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International Karachi, Tuesday, December 14, 2010, Muharram-ul-Haram 7, Price Rs12 Pages 12

Rehman Malik, Interior Ministry receive threats

Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $4.43bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.30mn

188.33 25.47 3.45 2632

NCCPL (U.S $ in million)

FIPI (13-Dec-2010) Local Companies (13-Dec-2010) Banks / DFI (13-Dec-2010) Mutual Funds (13-Dec-2010) NBFC (13-Dec-2010) Local Investors (13-Dec-2010) Other Organization (13-Dec-2010)

-1.36 2.71 0.65 -0.19 -1.71 0.08 -0.18

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

Close 11,596.69 10,293.89 23,317.61 19,691.78 2,744.89 2922.95 5861.42 11423.53

Change 23.47 81.94 154.70 182.89 21.38 81.91 48.47 13.21

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

$.Price PKR/Shares 2.60 111.42 21.98 188.39 2.00 42.86 1.70 36.43 10.64 36.48

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)

01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010 13-Dec-2010

13.16% 13.39% 13.67% 14.00% 13.12% 13.40% 13.60% 13.95% 14.10% 14.17% 14.25% 14.29% 14.56% 14.73% 14.91%

Commodities *Crude Oil (brent)$/bbl 92.17 *Crude Oil (WTI)$/bbl 89.26 *Cotton $/lb 139.60 *Gold $/ozs 1,398.10 *Silver $/ozs 29.61 Malaysian Palm $ 1,188 GOLD (NCEL) PKR 38,220 KHI Cotton 40Kg PKR 9,752

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 83.80 Canadian $ 84.25 Danish Krone 15.00 Euro 112.80 Hong Kong $ 10.90 Japanese Yen 1.006 Saudi Riyal 22.65 Singapore $ 64.90 Swedish Korona 12.00 Swiss Franc 86.65 U.A.E Dirham 23.25 UK Pound 134.80 US $ 85.60

Sell (Rs)

84.80 85.35 15.10 114.80 11.00 1.032 22.90 65.90 12.10 86.75 23.45 136.80 85.90

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

84.38 84.83 15.17 113.08 11.02 1.019 22.85 65.51 12.38 87.12 23.33 135.29 85.71

84.58 85.03 15.21 113.35 11.05 1.021 22.90 65.66 12.41 87.32 23.39 135.60 85.90

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

20°C 29°C 23°C 23°C 17°C 19°C

MIN

2°C 11°C 6°C 5°C -8°C 3°C

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See on Page 12

22 feared dead as SKorea boat sinks

See on Page 12

Agri, dairy, mining, energy sectors marked for investment Pak seeks increased inflows from UAE: Shahbaz Says Pakistan has strong potential for growth

SCRA(U.S $ in million)

Total Portfolio Invest (26 Nov-2010)

FO protests over France, Germany remarks

Pak, UAE ink $1.3bn MoUs

Portfolio Investment Yearly(Jul, 2010 up to 9-Dec-2010) Monthly(Nov, 2010 up to-9-Dec-2010) Daily (9-Dec-2010)

See on Page 12

Pakistan Investment Conference Dubai

Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10)

SBP raises Rs31bn thru Sukuks

KARACHI: Sindh Home Minister Dr Zulfiqar Mirza addressing the members of Karachi Chambers of Commerce and Industry here on Monday. -APP

‘Challenges need proper planning’

PM declares war against poverty

Roadside blast kills one in KP

PESHAWAR: A bomb struck a school bus on Monday, killing a mechanic and wounding two children as they were being dropped home after class, police said. The explosion ripped through the congested Bhana Marri area on the outskirts of Peshawar. Police said initially that the bus driver was killed, but later identified the dead man as a mechanic whose workshop was nearby. The driver was among up to four people treated for injuries after the attack. "My house was nearby and I was standing up to get down when there was a deafening explosion. I saw a fireball and heard the explosion. I didn't ADB to finance TAPI gasline project know what happened after that," said nine-year-old Imam Gulzar. The windows of the bus from the Islamia Model School - a fee-paying English-language school - were punched out in the blast, the vehicle blackened India’s pull out to make no difference: Pak by fire and a nearby shop KARACHI: Petroleum agreement (GSPA) which is See # 18 Page 11 Minister Syed Naveed Qamar under negotiation will be has said that the matters relat- signed afterward, he added. ing to Turkmenistan He said that gas pipeline Afghanistan, Pakistan, and framework agreement (GPFA) India (TAPI) pipeline includ- has been signed by oil minising gas pricing will be resolved ters of all the member counby April 30, 2011 and the gas is tries while Inter-Governmental scheduled to be supplied by Agreement (IGA) by the head 2015. of states at recently concluded ISLAMABAD: General David He was addressing a press TAPI summit in Ashgabat on H Petraeus, Commander of the Nato International Security conference to give more details December 11, 2010. on $7.6 billion TAPI project at Qamar said that the British Assistance Force, visited his residence here on Monday. company Gaffney Cline Pakistan Monday to meet with Qamar who inked the GPFA Associate has submitted the General Ashfaq Parvez Kayani. According to the statement in Ashgabat on Saturday, said gas reserve audit certificate to issued by the US embassy they the gas sales and purchase See # 19 Page 11 discussed various topics of BoD approves $250 million for Participation Program mutual interest and ways to improve regional security. This was General Petraeus' fourth visit to Pakistan as the Nato ISAF Commander, although he has long-established relationships with General Kayani and the ISLAMABAD: The Asian gram will allow ADB to part- Pakistani military from his time Development Bank's (ADB) ner with financial institutions as the US Central Command Board of Directors has (IFIs) that actively lend to commander. approved a Microfinance Risk microfinance institutions According to sources the two Participation Program, marking (MFIs) in ADB's developing discussed matters related to ADB's first large scale private member countries and to share check posts at Pakistan-Afghan sector microfinance initiative. the default risk on underlying border while Army Chief also A statement issued by the MFI loans. stressed on Nato commander to See # 20 Page 11 Bank Monday said that proSee # 17 Page 11 ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has emphasised the need for developing a long-term strategy to deal with the challenges of poverty, unemployment and terrorism in a more proactive manner. Addressing the participants of the National Security and War course at National Defence University (NDU) here on Monday, he said the government was fully aware of the challenges and geared up to confront them with the cooperation of the people. He said that Pakistani people

have shown great resilience in difficult times and they were fully capable to secure a bright future for the country. Dilating upon Pakistan's relations with outside world, Gilani said that Pakistan's foreign policy has been reoriented to furthering the economic interests abroad. The vibrant policy is aimed at maintaining constructive engagement with the outside world keeping in view its own national interests besides working for the world peace and stability, he said. See # 11 Page 11

Pricing pact by Apr 2011: Qamar

Petraeus meets Kayani

ADB to share MFIs loan risk

DUBAI: Representatives from the Punjab Board of Investment and Trade (PBIT) signed 11 Memorandum of Understandings (MoUs) worth $1.3 billion with potential investors in the UAE here Monday. These MoUs were signed during the Pakistan Business and Investment conference held here in Dubai. CEO of the PBIT Saadat Muzaffar said the MoUs signed for partnership in various trade and investment sectors of agri-business, livestock, dairy, mines & minerals, energy and international business. The conference was attended by 140 delegates from Pakistan, while similar number of UAE-based investors and traders also attended the moot for matchmaking and finalised agreements of

mutual interest. Furthermore, while addressing the Investment Conference CM Punjab Shahbaz Sharif said Pakistan needs increased investment and trade opportunities from the UAE to build the economy and help it become more independent from foreign aid. "We are not here to seek aid but rather trade," Mohammed Shahbaz Sharif told a trade conference in Dubai. "It is investment, trade, joint ventures and modern technology that will empower us." Sharif, leading a delegation of 100 businessmen from Pakistan, said the troubled South Asian country seeks investment from the United Arab Emirates - its second largest trade and investment partner - in sectors including energy, agriculture, livestock,

Fed borrowing reaches Rs1500bn: Kardar

Govt fueling inflation: SBP Staff Reporter KARACHI: Governor State Bank of Pakistan (SBP) Shahid Kardar Monday said that government's poor policies are spurring inflation in the country. Addressing members of the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Karachi, he said the main reason of price hike was bad governance and the present government was not serious to provide relief to the poor. Kardar said future strategy to

control inflation must include coordinated and timely response to changing macroeconomic conditions along with a concerted effort to raise the productive capacity of the economy. Kardar stressed that any delay in implementing such a strategy would only make the policy tradeoffs much more difficult resulting in continuing uncertainty regarding desirable economic outcomes. Responding to various queries regarding Monetary Policy, SBP Governor said that Monetary Policy has played its See # 10 Page 11

Pak eyes foreign

funds for SOEs No immediate plans to sell majority stakes: Waqar LONDON: Pakistan is nearly ready to launch a privatisation programme which aims to bring in foreign management expertise and tap international markets to turn around its flagging state-owned industries, its privatisation minister said in an interview. "You will see in the next 12 months about 5 or 6 deals coming on the block," Waqar

Ahmed Khan told Reuters on Sunday, adding that he expected the first deal in January. Pakistan privatisations in the past have been dogged by allegations of corruption and accusations of companies being sold off too cheaply. Khan said this time the government planned to sell minority stakes or offer equity-linked See # 14 Page 11

Mirza throws blame-bombs at MQM MQM Rabita Committee decides to send HM’s speech DVD to President, PM KARACHI: Sindh Home Minister Dr Zulfiqar Mirza Monday said that target-killers belong to the biggest party of Karachi, media reported Monday. "As Home Minister I take all the responsibility and we are also deeply concerned, but nothing could be done individually," he said while addressing the members of Karachi Chamber of Commerce and Industry (KCCI). He said it has been his ambition, desire and determination to bring peace in the most populated city of the

country. "Normal crime is since independence when there was no existence of PPP, MQM or the ANP," he pointed out. The minister said presently at least 60 suspects of target killings with affiliation of various political parties were in custody of the police and investigations were underway. "Alleged target killers were also thoroughly interrogated by the Joint Interrogation Team (JIT)," he told the businessmen.

Referring to the complaints of the KCCI members and its affiliated associations, Mirza said that the government was seeking the help of all the coalition partners to dismantle the forces created hatred among the masses. Regarding the mafia of the extortionists, the minister was of the view that business community could also be blamed who succumbed to the pressure of the elements involved in the extortion and would not report to the police on time. He said it was under the lead-

ership of the present government that the business community got rid of the notorious criminal 'Rehman dacoit gang' of Lyari and added that the law and order has considerably improved by 40 per cent this year as compared to the crime figures of the previous year. Home Minister said that in most of the cases, internal factors were involved in the law and order situation and suggested the business community to help the government in law and See # 16 Page 11

mining and telecommunications. Representatives from the Punjab Board of Investment and Trade signed 11 initial agreements worth $1.3 billion with potential investors in the UAE at the event but said the nation is struggling with the perception that Pakistan is a risky investment due to corruption and mounting Islamic militancy. Sharif conceded that the country faces an uphill battle in attracting foreign investment due to negative perceptions in the global market, adding that the nation has fallen behind India. But he said the potential for growth is strong, given natural resources and agriculture. UAE companies could seek construction deals in Punjab during a slowdown at home, he said. -Agencies Settlement of Securities

SECP approves automation ISLAMABAD: In line with its efforts to promote greater reliability, efficiency and transparency in the capital market operations, the Securities and Exchange Commission of Pakistan (SECP) has approved the project of 'Automation of Securities Settlement', at the Central Depository Company of Pakistan Limited (CDC). According to a press release issued here on Monday, it will be effective on December 20. The project has been finalised in collaboration with the National Clearing Company of Pakistan Limited (NCCPL) and See # 12 Page 11

Iranian FM fired TEHRAN: Iranian President Mahmoud Ahmadinejad has fired Foreign Minister Manouchehr Mottaki, the official IRNA news agency reported on Monday, without giving reasons. "I thank you and appreciate the work and the services you have rendered during your tenure in the foreign ministry," Ahmadinejad was quoted as saying in the directive carried by IRNA. "I hope your efforts receive praise by God and you will be successful in the rest of your life at the service of people of our Islamic nation," he added. Mottaki, a career diplomat, See # 13 Page 11

Govt notifies end of wheat export ban ISLAMABAD: The government here on Monday issued a notification for lifting of ban on export of wheat and wheat products from the country. According to notification issued by the Ministry of Commerce in exercise of power conferred by the sub section (1) See # 15 Page 11


2

Tuesday, December 14, 2010

Multinet Pak join hands with Telekom Malaysia KARACHI: Multinet Pakistan (Private) Limited (Multinet), a regionally renowned data and voice communication provider, announced that it has forged a strategic alliance with Telekom Malaysia Berhad (TM), Malaysia's leading Next Generation Network service provider, to deliver seamless, secure and reliable Internet Protocol Virtual Private Network (IPVPN) services to its corporate customers via Multi-Protocol Label Switching (MPLS) technology. With the partnership, Multinet, and TM combine efforts to provide unparalleled IPVPN services, catering to the rapidly increasing demand from corporate customers in Pakistan and Malaysia, especially for multipointto-multipoint connectivity services and highly scalable network solutions that support the bandwidthdemanding applications. "We are pleased to partner with TM, a wellestablished telecom carrier with a fully-meshed MPLS IP network around the globe, to provide seamless data connectivity to suit the diverse requirements of our customers," said Rashid Shafi, Senior Executive Vice President of Multinet. "I believe TM shares our vision to deliver best-in-class network services to our multinational customers."-PR

TV PROGRAMMES TUESDAY 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

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

Tanners protest against RGST imposition Staff Reporter

KARACHI: Group photo of Dr A Q Khan along with Senator S M Zafer, Chancellor, Hamdard University, Prof Dr Nasim A Khan, Vice Chancellor Prof H K Abdul Hannan and Mohammad Akhter Khan during his visit Hamdard University.-Staff Photo

SSGC to put cap on CNG outlets supply Staff Reporter KARACHI: SSGC management has decided to shut down gas supplies to the CNG stations in its franchise areas of Sindh and Balochistan for two days in a week in order to cope with the increasing gas demand due to the onset of winter loads on the system. This shall, however, not apply to the CNG stations that have a valid restraining order from the hon-

ourable Sindh High Court. SSGC is committed towards ensuring uninterrupted gas supply to all its customers. The Company was, however, compelled to take this decision in view of the cold weather especially in the northern part of its franchise areas, which increases gas consumption manifolds thereby resulting in further gas shortage. The SSGC management has appealed to all its cus-

tomers to voluntarily reduce their gas consumption in order to bridge the natural gas demand-supply equilibrium. A committee under the supervision of Zuhair Siddiqui, SGM (Customer and Engineering Services) and comprising of Faiyaz Merchant, GM (Sales) and Salahuddin Ahmed, DCE (Sales) has been formed to respond to the customers' queries related to gas supply.

CAP working for better India ties Staff Reporter KARACHI: The Citizens Archive of Pakistan [CAP], in collaboration with Routes2Roots, an Indian non profit organization working for peace and dialogue between Pakistan and India, introduce "Exchange for Change", an interactive exchange between 2400 school children of Pakistan and India. Indeed the main philosophy and vision behind Exchange for Change is to open avenues for children

within Pakistan and India for dialogue and understanding of a shared history, culture and lives. The project is based on the premise that accessibility to youth interaction and direct information through communication will in time lead to a more informed and fundamental understanding of each other. Moreover, it is believed that such interaction will in turn lead to a positive change in restructuring cultural misconceptions and inter-gener-

ational conflict. During the 12-month life of this project, a sustained exchange of written, visual and oral histories will take place between 2400 school children, between the ages 10 and 14, from 10 schools across Pakistan and India. Participating schools have been chosen equally along three main economic strata; privileged, middle Income and underprivileged schools and students are equally represented within the project.-PR

UNFPA calls for timely census Staff Reporter KARACHI: United Nations Population Fund (UNFPA) continues its efforts to support the Government of Pakistan in raising awareness about the importance of the forthcoming population and housing census in Pakistan. A provincial-level seminar on "Population Census and Pakistan's Development" was organised in Karachi on Monday. The seminar has special relevance as the theme of this year's World Population Day is "Everyone Counts" which highlights the importance of data for development. The theme underscores why reliable, disaggregated data is so crucial to progress and encourages people to participate in the census and other data collection efforts. "Reliable data can make a difference, and the key is to collect, analyze and disseminate data in a way that drives good decision making. The numbers that emerge from data collection can illuminate important trends. It is the censuses, surveys and vital statistics initiatives which provide critical data to guide plans, policies and programmes to meet people's needs and improve their lives", said Rabbi Royan, Representative, UNFPA.

KARACHI: The Consul General of the United Arab Emirates, Sohail bin Matar Al -Katebi, handing over aid for Sindh flood victims to UAE Red Crescent at NLC Port.-Staff Photo

KARACHI: The Merck (Pvt) Ltd, launched its Calendar 2011 at local hotel. Picture shows acting Consul General of Germany Dieter Freund, M D, Merck Abdul Baqy Khan, Barrister Abdul R Sattar, present on the Occasion.-Staff Photo

KARACHI: Pakistan Association of Photo journalists (PAPJ) Finance Secretary Adeel Khan along with Information Secretary Mohammad Arshad Presenting a Shield of PAPJ to the Japenese Photo journalist Kuni Takahashi at Karachi Press club.-Staff Photo

Intel education award honoured Staff Reporter KARACHI: Intel Pakistan Corporation organised the Intel Education Awards Ceremony in Karachi, in collaboration between the Intel Education Initiative, Ministry of Education, Government of Pakistan and Ministry of IT, Government of Sindh to recognise the impressive performance of outstanding schools and teachers in the province of Sindh. Of the many teachers and schools who participated in the Intel Teach Program contest, 5 emerged as grand winners, who used technology effectively in promoting inquiry based learning. "The program is now 8 years old and is focused on teacher training to support technology integrated and learning to enhance students' 21st Century Skills. Intel Education Awards are held keeping in mind the objective of keeping teachers abreast with the latest teaching methodologies," said Naveed Siraj, Country Manager, Intel Pakistan Corporation.

Seoul becomes Etihad’s new stop KARACHI: Etihad Airways inaugurated its first ever service to South Korea, from Abu Dhabi to Seoul's Incheon International Airport. Seoul has become Etihad's 65th destination on the network in its seven years of operations, said a handout issued here. Etihad Airways Chief Executive Officer, James Hogan, said; "We are delighted to commence services to South Korea, which has been a target destination for us for some time. There is a strong relationship between South Korea and the United Arab Emirates, built over a 40-year history of bilateral trade relationships between the countries. We are confident this new route will be a success for both our passenger and cargo operations, and we look forward to facilitating business and leisure traffic between the two countries. The services have been made possible with the support of the UAE Government and General Civil Aviation Authority as well as the South Korean Government and its Civil Aviation Authority. We are grateful for the support shown to Etihad and look forward to a successful service." -PR

KARACHI: Khurshid Alam, Chairman, Pakistan Tanners Association has again strongly emphasised the need in a press statement issued today to plug the leakages/corruption of around Rs350 billion annually in Government State Enterprises as well as sizeable leakages/corruption in billions of rupees in Federal Board of Revenue (FBR) & other Government Departments to replenish the losses of the country in repugnance to the imposition of RGST & Flood Surcharge in Pakistan. Khurshid Alam, Chairman, Pakistan Tanners Association has highlighted that the Agriculture sector is having 22 per cent share, while the tax collection is less than 2 per cent instead of this the Leather Sector Industry of Pakistan,

which is 2nd biggest export oriented Industry of the country having 25 per cent share, while it has been documented in the Tax network of Pakistan up to 60 per cent. Khurshid Alam has also informed to the Press that the Leather Industry of Pakistan is already one of the 100 per cent documented Industries of the country and exporting Leather/Leather Garments/Allied Leather Products after necessary value addition to the worth of around $1 Billion. Chairman Pakistan Tanners' Association Khurshid Alam also added that the Government is also holding up millions of rupees of exporters' money under export rebate, which is at present around 1 per cent. Now it seems impossible in the present state mechanism that FBR could smoothly release 15 per cent GST

refunds. To meet this shortfall in working capital, exporter/entrepreneurs would approach to Bank for financing its export for which mark-up rate itself is on a parallel rise. This industry would lead to an ultimate collapse. Government should wisely consider the implications of RGST instead of blindly following the IMF agenda. Khurshid Alam, Chairman, Pakistan Tanners Association appeals strongly to the Government of Pakistan to reconsider their decision for imposing RGST & Flood Surcharge particularly on Leather Industry of Pakistan, which is already enjoying Zero rating and to make brainstorming for getting the Agriculture & other sectors of the country into the folder of Tax Regime to broad the Tax spectrum of the country.

Saarc CCI urges govt to rescript gas supply plan Staff Correspondent LAHORE: The Vice President of SAARC Chamber of Commerce & Industry (SCCI) and former FPCCI President Iftikhar Ali Malik has urged the government to revise its priority list regarding supply of gas to the consumers. "The government should give top priority to the industrial sector instead of domestic users as stoppage of industrial wheel means unemployment and heavy loss to government exchequer." In a statement issued Monday Iftikhar Ali Malik said that the government should restore supply of gas to the industry in Punjab in the larger interest of the economy as more than 60 per

cent country's total industry exists in Punjab and any harsh step is bound to backfire. SAARC Chamber Vice President said that 40 per cent industry of India is running on LNG and the government should ensure availability of LNG by completing the projects in pipeline. He said that the government must not rely on bureaucracy but should take its own decisions based on popular will. It is not the industry alone that has been put at stake but the entire economy is in deep trouble due to unavailability of gas, he said. Iftikhar Ali Malik appealed the Prime Minister Syed Yousaf Raza Gillani to intervene in the matter and restore gas supply to the Punjab industry in the larger interest of the country.

KESC advocates energy-saving KARACHI: The Karachi Electricity Supply Company (KESC) on Monday organised a one-day energy conservation activity. A statement of the organisation said that the objective of the Energy Conservation Initiative was to create awareness and eventually transfer the ownership of the movement to the citizens of Karachi, with KESC working as the lead programme driver. The Karachi Energy Conservation Programme is a social service initiative and an important facet of Karachi's energy usage policy, with the principal goal of saving 200 MW of electricity in the city by 2011. KESC also arranged an Energy Conservation display area in Makro's main lobby where more than 800 consumers were briefed on the Energy Conservation Initiative. Through demonstrations, consumers were informed that every appliance consumes energy on standby mode and Energy Savers save 75 per cent electricity in comparison to a normal incandescent bulb. They were informed that even a night bulb, which is perceived as a "Zero Power" bulb, consumes 15 watts. They were also briefed on the difference between the consumption of conventional tube light (with chokes) and T5 tube lights.-APP

KARACHI: The Swiss International Air Lines top travel agents award Ceremony held recently at local hotel. Photo shows Chief Guest Consul General of Switzerland Didier Boschung, Country Manager Yasmin Peermohamed, President SBC, Farrukh Mazhar, with the recipient of award agents.-Staff Photo

KARACHI: Sharat Sabharwal Indian HC, Jahangir Bader, Secretary General, Pakistan Peoples Party celebrate SAARC Silver Jubilee along with Iftikhar Ali Malik, Vice President SAARC CCI.-Staff Photo


3

Tuesday, December 14, 2010

Dollar down as debt worries, risk appetite rise

Top Economic Events

Moody's warning US outlook unnerves investors NEW YORK: The dollar fell broadly on Monday, partly on concern a US tax cut deal could swell a large budget deficit at a time when the Federal Reserve is committed to accommodative monetary policy. That China refrained -- for now -from raising interest rates to quell inflation also helped stoke risk appetite, which boosted stock and commodity prices and currencies such as the Australian dollar and Canadian dollar. But traders said the broad-based dollar decline was being driven at least partly by financing concerns. The euro was up 1.1 per cent at $1.3382, while the dollar fell 1.3 per cent to 0.9673 Swiss francs, a typical safe haven. The dollar fell 0.4 per cent to 83.55 yen. Volume was lower than usual as the holidays approached, and traders said the euro could run into resistance around $1.34. Some said the market

was wary of getting stretched ahead of a European Union summit this week that some hope will result in a permanent support mechanism for troubled eurozone countries. After buying the dollar against the euro for fear the euro-zone's debt crisis could spread, traders were reminded the United States also faces debt problems of its own. Moody's said a deal cut last week by the White House and Republicans to extend Bush-era tax cuts could shift its outlook on the country's AAA rating, the highest for sovereign debt. That followed a rise in US bond yields that began last week, with the 10year yield hitting a six-month high,

though important support levels have held so far on Monday. "This move is coming as the market

starts to price in the impact of the tax cut deal, and while Moody's saying it increases the chances of a negative outlook on US ratings isn't new, traders can't help but contemplate the 'what if' scenario," said Paresh Upadhyaya, head of Americas G10 strategy at BofA Merrill Lynch. While the tax cut deal has led many economists to upgrade their US growth forecasts and boosted equities, traders

Asian currencies

Korean won declines as dollar strengthens broadly Asia to stay in ranges until year-end SEOUL: The Indian rupee and the South Korean won slid against a broadly stronger dollar on Monday, leading slight falls in Asian currencies in subdued trading. Asian currencies are expected to trade the rest of the year in ranges as investors close out their books for the year, analysts and dealers said. However, since several Asian currencies have risen strongly this year against the dollar, investors may also be tempted to take some profits.

"Asian currencies will rise next year with no changes in the global picture of better fundamentals in the region. But investors are likely to take some profits from their gains this year," said Jeong Myyoung, a currency strategist at Samsung Futures Inc in Seoul. The won fell against the broadly strong dollar, with importer purchases of dollars weighing. However, foreign investors swung to be net buyers of Seoul shares on Monday as the main South Korea index

Stg gains vs $, but lags against euro LONDON: Sterling pared losses against the dollar on Monday, as a sell-off in the US currency gathered pace on worries about US public finances and after Moody's flagged concerns about the country's credit ratings. Earlier the pound was weighed down by a weak UK housing sector survey and comments from a Bank of

England policymaker who suggested more monetary easing was possible if the euro-zone's struggles worsened. Sterling was up 0.32 per cent at $1.5869, having risen to as high as $1.5876, its highest since Nov. 23. It went past its 55-day moving average of 1.5873 with some chartists saying a close above that level could be positive for the pound in the short term. "It is a dollar story that is pushing up sterling," said Ashraf Laidi, chief markets analyst, at CMC Markets. "The

Moody's story has led to a selloff in the dollar, but the pound is still losing ground against all the other currencies." The euro was up nearly 0.9 per cent against the pound, having risen to as high as at 84.55 pence, its highest since Dec 7. It is likely to some resistance near its 100-day moving average around 84.75 pence, some traders said.

The latest FX positioning data showed speculators trimmed bets against the dollar in the latest week and more than doubled net short positions in sterling, in line with increased bets against the euro. Trade in the euro will also be influenced by developments surrounding a summit of European Union leaders later this week. The pound showed little reaction to higher-than-expected UK input prices ahead of a key week for UK data, with inflation, labour market figures and retail sales all due. -Reuters

rose to a three-year high, offering some support. "I don't think the won will keep falling. It's resistance lines are getting stronger, but exporters will eventually come to the market," said a local bank dealer in Seoul. The won was changing hands around 1,145.9 per dollar on Monday, but South Korea exporters expect it to strengthen to an average of 1,111 next year as exports are expected to stay strong, a private survey showed. -Reuters

Swiss franc slips as traders eye macro data ZURICH: The Swiss franc was lower against the dollar on Monday as the greenback followed Treasury yields higher on the back of improved U.S data last week. The franc also slipped against the euro after hitting a two-week high of 1.2945 earlier in the session as traders trimmed short positions ahead of Swiss data due on Monday and a central bank policy assessment later in the week, pushing the franc back below the 1.30 per euro level. Investors will look to Swiss producer and import price data due at 0815 GMT for confirmation on the robustness of the Swiss economic recovery, while the Swiss National Bank is widely expected to leave interest rates unchanged on Thursday. "While there are good reasons to look for a lower euro-franc on fundamental grounds, it remains to be seen whether and to what degree FX investors are willing to position themselves short the euro-franc going into the SNB's quarterly MPA," said UBS economist Reto Huenerwadel in a research note. The franc was down 0.3 per cent against the euro compared to Friday's New York close, trading at 1.3002 per euro at 0732 GMT. The franc fell 0.3 per cent against the dollar to 0.9833 per dollar. Reuters

Aussie inches up, NZD steady before US Fed meeting WELLINGTON/SYDNEY: The Australian and New Zealand dollar inched up slightly on Monday as the market took high Chinese inflation in its stride, preferring to focus on the strength of Chinese trade as bullish for the currency. All eyes are now set on the United States with the Federal Reserve due to meet on Tuesday before a slew of data including retail sales, consumer and producer prices, and housing later in the week. Joseph Capurso, strategist at Commonwealth Bank, said he expects the central bank to sound a little more upbeat based on the broadening of the economic recovery. "That may see US yields track a little bit higher, that might push up the US dollar against all currencies so the Aussie might fall away a little bit later in the week," he said. The Aussie dollar was trading around $0.9847 Monday, well-entrenched in a narrow band of $0.9834-$0.9857. Support was seen around $0.9784, the 38.2 pct retracement of the November decline. Resistance is pegged at $0.9900, Friday's session high, and turnover very light. "Liquidity might start to thin out later in the week because of Christmas," said CBA's Carpuso.

The Aussie dollar showed little reaction to China's inflation which soared past forecasts to a 28-month high in November, putting pressure on the government to tighten policy to slow down its rapid economic growth. The kiwi was largely steady on Monday, holding just above opening levels at about 40.7485/89 with support seen at $0.7435, the low on Dec. 8. The first line of resistance is at $0.7578. "The US dollar outlook, a downward revision to the interest rate path, the momentum of data and technicals all point to weakness in the kiwi over the next month," Westpac senior markets strategist Imre Speizer said in a note to clients. A sustained break below $0.74 will herald a decline to $0.71, Speizer said. New Zealand investors are gearing up for a busy day on Tuesday, with November housing data, October retail sales and the government's half year fiscal and economic update. The Aussie consolidates against the kiwi around NZ$1.3159, after a six-week high of NZ$1.3214 on Thursday, when surprisingly strong Australian jobs data stood in sharp contrast to dovish comments from NZ central bank. -Reuters

say the rise in US yields was also driven by debt worries. Michael Woolfolk, currency strategist at BNY Mellon, said markets are confident that the deal will indeed boost growth, and that helped lift the dollar last week. But he said they also fear that with unemployment near 10 per cent, the US central bank will nonetheless press on with a $600 billion bond-buying program to keep long-term rates low. That, together with tax cuts, may swell a budget deficit already in excess of $1 trillion. "You may see growth in the 3-4 per cent area next year, but that will cause inflation." he said. "And it's going to take an act of God to get the Fed to trim its bond buying. That's what people are concerned about." The Fed holds its last policy meeting of the year Tuesday. -Reuters

Yuan ends lower after weak mid-point SHANGHAI: China's yuan ended lower against the dollar on Monday after the People's Bank of China set a weaker mid-point in the wake of a slight rise in the US dollar index. Dealers said the Chinese central bank was in a tough position as it faces political pressure on one hand to let the yuan rise while having to also control heavy money inflows betting on yuan appreciation and the country's bullish asset markets. "It seems the central bank's primary task is hot money control," said a dealer at a Chinese bank in Shanghai. "So, we expect it may keep the yuan stable for a while to avoid further funds flowing into China. The PBOC announced an increase in bank reserve requirement ratios (RRR) late on Friday while three industry sources told Reuters on Monday a selective rise in required reserves for Chinese banks that was due to expire this week would be extended for another three months, part of moves to curb liquidity. On Sunday, state media cited a

statement from an annual policy-setting economic conference that China would keep the yuan basically stable at a reasonable and balanced level next year. Meanwhile, political pressure was expected from a meeting of the US-China Joint Commission on Commerce and Trade, which will be held on Dec. 14-15 and Chinese President Hu Jintao's visit to the United States, expected from Jan. 17-20. Spot yuan closed at 6.6670 versus the dollar, down from Friday's close of 6.6556. It has risen 2.39 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's mid-point at 6.6630, which was weaker than Friday's 6.6604. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Offshore, one-year NDFs were at 6.5120 bid late on Monday from Friday's close of 6.5005, with implied yuan appreciation in a year's time falling to 2.32 per cent from 2.50 per cent on Friday. -Reuters

Indian rupee off lows; dollar inflows muted MUMBAI: The Indian rupee regained most of its lost ground on Monday tracking a recovery in local shares, but still ended weaker amid a lack of major capital inflows and the dollar's strength overseas. With only a fortnight left for the year to end, dealers expect the rupee to move in a narrow range with a weakening bias on uncertainty surrounding capital inflows. "In the short-term, the uncertainty over capital flows, high current account deficit (and) oil prices should keep the rupee weak," said Ananth Narayan G, head of fixed income, currencies, commodities of south Asia at Standard Chartered Bank in Mumbai. "We don't expect the rupee to run away on either side." Dealers expect the rupee to closely track the stock market for the rest of 2010. The partially convertible rupee ended at 45.1250/1350 per dollar, after dipping to the day's low of 45.2650 and weaker than Friday's close of 45.05/06. Ananth Narayan expects the rupee to be around 45.50 per dollar by end-December and at 44

by end-March. The one-year forward dollar premium ended at 241.75 points, up from 239.25 points last Friday and the one-month premium was up at 28.75 points from the previous 26.25 points. The one-month offshore nondeliverable forward contracts closed at 45.44, weaker than the onshore spot rate, indicating a bearish near-term outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCXSX and the United Stock Exchange ended at 45.2675, 45.2600 and 45.2750. The total traded volume on the three exchanges including all available contracts was low at $4.5 billion. -Reuters

Time 5:01 5:30 14:30 14:30 15:00 15:00 15:00 18:30 18:30 18:30 18:30 20:00

Source GBP AUD GBP GBP EUR EUR EUR USD USD USD USD USD

Events RICS House Price Balance Housing Starts q/q CPI y/y Core CPI y/y German ZEW Economic Sentiment Industrial Production m/m ZEW Economic Sentiment Core Retail Sales m/m PPI m/m Retail Sales m/m Core PPI m/m Business Inventories m/m

Source

Events

GBP CHF GBP CAD

Rightmove HPI m/m PPI m/m PPI Input m/m Capacity Utilization Rate

Forecast -49% -5.0% 3.1% 2.6% 3.8 1.4% 10.3 0.7% 0.6% 0.6% 0.2% 0.9%

Previous -49% 0.8% 3.2% 2.7% 1.8 -0.7% 13.8 0.4% 0.4% 1.2% -0.6% 0.9%

Actual

Forecast

Previous

-3.0% -0.2% 0.9% 78.1%

0.1% 0.7% 76.6%

-3.2% -0.4% 2.2% 76.9%

Previous Day

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

As per 22.00 PST Ask High 1.3392 1.3392 0.9675 0.9849 1.5861 1.5864 1.0037 1.0105 0.9944 0.9952 112.0400 112.0500 0.8439 0.8453 1.2953 1.3005 132.7700 133.0300 86.5200 86.5100 0.9638 0.9761 1397.4500 1399.6000 29.5700 29.6500

Bid 1.3389 0.9674 1.5856 1.0033 0.9940 112.0000 0.8436 1.2949 132.7000 86.4600 0.9634 1396.7300 29.5100

Low 1.3183 0.9662 1.5720 1.0030 0.9837 110.7100 0.8350 1.2917 131.8300 85.3700 0.9622 1381.1400 28.4900

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 13/12/2010 A USD GBP CAD EUR JPY O/N 0.23875 0.55625 0.98000 0.52875 SN 0.09766 1WK 0.25344 0.56313 1.02000 0.62000 0.10484 2WK 0.25625 0.56813 1.05167 0.64375 0.10992 1MO 0.26031 0.58125 1.09500 0.75375 0.12600 2MO 0.28063 0.63688 1.15000 0.84750 0.14875 3MO 0.30156 0.74750 1.23000 0.95563 0.18288 4MO 0.34750 0.82875 1.29750 1.02938 0.24288 5MO 0.40375 0.93625 1.36250 1.11188 0.30125 6MO 0.45631 1.04250 1.43917 1.20000 0.34688 7MO 0.51188 1.12125 1.50417 1.24500 0.40000 8MO 0.56563 1.20375 1.58000 1.29875 0.44688 9MO 0.61688 1.28563 1.64833 1.34875 0.49125 10MO 0.66813 1.36250 1.71833 1.40000 0.51625 11MO 0.72375 1.43000 1.80333 1.44513 0.53875 12MO 0.78500 1.49750 1.88917 1.48875 0.56875

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, December 13,2010 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 USA UK EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR UAE KR WON THAILAND

62.95 122.62 91.48 62.92 57.18 56.74 9.72 0.587 11.39 44.37 12.28 16.79 8.07 8.75 230.1 19.44 49.66 17.31 17.14 0.0666 1.913

62.75 122.23 91.19 62.72 57 56.56 9.69 0.5851 11.36 44.23 12.24 16.73 8.05 8.73 229.37 19.38 49.5 17.25 17.09 0.0664 1.9006

62.58 121.88 90.98 62.56 56.85 56.41 9.66 0.5836 11.33 44.12 12.2 16.69 8.03 8.7 228.76 19.33 49.37 17.21 17.04 0.0662 1.9001

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 13, 2010

KASB

BMA

ELXIR

GSL

ICSL

12.50 12.55 12.75 12.88 13.13 13.28 13.35 13.50 13.67 13.95 14.05 14.10 14.15 14.15 14.20 14.20 14.22 14.25 14.60 14.70

11.90 12.25 12.65 12.90 13.10 13.20 13.30 13.40 13.65 14.00 14.23 14.25 14.29 14.30 14.39 14.05 14.05 14.28 14.50 14.60

11.75 12.00 12.70 12.85 13.12 13.20 13.31 13.48 13.63 13.85 14.15 14.22 14.25 14.23 14.31 14.15 14.06 14.30 14.50 14.70

11.90 12.30 12.70 12.95 13.15 13.20 13.36 13.52 13.68 13.90 14.26 14.28 14.30 14.32 14.38 14.33 14.34 14.35 14.60 14.90

12.00 12.60 12.75 12.90 13.10 13.20 13.35 13.50 13.65 13.90 14.20 14.25 14.30 14.30 14.35 14.05 14.15 14.30 14.60 14.75

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

JSCM AvgRate 11.80 12.25 12.65 12.80 13.05 13.15 13.35 13.45 13.65 13.85 14.10 14.10 14.20 14.22 14.24 14.16 14.14 14.25 14.55 14.70

11.98 12.33 12.70 12.88 13.11 13.21 13.34 13.48 13.66 13.91 14.17 14.20 14.25 14.25 14.31 14.16 14.16 14.29 14.56 14.73

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

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

week month months months year years

-0.90 -0.72 -0.77 -0.88 -0.63 -0.65

-0.48 -0.16 -0.69 0.19 0.74 0.73

-0.97 -0.40 -0.79 -0.71 0.32 0.30

0.84 -0.24 -0.31 -0.22 0.64 0.69

EUR/USD GBP/USD -0.95 -0.62 -0.86 -0.88 -0.08 0.01

0.56 -0.63 -0.63 -0.86 -0.43 -0.20

NZD/USD USD/CAD -0.99 -0.68 -0.60 -0.79 -0.67 -0.63

0.96 0.53 0.48 0.54 0.19 0.58

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)13/12/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 11.75

12.25

12.25

12.75

12.60

13.10

13.15

13.40

1340

13.65

13.45

13.95

13.60

14.10

13.70

14.20

JSBL

ABPL

ASK

11.90

12.40

12.40

12.90

12.80

13.30

13.40

13.65

1350

13.75

13.45

13.95

13.70

14.20

14.00

14.50

ASPK 12.05

12.55

12.15

12.65

12.55

13.05

13.10

13.35

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

CIPK

12.00

12.50

12.20

12.70

12.50

13.00

13.10

13.35

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

DBPK 11.75

12.25

12.15

12.65

12.45

12.95

12.95

13.20

1320

13.45

13.35

13.85

13.40

13.90

13.60

14.10

FBPK

11.65

12.15

12.25

12.75

12.65

13.15

13.25

13.50

1345

13.70

13.55

14.05

13.65

14.15

13.85

14.35

FLAH 11.85

12.35

12.15

12.65

12.60

13.10

13.20

13.45

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HBPK 11.70

12.20

12.10

12.60

12.60

13.10

13.15

13.40

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HKBP 11.90

12.40

12.20

12.70

12.65

13.15

13.10

13.35

1330

13.55

13.40

13.90

13.60

14.10

13.65

14.15

N I PK 11.80

12.30

12.20

12.70

12.80

13.30

13.25

13.50

1340

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMBP 12.00

12.50

12.40

12.90

12.85

13.35

13.25

13.50

1335

13.60

13.50

14.00

13.60

14.10

13.70

14.20

SAMB 12.00

12.50

12.25

12.75

12.65

13.15

13.20

13.45

1340

13.65

13.45

13.95

13.60

14.10

13.75

14.25

MCBK 12.10

12.60

12.30

12.80

12.65

13.15

13.15

13.40

1330

13.55

13.40

13.90

13.50

14.00

13.75

14.25

NBPK 11.95

12.45

12.30

12.80

12.65

13.15

13.10

13.35

1325

13.50

13.40

13.90

13.60

14.10

13.70

14.20

SCPK

11.50

12.00

12.00

12.50

12.50

13.00

13.00

13.25

1325

13.50

13.45

13.95

13.50

14.00

13.70

14.20

UBPL 11.80

12.30

12.10

12.60

12.55

13.05

13.10

13.35

1330

13.55

13.45

13.95

13.60

14.10

13.70

14.20

AVE

12.37

12.21

12.71

12.62

13.12

13.15

13.40

1335

13.60

13.45

13.95

13.60

14.10

13.71

14.21

11.87


4 Tuesday, December 14, 2010

Ah, Afghan Parliament!

The Financial Daily International Vol 4, Issue 125

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

Allowing import of used cars Aiming at bringing down prices of locally assembled cars, the government has allowed import of secondhand cars. The perception being created is that allowing import of used cars will help in bringing down prices of used vehicles and will also help the government in mobilising some additional revenue, many analysts believe. However, some sector experts say it will: 1) open a floodgate and all sorts and types of vehicles will be imported, 2) cause huge drain of foreign exchange reserves, 3) result in massive corruption at embassies and consulates, and above all 4) adversely affect the local car manufacturing industry. It is suggested that the government abstain from allowing import of used cars. However, if the permission has to be granted, strict monitoring of the policy is extremely essential to save the manufacturers of parts and accessories in particular. While it may be true that lately assemblers have increased prices in quick succession but blaming them without finding the reasons responsible for this increase is unfair. According to auto sector experts the prime factors responsible for price increase are: 1) plants running around 60 per cent capacity utilisation; 2) depreciation of rupee and 3) hike in the price of steel around the globe. Since most of the investment in assembling units has come from Japan the decision is likely to chill economic relationship between the two countries. It must be kept in mind that lately Japan has extended huge support in rehabilitation of flood affectees and also considering helping Pakistan in power sector. The experience shows whenever the government had allowed import of secondhand vehicles the decision didn't bode well for the indigenous auto industry. It is worth reminding that in 2007 both the assemblers and manufacturers had made huge investment for expanding capacities. However, by the time these capacities came on online, global recession started and capacity utilisation plunged to 50 per cent. If the government is serious in bringing down prices of vehicles it must exercise other options rather than allowing import of secondhand vehicles. The vehicle offtake can be increased by providing auto financing facility for both the private owners and public transporters. It is evident that a decade old and highly depleted taxis, minibuses, buses, and trucks are plying around already. These vehicles not only provide highly uncomfortable rides but also cause serious road accidents and multiply pollution. The only reason for highly depleted public transport is the absence of auto financing facility. The last scheme was offered in nineties and since then the response from the financial institutions has been lackluster. Sector experts have been saying that introduction of an efficient and cost effective public transport system can help in saving the people from owning their own vehicles as well as burning motor gasoline, diesel and CNG worth billion of dollars.

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.

A

group of about 100 Afghan members of parliament demanded Monday that President Hamid Karzai inaugurate the assembly by December 19, almost three weeks after final results of a fraud-marred election were declared. Afghanistan's political crisis has been simmering since the September 18 ballot, with tension rising on reports that the attorney general's office had asked for the vote to be annulled. The troubles present a worrying message for US President Barack Obama, who will not want to see any further signs of instability as he completes a review of his Afghanistan war strategy this week. Consistent allegations of vote fraud in the September polls, as well as in a presidential election last year, have raised questions about the credibility of Karzai and his government as a partner at a time when US and NATO leaders are assessing their long-term commitment to Afghanistan. Final general election results from the country's 34 provinces were released on 1st December. Poll officials had said late in November that a new parliament could be formed within a week but there has been no attempt to convene the assembly. About 100 MPs, calling themselves The Administrative Board of the Parliament, issued a three-point decla-

ration after gathering at parliament to discuss their next move. "We call on the president to inaugurate parliament," the group said in a declaration given to Reuters by Fawzia Kufi, an outspoken member of parlia-

ethnic groups and various political forces as well as independents. There will likely be larger groups of ethnic Tajiks and Hazaras who may challenge Karzai's traditional power base among Pashtuns, Afghanistan's

“

Karzai has been critical of the poll, which is likely to have produced a parliament with a larger, more vocal and coherent opposition than the previous chamber.

ment from the northeastern province of Badakhshan. She earlier said Karzai "cannot delay this any more" and echoed several other successful candidates in saying that the attorney general's office did not have the authority to call for the election result to be annulled. "The palace is behind this. Karzai is not happy with the results," Kufi said. Karzai has been critical of the poll, which is likely to have produced a parliament with a larger, more vocal and coherent opposition than the previous chamber. "CONSIDERABLE FRAUD" Candidates stood as individuals, not as members of parties, and the parliament, like the previous one, is a diverse mixture of representatives of

largest ethnic group. However, Afghan parliaments do not have a history of organized opposition and members tend to vote along tribal and ethnic lines, or according to personal positions on issues. Attorney General Ishaq Aloko, who was appointed by Karzai, has not been available for comment since Afghan television reported late Saturday that his office had asked the Supreme Court to cancel the election results. Hafizullah Hafiz, the head of the complaints section in the attorney general's office, said a letter had been sent to the court asking it to scrap the results and order a recount. The legality of such a move was in doubt, analysts said. The parliamentarians' declaration

also said neither the Supreme Court nor the attorney general's office had any authority "to interfere in the election process." Supreme Court spokesman Abdul Wakil Omari said candidates could refer individual complaints to the court but was vague when asked whether it had the authority to cancel the whole election. The court had not received anything from the attorney general's office, he said. The UN mission in Afghanistan has congratulated election officials for conducting a vote in the middle of an insurgency, but has also noted "considerable fraud" took place. It also said on 1st December it looked forward to the "prompt" inauguration of the 249-seat wolesi jirga, or lower house, "as an important further step in Afghanistan's strengthening of its democratic governance." Dozens of candidates and election officials are being investigated and the Independent Election Commission has thrown out about a quarter of the 5.6 million votes cast as fake. Candidates and supporters, angry over the long delays, have been protesting since last month, calling for the result to be scrapped. Some say failure to address grievances would push Afghans toward an insurgency at its worst since the Taliban were ousted in 2001.-Reuters

Germany alleged for aggravating euro crisis T

wo leading international financial institutions faulted Germany for aggravating the euro zone crisis by spooking debt markets, but Berlin seems set to get its way at this week's European Union (EU) summit. EU leaders are not expected to announce new measures to ease market concerns about the region's debt, though one source said intense efforts were being made behind the scenes to find ways to inoculate Spain early next year against the threat of contagion. The Bank for International Settlements (BIS) and the head of the European Investment Bank (EIB) both said German Chancellor Angela Merkel's drive to make private bondholders share losses in any future euro zone sovereign default had intensified the crisis. "The surge in sovereign credit spreads began on October 18, when the French and German governments agreed to take steps that would make it possible to impose haircuts on bonds should a government not be able to service its debt," the Basel-based BIS said in its quarterly review.

EIB president Philippe Maystadt said Merkel was absolutely right to demand a private sector contribution to financial rescues after an emergency safety net expires in 2013, "but the way it was presented created total confusion. EU leaders are set to approve a two-sentence amendment to the 27-nation bloc's Lisbon treaty on Thursday and Friday that would create a permanent European Stabilization Mechanism to lend to distressed member states on strict conditions. They will also endorse a statement by euro zone finance ministers specifying that private sector investors will be expected to contribute, on a case-by-case basis, in any sovereign debt restructuring after 2013. But at the insistence of Berlin and Paris, they are unlikely to increase the existing rescue fund or to take any action on a proposal for common European bonds to help resolve the crisis. EU sources said euro zone finance ministers would work in January on a more systemic response to the crisis, which has already driven Greece and

Ireland to require EU/IMF bailouts and threatens to spread to Portugal, Spain and even Italy. NO ACTION ON E-BONDS Euro zone bond markets have entered an end-of-year lull as investors close their books, with yield spreads on peripheral debt just a touch wider on Monday, but EU officials are preparing for another potential wave of selling early in the New Year. A German government spokesman said indications were that the summit would not take up a proposal to introduce communal euro zone 'E-bonds' made by Jean-Claude Juncker - veteran chairman of the single currency area's finance ministers and Italian Economy Minister Giulio Tremonti. The spokesman also told a news briefing he was not aware that any examination of an extension of the existing European Financial Stability Facility was under way, as reported by the Financial Times. The newspaper said European officials were considering options such as using the EFSF to buy bonds of distressed states without resorting

to fully fledged bailouts. However, the German spokesman said that would be a bad idea and a senior euro zone source told Reuters it was not being seriously considered. Another EU source said intensive work was going on behind the scenes on ways to make European crisis management instruments more flexible and better able to help countries before they become shut out of credit markets. The crucial aim was to ringfence Spain, the fourth largest euro zone economy, against debt market contagion. Madrid was taking energetic measures to avoid being sucked down with the crisis, the source said. Experts are also studying how to access the full 440 billion euros ($580 billion) in the emergency mechanism if necessary, despite pledges to maintain a cash buffer given to secure a top notch AAA credit rating for the EFSF, the source added. Luxembourg Foreign Minister Jean Asselborn said the 'E-bond' proposal, designed to reduce the borrowing costs of troubled euro zone states and prevent speculation against

their debt, had been excluded from the EU summit agenda. "I hope we will never need to talk about euro bonds again," he said. "If we manage to secure the stability of the euro by making clear decisions this week, and I'm sure that the European Union is capable of doing this... then I think we can do it," Asselborn told Deutschlandfunk radio. The Organization for Economic Cooperation and Development forecast a subdued economic recovery for the euro zone due to deficit-cutting austerity measures, but endorsed the EU's drive to give budget consolidation priority over boosting growth. Economists have voiced concern that pay and public spending cuts, combined with tax increases prescribed to bring down excessive deficits in Greece, Ireland, Spain and Portugal will prolong recession, hitting revenues and making the required fiscal adjustment even harder. But the OECD said in a report that euro zone countries needed the fiscal tightening even though it was likely to dampen growth in the near term.-Reuters

US to hold trade talks with China first T

he United States will hold high-level trade talks with China and the European Union this week, testing the Obama administration's ability to tear down barriers that impede U.S. exports and economic growth. The United States and China will cap a rocky year of trade relations with two days of meetings beginning on Tuesday. The United States on Thursday will then shift from transpacific to transatlantic relations for talks with the European Union (EU). The separate dialogues present distinctly different challenges, with fast growing China receiving the bigger share of US attention this year. Heading into the annual USChina Joint Commission on Commerce and Trade (JCCT) meeting, the Obama administration is under pressure from Congress to show progress on trade irritants ranging from beef to computer software. Chinese Vice Premier Wang Qishan will head a delegation of nearly 100 officials for talks led on the US side by

Commerce Secretary Gary Locke and Trade Representative Ron Kirk. A bipartisan group of US members of the House of Representatives on Friday complained that promises made by China at past JCCT meetings have failed to lead to commercially meaningful market access for US companies. They urged Locke and Kirk to press China to commit to specific targets for measuring how much it is cutting piracy of US software and other intellectual property and boosting imports of American goods. The United States is also expected to press China to loosen export restraints on rare earth minerals used in a variety of clean energy and high-tech industry technologies. US concerns about China's currency, which the United States contends is significantly undervalued, are not formally on the agenda but will be in the background of the talks. Another major topic will be China's "indigenous innovation" policies that threaten to

force U.S. companies to transfer intellectual property to China to participate in that country's vast government procurement market. A successful meeting would provide momentum for a summit between President Barack Obama and Chinese President Hu Jintao in mid-January, said John Frisbie, president of U.S.China Business Council. "China says it prefers to resolve things through dialogue, not legislation or sanctions. I think this is an opportunity to show that," Frisbie said. STALE US-EU MARRIAGE While the US-China trade relationship is often fraught with tension, relations between the United States and the 27 member nations of the EU may suffer from neglect. "We treat this transatlantic relationship like a stale marriage," said Kathyrn Hauser, executive director of the TransAtlantic Business Dialogue, a private sector group. "But when push comes to shove, the innovation and the job creation that affects

Americans most significantly is because of our relations with the Europeans," she said. This week's TransAtlantic Economic Council (TEC) meeting chaired by EU Trade Commissioner Karel De Gucht and White House Deputy National Security Adviser Michael Froman will explore how to cut regulatory barriers that inhibit trade. "If companies have to comply with two regulations, but the protection they give consumers is the same, it's a dead weight loss," an EU official said, speaking on condition of anonymity. Past efforts to make business regulations more compatible in the United States and European Union have been difficult. But both sides are embarking on new regulations in areas ranging from clean energy to the Internet to financial services that create opportunities for cooperation. US and EU officials are also expected to discuss prospects for concluding the long-running Doha round of world trade talks

in 2011. The EU is eager to reach a deal, but "there are doubts about whether there is a real willingness to look at this on the American side," the EU official said. The United States will discuss Doha with the Chinese on Monday in a pre-JCCT meeting. The Obama administration has pushed China, India and Brazil to offer bigger market openings in agriculture, services and manufacturing in exchange for cuts in farm subsidies and manufacturing tariffs the United States is being asked to make. With the outlook for concluding the nine-year-old Doha round in doubt, some experts believe the United States and the European Union should negotiate a transatlantic free trade agreement to reduce both tariff and regulatory barriers. The EU official acknowledged the growing public discussion of that, but said the idea is not part of the formal agenda for this week's TEC meeting.Reuters


5

Tuesday, December 14, 2010

South East Asian stocks

European shares rise for 6th day, hit 26-mth high KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,620.16 11,596.69 23.47 0.20 182.16

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

3,628.81 3,618.00 10.81 0.30 9.86

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

2,945.08 2,915.31 29.77 1.01 0.27

Major Gainers

Symbol

Close

Change

UPFL 1,089.99 ULEVER 4,069.99 EXIDE 186.85 ILTM 175.03 FZTM 398.07

30.99 24.88 8.89 8.33 5.81

Major Losers

Symbol

Close

Change

RMPL 2,005.00 NESTLE 2,425.52 SIEM 1,289.27 PSEL 160.00 POL 288.17

-88 -41.29 -9.98 -7.35 -3.34

Top 5 Volume Leaders

Symbol

Close Vol (mn)

NICL LOTPTA LPCL ATFF BAFL

2.57 13.61 3.74 4.34 10.63

19.84 10.81 10.81 10.28 10.05

Active Issues Plus Minus Unchanged

203 185 18

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

186 70 0 18

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

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

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

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

PRICES (Ex-Refinery)

Rs

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

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

Indonesia weak, others narrowly mixed

KSE bleeds as Ashura holidays draw nearer Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) ended lower on the first day of the week as investors booked profits ahead of a long weekend while experts said that negative news regarding oil and banking stocks too invited selling pressure in the respective sectors. The benchmark KSE 100Index lost 23 points to close at 11,596 points while KSE 30Index dropped 36 points, and KSE All Share Index was down by 11 points to close at 11,148

and 8,071 points. "Stocks remained bearish ahead of Ashura owing to limited institutional & foreign interest", said Ahsan Mehanti, Director at Arif Habib Investments. It should be noted that the exchange would remain closed from Thursday onwards due to holidays on account of Ashura. After a positive opening of the session market showed some mix activities throughout the day moving on both sides of the index between 11,660

Indian shares rise; Reliance Comm up MUMBAI: The BSE Sensex closed 0.9 per cent higher on Monday, helped by firm world equities, but trading remained choppy as ongoing corruption probes kept investor sentiment wary. Reliance Communications gained nearly 2 per cent after it announced the launch of its third-generation (3G) mobile services in four cities. The second-largest mobile operator said it would cover all its 13 zones by next March. The 30-share BSE Index closed 0.94 per cent or 812.89 points higher at 19,691.78, with 25 of its components gaining. It swung widely on the day and fell as low as nearly 1 per cent briefly. "Global markets are doing good. That has helped the sentiment and we are in the positive after falling briefly," said Himanshu Varia, head of institutional sales at brokerage Asit C. Mehta. Trade volume was low with only 287 million shares traded on the BSE, while gainers outpaced losers in the ratio of 2.3:1. The benchmark has declined 6.7 per cent since hitting a near

record high in early November following a widening probe into sale of telecom licences and radio waves cheaply, that a government auditor said cost the authorities about $39 billion in lost revenue. A bribes-for-loans scandal has also weighed on sentiment. Data from Nomura showed foreign funds sold only Indian shares of the seven Asian equities markets in the week to Dec. 10. While the corruption inquiry has temporarily dented the market sentiment, it has not tarnished India's image as a lucrative investment destination, dealers said. Mark Mobius, fund manager at Templeton Asset Management told Reuters Insider India's growth potential was higher than that of its rival China. India's main stock index is up 12.8 per cent so far in 2010, driven by foreign fund investment of $28.7 billion. China's Shanghai Composite Index is down 10.8 per cent so far this year. Energy giant Reliance Industries, which has been a laggard this year with a 4.4 per cent decline, led the gains on Monday.-Reuters

LOTPTA plant back on track Aamir Abidi KARACHI: Lotte Pakistan after witnessing a shutdown of 14 days started --initial-- production on Dec 11, 2010 and after 36 hours of continuous process the operation is in full swing now. Analysts expect that this halt would reduce company's 4Q2010 production and sales by 13 per cent and 6 per cent QoQ respectively. Assuming average $295 per tonne primary margins in 4Q2010 --15 per cent higher QoQ--, EPS is expected to remain at Rs0.67 per share, as per the research analyst of Topline Securities. Thus, full year 2010 earnings would be higher by 22 per cent to Rs2.77 as compared to last year EPS of Rs2.23, he added.

points (+ve 40) and 11,577 points (-ve 42 points) as investors preferred to book profits ahead of Ashura holidays. Further, oil stocks suffered selling over rejection of OGDC-PPL bid by British Petroleum while banking stocks too stayed in pressure on downward rating revision of five banks therefore leading oil and banking stocks closed negative. The joint bid by Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) to

Al Meezan’s AUMs top Rs25bn

after a surprise hike in October. Commodity-related plays, in particular energy stocks, also outperformed in both Shanghai and Hong Kong as the latest economic data from China and the US pointed to a healthier global economy. Those gains helped Shanghai's key stock index post its best gain in two months, climbing to 2,922.9 points as turnover rebounded from the lacklustre levels in recent weeks, when many investors took to the sidelines on fears of a rise in benchmark rates. "There is unlikely to be another interest rate rise within the year," said Zheng Weigang, senior trader at Shanghai Securities. "The market has room for a rebound, so this is an opportunity for some gains." Heavyweight energy issues saw active interest, with oil

day reducing by 50.9 million shares as compared to a turnover of 233 million on Friday. Volumes confined mainly to the third tier stocks where Nimir Ind Chemical stood as the volume leader with 19.84 million shares followed by Lotte Pakistan and with 10.81 million shares and Lafarge Pakistan Cement with around 10.81 million shares. Out of total 406 active issues 203 advanced and 185 declined while 18 issues remained unchanged.

Nikkei up on firmer China, softer yen

Wall St up on China inflation move, mergers NEW YORK: Acquisitions from large companies like GE and Dell, as well as China's moves to curb inflation without raising interest rates, lifted appetite for stocks on Monday. General Electric Co said it will buy British oilfield services company Wellstream Holdings Plc, and Dell Inc agreed to buy data storage company Compellent Technologies Inc. Further supporting stocks, China's central bank extended a special increase in reserve requirements for top banks See # 25 Page 11

FTSE hits 5-wk closing high

TOKYO: Japan's Nikkei aver- manager at Mizuho Investors age clawed back towards a Securities. LONDON: Strong miners Market players will look for hauled Britain's top share index KARACHI: Al Meezan seven-month high on Monday Investment Management Ltd, as Chinese shares showed signs of swifter recovery in the to a five-week closing high on the largest Shariah compliant resilience to Beijing's efforts to United States, the world's Monday, buoyed by firmer asset management company in curb inflation and a softer yen biggest economy, in the pro- metals prices on strong ecoPakistan has achieved another supported exporters. ducer price index due on nomic data from China, while milestone of having assets The market has been jittery Tuesday and the consumer sector consolidation moves under management of over about tightening steps in China, price index on Wednesday. gave oil services firms a fillip. Rs25 billion. The benchmark Nikkei so investors in Tokyo greeted The FTSE 100 closed up Chief Executive of Al with relief an increase in bank closed the day up 0.8 per cent 47.80 points, or 0.8 per cent, at Meezan Mohammad Shoaib reserve requirement ratios on or 81.94 points at 10,293.89. 5,860.75, its highest close since CFA speaking on this milestone Friday, followed by Monday's The broader Topix index rose Nov. 9, albeit in extremely light said, "In 2003, at the time of gains in closely watched 1 per cent to 897.40. trade, as the UK market began our first open end fund launch - Chinese equities, adding to the Volume was solid at 2.1 bil- its last full week before the Meezan Islamic Fund, total positive mood. lion shares exchanging hands Christmas holiday period. assets under management of Al Foreign funds have been on the Tokyo Stock Exchange's Miners provided the main Meezan were just Rs1 billion.” aggressively buying lagging first section, coming close to support for the blue-chip index He added that over next four Tokyo shares, pushing the the last week's closing average. after China's industrial output years, we increased our AUMs Nikkei up more than 12 per "Tokyo stocks remain very in November beat expectations, to Rs10 billion. In the next cent over the past six weeks. firm as prospects for the global sending copper to a record three years, which has The benchmark remains an economy and global shares are high. See # 21 Page 11 Kazakh copper producer underperformer globally on the improving. The yen's weakness year, however, having shed is also helping Japanese Kazakhmys was the top FTSE around 2.4 per cent year to stocks," said Ryosuke Okazaki, 100 riser, up 4.1 per cent. Integrated oil stocks were in chief investment officer at ITC date. demand, with BG Group up 0.8 "The market started gaining Investment Partners Corp. per cent, following the crude Exporters, who mostly after investors saw that Chinese stocks reacted positively to the assumed a dollar/yen rate of price higher. Concerns remained over weekend's data, but investors 80-83 yen for their earnings Ahmed Siddique shied away from taking up new estimates, outperformed the China's soaring inflation, positions ahead of a raft of market as the dollar held steady which sped to a 28-month high KARACHI: According to inflation-related data from the at around 84.14 yen supported and showed signs of spreading notice issued to Karachi Stock US," said Teruhisa Ishikawa, a See # 24 Page 11 See # 23 Page 11 Exchange (KSE) Nishat Mills Limited (NML) in a Board of Directors' meeting on Dec 20, 2010 will consider divestment of its 10 per cent shareholding in Pak Gen Power Limited --formerly AES Pak Gen (Private) Company (the Pak Gen)-- through Offer for Sale and Listing of Pak Gen. However, industry sources revealed that IPO would be launched in the first quarter of next calendar year (1QCY11) and Nishat mills holds 11.9 Mohsin Adhi, Director Alfa Adhi Securities million shares of Pak Gen -Market would remain dull in the next two sessions where Rs14 per share. See # 22 Page 11 index could sink below 11,500 points level. However, the Staff Reporter

Nishat Mills to list AES Pak Gen

Dhiyan

DULLNESS TO DWELL AFTER ASHURA

China, HK up as rate hike shelved for now HONG KONG/SHANGHAI: Shares in Shanghai and Hong Kong rose on Monday on relief that Beijing did not raise interest rates at the weekend, opting instead for a further increase in banks' reserve ratios. Shanghai stocks ended 2.9 per cent higher, while Hong Kong's Hang Seng index closed up 0.7 per cent. Chinese stocks have wobbled in recent weeks on fears that a rate rise was imminent as inflationary pressures accelerated. Data at the weekend showed consumer prices rose at the fastest pace in 28 months. Late on Friday, the central bank raised lenders' reserve requirements for the third time in a month to absorb more liquidity from the system, a move which investors interpreted as official reluctance to raise interest rates again this year

purchase the British Petroleum's Pakistan assets has been rejected last week. However Mansha group stayed in limelight as according to experts, bid to purchase UBL shares and sale of AES power by Nishat Mills turned investors attention towards the group's stocks. Foreigners were slow and mainly sold as according to NCCPL they did a net-selling of 1.35 million on Monday. Investor participation witnessed some decline as 182.1 million shares traded during the

US stocks late-morning

major Sinopec Corp , the biggest boost to the index, up 3 per cent. China Shenhua the world's most valuable coal producer, jumped 3.4 per cent. Despite the hike in banks' reserve requirements, the financial indexes in Shanghai and Hong Kong rose 1.7 per cent and 0.6 per cent, respectively. HK FIRMS, INVESTORS CAUTIOUS Shares of energy shares and property developers outperformed the broader market in Hong Kong, with real estate developers bolstered by reports of recovering secondary home transactions over the weekend. The Hang Seng index ended at 23,317.6 points, but overall activity remained subdued with volume in all but 6 counters on the index below their respective average 30-day volumes.-Reuters

overall short-term outlook is positive. Investors are advised to rake in profits at higher levels and adopt “buy on dips” strategy. They can invest in fertiliser and energy sectors. Those banking stocks which are expected to announce good corporate results are also buyable .

Farhan Mansuri, VP Capital Markets Arif Habib Limited Lacklustre activities are likely to continue ahead of Moharram holidays with low volumes. After that we might see some rangebound activities where index would be moving between 11,700 and 11,300 points. Investors are recommended to jump at banking stocks only. As far as triggers are concerned launch of Margin Trading System (MTS) and peaceful law & order situation would boost the market.


6

Tuesday, December 14, 2010

Market 182,161,737

Value

3,437,733,237

Trades

66,812

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

203 185 18 406

All Share Index

11,596.69 11,660.53 11,577.41 i23.47

Current High Low Change

KSE 30 Index

8,071.95 8,112.45 8,058.59 i11.03

Current High Low Change

KMI 30 Index Current High Low Change

11,148.40 11,191.78 11,140.54 i36.13

18,316.83 18,409.95 18,306.80 i28.42

OIL AND GAS

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index

Performance of SR Industrial Transportation Index

Open 1,504.14 Turnover 4,539,440 P/E (x) 10.98 Company

KSE 100 Index

Symbols

Volume

PE

High Low 1,510.90 1,491.69 Total cos Defaulter cos P/BV (x) ROE (%) 3.57 32.54

Open

High

Low

Attock Petroleum 691 5.63 325.56 Attock Refinery 853 6.82 119.61 BYCO Petroleum 3921 - 11.26 Mari Gas Company 735 16.19 119.51 National Refinery 800 3.84 262.24 Oil & Gas Development XD 43009 11.21 166.62 Pak Petroleum 11950 8.43 208.15 Pak Oilfields 2365 6.80 291.51 Pak Refinery Limited 350 - 102.30 PSO 1715 4.80 284.27 Shell Gas LPG 226 - 36.00 Shell Pakistan 685 10.24 198.50

327.00 122.99 11.45 120.20 264.90 167.00 208.90 293.65 102.99 286.19 36.00 200.00

324.50 120.28 11.11 119.00 258.11 165.40 206.11 287.51 101.02 283.20 35.40 198.50

Close Chg 324.88 121.61 11.21 119.51 259.31 165.72 207.28 288.17 102.23 283.54 35.90 199.76

-0.68 2.00 -0.05 0.00 -2.93 -0.90 -0.87 -3.34 -0.07 -0.73 -0.10 1.26

Close Change 1,496.16 -7.98 Listed cap Market cap 65,194.15 mn 1,162,058.80 mn Payout (%) Div Yield (%) 55.94 5.09 Last 60 days High Low

Volume 122033 2178306 560548 35470 115078 196634 378340 1095673 15966 391871 3186 6883

374.20 137.20 12.49 128.90 275.40 170.99 214.10 293.80 106.34 292.15 40.28 204.40

2009 Div BR (%) (%)

287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 230.05 180 54.05 258.00 50 29.00 182.05 330 -

% Change -0.53 5-Day High 1,511.75 5-Day Low 1,480.02 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

20 20B -

CHEMICALS

Open 746.07 Turnover 111,892 P/E (x) 5.56 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

High Low 761.96 738.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 25.53

Close 743.87 Listed cap 3,242.17 mn Payout (%) 11.08

Change -2.20 Market cap 12,766.66 mn Div Yield (%) 1.99

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.35 36.96

73.31 34.89

74.90 35.64

73.31 33.15

73.50 0.19 34.00 -0.89

4834 107058

77.77 41.00

60.05 33.06

Company

Paid up Cap(mn)

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

3924 68 250 273 1203 1996 1020 3663 94 3277 6635 22000 6785 9341 384 725 1388 75 15142 74 1106 120 214 551 90

PE

Open

High

Low

8.62 72.00 11.60 6.02 7.20 10.18 8.52 6.67 2.37 8.71 7.83 4.86 10.17 14.50 6.74

23.70 9.45 84.83 155.62 172.42 2.74 7.81 3.67 10.90 186.05 14.48 9.86 116.61 35.38 42.90 11.73 138.50 17.88 13.33 1.78 1.85 2.83 124.67 13.47 35.00

23.97 9.49 84.94 158.40 174.25 3.70 7.95 3.92 10.95 186.20 14.55 9.98 118.25 35.64 44.25 11.75 139.74 17.69 13.70 2.35 2.74 3.10 125.00 13.75 35.88

22.52 8.45 83.12 155.26 172.35 3.00 7.65 3.31 10.40 184.71 14.25 9.78 116.62 35.15 43.93 11.50 138.50 16.88 13.40 1.55 2.30 2.52 122.00 13.31 35.00

Close Chg 23.79 8.64 84.46 157.47 173.61 3.67 7.75 3.54 10.95 185.35 14.28 9.85 117.55 35.37 44.11 11.50 139.01 17.69 13.61 2.21 2.57 2.79 124.08 13.34 35.06

0.09 -0.81 -0.37 1.85 1.19 0.93 -0.06 -0.13 0.05 -0.70 -0.20 -0.01 0.94 -0.01 1.21 -0.23 0.51 -0.19 0.28 0.43 0.72 -0.04 -0.59 -0.13 0.06

Close 1,325.85 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 7082 3279 496 24160 4104 2600204 68382 8011387 203 983343 251454 519518 1580848 1541849 1005 41550 76243 355 10811387 721910 19843970 57225 849 179740 1055

Change 6.47 Market cap 291,714.77 mn Div Yield (%) 5.89

24.89 13.99 87.99 164.89 185.00 3.70 8.48 4.24 13.79 189.59 15.20 11.74 118.25 36.92 46.59 13.85 140.25 24.00 13.70 2.75 2.74 3.40 139.40 14.69 46.25

2009 Div BR (%) (%)

% Change 0.49 5-Day High 1,325.85 5-Day Low 1,295.33 2010 Div BR (%) (%)

20.26 7.73 5 68.10 90 15 149.72 125 163.51 40 10B 40 1.90 3.41 1.28 9.15 15 15 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.21 131.5 10B 95 26.59 40 - 17.5 38.00 20 8.20 116.00 80 55 7.10 12 8.17 5 0.80 1.30 1.80 101.00 75 25 7.67 32.00 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,172.76 Turnover 65,945 P/E (x) 5.96 Company

High Low 1,189.27 1,162.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47

Close 1,182.02 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.81 7.06

16.20 45.49 45.45

16.50 45.86 46.00

16.25 45.00 44.75

16.37 0.17 45.83 0.34 45.74 0.29

54571 4423 6951

Century Paper Pak Paper Product Security Paper

Change 9.25 Market cap 3,276.19 mn Div Yield (%) 4.24

Last 60 days High Low 21.80 62.85 46.00

15.28 38.61 38.00

% Change 0.79 5-Day High 1,182.02 5-Day Low 1,151.51

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 1,149.28 Turnover 1,598,168 P/E (x) 4.21 Paid up Cap(mn)

High Low 1,157.42 1,139.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 25.35

PE

Open

High

Low

Close Chg

Atlas Battery Atlas Honda Dewan Motors Exide (PAK) Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission

101 4.83 626 8.19 890 56 4.41 450 3.19 1428 786 5.73 823 11.07 150 3.56 117 -

159.75 108.64 2.48 177.96 4.55 10.97 252.83 69.85 19.06 1.78

162.75 114.04 2.62 186.85 4.74 11.40 252.00 70.50 19.90 2.45

160.80 108.25 2.30 180.00 4.55 10.91 250.00 69.00 19.05 1.91

161.75 2.00 112.97 4.33 2.35 -0.13 186.85 8.89 4.60 0.05 11.27 0.30 250.83 -2.00 69.50 -0.35 19.10 0.04 1.93 0.15

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

PE

Open

High

Low

565 3.89 675 555 9.06 1199 10.64 785 10.23

25.23 3.02 14.74 51.26 9.07

25.85 3.11 14.69 51.70 9.28

24.50 2.91 14.35 50.91 8.51

Close Chg 24.92 2.92 14.50 51.08 9.00

-0.31 -0.10 -0.24 -0.18 -0.07

Close 978.17 Listed cap 3,596.11 mn Payout (%) 30.91

Volume 36470 35694 6028 20056 12410

Change -2.43 Market cap 9,463.55 mn Div Yield (%) 9.63

Last 60 days High Low 26.23 3.39 16.75 54.00 10.80

23.75 1.65 12.25 44.00 8.00

2009 Div BR (%) (%) 10

30B -

% Change -0.25 5-Day High 980.60 5-Day Low 975.60 2010 Div BR (%) (%) 30 40 7.5

Open 1,637.72 Turnover 853,023 P/E (x) 36.58 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Ansari Sugar 244 Bawany Sugar 87 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 Kohinoor Sugar 109 Mehran Sugar 143 Mirpurkhas SugarSPOT 70 Mirza Sugar 141 Mithchells Fruit 50 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Sind Abadgar 104

PE

Close 1,148.21 Listed cap 6,768.53 mn Payout (%) 20.42

Change -1.07 Market cap 41,883.21 mn Div Yield (%) 4.85

Last 60 days High Low

Volume

Company

Paid up Cap(mn)

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

PE

Open

High

Low

1828 866 6.63 858 182 14 956 25.73 982 16.08 948 3574 3651 129.46 350 3.77 6933 16.36 502 3.75 1760 2319 32 1288 13126 3234 6.72 5261 1.50 2228 200 798 475.00

3.50 63.00 2.06 19.92 7.91 11.45 1.95 2.50 2.79 30.68 3.50 4.89 7.00 2.13 8.19 0.70 7.15 3.39 74.82 3.01 7.10 6.00 18.57

3.75 63.90 2.20 19.98 8.91 11.60 2.15 2.60 2.86 31.20 3.19 5.53 7.20 2.25 8.05 0.82 7.27 3.77 75.50 3.28 7.24 6.18 19.00

3.50 62.36 1.91 19.46 8.85 11.31 1.81 2.40 2.41 30.50 2.51 4.83 7.10 2.14 7.80 0.70 7.15 3.32 74.56 3.00 7.10 6.18 18.51

Close 1,026.98 Listed cap 54,792.74 mn Payout (%) 19.04

Change 9.32 Market cap 74,712.93 mn Div Yield (%) 2.56

Close Chg

Volume

Last 60 days High Low

3.68 63.00 1.96 19.60 8.91 11.32 2.09 2.50 2.49 31.07 3.17 5.40 7.20 2.22 8.05 0.80 7.23 3.74 74.75 3.23 7.13 6.18 19.00

68978 12342 3349 2587 1648 9492 136343 20000 1904751 3330048 11503 9666052 3000 932324 436 19004 46087 10809860 313992 1520853 99743 239 525

3.90 69.86 2.50 20.45 14.89 12.75 2.49 3.19 3.10 32.10 4.70 5.53 8.20 2.25 8.85 1.39 8.70 3.77 79.98 3.40 8.58 9.47 22.24

0.18 0.00 -0.10 -0.32 1.00 -0.13 0.14 0.00 -0.30 0.39 -0.33 0.51 0.20 0.09 -0.14 0.10 0.08 0.35 -0.07 0.22 0.03 0.18 0.43

2.80 57.60 1.01 14.01 7.91 9.51 1.30 1.09 1.30 23.40 2.11 4.52 4.25 1.70 2.11 0.25 5.50 2.71 67.70 2.51 6.56 5.25 18.00

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 949.78 Turnover 462,283 P/E (x) 2.70 Company

Paid up Cap(mn)

PE

Open

High

High Low 961.92 939.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 43.91 Low

Close Chg

Cherat Papersack 115 2.73 78.09 78.80 76.50 76.60 ECOPACK Ltd 230 2.48 2.82 2.50 2.63 Ghani Glass 1067 4.39 47.00 47.94 45.30 47.78 MACPAC Films 389 2.77 3.08 2.85 3.07 Merit Pack 47 61.50 23.43 24.60 24.60 24.60 Packages Ltd 844 54.78 105.10 107.50 105.00 106.83 Siemens EngineeringSPOT 82 10.64 1299.25 1299.00 1285.00 1289.27 Tri-Pack Films 300 8.17 112.03 112.90 111.60 112.01

-1.49 0.15 0.78 0.30 1.17 1.73 -9.98 -0.02

Close 954.62 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 4.85 Market cap 35,840.56 mn Div Yield (%) 5.77

Last 60 days High Low

12701 83.23 34.00 403598 3.13 1.70 8051 61.99 45.30 18000 3.84 1.60 5496 24.60 13.00 5769 111.00 98.00 262 1381.00 1068.75 8406 115.00 97.00

2009 Div BR (%) (%) 30 32.5 900 100

10B -

% Change 0.51 5-Day High 961.31 5-Day Low 949.78 2010 Div BR (%) (%) 20 25 900 -

25B 10B -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

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

PE

Open

66 1.02 15.96 215 5.27 219.00 104 - 44.00 214 1.85 213 10.32 11.40 132 7.90 66.47 366 6.45 493.44 57 783.33 285.00

High

High Low 1,559.24 1,533.05 Total cos Defaulter cos P/BV (x) ROE (%) 3.15 38.02 Low

Close Chg

16.49 15.75 15.82 -0.14 219.95 217.10 219.90 0.90 43.51 43.50 43.51 -0.49 2.40 1.80 1.92 0.07 11.16 11.10 11.15 -0.25 68.85 65.80 65.98 -0.49 496.00 492.00 493.33 -0.11 295.00 270.75 282.00 -3.00

Close 1,543.36 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

7173 21.48 249 227.45 171 51.99 1112767 2.40 1024 18.80 7244 88.00 36362 595.99 549 324.80

14.12 200.00 41.50 0.21 10.55 65.80 390.00 254.64

2010 Div BR (%) (%)

100 80 50 100 5 2

100 60 150 10 -

20B 30B 20B -

20B 20B -

High

Low

Close Chg

Close 1,641.09 Listed cap 11,335.33 mn Payout (%) 30.57

Change 3.37 Market cap 222,317.08 mn Div Yield (%) 0.84

Company

Paid up Cap(mn)

Last 60 days High Low

Volume

2002 11.70 4.06 1000 16.90 11.00 4313 53.00 39.25 1500 6.99 4.03 36673 5.91 0.85 2002 15.47 8.50 1045 77.14 33.50 44054 4.88 2.54 629765 5.59 1.11 34434 36.00 27.00 5300 16.98 11.90 5506 8.50 2.61 17061 68.49 48.50 8566 68.22 53.64 20128 7.18 4.20 194 77.00 61.50 8842 57.00 39.01 305 2515.00 1785.00 381 27.30 17.51 200 14.84 10.70 6777 6.99 4.00 3000 3.40 1.60 4500 3.90 2.11 2010 14.25 13.00 8367 13.50 9.75 4410 7.88 3.21 500 7.02 4.75

High Low 1,097.82 1,074.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64

PE

Open

High

Low

Diamond Ind 90 Gauhar Engineering Ltd 22 Pak Elektron 1174 3.38 Singer Pak 341 21.15 Tariq Glass Ind 231 2.47

8.04 0.49 13.45 19.80 19.69

9.04 0.50 13.60 19.85 20.69

7.55 0.50 13.30 18.80 19.69

2009 Div BR (%) (%)

2010 Div BR (%) (%)

10 40 35 40 35 25 20 600 50 10 15 -

15 40 35 15 10 12 450 12 10 -

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

20B 20B -

Close Chg 9.02 0.50 13.42 18.82 20.69

0.98 0.01 -0.03 -0.98 1.00

Close 1,088.37 Listed cap 3,763.71 mn Payout (%) 6.27

Change 3.42 Market cap 5,105.07 mn Div Yield (%) 2.27

2010 Div BR (%) (%)

20 400 35 450 125

150 25 650 100

20B 25B -

10B 25B -

Total Equity (Rs in mn)

MA (100-day)

16.82

Revenue (Rs in mn)

1,364.78 618.44 2,071.09

MA (200-day)

16.18

Interest Expense

1st Support

20.01

Profit after Taxation

2nd Support

19.35

EPS 10 (Rs)

6.135

Book value / share (Rs)

26.77

1st Resistance

21.01

45.22 141.72

2nd Resistance

21.35

PE 11 E (x)

2.47

Pivot

20.35

PBV (x)

0.77

TGL closed up 1.00 at 20.69. Volume was 2,090 per cent above average (trending) and Bollinger Bands were 65 per cent wider than normal. The company's profit after taxation stood at Rs48.198 million which translates into an Earning Per Share of Rs2.09 for the 1st quarter of current fiscal year (1QFY11). TGL is currently 27.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into TGL (bullish). Trend forecasting oscillators are currently bullish on TGL. Momentum oscillator is currently indicating that TGL is currently in an overbought condition.

Maple Leaf Cement Factory Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

68.72

Total Assets (Rs in mn)

MA (10-day)

2.96

Total Equity (Rs in mn)

MA (100-day)

3.07

Revenue (Rs in mn)

MA (200-day)

3.49

Interest Expense

1st Support

3.02

Loss after Taxation

2nd Support

2.87

EPS 10 (Rs)

1st Resistance

3.30

Book value / share (Rs)

2nd Resistance

3.43

PE 11 E (x)

Pivot

3.15

PBV (x)

26,094.94 4,134.21 13,630.51 2,059.48 (2,583.96) (7.08) 9.70 0.33

MLCF closed up 0.22 at 3.23. Volume was 707 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. The company's loss after taxation stood at Rs618.798 million which translates into a Loss Per Share of Rs1.49 for the 1st quarter of current fiscal year (1QFY11). MLCF is currently 7.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MLCF (bullish). Trend forecasting oscillators are currently bullish on MLCF.

Lafarge Pakistan Cement Ltd

Last 60 days High Low

Volume 304 1000 76215 4370 1111915

19.39 0.50 15.43 22.90 20.69

7.55 0.15 12.82 16.51 15.00

2009 Div BR (%) (%) -

10B 10B -

% Change 0.32 5-Day High 1,088.37 5-Day Low 1,076.79 2010 Div BR (%) (%) 17.5

10B -

PERSONAL GOODS Performance of SR Personal Goods Index Open 984.09 Turnover 9,747,317 P/E (x) 6.98 Company

Paid up Cap(mn)

AL-Qadir Textile Amtex Limited XD Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Island Textile J K Spinning Jubilee Spinning Khalid Siraj Kohinoor Ind Leather Up Masood Textile Mian Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sana Ind Sapphire Fibre Sargoda Spinning Service Ind Shadman Cot Shahtaj Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd Zil Limited

76 2415 840 4493 76 76 98 400 1150 316 2442 238 600 514 57 34 204 110 188 234 326 635 190 222 716 3105 100 99 180 181 5 184 325 107 303 60 600 221 189 145 187 1596 3516 560 185 250 308 341 264 33 88 134 55 197 312 120 176 97 180 173 307 418 215 400 594 53

High Low 993.81 980.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64

PE

Open

High

Low

9.75 6.29 0.48 5.23 0.55 33.84 4.11 49.44 0.18 0.20 0.55 0.60 1.23 0.61 0.65 3.69 1.39 0.85 0.76 2.97 0.53 3.43 2.90 0.16 0.95 2.12 2.11 0.82 1.79 5.14 3.21 1.04 0.61 4.65 0.37 0.29 0.22 5.35 3.38 1.16 0.45 8.41 1.46 0.79 0.32 4.53 9.04 0.59 4.93 3.48

5.50 4.35 21.93 10.11 13.02 627.42 0.78 1.10 3.21 899.98 2.60 0.83 1.93 41.62 2.75 6.00 26.65 20.17 62.39 53.34 3.78 24.60 24.37 7.70 4.00 38.13 2.27 6.37 3.16 318.93 166.70 7.20 2.99 0.89 1.77 2.00 19.19 0.69 1.15 0.42 16.00 21.61 58.90 9.45 14.02 1.76 8.94 37.50 4.56 65.70 4.39 6.18 43.58 123.25 2.32 247.03 8.32 18.20 35.09 34.79 106.62 56.04 1.00 1.57 4.20 51.50

6.50 4.45 23.02 10.20 13.90 644.00 0.65 1.48 3.30 909.00 2.74 0.98 2.05 42.75 2.40 6.50 26.00 20.20 65.50 56.00 4.00 25.70 23.16 7.25 4.29 39.00 2.30 7.29 3.16 333.80 175.03 6.20 3.98 0.88 2.00 1.78 20.14 0.60 2.08 0.75 16.00 21.95 60.45 10.20 13.98 1.90 8.70 37.00 5.50 68.90 4.40 6.78 44.75 125.25 2.32 250.44 8.00 18.35 35.00 36.40 106.90 58.05 1.09 1.86 3.75 52.00

5.61 4.25 21.75 9.70 13.69 616.05 0.38 1.14 3.11 900.00 2.40 0.71 1.85 41.26 2.40 5.02 25.50 19.63 65.50 54.00 4.00 25.68 23.16 7.00 4.00 37.65 2.15 5.50 3.16 304.00 175.03 6.20 2.51 0.66 1.80 1.75 19.19 0.60 1.00 0.40 16.00 21.51 58.65 9.30 13.15 1.72 8.70 36.01 4.10 62.42 4.01 6.06 43.00 123.25 2.25 245.10 7.32 18.10 33.91 33.50 105.70 54.92 1.00 1.57 3.60 50.50

Close Chg 5.61 4.29 22.66 9.96 13.69 630.36 0.65 1.25 3.16 901.52 2.63 0.84 1.97 42.02 2.40 6.44 25.50 19.65 65.50 55.54 4.00 25.70 23.16 7.02 4.03 37.77 2.15 6.25 3.16 324.20 175.03 6.20 3.84 0.76 1.85 1.78 20.00 0.60 1.02 0.61 16.00 21.55 59.85 9.51 13.66 1.74 8.70 37.00 4.55 62.70 4.39 6.42 44.50 124.68 2.32 245.59 8.00 18.32 35.00 33.50 106.08 56.77 1.00 1.70 3.75 52.00

0.11 -0.06 0.73 -0.15 0.67 2.94 -0.13 0.15 -0.05 1.54 0.03 0.01 0.04 0.40 -0.35 0.44 -1.15 -0.52 3.11 2.20 0.22 1.10 -1.21 -0.68 0.03 -0.36 -0.12 -0.12 0.00 5.27 8.33 -1.00 0.85 -0.13 0.08 -0.22 0.81 -0.09 -0.13 0.19 0.00 -0.06 0.95 0.06 -0.36 -0.02 -0.24 -0.50 -0.01 -3.00 0.00 0.24 0.92 1.43 0.00 -1.44 -0.32 0.12 -0.09 -1.29 -0.54 0.73 0.00 0.13 -0.45 0.50

Close 986.40 Listed cap 47,070.70 mn Payout (%) 16.68

Change 2.31 Market cap 130,260.64 mn Div Yield (%) 2.39

Last 60 days High Low

Volume 4766 337655 57066 2430420 1800 480 50003 247 165514 512 15906 43037 51567 5834 1000 3509 11420 751 1100 18188 1000 824 200 2479 120918 17508 10760 55251 1000 161 500 2500 8535 12929 627664 3500 1706 11593 9000 165371 1004 700375 3842570 257668 7977 276410 1000 102 506 232 517 158799 464 140 1088 10556 1000 2300 3800 200 11864 166898 7001 33089 5000 2217

7.75 18.30 24.05 12.32 14.50 747.48 1.10 2.59 3.95 930.00 3.33 1.49 2.37 44.50 3.75 6.88 30.90 25.45 65.50 56.00 5.00 26.25 28.27 10.30 4.88 40.77 2.70 7.29 5.35 333.80 175.03 9.50 3.98 1.25 2.00 3.00 22.59 0.98 2.08 0.95 17.50 25.14 63.18 10.20 20.50 2.30 12.00 38.10 6.85 68.90 6.20 8.69 44.75 125.25 2.50 276.50 15.00 21.90 37.50 36.40 112.80 60.50 1.50 2.00 4.90 55.00

2.50 4.25 18.50 9.70 8.60 436.00 0.12 0.56 3.00 640.01 2.26 0.16 1.44 36.10 0.26 1.60 20.80 17.21 41.00 34.65 1.13 19.99 17.57 5.51 3.35 34.05 0.30 2.02 2.60 209.03 75.05 4.05 1.99 0.26 1.01 1.10 18.01 0.01 0.35 0.14 12.80 15.66 45.81 5.16 12.51 1.29 8.01 31.25 2.01 22.30 3.30 5.02 27.50 94.05 0.50 169.00 7.32 15.61 29.00 15.00 86.50 37.25 0.26 0.86 1.50 35.52

2009 Div BR (%) (%) 20 120 115 7.5 5 15 15 20 12.5 20 40 35 200 20 15 20 4 40

% Change 0.24 5-Day High 986.40 5-Day Low 973.64 2010 Div BR (%) (%)

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

Open 916.28 Turnover 30,808 P/E (x) 7.21 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak

Paid up Cap(mn) 979 250 1707 165 200 100 306

PE

High Low 925.82 911.90 Total cos Defaulter cos P/BV (x) ROE (%) 1.61 22.31

RSI (14-day)

72.25

Total Assets (Rs in mn)

19,704.24

MA (10-day)

3.20

Total Equity (Rs in mn)

9,763.73

MA (100-day)

2.98

Revenue (Rs in mn)

8,129.96

MA (200-day)

3.29

Interest Expense

1st Support

3.43

Loss after Taxation

2nd Support

3.15

EPS 09 (Rs)

1st Resistance

3.88

Book value / share (Rs)

2nd Resistance

4.05

PE 10 E (x)

Pivot

3.60

PBV (x)

High

Low

Close Chg

Volume

8.76 100.00 6.34 84.01 13.68 76.10 7.33 26.20 6.45 8.00 7.48 32.98 5.54 61.50

101.45 84.95 77.00 26.55 8.95 33.50 61.80

99.13 83.50 75.85 26.25 7.51 33.50 61.55

99.90 -0.10 84.00 -0.01 76.04 -0.06 26.45 0.25 8.00 0.00 33.50 0.52 61.57 0.07

3180 1312 6274 5079 13168 500 1284

1,230.81 (1,278.96) (0.974) 7.44 0.50

LPCL closed up 0.35 at 3.74. Volume was 745 per cent above average (trending) and Bollinger Bands were 62 per cent wider than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 13.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LPCL (bullish). Trend forecasting oscillators are currently bullish on LPCL. Momentum oscillator is currently indicating that LPCL is currently in an overbought condition.

Atlas Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

56.53

Total Assets (Rs in mn)

30,869.51

MA (10-day)

1.65

Total Equity (Rs in mn)

2,482.06

MA (100-day)

1.88

Revenue (Rs in mn)

3,387.93

MA (200-day)

2.24

Interest Expense

1st Support

1.70

Loss after Taxation

2nd Support

1.60

EPS 09 (Rs)

1st Resistance

1.90

Book value / share (Rs)

2nd Resistance

2.00

PE 10 E (x)

Pivot

1.80

PBV (x)

3,189.33 (1,703.11) (3.405) 4.96 0.36

ATBL closed up 0.07 at 1.77. Volume was 51 per cent above average and Bollinger Bands were 54 per cent narrower than normal. The company's loss after taxation stood at Rs1.316 billion which translates into a Loss Per Share of Rs2.63 for the nine months of current calendar year (9MCY10). ATBL is currently 21.1 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 ATBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on ATBL.

BOOK CLOSURES Company

From

To

Fauji Fertiliser Bin Qasim Oil and Gas Development Co Mirpurkhas Sugar Mills Siemens Pakistan JS Investment # Asian Stocks Fund # Safeway Mutnal Fund # Maple Leaf Cement # Descon Chemicals # BOC Pakistan #

14-Dec 14-Dec 16-Dec 20-Dec 21-Dec 22-Dec 22-Dec 22-Dec 24-Dec 11-Jan

20-Dec 21-Dec 30-Dec 29-Dec 27-Dec 28-Dec 28-Dec 29-Dec 30-Dec 17-Jan

D/B/R 12.50(iii) 15(i) 15.20(B) 600 -

Spot AGM/Date 12-06-2010 12-06-2010 12-08-2010 -

30-Dec 29-Dec 27-Dec 27-Dec 27-Dec 29-Dec 30-Dec 17-Jan

INDICATIONS # Extraordinary General Meeting

Close 915.64 Listed cap 3,904.20 mn Payout (%) 44.54

Open

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

Performance of SR Pharma and Bio Tech Index

% Change -0.15 5-Day High 1,552.22 5-Day Low 1,543.36

2009 Div BR (%) (%)

Total Assets (Rs in mn)

17.48

% Change 0.21 5-Day High 1,641.09 5-Day Low 1,591.04

PHARMA AND BIO TECH

Change -2.32 Market cap 32,544.72 mn Div Yield (%) 15.86

Last 60 days High Low

Open

Open 1,084.95 Turnover 1,193,818 P/E (x) 2.76

Performance of SR Industrial Engineering Index Open 1,545.68 Turnover 1,165,540 P/E (x) 8.29

131.00 92.50 1.20 136.00 4.03 9.65 215.99 69.00 17.92 1.53

2009 Div BR (%) (%)

82.04

MA (10-day)

HOUSEHOLD GOODS

20B -

% Change 0.92 5-Day High 1,033.23 5-Day Low 1,009.80

185.00 122.51 2.87 198.07 6.09 13.40 282.45 79.50 27.58 3.25

% Change -0.09 5-Day High 1,178.41 5-Day Low 1,148.21

RSI (14-day)

Performance of SR Household Goods Index

CONSTRUCTION AND MATERIALS High Low 1,045.19 1,003.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10

3688 1327 1450506 844 10006 31252 24836 6157 10399 59013

High Low 1,673.37 1,594.41 Total cos Defaulter cos P/BV (x) ROE (%) 11.08 30.30

12.02 6.99 7.20 6.25 6.25 -0.74 0.88 16.43 16.70 16.50 16.50 0.07 5.08 51.99 52.45 50.00 50.00 -1.99 0.26 5.50 5.50 5.50 5.50 0.00 4.91 5.91 5.20 5.74 0.83 1.01 13.04 13.50 12.10 12.50 -0.54 12.08 74.72 74.00 71.10 73.91 -0.81 3.90 4.88 4.00 4.87 0.97 4.61 5.59 4.25 4.64 0.03 7.07 33.82 34.55 34.00 34.30 0.48 11.80 12.43 12.80 12.50 12.74 0.31 3.70 4.50 3.11 3.66 -0.04 3.47 58.39 60.00 58.15 58.82 0.43 5.63 65.00 68.22 64.80 67.54 2.54 0.63 6.37 6.45 6.20 6.24 -0.13 9.23 73.71 77.00 76.00 76.00 2.29 17.02 43.44 45.61 43.01 45.61 2.17 26.64 2466.81 2515.00 2344.00 2425.52 -41.29 3.29 23.30 23.90 23.01 23.01 -0.29 - 14.00 13.95 13.95 13.95 -0.05 0.90 6.44 6.80 6.15 6.15 -0.29 2.27 2.50 2.21 2.50 0.23 3.01 3.00 2.91 2.91 -0.10 0.98 13.79 13.90 13.50 13.72 -0.07 16.86 11.82 12.02 11.50 11.63 -0.19 6.46 7.05 6.00 6.20 -0.26 6.02 7.02 5.02 5.11 -0.91

Performance of SR Construction and Materials Index Open 1,017.66 Turnover 28,912,933 P/E (x) 7.43

-

FOOD PRODUCERS

Performance of SR Industrial Metals and Mining Index High Low 989.26 970.19 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 33.10

40 15

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING Open 980.60 Turnover 74,188 P/E (x) 3.21

20B -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,334.91 1,315.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.90 35.00

30

Tariq Glass Industries Limited

% Change -0.30 5-Day High 759.54 5-Day Low 743.87

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,319.39 Turnover 44,211,888 P/E (x) 8.28

2009 Div BR (%) (%)

Alert ! Unusual Movements

Last 60 days High Low 104.00 115.00 77.50 26.98 9.00 35.00 64.50

OTHER SECTORS

Change -0.64 Market cap 30,493.53 mn Div Yield (%) 6.18

83.00 82.20 65.00 22.60 6.81 27.50 58.20

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

20B 15B

% Change -0.07 5-Day High 916.70 5-Day Low 906.88 2010 Div BR (%) (%) 20 30

20B -

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

Open 7.9 54.86 3.85 84.1 1.2 107.06 53.6 314.81 115 28.69 2.42 50.19 3.1 18.71 2

High 8.89 56 3.97 88.3 1.2 109.87 55.5 328.4 114.2 29.75 2.58 52.69 3.25 19.14 2.49

Low Close 7.95 52.5 3.75 81.05 1.2 101.71 50.93 317 114 28.05 2.38 51.02 3.1 18.51 2

8.88 55.99 3.78 88 1.2 109.8 51.51 317.03 114 29.49 2.44 52.69 3.12 18.72 2.3

Change 0.98 1.13 -0.07 3.9 0 2.74 -2.09 2.22 -1 0.8 0.02 2.5 0.02 0.01 0.3

Vol 2099 10273 1019807 17933 1000 1666 2072 1507 2200 1406 328603 4556 1721766 279819 2798


7

Tuesday, December 14, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,155.20 Turnover 6,849,714 P/E (x) 6.19 Paid up Cap(mn)

Company

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

High Low 1,161.44 1,145.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84

PE

Open

High

Low

Close Chg

78 4.92 37740 12.82 3000 0.75 8606 6175 -

79.80 19.28 2.54 3.18 4.10

79.78 19.28 2.66 3.33 4.19

79.10 19.15 2.46 3.14 3.92

79.78 19.23 2.52 3.17 3.97

-0.02 -0.05 -0.02 -0.01 -0.13

Close 1,151.96 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 501 161204 1672069 5015940 628220

Change -3.24 Market cap 79,134.94 mn Div Yield (%) 10.10

117.99 20.12 2.69 3.33 4.50

% Change -0.28 5-Day High 1,155.20 5-Day Low 1,135.08

2009 Div BR (%) (%)

76.50 18.15 1.80 2.31 3.35

70 15 -

-

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

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

204 6.21 279 6.72 457 6.83 1250 400 2.99 718 16.88 791 15.89 3000 41.92 350 303 5.95 253 4.35

11.00 60.90 10.68 44.03 12.70 90.41 58.95 15.98 6.84 10.65 6.88

Paid up Cap(mn)

Company

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

PE

Open

High

Low

198 11572 6.69 1560 7932 1695 10.56 126 2.71 8803 4.88 3673 3.44 3541 25.66 178 191 3.44 1367 150 -

1.04 36.08 1.93 3.16 19.00 4.53 39.98 15.62 15.93 1.00 18.98 2.47 1.20

1.10 36.60 2.09 3.29 19.70 4.81 40.50 15.95 16.30 0.80 18.80 2.80 1.49

1.02 36.15 1.85 3.01 19.00 4.45 39.92 15.45 15.79 0.70 18.41 2.60 1.15

Close 1,267.68 Listed cap 95,369.29 mn Payout (%) 104.13

Change 4.73 Market cap 103,563.44 mn Div Yield (%) 7.12

% Change 0.37 5-Day High 1,267.68 5-Day Low 1,248.96

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

1.05 36.52 2.04 3.03 19.00 4.45 40.20 15.67 15.91 0.77 18.44 2.66 1.27

136102 594760 974885 4828907 7300 64757 1280839 3929233 4031780 7000 3101 3677920 128503

1.45 37.00 2.25 3.29 26.50 6.10 42.95 15.95 16.70 1.69 23.49 2.90 1.75

33.5 45 64.5 20 3

0.01 0.44 0.11 -0.13 0.00 -0.08 0.22 0.05 -0.02 -0.23 -0.54 0.19 0.07

0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.25 10.00 0.32 17.98 2.05 0.65

31R -

Open 920.41 Turnover 11,168 P/E (x) 93.42

GAS WATER AND MULTIUTILITIES

Company

High Low 1,506.92 1,472.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41

Close 1,480.31 Listed cap 12,202.80 mn Payout (%) 66.79

Change -4.90 Market cap 31,756.22 mn Div Yield (%) 7.02

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.04 3.04

27.01 20.29

27.49 20.54

27.00 20.00

27.00 -0.01 20.18 -0.11

44006 56838

34.75 30.70

Sui North Gas XD Sui South Gas

% Change -0.33 5-Day High 1,507.88 5-Day Low 1,480.31

2009 Div BR (%) (%)

26.60 19.99

-

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,132.47 Turnover 25,015,543 P/E (x) 8.13 Paid up Cap(mn)

Company

PE

Open

High

Allied Bank Limited 7821 6.27 64.49 Askari Bank 6427 7.97 16.77 Atlas Bank 5001 1.70 Bank Alfalah 13492 13.63 10.87 Bank AL-Habib 7322 7.70 35.52 Bank Of Khyber 5004 5.75 4.50 Bank Of Punjab 5288 - 10.15 BankIslami Pak 5280 812.50 3.09 Faysal Bank XB 7309 4.75 14.87 Habib Bank Ltd 10019 7.24 117.44 Habib Metropolitan Bank 8732 7.87 25.65 JS Bank Ltd 6128 2.58 KASB Bank Ltd 9509 2.70 MCB Bank Ltd XD 7602 9.59 218.29 Meezan Bank 6983 8.60 16.03 Mybank Ltd 5304 2.43 National Bank 13455 6.15 70.99 Network Mic Bank 300 1.50 NIB Bank 40437 3.03 Royal Bank Ltd 17180 4.41 Samba Bank 14335 2.05 Silkbank Ltd 26716 2.70 Soneri Bank 6023 7.35 Stand Chart Bank 38716 12.60 8.15 Summit Bank Ltd 5000 3.27 United Bank Ltd 12242 7.79 64.04

High Low Close 1,144.12 1,119.98 1,131.50 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low

Close Chg

65.40 64.45 64.56 0.07 16.96 16.70 16.74 -0.03 1.90 1.70 1.77 0.07 10.90 10.55 10.63 -0.24 35.79 35.26 35.73 0.21 4.52 4.23 4.31 -0.19 10.29 9.94 9.96 -0.19 3.35 3.17 3.25 0.16 14.93 14.65 14.72 -0.15 117.76 115.70 115.96 -1.48 25.75 25.25 25.75 0.10 2.64 2.50 2.63 0.05 2.75 2.60 2.75 0.05 218.70 216.00 216.38 -1.91 16.70 15.91 16.25 0.22 2.57 2.36 2.37 -0.06 70.81 70.16 70.46 -0.53 1.48 1.16 1.30 -0.20 3.17 3.05 3.10 0.07 4.95 4.32 4.75 0.34 2.17 2.05 2.07 0.02 2.89 2.72 2.80 0.10 7.50 7.00 7.50 0.15 8.59 7.75 8.19 0.04 3.45 3.20 3.31 0.04 66.74 64.10 66.30 2.26

Volume 196397 154462 416639 10053890 67172 148732 599541 122118 14560 166994 36471 319620 73129 309979 12621 79047 2390613 10302 3661168 46053 598902 3485713 301034 25563 185884 1724823

Change -0.96 Market cap 687,764.47 mn Div Yield (%) 4.98

Last 60 days High Low 65.40 17.20 2.55 11.00 35.79 4.70 10.59 3.88 17.10 118.99 26.74 3.00 2.90 223.50 16.70 2.69 71.80 1.95 3.18 8.10 2.65 3.08 8.00 8.80 3.80 66.74

50.00 14.23 1.50 7.66 29.76 2.50 8.00 2.74 13.01 92.55 18.02 2.02 2.16 182.61 14.05 1.81 62.15 0.62 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90

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

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

% Change -0.09 5-Day High 1,136.69 5-Day Low 1,111.48

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

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company Adamjee Insurance

PE

1237 25.39

Open 84.26

High 88.47

High Low 783.98 752.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20 Low 84.05

Close Chg 87.61 3.35

Close 768.94 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 2673467

Change 10.60 Market cap 47,441.83 mn Div Yield (%) 6.31

Last 60 days High Low 88.47

2009 Div BR (%) (%)

63.05

30

10B

PE

Open

850 43.99

80.11

% Change 1.40 5-Day High 768.94 5-Day Low 748.94 2010 Div BR (%) (%) 10

-

-0.76 -1.78 0.24 -1.13 -0.15 0.59 -0.01 0.37 -0.53 0.35 0.12

6500 950 4745 99992 4000 10080 1026 1710613 7056 8983 12007

12.75 64.80 12.00 48.63 13.00 93.45 60.90 17.20 8.30 11.25 8.17

9.26 47.37 9.42 34.76 10.04 68.27 52.25 12.80 1.66 8.00 6.01

20 40 35 35 30 30 20 -

25B 8.7B 20B 15B 20B

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

Symbols POAF FANM PAKMI JDMT SSML STML GTYR PSEL BAFS ASFL ATIL RMPL AGIL HUSS ULEVER DSML BFMOD SFWF FPRM FZTM UPFL AASM ICL UNIC CRTM PMRS WYETH STCL JVDC JDWS GLPL GUSM ISIL CSIL GRYL DWTM HUSI GAMON PHDL NBF FNBM DCM NJLIC PKGI AZAMT CFL KOSM PRET SANE KML BTL KTML FECS SHJS TICL ALTN DADX HINO ETNL SAPL BIFO

High Low 946.13 932.90 Total cos Defaulter cos P/BV (x) ROE (%) 3.60 3.85

Close 934.66 Listed cap 2,290.72 mn Payout (%) 355.53

Change 14.26 Market cap 10,662.25 mn Div Yield (%) 3.81

High

Low

Close Chg

Volume

Last 60 days High Low

80.15

77.00

77.42 -2.69

11167

86.95

% Change 1.55 5-Day High 945.23 5-Day Low 920.41

2009 Div BR (%) (%)

57.00

2010 Div BR (%) (%)

5513.33B

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 409.29 Turnover 7,125,187 P/E (x) 9.47 Paid up Cap(mn)

Company

PE

Open

High

High Low 418.51 400.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91 Low

Close Chg

Close 405.26 Listed cap 30,336.44 mn Payout (%) 99.56

Change -4.03 Market cap 27,898.96 mn Div Yield (%) 3.38

Last 60 days High Low

Volume

% Change -0.98 5-Day High 432.08 5-Day Low 405.26

2009 Div BR (%) (%)

AMZ Ventures

225

1.66

0.73

0.88

0.70

0.73 0.00

376498

0.95

0.42

-

-

-

360

3.53

17.45

18.13

17.60

17.95 0.50

33480

19.98

13.00

-

-

-

20B

Arif Habib Limited

450 13.43

25.08

26.33

25.15

26.33 1.25

61914

34.00

24.40

15

25B

-

20B

1399574 12376

27.02 2.70

20.90 1.51

-

-

30 -

-

131

11.75

6.84

First National Equity IGI Investment Bank Invest and Fin Sec

3750 250

4.41 -

23.98 1.90

24.45 2.30

23.86 2.00

24.01 0.03 2.10 0.20

575

-

9.00

8.75

8.01

8.68 -0.32

-

2010 Div BR (%) (%)

Arif Habib Investments

-

-

2121 16.25

2.54

2.67

2.55

2.60 0.06

125110

2.90

1.17

-

-

-

-

600 673.00

6.61

7.16

6.69

6.73 0.12

1298

9.00

6.16

-

-

11.5

-

-

-

Invest Bank

2849

-

0.70

0.85

0.61

0.76 0.06

220663

1.00

0.44

-

-

-

-

Ist Cap Securities Ist Dawood Bank

3166 626

0.66

3.59 1.87

3.89 1.94

3.50 1.82

3.75 0.16 1.86 -0.01

444644 59431

4.80 2.84

2.54 1.32

-

10B -

-

10B -

Jah Siddiq Co JOV and CO

7633 508

-

11.30 3.97

11.54 4.00

10.88 3.84

10.94 -0.36 3.89 -0.08

5216779 192538

14.05 5.38

8.80 1.96

-243.778B 10 -

-

500

JS Global Cap

7.23

27.22

28.35

26.60

26.90 -0.32

14168

40.00

24.25

150

-

-

-

JS Investment

1000 26.96

6.56

6.75

6.45

6.47 -0.09

123367

7.59

5.10

-

-

-

-

KASB Securities

1000

-

4.41

4.47

4.38

4.40 -0.01

17001

4.75

3.32

-

-

-

-

-

Orix Leasing

821

4.96

6.28

7.19

6.71

6.75 0.47

102218

7.29

4.50

-

-

-

Pervez Ahmed Sec

775

-

2.29

2.34

2.20

2.26 -0.03

105138

2.70

1.35

-231.08R

-

-

Saudi Pak Leasing Sec Inv Bank

452 514 11.20

0.81 3.25

0.70 3.25

0.61 2.80

0.68 -0.13 2.80 -0.45

16300 2130

0.86 3.90

0.42 1.65

-

-

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,279.40 Turnover 15,342,709 P/E (x) 22.25

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 758.34 Turnover 4,539,483 P/E (x) 12.61

EFU Life Assurance

Arif Habib Corp Dawood Equities

Performance of SR Gas Water and Multiutilities Index Open 1,485.21 Turnover 100,844 P/E (x) 9.52

Paid up Cap(mn)

Company

2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -

10.24 59.12 10.92 42.90 12.55 91.00 58.94 16.35 6.31 11.00 7.00

Performance of SR Life Insurance Index

ELECTRICITY High Low 1,282.40 1,255.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 9.35

10.21 58.51 10.80 42.80 12.55 90.99 58.10 15.85 6.30 10.80 6.01

LIFE INSURANCE

-

Performance of SR Electricity Index Open 1,262.95 Turnover 19,665,088 P/E (x) 14.62

10.62 63.75 11.35 44.98 13.00 91.00 60.00 16.80 6.50 11.25 7.88

Paid up Cap(mn)

Company

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

PE

264 1375 525 780 65 200 113 524 300 581 760 397 1008 202 3180 1186 283 1200 184 1698 1000 2835 2841 872 340 454 212 50 298 264

9.13 6.43 1.75 3.66 3.41 1.75 3.64 10.06 10.13 0.64 2.27 2.26 5.81 22.64 59.00 16.00 1.10 6.74 13.60 12.54 2.03 7.90 7.22 2.23 4.52 5.17 3.38 1.64

Open 1.60 7.78 4.45 1.69 1.48 0.69 2.98 1.63 4.44 2.08 3.11 6.63 6.54 3.45 4.67 4.48 1.43 6.99 1.29 9.01 6.97 12.01 6.24 0.92 1.32 9.00 1.70 1.74 1.75 5.75

High 1.59 7.99 4.39 1.96 1.59 0.79 2.94 1.80 4.45 2.10 3.19 6.79 6.74 2.90 4.95 4.50 1.88 7.05 1.40 9.04 7.15 12.60 6.50 1.04 1.89 9.23 1.70 1.94 1.76 5.79

High Low 1,315.78 1,268.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 2.21 Low 1.40 7.61 4.01 1.60 1.25 0.61 2.90 1.61 3.65 1.95 3.09 6.75 6.69 2.45 4.63 4.32 1.50 6.35 1.26 9.00 6.76 12.10 6.20 0.96 1.32 8.62 1.35 1.85 1.76 5.75

Close Chg 1.46 7.72 4.34 1.61 1.50 0.70 2.91 1.61 4.05 2.02 3.18 6.79 6.74 2.49 4.72 4.48 1.50 7.01 1.36 9.03 6.98 12.33 6.35 0.98 1.35 9.23 1.35 1.86 1.76 5.76

-0.14 -0.06 -0.11 -0.08 0.02 0.01 -0.07 -0.02 -0.39 -0.06 0.07 0.16 0.20 -0.96 0.05 0.00 0.07 0.02 0.07 0.02 0.01 0.32 0.11 0.06 0.03 0.23 -0.35 0.12 0.01 0.01

Close 1,291.28 Listed cap 29,771.58 mn Payout (%) 104.74

Volume

63565 2.24 470676 8.59 10282669 4.50 30541 2.37 592 2.99 53161 1.10 100000 3.09 11001 2.37 102 5.50 151003 2.24 18936 3.88 121 7.00 10800 6.90 25326 3.69 2420416 4.96 53394 4.73 355 2.23 17401 7.10 626 2.18 553889 9.39 17748 7.18 722766 12.60 227825 6.50 36372 1.20 35106 2.54 28711 10.34 4873 5.80 650 2.87 625 4.40 3055 6.99

1.05 5.85 2.70 0.90 0.90 0.16 1.73 0.86 2.10 1.30 2.56 5.11 5.80 1.06 2.65 2.31 1.05 5.15 0.56 7.00 4.33 7.90 3.50 0.76 0.50 7.75 0.50 0.86 1.15 4.71

% Change 0.93 5-Day High 1,291.28 5-Day Low 1,211.70

2009 Div BR (%) (%) 4.5 5 20 10 16.5 10

High

8.50 2.90 0.93 15.45 2.30 22.00 21.60 167.35 59.00 4.85 37.30 2093.00 72.72 10.49 4045.11 2.75 3.84 7.48 8.55 392.26 1059.00 23.50 29.09 6.01 19.50 49.50 1100.00 8.55 59.00 86.60 63.28 6.50 74.00 5.34 1.21 6.78 9.69 1.70 38.37 3.99 6.90 1.58 45.00 7.32 2.60 11.26 1.00 28.89 2.99 3.65 47.00 5.26 48.03 93.70 73.00 10.00 23.25 135.00 20.95 132.99 49.30

9.50 3.05 1.10 14.99 2.60 21.50 22.65 160.00 61.95 5.00 37.98 2090.00 72.01 11.19 4117.99 2.35 3.25 8.25 8.74 399.99 1089.99 24.67 30.54 6.01 20.00 49.40 1100.00 8.90 59.99 86.15 62.00 7.25 73.49 5.82 1.89 7.78 9.45 2.36 40.28 3.85 6.80 1.26 47.20 8.00 2.79 12.26 1.05 29.30 3.00 2.70 47.90 5.71 50.40 93.99 76.65 9.00 22.12 135.00 21.59 130.00 51.76

Low

Close

9.50 3.05 1.05 14.99 2.50 21.50 22.50 160.00 60.00 5.00 37.98 1996.00 72.01 11.19 3916.04 2.35 3.25 8.25 8.72 393.00 1006.06 23.10 30.00 6.01 20.00 49.40 1100.00 8.30 56.05 86.00 62.00 6.00 73.49 4.34 1.20 7.78 9.45 1.75 38.00 3.85 6.80 1.26 47.20 7.47 2.55 12.26 1.02 29.30 3.00 2.70 47.90 5.64 50.40 93.99 76.65 9.00 22.12 135.00 21.59 130.00 50.50

9.50 3.05 1.05 14.99 2.50 21.50 22.50 160.00 60.00 5.00 37.98 2005.00 72.01 11.19 4069.99 2.35 3.25 8.25 8.72 398.07 1089.99 24.50 30.21 6.01 20.00 49.40 1100.00 8.70 56.71 86.12 62.00 6.00 73.49 5.12 1.20 7.78 9.45 2.06 39.14 3.85 6.80 1.26 47.20 7.47 2.55 12.26 1.05 29.30 3.00 2.70 47.90 5.64 50.40 93.99 76.65 9.00 22.12 135.00 21.59 130.00 50.50

Change

Vol

1.00 0.15 0.12 -0.46 0.20 -0.50 0.90 -7.35 1.00 0.15 0.68 -88.00 -0.71 0.70 24.88 -0.40 -0.59 0.77 0.17 5.81 30.99 1.00 1.12 0.00 0.50 -0.10 0.00 0.15 -2.29 -0.48 -1.28 -0.50 -0.51 -0.22 -0.01 1.00 -0.24 0.36 0.77 -0.14 -0.10 -0.32 2.20 0.15 -0.05 1.00 0.05 0.41 0.01 -0.95 0.90 0.38 2.37 0.29 3.65 -1.00 -1.13 0.00 0.64 -2.99 1.20

100 100 100 100 100 100 100 100 52 50 50 50 40 25 25 21 20 16 16 16 14 12 11 10 10 10 10 7 6 5 5 4 4 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

FUTURE CONTRACTS

Change 11.88 Market cap 18,941.33 mn Div Yield (%) 7.31

Last 60 days High Low

Open

-

2010 Div BR (%) (%) 18.5 2.2 0 1.2 5 17 11 21 3 5 10 2.8 15.5 18.6 10 20 10 3 1 17 5 12.5

-

Symbols

Open

NML-DEC

59.11

60.44

58.85

59.99

0.88

451000

NBP-DEC

71.45

71.29

High

70.55

Low

70.82

-0.63

385500

POL-DEC

292.97

294.90

289.10

289.51

-3.46

278500

AICL-DEC

84.32

88.53

84.98

87.94

3.62

257000

DGKC-DEC

30.80

31.30

30.67

31.10

0.30

248500

ANL-DEC

10.27

10.03

FFBL-DEC

9.94

Change

Vol

-0.24

185500

35.70

35.70

35.40

35.59

-0.11

107500

ENGRO-DEC 187.49

188.05

185.00

186.32

-1.17

MCB-DEC

218.59

219.45

216.80

216.99

-1.60

70000

UBL-DEC

64.50

67.35

65.10

66.08

1.58

68500

PPL-DEC

209.22

209.00

207.50

208.13

-1.09

42500

LUCK-DEC

10.15

Close

92500

75.16

75.60

75.05

75.13

-0.03

38500

FFC-DEC

116.99

118.25

116.99

118.20

1.21

25500

PSO-DEC

286.24

286.50

284.80

285.07

-1.17

19500

36.44

36.50

36.50

36.50

0.06

8500

NETSOL-DEC 18.90

18.90

18.90

18.90

0.00

4000

BOP-DEC

10.30

10.05

9.90

9.98

-0.32

3500

OGDC-DEC 166.04

166.00

165.60

165.60

-0.44

2000

22.89

22.89

22.89

0.89

500

HUBC-DEC

NCL-DEC

22.00

ZERO VOLUME Symbols

Open

High

Low

Close

ASIC

15.00

16.00

16.00

16.00

1.00

0.15

0.14

0.14

0.14

-0.01

0.00

260.00

259.00

259.00

259.00

-1.00

0.00

BILF

1.40

1.49

1.49

1.49

0.09

COTT

0.90

1.02

1.02

1.02

0.12

0.00

ESBL

2.75

2.74

2.74

2.74

-0.01

0.00

EWLA

3.50

3.22

3.22

3.22

-0.28

0.00

BAPLR BHAT

Change

Vol 0.00

0.00

FCIBL

3.70

3.25

3.25

3.25

-0.45

0.00

GVGL

37.50

37.40

37.40

37.40

-0.10

0.00

HMIM

0.95

0.89

0.89

0.89

-0.06

0.00

MLCFPS

4.98

4.89

4.89

4.89

-0.09

0.00

MQTM

7.75

7.80

7.80

7.80

0.05

MSCL

5.61

6.61

6.61

6.61

1.00

0.00

NATM

8.55

9.55

9.55

9.55

1.00

0.00

0.00

BOARD MEETINGS

Bank Alfalah Ltd

KSE 100 INDEX

Nishat Mills Ltd

Fauji Cement Co Ltd

Company

Date

Time

Adil Textile Mills Ltd Askari Bank Ltd. Fauji Fertiliser Bin Qasim Ltd

15-Dec 22-Dec 23-Dec

10:30 10:00 10:30

TECHNICAL LEVELS Company Al-Abbas Cement

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

Brokerage House

Leverage Position

77.01

Support 1

11,562.55

11,569.38

Support 2

11,528.40

MA (10-day)

11,449.37

Resistance 1

11,645.65

MA (100-day)

10,386.77

Resistance 2

11,694.65

*Arif Habib Ltd

13

10,191.11

Pivot

Index will continue to find its 1st support level at 11,562.55 and 2nd support level at 11,528.40.

Brokerage House

Accumulate

14.01

Positive

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

8.5

674.58 7,170.77 N/A 10.74

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

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

70.07 4.98 4.95 5.33

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

381.31 2,059.07 N/A 5.16

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

currently indicating that INDEX is currently in an overbought condition.

oscillators are currently bullish on BAFL.

reflect moderate flows of volume into INDEX (mildly bullish). Trend fore-

Dera Ghazi Khan Cement Co Ltd

Brokerage House

Fair Value

Rs Recommendations

currently indicating that FCCL is currently in an overbought condition.

Adamjee Insurance Co Ltd

Brokerage House

Fair Value

Brokerage House

42

Buy

AKD Securities Ltd

76

Accumulate

*Arif Habib Ltd

AKD Securities Ltd

43.29

Buy

TFD Research

88

Neutral

AKD Securities Ltd

TFD Research

36.85

Positive

*Arif Habib Ltd

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

61.42 30.57 26.66 26.90

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

182.55 5,671.82 45.59 30.86

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

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

73.56 82.57 75.36 89.09

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

74.22 6,502.65 19.08 86.10

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

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

(trending) and Bollinger Bands were 43 per cent narrower than normal.

casting oscillators are currently bullish on DGKC.

rently indicating that AICL is currently in an overbought condition.

84.95

82.30

89.35

91.15

86.70

Askari Bank

63.07

16.65

16.55

16.90

17.05

16.80

Azgard Nine

36.75

9.70

9.45

10.20

10.45

9.95

67.93

10.50

10.35

BankIslami Pak

48.07

3.15

3.10

3.35

3.45

3.25

Bank Of Punjab

56.71

9.85

9.70

10.20

10.40

10.05

Dewan Cement

65.66

2.30

2.15

2.75

3.05

2.60

DGK Cement

61.42

30.65

30.20

31.35

31.60

30.90

Dewan Salman

78.20

Dost Steels Ltd

59.01 60.63 50.32 50.92

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

175.80 10,521.63 83.63 59.46

3.25

3.00

10.85

3.85

11.05

4.20

10.70

3.60

52.29

2.85

2.80

3.05

3.20

3.00

42.15

41.40

44.30

45.75

43.55

EFU Life Assurance

46.89

76.25

75.05

79.40

81.35

78.20

Engro Chemical

56.54

184.65

183.95

Faysal Bank

48.87

14.60

14.50

Fauji Cement

70.07

4.95

4.55

5.65

5.95

5.25

Fauji Fert Bin

63.76

35.15

34.90

35.65

35.90

35.40

NML is currently 17.5 per cent above its 200-day moving average and is

Fauji Fertilizer

77.63

116.70

115.85

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

Habib Bank Ltd

70.37

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

Hub Power

63.48

36.25

35.95

erate flows of volume into NML (mildly bullish). Trend forecasting oscilla-

ICI Pakistan

68.81

138.40

137.85

139.65 140.30 139.10

Indus Motors

47.02

249.90

248.95

251.90 252.95 250.95

JOV and CO

47.96

3.80

3.75

4.00

4.05

Japan Power

69.65

1.90

1.75

2.15

2.25

JS Bank Ltd

47.64

2.55

2.45

2.70

2.75

2.60

Jah Siddiq Co

44.21

10.70

10.45

11.35

11.80

11.10

Kot Addu Power

56.78

39.90

39.65

40.50

40.80

40.20

K.E.S.C

78.22

2.95

2.85

3.20

3.40

3.10

Lotte Pakistan

78.27

13.45

13.25

13.75

13.85

13.55

Lucky Cement

50.46

74.40

74.00

75.30

75.90

74.95

MCB Bank Ltd

63.50

215.35

214.35

Maple Leaf Cement

68.72

3.05

2.90

3.35

3.45

3.15

National Bank

62.53

70.15

69.85

70.80

71.15

70.50

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

tors are currently bullish on NML.

Brokerage House

Fair Value

Rs Recommendations

72.5

Buy Accumulate

92.3

Positive

TFD Research

78.44

Positive

ing oscillators are currently bullish on NBP.

73.56

Bank Alfalah

56.82

Technical Outlook

AICL is currently 1.7 per cent below its 200-day moving average and is dis- NBP is currently 4.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely low when compared to average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into AICL (mildly bullish). Trend forecastreflect moderate flows of volume into DGKC (mildly bullish). Trend fore- ing oscillators are currently bullish on AICL. Momentum oscillator is cur- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast-

25.95

Adamjee Insurance

Positive

AKD Securities Ltd

DGKC is currently 15.5 per cent above its 200-day moving average and is

24.10

27.10

326.40 327.95 325.45

Neutral

and Bollinger Bands were 6 per cent wider than normal.

24.70

26.75

123.00 124.35 121.65

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

81.29 62.64 56.08 56.96

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

306.04 20,290.78 2.34 65.30

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

115.20

114.40

186.15 186.90 185.40 14.90

15.05

14.75

118.30 119.10 117.45 117.25 118.55 116.45 36.70

36.85

36.40

3.90 2.00

218.05 219.75 217.05

Nishat (Chunian)

44.69

21.40

21.25

21.85

22.10

21.65

Netsol Technologies

45.08

18.45

18.15

19.05

19.40

18.80

NIB Bank

62.57

3.05

3.00

3.15

3.25

Nimir Ind.Chemical

86.22

2.35

2.10

2.80

3.00

2.55

Nishat Mills

59.01

58.85

57.85

60.65

61.45

59.65

Oil & Gas Dev. XD

61.05

165.10

164.45

PACE (Pakistan) Ltd.

64.52

3.05

3.00

3.20

3.30

3.15

Pervez Ahmed Sec

53.70

2.20

2.15

2.35

2.40

2.25

PIAC (A)

65.13

2.35

2.25

2.55

2.65

2.45

Pioneer Cement

43.24

7.10

7.00

7.20

7.30

7.15

Pak Oilfields

69.58

285.90

283.65

292.05 295.90 289.80

Pak Petroleum

66.97

205.95

204.65

208.75 210.20 207.45

Pak Suzuki

28.08

68.85

68.15

PSO XD

53.45

282.45

281.30

PTCLA

48.04

19.15

19.10

3.10

166.70 167.65 166.05

70.35

71.15

69.65

285.40 287.30 284.30 19.30

19.35

19.20

Shell Pakistan

55.53

198.85

197.90

Bollinger Bands were 88 per cent wider than normal.

Sui North Gas

32.45

26.85

26.65

27.30

27.65

27.15

UBL is currently 16.4 per cent above its 200-day moving average and is

Sitara Peroxide

55.46

13.20

13.05

13.65

13.90

13.45

displaying an upward trend. Volatility is extremely high when compared to

Sui South Gas

28.83

19.95

19.70

20.50

20.80

20.25

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

Telecard

63.11

2.45

2.35

2.65

2.75

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

TRG Pakistan

36.92

3.70

3.60

3.90

4.05

3.85

oscillators are currently bullish on UBL. Momentum oscillator is currently

United Bank Ltd

81.29

64.70

63.05

67.30

68.35

65.70

indicating that UBL is currently in an overbought condition.

WorldCall Tele

77.10

3.10

3.00

3.30

3.40

3.20

DGKC closed up 0.39 at 31.07. Volume was 18 per cent below average AICL closed up 3.35 at 87.61. Volume was 377 per cent above average NBP closed down -0.53 at 70.46. Volume was 21 per cent below average UBL closed up 2.26 at 66.30. Volume was 74 per cent above average and and Bollinger Bands were 26 per cent wider than normal.

24.35

24.75

118.90

61.96

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

23.50

25.55

322.95

*Arif Habib Ltd

318.44 22,437.58 136.58 70.61

23.75

49.94

120.25

Buy

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

40.36

Arif Habib Limited

323.90

82.1

62.53 69.07 66.26 69.55

63.10

Arif Habib Corp

55.28

United Bank Ltd

Leverage Position

64.80

64.65

56.08

Rs Recommendations

Technical Analysis

65.75

63.80

EFU General Insurance 40.44

Technical Outlook

Leverage Position

65.15

61.55

Attock Refinery

Fair Value

TFD Research

Technical Outlook

Technical Outlook

63.85

62.30

Attock Petroleum

Technical Analysis

National Bank of Pakistan

Rs Recommendations

64.20

50.64

Buy

BAFL closed down -0.24 at 10.63. Volume was 346 per cent above aver- FCCL closed up 0.51 at 5.40. Volume was 1,599 per cent above average NML closed up 0.95 at 59.85. Volume was 1 per cent above average and age (trending) and Bollinger Bands were 11 per cent wider than normal. (trending) and Bollinger Bands were 31 per cent narrower than normal. Bollinger Bands were 34 per cent wider than normal.

casting oscillators are currently bullish on INDEX. Momentum oscillator is

age and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators

79.59

Attock Cement

59.97 74.2

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

Allied Bank Limited

Rs Recommendations

Technical Outlook

Leverage Position

1st 2nd Pivot Resistance 3.80 3.90 3.65

Fair Value

AKD Securities Ltd

Positive

BAFL is currently 7.6 per cent above its 200-day moving average and is FCCL is currently 1.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is extremely high when compared to to the average volatility over the last 10 trading sessions. Volume indicathe average volatility over the last 10 trading sessions. Volume indicators tors reflect moderate flows of volume into FCCL (mildly bullish). Trend forereflect very strong flows of volume into BAFL (bullish). Trend forecasting casting oscillators are currently bearish on FCCL. Momentum oscillator is

KSE 100 INDEX is currently 13.8 per cent above its 200-day moving aver-

Brokerage House

Technical Outlook

Leverage Position

67.93 10.12 9.06 9.88

Rs Recommendations

TFD Research

Technical Outlook Technical Analysis

Fair Value

TFD Research

10.25

11,611.55

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

Buy

TFD Research

KSE 100 INDEX closed down -23.47 points at 11,596.69. Volume was 43

resistance level at 11,645.65 and 2nd resistance level at 11,694.65, while

Rs Recommendations

AKD Securities Ltd

RSI (14-day) MA (10-day) MA (100-day) per cent above average and Bollinger Bands were 25 per cent wider than MA (200-day) MA (200-day)

Fair Value

RSI 1st 2nd (14-day) Support 66.86 3.55 3.40

200.35 200.90 199.40

2.55


8

Tuesday, December 14, 2010

Mobilink gives “Jazba� to youth Staff Reporter

ISLAMABAD: Shaikh Abdul Hai Service Representative Samsung Electronics, Inam ul Haq National Manager Customer Support, Asif Javed Senior Manager, and Arslan Amjad Assistant Manager Customer Support inaugurating the Samsung Mobile Service Centre in Rawalpindi.-Staff Photo

Smarter, shooting iPads due shortly LONDON: Apple Inc is working on a smaller iPad tablet with built-in cameras that could ship early next year, according to manufacturers in Asia. The launch of a new, smaller iPad would expand the iPhone and Macintosh computer maker's portfolio of tablet gadgets that has made waves across the global technology landscape and threatens the laptop market. Makers of parts of the new iPad are gearing up for a new round of production in the first quarter, these sources said on Friday. "Having different sizes expands the market and makes it appeal to more people," said Kaufman Bros analyst Shaw Wu.

Ufone cuts call rates low Staff Reporter KARACHI: Ufone has once again taken the industry by storm by offering the lowest call rate for a 20 second pulse package in the history of Pakistan. Akbar Khan Chief Marketing Officer Ufone said that Bachat Offer has been designed to ensure our valued customers can remain in touch all the time. With a general increase in prices for almost everything in our daily lives it has become essential for all to watch our expenses. This package is the most pocket friendly package till date and our 20 second billing allows our customers to have complete control over their calls and expenses. Ufone always has and always will step up to give the best value to our customers.

A smaller iPad would be a departure as Apple Chief Executive Steve Jobs has publicly rejected the idea of such a device in October. Wu said that while Jobs has a history of throwing Apple watchers off the scent of a good rumor -- most famously when he derided the idea of iPods that play videos -- Apple has also worked on many prototypes that never see the light of day. Apple's iPad resurrected the market for tablet computers since its introduction in January, with nearly 13 million units expected to ship this year. That total could almost triple next year, providing a much-needed boost for a global technology sector struggling with patchy

demand. Touchscreen chip designer Wintek Corp, battery maker Simplo Technology Co Ltd and AVY Precision, a privately held maker of covers for electronic products, are among suppliers for the next batch of iPads, four people familiar with the situation said. Two sources said the suppliers were preparing for a new round of production in the first quarter for components previously supplied for the original iPad, while two other sources said they were ramping up for a new iPad. In October, Jobs dismissed the idea of a 7-inch iPad, saying the screen would be "too small to express the software."-Reuters

ISLAMABAD: Mobilink launched its new package "Jazba" on Jazz with the freedom to make subsidised calls all day and enjoying unmatched "On-net" and "OffNet" rates, said a handout issued here. "Jazba" brings a multitude of superior offerings encased in one simple package surpassing all previous packages and promos available in the cellular industry of Pakistan. Jazba is also enriched with high value Bundle-offers to suit the communication needs of the subscriber. Mobilink's vice-president Marketing, Bilal Munir Sheikh said; "We have launched "Such Jazba" to deliver power-packed communication for the Pakistani youth. The launch of this package by Mobilink Jazz signifies the importance of this segment, which is vibrant and has unique needs to fulfill their communication needs. Jazba fills that need and allows our young Pakistanis the freedom to communicate with their friends and family conveniently and with ease. Also keeping in mind thee limited pockets of our youth segment the value added services and bundles make this the ideal connection for our youth today!"

PTCL to now give bill-wake-up-calls ISLAMABAD: Pakistan Telecommunication Company Ltd (PTCL) has introduced a unique "Bill Alert Service" for the facilitation of its landline and wireless postpaid customers. The newly introduced service has been launched to facilitate the customers and save them from any hassle of additional surcharge in case of late depositing of bill. With this service PTCL customers will be informed about their total bill amount and due date of payment through an SMS alert on 10th and 17th of each month so that they can deposit their bill on time, said a press release issued here. Customers can subscribe to this service free of any charge on PTCL order helpline by getting their active cell number updated in the profile on which they want SMS Alert. The added advantage is that customers can also deposit their bill in any

PTCL One Stop shop by showing this SMS. SEVP Commercial Naveed Saeed on the launch of this unique service said, that it's a great pleasure for PTCL to provide our customers with Bill Alert service. He further added that in this contemporary era our schedules have become so hectic that, at times, we tend to forget or delay things of prime importance. Depositing of our bill is one such thing. We at PTCL, have introduced this unique Bill Alert service to give our customers reminders through SMS to save our customers from any inconvenience as a result of late or no deposition of their bills. The SMS alerts on the 10th to 17th of each month would act like an additional aid in remembering to pay their bills on time so that they can keep on availing the best telecom network in Pakistan.-APP

India’s 69 telcos maybe dislicensed NEW DELHI: India's telecoms regulator has recommended cancelling 69 telecom licences, the government said here, confirming earlier media reports in a case running parallel to an investigation into one of the biggest corruption scandals to hit India this year. The regulator has recommended cancelling 38 licences of companies including the Indian joint ventures of Telenor, Sistema and Etisalat's for failing to meet network rollout requirements, the government said. The Telecom Regulatory Authority of India (TRAI) also recommended cancelling 31 other licences "after legal examination" junior telecoms minister Sachin Pilot said in a written reply to a question from a lawmaker. The TRAI's recommendations are not binding, but the telecoms ministry has said it would send notices to companies that have been named by the regulator, asking them to defend their licences. The case, which revolves around

the sale of telecom licences at low prices, has led to the resignation of India's telecoms minister, and, according to an official audit, has possibly lost the state $39 billion in revenue. It has also frozen the country's parliament for nearly a month as opposition parties have demanded a full parliamentary investigation. The Indian government has decided to set up a one-man committee of former Supreme Court judge Shivaraj Patil to examine the allocation of licences and spectrum from 2001 to 2009, Telecom Minister Kapil Sibal said on Thursday. A government auditor said in its recent report that licences were given too cheaply and 85 licence holders were ineligible to get them as they had suppressed facts and submitted false documents. Sibal said his ministry would send notices to all the companies by the end of this week, asking them to explain why their licences should not be cancelled. He had earlier said there

were 119 licensees who have not met rollout requirements. Telecoms licensees in India are required to cover 90 percent of the service area in metro cities and 10 percent of the main town in other parts within the first year. The cancellation recommendations include 10 licences held by Sistema Shyam Teleservices, eight of Telenor's India joint venture called Uninor, 14 of Loop Telecom, four of Aircel and two of Etisalat DB Telecom. The 31 licences which the regulator wants cancelled after a legal examination include 13 held by Etisalat DB, 10 of Videocon Telecommunications, six of Loop Telecom and one each of Aircel and Sistema Shyam. Last month, a source with direct knowledge had told Reuters that the regulator had recommended cancelling 38 licences for not complying with rollout requirements, and to legally examine 31 other licences which had "just met" them.-Reuters

PTA in Global Mobile Awards ISLAMABAD: Pakistan Telecommunication Authority (PTA) has entered the race of Global Mobile Awards 2011. Organised by GSM Association, the event is called the Oscars of mobile phones and telecommunication industry worldwide. The telecom authority has submitted its nomination recently for the category of Outstanding Achievement Awards including Best GSMA Chairman's Award and Government Leadership Award, a website relating to telecom news reported. Quoting official sources, it reported that this will be the 16th Annual Global Mobile Awards contest offering nine categories and 22 titles. It will be held on February 15 in Barcelona, Spain as part of the GSMA Mobile World Congress to be continued from February 14 to 17, the main international event to be organised to help new business models evolve, adapt, new verticals and players emerge, cutting edge technologies come to fore, perceptions shift, and human lives improve. It is the must-attend annual

gathering of the mobile industry in which 50,000 senior mobile leaders from 200 countries will participate. PTA top brass seems confident to win the contest since it has won two titles recently. Pakistan Telecommunication Authority and its Chief were awarded the titles of Best Most Progressive Telecom Regulator in South Asia of the year, and Best Telecom Regulatory Leader of the Year by South Asian, Middle Eastern and North African (SAMENA) Telecommunication Council. It merits mentioning that GSMA Awards 2011 uniquely offers organisations across the global mobile eco-system the opportunity to showcase the latest mobile products, services and initiatives to the world. The Awards are open to all eligible mobile companies and supporters of the mobile ecosystem - GSMA Members, Associate Members and Nonmembers. The presentation of the awards takes place during Mobile World Congress --the largest and leading mobile industry event globally-- held annually in Barcelona.-APP

India's Reliance launches 3G MUMBAI: India's Reliance Communications on Monday launched third-generation (3G) mobile phone services in four cities, and said it will cover 13 telecoms zones by March next year. Shares in India's No. 2 mobile carrier, valued at about $6 billion, rose as much as 2.5 per cent after the announcement, as investors hoped the new service would boost the company's earnings potential. The third-generation (3G) services will facilitate faster Internet on mobile phones and help operators grow their data revenue in a market where voice calls account for close to 90 per cent of companies' revenue. "Non-voice revenue should go up to 30 per cent for the industry in the years to come. We should be at the higher end of this," Syed Safawi, chief executive of Reliance Communications' wireless business, said at a media briefing. Non-voice revenue contributes "higher than 12-13 per cent" currently, he said, but declined to give an exact proportion. The company will offer 3G service plans starting from 199 rupees ($4.4) a month to 2,499 rupees a month, he added. Reliance Comm, controlled by billionaire Anil Ambani, spent $1.9 billion in winning 3G radio airwaves for 13 of India's 22 telecoms zones in an auction this year, which saw bids coming far higher than expected.-Reuters


9

Tuesday, December 14, 2010

Oil jumps after OPEC output rollover; eyes on China

European vegetable oil prices

OPEC keeps output targets, wants prices at $70 to $80/bbl

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil prices at 22:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1065.00+20.00, May11/Jul11 1060.00+25.00, Aug11/Oct11 980.00+10.00, Nov11/Jan12 975.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1465.00+20.00, Feb11/Mar11 1445.00+10.00, Apr11/Jun11 1415.00+20.00, Jul11/Sep11 1430.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1350.00+15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1245.00+25.00, Jan11 1252.50+27.50, Feb11/Mar11 1237.50+30.00, Apr11/Jun11 1200.00+15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11 1267.50, Feb11/Mar11 1260.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11 1222.50+32.50, Feb11/Mar11 1215.00+30.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1232.50+32.50, Feb11/Mar11 1225.00+30.00, Apr11/Jun11 1190.00+30.00, Jul11/Sep11 1160.00. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1172.50+22.50, Feb11 1172.50+27.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1032.50+12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1775.00+100.00, Jan11/Feb11 1775.00+105.00, Feb11/Mar11 1775.00+105.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters

LONDON: Oil rose more than a dollar on Monday in line with other commodities on strong economic data out of China and after OPEC agreed to keep its production targets unchanged. The Organization of the Petroleum Exporting Countries decided on Saturday, as expected, to maintain its production policy and leading member Saudi Arabia said it still favoured oil prices between $70 and $80 per barrel. Optimism among investors was boosted by data from China's National Bureau of Statistics showing industrial output in November topped expectations, while headline inflation rose to a 28-month high to 5.1 per cent. "It's not just oil (that is strong) it is the entire commodities spectrum," said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt, as Tokyo rubber futures and London copper hit historic highs, while gold also rose. US crude for January rose $1.30 to $89.09 a barrel by 1433 GMT. ICE Brent jumped

$1.82 to a high of $92.30. The dollar fell by around 0.45 per cent against a basket of currencies. Bullish sentiment was underlined by oil price hawk Venezuela, which called at the OPEC meeting for $100 oil and said OPEC should not lift output again through the end of 2011.

Prices have also been supported by unseasonably cold weather in Europe, the United States and parts of East Asia leading to higher than normal energy consumption for this time of year. In a note to clients, Barclays Capital said "a June meeting effectively gives the market the green light for the tilt at $100 and beyond" referring to OPEC's decision not to reconvene earlier next year. Expectations of higher oil prices have drawn investors into US crude oil futures also known as West Texas Intermediate, data from the

Commodity Futures Trading Commission shows. Speculators raised their net long positions in US crude futures to a record high in the seven days to Dec. 7, the day prices hit $90 a barrel for the first time in over two years. Several reports, including one from the International Energy Agency last week raising its 2011 oil demand growth forecast, have indicated that fundamentals are strong, with oil stocks beginning to fall from historically high levels. But markets are worried that much of the strength in commodities stems from China, where high inflation is pointing to a rise in interest rates. Traders are watching closely for any policy moves that would dampen demand in the world's number one energy consumer. China's implied oil demand in November rose 13.7 per cent from a year earlier to a record of nearly 9.3 million barrels per day, Reuters calculations based on preliminary official data showed on Monday. -Reuters

Tokyo rubber hits record high; Shanghai limits up SINGAPORE: The most active rubber contract on the Tokyo Commodity Exchange surged to a record on Monday on fund buying driven by tight supply in producing countries and rising imports from top consumer China. TOCOM's May rubber contract hit a high at 396.4 yen a kg before settling at 395.5 yen, up 13.6 yen from previous settlement. The previous record was 388.9 yen a kg hit in 1980. The most active May Shanghai rubber futures ended limit up at 35,320 yuan a tonne to track rallies on Tokyo futures. Fourth-month Shanghai rub-

ber is expected to rise over the next four weeks to 38,915 yuan per tonne, a high touched on Nov. 11, based on its wave pattern, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. Sixth month Tokyo rubber is expected to climb to 450 yen per kg over the next four weeks, based on its wave pattern. Tight supply in Indonesia, the world's second-largest rubber producer after Thailand, delayed the shipment of at least 10,000 tonnes of rubber for nearby delivery, boosting chances of a further rally in Tokyo futures, dealers said.

"Rainfall is still very high in the northern part of Sumatra," said a dealer in Indonesia's main growing island. "Normally, when it rains in the north, it's dry in the south, but these days, it also rains there which disrupt tapping." China imported 1.68 million tonnes of natural rubber from January to November 2010, an increase of 9.9 per cent from the same period last year, according to preliminary data. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.9 per cent from a week earlier, the exchange said on Friday. -Reuters

Copper hits record highs on China, fundamentals LONDON: Copper hit successive record highs on Monday, boosted by economic prospects for top consumer China, and supply concerns that could propel prices even higher. Benchmark copper on the London Metal Exchange finished at $9,220, from $8,980 at the close on Friday. The metal used in power and construction earlier peaked at $9,235.25 a tonne. Copper's gains also boosted other metals, with nickel and lead edging to onemonth highs. "Obviously the China outlook is helping copper, but more than a general story it's very much a (fundamental) copper story," said BNP Paribas analyst Stephen Briggs. Base metals have reacted positively to Chinese import data out last week and the fact Beijing has not raised interest rates despite climbing inflation. Investors have been watching closely for any policy moves that would dampen demand in the world's top copper consumer. Import data from China, which last week showed strong numbers after a slump in October and the launch of physically-backed exchange-traded products (ETPs) on Friday have raised expectations for demand but also worries over potential

price distortions. These factors, against a mine supply shortfall could propel the metal to new peaks in the months ahead, analysts say.

Shanghai copper rises Shanghai copper closed 1,160 yuan higher at 68,480 yuan. Shanghai copper was expected to rise to 69,690 yuan as it had broken resistance at 67,620 yuan, according to Reuters market analyst Wang Tao. At the end of the second day of trade, shares in ETF Securities' physical copper ETP ended at $46.4. ETFS physical nickel prices closed at $122.14 while the tin ETP finished at $129.15 per share. Investor demand is seen as one driver behind metals prices, sucking up available copper supply in particular. These worries have pushed the metal into a $47 a tonne backwardation -- premium for cash material over the threemonth contract -- compared with a discount of $20 a tonne in late October.

Investors also eyed a dominant position controlling between 50 and 80 per cent of cash warrants for copper, subject to LME lending guidance. There was also a dominant position of 50-80 per cent on nickel. In zinc LME stocks, a large warranting of 25,875 tonnes was registered in New Orleans, helping boost total inventories by 25,650 tonnes net to 656,375 tonnes, the highest in six years. Zinc wound up at $2,320 from $2,274 a tonne. Zinc's cash discount to three months contract reached almost parity on Friday, signifying a lack of available inventory, although it has since slipped a little. Aluminium ended at $2,330 versus Friday's close of $2,308 a tonne. Stainless steel-making ingredient nickel closed over two per cent higher at $24,530 from $23,980 a tonne, having hit its highest in one month at $24,672. Tin traded at $26,150 from $25,800 a tonne. Battery material lead ended at $2,440 versus $2,390 a tonne, having also edged to a one-month top of $2,451. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 10 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1320

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 10 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

2265 2275 2220 2230 2170 2180 2170 2180

2315 2316 2324 2325 2382 2387 2407 2412

9115 9116 9065 9069 8755 8765 8310 8320

2399 2402 2410 2415 2367 2372 2325 2330

23680 23685 23750 23755 23250 23350 22600 22700

TIN

26270 26275 26275 26300 25875 25925

ZINC NASAAC

2287 2289 2287 2288 2322 2327 2297 2302

2275 2280 2275 2280 2290 2300 2345 2355

Indian sugar drops on poor demand MUMBAI: India's spot sugar fell on Monday due to poor demand and as cane crushing gained momentum, though hopes the government will allow exports of the sweetener before this month-end restricted the downside, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety fell by 0.74 per cent to 2,800 rupees ($62) per 100 kg. "Demand was weak from bulk buyers. Supply situation is improving as cane crushing has gained momentum in Maharashtra and Uttar Pradesh," said a dealer based in Kolhapur. "Pries will remain steady at current levels in next few sessions despite weak demand. Overseas markets are firm and millers are expecting the government to allow exports by December-end," the dealer said. India, the world's No. 2 sugar producer after Brazil, could approve "open general licence" sugar exports in three tranches of 500,000 tonnes each in December, January and February, a senior industry official told Reuters last month. Reuters

PHNOM PENH - CAMBODIA: Farmers cut rice in a field in Cambodia's Kampong Speu province, some 60 km south of Phnom Penh. -Agencies

ICE coffee, Gold gains as dlr weakens, focus on yields sugar surge LONDON: Gold extended gains above $1,390 an ounce in Europe on Monday as the dollar surrendered early gains against the euro, and as last week's price dip of more than 2 per cent brought physical buyers back to the market. Concern over the outlook for the euro-zone is also lending support to gold, which is often seen as an alternative investment

of losses. US Treasuries prices fell for a second day on Monday, putting 10-year yields on track for their largest monthly gain in a year. Gold also remains well supported near $1,400 an ounce by ongoing concerns over the health of the euro-zone. For now, gold's retreat from record high has unleashed a fresh wave of consumer demand from

to stocks, bonds and currencies which can become volatile in times of market turbulence. Gold hit a record high at $1,430.95 an ounce last Tuesday but quickly surrendered gains to end the week down 2.2 per cent. Spot gold was bid at $1,397.15 an ounce at 1535 GMT, against $1,383.15 late in New York on Friday. US gold futures for December delivery rose $13.10 an ounce to $1,398.00. "As long as the US dollar remains weak, (the environment) is favourable," said Peter Fertig, a consultant with Quantitative Commodity Research. The precious metal extended early gains as the euro moved back into positive territory against the dollar, rising 1.0 per cent after five straight sessions

jewellers and physical investors, analysts said. On the investment side of the gold market, holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, declined by a further 3.95 tonnes on Friday. The trust saw outflows of 8.2 tonnes of metal last week, or 0.6 per cent of its total gold holdings, its biggest one-week outflow since early October. It is still the world's sixth-largest holder of gold, ahead of Switzerland and Japan. Elsewhere, silver was at $29.59 an ounce against $28.55, platinum was at $1,698.99 an ounce versus $1,665.10, and palladium was at $761.22 versus $728.28. -Reuters

as dlr slips

NEW YORK/LONDON: ICE arabica coffee and sugar futures surged on Monday as the dollar surrendered early gains against the euro, while cocoa rose in cautious, choppy trade with a focus on supply risks from Ivory Coast. In arabica coffee, buyers piled in at 2.1260-2.13 cents a lb and dealers noted a lack of origin selling. ICE March arabicas were up 6.85 cent or 3.3 per cent at $2.1645 per lb at 1626 GMT, while Liffe March robusta coffee futures were up $27 or 1.4 per cent at $1,935 a tonne in modest volume of 4,043 lots. Arabica coffee futures were supported by concerns over tight availability of high-quality beans, dealers said. Sugar futures extended early gains on investor buying as the euro moved back into positive territory against the dollar. An uncertain outlook for output and exports from India, the world's second-largest producer, also underpinned the market. ICE March raw sugar was up 0.91 cent or 3.1 per cent at 30.04 cents a lb at 1628 GMT, while Liffe March white sugar was up $32.30 or 4.5 per cent to $754.80 per tonne in modest volume of 2,591 lots. March cocoa futures on ICE were up $22 or 0.8 per cent at $2,909 a tonne at 1631 GMT, while Liffe March futures were up 15 pounds or 0.8 per cent at 1,914 pounds a tonne in reasonable volume of 12,584 lots. -Reuters

Palm at 30-mth highs on weather concerns, China KUALA LUMPUR: Malaysian palm oil futures hit a 30-month high on Monday, bolstered by concerns over supply tightness during the monsoon season and a firmer Chinese soyoil market. "Production is going to fall in December, as output has been sizing down due to heavy rains that started two months ago," said a trader with foreign brokerage in Kuala Lumpur. The benchmark February 2011 crude palm oil contract was up 2.5 per cent at 3,722 ringgit ($1,187.999) per tonne, after touching a high of 3,736 ringgit -- a level unseen since June 2008. Overall traded volume more

than doubled to 26,915 lots of 25 tonnes each, compared to the usual 10,000 lots. "Today's strength is a continuation from last Friday after Malaysian Palm Oil Board data showed lower opening stocks in December, and investors worried opening stocks would be low in January as well," said another trader. Industry regulator, the Malaysian Palm Oil Board, reported November palm oil stocks fell 8.7 per cent to their lowest in four months as resilient export demand chased weaker production. A Reuters technical analysis showed Malaysian palm oil may

rise further to 3,700 ringgit per tonne as its uptrend continues to develop and an anticipated correction did not occur. China's most active September 2011 soyoil on the Dalian Commodity Exchange jumped 2 per cent to a onemonth high and lifted Malaysian palm oil prices in Asian trade hours. On Friday, China's central bank raised lenders' reserve requirements for the third time in a month to mop up some of the excess cash in the economy that is driving prices higher. US soyoil for December delivery rose 1.1 per cent in Asian trade. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

13-Dec-2010 CRUDE100 13-Dec-2010 CRUDE100 13-Dec-2010 CRUDE100 13-Dec-2010 SILVER - SL500 13-Dec-2010 SILVER - SL500 13-Dec-2010 GOLD 01oz 13-Dec-2010 GOLD 01oz 13-Dec-2010 GOLD 01oz 13-Dec-2010 GOLD 100oz 13-Dec-2010 GOLD 100oz 13-Dec-2010 GOLD 100oz 13-Dec-2010 GOLD 13-Dec-2010 GOLD 13-Dec-2010 GOLD 13-Dec-2010 KILOGOLD 13-Dec-2010 KILOGOLD 13-Dec-2010 TOLAGOLD50 13-Dec-2010 TOLAGOLD100 13-Dec-2010 MINIGOLD 13-Dec-2010 MINIGOLD 13-Dec-2010 MINIGOLD 13-Dec-2010 MINIGOLD 13-Dec-2010 MINIGOLD 13-Dec-2010 TOLAGOLD 13-Dec-2010 TOLAGOLD 13-Dec-2010 TOLAGOLD 13-Dec-2010 TOLAGOLD 13-Dec-2010 TOLAGOLD 13-Dec-2010 IRRI6W 13-Dec-2010 RICEIRRI - 6 13-Dec-2010 RBD PALMOLEIN 13-Dec-2010 KIBOR3M 13-Dec-2010 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 16DE10 DE10 DE10 10-Dec 11-Mar

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

88.71 89.15 89.00 28.65 28.74 1388.10 1388.80 1389.00 1388.50 1386.90 1390.00 38196.00 38232.00 38332.00 38279.00 38290.00 44660.00 44660.00 39344.00 39386.00 39400.00 39414.00 39428.00 45275.00 44987.00 45071.00 45038.00 45164.00 2402.00 3306.00 4909.00 86.52 85.51

89.11 89.60 90.10 29.49 29.41 1393.50 1394.00 1395.00 1391.80 1394.00 1392.20 38382.00 38409.00 38408.00 38355.00 38355.00 44749.00 44749.00 39476.00 39423.00 39436.00 39449.00 39463.00 45378.00 45317.00 45332.00 45348.00 45376.00 2402.00 3306.00 4978.00 86.52 86.05

87.20 87.70 89.00 28.06 28.74 1372.70 1373.00 1374.00 1388.50 1378.00 1390.00 37850.00 37900.00 38332.00 38279.00 38290.00 44660.00 44660.00 39344.00 39386.00 39400.00 39414.00 39428.00 45226.00 44987.00 45071.00 45038.00 44944.00 3303.00 3302.00 4909.00 86.46 85.51

89.09 89.60 90.10 29.40 29.41 1391.80 1392.20 1393.30 1391.80 1392.20 1392.20 38382.00 38394.00 38408.00 38355.00 38355.00 44749.00 44749.00 39476.00 39423.00 39436.00 39449.00 39463.00 45378.00 45317.00 45332.00 45348.00 45363.00 3303.00 3302.00 4978.00 86.46 86.05

Traded Volume in lots 174 117 1 176 1,257 1,910 2,993 32 28 17 1 4 1 1 6 -

Previous Settlement Price 88.08 88.59 89.08 28.87 28.88 1385.80 1386.30 1387.30 1385.80 1386.30 1387.30 38220.00 38231.00 38245.00 38192.00 38203.00 44560.00 44560.00 39313.00 39258.00 39272.00 39286.00 39300.00 45189.00 45125.00 45141.00 45157.00 45173.00 3307.00 3306.00 4909.00 86.52 86.01

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 89.09 70 89.60 50 90.10 1 29.40 73 29.41 1391.80 681 1392.20 709 1393.30 882 1391.80 1392.20 5 1393.30 38382.00 8 38394.00 35 38408.00 38355.00 38366.00 44749.00 44749.00 39476.00 39423.00 39436.00 39449.00 39463.00 45378.00 1 45317.00 16 45332.00 3 45348.00 1 45363.00 9 3303.00 3302.00 4978.00 86.46 86.05 -


Eagles receiver Hall misses catch as he is defended by Cowboys cornerback in NFL game

10

Tuesday, December 14, 2010

I want to quit Man City: Tevez LONDON: Manchester City striker Carlos Tevez said on Sunday he wanted to leave the English Premier League highflyers as his relationship with "certain executives and individuals" at the club "has broken down beyond repair". But City captain Tevez, in a statement issued by his agent Kia Joorabchian, stressed he had "no personal issue" with manager Roberto Mancini despite their seemingly fractious relationship, and thanked owner Sheikh Mansour for his "understanding and support". It is understood that one of the people Tevez, who is reportedly homesick and looking for a move back to Argentina where his two daughters live, has fallen out with at Eastlands is City chief executive Garry Cook. Earlier on Sunday, City confirmed they had rejected a transfer request from the Argentina striker, who has scored 33 goals in 50 Premier League games since joining from arch-rivals Manchester United before the start of last season and who is not due to leave Eastlands until 2014. However, Tevez appeared intent on departing, saying in his statement: "I can confirm I have handed a transfer request to the chairman of Manchester City Football Club. "My feelings have not changed and it is regrettable that we have reached this situation," added the 26-year-old, who missed City's 3-1 win over bottom of the table West Ham on Saturday through suspension.-Agencies

Nepal Blind cricketers to visit Pak ISLAMABAD: Nepal Blind Cricket team will arrive in Pakistan on December 16 to play five matches against different blind cricket teams of the country. According to an official of the Pakistan Blind Cricket Council, Nepal will play their first match against Lahore blind team in Lahore on December 18. Their second match will be against Faisalabad team on December 20 and third match against Mirpur AJK team on December 22. They will play their last two matches against Islamabad team on December 23 and 24.-APP

Leghari clinches Governor’s Cup Golf LAHORE: Muhammad Leghari of Royal Palm with an aggregate score of 213, net (74+68+71) emerged as titled winner of the 27th Millat Governor's Cup Golf Tournament here at Gymkhana Golf Course Sunday. Punjab Governor Salmaan Tasser was the Chief Guest and distributed prizes among the winners. Salman Taseer said this was a great day for him because he had completed a hatrick of being the chief guest at the Governor's Cup Golf Championship. Mian Misbah Rahman, Chairman Lahore Gymkhana, Mian Ahsan Saeed, Convenor Golf, Sardar Murad, Captain Golf were also present. In his concluding address, Sikandar Mustafa Khan, Chairman Millat Tractors promised to keep up promotion of golf through this prestigious event. He stated that this was the 18th time that Millat Tractors had sponsored this event.-APP

WC share without hosting any match

PCB set to earn $16mn KARACHI: Pakistan may not be hosting any match of the 2011 World Cup but the country' Cricket Board would still be richer by $15 million to $17 million from the tournament. Sources told PTI that the PCB have confirmed that the International Cricket Council (ICC) and the three host nations of the World Cup -India, Sri Lanka and Bangladesh -- have assured Pakistan it would get its share of hosting fees, sponsorship and ticket revenue earnings from the matches it was supposed to host. Pakistan was given 14 matches including a semifinal of the World Cup but after militants attacked the Sri Lankan team in Lahore last year, the ICC shifted the games to other three host countries. "But despite the disappoint-

ment of not being part of the World Cup as hosts Pakistan has been reassured it would get the hosting fees of the 14 matches plus part of the sponsorship and ticker sale revenues earned from these matches wherever they are hosted," one source said. He said, in the recent executive board meeting, the new President of the ICC Sharad Pawar had assured PCB Chairman Ijaz Butt that Pakistan would benefit financially from the World Cup. Since the attack on the Sri Lankan team, Pakistan has been forced to play all its home series at neutral venues because of the volatile security situation in the country. But the source said despite playing at neutral venues the PCB had still earned profits from its "home" series played in the UAE, New Zealand and

in England in the last two years. "Ijaz Butt has been lobbying effectively to ensure that Pakistan still retains the title of hosting rights of the matches moved from Pakistan ensuring the PCB does not lose out on the hosting fees paid to countries by the ICC for the World Cup matches," the source said. The source said besides getting a hosting fees of $10.5 million, the ICC and other host countries will also pay the PCB additional compensation for the loss of hosting rights. The PCB had initiated legal proceedings against the ICC after it moved away the World Cup matches from Pakistan last year but both parties settled their dispute and reached an agreement on payment of hosting fees and compensation.-Online

‘Fixing’ money was all allowances: Butt LONDON: Former Pakistan captain Salman Butt has said thousands of pounds of cash discovered by police searches of his hotel room during spotfixing inquiries was all part of his legitimate tour allowances. Butt and pacemen Mohammad Asif and Mohammed Aamer were all provisionally suspended by the International Cricket Council (ICC) following allegations resulting from a 'sting' operation conducted by Britain's 'News of the World' newspaper that they had all conspired in

the bowling of deliberate noballs as part of a betting scam during the fourth Test against England at Lord's in August. There were subsequent newspaper accusations that police had discovered £15,000 in marked notes in Butt's hotel room. However Butt, in an excerpt of an interview at his Lahore home with Sky Sports due to be broadcast in full here on Monday, said: "Well I think everybody knows the PCB (Pakistan Cricket Board) pays us daily allowances on tours

and it was a long tour. "About 11,000 pounds of that money was from our daily allowances and being the captain I had an extra entertainment allowance which amounts to about 4,500 pounds from the tour, which I had with me." Butt's case, and that of Asif and Aamer, will be heard by a three-man panel chaired by English lawyer Michael Beloff, who heads the ICC's code of conduct commission, at a hearing in Doha, Qatar, next month.-Online

Messi leads Barca to Sociedad rout MADRID: Lionel Messi made brilliance look routine with a stunning double to help Barcelona to a 5-0 win over Real Sociedad that restored the champions' twopoint lead over Real Madrid at the top of La Liga on Sunday. Real had gone a point clear thanks to a 3-1 success at bottom side Real Zaragoza, Cristiano Ronaldo blasting in a free kick between goals from Mesut Ozil and Angel Di Maria. Barca responded in style with another crushing win, a ninth straight league victory for Pep Guardiola's side that took their goal tally to 26 in

their last six matches in all competitions. Messi's brace lifted him to 17 for the season after 15 games, level with Real's Ronaldo. Barca have 40 points to Real's 38 and the La Liga giants pulled further away at the top of the standings after Villarreal and Espanyol both lost. Villarreal went down 1-0 at Getafe on Saturday and are eight behind Real, while Espanyol, who squandered the lead to lose 2-1 at Athletic Bilbao on Sunday, are two further back in fourth. Barca were already two goals to the good at the Nou

Camp when Messi bagged his first of the night in the 47th minute after a move of breathtaking skill. He exchanged close passes six times with Brazil full back Daniel Alves as they sliced through the Sociedad defence for the Argentine World Player of the Year to finish coolly past goalkeeper Claudio Bravo. His pace and trickery were too much for the visitors and he left at least four Sociedad players for dead when he waltzed across the penalty area and clipped the ball into the net for his second and Barca's fourth in the 87th minute.-Agencies

BARCELONA: Lionel Messi fights for the ball against Real Sociedad's Griezmann during their Spanish First Division Soccer League match at Nou Camp Stadium.-Reuters

Englishmen laugh off Warne’s comeback PERTH: England coach Andy Flower on Monday laughed off suggestions champion leg-spinner Shane Warne could make a shock Ashes comeback as Australia become increasingly desperate to find a way to win back the prized urn. The Warne sideshow has reached fever pitch in Australia as the once dominant cricket nation contemplates a worrying 1-0 deficit after two Ashes Tests, leading to growing calls for the 41-year-old to return in the Boxing Day Test at the MCG in Melbourne. Just after Warne was romantically linked to English model and occasional film star Liz Hurley and also announced that he had again split with his wife Simone, with whom he has three children, there were a swathe of questions about a possible comeback at press conferences held by both the Australian and English camps. Speaking ahead of the third Test at the WACA ground in Perth, starting on Thursday, Flower laughed off any thought of Warne resuming his 145-Test career after almost four years out of the game. Australian debutant Michael Beer, who will become the 10th spinner tried by Australia since Warne's retirement, also dismissed talk of a comeback by the legend. "They bring that up three times a year, don't they?" he said.-Agencies

India’s SA tour ill-timed: Akram NEW DELHI: India are playing too much cricket resulting in injuries to their pacers and that could hurt the team's chances in next year's World Cup on the subcontinent, feels former Pakistan captain Wasim Akram. Akram said the upcoming South African tour just before the World Cup in February has been ill-timed and will only exhaust the Indian players. "I have been keenly following Indian cricket for a while and I can safely say that they are playing too much cricket. Making a balanced cricketing calendar has been a problem with the Indian Board in the last five-six years. "There is a serious overkill. India play too many matches round the year and no wonder their fast bowlers are getting injured far too often," said Akram. "I will beg to differ with Imran Khan's views on India's upcoming tour of South Africa. Imran has said a tough tour of South Africa ahead of the World Cup will stand India in good stead. Not really. "No matter how good the players' form is, the South Africa series will end just a couple of weeks before the World Cup and that is little

too close. Although, they may not be tired physically but it will certainly take a mental toll on Indian cricketers. Such a long tour is quite tiring and there is a great risk of injuries," the legendary pacer told a website. India's South Africa tour will start on December 16 and involves three Tests, a Twenty20 and five ODIs. Commenting upon India's 50 win over New Zealand in the just-concluded ODI series at home, Akram said the result has once again proved India's might in world cricket. "The 5-0 clean sweep against New Zealand does not say that New Zealand were a weak side but the result clearly indicates India have a strong bench strength. Even after resting the seniors before the South African tour, India easily outplayed the Kiwis in the Tests and ODIs.-Agencies

Prior hopeful of an Ashes clean sweep SYDNEY: England could go through the entire tour of Australia unbeaten according to wicketkeeper Matt Prior, who scored a century to help the tourists grind out a draw against state side Victoria over the weekend. England have won three and drawn three of their matches since they arrived in Perth at the end of October, including a comprehensive victory over Australia in Adelaide last week that gave them a 1-0 lead in the five-test Ashes series. Wicketkeeper Prior, who struggled to get a bat in the first two Ashes tests thanks to the strong performance of England's top order, said it was a run they were desperate to continue.

"If we carry on playing the brand of cricket we have been there's no reason why we can't go through the tour unbeaten," Prior, who hit an unbeaten 102, told reporters. "If we can manage to do that, it would be a fantastic feat -but something we're certainly targeting." The England squad lost all five Ashes tests and two of their five tour matches on the 2006-07 trip Down Under and the importance of winning -- or not losing -- every game has been a key philosophy on this tour. Prior admitted the last day of the three-day match at the Melbourne Cricket Ground (MCG) on Sunday had been "pretty boring" for fans but

that it was important not to lose after being presented with an unlikely victory target of 311 runs. "You can't take for granted being on a good run. Sometimes you have to dig in and make sure you continue it," added Prior, who arrives in Perth with the rest of the squad on Monday afternoon. "You could go on playing your shots and potentially risk losing the game ... we didn't want to do that. We were hell bent we were going to get through the day." "Winning is a habit, and one you want to protect," he added. "If we'd lost, we'd be very, very disappointed people." Another of the central concepts of the 2010-11 touring

party has been that of stability but an abdomen injury to Stuart Broad has robbed them of the chance of putting out the same team for the third Ashes test. The trio of seamers vying for the chance to replace him in the team for Perth failed to impress against Victoria -Chris Tremlett, Tim Bresnan and Ajmal Shahzad taking just one wicket between them. "This was not an easy wicket to get batsmen out," reasoned Prior. "I don't think any bowler was going to charge in and take a whole load. "I thought all three of them bowled beautifully, didn't let the batters score at a rate. They all did a very, very good job on a wicket that wasn't helpful at all.-Reuters


International & Continuation

Tuesday, December 14, 2010

BIS, EIB blame Germany of fuelling euro crisis PARIS: Two leading international financial institutions faulted Germany for aggravating the euro zone crisis by spooking debt markets, but Berlin seems set to get its way at this week's European Union summit. EU leaders are not expected to announce new measures to ease market concerns about the region's debt, though one source said intense efforts were being made behind the scenes to find ways to inoculate Spain early next year against the threat of contagion. The Bank for International Settlements (BIS) and the head of the European Investment Bank (EIB) both said German Chancellor Angela Merkel's drive to make private bondholders share losses in any future euro zone sovereign default had intensified the crisis. "The surge in sovereign credit spreads began on Oct. 18, when the French and German governments agreed to take steps that would make it possible to impose haircuts on bonds should a government not be able to service its debt," the Basel-based BIS said in its quarterly review. EIB president Philippe Maystadt said Merkel was absolutely right to demand a private sector contribution to financial rescues after an emergency safety net expires in 2013, "but the way it was presented created total confusion". EU leaders are set to approve a two-sentence amendment to the 27-nation bloc's Lisbon treaty on Thursday and Friday that would create a permanent European Stabilisation Mechanism to lend to distressed member states on strict conditions. They will also endorse a statement by euro zone finance ministers specifying that private sector investors will be expected to contribute, on a case-bycase basis, in any sovereign debt restructuring after 2013.

But at the insistence of Berlin and Paris, they are unlikely to increase the existing rescue fund or to take any action on a proposal for common European bonds to help resolve the crisis. EU sources said euro zone finance ministers would work in January on a more systemic response to the crisis, which has already driven Greece and Ireland to require EU/IMF bailouts and threatens to spread to Portugal, Spain and even Italy. Euro zone bond markets have entered an end-of-year lull as investors close their books, with yield spreads on peripheral debt just a touch wider on Monday, but EU officials are preparing for another potential wave of selling early in the new year. A German government spokesman said indications were that the summit would not take up a proposal to introduce communal euro zone 'E-bonds' made by Jean-Claude Juncker - veteran chairman of the single currency area's finance ministers -- and Italian Economy Minister Giulio Tremonti. The spokesman also told a news briefing he was not aware that any examination of an extension of the existing European Financial Stability Facility was under way, as reported by the Financial Times. The newspaper said European officials were considering options such as using the EFSF to buy bonds of distressed states without resorting to fully fledged bailouts. However, the German spokesman said that would be a bad idea and a senior euro zone source told Reuters it was not being seriously considered. Another EU source said intensive work was going on behind the scenes on ways to make European crisis management instruments more flexible and better able to help countries before they become shut out of credit markets.

The crucial aim was to ringfence Spain, the fourth largest euro zone economy, against debt market contagion. Madrid was taking energetic measures to avoid being sucked down with the crisis, the source said. Experts are also studying how to access the full 440 billion euros ($580 billion) in the emergency mechanism if necessary, despite pledges to maintain a cash buffer given to secure a top notch AAA credit rating for the EFSF, the source added. Luxembourg Foreign Minister Jean Asselborn said the 'E-bond' proposal, designed to reduce the borrowing costs of troubled euro zone states and prevent speculation against their debt, had been excluded from the EU summit agenda. "I hope we will never need to talk about euro bonds again," he said. "If we manage to secure the stability of the euro by making clear decisions this week, and I'm sure that the European Union is capable of doing this... then I think we can do it," Asselborn told Deutschlandfunk radio. The Organisation for Economic Cooperation and Development forecast a subdued economic recovery for the euro zone due to deficit-cutting austerity measures, but endorsed the EU's drive to give budget consolidation priority over boosting growth. Economists have voiced concern that pay and public spending cuts, combined with tax increases prescribed to bring down excessive deficits in Greece, Ireland, Spain and Portugal will prolong recession, hitting revenues and making the required fiscal adjustment even harder. But the OECD said in a report that euro zone countries needed the fiscal tightening even though it was likely to dampen growth in the near term.Reuters

Canada industrial capacity use beats forecasts OTTAWA: Strong demand for vehicles and other manufactured goods lift Canada's industrial capacity use to a higherthan-expected 78.1 per cent in the third quarter, suggesting businesses are coping with a stronger currency. The rate rose for the fifth consecutive quarter to reach a twoyear high and was up from the 76.9 per cent rate in the second quarter, according to Statistics Canada on Monday. The agency revised the estimate for the second quarter from 76 per cent previously. The gain of 1.2 per centage points was smaller than in the previous three quarters but still exceeded a market forecast that industries would operate at just 76.5 per cent of their potential output in the period. The rate peaked in the first quarter of 2007. The manufacturing sector, battered by the strong Canadian dollar and weak demand in the US market, drove most of the gains, Statscan said. The sector's capacity use rate jumped to to 81.2 per cent from a revised 78.7 per cent in the previous quarter.-Reuters

Euro zone needs fiscal tightening: OECD BRUSSELS: Euro zone countries must consolidate public finances even though this is likely to dampen economic growth in the near term, the Organisation for Economic Cooperation and Development (OECD) said on Monday. The OECD said that as soon as upward risks to price stability -- which the European Central Bank defines as inflation below, but close to 2 per cent -- in the medium term emerge, the central bank should withdraw its monetary policy stimulus. ECB interest rates are at a record low of 1 per cent now.Reuters

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premier and the visit will provide a unique opportunity for two countries to enhance their trade and commercial ties by inking several agreements. Projects of around 20 billion dollars have been completed in Pakistan with Chinese help. Work on projects of 14 billion dollars was continuing, while agreements would be signed for another 20 billion dollars will be signed. The Chinese premier will also attend the inauguration ceremony of China Pakistan Friendship Centre that houses a paintings exhibition. He will also hold meetings with opposition leaders and services chiefs. President Asif Ali Zardari will hold a banquet in honour of the visiting dignitary. -Agencies

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Members of National Assembly Syed Haider Abbas Rizvi, Saeed Ahmad Zafar, Additional secretary of ministry of defence civil Aviation Authority and audit officials. -Agencies

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The minister said that cotton cess had not been increased in the last three years and the willingness of stakeholders to increase the cess will pay its dividends in the shape of better research outcomes by the scientists. "Cotton is an exceedingly important crop for industry and the government is trying its best to increases the production of the crop adding that agreement with Monsanto is a step in that direction", he said. Internationally compatible pricing for agriculture produces is an ideal mechanism to motivate the farmers. Agriculture research base to be enhanced to increase the per acre yield to meet the growing demands of the country, he added. He said that agriculture scientists are very important and progress in agriculture sector is not possible without their dedicated efforts. Nazar Gondal stressed the importance of scientific research in agriculture and lauded the efforts of scientists for their invaluable contributions. -APP

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Wisconsin during the weekend. Officials said plunging temperatures and winds could make clearing roads even more difficult and could lead to a slow morning commute, even in places where the storm had passed. With the wind chill, temperatures in some areas were expected to be well below zero. "With the snow, pretty much the worst of it's over, but we're going to get cold temperatures through Tuesday," said Jim Taggart, National Weather Service meteorologist in Chanhassen, Minn. He said the weather the region is experiencing is what it "normally would get in January" but not December. In Minneapolis, heavy snow caused the inflatable roof of the Metrodome to collapse Sunday. Video inside the stadium aired by Fox Sports showed the inflatable Teflon roof sagging before it tore open, dumping massive amounts of snow across one end of the playing field. -Reuters

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The issue, known as the Government of Pakistan Ijara Sukuk, is a three-year bond. The central bank said in October, it planned to raise 80 billion rupees by selling Islamic bonds, with the first auction on Nov 8, with settlement on Nov 15, in which it raised Rs51.84 billion. Settlement for the auction held on Monday will be on Dec 20.

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conceal the evidence but court will get to the bottom of this. Chief Justice Iftikhar Chaudhry has said that everything will be

made clear and there will be no negligence tolerated in the investigation process of the Hajj fraud. Later talking to the media outside the Supreme Court, Minister for Science and Technology Azam Khan Hoti has said that he will abide by the law and he has formally submitted his reply to the court. He said whoever is guilty will not escape the hands of the law, justice should prevail and the culprits must be captured though they can not escape from the wrath of Allah. -Online

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Seoul-based Insung Corporation - which owns the boat - said a South Korean fishing trawler operating nearby first contacted Insung officials about the sinking early Monday. Tearful family members of the missing sailors gathered at Insung's office in the southeastern port city of Busan and waited for news on their loved ones. The brother-in-law of the boat's missing skipper, Yu Youngsup, said the captain had told him he didn't want to work on the trawler any longer in a recent phone call. "I only hope he will return home alive," Kim Sun-su said, according to South Korea's Yonhap news agency. The search for survivors was scaled down later Monday, and rescuers said it was increasingly unlikely further survivors would be found. Two New Zealand fishing boats were released from the effort, but three Korean vessels searched on, officials said. The trawler had 42 people on board when it sunk: eight South Koreans, eight Chinese, 11 Indonesians, 11 Vietnamese, three Filipinos and one Russian, South Korea's Foreign Ministry said in a statement. The confirmed dead included two Indonesians, two South Koreans and one Vietnamese, a ministry official said, speaking on condition of anonymity because of office rules. He said four Chinese sailors were missing while four other Chinese were rescued. -Reuters

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cooperation in all areas had lately been on the increase. Pakistan was, therefore, surprised and disappointed at the reported remarks made by the two leaders, a statement issued by the foreign office here on Monday. Both France and Germany were well aware of the great sacrifices being rendered by Pakistan in the ongoing fight against terrorism. Therefore, incriminating Pakistan in the context of terrorism was unjustified and uncalled for, the statement stressed. -APP

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week of December. Out of the total contracted quantity of 1.2 million tons, TCP has so far received 948,197 MT sugar.The imported sugar is being supplied to USC, CSD, provincial governments and private parties (sold to them through tenders as per government directive). The USC has so far lifted 346,899 MT, CSD 2,523 MT, provinces 160,156 MT (against their both allocations) and private parties have lifted 56,831 MT. After deliveries to USC, CSD, provinces and private parties, TCP has stocks of 353,828 MT sugar in its godowns as on Dec 13. The import of sugar by TCP and its deliveries to USC, provinces and sale through tenders to private parties has helped stabilise prices in the local market. -APP

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part in correcting the macroeconomic imbalances, but other government policies have not been that supportive. "Had the SBP not responded, the inflation outlook and reserve position of the country would have been worse," he added. Kardar said that in cumulative terms, Pakistan's economy has experienced an inflation of 66 per cent between June 2007 and

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October 2010."This is almost twice the level of inflation seen during June 2003 and June 2007, which was 36 per cent," he added. He said that the credit extended for 'commodity operations', including both wheat and sugar, grew by 288 per cent during the last three years compared to 33 per cent in the three years before that. "Borrowings of this scale would not have been possible without an upward pressure on market interest rates," he said and added that the borrowing of government agencies for financing its wheat, urea, and sugar trading operations was Rs382 billion at just under 3 per centage points above KIBOR, indicating the interest rate regime that the private sector would have to face in competition with the sovereign.

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The prime minister said that Pakistan joined the world in the war against terrorism after9/11 for its own interests and the world peace at large. He said that the process of strategic dialogue has been initiated with Washington for long term relationship. Prime Minister said that fraternal relation with China is the cornerstone of our policy. China supports our policy against terrorism and our bilateral ties have strengthened in diverse fields including defense, education, mining, telecommunication and tourism. Yousuf Raza Gilani said that Pakistan was actively participating in the programmes of the OIC and it was extending support on vital issues. "Pakistan is committed to the principles and objectives of Saarc", he said. He said that Pakistan stands for dialogue for the resolution of Kashmir dispute with Indian. He said Islamabad would continue to support the cause of Kashmiri people morally, politically and diplomatically. Turning to the internal affairs, the prime minister said that the government was making efforts to improve governance and deliver on its promises. In this connection, he said major structural reforms have been undertaken in different sectors including petroleum, industrial and agriculture. -NNI

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the three Stock Exchanges. The CDC will automate the mechanism for settlement of book-entry securities at the CDC through straight-through processing solution while eliminating the need for any manual intervention. The said mechanism would allow securities to be automatically transferred from the respective sellers' account to the respective buyers' account instead of being routed through the member's main account.The new system while establishing a link between the National Clearing and Settlement System and the Central Depository System will not only bring in more efficiency but also assist in preventing misuse of book entry securities to a large extent. In order to ensure effective implementation of the project the amendments have already been approved by the SECP to the regulatory framework of the CDC and NCCPL along with necessary system developments and mock sessions for the market participants to provide them with hands-on training on the new system.-NNI

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was appointed to the post of foreign minister in August 2005. He is currently in Senegal on an official visit. A fluent speaker of English who is also comfortable in Urdu and Turkish, Mottaki earned a degree in social sciences from the University of Bangalore in India and a graduate degree in international relations from Tehran University in 1991. -Agencies

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investments such as convertible bonds to bring in foreign firms to provide the management expertise to raise the value of the companies before bigger stakes are sold. Pakistan also hoped to announce early next year it had found one or two such foreign companies, or strategic investors, to buy into Pakistani state-owned firms, which, he said, "will lend credibility to the whole process." He declined to name them, but said Pakistan was looking for companies with the experience, technical, management and financial capabilities to help firms realise their potential. He also said he was looking at multiple stock exchange listings, which would subject the privatisation process to international scrutiny and bring investment into Pakistan. "We want to give tremendous credibility and total transparency to this whole privatisation programme," he said.-Reuters

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of section 3 of the Import and Export (control) Act, 1950, the federal government has made the following further amendment in Export Policy Order.In Schedule-I, against Sr No 8 in column (1), the entries relating thereto in columns (2),(3) and (4) shall be omitted and in Schedule-II, against Sr No.6 in columns (1), the entries relating thereto in columns (2), (3) and (4) shall also be omitted.

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order. He further urged the KCCI members to come forward and assist the provincial government in procurement of vehicles and other necessary equipment as it lacks resources to fulfill all the budgetary demands of the Police Department.-Agencies

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increase the number check posts on Afghan border so that activities of terrorists could be controlled. It was also agreed in the meeting that intelligence sharing would be enhanced regarding terrorists. While Nato Commander David Petraeus also lauded the steps taken by Pakistani army for controlling the movement of terrorists and assured his complete support. -Online

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damaged in the blast, said.Driver Gohar Ali said there were only two girls left on the bus because all the others had already been taken home. "While I was en route to drop off the last two, there was a blast on my right-hand side. I heard it and then passed out. I don't know what happened after that," he said. -Agencies

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all the stakeholders, certifying the presence of 4 to 14 trillion cubic meters of gas in Yolotan/ Osman and adjacent gas fields. He said the gas fields have been developed and the process to start production from these gas fields, located in the east of Turkmenistan will be initiated as the project proceeds forward. The minister pointed out that 56-inch diameters 1680 kilometers long pipeline will supply 3.2 billion cubic feet of gas per day, of which Afghanistan has a share of 500 mmcf per day, and Pakistan and India having a share of 1.325 mmcf per day each. He said that Asian Development Bank (ADB) has funded the studies for the project while the project will be financed through a private sector consortium which will complete and run the multi-billion dollars pipeline. ADB has also assured to finance the project, he added. He said IP gas pipeline is in the advance stage as its pricing had been finalised, GSPA, IGA and GPFA are already been signed and currently physical survey of the area is being conducted. Replying to a question on the current status of liquefied natural gas (LNG) projects, the minister said that the first gas by the private sector will be injected in the pipeline by the end of 2011. -APP

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The proposed program will support the expansion of lending to MFIs, in turn enabling increased provision of financial services to the undeserved. This will help address the significant unmet demand from the poor for financial services, and provide additional funding for micro-borrowers. Under the terms of the program, ADB will typically assume up to 50 per cent of the default risk on loans made to MFIs, in aggregate up to a maximum of $250 million. Director General ADB's Private Sector Operations Department Philip Erquiaga said that microcredit has been shown to play an important role in providing seed money for businesses and improving the lives of the poor. "This program will allow microfinance institutions to expand lending to segments of the population who currently lack access to funds", he added. He said that microfinance industry has boomed in recent years with Asian institutions estimated to have over 47 million borrowers as of the end of 2008, with outstanding loans of over $10 billion. Demand is enormous, with as many as 600 million to 1 billion poor workers worldwide needing services, including a large number in Asia and the Pacific, home to two-thirds of the world's poor, he added. Microfinance businesses seeking to serve this market are hampered by limited access to finance from banks, exchange rate issues, and other barriers. The risk sharing arrangement, proposed by ADB to a range of international and local financial institutions, will allow these participants to boost loans to microfinance institutions, which in turn will result in scaled up assistance to groups currently unable to access funds, such as poor households, women and cash-strapped small enterprises, he added. -APP

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been a very turbulent period for capital markets in Pakistan, we have crossed Rs. 25 billion mark, said he.

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If IPO price is assume to be Rs20-30 per share, then one-time impact on the company bottom line would be around of Rs0.2-0.50 per share.

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by higher Treasury yields after improving US data late last week.Construction machinery maker Komatsu Ltd gained 1.4 per cent and carmaker Mitsubishi Motors Corp climbed around 1.7 per cent. Still, short-term technical trends signalled the Nikkei remained overheated, which inhibited investors from chasing Tokyo stocks strongly on rallies, analysts said.-Reuters

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beyond food prices, putting pressure on the government to ratchet up its monetary tightening policy. "I think there's a bit of short-term relief that despite the high inflation numbers, China's authorities have yet to raise interest rates, although one suspects it could only be a matter of time before that happens," Henk Potts, equity strategist at Barclays Wealth, said. Oil services firms Petrofac and Amec rose 3.5 per cent and 2.1 per cent respectively, with traders citing a read-across from sector consolidation moves from mid-cap peers Wellstream and John Wood Group, with the FTSE 250 index hitting its highest since November 2007.-Reuters

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rather than raise benchmark interest rates over the weekend, easing concerns that tightening its monetary policy could lead to a slowdown in one of the major growth engines of the global economy. China's "foot is still firmly on the gas pedal, and that has lifted the risk trade in general," said Burt White, managing director and chief investment officer at LPL Financial in Boston. The Dow Jones industrial average gained 39.66 points, or 0.35 per cent, to 11 449.98. The Standard & Poor's 500 rose 5.12 points, or 0.41 per cent, to 1 245.52. The Nasdaq Composite added 6.26 points, or 0.24 per cent, to 2 643.80.US President Barack Obama's tax deal with Republicans will likely win grudging passage in the US Congress, backers and critics agreed, after Obama clashed with liberals in his own party who branded it a giveaway to the rich.-Reuters


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SC founded bench to hear contempt case

Dogar demurs at bench formation

LEBANON: Snow covered cars are seen parked in the mountain town of Sofar, Lebanon. -Reuters

FO protests over France, Germany remarks ISLAMABAD: Pakistan on Monday conveyed its disappointment to France and Germany over the reported remarks by the French President and the German Chancellor relating to Pakistan. Foreign Office conveyed government's disappointment separately to the Ambassador of France and the German Charge d' Affaires in Islamabad at the reported remarks by President Nicolas Sarkozy and Chancellor Angela Merkel relating to Pakistan following their meeting with the Indian Prime Minister in New Delhi and Berlin, respectively. It was underlined that Pakistan enjoyed excellent relations with both France and Germany and that bilateral See # 8 Page 11

Sugar-laden ship arrives KARACHI: A vessel MV Transocean, carrying 19,260 metric tonnes of imported sugar for Trading Corporation of Pakistan (TCP) has arrived at Karachi Port and commenced discharging from Monday. According to TCP here on Monday, three more ships, MV AL-JABER XV, MV Rainbow and MV Yon Phung Ho carrying a total of around 40,000 MT imported sugar are scheduled to arrive by Dec 20. In addition to above shipments, 1710 containers containing 42,420 MT sugar have also arrived during the first See # 9 Page 11

Hajj Scam

FIA places probe report before SC Swati gives evidence against Kazmi ISLAMABAD: The Federal Investigation Agency (FIA) Monday submitted its investigation report before the Supreme Court regarding the irregularities in Hajj arrangements here on Monday. The report was submitted by FIA Director General Wasim Ahmed. A seven-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry is hearing this case. Religious Secretary Agha Sarwar Qazalbash admitted before the court that a higher amount was paid to acquire buildings on rent for Hajj pilgrims through a front man. "There is no direct agreement with the owners of the rented

buildings," he said. In his written reply, Federal Minister Azam Swati said that secretary religious affair on Dec 9 gave a verbal statement in his house saying that Hamid Saeed Kazmi is 100 per cent involved in the Hajj fraud. Kazmi's counsel Latif Khosa demanded a resignation from Azam Swati for accusing his client of corruption. Member standing committee Bilal Yasin informed the court that Rao Shakil offered his services to him and the FIA team which is sent to Saudi Arabia is also under the influence of Rehman Malik, on this statement CJ said that let them do whatever they can to See # 6 Page 11

22 feared dead as SKorea boat sinks WELLINGTON: A South Korean fishing boat sank in the Antarctic Ocean's frigid waters Monday, with 22 sailors feared killed in the open sea where vessels trawl for deep-water fish. Five sailors were confirmed dead and 20 survivors were rescued shortly after the 614ton vessel went down some 1,400 miles (2,250 kilometers) south of New Zealand, about halfway to Antarctica, South Korea's Foreign Ministry and coast guard said. Seventeen sailors were missing. Anyone who fell into such waters would typically be dead

in 10 minutes without special suits or lifejackets, though nearby fishing boats searched frantically in hopes that some may be in a life raft, New Zealand's rescue coordination center said. "We were fortunate that there were a number of vessels in the general area where the boat sank, so they were able to provide assistance," said Ross Henderson, a spokesman for the center. It was unclear why the vessel sank in light winds and a relatively mild 3-foot (1-meter) swell. Lee Wu-won of See # 7 Page 11

Midwest in deep freeze CHICAGO: A powerful storm that unleashed snow and strong winds across the upper Midwest left behind dangerously cold temperatures, promising a new set of challenges for people working to dig out. The weekend storm closed major highways in several states, canceled more than 1,600 flights in Chicago and collapsed the roof of the Minnesota Vikings' stadium. At least six weather-related deaths were reported. Nearly 2 feet of snow fell in parts of Minnesota and Wisconsin before marching east into Illinois, Indiana and Michigan. The storm was headed northeast toward Canada, according to the National Weather Service, with some snow possible Monday in Michigan, northern Indiana through parts of Pennsylvania and New York. Nearly 2 feet of snow fell in parts of Minnesota and See # 4 Page 11

SBP raises Rs31 billion thru Sukuks Staff Reporter KARACHI: Government raised Rs31.17 billion by selling Islamic bonds in the domestic market, the State Bank of Pakistan said Monday. The cut-off margin will be the benchmark six-month Treasury bill weighted average yield. In the last Treasury Bill auction on Dec 1, the weighted average yield for six-months was 13.3701 per cent. See # 5 Page 11

ISLAMABAD: Supreme Court of Pakistan Monday rejected the challenge to the constitution of the bench hearing contempt of court charges case against PCO judges. Earlier on Saturday, former chief justice Abdul Hameed Dogar objected the presence of two judges on the Supreme Court bench constituted to hear contempt charges against him and other superior court judges. He said the two judges had been appointed on his recommendation. "Propriety demands that Justice Khilji Arif Hussain and Justice Tariq Parvez may kindly step down from the bench in the interest of justice and fair play so that the requirement of Article 10-A of the Constitution is fully met,

which is now a fundamental right guaranteed to a citizen," said the application moved by Ahmed Raza Khan Kasuri on behalf of Justice (Retd) Dogar. The oath of Justice Dogar, who was named the Supreme Court chief justice soon after the November 3, 2007, emergency imposed by former president Pervez Musharraf, was held unconstitutional by a 14judge bench in its verdict on July 31 last year. The July 31 verdict also held illegal all actions taken by the former president, including the appointment of a number of judges. The four-judge bench comprises of Justice Mahmood Akhtar Shahid Siddiqui, Justice Jawwad S Khwaja, Justice Khilji Arif Hussain and Justice Tariq Parvez and heard

Monday contempt charges against Justice Dogar and other judges for taking oath under the PCO in defiance of a restraining order issued by a seven-judge bench on November 3, 2007. Besides Justice Dogar, the other judges facing contempt charges are: Iftikhar Hussain Chaudhry, a former chief justice of the Lahore High Court, and eight sitting judges Justice Sayed Zahid Hussain of the Supreme Court and Justices Khurshid Anwar Bhinder, Hamid Ali Shah, Zafar Iqbal Chaudhry, Hasanat Ahmed Khan, Syed Shabbar Raza Rizvi, Yasmin Abbasey and Jehanzaib Rahim of different high courts. This was the third challenge against the composition of the bench. -Agencies

Jiabo due in Pakistan tomorrow

MoD directives

Pak, China may ink array of pacts

PAC voices concern over non compliance

ISLAMABAD: Pakistan is expected to ink a series of agreements as Premier Wen Jiabao of China visit to Pakistan aimed at boosting cooperation in energy and agriculture sectors and further strengthen strategic cooperation. During the three-day official visit, Premier Jiabao will hold meetings with President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani and other Pakistani leaders. "China is Pakistan's true and most reliable friend. The Government and people of Pakistan look forward to welcoming their most honoured friend," a statement from the Foreign Office said.

The Chinese Premier is expected to hold "in-depth exchange of views" with Pakistani leaders to intensify strategic coordination and communication, supporting disaster reconstruction work, intensifying culture and people to people exchanges and coordination on international and regional affairs to safeguard common interest. Premier Jiabao who will arrive here after his visit to India at the invitation of Prime Minister Yusuf Raza Gilani will also address a business forum and meet chief executives of Pakistani companies. Around 150 business leaders will accompany the Chinese See # 1 Page 11

Cotton cess up at Rs50/bale

11mn cotton bales expected this year ISLAMABAD: Pakistan Central Cotton Committee (PCCC) has approved Rs288 million for the year 2010-11 besides increasing cotton cess by Rs50 per bale to generate and spend more on the agriculture research. Federal Minister for Food and Agriculture Nazar Muhammad Gondal chaired the 79th meeting of Pakistan Central Cotton Committee (PCCC) here on Monday.

The minister said that 11 million cotton bales production are expected despite this year despite the most catastrophic floods in the country. Gondal said that the previously charged cotton cess of Rs20 per bale has been increased to Rs50 in consultation with All Pakistan Textile Mills Association (APTMA) to generate revenue for agriculture research in the country. See # 3 Page 11

ISLAMABAD: The Monitoring and Implementation Committee of Public Account Committee (PAC) Monday expressed serious concern over non-compliance of its directives and recommendations by Ministry of Defence (MoD) regarding recoveries of unauthorised expenditures during fiscal year 2005-06. "More than one-year has gone but only few directives of PAC were being implemented," the committee observed. The Monitoring & Implementation Committee of Public Account Committee met at Parliament house under the Chairpersonship of Yasmeen Rehman to review whether its directives regarding implementation of Ministry of Defence for the fiscal year of 2005-06 were being carried out or not. PAC also expressed its concern over unauthorised appointment of consultant in Civil Aviation Authority which caused a loss of Rs3.7 million to exchequer of Civil Aviation Authority and directed the Principal Accounting Officer of Ministry of Defence Najmul Hassan to pursue the matter at the Departmental Accounts Committee (DAC) level and fix responsibility of particular person and report the committee within two weeks. The meeting was attended by See # 2 Page 11

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

The Financial Daily-Epaper-14-12-2010  

The Financial Daily Epaper

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