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International Karachi, Tuesday, December 21, 2010, Muharram-ul-Haram 14, Price Rs12 Pages 12

Malik confirms corruption in Hajj arrangements

JUI-F to sit in Opposition

See on Page 12

Pak says not in quest of UNSC

See on Page 12

Singh says wishes well for Pakistan

See on Page 12

See on Page 9 Economic Indicators Forex Reserves (10-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)

GDP Growth FY10E Per Capita Income FY10 Population

MQM MNAs meet President, seek action on Mirza statement

$16.41bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.36mn

Mirza fate in Zardari hands Awan, Malik say coalition in no danger

Portfolio Investment SCRA(U.S $ in million)

Yearly(Jul, 2010 up to 15-Dec-2010) Monthly(Nov, 2010 up to-15-Dec-2010) Daily (15-Dec-2010) Total Portfolio Invest (3-Dec-2010)

185.88 23.16 -6.42 2680

NCCPL (U.S $ in million)

FIPI (20-Dec-2010) Local Companies (20-Dec-2010) Banks / DFI (20-Dec-2010) Mutual Funds (20-Dec-2010) NBFC (20-Dec-2010) Local Investors (20-Dec-2010) Other Organization (20-Dec-2010)

0.75 -0.25 -1.60 -0.68 -1.36 3.20 -0.05

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

Close 11,843.65 10,216.41 22,639.08 19,888.88 2,716.33 2,852.92 5,900.37 11,471.32

Change 57.56 87.42 75.77 24.03 5.93 40.82 28.62 20.59

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 2.60 111.38 21.50 184.21 2.00 42.84 1.70 36.41 10.86 37.22

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

15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010 20-Dec-2010

13.17% 13.39% 13.69% 14.00% 13.25% 13.41% 13.61% 13.95% 14.11% 14.16% 14.23% 14.26% 14.55% 14.73% 14.91%

Commodities *Crude Oil (brent)$/bbl 91.81 *Crude Oil (WTI)$/bbl 88.19 *Cotton $/lb 154.12 *Gold $/ozs 1,385.10 *Silver $/ozs 29.24 Malaysian Palm $ 1,123 GOLD (NCEL) PKR 38,214 KHI Cotton 40Kg PKR 9,860

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 83.90 Canadian $ 83.90 Danish Krone 15.00 Euro 112.90 Hong Kong $ 10.90 Japanese Yen 1.007 Saudi Riyal 22.65 Singapore $ 64.20 Swedish Korona 12.00 Swiss Franc 86.65 U.A.E Dirham 23.15 UK Pound 132.90 US $ 85.45

Sell (Rs)

84.90 84.90 15.10 114.90 11.00 1.032 22.85 65.20 12.10 86.75 23.40 134.60 85.85

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

84.55 84.59 15.12 112.60 11.02 1.020 22.85 64.80 12.53 88.47 23.33 132.93 85.68

84.74 84.79 15.15 112.86 11.04 1.022 22.91 64.95 12.56 88.68 23.39 133.24 85.87

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

22°C 29°C 22°C 22°C 19°C 21°C

MIN

0°C 10°C 3°C 3°C -5°C 1°C

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ISLAMABAD: President Asif Ali Zardari having a meeting with delegation of Muttahida Qaumi Movement led by Dr Farooq Sattar at Aiwan-e-Sadr. -APP

US envoy trying to dictate terms on RGST: Nisar

RGST put on hold ISLAMABAD: The government after removing the reservation of the Supreme Court of Pakistan regarding the procedure of appointment of judges has decided to table the 19th constitutional amendment draft today (Tuesday) in the National Assembly. As per details, Faisal Karim Kundi, Deputy Speaker National Assembly would chair a meeting of the House Business Advisory Committee (HBAC) of the NA and it would be decided in the meeting that the 19th amendment will be presented in the session and the decision to table the Reformed General Sales Tax

Govt seeks 9mths to get RGST passed KARACHI: Government has formally asked for a ninemonth extension of its $11 billion International Monetary Fund bailout package, a source involved with the IMF talks said Monday. The seven-tranche IMF programme, which has kept Pakistan's economy afloat since it was agreed to in See # 4 Page 11

During first five months

Current Account gap shrinks 72pc Amir Abidi KARACHI: Country's current account deficit squeezed 72.3 per cent to $504 million during the first five months of current fiscal year 2010-11 from $1.82 billion in the same period of last year which is highly encouraging for economic executives, showed the State Bank of Pakistan's data released Monday. Trade deficit during this period stood at $4.52 billion; lower by 4.4 per cent than $4.73 billion during the same period of last year. The deficit on account of services improved and stood at $1.02 billion in 5MFY11, ver-

sus $1.25 billion deficit recorded during 5MFY10. That's why, deficit on trade of goods & services combined down by 7.3 per cent to $5.55 billion from $5.99 billion same period last year. Similarly, deficit on the income side stood at $1.28 billion, up by 10.5 per cent from $1.16 billion same period last year. On the other hand, net current transfers were hike by 18.7 per cent stood at $6.33 billion against $5.33 billion recorded in 5MFY10 mainly due to increase in workers remittances by 29.2 per cent at $3.83 billion.

Nov trade deficit swells 33pc YoY Ahmed Siddique KARACHI: Country's trade deficit widened by 33.45 per cent to $1.35 billion in November, compared with $1.01 billion recorded in November 2009 on year on year basis, Federal Bureau of Statistics said Monday. The deficit surged due to 23.6 per cent hike in imports

bill to $3.12 billion in November 2010 against $2.52 billion in identical month last year. Nevertheless, 17.04 per cent increase in exports somewhat mitigated the import bill as it registered $1.77 billion against $1.52 billion in above mentioned period. Similarly, trade data during See # 5 Page 11

(RGST) Bill in the current session of the NA has been postponed. The PML-N members did not attend the meeting. The members of NA congratulated the Speaker on the successful address of the Chinese PM Wan Jiabao in the joint session of the parliament. It was decided in the HBAC that the session of the NA will continue till January 7, whereas approved bills by the standing committee were presented in the current session of the National Assembly. Furthermore, Opposition Leader in the National See # 3 Page 11

Altaf phones Munawar LONDON: MQM chief Altaf Hussain telephoned Ameer Jamat-e-Islami Munawar Hassan and PML-Q leader Waseem Sajjad and discussed current political siotuation. According to a statement issued from London Altaf Hussain while talking to Munawar said that mutual consultations and cooperation should remain continue for the safety and security of country. Munawar said that it was need of hour to have cooperation among political parties. Sajjad suggested Altaf to call All Parties Conference. -Agencies

Power tariff cut hearing on 29th ISLAMABAD: Central Power Purchase Agency has filed application with Nepra seeking reduction in power tariff. Its hearing will take place on December, 29. According to private TV channel, reduction by 78 paisas per unit in power tariff has been sought under fuel adjustment head from November, 1 and this relief would pass on to the consumers in the month of January. -Online

ISLAMABAD: President Asif Ali Zardari has held out assurance to MQM to alleviate their reservations, saying MQM is a vital partner of ruling coalition and working relationship with them will not be allowed to be undermined. President Zardari said this during his meeting with MQM delegation which called on him in the presidency on Monday. MQM delegation was led by federal minister and MQM parliamentary leader Dr Farooq Sattar. Interior Minister Rehman Malik, Law Minister Babar Awan and others were also present on the occasion. According to Online, MQM expressed their reservations in the backdrop of the situation arises out of interior minister Sindh Zulfiqar Mirza statements during the meeting. President Asif Ali Zardari assured that all the concerns of MQM would be allayed and working relationship would be strengthened with them. Talking to media men after

the meeting, MQM parliamentary leader Farooq Sattar said his party had apprised President Zardari of their reservations. There was only onepoint agenda in the meeting that statements given by Zulfiqar Mirza had affected working relationship between PPP and MQM. "We want our grievances are redressed related to these statements", he added. President Zardari had said he had taken notice of the statements given by Zulfiqar Mirza and assured he would take action on this count, Farooq Sattar told. "It is now up to him what action he takes", he added. "MQM is a political force and the statements which have come from Zulfiqar Mirza have not only given rise to misperceptions but also they have provoked outrage among the people. Assurance held out by President Zardari is satisfactory, he added. He was of the view that the country could not afford insta-

PM directs implementation of distribution plan

One policy for gas cuts urged ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has directed that decisions regarding equitable distribution of gas taken in the last ECC meeting held on 7th December, 2010 be implemented in true letter and spirit. The shortage of gas, he said, should be shared by all stakeholders and the judicious supply be ensured across the board. Prime Minister was chairing a special high-level meeting to review the gas supply situation throughout the country, particularly the industrial sector in Punjab

here at the PM House Monday. Prime Minister further directed the Ministry of Petroleum & Natural Resources to expedite the decision regarding import of LNG with the concerned Ministries for early implementation. Prime Minister also asked for convening of the third review meeting of Energy Summit at the earliest in consultation with all the stakeholders. While elaborating upon the gas and energy situation, the Prime Minister emphasised See # 6 Page 11

Salman named as new chairman FBR

Fed tax body gets new head Sohail shifted to Planning, Waqar to Finance Div Special Correspondent media reported. According to the news, ISLAMABAD: Federal Secretary Finance Salman Government Monday has Siddiqui has been nominated appointed Salman Siddiqui as as new chairman FBR, and new chairman of the Federal after his promotion Dr Waqar Board of Revenue (FBR), Masood new Secretary where its present head Sohail Finance. Ahmed has been transferred to Prior to his new responsibilities Planning Division as Secretary, See # 7 Page 11

bility. "We will continue with responsible politics and whatever decision we will take it will be in the national interest", he remarked. President would remove such misconceptions fully, he hoped. Talking to journalists, interior minister Rehman Malik and law minister Babar Awan said coalition government was facing no problem in the Center. Democratic forces would play their respective role for fortification of democratic order in the country. President Zardari had assured MQM that their concerns would be addressed. Final decision would be taken by President in this respect, they added. MQM leadership would also be taken into confidence. The wishful thinking from certain elements that MQM would part ways with the government would not materialize, they underlined. PPPMQM friendship would continue on sound footing, they underscored. -Online

MFs up 4.8pc in Nov MoM Staff Reporter KARACHI: Mutual Fund Industry asset size surged 4.81 per cent to Rs224.1 billion, thanks to Meezan Sovereign Fund asset size massively increased by Rs5727 million (+464 per cent MoM) in November 2010. Furthermore, KSE 100-Index rose 6.0 per cent in November 2010, resulted in mutual funds industry to break its 15-month high of Rs224 billion, recorded in August2009. If we compare mutual fund asset size growth in FY11, the industry surged 14.3 per cent i.e. Rs28 billion in absolute term. Within Rs28 billion, money market category and equity fund See # 9 Page 11

Railway fares hike on cards ISLAMABAD: Finance Ministry has approved summary of enhancement in railway fares and has sent it to the prime minister for the final approval. The finance ministry and minister for railways accorded approval to the summary presented by GM Railways for increasing railway fares in a meeting held here. The draft has been sent to prime minister for final nod.-Agencies

Special envoy of Kuwait Ameer calls on President Zardari

Pakistan looks for FTAs with GCC ISLAMABAD: President Asif Ali Zardari has said that Pakistan has keen interest in concluding a free trade agreements (FTAs) with the GCC and seeks Kuwait's support in this regard. This, he said, would pave the way for increased commercial activity between Pakistan and the Gulf countries. During his meeting with Dr Abdullah Maatooq Almaatoq, special envoy of Amir of the

State of Kuwait, who called on him at Aiwan-e-Sadr Monday, the President said that there was immense potential for further enhancing trade equation of between Pakistan and Kuwait since the existing volume of bilateral trade was not commensurate with the excellent relations of the two countries. President said that we look forward to the visit of the Amir and the Prime Minister of

Kuwait to Pakistan which would not only provide an impetus to strengthening the mutual relations but would also help to chalk out future course for expanding the existing level of cooperation. The date for the visit is being worked out by the Foreign Offices of the two countries. Matters relating to PakistanKuwait bilateral relations and mutual cooperation also came under discussion during the

meeting. The President congratulated Kuwait Government and its people on the 50th Independence and 20th Liberation Day Celebrations being held on 25-26 February 2011. He said that Pakistani people equally share the joy of freedom with their Kuwaiti brethren. The President said that Pakistan attached immense

importance to its relations with Kuwait and desires to expand cooperation in a number of sectors especially in economic, commercial, manpower energy and defence areas. He said that the people of the two countries are tied to each other through their fraternal bonds that gain strength with each passing day. Kuwaiti people have always stood by their Pakistani brethren in every hour of need, the President

said. He said that we greatly appreciate Kuwaiti assistance for the people of Pakistan especially during the recent devastating floods which reflects their true feelings for their Pakistani brothers and sisters in distress. He said that we owe special thanks to the Amir of Kuwait for launching a public campaign for collecting funds for See # 8 Page 11


2

Tuesday, December 21, 2010

LG goes green as lighting provider

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah, Sindh Food Minister Mir Nadir Magsi and Chief Secretary Sindh Ghulam Ali Pasha witnessing signing ceremony of Financial Advisory Service Agreement (FASA) with Sindh Food Dapartment and International Finance Corporation (IFC) at Chief Minister House.APP

Technical training for 25k vowed KARACHI: As many as 25,000 youngsters have been provided technical education in the province. This was stated by Sindh Technical Education Minister, Abdul Salam Thaheem. He was speaking at a conference on human resource development at a hotel here on Monday. The moot was held under the auspices of Sindh Technical Education and Vocational Training Authority (STEVTA). The Minister said that developed nations while realising the importance of technical education and of vocational training ensured that along with general education the same is also imparted.-APP

Govt not to drag PaCCS to court ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh has informed Federal Board of Revenue (FBR) that present government cannot afford to go in litigation with Agility over Pakistan Automated Customs Computerised System (PaCCS) and want smooth and transparent solution of the issue. Agility has developed this revolutionary software and introduced to Pakistan to automate the customs procedures and to bring transparency in customs procedures across the country. He has further directed top authorities inside FBR to sit with Agility officials and negotiate on resolution because government has no alternative automated solu-

tion to install overnight. The government has taken extension from Agility with the assurance of agreement. If there is a need, FBR should form a committee to talk to Agility rather than going into litigation because litigation is not in the national interest. The semi-automated system developed by PRAL was installed for only one day on May 28 without testing and it was collapsed and caused huge losses to the national exchequer. The system developed by PRAL was responsible for frauds of over 1.5 Billion Rupees during the last financial year. The Customs Intelligence detected that the system was a complete failure and PRAL employees could

Sharmila distributes cloths among orphans

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

create fictitious invoice and issue refunds of Sales Tax to nonexistent claimants from their homes. In 2005, PaCCS was launched as a pilot project to improve imports as well as to facilitate importers to file their declarations online. Above 60 per cent of importers file their goods declarations on PaCCS due to its speedy and automated procedures. PaCCS is a one window system; web enabled and carries out all activities related to Customs from anywhere in Pakistan. The system can clear cargo 365 days a year, day or night. All declarations are processed by highly advanced Processing and Risk Management Systems.-APP

LAHORE: In Jae Lee Senior Manager Samsung, Rabiya Siddiqui PR Manager Samsung inaugurating the Samsung Grammar School in District Kasur.-Staff Photo

ISLAMABAD: Minister of State/Chairman Board of Investment Saleem H Mandiwala briefing the news men about Pak-China Investment agreement.-APP

KARACHI: Provincial Advisor to Chief Minister on Information, Sharmila Faruqui has said that serving the people is a great work and if all sections of the society work together then the problems in the society can be overcome and we can make the world a beautiful place to live in. This she said while speaking as a chief guest in a ceremony of distributing food items and clothes among 130 orphans and widows at Salvation Army Church Saddar. Sharmila said the role of Christian Community was very important and the educational and welfare institutions of Christian Community were functioning very well.-APP

DuPont serves for firefighters’ safety Staff Correspondent

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

ISLAMABAD: DuPont Pakistan Operations under a community fund programme recently upgraded the Capital Development Authority [CDA] FHQ's control room in Islamabad. Under this programme, DuPont renovated the CDA fire house and contributed Nomex heat and flameresistant suits, fireman gloves and hoods, fireman Tychem C & F chemical protection suits. A formal ceremony took place at the CDA Emergency & Disaster Management headquarters attended by Shaukat Ali Mohmand - Member, Administration, Mansoor Ahmed Khan - Director Emergency & Disaster Management, Zafar Iqbal Chief Fire & Rescue, Col Ali Kazam Syed Commander Search & Rescue, Ammad-Ud-Din Mohammad - Deputy Chief Emergency & Disaster Management, along with Tauqir Ahmed, Chief Executive Officer, DuPont Pakistan Operations and

ISLAMABAD: Tauqir Ahmed(R), Chief Executive Officer, DuPont Pakistan operations (Pvt,) Ltd.recieves a shield from Shaukat Ali Mohammad Member (Administration), Capital Development Authori, Islamabad which marks Dupont Pakistan’s Contribution under DCF.-Staff Photo

Kamran Khan, Business Manager, DuPont Protection Technologies. The ceremony also recognised the best Fire Fighters and Rescuers. "I am really thankful to DuPont for taking this initiative. They have helped us by upgrading the CDA fire station. Our firefighters will now be better equipped with DuPont suits, an excellent material when faced with acute fire situations. With recent incidences of

aircraft crash and other crisis, contributions by DuPont will enhance efficiency. The current system needs help and I am grateful to DuPont. We hope to see continued support from them in the future too. I would also like to thank and congratulate all our firefighters for their hard work and dedication," said Shaukat Ali Mohmand Member (Administration), Capital Development Authority.

KARACHI: LG Electronics (LG) recently announced here that its LED lighting and Plasma Lighting System (PLS) products have received official certifications from European, Chinese, Japanese and Korean governments for energy efficiency, quality, safety and eco-friendliness. With these endorsements, LG will initiate a global roll-out of its newest green business initiative as a total lighting solution provider. The competitive advantage of LG's LED lighting solution is in the company's core optic technology, heat management and circuit design. As a long-standing market leader in heating, ventilating and air conditioning (HVAC), LG will be able to leverage its strengths in price competitiveness, quality service and industry knowhow as a total green energy solution provider. "Green energy, carbon and environmental protection concepts have been widely accepted throughout the world and there is enormous opportunity for companies with core technologies and brand recognition," said Yonghwan Kim, Vice President of Light-ing & Solution Business Team of LG Electronics. "With long-honed expertise in energy efficient technologies, the potential for LG to make a significant environmental contribution is enormous."-PR

Tanners urge stakeholders to unite against RGST Staff Reporter KARACHI: The Chairman Pakistan Tanners Association (PTA) Aziz Ahmed has urged all the stakeholders and trade bodies to form a joint platform to resist imposition of RGST as it would have a worst ever affect on national economy, it has been learnt. "RGST highly detrimental to the industrial sector, exports as well as against the interest of general public, will ruin the economy, which is already struggling for survival", Aziz said adding that the present government has no agenda except implementing the IMF covenants

ignoring national interest. He said that all the trade bodies should announce a joint line of action against the imposition of RGST and rule out any decision by Senate, National Assembly provincial assemblies if taken in favour of RGST. He said that the unilateral decision by the government will in no way serve the country's interest and all such democratic forums are making decisions under the influence and dictation and they have no respect to the democratic values. He warned that this attitude by assemblies and Senate would also destroy all democratic pillars as unde-

HYDERABAD: Sindh Minister for Culture Sassi Palijo viewing photos during exhibition of Shaheed Mohtarma Benazir Bhutto organised by Culture Department at Sindh Musem.-APP

Qaim advocates modern granaries KARACHI: The construction of modern grain storage facility in Sindh is essential as the huge quantity of wheat was damaged during recent heavy floods in the province due to lack of storage and protection facilities. This was stated by the Chief Minister of Sindh, Syed Qaim Ali Shah, here at the CM House on Monday. He was speaking on the occasion of signing ceremony of an agreement with the International Finance Corporation (IFC) for the construction of modern storage facility in Sindh. He maintained that the modern grain storage facility will help enhance the province's capacity to store wheat and other

Samba Bank opens branch in DHA KARACHI: Samba Bank Limited SBL opened a new branch in DHA Karachi on Khayaban-e-Ittehad which was inaugurated by Javed Iqbal, Independent Director SBL, in presence of Tawfiq A Husain, President & CEO, and senior management of Bank. Tawfiq Husain said SBL is constantly improving its footprint in Pakistan, while developing and promoting its alternate distribution channels. The new branch in DHA, along with planned regular launch of new products, will enhance SBL's value proposition to its customers and facilitate in expanding customer base. SBL is 80.68 per cent owned by Samba Financial Group, Kingdom of Saudi Arabia, which itself is rated Aa3 by Moody's Investors Service.-PPI

mocratic acts by these forums are creating hatred among the general masses and they are considering it as sham democracy prevailing in the country. Aziz Ahmed further stated that the RGST regime would also withdraw the Zero Rated facility of the export-oriented industries. He pointed that exporters especially the leather sector are striving hard to boost exports but for the last couple of years they are on declining trend as quantity wise. PTA chief urged upon the government to consider the matter in the larger interest of the nation by refraining imposition of RGST.

crops, and hoped that task will be completed to have storage facility according to needs. Chief Minister Sindh added that Pakistan being an agriculture based country, it is imperative to employ modern technology so as to fully utilized the potential in the agriculture sector while the economic growth and development of province largely depends on the progress of agriculture sector. He apprised that the province of Sindh alone contributes 21 per cent in national wheat production, hence the Government of Sindh has decided to adopt modern technology like modern grain storage facility / silos which will provide a great boost to the agriculture economy.

Syed Qaim Ali Shah appreciated the Financial Advisory services Agreement with International Finance Corporation for construction of Modern Grain Storage facility in Sindh under Public Private Partnership modality, which will provide transaction advisory service and the USAID will provide funding the major cost of consultancy service of the IFC and other International Consultants. Sindh Food Secretary, Kamran Naveed Baloch, in his welcome address highlighted the objective of agreement. He said that the involvement of private sector will save considerable amount of public money as the investors will bring its equity in the project.-APP

Alumni solve KU transport trouble Staff Reporter KARACHI: Karachi University Business School's (KUBS) Alumni Association under the counseling of the Vice Chancellor KU Prof Dr Pirzada Qasim Raza Siddiqui has initiated a Student Transport Program, said a handout issued here. The initiative was taken in order to provide transport facility to more than 24000 students of KU. According to the project details, private companies will provide buses to the university and in turn, they will be offered free branding of their products on the bus. This will not only facilitate the students by arranging transport facility to them but will also prove to be a bridge between the

corporate sector and the University. Mehmood Arshad, the president of the alumni association informed that this project would set an exemplary partnership between the public and private sector. "The partnership between the University and the industry will turn out to be fruitful in many respects", he informed. Vice Chancellor, KU, appreciated the efforts of this alumni association and regarded it as a model for other KU alumni associations and forums. He shared that the University will soon take some administrative measures in collaboration with KUBS (Alumni) which will be beneficial for both, the students and the administration of KU.

UNDP to train garment workers Staff Reporter KARACHI: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and GENPROM/ UNDP jointly launched their 9thskills development training round for Master Trainers. Syed M Nawab, National Project Manager, GENPROM/ UNDP said on the occasion that a total of 31 trainees are to be trained through this programme. Syed Nawab presented an overall overview of the industry and discussed various local and global trends in garments/madeup sector. Director Operations, Rajby Industries, Akhlaque Ahmed emphasized on the importance of the value chain in the said sector and its importance and various strategies/ tools employed to make it more effective. National Project Director, GENPROM/UNDP and PRGTTI, Maham Nasira highlighted the salient features of the programme jointly initiated by UNDP, PRGMEA and PRGTTI. Moin Zaidi, Head of Monitoring and Evaluation, GENPROM/UNDP and Shad Nasir: Programme Coordinator: GENPROM/UNDP has given an orientation of the training programme to the participants and discussed the course content in great Masood Naqi Director Rajby Industries and former Chairman, PRGMEA, shared his vast experience with the participants and encouraged them to work-hard and take advantage of such skills development training. At the end of the ceremony, the training material was distributed among the trainees.


3

Tuesday, December 21, 2010 Top Economic Events

Euro hits record lows versus Swiss franc, Aussie Irish, euro-zone debt uncertainty stay in focus NEW YORK: The euro fell broadly on Monday, hitting a record low against the Swiss franc, with more losses likely as investors fretted over euro-zone debt problems. The euro also declined to a two-week low versus the US currency and a record low against the Australian dollar as traders still reacted to Moody's multinotch downgrade of Ireland's credit rating last week. "Continued debt concerns kept investors wary of holding the single currency," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. "Officials' inability to get ahead of the curve in dealing with the continent's debt crisis remains a key liability for the euro and likely one that will keep it vulnerable well into 2011," he added. The euro fell to 1.2678 Swiss francs on

the EBS trading platform, its weakest since the euro's launch in 1999, with the Swiss currency helped by investors seeking safety. Analysts said the euro remained under pressure after European Union leaders failed last week to produce a substantive plan to bulk up a temporary support fund for the region's weaker economies. Debt problems facing the euro-zone were also highlighted as the European Central Bank expressed "serious concerns" that Ireland's bailout package could affect the institution's liquidity operations in the euro-zone. The latest FX positioning data from the Commodity Futures Trading Commission

showed speculators continued to hold a net short position in the euro last week, although net shorts were trimmed from

the previous week, while net longs in the Swiss franc increased. The euro slipped 0.2 per cent against the dollar to $1.3156, having dropped as low as $1.3125 earlier in the global session, its lowest since Dec. 2. The single currency also hit a record low against the Australian dollar around A$1.3208, as both the Australian and New Zealand dollars benefited from gains

in equity and commodity prices. Traders said demand for euros from Russian participants in early European trade had run into selling by Swiss names, while a US investment house was reported selling euros on behalf of a real money account. Near-term support for the euro/dollar was located at $1.3102, its 200-day moving average. A break below could see the currency retest the $1.30 level and drop toward its December low of $1.2970, traders said. Traders said activity was dwindling ahead of the Christmas holidays at the end of the week in many financial centers. The dollar index was steady at 80.399, having been underpinned in Asia on safehaven flows due to renewed tensions on the Korean peninsula as South Korea held live-fire drills in a disputed area Monday. The dollar eased 0.3 per cent to 83.66 on Japanese corporate selling. -Reuters

Yuan ends down on Won rebounds after drills safe haven $ demand Asian currencies

end; others down on euro Most other Asian currencies down on weaker euro

SEOUL: The South Korean won rebounded from a four-week low on Monday after military drills on a disputed area ended without any retaliatory action from Pyongyang, but most other Asian currencies fell on a weaker euro. South Korea launched the live firing drills despite threats of war from Pyongyang after an emergency UN Security Council meeting failed to agree on how to defuse the crisis. "Worries about the Korean peninsula and the euro-zone may put a brake on Asian currencies' gains. But I don't expect a war here and that will not reverse the underlying trend," said June Park, an econo-

mist at Woori Investment & Securities in Seoul. The euro slid to a two-week low, looking vulnerable to more losses against the dollar after breaching chart support the previous session. The won turned higher as investors cleared dollar-long positions in thin trading after the drills ended without any immediate retaliatory actions from North Korea. "Players quickly cleared dollar positions as there was no more worrisome than initially expected even after the drills," said a local bank dealer in Seoul. The won found further support as foreign investors continued to

Stg rises vs euro, steady versus dollar LONDON: Sterling rose against a struggling euro in light trade on Monday as the single currency was hampered by debt worries, but gains for the pound were slight, with UK exposure to the euro-zone hampering the rally. Traders said year-end trading conditions had set in with light volumes going through, making for thin liquidity. Price move-

ments on the day were minimal, with many investors on the sidelines until the new year. The Bank of England's semiannual Financial Stability Report released last week showed Britain's banks remained vulnerable to increased European sovereign debt turmoil. "We expect euro-zone sovereign debt problems to escalate into the new year and that will weigh on sterling generally," said Lee Hardman, currency analyst at BTM UFJ.

The euro traded down around 0.3 per cent against sterling at 84.60 pence in afternoon trade, having risen to its strongest in nearly a month on Friday above 85.50. Technical analysts said the outlook was negative for the euro while under the 200-day moving average at 85.12. Versus the dollar, sterling was close to flat for most of the day, trading at $1.5555, hold-

ing above a three-month low hit on Friday of $1.5454. Next key support was seen at $1.5265, the 50 per cent retracement level of the pound's rally from 1.4230/1.6300. UK public finance data is due for release on Tuesday, followed on Wednesday by the minutes from the BOE Monetary Policy Committee's latest decision on interest rates, which analysts expect will show another split in the voting. -Reuters

buy local stocks and on exporters' demand for settlements. The South Korean unit ended domestic trade up 0.2 per cent at 1,150.2 per dollar from Friday's domestic close of 1,152.9. Earlier, it weakened to as low as 1,172.3, the weakest since Nov. 24, a day after North Korea's deadly attacks on a South Korean island. Foreign investors bought a net 169.3 billion won worth of Seoul stocks on the main exchange after having purchased a combined net 1.21 trillion won during the previous five consecutive sessions. The benchmark KOSPI ended down 0.30 per cent. -Reuters

Swiss franc near record high vs euro ZURICH: The Swiss franc hovered near an all-time high versus the euro on Monday as sovereign debt worries continued to weigh on the unified currency and boost the safe haven Swissie. The franc was 0.3 per cent higher against the euro compared to the New York close, trading at 1.2721 per euro at 0832 GMT after earlier touching a record high of 1.2717 first hit on Friday, according to Reuters data. "Maybe fears that other countries could follow Ireland and run into trouble are pressuring the euro. There is still the risk that Portugal might need money in the spring," said Sarasin analyst Ursina Kubli. The Swiss franc was likely to continue gaining against the euro as fears surrounding the euro-zone continue, she said. Investors also see a greater possibility of the Swiss National Bank hiking rates in 2011 than the European Central Bank, which is plagued by sovereign debt worries, said Commerzbank analyst Ulrich Leuchtmann. The franc was 0.2 per cent lower against the dollar at 0.9674 per dollar. -Reuters

Aussie on a roll against euro, sterling and kiwi WELLINGTON/SYDNEY: The Australian dollar hit a record high on the euro on Monday and a 25-year peak on the sterling after Ireland's debt rating was slashed and as risk appetite proved resilient to tensions in the Korean peninsula and to falls across Asian stock markets. The euro hit a record low at around A$1.3269 after Moody's cut Ireland's debt rating by five notches. Although a cut was always on the cards, its amplitude surprised many and pushed the single currency further down against the dollar and other major currencies. To rub salt into the wound, a summit of European leaders on Friday failed to please investors looking for a permanent solution to the region's fiscal crisis, sticking to what the IMF has called a piecemeal approach to the crisis. Pressures on the euro dragged sterling, which hit a 25-year low against the Aussie at A$1.5648. The currency is under pressure amid concerns about the exposure of UK banks to Ireland. The European woes also benefited the US dollar, which gained 0.17 per cent against a basket of major currencies. The Aussie showed little reaction to South

Korea's decision to launch of live firing drills in a disputed area, despite threats of war from North Korea. The high yielding Australian currency hovered around $0.9863 in a tight trading range of $0.9863-$0.9905, though it remained short of its one-month peak of $1.0030 set last week. Support for the Aussie is seen at $0.9836 and at its Dec 10 low of $0.9818 with resistance seen at $0.9926. The currency found support from a surge in copper in Shanghai, which hit an all-time high on expectations that prices will rise next year. The New Zealand dollar recovered slightly to around $0.7386 in late trade from $0.7370 in early trade, but still within sight of the near-two month low seen last week. The kiwi remained vulnerable on the downside as more data this week likely pointed to a weak economy, with initial support seen at last week's $0.7343 low, below which is $0.7320 while resistance sitting around $0.7432. The Aussie soared to NZ$1.3443 on Monday, a new decade high, having climbed over 5 per cent in the past month as the market scaled back expectations on future NZ's rates tightening. It was last at around NZ$1.3369. -Reuters

SHANGHAI/HONGKONG: China's yuan closed down on Monday as the People's Bank of China set a lower mid-point in the wake of a rise in the US dollar index and demand for the safe haven US currency due to tensions on the Korean peninsula. But the PBOC's fixing changed so little that traders said it clearly indicated the central bank wants to keep the yuan stable in the near term, traders said. The premium enjoyed by offshore yuan in Hong Kong against onshore yuan was steady at 60 pips by midday from 50 pips at Friday's close. But the spread has narrowed from a peak of 1,790 pips hit in mid-October, as the offshore market meshed its view with the onshore market -- that the yuan would remain stable in the near term. "There was client demand for dollars and the Korean tensions sparked demand for the safe haven dollar," said a dealer at an Asian bank in Shanghai. But with price pressures showing no signs of subsiding

and a slew of political events coming up next year, starting with President Hu's visit to the US in January, analysts said the yuan's rise may accelerate. "It may be preferable to incur a marginal decline in its (China's trade) surplus as a result of faster currency gains than risk a major drop in exports if the US initiates stronger action," Credit Agricole strategists said. Spot yuan closed at 6.6745 versus the dollar, falling from Friday's close of 6.6555. It has risen 2.27 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's mid-point at 6.6623, which was slightly weaker than Friday's 6.6593. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Offshore, one-year NDFs were bid at 6.5430, up slightly late on Monday from Friday's close of 6.5280. Their implied yuan appreciation in a year's time fell to 1.82 per cent from 2.06 per cent. -Reuters

Indian rupee retraces on dollar inflows MUMBAI: The Indian rupee recovered most of its lost ground on Monday after falling to near three-week lows earlier in the day, on some likely dollar inflows from a large corporate and as local stocks turned positive. "There was good amount of dollar inflows today that helped the rupee to recover to some extent. But market is illiquid as most foreign banks are away," said Ashtosh Raina, head of FX trading at HDFC Bank. Dealers said around $500 million to $600 million of inflows were seen during the day by a Mumbai-based power distributor owned by a large conglomerate. The partially convertible rupee ended at 45.47/48 per dollar after falling to 45.66 per dollar, its lowest since Dec. 1. It had ended at 45.34/35 per dollar on Thursday. The market was shut on Friday for a local holiday. Dealers expect the Indian unit to move in a 45.20-45.65 band this week. Foreign funds had dumped a net $581.44 million worth of shares so far this month until Thursday as, typically, foreign investors are in a profit booking mode.

Total net foreign fund inflows so far in 2010 stand at $28.4 billion, on top of the $17.5 billion invested last year. "The rupee's technical resistance is 45.60. However, even if it breaks that level, it should not fall below 46," HDFC Bank's Raina said. One-month offshore nondeliverable forward contracts ended at 45.78, weaker compared to the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock exchange closed at 45.55, 45.5625 and 45.5425 respectively with the total traded volume on the three exchanges at about $5.4 billion. -Reuters

Time Tentative 9:30 12:00 12:15 14:30 15:00 17:00 17:00 18:30 18:30

Source Events JPY Overnight Call Rate JPY All Industries Activity m/m EUR GfK German Consumer Climate CHF Trade Balance GBP Public Sector Net Borrowing EUR Italian Quarterly Unemployment Rate CAD Core CPI m/m CAD CPI m/m CAD Core Retail Sales m/m CAD Retail Sales m/m

Forecast <0.10% -0.1% 5.8 1.98B 16.8B 8.3% 0.2% 0.3% 0.8% 0.6%

Previous <0.10% -0.8% 5.5 2.10B 9.8B 8.5% 0.4% 0.4% 0.4% 0.6%

Source

Events

EUR EUR GBP EUR

German PPI m/m Current Account Prelim Mortgage Approvals Consumer Confidence

Actual

Forecast

Previous

0.2% -9.8B 45K -11

0.4% -6.2B 47K -9

Previous Day 0.4% -9.7B 47K -10

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

As per 22.00 PST Ask High 1.3106 1.3187 0.9660 0.9717 1.5503 1.5573 1.0198 1.0206 0.9925 0.9942 109.7300 110.7000 0.8457 0.8495 1.2658 1.2789 129.7500 130.4700 86.7000 86.8700 0.9475 0.9598 1380.3300 1388.4900 28.9900 29.4300

Bid 1.3108 0.9655 1.5498 1.0194 0.9922 109.6900 0.8454 1.2653 129.7000 86.6500 0.9471 1379.4000 28.9000

Low 1.3105 0.9633 1.5480 1.0104 0.9866 109.7200 0.8448 1.2657 129.6100 86.4800 0.9469 1375.9100 28.8200

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 20/12/2010 A USD GBP CAD EUR JPY O/N 0.24125 0.55500 0.95333 0.34750 SN 0.09850 1WK 0.25375 0.56313 1.00333 0.52500 0.10438 2WK 0.25656 0.56813 1.05167 0.59500 0.11125 1MO 0.26063 0.58188 1.09667 0.72875 0.12875 2MO 0.28250 0.64250 1.15000 0.83750 0.15125 3MO 0.30281 0.75188 1.22833 0.94563 0.18563 4MO 0.34813 0.83313 1.30833 1.02125 0.24413 5MO 0.40313 0.94000 1.37333 1.10188 0.30375 6MO 0.45719 1.04688 1.44833 1.19250 0.34750 7MO 0.51075 1.12563 1.51667 1.24250 0.40000 8MO 0.56188 1.20938 1.58833 1.29250 0.44563 9MO 0.61594 1.29188 1.65333 1.34375 0.49000 10MO 0.66813 1.36938 1.72333 1.39375 0.51438 11MO 0.72406 1.43688 1.81000 1.43875 0.53750 12MO 0.78325 1.50438 1.89833 1.48000 0.56750

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Jan 13 2011 Dec 21 2010 Jan 13 2011 Mar 17 2011 Feb 01 2011 n/a n/a

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

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

Division of National Bank of Pakistan (NBP) KARACHI, December 20,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.90 133.24 112.86 84.79 88.68 84.74 12.56 1.02 14.33 64.95 15.15 22.91 11.04 12.89 304.29 27.26 63.39 23.59 23.39 0.07 2.84

85.70 132.93 112.60 84.59 88.47 84.55 12.53 1.02 14.29 64.80 15.12 22.85 11.02 12.86 303.58 27.20 63.24 23.54 23.33 0.07 2.84

85.51 132.63 112.34 84.37 88.24 84.32 12.50 1.02 14.25 64.63 15.08 22.79 10.99 12.82 302.78 27.13 63.08 23.47 23.27 0.07 2.83

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 20, 2010

KASB

BMA

ELXIR

GSL

ICSL

0-7days

12.70

12.85

12.75

12.75

12.80

12.75

12.77

8-15dys

12.85

12.85

12.65

12.60

12.90

JSCM AvgRate 12.75

12.77

16-30dys

12.90

12.95

12.80

12.90

12.95

12.80

12.88

31-60dys

12.95

13.05

13.07

12.95

13.05

13.05

13.02

61-90dys

13.14

13.16

13.17

13.15

13.15

13.15

13.15

91-120dys

13.30

13.30

13.24

13.20

13.20

13.25

13.25

121-180dys

13.35

13.37

13.32

13.35

13.30

13.35

13.34

181-270dys

13.50

13.45

13.50

13.52

13.45

13.50

13.49

271-365dys

13.65

13.65

13.65

13.65

13.65

13.65

13.65

2-- years

13.95

14.00

13.85

13.90

13.90

13.90

13.92

3-- years

14.08

14.15

14.18

14.22

14.15

14.15

14.16

4-- years

14.15

14.18

14.20

14.25

14.20

14.18

14.19

5-- years

14.18

14.22

14.22

14.26

14.25

14.20

14.22

6-- years

14.18

14.35

14.28

14.27

14.30

14.25

14.27

7-- years

14.22

14.35

14.32

14.30

14.35

14.30

14.31

8-- years

14.20

14.05

14.15

14.25

14.00

14.15

14.13

9-- years

14.20

14.05

14.06

14.10

14.20

14.10

14.12

10--years

14.25

14.25

14.25

14.28

14.22

14.20

14.24

15--years

14.55

14.55

14.50

14.60

14.55

14.50

14.54

20--years

14.65

14.60

14.70

14.90

14.75

14.70

14.72

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

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

week month months months year years

-0.84 -0.49 -0.65 -0.88 -0.64 -0.67

-0.46 -0.19 -0.69 0.06 0.76 0.75

0.08 -0.34 -0.77 -0.75 0.33 0.31

-0.52 -0.05 -0.33 -0.29 0.66 0.69

EUR/USD GBP/USD -0.85 -0.48 -0.86 -0.87 -0.09 0.02

-0.67 -0.43 -0.60 -0.82 -0.45 -0.20

NZD/USD USD/CAD -0.71 -0.64 -0.53 -0.78 -0.68 -0.65

0.01 0.37 0.28 0.63 0.21 0.60

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)20/12/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

AB L N 1235

12.85

12.60

13.10

12.75

13.25

1315

13.40

1340

13.65

13.45

13.95

13.60

14.10

13.70

14.20

J S B L 1260

13.10

12.75

13.25

12.85

13.35

1325

13.50

1345

13.70

13.45

13.95

13.70

14.20

14.00

14.50

ASPK

1260

13.10

12.70

13.20

12.80

13.30

1315

13.40

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

CIPK

1275

13.25

12.75

13.25

12.75

13.25

1315

13.40

1340

13.65

13.50

14.00

13.60

14.10

13.70

14.20

DBPK

1240

12.90

12.45

12.95

12.50

13.00

1305

13.30

1325

13.50

13.35

13.85

13.50

14.00

13.60

14.10

F B P K 1265

13.15

12.70

13.20

12.75

13.25

1320

13.45

1340

13.65

13.55

14.05

13.70

14.20

13.85

14.35

FLAH

1250

13.00

12.70

13.20

12.70

13.20

1315

13.40

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HBPK

1255

13.05

12.60

13.10

12.75

13.25

1315

13.40

1335

13.60

13.45

13.95

13.60

14.10

13.70

14.20

HKBP

1260

13.10

12.65

13.15

12.70

13.20

1310

13.35

1330

13.55

13.40

13.90

13.60

14.10

13.65

14.15

N I PK 1275

13.25

12.75

13.25

13.00

13.50

1335

13.60

1345

13.70

13.55

14.05

13.65

14.15

13.70

14.20

HMBP 1250

13.00

12.75

13.25

12.85

13.35

1325

13.50

1335

13.60

13.50

14.00

13.60

14.10

13.70

14.20

SAMB 1270

13.20

12.75

13.25

12.80

13.30

1330

13.55

1345

13.70

13.45

13.95

13.65

14.15

13.75

14.25

MCBK 1250

13.00

12.60

13.10

12.70

13.20

1315

13.40

1330

13.55

13.40

13.90

13.50

14.00

13.75

14.25

NBPK

1250

13.00

12.50

13.00

12.75

13.25

1310

13.35

1325

13.50

13.40

13.90

13.60

14.10

13.70

14.20

S CP K 1255

13.05

12.55

13.05

12.65

13.15

1310

13.35

1325

13.50

13.45

13.95

13.50

14.00

13.70

14.20

ABPL

UBPL AVE

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

12.56

13.06

12.67

13.17

12.75

13.25

13.16

13.41

13.36

13.61

13.45

13.95

13.61

14.11

13.71

14.21


4 Tuesday, December 21, 2010

Beating Rising Oil Prices

The Financial Daily International Vol 4, Issue 130

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

Sale of BPâ&#x20AC;&#x2122;s Pakistan assets Reportedly, British Petroleum (BP) has accepted the offer of United Energy Group (UEG) for its assets in Pakistan. UEG is ready to pay BP a total of $775 million in cash for these assets which mainly consist of nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea." The deal expected to be completed in the first half of 2011, is part of BP's ongoing divestment plan. The UEG is a listed company on the main board of Hong Kong Stock Exchange. It is an investment holding company principally engaged in upstream oil and natural gas business and provision of patented technologies supporting services to oilfields and property investment as well as management in China. While it is necessary to welcome the new strategic buyer of BP's Pakistani operations, it is also imperative for the Government of Pakistan to remove certain perceptions about the transactions. Some quarters are trying to create an impression that BP has sold its Pakistan operations due to precarious law and order situation. It is known to all and sundry that BP has been operating in Sindh where no threat is faced by any foreign company. BP has already announced in July this year that the sale of these interests in Pakistan is part of its plan to divest up to $30 billion of assets by the end of 2010. Pakistanis also wondered when country's biggest listed exploration and production company, OGDC was restrained from submitting the bid. The cited reason was the petition filed by Qazi Hussain Ahmed, former chief of Jamaat-e-Islami seeking reasons why the two state-owned companies, OGDCL and PPL, were trying to buy the BP assets that were sold by the Government to BP in 2002 at what he called a "throwaway" price. BP had come to Pakistan with an ambitious plan when it acquired the Pakistan operations of US-based Atlantic Richfield Company in 2000, which had purchased the assets of Union Texas in 1990. In 2007 BP acquired Occidental Petroleum Corporation's oil and gas interests in Pakistan operated by BP Pakistan. Some of the experts term the transaction an outcome of growing Chinese interest in Pakistan as the announcement coincided with the visit of Chinese premier's visit. The price offered clearly indicates that the divestment was not a desperate attempt but part of the global strategy. Calculating the value of BP's business in Pakistan where it produces about 250 million cubic feet of gas and 14,000 barrels of crude oil a day should not pose any difficulty for any one.

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.

H

igher crud e oil prices have become a serious cause of concern for Shabbir Kazmi non-oil producing countries, particularly the developing economies. On top of this the suggestion to withdraw subsidies for capping fossil oil use is pushing POL prices to new highs. The worst impact of stimulus packages introduced by the US is unprecedented hike in commodity prices i.e. crude oil, fertilizer, wheat and sugar. Hike in the prices of different commodities is not the result of any short supply but over indulgence of hedge funds in commodities. In fact crude oil demand is on the decline, despite being highly inelastic. Experts often fail to under-

stand hike in crude oil prices sensus that developed countries They are completely misleadbecause inventories are at have polluted this planet the ing the world by forcing the record high. They also say that most and still not willing to cut developing economies to spend fossil oil prices are being kept at down carbon emission in their money on an issue, which they record high to create a justifica- own countries but are preaching themselves have created. tion for the development of the poor countries to switchover There are indications that alternate energy Experts often fail to understand sources. The world has already withike in crude oil prices because nessed enhanced use of bio fuels, inventories are at record high. They also solar and wind saythat fossil oil prices are being kept at power and even nuclear power record high to cerate a justification for the plants. It is feared if prices of crude oil development of alternate energy sources. plunges below $50/barrel consumers will to cleaner fuels, which are pro- crude oil prices may cross revert back to using fossil oil hibitively expensive. US$120/barrel over the next and bid farewell to most of the Most of the developed coun- couple of years, the situation alternate sources of energy. tries can be termed the worst seems more alarming because Demand to withdraw subsi- polluters because running hun- the commodity is inching dies on fossil fuels is aimed at dred and thousands of power towards the forecast price and enhancing energy security, generation plants on coal. High likely to touch this level by end reducing emissions of green- carbon emission, greenhouse 2010. This should be the wakeup house gases and air pollution, gases and air pollution are the call for Pakistan's policy planand bringing economic benefits. issues of developed countries, ners. To achieve a minimum However, experts have the con- not the developing countries. GDP growth target of 5% per

â&#x20AC;&#x153;

annum Pakistan will have to add 10,000MW power generation capacity over the next decade. In rising crude oil prices Pakistan faces two eminent threats 1) erosion of limited foreign exchange reserves at an accelerated rate and 2) eventual default because of no foreign exchange for debt servicing and importation. Electricity and gas tariffs have already skyrocketed but consumer continue to face extended outages due to planned and unplanned load shedding. Pakistan has no option but to exploit Thar coal potential and construct mega hydro electricity projects on war footings. Keeping in view the non-committed attitude of elected representatives and myopic vision of policy planners, private sector has no option but to do the things at its own. The work must start today or be ready to face the worst.

TAPI Gas Pipeline

A New Energy Corridor SHARMILA FARUQUI

P

resident As if Ali Zardari's whirlwind tour to Turkmenistan has resulted in signing the TAPI gas pipeline project. Realising the importance of importing gas to fulfil the needs of a burgeoning industrial sector in Pakistan, the people's government has embarked on a process to diversify the energy resources of the country. It includes IPI, RPPs and now Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline. In addition to the TAPI gas pipeline agreement, Zardari also emphasised the need to upgrade Pakistan's bilateral ties with Turkmenistan in economic and trade fields. Both the countries have identified a number of areas of such cooperation. It includes road, rail and air links, agriculture, textiles, construction industry and science and technology. The people's government is working according to its vision to establish energy and trade corridors with the Central Asian Republics. Pakistan is also interested in import of electricity from Turkmenistan. However, during president's recent visit, the main focus was the TAPI gas pipeline. Zardari termed the TAPI project a 'huge mutual regional significance', and urged closer links at the highest level for realizing this project. The main focus of this article is the TAPI gas pipeline. Four Asian nations, namely Turkmenistan, Afghanistan, Pakistan and India, signed a $7.6 billion gas pipeline project in Turkmenistan's capital Ashgabat. Under the agreement the four Asian nations have agreed to construct a 1680-km gas pipeline with the financial assistance of the Asian Development Bank. The pipeline, which starts from the gas-rich Turkmenistan and ends at India's northwestern border town of Fazilka via Afghanistan's southern city of Kandahar and Pakistan's central city of Multan, is expected to supply 3.2 billion cubic feet of natural gas a day to the three energyhungry South Asian countries Afghanistan, Pakistan and India upon its completion in 2014. The original project started in March

1995 when an inaugural memorandum of understanding between the governments of Turkmenistan and Pakistan for

that it will pay local communities to guard the pipe, which will be buried underground, making it harder to attack.

â&#x20AC;&#x153;

Under the agreement the four Asian nations have agreed to construct a 1680-km gas pipeline with the financial assistance of the Asian Development Bank

a pipeline project was signed. On December 27, 2002, a new deal on the pipeline was signed by the leaders of Turkmenistan, Afghanistan and Pakistan. In 2005, the Asian Development Bank submitted the final version of a feasibility study designed by British company Penspen. On April 24, 2008, Pakistan, India and Afghanistan signed a framework agreement to buy natural gas from Turkmenistan. The intergovernmental agreement on the pipeline was signed on December 11, 2010. The construction of the pipeline is vital for the development of Afghanistan, India and Pakistan. Hundreds of Industrial units in Pakistan have been closed partially due to the insufficiency of natural gas, leaving tens of thousands of local workers unemployed, posing a serious threat to the social stability in the country. Over the 2000-to-2008 period, the demand for natural gas in Pakistan has witnessed an average annual growth of 10 per cent. Currently the country consumes natural gas on a 4731-mmcfd basis whereby its domestic production stands only at 4,528 mmcfd, leaving a deficit of more than 200 mmcfd to be filled. Under the pipeline agreement, Pakistan will get 42 per cent of the supply quota while India's quota is also standing at 42 per cent with the remaining 16 per cent to be balanced by Afghanistan. The concern about the security of the pipeline has been addressed by the Afghan president Hamid Karzai as he has vowed to deploy 7000 Afghan troops along the gas pipeline. The Afghan government has also announced

The situation in Pakistan is already normal as the Taliban militants have been defeated and normalcy has returned in the FATA region. Commenting on the proposed gas pipeline security, Stuart Gordon, research fellow on the International Security Programme at London based think tank Chatham House said, ' What it tends to do is it adds enormously to the delays and to the costs of the projects but projects do get completed in Afghanistan. And some projects are very successful.' For Pakistan, the project could help avert a growing energy crisis already causing electricity shortages that have brought heavy criticism to the people's government under enormous pressure from floods that have caused billions of dollars damages. President Zardari, while commenting on the gas pipeline project said, 'This gas communication will relieve Pakistan's economy of its weakness and help fight extremism'. President Asian Development Bank Haruhiko said, 'Efforts must be made to ensure its security and the ADB is ready to help realize it. We are witnessing a historic project'. All the participating countries are going to get huge benefits from the TAPI gas pipeline. Afghanistan has planned more than 1,000 industrial units near the pipeline and would need gas for their operation. Almost 300 industrial units near the pipeline route had already been established, the project's early implementation is essential to meet their requirements. TAPI could be Afghanistan's largest development project. Transit revenue could amount to US$300 million per year.

TAPI is expected to boost the economies of all the participating countries. For Turkmenistan, it would provide revenue and diversification of export routes. For Pakistan and India, it would address energy deficits. The potential for export to other countries through the Pakistani port of Gwadar is a further advantage. For a number of countries, TAPI could provide business opportunities in construction and operation of the pipeline. In2008, Pakistan's Prime Minister described the pipeline as vital project for the development and progress of the region. Further, pipelines are potentially good for peace. As president Berdimuhammedov of Turkmenistan said, 'The pipeline between Turkmenistan, Afghanistan, Pakistan and India will be a weighty contribution to the positive cooperation on this continent'. Commenting on the importance of the TAPI gas pipeline, Susan Elliot, US

Currently the country consumes natural gas on a 4731-mmcfd basis whereby its domestic production stands only at 4,528 mmcfd, leaving a deficit of more than 200 mmcfd to be filled Deputy Assistant Secretary of State on South and Central Asian Affairs said, 'The pipeline's route may serve as a stabilising corridor, linking neighbours together in economic growth and prosperity. The road ahead is long for this project but the benefits could be tremendous and are certainly worthy of the diligence demonstrated by these four countries so far. The writer is the Advisor to Chief Minister Sindh on Information & Secretary Information PPP Women Wing Sindh

New Iraq Govt, When & How? P

olitical infighting and last-minute horse-trading delayed the formal announcement of a new Iraqi government , lawmakers said, as Iraq sought to end a 9-month vacuum created by an inconclusive election. Prime Minister Nuri al-Maliki was expected to introduce his cabinet choices before parliament on Monday, but lawmakers and a spokesman for the speaker said the day's agenda did not include the announcement. A spokesman for Maliki said he would proceed anyway, announcing a partial list. The final deadline to approve the cabinet is at the end of the week, and the eleventh-hour squabbling and power-plays highlight the ethnic and sectarian divisions that pervade the country, seven and half years after the US-led invasion that toppled Sunni dictator Saddam Hussein. "Maliki delayed the announcement to give all blocs an opportunity to review their nominations and to put the final touches on an agreement and achieve greater consensus," said Abdul-Hadi al-

Hasani, a politician from Maliki's coalition. Maliki's cabinet is expected to retain Oil Minister Hussain al-Shahristani, the Shi'ite architect of ambitious plans to turn Iraq into a top global oil producer, as well as Foreign Minister Hoshiyar Zebari, a Kurd. Shahristani is seen as a vital mem-

said political leaders were expected to sort out lingering disputes over the division of posts later on Monday, but other officials said resolving the problem could take longer. WRANGLING Maliki's spokesman Ali al-Dabbagh said the premier would announce "half the new government" later in the day. Ibrahim alSumaidaie, an Iraqi political analyst, said the wrangling was an attempt by political parties to wrest concessions on ministerial appointments from Maliki. "There are blocs that want to squeeze Maliki to make him respond to their demands," he said. "But Maliki can turn the tables on them and can go to parliament with half of the cabinet taking into consideration that he can insure a majority in the assembly."

The final deadline to approve the cabinet is at the end of the week, and the eleventh-hour squabbling and power-plays highlight the ethnic and sectarian divisions that pervade the country, seven and half years after the US-led invasion that toppled Sunni dictator Saddam Hussein ber of the new cabinet and his reappointment is important to assure investors Iraq will honor deals to develop its vast reserves. Ahmed al-Oraibi, a lawmaker for the Sunni-backed Iraqiya political coalition,

A power-sharing deal last month between Shi'ite, Sunni and Kurdish blocs put Maliki on track for a second term as prime minister. The November 10 agreement returned Kurd Jalal Talabani to the presidency and made Osama al-Nujaifi, a Sunni, parliament's speaker. Former Prime Minister Iyad Allawi, a secular Shi'ite whose cross-sectarian coalition won the most seats in the March 7 vote, was unable to garner enough support to secure the premiership but has said he will also join the government as head of a new national strategic policy council. Allawi's decision, which he announced on Sunday after weeks of uncertainty, could soothe worries about renewed sectarian violence. Maliki is not expected to reveal sensitive security posts, including the interior, defense and national security ministers, as nominees have not yet been decided. Iraq is seeking to rebuild damaged and neglected infrastructure after decades of war and sanctions. It relies on oil for 95 per cent of federal revenues and has set out ambitious targets to boost output capacity to 12 million barrels per day (bpd) over the next six or seven years from 2.5 million today.-Reuters


5

Tuesday, December 21, 2010

South East Asian stocks

Europe shares at 27-mth closing high; utilities rise

Fall amid Korean jitters; S'pore at one-month low US stocks mid-day

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

St flat KSE crowns asWallinvestors 30-mth top show caution on Chinese connection

11,786.09 11,843.65 57.56 0.49 113.29

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

3,637.28 3,677.28 40.00 1.10 4.35

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

2,965.95 2,972.77 6.82 0.23 0.25

Nawaz Ali

Major Gainers

Symbol

Close

Change

ULEVER 4,548.51 RMPL 2,228.00 COLG 916.40 UPFL 1,079.99 DREL 669.00

93.41 78.36 36.40 29.99 29.01

Major Losers

Symbol

Close

Change

NESTLE 2,447.21 IDYM 331.32 SIEM 1,255.44 PECO 251.66 ILTM 174.92

-42.54 -17.43 -14.6 -9.59 -8.08

Top 5 Volume Leaders

Symbol

Close Vol (mn)

WTL LOTPTA NML NBP ANL

3.21 13.23 62.01 71.20 10.02

10.30 7.46 7.06 6.58 6.22

Active Issues Plus Minus Unchanged

241 157 19

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

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

KARACHI: An elderly man monitors share prices on a television screen during a trading session inside the KSE.-Reuters

Indian shares up; Hero Honda races MUMBAI: Sensex edged up 0.1 per cent on Monday, as software majors soared to a record high on optimistic outlook for the sector, but upside was limited due to low activity as the year-end neared. Hero Honda jumped 18 per cent, its best single-day gain in at least two years, as Bank of America-Merrill Lynch raised its rating on the top motorcycle maker to "buy" from "neutral," with worries over the financial impact from Honda's exit from their India motorcycle JV subsiding. After market hours on Thursday, Hero Honda chief executive Pawan Munjal said Hero's royalty payment to

Honda would start declining from next year. The 30-share BSE index firmed 0.12 per cent, or 24.03 points, to 19,888.88 points, with 17 of its components declining. Indian markets were shut on Friday for a public holiday. "Market is just consolidating. We need to be happy about the fact that it isn't coming off, which is a possibility when we approach a year end," said Gajendra Nagpal, CEO of Unicon Financial. In the broader market, gainers outpaced losers in a ratio of 1.1 to 1 in a low volume of 281 million shares. See # 10 Page 11

Nikkei drops amid thin trade TOKYO: Japan's Nikkei dropped 0.9 per cent in thin trade on Monday, with sentiment soured by a declining China market. "Selling (in the Japanese market) is due to external reasons, and as there are fewer foreign participants in the market, low volume is causing volatility," said Hideyuki Okoshi, general manager at Chuo Securities. Losses in China-related stocks weighed on the market. Komatsu Ltd, which relies on China for about 20 per cent of its sales of construction and mining equipment, shed 1.9 per cent to 2,453 yen and Hitachi

Construction Machinery Co was 2.1 per cent lower at 1,937 yen. Industrial robot maker Fanuc Ltd, whose share price has been lifted by growing demand in China, fell 1.8 per cent to 12,150 yen. Uncertainty over Japan's political situation also dampened the mood of investors. Japanese Prime Minister Naoto Kan said on Monday that ruling party powerbroker Ichiro Ozawa rejected a call to appear at a parliamentary ethics panel over a funding scandal, threatening to widen a rift in the fractious party. See # 11 Page 11

Utilities up FTSE as the big freeze hits LONDON: Utility stocks helped push Britain's top shares higher on Monday, as the UK's near-Arctic conditions boosted demand for energy, but British Airways toiled as the big freeze disrupted airline services. The FTSE 100 closed up 19.86 points, or 0.3 per cent, at 5,891.61. It touched a fresh intra-day year high of 5,913.83 before falling away, although trade was light as the market wound down for the Christmas holiday at the end of the week. "If this winter wonderland continues it's not only good news for Santa, but an early Christmas present for the utility companies too," Jimmy Yates, head of equities at CMC Markets, said. Utility firms Centrica and National Grid were up 1.4 and 2.0 per cent respectively, as the freezing temperatures boosted demand for electricity and gas. The UK's Met Office has warned of more snow and ice in many parts of the country. Oil majors were higher as temperatures in Europe and the US Northeast looked set to remain below freezing this week boosting heating fuel demand. Oils services firm Petrofac gained 2.5 per cent, while temporary power supplier Aggreko added 2.4 per cent. The snow and sub-zero temperatures grounded flights across northern Europe on Monday. See # 12 Page 11

Shanghai falls, drags HK on money crunch HONG KONG/SHANGHAI: Shanghai shares fell on Monday, dragging Hong Kong's market lower, amid expectations that access to funds may become harder as banks curb lending as the year winds down. Shanghai's key stock index , fell as much as 3 per cent earlier in the day and closed down 1.4 per cent as bargain hunting helped the benchmark recover some ground and end just shy of its 250-day moving average, a closely watched support level. The slide on the mainland markets prompted a dip in Hong Kong's Hang Seng which closed down 0.3 per cent. The China Enterprise Index of top locally listed mainland firms fell 0.5 per cent. The technical outlook for the Shanghai Composite Index and the Hang Seng Index remained

weak, suggesting that both markets may struggle to rise in the near term. Shanghai's benchmark failed to hold above the 2,923 level, the 38.2 per cent retracement of its decline from the November high to the November low. Retail-related stocks were out of favour among investors, with some seeing year-end profit-taking while sporting goods retailers such as Li Ning , which fell 16 per cent, were hit hard by news of slowing sales. Li Ning rival I.T. fell 4.9 per cent. I.T. shares have soared 289 per cent this year. Jewellery retailer Belle International , up 44 per cent this year, fell 2 per cent. Still, trading activity in Hong Kong remained light with overall turnover at HK$60 billion the lowest since early September.

In Shanghai, investors dumped major liquor and wine makers, including Kweichow Moutai , which ended down 3.4 per cent, after the recent run-up on the back of holiday season sales. Kweichow Moutai is up more than 15 per cent this quarter. Investors also sold commodity stocks after the dollar's recent rebound pushed prices of staple commodities lower, traders said. Top coal producer China Shenhua fell 2.3 per cent and was the biggest drag on the overall market behind China Life , which fell 2.1 per cent. On top of the year-end crunch, one official rate rise and three increases in bank reserve requirements by the People's Bank of China have also tightened liquidity conditions, with reserve hikes locking up more than 1 trillion yuan ($150 billion).-Reuters

KARACHI: After a long weekend, on Monday, Karachi Stock Exchange (KSE) returned to business very bullishly ending above 11,800 points level --30month high-- as trade agreements with China and peaceful Ashura compelled investors take mighty fresh positions. The benchmark KSE 100index ended 57 points up at 11,843 points - highest closing of the index since July 8, 2008. KSE 30-Index increased by 73 points and KSE allshare index gained 39 points to close at 11,388 and 8,231 points respectively. Ahsan Mehanti, Director Arif Habib Investments said, "Bullish activity was witnessed as China assured support in tough times of Pakistan signing MoUs over $15 billion at Pak-China business forum." Bulls were there at the trading floor since the opening bells as market started the session with 71 plus points. Gains then multiplied fast and within first 10 minutes the index touched an intraday high of 11,927 points (+ve 141 points) due to buying particularly in oil and banking stocks following a successful visit of Chinese PM and trade agreements worth billions of dollars while buying also was seen on expectations of better

December ending corporate results. Further, experts said that the peaceful law and order situation on Ashura too boosted investor sentiments. Samar Iqbal, equity dealer at Topline Securities said that investors seemed relaxed after peaceful weekend coupled with the absence of negative development on political front as well. Though index remained in the grips of bulls throughout the trading session but as market witnessing continuous bullish activities some profit-taking kicked in thereafter at higher levels. Mostly, local investors opted for profiting eating into the index gains and shoving it below 11,900 points level. Foreign investors remained on the buying side as according to NCCPL data they did a net-buying of $0.74 million on Monday. Turnover was slightly lower at 113.2 million shares which is 6.9 million less than 120.1 million shares in the last trading session. WorldCall Telecom stood as the volume leader with 10.30 million shares followed by Lotte Pakistan with 7.46 million shares and Nishat Mills with 7.06 million shares. Out of total 417 active issues 241 advanced and 157 declined while 19 issues remained unchanged.

NEW YORK: US stocks drifted on Monday as investors were reluctant to push stocks higher after briefly touching another high for the year. The dollar rose against other major currencies while the euro fell, hitting a record low against the Swiss franc and a two-week low versus the greenback as investors fretted over euro zone debt problems. Investors were reluctant to push stocks higher after a run of solid economic data, which has pushed the Standard & Poor's 500 benchmark index up 5.4 per cent for the month and 11.6 per cent for the year. "We are a little elevated here. We've got a little bit of a nosebleed going," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. Among several deal announcements, AT&T Inc said it would buy wireless spectrum licenses from Qualcomm Inc in a deal worth $1.9 billion. Qualcomm rose 0.3 per cent to $49.59. AT&T dipped 0.5 per cent $29.05. The Dow Jones industrial average dropped 29.90 points, or 0.26 per cent, to 11,462.01. The Standard & Poor's 500 Index gained 0.34 points, or 0.03 per cent, to 1,244.25. The Nasdaq Composite Index dropped 0.62 points, or 0.02 per cent, to 2,642.35. US markets will be closed on Friday to observe the Christmas Day holiday on Saturday. Dow component Boeing Co, down 2.7 per cent to $63.27, kept indexes in check. Traders cited reports the plane maker's troubled Dreamliner may be delayed once again, which could put its contracts in jeopardy with airlines. "It sounds like some of the airlines are getting sick of the delays in this Dreamliner and that is why it is down." added Massocca. -Reuters

Dhiyan

CORRECTION MAY COME Tariq Hussain Khan, Head of Portfolio Management United Capital Following successful visit of Chinese prime minister and peaceful end of Ashura, market showed some bullish activities on Monday. Going forward due to continued foreign buying, better-than-expected corporate results, and persistent rise in international oil prices market would continued to show bullish activities and can touch 12,200 points level soon. Investors are therefore recommended to lay hands on E&P, OMCs, textile, banking, and fertiliser sector stocks. Market might open positive today but we might see profit-taking towards the end of the day.

Mohammad Imran, AVP Research Arif Habib Limited Some profit-taking is likely to be seen in the market this week. However, continuous foreign inflow and expectations of good corporate results in banking, textile, fertiliser, and energy sectors may keep the equities market in the positive zone. Apex index is expected to move in a range of 11,800 and 12,100 points. Invest in NBP, UBL, AKBL, POL, PPL, HUBCO, KAPCO, NPL, and NML. There maybe some correction today.


6

Tuesday, December 21, 2010

Market 113,285,378

Value

5,622,546,677

Trades

64,556

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

241 157 19 417

All Share Index

11,843.65 11,928.57 11,786.09 h57.56

Current High Low Change

PE

High Low 1,552.01 1,524.50 Total cos Defaulter cos P/BV (x) ROE (%) 3.65 32.54

Close Change 1,529.97 4.76 Listed cap Market cap 65,194.15 mn 1,187,704.94 mn Payout (%) Div Yield (%) 55.94 4.99

Close Chg

Volume

Attock Petroleum 691 5.67 326.47 Attock Refinery 853 6.81 120.00 BYCO Petroleum 3921 - 11.17 Mari Gas Company 735 16.27 119.93 National Refinery 800 3.92 263.19 Oil & Gas Development XD 43009 11.38 167.52 Pak Petroleum 11950 8.80 218.28 Pak Oilfields 2365 6.93 293.15 Pak Refinery Limited 350 - 101.91 PSO 1715 4.95 285.97 Shell Pakistan 685 10.54 204.16

329.90 122.80 11.37 122.00 267.50 171.40 221.00 299.00 103.97 293.80 207.89

326.50 120.81 11.10 119.80 263.51 168.00 215.60 292.50 101.00 287.50 205.00

327.07 0.60 121.41 1.41 11.12 -0.05 120.06 0.13 264.45 1.26 168.25 0.73 216.49 -1.79 293.33 0.18 102.44 0.53 292.69 6.72 205.50 1.34

172202 2326743 529522 40430 111434 393059 1582773 1983814 68889 3651653 37563

Last 60 days High Low 374.20 137.20 12.49 128.90 275.40 171.40 221.00 299.00 106.34 293.80 207.89

2009 Div BR (%) (%)

287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 230.05 180 55.00 258.00 50 182.05 330 -

% Change 0.31 5-Day High 1,529.97 5-Day Low 1,496.16 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

20 20B -

Open 743.87 Turnover 19,845 P/E (x) 5.54 Company

Open 1,339.37 Turnover 17,282,956 P/E (x) 8.40

High Low 1,361.98 1,337.33 Total cos Defaulter cos P/BV (x) ROE (%) 2.94 35.00

Paid up Cap(mn)

PE

Open

High

Low

Agritech Limited 3924 Bawany Air 68 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 Fauji Fert. Bin Qasim XD 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90

8.89 77.08 11.74 6.21 7.49 10.77 8.53 6.60 8.77 7.99 11.57 4.73 10.16 14.78 6.78

23.92 9.90 84.99 158.02 177.69 3.22 8.08 3.12 10.60 194.20 14.31 9.80 118.09 35.00 11.46 138.21 31.70 13.17 2.19 2.11 18.72 2.70 122.57 13.64 9.51 34.76

24.75 9.99 85.60 165.00 182.00 3.29 8.16 3.48 10.90 197.79 14.55 9.94 119.50 35.45 11.85 142.59 33.28 13.48 2.40 2.28 19.39 2.89 123.99 13.90 9.99 35.99

23.00 8.90 84.00 157.98 180.00 3.12 7.77 3.20 10.50 195.11 14.25 9.52 117.57 34.80 11.50 138.65 31.00 13.15 1.65 2.04 17.77 2.30 120.06 13.51 9.99 35.11

Close Chg 24.54 9.25 85.45 162.42 180.77 3.13 7.95 3.22 10.85 196.04 14.27 9.54 117.74 34.97 11.57 141.85 31.00 13.23 2.07 2.06 17.77 2.64 123.99 13.60 9.99 35.26

0.62 -0.65 0.46 4.40 3.08 -0.09 -0.13 0.10 0.25 1.84 -0.04 -0.26 -0.35 -0.03 0.11 3.64 -0.70 0.06 -0.12 -0.05 -0.95 -0.06 1.42 -0.04 0.48 0.50

Last 60 days High Low

Volume 16620 3507 2488 24616 24301 14602 66551 3354499 9363 1647576 339039 1166422 489338 1658164 24973 965364 402 7460345 559645 544503 825 5019 675 82536 176 2400

Change 4.84 Market cap 295,282.19 mn Div Yield (%) 5.81

24.89 13.99 87.99 165.00 185.00 3.74 8.48 4.24 13.79 197.79 15.20 11.74 119.50 36.92 13.85 142.59 33.28 13.83 2.75 2.74 22.29 3.40 139.40 14.69 17.80 46.25

2009 Div BR (%) (%)

% Change 0.36 5-Day High 1,344.21 5-Day Low 1,319.39 2010 Div BR (%) (%)

20.26 7.73 5 72.00 90 15 149.72 125 163.51 40 10B 40 1.90 3.41 1.28 9.15 15 15 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.21 131.5 10B 95 26.59 40 - 17.5 8.50 116.00 80 55 21.00 15 5 8.17 5 0.80 1.30 17.77 10 1.80 101.00 75 25 7.67 8.51 10 10B 32.00 50 50

10R 5B -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,180.29 Turnover 57,544 P/E (x) 5.94

High Low 1,197.25 1,159.79 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47

Close 1,178.84 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

7.13

16.30 45.75

16.22 47.00

16.00 45.00

16.00 -0.30 46.20 0.45

55950 1521

Change -1.45 Market cap 3,267.31 mn Div Yield (%) 4.25

Last 60 days High Low 21.49 47.00

15.28 38.00

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

% Change -0.12 5-Day High 1,182.02 5-Day Low 1,172.76

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.20 36.85

73.50 34.00

74.97 35.42

71.86 33.80

71.96 -1.54 33.90 -0.10

14396 5449

77.77 41.00

Open 1,154.33 Turnover 4,245,828 P/E (x) 4.24 Paid up Cap(mn)

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

PE

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

PE

Open

High

Low

565 3.93 675 555 8.98 1199 10.72 785 10.51

25.32 2.86 14.67 51.26 9.03

25.70 3.09 14.95 52.48 9.40

25.10 2.86 14.35 51.40 9.00

Close Chg 25.12 2.87 14.37 51.47 9.25

-0.20 0.01 -0.30 0.21 0.22

Close 987.95 Listed cap 3,596.11 mn Payout (%) 30.91

Change 1.81 Market cap 9,558.21 mn Div Yield (%) 9.41

High

Low

144 5.38 71.04 101 4.91 161.85 626 9.17 121.62 890 2.20 56 4.39 187.60 598 18.53 21.51 450 3.08 4.70 1428 - 11.39 786 5.82 254.01 823 10.98 68.11 150 3.69 19.75

71.99 165.00 127.50 2.89 194.95 22.00 4.80 12.39 257.25 69.05 20.49

71.00 160.95 123.55 2.28 183.30 21.50 4.42 11.40 252.40 68.25 19.75

Last 60 days High Low

Volume 6001 18640 11551 70457 1352

26.23 3.39 16.75 53.99 10.80

23.75 1.65 12.25 44.00 8.00

2009 Div BR (%) (%) 10

30B -

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

Open 1,727.54 Turnover 831,513 P/E (x) 38.82 Company

Paid up Cap(mn)

AL-Noor Sugar 186 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 J D W Sugar 490 Kohinoor Sugar 109 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Pangrio Sugar 109 Premier Sugar 38 Shahmurad Sugar 211 Shahtaj Sugar 120 Shakarganj Mills 695 Sind Abadgar 104 UniLever Pakistan 665

PE

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles

PE

Open

High

Low

1828 866 6.68 858 182 14 956 25.25 982 15.38 3574 3651 129.04 6933 15.82 502 3.70 1760 2319 32 1288 13126 3234 6.95 5261 1.39 541 3.04 2228 200 361 -

3.54 62.98 2.05 20.45 10.91 11.07 1.91 2.34 31.02 5.14 7.21 2.02 8.25 0.73 7.13 3.49 76.39 3.02 4.23 6.94 6.17 8.65

3.98 63.70 2.08 21.45 11.91 11.13 2.00 2.56 31.50 5.29 7.60 2.06 9.19 0.80 7.25 3.62 77.60 3.22 5.22 7.09 6.35 9.25

3.15 62.99 1.97 20.15 11.91 10.80 1.90 2.30 30.80 5.15 7.00 2.00 7.25 0.67 7.05 3.46 76.40 2.97 4.10 6.90 6.00 8.40

Close 1,037.84 Listed cap 54,792.74 mn Payout (%) 19.04

Change 10.02 Market cap 75,374.47 mn Div Yield (%) 2.54

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

3.40 63.50 2.05 20.40 11.91 11.11 2.00 2.36 30.97 5.22 7.10 2.01 8.75 0.78 7.05 3.57 77.35 2.99 4.14 6.98 6.16 8.50

1110 109455 2733 19043 2527 5850 94760 869076 1939411 1041876 1901 194461 30530 9405 82099 1750890 1128852 50975 2016 980915 124 502

3.98 69.86 2.50 21.45 14.89 12.75 2.49 3.10 32.10 5.55 8.20 2.25 9.19 1.39 8.70 3.79 79.98 3.30 8.89 8.58 8.35 10.98

50 40 9.75 -

-0.14 0.52 0.00 -0.05 1.00 0.04 0.09 0.02 -0.05 0.08 -0.11 -0.01 0.50 0.05 -0.08 0.08 0.96 -0.03 -0.09 0.04 -0.01 -0.15

2.80 57.60 1.01 14.01 7.91 9.51 1.30 1.30 23.40 4.52 4.25 1.70 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 6.30

20B 20R 10B -

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

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,006.24 Turnover 1,483,007 P/E (x) 2.81 Company

Paid up Cap(mn)

PE

Open

High

High Low 1,036.93 999.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.23 43.91 Low

Close Chg

Balochistan Particle 30 8.50 0.90 1.70 1.70 1.70 0.80 Cherat Papersack 115 2.78 78.30 80.00 77.81 78.01 -0.29 ECOPACK Ltd 230 2.66 3.30 2.62 2.88 0.22 Ghani Glass 1067 4.59 49.89 51.00 49.31 49.98 0.09 MACPAC Films 389 3.29 3.54 3.25 3.40 0.11 Merit Pack 47 58.38 24.57 24.99 23.35 23.35 -1.22 Packages Ltd 844 61.28 117.77 123.40 117.80 119.50 1.73 Siemens Engineering XD 82 10.36 1270.04 1290.00 1255.00 1255.44-14.60 Tri-Pack Films 300 8.39 113.30 116.50 113.00 115.01 1.71

Close 1,009.43 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change 3.19 Market cap 37,187.34 mn Div Yield (%) 5.53

Last 60 days High Low

1000 1.70 0.90 33712 83.23 34.00 1193982 3.30 1.70 4631 61.99 45.30 31107 4.05 1.60 901 25.90 13.01 132459 123.40 98.00 131 1381.00 1068.75 85084 116.50 97.00

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

10B -

% Change 0.32 5-Day High 1,009.43 5-Day Low 949.78 2010 Div BR (%) (%) 20 25 900 -

25B 10B -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

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

PE

Open

66 1.11 16.20 215 5.30 220.10 104 - 43.90 214 1.57 213 10.25 11.14 132 8.02 66.90 366 6.48 493.23 57 699.06 261.25

High

High Low 1,559.89 1,533.51 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02 Low

Close Chg

17.20 16.70 17.20 1.00 222.00 217.50 221.37 1.27 43.50 42.90 43.30 -0.60 1.97 1.66 1.70 0.13 11.49 11.00 11.07 -0.07 68.00 65.50 67.00 0.10 500.00 494.00 495.01 1.78 262.00 248.19 251.66 -9.59

Close 1,540.76 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 16560 2248 148 95420 4004 1703 109305 254

21.48 227.45 51.99 2.40 18.80 87.15 595.99 324.80

14.12 200.00 41.50 0.21 10.55 65.20 390.00 248.19

40 15

-

71.00 164.46 126.56 2.52 185.72 21.50 4.44 11.76 254.99 68.96 19.79

-0.04 2.61 4.94 0.32 -1.88 -0.01 -0.26 0.37 0.98 0.85 0.04

Close 1,165.19 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 2021 12233 6412 4032741 616 1001 15004 134886 16763 23638 506

Change 10.86 Market cap 43,056.25 mn Div Yield (%) 4.82

Last 60 days High Low 73.00 166.69 127.50 2.89 198.07 25.24 5.75 13.40 282.45 77.90 27.58

2009 Div BR (%) (%) 20 400 35 450 125

20B 25B -

Open

High

Open 1,099.05 Turnover 500,926 P/E (x) 2.73 Company

High Low 1,767.20 1,706.67 Total cos Defaulter cos P/BV (x) ROE (%) 11.76 30.30 Low

65.75 131.00 92.50 1.20 136.00 21.00 4.03 9.65 215.99 66.75 17.92

Close Chg

Close 1,742.14 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

% Change 0.94 5-Day High 1,165.19 5-Day Low 1,138.90

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 100 80 50 100 5 -

90 100 60 20 150 10

20B 30B 20B

Change 14.60 Market cap 231,887.02 mn Div Yield (%) 0.79

Last 60 days High Low

8078 53.00 39.25 346617 15.47 8.50 205 77.19 36.90 5006 5.70 2.60 85844 5.59 1.11 188176 21.50 16.05 147180 36.50 28.01 1628 89.89 63.99 500 7.50 2.61 9276 68.49 48.50 1303 68.22 52.00 9152 7.18 4.20 13991 56.80 39.01 526 2550.00 1785.00 931 27.30 17.51 4026 6.99 4.00 684 53.81 32.50 1005 13.50 10.33 117 100.26 44.50 377 7.88 3.21 200 7.02 4.75 6543 4600.00 3775.00

High Low 1,116.16 1,088.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64

Paid up Cap(mn)

PE

Open

High

Low

115 90 106 1174 231

2.83 3.54 2.41

25.01 9.70 9.49 13.78 20.28

26.26 10.70 9.99 14.23 20.35

24.01 9.55 8.49 13.61 19.75

AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Tariq Glass Ind

20B 20B

% Change 0.84 5-Day High 1,742.14 5-Day Low 1,637.72

2009 Div BR (%) (%)

2010 Div BR (%) (%)

40 17.5 35 40 35 25 600 30 15 100 458

15 0 12.5R 35 20B 15 20B 10 12 450 12 10 178 -

25B 30B 10B 25B 10B -

Close Chg 26.24 9.55 8.80 14.06 20.12

1.23 -0.15 -0.69 0.28 -0.16

Close 1,104.80 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 102 127 2016 447245 51376

Change 5.75 Market cap 5,168.25 mn Div Yield (%) 2.30

Last 60 days High Low 35.00 19.39 11.49 15.43 21.40

23.00 7.55 8.45 12.90 15.90

2009 Div BR (%) (%) 7.5 -

10B -

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

49.82

Total Assets (Rs in mn)

MA (10-day)

12.72

Total Equity (Rs in mn)

MA (100-day)

10.54

Revenue (Rs in mn)

9.95 11.50

Loss after Taxation

2nd Support

10.57

EPS 09 (Rs)

1st Resistance

3,535.46 66.71 3,963.60

Interest Expense

1st Support

13.18

438.72 (217.91) (7.595)

Book value / share (Rs)

2.33

2nd Resistance

13.93

PE 10 E (x)

0.33

Pivot

12.25

PBV (x)

5.33

CHAS closed up 0.07 at 12.39. Volume was 2,085 per cent above average (trending) and Bollinger Bands were 16 per cent narrower than normal. The company's profit after taxation stood at Rs266.317 million which translates into an Earning Per Share of Rs9.28 for the 1st quarter of current fiscal year (1QFY11). CHAS is currently 19.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of CHAS (bearish). Trend forecasting oscillators are currently bullish on CHAS.

Mybank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

63.37

Total Assets (Rs in mn)

35,490.71

MA (10-day)

2.45

Total Equity (Rs in mn)

5,104.86

MA (100-day)

2.22

Revenue (Rs in mn)

3,368.22

MA (200-day)

2.86

Interest Expense

1st Support

2.45

Loss after Taxation

2nd Support

2.32

EPS 09 (Rs)

1st Resistance

2.83

Book value / share (Rs)

2nd Resistance

3.08

PE 10 E (x)

Pivot

2.70

PBV (x)

2,881.90 (1,639.83) (3.092) 9.63 0.27

MYBL closed up 0.11 at 2.61. Volume was 1,431 per cent above average (trending) and Bollinger Bands were 40 per cent wider than normal. The company's loss after taxation stood at Rs1.392 billion which translates into a Loss Per Share of Rs0.74 for the nine months of current calendar year (9MCY10). MYBL is currently 8.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MYBL (bullish). Trend forecasting oscillators are currently bullish on MYBL.

Honda Atlas Cars Pakistan Limited

Open 998.53 Turnover 16,244,792 P/E (x) 7.13 Company

Paid up Cap(mn)

(Colony) Thal Al-Azhar Textile AL-Qadir Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Din Textile Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gillette Pakistan Gul Ahmed Textile Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile J K Spinning Khurshid Spinning Kohinoor Ind Kohinoor Mills Kohinoor Textile Mian Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Paramount Spinning Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sana Ind Saritow Spinning Service Ind Shahtaj Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited

56 86 76 2415 840 133 4493 33 76 76 1150 316 2442 124 238 492 600 514 204 110 234 326 192 635 222 120 716 3105 100 99 180 184 132 303 509 1455 221 145 1596 3516 34 560 174 250 308 341 264 88 134 55 133 120 97 180 307 418 215 594 53

High Low 1,016.64 997.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64

PE

Open

High

Low

9.93 6.31 0.29 0.41 0.46 5.73 34.40 4.13 0.57 3.94 53.31 0.56 0.60 0.62 0.79 3.81 0.83 0.77 2.99 0.51 3.55 0.92 3.93 1.86 5.32 3.10 0.75 0.63 4.58 0.37 0.20 5.23 3.57 0.33 8.23 0.76 4.67 9.02 5.00 3.43

1.02 2.97 6.10 4.35 22.76 2.07 10.15 9.25 13.25 685.48 3.17 880.00 2.65 12.26 0.90 19.50 1.90 44.47 25.15 19.70 55.93 4.00 61.02 26.99 7.20 0.80 4.05 37.55 1.95 6.05 3.27 6.31 2.99 1.78 2.50 5.49 0.59 0.47 22.28 59.66 3.60 8.92 10.30 1.66 8.95 36.49 4.37 4.00 5.55 44.92 2.45 239.83 18.61 33.92 109.40 56.71 1.00 3.82 50.78

1.50 3.48 7.10 4.47 23.10 2.33 10.35 10.25 13.50 705.00 3.35 921.99 2.78 12.25 1.27 20.49 1.98 46.49 26.35 19.75 58.25 5.00 63.40 26.90 7.25 0.89 4.30 38.40 2.00 6.48 3.27 7.00 1.99 1.96 2.60 5.60 0.60 0.62 22.84 62.31 4.00 9.49 10.25 1.70 8.98 36.69 4.99 4.38 6.47 47.16 2.01 246.95 18.70 34.00 111.00 57.99 1.15 3.80 51.75

0.83 3.48 6.49 4.32 21.86 1.76 9.96 9.67 13.00 675.00 3.11 875.00 2.50 12.25 0.55 19.26 1.86 44.15 26.00 19.75 53.14 4.11 59.00 26.00 6.70 0.56 4.11 38.01 1.51 5.10 3.27 6.01 1.99 1.80 2.39 5.50 0.36 0.45 22.28 59.99 2.60 9.00 10.25 1.56 8.50 36.00 4.49 4.00 5.70 43.60 2.00 240.00 18.40 34.00 108.21 56.50 0.83 3.80 51.30

Close Chg 0.83 3.48 6.50 4.37 22.70 2.09 10.02 10.00 13.07 691.46 3.12 916.40 2.64 12.25 0.81 20.49 1.94 45.31 26.00 19.75 57.00 4.84 60.13 26.50 6.80 0.89 4.11 38.01 1.57 5.99 3.27 6.01 1.99 1.88 2.40 5.50 0.60 0.56 22.40 62.01 2.60 9.19 10.25 1.60 8.98 36.48 4.63 4.00 6.27 47.03 2.00 240.29 18.65 34.00 109.32 56.67 1.15 3.80 51.30

-0.19 0.51 0.40 0.02 -0.06 0.02 -0.13 0.75 -0.18 5.98 -0.05 36.40 -0.01 -0.01 -0.09 0.99 0.04 0.84 0.85 0.05 1.07 0.84 -0.89 -0.49 -0.40 0.09 0.06 0.46 -0.38 -0.06 0.00 -0.30 -1.00 0.10 -0.10 0.01 0.01 0.09 0.12 2.35 -1.00 0.27 -0.05 -0.06 0.03 -0.01 0.26 0.00 0.72 2.11 -0.45 0.46 0.04 0.08 -0.08 -0.04 0.15 -0.02 0.52

Close 1,006.08 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 1105 2000 3100 70863 12592 1013 6217003 7439 81720 2316 14844 641 30901 5408 18513 261 33178 171865 5500 1895 65122 1000 704 4998 731 1001 76162 901 29445 18004 599 658 500 5910 346 1002 20447 2021 1756743 7060160 101 14416 4101 39732 4501 378 282413 461 500 12798 22000 2378 20200 300 64976 43656 600 999 1301

Change 7.55 Market cap 132,978.46 mn Div Yield (%) 2.34

Last 60 days High Low 2.00 3.48 7.75 18.18 24.05 3.45 12.32 18.75 14.50 747.48 3.95 930.00 3.33 18.35 1.49 23.90 2.37 46.49 30.90 25.45 58.25 5.00 73.00 26.99 10.30 1.39 4.88 40.77 2.70 7.29 5.35 9.50 3.00 2.00 3.73 6.17 0.98 0.95 25.14 63.18 5.95 10.20 11.25 2.30 12.00 38.10 6.85 6.20 8.69 47.16 2.99 276.50 21.90 37.50 112.80 60.50 1.50 4.90 55.00

0.52 0.21 2.50 4.25 18.50 1.32 9.70 8.10 9.00 436.00 3.00 658.36 2.26 8.41 0.16 17.89 1.44 36.10 20.80 17.21 37.11 2.00 58.75 19.99 5.51 0.27 3.35 34.05 0.30 2.02 2.60 4.05 1.00 1.01 1.52 4.51 0.01 0.14 15.66 45.81 1.55 5.16 7.65 1.29 8.01 31.25 2.01 3.36 5.02 27.50 1.10 169.00 15.61 29.00 86.50 37.25 0.26 1.50 36.00

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

% Change 0.76 5-Day High 1,006.08 5-Day Low 984.09 2010 Div BR (%) (%)

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

Performance of SR Pharma and Bio Tech Index Open 931.08 Turnover 50,216 P/E (x) 7.37 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

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

PE

Open

8.98 102.26 6.35 84.00 14.48 78.55 7.37 26.28 6.45 8.25 10.73 129.00 5.52 61.00

High

High Low 954.59 927.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.64 22.31 Low

Close Chg

103.39 102.00 102.50 0.24 85.49 84.00 84.09 0.09 81.83 79.02 80.51 1.96 26.99 26.50 26.60 0.32 8.50 8.00 8.00 -0.25 135.45 132.00 134.86 5.86 61.36 59.50 61.33 0.33

Close 944.14 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 5480 3646 24757 1601 10233 1800 2693

Change 13.06 Market cap 31,577.14 mn Div Yield (%) 6.04

Last 60 days High Low 104.00 114.00 81.83 26.99 9.00 139.50 64.50

85.10 82.20 65.00 22.60 6.81 115.90 59.50

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

20B 15B

% Change 1.40 5-Day High 944.14 5-Day Low 915.64 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Mar 31, 2009

Technical Analysis RSI (14-day)

51.63

Total Assets (Rs in mn)

MA (10-day)

11.42

Total Equity (Rs in mn)

MA (100-day)

11.66

Revenue (Rs in mn)

MA (200-day)

PERSONAL GOODS

2010 Div BR (%) (%) 10B 25B -

RSI (14-day)

% Change 0.52 5-Day High 1,104.80 5-Day Low 1,084.95

Performance of SR Personal Goods Index

% Change 0.03 5-Day High 1,545.68 5-Day Low 1,539.68

150 25 650 100

Fundamental Highlights As on Sep 30, 2009

Technical Analysis

MA (200-day)

PHARMA AND BIO TECH

Change 0.44 Market cap 32,545.36 mn Div Yield (%) 15.89

Last 60 days High Low

2010 Div BR (%) (%)

HOUSEHOLD GOODS

Performance of SR Industrial Engineering Index Open 1,540.33 Turnover 229,643 P/E (x) 8.27

20B -

% Change -1.72 5-Day High 746.07 5-Day Low 731.11

Performance of SR Household Goods Index

20B -

% Change 0.97 5-Day High 1,037.84 5-Day Low 1,017.66

Close Chg

4.78 49.49 47.10 47.02 47.02 -2.47 1.00 12.32 13.00 11.32 12.39 0.07 11.77 71.50 73.00 72.00 72.04 0.54 4.61 5.25 4.26 4.63 0.02 3.87 4.05 3.60 3.72 -0.15 3.08 20.00 20.98 19.00 19.06 -0.94 7.35 34.83 36.50 35.25 35.66 0.83 2.87 84.87 85.80 85.79 85.80 0.93 5.19 4.23 4.22 4.23 -0.96 3.48 57.90 59.31 58.75 59.00 1.10 4.42 54.50 55.98 52.00 53.00 -1.50 0.60 6.09 6.00 5.75 5.95 -0.14 19.03 48.58 51.00 49.50 51.00 2.42 26.88 2489.75 2500.00 2436.00 2447.21 -42.54 3.39 23.65 24.75 22.47 23.76 0.11 0.89 6.19 6.40 5.90 6.10 -0.09 8.97 47.52 49.70 45.20 48.90 1.38 16.81 11.50 12.30 11.20 11.60 0.10 - 93.89 93.99 90.00 90.15 -3.74 5.92 6.40 5.25 5.87 -0.05 5.60 6.10 6.10 6.10 0.50 21.23 4455.10 4600.00 4411.50 4548.51 93.41

Performance of SR Construction and Materials Index High Low 1,051.13 1,026.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10

30

Chashma Sugar Mills Limited

FOOD PRODUCERS

CONSTRUCTION AND MATERIALS Open 1,027.82 Turnover 8,318,417 P/E (x) 7.49

60.05 33.06

2009 Div BR (%) (%)

Alert ! Unusual Movements

Performance of SR Food Producers Index

-

% Change 0.18 5-Day High 987.95 5-Day Low 978.17

High Low 1,179.85 1,151.95 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 25.35

Open

INDUSTRIAL METALS AND MINING High Low 1,010.25 983.85 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 33.10

Change -12.77 Market cap 12,585.36 mn Div Yield (%) 2.00

PE

Performance of SR Industrial Metals and Mining Index Open 986.14 Turnover 108,002 P/E (x) 3.28

Close 731.11 Listed cap 3,242.17 mn Payout (%) 11.08

AUTOMOBILE AND PARTS

2010 Div BR (%) (%) 50

High Low 761.60 729.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 25.53

Performance of SR Automobile and Parts Index

Company

Close 1,344.21 Listed cap 52,251.88 mn Payout (%) 48.81

Paid up Cap(mn)

Pak Int Container Terminal 1092 PNSC 1321

CHEMICALS Performance of SR Chemicals Index

Paid up Cap(mn)

18,725.19 18,869.30 18,643.53 h81.66

INDUSTRIAL TRANSPORTATION

Low

Century Paper Security Paper

KMI 30 Index Current High Low Change

11,388.13 11,460.64 11,314.24 h73.89

Performance of SR Industrial Transportation Index

High

Company

Current High Low Change

OIL AND GAS

Open

Company

KSE 30 Index

8,231.83 8,288.63 8,192.27 h39.56

Performance of SR Oil and Gas Index Open 1,525.21 Turnover 8,384,747 P/E (x) 11.21 Company

KSE 100 Index

Symbols

Volume

13.36

7,485.06 3,321.26 13,747.82

Interest Expense

251.78

1st Support

11.31

Profit after Taxation

224.32

2nd Support

10.86

EPS 09 (Rs)

4.742

1st Resistance

12.30

Book value / share (Rs)

70.22

2nd Resistance

12.84

PE 10 E (x)

Pivot

11.85

PBV (x)

0.17

HCAR closed up 0.37 at 11.76. Volume was 551 per cent above average (trending) and Bollinger Bands were 2 per cent wider than normal. The company's loss after taxation stood at Rs156.441 million which translates into a Loss Per Share of Rs1.10 for the half year of current fiscal year (1HFY11). HCAR is currently 12.1 per cent below its 200-day moving average and is displaying a downward 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 HCAR at a relatively equal pace. Trend forecasting oscillators are currently bearish on HCAR.

Saif Textile Mills Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

49.43

Total Assets (Rs in mn)

MA (10-day)

4.57

Total Equity (Rs in mn)

MA (100-day)

3.92

Revenue (Rs in mn)

4,722.15 406.03 4,642.45

MA (200-day)

3.97

Interest Expense

1st Support

4.41

Profit after Taxation

77.49

2nd Support

4.20

EPS 10 (Rs)

259.31 2.934

1st Resistance

4.91

Book value / share (Rs)

15.37

2nd Resistance

5.20

PE 11 E (x)

0.37

Pivot

4.70

PBV (x)

0.30

SAIF closed up 0.26 at 4.63. Volume was 1,400 per cent above average (trending) and Bollinger Bands were 1 per cent wider than normal. The company's profit after taxation stood at Rs82.072 million which translates into an Earning Per Share of Rs3.11 for the 1st quarter of current fiscal year (1QFY11). SAIF is currently 14.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SAIF at a relatively equal pace. Trend forecasting oscillators are currently bearish on SAIF.a

BOOK CLOSURES Company

From

To

Colony Sugar Mills# JS Investment# Asian Stocks Fund# Safeway Mutnal Fund# Maple Leaf Cement# Hala Enterprises# Altern Energy# Shaffi Chemicals# Amtex Ltd# Pakistan Reinsurance# Descon Chemicals# Nadeem Textile Mills Byco Petroleum Pakistan Mehran Sugar Mills Husein Industries BOC Pakistan# Pangrio Sugar Mills Mirza Sugar Mills

21-Dec 21-Dec 22-Dec 22-Dec 22-Dec 23-Dec 23-Dec 23-Dec 24-Dec 24-Dec 24-Dec 24-Dec 25-Dec 28-Dec 11-Jan 22-Jan 22-Jan

27-Dec 27-Dec 28-Dec 28-Dec 29-Dec 29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 4-Jan 17-Jan 31-Jan 31-Jan

D/B/R

Spot AGM/Date

20 14-Dec 10(F), 10(B)10 10 -

27-Dec 27-Dec 27-Dec 27-Dec 29-Dec 29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 31-Dec 17-Jan 31-Jan 31-Jan

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd Murree Brewery Co Shakarganj Food Shezan International Khyber Tobacco Lakson Tobacco Pak Tobacco Shifa Int.Hospitals PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies

Open 3.76 91.33 1.31 118.56 17.9 326.25 114.01 29.69 2.36 50.19 2.99 18.47

High 3.86 90.85 1.45 123.8 18.6 335 114 30 2.58 51.9 3.08 18.95

Low Close 3.7 89.6 1.45 112.64 17.05 310.01 113 28.32 2.37 48.1 2.96 18.53

3.73 89.61 1.45 113.72 17.15 320 113.9 28.53 2.4 48.58 3 18.69

Change -0.03 -1.72 0.14 -4.84 -0.75 -6.25 -0.11 -1.16 0.04 -1.61 0.01 0.22

Vol 1261449 103 2000 1430 1000 105 1873 1722 45442 2263 284162 143521


7

Tuesday, December 21, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,151.55 Turnover 12,989,351 P/E (x) 6.21 Paid up Cap(mn)

Company

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

High Low 1,174.17 1,147.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84

PE

Open

High

Low

Close Chg

78 4.94 37740 12.84 3000 0.71 8606 6175 -

80.00 19.25 2.41 3.19 3.89

80.00 19.52 2.50 3.45 3.95

79.50 19.20 2.37 3.16 3.75

80.00 19.26 2.39 3.21 3.80

0.00 0.01 -0.02 0.02 -0.09

Close 1,152.23 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 336 2523120 161582 10304313 276073

Change 0.68 Market cap 79,140.34 mn Div Yield (%) 10.07

117.99 20.12 2.69 3.45 4.50

76.50 18.15 1.80 2.31 3.35

% Change 0.06 5-Day High 1,155.20 5-Day Low 1,146.40

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

-

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

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

204 6.16 369 6.06 279 6.82 457 6.91 1250 400 3.21 718 16.55 791 15.97 3000 41.92 350 303 6.11 252 4.05 253 4.35 400 2.04

-

Paid up Cap(mn)

Company

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

PE

Open

High

Low

198 11572 6.82 1560 7932 1695 10.94 126 2.78 8803 4.92 3673 3.42 3541 25.55 178 191 3.54 1367 150 -

0.99 36.89 1.88 2.83 19.65 4.75 40.80 15.70 15.85 1.01 18.61 2.40 1.23

1.09 38.10 1.98 2.95 19.69 5.39 41.00 16.00 16.15 1.00 18.99 2.50 1.25

0.91 36.80 1.80 2.75 19.02 4.50 40.41 15.55 15.81 0.98 18.95 2.30 1.05

Close 1,278.69 Listed cap 95,369.29 mn Payout (%) 104.13

Change 5.07 Market cap 104,145.68 mn Div Yield (%) 7.44

% Change 0.40 5-Day High 1,278.69 5-Day Low 1,262.95

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

0.98 37.26 1.82 2.80 19.69 4.56 40.47 15.60 15.84 1.00 18.99 2.32 1.05

4610 2775366 33327 551711 502 4552 95612 99232 329102 300 3000 168039 4601

1.45 38.10 2.25 3.29 26.50 6.10 42.68 16.00 16.70 1.69 23.49 2.90 1.75

33.5 45 64.5 20 3

-0.01 0.37 -0.06 -0.03 0.04 -0.19 -0.33 -0.10 -0.01 -0.01 0.38 -0.08 -0.18

0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.32 10.80 0.32 17.98 2.05 0.65

31R -

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

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,485.36 Turnover 563,244 P/E (x) 9.61 Company

High Low 1,531.28 1,489.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 11.41

Close 1,506.34 Listed cap 12,202.80 mn Payout (%) 66.79

Change 20.97 Market cap 32,288.42 mn Div Yield (%) 6.95

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.09 3.12

27.20 20.19

27.70 21.00

27.10 20.34

27.19 -0.01 20.69 0.50

157358 405886

34.75 30.70

Sui North Gas XD Sui South Gas

26.60 19.95

% Change 1.41 5-Day High 1,506.34 5-Day Low 1,472.45

2009 Div BR (%) (%) -

-

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open 1,143.77 Turnover 22,940,599 P/E (x) 8.31 Paid up Cap(mn)

Company

PE

Open

Allied Bank Limited 7821 6.35 65.15 Askari Bank 6427 8.39 17.11 Atlas Bank 5001 1.97 Bank Alfalah 13492 13.64 10.55 Bank AL-Habib 7322 7.72 36.00 Bank Of Khyber 5004 5.67 4.19 Bank Of Punjab 5288 9.89 BankIslami Pak 5280 812.50 3.32 Faysal Bank XB 7309 4.81 14.82 Habib Bank Ltd 10019 7.50 119.56 Habib Metropolitan Bank 8732 8.12 26.03 JS Bank Ltd 8150 2.55 KASB Bank Ltd 9509 2.70 MCB Bank Ltd 7602 9.99 221.01 Meezan Bank 6983 8.48 16.24 Mybank Ltd 5304 2.50 National Bank 13455 6.22 70.76 NIB Bank 40437 3.03 Royal Bank Ltd 17180 4.90 Samba Bank 14335 2.00 Silkbank Ltd 26716 2.74 Soneri Bank 6023 7.90 Stand Chart Bank 38716 12.31 8.18 Summit Bank Ltd 5000 3.71 United Bank Ltd 12242 7.70 65.11

High

High Low Close 1,171.02 1,144.04 1,156.03 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low

Close Chg

65.94 65.01 65.39 0.24 17.75 17.15 17.61 0.50 2.00 1.81 1.84 -0.13 10.86 10.61 10.64 0.09 36.40 35.31 35.84 -0.16 4.54 4.20 4.25 0.06 10.20 9.86 9.92 0.03 3.35 3.12 3.25 -0.07 15.25 14.81 14.90 0.08 121.90 119.81 120.03 0.47 26.85 26.00 26.54 0.51 2.64 2.55 2.56 0.01 2.79 2.70 2.75 0.05 226.80 222.01 225.31 4.30 16.32 15.80 16.02 -0.22 2.95 2.57 2.61 0.11 72.09 71.05 71.20 0.44 3.12 2.96 3.02 -0.01 4.90 4.70 4.80 -0.10 2.05 1.98 2.00 0.00 2.90 2.78 2.79 0.05 8.19 7.83 7.85 -0.05 8.30 7.85 8.00 -0.18 3.90 3.52 3.76 0.05 66.15 65.40 65.50 0.39

Volume

Change 12.26 Market cap 700,569.68 mn Div Yield (%) 4.87

Last 60 days High Low

95468 65.94 1755756 17.75 86970 2.55 4954153 11.00 918429 36.40 19565 4.70 759127 10.59 54381 3.88 756709 17.10 200868 121.99 409200 26.85 54752 3.00 2609 2.90 1484481 226.80 18267 16.70 2061785 2.95 6576392 72.24 470478 3.18 40647 8.10 184834 2.65 1327443 3.08 101760 8.30 21321 8.80 148972 3.90 585202 67.39

50.00 14.23 1.50 7.66 30.01 2.50 8.00 2.74 13.01 92.55 18.02 2.05 2.16 182.61 14.05 1.81 62.15 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90

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

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

% Change 1.07 5-Day High 1,156.03 5-Day Low 1,131.50

Open 902.85 Turnover 13,531 P/E (x) 10.67

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 766.67 Turnover 2,736,232 P/E (x) 12.68 Paid up Cap(mn)

Company Adamjee Insurance

High Low 789.80 763.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20

Close 782.28 Listed cap 11,111.34 mn Payout (%) 79.54

Change 15.61 Market cap 47,913.82 mn Div Yield (%) 6.27

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 26.35

86.92

91.00

87.50

90.91 3.99

2259554

91.00

63.05

2009 Div BR (%) (%) 30

10B

Paid up Cap(mn)

Company EFU Life Assurance

PE

Open

850 42.69

76.00

% Change 2.04 5-Day High 782.28 5-Day Low 758.34 2010 Div BR (%) (%) 10

-

10.16 38.10 60.01 11.05 43.36 13.47 89.19 59.26 16.35 7.00 11.30 6.60 7.00 6.22

0.03 0.74 0.00 -0.20 -0.24 0.42 0.19 -0.20 0.25 0.25 0.08 0.00 0.02 0.19

2245 220 1503 97616 27436 11046 5293 1821 284276 19164 6801 1650 16946 632

12.75 38.69 64.80 12.00 48.63 13.50 93.45 60.90 17.20 8.30 11.70 7.70 8.17 7.20

9.75 27.37 47.37 9.42 34.76 10.04 68.27 52.25 12.80 1.66 8.00 6.15 6.01 4.49

40 20 40 35 35 30 30 20 -

10B 25B 8.7B 20B 15B 20B 16B

10 10 -

UPTO 100 VOLUME

25R 10B 20B -

Symbols SHTM BAWS PPP TSMF GRYL SALT TOWL FCONM KSTM IDYM GRAYS PKGI BIFO NATM AGSML SCM HAL ILTM UPFL FPJM FTSM JVDC FANM ZAHT SANSM THCCL GATI YOUW MSOT DREL FFLM GUSM RMPL FRCL SCLL SIBL SZTM GAIL PCAL WYETH CWSM DATM RCML FNBM NMBL CSIL FZTM JOPP MDTL EMCO GVGL PHDL NBF PGLC FCIBL NJLIC BILF BROT DMTM FZCM GLAT GUTM HAJT JDMT KOSM MQTM NPSM NAGC OLSM QUAT TATM ARUJ BHAT ISTM JUBS MEHT MFTM FASM QUET

High Low 925.59 911.40 Total cos Defaulter cos P/BV (x) ROE (%) 3.84 3.85

Close 915.76 Listed cap 2,290.72 mn Payout (%) 355.53

Change 12.91 Market cap 10,411.12 mn Div Yield (%) 3.57

High

Low

Close Chg

Volume

Last 60 days High Low

77.48

74.10

75.14 -0.86

13530

86.95

% Change 1.43 5-Day High 934.66 5-Day Low 902.85

2009 Div BR (%) (%)

57.15

2010 Div BR (%) (%)

5513.33B

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 416.43 Turnover 4,134,902 P/E (x) 10.17 Paid up Cap(mn)

Company

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

High Low 427.96 413.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91

PE

Open

High

Low

225 1.73 360 3.54 450 13.44 3750 4.38 150 1.32 250 575 2121 17.50 600 714.00 2849 3166 626 0.66 7633 508 500 7.53 1000 27.50 1000 821 5.00 775 452 586 3.13

0.75 17.75 26.23 23.89 1.50 2.05 8.72 2.66 7.23 0.85 3.49 1.93 11.59 3.82 28.48 6.65 4.31 6.85 2.21 0.65 1.99

0.85 17.97 26.75 24.25 1.60 2.33 9.00 2.85 7.14 0.90 3.88 1.99 11.93 4.46 29.50 6.80 4.75 6.85 2.39 0.90 2.00

0.71 17.95 26.11 23.75 1.45 1.98 8.00 2.58 6.85 0.80 3.50 1.85 11.50 3.90 28.00 6.60 4.41 6.33 2.16 0.67 2.00

Close Chg 0.76 17.96 26.35 23.84 1.48 2.00 8.00 2.80 7.14 0.81 3.52 1.85 11.56 4.10 28.00 6.60 4.41 6.80 2.34 0.80 2.00

0.01 0.21 0.12 -0.05 -0.02 -0.05 -0.72 0.14 -0.09 -0.04 0.03 -0.08 -0.03 0.28 -0.48 -0.05 0.10 -0.05 0.13 0.15 0.01

Close 416.68 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 139138 896 32204 696439 130616 26659 1009 9533 1219 108780 57287 35003 2218602 1051535 6121 124776 10803 405 178542 1203 500

Change 0.25 Market cap 28,449.89 mn Div Yield (%) 3.19

% Change 0.06 5-Day High 420.21 5-Day Low 405.26

Last 60 days High Low

2009 Div BR (%) (%)

0.95 19.98 34.00 27.02 2.14 2.69 10.92 2.90 9.00 0.97 4.80 2.84 14.05 5.38 39.40 7.59 4.75 7.29 2.70 0.90 2.98

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

0.42 13.00 24.40 20.90 0.86 1.51 6.84 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.46 1.24

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

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

10.16 37.21 60.01 11.00 42.80 13.00 89.00 56.52 16.15 6.41 11.20 6.60 6.97 6.22

LIFE INSURANCE

ELECTRICITY High Low 1,307.25 1,265.12 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 9.35

10.79 38.49 61.40 11.50 44.24 13.50 91.00 59.80 16.50 7.19 11.70 6.85 7.05 6.25

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,273.62 Turnover 4,069,955 P/E (x) 14.00

10.13 37.36 60.01 11.25 43.60 13.05 89.00 59.46 16.10 6.75 11.22 6.60 6.98 6.03

Open 1,301.03 Turnover 1,288,346 P/E (x) 19.50 Paid up Cap(mn)

Company

AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba Pak Oman Advantage Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Trust Modaraba U D L Modaraba

PE

1375 525 780 200 113 524 581 760 397 1008 202 3180 1186 283 1200 184 125 1000 59 1000 2835 2841 872 298 264

6.80 1.69 3.86 1.58 3.50 10.88 0.64 2.31 2.51 5.74 23.73 61.88 16.57 1.18 7.13 13.40 5.15 6.76 1.98 7.93 7.27 2.27 3.56 1.70

Open 8.04 4.10 1.69 0.61 2.90 1.70 2.12 3.20 7.20 6.70 2.02 5.08 4.39 1.40 7.23 1.25 0.99 9.88 8.61 6.65 12.04 6.30 0.95 1.78 5.79

High Low 1,336.44 1,295.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21

High 8.28 4.20 1.88 0.80 2.99 1.75 2.27 3.24 7.75 6.76 3.02 5.13 4.68 1.85 7.50 1.35 1.05 10.75 8.90 6.98 12.54 6.45 1.00 1.85 6.00

Low 7.91 4.10 1.51 0.35 2.80 1.74 2.00 3.15 7.38 6.50 2.23 4.89 4.55 1.55 7.05 1.34 0.95 10.20 8.65 6.75 12.10 6.30 0.99 1.85 5.99

Close Chg 8.16 4.18 1.70 0.63 2.80 1.74 2.01 3.23 7.54 6.66 2.61 4.95 4.64 1.60 7.42 1.34 1.03 10.20 8.65 6.80 12.37 6.40 1.00 1.85 5.99

0.12 0.08 0.01 0.02 -0.10 0.04 -0.11 0.03 0.34 -0.04 0.59 -0.13 0.25 0.20 0.19 0.09 0.04 0.32 0.04 0.15 0.33 0.10 0.05 0.07 0.20

Close 1,315.99 Listed cap 29,771.58 mn Payout (%) 104.74

Change 14.96 Market cap 19,220.07 mn Div Yield (%) 8.35

Last 60 days High Low

Volume 138499 6434 70964 11704 3531 501 75013 10854 30002 19805 6102 161435 300707 2219 24502 1555 3357 101 611 19960 301686 72998 25101 430 101

8.59 4.50 2.37 1.10 3.09 2.37 2.28 3.88 7.75 6.90 3.69 5.15 4.73 2.23 7.50 2.18 1.40 13.98 9.45 7.18 12.60 6.50 1.15 4.40 6.99

% Change 1.15 5-Day High 1,315.99 5-Day Low 1,279.40

2009 Div BR (%) (%)

5.85 2.70 0.90 0.16 1.73 4.5 0.86 1.30 2.56 5.11 5 5.80 20 1.06 2.65 2.31 10 1.05 5.15 0.56 0.30 8.00 9.605 7.51 15 4.50 7.90 3.50 0.76 1.15 4.71 10

-

0.50 5.25 45.78 1.22 1.25 62.55 12.00 1.43 0.70 348.75 51.38 6.62 53.50 10.55 6.15 9.39 12.36 183.00 1050.00 1.31 1.35 58.90 3.00 2.98 13.85 17.79 43.97 1.41 19.89 639.99 1.60 6.16 2149.64 2.07 2.45 3.02 6.00 4.25 54.09 1099.81 1.25 0.45 34.00 6.20 1.64 4.02 405.00 7.95 53.90 2.76 36.00 40.95 3.98 11.00 3.02 45.10 1.40 0.50 5.11 68.50 7.50 23.16 0.74 14.00 1.10 8.30 22.40 16.70 2.00 13.05 34.85 4.50 261.00 7.00 4.50 56.00 1.30 33.50 40.03

High 0.50 6.00 46.00 1.95 1.80 63.00 11.00 1.59 0.84 331.35 52.00 7.60 53.49 10.06 7.00 9.40 12.78 190.00 1084.90 1.70 1.75 60.25 3.49 3.48 13.80 18.48 44.80 1.84 20.40 669.00 1.70 6.85 2240.00 2.45 2.75 3.25 6.00 4.98 56.40 1119.00 1.35 0.37 34.00 6.80 1.59 4.95 413.00 8.94 55.59 2.99 37.50 42.99 3.98 11.00 3.70 46.50 1.94 0.60 5.80 69.25 7.50 24.30 0.99 14.79 1.29 9.24 23.00 16.70 2.24 13.50 33.11 5.50 274.05 6.99 5.50 58.00 1.23 34.90 41.00

Low

Close

0.45 4.26 44.82 1.31 1.25 61.90 11.00 1.30 0.70 331.32 51.98 6.33 51.00 10.05 6.99 9.01 12.77 174.00 1015.00 1.68 1.74 59.99 3.40 3.48 13.80 18.48 44.48 1.41 19.25 669.00 1.60 5.80 2060.10 2.30 2.60 3.25 6.00 4.15 55.40 1045.00 1.20 0.37 34.00 6.80 1.59 3.90 405.00 7.55 55.59 2.99 34.20 39.00 3.98 11.00 3.70 46.50 1.93 0.59 5.80 69.25 7.50 24.30 0.75 14.75 1.29 9.24 23.00 16.70 2.24 13.50 33.11 5.50 272.00 6.99 5.50 57.99 1.23 34.90 41.00

0.45 4.30 45.50 1.70 1.25 61.90 11.00 1.43 0.79 331.32 52.00 7.40 52.20 10.06 6.99 9.05 12.77 174.92 1079.99 1.68 1.74 59.99 3.40 3.48 13.80 18.48 44.74 1.70 19.25 669.00 1.60 6.40 2228.00 2.30 2.60 3.25 6.00 4.15 55.40 1119.00 1.20 0.37 34.00 6.80 1.59 3.90 405.00 7.55 55.59 2.99 34.20 41.00 3.98 11.00 3.70 46.50 1.93 0.59 5.80 69.25 7.50 24.30 0.75 14.75 1.29 9.24 23.00 16.70 2.24 13.50 33.11 5.50 272.00 6.99 5.50 57.99 1.23 34.90 41.00

Change

Vol

-0.05 -0.95 -0.28 0.48 0.00 -0.65 -1.00 0.00 0.09 -17.43 0.62 0.78 -1.30 -0.49 0.84 -0.34 0.41 -8.08 29.99 0.37 0.39 1.09 0.40 0.50 -0.05 0.69 0.77 0.29 -0.64 29.01 0.00 0.24 78.36 0.23 0.15 0.23 0.00 -0.10 1.31 19.19 -0.05 -0.08 0.00 0.60 -0.05 -0.12 0.00 -0.40 1.69 0.23 -1.80 0.05 0.00 0.00 0.68 1.40 0.53 0.09 0.69 0.75 0.00 1.14 0.01 0.75 0.19 0.94 0.60 0.00 0.24 0.45 -1.74 1.00 11.00 -0.01 1.00 1.99 -0.07 1.40 0.97

100 80 73 62 60 60 60 54 52 46 28 27 21 20 18 16 15 13 12 11 11 11 10 10 10 10 9 8 8 8 7 6 6 6 5 5 5 5 5 5 4 4 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS

2010 Div BR (%) (%) 18.5 2.2 0 1.2 5 17 11 21 3 5 10 2.8 15.5 3 1.04 18 10 20 10 3 5 12.5

Open

-

Symbols

Open

High

Low

Close

NML-DEC

59.91

62.40

60.10

62.17

2.26 1000000

FFBL-DEC

35.11

35.40

35.00

35.00

-0.11

529000

0.44

514500

NBP-DEC POL-DEC

Change

Vol

71.05

72.25

71.32

71.49

294.30

298.50

293.61

294.18

-0.12

453000

DGKC-DEC

31.13

31.50

31.00

31.05

-0.08

359500

AICL-DEC

87.27

91.40

87.40

91.12

3.85

293000

MCB-DEC

221.05

PSO-DEC

226.88

222.90

225.33

4.28

256500

287.12

294.80

288.60

293.74

6.62

233000

ENGRO-DEC 194.60

198.45

195.25

196.77

2.17

230000

PPL-DEC

218.34

220.70

216.40

217.10

-1.24

179000

ANL-DEC

10.21

10.30

10.03

10.06

-0.15

80000

LUCK-DEC

76.56

77.50

76.90

77.39

0.83

70500

HUBC-DEC

36.75

37.50

37.50

37.50

0.75

8500

FFC-DEC

118.33

120.99

118.02

118.89

0.56

8000

NCL-DEC

22.14

22.75

22.75

22.75

0.61

5000

BOP-DEC

9.90

10.10

10.00

10.10

0.20

4500

UBL-DEC

65.55

66.75

66.00

66.00

0.45

1000

OGDC-DEC 167.40

169.69

169.69

169.69

2.29

500

ZERO VOLUME Symbols

Open

High

Low

Close

ADAMS AGICR ALICO CSMD PRET PTEC REDT SHDT

16.57 0.01 19.85 6.50 29.30 2.34 0.90 13.97

16.50 0.15 19.75 6.48 29.29 2.15 0.89 13.92

16.50 0.15 19.75 6.48 29.29 2.15 0.89 13.92

16.50 0.15 19.75 6.48 29.29 2.15 0.89 13.92

Change

Vol

-0.07 0.14 -0.10 -0.02 -0.01 -0.19 -0.01 -0.05

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BOARD MEETINGS

Nishat Mills Ltd

KSE 100 INDEX

Bank Alfalah Ltd

National Bank of Pakistan

Company

Date

Time

Ecopack Limited Habib Sugar Mills Ltd Dewan Farooque Spinning Mills Ltd Dewan Cement Ltd Dewan Sugar Mills Ltd International Industries Ltd Askari Bank Ltd. Fauji Fertilizer Bin Qasim Ltd. Sindh Abadgarâ&#x20AC;&#x2122;s Sugar Mills Ltd Fauji Fertilizer Company Ltd

21-Dec 22-Dec 22-Dec 22-Dec 22-Dec 22-Dec 22-Dec 23-Dec 24-Dec 24-Dec

1:00 12:00 4:00 5:00 4:30 10:30 10:00 10:30 4:00 10:00

TECHNICAL LEVELS Company

RSI 1st 2nd (14-day) Support 52.75 3.05 2.70 Allied Bank Limited 81.87 64.95 64.50 Attock Cement 52.99 63.10 62.70 Arif Habib Corp 39.81 23.65 23.45 Arif Habib Limited 49.78 26.05 25.75 Adamjee Insurance 75.62 88.60 86.30 Askari Bank 71.87 17.25 16.90 Azgard Nine 39.05 9.85 9.70 Attock Petroleum 58.30 325.75 324.40 Attock Refinery 54.81 120.55 119.70 Bank Alfalah 64.64 10.55 10.45 BankIslami Pak 47.90 3.15 3.00 Bank.Of.Punjab 55.43 9.80 9.65 Dewan Cement 60.42 2.25 2.15 DGK Cement 60.55 30.70 30.40 Dewan Salman 67.04 3.10 3.00 Dost Steels Ltd 48.76 2.80 2.70 EFU General Insurance 43.68 42.70 42.05 EFU Life Assurance 41.29 73.65 72.20 Engro Chemical 74.41 194.85 193.65 Faysal Bank 51.71 14.75 14.55 Fauji Cement 58.56 5.15 5.10 Fauji Fert Bin 58.64 34.70 34.40 Fauji Fertilizer 72.01 117.05 116.35 Habib Bank Ltd 76.00 119.25 118.50 Hub Power 70.85 36.70 36.10 ICI Pakistan 72.34 139.45 137.10 Indus Motors 52.02 252.50 250.05 JOV and CO 54.69 3.85 3.60 Japan Power 54.84 1.75 1.70 JS Bank Ltd 44.65 2.55 2.50 Jah Siddiq Co 44.21 11.40 11.25 Kot Addu Power 58.30 40.25 40.05 KESC 64.12 2.70 2.65 Lotte Pakistan 67.95 13.10 12.95 Lucky Cement 60.03 76.65 75.90 MCB Bank Ltd 72.89 222.60 219.90 Maple Leaf Cement 51.62 2.90 2.80 National Bank 63.58 70.80 70.40 Nishat (Chunian) 52.26 22.20 21.95 Netsol Technologies 45.82 18.50 18.30 NIB Bank 56.69 2.95 2.85 Nimir Ind.Chemical 61.85 2.00 1.90 Nishat Mills 65.13 60.55 59.10 Oil & Gas Dev. XD 66.98 167.05 165.80 PACE (Pakistan) Ltd. 55.00 2.95 2.90 Pervez Ahmed Sec 57.53 2.20 2.05 PIAC (A) 59.45 2.30 2.25 Pioneer Cement 39.71 6.90 6.80 Pak Oilfields 72.41 290.90 288.45 Pak Petroleum 73.81 214.40 212.30 Pak Suzuki 35.00 68.45 67.95 PSO XD 65.69 288.85 285.05 PTCLA 48.85 19.15 19.00 Shell Pakistan 65.45 204.35 203.25 Sui North Gas 34.86 26.95 26.75 Sitara Peroxide 59.48 13.45 13.30 Sui South Gas 36.50 20.35 20.00 Telecard 53.70 2.35 2.30 TRG Pakistan 36.13 3.65 3.60 United Bank Ltd 73.06 65.20 64.95 WorldCall Tele 72.49 3.10 3.00 Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

82.75

Support 1

11,776.95

MA (5-day)

11,703.85

Support 2

11,710.30

MA (10-day)

11,599.60

Resistance 1

11,919.45

MA (100-day)

10,432.92

Resistance 2

11,995.25

AKD Securities Ltd

10,224.11

Pivot

resistance level at 11,919.45 and 2nd resistance level at 11,995.25, while

59.97

Buy

*Arif Habib Ltd

Positive

AKD Securities Ltd

74.2

Brokerage House

Fair Value

Rs Recommendations

82.1

Technical Outlook Technical Analysis

Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,901.35 ** NOI Rs (mn) 93.60 Mean 60.99

*Arif Habib Ltd AKD Securities Ltd

10.25

Accumulate

92.3

Positive

TFD Research

14.01

Positive

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

63.58 70.29 66.28 69.30

Buy

Technical Outlook

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

13

Rs Recommendations

Neutral

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

Fair Value

Buy

Technical Outlook

Leverage Position

65.13 60.70 50.63 51.01

Brokerage House

61.96

TFD Research

11,852.75

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

Rs Recommendations

TFD Research

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 57.56 points at 11,843.65. Volume was 24 per MA (100-day) cent above average and Bollinger Bands were 28 per cent wider than nor- MA (200-day) MA (200-day)

Fair Value

318.44 22,673.23 146.22 71.28

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

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

Leverage Position

64.64 10.44 9.09 9.86

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

674.58 7,177.51 N/A 10.67

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

Index will continue to find its 1st support level at 11,776.95 and 2nd sup-

NML closed up 2.35 at 62.01. Volume was 83 per cent above average and NBP closed up 0.44 at 71.20. Volume was 110 per cent above average BAFL closed up 0.09 at 10.64. Volume was 112 per cent above average

port level at 11,710.30.

Bollinger Bands were 5 per cent wider than normal.

and Bollinger Bands were 18 per cent wider than normal.

and Bollinger Bands were 27 per cent wider than normal.

KSE 100 INDEX is currently 15.9 per cent above its 200-day moving average NML is currently 21.6 per cent above its 200-day moving average and is NBP is currently 5.4 per cent above its 200-day moving average and is dis- BAFL is currently 7.9 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is relatively normal as compared displaying an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely high when compared to

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

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

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

oscillators are currently bullish on INDEX. Momentum oscillator is currently erate flows of volume into NML (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect very strong flows of volume into BAFL (bullish). Trend forecasting tors are currently bullish on NML. ing oscillators are currently bullish on NBP. indicating that INDEX is currently in an overbought condition. oscillators are currently bullish on BAFL.

Hub Power Co Ltd

Pakistan State Oil Co Ltd

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

*Arif Habib Ltd

365.4

Buy

*Arif Habib Ltd

AKD Securities Ltd

276.6

Neutral

AKD Securities Ltd

360.05

Positive

TFD Research

TFD Research

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

65.69 285.86 269.92 280.34

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

Fair Value

Rs Recommendations

45.7

Buy

AKD Securities Ltd

44

Buy

TFD Research

44.9

Brokerage House

74.16 21,706.79 174.80 289.99

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

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

70.85 36.52 35.00 34.36

Adamjee Insurance Co Ltd

Brokerage House

Fair Value

Rs Recommendations

Fair Value

Rs Recommendations

24.04

Buy

AKD Securities Ltd

76

Accumulate

Positive

TFD Research

88

Neutral

30.5

Positive

Technical Outlook

Technical Outlook Technical Analysis

Pakistan Telecommunication Co Ltd

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

Technical Outlook

Technical Outlook

Leverage Position 810.01 30,180.90 0.37 37.26

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

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

48.85 19.35 19.00 19.57

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

585.00 11,267.09 7.47 19.31

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

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

75.62 84.91 75.45 88.67

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

74.22 6,747.59 24.56 89.08

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

PSO closed up 6.72 at 292.69. Volume was 399 per cent above average HUBC closed up 0.37 at 37.26. Volume was 50 per cent above average PTC closed up 0.01 at 19.26. Volume was 66 per cent above average and AICL closed up 3.99 at 90.91. Volume was 286 per cent above average and Bollinger Bands were 55 per cent narrower than normal.

reflect volume flowing into and out of PSO at a relatively equal pace. Trend

Bollinger Bands were 47 per cent narrower than normal. HUBC is currently 8.4 per cent above its 200-day moving average and is PTC is currently 1.5 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into HUBC (mildly bullish). Trend forecasting oscillators are currently bullish on HUBC. Momentum oscillator is erate flows of volume into PTC (mildly bullish). Trend forecasting oscilla-

forecasting oscillators are currently bullish on PSO.

currently indicating that HUBC is currently in an overbought condition.

(trending) and Bollinger Bands were 65 per cent narrower than normal. PSO is currently 4.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators

tors are currently bullish on PTC.

(trending) and Bollinger Bands were 14 per cent narrower than normal. AICL is currently 2.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into AICL (bullish). Trend forecasting oscillators are currently bullish on AICL. Momentum oscillator is currently indicating that AICL is currently in an overbought condition

1st 2nd Resistance 3.85 4.35 65.90 66.40 63.80 64.10 24.15 24.45 26.70 27.05 92.10 93.30 17.85 18.10 10.25 10.50 329.15 331.20 122.55 123.65 10.80 10.95 3.35 3.45 10.10 10.35 2.50 2.65 31.40 31.80 3.40 3.60 3.00 3.15 44.15 44.90 77.05 78.95 197.50 199.00 15.15 15.45 5.30 5.35 35.35 35.70 118.95 120.20 121.35 122.65 38.00 38.70 143.40 144.95 257.35 259.75 4.40 4.70 1.95 2.05 2.65 2.70 11.80 12.10 40.85 41.20 2.90 3.05 13.45 13.60 77.85 78.30 227.40 229.50 3.15 3.30 71.85 72.50 22.75 23.05 18.90 19.15 3.10 3.20 2.20 2.35 62.90 63.75 170.45 172.60 3.05 3.15 2.45 2.55 2.55 2.65 7.10 7.20 297.40 301.45 219.80 223.10 69.25 69.55 295.15 297.65 19.45 19.65 207.25 209.00 27.55 27.95 13.85 14.05 21.00 21.35 2.45 2.55 3.80 3.90 65.95 66.45 3.40 3.55

Pivot 3.50 65.45 63.40 23.95 26.40 89.80 17.50 10.10 327.80 121.65 10.70 3.25 10.00 2.40 31.10 3.30 2.95 43.45 75.55 196.30 15.00 5.20 35.05 118.25 120.60 37.40 141.05 254.90 4.15 1.85 2.60 11.65 40.65 2.85 13.30 77.10 224.70 3.05 71.45 22.50 18.70 3.05 2.15 61.45 169.20 3.00 2.30 2.45 7.00 294.95 217.70 68.75 291.35 19.35 206.15 27.35 13.65 20.70 2.40 3.75 65.70 3.25


8

Tuesday, December 21, 2010

China teclos put $582mn in Pakistan during 5yrs

TOKYO: Megumi Ohori, a member of Japanese pop group 'SDN48', holds the new smartphone 'IS03' by Japan's number two telecom operator KDDI Corp. during its launch.-Reuters

‘Huawei, an epitome of Sino-Pak comradery’ ISLAMABAD: Huawei Technologies China is providing technical assistance and solutions through transfer of technology to telecommunication sector in Pakistan, symbolising time-tested and deep-rooted Sino-Pak friendship. "Huawei Technologies China is operating in Pakistan since 2000 by providing solutions to PTCL, Special Communication Organisation (SCO), Ufone and the cellular companies and is directly involved in the transfer of technologies in the telecom sector", Advisor and Director Huawei telecom Pakistan, Nasim Usmani told APP. He said that the forthcoming visit of Chinese Prime Minister Wen Jiabao would help further strengthen the existing bilateral relations in various fields of economy and social sector. Highlighting the contribution of China in the telecommunication sector, Usmani said that Huawei Telecom China has also established Center for telecommunication in the University of Engineering and Technology (UET) Lahore at a cost of Rs1 billion which has so far produced 3500 excellent engineers in the fields of electric, telecom and civil sectors. "Ninety per cent of them are working abroad and contributing to the national economy," he remarked. He disclosed that Huawei telecom is also planning to establish a similar center at COMSATS (Islamabad) at a cost of Rs500 million. Usmani added that Huawei China is also planning to introduce the latest 3G technology in the telecommunication sector in Pakistan which would be another symbol of technology transfer for the benefit of the country. He further said that Huawei Telecom has established its offices across Pakistan providing employment opportunities to 25,000 people directly or indirectly. He added that there are 1500 direct employees working with the Hauwei Telecom Pakistan.-APP

Biggest grey telephony setup hit ISLAMABAD: Pakistan Telecommunication Authority (PTA) along with Federal Investigation Agency (FIA) has conducted a successful raid in Lahore and seized a functional illegal gateway exchange. According to details, PTA detected illegal activity at Bedian Road Lahore. Upon confirmation, the place was raided with FIA and a huge live set up of illegal call termination has been confiscated, said a press release issued here Monday. Further investigation is underway. It is one of the biggest set ups unearthed so far having around one hundred operational and thousands SIMs being used

in the grey activity. It may be added that PTA has established highly advance technical monitoring system to identify such illegal activities throughout Pakistan. After identification of the illegal activity; PTA not only unearths the exact location of these networks but also launches crack down with the help of FIA to safeguard national interest. Chairman PTA, Dr Mohammed Yaseen appreciated the joint efforts of PTA and FIA teams and also warned all those involved in the illegal telecom business to stop their activities, otherwise PTA shall take strict action against them as per the law.-APP

Etisalat bent on 46pc Zain stake DUBAI: Abu Dhabi's Etisalat still wants to buy a 46-per cent stake in Kuwaiti rival Zain from a consortium headed by a major Zain shareholder, Etisalat said. "The 46 per cent conditional deal is still on as agreed upon in the initial proposal," an Etisalat spokesman said in a statement. The Abu Dhabi-based telco struck a $12 billion deal with a group led by major shareholder Kharafi Group to buy the Zain stake. On Thursday, two sources told Reuters that Etisalat was now seeking to buy a 40-per cent stake in the Kuwaiti telco after the consortium deal met opposition from other Zain shareholders. There has been market speculation that the consortium is

struggling to recruit enough shareholders to reach the 46 per cent threshold. This has prompted talk that Etisalat may buy directly shares from other shareholders or on the open market to reach the desired 46 per cent. A Kuwaiti court will this week rule on a lawsuit from a Zain shareholder unhappy with Etisalat's bid. The shareholder - Al Fawares Holding -- which owns a 4.5 per cent stake in Zain, took legal action to halt the due diligence in the planned sale. In October, the Kuwait bourse vetoed a bid by Securities Group Co for about 5 per cent in telecom group Zain, a move that was designed to protest against the Kharafiled deal.-Reuters

Orascom gets final $230mn tax claim CAIRO: Egyptian mobile operator Orascom Telecom Holding has said that Algerian authorities has given its local unit Djezzy a final $230 million tax request for the years 2008 and 2009. The firm said in a statement it had already paid taxes for those years and would take legal steps to challenge the "completely unfounded" reassessment. Djezzy, Orascom's single biggest revenue earner, has been

at the centre of a long-running dispute with Algiers since it was hit with over $600 million in previous back-tax claims and penalties last year. Uncertainty over the fate of the unit, which Algeria has said it wants to nationalise, has complicated a $6.6 billion deal to sell a majority stake in Orascom and other assets to Russian operator Vimpelcom. Orascom said in September it had received preliminary notifi-

cation of the $230 million reassessment, but that it was not final. "Without prejudice to their rights under the investment agreement, applicable bilateral investment treaty and applicable laws, OTH (Orascom Telecom Holding) and OTA (Orascom Telecom Algeria) intend to take all necessary legal steps to challenge this completely unfounded reassessment," Orascom said.-Reuters

Italy telco ex- brass spared law suit ROME: Italy's largest telecoms operator Telecom Italia said it decided not to take legal action against former executives over investigations into alleged illegal activity when they ran the company. Telecom Italia's Sparkle unit has been involved in a money laundering investigation and the company was also caught up in a separate investigation involving controversial wire tapping practices when the group was headed by Marco Tronchetti Provera. The probes prompted speculation in recent months that the company could take action against Tronchetti Provera, who has denied knowledge of any potential illegal activity conducted by the company, while he headed it. The company said accounting firm Deloitte briefed its board after an internal review, but did not disclose the findings. Italian media have said the report showed Tronchetti Provera -- who is now chief executive of tyre company Pirelli --- and his executives did not exercise an adequate system of controls or management. Board member Luigi Zingales "completely disagreed" with the decision not to press ahead with action, Telecom Italia said. Italian prosecutors earlier this year alleged executives at Sparkle and number two Italian broadband operator Fastweb knew of a more than 2 billion euro ($2.65 billion) ring that laundered money via fake sales and purchases of phone services. The espionage case goes back to 2006, when employees at Telecom Italia and then parent group Pirelli were arrested in a probe into an illegal spy ring suspected of snooping on Italy's elite by using data from phone records. Prosecutors said a group led by the former security chief at Telecom Italia, Giuliano Tavaroli, created thousands of files from 1997 to 2004 by illegally gathering telephone traffic data. Tronchetti Provera has denied any knowledge of any illegal activity conducted by the company's security division.-Reuters

ISLAMABAD: China has invested $582 million during the last five years in telecom sector which is not only source of Foreign Direct Investment (FDI) but also an encouraging response to Pakistan telecom sector policies. China Mobile Communications Corporation (CMCC), the world's largest mobile telephone operator has invested $300 million in Pakistan in 2010 only, which is the largest investment by any telecom operator in the current year. CMCC has invested $1.66 billion so far in Pakistan and has generated more than 1700 direct and over 40,000 indirect jobs in Pakistan. China Mobile, which has made the largest investment among all the Chinese investments in Pakistan, is also the only offshore company operat-

ing in Pakistan, which has invested more than $721 million in (FDI) so far in the current year. According to official sources, ZONG now stands third in terms of the number of base stations, and the company has established more than 5000 cell cites in Pakistan showing rapid growth. ZONG is China Mobile's first venture outside of China and has attracted attention, not only in the global cellular arena but also with the international finance experts and investment houses. The company continues to invest heavily in the construction of GSM networks, support systems and transmission facilities, and for development of new technologies and businesses and has maintained a leadership position in the telecom industry.-APP

‘Indigoers’ golf in Khi ISLAMABAD: Mobilink, Pakistan's largest cellular network and part of Orascom Telecom had organised the 4th Indigo Invitational Golf Tournament-2010 at the Karsaz Golf Club, Karachi. For the past three years, the 18-hole tournament has consistently attracted golfing enthusiasts from within the Mobilink-Indigo customers. The basic goal of organising the event is entertainment and fun while playing golf, said a press release issued on Monday. Mobilink's Director Customer Care Fareed Bajwa said, "It is a great pleasure to see the enthusiasm displayed by the golfers in Karachi, at the Indigo Golf Tournament. With your fervor and support over the years, this recreational event has turned into a popular sporting activity. By sponsoring healthy events, Mobilink aims to support exciting activities, which promote social harmony and foster a participative spirit in the community." More than 100 participants took part in the golfing tournament.

The increasing number of participating golfers is surely a positive trend. The significant performers were presented high-valued gifts from Mobilink. Valuable prizes were given to the successful players in various categories. The Main Event win for "Best Player-Net" was rewarded to Arif Usmani who scored 65, the "Runner up-Net" was Abdullah with a score of 67 and the "Second "Runner up-Net" was Asim Hafeez who scored 68. The "Best Player-Gross" winner was Ayaz Peer who scored 74, the "Runner upGross" was Ayaz Feroz who scored 78 and the "Second Runner up-Gross" was Waqar Hassan who scored 79. Other subsidiary prizes were also distributed for the following categories; "Closest to PIN" was won by Farooq Akhtar, Longest Drive was won by Ayaz Taufiq (300 yards), Ayaz Peer won the "Max Par" with 14 Par. Nauman with a score of 126 won the "Max Golf" reward and Naseem Baig hit 3 Birdies to win the "Max Birdies" prize.-APP

Nokia Siemens to sell stake in telecom JV BERLIN: Finnish group Nokia and Siemens of Germany are in talks with investment fund Blackstone and The Gores Group on a sale of at least 30 per cent of Nokia Siemens Network, a press report said. Siemens was not able to comment immediately on the report, which appeared in the German weekly Manager Magazine. Other groups that had expressed interest in buying into the jointly held telecommunications infrastructure company have withdrawn from the bidding, the magazine added without identifying its sources. Nokia Siemens Network was founded in 2006 and reported annual sales last year of more than 12 billion euros (16 billion dollars). But it also posted a net loss of 1.64 billion euros, and its parent groups expressed interest this year in finding a new investor. The company employs around 64,000 workers.Agencies

Nov China Mobile's Chinese users hit 833.1mn BEIJING: China Mobile, China's largest mobile carri-

er, said its total mobile subscribers in November rose to 579.6 million, including 18.8 million 3G subscribers. China Unicom , the country's No. 2 mobile carrier, said its total mobile subscribers increased to 165.5 million for the month, including about 12.8 million 3G subscribers. China Telecom said its total mobile subscribers rose to 88 million in November.-Reuters

NEW DELHI: An exhibitor (R) from Laipac Technology Canada, demonstrates a 'Bracelet locator' with assisted GPS technology to a visitor (L) at the 'India Telecom 2010' exhibition.-Reuters


9

Tuesday, December 21, 2010

Crude oil falls despite freeze, Nigeria as $ rallies Stocks, commodities down as dollar rises on euro woes LONDON: Oil fell on Monday ahead of a January futures contract expiry and due to a stronger dollar, after failing to capitalise on support from freezing temperatures in the United States and Europe and a pipeline attack in Nigeria. US crude for January delivery fell 60 cents to $87.42 a barrel by 1531 GMT erasing previous gains of as much as 70 cents. The January contract expires at the end of trading on Monday. ICE Brent for February fell 45 cents to $91.21. "We expect the oil market to continue with its sideways drift towards year-end, albeit with some weakness likely to emerge in January," said James Zhang from Standard Bank. "We continue to view the European debt crisis with caution, while a potential policy response to rising inflation in China could also trigger a negative reaction," he said. "The global risks for the holidays are not small. The Koreans keep on provoking each other, there is still a risk

of further tightening measures from China and Europe remains full of surprise with its peripheries and their bond yields," said Olivier Jakob from Petromatrix. The oil price fell despite a number of supporting factors, including freezing temperatures in Europe and the United States.

The US Northeast, the world's top heating oil market, was expected to be colder than usual from Dec. 24 to 28, according to weather data released on Friday. In Europe, Arctic conditions were expected to continue in the north this week, potentially prolonging travelling disruptions Gas demand across Britain was expected to hit a record on Monday, causing National Grid to issue its first gas balancing alert this winter US heating oil demand is forecast at 4.6 per cent above normal for the week ending

Dec. 25. It was 19.6 per cent above normal last week, said the National Weather Service. However, both gas oil and heating oil futures underperformed crude on Monday. Analysts at Credit Agricole noted that heating oil burning has rose sharply in Germany with the latest data indicating that German consumer stocks have fallen to 61 per cent of capacity in November, a relatively sharp drop by historical standards. "Cold weather and growing violence in Nigeria provide an additional layer of support," analysts at Barclays Capital said in a note. US energy firm Chevron said on Monday it had suspended production from an oil pipeline in Nigeria's Delta state although Shell said it has ended a one-month force majeure in Nigeria A monthly Reuters oil price poll showed on Monday a jump in estimates for 2011, when analysts expect oil to average $86, almost $3 up from last month's poll. Reuters

Tokyo rubber strikes record; Shanghai at 6-week high SINGAPORE: The most active rubber contract on the Tokyo Commodity Exchange struck record on Monday as oil firmed and supply disruptions blamed on heavy rains in producing countries spurred buying from speculators. TOCOM's May rubber contract settled 10.2 yen a kg higher at 408.8 yen, within sight of a lifetime high of 410.3 yen hit in early trade on Monday. The relative strength index was at around 76. Physical prices tracked Tokyo futures higher, with the benchmark Thai RSS3 grade rising more than 3 per cent from Friday's offer prices. "TOCOM may undergo a

short-term correction because it's already overbought. But if funds want to bring the market higher again, then we will see it rise," said a dealer in Thailand's southern city of Hat Yai. "The market is already at record high, so it's difficult to predict." Sixth month Tokyo rubber is expected to climb to 450 yen per kg over the next three months, based on its wave pattern, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. The most active May Shanghai rubber futures ended at 37,320 yuan a tonne, up

from Friday's close of 36,145 yuan. It had risen as high as 37,855 yuan, its strongest since Nov. 11, on gains in other commodities, including oil and base metals. Shanghai copper hit a record high on Monday, on expectations that prices will rise further in coming months on inflation worries and belief that tighter China monetary policy won't dent demand next year. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 8.5 per cent to 61,207 tonnes from a week earlier, the exchange said on Friday. Reuters

Copper gains on supply, inflation worries LONDON: Copper rose towards record highs again on Monday as inflation expectations, robust Chinese demand and supply kinks ahead attracted fund inflows. Copper for three-months delivery on the London Metal Exchange finished at $9,201 from a close of $9,070 a tonne on Friday. The metal used in power and construction earlier neared a record high of $9,267.50 a tonne hit last week. "Major factors are the supply demand situation and the desire for hard assets as investors are concerned about inflation," said analyst Robin Bhar of Credit Agricole. Investors remained confident Chinese demand would remain strong, despite recent concerns that potential further monetary tightening in the world's top base metals consumer could hit the country's demand. News of supply troubles at a Chilean port underlined the metal's fragile supply side picture, adding background support to prices, added Bhar. "It is a supportive factor in an already tight market but I think it is unlikely that copper will see new highs on the back of this news," Bhar said. "They are already looking for alternative ports. It should not have a major impact...During the

holiday the smelters should not have a big capacity, anyway." Chile's Collahuasi mine, the world's No. 3 copper deposit, is looking for alternatives to export copper concentrate after its main

Shanghai copper climbs Shanghai's benchmark thirdmonth copper it a 33-month high of 69,700 yuan a tonne, before retreating to close at 68,640 yuan, up 0.3 per cent from the previous close. port was shut down following an accident, the company said. It has declared force majeure on copper concentrate sales after an accident at a shiploader shut its key port terminal over the weekend. Traders also said that copper's move towards record levels earlier was part technical, with Shanghai copper's move to a 33-month high in Asia forcing shorts to cover. Shorting occurs when traders sell a contract they do not own on expectations of falling prices, but they can be forced to buy these contracts back at a premium if prices rise instead. "Copper prices have discon-

nected a bit from the physical market, which didn't follow through from gains in Shanghai overnight," said one London metals trader. Shanghai copper hit its highest since March 2008 earlier. Capping gains, there was some wariness in the market about debt problems in the euro-zone. Indeed, the European Central Bank has expressed "serious concerns" that Ireland's bailout package could affect the institution's liquidity operations in the euro-zone. Investors also kept an eye on tensions between the two Koreas. The premium for cash lead climbed to the highest level since April 2009 against the three-month contract, helping to attract material into warehouses. Lead stocks last rose 150 tonnes to 207,750 tonnes, near 10.5year peaks. Lead finished at $2,440 a tonne, from $2,420. Aluminium ended at $2,378, from $2,335 a tonne on Friday and zinc was at $2,289 a tonne from $2,274. Tin closed at $26,190 a tonne from $26,050. Nickel was at $24,550 a tonne, nearing two-month highs, from $25,000. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 17 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1320

1260

January (3rd Wednesday)

1320

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 17 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

2220 2230 2180 2190 2135 2145 2135 2145

2306 2306.5 2323 2324 2372 2377 2408 2413

9101 2378 9101.5 2378.5 9072 2377 9072.5 2377.5 8765 2328 8775 2333 8330 2383 8340 2388

24690 24695 24675 24700 24200 24300 23525 23625

TIN

ZINC NASAAC

26200 2239.5 26225 2240.5 26200 2257 26250 2258 25750 2283 25800 2288 2253 2258

2240 2245 2260 2265 2290 2300 2340 2350

Raw sugar hits 30-yr peak, cocoa firm LONDON: ICE raw sugar futures rallied to a fresh 30year high on fund buying on Monday, while cocoa nudged up towards a four-month peak on worries over risks to supplies from Ivory Coast after a disputed election. Arabica coffee futures dipped, and were underpinned by tight supplies of high-quality beans. In the sugar market, dealers noted that persistent rainfall in Australia and a modest export flow from India, the world's second-largest producer after Brazil, supported prices, and that fund buying pushed ICE raw sugar to a new 30-year high. ICE March raw sugar was up 0.31 cent or 1 per cent at 32.81 cents a lb at 1523 GMT, having earlier touched a 30-year high of 33.50 cents a lb. Liffe March white sugar futures were up $8.20 or 1 per cent to $798.90 per tonne in modest volume of 2,180 lots. Cocoa futures prices strengthened, edging back up toward the four-month high hit earlier this month, as the threat of disruption to supplies from top producer Ivory Coast kept the market on tenterhooks. Second-month cocoa futures on ICE were up $22 or 0.7 per cent to $2,993 per tonne at 1524 GMT, edging towards the four-month peak of $3,140 touched on December 7. London second-month cocoa was up 1 pound or 0.05 per cent to 1,997 pounds per tonne in slim volume of 554 lots. Arabica coffee prices traded just shy of the 13-1/2 year high hit on Friday, as wet weather has dampened the outlook for key producer Colombia's crop prospects. ICE March arabicas eased 1.50 cent or 0.7 per cent at $2.2380 per lb at 1526 GMT, while Liffe March robusta coffee futures were down $7 or 0.4 per cent to $1,979 a tonne in slim turnover of 3,686 lots. -Reuters

Indian sugar rises to 8-½ month high MUMBAI: India's spot sugar price rose nearly 1 per cent on Monday to its highest level in over 8-½ months on Monday as millers were insisting on higher prices after government announced exports of 500,000 tonnes, dealers said. "Since last week millers are quoting higher prices. Traders from Rajasthan and West Bengal are buying at higher levels," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). The country will allow unrestricted exports of 500,000 tonnes of sugar, the farm minister said on Dec. 15, helping global prices ease as the market expects more overseas sales as the country swings back to a surplus. In Kolhapur, a key market in topproducing Maharashtra state, the most traded S-variety rose by 0.4 per cent to 2,904 rupees ($63.8) per 100 kg, the highest level since April 1. New York raw sugar rose to a 30-year high of 33.50 cents a lb in early trading on Monday, underpinned by wet weather in Australia and limited exports from key producer India. Reuters

ZHEJIANG - CHINA: A vendor arranges cauliflowers at a vegetable wholesale market on the outskirts of Jiaxing, Zhejiang province. -Reuters

Gold rises as concerns European oil over EU, Korea linger vegetable prices

LONDON: Gold rose for a second day on Monday, overcoming the weakness in the euro after a warning from the European Central Bank on the region's finances encouraged light safehaven flows into the metal. Tensions on the Korean peninsula also fed the safe-haven bid for gold after an artillery firing drill by the South Korean military on a disputed island near the border with the North.

Lending additional strength to the rise in the gold price this month has been an increase in the inflows into bullion-backed exchange-traded funds and an expansion in open interest in US futures. Holdings of gold in the world's largest gold-backed ETF, the SPDR Gold Trust, rose for the first time since early December, to 1,298.94 tonnes, reflecting investor demand for bullion.

Spot gold was last up 0.9 per cent at $1,383.50 an ounce by 1447 GMT, having touched an intraday high of $1,388.05 earlier. US gold futures for February rose $4.90 an ounce to $1,384.10 an ounce. "It looks to have caught a bit of a safe haven bid," said Citigroup analyst David Thurtell. "But it's very quiet. Gold has traded a very small range since an hour after the Asian open." He said he expected the metal to remain in a relatively narrow range into year-end. "Most funds have stopped for the year and won't come back until the New Year," he said. Gold, which has risen by over 25 per cent so far this year, is on track for a fourth successive month of gains.

UBS precious metals strategist Edel Tully said global ETF holdings are now at a record 69.2 million ounces and pointed to a pick-up in European coin demand late last week. Silver rallied for a third day, keeping its ratio to gold pegged at multi-year lows. The spot price was last up 0.5 per cent at $29.25 an ounce, having risen by nearly 75 per cent this year to its highest since early 1980. iShares Silver Trust, the world's largest silver-backed ETF, said its holdings fell to 10,903.34 tonnes by Dec 17 from a record 10,964.14 tonnes on Dec 14. Platinum was last up 0.4 per cent at $1,702.99 an ounce, while palladium was up 1 per cent at $744.22. -Reuters

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11/Apr11 1005.00, May11/Jul11 1007.00+2.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1060.00+15.00, May11/Jul11 1050.00+15.00, Aug11/Oct11 975.00+10.00, Nov11/Jan12 980.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1450.00+0.00, Feb11/Mar11 1440.00+0.00, Apr11/Jun11 1410.00+0.00, Jul11/Sep11 1420.00+0.00, Oct11/Dec11 1360.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1357.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1210.00+5.00, Feb11/Mar11 1195.00+2.50, Apr11/Jun11 1172.50+7.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1182.50+2.50, Mar11 1182.50+2.50, Apr11/Jun11 1152.50+5.00, Jul11/Sep11 1135.00+12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1705.00-5.00, Feb11/Mar11 1705.00-5.00, Mar11/Apr11 1705.00-5.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters

Palm oil edges up on low supply outlook KUALA LUMPUR: Malaysian crude palm oil futures rose 0.4 per cent on Monday as traders bet year-end stocks may reach the lowest in four years despite cargo surveyors showing a slowdown in exports. Traders estimated stocks in December could fall by 8.5 per cent to 1.5 million tonnes from a month ago, making it the lowest year-end level since 2006 as heavy rains stall harvesting and lower yield quality. "Lower exports may give some pressure but traders are talking about end-year stocks staying really tight for January and maybe in February," said a

trader with a foreign brokerage. Benchmark March 2011 crude palm oil futures on the Bursa Malaysia Derivatives settled up 0.4 per cent to 3,518 ringgit ($1,123). Traded volumes stood at 18,308 lots of 25 tonnes each, compared to about 10,000 lots usually traded. Other traders expect the market to move into losses in the coming days as cargo surveyor Intertek Testing Services reported a 26.3 per cent drop in December 1-20 Malaysian exports from a month ago. Aother surveyor Societe Generale de Surveillance said

exports for the same period tumbled 27.3 per cent. "The doom and gloom is not so bad. Stocks will still be tight but production could stage a faster recovery than expected, if the floods stay away," said a plantation official in Malaysia. Other vegetable oils rose, partly supported by weather concerns in the US and Australia hitting the broader agriculture market complex. US Soyoil for January 2011 delivery edged higher in Asian trade hours and the most active Sept. 11 soyoil on China's Dalian Commodity Exchange inched up 0.1 per cent. Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

20-Dec-2010 CRUDE100 20-Dec-2010 CRUDE100 20-Dec-2010 CRUDE100 20-Dec-2010 SILVER - SL500 20-Dec-2010 SILVER - SL500 20-Dec-2010 GOLD 01oz 20-Dec-2010 GOLD 01oz 20-Dec-2010 GOLD 01oz 20-Dec-2010 GOLD 100oz 20-Dec-2010 GOLD 100oz 20-Dec-2010 GOLD 100oz 20-Dec-2010 GOLD 20-Dec-2010 GOLD 20-Dec-2010 GOLD 20-Dec-2010 KILOGOLD 20-Dec-2010 KILOGOLD 20-Dec-2010 TOLAGOLD50 20-Dec-2010 TOLAGOLD100 20-Dec-2010 MINIGOLD 20-Dec-2010 MINIGOLD 20-Dec-2010 MINIGOLD 20-Dec-2010 MINIGOLD 20-Dec-2010 MINIGOLD 20-Dec-2010 TOLAGOLD 20-Dec-2010 TOLAGOLD 20-Dec-2010 TOLAGOLD 20-Dec-2010 TOLAGOLD 20-Dec-2010 TOLAGOLD 20-Dec-2010 IRRI6W 20-Dec-2010 RICEIRRI - 6 20-Dec-2010 RBD PALMOLEIN 20-Dec-2010 KIBOR3M 20-Dec-2010 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

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

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

87.38 88.10 89.00 28.80 28.77 1370.20 1370.30 1371.90 1369.90 1373.60 1371.40 37830.00 37838.00 37855.00 37835.00 37811.00 44081.00 44081.00 38854.00 38893.00 38906.00 38919.00 38932.00 44653.00 44782.00 45038.00 44728.00 44699.00 2402.00 3365.00 4984.00 86.45 85.50

88.52 89.15 89.91 29.38 29.38 1388.20 1388.30 1389.60 1384.00 1388.00 1384.50 38300.00 38249.00 38265.00 38212.00 38221.00 44569.00 44569.00 39326.00 39270.00 39284.00 39298.00 39312.00 45203.00 45138.00 45154.00 45171.00 45187.00 2402.00 3365.00 4984.00 86.53 86.11

87.19 87.81 89.00 28.69 28.77 1365.70 1365.10 1366.60 1369.90 1368.00 1371.40 37690.00 37838.00 37855.00 37801.00 37811.00 44081.00 44081.00 38854.00 38893.00 38906.00 38919.00 38932.00 44653.00 44698.00 44713.00 44728.00 44699.00 3319.00 3349.00 4940.00 86.45 85.50

88.51 89.11 89.91 29.25 29.26 1384.00 1384.50 1385.50 1384.00 1384.50 1384.50 38239.00 38249.00 38265.00 38212.00 38221.00 44569.00 44569.00 39326.00 39270.00 39284.00 39298.00 39312.00 45203.00 45138.00 45154.00 45171.00 45187.00 3319.00 3349.00 4940.00 86.53 86.11

Traded Volume in lots 123 235 1 211 96 865 1,830 1,965 13 23 2 13 1 1 -

Previous Settlement Price 88.18 88.71 89.55 29.37 29.38 1384.40 1384.80 1385.90 1384.40 1384.80 1385.90 38214.00 38224.00 38240.00 38187.00 38196.00 44540.00 44540.00 39297.00 39245.00 39258.00 39271.00 39284.00 45169.00 45109.00 45124.00 45139.00 45154.00 3326.00 3365.00 4984.00 86.45 86.08

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 88.51 12 89.11 113 89.91 1 29.25 13 29.26 36 1384.00 432 1384.50 1,411 1385.50 1,462 1384.00 1384.50 7 1385.50 38239.00 35 38249.00 38265.00 38212.00 38221.00 44569.00 44569.00 39326.00 39270.00 39284.00 39298.00 39312.00 45203.00 45138.00 43 45154.00 25 45171.00 6 45187.00 1 3319.00 3349.00 4940.00 86.53 86.11 -


Man resembling Tendulkar and fans of Sachin celebrate in Ahmedabad

10

Tuesday, December 21, 2010

Sania ends 2010 on a high note BANGALORE: For Sania Mirza, 2010 was more a test of nerves than serves. On a cold Saturday evening in Dubai, the 24-year-old Indian showed she had put the uncertainty of form and fitness behind her by blazing to her first title in 17 months. Sania, down to 164 in the world rankings, beat Serbian Bojana Jovanovski, ranked 81st, 4-6, 6-3, 6-0 in the final of the $75,000 13th Al Habtoor Tennis Challenge. "It feels great to finish the year on a high after a difficult first six months when my wrist injury kept me wondering if I would ever get back to playing professionally again," Sania told TOI. "I had lost twice to Bojana this season, but I was happy to turn the tables on her this time. It feels good to beat a player who has had her best year on the Tour this season." Sania, who had earlier beaten top-seeded Julia Goerges, ranked 40 in the world, in the quarterfinals, resides in Dubai with her cricketer husband Shoaib Malik. In the final set, the Indian dropped just seven points, flashing her ferocious forehand at will. The win gives Sania 110 ranking points which should help her climb some 25 slots when the ranking list comes out on Monday. Sania, who lost the first six months of the year to a wrist injury that threatened to halt her career, was lucky to make the main draw. "The win is good for my confidence," Sania added, "especially coming as it has after the Commonwealth Games and the Asian Games where I figured among the medals."Agencies

Germans can win Euro or WC: coach BERLIN: Germany coach Joachim Loew said on Monday his side can win Euro 2012 or the 2014 World Cup after showing itself to be one of football's most consistent teams. "My gut feeling ... is that our team can win a title in 2012 or in 2014," Loew told sports weekly Kicker in an interview. "Looking back, together with Spain we really are one of the most consistent teams. In the last two years our performances have got better and better ... It's only when this happens that you can win championships." Germany finished third in the World Cup in South Africa earlier this year, demolishing England 4-1 and Argentina 40 in some of the tournament's most exciting football. They lost to eventual winners Spain in the semi-finals. Germany have four wins from four qualifiers for Euro 2012, due to be held in Ukraine and Poland, and are top of Group A with a fivepoint lead over their rivals. Loew, whose trademark "lucky" blue cashmere sweater worn during the World Cup sold for one million euros (1.3 million dollars) for charity on Saturday, also rejected accusations there were too many youngsters in the side. "I have ascertained that quality and technical ability are more important than experience. I don't care if someone is only 18 and has only played 10 Bundesliga games," Loew said. "I measure players but what they can they do and by what possibilities I see for them."APP

Oz ready for 4th test amid festivities MELBOURNE: Australia have their tails up after beating England by 267 runs in Perth to get their Ashes campaign on track, but have plenty to ponder amid praise from a grateful nation as they prepare for the fourth test. The third test victory, sparked by a stunning return to form by enigmatic pace bowler Mitchell Johnson, squared the five-test series 1-1 on Ricky Ponting's 36th birthday and left the Australian captain claiming the momentum was firmly with the hosts. "Momentum and confidence is a great thing in sport," Ponting said. "We've got the tide going back in our direction now and more importantly we've got some of our key players, like this bloke beside me (Johnson), probably on top of the world and with as much confidence as they've had in their careers." The selection of a four-

pronged pace attack for Perth was exonerated when Johnson teamed with fellow quicks Ryan Harris, Ben Hilfenhaus and Peter Siddle to dismiss England for 187 and 123. Having been punished by England's batsmen at one stage or another in the Brisbane and Adelaide tests when bowling with spinner Xavier Doherty, the four clearly enjoyed themselves at the WACA, where the pitch provided spark as changeable breezes helped the ball swing. "The big thing that I was just really happy about was the way we bowled as a team," said Johnson, who was dropped after Brisbane following a wicketless performance in which he leaked 170 runs. "The four fast bowlers, we stuck together and worked really hard. We were really patient." LEAKY TAP Patience may be required in far greater reserves at the

Play for Peace

31st Nat’l Games all set to impress PESHAWAR: Much awaited and postponed twice, the 31 National Games are all set to get underway on December 25 at different venues all across the province including Islamabad. "Final touches have been given to the overall preparation for the smooth and peaceful conduct of the forthcoming National Games in order to hold the mega event in a befitting manner and make it a huge success," said Syed Aqil Shah, Provincial Minister for Sports here in a press briefing at Qayyum Sports Complex. The games will kick off on December 25 and will continue till the last day of the year- 2010 (December 31). More than 7,000 players both male and female from all over the country will participate in the games. National games will feature 28 sports, including 7 women

events, with majority of events taking place at different cities of Khyber Pakhtunkhwa. "Rifle Shooting, Taekwando, Wushu, Handball, Football and swimming events will take place at Islamabad," said the minister who also holds the portfolio of President Khyber Pakhtunkhwa Olympic Association. The Hockey event will be played at Abbottabad while Baseball is scheduled to be played at Mardan. The Rowing competition will take place at Khanpur Lake, Haripur. The slogan of the National Games is Play for Peace. "By holding the event we want to give the message of peace to entire world. The security situation in the city is far better and we hope the event will be a success," Aqil Shah said.-APP

KARACHI: ‘Rauf XI’ pose for group photo along with President Karachi Hockey Association Wasey Jalil after attaining second postition in Karachi Inter Club Hockey Tournament.-Staff Photo

cauldron-like Melbourne Cricket Ground, where officials are talking up the possibility of a record Ashes crowd of over 90,000 for the first day on December 26. Wickets trickled like a leaky tap on Perth's sometimes mischievous wicket, but the MCG's tracks tend to be far more lifeless and Australia's lack of a quality spinner could prove telling should the pitch wear late in the test. The untried spinner Michael Beer was left out for Perth but was named again in Australia's 12-man squad for Melbourne. "As for every game, we need to pick our best four bowlers for the conditions," said Ponting. "Beer wasn't picked to bowl here (Perth), he was picked as our best spinner." "Whether he plays or not will depend on what the wicket looks like a couple of days before the game."-Reuters

Yousuf, Tanvir eye another WC life KARACHI: The International Cricket Council's (ICC) decision to extend the deadline to announce the World Cup preliminary squad has given a new lease of life to injured players like former captain Mohammad Yousuf and leftarm pacer Sohail Tanvir. The Pakistan Cricket Board (PCB) had asked the ICC to extend the deadline while it sought information from Shoaib Malik, Kamran Akmal and Danish Kaneria who are being investigated for their alleged links with bookies. The governing body accepted the request and extended the deadline from December 19 to January 5. According to a selector, however, due to fitness issues both Yousuf and Tanvir were also almost overlooked for the 30-man squad, which was finalised during a series of meetings before its announcement was deferred due to the players' clearance issue. The selectors are now looking to assess the fitness of Yousuf and Tanvir who were not picked for the New Zealand assignment. "We will not only just sit and wait for the green signal by the PCB but also avail the given time given to mull over other options," a selector told. "It is a good opportunity for players like Yousuf and Tanvir to show their fitness before the final selection."-Agencies

SA series success termed morale booster by Waqar AUCKLAND: Pakistan coach Waqar Younis is confident that his team can carry forward their impressive performance against South Africa into their forthcoming tour of New Zealand. Pakistan got their cricket back on track after a disastrous tour of England with respectable results against South Africa in the United Arab Emirates in November. They drew both Test matches, and managed a close fivematch ODI series before eventually losing it 3-2. "South Africa's probably one of the best teams at the

moment, so it was a morale booster after all that we went through," Stuff.co.nz quoted Waqar, as saying. "We've played some decent cricket in the one-dayers as well as in the Test matches. We never got into a position of winning any Test matches, but we showed some guts and made sure we managed some draws." "This is an opportunity for us also, but we don't really want to forget that New Zealand in their own country, they are a very fine side. We've got to make sure we do the basics right and try to win

the maximum we can," he added. New Zealand, on the other hand, has issues of another nature following their 11 oneday losses on the trot. The Daniel Vettori-led team, which was thrashed 0-5 in a one-day series against India, has equalled their second worst one-day run of 11 straight defeats. They were earlier beaten 0-4 in a five-match ODI series by Bangladesh in October. The Black Caps' last win came in the first match of a Sri Lanka tri-series, against India, on August 10.-Online

IPL players, auction starts next month MUMBAI: The much-awaited Indian Premier League players' auction will be held at Bangalore on January 8 and 9 and will see over 400 players going under the hammer, it was learnt on Monday. "The auction is to be held in Bangalore and a total of 416 players would go under the auctioner's hammer," IPL sources said. Under the IPL Player Regulations, each of the founding franchises could retain up to four players (of which only three could be Indian) in advance of the player auction against fixed deductions from the $9 million salary cap.

Only Chennai Super Kings, the 2010 champions, and runners-up Mumbai Indians have retained the full compliment of players. CSK have retained captain Mahendra Singh Dhoni, Suresh Raina, Murali Vijay and South African all-rounder Albie Morkel. MI held on to batting legend Sachin Tendulkar, Harbhajan Singh, Sri Lanka's sling-arm pacer Lasith Malinga and West Indian powerhouse Kieron Pollard. By retaining four players, MI and CSK are each left with only $4.5 million to spend either in the auction or in buy-

ing Ranji players outside the auction. Delhi Daredevils retained swashbuckling opener Virender Sehwag, Virat Kohli was retained by Royal Challengers Bangalore and Rajasthan Royals decided to keep their two Australian starsShane Warne and Shane Watson. Rajasthan Royals will have $5.9 million available to spend while Delhi Daredevils and Royal Challengers Bangalore will each have a balance of $7.2 million available. The remaining franchises have the full $9 million available to spend.-Agencies

First player to hammer 50 test tons

Pak veterans shower praise on Sachin KARACHI: Pakistan's former Test players showered lot of praise on Indian batting icon Sachin Tendulkar for becoming the first man to score 50 Test hundreds. "Tendulkar can now rightly lay claim to the title of being the greatest batsman in cricket history," said former captain Rashid Latif. "And if some people argue about his greatness then there are certainly no arguments about his being the most prolific, he is a complete run machine and his 50th Test hundred is a testimony of his endurance and passion for the sport," Rashid added. Another former captain Javed Miandad, who played in the Test match at Karachi in 1989 in which Tendulkar made his debut, said he was happy for Tendulkar.

"It was clear to us even when he walked out to bat in that Test as a teenager that he had talent. The fact that he has been around for 21 years and done justice to that god gifted talent in both forms of the game is an achievement any cricketer would be proud off," Miandad who played 124 Tests, said. Miandad also said he didn't see Tendulkar's record of 50 Test hundreds being broken by anyone in the future. "It would be very difficult for anyone to reach this pinnacle of Test cricket."Pakistan's Hanif Muhammad who would turn 76 tomorrow paid the tribute to the veteran batsman, saying that he make it a point to watch cricket when Tendulkar was batting in Test matches. "I try to watch the matches in which he is playing because I

have not seen anyone gifted with such natural technical batting excellence, which he has combined with his hardwork and

Former Pakistani wicketkeeper and captain Moin Khan said he had played a lot against Tendulkar and he admired his

commitment. He is indeed a phenomena and a role model for every young batsman," Hanif said.

competitiveness and hunger for runs. "He was always competitive but also polite on the field and

I think he is the role model for young cricketers. He also highlights the fact that as long as a player has passion for cricket and confidence in his skills and is fit, age is never a barrier in international cricket," Moin said. Former Pakistan batsman and selector Shoaib Muhammad, who played in Tendulkar's debut Test, said the champion batsman had achieved phenomenal success because he really worked hard on his batting and fitness and was someone who had the ability to score anywhere in the world. Shoaib described Tendulkar as the most complete batsman of his time, and arguably the biggest cricket icon as well. "I have watched him play all these years closely and his batting is still so pure based on per-

fect balance and little movement and precision in strokes," Shoaib said. "I think there is a lesson in this new world record for every batsman about how important it is to maintain consistency in your game even after so many years in international cricket," he said. Former Test pacer Jalaluddin advised the Pakistani batsmen to learn a lesson from Tendulkar's technique and achievements and bring a more consistent approach to their batting. "I think every country wants to have a batsman like Tendulkar. But such a player come only once in decades. His greatness is he has realised the responsibility on him to keep on scoring runs for India and to break record after record," Jalaluddin noted.Online


CBI cuts UK Q1 growth but sees early rate rise LONDON: Confederation of British Industry (CBI) downgraded its forecast for UK growth on Monday to 0.2 per cent for the first quarter of 2011 but said it expected interest rates to rise in the first half of the year. The employers group said the Bank of England would begin to "normalise" monetary policy in the spring as inflation picks up. It said that would be followed by a slightly faster stimulus withdrawal over the second half, taking the Bank rate from a record low of 0.5 per cent to 2.75 per cent by the fourth quarter of 2012. A recent Reuters poll of economists forecast rates would not start to rise until the fourth quarter of next year and put rates at 2.00 per cent by the fourth quarter of 2012. "There's increasing speculation that the BOE will need to respond to inflationary pres-

sures but we don't see a rate hike in the first half of next year as a likely scenario given our negative view on the euro zone and the potential impact on the UK," said Lee Hardman, currency analyst at BTM UFJ. The CBI downgraded its forecast for quarterly growth in the first three months of 2011 from 0.3 per cent, saying rising unemployment, a new year VAT hike and higherthan-expected inflation would dent the fragile recovery, but said it expected the recovery to be maintained. It also said it considered the risk of a double-dip recession to be low. The CBI said growth would be knocked in the first quarter when consumer spending falls slightly in response to a rise in VAT. It forecast "fairly modest" growth of 0.4, 0.5 and 0.5 per cent over the remaining quarters of 2011.

The group said the economy would expand by 2.4 per cent over the year as a whole, which it said was subdued for this stage of a recovery. "The pace of recovery in the UK economy has been slightly stronger over the past year than we and many others had expected, and somewhat faster than typical during the first year out of a recession. But we do not expect that rapid pace of growth to continue over the next two years of recovery," said CBI Chief Economic Adviser, Ian McCafferty. "The big early kicker to growth from the turn in the inventory cycle has already passed and we are now starting to feel the impact of lower government spending," he said. It also expected inflation through 2011 to be higher than previously forecast, a reflection of higher energy and commodity prices.-Reuters

OECD wants Spain tax rise if targets prove tricky MADRID: Spain should raise taxes further if its budget plan goes off course and reforms to pensions and banks are vital to boost an economy which will remain weak for years, the Organisation for Economic Cooperation and Development said. In a report published on Monday, the OECD said Spain was broadly on track to meet its 2011 deficit target but risks remained, such as a long period of weaker than expected growth. Gross domestic product could grow just 1.8 per cent in 2012, compared with a government forecast of 2.5 per cent, it said. "If (the risks) materialise, additional consolidation measures may need to be contemplated to reach fiscal targets," the report said. The cost of financing at Spain's debt auctions has soared over the past two months on investor concern it could need a bailout package like Ireland or Greece. The Treasury is due to hold its last

debt auction of the year on Tuesday when it sells 3- and 6month Treasury bills, with yields likely to rise compared with previous sales. On Monday the risk premium that investors demand to hold Spanish debt rather than benchmark German bunds held at around 254 basis points. The Spanish economy crept out of a year-and-a-half recession in the first quarter, but had stagnated by the third quarter under the weight of state-backed austerity measures and faltering consumer confidence. Economy Secretary Jose Manuel Campa appeared to back the OECD's outlook on growth, which it said was likely to be held back by the aftermath of a housing bubble and a high degree of private indebtedness. "GDP was zero in the third quarter and it will probably be moderate in the fourth ... This will continue next year with growth rates getting better every time but

still soft," he said at a conference in Madrid. The OECD said the government should be ready to raise taxes further if needed, given risks over the sustainability of public sector wage cuts, optimistic growth targets and a lack of specified measures to restrain public expenditure after 2011. Applying higher value-added tax across a wider range of goods and services would be one way to raise revenues, it said. Spain raised VAT to 18 per cent from 16 per cent in July. The report said that policies to restore investor confidence were essential to ensure funding costs remained moderate. The organisation said labour market reform in Spain was a cornerstone for rebalancing the economy, but efforts must be broadened and deepened and include changes to the collective bargaining system, where wage increases are set across whole sectors or companies.-Reuters

Iran hangs 11 members of Jundollah KARACHI: Iran hanged 11 members of Jundollah in the aftermath of killing of 39 people in a mosque bombing, the Justice Ministry said on Monday. Iranian government also urged Pakistan to root out the "terrorists" across the border. "The people of SistanBaluchestan province, in their continuing campaign against the elements of cruelty and insecurity, hanged 11 people at Zahedan prison," the ministry said in a statement on the semiofficial Fars news agency. It said those executed were all supporters of Jundollah, the group that Iran says is linked to al Qaeda and which claimed a double suicide bombing of Shi'ite worshippers in the southeastern province bordering Pakistan on December 15. Iran hoped it had neutralised Jundollah when it executed its leader, Abdolmalek Rigi, in June. But the mosque bombing in the town of Chabahar, which wounded more than 100 people, was the latest action by the group to show it is fighting back. Jundollah says it fights for the rights of the Baluch people, an ethnic minority it says faces "genocide". The families of the bombing victims sent a letter to Pakistani President Asif Ali Zardari calling for "serious measures" against Jundollah and other "terrorist" groups, echoing a call from some Iranian officials. "These anti-revolutionary groups which have been given shelter in neighbouring countries like Pakistan and are being supported there should be pursued and suppressed on Pakistani soil," Qolamali Rashid, a senior military official, said according to Fars. "The land forces of the Revolutionary Guard have the ability to do this," he said, referring to Iran's elite military force. A member of parliament's national security and foreign policy committee said on Sunday that "Pakistan should be served notice" to destroy what he called terrorist training camps. "If the Pakistan government refused to take measures to destroy the terrorist centres in that country, then the Islamic Republic would have the right to take steps and make the atmosphere unsafe for the terrorists in defence of its own nationals," Kazem Jalali told the semi-official Mehr news agency.-Agencies

ECBâ&#x20AC;&#x2122;s Trichet, Ireland must stick to bailout plan PARIS: European Central Bank head Jean-Claude Trichet said on Monday euro zone countries must do more individually and collectively to combat the bloc's debt crisis, and Ireland must stick "rigorously" to its bailout plan. In a position paper published on its website, the ECB earlier expressed "serious concerns" that Ireland's rescue package could affect the institution's liquidity operations in the euro zone. Asked if he was concerned about the health of Irish banks, Trichet said: "The Irish (bailout) plan is designed for Ireland to face up its own particular problems, which have mostly to do with its banking

system." "We consider it necessary (for Ireland) to complete this plan rigorously," he told France's Europe 1 radio without commenting on the ECB paper, which was dated December 17. Irish sovereign debt was downgraded by five notches by Moody's on Friday in a move likely to put extra pressure on the country's banks. European nations agreed last week to set up a permanent financial safety net from 2013 and the European central bank moved to increase its firepower to fight the debt crisis in the single currency area. But the mechanism will only be used as a last resort to save

the euro, and European countries did not discuss increasing the temporary rescue fund currently in place, which some analysts say would not be able to cope if Spain and Portugal both needed bailouts. A more coordinated approach to fighting the euro zone debt crisis was needed, Trichet said. "I ask everyone to take their responsibilities and that means, concretely, to do more individually and collectively in the current crisis." He dismissed a breakup of the euro zone as an "absurd hypothesis" and said the source of problems in the 16-member bloc was financial stability, not the euro currency.-Reuters

China money inflows slow, still big-cenbank data SHANGHAI: Capital flows into China slowed in November from a near record high in October, central bank data showed, which is expected to reduce the need for the People's Bank of China to conduct another imminent tightening. The "Position for Forex Purchases" showed November inflows remained at a historically high level. To cushion the prospect that higher returns for funds will invite more speculative "hot money" into China, the central bank may resort to quantitative tools instead of interest rate increases in the medium term. The PBOC and Chinese institutions spent 319.6 billion yuan ($48 billion) to absorb foreign exchange flowing into China in November, down sharply from 519 billion yuan in October, the third largest since the data was published in the late 1990s. But the November report, a key measure of capital inflows into China, was much higher than the 290 billion yuan in September and 243 billion yuan in August,

according to Reuters calculations based on the latest data published by the central bank over the weekend. China has seen a steady increase of capital inflows in the last decade as speculators bet on the country's rising prices of shares and property as well as the expected appreciation of the yuan against the dollar. Slowing capital inflows in November reflects the stock market's 5.3 per cent fall in the month after a 12.2 per cent jump in October and the government's continued efforts to dampen high property prices. The yuan also fell in the second half of the month after hitting a multi-year peak in mid-November. STOCKS, YUAN FALL There are signs that capital inflows could remain stable in December compared with November as the benchmark Shanghai stock index <.SSEC> has staged a lacklustre performance this month with a 2.6 per cent rise, while the yuan is at a standstill. To clamp down on excessive inflows and calm inflation in October, the PBOC raised official interest rates on

Oct. 19, followed by three increases in bank reserve requirement ratios (RRR), locking up more than 1 trillion yuan. Apart from China's financial system being awash with inflows, annual consumer price inflation in November rose to a 28-month high of 5.1 per cent, with real interest rates remaining negative since February, arguing for more monetary tightening steps. The central bank is now sending signals via its open market operations that it may rely on RRR hikes to tighten in coming weeks, possibly for a couple of months. The possibility of another rate hike, much anticipated by the market, may thus be delayed not only through this year but probably until after the Lunar New Year in early February. The central bank has kept the auction yield of its bills unchanged over the past five weeks in its open market operations and is expected to continue doing so in coming weeks, serving its efforts to dampen expectations of another official rate rise. ($1=6.66 yuan).-Reuters

CONTINUATION October 2010. However, imports in November 2010 witnessed a The President said that Kuwait's active participation in the economic development of Pakistan Continued from page 12 No #1 slight decline of 2.96 per cent MoM with trade of $3.12 billion as through a number of development projects reflects its binding interest and confidence in the counshipped through the Khyber region, although US troops increasagainst the imports of $3.22 billion in the month of October 2010. try's march to progress.-Online ingly use alternative routes through central Asia. -Online Surprisingly, exports fell 10.67 per cent to $1.77 billion in Continued from page 1 No #9 Continued from page 12 November this year, against $1.98 billion in the last month of No #2 category raised Rs22.2 & Rs8.6 billion while remaining categories has shown a dull performance comparison. The trade deficit for the five months of the 2010-11 separately with India and Pakistan a string of cooperation documents and commercial contracts. Wen also held talks with Indian (July-Nov) reached $6.49 billion against $5.55 billion in the same in FY11. With money market and equity fund category, the fresh money is only injected in money period of the previous fiscal year, showing an increase of 16.9 per market fund category due to increase in risk aversion of investors, while equity fund category witand Pakistani leaders to promote bilateral cooperation. Yang said Wen's visits have enhanced the two-way strategic cent during the period, mainly due to significant surge in imports. nessed asset size growth due to increase in asset value (KSE 100 rose15.56 per cent during FY11) partnerships with India and Pakistan, which presented China as a Imports into the country during the period were recorded at and conversion of close-end funds into open-end funds. Open-end funds which contribute almost 87.7 per cent of total mutual fund industry size stand responsible country committed to good-neighborliness, unity and $15.37 billion against $13.08 billion during the same period of last year, showing a growth of 17.48 per cent. On the other hand, at Rs196.6 billion in November10 compared with Rs187.4 billion in October 10, showing an cooperation with its neighbors. -Online the exports from the country surged 17.92 per cent after increas- increase of 4.90 per cent month-on-month; while closed-end funds stand at Rs27.54 billion, up Continued from page 1 No #3 ing from $7.55 billion in 5MFY10 to $8.88 billion in 11MFY11. by 4.16 per cent MoM. Assembly, Chaudhry Nisar Ali Khan claimed that US ambassaContinued from page 5 No #10 Continued from page 1 No #6 dor to Pakistan, Cameron Munter, was trying to dictate opposition Emerging market equity funds extended their inflow streak to 29 weeks, and for the year-to-date that decisions taken in this regard should clearly reflect uniform parties on the issue of the Reformed General Sales Tax (RGST) and thus mocking the government and its coalition partners on approach in distribution of resources among all the stakeholders they have taken in almost $90 billion, global fund tracker EPFR said over the weekend. India's benchmark has risen nearly 14 per cent in 2010, backed by $28.4 billion of foreign portfoRGST issue. During National Assembly session, Chaudhry Nisar after taking them on board. Prime Minister directed that both Sui asserted it was the parliament's prerogative to make a decision on Southern Gas Company (SSGC) and Sui Northern Gas Pipeline lio investment. The index has outperformed Brazil's Bovespa and China's Shanghai Composite Index, which have dropped 0.9 per cent and 12.9 per cent, respectively, in the year-to-date, but fallLimited (SNGPL) should focus on reducing losses on account of the RGST, and not the US ambassador's. He further said that the US was virtually dictating Pakistan over leakages and theft. He further directed that effective policies en short of Russian RTS index's 20.5 per cent gain. Oracle Corp's and Accenture's forecast-beating starting a military operation in the North Waziristan tribal region should be adopted to ensure the use of certified appliances having quarterly earnings last week and optimistic outlooks, lifted the mood for the software industry. and that the defence and foreign ministries had failed to take efficiencies of 50 per cent instead of the average 22 per cent at Leading outsourcer Tata Consultancy Services rose nearly 3 per cent to a record high of 1,174.50 present to help gas conservation. He also directed to launch pub- rupees, while Infosys Technologies gained as much as 2.1 per cent to an all-time high of 3,363 notice of this posture. -Agencies lic awareness campaign for adoption of conservation measures by rupees. SKS Microfinance , the country's only listed microfinance lender, tumbled 9.5 per cent to a Continued from page 1 No #4 the consumers. Earlier, the Minister for Petroleum & Natural record low of 599 rupees on the back of renewed fears about the sector's future profitability. November 2008, was scheduled to end this year but the release Resources briefed the participants of the meeting on the gas supThe 50-share NSE index closed barely changed at 5,947.05 points.-Reuters of the last two tranches has been delayed because Pakistan has yet ply situation throughout the country highlighting the increasing Continued from page 5 No #11 to implement key fiscal reforms. Earlier in December a Finance demand of gas because of the winter season. The Nikkei fell 87.42 points to 10,216.41, approaching support at 10,116.53, its 25-day moving Ministry official had said Pakistan planned to seek an extension of He also mentioned that one of the reasons of shortage had been the loan programme to win more time to implement the reforms increase in domestic connections during the year. He also average, a gauge closely followed by Tokyo investors. The broader Topix index declined 0.5 per cent to 898.55. Asian shares eased, led by a drop of as much as 3 per cent in China's key stock index as needed to secure the next tranche. explained some of the difficulties in implementation of decisions "Pakistan has asked for an extension and the IMF board is con- taken earlier because of gas supply and consumption situation. a shortfall of money flows ahead of the year-end in a tight monetary environment pressured the marsidering the request," said the source; that is based in Pakistan. The representatives of Aptma, fertiliser industry, LNG importers ket. Trading volume was the lowest since Dec. 6, with 1.7 billion shares changing hands on the Failure to complete the IMF programme could discourage other and CNG also explained the difficulties of their respective sectors Tokyo Stock Exchange's first section, 19 per cent lower than last week's closing average of around 2.1 billion shares. Market players said volumes may dry up further this week as foreign investors international donors from future lending. Pakistan sought the due to shortage of gas supply. -Agencies who have been net buyers of Japanese equities for the last six weeks, helping push the index highextension after missing several deadlines on implementing a er, will be less active as the Christmas holidays approach. Continued from page 1 reformed general sales tax (RGST), which was originally schedNo #7 But baby goods maker Pigeon Corp rose 4.3 per cent to 2,847 yen after Credit Suisse started covuled for July and is a key condition to get the sixth tranche the Waqar Ahmed was serving as Secretary in the Textile Ministry. erage of the company with an "outperform" assessment. Honda Motor climbed 1.4 per cent to 3,280 country hoped to get in December. The government introduced a It is pertinent to mention here that Sohail Ahmad had served as bill in the National Assembly in November on the RGST and ana- Secretary Planning & Development, Secretary, Health and yen after saying on Friday it would target sales in China of 730,000 vehicles in 2011, for growth of lysts expect it to pass, but not before January 2011 because the Secretary, Finance in the Punjab Government. On his promotion more than 10 per cent from the 650,000 estimated for this year.-Reuters Pakistan Peoples Party-led government is facing fierce opposition to BS-21 he continued as Secretary Finance in the Punjab Continued from page 5 No #12 from almost all political parties, including the main opposition, Government, where he led two annual budget preparations. British Airways fell 1.9 per cent as the airline cancelled all short-haul flights out of Heathrow. Pakistan Muslim League-Nawaz (PML-N) of former prime minContinued from page 1 No #8 Mid cap peer EasyJet was off 1.6 per cent. Retailers, which rely heavily on the foot-fall in the lead ister Nawaz Sharif. the flood affected people. The President also appreciated the up to Christmas, were trampled lower, with Next and Marks & Spencer off 0.9 per cent and 0.7 per Continued from page 1 No #5 role of Kuwait Fund for Arab Development in development proj- cent respectively, and Tesco down 0.8 per cent. November 2010 compared with October 2010 showed that there ects in Pakistan, particularly the Neelum-Jhelum Hydro Power Next was also hit by a downbeat note from H20 markets, which repeated its "sell" rating. was about 9.49 per cent surge in trade deficit to $1.35 billion in Project that would greatly contribute towards overcoming the Positive broker sentiment also buoyed InterContinental Hotels, up 1.2 per cent, with Numis November 2010 compared with $1.23 billion witnessed in energy crisis in the country, he said. Securities upgrading its rating for the stock to "buy" from "add".-Reuters


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Tuesday, December 21, 2010

Rockets trash 2 Nato trucks in Khyber Agency

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a meeting on Gas Load Management at PM House here on Monday. -APP

Pakistan opposes consensus-less expansion

Not in quest for UNSC seat: FM ISLAMABAD: Foreign Minister Shah Mehmood Qureshi said Pakistan is not in quest for a permanent seat of the United Nations Security Council, adding idea of permanent membership in United Nations Security Council is contrary to the spirit of democracy and accountability. In a written reply during questionhour, Foreign Minister Shah Mehmood Qureshi said Pakistan is not in quest for a permanent seat of the United Nations Security Council (UNSC). Restructuring of the UNSC, he said, should be done only after developing a consensus among all member countries. He said that some countries are insisting on getting permanent status due to which other countries are

being divided, added that desires of individual countries have held the procedure of restructuring of the Security Council as hostage. He said that the Security Council is an important institution of United Nations and its basic responsibility is to maintain international security. He said that the efforts to bring reforms in the Security Council was started in 1990 and 5 issues including reformed council's volume, categories of seats, right of veto, colloquial representation and it's working procedure and ties with General Assembly were center of all attentions. He said that some countries that wanted the permanent membership are making such propagandas. He further said that circumstances of 1945 are different from 21st century as we are living in age of democracy,

supremacy of law, equality and accountability. He said that we wanted such reforms in which small and middle states could had enough chances to play vital role in international peace and stability so that's why on the basis of the rule, supported extension of permanent membership of Security Council in Pakistan otherwise, idea of permanent membership in United Nations Security Council is against the spirit of democracy and accountability. He said that we think that United nations and up coming generation could not be ruin by politics of power and dominance. He said that restructuring of the Security Council should be made with complete consensus of member countries. -Online

PESHAWAR: Taliban militants attacked Nato oil supply trucks with rockets and assault rifles in Khyber Agency on Monday, destroying two vehicles. According to media reports, militants fired rockets and then started shooting at the vehicles with assault rifles in Katakasht village near the town of Jamrud. Another oil tanker in the convoy of four trucks also caught fire and was destroyed. Local intelligence officials confirmed the attack. There was no claim of responsibility for the attack but intelligence officials blamed the Taliban. The bulk of supplies and equipment required by foreign troops in Afghanistan is See # 1 Page 11

Singh says wishes well for Pakistan NEW DELHI: Indian Prime Minister Manmohan Singh Monday said there were efforts to improve relations with Pakistan but it would have to ensure there were no terror activities on its soil. "We wish Pakistan well," Prime Minister said at the second day of Congress plenary session here. Relations with Pakistan will improve, but only when "our neighbour ensures there are no terrorist activities on its soil" against India, he said according to PTI. -Online

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Opposition told to adopt rules-of-order Malik confirms corruption in Hajj arrangements ISLAMABAD: Federal Interior Minister Rehman Malik Monday again made it clear that Opposition must play constructive role by adopting rules-of-order, adding it must immediately halt meetings with foreign diplomats urging government is extremely serious in eliminating the menace of corruption. Replying to points raised by the leader of Opposition in National Assembly on Monday, Federal Interior Minister went on to say that government has never taken dictation from foreign countries, adding we have our own policies and our stance is crystalclear when national interest of the country is taken into consideration. He told the House that those who level allegations against us, we see snaps of such opposition leaders meeting with foreign diplomats after repeatedly telling them to avoid such meetings but they say that some of the opposition leaders invited by foreign diplomats personally if not in Islamabad then in Lahore and Karachi thus violating diplomatic laws and norms in this regard. Opposition must promise not to meet them, adding House must constitute a committee that must make a law that Opposition must not meet foreign high-ups without taking government in confidence. Interior Minister admitted that corruption of 1.6 million Saudi Riyals was carried out in Hajj arrangements.

Speaking at floor of the Lower House, Malik said that he would soon share the details of probe being conducted into Hajj corruption. Regarding corruption, Rehman opine that it is undoubtedly a menace and we have established a committee in which the culprits will be unveiled adding a report will be presented in the National Assembly. He further told the House that that he has formally requested Prime Minister for immediately approving Accountability Bill while he also mentioned that the survey conducted by the Transparency International is unsatisfactory terming it false and fabricated. He said that NAB is playing a pivotal, unbiased and impartial role to unveil the culprits behind corruption, adding NAB and FIA are our trust worthy organisations and we are proud of them urging clash of institutions in not our cup of tea. Rehman Malik said that some antistate elements want to destabilise it however they would not be allowed to be successful in their notorious aims. Rehman said that there is no last word in the politics and all options are opened, adding that he had not contacted with MQM over the recent issues. He further said that media trial of the government is not fair at any cost urging abusing us in private programs is not what I called democracy. -Agencies

JUI-F MPs to sit in Opposition ISLAMABAD: Jamiat Ulema-eIslam Fazl (JUI-F) has submitted applications to the speaker NA and chairman Senate to sit on the Opposition benches. Maulana Fazlur Rehman, chief of Jamiat Ulema-e-Islam-Fazl has confirmed that he submitted an application to sit on Opposition benches. Speaking to newsmen in Islamabad Monday, he said JUI-F's parliamentary secretaries in National Assembly and Senate have also tendered their resignations. Maulana Fazlur Rehman as the leader of JUI-F submitted application to speaker NA while Senator

Maulana Gul Naseeb has submitted the application to chairman Senate to allot them benches in the Opposition since they are no longer coalition partners of the government. Talking to the media, Maulana said the decision is final and it is based on principles. Central Working Committee of the parliamentarian party is called on Dec 22 in which future strategy will be decided. JUI-F has 8 seats in NA and 12 in the Senate. Fazlur-Rehman, Atta-ur-Rehman, Mufti Mohammad Ajmal, Maulana Qasim, Maulana Abdul Malik, Haji Rozeuddin, and Aasia Nasir are

Price cut only after fall in int'l mkt, NA told

USC sugar price to stay for now ISLAMABAD: State Minister for Industries and Production Dr Ayatullah Durrani Monday informed the National Assembly that no reduction in sugar prices is likely at Utility Stores Corporation (USC) till downward trend is seen in international market. In response to a call attention notice moved by Tahira Aurangzeb, Nisar Tanveer, Nuzhat Sadiq and others regarding increase in the prices of ghee, oil and other essential commodities at USC, he said that long queues at USC is a evidence that quality-commodities are being

provided to the masses at reduced rates through these outlets. He said that there is a separate and comprehensive mechanism for quality control and the government would not compromise on the quality of the commodities being provided to the masses. The minister said that prices of ghee surged due to increase in prices of palm oil at international market. The price of palm oil witnessed upward trend since November last year and its price soared at $100 per tonne per month. -Online

China sees PM tours as fruitful BEIJING: Chinese Foreign Minister Yang Jiechi said that Premier Wen Jiabao's visits to India and Pakistan from were fruitful with rich achievements. Yang, who accompanied Wen on these visits, told reporters that Jiabao's visits are a major diplomatic move of China bearing a far-reaching strategic significance. Xinhua quoted Yang as saying that both India and Pakistan are important countries in South Asia, adding development of China's relations with these two countries would have

an important influence on peace and prosperity not only in South Asia, but also in Asia and the world at large. To develop friendship and good relations with India and Pakistan and promote mutual trust and cooperation is the common aspiration of China and its neighbors, Yang said. Yang said Premier Wen participated in more than 30 major activities and delivered important speeches during his visits to the two countries, which have yielded fruitful results. During the visits, China signed See # 2 Page 11

amongst the 8 members of JUI-F in National Assembly, whereas in Senate Azam Swati, Ismail Balidi, Maulana Gul Naseeb, Maulana Abdul Rashid, Abdul Ghafoor Haidry and Dr Khalid Soomro are amongst the 12 Senators. JUI-F pulled out of the PPP-led coalition government after one of its ministers, Azam Swati, was fired from the federal cabinet by Prime Minister Syed Yousuf Raza Gilani. Over the last few days, PPP made several attempts to win back JUI-F chief Maulana Fazlur Rehman, who refused to change his mind on the issue. -Online

Shahbaz meets PM Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said that the spirit of unity across political divide demonstrated by the nation during the visit of Chinese Prime Minister is a reflection of people-topeople love and affection between the two countries. The high-level contacts particularly the recent visit of the Chinese Prime Minister Wen Jiabao would have long-term benefits for the people of the two countries.

Furnace oil prices up again KARACHI: Oil marketing companies and local refineries have once again increased furnace oil prices for the next fortnight. PSO has increased the price of furnace oil by Rs1833 per tonne to Rs53926 for the next fifteen days from Rs52093 per metric tonne witnessed on 1 December 2010. However, PSO has decided to lower imported furnace oil price by Rs165 per tonne to Rs53304 per tonne against beginning of month's prices of 53469 per tonne. Crude oil prices have witnessed upward trend, floating above $91 per barrel, depicting a surge of 3 per cent.

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The Financial Daily-Epaper-21-12-2010