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International Karachi, Thursday, January 20, 2011, Safar-ul-Muzaffar 15, Price Rs12 Pages 12

Pak needs game plan to progress: Sharif

Pakistan Seal Series Win with Draw

See on Page 10

Bulgaria backs Pak for EU concessions

See on Page 12

Twin blasts kill 15 in central Iraq

See on Page 12

See on Page 12

Govt to take all on board for sustainable growth: Gilani

Economic Indicators Forex Reserves (8-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10)

GDP Growth FY10E Per Capita Income FY10 Population

$17.09bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.92mn

Coaction sought for nat’l issues Prime Minister says no one should doubt govt's intention Special Correspondents / Agencies

Portfolio Investment SCRA(U.S $ in million)

194.27 -1.13 -17.00 3057

Yearly(Jul, 2010 up to 18-Jan-2011) Monthly(Dec, 2010 up to-18-Jan-2011) Daily (18-Jan-2011) Total Portfolio Invest (7 Jan-2010)

NCCPL (U.S $ in million)

FIPI (19-Jan-2011) Local Companies (19-Jan-2011) Banks / DFI (19-Jan-2011) Mutual Funds (19-Jan-2011) NBFC (19-Jan-2011) Local Investors (19-Jan-2011) Other Organization (19-Jan-2011)

0.72 0.94 4.61 -6.85 0.25 0.73 -0.40

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

Close 12,577.61 10,557.10 24,419.62 18,978.32 2,676.14 2,758.10 6,035.15 11,848.30

Change -80.55 38.12 265.64 -113.73 -3.41 49.12 -21.28 10.37

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 2.60 111.41 21.61 185.20 2.00 42.85 1.70 36.42 11.66 39.97

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)

12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011

13.37% 13.50% 13.73% 14.00% 13.29% 13.62% 13.77% 14.10% 14.22% 14.22% 14.23% 14.26% 14.61% 14.81% 14.98%

Commodities *Crude Oil (brent)$/bbl 98.18 *Crude Oil (WTI)$/bbl 91.69 *Cotton $/lb 150.44 *Gold $/ozs 1,376.60 *Silver $/ozs 29.41 Malaysian Palm $ 1,220 GOLD (NCEL) PKR 38,167 KHI Cotton 40Kg PKR 10,610

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 85.85 Canadian $ 86.40 Danish Krone 14.00 Euro 115.25 Hong Kong $ 10.90 Japanese Yen 1.016 Saudi Riyal 22.88 Singapore $ 66.70 Swedish Korona 12.30 Swiss Franc 86.60 U.A.E Dirham 23.38 UK Pound 136.25 US $ 86.30

Sell (Rs)

86.85 87.40 14.70 116.50 11.00 1.042 23.05 67.70 12.40 87.20 23.55 137.70 86.50

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

86.02 86.51 15.47 115.25 11.02 1.035 22.85 66.88 12.93 89.24 23.33 137.24 85.70

86.22 86.72 15.50 115.51 11.05 1.037 22.91 67.03 12.96 89.45 23.39 137.56 85.88

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

19°C 28°C 20°C 21°C 10°C 19°C

MIN

0°C 13°C 2°C 1°C -4°C 1°C

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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at the “Achievement of 100 Million Subscribers Benchmark”. APP

6MFY11: Exports grow 26pc to $6.28bn

Textile exports up in first-half Ahmed Siddique KARACHI: The export of textile products showed a significant improvement and achieved record half yearly mark of $6.28 billion during the first half (July-December) of current financial year against $4.99 billion in the same period of previous year, depicting a rise of around 25.8 per cent, Federal Bureau of Statistics (FBS) reported Wednesday. The rise in the country's textile exports can be attributed to global economic recovery and higher per unit price of Pakistan textile products. In the budget government has set $21.5 billion export target for the current fiscal year, however, later it was revised to around $20 billion after the unprecedented floods, but

growth in export augurs well of achieving the original target also. As per details available, ready-made garments export increased by 35 per cent to $803 million against $595 million in 1HFY10. Similarly, cotton cloth, knitwear, bed wear and towel exports increased by 30.6 per cent, 24.1 per cent, 16 per cent and 7.2 per cent to $1.09 billion, $1.1 billion, $983 million and $343 million respectively. Similarly, food group export increased 6.2 per cent to $1.54 billion in 1HFY11 versus $1.45 billion in 1HFY10. In a food group, rice export registered a jump of 7.6 per cent to $ 994 million against $924 million export of rice witnessed in 1HFY10, whereas See # 17 Page 11

During first-half of current fiscal

FBR tax kitty up 13pc at Rs654bn PAC takes serious notice of lapse in FBR internal system ISLAMABAD: Federal Board of Revenue has collected tax revenues of Rs654 billion during the first six months (JulyDecember) of current financial year 2010-11 showing an increase of 13.2 per cent collection compared to the same period of last fiscal year. "The FBR has collected Rs654 billion up to December 31, of the current financial year compared to the total tax collection of Rs582.176 billion achieved during the same period of last fiscal year," Member Direct Taxes Policy and spokesman FBR, Asrar Rauf told APP here on Wednesday. He said that a total of 2984,563 National Tax Number (NTN holders (up to 30.6.2010)

were supposed to furnish tax returns for TY 2010. However, he said that up to 31/12/2010, 1965,752 returns were received. He said that there is a gap of 1018,811 taxpayers who have not filed the tax returns for the Tax Year 2010. Further out tax 10122 top markets/ shopping malls analysis shows that only 3,531 persons i.e. 35 per cent filed their tax returns for the TY 2010. Asrar Rauf said that the collection from stuck up revenues totaling Rs121.1 billion at ITAT, high court an ADRCs level (Rs83.3bn income tax+Rs.37.8bn Sales tax/ FED). Meanwhile, Public Accounts See # 19 Page 11

1H import bill grows by 20pc Aamir Abidi KARACHI: Country's imports of mostly all the sector surged during the first half of fiscal year 2010-11 as import bill increased 19.6 per cent to $19.12 billion during the JulyDecember, 2010 compared to $15.99 billion in the same period last year, mainly due to surge in commodity prices in international market along with higher demand of cotton, sugar and palm oil. According to the sector-wise trade data, oil imports bill increased by almost 17.8 per

cent to $5.46 billion in 1HFY11 against $4.64 billion in the corresponding period last year. The major surge was witnessed on import of curde oil which was hiked by 20.2 per cent to $2.06 billion versus $1.72 million in 1HFY10. Similarly, imports of manufactured petroleum product went up 16.4 per cent to $3.4 billion against $2.92 billion witnessed in 1HFY10. Likewise, food group import registered an increase of 75 per cent to $2.71 billion in 1HFY11 in which sugar import See # 21 Page 11

Strong quake runs countrywide Staff Reporter/ Agencies KARACHI: Chief meteorologist Mohammad Riaz has said that there could be aftershocks during the next week as there are active fault lines in Balochistan. Talking to a private news channel, he said that the earthquake occurred in the wee hours of Wednesday at around 1:23 am and it was felt in Balochistan, Sindh and southern Punjab provinces. He said the epicenter of the quake was found to be in Balochistan area of Kharan and the magnitude of the earthquake was 7.4 on Richter scale. Various parts of the country which felt severe jolts included Karachi, Bahawalpur, Thatta, Sukkar, Shikarpur, Badin, Larkana, Mirpur Khas, Khairpur, Noshehro Feroz, Nawabshah, Hyderabad, Quetta, Naseerabad, Kharan, Lahore, Sargodha, and Dera Ghazi Khan, he added. He said there are no initial reports of damage or casualties See # 18 Page 11

Finance Minister calls on Zardari

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said Wednesday that government is taking all political forces on board to find out solution of economic challenges being faced by the country for sustainable economic growth. Terrorism, he added is the most important challenge faced by the country hampering the economic growth as well. Prime Minister expressed these views while talking to Haji Ghulam Ahmad Bilour, Minister for Railways who called on him at Prime Minister House here Wednesday. Prime Minister observed that Government was taking all

Except dollar, other currencies may be exported

SBP lifts foreign cash exports ban Staff Reporter KARACHI: The State Bank of Pakistan has allowed export cash in UK Pound Sterling, Euro and UAE Dirhams. According to a circular of SBP issued here said that under Para 3 of FE Circular No 4 dated May 09, 2008 whereby exchange companies were disallowed to export cash in UK Pound Sterling, Euro and UAE Dirhams. "It has now been decided to withdraw the said instructions with immediate effect", a SBP statement said. The exchange companies established under F E Circular No 9 of 2002 will, therefore, be allowed to export all types

Gabol on ECL after resignation Monitoring Desk

ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh Wednesday called on President Asif Ali Zardari at the Aiwan-e-Sadr. Briefing the media about the meeting, spokesperson to the President Farhatullah Khan Babar said that the Finance Minister Shaikh briefed the President on the status of the ongoing economic negotiations with the international financial institutions and discussions with the Parliamentary parties in the country. The overall economic situation and economic policies were also discussed during the meeting.

ISLAMABAD: State Minister for Ports and Shipping Nabeel Gabol tendered his resignation from office on Wednesday. Talking to a private TV channel on telephone, he said, "I do not have any differences with the government or Pakistan Peoples Party and resigned due to the personal reasons". Gabol said that he has sent his resignation to Prime Minister Syed Yousaf Raza Gilani . He said that being a state minister he enjoyed limited authority and that the problems of his ministry were not being resolved. Nabeel Gabol also said in the capacity of state

Ghulam Raza Rajani KARACHI: Oil & gas production from Tal block has substantially increased during the previous week. As per numbers available, Pakistan oil production from Tal block has increased from See # 22 Page 11

of FCYs other than US dollars as per prescribed procedure and declaration at SBPCustoms Joint Booths located at Jinnah Int'l Airport, Karachi and Allama Iqbal Int'l Airport, Lahore. The exchange companies shall, however, ensure to receive the equivalent US dollars against exported currencies in their foreign currency accounts maintained with banks in Pakistan within 3 working days. Evidence to this effect should immediately be submitted to this department against each shipment. Other instructions related to the subject matter shall, however, remain the same, the Bank statement said.

Police raids State Minister House

Special Correspondent

Tal block oil output tops 9kbpd

measures to improve the means of communication in the country, added railways was amongst the most used mode of communication and has access to the far flung areas of the country. The people's government gives top priority to facilitate the poor in commensurate with the manifesto of Pakistan Peoples Party, he said. Prime Minister asked the Minister for Railways to take steps to make the railways compatible with other modes of communication. Meanwhile, talking to media after addressing the opening ceremony of Parliament Lodges Phase 2, Prime Minister Gilani has said that we are seriously holding negotiations with all

minister, he had been unable to address the issues of the people of Lyari. Meanwhile Police have raided the house of Nabeel Gabol and sources told that ministry of interior has given verbal orders to put his name on exit control list. See # 14 Page 11

PSMA says no need to import sugar

Sugar import plan

angers millers ISLAMABAD: Pakistani millers oppose sugar imports from India because of fears New Delhi may dump surplus product and hurt the domestic industry, an industry official said Wednesday. Pakistan imposes no import duty on white sugar and the government in September

waived a 25 per cent duty on raw sugar. This was to encourage the private sector to import sugar to meet feared shortages after August flood damage reduced the 2010/11 crop to 3.2 million tonnes. But government and industry officials now expect production See # 15 Page 11

political parties to get the country out of financial crisis and for countering challenges facing the country. PM said that no one should doubt our intentions and maintained that the incumbent government has conceded to all the offers made by the Opposition. When his attention was drawn towards Karachi situation, the Premier said that "PPP enjoys healthy ties with ANP and MQM over there". He said we are not hoodwinking anyone with regards to economic and political situation but are holding sincere talks and consultations with all political parties and seeking their guidance. He said economic See # 11 Page 11

NA body to dig into PSO losses ISLAMABAD: A subcommittee of the National Assembly's Standing Committee on Petroleum and Natural Resources will investigate a financial loss amounting to Rs768 million incurred to Pakistan State Oil (PSO) by a supplying company namely Zaqsoft. The subcommittee would examine the case under the convenership of Nawab Ali Wassan, Abdul Waseem, Syed Haider Ali Shah and Muhammad Barjees Tahir, MNAs as its members, issued a press release here Wednesday. The decision to this effect was taken by National Assembly Standing Committee on Petroleum and Natural See # 12 Page 11

Probe into missing Nato trucks ends PESHAWAR: Federal Board of Revenue (FBR) has completed the investigation of more than 3000 Nato oil tankers missing from Khyber-Pakhtunkhwa and tribal areas, while it has been recommended in the investigation report to take strict action against the 300 personnel of FBR and Levies Force. As per details, FBR started to investigate into the case of 3000 missing Nato-oil tankers. FBR have recorded statements of the security guards deployed at Torkham border, Levies Force deployed at Peshawar Dry port, Aza Kheel dry port, custom men deployed at Cantt Railway station, Excise Railway police in See # 13 Page 11

'Q' gives govt 5-pt progress guidelines ISLAMABAD: Pakistan Muslim League Wednesday gave the government's economic team its five-point action plan to counter the economic meltdown situation the country was facing. The PML recipe includes provision of immediate relief to the masses, devising energy strategy, control on law & order in Karachi and Balochistan, elimination of corrupt practices, end to terrorism and revision in See # 16 Page 11


2

Thursday, January 20, 2011

Justice to be dispensed at people’s doorsteps: Awan ISLAMABAD: Federal Minister for Law, Justice and Parliamentary Affairs, Dr Babar Awan has said that the people should be given justice at their doorstep without any discrimination or delay as justice delayed is justice denied. The Minister emphasized the role of lawyers for provision of justice to the public and facilitating them in seeking justice expeditiously. Dr Babar Awan was talking to delegation of newly elected panel in the recent election of District ISLAMABAD: Minister for Railways Haji Ghulam Ahmad Blour called on Prime Minister Syed Yusuf Raza Gilani at PM House.-Online

US embassy condemns Peshawar bombing TFD Report ISLAMABAD: The United States Embassy in Pakistan has strongly condemned the bombing near a school in Peshawar Wednesday that left one person dead and injured 15 others, most of them students. Attacking innocent children is a reprehensible act and an affront to the people of Pakistan. We offer our sincere condolences to the families and friends of the victims, an embassy statement said. In line with the deepening partnership between our two nations, the United States will continue to stand with the people and government of Pakistan in bringing greater peace, prosperity and justice for its people and the region, it added.

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

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

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

'Govt ready to meet natural disasters challenges' KARACHI: Advisor to Sindh Chief Minister on Information Sharmila Farooqui said on Wednesday that the Pakistan Peoples Party (PPP) government has started various projects to meet challenges of natural disasters like earthquakes, floods and droughts in the country and one of the great task of it is forming Provincial Disaster

Management Authority (PDMA). She said that the world faced challenge of larger natural disasters but Pakistan faced largest ones, while Karachi also faced risk of natural calamities like earthquakes and cyclones, however, the government was determined to tackle these risks in the future, she said in a statement.

ZONG's M9 receives good response ISLAMABAD: ZONG received an astounding response to their brand new package "M9". The service gives its subscribers the flexibility to design their own package. M9 is offering wide range of M9 plans allowing its user to pick one of them with as low as 0.90 paisa/minute. Be it a voice savvy user, a text fanatic or someone with combination usage, each M9 plan offers unique benefits to its subscribers. These benefits are refreshed every month along with free minutes

which the users receive everyday based on their last day's usage. Because of this, M9 customers need not to wait for promotions like putting their SIMs back and getting mere and conditional free minutes or balance. Internet users are the main invitees for this package as they will be able to choose their call rates, free benefits, product bundles, voice and VAS add-ons with just one click. Web, WAP and USSD menu will be used to select the right package as per need. -PR

Berger to market DuPont products Staff Reporter KARACHI: DuPont Pakistan Operations (Pvt.) Ltd. today announced signing of a distribution agreement with Berger Paints Pakistan Limited. Under the agreement, Berger Paints will market and distribute DuPont Refinish products in Pakistan. DuPont Refinish is a dynamic corporate aftermarket paint brand of DuPont that provides unique, innovative paint systems and localized business solutions to professional bodyshops. The agreement will bring to the market a range of innovative products, services, and solutions aimed at

improving the efficiency and effectiveness of the vehicle refinish processes in Pakistan. It will further increase customers' productivity, from the reception area to the delivery of the repaired vehicle. "For more than a decade DuPont Refinish has been offering its bodyshops the ability to benefit from the highest productivity gains. Our products, our advanced management tools, and our ethical, transparent business relationships together with our reliable, strong support for our bodyshops, are the cornerstones of our brand. Our fast response and tailored solutions will help local customers build sustainable solutions.

KARACHI: Bussiness Manager, DPC Refinish Systems, Middle East, Pakistan and Cyprus shaking hands with Dr Muhammad Ahmed, MD Berger Paints to market and distribute Dupont Refinish paint brand.-Staff Photo

The PDMA has successfully tackled natural disasters including cyclone Phet and floods in Sindh, however, there was need to expand its scope of operations for tackling manmade disasters like fires, building collapses and bomb blasts while the role of civil society, NGOs and environment organizations was also mandatory in this regard, sheadded.-NNI

Gillette mega Mach3 display

Baig is FPCCI banking committee chief KARACHI: Dr Mirza Ikhtiar Baig, a renowned industrialist and Chairman of Baig Group, a multinational conglomerate operating in Pakistan, UAE and Morocco for the last two decades, has been reappointed Chairman FPCCI Standing Committee on Banking, Credit & Finance for the year 2011 by the President FPCCI Senator Ghulam Ali. Dr. Baig who has a rich background of int'l banking, credit and finance is heading Banking Committee of the apex body FPCCI for the last ten years and has successfully taken up the banking issues of the business community at State Bank. He has rendered valuable contribution in revival of sick industry in Pakistan.-PR

Bar Association, Islamabad headed by President Haroon Rashid. The newly elected delegates of Bahawalpur High Court Bar headed by President Muhammad Aslam Dhukkar, Punjab Bar Council Members under Chairman, Executive Committee, Rana Muhammad Akram Khan, Muhammad Ramzan Chaudhry, newly elected member of Pakistan Bar Council, ExPresident Lahore Bar Association Sajid Bashir also met the Law Minister.

The Minister congratulated all the delegates on their success and advised them to fulfill their responsibilities earnestly and enthusiastically. President Islamabad Bar, Haroon Rashid briefed the Minister regarding various problems faced by the lawyers. The Minister said that construction of lawyers' chambers, provision of accommodation and medical facilities will be given special attention. He added that projects related to welfare of lawyers community will be expe-

'Govt for investment in auto sector' Staff Reporter KARACHI: Federal Minister for Industries and Production Mir Hazar Khan Bijarani has said the privatization of Pakistan Steel Mills (PSM) was not on the card as the government was presently working on a 10point agenda to make it a profitable organization. The government is keen to expand its production capacity and 10 offers in this regard have already been received from different countries. He said there was no sugar shortage in the country as some 0.4 million tons

sugar was already in stock hence it was premature to figure out its import for coming months. This was stated by Mir

Hazar Khan Bijarani, Federal Minister for Industries and Production at the launching ceremony of Year Book-2010 of Export Processing Zone Authority (EPZA) and Aftab Memon's book 'Har Pal Saleeb Kay' held here at

TFD Report

RAWALPINDI: Chief of Defence Staff, German Armed Forces General Volker Wieker called on Federal Minister for Defence Chaudry Ahmed Mukhtar.-Online

KCCI for lower tariff from PTCL

KARACHI: Muhammad reliable in comparison of remains out-of-order for 20 Saeed Shafiq, President cell phones as there is no days in a month, its line rent Karachi Chamber of hassle of signals and line should not be charged. Commerce and Industry drop; if the connection was He appraised PTCL of the (KCCI) has stressed on the in good working shape. fact that at present only importance of communicaJunaid Esmail Makda, 3,000 telephone lines were tion in today's business Vice President reminded faulty though, for the same world, the telecommunica- PTCL of the agreement on in past, average was 60,000 tion holds binary importance usage of KCCI premises to to 70,000. in today's business arena. accept applications and Shahid requested PTCL to Saeed Shafiq was speak- complaints for fixing of offer discounted tariff for ing at the first sub-commit- underground cable. EVO and DSL for KCCI tee meeting of He accentuated that members. Communication and PTCL and KCCI should Liaquat Ali Shaikh, Transport attended by the sign a Memorandum of Chairman, Communication PTCL senior management. Understanding (MoU) for and Transport, SubHe apprised that through mutual interest and coordi- Committee suggested PTCL they are largely in the arena nation. that the change and profesShahid Ismail, Advisor sionalism should spread out KARACHI: Advisor to of wireless communication Chief Minister Sindh on but the importance of land- sub-committee requested and implicit at all levels, Information, Sharmila lines still stood superior and PTCL that if telephone line across the country. NNI Faruqui has said that the promotion of education and social awareness plays a vital role in the development of society and education, journalism and democracy go together and form a real democratic society, where basic human rights are granted to all. This she said while talking to a delegation of Social Research and Development Organization here in her office Wednesday. She said that they were living in the era of media and Information Technology and the Global had become KARACHI: Siemens Pakistan Unique "Apprenticeship Scheme" won the CSR an electronic village and award at the 5th CSR Awards organized by CSR Association of Pakistan. Zia Ul Islam Zuberi, Director Communications is seen receiving the award from whatever happened one part of the world, the other part Provincial Minister for Auquaf Abdul Haseeb Khan and British Deputy High of the world knew it within Commissioner Robert Gibson. A life time achievement award in CSR was also given to Zuberi by the association.-Staff Photo no time, she added.-NNI

Sharmila for a real democratic society

a local hotel. He said government is going to offer lucrative incentives to the Chinese and Korean auto companies to a t t r a c t investments in auto sector. He said the government was evolving a comprehensive policy to attract investments from Korea and China in auto sector. He further said although the Chinese and Korean auto companies would be offered lucrative incentives, the same would not impair the business relations with the existing auto companies.

HBFCL honours outgoing union chief

TFD Report KARACHI: Gillette Pakistan, the premium world renowned male grooming brand, unveiled a mega Mach3 display at Metro Karachi in the midst of an excited crowd. The display that carries Gillette Mach3 razor packs and cartridges is one-of-its kind and measures an astounding 199 feet in length, making it the largest Mach3 display in Gillette's history. The highlight of the unveiling of mega Mach3 display was the announcement of a lucky draw with several prizes. Two lucky winners will get the perfect opportunity to win cash prizes facilitating them in fulfilling their dreams to watch world cup live. Sharing the lucky draw participation guidelines, Salman Yousuf Brand Manager Gillette Pakistan said that the contest participation has been kept very simple; any consumer buying Gillette Mach3 razor from this display will be eligible to participate in a lucky draw which will come to a close on Jan 27.

dited on urgent basis. Dr Babar Awan said that funds would be provided to all bar associations like previous year. The Law Minister announced construction of chambers campus and hospital for lawyers on demand put forth by delegates of Islamabad District Bar Association. The lawyers thanked the Law Minister for establishment of Islamabad High Court and appreciated provision of further facilities. They assured the Minister of their full cooperation. -NNI

KARACHI: House Building Finance Corporation Limited (HBFCL), the country's oldest housing finance institution, recently held a ceremony to honour Malik Asif Hayat, the outgoing Chairman of the trade union. He was recognized for his invaluable contributions to both HBFCL and the Union over the last 25 years. Asif Hayat proved instrumental in creating greater understanding between the management and the workers and in guiding the MD through sensitive union issues. "HBFCL strongly believes in its people being the company's greatest asset, and to this end we have developed an excellent working relationship between the management and the workers as represented by the collective bargaining agent," stated Azhar A. Jaffri, the managing director and CEO of HBFCL adding "Malik Hayat is an individual who has the wisdom to understand that while trade unions represent the interests of the workers, these are directly linked to the interests of the organization and both must grow together." Malik Asif Hayat joined HBFCL in December 1985 and was lastly promoted in 1996 to the position of Account Assistant. He started taking part in trade union activities in 2005 and became the Chairman of the HBFC Workmen's Union. This trade union won the referendum held in 2006 and became the Collective Bargaining Agent (CBA). Under his leadership in 2010 this union again won the referendum for a second term as the CBA.In 2010 the management of HBFCL announced a Voluntary Separation Scheme (VSS) for employees and Malik Asif Hayat availed the scheme.


3

Thursday, January 20, 2011

Euro hits 8-wk high vs USD as debt fears wear down

Top Economic Events

Options shows less nervousness about debt crisis NEW YORK: The euro rallied to an eight-week high against the dollar on Wednesday on growing hopes eurozone officials will navigate the sovereign debt crisis, with further gains seen if key levels are sustained. The euro rose on reports of Asian sovereign buying and continued shortcovering, while traders pushed the single currency above a key technical level. The euro, shared by 17 countries, climbed more than 1 per cent to hit an eight-week high of $1.3538, according to Reuters data and last traded at $1.3504. The euro could extend gains in the weeks ahead on hopes that policymakers would prevent a debt crisis that has engulfed Greece and Ireland from spreading. "People are very impressed with the determination of European offi-

cials and are expecting them to successfully deal with the sovereign debt crisis," said Steven Englander, head of G10 strategy at CitiFX in New York. "The rampedup rhetoric is having an impact, but that tends to be temporary. So at some point in the first quarter, investors are going to be looking to see if this determination translates into concrete action," he added. Front-end euro/dollar volatility has remained subdued in the last few days, settling between the 12.0 per cent to 13.0 per cent range. On Wednesday, one-month volatility

on the currency pair traded at 12.55 per cent, sliding from as high as 14.0 per cent at the beginning of the year.

Current levels suggested options investors have become less nervous about the debt crisis and do not expect any major hiccup in the region over the next 30 days. For a second straight day traders also cited significant covering of bearish euro/dollar trade structures and strong interest to sell euro/dollar volatility.

The euro brushed off a German newspaper report that the government was considering a plan to allow Greece to buy back its own debt using a eurozone crisis fund. Athens and Berlin denied the report. The currency was supported as the German government raised its forecast for 2011 economic growth Wednesday following a strong reading of economic sentiment the previous day. The euro's gains have helped push the dollar index to an eight-week low of 78.334, down 0.7 per cent. It last traded at 78.442. The euro briefly rallied to a one-month high against the Swiss franc of 1.2994 francs ahead of a press conference by the Swiss government. Some traders speculated that officials may try to talk down the Swiss currency. -Reuters

Yuan little changed,

Asian currencies

Won, peso gains; Taiwan Hu’s trip in focus intervention spotted Intervention in Taiwan, Malaysia spotted SINGAPORE: The South Korean won and the Philippine peso led gains in Asian currencies on Wednesday as investors reduced dollar positions on a broad weakness in the greenback. Central banks in Taiwan and Malaysia were spotted buying dollars to cap gains in their currencies while caution over intervention by Seoul also prevented the won from strengthening past 1,110 per dollar. Asian currencies were expected to stay firm as the dollar index hit a two-month low, breaking through the bottom of the daily ichimoku chart, dealers said. The won rose as one of the country's shipbuilders announced

a big foreign order and market players cleared dollar-long positions. However, caution grew over possible dollar-buying intervention by the foreign exchange authorities to stem its strength. "Few expect the won to strengthen past 1,110, so offshore are not active buyers around this level," said a foreign bank dealer in Seoul. Another dealer said the won may cut gains if the euro falls or Seoul shares give up rises. The peso gained 0.4 per cent on a jump in the euro and with data showing the country's balance of payment last year hit a record high of $14.4 billion. Credit Agricole expects the peso to strengthen to 41.50 per

Sterling slips vs euro, steady against $ LONDON: Sterling ceded ground to a broadly firmer euro on Wednesday as the single currency was buoyed by growing hopes that euro-zone policymakers will be able to navigate their way through the sovereign debt crisis. The pound eased from eightweek highs against the dollar as investors took profit on long positions.

Rising inflation and a more hawkish outlook for interest rates helped to underpin the UK currency, but sentiment was dented by data showing the number of Britons out of work rose by its most in eight months in the three months to November while wage growth remained in check. The euro was up 0.6 per cent against sterling at 84.35 pence after rising as high as 84.53 during the afternoon. "The euro is supported across the board - it's been the best performing G10 currency for the past five days," said Valentin

Marinov, currency strategist at CitiFX. "Investors have responded to signals from euro-zone officials that they will work on more comprehensive solutions to problems on the periphery." The UK jobless claimant count fells by 4,100 in December, confounding forecasts for a rise of 1,500 and after a revised 3,200 decline in November, but analysts pointed to the risks of a soft

labour market in the months ahead as the public sector starts shedding jobs. Higher thanexpected consumer price inflation on Tuesday increased expectations that UK interest rates would need to rise soon and took sterling to an eight-week high of $1.6060. It slipped below the $1.60 level on Wednesday, but was still up 0.1 per cent on the day at $1.5976. Next resistance was at $1.6090/95, the 78.6 per cent retracement of a move from its Nov. 4 high to its Dec. 28 low of $1.5345. -Reuters

dollar at the end of this year as worries about the country's inflation is groundless and on strong current account surplus. The Taiwan dollar rose 1.5 per cent, but stayed weaker than T$29 per US dollar as the central bank placed many bids for the greenback. That made investors and exporters reluctant to sell the US dollars, dealers said. A trader at a local bank in Taiwan said exporters might only offer more US dollar next week before the China Lunar new year. A Taiwan dollar dealer at a US bank in Singapore said he expected the Taiwan central bank to defend the T$29 for the time being. -Reuters

Swiss franc declines vs euro ZURICH: The Swiss franc traded lower against the euro on Wednesday, but tracked the single currency higher against the dollar as talk of Asian central banks buying the euro and the Australian dollar weighed on the greenback. Upbeat earnings outlooks and better-than expected results from shining tech light Apple combined with a surge in German investor sentiment to weaken the allure of the Swiss franc as a safe haven, buoy risk appetite and lift the euro. The franc has pulled back sharply against the euro after hitting an all-time high at 1.24 francs per euro at the start of 2011, but remains at historically high levels against both the franc and the euro, putting pressure on Swiss exporters. Some jewellers and watchmakers said on the fringes of an international watch fair in Geneva this week that they are preparing for further price increases in 2011 to reflect currency fluctuations and rising precious metals prices. The franc fell 0.1 per cent against the euro compared to the New York close, trading at 1.2918 francs per euro at 0752 GMT. The franc jumped 0.6 per cent against the dollar to 0.958 francs per dollar. -Reuters

Australian, NZ dollars scale 2-wk peak vs USD SYDNEY/WELLINGTON: The Australian dollar hit a two week-high against a broadly weaker US currency on Wednesday, underpinned by talk of central bank buying, gains in commodity prices and stop-loss buying after technical levels were breached. A media report of a slowdown in Chinese inflation, a day ahead of the official release, was also positive for the currency because such an outcome, if true, would alleviate the need for aggressive monetary tightening in China, a major export market for Australia. The Australian dollar rose as high as $1.0051, from $0.9981 late in New York, having pierced through its 21-day moving average at $1.0026. It last traded at $1.0044, with immediate resistance at $1.0070, the Jan. 5 high, and support at $0.9962. "It's due to a broader dollar move ... and a better performance of some of the Asian equity markets like China," said John Horner, strategist at Deutsche Bank. The Aussie has been recovering from a heavy sell-down last week following damaging floods

in the coal-exporting state of Queensland, and more recently from China's move to tighten policy. Meanwhile, the New Zealand dollar also touched two-week highs versus the greenback in thin trade, hitting $0.7758, before settling back to around $0.7754. "A lack of economic momentum means a sustained NZ dollar break above $0.7800 looks a bridge too far in the near term," said BNZ currency strategist Mike Jones, adding that inflation data due Thursday was the key risk. Consumer prices are expected to have risen 2.3 per cent in the fourth quarter on the previous three months, largely because of a rise in sales tax, with the annual rate hitting 4 per cent, although the underlying rate is expected to be constrained. Near term support for the NZ dollar is seen at $0.7694, the overnight low, while resistance is the Jan 3 high of $0.7784. The kiwi continued to underperform its neighbour, which has seen the Aussie edge up over the past few sessions from six week-lows. It last traded around $1.2952. -Reuters

SHANGHAI: China's yuan ended barely changed against the dollar on Wednesday, offseting a record high fixing, as investors grew cautious that the Chinese central bank could pull the yuan back after President Hu Jintao's US visit. The yuan in the spot market closed at 6.5824 per dollar, almost flat from Tuesday's 6.5829, after China's central bank set the daily mid-point for the yuan at a record high of 6.5885, up from Tuesday's 6.5891. The yuan has risen 3.70 since its mid-June depegging. "From the mid-point and the spot yuan trade range, it's clear the market has no expectations of a further rise in the yuan after Hu finishes his visit," said a dealer at an Asian bank in Shanghai. Dealers said a sharp yuan rise would attract large fund flows into the Chinese market, so hot money and inflationary pressure would compel the People's Bank of China to resort to more

domestic tools such as interest rates and reserve requirements. Dealers said the yuan was expected to pull back or largely track the US dollar index's movements after the Chinese president's 18-21 US trip. The near-term floor for the currency was seen at 6.60, with possibly a few quotations straying away from that area but not likely to reverse the fact that the yuan has entered a new range above the 6.60 level. One-year dollar/yuan NDFs were bid at 6.4560, little changed from Tuesday's close of 6.4450. Their implied yuan appreciation in a year's time fell slightly to 2.05 per cent from Tuesday's 2.23 per cent. At current levels, implied appreciation via one-year NDFs stands at a measly 2 per cent. That is much below a Reuters poll of more than 5 per cent in 2011, and well below a 4 per cent expected rise in the yuan just before the G20 meeting in Seoul in November. -Reuters

Indian rupee a tad down, inflows disappoint MUMBAI: The Indian rupee ended marginally down on Wednesday, weighed by muted dollar inflows, choppy shares and oil importers' dollar demand, after gaining earlier in the day tracking Asian peers. Dealers were disappointed as dollar inflows, which were expected to pick up towards Tata Steel's ongoing follow-on public issue, remained muted. "Inflows were there but not much. We don't see too much of (dollar) inflows into Tata Steel even in the next two days that can have any material impact on the rupee," said Ashtosh Raina, head of forex trading at HDFC Bank. The partially convertible rupee ended at 45.45/46 per dollar, marginally below Tuesday's close of 45.42/43 after moving in 45.3025-45.4700 band. It is expected to move in a 45.2045.50 band on Thursday. Indian shares shed 0.6 per cent on Wednesday, led by a decline in software companies, while outlook remained shaky on interest rate hike concerns. "There are inflation concerns, and then we have the monetary policy next week

which will again impact stocks. So, there will not be much activity in rupee this week," said a foreign bank dealer. Foreign funds are net sellers of $671.2 million worth of shares in the year to Tuesday after pumping in a record $29.3 billion in 2010. One-month offshore nondeliverable forward contracts were quoted at 45.77, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, United Stock Exchange, the MCX-SX closed at 45.5450, 45.5475 and 45.5350, respectively. Total traded volume on the three exchanges was about $5.5 billion. -Reuters

Time 7:00 7:00 7:00 12:00 16:00 18:30 20:00 20:00 20:00 20:00

Source CPI y/y GDP q/y Retail Sales y/y German PPI m/m CBI Industrial Order Expectations Unemployment Claims Consumer Confidence Existing Home Sales Philly Fed Manufacturing Index CB Leading Index m/m

Events [4.6%]

Forecast 4.7% 9.3% 18.9% 0.5% -1 422K -12 4.88M 20.7 0.7%

Previous 5.1% 9.6% 18.7% 0.2% -3 445K -11 4.68M 20.8 1.1%

Source

JPY EUR GBP GBP GBP GBP USD USD

Events

Actual

Forecast

Previous

Tertiary Industry Activity m/m Current Account Claimant Count Change Average Earnings Index 3m/y Unemployment Rate CB Leading Index m/m Building Permits Housing Starts

0.6% -11.2B -4.1K 2.1% 7.9% 0.0% 0.64M 0.53M

0.6% -10.2B -0.3K 2.2% 7.9%

0.3% -9.6B -3.2K 2.1% 7.9% 0.4% 0.54M 0.55M

Previous Day

0.56M 0.55M

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

As per 22.00 PST Ask High 1.3487 1.3538 0.9605 0.9645 1.5977 1.6034 0.9930 0.9931 1.0041 1.0074 110.7600 111.0400 0.8445 0.8453 1.2951 1.2994 131.2300 132.1400 85.5500 85.8800 1373.1500 1378.7900

Bid 1.3485 0.9601 1.5973 0.9925 1.0038 110.7200 0.8441 1.2949 131.1600 85.5000 1371.5500

Low 1.3368 0.9571 1.5946 0.9890 0.9963 110.3500 0.8381 1.2879 131.1400 85.3100 1366.0500

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 19/01/2011 A USD GBP CAD EUR JPY O/N 0.23688 0.55813 0.95500 0.65875 SN 0.09500 1WK 0.25375 0.57063 0.99833 0.67250 0.10350 2WK 0.25594 0.57563 1.04250 0.67750 0.11063 1MO 0.26000 0.59875 1.09500 0.71500 0.12188 2MO 0.28313 0.65750 1.15417 0.82125 0.15000 3MO 0.30313 0.77313 1.24167 0.94750 0.18875 4MO 0.34500 0.85625 1.31167 1.01875 0.24313 5MO 0.40125 0.96063 1.36833 1.10563 0.30000 6MO 0.45469 1.07625 1.44333 1.19563 0.34750 7MO 0.50813 1.15288 1.51000 1.24563 0.39625 8MO 0.56000 1.24100 1.58500 1.30156 0.44313 9MO 0.61563 1.32288 1.65667 1.35375 0.48750 10MO 0.66750 1.40063 1.74500 1.40500 0.51438 11MO 0.72125 1.46938 1.82667 1.44938 0.54125 12MO 0.78031 1.53788 1.91500 1.49750 0.56750

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada March 1, 2011 September 8, 2010 Bank of England February 10, 2011 March 5, 2009 Bank of Japan January 25, 2011 December 19, 2008 Swiss National Bank March 17, 2011 March 12, 2009 The Reserve Bank of Australia February 1, 2011 November 2, 2010 Federal Reserve n/a December 16, 2008 European Central Bank n/a May 7, 2009

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

Division of National Bank of Pakistan (NBP) KARACHI, January 19,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.90 137.56 115.51 86.72 89.45 86.22 12.96 1.04 14.79 67.03 15.50 22.91 11.05 13.05 306.24 28.13 66.56 23.59 23.39 0.08 2.82

85.70 137.24 115.25 86.51 89.24 86.02 12.93 1.04 14.76 66.88 15.47 22.85 11.02 13.02 305.53 28.07 66.40 23.53 23.33 0.08 2.81

85.51 136.92 114.98 86.29 89.00 85.79 12.90 1.04 14.72 66.70 15.43 22.79 10.99 12.98 304.72 27.99 66.23 23.47 23.27 0.08 2.81

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 19, 2011

KASB

BMA

ELXIR

GSL

ICSL

12.60 12.70 12.90 13.00 13.35 13.42 13.45 13.60 13.75 14.00 14.22 14.22 14.25 14.25 14.25 14.26 14.26 14.27 14.60 14.80

12.70 12.82 12.85 13.00 13.34 13.45 13.55 13.55 13.72 14.00 14.20 14.22 14.20 14.35 14.35 14.25 14.16 14.26 14.60 14.75

12.65 12.70 12.90 13.06 13.40 13.47 13.49 13.55 13.72 14.00 14.22 14.23 14.22 14.34 14.35 14.25 14.17 14.27 14.55 14.75

12.70 12.80 12.90 13.05 13.40 13.44 13.47 13.65 13.77 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.25 14.65 14.90

12.80 12.85 12.90 13.05 13.40 13.35 13.40 13.55 13.70 14.05 14.25 14.22 14.20 14.30 14.35 14.26 14.20 14.26 14.55 14.75

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

JSCM AvgRate 12.60 12.75 12.90 13.10 13.40 13.45 13.52 13.60 13.75 14.00 14.20 14.22 14.24 14.30 14.35 14.30 14.16 14.25 14.70 14.90

12.68 12.77 12.89 13.04 13.38 13.43 13.48 13.58 13.74 14.01 14.22 14.23 14.23 14.30 14.33 14.27 14.18 14.26 14.61 14.81

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

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

week month months months year years

0.38 -0.40 -0.02 0.44 0.67 0.52

0.98 0.76 0.78 0.58 -0.23 0.14

0.90 -0.37 0.31 0.53 0.05 -0.12

EUR/USD NZD/USD

0.98 0.52 0.81 0.75 0.05 0.43

0.98 0.45 0.78 0.81 0.75 0.80

USD/CAD USD/CHF

0.91 0.48 0.68 0.62 0.70 0.57

-0.13 -0.66 0.12 -0.41 -0.27 -0.45

-0.91 0.23 0.32 -0.29 -0.78 -0.65

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)19/01/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 12.40

12.90

12.50

13.00

12.75

13.25

13.30

13.55

13.50

13.75

13.60

14.10

13.65

14.15

13.70

14.20

JSBL

12.60

13.10

12.70

13.20

13.00

13.50

13.40

13.65

13.60

13.85

13.65

14.15

13.85

14.35

13.90

14.40

ASPK 12.55

13.05

12.65

13.15

12.80

13.30

13.35

13.60

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

CIPK

12.60

13.10

12.70

13.20

12.80

13.30

13.45

13.70

13.65

13.90

13.70

14.20

13.90

14.40

14.10

14.60

DBPK 12.40

12.90

12.55

13.05

12.65

13.15

13.20

13.45

13.40

13.65

13.50

14.00

13.55

14.05

13.60

14.10

FBPK 12.60

13.10

12.65

13.15

12.80

13.30

13.40

13.65

13.55

13.80

13.65

14.15

13.80

14.30

13.90

14.40

FLAH 12.60

13.10

12.70

13.20

12.80

13.30

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HBPK 12.40

12.90

12.65

13.15

12.80

13.30

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HKBP 12.70

13.20

12.75

13.25

12.80

13.30

13.45

13.70

13.65

13.90

13.75

14.25

13.85

14.35

13.90

14.40

NIPK

12.65

13.15

12.85

13.35

13.10

13.60

13.50

13.75

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

HMBP 12.60

13.10

12.65

13.15

12.75

13.25

13.35

13.60

13.50

13.75

13.55

14.05

13.60

14.10

13.70

14.20

SAMB 12.50

13.00

12.70

13.20

12.85

13.35

13.45

13.70

13.60

13.85

13.60

14.10

13.75

14.25

13.85

14.35

MCBK 12.30

12.80

12.50

13.00

12.65

13.15

13.25

13.50

13.40

13.65

13.50

14.00

13.60

14.10

13.75

14.25

NBPK 12.50

13.00

12.60

13.10

12.80

13.30

13.30

13.55

13.40

13.65

13.50

14.00

13.65

14.15

13.75

14.25

SCPK 12.45

12.95

12.55

13.05

12.70

13.20

13.35

13.60

13.45

13.70

13.55

14.05

13.70

14.20

13.80

14.30

UBPL 12.60

13.10

12.70

13.20

12.75

13.25

13.40

13.65

13.50

13.75

13.60

14.10

13.70

14.20

13.70

14.20

AVE

13.04

12.66

13.16

12.79

13.29

13.37

13.62

13.52

13.77

13.60

14.10

13.72

14.22

13.81

14.31

12.54


4 Thursday, January 20, 2011

See, How India Shines!

The Financial Daily International Vol 4, Issue 158

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

Hamid Waheed

E

ach passing day discovers new realities about the much trumS. Muneer Hussain Rizvi Haseeb Khan, FCA peted 'shining' India while the Khurram Shehzad, CFA Asim Abbas Ashary, CPA truth glitters from false cover stories. Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA On night between February 17-18, Zahid Bukhari SVP HBL (retd) 2007 at least 68 people, mostly Dr. A. Hadi Shahid, FCA Pakistanis, were killed in a series of Ismat Sabir Muhammad Arif explosions and a resultant fire on Head office Pakistan-bound train in the northern 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Indian state of Haryana, near Panipat, Telephone: 92-21-35311893-6 Fax: 92-21-35388428 about 80km north of Delhi. Initial URL: www.thefinancialdaily.com investigations blamed the PakistanEmail Address: editor@thefinancialdaily.com based LeT (Lashkar-e-Taiba) and JeM Lahore office (Jaish-e-Muhammad), so much so a 24- Peshawar Block, Fortress Stadium, Lahore Pakistani national, Azmat Ali, was Telephone: 92-42-6675595 Fax: 92-42-6664349 also arrested in this connection. Later Email Address: editor@thefinancialdaily.com it was found by the police that rightwing Hindu activists and an Indian army officer Colonel Purohit had a significant role in not only the Samjhauta Express bombing but also in the Malegaon and other similar terrorist incidents. The confessions of Swami Aseemanand have now further confirmed the Hindutva radicals' role in terrorism. In the Makkah Masjid blast on May 18, 2007, 14 people were killed and as a reaction around 80 Muslims were initially rounded up by the police. The investigations followed the script till the CBI found evidence that mobile phone-detonated explosives packed in metal tubes were similar to the Ajmer "The bombs are believed to Since liberalisation, deregulation and pri- blasts. have contained a deadly mix of RDX vatisation in the telecommunication sector, and TNT, in proportions often used by not only the number of telephone subscribers the Indian army." CBI director Kumar told the media that an has increased manifold but tariffs have also Ashwani activist named Sunil Joshi "played a come down considerably. It may be said that key role in orchestrating the Ajmer affordability has played a key role in increas- blast and a set of mobile SIM cards that had been used in activation of the ing teledensity and the growing base of sub- bomb-triggers in the Makka Masjid scribers has enabled the service providers to blast was used again in the Ajmer come up with innovative services. At one blast". India's National Investigating Agency (NIA) filed a case in a court time owning a mobile telephone number was accusing 11 Hindus and members of considered a status symbol but now even the the ultra-right-wing Sanathan Sanstha, poorest of all own more than one SIM, thanks of masterminding and executing the

100 million cell users

to latest technology now a cellular phone can house up to four SIMS. The three services, SMS packages, declining tariff, and easy load facility of up to Rs10 or loans up to Rs15 allow the subscribers even to live within the smallest of budgets. Added attractions are free minutes on the same network and much much more. These and many other facilities have crazed the youngsters. Now one can watch television and use cell phone for sending/receiving emails, in other words a cell phone has become a complete tool to remain connected with the friends, getting latest news updates and also enjoys 24-hours uninterrupted entertainment at a very nominal cost. The bull-run of telecom industry has become a major source of revenue collection for the government. Players, fully cognisant of the market potential are willing to enhance the value of their bids and new players are entering the market with big plans. Though, the import of equipment and handheld sets erodes country's foreign exchange, receipt of licence fees in foreign exchange and collection of billions of rupees as taxes encourages the government to facilitate induction of the latest technology. However, overindulgence of subscribers with the cellular phones has also raised potential threats. The younger generation spends more time fiddling with the cellular phones and the craze to own and also show off newer handsets has led to more snatchings, often resulting in killing against resistance. Indiscriminate use of phone while driving also exposes not only the users but also other road-users to road accidents that could be fatal. It is on record that cellular phones are also extensively used in target killing, kidnapping for ransoms, car snatchings, robberies, and remote-controlled bomb blasts. Since the government has not been able to contain phone snatching, certain markets under the patronage of some corrupt members of law enforcing agencies are doing roaring business. It is good that the government policies have made use of cellular phones affordable even for the poorest strata of the society. It is also the responsibility of the government to curb the misuse of the technology.

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.

October 2009 Margao blast. Initial suspicion and interrogation of suspected Muslim men, some believed to be members of "sleeper cells of jihadi groups" turned out to be an allegation. In Ajmer Sharif blast on October 11, 2007, three people died and in 2010, Rajasthan's ATS arrested Devendra Gupta, Chandrashekhar and Vishnu Prasad. Initial arrests of Abdul Hafiz Shamim, Khushibur Rahman, Imran Ali linked to HuJI (Hizbul Jihad e Islami), LeT (Lashkar-e-Taiba) could not be proved. Again in Malegaon's another blast (second in the series) in September 2008 - that claimed seven people - Pragya Singh Thakur, Lt Col Srikant Purohit and Swami

RDX for the Makkah Masjid blasts but the ATS was reportedly asked not to make it public as the Hyderabad police had detained Hizbul Jihad-eIslami suspects. All such facts on investigations can be summarized in what a human right activist and Mumbai advocate Mihir said," It is believed that CBI is seeking directions from the home ministry to see the Ajmer, Makkah Masjid, Malegaon and other blasts in conjunction, after there has been no conclusive evidence of the involvement of Islamic groups". The fault lines are not only visible within civil law enforcement agencies but the nuclear security and military issues

“

The lower class Hindus, Muslims and people from other beliefs suffer from the atrocities committed by the state machinery. However, with each incident, India's initial reactions and the final revelations of the facts the principle of nature keeps denuding the false Indian propaganda and atrocities against its own people

Amritanand Dev were found involved. The 2008 Malegaon bombing forced the review of the role of Hindutva groups. The ATS investigation led to Sadhvi Pragya Singh Thakur, whose motorcycle was used to explode the bomb, and then to 13 others, including Lt Col Prasad Shrikant Purohit, the first-ever Indian army's serving officer to be charged with involvement in terrorism, helping, funding, training and arming the Hindu terror groups. During interrogation, Col Purohit disclosed to ATS investigators that he had provided the

like abduction and later murder of an important nuclear scientist Loknath Mahalingam in Jun 2009, 61 trucks carrying 300 tons of explosives going missing in August 2010 and involvement of top Indian officers and politicians in Kargil soldiers housing society scam are few of the burning topics. HR violations in Kashmir and refusal of Indian army to implement 25% reduction of forces in Kashmir announced by their own government reflects the oncoming challenges for Indian secularism and security. The lower class Hindus, Muslims

and people from other beliefs suffer from the atrocities committed by the state machinery. However, with each incident, India's initial reactions and the final revelations of the facts the principle of nature keeps denuding the false Indian propaganda and atrocities against its own people. Some conscience Indian writers like Arunduta Roy, officials like former Maharashtra IG police SM Mushrif along with human rights organisations keep raising their voices whenever they can under coercive environment of Hindu extremist elements. Today Sikhs, Christian, Muslims and Dalits (the untouchable humans) are victim of state policies and inequality in India. Historically, the exclusion of 65 million Dalits from the Indian society has been on religious and cultural grounds. Still due to preassigned duties of the caste into which they are born, many Dalits are destined to do sanitation jobs, transport human excreta manually, clear animal carcasses and human remains. Frequently, subjected to humiliation, often the victims of rape and enforced prostitution, controlled in parts of the country by caste militias, the Dalits are virtually slaves and hardly in a position to choose a profession of their own choice. In this case, the United Nations Human Rights Council's (UNHRC) September 2009 decision to declare discrimination based on the caste system a "humanrights abuse" has stirred up harsh opposition from India. However, the UN's decision came about despite strong disagreement from the Indian government and its aggressive lobbying to get the council to delete the word "caste" from its draft. The secular India may collapse as the hindutva mindset takes over and the glittering shine may sometimes be of innocent blood. The Indian leadership and the world community must help fight the upcoming challenge of state sponsored terrorism.

Anatomy of Tunisian Revolt T

he absence of Islamist slogans from Tunisia's pro-democracy revolt punches a hole in the argument of many Arab autocrats that they are the bulwark stopping religious radicals sweeping to power. Ousted president Zine alAbidine Ben Ali spent much of his 23-year rule crushing Islamist opposition groups who opposed his government's brand of strict secularism: after Sept. 11 2001, he was an enthusiastic backer of Washington's "war on terror". But the evidence of the past week is that the protest slogans that rang out before his fall demanded not an imposition of Islamic sharia law but fair elections and free speech. "The lesson from what's happening in Tunisia is that (Arab leaders) won't be able to hide any more behind the Islamist threat argument," said Amel Boubekeur, a North Africa specialist at social sciences school EHESS in Paris. It remains to be seen whether Tunisia's enfeebled Islamists will be able to win significant support in the event that they are unbanned and allowed to contest planned free elections. But so far most complaints levelled at a new interim government set up after Ben Ali fled to Saudi Arabia have focused not on a lack of Islamists but on too many faces from the old regime. Islamists were "not able to carry the concerns and longings of the vast majority of Tunisian people, especially the middle class which has chosen freedom and justice," said Egyptian political analyst Nabil Abdel Fatah. It looks embarrassing for the

Western governments that spent decades justifying their support for Ben Ali -- and other secular-minded Arab world strongmen -- by suggesting the alternative was Iran-style Islamic revolution. From Syria to Egypt and

“

relatively wealthy country with a strong education system and deep ties to secular France -compared to its Arab neighbours. Leaders of Tunisia's moderate Islamist Ennahda (Renaissance) movement have

In a bid to exploit Tunisia's unrest, the Algerian-based Al Qaeda in the Islamic Maghreb called on Tunisian youth to join its fighters for training in Algeria. But analysts say the group has negligible support, even in Algeria. Al Qaeda analyst Camille Tawil said that while small numbers of angry young Tunisians might eventually be tempted, it was clear demonstrators were ordinary people protesting against despotism and the al Qaeda appeal would have no impact. Across the region, Israel's conflict with the Palestine and the US-led invasions of Iraq and Afghanistan have bolstered the message propagated by religious radicals that the West

Salafist groups and Egypt's Muslim Brotherhood. "There has been growth in Tunisia of what could be called manifestations of popular piety," said Michael Willis of Oxford University. "But many Tunisians see that as a protest against the regime, as Ben Ali spoke against headscarves." "The Islamist opposition is not what it was 20 years ago," said Boubekeur. "Many young people don't even know who Rached Ghannouchi is." Elsewhere in the Arab world, moderate Islamists have become part of the political landscape, all touting the values of freedom and democracy, at least in public. said they want to cooperate "We hope (Tunisia's) popular with the interim government, intifada will be crowned by a not overthrow the country's pluralistic democratic regime secular institutions. that guarantees everyone their Tunisian authorities outrights," Sheikh Hamza lawed Ennahda in the early Mansour, head of Jordan's 1990s, after accusing it of a Islamic Action Front, told violent plot to overthrow secuReuters. lar rule. Hundreds of Ennahda Commenting on Tunisia, Morocco's and Islamists were "not able to carry the concerns Justice Development Party (PJD) said and longings of the vast majority of "achieving staTunisian people, especially the middle class bility and prosis tied to which has chosen freedom and justice," said perity respecting the emocratic Egyptian political analyst Nabil Abdel Fatah doption and the people's will". supporters were put on trial in is waging a war on Muslims. Egypt's Muslim Brotherhood Tunisia in the 1990s while othIn reaction, Arab societies welcomed the overthrow of an ers fled to Europe. have become more outwardly autocrat in Tunisia and said The movement, whose exiled pious, with more women wear- many Tunisian problems were leader Rached Ghannouchi has ing veils, more men wearing also true of Egypt. said he plans to return, denies it beards and more people attendThe group, which is the seeks violence. Its thinking is ing mosques. country's biggest opposition seen by some analysts as in Even in Tunisia, mosques force and could rally thousands tune with the moderate became spaces for political of supporters according to Islamist-rooted AK party that protest and some young some analysts, refuses to concame to power in Turkey in Tunisians adopted a language front the state on the streets.2002. of revolt that took a cue from Reuters

"The lesson from what's happening in Tunisia is that (Arab leaders) won't be able to hide any more behind the Islamist threat argument," said Amel Boubekeur, a North Africa specialist at social sciences school EHESS in Paris.

Algeria, governments have used the Islamist peril to justify draconian security policies and emergency laws that gnawed at civil liberties and allowed broad powers of search, arrest and imprisonment without trial. Civil liberties campaigners have long said the Islamist threat is a thin pretext to destroy not just the Islamists but all challenges to the grip of ruling elites. "We've seen this in Egypt, where the regime makes it impossible for secular political opposition forces to get anywhere in order to tell the West it's the Islamists or us," said North Africa expert Hugh Roberts. Analysts said Arab rulers might respond by backtracking on anti-Islamist rhetoric and warning instead of the danger of social chaos caused by high unemployment. TUNISIA ISLAMISTS DIVIDED, WEAK Political Islam does seem uniquely weak in Tunisia -- a

The Blame Game The Supreme Court, according to reports on Jan 19, has issued a clear warning to the intelligence agencies, most specifically, the ISI to either get their act together or to face criminal charges. Hundreds of cases of missing persons have been reported and registered from which some have been located while the whereabouts of most are still unknown. The trend that this rising issue has given birth to is the popular notion of intelligence agencies being behind every such disappearance. This is true, but only partially as many cases reported against the agencies have proved wrong when realities of many disappeared people was exposed as

they have either joined the jihadists or even tried their luck at being transported illegally out of the country by containers and launches. One such case is that of 15 year old Hassan Sharjeel, the son of Shakeel Turabi who disappeared one morning while going to college. After hurling huge allegations on Pakistani agencies it was found that he had joined the extremists in Afghanistan and was fighting alongside the terrorists. Apparently, the Pakistani agencies have been dragged unnecessarily in the international horizon more often by both US and India for their alleged involvement in various terror acts which are dis-

proved at a later date after the damage is done in terms of authenticity and morale. The summoning of ISI chief to US courts and blaming ISI for attacks on Indian soil are all tarnishing our global image. The people, media and our politicians need to grow wise and mature in handling issues of such delicate nature. The agencies are also an integral part of our security infrastructure and a dire requirement at this particular point in time. Instead of following popular trends a professional approach needs to be adopted in which interest of the country should always take priority. Dr Qabil Khan, Peshawar


5

Thursday, January 20, 2011

South East Asian stocks

European shares retreat from highs; miners slide

Inflation worries make investors more selective

KSE-100 Index Opening Closing Change % Change Turnover (mn)

MPS doubts deal KSE a hefty blow

12,658.16 12,577.61 80.55 0.64 188.01

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

3,953.47 3,936.12 17.35 0.44 7.48

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

3,135.46 3,107.52 27.94 0.89 0.11

Nawaz Ali

Major Gainers

Close

Change

ULEVER 4,577.17 NESTLE 2,825.67 IDYM 194.95 TRIPF 140.12 SAPL 155.75

Symbol

72.88 18.96 6.94 6.62 5.60

Major Losers

Symbol

Close

Change

RMPL 2,182.60 WYETH 984.25 SIEM 1,210.74 UPFL 1,160.00 COLG 991.40

-72.4 -30.75 -28.03 -26.67 -16.78

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA FFBL PTC NML DGKC

16.19 42.14 20.03 71.23 30.20

45.77 15.76 12.55 12.45 7.32

Active Issues Plus Minus Unchanged

140 235 22

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

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

MUMBAI: Sharad Pawar (C), president of the International Cricket Council (ICC), ICC chief executive Haroon Lorgart (2nd R), and ICC 2011 World Cup director Ratnakar Shetty (2nd L) pose with the 2011 World Cup trophy during a function at the Bombay Stock Exchange.-Reuters

China, HK stocks up on inflation-fall talk HONG KONG/SHANGHAI: Shares in China and Hong Kong rose on Wednesday in relatively healthy turnover as investors scooped up companies most likely to benefit from a global economic recovery. China's key stock index closed up 1.8 per cent, supported by a report that showed consumer inflation eased in December from a recent peak in November, traders said. While the figure was not a surprise since December CPI for last year was high compared with 2009, some investors took signs of easing inflation as cue to hunt for bargains after the market's steep falls earlier this week. China is scheduled to publish the numbers at 0200 GMT on Thursday. The rising mainland market lifted Hong Kong's Hang Seng index 1.1 per cent, with

Banks, miners hit FTSE LONDON: Banking and mining stocks weighed on Britain's top share index on Wednesday as concerns over the global economic recovery resurfaced, while sentiment among retailers was dented after some disappointing updates. The FTSE 100 closed down 79.73 points, or 1.3 per cent lower at 5,976.70, ebbing away from Tuesday's fresh 31-month high. "The market moved a long way ahead of the last quarter and it deserves a bit of a pull back," Paul Kavanagh, a partner at Killik & Co, said. Kavanagh said there was still appetite to get involved in this market with short term investors enjoying the fluctuations, but longer term investors are lingering on the sidelines waiting to get involved lower down than 6,000. Optimism over corporate earnings took a knock after US banking giant Goldman Sachs posted a decline in quarterly profit, which followed Citigroup missing estimates on Tuesday. UK Banks fell on talk out of Germany, which has been denied, that Greece's debt may have to be restructured, traders said. Barclays fell 3.8 per cent. London-listed miners such as Lonmin , down 3.2 per cent, were lower along with metals after economic data from the United States and ahead of a raft of key Chinese economic data due to be released early on See # 9 Page 11

cyclical shares such as shippers and metal producers, whose profits are closely linked with rising economic activity, outperforming the broader market. "The market was repairing itself after a heavy loss earlier this week, with the leaked CPI figure maintaining the momentum in the afternoon," said Guo Yanling, a senior trader at Shanghai Securities. "But the index may have little potential to rise sharply amid an inflationary environment." Inflation is seen as a key risk for Chinese as well as most Asian markets this year with the recent escalation in global food and crop prices putting policymakers on the back foot and increasing the risk of rising interest rates. Still, investors encouraged by broadly positive US earnings and economic data have contin-

ued to put money into North Asian markets which were significantly outpaced in 2010 by their smaller southern peers such as Indonesia and Thailand. A drop in the dollar to a twomonth low lifted crude oil prices to near $92 per barrel. China Mobile Ltd , a major laggard among the large caps in Hong Kong, rose 2.6 per cent and provided the biggest boost to the Hang Seng Index on the day. The benchmark Shanghai Composite Index finished at 2,758.1 points and appeared to have found firm support at the crucial 2,700-point level after digesting the news of the latest official hike in bank reserve requirement ratios. The index was up 1.1 per cent by midday as traders reported cash flowing into the stock market from the weak bond market.-Reuters

Nikkei up on earnings hopes TOKYO: The Nikkei average rose for a third straight session on Wednesday, inching towards recent eight-month highs as a mostly upbeat start to the US earnings season lifted expectations for Japanese firms to show further recovery. Target price hikes for Google and earth-moving equipment maker Caterpillar have bolstered hopes that the world's No1 economy is on a sustainable recovery path and sent US stocks higher, despite weak results from Citigroup. The Nikkei has climbed 3 per cent this year and is up 15 per cent since the start of November after many foreign investors changed their stance on laggard Japanese stocks to neutral from underweight. Analysts said such a buying pattern was behind Wednesday's surge in textiles, which outperformed other sectors with a rise of 3.1 per cent helped by an across-the-board hike in share price targets by Goldman Sachs on attractive valuations. Toray Industries Inc, Japan's largest maker of synthetic fibres, jumped 4.7 per cent to 556 yen and Teijin Ltd surged 6.6 per cent to 421 yen, becoming the biggest per centage gainer among the Nikkei 225 components. "But advances in the whole index are limited as investors consolidate around new levels and slowly brace for a small correction, which may be trig-

gered once all positive factors linked to robust earnings disappear after companies have reported later this month." The benchmark Nikkei ended the day up 0.4 per cent or 38.12 points at 10,557.10. Resistance now looms at 10,620.57, an eight-month peak marked last week, market players said. If that level is breached, the next target investors are eyeing is 10,638.23, a high hit in May last year. The broader Topix index rose 0.6 per cent to 936.87. With individual investors actively buying, trading volume was firm, with 2.2 billion shares changing hands on the Tokyo Stock Exchange's first section, slightly below last week's average of 2.3 billion. Market participants said foreign buying is set to continue on expectations Japanese companies will show further improvements in their OctoberDecember earnings, but also stressed that earnings are still well below levels from before the financial crisis. Social network and gaming company Gree was up 3.4 per cent at 1,174 yen after announcing on Tuesday it would go into the smartphone ad network business, connecting advertisers with websites that want to run advertisements. Advancing issues outpaced declining ones by a ratio of about 2 to 1.-Reuters

US stocks late-morning

Goldman takes toll on S&P, Nasdaq NEW YORK: US stocks mostly fell on Wednesday as disappointing results from Goldman Sachs and Wells Fargo deflated hopes for strong bank earnings in the last quarter. The Nasdaq declined more than 1 per cent as more disappointment on the earnings front came from Cree Inc. It pushed an index of semiconductors down 1.7 per cent. Goldman Sachs Group Inc's stock fell 2.8 per cent to $169.83 after the Wall Street firm posted a 53 per cent drop in profit as trading revenue tumbled. Shares of Wells Fargo & Co lost 1.7 per cent to $31.93 after the company posted a fourthquarter profit that missed some analysts' estimates. With financials, "I think expectations were for some better results after a fairly robust fourth quarter and start to 2011," said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas. See # 8 Page 11

KARACHI: Selling over uncertain upcoming monetary policy and non-stop profit-taking bled Karachi Stock Exchange big time on Wednesday. Offloading in oil, banking and fertiliser stocks did the real damage. The benchmark KSE 100Index fell by 80 points to close at 12,577 points, KSE 30-Index lost 92 points to close at 12,325 points and KSE All-Share index was down by 52 points to close at 8,721 points. "Selling pressure from local investors kept index depressed throughout the session", said Samar Iqbal, equity dealer at Topline Securities. Volumes also remained low with mid-cap stocks leading the rally. On the contrary POL increased by more than 1% on the back of the news regarding increased production in Tal

Block where POL is the major beneficiary, he added. About 188 million shares were traded in the overall market which is 82.8 million shares less as compared to a turnover of 270.8 million a day earlier. Foreigners' participation too was limited as according to NCCPL there was a netforeign buying of $0.71 million on Wednesday. Trade began on a positive note and index stayed in the green zone in the first hour of trade where it touched an intraday high at 12,733 points (+ve 75 points). However, thereafter, continued profit-taking by the local investors ejected early gains and index went into bearish territory. It then remained mainly in the negative zone till the end of the session due to selling in oil, banking and fertiliser stocks and near closing bells touched its lowest level of the day at See # 10 Page 11

Indian shares fall; tech stocks down MUMBAI: The BSE Sensex shed 0.6 per cent on Wednesday, led by a decline in software companies, while outlook remained shaky on interest rate hike concerns. IT stocks led the decline, with the sector index dropping 1.2 per cent after rising 4.4 per cent over the previous two sessions. Leading outsourcers Tata Consultancy Services, Infosys and Wipro declined between 0.6 per cent and nearly 2 per cent. Bajaj Auto, second-largest two-wheeler maker, closed up nearly 2 per cent, as it posted a 40 per cent rise in its third-

quarter net profit. The 30-share BSE index declined 113.73 points to 18,978.32, with 21 of its components declining. "I think market will stay volatile for now," said Nitin Rakesh, CEO of Motilal Oswal's asset management business. "We have some near-term issues to address like inflation pressures, high commodity prices and so on." Investors were also cautious ahead of a cabinet reshuffle in the Indian government. See # 7 Page 11

ANNOUNCEMENTS Company Mirza SugarSPOT Pangrio SugarSPOT

Period 1st Qtr 1st Qtr

Div/Bon/Right -

PAT (Rs in mn) -11.80 -2.33

EPS(Rs) -0.84 -0.21

Dhiyan

RED ALERT! Salman Naqvi, Head of Sales Aba Ali Habib Securities Correction might continue however it wouldn't be a major one as index may decline by just 50-100 points. Thereafter market would resume bullish activities due to higher international oil prices, hopes of better corporate results, and foreign interest. The only threat to the market which can re-invite correction is the increase in interest rates. Adopt 'buy on dips' stance and invest in oil, fertiliser and power sectors. They can also invest in selective stocks of banking and cement sectors. Market might open negative today but it would recover later on.

Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Current political uncertainty and overbought levels of bluechips are propelling investors to book profits. A rebound is expected at 12,516 level, however if index breaches 12,516 level barrier then it can fall down to 12,436 points. Investors should take positions with stop loss and follow 'sell on strength' strategy. Invest in fertiliser and oil stocks close to their result announcements. Corporate results, launch of MTS and no change in key interest rate would prove trade-triggers. Market outlook is negative for today.


6

Thursday, January 20, 2011

Market

KSE 100 Index

Symbols

Volume

188,009,034

Value

8,811,406,815

Trades

90,084

Advanced Declined Unchanged Total

Current High Low Change

140 235 22 397

All Share Index

12,577.61 12,734.38 12,559.73 i80.55

Current High Low Change

8,721.38 8,825.21 8,711.10 i52.98

OIL AND GAS

Company

Paid up Cap(mn)

PE

Attock Petroleum 691 6.54 Attock Refinery 853 8.01 BYCO Petroleum 3921 Mari Gas Company 735 18.16 National Refinery 800 4.78 Oil & Gas Development 43009 11.73 Pak Petroleum 11950 9.18 Pak Oilfields 2365 7.97 Pak Refinery Limited 350 P.S.O 1715 5.17 Shell Gas LPG 226 Shell Pakistan 685 11.15

Open 377.47 145.50 11.17 136.30 329.56 174.54 227.75 334.20 105.59 309.53 32.97 217.68

High 382.25 146.74 11.33 138.00 332.49 175.75 229.80 340.99 110.86 311.70 33.00 219.95

High Low 1,651.49 1,613.06 Total cos Defaulter cos P/BV (x) ROE (%) 3.81 32.54 Low 373.25 141.10 11.05 133.05 320.05 172.00 225.00 331.78 106.00 305.00 32.80 213.50

Close Chg 377.75 142.82 11.12 134.04 322.65 173.30 225.65 337.74 110.86 305.43 33.00 217.33

0.28 -2.68 -0.05 -2.26 -6.91 -1.24 -2.10 3.54 5.27 -4.10 0.03 -0.35

Current High Low Change

KMI 30 Index Current High Low Change

12,325.84 12,510.09 12,303.41 i92.24

20,628.96 20,871.03 20,588.79 i125.33

Last 60 days High Low

Volume 456789 2218118 974519 96462 103472 1293045 3045810 3669316 511476 1129510 7300 139950

398.89 146.90 12.49 141.65 333.89 185.00 229.80 341.50 114.50 317.79 40.28 222.00

287.99 93.20 10.49 117.00 207.00 150.92 184.00 231.01 74.51 262.00 32.00 182.05

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

% Change -0.58 5-Day High 1,639.46 5-Day Low 1,616.78 2011 Div BR (%) (%)

20B - 15.00 20B -

-

CHEMICALS

Company

Paid up Cap(mn)

PE

Open 717.01 Turnover 303,580 P/E (x) 5.62 Paid up Cap(mn)

Company Pak Int Cont. Terminal PNSC

1092 1321

PE 7.21 40.95

Open 68.69 37.25

High 72.12 38.00

High Low 747.56 713.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53 Low 68.60 36.70

Close Chg 72.12 37.67

3.43 0.42

Close 746.17 Listed cap 3,242.17 mn Payout (%) 11.08

Volume 292312 11268

Change 29.17 Market cap 13,100.70 mn Div Yield (%) 1.97

Last 60 days High Low 77.77 40.42

65.50 32.36

High

Low

Agritech Limited 3924 8.41 23.19 Bawany Air 68 65.00 7.81 BOC (Pak) 250 14.01 101.50 Clariant Pak 273 7.15 186.98 Dawood Hercules 1203 8.63 210.08 Descon Chemical 1996 3.07 Descon Oxychem Ltd. 1020 8.37 Dewan Salman 3663 3.16 Engro Corporation Ltd 3277 11.63 214.57 Engro Polymer 6635 - 14.76 Fatima Fertilizer 22000 - 12.40 Fauji Fertilizer 6785 10.88 153.98 Fauji Fert.Bin Qasim 9341 7.95 43.13 Ghani Gases Ltd 725 9.10 12.24 ICI Pakistan 1388 8.73 155.58 Ittehad Chemical 360 10.41 29.37 Lotte Pakistan 15142 5.78 15.64 Mandviwala 74 1.42 Nimir Ind Chemical 1106 1.91 Sitara Chem Ind 214 9.80 119.18 Sitara Peroxide 551 14.67 13.70 United Distributors 92 - 10.79 Wah-Noble 90 7.40 39.00

23.95 8.00 102.50 189.00 211.98 3.14 8.65 3.25 216.90 14.90 12.50 155.84 43.79 12.23 156.85 28.00 16.49 1.50 1.97 120.00 13.99 11.79 39.90

22.31 7.35 101.00 185.00 208.00 3.00 8.26 3.10 211.05 14.30 12.15 149.10 42.03 11.90 153.56 27.91 15.70 1.20 1.62 118.01 13.45 9.81 38.10

Close Chg 23.20 7.80 102.00 187.14 208.04 3.01 8.39 3.12 211.62 14.41 12.23 150.11 42.14 12.01 154.98 27.91 16.19 1.50 1.89 119.60 13.50 11.77 38.50

0.01 -0.01 0.50 0.16 -2.04 -0.06 0.02 -0.04 -2.95 -0.35 -0.17 -3.87 -0.99 -0.23 -0.60 -1.46 0.55 0.08 -0.02 0.42 -0.20 0.98 -0.50

Close 1,590.44 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 96342 8958 8070 13267 23999 158005 75542 647539 2750710 688187 1120787 3395755 15757663 58878 344081 741 45771524 14512 330864 125 64346 3784 10717

Change -26.98 Market cap 355,238.46 mn Div Yield (%) 4.95

24.85 10.75 103.94 209.98 215.00 3.74 9.25 4.24 222.80 15.87 12.64 156.11 43.99 13.07 158.49 36.00 16.49 2.50 2.74 139.40 14.69 11.79 42.96

20.26 7.16 75.00 149.72 165.73 2.11 3.92 1.47 174.65 12.90 9.16 106.01 30.18 11.00 122.75 23.50 9.49 0.80 1.36 101.00 10.00 8.51 32.00

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

10R 5B -

% Change -1.67 5-Day High 1,617.42 5-Day Low 1,511.18 2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,203.18 Turnover 43,113 P/E (x) 6.11 Company

High Low 1,210.55 1,181.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47

Close 1,190.33 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.56 6.79

18.13 44.31 44.31

18.44 44.50 44.25

17.75 44.50 43.50

17.79 -0.34 44.50 0.19 44.01 -0.30

26007 200 16906

Century Paper Pak Paper Product Security Paper

Change -12.86 Market cap 3,298.72 mn Div Yield (%) 4.14

Last 60 days High Low 19.69 48.90 47.70

15.28 39.00 38.00

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

% Change -1.07 5-Day High 1,233.80 5-Day Low 1,190.33 2011 Div BR (%) (%) -

-

Open 1,324.48 Turnover 398,110 P/E (x) 4.81 Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki

PE

High Low 1,360.86 1,306.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 25.35

Open

High

Low

144 6.03 79.03 101 5.92 200.35 247 24.12 25.73 626 9.57 134.00 890 2.30 56 4.75 203.00 598 20.73 24.50 450 3.40 4.91 200 7.20 4.45 1428 - 12.31 786 6.89 298.20 823 11.26 71.21

82.40 202.00 27.01 139.45 2.37 204.49 25.47 5.25 4.98 12.55 307.00 72.00

78.00 198.00 27.01 132.00 2.26 196.05 23.70 4.75 4.50 12.20 294.25 70.25

Company

Paid up Cap(mn)

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

PE

565 4.47 675 555 9.55 1199 11.95 310 785 11.35

Open 29.00 2.63 15.60 58.01 8.50 9.73

High 29.25 2.66 15.56 58.20 9.50 10.50

Low 28.60 2.51 15.25 57.20 9.50 9.42

Close Chg 28.61 2.61 15.28 57.38 9.50 9.99

-0.39 -0.02 -0.32 -0.63 1.00 0.26

Close 1,095.09 Listed cap 3,596.11 mn Payout (%) 30.91

25449 22807 11000 17162 800 8657

30.60 3.39 16.51 62.20 9.50 10.70

Company

Paid up Cap(mn)

Adam SugarSPOT 58 AL-Abbas SugarSPOT 174 AL-Noor SugarSPOT 186 Bawany Sugar 87 Chashma SugarSPOT 287 Crescent Sugar 214 Dewan Sugar 365 Faran SugarSPOT 217 Habib SugarXDXB 750 Habib-ADM Ltd 200 J D W SugarSPOT 490 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza SugarSPOT 141 Mithchells FruitSPOT 50 National Foods 414 Nestle Pakistan 453 Noon Sugar 165 Pangrio SugarSPOT 109 Sanghar Sugar XD 119 Shakarganj Mills 695 Tandlianwala 1177 UniLever Pakistan 665

PE

Close Chg

Change -7.76 Market cap 10,616.83 mn Div Yield (%) 8.45

24.00 2.22 12.85 44.00 5.61 8.00

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles

PE

Open

High

Low

1828 866 6.44 182 3257 956 25.00 982 13.92 108 3891 3651 125.83 6933 15.36 1760 77 2319 32 1288 13126 3234 6.76 5261 1.28 2228 200 361 -

3.22 61.71 21.40 14.53 11.10 1.86 22.00 2.14 30.60 5.17 1.82 1.73 7.69 0.68 6.52 3.61 76.13 2.75 7.11 6.98 8.25

3.35 61.55 21.44 15.53 11.20 1.85 22.00 2.45 31.01 5.19 1.89 1.80 7.75 0.70 6.59 3.74 76.74 2.79 7.30 6.99 8.55

3.11 61.10 21.00 14.02 10.60 1.80 22.00 2.15 30.12 5.01 1.80 1.51 6.70 0.57 6.20 3.40 75.01 2.72 6.70 6.55 8.15

Close 1,000.47 Listed cap 54,792.74 mn Payout (%) 19.04

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

20B -

Change -9.60 Market cap 70,931.61 mn Div Yield (%) 2.60

Close Chg

Volume

Last 60 days High Low

3.24 61.19 21.01 15.53 11.00 1.81 22.00 2.19 30.20 5.07 1.85 1.59 6.73 0.69 6.26 3.60 75.27 2.75 6.84 6.99 8.55

21812 18873 4811 1309 6500 19648 3000 1140861 7315919 168035 57141 20011 7003 516 35663 3456413 832046 184951 598424 2111 102

3.98 65.99 24.16 24.80 12.75 2.49 28.50 3.10 32.30 5.55 2.25 5.00 9.19 1.08 8.70 3.88 79.98 3.30 8.50 7.95 9.60

0.02 -0.52 -0.39 1.00 -0.10 -0.05 0.00 0.05 -0.40 -0.10 0.03 -0.14 -0.96 0.01 -0.26 -0.01 -0.86 0.00 -0.27 0.01 0.30

% Change -0.70 5-Day High 1,118.41 5-Day Low 1,085.71 2011 Div BR (%) (%) -

-

2.80 57.60 14.55 14.02 10.00 1.31 18.51 1.40 26.35 4.72 1.60 1.18 2.70 0.42 5.80 2.79 70.25 2.66 6.52 5.25 6.30

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

% Change -0.95 5-Day High 1,026.43 5-Day Low 1,000.47 2011 Div BR (%) (%) -

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,068.68 Turnover 304,871 P/E (x) 2.96 Company

Paid up Cap(mn)

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

PE

Open

115 2.71 77.02 230 2.63 1067 4.83 54.15 389 3.01 47 65.38 26.75 844 68.60 131.15 300 10.22 133.50

High

High Low 1,078.47 1,051.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 43.91 Low

Close Chg

78.50 75.95 76.10 2.76 2.55 2.60 54.40 52.50 52.52 3.46 2.79 3.00 27.90 26.00 26.15 134.00 130.31 133.77 140.17 133.50 140.12

-0.92 -0.03 -1.63 -0.01 -0.60 2.62 6.62

Close 1,068.60 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 18047 70155 23516 16102 4536 84518 87914

Change -0.08 Market cap 39,862.52 mn Div Yield (%) 5.26

Last 60 days High Low 83.23 3.30 56.45 4.05 27.90 136.74 140.17

37.75 1.82 45.30 2.11 16.05 101.00 100.00

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

25B 10B -

% Change -0.01 5-Day High 1,076.90 5-Day Low 1,049.44 2011 Div BR (%) (%) -

-

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

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

PE

High Low 1,630.32 1,557.15 Total cos Defaulter cos P/BV (x) ROE (%) 3.25 38.02

Open

High

Low

66 1.05 16.45 215 5.63 239.82 214 1.23 213 12.04 13.00 124 - 127.45 132 7.35 61.50 366 7.11 555.81 57 411.11 155.47

17.40 243.00 1.33 13.00 133.00 62.75 562.00 149.01

16.25 235.00 1.16 12.80 127.00 61.01 535.01 147.70

Close Chg 16.25 235.10 1.21 13.00 132.64 61.38 543.69 148.00

-0.20 -4.72 -0.02 0.00 5.19 -0.12 -12.12 -7.47

Close 1,580.72 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 3005 11749 17453 19511 1156 1086 116718 4218

-

Close 1,329.72 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 5.24 Market cap 48,435.13 mn Div Yield (%) 4.24

0.60 -2.31 1.28 -2.00 0.00 -2.08 -0.45 -0.01 0.16 -0.08 3.70 -0.47

1004 8616 4340 2401 157262 210 13697 22689 2505 28102 39290 117919

Last 60 days High Low 82.63 204.40 27.01 143.80 2.89 217.44 26.74 5.67 5.75 13.40 309.73 77.90

65.75 151.50 15.00 96.00 1.20 145.00 21.00 4.12 4.01 10.80 227.00 66.75

2010 Div BR (%) (%) 90 100 60 20 150 -

% Change 0.40 5-Day High 1,332.88 5-Day Low 1,288.16 2011 Div BR (%) (%)

20B -

-

-

High

High Low 1,823.96 1,730.83 Total cos Defaulter cos P/BV (x) ROE (%) 12.68 30.30 Low

Close Chg -0.31 4.85 0.76 -0.19 -0.22 -0.05 -0.10 -0.82 -0.16 0.01 -4.08 0.05 -0.13 -0.25 -0.49 -0.83 18.96 0.52 -0.02 0.00 -0.01 2.01 72.88

Close 1,775.14 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 13.78 Market cap 248,607.42 mn Div Yield (%) 0.73

Last 60 days High Low

10721 20.50 12.50 179 101.85 89.78 1634 54.00 41.30 3500 6.73 1.21 702 15.47 8.50 32000 7.15 5.00 21908 5.59 1.50 192 21.73 19.00 31290 36.50 22.00 125 13.00 11.69 19551 92.50 71.00 2601 68.49 52.60 1190 68.22 48.11 32011 7.18 4.55 303 89.90 61.50 577 75.50 40.00 205 2945.00 1830.00 22203 14.84 9.00 3743 6.99 4.25 2900 15.01 12.33 2912 7.88 4.06 1370 42.52 29.00 120 4698.00 3876.00

2010 Div BR (%) (%)

% Change 0.78 5-Day High 1,775.14 5-Day Low 1,701.61 2011 Div BR (%) (%)

25 50 50 10 25 25 25B 40 7010B 12.5R 35 20B 15 20B 10 40 12 450 10 15 178 -

-

-

Total Assets (Rs in mn)

MA (10-day)

2.42

Total Equity (Rs in mn)

4,958.87

MA (100-day)

2.46

Revenue (Rs in mn)

59,223.06 5,061.63

MA (200-day)

2.97

Interest Expense

5,490.40

1st Support

1.88

Loss after Taxation

2nd Support

1.73

EPS 09 (Rs)

1st Resistance

2.25

Book value / share (Rs)

2nd Resistance

2.47

PE 10 E (x)

Pivot

2.10

PBV (x)

(4,227.75) (4.446) 5.22 0.39

KASBB closed down -0.27 at 2.03. Volume was 3,734 per cent above average (trending) and Bollinger Bands were 11 per cent wider than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 31.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KASBB (bearish). Trend forecasting oscillators are currently bearish on KASBB.

Dewan Cement Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

51.71

Total Assets (Rs in mn)

MA (10-day)

2.16

Total Equity (Rs in mn)

3,628.10

MA (100-day)

1.79

Revenue (Rs in mn)

3,494.78

MA (200-day)

1.98

Interest Expense

1st Support

2.05

Loss after Taxation

2nd Support

1.95

EPS 10 (Rs)

1st Resistance

2.35

Book value / share (Rs)

2nd Resistance

2.55

PE 11 E (x)

Pivot

2.25

PBV (x)

20,869.47

11.15 (622.76) (1.743) 10.15 0.22

DCL closed up 0.05 at 2.19. Volume was 100 per cent above average and Bollinger Bands were 46 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 10.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DCL.

Pioneer Cement Limited

HOUSEHOLD GOODS

Company

14.12 200.00 0.21 10.55 114.01 58.55 443.00 147.70

High Low 1,173.47 1,126.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64

Close 1,130.33 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

1219 231

3.83 2.53

15.73 21.23

15.80 21.60

15.20 20.81

15.20 -0.53 21.17 -0.06

128933 39316

Pak Elektron Tariq Glass Ind

Change -29.51 Market cap 5,259.68 mn Div Yield (%) 1.96

Last 60 days High Low

2010 Div BR (%) (%)

15.88 22.50

17.5

12.90 15.90

10B -

% Change -2.54 5-Day High 1,159.84 5-Day Low 1,130.33 2011 Div BR (%) (%) -

-

PERSONAL GOODS Performance of SR Personal Goods Index Open 1,017.39 Turnover 18,924,267 P/E (x) 7.52 Company

Paid up Cap(mn)

Al-Azhar Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Data Textile Dewan Farooque Spin. Gadoon Textile XD Ghani Value Glass Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Island Textile Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mehmood Textile Mohd Farooq Moonlite (PAK) Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Sana Ind Service Ind Shadman Cot Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited

86 2594 840 4493 76 76 64 1150 316 2442 238 492 600 99 600 234 75 192 635 146 222 138 716 3105 99 180 5 43 303 509 1455 600 150 189 22 1596 3516 560 62 250 308 341 264 88 55 120 176 307 418 215 594 53

PE

Open

High

High Low 1,024.36 1,006.63 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 8.64 Low

Close Chg

2.43 1.50 1.50 1.50 -0.93 9.30 4.22 4.27 4.07 4.09 -0.13 6.47 23.17 24.00 22.85 23.30 0.13 - 11.38 11.63 11.13 11.17 -0.21 0.49 14.25 14.00 13.80 13.97 -0.28 5.45 663.46 659.00 645.00 657.97 -5.49 0.89 60.24 63.20 58.62 59.10 -1.14 3.07 3.11 3.05 3.06 -0.01 37.21 1008.18 1020.00 980.00 991.40-16.78 3.92 2.50 2.97 2.38 2.51 0.01 1.01 1.24 0.85 1.13 0.12 3.67 19.25 19.10 19.10 19.10 -0.15 1.88 1.90 1.80 1.88 0.00 0.37 0.40 0.39 0.39 0.02 2.58 3.30 3.20 3.20 3.20 -0.10 0.78 68.03 71.43 68.20 71.43 3.40 7.37 26.78 28.00 27.00 28.00 1.22 - 59.30 60.00 60.00 60.00 0.70 4.17 29.58 29.01 28.13 29.01 -0.57 1.34 6.85 7.00 6.49 7.00 0.15 0.87 7.15 7.20 7.15 7.20 0.05 0.69 0.51 0.50 0.50 -0.19 0.75 3.99 4.00 3.96 4.00 0.01 3.91 49.70 50.00 47.52 49.73 0.03 0.68 7.51 8.50 7.20 8.00 0.49 3.87 3.70 3.77 3.56 3.56 -0.14 0.13 143.00 150.00 137.00 137.27 -5.73 0.23 14.93 14.20 14.11 14.20 -0.73 1.69 1.60 1.50 1.56 -0.13 2.16 3.15 2.11 2.25 0.09 3.80 5.28 5.38 5.01 5.32 0.04 2.00 18.81 19.50 19.00 19.00 0.19 0.82 67.00 70.00 64.07 66.80 -0.20 1.20 1.35 1.20 1.20 0.00 - 10.20 11.20 11.00 11.20 1.00 1.97 23.88 24.34 23.20 23.74 -0.14 6.11 68.99 71.89 68.75 71.23 2.24 3.10 9.06 9.45 9.18 9.18 0.12 0.44 29.33 29.10 27.87 27.87 -1.46 1.43 1.50 1.43 1.48 0.05 0.64 8.98 9.90 8.86 9.20 0.22 4.74 37.25 38.38 37.01 37.70 0.45 0.41 5.10 5.25 4.90 5.09 -0.01 0.21 4.15 4.15 4.15 4.15 0.00 3.47 46.43 47.50 45.50 45.69 -0.74 8.15 244.89 245.00 237.50 238.00 -6.89 2.19 12.24 12.00 12.00 12.00 -0.24 5.26 126.05 128.00 122.75 123.17 -2.88 9.40 59.72 60.40 58.90 59.06 -0.66 0.54 0.92 0.65 0.86 0.32 5.50 3.85 4.50 4.00 4.18 0.33 3.74 55.52 56.49 55.00 55.92 0.40

Close 1,012.69 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -4.70 Market cap 141,313.92 mn Div Yield (%) 2.22

Last 60 days High Low

1000 3.48 406602 8.50 22963 24.59 3836815 12.32 3570 14.84 576 747.48 720 63.20 18196 3.90 2051 1020.00 10382 3.33 21396 1.38 2757 23.99 137504 2.37 607 0.90 388 8.00 34904 71.43 5100 41.20 200 71.50 134 33.19 965 8.86 2301 10.30 552 1.10 13000 4.88 13830 50.00 22362 8.74 2002 4.45 125 192.00 188 19.40 538 2.00 504 3.72 7056 5.97 2500 21.40 307 70.00 14402 2.08 239 13.01 1641657 25.14 12451065 71.89 20287 10.50 101 31.03 3605 1.98 10658 11.50 504 39.89 29408 6.85 1000 5.75 540 48.97 3119 276.50 3000 13.00 121564 132.00 34852 63.30 124 1.50 4502 4.90 646 59.25

2010 Div BR (%) (%)

0.50 4.00 30 19.10 20 9.20 10.82 20 460.00 45.25 50 2.94 740.00 2.16 0.16 17.89 15 1.52 0.11 3.01 38.30 70 25.50 25 59.00 22.62 12.5 5.01 10 6.30 10 20B 0.30 3.31 10 34.98 20 2.85 2.60 10 85.19 50 13.25 1.10 1.52 4.82 18.01 15 100R 51.46 60 0.50 4.50 19.11 15 50.25 25 45R 5.61 25.00 50 1.26 8.01 25SD 31.25 40 3.55 3.57 10 29.50 60 169.00 7.00 86.50 80 20B 41.50 0.42 3.00 42.30 35 -

% Change -0.46 5-Day High 1,017.93 5-Day Low 1,010.49 2011 Div BR (%) (%) -

-

PHARMA AND BIO TECH

Change -34.13 Market cap 34,231.86 mn Div Yield (%) 15.37

Last 60 days High Low 18.20 244.95 2.40 14.80 147.89 78.90 568.40 310.00

Open

Open 1,159.84 Turnover 168,393 P/E (x) 3.20

Performance of SR Industrial Engineering Index Open 1,614.85 Turnover 174,897 P/E (x) 8.56

79.63 198.04 27.01 132.00 2.30 200.92 24.05 4.90 4.61 12.23 301.90 70.74

1.16 18.91 18.80 18.43 18.60 8.63 97.00 101.85 97.00 101.85 3.85 51.99 54.00 50.00 52.75 5.69 5.68 5.50 5.50 1.05 10.60 11.30 10.15 10.38 7.05 7.00 7.00 7.00 3.91 3.98 3.70 3.81 3.91 20.29 20.50 19.40 19.47 5.08 22.76 22.90 22.56 22.60 11.48 12.39 12.40 12.40 12.40 2.94 87.11 87.49 82.76 83.03 3.34 56.50 57.89 56.50 56.55 4.27 51.38 51.32 50.25 51.25 6.19 6.20 5.85 5.94 8.83 81.93 83.75 81.20 81.44 21.72 59.05 58.25 58.10 58.22 31.04 2806.71 2945.00 2752.00 2825.67 - 10.01 11.01 10.26 10.53 6.17 6.15 6.01 6.15 1.14 12.80 12.80 12.45 12.80 5.90 5.90 5.50 5.89 386.45 40.50 42.52 38.51 42.51 21.37 4504.29 4698.00 4425.25 4577.17

Performance of SR Construction and Materials Index High Low 1,023.66 989.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10

-

32.54

FOOD PRODUCERS Open 1,761.35 Turnover 193,151 P/E (x) 41.83

CONSTRUCTION AND MATERIALS Open 1,010.08 Turnover 13,893,102 P/E (x) 7.33

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

Performance of SR Household Goods Index

Last 60 days High Low

Volume

40 15

2011 Div BR (%) (%)

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING High Low 1,117.09 1,086.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 33.10

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Performance of SR Industrial Metals and Mining Index Open 1,102.85 Turnover 85,875 P/E (x) 3.66

% Change 4.07 5-Day High 746.17 5-Day Low 717.01

AUTOMOBILE AND PARTS

Company

High Low 1,639.62 1,580.00 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 35.00

Open

KASB Bank Limited

Performance of SR Industrial Transportation Index

Close Change 1,625.89 -9.50 Listed cap Market cap 65,194.15 mn 1,245,092.64 mn Payout (%) Div Yield (%) 55.94 4.78

Performance of SR Chemicals Index Open 1,617.42 Turnover 70,065,974 P/E (x) 9.87

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,635.39 Turnover 12,671,248 P/E (x) 11.70

KSE 30 Index

2010 Div BR (%) (%) 150 650 100

25B -

Performance of SR Pharma and Bio Tech Index

% Change -2.11 5-Day High 1,628.07 5-Day Low 1,580.72

Open 982.39 Turnover 475,334 P/E (x) 7.56

2011 Div BR (%) (%) -

-

Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

Paid up Cap(mn) 979 250 1707 165 200 96 306

PE

Open

9.30 106.50 6.90 91.86 14.81 83.88 7.89 28.73 7.40 9.21 12.39 150.15 5.91 63.91

High

High Low 990.14 962.80 Total cos Defaulter cos P/BV (x) ROE (%) 1.69 22.31 Low

Close Chg

107.00 106.00 106.17 94.90 89.15 91.40 83.25 82.00 82.32 29.00 28.30 28.49 9.24 8.61 9.18 157.00 150.00 155.75 66.50 62.00 65.71

-0.33 -0.46 -1.56 -0.24 -0.03 5.60 1.80

Close 976.79 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 4304 11838 8783 2154 21236 1945 425056

Change -5.61 Market cap 32,644.59 mn Div Yield (%) 5.89

Last 60 days High Low 112.50 94.90 89.98 30.48 9.36 157.00 69.00

89.88 82.20 69.00 23.50 7.16 116.00 59.00

2010 Div BR (%) (%) 20 30

20B -

% Change -0.57 5-Day High 989.66 5-Day Low 976.79 2011 Div BR (%) (%) -

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

43.24

Total Assets (Rs in mn)

MA (10-day)

7.04

Total Equity (Rs in mn)

2,218.22

MA (100-day)

7.48

Revenue (Rs in mn)

10,325.49 3,872.83

MA (200-day)

7.70

Interest Expense

1st Support

6.60

Loss after Taxation

2nd Support

6.35

EPS 10 (Rs)

1st Resistance

7.20

Book value / share (Rs)

2nd Resistance

7.55

PE 11 E (x)

Pivot

6.95

PBV (x)

392.66 (590.93) (2.653) 9.96 0.69

PIOC closed down -0.27 at 6.84. Volume was 138 per cent above average and Bollinger Bands were 26 per cent narrower than normal. The company's loss after taxation stood at Rs86.285 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PIOC is currently 11.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PIOC at a relatively equal pace. Trend forecasting oscillators are currently bullish on PIOC.

Pakistan International Airline Corp Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

58.53

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.47

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.25

Revenue (Rs in mn)

94,563.77

MA (200-day)

2.49

Interest Expense

1st Support

2.46

Loss after Taxation

2nd Support

2.35

EPS 09 (Rs)

(2.72)

1st Resistance

2.66

Book value / share (Rs)

9,243.77

(8.92)

2nd Resistance

2.75

PE 10 E (x)

Pivot

2.55

PBV (x)

(5,822.43)

(0.28)

PIAA closed up 0.04 at 2.51. Volume was 265 per cent above average (trending) and Bollinger Bands were 25 per cent wider than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10). PIAA is currently 0.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIAA (mildly bullish). Trend forecasting oscillators are currently bullish on PIAA.

BOOK CLOSURES Company

From

To

Shahtaj Sugar Mills Dandot Cement Chashma Sugar Mills The Premier Sugar Mills National Savings Banks Pangrio Sugar Mills Fecto Sugar Mills Thal Ind. Corp Baba Farid Sugar Mills Al-Noor Sugar Mills Shahmurad Sugar Mills Quetta Tex Mills # KASB Securities # D.M. Textile Mills # Adam Sugar Mills Faran Sugar Mills Sakrand Sugar Mills Bawany Sugar Mills Dewan Cement #

20-Jan 20-Jan 21-Jan 21-Jan 21-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 23-Jan 23-Jan 24-Jan 24-Jan 24-Jan

01-Feb 29-Jan 30-Jan 30-Jan 29-Jan 31-Jan 29-Jan 28-Jan 29-Jan 02-Feb 02-Feb 29-Jan 28-Jan 31-Jan 30-Jan 31-Jan 31-Jan 31-Jan

D/B/R 10 10 10 15 50 10 25 25 -

Spot AGM/Date 13-01-2010 13-01-2010 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan -

27-Jan 29-Jan 31-Jan 31-Jan 31-Jan 29-Jan 28-Jan 29-Jan 28-Jan 28-Jan 29-Jan 28-Jan 31-Jan 29-Jan 27-Jan 31-Jan 31-Jan 31-Jan

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 54.21 3.55 90 1.32 148.46 48 121 31.21 21.03 2.47 48.78 2.98 25.39 2.45

High 55.24 3.67 90 1.65 148 48 125 32.77 21.25 2.64 49.47 3.35 25.4 2.35

Low Close 54 3.47 86.01 1 141.25 46.25 118 29.9 20.16 2.44 47.57 2.95 24.13 2

54.5 3.53 90 1.3 141.79 47 118.04 31.01 20.51 2.51 47.68 3.32 24.21 2

Change 0.29 -0.02 0 -0.02 -6.67 -1 -2.96 -0.2 -0.52 0.04 -1.1 0.34 -1.18 -0.45

Vol 853 3156251 621 11000 18965 337 802 15496 11904 589881 1622 5806483 778659 101


7

Thursday, January 20, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,181.72 Turnover 13,502,440 P/E (x) 6.41 Paid up Cap(mn)

Company

High Low 1,216.44 1,173.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.82 12.84

PE

Open

High

Low

Close Chg

Pak Datacom 78 4.94 Pakistan Telecomm Co A 37740 13.35 Telecard 3000 0.66 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

80.25 20.01 2.30 2.89 4.06

80.00 20.60 2.38 2.99 4.17

79.15 19.91 2.21 2.86 3.85

80.00 20.03 2.22 2.90 4.01

-0.25 0.02 -0.08 0.01 -0.05

Close 1,181.57 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1750 12553369 500517 446804 778940

Change -0.15 Market cap 81,858.21 mn Div Yield (%) 9.75

% Change -0.01 5-Day High 1,198.06 5-Day Low 1,137.75

Last 60 days High Low

2010 Div BR (%) (%)

99.76 20.65 2.67 3.45 4.65

80 17.5 1 -

76.50 18.21 2.12 2.40 3.35

2011 Div BR (%) (%)

-

-

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

369 6.29 279 9.21 457 6.88 1250 400 3.40 718 16.81 791 16.17 3000 45.21 250 1.91 350 303 6.38 252 4.03 253 4.47 400 2.20

-

Paid up Cap(mn)

Company

PE

Open

High

Low

Genertech 198 Hub Power 11572 7.27 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.57 Kohinoor Power 126 2.80 Kot Addu Power 8803 5.36 Nishat Chunian Power Ltd 3673 3.69 Nishat Power Ltd 3541 29.03 Sitara Energy Ltd 191 3.52 Southern Electric 1367 Tri-star Power XD 150 -

0.86 39.87 1.82 3.03 19.21 4.50 44.52 16.82 17.71 19.00 2.27 0.96

0.90 40.21 1.89 3.10 19.45 4.60 44.90 17.30 18.29 19.00 2.30 1.23

0.80 39.52 1.75 3.00 18.92 4.16 43.90 16.71 17.46 18.50 2.22 0.85

Close 1,371.09 Listed cap 95,369.29 mn Payout (%) 104.13

Change -5.44 Market cap 112,328.45 mn Div Yield (%) 6.70

Close Chg

Volume

Last 60 days High Low

0.90 39.72 1.84 3.01 19.03 4.59 44.12 16.82 18.00 18.89 2.22 0.89

5001 1545881 1258153 1135149 26829 117 890704 5072165 3494570 11000 226151 26805

1.18 41.20 2.25 3.55 25.25 5.39 45.85 18.01 18.70 19.65 2.80 1.75

0.04 -0.15 0.02 -0.02 -0.18 0.09 -0.40 0.00 0.29 -0.11 -0.05 -0.07

0.73 33.15 1.50 2.04 17.95 4.01 38.92 11.60 13.05 17.98 2.05 0.75

% Change -0.40 5-Day High 1,407.79 5-Day Low 1,371.03

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

2011 Div BR (%) (%)

7.8R -

-

-

39.00 78.00 11.00 43.00 13.65 90.55 60.00 17.54 7.65 9.66 11.81 6.55 6.50 6.72

39.55 81.05 11.00 43.21 14.30 90.63 60.00 17.63 8.09 9.97 11.81 6.57 7.20 6.72

1.34 2.05 -0.26 -0.16 0.28 -1.49 0.40 -0.50 -0.20 -0.16 -0.19 -0.03 -0.19 -0.28

24474 2009 2100 36642 8352 11938 3787 642032 14592 1277 200 110 12827 410

40.00 83.00 12.00 48.63 15.50 99.88 61.80 19.40 8.50 10.75 12.93 7.70 8.20 7.40

32.10 50.10 9.65 39.48 10.60 79.00 53.38 14.00 5.56 2.20 8.56 6.15 6.01 4.71

Paid up Cap(mn)

Company

PE

Open

EFU Life Assurance

850 42.30

76.99

New Jub Life Insurance

627 29.28

45.88

High Low 914.19 860.48 Total cos Defaulter cos P/BV (x) ROE (%) 3.36 3.85

Close 864.28 Listed cap 2,290.72 mn Payout (%) 355.53

Open 1,657.24 Turnover 1,122,536 P/E (x) 10.45 Company

High Low 1,686.67 1,631.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 11.41

Close 1,648.07 Listed cap 12,202.80 mn Payout (%) 66.79

Change -9.17 Market cap 35,185.09 mn Div Yield (%) 6.39

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.60 3.47

29.00 23.21

29.39 23.75

28.61 22.80

28.89 -0.11 23.03 -0.18

177559 944977

34.75 29.15

Sui North Gas Sui South Gas

25.71 19.95

% Change -0.55 5-Day High 1,657.24 5-Day Low 1,543.24

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,227.89 Turnover 17,644,971 P/E (x) 8.71 Paid up Cap(mn)

Company

PE

Allied Bank Limited 7821 6.94 Askari Bank 6427 8.80 Bank Alfalah 13492 14.56 Bank AL-Habib 7322 8.14 Bank Of Khyber 5004 5.47 Bank Of Punjab 5288 BankIslami Pak 52801025.00 Faysal Bank 7309 5.07 Habib Bank Ltd 10019 7.78 Habib Metropolitan Bank 8732 8.49 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 7602 10.61 Meezan Bank 6983 10.07 Mybank Ltd 5304 National Bank 13455 6.79 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 12.74 Summit Bank Ltd 5000 United Bank Ltd 12242 8.09

Open

High

72.01 18.60 11.54 38.28 4.11 9.39 4.10 15.69 125.58 27.83 2.54 2.30 239.77 18.81 3.17 78.41 3.13 2.06 2.77 7.50 8.25 4.31 69.06

High Low Close 1,245.79 1,214.36 1,220.69 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.21 13.94 40.49 Low

Close Chg

72.00 71.01 71.37 -0.64 18.89 18.25 18.48 -0.12 11.75 11.31 11.36 -0.18 38.49 37.61 37.75 -0.53 4.19 4.10 4.10 -0.01 9.52 9.22 9.29 -0.10 4.15 3.95 4.10 0.00 15.99 15.51 15.71 0.02 127.12 124.10 124.49 -1.09 28.00 27.60 27.76 -0.07 2.62 2.46 2.46 -0.08 2.32 1.95 2.03 -0.27 244.40 238.05 239.32 -0.45 19.30 18.80 19.04 0.23 3.24 3.08 3.11 -0.06 79.10 77.53 77.78 -0.63 3.14 3.02 3.05 -0.08 2.10 2.01 2.02 -0.04 2.80 2.65 2.71 -0.06 7.89 7.41 7.44 -0.06 8.35 8.25 8.28 0.03 4.40 4.15 4.22 -0.09 69.80 68.71 68.86 -0.20

Change -7.20 Market cap 731,364.85 mn Div Yield (%) 4.65

Last 60 days High Low

Volume

22796 74.00 1190518 19.25 2862299 11.93 328870 39.49 47364 4.70 1405801 10.59 249128 4.50 290907 17.10 158779 128.97 57503 29.28 46103 3.00 3576270 2.80 968551 250.48 98256 20.30 205512 3.40 3035423 80.61 471260 3.35 324301 2.65 1063462 3.05 49002 8.48 15419 9.04 156461 4.63 1159737 70.65

54.02 14.96 8.91 31.44 2.76 8.05 2.77 13.60 100.05 19.20 2.32 1.95 196.00 14.50 1.90 63.53 2.59 1.51 2.50 6.24 6.15 2.70 52.80

% Change -0.59 5-Day High 1,242.05 5-Day Low 1,220.69

2010 Div BR (%) (%)

-

-

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 812.62 Turnover 2,027,148 P/E (x) 16.04 Paid up Cap(mn)

Company Adamjee Insurance

PE

1237 26.48

Open 92.96

High 94.80

High Low 826.18 797.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.83 5.20 Low 90.50

Close Chg 91.36 -1.60

Close 803.84 Listed cap 11,111.34 mn Payout (%) 79.54

Change -8.78 Market cap 49,409.25 mn Div Yield (%) 4.96

Last 60 days High Low

Volume 1064392

96.35

66.50

% Change -1.08 5-Day High 826.44 5-Day Low 803.84

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

-

-

-

-

UP TO 100 VOLUME

-

Symbols DIIL KSTM SIEM ASFL SAZEW LAKST FECS RMPL AGSML FNEL BUXL AASM MUBT WYETH TICL BGL UPFL DYNO SJTM HUSS HUSI SAPT SING DMTM FIBLM AGIC EMCO FZTM KOHS SCLL MUKT NBF BAFS BCL CLOV COTT CPMFI CSIL CSUML DLL GATI ICCT IDYM JKSM JOPP KOSM LPGL MDTL PGCL PHDL SFL SHCI SHJS SHTM SSML STML TOWL

Last 60 days High Low

% Change -3.43 5-Day High 895.00 5-Day Low 848.60

2010 Div BR (%) (%)

2011 Div BR (%) (%)

High

Low

Close Chg

Volume

78.90

73.99

74.45 -2.54

13939

86.95

62.75

-

-

-

-

46.74

43.60

43.63 -2.25

101

49.31

39.95

-

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 427.96 Turnover 5,276,417 P/E (x) 11.90 Company

Paid up Cap(mn)

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Escorts Bank Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Trust Inv Bank

High Low 434.90 411.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91

PE

Open

High

Low

225 1.45 360 3.62 450 13.76 3750 5.21 150 1.34 250 441 215 2121 16.25 600 796.00 2849 3166 626 0.66 7633 508 500 7.61 1000 28.58 1000 821 4.67 775 452 514 12.44 586 3.13

0.70 18.50 27.31 28.42 1.50 2.23 2.45 2.50 2.79 7.32 0.67 3.35 1.82 12.03 4.12 29.48 7.02 4.88 6.33 2.09 0.78 2.96 1.95

0.78 18.68 27.80 28.75 1.50 2.25 2.75 2.50 2.84 8.04 0.73 3.48 1.84 12.17 4.20 29.06 7.09 5.25 6.40 2.16 0.79 3.15 2.00

0.54 18.01 26.75 28.20 1.49 2.01 2.40 2.00 2.54 7.16 0.66 3.06 1.74 11.54 4.00 28.05 6.83 4.80 6.25 2.02 0.62 3.05 1.60

Close Chg

Close 417.96 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change -10.00 Market cap 19,423.36 mn Div Yield (%) 3.25

0.64 18.40 26.97 28.32 1.50 2.08 2.50 2.41 2.60 7.96 0.72 3.39 1.84 11.60 4.01 28.31 6.86 4.96 6.35 2.06 0.79 3.11 2.00

-0.06 -0.10 -0.34 -0.10 0.00 -0.15 0.05 -0.09 -0.19 0.64 0.05 0.04 0.02 -0.43 -0.11 -1.17 -0.16 0.08 0.02 -0.03 0.01 0.15 0.05

91718 404 56619 2157908 22122 2001 63012 1051 31814 77865 1020 238964 28500 4227423 176950 5471 158839 9835 811 63617 1053 2873 14400

% Change -2.34 5-Day High 444.07 5-Day Low 406.36

Last 60 days High Low

2010 Div BR (%) (%)

0.95 19.98 28.95 30.20 2.14 2.75 3.80 2.95 3.90 8.10 1.09 4.50 2.40 14.05 5.38 32.37 7.59 5.43 7.29 2.70 0.97 4.99 2.98

30 11.5 10 -

0.33 16.00 24.40 22.80 1.15 1.28 2.00 0.18 1.50 6.16 0.53 2.95 1.05 9.48 2.16 25.11 5.76 3.85 5.02 1.61 0.46 1.67 1.26

2011 Div BR (%) (%)

20B 20B 10B -

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

2011 Div BR (%) (%)

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

10B 20B -

Change -30.72 Market cap 10,074.02 mn Div Yield (%) 4.07

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index

10 10 -

LIFE INSURANCE Open 895.00 Turnover 14,040 P/E (x) 5.90

ELECTRICITY High Low 1,391.85 1,362.73 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 9.35

39.85 82.74 11.34 44.00 14.50 92.00 61.80 18.35 8.24 10.45 11.81 6.57 8.20 6.99

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,376.54 Turnover 13,692,525 P/E (x) 15.54

38.21 79.00 11.26 43.37 14.02 92.12 59.60 18.13 8.29 10.13 12.00 6.60 7.39 7.00

Open 1,418.25 Turnover 1,280,069 P/E (x) 21.33 Company

Paid up Cap(mn)

1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Safeway Mutual Fund Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba

PE

264 1375 210 780 65 200 113 524 581 760 397 1008 3180 1186 283 1200 184 125 1000 2835 2841 872 340 545 212 50 264

10.00 7.30 5.25 3.98 3.48 1.65 3.26 13.44 0.69 2.53 2.83 6.03 73.75 19.64 1.31 7.45 19.50 5.20 2.10 9.18 7.84 2.30 8.00 2.64 1.74

Open 1.64 8.90 3.14 1.61 1.57 0.65 2.75 2.33 2.12 3.48 8.00 6.98 6.00 5.49 1.72 7.75 1.96 1.08 7.50 14.53 6.82 1.08 1.20 7.50 1.55 1.21 6.08

High 1.80 8.81 3.15 1.75 1.99 0.69 2.99 2.44 2.27 3.59 8.89 7.00 6.00 5.52 2.50 7.76 2.20 1.18 7.54 14.50 6.96 1.10 1.50 8.00 1.35 1.36 6.15

High Low 1,434.91 1,396.54 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21 Low

Close Chg

1.50 8.63 3.05 1.62 1.25 0.53 2.61 2.12 2.08 3.40 8.25 6.85 5.90 5.33 1.75 7.75 1.80 1.03 7.20 14.30 6.75 1.00 1.30 7.05 0.95 0.91 6.12

1.60 8.76 3.15 1.75 1.53 0.66 2.61 2.15 2.19 3.54 8.50 7.00 5.90 5.50 1.78 7.75 1.95 1.04 7.24 14.32 6.90 1.01 1.40 8.00 1.34 0.95 6.12

-0.04 -0.14 0.01 0.14 -0.04 0.01 -0.14 -0.18 0.07 0.06 0.50 0.02 -0.10 0.01 0.06 0.00 -0.01 -0.04 -0.26 -0.21 0.08 -0.07 0.20 0.50 -0.21 -0.26 0.04

Close 1,415.29 Listed cap 29,771.58 mn Payout (%) 104.74

Change -2.96 Market cap 19,051.64 mn Div Yield (%) 7.63

Last 60 days High Low

Volume 1035 5863 1800 1192 603 17291 14515 15512 88711 253058 36100 131000 155611 157400 2512 33170 22433 13411 63503 102515 97127 50001 1288 1010 2760 961 9600

2.00 9.15 3.80 2.79 1.99 1.10 3.49 2.98 2.39 3.80 9.00 7.10 6.10 5.56 2.60 8.25 2.50 2.00 7.80 15.06 7.14 1.20 2.54 8.25 4.50 2.45 6.64

1.18 6.05 2.10 0.90 0.93 0.16 1.73 1.05 1.30 2.56 5.11 5.95 2.65 2.31 1.26 5.15 0.56 0.46 5.00 7.90 3.52 0.81 0.50 5.01 0.95 0.86 4.71

% Change -0.21 5-Day High 1,418.25 5-Day Low 1,359.42

2010 Div BR (%) (%) 18.5 5 0 1.2 5 17 11 21 5 10 2.8 15.5 3 10 20 10 3 1 18.2 12.5

2011 Div BR (%) (%)

-

-

-

Open 10.61 0.75 1238.77 3.00 22.75 294.00 33.41 2255.00 4.60 7.17 12.90 30.61 1.29 1015.00 48.22 2.71 1186.67 11.20 2.24 11.97 6.09 104.99 19.40 7.35 1.53 10.50 3.25 403.83 3.35 2.65 0.47 3.92 59.79 44.99 72.00 1.34 4.10 4.69 3.60 42.15 50.80 1.49 188.01 5.20 8.60 1.20 12.89 33.89 26.22 37.63 125.00 2.43 65.26 0.48 1.85 26.24 5.01

High 10.61 0.60 1212.00 3.00 22.70 304.00 31.74 2339.95 5.50 7.35 12.79 31.99 1.29 1010.00 50.63 2.81 1160.00 11.42 1.24 11.95 5.60 108.90 20.30 8.05 2.48 10.73 4.00 409.00 4.35 2.68 0.44 3.60 60.50 44.85 74.80 1.01 5.10 4.05 3.45 42.48 51.00 1.44 194.95 6.20 8.60 1.74 13.86 32.20 27.40 39.51 125.00 2.50 68.40 0.64 2.44 27.00 4.52

Low

Close

10.61 0.60 1210.00 3.00 22.30 285.00 31.74 2142.25 5.50 7.29 12.50 31.99 1.29 972.00 45.81 2.44 1150.00 11.37 1.24 11.95 5.20 105.00 18.54 7.94 1.55 10.72 4.00 385.00 2.50 2.66 0.44 3.60 60.40 43.70 73.21 1.01 4.44 4.05 3.45 42.48 51.00 1.44 194.95 6.20 8.60 1.24 13.86 32.20 27.00 39.51 125.00 2.43 68.20 0.59 2.44 25.99 4.52

10.61 0.60 1210.74 3.00 22.63 292.67 31.74 2182.60 5.50 7.29 12.50 31.99 1.29 984.25 48.22 2.61 1160.00 11.37 1.24 11.95 5.60 105.00 18.54 7.94 2.12 10.72 4.00 392.50 3.17 2.66 0.44 3.60 60.40 44.85 73.21 1.01 4.44 4.05 3.45 42.48 51.00 1.44 194.95 6.20 8.60 1.24 13.86 32.20 27.00 39.51 125.00 2.43 68.20 0.59 2.44 25.99 4.52

Change

Vol

0.00 -0.15 -28.03 0.00 -0.12 -1.33 -1.67 -72.40 0.90 0.12 -0.40 1.38 0.00 -30.75 0.00 -0.10 -26.67 0.17 -1.00 -0.02 -0.49 0.01 -0.86 0.59 0.59 0.22 0.75 -11.33 -0.18 0.01 -0.03 -0.32 0.61 -0.14 1.21 -0.33 0.34 -0.64 -0.15 0.33 0.20 -0.05 6.94 1.00 0.00 0.04 0.97 -1.69 0.78 1.88 0.00 0.00 2.94 0.11 0.59 -0.25 -0.49

100 90 83 78 75 74 60 56 50 50 45 27 25 18 15 14 14 11 11 10 9 8 7 6 6 5 5 5 5 5 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

PTC-JAN

20.10

20.62

20.07

20.19

NML-JAN

69.28

71.90

69.30

71.34

2.06 2739000

FFBL-JAN

43.32

43.95

42.28

42.37

-0.95 1971000

POL-JAN

335.88

341.90

333.01

339.04

DGKC-JAN

Change

Vol

0.09 3640000

3.16

31.09

30.25

30.32

218.00

212.10

212.96

-2.77

822000

11.60

11.20

11.21

-0.22

556000

228.13

230.90

226.25

226.92

-1.21

427500

FFC-JAN

154.87

155.75

150.00

150.81

-4.06

416500

PSO-JAN

310.83

312.50

306.70

307.10

-3.73

312000

NBP-JAN

78.79

79.30

78.00

78.17

-0.62

214000

MCB-JAN

240.94

244.60

239.49

240.36

-0.58

125500

AICL-JAN

93.52

94.80

91.25

92.02

-1.50

123500

BOP-JAN

9.46

9.60

9.31

9.35

-0.11

UBL-JAN

69.20

69.90

69.30

69.43

0.23

45500

NETSOL-JAN 25.56

25.11

24.29

24.39

-1.17

26500

LUCK-JAN

76.80

75.60

75.87

-0.65

24000

0.00

16000

ANL-JAN

11.43

PPL-JAN

HUBC-JAN OGDC-JAN

76.52

-0.54

993000

30.86

ENGRO-JAN 215.73

835500

51000

40.00

40.00

40.00

40.00

174.74

174.49

172.50

172.67

-2.07

16000

NCL-JAN

24.00

24.15

23.50

23.52

-0.48

13000

AICL-CFEB

94.68

0.00

0.00

93.01

-1.67

0.00

AICL-CJAN

93.44

0.00

0.00

91.79

-1.65

0.00

ZERO VOLUME Symbols ALTN

Open

High

Low

Close

11.00

10.98

10.98

10.98

-0.02

0.00

5.01

0.01

0.00

15.30

Change

0.10

Vol

0.00

ANSS

5.00

5.01

5.01

ARM

15.20

15.30

15.30

BHAT

260.00

259.99

259.99

259.99

-0.01

0.00

CLCPS

1.86

2.00

2.00

2.00

0.14

0.00

FNBM

6.27

6.24

6.24

6.24

-0.03

0.00

GAMON

2.39

2.35

2.35

2.35

-0.04

KOHTM

1.50

1.49

1.49

1.49

-0.01

0.00

LEUL

1.70

1.75

1.75

1.75

0.05

0.00

MQTM

9.30

9.35

9.35

9.35

0.05

0.00

NATM

11.10

12.10

12.10

0.00

12.10

1.00

0.00

PMRS

44.00

43.95

43.95

43.95

-0.05

0.00

PSEL

174.99

172.00

172.00

172.00

-2.99

0.00

SANE

5.54

5.45

5.45

5.45

-0.09

0.00

SHDT

13.19

13.15

13.15

13.15

-0.04

0.00

THCCL

18.00

17.99

17.99

17.99

-0.01

UVIC

3.75

3.60

3.60

3.60

-0.15

0.00

WAZIR

7.98

7.95

7.95

7.95

-0.03

0.00

YOUW

1.65

1.64

1.64

1.64

-0.01

0.00

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

72.46

Support 1

12,513.45

MA (5-day)

12,582.14

Support 2

12,449.25

MA (10-day)

12,447.84

Resistance 1

12,688.10

MA (100-day)

10,876.93

Resistance 2

12,798.55

37

10,465.83

Pivot

29.1

normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 12,513.45 and 2nd sup-

Rs Recommendations

*Arif Habib Ltd AKD Securities Ltd

Negative

TFD Research

Technical Analysis 73.21 39.76 32.23 30.53

Fair Value

Rs Recommendations Buy

AKD Securities Ltd

Buy

TFD Research

30.5

Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,777.19 ** NOI Rs (mn) 146.30 Mean 42.77

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

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

62.01 19.60 19.07 19.43

Brokerage House

AKD Securities Ltd

Fair Value

TFD Research

Rs Recommendations

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

585.00 11,717.54 13.78 20.14

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

(trending) and Bollinger Bands were 5 per cent narrower than normal.

Pakistan Oilfields Ltd

Brokerage House

37

Buy

*Arif Habib Ltd

Buy

AKD Securities Ltd

Positive

TFD Research

49.38 30.59 27.64 26.90

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

182.55 5,513.00 57.57 30.48

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

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

71.59 69.00 54.49 52.04

Fair Value 336.1 296.6 281.35

Rs Recommendations

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

175.80 12,522.23 174.80 70.22

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

79.35 329.29 260.71 244.82

NML is currently 36.9 per cent above 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 NML (bullish). Trend forecasting oscillators are currently bullish on NML. Momentum oscillator is currently indicating that NML is currently in an overbought condition.

Pakistan Petroleum Ltd

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Fair Value

Hold

*Arif Habib Ltd

164.1

Buy

*Arif Habib Ltd

253.2

AKD Securities Ltd

122.1

Accumulate

TFD Research

239.15

TFD Research

107.94 36,456.37 357.32 336.18

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

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

79.95 139.83 113.45 111.38

Rs Recommendations Buy Neutral

Negative

Technical Outlook

Technical Outlook

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

114.33

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

373.19 56,019.53 514.33 152.26

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

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

64.82 224.54 199.51 196.98

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

247.57 55,864.21 120.74 227.05

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

DGKC closed down -0.40 at 30.20. Volume was 39 per cent above aver- POL closed up 3.54 at 337.74. Volume was 91 per cent above average FFC closed down -3.87 at 150.11. Volume was 178 per cent above aver- PPL closed down -2.10 at 225.65. Volume was 173 per cent above average and Bollinger Bands were 130 per cent wider than normal.

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

age (trending) and Bollinger Bands were 334 per cent wider than normal. (trending) and Bollinger Bands were 29 per cent narrower than normal. POL is currently 38.0 per cent above its 200-day moving average and is FFC is currently 34.7 per cent above its 200-day moving average and is PPL is currently 14.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into POL (bullish). Trend forecasting reflect very strong flows of volume into FFC (bullish). Trend forecasting oscillators are currently bullish on POL. Momentum oscillator is currently oscillators are currently bullish on FFC. Momentum oscillator is currently reflect volume flowing into and out of PPL at a relatively equal pace. Trend

casting oscillators are currently bullish on DGKC.

indicating that POL is currently in an overbought condition.

age and Bollinger Bands were 40 per cent narrower than normal. DGKC is currently 12.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators

indicating that FFC is currently in an overbought condition.

Time

20-Jan 20-Jan 20-Jan 21-Jan 21-Jan 22-Jan 22-Jan 22-Jan 23-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 25-Jan 25-Jan 25-Jan

11:30 3:30 12:00 10:00 10:30 11:00 3:00 11:00 3:30 12:00 10:00 2:00 2:00 2:00 2:00 4:00 3:00 11:30 13:00

TECHNICAL LEVELS

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

Buy

Date

Fatima Fertilizer Company Ltd Pak arab Fertilizers Limited Latif Jute Mills Limited Ideal Energy Limited Pakistan Tobacco Co Ltd. Invest Capital Investment Husein Industries Limited Invest Capital Investment Bank Ltd Siemens (Pakistan) Engineering Co Shaheen Insurance Company Ltd. Hinopak Motors Limited Pakistan Petroleum Ltd Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund-1 Meezan Balanced Fund Sindh Abadgar's Sugar Mills Mirpurkhas Sugar Mills Ltd Kohinoor Sugar Mills Ltd WorldCall Telecom Limited

Company

(trending) and Bollinger Bands were 60 per cent wider than normal.

Negative

Company

Neutral

Technical Analysis

Fauji Fertiliser Co

Technical Outlook

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

Buy

74.2

Technical Outlook

ing oscillators are currently bullish on PTC.

ing that FFBL is currently in an overbought condition.

43.29 36.85

Rs Recommendations

59.97

FFBL closed down -0.99 at 42.14. Volume was 258 per cent above aver- PTC closed up 0.02 at 20.03. Volume was 552 per cent above average NML closed up 2.24 at 71.23. Volume was 171 per cent above average

Dera Ghazi Khan Cement Co Ltd

*Arif Habib Ltd

Fair Value

Positive

KSE 100 INDEX is currently 20.2 per cent above its 200-day moving aver- FFBL is currently 38.1 per cent above its 200-day moving average and is PTC is currently 3.1 per cent above its 200-day moving average and is disage and is displaying an upward trend. Volatility is high as compared to the displaying an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modaverage volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend fore- erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillacasting oscillators are currently bullish on INDEX. Momentum oscillator is tors are currently bullish on FFBL. Momentum oscillator is currently indicat- reflect moderate flows of volume into PTC (mildly bullish). Trend forecastcurrently indicating that INDEX is currently in an overbought condition.

Brokerage House

24.7 24.04

Technical Outlook

age (trending) and Bollinger Bands were 137 per cent wider than normal.

port level at 12,449.25.

Brokerage House

Sell Accumulate

Technical Outlook

12,623.90

resistance level at 12,688.10 and 2nd resistance level at 12,798.55, while

32.06

TFD Research

RSI (14-day) MA (10-day) KSE 100 INDEX closed down -80.55 points at 12,577.61. Volume was 80 MA (100-day) per cent above average and Bollinger Bands were 52 per cent wider than MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd AKD Securities Ltd

Nishat Mills Ltd

Pakistan Telecommunication Co Ltd

forecasting oscillators are currently bullish on PPL.

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

RSI 1st 2nd (14-day) Support 50.13 3.10 3.00 63.02 70.90 70.45 39.07 61.00 60.85 63.58 28.10 27.85 54.57 26.55 26.10 58.69 89.65 87.90 66.12 18.20 17.90 63.31 11.00 10.80 74.65 373.25 368.75 70.64 140.35 137.90 59.67 11.20 11.05 63.55 4.00 3.85 42.41 9.15 9.05 51.71 2.05 1.95 49.38 29.85 29.55 53.71 3.05 3.00 43.54 2.50 2.45 48.34 42.80 42.40 48.33 72.65 70.85 62.63 209.50 207.35 59.31 15.50 15.25 50.98 5.00 4.90 73.21 41.50 40.90 79.95 147.50 144.95 58.72 123.35 122.20 65.72 39.45 39.15 66.83 153.40 151.85 84.02 295.10 288.30 50.27 3.95 3.85 58.86 1.75 1.70 42.64 2.40 2.35 44.21 11.35 11.15 64.28 43.70 43.30 55.75 3.00 2.95 80.41 15.75 15.35 48.79 74.60 73.95 63.15 236.80 234.25 40.37 2.70 2.65 62.64 77.20 76.55 56.25 23.20 22.60 75.57 23.75 23.30 53.70 3.00 2.95 47.23 1.70 1.50 71.59 69.35 67.50 54.45 171.60 169.95 64.97 3.05 2.80 47.01 2.00 1.95 58.53 2.40 2.35 43.24 6.60 6.35 79.35 332.70 327.65 64.82 223.85 222.00 47.93 70.00 69.25 62.33 303.05 300.70 62.01 19.75 19.50 70.63 213.90 210.50 62.53 28.55 28.20 50.92 13.30 13.10 61.85 22.65 22.25 47.42 2.15 2.10 47.58 3.45 3.35 63.57 68.45 68.05 54.70 2.85 2.80

1st

2nd

Resistance 3.35 3.45 71.90 72.45 61.45 61.75 28.65 28.95 27.60 28.20 93.95 96.50 18.85 19.20 11.50 11.80 382.25 386.75 146.00 149.20 11.65 11.90 4.20 4.25 9.45 9.65 2.35 2.55 30.75 31.35 3.20 3.30 2.65 2.75 43.80 44.40 77.55 80.70 215.35 219.05 15.95 16.20 5.15 5.25 43.25 44.40 154.25 158.40 126.40 128.25 40.10 40.50 156.70 158.40 307.85 313.80 4.15 4.25 1.90 1.95 2.55 2.65 12.00 12.40 44.70 45.30 3.10 3.15 16.55 16.90 76.35 77.40 243.15 246.95 2.80 2.85 78.75 79.70 24.30 24.90 25.05 25.85 3.10 3.20 2.05 2.20 72.50 73.75 175.35 177.45 3.45 3.60 2.15 2.20 2.60 2.75 7.20 7.55 341.90 346.05 228.65 231.60 71.75 72.75 309.75 314.10 20.45 20.85 220.35 223.40 29.30 29.75 13.85 14.20 23.60 24.15 2.35 2.45 3.65 3.75 69.55 70.20 3.00 3.05

Pivot 3.25 71.45 61.30 28.40 27.15 92.20 18.55 11.30 377.75 143.55 11.45 4.05 9.35 2.25 30.45 3.15 2.60 43.40 75.80 213.20 15.75 5.10 42.65 151.70 125.25 39.80 155.15 301.05 4.05 1.85 2.50 11.75 44.30 3.05 16.15 75.65 240.60 2.75 78.15 23.75 24.60 3.05 1.85 70.60 173.70 3.20 2.10 2.55 6.95 336.85 226.80 71.00 307.40 20.20 216.95 28.95 13.65 23.20 2.25 3.55 69.10 2.90


8

Thursday, January 20, 2011

Terrorism blew off Rs550bn tourism KARACHI: Travel Agents Association of Pakistan (TAAP) hosted a reception in honour of commercial specialists of US Consulate Karachi Sohrab Jang and Mohammad Aamir. Group photograph shows Chairman, Travel Agents Association of Pakistan (TAAP), Yahya Polani, Parvez Hussain, Dr Sharif, Anwar Rashid, Nadeem Sharif, Hanif Rinch, Col (R) Akbar Sharif, Amin Wali Muhammad, Naeem Sharif and Tafseer-Ul-Islam.-Staff Photo

Cambodian airline told to pay crash compensation SEOUL: A Seoul court Friday ordered a Cambodian airline to pay 3.2 billion wons ($2.8 million) in compensation to the families of passengers killed in a 2007 plane crash. PMTair's Antonov An-24 crashed in southern Cambodia in June 2007 on its way from Siem Reap to the beach resort of Sihanoukville. All 22 people aboard were killed, including

13 tourists from South Korea. The plane appeared to have hit a mountain in bad weather, according to Nuon Sary, deputy police chief of Cambodia's Kampot province, at the time. Relatives of the South Korean victims filed suit in 2008 seeking 4.5 billion won in compensation. They claimed the accident was caused by human error and mechanical defects.-APP

PIA sees some transfers, postings

PIA has airlink with Zahidan QUETTA: Pakistan International Airines (PIA) has started Zahidan flights. The inaugural ceremony in this connection was held at CIP lounge PIA, Quetta. Provincial Minister for Law and Information Technology, Begum Shama Perveen Magsi was the chief guest while Iranian Council General based in Quetta, Syed Hasan Yehyavi, GM Sales PIA, Rashid Sidique and other officials were also present on the occasion. Addressing the inaugural ceremony, Provincial Minister for Law and Information technology hailed the flight operation between two brotherly countries. She hoped that Karachi-QuettaZahidan flights would bring about positive impact on the socio-economic growth of both the countries. Iranian Council General in Quetta, Syed Hasan while expressing his pleasure over the development said, it would help traders in two sides of the border to enhance the trade activities, besides it would also encourage tourism. I have approached the high-ups in Iran to initiate flight operations from Tehran for other cities of Pakistan, Iranian CG noted.

On the occasion, GM Sales PIA, Rashid Sidique said that PIA would operate twice weekly flights on every Wednesday and Saturday to Zahidan from Karachi and Quetta. Transfer and postings have been made in PIA at senior management positions. A spokesman of the organisation announced here that PIA's Director Corporate Planning, Shahnawaz Rehman, has also been given the charge of Director Human Resource Administration and Coordination upon retirement of Haneef Pathan who is proceeding on LPR (Leave Preparatory to Retirement). PIA's Senior General Manager Training and Development, Khalid Iftikhar, has been promoted and posted as Director Procurement and Logistics. The airline's Country Manager Saudi Arabia, Khurram Mushtaq, has been promoted and posted as General Manager Passenger Sales. He will take charge of the new assignment upon retirement of Rashid Farookee by the end of this month. Special Assistant to Managing Director, M Younus Khan, has also been transferred as Principal PIA Training Centre.-APP

Pak-US trade, travel ‘powwow’ in May Staff Reporter KARACHI: To increase bilateral travel trade relations and tourism between Pakistan and USA, the department of US Commercial Service, US Consulate General, Karachi, is going to organise a Trade Show under the name and style of International Powwow from May 21 - 25, 2011 at the Moscone Convention Centre in San Francisco, USA. This was stated by Sohrab Jang and Mohammad Aamir, the Commercial Specialists of US Consulate Karachi in a briefing held at the office of Travel Agents Association of Pakistan, (TAAP) Karachi. Seventy countries will be participating in this Trade Show and the US Consulate General is eager that a delegation of Travel Agents Association of

Pakistan should participate in this Trade Show, US officials added. The reason to invite Pakistani delegates of Travel Agents in this show is basically to promote Tourism between the two countries and also the said visit of Pakistani delegation shall be coincided with the various B2B discussions with the delegates of other participating countries, so that the travel trade of Pakistan can be benefited with all the edges, Sohrab added. During the briefing, US officials also stated that in San Francisco there are umpteenth places for the tourists and of course the infrastructure is also very good for the tourists there, which will be highlighted during the show. This International Powwow show has full support from the US Government as well as the

department of US Commercial Service, Karachi will also provide fullest support and cooperation to the Pakistani delegates, the status of the Pakistani delegation during the show, would be VVIP, US officials added. Yahya Polani, Chairman Travel Agents Association of Pakistan assured fullest cooperation of the members of TAAP in order to make successful this Trade Show. Polani also assured that to increase the bilateral trade relations between the two countries, the TAAP will play an important role during the exhibition. On account of war against terrorism, Pakistan has lost his soft image before the international community and the tourism sector of Pakistan and the economy both have been badly affected, Polani added.

Aus Qantas flies into trouble again SYDNEY: A Qantas passenger jet bound for New York made an unscheduled stop in Fiji after it developed a problem with one of its engines, the Australian airline said Wednesday.

Qantas said flight QF107, a Boeing 747, carrying 375 passengers from Sydney to New York via Los Angeles, touched down in Nadi on Tuesday for repairs to a fuel valve supplying one of its engines. "Just past Nadi the flight crew got a message to say there was a fault with a fuel valve so they returned to Nadi to correct it," a Qantas spokeswoman told AFP. "They could have flown on, it was just a precautionary measure." The passengers were given hotel accommodation for the night and the flight continued early Wednesday, she added. The hitch comes just days after another Qantas Boeing 747, QF11 to Los Angeles, experienced a contained engine failure on the runway of Sydney airport due to a turbine blade defect. Media reports on that incident said that passengers heard "a loud bang" and saw black smoke pouring forth from the affected engine, with the captain reportedly telling those on board that the engine had "cooked itself" over the plane's intercom. The incidents follow a dramatic few months for the Australian airline which in November temporarily suspended flights of its Airbus A380 superjumbos after an engine on one exploded after taking off from Singapore, damaging the plane. Nobody was hurt in the incident and the plane returned safely to Singapore but the blast caused pieces of the engine to rain down on an Indonesian island. Australian safety investigators have said that an oil leak in one of the A380's RollsRoyce Trent 900 engines may have caused the explosion, and that they are satisfied with the actions taken to prevent it happening again.-Agencies

ISLAMABAD: The incidents of terrorism have damaged the tourism sector across the country causing a loss worth Rs550 billion. Moreover recent unprecedented floods destroyed bridges and roads costing over Rs500 billion in the Northern areas. According to official sources the number of tourists travelling across the globe has declined by 50 per cent and Pakistan also witnessed very limited visits of foreign tourists during last few years. The tourism sector is one of the industries which contribute to economic growth of a country, but unfortunately this sector did not experience any considerable growth in Pakistan during last few years due to incidents of terrorism, flash floods and 2005 earthquake. "The tourism sector is highly neglected and no marketing is being done to lure international tourists into Pakistan," a tourism ministry official said. He said that the tourism policy was finalised but after the 18th amendment this department has been shifted to the

provinces. However, he said, that the federal ministry for tourism took various steps for promoting inter-provincial tourism. The official said the ministry is facilitating male and female tourists on equal basis and providing all the possible facilities to both local and foreign tourists. Pakistan with its diverse culture, people, and landscape has been attracting millions of tourists. But the industry faced severe losses during last few years due to 2005 earthquake, terrorism and recent devastating floods. The tourism departments of the four provinces and the federation need to explore and develop new sites for foreign and local tourists for income generation as well as revival of the industry. The growth in the tourism industry depends on rise in the arrival of foreign tourists and an increase in domestic tourism. The tourism department should also introduce new packages to promote the sector.APP

More skies coming to Turkish Airlines ISTANBUL: Europe's fastest growing airline, Turkish Airlines will add new destinations on its rapidly expanding network this year. The world's 8th biggest carrier, Turkish Airlines is planning to launch flights to 11 new destinations, a statement released here said Wednesday. According to the flight programme confirmed by the Directorate General of Civil Aviation, Ministry of Transport, Turkish Airlines will begin to operate 3 weekly flights to Guangzhou (China) from Jan

30, 4 weekly flights to Los Angeles (USA) from March 3and 4 weekly flights to Shiraz (Iran) from March 14, 2011. Turkish Airlines is also planning to start new flights to Malaga (Spain), Salonika (Greece), Valencia (Spain), Toulouse (France), Manila (Philippines), Naples (Italy), Turin (Italy), Genoa (Italy) in the year 2011. A Star Alliance member, Turkish Airlines currently flies to 171 destinations, including 130 international and 41 domestic routes.-PR

Etihad Airways tunes in to FM 91 KARACHI: Etihad Airways, the national airline of United Arab Emirates, in conjunction with Radio FM 91, has launched a series of on-air promotions offering listeners the chance to win holiday packages to Abu Dhabi and full day passes to the newly-opened Ferrari World, the world's first Ferrari theme park a hand out issued here said Wednesday. According to details the competition, which will run until January 28, will air on three of Pakistan's top radio shows: n Darna Mana Hai with Waqar Zaka, every Tuesday from midnight to 2:00 am. n Drive On with Naveen Waqar, every Monday to Thursday, from 5:00 pm to 8:00 pm. n Desi Girl with Anoushey Ashraf, every Friday, from 11:00 am to 1:00 pm. Listeners will have to answer questions related to Etihad Airways and Ferrari World in Abu Dhabi. One lucky winner will be announced on each show every day between now and January 28. Amer Khan, Etihad Airways' Country Manager in Pakistan,

said, "Abu Dhabi has become one of the most sought after emerging tourist destinations in the world and we are pleased to partner with Radio One FM 91 to promote our airline's home base through this contest." Winners of the radio contest will receive a return Coral Economy ticket each from one of the airline's four destinations in Pakistan i.e. Karachi, Lahore, Islamabad and Peshawar to Abu Dhabi, and full day passes to Ferrari World. Shazya Aamir, General Manager Radio One FM 91, said, "Continuing what has now become a trademark tradition of bringing forth the biggest giveaways on the most innovative of platforms, Radio One FM 91 marks yet another chapter in an enterprising and engaging history of campaigns between ourselves and Etihad Airways through this contest. "This is a fabulous promotion to start the year and we look forward to working with Etihad closely in the future and expanding what has undoubtedly proved to be a fruitful relationship."-PR

PIA sell-off, never: Abidi ISLAMABAD: Advisor to President, Faisal Raza Abidi has said that present government has regularised services of around 5,000 employees of Pakistan International Airline (PIA) inducted during PML-N and Pervez Musharraf regimes. "It is the Pakistan Peoples Party (PPP) led coalition government which has facilitated thousands of PIA's employees and it can not even think about privatisation of the national carrier," said Abidi talking to a private news channel. Abidi said he, on behalf of President Asif Ali Zardari, now announces that not a single portion of PIA would be privatised rather its performance would be improved by adopting numerous measures. "The government is providing funds to PIA, we are trying to make the organisation stand on its own feet and bringing improvement in its functioning," he said while responding to a question. When asked about competence of PIA Managing Director, Abidi said the MD had made the planes able to fly so as to meet the growing passengers' requirement. In this regard, he said PIA inked an agreement worth Rs5 billion with a foreign company and added for the last two years the organisation had not taken a single plane on lease for Haj operation. Pakistan Airline Pilots Association (PALPA)'s Captain Sohail Baloch also attended the programme.-APP

Gilani tasks PIA with revival ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has asked the management of Pakistan International Airlines to improve its services and don't let flight operations delay anymore. Chairing a meeting here to discuss the matters of PIA, the Prime Minister said he would like to see PIA to regain past distinction among the international carriers. The Prime Minister urged upon the PIA management to adopt modern management techniques to help improve its services. He observed that though the modernisation of the fleet is quite important yet image of any airline heavily depends mainly on care, courtesy and efficiency of the staff as well as the management. He said the government was cognisant of the financial constraints of the corporation, adding the management could popularise and enhance the business of the airline by improving passenger care and services.The Prime Minister stressed upon the need to review the working of the Corporation to introduce cost efficient measures to reduce expenditure. He mentioned that the government had already launched a number of schemes including housing schemes for the welfare of PIA employees. He said now it was the responsibility of employees to work with dedication to make Pakistan flag carrier as a recognised airline in the world. Earlier, the management gave a detailed briefing on issues concerning the Corporation. They also apprised the Prime Minister about proposals regarding joint ventures and cooperation with other carriers to enhance airline business. The meeting was attended by the Minister for Defence, Ch Ahmad Mukhtar, Secretary Defence, MD PIA, DG CAA and other senior officers of the Prime Minister's Secretariat.-APP


9

Thursday, January 20, 2011

Crude oil prices fall on US economic uncertainty Dollar pares losses from a low versus euro LONDON: Oil prices reversed earlier gains on Wednesday after a drop in US stocks at the market open and weak economic data in the world's top oil consumer outweighed a softer dollar. US crude oil prices fell by 55 cents to $90.83 a barrel by 1524 GMT. ICE Brent futures for March were better supported, helped by North Sea oil outages, but still fell 15 cents to $97.65 a barrel. "The euro backing off, equities not going anywhere and a bit of profit-taking coming in pulled crude back," said Tom Bentz, a broker at BNP Paribas Commodity Futures Inc in New York. US stocks fell on Wednesday after Goldman Sachs posted a decline in quarterly profit, while groundbreaking on new US home construction fell morethan-expected in December. A weak dollar earlier in the session helped stimulate buying and pushed oil prices up,

but the dollar index later pared losses. Milder weather in the northern hemisphere and indications of improving supplies are also bearish factors in the market and could cap prices, said VTB Capital analyst Andrey Kryuchenkov. "Prices got carried away

and shot to the upside, especially in London ... everyone assumed we would get to $100 a barrel, but now it looks like we won't and, even if we do, that we won't go far beyond it," he said. The possibility of higher output from OPEC leader Saudi Arabia could temper bullish sentiment after the International Energy Agency said the producer group was quietly boosting output to cool the oil price rally. But analysts and traders, including some of the

Kingdom's big customers, were sceptical and said in a Reuters survey that Saudi output was flat in December. For now, technical analysts saw oil as neutral and said Brent was unlikely to breach the 27-month high of $99.20 a barrel reached last week. The IEA revised its global oil demand growth forecast higher in 2011 to 1.41 million barrels per day (bpd) but said this represented just half of last year's growth rate. Oil supplies looked set to improve, with Alaska's main oil pipeline about to restore shipments to its normal rate of 630,000 barrels bpd in under a week from around 510,000 bpd, after its recent shutdown due to a leak, the operator said on Tuesday. The release of weekly US industry and government oil inventory data this week will be delayed a day to Thursday following a national holiday earlier this week. -Reuters

US cotton limits up, outlook seen strong Thomson Reuters preliminary data showed. Mike Stevens, an independent cotton analyst in Mandeville, Louisiana, said pressure in the US dollar index and strength in the grains complex boosted cotton. Higher grains prices would likely entice more US farmers to plant soybeans and corn instead of cotton. The market also took note of news China has signed deals worth $600 million which included cotton. Demand for cotton in China has also apparently not slowed as imports of the fiber

continued to surge in December, a time when the price hit an alltime record of $1.5912 on Dec. 21. The supply side was further bolstered when influential industry publication Cotlook reduced the cotton crop in the central Asian nation of Uzbekistan to 4.36 million (480-lb) bales from 4.36 million bales. A Reuters survey had pegged US 2011 cotton plantings around 12.4 to 12.5 million acres (5.02-5.06 million hectares), a five-year high and up from last year's sowings of 11.04 million acres. -Reuters

Palm oil surges on weather woes JAKARTA: Malaysian palm oil rose to a fresh one week high on Wednesday, tracking comparative oils higher on persistent uncertainty about whether output can keep pace with robust demand. Vegetable oil prices may have restarted their rally as heavy rains stall harvesting in Southeast Asian oil palm estates and Argentine soy crops continue to suffer from insufficient rains. The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives ended up 1.7 per cent at 3,732 ringgit ($1,220) a tonne after going as high as 3,735 ringgit, a level unseen since Jan. 11. Overall, traded volume stood at 26,000 lots of 25 tonnes each,

compared with a total of 11,293 lots on Tuesday. ICDX's April CPO futures contract was at 10,915 rupiah per kg, compared to 10,825 rupiah per kg when it opened. Market volume was 2,020 lots of 10 tonnes each. Traders are also mindful of an expected 5 per cent rise in export taxes to 25 per cent due in February in Indonesia, the world's largest palm oil producer. Palm oil and soyoil prices are likely to rally this year after Malaysia's stocks-to-use ratio fell

to its lowest in seven years on tightening supplies and firm demand from Asian buyers. The ratio, which shows the level of ending stocks as a percentage of total demand, fell to 9.2 per cent in Malaysia for 2010 due to erratic weather curbing output for the past two years and rising orders from China and India. The most-active Sept 2011 soyoil on the Dalian Commodity Exchange rose 1.5 per cent. US soyoil for March climbed 0.8 per cent. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 18 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1310

1250

January (3rd Wednesday)

1310

1255

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 18 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2301 2302 2275 2280 2205 2215 2205 2215

2444 2444.5 2460 2462 2513 2518 2548 2553

9739 2692.5 9740 2693 9714 2659 9715 2660 9475 2570 9485 2575 9080 2508 9090 2513

26355 26360 26350 26355 25650 25750 24775 24875

TIN

ZINC NASAAC

27010 2443 27020 2443.5 27000 2454 27005 2457 26425 2480 26475 2485 2453 2458

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 1025.00, Feb11 1025.00, Mar11 1025.00, Apr11 1033.00, May11/Jul11 1037.00+4.00, Aug11/Oct11 1042.00+4.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1080.00-10.00, May11/Jul11 1075.00+0.00, Aug11/Oct11 1005.00-5.00, Nov11/Jan12 1010.00+0.00, Feb12/Apr12 1015.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1490.00+5.00, Apr11/Jun11 1470.00+10.00, Jul11/Sep11 1490.00+10.00, Oct11/Dec11 1380.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1540.00+5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1270.00+10.00, Feb11 1270.00+10.00, Mar11 1270.00+10.00, Apr11/Jun11 1260.00+20.00, Jul11/Sep11 1240.00+20.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1310.00, Mar11 1300.00, Apr11/Jun11 1285.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1255.00+5.00, Mar11 1245.00+2.50, Apr11/Jun11 1230.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1265.00+5.00, Mar11 1255.00+2.50, Apr11/Jun11 1240.00+15.00, Jul11/Sep11 1215.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 2300.00, Jan11/Feb11 2250.00, Feb11/Mar11 2150.00+130.00, Mar11/Apr11 2140.00+140.00, Apr11/May11 2130.00+140.00. -Reuters

Indian sugar down for 4th day

ALLAHABAD - INDIA: A child gestures near an agricultural area at Neemsarai village, some 20kms west of Allahabad. -Reuters

NEW YORK: US cotton futures finished on Tuesday up the daily limit on light investor buying as the weak dollar and strong grains complex boosted fiber contracts as the market stayed within sight of its record highs, analysts said. The cotton market was shut on Monday to honor US Civil Rights leader Martin Luther King Jr. The key March cotton contract on ICE Futures US climbed the 4.00 cent limit to settle at $1.4544 per lb, with the session low at $1.4247. Volume traded was around 9,300 lots, about 50 per cent below the 30-day norm,

European vegetable oil prices

2405 2406 2439 2440 2460 2470 2515 2525

MUMBAI: Indian sugar prices extended a losing streak into the fourth day on Wednesday, hammered by sluggish demand amid higher supplies from millers, dealers said. "There was some carry forward from December and quota for January was also high. Millers were struggling to sell available supplies for January," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.51 per cent to 2,722 rupees ($60) per 100 kg. At 4:30 p.m., the most-traded M-grade sugar contract for February delivery on India's National Commodity and Derivatives Exchange (NCDEX) was down 1.06 per cent at 2,803 rupees per 100 kg, after hitting contract low of 2,791 rupees. India's sugar output is seen at 8.4 million tonnes as at Jan. 15 in the current season from October, a senior government official said reinforcing expectations of a higher output following a good cane harvest. -Reuters

Copper hits record, falls after US data LONDON: Copper hit a record high on Wednesday on boosted by a weaker dollar, but turned negative after data showed US housing starts fell more than expected and equities markets dipped. Benchmark copper on the London Metal Exchange (LME) hit a record high at $9,781 a tonne. It was untraded in LME rings and last quoted at $9,570/9,575 a tonne from a close of $9,700 a tonne on Tuesday. The previous record of $9,754 a tonne was hit on Jan 4. The metal, used in power and construction, reversed after the release of data showing groundbreaking on new US home construction fell more than expected in December. Building permits soared, however, providing a hint of optimism about future demand. "It's a miss, but not a disaster," RBS Global Banking & Markets analyst Daniel Major said of the housing starts. "The strength in copper this morning and over the past few sessions has been a product of renewed dollar weakness and general positive sentiment towards the complex." But lifting industrial metals' overall positive mood was a report that China's consumer prices rose 4.6 per cent in the year to December, a slowdown from a 5.1 per cent pace in November, which would reduce the need for aggressive monetary tightening. The official figures are due on Thursday.

Copper premiums for physical material in Europe softened this week as buying slowed ahead of the Lunar New Year, but levels held near four-year highs and looked set to stay firm on supply tightness concerns. Inventories of copper in London Metal Exchange warehouses continued to rise, up 3,825 tonnes at 381,750 tonnes. Since Dec. 9 stocks have

Shanghai copper climbs Shanghai copper hit its highest in almost four years, lifted by a fall in the dollar and positive US earnings expectations. Shanghai's benchmark third-month copper futures contract gained as much as 850 yuan to 72,850 yuan a tonne. climbed over 32,000 tonnes, raising some concerns about waning demand. But the levels are still relatively low, down about a third from midFebruary, when copper stocks hit a 6-1/2 year high. Stocks of lead in LME warehouses also rose, up 17,975 tonnes to 261,925, their highest since May 1995. Lead closed at $2,531 a tonne in rings, versus Tuesday's close at $2,623.5. Nickel was at $25,655 a tonne from $26,100. Zinc was at $2,390 a tonne from $2,436, tin closed at $26,900 from $26,925 and aluminium was at $2,437 from $2,450 a tonne. -Reuters

Gold gains for 3rd day; platinum climbs LONDON: Gold rallied for a third consecutive session on Wednesday, boosted by broad weakness in the dollar and robust Asian consumer demand, while anticipation of more resilient global growth took platinum to 30-month highs. Providing additional support to gold was data that reinforced the view that the US housing sector continues to struggle, along with a 53 per cent slide in Goldman Sachs fourth-quarter earnings

that undermined equities. Strong data from Germany, the largest euro-zone economy helped push the euro to onemonth highs against the dollar. Market talk later in the day that Greece may not be able to repay its debts took the edge off the single currency's rally and curbed the gains across the precious metals complex. Spot gold was up 0.4 per cent at $1,373.00 by 1608 GMT, while US gold futures were up 0.4 per cent at $1,373.00. "The broader concerns driving gold prices still remain intact," said Barclays Capital analyst Suki Cooper. "Given that we're now in the run-up to the Lunar holidays, we have seen some strong

physical demand materialising in China and reports about bar premiums trading at two-year highs and mint shortages, so there's good physical demand on the downside providing a cushion to prices." Gold has fallen more than 3 per cent this month following a 30 per cent gain last year as investors who had racked up gains by betting on the metal closed their positions and funneled their cash into risklinked assets such as equities

and industrial commodities. Asian buying underpinned the market, meaning gold is likely to trade in a range between $1,370 and $1,378, with a possibility of breaching the upside, said Darren Heathcote, head of trading at Investec Australia. Platinum rallied to its highest since July 2008, taking heart from the strength in global equities and other industrial commodities. Spot platinum rose to $1,845.50 an ounce, its highest since July 2008, before easing to show a 0.8 per cent gain on the day at $1,837.24. Palladium held close to its highest in close to ten years, rising 1.3 per cent to $821.22. Reuters

Cocoa hits 1-mth high; sugar rises LONDON: Cocoa futures rose to their highest in more than a month on Wednesday, boosted by doubts about supply in top grower Ivory Coast, technically-driven buying and strength in other commodity markets. Sugar also rose as the dollar weakened, while coffee dipped lower as funds considered selling long positions. London March cocoa was up 34 pounds or 1.7 per cent at 2,044 pounds a tonne after rising to 2,060 pounds, the highest level for the contract in more than a month. "I think it is a bit of a technical breakout," one dealer said, noting buying interest picked up as March broke through resistance around 2,027 pounds a tonne. ICE prices also advanced, with March up $46 at $3,082 a tonne after touching $3,112, the highest since Dec. 7. One dealer said March's short-term upside target was around $3,140. Coffee bucked the overall firmer trend in commodity markets on concern funds may look to scale back large net long positions in both ICE and Liffe, with some selling after robusta prices failed to set contract highs on Tuesday, dealers said. ICE March arabicas fell 1.55 cents or 0.7 per cent to $2.3380 per lb, while March robustas eased $22 or 1 per cent to $2,125 a tonne as of 1526 GMT. On Tuesday the robusta market peaked at $2,182, just shy of its contract high of $2,185, before the run-up stalled. Sugar also rose slightly on the back of a strong commodity complex, though the market remained rangebound as high prices and volatility curbed both speculator interest and physical demand, traders said. ICE March raw sugar was up 0.34 cent or 1.1 per cent at 31.46 cents a lb at 1528 GMT, while London March white sugar rose $2.30 to $782.50 per tonne. -Reuters

Tokyo, Shanghai rubbers hit record highs TOKYO: Key Tokyo and Shanghai rubber futures hit record highs on Wednesday on lingering concerns over supply shortages, while the outlook for demand remained solid. The key Tokyo Commodity Exchange rubber contract for June delivery rose as high as 468.5 yen per kg before settling at 467.4 yen, up 14 yen or 3.1 per cent. The most active Shanghai rubber futures contract for May delivery climbed as high as 39,980 yuan ($6,074) per tonne, exceeding the previous peak of 38,920 yuan scaled in November. The contract closed at 39,920 yuan per tonne, up 1,795 yuan from Tuesday. Volume inched up to 772,250 lots from Tuesday's 726,428 lots. Japan's crude rubber inventories rose 1 per cent in the 10 days to Jan. 10, rising for the first time in two months, Rubber Trade Association of Japan data showed on Wednesday. -Reuters

National Commodity Exchange Ltd Trading Summary Date

19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011 19-Jan-2011

Commodity

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

Contract Date

Price Quotation

Open

High

Low

Close

FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 20JA11 FE11 FE11 11-Mar 11-Jun

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

91.30 92.19 93.21 28.77 28.80 1369.50 1369.40 1370.30 1371.00 1369.30 1370.10 38048.00 38040.00 38071.00 38200.00 38176.00 44346.00 44346.00 39132.00 39175.00 39089.00 39103.00 39118.00 44972.00 45235.00 45000.00 45122.00 45160.00 3352.00 3384.00 5183.00 86.16 85.35

91.98 92.93 93.94 29.41 29.39 1376.50 1377.00 1377.60 1376.00 1376.50 1376.50 38084.00 38225.00 38218.00 38200.00 38176.00 44389.00 44389.00 39265.00 39307.00 39321.00 39237.00 39251.00 45129.00 45246.00 45194.00 45122.00 45241.00 3352.00 3384.00 5183.00 86.16 85.39

90.62 91.50 92.55 28.77 28.80 1365.00 1365.30 1366.00 1364.90 1369.30 1370.10 38048.00 37870.00 38071.00 38020.00 38029.00 44346.00 44346.00 39132.00 39175.00 39089.00 39103.00 39118.00 44972.00 45000.00 44923.00 44939.00 44956.00 3331.00 3363.00 5181.00 86.14 85.35

91.94 92.93 93.94 29.38 29.39 1375.70 1376.50 1377.40 1375.70 1376.50 1376.50 38084.00 38204.00 38218.00 38057.00 38176.00 44389.00 44389.00 39265.00 39307.00 39321.00 39237.00 39251.00 45129.00 45178.00 45194.00 45097.00 45113.00 3331.00 3363.00 5181.00 86.14 85.39

Traded Volume in lots 186 257 44 216 1,744 2,680 2,501 106 15 2 2 14 1 1 4 -

Previous Settlement Price 91.54 92.44 93.42 29.18 29.20 1372.80 1373.60 1374.50 1372.80 1373.60 1374.50 38167.00 38176.00 38190.00 38140.00 38148.00 44485.00 44485.00 39238.00 39281.00 39296.00 39210.00 39224.00 45097.00 45146.00 45162.00 45064.00 45080.00 3352.00 3384.00 5183.00 86.16 85.35

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

Current Open Interest Settlement in Lots Price 91.94 28 92.93 140 93.94 30 29.38 52 29.39 1375.70 1,007 1376.50 2,738 1377.40 2,068 1375.70 13 1376.50 1377.40 38084.00 30 38204.00 18 38218.00 1 38057.00 38176.00 2 44389.00 44389.00 39265.00 39307.00 39321.00 39237.00 39251.00 45129.00 1 45178.00 11 45194.00 45097.00 5 45113.00 25 3331.00 3363.00 5181.00 86.14 85.39 -


Federer reacts during match at the Australian Open tennis tournament in Melbourne

10

Thursday, January 20, 2011

Dhoni showers kudos on Harbhajan CAPE TOWN: Indian captain Mahendra Singh Dhoni was all praise for Harbhajan Singh's batting pyrotechnics which ensured their victory in the third ODI against South Africa, and said he considers the off-spinner an "all-rounder". India pulled off a two-wicket thrilling win Tuesday and now lead the five-match series 2-1. The visitors chasing a target of 221 runs were 93-5 at one stage but Yusuf Pathan scored a smashing 59 and Harbhajan chipped in with 23 after the fall of Pathan to guide the team home. "Harbhajan is an all-rounder for us, though we do not put the pressure on him by calling him one. He has been bowling very well, taking the momentum away from the South Africans," Dhoni said. Harbhajan has been a revelation with the bat, off late. He struck two successive Test centuries against New Zealand, which came at crucial times. On Yusuf Pathan, Dhoni said he expected the elder of the Pathan brothers from Baroda Irfan is Yusuf's younger brother - to play his natural game. "We just told the youngsters to play their natural game, we want Yusuf to play the sort of game he plays." The captain gave out the reasons for the side's second successive victory after suffering a heavy loss in the opening game in Durban. "We have been outstanding so far, ground fielding has also improved a bit. Our catching has been decently good." "It was a very good effort from the lower middle order. We also did well in the death bowling and powerplays."Agencies

Federer edges Simon in 5-set thriller MELBOURNE: Defending champion Roger Federer survived a five-set thriller to overcome Frenchman Gilles Simon and squeeze into the third round at the Australian Open on Wednesday. Federer had to pull out all stops to get past the unseeded Simon, winning 6-2, 6-3, 4-6, 4-6, 6-3 in 3hr 13min on Rod Laver Arena. The Swiss world number two had cruised to a two-set advantage, but Simon, who had won their only other two encounters, hit back spectacularly to take the contest into a fifth and deciding set. Federer was relieved to escape with a five-set victory and prevent losing for the first time in the second round at a Grand Slam event since the 2003 French Open. "Today I got lucky to go through," Federer said. "He's a great player. Matches against him don't come easy and they always go the distance. Hopefully I won't play him any more," he laughed. Federer will next play Belgium's Xavier Malisse in Friday's third round. Federer's victory equalled Swede Stefan Edberg's record (56-10) for the most Open Era wins at the Australian Open. Federer now has a 56-7 winloss record at Melbourne Park. The all-time Grand Slam champion with 16 major titles is bidding to become the second man to win five Australian titles behind six-time winner Roy Emerson.-Agencies

Butt congratulates Team on win

Pakistan win series vs NZ with a draw Pakistan win first test series in 4 years WELLINGTON: Pakistan captain Misbah-ul-haq led from the front, scoring his second half century of the match, to ensure his side batted out the final day to draw the second Test against New Zealand on Wednesday and claim their first series victory since 2006. Misbah finished the day on 70 not out, following on from his 99 in the first innings, as Pakistan reached 226 for five at the close of play, 48 runs short of their victory target of 274. Adnan Akmal was two not out as the visitors claimed their first series win since they beat the West Indies 2-0 at home five years ago. Misbah had shared in an 118-run stand with Younis Khan (81) -- their second century-stand of the match -after New Zealand had threatened to spoil the visitors' day when they reduced them to 42-3 in the first session. Chris Martin was particularly aggressive in the first session, taking 2-24 off nine overs and had the Pakistani batsmen frantically trying to see him off. New zealand captain Daniel Vettori also provided some concerning moments for the visitors, introducing himself in the eighth over and getting bounce from the harder ball and some turn out of the footmarks. Misbah and Younis, however, slowly but assuredly ground down the attack and

for long periods during the session between lunch and tea looked to have given up any pretence of chasing down the target before they slowly began to increase the scoring rate. New Zealand were given the slightest hope of a final session victory when Younis was caught by Reece Young off Tim Southee in the final over before tea. Misbah, who faced 172 balls and hit his fifth boundary to bring up his 50 after 255 minutes at the crease, and Asad Shafiq, however, continued to combine stoic defence and flirting with the possibility of launching a frantic final assault. In the final hour, Vettori trapped Shafiq in front for 24 to leave Pakistan 215-5 and while the New Zealand bowlers attempted to rattle them with several vociferous appeals, Akmal and Misbah negotiated their way through until the close. Chairman PCB Ijaz Butt has also congratulated the Pakistan Team on their victory in the Test series against New Zealand. According to PCB Media Department, Pakistan secured their first Test series win after four years when the second Test match at Wellington ended in a draw. The team had won the first test at Hamilton by ten wickets under vibrant Pakistan captain Misbah-ul-haq.Online-Online

Brian Lara tips India to win World Cup Monitoring Desk NEW DEHLI: West Indies batting legend Brian Lara picked India as favourites to win the World Cup starting next month but warned they would face enormous pressure playing before home crowds. Lara, 41, said MS Dhoni’s men have been in top form in both Tests and One-Day Internationals leading up the showpiece event, which will be hosted by India, Bangladesh and Sri Lanka.

“With the World Cup in Asia, India are definitely the favourites,” the former West Indies captain told reporters after conducting a coaching clinic for youngsters at the Firoz Shah Kotla stadium in New Delhi. “India have been on the top of their game, they will be a very tough team to beat. They have a well-balanced team that can compete with anyone in the world, but playing before home crowds will not be easy.”

WELLINGTON: Pakistan celebrates their win during day five of the Second Test match between the New Zealand Blackcaps and Pakistan at Basin Reserve .-Reuters

Nadal owns up a win; Clijsters off to flier MELBOURNE: Top-seed Rafael Nadal was handed an easy win at the Australian Open and Kim Clijsters humiliated Dinara Safina 6-0, 6-0 while former number one Ana Ivanovic was another high-profile casualty. Nadal was leading 6-0, 5-0 when Brazilian journeyman Marcos Daniel threw in the towel after being troubled by a left knee problem. Andy Murray went through in similar circumstances when Slovakia’s Karol Beck retired with a shoulder problem while trailing 6-3, 6-1, 4-2 during an actionpacked day two. Nadal will play US qualifier Ryan Sweeting next as he targets the “Rafa Slam” — the first time one man has held all four major titles since Rod Laver in 1969. The Spaniard’s heart went out to Daniel. “It’s a terrible feeling to pull out of a match with an injury and I wish him all the best and a fast recovery,” said Nadal. Swedish fourth-seed Robin Soderling beat Italy’s Potito Starace 6-4, 6-2, 6-2 in straight sets. Clijsters steamrolled the distraught Safina in just 44 minutes for her fourth white wash at the tournament, but the first against an illustrious opposition. Injury-hit Safina, a former world number one, was a beaten finalist just two years ago and she was again inconsolable as she left Rod Laver Arena, burying her head in her hands as she faced the media.-Reuters

Vettori steps down as captain WELLINGTON: Daniel Vettori confirmed he would be stepping down from the captaincy after the World Cup, making the second Test at the Basin Reserve his last at the helm. Vettori has captained the side in 32 Tests since he took over from Stephen Fleming in 2007, and sits third on the list of most Tests captained for New Zealand, behind Fleming (80) and John Reid (34). Vettori said that the plan had always been to step down after the World Cup and that nothing had occurred to convince him to extend his tenure as skipper. "I made that decision three and a half years ago," Vettori said. "So that's it. My timing was

always to finish after the World Cup and that stays the same." Vettori's stint has been a disappointing one for New Zealand, as his captaincy coincided with a significant dip in form for the Test team. Under him, New Zealand have won only six Tests in three years, with four of those wins coming against Bangladesh. They have lost eighteen Tests and drawn thirteen, with nine series losses out of thirteen. Throughout his captaincy, Vettori has been New Zealand's most consistent performer with the ball, taking 116 wickets at an average of 33.38, ahead of Chris Martin's 93 scalps at 35.08. He has also been routinely called upon to provide

stability to New Zealand's batting from the lower order. He's hit four centuries and nine fifties as captain and his aggregate since taking over - 1917 runs - stands behind only Ross Taylor's and Brendon McCullum's during the same period. For much of his captaincy, Vettori has been New Zealand's talisman. A tireless workhorse with the ball, and a courageous fighter with bat in hand. "There are always regrets, you always want to perform better," Vettori said. "But I can walk away from the captaincy thinking that I gave it everything, particularly with my performance."-Reuters

SA pick injured Kallis, Tahir for WC Monitoring Desk CAPE TOWN: South Africa put faith in Jacques Kallis returning from injury to boost its World Cup hopes after the key allrounder was included in the Proteas' 15-man squad on Tuesday. The 35-year-old Kallis was ruled out of the ongoing oneday series against India with a right side muscle injury, but South Africa's team management said at the squad announcement in Cape Town it was confident its leading player would be fully fit for

the Feb. 19-April 2 tournament. Kallis was part of the South Africa squad named by selection convener Andrew Hudson following the Proteas' two-wicket loss to India in the third one-dayer at Newlands. Also included for next month's World Cup in India, Bangladesh and Sri Lanka was Pakistan-born legspinner Imran Tahir and batting allrounder Faf du Plessis - who made a half-century on debut in Tuesday's defeat to World Cup co-host India. Graeme Smith will captain

the squad for the final time in a one-day competition after announcing he would step down from the ODI captaincy after the World Cup. Regular batsmen Hashim Amla, A.B. de Villiers and J.P. Duminy and fast bowlers Dale Steyn, Morne Morkel and Lonwabo Tsotsobe were all picked as were spinners Johan Botha and Robin Peterson - giving the No. 4 ranked Proteas three specialist spinning options - along with Tahir - on the spinfriendly pitches in the subcontinent.

Eng choose Matt Prior over Steve Davies LONDON: The return of Matt Prior is the major surprise in England's 15-man World Cup squad after he was preferred to Steve Davies for the wicketkeeper's role. Davies was the original glove man in the oneday squad against Australia, but won't be travelling to the subcontinent as England make another change behind the stumps. The rest of the squad was as expected with Ajmal Shahzad securing the final fast bowler's slot and James Tredwell, the Kent offspinner, named as back up for Graeme Swann and Michael Yardy. Paul Collingwood was included despite his recent omission against Australia, Luke Wright retained his spot as the spare allrounder and Stuart Broad is on track to recover from the stomach injury that kept him

out since the second Ashes Test in Adelaide. The last-minute switch to Prior was unexpected and meant England changed their one-day wicketkeeper for the third time in less than a year. Prior last played against Bangladesh, in Chittagong, in March where he batted in the middle order before being replaced by Craig Kieswetter, who held the position until the series against Pakistan in September, when Davies earned a chance. Davies scored 197 runs in five matches against Pakistan and when he was retained for the current series against Australia he appeared set for the World Cup. He made 42 in the opening ODI in Melbourne but it was a scratchy innings which included four let-offs. The selectors were not con-

vinced he was the right man for the subcontinent so Prior, who has been playing in the Big Bash for Victoria since the end of the Ashes, gets another chance at the top of the order. He will link up with the squad in Hobart ahead of the second ODI, where he will open with Andrew Strauss. "Matt Prior returns to the England ODI squad after a brief absence and given his recent form and his batting style, which is very well suited to the subcontinent conditions, we believe his inclusion is warranted," Geoff Miller, the national selector, said. "Despite some strong performances both with the bat and behind the stumps by Steven Davies, we feel that Matt's game will be better suited to the conditions in Bangladesh and India, the venues staging

England's group matches." Prior has played 55 one-day internationals and averages 25.38 with a strike-rate of 74.80, while his record in India, where England will play five of their six group matches, is unflattering with 158 runs in 11 matches at an average of 17.55. However, he did finish the Ashes series in strong form with 85 in Melbourne and 118 in Sydney, and has since hit 51 off 29 balls for Victoria on his Big Bash debut against Tasmania. Prior is guaranteed his place in the starting XI but the same can't be said of Collingwood after he was dropped for the opening match against Australia so he could "clear his mind". He is expected to be given some match time towards the end of the one-day series and has been backed to

be a key part of the World Cup. "Paul Collingwood may not have scored as many runs as he would have liked so far on the tour of Australia but he has been a consistently strong performer for England in limitedovers cricket for a long period of time," Miller said. "His experience, ODI knowledge and skills across all three facets of the game make him a valuable member of the squad and he'll be looking to make a big impact at another global event." Miller was also confident the squad had the depth to cope with all the challenges that will be put forward during the tournament. "With spin bowlers set to play a prominent role in this World Cup we feel we have quality and depth in Graeme Swann, Michael

Yardy and James Tredwell who have all shown their capabilities at international level," he said. "We believe we have selected an extremely exciting World Cup squad that offers balance with several options across the entire squad. With this tournament being staged on the subcontinent the conditions will require a specific style of cricket and we feel that we've selected a squad that can prosper in these conditions." Squad Andrew Strauss (capt), James Anderson, Ian Bell, Tim Bresnan, Stuart Broad, Paul Collingwood, Eoin Morgan, Kevin Pietersen, Matt Prior, Ajmal Shahzad, Graeme Swann, James Tredwell, Jonathan Trott, Luke Wright, Michael Yardy.Online


Obama, Hu vow cooperation, strike $45 bln deals WASHINGTON: US President Barack Obama and Chinese President Hu Jintao vowed on Wednesday to work to find common ground as the two countries announced $45 billion in export deals. After a year of strains, the leaders of the world's only superpower and its fastest-rising rival opened a Washington summit that put the focus on often diverging agendas on currencies, trade, global security and human rights. Welcoming Hu to the White House amid the pomp of a formal state visit, Obama hailed the event as a chance to demonstrate

that "we have an enormous stake in each other's success." Seeking to show the benefits of economic ties, the two countries reached agreement on export deals worth $45 billion, including China's purchase of 200 Boeing <BA.N> aircraft, a senior US official said shortly after talks began. "Even as our nations compete in some areas, we can cooperate in others," Obama said. "Let us seize these possibilities together." Gently raising China's human rights record, he said: "History shows that societies are more harmonious, nations are success-

ful and the world is more just when the rights and responsibilities of all nations and all people are upheld, including the universal rights of every human being." Hu said he had come to "enhance mutual trust" and open a new chapter in relations but signaled he would bristle at any effort to push China on its currency practices, human rights and other disputes that it deems to be domestic matters. "China and the United States must respect each other's choices in development and each other's choices in development paths and each other's core interests," Hu said.-Reuters

US housing starts lowest since late 2009 W A S H I N G T O N : Groundbreaking on new US home construction fell more than expected in December to its lowest in over a year, suggesting the battered housing sector remains a major roadblock to economic recovery. US housing starts dropped to an annual rate of 529,000 units, the Commerce Department said on Wednesday, down from November's 553,000 and well below forecasts around 550,000 in a Reuters poll. At current levels, starts account for less than a quarter of their boom-time peaks. At the same time, building permits soared, a hint of opti-

mism about future demand. Permits jumped 16.7 per cent to 635,000, far above a median forecast of 560,000 and the biggest jump since June 2008. However, changes to state building codes set to take effect in January may have boosted permits in California, Pennsylvania and New York in December, the report said. For example, permits surged 80.6 per cent in the Northeast last month. Financial markets had a muted reaction to the figures, though gold prices did hit a session high following their release. Jennifer Lee, senior economist at BMO Capital Markets in

Toronto, called the housing report "very disappointing." "Some builders went ahead in December with projects to beat the change (in building codes), so that is reflected in the headline," she said. "Look for a big retracement in January permits, which in turn, is not good news for starts." Housing was at the epicenter of the worst financial crisis in generations, which began when banks started to take a hit from rising defaults in the mortgage sector in the summer of 2007. Real estate continues to be plagued by foreclosures, which topped 1 million for the first time ever during 2010.-Reuters

Germany lifts 2011 growth forecast to 2.3 pct BERLIN: Germany raised its 2011 growth forecast by half a per centage point to 2.3 per cent on Wednesday, predicting the recovery in Europe's powerhouse will broaden and that previously sluggish domestic demand will pick up. The Economy Ministry's forecast was slightly below a Reuters poll forecast on Wednesday for a 2.5 per cent expansion in 2011, though some economists expect growth to be almost as strong as last year's 3.6 per cent. "The German pick-up is extra large. Now we have to make sure it's extra long," Economy Minister Rainer Bruederle told a news conference. "The time of nerve wracking stop-and-go is over. Now we can put our foot on the accelerator." Germany's rebound from its sharpest post-war recession has been surprisingly strong, marking its fastest growth last year since reunification and leaving euro zone peers trailing. Recent bullish data has bolstered expectations Germany's strong run will continue, while euro zone nations like Ireland, Greece and Portugal are being held back as they struggle with a sovereign debt crisis. The ZEW think tank's gauge of German investor sentiment this month surged past expectations, reflecting confidence the industrial sector will create jobs and spur investment. As economic recovery has boosted the labour market, the government predicts the unemployment rate will fall to 7.0 per cent this year from an average of 7.7 per cent last year.Reuters

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ordered to take absolute bed-rest when at home for at least several days." The physician cited in the report said: "After the operation, there seemed to be some brain damage with Mullah Omar having slurred speech." "Three-four days in hospital is consistent with cardiac catheterization and or cardiac stent placement. Bed rest and aphasia (difficulty speaking) post-catheterisation could be from a bleeding complication." It also said the ISI was keeping the Quetta Shura "informed" about Omar's recovery at "an ISI 'guest house' in Karachi under ISI guard", the Post said. An US official from Kabul said: "No one on this end has heard this." But he quickly added that "it doesn't mean it's not true -- we just have no information to confirm or dispute these facts". -Online

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that has been in place for days, saying the security situation had improved, but a state of emergency that bans any public assemblies remained in place. Interim president Foued Mebazaa and Prime Minister Mohammed Ghannouchi on Tuesday quit the RCD, which has dominated Tunisian politics for decades. "Let's not throw the baby out with the bath water," Tunisia's Le Quotidien daily commented in an editorial that emphasised the new national unity government was temporary and would prepare for democratic elections. "The resentment is legitimate but it should not transform itself into a blind hatred that blocks the victorious march of the Tunisian people towards liberty," said the independent daily. "The creation of a national unity government is the only path towards this final victory. The participation of the RCD in this government should not be a source of discord or a stumbling block," it said. Thousands protested across Tunisia on Tuesday, with police firing tear gas in the centre of Tunis to disperse demonstrations as four ministers pulled out of the government in protest against the RCD just a day after it was announced. In an apparent bid for political survival, the once all-powerful RCD also officially expelled Ben Ali, who was forced to resign following a wave of protests in which dozens of people were killed. The tumultuous events in Tunisia -- dubbed the "Jasmine Revolution" -- have inspired dissident across the Arab world and sparked protests in various countries including Algeria, Egypt, Jordan and Egypt. Ben Ali was the first Arab leader in recent history to quit after protests. The United States meanwhile welcomed reforms announced by the new government, including media freedoms and the liberation of all political prisoners, but said political change must broaden and deepen.-Agencies

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Members committee asked Defense Ministry to ensure the transparent investigations and submit the report in the next committee meeting. Committee also stressed the Ministry of Defense to bound private airlines in the National Civil Aviation Policy 2011 to start in country nonprofit routes as well, beside the profitable routes. Defense Secretary Athar Ali told the committee while briefing on NCAP 2011 that Pakistan owns 44 airports, out of which only four airports are permitted to conduct international flight operations. He further told that Federal Defense Minister Ch. Ahmed Mukhtar has approved the new policy whereas for final approval, it will be presented in cabinet meeting. Chairman committee directed the ministry to include the recommendation made by the senate in new policy. Committee expressed its anger upon abolishing the fine of Rs0.5 million on noncompliance with in country non-profitable flight routes. Secretary Defense told the committee that in new policy, regulations have further been tightened. Ministry officials briefed the committee on Benazir and Gwadar International Airports where committee directed to write the Balochistan Government for not giving the possession of Gwadar International Airport to CAA despite making all payments. -Online

11

International & Continuation

Thursday, January 20, 2011

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explosives-filled car in the midst of a crowd of Shiite pilgrims, killing two and wounding 16 other people, an official in the provincial security command said. Among the wounded were Diyala deputy governor Sadiq al-Husseini and three of his bodyguards, and two media employees of local satellite channel Diyala TV. "I was in the procession tent when a VIP arrived with several cars and guards around him," said Zaid Essam, one of the wounded pilgrims, speaking from Baquba hospital. "When he came close to the tent, an unmarked car suddenly came from the opposite side, trying to enter the tent to target him. But, because there were several obstacles protecting the tent, the car exploded outside and everything was thrown into the air."-Agencies

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"We want a competition where nobody's got their thumb or fist on the scale," she said. Last week, Treasury Secretary Timothy Geithner said that if Beijing wants more investment opportunities in the US and access to high technology products, it also must allow a more level playing field for US companies in China. -Agencies

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The rejig saw no major change in the key ministries of finance, home, defence and foreign affairs, a government statement showed on Wednesday after the stock market closed. Foreign funds have been sellers of Indian shares in nine of the 12 initial sessions of 2010, pulling out a net of around $710 million. The main index is down 7.5 per cent year-to-date. Brazil's Bovespa and Russia's RTS index have gained 2.3 per cent and 7.6 per cent year-to-date, while China's Shanghai Composite Index has shed 1.8 per cent. On Wednesday, gainers almost matched the number of losers in the broader market in low volume of 329 million shares. Tata Steel gained 1.2 per cent after the world's seventhlargest steel maker raised $112 million from anchor investors at the upper end of an indicated price range ahead of a public share offering. Financials mostly declined with the central bank expected to unveil a hawkish monetary policy next Tuesday, in an effort to tame spiralling inflation. Top lender State Bank of India and private-sector lender HDFC Bank dropped 1.9 per cent and 1.5 per cent, respectively. Mortgage lender Housing Development Finance Corp eased 0.7 per cent.-Reuters

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Villalta said he was still bullish on financials for 2011, however, noting the sector's recent gains. Financials have been among market leaders in the recent rally, with the S&P 500 up 12.7 per cent since the start of the fourth quarter. Data from Thomson Reuters StarMine last Friday suggested most banks would missing earnings expectations, and Reuters Quantitative Analyst Mike Tarsala cited weak trading revenues among factors hampering results. Hurting the Dow were shares of American Express Co, down 2.7 per cent at $45.14. The company said restructuring charges, related to closing down some locations in its global servicing network, would reduce fourthquarter earnings. -Reuters

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Thursday. Groundbreaking on new US home construction fell more than expected in December to its lowest in over a year, suggesting the battered housing sector remains a major roadblock to economic recovery. "There's a bit of a dance going on, the indexes go up and hit new highs and then pull back as nervousness creeps in," said Karen Olney, head of thematic strategy at UBS. Retailers such as Marks & Spencer , Next and Morrison Supermarkets fell as much as 2.3 per cent after investors' confidence was dented in the sector following updates from Kesa and HMV. Europe third largest electricals retailer, FTSE 250 listed Kesa, shed 9.8 per cent after warning on full-year profits, Continued from page 12 No #4 while small cap HMV slid 2.9 per cent on worries over its future Pakistan including 24 ambulances and other medical equipment. as credit insurers reduced the cover they are prepared to give to General Volker Wieker lauded the role and sacrifices of Pakistan against suppliers of the music and book retailer. the war on terror, saying that Pakistan was a key ally and its role was of Morrison Supermarkets was also weighed on by a Morgan vital importance to bring peace and stability in the region. -Online Stanley downgrade to "underweight".-Reuters

BOJ says Japan near end of lull, upbeat on economy TOKYO: Japan's economy is expected to escape from a lull by March or at least during the first half of this year, the Bank of Japan's top economist said, in a sign the central bank is turning more confident about the prospects of an early return to moderate recovery. Economic growth may have contracted in the final quarter of last year but that was likely a temporary dip with some bright signs seen in exports, output and private consumption, said Kazuo Momma, the head of the BOJ's research and statistics department. "There are various factors that could destabilise the global

No #10

economy which, through exchange-rate and other market moves, could affect the Japanese economy. But the outlook for this year is positive," he told a seminar on Wednesday. His comments echo those by some regional BOJ branch managers who signalled on Monday that an end to a lull in the economy was in sight. Private economists are divided on exactly when Japan will pull out of the doldrums, with Momma's view leaning towards the side of the optimists. "I don't see Momma's view as too optimistic or out of line given robust overseas growth and prospects for a recovery in

factory output," said Naoki Iizuka, senior economist at Mizuho Securities. SHIRAKAWA BRIEFS KAN The BOJ is expected to tweak its growth forecasts slightly next week while keeping monetary policy on hold and sticking to its view that firm demand in Asia will pull the economy out of stagnation in a few months. Momma projected that Japan's economy would expand more than 3 per cent in the year ending in March and grow anywhere between 1 and 2 per cent the following year. That is roughly in line with estimates by private sector analysts.Reuters

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12,563 points (-ve 94 points). Further, experts also said that uncertainty regarding the upcoming monetary policy too was the factor that kept the locals on the selling side.There are fears that the State Bank of Pakistan in its monetary policy on 29th Jan may increase the key discount rate due to higher inflation and excessive government borrowing. It is worth mentioning that in its last monetary policy announced in November 2010 central bank raised the key interest rates by 50 bps to 14 per cent.

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development requires long term projects and if development projects had been initiated before we came into power than today we would not have been facing gas and power crisis. He said our govt has initiated many development projects in all sectors including new projects for production of gas and power however their completion would take some time. PM said due to rising population and establishment of new cities the gap between demand and supply of power and gas is increasing due to which short fall has occurred. He said in order to sort out all these problems we have started dialogue process with all the political parties and we would implement their suggestions and output. He said that besides deteriorating economy we are also facing the menace of terrorism. We have consulted all opposition parties on this matter as well and have sent a clear message to the world that Pakistan has given the most sacrifices in the war on terror and also bore damages of terrorism. He said no compromise would be made on national security.

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Resources in a meeting held on Wednesday. The meeting was presided over by Sheikh Waqas Akram, MNA-Chairman Standing Committee. To a question, regarding circular debt of PSO, MD apprised that the chas been paying interest of Rs37 million per day to the banks over the circular debt. The Committee directed to the Ministry of Petroleum and Natural Resource to approach the Ministry of Finance for helping out PSO over the issue of circular debt. While giving presentation to the committee, GM Mari Gas Company Limited apprised that MGCL is a private sector public limited company and is listed on all stock exchanges of the country. The Committee was also briefed by the Management of the Pakistan Mineral Development Corporation (PMDC) over its performance. -APP

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this regard. The report said that more than 8000 Nato-oil tankers are missing from all over the country and the goods have been sold. The police have seized the goods including weapons and sensitive goods. The police have filed case against the traders those were selling these goods. -Online

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Talking to media, Nabeel Gabol said the police raided my house in a fashion similar to that of a commando action. "Raids are being conducted in a bid to take me into custody," he added. However, CCPO Karachi Fayyaz Leghari has denied Nabeel Gabol's claim of a police raid on the latter's house, saying no such raid was conducted.

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of between 3.7 and 3.8 million tonnes and millers say that with the imported stocks of roughly 400,000 tonnes there should be enough to meet domestic demand. Pakistan consumes about 4.2 million tonnes sugar a year. "The country has sufficient stocks to meet demand and there is no need to import sugar at this stage," Javed Kayani, chairman Pakistan Sugar Mills Association (PSMA) told Reuters. "The government should not allow sugar imports from India, which has surplus sugar and wants to dump it in the Pakistani market," he said.-Reuters

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foreign policy. Briefing the journalists after the meeting with the government team, PML President Chaudhry Shujaat Hussain said that government could implement this plan within days without spending even a single penny from the national kitty. "Our agenda is purely on technical basis and rising above the party-lines, we have suggested the government a comprehensive strategy to tackle the economic crisis. If the capital flight from the country is plugged and all money invested or kept in foreign banks is recovered, the country would have no need to seek loans from the IMF or World Bank," he asserted. He also asked the Federal Board of Revenue (FBR) to publish all lists of those politicians and their family members who had got their loans written-off. He also said his party was the only opposition party and it would be the last political outfit to join the government. He said meetings with the government delegations should not be taken as his party was going to join the treasury benches and rather consultation process was being adopted for a national cause. Giving outlines of his party's agenda, PML Secretary General Mushahid Hussain Sayed warned the ruling party of a Tunis-like public rebellion if the matters were not redressed immediately.-Agencies

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fish and fish preparation export surged 35.2 per cent and spices by 15.3 per cent over the same period last year.

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from any part of the country so far. There are reports regarding tsunami in Indian Ocean as well. He said in October 2005 a 7.6-magnitude earthquake struck the country and killed more than 73,000 people, mainly in Kashmir and parts of the country's northwest Khyber Pakhtunkhwa province. According to a private news channel report, a heart patient woman died on experiencing the quake tremors in Quetta. Another woman was killed when a quake-shaken wall collapsed on her in Garhi Khairo.

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Committee (PAC) has directed Federal Board of Revenue (FBR) to make tax recovery system friendly besides gearing up the pace of recovery and presenting the report to committee on this count within a month. Committee met here Wednesday under member of committee Zahid Hamid in the absence of Chaudhry Nisar Ali Khan. Committee directed FBR to expedite the recovery process and not to give any such impression that PAC was opposed to any commercial activity. -Agencies

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Nawabshah, Hyderabad, Quetta, Naseerabad, Kharan, Lahore, Sargodha, and Dera Ghazi Khan, he added. He said there are no initial reports of damage or casualties from any part of the country so far. There are reports regarding tsunami in Indian Ocean as well. He said in October 2005 a 7.6magnitude earthquake struck the country and killed more than 73,000 people, mainly in Kashmir and parts of the country's northwest Khyber Pakhtunkhwa province. According to a private news channel report, a heart patient woman died on experiencing the quake tremors in Quetta. Another woman was killed when a quake-shaken wall collapsed on her in Garhi Khairo.

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ballooned by 368 per cent, palm oil by 60.6 per cent, spices 52.4 per cent and soyabean oil 6.8 times, while wheat un-milled import bill decreased 97.8 per cent mainly due to ample wheat stock available. Furthermore, textile group import bill increased 67.7 per cent to $1.24 billion against $742 million over the previous year's same period. The major hike in this sector witnessed from raw cotton and synthetic fiber which swell by 78.9 per cent and 47.4 per cent respectively.

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existing 7600 barrels per day to more than 9100bpd. The notable increase in oil production is witnessed from Manzalai-CPF which is now producing 7500bpd versus last week production of 6000bpd. Similarly, gas production from Tal block has surged from 310mmcfd to 345mmcfd. This was also contributed by Manzalai-CPF whose gas production increased from 288mmcfd to 323mmcfd. As per research analyst of Topline Securities, higher production from Manzalai (in Tal block) is primarily due to commissioning of Maramzai, the second last discovery in Tal block which initially tested to produce approx. 800bpd of oil. Moreover, oil production numbers from Maramzai (also in Tal block) has also improved. Thus, total oil production from Tal block including Manzalai, Mamikhel, Maramzai and Makori has crossed 9100bpd, he added. Similarly gas production from Tal block has increased from 300mmcfd to 340mmcfd primarily led by Maramzai factor. Maramzai was initially tested to produce 20mmcfd of gas.


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Twin blasts kill 15 Iraqis BAQUBA: A suicide bomber rammed an ambulance packed with explosives into a security headquarters Wednesday, killing 13 people in the second major attack against Iraqi forces in as many days. Another suicide attack in a nearby town killed two others and wounded a top provincial official, shattering a relative calm in Iraq following the formation of a new government by Prime Minister Nuri alMaliki last month. "I was on my way to the market close to the building when I saw the ambulance arrive at the entrance," 53year-old Sumaya Sabr, who suffered wounds to her head in the first blast, said from her hospital bed in Baquba, capital of Diyala province and site of the first attack. "The guards tried to speak to the driver, and when they got close to the ambulance, it blew up. I can't remember anything else -- I woke up in the hospital." Firaz al-Dulaimi, a doctor at Baquba hospital, put the toll at 13 dead and 64 wounded. The explosion also damaged nearby buildings, including the al-Batool women and children's hospital. Three young children and their teacher were also wounded at a nursery school, an official at Diyala Operations Command said. Local officials imposed a vehicle curfew on Baquba, not allowing any cars in or out, and security forces cordoned off the scene of the blast. About 90 minutes later in the nearby town of Ghalbiyah, a suicide bomber blew up his See # 5 Page 11

Presidency denies hiring of foreign guards ISLAMABAD: A spokesman to the President Wednesday rejected media reports of hiring of foreign security guards for President Asif Ali Zardari and termed these as "completely devoid of truth." "No proposal whatsoever is under consideration to employ or seek foreign guards for the security of the President," spokesman Farhatullah Babar said. He said the security detail in the Presidency was still the same as was in place before President Asif Ali Zardari took oath of office. "In fact, none of the personal staff of the President from the Military Secretary to Deputy Military Secretary (DMS) to ADCs and to senior security officials that were in place before President Zardari's taking over have been changed and same officers who were working in the Presidency before, are continuing in their positions," he added. Babar said regurgitation of baseless reports about hiring foreign security guards despite denials only promotes sensationalism and does not serve the cause of fair and objective reporting. -APP

AllWorld announces Pak 25 fast growing cos

ISLAMABAD: Minister of State for Finance & Economic Affairs Hina Khar and Bulgarian Minister of Foreign Affairs signing an agreement on economic cooperation.-Online

Sharif urges game plan for national growth ISLAMABAD: PML-N Quaid Mian Nawaz Sharif has said no project can be completed without time frame, adding if time limit is fixed for construction of a building then why it cannot be done so to achieve important national objectives. Mian Nawaz Sharif was presiding over high-level meeting of party here Wednesday. A 4-member committee which presented 10-point agenda to the government on behalf of party briefed party Quaid and other leaders about the details of the joint meeting held with the committee set up by the federal government under finance

minister. Meeting was attended by Raja Zafar-ul Haq, Iqbal Zafar Jhagra, Chaudhry Nisar Ali Khan, Ishaq Dar, Sardar Mehtab Ahmad Khan, Khawaja Muhammad Asif, Ahsan Iqbal, Khawaja Saad Rafiq, Pervez Rashid and others. Mian Nawaz Sharif urged the participants of the meeting to abandon all their engagements to ensure materialisation of national agenda. PML-N had raised voice for implementation of agenda in the national interest and not for the sake of personal or political gains, he maintained. Pakistan was facing unusual situation therefore,

German mily delegates call on Mukthar

Afghan peace bids to go on, vows Pak RAWALPINDI: Federal Minister for Defense Chaudhry Ahmed Mukhtar said that Pakistan would continue its endeavors to promote sustainable peace and stability in Afghanistan. According to the press release issued here Wednesday, he said that a peaceful, prosperous and stable Afghanistan was not only in the interest of Pakistan but for the entire region. He expressed these views during a meeting with the visiting German military delegation, led by General Volker Wieker, Chief of Defence Staff German Armed Forces, who called on him. The meeting discussed PakGerman defense cooperation, Pakistan's anti-terror contribution and specially its role in promoting peace and stability in the region. Talking to the German military delegation, the Minister said that Pakistan attached

great importance to its ties with Germany and wanted to further expand and consolidate its relations with Germany in all areas of mutual interest. He stressed the need for further promoting bilateral cooperation in the areas of trade, economy and defense. He briefed the visiting delegation about the counterterrorism measures taken by Pakistan specially its role in combating and defeating terrorist elements in the areas of Swat, Bajaur, Mohmand and South Waziristan Agency. He informed the delegation that Pakistan had achieved remarkable progress against combating the menace of terrorism. He said that Pakistan had rendered greater sacrifices against the war on terror. Minister thanked the German government for providing donation of medical equipment for the Armed Forces of See # 4 Page 11

every work would have to be done on war footing, he underlined. A delay could aggravate the problems rather than resolving them, he observed. Prime Minister Syed Yousuf Raza Gilani may have nodded yes for implementation of agenda after due consideration, he said, adding we will change the despair into hope through realisation of agenda within 45 days. Mian Nawaz Sharif reached Islamabad from Lahore for getting awareness on the progress made during the talks between PML-N team and government team and for consultation towards evolving future strategy. -Agencies

Senate body

sanctions NCAP â&#x20AC;&#x2DC;11 ISLAMABAD: Senate Standing Committee on Defence and Production has directed to investigate the accident of boy who fell of from the aeroplane, and also approved the National Civil Aviation Policy (NCAP) 2011 with certain amendments. Standing Committee on Defense Production held its meeting here in Islamabad on Wednesday chaired by the chairman committee Javed Ashraf Qazi. During the course of the meeting, Defense Secretary Athar Ali told the members that an inquiry committee has been setup in the chair of Joint Secretary Arshad Farooq Saleem to investigate the accident of boy who fell of from the aeroplane. The commitee will present its report following the combined findings of Civil Aviation Authority (CAA), Airport Security and Punjab Police. See # 3 Page 11

ISLAMABAD: The Pakistan Fast Growth 25 companies have grown an average of 81 per cent a year for the past three years. "They paint Pakistan in a new light, suggesting that Pakistan is a strong country for entrepreneurship", says a statement issued here Wednesday. According to a statement, AllWorld Network announced in Pakistan and world-wide the winners of the Pakistan Fast Growth 25, a ranking of fast growth entrepreneurial companies. The Pakistan Fast Growth 25 is a program of AllWorld Network in partnership with Harvard Business School Professor Michael Porter and was launched in collaboration with JS Bank Limited. Joining the Pakistan 25 were Nominating Partners FPCCI, Rawalpindi Chamber of Commerce & Industry, TiE, P@sha and Knowledge Partner Mishal (Pvt) Ltd. As a group, the Pakistan 25 broke AllWorld records for high growth of 8 countries in the Middle East, Africa and South Asia. The companies who made the Pakistan 25 posted 81 per cent annual growth rate between 2007 and 2009 with an average size of 400 employees per company, and since inception they have created 12,000 jobs. On average the entrepreneurs are 41 years old, with a number having founded other successful companies. Leading the Pakistan 25 growth rankings are companies in High-Tech and Telecommunications, and Agriculture and Textiles. Many of these rising Pakistan 25 companies are not just serving local markets, but are competing globally. "These results despite all odds project the force and sheer passion of these vibrant business leaders. At JS Bank, we have always supported entrepreneurs and have taken initiatives that create an environment friendlier for within the entrepreneurship space. We are pleased to see our partnership with Allworld bring to frontline such amazing success stories of these compelling entrepreneurs." Kalimur Rehman, President JS Bank. -Agencies

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Both agree to up multilateral ties

Bulgaria backs Pakistan for EU trade concessions ISLAMABAD: Pakistan and Bulgaria Wednesday decided to expand and strengthen their bilateral relations in various fields including defense, economy, trade and culture. This was stated by Foreign Minister Shah Mehmood Qureshi and his Bulgarian counterpart Nickolay Evtimov Mladenov while addressing a joint press conference here after holding bilateral talks at Foreign Office. Shah Mehmood Qureshi said both the countries have decided to expand political consultations and their next round will be held this year. Qureshi said both the countries will sign an agreement Thursday (today) to promote economic ties and expand bilateral trade and investment, added both nations have also decided to establish linkages between their universities. The Bulgarian Foreign Minister Nikolay Mladenov giving details of the talks said that his country appreciates Pakistan role in the fight against terrorism. He said Bulgaria has rich experience in generating coal energy and can share its experience with Pakistan to overcome energy crisis. Bulgarian Foreign Minister

said his country fully supports Pakistan in European Union to get trade concessions and improve its economy. Replying to a question both the Foreign Ministers said that Pakistan and Bulgaria are supportive of reconciliation process in Afghanistan to bring normalcy there but it should be led by the Afghans themselves. Answering a question Shah Mehmood Qureshi said: "Pakistan and Afghanistan are developing their relations at all levels and there is a qualitative change at military and political levels during the past few years." Responding a question regarding resumption of Pak-India dialogue, Qureshi said: "Pakistan wants to have productive and constructive dialogue with India to resolve all outstanding issues including Kashmir." He said there is growing realization in India that Kashmir movement is indigenous and it should be resolved through political ways. Replying to a question the Bulgarian Foreign Minister said the international community must take collective stand against radicalism and there should be religious harmony all over the world to fight these elements. -Agencies

Pak terms intelligence report baseless

TWP says Mullah Omar in Karachi WASHINGTON: Pakistan's ambassador to the US Husain Haqqani Tuesday said report of ISI taking Afghan-Taliban leader, Mullah Omar, to hospital after he suffered a heart attack earlier this month "had no basis whatsoever". "Sometimes intelligence tips received by professionals turn out to be wrong. The story about Mullah Omar falls under that category. You might recall a similar story from 2001 about Osama bin Laden receiving dialysis treatment that turned out to be incorrect, and the fabrication of those who wanted to give Pakistan a bad name," Haqqani was quoted as saying by The Washington Post. He went on to say that "Pakistani intelligence, military

and law enforcement personnel continue to hunt down wanted al Qaeda and Taliban figures and will apprehend anyone if and when we have hard intelligence, which is very different from speculation circulated by contractors". The Washington Post cited the intelligence network, which runs under the auspices of a private company The Eclipse Group as saying that Omar was "rushed" to the hospital Jan 7 by the ISI. The Eclipse report said: "The ISI rushed him to a hospital in Karachi, where he was given heparin (an anticoagulant) and operated on." "After 3-4 days of post-operative care in the hospital, he was released to the ISI and See # 1 Page 11

Tunisia political upheaval continues

Hundreds rally against govt; two minister quit TUNIS: Hundreds of Tunisians rallied against their new government on Wednesday, as the leadership tried to defuse public anger over the continued power of the former ruling party. "Ben Ali has gone to Saudi Arabia, the government should go there too," more than 1000 protesters chanted in central Tunis, referring to former president Zine El Abidine Ben Ali who fled on Friday after 23

years of iron-fisted rule. "We want a new parliament, a new constitution, a new republic. People rise up against the Ben Ali loyalists!" they chanted at the peaceful demonstration. Some of them waved placards reading: "Down with the RCD!" An opposition leader who has joined the government as regional development minister told foreign media that the first cabinet meeting would be held

Thursday (today) but a government spokesman said the exact date was still up in the air. An opposition source said the priorities at the cabinet meeting would be to draw up a national amnesty law for victims of the former regime, as well as concrete moves to break up the RCD's stranglehold on organs of state. The authorities meanwhile eased the timing of a curfew See # 2 Page 11

Chinese President Jintao reaches Washington, meets Vice President, business leaders

Giants in search of common ground WASHINGTON: President Barack Obama is lavishing the grandest of White House welcomes on Chinese President Hu Jintao as the leaders of the world's two top powers try to find common ground on economic and security issues without alienating their domestic audiences. With many Americans blaming China at least in part for the high US unemployment rate, both presidents will be looking to build trust in a relationship grounded in mutual interest but troubled by intractable disputes.

It follows an up and down two years in which an assertive China initially cold-shouldered the US on climate change, did little to reel in its unpredictable ally North Korea and responded limply to US pleas to mitigate trade imbalances. For its part, the US riled China by selling arms to Taiwan and inviting Tibet's spiritual leader, the Dalai Lama, to the White House. Both sides are now setting a more positive tone. Hu was welcomed on arrival at Andrews Air Force Base by Vice President Joe Biden and

then attended the first of two dinners Obama is hosting for him during his four-day US stay. After talks Wednesday, the two leaders will hold a joint news conference - just four questions allowed. They are expected to announce an agreement to establish a jointly financed nuclear security center in China. "Overcoming the sense of mistrust is probably the most important thing," said Charles Freeman, a China expert at the Center for the Strategic and International Studies, a Washington-based think tank.

Hu's visit comes as the political trajectory has shifted for both nations. China's success in weathering the global economic crisis coincided with an increasing confidence - critics would say brashness - on the world stage and worries among its neighbors in Asia over its growing military clout. Ultimately, that distrust has benefited the US, as nations such as Japan, South Korea and even Vietnam have looked to cement stronger ties with the US as a regional power. The US economy has shown

signs of recovery and Obama also has rebounded from his own political problems, notably the loss of one house of Congress to the Republican Party in November midterm elections. A nuclear arms reduction treaty he orchestrated with Russia was approved, and he has been lauded for a touchstone speech in the aftermath of the shooting massacre in Arizona. His previously stellar poll ratings have begun to recover after months in the doldrums. That shift in fortunes is unlikely to translate into major

concessions from Hu, but Obama may encounter a more amenable Chinese leader, who will be looking to burnish China's image in the US and his own standing before he steps down in 2012. China now holds the world's largest foreign currency reserves at $2.85 trillion and a major chunk of US government debt. Economists predict it could become the world's largest economy, eclipsing the US, within 20 years if not sooner. But perceived diplomatic missteps and reports that Hu

was unaware when he met this month with Defense Secretary Robert Gates about a test flight of China's new stealth fighter have raised questions over his control of the military. The Obama administration remains leery of steps that would infuriate China, favoring persuasion instead. Secretary of State Hillary Rodman Clinton, interviewed Wednesday on ABC's "Good Morning America," said a principal aim of this week's talks is to level the playing field on trade. See # 6 Page 11

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

The Financial Daily-Epaper-20-01-2011  

The Financial Daily Epaper