Issuu on Google+

International Karachi, Tuesday, November 16, 2010, Zil Hajj 9, Price Rs12 Pages 12

Bank of Khyber boosting Islamic banking: MD

4 Italian ministers resign

Special Supplement on BoK RAAST Islamic Banking

See on Page 12

Power demand seen rising 10pc

See on Page 12

Govt stone wall to coups: Awan

See on Page 12

See on Page 8

Prime Minister admits governance deficit in country

Economic Indicators Forex Reserves (5-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.95bn 14.17% $7.17bn $12.25bn $(5.08)bn $(545)mn $3.50bn $455.10mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.06mn

Haste may hurt reforms: Gilani Says economic stability measures take time to yield Special Correspondent/ Agencies

Portfolio Investment SCRA(U.S $ in million)

142.22 Yearly(Jul, 2010 up to 12-Nov-2010) Monthly(Nov, 2010 up to 12-Nov-2010) 37.49 21.25 Daily (12-Nov-2010) 2532 Total Portfolio Invest (22 Oct-2010)

NCCPL

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani is addressing at the session of Pakistan Development Forum here Monday. -APP

(U.S $ in million)

FIPI (15-Nov-2010) Local Companies (15-Nov-2010) Banks / DFI (15-Nov-2010) Mutual Funds (15-Nov-2010) NBFC (15-Nov-2010) Local Investors (15-Nov-2010) Other Organization (15-Nov-2010)

1.60 -1.07 -1.47 0.37 -0.09 0.63 0.02

Global Indices Index Close KSE 100 10,909.65 Nikkei 225 9,827.51 Hang Seng 24,027.18 Sensex 30 20,309.69 ADX 2,748.92 SSE COMP. 3,014.41 FTSE 100 5,815.49 *Dow Jones 11,192.58 *Last Updated 20:00 PST

Change 35.63 102.70 195.40 152.80 9.52 28.97 18.62 90.52

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 2.60 111.25 19.15 163.89 2.00 42.79 1.70 36.37 10.29 35.22

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

03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010 15-Nov-2010

12.75% 13.11% 13.24% 13.50% 12.80% 12.98% 13.24% 13.64% 13.71% 13.64% 13.73% 13.83% 14.22% 14.33% 14.50%

Commodities *Crude Oil (brent)$/bbl 87.05 *Crude Oil (WTI)$/bbl 85.38 *Cotton $/lb 131.73 *Gold $/ozs 1,364.50 *Silver $/ozs 25.84 Malaysian Palm $ 1,084.00 GOLD (NCEL) PKR 37,643 KHI Cotton 40Kg PKR 8,895 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.85 Canadian $ 84.50 Danish Krone 16.00 Euro 118.00 Hong Kong $ 10.95 Japanese Yen 1.023 Saudi Riyal 22.50 Singapore $ 65.60 Swedish Korona 12.85 Swiss Franc 87.20 U.A.E Dirham 22.90 UK Pound 135.70 US $ 85.90

84.90 84.60 16.50 119.00 11.15 1.049 22.70 65.70 13.00 88.20 23.10 136.00 86.10

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

83.99 84.40 15.67 116.76 11.02 1.036 22.77 65.50 12.44 87.02 23.25 137.60 85.58

84.19 84.59 15.70 117.03 11.04 1.038 22.83 65.65 12.47 87.22 23.31 137.92 85.77

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

28°C 33°C 29°C 28°C 28°C 28°C

MIN

7°C 22°C 11°C 10°C -3°C 8°C

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

www.thefinancialdaily.com

Monitoring corruption closely: Holbrooke

US, Japan vow $1bn for rehab ISLAMABAD: US will provide $500 million to Pakistan immediately under the KerryLugar Bill, while Japan will assist in the reconstruction and rehabilitation work of the flood affectees with $500 million in the form of grants, and Britain will provide Rs18 billion for the rehabilitation. Richard Holbrooke Monday while addressing to the meeting of PDF said US is well aware of the problems faced by Pakistan and every possible help will be provided, and for that reason according to the Kerry-Lugar bill $500 million will be released immediately and the cost of the helicopters

is not included in this. Holbrooke said that people should pay their taxes to enable the government to solve their own financial problems in helping the ones in distress. UK Foreign Secretary Andrew Mitchell said that his country would provide Rs18 billion for the reconstruction and rehabilitation of flood affectees. He said that Pak-UK relations are long-lasting, adding no one can negate the sacrifices made by Pakistan in its war against terror. IMF Representative in Pakistan Adnan Mazari See # 4 Page 11

'Debt write-off to have serious consequences'

Shaikh sees early signs of recovery ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh on Monday said Pakistan economy has been getting better by each passing day, and urged the people of Pakistan to rise and face the economic challenges, the country was facing. Addressing the plenary session of the two-day Pakistan Development Forum (PDF), Shaikh said the event was to communicate with the world and to apprise them about the

challenges the country was facing in the wake of the worst ever floods the country witnessed. He said the forum was not about getting pledges or debt waivers. The Finance Minister gave an overview of the economy to the delegates from about 30 countries, the United Nations, World Bank, International Monetary Fund, Islamic Development Bank and Asian See # 5 Page 11

Electricity gets pricier by 2pc ISLAMABAD: The federal government has approved 2 per cent increase in electricity rates under agreement with IMF here on Monday. Notification has been issued in this regard. According to the details, the federal government in line with

the agreement with IMF for getting aid has decided to end subsidy given to consumers thus issuing notification of 2 per cent increase in power rates. The increase in power rates would be implemented from 1 See # 6 Page 11

Lashkar resigns as B’stan PPP head ISLAMABAD: President of Pakistan Peoples Party (PPP) Balochistan chapter, Lashkar Raisani on Monday resigned from his post while PPP Secretary Information Fauzia Wahab said that Lashkar Raisani was removed from his post before his resignation. According to details, President of PPP Balochistan Chapter, Lashkar Raisani has resigned from his post saying that the party leadership is neglecting the workers and their works. He further said that the party workers are getting depressed due to provincial leadership. Information Secretary, Dr Fauzia Wahab talking to Online said that Lashkar Raisani was removed from his post before tendering resignation as he was creating differences among the party workers. The PPP is losing its power in the party workers due to his clashes, she added. She rejected the impression that Lashkar Raisani resigned from his post. -Online

KSE EOGM maybe delayed further Nawaz Ali KARACHI: The upcoming Extraordinary General Meeting (EOGM) of Karachi Stock Exchange (KSE) is likely to be delayed further as the apex regulator have decided to formulate a committee which will negotiate the brokers over the issue that chairman of the exchange should be a member of the bourse. It should be noted that a meeting of KSE Board of Directors held with the Chairman Securities & Exchange Commission of Pakistan (SECP) Salman See # 7 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday urged donors to give the country more time to carry out structural reforms, lest haste may hurt the process, as country struggles to recover from its worst floods this summer. Cash-starved Pakistan needs all the financial help it can get since the floods inflicted almost $10 billion in losses, but mistrust over the transparent use of money has slowed donations, finance minister said last week. At the same time, donor and multilateral agencies are also linking the release of aid to Pakistan aggressively pursuing fiscal reforms to increase its tax base. Prime Minister Gilani said government was 'firmly com-

mitted' to economic reform, but that it would take time. "Please consider this as work in progress. Kindly be patient with Pakistan," he said at the Pakistan Development Forum (PDF), organised to present Pakistan's post-flood plans to donor countries and organisations. "Your support and commitment is required over a much longer period, during which we can channel your assistance towards institutional and structural reforms." Prime Minister Gilani conceding presence of the corruption and governance problems however said that his government is not ineligible. Speaking at Forum, Prime Minister said country is introducing reforms in various sectors and steps are being taken for good governance under which the government will dis-

Banks stood firm in crisis: SBP KARACHI: The banking sector in Pakistan has been able to withstand headwinds from weakening macroeconomic fundamentals since 2007. Although banks face increased credit risk, the overall sector is well placed to withstand modest shocks as they build their inventory of government securities. This was stated by the Governor, State Bank of Pakistan, Shahid H Kardar in a message embodied in SBP Annual Report on the working of the Bank (Performance Review) for the year 2009-10 (FY10) which was released Monday. 'Furthermore, in response to

emerging dynamics in the macro-financial environment, the SBP has rationalised the minimum capital requirement and its implementation schedule, which will provide breathing space to the banking sector in this difficult macroeconomic environment', he said, added that State Bank continued to strive for a balance between price stability and support for economic growth while safeguarding the soundness and stability of the financial system during FY10. While highlighting some of the key policy measures undertaken by SBP during FY10, Kardar said in response to a See # 2 Page 11

S&P maintains B- rating to Pak KARACHI: Standard & Poor's Monday maintained its ‘B-’ rating on Pakistan's longterm sovereign debt and kept a stable outlook, helped by improved external liquidity. "The ratings affirmation takes into account Pakistan's improved external liquidity position, which was largely due to the International Monetary Fund standby loan agreement and other bilateral and multilateral support," said Agost Benard, credit analyst at the rating agency.

The rating agency also affirmed its ‘C’ rating on the country's short-term credit, and B- issue rating on its senior unsecured local currency as well as foreign currency debts. At a recent meeting between the federal government and IMF officials, the donor agency urged the government to implement a new general sales tax law and also speed up fiscal reforms to boost revenue and cut its gaping fiscal deficit. "This credit strength is See # 3 Page 11

band 10 ministries soon. PM said for the betterment of the country unpopular decisions were made, recent floods have been devastating and foreign assistance is required from the world community. He said the democratic government believes in freedom of speech and criticism is always welcome. Earlier, Prime Minister Syed Yousuf Raza Gilani urged the United States to route the Compensation Funds for the flood affected through the locally established institutions for timely and prompt disbursement. He was talking to a US delegation led by Ambassador Richard Holbrooke here at the PM House. Prime Minister apprised the US delegation of his government's efforts to build See # 1 Page 11 Monetary Policy on Nov 29

Key rate may go up half per cent KARACHI: State Bank of Pakistan will announce on Nov 29 its monetary policy for the subsequent two months, Syed Wasimuddin, chief spokesman of the central bank said Monday. "It is likely that the central bank will continue to hike the key policy rate, by at least 50 basis points (0.5 per cent), considering the fiscal indiscipline and to counter inflation" said Mohammed Sohail, chief executive at Topline Securities Ltd. In the last monetary policy review on September 29, the central bank increased its key policy rate by 50 basis points to 13.5 per cent in a bid to curb deepening fiscal deficit and combat rising inflation. State Bank of Pakistan governor, Shahid Kardar said government had borrowed 184 billion rupees ($2.15 billion) from the central bank since July 1, added this can fuel inflation as it increases money supply. "Inflation for next month could be between 17 per cent and 18 per cent due to a hike in sugar prices and electricity tariffs, which means the central bank could further hike the policy rate," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities Ltd. -Reuters

‘Rulers responsible to protect peoples’ life, property & honor’

Grand Mufti preaches peace, denounces terror MECCA: The Muslims can face the formidable challenges only with enforcement of the principles of Islam, Grand Mufti of Saudi Arabia AlSheikh Abdul Aziz bin Abdullah said here on Monday in Hajj sermon. The rulers are responsible for protection of life, property and honour of the citizens, speaking at Masjid-e-Nimra to a mammoth gathering of Muslims, the Grand Mufti said. He said Islam opposes terrorism but Muslims are subjected to oppression in various parts

of the world, why the United States and Europe are silent over this oppression. Muslim youths are being misguided today, he said, the poverty-hit young men are being taken to the path of misguidance, the Grand Mufti said and called the rulers and the people to join hands to confront this problem. Terrorism is Haram (forbidden) in Islam, and such acts should not be reciprocated in any term, Mufti-e-Azam Sheikh Abdul Aziz bin Abdullah said while delivering

the Hajj sermon. Delivering the Hajj Khutba

to the Hujjaj assembled in Mount Arafat to perform a key

ritual of Hajj, Mufti Azam said that Allah Almighty dubbed the Muslims as best Ummah on the face of the earth, and he whoever kills a Muslim deliberately would be sent to the Hell. He said that Islam condemns any act which aims at creating anarchy in the society, adding as being the religion of peace it calls for end to cruelty and defiance. Sending divine revelations and raising the Prophets was meant for the message of Allah's oneness; and this succession of guidance for human

being is in progress, he said. The Grand Mufti said Allah sent the Last and Final Prophet (Peace Be Upon Him) with complete code of conduct and this (Shariah) is in harmony with human nature, as it caters to all man's natural and material needs. Around 2.5 million Muslims assembled at Mount Arafat for Wuquf-e-Arafat, the key ritual of annual Hajj pilgrimage. This year's pilgrimage season is estimated to be attended by up to 2.5 million pilgrims. See # 8 Page 11


2 CDGK deploys 20k officials for offal cleaning KARACHI: City District Government Karachi will provide all kinds of resources to town administration for lifting and disposal of offal during Eidul-Adha. Required machinery, vehicles and manpower will be handed over to towns on Tuesday. This was stated by Karachi Administrator Fazlur Rehman during an inspection of trenches that had been dug up by Lyari, Kemari and Liaquatabad town for safe disposal of offal and waste. Administrators of all three towns and city government officers were present on this occasion. Administrator Fazlur Rehman was informed in a detailed briefing that each town has dug up trenches according to its require-

ment at the nearest possible location where offal of sacrificial animals will be buried on scientific method. Giving details of the offal lifting and disposal plan, Administrator Karachi said that about 20 thousand officers and workers associated with the CDGK and town administrations along with 4 thousand vehicles and machines had been dedicated for the operation. All of them will be on roads during all three days of Eid to ensure swift and immediate lifting and disposal of offal. He said that 30 trenches had been dug up at the designated dumping sites for the safe disposal of the offal and waste. While a total of 20 places had been

set up as the collection points for offal. Administrator Fazlur Rehman said that more machinery, vehicles and manpower would be acquired if necessary but no stone left unturned in making better arrangements for Eid-ul-Azha. Citizens would not have any complain in this regard. He also directed that town administration must be provided with required number of vehicles and machinery before Eid, adding not single offal will be allowed to be dispatched to landfill site but they will all be buried at designated places according to scientific method. City wardens, he said, have been directed to check the routes of landfill sites.

KARACHI: Hans Christian Kint inaugurates the Belgian Food Festival at Marriott Hotel along with Faisal Khan General Manager, Karachi Marriott Hotel. Rizwan CSO, Regional Event Manager Tina & Iqbal Mehmood, Director Sales are also seen in the picture.-Staff Photo

Nokia awards top innovators Staff Reporter

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

KARACHI: Nokia awards top three Pakistani mobile application developers cash prizes worth Rs1.8 million said a statement issued here. The prize distribution ceremony of Nokia Calling All Innovators Pakistan 2010 developer competition was held at a local hotel here in Karachi. The competition winner received the grand prize of Rs1 million in cash; along with paid travel and accommodation to demo the winning application at a Nokia specified event. The two runners-up

PPL donates Rs50mn for Hub School Staff Reporter

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

received Rs0.5 million in cash and Rs0.3 million in cash respectively. These prizes were decided by the panel of judges comprising of Muhammad Amir Malik, Zia Imran, Jehan Ara and Farhan Chawla. The winners in all four applications categories also received a one-year membership in Forum Nokia Launchpad, which is designed to accelerate mobile application development and elevate business visibility in the mobile world. It is ideally suited to companies that operate in the mobile space and work on Nokia platforms.

KARACHI: The Hub School will open its doors soon to the people of Balochistan and Sindh and the rest of Pakistan. This was said by Chairman Ahmed E H Jaffer Foundation Abdul Kader Jaffar at the plaque unveiling ceremony to acknowledge the Rs50million donation to the school by Pakistan Petroleum Limited (PPL). Jaffer said the foundation's education mission is reflect-

ed in the verses of the Holy Quran which asks human beings to seek knowledge and read in the name of the Lord and to reflect. He pointed out that it was the foundation's endeavour to transmit knowledge to the younger generation and the only way to do this was through the written word and ensure that our children who are the leaders of tomorrow get the best education which would enable them to better themselves and coming generations.

KARACHI: Ahmed E H Jaffar Foundation held Luncheon at The HUB School. Picture shows Chairman PPL Hidayatullah Pirzada, M D Khalid Rahman, Chairman Jaffar Foundation Abdul Kadar Jaffar, Deputy Gov SBP Yaseen Anwar and Lt Gen (Retd) Moinuddin Haider.-Staff Photo

Tuesday, November 16, 2010

LG starts online cooking portal KARACHI: LG Electronics (LG) announced the launch of an online cooking portal providing users with over 100 recipes of flagship dishes from selected countries. Packed with useful features and expert cooking tips for amateur and advanced cooks alike, this site is designed as a guide for cooking enthusiasts in creating world cuisines in their own kitchens. The site offers an innovative feature, "Cook As You Are", in which visitors can request a recommendation by choosing specific options among six categories: Cultures, Occasions, Courses, Ingredients, Methods and Expertise. The user's choices will be used to determine the right recipe recommendation from various cultures. For example, the selection of herb, snack and beginner results in a recommendation for easy-to-prepare Honey Roasted Pumpkin, a popular Korean dish. Visitors will also be able to view recipe recommendations from renowned personalities such as Guy Martin, a three-star Michelin chef from France.-PR

Repair demanded for RCD highway KARACHI: While requesting for the early execution of the project of Hub Bypass the Vice President of Lasbela Chamber of Commerce & Industry Ismail Suttar urged NHA to immediately repair the portion of RCD Highway passing through the Hub Town right from the old Toll Plaza for smooth running of the traffic from Karachi to Quetta, Chaman, Gawader, and from the various city of Balochistan to Karachi. The Lasbela Chamber also thanked the Honourable President of Pakistan Mr. Asif Ali Zardari and the Honourable Speaker of Provisional Assembly of Balochistan Mr. Muhammad Aslam Bhootani for taking keen interest and for giving approval of the project of construction of Hub Bypass.-PR

Intel lowers prices for Eid season KARACHI: Intel Corporation has lowered prices and introduced a new model of its award-winning Intel Solid-State Drive (SSD) product line. SSDs can replace hard disk drives in a PC and provide a substantial performance boost for a notebook or desktop PC, making SSDs one of the hottest new waves in personal computing. For shoppers looking for the latest high-tech gadget for that intensive PC user or gamer, Intel SSDs can help improve overall system performance by up to 56 percent. SSDs can replace or complement a traditional hard drive in a notebook or desktop PC and deliver noticeably faster computer performance when booting up, opening files and running software applications. With no moving parts, these SSDs deliver greater reliability and consume less power than conventional hard disk drives (HDDs).-PR

KARACHI: Pakistni people standing perturb as they are waiting for trains, which are delayed to leave for thier hometown to celebrate Eid-ul-Adha.-Online

Leather stakeholders oppose RGST LAHORE: The Lahore Chamber of Commerce and Industry on Monday threw its full weight behind the Leather sector and urged the government not to impose Reformed General Sales Tax (RGST) that is going to push this export-oriented sector to the wall. At a Press Conference, jointly chaired by LCCI President Shahzad Ali Malik, Chairman Pakistan Tanners' Association Khurshid Alam, Vice Chairman Pakistan Leather Garments

Manufacturers and Exporters Association (PLGMEA) Ch Mudassar Masood, Chairman Pakistan Footwear Manufacturers Association Farrukh Saleem and Representative of Pakistan Gloves Manufacturers & Exporters Association Shahid Latif, the participants took a strong exception to the government for continuously ignoring the reservations of the exporters regarding the imposition of the RGST. The LCCI Senior Vice president sheikh

Mohammad Arshad, who also belongs to Leather Sector, criticized the policy-makers for not taking the stake-holders into confidence on RGST. The Chairman Pakistan Tanners' Association Khurshid Alam articulated that corrupt mafia has gradually lobbed into the decision-making sectors of government and gained strength therefore, government is ignoring the reservations of exporters' community and protests by the leading political parties against RGST imposition.-APP

BQATI complains low gas pressure KARACHI: Mian Muhammad Ahmad, Patron-In-Chief Bin Qasim Association of Trade & Industry (BQATI) slammed SSGC for not restoring the proper gas pressure for industries. In a statement issued here, Mian Muhammad Ahmad along with Patron-In-Chief/ Founder President BQATI Usman Ahmed told that SSGC has announced 20 cent low gas pressure for

Oct27 to Nov 4. This action has been taken for maintenance of Zamzama gas field. Therefore industries did reduce the gas pressure not only up to the required limit of 20 cent even more than from 25cent to 30. Now after the laps of this date the pressure of gas could not be restored to its optimum level till yet. Due to this situation most of the industrial units have been closed down on account of

low gas pressure and all of this action negative impact on production of industries. The managing committee and patron in chief have sent a letter to Sui Suthern Gas Company for low gas pressure for industry. Mian Muhammed Ahemed urged SSGC to take some immediate action to feel the difficulties of industrialist resolve this problem on Eid holidays to restore the gas pressure for industries.-NNI

People given low quality sugar, says minister KARACHI: Federal Minister for Science & Technology, Mohammed Azam Khan Swati, has said that people are being provided sub-standard sugar by the millers. Addressing the awards ceremony of Pakistan Standards and Quality Control Authority (PSQC) here on Monday, he said that the cartels of sugar millers are taking advantage of the lacunas in the laws. "The market is flooded with sub-standard products and we are being provided low quality sugar by the millers," he said. The Federal Minister said that laws will be amended soon to nab those involved in manufacture and sale of substandard products. Swati said that 40 per cent of the diseases among the human beings in the country is caused by water-borne diseases and added that the 'mineral water and packed milk' does not match the international quality.-APP

0.5mn tonnes of rice bran available

Unisame urged to make oil from rice bran KARACHI: The International Council of SMEs (ICSMEs) has advised the Union of Small and Medium Enterprises (UNISAME) to impress upon the authorities to utilise rice bran for the manufacture of edible rice bran oil which is rich in nutritional value. President Unisame Zulfikar Thaver said the ICSMEs has informed that Pakistan has about 0.5 million tonnes of rice bran available and can be put to good use to produce rice bran oil. He said in Japan rice bran oil is called health oil and in other rice producing countries it is prepared scientifically and used as edible oil of high value. He said the ICSMEs has informed us that the rice bran oil has the most balanced proportion of fatty acid. The proportion of fatty acid is closest to the recommended ratio of American heart association and the

world health organisation. It is recognised as nutrition oil and health oil by nutritional academic. It is rich in vitamin E, oryzanol, nature antioxidant such as tocotrienols, sitosterol. They have pointed out that rice bran oil has the function of reducing cholesterol; It has the characteristics of high smoke-point and low-viscosity rice bran oil can make the kitchen easy to clean they said. Finally they have elaborated that rice bran oil contains a variety of natural antioxidants which makes dishes fresh and greatly improves the taste. Thaver said there are many by products having scope of value addition and with the support of the Small & Medium Enterprises Development Authority and PCSIR much can be done and many SMEs looking for small value addition industries of indigenous products can set up profitable units.-PPI

KARACHI: Ambassador & Permanent Representative of Pakistan to the United Nations Abdullah Hussain Haroon addressing a press briefing here.-Staff Photo

KARACHI: Utku Yazan, Director Turkish Airlines Pakistan, presenting a memento to Dagmar G Wohri, member of the German Bundestag (Parliament) former parliamentary state secretary and Chairwoman of the Committee on Economic cooperation and Development.-Staff Photo

Eid-ul-Azha Namaz Timings (DHA Karachi) Ser

Name of Mosque

1.

Masjid Khadija Tul Kubra 8th Lane, Phase-VIII, Kh-e-Sehar Masjid Zubair, M-118, Kh-e-Aziz Bhatti Shaheed, Phase-VII (Ext), DHA Masjid Mustafa, 2B, East Street, Phase-I, DHA Masjid Abul Qasim, M-17, Staff Lane # 9 Street-8th Phase-I, DHA Masjid Hamza, 25 St, Kh-e-Shaheen, Phase-VIII, DHA Masjid Tooba, Korangi Road, Phase-II, DHA

2. 3. 4. 5. KARACHI: Baber Ali Kazmi, Manager of South Region, Samsung Electronics giving 3D LED TV to Ajmal Khan, winner of Samsung ‘Post & Win’ 3D LED TV promotion.-Staff Photo

6.

Timings 07:30 Hours 07:45 Hours 07:45 Hours 07:45 Hours 08:00 Hours 08:00 Hours


3

Tuesday, November 16, 2010

Swiss franc dips vs euro ZURICH: The Swiss franc fell to its lowest in a week against the euro and was heading towards the psychologically important 1.35 mark, with hopes for a rescue package for Ireland helping the common currency. Yet factors -- such as concerns about government indebtedness -- that have been unsettling investors remained unresolved, suggesting any small bounce in riskier assets was more a result of bargain hunting, rather than a sustained recovery. "The main driver are the current worries about the debt situation in euro land," said Sarasin analyst Ursina Kubli. "We think that this will remain the dominant theme in coming weeks." The franc was down 0.3 per cent against the euro compared to the New York close on Friday, trading at 1.3452 per euro at 0732 GMT. The franc was 0.4 per cent lower against the dollar at 0.984 per dollar.Reuters

US dollar rises broadly on higher yields, euro woes Market trades on dollar's correlation with yield spreads NEW YORK: The dollar rose to a six-week high against major currencies on Monday, as rising US bond yields boosted the appeal of US assets and worries about Ireland's debt crisis persisted. The dollar could stay supported in the near term as markets focus on problems in the eurozone and investors book profits on their short dollar bets built up before the Federal Reserve's decision earlier this month to print more money. US Treasury yields rose, with the 10-year yield hitting a threemonth high earlier after the Wall Street Journal reported that a group of Republicanleaning economists is calling for the Fed to drop its plan to buy $600 billion of Treasuries. The dollar was particularly strong versus the yen, rising to a near 6-week high above 83.00

yen, as the spread between US and Japanese benchmark government bonds widened. But the dollar pared gains across the board after data showed a manufacturing gauge

in New York state fell this month to its lowest level since April 2009, which offset a stronger-than-expected reading of retail sales. "The recovery in the dollar had been driven by consistent surprises in US data over the past 2 weeks and the disappointing Empire State survey reminded traders that the recov-

Asian currencies

Ringgit, baht down on capital control fears SINGAPORE: The Malaysia ringgit and the Thai baht led a broad fall in emerging Asian currencies on Monday on caution over capital controls in the region and fears the US dollar will keep rebounding till the year end. The Group of 20 leaders' summit in Seoul ended on Friday with a basic go-ahead for countries experiencing huge, potentially disruptive capital inflows to impose more controls. "Capital control fears dominate today," said a Kuala Lumpur-based dealer said. South Korean Finance Minister Yoon Jeung-hyun earlier reiterated the country was

considered various steps to reduce the impact of rapid fund flows. "What has happened in the market so far is just a healthy technical correction," said a Jakarta-based trader. "The market for the last two months has been driven by the expectation of QE2...with that happening, the market is now realizing their short USD positions." The baht opened with strong buying from foreign banks after the weekend report from the Financial Times regarding sales of Carrefour retail outlets in Thailand. But fear of more capital controls to cap hot money inflows

Sterling slips vs $, near 7-wk high on euro LONDON: Sterling fell against a broadly firmer US dollar on Monday but hovered near seven-week highs against the struggling euro as uncertainty over whether Ireland would take emergency funding hurt the common currency. The dollar extended its gains from last week, buoyed by a sharp rise in US Treasury yields and a report that a group of

prominent Republican-leaning economists was launching a campaign calling on the Federal Reserve to drop its quantitative easing plan. This helped the greenback and drove sterling 0.4 per cent lower for the day to $1.6070. Sterling had fallen as low as $1.6042 in morning trade. Traders said Russian speculators sold cable, while buying by Asian central banks and real money accounts tempered these losses. The pound hit an intra-day high of $1.6185 on November

Top Economic Events

12 and a peak of $1.6183 on November 9 before retreating, indicating it was struggling to break that area convincingly. A raft of UK economic numbers is due this week along with the minutes of the Bank of England monetary policy meeting for November. Analysts will scour the minutes for clues about the likelihood and timing of any further asset purchases.

Bank of England policymaker Martin Weale said on Monday there was no compelling case to change monetary policy now given the uncertainty about the degree of slack in the economy and stubborn above-target inflation. The euro was 0.3 per cent lower against the pound at 84.57 pence, close to a seven-week low of 84.50 pence struck on Friday. Traders said there was good support for the euro around 84.50, close to its 100-day moving average that comes in at 84.54.-Reuters

into Thailand hit local stocks and bond, also weighed on the baht. The baht hit low of 30.01 from 29.85 in early trade. Talk of agents sales and report of heavy exporters sales capped rallies for now. The early fall in the baht was probably attributable to shortterm bets. The won fell to its lowest in more than three weeks against the dollar, pressured by heightening worries about fresh curbs to check hot money inflows and a weaker euro. The won ended local trade down 0.4 per cent at 1,131.9 from Friday's domestic close of 1,127.8.-Reuters

Taiwan dollar little changed TAIPEI: The Taiwan dollar ended little changed on Monday as the central bank was seen keeping the unit in a range, holding some investors at bay while others took profit following a raft of risk factors. Taiwan's currency closed at T$30.732 per US dollar compared with T$30.762 a day ago after it recovered from suspected central bank intervention on Friday, but it was knocked back by further apparent intervention shortly before Monday's close. The authority seeks to limit market volatility that has seen the unit surge more than 3 per cent since late September on anticipation of monetary easing in the United States. Easing stands to flood emerging Asian forex markets such as Taiwan with hot money, driving up currency prices and hurting export competitiveness. Some investors also took profit in Asia on Monday in the calm after G20, quantitative easing, the US mid-term elections and other risk factors around the world, dealers said. Broad gains in the US dollar, which had risen on concerns about debt relief in Ireland, weighed further on Taiwan's currency. -Reuters

Aussie, NZD hits by rising US yields, China talk SYDNEY/WELLINGTON: The Australian and New Zealand dollars were soft on Monday as rising US bond yields benefitted the US dollar at the expense of most currencies. Analysts said profit-taking in the pair gathered pace after US 10-year Treasury yields hit twomonth highs and kept the ten-year yield spread between the United States and its pacific counterparts under recent peaks. Speculation China could further tighten monetary policy to slow the world's second-biggest economy also did little for the pair of commodity currencies. The Australian dollar retreated to $0.9832, off $0.9857 seen in New York on Friday and well off a 28-year peak of $1.0183 hit earlier this month. Support was seen at the Nov. 1 low of $0.9814, with resistance at $0.9977 ahead of $1.0000. While profit-taking in the Australian dollar could run on for a while given it is still up nearly 10 per cent this year, analysts at the National Australia Bank said they expected the currency to

rebound to peak at $1.05 by June 2011. It said the near-term risk was for the Australian dollar to fall towards $0.9370 as concerns about Europe's fiscal health encourage more traders to take profits. But it advised clients to resume buying the currency if it fell that far. The New Zealand dollar was also knocked lower to test support around $0.7690 as the US dollar recovered. Support for the kiwi was seen at $0.7645, with $0.7780 likely to cap the topside in the near term. The kiwi had bounded as high as $0.7780 early in the session after retail sales data for the third quarter came in above expectations, driven by consumers spending on some big ticket items to beat a rise in sales tax. The currency was also hit by selling from Japanese margin investors against the yen, which saw the pair fall nearly 1 per cent to 63.60 from a high of 64.12 yen. The Aussie also made solid gains against the kiwi to NZ$1.2775 after hitting a two-month low of NZ$1.2695. -Reuters

ery in the US economy is still uneven," said Kathy Lien, director of currency research at GFT in New York. But she added that the dollar should recover its initial losses

as consumer spending is the primary driver of the US economy. The dollar index, which tracks the greenback versus a basket of six currencies, was 0.3 per cent higher at 78.309, having hit a high of 78.562, its strongest since early October. The 10-year Treasury yield's climb took it to a three-month high around 2.86 per cent.

Yields also rose after Richmond Federal Reserve President Jeffrey Lacker indicated opposition to the central bank's latest round of monetary easing. "The market still wants to trade the correlation between yield spreads and the dollar, especially versus the yen," said Paul Mackel, director of currency strategy at HSBC. Mackel at HSBC said higher yields would continue to boost the dollar. HSBC expects the euro to trade at $1.35 by yearend. The euro slipped 0.3 percent to $1.3644, while the dollar gained 0.4 percent to 82.81 yen, after having earlier touched 83.28 yen on trading platform EBS. The euro also had support at its 55-day moving average at $1.3551, while the dollar index must clear its 55-day average at 78.97 to extend its rally.-Reuters

Yuan ends lower as key level looms SHANGHAI/HONG KONG: Spot yuan fell against the dollar on Monday as the market turned cautious within sight of 6.6 per dollar, a level considered to be where the authorities could permit the yuan to strength to this year. In a sign that both domestic and offshore market participants view the 6.6 level as a key resistance, the spread between onshore and offshore yuan traded in Hong Kong melted away for the first time in nearly two months. Reinforcing those expectations, the People's Bank of China fixed a weaker mid-point, its reference rate from which the yuan can rise or fall 0.5 per cent versus the dollar in a day. The PBOC had used stronger fixings to allow the yuan to rise during the G20 leaders' summit in Seoul late last week. Dealers said they still expect-

ed the yuan to touch 6.6 to the dollar within the year but warned the upside had now become limited as the yuan was only about 400 pips away from that level. Spot yuan closed at 6.6455 versus the dollar, weaker than Friday's close of 6.6370. It has now risen 2.72 per cent since it was depegged from the dollar in mid-June. The PBOC fixed the yuan's mid-point at 6.6303 on Monday from Friday's record high of 6.6239 during the G20 summit. In the offshore forwards market, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) rose to 6.4890 bid, compared with 6.4560 at Friday's close, with their implied 12-month yuan appreciation falling to 2.18 per cent from Friday's 2.70 per cent. -Reuters

Indian rupee near 7-wk low as dollar rebounds MUMBAI: The Indian rupee ended near a seven-week low on Monday due to the dollar's gains against major currencies, and concerns of dollar outflows with the year-end approaching. Fluctuating domestic shares also gave no definite direction. "There is unwinding of forex trades globally towards the year-end. Also there is a trend of the dollar gaining globally," said Hitendra Dave, head of global markets at HSBC India. Dave expects the weakening trend of the rupee to continue in the short term on anticipation of year-end capital outflows. The partially convertible rupee ended at 45.2250/2350 per dollar, after falling to 45.24, its weakest since Sept. 28 and 0.95 per cent down from its previous close of 44.80/81. Oil importer dollar demand also played a role. Foreign funds have bought shares worth a record $28.35 billion so far in 2010, compared with last year's $17.5

billion, which has helped the rupee gain 2.9 per cent year-todate. One-month offshore nondeliverable forward contracts were quoted at 45.4 to a dollar, weaker than the onshore spot rate, suggesting a bearish nearterm outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.3375, 45.3450 and 45.3400 respectively, with the total traded volume on the three exchanges at an average heavy $8.2 billion. -Reuters

Time 14:30 15:00 15:00 15:00 15:00 18:30 18:30 18:30 19:00 19:15 19:15 16th-26th

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

Events CPI y/y German ZEW Economic Sentiment CPI y/y Core CPI y/y ZEW Economic Sentiment Manufacturing Sales m/m PPI m/m Core PPI m/m TIC Long-Term Purchases Capacity Utilization Rate Industrial Production m/m Mortgage Delinquencies

Source NZD NZD JPY JPY GBP JPY EUR USD USD USD USD

Events Retail Sales m/m Core Retail Sales m/m Prelim GDP q/q Prelim GDP Price Index y/y Rightmove HPI m/m Revised Industrial Production m/m Trade Balance Core Retail Sales m/m Retail Sales m/m Empire State Manufacturing Index Business Inventories m/m

Forecast 3.1% -5.9 1.9% 1.0% 2.3 -0.5% 0.7% 0.2% 100.3B 74.9% 0.4%

Previous 3.1% -7.2 1.9% 1.0% 1.8 2.0% 0.4% 0.1% 128.7B 74.7% -0.2% 9.85%

Forecast 1.1% 1.1% 0.6% -1.5%

Previous 0.0% -0.6% 0.4% -1.7% 3.1% -1.9% -1.7B 0.5% 0.7% 15.7 0.9%

Previous Day Actual 1.6% 1.6% 0.9% -2.0% -3.2% -1.6% 2.4B 0.4% 1.2% -11.1 0.9%

-1.9% 1.3B 0.4% 0.7% 13.9 0.6%

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

As per 22.00 PST Ask 1.3592 0.9866 1.6051 1.0087 0.9877 112.77 38473 1.3404 133.1300 84.1400 0.98 1371.93 26.37

Bid 1.3589 0.9862 1.6048 1.0081 0.9872 112.74 0.847 1.3401 133.0800 84.0800 0.98 1371.03 26.32

High 1.3750 0.9868 1.5153 1.014 0.9899 113.61 0.8512 1.347 133.6900 84.6500 0.98 1375.75 26.48

Low 1.3583 0.9764 1.6045 1.0061 0.9815 112.69 0.8458 1.3369 132.9600 84.0300 0.97 1359.85 25.78

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 10/11/2010 A USD GBP CAD EUR JPY EUR 365 O/N 0.22625 0.55250 0.98000 0.72625 SN 0.09313 0.73634 1WK 0.24703 0.55563 1.03000 0.74375 0.10688 0.75408 2WK 0.25000 0.56000 1.06083 0.76250 0.11188 0.77309 1MO 0.25344 0.56938 1.09500 0.80750 0.12375 0.81872 2MO 0.26828 0.62750 1.14583 0.87750 0.15250 0.88969 3MO 0.28438 0.73750 1.19833 0.99125 0.19563 1.00502 4MO 0.33250 0.82250 1.25667 1.04938 0.27125 1.06395 5MO 0.39219 0.92625 1.32167 1.13250 0.32938 1.14823 6MO 0.44250 1.03000 1.39750 1.23250 0.39188 1.24962 7MO 0.49344 1.10788 1.45333 1.27938 0.45313 1.29715 8MO 0.54719 1.19000 1.53500 1.32688 0.50125 1.34531 9MO 0.59844 1.27188 1.60000 1.37625 0.54750 1.39536 10MO 0.65150 1.34875 1.67667 1.41875 0.57500 1.43845 11MO 0.70550 1.41750 1.75500 1.46250 0.60188 1.48281 12MO 0.76481 1.48500 1.84833 1.51125 0.63063 1.53224

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, November 15,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A U.K EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E KR WON THAILAND

85.60 137.92 117.03 84.59 87.22 84.19 12.47 1.0346 14.36 65.65 15.70 22.83 11.04 12.89 305.11 27.30 65.80 23.53 23.31 0.0755 2.855

85.40 137.60 116.76 84.40 87.02 83.99 12.44 1.0322 14.33 65.50 15.67 22.77 11.02 12.86 304.40 27.24 65.65 23.47 23.25 0.0753 2.849

85.22 137.28 116.48 84.17 86.79 83.77 12.41 1.0295 14.29 65.33 15.62 22.71 10.99 12.83 303.60 27.16 65.47 23.41 23.19 0.0751 2.841

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

CMKA

BMA

INVSR

GSL

ICSL

12.20 12.20 12.30 12.45 12.68 12.90 13.00 13.05 13.20 13.35 13.65 13.72 13.75 13.75 13.78 13.85 13.85 13.90 14.25 14.35 14.50

12.50 12.40 12.25 12.50 12.79 12.95 13.10 13.25 13.25 13.40 13.63 13.65 13.65 13.68 13.68 13.70 13.70 13.76 14.20 14.35 14.50

12.40 12.30 12.30 12.45 12.75 12.88 13.10 13.15 13.22 13.40 13.63 13.70 13.75 13.75 13.75 13.77 13.74 13.80 14.20 14.30 14.50

12.25 12.30 12.40 12.45 12.79 12.90 13.10 13.20 13.25 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35 14.50

12.30 12.20 12.25 12.45 12.75 12.85 12.95 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.75 13.80 14.20 14.30 14.50

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

JSCM AvgRate 12.35 12.30 12.35 12.45 12.75 12.85 13.10 13.15 13.22 13.40 13.70 13.73 13.74 13.75 13.75 13.75 13.70 13.80 14.25 14.35 14.50

12.33 12.28 12.31 12.46 12.75 12.89 13.06 13.15 13.22 13.39 13.64 13.70 13.73 13.74 13.75 13.77 13.73 13.83 14.22 14.33 14.50

Currencies Correlation GBP/USD Period AUD/USD EUR/CHF EUR/GBP EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF XAG/USD XAU/USD 1 week

-0.92

-0.57

-0.91

-0.29

-0.89

-0.38

-0.82

0.70

0.92

-0.30

1 month

0.03

-0.69

-0.47

0.13

-0.68

0.03

0.05

-0.16

-0.15

0.37

-0.43 0.34

3 months -0.84

-0.75

-0.85

-0.56

-0.86

-0.74

-0.83

0.71

0.80

-0.85

-0.86

6 months -0.92

0.53

-0.54

-0.18

-0.91

-0.91

-0.87

0.58

0.96

-0.79

-0.75

1 year

-0.57

0.63

0.26

0.55

-0.07

-0.34

-0.60

0.09

0.71

-0.74

-0.76

2 years

-0.62

0.70

0.22

0.64

-0.05

-0.20

-0.61

0.57

0.67

-0.72

-0.74

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/11/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 12.00

12.50

12.00

12.50

12.30

12.80

12.65

12.90

12.90

13.15

12.95

13.45

13.20

13.70

13.30

13.80

JSBL

12.30

12.80

12.35

12.85

12.40

12.90

12.70

12.95

13.05

13.30

13.20

13.70

13.30

13.80

13.50

14.00

ASPK 12.00

12.50

12.10

12.60

12.25

12.75

12.70

12.95

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

CIPK

12.00

12.50

12.10

12.60

12.20

12.70

12.60

12.85

13.10

13.35

13.20

13.70

13.30

13.80

13.40

13.90

DBPK 12.10

12.60

12.10

12.60

12.10

12.60

12.70

12.95

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK 12.10

12.60

12.10

12.60

12.15

12.65

12.65

12.90

13.05

13.30

13.15

13.65

13.15

13.65

13.40

13.90

FLAH 12.25

12.75

12.25

12.75

12.30

12.80

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 12.15

12.65

12.20

12.70

12.30

12.80

12.75

13.00

13.00

13.25

13.15

13.65

13.20

13.70

13.35

13.85

HKBP 12.20

12.70

12.20

12.70

12.35

12.85

12.70

12.95

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

NIPK

12.20

12.70

12.35

12.85

12.65

13.15

12.85

13.10

13.00

13.25

13.15

13.65

13.20

13.70

13.25

13.75

HMBP 12.25

12.75

12.30

12.80

12.40

12.90

12.85

13.10

13.00

13.25

13.15

13.65

13.20

13.70

13.30

13.80

SAMB 12.00

12.50

12.20

12.70

12.35

12.85

12.85

13.10

13.10

13.35

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 12.25

12.75

12.35

12.85

12.40

12.90

12.80

13.05

13.05

13.30

13.20

13.70

13.30

13.80

13.50

14.00

NBPK 12.00

12.50

12.10

12.60

12.20

12.70

12.75

13.00

12.80

13.05

13.10

13.60

13.20

13.70

13.30

13.80

SCPK 12.20

12.70

12.20

12.70

12.25

12.75

12.70

12.95

12.95

13.20

13.10

13.60

13.15

13.65

13.30

13.80

UBPL 12.15

12.65

12.15

12.65

12.30

12.80

12.70

12.95

13.00

13.25

13.15

13.65

13.20

13.70

13.35

13.85

AVE

12.64

12.18

12.68

12.30

12.80

12.73

12.98

12.99

13.24

13.14

13.64

13.21

13.71

13.33

13.83

ABPL

12.14


4 Tuesday, November 16, 2010

The Financial Daily International Vol 4, Issue 101

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

When Plans & Planes Crash... A

plan of the City Honorary Advisory Board D i s t r i c t S. Muneer Hussain Rizvi Haseeb Khan, FCA Government Khurram Shehzad, CFA Asim Abbas Ashary, CPA K a r a c h i Prof. Zakaria Sajid (KU) (CDGK) to Akhtar M. Zaidi, FCA conduct the Zahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA third stage of Ismat Sabir Muhammad Arif digital mapHead office ping of the 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi city to know Telephone: 92-21-5311893-6 Fax: 92-21-5388428 the status of URL: www.thefinancialdaily.com all plots in Email Address: editor@thefinancialdaily.com Karachi is in jeopardy due to preLahore office vailing financial crunch. 24- Peshawar Block, Fortress Stadium, Lahore The plan was launched during the Telephone: 92-42-6675595 Fax: 92-42-6664349 tenure of former City Nazim Email Address: editor@thefinancialdaily.com Mustafa Kamal and first two phases were completed. However, work on the third and most difficult stage that includes collection of door to door information is being threatened by the paucity of funds. In the first two phases, data regarding basic infrastructure like road-network, landmarks, union councils' boundaries, town limits, rivers, nallahs and clusters of katchi abadies were identified with the help of satellite images. Apart from the financial crunch, law and order situation, strikes and rains also caused delay in the comof the project and with the The other day Richard Holbrooke, pletion current pace of work it may take America's Special Representative for another few years to complete the

Are you serious Uncle Sam?

Pakistan and Afghanistan and Javed Iqbal, Secretary Water and Power signed an agreement for establishing 150MW wind power generation project. The project will be set in the coastal areas of Sindh at a cost of Rs32 billion and help Pakistan save $45 million per year in fuel cost. A leading US think tank has recommended Washington to ease trade restrictions on Pakistani textile exports. "The US commitment to a long-term strategic partnership with Pakistan is a critical step in securing Pakistani action against the militant groups within its borders," a report by an independent task force for the Council on Foreign Relations says. Similar announcements have been made with regular intervals but enough has not been done to compensate Pakistan for the losses being caused by the war on terror being fought over the last one decade. The cumulative economic losses now exceed $50 billion but the payments being made under Coalition Support Fund are paltry. Uncle Sam if you are serious in supporting Pakistan, the first thing you should do is get Pakistan's debt written off. Whatever Pakistan has borrowed since USSR assault on Afghanistan, both for the civilian and military purposes was the cost for maintaining minimum deterrence level and support war-torn economy. The second thing you should do is arrange for soft-term loans for the construction of mega hydel power plants capable of producing minimum 5,000MW around the year. Since this will take up to ten years, funds should also be made available for creating another 5,000MW thermal power generation capacity. The third step is to arrange funding for the construction of LNG import, storage and handling facilities. This option should be exercised to minimise oil import bill. It is no secret that local refineries could hardly meet the demand of one-third of POL products consumed in the country, the heaviest burden being that of furnace oil. Ensuring uninterrupted supply of energy products at affordable prices has become a must for accelerating GDP growth rate of Pakistan. Of lately Pakistan's economy is suffering from two contentious issues: 1) acute shortage of energy products and 2) rising tariffs of electricity and gas. Persistent and substantial hike in tariffs does not allow the consumers to pay their bills timely and in full and also provide incentives to pilferers. Illegal connections just can't be disconnected without making electricity affordable.

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.

task. Other things apart, the digital mapping would help citizen get information and status of their properties and help future town planning. I feel it is the responsibility of the Sindh Government to get the task accomplished as it would also help in checking the activities of land mafia. The Sindh Government is undertaking a project to establish a "Victim Assistance Authority" to provide financial assistance to victims of crimes like vehicle snatching etc. Though, work on the proposed Victim Assistance Authority (VAA) is the initial stages but the idea as such is commendable. The initial funding for the project is being met through the auction of unclaimed recovered vehicles through which some money has already been collected for the proposed body likely to be headed by the Chief Minister of Sindh for even disbursement of funds among victims of vehicle crimes. The idea could later be extended to other street crimes like mobile snatching etc. One hopes that the project which appears to be a sensible idea is implemented in a transparent manner to provide the much needed relief to the crime victims in other areas also.

It is heartening to note that the Sindh Assembly's Standing Committee on Irrigation and Power has suggested the government to examine the financial records of the KESC to determine the authenticity of the utility's claim of investment in the company. In this regard a meeting of the Committee headed by Arif Jatoi would be called soon to initiate the audit of the company. The Sindh Assembly Committee would also look into the possibilities of cheaper alternative sources to improve the power situation in Sindh province; a good omen. Families of the victims of July 28 Airblue crash at Margalla hills, Islamabad, appear totally dissatisfied with the crash investigation report and the compensation offered to them by the private airline. The families at a press conference in Karachi said that Airblue was offering an outright compensation of Rs5 million for each of the 152 passengers while if worked out under the Montreal Convention, this amount to go up to Rs.12 million per victim. These families say they have already taken the Airlines to the court. They also expressed dissatisfaction over the unclear and vague findings of the probe by the inves-

tigation team of CAA. T h e affected families want a clear cut fixing of the responsibility for the crash and action against those responsible. At the press conference, it was pointed out by the families that bodies of 19 passengers were never found, some remains were handed over to wrong families and bodies tossed in the morgue like garbage. The affected families have formed "Airblue Crash Affectees Group" and also hired legal advisers, The Group is also lobbying with the human rights organizations for action against the CAA for failing to properly handle the situation. "How can CAA investigations be impartial when CAA itself is a party to accident", they mentioned. They also blame CAA for having no standard operating procedures (SOPs) to deal with post aircraft crash situation. According to the group, the airline is rushing with the settlement because if it is held responsible in the final probe report, the compensation could be any amount. While one has all sympathies with the bereaved families, it is also expected that the government and the Airblue management would be kind enough to redress the grievance over the irreparable loss they have suffered.

Listening to What Blood Says Noman Shaheer

I

n the warm desert of Arabia, they were deprived of a single drop of water. The water well in the city of Madina was owned by a Jew and majority of Muslims, with scarce financial resources, could not afford to buy water. Othman Ibn Affan, a wealthy trader of Madina, could not tolerate his fellow Muslims struggling against the deadly jaws of thirst. He paid a handsome amount to the Jew for buying the well and allowed all Muslims to take water for free. This was not the only event, in early days of Islam, when Muslims were facing extreme poverty, it was Othman who always dedicated his every penny for the Muslims at Madina. The scene changed. It was the same city of Madina, the same desert of Arabia, and the same people who were carrying a hefty burden of the benefices of Othman. The entire Islamic world was experiencing a renaissance under the caliphate Othman. However, a group of conspirators sieged the house of Othman and forced him to resign from the caliphate. On refesual of Othman, these brawlers rushed into his house, a bunch of swords shined in the air and turned third Caliph of Islam into a corpse. Othman, who dedicated his entire life to Islam, was slaughtered in his own house and no one took any practical steps to save his life. However, God did not remain silent. The martyrdom of Osman led Muslim Ummah to the bloodiest wars in the history. Thousands of Muslims lost their lives while fighting against other Muslims and the stronghold of Islamic unity got crushed forever. It was a sin committed by only a few conspirators but the revenge was taken from entire Muslim nation. Faces change, places change, but the events remain the same. This time, it was Mecca where sky breaking voices of "Labbaik" were celebrating the glory of Islam. Outside the Mosque of Haram, A mendicant was sitting near the footwear of pilgrims and begging for a few pennies in his plaintive voice. This beggar was not a professional one. He was neither a disabled person nor a needy impecunious. Rather, he was the person whose sword had defend-

ed Islam in dark forests of Africa. He was the lionhearted warrior whose name was a sign of terror for European kingdoms. This godforsaken beggar, asking for a few pennies from pilgrims, was Musa Bin Naseer, the great Muslim General who stroke on the coasts of Europe and turned Spain into a part of Islamic territory. The great commander, who was never defeated by the hordes of Spanish armies, was bogged down by a dictator Suleman bin Abdul Malik.

They were the legends who battled entire world for defending Islam. However, entire Muslim nation failed to resist against one cruel monarch for protecting the same heroes. History does not stop here. This time, it repeated itself at a prison hall of Baghdad. Some soldiers were whipping a Seventy four year old prisoner so brutally that his blood and flesh was flying across the torture cell. This was a daily routine. On order of King Mansur, the old

“

This godforsaken beggar, asking for a few pennies from pilgrims, was Musa Bin Naseer, the great Muslim General who stroke on the coasts of Europe and turned Spain into a part of Islamic territory. The great commander, who was never defeated by the hordes of Spanish armies, was bogged down by a dictator Suleman bin Abdul Malik.

Suleman, afraid of the popularity of Musa, terminated his military service and forced him to pass the last days of his life as a mendicant begging in the streets of Mecca. The nation, for which Musa shed his blood, rewarded him with only a few coins of charity. Musa remained silent. He never rebelled against Islam, never spoke a single word against tyrant king, and never turned against the Islamic nation that forgot his beneficence. Though, God did not remain silent. The Muslims, who did not revolt against tyrant emperors, were caught by the annoyance of God. Within a few decades, Muslim armies faced bloodiest retreats on Indian and European fronts. Numerous cities were surrendered to Indian, French and Italian forces that brutally slaughtered Muslim civilians in their homes, auctioned Muslim women in markets as slaves, and celebrated the defeat of Islam by burning Muslim children in the streets. This humiliation was nothing but a punishment for ignoring heroes like Muhammad Bin Qasim, Qutaiba Bin Muslim, Tariq Bin Ziyad, and Musa Bin Naseer.

prisoner was subjected to the most inhuman torture by the cruelest jailers. This captive was no one but Noman Bin Thabit, the most respected scholar of Muslim world, commonly known as Imam Abu Hanifa. This illustrious Muslim scholar died in jail after passing his last four years as a prisoner in Baghdad. On his funeral, about 50,000 people participated and his funeral prayer was repeated six times. Wave after wave of disciples attended the funeral of Imam, though none of them had taken any practical step to rescue Abu Hanifa from the cruel jaws of King Mansur. The history of subjugating our heroes in prisons and rewarding criminals, traitors and dictators has yet not ended. It is repeating itself today in Pakistan where grandson of M A Jinnah is murdered by the devils of Pakistani Police while sons of national robbers cherished in UK and USA. We de-brief and humiliate Dr. A Q Khan like a criminal but never pose a single question to corrupt politicians who have bought most expensive palaces in Europe by selling entire country to IMF. Pakistani nation has duplicated the

sins committed by the nations of Musa Bin Naseer and Imam Abu Hanifa. We have left the brutal beasts to freely roam across the legislative assemblies and imprisoned our heroes in jails, in homes, and in graves. This phenomenon is not at all surprising. Throughout our history, we have disregarded the people who rendered unforgettable services to the nation. However, these patriots silently faced every trouble imposed on them by their own nations and left the decision on the wills and whims of God. Whenever we suppressed our military leaders, we faced defeats in battlefields. When we tortured our scholars, we were thrown into centuries of oblivion. Now, we are forgetful to people who awarded us freedom, nuclear assets and national sovereignty. No wonder if our defense, independence, and honor are in great danger. As a matter of fact, the terrible martyrdom of Othman could not stop the tradition of generosity and truthfulness. The troubles of Musa bin Naseer failed to cease the emergence of Muslim Generals, and imprisonment of Imam Abu Hanifa never demotivated Muslim scholars to stand against the evils of society. Waves after waves, Muslim lads followed the paths set by Othman, Musa and Abu Hanifa and constantly sacrificed their youth, talents, and lives for the betterment of Islamic Nation. Similarly, the troubles of Dr A Q Khan, MA Jinnah, Liaquat Ali Khan, and other patriotic leaders cannot discourage Pakistani youngsters from discharging their national obligations. Faithful soldiers, talented scholars, and diligent scientists will always dedicate their lives for Pakistan. Though, Pakistani nation can no more afford to continue the tradition of discounting the injured hands that have built and protected the country. A mother can never go against her child. However, God never forgives any injustice against mother. Similarly, the people who develop a nation never think against their homelands despite any ingratitude by their own people. However, God always take revenge from such nations. Are we ready to face the vengeance of Allah? Writer is a graduate student and research assistant at Yonsei University South Korea

US Piggybacking its Blue-eyed India After Obama visit to India, everybody is raising concern that US is giving immense importance to India by strengthening its strategic and economic ties. Besides US also desires Indian membership in UNSC and Obama has declared India an emerging super power of the region. No doubt all this has bolster India to puff its chest. Well I want to say on this snapshot that Pakistan needs not to worry about all this, US is doing what US should do to boost up it's weaken economy and to counter the emerging power China. US is just buttering and using India for its own purposes because the relations between US and China are fading with time while the strategic and economic ties between Pakistan and China are enhancing swiftly. Furthermore China is having more smooth foreign policy towards others countries as compared to US, and US want risen India to balance the power in the region. As far as the matter of US support for India UNSC seat is concerned it also seems for making India happy. As in the presence of China and Russia this dream will remain a dream, in addition many other countries are raising voice against it. The US is trying to get the best advantage of the whole situation. Pakistan is not worried and fully aware of the situation. The Pakistan's stance to enhance the bilateral relation with China is really pleasant. Though perhaps India need to be worried for being a part of US great game as China is kind to Pakistan and US accept Pakistan as an important country, also time has shown that US can even apologize to Pakistan when it come the question of its own interest!! Maimuna Ashraf, Rawalpindi


5

Tuesday, November 16, 2010

European shares close higher on reassuring data KSE-100 Index Opening Closing Change % Change Turnover (mn)

10,874.02 10,909.65 35.63 0.33 64.72

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

3,392.58 3,409.36 16.78 0.49 4.16

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

2,766.91 2,787.83 20.92 0.76 0.09

Major Gainers

Symbol

Close

Change

WYETH COLG SRVI LAKST IDYM

859.00 875.99 201.04 326.12 261.94

38.00 34.93 9.57 7.30 6.94

Major Losers

Symbol

Close

Change

UPFL 1,037.50 RMPL 1,943.05 BATA 594.46 NESTLE 1,907.84 SHEZ 91.15

-46.15 -45.95 -29.25 -10.56 -4.45

Top 5 Volume Leaders

Symbol

Close Vol (mn)

JSCL LOTPTA HUBC AHSL NML

12.24 12.00 35.15 25.90 53.39

8.28 7.61 7.58 4.19 2.41

Active Issues Plus Minus Unchanged

226 149 23

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

186 70 0 18

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

South East Asian stocks

Mixed, Thailand up, sentiment fragile

KSE lands in green, but gains make no headlines

US stocks mid-morning

Pair of M&As, wholesome retail sales lift Wall St

According to NCCPL data, foreign investors did a net-buying of $1.6 million on Monday. On the local side, banks and companies did a net-selling of $1.46 million and $1.07 million respectively while individual investors did a net buying of $0.63 million. Jahangir Siddiqui Co was the volume leader with 8.28 million shares followed by Lotte Pakistan with 7.61 million shares and Hub Power with 7.58 million shares. Out of total 398 active issues 226 advanced and 149 declined while 23 issues remained unchanged.

shares were traded during the day which is 32.8 million shares less as compared to a turnover of 97.5 million shares on Friday. "The local bourse remained range-bound as investors stayed sidelined ahead of long Eid holidays. This aversion was also owing to the caution that gripped investors after newsflows suggesting tax hikes started doing rounds", said Ahmed Rauf equity dealer at JS Global Capital. It should be noted that the exchange would remain closed from Wednesday to Friday on account of Eid-ul-Adha. Market opened the day on a positive note and stayed in the

green zone almost throughout the trading session except a short visit to the red zone mainly due to profit taking at higher levels. Positive activities too remained limited as investors were not interested in trade as was reflected by low volumes mainly due to long holidays ahead. Further, reservations on RGST and flood surcharge too kept investors on the sidelines as it is a general opinion that implementation of RGST would increase inflation which may lead to further tightening of monetary policy. In addition to that investors are also trying to

measuring the effect of the flood surcharge on corporate profitability. Therefore index moved in a range of 10,934 (+ve 60 points) and 10,841 (-ve 32 points). However, hopes of positive outcome of Pakistan Development Forum conference for rehabilitation, reconstruction, seeking foreign loan writeoffs, and continued support in oil sector did allow the main index to close above 10,900 points level. Secondly, investors were also expecting some good news from the meeting of KSE broker directors with SECP Chairman.

Yen, GDP back Nikkei; uptrend on

FTSE up on banks, US retail data, commodities

India mkts rise on Tata Steel, banks

Nawaz Ali KARACHI: On the first day of the week at Karachi Stock Exchange (KSE), investors harbouring reservations on Reformed GST (RGST) preferred to stay on the sidelines ahead of Eid vacation which thinned out the volumes very much. The benchmark KSE 100Index was up by 35 points to close at 10,909 points while KSE 30-index increased by 69 points to close at 10,531 points and KSE all-share index green by 25 points to close at 7,589 points. About 64.7 million

TOKYO: Japan's Nikkei average rose 1.1 per cent on Monday, back towards a 4-½ month high hit last week as a softer yen and stronger-thanexpected Japanese growth data for July-September encouraged investors to buy on dips. The technical trend for the Nikkei remained bullish, with sporadic buying emerging after profit-taking hit the benchmark on Friday. "The market was helped by stabilising currencies and after the better-than-expected GDP, which seems to have accelerated bond selling, with some of that money going into stock futures," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets. The Nikkei's climb contrasts with other major stock markets. Wall Street ended a fiveweek winning steak on Friday and China's key stock index inched lower, both hurt by the threat of rising interest rates in China. "US stocks and Chinese stocks have taken a breather for now, but it's not as if investors are suddenly turning risk averse. They will likely continue to find it relatively easy to take risk as liquidity is expanding after 'QE2.'" On Friday, the US central bank initiated a second round of quantitative easing, known as "QE2." The program is worth about $600 billion in Treasury purchases over an

eight-month period. The Nikkei ended the day up 102.70 points at 9,827.51, with some market players citing help from buying by European investors. It recouped most of the losses it made on Friday and is not too far off its a 4-½ month high of 9,885.37 seen earlier last week. The broader Topix was up 0.5 per cent on Monday at 851.56. Japanese government bond yields climbed to two-month highs. Some traders said the Nikkei received support after data showing Japan's economy grew a bigger-than-expected 0.9 per cent in July-September from the previous quarter. But most participants said the GDP results were neutral to the market. "The GDP results were positive, although they failed to spur strong buying as there are many uncertainties about the economic outlook," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. Resistance was seen lurking around 9,800, and a decisive break above the level will likely open the way to a climb towards 10,000, traders say. The next target is then expected to be around its June high of 10,251.90. The Nikkei is likely to find support around 9,500, near its 26-week moving average.Reuters

LONDON: A rise in commodity shares and banks hauled the leading share index higher on Monday, with better than expected US retail sales numbers also helping, providing a boost to global recovery hopes. At the close the FTSE 100 was up 23.54 points, or 0.4 per cent at 5,820.41, nearer the session peak of 5,832.88 than the intraday low of 5,755.68. Miners were a strong factor in the gains as the sector recovered after recent falls, helped by improved prospects for the US economy. Lonmin stood out, up 4 per cent, as the platinum producer posted a swing to full-year profit and restarted dividends, prompting JP Morgan to raise its rating to "neutral" from "underweight." BHP Billiton added 1.8 per cent after the miner scrapped its $39 billion (24 billion pounds) bid for Canada's Potash Corp , and revived a $4.2 billion share buyback plan instead. US shares were up by London's close with the Dow Jones Industrials index 0.5 per cent ahead, supported by some merger activity and October retail sales numbers which pointed to an economy that might be gaining strength. "The good US data has helped push the underlying market worries aside for the moment, although European See # 18 Page 11

China shares jump, HK market slumps

MUMBAI: Indian shares rebounded from last week's fall and closed 0.8 per cent higher on Monday, shrugging off the weakness in world equities, with financials leading the charge as investors placed their bets on improving credit demand. Tata Steel gained 1.8 per cent after the steelmaker reported better-than-expected quarterly earnings late on Friday on better demand and higher prices, and as Citigroup raised its rating on the stock to buy from hold. The 30-share BSE index closed 0.76 per cent or 152.80 points higher at 20,309.69 points, with two-third of its components advancing. It had declined 4 per cent last week, its worst weekly performance since early May. "I would not read much into last week's fall. It was more of an opportunity than worry. It has just created room for upside," said Rakesh Rawal, head of private wealth management at Anand Rathi. The main stock index has gained 16.3 per cent this year, backed by a foreign funds inflow of $28.5 billion into

Indian equities in the period. The MSCI's measure of Asian shares other than Japan has grown nearly 12 per cent yearto-date, outperforming the allcountry equities index, which has risen 6.5 per cent in the period. Citigroup said Asian equities can rise 23 per cent more before investors should think about owning fewer Asian stocks. "The train has left the station but as yet has not arrived at the final destination," Citigroup said in a note. "As for Asia ex, someone forgot to close the top on either the Perrier or Champagne bottle since we still sparkle, but bubbling we are no more and not yet." Financials rallied on an optimistic demand outlook in a fast-expanding economy, and as monthly inflation eased slightly in October, which may allow the central bank to keep rates steady in coming months. "Credit demand has a direct correlation to economic growth. So, with the economy growing, banks stand to benefit," said Rawal. See # 17 Page 11

ANNOUNCEMENTS Company Punjab ModarabaXD Dandot Cement

Period 1st Qtr Half Yearly

Div/Bon/Right PAT (Rs in mn) -28.59 -204.455

EPS(Rs) -0.84 -2.16

NEW YORK: US stocks rose on Monday as a pair of large acquisition proposals suggested investors see value in certain stocks at current elevated levels in a trend that could carry the market through year end. Strong October retail sales also helped offset persistent weakness in Internet shares. Coming off a steep selloff Friday that ended a five-week winning streak, investors also fretted over weakened New York manufacturing data and lingering European sovereign debt woes. Caterpillar Inc agreed to buy mining equipment maker Bucyrus International Inc for $7.6 billion, sending Bucyrus' shares up 28.7 per cent to $89.58. Caterpillar, a Dow component, rose 1.4 per cent to $82.18. Other mining equipment shares gained. Terex Corp climbed 5.1 per cent to $25.67, while Joy Global Inc advanced 7 per cent to $77.41. Manitowoc Co Inc, which filed a shelf offering Friday, added 1.9 per cent to $11.39. In other M&A action, data storage equipment maker EMC Corp agreed to buy smaller peer Isilon Systems Inc for $2.25 billion. Isilon shot up 28.5 per cent to $33.79 and was the second most active stock on Nasdaq. EMC slid 1 per cent to $21.50. "Continued M&A is the best thing going on in the market right now, and I'm expecting this activity to fuel a 100-point See # 16 Page 11

BOC Pak appoints new MD KARACHI: BOC Pakistan Ltd has appointed Yousuf Husain Mirza as new chief executive and managing director of the company. According to a communiqué dispatched to Karachi Stock Exchange here Monday, he has been appointed with effect from October 27, 2010 for a period of three years.-APP

Dhiyan

LAY HANDS ON E&PS, OMCS Faisal Shaji, Head of Research Standard Capital

Though, projections of all the fund managers and analysts have failed to materialise, yet the market, after some consolidation, would see a renewed bullish spell and may touch 11,500 points level. Investors are therefore recommended to enter power sector followed by E&Ps, OMCs, and holding firms. Positive outcome of Pakistan Development Forum meeting would have a far-reaching effect on HONG KONG/SHANGHAI: the abundant liquidity in the stocks were really crazy," said market. Moreover, clarity on the political front and any democratic Chen Huiqin, senior analyst at change would also support the market. Positive activities are likely to Shanghai shares rebounded on system. continue today. Investors can buy LOTPTA, EPCL, and MEBL. Turnover fell over 34 per cent Huatai Securities in Nanjing. Monday on bargain hunting but trading was light amid worries over more monetary tightening, which sent the market tumbling over over 5 per cent in the previous session. Hong Kong's Hang Seng index closed 0.8 per cent lower, extending the previous week's 2.6 per cent decline, hurt by lower energy shares across Asia. "The cautious sentiment continues," said Ben Kwong, chief operating officer at KGI Asia. "The Chinese government seems to be quite tough in its stand in guarding against inflation. Investors expect another rise in reserve requirements and maybe some administrative cap on lending." Shanghai's benchmark stock index lost 5.2 per cent on Friday, erasing about a quarter of its 20 per cent rise since the end of September, as speeding inflation and a surge in bank lending led to concern that Beijing would clampdown on

from Friday's 297 billion yuan, but bank shares staged a late rally as investors scooped them up on low valuation, said Zhang Gang, analyst at Central Securities in Shanghai. Top lender Industrial and Commercial Bank of China closed up 6.8 per cent aftering losing as much as 4.3 per cent. Agricultural Bank of China ended up 1.1 per cent, reversing an earlier loss of 1.5 per cent. ICBC shares in Shanghai trade at a nearly 30 per cent discount to their historic median forward 12-month price to earnings multiple. Commodity shares extended their losses. Mining firms, which dominate the listed commodity sector, were Monday's biggest drag on the index, with gold producer Zijin Mining down 4.2 per cent and the most active stock after the banks. "Recent rises in commodity

COMMODITIES PULL HK LOWER Coal and oil-related plays weighed on the Hong Kong market amid broad weakness in the energy sector across Asia. Traders said a firmer dollar was providing investors to dump shares which had gained during the US currency's decline. Turnover in Hong Kong fell to HK$93 billion, falling below HK$100 billion for the first time in nine sessions. China Coal fell 4.1 per cent, the top loser on the Hang Seng index. Rival China Shenhua dropped 3.2 per cent. Oil-related plays also fell, led by CNOOC which closed down 1.8 per cent. Further weighing on bearish sentiment were recent moves by major shareholders using the latest market rally to lock in gains. IFR reported that major shareholders sold more than $1.9 billion in Asian equities last week.-Reuters

Farhan Mansuri, VP Capital Markets Arif Habib Limited Market outlook is bullish due to continued foreign buying, expectations of early launch of Margin Trading System (MTS), and hopes that interest rate would be kept unchanged in the coming monetary policy. Therefore index is expected to touch 11,300-11,400 levels after Eid. Investors are advised to lay hands on E&P, cement, fertiliser, and automobile sector stocks. As far as individual stocks are concerned they can invest in LOTPTA, POL, PPL, NBP, and HUBC. Today, the market would remain positive amid thin volumes.


6

Tuesday, November 16, 2010

Market Volume

64,719,967

Value

2,402,739,896

Trades

46,437

Paid up Cap(mn)

Advanced Declined Unchanged Total

PE

Open

High

High Low 1,415.03 1,397.93 Total cos Defaulter cos P/BV (x) ROE (%) 3.40 32.54 Low

Close Chg

5.26 302.49

306.75 302.25 303.80

853

6.81 122.94

124.00 121.00 121.52 -1.42

-

10.98

11.40

10.90

1.31

Close Change 1,411.22 9.57 Listed cap Market cap 65,194.15 mn 1,105,421.18 mn Payout (%) Div Yield (%) 55.94 5.36 Last 60 days High Low

Volume 239708

% Change 0.68 5-Day High 1,415.31 5-Day Low 1,401.64

2009 Div BR (%) (%)

2010 Div BR (%) (%)

374.20

287.99

250

-

300

20

1394813 129.70

76.16

-

-

-

-

9.84

-

-

-

-

31

-

-

200

-

11.24

0.26

1746694

12.10

Mari Gas Company

735 16.18 118.72

120.00 119.00 119.39

0.67

15995

128.90

106.00 32.17 100B

National Refinery XD

800

3.75 252.79

255.01 251.80 253.27

0.48

26448

263.00

183.25

125

Oil & Gas Development 43009 10.76 158.40 Pak Petroleum Pak Refinery Limited

159.40 157.56 159.04

0.64

272926

160.20

136.30

82.5

-

55

-

11950

7.86 190.89

193.65 191.10 193.33

2.44

162764

214.10

168.70

130

20B

90

20B

2365

6.01 249.98

255.10 250.20 254.43

4.45

1174187 262.40

213.17

180

-

255

-

350

PSO

1715

-

81.11

4.76 279.05

Shell Gas LPG

226

Shell Pakistan

685 10.11 196.00

-

35.00

82.37

81.01

81.08 -0.03

281.90 277.52 281.16

13491

87.39

48.26

-

-

-

-

2.11

347193

286.97

233.10

50

-

80

-

36.74

1.74

21521

40.28

27.32

-

-

-

-

198.50 196.00 197.10

1.10

19155

215.20

182.05

330

-

40

-

36.75

35.00

CHEMICALS Performance of SR Chemicals Index Open 1,224.97 Turnover 10,035,713 P/E (x) 7.71 Company

Paid up Cap(mn)

7,589.80 7,607.72 7,545.59 h25.61

Current High Low Change

Current High Low Change

10,531.01 10,540.23 10,457.09 h69.38

PE

Open

250 10.73

76.02

High Low 1,238.92 1,221.39 Total cos Defaulter cos P/BV (x) ROE (%) 2.70 35.00

Close 1,233.15 Listed cap 52,251.88 mn Payout (%) 48.81

High

Low

Close Chg

Volume

79.80

77.40

78.10 2.08

Change 8.18 Market cap 276,281.33 mn Div Yield (%) 6.33

Last 60 days High Low

% Change 0.67 5-Day High 1,235.94 5-Day Low 1,224.97

2009 Div BR (%) (%)

2010 Div BR (%) (%)

Open 754.81 Turnover 30,557 P/E (x) 5.78 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

High Low 758.36 742.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53

Close 752.14 Listed cap 3,242.17 mn Payout (%) 11.08

Change -2.67 Market cap 13,181.13 mn Div Yield (%) 1.92

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.25 41.18

72.88 37.80

73.25 37.94

71.80 37.02

72.50 -0.38 37.89 0.09

22586 7971

80.00 41.00

60.05 34.50

Open 1,162.27 Turnover 264,355 P/E (x) 4.33 Company

Paid up Cap(mn)

Agriautos Ind XD Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission

PE

Open

144 5.15 67.50 101 4.64 156.50 626 6.80 97.96 890 1.45 56 4.38 153.00 598 18.71 22.35 200 7.50 4.49 1428 - 13.11 786 5.98 260.34 823 11.79 73.41 150 3.58 19.28 117 2.04

High

High Low 1,188.84 1,158.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35 Low

Close 1,166.68 Listed cap 6,768.53 mn Payout (%) 20.42

Close Chg

Volume

68.00 67.79 68.00 0.50 156.65 155.26 155.26 -1.24 99.79 97.41 97.58 -0.38 1.48 1.41 1.48 0.03 153.00 150.00 153.00 0.00 21.70 21.70 21.70 -0.65 4.84 4.25 4.80 0.31 13.40 12.65 12.85 -0.26 266.80 260.30 261.98 1.64 76.75 73.25 74.06 0.65 19.50 19.20 19.20 -0.08 1.95 1.81 1.81 -0.23

774 240 1406 3352 376 793 5001 112412 69674 66612 3380 328

Last 60 days High Low 72.99 195.80 122.51 1.95 155.99 26.70 5.55 13.40 266.80 82.00 27.58 3.25

63.01 131.00 92.00 1.16 121.10 21.00 3.55 9.65 212.29 69.25 17.92 1.53

12094

87.99

66.90

90

15

-

FOOD PRODUCERS

5.81 152.05

153.00 151.55 152.10 0.05

1791

164.89

149.72

125

-

-

-

Performance of SR Food Producers Index

7.04 168.83

170.80 168.30 169.76 0.93

1919

182.00

155.38

40

10B

40

-

Descon Chemical

1996

-

2.59

2.79

2.60

2.60 0.01

47285

2.98

1.78

-

-

-

-

Descon Oxychem Ltd.

1020

-

7.19

7.85

7.16

7.58 0.39

882796

7.85

3.20

-

-

-

-

Dewan Salman

3663

-

1.67

1.70

1.62

1.69 0.02

93255

1.82

1.28

-

-

-

-

Dynea Pak XD

94

-

10.65

11.17

10.05

10.06 -0.59

13.79

9.99

15

-

15

-

Engro Corporation Ltd

3277

181795

185.59

165.60

6010B 40R

40

-

Engro Polymer

6635

-

13.36

13.66

13.30

13.48 0.12

138988

15.20

11.15

- 27.5R

-

-

22000

-

9.87

9.98

9.81

9.86 -0.01

58143

11.74

9.02

-

-

-

Fatima Fertilizer

9.84 178.18

Fauji FertilizerSPOT

6785

8.04 109.96

Fauji Fert. Bin Qasim

9341

6.29

33.01

725

9.05

12.03

Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala

33.50

111.65

404446

33.70

11.94 -0.09

11522 137220

102.96 131.5 26.59

10B

95

-

40

-

17.5

-

13.85

7.41

-

-

-

-

138.00

113.00

80

-

55

-

19.65

19.54

19.54 -1.02

300

24.00

6.20

12

-

-

-

15142

4.29

12.05

12.18

11.90

12.00 -0.05

7613344

12.18

7.44

5

-

-

-

-

1.65

1.83

1.40

1.46 -0.19

109872

-

1.41

1.45

1.41

1.42 0.01

75842

1106

Sitara Chem Ind XDXB

214

9.35 116.08

Sitara Peroxide

551 15.34

11.82

265511

33.32 0.31

20.56

7.50 132.70

12.05

33.05

-

74

Nimir Ind Chemical

111.00 109.51 110.94 0.98

-

75

1388

Leiner Gelatine

179.70 178.21 179.06 0.88

201

134.99 132.70 133.14 0.44

118.30 114.05 114.05 -2.03

-

-

1.65

1.16

-

-

-

-

2339

127.20

3.00

101.00

0.80

75

-

25

-

5B

-

14.23

14.50

14.05

14.11 -0.12

99382

14.50

7.67

-

-

-

-

United Distributors

92

-

10.19

10.06

10.06

10.06 -0.13

2000

17.88

9.22

10

10B

-

-

Wah-Noble XD

90

6.51

32.90

33.85

32.25

33.85 0.95

1050

46.25

32.00

50

-

50

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,064.98 Turnover 36,608 P/E (x) 5.43 Company

High Low 1,082.30 1,050.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47

Close 1,063.77 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

5.95

16.10 39.00

16.25 39.75

16.05 38.00

16.25 0.15 38.57 -0.43

24712 11895

Century Paper Security Paper

Change -1.21 Market cap 2,948.26 mn Div Yield (%) 4.65

Last 60 days High Low 21.80 48.00

15.28 38.00

% Change -0.11 5-Day High 1,083.53 5-Day Low 1,063.77

2009 Div BR (%) (%) - 425R 50 -

Open 1,513.77 Turnover 356,079 P/E (x) 32.59 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Ansari Sugar 244 Chashma Sugar 287 Colony Sugar Mills 990 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Mehran Sugar 143 Mirza Sugar 141 National Foods 414 Noon Pakistan XD 48 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar 119 Shahtaj Sugar 120 Shakarganj Mills 695 Sind Abadgar 104 Tandlianwala 1177

PE 10.60 0.88 4.98 0.25 1.08 3.23 7.13 11.63 3.31 0.38 15.77 3.17 0.52 7.54 1.00 286.36

Company

Paid up Cap(mn)

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

PE

565 3.91 675 555 9.53 1199 9.43 310 785 10.31

Open 24.60 2.91 15.18 44.83 6.15 9.00

High 25.83 2.98 15.74 45.74 7.00 9.15

High Low 944.23 914.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.00 33.10 Low 24.93 2.80 15.00 44.75 7.00 8.72

Close Chg 25.00 2.90 15.24 45.24 7.00 9.07

0.40 -0.01 0.06 0.41 0.85 0.07

Close 925.46 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume 17605 33236 6211 7755 213 1246

27.90 3.39 16.75 64.25 10.45 10.80

Company

Change 11.27 Market cap 8,825.18 mn Div Yield (%) 10.21

23.75 1.65 12.25 44.00 6.15 8.00

% Change 1.23 5-Day High 926.98 5-Day Low 914.19

2009 Div BR (%) (%) 10

30B -

20B -

CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 986.94 Turnover 5,340,301 P/E (x) 7.48 Company

Paid up Cap(mn)

High Low 1,002.61 979.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10

Close 988.09 Listed cap 54,792.74 mn Payout (%) 19.04

Change 1.15 Market cap 70,765.73 mn Div Yield (%) 2.54

% Change 0.12 5-Day High 1,023.94 5-Day Low 986.94

Close Chg

Volume

Last 60 days High Low

3.18 60.56 1.69 17.10 11.83

3.25 61.99 1.71 17.70 11.83

0.04 1.15 -0.14 0.35 -0.49

15309 3673 345 4403 70001

4.20 69.86 2.05 19.20 12.75

2.80 57.60 1.01 14.01 9.51

50 -

20B -

- 100R 50 - 122R -

2.68 1.58 28.50 4.92 1.80 3.06 6.22 2.97 72.10 2.83 7.51 8.25 19.10

2.69 1.70 28.65 4.97 1.80 3.24 6.25 3.05 72.71 2.85 7.53 8.60 19.73

0.29 0.09 0.25 0.01 0.03 0.04 0.04 0.05 -0.13 0.04 0.10 -0.60 -0.27

5001 708386 2354531 138296 801 1103 31725 172926 1786955 40919 4502 203 1110

3.19 1.99 31.05 5.50 2.20 6.69 6.50 3.65 79.98 3.40 8.58 11.00 22.24

1.09 1.30 23.02 4.52 1.72 2.11 5.50 2.71 64.30 2.51 6.90 6.30 17.74

40 -

20R -

40 -

PE

Open

High

Low

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement

1828 866 6.53 858 182 956 26.89

3.21 60.84 1.85 17.35 12.32

3.38 62.49 1.80 17.79 12.06

Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement

948 3574 3651 119.38 6933 15.06 1760 2319 1288 13126 3234 6.53 5261 1.33 2228 361 798 493.25

2.40 1.61 28.40 4.96 1.77 3.20 6.21 3.00 72.84 2.81 7.43 9.20 20.00

3.19 1.80 29.00 5.06 1.90 3.48 6.30 3.09 73.55 2.92 8.20 9.00 19.74

2009 Div BR (%) (%)

2010 Div BR (%) (%)

20R 50R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 926.02 Turnover 440,188 P/E (x) 2.66 Company

Paid up Cap(mn)

PE

Open

High

High Low 948.25 920.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 43.91 Low

Close Chg

Cherat PapersackXDXB 115 1.92 53.85 54.50 52.50 53.79 ECOPACK Ltd 230 1.94 2.00 2.00 2.00 Ghani GlassXDXB 1067 4.48 48.40 49.98 48.70 48.72 Packages Ltd 844 54.35 105.75 108.40 105.61 105.99 Siemens Engineering 82 10.54 1271.00 1300.00 1251.00 1276.89 Tri-Pack Films

300

7.66 103.98

-0.06 0.06 0.32 0.24 5.89

105.50 104.00 105.00 1.02

Close 930.33 Listed cap 3,043.31 mn Payout (%) 15.55

Change 4.30 Market cap 34,669.34 mn Div Yield (%) 5.85 2009 Div BR (%) (%)

2010 Div BR (%) (%)

21097 55.00 34.00 4001 2.64 1.70 551 61.99 45.75 403728 122.99 98.00 128 1364.00 1068.75

30 32.5 900

10B -

20 25 900

25B 10B -

10588

100

-

-

-

Volume

Last 60 days High Low

% Change 0.46 5-Day High 947.54 5-Day Low 926.02

106.00

91.00

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

-0.01 0.05 1.50 0.18 -0.02 -0.68 -0.88 0.09 -0.24 -0.99 0.31 -0.60 1.05 0.15 -0.88 -0.05 -0.10 0.01 2.06 0.14 -0.25 1.00

1805 200 74290 3000 6425 63683 1000 45055 7942 607 43431 183 1073 200 612 3500 500 86331 539 1443 1000 12900

11.70 16.50 49.00 6.00 13.99 4.00 20.95 36.00 16.98 60.99 6.35 57.00 28.40 6.50 44.00 3.40 3.50 14.90 70.00 6.40 6.00 35.50

40 100 80 50 100 5 2

90 100 60 20 150 10 -

3.26 10.50 39.25 4.03 8.50 2.54 16.01 25.20 11.90 48.50 4.20 39.01 17.51 4.00 32.50 1.60 2.12 11.50 44.50 3.02 5.00 26.00

2009 Div BR (%) (%) 10 40 17.5 35 40 35 30 10 100 -

25B 30B 25B 10B -

20B 20B -

% Change -0.27 5-Day High 1,521.66 5-Day Low 1,509.66 2010 Div BR (%) (%) 40 25 12 12 -

10B -

Diamond Ind Pak Elektron Tariq Glass Ind

High Low 1,119.68 1,101.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 10.64

Close 1,111.89 Listed cap 3,763.71 mn Payout (%) 6.27

High

Low

Close Chg

Volume

90 1174 231

3.45 2.03

8.42 13.76 16.80

9.41 13.98 16.99

7.80 13.51 16.90

9.40 0.98 13.69 -0.07 16.97 0.17

581 117502 17500

Change 5.81 Market cap 5,231.42 mn Div Yield (%) 1.85

Change 1.75 Market cap 31,717.94 mn Div Yield (%) 16.47

Last 60 days High Low

Last 60 days High Low 19.70 15.43 18.80

7.80 12.25 14.50

2009 Div BR (%) (%) -

10B -

2010 Div BR (%) (%) 17.5

10B -

PERSONAL GOODS Performance of SR Personal Goods Index Open 947.55 Turnover 7,337,057 P/E (x) 6.21 Company

Paid up Cap(mn)

Amtex Limited XD 2415 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Bilal Fibres 141 Blessed Tex Mills XD 64 Chenab Limited 1150 Colony Mills Ltd 2442 Crescent Fibres Ltd XD 124 D S Ind Ltd 600 Dawood Lawrencepur 514 Dewan Farooque Spin. 600 Dewan Khalid Textile 57 Din TextileXDXB 204 Ellcot Spinning XD 110 Gadoon Textile XD 234 Ghani Value Glass XD 75 Gulistan Spinning XD 146 Hajra Textile 138 Hira Txt. Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Idrees Textile XD 180 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Spinning XD 1300 Kohinoor Textile 1455 Leather Up 60 Mian Textile 221 N P Spinning XD 147 Nagina Cotton 187 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Paramount Spin. XDXB 174 Premium Textile XD 62 Prosperity XD 185 Quality Textile XD 160 Ravi Textile 250 Salfi Textile 33 Sally Textile XD 88 Sargoda Spinning XD 312 Saritow Spinning 133 Service Ind 120 Shadab Textile XD 30 Shahpur Textile 140 Shahtaj Textile XD 97 Shams Textile XD 86 Shield Corp XD 39 Tata Textile 173 Thal Limited 307 Treet Corp 418 Zephyr Textile Ltd 594 Zil Limited XD 53

PE

Open

10.43 4.78 - 10.62 0.44 13.01 4.93 623.71 0.34 1.98 0.73 47.00 3.35 4.05 2.66 0.49 10.51 1.89 44.64 36.14 5.93 6.40 0.15 2.49 0.56 26.00 0.56 19.00 0.55 49.49 10.34 38.30 1.20 6.15 0.75 0.75 4.05 2.97 38.29 3.48 3.20 1.50 2.49 0.29 1.00 3.84 5.80 2.38 2.00 0.34 7.68 20.98 0.79 14.70 1.96 22.95 4.58 54.18 2.24 6.75 0.60 8.00 0.47 29.40 1.09 14.50 0.57 8.62 1.60 0.21 43.65 0.20 4.05 0.37 2.00 0.44 2.63 6.88 191.47 0.28 9.10 0.83 0.50 - 17.50 0.65 19.21 8.44 65.39 0.30 29.76 4.13 98.70 8.29 50.82 5.91 3.90 3.08 45.00

High

High Low 959.59 945.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 8.64 Low

Close Chg

4.84 4.51 4.59 -0.19 11.08 10.55 11.04 0.42 12.55 12.40 12.55 -0.46 610.00 593.01 594.46-29.25 2.80 1.26 1.26 -0.72 48.50 48.50 48.50 1.50 3.35 3.26 3.35 0.00 2.97 2.50 2.59 -0.07 11.48 10.00 10.48 -0.03 1.95 1.81 1.82 -0.07 37.94 37.94 37.94 1.80 7.40 6.51 7.35 0.95 2.00 2.00 2.00 -0.49 26.10 25.01 26.08 0.08 18.98 18.51 18.52 -0.48 51.96 48.60 50.47 0.98 40.20 36.40 39.30 1.00 6.90 5.35 6.30 0.15 0.50 0.50 0.50 -0.25 4.04 4.00 4.00 -0.05 39.00 37.05 37.84 -0.45 3.20 3.20 3.20 0.00 1.55 1.31 1.52 0.02 2.50 1.70 2.47 -0.02 1.45 0.80 0.81 -0.19 5.87 5.25 5.37 -0.43 2.00 2.00 2.00 0.00 0.50 0.50 0.50 0.16 21.99 21.49 21.82 0.84 15.39 14.70 15.39 0.69 23.97 22.70 23.65 0.70 54.64 52.80 53.39 -0.79 6.75 6.60 6.63 -0.12 8.25 8.25 8.25 0.25 29.50 28.01 29.50 0.10 14.50 13.50 14.24 -0.26 9.60 9.50 9.52 0.90 1.66 1.50 1.51 -0.09 45.83 45.83 45.83 2.18 3.95 3.76 3.95 -0.10 1.98 1.90 1.92 -0.08 2.69 2.00 2.69 0.06 201.04 195.00 201.04 9.57 9.88 8.10 9.88 0.78 0.66 0.50 0.60 0.10 17.50 17.06 17.30 -0.20 19.79 18.34 19.79 0.58 68.65 63.50 68.55 3.16 31.24 30.90 31.24 1.48 99.24 96.30 96.66 -2.04 52.84 50.76 52.09 1.27 4.50 3.01 4.49 0.59 46.50 43.01 45.97 0.97

2010 Div BR (%) (%)

215

4.99 209.00

209.00 206.00 208.44 -0.56

1865

227.45

200.00

400

-

150

-

Bolan CastingXDXB Ghandhara Ind Hinopak Motor

104 - 44.85 213 10.19 10.97 124 - 136.54

46.75 44.85 46.49 1.64 11.45 10.90 11.00 0.03 143.25 129.72 136.01 -0.53

1228 20802 4949

51.99 18.80 143.41

40.15 10.55 108.11 17.15

20B -

25 -

10B -

Millat Tractors XB

366

486.96 482.00 483.40 -0.34

38108

597.90

390.00

25B

650

25B

450

Open 871.52 Turnover 16,881 P/E (x) 6.76

% Change 0.12 5-Day High 1,537.17 5-Day Low 1,515.27

2009 Div BR (%) (%)

RSI (14-day)

59.33

Total Assets (Rs in mn)

21,596.72

MA (10-day)

1.56

Total Equity (Rs in mn)

4,222.04

MA (100-day)

1.63

Revenue (Rs in mn)

5,682.57

MA (200-day)

2.19

Interest Expense

1st Support

1.60

Loss after Taxation

2nd Support

1.48

EPS 09 (Rs)

1st Resistance

1.82

Book value / share (Rs)

2nd Resistance

1.92

PE 10 E (x)

Pivot

1.70

PBV (x)

463.19 (163.21) (0.457) 11.81 0.14

DCL closed up 0.09 at 1.70. Volume was 463 per cent above average (trending) and Bollinger Bands were 27 per cent narrower than normal. The company's loss after taxation stood at Rs173.394 million which translates into a Loss Per Share of Rs0.46 for the 1st quarter of current fiscal year (1QFY11). DCL is currently 22.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DCL (mildly bullish). Trend forecasting oscillators are currently bullish on DCL.

Honda Atlas Cars Pakistan Ltd

Fundamental Highlights As on Mar 31, 2009

Technical Analysis RSI (14-day)

66.77

Total Assets (Rs in mn)

MA (10-day)

12.02

Total Equity (Rs in mn)

7,485.06 3,321.26

MA (100-day)

11.96

Revenue (Rs in mn)

MA (200-day)

13.92

Interest Expense

251.78

1st Support

12.50

Profit after Taxation

224.32

2nd Support

12.20

EPS 09 (Rs)

4.742

1st Resistance

13.25

Book value / share (Rs)

70.22

2nd Resistance

13.70

PE 10 E (x)

Pivot

12.95

PBV (x)

13,747.82

0.18

HCAR closed down -0.26 at 12.85. Volume was 492 per cent above average (trending) and Bollinger Bands were 27 per cent wider than normal. The company's loss after taxation stood at Rs100.884 million which translates into a Loss Per Share of Rs0.71 for the 1st quarter of current fiscal year (1QFY11). HCAR is currently 7.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into HCAR (bullish). Trend forecasting oscillators are currently bullish on HCAR.

Royal Bank of Scotland Limited

% Change 0.53 5-Day High 1,126.60 5-Day Low 1,101.81

Close 951.21 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 3.67 Market cap 123,963.12 mn Div Yield (%) 2.69

Last 60 days High Low

795349 20.05 1275593 12.32 1001 14.50 2464 747.48 501 2.80 201 52.05 10000 3.95 97325 3.45 7241 18.35 52754 2.49 1010 47.00 95018 7.40 5353 2.85 1925 30.90 3942 25.45 15697 52.20 3801 40.20 210 8.13 2000 0.99 7080 4.88 21896 40.30 2500 5.35 151 1.93 142 3.79 2500 2.00 5013 6.30 3000 2.50 2000 0.98 1000 24.66 1005 17.50 2109424 25.10 2407951 57.65 6520 7.49 500 11.25 1204 31.03 7083 21.47 1200 9.60 22471 2.62 2300 45.83 2702 6.20 3600 2.50 5100 2.99 98328 255.29 328 11.50 842 1.90 6423 21.90 346 20.00 101 68.65 3363 31.24 43179 112.80 188312 55.25 503 4.90 7056 48.75

4.40 8.80 7.50 436.00 0.55 40.80 3.00 2.23 7.66 1.44 36.10 2.05 0.26 20.80 17.21 33.80 26.70 5.00 0.13 3.02 34.05 2.56 1.01 1.52 0.70 4.30 1.10 0.01 19.19 12.00 15.25 40.81 5.16 6.00 25.71 12.51 7.51 1.38 20.50 2.92 0.50 1.01 169.00 7.56 0.18 15.61 15.00 43.29 14.02 86.50 37.20 1.50 33.00

2009 Div BR (%) (%)

% Change 0.39 5-Day High 960.61 5-Day Low 947.55 2010 Div BR (%) (%)

30 20 120 7.5 50 10 5 20 7.5 35 70 8 400R 25 - 10B 10 10 20 10 5 20 - 20SD - 50R 15 20 25 12.5 - 10B 10 7.5 50 20 30 15 25 10 5 200 10 20 45 20 - 30B 10 25 20 20B 80 40 10B 35

10B 45R 10B 20B -

Performance of SR Pharma and Bio Tech Index

AL-Ghazi Tractor

6.32 483.74

5.51 16.50 49.00 5.25 13.39 3.20 20.02 34.57 12.56 59.00 6.02 42.26 22.22 6.45 41.12 2.05 3.00 14.00 68.96 5.39 5.75 31.50

Volume

2010 Div BR (%) (%)

Change -4.11 Market cap 195,337.47 mn Div Yield (%) 0.94

Last 60 days High Low

% Change 0.38 5-Day High 1,166.68 5-Day Low 1,100.67

PHARMA AND BIO TECH

Close 1,517.25 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

5.50 16.50 47.50 5.00 13.00 3.05 20.02 34.40 12.50 57.20 5.70 42.25 21.00 6.45 39.90 2.05 3.00 13.50 67.00 4.46 5.50 31.50

Close Chg

Open

Performance of SR Industrial Engineering Index High Low 1,532.90 1,502.45 Total cos Defaulter cos P/BV (x) ROE (%) 3.03 38.02

6.52 16.50 49.00 5.25 13.99 3.34 20.02 35.35 12.56 59.00 6.05 42.75 22.22 6.45 44.00 2.05 3.00 14.00 70.00 5.50 6.00 32.02

Low

Close 1,509.66 Listed cap 11,335.33 mn Payout (%) 30.57

PE

INDUSTRIAL ENGINEERING Open 1,515.50 Turnover 66,957 P/E (x) 7.98

5.52 16.45 47.50 5.07 13.41 3.88 20.90 34.48 12.80 59.99 5.71 42.86 21.17 6.30 42.00 2.10 3.10 13.99 66.90 5.25 6.00 30.50

High

High Low 1,536.89 1,491.53 Total cos Defaulter cos P/BV (x) ROE (%) 9.87 30.30

Paid up Cap(mn)

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

Open

Open 1,106.08 Turnover 135,604 P/E (x) 3.39

INDUSTRIAL METALS AND MINING Open 914.19 Turnover 66,266 P/E (x) 3.03

-

Fundamental Highlights As on Jun 30, 2009

Technical Analysis

HOUSEHOLD GOODS

-

Performance of SR Industrial Metals and Mining Index

40 15

2009 Div BR (%) (%) 20B 30B 20B -

Dewan Cement Limited

Performance of SR Household Goods Index

2010 Div BR (%) (%) 50

20B -

Change 4.40 Market cap 41,902.13 mn Div Yield (%) 4.72

273

-

30

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

1203

Clariant Pak

2009 Div BR (%) (%)

Alert ! Unusual Movements

% Change -0.35 5-Day High 766.72 5-Day Low 752.14

AUTOMOBILE AND PARTS

Dawood Hercules

BOC (Pak)

17,426.67 17,454.16 17,332.32 h83.48

INDUSTRIAL TRANSPORTATION

691

Pak Oilfields XD

Current High Low Change

KMI 30 Index

Performance of SR Industrial Transportation Index

Attock Refinery

3921

10,909.65 10,935.08 10,841.76 h35.63

KSE 30 Index

OIL AND GAS

Attock Petroleum BYCO Petroleum

Current High Low Change

226 149 23 398

All Share Index

Performance of SR Oil and Gas Index Open 1,401.64 Turnover 3,341,008 P/E (x) 10.45 Company

KSE 100 Index

Symbols

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

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

PE

Open

8.67 98.05 6.48 84.60 12.64 70.85 6.80 24.45 9.87 128.00 5.64 62.34

High

High Low 878.63 869.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.51 22.31 Low

Close Chg

98.90 98.00 98.90 0.85 86.90 85.00 85.79 1.19 71.00 70.10 70.30 -0.55 24.55 24.50 24.55 0.10 124.15 124.00 124.01 -3.99 62.75 62.20 62.70 0.36

Close 874.03 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 1100 4649 8355 1925 199 552

Change 2.51 Market cap 29,066.75 mn Div Yield (%) 6.59

Last 60 days High Low 104.00 124.00 78.15 25.79 139.50 64.50

77.00 82.20 65.00 22.60 115.90 53.75

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

20B 15B

% Change 0.29 5-Day High 874.03 5-Day Low 870.44 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

33.98

Total Assets (Rs in mn)

MA (10-day)

6.23

Total Equity (Rs in mn)

MA (100-day)

8.63

Revenue (Rs in mn)

MA (200-day)

11.97

93,437.66 6,936.51 11,583.40

Interest Expense

6,385.85

1st Support

5.20

Loss after Taxation

(1,338.05)

2nd Support

5.00

EPS 09 (Rs)

1st Resistance

5.70

Book value / share (Rs)

2nd Resistance

6.00

PE 10 E (x)

Pivot

5.50

PBV (x)

(0.800) 4.04 1.34

RBS closed down -0.48 at 5.43. Volume was 389 per cent above average (trending) and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs1.815 billion which translates into a Loss Per Share of Rs1.11 for the nine months of current calendar year (9MCY10). RBS is currently 54.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RBS at a relatively equal pace. Trend forecasting oscillators are currently bearish on RBS.

Karachi Electric Supply Corp Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

58.77

Total Assets (Rs in mn)

MA (10-day)

2.16

Total Equity (Rs in mn)

MA (100-day)

2.18

Revenue (Rs in mn)

MA (200-day)

2.53

Interest Expense

1st Support

2.13

Loss after Taxation

2nd Support

2.08

EPS 10 (Rs)

1st Resistance

2.25

Book value / share (Rs)

2nd Resistance

2.32

PE 11 E (x)

Pivot

2.20

PBV (x)

207,629.50 (525.11) 70,508.12 6,823.64 (14,641.22) (0.740) (0.02) (91.37)

KESC closed up 0.09 at 2.24. Volume was 48 per cent above average and Bollinger Bands were 34 per cent narrower than normal. The company's loss after taxation stood at Rs1.782 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 11.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KESC (mildly bullish). Trend forecasting oscillators are currently bullish on KESC.

BOOK CLOSURES Company

From

To

Nestle Pakistan (TFC) Engro Fertiliser Co. 1st IBL Modaraba United Bank Fauji Fertiliser Co. (TFC) Telecard Faysal Bank (TFC) Allied Bank PICIC Energy Fund Thal Limited Sui Southern Gas Pipelines Fazal Cloth Mills Sana Industries East West Insurance Co. MCB Bank Dawood Hercules Chemicals Engro Corporation (Standalone) Fauji Fertiliser Bin Qasim Oil and Gas Development Co Siemens Pakistan

16-Nov 17-Nov 17-Nov 18-Nov 21-Nov 21-Nov 22-Nov 22-Nov 23-Nov 23-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec 07-Dec 07-Dec 14-Dec 14-Dec 20-Dec

22-Nov 30-Nov 25-Nov 25-Nov 27-Nov 27-Nov 30-Nov 05-Dec 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec 13-Dec 21-Dec 20-Dec 21-Dec 29-Dec

D/B/R 250(ii) 3(F) 20(iii) 20(B) 5 20 100SD 10(B) 30(iii) 20(ii) 20(ii) 12.5(iii) 15(i) 600

Spot AGM/Date 05-Nov 10-Nov -

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

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Johnson & Philips 8.22 TRG Pakistan Ltd 4.31 Murree BreweryXDXB 74.13 Shakarganj Food 1.1 Grays of Cambr XD 55.9 Lakson Tobacco 318.82 Shifa Int Hospitals 28.16 PIAC(A) 2.21 Pace (Pak) Ltd 2.83 Netsol Technol XD 18.53 Pak Telephone 2.4

High 8 4.38 75.75 0.85 57.48 328 29.5 2.35 2.9 18.98 2

Low Close 8 4.22 74.5 0.85 53.11 318 26.86 2.16 2.76 18.56 1.8

8 4.25 74.5 0.85 54.27 326.12 28 2.22 2.84 18.81 1.81

Change -0.22 -0.06 0.37 -0.25 -1.63 7.3 -0.16 0.01 0.01 0.28 -0.59

Vol 1000 1176225 4287 500 313 2506 931 148141 383986 165076 1902


7

Tuesday, November 16, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,125.76 Turnover 394,925 P/E (x) 6.10 Paid up Cap(mn)

Company

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

High Low 1,140.34 1,116.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84

PE

Open

High

Low

Close Chg

78 4.91 37740 12.82 3000 0.69 8606 6175 -

79.89 19.10 2.32 2.58 3.72

79.60 19.30 2.45 2.65 3.89

79.50 18.95 2.32 2.51 3.66

79.55 19.23 2.32 2.58 3.73

-0.34 0.13 0.00 0.00 0.01

Close 1,132.40 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 200 146124 73846 174755 21402

Change 6.64 Market cap 78,417.21 mn Div Yield (%) 10.25

120.61 19.76 2.69 2.98 4.60

78.00 17.32 1.80 2.30 3.35

% Change 0.59 5-Day High 1,140.19 5-Day Low 1,125.76

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

-

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

Ask Gen Insurance Atlas Insurance Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance

204 6.26 369 5.41 457 6.81 121 1250 400 2.80 718 15.49 791 15.63 3000 41.13 250 1.45 350 303 5.19 200 253 4.35

-

11.25 33.11 10.65 3.10 44.46 11.40 84.00 57.99 15.61 6.01 6.64 9.77 14.00 6.95

Paid up Cap(mn)

Company

PE

Genertech 198 Hub Power 11572 6.44 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 11.00 Kot Addu Power XD 8803 4.84 Nishat Chunian Power Ltd3673 2.99 Nishat Power Ltd 3541 23.73 Southern Electric 1367 Tri-star Power XD 150 -

Open

High

0.84 34.42 1.58 2.15 19.18 39.73 13.88 14.97 2.10 1.05

0.98 35.25 1.64 2.27 20.08 40.11 13.80 15.05 2.19 1.05

Low 0.80 34.45 1.54 2.15 19.80 39.53 13.62 14.55 2.11 1.05

Close Chg 0.95 0.11 35.15 0.73 1.60 0.02 2.24 0.09 19.80 0.62 39.85 0.12 13.65 -0.23 14.71 -0.26 2.14 0.04 1.05 0.00

Close 1,203.86 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 9007 7579605 22602 529667 21456 303995 16553 1538300 74502 642

Change 19.54 Market cap 98,635.94 mn Div Yield (%) 8.24

Last 60 days High Low 1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 2.90 1.75

0.51 32.75 0.70 1.94 19.10 38.35 9.50 9.30 2.05 0.33

% Change 1.65 5-Day High 1,203.86 5-Day Low 1,160.61

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

31R -

2010 Div BR (%) (%)

Open 871.66 Turnover 50,263 P/E (x) 99.85

Open 1,799.13 Turnover 1,248,035 P/E (x) 11.07 Company Sui North GasSPOT Sui South GasXDXB

High Low 1,804.07 1,709.48 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 11.41

Close 1,709.94 Listed cap 12,202.80 mn Payout (%) 66.79

Change -89.19 Market cap 36,752.94 mn Div Yield (%) 6.03

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

9.44 3.47

33.37 24.25

33.40 24.35

31.71 23.04

31.73 -1.64 23.04 -1.21

694851 553184

34.75 30.70

25.50 16.00

% Change -4.96 5-Day High 1,849.95 5-Day Low 1,709.94

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,031.64 Turnover 3,947,877 P/E (x) 7.46 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.62 57.57 Askari Bank 6427 7.46 15.62 Atlas Bank 5001 1.53 Bank Alfalah 13492 12.35 9.52 Bank AL-Habib 7322 7.13 33.18 Bank Of Khyber 5004 5.20 3.96 Bank Of Punjab 5288 9.27 BankIslami Pak 5280 825.00 3.33 Faysal BankSPOT 6091 5.47 16.81 Habib Bank Ltd 10019 6.51 104.21 Habib Metropolitan Bank 8732 6.40 20.94 JS Bank Ltd 6128 2.75 KASB Bank Ltd 9509 2.39 MCB Bank Ltd 7602 8.94 201.39 Mybank Ltd 5304 2.00 National Bank 13455 5.75 65.84 Network Mic Bank 300 1.23 NIB Bank 40437 2.78 Royal Bank Ltd 17180 5.91 Samba Bank 14335 1.82 Silkbank Ltd 26716 2.69 Soneri Bank 6023 7.10 Stand Chart Bank 38716 11.54 7.50 Summit Bank Ltd 5000 2.81 United Bank Ltd 12242 6.80 57.94

High

High Low Close 1,043.11 1,021.15 1,033.64 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low

Close Chg

57.99 57.15 57.82 0.25 15.98 15.55 15.66 0.04 1.66 1.55 1.55 0.02 9.75 9.56 9.63 0.11 33.90 32.75 33.09 -0.09 4.49 3.62 3.90 -0.06 9.43 9.20 9.30 0.03 3.35 3.21 3.30 -0.03 17.05 16.70 16.97 0.16 105.50 104.10 104.25 0.04 21.20 20.76 20.94 0.00 2.80 2.75 2.80 0.05 2.40 2.35 2.40 0.01 202.50 199.00 201.72 0.33 2.00 2.00 2.00 0.00 66.30 65.26 65.82 -0.02 1.33 1.15 1.33 0.10 2.85 2.73 2.75 -0.03 5.80 5.30 5.43 -0.48 1.89 1.85 1.85 0.03 2.74 2.66 2.69 0.00 7.52 7.00 7.48 0.38 7.69 7.00 7.50 0.00 2.95 2.80 2.85 0.04 58.00 57.51 57.88 -0.06

Volume

Change 2.00 Market cap 628,726.57 mn Div Yield (%) 5.43

Last 60 days High Low

5550 58.15 156573 16.65 2507 2.84 156513 10.19 25195 33.90 6908 4.70 847131 10.50 46288 3.69 178126 17.10 24012 107.15 16436 23.30 28008 3.00 1241 3.22 393058 209.75 3050 2.75 1208005 70.75 7493 1.46 107079 3.25 267620 8.98 9960 2.65 142918 3.30 157589 8.00 62275 8.00 19214 3.17 94332 59.24

48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 1.62 60.51 0.26 2.42 5.20 1.51 2.35 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 25B 10B

% Change 0.19 5-Day High 1,049.15 5-Day Low 1,031.64

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 726.29 Turnover 3,226,411 P/E (x) 12.04 Paid up Cap(mn)

Company Adamjee Insurance

High Low 754.98 721.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 5.20

Close 742.92 Listed cap 11,111.34 mn Payout (%) 79.54

Change 16.64 Market cap 45,966.34 mn Div Yield (%) 6.61

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.80

78.85

82.78

78.53

82.10 3.25

1504801

84.15

63.05

2009 Div BR (%) (%) 30

10B

% Change 2.29 5-Day High 745.77 5-Day Low 725.26 2010 Div BR (%) (%) 10

-

12.25 35.00 12.00 7.90 48.63 12.35 86.69 60.50 17.05 7.04 7.00 9.91 15.03 8.17

8.45 27.10 9.42 3.10 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 11.51 6.00

High Low 888.61 879.04 Total cos Defaulter cos P/BV (x) ROE (%) 3.84 3.85

Close 886.18 Listed cap 2,290.72 mn Payout (%) 355.53

40 10B 40 8.7B 35 35 30 20B 30 5 25B 20 15B -14.28B - 20B

Change 14.52 Market cap 10,409.62 mn Div Yield (%) 3.56

Open

High

Low

Close Chg

Volume

Last 60 days High Low

American Life

500

5.69

18.00

18.10

17.02

17.02 -0.98

210

20.45

17.02

EFU Life Assurance

850 44.99

75.50

79.27

77.49

79.19 3.69

50052

82.99

51.25

10 -

UPTO 100 VOLUME

25R 20B -

Symbols

% Change 1.67 5-Day High 886.18 5-Day Low 850.10

2009 Div BR (%) (%) -

2010 Div BR (%) (%)

-

-

-

5513.33B

-

-

Performance of SR Financial Services Index Open 415.92 Turnover 13,610,575 P/E (x) 10.37 Paid up Cap(mn)

High Low 431.96 411.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 0.91

PE

Open

High

Low

225 1.36 360 3.59 450 13.73 3750 4.76 150 1.33 250 First Credit & Invest Bank Ltd 650 12.58 IGI Investment Bank 2121 16.25 Invest and Fin Sec XD 600 689.00 Ist Dawood Bank 626 0.66 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 7.95 JS Investment 1000 29.25 KASB Securities 1000 Orix Leasing 821 4.41 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Stand Chart Leasing 978 5.83 Trust Inv Bank 586 3.14

0.60 18.58 26.50 25.16 1.25 1.93 3.40 2.61 7.34 1.84 11.76 4.22 29.09 6.77 4.10 6.04 2.31 0.65 2.79 2.84

0.70 18.89 27.00 26.10 1.49 1.92 3.50 2.80 6.89 1.85 12.37 4.44 29.75 7.08 4.22 6.10 2.50 0.64 2.80 2.25

0.53 18.01 26.15 24.92 1.33 1.56 3.02 2.60 6.46 1.80 11.69 4.11 29.00 6.75 4.10 6.00 2.11 0.64 2.40 1.86

AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Cap Mangt. XB Dawood Equities

Close Chg 0.60 18.23 26.91 25.90 1.49 1.83 3.02 2.60 6.89 1.85 12.24 4.36 29.59 7.02 4.10 6.00 2.31 0.64 2.80 2.01

0.00 -0.35 0.41 0.74 0.24 -0.10 -0.38 -0.01 -0.45 0.01 0.48 0.14 0.50 0.25 0.00 -0.04 0.00 -0.01 0.01 -0.83

Close 426.35 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 106784 11172 42067 4193385 3522 1038 1049 51791 5002 10249 8284916 324930 17353 404538 3471 162 148185 1000 720 152

Change 10.42 Market cap 29,838.29 mn Div Yield (%) 2.15

% Change 2.51 5-Day High 426.35 5-Day Low 415.92

Last 60 days High Low

2009 Div BR (%) (%)

1.10 19.98 35.23 26.28 2.05 2.70 4.50 2.80 9.00 2.84 12.58 5.38 40.30 7.44 4.70 6.45 2.70 0.86 2.95 3.00

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

0.42 13.00 24.40 20.90 0.86 1.51 2.00 1.17 6.16 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.42 1.50 1.24

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,071.83 Turnover 551,554 P/E (x) 17.26 Paid up Cap(mn)

Company

Allied Rental XD AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Mod. XD Equity Modaraba First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba I B L ModarabaSPOT Imrooz Modaraba JS Growth Fund JS Value Fund KASB Modaraba XD Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba XD Pak Prem Fund PICIC Energy F. POT PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star Mutual U D L Modaraba XD

PE

600 1375 780 200 524 581 760 397 1008 202 30 3180 1186 283 1200 184 250 1698 1000 2835 2841 872 340 454 50 264

3.16 5.18 3.00 1.43 7.81 0.61 1.96 2.14 5.60 17.82 9.03 41.25 11.29 1.21 5.10 10.00 5.78 11.92 1.70 5.71 4.86 2.05 4.39 2.78 1.64

Open 14.50 6.34 1.29 0.60 1.35 1.92 2.67 6.13 6.20 1.60 47.50 3.21 3.10 1.45 5.30 1.08 5.50 8.58 5.75 8.89 4.29 0.99 1.80 8.88 1.49 5.67

High 14.90 6.39 1.32 0.68 1.34 1.94 2.80 6.45 6.50 1.96 49.50 3.30 3.19 1.65 5.30 1.05 6.24 8.99 5.85 8.98 4.37 0.99 1.85 8.99 1.00 5.89

High Low 1,086.69 1,058.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 2.21 Low 14.90 6.20 1.32 0.52 1.15 1.89 2.70 6.25 6.20 1.40 49.50 3.20 3.10 1.65 5.18 1.00 4.50 8.51 5.73 8.82 4.27 0.90 1.50 8.95 1.00 5.55

Close Chg 14.90 6.21 1.32 0.57 1.25 1.94 2.74 6.42 6.50 1.96 49.50 3.30 3.16 1.65 5.30 1.00 6.24 8.58 5.84 8.90 4.28 0.90 1.63 8.95 1.00 5.77

0.40 -0.13 0.03 -0.03 -0.10 0.02 0.07 0.29 0.30 0.36 2.00 0.09 0.06 0.20 0.00 -0.08 0.74 0.00 0.09 0.01 -0.01 -0.09 -0.17 0.07 -0.49 0.10

Close 1,073.53 Listed cap 29,771.58 mn Payout (%) 104.74

Change 1.71 Market cap 15,459.22 mn Div Yield (%) 9.43

Last 60 days High Low

Volume 500 12015 300 6286 24006 100000 26511 5075 24945 4458 1500 46883 44483 500 2000 105 411 119102 3523 57876 44130 17425 8006 150 300 861

17.00 7.20 1.68 1.10 1.50 2.00 3.88 6.80 7.25 2.90 69.95 3.60 3.50 2.23 7.00 2.18 8.45 9.44 5.95 9.20 4.75 1.20 1.94 10.99 2.87 6.99

12.50 5.85 0.90 0.16 0.76 1.30 2.32 4.80 5.56 1.06 42.90 2.65 2.31 0.52 5.15 0.56 4.50 7.00 4.00 7.60 3.50 0.70 0.57 7.75 0.86 4.71

% Change 0.16 5-Day High 1,079.68 5-Day Low 1,066.52

2009 Div BR (%) (%) 15 5 20 63 10 16.5 10

-

Open

FANM IBLHL ARPAK DMTM CWSM MACFL HADC TRSM JDMT NESTLE ULEVER GUTM ISIL MQTM MUBT AGL GSPM SMCPL RMPL SAIF ICIBL ASFL SEL SZTM JKSM FNEL MEBL RCML TOWL SING EMCO FRCL MIRKS FCONM GHNL SHEZ DWSM PAKMI JDWS PCAL MERIT FZTM PECO BAPL SHSML ESBL FZCM SMTM COTT REWM CJPL FECS KOHS FECTC SGPL ETNL BUXL COLG UPFL PHDL CPMFI CPAL CICL EWLA DATM ELCM IDYM SNAI NAKI BHAT CRTM MEHT ZAHT FASM QUET GATI RUPL CSMD TICL DBCI MLCFPS DADX DWAE WYETH PPP

FINANCIAL SERVICES

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

780 9069 112 602 180176 27171 18681 3902 1304202 10009 165467 757 571 110

PE

Company

Performance of SR Gas Water and Multiutilities Index

-0.92 0.90 0.24 0.98 1.00 0.35 -0.50 -0.02 0.43 0.14 -0.14 -0.17 0.44 0.05

Paid up Cap(mn)

Company

50 - 7.8R 15 50 -

GAS WATER AND MULTIUTILITIES

10.33 34.01 10.89 4.08 45.46 11.75 83.50 57.97 16.04 6.15 6.50 9.60 14.44 7.00

LIFE INSURANCE

Performance of SR Electricity Index High Low 1,210.37 1,183.42 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 9.35

10.30 34.00 10.75 3.72 44.31 11.01 83.00 57.50 15.49 6.02 6.00 9.60 14.44 6.56

Performance of SR Life Insurance Index

ELECTRICITY Open 1,184.32 Turnover 10,096,351 P/E (x) 12.64

11.50 34.75 11.25 4.10 46.68 11.90 86.50 57.98 16.35 7.01 7.00 9.87 14.50 7.00

2010 Div BR (%) (%) 22.5 18.5 0 1.2 17 11 21 3 76 5 10 2.8 15.5 10 18.6 10 20 10 3 1 17 12.5

High

2.85 8.39 14.50 3.95 1.26 2.94 0.60 1.70 14.00 1918.40 4050.00 20.20 75.10 6.10 1.00 22.00 7.60 5.61 1989.00 5.20 0.75 2.90 18.50 4.01 6.32 9.83 14.68 32.75 15.00 18.07 2.95 2.46 61.38 1.58 4.81 95.60 1.70 0.70 78.95 53.16 17.96 426.85 272.35 8.75 12.75 2.65 53.20 6.15 0.56 9.27 0.85 41.00 4.00 7.20 0.60 20.10 11.31 841.06 1083.65 38.28 4.01 1.25 56.00 2.48 0.38 9.00 255.00 32.11 14.98 215.00 19.29 57.00 3.65 32.00 37.51 41.91 34.12 5.80 69.00 1.70 6.69 22.80 0.73 821.00 40.15

2.80 8.49 15.30 3.98 1.49 2.99 0.75 1.50 14.95 1989.00 4099.99 21.00 75.50 7.10 1.10 22.65 8.48 5.90 2051.00 5.69 0.87 2.50 18.98 5.01 6.90 9.99 14.98 33.50 15.00 18.95 3.29 2.60 59.50 1.97 5.10 98.99 1.94 0.70 80.39 54.90 18.14 434.50 285.50 8.49 12.66 2.99 55.79 6.35 0.99 9.39 0.85 39.90 5.00 7.25 0.97 20.50 11.98 878.00 1040.00 40.19 4.45 1.98 57.60 2.89 0.50 8.00 261.94 32.74 14.98 220.00 20.00 57.00 3.44 33.00 38.37 43.95 35.00 6.48 70.00 1.60 7.65 23.90 0.73 859.59 41.50

Low

Close

2.80 8.26 13.50 3.02 1.20 2.99 0.55 1.25 14.95 1830.00 4050.00 21.00 71.46 6.80 1.10 21.25 7.59 5.50 1897.00 4.31 0.69 2.50 18.98 5.00 6.89 9.98 14.97 33.50 15.00 18.95 2.85 2.54 59.50 1.10 4.80 91.15 1.94 0.70 79.80 54.40 18.14 421.00 260.00 8.00 12.66 2.80 53.51 6.25 0.80 9.39 0.80 39.00 3.21 7.25 0.97 20.49 10.51 875.99 1035.00 40.19 4.45 1.98 57.60 2.89 0.50 8.00 261.94 32.74 14.98 220.00 20.00 57.00 3.44 33.00 38.37 43.00 34.70 6.48 70.00 1.60 6.95 23.90 0.73 859.00 40.95

2.80 8.26 13.52 3.51 1.20 2.99 0.70 1.50 14.95 1907.84 4053.50 21.00 74.76 6.80 1.10 21.95 7.59 5.89 1943.05 5.00 0.70 2.50 18.98 5.01 6.89 9.99 14.97 33.50 15.00 18.95 3.28 2.54 59.50 1.79 4.93 91.15 1.94 0.70 79.80 54.40 18.14 427.75 276.00 8.49 12.66 2.80 53.51 6.25 0.80 9.39 0.83 39.00 4.11 7.25 0.97 20.49 11.98 875.99 1037.50 40.19 4.45 1.98 57.60 2.89 0.50 8.00 261.94 32.74 14.98 220.00 20.00 57.00 3.44 33.00 38.37 43.00 34.70 6.48 70.00 1.60 6.95 23.90 0.73 859.00 40.95

Change

Vol

-0.05 -0.13 -0.98 -0.44 -0.06 0.05 0.10 -0.20 0.95 -10.56 3.50 0.80 -0.34 0.70 0.10 -0.05 -0.01 0.28 -45.95 -0.20 -0.05 -0.40 0.48 1.00 0.57 0.16 0.29 0.75 0.00 0.88 0.33 0.08 -1.88 0.21 0.12 -4.45 0.24 0.00 0.85 1.24 0.18 0.90 3.65 -0.26 -0.09 0.15 0.31 0.10 0.24 0.12 -0.02 -2.00 0.11 0.05 0.37 0.39 0.67 34.93 -46.15 1.91 0.44 0.73 1.60 0.41 0.12 -1.00 6.94 0.63 0.00 5.00 0.71 0.00 -0.21 1.00 0.86 1.09 0.58 0.68 1.00 -0.10 0.26 1.10 0.00 38.00 0.80

100 100 100 93 91 90 85 70 70 68 62 57 57 54 50 41 38 37 32 29 25 20 20 19 11 10 10 10 10 10 10 10 9 7 7 7 6 5 5 5 5 4 4 4 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

-

Symbols

Open

High

Low

Close

DGKC-NOV

28.56

29.00

28.35

28.73

0.17

407500

NML-NOV

54.44

54.69

53.00

53.45

-0.99

365000

3.20

288500

AICL-NOV POL-NOV

Change

Vol

79.18

82.90

79.00

82.38

251.40

255.50

251.01

255.05

3.65

280000

LUCK-NOV

73.25

73.60

72.20

72.93

-0.32

218000

NBP-NOV

66.24

66.50

65.60

65.99

-0.25

127500 106500

ANL-NOV

10.70

11.20

10.65

11.09

0.39

MCB-NOV

202.22

202.64

199.13

202.01

-0.21

69000

PSO-NOV

280.48

282.95

278.25

282.02

1.54

47500

ENGRO-NOV 178.83

179.90

178.50

179.34

0.51

38000

PPL-NOV

191.73

194.00

191.80

193.89

2.16

19000

FFBL-NOV

33.20

33.40

33.25

33.30

0.10

18500

BOP-NOV

9.30

9.30

9.25

9.25

-0.05

10500

OGDC-NOV 157.50

157.75

157.25

157.55

0.05

UBL-NOV

58.00

57.50

57.50

57.50

-0.50

1000

PTC-NOV

19.22

19.22

19.20

19.22

0.00

1000

2500

Symbols

Open

ZERO VOLUME BAWS BCML BROT BWCL CLCPS DREL FFLM

High

1.21 15.00 0.87 24.80 1.85 682.10 1.75

1.30 14.90 0.65 24.00 1.96 648.00 1.59

Low

Close

Change

Vol

1.30 14.90 0.65 24.00 1.96 648.00 1.59

1.30 14.90 0.65 24.00 1.96 648.00 1.59

0.09 -0.10 -0.22 -0.80 0.11 -34.10 -0.16

0.00 0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Hub Power Co Ltd

KSE 100 INDEX

Company

Date

Time

Honda Atlas Cars (Pakistan) Ltd

23-Nov

11:00

TECHNICAL LEVELS

Dera Ghazi Khan Cement Co Ltd

Nishat Mills Ltd

Company Al-Abbas Cement

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

Brokerage House

Leverage Position

68.05

Support 1

10,924.63

10,855.90

Support 2

10,804.51

Resistance 1

10,949.25

MA (100-day)

10,137.23

Resistance 2

10,988.80

Rs Recommendations

47

Buy

*Arif Habib Ltd

AKD Securities Ltd

44

Buy

AKD Securities Ltd

Positive

TFD Research

TFD Research

44.9

Technical Outlook

10,060.05

Pivot

Technical Analysis

Leverage Position

10,895.50

Adamjee Insurance Co Ltd

Lucky Cement Ltd

Brokerage House

Fair Value

*Arif Habib Ltd

Rs Recommendations

97 105.2

Buy

TFD Research

72.75

Neutral

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

49.52 73.87 69.01 70.55

88

129.35 9,405.04 32.93 72.80

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

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

68.48 76.20 75.29 92.30

Accumulate Neutral

*Arif Habib Ltd

42

Buy

AKD Securities Ltd

43.29

Buy

Positive

TFD Research

36.85

Positive

Technical Outlook

Leverage Position

Technical Analysis

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

Leverage Position

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

Allied Bank Limited

71.14

57.30

56.80

58.15

58.50

57.65

Attock Cement

48.41

60.85

59.75

62.80

63.60

61.70

Arif Habib Limited

52.26

26.40

25.85

27.25

27.55

26.70

Arif Habib Securities

62.92

25.20

24.45

26.35

26.80

25.65

Adamjee Insurance

68.48

79.50

76.90

83.75

85.40

81.15

Askari Bank

54.49

15.50

15.30

15.90

16.15

15.75

Azgard Nine

53.63

10.70

10.35

11.25

11.40

10.90

Attock Petroleum

44.20

301.80

299.75

306.30 308.75 304.25

Attock Refinery

77.28

120.35

119.15

123.35 125.15 122.15

Bank Alfalah

57.02

9.55

9.45

9.75

9.85

9.65

BankIslami Pak

52.35

3.25

3.15

3.35

3.45

3.30

Bank Of Punjab

55.47

9.20

9.10

9.40

9.55

Dewan Cement

59.33

1.60

1.45

1.80

1.90

1.70

DGK Cement

58.66

28.45

28.20

28.95

29.20

28.70

Dewan Salman

60.43

1.60

1.55

1.70

1.75

Dost Steels Ltd

9.30

1.65

57.91

2.80

2.70

3.00

3.05

2.90

44.30

43.10

46.65

47.85

45.50

EFU Life Assurance

64.42

78.05

76.85

79.80

80.45

78.65

Engro Chemical

53.80

178.30

177.50

Faysal Bank

77.42

16.75

16.55

Fauji Cement

52.04

4.90

4.85

5.05

5.10

5.00

NML closed down -0.79 at 53.39. Volume was 19 per cent below average DGKC closed up 0.25 at 28.65. Volume was 34 per cent below average

Fauji Fert Bin

72.28

33.10

32.85

33.55

33.75

33.30

and Bollinger Bands were 30 per cent narrower than normal.

Fauji Fertilizer

62.51

109.95

109.00

111.45

NML is currently 4.7 per cent above its 200-day moving average and is dis- DGKC is currently 6.6 per cent above its 200-day moving average and is

Habib Bank Ltd

60.97

103.75

103.20

105.15 106.00 104.60

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

Hub Power

64.66

34.65

34.15

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

ICI Pakistan

63.65

132.25

131.30

134.50 135.90 133.60

reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect volume flowing into and out of DGKC at a relatively equal pace.

Indus Motors

80.45

259.25

256.55

265.75 269.55 263.05

JOV and CO

64.02

4.15

3.95

4.50

4.65

Japan Power

52.40

1.55

1.50

1.65

1.70

JS Bank Ltd

61.45

2.75

2.70

2.85

2.90

2.80

Jah Siddiq Co

44.21

11.85

11.40

12.50

12.80

12.10

Kot Addu Power

46.83

39.55

39.25

KESC

58.77

2.15

2.10

2.25

2.30

2.20

Lotte Pakistan

77.75

11.90

11.75

12.15

12.30

12.05

Lucky Cement

49.52

72.05

71.35

73.50

74.25

72.80

MCB Bank Ltd

52.32

199.65

197.55

Maple Leaf Cement

46.66

2.80

2.75

2.90

2.95

2.85

National Bank

51.18

65.30

64.75

66.30

66.85

65.80

Nishat (Chunian)

66.51

22.90

22.15

24.20

24.70

23.45

Netsol Technologies

51.53

18.60

18.35

19.00

19.20

18.80

NIB Bank

48.02

2.70

2.65

2.85

2.90

Nimir Ind.Chemical

47.99

1.40

1.35

1.50

1.55

1.45

Nishat Mills

57.13

52.60

51.75

54.40

55.45

53.60

Oil & Gas Dev XD

75.81

157.95

156.85

PACE (Pakistan) Ltd

46.29

2.75

2.70

2.90

2.95

2.85

Pervez Ahmed Sec

60.03

2.10

1.90

2.50

2.70

2.30

PIAC (A)

48.42

2.15

2.05

2.30

2.45

2.25

Pioneer Cement

44.20

7.30

7.05

8.00

8.45

7.75

Pak Oilfields

59.80

251.40

248.35

256.30 258.15 253.25

Pak Petroleum

58.79

191.75

190.15

194.30 195.25 192.70

Pak Suzuki

49.85

72.65

71.20

PSO XD

59.56

278.50

275.80

PTCLA

54.16

19.00

18.80

Shell Pakistan

58.64

195.90

194.70

Sui North Gas

46.83

31.15

30.60

32.85

33.95

32.30

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

175.80 9,385.96 73.33 53.75

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

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

Fair Value

*Arif Habib Ltd

84

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

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

Pakistan Oilfields Ltd

Rs Recommendations

Brokerage House

301

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

296.6 281.35

Rs Recommendations Buy Buy Positive

Technical Outlook

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

Fair Value

*Arif Habib Ltd

61.96

51.18 65.58 65.83 70.82

182.55 5,230.05 34.27 28.64

Trend forecasting oscillators are currently bullish on DGKC.

Buy

Technical Analysis

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

and Bollinger Bands were 4 per cent narrower than normal.

ing oscillators are currently bullish on NML.

Brokerage House

58.66 28.33 25.92 26.89

318.37 20,954.92 81.51 65.81

* 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)

59.80 249.93 231.66 232.12

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

107.94 27,462.34 148.12 252.43

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

LUCK closed down -0.13 at 72.71. Volume was 26 per cent above aver- AICL closed up 3.25 at 82.10. Volume was 185 per cent above average NBP closed down -0.02 at 65.82. Volume was 53 per cent below average (con- POL closed up 4.45 at 254.43. Volume was 2 per cent below average and age and Bollinger Bands were 12 per cent wider than normal.

1st 2nd Pivot Resistance 3.35 3.45 3.25

EFU General Insurance 59.25

57.13 53.27 47.91 51.01

Technical Outlook 74.22 6,093.69 34.73 80.57

Rs Recommendations

Buy

Technical Analysis

AKD Securities Ltd

Leverage Position

Fair Value

Buy

National Bank of Pakistan

Rs Recommendations

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

Brokerage House

65

74.2

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

Technical Outlook Technical Analysis

Rs Recommendations

59.97

TFD Research

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

76

TFD Research

Technical Outlook Technical Analysis

Fair Value

AKD Securities Ltd

Buy

AKD Securities Ltd

Brokerage House

Fair Value

Technical Outlook

RSI (14-day) 64.66 Free Float Shares (mn) 810.01 MA (10-day) 33.87 Free Float Rs (mn) 28,471.78 KSE 100 INDEX closed up 35.63 points at 10,909.65. Volume was MA (100-day) 34.27 ** NOI Rs (mn) N/A 11 per cent below average and Bollinger Bands were 15 per cent MA (200-day) 33.91 Mean 34.82 narrower than normal. As far as resistance level is concern, the mar* Target price for Dec-10 & **Net Open Interest in future market ket will see major 1st resistance level at 10,949.25 and 2nd resistHUBC closed up 0.73 at 35.15. Volume was 328 per cent above average ance level at 10,988.80, while Index will continue to find its 1st sup(trending) and Bollinger Bands were 41 per cent narrower than normal. port level at 10,855.90 and 2nd support level at 10,802.20. KSE 100 INDEX is currently 8.5 per cent above its 200-day moving HUBC is currently 3.7 per cent above its 200-day moving average and is average and is displaying an upward trend. Volatility is relatively nor- displaying an upward trend. Volatility is extremely high when compared to mal as compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently reflect very strong flows of volume into HUBC (bullish). Trend forecasting oscillators are currently bullish on HUBC. bullish on INDEX. MA (200-day)

Brokerage House

*Arif Habib Ltd

10,802.20

MA (10-day)

Fair Value

RSI 1st 2nd (14-day) Support 55.16 3.15 3.05

solidating) and Bollinger Bands were 30 per cent narrower than normal.

Bollinger Bands were 37 per cent wider than normal.

179.75 180.50 179.00 17.10

35.45

40.15

17.25

16.90

111.95 110.50 35.75

40.40

34.95

4.30 1.60

39.85

203.15 204.55 201.05

2.80

159.80 160.50 158.65

76.15

78.20

74.70

282.85 284.55 280.20 19.35

19.50

19.15

198.40 199.70 197.20

Sitara Peroxide

74.46

13.95

13.75

14.40

14.65

14.20

LUCK is currently 3.1 per cent above its 200-day moving average and is AICL is currently 11.1 per cent below its 200-day moving average and is NBP is currently 1.5 per cent below its 200-day moving average and is dis- POL is currently 9.6 per cent above its 200-day moving average and is dis-

Sui South Gas

37.70

22.60

22.15

23.90

24.80

23.50

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

Telecard

48.84

2.30

2.25

2.40

2.50

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

TRG Pakistan

53.77

4.20

4.10

4.35

4.45

4.30

reflect moderate flows of volume into LUCK (mildly bullish). Trend forecast- erate flows of volume into AICL (mildly bullish). Trend forecasting oscilla- flowing into and out of NBP at a relatively equal pace. Trend forecasting erate flows of volume into POL (mildly bullish). Trend forecasting oscilla-

United Bank Ltd

66.94

57.60

57.30

58.10

58.30

57.80

WorldCall Tele

51.06

2.50

2.45

2.65

2.70

2.60

ing oscillators are currently bullish on LUCK.

tors are currently bullish on AICL.

oscillators are currently bullish on NBP.

tors are currently bullish on POL.

2.35


8

Tuesday, November 16, 2010

BoK Boosts Islamic Banking Bilal Mustafa

T

he Bank of Khyber (BoK) was established in 1991 through an Act passed by the Provincial Legislative Assembly of the Khyber Pakhtunkhwa. It was awarded status of a scheduled bank in September 1994. The Bank of Khyber enjoys

stands out amidst other banks operating in Pakistan. It has the privilege of being bracketed amongst the only three government banks operating in the country. The BoK started Islamic Banking by converting all assets and liabilities of its Hayatabad Branch Peshawar on November 22, 2003 (27th Ramadan) with an aim

BOK MD & CEO Bilal Mustafa briefing media on 7th Anniversary of RAAST Islamic Banking in Lahore on 19th October 2010.

The Moving Force Bilal Mustafa is the Managing Director of the Bank of Khyber with over 38 years of banking experience. He took over the charge on March 05, 2008. He started his banking career from Habib Bank and subsequently joined Allied Bank. In addition to serving as Manager in various branches he has, as well, worked as Zonal Chief, Circle Executive, Area Regional Chief, Provincial Chief (Balochistan, NWFP, AJK and Punjab). He has also rendered services as Chief of Audit and Inspection/Group Chief Human Resources and as the overseeing executive of various divisions of Central Office, Karachi. He was also tasked with the duties of Chairman /Director First Allied Bank Modarabah, which he fullfiled efficiently. Mustafa retired from ABL as SEVP in June 2007. Academics After graduating in 1965, he chose Punjab University for his MA (Economics) programme and earned his masters’ degree in 1967 . His professional qualifications also include DAIBP. Moreover, he has attended various foreign and national level trainings / courses during his career.

a unique position and

to gradually convert the

Bank into a full fledged Islamic bank as per Rules and Regulations of the State Bank of Pakistan. The BoK has named its Islamic banking the ‘Raast Islamic Banking’, which is gaining popularity with public, especially the business community. Out of a total 54 branches all over the country, 21 offer Islamic banking. The bank established 9 branches in 2009 and 11 branches in 2010. Presently there are four branches in Lahore out of which 2 offer Shariah compliant services. However every BoK branch has an Islamic banking counter. Islamic Banking in Bank of Khyber In December 2002, BoK decided to initiate Islamic Banking Services for customers. As per policy of the Bank, BoK is perusing Islamic & Conventional Banking side by side. We are opening new Islamic full service branches as per demand of the customers and are also extending Islamic Banking facilities through dedicated Islamic Desks in all conventional banking branches. The Government of Khyber Pakhtunkhwa constituted a Shariah Supervisory Board (SSB), subsequently renamed as Shariah Supervisory Committee (SSC), to guide and supervise the Bank's Islamic operations presently comprising of the following scholars:

1. Syed Muhammad Abbas 2. Mufti Muhammad Zahid

3. Dr Dost Muhammad 4. Shahzad Iqbal Sham 5. Muhammad Ayub Today In Islamic Banking Industry, Islamic Banking Group (IBG) of The Bank of Khyber (BoK) is providing Islamic banking services almost in all the big cities of Pakistan through 19 full-fledged branches, 4 sub-branches and Islamic counters. Products & Services BoK is offering the following Islamic banking products/services.

Deposit 1. Current Accounts Account holder can withdraw his/her deposits at any time without giving any notice. The depositors will not be entitled to any profits or liable for any losses. 2. Interest Free PLS Saving Accounts n Based on the concept of Musharakah. n Where all partners (including bank) have equity stake. n All deposits accepted are invested in Shariah Compliant Businesses approved by the SSC/Shariah Advisor. n Profit announced every month is credited within first 5 working days of the coming month. n Profit is calculated on a daily product basis. 3. Riba Free Certificates (RFCs) n All RFCs are accepted on the same principles as applicable

BoK RAAST Islamic Banking celebrations were held in Lahore. Group photo taken on the occasion shows (L-R) Head HRD M. Ayub Hamid, Group Head Credits Management Imran Samad, MD & CEO Bilal Mustafa, Group Head Islamic Banking Arbab Riaz Ahmad, Head Marketing Syed Ali Nawaz Gilani, Manager BoK Islamic Banking Branch Rawalpindi Noor Nawaz Khan, Head of Business Development Islamic Banking Sohail Khan, Manager BoK Islamic Banking Branch Faisalabad Aleem Khan.

to PLS Deposits. n RFCs are available for five tenures, 6-month , 12-month, 2-year, 3-year, and 5-year. n Premature encashment is allowed. n Profit may be payable monthly, quarterly, six-monthly, annually or on maturity. 4. Call Deposits 5. Riba Free Special Deposit. Pool Deposits/Certificate. These two are also accepted on the same principles as applicable to PLS. Financing 1. Ijarah 2. Murabaha 3.Diminishing Musharakah 4. Musharakah 5. Mudarabah 6. Wakala 7.Share Purchase 8. Import, export under Islamic banking 9. Foreign Currency (FCY) Transactions 10. Discounting of bills 11. Export Refinance

Scheme Future Plan 1. Further expansion in Islamic branches network through the country. 2. Launching of liability & asset innovative products

3. Active participation in Islamic Financing for Commodity Operation of Punjab Government. Investments in Sukuks and other Shariah Compliant Investment products. 4. To enhance profes-

sional knowledge of the Islamic Banking staff and enable them to provide quality services to the customers. The Author is Managing Director & CEO of The Bank of Khyber

PERFORMANCE HIGHLIGHTS (ISLAMIC BANKING) Branch Network S.NO 1 2

Description Number of Islamic Branches Sub-branches

31-12-2008 16 1

31-12-2009 18 2

30-09-2010 19 4

Deposit Rs in Billions S.NO

Description

31-12-2008

31-12-2009

30-06-2010

1 2 3 4 5

Current Deposit PLS Deposit No. of Accounts Total Deposits Share of Islamic Banking Deposit in Total Deposit of BoK

1.7 3.0 98,658 5.1

1.7 3.5 104,991 5.8

2.7 3.8 108109 7.9

21.30%

23.18%

Financing Rs in Billion S.NO 1 2 3 4 5 6

Description Total Financing Number of Total Cases Murabaha Financing Ijarah D.M. Musharakah Share in total Advances of BoK

31-12-2008 1.8 1,382 0.8 0.5 0.02

31-12-2009 1.9 1,136 0.6 0.4 0.02 13.57%

30-06-2010 3.0 1010 0.6 0.3 0.03 13.73%


9

Tuesday, November 16, 2010

Crude oil rebounds above $85 after $3 drop US retail sales up more-than-expected in October LONDON: Oil rebounded above $85 a barrel on Monday after falling sharply from a more than two-year high last week as investors looked beyond Irish debt worries to signs of a macroeconomic pick-up, but a strong dollar capped gains. US crude rose 32 cents to $85.20 a barrel by 1554 GMT while ICE Brent futures rose 54 cents to $86.88. On Friday, US crude prices fell nearly $3 from a 25-month high above $88 a barrel in a broad commodities sell-off prompted by concerns about Irish debt and talk of a possible Chinese interest rate hike. "Crude is trying to rebound after the drop on Friday, but the stronger dollar is limiting the bounce as are concerns about Europe and their effect on demand," said Phil Flynn, analyst at PFGBest Research PHNOM PENH - CAMBODIA: Cambodian farmers carry rice bales through a field in Cambodia's Kampong Speu province, some 60 km south of Phnom Penh. -Agencies

Gold holds near $1,370 as debt worries support LONDON: Gold held near $1,370 an ounce on Monday, steadying after its biggest oneday fall since July 1 in the previous session, as concerns over euro-zone sovereign debt levels offset pressure brought by strength in the dollar. Spot gold was bid at $1,367.86 an ounce at 1507 GMT, against $1,366.35 late in New York on Friday. US gold futures for December delivery rose $2.20 to $1,367.70. The metal staged its largest one-day drop in 4-1/2 months on Friday, retreating from last week's r e c o r d $1,424.10, on concern the market had become overbought and as talk of a potential interest rate rise in China knocked commodities sharply lower. "Though the bullish stint is very much in place, multiple economic developments on the currency front seem to be limiting gold to a narrow range," said Pradeep Unni, senior analyst at

European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10 930.00, Dec10 930.00, Jan11 930.00, Feb11/Apr11 937.0011.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 925.00-7.00, May11/Jul11 935.00-5.00, Aug11/Oct11 920.00-3.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1470.00, Apr11/Jun11 1435.00+0.00, Jul11/Sep11 1465.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1280.00-7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1140.00+0.00, Dec10 1140.00+0.00, Jan11/Mar11 1132.50+2.50, Apr11/Jun11 1132.50+2.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11/Mar11 1157.50. PALMOIL: RBD dlrs tonne fob Malaysia Jan11/Mar11 1112.50-5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1120.00-5.00, Apr11/Jun11 1112.50-7.50, Jul11/Sep11 1107.50-10.00. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1090.0010.00.-Reuters

Richcomm Global Services. "Physical markets are calm after the Friday sell-off, but bargain hunters are likely to take the markets higher." Commerzbank analyst Eugen Weinberg said newly resurfacing worries over the stability of certain euro-zone economies, most notably Ireland, were "definitely helping" the metal. "That is the reason why we are not much lower," he said. A stronger dollar typically

weighs on gold, because it dents interest in the metal as an alternative asset and makes it more expensive for holders of other currencies. However, when risk aversion rises sharply, as at the height of the sovereign debt crisis in the second quarter, they can move in

the same direction as both serve as havens from risk. This may happen again if current euro-zone debt fears worsen, analysts said. "Jittery trading is likely to persist as long as uncertainty over Ireland haunts investor sentiment," said VTB Capital analyst Andrey Kryuchenkov in a note. "For bullion to rebound, risk aversion would need to sour completely and investor fears be confirmed." He added: "For now, there could be more to the downside as we pull back towards the long-term uptrend." Elsewhere silver was at $26.03 an ounce against $25.99. It underperformed gold on Friday to fall more than 6 per cent, its biggest one-day drop since early February. Among other precious metals, platinum was at $1,673.49 an ounce against $1,679, while palladium was at $679.97 against $675.50. -Reuters

Copper steady after early surrender to stronger dollar LONDON: Copper steadied on Monday, still supported by concern over supply, after tumbling to its lowest in more than a week, undermined by a firmer dollar and growing expectations of monetary tightening in top consumer China. Steel ingredients were weak with zinc falling to $2,264.75 a tonne, its lowest since Oct. 8 and nickel sliding to $21,980 a tonne, its lowest since Sept. 8. Benchmark copper on the London Metal Exchange fell to $8,460 a tonne, its lowest since Nov. 4. The metal used in power and construction ended at $8,645 a tonne from $8,615 at the close on Friday. News last week that inflation in China rose to a 25-month high in October and bank lending was above expectations reinforced the idea of further monetary tightening. Stock of copper in London Metal Exchange warehouses at 362,700 tonnes, are down more than 30 per cent since hitting a 6-1/2-year high of 555,075 tonnes in the middle of February and the lowest in more than a year. Aluminium stocks at above 4.25 million tonnes compared with record highs above 4.64 million tonnes in January. Aluminium closed at $2,400 a tonne from $2,404 a tonne on Friday. The metal used in transport and packaging earlier hit a two-week low of $2,354 a tonne. Also weighing on metals prices was news that a manufacturing gauge in New York state fell this month to its lowest level since April 2009. Analysts say the data bodes ill for the Institute for Supply Management's index of national factory activity in November. However, most data from the United

States in recent months has been posi-

Shanghai copper declines Benchmark Shanghai third month copper dropped 620 yuan to close at 65,340 yuan a tonne, after closing by its 5 per cent downside limit on Friday. Shanghai zinc closed down by its 7 per cent limit. tive and that together with fund buying, dollar weakness and worries about inflation pushed copper to a record high of $8,966 a tonne last week. Investors use commodities as a hedge against inflation, while a weaker US currency makes dollar-denominated metals They were also watching a workers' strike at the world's No. 3 copper mine, Chile's Collahuasi, which entered its 11th day on Monday with the deposit operator saying output is normal and the union vowing a long stoppage. Concern about supplies in the near term have pushed the metal into a $21.5 a tonne backwardation -- premium for cash material over the three-month contract -- compared with a discount of $20 a tonne at the end of October. "You don't like to sell copper when there is a strike on and the market is so tight -- we've been saying sell zinc when you think things have done enough. Sell zinc, nickel and lead," said David Thurtell, analyst at Citi. Battery material lead touched a twoweek low of $2,412 a tonne. It closed at $2,455 a tonne from $2,520 on Friday, nickel at $22,350 from $22,700 and zinc at $2,338 from $2,394. Tin closed at $25,900 a tonne from $26,150 on Friday. It fell to $25,200 a tonne, its lowest in two weeks. Reuters

Sugar, arabicas bounce after sell-off LONDON: ICE raw sugar and arabica coffee futures bounced in a short-covering rally on Monday after a sell-off on Friday, and cocoa firmed on investor and trade buying, with upside limited by a strengthening dollar. ICE front-month March raw sugar bounced after hitting a onemonth low of 25.67 cents a lb earlier in the day and were up 0.89 cent or 3.4 per cent at 27.10 cents a lb at 1533 GMT. "It seems the panic is subsiding from the long liquidation perspective, and support is expected again around 25.50 cents a lb," said Thomas Kujawa of broker Sucden Financial. Liffe December white sugar was up $10.40 or 1.5 per cent to $719.50 per tonne in moderate low volume of 3,257 lots, before the contract's expiry later in the day. ICE raw sugar had hit a 30-year top of 33.39 cents a lb on Nov. 11, underpinned by tight export availability from top producers Brazil and India and low global stock levels. ICE second-month arabica coffee futures climbed in light volumes and kept sight of a recent 13-1/2 year peak, supported by tight supplies. Coffee futures rose in a shortcovering bounce after last week's losses, dealers said. ICE March arabicas stood at $2.0665 per lb, up 3.3 cent or 1.6 per cent at 1536 GMT, below the 13-1/2-year high of $2.2145 per lb touched on Nov. 10. Liffe second-month robusta coffee futures rose $34 or 1.8 per cent to $1,909 a tonne, closing in on a two-year high of $2,098 per tonne touched on Nov. 9. ICE cocoa futures edged up in thin volumes, with upside potential also limited by ample main crop harvests in West Africa. ICE second-month cocoa was up $8 or 0.3 per cent at $2,787 per tonne at 1540 GMT, while Liffe March cocoa was up 7 pounds to 1,834 pounds a tonne. -Reuters

in Chicago. Oil prices briefly extended gains after sales at US retailers rose more than expected in October to post their largest gain in seven months, providing further evidence that the economy was regaining strength. Amrita Sen, commodities

analyst at Barclays Capital said the recent oil price drop was exaggerated and the steep fall was not justified by demand data. "There are worries about European debt and about a China rate hike but any pullback will be short-lived...The International Energy Agency sees demand growth in 2010 above 2 million barrels a day (bpd) and solid demand in

Palm oil up on strong overseas demand KUALA LUMPUR: Malaysian crude palm oil futures rebounded on Monday, as strong exports data outweighed concerns over China raising interest rates that kept the market on edge. Malaysian palm oil exports jumped at least 26.6 per cent for Nov. 1-15 versus a month ago, driven by stronger demand from China and the European Union. "The market rose on fundamental factors in Malaysia including strong exports and weak production," said a trader with a foreign brokerage in Kuala Lumpur. The benchmark January 2011 contract on the Bursa Malaysia Derivatives Exchange crawl back up half a per cent to 3,370 Malaysian ringgit ($1,084) per tonne, after easing from a 27-month high on Friday. Overall traded volume more than doubled to 23,282 lots of 25 tonnes each. "Palm oil production is going to drop from now on until January, as we're moving into the monsoon season," said the same trader.

Heavy rains that move towards the key palm oil-producing states in central and southern Malaysia usually curb yields and make transport of the vegetable oil difficult. Reuters technical analysis showed palm oil is set to fall back to the previous session low at 3,269 ringgit a tonne based on its wave pattern and a Fibonacci retracement analysis. But, investors were trading cautiously on the likelihood of China increasing interest rates to cool food-driven inflation and slow down growth, as well as concerns over Ireland's growing debt, which may damp European economic recovery and lift the dollar. US soyoil for December delivery fell 0.7 per cent. The most active September 2011 soyoil contract on China's Dalian commodity exchange dropped 2.8 per cent. "China soyoil prices are unlikely to hit two-year highs in the short term as investors worry the government will limit the stocks for vegetable oil refiners," said an oil analyst in Shanghai. -Reuters

2011," said Sen. The IEA on Friday raised its 2010 oil demand growth forecast by 190,000 bpd to 2.34 million bpd from its previous monthly report on stronger demand in both China and industrialised economies. Analysts at Standard Chartered and Barclays Capital said they expect oil prices to now stabilise at near $85 a barrel, leaving levels significantly above the range between $70-$80 where they have mostly traded for the past year. "I don't think it's going to drop. I think there's quite a firm floor now in the oil price," said Helen Henton, head of energy and environment research at Standard Chartered. A stimulus plan by the US Federal Reserve to buy $600 billion in Treasury bonds to help speed economic growth has helped underpin strength in oil this month. -Reuters

Tokyo rubber sheds nearly 2pc BANGKOK: Tokyo rubber futures dropped nearly 2 per cent on Monday on profit-taking in an overbought market but tight supplies in producing countries lent support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery fell 6.3 yen to settle at 353.7 yen ($4.28) per kg. It fell as low as 344.7 yen, the lowest since Nov. 5. The April contract hit 30-year highs for three straight days until last Thursday, pulled higher by Shanghai rubber futures successively marking record highs last week on supply concerns. "The market rose very high last week and that made speculators think that the market was overbought and they started taking profit," one dealer said. The most active Shanghai rubber futures contract for May delivery fell to its limit-down at 33,415 yuan ($5,035) per tonne in early trade. It closed at 33,750 yuan per tonne, down from Friday's close at 35,790 yuan. Dealers said TOCOM rubber could rebound on Tuesday after it finished above a key psychological level of 350 yen because tight supply on the physical front should lend further support. Reuters

Indian sugar eases on global cues MUMBAI: India's spot sugar prices eased on Monday in line with a fall in the London market and on tepid demand, dealers said. "Sharp fall in overseas markets hurt sentiment. Demand was also weak from stockists and bulk buyers," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased 0.8

per cent to 2,800 rupees ($61.9) per 100 kg. "Market is eying government decision over sugar exports. It will be the single largest influencing factor in short-term," Jain said. Unseasonal rains over India's key sugar cane producing states of Maharashtra and Karnataka have slowed down crushing, which is unlikely to peak before the last week of November, government officials said.

Sugar mills in Uttar Pradesh have filed a court petition against a state hike in prices they pay to farmers, an industry group said, threatening a row that could delay crushing and hit output. India may soon permit unrestricted exports of sugar, in a move that could push New York futures from 30-year highs by eliminating uncertainty over the exportable surplus of the world's No. 2 producer of the sweetener. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract Date

Price

Open

High

Low

Close

Quotation

Traded Volume

Previous

Current

Open Interest

in lots Settlement

Settlement

in Lots

Price

Price

15-Nov-2010

CRUDE100

DE10 US$ Per Barrel

86.30

86.62

84.58

85.61

131

85.20

85.61

34

15-Nov-2010

CRUDE100

JA11 US$ Per Barrel

86.60

87.16

85.05

86.07

122

85.69

86.07

38

15-Nov-2010

CRUDE100

FE11 US$ Per Barrel

86.91

87.17

85.65

86.77

5

86.16

86.77

1

15-Nov-2010

SILVER-SL500

DE10US$ Per Troy Ounce

26.974

27.200

25.774

25.955

47

26.323

25.955

8

15-Nov-2010

SILVER - SL500

JA11US$ Per Troy Ounce

26.923

26.923

25.980

25.980

-

26.400

25.980

-

15-Nov-2010

GOLD 01oz

DE10 US$ Per Troy Ounce

1,387.50

1,395.00 1,360.00

1,363.10

944

1,372.40

1,363.10

408

15-Nov-2010

GOLD 01oz

JA11 US$ Per Troy Ounce

1,388.10

1,395.70 1,362.00

1,364.10

2,231

1,374.60

1,364.10

1,842

15-Nov-2010

GOLD 01oz

FE11 US$ Per Troy Ounce

1,389.00

1,397.00 1,362.00

1,365.20

2,077

1,376.70

1,365.20

1,157

15-Nov-2010

GOLD 100oz

DE10 US$ Per Troy Ounce

1,384.60

1,394.00 1,360.00

1,363.10

87

1,372.40

1,363.10

14

15-Nov-2010

GOLD 100oz

JA11 US$ Per Troy Ounce

1,388.40

1,388.40 1,364.10

1,364.10

-

1,374.60

1,364.10

15-Nov-2010

GOLD 100oz

FE11 US$ Per Troy Ounce

1,389.50

1,389.50 1,364.10

1,364.10

-

1,376.70

1,365.20

-

15-Nov-2010

GOLD NO10

Per 10 grms

38,060

38,083

37,325

37,430

8

37,643

37,430

40

15-Nov-2010

GOLD DE10

Per 10 grms

38,070

38,121

37,250

37,438

13

37,652

37,438

8

15-Nov-2010

GOLD JA11

Per 10 grms

38,070

38,070

37,45

37,454

-

37,668

37,454

-

15-Nov-2010 Kilo GOLD NO10

Per 10 grms

38,017

38,017

37,402

37,402

-

37,616

37,402

-

15-Nov-2010 Kilo GOLD DE10

Per 10 grms

37,518

38,026

37,518

37,411

1

37,625

37,411

1

15-Nov-2010 Tola Gold50 NO10

Per Tola

44,352

44,352

43,625

43,625

-

43,874

43,625

-

15-Nov-2010 Tola Gold100 NO10

Per Tola

44,342

44,342

43,625

43,625

-

43,874

43,625

-

15-Nov-2010

Mini Gold 08/01

Per 10 grms

39,076

39,076

38,509

38,509

-

38,725

38,509

-

15-Nov-2010

Mini Gold 08/02

Per 10 grms

39,117

39,117

38,455

38,455

-

38,671

38,455

-

15-Nov-2010

Mini Gold 08/03

Per 10 grms

39,130

39,130

38,469

38,469

-

38,685

38,469

-

15-Nov-2010

Mini Gold 08/04

Per 10 grms

39,144

39,144

38,482

38,482

-

38,698

38,482

-

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

-


Japan’s Matsumoto competes with South Korea's Kim at 16th Asian Games wrestling competetion

10

Tuesday, November 16, 2010

Rameez calls review system a necessity for cricket DUBAI: Former Pakistan Captain Rameez Raja has called for the worldwide utilization of Decision Review System (DRS) to eradicate the poor judgments by umpires and make the game fair and free of errors. Introduction of DRS is very important to make the Tests, ODIs and Twenty20 matches error free and fair for all teams, he told APP Sports Correspondent Ehsan Qureshi in an interview here at Dubai Sports City International Cricket Stadium while discussing and reviewing the standards of umpiring in the Twenty20, ODIs and ongoing Test series between Pakistan and South Africa. DRS is very important for the future of the sport despite the fact that this technology is very expensive, he said. We have seen about a dozen poor umpiring decision in this series and in the Test matches so far, Ramiz Raja, a leading cricket commentator and analyst of the game, said. Look, Graeme Smith and Alviro Petersen went to poor umpiring judgments in South Africass second innings by umpire Ashoka de Silva and Daryl Harper. Jacques Kallis was out to a doosra from Saeed Ajmal on the fourth day of the match, but he was declared not out, he added. He recalled that Younis Khan was dismissed due to poor judgment by Australian umpire Rodney Tucker during the second ODI at Zayed Stadium Abu Dhabi. DRS was in action during Pakistan's tour to New Zealand and Australia and also during their last series in the United Kingdom.APP

RR, BCCI agree on an arbitrator Monitoring Desk

KARACHI: Rajasthan Royals (RR) and BCCI on Monday agreed to take the dispute over the IPL franchisee's contract termination to an arbitrator. Rajasthan Royals moved the Bombay High Court last month after the BCCI terminated the contract with them for the IPL. However, at Monday's hearing Rajasthan Royals' lawyer Janak Dwarkadas told the court that both the parties have decided to solve the dispute through arbitration as per their contract terms. He also said that justice B N Srikrishna would be the sole arbitrator. Justice S J Vazifdar adjourned hearing till November 18. Another IPL franchisee Kings XI Punjab has also challenged termination of regulation of its contract with BCCI. Kings XI's lawyers told the court today that his client too is seeking resolution of dispute through arbitration and the franchisee would be willing to accept arbitration before Justice Srikrishna. The court then posted the matter of Kings XI for hearing on Nov 18.

Pak again face an uphill task n Amla,

Kallis set record partnership

n Pakistan chase unlikely target of 450 DUBAI: Pakistan face an man Dale Steyn to first slip. Amla, who brought up his uphill battle to save the first Taufeeq Umar (22) and 11th test ton off 190 deliveries, test after closing the fourth day Azhar Ali (37 not out) then ended not out on 118 off 225 on 109 for two after being set a defied their opponents for 18.2 balls, striking 10 fours during formidable winning target of overs with a second-wicket his knock. 450 by South Africa on stand of 34 before Umar was Kallis was equally impresMonday. caught at first slip off a ball sive as he recorded his 36th Jacques Kallis and Hashim from Johan Botha. test century to finish unbeaten Amla both hit centuries in Ali and Younus Khan (11 not on 135 off 218 balls, while his compiling a record third-wick- out) saw their team to stumps innings was highlighted by et stand of 242 for South although Ali suffered a painful eight fours and four sixes. Africa against Pakistan, allow- blow on his thumb from a Amla and Kallis scored 77 ing the tourists to declare on Steyn bouncer. runs off 18 overs after lunch as 318 for two in their second Kallis and Amla took full the pair went in search of innings. advantage of a benign pitch quick runs to set up the declaPakistan made a solid start and an increasingly dispirited- ration. and they reached 41 before looking Pakistan bowling South Africa made 380 in Mohammed Hafeez, who attack missing a seamer after their first innings before scored a breezy 34 off 47 balls, left-armer Wahad Riaz picked Pakistan collapsed to be all out edged a delivery from pace- up a side strain on the first day. for 248 in reply.-Reuters DUBAI: South Africa's Jacques Kallis celebrates after scoring ton against Pakistan while Hashim Amla looks on, during the fourth day of their first cricket test match.-Reuters

Youngest F1 Champ on winning stand ABU DHABI: Sebastian Vettel was crowned as the youngest drivers champion in Formula One history when he outstripped all his rivals and won the Abu Dhabi Grand Prix for Red Bull. The 23-year-old Vettel took the title with a faultless drive from pole position to the chequered flag, resisting a strong challenge from McLaren's Lewis Hamilton. Hamilton

came home second after a long period of frustration behind Robert Kubica's Renault and was followed home by his teammate Jenson Button, the 2009 champion. Pre-race series leader Fernando Alonso of Ferrari and Vettel's teammate Mark Webber fell out of contention for the title when they emerged down the field after early pit-stops. The

Gayle blows away Sri Lanka with double-ton GALLE: Former captain Chris Gayle hit an explosive double century to propel West Indies to 362 for two on the opening day of the first test against Sri Lanka on Monday. The tall left-hander smashed the ball all around the ground, batting throughout the day to finish unbeaten on 219 off 247 balls. Gayle's chanceless effort comprised eight sixes and 26 fours on a placid pitch. Shivnarine Chanderpaul was also 20 not out when stumps were drawn. "The last time I toured here I didn't get many runs and struggled," an elated Gayle told reporters. "I was very happy to get an opportunity like this. "It was a good day for us and now we just have to try and get about 500 runs." Gayle, who has a top test score of 317, reached his 13th century by hitting

Ajantha Mendis for two consecutive sixes in an expensive over which cost the spinner 18 runs. He celebrated with arms raised, flashed a broad grin, took off his helmet and lay flat on the ground to milk the applause. Gayle was less exuberant upon reaching his double century with a single. "I'd love to get past 317, that would be a milestone," he said. "The wicket is good to bat on. "If I can get past the first hour tomorrow anything is possible." Gayle had a scare on 65 when Sri Lanka used the referral system for an lbw decision off Mendis and television replays showed he got an inside edge on to his pads. The opener was particularly severe on Mendis and fellow spinner Suraj Randiv, who went for a combined total of 234 runs.-Reuters

Spaniard then spent lap after lap trying in vain to find a way past Petrov. Meanwhile, Webber had been the first of the contenders to pit and also became bogged down in traffic in a race. An emotional Vettel wept on the podium as the German anthem was played. Red Bull chief Christian Horner told him, "Sebastian, you are the World Champion."-Agencies

Cricket gets pernit for 2014 Asiad GUANGZHOU: Cricket was assured of its place in the 2014 Asian Games programme on Monday despite fears the sport would be axed."It has been discussed and it has been accepted that cricket will be part of the 2014 Asian Games in Incheon," said Olympic Council of Asia president Sheikh Ahmad AlFahad Al-Sabah. Cricket is making its debut at the Games here, but organisers of the Incheon event wanted it chopped from the programme, along with karate.-APP

Woods finishes high at Australian Masters MELBOURNE: Tiger Woods provided the large galleries at the Victoria Golf Club something to remember as he shot his equal-best round of the year, a six-under-par 65, at the Australian Masters on Sunday. The 34-year-old American, who was reportedly paid a $3 million appearance fee, produced some fireworks down the stretch, highlighted by an eagle two on the par-four 15th, a birdie on the par-five 17th and an eagle three on the par-

five 18th to finish on sevenunder 277. After entering the final round 10 shots behind leader Adam Bland he walked off just three shots behind the Australian and with a sniff of victory should Bland or then second-placed Daniel Gaunt succumb to the pressure. As it turned out, Australian Stuart Appleby trumped Woods by also shooting a six-under 65 to overtake the faltering Bland and Gaunt in the closing holes to win by a single shot.-Agencies

Pak marches into women cricket semis GUANGZHOU: Pakistan reached the Asian Games women's cricket semi-finals on Monday with a ninewicket rout of China which left the hosts needing to win their last group game to stay alive. China, who had opened their campaign with a 55run win over Malaysia, were restricted to just 60-4 when they batted first on Monday with Pakistan cruising to victory in the 13th over. Huang Zhou and Zhang Mei, with 14 runs each, were China's top scorers against a tight, well-disciplined Pakistan attack. Javeria Wadood (27 not out) and Nida Rashid (27) put on 60 for the first wicket for Pakistan with Wadood hitting her fourth boundary to bring up victory. Despite the defeat, Huang revelled in striking a six, a rare achievement in the women's game. "This was the first six of the Asian Games, but one of our batters did it in India

before this tournament," said the opener. Pakistan bowler Asmavia Khokhar praised her team's fielding which put a brake on the Chinese hopes of setting a big total to chase. "We protected the boundaries well so they couldn't get too many fours," she said. "They had to settle for just ones and twos." Pakistan now have two wins in two matches in Group A following their eight-wicket victory over Thailand. Bangladesh made sure of top spot in Group B, and also a place in the last four, with a 54-run win over Japan. Buoyed by their 10-wicket mauling of Hong Kong on Sunday, Bangladesh were in complete control against Japan and racked up 111-8 off their 20 overs. Japan struggled to 57-8 in reply, but having seen off GUANGGONG: Syeda Nain Fatima Abida of Pakistan and Nida Rashid react after defeating China during the women’s group Nepal in their first match, they are still favourites to pool A match at the Guanggong cricket stadium during the 16th Asian Games. Pakistan won by 9 wickets.-Reuters also make the last four.-APP

Sunderland leaves Chelsea stunned 3-0 LONDON: Premier League leaders Chelsea suffered their biggest home defeat for nearly

nine years when they were humbled 3-0 by Sunderland at Stamford Bridge on Sunday.

LONDON: Sunderland's Danny Welbeck celebrates his goal against Chelsea during their English Premier League soccer match.-Reuters

Arsenal climbed to second with a 2-1 win at Everton before Sunderland produced an inspired display at the home of the champions to complete one of the upsets of the season. Stunning goals from Nedum Onuoha and Asamoah Gyan put Sunderland 2-0 ahead by the 52nd minute and a rare mistake by England fullback Ashley Cole allowed Danny Welbeck to complete the rout just before the end. Onuoha's goal, the first by an opposition player in the league at Chelsea this season, came just before halftime following a mazy dribble Lionel Messi would have been proud of which left three Chelsea

defenders trailing in his wake. Gyan's strike completed a brilliant build-up following swift passing from Jordan Henderson and Welbeck, leaving the club's record signing free to plant the ball perfectly past Petr Cech. Chelsea remained top of the table but that was about the only crumb of comfort they could take from an afternoon when they were outclassed by a team they beat 7-2 in the corresponding fixture last season. Their lead at the top was cut from three to two points by Arsenal's win at Everton. Manchester United, who drew 2-2 at Aston Villa on Saturday, are a point behind Arsenal in

third on 25 points. Sunderland moved up from ninth to sixth with their first away win of the season which came just two weeks after they were humiliated 5-1 by their arch-rivals Newcastle United. SUCCESSIVE DEFEATS It was their first victory over Chelsea after 11 successive defeats by the Londoners since 2001. "Two weeks ago we were hung, drawn and quartered (by Newcastle) and we wanted a response," Sunderland manager Steve Bruce said. "We're looking at how well we played and we thoroughly deserved to win today. Chelsea are a great team, but all-round

I'm delighted for the boys because they worked hard to get over the Newcastle performance. "Two weeks ago was the worst, today... well, I'm not going to come to Chelsea and win 3-0 very often. We'll enjoy a few glasses tonight and take it easy." Chelsea had won their opening six home league games of the season and outscored their opponents 17-0. Since they last lost at home in the league in February, they had won 11 straight games with a 44-2 goal tally and their last home defeat by a threegoal margin was in 2002 when Manchester United beat them 3-0.-Reuters


Japan manages Q3 growth spurt but soft patch looms TOKYO: Japan's economic growth accelerated in the third quarter as expiring government incentives gave consumption a last-minute boost before a longanticipated slowdown that analysts say is already under way. Indeed, many expect the economy to stall or even contract slightly in the next two quarters as the strong yen's damage to exports becomes more evident and factory output slumps after incentives for buyers of low-emission cars expired in September. While few expect Japan to slip back into recession, policymakers remain alert to risks to the fragile economy. The yen was trading below its 15-year peaks on Monday, but its renewed climb toward record highs could prompt the Bank of Japan to ease monetary policy further by spending more on government bonds and other assets to avoid a prolonged downturn. "Third-quarter growth relied heavily on domestic demand, and this suggests a marked slowdown in the final quarter as stimulus-driven consumption loses steam and export growth slows," said Junko Nishioka, chief Japan economist at RBS Securities. Japan's gross domestic product grew 0.9 percent in JulySeptember from the previous quarter, accelerating from a 0.4

percent rise in the second quarter and beating a median forecast for a 0.6 percent rise, official data showed on Monday. The fourth straight quarter of growth translates into an annualised rise of 3.9 percent, nearly double the rate of U.S. growth in the same period. The government saw little to cheer about, with Economics Minister Banri Kaieda warning that slowing overseas growth and the strong yen could threaten the outlook. "Japan's economy is at a standstill with weakness in production," he said in a statement issued after the data. Japan emerged from its worst recession since World War Two in the second quarter of 2009, but growth has been spotty due to a lacklustre labour market and slow gains in corporate spending. A Reuters poll showed the economy is expected to shrink 0.1 percent in OctoberDecember as the effects of government stimulus fade, before resuming a moderate recovery. Underscoring the pain inflicted by the strong yen and slowing exports, net external demand -- or exports minus imports -- made no contribution to third-quarter GDP after adding 0.3 percentage point in April-June. Private consumption, which accounts for about 60 percent of

the economy, rose 1.1 percent, the biggest increase in more than a year, due to the one-off boost from expiring car incentives and a tobacco tax hike in October that spurred a lastminute buying binge. Automakers have already been slashing output in anticipation of a slump in demand after the stimulus expired. Capacity utilisation fell 1.1 percent in September from a month earlier to log the fourth straight month of declines, data showed on Monday. The government is hoping to pass through the powerful lower house of parliament on Monday a 5 trillion-yen ($61 billion) extra budget but analysts doubt that the modest package will give much of a boost to the $5 trillion economy. That leaves the onus on the BOJ, although it feels less pressure to ease now with the yen having weakened somewhat after its ascent near record-high levels last month. "The yen has fallen a bit but you can't disregard the risks of further yen rises due to U.S. monetary easing," said Takeshi Minami, chief economist at Norinchukin Research Institute. "That will add pressure on the Bank of Japan to ease policy further as there's limited room for the government to boost fiscal spending." .-Reuters

India's headline inflation eases slightly in October NEW DELHI: India's annual headline inflation eased slightly in October to its lowest in 10 months, possibly allowing the central bank to keep rates steady in coming months even though price rises remain above its comfort level. India's wholesale prices rose 8.58 percent in October from a year earlier compared with 8.62 percent in September, data on Monday showed. The figure compared with a Reuters poll forecast for an 8.44 percent rise. Food inflation slowed to 14.1 percent in October compared with 15.7 percent a month earlier as supplies improved after healthy monsoon rains, helping bring down overall inflation. The data, coming on the heels of the slowest annual growth in industrial output in 16 months, lends support to those who advocate a pause in the Reserve Bank of India's (RBI) tightening, although others say further rate increases are needed. "With this number against the weak IIP (industrial output) last week, our view that the RBI will not hike further in the current fiscal year becomes even stronger," said Anubhuti Sahay, economist at Standard Chartered Bank in Mumbai. Finance Minister Pranab Mukherjee said on Monday that the full impact of the central bank's past rate hikes on inflation had yet to be seen and that he expected headline inflation to fall to 6 percent by March, when the fiscal year ends.-Reuters

CONTINUATION No #1

Continued from page 1

consensus and take all stake holders on board on RGST and the economic reforms agenda.

No #2

Continued from page 1

changing inflation outlook, SBP adjusted its stance on monetary policy. The decline in inflation during the initial months of FY10 and a relative improvement in the macroeconomic situation, allowed the central bank to ease its monetary policy stance, he said, added that as the growing fiscal deficit and unexpectedly low external receipts increased risks of a relapse into macroeconomic instability, and as inflationary pressures resurfaced in H2-FY10, SBP decided to pause the easing cycle and subsequently increased its policy rate in July and September 2010. SBP Governor pointed out that the exchange rate during FY10 continued to reflect market conditions, which helped narrow the external imbalance and improve macroeconomic stability. Foreign exchange reserves, which were at $12.425 billion at the close of FY09, increased by $4.325 billion to reach an all time high of $16.750 at the close of FY10, he said and added that SBP's decision to enhance banks' Foreign Exchange Exposure Limit also strengthened the market's capacity to handle larger volumes of foreign exchange transactions without additional volatility in the exchange rate. -Agencies

11

International & Continuation

Tuesday, November 16, 2010

No #6

Continued from page 1

November. The increase would be implemented on domestic, commercial and lifeline consumers. Sources told that the government decided to increase power rates every month as against finishing the given subsidy at once to reduce the burden on masses. -APP

No #7

Continued from page 1

Sheikh on Monday. 'We may postpone the meeting further after SECP has said to make a committee to solve the issue", said a director KSE. It is worth mentioning that previously the EOGM was scheduled on Nov 4 but was then adjourned till Nov 22. The agenda of the meeting was to amend the Articles of the Exchange that the chairman of the exchange should be a broker as members think that a broker-chairman will understand the market better. The issue of broker-chairman came to fore after the present Chairman Zubyr Soomro had expressed reservations on Margin Trading System (MTS) which was approved by KSE board of directors. Further, the four letters that were written by SECP to KSE on the appointment of acting Managing Director and some other issues were also discussed in the meeting on Monday. It was decided to work with mutual consensus in the future.

No #8

Continued from page 1

At Mount Arafat, some 10 kilometres southeast of Mina, the pilgrims spend the day in prayer and reflection. After sunset, they move on to Muzdalifah, halfway between Mount Arafat and Continued from page 1 No #3 weighed against the sovereign's high public and external lever- Mina, where they spend the night. The pilgrims are estimated to age, political and security risks, and fiscal inflexibility due to an total up to 2.5 million this year, a major concern for the Saudi authorities who have yet to report any major incidents since the exceedingly narrow tax base," Benard said. S&P warned it could lower the ratings if major slippages in pol- faithful descended on the holy city. -Agencies icy take place, leading to renewed balance of payments difficulContinued from page 12 No #9 ties or an increase in public debt. But if the government was able amounting to $1.6 billion between the two countries. to sustain its plans for economic stabilization and fiscal consoliDiscussing regional situation, the President appreciated condation, it could lift the ratings. -Agencies structive role of Japan in the global and Asian affairs and said Pakistan views Japan as an important player for peace, progress, Continued from page 1 No #4 speaking on the occasion said that due to floods Pakistan would cooperation and stability in the world. He said Pakistan desires not be able to achieve its GDP target and inflation has risen by 15 stability, peace and development in the region and has always supto 16 per cent. He said that Pakistan would have to overcome cur- ported every effort of the international community in this regard. The President said Pakistan has always called upon the internarent account deficit. tional community to focus on creating windows of opportunity for Furthermore, while in an exclusive chat with a private TV chanthe people of the region who are affected by terrorism to address nel, Holbrooke said efforts being made for good governance in the issue effectively on one hand and to promote socioeconomic Pakistan, adding US has reservations on corruption in country and development on the other. The President commenting on the fight we are monitoring it. -Agencies against militancy said the Parliament had adopted the three D policy namely Dialogue, Development and Deterrence for fighting Continued from page 1 No #5 Development Bank. He said macroeconomic indicators had the militancy. He said when dialogue as a tool failed the governgradually started to return to normal, due to a series of macroeco- ment did not hesitate to use force even though in the process its nomic measures by the new government took over. The foreign forces and people had to offer great sacrifices. However, a comprehensive strategy could not rely on force exchange reserves swelled to $17 billion dollars and stock exchange index rose to 12,000 from 6,000 points, but the devas- alone and had to adopt a holistic approach. That is why the government had been urging the international community to help it in tating floods brought the success back to from it all started. He said the government was forced to borrow $11.2 billion dol- the economic and educational development of the affected areas as critical tools for fighting terrorism in the long-run. lars from the IMF to help lessen the fiscal deficit. The Vice minister was accompanied by Japanese Special Shaikh said the Council of Common Interests agreed on providing a cash grant of Rs100,000 for each of the flood affected fam- Representative for Pakistan and Afghanistan Ambassador Tadamichi Yamamoto and Japanese Ambassador in Pakistan ily; requiring an amount of Rs160 billion. He agreed with many of the speakers that called for more tax Chihiro Atsumi. From Pakistani side those who attended the meeting included M Salman Faruqui, Secretary General to the reforms and said the government was committed to follow fiscal austerity, by freezing expenditures and cutting new ones. He said President, Senator Syeda Sughra Imam, Malik Asif Hayat, secrethe government will also have to lower inflation through lesser tary to the President and other senior officials. -APP borrowing while at the same time generating more revenue Continued from page 12 No #10 through implementing the revised General Sales Tax. David Headley and Pakistani intelligence officials. The Finance Minister said in the past the government had proHeadley called Pakistani military officers at the number while vided too many subsidies, but now it was time to cut back on these working for LeT; the number was also called by an accused ISI while at the same time enhancing the productivity of the public spy who went on a secret mission with Mir in India in 2005, the sector organisations. Shaikh said government was working on a report said citing investigators. The Pakistani government denies strategy to alter the way the national economy was running and any official link to the 2008 attacks. -Online said there was need to reorient the way the State worked, move to Continued from page 12 No #11 the end of cartelisation while encouraging more competition. sugar has been lifted by provincial governments, USC, ICT & Federal Minster said seeking debt write-off was a serious issue, private parties. which would have great consequences on the country's future. The Government of Punjab has lifted 13,000 MT and USC has Shaikh said that most of the foreign debts were obtained from multilateral agencies like International Monetary Fund, World lifted 3,000 MT for sale through their outlets. ICT and Bank, Asian Development Bank and Islamic Development Bank Government of Sindh are also lifting sugar from TCP godown at and Pakistan had made commitments to these institutions while Pipri and directly from Port but operation has become slow due to taking the loans. "Debt write-off has not one dimensional aspect, lesser availability of trucks and labour on account of Eid holidays. TCP will however, continue to deliver to Punjab government, it is serious issue with great consequences," the finance minister said, adding seeking loans write-off would also affect raising cap- USC & private parties during Eid holidays except for November 18 and 18, 2010, when the port operation is closed. -APP ital from financial markets. -Agencies

US retail sales jump on autos, building materials WASHINGTON: Sales at U.S. retailers rose more than expected in October to post their largest gain in seven months, further evidence the economy was regaining strength after hitting a soft patch in the summer. But Monday's upbeat report from the Commerce Department was tempered somewhat by news that a manufacturing gauge in New York state fell this month to its lowest level since April 2009. The sturdy retail sale report offered hope for the holiday season and the broader economy, whose recovery from the worst recession since the 1930s had slowed in the summer. "It's a strong report and reflects that the economy is growing a bit faster than anticipated, perhaps in the 2.5 percent range," said Michael Woolfolk, senior currency strategist at BNY Mellon in

New York. Total Retail sales increased 1.2 percent, boosted by purchases of motor vehicles and building materials, after advancing by 0.7 percent in September. The rise last month was almost double market expectations for a 0.7 percent gain. It was the fourth monthly increase in Retail sales and was the latest in a series of data to suggest a pick-up in economic growth momentum. Although the New York Federal Reserve's "Empire State" general business conditions index fell to -11.1 in November from 15.7 in October, economists were little worried and pointed out that the survey was not a bellwether for the rest of the U.S economy. Economists had expected the index a tick down to 14 this month. The survey's forwardlooking index of business con-

ditions six months ahead was more upbeat, rising to 54.6 from 40 in October. A loss of momentum in the U.S. recovery prompted the Federal Reserve this month to launch a controversial $600 billion round of bond buying, known as quantitative easing, to provide additional stimulus. Analysts said the U.S. central bank could shift toward a smaller stimulus package if economic data continues to show underlying strength in the recovery. A second report from the Commerce Department showed business inventories rose 0.9 percent to $1.40 trillion, the highest level since March 2009, after increasing by a revised 0.9 percent in August. Economists had expected September inventories to rise 0.8 percent from a previously reported 0.6 percent increase in August.-Reuters

Euro zone September trade surplus above expectations BRUSSELS: The euro zone had a bigger than expected trade surplus in September, data showed on Monday, as export growth outpaced the rise in imports year-on-year. The European Union's statistics office Eurostat said the 16 countries using the euro had a trade surplus with the rest of the world of 2.9 billion euros in September, up from 1.4 billion last year and a deficit of 5 billion euros in August. Eurostat said unadjusted exports grew 22 percent yearon-year in September, while imports were up 21 percent. Adjusted for seasonal swings, exports grew 0.6 percent month-on-month in September while imports fell 2.5 percent against August. "Seasonally-adjusted exports

No #12

rose...for a second month running in September, thereby suggesting that there was still decent foreign demand for euro zone products," said Howard Archer, economist at IHS Global Insight. "Nevertheless, the overall growth rate in euro zone exports has clearly moderated in recent months," he said. "Meanwhile, euro zone imports fell...in September, thereby hinting at softening euro zone domestic demand." BusinessEurope, an industry group representing some 20 million European companies, said in a report that exports were likely to generate almost one third of total 2010 growth which it sees at 1.6 percent. "Exports have been the main engine of the recovery so far,

driving industrial production and stimulating overall economic activity throughout the value chain," BusinessEurope said. But it also said European businesses were concerned about the recent and sudden appreciation of the euro. "It will impact on global competitiveness and euro area market shares, will create uncertainty to investment and trade decisions by companies, and will negatively contribute to already unstable financial markets," BusinessEurope said. "Besides, disorderly and uncoordinated interventions to address currency misalignments may lead to protectionist pressures," the business group added.-Reuters

Continued from page 12

way of dictatorship through 18th amendment.He said that several excessive have been committed with the lawyers but the establishment of the High court is results of lawyer's efforts. Dr Babar Awan said that the federal government and Law ministry would announce formal activation of the High court on 13th December after that the High court would start work. -Online

No #13

Continued from page 12

this important field. The Prime Minister said UK was amongst those few development partners of Pakistan which had helped Pakistan through budgetary support and called for enhancing the portion of this support in UK's regular assistance programme for 2011-12 to 2012-13. Andrew Mitchel said the UK regards itself as one of the oldest and most reliable friend of Pakistan and will continue to assist and support Pakistan in these difficult times.Mitchel said the UK will persist in its efforts to assist Pakistan through its difficulties as Pakistan rightly deserves the support of all the important donor countries and world at large at this critical juncture. He said his government fully acknowledges and commends the efforts being made by the democratic government in Pakistan for taking difficult decisions, the major part of which was expansion of domestic revenue generation.Minister of State for EAD & Finance Mrs Hina Rabbani Khar, Senator Syeda Sughra Imam, Secretary Foreign Affairs and other senior officers were also present in the meeting.

No #14

Continued from page 12

laying-down of gas pipeline between Pakistan and Iran and a gas project in collaboration with Turkmenistan besides importing liquefied natural gas. - NNI

No #15

Continued from page 12

Power (NPL) and Nishat Chunian Power (NCPL), which commissioned during June-July 2010. Both these power plants have designed capacity of 200MW each. These power plants require 0.7 million tonnes of FO annually i.e. 10 per cent of the country's annual FO imports which stood at 6.7 million tons last year (FY10). Other factor is the annual gas curtailment to different gas consumers including power sector due to annual maintenance by E&P companies and higher gas demand from domestic sector. Thus, during this season gas supply to power plants is reduced and dependence on alternate FO increases.Currently, gas contributes 32 per cent in total electricity generation. Besides, rising FO demand from new power plants and gas curtailment, the plant shutdown by Parco, Pakistan's largest refinery was another major factor which triggered demand for imported FO. The shut down was primarily due to recent devastating floods.

No #16

Continued from page 5

rally in the S&P by the end of the year," said Uri Landesman, president of the New York-based hedge fund manager Platinum Partners. Retail sales posted their largest gain in seven months, boosted by purchases of motor vehicles and building materials. Separately, a gauge of manufacturing in New York state fell in November to its lowest level since April 2009. "The consumer is one of the stronger areas of the economy right now, so while what we're seeing isn't thrilling, it is a positive datapoint," Landesman said. A slump in Internet shares limited gains, with Amazon.com Inc falling about 3 per cent to $160.69 and Priceline.com Inc off 1.2 per cent at $410. The Dow Jones industrial average was up 54.00 points, or 0.48 per cent, at 11,246.58. The Standard & Poor's 500 Index rose 5.13 points, or 0.43 per cent, at 1,204.34. The Nasdaq Composite Index was up 6.51 points, or 0.25 per cent, at 2,524.56. The S&P 500 dipped below its 20-day moving average on Friday for the first time since Sept. 1, but managed to close above it in a sign the level, measured just above 1,194, could provide strong technical support.-Reuters

No #17

Continued from page 5

According to provisional data, losers outnumbered gainers in a ratio of 1.4:1 in the broader market on volume of 468 million shares, more than 12 per cent higher than the 30-day average volume. The 50-share NSE index rose 0.8 per cent to 6,121.60 points.-Reuters

No #18

Continued from page 5

debt concerns remain, and the underlying mood continues to be volatile," said Mic Mills, head of electronic trading at ETX Capital. Integrated oils also gained in London as the crude price firmed, with Royal Dutch Shell up 0.4 per cent. BP added 0.6 per cent as the firm, which is in the process of raising $25 billion to $30 billion by the end of 2011 to help pay for its Gulf of Mexico oil spill, agreed to sell its southern Africa forecourt network. Explorer Tullow Oil was strong, up 1.4 per cent after Anadarko Petroleum said its Mercury-1 oil well located in the waters off the Sierra Leone coast, in which Tullow has a 10 per cent stake, encountered oil.-Reuters


www.asharys.net

For Subscription

Manager Circulation Ahmad Omer

1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6

Italian Kitchens Karachi

Lahore

tel: 92(21)5860794-5

tel: 92(42)5694061-2

12

Tuesday, November 16, 2010

RIAZ NEWS AGENCY Cell # 0333-5373137

SHAKIL NEWS AGENCY Cell # 0333-4400472

Security lapse led to BB murder: FIA

ISLAMABAD: President Asif Ali Zardari meeting with Makiko Kikuta, Japanese Parliamentary vice Minister for Foreign affiar who called on him at Aiwan e sadr. -APP

Pak looking forward to Cameron’s visit

26/11Mumbai Attacks

Gilani advocates strong UK links

Six suspects still on loose in Pakistan

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday said his government was looking forward to British Prime Minister David Cameron's visit to re-launch the strategic dialogue. Talking to Andrew Mitchel, British Secretary of State for International Development who called on him at the PM House, Gilani called for the need of finding new ways and means for expanding highly valuable cooperation between the two countries in political, economic and cultural fields. The Prime Minister said Andrew Mitchel's third visit to Pakistan since the formation of new government in UK was an expression of UK's strong solidarity with Pakistan in these difficult times and of its continued support to help Pakistan overcome its econom-

ic difficulties. The Prime Minister said his democratic government had taken difficult decisions in the interest of long term economic stability of the country and will remain steadfast in introducing the much needed reforms particularly by expanding its tax base to enable sustained progress and development of the country. The Prime Minister welcomed the UK's commitment to provide 250 Million for the education sector which he said was the top priority of his government in the social sector. He hoped that Pakistan-UK Education Task Force, being an important theme of strategic dialogue, would continue to work closely to help build an institutional base of cooperation in See # 13 Page 11

Pak needs to generate 35kMW in 10yrs

Power demand seen rising 10pc ISLAMABAD: Minister for Water and Power Raja Pervaiz Ashraf highlighting power sector reforms in the second session of the Pakistan Development Forum (PDF) here Monday said that this sector's shortcomings needs to be addressed quickly and efficiently as electricity demand will rise by 10 per cent within few years. He said to meet power demands Pakistan will require to generate additional 35,000MW in the next ten years. He briefed the participants about measures being taken by the government to overcome energy crisis and generate more electricity to meet its

rising demand. In his brief statement Minister for Petroleum Syed Naveed Qamar said Pakistan is energy-deficient country and the government is taking number of measures to meet future requirements. He said an investor-friendly exploration policy has been introduced in oil sector that would help attract more investment in this sector. He said besides expediting domestic resources the government is working on various long-term programmes to meet future requirement, which include See # 14 Page 11

Oct buying 40pc higher than average annual import

October furnace oil import at 10-yr high Ahmed Siddique KARACHI: At a time when oil marketing companies (OMCs) are facing severe liquidity crunch led by power sector, import of furnace oil (FO) in October 2010 stood at 0.7 million tonnes. This is the highest monthly import in last decade and 40 per cent higher than average monthly imports in last one year. According to research analyst of Topline Securities, we believe this trend is likely to continue going forward as Pakistan's future electricity

mix is expected to be more oil-based once new expensive FO based power plants start production. However, there remains an issue of circular debt which restrict FO demand unless all the cost is passed on the consumers as per the IMF. Pakistan produces 35 per cent of the electricity through expensive FO which was only 16 per cent 5 years back and expected to reach 48-50 per cent by FY13. One of the primary reasons is the rising FO demand from new thermal power plants. This includes both Nishat See # 15 Page 11

Govt, stone wall to coups: Awan ISLAMABAD: Federal Minister for Law and Justice, Dr Babar Awan said that Wall of China has been erected through 18th amendment to stop way to dictatorship and now anyone found indulged in hitting democracy would be brought to the court. Addressing to inauguration ceremony of Islamabad High Court here Monday Federal Minister for Law and Justice, Dr Babar Awan said that democracy had been targeted through LFO and other steps.

Islamabad High Court established due to supremacy of constitution. He further said that establishment of the High Court proved that way of democracy is difficult but not impossible. He said that first judge of the high court would be appointed from Fata while the judges would be appointed from all provinces. He said that democracy had been eliminated unconstitutionally but the present government has stopped the See # 12 Page 11

WASHINGTON: At least six suspected "masterminds" of the Mumbai attacks are still at large in Pakistan, an investigative report said on Monday. "The evidence against at least half a dozen suspected masterminds of Mumbai who are still at large includes (David) Headley's statements implicating officers in Pakistan's ISI along with Lashkar-e-Taiba (LeT)," the report quoted officials as saying. "There are also physical clues," wrote investigative reporter Sebastian Rotella in the report jointly published in The Washington Post and ProPublica.com. The Mumbai case could put Washington and Islamabad on a collision course, the report said. US Attorney General Eric H Holder has vowed to prosecute the killings of the six Americans as required by the law. The prosecutions of the Mumbai and Denmark plots are being led by US Attorney Patrick J Fitzgerald in Chicago. But it is unlikely Pakistan would extradite the suspects to the United States, officials said. And Pakistani courts tend not to convict accused radicals, the report said. The FBI has identified a phone number that is believed to connect Sajid Mir, a suspected Mumbai attacks mastermind; See # 10 Page 11

ISLAMABAD: FIA investigation team probing the assassination of former prime minister Benazir Bhutto has disclosed in its report that if foul proof security arrangements had been made by the law enforcing agencies than she could have been saved, adding that she was killed through a conspiracy. The report further disclosed that Baitullah Mehsud had paid Rs0.4 million each to two suicide bombers for carrying out the suicide attack at Liaquat Bagh where the former premier was addressing the rally. FIA sources told that a complete indictment report presented by the FIA team before the anti-terrorism

court reveals that police had not made adequate security arrangements for the Benazir Bhutto rally at Liaquat Bagh and she was not given an extraordinary police-cover. Furthermore the sudden removal of security from the rally prior to departure of Benazir Bhutto is itself a question mark. The report further says that police have committed criminal negligence by not taking affective security measures. While washing away of crime scene and not performing post-mortem of Benazir Bhutto is also a serious crime and action should be taken against the involved. Report further says that the Center

and the provincial govt was responsible for protecting Benazir. After the attack Benazir was brought to Rawalpindi General Hospital, however she could not survive. While Head of Rawalpindi General Hospital Dr Musaddiq gave a statement to the investigative committee that former DPO Rawalpindi Saud Aziz had stopped the hospital administration from carrying out post-mortem and other procedures due to which her postmortem was not done. Police officials also in their statement before the team have said that it was on the orders of Saud Aziz security of Benazir Bhutto was removed, the report says. -Online

Japanese Parliamentary minister calls on President

Pak asks Japan to raise stake in energy sector Special Correspondent ISLAMABAD: President Asif Ali Zardari Monday said Pakistan was a natural conduit for trade and energy for Central and West Asia and urged Japanese government to raise its stakes Pak energy sectors, adding Pak hold huge potential of investments. Talking to Makiko Kikuta, Japanese Parliamentary Vice Minister for Foreign affairs who called on him at the Aiwan-e-Sadr, he invited the Japanese investors to invest in the SEZs exclusively setup

for Japanese investors. Matters relating to Pak-Japan bilateral relations, mutual cooperation in various areas with particular focus on the promotion of trade and investment, ties between the two countries, and regional situation were discussed during the meeting. The President appreciated the Japanese flood relief assistance for the flood-affected people of Pakistan. He thanked the Japanese government for their active support and pro-active involvement at FoDP Forum and the Donors Conference. He also appreciated Japan's role in

the Pakistan Development Forum (PDF) and thanked for the economic assistance provided through this forum. The President said Pakistan attached great importance to its friendly relations with Japan and regards it as an important friend and development partner. He said existing cooperation between the two countries needs to be enhanced and asked for Japanese assistance in trade, development, security, energy and institution building. He also urged enhancing the trade volume See # 9 Page 11

TCP gets lower bid for sugar sale KARACHI: Trading Corporation of Pakistan (TCP) did not sell its balance quantity of 23,000 metric tonne of imported sugar against its tender opened on Monday, as the bidders quoted the price below the landing cost. According to TCP, six parties offered price below TCP's landed cost ranging between Rs61111 to Rs57407 per metric tonne while two were nonresponsive. No party agreed to increase its price to the level of landed cost, hence the tender could not be awarded, the official said. He said TCP will continue to supply sugar to provincial governments on the price of Rs.65000 per tonne. It may be noted that during the weekend, a total of 18,000 MT See # 11 Page 11

Four Italian ministers resign ROME: Four ministers submitted their resignations from the Italian government on Monday in a blow for Prime Minister Silvio Berlusconi's coalition, ANSA news agency reported. The four -- Europe Minister Andrea Ronchi, Deputy Economic Development Minister Adolfo Urso and two junior ministers -- are supporters of speaker of parliament Gianfranco Fini, a former Berlusconi ally who broke with the prime minister. -APP

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-16-11-2010