The Financial Daily Epaper 02-10-2010

International Karachi, Saturday, October 2, 2010, Shawwal 22, Price Rs12 Pages 12

Accountability Bill to be of one accord: PM

Nato fuel trucks take firing brunt

See on Page 12

Attack on LHC, a conspiracy: Aitzaz

See on Page 12

UN copter plunges into Manchar Lake

See on Page 12

See on Page 12

Musharraf launches All Pakistan Muslim League in London

Economic Indicators $16.79bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 3.05% LSM Growth (Jul 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.68mn Population

Forex Reserves (24-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)

APML debuts with apology Says terror, dysfunctional govt causing crisis Vows to raise GDP growth rate up to 6pc

Portfolio Investment SCRA(U.S $ in million)

49.23 -36.65 3.73 2311

Yearly(Jul, 2010 up to 30-Sep-2010) Monthly(Sep, 2010 up to 30-Sep- 2010) Daily (30-Sep-2010) Total Portfolio Invest (23 Sep-2010)

NCCPL (U.S $ in million)

FIPI (01-Oct-2010) Local Companies (01-Oct-2010) Banks / DFI (01-Oct-2010) Mutual Funds (01-Oct-2010) NBFC (01-Oct-2010) Local Investors (01-Oct-2010) Other Organization (01-Oct-2010)

2.17 -2.88 0.67 1.01 -0.50 -0.38 -0.10

Global Indices Index Close KSE 100 10,042.44 Nikkei 225 9,404.23 Hang Seng 22,358.17 Sensex 30 20,445.04 ADX 2,673.19 SSE COMP. 2,655.66 FTSE 100 5,592.90 *Dow Jones 10,820.56 *Last Updated 20:00 PST

Change 29.13 34.88 20.50 375.92 4.12 44.98 44.28 32.51

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 2.60 112.01 17.31 149.14 2.00 43.08 1.70 36.62 9.57 32.98

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

12.69% 12.82% 12.79% 13.50% 12.80% 13.07% 13.23% 13.62% 13.73% 13.85% 13.91% 14.00% 14.23% 14.21% 14.40%

22-Sep-2010 22-Sep-2010 22-Sep-2010 29-Sep-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010

Commodities *Crude Oil (brent)$/bbl 83.15 *Crude Oil (WTI)$/bbl 80.81 *Cotton $/lb 100.20 *Gold $/ozs 1,318.80 *Silver $/ozs 22.13 Malaysian Palm $ 886.00 GOLD (NCEL) PKR 36,466 KHI Cotton 40Kg PKR 7,555 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 82.70 Canadian $ 82.70 Danish Krone 14.90 Euro 116.80 Hong Kong $ 10.90 Japanese Yen 1.019 Saudi Riyal 22.85 Singapore $ 64.90 Swedish Korona 12.00 Swiss Franc 84.80 U.A.E Dirham 23.35 UK Pound 135.30 US $ 86.35

83.70 83.70 15.30 118.00 11.30 1.045 23.05 65.90 12.50 85.80 23.55 137.00 86.65

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

83.48 83.73 15.79 117.66 11.10 1.032 22.97 65.51 12.81 87.94 23.46 135.51 86.16

83.67 83.92 15.82 117.94 11.13 1.035 23.02 65.66 12.84 88.14 23.51 135.83 86.35

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

33°C 39°C 36°C 37°C 30°C 34°C

MIN

16°C 24°C 24°C 22°C 12°C 18°C

LONDON: Former president Pervez Musharraf talking to a news conference at the launch of his party in London.-Reuters

‘Political orphans, actors bound to fail’

LONDON: Former President General (Retd) Pervez Musharraf Friday announced his much-anticipated return to mainstream politics with an apology for the "political mistakes" of the last years of his regime and promised to start his career with a "clean slate".

Launching his new banner -the All Pakistan Muslim League (APML) -- thousands of miles away from Pakistan, the former president said he would return to homeland and contest the 2013 general elections.

"On this occasion, I apologise to the people of my country," Musharraf, who is on selfimposed exile since the general election of 2009, said. The 67year-old also said his party would strive for friendly and peaceful relations with India, but after peaceful resolution of all issues.

Musharraf, an exile for life, says Zardari SECP’s CRS,

BADIN: President Asif Ali Zardari Friday said the former military dictator General (Retd) Pervez Musharraf would find no room in Pakistan for his political ventures, and he would remain an exile till death.

"As long as we are in the president house, we will continue to avenge the deaths of our martyrs in the form of democracy, which is the best revenge", President Zardari said.

He said this while addressing a ceremony in connection with Waseela-e-Haq Programme at circuit house Badin.

Earlier, the president reached Badin on a two-day visit, where he was welcomed by

Speaker National Assembly, Dr Fahmida Mirza, who had been elected from this constituency. Chief Minister Sindh, Syed Qaim Ali Shah, home minister, Dr Zulfikar Mirza and other ministers were also there.

Addressing the ceremony, President Zardari said PPP had ousted Musharraf with the power of people. He added the former military dictator would remain in exile for life.

Zardari's hard-hitting statement against Musharraf coincides with the launch of latter's party namely "All Pakistan Muslim League" which was officially launched on Friday from London.

He added the political

orphans had joined hands with political actors to destabilise the representative government but they were doomed to be frustrated. The people of Pakistan would never let them succeed in their designs, he said assuredly.

He said the tax would be received from the rich and the landlords, adding, those who were talking about the ills of feudal system only to polish their politics were just trying to fool the people. Democracy, he said, was flourishing in the country.

Zardari reiterated that the democratic government would complete its mandated five year term.

See # 8 Page 11

Work on Diamer Bhasha Dam starts next month: Ashraf

White elephant dies as Pepco dissolved

CEES still up for grabs for another mth ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has extended the amnesty schemes of the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES), up to October 31.

These schemes were initially introduced for a period of three months, i.e., July 1 to September 30, in three phases of one month each. Both schemes have received an overwhelming response as 1,131 companies have so far regularized their defaults under the CRS, and a total of 1,200 companies availed themselves of See # 10 Page 11

this bleeding," said Ashraf, who added the move would help curtail the country's fiscal deficit.

The International Monetary Fund (IMF) said last week Pakistan was spending about $2 billion a year to subsidise electricity and it was important to reform the power sector.

Despite the subsidies, the country suffers from chronic energy shortages and power cuts.

Analysts said that while dissolving Pepco may not be a direct part of the deal with the IMF, it is a step towards energy sector reforms.

"Pepco was not serving its purpose as a holding company, so it's better that it's been dissolved," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities Ltd. Government has also See # 9 Page 11

carving out an independent Pakistan in 1947. "Its time to strive for the dream and vision of Quaid-e-Azam... Its time for all patriotic Pakistanis to unite under a common flag," he said.

"Was this the Pakistan for which we had struggled?" he asked. "An unhappy country is like a graveyard," he said.

Musharraf said "There is a growing sense of despondency spreading in Pakistan and that the threat of terrorism and a dysfunctional government are causing a crisis." "The situation in Pakistan can only be solved when the military has some role," he said.

"If you want stability, checks and balances in the democratic structure of Pakistan, the military ought to have some sort of role." Musharraf claimed that the circumstances that forced him to launch a coup against See # 13 Page 11

Tariff up 2pc for KESC, 8 Discos ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) Friday increased power tariff by 2 per cent for eight distribution companies and Karachi Electric Supply Company (KESC) with effect from Friday, October 1.

The Nepra reviewed the tariff for the fourth quarter of calendar year 2010 in exercise of powers conferred by Sub-section-4 of Section-31 of the Regulation of Generation, Transmission and Distribution of Electric Power Act 1997, said a notification issued here.

Nepra's quarterly determination for fourth quarter CY10 is on higher side compared with

government levied tariff for all sets of consumers.

In order to reduce the gap between Nepra's determined tariff and consumer-end tariff, the government has decided to maintain a balance in public interest and to pass on only 2 per cent upward revision to the consumers.

The government therefore notified 2 per cent increase in power tariff across the board for all categories of consumers in Pepco's eight Distribution Companies and KESC, it further said.

The said tariff increase would take effect from October 1, 2010. -APP

SBP panel to ease victims put in place: Hina

Flood-hit farmers will be loan-freed

WB nods $400mn flood aid

Analysts say as a holding co it served no function KARACHI: Government of Pakistan Friday finally dissolved loss-making Pakistan Electric Power Company (PEPCO) as part of energy reforms.

Pepco was losing billions of rupees a year, Minister for water and power Raja Pervaiz Ashraf, told reporters in Islamabad in remarks broadcast live on television.

"We have to stop this drain,

"I acknowledge that during the last years of my regime, there were some decisions, which I can term as political mistakes," he said at a crowded press conference in central London. "... I promise not to commit them again. I start my political career with clean slate," he added.

He said Pakistan had made significant gains under his rule, and expressed dismay that the achievements of his years are being wasted by the present government. He said the majority of Pakistan's 170 million people were living in poverty, while the few rich and powerful manipulate the law to their own benefit. His party, he said, would launch a "jihad against poverty and hunger".

Musharraf said its time to reignite the fire of the All India Muslim League -- the movement that had succeeded in

WASHINGTON: The World Bank said it had approved over $400 million (£254.4 million) in credit to help Pakistan rebuild from massive flooding, some of the first aid to flow from the lender since the disaster.

The World Bank said it approved $300 in credit to help pay for imports of food, medicine, tents, fuel and machinery.

See # 11 Page 11

No new pact was signed with IMF, NA told ISLAMABAD: The State Bank of Pakistan (SBP) has constituted a committee to waive the loans of flood-hit farmers, National Assembly was told Friday.

Minister of State for Economic Affairs Hina Rabbani Khar Friday informed the National Assembly about this development during Question Hour.

She said outstanding agricultural loans resting on the shoulders of earthquake/flood victims would be written-off under uniform policy. She also added that a policy in this regard was yet to be finalised.

Responding to a question, she said no new pact had been signed with the IMF recently.

See # 12 Page 11

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Saturday, October 2, 2010

Governor forms volunteer education program

Illiterates to get education, vows Ebad Staff Reporter

KARACHI: Governor Sindh Dr Ishratul Ebad Khan addressing Karachi University students during an interactive session with them at Governor House.-APP

Pak can only flourish on Quaid’s vision: senator Staff Correspondent KARACHI: Senator Abdul Haseeb Khan has said that the only option remains for Pakistan to flourish is to fulfill the vision of Quaid-e-Azam Mohammed Ali Jinnah in letter and spirit.

While speaking on the 4th launching ceremony of his authored book "Pakistan Kay Hakim" hosted by the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) at its auditorium and attended by a large number of business community and elites of

31 Dengue cases reported on Friday KARACHI: The Dengue Surveillance Cell - Sindh in its report released on Friday said 31 new cases of dengue were reported at 12 different government and private hospitals in city during the past 24 hours.

Coordinator of the Surveillance Cell, Dr Shakeel Mullick said since early this year 622 suspected dengue cases were reported at different hospitals and 412 of them were found to be positive while 210 were diagnosed negative.

He said 68 patients confirmed to be dengue positive are still under treatment in different facilities.

On Friday he said 19 patients were discharged after getting fully recovered against the ailment.

Dr Shakil Mullick urged the citizens not to get panicked as dengue fever was largely preventable and people in general needed to be careful about hygiene and cleanliness in their houses as well in their surroundings.-APP

TV PROGRAMMES SATURDAY Time 7:00 8:00 9:05 11:10 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:30 20:05 21:00 22:05 23:03

Programmes News News Best of Subah Savere Mohaaz (F) News Newsbeat (Rpt) Awam Ki Awaz News News Samaa Metro News Samaa Sports Taxi News The Anchor News Manzil Faisla Aap Ka

city from all walks of life on Friday he said that without naming any ruler he has narrated all the good and bad activities which occurred in last 60 years of Pakistan.

He said that unfortunately the vision of Quid-e Azam was put in back burner and only personal agendas for loot and plunders was unleashed which has shaken the very existence and motivation of the objectives for the creation of Pakistan.

In his opening remarks, President FPCCI Sultan Ahmed Chawla said that

FPCCI fully endorses the startling disclosures in the book and said that such a bold attempt is an eye opener for the present rulers to mend their ways for the betterment of the country.

On this occasion President Pakistan India CCI & former President FPCCI SM Muneer said that soon after the launching the appreciation and popularity of the book shows the true and dark era of the past of the country and urged the present rulers to follow the foot steps with the good governance.

KCCI slams SBP’s policy KARACHI: State Bank of Pakistan (SBP) decision regarding the increase of Export Refinance Rate at 9 per cent in current Monetary Policy is very repulsive for our already devastated trade deficit, said Former Chairman KCCI Sub-Committee for Banking and Insurance Ateeq-ur-Rehman.

Actually it will directly effect the export prices and Pakistani Exports products will be available costly in the competitive world market.

Pakistani Products will loose competitiveness due to high pricing. Due to this our exports will certainly decline as compare to current level of $ 18 to 19 billion, he fur-

ther added Trade Deficit of Pakistan which is around $12 to $13 billion in 2009-10 will certainly shoot up and reach at new heights. The prices of raw material had gone up beyond manageable position, which demands extra support from the govt. to keep the wheels of the industry moving.

Instead of support by govt. the export rate facility has been made more costly. Its like targeting the export sector by increasing policy interest rate and now the EFS rate. The decision will devastate all the policies of government in order to enhance the exports of Pakistan", he concluded.

LAHORE: ZONG’s Keep Phone On (KPO) reward program’s lucky draw was held recently in which one lucky winner from Faisalabad received a car for keeping his phone on. The picture shows Regional Director handing over the car to lucky winner Muzammal Hussain of Faisalabad.-PR

KARACHI: Zeeshan Qureshi and Roy Chang along with the HHP and PR team at the announcement of Galaxy Tab, which is the first mobile tablet with the most powerful smart phone features, a brilliant 7-inch enhanced TFT display screen and 1GHz Hummingbird Application processor supporting 3D graphics.-PR

NBP takes legal action against Royal TV KARACHI: National Bank of Pakistan (NBP) has taken legal action against Royal TV Royal TV, its news anchors and its Management and filed a defamation Suit against the Royal TV in Sindh High Court, said a press release issued here.

The action was taken in reaction to recent set of programmes at Royal TV apparently aimed at exposing corruption and influence in High Offices. In one of these programs Royal TV started making absurd and incorrect allegations against National Bank of Pakistan ("NBP") and its senior management.

Recently in the month of September 2010 Royal TV in its program "Straight Talk" hosted by Faisal Butt began making direct attacks against NBP, its senior management and its performance of last 10 years.-PR

KARACHI: Governor of Sindh, Dr Ishrat-ul-Ebad, announced the formation of a volunteer education program to be aviated by University of Karachi in which 0.15 million students would take part; the program is based on teaching illiterates to read and write.

Dr Ishrat-ul-Ebad was responding to a questions and answer session in which more than 100 students of KU participated, along with Prof Dr Pirzada Qasim Raza

Siddiqui, Pro ViceChancellor, Prof Dr Shahana Urooj Kazmi.

Dr Ebad also stressed the need to channelise the students' enthusiasm which was exemplary in volunteering for the aid of flood victims and lauded the spirit shown in coming to the Governor House for helping in the packing of gifts for the flood affectees.

Dr Ebad stated said that the youth are frustrated about the problems of their country but nation building needs time and patience. He said that the

problems of Pakistan were more diverse than other countries of the same age like, India and China. He remarked that out of the total votes casted in the last elections, only 12 to 15 per cent were literate votes.

The Governor, who is also the Chancellor of public sector universities in the province, said that steps are being taken for resolving the problems of the universities. He pointed out that the present government is endeavouring to bring reforms in the education

Pak, BD relations progressing further Jamil Siddiqui KARACHI: Richly imbedded with the Islamic, historical and other similarities the warm relations of People and Government of Bangladesh and Pakistan are rapidly progressing further with exploration of more cooperation in all fields.

This was stated by the Deputy High Commissioner of Bangladesh, Ruhul Amin Siddiqui while speaking as chief guest in a reception hosted by the member of Pak Bangladesh Friendship Forum

(PBFF) Kalim Faruki for the 40 member medical team who after serving the flood victims in interior of Sindh is on his way back to BD. " Besides water treatment plants, BD has donated pumps, blankets along with 54 trucks laden with life saving medicines apart from $ 2m donation for the flood victims so far," he said.

Earlier the Chairman PBFF Justice (Retd) Saeed-uz-Zaman Siddiqui in his opening remarks recalled his sweet memories while serving in former East

Pakistan and still having close contacts with many BD personalities and said that Pakistan and BD have lot of commonalities to share.

On this occasion the leader of the BD medical team, Professor Dr Khan Abdul Kalam Azad briefing about the activities during the flood relief operation said that Pakistan is like 2nd home to him and his colleagues.

In the end Kalim Farooqui thanking the medical team said that Pakistanis also share same warmth and gesture for their BD brethren.

ACCA trains career advisors KARACHI: ACCA Pakistan organised a oneday Career Counseling workshop for teachers and student advisors at a local hotel in Karachi, said a statement issued here on Friday.

The workshop was based on the concept that the best career exploration and job search strategies capitalize on the natural strengths of an individual's Personality and Behavioral Style.

Shamez Mukhi, Head of Marketing, Communication and Media Relations, ACCA Pakistan welcomed the participants, explaining the challenges students and parents encounter while making career choices and the resources developed by ACCA for students, teachers and parents. Speaking on the occasion he added, "One of the aims of the workshop is to ensure that ACCA recruits students with the right aptitude, who are ambitious and committed to their careers so that they can excel as ACCA members".-PR

PTA elects its new chairman Staff Correspondent KARACHI: The general body of Pakistan Tanners Association (SZ) elected Aziz Ahmed of AMA Leathe Industry unopposed as Chairman and Hamid A Zahur of Noor Leather Garments, as Vice Chairman for year 20102011.

The newly elected members managing committee for the next two years are; M Saleem Ahmed, Khwaja Masood Ahmed, Faraz Mannan, and Danish Naseem. Aziz Ahmed has also been elected Vice Chairman of PTA central.

Addressing to the PTA members on the occasion of AGM, the newly elected chairman said that the country is passing through a very crucial phase and the economy is in shambles.

He said that the leather sector too, would be facing a crisis like situation due to the massive floods.

AHI opens the ends of PPFL

KARACHI: Chairman of Pakistan Bangladesh Friendship Forum Justice (Retd) Said-uz-Zaman Siddiqui, hosted a reception in honour of the 40 members doctors delegation from Bangladesh for the help of recent massive flood.

Picture shows Bangladesh Deputy High Commissioner Ruhul Alam Siddiqui, and Kalim Farooqui with other guests and doctors.-PR

KARACHI: Annual election result of the Travel Agents Association of Pakistan announced in 33rd Annual General Body Meeting. M Yayha Polani was elected Chairman of the association.-PR

Boeing, Qatar Airways deliver relief goods KARACHI: Boeing, Qatar Airways and two non-profit agencies; America cares and International Medical Corps, collaborated to bring relief goods to residents in the regions of Pakistan recently devastated by massive flooding.

With the help of the two agencies, Boeing and Qatar Airways loaded nearly 35,000 pounds (15.8 metric tones) of medicine and medical supplies into the cargo hold of the airline's new 777-300ER, it was stated.

"Boeing, through its Global Corporate Citizenship organisation, supports disaster response around the world in partnership with non-govern-

sector.

The students taking part in the volunteer education program will each teach five to six illiterate people to read and write.

The Governor also stressed the need for volunteer work to made part of the curriculum with the incentives of 10 marks and certificates.

The Vice Chancellor, Dr Peerzada Qasim Raza Siddiqui praised the students' enthusiasm about volunteer work and highlighted the varsity's efforts in raising and the aid of flood victims.

mental agencies and nonprofits," said Liz Warman, Director, Global Corporate Citizenship Northwest Region.

"Through this collaborative effort, we hope to bring relief to the people still suffering from the devastating floods."

Akbar Al Baker, the CEO of Qatar Airways, who offered the delivery flight for positioning the relief supplies to Pakistan, said his airline was happy to contribute to the relief efforts. "The delivery of relief goods to nations in need is inherent to our mission as a global airline and a facilitator of the State of Qatar's relief aid program," said Akbar Al Baker.-PR

KARACHI: The Share Holders of Pakistan Premier Fund Limited (PPFL) in their Annual General Meeting (AGM) have approved the conversion of the Fund into an Open End fund subject to the approval of the Securities and Exchange Commission of Pakistan (the "SECP") and fulfillment of all legal and regulatory formalities, said a press release issued here.

The special resolutions for the above said purpose have been passed unanimously by the share holders present in person or as proxies in the meeting who were entitled to vote thereat. The special resolutions passed in AGM are annexed to this letter.-PR

7mn families to benefit from BISP KARACHI: The number of families to benefit from the Benazir Income Support Programme (BISP) would reach two million in the next two years. This was stated by the Chairperson of BISP, Farzana Raja.

She called on Sindh Chief Minister, Syed Qaim Ali Shah, at the CM House here on Friday.

Special Assistant to the Chief Minister, Waqar Medhi, was also present on the occasion.

Farzana Raja informed that under the BISP house to house registration would be undertaken.

She said that under the BISP three million families have been so far disbursed Rs1,000 per month per family.

The BISP chief stated that the government has so far distributed Rs50 billion and that during the next two years the number of families to benefit from BISP would reach seven million.

Farzana Raja said that Rs 10 billion have been allocated under emergency relief package for the flood victims and the first installment of Rs4.5 billion has been dispatched so far.

She stated that of the 600,000 flood victims in Sindh 250,000 have been assisted under the relief package.

The BISP chief informed that of the twenty million flood victims in the country, more than six million are in the province of Sindh who have already been paid Rs1,000 and now the

installment of Rs 12,000 each is being sent which is part of package of Rs20,000.

She said that the first installment of the BISP has been sent to the post offices which the flood victims can receive by showing the identity cards.

Chief Minister Syed Qaim Ali Shah said that it augurs well that President Asif Ali Zardari is initiating the poverty survey today from the province of Sindh.

He said that the credit goes to the PPP Government which under its programme has for the first time made headway towards collecting data under poverty survey and that this would help contribute towards efforts for poverty alleviation.-APP

3 Saturday, October 2, 2010

Dollar drops to 6-mth low against euro; Dudley weighs

Previous Day

Speculation of more Fed QE batters US currency NEW YORK: The dollar hit a six-month low versus the euro on Friday after a Federal Reserve official said US growth has been generally disappointing, which strengthened the case for more quantitative easing.

More action by the Fed to boost growth will likely be warranted unless the outlook improves, William Dudley, president of the New York Fed, said on Friday.

Stronger-than-expected data on US personal income and consumption data for August didn't help the dollar, whose weak trend is firmly entrenched. The safe-haven dollar was also suffering from a return of risk appetite after

the US data and a report showing Chinese manufacturing was stronger than expected.

"The only chance to keep the dollar supported for the near term is if the numbers start looking better," said Ron Rimpson, director of FX research at Action Economics in Tampa, Florida.

"A lot of the future for the dollar is going to depend on the data.

If the data stays decent, the market will start to price out quantitative easing.

The euro rose to $1.3778, its highest since mid-March, according to the EBS trading platform, breaking through

resistance around $1.3692, a peak hit in April. Markets also took out key option barriers at $1.3700 and $1.3750, traders said, but a further barrier looms

at $1.3800.

After that $1.38 level, the next big target is $1.3897, the 61.8 per cent Fibonacci retracement of the move from the November 2009 peak and the June 2010 low.

In midmorning New York trading, the euro was up 0.8 per cent at $1.3740.

Losses against the euro helped push the dollar lower against a currency basket, with the dollar i n d e x falling to 78.100, its l o w e s t s i n c e J a n u a r y.

The index fell more than 5 per cent in September, its worst monthly performance since May 2009.

A weak US manufacturing survey, showing a fall in the Institute for Supply Management's index to 54.4 last

month from 56.3 in August, also pressured the greenback.

Dollar weakness also propelled the Australian dollar to a fresh two year high versus the US currency at US$0.9751.

The dollar slipped 0.2 per cent to 83.26 yen, edging closer to a 15-year low of 82.87 yen hit last month. Traders and analysts say a fall below that level may be one potential trigger point for more intervention.

Japanese banks are said to be on the bid in dollar/yen between 83.15 yen, a post-intervention low, and 83.35.

Japanese Finance Minister Yoshihiko Noda said on Friday he would continue to take decisive steps on currency moves when necessary. -Reuters

Indian rupee posts Intervention bill best weekly mounts as Asia FX rises rise in 9 months Asian currencies

Baht hits new 13-yr high, won at 4-1/2-mth high SEOUL: Asian currencies rose on Friday as foreign investments continued to flow into the region, once again prompting authorities to intervene and prevent their currencies from rising too quickly.

The Korean won led the charge, helped by stronger than expected exports and inflation data, while the Thai baht hit a 13-year high.

Foreign exchange authorities in Asia have intervened all week to try to control the rise in their currencies. They bought $16 billion through intervention this week, IFR, a Thomson Reuters service, said.

Sentiment was further supported by data showing Chinese

manufacturing picked up steam in September, easing concerns of a renewed downturn in global growth.

The won hit a 4-1/2-month high against the dollar although estimated intervention of more than $2 billion capped its strength. The won ended domestic trade up 0.9 per cent at 1,130.4 against the dollar from Thursday's close of 1,140.2. It rose as far as 1,130.0, the highest level since May 14.

Foreign investors also remained net buyers of local shares, which hit a 28-month closing high on Friday. They bought 454.1 billion won in stocks, the thirteenth consecutive session of net buying and

the longest streak since April.

The baht rose to a 13-year high of 30.11 against the dollar amid sporadic intervention from the Bank of Thailand (BOT).

The Philippine peso rose slightly, although trade was subdued because the central bank has been present to hold the currency back from rallying beyond 43.88 for the last two weeks.

Traders said a good market response to the government's global peso bond, a persistently weak dollar and upbeat Chinese manufacturing data all suggested the peso should be rising.

"If the central bank suddenly disappears, 43.60 is the next target for the peso," the trader said. -Reuters

Stg gains on $ but Swiss franc versus hits 4-mth low vs euro rises euro, dollar

LONDON: Sterling rose against a broadly weaker dollar on Friday, but gains were checked as worries about the possibility of more monetary easing in the UK weighed and drove it to a four-month low on the euro and a currency basket.

Data on Friday showed activity in Britain's manufacturing sector weakened more

dollar, which remained under heavy selling pressure against most currencies on concerns the United States may have to pump more cash into its ailing economy.

At 1452 GMT, the euro was up 0.17 per cent at 86.91 pence, having hit a four-month high of 87.04 pence. The euro pushed trade-weighted sterling as low as 79.8 its weakest

than expected in September, growing at its slowest pace in 10 months as export orders fell for the first time in more than a year.

The figures are likely to reinforce concerns that Britain's recovery is faltering after strong growth in the second quarter, and could lend weight to Bank of England policymaker Adam Posen's call for more stimulus.

However, analysts said sterling's moves were driven mostly by developments in the

since June 1, before it edged up to 80.0.

Against the dollar, the pound was up 0.66 per cent at $1.5810, having earlier risen 1 per cent to a session high of $1.5874.

Traders said the pound was helped against the dollar by model fund buying and earlier Asian central bank buying.

They said the next targets were Thursday's seven-week high of $1.5924, with an options expiry reported at $1.5950 and a barrier at $1.600. -Reuters

ZURICH: The Swiss franc clawed back some of the previous day's losses against the euro on Friday, as the market awaited key Swiss economic data, after upbeat news from the Chinese economy had supported the common currency.

After soaring to an all-time peak of 1.2763 on Sept 8, the franc, which investors regard as a safe haven, has been weakening against the euro and finished the month of September at its lowest level since mid August. The franc rose 0.2 per cent against the euro compared to the New York close, trading at 1.3372 per euro at 0637 GMT. The franc rose 0.3 per cent against the dollar to 0.9796 per dollar, within sight of recent 30-month highs around 0.9706.

"I think will see a counter move (to yesterday's drop) and we'll fall back into the old range of 1.3050-1.3350," a Zurich-based trader said.

Others, however, saw the euro-franc rising and testing key resistance levels.

"The dynamics of the move indicates that 1.3460 or even 1.3525 may be tackled," analysts at St. Galler Kantonalbank said in a note. -Reuters

Aussie firm on upbeat China data, rate outlook SYDNEY/WELLINGTON: The Australian dollar held firm on Friday, underpinned by surprisingly strong Chinese manufacturing data and intense speculation domestic interest rates will resume their ascent next week.

The Aussie dollar was hovering at $0.9664, up from an early $0.9637 low and not far from a twoyear high of $0.9734 struck overnight. It has gained 1 per cent for the week after rising over 8 per cent for all of September.

The Aussie also hit its highest level on sterling since 1985 around 0.6170 pounds.

Helping was the closely watched China PMI index which rose to 53.8 in September, handily beating forecasts of 52.0 and quashing worries the economy might slow too far. China is a major buyer of Australian commodities, and a major determinant of prices, so signs of a revival in production as considered positive for exports and domestic growth.

"The RBA is looking out to 2011 and 2012 and sees a mining investment boom here fuelled by Chinese demand," said Rob Henderson, chief mar-

kets economist at National Australia Bank.

"That boom is coming when the economy is already near full capacity, so rates have to rise to head off inflation."

He expects the cash rate to rise 25 basis points to 4.75 per cent on Tuesday, and most of his peers agree. A Reuters poll of 23 economists found fully 18 expected a hike with five for no change.

The NZ dollar steadied at $0.7350, after hitting an 8-day high of $0.7409 in offshore trade.

But the kiwi was seen unable to mount a serious challenge above the $0.74 barrier, and is seen likely to be trapped in its broad range of $0.73 to $0.74, where it has been hovering for most of the week.

The kiwi also recouped some losses against the euro as broader risk appetite improved, helping the kiwi back to 0.5395 euro from a four-month low of 0.5374 The Aussie remained firm on the Kiwi at NZ$1.3144, just below a five-month peak of NZ$1.3176 struck in offshore trade, with higher yields and a relatively stronger Australia economy backing its currency. -Reuters

MUMBAI: The Indian rupee posted its best weekly gain in nearly nine months on Friday boosted by robust portfolio investments and tracking broad losses in the dollar versus major currencies overseas.

The partially convertible rupee closed at 44.47/48 per dollar after hitting 44.46, its strongest since April 30 and 1.1 per cent above Wednesday's close of 44.94/95.

The foreign exchange market was closed on Thursday for half yearly closing of banks' accounts.

"Asia on the whole has strengthened against the US dollar, our story remains identical," said Ananth Narayan G., head of fixed income, foreign exchange and commodities South Asia at Standard Chartered Bank in Mumbai.

"Capital inflows and prospects of more in the near future is helping, with possibly oil and import covering seen."

The rupee gained 3.4 per cent in the September quarter when foreigners moved more than $11 billion into Indian stocks, chasing potentially better returns in the fast-expanding economy.

Net equity inflows in 2010 now stand at a record $19.2 billion, above last year's $17.5 billion.

Dealers said they see the next resistance at 44.30 levels, before the unit heads towards 44.

One-month offshore nondeliverable forward contracts were quoted at 44.66, weaker than the onshore spot rate.

In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange all closed at 44.6725, with the total traded volume on the three exchanges at about $8.4 billion. -Reuters

Taiwan $ extends gains after rate hike TAIPEI: The Taiwan dollar rose to a more than two-year closing high on Friday after investors saw the central bank's interest rate increase as a vote of confidence in the economy's growth prospects.

The Taiwan dollar, along with most other Asian currencies, rose against the US dollar in the third quarter, with the US currency weighed by expectations that the Federal Reserve will take more action to sustain the sputtering economic recovery.

The Taiwan dollar opened at T$31.330, unchanged from Thursday's close, but strengthened to an intraday high of T$31.066 before last-minute intervention by the central bank erased most of early gains. It closed at T$31.310.

"It's been fund inflows recently that drove the Taiwan dollar higher. It just edged higher a bit every day," said

one dealer at a foreign bank in Taipei.

Another dealer at a local bank said the central bank tried to prevent the Taiwan dollar from breaking the T$31.00 barrier. Taiwan's central bank has been seen intervening recently to counter the impact of a stronger Taiwan dollar on exporters.

Dealers expect the Taiwan dollar to trade between T$31.050-T$31.300 next week. -Reuters

Source

Events

Actual

Forecast

JPY JPY CNY EUR AUD CHF CHF GBP EUR USD USD USD USD

Household Spending y/y Tokyo Core CPI y/y Manufacturing PMI German Retail Sales m/m Commodity Prices y/y Retail Sales y/y SVME PMI Manufacturing PMI Unemployment Rate Core PCE Price Index m/m Personal Spending m/m Revised UoM Consumer Sentiment ISM Manufacturing PMI

1.7% -1.0% 53.8 -0.2% 52.4% 0.5% 59.7 53.4 10.1% 0.1% 0.4% 68.2 54.4

1.4% -1.0% 52.5 0.5%

Previous

1.1% -1.1% 51.7 -0.4% 52.7% 4.7% 61.4 53.7 10.1% 0.1% 0.4% 66.6 56.3

3.2% 60.8 53.9 10.0% 0.1% 0.4% 67.1 54.6

Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY

As per 22.00 PST Ask High 1.3774 1.3778 0.8701 0.8704 1.3452 1.3462 114.81 114.8 0.9766 0.9841 1.0203 1.0311 1.5837 1.5872 132 132.07

Bid 1.3772 0.8698 1.3447 114.79 0.9762 1.0199 1.5833 131.96

Low 1.3621 0.8663 1.3366 113.77 0.975 1.0193 1.5707 131.11

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 01/10/2010 A USD GBP CAD EUR JPY O/N 0.22813 0.55125 1.04500 0.61875 SN 0.10500 1WK 0.25025 0.55328 1.06500 0.61625 0.11750 2WK 0.25219 0.55688 1.09333 0.64125 0.12625 1MO 0.25688 0.57094 1.11333 0.67250 0.14000 2MO 0.27359 0.62531 1.16500 0.73375 0.17125 3MO 0.29063 0.73475 1.23000 0.88875 0.21500 4MO 0.34469 0.81734 1.28833 0.95875 0.30875 5MO 0.40813 0.92375 1.34667 1.05125 0.36625 6MO 0.46313 1.02641 1.41167 1.16000 0.42625 7MO 0.51344 1.10234 1.48000 1.21375 0.48313 8MO 0.56375 1.18234 1.56500 1.25875 0.53125 9MO 0.61203 1.26484 1.63333 1.30625 0.58063 10MO 0.66531 1.33766 1.70167 1.35500 0.60750 11MO 0.71844 1.40641 1.79667 1.39750 0.63063 12MO 0.77838 1.47203 1.87583 1.44375 0.66000

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

Oct 19 2010 Oct 07 2010 Oct 05 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 Oct 05 2010

Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010

Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.50%

Division of National Bank of Pakistan (NBP) KARACHI, October 01,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

86.35 135.83 117.94 83.92 88.14 83.67 12.84 1.03 14.71 65.66 15.82 23.02 11.13 12.91 303.28 27.99 63.65 23.72 23.51 0.08 2.86

86.15 135.51 117.66 83.73 87.94 83.48 12.81 1.03 14.68 65.51 15.79 22.97 11.10 12.88 302.58 27.92 63.51 23.67 23.46 0.08 2.85

85.96 135.20 117.40 83.51 87.70 83.26 12.77 1.03 14.64 65.34 15.75 22.91 11.07 12.84 301.78 27.85 63.34 23.60 23.39 0.08 2.84

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 01, 2010

CMKA 0-7days 11.80 8-15dys 12.20 16-30dys 12.45 31-60dys 12.70 61-90dys 12.85 91-120dys 12.90 121-180dys 13.00 181-270dys 13.05 271-365dys 13.15 2-- years 13.50 3-- years 13.85 4-- years 13.85 5-- years 13.90 6-- years 13.90 7-- years 13.90 8-- years 13.85 9-- years 13.90 10--years 14.08 15--years 14.25 20--years 14.35 30--years 14.50

BMA 11.60 12.10 12.35 12.40 12.75 12.90 13.00 13.15 13.15 13.45 13.85 13.90 13.90 13.98 14.00 13.70 13.70 13.97 14.15 14.30 14.50

INVSR 11.70 12.15 12.30 12.50 12.70 12.85 12.95 13.00 13.15 13.45 13.85 13.60 13.90 13.70 13.75 13.65 13.67 13.97 14.20 14.40 14.60

GSL 11.50 12.00 12.40 12.75 12.90 13.00 13.00 13.05 13.25 13.40 13.85 13.80 13.90 13.92 13.95 13.95 13.99 14.00 14.25 14.30 14.50

ICSL 11.50 12.20 12.40 12.70 12.75 12.85 12.90 13.05 13.15 13.80 13.85 13.90 13.95 14.00 14.00 14.00 13.75 13.98 14.30 13.50 13.70

JSCM AvgRate 11.70 11.63 12.15 12.13 12.30 12.37 12.55 12.60 12.70 12.78 12.85 12.89 12.95 12.97 13.00 13.05 13.15 13.17 13.45 13.51 13.85 13.85 13.60 13.78 13.90 13.91 13.70 13.87 13.75 13.89 13.65 13.80 13.67 13.78 13.97 14.00 14.20 14.23 14.40 14.21 14.60 14.40

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

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

week month months months year years

0.97 0.90 0.76 0.86 0.52 0.37

0.92 0.89 0.34 0.15 0.83 0.53

0.81 0.98 0.65 0.57 0.85 0.46

0.92 0.94 0.67 0.65 0.92 0.77

0.73 0.96 0.79 0.74 0.88 0.69

0.97 0.67 0.78 0.70 0.60 0.39

USD/CAD USD/CHF -0.28 -0.63 -0.68 -0.67 0.30 -0.25

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)01/10/2010 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABPL 11.60

12.10

11.90

12.40

12.10

12.60

12.85

13.10

13.00

13.25

13.10

13.60

13.25

13.75

13.30

13.80

ABLN 11.85

12.35

12.15

12.65

12.40

12.90

12.80

13.05

12.95

13.20

13.10

13.60

13.25

13.75

13.35

13.85

JSBL

11.60

12.10

12.10

12.60

12.25

12.75

12.95

13.20

13.05

13.30

13.40

13.90

13.40

13.90

13.75

14.25

ASPK 11.65

12.15

12.15

12.65

12.35

12.85

12.80

13.05

13.00

13.25

13.10

13.60

13.20

13.70

13.25

13.75

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

DBPK 11.60

12.10

11.90

12.40

11.95

12.45

12.75

13.00

12.90

13.15

13.15

13.65

13.25

13.75

13.35

13.85

FBPK

11.40

11.90

11.75

12.25

12.10

12.60

12.75

13.00

13.00

13.25

13.10

13.60

13.15

13.65

13.40

13.90

F LAH 11.70

12.20

12.20

12.70

12.30

12.80

12.80

13.05

12.95

13.20

13.00

13.50

13.20

13.70

13.30

13.80

HBPK 11.80

12.30

12.10

12.60

12.40

12.90

12.85

13.10

13.05

13.30

13.15

13.65

13.20

13.70

13.30

13.80

HKBP 11.60

12.10

11.90

12.40

12.20

12.70

12.80

13.05

12.95

13.20

13.05

13.55

13.20

13.70

13.30

13.80

CIPK

NIPK

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

HMBP 11.90

12.40

12.30

12.80

12.55

13.05

12.85

13.10

13.10

13.35

13.20

13.70

13.30

13.80

13.40

13.90

SAMB 11.80

12.30

12.25

12.75

12.45

12.95

12.85

13.10

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

MCBK 11.75

12.25

12.25

12.75

12.45

12.95

12.70

12.95

12.90

13.15

13.10

13.60

13.20

13.70

13.40

13.90

NBPK 11.60

12.10

11.80

12.30

12.10

12.60

12.80

13.05

12.80

13.05

12.80

13.30

12.85

13.35

13.00

13.50 0.00

SCPK

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

UBPL 11.65

12.15

12.15

12.65

12.40

12.90

12.85

13.10

13.00

13.25

13.15

13.65

13.25

13.75

13.35

13.85

AVE

12.17

12.08

12.58

12.30

12.80

12.82

13.07

12.98

13.23

13.12

13.62

13.23

13.73

13.34

13.84

11.67

-0.92 -0.94 -0.56 -0.65 -0.67 -0.64

4 Saturday, October 2, 2010

Righting the wrong

The Financial Daily International Vol 4, Issue 58

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

Pushing economy into ruins A quick review of the prevailing economic scenario clearly indicates that Pakistanis are collectively responsible for the prevailing precarious economic conditions. We have not learnt any lesson from the history. The habit of sweeping the issues under the carpet and the efforts to maintain status quo have added to the woes. Various reports prepared by the multilateral institutions have repeatedly pinpointed the impediments and the policy planners are also cognizant of these but when it comes to preparing policies and their implementation, protecting vested interest groups prevails.

The State Bank of Pakistan has been following tight monetary policy to contain inflation despite opposition by the experts. The other day policy rate was increased by 50 basis points. Experts had made it very clear that inflation in last couple of months spiked mainly because of profiteering during Ramadan and disruption of logistics in the aftermath of floods. With the receding water and timely import of the essential items, their prices are also sliding down. However, the decision makers didn't pay any heed to the experts' comments and opted for hike in interest rate. This will not only make government borrowing more expensive but also push up the cost of doing business. It is also on record that higher interest rates force the entrepreneurs to defer their investment decisions, which doesn't allow production of exportable surplus, increase in revenue collection and above all help in poverty alleviation. The jobless rate is on the rise and working class is experiencing erosion in purchasing power.

The Government has agreed with the International Monetary Fund to impose reformed general sales tax (RGST) effective 1st October despite disapproval by the business community. Pakistanis are right in demanding that if the present regime is not willing to cut down its extravaganzas, it also does not have the right to impose new taxes on people, particularly those already paying tax. The successive governments have failed in increasing the number of taxpayers because pressure groups continue to enjoy exemptions. The rulers fail to abide by the basic premise 'all sorts on income irrespective of the source are liable to pay tax'.

Experts are of the opinion that with the introduction of proposed RGST prices of over 122 major categories, including food items will escalate up to 20 per cent, depending on the tax rate to be decided by the federal government, and yield about Rs150 billion in additional revenue to the national exchequer. However, one fails to understand how the government would mobilize the amount in the absence of necessary collection infrastructure and resentment by the business community. Collecting more taxes may satisfy the multilateral lenders but it would remain meaningless without eliminating mis-declaration of income by the tax payers and eliminating wasteful expenditures by the government.

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.

Sohail R Siddiqui

A

t the advent of supremacy of law, politicians in Pakistan are at the crossroads. They must decide between being rulers or public servants. They must decide between genuine democracy or autocracy.

They must decide whether to support the truth or support self interest.

If they choose to be public servants then greater good of the people shall be the top priority and resemblance to the masses shall be the agenda.

They must minimize the increasing gap between them and their voters.

They must keep their permanent residence in their respective constituencies. They ought to destroy the rulers' image and entitlements. They must not look different. They must not feel different. They must not act different. A common voter's life is as precious as their own or their family

members. A common man's basic needs must be met. It is extremely undesirable for an elected representative to keep distance from his voters or look different. De facto rulers or tyrants need security, protocol and a different façade because they are not among the masses. They cannot be true leaders.

If our politicians honestly prefer democracy then they have to let go their personal egos and implement impartiality. Merit must be upheld.

Core democratic values must be practiced at all levels of political hierarchy. No one is above the law.

Individual's rights must be protected.

From a common voter to a senior party member, everyone has the right to express his/her opinion. Politicians should exhibit tolerance and opponents or political rivals need not to be defamed or victimized. No individual should be favored over other person

or group in and out of the party.

Political system must be free of hereditary or persona politics and/or influence.

Lastly, if our politicians opt to support the truth then they must vote as a Pakistani in the best interest of the nation much above their party politics or self-interest. It is a dilemma that our politicians particularly the elected representatives who take oath in the name of Pakistan for its solidarity, integrity and prosperity act according to their parties' perspective as a worker. Though, pursuant to support the truth demands that they must testify the fact and wholeheartedly admit and stand besides the right action/s even if that has been taken by their predecessors or challengers. They must "stand with anybody that stands right, stand with him while he is right and part with him when he goes wrong" (Abraham Lincoln).

God forbid that our political pundits should again demonstrate lack of wisdom and hindsight. God forbid that they should ever turn back to become rulers, support autocracy and/or pursue self-interest because that all leads to destruction, disintegration and finally red-revolution. Yes it is true that, "there is no right way to do wrong" but if we keep doing the same thing, we will keep getting the same results. Let us not merge or concede to the situation where "necessity overrides every law" and the unwanted change becomes inevitable. Lets us cease the crosstalk and collectively seek a solution. Let us employ unconventional wisdom to bring positive and progressive changes to the system. God forbid that we just trade faces again because this may be our last chance.

The author is an international management consultant.

Rise of the Rest Chrystia Freeland

G

et ready for the next wave of globalization.

The emergence of the emerging markets is old news, of course: after all, Tom Friedman discovered that the world was flat back in 2005.

But even as much of the developed world is struggling with weak consumer demand and stubbornly high levels of unemployment, the emerging market countries are writing a new chapter in the story of the global economy.

We are accustomed to thinking of our economic relationship with the countries Fareed Zakaria describes as "the rest" as a two-way exchange between west and east or north and south: western companies setting up call centers in India or manufacturing their goods in China, for instance; and, more recently, savings-rich emerging

market economies, especially China, investing in US treasuries, or Russian oligarchs buying London mansions.

That was Globalisation 1.0.

In the next stage, some of the biggest deals and some of the most important capital flows will be between emerging markets, with no need to stop-over at Heathrow or JFK. Forget the last decade's race-to-the-bottom rivalry between Wall Street and the City of London to be the world's financial capital; the new motto of the moneymen, as one Manhattan banker put it to me this week, is "Mumbai, Dubai, Shanghai or goodbye."

One place you can watch Globalisation 2.0 gathering pace is on the 49th floor of the 'C' tower in the high-tech highrise complex the locals call Moskva City, on the banks of the Moskva river, half a mile downstream from Russia's White House, where Prime Minister Vladimir Putin is currently installed. The fancy modern furniture (the "Ziricote veneer," a sign informs visitors, is "sourced in Chile") and contemporary art are standard New York hedge fund decor. But Stephen Jennings, the 50 yearold New Zealander who

receives visitors here, is betting on a world that by-passes the west altogether.

Jennings is a founder and CEO of the Renaissance Group, a Moscow-based financial company with ambitions to be the premier investment bank for intra-emerging market capital flows. As Jennings put it, he wants Renaissance "to provide the plumbing".

Last year, Jennings went home to Wellington to deliver the annual Trotter lecture, a stage he used to lay out his vision of the rise of indigenous emerging market players.

"Multinationals' advantages in terms of know-how and capital have been neutralized by their inability or reluctance to grow explosively in complex, foreign environments," he argued.

"In many emerging markets and in an increasing number of industries, the market leaders have local roots. The largest metals group in the world is Indian. The largest aluminum group in the world is Russian ‌ The fastest-growing and largest banks in China, Russia and Nigeria are all domestic."

Jennings knows that emerging markets are "highly idiosyncratic." But, he told me, some of the savviest emerging

market champions seem to be discovering they have more in common with each other than with their erstwhile tutors in the west: "they have analogous business models and states of development ‌ they are all culturally attuned to these fastgrowing markets."

One of the best examples is eight floors above Jennings' office: DST, or Digital Sky Technologies, the Moscowbased internet investor which made a global splash with a landmark deal with Facebook.

Earlier this year, DST formed a three-way partnership with Naspers, the South African media company, and Tencent, the Chinese internet firm.

Together the three hope to dominate the emerging market internet space. Another seminal intra-emerging market deal was the acquisition by Bharti, the Indian telecom giant, of most of the African properties of Kuwait-based Zain.

A high-tech executive who lives in California and has close ties to Bharti told me the Indian firm has a competitive advantage over western rivals in what he believes will be the explosively growing African market: "They know how to provide mobile phones so

much more cheaply than we do. In a place like Africa, how can western firms compete?"

It would be wrong, of course, to count the west out.

Multinational behemoths like GE, Coca Cola and HSBC have been quick to understand the opportunity emerging markets represent and agile in adapting to local conditions. The reliability and the reputation of these global brands can make them appealing partners for even the most aggressive emerging market entrepreneurs. And when it comes to paradigm-shifting innovation, western companies like Apple and Facebook are still setting the international agenda.

In fact, it may be western politicians rather than western CEOs who will be blindsided by this coming wave of globalization. Lackluster economic growth and persistent unemployment are fueling protectionist sentiment in many developed countries, especially the US. At a time when emerging market countries and companies are getting better and better at doing business with one another, that impulse may not only be self-destructive.

Even worse, it could be futile.Reuters

No Compromise on Defence Pakistan is our home and needs to be protected from enemies, from outside as well as inside. When it becomes evident on the enemies g that the country has the capacity to deter any aggression they propagate that too much money is being spent on arsenal which is waste of money.

Maintaining a huge army and does not bode well for a developing country. In fact the enemies try to create a group of

people to toe their line and to weaken the country.

History reveals that those nations, who were vigilant and do not compromise on key issues are able to withstand many adversities. They have the best trained men and the latest warfare. This is an important lesson of history that should not be forgotten.

Western as well as a neighboring country is trying to stir misunderstandings regarding

the defence budget of Pakistan Armed Forces. The propaganda need to be responded strongly that the country has to maintain minimum deterrence level. Due to war on terror and floods Pakistan is already facing problems posing threats to developments. The whole administrative infrastructure is facing serious problems. The public and private sector are struggling hard to survive.

At this hour the people

Absolute Hegemony It has to be understood that Dr Aafia is not just any Pakistani woman and it would not be fair to dismiss her case, as being done by many, by likening her to the millions of others oppressed in the country that are being denied their legitimate right to justice and freedom.

Aafia symbolizes the need of every Pakistani to liberate itself from the psychological and physiological neo-imperialist hegemony. The entire movement was to break free from the clutches of external oppression that breeds hopeless despair amongst the public, but the failure of our government and its lack of interest evident from of the fact that there is no change on the horizons for the subjugated citizens. Aafia's sentence for eighty six years imprisonment conveys the American mindset that aims to hold all Pakistanis captive for a similar number of years if not more.

This can be elucidated by the intensified drone attacks on the Pakistani territory being conducted by the tacit yet absolute

consent and compliance by the Pakistani leadership that have, like Aafia, left the entire public at the mercy of the US whims in favor of a few petty personal gains while providing strong bases to foreign forces inside Pakistani territory.

The helicopters that were sent in the guise of humanitarian missions to Pakistan along with thousands of US marines have obviously begun what they had actually aimed; launch territorial attacks upon the Pakistani territory killing 30 people while drone attacks too killed 10 on the same day making it the 62nd attack of the year 2010.

The government needs to change its stance for a change and wake up to the threat these attacks pose to the nation and to take the matters in its own hands by starting a reconciliation process in the NWA of Pakistan similar to that of the Afghan peace process.

If Taliban in Afghanistan can be steered towards peace through dialogue why can't the same be applicable in Pakistan?

Marya Mufti, Lahore

depend on government and the armed forces. It is the time to integrate ourselves and not to raise egoistic issues and fall prey to negative propaganda.

Creating confusions and chaos is part of anti Pakistan strategy. It will keep on taking new twists in the future as well.

The concept of war has changed, not a war fought on different fronts but a war of nerves and whoever is prepared and organized is likely

to survive. It is a game of survival of the fittest not only in the region but globally. The armed forces have the best accountability system. They can themselves carry out analysis if required and no need to worry. The only requirement is treating them with dignity, respect them and stand by them in this hour of need.

Anwar Parveen, Rawalpindi

Indian Offer of Dialogue History is repeating itself.

Whenever an important event comes where Kashmir issue can be raised India changes its stance towards the occupied valley and offers Pakistan to resolve all the conflicts including Kashmir through dialogue. This strategy has been applied many a times and we as a simple nation trust India that may be this time it honestly wants to resolve all the disputes. The outcome is the same and once the event is over, India changes its stance and the issues remain unresolved. All our diplomatic efforts fail to bring India to the negotiating table.

This time again India has adopting the tactics as the UN session is getting nearer. Indian government is worried that if the Kashmir issue is raised forceful-

ly and get sympathetic hearing of the international community it may lead to passing a resolution to take some concrete steps to resolve the issue. The world is watching the brutalities and killings closely, which are exposing the real face of India suppressing the freedom movement with power. The Indian politicians and civil society is questioning the government for how long the self serving and self deceiving views as well as actions regarding Kashmir can hide the truth from the world.

This is the time when realistic approach and strong message of solidarity with the Kashmiris should be communicated from our side using all diplomatic skills and channels at this important forum.

Dr Lubna Umar, Islamabad

Millions Missing This is with reference to a report published in the local print media followed by a press release by the US Embassy in Islamabad, and a clarification by the

Government of Pakistan denying that no amount has been misappropriated from US aid (given under the Kerry Lugar Bill) meant for IDPs from Swat and

Malakand. Though, the story carries some weight yet one wonders what has gone wrong with the most senior Pakistani journalist.

I happen to be the big fan

of those journalists trying to unearth some scope.

Many of the analyses, comments, predictions and predilections prove true bringing disgrace to the

nation. However, one fails to understand why the elected representatives are treading on a self-destructive path?

F Z Khan, Islamabad

5

Saturday, October 2, 2010

South East Asian stocks: Mostly higher; Indonesia hits record high KSE-100 Index Opening Closing Change % Change Turnover (mn)

100-Index closes above 10,000 level

10,013.31 10,042.44 29.13 0.29 63.82

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

3,114.90 3,129.82 14.92 0.48 2.79

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

2,557.43 2,566.34 8.91 0.35 0.20

Major Gainers

Symbol

Close

Change

DREL 660.00 SIEM 1,176.97 LAKST 298.16 NESTLE 1,904.75 ATLH 98.40

24.00 16.97 14.19 4.56 4.30

Major Losers

Symbol COLG FZTM UPFL GLPL MFFL

Close

Change

693.00 305.18 1,030.00 66.38 65.72

-13.17 -11.67 -8.88 -3.37 -3.28

Top 5 Volume Leaders

Symbol

Close Vol (mn)

TRG SILK NCL NML LOTPTA

4.27 3.01 17.08 47.17 8.46

7.36 4.73 4.12 3.66 3.46

Active Issues Plus Minus Unchanged

184 155 13

Sector Updates FERTILISER 000 tonnes

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

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

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

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

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

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

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

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

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

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

EU shares end at 1-month low; earnings eyed

Nawaz Ali KARACHI: Shares ended higher at the Karachi Stock Exchange on Friday above the psychological level of 10,000 points due to buying on strong valuations with and expectation of good corporate results in the coming weeks for the quarter ending September 30.

The benchmark KSE 100index gained 29 points to close at 10,042 level, KSE 30-index rose by 11 points to close at 9,685 level and KSE All Share index grew by 19 points to close at 7,016 level.

"Positive close was witnessed as institutions, state run

funds and foreign investors continued accumulation of stocks on strong valuations", said Ahsan Mehanti, Director Arif Habib Investments.

Rise in international oil prices getting closer to $81, expectation of good corporate result announcements next week and foreign interest in blue chip oil & gas companies and banking sector scrips played a catalyst role in ijnitiating positive activity at KSE despite concerns of rising cost of borrowing, falling rupee value and Pak-NATO forces clashes, he added.

The day started on a positive note with early gain of 16

Al Meezan announces interim dividend Staff Reporter KARACHI: Al Meezan Investment Management Limited (Al Meezan) announced the first interim dividends for its three fixed income funds. These were Rs1.50 per unit for Meezan Islamic Income Fund; Rs1.225 per unit for Meezan Cash Fund and Rs1.25 per unit for Meezan Sovereign Fund.

The payouts are in the form of Bonus Units for the Growth Unit holders and cash dividend for the Income Unit holders. A Growth Unit holder having 100 units of MIIF as at September 29, 2010 will get 2.9499 additional units at the ex-div. NAV of Rs50.85 while an Income Unit holder will get cash dividend of Rs1.50 per unit. A Growth Unit holder having 100 units of MCF as at September 29, 2010 will get 2.4500 additional units at the ex-div. NAV of Rs50.00. A Growth Unit holder having 100 units of MSF as at September 29, 2010

will get 2.4985 additional units at the ex-div. NAV of Rs50.03.

Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund of Pakistan.

The annualised return for the quarter ended September 30, 2010 comes to 14.4 per cent. At the close of the first quarter ended September 30, 2010, the net assets of MIIF were Rs3,239 million.

Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund of Pakistan. The annualized return for the quarter ended September 30, 2010 comes to 10.2 per cent. At the close of the first quarter ended September 30, 2010, the net assets of MCF were Rs5,838 million.

Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund of Pakistan. The annualized return for the quarter ended September 30, 2010 See # 4 Page 11

Commodities, banks push FTSE higher LONDON - The leading share index pushed higher on the first session of the final quarter of 2010, fuelled by gains in commodity issues and banks as some semblance of a risk appetite returned for investors.

At the close, the FTSE-100 was up 44.28 points, or 0.8 per cent, at 5,592.90 points, making a good start to the new month having put on 6.2 per cent in September, although an early push up to technical resistance above 5,610 failed to hold.

"After a strong performance in the third quarter, stock market indices look harder to call for the run to the end of the year," said David Jones, chief market strategist at IG Index.

Commodity issues led the blue chip advance as crude prices rose close to $81 per barrel and metal prices firmed

across the board after aboveforecast data from China boosted confidence in the global economic recovery.

BG Group was the biggest blue chip riser, up 4.6 per cent with an agreement between Chinese refiner Sinopec Group and Repsol of Brazil seen as supportive to the UK company's valuation.

BP gained 3 per cent as it detailed the Gulf of Mexico assets it will use to help finance the $20 billion (12 billion pounds) fund for victims of its oil spill and said the cost of dealing with the disaster had risen to $11.2 billion.

BP shares were up around 9 per cent over the three sessions since making operational changes on Wednesday, although the stock saw strong technical resistance around 446 pence.

See # 5 Page 11

points; thereafter market moved shortly into negative zone touching its low of 10,002 points. But renewed buying activities allowed the index to bounce back into the positive zone and the index remained in positive zone till closing of the session. Selling was witnessed in Pakistan Oilfields due to below expectation result.

Positive activity gained further momentum during the second session due to continued buying mainly in the index heavy weight OGDC, textile and in some banking stocks.

The index at about 3:30 PST touched its highest level of the

POL profit up 32.4pc Ahmed Siddique

KARACHI: Pakistan Oilfields Limited (POL) is one of the leading oil and gas exploration and production companies of the country.

According to financial result sent by to Karachi Stock Exchange the Company has posted profit after tax of Rs7.43 billion (EPS: Rs31.44) for FY10 as compared to profit of Rs5.62 billion (EPS: Rs23.75) for the corresponding period last year. This translates into profit growth of 32.4 per cent.

Along with the approval of financial accounts the Board of Directors also approved distribution of final cash dividend of Rs17.5 per share, which is in addition to interim dividend of Rs8 per share. This took the total payout for the full year to Rs25.5 per share FY10 as against divided payout of Rs18 per share for the previous year.

TFD analyst attributes the surge in earning to 1) increase in gas and oil production by 61 per cent and 9 per cent respectively 2) hike in average price of crude oil during FY10 by 10.4 per cent YoY to US$74.66 a barrel (Arab Light) and 3) depreciation of Pak rupee by 6.5 per cent on YoY during FY10.

Net sales of the Company grew by 27 per cent to Rs17.84 billion for FY10 from 14.05 billion for FY09. The main reason for the hike in sales was increase in gas production by 61 per cent to 61mmcfd against 38mmcfd registered in FY09 due to commencement of CPF of Manzalai field.

Similarly, oil production was also up by 9 per cent to 4.05kbpd as compared to 3.7kbpd for FY09.

Administrative expenses went up by 56.5 per cent to Rs73.33 million as compared to Rs46.85 million for the corresponding period last year.

Financial cost dropped by 44.6 per cent to Rs284 million from Rs512 million last year during this period.

Other operating income also decreased significantly by 32.6 per cent to Rs1.38 billion from Rs2.04 billion in FY09.

ANNOUNCEMENTS Company Elite Cap.Mod Pak Oilfields Ltd. Al-Abbas Cement Bawany Air Nat.Bank Mod B.F.Modaraba Bestway Cem Dreamworld Frontier Ceramics Mod.Al-Mali Moonlite (PAK) Mustehkam Cement S.S.Oil Transmission Engg.

Period Div/Bon/Right 30/06/2010(YR) 5%(D) 30/06/2010(YR) 175%(F)(D) 30/06/2010(YR) 100%(R) 30/06/2010(YR)10%(R) 5%(D) 30/06/2010(YR) 10%(D) 30/06/2010(YR) 10%(B) 30/06/2010(YR) 30/06/2010(YR) 31/03/2010(IIIQ) 30/06/2010(YR) 30/06/2010(YR) 30/06/2010(YR) 30/06/2010(YR) 30/06/2010(YR) -

PAT (Rs in mn) 7.32 7436.766 -720.615 53.271 26.234 3.402 -1209.436 1.903 -11.611 -12.913 -39.233 -263.682 13.06 11.652

EPS(Rs) 0.65 31.44 -3.94 7.81 1.05 0.5 -3.71 0.06 -1.5 -0.7 -18.17 -7.64 2.31 1

day of 10,106 points. As it was the last trading day of the week some profit taking witnessed at higher levels which eclipsed index which still managed to close the day above 10,000 level.

Samar Iqbal, Equity Dealer at Topline Securities said that the early gains were eroded by late profit taking as investors preferred not to carry on positions over to next week. Small cap stocks remained the talk of the town while disappointed investors booked profit in Pakistan Oilfield after it's below expectation result announcement.

Foreign investors remained

on the buying side. According to NCCPL data there was a net foreign buying of $2.17 million on Friday. On the local side; mutual funds and banks also emerged net buyer of $1.01 and $0.67 million respectively while companies were the net sellers at $2.87 million.

However, volume remained low at 63.8 million shares, 25 million shares less as compared to a turnover of 88.8 million shares witnessed a day earlier.

Out of total 352 active issues; 184 advanced and 155 declined while prices of 13 scrips remained unchanged.

Nikkei ends slightly higher TOKYO: Japan's Nikkei rose 0.4 per cent on Friday, boosted by short covering after sharp falls the previous day and after better than expected US economic data provided a degree of optimism.

In an upbeat note for the new quarter, the benchmark even managed to fight off a wave of pressure from large-lot selling of futures that briefly flattened it, as well as a stronger yen.

The Nikkei in September marked its best month since March on expectations that the central bank will ease policy further and that the yen's rapid advance could be curbed by more intervention by the authorities.

"Japanese stocks are recouping some ground as investors appear to be correcting extreme pessimism triggered earlier by the yen's advance and worries about European finance problems," said Koichi Nosaka, a market analyst at Securities Japan, Inc. "Although I don't expect to see any sharp erosion in stock prices during new quarter, gains may be limited due to a tug-of-war between signs of a slowdown in the real economy and market hopes for policy easing moves."

Most in the market said much depends on next week's Bank of Japan (BoJ) meeting, with an easing move widely expected, though some took a cautious stance.

"If the BoJ only takes moves along the lines of those that have been already reported, there could be some disappointment that would pressure stocks," said Hideyuki Ishiguro, a strategist at Okasan Securities.

"A lot depends on what happens with the yen. I myself think there may be more of a downside risk than an upside one."

The BoJ will hold its next monetary policy meeting on Oct. 4-5. The policy move expected most by economists polled by Reuters was yet another expansion of a cheap fund-supply tool that the BoJ set up in December and expanded in March and August.

The benchmark Nikkei rose 0.4 per cent to 9,404.23 after dipping briefly into negative territory in the early afternoon, succumbing to pressure from what market players said was large-lot selling of Nikkei futures, mainly by foreign investors.

The Nikkei lost 0.7 percent on the week.

But support held around 9,357, the 38.2 per cent retrenchment of the Nikkei's move from 8,796 to the peak of its September rally at 9,704.

Wall Street wrapped up its best quarter in a year on Thursday with the S&P and Nasdaq logging their biggest See # 6 Page 11

US stocks early-afternoon

US stocks built on recent gains NEW YORK: US stocks advanced modestly on the first day of the fourth quarter on Friday as resource stocks built on recent gains despite data showing a slowed pace of manufacturing growth in September.

The ISM manufacturing report offset enthusiasm earlier in the morning generated by data out of China showing a pick-up in its manufacturing sector and left the door open for the Federal Reserve to launch a fresh round of monetary policy easing.

A mixed round of US data left the market searching for direction as construction spending rose unexpectedly in August, while September consumer sentiment improved slightly, but remained at its weakest level in more than a year.

The data "could signal that we have a little downdraft going here," said Brian Battle, vice president of trading at Performance Trust Capital partners in Chicago. "It is very difficult to be an investor right now because signals are being crossed."

The S&P 500 also hit a key resistance level after it climbed as high as 1,150.30 before losing ground. That level is viewed as the top of a recent range after stocks surged through September.

Technology shares ranked among the laggards as investors locked in some profits the day after indexes wrapped up the best quarter in a year.

Amazon.com was among the biggest drags on the Nasdaq, down 2.7 per cent at $152.82.

"I think we're seeing a little profit taking in momentum stocks -- names like Amazon, Priceline and Netflix, which were big winners last quarter," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.

The Dow Jones industrial average was up 44.50 points, or 0.41 per cent, at 10,832.55. The Standard & Poor's 500 Index was up 4.61 points, or 0.40 per cent, at 1,145.81. The Nasdaq Composite Index was up 2.49 points, or 0.11 per cent, at 2,371.12.

On the upside, resource stocks gained as metal and oil prices returned to recent new highs. Shares of Freeport McMoRan Copper and Gold See # 7 Page 11

Indian shares at 33-month high MUMBAI: Robust foreign fund inflows drove Indian shares to 33-month high on Friday while strong auto sales in September pushed key auto stocks higher helping the benchmark index post its fifth weekly gain. It was the biggest winning stretch in six months for the index but the steep rise has led to concerns about a correction soon.

The 30-share BSE index rose 1.87 per cent or 375.92 points to 20,445.04 points, taking gains in the week to nearly 2 per cent. The index is only around 800 points away from its record high.

It rose to as much as 20,475.47, its highest since January 2008. Twenty-seven of its components closed in the green. "It is a liquidity-driven rally. But, what worries me is the way it is going, we may not see a pause, but it could turn out to be a reversal," said Ambareesh Baliga, vice-president of Karvy Stock Broking.

Foreign fund inflows of

$18.2 billion have led the benchmark index 17.1 per cent higher.

The index gained 13.4 percent in the quarter ended September, notching its seventh consecutive quarterly gain and the longest winning streak in at least 20 years.

India's manufacturing sector continued to expand in September although at a considerably slower pace than in preceding months, predominantly weighed down by a fall in new orders and output, a survey showed.

Vehicles maker Tata Motors firmed nearly 2 per cent after it said its September sales rose 23 per cent, and it will hike prices on some passenger and all commercial vehicles from Monday due to rise in input costs.

Leading car maker Maruti Suzuki and top utility vehicle maker Mahindra & Mahindra raced 2.9 percent each.

Metals producer Sterlite Industries rebounded 5.1 per

cent after India's Supreme Court on Friday stayed a lower court order to close Vedanta Resources copper smelter in south India.

Reliance Industries, which has been an underperformer in recent times in the absence of any near-term positives, climbed 2 per cent in an attempt to catch up with the broader market rally.

The stock, which has the highest weight on the Sensex, is down 7.6 per cent this year.

Outsourcers rose after stronger-than expected economic indicators from China and the United States boosted confidence in the global economic recovery, dealers said.

Leading software companies Tata Consultancy Services, Infosys Technologies and Wipro gained between 2.1 percent and 4.1 percent.

Two shares advanced for every share that declined in the broader market, on a strong volume of 516 million shares.Reuters

6

Saturday, October 2, 2010

Market

KSE 100 Index

Symbols

Volume

63,824,735

Value

2,257,977,141

Trades

38,306

Advanced Declined Unchanged Total

Current High Low Change

184 155 13 352

All Share Index

10,042.44 10,106.67 10,002.43 h29.13

Current High Low Change

Performance of SR Oil and Gas Index Open 1,243.46 Turnover 3,169,440 P/E (x) 10.78

High Low 1,257.91 1,237.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.99 37.01

PE

Open

High

Low

Close Chg

Volume

Attock Petroleum 576 Attock Refinery 853 BYCO Petroleum 3921 Mari Gas Company 735 National Refinery 800 Oil & Gas Development XD 43009 Pak PetroleumXDXB 11950 Pak Oilfields 2365 Pak Refinery Limited 350 PSO XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685

5.25 14.61 14.78 5.00 10.12 5.42 6.92 4.53 13.73 9.91

340.56 79.48 10.16 108.54 202.06 145.71 172.41 237.13 58.30 268.70 30.23 192.45

343.30 81.35 10.44 110.00 204.00 147.99 173.99 237.00 59.30 271.80 31.55 194.83

339.00 79.50 10.20 107.03 200.00 145.05 171.60 232.75 58.40 266.51 30.00 192.60

341.34 0.78 80.34 0.86 10.25 0.09 109.05 0.51 200.59 -1.47 146.70 0.99 173.10 0.69 234.64 -2.49 58.50 0.20 267.45 -1.25 30.49 0.26 193.17 0.72

197267 499206 439688 33102 91816 405269 481460 1860629 1401 1065376 391301 3242

Last 60 days High Low 350.00 93.60 13.05 138.45 208.49 153.00 214.10 240.01 82.00 289.45 40.10 244.00

% Change 0.37 5-Day High 1,248.00 5-Day Low 1,233.59

2009 Div BR (%) (%)

2010 Div BR (%) (%)

285.00 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -

300 31 200 55 90 255 80 40

20 20B -

Open 685.01 Turnover 75,023 P/E (x) 5.47 Company

Performance of SR Chemicals Index

Company

Paid up Cap(mn)

PE

High Low 1,144.24 1,128.76 Total cos Defaulter cos P/BV (x) ROE (%) 2.41 35.00

Open

High

Low

Agritech Limited 3924 - 23.68 Bawany Air 68 1.54 13.00 BOC (Pak) 250 9.58 77.00 Dawood Hercules 1203 7.60 165.69 Descon Chemical 1996 2.03 Descon Oxychem Ltd. 1020 4.44 Dewan Salman 3663 1.34 Dynea Pak 94 4.12 11.50 Engro Corp. Ltd XD 3277 9.00 174.21 Engro Polymer 6635 - 13.03 Fatima Fertilizer 22000 - 11.24 Fauji Fertilizer 6785 7.15 104.84 Fauji Fert. Bin Qasim 9341 6.91 27.10 Gatron Ind 384 3.69 39.00 Ghani Gases Ltd 725 - 11.14 ICI Pakistan XD 1388 6.97 117.10 Lotte Pakistan 15142 2.94 8.39 Nimir Ind Chemical 1106 67.00 1.39 Shaffi Chemical 120 1.20 2.70 Sitara Chem Ind 204 5.32 119.89 Sitara Peroxide 551 8.18 United Distributors 92 3.28 16.06

23.01 13.25 78.50 168.00 2.10 4.67 1.40 12.09 176.75 14.03 11.10 105.50 27.28 40.80 11.65 118.40 8.63 1.40 2.99 122.50 8.38 16.79

23.01 12.00 75.15 164.00 2.05 4.05 1.30 11.04 173.56 13.30 10.90 104.90 27.02 39.50 10.91 116.26 8.40 1.30 2.07 117.77 8.00 15.15

Close Chg 23.01 12.00 75.32 164.75 2.10 4.17 1.38 11.04 175.50 14.03 11.02 105.07 27.15 39.50 11.37 116.93 8.46 1.34 2.50 120.54 8.03 15.21

-0.67 -1.00 -1.68 -0.94 0.07 -0.27 0.04 -0.46 1.29 1.00 -0.22 0.23 0.05 0.50 0.23 -0.17 0.07 -0.05 -0.20 0.65 -0.15 -0.85

Close 1,135.34 Listed cap 52,251.88 mn Payout (%) 48.81

Volume 500 6806 127 1595 36744 73576 197606 106 443423 1815084 39049 165500 97911 180 266610 129054 3459728 128597 7046 5798 52713 184

Change 3.69 Market cap 259,371.84 mn Div Yield (%) 7.10

Last 60 days High Low 27.79 16.78 82.50 185.88 3.15 5.45 2.21 13.60 194.59 14.03 12.46 113.39 30.65 48.30 11.65 128.30 9.09 1.81 3.80 138.00 11.09 17.99

% Change 0.33 5-Day High 1,149.48 5-Day Low 1,131.65

2009 Div BR (%) (%)

2010 Div BR (%) (%)

21.15 10.06 66.90 90 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 36.80 7.41 109.50 80 6.75 5 1.16 2.00 110.03 75 7.67 15.00 10 10B

5 15 20 15 20 75 5 20 55 25 -

10R 5B -

Performance of SR Forestry & Paper Index Open 1,174.26 Turnover 10,564 P/E (x) 6.09

High Low 1,194.95 1,160.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47

Close 1,168.25 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411

4.30 4.73

19.67 42.95 40.00

19.89 44.90 40.79

19.50 41.30 39.53

19.55 -0.12 41.30 -1.65 39.99 -0.01

2471 5052 3041

Company

Change -6.01 Market cap 3,241.70 mn Div Yield (%) 4.15

Last 60 days High Low 22.70 62.85 50.40

15.90 41.30 38.10

% Change -0.51 5-Day High 1,179.91 5-Day Low 1,168.25

2009 Div BR (%) (%)

2010 Div BR (%) (%)

- 425R 20 50 -

25 33.33B 50 -

Open 969.29 Turnover 24,075 P/E (x) 2.96 Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

High Low 985.03 946.75 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 33.10

PE

Open

High

Low

565 3.35 675 555 6.41 1199 4.70 785 18.18

24.45 2.03 15.56 48.80 9.00

24.90 2.28 16.25 49.50 8.91

24.10 2.04 15.03 47.80 8.41

Close Chg 24.75 2.04 15.33 48.27 8.91

0.30 0.01 -0.23 -0.53 -0.09

Close 967.09 Listed cap 3,596.11 mn Payout (%) 30.91

Volume 2001 1524 8962 11437 151

Change -2.19 Market cap 9,214.07 mn Div Yield (%) 10.43

Last 60 days High Low 31.73 3.20 16.75 70.71 11.25

23.75 1.65 13.00 47.50 8.20

% Change -0.23 5-Day High 977.29 5-Day Low 957.68

2009 Div BR (%) (%)

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Berger Paints Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement

High Low 919.64 898.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.10

10

30B -

30 40 7.5

20B -

% Change 1.04 5-Day High 912.37 5-Day Low 902.96

Last 60 days High Low

3.22 63.10 15.03 1.55 1.41 23.80 2.55 4.60 1.85 2.40 3.20 6.00 2.80 69.40

3.24 63.89 15.19 1.55 1.48 24.03 2.57 4.77 1.90 4.00 3.84 6.00 2.83 70.77

0.04 -0.45 0.03 -0.18 -0.05 0.11 -0.85 0.08 -0.03 0.62 0.24 -0.10 -0.01 1.61

2205 76326 27140 5004 36168 2001142 154 172919 4984 6281 45376 81996 310665 1063006

4.40 72.40 20.00 2.74 2.20 28.74 5.15 5.50 2.37 4.69 7.50 7.38 3.53 73.88

2.82 63.00 14.50 1.30 1.30 23.02 2.11 4.50 1.75 1.55 2.11 5.70 2.60 62.60

50 40

20B 20R -

2.80 7.41 6.20 19.11

2.81 7.69 6.34 19.27

-0.02 0.27 -0.06 -0.51

57327 62219 8640 2001610

3.84 8.47 9.47 21.80

2.75 6.31 5.50 17.74

-

-

High

Low

1828 866 5.09 182 982 11.92 3574 3651 33.38 350 6933 11.93 1760 77 2319 1288 13126 3234 6.36

3.20 64.34 15.16 1.73 1.53 23.92 3.42 4.69 1.93 3.38 3.60 6.10 2.84 69.16

3.38 64.40 15.58 1.74 1.53 24.25 3.43 4.80 1.99 4.00 3.90 6.00 2.90 71.15

2.83 7.42 6.40 19.78

2.84 7.85 6.48 19.85

-

Change 9.41 Market cap 68,619.40 mn Div Yield (%) 3.10

Volume

Open

3723 2228 200 798

Close 912.37 Listed cap 54,792.74 mn Payout (%) 19.04

Close Chg

PE

2009 Div BR (%) (%)

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

-

Performance of SR General Industrials Index Open 890.07 Turnover 38,240 P/E (x) 2.63 Company

Paid up Cap(mn)

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

PE

Open

High

High Low 909.88 889.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low

Close Chg

92 4.46 47.04 47.50 46.30 46.80 -0.24 230 1.94 2.28 1.80 1.80 -0.14 970 6.17 60.39 60.40 60.01 60.29 -0.10 389 3.20 3.80 2.90 3.10 -0.10 844 15.43 101.00 103.00 101.50 101.85 0.85 82 10.49 1160.00 1200.00 1157.99 1176.97 16.97 300 8.18 99.00 102.00 100.01 101.95 2.95

Close 898.72 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 6769 19504 3236 302 1418 155 6840

Change 8.65 Market cap 33,328.15 mn Div Yield (%) 5.91

Last 60 days High Low 51.05 2.89 61.99 4.69 125.96 1299.75 105.00

Company

Paid up Cap(mn)

AL-Ghazi Tractor

215

PE

Open

5.08 214.08

High

High Low 1,435.44 1,393.71 Total cos Defaulter cos P/BV (x) ROE (%) 2.52 38.02 Low

Close Chg

34.00 1.70 54.65 2.21 98.00 995.00 91.00

215.90 212.25 213.92 -0.16

Close 1,403.60 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

% Change 0.97 5-Day High 898.72 5-Day Low 878.71

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 32.5 900 100

20 25 300 -

10B -

25B 10B -

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

227.45

200.26

400

-

150

-

50.61

35.25

-

20B

25

10B

13.90 -0.10

6230

20.24

13.78

-

-

-

-

82.00 -1.00

105

5.71

48.27

49.49

48.10

49.47

Ghandhara Ind

213

2.19

14.00

14.40

13.78

KSB Pumps

132

8.17

83.00

87.15

79.09

Millat TractorsXDXB

366

5.45 428.33

1.20

436.50 423.00 425.52 -2.81

115246

Close 694.19 Listed cap 3,242.17 mn Payout (%) 11.08

Change 9.18 Market cap 12,861.14 mn Div Yield (%) 2.02

High

Low

Close Chg

Volume

Last 60 days High Low

8.13 5.55

66.13 38.75

69.43 40.68

62.83 38.06

66.30 40.68

5135 69888

87.86 41.74

Paid up Cap(mn)

PE

Open

Alert ! Unusual Movements

0.17 1.93

62.75 34.50

% Change 1.34 5-Day High 694.19 5-Day Low 677.22

2009 Div BR (%) (%) 30

20B -

2010 Div BR (%) (%) 40 15

-

70.00

High Low 1,063.89 1,028.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35

Close 1,044.38 Listed cap 6,768.53 mn Payout (%) 20.42

High

Low

Close Chg

Volume

70.50

68.00

69.90 -0.10

Change 11.65 Market cap 37,822.35 mn Div Yield (%) 5.34

Last 60 days High Low

% Change 1.13 5-Day High 1,046.93 5-Day Low 1,032.73

2009 Div BR (%) (%)

2010 Div BR (%) (%)

Agriautos Ind

144

5.11

6792

78.39

63.01

40

-

90

-

Atlas BatteryXDXB

101

5.21 137.41

0.88

1693

209.00

131.00

100

20B

100

20B

Atlas Engineering Ltd

247 11.99

17.00

17.50

17.00

17.50

0.50

500

19.80

15.90

- 100R

-

-

Atlas Honda Dewan Motors

626 890

6.85 -

94.10 1.31

98.70 1.80

98.40 1.26

98.40 1.38

4.30 0.07

160 6243

127.99 2.24

92.00 1.16

80 -

30B -

-

-

General Tyre XD

598

6.05

22.53

22.50

22.10

22.10 -0.43

1001

28.80

21.71

-

-

20

Ghandhara Nissan

450

-

4.42

4.93

4.21

4.23 -0.19

8535

6.60

4.15

-

-

-

-

Ghani Automobile Ind

200

3.98

4.65

4.75

4.10

4.74

0.09

5003

5.70

3.55

-

-

-

-

10.99 10.20 10.57 0.08 221.98 216.49 216.49 -0.10

2539 302

14.50 287.00

10.05 212.29

100

-

150

-

Honda Atlas Cars Indus Motors XD

1428 786

- 10.49 4.94 216.59

139.00 136.10 138.29

Pak Suzuki

823

9.04

69.29

72.75

70.00

72.75

Sazgar Engineering Transmission

125 117

6.33 2.20

24.70 2.25

24.95 2.20

24.25 1.84

24.38 -0.32 2.20 -0.05

3.46

Open 1,458.87 Turnover 68,291 P/E (x) 21.59

26118

89.99

69.25

5

-

-

-

4817 4501

27.85 3.25

23.91 1.53

2

20B -

10 -

20B -

Company

Paid up Cap(mn)

Ansari Sugar Chashma Sugar Faran Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd National FoodsSPOT Noon Pakistan Noon Sugar Shahmurad Sugar Tandlianwala Wazir Ali

244 287 217 146 600 200 414 48 165 211 1177 80

PE 0.28 0.80 2.99 6.06 4.50 21.10 11.98 16.23 290.82 -

Open 6.00 9.77 18.60 36.60 29.48 15.93 44.98 25.90 11.25 10.95 32.00 5.51

High 6.00 9.90 18.50 37.60 29.70 16.20 45.50 27.19 11.26 11.90 32.90 6.25

High Low 1,476.28 1,451.93 Total cos Defaulter cos P/BV (x) ROE (%) 6.54 30.30 Low 6.00 9.75 18.50 36.60 29.41 15.40 43.30 24.61 11.25 10.60 30.40 5.20

Close Chg 6.00 9.88 18.50 36.75 29.41 16.02 44.10 25.76 11.26 11.20 31.99 6.25

0.00 0.11 -0.10 0.15 -0.07 0.09 -0.88 -0.14 0.01 0.25 -0.01 0.74

Close 1,462.19 Listed cap 11,335.33 mn Payout (%) 30.57

Volume 500 6000 128 501 11080 3250 1561 570 1700 1003 41005 795

91.00

68.50

35

-

-

-

597.90

423.00

450

25B

650

25B

RSI (14-day)

52.75

Total Assets (Rs in mn)

130,784.14

MA (10-day)

2.03

Total Equity (Rs in mn)

(8,737.47)

MA (100-day)

2.29

Revenue (Rs in mn)

3.80 8.00 15.10 13.26 22.50 13.00 41.35 22.01 10.00 7.40 22.42 5.00

2009 Div BR (%) (%) 17.5 35 40 50 15 -

25B 25B 10B 10B -

% Change 0.23 5-Day High 1,462.19 5-Day Low 1,441.67 2010 Div BR (%) (%) 40 12 12 -

85,224.08

MA (200-day)

2.61

Interest Expense

1st Support

1.90

Loss after Taxation

2nd Support

1.71

EPS 09 (Rs)

1st Resistance

2.39

Book value / share (Rs)

2nd Resistance

2.69

PE 10 E (x)

Pivot

2.20

PBV (x)

5,619.80 (15,484.94) (1.176) (0.66) (3.18)

KESC closed up 0.09 at 2.11. Volume was 392 per cent above average (trending) and Bollinger Bands were 44 per cent narrower than normal.

The company's loss after taxation stood at Rs14.641 billion which translates into a Loss Per Share of Rs0.74 for the year ended FY10.

KESC is currently 19.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KESC at a relatively equal pace. Trend forecasting oscillators are currently bullish on KESC.

Fundamental Highlights As on Jun 30, 2009

Technical Analysis Change 3.32 Market cap 187,746.57 mn Div Yield (%) 1.42

Last 60 days High Low 6.00 11.40 23.50 37.60 30.44 16.98 65.29 33.06 14.35 11.90 35.50 8.74

Fundamental Highlights As on Jun 30, 2009

Technical Analysis

-

Performance of SR Food Producers Index

-

RSI (14-day)

57.20

Total Assets (Rs in mn)

12,016.81

MA (10-day)

16.29

Total Equity (Rs in mn)

3,102.47

MA (100-day)

16.81

Revenue (Rs in mn)

9,964.55

MA (200-day)

18.90

Interest Expense

1,081.54

1st Support

16.42

Profit after Taxation

2nd Support

15.80

EPS 09 (Rs)

1.249

1st Resistance

17.37

Book value / share (Rs)

37.51

2nd Resistance

17.70

PE 10 E (x)

3.16

Pivot

16.75

PBV (x)

0.46

103.34

NCL closed up 1.00 at 17.08. Volume was 304 per cent above average (trending) and Bollinger Bands were 54 per cent narrower than normal.

The company's profit after taxation stood at Rs400.039 million which translates into an Earning Per Share of Rs4.05 for the nine months of fiscal year (9MFY10).

NCL is currently 9.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NCL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NCL.

Performance of SR Household Goods Index Open 1,030.28 Turnover 94,878 P/E (x) 3.39

High Low 1,071.27 1,046.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 10.64

Close 1,058.70 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

106 1174 231

2.95 2.86

9.40 14.00 17.70

10.40 14.23 18.00

9.59 13.71 16.70

9.59 0.19 13.82 -0.18 17.58 -0.12

501 76516 17757

Hussain Industries Pak Elektron Tariq Glass Ind XD

Change 28.42 Market cap 5,532.67 mn Div Yield (%) 1.85

Last 60 days High Low 10.50 15.95 19.12

7.11 11.51 13.50

2009 Div BR (%) (%) -

10B -

% Change 2.76 5-Day High 1,058.70 5-Day Low 1,025.75 2010 Div BR (%) (%) 17.5

10B -

Performance of SR Personal Goods Index Open 918.93 Turnover 10,861,803 P/E (x) 5.29 Company

Paid up Cap(mn)

Ahmed Hassan Ali Asghar Textile Amtex LimitedSPOT Artistic Denim Azam Textile Azgard Nine Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd Din Textile Ellcot Spinning Faisal Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Hira Textile Mills Ltd. Ibrahim Fibres J K SpinningXDXB Khalid Siraj Kohinoor Ind Kohinoor Textile Land Mark Spinning Mehmood Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Prosperity Quality Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sajjad Textile Salfi TextileSPOT Samin Textile Sana Ind XD Service Fabrics Service Ind Shadman Cot Shahtaj Textile Shahzad Textile Suhail Jute Suraj Cotton Tata TextileSPOT Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited

PE

High Low 930.23 919.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 8.64

Close 923.69 Listed cap 47,070.70 mn Payout (%) 16.68

Open

High

Low

Close Chg

Volume

144 26.79 18.95 222 1.40 2415 4.52 16.98 840 5.83 20.10 133 0.47 2.22 4493 255.00 10.13 64 0.77 51.00 400 1.29 1.25 1150 3.19 316 14.88 706.17 2442 2.37 2.50 238 0.77 31 0.51 2.49 600 1.72 185 1.33 24.85 110 1.86 21.66 100 0.83 31.88 62 3.02 316.85 234 1.23 47.03 75 7.16 33.00 326 1.25 4.33 716 1.41 3.85 3105 3.33 36.62 175 0.40 6.69 107 0.84 303 1.47 1455 2.88 5.49 121 2.05 150 2.43 60.00 189 0.69 145 0.41 187 1.25 16.98 1586 3.16 16.08 3516 5.55 46.00 185 2.39 16.97 160 1.51 9.00 250 5.33 1.83 308 1.46 11.70 341 5.75 36.45 264 3.72 213 0.21 1.00 33 0.28 24.58 134 24.59 6.13 55 4.51 31.79 158 0.28 120 4.79 184.03 176 2.00 10.00 97 1.70 18.93 136 1.20 6.25 37 5.96 11.50 180 1.56 35.10 173 0.60 15.98 256 3.96 106.16 418 0.55 43.02 594 2.50 53 6.79 38.51

17.95 1.40 17.00 20.64 2.00 10.35 50.90 2.00 3.24 710.00 3.18 0.80 2.68 1.90 26.09 22.25 33.47 322.00 47.00 33.48 4.30 4.19 37.87 7.50 0.84 1.63 5.79 2.05 63.00 1.00 0.81 17.00 17.08 47.60 16.52 9.00 2.12 12.00 36.75 4.70 1.00 25.80 7.13 32.75 0.12 187.85 11.00 19.19 7.25 11.99 35.20 16.88 108.00 44.30 2.65 39.75

17.95 1.28 16.66 20.00 2.00 10.08 50.50 1.20 3.04 692.00 2.37 0.67 2.49 1.60 25.80 20.59 33.47 303.00 45.26 32.00 4.30 3.85 35.00 6.00 0.26 1.01 5.46 2.05 60.00 0.99 0.40 16.30 16.13 45.95 16.50 9.00 1.80 11.75 35.05 3.50 1.00 25.48 6.21 30.21 0.12 184.50 11.00 18.91 6.25 11.98 34.50 15.30 105.00 42.50 2.25 39.45

17.95 -1.00 1.38 -0.02 16.92 -0.06 20.00 -0.10 2.00 -0.22 10.20 0.07 50.57 -0.43 1.30 0.05 3.05 -0.14 693.00-13.17 2.82 0.32 0.68 -0.09 2.62 0.13 1.82 0.10 25.83 0.98 21.91 0.25 33.47 1.59 305.18-11.67 46.06 -0.97 32.45 -0.55 4.30 -0.03 3.95 0.10 36.22 -0.40 6.00 -0.69 0.55 -0.29 1.51 0.04 5.50 0.01 2.05 0.00 62.80 2.80 0.99 0.30 0.45 0.04 16.55 -0.43 17.08 1.00 47.17 1.17 16.50 -0.47 9.00 0.00 2.08 0.25 11.88 0.18 35.05 -1.40 4.44 0.72 1.00 0.00 25.79 1.21 7.13 1.00 30.23 -1.56 0.12 -0.16 186.00 1.97 11.00 1.00 18.93 0.00 7.18 0.93 11.98 0.48 34.93 -0.17 15.30 -0.68 105.78 -0.38 43.42 0.40 2.60 0.10 39.64 1.13

632 23600 567572 7042 500 937701 1006 27363 26936 195 109 1185 10200 56093 108 9210 3010 488 1238 3107 1686 1302 6165 184 8500 19909 70602 1000 1721 1545 177 3366 4120266 3657880 4500 500 1015582 13660 3400 60401 1000 1867 31717 6773 1000 1692 1800 21749 593 5500 15624 510 18133 76376 7006 620

% Change -0.50 5-Day High 1,435.12 5-Day Low 1,403.60

23819

95

High Low 718.59 656.48 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53

Change 4.76 Market cap 113,560.72 mn Div Yield (%) 3.15

Last 60 days High Low 24.79 2.21 20.45 21.29 2.90 13.40 52.05 2.30 4.98 770.00 5.00 2.25 2.68 2.49 32.30 25.45 33.47 410.00 47.73 38.64 5.00 4.61 41.00 10.30 1.99 2.00 6.30 4.00 74.50 1.82 0.99 17.18 19.49 53.14 21.47 11.00 4.79 12.00 36.75 4.70 4.19 27.15 8.40 38.40 1.17 236.61 11.00 21.50 8.05 11.99 36.20 19.70 114.99 49.49 4.99 46.12

17.95 0.40 14.61 17.55 1.35 8.55 38.95 0.70 2.93 550.00 2.23 0.48 0.99 1.45 24.00 20.50 24.55 303.00 33.80 26.00 1.11 2.52 34.25 4.75 0.10 1.01 4.00 1.92 50.00 0.35 0.25 12.00 14.64 40.81 16.22 8.92 1.38 6.91 31.35 2.01 0.16 17.21 5.02 27.25 0.12 176.50 7.00 14.75 3.25 10.50 29.50 12.61 95.35 37.20 1.50 33.00

2009 Div BR (%) (%)

% Change 0.52 5-Day High 923.69 5-Day Low 914.10 2010 Div BR (%) (%)

30 20 7.5 50 115 15B 20 10B 7.5 35 7.5 50 15 - 100 70 8 400R 25 10 20 5B 4050.2257B - 20SD - 50R 20 25 45R 20 30 15 40 40 25 - 100R 35 60 200 20 45 15 25 20 20B 80 20B 40 10B 35 -

Performance of SR Pharma and Bio Tech Index

Change -7.06 Market cap 30,051.71 mn Div Yield (%) 19.81

2475

Bolan Casting

15,698.93 15,771.67 15,636.39 h16.08

Open

Open 1,032.73 Turnover 68,271 P/E (x) 3.82

Performance of SR Industrial Engineering Index Open 1,410.67 Turnover 147,875 P/E (x) 6.64

Current High Low Change

PE

2010 Div BR (%) (%)

Performance of SR Construction and Materials Index Open 902.96 Turnover 5,954,697 P/E (x) 6.14

KMI 30 Index

9,685.76 9,744.68 9,650.54 h11.42

Performance of SR Automobile and Parts Index

Company

Performance of SR Industrial Metals and Mining Index

Paid up Cap(mn)

Pak Int Cont. Terminal XD 1092 PNSCSPOT 1321

Company

Open 1,131.65 Turnover 6,852,230 P/E (x) 6.88

Current High Low Change

Performance of SR Industrial Transportation Index

Close Change 1,248.00 4.55 Listed cap Market cap 65,194.15 mn 1,009,728.93 mn Payout (%) Div Yield (%) 68.56 6.36

Paid up Cap(mn)

Company

KSE 30 Index

7,016.82 7,058.29 6,991.34 h19.99

Open 816.14 Turnover 52,758 P/E (x) 5.64 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline IBL HealthCare Ltd Otsuka Pak Searle Pak

Paid up Cap(mn) 979 208 1707 200 100 306

PE

Open

High

7.74 88.51 6.96 101.98 12.36 67.40 15.67 7.30 4.18 28.80 5.33 62.00

88.50 107.00 69.00 7.84 29.49 62.50

High Low 829.15 803.52 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 22.31 Low

Close Chg

85.10 88.29 -0.22 99.03 106.11 4.13 67.00 68.50 1.10 7.05 7.05 -0.25 27.50 27.52 -1.28 61.85 62.14 0.14

Close 824.06 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 5986 19536 6004 1001 1111 19120

Change 7.92 Market cap 27,763.16 mn Div Yield (%) 7.89

Last 60 days High Low 95.50 124.00 83.77 8.66 34.99 64.05

77.00 96.00 65.00 6.10 27.50 53.36

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

20B 15B

% Change 0.97 5-Day High 824.06 5-Day Low 816.14 2010 Div BR (%) (%) 20 30

20B -

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

49.99

Total Assets (Rs in mn)

32,894.92

MA (10-day)

2.40

Total Equity (Rs in mn)

5,654.56

MA (100-day)

2.62

Revenue (Rs in mn)

2,527.30

MA (200-day)

3.54

Interest Expense

1,806.71

1st Support

2.25

Loss after Taxation

(594.94)

2nd Support

2.22

EPS 09 (Rs)

1st Resistance

2.38

Book value / share (Rs)

2nd Resistance

2.48

PE 10 E (x)

Pivot

2.35

PBV (x)

(0.980) 9.23 0.25

JSBL closed down -0.12 at 2.33. Volume was 190 per cent above average (trending) and Bollinger Bands were 1 per cent wider than normal.

The company's loss after taxation stood at Rs337.047 million which translates into a Loss Per Share of Rs0.55 for the half year of current calendar year (1HCY10).

JSBL is currently 34.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JSBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on JSBL.

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

50.72

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.12

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.51

Revenue (Rs in mn)

94,563.77

MA (200-day)

2.70

Interest Expense

1st Support

2.06

Loss after Taxation

9,243.77

2nd Support

1.91

EPS 09 (Rs)

1st Resistance

2.30

Book value / share (Rs)

2nd Resistance

2.39

PE 10 E (x)

Pivot

2.15

PBV (x)

(5,822.43) (2.720) (8.92) (0.25)

PIAA closed down -0.01 at 2.20. Volume was 10 per cent below average and Bollinger Bands were 65 per cent narrower than normal. The company's loss after taxation stood at Rs6.901 billion which translates into a Loss Per Share of Rs2.86 for the half year of current calendar year (1HCY10).

PIAA is currently 18.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of PIAA (mildly bearish).

Trend forecasting oscillators are currently bullish on PIAA.

BOOK CLOSURES Company

From

To

Sana Industries Millat Tractors Atlas Engineering Descon Chemicals Pak Int Cont Terminal Descon Oxychem National Foods Pak National Shipping Corp Amtex Ltd Island Tex Mills JS Global Capital Otsuka Pakistan Salfi Tex Mills Tata Tex Mills Merit Packaging Al-Meezan Mutual Fund Ghandhara Industries Habib ADM Meezan Balanced Fund Bolan Castings Cherat Cement Clover Pakistan Gatron (Industries)

02-Oct 04-Oct 05-Oct 06-Oct 06-Oct 07-Oct 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 09-Oct 11-Oct 11-Oct 11-Oct 11-Oct 12-Oct 12-Oct 12-Oct 12-Oct

09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 19-Oct 20-Oct 19-Oct 25-Oct 26-Oct 18-Oct 18-Oct

D/B/R 60 350(F),25(B) 12 15 30 50 50 25 25 8.5(F) 40 5.5(F) 25,10(B) 15(F) 20

Spot AGM/Date 24-Sep 24-Sep 29-Oct 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct 01-Oct 01-Oct 04-Oct 04-Oct

09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 20-Oct 25-Oct 26-Oct 18-Oct 18-Oct

# Extraordinary General Meeting

Symbols Pakistan CablesXD TRG Pakistan Ltd Murree Brewery Shezan International Lakson Tobacco Shifa Int Hosp XD Eye Television PIAC (A) AKD Capital Pace (Pak) Ltd Netsol Technol

Open 59.48 3.99 93.71 95 283.97 35.01 20.31 2.21 46.94 2.71 17.79

High 60 4.37 97.05 99.75 298.16 36.71 21.32 2.24 47.9 2.78 17.98

Low Close 56.55 4 90 95.15 298.16 33.26 21 2 44.65 2.66 17.71

59.45 4.27 92.08 95.26 298.16 33.46 21.31 2.2 46.93 2.72 17.8

Change -0.03 0.28 -1.63 0.26 14.19 -1.55 1 -0.01 -0.01 0.01 0.01

Vol 2023 7355750 37027 1721 3532 468 7474 146866 2927 239724 249157

7

Saturday, October 2, 2010

UPTO 100 VOLUME Performance of SR Fixed Line Telecommunication Index Open 1,092.90 Turnover 1,092,760 P/E (x) 5.99

High Low 1,114.51 1,086.05 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Pakistan Telecomm Co A 37740

8.93

18.80

19.15

18.74

18.75 -0.05

Company

Close 1,090.38 Listed cap 50,077.79 mn Payout (%) 62.56

Change -2.52 Market cap 76,902.64 mn Div Yield (%) 10.45

Last 60 days High Low

Volume 312321

20.22

17.32

% Change -0.23 5-Day High 1,104.91 5-Day Low 1,090.38

2009 Div BR (%) (%) 15

-

Open 615.54 Turnover 429,745 P/E (x) 9.83

2010 Div BR (%) (%)

Company

17.5

Paid up Cap(mn)

Low

Close Chg

Volume

Last 60 days High Low

1237 11.87

-

Adamjee Insurance XD

3000

-

2.10

2.22

1.95

2.13 0.03

310146

3.18

1.80

-

-

-

-

Ask Gen Insurance

-

2.43

2.49

2.39

2.41 -0.02

470293

3.30

2.30

-

-

-

-

EFU General Ins. XB

Wateen Telecom Ltd

6175

-

4.16

4.17

4.02

4.09 -0.07

67603

6.29

3.80

-

-

-

-

Habib Insurance

400

7.30

IGI Insurance

Paid up Cap(mn)

Company Genertech

PE

Open

High

Low

Close Chg

Volume

66.49

65.00

65.26 0.17

65534

89.90

64.00

30

10B

10

10.60

11.56

11.50

11.54 0.94

700

11.95

8.45

-

-

-

Pak Gen Insurance

-

1250 29.63

37.58

39.45

36.55

37.34 -0.24

4245

55.20

35.52

40

8.7B

-

-

10.49

10.54

10.50

10.51 0.02

11000

13.89

10.10

35

-

-

-

718 12.72

71.75

73.00

70.50

72.00 0.25

8729

79.10

66.02

35

-

10

20B -

791

9.28

55.99

56.99

54.25

54.37 -1.62

211

62.50

52.21

30

20B

-

3000

-

13.22

13.90

13.17

13.56 0.34

338187

19.40

12.50

30

-

-

-

250

1.43

5.06

6.06

6.05

6.06 1.00

8.20

5.06

5

25B

-

-

Open 358.69 Turnover 3,966,725 P/E (x) 0.44

-

-

50

0.95

0.63 33.03

Japan Power

1560

-

1.36

1.48

1.21

1.39

-

0.03

17002

2.38

0.70

-

-

-

-

KESC

7932

-

2.02

2.50

2.01

2.11

0.09

2043442

2.63

1.92

-

31R

Kohinoor Energy

1695

5.82

23.20

23.75

23.50

23.62

0.42

1000

26.50

23.00

45

-

15

-

Kot Addu Power

8803

7.11

41.10

41.50

41.01

41.11

0.01

64420

44.85

39.51

64.5

-

50

-

Arif Habib Invest. XB

360

6.78

14.65

14.98

14.06

14.50 -0.15

12876

20.99

13.75

-

-

-

20B

-

Arif Habib Limited XB

450

6.48

26.21

26.79

25.82

26.00 -0.21

20559

50.12

25.82

15

25B

-

20B

3750

2.23

22.80

23.10

22.50

22.60 -0.20

601294

35.65

21.76

-

-

30

-

250

-

1.94

2.15

1.80

2.14 0.20

3.36

1.55

-

-

-

-

10.83 -0.09

87512

11.00

9.26

-

-

% Change -0.53 5-Day High 358.69 5-Day Low 352.61

33.70

10.75

-

Change -1.88 Market cap 26,131.33 mn Div Yield (%) 10.36

0.69

11.00

33.5

Close 356.81 Listed cap 30,336.44 mn Payout (%) 4.60

33.29

10.92

0.51 32.40

High Low 368.84 348.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22

-

-

1.53 37.24

1001

Performance of SR Financial Services Index

2010 Div BR (%) (%)

768119

-

6.15

33.19 -0.10

3050

2009 Div BR (%) (%)

65.09

198

Nishat Chunian Power Ltd 3673

0.15

Last 60 days High Low

% Change 0.10 5-Day High 1,149.42 5-Day Low 1,133.31

2010 Div BR (%) (%)

11572

Hub Power XD

0.84

Pak Reinsurance

Change 1.13 Market cap 96,395.44 mn Div Yield (%) 8.36

2009 Div BR (%) (%)

Paid up Cap(mn)

Company

-

-

AMZ Ventures

225

11.67

11.85

11.62

11.68

0.01

415440

11.94

9.25

-

-

-

-

Arif Habib Securities

Sitara Energy Ltd

191

3.82

22.38

23.49

22.30

22.75

0.37

901

23.49

20.00

20

-

-

-

Dawood Equities

Southern Electric

1367

5.87

2.34

2.39

2.21

3.21

2.21

-

-

-

-

Nishat Power Ltd

3541 83.43

2.29 -0.05

143128

IGI Investment Bank Invest and Fin Sec

Performance of SR Gas Water and Multiutilities Index Open 1,685.77 Turnover 2,049,183 P/E (x) 12.09 Paid up Cap(mn)

Company

PE

Open

High Low 1,670.19 1,619.05 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 11.41

High

Low

Close Chg

Close 1,651.65 Listed cap 12,202.80 mn Payout (%) 66.79

Change -34.12 Market cap 36,593.72 mn Div Yield (%) 5.52

Last 60 days High Low

Volume

% Change -2.02 5-Day High 1,685.77 5-Day Low 1,590.46

2009 Div BR (%) (%)

2010 Div BR (%) (%)

Sui North Gas

5491 18.04

30.86

30.85

30.21

30.67 -0.19

506802

31.90

25.00

-

-

-

-

Sui South Gas

6712

30.28

29.85

28.77

29.43 -0.85

1542381

30.70

16.00

-

-

15

25B

4.49

PE

Open

High

Low

Close Chg

Last 60 days High Low

Volume

- 7.8R -

0.55

0.60

0.53

0.59 0.04

7542

1.19

3502

2009 Div BR (%) (%)

0.42

-

2010 Div BR (%) (%)

-

-

-

2121

-

1.75

1.85

1.35

1.78 0.03

6721

2.80

1.17

-

-

-

-

600

2.74

7.18

8.14

7.15

7.86 0.68

6094

9.00

6.90

-

-

11.5

-

Invest Bank

2849

0.56

0.64

-

-

Ist Cap Securities

2878

-

3.82

4.40

3.64

4.12 0.30

84119

5.90

2.54

-

10B

-

-

Ist Dawood Bank

626

0.31

2.00

2.11

1.83

1.88 -0.12

229249

2.84

1.17

-

-

-

-

Jah Siddiq Co

-

7633 14.19

JOV and CO JS Global CapSPOT

0.52

0.53 -0.03

315

1.23

0.50

-

-

9.97

10.14

9.71

9.79 -0.18

2631617

15.47

9.36

-243.778B 10

-

508

-

2.64

2.73

2.56

2.64 0.00

227707

6.48

2.31

-

-

500

-

-

-

33.93

34.50

33.05

33.60 -0.33

3717

42.40

33.01

150

-

-

-

JS Investment

1000 12.73

5.69

5.85

5.66

5.73 0.04

46735

8.65

5.40

-

-

-

-

KASB Securities

1000

-

-

-

Orix Leasing

821

3.94

5.12

5.18

4.71

5.00 -0.12

12570

5.95

3.66

-

-

Pervez Ahmed Sec

775

-

1.47

4.05

1.74

4.35

1.47

3.90

1.61 0.14

3.94 -0.11

61340

8548

2.89

5.49

1.35

3.20

-231.08R

-

-

Stand Chart Leasing

978

5.09

2.34

2.25

2.24

2.24 -0.10

1301

3.89

1.50

-

-

-

-

Trust Inv Bank

586

-

2.00

2.00

2.00

2.00 0.00

778

4.25

1.50

-

-

-

-

-

-

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Banks Index Open 937.80 Turnover 13,361,357 P/E (x) 6.72 Paid up Cap(mn)

Company Allied Bank Limited

PE

Open

High

Low

Close Chg

7821

5.51

51.48

52.00

50.80

51.05 -0.43

Askari Bank

6427

5.99

14.83

15.00

14.42

14.49 -0.34

5001

-

1.75

1.97

1.80

1.81

0.06

3679

13492 11.05

8.20

8.50

8.21

8.29

0.09

31.05

31.25

30.75

31.09

0.04

Bank AL-Habib

% Change 0.03 5-Day High 941.49 5-Day Low 929.94

2009 Div BR (%) (%)

2010 Div BR (%) (%)

3992

59.70

48.51

40

10B

184243

17.46

13.99

-

20B

-

-

3.00

1.52

-

-

-

-

2162840

10.25

7.32

8

-

-

-

98022

34.00

29.10

20

20B

-

-

7322

6.70

Bank Of Khyber

5004

3.27

3.39

3.39

3.05

3.27 -0.12

1862

Bank Of Punjab

5288

-

8.05

8.30

8.05

8.21

343960

0.16

Change 0.32 Market cap 580,129.33 mn Div Yield (%) 5.11

Last 60 days High Low

Volume

Atlas Bank Bank Alfalah

Performance of SR Equity Investment Instruments Index

High Low Close 951.52 928.70 938.12 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35

20

-

4.75

2.50

-

-

-

-

11.24

7.35

-

-

-

-

BankIslami Pak

5280

-

3.32

3.34

3.05

3.23 -0.09

59026

3.90

2.31

-

-

-

-

Faysal Bank

6091

3.08

13.45

13.60

13.01

13.38 -0.07

1716

15.95

12.75

-

-

-

-

Habib Bank Ltd

10019

6.08

95.22

95.92

94.10

94.50 -0.72

21722

Habib Metropolitan Bank 8732

5.68

19.14

19.50

18.68

19.20

517

0.06

109.10

92.00

60

10B

-

-

23.75

18.10

10

16B

-

-

JS Bank Ltd

6128

-

2.45

2.45

2.32

2.33 -0.12

500982

3.00

2.00

-

-

-

66R

KASB Bank Ltd

9509

-

2.60

2.35

2.30

2.35 -0.25

3329

4.00

2.03

-

26B

-

-

MCB Bank Ltd

7602

8.79 188.31

Meezan Bank

6983

7.26

189.99 187.26 188.39

14.62

15.00

14.64

14.95

Open 1,029.98 Turnover 1,398,411 P/E (x) 6.65 Paid up Cap(mn)

Company 1st Fid Leasing

PE

Open

High

High Low 1,042.33 1,011.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 4.09 Low

Close Chg

Close 1,025.02 Listed cap 29,771.58 mn Payout (%) 104.19

Change -4.95 Market cap 17,467.37 mn Div Yield (%) 27.54

Last 60 days High Low

Volume

% Change -0.48 5-Day High 1,029.98 5-Day Low 1,017.60

2009 Div BR (%) (%)

Open

CENI DADX AASM JDWS BWHL GRYL SPLC PAKT MSOT WAHN BNWM ICL MFFL SUTM BUXL FNEL PINL FPJM HADC MERIT NESTLE PMRS FECTC ILTM DWSM EFUL ATIL NBF KASBM AGSML KOHS DSML SHTM CRTM SANSM ISIL PSEL CHCC SIBL IDRT MTIL FCONM PTEC MYBL PRET MRNS GLPL DIIL DREL ELCM PSYL SHJS STCL GRAYS CPAL KOSM ICCT COTT MIRKS EXIDE PGCL CLOV UPFL RMPL TSMF FIMM FTSM ESBL FCIBL SSIC SSML NAKI DLL MOON ALNRS HWQS MDTL LPGL LEUL PHDL

% Change 0.24 5-Day High 626.35 5-Day Low 615.54

6.56

204

New Jub Insurance

Close 1,140.74 Listed cap 95,369.29 mn Payout (%) 104.13

Change 1.45 Market cap 40,163.42 mn Div Yield (%) 8.09

High

8606

High Low 1,166.65 1,132.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35

Close 616.99 Listed cap 11,111.34 mn Payout (%) 79.54

Open

Telecard

Performance of SR Electricity Index

High Low 632.18 610.24 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 5.20

PE

WorldCall Tele

Open 1,139.61 Turnover 3,544,014 P/E (x) 12.46

Symbols

Performance of SR Non Life Insurance Index

2010 Div BR (%) (%)

10.16 26.85 26.70 64.56 29.94 1.83 0.65 111.50 22.54 45.48 10.40 21.83 69.00 30.51 13.01 9.90 9.30 1.14 1.02 14.05 1900.19 37.07 5.20 78.44 1.50 58.98 28.98 3.30 1.70 10.70 4.96 3.00 0.98 20.61 13.84 74.00 160.25 10.96 2.99 4.49 0.45 1.79 1.66 2.13 29.21 52.70 69.75 16.95 636.00 7.80 6.21 49.71 8.60 58.00 2.44 1.20 0.85 0.80 58.19 144.99 21.48 43.75 1038.88 1300.00 1.88 67.08 2.99 2.55 3.00 6.22 2.00 15.49 41.80 11.00 42.00 21.00 57.80 9.51 1.85 60.59

High 10.50 25.51 28.00 65.80 30.79 2.35 0.80 114.99 21.46 45.20 10.60 22.92 69.88 32.03 12.96 9.90 9.20 1.58 0.97 15.00 1974.00 38.44 5.90 82.36 1.74 59.70 29.80 3.25 1.90 11.70 4.99 3.50 0.93 21.64 13.90 75.00 160.25 10.99 2.96 5.35 0.98 1.91 2.20 2.30 29.48 52.98 73.00 17.95 660.00 8.80 7.10 52.19 9.45 60.00 2.99 1.75 1.18 1.50 60.50 148.49 20.41 45.44 1030.00 1300.00 1.99 67.08 3.44 2.89 3.44 7.18 2.35 16.49 42.49 10.00 42.50 22.00 58.45 8.51 2.50 57.57

Low

Close

10.50 25.51 27.90 65.70 28.67 1.01 0.60 112.00 21.46 45.20 9.70 22.92 65.57 32.03 12.02 8.90 9.20 1.24 0.62 14.90 1875.09 35.29 4.50 82.36 1.11 57.50 28.52 2.30 1.51 10.50 4.01 3.50 0.93 21.64 13.90 75.00 160.24 10.90 2.12 4.58 0.41 1.91 1.68 2.02 29.00 52.98 66.38 15.95 660.00 8.80 6.00 49.80 9.35 59.75 2.99 1.75 0.99 1.01 60.50 138.01 20.41 45.44 988.95 1300.00 1.99 67.08 3.44 2.80 3.44 7.18 2.35 16.49 42.49 10.00 42.50 22.00 58.45 8.51 2.50 57.57

10.50 25.51 27.97 65.73 30.60 2.35 0.66 112.00 21.46 45.20 10.40 22.92 65.72 32.03 12.26 9.86 9.20 1.24 0.86 15.00 1904.75 36.68 5.43 82.36 1.64 59.70 28.72 3.23 1.51 10.67 4.99 3.50 0.93 21.64 13.90 75.00 160.25 10.99 2.12 4.58 0.54 1.91 1.85 2.12 29.47 52.98 66.38 17.94 660.00 8.80 6.61 52.19 9.35 60.00 2.99 1.75 1.09 1.26 60.50 148.49 20.41 45.44 1030.00 1300.00 1.99 67.08 3.44 2.80 3.44 7.18 2.35 16.49 42.49 10.00 42.50 22.00 58.45 8.51 2.50 57.57

Change

Vol

0.34 -1.34 1.27 1.17 0.66 0.52 0.01 0.50 -1.08 -0.28 0.00 1.09 -3.28 1.52 -0.75 -0.04 -0.10 0.10 -0.16 0.95 4.56 -0.39 0.23 3.92 0.14 0.72 -0.26 -0.07 -0.19 -0.03 0.03 0.50 -0.05 1.03 0.06 1.00 0.00 0.03 -0.87 0.09 0.09 0.12 0.19 -0.01 0.26 0.28 -3.37 0.99 24.00 1.00 0.40 2.48 0.75 2.00 0.55 0.55 0.24 0.46 2.31 3.50 -1.07 1.69 -8.88 0.00 0.11 0.00 0.45 0.25 0.44 0.96 0.35 1.00 0.69 -1.00 0.50 1.00 0.65 -1.00 0.65 -3.02

100 100 99 65 65 52 52 52 50 50 43 33 31 30 30 27 25 22 20 16 16 14 14 13 13 12 12 11 11 11 11 10 10 10 10 10 10 8 7 6 6 5 5 4 4 4 4 4 4 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

264

-

1.39

2.00

1.20

1.37 -0.02

40015

2.24

1.01

-

-

-

-

AL-Meezan Mutual F.

1375

2.69

6.91

7.05

6.90

6.96 0.05

12510

7.25

6.35

-

-

18.5

-

B R R Guardian Mod.

780

-

1.30

1.36

1.25

1.30 0.00

12001

2.43

0.90

-

-

-

-

Low

Close

Crescent St Modaraba

200

1.85

0.51

0.54

0.45

0.50 -0.01

3014

0.90

0.16

-

-

-

-

POL-OCT

237.81

237.49

233.60

235.50

-2.31

640500

-

NML-OCT

44.04

45.20

44.05

45.09

1.05

357500

PSO-OCT

Elite Cap Modaraba

2.83

2.26

2.25

2.25 -0.58

501

3.49

1.65

4.5

-

5

FUTURE CONTRACTS Symbols

Open

High

Change

Vol

113

3.46

Equity Modaraba

524

7.46

1.00

1.11

0.86

0.97 -0.03

73356

1.68

0.76

-

-

-

-

268.47

272.00

267.15

267.94

-0.53

225000

NBP-OCT

63.82

64.20

63.45

63.69

-0.13

147000

First Dawood Mutual F.

581

-

1.77

1.70

1.70

1.70 -0.07

445

2.09

1.30

-

-

-

-

DGKC-OCT

24.01

24.30

23.92

24.13

0.12

117500

MCB-OCT

188.50

189.80

188.00

188.51

0.01

116000

ENGRO-OCT 174.70

177.00

174.50

175.79

1.09

94500

Golden Arrow

760

4.02

3.67

3.77

3.60

3.70 0.03

104640

3.77

2.32

-

-

17

-

H B L Modaraba

397

5.74

6.37

6.63

6.40

6.49 0.12

16165

6.63

4.80

5

-

11

-

Habib Modaraba

1008

4.51

5.99

6.00

5.94

6.00 0.01

32000

7.49

5.56

20

-

21

JS Growth Fund

3180 37.50

3.09

3.19

3.00

3.00 -0.09

17030

4.39

2.70

-

-

JS Value Fund

1186

2.86

3.00

2.70

2.93 0.07

25084

3.98

2.31

10

-

-

LUCK-OCT

65.99

67.70

66.00

67.57

1.58

63000

-

ANL-OCT

10.18

10.40

10.20

10.25

0.07

60000

5

-

PPL-OCT

172.80

173.80

172.65

173.28

0.48

22500

10

-

AICL-OCT

65.36

65.75

65.55

65.64

0.28

18500

OGDC-OCT 144.85

146.50

144.00

145.70

0.85

16500

0.08

377245

214.99

180.40

110

10B

55

-

Meezan Balanced Fund

1200

2.85

5.92

5.90

5.90

5.90 -0.02

9430

7.49

5.85

-

-

15.5

-

PTC-OCT

18.99

19.05

19.00

19.05

0.06

9000

0.33

10050

16.50

13.80

-

5B

-

-

Nat Bank Modaraba

250

7.14

7.72

7.75

7.00

7.50 -0.22

33000

8.45

6.10

-

-

10

-

UBL-OCT

53.00

52.60

52.60

52.60

-0.40

1000

1698

3.69

7.91

7.95

7.70

7.74 -0.17

14194

9.86

7.00

-

-

18.6

-

AICL-COCT

65.92

0.00

0.00

66.08

0.16

0.00

ABL-COCT

52.14

0.00

0.00

51.69

-0.45

0.00

National Bank

13455

5.32

63.39

64.00

63.21

63.36 -0.03

1288140

73.89

60.51

75

25B

-

-

Pak Prem Fund XD

NIB Bank

40437

-

2.66

2.68

2.60

2.65 -0.01

541046

3.50

2.42

-

-

-

-

Pak Strat Fund

3000

5.46

6.96

7.00

6.97

6.99 0.03

565051

8.10

6.01

-

- 11.53

-

Royal Bank Ltd

17180

-

6.00

6.10

5.75

5.78 -0.22

48321

13.40

5.65

-

-

-

-

PICIC Energy Fund

1000

2.42

4.65

4.80

4.54

4.55 -0.10

9510

6.49

4.00

-

-

-

Samba Bank

14335

-

1.81

1.97

1.80

1.91

0.10

15870

2.90

1.55

-

-

-63.46R

PICIC Growth Fund

2835

2.24

8.29

8.29

8.10

8.14 -0.15

55321

10.55

7.60

-

-

20

-

Symbols

Open

High

Low

Close

Silkbank Ltd

26716 13.68

2.85

3.05

2.90

3.01

0.16

4729452

3.30

2.15

-

-

-

PICIC Inv Fund XD

2841

1.82

3.56

3.67

3.55

3.60 0.04

38057

5.00

3.50

-

-

10

-

ARUJ

3.50

3.65

3.65

3.65

0.15

0.00

-

BGL

1.87

1.80

1.80

1.80

-0.07

0.00

114.00

115.00

115.00

115.00

1.00

0.00

Soneri Bank Stand Chart Bank

-

6023

-

5.74

6.18

5.20

5.60 -0.14

91988

8.24

5.01

-

-

-

-

38716

9.29

6.50

6.71

6.31

6.50

9801

8.50

6.00

-

-

-

-

0.00

Summit Bank Ltd

5000

-

2.44

2.58

2.40

2.50

0.06

56539

United Bank Ltd

12242

6.11

51.41

52.90

51.50

51.95

0.54

2863550

Prud Modaraba 1st XD Stand Chart Mod. XD

872

2.63

454

4.77

0.86

1.00

0.85

1.00 0.14

8.40

8.40 -0.03

312528

1.20

19926

0.70

10.99

7.75

-

-

16.5

5

3

-

ZERO VOLUME

FTHM

Change

Vol

8.43

8.50

-

17

HMIM

0.62

0.70

0.70

0.70

4.38

2.30

-

-

-

-

Trust Modaraba

298

3.04

3.30

2.40

2.40

2.40 -0.90

500

4.40

1.00

-

-

5

-

IDYM

234.21

234.20

234.20

234.20

-0.01

0.00

60.20

49.90

25

10B

10

-

U D L Modaraba

264

2.43

6.00

6.11

6.10

6.10 0.10

4081

6.11

5.00

10

-

-

-

MODAM

1.13

1.04

1.04

1.04

-0.09

0.00

0.08

0.00

BOARD MEETINGS

Nishat Mills Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

57.22

Support 1

9,994.35

MA (5-day)

10,007.41

Support 2

9,946.25

MA (10-day)

9,981.58

Resistance 1

10,098.60

MA (100-day)

9,873.56

Resistance 2

10,154.75

AKD Securities Ltd

9,921.02

Pivot

Brokerage House

Fair Value

Rs Recommendations

61.46

Buy

AKD Securities Ltd

63

Accumulate

Positive

TFD Research

Positive

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

175.80 8,292.48 16.76 46.68

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

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

Buy

TFD Research

14.01

Positive

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

306.04 15,899.03 0.46 51.94

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

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

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

674.58 5,592.25 N/A 8.30

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

(trending) and Bollinger Bands were 13 per cent wider than normal.

the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of UBL at a relatively equal pace. Trend reflect very strong flows of volume into BAFL (bullish). Trend forecasting forecasting oscillators are currently bullish on NML.

forecasting oscillators are currently bearish on UBL.

Pakistan Oilfields Ltd

Brokerage House

TFD Research

36.85

Positive

TFD Research

Fair Value

Rs Recommendations

261

Buy

*Arif Habib Ltd

305.7

Buy

AKD Securities Ltd

Positive

TFD Research

281.35

Brokerage House

Technical Outlook

Technical Outlook

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

58.20 234.56 224.53 230.97

Pakistan State Oil Co Ltd

Fair Value

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

64.64

Neutral

AKD Securities Ltd

92.3

Positive

TFD Research

78

107.94 25,326.27 116.63 235.38

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

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

44.07 63.80 65.65 72.87

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

Fair Value

Rs Recommendations

396

Buy

422.6

Buy

360.05

Positive

Technical Outlook

Technical Outlook

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

oscillators are currently bullish on BAFL.

National Bank of Pakistan

318.37 20,171.73 34.48 63.49

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

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

56.71 265.89 266.06 286.71

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

74.05 19,804.73 87.48 268.62

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

DGKC closed up 0.11 at 24.03. Volume was 26 per cent below average POL closed down -2.49 at 234.64. Volume was 57 per cent above average NBP closed down -0.03 at 63.36. Volume was 38 per cent below average PSO closed down -1.25 at 267.45. Volume was 36 per cent above average and Bollinger Bands were 27 per cent narrower than normal.

and Bollinger Bands were 5 per cent narrower than normal.

and Bollinger Bands were 28 per cent narrower than normal.

and Bollinger Bands were 15 per cent narrower than normal.

DGKC is currently 12.8 per cent below its 200-day moving average and is POL is currently 1.6 per cent above its 200-day moving average and is dis- NBP is currently 3.6 per cent below its 200-day moving average and is dis- PSO is currently 6.7 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 extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect moderate flows of volume into PSO (mildly bullish). Trend forecastTrend forecasting oscillators are currently bullish on DGKC.

ing oscillators are currently bullish on POL.

ing oscillators are currently bullish on NBP.

ing oscillators are currently bullish on PSO.

Time

02-Oct 02-Oct 02-Oct 02-Oct 02-Oct 02-Oct 03-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct

11:00 11:00 3:00 10:00 3:00 10:00 11:30 11:30 3:30 12:00 11:00 12:00 11:00 11:00 4:00 6:30 3:30 4:30 5:30 6:00

TECHNICAL LEVELS

Leverage Position

53.87 8.01 8.97 10.84

Date

Al-Abid Silk Mills Ltd KASB Cash Fund Kohinoor Mills Ltd Punjab Oil Mills Ltd Samin Textiles Ltd Sardar Chemical Industries Ltd Huffaz Seamless Pipe Industries Ltd (TFC) Saudi Pak Leasing Co Ltd Allawasaya Textile & Finishing Balochistan Particle Board Ltd Dawood Capital Management Ltd Dawood Equities Ltd Dawood Islamic Fund Dawood Money Market Fund Dewan Automotive Engineering Ltd Dewan Cement Ltd Dewan Farooque Motors Ltd Dewan Farooque Spinning Mills Ltd Dewan Khalid Textile Mills Ltd Dewan Mushtaq Textile Mills Ltd

Company

displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to

AKD Securities Ltd

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

12.47

Bollinger Bands were 53 per cent narrower than normal.

NML is currently 11.8 per cent below its 200-day moving average and is UBL is currently 11.2 per cent below its 200-day moving average and is BAFL is currently 23.5 per cent below its 200-day moving average and is

Buy

182.55 4,386.67 16.53 24.00

Buy

AKD Securities Ltd

Technical Outlook

Leverage Position

42.24 51.42 54.50 58.47

Rs Recommendations

NML closed up 1.17 at 47.17. Volume was 64 per cent above average and UBL closed up 0.54 at 51.95. Volume was 275 per cent above average BAFL closed up 0.09 at 8.29. Volume was 59 per cent above average and

44.13

Leverage Position

78.44

Fair Value 14

Technical Outlook

Bollinger Bands were 31 per cent narrower than normal.

AKD Securities Ltd

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

*Arif Habib Ltd

54.61 47.03 46.59 53.49

*Arif Habib Ltd

42.21 24.31 24.99 27.56

Brokerage House

Buy

Technical Analysis

Buy

Technical Analysis

Rs Recommendations

77

74.2

44

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

Fair Value

*Arif Habib Ltd

Technical Outlook

Dera Ghazi Khan Cement Co Ltd

*Arif Habib Ltd

Brokerage House

Buy

TFD Research

10,050.50

than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,098.60 and 2nd resistance level at 10,154.75, while Index will continue to find its 1st support level at 9,994.35 and 2nd support level at 9,946.25.

KSE 100 INDEX is currently 1.3 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 volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.

Rs Recommendations

65

*Arif Habib Ltd

RSI (14-day) MA (10-day) KSE 100 INDEX closed up 29.13 points at 10,042.44. Volume was 16 MA (100-day) per cent below average and Bollinger Bands were 44 per cent narrower MA (200-day) MA (200-day)

Fair Value

Bank Alfalah Ltd

United Bank Ltd

Company

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 42.51 3.20 3.10 42.86 50.55 50.10 33.94 63.20 62.50 28.82 25.60 25.25 38.55 22.35 22.15 32.91 64.65 64.10 45.14 14.30 14.05 48.52 10.05 9.95 70.54 339.10 336.90 45.06 79.45 78.55 53.87 8.15 8.05 52.80 3.10 2.90 45.76 8.10 7.95 47.04 1.40 1.35 42.21 23.80 23.60 41.16 1.30 1.25 43.19 1.95 1.90 36.85 36.10 34.90 45.14 58.25 56.75 49.83 173.80 172.10 43.23 13.05 12.75 42.39 4.65 4.50 43.08 27.00 26.90 47.21 104.80 104.55 43.13 93.75 93.00 38.23 32.90 32.65 41.84 116.00 115.05 36.19 214.65 212.85 27.91 2.55 2.45 43.48 1.25 1.10 49.99 2.30 2.25 44.21 9.60 9.45 45.42 40.90 40.70 52.75 1.90 1.70 57.62 69.75 68.70 48.39 187.10 185.80 33.92 2.75 2.70 44.07 63.05 62.75 57.20 16.45 15.80 32.57 17.70 17.55 46.28 2.60 2.55 38.85 1.30 1.25 54.61 46.20 45.25 58.39 145.15 143.65 52.43 2.65 2.60 48.24 1.50 1.35 50.72 2.05 1.90 48.96 7.45 7.20 58.20 232.60 230.55 29.26 171.80 170.50 41.63 70.90 69.10 56.71 265.40 263.30 51.21 18.60 18.45 38.66 192.25 191.30 64.21 30.30 29.95 34.89 7.90 7.75 79.34 28.85 28.25 44.28 2.00 1.85 63.36 4.05 3.85 42.24 51.35 50.70 41.72 2.40 2.35

1st 2nd Resistance 3.35 3.45 51.75 52.50 64.50 65.10 26.60 27.15 22.95 23.35 66.15 67.05 14.85 15.20 10.35 10.50 343.40 345.50 81.30 82.25 8.45 8.60 3.35 3.50 8.35 8.45 1.55 1.60 24.25 24.50 1.40 1.45 2.20 2.35 39.00 40.70 60.45 61.15 177.00 178.45 13.65 13.90 4.85 4.90 27.30 27.40 105.40 105.75 95.60 96.65 33.60 34.00 118.15 119.35 220.15 223.80 2.70 2.80 1.50 1.65 2.40 2.50 10.05 10.30 41.40 41.70 2.40 2.70 71.50 72.20 189.85 191.30 2.85 2.90 63.85 64.30 17.40 17.70 17.95 18.10 2.70 2.75 1.40 1.45 47.85 48.55 148.10 149.50 2.80 2.85 1.75 1.90 2.30 2.40 7.90 8.10 236.85 239.05 174.20 175.30 73.65 74.60 270.65 273.90 19.00 19.30 194.45 195.75 30.95 31.20 8.30 8.50 29.95 30.45 2.25 2.35 4.40 4.60 52.75 53.50 2.50 2.55

Pivot 3.30 51.30 63.80 26.20 22.75 65.60 14.65 10.20 341.20 80.40 8.35 3.20 8.20 1.45 24.05 1.35 2.10 37.80 58.95 175.25 13.35 4.70 27.15 105.15 94.85 33.30 117.20 218.30 2.65 1.35 2.35 9.90 41.20 2.20 70.45 188.55 2.80 63.50 16.75 17.85 2.65 1.35 46.90 146.60 2.70 1.60 2.15 7.65 234.80 172.90 71.85 268.60 18.90 193.55 30.60 8.15 29.35 2.10 4.20 52.10 2.45

8

Saturday, October 2, 2010

Star Wars movies start 3D rollout in 2012

G

eorge Lucas is set to rerelease the six "Star Wars" films in 3D, beginning in 2012 with one film annually led by "The Phantom Menace."

Though the 3D versions have been rumored for some time, Lucas was evidently waiting until there were enough 3D screens available to make the release a sizable enough event.

Fox, which released all six of the original "Star Wars" films, would also release the 3D versions.

"The Phantom Menace," originally released in 1999, would be first out of star-dock in the early months of 2012.

After that, each of the films would be released in order at the same time each consecutive year, depending on how well the first re-release does. That means the original "Star Wars" and its sequels won't start rolling out until 2015.

Each conversion takes at least a year to complete, with Lucas personally overseeing the process. He has said that "Avatar" convinced him that "Star Wars" was ready for the state-of-the-art 3D treatment.

Also pushing the timetable is a potential breakthrough in 3D television technology.

Hollywood Icon: Tony Curtis dies MUMBAI: Indian Bollywood personalities Soha Ali Khan and Maria Goretti pose with Indian designer Archana Kochhar during the Indian Princess 2011 contest. -Reuters

Farah, Vipul and Ekta's Retro Factor

W

hat's common between Farah Khan, Vipul Shah and Ekta Kapoor? Well, it's not difficult to spot the common link. All these filmmakers have the 'retro-factor' in common.

Farah Khan, who bought the 70's back alive with her film 'OM SHANTI OM' has given rise to a new trend. Ever since the movie became a huge hit, the retro-bollywood theme is fast becoming a new genre.

The success percentage of this retro genre is it's another strong point. The recent success of Ekta Kapoor's film 'ONCE UPON A TIME IN MUMBAA'I had added to the dependability of the retro-driven films. The film was a runaway success.

Now, another film with retro as its main theme 'ACTION REPLAY' is getting set for release. With Akshay and Aishwarya taking the retro baton forward in this film, what remains to be seen is whether they manage another hit with the same theme.

As one film expert puts it, "Retro theme is the new success formula that bollywood has discovered. Though it might be paying huge dividends to its makers, but it's not an easy genre to dabble with given the limitations of its plotlines and characterizations."

Well, though the retro-films might have limited plotlines, but the success marathon of such films seems unstoppable for the time being.

Titanic Star Gloria dies at 100

G

loria Stuart, the 1930s Hollywood leading lady who years later became the oldest Academy Award acting nominee for her role as the spunky survivor in "Titanic," has died. She was 100.

Stuart died of respiratory failure at her Los Angeles home, her daughter, Sylvia Thompson, said Monday. The actress had been diagnosed with lung cancer five years ago and had beaten breast cancer about 20 years ago, Thompson said.

"She did not believe in illness. She paid no attention to it, and it served her well," Thompson said. "She had a great life. I'm not sad. I'm happy for her."

KBC gets shorter; prize money 5 crore

T

elevision show 'Kaun Banega Crorepati' is back and how! Firstly, Amitabh Bachchan, who hosted the first two seasons of the show, is back as the host.

Secondly, the prize money is whopping Rs 5 crore! Also, the number of questions has been reduced from 15 to 13.

The show will be launched on October 11, which also happens to be Amitabh Bachchan's birthday.

'Birthdays come and go. But to get an opportunity to release 'Kaun Banega Crorepati' on my birthday makes me feel really proud. I thank the channel for this and hope the audience will find it exciting too,' said Big B. A few episodes of the show have already been recorded. It can be recalled that the third

season of the show was hosted

by Shahrukh Khan.

So, will we see something new this time in KBC? Amitabh said, "Even though the basic format remains unchanged, the show will be faster and crispier this time.

There will be 12 questions for Rs one crore and the last one would be the jackpot of Rs 5 crore."

The actor further added, "Apart from 'Phone a friend' and 'Audience poll' lifelines, two new lifelines- 'Expert help' and 'Double Dip' have bee added. The '50-50' lifeline has been removed.'

Sidhharth Basu of Big Synergy said, 'Under a new concept of 'Ghadiyal babu', the participants would have to answer the first two questions in 30 seconds and the next five in 45 seconds. After the seventh question, there will be no time limit.'

You can also expect a lot of celebrities on KBC. 'Several celebrities would appear on the show. Instead of a single participant, a team would play this time around,' said Basu.

Let's wait and watch how the audiences respond to this new KBC.

T

ony Curtis, a classically handsome movie star who earned an Oscar nomination as an escaped convict in Stanley Kramer's 1958 movie "The Defiant Ones," but whose public preferred him in comic roles in films like "Some Like It Hot" (1959) and "The Great Race" (1965), died of a cardiac arrest in his Las Vegas area home. He was 85.

As a performer, Curtis drew first and foremost on his startlingly good looks.

With his dark, curly hair, worn in a sculptural style later imitated by Elvis Presley, and plucked eyebrows framing pale blue eyes and wide, full lips, Curtis embodied a new kind of feminized male beauty that came into vogue in the early 1950s.

Neetu Singh back in film after 25 years

S

he may have debuted (albeit as a child actor) more than 40 years back in Dus Lakh (1966) and acted in more than 50 films in next 15 odd years. Still, when Neetu Singh faced the camera again this year for 'Don Doon Chaar', she couldn't escape being nervous.

"Yes, I was indeed nervous when I was called for my first shot in the film," says Neetu Singh who has worked with Don Doon Chaar with hubby Rishi Kapoor (who plays her on screen husband as well in the film), "I was facing camera after more than 25 years and was conscious on the sets."

As expected, the scene went on well though as she was quite comfortable once she had to give her take.

"I was wondering though how I would be able to memorise my dialogues and deliver them well. It was bound to happen though and I settled down after my initial nervous moments," says Neetu Singh who decided to make a comeback on the big screen after much persuasion.

"Except for an odd still-shoot here and there, I hadn't done much for the camera over the

I

years. Yes, there were offers to act all this while but I wasn't too keen. I was happy looking at my family and home," says the lady who still possesses a graceful demeanour to herself, "Now that I have worked in Don Doon Chaar, I can't wait for it to release. I want to see how audiences react to me and my hubby getting together for the film."

Don Doon Chaar is all set for 8th October release, a week after Kapoor junior hits the screen with Anjaana Anjaani.

Lata turns 81

Asha nostalgic on didi’s birthday

A

s Melody Queen Lata Mangeshkar turned 81, her younger sister Asha Bhosle got nostalgic on microblogging site Twitter.

"My favourite female singer & also my elder sister Lata Didi celebrated her birthday.

Too bad I'm in Hong Kong & can't attend her birthday, but my well wishes are always with Lata Didi," wrote Asha.

The versatile singer also posted a rare photograph of the 4 Mangeshkar sisters.

"On her Birthday, Posting an old and sweet memory of us," said Asha.

Meanwhile, Lata also posted a rare photo of her as a child on her Twitter account 'mangeshkarlata.'

She also thanked all her wellwishers for greeting on her birthday.

However, Lata reportedly

‘Anjaana Anjaani’ full of surprises f the makers of Anjaana Anjaani are to be believed, they are putting their money till the last minute of the film. Well, literally. As per those who have had a dekko at the film, it's the penultimate 20 minutes that take the film to an all time high.

Quiz director Siddharth Anand about this and he doesn't deny the fact, "See, for me the entire movie is a highlight in itself. I am attached to every single frame. But then yes, the entire pre-climax and climax have been dealt with special care because audiences do expect something spectacular around this time.

This is why you would see a double twist in the end."

While Siddharth is refusing to divulge anything more at this point in time, a source informs, "You may think that the film's climax is arriving and are pretty much sure about what would happen next. However, there is a further twist in the tale and the way the story ends is something which is absolutely new and original. The culmination of two principal characters Ranbir and Priyanka - is completely different from what you would have seen earlier.

Ask producer Sajid Nadiadwala about this and all that he is willing to comment is, "Anjaana Anjaani is a holds no bar affair. It is cutting edge.

It has moments where you will remember moments from your own life.

Emma named best-dressed Brit spent a quiet birthday with her family members at her ancestral home in Kolhapur. A day before her birthday, the singer told reporters that she does not like celebrating her birthday.

"I don't like celebrating my birthday. It's just another day for me. I do my regular Puja and spend the day with family," she said.

H

arry Potter star Emma Watson has been named Britain's bestdressed woman in a new poll.

Singer-turned-fashion designer Victoria Beckham came second, followed by Keira Knightley, Cheryl Cole and Sienna Miller.

Supermodel Kate Moss landed the sixth spot, with Lily Allen, Pixie Lott, Naomi Campbell and Lungs singer Florence Welch completing the top 10. Around 25,000 people voted in the Glamour.Com Best Dressed Brits List.

Butterfly furniture & crafts

W

hat young girl does not want to have a pretty, dreamy room filled with butterflies? It is simple to create one for her, using your imagination and a few simple crafts. The furniture, bedding, and other decorations can be easily coordinated to make your child’s room attractive and the room of her dreams.

It is very important to get your child’s input about the room redecoration. She should feel like her ideas are part of the room, and depending on how old she is, allow her to help with the painting, sewing or other crafts as well as choosing accessories.

Color is very important to little girls. Talk with her about what color the butterflies in her imagination are. Some girls will go with pastels, choosing pink and lavender for their walls and fabrics. Others will see their butterflies in bright shades of yellow, red and blue. The possibilities for her wall colors are endless.

Pastels will make the room seem soft and dreamy. Another choice is to paint the walls a

pretty blue that matches the sky or still another choice is to pain the walls white and stencil colorful butterflies flitting about the room. Stencils are easy to use. Or, you can go with a border that features butterflies in the colors of her choice. Perhaps you want to wallpaper the entire room or even one wall with an attractive butterfly print. Wallpaper is usually easier to do with two people, so enlist some help if that is your choice.

The color of the carpet can add to the room’s charm and theme, as well. Choose a green the color of grass or a rosy pink that complements the walls. If you would prefer

something more neutral, a soft gray or nice taupe will not detract from the room’s overall theme. Keep in mind that little girls tend to be less hard on things like carpet, so you don’t have to shy away from lighter colors.

Choosing furniture is a matter of taste and price range.

Classic white furniture always looks good in a girl’s room, and it will match with any room redecorations that are done in the future. For the girl who prefers pastels, maple furniture with a whitewash finish will add to the softness of the room. Try to pick dainty pieces that underscore the fragility and beauty of butter-

flies. Don’t go for the heavy, dark cherry stain on her furniture. A canopy bed is the heart’s desire for many girls, and there are white metal beds that have a butterfly shape in the head and footboards.

Replace the handles and knobs of her furniture with butterfly shaped ones, or dainty porcelain or brass knobs and pulls.

These can be found at any larger home center store.

A bed in a bag set that coordinates the sheets, comforter, canopy cover and curtains will really pull the room together.

If you can’t find a set in the colors you have chosen, consider making them yourself. A good fabric store will have patterns and all the necessary fabric and notions you will need. If you have questions, the salespeople in fabric stores are usually quite knowledgeable about sewing. It is easier than you think to sew, and if you’ve never done it before, give it a try. You might be surprised at the results! Other window treatment choices can include a puffy valance with sheer white curtains to flutter in the breeze.

9

Saturday, October 2, 2010

Gold at record for sixth day; US policy in focus Dollar seen falling further after worst quarter since 2002 LONDON: Gold hit record highs for a sixth successive session on Friday as the dollar fell to a six-month low against the euro, with expectations for further US monetary easing driving strong demand for the precious metal.

Its strength lifted other precious metals, with silver rising to its highest since 1980 and platinum a fourmonth peak.

Spot gold touched a high of $1,320.80 and was bid at $1,318.55 an ounce at 1451 GMT, against $1,305.25 late in New York on Thursday. US gold futures for December delivery rose $10.20 to $1,319.80.

Gold looks resilient after ending September with its eighth consecutive quarterly gain, analysts say, having risen 6 per cent in the third quarter.

"Gold seems to be following the weak dollar," said Afshin Nabavi, head of trading at MKS Finance. "These levels are really uncharted territory,

but should the dollar weakness continues, it looks like $1,325 may be the next resistance."

On the physical side of the market, a Singapore-based trader reported firm gold demand from Thailand and India, where buyers appear to be becoming acclimatised to record-high prices.

Indian sugar down on weak global cues

NY cotton ends firm, 3rd qtr up 33pc

MUMBAI: India's spot sugar price fell on Friday tracking losses in overseas markets and as demand was subdued from bulk consumers, dealers said.

New York raw sugar futures fell in early trade on Friday, extending Thursday's 5.7 per cent loss as investors closed their positions following a sharp rally through the third quarter driven by tight global supplies.

"Demand was weak from cold drink makers. Usually they increase buying during last week of September and first week of October," said a dealer based in Vashi spot market near Mumbai.

Temperature usually rises in India during October, boosting sales of cool-drink makers, but this year temperature was likely to remain low due to a delay in withdrawal of June-Sept monsoon rains, he said.

In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.74 per cent to 2,550 rupees ($57.3) per 100 kg. -Reuters

Holdings of the world's largest gold-backed exchangetraded fund, New York's SPDR Gold Trust, dipped however by just under 1 tonne to 1,304.776 tonnes.

Silver hit a 30-year high at $22.13 and was later at $22.10 an ounce against $21.70. The metal has outperformed gold this year, rising 30 per cent against gold's 20 per cent climb.

However, UBS analyst Edel Tully said in a note that silver

may be more vulnerable to a near-term correction than gold.

"Much of silver's move having been technically driven, the gold/silver ratio this week pulling back below 60 for the first time since October last year may convince many buyers to take profit," she said.

"A pullback would be particularly unsurp r i s i n g because silver is notoriously volatile, its price regressions typically being a lot more violent than gold's."

"On the other hand, mounting QE expectations ahead of the Nov. 3 FOMC meeting should support gold, which will also help silver," she added. "And silver has also seen decent industrial demand as well as investor buying."

Gold's strength lifted platinum to a 4-1/2 peak at $1,684.50. It was later at $1,680.50 an ounce against $1,651.15, while palladium was at $575 against $563.93. -Reuters

NEW YORK: Cotton futures sales report on Thursday. ended higher on Thursday in Total US cotton sales heavy trading and finished the reached 576,600 running bales quarter up 33 per cent, its best (RBs, 500-lbs each), from quarterly performance since 571,700 RBs in last week's 1994. data and trade belief it would Cotton rebounded from range from 250,000 to 400,000 Wednesday's limit-down move RBs. on buying by mill and NY cotton at mid-day investment funds, with ICE Futures US benchmark December cotton business seen turning contract lost 1.92 cent to $1.00 per lb. The conquiet due to a long hol- tract set a range from 99.78 cents to $1.0278 per iday in top consumer lb. Volume traded in December cotton futures China, analysts said. came to 5,704 lots at 1436 GMT. Cotton has rallied nearly 50 The market took particular per cent since late July and hit note of a survey by Thomson a 15-year high, fueled by Reuters of Chinese analysts robust demand, tight stocks that the country's cotton endand buying from investment, ing stocks for 2010/11 were hedge and long-only funds that around 2.0 million tonnes, felt the market was underval- much lower than the USDA ued. estimate of 3.49 million ICE Futures US key tonnes.

December cotton contract rose Analysts said the market 0.68 cent to finish at $1.0192 may drift through the end of per lb. The contract traded the week because several playfrom 99.29 cents to $1.0353 -- ers will be going to Liverpool the eighth time in nine sessions to attend an industry confercotton breached the psycho- ence. logical $1-a-lb level.

More importantly, players in The market was buoyed in No. 1 cotton producer and conpart by US Agriculture sumer China will be on holiDepartment's weekly export day from Oct. 1-7. -Reuters

China data cheers copper to 2-yr high LONDON: Copper rallied on Friday to its highest in more than two years as strong manufacturing data from China, the world's largest consumer of industrial metals, boosted demand expectations.

Benchmark copper on the London Metal Exchange was untraded at the close but last bid at $8,095 a tonne, compared with Thursday's last bid at $8,010 a tonne.

The metal used in power and construction earlier on Friday touched $8,178 a tonne, a gain of about 35 per cent since early June and its highest since July 2008.

Friday's gains were triggered by a survey showing the manufacturing sector in China picked up steam in September after a mid-year lull, easing concerns of a renewed downturn in global growth.

"The strong PMI data from China really did set the tone for the day, and every since that came out, we've continued to see metals move higher," said Gayle Berry, analyst at

Barclays Capital.

Base metals tracked back later on Friday, after data from the United States showed that growth in the manufacturing sector slowed in September, while construction spending unexpectedly rose in August.

A Reuters survey of metal analysts carried out in July showed expectations are for the copper market this year to have a surplus of 41,000 tonnes -- negligible when compared with global consumption estimated at about 19 million tonnes.

For next year, the consensus sees a 180,000 tonne deficit.

Stocks of copper in LME warehouses have tumbled more than 30 per cent to 373,800 tonnes since the middle of February.

Aluminium stocks at 4.352

million tonnes are down from a record 4.640 million tonnes in January. Aluminium closed at $2,360 a tonne from $2,351 at the close on Thursday.

Earlier, the metal used in transport and packaging touched $2,387, its highest since April 20. Helping boost prices are expectations of output cuts in China -- the world's largest producer and consumer of aluminium.

Tin ended at $24,900 a tonne from $24,250 on Thursday. It earlier hit $25,200 a tonne, within touching distance of an all-time high of $25,500 hit in May 2008.

Stainless steel ingredient nickel closed at $23,800 a tonne compared with $23,400 on Thursday, zinc ended at $2,229 from $2,195 and lead at $2,295 from $2,279. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 30 2010 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1300

1155

October (3rd Wednesday)

1305

1140

November (3rd Wednesday)

1315

1150

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 30 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 2200 2210 2140 2150 2140 2150

2313 2314 2347.5 2348 2418 2423 2480 2485

8053 8053.5 8050 8055 7970 7980 7715 7725

2261 2262 2285 2290 2297 2302 2275 2280

23385 23390 23300 23325 22650 22750 21700 21800

TIN

ZINC NASAAC

24600 2175.5 24650 2176 24475 2200.5 24525 2201 23825 2255 23875 2260 2250 2255

2240 2241 2265 2275 2270 2280 2320 2330

European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 801.00+4.00, Feb11/Apr11 806.00+4.00.

RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 782.00+2.00, Feb11/Apr11 790.00+3.00, May11/Jul11 795.00+0.00, Aug11/Oct11 785.00.

SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1180.00-5.00, Jan11/Mar11 1175.00-5.00, Apr11/Jun11 1170.00-5.00.

LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1342.50+17.50.

CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 935.00+0.00, Oct10 935.00+2.50, Nov10/Dec10 927.50-2.50, Jan11/Mar11 922.50-5.00.

PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 962.50.

PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 915.00+2.50.

PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 925.00+2.50, Jan11/Mar11 920.00+2.50, Apr11/Jun11 922.50+0.00.

PALM STEARIN: Dlrs tonne fob Malaysia Oct10 905.00, Nov10 900.00+0.00.

COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1370.00-10.00, Nov10/Dec10 1370.00-10.00, Dec10/Jan11 1370.00-10.00.

CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2025.00+0.00. Reuters

Tokyo rubber hits 5-mth high on firm oil TOKYO: Key Tokyo rubber futures rose to five-month highs on Friday, supported by a firm oil market that underscored optimism about global economic recovery, while supply tightness also helped improve investor sentiment.

The key Tokyo Commodity Exchange rubber contract for March delivery rose 4.4 yen or 1.4 per cent to settle at 315.8 yen per kg, posting a weekly gain of about 2 per cent.

The contract earlier rose as high as 317.3 yen, the highest for any benchmark since April 26.

Thailand, the world's biggest rubber exporter, implemented a new rubber export tax from Friday. At the current domestic price of around 100 baht per kg, exporters would pay 3 baht per kg in tax, up from 1.4 baht now.

Many exporters may simply raise offer prices to offset the tax.

Tokyo rubber futures are expected to stay relatively firm above 300 yen in October and move higher in November on continuing strong demand and limited supply, a Reuters poll showed. Japan's crude rubber inventories totalled 7,282 tonnes as of Sept. 20, jumping 26 per cent from 10 days earlier, Rubber Trade Association of Japan data showed on Friday. -Reuters

HAVANA - CUBA: People buy vegetables at a private farmers' market in Havana. -Reuters

Oil jumps to $81; China data, $ support NEW YORK: Oil rose on Friday for a third straight day due to the slumping dollar and strong Chinese economic data.

A report showing the pace of growth in the US manufacturing sector slowed in September pulled crude off an early sevenweek highs over $81 a barrel, however, and weighed on Wall Street and the S&P 500 Index.

Friday, with unions aiming to escalate protests with a call for a national stoppage at all French ports.

Crude later pared gain after the Institute for Supply Management said on Friday that its index of US factory activity fell to 54.4 last month from 56.3 in August.

"The stock market, the S&P

US crude for November delivery rose $1.33, or 1.6 per cent, to $81.30 per barrel by 1722 GMT. It traded from $79.70 to $81.52, its highest since $81.62 was struck on Aug. 10.

ICE Brent November crude rose $1.16, or 1.4 per cent, to $83.47 a barrel.

Early on Friday, data showing revived growth in China's manufacturing sector lifted oil prices. China's official purchasing managers' index rose to 53.8 in September from 51.7 in August, well above the median forecast of 52.0 in a Reuters poll of economists.

Further support came as a strike at France's top oil port that has squeezed supplies to refineries entered a fifth day on

(500), turned lower on the ISM manufacturing data and that pulled crude back," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.

The dollar hit a six-month low versus the euro and the dollar index fell to an eightmonth low after the New York Federal Reserve's president said US growth has been generally disappointing. His comment was seen as strengthening the case for pumping more money into the financial system, which could encourage investment in commodities.

"The main driver has been the euro with a lot of bullish news back behind it," Rob Montefusco, a trader at Sucden Financial, said. -Reuters

Palm oil inches up, China demand eyed JAKARTA: Malaysian palm oil ended up marginally on Friday on gains in crude oil, but the lack of fresh supply-demand data and a holiday in China meant gains were limited.

Benchmark December palm oil on the Bursa Malaysia Derivatives Exchange closed up 0.11 per cent at 2,733 ringgit ($886) per tonne. Trading volume was 12,137 lots of 25 tonnes each, above the usual 10,000 lots.

Palm oil booked its first quarterly gain this year on Thursday as traders bet on strong demand despite news of China getting ready to sell state reserves and higher yields from the incoming US soy crop.

China markets were closed for a national holiday starting

on Friday and lasting until Oct 8. As a result, palm oil is likely to trade in a narrow range of 2,700-2,750 ringgit in the next few days, especially without any fresh supply-demand data to spur trading, one trader said.

US October soyoil inched up 0.07 per cent.

Cargo surveyors reported on Thursday that Malaysia's September palm oil exports surged, boosted by China's purchases.

Indonesia's palm oil exports in August rose 6.2 per cent from a year ago on strong demand from its traditional buyers, India, China, and Europe, data from the Indonesian Palm Oil Producers' Association showed on Friday. -Reuters

Raw sugar consolidates after sell-off, arabicas flat LONDON: ICE raw sugar futures consolidated on Friday following a 5.7 per cent sell-off the previous day, when investors closed positions following a sharp, supply-driven rally through the third quarter.

Raw sugar ended the third quarter up 46 per cent as one of the top performing commodities, but dealers said the market could be volatile over the coming months as consumers buy on a hand-to-mouth basis.

"Physical buyers will hold off when prices rise, and when they fall the buyers will come back," said Gary Mead, an analyst at VM Group.

"I don't think we've seen the physical buying that's necessary ... yet, so I would be inclined to forecast higher prices," Mead added.

ICE March raw sugar futures were up 0.04 cent or 0.2 per cent at 23.52 cents a lb at 1446 GMT. London December white sugar was up $2.00 or 0.3 per cent at $619.00 per tonne.

Thomas Kujawa of Sucden Financial Sugar said, "If we get a close below 22.50 tonight, then the bears will be looking for a test of the support at 21 cents." He added, "With oil so strong and the dollar weakening further, it would seem sugar will hold rather than continue the collapse, and we would expect the support to hold above 22.50 cents."

ICE Futures US said on Friday a total of 13,055 lots were delivered when the October raw sugar contract expired on Thursday. The total amounted to 663,225 tonnes.

ICE cocoa traded lower, and Liffe cocoa also eased under pressure from a strong pound against the dollar. ICE December cocoa traded down $16 or 0.6 per cent at $2,798 per tonne. Liffe March cocoa traded down 22 pounds or 1.1 per cent at 1,907 pounds a tonne.

Coffee markets were steady on Friday as rainfall in Brazil eased concerns that the flowering phase of the crop could be hindered by dry weather.

ICE March arabica coffee futures were down 0.05 cents or 0.03 per cent at $1.8450 a lb.

Liffe November robusta coffee was up $3 or 0.2 per cent at $1,725 per tonne in modest turnover of 2,536 lots. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract

Price

Date

Quotation

Open

High

Low

Close

Traded Volume

Previous

Current

Open Interest

in lots

Settlement

Settlement

in Lots

Price 81.37 82.35 83.20 21.97 21.99

99 54 23

01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500

NO10 DE10 JA11 NO10 DE10

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce

79.10 80.21 81.23 22.07 21.99

81.37 82.35 83.20 22.07 22.08

78.50 79.55 81.23 21.97 21.64

81.37 82.35 83.20 21.97 21.99

273 67 34

Price 80.34 81.30 82.15 21.84 21.85

01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010

GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz

NO10 DE10 JA11 NO10 DE10

US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce

1316.00 1316.00 1317.40 1316.20 1316.60

1318.00 1319.00 1320.00 1317.50 1318.30

1297.00 1297.10 1298.00 1316.20 1298.70

1317.50 1318.30 1319.20 1317.50 1318.30

1,603 2,434 522 84

1311.10 1311.90 1312.70 1311.10 1311.90

1317.50 1318.30 1319.20 1317.50 1318.30

1,465 1,155 102 5

01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010

GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W

JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 07OC10

US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg

1317.70 36332.00 36617.00 36631.00 36600.00 42666.00 42666.00 37640.00 37679.00 37692.00 37705.00 37628.00 43232.00 2402.00

1318.30 36676.00 36685.00 36699.00 36648.00 42745.00 42745.00 37697.00 37735.00 37747.00 37760.00 37772.00 43298.00 2402.00

1317.70 36100.00 36617.00 36631.00 36580.00 42666.00 42666.00 37640.00 37679.00 37692.00 37705.00 37628.00 43232.00 3175.00

1318.30 36676.00 36685.00 36699.00 36648.00 42745.00 42745.00 37697.00 37735.00 37747.00 37760.00 37772.00 43298.00 3206.00

37 1 -

1312.70 36466.00 36475.00 36489.00 36438.00 42501.00 42501.00 37484.00 37523.00 37536.00 37549.00 37561.00 43050.00 3175.00

1319.20 36676.00 36685.00 36699.00 36648.00 42745.00 42745.00 37697.00 37735.00 37747.00 37760.00 37772.00 43298.00 3206.00

5 55 2 1 -

01-Oct-2010 01-Oct-2010 01-Oct-2010 01-Oct-2010

Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M

OC10 OC10 10-Dec 11-Mar

Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

3192.00 4182.00 86.54 86.15

3215.00 4190.00 86.61 86.15

3192.00 4182.00 86.54 85.60

3215.00 4190.00 86.61 85.60

-

3192.00 4182.00 86.54 85.62

3215.00 4190.00 86.61 85.60

-

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

Mohammad Asif sits with his bride Sana Hilal at their wedding ceremony in Lahore

10

Saturday, October 02, 2010

Messi receives Golden Boot

Watson, Zaheer shine at Mohali

BARCELONA: Barcelona star Lionel Messi received the Golden Boot award as last season's top scorer in Europe's domestic leagues at a ceremony here.

The 23-year-old Argentina striker's 34 La Liga goals made him a clear winner yesterday ahead of Chelsea's Didier Drogba and Udinese's Antonio Di Natale, who both achieved 29. Messi is the second player to win the Golden Boot while playing for Barcelona after Brazil's Ronaldo in 1996-97.

He joins Marco van Basten, Ronaldo and Cristiano Ronaldo as the only players to win the three major awards - the Golden Boot, FIFA Player of the Year and the Golden Ball, awarded to Europe's top player.-Online

* * *

MOHALI: Australian opener Shane Watson hit an unbeaten century but Indian pacer Zaheer Khan struck in the final session to halt the visitors' progress on a see-saw opening day of the first test on Friday.

Watson thrived on the sloppy Indian fielders' largesse to remain unbeaten on 101, having starred in a 141-run second wicket stand with skipper Ricky Ponting (71) -- the cornerstone of Australia's opening day score of 224 for five.

Zaheer, who drew first blood in the morning, trapping Simon Katich (6), returned in the post-tea session to remove Mike Hussey (17) and Marcus North (0) in successive overs, reversing some of Australia's dominance earlier in the day.

Tim Paine (1) was with

Lorenzo set for MotoGP title race MOTEGI: Spain's Dani Pedrosa broke his collarbone after crashing his Honda in Friday's practice for the weekend's Japanese Grand Prix.

His injury looks like effectively handing countryman Jorge Lorenzo the MotoGP title with Pedrosa the only man in a position to overtake the Yamaha rider in the standings.

Pedrosa, who trails Lorenzo by 56 points with five races remaining this season, suffered a multiple fracture of his left collarbone after just six minutes on the track at Motegi.

He is likely to miss the next three races which take place over the next three weekends.

Italian Valentino Rossi set the quickest lap in the first free practice for Sunday's race.Reuters

MOHALI: Australia's Shane Watson celebrates scoring 100 runs during the first day of their first test cricket match against India.-Reuters

Pan Pacific Open Final

Wozniacki to clash with Dementieva

Only umpires * Dane closing in on top ranking beats Schiavone can judge *TOKYO:Dementieva Top seed Caroline who squandered a big lead in clinically brought proceedWozniacki outmuscled the final set before closing ings to a close with an ace bad light Victoria Azarenka of Belarus the match out in two hours the middle.

LONDON: Umpires will now be the sole judges of whether the light is fit to allow play in one of eight amendments to the rules of cricket which will come into effect on Friday.

Under the previous regulations the two umpires would ask the batsmen if they wished to continue when the light deteriorated.

The amendment is aimed at reducing the amount of lost time as batsmen usually accepted the option to leave the field.

"The batting side will no longer have any say in the decision, which was often made for tactical reasons," a statement from the Marylebone Cricket Club, which is responsible for the rules, said on Thursday.Reuters

Watson scores 2nd test century Zaheer strikes in final session Watson says enjoyed opener’s role

6-2 6-7 6-4 to reach the final of the Pan Pacific Open on Friday.

Russia's former champion Elena Dementieva defeated this year's French Open winner Francesca Schiavone 6-4 7-5 of Italy in the other semi-final.

Dane Wozniacki overcame Azarenka's loud grunting, tantrums and occasional flashes of brilliance to advance to the final of the $2 million tournament in Tokyo.

"After the first set the second was really tight," said Wozniacki, who is closing in on the world number one ranking.

"At 5-love I felt really good," added Wozniacki,

and 51 minutes.

"I thought the match was mine. Then Victoria started playing well and all of a sudden the score is 5-4 and I knew I had to close it out with my serve."

Wozniacki stormed through the first set but was pegged back after an errorstrewn second in which both players struggled to hold serve.

Normal service was resumed in the decider with Wozniacki pinning Azarenka back with some ferocious deep hitting before bringing up three match points.

The Dane was held up briefly after a successful line-call challenge from Azarenka on the first but

Wozniacki can overtake Serena Williams at the top of the world rankings by winning in Tokyo this week and following that with a quarter-final finish in Beijing next week.

"Caroline is very motivated as she wants to reach the number one position by the end of the year," said Dementieva, who win in Tokyo four years ago.

"She's a very consistent player and has a very powerful baseline game. I have to be aggressive and really will have to go for the winners.

"There are no mistakes I can expect from her because she is playing at the top level and having a great season."Reuters

Rehan Butt vows better show at C’wealth ISLAMABAD: Pakistan hockey star Rehan Butt admits that memories of World Cup debacle haunt his side but insists that these can be erased by putting up a good show in the Commonwealth Games.

"Yes, we will be conscious of the fact that we fared so poorly here. The controversy that followed is a thing of the past and we have moved on. But the only way we can completely erase that frightful memory is by putting up a good performance in the Commonwealth Games," website sify.com quoted him, as saying.

Pakistan finished last in the FIH World Cup that held in New Delhi in February-March this year. In opener of the quadrennial spectacle they were outplayed

by India 4-1 on February 28.

"We told everyone then that we were not such a bad team.

We cannot finish last and we still believe that. We have to prove it here,' said the star forward."

"As an experienced pro, our job is to make the youngsters feel at ease and soak the pressure of big matches," he added.

Butt said the team had improved a lot under the new coach but the Oct 3-14 Commonwealth Games would be the real test.

"We performed well in our European tour. We beat Holland.

It has given us a lot of confidence.-APP

Watson at stumps.

"I knew the first few hours would be crucial," Watson said after the match. "For me, it was easier to score off the new ball than the reverseswinging or the turning one.

Hopefully I can continue ... tomorrow."

"The Indian bowlers bowled beautifully with the softer ball and the spinners did not give much to hit." On a placid track at the Punjab Cricket Association stadium offering no real bounce, Watson and Ponting compiled a big second-wicket partnership to dominate the morning session.

Both scored freely even after lunch until Suresh Raina ran out Ponting with a direct throw from mid-wicket.

The dismissal was followed by an apparent verbal clash

between Zaheer and the departing Ponting who turned back to exchange words before heading to the pavilion.

The Australian captain, who hit 10 boundaries in his fluent innings, was soon joined in the pavilion by Michael Clarke, who was caught by Rahul Dravid for 14 off the bowling of spinner Harbhajan Singh shortly before tea.

Watson, however, reached his second test century courtesy of some solid hitting and India's poor fielding.

Virender Sehwag dropped a scoreless Watson in the first over off Zaheer and the aggressive opener got another reprieve on 37 when he edged a Pragyan Ojha delivery that popped out of Indian captain Mahendra Singh Dhoni's gloves behind the stumps.-Reuters

CWG chief slams Delhi organisers I S L A M A B A D : Commonwealth Games chief Mike Fennell has criticised Delhi's organisers for failing to heed warnings over preparations for the 2010 event.

The Games, which open on Sunday, have been hit by athlete withdrawals and criticism of the athletes' village.

"People are working hard and want to do well but sometimes the co-ordination and intention to follow through is not always good," Fennell told BBC. "You can only do so much, you have to rely on them to follow your advice," said Fennell, who

is reported to have warned that India's preparations were behind schedule in a letter to the local organising committee last month.

However, Fennell was adamant the CFG had to allow local officials freedom to deliver the event in their own way.

"You entrust the organisation to an organising committee and that organising committee has to get on with the job," he said.

"You cannot sit on top of them every day. You have to applaud their efforts but the management and systematic follow through was just not there", he added. -APP

PFF calls Denmark based playerss LAHORE: Pakistan Football Federation (PFF) has called Denmark-based brothers, Yousuf Butt and Yaqoob Butt for the build up for the National U23 team to appear in soccer event of XVI Asian Games to be held under Olympic Council of Asia (OCA) from November 12-27 at Chinese city Guangzhou.

The camp is in progress at Lahore's Punjab Stadium and Model Town Football Academy Ground.

Yousuf used to play as goalkeeper in Danish 1st Division for the Copenhagen's Hellerup Idræts Klub (HIK). His elder brother, Yaqoob currently plays

for the Jaegersborg BK club as defender.It is first-time calls-up for Shani Qayum (Sheffield Wednesday Youth) while Fraaz Ahmed (Nottingham) attended the two-day Rotherham tryouts for selecting budding football players of Pakistan origin which were in 2007 at South Yorkshire. He find spot in squad, alongwith other foreigners Zesh Rehman, Adnan Farooq Ahmed, Amjad Iqbal, Iltaf Ahmed, Adam Luke Karim, Fouzal Azeem Bashir, Assad Ahmad, Suffean Mahmood, announced for twolegged World Cup Qualifiers against Iraq but failed to enter turf of Punjab Stadium.-APP

Rain suspend day’s play

Europe seize early control of Ryder Cup WALES: Europe had established early control in Friday morning's opening fourball matches at the Ryder Cup when play was suspended due to unplayable conditions at a waterlogged Celtic Manor Resort.

With heavier rain expected to sweep across the Twenty Ten course later in the day, there was little chance of the afternoon's foursomes matches being completed.

Europe led holders the United States in three of the four encounters out on the course when play was halted with large pools of water forming on the fairways and greens.

It was the first suspension of play at the Ryder Cup since

the 1997 edition at Valderrama, Spain.

"He (rules official John Paramor) gave us the option to suspend play," European captain Colin Montgomerie told BBC radio. "It's very unfortunate.

"That puts us in a horrible position of not being able to complete today's matches but hopefully we can make up the time. It's been a super start for Europe and I just hope we can maintain this momentum when the weather breaks."

The pace of play was tediously slow as the greenkeeping staff struggled to squeegee every green before the players putted out.

World number three Lee

Westwood and US PGA champion Martin Kaymer were two up on Phil Mickelson and Dustin Johnson in the top match after five holes.

Northern Irishmen Rory McIlroy and Graeme McDowell were one up on Stewart Cink and Matt Kuchar after four while Tiger Woods and Steve Stricker trailed Ian Poulter and Ross Fisher by one hole after three.

In the bottom match, US rookies Jeff Overton and Bubba Watson were two up on Luke Donald and Irishman Padraig Harrington after two holes.

HUGE GALLERIES The 38th Ryder Cup began in pouring rain and driving

wind with huge galleries packed around the first tee chanting their support for both teams.

Westwood recorded the first birdie of the session when he knocked in a six-footer at the par-five second to put the Europeans one up. Mickelson and Johnson each then bogeyed the par-four fourth.

In the second match, McDowell won the opening hole for Europe with a two-putt par before 2009 British Open champion Cink rolled in a 40foot birdie effort at the third.

However, the Europeans regained a one-up advantage when the Americans failed to par the fourth.-Reuters

WALES: Greenkeepers clear water off the fairway as US Ryder Cup player Tiger Woods walks off the course on the first day of the 2010 Ryder Cup at Celtic Manor in Newport.-Reuters

US consumer mood improves a tad NEW YORK: US consumer sentiment improved more than expected in September, but was still stuck at its weakest level in more than a year due to economic worries among upper-income families, a survey released on Friday showed.

The Thomson Reuters University of Michigan's final September reading on the overall index on consumer sentiment stood at 68.2, up from a preliminary figure of 66.6 but down from 68.9 in August.

Analysts had predicted a month-end figure of 67.0.

"The entire late September gain, however, was among households with incomes under $75,000 while upper income households reported much less favorable economic prospects," the survey's director Richard Curtin said

in a statement.

Curtin said the divergence between the two income groups was partly caused by worries over a protracted delay to an extension of federal tax cuts to families with incomes above $250,000.

"It is hardly a surprise that potential reductions in aftertax incomes a few months from now will influence people's current spending decisions," he said.

This outlook of lower incomes reduced consumer one-year inflation expectations to their lowest in a year.

This could be worrisome for the Federal Reserve that is attempting to combat disinflationary pressure and to avert deflation.

The survey's one-year inflation gauge fell to 2.2 per cent in September from 2.7 per cent in August, while its five-

to-10-year inflation barometer ended at 2.7 per cent versus 2.8 per cent in August.

The survey's barometer of current economic conditions was 79.6 in September, up from 78.4 in in the preliminary September report and 78.3 in August. It came in above a forecast of 78.9.

The survey's gauge of consumer expectations rose to 60.9 from 59.1 in the preliminary September data and above a forecast of 60.0.

Despite the bounce, it was below August's 62.9 and was still the lowest reading since March 2009.

The measure on consumers' 12-month economic outlook improved to 61 from to 59 in the preliminary September data. It was at the lowest since April 2009 and was down 8 points from August.-Reuters

China factories offset Europe slowdown worries LONDON: Chinese manufacturing picked up steam in September after a mid-year lull, easing worries of a marked downturn in global growth, although business surveys again showed a cooling recovery in European factories.

Global stock markets perked up on Friday after two separate purchasing managers' indexes (PMIs) showed Chinese factories expanded robustly, shrugging off European numbers that revealed Spain and Ireland faring badly.

The Euro Zone Manufacturing PMI suggested a two-speed recovery taking hold in Europe, with the headline index dropping

to 53.7 in September from 55.1 in August, still well above the 50 mark that divides growth from contraction.

"Growth is becoming more focused on the two largest economies of Germany and France as fiscal consolidation measures begin to bite in the periphery," said Andrew Grantham at HSBC. Factories in austerity-ridden Ireland and Spain went into reverse gear. Ireland on Thursday revealed an enormous bill for its banking sector bailout, and Spain lost its last top-notch "AAA" credit rating amid 20 per cent unemployment.

Manufacturing growth in

11

International & Continuation

Saturday, October 2, 2010

Britain, meanwhile, fell to its lowest since November as exports declined for the first time since July 2009, with the PMI there unexpectedly falling to 53.4 from 53.7.

Although the PMI surveys, which are considered a good leading indicator of broader economic activity, also showed declines in South Korea and Australia, the strength of the upturn in China cheered analysts and markets.

They will be looking to the US Institute for Supply Management survey data due at 1400 GMT for further signs that the recent slowdown will be slight and not severe.-Reuters

Soft factory PMI hints at production decrease LONDON: Activity in Britain's manufacturing sector slowed to a 10-month low in September after export orders fell for the first time in a year, a survey showed on Friday, suggesting UK growth may have peaked.

The Markit/Chartered Institute of Purchasing and Supply manufacturing PMI index fell to 53.4 in September from a downwardly revised 53.7 in August. That was the lowest since November 2009 and below forecasts for a reading of 53.8.

There was little market reaction to the figures, although analysts said they provided further evidence Britain's recovery was losing steam after strong growth in the second quarter.

"Today's survey adds to other evidence suggesting that the economic recovery is fading fast," said Vicky Redwood at Capital Economics. And signs price pressures are easing and that firms still have spare production capacity should provide reassurance the BoE can leave interest rates at their record low of 0.5 per cent for longer without stoking inflation.

"This makes it a stone-dead certainty that the BoE will keep interest rates down at 0.5 per cent at the conclusion of its October Monetary Policy Committee next Thursday," said Howard Archer, economist at IHS Global Insight.

"It also maintains pressure on the Bank to consider reviving quantitative easing, although we expect them to hold fire for the time being at least."

BoE policy maker Adam Posen this week said the central bank might need to restart a programme to pump money into the economy, although most analysts reckon he will have difficulty winning over other policymakers as inflation is still high.-Reuters

Global mills output growth slows in Sept LONDON: The pace of global manufacturing growth slipped in September to a 14month low as the expansion of order books and exports eased, a survey showed on Friday.

The JPMorgan Global Manufacturing PMI, which measures activity of factories across the world's major industrial centres, fell in September to 52.5 from 53.7 in August, although still above the 50 mark that divides growth from contraction.

While Chinese manufacturing picked up steam, the survey identified weakening growth in the United States

and euro zone.

"The PMI is likely to fall further in coming months, based on the continued slide in the ratio of new orders to inventory," said David Hensley of JPMorgan.

"As a result, production is likely to stop growing or even contract in the next few months on a transitory basis."

The new orders index eased in September to 51.4 from 52.4 in August, while new export orders rose at the weakest pace since July 2009.

A survey released earlier on Friday showed US manufacturing growth slowing in September, marked by slower expansion of jobs.-Reuters

Europe PMIs suggest double recovery LONDON: The euro zone's manufacturing sector grew at a slightly faster pace in September than previously thought but some countries shifted into reverse gear, further entrenching a two-speed recovery, a key survey showed.

Markit's Eurozone Manufacturing Purchasing Managers' Index for September dropped to 53.7 from 55.1 in August, slightly above an earlier flash reading of 53.6.

While that was the lowest since January, it marked a year of readings above the 50.0 mark that divides growth from contraction.

The output index sank to its lowest reading in nearly a year, to 54.0 last month from 57.1 in August, and also revised down from a flash reading of 54.4,

suggesting manufacturing growth in the euro area is gearing down.

"The speed of the decline and the fact that Ireland, Spain and Greece are all now moving in reverse gear, is worrying," said Chris Williamson, chief economist at Markit, which sponsors the surveys.

Ireland said on Friday it was pumping billions more euros into banks while ratings agency cut Spain's top-notch triple-A rating to Aa1, citing the budget impact of slowing economic growth, and following similar moves by Standard & Poor's and Fitch.

However, Williamson noted that a cooling from Germany's export-driven factory boom, which was the main driver of the decline in the PMI, was widely anticipated.-Reuters

Irish economy slips further ahead of harsh cuts DUBLIN: Ireland's brief economic upturn showed further signs of petering out on Friday, with weak manufacturing data suggesting the country could be headed back into recession just as it readies harsher budget cuts.

The NCB Purchasing Managers' Index, which measures the Irish manufacturing sector, fell sharply to 48.4 from 51.1 in August, dipping below the 50 mark separating growth from contraction for the first time since February.

Dublin said on Thursday that it faces a bill of up to 50 billion euros ($68 billion) to clean up its banks, resulting in tougher than expected budgets for the next four years.

Ireland officially exited two years of recession in the first quarter of 2010 before shrinking again in the following three months. Friday's PMI data suggested the third quarter did not look much better.

Only a growing economy will generate the tax revenues Ireland needs, alongside spending cuts and tax hikes, to reduce a debt mountain that the bank bailout will swell to 99 per cent of GDP this year from 25 per cent prior to the crisis.

The rescue will also blow the budget deficit out to 32 per cent of economic output this year, more than 10 times the EU's 3 per cent cap and by far the worst in the union.

So far Ireland has managed to calm investor fears it will go the way of Greece, which suffered a debt meltdown that forced it to turn to its European Union partners and the International Monetary Fund for help.

IMF chief Dominique Strauss-Kahn said in a German newspaper he does not expect the euro rescue fund to be activated for Ireland, adding his voice to a clutch of policymakers who made the same prediction the previous day.-Reuters

path of political reconciliation." Being a sitting government, the PPP has huge responsibilities and it is our duty to remain calm and not to overreact to political provocations.

The President said, "PPP knows the value of democracy because it has made huge sacrifices for it and it will protect democracy at all costs." We are not afraid of jails, adding, workers in Badin will manages assets over Rs18 billion. This success is reflective of the get their rights, he said. confidence and trust of both individual and institutional investors.

He said that we are fighting the battle of extremism adding the blood of Shaheed BB will not go in vain. Earlier, President Zardari inaugurated a national program under Benazir Income Support Continued from page 5 No #5 But Friday's US economic data proved mixed, with ISM data Programme, accordingly all the poor segments of the society will get their insurance.-Online showing growth in the manufacturing sector slowed in September, Continued from page 1 No #9 while construction spending increased unexpectedly in August, increased power tariffs by 2 per cent. Earlier minister for water and power told the Senate that conand consumer sentiment improved more than expected in struction of Mirani and Sabakzai dams had been completed adding Diamer Bhasha Dam project was September, although it was still stuck at its weakest level in a year. being inaugurated next month. In response to various questions raised by senators in question hour, he US blue chips pared early gains after the ISM report but were still said the cost of Mirani and Sabakzai dams was Rs5.81 billion and Rs1.96 billion respectively. Ashraf up 0.2 per cent by London's close. Domestic economic data showed said construction and maintenance of dams was the responsibility of Water and Power Development activity in Britain's manufacturing sector weakened more than Authority (WAPDA) while setting up of irrigation channels, canals and other necessary water distribexpected in September to grow at its slowest pace in 10 months. utaries was the domain of respective provinces. The Wapda has paid a lump-sum compensation amount BANKS BOUNCE to Balochistan government for land acquisition and resettlement of affectees of Mirani Dam, he added.

UK banks rallied after recent sharp falls, benefiting from He said that amounts of Rs180 million and Rs280 million were allocated for Mirani and Sabakzai dams investors' slightly improved appetite for risk, with Royal Bank of respectively in PSDP 2009-10. The upper house was informed that work on the mega project Diamer Scotland up one per cent, and HSBC ahead 1.3 per cent as Bhasha dam would start next month and the government of Gilgit-Baltistan has started land acquisiGoldman Sachs added it to its "Conviction Buy" list. tion for the project. Foreign funding for the project was had been arranged, he added.

Among individual gainers, ARM Holdings, up 3.3 per cent, ralAshraf said the government has a plan to construct 32 small and medium-sized dams in all the lied after recent falls as Exane BNP Paribas hiked its target price provinces. Work on some dams has already been started, he added. He said the Chinese government for the chip designer, while oil services firm Amec gained 2.4 per had granted a soft loan of $700 million for the construction of these dams. In response to a supplemencent as Credit Suisse started coverage with "outperform." tary question, he said the government was not taking any dictation from International Monetary Fund Defensively-perceived stocks missed out on the blue chip rally (IMF) and had devised a special plan to bring improvement in all state-owned enterprises which are sick. as risk plays became more attractive for investors, with food pro- The minister said the government had already exempted all industries except steel from load-shedding ducer AB Foods and brewer SABMiller among the worst off, and it had been decided in energy summit to ensure uninterrupted supply to the industries. He said steel down 1.7 and 1.3 per cent respectively.-Reuters industry was being supplied uninterrupted power for 16 hours.-APP

CONTINUATION No #1

Continued from page 12

distribution network across Kazakhstan and Uzbekistan.

Sensitive gear like ammunition, weapons and critical equipment is flown in. Officials say supplies for Nato forces through Chaman continue uninterrupted. Pakistan has again come under the international spotlight after Western intelligence sources said a militant plot to stage coordinated attacks in Europe had been disrupted by a recent upsurge in missile strikes by US drones in Pakistan.

Pakistani security officials said they had no evidence of any specific terror plot being hatched in the country's tribal areas, described as global hub of militants by the United States. Most of the recent drones strikes have taken place in the northwestern North Waziristan region.

"It's no secret that there are terrorists from all nationalities in North Waziristan. They are Arabs, Uzbeks, Pakistani, Afghan, Chechans, German, Brits, Americans, everyone. And they are threat to us, to their own countries and to the entire world," a senior security official said. "But to say that we have any specific information that they were plotting attacks against this country or that country, then sir, we don't have any concrete information or intelligence about that." -Reuters

No #2

Continued from page 12

White House made an offer of incentives to Israel as described in the media but these were rejected by Netanyahu."

Israel's Yedioth Ahronoth daily said Obama never signed off on the offer. The security proposals were floated in a paper drawn up last week by Israeli Defense Minister Ehud Barak and White House Middle East aide Dennis Ross, it said. It would have become a "presidential letter" had Netanyahu accepted.

Obama succeeded in persuading Abbas to resume direct peace talks with Israel on September 2 after a 20-month hiatus but with no overt guarantee from Netanyahu that the settlement freeze he ordered last November would be extended. Some Israeli political commentators expressed surprise the proposals had been rejected.

But they said Netanyahu was afraid of losing power if he got too far out in front of his own governing coalition, which is dominated by pro-settler parties skeptical of peace deals, including his own right-wing Likud.

Close to half a million Jews live on territory where the Palestinians aim to establish a state with East Jerusalem as its capital. Palestinians say the growth of the settlements, on land Israel has occupied since 1967, will render impossible the establishment of a Palestinian state in the West Bank and Gaza Strip -- the stated goal of the peace talks.

Netanyahu and Abbas both say direct talks should continue.

"We are exerting every possible effort in order to ensure that the senator succeeds in his mission in maintaining the direct negotiations," Palestinian chief negotiator Saeb Erekat told reporters in Ramallah on Thursday. Abbas has said he will hold off on a decision on the fate of the talks until the Arab League can discuss the issue at a meeting in Cairo next week and reach a consensus. The meeting of the League's committee on the peace process had been scheduled for Monday October 4 but Egypt -- a close US ally -- has asked its partners to postpone the discussion until a meeting on October 8, giving Mitchell more time to bridge the negotiating gap. -Reuters

No #3

Continued from page 12

with a lot depending on new crop grain plantings in Russia and other major producing countries. -Reuters

No #4

Continued from page 5

was 10.48 per cent. At the close of the first quarter ended September 30, 2010, the net assets of MSF were Rs720 million.

Al Meezan is the only full-fledged Shariah complaint asset management company of Pakistan, with AM2 Management Quality Rating. Due to its prudent fund management, Al Meezan has been able to increase the investor base to over 16,000 and currently

No #6

Continued from page 5

monthly gains since April 2009, as data showed the economy isn't in such bad shape. Among the latest encouraging signs, new US claims for jobless aid fell last week and manufacturing in the Midwest region grew faster than expected in September, though the market remained cautious about the persistent strength in the yen.

The dollar traded at 83.42 yen, not far from a 15-year low of 82.87 hit on trading platform EBS before Japan intervened on Sept. 15.

"The US economic data was pretty good, but that didn't really push the dollar to gain. We still don't see signs of the US economy that are strong enough to affect currency moves," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets.

Banking shares were weak for much of the day, hit by what one analyst said was selling by overseas hedge funds due to worries about banking regulations and sovereign debt problems in Europe.

CNBC reported on Thursday that international banking regulators are considering requiring large banks to hold 2 per cent to 3 per cent more capital than the levels included in the recent Basel III agreement. Mizuho Financial Group shed 2.5 per cent to 119 yen. But Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group both recovered, rising 0.8 per cent and 0.7 per cent respectively after spending much of the day in negative territory.

A large number of exporters gained, with Canon Inc up 1.9 per cent to 3,970 yen and Honda Motor Co gaining 0.9 per cent to 2,990 yen. Trade picked up on the Tokyo exchange's first section, with 2.09 billion shares changing hands, its highest volume in about two weeks.-Reuters

No #7

Continued from page 5

Inc rose 3.1 per cent to $88.04 and Occidental Petroleum Corp rose 3.1 per cent to $80.73. Bank of America-Merrill Lynch on Friday downgraded Caterpillar Inc a maker of heavy equipment, to "neutral" from "buy," saying that after a recent run-up in the shares, it saw limited upside. The Dow component was off 0.2 per cent at $78.50.

William Dudley, President of the Federal Reserve Bank of New York, said a double-dip recession wasn't likely, but more action by the Fed to boost growth would probably be needed if the economic outlook didn't improve.-Reuters

No #8

Continued from page 1

The President urged members and workers of his party to remain calm and avoid being provoked and continue treading the

No #10

Continued from page 1

the easy exit facility under the CEES. The SECP had received many requests from the corporate sector and relevant quarters to extend the validity period of the schemes. They had cited the law and order situation, floods and other problems to seek this extension. Moreover, the last date of the schemes coincided with the last date of filing of tax returns. The fee structure as applicable in the third phase of the schemes, i.e., September, shall be applicable. It is in the interest of inactive companies to take advantage of the schemes by either regularising themselves through filing of their overdue returns under the CRS or strike their companies off the register under the CEES. Moreover, this is the last opportunity for inactive companies to avail themselves of the incentives under the schemes. In addition, the companies that closed their books of accounts on June 30, are hereby advised to hold their annual general meetings

by October 31, and file their annual accounts and annual returns within one month thereof. -Online

No #11

Continued from page 1

It said the funds were part of the Bank's $1 billion commitment to Pakistan in this fiscal year.

The World Bank and the Asian Development Bank are conducting a damage assessment of the floods. It said preliminary figures show more than 1.8 million homes were damaged or destroyed, which had displaced over 8 million people. "The credit is part of the first phase of the World Bank's strategy to assist with flood recovery in Pakistan," said Rachid Benmessaoud, World Bank country director for Pakistan. In addition, the World Bank said it approved a $130 million credit line to repair Pakistan's highway system, much of which was destroyed by the floods.

The Bank said the project included rehabilitating 514 km (319 miles) of highway, resurfacing 342 km (213 miles) of highway, and reconstructing 128 km (80 miles) of damaged roads that provide vital access to remote and disaster-prone communities. Last week, World Bank President Robert Zoellick told a high-level U.N. meeting on Pakistan that Islamabad would have to prove its ability to manage foreign aid ahead of an October meeting in Brussels to review the flood damage assessment report. -Reuters

No #12

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However, the fund had provided assistance for the rehab of flood victims, she added.

Hina said 2,041 private hospitals and clinics were identified by the FBR as tax defaulters, proceedings against 1541 were in progress and action had been taken in 499 cases. -APP

No #13

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the civilian government in 1999 had re-emerged. He said his party manifesto will be governed by three documents - the Holy Qura'an, Quaid's 11 August 1947 Constituent Assembly address and 12 April 1949 Objective Resolution by Liaquat Ali Khan. He described nepotism and corruption as the biggest curse for any society and vowed to rid the country of the same.

"Internal and external threats will be dealt with strongly and the fight against terrorism will continue till the elimination of this scourge," the APML Chief pledged. He said GDP growth will be raised to over 6 per cent, referring to 8 per cent growth achieved during his government. He said that the country progressed under his 9-year rule, but he admitted that he committed some political mistakes. He forwarded his apology on those mistakes, saying that 'to error is human, to forgive divine.' He said that he will inform the nation after his comeback about the reasons due to which he committed all the mistakes. -Agencies

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PM warns Nato of other options if line crossed again

Accountability Bill to be of one accord

SHIKARPUR: A man runs away from the site of burning oil tankers on a highway near Shikarpur. -Reuters

Militants attack on above 2 dozen trucks in Shikarpur

Nato fuel trucks bear firing brunt KARACHI: Suspected militants in Pakistan set fire to more than two dozen tankers carrying fuel for Nato troops in Afghanistan on Friday, officials said, a day after three soldiers were killed in a cross-border Nato air strike.

Angered by repeated incursions by Nato helicopters over the past week, Pakistan has blocked a supply route for coalition troops in Afghanistan.

Pakistan is a crucial ally for the United States in its efforts to stabilise Afghanistan, but analysts say border incursions and disruptions in Nato supplies underline growing tensions in the relationship.

A senior Pakistani intelligence official said the border incursions could lead to a "total snapping of relations."

Senior local officials blamed "extremists" for the attack on the tankers in the southern town of Shikarpur. About 12 people, their faces covered, opened fire with small

arms into the air to scare away the drivers and then set fire to 27 tankers.

"Some of them have been completely destroyed and others partially. But there is no loss of human life," Shikarpur police chief Abdul Hameed Khoso told Reuters.

Police arrested 10 people after the attack, including five netted from a raid on an Islamic seminary, or madrassa, a senior police official said.

The tankers were parked at a filling station on their way to Afghanistan from Pakistan's southern port city of Karachi.

On Thursday, three Pakistani soldiers were killed and three wounded in two cross-border strikes by Nato forces chasing militants in Pakistan's northwestern Kurram region.

It was the third cross-border incident in a week, the Pakistan military said. Nato said the helicopters briefly crossed into Pakistan airspace after

US sweating for ME serenity JERUSALEM: US envoy George Mitchell was shuttling between Israel and the Palestinians for a second day on Friday to save Middle East peace talks threatened with collapse after only four weeks of direct negotiation.

Mitchell was meeting first with Israeli Prime Minister Benjamin Netanyahu in Jerusalem then with Palestinian President Mahmoud Abbas in the West Bank city of Ramallah.

"We are making efforts together with Senator Mitchell to continue to hold the talks with President Abbas," Netanyahu said. "We want the talks to continue and I want this. We have a mission of peace."

Abbas says he will pull out of the talks unless Israel extends its freeze on new building in Jewish settlements in the occupied West Bank, which expired this week.

Netanyahu is refusing to extend the

construction moratorium and Israeli reports said he had rebuffed a US offer of "very generous" incentives to persuade him to extend it by 60 days.

US President Barack Obama has invested major political capital in a bid for a Middle East settlement within a year.

Israeli media suggested he was desperate to have Netanyahu agree to keep the talks alive by keeping settlement construction frozen, and was furious at being rebuffed.

The Jerusalem Post said the White House and a State Department official denied reports that Obama sent Netanyahu a letter proposing security guarantees, including a continued Israeli troop presence in the Jordan Valley after the creation of a Palestinian state.

But an Israeli official, who requested anonymity, confirmed that "the See # 2 Page 11

coming under fire from people there.

Pakistani Prime Minister Yousuf Raza Gilani said Pakistan was a partner in the war against Islamist militancy but it would not allow anyone to infringe on its sovereignty.

"I want to assure the entire nation from this house that we will consider other options if there is interference in the sovereignty of our country," Gilani told parliament without elaborating.

Hours after the cross-border attack, Pakistani authorities halted tankers carrying supplies for the Nato forces passing through the Khyber tribal region on the Afghan border.

About three-quarters of all cargo for Nato forces in Afghanistan travels through Pakistan, most of it via two main border crossings: Chaman north of Quetta in Balochistan and Torkham at the Khyber Pass.

Another third flows into Afghanistan through the northern See # 1 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Friday said the government believed in meaningful consultation and also desired passage of Accountability Bill with consensus.

"There is a slight difference between accountability and victimisation. We do not want to victimise anyone and the accountability bill shall be unanimous," he told National Assembly in response to a point of order by MNA Sardar Mahtab Abbasi.

"This is the first ever government where there is no political prisoner and I assure you, there will be no victimisation or vendetta," he added.

Abbasi had objected to the promulgation of the ordinance designating the powers of Chairman NAB to Law Ministry and had raised serious concerns on it pointing out it was not fair to promulgate ordinance in such a manner after 18th Amendment.

The Prime Minister said, "It is extremely important. When we came to power, NAB was working under the Chief Executive and Farooq H Naek was the Law Minister and my cases were being heard by the courts."

He also said in order to avoid the impression of any manipulation on his part he had put NAB under the ministry of law for the sake of jus-

tice. He said no ordinance was promulgated without the permission of the Prime Minister and if any unconstitutionality was found out regarding the promulgation of this recent ordinance, he would rectify it himself.

Gilani said, the government did not want to bulldoze the legislation process that was why the accountability bill was still pending.

"We want it as a unanimous bill," he said and elaborated that Chairman NAB shall also be appointed after consensus between the government and the opposition. "We sent two names to Leader of the Opposition in National Assembly, who did not agree with them and I sought more time from the Apex Court to reach a consensus."

He said appointment of Chairman NAB as well as passage of accountability bill should be done in consul-

tation with the opposition.

Earlier addressing the National Assembly Prime Minister Gilani expressed concerns over increasing and unremitting drone attacks and violation of Pakistan's airspace by Nato and Isaf helicopters.

The PM told the House that despite catastrophic floods, Pakistan was committed to the war against terrorism as it considered success in this crusade was vital for peace, stability, economic development of not only Pakistan, region, but also the rest of the world.

He further told the House in a rather an aggressive manner that if Nato did not stop such violations then we would have to seriously and methodically review other options, adding, being an ally of US did not mean we would compromise on our sovereignty.-Agencies

UN copter plunges into Manchar Lake DADU: At least ten people were injured when a United Nation's helicopter busy in relief operation came down crashing

into Manchar Lake here Friday.

In charge rescue operation Brigadier Zubair Ahmad told a private TV

news channel this incident that took place in P Lakhoo Dadu area was a result of technical fault.

Soon after the acci-

dent the Pakistan Army helicopters and rescue teams rushed to the site and rescued the injured.

-Online

Aitzaz terms onset on LHC as conspiracy ISLAMABAD: Former President Supreme Court Bar Association Barrister Aitzaz Ahsan Friday said attack on Lahore High Court LHC was a planted conspiracy and curtain must be pulled on its perpetrators/plotters.

Talking to media here, he said in according to the constitution of the country military was under the authority of civil administration

FAO Food Price Index at fresh 2-yr high in Sept

Food prices to see no more spikes this year MILAN: The United Nations' food agency foresees no big spikes in global food prices this year after prices climbed to the highest level in 25 months in September, the Food and Agriculture Organisation's economist said.

The FAO's Food Price Index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, rose in September to the highest level since August 2008 at 188.2 points, up from 176.9 points in August, FAO data showed on Friday.

"There is no threat of major price spikes reappearing" for the rest of the year, FAO economist Abdolreza

Abbassian told Reuters.

Main drivers for rising prices in September were grains and sugar, but with wheat and corn prices falling back from recent highs, FAO expects a correction in October to an upward trend in global prices seen in the past four months, Abbassian said. "(Grain) supply this year seems to be adequate enough, and perhaps we've had too much of a hype over price increases over the summer ...

The current indication for October is (for) milder prices than in September," he said.

He said it was too early to give forecasts for price trends next year, See # 3 Page 11

adding the presidency was immune to criminal cases and in the prevailing circumstances there had been complete harmony between the parliament and judiciary.

He said that attack on LHC building was very disheartening and the lawyers' should not have reacted this way as it had been assumed that the pleaders' community was using their powers unfairly.

Former president Supreme Court bar also said that black coats remained on roads for two consecutive years for the sovereignty and freedom of judiciary and not even a single streetlight was broken during that time.

He also said that detention of president Punjab Bar association was sorrowful. Atzaz said that statements issued by General (Retd) Pervez Musharraf had only earned laughter in Pakistan. -Online

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