The Financial Daily-Epaper-06-12-2010 by The Financial Daily

International Karachi, Monday, December 6, 2010, Zil Hajj 29, Price Rs12 Pages 12

Sindh Home Ministry settles 333 complaints

Taliban hits Nato Khost base kills 4

See on Page 12

Iran claims full control over making N-fuel

See on Page 12

Obama touts SKorea trade deal, looks for more See on Page 11

See on Page 2

Gilani breakfasts with Afghan traders, CEOs

Economic Indicators $16.74bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $203.80mn -2.58% 4.10% $1,051 171.21mn

Forex Reserves (27-Nov-10) Inflation CPI% (Jul 10-Oct 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)

GDP Growth FY10E Per Capita Income FY10 Population

Isb, Kabul aim for $5bn trade PM urges for economic, people-to-people contacts Offers special economic zones in border areas

Portfolio Investment SCRA(U.S $ in million)

163.65 0.92 1.07 3796

Yearly(Jul, 2010 up to 2-Dec-2010) Monthly(Nov, 2010 up to 2-Dec-2010) Daily (2-Dec-2010) Total Portfolio Invest (19 Nov-2010)

NCCPL (U.S $ in million)

FIPI (3-Dec-2010) Local Companies (3-Dec-2010) Banks / DFI (3-Dec-2010) Mutual Funds (3-Dec-2010) NBFC (3-Dec-2010) Local Investors (3-Dec-2010) Other Organization (3-Dec-2010)

10.45 -4.53 -2.42 -1.25 -0.73 -1.79 0.27

Global Indices Index

Change

KSE 100

11,406.66

63.11

Nikkei 225

10,178.32

9.80

Hang Seng

23,320.52

128.26 25.77

Sensex 30

19,966.93

SSE COMP.

2,842.43

1.18

FTSE 100

5,745.32

22.24

Dow Jones

11,382.09

19.68

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 111.42 20.90 179.13 2.00 42.86 1.70 36.43 10.64 36.48

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)

01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010 04-Dec-2010

13.16% 13.39% 13.67% 14.00% 13.16% 13.34% 13.58% 13.93% 14.08% 13.75% 13.80% 14.10% 14.38% 14.51% 14.73%

Commodities Crude Oil (brent)$/bbl 91.42 Crude Oil (WTI)$/bbl 89.19 Cotton $/lb 132.34 Gold $/ozs 1,406.20 Silver $/ozs 29.27 Malaysian Palm $ 1,141 GOLD (NCEL) PKR 38,360 KHI Cotton 40Kg PKR 9,860

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 84.20 Canadian $ 84.50 Danish Krone 14.50 Euro 113.80 Hong Kong $ 10.90 Japanese Yen 1.024 Saudi Riyal 22.68 Singapore $ 64.90 Swedish Korona 12.45 Swiss Franc 86.75 U.A.E Dirham 23.18 UK Pound 133.00 US $ 85.60

Sell (Rs)

85.20 85.50 15.00 115.50 11.00 1.050 22.88 65.90 12.55 86.85 23.38 134.00 85.90

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

84.99 85.25 15.41 114.88 11.03 1.037 22.82 65.69 12.60 87.87 23.31 135.04 85.71

85.19 85.45 15.45 115.14 11.05 1.039 22.88 65.85 12.63 88.08 23.36 135.35 85.90

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

22°C 30°C 23°C 24°C 18°C 23°C

MIN

3°C 11°C 8°C 5°C -8°C 4°C

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KABUL: Prime Minister Gilani speaks with members of Afghanistan's Chambers of Commerce and Industry during their meeting in Kabul here on Sunday. -Reuters

LSM contracts 2.58pc in Sept

Industrial output dips 1.47pc in 1Q Ahmed Siddique KARACHI: Due to devastating floods and impact of tight monetary policy, again large scale manufacturing (LSM) has reported decline of 2.58 per cent in the month of September 2010, taking the average contraction to 1.47 per cent in the first quarter of fiscal year 2010-11, according to data from the Federal Bureau of Statistics (FBS). During September, two subsectors declined as Oil Companies Advisory Committee (OCAC) reported 23.98 per cent drop in production and Ministry of Industries down by 6.15 per cent, while Provincial Bureau of Statistics showed a growth in production by 6.85 per cent in petroleum

products. Large scale manufacturing sector broadly contributes 12 per cent in the country's GDP. With better performance posted during FY10 (4.4 per cent YoY growth), recent trend suggest a sharp downturn once again. Broadly speaking, the trend is reflective of one time impact of flood, which subdued production owed to logistic lapses and supply disruption during the said period, as per the research analyst of InvestCap. The heavyweight contributor to industrial production, textile sector is expected to take a hit in terms damage to domestic cotton output, high cotton prices and structural issues in maintaining competitiveness, See # 6 Page 11

During last wk

Offshorers inject $22.8mn into KSE Ghulam Raza Rajani KARACHI: Offshore investors remained active in local bourses as foreign fund mangers once again emerged as net-buyer in Pakistan equity market with $22.87 million worth of buying in the last week as per the National Clearing Company of Pakistan Limited (NCCPL) data. Furthermore, foreign investment hiked 83.9 per cent WoW compared with $12.4 million witnessed in week ended on

26th November 2010. Foreign investors have been active for nearly last 14 months in Pakistan equity market due to attractive valuation of Pakistani stocks, TFD analyst said. However, their focus remained on few stocks which increased significantly, he added. During the week, offshore investors opted for buying fresh position as foreigners bought shares worth $34.57 million See # 7 Page 11

Pak Army test-fires anti-tank missile ISLAMABAD: Pakistan Army successfully tested fire an antitank guided missile at Tilla Range near Jhelum here on Sunday. According to military sources, Corps Commander Gujranwala, Lieutenant General Raheel Sharif was also present at the occasion. The missile was tested during the ongoing exercises of Pak Army in Tilla range. According to military officials Pakistan receives these missiles in the decade of 1970 however these are small in size. Now these missiles are updated according to the needs of modern era. These missiles can successfully hit tanks. On the occasion, Corps Commander Gujranwala Let See # 4 Page 11

RGST Bill

Fed, provinces talk tomorrow ISLAMABAD: Federation and provinces dialogue on Reformed General Sales Tax (RGST) will resume on Tuesday (tomorrow); Finance Secretary Salman Siddiqui will represent the federation while provincial finance secretaries will represent the provinces. The draft of RGST will be discussed with detail in the meeting. The participants had agreed over reduction of tax on stand loan services from 15 per cent to 10 to 12.5 per cent in the last meeting during last month but the final decision will be See # 5 Page 11

WikiLeaks

More Beans Spilled

Kerry sought Isb-Delhi pact for US civil N-deal with Pak l Malik claimed MQM opposed NRO on US, UK pressure; MQM denies global pressure l SArabia, a cashpoint for militants: Clinton l Karzai admitted Bugti’s presence in Afghanistan

KARACHI: Muttahida Qaumi Movement (MQM) took back its support of government for National Reconciliation Ordinance (NRO) on pressure from the US and Britain, according to a cable leaked by WikiLeaks. According to the US State Department cables, Interior Minister Rehman Malik suspected that the "establishment" was out to get President Zardari and that MQM was being influenced by the US and the UK. In a meeting held on November 9, 2009, Malik claimed to then US ambassador

to Pakistan Anne Patterson that MQM had repeatedly stated that both US and UK had urged the party to oppose the NRO, a move that led the government to withdraw the legislation from parliamentary consideration and placed the future of Zardari at risk. Malik requested that the US issue a public statement in support of Pakistani democracy, suggesting such a statement would be useful in protecting President Zardari from military-induced pressure to leave office. In addition, it would help dis-

pel persistent charges from the MQM that US and United Kingdom had urged it to withdraw support for the NRO, thereby placing Zardari at risk. Malik assessed that Saudi Arabia and the Pakistan Muslim League-Nawaz (PMLN) were cooperating with the military and MQM to bring down President Zardari. The document says Malik met on November 9 with Ambassador Patterson to provide a read-out of his meetings with senior officials of the MQM in Dubai. See # 8 Page 11

KABUL: Pakistan and Afghanistan aim to boost bilateral trade to $5 billion mark. Prime Minister Syed Yousuf Raza Gilani made this pledge during a breakfast meeting with the Afghan chamber of commerce and Industry in Kabul on Sunday. Prime Minister Gilani pointing at the trans-regional development and connectivity opportunities between Pakistan and Afghanistan, urged the Afghan business communities to make optimum use to develop winwin scenarios. Addressing the leaders and CEOs of the Afghan corporate sector and Afghan business community, Prime Minister said the future of two economies was closely inter-linked and the geo-economic dynamics of the region makes it an essential imperative. PM Gilani said the two countries have a common resolve to implement the transit-trade agreement. He asserted that Pakistan would take additional measures including customs harmonisation and the estab-

PM visit to help lift Pak-Afghan ties: FO ISLAMABAD: Foreign Office Spokesman Abdul Basit has hoped that Prime Minister Gilani's Kabul visit would help in further enhancing Pak-Afghan economic ties and termed it as series of improving bilateral ties. Talking to a private TV Sunday, Abdul Basit said Prime Minister Gilani's visit main objective was See # 1 Page 11 lishment of trade facilitation mechanisms for this purpose. He added that he has proposed the establishment of special trans-border economic zones. The transit trade agreement with Afghanistan will allow trucks from Afghanistan to transport goods to India through Pakistan via the sensitive Wagah land-route. He said Pakistan and Afghanistan have also agreed to work jointly to enhance regional connectivity and to establish corridors to facilitate trade and energy transactions. He said projects like TAPI, CASA-1000 and North South Rail link can transform the economic land-

scape of the region. Gilani said he has proposed to President Karzai establishment of special trans-border economic zones and to facilitate joint ventures and partnerships in the private sector. "We must optimally build and utilise our mutual economic complementarities. We should establish closer links between our respective chambers of commerce. A vibrant and dynamic Afghanistan-Pakistan CEO's forum would make a huge difference." Gilani said, "Time has now come to shape our own destiny by joining hands and marching See # 2 Page 11

Pak signs D-8 trade ratification ANKARA: The President of Pakistan signed instrument of ratification for D-8 Multilateral Agreement on Administrative Assistance in Customs Matters. The original instrument has been handed over to the Secretary General of D-8 by Pakistan Consul General in Istanbul.

The D-8 Group was established in 1997 at the initiative of the former Turkish Prime Minister Naecmettin Erbakan, to promote development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. The establishment of D-8 was

announced officially through the Istanbul Declaration of Summit of Heads of State/Government on June 15, 1997. D-8 member countries have a population of more than 961 million which represents almost 15 per cent of the world See # 3 Page 11

Monday, December 6, 2010

Homelessness, Diseases Outbreak

Dadu-displaced doubly worried as winter looms KARACHI: Another disaster of outbreak of diseases is heading towards the flood-affected people of Khairpur Nathan Shah and its adjoining areas in Dadu district, as majority of people have no shelter thus exposed to severe cold weather. Sindh government had provided only 6500 tents for more than 0.15 million shelters-less flood affected families during recent floods, as a result a large number of families are living under open sky. In this situation, the NGOs fear, more than 50,000 children could be affected from Pneumonia and other dangerous diseases during current cold weather. Although Sindh government is claiming that they are doing well for the relief and rehabilitation of flood affectees but the people of Khairpur Nathan Shah town and Taluka have not received even tents, blankets and warm clothes yet for protection of their families and children from the cold weather. Taluka Khairpur Nathan Shah comprises of 12 Union Councils (UCs) of which 10 have been directly affected by the recent floods, mak-

ing the people to shift to safer places. Mehboob Mallah a farmer, living in Daleji Miyani Village, told PPI during a visit that their village was destroyed due to recent heavy floods but nobody of village has received tent, blanket or warm clothes yet. He said that they are very much afraid how they and their innocent children will survive from the cold weather which is unbearable for having no enough facilities to protect from cold weather. Similarly, Abdul Hameed Mallah of Pejaho Village told that some 20 people have got tents and rest were living under open sky because majority of homes were destroyed in floods. Abdul Hameed Mallah was doing small business of fish-selling on the bicycle but floods snatched his only source of livelihood because roads are still submerged by flood water and he is waiting for the food bags supplied by NGOs and government. When contacted, ENT specialist Dr Qaisar Sajjad, in Karachi, he told that especially in the case of Khairpur Nathan Shah, if the government will not take immediate

steps regarding the health facilities and providing them with winterized tents, innocent children will face the Pneumonia and other diseases like chest, nose, ear and throat ailments. Meanwhile, Habib-u-Allah Soomro General Secretary of Pakistan Medical Association KARACHI: The Consul General of the United Arab Emirates, Suhail Bin Matar Al-Ketbi, hosted a (PMA) told PPI that pneumonia is reception dinner on the occasion of the 39th National Day of UAE at a local hotel. the second largest killer disease of Picture shows acting governor of Sindh Nisar Ahmed Khuhro and Chief Minister Syed the country which will show its face Qaim Ali Shah, cutting the cake along with host and other GCC country diplomats. -Staff Photo in the winter weather, saying that if the innocent children would not be provided warm clothes and winterised tents by the government or NGOs, they will be definitely affected by the pneumonia. Pakistan Peoples Party MPA Imran Zafar Leghari who belongs to Khairpur Nathan Shah told that he is trying to get help from provincial and federal governments but felt that they will not help people on immediate basis. He appealed President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gillani for taking warStaff Reporter footing steps in order to save millions of innocent flood victims from KARACHI: A German expatriate the diseases. He also appealed for has collected and donated more than rebuilding of homes of people in 10,000 euros through his personal Khairpur Nathan Shah Taluka.-PPI efforts and endeavours. A cheque of more than a million rupees was handed over to Indus Resource Centre for the rehabilitation of flood victims. The person who initiated the good deed happens to be Christian Hasenstab, the Chief Financial Officer of Merck in Pakistan. Playing down the Herculean efforts he put in to collect funds to help the flood victims, Hasenstab KARACHI: The participants of 10th Biennial Conference of said he was glad t have been of some Staff Reporter The rehabilitation plan is being cen- Pakistan Society for assistance, though he said he felt his trally controlled at Air Headquarters, Biochemistry and Molecular contribution was a drop in the ocean. "The pictures and news reports of KARACHI: PAF has launched a reha- Islamabad under the supervision of Biology (PSBMB) called for bilitation plan for the flood affectees in Regional Air Commands which will continued unhindered support that devastating flood were just horsimultaneous ceremonies held in all the monitor the construction process and to research activities in the uni- rifying. Meanwhile my family and provinces under Regional Air ensure timely handing over of the hous- versities in the country. friends back home in Germany and response thereafter was immense. I other contributors, and also the Commands. es to the flood affectees. The 5-day conference con- other parts of the world were in conPAF rehabilitation plan aims at providThe launching ceremony Sunday cluded here Sunday at the Dr tact and asking me how they could got my first response in just hours German consulate is to give the from one of my best friends, asking donation to a Karachi based NGO, ing free-of-cost construction of houses marks the commencement of third phase AQ Khan Institute of help," said Christian. Indus Resource Centre. I very much for flood affectees in flood hit areas of of a comprehensive PAF plan to assist Biotechnology and Genetic He pointed out that people are where to send the money. Thereafter, I started getting queries like this NGO's approach, which in Pakistan which faced maximum devasta- the flood affectees. Engineering (KIBGE), more forthcoming with help once from friends of friends and from general is Empowerment of the tion during the recent floods; these Earlier in Phase-I, PAF rescued the University of Karachi. someone they know personally is people that I didn't even know. But I People, or as we say in German include areas in and around Mianwali, stranded flood affectees and provided The conference urged the involved in the fund-raising and their would like to take this opportunity to "Hilfe zur Selbsthilfe." Hasenstab Dawood Khel, Jacobabad, Dera them with relief goods; subsequently in authorities that the resources contributions will be used sagaciousthank all the people involved. also said he had found the people of Allahyar, Charsadda and Risalpur. phase-II relocated the affectees to flood for higher education should not ly and justly. The Merck CFO continued, "My Pakistan to be a warm and friendly PAF plans to construct over six hun- relief camps established by PAF at only be continued unhindered Reflecting on how he collected the dred houses and the project would be Sukkur, Bakhtiarabad, Mianwali, Pir but further enhanced to ensure funds, Christian continued: "The decision which is supported by the people. completed within four months. Pathu, Jacobabad and PAF Academy the growth and quality of sciThe sites for the construction of the Risalpur. entific research which is vital houses have been selected in consultaThe plan is being launched under the for the development and tion with the local civil administration directive of the Chief of the Air Staff improving the quality of life of and due attention has been paid for veri- who considers this as a small contribu- common men in the country. fication of ownership and damage tion of the PAF for our brothers & sisters Prof Jawaid Altaf Baig, assessment prior to undertaking the con- who have been affected by the natural President PSBMB, Prof M struction process. disaster. Waheed Akhtar General Secretary PSBMB, Prof. Pervaiz Iqbal of the Aga Khan ISLAMABAD: The Population listing operation. The persons University, Prof Muhammad Census Organization of the Statistics included charge superintendents, cirlshaq of Sir Syed Medical Division has finalised all necessary cle supervisors and enumerators. College and Dr Younus Barozai arrangements for countrywide sixth On the occasion, the senior regionKARACHI: The Consumer of Balochistan University population census. al and provincial officers of populaaddressed the general body of In the first phase, the house listing tion census organisation briefed the Forum has facilitated 30 families PSBMB and acknowledged the operation would start by the end of meeting about the preparations made with the help of students of a prihealthier funding for science March 2011, while in the second so far for the conducting of the vate institute to set up income genand research activities in recent phase the population census opera- house listing operation, across the erating jobs in Karachi. years that has created a con- tion would start by the end of August country including Azad Jammu and The Consumer Forum is a standStaff Reporter omy and tourism etc. ducive environment for scien- 2011 and would be completed in Kashmir and Gilgit-Baltistan. ing committee of Federation of He pointed out that the culture of tific activity. However, they September 2011. They also informed the meeting Pakistan Chamber of Commerce KARACHI: 2nd Indonesian Solo Indonesia has been diverse and there were of the opinion that there Decision to this effect was made at regarding the induction of census and Industry (FPCCI), headed by Exhibition concluded here. The exhi- are 300 ethnic groups with the coun- was need to enhance the a meeting held here in the committee field personals and the materials philanthropist Huma Bukhari. bition was sponsored by The Republic try's population of 230 million. resources and encourage the room of Population Census being used for the holding of upcomOn the occasion of the 'World of Indonesia Karachi Consulate. 'Although we are diverse, we are unit- healthy trend to meet the chal- Organization headquarters under the ing census. They also briefed the lenges faced by the country. chairmanship of Asif Bajwa, senior officials of statistics division Volunteer Services Day' being The Exhibition provided the oppor- ed', he added. regarding the problems being faced observed here on Sunday, a tunity to the businessmen of both the Furthermore, the exhibition was During the conference, about Secretary Statistics Division. The Secretary Statistics Division by the regional and provincial popu- spokesman of the forum said that countries to explore the possibilities of highlighted the cultural shows, 150 research papers were prefrom throughout told the meeting that for holding the lation census organization. the students of New Port Institute entering new markets with a long-term Indonesian Cultural Performances like sented Pakistan in the form of talks forthcoming census the country has The concerned officials directed vision of gaining economic prosperity. Puspawresti Dance, Piring Dance, and posters. The papers covered been divided into 423 census dis- for the early redressal of their prob- in collaboration of the Consumer Consul General of Indonesia in Tanjung Katung Dance Sajojo Dance a vast spectrum of biochemistry tricts, while more than 91000 per- lems for the smooth conducting of Forum help the people. The students volunteered and Karachi, Rossalis R Adenan, address- and Poco-poco Dances, were per- and molecular biology, includ- sons would participate in the house this national exercise. -APP monitored the deserving poor peoing a closing ceremony, he said that formed by the Indonesian and ing, agriculture, health and ple after thorough investigation the two-day event focused on promot- Pakistani students. medicine, biotechnology, drug and helped them to set up general ing Indonesia tourism and displayed The visitors fully enjoyed the design. Memorial lectures for stores etc. which related to the conIndonesian products such as spices, Indonesian traditional colorful per- Professor Zain-ul-Abedin and sumers and resulted in income textiles paper products and consumers formances that were excellently organ- Professor MID Chughtai were ranging Rs200 to Rs800 per day. goods. ised and every one completely enjoyed also delivered. The 11th In this regard, the students of Conference of He said that Indonesia and Pakistan and took great interest while many vis- Biennial New Port Institute also organised enjoy excellent political relations but itors have come forward to register the PSBMB will be held in special session to mark the 'World stressed that these should also be name of their children to learn the Khyber-Pakhtunkhwa in 2012. -PPI reflected in other fields such and econ- Indonesian dances. KARACHI: There is need for more The Korean envoy said he was Volunteer Services Day' and eulopeople-to-people contact to reflect fully aware that Sindh was a richly gised the services of communicathe very friendly relations between endowed province with a very rich tion and economic department stuSouth Korea and Pakistan. culture that was blessed with count- dents who served the people in colKorean Ambassador Choong Joo less natural and human resources. laboration with Consumer Forum KARACHI: Sindh Home Minister's This was informed to Sindh Home vehicle snatching, six against street Choi said at a reception hosted by He said he was hopeful that Korea complaint center received 663 com- Minister Dr Zulfiqar Mirza by com- crimes, 17 against kidnapping, 19 Korean Consul General In-Ki Lee and Pakistan would continue their of FPCCI. On the occasion, Huma Bukhari, plaints from 24 October to 03 plaint center on Sunday in a report against domestic violence while 463 here. cooperation successfully in different who is also the rector of the December through telephones, fax compiled from 24 October to 03 different complaints were received. The Korean Ambassador welcom- sectors. Institute, lauded the efforts of the and emails while 392 complaints December. Consultant, Home Home Minister reviewed the report ing the elite businessmen of Karachi He further suggested both counwere received by hand. Affairs, Sharfuddin Memon and directed to Consultant, Home said he had found the city to be full tries should join hands to achieve students and hoped that the stuThe Complaint Center solved 333 informed Zulfiqar Mirza that 147 Affairs to solve the problems of peo- of dynamics. He urged the business their common goals and should pro- dents will help identify more and complaints through police and other complaints were received against ple on priority basis with the coordi- tycoons to explore each and every ceed to go beyond the talking stage more such deserving poor families concerned departments. While oth- police, two against extortion, four nation of police officials, DCOs and avenue to increase trade and busi- and implement the potential that who could work and generate ers complaints were in process. against target killing, five against concerned.-APP income on self-help basis. -APP ness contacts. they possess. -PPI

Rehabilitation of Flood Affected

PAF plans 600 houses in 4mth

Where there's a Will, There's a Way

German expat collects Rs10mn for flood-hits

Conference calls for research in varsities

2nd Indonesian solo expo ends

All ready for 6th nosecount

In-Ki Lee asks traders to raise contacts

Korean envoy urges closer links with Pak

Sindh HM Centre heeds 333 complaints

Volunteer students help 30 families

3 Monday, December 6, 2010

US dollar weekly outlook

Sovereign debt woes to keep shadowing euro NEW YORK: The euro is likely to come under more pressure as worries persist about sovereign debt woes, with a vote in Ireland in the spotlight. But the Fed's quantitative easing plans could temper the dollar's gains and provide a fleeting reprieve for the single European currency. On Friday, the dollar extended its losses against the euro after CBS News reported that Federal Reserve Chairman Ben Bernanke didn't rule out an expansion of the Fed's assetpurchase program, though the television network didn't offer additional context. On the other side of the coin, illustrating just how difficult the euro-zone's challenges might have recently been, the UK Guardian newspaper reported Friday that German Chancellor Angela Merkel had threatened in late October to pull her country out of the eurozone. Euro-zone troubles will be in focus for much of the week, but particularly on Tuesday, as the Irish parliament votes on an austere 2011 budget. With Irish Prime Minister Brian Cowen holding only the slimmest majority, the vote could end in a vote of no confidence, resulting in the dissolution of parliament and a general election. That would not be good for the euro, as instability in Ireland would cast into doubt the country's ability to fulfill the austerity conditions attached to the EUR67.5 billion rescue package provided by the European Union and International Monetary Fund. The instability would likely also rattle investors who fear that the aid package for Ireland is but a band aid for a deep euro-zone wound. The market will be watching

the zone's bond yield spreads be biased to the downside, he closely for signs of a worsening said, until a "comprehensive plan or solution" is reached, adding, "even if the ECB continues to buy bonds." "It's still a larger systemic problem that they need to address," Kim said. Two days of bond buying, and weak US data, helped push the euro higher to a rally that erased the decline incurred over NEW YORK: Currency specu- a tumultuous week. lators trimmed bets against the Turmoil will likely remain a dollar for a fourth straight dominant theme in the market week, data from the this week as investors confront Commodity Futures Trading several far-flung sources of Commission showed on Friday. stress: the rolling sovereign The value of the dollar's net debt crisis in Europe, political short position fell to $8.55 bil- tensions along the Korean lion in the week ending Nov. peninsula, looming threat of 30, from $9.74 billion the pre- further policy tightening in vious week, according to China, and a stumbling US Reuters and CFTC calculations. economy. The biggest shift involved On Friday, a sharply weakersterling, with speculators bet- than-expected US jobs report ting against the currency for the signaled the US economic first time since the week ending recovery might be in deeper Sept. 28. They were also short trouble than many had realized. the euro for the second straight The disappointing nonfarm week. payrolls data cemented the case The Reuters calculation for for the Federal Reserve to fulthe aggregate US dollar posi- fill in total its hefty, $600-biltion is derived from the net lion asset-purchase program, positions of International which has been weighing on Monetary Market speculators the dollar, analysts said. Some in the yen, euro, British pound, analysts were suggesting that Swiss franc, Canadian and further policy action may also Australian dollars. -Reuters be required. crisis. The dollar slumped, falling On Friday, peripheral euro- against all its major rivals zone government bonds were except of the Canadian dollar. tightening again, with traders The Canadian dollar retreated attributing the move to from near parity as investors European Central Bank buying opted for currencies with lessof Portuguese, Greek and Irish intimate ties to the US economy. government bonds. The news validated the mar"Everyone will be watching ket's widely held belief that the Europe, and trying to see Bank of Canada, one of three whether the euro will stay in big central banks meeting this this choppy range, or will it week, will likely hold interest take another turn for the rates steady. worse," said Brian Kim, currenThe other two--the Bank of cy strategist at UBS in England and the Reserve Bank Stamford, Conn. of Australia--are also expected The common currency will to hold rates steady. -Agencies

Wheat surges 4pc on crop woes

Cocoa rally on Ivorian turmoil fears

CHICAGO: US wheat futures rallied more than 4 per cent on Friday to their highest in nearly a month, bringing gains in the past three days to more than 12 per cent amid a weak dollar and concern over Australia's rainhit crop. Soybean futures gained nearly 5 per cent and corn 3.7 per cent for the week, buoyed by a three-day slide in the dollar index, which hit a oneweek low on Friday. Chicago Board of Trade wheat for March delivery, the most actively traded contract, closed up 30-1/2 cents at $7.79 a bushel. Prices touched their highest level since Nov. 9. CBOT December corn futures gained more than 3 per cent or 18-1/4 cents to close at $5.58-1/2 a bushel. CBOT January soybeans surged 1.6 per cent to close above the psychological threshold of $13 per bushel for the first time in nearly a month. -Reuters

NEW YORK/LONDON: Cocoa futures rallied Friday as fears of political chaos in top grower Ivory Coast raised the prospect that supplies of the top ingredient in making chocolates may face indefinite delays, analysts said. The key March cocoa contract went up $67 to close at $2,935 per tonne, the highest settlement since Nov. 18. The market has gained over 6 per cent in value since the crisis erupted on Thursday. The market was up 5.0 per cent on the week, the biggest percentage gain since the week of July 18. London's March cocoa futures rose 36 pounds to end at 1,959 pounds per tonne, having also risen 60 pounds in the previous session. Sugar futures surged as well, boosted by tightening supplies, poor crop outlooks in several countries and lingering doubts about how much sugar No. 2 producer India will really be able to export. "On the production side we have seen estimates lowered in a number of key countries such as

Specs slash bets against USD, go short sterling: CFTC

Australia and Indonesia as seeing small decreases in less key countries such as Japan," a European broker said in a daily market report. Scoville said a lot of the strength in the sugar market has to do with question marks on the volume of India's sugar exports. New York's March raw sugar contract gained 1.05 cents to end at a 3-week top of 29.50 cents per lb, ending the week up 4.43 per cent. London's March white sugar futures rose $12.10 to close at $740 per tonne. New York sugar may rise explosively to 30.42 cents as it has come to a critical point indicated by a contracting wedge, and a tiny rise or fall would trigger a big gain or loss, Reuters market analyst Wang Tao said. Coffee futures also advanced as the market remained underpinnned by tight supplies of quality arabicas.New York's March arabica coffee contract gained 1.10 cents to close at $2.048 per lb. London's March robusta coffee futures rose $16 to end at $1,864 per tonne. -Reuters

US cotton limits up for 3rd day in a row NEW YORK: US cotton futures finished Friday the daily limit up for the third consecutive session on speculative fund buying, but volumes were light and analysts were wary if the rally is sustainable. The benchmark March cotton contract on ICE Futures US rose its 6-cent limit to finish at $1.3234 per lb, with the session low at $1.273. After rallying the past three sessions by ending limit up, cotton is again the best performer on the Reuters-Jefferies commodity index, having risen nearly 75 per cent year-to-date. On the week, the market is up

18.41 per cent. But the volume traded since Monday has been running at about 50 per cent below the 30-day average. That was the case again on Friday when volume hit around 19,300 lots, again almost 50 per cent below the 30-day average of 36,100 lots, Thomson Reuters preliminary data showed. "It's a technically-based rally," said Sharon Johnson, cotton specialist at Penson Futures in Atlanta. Analysts said the market, basis March, must go past the area of $1.36 to $1.38 which are topside targets which would

confirm the market's turnaround from the lows it hit last week. Fundamentally, several analysts believe the market is still friendly because they feel supplies going into the first quarter of 2011 will be tight since a large portion of the US cotton harvest has already been sold. The market also drew inspiration from strong cotton prices in China, the world's top consumer. Key May cotton futures on the Zhengzhou Commodity Exchange was last done at 26,655 yuan per tonne on Friday, up 600 yuan on the day. -Reuters

Sterling logs weekly gains against dollar LONDON: The pound had its first weekly gain versus the dollar in a month after the European Central Bank said it would delay stimulus withdrawal to calm market turmoil as investor appetite grew for higher yielding assets. Sterling was little changed versus the euro last week after ECB President Jean-Claude Trichet said the bank will not withdraw emergency liquidity measures designed to support euro-area economies. The US added fewer jobs than forecast and the unemployment rate unexpectedly increased. UK stocks rose. "If you look back to a week ago the prospect of things worsening in Europe, the potential risk exposure of UK banks to Ireland and Spain also, and the threat of contagion in Europe was a negative," said Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi UFJ Ltd. "We've seen an easing of those tensions as the week goes on. Those factors have certainly been an important element of sterling recovery." The pound rose to $1.5749 as of 5:51 p.m. in London on Friday, a weekly gain of 1 per cent. Sterling strengthened 0.5 per cent against the euro for the week. Data on Friday showed US payrolls increased 39,000 in November, less than the most pessimistic projection of economists surveyed. The jobless rate rose to 9.8 per cent, the highest since April, while hours worked and earnings stagnated, according to Labor Department figures. Sterling has weakened 4.8 per cent against a basket of its developed-country peers this year, according to Bloomberg Correlation-Weighted Currency Indexes, making it the thirdworst-performing currency after the euro and Norwegian krone. It has appreciated 0.2 per cent in the past month. -Agencies

Copper ends firm despite soft US data NEW YORK/LONDON: Copper notched its biggest weekly gain in four months on Friday, ending firm despite below-forecast US employment data that failed to deter demand for the metal as a hedge against inflation. London Metal Exchange (LME) benchmark copper was untraded at the close, but last quoted at $8,725/8,730 a tonne versus $8,720 at Thursday's close. It hit a record high at $8,966 on Nov. 11. COMEX copper for March delivery settled up 2.00 cents at $3.9990 per lb, after briefly cracking the psychological $4 level earlier in the session. Investor confidence was shaken after data showed US employment increased far less than expected in November and the jobless rate jumped to a sevenmonth high of 9.8 per cent. Daniel Brebner, an analyst at Deutsche Bank, saw a silver lining in the weaker-than-expected data. Upbeat economic reports out of the euro-zone helped to restore some confidence in the outlook for base metals demand. Inventories of four of the six LME metals rose, the most recent exchange data showed. Copper stocks rose by 1,200 tonnes, data showed on Friday. However, stockpiles in LMEbonded warehouses have fallen by over one third since February to 353,625 tonnes and remain close to the lowest levels in over one year. The premium for cash copper over the three-month benchmark has eased to $55 from almost $63.50 on Thursday. LME aluminum was last quoted at $2,319/2,320 versus $2,355, while nickel fell $200 to $23,500. Lead, which rallied over six per cent on Thursday, was last quoted at $2,338/2,340 from $2,374, while zinc shed $40.50 to $2,219.5. Tin was at $25,550 versus $25,500 from Thursday. Reuters

Asian currencies

Mostly better for wk on regional growth outlook BANKOK: Asian currencies advanced last week, led by the biggest five-day gain in South Korea's won in two months, as reports on manufacturing signaled regional growth. South Korea's won appreciated 1.9 per cent to 1,138.55. India's rupee climbed 1.6 per cent to 45.1060 and the Singapore dollar added 1.1 per cent to S$1.3059. Expansion in factory production accelerated in China, South Korea, Taiwan and Singapore over the past two months, official data showed last week, bolstering the outlook for Asian exporters. The International Monetary Fund forecasts the region's economies will expand at a faster pace than developed nations this year. "Some good data support risk appetite," said Minori Uchida, senior analyst in Tokyo at Bank of TokyoMitsubishi UFJ Ltd. "Asian growth is solid and currencies

will continue to strengthen, but probably at a slower pace than this year." Overseas investors bought more stocks than they sold in South Korea, Taiwan and Thailand last week and were net buyers in India in the first three days of the week, exchange data show. The IMF predicts Asia's developing economies will expand 9.4 per cent in 2010, compared with 2.7 per cent in advanced countries. The won rose for a third day as investor concern over tensions on the Korean peninsula eased and US data boosted optimism that the world's biggest economy is recovering. South Korea's currency has rebounded 3 per cent since reaching a two-month low of 1,172.50 on Nov. 24, the day after the North attacked an island in the South using artillery, killing four people and prompting retaliatory fire. India's rupee rose last week

by the most since the five-day period ended Oct. 1 on speculation Asia's second-fastest growing major economy will draw investors to new share offerings by local companies. Shipping Corp. of India Ltd., the country's biggest sea carrier, and the government may raise $240 million in a share offering that opened on Nov. 30, Chairman S. Hajara said Nov. 26. A sale by MOIL Ltd., India's largest producer of manganese ore, closed on Dec. 1 with bids for 56 times the 33.6 million shares offered, according to the National Stock Exchange. Elsewhere last week, the Philippine peso advanced 0.8 per cent to 43.895 per dollar and the Thai baht gained 0.5 per cent to 30.05. The yuan climbed 0.1 per cent to 6.6633 and Taiwan's dollar added 0.3 per cent to NT$30.745. Indonesia's rupiah was little changed from Nov. 26 at 9,009. -Agencies

Canadian dollar flats, but earns 1.7pc in wk TORONTO: The Canadian dollar closed on a flat note on Friday after initially sagging on disappointing US and domestic job data that undermined hopes of stronger economic growth in coming months. US nonfarm payrolls rose far less than expected in November -- up 39,000 versus forecasts of 140,000 -- and the jobless rate jumped to a sevenmonth high of 9.8 per cent, dampening hopes for a selfsustaining economic recovery in Canada's biggest trading partner. In the aftermath of the weak

US data, the Canadian currency dropped as low as C$1.0081 against the US dollar, or 99.20 US cents. The currency was already pulling back after Canadian employment data showed a mixed performance in November with tepid job gains of 15,200 versus expectations of 18,000. The unemployment rate fell to 7.6 per cent from 7.9 per cent, but that was largely due to young people dropping out of the job market. "A weak Canadian jobs report and a weak US jobs report is not painting the

rosiest of pictures for the Canadian fundamental outlook," said Camilla Sutton, chief currency strategist at Scotia Capital. The Canadian dollar regained ground after its initial retreat and closed the North American session at C$1.0033 to the US dollar, or 99.67 US cents, little changed from Thursday's close at C$1.0039 to the US dollar, or 99.61 US cents. For the week, it was up 1.7 per cent. Overnight, the Canadian dollar was only two basis points shy of parity at C$1.0002, or 99.98 US cents.-Reuters

Gold rises above $1,400 on dollar drop, weak payrolls Bullion up over 3pc, biggest weekly gain since April NEW YORK: Gold rose almost 2 per cent on Friday, rising above $1,400 an ounce as the dollar tumbled after disappointing jobs data cast doubt on the strength of the US economic recovery. Bullion was up more than 3 per cent this week, its biggest gain since April, pushed higher by lingering fears about a sprawling European debt crisis and fund buying in commodities across the board. Gold breached above $1,400 for the first time since November after data showed US nonfarm payrolls barely grew in November and the jobless rate unexpectedly hit a seven-month high. "The employment data today makes it more likely that the US Congress is going to have to extend unemployment insurance and the tax cuts. The market sees that as

more deficits spending, creating a more positive atmosphere for gold because the dollar is going down on it," said Tom Pawlicki, precious metals and energy analyst at MF Global. Pawlicki said the job report hardened the view that the Federal Reserve would stick to or even extend its $600 billion bond-buyback program to stimulate growth. Economists said the weak jobs report could give fresh impetus to get a deal done, as expiry of the tax cuts without offsetting stimulus elsewhere could deal a hard blow to the economy. Spot gold rose 1.7 per cent to $1,408.19 an ounce at 2001 GMT, its biggest one-day rise since Nov. 4. US gold futures for December delivery settled up $16.90 an ounce at $1,406.2.

Silver tracked gold higher, trading up 2.7 per cent at $29.29 an ounce. COMEX gold and silver volume was sharply lower than their 30-day average, as investors have completed contract rollover prior to December's first notice day on Tuesday. Earlier this week, gold seemed to struggle to gain upward momentum for a new test of its record high at $1,424.10 an ounce set on Nov. 9, in spite of lingering worries that Europe's debt crisis could spread to other countries following bailouts of Ireland and Greece. But weak US data has given new momentum to gold. Platinum rose 0.8 per cent to $1,721.49, and palladium gained 0.7 per cent to $764.47, off a 9-year high of $776.22. -Reuters

Oil soars to 2-yr high on cold, weak dollar Several banks boost oil price forecasts through 2011 NEW YORK: US oil prices rose to a 25-month high on Friday, the third straight rise, as a weaker US dollar spurred commodities investment and cold weather in Europe and the US Northeast lifted heating fuel futures. Plunging temperatures in Europe and colder weather in parts of the United States prompted a surge in demand for heating oil and other heating fuels. US crude futures for January rose $1.19 to settle at $89.19 a barrel, the highest close since Oct. 7, 2008, bouncing after an early decline on the weak jobs data. Prices rose 6 per cent over three days, the biggest such percentage

increase since the three days to Oct 1. For the week, US crude rose 6.48 per cent, a second straight weekly gain and the best percentage gain since the 6.66-per cent boost in the week to Nov. 5. Total US crude trading volume was above 790,000 on Friday, with less than an hour of post-settlement trading left, 30 per cent above the 30-day average. ICE Brent crude futures traded up $1.12 to $91.80, after setting a fresh two-year high of $91.85. At least four major banks boosted longer-term outlooks for oil prices this week, with one of the most bullish, Goldman Sachs,

calling for US crude futures to rise to $100 a barrel next year, as global economies rebound faster than expected. Deutsche Bank, JP Morgan and Societe Generale also boosted their oil price outlooks this week. But the disappointing US jobs report was not the only factor that might fuel investor caution. Chinese state news agency Xinhua reported that top Communist Party leaders have decided China will switch to a "prudent" monetary policy from a moderately loose stance. This could prompt interest rate increases and lending controls. Reuters

4 Monday, December 6, 2010

Assange, Assange

The Financial Daily International Vol 4, Issue 119

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

Ensure Afghans don’t starve Afghans had endured the worst wheat crisis in 2008 and it is feared that the shortfall could be even higher this year as compared to the past. Reportedly locust swarms, floods, and fungus have affected local wheat production. Therefore, this year, the country will be forced to import nearly one million tonnes of wheat to save its people from starvation. Traditionally, Afghanistan has been dependent on wheat supply from Pakistan, Kazakhstan and Russia. While Afghans were confident of obtaining wheat from the traditional sources, this year wheat production in Russia and Kazakhstan has been affected severely as well. In such a scenario Afghans could only depend on Pakistan. Though, India has promised to supply free of cost wheat to Afghans, logistics face serious hindrances. Indian has two routes available through Iran via Chabahar or Bandar Abbas ports. Though, Afghanistan has signed a transit trade agreement with Pakistan, but it does not allow Indian goods to go through Wagah border. In such a case Pakistan can either allow Indian wheat to come through Wagah or supply its own to Afghanistan. Since Pakistan has ample wheat stocks, in all prudence it should exercise the second option. Since the border between Afghanistan and Pakistan is highly porous, stopping wheat smuggling would be very difficult; wheat price difference between the two countries offers huge incentive. India has been investing in Afghanistan heavily to win over the hearts of commons mostly focusing the northern areas and paying less attention to south having Pushtoon majority, enjoying strong relationship with Pakistan. In fact the southern areas need wheat more desperately and it is time to help them. The mercury level has already started falling and is now below freezing point in various parts of Afghanistan. Therefore, the government should allow export of wheat from Pakistan and also arrange for the logistics at the earliest. In fact the announcement should come immediately to ensure delivery of wheat at the earliest. Pakistan should go one step further and help Afghans in enhancing local production of wheat by supplying certified seeds and fertiliser. Residents of southern parts adjacent to Pakistan border should be encouraged to cultivate more wheat. Over the years some attempts have been made to discourage cultivation of poppy in Afghanistan but little has been achieved. Farmers grow poppy only because it offers enormous returns. Cultivation of poppy can't be stopped by issuing orders but by changing the mindset and the best incentive is cultivation of wheat offering good return. On one hand it will help in getting rid of poppy and on the other hand attaining food security.

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.

ow that WikiLeaks has begun releasing a quarter of a million classified US State Department cables from embassies around the world, a new era is dawning. Political change and reform are inevitable worldwide and at long last, there's a chance for peace and stability in the Middle East. Really. This is how Julian Assange, the Australian founder of WikiLeaks, views the effect of the dispatches that lay bare the inner workings of US diplomacy, provide frank and often titillating detail of the shortcomings and foibles of foreign leaders, report on the breath-taking scale of corruption in such places as Afghanistan and Russia, and note that surprise, surprise - Arab leaders in particular tend to say one thing in public and quite another in private. "The...media scrutiny and the reaction from government are so tremendous that it actually eclipses our ability to understand it," Assange said in an interview with Time magazine on day 3 of the data dump, which began on November 28. "I can see that there is a tremendous re-arrangement of viewings about many different countries. And so that will result in a new kind of harmonisation..." The Frequently Asked Question section of the WikiLeaks website explains why things are looking up for Middle East peace. "These cables, by giving the players an unvarnished description of how they are seen...(provide) common ground on which to effectively negotiate peace and stability." The phrase "irrational exuberance" comes to mind, and the suspicion that fame and notoriety have driven the former hacker away from the reality-based community and pointed him towards Utopia. In his version of Utopia, there are no lies, double-talk, secrets, confidential conversations and wheelingand-dealing. It's a brave new world with perennially open microphones. WikiLeak's original intent, when it was established in 2007, was to leak secret documents for the sake of greater transparency. That has been redefined. "It's not our goal to achieve a more transparent society," he told Time, "it's

our goal to achieve a more just society." Who could argue with such a lofty goal? And who can explain how a society, let's say America's, can become "more just" by exposing that its diplomats manipulate, cajole, and don't mince words when they report back to Washington how they see their host countries? Despite Assange's bombastic predic-

who has been sharply critical of WikiLeaks. "It has an anarchist approach," he said in an interview. "It doesn't have any well-defined agenda other than foster chaos, suspicion and distrust." POLL SHOWS OPPOSITION TO WIKILEAKS None of the leaked cables was marked

“

The Frequently Asked Question section of the WikiLeaks website explains why things are looking up for Middle East peace. "These cables, by giving the players an unvarnished description of how they are seen... (provide) common ground on which to effectively negotiate peace and stability."

tions, the leak of the embassy messages - 612 published as of December 2, and 250,675 to go - is already proving to be counter-productive. It's almost certain

Top Secret, a label which would have kept them from the shared network from which they appear to have leaked. The State Department and the Pentagon

began sharing the Secret Internet Protocol Router Network (SIPRNet) after the September 11, 2001, attacks to make it easier to connect the dots the government failed to connect before alQaeda struck New York and Washington.

As part of the post-leak security crackdown, the routine of closing the stable door after the horse has bolted, the White House set up a commission charged with figuring out new ways to keep classified documents secret. The State Department disconnected itself from SIPRNet, to which around three million users with "secret" clearances have access. Contrary to Assange's belief, stated in various interviews, that the American public favours WikiLeaks' approach to secrecy - in essence, there should be none, ever - a poll released by Zogby Interactive on December 2 showed that 77 per cent of some 2,000 surveyed saw WikiLeaks as a national security threat and 63 per cent were opposed to US news organisations publishing the documents. Such views are no doubt shaped by a steady drumbeat of dire warnings from political leaders, administration officials and right-wing talk show hosts that publishing the diplomatic dispatches "could put at risk the lives of countless innocent individuals," as the US State Department's legal advisor, Harold Koh, wrote in a letter to WikiLeaks. From the cables so far released, this is as difficult to see as Assange's "new kind of harmonisation." Would the lives of American diplomats in Moscow be in danger because one of the cables described Russia as a "virtual mafia state?" Or those in Berlin for portraying Chancellor Angela Merkel as risk-averse and lacking creativity? Or the Paris embassy for describing French President Nicolas Sarkozy as "the emperor with no clothes?" All very embarrassing, to be sure, both for the subjects and for the authors who thought their dispatches would be safe from public scrutiny until unsealed at the request of historians in 25 years. But life-threatening? The unintended consequence of the WikiLeaks dump will be self-censorship, smaller distribution lists and higher security classification, all combining for less transparency. And the real secrets will be conveyed the old-fashioned, pre-Internet way -- from mouth to ear.-Reuters

Do You Know What is Northern Limit Line? S

outh Korea plans to resume test firing in disputed waters off the west coast of the divided peninsula, near an island which came under deadly attack by North Korea last month. Seoul's decision to conduct live-fire drills has angered North Korea. Tensions have spiked between as a result of last month's attack -- the first of its kind on a civilian area on South Korean soil since the end of the 1950-53 Korean war. Four South Koreans, including two civilians, were killed in the attack. The North has revealed no details about damage, but the South's military said its shells had hit a baracks, possibly

causing casualties. The North said it fired artillery shells at Yeonpyeong island on Nov. 23 after the South conducted a firing drill

the end of the 1950-53 Korean War drew up a sea border weeks after the Armistice was signed to prevent naval clashes off the peninsula's west and

what would be the extension of the land border that had been part of the South's territory before the war. n The North made no issue of the sea NLL until 1973, when it began violating the limit and disputing its validity. An agreement signed in 1991 reaffirming non-aggression and recognising each other's political sovereignty appeared to settle the maritime dispute. n In the 1990s, the North again began disputing the NLL, claiming the real border should lie far to the south. In

Tensions have spiked between as a result of last month's attack -- the first of its kind on a civilian area on South Korean soil since the end of the 1950-53 Korean war. Four South Koreans, including two civilians, were killed in the attack in the disputed area. The island straddles the contested Northern Limit Line (NLL). Here are some facts about the NLL: n The US commander at

east coasts. The truce made no direct mention of sea borders. n The NLL off the west coast, as the maritime border is called, is drawn around islands that lie well north of

1999, a North Korean patrol boat violated the NLL by up to 10 km (6 miles) but went home defeated when a gunfight killed several North Koreans. n A skirmish near the same area three years later killed six South Korean seamen. In November 2009, South Korean navy ships responding quickly to an intruding North Korean vessel, pounded it with thousands of rounds of gunfire, disabling it and killing at least one sailor. n In March, a South Korean warship, the Cheonan, was torpedoed in the area, killing 46 sailors. A international team of investigators said the North was responsible, but Pyongyang denies involvement.-Reuters

Out in the Cold for Now I

f you are a US diplomat accustomed to coaxing, cajoling or strong-arming governments behind closed doors, you will be out in the cold, at least for a while, because of WikiLeaks. Current and former diplomats say the flood of US Embassy cables obtained by the website and the steady drip, drip, drip of embarrassing disclosures in the media have had a chilling effect on US diplomacy. "In the short run, we're almost out of business," said a senior US diplomat who spoke on condition of anonymity. "It is really, really bad. I cannot exaggerate it. "In all honesty, nobody wants to talk to us," he added, saying it could take two to five years to rebuild trust. "Some people still have to talk to us, particularly (in) government but ... they are already asking us things like, 'Are you going to write about this?'" "People outside the government don't want to talk at all." The 251,287 US embassy cables have exposed everything from US views of Russian President Dmitry Medvedev as playing Robin to Prime Minister Vladimir Putin's Batman to an American official calling Cuba and Venezuela an "Axis of Mischief." A handful of news organisations obtained the cables and began publishing stories about them, as well as some of the underlying documents, on

November 28. A US official said about 1,100 cables have been posted online by news organisations and WikiLeaks by late Friday, leaving another 250,000 or so that could surface to embarrass foreign governments, and Washington, for months to come.

“

tries than for US diplomacy. "That's a temporary problem and in two or three years, maybe less, we'll be back to doing business the way we used to do it," said the US diplomat. "Time heals all wounds." The official said in the Middle East there is often a disconnect between

Current and former diplomats say the flood of US Embassy cables obtained by the website and the steady drip, drip, drip of embarrassing disclosures in the media have had a chilling effect on US diplomacy

Secretary of State Clinton sharply criticised the leaks and said they will not harm important US alliances. Undersecretary of State William Burns gave a harsher assessment in testimony before a congressional committee last week. "The reality is that the despicable breach of trust that we've seen through WikiLeaks' disclosures has done substantial damage to our ability to carry out diplomatic efforts," Burns said. "TIME HEALS ALL WOUNDS"? However, a US diplomat in the Middle East said the foreign officials he deals with had not suddenly clammed up and he suggested the long-term consequences were likely to be more pronounced for foreign coun-

what leaders say in public and in private and, with the cables, people in closed societies may for the first time see that "in all its glaring inconsistency." "I think it will have a much deeper and longer-lasting impact on the societies here than it will on our ability to conduct diplomacy," the diplomat said. Former US Secretary of State Lawrence Eagleburger said he thought most foreign officials were likely to overcome any reticence with the United States within six months to a year, though he stressed this was a tentative conclusion. "We're still big enough and important enough that people are not going to be able to avoid talking to us," he

said. Defense Secretary Robert Gates made the same point on Tuesday: "The fact is governments deal with the United States because it's in their interest, not because they like us, not because they trust us, and not because they believe we can keep secrets. "Is this embarrassing? Yes. Is it awkward? Yes. Consequences for US foreign policy? I think fairly modest." Among the most awkward revelations reported so far: -- Saudi King Abdullah repeatedly urged the United States to attack Iran to end its nuclear program, and was quoted as saying: "cut off the head of the snake." -- The State Department asked US envoys at UN headquarters and elsewhere to procure credit card and frequent flyer numbers, mobile phone numbers, email addresses, passwords and other data from foreign diplomats and top UN officials, including UN Secretary-General Ban Ki-moon. -- China's Politburo directed the intrusion into Google's computer systems in that country in a computer sabotage campaign that targeted US and Western allies' government computers, the Dalai Lama and American businesses since 2002. Asked which countries were particularly angry, a senior US official replied: "The easier question is, who's not?"-Reuters

Monday, December 6, 2010

US says got another $1.8bn from GM offering

Asian stocks rise as US data, ECB debt program supports Weekly Review

Wetblankets fail to damp KSE last wk

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

11,145.02 11,406.66 261.64 2.35 750.31

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

3,473.52 3,568.84 95.32 2.74 36.15

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

2,854.89 2,901.04 46.15 1.62 1.73

Nawaz Ali

Major Gainers

Symbol NESTLE WYETH RMPL UPFL BATA

Change

2,187.26 1,006.25 1,972.00 1,104.33 643.71

192.29 136.25 121.40 68.83 43.36

Major Losers

Symbol

Change

COLG 852.00 ULEVER 4,105.00 SIEM 1,300.00 FZTM 408.99 LAKST 316.33

-33.00 -28.00 -25.62 -21.01 -12.71

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA NML DGKC JSCL DSFL

12.83 62.38 31.05 13.18 2.23

100.88 61.75 61.00 38.46 34.78

Active Issues Plus Minus Unchanged

257 153 16

Sector Updates FERTILISER 000 tonnes

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

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units

Wall Street weekly outlook

Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Oct 10) 7,311 Sales (Oct 10) 7,459

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

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

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

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

186 70 0 18

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

4,729,932 3,011,868 1,897,426 7.57%

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

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

An investor monitors stock market activities at the Doha securities market

744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1

Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276

Rally set to roar as fears die down NEW YORK: Europe's sovereign debt crisis will still hang over global markets this week, but on Wall Street, investors will not be afraid to bet on stocks. Wall Street has shown its ability to hold onto gains, or quickly recover from losses last week despite Europe's debt woes, suggesting that investors are confident of a sustained rally. "When things don't fall apart on bad news, you know that the market is no longer vulnerable. The overall sentiment is pretty solid," said Randy Frederick, director of trading and derivatives at Schwab Center for Financial Research in Austin, Texas. The outstanding put-tocall ratio on index options, heavily focused on the S&P 500 benchmark, dropped from 1.32 last week to 1.29, showing bullish signs for this week. The ratio, which is always greater than 1, is the primary hedging vehicle for institutional investors. The ratio rises with a market rally as the possibility of a pullback also increases. "The ability (to not fall apart) is helping investors remain upbeat on short-term prospects for stocks. We may not see this continue until the end of January next year, but the month of December certainly looks encouraging." The CBOE Volatility Index or VIX, Wall Street's so-called fear gauge, fell despite a decline in stocks earlier in the day as traders saw fewer reasons to buy

protection. The index, which usually moves inverse to the S&P 500 benchmark, strayed from the relationship and closed at its lowest since April. The iPath S&P 500 VIX Short Term Futures exchange-traded note also notched a new year low of $41.51 on Friday. The ETN, which offers directional volatility exposure, is based off of the front two-month futures on the VIX. "There is definitely a trend in the VXX to try to get short in the ETN," said Dan Deming, a VIX options trader at Stutland Equities. Fears that Europe's debt crisis could spiral out of control have pushed stocks off two-year highs hit earlier this month. Last week, the S&P 500 was down 3 per cent from Nov. 5. But the index recovered to the early November levels last week as fears were countered by a spate of healthy economic data and an upbeat outlook on consumer spending during the holiday shopping season. "Europe is kind of its own play now," said Jeff Roach, chief economist at Horizon Investments in Charlotte, North Carolina, adding that investors are starting to brush off the longer-term macro issues. On Friday, stocks closed out their best week in a month with the Dow Jones industrial average up 2.6 per cent, the Standard & Poor's 500 up 3 per cent and the Nasdaq Composite Index up

2.2 per cent, after shrugging off tepid jobs numbers for November. Economic indicators this week will be fairly light, with the Institute for Supply Management releasing its semi-annual economic forecasts for the US manufacturing and services sectors on Tuesday. The weekly mortgage data on Wednesday and jobless claims on Thursday will still get close scrutiny. On Friday, Wall Street will watch for reports on import and export prices in November, the international trade deficit for October, and a preliminary reading December consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers. As the year wraps up, portfolio managers will continue to chase outperforming stocks and sell some laggards to keep their balance sheets healthy. The three-day moving average of stocks hitting new 52-week highs on the New York Stock Exchange accelerated at the end of November and is now close to 250, while stocks making new 52-week lows edged down in December and remained slight. The portfolio managers are "all trying to scramble to catch up. They have performance risk, they have bonus risk and ultimately they have job risk," said Jeffrey Saut, chief investment strategist at Raymond James in St. Petersburg, Florida. -Reuters

KARACHI: Big foreign buying spurred by higher global oil prices sent Karachi Stock Exchange l(KSE) soaring by 2.35 per cent --the highest level in 29 months-- above 11,400 points despite an increase of 50bps in key discount rate. The benchmark KSE 100Index increased by 261 points --2.35 per cent-- to close at 11,406 points -- the highest closing since July 2008. KSE 30-Index hopped by 245 points -2.28 per cent-- to close at 10,993 points and KSE All Share Index grew by 185 points --2.4 per cent-- to close at 7,935 points. Market started the week on a dullish note as investors stayed on the sidelines ahead of monetary policy announcement. However despite a hike in the key discount rates the market went bullish the next day as according to experts the raise was already priced in by it. State Bank of Pakistan increased the interest rates on Monday by 50 bps to 14 per cent on Monday because of persistent inflation due to government borrowing from the central bank. It is worth mentioning that this was the third consecutive hike in the discount rates. "Investors did not react negatively as they had been anticipating it", said Angela Memon, an analyst at JS Global Capital. She added that sentiments remained bullish despite profit-taking

after an unfavourable revision in the pricing mechanism for OMCs and refineries. Ogra revised the pricing mechanism for refineries and OMCs and reduced their margins which invited some profit-taking as according to experts it would negatively affect their earnings therefore respective scrips came under selling pressure. The market was under bulls' command in the last two days owing to heavy foreign buying as crude oil prices in the world crossed $88 per barrel. Further, rise in regional stock markets and hopes of good December-end corporate results too triggered the buying activity in the market. According to NCCPL data, offshore investors did a netbuying of $22.86 million last week while on the local side banks did a net-selling of $9.8 million. The benchmark index touched the highest and the lowest levels of 11,436 and 11,120 points respectively during the week. Volumes also witnessed a significant improvement as 750 million shares traded during the week --157 million more as compared to a turnover of 593 million shares a week earlier. Average daily turnover stood at 150 million shares --31 million more from an average volume of 119 million shares last week. Out of total 426 active issues 257 advanced and 153 declined while 16 issues remained unchanged.

Gulf stocks mkt

Kuwait mkt up on Zain rebound, Qatar soars DUBAI: Kuwait's Zain rebounded from Thursday's four week low, despite a shareholder threatening to sue potential buyers of the firm's Saudi unit. Zain's shares gained 4.4 per cent. It fell 2.9 per cent on Thursday. Abu Dhabi's Etisalat has agreed to buy a 46 per cent stake in Zain in a deal led by the Kharafi group. This means Zain must sell its 25 per cent stake in Zain Saudi to meet regulatory requirements because Etisalat aleady has a Saudi Arabia unit, Mobily. "Zain doesn't have a certain trend -- it's all just speculation because no one knows whether the (Etisalat) deal will go through," said a Kuwait based trader who asked not to be identified. Kuwait's index added 0.7 per cent, ending at 6,865 points. Qatar's index surged to a two year closing high after the Gulf Arab state won the bid to host the 2022 soccer World Cup. The benchmark jumped 3.6 per cent ending at 8,477 points, its highest close since October 2008. Volumes hit an 18 month peak. "After the initial knee jerk reaction (up), there was some profit taking before the market gradually rose," said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. Infrastructure and banking stocks were the biggest gainers. Barwa Real Estate climbed 6.2 per cent, Industries Qatar added 4.3 per cent and Masraf Al Rayan jumped 5.5 per cent. "Developed markets are closed, but foreign investors should come in tomorrow so short term traders probably built positions ahead of tomorrow's opening," Sarwar added.-Reuters

Dhiyan

HIGH ODDS OF GREEN FINISH Mohammad Siddique Dalal, Chairman Dalal Securities For the bullish trend to sustain, itâ&#x20AC;&#x2122;s imperative that foreign investors continue their shopping, however such rally wonâ&#x20AC;&#x2122;t be across-the-board and only the blue chips would perform. We would see an panoptic rally once leverage product is launched and economic indicators blink dark-green. In addition to that, approval of RGST, reduction in interest rate, and arrival of IMF tranche would also support the market. We might see positive activities in major banking stocks on hopes of good corporate results. Investors are recommended to invest in oil, fertiliser and selective cement stocks while they can also take positions in Lotte Pakistan. Market would remain positive today.

Tariq Hussain Khan, Head of Portfolio Management United Capital We expect further bullish activities this week on expected launch of MTS in the coming days, hopes of good corporate results, more buying by foreign funds, and improved internal political situation. Therefore if index manages to sustain the crucial level of 11,525 points then it can cross 12,000 points level soon. Investors are advised to enter oil, fertiliser, cement and textile sectors. Market is expected to show mixed activities today, however it might end on a positive note.

Monday, December 6, 2010

Market Volume

750,310,618

Value

29,979,924,023

Trades

361,468

Paid up Cap(mn)

Advanced Declined Unchanged Total

257 153 16 426

Current High Low Change

11,406.66 11,436.40 11,120.95 h261.64

Open

High

High Low 1,493.05 1,444.78 Total cos Defaulter cos P/BV (x) ROE (%) 3.56 32.54 Low

Close Chg

Close Change % Change 1,476.90 21.69 1.49 Listed cap Market cap 200-Day High 65,194.15 mn 1,155,605.75 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.11 Last 60 days High Low

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%)

691

5.61 318.37

327.00 315.80 323.69

5.32

2694059 374.20

287.99

250

300

6.92 127.10

137.20 123.13 123.50 -3.60

22828246 137.20

78.51

Mari Gas Company

735 16.16 119.59

122.00 118.71 119.25 -0.34

248639

106.00 32.17 100B

National Refinery

800

275.40 251.99 266.00

2613565 275.40

200

3.94 260.71

5.29

128.90

189.08

125

Oil & Gas Development 43009 11.24 163.34

167.35 162.00 166.08

2.74

4201983 167.35

141.60

82.5

Pak Petroleum

206.00 200.30 202.37

0.28

3791708 214.10

168.70

130

20B

Pak Refinery Limited

350

P.S.O

1715

8.23 202.09 6.50 265.25 -

81.74

4.85 283.27

Shell Gas LPG

226

37.96

Shell Pakistan

685 10.14 201.34

277.90 264.00 275.19 95.00

81.41

92.47 10.73

289.50 281.01 286.59 39.89

36.12

9.94

3.32

36.78 -1.18

204.40 194.00 197.74 -3.60

11697702 277.90

219.05

180

255

95.00

48.26

4437103 292.15

588975

243.55

58298

40.28

28.05

206772

204.40

182.05

330

CHEMICALS Performance of SR Chemicals Index Open High Low 1,257.60 1,304.36 1,250.28 Turnover Total cos Defaulter cos 175,720,512 P/E (x) P/BV (x) ROE (%) 8.06 2.82 35.00 Company

Close 1,293.61 Listed cap 52,251.88 mn Payout (%) 48.81

Change % Change 36.01 2.86 Market cap 200-Day High 287,876.68 mn Div Yield (%) 200-Day Low 6.05 -

Open

High

Low

7.15 38.03

72.06 34.94

72.90 36.30

71.00 33.06

77.77 41.00

60.05 33.06

Open 1,182.56 Turnover 9,109,638 P/E (x) 4.13 Company

Paid up Cap(mn)

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

High Low 1,194.52 1,152.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.05 25.35

Open

High

Low

144 5.32 70.00 101 4.80 157.80 626 7.75 104.00 890 1.42 56 4.52 162.97 598 19.16 22.00 450 3.19 4.83 1428 - 12.16 786 5.99 265.50 823 11.74 73.25 150 3.77 19.33

73.00 165.00 109.00 1.63 198.07 22.69 4.99 12.48 267.00 75.00 20.25

69.00 157.55 102.20 1.40 164.00 21.51 4.50 11.60 255.00 73.00 19.15

Close Chg 70.24 160.68 107.00 1.52 191.20 22.22 4.59 11.80 262.42 73.70 20.20

0.24 2.88 3.00 0.10 28.23 0.22 -0.24 -0.36 -3.08 0.45 0.87

Close 1,179.26 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 16751 40834 6444 8678850 16935 60838 49653 52710 71433 86133 24942

Last 60 days High Low 73.00 187.90 122.51 1.80 198.07 26.70 6.09 13.40 282.45 79.50 27.58

63.01 131.00 92.50 1.16 121.10 21.00 4.03 9.65 215.99 69.25 17.92

20.95

23.37 1.18

63100

25.38

20.26

FOOD PRODUCERS

85.14 3.35

19921

87.99

66.90

Performance of SR Food Producers Index

160.00 153.00 158.60 4.60

30395

164.89

149.72

125

146114

185.00

162.00

10B

Dewan Salman

3663

1.53

2.36

1.59

2.23 0.70

10.79

11.00

10.25

11.00 0.21

Dynea Pak Engro Corp. LtdSPOT Fatima Fertilizer

3277 10.33 182.57 22000

9.79

Fauji Fertilizer XD

6785

8.26 111.54

Fauji Fert. Bin Qasim

9341

6.65

ICI Pakistan

1388

Lotte Pakistan

33.90

7.78 135.02

189.47 180.90 187.96 5.39 10.25

9.65

10.18 0.39

114.69 111.00 113.94 2.40 35.46

33.80

34777837

2.36

1.28

13.79

9.15

6403534 189.47

168.65

8585

4861159

5216859 114.69

6010B 40R

102.96 131.5

10B

17.5

9.11

35.27 1.37

15703241 35.46

26.59

139.99 134.51 138.09 3.07

1706716 139.99

116.00

100875320 12.98

7.85

15142

4.58

11.89

12.98

11.78

12.83 0.94

1.64

1.79

1.32

1.70 0.06

86659

2.75

0.80

1106

1.49

1.72

1.48

1.55 0.06

3241286

1.72

1.16

Mandviwala Nimir Ind Chemical Shaffi Chemical

120

2.45

Sitara Chem Ind

214 10.66 120.49

Sitara Peroxide

551 14.43

Wah-Noble

6.38

2.75

2.05

2.44 -0.01

139.40 120.00 130.00 9.51

67218

3.40

1.80

97063

139.40

101.00

13.52

13.70

13.00

13.28 -0.24

612199

14.69

7.67

33.79

33.78

32.27

33.20 -0.59

13114

46.25

32.00

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,065.20 Turnover 350,884 P/E (x) 5.59

High Low 1,120.54 1,063.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47

Close 1,103.63 Listed cap 1,186.83 mn Payout (%) 25.28

Change % Change 38.43 3.61 Market cap 200-Day High 3,058.49 mn Div Yield (%) 200-Day Low 4.52 -

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

707

15.85

17.04

15.78

16.49 0.64

267998

21.80

15.28

8.00

39.66

44.16

39.96

41.58 1.92

26766

62.85

38.61

25 33.33B

411

6.29

39.50

41.40

39.31

40.76 1.26

56120

41.50

38.00

Century Paper Pak Paper Product Security Paper

Last 60 days High Low

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

2010 Div BR (%) (%) -

Open 1,554.54 Turnover 2,976,991 P/E (x) 35.38

11.74

Company

Paid up Cap(mn)

Bawany Sugar Chashma Sugar Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala Wazir Ali

87 287 214 365 600 200 324 490 143 70 141 453 48 165 109 38 107 223 119 211 695 1177 80

Paid up Cap(mn)

Open

High

Low

Close Chg

Close 972.71 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume

2009 Div BR (%) (%)

Crescent Steel

565

3.90

24.90

25.46

24.30

24.98 0.08

160847

25.98

23.75

675

2.95

2.98

2.73

2.92 -0.03

222619

3.39

1.65

Huffaz Pipe

555

International Ind

9.10

14.88

15.39

14.25

14.56 -0.32

125858

16.75

12.25

30B

1199 10.55

51.48

53.21

50.00

50.66 -0.82

323361

54.00

44.00

20B

Company

Paid up Cap(mn)

Al-Abbas Cement

Open

High

Low

Close Chg

1828

3.25

3.44

3.11

3.35 0.10

Attock Cement

866

6.60

64.44

64.85

61.01

62.70 -1.74

Balochistan Glass Ltd

858

1.53

1.79

1.50

1.69 0.16

Berger Paints

182

19.03

20.45

18.50

19.39 0.36

Cherat Cement

956 26.07

11.80

12.30

11.21

Dadabhoy Cement

982 12.31

1.65

1.70

1.50

1.69

2.15

DG Khan Cement Ltd

3651 129.38

28.08

Fauji Cement

6933 14.97

5.00 7.94

Dewan Cement

3574

Fecto Cement

502

3.83

1.80

Last 60 days High Low

Volume

2009 Div BR (%) (%)

2010 Div BR (%) (%)

87211

4.20

2.80

229016

69.86

57.60

20B

2.05

1.01

119084

20.45

14.01

- 122R

11.47 -0.33

77587

12.75

9.51

1.60 -0.05

29515

2.20

1.30

1.65

1.91 0.22

6176110

2.15

1.30

31.50

27.67

31.05 2.97

60996030 31.50

23.40

20R

5.10

4.92

4.94 -0.06

2235106

5.50

4.52

7.96

7.00

7.35 -0.59

5802

8.20

4.25

10B

1.92

1.73

1.80 0.00

8590

581236

2.20

1.70

- 100R

Flying Cement Ltd

1760

Gharibwal Cement

2319

5.70

8.70

4.87

8.61 2.91

88955

8.70

2.11

0.51

0.79

0.50

0.70 0.19

272402

1.48

0.25

193804

8.70

5.50

14250655 79.98

67.70

Haydery Const

Change % Change 27.37 2.76 Market cap 200-Day High 73,681.70 mn Div Yield (%) 200-Day Low 2.80 -

Kohat Cement

1288

7.08

7.44

7.05

7.23 0.15

Lucky Cement

3234

6.87

74.24

76.73

73.01

76.46 2.22

Maple Leaf Cement

5261

1.33

2.89

3.04

2.71

2.86 -0.03

970081

3.40

2.51

Pioneer Cement

2228

6.98

7.18

6.70

7.11 0.13

2521248

8.58

6.56

200

5.94

6.00

5.65

5.99 0.05

23780

9.47

5.25

Safe Mix Concrete

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 951.68 Turnover 1,687,836 P/E (x) 2.73

High Low 974.12 928.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91

Paid up Cap(mn)

Open

High

Low

Close Chg

Cherat Papersack

115

2.67

65.01

76.80

64.50

ECOPACK Ltd

230

2.17

3.13

2.02

Ghani Glass

Close 958.01 Listed cap 3,043.31 mn Payout (%) 15.55

Change % Change 6.33 0.67 Market cap 200-Day High 35,789.91 mn Div Yield (%) 200-Day Low 5.70 -

Volume

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

75.06 10.05

630665

76.80

34.00

2.44 0.27

728019

3.13

1.70

25B

1067

4.44

49.49

50.50

48.00

48.34 -1.15

19940

61.99

45.75

10B

MACPAC Films

389

2.81

3.10

2.43

2.95 0.14

9761

3.84

1.60

Packages Ltd

844 54.87 105.18

112.00

98.00

32.5

107.90 103.62 107.00 1.82

Last 60 days High Low

621423 3.49 0.85 79932 15.47 8.50 61504 6.95 5.50 678009 3.15 1.11 946390 36.00 26.05 5391 16.98 11.90 17080 22.00 16.50 36364 88.00 63.00 66834 67.40 48.50 44651 67.00 53.64 29384 6.48 4.20 11528 2259.00 1725.00 5573 27.30 17.51 9139 14.84 10.20 54486 6.50 4.00 87896 53.81 32.50 9500 3.40 1.60 23000 3.50 2.11 24366 14.90 13.00 24696 13.50 8.31 95135 7.50 3.21 6459 35.50 27.50 8399 7.96 4.75

High Low 1,112.01 1,079.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 10.64

Close 1,084.12 Listed cap 3,763.71 mn Payout (%) 6.27

Open

High

Low

Close Chg

Volume

1174 231

3.44 1.93

14.16 16.39

14.40 16.84

13.51 16.00

13.66 -0.50 16.12 -0.27

933844 62696

Last 60 days High Low 15.43 18.80

12.82 14.50

Open

215 5.18 211.64 104 - 44.70 214 0.70 213 10.10 11.03 366 6.48 494.18

High

Low

Close Chg

219.00 211.02 216.43 4.79 45.60 42.90 44.00 -0.70 0.83 0.50 0.78 0.08 11.39 10.90 10.91 -0.12 502.68 490.01 495.39 1.21

Volume

Open High Low 967.34 992.52 956.55 Turnover Total cos Defaulter cos 106,793,680 P/E (x) P/BV (x) ROE (%) 6.65 0.58 8.64 Paid up Cap(mn)

Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Din Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulistan Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Masood Textile Mehmood Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Paramount Spinning Ravi Textile Redco Textile Reliance Weaving Saif Textile Sally Textile Samin Textile Sana Ind Sargoda Spinning Service Ind Shahtaj Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd

2415 840 133 4493 76 76 64 400 1150 2442 124 238 600 514 57 204 110 100 234 635 146 190 222 138 716 3105 100 99 180 43 107 303 1300 1455 600 150 145 1596 3516 34 560 174 250 213 308 264 88 134 55 312 120 97 180 173 307 418 400 594

Open

10.50 4.80 5.72 19.90 0.37 2.25 - 11.14 0.45 13.70 5.34 600.35 0.70 46.99 0.50 1.13 3.20 3.83 2.44 0.60 11.30 0.85 1.84 45.32 38.57 0.19 1.50 0.57 26.30 0.62 19.16 0.89 34.40 0.52 47.44 3.57 24.75 1.24 8.34 1.70 24.00 0.92 7.15 0.60 0.75 3.85 2.99 38.49 1.48 0.35 3.50 3.32 2.90 0.24 14.21 0.79 1.54 0.35 0.90 3.95 5.85 1.98 19.02 0.70 54.10 0.45 1.90 24.04 5.35 57.47 1.60 2.41 6.36 0.76 8.99 1.52 0.70 0.60 9.23 0.36 5.90 0.19 3.72 4.79 6.00 2.89 35.99 0.42 1.99 9.34 229.59 - 17.35 0.79 35.00 0.33 30.48 4.40 99.05 9.41 53.93 0.52 1.30 4.87 3.89

High

Low

Close Chg

4.96 4.55 4.62 -0.18 21.90 20.16 20.60 0.70 2.85 1.48 2.65 0.40 11.59 10.90 11.38 0.24 14.10 12.76 12.78 -0.92 649.00 580.00 643.71 43.36 47.49 46.50 46.75 -0.24 1.99 1.00 1.15 0.02 3.48 3.02 3.14 -0.06 2.70 2.26 2.45 0.01 13.00 10.30 12.99 1.69 0.84 0.60 0.80 -0.05 2.05 1.80 1.93 0.09 41.00 38.00 38.52 -0.05 2.48 2.29 2.45 0.95 27.00 25.51 26.49 0.19 20.90 18.75 20.50 1.34 36.20 31.60 35.99 1.59 50.18 47.00 47.99 0.55 25.10 24.00 24.88 0.13 8.86 6.16 6.51 -1.83 28.27 24.74 28.26 4.26 7.80 7.00 7.55 0.40 0.60 0.31 0.50 -0.10 4.00 3.75 4.00 0.15 40.41 37.01 38.00 -0.49 1.19 0.89 1.01 -0.47 4.65 3.00 4.15 0.65 3.24 2.71 3.05 0.15 16.20 13.40 14.40 0.19 0.80 0.45 0.75 -0.04 1.94 1.46 1.61 0.07 1.45 0.56 0.97 0.07 5.89 5.40 5.53 -0.32 19.95 18.75 18.75 -0.27 59.00 56.75 57.00 2.90 0.90 0.22 0.39 -0.06 24.03 21.91 22.93 -1.11 63.18 56.80 62.38 4.91 2.84 1.70 2.82 1.22 7.20 6.40 7.12 0.76 10.60 8.25 10.43 1.44 1.68 1.29 1.34 -0.18 0.70 0.70 0.70 0.00 9.97 8.50 8.61 -0.62 6.85 3.90 4.50 -1.40 4.25 3.75 3.82 0.10 6.30 5.72 5.75 -0.25 39.39 34.50 38.00 2.01 2.50 1.51 2.15 0.16 272.72 218.12 272.72 43.13 17.75 16.35 17.67 0.32 36.45 34.00 35.05 0.05 34.65 31.00 33.90 3.42 105.52 98.63 102.97 3.92 60.50 53.70 59.10 5.17 2.00 1.00 1.50 0.20 4.65 3.35 3.70 -0.19

26386 10607 5109 45846 426485

227.45 51.99 1.00 18.80 597.90

Open 882.69 Turnover 228,200 P/E (x) 7.11

Change % Change 13.18 0.85 Market cap 200-Day High 32,593.42 mn Div Yield (%) 200-Day Low 15.92 -

Last 60 days High Low 200.00 40.50 0.21 10.55 390.00

2009 Div BR (%) (%)

2010 Div BR (%) (%)

400 450

150 25 650

20B 25B

10B 25B

20B 20B

2009 Div BR (%) (%)

2010 Div BR (%) (%)

35 40 40 35 25 600 50 30 10 15 -

40 0 12.5R 25 10B 15 20B 450 12 -

25B 30B 10B 10B 10B -

2009 Div BR (%) (%)

16,668.04

Total Equity (Rs in mn)

(5,909.01)

1.63

Revenue (Rs in mn)

MA (200-day)

1.85

Interest Expense

1st Support

2.04

Loss after Taxation

2nd Support

1.80

EPS 09 (Rs)

1st Resistance

2.44

Book value / share (Rs)

2nd Resistance

2.60

PE 10 E (x)

Pivot

2.20

PBV (x)

Close 980.94 Listed cap 47,070.70 mn Payout (%) 16.68

10B -

17.5

Company

Paid up Cap(mn)

Open

High

Abbott (Lab) Ferozsons (Lab)

979 250

8.77 6.35

98.87 83.08

101.50 85.88

GlaxoSmithKline Highnoon (Lab) Searle Pak

1707 165 306

13.49 7.30 5.51

73.17 25.17 61.40

76.00 26.98 62.99

High Low 914.84 876.03 Total cos Defaulter cos P/BV (x) ROE (%) 1.59 22.31 Low

Close Chg

98.90 100.04 83.00 84.01 72.45 25.05 60.50

(16.13) (0.14)

NIB Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

58.76

Total Assets (Rs in mn)

208,118.96

MA (10-day)

2.88

Total Equity (Rs in mn)

41,643.27

MA (100-day)

2.86

Revenue (Rs in mn)

18,272.36 12,872.36

MA (200-day)

3.42

Interest Expense

1st Support

2.93

Profit after Taxation

2nd Support

2.84

EPS 09 (Rs)

0.171

1st Resistance

3.04

Book value / share (Rs)

10.30

2nd Resistance

3.06

PE 10 E (x)

Pivot

2.95

PBV (x)

691.05

0.29

NIB closed up 0.09 at 2.95. Volume was 39 per cent below average and Bollinger Bands were 28 per cent narrower than normal. The company's loss after taxation stood at Rs3.559 billion which translates into a Loss Per Share of Rs0.88 for the nine months of current calendar year (9MCY10). NIB is currently 13.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NIB (bullish). Trend forecasting oscillators are currently bearish on NIB.

RSI (14-day)

4.40 18.00 1.35 9.02 7.50 436.00 40.80 0.56 3.00 2.26 8.41 0.16 1.44 36.10 0.26 20.80 17.21 24.55 34.65 19.99 5.01 17.57 5.51 0.13 3.35 34.05 0.30 2.02 2.60 9.95 0.25 1.01 0.16 4.51 18.01 51.46 0.16 15.66 42.55 1.55 5.16 6.00 1.29 0.61 8.01 2.01 3.30 5.02 27.50 0.50 169.00 15.61 29.00 15.00 86.50 37.20 0.73 1.50

Close 906.07 Listed cap 3,904.20 mn Payout (%) 44.54

Volume

(17.017)

10B -

Change % Change 13.60 1.41 Market cap 200-Day High 128,820.11 mn Div Yield (%) 200-Day Low 2.51 -

Last 60 days High Low

1567049 18.67 26470 24.05 10834 3.45 12835663 12.32 16380 14.50 13237 747.48 5205 52.05 24609 2.59 182851 3.95 566254 3.33 7962 18.35 46089 1.49 454447 2.37 22025 44.50 17000 2.90 6133 30.90 28231 25.45 5463 36.20 8292 52.50 32954 25.96 12492 8.86 342137 28.27 7653 10.30 5638 0.99 1011556 4.88 49616 40.41 6512 1.85 118666 4.79 5603 5.35 18060 20.50 25107 1.20 1267742 1.94 13143 2.00 31734 6.30 10101 22.59 27702 68.80 21840 0.95 22548139 25.14 61752197 63.18 5500 5.95 31186 7.48 111011 11.25 865886 2.38 25000 1.20 8472 12.00 452799 6.85 18092 6.20 34051 8.69 93335 39.39 53059 2.50 191864 272.72 6362 21.90 33387 37.50 6858 35.50 491909 112.80 974613 60.50 83216 2.00 55447 4.90

2,050.22 (6,233.79)

DSFL closed up 0.70 at 2.23. Volume was 830 per cent above average (trending) and Bollinger Bands were 101 per cent wider than normal. The company's loss after taxation stood at Rs246.014 million which translates into a Loss Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11). DSFL is currently 20.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DSFL (bullish). Trend forecasting oscillators are currently bullish on DSFL. Momentum oscillator is currently indicating that DSFL is currently in an overbought condition.

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

Volume

4,169.62

2010 Div BR (%) (%)

PERSONAL GOODS

PHARMA AND BIO TECH

Paid up Cap(mn)

90 100 60 20 150 10

20B 30B 20B

Total Assets (Rs in mn)

1.84

MA (100-day)

Azgard Nine Limited

Performance of SR Pharma and Bio Tech Index

Close 1,555.48 Listed cap 1,336.62 mn Payout (%) 131.49

40 100 80 50 100 5 -

70.61

MA (10-day)

Change % Change -6.09 -0.56 Market cap 200-Day High 5,076.58 mn Div Yield (%) 200-Day Low 2.59 -

Performance of SR Industrial Engineering Index High Low 1,576.80 1,533.15 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02

2010 Div BR (%) (%)

RSI (14-day)

Change % Change 39.40 2.53 Market cap 200-Day High 210,857.77 mn Div Yield (%) 200-Day Low 0.86 -

INDUSTRIAL ENGINEERING Open 1,542.30 Turnover 514,291 P/E (x) 8.26

AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Millat Tractors XB

44379

Volume

2009 Div BR (%) (%)

Performance of SR Personal Goods Index

Company

Close 1,020.45 Listed cap 54,792.74 mn Payout (%) 19.04

Close Chg

Pak Elektron Tariq Glass Ind

Performance of SR Construction and Materials Index High Low 1,031.85 978.05 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10

Low

Close 1,593.94 Listed cap 11,335.33 mn Payout (%) 30.57

Paid up Cap(mn)

CONSTRUCTION AND MATERIALS Open 993.08 Turnover 91,573,826 P/E (x) 6.79

High

Open 1,090.21 Turnover 710,222 P/E (x) 2.42

2010 Div BR (%) (%)

Dost Steels Ltd

Fundamental Highlights As on Jun 30, 2009

Technical Analysis

Performance of SR Household Goods Index

Change % Change -1.38 -0.14 Market cap 200-Day High 9,448.26 mn Div Yield (%) 200-Day Low 11.72 -

40 15

HOUSEHOLD GOODS

INDUSTRIAL METALS AND MINING High Low 1,000.79 954.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.87 33.10

Open

High Low 1,621.93 1,538.40 Total cos Defaulter cos P/BV (x) ROE (%) 10.72 30.30

2.42 3.49 2.25 2.55 0.13 1.05 13.35 13.85 12.10 13.00 -0.35 10.81 5.50 6.44 5.60 5.73 0.23 1.82 3.15 1.99 2.69 0.87 7.00 33.53 34.95 33.00 33.93 0.40 11.57 12.49 12.50 12.26 12.50 0.01 - 17.50 20.75 16.50 20.75 3.25 2.90 79.25 88.00 77.10 86.65 7.40 3.77 61.60 67.40 59.01 67.31 5.71 5.28 58.19 67.00 57.10 63.35 5.16 0.38 6.39 6.40 5.40 6.10 -0.29 24.03 1994.97 2259.00 1980.00 2187.26 192.29 3.36 26.00 26.00 23.48 23.50 -2.50 - 12.44 14.45 12.15 14.25 1.81 0.49 5.65 6.24 5.30 6.06 0.41 9.35 44.28 53.81 45.00 50.97 6.69 2.10 2.35 2.05 2.07 -0.03 2.32 3.39 2.30 2.90 0.58 0.95 13.25 13.99 13.20 13.29 0.04 19.06 12.64 13.50 12.55 13.15 0.51 6.55 7.50 5.92 6.32 -0.23 309.09 31.51 34.90 32.99 34.00 2.49 6.90 7.90 7.50 7.60 0.70

Performance of SR Industrial Metals and Mining Index Open 974.09 Turnover 824,418 P/E (x) 2.64

20B -

Change % Change -3.30 -0.28 Market cap 200-Day High 42,698.18 mn Div Yield (%) 200-Day Low 4.94 -

81.80

179.50 165.73 172.46 -0.74

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

23.40

6.06 154.00

2009 Div BR (%) (%)

AUTOMOBILE AND PARTS

86.99

7.15 173.20

Company

8194 61291

22.19

273

Company

-0.55 0.05

Last 60 days High Low

81.79

Volume

1203

Company

71.51 34.99

Volume

8.47

Clariant Pak

Company

Close Chg

250 11.70

Close Chg

Dawood Hercules XD

Company

Pak Int Container Terminal 1092 PNSC 1321

Dewan Salman Fibre Limited

Change % Change -4.20 -0.57 Market cap 200-Day High 12,680.19 mn Div Yield (%) 200-Day Low 2.02 -

3924

Agritech Limited BOC (Pak)

Low

2010 Div BR (%) (%)

Paid up Cap(mn)

Close 732.06 Listed cap 3,242.17 mn Payout (%) 11.08

High

2009 Div BR (%) (%)

Company

High Low 745.34 722.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53

Paid up Cap(mn)

Open

Last 60 days High Low

Open 736.26 Turnover 69,485 P/E (x) 5.47

Alert ! Unusual Movements

10,993.62 11,027.88 10,707.80 h245.32

INDUSTRIAL TRANSPORTATION

853

2365

Current High Low Change

7,935.97 7,951.66 7,738.68 h185.96

Performance of SR Industrial Transportation Index

Attock Petroleum

Pak Oilfields

Current High Low Change

KSE 30 Index

OIL AND GAS

Attock Refinery

11950

All Share Index

Performance of SR Oil and Gas Index Open 1,455.22 Turnover 52,456,309 P/E (x) 10.94 Company

KSE 100 Index

Symbols

2009 Div BR (%) (%)

2010 Div BR (%) (%)

30 20 20 7.5 20 120 7.5 50 5 10 5 20 10B 7.5 35 7.5 50 70 5 - 12.5 - 10B 10 - 10B 10 - 10B 10 20B 10 20 10 5 15 15 100R 4050.2257B 60 - 50R 15 20 25 45R 12.5 - 10B 10 10B - 25SD 10 - 100R 35 60 5 200 20 45 15 50 25 20 20B 80 20B -

Change % Change 23.38 2.65 Market cap 200-Day High 30,216.36 mn Div Yield (%) 200-Day Low 6.27 -

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1.17 0.93

36738 11696

104.00 124.00

78.50 82.20

120 10

20B

20 -

20B

75.02 1.85 26.37 1.20 61.25 -0.15

68321 55558 46179

76.00 26.98 64.50

65.00 22.60 57.05

50 25 15

15B

Total Assets (Rs in mn)

38,525.22

MA (10-day)

11.26

Total Equity (Rs in mn)

18,469.71

MA (100-day)

55.67 10.82

Revenue (Rs in mn)

11,737.86

MA (200-day)

12.70

Interest Expense

1st Support

11.21

Profit after Taxation

60.53

2nd Support

11.09

EPS 09 (Rs)

0.003

1st Resistance

11.52

Book value / share (Rs)

37.85

2nd Resistance

11.71

PE 10 E (x)

Pivot

11.40

PBV (x)

2,424.42

0.30

ANL closed up 0.24 at 11.38. Volume was 158 per cent above average (trending) and Bollinger Bands were 41 per cent narrower than normal. The company's loss after taxation stood at Rs488.179 million which translates into a Loss Per Share of Rs1.12 for the nine months of current calendar year (9MCY10). ANL is currently 10.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ANL (mildly bullish). Trend forecasting oscillators are currently bullish on ANL.

Silkbank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

48.91

Total Assets (Rs in mn)

MA (10-day)

2.71

Total Equity (Rs in mn)

MA (100-day)

2.77

Revenue (Rs in mn)

68,664.34 196.91 5,913.32

MA (200-day)

3.04

Interest Expense

1st Support

2.71

Loss after Taxation

2nd Support

2.64

EPS 09 (Rs)

5,855.52

1st Resistance

2.82

Book value / share (Rs)

2nd Resistance

2.86

PE 10 E (x)

Pivot

2.75

PBV (x)

(2,902.91) (3.224) 0.22 12.39

SILK closed up 0.06 at 2.71. Volume was 73 per cent below average (consolidating) and Bollinger Bands were 67 per cent narrower than normal. The company's loss after taxation stood at Rs700.335 million which translates into a Loss Per Share of Rs0.32 for the nine months of current calendar year (9MCY10). SILK is currently 10.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SILK at a relatively equal pace. Trend forecasting oscillators are currently bearish on SILK.

BOOK CLOSURES Company

From

Dawood Hercules Chemicals

7-Dec

13-Dec

20(ii)

29Nov

Pakistan Premier Fund

7-Dec

14-Dec

D/B/R -

14-Dec

Engro Corporation (Standalone)

7-Dec

21-Dec

20(ii)

29-Nov

Fauji Fertilizer Bin Qasim

14-Dec

20-Dec

12.50(iii)

06Dec

Oil and Gas Development Co

14-Dec

21-Dec

15(i)

06Dec

Mirpurkhas Sugar Mills

16-Dec

30-Dec

15.20(B)

Siemens Pakistan

20-Dec

29-Dec

600

8-Dec

29Dec

JS Investment #

21-Dec

27-Dec

27Dec

INDICATIONS # Extraordinary General Meeting

Spot AGM/Date

30Dec

Monday, December 6, 2010

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,147.48 Turnover 15,063,481 P/E (x) 6.28 Paid up Cap(mn)

Company

High Low 1,170.59 1,124.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.81 12.84

Open

High

Low

Close Chg

Pak Datacom 78 4.94 Pakistan Telecomm Co A 37740 13.16 Telecard XD 3000 0.67 WorldCall Tele 8606 -

80.90 19.53 2.23 2.61

82.90 19.85 2.39 2.78

79.00 19.11 2.17 2.57

80.00 19.74 2.26 2.62

-0.90 0.21 0.03 0.01

Close 1,158.93 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume 9709 9979439 2789834 2284499

Change % Change 11.46 1.00 Market cap 200-Day High 80,232.23 mn Div Yield (%) 200-Day Low 9.97 -

117.99 20.12 2.69 2.98

78.00 17.55 1.80 2.31

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

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

Ask Gen Insurance

204

6.94

11.72

12.75

10.56

11.45 -0.27

7217

12.75

8.45

Atlas Insurance

369

5.96

34.95

37.89

34.60

37.50 2.55

32712

37.89

27.10

10B

Central Insurance XB

279

6.83

58.00

64.80

57.80

60.10 2.10

22125

64.80

47.37

25B

10B

Century Insurance

457

EFU General Insurance

7.08

Paid up Cap(mn)

Company

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

Close 1,241.80 Listed cap 95,369.29 mn Payout (%) 104.13

Change % Change 14.33 1.17 Market cap 200-Day High 101,262.46 mn Div Yield (%) 200-Day Low 7.69 -

Open

High

Low

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

198 11572 6.67 1560 7932 1695 10.48 8803 4.82 3673 3.29 3541 25.44 191 3.45 1367 150 -

0.85 36.33 1.54 2.18 19.00 39.60 13.76 14.43 18.66 2.18 1.00

1.10 37.00 2.15 2.45 19.85 39.85 15.38 16.08 19.15 2.27 1.20

0.81 36.03 1.55 2.20 17.95 39.35 13.32 14.25 18.16 2.13 0.96

0.81 -0.04 36.41 0.08 1.84 0.30 2.34 0.16 18.87 -0.13 39.69 0.09 14.99 1.23 15.77 1.34 18.51 -0.15 2.18 0.00 1.07 0.07

213003 9228604 3105025 4278227 40979 4793459 12639508 29227014 7626 945653 112765

1.45 37.05 2.25 2.50 26.50 42.95 15.38 16.10 23.49 2.90 1.75

33.5 45 64.5 20 3

0.51 32.75 1.20 1.94 17.95 38.35 9.80 9.75 17.98 2.05 0.33

31R -

2010 Div BR (%) (%)

45.00

46.17 -0.61

14220

12.00

248677

9.42

48.63

34.76

Company Sui North Gas XD Sui South Gas

High Low 1,651.68 1,544.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 11.41

Change % Change -50.27 -3.12 Market cap 200-Day High 33,366.57 mn Div Yield (%) 200-Day Low 6.74 -

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

8.13 3.30

27.99 22.71

29.22 23.18

27.11 21.64

27.32 -0.67 21.89 -0.82

5071162 1820294

34.75 30.70

25.55 19.60

2009 Div BR (%) (%) -

2010 Div BR (%) (%) 20 15

25B

BANKS Performance of SR Banks Index Open High Low Close 1,048.08 1,101.24 1,041.17 1,089.29 Turnover Total cos Defaulter cos Listed cap 100,951,290 - 257,548.02 mn P/E (x) P/BV (x) ROE (%) Payout (%) 7.74 1.08 13.94 40.49 Paid up Cap(mn)

Company

Open

Allied Bank Limited 7821 6.07 60.08 Askari Bank 6427 8.02 16.14 Atlas Bank 5001 1.52 Bank Alfalah 13492 12.85 9.61 Bank AL-Habib 7322 7.33 33.18 Bank Of Khyber 5004 5.69 4.17 Bank Of Punjab 5288 9.58 BankIslami Pak 5280 850.00 3.40 Faysal Bank XB 7309 4.73 14.40 Habib Bank Ltd 10019 7.08 104.22 Habib Metropolitan Bank 8732 7.65 24.61 JS Bank Ltd 6128 2.58 KASB Bank Ltd 9509 2.25 MCB Bank Ltd XD 7602 9.22 204.38 Meezan Bank 6983 8.34 15.78 Mybank Ltd 5304 2.01 National Bank 13455 5.98 65.62 NIB Bank 40437 2.86 Royal Bank Ltd 17180 5.09 Samba Bank 14335 1.81 Silkbank Ltd 26716 2.65 Soneri Bank 6023 7.14 Stand Chart Bank 38716 12.31 7.56 United Bank Ltd 12242 7.28 58.35

High

Low

Close Chg

63.00 59.52 62.42 2.34 17.10 15.90 16.85 0.71 1.70 1.50 1.64 0.12 10.15 9.50 10.02 0.41 34.49 33.16 34.01 0.83 4.34 3.83 4.27 0.10 9.93 9.40 9.72 0.14 3.48 3.25 3.40 0.00 14.80 14.01 14.66 0.26 113.43 103.25 113.42 9.20 26.74 24.07 25.01 0.40 2.90 2.52 2.61 0.03 2.75 2.25 2.74 0.49 210.49 203.29 208.07 3.69 15.99 15.10 15.76 -0.02 2.69 2.01 2.40 0.39 68.85 65.31 68.49 2.87 3.00 2.81 2.95 0.09 5.99 4.85 4.98 -0.11 1.90 1.70 1.80 -0.01 2.85 2.64 2.71 0.06 7.40 7.01 7.24 0.10 8.80 7.50 8.00 0.44 62.23 58.03 61.96 3.61

Last 60 days High Low

Volume 1757376 5946119 369487 13086641 1865288 103958 5423977 391430 905604 1421651 1176996 564415 608939 4545945 243161 2387603 24899543 17703398 918431 1617502 4095959 378466 86562 10450638

Change % Change 41.21 3.93 Market cap 200-Day High 664,447.18 mn Div Yield (%) 200-Day Low 5.23 -

63.00 17.10 2.55 10.19 34.49 4.70 10.59 3.88 17.10 113.43 26.74 3.00 2.90 210.49 16.32 2.75 70.75 3.18 8.18 2.65 3.08 8.00 8.80 62.23

48.51 14.05 1.50 7.65 29.10 2.50 7.56 2.70 12.85 92.55 18.02 2.00 2.03 182.61 14.05 1.66 61.50 2.46 3.91 1.51 2.50 5.01 6.00 49.90

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

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

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 749.58 Turnover 6,250,676 P/E (x) 12.44 Paid up Cap(mn)

Company Adamjee Insurance

High Low 767.27 737.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20

Close 760.08 Listed cap 11,111.34 mn Payout (%) 79.54

Change % Change 10.50 1.40 Market cap 200-Day High 47,183.37 mn Div Yield (%) 200-Day Low 6.39 -

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.82

80.56

83.30

79.25

82.18 1.62

3883620

84.45

63.05

2009 Div BR (%) (%) 30

10B

2010 Div BR (%) (%) 10

8.7B

12.04

12.90

12.00

12.90 0.86

28050

12.90

10.04

88.14

92.89

86.05

91.00 2.86

109574

92.89

68.01

20B

791 15.77

58.70

6737

60.50

20B

3000 42.13

1775913

60.00

56.00

58.50 -0.20

52.21

16.24

16.70

15.70

16.43 0.19

17.20

12.50

PICIC Ins Ltd

350

7.45

7.44

6.52

6.97 -0.48

23763

8.30

1.66

Premier Insurance

303

5.68

9.85

10.50

9.80

10.50 0.65

65937

10.50

8.00

15B

Silver Star Insurance

253

4.35

7.14

7.66

6.60

7.00 -0.14

23613

8.17

6.00

20B

Pak Reinsurance

Symbols SERT FZCM NATF KML MLCFPS ADAMS GRYL SKFL KSBP UNIC TRSM ALNRS SALT KOHP FNBM SHCM SAPL GAIL ANSS GRAYS JKSM SHDT GATI SHEZ JOPP AATM SING DFSM PRWM SIEM SANE NMBL ICL PCAL PKGI FRCL SHTM SSOM TICL CLOV UVIC MERIT OTSU DSML PRET BCML MFTM SSML LAKST ADOS ISIL CRTM DMTM NAGC THCCL MSCL ASHT ANNT RUPL HINO BUXL SHJS FTSM EMCO SCLL ALICO QUAT WYETH DIIL FZTM NPSM FRSM ETNL MTIL COTT ARUJ CLCPS ATEL PUNO AQTM SHNI MQTM ULEVER COLG DATM MOON BROT CSIL SCL BAPL GFIL RMPL AASM HUSS ALQT GLPL PGCL IDYM BILF QUET STCL TOWL BAFS ISTM PECO MFFL LIBM GAMON HUSI TSMF BWHL SGMLPS SLCL DADX JVDC KCL INKL SUTM IDEN SGPL UPFL TRPOL AHTM FIBLM ILTM PHDL NATM FECS BIFO DNCC RCML LEUL TREI BHAT

LIFE INSURANCE Performance of SR Life Insurance Index Open 959.71 Turnover 30,780 P/E (x) 98.51 Paid up Cap(mn)

Company

EFU Life Assurance New Jub Life Insurance

High Low 993.28 927.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.79 3.85

Close 962.53 Listed cap 2,290.72 mn Payout (%) 355.53

Change % Change 2.82 0.29 Market cap 200-Day High 11,082.21 mn Div Yield (%) 200-Day Low 3.61 -

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850 47.38 627 32.13

82.46 47.85

86.95 49.14

81.60 45.60

83.39 0.93 47.87 0.02

15543 13222

86.95 49.14

2009 Div BR (%) (%)

51.25 39.68

5513.33B 10 -

2010 Div BR (%) (%) -

FINANCIAL SERVICES Performance of SR Financial Services Index Open 437.97 Turnover 44,869,871 P/E (x) 10.19 Paid up Cap(mn)

High Low 448.55 423.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 0.91

Open

High

Low

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

225 1.32 450 13.51 150 1.38 250 575 2121 16.56 600 790.00 2849 3166 626 0.68 7633 508 500 8.11 1000 29.29 821 4.78 775 452 514 11.60 586 2.66

0.56 26.84 1.75 2.15 8.89 2.60 7.30 0.69 3.49 1.86 12.93 4.16 29.95 7.10 7.10 2.29 0.56 3.00 2.00

0.67 27.25 1.80 2.40 9.00 2.90 7.90 0.85 3.69 2.14 13.35 4.40 31.40 7.33 7.29 2.50 0.68 3.15 2.00

0.50 26.00 1.15 1.90 8.02 2.59 6.36 0.57 3.46 1.72 12.32 3.93 29.03 6.80 6.10 2.15 0.52 2.00 1.52

Close Chg

Close 441.03 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change % Change 3.06 0.70 Market cap 200-Day High 30,510.95 mn Div Yield (%) 200-Day Low 3.09 -

Last 60 days High Low

2009 Div BR (%) (%)

0.58 26.48 1.55 2.00 8.98 2.65 7.90 0.65 3.50 1.90 13.18 4.18 30.17 7.03 6.50 2.32 0.57 2.90 1.70

0.02 -0.36 -0.20 -0.15 0.09 0.05 0.60 -0.04 0.01 0.04 0.25 0.02 0.22 -0.07 -0.60 0.03 0.01 -0.10 -0.30

424272 200883 251544 35925 59555 1163772 6736 93766 90340 119220 38456300 1282069 37724 1520889 15130 795044 62703 40801 101125

1.10 34.00 2.14 2.70 11.75 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 7.29 2.70 0.86 3.90 2.98

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

0.42 24.40 0.86 1.51 6.84 1.17 6.16 0.44 2.54 1.31 8.80 1.96 24.25 5.10 4.50 1.35 0.42 1.65 1.24

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

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,147.82 Turnover 12,855,914 P/E (x) 19.11

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

3.07

Company

Close 1,560.23 Listed cap 12,202.80 mn Payout (%) 66.79

400

Performance of SR Gas Water and Multiutilities Index Open 1,610.51 Turnover 6,891,456 P/E (x) 9.91

718 16.88

50 - 7.8R 15 50 20 -

GAS WATER AND MULTIUTILITIES

11.33 -0.04

1250

Performance of SR Electricity Index High Low 1,255.79 1,219.38 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 9.35

47.90

10.82

Habib Insurance New Jub Insurance

46.78

11.64

UPTO 5000 VOLUME

25R

IGI Insurance

ELECTRICITY Open 1,227.47 Turnover 64,595,774 P/E (x) 13.54

11.37

Paid up Cap(mn)

Company

1st Fid Leasing Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Pak Modaraba Pak Prem Fund Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba U D L Modaraba XD

264 600 1375 210 525 780 65 200 113 524 300 581 760 397 1008 3180 1186 283 1200 184 1000 125 1698 59 1000 2835 2841 872 340 454 264

High Low 1,212.98 1,132.74 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21

Open

High

Low

8.50 3.22 5.75 5.12 1.69 3.89 3.32 1.75 3.59 9.94 12.75 0.64 2.16 2.28 5.70 54.88 16.00 1.40 6.06 10.30 5.08 5.75 12.21 6.64 1.83 7.04 5.94 2.05 4.34 1.64

1.50 14.50 6.73 2.51 3.54 1.81 1.98 0.55 2.45 1.72 4.20 1.93 2.85 6.89 6.50 4.29 4.62 1.26 5.99 1.02 3.25 1.00 8.71 8.00 5.55 9.58 4.66 0.95 1.59 8.99 5.75

1.69 15.50 7.10 3.10 4.39 2.00 1.96 0.70 2.90 1.99 5.44 2.24 3.13 6.98 6.74 4.55 4.70 1.90 6.30 1.18 3.29 1.15 8.84 8.50 6.38 11.20 5.48 0.98 1.95 9.90 5.90

1.31 14.50 6.50 2.60 3.65 1.70 1.10 0.45 2.31 1.50 3.85 2.00 2.85 6.51 6.51 4.15 4.10 1.35 5.92 0.95 2.95 0.98 8.63 8.25 5.42 9.55 4.70 0.87 0.50 8.52 5.50

Close 1,192.96 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change 45.13 3.93 Market cap 200-Day High 17,450.83 mn Div Yield (%) 200-Day Low 8.51 -

Close Chg

Volume

Last 60 days High Low

2009 Div BR (%) (%)

2010 Div BR (%) (%)

1.36 15.20 6.90 3.07 4.20 1.71 1.46 0.70 2.87 1.59 5.10 2.03 3.02 6.83 6.61 4.39 4.48 1.90 6.30 1.03 3.25 1.15 8.79 8.50 6.29 10.99 5.23 0.90 1.70 8.85 5.79

53993 13600 248684 26007 31012 282995 10730 145877 487914 340977 8011 167319 528276 23921 61645 1836934 2288362 8368 71362 33881 149125 31006 936963 6501 699323 2485348 1512680 135947 38269 32958 149305

2.24 17.00 7.20 3.80 4.50 2.37 2.99 1.10 3.09 2.37 5.50 2.24 3.88 6.98 6.74 4.55 4.73 2.23 6.69 2.18 3.70 1.40 9.39 9.45 6.38 11.20 5.48 1.20 2.54 10.99 6.99

15 4.5 5 20 10 5 15 16.5 10

22.5 18.5 5 2.2 0 1.2 5 17 11 21 5 10 2.8 15.5 15 3 18.6 18 10 20 10 3 1 17 12.5

-0.14 0.70 0.17 0.56 0.66 -0.10 -0.52 0.15 0.42 -0.13 0.90 0.10 0.17 -0.06 0.11 0.10 -0.14 0.64 0.31 0.01 0.00 0.15 0.08 0.50 0.74 1.41 0.57 -0.05 0.11 -0.14 0.04

1.01 13.50 5.85 2.10 2.70 0.90 0.90 0.25 1.65 0.76 1.94 1.30 2.32 5.11 5.66 2.65 2.31 0.91 5.15 0.56 2.25 0.30 7.00 7.10 4.20 7.90 3.50 0.76 0.50 7.75 4.71

Open

High

0.50 54.50 43.20 2.50 6.00 16.70 1.10 1.10 69.95 5.76 1.51 50.00 50.41 4.22 6.75 10.90 122.00 4.31 5.07 53.43 5.07 11.00 43.98 100.25 10.00 1.00 18.01 5.00 14.88 1325.62 2.01 1.23 28.30 54.01 6.96 2.19 0.55 3.70 77.17 53.73 2.96 17.88 34.15 2.80 29.00 13.40 0.81 2.82 329.04 14.87 73.87 19.78 4.90 15.10 19.80 7.00 4.00 12.80 36.40 133.50 10.05 87.89 1.65 3.00 2.80 17.99 11.74 870.00 10.80 430.00 22.25 20.55 22.46 0.45 1.10 5.49 1.72 16.00 39.33 1.50 13.00 7.15 4133.00 885.00 0.50 8.00 0.71 3.75 86.98 8.95 4.00 1850.60 25.25 10.97 6.28 60.50 20.63 269.00 1.35 46.00 9.10 12.90 64.00 5.45 275.00 70.00 56.49 1.50 9.90 0.86 36.72 3.50 2.10 25.00 59.97 9.50 9.50 34.99 11.70 0.50 1035.50 0.99 17.95 2.00 114.84 40.00 9.05 40.00 47.49 2.90 34.00 2.00 2.00 239.99

0.50 54.50 43.60 3.45 6.20 16.89 2.10 1.10 70.50 7.20 1.88 51.70 55.39 4.81 6.49 10.90 138.95 5.00 6.50 54.95 5.95 14.84 44.75 99.51 10.55 1.10 18.85 6.00 14.98 1340.00 2.99 1.50 28.85 57.72 8.30 2.50 0.60 3.65 81.02 67.38 3.39 18.25 35.00 4.38 29.00 13.40 1.20 2.80 349.00 15.00 73.80 21.90 5.98 17.00 19.79 7.50 5.00 13.00 36.40 141.95 10.05 100.26 1.65 3.99 2.99 17.95 13.24 1006.37 13.66 435.00 22.50 20.76 22.85 0.64 1.10 5.49 2.15 16.00 41.29 2.00 13.00 7.80 4268.84 920.00 0.74 8.50 0.98 4.69 95.55 10.48 4.75 1972.00 26.89 11.49 7.75 64.19 22.29 277.35 1.92 47.00 9.29 12.90 68.20 6.49 293.70 72.90 58.95 2.40 11.49 1.50 35.10 4.50 2.90 25.75 60.00 9.50 9.50 36.70 11.70 1.04 1113.00 1.45 17.95 3.69 131.20 39.00 8.10 40.00 47.49 2.90 34.00 2.00 2.21 262.25

Low

0.50 42.40 41.52 1.60 3.72 16.42 0.18 1.00 68.83 5.20 1.25 49.20 48.00 4.09 5.90 9.90 116.00 4.29 5.25 48.75 4.05 11.90 40.85 91.00 7.32 1.08 18.00 4.03 13.05 1259.34 2.05 1.06 27.32 52.24 6.07 1.40 0.45 3.35 69.48 53.90 2.21 17.25 33.74 2.63 28.00 10.73 1.00 2.15 316.00 14.12 69.35 19.55 4.10 15.10 18.10 6.11 3.00 12.80 35.00 130.00 9.25 85.00 1.15 2.47 2.28 17.01 12.49 870.00 9.91 380.00 22.40 20.08 21.50 0.50 0.88 4.10 1.72 15.00 39.33 1.50 13.00 6.76 4005.00 849.80 0.49 7.00 0.15 3.75 82.80 8.11 4.00 1800.00 24.50 9.00 4.05 60.50 19.60 266.00 1.35 43.04 8.25 11.90 58.90 5.45 271.00 69.30 56.50 1.50 9.70 1.30 33.15 3.55 2.49 25.00 59.90 9.45 9.00 34.99 11.70 0.70 1010.00 0.60 17.95 1.52 119.00 32.50 7.10 40.00 45.12 2.50 33.99 1.75 1.90 244.00

0.50 48.98 43.26 3.17 4.28 16.60 1.61 1.05 70.00 6.40 1.50 50.01 55.04 4.79 6.49 9.90 130.97 4.29 6.25 54.11 5.85 14.09 41.30 92.95 8.05 1.08 18.80 5.11 14.50 1300.00 2.32 1.50 28.75 52.39 6.90 2.18 0.50 3.35 70.03 67.38 3.39 18.25 34.00 2.63 29.00 10.73 1.00 2.68 316.33 15.00 72.96 19.55 4.25 17.00 19.40 7.50 4.00 13.00 35.37 139.01 9.25 95.60 1.30 3.38 2.60 17.11 13.24 1006.25 11.19 408.99 22.40 20.50 22.00 0.62 0.91 4.10 2.10 15.00 41.29 1.50 13.00 7.78 4105.00 852.00 0.64 7.95 0.58 4.01 91.78 8.80 4.75 1972.00 24.61 11.00 4.05 62.50 20.70 274.95 1.92 43.04 8.43 12.90 61.84 6.49 291.54 71.00 58.60 1.53 10.64 1.40 33.15 3.55 2.90 25.75 59.99 9.45 9.50 36.70 11.70 1.00 1104.33 0.60 17.95 3.53 131.20 33.00 7.10 40.00 45.12 2.50 33.99 1.75 2.20 262.25

Change

Vol

0.00 -5.52 0.06 0.67 -1.72 -0.10 0.51 -0.05 0.05 0.64 -0.01 0.01 4.63 0.57 -0.26 -1.00 8.97 -0.02 1.18 0.68 0.78 3.09 -2.68 -7.30 -1.95 0.08 0.79 0.11 -0.38 -25.62 0.31 0.27 0.45 -1.62 -0.06 -0.01 -0.05 -0.35 -7.14 13.65 0.43 0.37 -0.15 -0.17 0.00 -2.67 0.19 -0.14 -12.71 0.13 -0.91 -0.23 -0.65 1.90 -0.40 0.50 0.00 0.20 -1.03 5.51 -0.80 7.71 -0.35 0.38 -0.20 -0.88 1.50 136.25 0.39 -21.01 0.15 -0.05 -0.46 0.17 -0.19 -1.39 0.38 -1.00 1.96 0.00 0.00 0.63 -28.00 -33.00 0.14 -0.05 -0.13 0.26 4.80 -0.15 0.75 121.40 -0.64 0.03 -2.23 2.00 0.07 5.95 0.57 -2.96 -0.67 0.00 -2.16 1.04 16.54 1.00 2.11 0.03 0.74 0.54 -3.57 0.05 0.80 0.75 0.02 -0.05 0.00 1.71 0.00 0.50 68.83 -0.39 0.00 1.53 16.36 -7.00 -1.95 0.00 -2.37 -0.40 -0.01 -0.25 0.20 22.26

5000 4886 4838 4656 4519 4103 4034 4000 3949 3925 3914 3838 3733 3708 3700 3680 3638 3507 3500 3094 3065 2952 2948 2910 2710 2600 2540 2484 2370 2350 2225 2201 2111 2053 2047 2008 2001 2000 1864 1821 1700 1623 1600 1551 1525 1410 1303 1293 1185 1180 1178 1153 1148 1104 1103 1053 1003 1000 985 958 902 891 865 844 753 709 600 598 594 588 550 521 508 504 501 501 501 500 500 500 500 448 444 410 400 400 361 346 330 323 300 270 259 243 221 218 215 203 196 190 166 161 155 140 134 122 117 111 107 105 104 102 102 100 100 100 100 100 100 100 73 51 50 32 21 19 14 12 11 11 10 5 4 3

BOARD MEETINGS

Nishat Mills Ltd

KSE 100 INDEX

National Bank of Pakistan

Dera Ghazi Khan Cement Co Ltd

Company

Date

Time

JS Investment Ltd Mehran Sugar Mills Byco Petroleum Limited Hala Enterprises Ltd Sigma Leasing Corporation Ltd Fauji Fertiliser Bin Qasim Ltd

6-Dec 7-Dec 7-Dec 8-Dec 8-Dec 23-Dec

10:30 11:00 1:00 10:30 11:00 10:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

79.00

Support 1

11,354.70

MA (5-day)

11,274.04

Support 2

11,302.70

MA (10-day)

11,218.23

Resistance 1

11,447.55

MA (100-day)

10,298.95

Resistance 2

11,488.40

*Arif Habib Ltd

10,139.28

Pivot

Rs Recommendations

AKD Securities Ltd

Buy

59.97

TFD Research

74.2

Technical Analysis

Brokerage House

Fair Value 35

AKD Securities Ltd

32.06

TFD Research

29.1

Brokerage House

Buy

*Arif Habib Ltd

Accumulate

AKD Securities Ltd TFD Research

Negative

AKD Securities Ltd

Positive

TFD Research

36.85

Positive

TFD Research

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

77.49 34.37 29.64 29.69 34.68 34.63

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

Technical Analysis

326.94 11,531.12 N/A N/A N/A 15.77

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

182.55 5,668.17 N/A N/A N/A 37.09

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

318.37 21,804.95 N/A N/A N/A 71.29

63.15

63.95

62.25

62.10

63.10

63.50

62.80

25.50

25.25

25.95

26.15

25.70

Arif Habib Limited

48.54

26.20

25.95

26.65

26.85

26.40

Adamjee Insurance

63.50

81.60

81.05

83.00

83.85

82.45

Askari Bank

68.98

16.20

15.50

17.30

17.80

16.65

Azgard Nine

55.67

11.25

11.10

11.55

11.75

11.40

Attock Petroleum

55.92

321.50

319.25

326.45 329.20 324.25

Attock Refinery

57.49

120.95

118.45

128.20 132.90 125.65

Bank Al-Falah

64.29

9.65

9.30

10.25

BankIslami Pak

55.24

3.35

3.25

3.45

3.55

3.40

Bank.Of.Punjab

56.95

9.50

9.30

9.90

10.15

9.70

Dewan Cement

65.00

1.80

1.70

2.10

2.25

1.95

D.G.K.Cement

69.11

30.30

29.50

31.65

32.30

30.90

Dewan Salman

70.61

2.00

1.80

2.40

2.60

Dost Steels Ltd

10.50

9.90

2.20

56.65

2.80

2.65

3.05

3.15

2.90

EFU General Insurance 58.33

45.45

44.70

46.80

47.40

46.05

EFU Life Assurance

66.13

83.00

82.65

83.75

84.15

83.40

67.44

186.40

184.85

Faysal Bank

48.20

14.25

13.80

Fauji Cement

47.71

4.90

4.85

5.00

5.05

4.95

Fauji Fert Bin

77.49

35.00

34.70

35.50

35.75

35.25

Fauji Fertilizer

68.66

113.60

113.25

Habib Bank Ltd

76.98

109.85

106.30

Hub Power

66.04

36.25

36.15

ICI Pakistan

69.49

137.15

136.25

139.35 140.65 138.45

Indus Motors

63.02

258.30

254.20

265.20 268.00 261.10

Brokerage House

TFD Research

Pakistan Oilfields Ltd

Fair Value 13 10.25 14.01

Rs Recommendations

Brokerage House

Buy

*Arif Habib Ltd

Accumulate

AKD Securities Ltd TFD Research

Positive

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

64.29 9.68 8.99 9.96 9.64 9.83

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

674.58 6,759.27 N/A N/A N/A N/A

14.90

15.20

14.50

114.50 115.05 114.15 115.20 117.00 111.65 36.65

36.85

36.50

J.O.V.and CO

56.54

4.05

3.95

4.35

4.55

4.25

Japan Power

65.15

1.70

1.55

1.95

2.10

1.85

JS Bank Ltd

45.89

2.55

2.50

2.70

2.80

2.65

Jah Siddiq Co

44.21

12.75

12.25

13.50

13.80

13.05

Kot Addu Power

47.61

39.55

39.45

39.80

39.95

39.70

K.E.S.C

62.73

2.30

2.25

2.40

2.45

2.35

Lotte Pakistan

77.62

12.60

12.30

13.05

13.25

12.80

Lucky Cement

58.62

75.75

75.00

76.95

77.45

76.25

MCB Bank Ltd

60.47

204.20

200.35

Maple Leaf Cement

46.07

2.70

2.55

3.00

3.15

2.85

National Bank

61.97

67.35

66.25

69.25

69.95

68.10

Nishat (Chunian)

54.30

22.65

22.40

23.35

23.75

23.10

Netsol Technologies

19.30

211.20 214.35 207.35

Rs Recommendations

53.07

19.10

18.95

19.45

19.65

NIB Bank

58.76

2.90

2.80

3.00

3.05

301

Buy

Nimir Ind.Chemical

55.02

1.50

1.45

1.60

1.65

1.55

296.6

Buy

Nishat Mills

75.72

61.70

61.05

63.10

63.85

62.45

Oil & Gas Dev. XD

72.95

165.35

164.60

281.35

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

189.50 191.00 187.95

Fair Value

Neutral

PACE (Pakistan) Ltd.

Technical Outlook

Technical Outlook 129.35 9,890.10 N/A N/A N/A 24.26

Leverage Position

61.97 66.74 66.09 70.04 67.06 67.08

60.55

62.40

56.42

Engro Chemical

AKD Securities Ltd

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

Positive

61.50

50.03

Arif Habib Corp

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

Buy

Leverage Position

92.3

79.33

Attock Cement

NBP closed up 2.87 at 68.49. Volume was 292 per cent above average (trending) and Bollinger Bands were 45 per cent narrower than normal. NBP is currently 1.9 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 moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.

105.2

Neutral

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

Bank Al-Falah Ltd

Rs Recommendations

61.96

Allied Bank Limited

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

*Arif Habib Ltd

58.62 75.32 70.32 70.81 75.22 74.87

Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

Buy

1st 2nd Pivot Resistance 3.40 3.50 3.30

DGKC closed up 2.97 at 31.05. Volume was 266 per cent above average (trending) and Bollinger Bands were 1 per cent narrower than normal. DGKC is currently 15.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.

Buy

Technical Analysis

Leverage Position

69.11 29.03 26.44 26.84 29.43 29.59

Rs Recommendations

Technical Outlook

72.75

Buy

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

Fair Value

*Arif Habib Ltd

Buy

43.29

Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,966.40 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 217.46

Fair Value

Brokerage House

AKD Securities Ltd

Technical Outlook

Technical Outlook Technical Analysis

Lucky Cement Ltd

Rs Recommendations

Buy

11,488.40, while Index will continue to find its 1st support level at 11,354.70 * Target price for Dec-10 & **Net Open Interest in future market and 2nd support level at 11,302.70. NML closed up 4.91 at 62.38. Volume was 354 per cent above average KSE 100 INDEX is currently 12.5 per cent above its 200-day moving aver(trending) and Bollinger Bands were 51 per cent wider than normal. age and is displaying an upward trend. Volatility is low as compared to the NML is currently 22.7 per cent above its 200-day moving average and is average volatility over the last 10 trading sessions. Volume indicators displaying an upward trend. Volatility is high as compared to the average reflect very strong flows of volume into INDEX (bullish). Trend forecasting volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NML (bullish). Trend forecasting oscillators are oscillators are currently bullish on INDEX. Momentum oscillator is currentcurrently bullish on NML. Momentum oscillator is currently indicating that ly indicating that INDEX is currently in an overbought condition. NML is currently in an overbought condition.

Fauji Fertiliser Bin Qasim Ltd

Fair Value

*Arif Habib Ltd

Leverage Position

75.72 58.75 49.52 50.84 60.17 59.99

11,395.55

KSE 100 INDEX closed up 261.64 points at 11,406.66. Volume was 153

*Arif Habib Ltd

Brokerage House

Technical Outlook

RSI (14-day) MA (10-day) MA (100-day) per cent above average (trending) and Bollinger Bands were 12 per cent MA (200-day) wider than normal. As far as resistance level is concern, the market will see Mean major 1st resistance level at 11,447.55 and 2nd resistance level at Median MA (200-day)

Fair Value

RSI 1st 2nd (14-day) Support 58.38 3.20 3.10

69.23 268.52 237.36 234.11 270.56 270.95

Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)

107.94 29,703.10 N/A N/A N/A 202.87

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

FFBL closed up 1.37 at 35.27. Volume was 74 per cent above average and Bollinger Bands were 24 per cent wider than normal. FFBL is currently 19.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.

LUCK closed up 2.22 at 76.46. Volume was 234 per cent above average (trending) and Bollinger Bands were 0.01 per cent wider than normal. LUCK is currently 8.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are currently bullish on LUCK.

BAFL closed up 0.41 at 10.02. Volume was 454 per cent above average (trending) and Bollinger Bands were 56 per cent narrower than normal. BAFL is currently 0.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscillators are currently bearish on BAFL.

POL closed up 9.94 at 275.19. Volume was 83 per cent above average and Bollinger Bands were 55 per cent wider than normal. POL is currently 17.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL.

51.31

2.80

2.75

2.95

167.10 168.10 166.35 2.95

3.05

2.90

Pervez Ahmed Sec

57.33

2.20

2.10

2.45

2.60

2.35

P.I.A.C.(A)

45.54

2.15

2.10

2.25

2.30

2.20

Pioneer Cement

41.63

7.00

6.85

7.20

7.25

7.05

Pak Oilfields

69.23

273.15

271.15

277.55 279.90 275.55

Pak Petroleum

63.42

201.15

200.00

204.40 206.45 203.20

Pak Suzuki

47.01

73.15

72.55

P.S.O. XD

59.67

285.25

283.90

P.T.C.L.A

59.20

19.55

19.35

74.15

74.55

73.55

Shell Pakistan

52.64

196.85

196.00

Sui North Gas

31.14

26.90

26.45

28.00

28.70

27.55

Sitara Peroxide

56.52

13.10

12.90

13.55

13.80

13.35

Sui South Gas

36.38

21.35

20.80

22.70

23.55

22.20

Telecard

46.85

2.25

2.20

2.35

2.40

TRG Pakistan

51.53

4.15

4.05

4.30

4.45

4.25

United Bank Ltd

75.24

60.90

59.85

62.60

63.30

61.55

WorldCall Tele

51.28

2.55

2.45

2.75

2.85

2.65

288.20 289.85 286.85 19.90

20.05

19.70

198.75 199.75 197.85

2.30

Five Taiwan firms bid for AIG's unit 8 Pru's Asia plan

Monday, December 6, 2010 Seeks approval for deal with FDIC, JPMorgan

Washington Mutual begs court OK to dodge crash

LONDON: A woman walks past a carving of the Prudential logo on the wall of their offices in London. -Reuters

Accident and Life Insurance

BISP poverty survey to conclude by June 2011 ISLAMABAD: Nationwide Poverty Survey being carried out across the country under Benazir Income Support Programme (BISP) would be completed by June 30, 2011. 80 per cent of the survey would get completed by using scorecard method of international standard, said an official of BISP. The survey will not only help ascertain the accurate number of poor people but also for planning of other social welfare programmes. BISP releases cash grants immediately to new families of those particular districts where the survey process is completed, the official added.

The step will further strengthen the transparency and speedy delivery to beneficiaries in an effective way, the official said. In a short span of time, BISP has reached more than 2.8 million families across the country and providing financial assistance to the poorest of the poor adversely affected by the high inflation and the impacts of the international economic crisis. However, the programme is being extended making it a comprehensive social safety net by provision of Monthly Cash Grant, Vocational and Technical Training, Micro Finance for gainful selfemployment and Health,

Accident and Life Insurance. For making all its initiatives successful and especially Cash Transfer Programs, BISP has devised a plan on a new payment mechanism by introducing Benazir Smartcards and Mobile Banking. The mechanism of Benazir Smartcard has already been implemented in the four districts where the Poverty Scorecard Survey has already been completed. However, the work on implementing the payment mechanism of mobile phone banking has also been initiated which will further strengthen the delivery system. -APP

Jobs seen for youths in insurance, taxation KARACHI: There is quite a scope for job opportunities for youths in insurance and taxation. This was stated by the Sindh Minister for Youth Affairs, Syed Faisal Ali Subzwari here. He was speaking as chief guest at the certificate distribution ceremony for the youngsters who completed five-month training programme in insurance and taxation. The training was imparted by the Sindh Youth Affairs Department under Benazir

Bhutto Shaheed Youth Development Programme (BBSYD) Programme. The minister said that the impartation of the training under such a programme was aimed at enabling the youngsters to develop skills so as to secure jobs on the basis of merit. He stated that we all are aware of the important role of the youth in the task of national development. However, they should also be provided with the opportunities to prepare themselves to perform

such a task. Speaking on the occasion, the Sindh Secretary Youth Affairs, Shoaib Ahmed Siddiqui, said that efforts are being made to resolve the problems faced by the youngsters. He said that comprehensive plans have been chalked out for the betterment of the youths. The Director Youth Affairs Sindh, Khurshid Ali Shaikh, and Saleem Ahmed Siddiqui, also expressed their views on the occasion. -APP

Zurich Financial confirms mid-term profit goal ZURICH: Swiss insurer Zurich Financial Services AG confirmed its profitability target and said it was well placed to pay attractive and sustainable dividends. Zurich, Europe's fourth-largest insurer by market value, reiterated it was committed to a business operating profit after-tax return on equity (BOPaT ROE) target of 16 percent in the medium term. Chief Executive Martin Senn said at an investor event that a "sustainable" dividend meant paying the same amount as the previous year, though a spokesman later emphasised a decision on its next dividend had not yet been made. Zurich Financial's board will meet in February to recommend an amount, Senn said.

Senn said Zurich would focus on accelerating its exit from several centrally managed businesses, freeing up some $600 million in capital. Running down some loan portfolios of the Zurich banking group, which would take 3-5 years, would free up another 300 million of capital, he said. For general insurance, its biggest segment, Zurich said it was aiming to improve its combined ratio -- a measure of operating profitability -- by 3 to 4 percentage points relative to global competitors by 2013. "The targets are much as expected, and emphasising the dividend is clearly a positive," Credit Suisse Richard Burden said in a research note. -Reuters

Kenya's AAR to expand insurance business NAIROBI: Regional healthcare provider AAR Holdings said it planned to expand its insurance services beyond medical cover after a private equity fund said it wanted to inject new cash into the company. AAR told Reuters that Investment Fund for Health in Africa (IFHA), which bought a 20 percent stake in AAR last week, intended to inject an extra 780 million shillings in capital. IFHA paid 750 million shillings for the 20 percent stake. "We will retain the insurance businesses and expand beyond medical to exploit our general licence to other classes such as property, cash-in-transit, employee compensation and fire," Jagi Gakunju, chief executive officer of AAR Holdings, said in an interview. AAR, which intends to list on the Nairobi Stock Exchange by 2015, said it had planned to sell off its insurance business before the equity group stepped in. AAR said its Kenyan insurance business required a capitalisation of 300 million shillings, while its insurance operations in Uganda, Tanzania and Rwanda each required between 100 million and 200 million shillings to meet national capitalisation requirements. Uganda is yet to set a capitalisation floor but will have to do so soon under the terms of the East African Community integration process, AAR said. The company's turnover hit 3.5 billion shillings last year but is projected to leap to around 15 billion shillings in the next five years. -Reuters

Askari Gen Insurance set to issue right shares Staff Reporter KARACHI: Askari General Insurance Co Ltd will issue 25 percent right shares to enhance capital base and further strengthen financial position. According to a communique sent to KSE here, the company has sought permission from KSE for issuing right shares.

WILMINGTON: Washington Mutual Inc urged a court to approve a $10 billion deal to end its bankruptcy even as it sought to prevent the release of privileged information sought by shareholders. Shareholders want to scuttle the deal, which forms the basis of the company's reorganization plan. The plan distributes more than $7 billion to creditors, paying most in full, but leaves nothing for stock investors. The company filed for bankruptcy in September 2008, the day after the federal government seized its Washington Mutual banking business. The Federal Deposit Insurance Corp immediately sold it to JPMorgan Chase & Co for $1.88 billion. Washington Mutual began arguing its case this week before Delaware Bankruptcy Court Judge Mary Walrath, who plans to receive comments from individual shareholders on Monday and has set closing arguments for Tuesday. The deal between Washington Mutual, JPMorgan and the FDIC divides the disputed cash and tax refunds and settles legal issues and lawsuits that shareholders contend could be worth billions. Shareholders won a victory on Thursday, when a report from a court-appointed examiner was excluded as evidence. Without that report endorsing the settlement, Washington Mutual put its advisers on the stand to testify they did the analysis necessary to endorse the deal. But the company refused to share privileged client-attorney information, so the testimony was limited to discussing what the advisers could determine on their own without relying on advice from lawyers. "You didn't need to be a lawyer to determine they are fair and reasonable," Washington Mutual's treasurer,

Jonathan Goulding, said of the settlement. "A person who is competent with financial matters and the like could come to that conclusion." Pursuing litigation would cost the company's estate $30 million a month in interest and $8 million in professional fees, Goulding estimated. The company has spent about $150 million on lawyers, accountants and advisers since filing for bankruptcy. "RIGHT AND WRONG" Individual shareholders have flooded the court with filings and motions, and sought the chance to grill Washington Mutual's advisers under oath. They came from as far as Boston and grumbled outside the courtroom that the hearings were not exposing what they see as a story of fraud that led to the unjustified seizure of the bank. "It's not about the money, it's about right and wrong," said Dave Magnuson, a 54-year-old financial analyst from Wilmington, who took time off work to attend the hearings. "What is relevant, however, is whether there are individuals who will profit from wielding their power to influence the outcome in their favor by corrupting the process," he said. The company may bring a small mortgage insurance business out of bankruptcy to preserve tax credits left from huge operating losses, a humbling end for the one-time stock market darling. Founded in Seattle in 1889, Washington Mutual was once the largest US savings and loan, with more than 2,000 branches, $300 billion in assets and $188 billion in deposits when it was seized. The bank's fortunes rose and fell with the housing market, after it aggressively expanded lending to riskier borrowers in what became known as subprime mortgages. -Reuters

Adamjee emerges as volume leader last wk at KSE

Listed insurers in premium progress Staff Reporter KARACHI: Insurance stocks show positive activities with more than 6 million shares altogether in life and non-life insurance stocks. Adamjee Insurance was the volume leader with 3.88 million shares followed by Pak Reinsurance with 1.77 million shares. Top gainers of the

week include IGI Insurance which increased by Rs2.86 to close at Rs91 and Atlas Insurance which was up by Rs2.55 to close at Rs37.50 while American Life Insurance was down by Rs0.88 to close at Rs17.11 and EFU General Insurance lost Rs0.61 to close at Rs46.17 to be the major losers of the week.

SECP fines 8 insurance cos ISLAMABAD: As part of its enforcement and regulatory function, the Insurance Division of the Securities and Exchange Commission of Pakistan (SECP) passed 8 orders, fining defaulting insurance companies in the month of November, mainly on the grounds of non-compliance with the statutory deposit

requirements. In addition, 4 show-cause notices were issued in November. Winding-up proceedings against one insurance company was also ordered. The Insurance Division also resolved 8 complaints lodged by the policyholders during the month for non-payment of the insurance claims.-NNI

strengthens CEO's grip on power LONDON: The boss of Britain's biggest insurer Prudential Plc outlined a plan to double Asian premiums by 2013, a move seen as bolstering his grip on the top job after a bungled takeover in the highgrowth region. Prudential, facing shareholder pressure after the failed multi-billion-dollar attempt to buy AIA this year, also said it was targeting a doubling of last year's life insurance and asset management pre-tax profits by 2013. "This is a very positive statement and I think that Prudential can deliver," said Shore Capital analyst Eamonn Flanagan, who listened to the company's presentation. Prudential shares were up 5.6 percent to 592 pence at 1126 GMT, among the top gainers in the FTSE 100 index, as analysts said the ambitious targets would lessen calls for chief executive Tidjane Thiam and chairman Harvey McGrath to quit. "They were convincing and I think this should put an end to talk about the CEO or chairman quitting," Flanagan said. Prudential was forced to pull its $35.5-billion bid for AIA -the Asian life insurance business of stricken US insurer AIG -- in June after shareholders balked at the price. The deal, pulled at the very last minute, left Prudential to pay 337 million pounds in transaction fees. AIA was floated on the Hong Kong stock exchange in October. Prudential's Asian business is seen as the jewel in the 162year old insurer's crown, generating almost half of group sales and still growing strongly thanks to its exposure to the dynamic economies of southeast Asia. Broker Panmure Gordon said the aim to grow Asian profitability would help close the valuation gap between the implied valuation of Prudential's Asian operation and its competitors, including AIA. "The announcement is of stretching targets and reinforces the dividend paying capabilities along with adequate capital to grow the business," Panmure Gordon said in a note. Prudential reported 713 million pounds in life insurance and asset management pre-tax operating profit in 2009 and a stronger-than-expected 17 percent rise in third-quarter sales in November, helped by strong growth in its flagship Asian markets. -Reuters

Swiss Re launches longevity risk bond LONDON: Swiss Re has launched a series of longevity-based Insurance-Linked Securities (ILS) notes, the first time the risk of people living longer than expected has been securitised in catastrophe bond format. Credit rating agency Standard & Poor's (S&P) said in a report that the world's second-biggest reinsurer was preparing to sell the longevity-related series 2010-1 class E notes through Cayman Islands-based special purpose vehicle Kortis Capital Ltd. The eight-year bond will pass Swiss Re's longevity risk direct to capital markets investors and has been rated BB+ by S&P. The size of the bond has not been disclosed.Reuters

Arsenal's Nasri challenges Fulham's Briggs during their English Premier League match

Monday, December 6, 2010

Woods tightens grip at his own tourney CALIFORNIA: Tiger Woods gave himself extra reason to smile after stretching his lead to a commanding four shots in the second round of the Chevron World Challenge on Friday. Hunting his first victory of a year he has described as "very painful" on and off the course, Woods displayed good form from tee to green on the way to a flawless six-under-par 66 at Sherwood Country Club. One ahead overnight after opening with a sparkling 65 in his own tournament, the fourtimes champion mixed four birdies with an eagle three at the second to post a 13-under total of 131. For the second straight day in a row, Woods mastered the five par-fives on the scenic layout framed by the Santa Monica Mountains, covering those holes in five under to tighten his grip. "I didn't hit the ball quite as sharp today but I putted a little bit better," Woods said in a greenside interview after putting himself in good position to win for the first time since the 2009 Australian Masters. "All in all, it evens out. "You've got to take care of the par fives here and I've done that for the first two days. I've got to continue doing that." US Open champion Graeme McDowell carded a 68 to lie second at nine under, one ahead of fellow Northern Irishman Rory McIlroy (70) and Englishman Luke Donald (66). Britain's Paul Casey was alone at six under after recording an ace at the parthree 12th en route to a bogey-free 65.-Reuters

Aamir denies match fixing ISLAMABAD: Fast bowler of Pakistan cricket team,

Muhammad Aamir Saturday said that he never got himself involved in the practice of match fixing and all the allegations against him are baseless. In a brief interview to a private television channel the young cricketer said he cannot think about deceiving his country and people for personal gains. Aamir admitted that he was familiar to Mazhar Majeed but he never met him in isolation. He said that Mazhar Majeed remained the agent of senior cricket players and almost all the team players had good relations with him and his family members. Aamir said that Majeed used to get tickets of cricket matches for his family and friends from the players and in this way he was familiar to all. The young cricket player said that he was concentrating on his case so that this matter could be settled before the world cup. "I want to use my abilities for may nation in the world cup competition and hopefully I will have an opportunity", he concluded.-APP

FIFA no more trustworthy: FA chief LONDON: Roger Burden, acting chairman of the Football Association, has withdrawn his application for the permanent position saying he can no longer trust FIFA members after the failure of England's bid to host the 2018 World Cup. "I recognise that an important part of the role is liaison with FIFA, our global governing body. I am not prepared to deal with people whom I cannot trust and I have withdrawn my candidacy," he said in a statement. He added that England's bid

team in Zurich, which included Prime Minister David Cameron and the second in line to the throne, Prince William, were promised votes which had not been delivered by the Executive Committee (Exco) members. Burden, who was appointed in May after rising through the ranks of the FA as representative for Gloucestershire in central England, said he would continue as acting chairman until a successor could be found. His decision followed a day of recriminations over

England's bid, which attracted just two votes out of 22 -- one by their own representative -from FIFA's executive committee in Thursday's poll to decide the venue for the 2018 World Cup. The decision went to Russia which will stage football's biggest showpiece for the first time. Qatar beat the United States and three others in the vote to decide the hosts in 2022. "I have no issue with Russia's winning bid. I am sure they will put on a great World Cup and I have congrat-

ulated them," Burden said. WIDELY ACCLAIMED "We were equal top of FIFA's own technical assessment of the four bids. We were top of an independent assessment of the best commercial bids and our presentation on Thursday was widely acclaimed as the best of the 2018 and 2022 bids. "Against this background, I am struggling to understand how we only achieved two votes. It is difficult to believe that the voting was an objective process. "On top of that, Prince

Qatar WC could be held in winter: FIFA BERLIN: The 2022 soccer World Cup in Qatar could take place in January or February to avoid the scorching temperatures of the summer months in the desert state, FIFA Executive Committee member Franz Beckenbauer said on Saturday. Beckenbauer, who won the 1974 World Cup as West Germany captain and also coached his nation to the 1990 title, said hosting the tournament during the winter would be an alternative. The World Cups are traditionally held during the north-

ern hemisphere's summer months after the end of the domestic league competitions. Qatar, which beat bid rivals Australia, Japan, South Korea and the United States, said it would deploy climate-control technology to keep the temperature on the pitch to 27 degrees Celsius while outside it was a scorching 50 degrees. "One should think about a different solution," Beckenbauer told the Bild newspaper, where he also works as a columnist. "In January or February you have a comfortable 25 degrees

there. Plans for the biggest leagues would have to change for 2022 but that would not be a major undertaking." "It would be an alternative to using climate control at great expense for stadiums and fanzones," added Beckenbauer, who is stepping down from FIFA's powerful executive committee in March. Qatar, which has never qualified for the World Cup finals, was picked by world soccer's governing body FIFA on Thursday to stage the 2022 tournament, a first both for the

Middle East and for an Arab country. It will also be the smallest nation ever to host the World Cup. FIFA awarded the 2018 World Cup to Russia on the same day and Beckenbauer had long opposed the double vote by FIFA, which has been severely criticised for it. "It was a mistake to do both 2018 and 2022 on the same day but now it has happened. I would be happy to leave the 2022 decision to the next generation," Beckenbauer said.Reuters

ICC eyes June 2013 for first test world c’ship LONDON: The International Cricket Council is eyeing June 2013 for the inaugural test world championship and will use current rankings to decide the four playoff spots, CEO Haroon Lorgat told Australian radio on Sunday. Test cricket, which has struggled to maintain its profile since the advent of Twenty20, currently has a rankings system but no tournament to determine the top test nation. The ICC has proposed a quadrennial tournament with the four best-performing nations to meet in semifinals before playing off for the world title in a bid to boost flagging interest in the longest form of the sport. "I think the first possible opportunity for us to have a playoff is in 2013 which means that the current rankings table would need to be used," Lorgat said.

"For example, right now Australia would be struggling to qualify for the playoffs. But there may be another scenario with somebody else would also be in the frame depending on this result they might slip in." Lorgat was speaking on the sidelines of the third day of the second Ashes test between Australia, ranked fifth in the current test standings, and fourth-placed England. "Going forward we're looking at a league table that would be worked on points and for match winnings," Lorgat said, but details on how to treat draws, which occur regularly in test cricket, were yet to be decided. "One option is whichever is the highest ranked team would progress through. There's the possibility of the timeless test, you've got to get to a result," he added. Lorgat also confirmed the 2015 one-day international

World Cup to be held in Australia and New Zealand would be stripped from 14 teams to 10, while the biennial Twenty20 World Cup tournament would be expanded from 12 to 16. Sri Lanka will host the next Twenty20 World Cup in 2012. "In my view (the Twenty20 World Cup) is a better vehicle to develop the game, a better vehicle to promote the game, whereas the World Cup should be the flagship event, should be the best teams in the world," he said. International tournaments have been overshadowed by suspicions of match-fixing by players in recent years and the ICC will rule on charges of alleged breaches of its anti-courruption code by Pakistan test players Salman Butt, Mohammad Asif and Mohammad Amir in Doha in January. The trio were provisional-

ly suspended after newspaper allegations that they had arranged for deliberate noballs to be delivered in the fourth test against England in August. Lorgat said the Jan. 6-11 hearing would be the final say on the allegations, and the players would have no recourse to appeal, barring lodging their case with the Court of Arbitration for Sport. Despite the allegations initially angering the Pakistan Cricket Board and its controversial head Ijaz Butt, cricket authorities there had become the first nation to implement an anti-corruption code for their domestic set-up, Lorgat said. "We've done a lot of good work, Ijaz Butt himself is now involved with us," he said. "So now if there was a gap in the domestic environment, hopefully we've closed that." -Agencies

William, the Prime Minister and other members of our delegation were promised votes that did not materialise." Burden, who succeeded David Triesman who himself stood down after making leaked allegations of a corrupt 2010 World Cup plot between Spain and Russia, declined to blame the British media for England's failure in the vote at FIFA's Zurich HQ. "I am well aware that some of the UK media coverage could have upset some of the FIFA executive committee.

We have a free press in our country and we all have to live with adverse comment from time to time." Earlier on Friday, England's bid chief Andy Anson suggested FIFA President Sepp Blatter influenced Exco members before the vote by reminding them of British media stories which alleged corruption against them and led to two being banned. He said that unless the selection process was changed it was not worth bids like England's bothering with the process.-Reuters

Intercontinental Cup

Afghans beat Scots to grab title DUBAI: Afghanistan won the ICC Intercontinental Cup here on Saturday by defeating holders Scotland in the final. The Scots were bowled out for 82 on the third day of the match and Afghanistan comfortably reached their target of 124 with seven wickets to spare. Scotland had gone into the second innings with a 41-run advantage but only two players scored more than 10 runs and three were out for ducks to leave Afghanistan to ease to victory in the 27th over. The result meant that the Scots had failed to emulate their success in the inaugural 2004 tournament. Starting the day at 64 for six, they had been hoping for some fight from their tail, but it was not to be as first innings hero Richie Berrington was caught out for 10 by Asghar Stanikzai

off Hamid Hassan. Mirwais Ashraf soon finished them off by taking the wickets of George Drummond, Majid Haq and Ross Lyons for a combined total of seven runs, with Simon Smith the last man standing on 10. Afghanistan lost opener Karim Sadiq for seven runs in the fifth over off the bowling of Matthew Parker, but the Asian side were soon coasting to victory. The other opening batsman, Shabir Noori, hit 35, and Parker's fifth wicket of the match, an lbw to end captain Nawroz Mangal's stand at 17, came too late to give Scotland even a fighting chance. The tournament's top run scorer, Mohammad Shahzad, struck an unbeaten 56 off 62 balls to help ease the Afghans home with a second-innings total of 124 for three.-APP

PESHAWAR: Provincial Minister for Sports, Culture & Tourism Syed Aqil Shah presenting the winning trophy to the top position holder during the annual sports competition of a local school.-Online

Afganistan win the Intercontinenal Cup DUBAI: Afganistan won the ICC Intercontinental Cup here on Saturday by defeating holders Scotland in the final. The Scots were bowled out for 82 on the third day of the match and Afghanistan comfortably reached their target of 124 with seven wickets to spare. Scotland had gone into the second innings with a 41-run advantage but only two players scored more than 10 runs and

three were out for ducks to leave Afghanistan to ease to victory in the 27th over. The result meant that the Scots had failed to emulate their success in the inaugural 2004 tournament. Starting the day 64 for six, they had been hoping for some fight from their tail, but it was not to be as first innings hero Richie Berrington was caught out for 10 by Asghar Stanikzai off Hamid Hassan. -Online

ICC has a solid case against tainted Pak trio: Lorgat LONDON: International Cricket Council Chief Executive Haroon Lorgat says that the ICC has a solid case against the three Pakistan players accused of spot-fixing and they would not be shown any leniency if found guilty. According to PTI, Lorgat said the legal team of the ICC has prepared a case which “should stand the test of scrutiny.” “We’ve worked hard at collecting all the evidence that we would require to make the charges stand. I’m confident that our guys have worked

very hard in ensuring they have got a case they can present which should stand the test of scrutiny,” he said. ICC provisionally suspended Salman Butt, Mohammad Asif and Mohammad Aamir after a ‘News of the World’ sting expose showed bookie Mazhar Majeed claiming that the trio were involved in spotfixing in the fourth Test against England at Lord’s in late August. They were also questioned by Scotland Yard detectives and the Metropolitan Police has provided a file of evidence

to the Crown Prosecution Service to help them decide whether or not to lay criminal charges against the trio. Butt and Amir later lost their appeals to the ICC over the provisional bans, while Asif withdrew his appeal. An independent tribunal will now decide the fate of the trio in January 6-11, 2011. Michael Beloff QC, the man who chaired the Code of Conduct Commission that rejected those appeals, will chair January’s full hearing along with Justice Albie Sachs of South Africa and Kenya’s

Sharad Rao. Lorgat said that if found guilty the trio will be dealt with firmly. “We need to send out a strong message and that is part of what we want to achieve. We would want to be proportional but at the same time we do not want to show any leniency,” Lorgat told BBC Radio 5 Live. “These are severe issues and integrity of the game is absolutely fundamental and we would not want to tolerate any of that in the sport,” he said. The ICC CEO, however,

admitted the trio were entitled to appeal any ruling at the Court of Arbitration for Sport. “My understanding is that any matter that we decide on in a disciplinary process is always open to contest in the Court of Arbitration for Sport.” Lorgat said the ICC was pleased at measures put in place by PCB and other ICC members to rid the game of corruption. “I am confident the (anticorruption) steps that have been taken in recent months and weeks and the task team

we have in place is working exceptionally well,” said Lorgat. “PCB are now determined to put in place all procedures and processes necessary to ensure from the bottom up they have a system in place that will educate their players that will prevent the sort of issues we do not want within the game. “Also there was an important step that we decided as a board on November 21 that every single member will domestically install an anticorruption code that will mirror that of the ICC.” -Online

Analysis & Feature

Monday, December 6, 2010

HU & CRY AT WHITE HOUSE? * NORTH KOREA,ECONOMIC STRAINS LIKELY TO FEATURE IN HU VISIT * CHINESE PRESIDENT HOPES TO BURNISH LEGACY WITH SPECTACLE * CHINA JUMPY ABOUT HUMAN RIGHTS PROTESTS, SURPRISES

n invitation to dinner at the White House could help coax Chinese President Hu Jintao to stomach tougher pressure on ally North Korea when he visits Washington next month. Hu's state visit to the United States, while swaddled in ceremony, will throw into glaring focus the two big powers' often diverging agendas on economic imbalances, security disputes and, especially after last week's attack on South Korea, of North Korea. US President Barack Obama is expected to use the summit to urge Hu to increase pressure on his ally Pyongyang, which has triggered regional alarm by shelling a South Korean island and claiming fast progress in uranium enrichment, which would give it a second pathway to making nuclear weapons. US complaints that China keeps its yuan currency too cheap, giving it an unfair trade advantage, will almost certainly feature, said several scholars who study bilateral relations. Hu will arrive at the White House, however, carting his own heavy political baggage. For few leaders does the importance of a White House summit come so bound with its televised stagecraft. Hu bears the expectations of a country that sees itself as ascending while America struggles with deficits,

deserves a bigger hearing over Taiwan, Tibet and other areas of tension, as well as a state dinner at the White House. "They want the symbolic treatment that they see as deserving of a Chinese leader. They want to get as much as they can in terms of symbolism," said Paul Haenle, director of the Carnegie-Tsinghua Center for Global Policy in Beijing. When Hu visited in 2006, then President George W. Bush treated him to a lunch, less prestigious than a dinner. Beijing called that trip a "state visit". Washington did not. "Hu will want a dinner and not a lunch," said Haenle. "The US side will be looking for deliverables to show that the relationship is working," said Haenle, who formerly worked on China policy in the White House's National Security Council. "Of course, now they'll want to do that with North Korea first and foremost." The visit will help Hu burnish his statesman aura as he prepares to retire from frontline leadership from late2012. "It now is all about his legacy. I can't imagine that President Hu wants his legacy to be a broken relationship with America. So, each leader is heavily invested in having a successful trip," David Lampton, professor of China studies at the Paul H. Nitze School of Advanced

International Studies in Washington D.C., wrote in emailed answers to questions. "One of the difficulties in getting success, however, is that each side measures success in somewhat different terms." Neither side has announced precise dates or details for Hu's visit. An Obama administration official told Reuters that Hu will get a state dinner. NO PICK-UP TRUCK RIDES, PLEASE Hu's focus on his legacy may encourage him to mute some tensions but also make him more allergic to unrehearsed give-and-take. Since President Richard Nixon's visit to Beijing in 1972, which broke decades of estrangement between the two countries, their summits have been carefully plotted rituals. Hu's particular aversion to informal encounters was shown in 2006 when, according US officials at the time, he declined Bush's offer for a meeting at his ranch home in Texas, something many other foreign leaders, keen for a bonding ride in the US President's pick-up truck, yearned for. Hu preferred the decorum of the White House. "For the Chinese, symbolic events and the right pictures are central, while Americans care more about addressing issues," said Lampton, the professor. A HEART-TO-HEART

WITH HU? Obama may, however, aim for something like what happened at the White House in April 2006. Bush rearranged the chairs for Hu's lunch so the two sat next to each other, instead of several seats apart as protocol recommends, and Bush talked at length about North Korea and its nuclear weapons programme, said Haenle. Soon after, Hu sent an envoy to Pyongyang to pass on Bush's demands on curbing nuclear activities and offers for talks. Beijing did not shift its basic stance on North Korea, but it became a bit more

cooperative with Washington. "Something similar could happen with Obama, and frankly North Korea should feel a little nervous," said Haenle. Beijing shows every sign of sticking by Pyongyang, which it sees as a buffer against the US and its allies. Obama may coax a bit more flexibility from Hu, but not a turn-around. "I think the Chinese have decided the situation is more precarious than it's ever been," Haenle said of North Korea. NO PROTESTS EITHER, PLEASE Above all, Hu wants no

surprises. Chinese officials preparing for his visit fear protests and unanticipated official US comments over China's human rights record, especially about the jailed Nobel Peace Prize-winner Liu Xiaobo, said a Beijingbased researcher who has spoken to Chinese officials about the trip. The researcher spoke on condition of anonymity, citing the need to protect those sources. Such drama could spoil images meant to tell the audience back home that their Communist Party-run government is honoured at the heart of the world's sole

superpower. Beijing also wants to avoid the gaffes that marred Hu's visit to the White House in 2006, when China's national anthem was announced as that of the "Republic of China", or Taiwan, the island that Beijing calls an illegitimate breakaway. Hu also stood flustered on the White House lawn while a follower of Falun Gong, a spiritual sect banned in China, shouted accusations at him for three minutes from the press area. "They're completely paranoid about things going wrong," said the researcher, speaking of China's diplomats. -Reuters

EUROZONE HAS AN AGENDA OF ITS OWN E

uro zone countries are likely to tighten economic policy coordination to help end the current sovereign debt crisis and avoid another one, but a fiscal union, that would complement the current monetary one, is unlikely. The debate on how much euro zone members should coordinate economy policy was given fresh impetus by Spanish Prime Minister Jose Luis Rodriguez Zapatero on Thursday amid growing market concern about Madrid's public finances. "What Spain advocates is that if we have a single currency, it's not enough just to have a central bank. It's not enough to have a single monetary policy. We also need to have a common economic policy," Zapatero said. "We need to have a much more

integrated fiscal policy," he added. The fiscal rules of the European Union are written down in the Stability and Growth Pact, which underpins the euro. The rules are under review to make them tougher and force more coordination on the fiscal and economic side and to prevent another debt crisis like the one triggered by Greece. The European Central Bank has long stressed the need to strengthen the economic leg in Europe's Economic and Monetary Union (EMU) project -- the euro currency -- but national interests of its 16 members have so far proved stronger. The sovereign debt crisis has changed that -- there is now more readiness among euro zone countries to accept

The United States could become the "next Qatar", said Betsy Spomer, a vice president at BG Group during the CWC LNG Summit in Barcelona this week. Qatar has become the world's biggest LNG exporter after a decade of rapid production expansion. Spomer said that BG, itself a major LNG producer and shipper, and which currently imports LNG to US terminals, is considering its options for US export. Two liquefaction plants have been proposed in the United States this year on the site of existing import terminals -- one by Cheniere Energy at Sabine Pass in Louisiana, the other by Freeport and Macquarie

he potential for the United States to become a major exporter of liquefied natural gas is very real as domestic supply rockets, but the industry is not yet fully convinced that the economics will entice investors. The massive increase in US shale gas production and reserves in recent years has turned the US gas market on its head, prompting traditional LNG importers to launch plans to export domestic gas overseas. The LNG industry is still grappling with the idea that the United States -- once expected to be a major importer of LNG -- now has the potential to become a big exporter.

some influence of fellow euro zone countries on national policymaking as reflected in the deal on a revision of EU budget rules. It can be seen in the reform of the Stability and Growth Pact, which includes a range of steps to boost economic cooperation -- from EU vetting of future national budget plans to monitoring competitiveness trends, macroeconomic imbalances and structural reforms. The euro zone may even get the right to impose financial sanctions on countries which implement bad policies and do not respond to eurozone calls to change them. NO OTHER WAY A senior German source said that there was simply no alternative to more economic cooperation, even if it may sometimes be difficult to sell

to the public. However, it is not clear what Spain's Zapatero meant by common economic policy and more integrated fiscal policy as interpretations of these terms differ depending on the

country and the views are sometimes not compatible. "Everybody agrees that the fact that we have a single monetary policy implies that we have to have more coordination of economic policies. It

is when it comes to the specifics that people differ," said Andre Sapir, economist at the Brussels-based Bruegel think tank. One eurozone source said the likely underlying idea of the Spanish remark on more fiscal integration was a common eurozone bond, which would substantially lower the costs of borrowing for countries from the eurozone periphery. The idea of such a bond is backed by the chairman of eurozone finance ministers Jean-Claude Juncker, but strongly opposed by Germany, which believes it would only make sense in a real political union. For France, a closer economic union means a political counterbalance to the independent ECB. But Paris would not like to see others telling it how to run the econ-

omy. To the Germans, closer economic cooperation would be a way to impose more responsible fiscal policies on others. For most, more coordination means giving away more national sovereignty to unelected European Union institutions. That is why a fiscal union is unlikely to ever materialise, because it would mean that national parliaments would have to give up their most fundamental power of setting taxes. "There are currently no plans and no desire for a joint European fiscal policy," German government Steffen Seibert said. "A reformed Stability and Growth Pact already leads to higher cooperation on economic and financial policy," he said. -Reuters

AMERICAâ&#x20AC;&#x2122;S LNG EXPORT DREAM Group in Texas -- both of which could be online by 2015. The potential is to initially export around 2 billion cubic feet per day of LNG from the United States overseas. These would be the first export terminals built in the United States in 40 years. The bet for export is that US gas prices will stay low versus European and Asian gas prices over a 25-year period, making it profitable to produce and ship gas from the United States overseas. US gas prices have fallen about 23 percent since the beginning of the year, pressured by ample domestic supply, tepid demand and record high inventories. Conversely, oil-indexed

prices in Asia and Europe have risen, widening price spreads across the world. "Export from the United States looks doable, but requires US gas prices to be lower than Europe and Asian prices over a longer period,"

Christopher Goncalves, vice president at consulting firm Charles River Associates, told Reuters on the sidelines of the CWC LNG Summit conference. Top executives from the LNG world gathered togeth-

er this week in Barcelona and LNG export was a major topic of discussion. Many saw US gas prices rising in the coming years, some said to above $6 per million British thermal units by half way through the next decade. US prices fell to near $3 this year. Should the price spread between US and European or Asian prices narrow, or if potential investors expect for them to narrow, then these new export projects may struggle to get built, some say. "I feel that the low US gas price situation is circumstantial, and it cannot be thought that this favourable price difference with other markets will last for the lifetime of a

liquefaction plant," Repsol's Managing Director of LNG Benjamin Palomo said in an interview. The political implications of sending US resources abroad is another possible obstacle for these new projects. There is potential for future increased natural gas use in the United States in new sectors like transport. The US Department of Energy is currently looking at Cheniere Energy's plan and is expected to soon decide whether or not to approve exports to major import nations across the globe. "In the end, we could use all of this gas at home (in the United States)," Goncalves said. -Reuters

International & Continuation

Monday, December 6, 2010

Obama touts SK trade deal, looks for more

MOSCOW: An investigator inspects the damaged Tupolev-154 airliner at Moscow's Domodedovo airport.-Reuters

Egyptians vote in run-off after opposition quits CAIRO: Egyptians voted Sunday in a run-off parliamentary election which President Hosni Mubarak's party will win almost unchallenged after the two biggest opposition groups quit a contest they said was rigged. The National Democratic Party (NDP), which has never lost a vote, is sure of a crushing victory after the Muslim Brotherhood and liberal Wafd party withdrew. The fiercest run-off races are where NDP candidates are pitted against each other. The Brotherhood, the biggest opposition group with a fifth of seats in the outgoing parliament, won no seats in the first round. Wafd won two. Egyptian monitors cited ballot box stuffing, voter intimidation by hired thugs and other abuses. "I am boycotting these elections. They are a sham, anyone can see that," said Mansour Abdel-Fattah, 22, a Brotherhood supporter from the Delta city of Mansoura. "I applaud the Brotherhood's decision to boycott, of course, Wafd as well," Abdel-Fattah said in Cairo. He said he would not travel home to vote, as he

did in the first round. Officials said voting on November 28 was fair, and any complaints were being checked but did not undermine the vote. Analysts said the government wanted to shove Islamist and other critics out of the assembly to deny them a platform before the 2011 presidential election. That looming vote is fuelling debate about how much longer Mubarak, 82, can stay in power. "The first round showed the government was not going to give any space to the opposition. The new people's assembly is not for the people. It is simply another NDP committee with a single purpose: securing presidential succession in the 2011 vote," Wafd party member Ashraf Balbaa told Reuters. Officials suggest Mubarak, whose health has been under close scrutiny since gallbladder surgery in March, will extend his three-decade rule by seeking another six-year term, if he can. If not, many Egyptians say his son will run. But analysts question whether Gamal, 46, has the popularity among the masses, many in dire poverty, or military support to take over.

WEAKNESS OR STRENGTH? The scale of the government's first-round win last Sunday was a surprise. Political analysts had expected the Brotherhood to pick up at least some seats. Other opposition parties and independents won just 12 seats. The NDP won 209. The United States, Egypt's ally and a major aid donor, said it was "disappointed" by the conduct of the vote. Investors are still betting on a smooth leadership transition but say the government has betrayed some possible unease before the presidential race by sweeping out almost all opposition from the assembly. "For the government to be getting more iron-fisted in its approach is never a good sign as it could represent weakness rather than strength," said John Sfakianakis, MENA region chief economist for Credit Agricole. He said that could hit foreign demand for equities, though treasury bills would remain attractive because of high yields. Egypt's main share index has dipped 4 per cent since topping 7,000 points five days before the first-round vote.-Reuters

Bangladesh oil imports to hit 4.85mn T by end-June DHAKA: State-owned Bangladesh Petroleum Corporation (BPC) will import 3.7 million tonnes of petroleum and crude oil between now and the end of June 2011 as demand soars, officials told Reuters on Sunday. That would take imports for the full current fiscal year, which ends in June, to 4.85 million tonnes, up from 3.6 million in the previous fiscal year. Imports in the first five months of the current fiscal year reached 1.15 million tonnes, while full-year imports will include 1.5 million tonnes of crude for Bangaldesh's sole refinery, near the main port of Chittagong. "Our petroleum imports will rise further in coming years as the government has taken plans to set up more fuel-fired power plants," one senior BPC official said, speaking on condition of anonymity. The country needs additional fuel for electricity generation as it attempts to plug its energy deficit. It approved 21 diesel and fuel oil-fired power plants to generate 2,334 MW electricity, part of a plan to produce around 9,500 MW of electricity by 2015. BPC is the lone importer and distributor of crude and petroleum oil in the country. It imports crude and oil mainly from Kuwait, United Arab Emirates, Qatar and Saudi Arabia.Reuters

Gates to discuss Iran with Oman's ruler MUSCAT: US Defense Secretary Robert Gates arrived in Oman on Sunday for talks with Sultan Qaboos bin Said and was due to visit an aircraft carrier in the Arabian Sea that conducts operations supporting the war in Afghanistan. The talks were expected to touch on issues including Iraq, Iran, Yemen and Afghanistan, a senior defense official said, adding that the visit was primarily a courtesy call tied to last month's 40th anniversary of the sultan's reign. "This is the highest-level US official to meet with the sultan during a very important and symbolic period," the official said. "The sultan is widely regarded as among the region's most erudite and insightful leaders in terms of regional trends and everything else." Oman maintains good relations with Iran and was instrumental in helping to negotiate the release of one of three US hikers accused by Tehran of straying from Iraq into Iranian territory. Oman has been pressing for the release of the two remaining hikers, who have been held since 2009. The sultan also has pushed for a diplomatic solution to the international dispute over Iran's nuclear program. "On Iran as you know we have this dual track approach of engagement ... while also holding Iran's feet to the fire with sanctions to keep them honest," the defense official said. "The sultan has been very proactive in pushing for a diplomatic solution and so that's helpful." Global powers are worried Iran's nuclear program is aimed at making bombs, but Tehran says it only wants to produce energy.-Reuters

WASHINGTON: President Barack Obama vowed at the weekend to work with Republicans and Democrats to pass a free-trade pact with South Korea that he said was a model for future agreements he would seek in Asia and around the world. US and South Korean negotiators struck a deal on Friday on the long-delayed pact, which was signed in 2007 but had not been ratified for three years because of US auto and beef industry concerns. The pact was an accomplishment for Obama, who faced an embarrassing setback when negotiators failed to settle their differences before he visited Seoul last month, but it was greeted less positively in South Korea. "The agreement we're announcing today includes several important improvements and achieves what I believe trade deals must do. It's a win-win for both our countries," Obama told reporters in Washington on Saturday. A day after the Labor Department reported US unemployment unexpectedly hit a seven-month high of 9.8 per cent in November, Obama said the pact would boost annual exports of automobiles, agricultural products and other goods and services by $11 billion and generate 70,000 additional jobs. South Korean trade minister Kim Jong-hoon denied reports in his country he had made concessions that were not reciprocated. "By accepting US demands on the auto sector, South Korea may be able to advance the time to raise market share in the US auto market," he told reporters, citing growing local production by South Korean carmakers in the United States. The revised deal keeps the 2.5 per cent US tariff on South Korean cars until the fifth year of implementation, while South Korea will immediately halve its 8 per cent tariff on US auto

imports. "Given the trend, having the 2.5 per cent tariff for another four years may have a limited impact on our auto sales," Kim said. Obama said the agreement with South Korea showed the United States was ready to finalize more trade pacts -- business leaders wish two other longdelayed deals, with Panama and Colombia, would also get through Congress. "I'm especially pleased that this agreement includes groundbreaking protections for workers' rights and for the environment. In this sense, it's an example of the kind of fair trade agreement that I'll continue to work for as president, in Asia and around the world," Obama said. "This agreement also shows that the United States of America is determined to lead and compete in our global economy," he added. He also said the agreement shows the strength of Washington's alliance with Seoul. Tensions in the region ratcheted up last month after North Korea attacked the small southern island of Yeonpyeong, killing four people. BUSINESS SUPPORT, SOME DOUBTS Business leaders and analysts said free trade could be one area of cooperation between Obama's Democratic administration and Republicans in Congress, who won a majority in the House of Representatives in the November 2 elections, amid voter discontent over the sputtering economy and worries over the US deficit. Obama said he looked forward to working with Congress and leaders of both parties to approve the pact. Both the US House and Senate must approve the agreement, and Senate Republican Leader Mitch McConnell said he was prepared to work with Obama to win approval. A range of companies and industry groups have spoken out in support, including the United Auto Workers union and

Ford Motor Co., which welcomed the changes made to address their concerns about market access provisions of the original deal. House Majority Leader Steny Hoyer, a Maryland Democrat, also praised the deal. South Korea's Kim said the deal would take effect by the start of 2012 after parliamentary approval. South Korea-based Hyundai Motor, the world's fifth-largest carmaker along with affiliate Kia Motors, was the only major carmaker to increase sales in the battered US market last year. Despite progress on the auto issues, Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said he was "deeply disappointed" the deal did not address South Korea's remaining restriction on beef imports imposed in response to discovery of several cases of mad cow disease in the US cattle herds a number of years ago. Baucus, whose committee has jurisdiction over trade, said he would reserve judgment while continuing to work with the Obama administration. Obama said the United States would continue to press for "full access for US beef to the Korean market," but a senior official in the South Korean government said no talks were scheduled on the subject. "There is no plan to hold additional talks in relation to beef between South Korea and US governments," the unnamed official told Yonhap news agency on Sunday. Obama has made increasing US exports a focus of his strategy for generating jobs. "(The Korea pact) will contribute significantly to achieving my goal of doubling US exports over the next five years. In fact, it's estimated that today's deal alone will increase American economic output by more than our last nine free trade agreements combined," Obama said.Reuters

NEW DELHI: Indian Prime Minister Singh and his wife Gursharan Kaur pose with France's President Sarkozy and his wife Carla Bruni-Sarkozy.-Reuters

CONTINUATION No #1

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to improve mutual trust as it is in the interest of the two countries. He said there was a lot of progress in trade between Pakistan and Afghanistan during last two years which has raised masses expectations of cordial and friendly relations between the two countries. The spokesman said that forty to fifty thousand Pakistanis are taking part in the reconstruction process in Afghanistan and noted that Islamabad enjoy cordial and strong contacts and ties with Kabul. Abdul Basit said that President Asif Ali Zardari would pay visit to Turkmenistan next week. To a question, he said that India did not inform Pakistan about visit of Judicial Commission while Islamabad has already informed New Delhi about sending of Judicial Commission.-Online

No #2

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together towards a prosperous future for our peoples." He said the Afghans were engaged in very successful business enterprises in Pakistan including arts, artifacts, paintings, carpets and restaurants, apart from involvement in the transport business. Gilani said relations between the two peoples were special as they were immediate neighbours and for centuries, "we have had mutually-dependent commercial and strong trading ties that need to strengthen further for the benefit of our people."He noted the "tremendous progress" between the leadership and governments of the two countries in developing a vision of shared development and shared prosperity and was reflected in the solemn declarations signed between the two sides in 2009 and 2010.

No #3

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population. Total trade among D-8 countries has grown from $14.5 billion in 1999 to $1.15 trillion in 2009. Pakistan trade with D-8 countries accounts for 8.14 per cent of its overall trade which is the highest as compared to the trade of other D-8 member states with members of the organisation. -Agencies

ing were witnessed from banks which sold $42.81 million of shares in the local bourse against buyContinued from page 1 No #4 Gen Raheel Shareef applauded the professional capabilities and ing of $33.02 million, thus turning the net selling worth of $9.79 million.Furthermore, NBFC, local exercises of Pak army. According to ISPR the test fire was success- companies, local individuals and Mutual Funds remained on the selling side with shares worth $4.36 million, $3.93 million, $3.09 million and $1.32 million respectively. ful which is aim to review the capacities of war needs. -Online

No #5

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taken in the upcoming meeting to reduce tax on stand loan services from 15 per cent. The provinces will collect the tax. According to sources, the provinces have not yet agreed over nine services and there is hope of progress in Tuesday meeting. On the behalf of the provinces, FBR will collect 15 per cent RGST tax on banking, telecommunication, advertising, finance and insurance services. -APP

No #6

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which could lead to lower output by the sector amid higher interest costs, he added. We expect the group to witness a decline of 4 to 5 per cent YoY during FY11 while its impact on LSM would be the most severe. On the oil front, throughput is expected to rise on the back of recent revival in international oil prices and the resultant improvement in refinery spreads on regional levels. We estimate this scenario to persist during FY11 while see gradual improvement in the same during 2HFY11 owing to seasonal spike which should carry forward till driving season. The scenario for domestic refineries has improved as throughput is expected to enhance on the back of favorable GRMs being realised this time around. We anticipate the petroleum group to post growth of 10 per cent YoY during FY11.

No #7

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and sold $11.70 million, resulting in net buying of $22.87 million during the week. Interestingly, none of local categories invested in equity market during the period as biggest weekly sell-

No #8

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Throughout the meeting, Malik was clearly nervous that the US was distancing itself both from him and President Zardari. Malik claimed that during the course of his Dubai meetings, the MQM had repeatedly stated that both the United States and the United Kingdom had urged the party to oppose NRO. Malik claimed that the MQM stated it had received this message during the Sindh Governor's recent trip to the United States and that Altaf Hussain had been approached by the British government in London. Ambassador strongly denied these allegations, stating that the US had not had any such discussions with the Sindh Governor. Furthermore, Leaks added that Afghan President Karzai had admitted the presence of Baloch leader Brahmdagh Bugti in his country during a meeting with a UN official in February 2009. According to WikiLeaks, during a meeting in 2007 with the then US Assistant Secretary of State Richard Boucher, Karzai had expressed his unawareness about Brahmdagh's presence in Afghanistan. According to WikiLeaks, during a meeting with President Zardari in 2009, a US's Senator John Kerry placed a condition on Pakistan that the latter would have to ink a 'New Security Arrangement' accord with neighbour India, if it wanted a civil nuclear cooperation with US, according to leaked memos of US diplomatic cables, cited in a letter of the then US ambassador Patterson.Citing a letter of Patterson, WikiLeaks claimed that Senator Kerry wanted Pakistan to make agreement with New Delhi on New Security Arrangement, if latter was looking for winning cooperation with US on civil nuclear deal.-Agencies

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federal interior minister Rehman Malik telephoned the JI secretary general, Liaquat Baloch to discuss the security measures for JI sit-in, in front of Parliament House. According to a private TV channel, Rehman Malik assured Liaquat Baloch that rallies and sit-ins were a part of democratic setup and said that government would not interfere in the sit-in, besides providing fool proof security to rally participants. The interior minister also assured Liaquat Baloch that a judicial commission to probe the case of missing persons and Dr. Aafia Siddique had been formed, which would soon accomplish the needful.On the occasion, Liaquat Baloch assured the interior minister that JI rally would be a peaceful one, which would record its protest in a disciplined and organized manner. -Agencies

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Iran claims control over making N-fuel

TEHRAN: Chief of Iran's Atomic Energy Organization Salehi makes a speech during ceremony to take delivery of locally produced yellowcake at the UCF plant in Isfahan. -Reuters

Russian satellites crash into Pacific MOSCOW: Three Russian satellites crashed into the Pacific Ocean on Sunday after a failed launch, media reported, in a setback to a Kremlin project designed as a rival to widely used U.S. navigation technology. Russian news agencies reported that the satellites went off course and crashed near Hawaii after blasting off from Russia's Baikonur space centre in Kazakhstan. A spokesman at the space agency Roscosmos could not confirm media reports but said the satellites had deviated from their planned course after a Proton-M rocket launcher malfunctioned. "It was an unplanned situation," said the spokesman. He declined to give further details. Interfax news agency quoted an aerospace industry source as saying that the carrier veered from course, bringing the upper part of the rocket with the satellites into an incomplete orbit and causing them to fall back into the atmosphere. Roscosmos said it would issue a statement later on Sunday. The satellites were the last of the batch of 24 satellites at the heart of Russia's GLONASS, its answer to the U.S. Global Positioning System (GPS). Russia has been developing the system since 1976. The state has spent $2 billion in the last 10 years on the project, and the system is expected to be fully operational by end of January 2011. Reuters

PAEC to set up 880kMW N-plant ISLAMABAD: Pakistan Atomic Energy Commission is engaged to supplement the government efforts to overcome energy crisis by installing 8800 Megawatt nuclear electricity plants. Pakistan is facing acute power shortage and the commission is working on various projects to fulfill the national needs by enhancing its share in energy generation. It is already operating two nuclear power plants at Karachi and Chashma under complete international safeguards while third plant at Chashma will be commissioned by the end of next year. Besides, contributing in power generation, the Atomic Energy Commission is also focusing its attention on application of ionizing radiation and radioisotope in the fields of health, agriculture and industry.-NNI

Taliban hits Nato Khost base, kills 4 KHOST: A suicide bomber killed two foreign troops and two Afghan civilians in a bazaar outside a Nato-base in southeastern Afghanistan on Sunday, and wounded nearly 20 others, Nato and Afghan officials said. The Taliban claimed responsibility for the blast in Gardez district of Paktia province, near the Pakistan border. Major S Justin Platt, spokesman for the Nato-led International Security Assistance Force (ISAF) in Paktia confirmed there had been several casualties. "There were two ISAF soldiers killed and six wounded," Platt told Reuters by phone from the region. ISAF officials in Kabul confirmed it was a suicide blast. The explosion happened as a group of foreign and Afghan

soldiers were shopping, a military source in Kabul told Reuters, adding at least four Afghan troops were also wounded. "Two Afghan shopkeepers were killed. Eighteen other people were wounded," Rohullah Samoon, a spokesman for the provincial governor, said by phone. The Taliban spokesman said 19 local and foreign soldiers were killed in the attack, although the group often inflates casualties among Afghan and foreign troops when reporting attacks. This year has been the bloodiest since the 2001 ousting of the Taliban government, with violence rising and spreading to previously fairly peaceful areas of Afghanistan, despite the presence of some 150,000 foreign troops. -Reuters

FBR not ready for RGST: PEW ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday said that Federal Board of Revenue (FBR) is not fully prepared to tackle controversial Reformed General Sales Tax (RGST). An agency that has failed to realise proper implementation and collection of direct taxes like income tax, sales tax and property tax etc since decades cannot be entrusted to collect RGST, it said. Government has made serious efforts to convince provinces and other stakeholders on RGST but it is yet to initiate dialogue on taxing agricultural income, said Dr. Murtaza Mughal, President PEW. The situation suggests that Government is finding refuge in which is hypocrisy and overloading those who were already paying taxes which is discrimination against taxpayers and undue favour to the landed elite. "Any value added taxes can be successfully implemented

after complete documentation of economy and reformation of taxation system", he said. Dr Murtaza Mughal said that GST was imposed in 1990 that was also a value added tax but government is still unable to implement it as intended and yet they are heading towards another failure. Government has fixed a ceiling that any salaried person who earns more than Rs300000 would pay income tax. This decision should be implemented all over the country irrespective of jobs and status of the citizens, he demanded. Government did not bothered for any awareness campaign, tried to take trade and industry into confidence or consult independent economists before the decision which has raised suspicions. FBR management is not skilled or efficient enough to collect such levies; it will only boost their illegitimate income, he said. -NNI

Budget allocation to be raised by 2015

Govt mulls 7pc of GDP for edu ISLAMABAD: The government is working on a long-term strategy for promotion of education and upgradation of education standard by allocating seven per cent of GDP in this sector by 2015. The government will also make necessary legislation in this regard to achieve the objectives. To meet Millennium Development Goals on education, a number of projects have been launched throughout the country not only to promote education at higher level but increase literacy rate at the lower level also.

The National Education Foundation is working on a seven billion rupees community school project to set up special education centers in the far flung areas of the country to promote education through informal ways. Under this programme, 13306 informal schools besides 696 new literacy centers have been set up throughout the country to enhance literacy rate. Under President Education sector reform programme, work is underway to provide missing facilities in the schools at a cost of over seven billion rupees. -NNI

Fake Degree Case:

ECP summons 11 MPs today ISLAMABAD: Election Commission of Pakistan (ECP) has summoned 11 members of Parliament and provincial Assemblies on 6th December (today) for hearing into fake degree case. As per details, ECP has called 11 members of Parliament and provincial Assemblies on 6th December (Monday) for hearing into fake degree case. The members would defend their degrees before special committee of Election Commission. Sources told that ECP summoned 2 members of National Assembly, 5 members of Punjab Assembly, 3 of Sindh Assembly and 1 member of Balochistan Assembly. The members are including Ghulam Dastageer Rajar and Jawad Hussain from National Assembly, Rizwan Gul, Farah Deeba, Afshan Faroque, Haji Nasir Mehmood and Suhail Kamran from Punjab Assembly, Mukash Kumar, Nadir Magsi and Bashir Ahmad Khan from Sindh Assembly while, Yaar Muhammad Rind from Balochistan Assembly. Sources further told that the hearing into fake degree case is in final stage and the case would be settled till the end of the December after which action would be taken against fake degree holders in light of Supreme Court's verdict. Online

US wants all-out ties with Pak: Munter ISLAMABAD: US wants to work with both civil and military leadership of Pakistan, US envoy to Pakistan Cameron Munter has said. Talking to a private television channel, the envoy said that "We want to strengthen the democratic institutions" adding that "We do not support any undemocratic process in Pakistan". He acknowledged the sacrifices being rendered by Pakistani Army in Khyber Pakhtunkhwa and the tribal areas during the ongoing offensive against the militants. Replying to a question about the repercussions of Wikileaks documents release, Munter said that the release of the cables would not affect the bilateral ties of the two countries. When his attention was drawn towards Ali Fakhri disappearance who is the son of Jameel Fakhri, the envoy said that Ali's disappearance is a human issue and he would try to get some detail on it.-NNI

GENEVA: Iran announced what it called a major step forward in its nuclear program on Sunday, showing determination to pursue it a day before talks in Geneva with world powers which fear Tehran may be seeking atom bombs. Nuclear energy chief Ali Akbar Salehi said Iran would use domestically produced uranium concentrates, known as yellowcake, for the first time at a key nuclear facility, cutting its reliance on imports of the ingredient for nuclear fuel. "This means that Iran has become self-sufficient in the entire fuel cycle," Salehi said. Western analysts say Iran sometimes exaggerates its nuclear advances to gain leverage in its stand-off with the West. The announcement appeared timed to show Iran will not back down in a long-running row over its nuclear program ahead of the December 6-7 meeting in Geneva where six powers are seeking assurances its atomic ambitions are peaceful. Salehi told a televised news conference that the announcement meant "we will be taking part in the negotiations with strength and power." He insist-

ed the Geneva talks were for the benefit of the other countries, not Iran. "We want to create a graceful solution out of the political deadlock for those who have pressurized us." Iran says its nuclear program is aimed at power generation while the West suspects Tehran seeks weapons capability, and has tightened sanctions on the Islamic state in recent months. Western diplomats say the sanctions are hurting Iran's oildependent economy despite the Tehran leadership's denials of any such impact, and they hope this will persuade them to enter serious negotiations about its nuclear program. Western powers want Iran to suspend uranium enrichment activity, which can produce fuel for nuclear power reactors or provide material for bombs if refined to a higher degree. President Mahmoud Ahmadinejad has said Iran's enrichment will not be discussed in Geneva, though it is the central concern of the six powers -the United States, Russia, China, France, Britain and Germany -that will be present. INTERNATIONAL CRIMINALS Asked upon his arrival in

Geneva whether he was optimistic about the talks, Iranian nuclear negotiator Saeed Jalili said: "Everything depends on the other party's attitude." Analysts expect no breakthrough in Geneva, the first such meeting in over a year. At most, they believe, the gathering will recreate a climate conducive to negotiations and lead to more meetings that would tackle substantive issues. Last week's killing of an Iranian nuclear scientist in Tehran, which Iran has blamed on Western intelligence services keen to impede its nuclear advances, could cloud the atmosphere for dialogue in the Swiss city. "Once again I am telling the ill-wishers and international criminals ... that we are here and we are resisting and will continue our resistance," Salehi said. Sunday's announcement that Iran would use yellowcake, a uranium concentrate powder, processed in the country, at its Isfahan conversion plant was the first step in becoming entirely self-sufficient in nuclear fuel production, Salehi said, as progress was also being made developing domestic uranium mines. Reuters

70pc of branches to be set up in Sindh

Sindh Bank plans 50 branches in '11 KARACHI: The newly established Sindh Bank will set up 50 branches across the country during the year 2011, said its Chief Executive, Bilal Shaikh. Talking to APP, he said that 70 per cent of the branches will be set up in Sindh province and the rest in commercial hubs of other provinces. "Initially we will have five branches within this monththree in Karachi, and one each in Hyderabad and Naudero, Larkana," he said. Shaikh further stated that the Sindh Bank will have branches in all the 23 districts of the province while 10 will be in other provinces and 17 will be at very lucrative commercial areas of Karachi. "It is very competitive environment and our main target will be mostly the small growers, salaried class and small and medium size enterprises," Shaikh said and added that presently disbursement of huge loans were not in favour of the

banks. He said that Sindh Bank will also have two branches in Lahore, and one each in Sialkot, Peshawar and Quetta. Bilal Shaikh said that one of the bank branches will be set up and inaugurated on Dec 26 at Naudero, Larkana, and another will be opened in Hyderabad between December 20 to 25, while in Karachi, one branch will be on I.I. Chundrigar Road and another near Governor House and yet another at Shahra-e-Faisal. These will become operational within this month. Referring to his banking experience, the Chief Executive of Sindh Bank said that he was determined to follow the prudential regulations of the Central Bank to run the Sindh Bank on modern lines. He said that the Board of Directors of the Bank will meet on 13th of December and submit its manual to the Central Bank on Dec 14 for

commencement of commercial business. About the global recession, Shaikh said that his Bank will offer credit to the small growers and salaried class at very competitive rates and efforts will be made to gain the confidence of the clients. "We will do our best to target clients with micro finance objects as big creditors have disappointed the bankers and it is much easier to get recovery from small creditors as compared to the big and influential clients," he added. About the top priorities of the Bank, Shaikh said that the economic development in the province will be give utmost importance and that was the reason that his Bank will target small growers and individuals. He said that the Bank is listed with the Securities and Exchange Commission of Pakistan (SECP) and has taken birth under the Banking Companies Ordinance. -APP

Against inflation, amendment in Blasphemy Law

Jamat stages sit-in outside Parliament ISLAMABAD: Jamat-eIslami (JI) staged a protest sitin against price hike, unemployment, proposed amendments in blasphemy law and for the recovery of missing persons in front of Parliament House, demanding end to the policies carried out in Musharraf era. In cars and motorbikes, hundreds of JI activists were arriving at the venue to join the sitin, holding party flags and banners inscribed with slogans against America and President Asif Ali Zardari. JI chief Syed Munawwar Hassan, while addressing the workers, urged the government to change its policies towards curbing the terror menace. "Today's policies are seemed

to be the same continued in Musharraf regime," he said. He said warned the government against amending the blasphemy law in the wake of current court verdict against a women; Aasia Bibi. "No democracy will spare if there would be no supremacy of law and the Constitution. Islamabad Capital Territory (ICT) Police beefed up security in federal capital ahead of the protest. Over 1200 additional police personnel have been deployed in red zone areas and roads leading to Parliament House, besides five additional check posts have also been set up, according to ICT administration. "So far, no arrest of JI

activists or leaders has been made. If the activists remained calm, the Deputy Commissioner (DC), Islamabad, Aamir Ahmed Ali may give them access to parliament house, parade area," An ICT official said. The official said Mujahid squad force, and security personnel were directed to remain highly alert while they would patrol the adjacent areas of red zone. Source said the commandos, equipped with sophisticated weapons and wireless sets, were deployed at all sensitive places. Security personnel in plainclothes with sniffer dogs will also remain patrolling sensitive sites. Earlier, The See # 9 Page 11

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