The Financial Daily-Epaper-20-10-2010

International Karachi, Wednesday, October 20, 2010, Zul-Qa’dah 11, Price Rs12 Pages 12

Drone strikes hurting ties with US: Qureshi

Tharcoal block-II to attract $12bn inflow

See on Page 2

B'stan demands Rs200bn of Centre

See on Page 12

SCBA returns Rs1mn cheque to Awan

See on Page 12

See on Page 12

President, PM condemn attack; death toll reaches 36 in 24hr

Economic Indicators $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.83mn

Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)

GDP Growth FY10E Per Capita Income FY10 Population

Hitmen claim 13 in Shershah l 1-day mourning declared; trade, transport to stay closed l Gabol demands comprehensive military operation

Portfolio Investment SCRA(U.S $ in million)

Total Portfolio Invest (8 Oct-2010)

NCCPL (U.S $ in million)

FIPI (19-Oct-2010) Local Companies (19-Oct-2010) Banks / DFI (19-Oct-2010) Mutual Funds (19-Oct-2010) NBFC (19-Oct-2010) Local Investors (19-Oct-2010) Other Organization (19-Oct-2010)

0.47 0.73 -0.57 -0.03 -0.95 0.76 -0.41

Global Indices Index Close KSE 100 10,464.89 Nikkei 225 9,539.45 Hang Seng 23,763.73 Sensex 30 19,983.13 ADX 2,807.00 SSE COMP. 3,001.85 FTSE 100 5,719.13 *Dow Jones 11,029.60 *Last Updated 20:00 PST

Change 19.50 40.96 294.35 185.76 29.62 46.62 23.39 114.09

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 2.60 111.64 18.70 160.60 2.00 42.94 1.70 36.50 9.88 33.94

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)

12.83% 13.07% 13.22% 13.50% 12.73% 13.00% 13.21% 13.61% 13.71% 13.64% 13.75% 13.78% 14.23% 14.34% 14.51%

06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010

Commodities *Crude Oil (brent)$/bbl 82.59 *Crude Oil (WTI)$/bbl 81.16 *Cotton $/lb 111.82 *Gold $/ozs 1,342.40 *Silver $/ozs 23.80 Malaysian Palm $ 937.40 GOLD (NCEL) PKR 37,962 KHI Cotton 40Kg PKR 7,984 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.20 Canadian $ 84.10 Danish Krone 15.80 Euro 119.10 Hong Kong $ 11.00 Japanese Yen 1.041 Saudi Riyal 22.95 Singapore $ 65.20 Swedish Korona 12.70 Swiss Franc 88.90 U.A.E Dirham 23.45 UK Pound 136.60 US $ 86.15

85.20 85.20 16.40 120.60 11.30 1.067 23.10 66.20 13.30 90.35 23.60 137.60 86.45

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

84.67 84.16 16.01 119.45 11.06 1.054 22.88 65.77 12.89 89.31 23.36 136.16 85.88

84.86 84.36 16.05 119.73 11.09 1.057 22.93 65.93 12.92 89.51 23.41 136.47 86.06

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Staff Reporter/ Agencies

51.59 2.36 1.30 2461

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MIN

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KARACHI: A large number of people gathered outside Civil Hospital where several bodies and injured men were brought after the firing incident of Shershah. -Online

$2bn US aid plan enters its final lap WASHINGTON: The Obama administration is putting the final touches on a security assistance package totaling as much as $2 billion over five years to help Pakistan fight extremists on its border with Afghanistan.

The aid is expected to be announced later this week when Pakistani officials are in Washington to hold high-level strategic talks, US officials and diplomatic sources told CNN channel.

The package aims to address Pakistan's insistence it does not have the capability to go after terrorists and needs more support from the United

States, the sources said.

The aid will help the Pakistanis purchase helicopters, weapons systems and equipment to intercept communications.

It falls under the US's Foreign Military Financing (FMF) program, which provides grants and loans to countries to purchase weapons and defense equipment produced in the United States.

According to the channel, $2 billion package is on top of billions of dollars the United States already gives Pakistan in military aid and a $7.5 billion aid package over five See # 18 Page 11

3M C/A deficit dips to $545mn Staff Reporter KARACHI: Pakistan's current account deficit for JulySeptember narrowed to a provisional $545 million, compared with $587 million in the same period last year, the central Bank said on Tuesday.

In September, the current account stood at a provisional surplus of $447 million, compared with a deficit of a $372 million in August, the State Bank of Pakistan said.

"The two main reasons for the surplus in September are an increase in private current

transfers and a lower trade deficit," said Asif Qureshi, director at Invisor Securities Ltd. Pakistan's trade deficit for September stood at $1.16 billion, compared with $1.24 billion in August.

Analysts also said the main reason for the surplus could be the grants or private transfers sent to Pakistan following the floods.

Current transfer is a one-way transfer, which means Pakistan would not have to return the money. They amounted to See # 19 Page 11

Premier Oil mulls $500mn bid

UK oil co eyes BP’s Pakistan gas works LONDON: Premier Oil is mulling a $500 million bid for British Petroleum's gas production business in Pakistan, the Times said on Tuesday.

Citing people familiar with the talks, the newspaper said it is not certain whether Premier or Mubadala -- the Abu Dhabi sovereign wealth fund that has

also expressed an interest in the assets -- will participate in the bidding next month.

BP's upstream assets in Pakistan comprise a number of producing fields and exploration blocks in the southern Sindh province. The fields are worth $690 million, UBS See # 21 Page 11

Cabinet meeting put off ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani, due to absence of several ministers, has postponed the Wednesday (today's) Federal Cabinet session.

According to PM House sources, the federal cabinet was to meet today at PM Secretariat in which matters related to target killings in Karachi, economic and political situation of the country, rehabilitation of flood affectees and approval of agreements to be inked with other countries were to be discussed.

However as some ministers have gone aboard on official tour the PM has decided to postpone cabinet meeting till next week. -Online

Rain inflicted Rs14 billion loss: NHA ISLAMABAD: National Highway Authority (NHA) officials told the members of Senate standing committee for communication that recent torrential rains caused damage worth of Rs13.76 billion, and Rs17.40 billion are needed for reconstruction.

A meeting of standing committee for communication was held Tuesday here at Parliament House while See # 20 Page 11

Shiv Sena demands burqa-ban ISLAMABAD: In India the extremist Hindu party the Shiv Sena on Tuesday demanded a ban on burqa, calling the Muslim veil a threat to security interests.

In an editorial in party mouthpiece Saamna, the party said criminals were using the burqa to commit crimes, an Indian television channel reported. -Agencies

KARACHI: Metropolis witnessed a bloodbath on Tuesday as at least 13 people were killed and several injured in firing incident at Shershah market, taking the death of current terror spate to 36 during the last 24-hour.

Unidentified gunmen riding motorbikes opened indiscriminate gun fire in Shershah scrap market, leaving at least 13 people died and a number injured including shop keepers and pedestrians.

The eyewitnesses said that the miscreants, wearing helmets, went on firing spree for ten minutes, triggering the panicked people to break up in stampede. The attackers easily managed their escape, eyewitnesses said.

Heavy contingents of police

Mirza hints at curfew, operation in select areas KARACHI: Provincial Home Minister Dr Zulfikar Mirza has directed IG Sindh to conduct a complete inquiry into the incident of firing in Sher Shah junk market and submit an immediate report, added that if situation does not improve then there will be operation in some areas after imposing the curfew. According to a statement issued here on Tuesday, the minister directed Police and Rangers to ensure the enforcement of Section 144 in the city to save the life and property of people.

Mirza said that anti-state and anti-democratic forces were busy in conspiracies and they should be arrested and their plans should be unearthed to fail their motives. -Agencies and Ranger arrived at the scene localities.

SSP Naveed Khawaja told and cordoned-off the area. Edhi and other rescue services shift- reports on the spot that some ed the dead bodies to hospitals shopkeeper denied giving where emergency was extortion money to some politically-backed dacoits, "which declared.

Severe tensions prevailed in might be a motive behind the the city prompting traders to incident".

He said an 'operation cleanup' pull down shutters and resiSee # 13 Page 11 dents to stay indoors in affected

Finmin chairs Tax Reform Group meeting

We aim fair tax system: Shaikh Special Correspondent ISLAMABAD: Dr Abdul Hafeez Shaikh, minister for finance, revenue and economic affairs, has stated that a fair, equitable and corruption-free tax system is a primary objective of the government.

The minister made this statement while chairing a meeting of the Tax Reform Coordination Group (RCG) held here and attended by the Members of RCG, Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Secretary Finance, Chairman FBR, FBR officers and Ministry of

Finance officers.

The RCG was formed by the Finance Minister in July 2010 to assist on matters related to adoption of modern tax administration, formulation of tax policies and facilitation of taxpayers.

The three sub-groups presented their reports on proposed reforms in their respective areas.

The sales tax and federal excise subgroup presented their recommendations on the Reformed-GST (RGST).

The subgroup also questioned FBR's preparedness in implementing RGST. The See # 14 Page 11

Pak-US strategic dialogue today

Pakistan to push US for CSF dues WASHINGTON/ ISLAMABAD: The eagerly awaited third round of Pak-America strategic dialogue would start from today (Wednesday) in Washington.

Chief of Army Staff (COAS), General Ashfaq Parvez Kayani left Tuesday for United States of America to attend the dialogue.

According to diplomatic sources the third round of PakUS strategic dialogues is going

to be started from October 20 and continue till Oct 22 in which issues related to power, agriculture, education and security would be discussed.

Foreign Minister Shah Mehmood Qureshi would lead the Pakistani delegation while US Secretary of State Hillary Clinton would lead US delegation.

Strategic Dialogue working group leaders from both See # 15 Page 11

Almost all sectors witness hike in import

1Q import bill swells 19pc to $9bn Ahmed Siddique KARACHI: Country's imports of mostly all the sectors surged during the first quarter of fiscal year 2010-11, as import bill increased 19 per cent to $9.03 billion against $7.58 billion in Jul-Sept period of 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 9.3 per cent to $2.39 billion in 1QFY11 against $2.19 billion in the corresponding period last year.

The major surge was witnessed on import of curde oil which hiked by 49.1 per cent to $1.09 billion versus $735 million in 1QFY10.

However, imports of manufactured petroleum products dropped 10.8 per cent to $1.29 billion against $1.45 billion witnessed in 1QFY10, as per the Federal Bureau of Statistics

1Q textile exports up 20.7pc Amir Abidi KARACHI: The export of textile products soared 20.7 per cent in the initial three months (July-September) of current financial year against the same period of the last year, Federal Bureau of Statistics (FBS) reported on Tuesday.

According to the official data, export of textile industry has surged to $2.92 billion in the period under review from $2.42 billion in the same period of previous year.

The improvement in textile export was mainly attributed to surge in textile product prices as ready-made garments export increased by 38.8 per cent to $406 million against $293 million in 1QFY10.

Similarly, cotton cloth, bed wear and See # 17 Page 11

(FBS).

Likewise, food group import registered a hike of 65.3 per cent to $1.17 billion in 1QFY11 in which sugar import ballooned by 337 per cent, palm oil by 77.2 per cent, spices 45.28 per cent and soyabean oil 10 times. While wheat unmilled import bill decreased by 97.8 per cent mainly due to ample wheat stock available.

Furthermore, textile group import bill increased by 66 See # 16 Page 11

Recovery cases worth Rs37bn pending in SC: FBR Special Correspondent ISLAMABAD: Public Accounts Committee (PAC) of the National Assembly was informed Tuesday that recovery cases worth Rs37 billion are pending in Supreme Court, while some 6017 recovery cases are pending in the high courts.

This was informed by the officials of Federal Board of Revenue (FBR) during the PAC meeting which was held in order to review the audit report of FBR for the audit year 2008-09.

The meeting was informed that Supreme Court has been pursued to expedite the cases relating to non-recovery of taxes from public and private

PAC seeks Musharraf's 10yr tax record sectors.

Sohail Ahmed, Chairman FBR informed the meeting that FBR collects 70 per cent of the revenue in the country.

Chairman PAC, Nisar Ali Khan appreciated the performance of FBR and urged that still there is a long way to go in achieving excellence in this field.

He said in past taxes were not recovered from influential people and only poor were taken to task. He directed FBR to make friendly ties with taxpayers but in this regard no leniency should be made as this is the money which belongs to public exchequer.

Muhammad Asif asked FBR to provide the details of income tax and wealth tax paid

by Gen Pervez Musharraf during the last ten years.

The meeting was attended among others by Zahid Hamid, Yasmeen Rehman, Saeed Ahmed Zafar, Sardar Bahadur Ahmed Khan Seharr, Rukhsana Bangash, Asia Nasir, Khawaja Muhammad Asif, Sardar Ayaz Sadiq, Nadeem Afzal Gondal, Pervaiz Malik, Hamid Yar Hiraj and Riaz Pirzada.

2

Wednesday, October 20, 2010

KESC exempted from gas load shedding

Ten-day gas outage from 26th KESC owes Rs22 billion to SSGC Imran Sharif KARACHI: Sui southern Gas Company (SSGC) would resort to load-shedding of gas in the province from October 26 to November 4, 2010, due to maintenance of its gas fields due to which there would be gas shortage, this was stated by the Managing Director, SSGC, Dr Faizullah Abbasi.

This he said while KARACHI: Sindh Minister for Youth Affairs, Faisal Sabzwari cuts ribbon to inaugurate gymnasium during addressing the members inaugural ceremony held at Institute for Advancing Careers and Talents here.-Online and office bearers of Korangi Association of Trade and Industry (KATI)

Colgate donates Rs2.2mn

Textilers urge cotton export mechanism

Staff Reporter

Staff Reporter

KARACHI: ColgatePalmolive Pakistan and their partner stores held special ceremonies recently in which Rs2.2 million collected for flood relief were presented by cheques to the respective trusts working for the relief of flood affectees.

Colgate-Palmolive joined hands with 36 large superstores in various parts of the country to start a relief initiative for flood affectees.

Consumers shopped at the partner stores where specific Colgate-Palmolive products reserved a certain percentage of the retail price for flood relief. Bit by bit, small amounts were collected and reached 2.2 million, which were given in the form of donations for flood affectees.

KARACHI: The representatives of value added textile associations and related industries have demanded of the government to form an advisory committee comprising stakeholders from cotton and cotton yarn sectors to devise a mechanism to regulate cotton and cotton yarn exports.

M Javed Balwani, Rana Mushtaq Ahmed, Mohsin Ayub and other representatives from the sectors told a press conference that the textile industry will suffer badly if the government did not heed to their demand. They said that the

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government should introduce a system for supply of cotton and cotton yarn direct to value added textile sector instead to cotton and cotton yarn traders.

They said the government should ban the exports of cotton and cotton yarn to protect local textile industry citing that such a step was taken by the neighbouring country India despite that there was huge demand at international market. This will help to protect the industry and secure jobs of 21.1 million people who are employed in the sector.

The government should launch an inquiry against hoarders and profiteers in

the sector and should ban them from the sector.

These elements were creating artificial shortage in the supply of cotton and cotton yarn in the local market and thereby skyrocketing their prices.

They are harming the sector as well as the national economy, the representatives said.

To a question they said that no one from the government including the finance minister Dr. Abdul Hafeez Sheikh had consulted any of the stakeholders from the value added textile sector regarding the duty free products access to the European countries.

Qaim determines relief, rehab strategy KARACHI: With flood water receding, the process of rehabilitation has started in some of the affected districts in the province.

This was stated by Sindh Chief Minister, Syed Qaim Ali Shah.

He was chairing a high level meeting at the Chief Minister House here on Tuesday.

The meeting discussed rehabilitation matters pertaining to Irrigation, Construction, Agriculture and other sectors and determined strategy for the Rabi crop.

Low-power mobile server unveiled

The Chief Minister said that with the receding of flood water, the process of rehabilitation has started in some of the affected districts in the province.

He stated that it is the time that concerted efforts should be made and a campaign be initiated for extending assistance to the affected people and improving their economic condition as well as for enhancing agricultural production.

Qaim Ali Shah said immediate steps should be initiated for the betterment

of agriculture, communication and irrigation systems. He said that this is a big challenge and plans be devised separately for every department.

Sindh Agriculture Secretary, Agha Jan Akhtar said that committees have been formed in the province at district and taluka levels for supervising free distribution of seeds and fertilisers.

Secretary Irrigation Sindh informed that owing to floods 2,900 kms of canals were affected in Sindh.-APP

More welfare for Sindh

ing acute shortage of funds. Abbasi said that KESC has only paid August bill in September and there is no clearance of arrears whereas it refused to pay late-payment surcharge. He mentioned that KESC is earning Rs7 billion per month.

He said that except KESC, SSGC's recovery from general consumers is almost 99.9 per cent which is a record for any utility agency. He clarified that SSGC has no official agreement of gas supply and gas is being supplied to the KESC only due to a

decision by ECC (Economic Coordination Committee) of the cabinet.

Abbasi brushed aside the impression that SSGC has discontinued or stopped gas supply to the KESC due to the non-payment of dues but it was due to the disruption in Kadanwari Gas Field.

SSGC chief said that his organization is under tremendous pressure as board of directors and auditors are continuously asking for clearance of dues from KESC as SSGC too needs funds to purchase gas from gas.

Sharmila urges political unity ISLAMABAD: Advisor to Chief Minister Sindh on Information, Sharmila Farooqi on Tuesday said the provisional government has detained some persons, who are directly or indirectly involve in target killing incidents in Karachi.

In a brief telephonic interview with PTV, she said the investigation process is on-going against them. This investigation would help us to reach the target killing mind sets, she added.

Sharmila Farooqi urged all the political parties of Sindh to come forward on one point agenda to eradicate the terrorist activities from the province.

Advisor to CM strongly condemned the recent target killing incident at Karachi and said the PPP government is committed to root out the terrorists from the country.-APP

Two Nato trailers torched KALAT: Unknown armed men set ablaze two trailers carrying goods for Nato force near Reej area on National Highway here on Tuesday.

According to the police, the two trailers carrying goods for Nato forces were going to Afghanistan from Karachi when armed men intercepted them and sprinkled petrol on them to torch and fled from the scene.

Resultantly, both trailers were damaged. No loss of life occurred.

Police have registered a case and started investigation.-APP

the peace of the city.

He said President and Co-chairman PPP, Asif Ali Zardari believes in the polKARACHI: Nokia icy of reconciliation and all Siemens Networks out efforts are being made launched its new Flexi NS to take all political parties (Network Server) at 4G on-board for progress of World. The packet core the country. network server has the lowHe said, our great leaders est power consumption in Shaheed Zulfiqar Ali the market, consuming Bhutto and Shaheed only 59 watts per 100,000 Mohtarma Benazir Bhutto subscribers. Flexi NS also allows operators to serve had sacrificed their lives more smart device users, for the rights of the thanks to its market-leaddepressed people. ing signal handling capaciHe urged upon all politity. The new Flexi NS will cal parties to endorse the be available for commerreconciliation policy to cial deployment by the end develop national harmoof 2010.-APP ny.-APP KARACHI: The bankable feasibility study of Block-II of Tharcoal, which alone is expected to bring in an investment of USD 12 billion has confirmed two billion tons of coal reserves, which can generate 5000 MW electricity for the next 50 years.

It was informed to media in a briefing held on completion of bankable feasibility study on Tharcoal Block-II, by Sindh Engro KARACHI: Muhammad Mansha Churra, Acting President FPCCI presenting Coal Mining Company Shield to Sergy L Dolgopolsky of General Satellite Corporation, Russia.

(SECMC), at Sindh Chief Andrey V Demidov, Consul General, Consulate General of the Russian Minister House here.

Federation in Karachi, Sergey Plyuschov, Head of the Trade Commission Chief Minister Syed of Russia (Karachi), Nasreen Ali, Director General, Board of Investment, Qaim Ali Shah presided Syed Masood Alam Rizvi, Secretary General, FPCCI and other members of over a media briefing to the delegation are also seen in the picture.-Staff Photo highlight the Fiscal SUKKUR: Provincial Minister for Works and Services Sindh, Manzoor Hussain Wassan has said that the government was endeavoring to initiate more development schemes for the welfare of people.

Talking to APP here on Tuesday, the Minister said that all the people were living in Sindh in peaceful atmosphere but some antisocial elements were engaged in harming the peaceful conditions specially in Karachi.

These elements will never succeed in their nefarious designs to destroy

at a meeting here on Tuesday, the SSGC chief did mention that there is no plan to disconnect gas supply to the KESC considering the woes of Karachiites who are already in miserable condition due to the power load-shedding and SSGC is not cruel to add their miseries.

He said that the arrears on KESC have gone up to the tune of Rs22 billion and still there is no firm commitment by the KESC that when it is going to clear its dues despite the fact that SSGC too is fac-

KARACHI: Chief Minister Sindh Syed Qaim Ali Shah addressing press conference regarding Thar Coal-Engro Power Gen at CM House.-Staff Photo

SECP licences nine associations Staff Correspondent ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) granted licences to nine non-profit associations under section-42 of the Companies Ordinance, 1984, in the third quarter of 2010.

These associations include the Global Foundation for SME Cluster Development, Al Amanah

Foundation, Roots Education Foundation, Change in Education, Umeed-e-Saher Foundation, the Punjab Skills Development Fund, Sohni Dharti Foundation, Insan Foundation and Gul-e-Arzu Development Foundation.

The sector-wise breakdown reveals that four associations will be working in the social services sector, for in education and one association in agriculture.

7th Citi-PPAF awards launched Staff Reporter KARACHI: The Pakistan Poverty Alleviation Fund (PPAF) and Citi Foundation on Tuesday announced the launch of 7th Citi-PPAF Micro entrepreneurship Awards (CMA) 2010 programme at a local hotel.

Chief Strategy Officer PPAF Ahmad Jamal, Citi Consumer Banking Head, Aliuuddin Ahmed, Citi Director Customer Experience Huma Gilani, Chief Operating Officer PPAF Kamran Akbar and others were present on this occasion.

Now in its seventh year,

the objective of the CMA programme is to highlight and promote the effective role microfinance plays in poverty alleviation.

In particular, the programme seeks to generate recognition for extraordinary contributions that individual micro entrepreneurs have made to economic sustainability of their families as well as their communities.

Specific goals of CMA programme are to raise awareness about microfinance, particularly among micro entrepreneurs who could benefit from it, to recognise and celebrate the contributions.

Emergency declared in Sindh govt hospitals KARACHI: Sindh Minister for Health, Dr Saghir Ahmed has declared emergency at the hospitals managed by the provincial government in Karachi.

Consequent to the tragic incident at Shershah Market, on Tuesday evening, he has directed all the concerned medical superintendents to ensure presence of doctors and other medical staff on duty.

Dr Saghir has also directed that all those associated with these hospitals must also be kept on alert so as to avert even un-intentional negligence or delay in attending people being brought with injuries.

He also hinted to pay surprise visits to the hospitals and keep a strict vigil towards the performance of the doctors and staff under the given situation.

The minister has also assured that all measures are being taken for the protection and security of medical staff attending the victims of sniper firing and other law and order situation in the city.-APP

Tharcoal can generate 5k MW of power: report Incentive Package approved by the ECC recently and to highlight the findings of the bankable feasibility study successfully completed by SECMC, which has confirmed the technical, environmental and social viability of Thar Coal Mining Project.

The briefing was jointly addressed by the Sindh CM, Managing Director Thar Coal Energy Board, Ajaz Ali Khan, President and Chief Executive, Engro Corporation Limited, Asad Umar and CEO, Engro Powergen Limited, Khalid Mansoor.

Speaking on the occasion, Syed Qaim Ali Shah

said the coal reserves of Thar will play a vital role in resolving the constant energy crisis in the country.

It will also ensure the much needed energy security for the country and provide sufficient and affordable energy, he added.

The CM Sindh informed the participants that the ECC of Federal Cabinet took a landmark decision on October 15 by approving the fiscal incentive package for attracting FDI to Thar.

The package includes very attractive incentives for fast track development of Thar Coal, he said.

He said it has been approved to declare Thar Coal as an area of strategic importance and a Special Economic Zone (SEZ).

He added that the incentive package offers 20 per cent IRR to firms which achieve financial close by 2015, for 30 years the investors will be exempted from customs duties on import of coal mining machinery, the construction machinery at Thar will get exemption on withholding tax, and the government will not charge other levies such as WWF, WPPF and Federal Excise duty for initial 30 years to attract investment in Thar.-APP

3

Wednesday, October 20, 2010

China rate hike dulls risk appetite, lifts dollar

Swiss franc pulls further off dollar peak

Rate move sparks risk aversion; dollar still vulnerable NEW YORK: A surprise interest rate increase from China on Tuesday rattled investors who cut risk exposure by selling the euro and commodity-sensitive Australian dollar and taking refuge in the US currency.

Investors feared a quarter percentage point rise in China's one-year lending rate could dampen Chinese and global growth and slow the country's voracious demand for commodities, many of which come from Australia.

"China's rate increase instantaneously pushed people to take risk off the table," said Boris Schlossberg, director of research at GFT Forex. "(China) is trying to clamp down on growth and that's going to reflect badly on Australia, on Germany, on much of the world economy as

it readjusts to the idea that Chinese growth may not be as torrid as expected."

The Australian dollar, which last week rose above parity with its US counterpart for the

first time since 1983, was hit hardest, slipping 1.5 per cent to $0.9752.

The euro and sterling also fell sharply, with the former down 1 per cent at $1.3811, off a $1.4003 session peak.

Support around $1.3770 has held so far, though traders said a break of that level could target $1.37.

"The dollar is finding some support here after China's rate hike triggered a bout of risk aversion, but the euro above $1.40 was overbought, so the rebound is no real surprise,"

said John Doyle, strategist at Tempus Consulting in Washington.

The dollar rose 0.5 per cent to 81.65 yen, its best daily gain since Japan intervened to weaken the yen on Sept. 15. It hit a 15-year low beneath 81 yen last week. The Australian dollar/yen exchange rate, an important barometer of risk

Asian currencies

Won leads declines on worries of fresh inflow curbs SEOUL: The won hit a twoweek low against the dollar on Tuesday, leading broad losses in most Asian currencies, after South Korea's Finance minister said Seoul was preparing measures against potential problems caused by hot money inflows.

Finance Minister Yoon Jeung-hyun did not elaborate on his remarks, which came a day after Brazil raised taxes for foreigners buying local bonds and trading in foreign exchange derivatives in its latest attempt to curb a currency rally amid global concerns about a weak US dollar.

Worries about fresh measures in Asia are expected to put

pressure on regional currencies in the short term, but their declines are seen short-lived, analysts said.

Regional authorities were estimated to have bought a combined $40.6 billion via intervention to curb strength in their currencies between Sept 27 and Oct 18, according to traders' estimates compiled by IFR Markets.

Asian currencies also came under pressure as a broad rebound in the dollar caused investors to cover short positions in the greenback.

The won hit a two-week low against the dollar as investors covered short dollar positions.

It fell as much as 1.1 per cent

to 1,132.2, the weakest since Oct. 5. Traders and analysts said the won could fall further on Yoon's remarks as investors were currently holding considerable short dollar positions.

The Malaysian ringgit fell up to 0.7 per cent against the dollar, the second largest intraday fall among Asian emerging market currencies.

Short-end dollar/Philippine peso NDFs are bid up with the most liquid one-month dollar/peso NDFs rising to 43.58, some 15 points higher than the spot and implying a 0.34 per cent peso fall from the spot. Spot peso sheds 0.45 per cent to 43.43 against the dollar near midday. -Reuters

Sterling falls broadly on weak UK data

Taiwan $ eases on profit taking

LONDON: Sterling fell broadly on Tuesday, hitting a near four-month low against a currency basket after a weak reading of UK factory orders raised concerns about the economic outlook ahead of the government's spending review.

Data from the Confederation of British Industry showed factory orders dropped more than expected to -28 this month from -17 in September, raising

some concerns about the current health of the manufacturing sector.

Also weighing on sterling was a broad rise in the dollar after China's surprise decision to raise interest rates prompted investors to trim short positions in the US currency on concerns Beijing's move may slow global growth.

Ahead of minutes from the Bank of England's latest policy meeting due on Wednesday, along with a much-anticipated announcement of the govern-

ment's public spending review, analysts said sterling was vulnerable to any signs that the UK economic recovery may be stalling.

By 1528 GMT, sterling had fallen 1.1 per cent to the day's low of $1.5697, its weakest since Sept. 30. The dollar was 1.4 per cent higher on the day against a currency basket.

By late London trade, the single currency was little changed

on the day at 87.75 pence.

Meanwhile, BoE minutes of policy meeting earlier this month are expected to show a threeway split in voting, with policymaker Adam Posen seen voting for more QE while Andrew Sentance is expected to have again voted for a rate increase.

BoE Governor Mervyn King was set to speak later in the day. He has maintained a cautious economic outlook although inflation has stayed above the central bank's target. -Reuters

TAIPEI: The Taiwan dollar hit a one-week low on Tuesday after a round of profit-taking drove the US currency higher around Asia and the island's central bank moved to push the local unit weaker, dealers said.

Investors took profit in the Taiwan dollar and other growth-linked Asian currencies after pumping money into those assets over the past few weeks.

Many had expected the United States to use quantitative easing to kick-start its economy, effectively printing money to buy assets. Their bets are now largely priced into the market.

Taiwan's currency ended at T$30.9 to the US dollar, its lowest final price since Oct. 11 and compared with its Monday close of T$30.885. Taiwan's central bank nudged the local currency lower in late trade to control the volatility of past weeks that saw the currency rise to its highest levels since mid-2008, dealers said.

But the degree of suspected intervention missed that of earlier sessions, dealers said. The authority bought about $5.4 billion worth of US currency between Sept. 27 and Oct. 15, according to estimates compiled by IFR Markets. -Reuters

Aussie weakens despite RBA rate warning SYDNEY/WELLINGTON: The Australian dollar slipped on Tuesday and was seen likely to ease further after failing to hold on to gains made on the Reserve Bank of Australia minutes, which highlighted the risk of another rate hike.

The RBA said its decision to not raise rates this month was "finely balanced" and that it could not wait "indefinitely" to tighten given long-term risks to inflation, bolstering the case for a November rate hike.

The Aussie climbed a third of a cent to a session high at around A$0.9961 in reaction to the central bank minutes, but then retreated as investors were reluctant to wager too much on a policy move, having been badly burned by the RBA decision to skip a hike at its Oct. 5 meeting.

In late local trade, the Australian dollar was at $0.9864, down from New York's $0.9890.

However, it remained not far from a 28-year peak of $1.0004 scaled last Friday. Initial support for the Aussie was seen at Monday's low near $0.9800

followed by the Oct. 12 low at around $0.9767.

"We still like it on dips and we suspect we may well get a dip over the next 48 hours or so. $0.9750-0.9775 is probably not a bad level to buy the dips," said Westpac Bank analyst Jonathan Cavenagh.

Implied rates showed the market was priced for a 40 per cent chance of rates rising to 4.75 per cent in November, from 4.5 per cent now.

Over the next one year, the market sees rates rising another 49 basis points.

On the crosses, the euro fetched A$1.4104, up from New York's A$1.4088. Against the Japanese currency, the Aussie bought 80.30 yen, down from 80.40 yen late in New York.

Meanwhile, the NZ dollar was at $0.7545, well below local opening levels close to $0.76.

The kiwi struck a two-year high of $0.7645 last week.\ The Aussie/kiwi was steady around NZ$1.3072, after striking a two-week high of NZ$1.3144 on Friday. -Reuters

sentiment, fell 1 per cent to 79.52 yen.

The US currency also rose 1.3 per cent to 1.0305 Canadian dollars after the Bank of Canada left interest rates at 1 per cent and cut is growth forecast.

Hobbled by zero interest rates and expectations of more Federal Reserve easing to come, the dollar has been under pressure since September.

Analysts, however, say the expectations of Federal Reserve easing have been priced in, providing an opportunity for investors to take profits. The dollar's rebound began after the euro rose above $1.41 last week, an 8-1/2-month high. It continued on Monday after Treasury Secretary Timothy Geithner said Washington would not devalue the dollar for export advantage. -Reutersa

ZURICH: The Swiss franc eased further off its all-time peak against the dollar, with the US unit broadly regaining ground ahead of the Federal Reserve's next meeting at which it may announce new easing measures.

Against the euro the franc also fell a touch on Tuesday.

Investors had taken positions against the dollar in recent weeks on rising expectations the US Fed might go for a second round of quantitative easing as early as November.

The franc dipped 0.1 per cent against the euro compared to the New York close, trading at 1.3388 per euro at 0612 GMT. Switzerland emerged from the downturn less bruised than other countries in Europe, and its central bank expects growth of around 2.5 percent this year. But the franc, which investors regard as a safe haven, has risen strongly against both the dollar and the euro this year. -Reuters

Yuan ends down; falls vs basket in Sept SHANGHAI: Spot yuan pulled back from its recent high versus the dollar on Tuesday for the second day, as the People's Bank of China fixed a weaker mid-point to allow the yuan to take a breather after recent gains.

Until a fall on Monday, the yuan had risen 2.5 per cent to the dollar since the end of August, its quickest pace of appreciation since the Chinese currency's landmark 2005 revaluation, as Beijing appears to be yielding to US pressure for a yuan rise.

The yuan's pause in appreciation comes after a break in US pressure. The Obama administration on Friday decided to delay a decision on whether it believes China manipulates its currency to create an unfair trade advantage that could sour ties between the world's two biggest economies.

The yuan closed at 6.6447 against the dollar on Tuesday, down a touch from Monday's close of 6.6441 and its intraday post-revaluation high of 6.6404 hit on Friday.

Before trading started, the PBOC fixed the mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent

in a day, at 6.6553, slightly weaker than Monday's 6.6541 and Friday's record high of 6.6497.

The yuan has appreciated 2.73 per cent since the PBOC announced its depegging to the dollar on June 19, although its rise has still lagged far behind a more than 10 per cent plunge in the US dollar index during the same period.

The yuan in September scored its biggest monthly gain of 1.74 per cent against the dollar since the 2005 revaluation, but its nominal effective exchange rate (NEER), or its value against a trade-weighted basket, depreciated 0.27 per cent in the month, the latest data published by the Bank for International Settlement over the weekend showed.

Since the dollar depegging, the yuan has depreciated 9.54 per cent to close at 9.2675 against the euro by Tuesday, and it has lost 8.54 per cent of its value to 8.1676 against the yen.

Three-month dollar/yuan NDFs were bid at 6.5620 in late trade, up from Monday's close of 6.5380, with their implied yuan appreciation falling to 1.42 per cent in the next three months from 1.78 per cent. -Reuters

Indian rupee pares gains; China raises rates MUMBAI: The Indian rupee gave up gains in late trade on Tuesday after China raised key rates which triggered concerns of a broad-based risk aversion in markets and helped the dollar gain against most major currencies.

The rupee had earlier dropped to one-week low due to large dollar demand from oil and gold importers, but reasonably large dollar sales by foreign banks later in the day, helped the unit touch the day's high of 44.1950.

The partially convertible unit closed little changed at 44.35/36 per dollar, marginally above Monday's close of 44.36/37. It had dropped as low as 44.5075 earlier in the day, its weakest since Oct. 13.

Last Friday, rupee had risen to a more than 25-month high of 43.95. Weak Asian currencies and anticipation of capital outflows as refund after the Coal India IPO allocation weighed on the rupee, while Brazil's tight-

ening of foreign fund investment norms to curb its currency rally also hit sentiment.

One-month offshore nondeliverable forward contracts were quoted at 44.73, weaker than the onshore spot rate.

In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.46, 44.4575 and 44.4550 respectively, with the total traded volume on the three exchanges at an average $8.5 billion. -Reuters

Top Economic Events Time 4:30 11:00 13:30 13:30 13:30 17:30 19:30

Source AUD EUR GBP GBP GBP CAD USD

Source

Events

EUR EUR EUR GBP USD USD CAD

Events MI Leading Index m/m German PPI m/m MPC Meeting Minutes Public Sector Net Borrowing Prelim M4 Money Supply m/m Wholesale Sales m/m Crude Oil Inventories

Forecast 0.2% 1-0-8 14.2B 0.3% 0.5% 1.5M

Previous 0.4% 0.0% 1-0-8 15.3B -0.1% -0.1% -0.4M

Actual

Forecast

Previous

Current Account -7.5B German ZEW Economic Sentiment -7.2 ZEW Economic Sentiment 1.8 CBI Industrial Order Expectations -28 Building Permits 0.54M Housing Starts 0.61M Overnight Rate 1.00%

-1.9B -7.0 -2.0 -19 0.58M 0.59M 1.00%

-4.1B -4.3 4.4 -17 0.57M 0.61M 1.00%

Previous Day

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

As per 22.00 PST Ask 1.3807 0.8788 1.341 112.72 0.9707 1.031 1.5722 128.27 0.9739 1.4241 84.10 1340.68 23.86

Bid 1.3804 0.8783 1.3403 112.68 0.9704 1.0305 1.5718 128.21 0.9733 1.4232 84.04 1339.88 28.83

High 1.3999 0.8825 1.345 113.66 0.9753 0.037 1.5939 129.37 0.9954 1.4309 84.95 1371.50 24.48

Low 1.3768 0.8764 1.3349 112.68 0.9579 1.0165 1.5699 128.26 0.9705 1.4174 83.88 1332.31 23.50

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 19/10/2010 A USD GBP CAD EUR JPY O/N 0.22625 0.55125 1.04667 0.70250 SN 0.09438 1WK 0.25150 0.55500 1.06583 0.71125 0.10688 2WK 0.25169 0.56125 1.09583 0.71875 0.11438 1MO 0.25625 0.56875 1.13750 0.74000 0.12563 2MO 0.27172 0.62563 1.18000 0.79281 0.15438 3MO 0.28906 0.73725 1.24583 0.94438 0.19813 4MO 0.34219 0.82272 1.30167 1.00406 0.28313 5MO 0.40281 0.92563 1.36083 1.08719 0.34125 6MO 0.45250 1.02750 1.43417 1.18938 0.40125 7MO 0.50219 1.10225 1.49333 1.23375 0.46250 8MO 0.55038 1.18444 1.57667 1.27813 0.50875 9MO 0.60063 1.26500 1.64000 1.33156 0.55875 10MO 0.65400 1.33938 1.70833 1.37688 0.58625 11MO 0.70688 1.40688 1.79000 1.42594 0.61563 12MO 0.76550 1.47444 1.86667 1.47344 0.64438

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Dec 07 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a

Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010

Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%

Division of National Bank of Pakistan (NBP) KARACHI, October 19,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

86.00 136.47 119.73 84.36 89.51 84.86 12.92 1.06 14.68 65.93 16.05 22.93 11.09 12.94 304.92 27.67 64.85 23.62 23.41 0.08 2.88

85.80 136.16 119.45 84.16 89.31 84.67 12.89 1.05 14.65 65.77 16.01 22.88 11.06 12.91 304.21 27.61 64.70 23.57 23.36 0.08 2.87

85.61 135.84 119.17 83.94 89.07 84.44 12.85 1.05 14.61 65.60 15.97 22.82 11.03 12.88 303.41 27.54 64.53 23.50 23.30 0.08 2.86

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 19, 2010

CMKA

BMA

INVSR

GSL

ICSL

0-7days

12.10

12.00

12.10

12.00

12.15

12.10

12.08

8-15dys

12.20

12.10

12.20

12.10

12.05

JSCM AvgRate 12.15

12.13

16-30dys

12.30

12.20

12.30

12.35

12.25

12.35

12.29

31-60dys

12.45

12.33

12.40

12.40

12.40

12.45

12.41

61-90dys

12.65

12.64

12.65

12.70

12.65

12.65

12.66

91-120dys

12.80

12.75

12.80

12.90

12.80

12.75

12.80

121-180dys

13.00

12.90

13.00

13.00

12.95

13.00

12.98

181-270dys

13.05

13.05

13.05

13.10

13.10

13.05

13.07

271-365dys

13.20

13.15

13.15

13.26

13.20

13.20

13.19

2-- years

13.40

13.40

13.35

13.45

13.35

13.35

13.38

3-- years

13.65

13.60

13.68

13.60

13.60

13.68

13.64

4-- years

13.70

13.70

13.70

13.65

13.73

13.70

13.70

5-- years

13.75

13.75

13.75

13.70

13.75

13.78

13.75

6-- years

13.75

13.75

13.78

13.75

13.75

13.80

13.76

7-- years

13.75

13.75

13.78

13.76

13.75

13.80

13.77

8-- years

13.70

13.70

13.75

13.77

13.75

13.75

13.74

9-- years

13.65

13.65

13.65

13.60

13.65

13.65

13.64

10--years

13.75

13.75

13.75

13.85

13.80

13.75

13.78

15--years

14.25

14.25

14.25

14.15

14.20

14.25

14.23

20--years

14.35

14.50

14.35

14.20

14.30

14.35

14.34

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

AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD

week month months months year years

0.62 0.75 0.59 0.30 0.28 -0.07

0.59 0.87 0.71 0.68 0.92 0.81

0.67 0.86 0.73 0.71 0.89 0.45

0.74 0.86 0.81 0.42 0.89 0.77

0.39 0.77 0.75 0.04 0.66 0.53

USD/CAD USD/CHF

0.71 0.73 0.74 0.27 0.32 -0.05

-0.80 -0.67 -0.77 -0.66 0.17 0.15

-0.62 -0.82 -0.39 0.09 -0.27 -0.10

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)19/10/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ABLN 11.65

12.15

11.85

12.35

1215

12.65

12.75

13.00

12.90

13.15

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

ABPL

ASK

11.85

12.35

12.00

12.50

1230

12.80

12.80

13.05

13.10

13.35

13.20

13.70

13.30

13.80

13.50

14.00

ASPK 11.75

12.25

11.90

12.40

1220

12.70

12.70

12.95

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

CIPK

11.75

12.25

12.00

12.50

1235

12.85

12.85

13.10

12.95

13.20

13.10

13.60

13.20

13.70

13.40

13.90

DBPK 11.60

12.10

11.70

12.20

1210

12.60

12.70

12.95

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.65

12.15

11.80

12.30

1200

12.50

12.60

12.85

13.00

13.25

13.10

13.60

13.15

13.65

13.40

13.90

F LAH 11.80

12.30

11.90

12.40

1225

12.75

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.30

13.80

HBPK 11.75

12.25

11.90

12.40

1220

12.70

12.75

13.00

13.00

13.25

13.10

13.60

13.20

13.70

13.35

13.85

HKBP 11.60

12.10

11.90

12.40

1220

12.70

12.75

13.00

12.90

13.15

13.10

13.60

13.20

13.70

13.30

13.80

N I PK 11.50

12.00

12.20

12.70

1260

13.10

12.80

13.05

13.00

13.25

13.10

13.60

13.20

13.70

13.30

13.80

HMBP 11.70

12.20

11.90

12.40

1240

12.90

12.80

13.05

13.05

13.30

13.15

13.65

13.20

13.70

13.30

13.80

SAMB 11.75

12.25

11.90

12.40

1225

12.75

12.80

13.05

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 11.70

12.20

12.00

12.50

1240

12.90

12.75

13.00

12.95

13.20

13.10

13.60

13.20

13.70

13.40

13.90

NBPK 11.70

12.20

11.90

12.40

1220

12.70

12.75

13.00

12.80

13.05

13.10

13.60

13.20

13.70

13.30

13.80

SCPK

13.85

11.70

12.20

11.90

12.40

12.15

12.65

12.70

12.95

12.95

13.20

13.10

13.60

13.15

13.65

13.35

UBPL 11.60

12.10

11.90

12.40

12.15

12.65

12.65

12.90

13.00

13.25

13.10

13.60

13.20

13.70

13.30

13.80

AVE

12.20

11.91

12.41

12.23

12.73

12.75

13.00

12.96

13.21

13.11

13.61

13.21

13.71

13.34

13.84

11.70

4 Wednesday, October 20, 2010

Rich Buying Gold Big Time

The Financial Daily International Vol 4, Issue 76

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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

Killing goes on unabated Over the last many days nearly 100 people have been killed in Karachi. On the face of it, the killing is being termed an outcome of bad electioneering process but the growing consensus is that certain quarters want to plunge Karachi into anarchy to destabilise Pakistan. Some nationalist political parties are also demanding handing over the city to Army.

The government has failed to maintain law and order because certain groups first worsen the law and order situation and then try to imply that the provincial government has not been able to procure calm. It's a classic example of two-faced politics.

Some of the quarters wanted the Sindh government to postpone by-election on the seat that fell vacant after the murder of Raza Haider of Muttahida Quami Movement (MQM). These elements knew that they would not be able to defeat MQM candidate. Since 1988 the constituency has remained a stronghold of MQM. In the wake of Haider's assassination over 50 people were killed in the city and the sequel took place on the by-election day. In fact certain groups were spreading disinformation about indiscriminate killings and suicide attacks and warned to boycott polls if Army was not deployed on the day, which they did anyway.

Some of the political pundits are of the opinion that as defeating MQM candidate wasn't possible, so, for face-saving, the defeated elements tried to ensure disruption, chaos, and fear to confine voters to their houses. They may have succeeded partly but MQM's thumping success shows their vote bank was still intact.

All the three major parties of the alliance namely PPP, MQM and ANP claim that they enjoy support of majority of the residents of Karachi.

However, it is on record that many of the settlers coming from other provinces have obtained computerised national identity cards and have become bona fide Karachi citizens. Though, Karachi has been a victim of unchecked and massive influx of the people from other provinces.

The inflow of people from northern areas, where military operation is going on is the highest. It is also being said that many militants have been hibernating in Karachi.

Certain supporters of Taliban have been saying that as long as operation in northern areas continues, residents of all the major cities should remain prepared for the retaliation. They seem to be endorsing and supporting the activities of militants, which is unpardonable. Killing innocent citizens won't revenge Nato operations. In fact the intelligence that militants supported by al Qaeda are harbouring here provides a chance to Nato to continue drone attacks in Pakistan.

Be it known to all that target killing, suicide attacks, strikes, disruption of industrial and commercial activities and maintaining constant state of fear is the game plan of those who want to weaken Pakistan. One also ought to be careful because intelligence agencies of many countries are busy doing the same in Pakistan.

The time for enemy-cleansing has come. Don't delay the process.

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.

Kaniz-e-Fatima

G

old is creating new records on daily basis and inching towards $1,400 per ounce and there seems no let up because buyers indulge in buying at every dip. The conditions inducing gold purchases are not likely to end anytime soon.

Gold is often termed the ultimate safe haven. With the Fed essentially saying it wants more inflation, gold is off to the races.

The yellow metal is likely to touch US$1,500 an ounce sometime next month.

Investors have been unsure whether gold can sustain its lofty levels and even move higher. But the recent open-ended statement by the Fed is a pretty clear signal that gold prices can, and almost certainly will, continue to move higher.

The world's wealthiest people are responded to economic uncertainties by buying gold bar, at times in tons by converting their assets into gold.

Prevailing double-dip recession has enhanced the appetite for gold. Prices are on the rise also because of involvement of exchange traded funds.

Many experts recommend their toptier clients hold to invest up to per cent of their assets in precious metals like gold. Investment advisors from Asia are also recommending to their

wealthy clients to park some of their assets in gold as a defensive stance following a string of lackluster US data and amid concerns about currency weakness.

Some experts term buying gold risk

“

hard currencies and global growth has kept price high. The precious metal has become a staple of investors' portfolios, despite questions about whether it makes for a smart longterm investment.

Investors seem more interested in capitalizing on the rise in gold prices than using the precious metal as a safe-harbor investment.

But they have already started raising questions like if it is a bubble, how far one can benefit?

But one just couldn't say that clients are over-investing. It is part of an asset allocation, but it's not something that they are deciding all of a sudden and not all the bankers are recommending exposure to gold.

Andreas Wolfer, Head of Private Banking at UniCredit Group, attributed the run-up in the price of gold to frayed investor nerves after the 2008 financial crisis as well as concerns about sovereign debt in the euro zone.

"We strongly believe in an asset allocation having a clear and diversified portfolio, which sounds a bit boring but in the end it brings the best returns," Wolfer said.

The recent rally is the icing on a spectacular rise in the value of gold, viewed as a hedge against inflation and dollar depreciation, over the past 10 years. Some of the factors contributing to price hike are: Financial crisis has pushed gold prices to new highs as the financial

Investors seem more interested in capitalizing on the rise in gold prices than using the precious metal as a safe-harbor investment. But they have already started raising questions like if it is a bubble, how far one can benefit? hedging or insurance. They recommend 10 per cent as minimum in portfolios and anything more than that to be used for trading purposes to respond to short-term over bought or over sold scenarios.

However, some of the experts are raising cautions. Last month some analysts described gold as the ultimate bubble because it is costly to dig up and has no real value except its market price. Rising price of the precious metal has generated more and more demand from investors looking for a way to hedge against a fresh recession. Experts also say gold bears no yield and is uncompetitive in an environment of rising interest rates.

The uneasy outlook for inflation,

crisis of 2008-09 shattered investors and the global economic turmoil pushed them to take refuge in gold.

The story continues as one sees gold prices setting successive records above $1,300.

Big investors, particularly institutional investors and hedge funds have been investing more and more money in gold by purchasing gold on the spot or in the futures exchange market.

Shaken confidence, low interest rates and quantitative easing in major recession-hit developed economies such as the US, euro zone and Britain have also shaken the confidence of investors in major currencies inevitably making gold a relatively safe heaven.

Major central banks with sizable gold reserves have also halted sales and made known the shift in the policy, with some in the emerging markets converting their currency holdings into gold reserves.

Exchange-traded funds have perhaps emerged the most significant player raising their stake by becoming part of gold craze. These funds allow investors the opportunity to own the commodity through the purchase of ETF shares or certificates without hoarding gold in its physical form.

Fears of sovereign debt defaults have added to the worries of investors, already nervous with stock market volatility. On top of all existing geopolitical tensions, continuing economic uncertainty and declining gold production in key mining nations provide the consolation that gold is a safe haven.

City With a Lore of Gore K

arachiites voted in a by-election on Sunday, after shooting attacks killed near 100 people in the country's commercial hub, where ethnic and political violence has raised fears of instability.

Following are some facts: WHO LIVES IN KARACHI? n Karachi is the capital of Sindh province and has a population of around 18 million. n Mohajirs, descendants of Urdu-speakers who migrated from India after the creation of Pakistan in 1947, are the biggest community and dominate the city's politics through the MQM party. n Karachi is also home to the largest concentration of ethnic Pashtuns outside Khyber-Pakhtunkhwa.

According to some estimates, more than 3.5 million Pashtuns live in the city. n It is home to the central

bank and main stock exchange and is also the country's main industrial base. n The country's two main ports are in Karachi and most foreign companies investing in Pakistan have offices there.

HISTORY OF VIOLENCE n Karachi has a long history of ethnic, religious and sectarian violence. It was a main

attacked in the city several times. n One of Pakistan's worst bomb attacks was in Karachi in October 2007 during a welcome rally for self-exiled, former Prime Minister Benazir Bhutto. About 140 people were killed. Bhutto was assassinated in Rawalpindi just over two months later. n Things have been rela-

were expanding their fight to the city.

POLITICS OF KARACHI n The MQM, which mostly represents Mohajirs, is the dominant political force. In a 2008 general election, it won 17 of 19 National Assembly seats in the city, while the other two went to President Asif Ali Zardari's Pakistan People's Party (PPP). n The MQM is also part of a provincial coalition government led by the PPP and is allied with the PPP at the federal level. The PPP dominates in rural areas of Sindh province. n The MQM has been a strong and vocal critic of the Taliban, and also says that some Pashtuns are involved in crime, such as land grabbing

Karachiites voted in a by-election on Sunday, after shooting attacks killed near 100 people in the country's commercial hub, where ethnic and political violence has raised fears of instability. target of al Qaeda-linked militants after the September 11, 2001, attacks on the United States when Pakistan joined the U.S.-led campaign against militancy, and foreigners were

tively calm over the past two years as militants have focused on cities in the north and across the northwest. But several bombings this year fueled concerns that militants

and sheltering militants. n The Awami National Party is the main Pashtun party in Karachi, and is the MQM's main rival for political posts and spoils. These disputes have turned violent on the streets quite often in recent months.

WHAT IS AT STAKE? n Karachi is a major transit point for military and other supplies to Afghanistan for the US- and Nato-led anti-insurgency effort. Any trouble there can directly affect those supplies as well as affect industrial activity, seriously impacting the country's economy. According to officials, Karachi contributes 68 percent of the government's total revenue and 25 percent of GDP. n While stock investors are used to trouble in the northwest, violence in Karachi has a more immediate market impact.-Reuters

Chavez's new foe-fretter V

enezuelan President Hugo Chavez's plans for a Russian-built nuclear power plant are unsettling his foes, but look more like geopolitical grandstanding than anything concrete at this stage.

On an international tour encompassing several of the world's leading critics of US power, Chavez inked a deal in Moscow last week for Russia to help build the South American nation's first nuclear energy generator.

Chavez insists that Venezuela, like Iran, only has peaceful aims for nuclear power in the OPEC member South American nation which, despite its vast oil and natural gas reserves, has been suffering severe electricity shortages of late.

But his nuclear program is a red rag to strident critics, particularly among the American right, who cast Venezuela with nations like Iran and North Korea as a menace to stability.

Hawkish Bush-era US ambassador to the United Nations, John Bolton, has warned of "a dangerous clandestine nuclear weapons effort" by Venezuela, which has uranium deposits in its south and has become a close ally of Tehran.

While the precise nature of Chavez's nuclear plans are hard to know, he loves nothing more than to stir up his enemies, knowing it can shore up

his image at home as a nationalist and statist forging ties with big powers such as Russia.

Chavez and Russian President Dmitry Medvedev acknowledged the provocative

the Nuclear Nonproliferation Treaty.

"POLITICAL SIDESHOW" Experts say it would take at least a decade for CARACAS to get any program off the ground, while the huge financ-

“

The State Department said it has been aware for a while of Venezuela's nuclear power intentions and would watch it "very closely" to ensure compliance with international agreements

politics at play at the Kremlin last week.

"I already know that it will make someone shudder," Medvedev said of the Venezuela deal.

His nation recently finished Iran's first nuclear power plant and is pushing to expand its presence on the global atomic energy market.

The State Department said it has been aware for a while of Venezuela's nuclear power intentions and would watch it "very closely" to ensure compliance with international agreements.

Venezuela is a signatory to

ing needed is unsure, and Venezuela has better ways to meet its growing energy needs.

Eileen Gavin, an analyst with UK-based Latin American

political sideshow after the election," she said of Chavez's nuclear deal.

Chavez's tour, on which he met with Iranian President Mahmoud Ahmadinejad in Tehran on Tuesday, came close after a September parliamentary vote where opposition parties made gains.

"It will obviously get a reaction, that was what he was looking for," Gavin added.

"People forget a lot of these deals end up as plaques on the wall in CARACAS and nothing else.

In power since 1999, Chavez's anti-American stance has made him one of the world's best-known politicians and plays well to many in his support base among Venezuela's poor, whom he needs in the run-up to a 2012 presidential election.

Major Latin American

In power since 1999, Chavez's antiAmerican stance has made him one of the world's best-known politicians and plays well to many in his support base Newsletters which recently did a special report on Iran's links with Latin America, said there was much conjecture but no hard evidence that Venezuela was planning atomic arms or abetting Iran's nuclear program as critics allege.

"This is a big distraction, a

nations Brazil, Argentina and Mexico have been using nuclear power for decades and there may be an element of national prestige in Chavez's nuclear ambitions.

But Venezuela's energy needs could and should be met by simpler methods in the

resource-rich nation, many locals say.

Possibilities include wind, solar, natural gas and an expansion of the existing hydro-electric system.

"It does not make practical sense to spend so much money on a complicated nuclear power program," said Venezuelan analyst Diego Moya-Ocampos with IHS Global Insight.

"The agreement in Moscow definitely takes the nuclear plan a step forward, but I still think it has more to do with international politics," added Moya-Ocampos.

Fueling suspicious over links to Iran, CARACAS has acknowledged Tehran officials are helping it map uranium deposits. The nations have bank connections and Iran funds various manufacturing projects in Venezuela.

But Mark Weisbrot, co-director of the Washington-based Center for Economic and Policy Research, said the fact neighboring Colombia was not hopping about Chavez's nuclear ambitions -- their despite tense relations -- was telling.

"There is no reason to believe this is a threat to anyone," he said. "The right wing here says only countries the US approves of can have nuclear technology but that is just not how the world works.

Because we have demonised Venezuela, this becomes an issue it shouldn't be."-Reuters

5

Wednesday, October 20, 2010

US stocks mid-day

South East Asian stocks

Wall Street falls with Apple and IBM

Mild rebound, Thai bank stocks in favour

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

10,484.39 10,464.89 19.50 0.19 86.92

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

3,269.83 3,266.25 3.58 0.11 3.61

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

2,677.09 2,669.49 7.60 0.28 0.16

Major Gainers

Symbol DREL FZTM UPFL SRVI SIEM

Close

Change

759.00 345.00 1,030.00 200.05 1,160.00

25.00 11.45 10.00 9.52 8.00

Major Losers

Symbol

Close

Change

COLG MTL AGTL PAKT SAPT

760.00 449.94 205.23 110.11 94.10

-8 -7.46 -6.77 -4.86 -4.4

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA FATIMA FFBL DGKC BYCO

9.56 9.60 30.13 26.66 10.85

6.97 6.01 4.76 4.45 4.33

Active Issues Plus Minus Unchanged

179 200 31

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

KSE takes a breather as investors turn profit Nawaz Ali KARACHI: After ending at a two-and-a-half-month high a day earlier the Karachi Stock Exchange (KSE) on Tuesday ended with minor losses as investors couldn't help turning profit.

The benchmark KSE 100Index was down by 19 points to close at 10,464 points, KSE 30-Index lost 29 points to close at 10,055 points and KSE All Share Index fell by 17 points to close at 7,284 points.

It should be noted that the

benchmark index ended at 10,484 points on Monday which was its highest close since July 30, 2010.

Following some bullish activities a day earlier, market started the day with a gain of 31 points above 10,500 level.

Index thereafter moved both ways between 10,531 (+ve 46 points) and 10,449 points (-ive 34 points) as investors preferred to book profits at higher levels which kept throwing the index into the negative territory from time to time during the session.

"Bearish activities were wit-

Indian shares drop; Biocon record high MUMBAI: Indian shares fell 0.9 per cent on Tuesday in choppy trade as a $3.5 billion IPO by Coal India soaked up investor funds, but the undertone remained upbeat on robust quarterly earnings and strong foreign interest.

Biotechnology firm Biocon soared as much as 15.4 per cent to a record high of 464.60 rupees, following a deal with Pfizer to market insulin made by the Indian company.

Around 4.3 million shares were traded on the BSE, nearly 23 times its average 30-day volume.

Coal India's IPO, the country's largest ever, drew strong investor interest, and was fully covered on the second day.

"It was a known fact that the IPO would absorb some liquidity for now. But that is going to be a temporary phase. There is enough liquidity otherwise," Prakash Diwan, head of institutional business at Networth Stock Broking, said.

The 30-share BSE index closed down 0.92 per cent, or 185.76 points, at 19,983.13, with 24 of its components

declining. It seesawed through the day, rising as much as 0.8 per cent and then falling 1.2 per cent.

Software companies led the losses as investors locked in gains after a recent run up. The sector index eased 2.2 per cent but is up 16 per cent year-todate.

Leading outsourcers Consultancy Services and Infosys Technologies dropped 1.2 per cent and 3.1 per cent respectively while Wipro shed 0.8 per cent.

Traders said the market, which has climbed 14.4 per cent so far this year, looked good to rise further as foreign funds continue to pour money into Indian shares on hopes for better returns than developed economies fighting a slowdown.

"I would not read too much into today's fall. India will continue to be a preferred investment destination," said Gajendra Nagpal, CEO of Unicon Financial.

Foreign funds have pumped a record $23.3 billion into Indian stocks this year.

See # 9 Page 11

Nikkei up as Citi lifts banks TOKYO: Japan's Nikkei average advanced 0.4 per cent on Tuesday with banking shares gaining after stronger-thanexpected results from Citigroup, but the yen's continued strength weighed on the market.

Investors were reluctant to trade actively before the Group of 20 nations meeting later in the week and the US Federal Reserve's policy meeting on Nov. 2-3, keeping market turnover low, analysts said.

Expectations that the Fed will ease further have sparked a sell-off in the dollar in recent weeks and the subsequent rise in the yen has pressured Japanese stocks.

But the market has also found support from the expectation that easing will boost liquidity in financial markets and help the US economy. Media reports about solid earnings at home, such as those of Mitsubishi Heavy, also helped bolster the market.

"There's the possibility that news will run its course after the Fed decision, but until then,

stocks will likely hover around these levels," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.

"If semi-decent earnings continue to come in line with expectations, that will also help support the market."

The benchmark Nikkei closed up 40.96 points at 9,539.45, while the broader Topix rose 0.4 per cent, or 3.21 points, to 833.73.

The yen edged down 0.15 per cent against the dollar to 81.38 yen, but still close to a 15-year peak of 80.88 hit last week and a record high of 79.75 set in 1995.

"The Nikkei ran out of steam in the afternoon. It struggled to extend gains as the yen's basic strength has put some pressure on stocks," said Masaru Hamasaki, a senior strategist at Toyota Asset Management.

"But strong shares prices in Europe and the United States should keep supporting the Nikkei around 9,500," Hamasaki said.

See # 10 Page 11

ANNOUNCEMENTS Company Biafo Industries XD ZIL Limited XD B.R.R.Guardian Cres. Stand.Mod.SPOT Habib-ADM XD Tri-Pack Films Pak Petroleum Ltd. Mehr Dastgir IGI Inv.Bank

Period 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 3rd Qtr 1st Qtr Yearly 1st Qtr

Div/Bon/Right 12.5%(i)(D) -

PAT (Rs in mn) 45.931 19.832 8.361 1.922 10.974 308.391 7,789.572 -1.943 8.928

EPS(Rs) 2.30 3.73 0.11 0.10 0.27 10.28 6.52 -0.20 0.04

nessed owing to institutional profit taking", said Ahsan Mehanti, Director at Arif Habib Investments.

According to experts market has been witnessing some bullish activities since last few days therefore a technical correction was already expected.

On the other side, investors sold Pakistan Petroleum on its lower than expected corporate results while buying was seen in Fauji Fertiliser Bin Qasim ahead of its corporate results.

Therefore index finally ended with some minor losses below 10,500 points.

JCR-VIS revises EIBLrating KARACHI: Credit rating company JCR-VIS has revised the entity rating of Escorts Investment Bank Ltd (EIBL) from A/A-1(Single A/A-one) to `A-/A-1' (Single A Minus/Aone).

The company has also revised TFC rating from A+ (Single A plus) to A (Single A).

The outlook on the ratings remains `negative'.-APP

IGI Bank rakes in better PAT KARACHI: According to financial results despatched to Karachi Stock Exchange (KSE) here Tuesday the IGI Investment Bank Ltd has posted a higher profit after tax (PAT) of Rs8.928 million for the quarter ending September 30, 2010.

As per details the pre-tax profit stood at Rs10.489 million with an earning per share (EPS) at Rs 0.04 during the period under review.-APP

Amtex convenes meeting

Amtex told to reverse dividend withdrawal KARACHI: Amtex Ltd has convened a meeting of its board of directors on October 27, to discuss the consequences of withdrawing a final cash dividend of 30 per cent or Rs3 per share for June 30, announced on August 25.

According to a report sent to KSE here on Tuesday, the company has explained that the meeting will consider the impact of disapproval of cash dividend.

Taking serious note of See # 11 Page 11

PPL 1Q PAT up by 56.6pc Ghulam Raza Rajani KARACHI: The 1QFY11 after tax profit of Pakistan Petroleum Limited (PPL) has jumped to Rs7.79 billion against Rs4.97 billion earned in the corresponding period last fiscal.

According to financial results received by Karachi Stock Exchange (KSE) Company's earning per share also surged to Rs6.52 against Rs4.16 in the same period a year earlier.

See # 12 Page 11

Samar Iqbal, equity dealer at Topline Securities said that the local bourse took a breather and remained rangebound throughout the session ahead of corporate announcements.

It should be noted that some of the important corporate results are also due to be announced this week which include Pakistan State Oil, Fauji Fertiliser Bin Qasim, Pakistan Refinery, Lucky Cement, and Shell Pakistan.

Foreigners' did a limited buying on Thursday as according to NCCPL there was a net foreign buying of $0.47 mil-

lion. On the local side NBFC and banks did a net selling of $0.95 and $0.56 million respectively while individuals and companies did a net buying of $0.76 and $0.72 million respectively.

Volumes too stayed on the lower side as 86.9 million shares traded during the day which is 16.2 million less as compared to a turnover of 103.1 million shares on Monday.

Out of total 410 active issues, 200 declined and 179 advanced while 31 issues remained unchanged.

FTSE weak as miners retreat LONDON: China's first interest rate rise since 2007 hit mining shares and dragged Britain's leading share index lower on Tuesday, offsetting gains from banks after solid results from Bank of America and Goldman Sachs.

At the close, the FTSE 100 index was down 38.63 points, or 0.7 per cent at 5,703.89, having earlier dipped below the 5,700 level to a session low of 5,690.58.

"Miners put the skids under the FTSE, dropping after the China rate move designed to rein in its booming economy, but the underlying mood is not too bad with banks seeing support and volumes fairly solid," said Mic Mills, head of electronic trading at ETX Capital.

See # 8 Page 11

Shanghai near 6-mth high; Hong Kong up on liquidity HONG KONG/SHANGHAI: China's key stock index rose 1.6 per cent on Tuesday to its highest close in nearly six months, with gains in coal and new energy stocks offsetting drops in steel makers.

The Shanghai Composite Index was at 3,001.9, after closing down 0.5 per cent on Monday in heavy volume.

Volume slid to 198 billion yuan ($29.80 billion) from Monday's 299 billion yuan, its highest turnover in at least 10 years.

Analysts say the prospect of more quantitative easing by the US Federal Reserve and cash flows from the country's housing market as investors switch from buying property to stocks; have reversed sentiment to support a steady upward trend.

Traders see strong support above the annual 250-day moving average, now at 2,890, and expect the index to trade convincingly above the psychological 3,000-point level after the release of economic data later this week.

"The large gains in new energy, coal and specific consumer sectors today is a response to the government's new five-year plan to support specific industries," said Xu Yinhui, analyst

at Guotai Junan Securities in Shanghai.

Beijing Haohua Energy Resource and Shanghai Datun Energy Resources leapt to its 10 per cent limit after the government pledged its support for emerging industries.

Autos including SAIC Motor Corp jumped 10 per cent on strong earnings growth.

Xu said he expects the index to trade narrowly around 3,000 points in the coming days.

"Volume has really picked up, especially yesterday, indicating investors are confident enough to trade around the 3,000 level."

China's stock market tanked earlier this year, losing nearly 30 per cent of its value after government controls on real estate and bank lending spooked investors.

Beijing is scheduled to post major economic data for the third quarter on Thursday, which is expected to show the world's second-biggest economy is slowing but still on track for strong growth.

Steel stocks capped stronger gains for the index as investors cashed in profits. Companies such as Baoshan Iron and Steel which dipped 0.3 per cent, had jumped on Monday after a joint

venture between BHP Billiton and Rio Tinto fell apart.

Lingyuan Iron & Steel dropped 2.5 per cent, while Guangzhou Iron and Steel fell 2 per cent.

IPO FUNDS, CHINA GAINS SPUR Hong Kong stocks ended up 1.3 per cent as IPO-driven funds found their way into listed stocks, while a rebound in Chinese shares in the afternoon session further encouraged investors.

The benchmark Hang Seng Index closed up 294.35 points at 23,763.73, bouncing from Monday's biggest single-day drop in about six weeks. The China Enterprises Index of top locally listed mainland stocks was up 1.14 per cent at 13,573.60.

"A lot of IPO, particularly AIA, is adding to the positive sentiment in the market. Once these IPOs are closed, the liquidity is put back into the stock market," said Andy Lam, strategist at Harris Fraser (International).

"The sentiment will remain bullish in the short term. When you look at most IPOs, the response on the first day of trading is relatively strong. This gives investors more confidence in the market." -Reuters

Dhiyan

PLAY LONG-TERM; WAIT IN THE WINGS Siddiq Dalal, Chairman Dalal Securities Market should consolidate at current levels. However, if foreign buying continues, interest rate comes down to a put-up-able level, Margin Trading System (MTS) launches, economic/political situation improves, and companies announce good corporate results gradual improvement in the market performance would be more likely and far lasting. Investors are advised to do selective buying at dips in fertiliser, oil and textile sectors while they can invest in cement stocks for long term. Market might recover today.

Kamran Abbas, CEO United Capital A technical Correction is due in the market. Thereafter if triggers like advent of long-awaited Margin Trading System, a considerable slash in State Bank's policy rate that is painfully high and end of government-judiciary confrontation kept eluding the market it would become extremely difficult for the index to breach its previous highs of 10,700 points. Investors are therefore advised to adopt 'wait & see' strategy.

Profit-taking would be in swing even today, so watch it.

6

Wednesday, October 20, 2010

Market Volume

86,917,852

Value

2,642,950,349

Trades

54,900

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

179 200 31 410

10,464.89 10,531.01 10,448.06 i19.50

PE

High Low 1,345.23 1,325.71 Total cos Defaulter cos P/BV (x) ROE (%) 4.16 37.01

Attock PetroleumXDXB 691 4.46 289.33 Attock Refinery 853 17.13 91.15 BYCO Petroleum 3921 - 10.68 Mari Gas Company 735 16.59 124.84 National Refinery XD 800 5.23 208.54 Oil & Gas Development XD 43009 10.51 152.73 Pak Petroleum 11950 7.55 186.60 Pak Oilfields XD 2365 5.90 231.81 Pak Refinery Limited 350 - 80.87 PSO XD 1715 4.54 271.12 Shell Gas LPG 226 15.57 32.92 Shell Pakistan XD 685 9.92 194.38

297.50 95.70 11.23 127.26 212.50 153.50 187.60 233.33 84.91 273.80 34.56 196.00

288.01 91.49 10.65 122.01 209.98 151.50 185.00 231.56 81.01 268.00 34.45 193.26

Close Chg 289.63 94.22 10.85 122.45 210.03 152.36 185.54 232.31 82.58 268.26 34.56 193.46

0.30 3.07 0.17 -2.39 1.49 -0.37 -1.06 0.50 1.71 -2.86 1.64 -0.92

Close Change 1,331.71 -3.36 Listed cap Market cap 65,194.15 mn 1,052,997.26 mn Payout (%) Div Yield (%) 68.56 6.10 Last 60 days High Low

Volume 308206 3724198 4330481 188065 167267 510932 586406 335242 89717 435331 2346 6746

374.20 95.70 12.96 138.45 230.84 154.05 214.10 251.24 84.91 289.45 39.80 244.00

% Change -0.25 5-Day High 1,335.07 5-Day Low 1,321.41

2009 Div BR (%) (%)

2010 Div BR (%) (%)

288.01 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -

300 31 200 55 90 255 80 40

20 20B -

Performance of SR Chemicals Index Open 1,180.05 Turnover 14,896,025 P/E (x) 7.39 PE

High Low 1,191.98 1,176.20 Total cos Defaulter cos P/BV (x) ROE (%) 2.59 35.00

Open

High

Low

Agritech Limited 3924 10.15 22.20 Bawany AirXDXR 68 1.29 10.10 BOC (Pak) 250 9.54 75.00 Clariant Pak 273 5.67 161.98 Dawood Hercules 1203 7.75 168.10 Descon Chemical 1996 2.26 Descon Oxychem Ltd. 1020 4.15 Dewan Salman 3663 1.67 Dynea PakSPOT 94 4.20 11.60 Engro Corporation Ltd 3277 9.03 176.82 Engro Polymer 6635 - 13.78 Fatima Fertilizer 22000 - 10.55 Fauji Fertilizer 6785 7.35 107.96 Fauji Fert. Bin Qasim 9341 7.67 29.69 Gatron Ind XD 384 3.87 40.00 Ghani Gases Ltd 725 9.46 12.37 ICI Pakistan 1388 7.38 123.12 Ittehad Chemical XD 360 5.84 23.69 Lotte Pakistan 15142 3.32 9.69 Mandviwala 74 1.78 Nimir Ind Chemical 1106 71.00 1.45 Sitara Chem Ind SPOT 204 5.44 122.33 Sitara Peroxide 551 - 10.03 United Distributors 92 - 10.95 Wah-NobleSPOT 90 5.07 42.74

22.94 10.06 76.49 163.00 168.50 2.45 4.24 1.70 11.90 177.75 13.86 10.50 108.97 30.25 41.50 12.89 124.99 24.68 9.85 2.29 1.53 124.50 10.33 11.33 42.99

22.10 10.04 75.00 161.01 168.00 2.23 4.01 1.59 11.25 175.59 13.20 9.55 108.00 29.63 39.99 12.25 123.11 24.65 9.52 1.37 1.41 121.00 10.00 11.18 42.30

Close Chg 22.94 10.06 75.00 161.01 168.06 2.23 4.03 1.60 11.25 176.10 13.28 9.60 108.09 30.13 41.50 12.49 123.82 24.66 9.56 1.75 1.42 123.42 10.19 11.18 42.79

0.74 -0.04 0.00 -0.97 -0.04 -0.03 -0.12 -0.07 -0.35 -0.72 -0.50 -0.95 0.13 0.44 1.50 0.12 0.70 0.97 -0.13 -0.03 -0.03 1.09 0.16 0.23 0.05

Close 1,180.92 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 501 605 5776 110 2536 41527 86334 602445 500 426787 721736 6008500 190450 4764485 9823 492720 239080 800 6966978 252 62539 2686 313675 200 5001

Change 0.86 Market cap 264,437.95 mn Div Yield (%) 6.61

26.70 16.78 82.50 174.00 185.88 2.98 5.20 2.21 13.60 194.59 15.20 12.46 113.39 30.65 48.30 13.85 128.30 35.95 9.95 3.24 1.74 128.01 11.09 17.88 48.00

% Change 0.07 5-Day High 1,183.71 5-Day Low 1,179.27

2009 Div BR (%) (%)

2010 Div BR (%) (%)

21.15 9.72 66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 36.80 7.41 109.50 80 21.00 15 6.75 5 1.06 1.16 110.03 75 7.67 9.22 10 10B 41.00 50 -

5 15 20 15 20 75 5 20 55 5 25 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,124.87 Turnover 72,705 P/E (x) 5.85

Open 667.24 Turnover 31,893 P/E (x) 5.42 Company

High Low 1,145.68 1,124.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47

Close 1,131.26 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

4.78

17.98 39.82

18.40 40.48

17.81 40.22

17.86 -0.12 40.44 0.62

71665 1020

Change 6.39 Market cap 3,134.26 mn Div Yield (%) 4.32

Last 60 days High Low 22.70 50.40

17.31 38.10

% Change 0.57 5-Day High 1,159.89 5-Day Low 1,124.87

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

Paid up Cap(mn)

Pak Int Cont. Terminal XD 1092 PNSC XD 1321

Current High Low Change

10,055.39 10,125.20 10,033.64 i29.35

16,458.71 16,546.33 16,429.92 i13.07

Change 22.90 Market cap 12,346.11 mn Div Yield (%) 2.04

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.91 5.25

61.39 38.89

64.45 39.00

61.45 38.10

64.45 3.06 38.50 -0.39

21854 10039

87.86 41.00

60.05 34.50

Open 1,089.05 Turnover 492,350 P/E (x) 4.03

High Low 1,105.85 1,084.13 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 25.35

Paid up Cap(mn)

PE

Open

High

Low

Agriautos IndSPOT 144 Atlas Battery 101 Atlas Honda 626 Dewan Motors 890 Exide (PAK) 56 General Tyre XD 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150 Transmission 117

5.26 5.74 7.37 4.17 6.27 4.23 5.21 9.19 5.24 1.99

71.47 153.42 100.82 1.49 148.98 22.01 4.34 4.90 10.85 230.19 75.00 19.94 1.72

72.99 154.90 105.86 1.65 146.00 23.00 4.53 5.20 11.50 231.00 76.00 20.25 2.20

71.25 150.50 104.90 1.51 144.99 22.50 4.26 4.99 11.00 228.00 73.90 19.75 1.99

Close Chg 72.00 152.17 105.86 1.51 145.59 22.90 4.50 5.03 11.28 228.40 74.00 20.19 1.99

0.53 -1.25 5.04 0.02 -3.39 0.89 0.16 0.13 0.43 -1.79 -1.00 0.25 0.27

Close 1,089.88 Listed cap 6,768.53 mn Payout (%) 20.42

Company

Paid up Cap(mn)

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

High Low 952.53 919.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 33.10

PE

Open

High

Low

565 3.46 675 555 5.48 1199 4.57 785 18.24

25.30 2.63 12.54 46.98 8.74

25.89 2.68 12.76 47.89 8.94

24.62 2.55 12.60 46.50 8.75

Close Chg 25.50 2.56 12.76 46.98 8.94

0.20 -0.07 0.22 0.00 0.20

Close 938.25 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume 40841 43253 8501 389924 150

31.73 3.17 16.75 70.71 10.80

23.75 1.65 12.25 45.60 8.20

% Change 0.38 5-Day High 938.25 5-Day Low 918.71

2009 Div BR (%) (%) 10

30B -

20B -

Volume 172560 22329 10054 127692 592 13352 8791 19362 21352 20988 72872 1398 1002

Last 60 days High Low 78.39 206.95 127.99 2.09 158.00 27.50 6.34 5.70 13.50 287.00 89.99 27.85 3.25

63.01 131.00 92.00 1.16 121.10 21.71 4.03 3.55 9.65 212.29 69.25 19.50 1.53

Open 1,481.90 Turnover 1,746,911 P/E (x) 32.44 Company AL-Noor Sugar Bawany Sugar Clover Pakistan XD Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd XD Ismail Ind XD J D W Sugar Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods XD Noon Sugar Premier Sugar Punjab OilSPOT Quice Food Shahmurad Sugar Shak(RCPf)8.5 Perc Shakarganj Mills UniLever Pakistan

Paid up Cap(mn) 186 87 94 365 217 600 200 505 490 109 143 70 141 414 165 38 38 107 211 346 695 665

PE

Open

High

High Low 1,504.47 1,467.98 Total cos Defaulter cos P/BV (x) ROE (%) 9.83 30.30 Low

Close Chg

4.20 41.95 41.99 41.00 41.31 1.50 1.50 1.40 1.40 30.93 47.19 49.50 49.00 49.48 1.42 1.69 1.50 1.69 3.11 20.00 19.50 19.05 19.25 6.20 30.00 30.28 29.93 30.09 11.50 12.83 13.00 11.90 12.42 12.43 74.00 74.70 72.50 73.11 2.40 71.99 72.01 70.00 71.73 3.90 3.45 3.40 3.44 3.11 55.23 55.99 54.25 55.50 6.02 60.00 59.90 57.00 57.22 0.31 4.94 4.97 4.20 4.97 19.57 41.19 40.90 39.51 40.90 - 12.82 12.93 12.41 12.50 6.96 37.00 37.95 35.60 37.95 2.80 36.81 36.81 36.81 36.81 2.57 2.75 2.45 2.50 15.94 11.00 11.00 11.00 11.00 3.80 3.25 3.25 3.25 4.70 4.85 4.15 4.60 22.40 4000.01 4099.99 3986.14 4000.03

-0.64 -0.10 2.29 0.27 -0.75 0.09 -0.41 -0.89 -0.26 -0.46 0.27 -2.78 0.03 -0.29 -0.32 0.95 0.00 -0.07 0.00 -0.55 -0.10 0.02

Close 1,477.71 Listed cap 11,335.33 mn Payout (%) 30.57

Open 961.57 Turnover 7,012,061 P/E (x) 6.80 Company

High Low 975.45 955.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10

Paid up Cap(mn)

PE

1828

-

3.09

3.29

3.00

866 5.01 182 956 982 11.69 108 948 3574 3651 37.03 350 6933 12.38 502 1760 2319 32 1288 13126 3234 6.34 5261 2228 -

62.05 15.50 10.65 1.65 25.89 1.70 1.56 26.36 3.12 4.99 5.20 2.00 3.46 0.85 5.95 2.94 70.20 2.90 8.35

63.95 15.70 11.00 1.53 27.18 2.00 1.69 27.00 2.95 5.04 5.78 2.02 3.59 0.82 6.00 3.05 71.12 2.96 8.58

60.30 15.25 10.60 1.52 25.77 1.75 1.45 26.39 2.60 4.94 5.25 1.95 3.10 0.65 5.85 2.88 70.21 2.85 8.00

Al-Abbas Cement Attock Cement XD Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement

Open

High

Low

Close Chg 3.06 -0.03 62.91 15.40 11.00 1.52 27.15 2.00 1.49 26.66 2.65 4.95 5.26 2.01 3.10 0.80 5.87 2.89 70.57 2.86 8.00

0.86 -0.10 0.35 -0.13 1.26 0.30 -0.07 0.30 -0.47 -0.04 0.06 0.01 -0.36 -0.05 -0.08 -0.05 0.37 -0.04 -0.35

Close 962.48 Listed cap 54,792.74 mn Payout (%) 19.04

Change 0.91 Market cap 69,077.89 mn Div Yield (%) 2.80

Last 60 days High Low

Volume 15117 26016 2150 1501 20000 1246 5643 292997 4450926 505 163550 145 42806 1098 76833 56090 1494400 592757 46246 15003

% Change 0.09 5-Day High 962.48 5-Day Low 950.17

2009 Div BR (%) (%)

2010 Div BR (%) (%)

4.20

2.80

-

-

- 100R

71.90 20.00 12.50 2.74 32.90 3.90 2.20 28.74 5.15 5.50 7.50 2.30 7.50 2.00 6.80 3.23 74.00 3.68 8.58

60.30 14.01 8.90 1.30 22.10 1.02 1.30 23.02 2.11 4.50 4.25 1.74 2.11 0.25 5.50 2.60 62.60 2.51 6.80

50 40 -

20B 20R 10B -

50 - 122R - 20R 40 -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 885.49 Turnover 135,167 P/E (x) 2.55 Company

Paid up Cap(mn)

PE

Open

Cherat PapersackXDXB 115 3.43 34.32 ECOPACK Ltd 230 2.28 Ghani GlassXDXB 1067 4.92 48.30 MACPAC Films 389 2.88 Merit Pack 47 - 15.10 Packages Ltd 844 16.30 107.00 Syed Match 3 - 12.00 Tri-Pack Films 300 7.57 102.50

High

High Low 902.68 881.30 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 43.91 Low

Close Chg

36.03 34.50 36.03 2.40 2.10 2.30 48.95 47.00 48.10 3.00 2.90 2.90 16.10 15.65 16.06 109.80 107.05 107.58 11.05 11.05 11.05 104.95 100.08 103.77

1.71 0.02 -0.20 0.02 0.96 0.58 -0.95 1.27

Close 890.93 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 38725 3200 7423 510 1167 71503 500 12120

Change 5.44 Market cap 33,192.98 mn Div Yield (%) 6.09

Last 60 days High Low 51.05 2.89 61.99 4.69 20.70 125.96 15.00 105.00

34.00 1.70 47.00 1.60 11.81 98.00 11.05 91.00

% Change 0.61 5-Day High 900.23 5-Day Low 881.90

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

10B -

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

25B 10B -

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Close 1,451.66 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

Change -20.71 Market cap 30,514.86 mn Div Yield (%) 18.16

Last 60 days High Low

% Change -1.41 5-Day High 1,529.96 5-Day Low 1,451.66

2009 Div BR (%) (%)

2010 Div BR (%) (%)

Ados Pak AL-Ghazi Tractor

66 215

3.26 15.78 4.92 212.00

16.00 15.89 15.97 0.19 212.00 204.51 205.23 -6.77

1983 23494

22.69 227.45

14.62 200.26

20 400

-

150

-

Ghandhara Ind Millat TractorsXDXB

213 366

2.24 13.27 5.77 457.40

14.27 13.20 14.27 1.00 468.00 448.00 449.94 -7.46

92016 228743

19.50 597.90

11.29 390.00

450

25B

650

25B

% Change 0.08 5-Day High 1,089.88 5-Day Low 1,075.29 2010 Div BR (%) (%)

40 100 80 50 100 5 2

90 100 60 20 150 10 -

20B 30B 20B -

20B 20B -

RSI (14-day)

55.60

Total Assets (Rs in mn)

38,810.57

MA (10-day)

3.15

Total Equity (Rs in mn)

5,962.30

MA (100-day)

3.47

Revenue (Rs in mn)

MA (200-day)

3.97

Interest Expense

2,390.39

1st Support

3.27

Loss after Taxation

(637.18)

2nd Support

3.20

EPS 09 (Rs)

1st Resistance

3.37

Book value / share (Rs)

2nd Resistance

3.40

PE 10 E (x)

3.30

Pivot

3.30

PBV (x)

0.28

999.63

(1.273) 11.92

BOK closed unchanged at 3.30. Volume was 1,204 per cent above average (trending) and Bollinger Bands were 4 per cent narrower than normal. The company's profit after taxation stood at Rs251.784 million which translates into an Earning Per Share of Rs0.50 for the half year of current calendar year (1HCY10).

BOK is currently 17.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of BOK at a relatively equal pace. Trend forecasting oscillators are currently bullish on BOK.

Samba Bank Limited

Volume

Last 60 days High Low

1980 47.35 39.25 731 3.60 0.85 952 50.00 33.33 1051 2.90 1.11 302 23.50 15.90 21099 32.25 24.73 13156 16.98 11.90 1000 77.70 53.64 11553 72.01 60.10 2984 8.50 2.86 2111 58.00 48.50 335 67.06 55.24 102 5.70 3.55 3028 65.29 39.01 102 12.99 10.00 1944 43.60 32.50 63500 38.95 32.80 9000 3.40 1.60 183 11.90 7.40 1600000 9.42 2.50 11332 5.00 3.02 204 4220.00 3710.00

% Change -0.28 5-Day High 1,488.12 5-Day Low 1,473.41

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 17.5 35 40 15 40 35 25 50 30 15 15 458

15 40 17.5 110R 0 12.5R 25 10B 12 15 28R 178 -

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

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

62.44

Total Assets (Rs in mn)

23,734.13

MA (10-day)

1.93

Total Equity (Rs in mn)

7,075.66

MA (100-day)

2.14

Revenue (Rs in mn)

1,878.63

MA (200-day)

2.62

Interest Expense

1,208.86

1st Support

2.00

Loss after Taxation

(593.05)

2nd Support

1.89

EPS 09 (Rs)

1st Resistance

2.16

Book value / share (Rs)

2nd Resistance

2.21

PE 10 E (x)

Pivot

2.05

PBV (x)

(0.676) 8.07 0.26

SBL closed up 0.14 at 2.08. Volume was 331 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal.

The company's loss after taxation stood at Rs96.50 million which translates into a Loss Per Share of Rs0.10 for the half year of current calendar year (1HCY10).

SBL is currently 20.7 per cent below 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 volume flowing into and out of SBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SBL.

Dewan Cement Limited

Performance of SR Household Goods Index Open 1,140.59 Turnover 488,117 P/E (x) 2.99

High Low 1,151.97 1,137.17 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64

Paid up Cap(mn)

PE

Open

High

Low

AL-Abid SilkSPOT 96 Gauhar Engineering Ltd 22 Pak Elektron 1174 Tariq Glass Ind 231

3.40 2.96 2.75

34.00 0.20 13.64 16.99

34.99 0.20 14.09 17.49

33.99 0.20 13.65 16.86

Close Chg

Close 1,143.09 Listed cap 3,763.71 mn Payout (%) 6.27

Volume

Change 2.50 Market cap 5,632.36 mn Div Yield (%) 2.10

Last 60 days High Low

34.99 0.20 13.84 16.87

0.99 0.00 0.20 -0.12

108 2000 431775 54204

35.00 0.50 15.95 19.12

26.60 0.15 12.17 14.50

2009 Div BR (%) (%) 7.5 -

10B -

% Change 0.22 5-Day High 1,143.09 5-Day Low 1,108.77 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -

PERSONAL GOODS Performance of SR Personal Goods Index Open 918.23 Turnover 6,123,232 P/E (x) 6.02 Company

Paid up Cap(mn)

PE

High Low 923.89 909.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 8.64

Open

High

Low

(Colony) Thal 56 1.50 Ali Asghar Textile 222 1.00 Amtex Limited XD 2415 2.33 9.71 Artistic Denim XD 840 5.03 20.36 Azam Textile 133 0.55 3.00 Azgard Nine 4493 257.50 10.42 Bannu WoolenSPOT 76 1.16 13.13 Bata (Pak) 76 4.44 450.02 Bilal Fibres 141 0.91 Chakwal SpinningSPOT 400 1.14 1.58 Chenab Limited 1150 3.21 Crescent TextileSPOT 492 3.07 22.58 D S Ind Ltd 600 1.68 Data Textile 99 0.23 Dawood Lawrencepur 514 9.33 39.85 Dewan Farooque Spin.

600 2.39 3.79 Ellcot Spinning XD 110 1.47 18.00 Faisal SpinningSPOT 100 0.81 34.00 Fazal TextileSPOT 62 3.42 333.55 Gadoon TextileSPOT 234 1.23 45.95 Ghani Value Glass XD 75 6.18 28.90 Ghazi Fabrics XD 326 1.10 3.45 Gillette Pakistan 192 46.59 64.49 Gul Ahmed TextileSPOT 635 3.28 23.59 Gulistan Spinning 146 1.39 6.13 Gulshan Spinning 185 1.72 9.02 Hira Textile Mills Ltd. 716 1.25 4.39 Ibrahim FibresSPOT 3105 3.42 37.49 Ideal Spinning 99 0.58 3.38 Idrees TextileSPOT 180 2.29 4.06 Ishaq TextileSPOT 97 1.03 4.99 Khalid Siraj 107 0.69 Kohinoor Ind 303 1.50 Kohinoor SpinningSPOT 1300 1.28 1.30 Kohinoor Textile 1455 2.77 5.24 Leather Up 60 1.87 Maqbool TextileSPOT 168 2.00 10.62 Masood Textile 600 1.01 19.70 Mian Textile 221 0.40 N P SpinningSPOT 147 4.08 22.90 Nagina CottonSPOT 187 1.31 17.25 Nishat (Chunian) 1586 2.44 19.41 Nishat MillsSPOT 3516 6.00 51.49 Pak Synthetic 560 6.25 5.75 Paramount Spinning 158 1.35 8.88 Prosperity XD 185 1.98 14.59 Ravi Textile 250 4.59 1.80 Redco Textile 213 4.67 0.70 Reliance WeavingSPOT 308 0.87 11.42 Rupali PolySPOT 341 5.77 35.75 Saif Textile 264 1.20 3.99 Salfi Textile XD 33 0.27 26.23 Sally Textile 88 0.34 5.28 Salman Noman 40 5.00 2.45 Samin Textile XR 134 7.00 Sapphire TextileSPOT 201 1.86 98.50 Sargoda SpinningSPOT 312 0.57 2.29 Saritow Spinning 133 0.56 2.10 Service Ind 120 5.15 190.53 Shadman Cot 176 2.19 12.00 Shahpur Textile 140 1.25 0.97 Shahtaj TextileSPOT 97 - 21.18 Shams TextileSPOT 86 1.19 17.45 Shield Corp XD 39 9.88 57.00 Sunrays TextileSPOT 69 1.04 34.95 Suraj CottonSPOT 180 1.28 35.65 Thal LimitedSPOT 256 4.10 109.02 Treet Corp 418 8.44 38.97 Yousuf Weaving 400 6.47 1.10 Zephyr Textile Ltd 594 3.07 Zil Limited XD 53 2.83 40.34

1.48 1.45 8.71 20.80 3.04 10.69 13.75 460.00 0.70 1.90 3.34 21.46 1.75 0.50 39.99 3.01 18.00 32.75 348.00 46.75 29.15 3.90 67.71 24.76 6.50 9.73 4.50 37.00 3.48 4.06 4.90 0.79 1.49 1.50 5.74 1.89 11.00 20.60 0.59 22.90 17.50 19.81 51.99 5.99 9.70 15.45 1.88 0.70 11.50 35.85 3.56 25.00 5.48 2.60 7.97 100.50 2.42 2.45 200.05 13.00 0.99 21.75 17.99 59.85 35.00 36.05 110.30 40.91 1.10 3.00 42.35

1.00 1.00 8.71 20.00 2.76 10.22 13.00 446.00 0.70 1.21 3.15 21.46 1.66 0.20 39.00 3.00 17.21 32.75 344.00 45.00 28.00 3.80 61.50 24.70 6.15 8.81 4.00 36.06 3.00 4.00 4.89 0.50 1.35 1.30 5.20 1.50 10.60 19.25 0.35 22.90 17.25 19.15 50.85 5.73 8.66 13.60 1.75 0.70 11.10 35.10 3.51 24.92 5.15 2.55 7.01 94.10 2.01 2.00 191.02 11.00 0.90 21.20 17.50 56.10 34.50 35.00 108.51 39.20 1.02 3.00 38.55

Close Chg

Close 914.43 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -3.79 Market cap 115,650.10 mn Div Yield (%) 2.77

Last 60 days High Low

1.48 1.00 8.71 20.00 3.00 10.30 13.30 450.00 0.70 1.74 3.23 21.46 1.66 0.50 39.00 3.01 17.26 32.75 345.00 45.96 28.00 3.80 62.90 24.70 6.30 9.44 4.36 36.99 3.00 4.00 4.89 0.79 1.43 1.41 5.30 1.50 10.60 19.70 0.47 22.90 17.36 19.25 51.00 5.75 9.25 13.62 1.79 0.70 11.42 35.17 3.52 24.92 5.25 2.55 7.39 94.10 2.20 2.05 200.05 12.00 0.90 21.47 17.99 56.10 34.50 36.05 109.49 40.91 1.10 3.00 42.35

-0.02 0.00 -1.00 -0.36 0.00 -0.12 0.17 -0.02 -0.21 0.16 0.02 -1.12 -0.02 0.27 -0.85 -0.78 -0.74 -1.25 11.45 0.01 -0.90 0.35 -1.59 1.11 0.17 0.42 -0.03 -0.50 -0.38 -0.06 -0.10 0.10 -0.07 0.11 0.06 -0.37 -0.02 0.00 0.07 0.00 0.11 -0.16 -0.49 0.00 0.37 -0.97 -0.01 0.00 0.00 -0.58 -0.47 -1.31 -0.03 0.10 0.39 -4.40 -0.09 -0.05 9.52 0.00 -0.07 0.29 0.54 -0.90 -0.45 0.40 0.47 1.94 0.00 -0.07 2.01

8008 6100 17368 2402 2801 1609959 3504 201 353 1013 76890 432 58005 10005 1001 10000 602 500 108 23401 101 1816 1191 242 1241 21672 83801 3625 1165 19103 325 187 28301 15965 45136 410 2896 366 4409 400 3546 2022116 1299142 47999 19422 2403 40919 10000 1885 1045 2000 2501 1950 300 2426 280 43640 2200 11905 105 500 20411 8388 840 79001 57254 56099 250954 1000 41648 25808

2.00 2.21 20.45 24.05 3.23 13.05 14.00 560.00 1.96 2.56 4.89 27.70 2.49 0.96 50.35 4.00 25.45 34.95 378.00 48.30 38.64 5.00 73.00 24.76 8.13 9.73 4.85 39.00 4.79 5.35 5.00 1.99 2.00 1.84 6.30 2.50 11.49 23.25 1.20 24.66 17.50 19.87 53.14 7.90 10.17 21.47 4.69 1.20 12.00 36.75 5.44 27.75 6.20 3.11 8.69 124.80 2.50 2.99 225.99 15.00 2.26 21.75 18.00 60.00 35.00 37.50 114.99 49.49 1.90 4.99 43.15

0.80 0.40 8.71 17.55 1.35 8.55 7.50 436.00 0.55 0.70 2.93 19.51 1.44 0.02 37.08 2.05 17.21 24.55 303.00 33.80 28.00 1.11 57.50 19.99 5.00 5.31 2.52 34.05 2.02 2.56 3.86 0.10 1.01 0.56 4.00 1.35 3.25 18.51 0.01 16.00 12.00 14.64 40.81 5.16 6.00 13.60 1.38 0.60 6.91 31.35 2.01 19.25 2.74 1.30 5.02 90.00 0.31 1.01 176.00 7.00 0.25 14.75 15.00 49.60 30.03 29.50 97.00 37.20 0.73 1.50 33.00

2009 Div BR (%) (%)

% Change -0.41 5-Day High 918.23 5-Day Low 914.43 2010 Div BR (%) (%)

30 20 20 7.5 20 120 5 15 5 7.5 35 7.5 50 15 - 100 70 8 400R 25 10 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 8 5 - 22.5 15 15 100R 20 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 20 30 - 25SD 40 40 25 10 5B - 100R 50 5 200 20 45 20 - 30B 10 10 15 50 20 20B 80 20B 40 10B 35 -

PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index

INDUSTRIAL ENGINEERING High Low 1,498.26 1,445.26 Total cos Defaulter cos P/BV (x) ROE (%) 2.75 38.02

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

HOUSEHOLD GOODS

Open 847.64 Turnover 29,604 P/E (x) 6.59

Performance of SR Industrial Engineering Index Open 1,472.37 Turnover 346,339 P/E (x) 7.24

40 15

2009 Div BR (%) (%)

Change -4.19 Market cap 189,334.39 mn Div Yield (%) 0.94

CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index

2010 Div BR (%) (%)

FOOD PRODUCERS

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

20B -

Bank of Khyber Limited

Performance of SR Food Producers Index

Company

Change 3.57 Market cap 8,925.97 mn Div Yield (%) 10.04

30

Change 0.83 Market cap 39,677.74 mn Div Yield (%) 5.07

Performance of SR Industrial Metals and Mining Index Open 934.67 Turnover 482,675 P/E (x) 3.08

2009 Div BR (%) (%)

Alert ! Unusual Movements

% Change 3.43 5-Day High 690.14 5-Day Low 667.24

Performance of SR Automobile and Parts Index

-

INDUSTRIAL METALS AND MINING

Close 690.14 Listed cap 3,242.17 mn Payout (%) 11.08

PE

2010 Div BR (%) (%) 50

High Low 692.24 664.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 25.53

AUTOMOBILE AND PARTS

Company

CHEMICALS

Century Paper Security Paper

Current High Low Change

INDUSTRIAL TRANSPORTATION

Low

Company

7,284.16 7,331.54 7,275.03 i17.30

KMI 30 Index

Performance of SR Industrial Transportation Index

High

Paid up Cap(mn)

Current High Low Change

KSE 30 Index

OIL AND GAS

Open

Company

All Share Index

Performance of SR Oil and Gas Index Open 1,335.07 Turnover 6,354,456 P/E (x) 11.24 Company

KSE 100 Index

Symbols

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

Paid up Cap(mn) 979 250 1707 165 200 100 96 306

PE

Open

8.00 92.00 5.80 87.50 12.71 70.00 6.65 24.01 18.53 8.00 6.91 29.59 10.08 120.78 5.21 60.26

High

High Low 861.56 841.82 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 22.31 Low

Close Chg

92.95 91.10 91.29 -0.71 91.00 85.60 88.36 0.86 70.40 69.50 70.40 0.40 24.60 24.01 24.48 0.47 8.39 8.00 8.34 0.34 31.00 30.00 30.97 1.38 126.81 122.99 126.68 5.90 61.94 60.25 60.75 0.49

Close 851.91 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 3700 1556 3386 4605 6662 1501 6181 1960

Change 4.27 Market cap 28,262.34 mn Div Yield (%) 6.76

Last 60 days High Low 96.40 124.00 83.15 25.79 8.66 34.70 133.00 64.19

77.00 85.60 65.00 22.10 6.10 27.50 115.90 53.36

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

20B 15B

% Change 0.50 5-Day High 851.91 5-Day Low 843.96 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

45.65

Total Assets (Rs in mn)

21,596.72

MA (10-day)

1.57

Total Equity (Rs in mn)

4,222.04

MA (100-day)

1.69

Revenue (Rs in mn)

5,682.57

MA (200-day)

2.26

Interest Expense

1st Support

1.41

Loss after Taxation

2nd Support

1.31

EPS 09 (Rs)

463.19

1st Resistance

1.65

Book value / share (Rs)

2nd Resistance

1.79

PE 10 E (x)

Pivot

1.55

PBV (x)

(163.21) (0.457) 11.81 0.13

DCL closed down -0.07 at 1.49. Volume was 88 per cent above average and Bollinger Bands were 35 per cent narrower than normal. The company's loss after taxation stood at Rs622.764 million which translates into a Loss Per Share of Rs1.74 for the year ended FY10.

DCL is currently 34.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DCL (mildly bullish). Trend forecasting oscillators are currently bullish on DCL.

Southern Electric Power Co Ltd

Fundamental Highlights As on Jun 30, 2009

Technical Analysis RSI (14-day)

55.29

Total Assets (Rs in mn)

9,248.54

MA (10-day)

2.25

Total Equity (Rs in mn)

2,028.39

MA (100-day)

2.84

Revenue (Rs in mn)

1,911.24

MA (200-day)

3.53

Interest Expense

766.96

1st Support

2.31

Profit after Taxation

146.76

2nd Support

2.18

EPS 09 (Rs)

1.074

1st Resistance

2.58

Book value / share (Rs)

14.84

2nd Resistance

2.72

PE 10 E (x)

6.38

Pivot

2.45

PBV (x)

0.17

SEPCO closed up 0.09 at 2.49. Volume was 397 per cent above average (trending) and Bollinger Bands were 14 per cent narrower than normal. The company's profit after taxation stood at Rs52.682 million which translates into an Earning Per Share of Rs0.39 for the year ended FY10.

SEPCO is currently 29.5 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 volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.

BOOK CLOSURES Company

From

To

1st Dawood Investment Bank Attock Cement Pakistan Attock Petroleum Dawood Capital Management Dost Steels Ellcot Spinning Mills Escort Investment Bank First Al-Noor Modaraba First Imrooz Modaraba Gauhar Engineering Ghazi Fabrics International Invest & Finance Securities Mahmood Textile Nishat Power Premium Textile Mills Prosperity Weaving Mills Saddiqsons Tin Plate Safa Mix Concrete Searle Pakistan Shield Corporation United Brands

20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct 20-Oct

26-Oct 27-Oct 28-Oct 26-Oct 27-Oct 26-Oct 27-Oct 04-Nov 27-Oct 28-Oct 29-Oct 27-Oct 30-Oct 28-Oct 26-Oct 26-Oct 27-Oct 26-Oct 26-Oct 26-Oct 27-Oct

D/B/R 32.50(F) 200,20(B) 35 5 76 10 11.5 60 50 30 7.5 30 10 -

Spot AGM/Date 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 12-Oct -

28-Oct 27-Oct 28-Oct 26-Oct 27-Oct 26-Oct 27-Oct 25-Oct 27-Oct 28-Oct 27-Oct 27-Oct 30-Oct 28-Oct 26-Oct 26-Oct 27-Oct 26-Oct 26-Oct 26-Oct 27-Oct

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

TRG Pakistan Ltd. 3.96 Murree BrewerySPOT 94.5 Shezan Internat SPOT 94 Grays of Cambr SPOT 48.21 Lakson Tobacco 340 Pak Tobacco 114.97 Shifa Int.Hosp XD 29.56 Eye Television 22.45 PIAC (A) 2.2 AKD Capital 66.44 Pace (Pak) Ltd 2.97 Netsol Technol SPOT 18.73 Pak Telephone 1.71

High 4.14 95.95 96.5 50.62 357 112 28.5 23 2.3 69.5 3.17 18.99 1.95

Low Close 3.97 93.01 94 47.22 335.01 109.23 28.1 21.55 2.13 65.3 2.93 18.57 1.94

4.05 93.91 95 49 339.45 110.11 28.1 22.4 2.15 65.9 3.05 18.87 1.95

Change 0.09 -0.59 1 0.79 -0.55 -4.86 -1.46 -0.05 -0.05 -0.54 0.08 0.14 0.24

Vol 1979663 16126 153 146 3900 131841 251 911 23190 14685 1869831 251608 208

7

Wednesday, October 20, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,137.53 Turnover 2,068,396 P/E (x) 6.11 Paid up Cap(mn)

Company

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

PE

78 37740 3000 8606 6175

Open

High

4.93 103.00 9.10 19.05 1.06 2.54 2.84 3.90

102.00 19.20 2.65 2.86 3.99

High Low 1,147.57 1,123.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84 Low

Close Chg

98.00 100.02 -2.98 18.91 19.12 0.07 2.43 2.46 -0.08 2.70 2.72 -0.12 3.78 3.80 -0.10

Close 1,135.61 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 1072 775616 784759 506949 76988

Change -1.92 Market cap 78,368.27 mn Div Yield (%) 10.24

120.61 20.22 3.08 3.30 6.13

91.00 17.32 1.80 2.30 3.60

% Change -0.17 5-Day High 1,158.82 5-Day Low 1,135.61

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

-

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

-

Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance Premier Insurance Shaheen Insurance Silver Star Insurance United Insurance XB Universal Insurance

369 4.62 279 5.28 457 6.17 121 1250 35.02 400 7.56 718 14.61 791 9.47 3000 250 1.62 303 4.75 200 253 1.74 400 1.28 210 -

Company

High Low 1,184.17 1,163.82 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35

PE

Open

High

Low

198 11572 6.29 1560 7932 1695 5.60 126 2.34 8803 6.76 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 94.29 S G Power 178 Sitara Energy LtdSPOT 191 3.81 Southern Electric 1367 6.38 Tri-star Power XD 150 -

0.72 33.83 1.58 2.18 23.25 4.99 39.08 12.35 13.20 0.48 20.99 2.40 0.84

1.45 34.00 1.69 2.16 23.24 4.71 39.49 12.70 13.35 1.25 21.49 2.59 0.94

0.65 33.58 1.40 2.10 22.75 4.55 39.00 11.75 12.81 0.72 21.29 2.32 0.72

Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power XD

Close 1,177.38 Listed cap 95,369.29 mn Payout (%) 104.13

Change 0.98 Market cap 96,550.12 mn Div Yield (%) 8.36

Close Chg

Volume

Last 60 days High Low

0.91 33.98 1.56 2.13 22.75 4.70 39.10 12.24 13.20 0.80 21.37 2.49 0.82

1622884 660707 31805 205451 28113 10001 70787 94829 1581875 27936 1301 818083 13118

1.50 37.24 2.28 2.63 26.50 6.70 44.85 12.90 13.73 1.60 23.49 3.21 1.58

0.19 0.15 -0.02 -0.05 -0.50 -0.29 0.02 -0.11 0.00 0.32 0.38 0.09 -0.02

0.51 32.75 0.70 1.92 22.75 3.90 38.35 9.50 9.25 0.23 20.00 2.05 0.33

% Change 0.08 5-Day High 1,177.38 5-Day Low 1,155.89

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

31R -

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

Open 875.08 Turnover 8,227 P/E (x) 97.99 Paid up Cap(mn)

Paid up Cap(mn)

Company Sui North Gas Sui South GasSPOT

High Low 1,664.87 1,620.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 11.41

Close 1,624.75 Listed cap 12,202.80 mn Payout (%) 66.79

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 17.97 6712 4.35

31.52 28.52

31.88 28.89

30.50 28.40

30.55 -0.97 28.50 -0.02

104403 154763

33.40 30.70

25.00 16.00

% Change -1.20 5-Day High 1,693.88 5-Day Low 1,624.75

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 15

25B

BANKS Performance of SR Banks Index

Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 5.33 54.07 Askari Bank 6427 6.28 15.22 Atlas Bank 5001 1.92 Bank Alfalah 13492 12.05 9.00 Bank AL-Habib 7322 6.84 31.91 Bank Of Khyber 5004 3.30 3.30 Bank Of Punjab 5288 8.20 BankIslami Pak 5280 3.20 Faysal Bank 6091 3.21 14.06 Habib Bank Ltd 10019 6.57 100.83 Habib Metropolitan Bank 8732 5.77 19.65 JS Bank Ltd 6128 2.40 KASB Bank Ltd 9509 2.41 MCB Bank Ltd 7602 9.24 200.18 Meezan Bank 6983 7.40 15.26 Mybank Ltd 5304 2.20 National Bank 13455 5.45 65.57 Network Mic Bank 300 1.14 NIB Bank 40437 2.94 Royal Bank Ltd 17180 7.14 Samba Bank 14335 1.94 Silkbank Ltd 26716 12.73 2.85 Soneri Bank 6023 6.39 Stand Chart Bank 38716 9.14 6.47 Summit Bank Ltd 5000 2.95 United Bank Ltd 12242 6.25 53.08

High

High Low Close 1,012.75 990.54 996.61 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.95 13.45 34.35 Low

Close Chg

55.00 54.40 54.87 0.80 15.70 15.10 15.19 -0.03 1.99 1.82 1.85 -0.07 9.15 8.95 9.04 0.04 32.00 31.61 31.76 -0.15 3.33 3.23 3.30 0.00 8.29 8.09 8.10 -0.10 3.26 3.10 3.12 -0.08 14.35 13.85 13.94 -0.12 103.15 101.00 102.08 1.25 19.65 19.06 19.49 -0.16 2.50 2.38 2.45 0.05 2.64 2.35 2.42 0.01 201.70 197.61 198.15 -2.03 15.48 15.01 15.25 -0.01 2.25 2.08 2.18 -0.02 65.84 64.81 64.92 -0.65 0.90 0.90 0.90 -0.24 3.01 2.85 2.90 -0.04 8.10 7.01 7.20 0.06 2.10 1.94 2.08 0.14 2.88 2.78 2.80 -0.05 6.65 6.30 6.45 0.06 6.49 6.31 6.40 -0.07 3.05 2.93 2.94 -0.01 53.50 52.85 53.10 0.02

Volume

Change -5.19 Market cap 607,904.17 mn Div Yield (%) 4.86

Last 60 days High Low

277313 59.70 793108 17.15 49374 2.84 528647 10.25 83409 34.00 591593 3.99 405544 10.97 70264 3.87 179121 15.58 489522 109.10 57503 22.38 390576 2.90 13299 3.70 718990 214.99 4015 15.95 2013 2.79 1683671 73.89 1000 2.25 453571 3.50 314724 12.50 371600 2.90 1783621 3.30 24818 7.50 2200 8.50 41491 3.90 286581 60.20

48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90

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

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

% Change -0.52 5-Day High 1,001.80 5-Day Low 993.18

20 - 66R 55 -63.46R 10 -

Performance of SR Non Life Insurance Index

Paid up Cap(mn)

Company

Adamjee Insurance XD

PE

1237 13.37

Open 71.15

High 74.35

High Low 700.22 677.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 5.20 Low 71.16

Close Chg 73.56 2.41

22648 2901 2600 10003 25118 12081 4577 8599 810358 23270 73538 154 20137 193 200

32.50 64.90 11.99 7.90 54.50 13.89 83.90 60.00 18.89 8.20 10.60 16.49 10.00 6.90 4.00

27.10 47.37 9.42 3.50 34.76 10.04 66.02 52.21 12.50 5.06 8.00 11.51 6.00 4.02 1.77

40 10B 20 25B 40 8.7B 35 35 30 20B 30 5 25B 20 15B -14.28B - 20B - 16B -

10 10 -

UPTO 100 VOLUME

10B 20B -

Close 691.74 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 1893666

Change 17.69 Market cap 43,523.49 mn Div Yield (%) 6.95

Last 60 days High Low 89.90

63.05

2009 Div BR (%) (%) 30

10B

% Change 2.62 5-Day High 691.74 5-Day Low 641.15 2010 Div BR (%) (%) 10

-

High Low 890.40 865.29 Total cos Defaulter cos P/BV (x) ROE (%) 3.77 3.85

Close 866.52 Listed cap 2,290.72 mn Payout (%) 355.53

Change -8.56 Market cap 10,201.19 mn Div Yield (%) 3.63

Symbols

Low

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

EFU Life Assurance XB

850 41.92

73.46

77.13

76.98

77.13 3.67

7223

82.98

51.25

5513.33B

-

-

New Jub Life Insurance

627 52.50

44.00

44.00

41.95

42.00 -2.00

1004

45.20

34.50

10

-

-

-

2010 Div BR (%) (%)

FINANCIAL SERVICES Performance of SR Financial Services Index Open 369.20 Turnover 8,187,863 P/E (x) 0.44 Paid up Cap(mn)

High Low 378.41 360.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22

PE

Open

High

Low

225 360 7.71 450 6.68 3750 2.28 150 250 First Credit & Invest Bank Ltd 650 22.50 IGI Investment Bank 2121 12.50 Invest and Fin Sec XD 600 2.57 Invest Bank 2849 Ist Cap SecuritiesSPOT 2878 1.79 Ist Dawood Bank 626 0.32 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 13.16 KASB Securities 1000 Orix Leasing 821 4.17 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 -

0.57 16.65 26.62 23.24 1.25 1.85 3.39 2.04 6.91 0.69 4.38 1.85 9.82 2.35 25.45 6.06 3.66 5.64 1.73 0.77

0.65 17.39 27.09 23.74 1.22 1.95 3.25 2.05 7.88 0.68 4.69 1.95 10.05 2.45 26.72 6.20 4.09 5.60 1.75 0.60

0.51 16.45 26.35 22.99 1.10 1.70 2.50 1.75 6.70 0.57 4.35 1.71 9.58 2.21 25.80 5.90 3.82 5.25 1.68 0.55

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

Close Chg 0.60 16.50 26.77 23.07 1.21 1.93 2.70 2.00 7.38 0.60 4.35 1.94 9.67 2.22 26.40 5.92 3.95 5.30 1.72 0.60

0.03 -0.15 0.15 -0.17 -0.04 0.08 -0.69 -0.04 0.47 -0.09 -0.03 0.09 -0.15 -0.13 0.95 -0.14 0.29 -0.34 -0.01 -0.17

Close 365.43 Listed cap 30,336.44 mn Payout (%) 4.60

Volume 63509 42963 61169 2764115 1161 303 16517 34220 3708 36530 7640 62376 4132654 551024 60928 179277 104462 5055 71699 5050

Change -3.77 Market cap 26,106.24 mn Div Yield (%) 10.47

% Change -1.02 5-Day High 369.20 5-Day Low 356.16

Last 60 days High Low

2009 Div BR (%) (%)

1.10 20.99 47.70 34.99 2.69 3.36 4.50 2.43 9.00 1.09 5.34 2.84 15.22 5.90 42.00 8.23 5.25 5.95 2.63 1.70

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

0.42 13.00 24.62 20.90 0.50 1.55 2.00 1.17 6.70 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40

Open

ALQT TSML UBDL SFAT SZTM WYETH HINO AGSML TRPOL HUSS BCL PIL GUTM SHJS SING PPP SIEM FRCL NESTLE NBF FNEL MUKT SMCPL BHAT DSML PRET SANSM DIIL POAF JKSM PNGRS MSCL BWHL FDMF SCLL RUBY SNAI CJPL LATM MLCFPS BIFO NOPK KCL PCAL PHDL FTSM GRYL RCML PSEL CPMFI ILTM NATM SFL QUET AABS PICTPS COLG ATFF TSMF FCONM BCML DINT BTL BAFS FECS KSBP MDTL LPGL UPFL DREL

% Change -0.98 5-Day High 875.08 5-Day Low 815.16

High

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

3.70 32.00 33.00 4.10 5.49 800.33 124.99 6.25 0.50 13.40 45.50 2.40 23.18 67.23 18.00 39.87 1152.00 3.00 1924.11 2.87 10.25 0.40 6.40 198.00 3.50 24.49 13.90 15.59 13.00 5.70 5.80 9.10 30.00 1.65 2.42 6.25 30.16 0.90 7.50 4.49 36.10 21.90 8.97 54.50 45.61 2.80 1.50 29.16 155.00 3.51 90.00 13.60 116.00 25.80 95.90 7.50 768.00 3.39 1.80 1.06 13.25 23.50 48.75 54.00 42.99 78.90 57.75 15.25 1020.00 734.00

Paid up Cap(mn)

Company

PE

1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 2.42 Asian StocksSPOT 900 2.92 B R R Guardian Mod. 780 2.39 Crescent St Mod. SPOT 200 2.08 Elite Cap Mod. SPOT 113 3.85 Equity Modaraba 524 Golden ArrowSPOT 760 3.95 H B L Modaraba XD 397 4.65 Habib Modaraba 1008 4.50 Imrooz Modaraba XD 30 4.51 JS Growth Fund 3180 33.75 JS Value Fund 1186 Meezan Bal. Fund XD 1200 2.63 Mod Al-Mali 184 Pak ModarabaSPOT 125 1.84 Pak Prem Fund 1698 3.75 Pak Strat Fund 3000 5.58 Paramount Modaraba XD 59 7.14 PICIC Energy Fund 1000 2.93 PICIC Growth Fund 2835 2.28 PICIC Inv Fund XD 2841 1.92 Prud Modaraba 1st XD 872 2.61 Punjab Modaraba 340 6.67 Trust ModarabaSPOT 298 2.22 U D L ModarabaSPOT 264 3.41

Open 1.29 6.11 3.00 1.10 0.83 2.50 1.10 3.70 5.40 5.90 41.16 2.91 2.79 5.50 0.95 1.00 8.01 7.19 7.10 5.50 8.23 3.71 1.00 1.29 2.74 6.64

High 1.47 6.28 4.00 1.10 0.88 2.50 1.19 3.70 5.50 5.99 42.90 2.85 2.90 5.50 0.75 1.01 8.08 7.25 8.10 5.65 8.41 3.85 0.99 1.40 2.70 6.59

High Low 1,063.43 1,026.75 Total cos Defaulter cos P/BV (x) ROE (%) 0.31 4.09 Low

Close Chg

1.32 6.25 4.00 1.05 0.74 2.50 1.08 3.51 5.25 5.80 42.90 2.70 2.55 5.45 0.73 1.01 7.82 7.01 8.00 5.35 8.20 3.60 0.96 1.30 1.75 6.50

1.40 6.27 4.00 1.05 0.83 2.50 1.14 3.63 5.25 5.99 42.90 2.70 2.63 5.45 0.75 1.01 7.87 7.14 8.00 5.50 8.29 3.80 0.99 1.40 1.75 6.55

0.11 0.16 1.00 -0.05 0.00 0.00 0.04 -0.07 -0.15 0.09 1.74 -0.21 -0.16 -0.05 -0.20 0.01 -0.14 -0.05 0.90 0.00 0.06 0.09 -0.01 0.11 -0.99 -0.09

Close 1,043.26 Listed cap 29,771.58 mn Payout (%) 104.19

Symbols

Change 7.51 Market cap 17,518.72 mn Div Yield (%) 24.33

Last 60 days High Low

Volume 116137 506101 1000 15003 18709 52000 15510 140599 5500 28160 200 3025036 405020 2006 10080 1853 32505 13811 538 137599 103374 72445 500 185179 530507 9173

2.24 7.25 5.80 2.43 0.94 3.44 1.50 3.88 6.80 7.49 69.95 3.90 3.98 7.00 1.25 1.40 9.86 8.10 9.45 6.49 10.55 5.00 1.20 2.00 4.40 6.99

Low

Close

3.30 31.25 33.00 5.10 4.49 796.50 119.38 5.76 0.70 12.40 46.15 2.10 22.03 63.90 18.00 38.75 1160.00 3.17 1916.00 2.53 9.25 0.35 6.05 188.10 3.00 25.71 13.90 14.59 13.48 6.54 5.90 8.12 30.89 1.73 2.48 6.22 30.50 0.90 7.50 5.43 36.10 22.99 9.77 55.99 43.40 1.80 1.31 29.16 160.00 3.50 87.06 12.65 121.80 27.09 96.00 8.50 760.00 3.50 1.90 1.84 14.25 23.50 50.00 53.95 45.12 77.90 54.87 16.25 1030.00 759.00

3.31 31.25 33.00 5.10 4.49 800.00 123.00 5.76 0.70 13.30 46.15 2.35 22.03 64.02 18.00 40.00 1160.00 3.89 1926.00 2.94 10.00 0.49 6.80 195.00 3.00 25.71 13.90 14.59 13.48 6.57 5.90 8.12 30.89 1.73 2.48 6.22 30.50 0.90 7.50 5.43 36.10 22.99 9.77 55.99 43.40 3.69 1.31 29.16 160.00 3.51 87.06 12.65 121.80 27.09 96.00 8.50 760.00 3.50 1.90 1.84 14.25 23.50 50.00 53.95 45.12 77.90 54.87 16.25 1030.00 759.00

Change

Vol

-0.39 -0.75 0.00 1.00 -1.00 -0.33 -1.99 -0.49 0.20 -0.10 0.65 -0.05 -1.15 -3.21 0.00 0.13 8.00 0.89 1.89 0.07 -0.25 0.09 0.40 -3.00 -0.50 1.22 0.00 -1.00 0.48 0.87 0.10 -0.98 0.89 0.08 0.06 -0.03 0.34 0.00 0.00 0.94 0.00 1.09 0.80 1.49 -2.21 0.89 -0.19 0.00 5.00 0.00 -2.94 -0.95 5.80 1.29 0.10 1.00 -8.00 0.11 0.10 0.78 1.00 0.00 1.25 -0.05 2.13 -1.00 -2.88 1.00 10.00 25.00

100 100 100 98 84 53 52 51 50 50 50 38 23 21 20 20 19 19 14 12 12 12 12 11 10 10 10 10 6 6 6 6 6 5 5 5 5 5 5 5 5 5 5 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1

Low

Close

MCB-OCT

200.67

201.69

198.00

198.49

-2.18

336500

% Change 0.73 5-Day High 1,043.26 5-Day Low 1,033.70

DGKC-OCT

26.38

27.00

26.44

26.68

0.30

281500

NBP-OCT

65.79

65.81

65.05

65.20

-0.59

NML-OCT

49.29

49.58

48.75

49.00

-0.29

202000

AICL-OCT

71.37

74.25

71.90

73.75

2.38

144000

PPL-OCT

187.00

187.33

185.20

185.71

-1.29

127500

OGDC-OCT 152.15

152.80

151.31

152.34

0.19

124000

2010 Div BR (%) (%)

FFBL-OCT

29.87

30.30

29.88

30.16

0.29

116000

PSO-OCT

271.78

273.62

268.80

269.15

-2.63

112500

ENGRO-OCT 177.32

177.90

175.86

176.51

-0.81

94500

Performance of SR Equity Investment Instruments Index Open 1,035.75 Turnover 5,428,576 P/E (x) 7.53

High 3.31 31.25 33.00 5.10 4.49 814.00 124.00 6.74 0.70 13.30 46.15 2.35 22.03 66.00 18.00 40.00 1165.00 3.89 1948.00 2.94 10.00 0.89 7.00 195.00 3.00 25.71 13.90 14.60 13.98 6.69 6.20 8.12 31.50 1.73 2.48 6.22 30.95 1.05 8.00 5.44 36.10 22.99 9.77 55.99 43.41 3.69 2.38 29.16 160.00 3.51 87.06 12.65 121.80 27.09 96.00 8.50 760.00 3.67 1.99 1.84 14.25 23.50 50.50 53.95 45.12 77.90 54.87 16.25 1030.00 770.00

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS

2010 Div BR (%) (%)

NON LIFE INSURANCE Open 674.05 Turnover 2,910,081 P/E (x) 11.45

0.00 0.76 0.59 -0.95 2.10 -0.11 2.68 -0.12 0.32 0.38 -0.12 0.15 0.00 -0.30 0.00

Open

Company

Change -19.75 Market cap 35,903.64 mn Div Yield (%) 5.54

PE

Open 1,001.80 Turnover 9,576,077 P/E (x) 7.07

31.30 51.01 10.99 4.04 44.13 10.88 82.68 55.48 14.83 6.87 8.79 13.44 7.00 5.10 3.00

PE

Company

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,644.50 Turnover 259,166 P/E (x) 12.06

31.00 50.85 10.99 4.00 44.13 10.80 80.80 53.19 14.58 6.58 8.38 12.30 6.81 5.10 3.00

Performance of SR Life Insurance Index

Performance of SR Electricity Index

Paid up Cap(mn)

32.50 51.99 11.38 5.85 44.13 11.25 83.90 56.00 15.00 7.00 9.91 13.44 7.10 5.95 3.00

LIFE INSURANCE

ELECTRICITY Open 1,176.40 Turnover 5,166,890 P/E (x) 12.46

31.30 50.25 10.40 4.99 42.03 10.99 80.00 55.60 14.51 6.49 8.91 13.29 7.00 5.40 3.00

2009 Div BR (%) (%)

1.01 5.85 2.80 0.90 0.16 1.65 0.76 2.32 4.80 5.56 42.90 2.70 2.31 5.30 0.56 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 1.00 5.00

4.5 5 20 63 10 15 10

- 18.5 8.2 0 1.2 5 17 11 21 76 5 10 - 15.5 3 - 18.6 - 11.53 18 5 20 10 3 1 5 - 12.5

-

Open

High

Change

Vol

248500

NCL-OCT

18.80

18.50

18.20

18.32

-0.48

65000

ANL-OCT

10.43

10.68

10.30

10.34

-0.09

56000

-0.32

UBL-OCT

53.60

54.25

53.10

53.28

POL-OCTB

232.16

233.25

232.05

232.83

0.67

39000

LUCK-OCT

70.35

70.95

70.30

70.62

0.27

34000

PTC-OCT

19.05

19.13

19.05

19.05

0.00

12500

NETSOL-OCT 17.59

17.59

17.59

BOP-OCT AICL-COCT

17.59

46500

0.00

10000

8.25

8.50

8.06

8.28

0.03

1000

71.54

0.00

0.00

73.93

2.39

0.00

ZERO VOLUME Symbols

Open

High

Low

Close

Change

Vol

AGIC

11.94

11.90

11.90

11.90

-0.04

0.00

ALICO

18.00

17.95

17.95

17.95

-0.05

0.00

ARM

13.75

14.01

14.01

14.01

0.26

0.00

AWTX

87.75

85.00

85.00

85.00

-2.75

0.00

BROT

0.85

0.68

0.68

0.68

-0.17

0.00

CSUML

4.00

3.90

3.90

3.90

-0.10

0.00

FNBM

7.05

7.00

7.00

7.00

-0.05

0.00

HUSI

9.94

9.90

9.90

9.90

-0.04

0.00

ICCT

0.30

0.40

0.40

0.40

0.10

0.00

INKL

10.00

9.99

9.99

9.99

-0.01

0.00

JOPP

9.50

9.00

9.00

9.00

-0.50

0.00

JVDC MFTM NCLNCP

60.70

60.00

60.00

60.00

-0.70

0.00

1.00

0.99

0.99

0.99

-0.01

0.00

23.00

21.85

21.85

21.85

-1.15

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

73.20

Support 1

10,431.65

MA (5-day)

10,436.02

Support 2

10,398.35

MA (10-day)

10,327.65

Resistance 1

10,514.60

MA (100-day)

9,924.32

Resistance 2

10,564.25

9,973.60

Pivot

AKD Securities Ltd

29.1

Brokerage House

Brokerage House

Accumulate

AKD Securities Ltd

43.29

Buy

TFD Research

88

Positive

TFD Research

36.85

Positive

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

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

65.64 25.41 25.12 27.23

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

182.55 4,866.77 38.55 26.60

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

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

Leverage Position

64.90 68.50 77.37 97.02

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

74.22 5,459.82 14.55 72.56

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

FFBL closed up 0.44 at 30.13. Volume was 189 per cent above average DGKC closed up 0.30 at 26.66. Volume was 57 per cent above average AICL closed up 2.41 at 73.56. Volume was 332 per cent above average (trending) and Bollinger Bands were 43 per cent wider than normal. port level at 10,398.35. and Bollinger Bands were 11 per cent narrower than normal (trending) and Bollinger Bands were 16 per cent narrower than normal.

KSE 100 INDEX is currently 5.0 per cent above its 200-day moving average FFBL is currently 4.1 per cent above its 200-day moving average and is DGKC is currently 2.1 per cent below its 200-day moving average and is AICL is currently 24.2 per cent below its 200-day moving average and is and is displaying an upward trend. Volatility is extremely low when compared displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently strong flows of volume into FFBL (bullish). Trend forecasting oscillators are reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect very strong flows of volume into AICL (bullish). Trend forecasting Index will continue to find its 1st support level at 10,431.65 and 2nd sup-

currently bullish on FFBL.

indicating that INDEX is currently in an overbought condition.

Brokerage House

Fair Value

Rs Recommendations

*Arif Habib Ltd

61.96

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

78

AKD Securities Ltd

Brokerage House

Buy

*Arif Habib Ltd

TFD Research

Technical Analysis 53.89 64.45 65.39 72.17

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

Fair Value

Rs Recommendations

Brokerage House

65

Buy

AKD Securities Ltd

59.97

Buy

TFD Research

74.2

318.37 20,668.38 68.54 65.29

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

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

66.76 49.68 46.61 52.22

oscillators are currently bullish on AICL.

MCB Bank Ltd

Pakistan Telecommunication Co Ltd

175.80 8,965.80 30.68 51.33

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

Rs Recommendations

Buy

*Arif Habib Ltd

Positive

AKD Securities Ltd

189.75

Neutral

TFD Research

218.18

Positive

30.5

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

Fair Value

Rs Recommendations

24.04

52.77 19.26 18.72 19.64

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

194

Hold

Technical Outlook

Technical Outlook

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

Brokerage House

Fair Value

Positive

Technical Outlook

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

casting oscillators are currently bullish on DGKC.

Nishat Mills Ltd

National Bank of Pakistan

584.63 11,178.22 8.08 19.07

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

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

59.69 196.33 193.91 203.93

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

342.10 67,786.47 170.29 199.41

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

NBP closed down -0.65 at 64.92. Volume was 7 per cent below average NML closed down -0.49 at 51.00. Volume was 44 per cent below average PTC closed up 0.07 at 19.12. Volume was 55 per cent below average (con- MCB closed down -2.03 at 198.15. Volume was 25 per cent below averand Bollinger Bands were 58 per cent narrower than normal.

and Bollinger Bands were 16 per cent narrower than normal.

solidating) and Bollinger Bands were 48 per cent narrower than normal.

age and Bollinger Bands were 12 per cent narrower than normal.

NBP is currently 2.0 per cent below its 200-day moving average and is dis- NML is currently 2.3 per cent below its 200-day moving average and is dis- PTC is currently 2.6 per cent below its 200-day moving average and is dis- MCB is currently 2.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect volume flowing into and out of PTC at a relatively equal pace. Trend reflect moderate flows of volume into MCB (mildly bullish). Trend forecastforecasting oscillators are currently bullish on NBP.

ing oscillators are currently bullish on NML.

forecasting oscillators are currently bullish on PTC.

Time

20-Oct 20-Oct 20-Oct 22-Oct 22-Oct 22-Oct 23-Oct 25-Oct 25-Oct 26-Oct 26-Oct 27-Oct 27-Oct 27-Oct 28-Oct 28-Oct

3:30 10:30 9:00 9:30 11:30 10:30 2:00 10:30 2:00 9:30 11:00 3:00 11:45 11:00 11:00 10:00

TECHNICAL LEVELS Company

Technical Outlook

Technical Outlook Technical Analysis

Date

Al-Meezan Mutual Fund Ltd Pakistan Refinery Limited Rafhan Maize Product Co Ltd Nestle Pakistan Limited Packages Ltd Shell Pakistan Limited Siemens (Pakistan) Engineering Co Ltd Hafiz Textile Mills Ltd Kot Addu Power Co Ltd ICI Pakistan Ltd Mari Gas Company Limited Dynea Pakistan Limited Ismail Industries Limited Shell Gas LPG (Pakistan) Ltd Clariant Pakistan Ltd Pakistan International Airlines Corporation

Rs Recommendations

76

Neutral

326.94 9,850.66 5.94 29.93

Fair Value

AKD Securities Ltd

Accumulate

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

Rs Recommendations Buy

*Arif Habib Ltd

Leverage Position

68.35 29.12 27.88 29.43

Fair Value 44

Buy

Technical Outlook Technical Analysis

10,481.30

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

32.06

TFD Research

KSE 100 INDEX closed down -19.50 points at 10,464.89. Volume was 13

resistance level at 10,514.60 and 2nd resistance level at 10,564.25, while

Rs Recommendations

33

RSI (14-day) MA (10-day) MA (100-day) per cent above average and Bollinger Bands were 9 per cent wider than MA (200-day) MA (200-day)

Fair Value

*Arif Habib Ltd

Adamjee Insurance Co Ltd

Dera Ghazi Khan Cement Co Ltd

Company

ing oscillators are currently bullish on MCB.

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK 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 JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC 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 PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 41.79 2.95 2.85 67.60 54.50 54.15 40.40 60.85 58.75 42.91 26.40 26.00 48.32 22.80 22.50 64.90 71.70 69.85 58.50 14.95 14.75 50.66 10.10 9.95 28.14 285.90 282.20 72.16 91.90 89.60 61.84 8.95 8.85 48.42 3.05 3.00 44.37 8.05 7.95 45.65 1.40 1.30 65.64 26.35 26.05 60.03 1.60 1.55 66.45 2.50 2.45 72.64 43.40 42.65 81.64 77.05 76.95 49.75 175.20 174.30 55.84 13.75 13.55 52.78 4.95 4.90 68.35 29.75 29.40 61.06 107.75 107.40 64.89 101.00 99.95 54.04 33.70 33.45 59.50 122.95 122.10 52.94 227.25 226.15 32.73 2.15 2.05 52.46 1.40 1.25 52.39 2.40 2.30 44.21 9.50 9.30 28.24 38.90 38.70 53.75 2.10 2.05 48.60 70.15 69.70 59.69 196.60 195.05 45.86 2.85 2.80 53.89 64.55 64.15 69.05 19.00 18.75 52.56 18.65 18.40 55.08 2.85 2.75 49.96 1.40 1.35 66.76 50.55 50.15 70.88 151.40 150.45 60.16 2.95 2.80 56.14 1.65 1.60 48.29 2.10 2.00 51.86 7.80 7.60 43.08 231.45 230.65 51.28 184.50 183.45 46.41 73.25 72.55 49.94 266.25 264.20 52.77 18.95 18.80 42.49 192.50 191.50 47.76 30.10 29.60 74.79 10.00 9.85 61.26 28.30 28.10 61.06 2.35 2.30 52.76 3.95 3.90 52.83 52.80 52.50 57.20 2.65 2.60

1st 2nd Resistance 3.25 3.40 55.10 55.35 64.50 66.05 27.15 27.50 23.55 24.00 74.90 76.20 15.55 15.95 10.60 10.85 295.40 301.20 96.10 98.00 9.15 9.25 3.20 3.30 8.25 8.35 1.65 1.80 26.95 27.30 1.70 1.75 2.65 2.75 45.60 47.10 77.20 77.25 177.35 178.65 14.25 14.55 5.05 5.10 30.35 30.60 108.70 109.30 103.15 104.25 34.10 34.25 124.85 125.85 230.25 232.15 2.35 2.55 1.70 1.85 2.50 2.55 9.95 10.25 39.40 39.70 2.20 2.25 71.05 71.55 200.70 203.25 2.95 3.00 65.55 66.20 19.65 20.05 19.05 19.25 3.00 3.10 1.50 1.55 51.70 52.40 153.40 154.45 3.15 3.30 1.75 1.80 2.25 2.35 8.40 8.75 233.25 234.15 187.10 188.65 75.35 76.75 272.05 275.80 19.25 19.35 195.20 197.00 31.45 32.35 10.35 10.50 28.80 29.10 2.60 2.75 4.15 4.20 53.45 53.80 2.80 2.90

Pivot 3.10 54.75 62.40 26.75 23.25 73.00 15.35 10.40 291.70 93.80 9.05 3.15 8.15 1.55 26.70 1.65 2.60 44.85 77.10 176.50 14.05 5.00 30.00 108.35 102.10 33.85 123.95 229.15 2.30 1.55 2.45 9.75 39.20 2.15 70.65 199.15 2.90 65.20 19.40 18.80 2.90 1.45 51.30 152.45 3.05 1.70 2.20 8.20 232.40 186.05 74.65 270.00 19.10 194.25 31.00 10.15 28.60 2.50 4.05 53.15 2.75

8

Wednesday, October 20, 2010

Media urged to center on edu issues

KARACHI: The City School students presenting bouquet to the Chief Guest, Pro-Vice Chancellor KU Dr Shahana Uroj.

City School’s Regional Director Amrana Ahmed , Manager Training Rafiah Mudassir, Director Inspection Rehana Afzal are also seen in the picture.-PR

FPSC Chairman speaks at Education seminar

Education termed key to economic progress RAWALPINDI: Emphasising the need of education, Chairman, Federal Public Service Commission (FPSC), Justice (Retd), Rana Bhagwandas has said that the country could be made economically sound and prosperous by providing education to the youth across the country.

Speaking as chief guest at a seminar "Education Voucher Scheme" held under the aegis of Punjab Education Foundation (PEF) at Rawalpindi Arts Council Auditorium here, he

said no nation can progress without education.

He said everyone including judges, lawyers, teachers, students, doctors, engineers should exercise their duties honestly in their capacity for the nation building.

Giving Islamic references, he said that Islam also stresses the need of education saying that Holy Quran teaches and highlights the importance of education in the broader contest.

He said that Islam is a religion

of peace, brotherhood and tranquility and also stresses men and women get knowledge during their entire life.

Rana Bhagwandas opined that extremism/terrorism cannot be wiped out from the society unless we educate the people.

The FPSC Chairman observed that the teachers are not being given the protocol which they deserve adding that teachers' respect should be the prime objective for the promotion of education.

"A better society can be flour-

SZABIST debates realms of marketing KARACHI: A seminar on Integrated Marketing Communication (IMC) was organised at Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST).

An official of the institution said on Tuesday that the moot provided a platform for students seeking expertise and insights of the marketing realm.

The IMC seminar, it was further stated, addressed the need of integrated marketing in

modern day marketing efforts.

The presenters focused on today's marketing tools, the intelligence involved in the usage of various mediums and the importance of using these mediums to communicate to the masses.

In the presence of 140 BBA and MBA students at the auditorium, keynote speaker Agha Zohaib, senior media planner at Mindshare, Pakistan, shared insights about the channels his firm made use of in communi-

cating the new Pepsi Logo and the story behind the whole `Badal Do Zamana Campaign'.

The presentation featured a stepwise illustration as to how the company implemented this vital movement.

Ayesha Jamil shed light on the concept of content branding and brand integration in today's media. The seminar concluded with a brief question answer session, it was further stated.-Agencies

ICAP to put together a roundtable in Lahore KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) in the honour of visiting Chairman IAASB, Prof Arnold Schilder and Executive Director IFAC James Sylph has arranged a seminar in Lahore on Wednesday (today).

The honorable Governor of Punjab Salman Taseer would grace the seminar as the chief

guest.

According to a press release, the visiting delegates would apprise ICAP members of the scope and challenges ahead in the profession of accounting and auditing with presentations

by Prof Arnold on IAASB perspective on standard setting with special reference to Clarity, Quality and Relevance

and on IFAC initiatives in Public Sector, Corporate Governance, and Ethics by James Sylph.

The seminar while addressing the emerging challenges in the profession would also provide opportunity to both the members and the eminent professionals to interact and discuss matters of mutual interest.-NNI

KARACHI: University students from Sindh and Balochistan posing for a group after participating in training youth capacities for rule of law and good governance organised by CCEP.-Online

ished if we give special honour to the teachers" he added.

He lauded the services of national poet Allama Iqbal for promoting education and added that he had always respected his teachers from the core of his heart.

The FPSC Chairman said that "Education Voucher Scheme" for poor segments of the society will bring a positive revolution in the society and nation building. Chairman PEF Raja Anwar and other notables also addressed seminar.-APP

PESHAWAR: The media persons should adopt zero tolerance policy to education related issues as it was the base of any nation and any negligence in this regard could place us in dark ages.

These views were expressed by senior journalist Mohsin Babbar here on Tuesday while addressing a day long consultative workshop for media and civil society organised by Pakistan Coalition for Education.

Expanding on his views, Mohsin Babbar regretted that exclusive stories on education rarely make front and back page stories showing the level of importance accorded to it, adding that despite resistance the education reporters should keep on digging new research based stories.

Somebody would have to change the trend and consistent efforts coupled with factual stories based on reality would one day make the headlines, he argued.

He said that Khyber Pakhtunkhwa suffered the most in terms of education in the wake of terrorism and the recent floods. Presenting facts

and figures of PSLM 2008-09 he said that the literacy ratio of males stands at 58 per cent while that of female was 45 per cent.

Mohsin said that education was the biggest department in KP with 175,310 employees attached with it and 46 per cent of the people were earning their livelihood from the sector.

Yet, he questioned the professionalism and commitment of the teachers and the employees working in the education sector as the future of the country hinges on it.

He urged upon education reporters to dig out stories of ghost schools and visa teachers and identify the gray areas in the sector as any lapse in this connection would cause irreparable loss to the nation.

Earlier, in her presentation Zehra Arshad, National Coordinator PCE, said that education sector was hard hit by terrorism in Khyber Pakhtunkhwa and a large number of schools and colleges were blown upon by unidentified miscreants in various parts of the province leaving future of thousands of children at stake.-APP

Subzwari opens IACT youth facility KARACHI: Syed Faisal Ali Subzwari, Sindh Minister for Youth Affairs Tuesday inaugurated gymnasium and learning facilities constructed under INSPYRE and iLEAD projects at the Institute for Advancing Careers and Talents (IACT) in Malir here. -APP

SU VC off to Qatar moot to take award HYDERABAD: On invitation of Qatar Foundation, the Vice Chancellor University of Sindh (SU) Prof Dr Nazir A Mughal proceeded to Doha, Qatar to attend a four-day international conference on "Higher Education Leadership, Management and Governance."

The conference will continue up to October 22 which will discuss several issues and problems of higher education in the world.

The Vice Chancellors, Presidents, Rectors and Chief Executive Officers of the world's universities will attend the conference and share their ideas as well as issues on higher education and current development in the higher seats of learning throughout world's universities.

Vice Chancellor Dr Nazir Mughal will also receive the "Best educationist Award" as nominated by Qatar Foundation Doha.-APP

MOL Pak awards scholarship to 65 students PESHAWAR: MOL Pakistan on Tuesday held its third scholarship Certificate distribution ceremony here at local hotel for the students hailing from Tal Block areas of Khyber Paktunkhwa.

Janos Feher, Managing Director/Chief Executive Officer (CEO), MOL Pakistan distributed certificates among the scholarship winners.

Beside ANP provincial president, Afrasiab Khan Khattak, Provincial Minister for Welfare and Women Development, Sitara Ayaz, Provincial Minister for HEC, Qazi Asad, educationists, intellectual and scholarship holder's parents were also present on the occasion.

During the ceremony, the scholarship holders expressed their views and said that it's an encouraging step and platform for students to meet the growing challenges in future.

The organisation, he said, had launched its scholarship programme in April, 1999 with awarding 65 scholarships in district Karak, Kohat and Hangu. He expressed the hope that the program would be extended to South and North Waziristan and rest of Federal Administered Tribal Areas (FATA).

Explaining scholarship program, Janos said the scholarship for intermediate students will be covered tuition fee, boarding and lodging and cost of books at the rated of a total of Rs4,000 per month for the period of two years with six monthly installments.

More than 65 scholarships had been distributed among the successful students of Intermediate and Technical Training Scholarships, comprising on disciplines (BE, Geology, and DAE), he said.APP

KARACHI: WWF Pakistan and Dawood Public School have signed an agreement of Green School Certification programme. Group Picture shows Ali Hassan Habib, Director General of WWF Pakistan and CEO DPS, Sabrina Dawood along with other officials on the occasion.-APP

Turkey keen to school Khi kids KARACHI: A delegation of Turkish educationists, currently visiting Pakistan, has expressed interest in setting up primary and secondary schools in Karachi to provide quality education.

This desire was expressed by Turkish delegation led by the managing director Pak-Turk Business Association Salih Demir Pazarci and regional director Pak-Turk International Schools and Colleges Ali Karan during a meeting with CM Sindh's Advisor on Investment Zubair Motiwala

here on Tuesday. The delegation indicated willingness to get land in Karachi and Karachi Education City.

The delegation informed the Advisor that Turkish academic institutions were providing quality education and lodging and boarding facilities to more than 5,000 students in 19 cities of Pakistan. More than 40 per cent of these students are getting full scholarships.

The Advisor assured the delegation of full support in their projects to further promote Pak-Turkish relations.-APP

Education on the ebb in B’stan QUETTA: Provincial Minister for Youth Affairs Cap (Retd) Abdul Khaliq Achakzai viewed that educational institutions in the province were not showing better performance.

According to a statement issued on Tuesday, he underlined the need that administration of educational institutions should pay special attention to imparting education process so that students could show good performance.

He noted that providing health and educational facilities to citizens in Chaman was a responsibility of the government, adding he would do his best in this regard.

He regretted that administration of some educational institutions usually allows students to attend public meetings of a specific political party during school and college time.-APP

Larkana BISE notifies exams info LARKANA: Controller of Examinations of Board of Intermediate and Secondary Education (BISE) Larkana Muhammad Alam Thahim has issued a notification regarding examinations.

According to notification the examination forms from the eligible candidates for premedical/ pre-engineering, commerce and humanities groups of Higher Secondary Certificate (HSC) part-II Supplementary Examination 2010, will be accepted through their respective colleges/ higher secondary schools.

It added the forms will be accepted from October 18 to November 3, without late fee.

From November 11 to November 17, the forms will be received with a late fee of Rs200 and from November 22 to December 1, the examination forms will be accepted with a late fee of Rs400.

The cost of examination forms without late fee for premedical, pre-engineering and commerce group will be Rs750 the announcement said.-APP

9

Wednesday, October 20, 2010

Oil slides as China hikes rates, dollar rises

European vegetable oil prices

ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's ing to a CGT union official.

"Gasoline is leading losers at 21:00 PST. SOYOIL: EU degummed probably because they were the top gainers in recent sessions, euro tonne fob exmill Nov10 838.00+3.00, Dec10/Jan11 which tells you there is profitFeb11/Apr11 taking going on from recent 833.00+0.00, 838.00+0.00. highs," Knight said.

RAPEOIL: Dutch/EU euro Investors will be getting a snapshot of US inventories tonne fob exmill Feb11/Apr11 May11/Jul11 from weekly reports from 830.00+0.00, Aug11/Oct11 industry and government, start- 835.00+0.00, ing with the 820.00-5.00.

SUNOIL: EU dlrs tonne report from industry group extank six ports option Jan11/Mar11 1285.00-5.00, the American P e t r o l e u m Apr11/Jun11 1285.00+5.00.

LINOIL: Any origin dlrs Institute at extank Rotterdam 2030 GMT on tonne Oct10/Nov10 1312.50-15.00.

Tuesday.

CRUDE PALM OIL: US crude stockpiles were expected to Sumatra/Malaysia slrs option have risen last week, a Reuters dlrs tonne cif R'dam Nov10 Dec10 survey on Monday showed, 987.50-2.50, Jan11/Mar11 while oil products stockpiles 982.50+2.50, were expected to have tight- 980.00+2.50.

PALMOIL: RBD dlrs tonne ened.

The more closely watched oil cif Rotterdam Dec10 1022.50, inventory report from the US Jan11/Mar11 1015.00.

PALMOIL: RBD dlrs tonne Energy Information Malaysia Dec10 Administration is set for release fob Jan11/Mar11 at 1430 GMT on Wednesday. - 975.00+0.00, 967.50-2.50.

Reuters PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 982.50-2.50, Jan11/Mar11 975.00-5.00, Apr11/Jun11 977.50-5.00.

PALM STEARIN: Dlrs tonne fob Malaysia Nov10 970.00+0.00, Dec10 tonnes..

970.00+0.00.

Copper has rallied some 40 COCONUT OIL: Phil/Indon per cent since their June lows. dlrs tonne cif Rotterdam Battery material lead closed Sep10/Oct10 1400.00, at $2,400 a tonne versus $2,435 Oct10/Nov10 1395.00-10.00, Nov10/Dec10 1395.00-5.00, Shanghai copper gains Benchmark third-month Dec10/Jan11 1395.00-5.00.

CASTOROIL: Any origin Shanghai copper touched 64,270 yuan, its highest since dlrs tonne extank Rotterdam July 2008, while zinc, at Oct10/Nov10 2000.00+0.00. 19,780 yuan gained almost 2.5 Reuters per cent to its strongest since January 2010. Shanghai copper ended at 63,420 yuan, up 400 yuan on the day.

Rate hike lifts dollar, could curb oil demand NEW YORK: Oil fell more than 2 per cent on Tuesday, the biggest drop in nearly two months as the dollar rose after China's central bank boosted interest rates for the first time since 2007 to curb inflation in its booming economy.

The specter of China's dynamic economic growth and thirst for oil being slowed sent oil and other commodity prices lower and caused investors to cut exposure to risk by selling the euro and commodity-sensitive Australian dollar and buying the US dollar.

US crude for November delivery fell $1.84, or 2.21 per cent, to $81.24 per barrel by 1618 GMT, on track to post the biggest percentage loss since late August.

Tuesday's slide was on track to wipe out all or most of the 2.25 per cent price jump the previous session and comes a day before the expiration of the US November crude contract.

In LONDON, ICE Brent

said UniCredit's Jochen Hitzfeld.

Energy investors continued to gauge the impact of a 23-day strike at France's Fos-Lavera oil port and shut refineries that forced the French government to tap emergency fuel reserves this week.

Port officials said 47 oil tankers were blocked at the port and workers continued strikes at all of France's 12 oil refineries, accord-

Sugar, coffee rally on charts, fundamentals

Base metals fall on China rate hike

LONDON: ICE raw sugar and arabica coffee rose on Tuesday, supported partly by unsuitable weather in key growing areas, rebounding from a temporary setback after the dollar gained on China's decision to raise interest rates.

ICE cocoa was lower as the market consolidated after last week's weaker-than-expected third-quarter grindings data, dealers said.

Dealers said sugar looks set to break above the 30 cents a lb milestone as fundamentals and technical signals on charts support high prices.

An uncertain outlook for output in top producers Brazil and India continued to underpin the market. Unseasonably wet weather in Brazil has hampered the harvest and caused downward revisions to the cane crush.

ICE March raw sugar futures were up 0.60 cent or 2.2 per cent at 28.19 cents a lb at 1537 GMT. LONDON December white sugar hit a fresh 8-month high of $714.40 a tonne before easing to trade up $14.80 or 2.1 per cent at $710.10 per tonne.

ICE December arabica coffee futures were up 4.8 cent or 2.6 per cent at $1.9035 a lb.

ICE cocoa edged down as the market consolidated following last week's release of North American cocoa grindings, a key measure of demand, which rose by only 1.71 per cent yearon-year in the third quarter, while European grindings fell 4 per cent on the year.

ICE December cocoa was down $28 or 1 per cent at $2,766 per tonne, while Liffe second-month March cocoa traded 9 pounds higher at 1,897 pounds a tonne. -Reuters

LONDON: Copper tumbled from 27-month highs on Tuesday as top metals consumer China raised its interest rates for the first time since 2007 to keep a rein on its surging economy, and as the dollar rose.

But analysts said copper looked well underpinned in the longer-term thanks to tightening in the market.

Benchmark copper on the London Metal Exchange (LME) hit a session low of $8,199 a tonne on the rate rise by China.

China constitutes some 30 per cent of global copper demand.

The Metal used in power and construction closed at $8,260 a tonne versus Monday's close of $8,443. It earlier hit its highest since July 2008 at $8,492 a tonne. "A slight correction has been due," said David Wilson, an analyst at Societe Generale.

He added, however, that he did not think it would be a long-lasting pullback.

A tightening market supported copper, with stocks of copper in LME warehouses down more than 30 per cent since the middle of February, when they rose above 555,000 tonnes.

Latest data showed stocks down 500 tonnes to 369,950

BD tea prices fall DHAKA: The average price of Bangladeshi teas fell 1.85 per cent to 197.18 taka ($2.80) per kg at the weekly auction on Tuesday, brokers said.

Nearly 1.83 million kg were sold at the sale, leaving 6.20 per cent of the offer to be carried back.

"Prices were easier for most categories following a bigger offer of teas for sale," said an executive of the National Brokers Limited, the largest tea broking firm in the country.

Different grades were sold between 170 taka and 231 taka per kg in the auction. -Reuters

December crude fell $1.63, or 1.93 per cent, to $82.74 a barrel.

Comments late on Monday by US Treasury Secretary Tim Geithner that the United States would not engage in competitive currency devaluation also helped the dollar rise. "(The Chinese rate move) could imply a little bit of softer growth in commodities demand,"

a tonne. It had earlier touched its highest since January, at $2,480 a tonne. Zinc also hit its highest since April at $2,459.50 a tonne. Zinc closed at $2,392 a tonne versus Monday's close of $2,425.

Aluminium closed at $2,357 a tonne versus Monday's close of $2,410. Tin was last quoted at $25,850/25,900 versus Monday's close of $26,650 a tonne. Tin, underpinned by longterm supply constraints in top exporter Indonesia, hit a record high of $27,338.50 last week.

Nickel, used in stainless steel, was at $23,460 a tonne versus Monday's close of $23,810 per tonne. -Reuters

Palm oil rises; gains curbed by $, stocks KUALA LUMPUR: Malaysian palm oil rose on Tuesday along with other vegetable oil markets, although a firmer US dollar and concerns of growing stocks weighed on prices.

Palm oil has rallied in the past week and come within striking distance of the 3,000 ringgit level after the US government cut its soybean crop forecast and the dollar weakened. That rally may have been overdone, traders said.

Technicals are not very promising either. A Reuters analysis showed palm oil is likely to trade at 2,849 ringgit per tonne.

Malaysia's benchmark January palm oil futures climbed more than 1 per cent to trade at 2,919 Malaysian ringgit ($944.6). Traded volume rose to 18,175 lots of 25 tonnes each from the usual 10,000 lots.

Malaysian palm oil production should grow strongly in the last quarter of 2010 thanks to a seasonal uptick in yields and favourable wet weather.

Exports appear to be easing off after cargo surveyors said shipments from Malaysia fell as much as 9.6 per cent in the first half of October compared to a month ago. Cargo surveyors will report Oct. 1-20 palm oil exports on Wednesday.

US soyoil for December delivery inched down because of the dollar even though soybean futures gained due to demand from the world's biggest importer, China.

China's most active May 2011 soyoil contract on the Dalian Commodity Exchange rose 0.8 per cent ahead of the auction of national vegetable oil reserve slated for Wednesday. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 18 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1300

1175

October (3rd Wednesday)

1285

1150

November (3rd Wednesday)

1270

1155

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 18 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

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

2170 2180 2150 2160 2115 2125 2115 2125

2348 2348.5 2379.5 2380 2378 2383 2412 2417

8340 8340.5 8344 8344.5 8150 8160 7770 7780

2372 2373 2400 2401 2397 2402 2370 2375

23665 23670 23700 23750 23125 23225 22075 22175

TIN

ZINC NASAAC

26530 2365 2251.5 26540 2365.5 2252 26400 2397 2265 26450 2399 2275 25700 2437 2275 25750 2442 2285 2415 2325 2420 2335

Shanghai rubber hits record on supply fear

BANGKOK: The most active Shanghai rubber futures contract hit an all-time high on Tuesday on fear Typhoon Megi could lash out on growing areas, while tight physical supply also spurred buying from speculators.

Erratic weather has curbed supply in main producers Thailand, Indonesia and Malaysia Megi has also raised worries about output in China, which is the world's main rubber consumer.

The Shanghai rubber contract for March delivery hit a record 33,000 yuan ($4,967) per tonne, before ending at 31,720 yuan, up 140 yuan from Monday's close of 31,580 yuan.

Volume was heavy at more than 1.6 million lots.

A rally in Shanghai futures helped spur gains on the Tokyo Commodity Exchange, where the most active March contract rose 3.5 yen to settle at 338.6 yen ($4.17) per kg.

The benchmark rose to an intra-day high at 342.5 yen, close to the two-year high of 343.0 yen set on Friday. Reuters

PARIS - FRANCE: Car drivers queue at a gas station in Nantes, western France. Around 1,500 petrol stations located on the forecourts of French supermarkets had run out of fuel amid strikes against pension reform. -Reuters

China rate surprise knocks 2pc off gold LONDON: Gold was set for its largest one-day fall since early July on Tuesday, wiping out all the gains of the last week, as the dollar rose broadly after China surprised markets with its first interest rate hike since 2007.

Adding to the impetus in the dollar was another round of upbeat earnings from the US banking sector. Bank of America, the largest US Bank,

Spot gold prices hit record highs at $1,387.10 an ounce last Thursday, driven by concern over the stability of the currency markets and by expectations for further US quantitative easing which could undermine the dollar.

While they have since corrected, losses were likely to be limited as investors looked ahead to a meeting of the

and Goldman Sachs both beat expectations.

Spot gold fell as low as $1,332.00 an ounce before recovering to $1,339.85 an ounce at 1535 GMT against $1,368.45 late in New York on Monday. US gold futures for December delivery fell $31.40 an ounce to $1,340.80.

China's decision to raise its benchmark one-year interest rate put perceived risk currencies including the euro and the Australian dollar under pressure, while knocking the commodities complex.

Gold priced in euros and sterling also fell after China's policy decision, by 1.1 per cent and 0.9 per cent respectively.

Federal Open Market Committee next month.

In New York, the world's largest gold exchange-traded fund, the SPDR Gold Trust reported another small outflow of just under 1 tonne from its bullion holdings on Monday. Its holdings have declined for nine of the last 15 sessions.

Silver was at $23.74 an ounce against $24.35, on course for its largest one-day fall for a week, while the platinum group metals were more insulated against the broad declines in the commodities sector.

Platinum was at $1,671.75 against $1,690, and palladium at $575.00 against $583.58. Reuters

Indian sugar ends flat for 2nd day MUMBAI: India's spot sugar ended steady for a second straight session on Tuesday as demand remained stable amid adequate supplies, dealers said.

"Demand-supply situation is very much balanced. Supplies are adequate and demand is also good due to Diwali," Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, said.

Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November.

In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety nudged 0.08 per cent lower to 2,598 rupees ($58.6) per 100 kg.

Fresh showers in India's key sugar producing states of Maharashtra are likely to delay cane crushing, industry and government officials told Reuters.

India, the world's biggest consumer of the sweetener, has made available 1. 75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement.

New York March raw sugar futures were up 0.51 per cent at 27.72 cents a lb, while London December white sugar was up 0.89 per cent at $701.50 per tonne at 6:27 p.m. -Reuters

US cotton surges after early slow dealings NEW YORK/SINGAPORE: US cotton futures charged to a strong close on Monday, as speculative funds, mills and commercial users resumed buying after the market finished Friday down its daily limit.

US cotton futures jumped last Friday to their highest level since the US Civil War in the 19th century, then fell in late trade to end the session down the daily limit.

Cotton remains up nearly 65 per cent since late July, and some mills had been waiting for prices to break off their alltime high. When that happened on Friday and Monday, the

mills jumped into the market. Zhengshoul's cotton futures for Prices jumped back up as spec- May delivery touched their ulative funds joined in the buy- downside limit at 23,330 yuan ing. early, then recovered to settle In US trade, the key ICE at 23,695 yuan per tonne, down Futures US December US cotton early-trade cotton contract climbed ICE Futures US key December cotton 3.50 cents to finish at contract fell 2.80 cents to trade at $1.1346 per lb, just $1.1057 per lb at 1315 GMT, near the below the session peak bottom of its $1.1024 to $1.1475 band. at $1.1377.

Volume traded in the US cot- 610 yuan on the day. It was last ton market was around 23,000 traded at 23,750 yuan. lots, about 7.0 per cent above Cotton has gained nearly 65 the 30-day average at 21,000 per cent since late July due to lots, preliminary Thomson tight stocks, strong demand, Reuters data showed. and buying by investment, Chinese cotton futures pared hedge and long-only funds losses when the sell-off did not who viewed the market as spread in early US trade. undervalued. -Reuters

National Commodity Exchange Ltd Trading Summary Date

19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010 19-Oct-2010

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 21OC10 NO10 NO10 10-Dec 11-Mar

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

81.85 82.39 83.08 24.14 24.14 1365.00 1365.00 1365.50 1365.70 1365.00 1367.10 37927.00 37833.00 38012.00 37203.00 44086.00 44086.00 38913.00 38861.00 38874.00 38887.00 38900.00 44719.00 44659.00 44580.00 2402.00 3206.00 4372.00 86.70 86.16

83.17 84.03 83.08 24.14 24.50 1375.00 1375.20 1376.30 1365.70 1373.00 1367.10 38000.00 37833.00 38012.00 37797.00 44086.00 44086.00 38913.00 38861.00 38874.00 38887.00 38900.00 44719.00 44659.00 44674.00 2402.00 3230.00 4391.00 86.72 86.16

81.34 82.03 82.61 23.67 23.66 1343.30 1343.90 1343.90 1343.70 1345.50 1344.40 37290.00 37227.00 37240.00 37203.00 43379.00 43379.00 38286.00 38325.00 38248.00 38261.00 38274.00 43988.00 44032.00 43944.00 3178.00 3206.00 4372.00 86.70 85.72

82.05 81.92 82.61 23.67 23.68 1343.70 1344.40 1345.20 1343.70 1344.40 1344.40 37218.00 37227.00 37240.00 37191.00 43379.00 43379.00 38286.00 38325.00 38248.00 38261.00 38274.00 43988.00 44032.00 43944.00 3202.00 3230.00 4391.00 86.72 85.72

Traded Volume in lots 76 190 125 572 2,583 2,179 14 26 1 1 1 -

Previous Settlement Price 82.85 83.49 84.17 24.35 24.36 1369.00 1369.60 1370.50 1369.00 1369.60 1370.50 37962.00 37971.00 37985.00 37935.00 44246.00 44246.00 39040.00 39079.00 39001.00 39014.00 39027.00 44867.00 44912.00 44822.00 3178.00 3206.00 4372.00 86.70 85.71

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 82.05 7 81.92 42 82.61 23.67 23.68 65 1343.70 792 1344.40 880 1345.20 1,307 1343.70 1344.40 12 1345.20 37218.00 45 37227.00 3 37240.00 3 37191.00 2 43379.00 43379.00 38286.00 38325.00 38248.00 38261.00 38274.00 43988.00 44032.00 43944.00 2 3202.00 3230.00 4391.00 86.72 85.72 -

Roger Federer speaks at a news conference at Stockholm Open tennis tournament

10

Wednesday, October 20, 2010

Aisam secures spot in ATP top 20 KARACHI: Aisam-ul-Haq Qureshi has climbed three places to reach number 19 on the ATP World Tour doubles rankings and break into the top 20.

The Association of Tennis Professional (ATP) World Tour is the elite professional tennis circuit organised by the ATP. Meanwhile, Aisamul Haq and Rohan Bopanna as a team held on to sixth place in the doubles team rankings.

Qureshi climbed three places to reach the number 19 spot on the doubles rankings since the rankings were last updated after managing to play in 29 ATP World Tour tournaments.

This is the first time in his career that Qureshi has broken into the top 20 of ATP World Tour rankings.

The Pakistan number one managed to reach the doubles quarter-finals at the Shanghai Masters last week.

Qureshi and Bopanna's successful run at the US Open has led him to his highest ranking yet.

They are participating in the Kremlin Cup in Moscow this week.-Agencies

LHC restores PTF LAHORE: The Lahore High Court restored the Pakistan Tennis Federation (PTF) after it had been dissolved earlier this week by the Sports Minister, Ijaz Jakhrani.

Jakhrani, who also heads the Pakistan Sports Board, had dissolved the PTF under rule 4 (XI) of the PSB constitution and charged it with protecting unconstitutional actions of its officers and for not holding elections.

He had also appointed a three-member election committee led by Pir Aftab Shah Jilani, who said the committee would hold 'free and fair' elections within 90 days.

The LHC declared the notification of the Sports Ministry ineffective. PTF had been charged with giving protection to unconstitutional actions taken by its office holders, and for not holding elections within the body.

All office holders including PTF President Senator Syed Dilawar Abbas had been removed.-Agencies

Corruption charge stirs Indian politics

Aftermath of CWG fiasco NEW DELHI: India's main opposition party on Tuesday accused the government of corruption surrounding the just-finished Commonwealth Games, saying it would stall parliament next month unless an impartial probe was ordered.

The threat from the Hindunationalist Bharatiya Janata Party (BJP) comes as the government struggles to find political support for tough reforms bills in parliament which opens on November 9.

The government is also preparing for a visit by US President Barack Obama, who is also scheduled to address Indian parliament.

BJP chief Nitin Gadkari told a press conference that his party had evidence linking ruling Congress politicians and the office of Prime

Minister Manmohan Singh, to Commonwealth Games corruption.

An investigation into allegations of financial mismanagement by organisers and contractors resumed on Friday, a day after the Games -- which spiralled to a cost of $6 billion (3 billion pounds) from an original budget of $450 million -- ended last week.

"Every time a revised budget was presented to the cabinet it was cleared," Gadkari said. "This means the prime minister justified (the cost escalations).

Whether he was right or wrong that should be probed."

The October 3-14 Games, intended to show India as a rising global power, were crippled by corruption alle-

gations, health and security issues and chronic mismanagement, forcing the central government to rescue the event and avoid national embarrassment.

Local media investigations in the run-up to the Games claimed to have found financial irregularities with companies contracted to provide services and products to the event, forcing Prime Minister Singh to promise a full probe after its conclusion.

As part of the ongoing investigation, over 200 officials from India's Income Tax department searched homes and offices of several people, including BJP activist Sudhanshu Mittal and other Games contractors on Tuesday, local media reported.-Reuters

Afridi promises to up WC chances ISLAMABAD: Skipper Shahid Khan Afridi insists that Pakistan can improve their World Cup chances provided his boys pick up as many wins as possible ahead of the mega event to boost their confidence.

It's all about confidence.

We can improve our World Cup chances by boosting our confidence and should do that by winning matches against South Africa and later against New Zealand, he was quoted, as saying on Tuesday.

Pakistan will play two twenty20 Internationals against South Africa in Dubai by the end of ongoing month before taking on the Proteas in a five-match Oneday International series in Abu Dhabi and Dubai. The limited-overs matches will be followed by two Tests

before the team's departure to New Zealand to play a full series, including T20 matches, ODIs and Tests.

Afridi is confident that his team will make the most of the twin assignments in the UAE and New Zealand but asked his teammates to put aside the bitter memories of England tour. "We have to forget what happened during the tour of England. What the team desperately needs is some good results and I'm sure that if we play to our potential we can do that against South Africa," he said.

Pakistan lost to England in all three formats (3-1 in Tests, 3-2 in ODIs and 2-0 in T20s) during a marathon tour of England that also included a series against Australia.

Much more damaging for them was 'spot-fixing' alle-

gations that resulted in the ICC suspending Test captain Salman Butt and fast bowlers Mohammad Asif and Mohammad Amir.

Pakistan will be without the trio in the UAE and Afridi said, he and his team will certainly miss them.

"We are going to miss the three because they are our key players," he said.

But we can't just sit back and cry over it. We have to focus on the upcoming assignments and, thankfully, we still have several matchwinners in our side.

Afridi also believes that Pakistan's spin attack will give them an edge against their rivals on slow and turning wickets of Dubai and Abu Dhabi. "Spinners will certainly be playing the major role in UAE," he said.-APP

ECB to restructure county c'ship LONDON: Andrew Gale, the Yorkshire captain, is the playing member of a six-man panel commissioned by the ECB to find a solution to the problem of a complicated domestic calendar which has been blamed for falling attendances at Twenty20 matches.

The panel is due to meet twice before reporting to the ECB board, which will make a final decision on any recommendations next month.

The temptation to drastically cut the number of County Championship games from 16 to 10, which would bring it in line with other domestic leagues around the world, will be discussed.

That could potentially undermine the argument put forward by both players and the board that the championship is the pinnacle of county cricket.

But under the current schedule, up to six championship matches are squeezed into the early part of April and end of September when the weather could determine the outcome of the title.-APP

ROTTERDAM: Khorokhordin of Russia performs on the rings during the men’s qualifying round of the Artistic Gymnastics World Championships.-Reuters

LAHORE : A view of trail match of Lahore Super League on National Hockey Stadium.-Online

Younis to lead HBL in Quaid Trophy KARACHI: Former Pakistan Captain Younis Khan has been named to lead a 20-member Habib Bank Ltd (HBL) squad in the Quaid-e-Azam Cricket Championship which opens at different centres of the country from October 23.

The HBL have not inducted any newcomer in their line-up as per announcement made by HBL Sports Department on Tuesday.

Other members of the team included Shahid Afridi, Imran Farhat, Ahmed Shehzad, Taufiq Umer, Saleem Elahi, Hasan Raza, Umer Gul, Abdur Rehman, Danish Kaneria, Shahid Nazir, Khaqan Arsal, Fahad Masood, Farhan Iqbal, Irfan Fazil, Humayun Farhat, Kamran Hussain, Shan Masood, Aslam Qureshi and Sarmad Anwar.

Six of their top players will be on the national duty for offshore series against South Africa played in United Arab Emirates from October 25.

Former Test fast bowler Liaquat Ali (Manager) and Sajid Shah (Coach) will be the officials of the team.

HBL will be clash Faisalabad in their first round match at Iqbal Stadium Faisalabad.-APP

Akram urges domestic ACUs KARACHI: Former Pakistan Captain Wasim Akram has called for domestic AntiCorruption Units (ACU) to be installed in all cricket-playing nations saying it should not only be confined to Pakistan.

The Pakistan Cricket Board (PCB) is currently finalising the formation of an ACU for its domestic circuit after directives from the International Cricket Council (ICC).

"Why only Pakistan, I ask," Akram told media. "It should be formed in all cricket playing nations. The ICC is late on reacting on the match-fixing issue. It should've thought about forming ACUs five years ago."-APP

Rooney wants to leave United MANCHESTER: England striker Wayne Rooney wants to leave Manchester United, manager Alex Ferguson said on Tuesday.

"We are as bemused as anyone can be, we can't quite understand why he would want to leave," Ferguson told a news conference.

The manager said Rooney would not play in Wednesday's Champions League match against Bursaspor because of an ankle injury.

A United press officer said that Rooney was taken off on a stretcher at the end of training on Tuesday.

Ferguson said a scan showed

minor damage which required treatment on his ankle.

"I feel that we still have to keep the door open for him -especially as he's such a good player," said Ferguson.

"We've done nothing but help him since he's been at this club.

We're as bemused as anyone can be and can't understand why he would want to leave."

Rooney joined the club in 2004 as an 18-year-old for a 25.6 million pounds fee , a world record for a player aged under 20.

He helped them to Premier League titles in 2007, 2008 and 2009 and the Champions League in 2008.-Reuters

Warne backs embattled Ponting MELBOURNE: Embattled Australian captain Ricky Ponting is the right man to regain the Ashes from England, according to former leg-spinner Shane Warne.

Ponting returned to Australia to fierce criticism from former players and media pundits after their 2-0 series loss to India, which saw them slump to fifth in the test rankings, and suggestions he should relinquish the test captaincy.

Warne himself had questioned Ponting's tactics on Twitter during Australia's seven-wicket loss in the second test in Bangalore, particularly the field set for spinner Nathan Hauritz. "How the hell can Hauritz bowl to this

field?" Warne posted on Twitter last week. "Feeling for Hauritz, terrible!! What are these tactics? Sorry Ricky, but what are you doing?"

Ponting has since said that Hauritz had set the field and on Tuesday Warne attempted to defuse his initial comments, saying they were not a criticism but an observation as he watched the match unfold.

"My tweet about Ricky's fields for Nathan Hauritz for (two) overs has been portrayed as a rift between myself and the Australian captain and journos have tried to start a slanging match between us; what rubbish," Warne wrote on his personal website on Tuesday.-Reuters

FIFA vows action against vote-selling ZURICH: FIFA launched a formal investigation into allegations that two executive committee members had offered to sell votes ahead of the decision on the 2018 and 2022 World Cup hosts and said it would act swiftly.

"FIFA has opened proceedings against two current members of the executive committee to ascertain whether they have violated the code of ethics," soccer's governing

body said in a statement on Monday. "(FIFA) has asked the chairman of the ethics committee to act without delay to take all possible steps including the possibility of provisional measures, should the relevant conditions be met.

"Investigations are also ongoing in relation to other FIFA officials who may have been involved in the issue in question."-Reuters

New role but same old Murali COLOMBO: Muttiah Muralitharan's team-mates expect no lessening of the offspinner's powers as he begins life as an international limited-overs specialist. Murali, 38, retired from Tests in July with a record 800 wickets and after taking a break has been increasing his load ahead of engagements in Australia over the next three weeks.

He is part of the squad that has just landed in the country, a place in which he has often been treated poorly on both sides of the fence. The captain

Kumar Sangakkara smiles when he talks about Murali's impact on the team and he will bolster the squad after missing the home tri-series victory in August.

But Sangakkara turns serious when discussing criticism of Murali. "It's always been unjustifiable if Murali has not been received well in any country," Sangakkara said.

"Just for the bowler he is, the character he is, he is a wonderful human being. However the fans react to him, or whether they accept him, it

doesn't matter in the long run because the whole cricketing world love him for who he is.

And he's very secure in that."

Murali was called for throwing at the MCG in 1995-96 and boycotted the 2004 tour here following comments from John Howard, Australia's prime minister, over his action. While he was adored during the tsunami fundraising match in Melbourne in 2005, he was part of a Sri Lankan group that had eggs thrown at it in Hobart two years ago.

"We just want him to enjoy himself and play for as long as he wants to play and be part of our team," Sangakkara said.

"It's a joy to see him play. For us to have him in our side is a huge boost of confidence."

Murali has come to Australia via South Africa, where he was part of Chennai's Champions League T20 victory, taking three wickets in the final. In 22 ODIs Down Under Murali has 31 victims at 32.70, with the home batsmen usually content to see out his overs.

The coach Trevor Bayliss expects Murali to benefit from his Test-free workload and not suffer during the transition.

"At this stage of his career having a rest every now and then will be good for him," Bayliss said. "He's just had a little bit of time off and he's come back from the Champions League full of beans, and is bowling really well in the nets."

The Sri Lankans open their tour with a one-day game against Queensland at the Gabba on Friday and have

some more fine-tuning before a Twenty20 in Perth on October 31 and three ODIs the following week. While it is hard to know what long-term benefits the visitors can achieve from such a short series, Sangakkara's aims are clear.

"Hopefully we get a victory in the series, that'll be great for us going forward," he said.

"We know how tough it is in Australia. We've been here before and we're yet to win, this is a great challenge to the guys.-Online

Germany sentiment index allays slowdown fears

China’s cbank surprises with intrest rate rise Beijing: China's central Bank surprised on Tuesday with its first increase of interest rates in nearly three years, a move that reflects its concern about rising asset prices and stubborn inflation.

It said it was raising benchmark rates by 25 basis points, taking one-year deposit rates to 2.5 per cent and one-year lending rates to 5.56 per cent.

The impact was felt by global markets across the board. Oil prices fell, stock markets turned negative in Europe and the dollar rose as investors were caught off guard by the tightening step.

"The interest rate rise is entirely outside of market expectations," said Zhu Jiangfang, chief economist at CITIC Securities in Beijing.

"The recent rise in headline inflation has put the real rate into negative territory. And I think that's why the central Bank needs to raise interest rates in such a hasty way," he said.

Although announced by the People's Bank of China, the decision to increase rates would have received approval from the highest echelons of Chinese power, with Premier Wen Jiabao likely signing off on it.

Once a consensus has been forged in Beijing to raise or cut rates, past experience shows that moves often come in bunches.

In the view of some, it is about time for China to embark on a more aggressive tightening cycle. To date, it has relied on lending restrictions and banks'

reserve requirements to keep growth from boiling over.

"Fundamentally, policy rates are just too low for an economy that's growing around 10 per cent. To avoid bigger distortions, China needs to start moving rates to more appropriate levels," said Rob Subbaraman, an economist with Nomura in Hong Kong.

"China's economy looks as though it's decoupling from other major economies, and its policies should as well," he said.

DEBATED BUT UNEXPECTED A number of leading economists, including some advisers to the central Bank, have urged an increase in deposit rates to keep savers' returns in positive territory.-Reuters

Fed’s Lockhart eyes easing of $100bln/month WASHINGTON: A top US Federal Reserve official said on Tuesday further monetary easing by the central Bank must be hefty enough to spur recovery and securities purchases of $100 billion a month could be in order to achieve the necessary impact.

Three Fed officials on Tuesday made the case for further easing and bolstered perceptions a consensus has grown at the central Bank to launch a fresh round of largescale asset purchases at a meeting on Nov. 2-3.

Atlanta Federal Reserve Bank President Dennis Lockhart, a policy centrist who has grown increasingly worried about deflation risks, repeated that he was leaning toward further easing and offered the most specific outline of the possible scope of further central Bank bond

buying.

"If we're going to pursue another round of quantitative easing, it has to be a large enough number to make a difference," Lockhart said in an interview on CNBC. "As a monthly number ($100 billion) is fairly consistent with what we did before, and so I think it would certainly be in the range of numbers one might consider ... but if you were talking about $100 billion as simply the overall program, I think that's too small," he said.

The Fed cut rates to near zero in December of 2008 and followed that with $1.7 trillion in purchases of Treasuries and mortgage-related debt, a program that concluded in March.

However, the Fed acknowledged over the summer that the US economic recovery could

11

International & Continuation

Wednesday, October 20, 2010

need further help and many analysts expect officials to buy up a further $500 billion in US government debt.

Prospects for further Fed easing have weakend the US dollar in recent weeks and caused worry in emerging markets that their soaring currencies will make exports uncompetitive.

Comments from two other Fed officials belonging to the camp that has consistently favored easing added to signs the Fed was close to acting.

"Viewed through the lens of the Federal Reserve's dual mandate -- the pursuit of the highest level of employment consistent with price stability, the current situation is wholly unsatisfactory," said New York Fed President William Dudley, reiterating an argument he made earlier this month.-Reuters

MANNHEIM: A key gauge of German analyst and investor sentiment fell less than expected in October, bolstering hopes that an expected slowdown in Europe's largest economy will be milder than forecast.

The Mannheim-based ZEW think tank's monthly index of sentiment fell to -7.2 from a reading of -4.3 in September. A Reuters poll had forecast a -8.0 reading and the euro trimmed losses against the dollar in response while Bund futures hit a session low.

Separately, Germany's main foreign trade association said it was optimistic about the outlook for exporters, forecasting the value of goods sold would hit a record in 2011.

Despite the positive surprise in Mannheim, it was still the sixth consecutive ZEW fall, taking the index to its lowest level since January 2009, pointing to an economic slowdown.

UniCredit economist Alexander Koch said weaker growth abroad meant the German economy would not escape unscathed, but there was no cause to fear a return to recession.

"It doesn't look like the situation will deteriorate fast," he said.

Chancellor Angela Merkel's government had previously predicted that the economy would grow by 1.6 per cent in 2011, but it is now expected to raise that estimate to around 2 per cent, officials told Reuters at the weekend.

Klaus Schruefer, an economist at SEB Bank in Frankfurt, said growth was bound to slow after record expansion in the second quarter but that the economy remained in robust shape.

"Germany is in an excellent position in international markets and can profit disproportionally from the upturn in developing countries," Schruefer said.-Reuters

US housing starts at 5-month high, still depressed WASHINGTON: US home construction scaled a fivemonth high in September, another sign the housing market decline is bottoming, though permits for future building fell.

While Tuesday's data was encouraging, housing starts remained at depressed levels and added to the case for more monetary stimulus to shore up the sluggish recovery.

The Federal Reserve appears almost certain to pump more money into the economy at its Nov. 2-3 meeting through purchases of government securities, but it is unclear how large the program will be.

"The weakness on the housing front and the potential for a further drag from housing will support greater quantitative easing," said Michelle Meyer,

a senior economist at Bank of America Merrill Lynch in New York.

"The likely scenario is that the Fed announces a program where they buy up five hundred billion (dollars) over a six-month period."

Housing starts advanced for a third straight month, gaining 0.3 per cent to a seasonally adjusted annual rate of 610,000 units in September, the Commerce Department said. August starts were revised up to a 608,000-unit pace from 598,000 units.

Economists had expected housing starts to slip to a 580,000-unit rate last month.

Compared to September last year, housing starts were up 4.1 per cent.

The data had little impact on US financial markets as

investors digested China's first interest rate increase in three years and expressions by several Fed officials on the need for more monetary policy easing.

Stocks on Wall Street fell, also hurt by results and outlooks from technology giants Apple and IBM, which disappointed investors.

Prices for US government debt were down marginally, while the dollar rose broadly.

OFFICIALS MAKE CASE FOR EASING Three Fed officials made the case for further easing on Tuesday, with Atlanta Fed President Dennis Lockhart saying purchases of $100 billion a month could help to achieve the desired effect of stimulating the economy.Reuters

Canada holds key rate unchanged OTTAWA: The Bank of Canada kept its benchmark interest rate unchanged at 1 per cent as expected on Tuesday, and cut growth forecasts for 2010 and 2011 due to a slower than expected global economic recovery.

Analysts described the Bank's statement as dovish and predicted the central Bank would not raise rates any time soon despite fears about rising household debt.

"At this time of transition in the global recovery, with a weaker US outlook, constraints beginning to moderate growth in emerging market economies, and domestic considerations that are expected to slow consumption and housing activity in Canada, any further reduction in monetary policy stimulus would need to be carefully considered," the Bank said.

The Bank used similar lan-

guage when it raised the benchmark rate in September, its third consecutive rate rise. On Tuesday, it also downgraded the outlook for inflation.

"I'd say the first impression is it's a dovish statement and it certainly looks like the Bank of Canada is going to be on hold for a little while," said Steve Butler, director of foreign exchange trading at Scotia Capital.

The Canadian dollar dropped sharply to around C$1.0360 to the US dollar, or 96.52 cents, from Monday's close of C$1.0141 to the US dollar, or 98.61 US cents.

The Bank cut its 2010 economic growth forecast to 3.0 per cent from the 3.5 per cent it forecast in July, and cut its 2011 forecast to 2.3 per cent from 2.9 per cent. It raised its prediction for 2012 growth to 2.6 per cent from the 2.2 per cent it forecast

in July.

"We basically see the upshot ... that they are on hold for an extended period of time," said David Tulk, senior macro strategist at TD Securities.

The Bank said a "combination of difficult labor market dynamics and ongoing deleveraging in many advanced economies" was expected to slow growth and contribute to a weaker-than-projected recovery in the United States, Canada's main export market.

"Heightened tensions in currency markets and related risks associated with global imbalances could result in a more protracted and difficult global recovery," it added.

The Bank said inflation had been milder than expected, predicting that both core and total inflation would converge to 2 per cent by the end of 2012.Reuters

CONTINUATION No #1

Continued from page 12

relationship; as well as the success of the containment of terrorism and, quite possibly, the very future of the region," Qureshi said as he pressed for preferrential trade access for Pakistani products and understanding of it's security considerations.

At the same time, the foreign minister made it clear in his speech that Pakistan is an "ally and not a satellite."

No #2

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unfortunately we don't have even the required amount of money for designing dams. He regretted that Chief Minister of Punjab Mian Shahbaz Sharif could call donor conference, but federal government is not allowing CM Balochistan to do that. -Online

No #9

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"The macroeconomic scenario is favourable with robust economic growth outlook and that will continue to drive investors," Nagpal said. Private-sector lender HDFC Bank, which has rallied 39 per cent since the start of January, eased 1.4 per cent ahead of its July-September earnings. Analysts expect the net profit to rise by a third. Advancing shares and declining ones were almost equal in number on relatively better volume of 485 million shares. The 50-share NSE index shed 0.8 per cent to 6,027.30 points.-Reuters

No #10

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Technical charts show the Nikkei has strong support at its 25day moving average, now at 9,495, while its next upward targets are its recent peaks around 9,700, marked this month, and 9,800, Continued from page 12 No #3 hit in July. Banking shares climbed, with top lender Mitsubishi the militants entered the airport and whether security men were UFJ Financial Group gaining 1.6 per cent to 388 yen and Mizuho on duty or not at that time. -Online Financial Group climbing 2.6 per cent to 120 yen.

Shares of exporters were mixed, with Sony Corp up 1.5 per cent Continued from page 12 No #4 in the caves, but has been provided a safe shelter by ISI ele- at 2,698 yen and Canon Inc falling 0.5 per cent to 3,835 yen.

US stocks gained on Monday as Citigroup jumped after reportments at a secure location inside Pakistan.

"I don't think so. I think it was either an exaggeration in the ing its third straight quarterly profit, beating forecasts and boosttelling or an exaggeration in the promotion of that. I don't think we ing optimism that the banking sector is on track to recover even know precisely where bin Laden is, and I don't think the report's amid a tepid economic expansion.Shares of Apple Inc and accurate," Lynn said, adding that he has not seen the news report International Business Machines Corp slid in after-hours trading that elements in ISI was providing shelter to the top al Qaeda lead- after reporting results, but market analysts in TOKYO said their ers. Pakistan Interior Minister Rehman Malik, however, denied earnings were solid and the stock falls were due to the fact the that the two men are on Pakistani soil, but said that any informa- news had run its course, and they saw little impact on Japanese tion to the contrary should be shared with Pakistani officials so that stocks. Bank of America, reports on Tuesday. Last week JPMorgan Chase and Co's profits beat estimates.-Reuters they can take "immediate action" to arrest the pair. -Online

No #5

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if any agent is found outside any passport office, than strict action would be taken against the in-charge of passport office.

No #6

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decided to write a letter to Chief Election Commissioner, stating if membership of parliamentarians can be suspended for not providing asset details, then also why not for not providing record of their degrees. Abid Sher Ali informed that he has also written a letter to Chief Justice Supreme Court Iftikhar Muhammad Chaudhry demanding of him to take notice of the situation.

The Chairman said he was committed to complete the process of degree verification. The committee was informed about the action taken on the irregularities done in the Federal Directorate of Education (FDE), as pointed out by the committee in the previous meeting. It was informed that all the four Deputy Directors working in higher grades over and above the sanctioned strength have been posted back to their original grades.

No #11

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withdrawal of dividend by Amtex Ltd, the KSE management has asked the company to reverse its decision.

In its letter addressed to Amtex Ltd, the KSE has maintained that the company has withdrawn the dividend after a lapse of 20 days from the day of announcement. This decision has eroded price of Amtex shares, falling from Rs19.21 to Rs15.67 per share on the last trading day.This decision will create a bad precedence and will destroy investors' confidence in the company and the listed companies at large.-APP

No #12

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The result almost matches "The Financial Daily" expectations as we had forecast a PAT of Rs7.72 billion and EPS of Rs6.45 with a variation of only 1 per cent. The company's net sales have taken a hike to Rs18.22 billion as compared to Rs12.19 billion in the same quarter of FY10. Moreover Company's field expenditures have increased to Rs4.4 billion in this period against Rs3.3 billion in the same period last year. In addition to that the compaContinued from page 12 No #7 institute and was of the view that it would go a long way in ny has also paid Rs2.16 billion as royalty in the quarter against empowering the women and providing guidelines for establishing Rs1.45 billion paid in the same quarter last year.

According to the notice Company's operating profit also surged to their businesses in a successful manner. -Online Rs11.65 billion the period under review against Rs7.43 billion during Continued from page 5 No #8 the same period last year. Furthermore, other operating income also Metal prices fell on concerns demand might weaken after contributed towards profitability of the company, as it surged by 66.8 China's central Bank said it will raise its benchmark one-year per cent to Rs951 million compared to Rs570 million previously. lending and deposit rate by 25 basis points effective from Oct. 20.

Continued from page 1 No #13 Silver miner Fresnillo was the top blue chip faller, down 5.3 per had been kicked off in the area against the offenders. Earlier cent, while Xstrata shed 4.4 per cent, also pressured by mixed Monday, unknown gunmen shot dead more than 23 people in third-quarter production figures for its two key products.

Energy stocks were weighed down by a 2 per cent drop in the Malir, Landhi, Orangi Town, Ranchhor Line, Azizabad, Gulshanprice of crude oil, with BG Group and Royal Dutch Shell down e-Iqbal, Sohrab Goth and Lea Market areas. The killing on Monday and Tuesday took place when armed men kidnapped 0.7 per cent and 1 per cent respectively.

Banks, however, found modest gains after above-forecast earn- members of the opposing factions and dumped their bodies after ings from BofA Merrill Lynch and Goldman Sachs numbers from executing them.

Sharmila Farooqi, an advisor in the provincial government of Sindh said that "Some 50 people were injured and 60 people have been arrested in connection with the targeted killings" since Saturday. She confirmed 36 deaths. Farooqi said Karachi police were working alongside paramilitary rangers to track down the suspects involved in the attacks, but that the security agencies were overwhelmed and lacked resources. MQM lawmaker Haider Abbas Rizvi said the party had handed authorities a list of 150 alleged criminals it suspects in the attacks but that nothing had come of it. He not only blamed the ANP, but also faulted the Pakistan Peoples Party, which controls the provincial government.MQM has announced one day mourning over the killing of innocent people in targeted killing incidents during last few days.

Talking to a private television channel Gabol said that killing of innocent people goes on unchecked in the metropolitan city which establishes that Rangers and Police have failed to control the situation. The coalition partners as well as all the stakeholders should get united on one point so that the Army could be called for a comprehensive operation against the criminals, he said.

PM was of the view that Governor Sindh, CM Sindh, Federal Interior Minister and Sindh Interior Minister should sit together and figure out the solution to establish peace in the city.

No #14

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Customs subgroup highlighted that Pakistan Customs needs a multifaceted approach for its reforms program. It requires skilled manpower, robust automation system and sustained commitment from political leadership and senior management. Finance Minister appreciated the efforts of the three subgroups and assured them of giving their recommendations his highest consideration.

No #15

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governments will report out on the tangible outcomes of their work.

Besides Army Chief and FM Qureshi, Finance Minister Abdul Hafeez Shaikh and other senior officials will be among the delegation. Sources also told Online that Pakistan would adopt a decisive stance on India's violation of Indus River Water treaty and would demand US to play its role in this regard. Foreign Office sources told Online that Pakistan will demand from US for establishment of Reconstruction Zones (RoZs) in the tribal areas while urge various members of the Congress for methodical legislation and immediate removal of hurdles in this regard, drone technology and stalled dues under the Coalition Support fund. During their stay, COAS, FM will meet US Defense Secretary Robert Gates, United States Chairman Joint Chiefs of Staff Admiral Mike Mullen besides US National Security Advisors and other high ups to throw light on some of the thorny issues like war against terrorism, security, defence and enhancing cooperation on military and other fields in length. -Online

No #16

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per cent to $620 million against $374 million over the previous year same period.

The major hike in this sector witnessed from raw cotton and synthetic fiber which swelled by 70.4 per cent and 55.4 per cent respectively.

No #17

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towel exports increased by 22.9 per cent, 14.7 per cent and 12.1 per cent to $532 million, $482 million and $178 million respectively. Likewise, food-group export registered an increase of 8.3 per cent to $678 million in 1QFY11 against $626.08 million in 1QFY10. In food-group, rice export registered a jump of 14 per cent to $ 453 million against $397 million export witnessed in 1QFY10. Whereas, fish and fish preparation export surged 55 per cent and vegetables by 26 per cent over the same period last year.

No #18

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years in non-military assistance approved by Congress last year. "The key is to beef up their ability to go after militants, it can't be diverted to other threats," one senior US official said.

"We recognise they need different kinds of capacities and more of them to handle extremists form within their own border," one official said. "They do need more capacity and the kinds of capabilities that are geared toward fighting extremists, rather than a major land conflict." -Agencies

No #19

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$1.457 billion in September, compared with $1.174 billion in August.

The current account deficit for the fiscal year 2009/10 was $3.495 billion, compared with $9.261 billion in fiscal year 2008/09.

No #20

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chairman committee Senator Wali Muhammad Badini presided over the meeting.

During the meeting damage of roads and bridges caused by torrential rains and ongoing communication projects in Balochistan was reviewed. -Agencies

No #21

Continued from page 1

analysts estimated in a research note in July. Premier, already has assets in southern Pakistan, was not immediately reachable for comment. -Agencies

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We need trade not aid: FM

Pak-US relations in dire straits: Qureshi ‘Pakistan will preserve national interest’

KARACHI: Federal Minister for Interior Senator Rehman Malik talking to the people during his surprise visit to Passport Office in Saddar. -Online

If US has evidence it should share it with us: Haqqani

WASHINGTON: Foreign Minister Shah Mehmood Qureshi has said that sovereignty of Pakistan should be respected, as border violations and drone attacks have put Pak-US relations into a very difficult situation.

Delivering a lecture in Harvard University, Shah Mehmood Qureshi once again cleared that US drone attacks are creating anti-US feelings.

FM said Pakistan is encountering many a crisis these-days including floods' devastations, rising militancy and economic instability.

"Under such shadowy circumstances, if Pakistani products gain access to US and European markets it will help increase public's trust on government", Qureshi observed.

Foreign Minister Shah Mehmood Qureshi said through this way, government will also become able to

produce more job opportunities, and we will be able to refrain youths from being used at the hands of militants.

Given all these fragile situations, Pakistan, at this point of time, needs trade not aid, he maintained. "US Congress should ink agreement of 'Free Trade Treaty' with Pakistan", he urged.

Pakistan longs for peaceful settlement of all disputed issues with neighboring India and US should come forward to influence for the purpose, he added.

FM Qureshi is in the middle of his US visit to participate in Pak-US third round of 'Strategic Dialogue.'

The top Pakistani diplomat also renewed Islamabad's desire to seek a civilian nuclear technology deal from the United States as part of efforts to meet his country's fast-expanding

energy requirements.

The foreign minister will co-chair with US Secretary of State Hillary Clinton the strategic dialogue on bilateral cooperation in vast array of fields, developments in the region and security issues, including efforts to deal with militants along the Afghan border.

"What we are trying to create is a long-term, mature and mutually beneficial partnership," he said, Qureshi, who touched on periods of intense engagement and estrangement between Pkistan and the United States in the past, welcomed recent moves towards fostering a long-term mutually beneficial relationship.

"That dialogue, and the coordination of our policies, will define the direction and future of our bilateral See # 1 Page 11

Presence of Osama in Militants torch B’stan demands Pak termed ludicrous private co plane

WASHINGTON: Pakistan's ambassador to US Hussain Haqqani termed media reports regarding the presence of al Qaeda leadership in Pakistan as ludicrous and said if US has evidence of the presence of al Qaeda leaders Osama and al-Zawahiri in Pakistan then it should be share with Pakistan, and Pakistan would take action against them.

A senior Nato official had said the other day that leader of the al Qaeda, Osama bin Laden is living comfortably in Pakistan.

The unnamed official has told US media that he is being protected by local people and some members of the Pakistani intelligence services.

Talking to ABC News, Hussain Haqqani, said the accusation is 'ludicrous'.

"Anybody who thinks that Pakistan or any other State for that matter has any interest in protecting bin-Laden, who has brought nothing

US says unaware of Osama hideout WASHINGTON: United States said Tuesday it has no idea where the top al Qaeda commanders Osama bin Laden and his deputy Ayman alZawahiri are hiding, a day after a report claimed fugitives are living in northwest Pakistan under ISI protection.

"I don't think we know where they are. If we knew where they are I think we'd do something about it," Deputy Secretary of Defence William Lynn told the popular Charlie Rose show in interview.

Lynn was responding to a CNN report which quoted an unnamed Nato official in Afghanistan that Osama is not hiding See # 4 Page 11 but mayhem to the world, is smoking something they shouldn't be," he said. "They would say that so that no-one asks them questions about what their own performance is in Afghanistan," he said.

"But that said, if this was really a serious matter, they wouldn't be saying it off the record or on background, they would say it publicly."

Haqqani said that US has made possible the arrest of Taliban leaders with the help of Pakistan in the war against terrorism.

Hussain further said that US or Nato officials did not share any intelligence information with Pakistan in the last one and half year and talk off-the-record through media. -Online

SCBA bans Babar Awan's entry

Passport office visit

Rs1mn cheque returned to Awan

Malik orders arrest of 4 officials

Special Correspondent ISLAMABAD: Supreme Court Bar Association has decided to ban entry of Law Minister Babar Awan in Bar building and return the Rs1 million cheque given by the law minister to the Ministry .

Earlier, Qazi Anwar president Supreme Court Bar has returned the cheque worth Rs one million granted by Dr Babar Awan for Bar employees, to law ministry here on Tuesday.

Talking to media outside Supreme Court, Qazi Anwar president Supreme Court Bar said that the cheque is a conspiracy to divide the lawyers. He said that he did not invite Dr Babar Awan but he (Awan) himself came to his office.

He said that he is going to return the cheque worth of Rs one million granted by Dr Babar Awan, to law ministry.

He said cheque has been deposited but the lawyers are returning the cheque to law ministry to save my respect.

He said that interior and foreign ministry has sent him appreciation letters. He said that session of executive committee would be called Wednesday regarding ban on Dr Babar Awan's entry in Supreme Court Bar. Amanullah Kazani, advocate to Supreme Court Bar Association said on this juncture that Babar Awan's action mortified the sentiments of the lawyers as he created misconceptions by giving the cheque.

Donor agencies urged to cooperate

Govt to set up women entrepreneur institute ISLAMABAD: Advisor to Prime Minister on women development, Yasmeen Rehman said government has planned to establish 'First Women Entrepreneur Development Institute' in Lahore for economic empowerment of women in the country.

In a meeting with consultant, United Nations Industrial Development Organization (UNIDO), Dr Shahina Waheed, the advisor said that setting up of this institute requires funding from donor agencies to train and assist the women who are interested to run their own businesses independently.

She explained that institute would serve as pilot project and would be replicated across the country once successful.

Yasmeen said Ministry of Women

Development (MOWD) has acquired 1800 square feet land from Evacuee Trust Property Board in Lahore, adding once established, the institute would act as a training ground for women.

She said the institute will provide information, financing and disseminate latest marketing techniques to new entrants in the business field after completion of their training.

The courses will range from 3 months diploma to 4 years bachelors degree in entrepreneur development.

Both public and private sector collaboration will be sought having outstanding and successful resource persons and entrepreneurs as academia.

Shahina appreciated the initiative taken by the government for the See # 7 Page 11

KURRAM AGENCY: Unknown militants have torched a plane of private company here in Kurram Agency Headquarter Parachinar on Tuesday. Plane was parked at the airport due to tire burst.

According to media reports, the private airline company plane used to fly once in a week from Peshawar to Parachinar.

Levies officials suspended and arrested the three security personnel on duty due to negligence.

Officials further said they are investigating the incident as to how See # 3 Page 11

Rs200bn of Centre QUETTA: Balochistan provincial minister of agriculture Asadullah Baloch has demanded Rs200 billions rupees from the federal government for decreasing economical problems of the province here on Tuesday.

While talking to a private TV channel general secretary of Awami National Party and provincial minister of agriculture Asadullah Baloch said mere apology would not be enough and the government would

have to realise the economic problems of the province.

He said Balochistan is facing economic crises because of the wrong policies of the ruling parties of the past. The flood has affected large areas of the province, and in this connection federal government didn't support much up till now.

He further said more than hundred dams are needed for Balochistan but See # 2 Page 11

Staff Reporter KARACHI: Interior Minister Rehman Malik has ordered to arrest four passport officials for negligence of duties and ordered FIA to investigate the matter.

He issued these directives during his surprise visit to Karachi Sadar passport office on Tuesday to hear public grievances.

According to press release issued by the interior ministry, the minister ordered to increase the passport counters from two to seven, added that number of women counter should be equal to the male counters and separate counter for senior citizens be established.

Interior Minister Rehman Malik appealed to the people that please call to the interior ministry crisis management cell on its PTCL number 051-9211223, if they find any agent/ tout present outside the NADRA and passport offices.

Malik warned passport officials and said every official should keep strict check over the agent mafia and See # 5 Page 11

Fake edu credentials

EC urged to suspend MPs membership Special Correspondent ISLAMABAD: Chairman National Assembly Standing Committee on Education Abid Sher Ali Tuesday asked Election Commission to suspend membership of those parliamentarians who are not providing matric and intermediate certificates for degrees verification.

Talking to mediamen after a meeting of the standing committee, PMLN MNA Abid Sher Ali said he has See # 6 Page 11

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