24.5 0.7 208 4.87 14.5 6.35 4060.01 282.14 53.7 48.89 5.4 2.83 44.95 60.8 20.9 1.96 16 57.9 1.71 1.5 9.89 0.79 6.93 19.9 35 718 1.93 3.75 2.29 1.7 1083.65 2.88 8.1 9.49 34.73 32.91 2.9 8.4 1.65 1.05 1.14 6.63 0.08 22.05 0.65 32.5 6.44 40.95 22 12.65 4 5.79 2.1 821 19.49 59.32 13.8 53.44 156

Change

Vol

1.4 -0.25 -0.59 2.05 0.64 1 -0.4 -0.93 -0.9 -0.5 0.09 9.88 -0.01 -0.4 0 -28.98 -14.76 -2.8 -2.41 -0.12 -0.44 0.95 -0.7 -0.05 0 -1 1.9 -0.94 0.21 -0.01 -0.03 0.16 0.4 0.62 24.5 0.09 -0.25 -0.15 0.19 -16.35 0.13 -0.9 -0.81 1.65 1.56 -1 -1 0.01 0.04 0.1 -0.39 -0.01 1.05 -0.23 -0.43 0.68 1.95 0.5 -0.19 -0.42 -0.01 0.4 -28.38 0.59 2.81 0.84 2.45 2

100 100 100 100 100 100 99 98 95 91 90 75 65 50 50 50 42 40 35 30 30 28 25 21 20 15 13 11 10 10 10 7 7 7 7 6 6 6 5 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Symbols

Open

High

Low

Close

Change

Vol

DGKC-NOV

30.71

31

29.18

29.25

-1.46 1822000

% Change -1.22 5-Day High 1,079.68 5-Day Low 1,055.74

NML-NOV

56.26

57.75

55.5

55.93

-0.33

979000

LUCK-NOV

77.03

79.3

76.8

78.47

1.44

641000

NBP-NOV

67.95

68.84

66.8

67.11

-0.84

436500

AICL-NOV

363000

Volume

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

19327 24814 2100 91153 3523 1000 2291 44058 7878 17511 299712 50001 600 500 23024 5001 42657 362621 156539 21500 1005 5729 606

2.24 7.20 3.44 1.65 1.10 3.00 1.50 3.88 7.25 3.60 3.65 7.00 2.18 8.45 9.44 9.45 5.90 9.85 4.75 1.20 1.94 10.99 6.99

4.5 20 10 15 16.5 10

18.5 5 0 1.2 5 17 21 5 10 15.5 10 18.6 18 10 20 10 3 1 17 12.5

1.01 5.85 2.10 0.90 0.16 1.65 0.76 2.32 5.56 2.65 2.31 5.15 0.56 6.18 7.00 6.55 4.00 7.60 3.50 0.70 0.57 7.75 4.71

32.75 6.5 48.5 59 31.88 24 15.3 123 17.1 25.9 0.72 208 4.87 14.5 6.35 4099.87 290 53.7 49 5.4 2.99 45.9 60.8 20.9 1.96 16 58 1.71 1.88 9.89 0.8 7.5 20.14 35 718 1.93 3.75 2.95 1.7 1155 2.88 8.1 11.28 34.73 32.91 2.9 8.4 1.65 1.05 1.14 6.63 0.08 22.05 0.65 32.5 6.44 40.95 22 12.65 4 6.8 2.1 821 19.49 59.32 13.8 53.49 156

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

High

31.35 5.75 48.49 56.85 30.86 23 15.15 123.53 18 25 0.61 198.12 4.88 14.9 6.35 4088.99 296.9 56.5 51.3 5.52 3.27 44 61.5 20.95 1.96 17 56 2.65 1.29 9.9 0.82 6.77 19.5 34.38 693.5 1.84 4 2.44 1.51 1100 2.75 9 10.3 33.08 31.35 3.9 9.4 1.64 1.01 1.04 7.02 0.09 21 0.88 32.93 5.76 39 21.5 12.84 4.42 5.8 1.7 849.38 18.9 56.51 12.96 50.99 154

-

-

81.84

84.49

80

80.74

-1.1

ENGRO-NOV 182.78

186.5

182.6

182.97

0.19

339500

FFBL-NOV

33.74

33.55

32.99

33

-0.74

265500

POL-NOV

260.39

261.9

254.51

254.9

-5.49

213000

MCB-NOV

208.13

208.5

205

205.34

-2.79

184500

ANL-NOV

11.56

11.75

11.06

11.12

-0.44

178500

PSO-NOV

285.9

287.88

282

283.17

-2.73

162000

PPL-NOV

195.48

196.6

193.5

193.94

-1.54

108000

NCL-NOV

23.69

24.6

24.01

24.01

0.32

19500

OGDC-NOV 158.13

158.25

157.25

158

-0.13

17500

BOP-NOV

10.05

10.5

9.82

9.84

-0.21

16000

FFC-NOV

110.91

111.2

110.25

111

0.09

4000

PTC-NOV

19.36

19.36

19.36

19.36

0

1000

UBL-NOV

58.3

58.1

58.1

58.1

-0.2

NETSOL-NOV 19.29

18.9

18.9

18.9

-0.39

500

97

97

97

5

1000

NIBTFC

92

1000

ZERO VOLUME Symbols

Open

High

Low

Close

AATM FAEL RUBY PRWM CRTM TRPOL TSML JVDC DADX SYMC

0.61 9.3 5.99 14.25 19.38 0.9 30.48 59.89 22.67 13

0.65 10.3 4.99 13.98 19.3 0.87 30.58 59.83 22.8 13.25

0.65 10.3 4.99 13.98 19.3 0.87 30.58 59.83 22.8 13.25

0.65 10.3 4.99 13.98 19.3 0.87 30.58 59.83 22.8 13.25

Change

Vol

0.04 1 -1 -0.27 -0.08 -0.03 0.1 -0.06 0.13 0.25

0 0 0 0 0 0 0 0 0 0

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Nishat Mills Ltd

Lucky Cement Ltd

Company

Date

Time

Shell Gas (LPG) Pakistan Ltd First Punjab Modaraba Honda Atlas Cars (Pakistan) Ltd

11-Nov 12-Nov 23-Nov

2:00 3:30 11:00

TECHNICAL LEVELS Company Adamjee Insurance

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

71.80

Support 1

10,898.50

MA (5-day)

10,827.21

Support 2

10,855.10

MA (10-day)

10,729.38

Resistance 1

11,016.30

MA (100-day)

10,100.83

Resistance 2

11,090.70

*Arif Habib Ltd AKD Securities Ltd TFD Research

10,040.54

Pivot

Fair Value

AKD Securities Ltd

Brokerage House

Neutral

AKD Securities Ltd TFD Research

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

182.55 5,317.67 35.64 29.91

318.37 21,263.73 78.39 67.36

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

AKD Securities Ltd

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

129.35 10,217.36 18.69 78.13

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

indicating that LUCK is currently in an overbought condition.

Fair Value 13

Brokerage House

Buy

*Arif Habib Ltd

10.25

Accumulate

AKD Securities Ltd

14.01

Positive

TFD Research

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

61.64 9.63 8.93 10.20

674.58 6,583.88 N/A 9.85

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

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

and Bollinger Bands were 4 per cent wider than normal.

25.40

26.55

26.95

26.15

24.05

23.70

25.05

25.70

24.70

58.76

15.65

15.40

16.35

16.75

16.05

Attock Cement

50.44

61.95

61.05

64.30

65.75

63.40

Attock Petroleum

48.59

307.90

303.55

319.65 327.05 315.30

Attock Refinery

130.00 134.65 125.05

120.40

115.45

10.80

10.55

11.50

11.95

11.25

61.64

9.55

9.40

10.05

10.30

9.85

Positive

Bank Of Punjab

65.56

9.60

9.45

9.95

10.20

9.85

BankIslami Pak

49.04

3.15

3.05

3.35

3.45

3.25

DGK Cement

62.34

28.35

27.60

30.45

31.80

29.70

Dewan Cement

54.15

1.55

1.45

1.65

1.75

1.60

Dewan Salman

58.53

1.60

1.50

1.70

1.80

Dost Steels Ltd

62.26

2.85

2.70

3.15

3.25

2.95

EFU General Insurance 57.42

43.85

42.95

46.30

47.85

45.40

75.45

77.55

73.90

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

175.80 9,804.36 67.50 56.14

EFU Life Assurance

56.23

71.80

70.25

Engro Chemical

63.08

180.40

178.85

Fauji Cement

54.01

4.85

4.75

Fauji Fert Bin

69.14

32.35

32.00

Fauji Fertilizer

65.52

110.10

109.10

1.65

184.55 187.15 183.00 5.25

5.50

5.10

33.35

33.95

32.95

111.80 112.50 110.80

77.71

16.50

16.30

64.38

103.75

102.65

47.07

33.30

33.05

oscillators are currently bullish on NML. Momentum oscillator is currently

ICI Pakistan

64.40

131.15

129.10

136.60 140.05 134.55

indicating that NML is currently in an overbought condition.

Indus Motors

68.84

234.80

225.90

248.80 253.90 239.90

JOV and CO

63.03

4.00

3.75

4.60

4.95

4.35

Jah Siddiq Co

44.21

11.55

11.10

12.55

13.05

12.05

Japan Power

48.55

1.50

1.45

1.60

1.65

1.55

JS Bank Ltd

66.53

2.75

2.65

2.95

3.10

KESC

51.32

2.10

2.05

2.20

2.25

2.15

Kot Addu Power

50.79

40.00

39.80

40.50

40.80

40.30

Lucky Cement

71.70

77.25

75.50

80.30

81.60

78.55

Maple Leaf Cement

51.94

2.90

2.85

MCB Bank Ltd

57.77

202.75

201.10

National Bank

55.71

66.05

65.30

68.00

69.25

67.25

Netsol Technologies

50.69

18.55

18.35

19.10

19.45

18.90

NIB Bank

48.18

2.70

2.65

2.85

2.90

2.75

Nimir Ind.Chemical

54.60

1.45

1.40

1.60

1.65

1.55

Brokerage House

TFD Research

Fair Value

Rs Recommendations

184 238.8 208.75

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

63.08 178.18 178.40 185.32

17.05

17.35

16.80

106.25 107.65 105.15 34.00

3.00

34.45

3.05

33.75

2.90

2.95

207.25 210.10 205.60

Nishat (Chunian)

73.88

23.70

23.20

24.90

25.60

24.40

Hold

Nishat Mills

70.34

54.70

53.60

57.25

58.70

56.15

Buy

Oil & Gas Dev XD

75.23

157.50

156.50

PIAC(A)

49.76

2.15

2.05

PSO XD

61.75

279.25

276.65

Positive

Technical Outlook

(trending) and Bollinger Bands were 47 per cent wider than normal.

25.75

55.71

Askari Bank

54.06

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

131.09 23,855.31 117.91 182.72

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

NBP closed down -0.84 at 66.79. Volume was 147 per cent above average BAFL closed down -0.10 at 9.76. Volume was 136 per cent above average UBL closed down -0.51 at 57.53. Volume was 275 per cent above average ENGRO closed up 0.12 at 181.97. Volume was 250 per cent above averand Bollinger Bands were 24 per cent narrower than normal.

46.87

Arif Habib Securities

Hub Power

AKD Securities Ltd

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

Arif Habib Limited

Habib Bank Ltd

Accumulate

306.04 17,606.76 2.12 57.91

57.00

Faysal Bank

Positive

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

3.15

57.50

playing an upward trend. Volatility is extremely high when compared to the

56.82

66.72 56.72 54.89 57.38

3.45

57.25

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

78.44

Leverage Position

3.30

56.50

average volatility over the last 10 trading sessions. Volume indicators

*Arif Habib Ltd

Technical Analysis

2.85

56.75

87.29

70.34 52.72 47.69 51.13

Buy

79

3.00

68.81

Bank Alfalah

Engro Corporation

Rs Recommendations

47.55

Allied Bank Limited

Azgard Nine

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

Technical Outlook

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

Fair Value

80.50

Al-Abbas Cement

Buy

Technical Analysis

United Bank Ltd

Rs Recommendations

Pivot

Buy

74.2

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

2nd

65

Technical Outlook

Leverage Position

71.70 73.53 68.71 70.49

Rs Recommendations

1st

Resistance 83.40 87.00

59.97

TFD Research

Neutral

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

Technical Outlook

Leverage Position

*Arif Habib Ltd

Buy

72.75

Bank Alfalah Ltd

Rs Recommendations

Buy

Technical Outlook

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

97 105.2

Fair Value

Trend forecasting oscillators are currently bullish on DGKC.

Positive

55.71 65.91 65.79 71.04

TFD Research

Brokerage House

NML is currently 9.1 per cent above its 200-day moving average and is dis-

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

Positive

Rs Recommendations

DGKC is currently 8.2 per cent above its 200-day moving average and is LUCK is currently 12.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LUCK (bullish). Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace. oscillators are currently bullish on LUCK. Momentum oscillator is currently

92.3

Technical Analysis

AKD Securities Ltd

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

61.96

TFD Research

*Arif Habib Ltd

Buy

Fair Value

DGKC closed down -1.35 at 29.13. Volume was 476 per cent above aver- LUCK closed up 2.16 at 78.99. Volume was 648 per cent above average NML closed down -0.27 at 55.77. Volume was 238 per cent above average age (trending) and Bollinger Bands were 9 per cent wider than normal. (trending) and Bollinger Bands were 9 per cent wider than normal. (trending) and Bollinger Bands were 24 per cent narrower than normal.

*Arif Habib Ltd

84

Buy

62.34 27.87 25.81 26.91

Buy

*Arif Habib Ltd

42 43.29

Technical Analysis

National Bank of Pakistan

Brokerage House

Brokerage House

Technical Outlook

10,972.90

narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,016.30 and 2nd resistance level at 11,090.70, while Index will continue to find its 1st support level at 10,898.50 and 2nd support level at 10,855.10. KSE 100 INDEX is currently 9.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.

Rs Recommendations

36.85

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -50.34 points at 10,941.94. Volume was 214 MA (100-day) per cent above average (trending) and Bollinger Bands were 13 per cent MA (200-day) MA (200-day)

Fair Value

RSI 1st 2nd (14-day) Support 66.55 76.90 74.00

age (trending) and Bollinger Bands were 46 per cent narrower than normal.

18.90

2.35

2.45

2.25

285.70 289.55 283.10

PTCLA

54.90

PACE (Pakistan) Ltd.

48.01

2.80

2.70

Pak Oilfields

60.40

250.60

247.75

258.65 263.85 255.80

Pak Petroleum

60.15

191.95

190.45

195.70 197.95 194.20

Pak Suzuki

52.14

73.35

72.20

75.35

76.15

74.20

Pervez Ahmed Sec

60.79

2.15

2.00

2.55

2.80

2.40

Pioneer Cement

43.98

7.35

7.10

8.00

8.40

Shell Pakistan

59.74

196.35

195.40

Sitara Peroxide

78.47

13.65

13.15

14.55

14.95

14.05

19.50

19.75

19.35

3.05

3.20

2.95

7.75

198.85 200.45 197.95

63.03

33.45

33.05

34.45

35.15

34.10

Sui South Gas

45.15

24.30

24.05

24.90

25.25

24.65

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

Telecard

48.42

2.25

2.20

2.40

2.45

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

TRG Pakistan

61.27

4.25

4.05

4.55

4.65

4.35

flowing into and out of NBP at a relatively equal pace. Trend forecasting erate flows of volume into BAFL (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into UBL (mildly bullish). Trend forecast- reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore-

United Bank Ltd

66.72

57.05

56.60

58.30

59.10

57.85

WorldCall Tele

39.97

2.40

2.35

2.50

2.60

2.45

NBP is currently 0.1 per cent above its 200-day moving average and is dis- BAFL is currently 4.3 per cent below its 200-day moving average and is UBL is currently 0.3 per cent above its 200-day moving average and is dis- ENGRO is currently 1.2 per cent below its 200-day moving average and is

oscillators are currently bullish on NBP.

tors are currently bullish on BAFL.

ing oscillators are currently bullish on UBL.

casting oscillators are currently bullish on ENGRO.

Sui North Gas

19.10

159.45 160.50 158.50

2.35


8

Thursday, November 11, 2010

Etihad fetes 7 skyward soaring yrs

SYDNEY: Qantas Chief Executive Officer Alan Joyce gives a news conference at Qantas headquarters. Australian airline Qantas expects to keep its fleet of Airbus A380 aircraft for at least another 72 hours as investigations continue into last week's mid-air engine failure, the company said.-Reuters

Airlines fined $1.11bn for cargo cartel BRUSSELS: Air FranceKLM, British Airways and nine other airlines were fined a total of 799 million euros ($1.11 billion) by EU regulators in a price-fixing case that could open the way for private claims against the companies. The European Commission said in a statement the carriers coordinated surcharges for fuel and security without discounts between late 1999 to early 2006. "It is deplorable that so many major airlines coordinated their pricing to the detriment of European businesses and European consumers," Competition Commissioner Joaquin Almunia said. The European Commission slapped a 340 million-euro fine, the biggest in the case, on the Franco-Dutch group Air France-KLM, which was formed from a merger in 2004 and which acquired Martinair in 2008.

Air France-KLM said in reaction that the penalty was disproportionate and it would appeal to the court. It already faces a claim for up to 500 million euros from a group of companies that includes Ericsson and Philips, seeking compensation for alleged air cargo price-fixing. Litigation firm Claims Funding International (CFI) which filed the lawsuit on behalf of the companies, said the number of claimants could increase. "We have hundreds of companies waiting for the Commission decision before they sign up," said Peter Koutsoukis, CFI managing director. A Dutch court is due to hear the case on March 30. The EU regulator fined British Airways 104 million euros, Singapore Airlines 74.8 million euros, Cathay Pacific 57.12 million euros, Qantas

8.9 million euros and Japan Airlines 35.7 million euros. Luxembourg-based Cargolux Airlines was fined 79.9 million euros and LAN Chile LAN.SN 8.2 million euros. Air Canada, which was fined 21 million euros, said it may appeal the decision. It also said it had made a C$125 million provision related to the case in 2008. SAS, which was fined 70.2 million euros, said it would appeal, but would provide for the charge in its third-quarter earnings to be announced on Wednesday. Lufthansa was found guilty of taking part in the cartel but received immunity from punishment because it had alerted the Commission to the existence of the price-fixing scheme. Swiss International Air Lines, acquired by Lufthansa in 2005, also escaped a fine.-Reuters

Tiger Air appoints new head for S’pore SINGAPORE: Singapore budget airline Tiger Airways said on Wednesday it has appointed Stewart Adams as managing director for its Singapore operation. Adams, a 34-year industry veteran, was previously the Managing Director of Deutsche Lufthansa's unit bmi. He replaces Rosalynn Tay who is leaving the airline. Tiger Airways, a unit of the world's second largest carrier by market capitalisation Singapore Airlines, recorded a net profit of S$14.1 million in the quarter ended September, compared to a S$2.3 million loss a year earlier. The carrier also has an operation in Australia and is in the process of setting up a joint operation with Thai Airways International. It operates 21 Airbus A320 series aircraft and plans to increase its fleet size to 68 aircraft by December 2015.Agencies

ISLAMABAD: Etihad Airways, the national airline of the United Arab Emirates, celebrated its seventh anniversary recently. In seven years of rapid growth, Etihad has flown over 26 million passengers on more than 180,000 flights to destinations across the Middle East, Africa, Australia, Europe, North America, and Asia. Over the same period the airline's fleet has grown to 57 aircraft in 2010. Etihad provides unmatched experiences to the global travellers, including a vast network of destinations for its Pakistani customers. Emerging from the global recession, 2010 has seen the return of passenger travel. To date this year, Etihad has carried over 6 million passengers and is expected to carry more than 7.3 million passengers by the end of the 2010, compared to 6.3 million in 2009. The load factor has also increased significantly from 74 per cent in 2009, and is expected to average 77 per cent for 2010. The Country Manager of Etihad Airways in Pakistan, Amer N Khan said, "We have witnessed tremendous growth over the past seven years in our route network, aircraft fleet, passenger figures and number of employees. Industry and customer endorsement is evidence of Etihad's significant achievements over this period and is testimony to the enormous commitment of our staff in delivering the very best travel experi-

ence in the aviation industry." Six new routes were added to the airline's global network during 2010 --Colombo, Nagoya, Tokyo, Erbil, Baghdad and Seoulwhile access to many key destinations on Etihad's global network was improved following a 12 per cent increase in the number of weekly flights from 928 in 2009 to more than a thousand in 2010. To serve network growth, fleet expansion continued in 2010 with the addition of three new aircraft including one A330-300 aircraft and two A330-200F freighter aircraft. A further A330-300 aircraft will come into service by November 13, bringing the fleet complement, including six freighters, to 57 by year end. Growth in the sky was matched by continued expansion on the ground, where staff numbers increased to more than 8000, including around 2800 cabin crew and over 900 pilots. Etihad currently has more than 60 `new-joiners' each month, drawn from more than 120 different nationalities. Etihad Airways won a range awards to add to its growing trophy cabinet, including `World's Best First Class Airline Seat' and `World's Best First Class Onboard Catering' in the annual Skytrax survey, as judged by over 18 million air travellers worldwide. It was also recognised at the World Travel Awards Middle East with over six awards, including `World's Leading Airline'.-APP

S’pore Airlines changing A380 engines SINGAPORE: Singapore Airlines said it is changing the engines on three of its A380 aircraft due to the discovery of oil stains. "With these three engines we found oil stains, but this is different to what Qantas had found," an airline spokeswoman said on Wednesday. She said the change in the engines was a precautionary move, after an engine blowout last week on a Qantas flight. Qantas, which last week said an engine design flaw could be to blame, said on Monday it was investigating oil leaks that might have caused the engine explosion on a Sydney-bound flight. The Rolls Royce engines on the three SIA aircraft, currently in Sydney, Melbourne and London, will be fitted with new engines, but the model will remain the same, Singapore Airlines said earlier on Wednesday. The airline said Rolls Royce had recommended a detailed inspection of the engines.-Reuters

Japan's Skymark to buy A380s TOKYO: Skymark Airlines has said it will buy up to six A380 planes from Europe's Airbus and use them for international flights, starting in the year to March 2015. It marks the first time that a Japanese carrier will purchase A380s. Skymark, currently focused on domestic routes, plans to buy two of the superjumbos in the year to March 2015 and two more in the following year, with another two earmarked as optional purchases, it said in a statement. Skymark's announcement comes amid trouble for A380s, with Australia's Qantas Airways grounding its A380 fleet to investigate the cause of an explosion that last week tore apart one of the superjumbo's engines supplied by RollsRoyce. Skymark has not picked the supplier of engines for the A380 aircraft it plans to buy, a Skymark official said. -Reuters

Ferrari theme park debuts in Abu Dhabi ABU DHABI: Ferrari World, the world's largest indoor theme park and the first with a Ferrari theme, has opened in Abu Dhabi. The theme park, located near the emirate's Yas Marina racing circuit, is spread over 86,000 square metres (925,696 square feet), while its massive red roof covers 200,000 square metres (2.15 million square feet), and features the world's largest Ferrari prancing horse shield. "The park is designed for

up to 10,000 people at any one time," its general manager Claus Frimand told AFP. "It's fantastic -- this is what we have been waiting for for years," he said, adding that "literally three years ago, there was nothing here, only sand." Ferrari World offers 20 attractions, including Formula Rossa, which simulates driving a Formula 1 car and at 240 kilometres (150 miles) an hour is said to be the fastest roller-coaster in

the world. The park is part of Abu Dhabi's multi-billion-dollar effort to develop Yas Island. The emirate also plans to open branches of the Louvre and Guggenheim museums on nearby Saadiyat Island. Abu Dhabi, the largest and richest of the seven emirates making up the United Arab Emirates, has launched an ambitious development plan to 2030 to modernise and diversify its economy away from oil.-Agencies

Saudi Airlines orders 20 Boeing 777s, 787s RIYADH: State-owned Saudi Airlines said that it had signed a contract for 12 new Boeing 777-300ER and eight 787 Dreamliners for its fleet. The 777-300ER deal was valued at 3.3 billion dollars "at average list prices," and includes an option for 10 more of the aircraft, which carry up to 365 passengers, according to a statement from the two com-

panies. A value was not given for the 787 purchase. "Our decision to order the 777-300ER is part of a longterm growth strategy to expand and modernise our fleet with newer, more fuel-efficient airplanes,' Saudi Airlines director general Khaled al-Mulhim said in the statement. "We see direct benefit

because of the 777-300ER's improved fuel efficiency, seatmile costs and the economics of operating a twin-engine airplane over long distances." Mulhim said that most of the aircraft were to be used as part of a programme to rationalise domestic services and increase seating capacity by 20 per cent, according to the official SPA news agency.-Agencies


9

Thursday, November 11, 2010

European vegetable oil prices

LOS ANGELES: Sergio Alexander pours molten gold to make a 6.5 kg bar of gold at his melting laboratory in Los Angeles, California. -Agencies

Arabicas off peaks as euro slides; sugar slips LONDON: Arabica coffee fell from a 13-1/2-year high on Wednesday as the euro extended losses against the dollar due largely to concerns over eurozone debt, while raw sugar eased and traded below Tuesday's 30-year peak. The arabicas market is underpinned by supply concerns following several years of belowpar crops in Colombia. ICE arabicas extended losses as the dollar strengthened and were down 2.65 cent to $2.1710 per lb at 1510 GMT, having earlier hit a peak of $2.2145 per lb, the highest level for the second month since June 1997. Liffe secondmonth robusta coffee futures fell $69 to $1,991 a tonne. ICE raw sugar futures slipped, pressured by the stronger dollar, as the market consolidated below Tuesday's 30-year peak of 33.32 cents a lb. Sugar remains underpinned by low global stock levels. ICE front-month March raw sugar stood at 32.53 cents, off 0.58 cent. Liffe front-month white sugar futures edged down and were below Tuesday's record peak of $812.90 per tonne. Liffe December sugar was down $8.50 at $796.50 per tonne. ICE cocoa futures eased, pressured by the firm dollar and big West African main crops. ICE second month cocoa was down $22 at $2,862 per tonne, while Liffe March cocoa was down 17 pounds to 1,882 pounds. -Reuters

Copper falls from near record; China eyed LONDON: Base metals eased on Wednesday on weak Chinese imports and higher reserve requirements there, with copper trailing from near record highs, but investor appetite for hard assets cushioned prices. Benchmark copper on the London Metal Exchange ended at $8,760 a tonne from $8,858 on Tuesday. The Metal used in power and construction rallied to its highest since July, 2008, on Tuesday at $8,884 a tonne, and remained within reach of records at $8,940 a tonne. Tin matched Tuesday's record at $27,500 at one point while lead neared its highest since January above $2,600 a tonne. "At the end of the day prices are still pretty high," said David Thurtell, an analyst at Citi. "There is a bit of softness but the market is holding relatively well considering the dollar is stronger than last night and equities are weaker." Also on Wednesday, China ordered its banks to put more money aside as required reserves, a tightening step that mops up some of the cash that has been streaming into the country and posing a growing inflationary threat. US economic data, including a decline in initial jobless claims, had some analysts suggesting the US economy was starting to gain traction after months of frustratingly slow growth. "The (copper) market has been buy, buy, buy so there had to be a correction at some point. It's

part of the wider picture with the dollar strengthening and stocks down," one trader said. A disruption in output looked more likely at the world's No. 3 copper mine, CHILE's

Shanghai copper declines Benchmark third-month Shanghai copper dipped 0.6 per cent to 67,290 yuan. China's imports of copper fell 273,511 tonnes from 368,410 tonnes in the previous month, while scrap imports dropped 100,000 to 310,000 tonnes. Collahuasi, as a union workers' strike pushed on for a sixth day on Wednesday with no end in sight, industry experts said. Lead prices near 10-month peaks found support from forecasts of a tightening market with soaring demand from the battery sector, and a dearth of new mine supply. Batteries account for some 80 per cent of refined lead consumption. Automakers in China shipped 27.1 per cent more passenger cars to dealers in October from a year ago, data showed this week. LME lead closed at $2,604 from a close of $2,609 on Tuesday when it touched its highest since January at $2,639. Aluminium closed at $2,448 from $2,469. Tin ended at $26,950 versus Tuesday's close of $27,350. Stainless steel nickel closed at $24,155, down from $24,620, and zinc ended at $2,522 from $2,580. -Reuters

Gold turns lower, silver retreats as euro wilts LONDON: Gold prices surrendered gains to turn lower on Wednesday and silver retreated from its earlier 5 per cent climb, as the euro wilted versus the dollar amid fresh concerns over euro-zone sovereign debt levels. The spot markets were also

Gold has rallied sharply in recent sessions, hitting a record high near $1,425 an ounce on Tuesday, but the metal's run higher struggled to maintain traction as the dollar climbed. "People were getting on with the momentum, and once that trade ran out and people started

tracking heavy liquidation in New York precious metals futures, where silver plunged more than 8 per cent to session lows and gold fell more than $20 an ounce. Spot gold was bid at $1,389.37 an ounce at 1604 GMT, against $1,391.99 late in New York on Tuesday. Earlier it hit a session high of $1,410.30. Silver was at $26.98 against $26.88, down from an earlier peak of $28.15. US gold futures for December delivery were down $23.00 an ounce to $1,387.10, while silver futures were down 194.60 cents an ounce to 2,696.00 cents.

noticing the US dollar going up, it led to a bit of a reality check," said Macquarie analyst Hayden Atkins. In the longer run, fresh worries over sovereign debt may boost interest in precious metals as a safe store of value, but in the short term they are reacting chiefly to the stronger dollar, which curbs their appeal as an alternative investment. Silver in particular may

struggle to hold its ground after its stellar gains this year, analysts said. Silver was the top performer of the precious metals complex in earlier trade with a 5 per cent rise, following its most volatile trading session since early 2009 on Tuesday. The CME Group, which owns the COMEX exchange, said it would raise the margin requirement for silver futures to $6,500 a contract from $5,000 previously, implying a leverage ratio of 21.5, to curb some of the volatility that has developed. Holdings of metal in the iShares Silver Trust, the world's largest silver ETF, hit a new record high, indicating strong investor demand. In the platinum group metals, palladium rose by 1.9 per cent to $703.22, easing back from nine-year highs of $740.72 in the previous session. Platinum eased to 1,735.24 an ounce, off Tuesday's two-year high of $1,806.5. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 09 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1300

1240

October (3rd Wednesday)

1225

1250

November (3rd Wednesday)

1235

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 09 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

2245 2246 2220 2230 2155 2165 2155 2165

2425 2426 2452 2452.5 2502 2507 2538 2543

8844 2553 8844.5 2553.5 8830 2573.5 8835 2574 8615 2527 8625 2532 8245 2488 8255 2493

24325 24350 24350 24375 23975 24075 23075 23175

TIN

ZINC NASAAC

27300 2510 27350 2510.5 27300 2535.5 27350 2536 26750 2575 26800 2580 2535 2540

2330 2340 2350 2360 2350 2360 2405 2415

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00. SOYOIL: EU degummed euro tonne fob exmill Dec10 943.00, Jan11/Mar11 938.00, Apr11/Jun11 940.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 925.00+5.00, May11/Jul11 930.00+5.00, Aug11/Oct11 912.00+7.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1490.00+5.00, Apr11/Jun11 1445.00-5.00, Jul11/Sep11 1480.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1287.50-17.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1152.50-5.00, Dec10 1152.505.00, Jan11/Mar11 1147.505.00, Apr11/Jun11 1147.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1172.50, Jan11/Mar11 1172.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1127.5012.50, Jan11/Mar11 1127.5010.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1135.00-15.00, Jan11/Mar11 1135.00-12.50, Apr11/Jun11 1137.50-10.00, Jul11/Sep11 1135.00-10.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1110.005.00, Dec10 1110.00-5.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1000.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1560.00+20.00, Dec10/Jan11 1560.00+20.00, Jan11/Feb11 1560.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters

Indian spot sugar up a 3rd day MUMBAI: India's spot sugar prices rose for a third consecutive session on Wednesday on hopes India may allow unrestricted exports of the sweetener and firm domestic demand, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose 1.1 per cent to 2,780.3 rupees ($62.76) per 100 kg. "We hear India may allow free exports ‌ this could bring about a rally in domestic prices," said a trader at Vashi, a major trading centre outside Mumbai. India may soon permit unrestricted exports of sugar, in a move that could push New York futures from 30-year highs by eliminating uncertainty over the exportable surplus of the world's No. 2 producer of the sweetener. On Wednesday, the president of producer group the Indian Sugar Mills Association said India was likely to free up sugar exports soon and might also permit export of 2 million tonnes under its Open General Licence. India is likely to take a decision on sugar exports after the second week of November, Farm Minister Sharad Pawar had earlier said. -Reuters

Crude oil up on surprise US crude stock draw Chinese crude imports fall below 4 million bpd in October LONDON: Oil rose above $87 per barrel on Wednesday after US weekly oil data showed a surprise fall in crude inventories and larger than expected drops in oil product stocks. US crude oil futures rose 67 cents to $87.39 by 1543 GMT. ICE Brent rose 23 cents to $88.56 per barrel. On Tuesday, US crude touched a two year high of $87.63. Crude stocks fell 3.27 million barrels in the week to Nov. 5, against analysts' forecasts for a 1.4 million barrel rise, data the US Energy Information Administration showed. "Today's EIA data was bullish across the board as crude, gasoline, and distillate stocks yielded decent draws, significantly more than expectations. In addition, an uptick in refinery utilization was not enough

to offset strong demand for gasoline and distillates," Chris Jarvis, senior analyst, Caprock Risk Management in New Hampshire, said. "Overall the market will likely view this as bullish, which underpins strong secular trends on the macro level coupled with concerns over a weak dollar, reinforcing the bullish sen-

timent for the energy complex." The impact of the fall US oil inventories was overweighed a stronger dollar against the euro and the yen. A stronger dollar is typically said to reduce the appeal of commodities as an investment. Oil prices began Wednesday

Palm oil rises as weather hurts output KUALA LUMPUR: Malaysian crude palm oil futures extended their rally into a fifth day as heavy rain in palm growing areas of the country was expected to curb production. The benchmark Malaysia crude palm oil contract closed up about 1 per cent at 3,393 ringgit ($1,089). It had hit a fresh two-year high of 3,410 ringgit in morning trade before falling on concerns of poor demand and a firmer dollar. Some planters said Malaysia's palm oil production may fall 510 per cent each month for November and December as heavy rains curb yields and floods make transportation of the vegetable oil difficult. Palm oil exports data from key export surveyors was also mixed, leading to volatile trading. Exports of Malaysian palm oil products fell 1.1 per cent to 390,534 tonnes for the first 10 days of November, according to cargo surveyor Intertek Testing Services.

The other key cargo surveyor Societe Generale de Surveillance, however, said exports of Malaysian palm oil products for Nov. 1-10 rose 1 per cent to 386,762 tonnes from 382,828 tonnes shipped from Oct. 1-10. "Local sentiments were pressured by weak exports data and high palm oil stocks in October," said a trader with a foreign brokerage in Kuala Lumpur. Malaysia's October palm oil stocks rose 4.9 per cent to a 10-month highs of 1,792,840 tonnes, industry regulator Malaysian Palm Oil Board said on Wednesday. Overall traded volume more than doubled to 29,471 lots of 25 tonnes each. US soyoil for December delivery was almost flat in Asian trade hours, while most active September 2011 soyoil on China's Dalian Commodity Exchange rose half a per cent to touch its highest since July 2008. -Reuters

pressured by data showing a substantial fall in Chinese crude imports in October. China's crude imports fell 30 per cent in October to 16.39 million tonnes, the lowest in at least 18 months, from a record in September, customs data showed. Analysts warned against reading too much into a single set of trade data from China, the world's second-largest oil user. The average of C h i n e s e crude imports for September and October, at 19.84 million tonnes, was roughly in line with averages seen for the first eight months of the year at 19.73 million, suggesting re-stocking took place in the month before October's week-long National Day celebrations. -Reuters

Tokyo rubber hits 30-yr high for 2nd day TOKYO: Key Tokyo rubber futures rose to a 30-year peak for a second straight day on Wednesday, pulled up by Shanghai futures marking a record high on tight supply concerns. The key Tokyo Commodity Exchange rubber contract for April delivery recovered earlier losses to climb as high as 370.2 yen per kg, the highest for any TOCOM rubber benchmark since 1980, surpassing the previous 30-year peak reached on Tuesday of 366.8 yen. The April TOCOM contract settled at 369.7 yen, up 4.5 yen or 1.2 per cent. The most active Shanghai rubber futures contract for May delivery scaled a record peak of 38,400 yuan ($5,781) per tonne, also surpassing the previous record high hit on Tuesday at 37,735 yuan. The Shanghai contract settled at 37,795 yuan per tonne, up from Tuesday's 37,370. Volume stood at 1.22 million lots. -Reuters

NY cotton hits new highs on Chinese buying NEW YORK: US cotton futures ended at an all-time high Tuesday, rising for the 8th day in a row due to relentless Chinese mill and investor buying and no sign the rally in the overbought market is slowing, analysts said. "It's just gone vertical," Keith Brown, president of commodity firm Keith Brown and Co. in Moultrie, Georgia, said. A normal bull market would have higher highs and higher lows, but the US cotton market no longer resembles that, he said. The benchmark December cotton contract on ICE Futures US increased the 5.00 cent daily limit to finish at $1.5123 per lb, with the session low at $1.4727. Under exchange rules, the daily

limit will rise to 6.00 cents on weather has hit the crop in China, the world's No. 1 producWednesday. Total volume traded stood at er and consumer of cotton. China's 2010/11 cotton 33,958 lots, over 15 per cent above the 30-day average at imports were raised to 15 mil29,171 lots, Thomson Reuters lion bales, versus 13 million in imports in last month's USDA preliminary data showed. The cotton market jumped the report. Zhengzhou's key May daily limit even NY cotton early-trade before release of a crop report by the US The benchmark December cotton contract on A g r i c u l t u r e ICE Futures US rose the 6-cent daily limit to trade Department, which at a new top of $1.5723 per lb in Asian trade. The analysts said is bull- contract traded 2.06 cents higher at $1.5329 at ish for fiber con- 1507 GMT, with a session low at $1.5235. tracts. USDA reduced China's cotton contract hit a lifetime top 2010/11 cotton production to 30 of 33,515 yuan per tonne on million (480-lb) bales, from 31.5 Tuesday and was last traded at million last month and 32.5 mil- 33,005 yuan, up 425 yuan on the lion two months ago. Poor day. -Reuters

National Commodity Exchange Ltd Trading Summary Date

10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010 10-Nov-2010

Commodity

Contract Date

CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 11NO10 Rice IRRI - 6 NO10 RBD Palm Olein NO10 KIBOR3M 10-Dec KIBOR3M 11-Mar

Price Quotation

Open

High

Low

Close

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 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

86.80 87.54 87.62 28.02 27.58 1411.10 1412.20 1413.10 1414.00 1404.60 1405.60 38715.00 38502.00 38484.00 38430.00 38439.00 44835.00 44824.00 39533.00 39574.00 39493.00 39506.00 39520.00 45296.00 45497.00 45403.00 2402.00 3318.00 4711.00 86.75 86.20

87.58 88.08 87.62 29.04 27.63 1424.50 1425.00 1426.00 1423.50 1404.60 1405.60 38877.00 38557.00 38484.00 38430.00 38439.00 44835.00 44824.00 39533.00 39574.00 39493.00 39506.00 39520.00 45480.00 45497.00 45403.00 2402.00 3318.00 4833.00 86.79 86.20

85.54 86.15 87.62 27.17 27.58 1382.70 1384.00 1384.60 1385.00 1396.60 1396.60 38198.00 38270.00 38224.00 38171.00 38180.00 44522.00 44522.00 39257.00 39298.00 39312.00 39230.00 39244.00 45129.00 45176.00 45192.00 3291.00 3296.00 4711.00 86.75 85.91

86.59 87.15 87.62 27.61 27.63 1395.40 1396.60 1397.60 1395.40 1396.60 1396.60 38198.00 38207.00 38224.00 38171.00 38180.00 44522.00 44522.00 39257.00 39298.00 39312.00 39230.00 39244.00 45129.00 45176.00 45192.00 3291.00 3296.00 4833.00 86.79 85.91

Traded Volume in lots 163 102 645 1,763 4,437 1,923 192 9 4 1 -

Previous Settlement Price 86.63 87.23 87.73 27.42 27.45 1398.70 1399.80 1400.80 1398.70 1399.80 1400.80 38326.00 38335.00 38352.00 38299.00 38308.00 44671.00 44671.00 39387.00 39427.00 39441.00 39360.00 39373.00 45279.00 45326.00 45341.00 3313.00 3318.00 4711.00 86.75 85.89

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

Current Open Interest Settlement in Lots Price 86.59 48 87.15 15 87.62 27.61 37 27.63 1395.40 598 1396.60 835 1397.60 536 1395.40 20 1396.60 1397.60 38198.00 40 38207.00 5 38224.00 38171.00 38180.00 44522.00 44522.00 39257.00 39298.00 39312.00 39230.00 39244.00 45129.00 1 45176.00 45192.00 3291.00 3296.00 4833.00 86.79 85.91 -


France’s soccer coach Blanc attends news conference at FFF headquarters in Paris

10

Thursday, November 11, 2010

Kamran hopeful of return Monitoring Desk KARACHI: Despite being overlooked for the Test series against South Africa, wicketkeeper Kamran Akmal remains hopeful of making his international return through good performance in the ongoing domestic season. The Pakistan Cricket Board (PCB) decided against recalling Kamran, who struck a century in the second round of the Quaid-e-Azam Trophy, for the series starting in Dubai, and instead opted for his younger brother Adnan Akmal as the replacement for Zulqarnain Haider who announced his retirement on fears of safety. Kamran, who was omitted from the UAE-bound squad following a minor surgery after the tour of England, was not dejected after being overlooked. "I feel very happy to see Adnan winning a Test cap," Kamran told. "It is a great honour for me and I am delighted by his call-up. He is a hardworking cricketer and I always admired his wicket-keeping abilities." Kamran, however, said he would continue to strive to regain his place in the squad."I am working hard in the Quaide-Azam Trophy in order to impress the selectors. However, it's not about the competition with my brother. The one who performs better will get a call for the national team. All three of us got our chances purely on merit." Kamran was also happy to see Umar Akmal return to form with a half-century in the decisive ODI against South Africa. "Every cricketer goes through a bad patch which does not last for long and I think it is over for Umar as he showed in the last match."

PPFL tourney advances further Karachi: The Karachi Electric Supply Company (KESC), Karachi Port Trust (KPT), Pakistan Army and Khan Research Laboratories (KRL) scored wins while Baloch FC held the National Bank of Pakistan (NBP) to a draw in the five Pakistan Premier Football League (PPFL) matches played at different venues. The KESC beat Afghan FC 4-2 at the Peoples Sports Complex in Karachi with Mohammad Rasool getting a hat-trick for the winners in the 16th, 18th and 90+1 minutes while Abdul Ghafoor adding another in the 80th. Meanwhile, Azizullah (56th min) and Jadeed Khan (84th min) reduced the margin for the losers. At the KPT-Benazir Sports Complex in Karachi, the KPT edged past Sui Southern Gas Company (SSGC) 2-1. Samad (46th min) and Zahid Ahmed (57th min) scored for the KPT while Asim Faiz (44th min) got the one for the SSGC. The NBP-Baloch FC encounter at the City District Government Karachi (CDGK) Stadium ended in a 2-2 draw. Both the goals for the NBP were scored by Atiqullah in the 20th and 90+3 minutes while Abdul Nabi (50th min) and Yasir Sabir (54th min) netted the ball for Baloch FC. Meanwhile, at the Model Town Football Academy (MTFA) ground in Lahore, Army beat Pak Elektron Limited (PEL) 2-1. Both the goals for Army were scored by Imran Hussain in the 20th and 56th minutes followed by Mohammad Rashid reducing the margin for PEL in the 78th minute.-Agencies

Australia grants Rs1.5m to PFF ISLAMABAD: The Australian Government provided the Pakistan Football Federation (PFF) a grant of approximately Rs1.5 million (equivalent to Australian $18,000) as part of its Australian Sports Outreach Program. 'I am delighted to announce that the Pakistan Football Federation will receive an Rs1.5 million sports development grant for 2010-11,' said Australian High Commission First Secretary Peter Bartlett, speaking on behalf of Australian High Commissioner HE Tim George. 'This funding will assist the Pakistan Football Federation implement skill development projects in eight schools in both Lyari and GilgitBaltistan, as well as upgrade football fields in both areas.' The Pakistan Football Federation's projects are the latest of several sporting projects the Australian Government has assisted over the past three years. Since 2008-09, the Australian Government has provided

more than Rs7 million (equivalent to Australian $88,500) to various sporting bodies, including the Pakistan Cricket Board and the Pakistan Netball Federation. Today is the first time the Pakistan Football Federation receives funding. 'It is particularly pleasing to see that the projects being funded will have a strong focus on promoting youth participation in football.''Encouraging young people to become involved in sport is a key aim of the Sports Outreach Program.' 'We also hope that the Pakistan Football Federation's initiatives will have important spillover effects on the wider community, such as promoting health and well-being, and enhancing social cohesion.' The purpose of the Australian Sports Outreach Program is to complement larger community development schemes, especially for youth and women, worldwide through sport and physical activity.-Online

Sports vital for growth among youth: RCCI RAWALPINDI: President, Rawalpindi Chamber of Commerce and Industry (RCCI), Syed Ali Raza Shah said on Wednesday that the sports activities played a vital role in physical and mental growth among the youth. He made these remarks while distributing prizes among contestants of Semi Final of the Junior National Squash Championship held here at Benazir Squash Complex. He also presented a cheque to the District Squash Association on behalf of the Chamber. Ali Raza said that Pakistan's squash players

have proved themselves at the international level and won several events and tournaments in the past. "We are a talented nation and the government should take effective measures for the promotion of squash. So that, we could produce heroes just like legendary Jehangir Khan and Jansher Khan," he added. Vice President, Pakistan Squash Federation and World Champion, Qamar Zaman Khan, Secretary, Punjab Squash Association, Tariq Rana and President of District Squash Association, Ch Asif Zafar were also present.-APP

KARACHI: Umpiring Course being organized under the supervision of Pakistan Throw Ball Federation, the participants are present with Secretary General Maqbool Ahmed, Prof Asif Zaheer, Aijazul Haq.-Staff Photo

PCB suspends Zulqarnain’s contract n Sports Minister slams Zulqarnain n Haider made a big mistake: Razzak

n He should have informed management: Intikhab

KARACHI: Pakistan's Cricket Board has suspended the contract of wicketkeeper Zulqarnain Haider after failing to make contact with him in the wake of his departure for England. "The contract of Zulqarnain Haider has been suspended for violating its terms and conditions," the PCB said in a statement Wednesday. The statement also said that the PCB had so far failed in its efforts to contact the player. Earlier Federal Minister for Sports Ijaz Jakhrani said that it was not appropriate for Zulqarnain Haider to leave without permission of team management and he should have informed to management about threats. Talking to media men Ijaz Jakhrani said if Zulqarnain had no courage to face the ups and downs, then why he joined the team. He expressed

Pakisan draws with Maldives in Asian soccer KARACHI: Pakistan's second match in the Asian Games ended in a goalless draw against Maldives that left both sides with equal number of points in Group F. The under-23 team, led by goal-keeper Jaffar Khan, failed to score despite nine shots on target as compared to Maldives' four. "It's disappointing that we didn't win, but I'm impressed with the midfielders Mohammad Ahmad and Mohammad Tauseef," Pakistan team consultant Graham Roberts told media. "But I'm still telling the team that they have a chance in the tournament if they draw with Oman and emulate today's performance against them on Thursday." India face early exit Defending champions Qatar were given an almighty fright by India before sending them to the verge of elimination from the Asian Games tournament, with Bangladesh also looking at an early trip home.-APP

the ignorance about death threats of Zulqarnain Haider. Minister said that Government will not support Zulqarnain

Manager said official of Pakistan Cricket Board (PCB) and International Cricket Council delivered the lecture

asylum in UK. On the other hand Manager Intikhab Alam said that Zulqarnain Haider should have informed team management about the suspected match-fixing offers and death threats. He said that wicket-keeper batsman took big steps without permission of management. Talking to BBC, Team

to players that if they received any dubious massage or call then it should immediately be informed to team management. He said that Zulqarnain and others players did not inform him of any threat and match-fixing offer during the tour. Intikhab Alam said that night before the match Zulqarnain

Haider demanded his passport for buying a mobile SIM and Assistant Manager Shahid Aslam gave passport to wicket-keeper with his permission. He said Zulqarnain met with other players on match morning and informed him that he is going to meet with his cousin and he left the hotel at 7 am. Ace All Rounder of Pakistan Cricket Team Abdul Razzaq has said that Zulqarnain Haider made a big mistake by leaving the team without reporting to the respected team management. Talking to media men after arriving from Abu Dubai at Allama Iqbal International Airport Abdul Razzaq said that team management did not drop the wicket-keeper batsman Zulqarnain and he was part of the playing eleven.-Agencies

Djokovic, Roddick want fast courts like Paris PARIS: Tennis needs faster courts because the slower surfaces are helping baseliners and killing off serve and volleying, Novak Djokovic and Andy Roddick said at the Paris Masters on Wednesday. The early rounds here have seen Djokovic, Fernando Verdasco and Andy Murray struggle early on as they try to get to grips with a court that has had a complete overhaul since 2009. "It's very fast ... a lot different from last year (which) was

quite slow," defending champion Djokovic told reporters after reaching the third round with a 6-4 6-3 win over Argentine Juan Monaco. "It's good to have a faster court so you can make the players go to the net a little bit more." The Serb said most courts nowadays were slow, whether indoor or outdoor. "The players that are on top of men's tennis these days are baseline players," said Djokovic. "You don't see a lot

of serve and volleying because everybody's returning so well." Roddick breezed past Finn Jarkko Nieminen 6-1 6-4 with a mix of booming serves and subtle volleys, something the eighth-seeded American feels is missing from the game. "It's a different type of tennis ... you get rewarded for chipping balls around," he said. "I believe it's become so monotonous ... it feels like there is a slow court available nine months of the year."Reuters

Rooney's wife having great time without him LONDON: Wayne Rooney's wife Coleen is apparently enjoying her life without the football star these days. She was seen having a good time out in London while hubby was in boot camp 5,000 miles away. Wearing a sexy little black dress and killer leopard-print heels, Coleen, headed from an

awards bash straight to the bar of the trendy May Fair Hotel. She laughed and joked with mum Colette and pals into the early hours. After knocking back wine the friends rounded off the night with dinner at 2am. "Coleen looked like she was having the time of her life," the

Daily Star quoted an onlooker as saying. "She looked genuinely happy and was laughing out loud. "After all she has been through, it was nice to see her so relaxed. Maybe she is now more chilled when Wayne isn't around,'' the source added.Agencies

London Police to press charges this week

ICC urges early solution of Pak-trio case DUBAI: The chief executive of cricket's governing body on Wednesday said an urgent solution would be sought in resolving the case of three Pakistani players who have been suspended for suspected match-fixing. Test captain Salman Butt and bowlers Mohammad Asif and Mohammad Aamer were provisionally suspended by the International Cricket Council (ICC) last month following spot-fixing allegations. The suspensions, handed down by the Pakistan Cricket Board, followed allegations in the British newspaper News of the World that the three players contrived to

bowl deliberate no-balls during the Lord's Test against England in August. Earlier this month Salman and Aamer had their appeals dismissed by the ICC code of conduct commissioner Michael Beloff -- who will now form an independent anti-corruption tribunal that will look into the actual charges and give a verdict on whether the players are innocent or guilty. Salman had accused the ICC of delaying the formation of the tribunal. "We will carry on and wait for the hearing," Salman said last week. "They (ICC) haven't given us a date even though we asked for it."

ICC chief executive Haroon Lorgat said the counsels were meeting to finalise the dates. "Various counsels were meeting to set up a date for the formation of the tribunal and for the hearing and at this point of time I cannot give an exact date, but rest assured we want to do it as soon as possible," Lorgat told reporters at the ICC headquarters. "Things have been exchanged among four sets of attornies," said Lorgat. "You need to have an agreement about their availability and readiness to be at the case." A deadline of December 19 has been set for teams to submit provisional squads for

next year's World Cup, and the three players are keen to find out their fate as soon as possible. However, Lorgat said: "A panel needs to be set up and we are in the process of forming it." Investigation into the spotfixing scandal involving Paktrio has gathered pace with the Metropolitan Police scheduled to meet the Crown Prosecution Service this week to discuss whether charges can be levelled against the suspended trio. According to a report in the Daily Telegraph here, this week's discussion between the Metropolitan Police and Crown Prosecution Service

will determine whether further investigation is required in the case or the investigators have enough evidence to nail Salman Butt and pace duo of Mohammad Asif and Mohammad Aamer. The London police had already submitted a second file of evidence to the Crown Prosecution Service. The Metropolitan Police had launched the investigation in September after the cricketers were implicated in a spot-fixing sting carried out by the News of the World paper, with Aamer and Asif allegedly bowling no-balls during the Lord's Test on the orders of bookie Mazher Majeed. Majeed was arrested, while

the players were questioned under caution by the police and allowed to leave the country after giving an undertaking that they would return to face further questions if required. The Scotland Yard is also carrying out a separate investigation into the case and has spoken to the three players and Majeed. The International Cricket Council's code of conduct commission had also rejected appeals by Butt and Aamer against their suspensions. The next stage will be a hearing by the anti-corruption tribunal into details of the fixing case. Asif, however, had withdrawn his appeal.Agencies


China raises bank reserves as cash inflows surge BEIJING: China on Wednesday ordered its banks to put more money aside as required reserves, a tightening step that mops up some of the cash that has been streaming into the country and posing a growing inflationary threat. Although Chinese officials have directed their ire at US monetary easing as a cause of unwanted speculative inflows, data earlier in the day provided a reminder that a whopping trade surplus is the main source of Beijing's liquidity headache. The central bank lifted the required reserve ratio for all deposit-taking institutions, confirming a report by Reuters that it had increased the ratio for at least some of the country's top banks. The move means the biggest banks are setting aside a record 18 per cent in reserves, BNP Paribas said in a note to clients. Banking shares in China tumbled by 2 per cent after the increase, which could force lenders to put a total of about 350 billion yuan ($27 billion) on deposit with the central bank, preventing them from extending that money as credit. The news also fuelled expectations among global investors that Beijing might step up its monetary tightening to cool asset markets and prices with inflation heading for a two-year peak. The Australian dollar, which is sensitive to Chinese demand, fell. European shares opened

down and oil also weakened. "China's economic growth is a bit too fast and the country faces high inflation risks," said Dong Xian'an, chief macroeconomist with Industrial Securities in Beijing. "The authorities will use monetary policies to strongly curb inflationary expectations." The reserve requirement increase, which takes effect on Nov. 15, follows a similar move in mid-October that is due to expire next month. The central bank raised interest rates last month for the first time in nearly three years and some analysts believe another increase could be around the corner, with inflationary pressure on the rise. Annual consumer inflation rose in September to a 23-month high of 3.6 per cent and analysts polled by Reuters expect data on Thursday to show that it climbed in October to 4 per cent, a two-year high. But there was market talk that the number could be even higher than expected, reaching as much as 4.5 per cent. "Inflation could get out of hand if we don't take any actions right now," said Wang Jun, economist at CCIEE, a government think-tank in Beijing. Zhou Wangjun, deputy head of the price department at the National Development and Reform Commission, a powerful central planning agency, said that inflation would remain strong in October and November before slowing in

December. Zhou identified liquidity, not supply problems, as the cause of the price pressures, and expressed confidence that Beijing would be able to wrest inflation under control. Chinese officials have raised concern that the Federal Reserve's decision to pump $600 billion into the US economy will lead to capital inflows hitting emerging markets, reflecting global tensions over economic rebalancing on the agenda of a Group of 20 summit in Seoul. Despite the worries about speculators, a rebound in China's trade surplus in October highlighted how most of the cash rushing into the country is coming via more ordinary channels. The surplus jumped to $27.1 billion, up from $16.9 billion in September and also higher than expected. "They (the data) showed an outlook for strong economic growth, and I think the Chinese government will have more confidence to further tighten its monetary stance," said Eliza Liu, an economist with CCB International in Beijing. Although some analysts forecast that the surplus would narrow in coming months, the impressive trade performance in October came at a politically awkward time for Beijing, lending ammunition to foreign critics of the country's currency policy ahead of the G20 summit starting on Thursday.-Reuters

BoE seen on hold after Nov inflation forecasts LONDON: The Bank of England looks set to keep monetary policy on hold for some time to come after its latest forecasts on Wednesday highlighted an uncertain outlook for the economy and a wide range of views among policymakers. Sterling rose sharply and British government bond futures dropped, suggesting investors think it is now less likely Britain's central Bank will join the US Federal Reserve in injecting more stimulus into the economy. The BoE's quarterly Inflation Report did leave the door open to more quantitative easing -buying assets with newly-created money -- if needed, but Governor Mervyn King said policymakers stood ready to act in either direction. King stressed big upside and downside risks to both inflation and growth and said the fate of Britain's recovery would rely heavily on the strength of the global economy. "We cannot be sure which of the big risks to the outlook will materialise," King told reporters. "Given the scale of the fall during the recession, the level of output is likely to remain weak." Britain's economy has rebounded strongly from an 18month recession, posting its strongest six-month period of growth for a decade in the middle of this year. But government spending cuts and tax rises are expected to weigh on activity next year. Meanwhile, inflation has remained higher this year than the BoE anticipated.-Reuters

CONTINUATION No #1

Continued from page 12

faced by businessmen and industrialists due to load shedding of electricity and gas. Dr Samar Mubarakmand apprised the President on progress on Thar Coal Gasification project and the difficulties encountered. President Asif Ali Zardari appreciated the efforts of Dr Samar Mubarakmand and said the difficulties will be removed to accomplish the task within stipulated time. -Online

No #2

Continued from page 12

General Ashfaq Parvez Kayani, Chief of Army Staff and Ali Saif Sultan Al-Awani, Ambassador of United Arab Emirates in Pakistan, headed the respective delegations at the signing ceremony. According to sources, COAS in his address said that the whole nation is united against terrorism and extremism and the army is working on various projects for social development of Swat, Malakand and tribal areas that were badly affected by militancy and for improving the living standard of people living in these areas. He said that they enjoy the support of tribal people. He welcomed the cooperation of UAE in various projects of Pakistan. UAE ambassador said that the sacrifices made by Pakistani armed forces in the fight against terrorism are recognised worldwide and we would continue aid for development and rehabilitation of militancy struck areas. He said that the agreement signed today between the two countries would not only strengthen the brotherly relations between the two countries abut would also improve the life of affected people. -Online

No #3

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promises back at the centre of the communiquĂŠ (of the G20 Seoul summit) and will they implement them." She said global workers were demanding the G20 summit put quality employment "up right at the front of the communiquĂŠ" and to invest in mechanism to create decent jobs everywhere.Earlier on Wednesday, Burrow and other world union leaders met South Korean President Lee Myung-Bak, who she said had made a "very strong commitment" to creating quality jobs and a fair society.' "He indicated he would leave discussions... with those commitments," she said. Fear of the financial markets is pushing many G20 governments into retreating from expansionary policy in favor of austerity programmes, which if implemented, will sharply increase the risks of economies returning to recession, the ITUC said in a statement released last week. -Reuters

11

International & Continuation

Thursday, November 11, 2010

He said that after consultations with all the provinces the government has approved RGST Bill from the Cabinet and will be introduced it in the current session of the Parliament."We want that ordinary citizen should not hurt of RGST and burden should be shared who are capable of paying their due taxes", he remarked. He said that after approval the RGST Bill from the parliament, it would be implemented by the end of this year. -Agencies

No #7

Continued from page 1

Furthermore, federal minister for overseas Pakistanis, Dr Farooq Sattar has warned that Reformed General Sales Tax (RGST) and flood surcharge was bound to unleash tsunamis of inflation in country.Talking to media after cabinet meeting, Farooq Sattar said MQM has strongly protested against these taxes, because of their intense burden on masses, and country's economy would slacken intensely. He was also chagrined at the fact that the government had not taken MQM into confidence over implementation of these taxes; hence MQM would strongly resist them.

No #8

Continued from page 1

He said that India should ensure respect of Human Rights. On this occasion AJK Minister Mehmood Riaz termed the visit of US President Obama to India as flop urging US on one side says it is a Champion of Human Rights and on the other is shedding blood of innocent Kashmiris. He said that he is surprised that US talks of democracy in the world but has ignored the four month curfew in IHK. He said US has double standards and just looks after its own interests.Information Minister briefed spokesman on various issues urging diplomatic efforts ought to be used to lessen the miseries of Kashmiris. -APP

US jobless claims fall, trade gap narrows WASHINGTON: Initial claims for US jobless benefits hit a four-month low last week, while the trade gap narrowed more than expected in September, hopeful signs for an economy that has been stuck in a slow-growth rut. The number of workers filing initial claims for unemployment benefits fell to a seasonally adjusted 435,000 in the week to Nov. 6 from a revised 459,000 for the prior week, the Labor Department said on Wednesday. The bigger-than-expected dropped was underscored by the four-week moving average of claims which fell to its lowest since just before Lehman Brothers filed for bankruptcy in September 2008 in the depths of the financial crisis. Meanwhile, a separate Commerce Department report showed the US trade deficit narrowed more than expected in September, despite near record imports from China, as a weak US dollar helped American exports grow for the third consecutive month. A narrower deficit is positive for US economic growth since

it suggests more demand is being met by US production. A third government report showed a jump in petroleum prices in October pushed overall import prices to their highest since April, but the rise was less than analysts expected. US stock index futures turned positive after the reports, while US Treasury debt prices added to losses. The US dollar added to gains against the euro and yen. "Jobless looks a little better than expected. The trend seems to be getting better, though certainly there's way too many as far as unemployed out there," said Jay Suskind, senior vice president at Duncan-Williams in Jersey City, New Jersey. The monthly trade gap totaled $44.0 billion, down from a revised estimate of $46.5 billion in August. Wall Street analysts had expected the deficit to narrow to about $45.5 billion. US exports rose a bare 0.3 per cent to $154.1 billion. But that still was the highest since the depths of the financial crisis in August 2008, and includ-

ed record services exports of $46.5 billion. President Barack Obama, who is on a trip to Asia intended partly to boost US trade, has set a goal of doubling exports over the next five years to create millions of jobs. With Obama and Congress under pressure to cut spending and the huge budget deficit, many experts see trade as one area where the federal government can help foster economic growth. US imports, in a sign consumers and businesses are cutting back on purchases of foreign goods, fell 1.0 per cent in September to $198.1 billion. The rise in exports and decline in imports suggests a drop in the value of the dollar "might be beginning to weave its magic," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors in Albany, New York. A weaker dollar helps US exporters by making American products cheaper in world markets, while at the same time increasing the cost of foreign goods in the United States.-Reuters

G20 struggles to cool currency tensions SEOUL: G20 negotiators sought to gloss over bitter divisions on global economic policies on Wednesday after a day of heated arguments as their leaders gathered for a summit in Seoul. Deputies clutching mobile phones to their ears shuttled in and out of a hall as they tried to draft a final statement, to be released on Friday, but remained far apart on pivotal issues including currency exchange rates, G20 spokesman Kim Yoon Kyung said. "We had to open the door because the debate was so animated and the room was getting hot," he said. An Indian official close to the negotiations said discussions on reducing current account imbalances were "picking up" after a rocky start. Group of 20 leaders had hoped this week's gathering, the fifth since the financial crisis exploded in 2008, would mark the beginning of a new era of global cooperation. Hosts South Korea printed banners proclaiming a slogan of "Shared Growth Beyond Crisis". But the unity forged in crisis has given way to diverging national policies that reflect a multi-speed recovery from the

recession, prompting critics to question the effectiveness of the G20 grouping itself. Most major economies are grappling with sub-par growth, leaving them reliant on exports, while emerging powers such as China and Brazil have roared back to pre-recession strength. China's politically contentious trade surplus widened to $27.1 billion in October, more than economists had expected, according to trade figures released on Wednesday. US trade figures, due later on Wednesday, were expected to show a wide gap for September. (For a graphic: http://link.reuters.com/rup64q) "The US numbers today should be interesting -- if there is a wider deficit with Beijing, it is sure to step up the pressure on yuan appreciation arguments," said Suresh Kumar Ramanathan, strategist at CIMB bank in Kuala Lumpur. Stubbornly slow growth in the developed world has fuelled concern that governments around the world will compete for the stagnating exports market by weakening their currencies. The US Federal Reserve's decision last week to spend another $600 billion buying government bonds has drawn

reproaches from four continents and intensified the G20 debate over how best to bolster the recovery and avoid another financial crisis. Critics charge that the Fed ignored global repercussions -namely a weaker dollar and a flood of cheap cash that could find its way into emerging markets -- and violated the cooperative spirit the G20 has worked hard to preserve. The criticism has made it harder for Washington to press China to allow its yuan currency to rise faster, a central issue in the global rebalancing effort. Underlining that, a Chinese official who has been helping draft the G20 communique said the leaders should not discuss the yuan or any other currency specifically. The Indian official said the final statement would not single out any currency. However, the yuan rose to a high of 6.6353 against the dollar in the spot market on Wednesday, the highest level since the currency's revaluation in July 2005, after the People's Bank of China fixed a record yuan mid-point. Beijing typically loosens its tight grip on the yuan as a goodwill gesture ahead of political events that apply pressure on China for more yuan appreciation.-Reuters

Continued from page 1 No #9 Ishaq Dar said that the ordinance has been promulgated at least for five times which is a declaraGreat headway is expected during President Asif Ali Zardari's tion of mistrust on democratic system. Prof Khursheed Ahmad while opposing the bill termed it against the provisions of law. -Agencies official visit to China where he will hold key talks with President Hu Jintao and Prime Minister Wen Jiabao. Continued from page 1 No #13 "The two countries will make determined efforts to take the and Punjab Chief Minister Shahbaz Sharif were responsible for the increase in sugar prices, and relationship to new heights", diplomatic sources said.He will also hence, they should be called to account for the same. The petition also demanded the setting up of a meet various Chinese high-ups including Chinese Business monitoring authority to keep the prices of daily usage commodities under check. -Online Community. -Online No #10

Continued from page 1

versus 419 thousand tonnes in September 2010 mainly due to decline in prices. Similarly, sales of furnace oil have increased by 28.6 per cent to 854k tonnes in October 2010 from 664k million Continued from page 12 No #4 tonnes recorded in September 2010 as the country primarily Bush said that Pakistan's cooperation was impeded by its dependent on FO for the electricity shortages. "obsession" with historic rival India. Both Bush and Obama have Likewise, Mogas consumption stayed up with 6.7 per cent hike sought warmer relations with the world's largest democracy. to reach at 198 thousand tonnes against 186 thousand tonnes in "In almost every conversation we had, Musharraf accused India September 2010 primarily due to decrease in petrol prices in of wrongdoing," Bush wrote. -Reuters September and lower differences between CNG prices and petrol prices. Kerosene sales also rose 44 per cent to 15k tonnes comContinued from page 12 No #5 This is most explicitly illustrated by India's disregard of pared to 11k tonnes in September 2010. Similarly, light diesel oil Security Council Resolutions on Jammu and Kashmir and gross offtake increased by 57 per cent to 6k tonnes versus 4k tonnes in and systematic violations of the fundamental human rights of the above mentioned period. Continued from page 1 Kashmiri people.In the resolution, it was said the future of UN No #11 and of succeeding generations cannot and must not be premised the relevant ministries and other senior officials. on considerations of power politics, politics of expediency, bereft President said that geo-strategic location of Pakistan offers great of morals and ideals, which must be the guiding spirit for an opportunities for enhanced regional economic cooperation, enlightened international order. -Agencies regional connectivity through transport, energy and telecommunications. He also appreciated the support of ESCAP for its susContinued from page 1 No #6 tained help in growth and poverty reduction in the country and Interior Minister Rehman Malik. "The government has imposed no new taxes instead it has underlined the need that ESCAP will be assisting the government brought reforms in the flawed taxation system of subsidies and in its development priorities including social sector. President Asif Ali Zardari also thanked the Executive Secretary distortions in order to expand the coverage of taxation system for benefit of the country. He said the current taxes varied from 17 to for ESCAP generous support in rescue and rehabilitation of flood 25 per cent which have been brought to uniform rate of 15 per affected people. Dr Noeleen Hevzer Executive Secretary UN cent benefiting the tax-payers in the country and for the documen- ESCAP thanked the President for the meeting and apprised him about various activities of the organization in Pakistan particularly tation of the national economy. He said that government has tried its best that introduction of in the fields of regional connectivity, development and environmenRGST should not put an additional tax burden on the common tal protection. She said that ESCAP's activities are mainly focused man. Finance Minister said that annual threshold for taxes to on helping the less developed countries acquire a growth momenretailers has been enhanced from Rs5 million to 7.5 million for the tum of more vibrant and dynamic countries of the region. -APP

Continued from page 1 relief of the poor people.Dr Shaikh said that government earlier in No #12 the budget 2010-11 announced to implement RGST from October dismissed, removed or terminated from service. 1, 2010 but it was the desire of the government to generate conOpposition members opposed the bill and demanded to refer it sensus among the provinces on the issue which took time. to the concerned standing committee for further discussion on it.

No #14

Continued from page 1

the latter accepted the offer for a meeting in Raiwind on Thursday (today). Host of issues will come under discussion for the unification of League factions. -Agencies

No #15

Continued from page 1

dispelling the impressions that Dr Qadeer would remain under house arrest. Supporting his decision to place precincts upon AQ Khan, Musharraf said he provided protection to Dr Qadeer Khan by means of putting ban on him as foreign forces were becoming mad to take him from Pakistan. Admitting that a letter he received from former Prime Minister Benazir Bhutto, he said BB wrote me a letter, carrying three names whom she thought would attack on her, but I believe that Baitullah Mehsood assassinated her. -Agencies

No #16

Continued from page 5

test 10,000 in the near term, but some players remained cautious. Bank shares surged after the Financial Times, citing people briefed on the agenda for the G20 summit this week in Seoul, said officials have decided that regulators should focus on big banks with global operations, exempting domestically focused lenders, such as those in China and Japan, from stricter regulations. But people close to the Financial Stability Board, which is tasked by the G20 with implementing its regulatory pledges, said that they had not decided which institutions would be classified as "systemically important financial institutions."-Reuters

No #17

Continued from page 5

"The initial liquidity rush of the last three months has seemed to have reached its crescendo," Morganlander said. "Investor sentiment around the actions of the Fed have seem to have grown remorseful." The Dow Jones industrial average dropped 59.87 points, or 0.53 per cent, to 11,286.88. The Standard & Poor's 500 Index fell 5.70 points, or 0.47 per cent, to 1,207.70. The Nasdaq Composite Index lost 11.28 points, or 0.44 per cent, to 2,551.70. The S&P material index was off 0.6 per cent and among the worst-performing sectors. The S&P 500 is at overbought levels, according to technical indicators. Its relative strength index topped the 80 level, the upper end of the scale. The index is also running into resistance at around 1,228, the closely followed Fibonacci 61.8 per cent retracement of the decline between highs in 2007 and a 12-year low in March 2009.In corporate news, Polo Ralph Lauren Corp reported better-thanexpected quarterly profit and again raised its sales outlook, sending its stock up 7.8 per cent to $108.79.Shares of slot machine maker International Game Technology dropped 2.5 per cent to $15.92 after profits missed estimates as demand from casinos stayed weak. Boeing Co halted test flights of its long-delayed 787 Dreamliner on Wednesday, one day after smoke in the cockpit of one of the planes forced an emergency landing in Texas. Boeing dropped 3.1 per cent to $67.11. Investors ignored upbeat economic data showing a bigger-than-expected fall in jobless claims one week after the government said employment surged in October.-Reuters


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12

Jaffer Foundation delegation meets Gilani

Pak, UAE sign MoU

PM says edu a key to progress

US-India UNSC bid

World moving towards new monetary system: Zoellick

Gold turning into alternative asset: WB SINGAPORE The global economy is moving towards a new monetary system with gold emerging as a preferred alternative to existing asset, World Bank president Robert Zoellick said Wednesday. "There's uncertainty about the future of the international monetary system,' he told a news conference in Singapore." "As I said, whether people wish to acknowledge it or not, we are moving towards a Bretton Woods III," he said, referring to a possible agreement to replace the current system of floating currencies. Zoellick stressed that a piece he wrote in Financial Times, in which he said the G20 should bring gold back into the global monetary system to guide currency movements, did not mean he wanted a return to the gold standard. His comments come a day before heads of the 20 leading developed and developing nations meeting in

18 killed in Orakzai airstrikes ORAKZAI: As many as 18 suspected militants were killed and 22 others injured when PAF jet planes bombed several hideouts of militants in Mamozai area here on Wednesday. Sources in the security forces said that military operation against the militants was underway in Orakzai Agency. They said that 18 militants had been killed in jet bombing and 22 others wounded while five militants' hideouts also destroyed in the operation. It is worth mentioning here that aerial operation is continued from the past several days in the Agency in which hundreds of militants have been killed and several nabbed.-NNI

Seoul to tackle the unbalanced global economy and resolve fractious disputes that have raised concerns of a "currency war". Gold has become a favourite choice for investors seeking higheryield, a safe haven from volatile foreign exchange movements and uncertainties surrounding the global economy, Zoellick said. "It's also the case though that gold is now being viewed as an alternative monetary asset," he said. "Gold has become a reference point because holders of money see weak or uncertain growth prospects in all currencies other than renminbi (yuan) and the renminbi is not free for exchange. "So in relative terms, gold is appealing to people who ask 'where should I put my money', it's a hedge on uncertainty." He added: "I think the US dollar will remain dominant but people will look at alternative investment

sources." Under a new system he said "the key currencies will be the dollar, the euro, the pound, the yen and over time the renminbi (yuan) as it internationalises and moves towards an open capital account". Zoellick has said previously the world needed a new regime to succeed the "Bretton Woods II" system of floating currencies, which has been in place since the fixed-rate currency system linked to gold broke down in 1971. Regarding his comments in the FT that gold should be used as a reference point in the new monetary system, he said: "People may not like the idea but it's already happened and markets are already using gold as an alternative monetary asset. "That's not saying there should be a gold standard. It is saying that we are having problems with confidence that needs to be fixed." -Reuters

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Quick Impact Projects

RAWALPINDI: A Memorandum of Understanding was signed at General Headquarters Wednesday to formalise the funding of Quick Impact Projects by United Arab Emirates. According to ISPR, these Projects include various schemes for the social uplift and development of the areas affected by terrorism, in Swat and Federally Administered Tribal Areas. The agreement has been approved by the Government of Pakistan and the projects are being completed under the supervision of Pakistan Army. See # 2 Page 11

RAWALPINDI: A view of Memorandum of Understanding Signing ceremony held at General Headquarters to formalise the funding of Quick Impact Projects by United Arab Emirates. Chief of Army Staff General Ashfaq Parvez Kayani and Ambassador of United Arab Emirates In Pakistan Ali Saif Sultan Al-Awani were also present at the occasion.-Online

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Pak expresses concerns ISLAMABAD: Cabinet expressed its serious concern and strong disappointment on the decision of the United States to support a permanent seat for India on the UN Security Council. Federal Cabinet in resolution said the decision has grave ramifications for the direction and prospects of the system of multilateral cooperation as envisaged by the founding father of UN Charter. It also has implications for peace and security and stability in Asia, particularly South Asia. The resolution said it is incomprehensible that the US has sought to support India, whose credentials with respect to observing UN Charter principles and international law are at best checkered. See # 5 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani while terming the education a key for the national progress and prosperity said that the education is a mean to save our generation from falling into the hands of terrorists and extremists. Prime Minister while talking to Abdul Kader Jaffer, President of Jaffer Foundation and Masood Sohail who called on him Wednesday at Prime Minister House said the people should come forward to invest in the sector for the future of Pakistan. Minister for Petroleum and Natural Resources was also present on the occasion. Prime Minister said that education remains a priority area of the government and the present government has enhanced budgetary allocations for the sector with the objective to enhance lit-

eracy rate in the country. He hoped that after devolution of the ministries including the Education to the provinces under the 18th Amendment and enhancement of provincial share in the national resources under the NFC Award, the provinces would also accord high priority to education sector. He appreciated the efforts of Jaffer Foundation for establishing a modern boarding school at Hub near Karachi. Abdul Kader Jaffer appreciated the Prime Minister's special attention to education. He apprised Prime Minister of details of a boarding school project near Hub port and stated that it would be a state of the art international standard institution. He requested the Prime Minister to grace the inauguration ceremony being held in the coming March.-NNI

Zardari urges expediting Thar coal gasification ISLAMABAD: President Asif Ali Zardari on Wednesday underlined the need to expedite Thar coal gasification by removing the bottlenecks and holding regular review of the progress. The President made these remarks in meeting with the Chairman Board of Governors of Thar Coal Gasification, Dr Samar Mubarakmand, who called on him here at the Aiwan-e-Sadr. President Zardari said Pakistan had rich energy resources which had not been exploited and there was a need to come with an out-of-the-box solution to provide relief to the masses and remove the problems See # 1 Page 11

Unions urge G20 to focus on new jobs SEOUL: World union leaders Wednesday urged the summit of the Group of 20 economic powers meeting in Seoul to live up to an earlier promise to put quality employment at the heart of recovery measures. More than 220 million people are unemployed around the world, the highest level ever recorded, and an increase of more than 31 million over 2007, Global Unions said in a statement. Around 15 per cent of the total unemployed lost their jobs since 2007 and some 100 million people have been pushed into absolute poverty by the global financial crisis, it said. G20 leaders meeting in Pittsburgh in September 2009 committed to putting "quality employment at the heart of the recovery." "But (at the last summit) in Toronto we saw leaders step back from that

promise," Sharan Burrow, International Trade Union Confederation (ITUC) general secretary, told journalists. She said that in previous G20 summits in London and Pittsburgh, there were "strong words" about financial regulations aimed at preventing global banks from sparking another economic crisis. Leaders have also made strong commitments to action on global warming and creating green jobs, she said. "We are still waiting. There are no significant financial regulations. There is significant action on the climate, there is limited action in some countries on green jobs and there is now a bitter crisis of unemployment," she said. "And so unions and representatives of workers of the world are saying -- this is the test: will the governments put those See # 3 Page 11

In ‘Decision Points’ Bush writes

‘Pakistan paid high price for taking on extremists’ WASHINGTON: Former US president George W Bush has acknowledged that Pakistan "paid a high price for taking on extremists" and said its forces were successful for several years in targeting al Qaeda militants crossing the porous border with Afghanistan. In his book "Decision Points" published Tuesday, Bush said he had "complex" relations with Pakistan and its former military leader Pervez Musharraf, who pledged to support the United States after the September 11, 2001 attacks. Bush said: "Over time, it became clear that Musharraf either would not or could not fulfill all of his promises."

"Some in the Pakistani intelligence service, the ISI, retained close ties to Taliban officials. Others wanted an insurance policy in case America abandoned Afghanistan and India tried to gain influence there," Bush wrote. Bush said he grew frustrated by late in his presidency. He recalled a meeting with US Special Forces -- returning from Afghanistan -in which one troop pleaded with him, "We need permission to go kick some people inside Pakistan." Bush said he could not reveal details of his decision but noted that the drone was capable of conducting video surveillance and firing laser-

guided bombs." "I authorised the intelligence community to turn up the pressure on the extremists. Many of the details of our actions remain classified. But soon after I gave the order, the press started reporting more Predator strikes," he wrote. In the memoir, Bush said Colin Powell, then secretary of state, called Musharraf on September 13, 2001 and told him he "had to decide whose side he was on" and gave him "nonnegotiable demands" including breaking relations with the Taliban and denying al Qaeda havens inside Pakistan. See # 4 Page 11

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The Financial Daily-Epaper-11-11-2010  

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